annual report and financial statements… · ireland and is authorised by the central bank of...

Annual Reportand Financial Statements

For the year ended31 August 2015

Fidelity Institutional Liquidity Fund plc

(A UCITS umbrella fund authorised and regulated by the Central Bank of Ireland)

MOODY’S Aaa-mf RATED

S&P AAAm RATED

1508_ILF_Cover_v02_Covers 13/11/2015 15:12

1

General Information 2

Investment Manager’s Overview 3

Directors’ Report 4

Schedule of Investments 7

Statement of Net Assets attributable to holders

of redeemable participating shares 14

Statement of Operations 18

Statement of Changes in Net Assets attributable to holders

of redeemable participating shares 20

Notes to the Financial Statements 24

Custodian’s Statement of Responsibilities and Custodian’s Report 32

Independent Auditors’ report 34

Statement of Changes in Investments (unaudited) 36

Directory 40

Contents

FidelityInstitutionalLiquidityFund plc

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General Information

Fidelity Institutional Liquidity Fund plc (the ‘Company’), is an open ended investment company with variable capital organised under the laws ofIreland and is authorised by the Central Bank of Ireland (the ‘Central Bank’) as a UCITS fund pursuant to the European Communities (Undertakingsfor Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the ‘UCITS Regulations’). It is established as an umbrella fund.The Company is recognised in the UK under Sections 264-265 of the Financial Services and Markets Act 2000, as amended. The Company will not becovered by the provisions of the Financial Services Compensation Scheme operated in the UK. Unless otherwise defined or inconsistent with thecontext herein, capitalised terms used in this document are as used and have the same meanings as are ascribed to them in the Memorandum andArticles of Association and Prospectus of the Company.

This annual report does not constitute an offer of shares. Shares are offered on the basis of the information contained in the current Key InvestorInformation Documents, the Prospectus and the documents referred to within it. Copies of the current Key Investor Information Documents, theProspectus, 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 ofIreland pursuant to the UCITS Regulations.


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Investment Manager’s Overview

The review period saw major central banks monetary policies diverge highlighting the difference in economic momentum between regions. After asustained period of respectable growth and sizeable falls in unemployment, the US Federal Reserve (‘Fed’) and the Bank of England (‘BoE’) ceasedto expand their quantitative easing programmes and are moving closer to a first rise in interest rates in nearly 10 years. Meanwhile, longer terminterest rates have already risen from their lows earlier in the year in anticipation of policy tightening by some central banks. On the other hand,recessionary pressures in the eurozone lingered. As a result, the European Central Bank (‘ECB’) eased further and launched a €1.1tn scheme of assetpurchases, making clear that it will continue to loosen monetary policy via its quantitative easing programme until at least September next year. ECBrates are likely to remain on hold for a considerable period after the quantitative easing programme ends. In Asia, the Bank of Japan (‘BoJ’) easedfurther by increasing its bond buying programme, while the People’s Bank of China (‘PBoC’) cut interest rates five times in the review period.Meanwhile, inflation looks set to remain low for some time yet given the renewed fall in oil prices and world food prices falling.

Economic growth rebounded in the US, according to data received over the review period. US GDP grew at an annualised rate of 3.7% over thesecond quarter of 2015, following a small rise of 0.6% over the first quarter which was adversely impacted by a combination of harsh weatherstemming from unusually heavy snowfalls in February, a strong dollar and spending cuts in the energy sector. The rebound in the second quarter wasmainly driven by a pick up in consumer spending stemming from increased purchasing power as a result of lower energy prices, as well as a rise inexports accompanied by a fall in imports. Consumer spending, which accounts for more than two thirds of US economic activity, grew at a 2.9%annualised rate compared to 1.8% in the first quarter. Earlier in the review period, GDP growth in the fourth quarter of 2014 was 2.2%, significantlylower than the 11 year high of 5% achieved in the third quarter. While the rebound in economic growth spurred market speculations of a rate hikeby the Fed, the FED erred on the side of caution at its July end Federal Open Market Committee (‘FOMC’) meeting. Most members of FOMC judgedthat the conditions for policy firming had not yet been achieved, but they noted that conditions were approaching that point. At the meeting in June,the FED downgraded its growth forecast for 2015 to 1.9% from 2.5%, and reiterated that even if inflation and unemployment are at target, it is likelythat interest rates will remain below normal longer run levels. This had prompted market participants to lower their projected path of interest rates.

In Europe, the ECB’s quantitative easing programme, helped to boost lending by commercial banks and led to improved credit conditions in theregion. On the other hand, Greece was in the spotlight once again as discussions with its creditors over bailout conditions stalled and led to increasedfears that it would exit the eurozone. However, Greece reached an agreement with its creditors late in the period. On the macroeconomic front,inflation recovered to 0.2% in August after falling into negative territory earlier in the year. Eurozone business activity accelerated at its fastest pacein over four years in August as Italy recorded its best performance since 2011 and German growth strengthened. On the other hand, a slump in Frenchmanufacturing and construction sapped the strength of the eurozone economy in the second quarter, pushing the GDP growth rate down to 0.3% from0.4% in the first three months of the year. Amidst this backdrop, the ECB downgraded its estimates for economic growth to 1.4% from 1.5% in 2015.The inflation forecast was also lowered to 1.7% in 2016 from 1.8% in 2017.

In the UK, economic recovery continued to gather momentum over the review period. Real wages grew at their fastest rate in nearly eight years inthe second quarter of 2015. The Office for National Statistics (‘ONS’) estimates that UK GDP grew 0.7% in the second quarter, driven by the servicessector, after growing just 0.4% in the first quarter. This marks the 10th consecutive quarter of expansion in the UK economy. Meanwhile, inflationremained benign, with the Consumer Price Index (‘CPI’) coming in at 0.1% in July, which was significantly below the BoE’s 2% target rate. Furthermore,in its inflation report, the BoE downgraded its near term inflation forecasts given a renewed decline in global oil prices and signs that the businesshiring spree is tapering. Officials expect inflation to rise to their 2% target by the third quarter of 2017. Against this backdrop, the BoE’s MonetaryPolicy Committee (‘MPC’) voted by a majority of 8-1 to maintain interest rates at 0.5% and its asset purchase facility at £375 billion. BoE GovernorMark Carney said the BoE did acknowledge that the timing of a first interest rate increase is drawing closer, the bank’s forecasts suggest it will notmove until the third quarter of next year.

In Canada, the Bank of Canada (‘BoC’) lowered its policy Overnight Rate by 0.25% in mid July to 0.5%, following on from an earlier surprise rate cutof 0.25% in January 2015. In its statement, the BoC stated that disinflationary pressures from economic slack have been offset by transitory effects ofthe past depreciation of the Canadian dollar and some sector specific factors. The BoC also marked down its 2015 growth projections for theCanadian economy. The downward revision reflects further downgrades of business investment plans in the energy sector, as well as weaker thanexpected exports of non-energy commodities and non-commodities.

The Canadian economy entered recession over the second half of the review period. Canadian GDP fell 0.5% at an annualised rate in the secondquarter of 2015, following a 0.8% decline in the first quarter. A significant drop in oil prices over the second half of 2014 and early 2015 was the keydetractor, with construction and manufacturing output also declining over the year. Nevertheless, consumer spending remained resilient withhousehold consumption rising 0.6% in the second quarter of 2015, following a 0.1% gain in the first quarter of the year. Earlier in the review period,the economy grew 0.6% in the fourth quarter of 2014, a pace slower than previous quarters but higher than market expectations. Meanwhile, theCanadian dollar continued to weaken against major currencies and inflation picked up as a result. Headline inflation rose to 1.3% in July, the highestreading so far in 2015, driven by higher meat and food prices. Core inflation, which excludes volatile components such as gasoline and food, alsoincreased slightly to 2.4% annually.

Fidelity Institutional Liquidity Fund plc Yield as at Yield as at (Class A Shares)* 31 August 2015 31 August 2014

The United States Dollar Fund 0.08% 0.04%The Sterling Fund 0.40% 0.36%The Euro Fund -0.06% 0.02%The Canadian Dollar Fund 0.68% 0.85%

* Performance figures net of fees for all share classes can be found on www.fidelityilf.com

FIL Investments International15 September 2015

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The Board of Directors of the Company (‘the Directors’) submit their report together with the audited financial statements for the year ended 31 August 2015.

Statement of Directors’ responsibilitiesThe directors are responsible for preparing the directors’ report and the financial statements in accordance with Irish law.

Irish law requires the directors to prepare financial statements for each financial year that gives a true and fair view of the company’s assets,liabilities and financial position as at the end of the financial year and of the profit or loss of the company for the financial year. Under that law thedirectors have prepared the financial statements in accordance with Generally Accepted Accounting Practice in Ireland (accounting standardsissued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland and Irish law).

Under Irish law, the directors shall not approve the financial statements unless they are satisfied that they give a true and fair view of thecompany’s assets, liabilities and financial position as at the end of the financial year and the profit or loss of the company for the financial year.In preparing these financial statements, the directors are required to:• select suitable accounting policies and then apply them consistently;• make judgements and estimates that are reasonable and prudent; • state whether the financial statements have been prepared in accordance with applicable accounting standards and identify the standards in

question, subject to any material departures from those standards being disclosed and explained in the notes to the financial statements; and• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to:• correctly record and explain the transactions of the company;• enable, at any time, the assets, liabilities, financial position and profit or loss of the company to be determined with reasonable accuracy; and• enable the directors to ensure that the financial statements comply with the Companies Act 2014 and enable those financial statements to be

audited.

The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention anddetection of fraud and other irregularities. In carrying out this duty, the Directors have appointed J.P.Morgan Bank (Ireland) plc to act as Custodianin accordance with the requirements of the Central Bank.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website.Legislation in Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Accounting RecordsThe measures taken by the directors to secure compliance with the Company’s obligation to keep adequate accounting records are the use ofappropriate systems and procedures and employment of competent persons. The accounting records are kept at the Registered Office: First Floor,Marconi House, Digges Lane, Dublin 2, Ireland.

ActivitiesIncorporation and investment objectiveThe Company is an open ended investment company with variable capital organised under the laws of Ireland as a public limited company pursuantto the Companies Acts 2014 and the UCITS Regulations. It was incorporated on 29 June 1995 under registration number 235175 and commencedbusiness on 25 September 1995.

On 30 July 1998 the Company’s four existing Funds were authorised by the Central Bank as Undertakings for Collective Investment in TransferableSecurities (‘UCITS’) pursuant to the UCITS Regulations. The authorisation of the Company is not an endorsement or guarantee of the Company or itsperformance by the Central Bank.

The Company’s four existing Funds are:

The United States Dollar Fund

The Sterling Fund

The Euro Fund

The Canadian Dollar Fund

The investment objective of each Fund is to invest in a diversified range of short term instruments with the aim of maintaining capital value and liquiditywhilst producing a return to the investor in line with money market rates. Each Fund has been classified by the Directors as a Short-Term Money MarketFund.

Results and dividendsThe results and dividends for the year are set out in the Statement of Operations on page 18 and 19.

Review of business and likely future developmentsThe Investment Manager’s approach during the past financial year to managing investments in the Company is outlined in the Investment Manager’sOverview on page 3. It takes account of market conditions, outlook and investment flows. In the year ahead the Investment Manager does not expectto make any fundamental changes in approach. It is expected that the Company will continue to be marketed in its existing markets and additionalmarkets may also be considered.

Directors’ Report


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Risk management objectives and policiesInformation on risk management objectives and policies of the Company are included in Note 6 to the financial statements.

Directors The following served as Directors during the year:

David Dillon

Allan Pelvang

Andrew Wells

Nicholas Birchall (appointed 17 February 2015)

Carol Mahon (appointed 12 November 2014)

Jonathon Boyle (resigned 17 October 2014)

Events since the year endThere have been no significant events affecting the Company since the year end.

Directors’ InterestsThe interests of the Directors in the share capital of the Company as at 31 August 2015 were as follows:Mr Dillon is one of the founding partners of the firm Dillon Eustace which provides legal services to the Company.Mr Pelvang is Fidelity’s General Counsel and Country Head of FIL Bermuda.Mr Wells is the Global Chief Investment Officer for Fixed Income, Investment Solutions and Real Estate for FIL Investment Management Limited.Mr Birchall is the Head of UK Institutional Business and Consultants for FIL Investment Management Limited.Ms Mahon is the Chief Executive Officer for FIL Life Ireland.Mr Boyle is the registered nominee shareholder of one subscriber share, holding the share in trust for Mr Simon Haslam. Mr Haslam was thePresident of Moonray Investors, a division of FIL Limited until 1 September 2015. Mr Haslam continues to act as a senior advisor to FIL Limited.Code of EthicsAll Fidelity Worldwide Investment employees are subject to a Code of Ethics which, among other things, sets out procedures for personal accountdealing in securities. These procedures, which are rigorously monitored, are designed to ensure that there is no conflict of interest between personalaccount dealing by staff and the interests of customers.

The two basics of the Code of Ethics require that deals in securities have to be pre-authorised before an individual may undertake them, and theymust afterwards be reported to the Compliance Department.

In addition, there are specific provisions to ensure that any investment idea is first acted upon by the funds managed by Fidelity Worldwide Investment,and that the investment managers may not deal within a defined period either side of a fund (for which they are responsible) dealing in that security.

Corporate Governance StatementAdoption of the Voluntary Corporate Governance Code for Collective Investment Schemes and Management Companies (the ‘Voluntary IFIA Code’)The Company adopted the Voluntary IFIA Code with effect from 1 January 2013. The Company complies with each of the provisions of the VoluntaryIFIA Code with the exception of the provision that requires a collective investment scheme to have ‘one independent director who would not be anemployee, partner, significant shareholder or director of a service provider firm, or provider personally of services receiving professional fees (otherthan directorships fees)’. Since Mr. Dillon was appointed to the Board as a non-executive independent Director, it has been disclosed in the Prospectusand Annual Reports of the Company that Mr. Dillon is a Partner in the legal firm Dillon Eustace Solicitors. The relationship between the Company andDillon Eustace regarding the provision of legal services is managed by Legal Counsel for FIL Fund Management (Ireland) Limited. In that regard, theDirectors’ view is that Mr. Dillon’s position as an independent Director is not compromised.

The Company is also subject to corporate governance practices imposed by:

• The Irish Companies Acts 2014 which are available for inspection at the registered office of the Company and may also be obtained atwww.irishstatutebook.ie.

• The Memorandum and Articles of Association of the Company which are available for inspection at the registered office of the Company and atthe Companies Registration Office in Ireland.

• The Central Bank in their UCITS Notices and Guidance Notes which can be obtained from the Central Bank’s website at: www.centralbank.ie andare available for inspection at the registered office of the Company.

• The Irish Stock Exchange (‘ISE’) through the ISE Code of Listing Requirements and Procedures which can be obtained from the ISE’s website atwww.ise.ie.

• The officers of the Company as appropriate are subject to the Central Bank’s Fitness and Probity Regime pursuant to the Central Bank Reform Act2010 and the Central Bank Reform Act 2010 (Sections 20 and 22) Regulations 2011 (as amended).

The Company does not apply additional corporate governance requirements beyond those required by the above.

Financial Reporting ProcessThe Directors are responsible for overseeing the establishment and maintenance of adequate internal control and risk management systems of theCompany in relation to the financial reporting process. As the Company has no employees and the Directors serve in a non-executive capacity, allfunctions including the preparation of the financial statements have been outsourced. The Company has appointed FIL Fund Management (Ireland)Limited (‘FFM(I)L’) to manage the day to day running and operation of the Company. FFM(I)L, as the Administrator, provides all of the administrationservices in respect of the Company in accordance with the regulatory framework applicable to investment fund companies domiciled in Ireland.

Subject to the supervision of the Directors, the appointment of the Administrator is intended to manage rather than eliminate the risk of failure toachieve the Company’s financial reporting objectives and can only provide reasonable and not absolute assurance against material misstatement orloss.

The annual financial statements of the Company are required to be approved by the Directors and filed with the Central Bank and the ISE. The statutoryfinancial statements are required to be audited by independent auditors who report annually to the Directors on their findings. The Directors evaluateand discuss significant accounting and reporting issues as the need arises.

Directors’ Report


5


Risk AssesmentThe Directors are responsible for assessing the risk of irregularities whether caused by fraud or error in financial reporting and for ensuring thatprocesses are in place for the timely identification of internal and external matters with a potential effect on financial reporting. Given that theAdministrator is a separate entity and acts independently of the Investment Manager to the Company and coupled with the fact the Administrator isregulated by the Central Bank, it is intended to mitigate though not eliminate the risk of fraud or irregularities which may impact the financialstatements of the Company.

MonitoringThe Directors receive regular presentations and review reports from the Custodian, the Investment Manager and the Administrator together with adefined compliance monitoring programme provided by the Administrator. The Directors also have an annual process to ensure that appropriatemeasures are taken to consider and address any control weaknesses identified and measures recommended by the independent auditors.

Capital StructureNo person has any special rights of control over the Company’s share capital. There are no restrictions on voting rights on Accumulating Shares issuedin each Fund. Distributing Shares issue in two Series on each Fund. Series 1 Shares issue with full voting rights. Series 2 Shares issue with restrictedvoting rights in respect of any resolution relating to the appointment, removal or replacement of a Director of the Company. For the appointment andreplacement of Directors, the Company is governed by the Memorandum and Articles of Association of the Company, Irish statute comprising theCompanies Acts 2014 and the listing rules of The Irish Stock Exchange as applicable to investment funds. All appointments to the Board of Directorsare approved by the Central Bank. The Memorandum and Articles of Association of the Company may only be amended by Special Resolution ofthe Shareholders.

Composition and operation of the Board of DirectorsThere are currently five Directors, one of whom is executive and the remainder are non-executive. None of the Directors have entered into anemployment or service contract with the Company. All related party transactions during the year are detailed in the notes to the financial statements.The Memorandum and Articles of Association of the Company do not provide for retirement of Directors by rotation. However, the Directors may beremoved by the Shareholders by Ordinary Resolution in accordance with the procedures established under the Companies Acts 2014. The Board ofDirectors meet at least quarterly. There are no permanent sub-committees of the Board of Directors. The Directors are responsible for managing thebusiness affairs of the Company in accordance with the Memorandum and Articles of Association of the Company. As referred to in the section aboveentitled ‘Financial Reporting Process’, the Company has appointed FIL Fund Management (Ireland) Ltd. (‘FFM(I)L’) to manage the day to day runningand operation of the Company. FFM(I)L has delegated the Investment Management and General Distribution functions to FIL Investments Internationaland FIL Distributors respectively. The Company has appointed J.P. Morgan Bank (Ireland) plc as the Custodian to the Company with responsibility forthe safekeeping of the assets of the Company in accordance with the requirements of the Central Bank.

Shareholder MeetingsAll general meetings of the Company shall be held in Ireland. In each year the Company shall hold a general meeting as its annual general meeting.Twenty-one days’ notice (excluding the day of dispatch and the day of the meeting) shall be given in respect of each general meeting of the Company.The notice shall specify the venue and time of the meeting and the business to be transacted at the meeting. A proxy may attend on behalf of anyShareholder. The requirements for quorum and majorities at all general meetings are set out in the Memorandum and Articles of Association. Twomembers present in person or by proxy shall constitute a quorum, provided that the quorum for a general meeting convened to consider any alterationto the rights attributable to a Class shall be two Shareholders present in person or by proxy together holding at least one third of the issued Sharesof the relevant Class. An Ordinary Resolution is a resolution passed by a simple majority of votes cast and a Special Resolution is a resolution passedby a majority of 75 per cent or more of the votes cast. The Memorandum and Articles of Association provide that matters may be determined by ameeting of Shareholders on a show of hands unless a poll is requested by five Shareholders or by Shareholders holding not less than 10 per cent ofthe Shares or unless the chairman of the meeting requests a poll. Each Share gives the holder one vote in relation to any matter relating to theCompany which is submitted to Shareholders for a vote by poll save that the holders of Series 2 Shares are precluded from voting on any resolutionin respect of the appointment, removal or replacement of any Director and from exercising any casting vote in relation to any such resolution.

Connected PartiesThe Central Bank of Ireland UCITS Notices, UCITS 14.5 “Dealings by promotor, manager, trustee, investment adviser and group companies” states inparagraph one that any transaction carried out with a UCITS by a promotor, manager, trustee, investment advisor and/or associated or groupcompanies of these (“connected parties”) must be carried out as if negotiated at arm’s length. Transactions must be in the best interests of theshareholders.

The Board of Directors of the Company are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that theobligations set out in paragraph one of UCITS 14.5 are applied to all transactions with connected parties; and the board is satisfied that transactionswith connected parties entered into during the year compiled with the obligations set out in this paragraph.

Independent AuditorsThe Auditor, PricewaterhouseCoopers, in accordance with Section 383(2) of the Companies Act 2014, have indicated their willingness to continue inoffice, and a resolution that they be re-appointed will be proposed at the Annual General Meeting.

Approved by the Board of directors and signed on behalf of the board on 11 November 2015:

Nicholas Birchall David DillonChairman Director

Directors’ Report


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Term DepositsLloyds Bank 0.08% 01/09/2015 150,000 3.74

Standard Chartered Bank 0.31% 05/04/2016 115,110 2.87

Natixis 0.30125% 11/12/2015 60,000 1.50

Natixis 0.14125% 11/08/2016 55,000 1.37

380,110 9.48

Repurchase AgreementBanque Nationale de Paris 0.16% 01/09/2015

(Collateralised by Government of France 4% 25/04/2060, Kreditanstalt Für Wiederaufbau 0.625% 04/07/2022,

Government of France 0.25% 25/07/2024, Government of France 4.25% 25/10/2023, Kreditanstalt Für Wiederaufbau 2% 07/09/2016,

Government of France 3.25% 25/05/2045, Kreditanstalt Für Wiederaufbau 1.125% 15/01/2020

and Kreditanstalt Für Wiederaufbau 18/04/2036). 355,000 8.86

355,000 8.86

Securities Traded on Regulated Markets

Commercial Papers*Crédit Agricole 0.22% 01/09/2015 100,000 100,000 2.49

Landeskreditbank Baden-Württemberg 0.19% 08/09/2015 100,000 99,997 2.49

Dexia Credit Local 0.28% 18/09/2015 100,000 99,992 2.49

Agence Centrale des Organismes de Sécurité Sociale 0.28% 28/09/2015 100,000 99,986 2.49

Deutsche Bahn 0.2% 28/09/2015 100,000 99,986 2.49

Caisse des Dépôts et Consignations 0.23% 03/09/2015 90,000 89,999 2.25

Erste Abwicklungsanstalt 0.18% 08/09/2015 90,000 89,997 2.24

Government of Netherlands 0.17% 21/09/2015 90,000 89,991 2.24

Sumitomo Mitsui Banking Corp. 0.215% 28/09/2015 90,000 89,987 2.24

Landeskreditbank Baden-Württemberg 0.19% 18/09/2015 80,000 79,993 2.01

DNB Bank 0.24% 01/10/2015 80,000 79,987 2.00



UBS 0.22% 14/09/2015 75,000 74,995 1.87

DZ Bank 0.3% 09/10/2015 75,000 74,983 1.87

Deutsche Bahn 0.245% 01/10/2015 71,000 70,988 1.77


Natixis 0.24% 01/09/2015 60,000 60,000 1.50

Government of Netherlands 0.19% 28/09/2015 50,000 49,993 1.25

Zurich Finance 0.22% 28/09/2015 50,000 49,993 1.25

Mitsubishi Corporation Finance 0.23% 05/10/2015 50,000 49,990 1.25

DZ Bank 0.26% 19/10/2015 50,000 49,984 1.25

Allianz 0.35% 22/10/2015 49,000 48,983 1.22

FMS Wertmanagement 0.31% 08/10/2015 47,000 46,990 1.17

Zurich Finance 0.18% 11/09/2015 44,000 43,998 1.10

Zurich Finance 0.2% 28/09/2015 35,000 34,995 0.87

Metlife Short Term Funding 0.2% 10/09/2015 33,200 33,199 0.83



Bayerische Motor Werke 0.23% 14/09/2015 20,100 20,099 0.50

DekaBank Deutsche Girozentrale 0.25% 23/09/2015 20,000 19,998 0.50

Allianz 0.32% 25/09/2015 20,000 19,997 0.50



Allianz 0.34% 11/09/2015 9,000 9,000 0.22


2,072,672 51.70

The United States Dollar Fund Nominal Value Fair Value % of Net‘000 USD ‘000 Assets

Schedule of InvestmentsAs at 31 August 2015


*Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the fund.

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Certificates of Deposit* BNP Paribas 0.27% 01/09/2015 100,000 100,000 2.49

Credit Suisse 0.26% 01/09/2015 100,000 100,000 2.49

Crédit Agricole 0.17% 30/09/2015 100,000 99,985 2.49

BNP Paribas 0.32% 01/12/2015 100,000 99,918 2.49

La Banque Postale 0.22% 08/09/2015 90,000 89,997 2.24

La Banque Postale 0.22% 18/09/2015 90,000 89,993 2.24

Mitsubishi UFJ Trust & Banking Corp. 0.31% 05/10/2015 85,000 84,983 2.12

Mizuho Corporate Bank 0.305% 24/09/2015 80,000 79,991 2.00

Bank of Tokyo-Mitsubishi 0.3% 01/12/2015 75,000 74,939 1.87

BNP Paribas 0.27% 30/09/2015 70,000 69,989 1.75

Sumitomo Mitsui Trust Bank 0.19% 08/09/2015 60,000 59,998 1.50


HSBC France 0.29% 11/09/2015 50,000 49,998 1.25


DZ Bank 0.27% 22/09/2015 35,000 34,996 0.87


Mizuho Bank 0.3% 04/09/2015 30,000 30,000 0.75

Mizuho Corporate Bank 0.31% 01/10/2015 30,000 29,995 0.75


1,254,734 31.30

Corporate Bonds - Fixed RateJapan Finance 1.875% 24/09/2015 80,000 80,067 2.00

Kommuninvest 0.625% 18/09/2015 44,000 44,005 1.09

Westpac Banking Corp. 1.125% 25/09/2015 31,525 31,537 0.79

Bank of Nova Scotia 0.75% 09/10/2015 16,501 16,503 0.41

Nederlandse Waterschapsbank 2% 09/09/2015 15,165 15,170 0.38

National Australia Bank 2.75% 28/09/2015 8,005 8,018 0.20

Shell International Finance 3.25% 22/09/2015 3,500 3,505 0.09

198,805 4.96

Corporate Bonds - Floating RateNederlandse Waterschapsbank 0.3986% 04/11/2015 19,000 19,001 0.47

Westpac Banking Corp. 1.04075% 25/09/2015 16,000 16,006 0.40


49,007 1.22

Financial Assets at fair value through profit or loss (including term deposits) 4,310,328 107.52

Net Current Liabilities (301,496) (7.52)

Total Net Assets based on dealing NAV (Amortised Cost) 4,008,832 100.00

The United States Dollar Fund Nominal Value Fair Value % of Net(continued) ‘000 USD ‘000 Assets



*Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the fund.


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Term DepositsMizuho Bank 0.44% 01/09/2015 95,000 9.48

DNB Bank 0.37% 01/09/2015 47,854 4.78

Standard Chartered Bank 0.6504% 05/04/2016 30,062 3.00

Natixis 0.64788% 15/12/2015 20,000 2.00

Natixis 0.686% 07/09/2015 15,000 1.50

207,916 20.76


Commercial Papers*Crédit Agricole 0.5% 01/09/2015 50,000 50,000 4.99

Stadshypotek 0.54% 09/10/2015 35,000 34,981 3.49

DZ Bank 0.56% 08/10/2015 30,000 29,984 2.99



Allianz 0.6% 27/11/2015 25,000 24,965 2.49


Bank Nederlandse Gemeenten 0.55% 18/12/2015 25,000 24,955 2.49



Nordea Bank 0.59% 01/10/2015 22,000 21,991 2.20

Honda Finance Europe 0.58% 20/10/2015 20,000 19,986 2.00

Allianz 0.6% 11/11/2015 20,000 19,978 1.99


Bank Nederlandse Gemeenten 0.56% 18/12/2015 20,000 19,964 1.99


Natixis 0.55% 01/09/2015 15,000 15,000 1.50

Rabobank Nederland 0.57% 25/09/2015 15,000 14,995 1.50

DNB Bank 0.57% 03/11/2015 13,000 12,988 1.30

GE Capital UK Funding 0.55% 02/11/2015 12,500 12,488 1.25

Honda Finance Europe 0.55% 10/09/2015 10,000 9,999 1.00

Dexia Credit Local 0.615% 18/09/2015 10,000 9,998 1.00

Natixis 0.47% 01/10/2015 10,000 9,996 1.00

GE Capital UK Funding 0.55% 18/11/2015 10,000 9,988 1.00

Nordea Bank 0.62% 16/11/2015 9,500 9,488 0.95

Nordea Bank 0.54% 02/09/2015 8,000 8,000 0.80



Nordea Bank 0.59% 15/10/2015 5,000 4,997 0.50



545,075 54.42

Certificates of Deposit*Credit Suisse 0.55% 01/09/2015 50,000 50,000 5.00

Crédit Agricole 0.45% 30/09/2015 25,000 24,990 2.49

BNP Paribas 0.57% 02/11/2015 25,000 24,977 2.49

BNP Paribas 0.57% 01/10/2015 22,000 21,991 2.20

DZ Bank 0.55993% 22/10/2015 20,000 19,985 1.99




Svenska Handelsbanken 0.555% 23/09/2015 16,000 16,000 1.60

The Sterling Fund Nominal Value Fair Value % of Net‘000 GBP ‘000 Assets



*Commercial Papers, Certificates of Deposit and Treasury Bills are shown with calculated yields. All Investments are in the functional currency of the fund.


10


HSBC France 0.64% 16/11/2015 13,000 12,985 1.30


HSBC France 0.59% 05/10/2015 6,500 6,497 0.65

258,345 25.79

Treasury Bills*UK T-Bill 0.54% 21/12/2015 19,300.00 19,266 1.91

UK T-Bill 0.56% 04/01/2016 4,100.00 4,092 0.40

23,358 2.31

Corporate Bonds - Floating RateEuropean Investment Bank 0.64938% 05/01/2016 17,500 17,503 1.75


Commonwealth Bank of Australia 1.27094% 04/09/2015 5,900 5,900 0.59


42,627 4.26

Corporate Bond - Fixed RateNetwork Rail Infrastructure Finance 4.875% 27/11/2015 21,426 21,637 2.16

21,637 2.16




The Sterling Fund Nominal Value Fair Value % of Net(continued) ‘000 GBP ‘000 Assets



*Commercial Papers, Certificates of Deposit and Treasury Bills are shown with calculated yields. All Investments are in the functional currency of the fund.


11

Term DepositsStandard Chartered Bank -0.027% 18/03/2016 45,001 45,001 3.51

Natixis -0.219% 05/08/2016 20,000 20,000 1.56

65,001 5.07

Repurchase AgreementBanque Nationale de Paris -0.2% 01/09/2015

(Collateralised by Republic of Austria 3.4% 22/11/2022, Government of France 0.25% 25/07/2018, Republic of Austria 3.5% 15/09/2021,

Republic of Austria 4.35% 15/03/2019, Government of France 0.5% 25/05/2025, Government of France 1% 25/05/2019,

Government of France 5.75% 25/10/2032 and Government of France 2.25% 25/05/2024). 115,000 8.97

115,000 8.97


Commercial Papers*Agence Centrale des Organismes de Sécurité Sociale -0.125% 28/09/2015 50,000 50,004 3.90

Rabobank Nederland -0.05% 29/02/2016 35,000 34,992 2.73

Nordea Bank -0.02% 11/02/2016 30,000 29,996 2.34


Mitsubishi UFJ Securities International -0.06% 12/11/2015 25,000 25,003 1.95

Électricité de France -0.05% 05/10/2015 25,000 25,002 1.95

Banque Fédérative du Crédit Mutuel -0.105% 25/11/2015 25,000 25,002 1.95

Nederlandse Gasunie -0.06% 24/09/2015 25,000 25,002 1.95

Électricité de France -0.095% 30/11/2015 23,000 23,002 1.79

Sumitomo Mitsui Banking Corp. -0.06% 13/10/2015 20,000 20,002 1.56


L’Oreal 0.015% 25/09/2015 20,000 20,002 1.56

Engie -0.07% 03/09/2015 20,000 20,000 1.56

Société Anonyme de Gestion de Stocks de Sécurité -0.03% 21/09/2015 19,000 19,001 1.48

L’Oreal -0.07% 20/10/2015 18,000 18,002 1.40

Svenska Handelsbanken -0.03% 16/12/2015 17,500 17,501 1.36

Procter & Gamble 0.01% 15/10/2015 15,000 15,002 1.17

Procter & Gamble 0.01% 09/11/2015 15,000 15,001 1.17



Engie -0.04% 21/09/2015 15,000 15,001 1.17

GE Capital European Funding 0.00% 10/09/2015 15,000 15,001 1.17

KA Finanz -0.09% 10/09/2015 14,500 14,501 1.13

L’Oreal 0.00% 10/09/2015 14,000 14,001 1.09

Nordea Bank 0.01% 08/12/2015 13,500 13,501 1.05





Procter & Gamble 0.01% 25/09/2015 12,000 12,001 0.94


Honda Bank -0.02% 28/10/2015 10,000 10,001 0.78

RTE Réseau de Transport d’Électricitié -0.045% 01/10/2015 10,000 10,001 0.78


Rabobank Nederland -0.03% 27/01/2016 9,500 9,499 0.74



Procter & Gamble 0.01% 09/10/2015 6,000 6,001 0.47

Procter & Gamble 0.01% 30/10/2015 6,000 6,001 0.47

The Euro Fund Nominal Value Fair Value % of Net‘000 EUR ‘000 Assets



*Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund.


12


Nordea Bank 0.1% 30/11/2015 6,000 6,001 0.47

Engie -0.04% 21/09/2015 6,000 6,000 0.47

Engie -0.07% 03/09/2015 5,500 5,500 0.43


GE Capital European Funding -0.01% 17/11/2015 5,000 5,001 0.39




Procter & Gamble 0.01% 20/11/2015 3,000 3,000 0.23


Procter & Gamble 0.01% 19/11/2015 2,000 2,000 0.16

Société Anonyme de Gestion de Stocks de Sécurité -0.037% 30/09/2015 500 500 0.04

729,039 56.83

Certificates of Deposit*Credit Suisse -0.02% 01/09/2015 50,000 50,000 3.90

Sumitomo Mitsui Trust Bank -0.08% 23/11/2015 30,000 30,003 2.34

Mitsubishi UFJ Trust & Banking Corp. -0.07% 23/11/2015 30,000 30,003 2.34

ING Bank -0.08% 04/09/2015 29,500 29,500 2.30

Sumitomo Mitsui Trust Bank -0.08% 25/11/2015 25,000 25,002 1.95

Mizuho Corporate Bank -0.03% 08/10/2015 20,000 20,002 1.56


HSBC France -0.01% 12/10/2015 10,000 10,001 0.78

Mizuho Bank -0.065% 25/11/2015 10,000 10,001 0.78

HSBC France 0.01% 04/09/2015 10,000 10,000 0.78

Mizuho Bank -0.04% 22/10/2015 9,000 9,001 0.70

Nordea Bank 0.00% 03/12/2015 4,000 4,000 0.31


La Banque Postale -0.05% 08/09/2015 2,000 2,000 0.16

248,015 19.34

Corporate Bonds - Fixed RateGeneral Electric Capital 5.125% 02/09/2015 13,000 13,002 1.01


Zurich Finance 6.5% 14/10/2015 5,900 5,941 0.47

Credit Suisse 2.875% 24/09/2015 5,500 5,509 0.43


35,464 2.77

Corporate Bonds - Floating RateRabobank Nederland 0.231% 15/01/2016 9,800 9,805 0.77


Commonwealth Bank of Australia 0.386% 17/09/2015 4,000 4,001 0.31

19,232 1.50


Net Current Assets 70,836 5.52


The Euro Fund Nominal Value Fair Value % of Net(continued) ‘000 EUR ‘000 Assets



*Commercial Papers and Certificates of Deposit are shown with calculated yields. All investments are in the functional currency of the Fund.


Term DepositsBNP Paribas 0.15% 01/09/2015 3,750 9.63

DNB Bank 0.2% 01/09/2015 3,750 9.63

Crédit Agricole 0.3% 01/09/2015 1,208 3.11

8,708 22.37


Commercial Papers*Toyota Credit Canada 0.80074% 23/09/2015 1,800 1,799 4.62

Honda Canada Finance 0.59692.% 09/09/2015 1,500 1,500 3.85

Wells Fargo Canada Corp. 0.84796% 11/09/2015 1,000 1,000 2.57

4,299 11.04

Certificates of Deposit*Sumitomo Mitsui Banking Corp. 0.95788% 01/09/2015 1,800 1,800 4.63

Bank of Nova Scotia 0.54031% 01/10/2015 1,800 1,799 4.63

Bank of Montreal 0.58692% 01/09/2015 1,500 1,500 3.85

Canadian Imperial Bank of Commerce 0.60027% 01/09/2015 1,500 1,500 3.85

Royal Bank of Canada 0.60027% 01/09/2015 1,500 1,500 3.85

Toronto-Dominion Bank 0.60027% 01/09/2015 1,500 1,500 3.85

HSBC Bank 0.89759% 16/09/2015 1,500 1,500 3.85

Bank of Montreal 0.61231% 01/10/2015 1,500 1,499 3.85

Canadian Imperial Bank of Commerce 0.61231% 01/10/2015 1,500 1,499 3.85

Royal Bank of Canada 0.61231% 01/10/2015 1,500 1,499 3.85


Toronto-Dominion Bank 0.6003% 01/10/2015 1,000 999 2.58

18,094 46.49

Treasury Bills*Canadian T-Bill 0.36513% 10/09/2015 1,125 1,125 2.89

Canadian T-Bill 0.36518% 24/09/2015 1,125 1,125 2.89

Canadian T-Bill 0.38263% 08/10/2015 1,125 1,124 2.89

Canadian T-Bill 0.37952% 22/10/2015 1,125 1,124 2.89

4,498 11.56

Corporate Bonds - Fixed RateCanadian Government 1.25% 01/02/2016 5,000 5,017 12.89

Canadian Government 1% 01/11/2015 3,000 3,003 7.72

Canadian Government 3% 01/12/2015 500 503 1.29

8,523 21.90

Corporate Bond - Floating RateRabobank Nederland 0.78% 20/09/2015 1,800 1,800 4.62

1,800 4.62

Financial Assets at fair value through profit or loss (including term deposits) 45,922 117.98


Total Net Assets based on dealing NAV (Amortised Cost) 38,924 100.00



The Canadian Dollar Fund Nominal Value Fair Value % of Net‘000 CAD ‘000 Assets

13

*Commercial Papers, Certificates of Deposit and Treasury Bills are shown with calculated yields. All investments are in the functional currency of the fund.


Fund Name

CurrencyCurrent AssetsFinancial assets at fair value through profit or loss (Notes 2, 6)

Term deposits*

Cash at bank (Note 3)

Debtors (Note 5)

Total Current Assets

Current Liabilities - amounts payable within one year

Creditors (Note 5)

Total Current Liabilities

Net assets attributable to holders of redeemable participating

shares at Fair Value

Fair Value Adjustments (Note 2)

Net assets attributable to holders of redeemable participating

shares based on dealing NAV (Amortised Cost)

United StatesDollar

USD ‘000

3,575,218

735,110

22,340

1,545

4,334,213

325,330

325,330

4,008,883

(51)

4,008,832

United StatesDollar

USD ‘000

2,999,614

584,000

135,054

621

3,719,289

354,670

354,670

3,364,619

17

3,364,636

Sterling

GBP ‘000

891,042

207,916

-

903

1,099,861

98,067

98,067

1,001,794

1

1,001,795

Sterling

GBP ‘000

914,918

144,417

-

361

1,059,696

73,085

73,085

986,611

21

986,632

2014 for comparison 2014 for comparison

* The United States Dollar Fund and The Euro Fund also includes the repurchase agreement.

The accompanying notes on pages 24 to 31 form an integral part of these financial statements.

14

attributable to holders of redeemable participating sharesStatement of Net AssetsAs at 31 August 2015


f_ILF_SNA_a_v04_SNA_Temp_v2 13/11/2015 14:25 Page 14

15

Euro

EUR ‘000

1,031,750

180,001

92,438

1,377

1,305,566

23,004

23,004

1,282,562

25

1,282,587

Euro

EUR ‘000

910,014

118,000

62,322

690

1,091,026

67,639

67,639

1,023,387

(52)

1,023,335

CanadianDollar

CAD ‘000

37,214

8,708

-

20

45,942

7,018

7,018

38,924

-

38,924

CanadianDollar

CAD ‘000

45,002

17,096

-

58

62,156

8,739

8,739

53,417

3

53,420

AggregatedTotal

USD ‘000

6,127,109

1,262,584

125,818

4,489

7,520,000

507,035

507,035

7,012,965

(21)

7,012,944

AggregatedTotal

USD ‘000

5,755,017

994,415

217,004

2,181

6,968,617

572,867

572,867

6,395,749

(14)

6,395,735

2014 for comparison 2014 for comparison 2014 for comparison

f_ILF_SNA_a_v04_SNA_Temp_v2 13/11/2015 14:25 Page 15

Fund Name

CurrencyNet Assets attributable to holders of redeemable participating

shares 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 Short-Term Money Market Class

Flex Distributing Class F

Redeemable ParticipatingShares OutstandingAccumulating Class A








Net Asset Value per redeemable participating share based on

dealing NAV (Amortised Cost)

Accumulating Class A








United StatesDollar

USD ‘000

4,008,832

1,252,211

951,960

11

160,001

466,570

7,011

754,819

416,249

USD

73,523

951,960,240

1

160,000,459

466,569,539

622

75,308

416,249,248

17,031.60

1.00

11,182.31

1.00

1.00

11,268.41

10,023.15

1.00

United StatesDollar

USD ‘000

3,364,636

1,255,447

937,162

11

149,657

605,253

6,223

323,406

87,477

USD

73,773

937,161,579

1

149,656,681

605,253,281

552

32,277

87,477,063

17,017.72

1.00

11,178.66

1.00

1.00

11,263.30

10,019.78

1.00

United StatesDollar

USD ‘000

2,426,679

1,011,043

792,306

11

111,685

342,580

48,007

71,046

50,001

USD

59,440

792,306,361

1

111,684,768

342,579,755

4,263

7,092

50,001,000

17,009.37

1.00

11,175.01

1.00

1.00

11,261.58

10,018.46

1.00

Sterling

GBP ‘000

1,001,795

442,034

545,662

-

1,208

-

12

1,153

11,726

GBP

21,496

545,662,174

-

1,208,018

-

1

113

11,726,000

20,563.84

1.00

11,615.00

1.00

-

11,816.39

10,156.17

1.00

2013 for comparison


16

2014 for comparison

attributable to holders of redeemable participating sharesStatement of Net AssetsAs at 31 August 2015


These financial statements have been approved by the Board of Directors and signed on behalf of the Board on 11 November 2015:


g_ILF_SNA_b_v06_SNA_Temp_v2 13/11/2015 16:36 Page 16

17

Sterling

GBP ‘000

986,632

394,412

556,982

763

13,313

-

12

1,149

20,001

GBP

19,254

556,982,457

66

13,312,668

-

1

113

20,001,000

20,484.80

1.00

11,597.38

1.00

-

11,778.84

10,122.16

1.00

Sterling

GBP ‘000

696,023

388,928

297,468

1,387

2,893

-

12

1,834

3,501

GBP

19,051

297,468,469

120

2,893,047

-

1

181

3,501,000

20,415.00

1.00

11,584.39

1.00

-

11,746.53

10,092.61

1.00

Euro

EUR ‘000

1,282,587

1,118,024

110,897

1,443

3,098

-

10

25,580

23,535

EUR

79,397

110,897,029

129

3,097,945

-

1

2,543

23,535,491

14,081.46

1.00

11,176.24

1.00

-

11,362.52

10,058.74

1.00

Euro

EUR ‘000

1,023,335

681,566

321,797

3,331

2,101

-

144

14,393

3

EUR

48,398

321,796,694

188

3,330,823

-

13

1,431

2,570

14,082.37

1.00

11,176.57

1.00

-

11,311.57

10,059.32

1.00

Euro

EUR ‘000

797,153

552,413

216,291

2,391

4,652

-

314

21,084

8

EUR

39,248

216,290,715

214

4,652,061

-

28

2,096

7,889

14,074.99

1.00

11,174.17

1.00

-

11,308.80

10,056.78

1.00

CanadianDollar

CAD ‘000

38,924

11,520

2,065

-

25,339

-

-

-

-

CAD

753

2,064,985

-

25,339,397

-

-

-

-

15,294.08

1.00

-

1.00

-

-

-

-

CanadianDollar

CAD ‘000

53,420

3,193

22,297

-

27,930

-

-

-

-

CAD

210

22,297,194

-

27,929,728

-

-

-

-

15,178.57

1.00

-

1.00

-

-

-

-

CanadianDollar

CAD ‘000

41,125

6,581

19,631

-

14,913

-

-

-

-

CAD

437

19,631,812

-

14,912,836

-

-

-

-

15,043.99

1.00

-

1.00

-

-

-

-

2014 for comparison 2013 for comparison 2014 for comparison 2013 for comparison 2013 for comparison 2014 for comparison

g_ILF_SNA_b_v06_SNA_Temp_v2 13/11/2015 16:36 Page 17

Fund Name

CurrencyOperating IncomeInterest Income (Note 2)

Net change in unrealised gains/(losses) on

financial assets at fair value through profit or loss

Net realised gains/(losses) on financial

assets at fair value through profit or loss

Total Operating Income

Operating ExpensesManagement/Trailer Fees (Note 4)

Net Operating Income

Finance CostsDistributions to redeemable participating shareholders (Note 8)

Fair Value AdjustmentFair Value Adjustments (Note 2)

Increase/Decrease in Net Assets Attributableto Redeemable ParticipatingShares from Operations

Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the Statement of Operations.

These financial statements have been approved by the Board of Directors and signed on behalf of the Board on 11 November 2015 :


United StatesDollar

USD ‘000

7,838

65

616

8,519

(5,024)

3,495

(2,265)

(68)

1,162

United StatesDollar

USD ‘000

5,323

(13)

94

5,404

(3,522)

1,882

(1,373)

13

522

Sterling

GBP ‘000

5,006

20

378

5,404

(1,521)

3,883

(2,074)

(19)

1,790

Sterling

GBP ‘000

3,896

(8)

11

3,899

(1,219)

2,680

(1,285)

8

1,403



18

Statement of OperationsFor the year ended 31 August 2015


h_ILF_SOP_V07_SNA_Temp_v2 19/11/2015 10:16 Page 18

19

Euro

EUR ‘000

189

(77)

84

196

(352)

(156)

(2)

77

(81)

Euro

EUR ‘000

2,012

77

54

2,143

(1,494)

649

(156)

(77)

416

CanadianDollar

CAD ‘000

591

3

16

610

(181)

429

(370)

(3)

56

CanadianDollar

CAD ‘000

407

1

-

408

(96)

312

(265)

(1)

46

AggregatedTotal

USD ‘000

16,297

10

1,312

17,619

(7,934)

9,685

(5,784)

(11)

3,889

AggregatedTotal

USD ‘000

14,906

79

186

15,171

(7,668)

7,503

(3,964)

(79)

3,460


h_ILF_SOP_V07_SNA_Temp_v2 19/11/2015 10:17 Page 19

Fund Name

Currency

Increase/Decrease in net assets attributable to redeemable

participating shareholders from operations

Fund Share TransactionsProceeds from redeemable participating shares issued

Net asset value of participating shares issued

for reinvestment of dividends

Cost of redeemable participating shares redeemed

Net increase/(decrease) in net assets

Net Assets Attributable toRedeemable Participating ShareholdersAt the beginning of the year

Foreign exchange translation adjustment (Note 2)

At the end of the year

United StatesDollar

USD ‘000

1,162

27,409,156

2,106

(26,768,228)

644,196

3,364,636

-

4,008,832

United StatesDollar

USD ‘000

522

24,481,371

1,334

(23,545,270)

937,957

2,426,679

-

3,364,636

Sterling

GBP ‘000

1,790

7,864,244

2,025

(7,852,896)

15,163

986,632

-

1,001,795

Sterling

GBP ‘000

1,403

5,813,725

1,229

(5,525,748)

290,609

696,023

-

986,632


20

Statement of Changes in Net AssetsFor the year ended 31 August 2015



attributable to holders of redeemable participating shares

i_ILF_SOC_a_v06_SNA_Temp_v2 13/11/2015 15:00 Page 20

21

Euro

EUR ‘000

(81)

7,335,548

22

(7,076,237)

259,252

1,023,335

-

1,282,587

Euro

EUR ‘000

416

4,518,463

156

(4,292,853)

226,182

797,153

-

1,023,335

CanadianDollar

CAD ‘000

56

88,942

372

(103,866)

(14,496)

53,420

-

38,924

CanadianDollar

CAD ‘000

46

40,643

264

(28,658)

12,295

41,125

-

53,420

AggregatedTotal

USD ‘000

3,889

48,107,440

5,574

(47,162,847)

954,056

6,395,735

(336,847)

7,012,944

AggregatedTotal

USD ‘000

3,460

40,318,861

3,831

(38,586,583)

1,739,569

4,594,151

62,015

6,395,735


i_ILF_SOC_a_v06_SNA_Temp_v2 13/11/2015 15:00 Page 21

Fund Name

Share Transactions (Units Rounded)

Redeemable participating shares outstanding at beginning of yearAccumulating Class A






Stanlib Short Term Money Market Class


Total redeemable participating shares subscribedAccumulating Class A








Total redeemable participating shares redeemedAccumulating Class A








Redeemable participating shares outstanding at end of yearAccumulating Class A








United StatesDollar

USD

73,773

937,161,579

1

149,656,681

605,253,281

552

32,277

87,477,063

575,092

9,741,964,628

-

134,663,339

1,328,272,656

150,991

56,277

1,900,506,258

575,342

9,727,165,967

-

124,319,561

1,466,956,398

150,921

13,246

1,571,734,073

73,523

951,960,240

1

160,000,459

466,569,539

622

75,308

416,249,248

United StatesDollar

USD

59,440

792,306,361

1

111,684,768

342,579,755

4,263

7,092

50,001,000

558,701

10,594,695,002

-

130,081,381

2,056,830,318

133,523

34,895

63,627,063

544,368

10,449,839,784

-

92,109,468

1,794,156,792

137,234

9,710

26,151,000

73,773

937,161,579

1

149,656,681

605,253,281

552

32,277

87,477,063

Sterling

GBP

19,254

556,982,457

66

13,312,668

-

1

113

20,001,000

147,203

4,713,381,989

-

54,018

-

-

-

131,725,000

144,961

4,724,702,272

66

12,158,668

-

-

-

140,000,000

21,496

545,662,174

-

1,208,018

-

1

113

11,726,000

Sterling

GBP

19,051

297,468,469

120

2,893,047

-

1

181

3,501,000

135,689

2,951,188,781

37

11,940,027

-

-

-

84,700,000

135,486

2,691,674,793

91

1,520,406

-

-

68

68,200,000

19,254

556,982,457

66

13,312,668

-

1

113

20,001,000


22

attributable to holders of redeemable participating sharesStatement of Changes in Net AssetsFor the year ended 31 August 2015 (continued)



j_ILF_SOC_b_v06_SNA_Temp_v2 13/11/2015 14:48 Page 22

23

Euro

EUR

48,398

321,796,694

188

3,330,823

-

13

1,431

2,570

401,499

1,574,881,978

106

481,725

-

29

1,269

91,385,710

370,500

1,785,781,643

165

714,603

-

41

157

67,852,789

79,397

110,897,029

129

3,097,945

-

1

2,543

23,535,491

Euro

EUR

39,248

216,290,715

214

4,652,061

-

28

2,096

7,889

244,665

1,067,064,235

163

610,975

-

-

470

3,083

235,515

961,558,257

189

1,932,212

-

15

1,135

8,402

48,398

321,796,694

188

3,330,823

-

13

1,431

2,570

CanadianDollar

CAD

210

22,297,194

-

27,929,728

-

-

-

-

1,462

20,200,677

-

46,806,080

-

-

-

-

919

40,432,886

-

49,396,411

-

-

-

-

753

2,064,985

-

25,339,397

-

-

-

-

CanadianDollar

CAD

437

19,631,812

-

14,912,836

-

-

-

-

1,175

5,169,120

-

17,965,824

-

-

-

-

1,402

2,503,738

-

4,948,932

-

-

-

-

210

22,297,194

-

27,929,728

-

-

-

-


j_ILF_SOC_b_v06_SNA_Temp_v2 13/11/2015 14:48 Page 23

24


1. GeneralThe Company is an open ended investment company with variable capital organised under the laws of Ireland as a public limited companypursuant to the Companies Act 2014 and is listed on the Irish Stock Exchange. It was incorporated on 29 June 1995 under registration number235175. The authorisation of the Company is not an endorsement or guarantee of the Company or its performance by the Central Bank of Ireland.Its object, as set out in clause 2 of the Company’s Memorandum and Articles of Association, is the collective investment in either or bothtransferable securities and other liquid financial assets referred to in Regulation 68 of the European Communities (Undertakings for CollectiveInvestment in Transferable Securities) Regulations 2011, (as amended), (‘the UCITS Regulations’) of capital raised from the public and whichoperates on the basis of risk spreading. At present the Company’s shares represent interest in The United States Dollar Fund, The Sterling Fund,The Euro Fund and The Canadian Dollar Fund (each a ‘Fund’), each relating to a separate portfolio of securities, cash and other net assets.

2. Significant Accounting PoliciesThe significant accounting policies adopted by the Company are as follows:

Basis of PreparationThe financial statements have been prepared on the going concern basis and in accordance with Generally Accepted Accounting Practice inIreland (accounting standards issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland andthe Companies Act 2014).

The financial statements have been prepared under the historical cost convention as modified by the revaluation of financial assets and financialliabilities held at fair value through profit or loss.

The Fair Value Adjustments in the Statement of Net Assets and Statement of Operations are due to the revaluation of financial assets based on bidmarket pricing for financial statement purposes. For the Net Asset Value calculations financial assets are valued at amortised cost.

The Company has availed of the exemption available to open-ended investment funds under FRS1 not to prepare a cash flow statement.

IncomeIncome from investment securities is accounted for in the Statement of Operations using the effective interest method.

Security ValuationThe Company has classified financial instruments as financial assets or financial liabilities at fair value through profit or loss. The fair value offinancial instruments traded in active markets is based on quoted market prices at 31 August 2015. The quoted market price used for financialassets held by the Company is the current bid price. The Company may invest in securities that are not traded in an active market (for example inover-the-counter money market instruments). The fair value of these investments is determined by using a valuation technique. This is a matrixbased technique which calculates a fair value price based on the correlation of spot to 12 month LIBOR rates (CDOR rates on the Canadian DollarFund) and length of time to maturity of each asset in this category.

All other assets are valued in such manner as the Directors of the Company may deem appropriate. The Company does not own any restrictedsecurities, all holdings being quoted on an official market, except where otherwise distinguished in the Fund’s schedule of investments.

Realised Gains and Losses The realised gains and losses on transferable securities arising during the year are transferred to the Statement of Operations and are treated asincome.

Fund Share Transactions The issue and redemption price of the shares in each Fund is based on the last calculated Net Asset Value per share.

Redeemable Participating SharesRedeemable participating shares are redeemable in accordance with the provisions of the Company’s Prospectus at the shareholder’s option andare classified as financial liabilities. The participating shares can be put back to the Company at any time for cash equal to a proportionate shareof the Company’s Net Asset Value. The participating share is carried at the redemption amount that is payable at the balance sheet date if theshareholder exercised its right to put the share back to the Company.

Foreign ExchangeItems included in the Company’s financial statements are measured using the currency of the primary economic environment in which it operates(the ‘functional currency’). As functional currency is determined at the individual Fund level the functional currency in respect of each Fund is theUnited States Dollar for The United States Dollar Fund, the Pound Sterling for The Sterling Fund, the Euro for The Euro Fund and the CanadianDollar for The Canadian Dollar Fund.

For aggregation purposes, assets and liabilities denominated in foreign currencies are converted into United States Dollars (‘USD’) at the exchangerates ruling at the balance sheet date. Transactions in foreign currencies are converted into USD at the exchange rates ruling at the dates of thetransactions. Gains and losses on foreign exchange transactions are recognised in the Statement of Operations in determining the results for the year.

The conversion exchange rates used in the Statement of Net Assets were as at the balance sheet date.

Notes to the Financial StatementsAs at 31 August 2015

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Exchange Rates As at As atCurrency 31 August 2015 31 August 2014Pound Sterling 0.650978 0. 602973Euro 0.893312 0.760491Canadian Dollar 1.322240 1.085870

The conversion exchange rates used in the Statement of Operations and the Statement of Changes in Net Assets were the average rates for theyear.

Average Exchange Rates For the year ended For the year endedCurrency 31 August 2015 31 August 2014Pound Sterling 0.645269 0.602392Euro 0.869345 0.734859Canadian Dollar 1.222843 1.078737

3. Cash at BankCash balances of the Funds are held with J.P. Morgan Bank (Ireland) plc.

4. Investment Management Fees and Other Transactions with the Investment Manager or its AffiliatesFIL Fund Management (Ireland) Limited (‘FFM(I)L’), a related party, has been appointed as Manager and is responsible for the investmentmanagement and general administration of the Company with power to delegate such functions subject to the overall supervision and control ofsuch functions being retained by the Directors. Pursuant to the Management Agreement dated 1 October 2005, FFM(I)L earns a monthlymanagement fee, accrued daily and based on the total net assets of the Funds.

For the year ended 31 August 2015, the management fee was capped at 0.15% per annum of the Net Asset Value of each Fund. On the Class BShares the total fee was capped at 0.40%, comprising the management fee capped at 0.15% and the shareholder service fee capped at 0.25%. Onthe Class D Shares the total fee was capped at 0.20%, comprising the management fee capped at 0.15% and the shareholder service fee cappedat 0.05%. On the Stanlib Short-Term Money Market Classes the total fee was capped at 0.20%, comprising the management fee capped at 0.15%and an additional Stanlib management fee of 0.05% which is calculated daily based on the Net Asset Value of the Class and paid monthly toStanlib. Given the low yield/negative environment during the year, these fees were partially waived as required. From the management fee, theManager discharges all fees and expenses, including custody fees, directors’ fees, audit fees, transaction costs and any out of pocket expenses ofthe Administrator, the Custodian, the Investment Manager, other service providers and the establishment costs of the Company. There are noadditional fees or transaction costs above those disclosed as ongoing charges in the Key Investor Information Document for each share class. Theaudit fee for the year ended 31 August 2015 is estimated at EUR32,895 (2014: EUR32,895). No fees are accrued on the USD Class C Shares.

Certain officers and Directors of the Company are also directors, officers or employees of FIL Limited and/or its subsidiary undertakings (the ‘FILLimited Group’) and, as such, do not receive Directors’ fees from the Company. David Dillon, a partner in Dillon Eustace and a Director of theCompany, is the only Director who is not an officer or employee of the FIL Limited Group and, as such, is entitled to receive Directors’ fees from theCompany. Details of these fees are as follows:

Remuneration of Directors2015 Paid as at the 2014 Paid as at

Name Annual Fee date of this report Annual Fee 14 November 2014David Dillon $7,572.94 $7,572.94 $8,896 $8,896

For the year ended 31 August 2015 total payments of $0.00 (2014: $23,151.51) were made to Dillon Eustace in respect of professional fees for theyear. These figures do not include the above remuneration paid to Dillon Eustace in respect of David Dillon’s fees.

FFM(I)L has delegated its discretionary powers of investment to FIL Investments International (‘FII’), as Investment Manager. FII was incorporated inEngland & Wales and FIL Limited is the ultimate parent company. FII is authorised to receive a monthly investment management fee from theManager, payable out of the management fee.

The Manager has appointed FIL Distributors (‘FILD’), as General Distributor of the Funds. FILD is paid out of the management fee.

FFM(I)L also acts as the Administrator and Registrar of the Company. FFM(I)L is responsible for calculating the daily Net Asset Value of the sharesof each Fund, maintaining the Funds’ books and records and acting as Registrar and Transfer Agent. FFM(I)L has also been appointed asCompany Secretary and prepares the Company’s annual and half yearly reports and other shareholder information.

Notes to the Financial StatementsAs at 31 August 2015 (continued)


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5. Debtors and Creditors2014 for comparison 2014 for comparison 2014 for comparison

US Dollar US Dollar Sterling Sterling Euro EuroUSD ‘000 USD ‘000 GBP ‘000 GBP ‘000 EUR ‘000 EUR ‘000

DebtorsReceivable from investment sold - - - - - 15Interest receivable 1,545 621 903 361 1,377 675

1,545 621 903 361 1,377 690CreditorsPayable for investments purchased 324,807 354,304 97,898 72,935 23,005 67,491Distributions payable 46 17 30 23 (1) 1Fees payable 477 349 139 126 - 134Other Payable - - - 1 - 13

325,330 354,670 98,067 73,085 23,004 67,639


Canadian Dollar Canadian Dollar Aggregated Total Aggregated Total(continued) CAD ‘000 CAD ‘000 USD ‘000 USD ‘000DebtorsReceivable from investment sold - - - 20Interest receivable 20 58 4,489 2,161

20 58 4,489 2,181CreditorsPayable for investments purchased 6,996 8,723 506,237 572,043Distributions payable 6 3 96 59Fees payable 16 13 703 746Other Payable - - - 19

7,018 8,739 507,035 572,867

6. Principal RisksThe Board of Directors of FIL Limited has established a risk policy, a risk appetite statement and a number of other risk related policies foradoption throughout the FIL Limited Group. There is a clearly defined structure operating within a corporate governance and managementframework that is designed to address the related business risks, including those arising from financial instruments. Risk management policies andprocedures are updated according to market, industry and government initiatives and regulatory developments. It is the Board of Directors of theCompany that is ultimately responsible for monitoring risk but day to day management of the risk process has been delegated to other areas asappropriate.

FIL Limited Group operates a ‘multiple lines of defence’ approach to risk management; also the risk control processes are comprehensive, multi-layered, both quantitative and qualitative and do not rely on any one risk measure or system. The primary responsibility for financial instrument riskmanagement rests with the Investment Manager. On a regular basis each Fund is formally reviewed by the Investment Manager; the review coversmultiple aspects of the Fund’s profile including trading activity, turnover, performance, structure, style profile and other relevant subjects. In additionto this review there is a formal Investment Risk Oversight Committee (‘IROC’), chaired by the head of the independent Investment ManagementRisk function, whose remit includes review of various risk and performance measures, liquidity and other investment risks. The Company isgoverned by the UCITS Regulations and the Central Bank of Ireland’s UCITS Notices and its compliance therewith, and with the Prospectus limits,are monitored and reported on by an independent Investment Compliance function.

The Company has entered into fully collateralised tri-party repurchase agreement transactions with institutions the Investment Manager hasdetermined are creditworthy and which are rated investment grade. The Company is not required to calculate global exposure because it doesnot generate leverage through the re-investment of collateral.

The main risks arising from financial instruments are credit, liquidity, counterparty, market price, foreign currency and interest rate risks and they,together with the risk management objectives, policies and procedures used to manage them, are outlined below.

Credit RiskCredit risk arises as both counterparty and issuer credit risk.

All security investments are transacted through brokers who have been approved by the FIL Limited Group as an acceptable counterparty. The listof approved brokers is reviewed regularly.

There is a risk of loss if a counterparty fails to perform its financial or other obligations to a Fund, for example, the possibility that a counterpartymay default by failing to make payments due, or failing to repay principal and interest in a timely manner. If settlement never occurs the lossincurred by the Fund will be the difference between the price of the original contract and the price of the replacement contract or, in the casewhere the contract is not replaced, the absolute value of the contract at the time it is voided. Furthermore, in some markets ‘Delivery versusPayment’ may not be possible in which case the absolute value of the contract is at risk if the Fund meets its settlement obligations but thecounterparty fails before meeting its obligations under the relevant contract.

The investments and cash of the Company are held with J.P. Morgan Bank (Ireland) plc (the ‘Custodian’). In the event of insolvency or bankruptcyof the Custodian, the Company’s assets are segregated from those of the Custodian or its agents. The Company will, however, be exposed to thecredit risk of the Custodian, or any depository used by the Custodian, in relation to the Company’s cash held by the Custodian. In the event of theinsolvency or bankruptcy of the Custodian, the Company will be treated as a general creditor of the Custodian in relation to cash holdings of the Company.

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A Fund’s investments may be adversely affected if any of the institutions with which its money is deposited suffers insolvency or other financialdifficulties. Credit risk also arises from the uncertainty surrounding the ultimate repayment of principal and interest or other debt instrumentinvestments by the issuers of such securities. Although the Funds may invest in high quality credit instruments, there can be no assurance that theinstitutions or securities in which a Fund invests will not be subject to credit difficulties leading to the loss of some or all of the sums invested insuch institutions, securities or other instruments.

The credit quality of permitted investments is strictly monitored and investment grade debt securities will be rated A or higher for long termsecurities or rated A-1 or higher for short term securities. Each Fund invests only in investment grade debt securities.

The following table breaks down the financial assets of the Company by rating category:

As at 31 August 2015Fund United States CanadianRating Dollar Sterling Euro DollarLong Term:AAA/Aaa 1% 7% - 19%AA/Aa 4% - 2% -A/A - - 2% 4%Short Term:A-1 58% 57% 63% 49%A-1+ 36% 36% 32% 29%

100% 100% 100% 100%

As at 31 August 2014Fund United States CanadianRating Dollar Sterling Euro DollarLong Term:AAA/Aaa - - - 2%AA/Aa 2% 4% 3% 3%A/A 2% 2% - -Short Term:A-1 53% 55% 52% 55%A-1+ 43% 39% 45% 40%

100% 100% 100% 100%

Liquidity RiskLiquidity risk is the risk of a Fund having insufficient same day realisable cash, investments and borrowing capacity to fund redemption requestsnet of subscriptions. In normal market conditions, a Fund’s assets comprise mainly realisable securities which can be readily sold. A Fund’sliabilities arise primarily through its exposure to the redemption of any Shares that investors wish to sell. The Investment Manager endeavours tomanage a Fund’s investments including cash, such that it can meet its liabilities. If investments cannot be realised in time to meet any potentialliability, the Company may borrow up to 10% of its Net Asset Value to provide short term cash to settle redemptions. It is expected that theweighted average maturity of each Fund will not exceed 60 days. However Fund redemptions may cause the average maturity to exceed 60 daystemporarily and in the event of such an occurrence all best efforts will be made to reduce the average maturity to within 60 days.

The Company has a committed facility arranged by J.P. Morgan Europe Limited (Facility Agent) and provided by a syndicate of internationalbanks.

If the Company receives aggregate requests for the redemption of shares in respect of 10% or more of the outstanding shares in any Fund or 10%or more of the Net Asset Value of the relevant Fund on any redemption day, the Company may elect to restrict the total number of sharesredeemed to 10% of the outstanding shares in the Fund or to 10% of the Net Asset Value of the relevant Fund. In this case all requests will bescaled down on a pro-rata basis and shares which are not redeemed by reason of such refusal shall be treated as if a request for redemptionhad been made in respect of each subsequent redemption day until all shares to which the original request related have been redeemed. Theremaining balance will be redeemed (subject always to the foregoing limit) in priority to subsequent redemption requests on the next redemptionday. This procedure is in place to manage liquidity risk in the Company and to protect the interests of the remaining shareholders.

As at 31 August 2015 (and as at 31 August 2014), redeemable participating shares are redeemable on demand, subject to the limitationsdescribed in the previous paragraph or during any period of temporary suspension of valuation of shares, sales and redemptions, and all otherliabilities are repayable within one month.

Market RiskMarket Risk comprises Market Price Risk, Foreign Currency Risk, and Interest Rate Risk.

Market Price RiskMarket price risk arises from the uncertainty about future price movements on financial instruments held. It represents the potential loss theCompany might suffer through holding market positions in the face of price movements. The value of investments is not fixed and may go down aswell as up. This may be as a result of a specific factor affecting the value of an individual investment, or may be caused by general marketfactors.

The Investment Manager considers the asset allocation of the portfolios in order to optimise the risk associated with particular countries or industrysectors whilst continuing to follow each Fund’s investment objective. The Investment Manager does not currently use derivative instruments to hedgethe investment portfolios against market risk, as in its opinion the cost of such a process would result in an unacceptable reduction in the potentialfor capital growth.

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Fair Value EstimationFRS29 requires the Company to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used inmaking the measurements. The fair value hierarchy has the following levels:

• Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);

• Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly(i.e. derived from prices) (Level 2); and

• Inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs) (Level 3).

The determination of what constitutes ‘observable’ requires significant judgement by the Company. The Company considers observable data to bethat market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independentsources that are actively involved in the relevant market.

The following tables analyse within the fair value hierarchy the Company’s financial assets measured at fair value as at 31 August 2015 and 31August 2014:

2014 for 2014 for 2014 forcomparison comparison comparison

Level 1 Level 2 Total Level 1 Level 2 TotalThe United States Dollar Fund USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000Financial assets at fair value through profit or loss- Debt Securities - 247,812 247,812 - 167,436 167,436- Term Deposits 380,110 355,000 735,110 334,000 250,000 584,000- Money Market Securities - 3,327,406 3,327,406 - 2,832,178 2,832,178

Total 380,110 3,930,218 4,310,328 334,000 3,249,614 3,583,614


Level 1 Level 2 Total Level 1 Level 2 TotalThe Sterling Fund GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000Financial assets at fair value through profit or loss- Debt Securities - 64,264 64,264 - 66,536 66,536- Treasury Bills & Government Bonds 23,358 - 23,358 - - -- Term Deposits 207,916 - 207,916 144,417 - 144,417- Money Market Securities - 803,420 803,420 - 848,382 848,382

Total 231,274 867,684 1,098,958 144,417 914,918 1,059,335


Level 1 Level 2 Total Level 1 Level 2 TotalThe Euro Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000Financial assets at fair value through profit or loss- Debt Securities - 54,696 54,696 - 61,652 61,652- Term Deposits 65,001 115,000 180,001 118,000 - 118,000- Money Market Securities - 977,054 977,054 - 848,362 848,362

Total 65,001 1,146,750 1,211,751 118,000 910,014 1,028,014


Level 1 Level 2 Total Level 1 Level 2 TotalThe Canadian Dollar Fund CAD ‘000 CAD ‘000 CAD ‘000 CAD ‘000 CAD ‘000 CAD ‘000Financial assets at fair value through profit or loss- Debt Securities - 10,323 10,323 - 2,752 2,752- Treasury Bills & Government Bonds 4,498 - 4,498 14,985 - 14,985- Term Deposits 8,708 - 8,708 17,096 - 17,096- Money Market Securities - 22,393 22,393 - 27,265 27,265

Total 13,206 32,716 45,922 32,081 30,017 62,098

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Instruments whose values are based on quoted market prices in active markets are classified within Level 1. The Company does not adjust thequoted price for these instruments.The Company uses valuation techniques to derive the fair value for over-the-counter money market instruments classified within Level 2. Instrumentswhose values are based on evaluated market prices (adjusted by the vendor) are also classified within this Level.

The Company does not have any Level 3 measurements.

Foreign Currency RiskThere is no foreign currency risk as each Fund only holds assets in the same currency as the currency of the shares in issue.

Interest Rate RiskDebt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a fixed rate debt security can fall when interestrates rise and can rise when interest rates fall.

Securities with longer maturity dates can be more sensitive to interest rate changes. As the permitted investments of the Fund’s entail trading ininterest bearing securities, there is an exposure to interest rate risk. The Investment Manager manages this exposure by generally investing ininstruments whose maturity or interest rate refixing date is less than 397 days. The Fund’s investment portfolio yield profiles are monitored regularlyin pursuance of the investment objectives and policies as set out in the Prospectus of the Company. In adverse market conditions, a Fund’sinvestments may yield zero or negative returns which may impact on the return of a Fund and result in negative investment income.

The interest rate profiles of the financial assets of each Fund as at 31 August 2015 and 31 August 2014 were as follows:

Fund United States Dollar Sterling Euro Canadian Dollar31 August 2015

Fixed Interest Rate Securities

- Weighted Average Interest Rate (%)1 0.29 0.63 0.06 0.66

- Weighted Average Period until Maturity (days)2 32 50 58 34

31 August 2014

Fixed Interest Rate Securities

- Weighted Average Interest Rate (%)1 0.19 0.51 0.25 1.05

- Weighted Average Period until Maturity (days)3 46 45 52 18

1 Weighted Average Interest Rate is calculated on the par value of the underlying securities. This Weighted Average Interest Rate is notcalculated on the same basis as the Fund yield disclosed in the Investment Manager’s Overview. The yields presented in the Overview arecalculated based on market values rather than par values.

2 Please note that only fixed interest securities have been included in the calculation of the above Weighted Average Period until Maturity(WAMs). If all portfolio securities were included, the WAMs would be: 32 (ILFUSD), 49 (ILFGBP), 58 (ILFEUR) & 34 (ILFCAD).

3 Please note that only fixed interest securities have been included in the calculation of the above Weighted Average Period until Maturity(WAMs). If all portfolio securities were included, the WAMs would be: 51 (ILFUSD), 44 (ILFGBP), 47 (ILFEUR) & 18 (ILFCAD).

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The table below summarises the exposure of the Company to interest rate risk as at 31 August 2015 and 31 August 2014. It includes the Company’sfinancial assets and financial liabilities at fair values, categorised by the earlier of contractual re-pricing or maturity dates.

Less than 1 month - Over Non InterestThe United States Dollar Fund 1 month 3 months 3 months Bearing TotalAs at 31 August 2015 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000Current Assets 2,993,061 1,092,451 224,816 23,885 4,334,213 Current Liabilities - - - (4,334,213) (4,334,213)

Interest sensitivity gap 2,993,061 1,092,451 224,819 (4,310,328) -

As at 31 August 2014Current Assets 1,412,956 1,829,024 341,634 135,675 3,719,289Current Liabilities - - - (3,719,289) (3,719,289)

Interest sensitivity gap 1,412,956 1,829,024 341,634 (3,583,614) -

Less than 1 month - Over Non InterestThe Sterling Fund 1 month 3 months 3 months Bearing TotalAs at 31 August 2015 GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000Current Assets 343,771 636,995 118,192 903 1,099,861 Current Liabilities - - - (1,099,861) (1,099,861)

Interest sensitivity gap 343,771 636,995 118,192 (1,098,958) -

As at 31 August 2014Current Assets 454,391 445,241 159,703 361 1,059,696Current Liabilities - - - (1,059,696) (1,059,696)


Less than 1 month - Over Non InterestThe Euro Fund 1 month 3 months 3 months Bearing TotalAs at 31 August 2015 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000Current Assets 511,036 557,223 143,492 93,815 1,305,566 Current Liabilities - - - (1,305,566) (1,305,566)


As at 31 August 2014Current Assets 396,463 476,433 155,118 63,012 1,091,026Current Liabilities - - - (1,091,026) (1,091,026)


Less than 1 month - Over Non InterestThe Canadian Dollar Fund 1 month 3 months 3 months Bearing TotalAs at 31 August 2015 CAD ‘000 CAD ‘000 CAD ‘000 CAD ‘000 CAD ‘000Current Assets 26,356 14,046 5,520 20 45,942 Current Liabilities - - - (45,942) (45,942)

Interest sensitivity gap 26,356 14,046 5,520 (45,922) -

As at 31 August 2014Current Assets 45,870 16,228 - 58 62,156Current Liabilities - - - (62,156) (62,156)

Interest sensitivity gap 45,870 16,228 - (62,098) -

The sensitivity to changes in interest rates are assessed in the below tables:

Should interest rates have fallen by 50 basis points (0.5%) with all other variables remaining constant, the increase in net assets attributable toholders of redeemable shares for the year would be:

Fund United States Dollar Sterling Euro Canadian DollarCurrency USD ‘000 GBP ‘000 EUR ‘000 CAD ‘00031 August 2015 818 589 682 1731 August 2014 1,029 623 175 15

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If interest rates had risen by 50 basis points (0.5%), the decrease in net assets attributable to holders of redeemable shares would be:

Fund United States Dollar Sterling Euro Canadian DollarCurrency USD ‘000 GBP ‘000 EUR ‘000 CAD ‘00031 August 2015 (818) (588) (681) (17)31 August 2014 (2,204) (622) (689) (15)

The Manager uses an independent risk model to estimate the instrument level profit or loss impact of shifts in market parameters. The Fund levelprofit or loss is an aggregation of instrument profit or loss based on current holdings. The profit or loss figures indicated in the above table areonly an estimate of risk and actual figures may differ from stated results.

Fair Value of Financial Assets and Financial LiabilitiesAll the financial assets and financial liabilities are held at fair value as described in Note 2.

7. TaxationUnder current law and practice the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act,1997, as amended. On that basis, it is not chargeable to Irish tax on its income or gains.

However, Irish tax may arise on the happening of a ‘chargeable event’. A chargeable event includes any distribution payments to shareholders,any encashment, redemption, cancellation or transfer of shares and the holding of shares at the end of each eight year period beginning with theacquisition of such shares.

No Irish tax will arise on the Company in respect of chargeable events in respect of:

(i) a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, providedappropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Companyor the Company has been authorised by the Irish Revenue to make gross payments in the absence of appropriate declarations; and

(ii) certain exempted Irish tax resident shareholders who have provided the Company with the necessary signed statutory declarations. Dividends,interest and capital gains (if any) received on investments made by the Company may be subject to taxes imposed by the country from whichthe investment income/gains are received and such taxes may not be recoverable by the Company or its shareholders.

8. DividendsIt is policy of the company to distribute and reinvest dividends on a daily basis (with the exception of Flex Distributing Class F shares which arereinvested on a monthly basis) based on the net investment income available for distribution (including interest income) and the excess of realisedcapital gains over realised losses, if any, in respect of investments of the company. In respect of Accumulation shares, the Directors havedetermined to accumulate all net income and net realised capital gains attributable to the redeemable participating shares.

The following dividends were declared during the period ended 31 August 2015 and 31 August 2014

Fund 31 August 2015 31 August 2014The United States Dollar Fund USD $2,265,000 USD $1,373,000The Sterling Fund GBP £2,074,000 GBP £1,285,000The Euro Fund EUR €2,000 EUR €156,000The Canadian Dollar Fund CAD $370,000 CAD $265,000

The following dividends were payable during the period ended 31 August 2015 and 31 August 2014

Fund 31 August 2015 31 August 2014The United States Dollar Fund USD $46,000 USD $17,000The Sterling Fund GBP £30,000 GBP £23,000The Euro Fund EUR (€1,000) EUR €1,000The Canadian Dollar Fund CAD $6,000 CAD $3,000

9. Share CapitalThe Authorised Share Capital of the Company is one trillion shares of no par value.

At 31 August 2015 there were 7 (2014: 7) subscriber shares in issue and 2,718,564,412 (2014:2,745,378,015) participating shares in issue.

10. Soft CommissionsNo soft commission arrangements have been entered into during the year.

11. Cross LiabilityThe assets of each Fund may be exposed to the liabilities of other Funds within the Company. As at 31 August 2015, the Directors are not aware ofany such existing or contingent liability.

12. Post Balance Sheet There have been no significant post balance sheet events affecting the Company since the year end.

13. Approval of Financial StatementsThe Directors approved the Financial Statements on 11 November 2015.

31

FidelityInstitutionalLiquidityFund plc Notes to the Financial Statements

As at 31 August 2015 (continued)

k_Notes_v08_K_NFS_v0 13/11/2015 14:49

32


The Custodian, in respect of Fidelity Institutional Liquidity Fund plc (the ‘Company’) is required under the European Communities (Undertakings forCollective Investment in Transferable Securities) Regulations 2011 (as amended) (the ‘UCITS Regulations’) to:-

• ensure that the sale, issue, repurchase, redemption and cancellation of shares effected by or on behalf of the Company are carried out inaccordance with the UCITS Regulations and in accordance with the Memorandum and Articles of Association.

• ensure that the value of shares is calculated in accordance with the UCITS Regulations and the Memorandum and Articles of Association.

• carry out the instructions of the Company unless they conflict with the UCITS Regulations or the Memorandum and Articles of Association.

• ensure that in transactions involving the Company’s assets, any consideration is remitted to it within time limits which are acceptable marketpractice in the context of a particular transaction.

• ensure that the Company’s income is applied in accordance with the UCITS Regulations and the Memorandum and Articles of Association.

• enquire into the conduct of the Company in each annual accounting period and report thereon to the shareholders. The Custodian’s report shallbe delivered to the Company in good time to enable the Company to include a copy of the report in its annual report. The Custodian’s Reportshall state whether in the Custodian’s opinion the Company has been managed in that period:

(i) in accordance with the limitations imposed on the investment and borrowing powers of the Company and Custodian by the Memorandumand Articles of Association and the UCITS Regulations; and

(ii) otherwise in accordance with the provisions of the Memorandum and Articles of Association and the UCITS Regulations.

If the Company does not comply with (i) or (ii) above, the Custodian must state why this is the case and outline the steps which the Custodianhas taken to rectify the situation.

• notify the Central Bank of Ireland promptly of any material breach of the UCITS Regulations, conditions imposed by the Central Bank of Irelandor provisions of the prospectus with regard to the Company.

The duties provided for above may not be delegated by the Custodian to a third party. These duties must be carried out in the State.

The Custodian also takes into its custody or under its control all the assets of the Company and holds them in safekeeping for the shareholders.

Custodian’s Statement of Responsibilities

l_Custodian_&_Auditors_Report_v06_b-DirRept-v0 13/11/2015 14:53 Page 32


33

Report of the Custodian to the ShareholdersWe have enquired into the conduct of the Fidelity Institutional Liquidity Fund plc (the ‘Company’) for the year ended 31 August 2015 in our capacityas Custodian to the Company.

This report including the opinion has been prepared for and solely for the shareholders in the Company as a body, in accordance with the CentralBank of Ireland’s UCITS Notice 4 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purposeor to any other person to whom this report is shown.

Responsibilities of the CustodianOur duties and responsibilities are outlined in the Central Bank of Ireland’s UCITS Notice 4. One of those duties is to enquire into the conduct ofthe Company in each annual accounting period and report thereon to the shareholders.

Our report shall state whether, in our opinion the Company has been managed in that period, in accordance with the provisions of the Company’sMemorandum and Articles of Association and the European Communities (Undertakings for Collective Investment in Transferable Securities)Regulations 2011 (as amended) (the ‘UCITS Regulations’). It is the overall responsibility of the Company to comply with these provisions. If theCompany has not complied we, as Custodian must state why this is the case and outline the steps which we have taken to rectify the situation.

Basis of Custodian OpinionThe Custodian conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in UCITSNotice 4 and to ensure that, in all material respects, the Company has been managed;

(i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by the provisions of its Memorandumand Articles of Association and the UCITS Regulations and

(ii) otherwise in accordance with the provisions of the Company’s Memorandum and Articles of Association and the UCITS Regulations.

OpinionIn our opinion, the Company has been managed during the year, in all material respects:

(i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum and Articles ofAssociation and by the UCITS Regulations; and

(ii) otherwise in accordance with the provisions of the Memorandum and Articles of Association and the UCITS Regulations.

For and on behalf of

J.P. Morgan Bank (Ireland) plcJPMorgan House,IFSC, Dublin 1.

11 November 2015

Custodian’s Report


Report on the financial statementsOur OpinionIn our opinion, Fidelity Institutional Liquidity Fund plc’s financial statements (the “financial statements”):

• give a true and fair view of the company’s and funds’ assets, liabilities and financial position as at 31 August 2015 and of their results for theyear then ended;

• have been properly prepared in accordance with Generally Accepted Accounting Practice in Ireland; and

• have been properly prepared in accordance with the requirements of the Companies Act 2014 and the European Communities (Undertakings forCollective Investment in Transferable Securities) Regulations 2011 (as amended).

What we have auditedThe financial statements comprise:

• the statement of net assets attributable to holders of redeemable participating shares as at 31 August 2015;

• the statement of operations for the year then ended;

• the statement of changes in net assets attributable to holders of redeemable participating shares for the year then ended;

• the schedule of investments for each of the funds as at 31 August 2015; and

• the notes to the financial statements for the company which include a summary of significant accounting policies and other explanatoryinformation.

The financial reporting framework that has been applied in the preparation of the financial statements is Irish law and accounting standardsissued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland (Generally Accepted AccountingPractice in Ireland).

In applying the financial reporting framework, the directors have made a number of subjective judgements, for example in respect of significantaccounting estimates. In making such estimates, they have made assumptions and considered future events.

Matters on which we are required to report by the Companies Act 2014• We have obtained all the information and explanations which we consider necessary for the purposes of our audit.

• In our opinion the accounting records of the company were sufficient to permit the financial statements to be readily and properly audited.

• The financial statements are in agreement with the accounting records.

• In our opinion the information given in the Directors' Report is consistent with the financial statements.

• In our opinion, based on the work undertaken in the course of our audit of the financial statements, the description of the main features of theinternal control and risk management systems in relation to the financial reporting process included in the Corporate Governance Statement, isconsistent with the financial statements and has been prepared in accordance with section 1373(2)(c) of the Companies Act 2014.

• Based on our knowledge and understanding of the company and its environment, obtained in the course of our audit of the financial statements,we have not identified material misstatements in the description of the main features of the internal control and risk management systems inrelation to the financial reporting process included in the Corporate Governance Statement.

• In our opinion, based on the work undertaken during the course of our audit of the financial statements, the information required by section 1373(2)(a),(b),(e) and (f) is contained in the Corporate Governance Statement.

Matters on which we are required to report by exceptionDirectors’ remuneration and transactionsUnder the Companies Act 2014 we are required to report to you if, in our opinion, the disclosures of directors’ remuneration and transactionsspecified by sections 305 to 312 of that Act have not been made. We have no exceptions to report arising from this responsibility.

34

F idelityInstitutionalL iquidityFund plc Independent Auditors' report to the Members of

Fidelity Institutional Liquidity Fund plc ('the Company')



35


Responsibilities for the financial statements and the auditOur responsibilities and those of the directorsAs explained more fully in the Directors’ Report set out on pages 4 to 6, the directors are responsible for the preparation of the financialstatements and for being satisfied that they give a true and fair view.

Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards onAuditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with section 391 of theCompanies Act 2014 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or toany other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

What an audit of financial statements involvesWe conducted our audit in accordance with International Standards on Auditing (UK and Ireland). An audit involves obtaining evidence about theamounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from materialmisstatement, whether caused by fraud or error. This includes an assessment of:

• whether the accounting policies are appropriate to the company’s circumstances and have been consistently applied and adequately disclosed;

• the reasonableness of significant accounting estimates made by the directors; and

• the overall presentation of the financial statements.

We primarily focus our work in these areas by assessing the directors’ judgements against available evidence, forming our own judgements, andevaluating the disclosures in the financial statements.

We test and examine information, using sampling and other auditing techniques, to the extent we consider necessary to provide a reasonablebasis for us to draw conclusions. We obtain audit evidence through testing the effectiveness of controls, substantive procedures or a combination ofboth.

In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the auditedfinancial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledgeacquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we considerthe implications for our report.

Kenneth OwensFor and on behalf of PricewaterhouseCoopers Chartered Accountants and Statutory Audit FirmDublin

11 November 2015

Independent Auditors' report to the Members of Fidelity Institutional Liquidity Fund plc ('the Company')


Crédit Agricole 0.27% 02/03/2015 160,000

Crédit Agricole 0.25% 01/04/2015 160,000

Kingdom of Belgium 0.2% 06/02/2015 150,000

Dexia Credit Local 0.28% 08/04/2015 150,000

Crédit Agricole 0.27% 01/05/2015 150,000


BNP Paribas 0.23% 02/02/2015 125,000

DZ Bank 0.22% 02/02/2015 120,000

Sumitomo Mitsui Trust Bank 0.18% 13/05/2015 120,000


Abbey National Treasury Services 0.2% 01/12/2014 100,000

La Banque Postale 0.2% 02/02/2015 100,000

BNP Paribas 0.24% 20/05/2015 100,000

Mitsubishi UFJ Trust & Banking Corp. 0.27% 01/07/2015 100,000

Credit Suisse 0.2% 01/07/2015 100,000

Crédit Agricole 0.2% 01/07/2015 100,000

BNP Paribas 0.27% 01/09/2015 100,000

Credit Suisse 0.26% 01/09/2015 100,000

Crédit Agricole 0.22% 01/09/2015 100,000

Landeskreditbank Baden-Württemberg 0.19% 08/09/2015 100,000


Credit Suisse 0.2% 03/10/2014 90,000

Banque Fédérative du Crédit Mutuel 0.23% 01/07/2015 90,000

UBS 0.21025% 07/08/2015 90,000

Société Nationale des Chemins de Fer Français 0.2% 18/12/2014 80,000

DekaBank Deutsche Girozentrale 0.22% 29/12/2014 80,000

Bank of Montreal 0.18% 05/01/2015 80,000

BNP Paribas 0.23% 02/02/2015 80,000

Crédit Agricole 0.23% 09/02/2015 80,000

Crédit Agricole 0.23% 13/02/2015 80,000


HSBC 0.25% 22/04/2015 80,000

Mizuho Bank 0.29% 29/06/2015 80,000

Mizuho Corporate Bank 0.23% 07/10/2014 70,000

Mizuho Bank 0.25% 19/12/2014 70,000

Agence Centrale des Organismes de Sécurité Sociale 0.22% 02/03/2015 70,000

Mizuho Bank 0.26% 09/04/2015 70,000

Standard Chartered Bank 0.27% 05/05/2015 70,000


Sumitomo Mitsui Banking Corp. 0.27% 03/07/2015 70,000

36

The United States Dollar Fund

Major purchases for Major sales forthe year ended the year ended31 August 2015 31 August 2015

Security USD ‘000 USD ‘000

F idelityInstitutionalL iquidityFund plc

FidelityInstitutionalLiquidityFund plc Statement of Changes in Investments

For the year ended 31 August 2015 (unaudited)

A full list is available from the Administrator upon request.

m_Statement_of_Changes_Inv_v04_SOC_Investments 13/11/2015 14:58 Page 36

National Australia Bank 0.54938% 23/06/2015 50,000


Credit Suisse 0.54% 01/07/2015 50,000

Credit Suisse 0.55% 01/09/2015 50,000

Crédit Agricole 0.5% 01/09/2015 50,000


Crédit Agricole 0.5% 01/05/2015 45,000





Credit Suisse 0.54% 01/06/2015 40,000

European Investment Bank 4.375% 08/07/2015 36,000

Credit Suisse 0.49% 03/11/2014 35,000


HSBC 0.57% 17/08/2015 35,000


Stadshypotek 0.54% 09/10/2015 35,000


Barclays Bank 0.48% 03/11/2014 30,000




Mitsubishi UFJ Trust & Banking Corp. 0.52% 04/11/2014 30,000


DNB Bank 0.5% 01/12/2014 30,000


UBS 0.5% 14/09/2015 30,000

BNP Paribas 0.565% 04/12/2014 29,000

BNP Paribas 0.53% 01/10/2014 25,000

Crédit Agricole 0.45% 03/10/2014 25,000



Swedbank 0.53% 05/03/2015 25,000


Caisse des Dépôts et Consignations 0.57% 07/07/2015 25,000

UBS 0.53338% 07/08/2015 25,000


Standard Chartered Bank 0.54% 11/09/2015 25,000


37

The Sterling Fund


Security GBP ‘000 GBP ‘000

Statement of Changes in InvestmentsFor the year ended 31 August 2015 (unaudited)




Agence Centrale des Organismes de Sécurité Sociale -0.1% 04/05/2015 120,000



Credit Suisse -0.07% 01/07/2015 60,000



KBC Bank 0.04% 02/01/2015 50,000

Credit Suisse -0.05% 01/06/2015 50,000


Credit Suisse -0.02% 01/09/2015 50,000


L’Oreal 0.095% 08/04/2015 49,500

Nordea Bank 0.06% 27/03/2015 47,000

DZ Bank 0.01% 22/04/2015 45,000


Bank Nederlandse Gemeenten 3.375% 01/06/2015 40,100


Électricité de France 0.04% 07/04/2015 40,000

Mizuho Bank 0.2% 13/04/2015 40,000

DekaBank Deutsche Girozentrale -0.01% 02/07/2015 40,000

BNP Paribas 0.16% 04/11/2014 45,000

Nordea Bank 0.32% 13/11/2014 45,000

Mizuho Bank 0.02% 13/04/2015 40,000

DekaBank Deutsche Girozentrale -0.01% 02/07/2015 40,000

BNP Paribas 0.01% 05/01/2015 36,000

Airbus Group Finance 0.02% 28/11/2014 35,000

Mitsubishi Corporation Finance 14/07/2015 31,000



Mizuho Bank 0.1% 08/12/2014 30,000

KBC Bank 0.04% 02/01/2015 30,000

European Investment Bank 1.625% 15/01/2015 30,000


Natixis 0.02% 03/03/2015 30,000

Mitsubishi Corporation Finance 0.055% 16/03/2015 30,000

Credit Suisse 31/03/2015 30,000

Mizuho Bank -0.01% 19/06/2015 30,000


Nordea Bank 0.06% 27/03/2015 27,000


38

The Euro Fund


Security EUR ‘000 EUR ‘000





Canadian Government Treasury Bill 0.37952% 22/10/2015 11,500

Canadian Government 1% 01/11/2015 7,500









Canadian Government 2.5% 01/08/2015 5,000







Bank of Montreal 0.72% 01/04/2015 3,000

Agence Centrale des Organismes de Sécurité Sociale 0.75% 26/06/2015 3,000












Wells Fargo Canada Corp. 1.18% 11/03/2015 2,100

Toyota Credit Canada 1.14% 12/03/2015 2,100

Toronto-Dominion Bank 1.13122% 20/11/2014 2,000



Honda Canada Finance 1.14% 06/11/2014 1,050

Bank of Nova Scotia 1.1759% 12/12/2014 800

39

The Canadian Dollar Fund


Security CAD ‘000 CAD ‘000





Fidelity Institutional Liquidity Fund plcRegistered OfficeFirst Floor Marconi House Digges Lane Dublin 2 Ireland

Investment ManagerFIL Investments InternationalOakhill House130 Tonbridge RoadHildenboroughKent TN11 9DZUnited Kingdom

ManagerFIL Fund Management (Ireland) LimitedFirst Floor Marconi House Digges Lane Dublin 2 Ireland

Independent AuditorsPricewaterhouseCoopersOne Spencer DockNorth Wall QuayDublin 1Ireland

Custodian & TrusteeJ.P. Morgan Bank (Ireland) plcJPMorgan HouseInternational Financial Services CentreDublin 1Ireland

Administrator, Registrar & SecretaryFIL Fund Management (Ireland) LimitedFirst Floor Marconi House Digges Lane Dublin 2 Ireland

General DistributorFIL Distributors Pembroke Hall42 Crow LanePembroke HM19Bermuda

Sponsoring BrokerJ & E DavyDavy House49 Dawson StreetDublin 2Ireland

Legal AdvisorDillon Eustace Solicitors33 Sir John Rogerson’s QuayDublin 2Ireland

CIRL189

40

Directory


n_Directory_v02_b_FF_DirRept_v0 13/11/2015 15:00 Page 40

Fidelity, Fidelity International, the Fidelity International logo and symbol are trademarks of FIL Limited

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