The Jupiter

Global Active Fund
A Socit dInvestissement Capital Variable (SICAV)

Annual Review and Report

For the period from 1st October 2002 to 30th September 2003
THE JUPITER GLOBAL ACTIVE FUND

CONTENTS

Page JUPITER ASSET MANAGEMENT (BERMUDA) LIMITED... MANAGEMENT AND ADMINISTRATION... BOARD OF DIRECTORS... CHAIRMANS STATEMENT... REPORT OF THE AUDITORS... STATEMENT OF NET ASSETS... STATEMENT OF NET INCOME... STATEMENT OF CHANGES IN NET ASSETS... STATISTICAL INFORMATION... STATEMENT OF CHANGES IN THE NUMBER OF SHARES OUTSTANDING.. REVIEW OF PORTFOLIOS JUPITER GLOBAL SRI FUND.. JUPITER PAN EUROPEAN GROWTH FUND.. JUPITER PAN EUROPEAN OPPORTUNITIES FUND.. JUPITER UK OPPORTUNITIES FUND... NOTES TO THE FINANCIAL STATEMENTS.. NOTICE OF MEETING... FORM OF PROXY 10 10

IMPORTANT NOTICE

The purchase of The Jupiter Global Active Fund SICAVs shares is subject to the terms of investment set out in the most recent version of its Prospectus (currently the October 2002 issue) supplemented by the most recent Annual Report (currently this report is for the period to 30th September 2003). In the event that the Annual Report is more than eight months old, prospective investors should also refer to the Companys most recent Semi-Annual Report.
JUPITER ASSET MANAGEMENT (BERMUDA) LIMITED
Jupiter Asset Management (Bermuda) Limited, the investment manager of The Jupiter Global Active Fund (the Company), is wholly owned by Jupiter International Group PLC (the Jupiter Group), an international financial services group. Jupiter International Group PLC is itself a subsidiary of the German banking group, Commerzbank AG. The Jupiter Group provides a comprehensive range of investment management services and products to individuals and institutions throughout the world, and has been specialising in fund management since 1985. In that time, the Jupiter Groups funds under management have grown to over EUR14.5 billion worldwide as at 30th September 2003.
The Jupiter Global Active Fund
The Jupiter Global Active Fund is structured as an umbrella fund. Through this series of funds, which each invests in a particular market or group of markets, Jupiter Asset Management (Bermuda) Limited is able to offer investors, or their advisers, a choice of different funds to compose a personal investment portfolio reflecting their individual requirements. As at the date of this Annual Report the Company has the following funds:

Global

Jupiter Global SRI Fund The funds investment objective is to generate long-term capital growth from investment worldwide in companies that are responding positively to the challenge of environmental sustainability or are making a positive commitment to social wellbeing and which also show strong performance or potential for growth.

Europe

Jupiter Pan European Growth Fund The funds investment objective is to achieve long-term capital growth from investments in companies quoted on a European Stock Exchange. Jupiter Pan European Opportunities Fund The funds investment objective is to achieve long-term capital growth by exploiting special investment opportunities in Europe.

United Kingdom

Jupiter UK Opportunities Fund The funds investment objective is to achieve long-term capital growth by exploiting special investment opportunities in companies listed on the London Stock Exchange.
MANAGEMENT AND ADMINISTRATION

Investment Manager

Jupiter Asset Management (Bermuda) Limited Cumberland House 1 Victoria Street, 3rd floor Hamilton Bermuda HM11

Paying Agent

Luxembourg: Bank of Bermuda (Luxembourg) S.A. 13, rue Goethe L-1637 Luxembourg Grand Duchy of Luxembourg Germany: Commerzbank AG Kaiserstrae 16 D-60311 Frankfurt Germany The city indicated in the address for the respective payment office is also the banks legal domicile.

Investment Adviser

Jupiter Asset Management Limited 1 Grosvenor Place London, SW1X 7JJ United Kingdom Authorised and regulated by the Financial Services Authority

Tax Representative in Germany Custodian
Bank of Bermuda (Luxembourg) S.A. 13, rue Goethe L-1637 Luxembourg Grand Duchy of Luxembourg Commerzbank AG Kaiserstrae 16 D-60311 Frankfurt The fund is reported in accordance with 15 ,,AuslInvestmG and has been approved for public sale in the Federal Republic of Germany. The aforementioned address for the Tax Representative is the corporate centre.

Administrator

ADIG-Investment Luxemburg S.A. 25, rue Edward Steichen L-2540 Luxembourg Grand Duchy of Luxembourg

Registered Office

25, rue Edward Steichen L-2540 Luxembourg Grand Duchy of Luxembourg

Auditors

Ernst & Young S.A. 6, rue Jean Monnet Kirchberg L-2180, Luxembourg Grandy Duchy of Luxembourg
Official Local Agent in France
Caisse Centrale De Rescompte 44, rue Washington 75008 Paris France
Legal Advisers in Luxembourg
Elvinger, Hoss & Prussen 2, place Winston Churchill L-1340 Luxembourg Grand Duchy of Luxembourg

BOARD OF DIRECTORS

Martin Schller (Chairman) (resigned effective 9th December 2003)
Director of International Business Jupiter International Group PLC London

Hans-Jrgen Lckener

Managing Director COMINVEST Asset Management GmbH Munich
John Collis (resigned effective 9th December 2003)
Attorney Conyers, Dill & Pearman Bermuda

Jacques Elvinger

Partner Elvinger, Hoss & Prussen Luxembourg
Jonathan Carey (appointed Chairman effective 9th December 2003)
Chairman Jupiter Asset Management (Bermuda) Limited Bermuda Joint Group Chief Executive Officer Jupiter International Group PLC London
Patrick Zurstrassen (appointed Director effective 9th December 2003)
Managing-Partner Finor Luxembourg Sca
Garth Lorimer Turner (appointed Director effective 9th December 2003)
Managing Director Jupiter Asset Management (Bermuda) Limited

CHAIRMANS STATEMENT

Dear Shareholder The second year of your Companys operation has seen a very unsettled world political scene and mixed market environment. Just before I wrote the Chairmans statement for the first Annual Report of your Company in 2002, President Bush had addressed the United Nations and warned of the grave and gathering danger of Iraq and had requested the support of international leaders in the U.S. efforts to stem this danger. Despite the mixed international reaction to this call, military action began in mid-March of this year and was in its final throes when the Semi-Annual report of The Jupiter Global Active Fund was published. At the time I voiced the hope that the decisive action and swift conclusion of the main military operation would impact positively on international markets as a generally more confident outlook returned. To an extent this happened and can be seen in the accelerated recovery of markets during the second quarter of this year. Late 2002, early 2003 now seems to have been the bottom of the long slide in equity prices we saw over the recent years and we have seen a marked recovery in the main economies since. Over the period under review, the Dow Jones gained approximately 22%, the FTSE Actuaries World Europe Index 1.03% and the FTSE 100 about 10%. The economic recovery then slowed down in the summer month of August and the traditionally weaker September, and the generally slower recovery in Europe versus the U.S. dampened by a weak U.S. Dollar, which makes it that much harder for European companies to sell their goods and services overseas. Over the period, interest rates remained at very low levels helping generally weak economies in the U.S. and Europe to benefit early from the first impulses of recovery. In Europe, the Harmonised Index of Consumer Prices (HICP) rose 2.1% year on year, slightly above the European Central Banks 2% inflation ceiling. The individual portfolios of your Company have performed generally well over the past 12 months, with the UK Opportunities Fund in particular showing a slight outperformance over its benchmark. On the other hand, the Global SRI Fund lagged significantly behind its benchmark over the period. This was mainly due to the fact that the recovery, which particularly affected large traditional stocks, did not treat the small and innovative companies that this fund can invest in equally kindly. Since the end of this reporting period we have seen a further slowdown in the equity price recovery, but at the same time we are starting to see an increasing number of positive earnings surprises. On the whole, we are therefore optimistic that markets will continue to improve, albeit at a slower pace, over the next reporting period. Jonathan Carey Chairman 9th December 2003

REPORT OF THE AUDITORS

To the Shareholders of The Jupiter Global Active Fund
We have audited the financial statements, which consist of the Statement of Net Assets, the Statement of Net Income, the Statement of Changes in Net Assets, the Schedules of Investments and the Notes to the Financial Statements of The Jupiter Global Active Fund (SICAV) and its sub funds for the year ended 30th September 2003. These financial statements are the responsibility of the Board of Directors of the SICAV. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Board of Directors of the SICAV in preparing the financial statements, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the attached financial statements described above give, in conformity with the Luxembourg legal and regulatory requirements, a true and fair view of the financial position of The Jupiter Global Active Fund (SICAV) and its sub funds at 30th September 2003 and the results of their operations and changes in their net assets for the year then ended. Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. We have no observations to make concerning such information in the context of the financial statements taken as a whole. ERNST & YOUNG Societe Anonyme Reviseur dentreprises A Lockwood Luxembourg, 9th December 2003
AUDITED STATEMENT OF NET ASSETS

AS AT 30th SEPTEMBER 2003
Note Jupiter Global SRI Fund Jupiter Pan European Growth Fund s Jupiter Jupiter 30th September Pan UK 2003 European Opportunities Total Opportunities Fund Fund s s
s ASSETS Investment in Transferable Securities at Market Value OTHER ASSETS Cash and Short Term Deposits Due From Shareholders Accounts Receivable and Accrued Income TOTAL ASSETS LIABILITIES Due to Shareholders Accounts Payable and Accrued Expenses Management Fees Payable Performance fees Due to Brokers TOTAL LIABILITIES NET ASSET VALUE
1,045,266 141,3,037 1,190,001 15,380 1,740 17,120 1,172,881
1,754,964 58,892 1,782 1,815,638 26,004 2,708 28,712 1,786,926
50,319,735 4,046,094 62,473 31,230 54,459,532 180,692 49,264 80,978 310,934 54,148,598
1,310,221 27,666 5,880 1,343,767 14,390 1,960 6,357 4,505 27,212 1,316,555
54,995,862 4,286,092 62,677 44,468 59,389,099 180,692 111,251 88,231 9,101 6,453 395,728 58,993,371
The accompanying notes form an integral part of these financial statements.
AUDITED STATEMENT OF NET INCOME
FOR THE YEAR ENDED 30th SEPTEMBER 2003
Note Jupiter Global SRI Fund Jupiter Pan European Growth Fund s 41,896 2,133 44,029 Jupiter Jupiter 30th September Pan UK 2003 European Opportunities Total Opportunities Fund Fund s s 107,915 18,295 126,210 33,845 1,297 35,142 217,806 23,604 241,410
s INCOME Dividends Bank interest TOTAL INCOME EXPENSES Management fee Administration fee Directors fees Other expenses Legal and professional fees Custodian bank fee Sub-custodian and transaction fees Printing fees Taxe dabonnement Performance fee TOTAL EXPENSES NET OPERATING LOSS FOR THE YEAR 2(d) 2(d) 19,539 1,313 20,852
19,290 38,12,939 9,365 15,081 9,564 2,107,997
77,380 38,200 3,833 57,373 30,538 15,081 28,847 6,691 1,441 259,384
177,116 38,200 8,729 61,990 11,778 15,081 24,285 4,374 8,287 349,840
20,250 24,075 1,041 13,754 9,403 9,504 7,928 2,6,357 95,200
302,778 149,070 15,000 151,996 65,145 58,851 74,046 16,426 11,112 9,101 853,525

(87,145)

(215,355)

(223,630)

(60,058)

(612,115)

AUDITED STATEMENT OF CHANGES IN NET ASSETS
Note Jupiter Global SRI Fund Jupiter Pan European Growth Fund s 6,757,152 293,531 46,780 1,899,465 2,239,776 (215,355) (4,744,955) (2,249,692) (7,210,002) 1,786,926 Jupiter Jupiter 30th September Pan UK 2003 European Opportunities Total Opportunities Fund Fund s s 1,473,784 53,415,794 408,507 719,658 54,543,959 (223,630) (1,339,288) (306,227) (1,869,145) 54,148,598 1,148,203 61,221 363,617 424,838 (60,058) (196,428) 11,321,459 53,730,944 567,170 3,425,844 57,723,958 (612,115) (6,096,293) (3,165,743)
s NET ASSETS AT THE BEGINNING OF YEAR ADDITIONS TO NET ASSETS Amount received on issue of shares Net realised gain on sale of securities Net change in unrealised appreciation in market value of securities DEDUCTIONS FROM NET ASSETS Operating loss for the year Amount paid on redemption of shares Net realised loss on sale of securities Net change in unrealised depreciation in market value of securities Currency translation adjustment NET ASSETS AT END OF YEAR 1,268,701 21,619 24,231 286,116 331,966 (87,145) (12,050) (328,591) (427,786) 1,172,881

(177,895) (256,486) (10,052,046) 1,316,555 58,993,371
AUDITED STATISTICAL INFORMATION
Jupiter Global SRI Fund 30th September 2003 s Class L Number of shares outstanding 202,393 Total Net Assets 1,172,881 Net Asset Value per share 5.80 30th September 2002 s Class L Number of shares outstanding 200,685 Total Net Assets 1,268,701 Net Asset Value per share 6.32 s Class L 216,725 1,468,014 6.77 s Class N 677,196 5,115,191 7.55 s Class I 23,940 173,947 7.27 s Class L 216,585 1,473,784 6.80 Class L 174,000 1,148,203 6.60 Jupiter Pan European Growth Fund s Class L 220,304 1,502,121 6.82 Jupiter Pan European Growth Fund s Class N 22,357 166,028 7.43 Jupiter Pan European Growth Fund s Class I 16,190 118,777 7.34 Jupiter Jupiter Pan UK European Opportunities Opportunities Fund Fund s Class L Class L 7,681,434 174,000 54,148,598 1,316,555 7.05 7.57
AUDITED STATEMENT OF CHANGES IN THE NUMBER OF SHARES OUTSTANDING
Jupiter Global SRI Fund Year ended 30th September 2003 Class L Number of shares outstanding at 30th September 2002 Subscriptions Redemptions Number of shares outstanding at 30th September 2003 200,685 3,854 (2,146) 202,393 Jupiter Pan European Growth Fund Class L 216,725 16,897 (13,318) 220,304 Jupiter Pan European Growth Fund Class N 677,196 27,931 (682,770) 22,357 Jupiter Pan European Growth Fund Class I 23,940 (7,750) 16,190 Jupiter Jupiter Pan UK European Opportunities Opportunities Fund Fund Class L Class L 216,585 7,654,717 (189,868) 7,681,434 174,000 174,000
Period ended 30th September 2002 Class L Number of shares outstanding at inception Subscriptions 200,685 Redemptions Number of shares outstanding at 30th September 2002 200,685
Class L 229,525 (12,800) 216,725
Class N 742,812 (65,616) 677,196

Class I 23,940 23,940

Class L 229,385 (12,800) 216,585
Class L 182,000 (8,000) 174,000

JUPITER GLOBAL SRI FUND

Performance
30th September 2002 6.32 237.53 30th September 2003 5.80 249.50 % Change (8.23%) 5.04%
Net asset value per share FTSE Actuaries All World Index
At the beginning of 2003, apprehension over looming military action in Iraq depressed stockmarkets around the world. By March, the speedy conclusion of the war in Iraq marked a palpable turning point. Not only was immediate uncertainty removed, but increasing evidence of economic recovery in the U.S. also added to a new mood of optimism. Stockmarkets around the world rallied strongly led by the relatively volatile stocks of media and technology companies. Hopes of a broader economic recovery also increased investors appetite for risk certainly the markets fear of outright deflation has diminished. Economic data looks backwards while markets look forwards. Evidence from the U.S. suggested that both the manufacturing and service sectors were improving but there remained concerns over continued weakness in the labour market a possible jobless recovery. This matters since consumers have been the main driver of the economy during the period under review. In the eurozone, the spectre of deflation in Europe prompted the European Central Bank to soften its inflation objective and redefine its monetary policy strategy. The economies of France, Germany, Italy and the Netherlands all contracted in the second quarter of the year. European stockmarkets, however, enjoyed strong gains. Part of this rise was predicated on firmer signs of recovery in the U.S. and part was a reflection of a recovery in business confidence in France and Germany which reached a 14 month high during the summer. In Japan, markets saw a strong recovery as sentiment improved towards the banking and industrial sectors. Another important event during the period under review was the fall of the U.S. Dollar against the other major currency blocks. A weaker dollar puts pressure on European exporters while stimulating Asian economies whose currencies are often dollar-linked. The performance of the Fund was primarily driven by the substantial recovery in smaller-capitalised companies which, until March 2003, had been undervalued. Performance was also driven by specific trends within the core investment themes. Key smaller companies within the portfolio that have seen strong recoveries included: Whatman, RPS Group, Intercare Group, Wilmington Group along with overseas smaller companies such as Casella Waste Systems and Vacon. Strong performance also came from the Funds Transport Theme. The Fund saw solid recovery in companies such as FirstGroup, Go-Ahead Group and National Express Group on the back of increasing passenger numbers on trains; while the successful introduction of the London Congestion Charging Scheme saw significant increases in the number and frequency of bus routes operating within central London. Those holdings which underperformed relatively tended to be the non-cyclical and more defensive companies such as Huhtamaki Van Leer, Boiron and Cranswick where the leverage to potential uplifts in earnings was limited. Energy remains ever topical. During the period we witnessed a series of black outs that hit North America, Canada, Britain, Italy and Denmark. Such incidents highlighted the fragility of large electricity grid networks, in particular in North America. A number of companies including Stuart Energy Systems and FuelCell Energy, which operate in the air quality space with non-grid dependant systems, have benefited directly. One consequence of the black outs was an increased sense of the urgency required to pass through the long awaited U.S. Energy Bill. The Bill will potentially support further expansion of wind energy in the U.S. and stocks such as Vestas Wind Systems and Gamesa benefited in anticipation of this. The accompanying notes form an integral part of these financial statements.

Investment Outlook

One feature of the recovery in corporate profits witnessed during the last six months was that it came largely as a result of cost cutting rather than from significantly higher levels of sales. Investors still need to see a sustainable increase in top-line growth, although this now appears more likely. Growth-orientated companies should be the main beneficiaries. The forthcoming reporting season, particularly in the United States, will provide further clarity and guidance on this. With regards to emerging environmental and social trends, we do not see any slowing in the amount of regulation nor in the demands on corporate spending required in order to minimise their impacts. We are, however, aware that the rate of implementation is determined by the rate of economic growth. In general, with an improving outlook, I am confident that the growth approach within the portfolio can continue to perform.
JUPITER GLOBAL SRI FUND AUDITED SCHEDULE OF INVESTMENTS
Shares Description Transferable Securities Listed on an Official Exchange Equities Germany Nordex AG Techem AG Denmark Novozymes A/S ( B-shares) Vestas Wind Systems AS Finland Huhtamaeki Oyj Vacon Oyj France Boiron S.A. Gaudriot S.A. Seche Environnement S.A. Great Britain AWG PLC AWG Redeemable shares BT Group PLC Centrica PLC Cranswick PLC Firstgroup PLC Go-Ahead Group PLC Henlys Group PLC Intercare Group PLC Johnson, Matthey PLC mmO2 PLC National Express Group PLC Nestor Healthcare Group PLC Ricardo PLC RPS Group PLC Severn Trent PLC Shanks Group PLC Tesco PLC Vodafone Group PLC Whatman PLC Wilmington Group PLC Italy Permasteelisa S.p.A. Canada Ballard Power Systems Inc. BW Technologies Ltd. Hydrogenics Corp. Stantec Inc. Stuart Energy Systems Corp. Trojan Technologies Inc. Westport Innovations Inc. Norway Tomra Systems ASA Sweden Munters AB Spain Gamesa Corporacion Tecnologica S.A. USA Cadiz Inc. Casella Waste Systems Inc. EarthShell Corp. Fuelcell Energy Inc. Harsco Corp. Ionics Inc. Itron Inc. Republic Services Inc. Waste Management Inc. Total Transferable Securities Listed on an Official Exchange Other Net Assets Net Asset Value Market Value Market Value as a percentage of net assets 0.05 4.70 1.50 3.30 2.47 1.02 2.03 0.01 0.13 1.43 0.12 0.78 1.46 2.47 4.20 3.77 1.19 3.73 1.35 2.59 2.88 2.25 1.64 5.84 1.06 2.15 2.52 1.19 4.15 0.07 0.83 2.17 1.03 1.92 0.96 0.89 3.38 1.96 0.77 1.62 1.43 0.16 2.31 0.86 2.00 0.97 0.73 0.75 1.33 0.98 89.10 10.90 100.00

700 3,2,582 3,200 1,200 1,70 2,412 972,000 3,500 6,500 5,000 12,000 3,255 13,000 15,500 1,200 35,700 4,000 5,853 5,000 28,000 1,300 18,000 8,500 8,000 25,700 2,5,4,200 7,800 21,000 2,000 1,14,250 2,500 31,650 2,800 500
574 55,163 17,550 38,769 28,992 11,940 23,1,505 16,744 1,357 9,180 17,175 28,966 49,314 44,273 13,959 43,718 15,806 30,412 33,760 26,355 19,185 68,552 12,452 25,256 29,542 14,002 48,9,709 25,454 12,086 22,466 11,260 10,482 39,677 22,938 9,066 18,998 16,789 1,836 27,103 10,082 23,438 11,470 8,522 8,825 15,688 11,445 1,045,266 127,615 1,172,881
The accompanying notes form an integral part of these financial statements. No schedule of investment changes has been included in this report. Such information is available to shareholders upon request from ADIG-Investment Luxemburg S.A.
JUPITER PAN EUROPEAN GROWTH FUND
30th September 2002 6.77 7.55 7.27 247.80 **Launch date 28th June 2002 30th September % Change 2003 6.82 0.74% 7.43 (1.59%) 7.34 0.96% 262.85 6.07% ***Launch date 23rd November 2001
Net asset value per share L shares* Net asset value per share N shares** Net asset value per share I shares*** FTSE World Euro Index *Launch date 17th August 2001
As we entered the start of the period under review, the prospects for economic growth in the larger European economies were very modest. Industrial production continued to decline a reflection of low levels of demand and weakness was seen across almost all sectors of the economy. In particular, the German economy has been fragile and, somewhat belatedly, the European Central Bank acknowledged that interest rates were too high and cut them, albeit modestly. The stimulatory effects of cheaper money, however, were soon more than offset by an appreciation of the Euro against the U.S. Dollar. Export markets remained weak. At the beginning of 2003, apprehension over looming military action in Iraq depressed stockmarkets around the world, particularly in Europe. Unemployment in the eurozone area continued to rise while higher oil prices caused inflation to rise to levels which continued to exceed the 2% target set by the European Central Bank, thus making it difficult to justify further interest rate cuts. The euro, meanwhile, continued to strengthen against the U.S. Dollar further curbing export growth. By March, two year German bonds yielded a record low of 2.2% and the German DAX had touched a seven year low. For markets, the speedy conclusion of military action in Iraq marked a palpable turning point. Not only were feelings of uncertainty removed, but increasing evidence of economic recovery in the U.S. along with a better-than-expected reporting season also added to a new mood of optimism. Stockmarkets around the world rallied strongly led, as usual, by relatively volatile stocks in media and technology companies. Hopes of a broader economic recovery also increased investors appetite for the possible investment potential of turnaround situations. Towards the end of the period under review, companies were telling us that the worst was behind them. For the first time, too, there was evidence that the governments of Germany and France were prepared to push through some of the structural reforms which are a pre-requisite for creating a more flexible, stronger economy. Problems remain. As companies announced their results for the first half of the year it became clearer that, although the results were in line with consensus estimates, profitability still appeared more reliant on corporate cost cutting than on stronger sales growth. Indeed, it is notable how, in recent years, growth in the rest of the world has been so dependent on the U.S. The inability of Europe to generate strong internal demand remains a big problem. Domestic spending in Germany and the wider Eurozone, for example, has hardly grown at all. These economies have relied on exports for growth. Yet it is these exporting companies that remain at the mercy of the weak dollar policy being used in North America to revive the U.S. economy. It is precisely because macroeconomic upheavals are unavoidable that we are particularly careful to position the fund away from those companies that are inextricably dependent upon the economic tide and towards a collection of diverse money making opportunities whose fortunes depend mainly on their own efforts and superior business models. This is one reason why your fund seeks to invest in world-class businesses which just happen to be based in Europe. We remain convinced that it is vital to be invested in the right companies, which can grow their earnings without being overly reliant on the economic cycle. Judicious selection of companies with sustainable business models remains vital when there is still so much risk in the index. The accompanying notes form an integral part of these financial statements.

JUPITER PAN EUROPEAN GROWTH FUND AUDITED SCHEDULE OF INVESTMENTS
Shares Description Transferable Securities Listed on an Official Exchange Equities Belgium Omega Pharma S.A. Germany Adidas-Salomon AG MEDION AG T-Online International AG Denmark Coloplast AS Novo-Nordisk AS Novozymes A/S (B-shares) France Camaieu S.A. Crdit Agricole S.A. Dassault Systemes S.A. Essilor International Compagnie Generale dOptique S.A. Lafarge S.A. LAir Liquide LOreal S.A. Neopost S.A. Societe Generale S.A. Tessi S.A. Great Britain Associated British Ports Holdings PLC HBOS PLC Intertek Group PLC Shell Transport and Trading Co. PLC Ireland DCC PLC Italy Amplifon S.p.A. De Longhi S.p.A. e.Biscom S.p.A. Industria Macchine Automatiche S.p.A. Mediaset S.p.A. Permasteelisa S.p.A. Netherlands Euronext N.V. Koninklijke KPN N.V. Reed Elsevier N.V. Versatel Telecom International N.V. VNU N.V. Norway DnB Holding ASA Sweden Munters AB Total Transferable Securities Listed on an Official Exchange Other Net Assets Net Asset Value Market Value Market Value as a percentage of net assets
1,1,500 5,2,400 1,800 1,100 3,300 2,875 1,000 1,600 2,2,000 8,000 4,300 10,000 12,715 2,100 2,800 7,400 1,000 5,000 6,500 2,200 1,500 7,000 6,325 22,000 1,700 8,000 2,000
47,158 41,525 52,350 43,950 42,823 76,274 48,601 68,475 55,803 90,131 37,780 56,700 61,732 35,760 100,775 44,063 52,880 48,736 43,430 73,592 68,631 21,723 59,192 26,418 33,240 50,500 51,220 30,514 31,500 45,640 62,365 36,740 43,316 33,431 37,996 1,754,964 31,962 1,786,926
2.64 2.32 2.93 2.46 2.40 4.27 2.72 3.83 3.12 5.04 2.11 3.17 3.45 2.00 5.64 2.47 2.96 2.73 2.43 4.12 3.84 1.22 3.31 1.48 1.86 2.83 2.87 1.71 1.76 2.55 3.49 2.06 2.42 1.87 2.13 98.21 1.79 100.00
JUPITER PAN EUROPEAN OPPORTUNITIES FUND
30th September 2002 6.80 247.80 30th September 2003 7.05 262.85 % Change 3.68% 6.07%
Net asset value per share FTSE World Euro Index
During the year under review the value of your units rose 3.68% compared to a move of 6.07% in the benchmark index. The key market movements were driven largely by swings in sentiment, first of pessimism in the run up to the Iraq war and then of optimism about the global economy. Our aim continues to be to invest in companies with visible, proven, sustainable earnings streams whose underlying performance is less subject than the market to such swings in the environment or its assessment. While the impact of animal spirits on the macroeconomy should not be underestimated, this renewed confidence has yet to manifest itself in the backward looking economic data. Furthermore, the structural problems facing European economies and companies suggest strong reasons why it may not do so in the medium term. At the least, the divide between corporate winners and losers is likely to increase over the coming years, with the latter weighing upon the general market indices. These clouds do, however, have silver linings. The global liquidity surge which has underwritten the cult of the equity over the last 30 years continues, at least for the present. The pressing nature of Europes economic problems suggests that companies which can offer solutions to them will enjoy a powerful following wind of demand and market support. Those companies which furthermore have a sustainable point of differentiation will be able to resist general pricing pressure and should flourish. These are the companies which we seek to identify, and which we believe comprise your portfolio. Although each of your shareholdings is selected on the basis of bottom-up stock-picking, we believe that each should also benefit from structural demand drivers. A number have powerful franchises in the pensions-critical savings and investment arena (RBS, Credit Agricole, Societe Generale, Euronext, Deutsche Boerse); others offer health related solutions to an ageing population (Essilor, Fielmann, Novo Nordisk, United Drug). Vossloh and Intertek should profit, inter alia, from the continued emergence of Eastern Europe and Asia, while Depfa Bank is uniquely placed to service growing public sector finance needs. E.biscom and BSkyB both offer innovative solutions in the media and communications sector. We believe that these companies, and the others in your portfolio, offer attractive investment returns regardless of the general European economic environment.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Convention
The financial statements have been prepared under the historical cost convention as modified by the revaluation of investments and in accordance with accounting principles generally accepted in Luxembourg.

Valuation of Investments

Securities listed on an official stock exchange or dealt on any regulated market are valued at the last available price. However, where such prices are not representative of the fair market value of the relevant securities, and in the case of unlisted securities, the value used is that which is considered to be a reasonably foreseeable sales price determined prudently and in good faith. Gains or losses arising on the disposal of investments are calculated by reference to the net sales proceeds and the average cost attributable to those investments.

Foreign Exchange

Financial statements are presented for each Fund in the base currency of the Fund and the Combined Statement of Net Assets and Net Income are presented in Euros () based on the exchange rate ruling at the date of these financial statements. The difference between the opening net assets stated at the rates of exchange ruling at the beginning of the year and their value at the end of the year is shown as a currency translation adjustment in the Statement of Changes in Net Assets. Assets and liabilities in currencies other than the Funds base currency have been translated into that currency at exchange rates ruling at the date of these financial statements. Transactions occurring during the period in currencies other than the base currency are translated at rates of exchange ruling at the transaction dates.

Income and Expenses

Expenses, which do not relate specifically to a particular Fund, are allocated between the Funds in proportion to their underlying Net Asset Value or equally between the Funds, depending on the nature of the expenses. Dividends are credited to the Statement of Net Income when the security is quoted ex-dividend. Bank interest is recorded on an accruals basis.

Organisation Costs

Organisation costs have been written off during the first financial period of the Company.
AS AT 30th SEPTEMBER 2003 3. MANAGEMENT FEES
The Investment Manager is entitled to receive a management fee in relation to each Class of Fund. Such Fee is calculated and payable monthly in arrears and amounts to an aggregate of 1.75% per annum of the Net Asset Value of the L Class of each Fund, 2.5% per annum of the Net Asset Value of the N Class of each fund and 1.25% of the Net Asset Value of the I Class of each Fund. The Investment Manager may become entitled to a performance fee of 15% of the out-performance of the Net Asset Value per Share in any given Fund over the total return on the Benchmark Index for the Fund. Any performance fee earned by the Investment Manager will be accrued by the Fund and will be payable to the Investment Manager in arrears on the last day of the financial year of the Company. In order to ensure fair treatment of all Shareholders, regardless of the date of subscription or redemption of their shares, the published Net Asset Value per Share on each Valuation Day shall reflect an accrual for any Performance Fee which would theoretically be payable if that Valuation Day was the last day of the current financial year. The Investment Manager is responsible for discharging, from the management fees payable to it, the fees of the Investment Adviser and Distributors. Performance Fees in the amount of 9,101 have been accrued for the year ended 30th September 2003 (18,850 for the period 9th August 2001 to 30th September 2002).
ADMINISTRATION AND CUSTODIAN FEES
ADIG-Investment Luxemburg S.A., in its capacity as administrator is entitled to receive a monthly administration fee based on the average daily Net Asset Value of any given Fund, subject to a minimum annual administration fee 72,000 (or its equivalent) if the annualised Net Asset Value of the relevant Fund is less than or equal to 20 million. For the period 14th April 2003 through 15th October 2003, the administrator agreed to waive its fees for each Fund. The Bank of Bermuda (Luxembourg) S.A., in its capacity as Custodian of the Company is entitled to receive a Custodians fee which is calculated on the basis of the average monthly Net Asset Value of any given Fund together with certain transaction charges. The Custodians fee was subject to a minimum annual fee per Fund of 24,000 (or its equivalent) until 13th April 2003. For the period 14th April 2003 through 15th October 2003, the custodian agreed to reduce its minimum fee to 2,500 (or its equivalent) for the six month period for each Fund.

TAXATION

The Company is liable in Luxembourg to a tax (taxe dabonnement) of 0.05% per annum of its net assets, such tax being payable quarterly and calculated on the net asset value of the Company at the end of the relevant calendar quarter. Taxe dabonnement in the amount of 11,112 was payable for the year ended 30th September 2003 (6,524 for the period 9th August 2001 to 30th September 2002). Under current law and practice, the Company is not liable to Luxembourg taxes on income or capital gains, nor are dividends paid by the Company liable to any Luxembourg withholding tax. Capital gains and income from securities issued in other countries may be subject to withholding tax or capital gains taxes imposed by such countries.
AS AT 30th SEPTEMBER 2003 6. DIRECTORS FEES AND EXPENSES
The Directors are entitled to remuneration for their services at rates determined by the Company. In addition, Directors may be reimbursed for reasonable travelling, hotel and other out of pocket expenses properly incurred in the course of their duties relating to the Company.

RELATED PARTIES

Mr. Jonathan Carey and Mr. Martin Schller, Directors of the Company, are Directors of Jupiter International Group PLC, which is the parent company of the Investment Manager and Investment Advisor and as such have an interest in the Investment Management Agreement and the Investment Advisory Agreement. Mr. Carey is also Chairman of the Investment Manager. Hans-Jrgen Lckener is Managing Director of COMINVEST Asset Management GmbH, parent company of ADIG-Investment Luxemburg S.A., and as such has an interest in the Administration Agreement.
Socit dInvestissement Capital Variable Registered Office: Luxembourg, 25, rue Edward Steichen R.C. Luxembourg B 83.289

NOTICE OF MEETING

The ANNUAL GENERAL MEETING OF SHAREHOLDERS of The Jupiter Global Active Fund will be held at its registered office at 25, rue Edward Steichen, Luxembourg at 10.00am on Monday 2 February 2004 for the purpose of considering and voting upon the following matters: 1 Acceptance of the Chairmans Statement and Report of the Auditors and approval of the financial statements for the year ended 30 September 2003. 2 Dividend distribution. 3 Discharge of the Board of Directors. 4 Election and Re-election of Directors. 5 Re-election of Auditor. 6 Approval of Directors fees. 7 Miscellaneous. VOTING Resolutions on the agenda of the Annual General Meeting will require no quorum and will be taken at the majority of the votes expressed by the shareholders present or represented at the meeting.

VOTING ARRANGEMENTS Shareholders who cannot attend the meeting in person are invited to send a duly completed and signed proxy form to the registered office of the Company to arrive not later than 29 January 2004. Proxy forms will be sent to registered shareholders with a copy of this notice and can also be obtained from the registered office.

The Board of Directors

The undersigned,
being the holder of... shares in The Jupiter Global Active Fund, hereby appoints or failing whom the Chairman of the Meeting to be my/our proxy to vote on my/our behalf at the Annual General Meeting of the shareholders of The Jupiter Global Active Fund to be held on the 2nd day of February 2004, and at any adjournment thereof, the agenda of which is set out in the convening notice. The proxy is instructed to cast my/our votes at his discretion in respect of each of the items of the Annual General Meeting, unless indicated to the contrary below:............ AS WITNESS my/our hand(s) this.. day of.. 2004. SIGNED by........ (name(s) of shareholder(s)) (signature(s) of shareholder(s))
NOTES: (1) To be valid, this proxy must be completed and deposited with the Companys Administrator no later than 48 hours before the time appointed for the meeting. (2) If the shareholder is a corporation this proxy must be executed under its common seal or under the hand of some officer or attorney duly authorised in that behalf. (3) In the case of joint holders, the signature of any one holder will be sufficient, but the names of all joint holders should be stated. (4) A member may appoint a proxy who need not be a member of the company. (5) The completion of a proxy does not preclude a shareholder from attendance at the meeting.
Administrator: ADIG-Investment Luxemburg S.A., 25, rue Edward Steichen, L-2540 Luxembourg Fax No: (352) 4540

636-11.03 HB (30539)