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Lloyds Investment Funds Limited

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Lloyds Investment Funds Limited LLOYDS INVESTMENT FUNDS LIMITED Interim Report and Unaudited Financial Statements For the period ended 31st March 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 Balance Sheets 12 Statements of Comprehensive Income 16 Statements of Changes in Net Assets Attributable to Holders of Participating Redeemable Preference Shares 18 Cash Flow Statements 20 Investment Dealing 24 Investment Portfolios 25 Euro High Income Fund 25 European Fund 28 High Income Fund 30 International Fund 35 North American Fund 37 Sterling Bond Fund 39 UK Fund 42 Investments Purchased and Sold 44 Summary of Material Portfolio Changes 45 Notes to the Financial Statements 49 Distribution Table 74 Performance Record 76 Net Asset Value per Share 79 1 Lloyds Investment Funds Limited Company Information Registered Office Legal Advisers PO Box 160, 25 New Street, In England: St Helier, Linklaters Jersey, JE4 8RG, One Silk Street, London, Channel Islands. EC2Y 8HQ. Principal Place of Business Investment Manager PO Box 311, 11 - 12 Esplanade, St Helier, Scottish Widows Investment Partnership Limited, Jersey, JE4 8ZU, 33 Old Broad Street, Channel Islands. London EC2N 1HZ. Directors Custodian c/o Registered Office Capita Trust Company (Jersey) Limited, R. D. Willcox (Chairman) PO Box 532, 12 Castle Street, I. M. J. Hardy St Helier, B. C. James Jersey, JE2 3RT, N. R. Jeacock-Fewtrell Channel Islands. T. J. Herbert Secretary. PO Box 87, 22 Grenville Street, St Helier, Jersey, JE4 8PX, Lloyds Corporate Services (Jersey) Limited, Channel Islands. PO Box 160, 25 New Street, St Helier, Manager and Registrar Jersey, JE4 8RG, Channel Islands. Lloyds Investment Fund Managers Limited , PO Box 160, 25 New Street, Independent Auditors St Helier, Jersey, JE4 8RG, PricewaterhouseCoopers CI LLP, Channel Islands. 37 Esplanade, Tel: +44 (0) 1534 845555 St Helier, Jersey, JE1 4XA, Legal Advisers Channel Islands. In Jersey: Paying Agent Mourant Ozannes Lloyds Bank International Limited , PO Box 87, 22 Grenville Street, St Helier, PO Box 111, Jersey, JE4 8PX, Peveril Buildings, Peveril Square, Channel Islands. Douglas, IM99 1JJ, Isle of Man. 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 Company will normally hold a relatively wide range Objective of securities in order to keep a low level of exposure to individual To provide a regular income from a managed portfolio of sterling bond issues other than government securities. The Company may fixed interest securities with a particular emphasis on those also hold a substantial part of its assets in bank deposits and money securities on which interest is paid gross to non residents of the market instruments from time to time. The Company is permitted to United Kingdom. invest in securities denominated in currencies other than euro. The Investment Policy current policy of the Directors is that any such investments in non- The assets of the Company are generally invested in a managed euro denominated securities should be fully hedged against euro to portfolio of sterling fixed interest securities which have been issued eliminate the effects of any exchange rate movements. by governments, local authorities, public utilities and corporations. European Fund If it appears advisable to hold assets having a short term maturity, then the Company may also place money on bank deposit (subject Objective to 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 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 Company will normally hold a relatively wide range Consequently, and particularly in the case of early encashment, you of securities in order to keep a low level of exposure to individual might not get back the amount originally invested. Dividends are not bond issues other than government securities. The Company may guaranteed and may fluctuate in money terms. also hold a substantial part of its assets in bank deposits and money market instruments from time to time. The Company 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 Investments and Wealth Solutions, Customer Products, Lloyds Banking Group. Joined the Lloyds Banking Group in 1977 and has held a number of managerial positions in the UK and Internationally. Was appointed Managing Director of the Jersey Fund Management Company in 1999 and is currently Chairman/Director of the International Fund Companies. Current responsibilities include the value proposition of all investment products for International Wealth. A qualified Banker, a Fellow of the Securities & Investment Institute and a Chartered Director. Aged 54. Ian Mark Jeremie Hardy – Senior Product Manager, Customer Products, Lloyds Banking Group. Joined the Lloyds Banking Group in 1981 and held a number of managerial positions before being appointed Managing Director of the Group’s Guernsey based Fund Management Company in 1997 and a Director of the Company in 2000. Current responsibilities include provision of technical and regulatory advice on a range of investment products and services. Holder of an upper second class honours degree from the University of Aston in Birmingham in Business Administration and Transport Planning. Aged 55. Timothy Joseph Herbert – Consultant, Mourant Ozannes. Jersey born and educated. M.A. in jurisprudence Trinity College Oxford 1982. Member of Middle Temple. Joined Mourant du Feu & Jeune (now Mourant Ozannes) in May 1983. Sworn in as an advocate of the Royal Court, September 1985. Tim Herbert was a partner of Mourant Ozannes from 1987 to 2012. In July 2012 he stepped down from the partnership and is now retained by Mourant Ozannes as a consultant to the firm. He has extensive experience in corporate and commercial law and mutual funds advice. Holds other external directorships and also acts as Honorary Consul for Finland. Aged 55. Brian Charles James – Head of Investment Operations Jersey, International Wealth, Lloyds Banking Group. Joined the Lloyds Banking Group in 1988 and has held a number of managerial positions primarily in Financial Control and Risk Management roles. Appointed as a Director in 1997. Current responsibilities include leading a team of specialists delivering operational support for a range of offshore investment products and services. A Chartered Director. Aged 52. Nigel Ross Jeacock-Fewtrell – Transaction Leader, Change and Transformation, International Wealth, Lloyds Banking Group. Joined the Lloyds Banking Group in 1985 and has held a number of managerial positions in Jersey, UK and Hong Kong. Appointed as a Director in 2002. Current responsibilities include delivering strategic change to the
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