(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
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
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 264265 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
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. 54.4 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 2016. On the policy front, the European Central Bank (ECB) decided to extend its quantitative easing programme until the end of 2017. The central bank also reduced its pace of monthly asset purchases, from 80bn to 60bn from April 2017. 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 2017 29 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 www.fidelityilf.com FIL Investments International March 2017 3
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% 01/03/2017 175,022 175,022 3.10 BNP Paribas 0.69% 01/03/2017 76,000 76,000 1.35 Natixis 1.159% 18/05/2017 75,000 75,000 1.33 BNP Paribas 0.69% 01/03/2017 75,000 75,000 1.33 401,022 7.11 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) 150,000 150,000 2.66 150,000 2.66 Securities Traded on Regulated Markets Commercial Papers* BFCM Paris 1.06% 01/03/2017 250,000 250,000 4.42 Landeskreditbank 0.97% 03/04/2017 200,000 199,824 3.53 Agence Centrale 1.15% 18/04/2017 135,000 134,794 2.39 Caisse Des Depots Et Consignat 0.975% 16/03/2017 125,000 124,949 2.21 Dekabank Deutsche Girozentale 1.10% 03/04/2017 125,000 124,874 2.21 Dekabank Deutsche Girozentale 1.1475% 03/04/2017 125,000 124,869 2.21 Toronto 1.20% 19/06/2017 125,000 124,544 2.21 Caisse Des Depots Et Consignat 0.97% 01/03/2017 100,000 100,000 1.77 Mitsubishi Finance 0.84% 06/03/2017 100,000 99,988 1.77 Commonwealth Bank Australia 1.18% 21/03/2017 100,000 99,935 1.77 Nordea Bank 1.13% 27/03/2017 100,000 99,919 1.77 KFW 0.90% 03/04/2017 100,000 99,918 1.77 Allianz 1.30% 03/07/2017 100,000 99,555 1.76 Commonwealth Bank Australia 1.24% 11/07/2017 100,000 99,548 1.76 Nederlandse Waterschapsbank 0.81% 24/03/2017 94,000 93,951 1.67 Schlumberger Finance 0.80% 06/03/2017 90,000 89,990 1.60 Schlumberger Finance 1.09% 03/04/2017 75,000 74,925 1.33 Toyota Finance 1.01% 10/04/2017 75,000 74,916 1.33 NRW Bank 0.81% 13/04/2017 75,000 74,906 1.33 Allianz 1.32% 24/07/2017 75,000 74,604 1.32 Zurich Holding Company of America 1.08% 24/04/2017 65,000 64,895 1.15 Agence Centrale 1.10% 01/06/2017 60,000 59,832 1.05 Agence Centrale 1.17% 03/04/2017 55,000 54,941 0.96 Zurich Holding Company of America 1.07% 27/04/2017 52,500 52,411 0.92 Allianz 1.20% 01/03/2017 50,000 50,000 0.89 Schlumberger Finance 1.18% 15/03/2017 50,000 49,977 0.89 L Oreal 0.79% 13/03/2017 48,500 48,487 0.86 L Oreal 0.77% 16/03/2017 45,000 44,986 0.80 Allianz 1.32% 24/07/2017 40,000 39,789 0.71 Toyota Finance 1.01% 10/04/2017 38,000 37,957 0.67 SNCF 1.04% 27/04/2017 38,000 37,938 0.67 SNCF 1.04% 27/04/2017 38,000 37,938 0.67 Schlumberger Finance 1.05% 19/04/2017 25,000 24,964 0.44 Caisse Des Depots Et Consignat 1.16% 21/06/2017 25,000 24,910 0.44 ABN Amro Bank 0.78% 17/03/2017 15,000 14,995 0.27 *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 4
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% 08/05/2017 15,000 14,969 0.27 Alliander 0.97% 28/03/2017 5,000 4,996 0.09 2,929,994 51.94 Certificates of Deposit* KBC Bank 1.15% 02/05/2017 250,000 249,506 4.42 Mizuho Bank London 1.12% 03/04/2017 140,000 139,856 2.48 La Banque Postale 0.84% 03/04/2017 130,000 129,903 2.30 HSBC 1.145% 11/04/2017 125,000 125,001 2.22 Rabobank International 10/08/2017 125,000 125,000 2.22 Sumitomo Mitsui Banking 1.085% 03/04/2017 125,000 124,876 2.21 DZ Bank 1.04% 18/04/2017 125,000 124,827 2.21 Toronto Dominion Bank 1.19% 03/07/2017 125,000 124,491 2.21 Mitsubishi UFJ Trust & Bank 1.125% 02/05/2017 110,000 109,788 1.95 Standard Chartered Bank 1.10% 03/04/2017 100,000 99,899 1.77 Credit Agricole 1.12% 02/05/2017 100,000 99,808 1.77 Standard Chartered Bank 1.10% 01/06/2017 100,000 99,720 1.77 Mitsubishi UFJ Trust & Bank 1.125% 01/06/2017 95,000 94,734 1.68 Bank Of Montreal 1.055% 20/03/2017 78,000 77,957 1.38 Mitsubishi UFJ Trust & Bank 1.10% 19/04/2017 70,000 69,895 1.24 Sumitomo Mitsui Banking 0.82% 07/03/2017 69,000 68,991 1.22 Standard Chartered Bank 1.10% 01/03/2017 50,000 50,000 0.89 Mitsubishi UFJ Trust & Bank 0.98% 01/03/2017 50,000 50,000 0.89 Mizuho Bank London 1.15% 18/04/2017 50,000 49,924 0.88 ABN Amro Bank 1.12% 02/05/2017 50,000 49,904 0.88 ABN Amro Bank 1.12% 01/06/2017 41,000 40,883 0.72 KBC Bank 1.14% 03/03/2017 25,000 24,998 0.44 Standard Chartered Bank 1.135% 08/05/2017 20,000 19,957 0.35 Sumitomo Mitsui Banking 0.82% 14/03/2017 15,000 14,996 0.27 Rabobank Nederland 0.96% 02/03/2017 10,000 10,000 0.18 Bank Of Montreal 1.02% 05/04/2017 4,000 3,996 0.07 2,178,910 38.62 Corporate Bonds Floating Rate Mizuho Bank 2.55% 17/03/2017 16,000 16,013 0.28 BNP Paribas 1.47% 17/03/2017 8,078 8,079 0.14 Bank Tokyo Mitsubishi 1.20% 10/03/2017 5,000 5,000 0.09 Met Life Global Funding 1.30% 10/04/2017 3,650 3,651 0.06 ING Bank 3.75% 07/03/2017 3,403 3,405 0.06 National Australia Bank 1.25% 17/03/2017 3,355 3,355 0.06 Nordea Bank 3.125% 20/03/2017 2,875 2,878 0.05 CBA 1.32% 13/03/2017 2,498 2,498 0.04 Bank Tokyo Mitsubishi 1.20% 10/03/2017 1,000 1,000 0.02 45,879 0.81 Financial Assets at fair value through profit or loss (including term deposits) 5,705,805 101.14 Net Current Liabilities (64,330) (1.14) Total Net Assets based on dealing NAV (Amortised Cost) 5,641,475 100.00 *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 5
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 91.37 Other Assets 8.63 Total 100.00% 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
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% 01/09/2016 200,000 200,000 3.99 Natixis 0.55744% 18/05/2017 75,000 75,000 1.50 Natixis 0.6939% 09/12/2016 60,000 60,000 1.20 335,000 6.69 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). 550,000 550,000 10.98 550,000 10.98 Securities Traded on Regulated Markets Commercial Papers* Landeskreditbank BadenWürttemberg 0.69% 03/10/2016 125,000 124,924 2.48 Credit Suisse 0.85% 03/11/2016 110,000 109,838 2.18 Allianz 0.71% 06/09/2016 100,000 99,990 2.00 Caisse des Dépôts et Consignations 0.625% 09/09/2016 100,000 99,986 2.00 Credit Suisse 0.68% 09/09/2016 100,000 99,985 2.00 Agence Centrale des Organismes de Sécurité Sociale 0.82% 08/09/2016 100,000 99,984 2.00 Toronto Dominion Bank 0.62% 14/09/2016 100,000 99,978 2.00 Australia & New Zealand Banking Group 0.85% 12/09/2016 100,000 99,974 2.00 Caisse des Dépôts et Consignations 0.66% 20/09/2016 100,000 99,965 2.00 DekaBank Deutsche Girozentrale 0.68% 20/09/2016 100,000 99,964 2.00 Commonwealth Bank of Australia 0.81% 21/09/2016 100,000 99,955 2.00 DZ Bank 0.65% 03/10/2016 100,000 99,942 2.00 Agence Centrale des Organismes de Sécurité Sociale 0.79% 07/10/2016 100,000 99,921 1.99 Sumitomo Mitsui Banking Corporation 0.70% 13/10/2016 100,000 99,918 1.99 Agence Centrale des Organismes de Sécurité Sociale 0.80% 11/10/2016 100,000 99,911 1.99 DekaBank Deutsche Girozentrale 0.85% 11/10/2016 100,000 99,906 1.99 Landeskreditbank BadenWürttemberg 0.74% 01/11/2016 100,000 99,875 1.99 Rabobank Nederland 0.76% 01/11/2016 100,000 99,871 1.99 Commonwealth Bank of Australia 0.90% 01/12/2016 100,000 99,774 1.99 Dexia Credit Local 0.89% 19/12/2016 100,000 99,732 1.99 Nordea Bank 0.86% 03/01/2017 100,000 99,705 1.99 ANZ National 0.94% 18/01/2017 100,000 99,639 1.98 Nordea Bank 0.81% 02/09/2016 90,000 89,998 1.79 Schlumberger Finance 0.72% 25/10/2016 80,000 79,914 1.59 Allianz 1.04% 23/01/2017 75,000 74,690 1.49 Schlumberger Finance 0.65% 20/09/2016 70,000 69,976 1.40 Toronto Dominion Bank 0.64% 06/09/2016 64,500 64,494 1.29 Société Nationale des Chemins de Fer Français 0.78% 08/09/2016 55,000 54,992 1.10 Schlumberger Finance 0.67% 03/10/2016 50,000 49,970 1.00 Agence Centrale des Organismes de Sécurité Sociale 0.855% 14/11/2016 50,000 49,912 1.00 DZ Bank 0.84% 18/11/2016 50,000 49,909 1.00 DZ Bank 0.90% 22/11/2016 50,000 49,898 1.00 Toronto Dominion Bank 0.89% 03/01/2017 50,000 49,847 1.00 Allianz 0.69% 21/09/2016 45,000 44,983 0.90 Sumitomo Mitsui Banking Corporation 0.70% 18/10/2016 40,000 39,964 0.80 DekaBank Deutsche Girozentrale 0.80% 17/10/2016 40,000 39,959 0.80 Zurich 0.64% 15/09/2016 25,000 24,994 0.50 Nordea Bank 0.70% 06/10/2016 20,000 19,986 0.40 Zurich 0.75% 24/10/2016 12,000 11,987 0.24 Zurich 0.75% 27/10/2016 11,000 10,987 0.22 Zurich 0.77% 08/11/2016 11,000 10,984 0.22 Allianz 0.80% 07/10/2016 4,500 4,496 0.09 3,124,677 62.38 *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 7
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% 06/09/2016 100,000 99,990 2.00 Mitsubishi UFJ Trust & Banking 0.71% 07/09/2016 100,000 99,988 2.00 BNP Paribas 0.63% 09/09/2016 100,000 99,986 2.00 BNP Paribas 0.65% 21/09/2016 100,000 99,964 2.00 Mizuho Bank 0.73% 23/09/2016 100,000 99,955 2.00 Credit Agricole 0.66% 03/10/2016 100,000 99,941 1.99 Rabobank Nederland 0.91% 08/12/2016 100,000 99,753 1.98 Mizuho Bank 0.78% 01/09/2016 90,000 90,000 1.79 Mizuho Bank 0.97% 01/12/2016 75,000 74,817 1.49 Mitsubishi UFJ Trust & Banking 0.75% 17/10/2016 50,000 49,952 1.00 Mitsubishi UFJ Trust & Banking 0.86% 01/11/2016 50,000 49,927 1.00 Mizuho Bank 0.81% 17/10/2016 30,000 29,969 0.60 Mizuho Bank Sydney 0.78% 26/09/2016 20,000 19,989 0.40 Lloyds Bank 0.69% 02/09/2016 15,000 15,000 0.30 Credit Agricole 0.75% 26/09/2016 13,000 12,993 0.26 1,042,224 20.81 Corporate Bonds Floating Rate Credit Agricole 1.50335% 03/10/2016 5,000 5,003 0.09 5,003 0.09 Financial Assets at fair value through profit or loss (including term deposits) 5,056,904 100.95 Net Current Liabilities (47,478) (0.95) Total Net Assets based on dealing NAV (Amortised Cost) 5,009,426 100.00 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 83.26 8 Other Assets 16.72 Total 100.00% 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
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% 01/03/2017 54,909 54,909 5.50 BRED Banque Populaire 0.20% 01/03/2017 45,000 45,000 4.51 Credit Agricole 0.16% 01/03/2017 32,000 32,000 3.21 DZ Bank 0.19% 01/03/2017 10,000 10,000 1.00 141,909 14.22 Securities Traded on Regulated Markets Commercial Papers* Dexia Credit 0.53% 26/05/2017 32,000 31,959 3.21 BFCM Paris 0.46% 01/03/2017 30,000 30,000 3.02 Toyota Kreditbank 0.27% 08/05/2017 28,500 28,486 2.86 Allianz SE 0.33% 10/04/2017 25,000 24,991 2.51 Abbey National Treasury Services 0.30% 22/05/2017 25,000 24,983 2.50 Caisse Des Depots Et Consignat 0.40% 10/07/2017 25,000 24,964 2.50 Nordea Bank 0.35% 17/08/2017 25,000 24,960 2.50 Agence Centrale 0.32% 12/04/2017 23,500 23,491 2.35 Agence Centrale 0.30% 09/05/2017 20,000 19,989 2.00 Nordea Bank 0.38% 05/07/2017 20,000 19,974 2.00 Caisse Des Depots Et Consignat 0.38% 26/07/2017 20,000 19,969 2.00 Metlife Short Term Funding 0.35% 09/03/2017 18,500 18,499 1.85 Metlife Short Term Funding 0.35% 11/05/2017 17,500 17,488 1.75 Toronto 0.44% 06/03/2017 15,000 14,999 1.50 Dexia Credit 0.53% 26/05/2017 10,000 9,988 1.00 Metlife Short Term Funding 0.35% 31/03/2017 8,500 8,498 0.85 Honda Finance Europe 0.38% 06/03/2017 8,000 8,000 0.80 Honda Finance Europe 0.34% 20/04/2017 3,000 2,999 0.30 Agence Centrale 0.32% 12/04/2017 1,500 1,499 0.15 355,736 35.65 Certificates of Deposit* BRED Banque Populaire 0.37% 02/05/2017 45,000 45,000 4.52 Sumitomo Mitsui Trust Bank 0.38% 03/04/2017 40,000 39,986 4.02 ABN Amro Bank 0.42% 01/03/2017 30,000 30,000 3.02 BRED Banque Populaire 0.37% 01/03/2017 30,000 30,000 3.02 ING Bank 0.36% 05/04/2017 25,000 25,000 2.52 Lloyds Bank 0.29% 22/05/2017 25,000 25,000 2.51 Credit Agricole 0.33% 03/04/2017 25,000 24,993 2.50 BNP Paribas 0.27% 02/05/2017 25,000 24,989 2.50 Svenska 0.285% 02/05/2017 22,000 22,000 2.20 Mizuho Bank London 0.39% 06/04/2017 20,000 20,001 2.00 DZ Bank 0.30% 03/04/2017 20,000 20,000 2.00 Mizuho Bank London 0.39% 11/04/2017 20,000 20,000 2.00 ING Bank 0.36% 18/04/2017 20,000 20,000 2.00 Lloyds 0.29% 08/05/2017 20,000 20,000 2.00 Sumitomo Mitsui Trust Bank 0.38% 07/03/2017 20,000 19,999 2.00 BNP Paribas 0.32% 03/04/2017 20,000 19,994 2.00 Mitsubishi UFJ Trust & Bank 0.33% 03/04/2017 20,000 19,994 2.00 Abbey National Treasury Services 0.30% 16/05/2017 20,000 19,988 2.00 Sumitomo Mitsui Trust Bank 0.35% 06/04/2017 19,000 18,993 1.90 Rabobank Nederland 0.369% 03/08/2017 15,000 15,000 1.50 Rabobank Nederland 0.382% 21/08/2017 15,000 15,000 1.50 Mitsubishi UFJ Trust & Bank 0.34% 03/04/2017 15,000 14,995 1.50 Commonwealth Bank Australia 0.45% 08/03/2017 14,500 14,500 1.45 BFCM Paris 0.40% 02/03/2017 12,000 12,000 1.20 *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 9
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% 01/06/2017 12,000 11,990 1.20 Mitsubishi UFG Trust & Bank 0.39% 01/03/2017 10,000 10,000 1.00 Toronto Dominion Bank 0.30% 29/06/2017 10,000 9,990 1.00 DZ Bank 0.30% 29/03/2017 8,500 8,498 0.85 Toronto Dominion Bank 0.51% 27/03/2017 8,000 8,001 0.80 585,911 58.71 Treasury Bills* UK TBill 0.235% 27/03/2015 25,000 24,996 2.50 24,996 2.50 Financial Assets at fair value through profit or loss (including term deposits) 1,108,552 111.08 Net Current Liabilities (110,575) (11.08) Total Net Assets based on dealing NAV (Amortised Cost) 997,977 100.00 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 96.86 Other Assets 3.14 Total 100.00% *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 10
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% 01/09/2016 50,000 50,000 4.79 Credit Agricole 0.42188% 12/09/2016 25,000 25,000 2.39 Natixis 0.50313% 15/12/2016 20,000 20,000 1.91 Natixis 0.38813% 07/09/2016 15,000 15,000 1.43 110,000 10.52 Securities Traded on Regulated Markets Commercial Papers* Sumitomo Mitsui Banking Corporation 0.50% 03/10/2016 45,000 44,979 4.30 Schlumberger Finance 0.58% 03/10/2016 35,000 34,981 3.35 Standard Chartered Bank 0.43% 08/11/2016 35,000 34,972 3.34 DekaBank Deutsche Girozentrale 0.55% 03/10/2016 30,000 29,986 2.87 Dexia Credit Local 0.80% 16/11/2016 27,500 27,454 2.63 Agence Centrale des Organismes de Sécurité Sociale 0.27% 19/09/2016 25,000 24,997 2.39 Banque Fédérative du Crédit Mutuel Paris 0.47% 11/10/2016 25,000 24,987 2.39 Rabobank Nederland 0.70% 04/10/2016 25,000 24,984 2.39 Abbey National Treasury Services 0.34% 17/11/2016 25,000 24,982 2.39 Australia & New Zealand Banking Group 0.69% 03/11/2016 25,000 24,970 2.39 BNZ International Funding 0.70% 19/10/2016 23,000 22,979 2.20 Nordea Bank 0.65% 19/09/2016 20,000 19,994 1.91 Honda Finance Europe 0.51% 20/10/2016 20,000 19,986 1.91 Australia & New Zealand Banking Group 0.675% 07/11/2016 20,000 19,975 1.91 Dexia Credit Local 0.79% 16/11/2016 20,000 19,967 1.91 Nordea Bank 0.65% 07/10/2016 18,000 17,988 1.72 Honda Finance Europe 0.58% 15/09/2016 16,000 15,996 1.53 Svenska Handelsbanken 0.42% 22/02/2017 15,500 15,469 1.48 Agence Centrale des Organismes de Sécurité Sociale 0.48% 01/09/2016 15,000 15,000 1.43 Banque Fédérative du Crédit Mutuel Paris 0.38% 11/10/2016 12,000 11,995 1.15 Nordea Bank 0.47% 23/01/2017 10,000 9,982 0.95 Metlife Short Term Funding 0.55% 06/10/2016 8,500 8,496 0.81 Schlumberger Finance 0.56% 27/09/2016 6,000 5,998 0.57 501,117 47.92 Certificates of Deposit* DZ Bank 0.55% 03/10/2016 40,000 39,981 3.82 Citibank 0.53% 03/10/2016 30,000 29,986 2.87 Sumitomo Mitsui Trust Bank 0.55% 07/10/2016 30,000 29,984 2.87 Commonwealth Bank Australia 0.54% 01/02/2017 27,500 27,438 2.62 ING Bank 0.56% 01/11/2016 25,000 25,000 2.39 La Banque Postale 0.31% 10/10/2016 25,000 24,992 2.39 Bank of TokyoMitsubishi UFJ 0.57% 03/10/2016 25,000 24,988 2.39 BNP Paribas 0.37% 14/11/2016 25,000 24,981 2.39 Toronto Dominion Bank 0.50% 19/01/2017 19,000 18,964 1.81 Mitsubishi UFJ Trust & Banking Corporation 0.57% 01/09/2016 18,000 18,000 1.72 Credit Agricole 0.48% 17/10/2016 15,000 14,991 1.43 Sumitomo Mitsui Trust Bank 0.52% 03/11/2016 15,000 14,987 1.43 Toronto Dominion Bank 0.33099% 08/11/2016 14,800 14,812 1.42 Svenska Handelsbanken 0.47% 31/10/2016 10,000 10,000 0.96 Mitsubishi UFJ Trust & Banking Corporation 0.37% 01/12/2016 10,000 9,991 0.96 Svenska Handelsbanken 0.53016% 09/01/2017 7,000 7,003 0.67 DZ Bank 0.37% 08/11/2016 6,000 5,996 0.57 Svenska Handelsbanken 0.45001% 04/11/2016 5,000 5,000 0.48 Bank of TokyoMitsubishi UFJ 0.45% 20/10/2016 5,000 4,997 0.48 352,091 33.67 *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 11
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 19,978 1.91 UK TBILL 0.22% 21/11/16 3,000 2,999 0.29 22,977 2.20 Corporate Bond Fixed Rate Bank Nederlandse Gemeenten 0.875% 12/12/2016 4,650 4,655 0.44 4,655 0.44 Financial Assets at fair value through profit or loss (including term deposits) 990,840 94.75 Net Current Assets 54,854 5.25 Total Net Assets based on dealing NAV (Amortised Cost) 1,045,694 100.00 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 84.23 Other Assets 15.77 Total 100.00% *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 12
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% 01/03/2017 106,000 106,000 6.18 BRED Banque Populaire 0.50% 01/03/2017 30,000 30,000 1.75 136,000 7.93 Securities Traded on Regulated Markets Commercial Papers* Agence Centrale 0.43% 01/06/2017 50,000 50,055 2.91 Svenska 0.33% 06/07/2017 40,000 40,047 2.33 BFCM Paris 0.36% 01/03/2017 40,000 40,000 2.33 Dexia Credit Local 0.33% 26/04/2017 35,000 35,018 2.04 SAGESS 0.425% 31/03/2017 35,000 35,012 2.04 Mitsubishi Finance 0.39% 17/03/2017 35,000 35,006 2.04 ANZ National 0.39% 09/03/2017 35,000 35,003 2.04 Nordea Bank 0.39% 06/03/2017 35,000 35,002 2.04 SAGESS 0.415% 03/03/2017 35,000 35,001 2.04 Mitsubishi Finance 0.385% 01/03/2017 35,000 35,000 2.04 Region Ile De France 0.3825% 26/06/2017 34,200 34,243 2.00 Loreal 0.35% 18/05/2017 30,000 30,026 1.75 BFCM Paris 0.42% 01/03/2017 30,000 30,000 1.75 KA Finanz 0.41% 26/05/2017 27,000 27,026 1.58 KA Finanz 0.425% 17/08/2017 25,000 25,050 1.46 Rabobank Nederland 0.34% 01/08/2017 25,000 25,036 1.46 Svenska 0.33% 18/07/2017 25,000 25,032 1.46 Nordea Bank 0.37% 12/06/2017 25,000 25,027 1.46 Proctor & Gamble 0.31% 25/05/2017 25,000 25,018 1.46 General Electrical Capital 0.37% 31/03/2017 25,000 25,008 1.46 Loreal 0.40% 12/04/2017 22,500 22,511 1.31 Rabobank Nederland 0.33% 10/07/2017 20,000 20,024 1.17 Region Ile De France 0.365% 26/06/2017 20,000 20,024 1.17 Region Ile De France 0.335% 26/06/2017 20,000 20,022 1.17 Loreal 0.395% 18/05/2017 20,000 20,017 1.17 Proctor & Gamble 0.325% 07/04/2017 20,000 20,007 1.17 SAGESS 0.425% 31/03/2017 20,000 20,007 1.17 KA Finanz 0.39% 08/03/2017 20,000 20,002 1.17 SAGESS 0.415% 03/03/2017 20,000 20,000 1.17 General Electrical Capital 0.37% 03/03/2017 18,000 18,000 1.05 RTE Reseau de Transport d Electricite 0.32% 14/03/2017 17,000 17,002 0.99 Rabobank Nederland 0.28% 01/03/2017 15,000 15,000 0.87 Nordea Bank 0.37% 05/04/2017 13,000 13,005 0.76 Proctor & Gamble 0.31% 24/04/2017 12,000 12,006 0.70 Rte Reseau de Transport d Electricite 0.315% 18/04/2017 10,000 10,004 0.58 Rabobank Nederland 0.28% 18/04/2017 10,000 10,004 0.58 BFCM Paris 0.38% 23/03/2017 10,000 10,002 0.58 Proctor & Gamble 0.325% 20/03/2017 10,000 10,002 0.58 Svenska 0.265% 20/03/2017 10,000 10,001 0.58 Svenska 0.28% 23/03/2017 7,500 7,501 0.44 Proctor & Gamble 0.31% 08/05/2017 6,000 6,004 0.35 Proctor & Gamble 0.325% 27/03/2017 3,000 3,001 0.18 Proctor & Gamble 0.31% 21/04/2017 2,500 2,501 0.15 Proctor & Gamble 0.31% 22/03/2017 1,000 1,000 0.06 Rabobank Nederland 0.34% 01/08/2017 500 501 0.03 Proctor & Gamble 0.31% 28/04/2017 500 500 0.03 975,258 56.87 *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 13
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% 03/04/2017 55,000 55,015 3.21 BRED Banque Populaire 0.271% 14/07/2017 55,000 55,000 3.20 Citibank 0.41% 01/06/2017 50,000 50,054 2.92 HSBC France 0.36% 05/05/2017 40,000 40,026 2.33 BNP Paribas 0.36% 03/04/2017 35,000 35,012 2.03 Mizuho Bank London 0.41% 09/05/2017 30,000 30,024 1.75 Citibank 0.41% 06/04/2017 30,000 30,012 1.75 Sumitomo Mitsui Banking Corporation 0.38% 20/03/2017 30,000 30,006 1.75 Sumitomo Mitsui Banking Corporation 0.37% 06/03/2017 30,000 30,002 1.75 Mitsubishi UFJ Trust & Banking 0.40% 15/05/2017 25,000 25,021 1.46 KBC Bank 0.40% 02/05/2017 25,000 25,017 1.46 Mizuho Bank 0.41% 11/04/2017 20,000 20,009 1.17 Mizuho Bank London 0.41% 22/03/2017 20,000 20,005 1.17 Mitsubishi UFJ Trust & Banking 0.40% 08/03/2017 20,000 20,002 1.17 Mitsubishi UFJ Trust & Banking 0.40% 07/03/2017 20,000 20,001 1.17 BRED Banque Populaire 0.263% 08/08/2017 20,000 20,000 1.17 Sumitomo Mitsui Banking Corporation 0.39% 28/03/2017 18,000 18,005 1.05 Rabobank Nederland 0.28% 01/09/2017 15,000 15,027 0.88 Mitsubishi UFJ Trust & Banking 0.38% 06/03/2017 15,000 15,001 0.87 553,239 32.26 Corporate Bonds Fixed Rate KGE Capital European Funding 4.25% 01/03/2017 31,820 31,820 1.86 ASB Finance London 1.875% 10/07/2017 24,300 24,500 1.43 Linde Finance 4.75% 24/04/2017 14,348 14,456 0.84 KBC IFMA 4.5% 27/03/2017 11,000 11,038 0.64 General Electric Capital 1.00% 02/05/2017 6,869 6,885 0.40 Metropolitan Life Global 4.625% 16/05/2017 6,800 6,871 0.40 Rabobank Nederland 3.375% 21/04/2017 6,412 6,445 0.38 Dexia Credit Local 0.375% 10/07/2017 6,200 6,216 0.36 Credit Agricole 21/04/2017 3,193 4,719 0.28 Nationwide Building Society 3.125% 03/04/2017 2,998 3,007 0.18 Societe Generale 3.75% 01/03/2017 3,000 3,000 0.17 SE Banken 3.875% 12/04/2017 1,550 1,558 0.09 Westpac Securities 3.875% 20/03/2017 1,400 1,403 0.08 121,918 7.11 Corporate Bonds Floating Rate Credit Suisse 30/03/2017 10,793 10,796 0.64 Dexia Credit Local 27/03/2017 8,100 8,102 0.47 Rabobank Nederland 20/06/2017 7,150 7,156 0.42 Banque Federale 23/03/2017 6,900 6,902 0.40 Toronto Dominion 16/06/2017 2,300 2,302 0.13 UBS 15/05/2017 2,250 2,252 0.13 Westpac Securities 10/03/2017 1,000 1,000 0.06 BPCE 10/03/2017 500 500 0.03 39,010 2.28 Financial Assets at fair value through profit or loss (including term deposits) 1,825,425 106.45 Net Current Liabilities (110,568) (6.45) Total Net Assets based on dealing NAV (Amortised Cost) 1,714,857 100.00 *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 14
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 98.52 Other Assets 1.48 Total 100.00% *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 15
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 70,000 4.46 70,000 4.46 Securities Traded on Regulated Markets Commercial Papers* Agence Centrale des Organismes de Sécurité Sociale 0.425% 01/09/2016 60,000 59,999 3.81 DZ Bank 0.39% 01/12/2016 50,000 50,048 3.18 KA Finanz 0.375% 23/01/2017 41,000 41,061 2.61 General Electrical Capital 0.39% 14/09/2016 40,000 40,005 2.55 Svenska Handelsbanken 0.26% 06/01/2017 35,100 35,132 2.24 L Oreal 0.34% 23/09/2016 35,000 35,007 2.23 General Electrical Capital 0.39% 01/09/2016 35,000 35,000 2.23 Credit Agricole 0.35% 01/11/2016 32,000 32,019 2.04 Toronto Dominion Bank 0.35% 14/11/2016 30,000 30,022 1.91 Toronto Dominion Bank 0.29% 21/11/2016 30,000 30,020 1.91 Credit Agricole 0.35% 01/11/2016 30,000 30,018 1.91 DekaBank Deutsche Girozentrale 0.37% 11/10/2016 30,000 30,012 1.91 Eads Financial Group 0.325% 16/09/2016 30,000 30,004 1.91 General Electrical Capital 0.39% 09/09/2016 30,000 30,003 1.91 Mitsubishi Corporate Finance 0.325% 08/09/2016 30,000 30,002 1.91 KA Finanz 0.38% 01/09/2016 30,000 30,000 1.91 Eads Financial Group 0.325% 16/09/2016 27,000 27,004 1.72 Dexia Credit Local 0.21% 23/11/2016 26,000 26,013 1.66 Rabobank Nederland 0.29% 01/02/2017 25,000 25,031 1.59 Nordea Bank 0.39% 12/12/2016 25,000 25,028 1.59 Procter & Gamble 0.23% 16/09/2016 22,000 22,002 1.40 Sumitomo Mitsui Banking Corporation 0.36% 01/12/2016 20,000 20,018 1.28 Dexia Credit Local 0.21% 17/11/2016 20,000 20,009 1.27 Banque Fédérative du Crédit Mutuel Paris 0.38% 01/09/2016 19,500 19,500 1.24 RTE Réseau de Transport d Électricitié 0.275% 14/09/2016 18,000 18,002 1.15 Rabobank Nederland 0.28% 01/03/2017 15,000 15,021 0.96 Procter & Gamble 0.27% 16/11/2016 15,000 15,009 0.96 Toyota Leasing 0.34% 25/10/2016 15,000 15,008 0.96 Procter & Gamble 0.27% 12/10/2016 15,000 15,005 0.96 UBS 0.30% 22/09/2016 15,000 15,003 0.96 Svenska Handelsbanken 0.26% 23/09/2016 15,000 15,002 0.96 Svenska Handelsbanken 0.24% 19/09/2016 14,000 14,002 0.89 Dexia Credit Local 0.22% 21/11/2016 12,000 12,006 0.76 RTE Réseau de Transport d Électricitié 0.275% 08/09/2016 11,500 11,501 0.73 Dexia Credit Local 0.22% 17/11/2016 10,000 10,005 0.64 RTE Réseau de Transport d Électricitié 0.305% 14/10/2016 10,000 10,004 0.64 Sumitomo Mitsui Banking Corporation 0.34% 05/10/2016 10,000 10,003 0.64 Procter & Gamble 0.245% 23/09/2016 10,000 10,001 0.64 Svenska Handelsbanken 0.26% 03/10/2016 9,000 9,002 0.57 RTE Réseau de Transport d Électricitié 0.275% 12/09/2016 8,000 8,001 0.51 Dexia Credit Local 0.27% 22/02/2017 5,000 5,007 0.32 Linde 0.29% 23/11/2016 5,000 5,003 0.32 Procter & Gamble 0.27% 07/10/2016 4,500 4,501 0.29 970,043 61.78 *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 16
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% 03/10/2016 70,000 70,021 4.45 BRED Banque Populaire 0.269% 14/07/2017 55,000 55,000 3.49 Sumitomo Mitsui Trust Bank 0.33% 01/09/2016 45,000 45,000 2.87 Mizuho Bank 0.315% 13/09/2016 37,000 37,004 2.36 Mitsubishi UFJ Trust & Banking 0.35% 09/11/2016 35,000 35,024 2.23 Citibank 0.36% 03/10/2016 35,000 35,011 2.23 Mitsubishi UFJ Trust & Banking 0.36% 26/10/2016 30,000 30,017 1.91 Standard Chartered Bank 0.32% 12/12/2016 28,500 28,526 1.82 Rabobank Nederland 0.32% 22/12/2016 20,000 20,020 1.28 Mizuho Bank London 0.33% 03/10/2016 20,000 20,006 1.27 BRED Banque Populaire 0.26% 08/08/2017 20,000 20,000 1.27 Sumitomo Mitsui Banking Corporation 0.34% 20/09/2016 15,000 15,003 0.96 Sumitomo Mitsui Banking Corporation 0.32% 12/09/2016 15,000 15,001 0.96 DZ Bank 0.34% 05/10/2016 10,000 10,003 0.64 Rabobank Nederland 0.23% 07/10/2016 10,000 10,002 0.64 Sumitomo Mitsui Banking Corporation 0.32% 12/09/2016 10,000 10,001 0.64 Mizuho Bank 0.31% 19/09/2016 7,000 7,001 0.45 462,640 29.47 Corporate Bonds Fixed Rate Kreditanstalt Für Wiederaufbau 2.00% 07/09/2016 43,000 43,017 2.73 ANZ National 3.00% 20/10/2016 21,390 21,487 1.36 Nestlé Finance 0.75% 17/10/2016 10,000 10,012 0.65 Allianz Finance II 4.00% 23/11/2016 7,750 7,825 0.51 GE Capital European Funding 4.125% 27/10/2016 5,000 5,034 0.32 National Australia Bank 3.75% 06/01/2017 1,000 1,014 0.06 88,389 5.63 Corporate Bonds Floating Rate Credit Suisse 0.004% 23/09/2016 20,000 20,003 1.28 UBS 0.000% 05/09/2016 14,500 14,500 0.92 Nordea Bank 0.002% 25/11/2016 5,000 5,004 0.32 39,507 2.52 Financial Assets at fair value through profit or loss (including term deposits) 1,630,579 103.86 Net Current Liabilities (60,657) (3.86) Total Net Assets based on dealing NAV (Amortised Cost) 1,569,922 100.00 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 99.40 Other Assets 0.60 Total 100.00% *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
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 4,101 9.77 Rabobank Nederland 0.45% 01/03/2017 3,084 3,084 7.34 Bank Of Montreal 0.40% 01/03/2017 1,000 1,000 2.38 8,185 19.49 Securities Traded on Regulated Markets Certificates of Deposit* Royal Bank Of Canada 0.836% 03/04/2017 1,627 1,626 3.87 Nestle Capital Canada 0.630% 09/03/2017 1,500 1,500 3.57 Bank Of Montreal 0.40% 22/03/2017 1,500 1,499 3.57 Canadian Imperial Bank Of Commerce 0.839% 03/04/2017 1,500 1,499 3.57 HSBC Bank Canada 0.876% 17/04/2017 1,500 1,498 3.57 Toronto Dominion Bank 0.828% 03/04/2017 1,000 999 2.38 Bank Of Nova Scotia 0.848% 03/04/2017 1,000 999 2.38 Sumitomo Mitsui Banking Corporation 0.917% 04/04/2017 1,000 999 2.38 Bank Of Nova Scotia 0.828% 21/03/2017 500 500 1.19 Toronto Dominion Bank 0.859% 03/04/2017 500 500 1.19 11,619 27.67 Treasury Bills* Canadian TBill 0.436% 23/03/2017 7,500 7,498 17.86 Canadian TBill 0.00% 09/03/2017 2,000 2,000 4.76 Canadian TBill 0.494% 07/03/2017 1,500 1,500 3.57 Canadian TBills 0.443% 20/04/2017 1,250 1,249 2.97 Canadian TBill 0.554% 15/06/2017 1,076 1,074 2.56 Canadian TBill 0.510% 06/04/2017 500 500 1.19 13,821 32.91 Government Bonds Fixed rate Canada 0.25% 01/05/2017 3,000 2,999 7.14 Canada 1.25% 01/08/2017 2,000 2,006 4.78 Canada 1.50% 01/09/2017 1,250 1,256 2.99 6,261 14.91 Corporate Bonds Fixed rate Nordic Investment Bank 5.15% 26/07/2017 1,400 1,424 3.40 Rabobank 4.40% 28/03/2017 500 501 1.19 Kommunalbanken 4.75% 17/03/2017 170 170 0.40 2,095 4.99 Financial Assets at fair value through profit or loss (including term deposits) 41,981 99.97 Net Current Assets 12 0.03 Total Net Assets based on dealing NAV (Amortised Cost) 41,993 100.00 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 80.48 Other Assets 19.52 Total 100.00% *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 18
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 3,000 9.28 BNP Paribas 0.05% 01/09/2016 2,437 2,437 7.53 5,437 16.81 Securities Traded on Regulated Markets Commercial Papers* Nestle Capital Corporation 0.68452% 14/09/2016 1,500 1,500 4.64 Honda Canada Finance 0.78778% 07/09/2016 1,400 1,400 4.33 2,900 8.97 Certificates of Deposit* HSBC Bank 0.8368% 01/09/2016 1,500 1,500 4.64 Bank of Montreal Quebec 0.76849% 01/09/2016 1,500 1,500 4.64 Sumitomo Mitsui Banking Corporation 0.80169% 02/09/2016 1,500 1,500 4.64 Bank of Nova Scotia 0.75817% 20/09/2016 1,500 1,499 4.64 Royal Bank of Canada 0.74117% 03/10/2016 1,500 1,499 4.64 Canadian Imperial Bank of Commerce 0.74911% 03/10/2016 1,500 1,499 4.63 Toronto Dominion Bank 0.76102% 03/10/2016 1,500 1,499 4.63 10,496 32.46 Treasury Bills* Canadian TBill 0.48398% 20/10/2016 2,000 1,999 6.18 Canadian TBill 0.50959% 15/12/2016 2,000 1,997 6.18 Canadian TBill 0.49457% 08/09/2016 1,500 1,500 4.64 Canadian TBill 0.46954% 22/09/2016 1,500 1,500 4.64 Canadian TBill 0.49938% 06/10/2016 1,500 1,499 4.64 Canadian TBill 0.50899% 17/11/2016 1,500 1,498 4.63 Canadian TBill 0.56513% 01/12/2016 1,000 999 3.09 Canadian TBill 0.51986% 12/01/2017 1,000 998 3.08 11,990 37.08 Government Bonds Fixed rate Fixed Rate Rabobank Nederland 2.125% 17/10/2016 1,500 1,501 4.64 1,501 4.64 Financial Assets at fair value through profit or loss (including term deposits) 32,324 99.96 Net Current Assets 13 0.04 Total Net Assets based on dealing NAV (Amortised Cost) 32,337 100.00 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 83.15 Other Assets 16.85 Total 100.00% *Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund. 19
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 8,175,111 877,922 282,994 5,655 9,341,682 607,756 607,756 8,733,926 Aggregated Total 31/08/2016 for comparison USD 000 7,048,805 1,150,865 384,284 2,325 8,586,279 429,676 429,676 8,156,603 These financial statements have been approved by the Board of Directors on 21 April 2017. The accompanying notes on pages 36 to 43 form an integral part of these financial statements. 20
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 000 24,055 209 24,264 (4,799) (657) 18,808 (11,332) 7,476 Aggregated Total 29/02/2016 for comparison USD 000 10,568 42 10,610 (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
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
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) 3,760 32 (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) 374,909 280,655 21,316,785 3,768 (147) (20,612,063) 708,343 126,186 122,916 249,102 The accompanying notes on pages 36 to 43 form an integral part of these financial statements. 23
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 5,154,783 551,022 175,791 1,354 5,882,950 United States Dollar 31/08/2016 for comparison USD 000 4,171,904 885,000 153,132 75 5,210,111 Sterling 28/02/2017 GBP 000 966,643 141,909 122 1,108,674 Sterling 31/08/2016 for comparison GBP 000 857,862 132,977 95,196 125 1,086,160 Current Liabilities amounts payable within one year Creditors Total Current Liabilities 241,475 241,475 200,685 200,685 110,697 110,697 40,466 40,466 Net assets attributable to holders of redeemable participating shares based on dealing NAV (Amortised Cost) 5,641,475 5,009,426 997,977 1,045,694 The accompanying notes on pages 36 to 43 form an integral part of these financial statements. 24
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 1,689,425 136,000 100,967 3,885 1,930,277 1,560,579 70,000 95,269 1,853 1,727,701 33,796 8,185 33 42,014 14,898 17,426 28 32,352 215,420 215,420 157,779 157,779 21 21 15 15 1,714,857 1,569,922 41,993 32,337 25
Statement of Financial Position continued attributable to holders of redeemable participating shares As at 28 February 2017 2016 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 5,641,475 000 5,009,426 000 997,977 000 1,045,694 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 2,873,902 652,190 11 455,769 1,237,004 132,289 290,310 1,765,607 873,444 11 394,576 970,542 33,655 495,193 476,398 726,822 267,849 1,832 12 1,159 303 427,019 589,207 3,211 12 1,157 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 167,525 652,189,511 1 455,768,960 1,237,003,848 13,113 290,310,125 103,303 873,442,015 1 394,576,195 970,542,289 2,978 49,257 476,397,981 35,157 267,849,454 1,832,106 1 114 303,200 20,679 589,206,690 3,210,475 1 114 25,088,300 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 17,155.07 $1.00 11,224.58 1.00 1.00 10,088.23 1.00 USD 17,091.54 $1.00 11,198.16 1.00 1.00 11,302.01 10,053.31 1.00 GBP 20,673.64 1.00 1.00 11,867.56 10,202.66 1.00 GBP 20,649.44 1.00 11,615.00 1.00 11,857.55 10,193.31 1.00 These financial statements have been approved by the Board of Directors on 21 April 2017. The accompanying notes on pages 36 to 43 form an integral part of these financial statements. 26