01.06.12_11.24

The Jupiter Merlin Portfolios

On the planet to perform

Welcome to Jupiter

1

An Introduction to funds of funds

2

Why choose a fund of funds

3

Jupiter Independent Funds Team

4

The Jupiter Merlin Portfolios

5

■■ Jupiter Merlin Income Portfolio

6

■■ Jupiter Merlin Balanced Portfolio

8

■■ Jupiter Merlin Growth Portfolio

10

■■ Jupiter Merlin Worldwide Portfolio

12

01.06.12_11.24

Contents

Welcoming you

We are delighted that you are interested in finding out more about Jupiter’s range of funds of funds. In this brochure we have provided you with information on the Jupiter Merlin Portfolios and the award-winning Jupiter Independent Funds team who manage them.

We look forward to welcoming you as a Jupiter investor very soon. Please remember that your investment decisions should be based not only on your investment objectives but your attitude to risk too. Once you have invested you should also regularly monitor your selected investments. At Jupiter we believe it is worth consulting a financial adviser to help you select and review your investments. Please remember that past performance is no guide to the future. The value of an investment and the income from it can fall as well as rise, may be affected by exchange rate variations and you may get back less that you originally invested. This brochure should be read in conjunction with the Key Features (incorporating the Simplified Prospectus).

Funds of funds expertise The Jupiter Independent Funds team consists of fund managers John Chatfeild-Roberts, Algy Smith-Maxwell, Peter Lawery and Amanda Sillars, and assistant fund manager David Lewis. The team, who has over 70 years industry experience between them, is completely focused on generating outperformance for their clients using the fund of funds concept.

Our investment strategy

John Chatfeild-Roberts Chief Investment Officer & Head of the Jupiter Independent Funds Team

At Jupiter our funds of funds operate on an unfettered basis. This means the Jupiter Independent Funds team is not restricted to investing in only Jupiter funds as is the case with many other funds of funds in the market. Instead they are allowed to invest in what they consider to be the best funds from across the entire market with the aim of providing returns over and above those available from both competitors and the main market indices.

This brochure will provide you with an introduction to the fund of funds concept, Jupiter’s expertise in actively managing funds of funds and on the pages listed below you can read more in-depth information regarding the Portfolios.

Our history Jupiter was founded in 1985 with the aim of delivering strong performance for investors through active fund management. It is a principle we have continued to adhere to and has helped us become one of the most respected fund management groups in the UK. We currently manage some £24.2bn (as at 31.03.2012) of both personal and institutional money.

■■ Jupiter Merlin Income – page 6 ■■ Jupiter Merlin Balanced – page 8 ■■ Jupiter Merlin Growth – page 10 ■■ Jupiter Merlin Worldwide – page 12

01.06.12_11.24

In 2007 Jupiter became majority owned by its employees and in June 2010 Jupiter’s holding company, Jupiter Fund Management plc, was listed on the London Stock Exchange. The majority of our fund managers invest their own money into Jupiter funds. We believe that this creates a stable environment in which our fund managers are committed to the business for the long term, with their interests aligned with those of our customers.

1

Introduction

An introduction to funds of funds With around 2,000 funds in the UK alone to choose from, researching and making your own investment decisions is no easy task. To make things even more complicated, you will no doubt have read about the importance of creating a well-diversified portfolio. In other words why, when it comes to your investments, you shouldn’t put all your eggs in one basket.

Role of a fund of funds manager

Best performing funds

With such an array of funds available, the first problem is to go about choosing the right funds. When you choose an investment fund it will usually have very specific aims and in striving to achieve these, the fund manager will be required to operate within certain parameters. For example, which asset classes (e.g. equities, bonds, property or cash) must the fund manager invest in? In which geographical region will your money be invested? Does the fund only specialise in a particular sector (e.g. financial or technology companies)?

Single investment vehicle

You will, of course, find that there are some funds available that aim for a broader and more balanced investment approach, but even these are unlikely to spread your investment across a wider range of assets than if you held a number of separate funds.

The job of a fund of funds manager is to know about fund managers in the same way that other fund managers know about shares or bonds. As depicted in the diagram above, they use their expertise to blend the best funds, in their opinion, from across a range of asset classes and geographical regions all into one single fund.

What is a fund of funds?

Diversification built-in

A fund of funds, as the name suggests, is a fund that predominantly invests in a number of other underlying funds. Unlike other traditional funds which invest directly in stocks and shares, these funds invest into other funds including unit trusts, open ended investment companies (OEICs), exchange traded funds and other collective investment schemes.

Why is it so important to spread your investments and how can choosing a fund of funds help? It is important to get your fund selection right because being in the right funds at the right time, or conversely the wrong funds at the wrong time, can have dramatic consequences for your returns.

Fettered or Unfettered?

The manager can only invest in the funds of the investment house that employs them.

Unfettered funds of funds

The manager can invest in the funds which they believe to be the best from across the entire market.

Spreading your investments across a wide range of asset classes, investment types and fund managers helps reduce your exposure to a specific asset class or fund should it suffer a fall in value during a period of volatility.

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Fettered funds of funds

Asset classes / geographical regions

2

Key benefits

Why choose a fund of funds Maintaining a balanced portfolio can be increasingly difficult for an individual investor, as markets fluctuate over the short term. Key benefits In volatile market conditions investment opportunities undoubtedly exist if you know where to look and what to look for. It can, however, be very challenging and time consuming for an individual investor to identify and make the most of them. Funds of funds are a popular choice amongst investors and financial advisers alike and for good reason, as they offer a number of benefits.

1 2 3 4 5 6

Diversification: Funds of funds offer a one-stop solution to the difficulties of fund selection and diversification. Investment is spread across a range of funds which the fund of funds managers believe are likely to be the best performers in the market.

An ideal core holding: A balanced portfolio will usually contain a number of funds giving you access to a broad range of markets and sectors. A fund of funds however can be an ideal single core holding providing a diversified portfolio within one easy investment.

Actively managed: Jupiter’s managers continually research the industry and assess the investment environment on your behalf. This kind of research and fund selection requires a great deal of time and expertise which is not available to most investors.

Balance/risk management: By investing in a fund of funds, you can spread your investment risk across a broad range of funds, meaning that your portfolio is not dependent on just one fund, asset class or geographical region. The manager will also aim to reduce risk by anticipating and avoiding areas they believe may be negatively affected by market conditions.

Consolidation tool: Over time you may have accumulated a portfolio of funds which are not meeting your investment goals, or may simply be underperforming. Consolidating your investments into a fund of funds can bring balance, focus and performance potential back to your portfolio.

Tax efficiency: Within a fund of funds, the managers can switch funds as often as is necessary without having to pay any Capital Gains Tax (CGT)*. The only time CGT may become a factor is when you come to sell the fund itself and your profits exceed your annual CGT allowance at that time.

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*This is based on our understanding of current tax laws and may be subject to change in the future. In line with other funds of funds generally, charges for the Jupiter Merlin Portfolios are higher than for other unit trusts (approximately 0.9% per annum on average of the fund value). This is to allow for charges applicable to the underlying funds.

3

The team

Jupiter Independent Funds Team The Jupiter Merlin Portfolios are managed by the awardwinning Jupiter Independent Funds team, consisting of fund managers John Chatfeild-Roberts, Algy Smith-Maxwell and Peter Lawery. Team experience

The Jupiter Independent Funds Team

With over 70 years of industry experience between them, the team, which also includes fund manager Amanda Sillars and assistant fund manager David Lewis, is completely focused on generating outperformance for their clients. An important factor of their success is that the team sit with the rest of the investment talent at Jupiter and are able to benefit from the expertise and ideas of other highly skilled individuals.

Open minded investment strategy Unlike some other fund of funds managers, Jupiter’s team have an open-minded attitude. They believe that the most important factor in how a fund is likely to perform is the individual who runs it and so they interview managers face-to-face to gain first-hand information.

Peter Lawery, John Chatfeild-Roberts and Algy Smith-Maxwell.

It is my job, along with Peter and Algy, to put in all the leg-work for our investors, deciding when it makes sense to hold which funds. We aim to provide the best performance over the medium to long term through a diversified selection of funds that should also provide investors with a lower overall level of portfolio risk.

What the team is interested in...

Fund manager tenure

John Chatfeild-Roberts

Selection approach

Fund management style

Some managers will not look at any fund that does not have a three-year track record, even if the manager running it has many years of experience managing other funds. Others will avoid all funds below a pre-determined size, even though small funds are acknowledged to be more nimble and flexible.

Performance achieved vs risks taken

However, our fund of funds managers believe that in their search to provide you with better investment returns, each fund should be looked at on its merits and the performance of the Jupiter Merlin Portfolios to date would suggest that this has been a successful strategy. It’s important to remember that past performance is no guide to the future and that the value of an investment can fall as well as rise and you may get back less than you originally invested.

01.06.12_11.24

Likelihood of future success

4

The Portfolios The Portfolios

The Jupiter Merlin Portfolios The Jupiter Merlin Portfolios

Jupiter offers you a choice of four funds of funds, collectively Jupiter offers a choice four fundsEach of funds, collectively known as the you Jupiter MerlinofPortfolios. portfolio is known as thedifferently Jupiter Merlin Each constructed so youPortfolios. can choose theportfolio portfolioisthat best constructed sorisk youand canyour choose the portfolio that best matches yourdifferently attitude to investment objectives. matches your attitude to risk and your investment objectives. Four portfolios to meet your objectives Four portfolios toPortfolios meet your The four Jupiter Merlin have objectives different geographical

You have chosen the following fund(s): You have chosen following fund(s): The following pages will the provide in-depth information

weightings, and offer mixes ofdifferent equities, geographical fixed interest The four Jupiter Merlindiffering Portfolios have assets and other asset classes. weightings, and offer differing mixes of equities, fixed interest

regarding the fund(s) youprovide have requested. The following pages will in-depth information regarding the fund(s) you have requested.

assets and other asset classes. The diagram below shows how the portfolios’ asset allocations fit a varied from the more Thetogether, diagram creating below shows howrange the portfolios’ assetcautious allocations Jupiter Merlin Income Portfolio to the more aggressive Jupiter fit together, creating a varied range from the more cautious Merlin Worldwide Portfolio. Jupiter Merlin Income Portfolio to the more aggressive Jupiter

■■ ■■ ■■ ■■

Merlin Worldwide Portfolio.

Jupiter Merlin Income – page 6 Jupiter Merlin Balanced – page 8 Jupiter Merlin Growth – page 10 Jupiter Merlin Worldwide – page 12

The Jupiter Merlin Portfolios The Jupiter Merlin Portfolios ■■ Jupiter Merlin Income Portfolio – designed for income investors seeking a well-diversified portfolio. also suit ■■ Jupiter Merlin Income Portfolio – designed forMay income ainvestors growth investor wants to adopt a moreMay cautious seeking awho well-diversified portfolio. also suit approach by accumulating income. a growth investor who wants to adopt a more cautious approach by accumulating income.

■■ Jupiter Merlin Balanced Portfolio – suitable for both

60% Equities† 30% Fixed † 60% Equities Interest 30% Fixed Interest

growthMerlin and income investors who want to for benefit ■■ Jupiter Balanced Portfolio – suitable bothfrom stock market growth but don’t want to commit entirely growth and income investors who want to benefit from to equities. stock market growth but don’t want to commit entirely

85% Equities† maximum 85% Equities† maximum

to equities.

■■ Jupiter Merlin Growth Portfolio – a highly diversified designed forPortfolio growth –investors a fund ■■ portfolio Jupiter Merlin Growth a highly seeking diversified that invests in the world’s major stock markets portfolio designed for growth investors seekingwhilst a fund retaining a UK that invests in bias. the world’s major stock markets whilst

100% Equities†

retaining a UK bias.

100% Equities†

■■ Jupiter Merlin Worldwide Portfolio – blends a truly global strategyMerlin with aWorldwide fund of funds approach andamay ■■ Jupiter Portfolio – blends trulyappeal global to investors whose existing portfolio is biased towards strategy with a fund of funds approach and may appeal atospecific region, e.g.existing the UK.portfolio is biased towards investors whose

100% Equities† 100% Equities†

a specific region, e.g. the UK.

Jupiter Merlin Income Jupiter Portfolio Merlin Income Portfolio Jupiter Merlin Balanced Jupiter Portfolio Merlin Balanced Portfolio Jupiter Merlin Growth Jupiter Portfolio Merlin Growth Portfolio Jupiter Merlin Worldwide Jupiter Portfolio Merlin Worldwide Portfolio

Income Income Income & Growth Income & Growth Growth Growth Worldwide Growth Worldwide Growth

†Maximum allowed percentage under sector requirements within each fund. Percentages may vary and include cash holdings as part †Maximum allowed percentage under sector requirements within of fixed interest. each fund. Percentages may vary and include cash holdings as part The Jupiter Merlin Portfolios also have the option to invest in of fixed interest. property and commodity funds. The Jupiter Merlin Portfolios also have the option to invest in property and commodity funds.

01.06.12_11.25 01.06.12_11.25

The Jupiter Merlin Portfolios, with the exception of the Jupiter Merlin Balanced Portfolio, were managed by John Chatfeild-Roberts and his team at Lazard from 01.05.97 until 01.03.01. On 01.03.02 the management of these funds was fully transferred to Jupiter Unit The Jupiter Merlin Portfolios, with the exception of the Jupiter Merlin Balanced Portfolio, were managed by John Chatfeild-Roberts Trust Managers Limited under the same management team. and his team at Lazard from 01.05.97 until 01.03.01. On 01.03.02 the management of these funds was fully transferred to Jupiter Unit Trust Managers Limited under the same management team.

5

Fund of Funds As at 30.04.2012

Fund Value:

£3,525m

Launch Date

14.09.1992

May 2012

Jupiter Merlin Income Portfolio Outlook

Holdings –

Our basic relative strategy of structurally defensive exposure, punctuated by some more fundamentally justified, higher risk/return investments has served us well. All things being equal, we see no need to change tack now at this traditionally more difficult seasonal juncture. The last two calendar years have seen European shenanigans dominate the summer months; this year is looking suspiciously similar. Decoupling is now a reality. Economically Europe is being left behind. Fortunately this doesn’t affect all of her corporates, even if it destroys governments; many companies will eventually benefit. European policies are failing to stem the harsh tide of economic reality. One suspects it will now take a crisis of monumental proportions to force the required change of mind-set from the increasingly entrenched political classes. To return Europe to prosperity, significant structural re-alignment is necessary. For investors this will provide exciting opportunities. The decision in the coming months and years is as ever: when is cheap, cheap enough?

Objective†

As at 30.04.2012

UK Equities

34.2%

Artemis Income Invesco Perpetual High Income Invesco Perpetual Income Jupiter Income Trust Jupiter UK Special Situations Fixed Interest

To achieve a high and rising income with some potential for capital growth by investing predominantly in unit trusts, OEICs, Exchange Traded Funds and other collective investment schemes across several management groups. The underlying funds invest in equities, fixed interest stocks, commodities and property, principally in the UK.

33.5%

Fund Facts

Jupiter Strategic Bond Kames High Yield Bond B Income

IMA Sector* Mixed Investment 20-60% Shares

M&G Strategic Corporate Bond

Sedol codes 0362937 (Acc) 0362948 (Inc) B4N2L74 (I Acc) B6QMDC4 (I Inc)

Threadneedle Emerging Market Bond Other

28.0%

M&G Global Dividend Newton Asian Income Cash

6.25%

Historic yield (Inc)

First State Asian Equity Plus

Jupiter Independent Funds Team

Income & Accumulation units

Quoted spread max (Inc/Acc)

ETF Securities - Physical Gold ETF

Thank you very much for your continued support.

Unit type

4.3% 100%

3.1%

Historic yield (Acc)

3.1%

Historic yield (I Inc)

3.0%

Historic yield (I Acc)

3.0%

XD date

16/1 16/4 16/7 16/10

Payment date

15/3 15/6 15/9 15/12

*Investment Management Association The Historic Yield reflects distributions paid or declared over the past twelve months as a percentage of the mid-market unit price as at the date shown. It does not include any initial charge and investors may be subject to tax on their distributions. All of the Fund’s expenses are charged to capital. This has the effect of increasing the distributions for the year by 2.33% and restraining the Fund’s capital growth to an equivalent extent.

Performance –

As at 30.04.2012

5 year percentage change†† and sector ranking to 30.04.2012 Position in sector

Percentage growth

Quartile ranking

30%

14/89

20.3%

1

20%

Year on Year % Growth ending 30.04.2012 Percentage Growth Rank

07-08

08-09

09-10

10-11

11-12

-4.1%

-10.0% 27.0%

6.5%

3.2%

57/89

33/102 26/130 77/141 13/157

Source: FE, bid to bid, net income reinvested.

*All performance in this factsheet is based on accumulation units in GBP. † With effect from 17th July 2006. Past performance should not be seen as a guide to future performance.

Percentage Change

Performance

5 year performance vs IMA Mixed Investment 20-60% Shares sector average Jupiter Merlin Income Portfolio IMA Mixed Investment 20-60% Shares

10% 0% -10% -20% -30% Apr 07

63

6

Apr 08

Apr 09

Apr 10

Apr 11

Apr 12

Fund of Funds May 2012

Jupiter Merlin Income Portfolio Fund Management Team

The portfolios are required to pay trustees’ fees and other expenses. Charges tend to be higher than for other unit trusts. This is to allow for a portion of the charges applicable to the underlying funds. On average this works out at around 0.9% of the net asset value per annum.

Awards

Investment Opportunities • Unit Trust

John Chatfeild-Roberts is head of the Jupiter Merlin team and is a Main Board Director of Jupiter. Peter Lawery joined John in 1997 and Algy Smith-Maxwell completed the team in 1999.

Enhanced Reporting We provide in-depth reporting to keep you informed, not confused. Portfolio statements include Manager’s Commentary as at 5 April and 5 October plus six monthly Manager’s Reports.

Regular withdrawal facility This is available for all the Jupiter Merlin Portfolios with a minimum lump sum investment of £5,000 per portfolio. You can choose the amount paid to you each month or quarterly, up to a maximum of 5% for the Jupiter Merlin Worldwide, Jupiter Merlin Growth and Jupiter Merlin Balanced Portfolios and 7.5% for the Jupiter Merlin Income Portfolio. Any such withdrawals which exceed investment returns will result in an erosion of capital.

• ISA • ISA Transfers • SIPP (via 3rd party links)

Charges Initial charge Annual management fee (Standard) Initial Charge I Classes Annual management fees (I Classes)

5.25% 1.50% 0.00% 0.75%

Minimum Investments Lump sum Top-up Unit Trust ISA investment

£500 £500

£250 £250

Best Multi-Manager Group

Jupiter Unit Trust Managers Limited Global Group of the Year Investment Week Awards 2004, 2005 & 2006

Best Multi-Manager Group

Monthly £50 £50

Group of the Year

Initial Investment I Classes £5,000,000 * RWF not available under £5,000 for investments in the Jupiter Merlin Portfolios. For more information visit www.jupiteronline.co.uk

Ratings/Awards

3rd Party Links The Jupiter Merlin Portfolios are available via a wide range of platforms, wraps, and Life and Pension companies both onshore and offshore. For full details of where our funds are available please visit www.jupiteronline.co.uk

Risks

1228-05.12

Past performance should not be seen as a guide to future performance.The value of an investment and the income from it may fall as well as rise and may be affected by exchange rate variations and you may not get back the amount invested. Charges tend to be higher than for conventional Unit Trusts to allow for a portion of the charges applicable to underlying funds. On average this works out at around 0.9% of the net asset value per annum. The outlook expressed in this factsheet represents the views of the fund manager at the time of preparation and are not necessarily those of the Jupiter Group as a whole.They may be subject to change and should not be interpreted as investment advice. The manager has the power to use derivatives but it is intended that these will only be used for the purpose of efficient portfolio management and not for investment purposes. Jupiter Unit Trust Managers Limited is authorised and regulated by the Financial Services Authority whose address is 25 The North Colonnade, Canary Wharf, London E14 5HS. Registered address: 1 Grosvenor Place, London SW1X 7JJ. Quoted yields are not guaranteed. The impact of charges, which may have a greater proportionate effect on returns if investments are sold in the shorter term, are contained in the Key Features (incorporating the Simplified Prospectus). Current tax levels and reliefs will depend on your individual circumstances and details are also contained in the Key Features (including the Simplified Prospectus). For your security we may record or randomly monitor all telephone calls. If you are unsure of the suitability of this investment please contact your Independent Financial Adviser. For your security we may record or randomly monitor all telephone calls. If you are unsure of the suitability of this investment please contact your Independent Financial Adviser. Copies of the half-yearly and annual reports may be obtained from Jupiter Asset Management Ltd., 1 Grosvenor Place, London SW1X 7JJ. Scheme Particulars and Key Feature documents may also be obtained from that address.All of the Fund’s expenses are charged to capital. This has had the effect of increasing the distributions on an annualised basis by 2.21% and constraining the funds capital performance to an equivalent extent.

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7

Customer Services Telephone: 0844 620 7600 Freephone: 0500 0500 98 Fax: 0844 620 7603 Website: www.jupiteronline.co.uk Broker Sales Team Telephone: 020 7314 7699 Email: [email protected]

Fund of Funds As at 30.04.2012

Fund Value:

£1,270m

Launch Date

01.10.2002

May 2012

Jupiter Merlin Balanced Portfolio Outlook

Holdings –

Our basic relative strategy of structurally defensive exposure, punctuated by some more fundamentally justified, higher risk/return investments has served us well. All things being equal, we see no need to change tack now at this traditionally more difficult seasonal juncture. The last two calendar years have seen European shenanigans dominate the summer months; this year is looking suspiciously similar. Decoupling is now a reality. Economically Europe is being left behind. Fortunately this doesn’t affect all of her corporates, even if it destroys governments; many companies will eventually benefit. European policies are failing to stem the harsh tide of economic reality. One suspects it will now take a crisis of monumental proportions to force the required change of mind-set from the increasingly entrenched political classes. To return Europe to prosperity, significant structural re-alignment is necessary. For investors this will provide exciting opportunities. The decision in the coming months and years is as ever: when is cheap, cheap enough? Thank you very much for your continued support. Jupiter Independent Funds Team

Objective†

As at 30.04.2012

UK Equities

27.0%

Artemis Income AXA Framlington UK Select Opportunities Invesco Perpetual Income Jupiter Growth & Income US Equities

12.4%

Fund Facts

Findlay Park American Jupiter North American Income Japanese Equities

4.9%

Jupiter Japan Income Far East Equities

6.0%

First State Asian Equity Plus Fixed Interest

19.2%

Jupiter Strategic Bond Kames High Yield Bond B Income M&G Strategic Corporate Bond Threadneedle Emerging Market Bond Other

24.8%

Unit type

Income & Accumulation units

Quoted spread max (Inc/Acc)

6.25%

Historic yield (Inc)

1.9%

Historic yield (Acc)

1.9%

Historic yield (I Inc)

1.9% 1.9%

XD date

31/5 30/11

Payment date

31/7 31/01

Investment Management Association

Findlay Park Latin American

The Historic Yield reflects distributions paid or declared over the past twelve months as a percentage of the mid-market unit price as at the date shown. It does not include any initial charge and investors may be subject to tax on their distributions. All of the Fund’s expenses are charged to capital. This has the effect of increasing the distributions for the year by 2.35% and restraining the Fund’s capital growth to an equivalent extent.

Cash

5.7% 100%

As at 30.04.2012

5 year percentage change†† and sector ranking to 30.04.2012

5 Year Performance†† vs IMA Mixed Investment 40-85% Shares sector average

Percentage growth

Quartile ranking

20%

16/101

14.6%

1

10%

07-08

08-09

09-10

10-11

11-12

-5.4%

-12.9% 30.4%

6.2%

0.4%

74/100 11/110 32/129 121/141 19/152

Source: FE, bid to bid, net income reinvested.

Percentage Change

Position in sector

Year on Year % Growth ending 30.04.2012

Rank

3184514 (Acc) 3191075 (Inc) B4351D9 (I Acc) B3X5X81 (I Inc)

ETF Securities - Physical Gold ETF

M&G Global Dividend

Percentage Growth

Sedol codes

†

Henderson Global Technology

Performance

IMA Sector† Mixed Investment 40-85% Shares

Historic yield (I Acc)

BGF - Blackrock World Energy

Performance –

To achieve long-term capital growth with income by investing predominantly in unit trusts, OEICs, Exchange Traded Funds and other collective investment schemes across several management groups. The underlying funds invest in international equities, fixed interest stocks, commodities and property.

Jupiter Merlin Balanced Portfolio IMA Mixed Investment 40-85% Shares

0% -10% -20% -30%

Apr 07 Apr 08 Apr 09 Apr 10 Apr 11 Apr 12 All performance in this factsheet is based on accumulation units in GBP. † With effect from 17th July 2006. On 01.09.05 the fund’s objective changed to aim for growth with income as opposed to growth only, and this may also impact performance going forward. Past performance should not be seen as a guide to future performance.

65

8

Fund of Funds May 2012

Jupiter Merlin Balanced Portfolio Fund Management Team

The portfolios are required to pay trustees’ fees and other expenses. Charges tend to be higher than for other unit trusts. This is to allow for a portion of the charges applicable to the underlying funds. On average this works out at around 0.9% of the net asset value per annum.

Awards

Investment Opportunities • Unit Trust • ISA • ISA Transfers • SIPP (via 3rd party links) John Chatfeild-Roberts is head of the Jupiter Merlin team and is a Main Board Director of Jupiter. Peter Lawery joined John in 1997 and Algy Smith-Maxwell completed the team in 1999.

Enhanced Reporting We provide in-depth reporting to keep you informed, not confused. Portfolio statements include Manager’s Commentary as at 5 April and 5 October plus six monthly Manager’s Reports.

Regular withdrawal facility

Charges Initial charge Annual management fee (Standard) Initial charge I Classes Annual management fee (I Classes)

Minimum Investments Lump sum Top-up Unit Trust ISA investment

£500 £500

£250 £250

Jupiter Unit Trust Managers Limited Global Group of the Year Investment Week Awards 2004, 2005 & 2006

Best Multi-Manager Group

Monthly £50 £50

Initial Investment I Classes £5,000,000 This is available for all the Jupiter Merlin Portfolios with a minimum lump sum investment of £5,000 per portfolio. You can choose the amount paid to you each month or quarterly, up to a maximum of 5% for the Jupiter Merlin Worldwide, Jupiter Merlin Growth and Jupiter Merlin Balanced Portfolios and 7.5% for the Jupiter Merlin Income Portfolio. Any such withdrawals which exceed investment returns will result in an erosion of capital.

Best Multi-Manager Group

5.25% 1.50% 0.00% 0.75%

* RWF not available under £5,000 for investments in the Jupiter Merlin Portfolios. For more information visit www.jupiteronline.co.uk

Group of the Year

Ratings/Awards

3rd Party Links The Jupiter Merlin Portfolios are available via a wide range of platforms, wraps, and Life and Pension companies both onshore and offshore. For full details of where our funds are available please visit www.jupiteronline.co.uk

Risks

1229-05.12

Past performance should not be seen as a guide to future performance.The value of an investment and the income from it may fall as well as rise and may be affected by exchange rate variations and you may not get back the amount invested. Charges tend to be higher than for conventional Unit Trusts to allow for a portion of the charges applicable to underlying funds. On average this works out at around 0.9% of the net asset value per annum. The outlook expressed in this factsheet represents the views of the fund manager at the time of preparation and are not necessarily those of the Jupiter Group as a whole.They may be subject to change and should not be interpreted as investment advice. The manager has the power to use derivatives but it is intended that these will only be used for the purpose of efficient portfolio management and not for investment purposes. Jupiter Unit Trust Managers Limited is authorised and regulated by the Financial Services Authority whose address is 25 The North Colonnade, Canary Wharf, London E14 5HS. Registered address: 1 Grosvenor Place, London SW1X 7JJ. Quoted yields are not guaranteed. The impact of charges, which may have a greater proportionate effect on returns if investments are sold in the shorter term, are contained in the Key Features (incorporating the Simplified Prospectus). Current tax levels and reliefs will depend on your individual circumstances and details are also contained in the Key Features (including the Simplified Prospectus). For your security we may record or randomly monitor all telephone calls. If you are unsure of the suitability of this investment please contact your Independent Financial Adviser. For your security we may record or randomly monitor all telephone calls. If you are unsure of the suitability of this investment please contact your Independent Financial Adviser. Copies of the half-yearly and annual reports may be obtained from Jupiter Asset Management Ltd., 1 Grosvenor Place, London SW1X 7JJ. Scheme Particulars and Key Feature documents may also be obtained from that address.With effect from 1 December 2005 all of the Fund’s expenses have been charged to capital. This has had the effect of increasing the distributions on an annualised basis by 2.27% and constraining the Fund’s capital performance to an equivalent extent.

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Customer Services Telephone: 0844 620 7600 Freephone: 0500 0500 98 Fax: 0844 620 7603 Website: www.jupiteronline.co.uk Broker Sales Team Telephone: 020 7314 7699 Email: [email protected]

Fund of Funds As at 30.04.2012

Fund Value:

£1,632m

Launch Date

14.09.1992

May 2012

Jupiter Merlin Growth Portfolio Outlook

Holdings –

Our basic relative strategy of structurally defensive exposure, punctuated by some more fundamentally justified, higher risk/return investments has served us well. All things being equal, we see no need to change tack now at this traditionally more difficult seasonal juncture. The last two calendar years have seen European shenanigans dominate the summer months; this year is looking suspiciously similar. Decoupling is now a reality. Economically Europe is being left behind. Fortunately this doesn’t affect all of her corporates, even if it destroys governments; many companies will eventually benefit. European policies are failing to stem the harsh tide of economic reality. One suspects it will now take a crisis of monumental proportions to force the required change of mind-set from the increasingly entrenched political classes. To return Europe to prosperity, significant structural re-alignment is necessary. For investors this will provide exciting opportunities. The decision in the coming months and years is as ever: when is cheap, cheap enough? Thank you very much for your continued support. Jupiter Independent Funds Team

Objective†

As at 30.04.2012

UK Equities

29.5%

AXA Framlington UK Select Opportunities Invesco Perpetual Income Jupiter UK Special Situations M&G Recovery US Equities

21.3%

To achieve long-term capital growth by investing predominantly in unit trusts, OEICs, Exchange Traded Funds and other collective investment schemes across several management groups. The underlying funds invest in international equities, fixed interest stocks, commodities and property, with a core in the UK.

AXA Framlington American Growth

Fund Facts

Findlay Park American Jupiter North American Income European Equities

1.8%

IMA Sector*

Flexible Investments

Sedol codes

0362926 (Acc) 0362915 (Inc) B6QGLF5 (I Acc)

7.8%

Unit type

Schroder European Alpha Plus Japanese Equities

Income & Accumulation units

CF Morant Wright Japan B

Quoted spread max (Inc/Acc)

GLG Japan CoreAlpha

XD date

28/2 31/8

Payment date

30/4 31/10

Jupiter Japan Income Far East Equities

12.6%

6.25%

*Investment Management Association.

First State Asia Pacific Leaders B Other

18.9%

BGF - Blackrock World Energy ETF Securities - Physical Gold ETF Findlay Park Latin American Henderson Global Technology Cash

8.1% 100%

As at 30.04.2012

5 year percentage change and sector ranking to 30.04.2012

Performance

Position in sector

Percentage growth

Quartile ranking

14/93

19.0%

1

Year on Year % Growth ending 30.04.2012 Percentage Growth Rank

07-08

08-09

09-10

10-11

11-12

-4.4%

-11.6% 30.5%

8.9%

-1.0%

54/93

10/105 63/120 67/128 23/135

5 year performance vs IMA Flexible Investments sector average 40%

Percentage Change

Performance –

Jupiter Merlin Growth Portfolio IMA Flexible Investments

20%

0%

-20%

Source: FE, bid to bid, net accumulation reinvested.

All performance in this factsheet is based on accumulation units in GBP. † With effect from 17th July 2006. Past performance should not be seen as a guide to future performance.

-40% Apr 07

67

10

Apr 08

Apr 09

Apr 10

Apr 11

Apr 12

Fund of Funds May 2012

Jupiter Merlin Growth Portfolio Fund Management Team

Investment Opportunities

Awards

• Unit Trust • ISA

• ISA Transfers • SIPP (via 3rd party links)

Charges

John Chatfeild-Roberts is head of the Jupiter Merlin team and is a Main Board Director of Jupiter. Peter Lawery joined John in 1997 and Algy Smith-Maxwell completed the team in 1999.

Initial charge Annual management fee (Standard) Initial Charge I Class Annual management fee (I Class)

Minimum Investments

Enhanced Reporting We provide in-depth reporting to keep you informed, not confused. Portfolio statements include Manager’s Commentary as at 5 April and 5 October plus six monthly Manager’s Reports.

Regular withdrawal facility This is available for all the Jupiter Merlin Portfolios with a minimum lump sum investment of £5,000 per portfolio. You can choose the amount paid to you each month or quarterly, up to a maximum of 5% for the Jupiter Merlin Worldwide, Jupiter Merlin Growth and Jupiter Merlin Balanced Portfolios and 7.5% for the Jupiter Merlin Income Portfolio. Any such withdrawals which exceed investment returns will result in an erosion of capital.

5.25% 1.50% 0.00% 0.75%

Lump sum Top-up Unit Trust ISA investment

£500 £500

Best Multi-Manager Group

Monthly

£250 £250

£50 £50

Inital Investment I Class £5,000,000

Jupiter Unit Trust Managers Limited Global Group of the Year Investment Week Awards 2004, 2005 & 2006

* RWF not available under £5,000 for investments in the Jupiter Merlin Portfolios. For more information visit www.jupiteronline.co.uk

3rd Party Links The Jupiter Merlin Portfolios are available via a wide range of platforms, wraps, and Life and Pension companies both onshore and offshore.

Best Multi-Manager Group

Group of the Year

Ratings/Awards

For full details of where our funds are available please visit www.jupiteronline.co.uk Please note: I Class Acc shares launched on the 19 September 2011.

The portfolios are required to pay trustees’ fees and other expenses. Charges tend to be higher than for other unit trusts. This is to allow for a portion of the charges applicable to the underlying funds. On average this works out at around 0.9% of the net asset value per annum.

Risks

1230-05.12

Past performance should not be seen as a guide to future performance.The value of an investment and the income from it may fall as well as rise and may be affected by exchange rate variations and you may not get back the amount invested. Charges tend to be higher than for conventional Unit Trusts to allow for a portion of the charges applicable to underlying funds. On average this works out at around 0.9% of the net asset value per annum. The outlook expressed in this factsheet represents the views of the fund manager at the time of preparation and are not necessarily those of the Jupiter Group as a whole.They may be subject to change and should not be interpreted as investment advice. The manager has the power to use derivatives but it is intended that these will only be used for the purpose of efficient portfolio management and not for investment purposes. Jupiter Unit Trust Managers Limited is authorised and regulated by the Financial Services Authority whose address is 25 The North Colonnade, Canary Wharf, London E14 5HS. Registered address: 1 Grosvenor Place, London SW1X 7JJ. Quoted yields are not guaranteed. The impact of charges, which may have a greater proportionate effect on returns if investments are sold in the shorter term, are contained in the Key Features (incorporating the Simplified Prospectus). Current tax levels and reliefs will depend on your individual circumstances and details are also contained in the Key Features (including the Simplified Prospectus). For your security we may record or randomly monitor all telephone calls. If you are unsure of the suitability of this investment please contact your Independent Financial Adviser. For your security we may record or randomly monitor all telephone calls. If you are unsure of the suitability of this investment please contact your Independent Financial Adviser. Copies of the half-yearly and annual reports may be obtained from Jupiter Asset Management Ltd., 1 Grosvenor Place, London SW1X 7JJ. Scheme Particulars and Key Feature documents may also be obtained from that address.

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11

Customer Services Telephone: 0844 620 7600 Freephone: 0500 0500 98 Fax: 0844 620 7603 Website: www.jupiteronline.co.uk Broker Sales Team Telephone: 020 7314 7699 Email: [email protected]

Fund of Funds As at 30.04.2012

Fund Value:

£769m

Launch Date

17.06.1993

May 2012

Jupiter Merlin Worldwide Portfolio Outlook

Holdings –

Our basic relative strategy of structurally defensive exposure, punctuated by some more fundamentally justified, higher risk/return investments has served us well. All things being equal, we see no need to change tack now at this traditionally more difficult seasonal juncture. The last two calendar years have seen European shenanigans dominate the summer months; this year is looking suspiciously similar. Decoupling is now a reality. Economically Europe is being left behind. Fortunately this doesn’t affect all of her corporates, even if it destroys governments; many companies will eventually benefit. European policies are failing to stem the harsh tide of economic reality. One suspects it will now take a crisis of monumental proportions to force the required change of mind-set from the increasingly entrenched political classes. To return Europe to prosperity, significant structural re-alignment is necessary. For investors this will provide exciting opportunities. The decision in the coming months and years is as ever: when is cheap, cheap enough? Thank you very much for your continued support. Jupiter Independent Funds Team

UK Equities Invesco Perpetual High Income US Equities AXA Framlington American Growth Findlay Park American JGF - Jupiter North American Equities European Equities JGF - Jupiter European Opportunities Schroder European Alpha Plus Japanese Equities CF Morant Wright Japan B GLG Japan CoreAlpha JGF - Jupiter Japan Select Far East Equities First State Asia Pacific Leaders B Other ETF Securities - Physical Gold ETF Findlay Park Latin American Guinness Global Energy Jupiter Global Energy Polar Capital Global Technology Cash

5 year percentage change and sector ranking to 30.04.2012

Performance

Position in sector

Percentage growth

Quartile ranking

33/164

20.4%

1

Year on Year % Growth ending 30.04.2012 Percentage Growth Rank

14.8% 26.5%

To achieve long-term capital growth by investing predominantly in unit trusts, OEICs, Exchange Traded Funds and other collective investment schemes across several management groups. The underlying funds invest in international equities, fixed interest stocks, commodities and property.

3.1%

11.9%

Fund Facts IMA Sector*

Global

Sedol codes

3166783 (Acc) 0369983 (Inc) B53LG95 (I Acc)

Unit type 14.1% 27.3%

Income & Accumulation units

Quoted spread max (Inc/Acc)

6.25%

XD date

01/6

Payment date

31/7

*Investment Management Association

2.3% 100%

As at 30.04.2012

07-08

08-09

09-10

10-11

11-12

-0.4%

-13.7% 32.6%

8.3%

-2.5%

74/164 20/182 110/196 93/209 70/221

5 year performance vs IMA Global sector average 40%

Percentage Change

Performance –

Objective†

As at 30.04.2012

Jupiter Merlin Worldwide Portfolio IMA Global

20%

0%

-20%

Source: FE, bid to bid, net income reinvested.

All performance in this factsheet is based on income units in GBP. † With effect from 17th July 2006. Past performance should not be seen as a guide to future performance.

-40% Apr 07

69

12

Apr 08

Apr 09

Apr 10

Apr 11

Apr 12

Fund of Funds May 2012

Jupiter Merlin Worldwide Portfolio Fund Management Team

Investment Opportunities

Awards

• Unit Trust • ISA • ISA Transfers • SIPP (via 3rd party links)

Charges

John Chatfeild-Roberts is head of the Jupiter Merlin team and is a Main Board Director of Jupiter. Peter Lawery joined John in 1997 and Algy Smith-Maxwell completed the team in 1999.

Initial charge Annual management fee (Standard) Initial Charge I Class Annual management fees (I Class)

Minimum Investments

Enhanced Reporting We provide in-depth reporting to keep you informed, not confused. Portfolio statements include Manager’s Commentary as at 5 April and 5 October plus six monthly Manager’s Reports.

Regular withdrawal facility This is available for all the Jupiter Merlin Portfolios with a minimum lump sum investment of £5,000 per portfolio. You can choose the amount paid to you each month or quarterly, up to a maximum of 5% for the Jupiter Merlin Worldwide, Jupiter Merlin Growth and Jupiter Merlin Balanced Portfolios and 7.5% for the Jupiter Merlin Income Portfolio. Any such withdrawals which exceed investment returns will result in an erosion of capital.

5.25% 1.50% 0.00% 0.75%

Lump sum Top-up Unit Trust ISA investment

£500 £500

Best Multi-Manager Group

Monthly

£250 £250

£50 £50

Initial Investment I Class £5,000,000 * RWF not available under £5,000 for investments in the Jupiter Merlin Portfolios. For more information visit www.jupiteronline.co.uk

3rd Party Links The Jupiter Merlin Portfolios are available via a wide range of platforms, wraps, and Life and Pension companies both onshore and offshore.

Jupiter Unit Trust Managers Limited Global Group of the Year Investment Week Awards 2004, 2005 & 2006

Best Multi-Manager Group

Group of the Year

Ratings/Awards

For full details of where our funds are available please visit www.jupiteronline.co.uk Please note: I Class Acc shares launched on the 19 September 2011.

The portfolios are required to pay trustees’ fees and other expenses. Charges tend to be higher than for other unit trusts. This is to allow for a portion of the charges applicable to the underlying funds. On average this works out at around 0.9% of the net asset value per annum.

Risks

1231-05.12

Past performance should not be seen as a guide to future performance.The value of an investment and the income from it may fall as well as rise and may be affected by exchange rate variations and you may not get back the amount invested. Charges tend to be higher than for conventional Unit Trusts to allow for a portion of the charges applicable to underlying funds. On average this works out at around 0.9% of the net asset value per annum. The outlook expressed in this factsheet represents the views of the fund manager at the time of preparation and are not necessarily those of the Jupiter Group as a whole.They may be subject to change and should not be interpreted as investment advice. The manager has the power to use derivatives but it is intended that these will only be used for the purpose of efficient portfolio management and not for investment purposes. Jupiter Unit Trust Managers Limited is authorised and regulated by the Financial Services Authority whose address is 25 The North Colonnade, Canary Wharf, London E14 5HS. Registered address: 1 Grosvenor Place, London SW1X 7JJ. Quoted yields are not guaranteed. The impact of charges, which may have a greater proportionate effect on returns if investments are sold in the shorter term, are contained in the Key Features (incorporating the Simplified Prospectus). Current tax levels and reliefs will depend on your individual circumstances and details are also contained in the Key Features (including the Simplified Prospectus). For your security we may record or randomly monitor all telephone calls. If you are unsure of the suitability of this investment please contact your Independent Financial Adviser. For your security we may record or randomly monitor all telephone calls. If you are unsure of the suitability of this investment please contact your Independent Financial Adviser. Copies of the half-yearly and annual reports may be obtained from Jupiter Asset Management Ltd., 1 Grosvenor Place, London SW1X 7JJ. Scheme Particulars and Key Feature documents may also be obtained from that address.

70

13

Customer Services Telephone: 0844 620 7600 Freephone: 0500 0500 98 Fax: 0844 620 7603 Website: www.jupiteronline.co.uk Broker Sales Team Telephone: 020 7314 7699 Email: [email protected]

In need of advice?

Contact us

If you do not have an independent financial adviser (IFA), we have included the details below of two organisations that can help you find one.

Please do not hesitate to contact us if you require more information or would like to be sent further literature.

Institute of Financial Planning The Institute of Financial Planning will help you locate an IFA on the basis of where you live or work, the product area you need advice on or a specific company name. Website: www.financialplanning.org.uk Address: Institute of Financial Planning Whitefriars Centre Lewins Mead Bristol, BS1 2NT Unbiased.co.uk You can confidentially search for details of local IFAs by using the online ‘Find an IFA’ search facility.

Tel:

0844 620 7600 +44 (0)1268 448 642

Fax:

0844 620 7603 +44 (0)1268 448 419

Web: www.jupiteronline.co.uk Jupiter Customer Services Department PO Box 10666 Chelmsford, CM99 2BG Further details and downloadable literature (including application forms) can be found by visiting: Web: www.jupiteronline.co.uk

Jupiter Unit Trust Managers Limited (JUTM) and Jupiter Asset Management Limited (JAM) are both authorised and regulated by the Financial Services Authority whose address is 25 The North Colonnade, Canary Wharf, London E14 5HS. The registered address of JAM and JUTM is 1 Grosvenor Place, London, SW1X 7JJ. The group is collectively known as Jupiter. Jupiter Asset Management Limited acts as Investment Adviser to the Jupiter range of unit trusts which are managed by Jupiter Unit Trust Managers Limited. The impact of charges, which may have a greater proportionate effect on returns if investments are sold in the shorter term, are contained in the Key Features (incorporating the Simplified Prospectus). Current tax levels and reliefs will depend on your individual circumstances and details are also contained in the Key Features (incorporating the Simplified Prospectus). For your security we may record or monitor all telephone calls.

01.06.12_11.25

5716-06.12 5088-06.12

Website: www.unbiased.co.uk Address: Unbiased Ltd 2nd Floor 117 Farringdon Road London, EC1R 3BX