The Jupiter Global Fund Société d’Investissement à Capital Variable (SICAV) Annual Review and Audited Financial Statements For the year ended 30 September 2018 R.C.S. B 110.737 THE JUPITER GLOBAL FUND Contents Contents Investment Objectives 4 Management, Administration and Independent Auditor 6 Board of Directors’ Report 7 Report of the Depositary 10 Independent Auditor’s Report 11 Statement of Net Assets 14 Statement of Operations and Changes in Net Assets 19 Statement of Changes in Shares Issued 24 Statistical Information 29 Review of Portfolios and Schedule of Investments ■ Jupiter Asia Pacific Income 35 ■ Jupiter China Select 40 ■ Jupiter Dynamic Bond 45 ■ Jupiter Europa (1) 66 ■ Jupiter European Feeder (1) 82 ■ Jupiter European Growth 85 ■ Jupiter European Opportunities 90 ■ Jupiter Eurozone Equity (1), (2) 95 ■ Jupiter Flexible Income (1), (3) 100 ■ Jupiter Global Absolute Return (1) 114 ■ Jupiter Global Convertibles 128 ■ Jupiter Global Ecology Diversified (1) 138 ■ Jupiter Global Ecology Growth 149 ■ Jupiter Global Emerging Markets Corporate Bond (1) 154 ■ Jupiter Global Emerging Markets Equity Unconstrained 165 ■ Jupiter Global Emerging Markets Short Duration Bond (1) 170 ■ Jupiter Global Financials 181 ■ Jupiter Global Levered Absolute Return (1), (4) 187 ■ Jupiter Global Value 200 ■ Jupiter India Select 204 ■ Jupiter Japan Select 210 ■ Jupiter New Europe 213 ■ Jupiter Strategic Total Return (1) 217 ■ Jupiter UK Dynamic Growth (1) 228 Notes to the Financial Statements 233 Additional Information 251 Notice of Meeting 254 Proxy Form Subscriptions cannot be received on the basis of this report. Subscriptions can only be accepted on the basis of the current prospectus accompanied by the key investor information document or (for Hong Kong investors) key fact statements of the respective funds, supplemented by the latest annual report and semi-annual report if published thereafter. (1) This Fund is not authorised in Hong Kong and not available to Hong Kong residents. (2) Jupiter Eurozone Equity was launched on 29 August 2018. (3) Jupiter Flexible Income was launched on 19 September 2018. (4) The accompanying Jupiter Global notes Levered form Absolute an integralReturn was part launched of theseon 19 October financial 2017. statements. 3 THE JUPITER GLOBAL FUND Investment Objectives The Jupiter Global Fund – The investment objective of Jupiter Asia Pacific Income is to achieve long-term capital growth Jupiter Asia Pacific Income and income by investing primarily in quoted companies in any economic sector involved directly or indirectly in the Asian and Pacific Region (excluding Japan). (‘Jupiter Asia Pacific Income’) The Jupiter Global Fund – The investment objective of Jupiter China Select is to achieve long-term capital growth by Jupiter China Select investing in companies in any economic sector involved directly or indirectly in Greater China. (‘Jupiter China Select’) The Jupiter Global Fund – The investment objective of Jupiter Dynamic Bond is to achieve a high income with the Jupiter Dynamic Bond prospect of capital growth from a portfolio of investments in global fixed interest securities. (‘Jupiter Dynamic Bond’) The Jupiter Global Fund – The investment objective of Jupiter Europa is to generate positive long-term returns across Jupiter Europa varying market conditions principally from a portfolio of investments in European equities and equity related securities. (‘Jupiter Europa’) The Jupiter Global Fund – The investment objective of Jupiter European Feeder is to achieve long-term capital growth Jupiter European Feeder principally through investment in the Jupiter European Master Fund. (‘Jupiter European Feeder’) The Jupiter Global Fund – The investment objective of Jupiter European Growth is to achieve long-term capital growth Jupiter European Growth by exploiting special investment opportunities in Europe. (‘Jupiter European Growth’) The Jupiter Global Fund – The investment objective of Jupiter European Opportunities is to achieve long-term capital Jupiter European Opportunities growth from investments in companies quoted on a European Stock Exchange. (‘Jupiter European Opportunities’) The Jupiter Global Fund – The investment objective of Jupiter Eurozone Equity to achieve capital growth over the long Jupiter Eurozone Equity term (that is, three to five years). (‘Jupiter Eurozone Equity) The Jupiter Global Fund – The investment objective of Jupiter Flexible Income to provide regular income together with Jupiter Flexible Income the prospect of capital growth over the long term (three to five years). (‘Jupiter Flexible Income) The Jupiter Global Fund – The investment objective of Jupiter Global Absolute Return is to generate absolute return Jupiter Global Absolute Return over a three year rolling period, independent of market conditions, by investing on a global basis. (‘Jupiter Global Absolute Return’) The Jupiter Global Fund – The investment objective of Jupiter Global Convertibles is to achieve long-term capital growth Jupiter Global Convertibles through investment on a global basis in a diversified portfolio of convertible securities. (‘Jupiter Global Convertibles’) The Jupiter Global Fund – The investment objective of Jupiter Global Ecology Diversified is to generate long-term capital Jupiter Global Ecology Diversified appreciation and income investing primarily in global equity and fixed income securities. (‘Jupiter Global Ecology Diversified’) The Jupiter Global Fund – The investment objective of Jupiter Global Ecology Growth is to generate long-term capital Jupiter Global Ecology Growth growth from investment worldwide in companies that are responding positively to the challenge of environmental sustainability and climate change. (‘Jupiter Global Ecology Growth’) The accompanying notes form an integral part of these financial statements. 4 THE JUPITER GLOBAL FUND Investment Objectives The Jupiter Global Fund – The investment objective of Jupiter Global Emerging Markets Corporate Bond is to achieve Jupiter Global Emerging Markets long term income and capital growth through investment in fixed interest securities of issuers exposed directly or indirectly to emerging market economies worldwide. Corporate Bond (‘Jupiter Global Emerging Markets Corporate Bond’) The Jupiter Global Fund – The investment objective of Jupiter Global Emerging Markets Unconstrained is to achieve Jupiter Global Emerging Markets Equity long-term capital growth through investment in equity and equity-related securities of companies exposed directly or indirectly to emerging market economies worldwide. Unconstrained (‘Jupiter Global Emerging Markets Equity Unconstrained’) The Jupiter Global Fund – The investment objective of Jupiter Global Emerging Markets Short Duration Bond is to Jupiter Global Emerging Markets Short achieve long term income and capital growth by investing in a portfolio of debt securities from emerging market countries that have, on average, short durations. Duration Bond (‘Jupiter Global Emerging Markets Short Duration Bond’) The Jupiter Global Fund – The investment objective of Jupiter Global Financials is to achieve long-term capital growth Jupiter Global Financials principally through investment in equities of financial sector companies on an international basis. (‘Jupiter Global Financials’) The Jupiter Global Fund – The investment objective of Jupiter Global Levered Absolute Return is to generate absolute Jupiter Global Levered Absolute Return return over a three year rolling period, independent of market conditions, by investing on a global basis. (‘Jupiter Global Levered Absolute Return’) The Jupiter Global Fund – The investment objective of Jupiter Global Value is to achieve long-term total return principally Jupiter Global Value through investment in equities on an international basis. (‘Jupiter Global Value’) The Jupiter Global Fund – The investment objective of Jupiter India Select is to achieve long-term capital growth through Jupiter India Select investment primarily in India and selected opportunities in Pakistan, Bangladesh, Sri Lanka, Bhutan, Nepal and the Maldives. (‘Jupiter India Select’) The Jupiter Global Fund – The investment objective of Jupiter Japan Select is to achieve long-term capital growth Jupiter Japan Select through investing primarily in Japan and in selected opportunities in Asia. (‘Jupiter Japan Select’) The Jupiter Global Fund – The investment objective of Jupiter New Europe is to achieve long-term capital growth Jupiter New Europe through investment primarily in Central and Eastern Europe, Russia and Turkey and, in addition, investment in non-European former member states of the Union of Soviet Socialist (‘Jupiter New Europe’) Republics (‘USSR’). The Jupiter Global Fund – The investment objective of the Jupiter Strategic Total Return is to generate positive long- Jupiter Strategic Total Return term returns across varying market conditions from an actively managed portfolio of different asset classes, including equities, bonds, convertible bonds, currencies and money market (‘Jupiter Strategic Total Return’) securities on an international basis. The Jupiter Global Fund – The investment objective of the Jupiter UK Dynamic Growth is to generate long-term capital Jupiter UK Dynamic Growth appreciation through investing primarily in UK securities. (‘Jupiter UK Dynamic Growth’) The accompanying notes form an integral part of these financial statements. 5 THE JUPITER GLOBAL FUND Management, Administration and Independent Auditor ■ Management, Administration and Independent Auditor