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Lloyds Investment Funds Limited

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Lloyds Investment Funds Limited LLOYDS INVESTMENT FUNDS LIMITED Annual Report and Audited Financial Statements For the year ended 30th September 2014 Lloyds Investment Funds Limited Contents Company Information 2 Investment Objectives and Policy 3 Directors’ Profiles 4 Report of the Directors 5 Report of the Investment Manager 7 Report of the Custodian to the Members of Lloyds Investment Funds Limited 12 Report of the Independent Auditor 13 Balance Sheets 14 Statements of Comprehensive Income 18 Statements of Changes in Net Assets Attributable to Holders of Participating Redeemable Preference Shares 20 Cash Flow Statements 22 Investment Dealing 26 Investment Portfolios 27 Euro High Income Fund 27 European Fund 30 High Income Fund 32 International Fund 37 North American Fund 40 Sterling Bond Fund 43 UK Fund 46 Investments Purchased and Sold 48 Summary of Material Portfolio Changes 49 Notes to the Financial Statements 53 Distribution Table (Unaudited) 78 Performance Record (Unaudited) 82 Net Asset Value per Share (Unaudited) 85 Notice of Meeting 86 Form of Proxy 87 1 Lloyds Investment Funds Limited Company Information Registered Office Investment Manager PO Box 160, 25 New Street, Aberdeen Asset Investments Limited St Helier, (formerly Scottish Widows Investment Partnership Limited), Jersey, JE4 8RG, Bow Bells House, Channel Islands. 1 Bread Street, London, Principal Place of Business EC4M 9HH. PO Box 311, 11 - 12 Esplanade, St Helier, Jersey, JE4 8ZU, Custodian Channel Islands. Capita Trust Company (Jersey) Limited, PO Box 532, 12 Castle Street, Directors St Helier, c/o Registered Office Jersey, JE2 3RT, R. D. Willcox (Chairman) Channel Islands. I. M. J. Hardy B. C. James Secretary N. R. Jeacock-Fewtrell (resigned 05.06.14) Lloyds Corporate Services (Jersey) Limited, B. Lysiak (appointed 05.06.14) PO Box 160, 25 New Street, St Helier, T. J. Herbert Jersey, JE4 8RG, PO Box 87, 22 Grenville Street, St Helier, Channel Islands. Jersey, JE4 8PX, Channel Islands. Independent Auditors Manager and Registrar PricewaterhouseCoopers CI LLP, 37 Esplanade, Lloyds Investment Fund Managers Limited , St Helier, PO Box 160, 25 New Street, Jersey, JE1 4XA, St Helier, Channel Islands. Jersey, JE4 8RG, Channel Islands. Paying Agent Legal Advisers Lloyds Bank International Limited , PO Box 111, Mourant Ozannes, Peveril Buildings, Peveril Square, PO Box 87, 22 Grenville Street, St Helier, Douglas, IM99 1JJ, Jersey, JE4 8PX, Isle of Man. Channel Islands. 2 Lloyds Investment Funds Limited Investment Objectives and Policy Lloyds Investment Funds Limited ‘the Company’ is an open-ended International Fund investment company registered in Jersey with seven classes, each Objective being an individual ‘Fund’. To seek long term capital appreciation through investment in It is known as an ‘Umbrella’ Fund because it provides its securities world-wide. shareholders with a variety of investment options under the umbrella of a single Company. Investment Policy To be invested primarily in a diversified portfolio of international The overall objective of the Company is to provide investors with a equities and from time to time in securities convertible into equities. managed investment designed to meet the specific objectives laid down for each Fund. The investment objectives and policy of each North American Fund Fund is set out below. Objective Euro High Income Fund To seek long term capital appreciation through investment Objective in North American securities. To maintain a high income through investment in a spread of fixed Investment Policy interest securities denominated predominately in euro. To be invested primarily in a diversified portfolio of North Investment Policy American equities and from time to time in securities convertible into equities. To support the payment of dividends above the level of short term euro interest rates. This policy will result in a gradual reduction in Sterling Bond Fund the capital value of the shares, except when bond prices generally are rising. The Fund will normally hold a relatively wide range of Objective securities in order to keep a low level of exposure to individual bond To provide a regular income from a managed portfolio of sterling issues other than government securities. The Fund may also hold fixed interest securities with a particular emphasis on those a substantial part of its assets in bank deposits and money market securities on which interest is paid gross to non-residents of the instruments from time to time. The Fund is permitted to invest in United Kingdom. securities denominated in currencies other than euro. The current Investment Policy policy of the Directors is that any such investments in non-euro The assets of the Fund are generally invested in a managed portfolio denominated securities should be fully hedged against euro to of sterling fixed interest securities which have been issued by eliminate the effects of any exchange rate movements. governments, local authorities, public utilities and corporations. European Fund If it appears advisable to hold assets having a short term maturity, then the Fund may also place money on bank deposit (subject to Objective certain limitations) or to purchase money market instruments. To seek long term capital appreciation through investment in European securities. Similarly, derivative instruments such as traded options and financial futures may be used to reduce risk. Investment Policy To be invested primarily in a diversified portfolio of European UK Fund (excluding the United Kingdom) equities and from time to time in Objective securities convertible into equities. To seek long term capital appreciation through investment High Income Fund in United Kingdom securities. Objective Investment Policy To seek a high income from a spread of fixed interest securities. To be invested primarily in a diversified portfolio of United Kingdom equities and from time to time in securities convertible into equities. Investment Policy To support the payment of dividends above the level of short term Financial risk sterling interest rates. This policy will result in a gradual reduction in It should be remembered that the price of shares and the income the capital value of the shares, except when bond prices generally from them can go down as well as up and is not guaranteed. are rising. The Fund will normally hold a relatively wide range of Consequently, and particularly in the case of early encashment, you securities in order to keep a low level of exposure to individual bond might not get back the amount originally invested. Dividends are not issues other than government securities. The Fund may also hold guaranteed and may fluctuate in money terms. a substantial part of its assets in bank deposits and money market instruments from time to time. The Fund is permitted to invest in securities denominated in currencies other than sterling. The current policy of the Directors is that any such investments in non-sterling denominated securities should be fully hedged against sterling to eliminate the effects of any exchange rate movements. 3 Lloyds Investment Funds Limited Directors’ Profiles Ross Davey Willcox (Chairman) – Head of International Products, Brian Charles James – Head of Investment Operations Jersey, Retail, Customer Products, Lloyds Banking Group. Retail, Lloyds Banking Group. Joined the Lloyds Banking Group in 1977 and has held a number of Joined the Lloyds Banking Group in 1988 and has held a number managerial positions in the UK and Internationally. Was appointed of managerial positions primarily in Financial Control and Risk Managing Director of Lloyds Investment Fund Managers Limited in Management roles. Appointed as a Director in 1997. Current 1999 and is currently Chairman/Director of the International Fund responsibilities include leading a team of specialists delivering Companies. Current responsibilities include the value proposition operational support for a range of offshore investment products of all investment products for International Wealth. A qualified and services. A Chartered Director. Banker, a Fellow of the Securities & Investment Institute and a Aged 53. Chartered Director. Nigel Ross Jeacock-Fewtrell – Transaction Leader, Change and Aged 55. Transformation, Retail, Lloyds Banking Group (resigned 5th June Ian Mark Jeremie Hardy – Senior Product Manager, 2014). International Products, Retail, Lloyds Banking Group. Joined the Lloyds Banking Group in 1985 and held a number of Joined the Lloyds Banking Group in 1981 and held a number of managerial positions in Jersey, UK and Hong Kong. Appointed as a managerial positions before being appointed Managing Director Director in 2002. Responsibilities included delivering strategic change of the Group’s Guernsey based Lloyds Investment Fund Managers to the Group’s international business. Retired from Lloyds Banking Limited in 1997 and a Director of the Company in 2000. Current Group with effect from 16th September 2014. A Chartered Director. responsibilities include provision of technical and regulatory advice Aged 48. on a range of investment products and services. Holder of an Bronislaw Lysiak –Senior Manager Intermediary Sales, upper second class honours degree from the University of Aston in International Private Banking, Lloyds Banking Group (appointed Birmingham in Business Administration and Transport Planning. 5th June 2014). Aged 55. Joined the Lloyds Banking Group in 1993 and has held a number Timothy Joseph Herbert – Consultant, Mourant Ozannes. of managerial positions within a regulated personal customer Jersey born
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