Half Yearly Report and Financial Statements

Transcription

1 (A UCITS umbrella fund authorised and regulated by the Central Bank of Ireland) MOODY S Aaamf RATED S&P AAAm RATED Half Yearly Report and Financial Statements For the 6 months ended 28 February 2017 Unaudited

2 Contents General Information 2 Investment Manager s Overview 3 Schedule of Investments 4 Combined Statement of Financial Position 20 Combined Statement of Comprehensive Income 21 Combined Statement of Changes in Net Assets attributable to redeemable participating shares 22 Combined Statement of Cash Flows 23 Statement of Financial Position 24 Statement of Comprehensive Income 28 Statement of Changes in Net Assets attributable to redeemable participating shares 30 Statement of Cash Flows 34 Notes to the Financial Statements 36 Statement of Changes in Investments 44 Directory 48 1

3 General Information Fidelity (the Company ), is an open ended investment company with variable capital and is authorised and regulated by the Central Bank of Ireland (the Central Bank ) under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) and the Central Bank s (Supervision and Enforcement) Act 2013 (section 48(1)) UCITS Regulations 2015, (collectively the UCITS Regulations ). The Company is organised in the form of an umbrella fund with cross liability between subfunds. The Company is recognised in the UK under Sections of the Financial Services and Markets Act 2000, as amended. The Company will not be covered by the provisions of the Financial Services Compensation Scheme operated in the UK. Unless otherwise defined or inconsistent with the context herein, capitalised terms used in this document are as used and have the same meanings as are ascribed to them in the Memorandum and Articles of Association and Prospectus of the Company. This half yearly report does not constitute an offer of shares. Shares are offered on the basis of the information contained in the current Key Investor Information Documents, the Prospectus and the documents referred to within it. Copies of the current Key Investor Information Documents, the Prospectus, the annual and half yearly reports are available free of charge, from the registered office of the Company. This material is issued by FIL Fund Management (Ireland) Limited, a firm authorised in Ireland as a management company by the Central Bank of Ireland pursuant to the UCITS Regulations. 2

4 Investment Manager s Overview Central banks continued to drive fixed income markets with few bouts of volatility in between. Political risks escalated amid surprise results, including Donald Trump s victory in the US presidential elections and Italy s rejection of constitutional reform, which forced Prime Minister Matteo Renzi to resign. Core government bonds fell on expectations that the new Trump administration will initiate a large fiscal stimulus plan, which will spur growth at the expense of inflation. Furthermore, at the December meeting, the Federal Reserve raised interest rates by 0.25%, with three interest rate hikes expected next year. The ECB addressed the issue of bund scarcity in December, extending quantitative easing by 9 months and loosening restrictions around the deposit rate floor, which helped bunds outperform. Looking ahead, elections in Europe, negotiations around Article 50 in the UK, and the first 12 months of Trump s presidency in the US will remain at the forefront. Meanwhile, despite the uptick in inflation prints the likelihood of major central banks, except the US Federal Reserve, to tighten monetary policies is very low. Short term money market rates are expected to be stable despite negative or low rates in Europe and possible rate hikes in the US. The US economy expanded faster than expected in the third quarter, at a seasonally adjusted rate of 3.5%, driven by strong consumer spending. Meanwhile, inflation increased over the quarter, with headline consumer price index (CPI) ticking up to 1.7% in November on an annualised basis, from 1.6% in October. Core CPI, which excludes energy and food components, also inched up to 2.1% annualised rate in November. Labour market conditions continue to tighten, with recent data showing a drop in the number of Americans filing for unemployment aid. Meanwhile, the Federal Reserve (Fed) hiked interest rate amid wide expectations. However, the central bank s comments on the pace of rate hikes surprised markets, projecting three interest rate hikes in 2017 compared to two previously. In Europe, the economic recovery in the eurozone continued, with GDP growth at 0.3%, in line with expectations, in the period after the Brexit vote. The eurozone economic output accelerated to a near sixyear record in February, at 56.0 vs in January. Meanwhile, the final reading for January Eurozone consumer prices recorded a 0.8% decline in prices on the month while the annual rate increased sharply to 1.8% from 1.1% previously given the base effect of a much sharper decline in prices for January On the policy front, the European Central Bank (ECB) decided to extend its quantitative easing programme until the end of The central bank also reduced its pace of monthly asset purchases, from 80bn to 60bn from April The UK s economy grew faster than previously estimated in the three months following the Brexit referendum, according to data from the Office for National Statistics (ONS). Revised figures showed that GDP growth in the third quarter rose by 0.6%, compared with initial estimates of 0.5%. The unexpected upgrade came as the ONS made surprise revisions across all sectors of the economy, including the services, industrial and construction sectors. Inflation reached its highest rate in twoandahalf years, mainly as a result of rising fuel prices. The annual inflation rate as measured by the Consumer Prices Index (CPI) reached 1.8% in January, the ONS said, up from 1.6% in December. Meanwhile, unemployment fell by 7,000 to 1.6 million in the three months to December, leaving the unemployment rate at 4.8%, the lowest in more than a decade. A monthly survey by the Confederation of British Industry (CBI) found that orders in the UK manufacturing industry hit a twoyear high in February, as sterling s postbrexit weakness continued to drive overseas demand. Another CBI survey showed that retail sales volumes expanded in February, reversing the prior month s fall. On the monetary policy front, the Bank of England s Monetary Policy Committee kept interest rates on hold at 0.25% during the quarter. The Canadian economy expanded at an annualised rate of 3.8% over the third quarter of 2016, beating market expectations and rebounding sharply from the 1.3% contraction in GDP seen over the second quarter. The growth was led by a significant rise in energy exports over the quarter, while other exports also contributed positively. Meanwhile, inflation picked up pace over the period, rising to a twoyear high of 2.1% on an annualised basis, due to a 20% rise in energy prices. Despite a rebound in economic growth and inflation, the Bank of Canada maintained its benchmark overnight interest rate at 0.5%. The central bank maintained that the higher inflation was largely driven due to the impact of higher energy costs, and that the actual cost of living is going up at a much lower rate. Fidelity Yield as at Yield as at (Class A Shares)* 28 February February 2016 The United States Dollar Fund 0.87% 0.39% The Sterling Fund 0.19% 0.42% The Euro Fund (0.42%) (0.22%) The Canadian Dollar Fund 0.43% 0.40% * Performance figures net of fees for all share classes can be found on FIL Investments International March

5 Schedule of Investments As at 28 February 2017 The United States Dollar Fund Nominal Value Fair Value % of Net 000 USD 000 Assets Term Deposits BRED Banque Populaire 0.77% 01/03/ , , BNP Paribas 0.69% 01/03/ ,000 76, Natixis 1.159% 18/05/ ,000 75, BNP Paribas 0.69% 01/03/ ,000 75, , Repurchase Agreement Banque Nationale de Paris 0.65% 01/03/2017 (Collateralised by Republic of Finland 0.875% 15/09/2025, Republic of Finland 0.50% 15/04/2026, Republic of Austria 2.40% 23/05/2024, Republic of Austria 4.35% 15/03/2019, Republic of Finland 1.625% 15/09/2022, Republic of Austria 3.40% 22/11/2022, Republic of Finland 2.75% 04/07/2028, Republic of Austria 3.65% 20/04/2022, Republic of Finland 4.375% 04/07/2019, Republic of Finland 3.375% 15/04/2020, Republic of Finland 1.50% 15/04/2023, Republic of Austria 0.00% 15/07/2023, Republic of Austria 0.75% 20/10/2026, Republic of Austria 0.25% 18/10/2019, Republic of Austria 4.15% 15/03/2037, Republic of Finland 1.875% 15/04/2017, Republic of Austria 3.90% 15/07/2020, Republic of Austria 1.20% 20/10/2025, Republic of Finland 1.125% 15/09/2018, Republic of Austria 4.65% 15/01/2018, Republic of Finland 0.00% 15/09/2023, Republic of Austria 3.50% 15/09/2021, Kreditanstalt Fur Wiederaufbau 1.25% 17/10/2019, Republic of Finland 4.00% Republic of Finland 0.375% 15/09/2020, Republic of Finland 3.875% 15/09/2017, 04/07/2025, Republic of Austria 3.15% 20/06/2044, Republic of Finland 3.50% 15/04/2021, Republic of Austria 1.15% 19/10/2018, Kreditanstalt Fur Wiederaufbau 0.00% 15/09/2023, Republic of Finland 0.75% 15/04/2031, Republic of Austria 1.75% 20/10/2023, Republic of Austria 4.30% 15/09/2017, Republic of Austria 1.95% 18/06/2019, Republic of Austria 1.50% 20/02/2047, Kreditanstalt Fur Wiederaufbau 2.50% 17/01/2022) 150, , , Securities Traded on Regulated Markets Commercial Papers* BFCM Paris 1.06% 01/03/ , , Landeskreditbank 0.97% 03/04/ , , Agence Centrale 1.15% 18/04/ , , Caisse Des Depots Et Consignat 0.975% 16/03/ , , Dekabank Deutsche Girozentale 1.10% 03/04/ , , Dekabank Deutsche Girozentale % 03/04/ , , Toronto 1.20% 19/06/ , , Caisse Des Depots Et Consignat 0.97% 01/03/ , , Mitsubishi Finance 0.84% 06/03/ ,000 99, Commonwealth Bank Australia 1.18% 21/03/ ,000 99, Nordea Bank 1.13% 27/03/ ,000 99, KFW 0.90% 03/04/ ,000 99, Allianz 1.30% 03/07/ ,000 99, Commonwealth Bank Australia 1.24% 11/07/ ,000 99, Nederlandse Waterschapsbank 0.81% 24/03/ ,000 93, Schlumberger Finance 0.80% 06/03/ ,000 89, Schlumberger Finance 1.09% 03/04/ ,000 74, Toyota Finance 1.01% 10/04/ ,000 74, NRW Bank 0.81% 13/04/ ,000 74, Allianz 1.32% 24/07/ ,000 74, Zurich Holding Company of America 1.08% 24/04/ ,000 64, Agence Centrale 1.10% 01/06/ ,000 59, Agence Centrale 1.17% 03/04/ ,000 54, Zurich Holding Company of America 1.07% 27/04/ ,500 52, Allianz 1.20% 01/03/ ,000 50, Schlumberger Finance 1.18% 15/03/ ,000 49, L Oreal 0.79% 13/03/ ,500 48, L Oreal 0.77% 16/03/ ,000 44, Allianz 1.32% 24/07/ ,000 39, Toyota Finance 1.01% 10/04/ ,000 37, SNCF 1.04% 27/04/ ,000 37, SNCF 1.04% 27/04/ ,000 37, Schlumberger Finance 1.05% 19/04/ ,000 24, Caisse Des Depots Et Consignat 1.16% 21/06/ ,000 24, ABN Amro Bank 0.78% 17/03/ ,000 14, *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 4

6 Schedule of Investments As at 28 February 2017 The United States Dollar Fund Nominal Value Fair Value % of Net (continued) 000 USD 000 Assets Zurich Holding Company of Amercia 1.08% 08/05/ ,000 14, Alliander 0.97% 28/03/2017 5,000 4, ,929, Certificates of Deposit* KBC Bank 1.15% 02/05/ , , Mizuho Bank London 1.12% 03/04/ , , La Banque Postale 0.84% 03/04/ , , HSBC 1.145% 11/04/ , , Rabobank International 10/08/ , , Sumitomo Mitsui Banking 1.085% 03/04/ , , DZ Bank 1.04% 18/04/ , , Toronto Dominion Bank 1.19% 03/07/ , , Mitsubishi UFJ Trust & Bank 1.125% 02/05/ , , Standard Chartered Bank 1.10% 03/04/ ,000 99, Credit Agricole 1.12% 02/05/ ,000 99, Standard Chartered Bank 1.10% 01/06/ ,000 99, Mitsubishi UFJ Trust & Bank 1.125% 01/06/ ,000 94, Bank Of Montreal 1.055% 20/03/ ,000 77, Mitsubishi UFJ Trust & Bank 1.10% 19/04/ ,000 69, Sumitomo Mitsui Banking 0.82% 07/03/ ,000 68, Standard Chartered Bank 1.10% 01/03/ ,000 50, Mitsubishi UFJ Trust & Bank 0.98% 01/03/ ,000 50, Mizuho Bank London 1.15% 18/04/ ,000 49, ABN Amro Bank 1.12% 02/05/ ,000 49, ABN Amro Bank 1.12% 01/06/ ,000 40, KBC Bank 1.14% 03/03/ ,000 24, Standard Chartered Bank 1.135% 08/05/ ,000 19, Sumitomo Mitsui Banking 0.82% 14/03/ ,000 14, Rabobank Nederland 0.96% 02/03/ ,000 10, Bank Of Montreal 1.02% 05/04/2017 4,000 3, ,178, Corporate Bonds Floating Rate Mizuho Bank 2.55% 17/03/ ,000 16, BNP Paribas 1.47% 17/03/2017 8,078 8, Bank Tokyo Mitsubishi 1.20% 10/03/2017 5,000 5, Met Life Global Funding 1.30% 10/04/2017 3,650 3, ING Bank 3.75% 07/03/2017 3,403 3, National Australia Bank 1.25% 17/03/2017 3,355 3, Nordea Bank 3.125% 20/03/2017 2,875 2, CBA 1.32% 13/03/2017 2,498 2, Bank Tokyo Mitsubishi 1.20% 10/03/2017 1,000 1, , Financial Assets at fair value through profit or loss (including term deposits) 5,705, Net Current Liabilities (64,330) (1.14) Total Net Assets based on dealing NAV (Amortised Cost) 5,641, *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 5

7 Schedule of Investments As at 28 February 2017 The United States Dollar Fund (continued) Analysis of Total Assets % of Total Assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other Assets 8.63 Total % The Counterparty for the open Repurchase Agreement is J.P. Morgan Chase Bank. *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 6

8 Schedule of Investments As at 31 August 2016 The United States Dollar Fund Nominal Value Fair Value % of Net 000 USD 000 Assets Term Deposits DZ Bank 0.42% 01/09/ , , Natixis % 18/05/ ,000 75, Natixis % 09/12/ ,000 60, , Repurchase Agreement Banque Nationale de Paris 0.41% 01/09/2016 (Collateralised by Bundesrepublik Deutschland 4.75% 04/07/2028, Bundesrepublik Deutschland 6.5% Netherlands Government 0.00% 15/04/2018, Republic of Austria 2.40% 23/05/2034, 04/07/2027, Government of France 6.00% 25/10/2025, Government of France 4.50% Government of France 2.75% 25/10/2027, Kreditanstalt Für Wiederaufbau 4.875% 25/04/2041, Netherlands Government 1.25% 15/01/2018, Government of France 4.75% 17/01/2017, 25/04/2035, Government of France 4.00% 25/10/2038, Government of France 1.10% 25/07/2022). 550, , , Securities Traded on Regulated Markets Commercial Papers* Landeskreditbank BadenWürttemberg 0.69% 03/10/ , , Credit Suisse 0.85% 03/11/ , , Allianz 0.71% 06/09/ ,000 99, Caisse des Dépôts et Consignations 0.625% 09/09/ ,000 99, Credit Suisse 0.68% 09/09/ ,000 99, Agence Centrale des Organismes de Sécurité Sociale 0.82% 08/09/ ,000 99, Toronto Dominion Bank 0.62% 14/09/ ,000 99, Australia & New Zealand Banking Group 0.85% 12/09/ ,000 99, Caisse des Dépôts et Consignations 0.66% 20/09/ ,000 99, DekaBank Deutsche Girozentrale 0.68% 20/09/ ,000 99, Commonwealth Bank of Australia 0.81% 21/09/ ,000 99, DZ Bank 0.65% 03/10/ ,000 99, Agence Centrale des Organismes de Sécurité Sociale 0.79% 07/10/ ,000 99, Sumitomo Mitsui Banking Corporation 0.70% 13/10/ ,000 99, Agence Centrale des Organismes de Sécurité Sociale 0.80% 11/10/ ,000 99, DekaBank Deutsche Girozentrale 0.85% 11/10/ ,000 99, Landeskreditbank BadenWürttemberg 0.74% 01/11/ ,000 99, Rabobank Nederland 0.76% 01/11/ ,000 99, Commonwealth Bank of Australia 0.90% 01/12/ ,000 99, Dexia Credit Local 0.89% 19/12/ ,000 99, Nordea Bank 0.86% 03/01/ ,000 99, ANZ National 0.94% 18/01/ ,000 99, Nordea Bank 0.81% 02/09/ ,000 89, Schlumberger Finance 0.72% 25/10/ ,000 79, Allianz 1.04% 23/01/ ,000 74, Schlumberger Finance 0.65% 20/09/ ,000 69, Toronto Dominion Bank 0.64% 06/09/ ,500 64, Société Nationale des Chemins de Fer Français 0.78% 08/09/ ,000 54, Schlumberger Finance 0.67% 03/10/ ,000 49, Agence Centrale des Organismes de Sécurité Sociale 0.855% 14/11/ ,000 49, DZ Bank 0.84% 18/11/ ,000 49, DZ Bank 0.90% 22/11/ ,000 49, Toronto Dominion Bank 0.89% 03/01/ ,000 49, Allianz 0.69% 21/09/ ,000 44, Sumitomo Mitsui Banking Corporation 0.70% 18/10/ ,000 39, DekaBank Deutsche Girozentrale 0.80% 17/10/ ,000 39, Zurich 0.64% 15/09/ ,000 24, Nordea Bank 0.70% 06/10/ ,000 19, Zurich 0.75% 24/10/ ,000 11, Zurich 0.75% 27/10/ ,000 10, Zurich 0.77% 08/11/ ,000 10, Allianz 0.80% 07/10/2016 4,500 4, ,124, *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 7

9 Schedule of Investments As at 31 August 2016 The United States Dollar Fund Nominal Value Fair Value % of Net (continued) 000 USD 000 Assets Certificates of Deposit* National Australia Bank 0.81% 06/09/ ,000 99, Mitsubishi UFJ Trust & Banking 0.71% 07/09/ ,000 99, BNP Paribas 0.63% 09/09/ ,000 99, BNP Paribas 0.65% 21/09/ ,000 99, Mizuho Bank 0.73% 23/09/ ,000 99, Credit Agricole 0.66% 03/10/ ,000 99, Rabobank Nederland 0.91% 08/12/ ,000 99, Mizuho Bank 0.78% 01/09/ ,000 90, Mizuho Bank 0.97% 01/12/ ,000 74, Mitsubishi UFJ Trust & Banking 0.75% 17/10/ ,000 49, Mitsubishi UFJ Trust & Banking 0.86% 01/11/ ,000 49, Mizuho Bank 0.81% 17/10/ ,000 29, Mizuho Bank Sydney 0.78% 26/09/ ,000 19, Lloyds Bank 0.69% 02/09/ ,000 15, Credit Agricole 0.75% 26/09/ ,000 12, ,042, Corporate Bonds Floating Rate Credit Agricole % 03/10/2016 5,000 5, , Financial Assets at fair value through profit or loss (including term deposits) 5,056, Net Current Liabilities (47,478) (0.95) Total Net Assets based on dealing NAV (Amortised Cost) 5,009, Analysis of Total Assets % of Total Assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other Assets Total % The Counterparty for the open Repurchase Agreement is J.P. Morgan Chase Bank. *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 8

10 Schedule of Investments As at 28 February 2017 The Sterling Fund Nominal Value Fair Value % of Net 000 GBP 000 Assets Term Deposits Mizuho Bank 0.20% 01/03/ ,909 54, BRED Banque Populaire 0.20% 01/03/ ,000 45, Credit Agricole 0.16% 01/03/ ,000 32, DZ Bank 0.19% 01/03/ ,000 10, , Securities Traded on Regulated Markets Commercial Papers* Dexia Credit 0.53% 26/05/ ,000 31, BFCM Paris 0.46% 01/03/ ,000 30, Toyota Kreditbank 0.27% 08/05/ ,500 28, Allianz SE 0.33% 10/04/ ,000 24, Abbey National Treasury Services 0.30% 22/05/ ,000 24, Caisse Des Depots Et Consignat 0.40% 10/07/ ,000 24, Nordea Bank 0.35% 17/08/ ,000 24, Agence Centrale 0.32% 12/04/ ,500 23, Agence Centrale 0.30% 09/05/ ,000 19, Nordea Bank 0.38% 05/07/ ,000 19, Caisse Des Depots Et Consignat 0.38% 26/07/ ,000 19, Metlife Short Term Funding 0.35% 09/03/ ,500 18, Metlife Short Term Funding 0.35% 11/05/ ,500 17, Toronto 0.44% 06/03/ ,000 14, Dexia Credit 0.53% 26/05/ ,000 9, Metlife Short Term Funding 0.35% 31/03/2017 8,500 8, Honda Finance Europe 0.38% 06/03/2017 8,000 8, Honda Finance Europe 0.34% 20/04/2017 3,000 2, Agence Centrale 0.32% 12/04/2017 1,500 1, , Certificates of Deposit* BRED Banque Populaire 0.37% 02/05/ ,000 45, Sumitomo Mitsui Trust Bank 0.38% 03/04/ ,000 39, ABN Amro Bank 0.42% 01/03/ ,000 30, BRED Banque Populaire 0.37% 01/03/ ,000 30, ING Bank 0.36% 05/04/ ,000 25, Lloyds Bank 0.29% 22/05/ ,000 25, Credit Agricole 0.33% 03/04/ ,000 24, BNP Paribas 0.27% 02/05/ ,000 24, Svenska 0.285% 02/05/ ,000 22, Mizuho Bank London 0.39% 06/04/ ,000 20, DZ Bank 0.30% 03/04/ ,000 20, Mizuho Bank London 0.39% 11/04/ ,000 20, ING Bank 0.36% 18/04/ ,000 20, Lloyds 0.29% 08/05/ ,000 20, Sumitomo Mitsui Trust Bank 0.38% 07/03/ ,000 19, BNP Paribas 0.32% 03/04/ ,000 19, Mitsubishi UFJ Trust & Bank 0.33% 03/04/ ,000 19, Abbey National Treasury Services 0.30% 16/05/ ,000 19, Sumitomo Mitsui Trust Bank 0.35% 06/04/ ,000 18, Rabobank Nederland 0.369% 03/08/ ,000 15, Rabobank Nederland 0.382% 21/08/ ,000 15, Mitsubishi UFJ Trust & Bank 0.34% 03/04/ ,000 14, Commonwealth Bank Australia 0.45% 08/03/ ,500 14, BFCM Paris 0.40% 02/03/ ,000 12, *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 9

11 Schedule of Investments As at 28 February 2017 The Sterling Fund Nominal Value Fair Value % of Net (continued) 000 GBP 000 Assets Mitsubishi UFJ Trust & Bank 0.356% 01/06/ ,000 11, Mitsubishi UFG Trust & Bank 0.39% 01/03/ ,000 10, Toronto Dominion Bank 0.30% 29/06/ ,000 9, DZ Bank 0.30% 29/03/2017 8,500 8, Toronto Dominion Bank 0.51% 27/03/2017 8,000 8, , Treasury Bills* UK TBill 0.235% 27/03/ ,000 24, , Financial Assets at fair value through profit or loss (including term deposits) 1,108, Net Current Liabilities (110,575) (11.08) Total Net Assets based on dealing NAV (Amortised Cost) 997, Analysis of Total Assets % of Total Assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other Assets 3.14 Total % *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 10

12 Schedule of Investments As at 31 August 2016 The Sterling Fund Nominal Value Fair Value % of Net 000 GBP 000 Assets Term Deposits Mizuho Bank 0.20% 01/09/ ,000 50, Credit Agricole % 12/09/ ,000 25, Natixis % 15/12/ ,000 20, Natixis % 07/09/ ,000 15, , Securities Traded on Regulated Markets Commercial Papers* Sumitomo Mitsui Banking Corporation 0.50% 03/10/ ,000 44, Schlumberger Finance 0.58% 03/10/ ,000 34, Standard Chartered Bank 0.43% 08/11/ ,000 34, DekaBank Deutsche Girozentrale 0.55% 03/10/ ,000 29, Dexia Credit Local 0.80% 16/11/ ,500 27, Agence Centrale des Organismes de Sécurité Sociale 0.27% 19/09/ ,000 24, Banque Fédérative du Crédit Mutuel Paris 0.47% 11/10/ ,000 24, Rabobank Nederland 0.70% 04/10/ ,000 24, Abbey National Treasury Services 0.34% 17/11/ ,000 24, Australia & New Zealand Banking Group 0.69% 03/11/ ,000 24, BNZ International Funding 0.70% 19/10/ ,000 22, Nordea Bank 0.65% 19/09/ ,000 19, Honda Finance Europe 0.51% 20/10/ ,000 19, Australia & New Zealand Banking Group 0.675% 07/11/ ,000 19, Dexia Credit Local 0.79% 16/11/ ,000 19, Nordea Bank 0.65% 07/10/ ,000 17, Honda Finance Europe 0.58% 15/09/ ,000 15, Svenska Handelsbanken 0.42% 22/02/ ,500 15, Agence Centrale des Organismes de Sécurité Sociale 0.48% 01/09/ ,000 15, Banque Fédérative du Crédit Mutuel Paris 0.38% 11/10/ ,000 11, Nordea Bank 0.47% 23/01/ ,000 9, Metlife Short Term Funding 0.55% 06/10/2016 8,500 8, Schlumberger Finance 0.56% 27/09/2016 6,000 5, , Certificates of Deposit* DZ Bank 0.55% 03/10/ ,000 39, Citibank 0.53% 03/10/ ,000 29, Sumitomo Mitsui Trust Bank 0.55% 07/10/ ,000 29, Commonwealth Bank Australia 0.54% 01/02/ ,500 27, ING Bank 0.56% 01/11/ ,000 25, La Banque Postale 0.31% 10/10/ ,000 24, Bank of TokyoMitsubishi UFJ 0.57% 03/10/ ,000 24, BNP Paribas 0.37% 14/11/ ,000 24, Toronto Dominion Bank 0.50% 19/01/ ,000 18, Mitsubishi UFJ Trust & Banking Corporation 0.57% 01/09/ ,000 18, Credit Agricole 0.48% 17/10/ ,000 14, Sumitomo Mitsui Trust Bank 0.52% 03/11/ ,000 14, Toronto Dominion Bank % 08/11/ ,800 14, Svenska Handelsbanken 0.47% 31/10/ ,000 10, Mitsubishi UFJ Trust & Banking Corporation 0.37% 01/12/ ,000 9, Svenska Handelsbanken % 09/01/2017 7,000 7, DZ Bank 0.37% 08/11/2016 6,000 5, Svenska Handelsbanken % 04/11/2016 5,000 5, Bank of TokyoMitsubishi UFJ 0.45% 20/10/2016 5,000 4, , *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 11

13 Schedule of Investments As at 31 August 2016 The Sterling Fund Nominal Value Fair Value % of Net (continued) 000 GBP 000 Assets Treasury Bills* UK TBILL 0.23% 20/02/17 20,000 19, UK TBILL 0.22% 21/11/16 3,000 2, , Corporate Bond Fixed Rate Bank Nederlandse Gemeenten 0.875% 12/12/2016 4,650 4, , Financial Assets at fair value through profit or loss (including term deposits) 990, Net Current Assets 54, Total Net Assets based on dealing NAV (Amortised Cost) 1,045, Analysis of Total Assets % of Total Assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other Assets Total % *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 12

14 Schedule of Investments As at 28 February 2017 The Euro Fund Nominal Value Fair Value % of Net 000 EUR 000 Assets Term Deposits BNP Paribas 0.48% 01/03/ , , BRED Banque Populaire 0.50% 01/03/ ,000 30, , Securities Traded on Regulated Markets Commercial Papers* Agence Centrale 0.43% 01/06/ ,000 50, Svenska 0.33% 06/07/ ,000 40, BFCM Paris 0.36% 01/03/ ,000 40, Dexia Credit Local 0.33% 26/04/ ,000 35, SAGESS 0.425% 31/03/ ,000 35, Mitsubishi Finance 0.39% 17/03/ ,000 35, ANZ National 0.39% 09/03/ ,000 35, Nordea Bank 0.39% 06/03/ ,000 35, SAGESS 0.415% 03/03/ ,000 35, Mitsubishi Finance 0.385% 01/03/ ,000 35, Region Ile De France % 26/06/ ,200 34, Loreal 0.35% 18/05/ ,000 30, BFCM Paris 0.42% 01/03/ ,000 30, KA Finanz 0.41% 26/05/ ,000 27, KA Finanz 0.425% 17/08/ ,000 25, Rabobank Nederland 0.34% 01/08/ ,000 25, Svenska 0.33% 18/07/ ,000 25, Nordea Bank 0.37% 12/06/ ,000 25, Proctor & Gamble 0.31% 25/05/ ,000 25, General Electrical Capital 0.37% 31/03/ ,000 25, Loreal 0.40% 12/04/ ,500 22, Rabobank Nederland 0.33% 10/07/ ,000 20, Region Ile De France 0.365% 26/06/ ,000 20, Region Ile De France 0.335% 26/06/ ,000 20, Loreal 0.395% 18/05/ ,000 20, Proctor & Gamble 0.325% 07/04/ ,000 20, SAGESS 0.425% 31/03/ ,000 20, KA Finanz 0.39% 08/03/ ,000 20, SAGESS 0.415% 03/03/ ,000 20, General Electrical Capital 0.37% 03/03/ ,000 18, RTE Reseau de Transport d Electricite 0.32% 14/03/ ,000 17, Rabobank Nederland 0.28% 01/03/ ,000 15, Nordea Bank 0.37% 05/04/ ,000 13, Proctor & Gamble 0.31% 24/04/ ,000 12, Rte Reseau de Transport d Electricite 0.315% 18/04/ ,000 10, Rabobank Nederland 0.28% 18/04/ ,000 10, BFCM Paris 0.38% 23/03/ ,000 10, Proctor & Gamble 0.325% 20/03/ ,000 10, Svenska 0.265% 20/03/ ,000 10, Svenska 0.28% 23/03/2017 7,500 7, Proctor & Gamble 0.31% 08/05/2017 6,000 6, Proctor & Gamble 0.325% 27/03/2017 3,000 3, Proctor & Gamble 0.31% 21/04/2017 2,500 2, Proctor & Gamble 0.31% 22/03/2017 1,000 1, Rabobank Nederland 0.34% 01/08/ Proctor & Gamble 0.31% 28/04/ , *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 13

15 Schedule of Investments As at 28 February 2017 The Euro Fund Nominal Value Fair Value % of Net (continued) 000 EUR 000 Assets Certificates of Deposit* KBC Bank 0.39% 03/04/ ,000 55, BRED Banque Populaire 0.271% 14/07/ ,000 55, Citibank 0.41% 01/06/ ,000 50, HSBC France 0.36% 05/05/ ,000 40, BNP Paribas 0.36% 03/04/ ,000 35, Mizuho Bank London 0.41% 09/05/ ,000 30, Citibank 0.41% 06/04/ ,000 30, Sumitomo Mitsui Banking Corporation 0.38% 20/03/ ,000 30, Sumitomo Mitsui Banking Corporation 0.37% 06/03/ ,000 30, Mitsubishi UFJ Trust & Banking 0.40% 15/05/ ,000 25, KBC Bank 0.40% 02/05/ ,000 25, Mizuho Bank 0.41% 11/04/ ,000 20, Mizuho Bank London 0.41% 22/03/ ,000 20, Mitsubishi UFJ Trust & Banking 0.40% 08/03/ ,000 20, Mitsubishi UFJ Trust & Banking 0.40% 07/03/ ,000 20, BRED Banque Populaire 0.263% 08/08/ ,000 20, Sumitomo Mitsui Banking Corporation 0.39% 28/03/ ,000 18, Rabobank Nederland 0.28% 01/09/ ,000 15, Mitsubishi UFJ Trust & Banking 0.38% 06/03/ ,000 15, , Corporate Bonds Fixed Rate KGE Capital European Funding 4.25% 01/03/ ,820 31, ASB Finance London 1.875% 10/07/ ,300 24, Linde Finance 4.75% 24/04/ ,348 14, KBC IFMA 4.5% 27/03/ ,000 11, General Electric Capital 1.00% 02/05/2017 6,869 6, Metropolitan Life Global 4.625% 16/05/2017 6,800 6, Rabobank Nederland 3.375% 21/04/2017 6,412 6, Dexia Credit Local 0.375% 10/07/2017 6,200 6, Credit Agricole 21/04/2017 3,193 4, Nationwide Building Society 3.125% 03/04/2017 2,998 3, Societe Generale 3.75% 01/03/2017 3,000 3, SE Banken 3.875% 12/04/2017 1,550 1, Westpac Securities 3.875% 20/03/2017 1,400 1, , Corporate Bonds Floating Rate Credit Suisse 30/03/ ,793 10, Dexia Credit Local 27/03/2017 8,100 8, Rabobank Nederland 20/06/2017 7,150 7, Banque Federale 23/03/2017 6,900 6, Toronto Dominion 16/06/2017 2,300 2, UBS 15/05/2017 2,250 2, Westpac Securities 10/03/2017 1,000 1, BPCE 10/03/ , Financial Assets at fair value through profit or loss (including term deposits) 1,825, Net Current Liabilities (110,568) (6.45) Total Net Assets based on dealing NAV (Amortised Cost) 1,714, *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 14

16 Schedule of Investments As at 28 February 2017 The Euro Fund 000 USD 000 % of Net (continued) Nominal Value Market Value Asset Analysis of Total Assets % of Total Assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other Assets 1.48 Total % *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 15

17 Schedule of Investments As at 31 August 2016 The Euro Fund Nominal Value Fair Value % of Net 000 EUR 000 Assets Repurchase Agreement Banque Nationale de Paris 0.46% 01/09/2016 (Collateralised by Bundesrepublik Deutschland 5.625% 04/01/2028, Government of Netherlands 0.50% 15/07/2026, Government of Netherlands 1.25% 15/01/2018, Republic of Austria 3.5% 15/09/2021 Bundesrepublik Deutschland 2.50% 04/01/2021, Bundesrepublik Deutschland 6.5% 04/07/2027) 70,000 70, , Securities Traded on Regulated Markets Commercial Papers* Agence Centrale des Organismes de Sécurité Sociale 0.425% 01/09/ ,000 59, DZ Bank 0.39% 01/12/ ,000 50, KA Finanz 0.375% 23/01/ ,000 41, General Electrical Capital 0.39% 14/09/ ,000 40, Svenska Handelsbanken 0.26% 06/01/ ,100 35, L Oreal 0.34% 23/09/ ,000 35, General Electrical Capital 0.39% 01/09/ ,000 35, Credit Agricole 0.35% 01/11/ ,000 32, Toronto Dominion Bank 0.35% 14/11/ ,000 30, Toronto Dominion Bank 0.29% 21/11/ ,000 30, Credit Agricole 0.35% 01/11/ ,000 30, DekaBank Deutsche Girozentrale 0.37% 11/10/ ,000 30, Eads Financial Group 0.325% 16/09/ ,000 30, General Electrical Capital 0.39% 09/09/ ,000 30, Mitsubishi Corporate Finance 0.325% 08/09/ ,000 30, KA Finanz 0.38% 01/09/ ,000 30, Eads Financial Group 0.325% 16/09/ ,000 27, Dexia Credit Local 0.21% 23/11/ ,000 26, Rabobank Nederland 0.29% 01/02/ ,000 25, Nordea Bank 0.39% 12/12/ ,000 25, Procter & Gamble 0.23% 16/09/ ,000 22, Sumitomo Mitsui Banking Corporation 0.36% 01/12/ ,000 20, Dexia Credit Local 0.21% 17/11/ ,000 20, Banque Fédérative du Crédit Mutuel Paris 0.38% 01/09/ ,500 19, RTE Réseau de Transport d Électricitié 0.275% 14/09/ ,000 18, Rabobank Nederland 0.28% 01/03/ ,000 15, Procter & Gamble 0.27% 16/11/ ,000 15, Toyota Leasing 0.34% 25/10/ ,000 15, Procter & Gamble 0.27% 12/10/ ,000 15, UBS 0.30% 22/09/ ,000 15, Svenska Handelsbanken 0.26% 23/09/ ,000 15, Svenska Handelsbanken 0.24% 19/09/ ,000 14, Dexia Credit Local 0.22% 21/11/ ,000 12, RTE Réseau de Transport d Électricitié 0.275% 08/09/ ,500 11, Dexia Credit Local 0.22% 17/11/ ,000 10, RTE Réseau de Transport d Électricitié 0.305% 14/10/ ,000 10, Sumitomo Mitsui Banking Corporation 0.34% 05/10/ ,000 10, Procter & Gamble 0.245% 23/09/ ,000 10, Svenska Handelsbanken 0.26% 03/10/2016 9,000 9, RTE Réseau de Transport d Électricitié 0.275% 12/09/2016 8,000 8, Dexia Credit Local 0.27% 22/02/2017 5,000 5, Linde 0.29% 23/11/2016 5,000 5, Procter & Gamble 0.27% 07/10/2016 4,500 4, , *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 16

18 Schedule of Investments As at 31 August 2016 The Euro Fund Nominal Value Fair Value % of Net (continued) 000 EUR 000 Assets Certificates of Deposit* BNP Paribas 0.35% 03/10/ ,000 70, BRED Banque Populaire 0.269% 14/07/ ,000 55, Sumitomo Mitsui Trust Bank 0.33% 01/09/ ,000 45, Mizuho Bank 0.315% 13/09/ ,000 37, Mitsubishi UFJ Trust & Banking 0.35% 09/11/ ,000 35, Citibank 0.36% 03/10/ ,000 35, Mitsubishi UFJ Trust & Banking 0.36% 26/10/ ,000 30, Standard Chartered Bank 0.32% 12/12/ ,500 28, Rabobank Nederland 0.32% 22/12/ ,000 20, Mizuho Bank London 0.33% 03/10/ ,000 20, BRED Banque Populaire 0.26% 08/08/ ,000 20, Sumitomo Mitsui Banking Corporation 0.34% 20/09/ ,000 15, Sumitomo Mitsui Banking Corporation 0.32% 12/09/ ,000 15, DZ Bank 0.34% 05/10/ ,000 10, Rabobank Nederland 0.23% 07/10/ ,000 10, Sumitomo Mitsui Banking Corporation 0.32% 12/09/ ,000 10, Mizuho Bank 0.31% 19/09/2016 7,000 7, , Corporate Bonds Fixed Rate Kreditanstalt Für Wiederaufbau 2.00% 07/09/ ,000 43, ANZ National 3.00% 20/10/ ,390 21, Nestlé Finance 0.75% 17/10/ ,000 10, Allianz Finance II 4.00% 23/11/2016 7,750 7, GE Capital European Funding 4.125% 27/10/2016 5,000 5, National Australia Bank 3.75% 06/01/2017 1,000 1, , Corporate Bonds Floating Rate Credit Suisse 0.004% 23/09/ ,000 20, UBS 0.000% 05/09/ ,500 14, Nordea Bank 0.002% 25/11/2016 5,000 5, , Financial Assets at fair value through profit or loss (including term deposits) 1,630, Net Current Liabilities (60,657) (3.86) Total Net Assets based on dealing NAV (Amortised Cost) 1,569, Analysis of Total Assets % of Total Assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other Assets 0.60 Total % *The Counterparty for the open Repurchase Agreement is J.P. Morgan Chase Bank. *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 17

19 Schedule of Investments As at 28 February 2017 The Canadian Dollar Fund Nominal Value Fair Value % of Net 000 CAN 000 Assets Term Deposits BRED Banque Populaire 0.50% 01/03/2017 4,101 4, Rabobank Nederland 0.45% 01/03/2017 3,084 3, Bank Of Montreal 0.40% 01/03/2017 1,000 1, , Securities Traded on Regulated Markets Certificates of Deposit* Royal Bank Of Canada 0.836% 03/04/2017 1,627 1, Nestle Capital Canada 0.630% 09/03/2017 1,500 1, Bank Of Montreal 0.40% 22/03/2017 1,500 1, Canadian Imperial Bank Of Commerce 0.839% 03/04/2017 1,500 1, HSBC Bank Canada 0.876% 17/04/2017 1,500 1, Toronto Dominion Bank 0.828% 03/04/2017 1, Bank Of Nova Scotia 0.848% 03/04/2017 1, Sumitomo Mitsui Banking Corporation 0.917% 04/04/2017 1, Bank Of Nova Scotia 0.828% 21/03/ Toronto Dominion Bank 0.859% 03/04/ , Treasury Bills* Canadian TBill 0.436% 23/03/2017 7,500 7, Canadian TBill 0.00% 09/03/2017 2,000 2, Canadian TBill 0.494% 07/03/2017 1,500 1, Canadian TBills 0.443% 20/04/2017 1,250 1, Canadian TBill 0.554% 15/06/2017 1,076 1, Canadian TBill 0.510% 06/04/ , Government Bonds Fixed rate Canada 0.25% 01/05/2017 3,000 2, Canada 1.25% 01/08/2017 2,000 2, Canada 1.50% 01/09/2017 1,250 1, , Corporate Bonds Fixed rate Nordic Investment Bank 5.15% 26/07/2017 1,400 1, Rabobank 4.40% 28/03/ Kommunalbanken 4.75% 17/03/ , Financial Assets at fair value through profit or loss (including term deposits) 41, Net Current Assets Total Net Assets based on dealing NAV (Amortised Cost) 41, Analysis of Total Assets % of Total Assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other Assets Total % *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 18

20 Schedule of Investments As at 31 August 2016 The Canadian Dollar Fund Nominal Value Fair Value % of Net 000 CAN 000 Assets Term Deposits Credit Agricole 0.15% 01/09/2016 3,000 3, BNP Paribas 0.05% 01/09/2016 2,437 2, , Securities Traded on Regulated Markets Commercial Papers* Nestle Capital Corporation % 14/09/2016 1,500 1, Honda Canada Finance % 07/09/2016 1,400 1, , Certificates of Deposit* HSBC Bank % 01/09/2016 1,500 1, Bank of Montreal Quebec % 01/09/2016 1,500 1, Sumitomo Mitsui Banking Corporation % 02/09/2016 1,500 1, Bank of Nova Scotia % 20/09/2016 1,500 1, Royal Bank of Canada % 03/10/2016 1,500 1, Canadian Imperial Bank of Commerce % 03/10/2016 1,500 1, Toronto Dominion Bank % 03/10/2016 1,500 1, , Treasury Bills* Canadian TBill % 20/10/2016 2,000 1, Canadian TBill % 15/12/2016 2,000 1, Canadian TBill % 08/09/2016 1,500 1, Canadian TBill % 22/09/2016 1,500 1, Canadian TBill % 06/10/2016 1,500 1, Canadian TBill % 17/11/2016 1,500 1, Canadian TBill % 01/12/2016 1, Canadian TBill % 12/01/2017 1, , Government Bonds Fixed rate Fixed Rate Rabobank Nederland 2.125% 17/10/2016 1,500 1, , Financial Assets at fair value through profit or loss (including term deposits) 32, Net Current Assets Total Net Assets based on dealing NAV (Amortised Cost) 32, Analysis of Total Assets % of Total Assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market Other Assets Total % *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 19

21 Combined Statement of Financial Position As at 28 February 2017 Currency Current Assets Financial assets at fair value through profit and loss (Notes 2, 6) Investments at fair value Term deposits Cash at bank (Note 3) Debtors Total Current Assets Current Liabilities amounts payable within one year Creditors Total Current Liabilities Net assets attributable to holders of redeemable participating shares based on dealing NAV (Amortised Cost) Aggregated Total 28/02/2017 USD 000 8,175, , ,994 5,655 9,341, , ,756 8,733,926 Aggregated Total 31/08/2016 for comparison USD 000 7,048,805 1,150, ,284 2,325 8,586, , ,676 8,156,603 These financial statements have been approved by the Board of Directors on 21 April The accompanying notes on pages 36 to 43 form an integral part of these financial statements. 20

22 Combined Statement of Comprehensive Income For the 6 months ended 28 February 2017 Currency Operating Income Interest Income Realised gain(s) on Investments Total Operating Income/(Loss) Operating Expenses (Note 4) Management Fees Trailer Fees Other Operating Expenses Net Operating Income Finance Costs Distributions to redeemable participating shareholders Fair Value Adjustment Fair Value Adjustments Increase in Net Assets Attributable to Redeemable Participating Shares from Operations Aggregated Total 28/02/2017 USD , ,264 (4,799) (657) 18,808 (11,332) 7,476 Aggregated Total 29/02/2016 for comparison USD , ,610 (4,594) (269) 812 6,559 (3,847) 3 2,715 Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income. The accompanying notes on pages 36 to 43 form an integral part of these financial statements. 21

23 Currency Combined Statement of Changes in Net Assets attributable to holders of redeemable participating shares For the 6 months ended 28 February 2017 Aggregated Total 28/02/2017 USD 000 Aggregated Total 29/02/2016 for comparison USD 000 Increase in net assets attributable to redeemable participating shareholders 7,476 2,715 Fund Share Transactions Proceeds from redeemable participating shares issued Net asset value of participating shares issued for reinvestment of dividends Net asset value of participating shares redeemed for disinvestment of dividends Cost of redeemable participating shares redeemed Net increase/(decrease) in net assets 16,312,645 11,076 (15,595,255) 735,942 21,316,785 3,768 (147) (20,612,063) 711,058 Net Assets Attributable to Redeemable Participating Shareholders At the beginning of the period 8,156,603 7,012,944 Foreign exchange translation adjustment (Note 2) (158,619) (195,686) At the end of the period 8,733,926 7,528,316 The accompanying notes on pages 36 to 43 form an integral part of these financial statements. 22

24 Combined Statement of Cash Flows For the 6 months ended 28 February 2017 Currency Operating activities Net increase in net assets attributable to holders of redeemable participating shares from operations Purchase of investment securities Proceeds from sale of investment securities Net realised gain/(loss) on investments Increase/(decrease) in debtors excluding receivable for investments sold Increase/(decrease) in creditors excluding payable for investments purchased Amortization of Discount/Premium Net cash used in operating activities Aggregated Total 28/02/2017 USD 000 7,476 (135,001,476) 134,196,894 (209) (3,329) 1,552 (23,628) (822,720) Aggregated Total 29/02/2016 for comparison USD 000 2,715 (108,912,435) 108,331,167 (42) 3, (7,354) (582,157) Financing activities Proceeds from issue of redeemable participating shares Net asset value of participating shares issued for reinvestment of dividends Net asset value of participating shares redeemed for disinvestment of dividends Payments on redemption of redeemable participating shares Net cash provided by financing activities Net increase/(decrease) in cash and cash equivalents during the period Cash and cash equivalents at start of the period Cash and cash equivalents at end of the period 16,312,645 11,076 (15,595,255) 728,466 (94,254) 374, ,655 21,316,785 3,768 (147) (20,612,063) 708, , , ,102 The accompanying notes on pages 36 to 43 form an integral part of these financial statements. 23

25 Statement of Financial Position attributable to holders of redeemable participating shares As at 28 February 2017 Fund Name Currency Current Assets Financial assets at fair value through profit and loss (Notes 2, 6) Investments at fair value Term deposits Cash at bank (Note 3) Debtors Total Current Assets United States Dollar 28/02/2017 USD 000 5,154, , ,791 1,354 5,882,950 United States Dollar 31/08/2016 for comparison USD 000 4,171, , , ,210,111 Sterling 28/02/2017 GBP , , ,108,674 Sterling 31/08/2016 for comparison GBP , ,977 95, ,086,160 Current Liabilities amounts payable within one year Creditors Total Current Liabilities 241, , , , , ,697 40,466 40,466 Net assets attributable to holders of redeemable participating shares based on dealing NAV (Amortised Cost) 5,641,475 5,009, ,977 1,045,694 The accompanying notes on pages 36 to 43 form an integral part of these financial statements. 24

26 Euro 28/02/2017 EUR 000 Euro 31/08/2016 for comparison EUR 000 Canadian Dollar 28/02/2017 CAD 000 Canadian Dollar 31/08/2016 for comparison CAD 000 1,689, , ,967 3,885 1,930,277 1,560,579 70,000 95,269 1,853 1,727,701 33,796 8, ,014 14,898 17, , , , , , ,714,857 1,569,922 41,993 32,337 25

27 Statement of Financial Position continued attributable to holders of redeemable participating shares As at 28 February for comparison 2016 for comparison Fund Name United States Dollar United States Dollar Sterling Sterling Net Assets attributable to holders of redeemable participating shares based on dealing NAV (Amortised Cost) 000 5,641, ,009, , ,045,694 Accumulating Class A Flex Distributing Class A Accumulating Class B Flex Distributing Class B Flex Distributing Class C Accumulating Class D Stanlib ShortTerm Money Market Class Flex Distributing Class F 2,873, , ,769 1,237, , ,310 1,765, , , ,542 33, , , , ,849 1, , , ,207 3, ,157 25,088 Shares Redeemable Participating Shares Outstanding Accumulating Class A Flex Distributing Class A Accumulating Class B Flex Distributing Class B Flex Distributing Class C Accumulating Class D Stanlib ShortTerm Money Market Class Flex Distributing Class F 167, ,189, ,768,960 1,237,003,848 13, ,310, , ,442, ,576, ,542,289 2,978 49, ,397,981 35, ,849,454 1,832, ,200 20, ,206,690 3,210, ,088,300 Shares Net Asset Value per redeemable participating share based on dealing NAV (Amortised Cost) Accumulating Class A Flex Distributing Class A Accumulating Class B Flex Distributing Class B Flex Distributing Class C Accumulating Class D Stanlib ShortTerm Money Market Class Flex Distributing Class F USD 17, $ , , USD 17, $ , , , GBP 20, , , GBP 20, , , , These financial statements have been approved by the Board of Directors on 21 April The accompanying notes on pages 36 to 43 form an integral part of these financial statements. 26