# Jupiter Dynamic Bond
## Schedule of Investments as at 30 September 2020 (continued)

### Credit Default Swap Contracts
| Nominal Amount | Currency | Counterparty | Reference Entity | Buy/ Sell | Interest (Paid)/Received Rate | Maturity Date | Market Value EUR | % of Net Assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 70,000,000 | USD | Bank of America Merrill Lynch | CDX.NA.EM.34-V1 0 | Buy | (1.00)% | 20/12/2025 | 3,883,715 | 0.04 |
| Total Market Value on Credit Default Swap Contracts - Assets | 3,883,715 | 0.04 |
| Net Market Value on Credit Default Swap Contracts - Assets | 3,883,715 | 0.04 |

The accompanying notes form an integral part of these financial statements.
| Jupiter Europa |  |
| --- | --- |
| Review of Portfolio as at 30 September 2020 |
| Performance |  |  |  |
| NAV | 30 September 2020 | 30 September 2019 | % Change |
| Class D EUR B Acc | €12.21 | €12.05 | 1.33 |
| Class D USD B Acc HSC | $13.26 | $12.86 | 3.11 |
| Class F EUR Acc | €9.83 | €9.69 | 1.44 |
| Class L EUR A Acc | €13.53 | €13.51 | 0.15 |
| Class L EUR B Acc | €13.19 | €13.12 | 0.53 |
| Class L GBP B Acc HSC | fi13.85 | fi13.78 | 0.51 |
| Class L USD A Acc HSC | $9.86 | $9.68 | 1.86 |
| Class L USD B Acc HSC | $14.68 | $14.37 | 2.16 |
| Benchmark in Fund base currency EURIBOR (3 Month)** |  |  | (0.40) |

** An appropriate currency variation of the benchmark may be used for Share Classes with a currency other than the Base Currency of the Fund or for currency hedged Share Classes. Please see individual Share Class KIID for relevant benchmark and currency.

## Market Review
European equity markets performed well during the early part of the period under review, buoyed by positive economic data and improvements in trade negotiations between the US and China. Uncertainty around Brexit was also reduced after the Conservatives secured a landslide victory in UK elections.
The market turned in February. At first, the outbreak of COVID-19 was perceived to be largely contained to China, and the markets primarily punished China-exposed stocks. By March it had become apparent that the world was dealing with a global pandemic. With country-wide lockdowns throughout the world, US oil prices went negative for the first time in history as producers found themselves having to pay buyers to take on the burden of storing oil for which there was scarce demand in an economic slowdown. Governments and central banks took aggressive, coordinated action to support economies. The US Federal Reserve cut interest rates to near zero, the US Senate passed a $2tn stimulus bill, the European Central Bank announced €750bn of asset purchases, and the Bank of England announced it would increase its holdings of UK government bonds and corporate bonds by fi200bn.
After the trough in March, European equity markets rallied sharply throughout the next three months or so, as the market sought to see through the pandemic, with stocks trading primarily on their outlook for 2021 and 2022. Towards the end of the period, the tech-led global equity rally reached fever pitch as Apple broke through the $2 trillion market cap level. Tech stocks, given their anticipated value-generation is weighted towards cash flows received many years into the future, benefited from expectations of low interest rates for years to come.

## Performance Review
The fund performed very well over the first few months, reaching a peak return of more than 10% in February in euro terms, outperforming the Euro Stoxx 50 both in absolute terms and relative to its net equity exposure. When COVID-19 hit, the fund declined, but mitigated the worst of the drawdowns in the broader market. This was partly achieved through high levels of hedging, which initially worked well. This strategy was less successful in the next phase of market turmoil. The market’s initial reaction to the pandemic had been characterised by broad selling of the index. After this initial drawdown, the fund was positioned for a rebound, and we increased net equity exposure. This left the fund somewhat less prepared for the stock-specific sell-down that followed.
Nevertheless, our strategy of managing the drawdown allowed us to hold on to the majority of our stock positions through the liquidation phase rather than being forced to reduce exposure by selling long positions and locking in losses. This allowed the fund to rapidly recover.
As in the previous 12-month period, the biggest equity contributor to our outperformance over the period under review was ASML. Shares of the Dutch producer of specialist lithography equipment for the semiconductor industry rose as investors and analysts continued to see the company able to deliver growth in 2020 despite COVID-19, with the logic segment of its customer base continuing to invest, and the memory segment also beginning to recover. Indeed, the pandemic-induced increase in home- working and home-schooling led to higher demand for computers, boosting semiconductor demand in general.

Translation (ENFR, 2020-09-30):
# Jupiter Dynamic Bond
## Liste des placements en date du 30 septembre 2020 (suite)

### Contrats de swap sur défaillance
| Montant nominal | Devise | Contrepartie | Entité de référence | Achat/ Vente | Taux des intérêts (Payés)/Reçus | Échéance | Valeur Marché EUR | % de l’actif net |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 70 000 000 | USD | Bank of America Merrill Lynch | CDX.NA.EM.34-V1 0 | Achat | (1,00)% | 20/12/2025 | 3 883 715 | 0,04 |
| Valeur de marché totale sur contrats de swaps sur défaillance - Actif | 3 883 715 | 0,04 |
| Valeur de marché nette sur contrats de swaps sur défaillance - Actif | 3 883 715 | 0,04 |

Les notes annexes font partie intégrante des présents états financiers.