Half Yearly Report and Financial Statements - fidelityilf.com · Half Yearly Report and Financial Statements ... Schedule of Investments ... Schlumberger Finance 0.80% 06/03/2017

Half Yearly Reportand Financial Statements

For the 6 months ended28 February 2017Unaudited

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

General Information 2

Investment Manager’s Overview 3

Schedule of Investments 4

Combined Statement of Financial Position 20

Combined Statement of Comprehensive Income 21

Combined Statement of Changes in Net Assets attributable to

redeemable participating shares 22

Combined Statement of Cash Flows 23

Statement of Financial Position 24

Statement of Comprehensive Income 28

Statement of Changes in Net Assets attributable to redeemable

participating shares 30

Statement of Cash Flows 34

Notes to the Financial Statements 36

Statement of Changes in Investments 44

Directory 48

Contents

FidelityInstitutional Liquidity Fund plc

1

General Information

Fidelity Institutional Liquidity Fund plc (the ‘Company’), is an open ended investment company with variable capital and is authorised and regulated by the Central Bank of Ireland (the ‘Central Bank’) under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) and the Central Bank’s (Supervision and Enforcement) Act 2013 (section 48(1)) UCITS Regulations 2015, (collectively the ‘UCITS Regulations’). The Company is organised in the form of an umbrella fund with cross liability between sub-funds. 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 be covered by the provisions of the Financial Services Compensation Scheme operated in the UK. Unless otherwise defined or inconsistent with the context herein, capitalised terms used in this document are as used and have the same meanings as are ascribed to them in the Memorandum and Articles of Association and Prospectus of the Company.

This half- yearly report does not constitute an offer of shares. Shares are offered on the basis of the information contained in the current Key Investor Information Documents, the Prospectus and the documents referred to within it. Copies of the current Key Investor Information Documents, the Prospectus, the annual and half yearly reports are available free of charge, from the registered office of the Company.

This material is issued by FIL Fund Management (Ireland) Limited, a firm authorised in Ireland as a management company by the Central Bank of Ireland pursuant to the UCITS Regulations.


2

Investment Manager’s Overview

Central banks continued to drive fixed income markets with few bouts of volatility in between. Political risks escalated amid surprise results, including Donald Trump’s victory in the US presidential elections and Italy’s rejection of constitutional reform, which forced Prime Minister Matteo Renzi to resign. Core government bonds fell on expectations that the new Trump administration will initiate a large fiscal stimulus plan, which will spur growth at the expense of inflation. Furthermore, at the December meeting, the Federal Reserve raised interest rates by 0.25%, with three interest rate hikes expected next year. The ECB addressed the issue of bund scarcity in December, extending quantitative easing by 9 months and loosening restrictions around the deposit rate floor, which helped bunds outperform.

Looking ahead, elections in Europe, negotiations around Article 50 in the UK, and the first 12 months of Trump’s presidency in the US will remain at the forefront. Meanwhile, despite the uptick in inflation prints the likelihood of major central banks, except the US Federal Reserve, to tighten monetary policies is very low. Short term money market rates are expected to be stable despite negative or low rates in Europe and possible rate hikes in the US.

The US economy expanded faster than expected in the third quarter, at a seasonally adjusted rate of 3.5%, driven by strong consumer spending. Meanwhile, inflation increased over the quarter, with headline consumer price index (CPI) ticking up to 1.7% in November on an annualised basis, from 1.6% in October. Core CPI, which excludes energy and food components, also inched up to 2.1% annualised rate in November. Labour market conditions continue to tighten, with recent data showing a drop in the number of Americans filing for unemployment aid. Meanwhile, the Federal Reserve (Fed) hiked interest rate amid wide expectations. However, the central bank’s comments on the pace of rate hikes surprised markets, projecting three interest rate hikes in 2017 compared to two previously.

In Europe, the economic recovery in the eurozone continued, with GDP growth at 0.3%, in line with expectations, in the period after the Brexit vote. The eurozone economic output accelerated to a near six-year record in February, at 56.0 vs. 54.4 in January. Meanwhile, the final reading for January Euro-zone consumer prices recorded a 0.8% decline in prices on the month while the annual rate increased sharply to 1.8% from 1.1% previously given the base effect of a much sharper decline in prices for January 2016. On the policy front, the European Central Bank (ECB) decided to extend its quantitative easing programme until the end of 2017. The central bank also reduced its pace of monthly asset purchases, from €80bn to €60bn from April 2017.

The UK’s economy grew faster than previously estimated in the three months following the Brexit referendum, according to data from the Office for National Statistics (ONS). Revised figures showed that GDP growth in the third quarter rose by 0.6%, compared with initial estimates of 0.5%. The unexpected upgrade came as the ONS made surprise revisions across all sectors of the economy, including the services, industrial and construction sectors. Inflation reached its highest rate in two-and-a-half years, mainly as a result of rising fuel prices. The annual inflation rate as measured by the Consumer Prices Index (CPI) reached 1.8% in January, the ONS said, up from 1.6% in December. Meanwhile, unemployment fell by 7,000 to 1.6 million in the three months to December, leaving the unemployment rate at 4.8%, the lowest in more than a decade. A monthly survey by the Confederation of British Industry (CBI) found that orders in the UK manufacturing industry hit a two-year high in February, as sterling’s post-Brexit weakness continued to drive overseas demand. Another CBI survey showed that retail sales volumes expanded in February, reversing the prior month’s fall. On the monetary policy front, the Bank of England’s Monetary Policy Committee kept interest rates on hold at 0.25% during the quarter.

The Canadian economy expanded at an annualised rate of 3.8% over the third quarter of 2016, beating market expectations and rebounding sharply from the 1.3% contraction in GDP seen over the second quarter. The growth was led by a significant rise in energy exports over the quarter, while other exports also contributed positively. Meanwhile, inflation picked up pace over the period, rising to a two-year high of 2.1% on an annualised basis, due to a 20% rise in energy prices. Despite a rebound in economic growth and inflation, the Bank of Canada maintained its benchmark overnight interest rate at 0.5%. The central bank maintained that the higher inflation was largely driven due to the impact of higher energy costs, and that the actual cost of living is going up at a much lower rate.

Fidelity Institutional Liquidity Fund plc Yield as at Yield as at (Class A Shares)* 28 February 2017 29 February 2016

The United States Dollar Fund 0.87% 0.39%The Sterling Fund 0.19% 0.42%The Euro Fund (0.42%) (0.22%)The Canadian Dollar Fund 0.43% 0.40%

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

FIL Investments InternationalMarch 2017

3


4


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

Schedule of InvestmentsAs at 28 February 2017

4

BRED Banque Populaire 0.77% 01/03/2017 175,022 175,022 3.10

BNP Paribas 0.69% 01/03/2017 76,000 76,000 1.35

Natixis 1.159% 18/05/2017 75,000 75,000 1.33

BNP Paribas 0.69% 01/03/2017 75,000 75,000 1.33

401,022 7.11

Repurchase Agreement

Kreditanstalt Fur Wiederaufbau 2.50% 17/01/2022) 150,000 150,000 2.66

150,000 2.66

Securities Traded on Regulated Markets

Commercial Papers* BFCM Paris 1.06% 01/03/2017 250,000 250,000 4.42

Landeskreditbank 0.97% 03/04/2017 200,000 199,824 3.53

Agence Centrale 1.15% 18/04/2017 135,000 134,794 2.39

Caisse Des Depots Et Consignat 0.975% 16/03/2017 125,000 124,949 2.21

Dekabank Deutsche Girozentale 1.10% 03/04/2017 125,000 124,874 2.21

Dekabank Deutsche Girozentale 1.1475% 03/04/2017 125,000 124,869 2.21

Toronto 1.20% 19/06/2017 125,000 124,544 2.21


Mitsubishi Finance 0.84% 06/03/2017 100,000 99,988 1.77Commonwealth Bank Australia 1.18% 21/03/2017 100,000 99,935 1.77

Nordea Bank 1.13% 27/03/2017 100,000 99,919 1.77

KFW 0.90% 03/04/2017 100,000 99,918 1.77

Allianz 1.30% 03/07/2017 100,000 99,555 1.76

Commonwealth Bank Australia 1.24% 11/07/2017 100,000 99,548 1.76

Nederlandse Waterschapsbank 0.81% 24/03/2017 94,000 93,951 1.67

Schlumberger Finance 0.80% 06/03/2017 90,000 89,990 1.60


Toyota Finance 1.01% 10/04/2017 75,000 74,916 1.33

NRW Bank 0.81% 13/04/2017 75,000 74,906 1.33

Allianz 1.32% 24/07/2017 75,000 74,604 1.32

Zurich Holding Company of America 1.08% 24/04/2017 65,000 64,895 1.15

Agence Centrale 1.10% 01/06/2017 60,000 59,832 1.05

Agence Centrale 1.17% 03/04/2017 55,000 54,941 0.96

Zurich Holding Company of America 1.07% 27/04/2017 52,500 52,411 0.92

Allianz 1.20% 01/03/2017 50,000 50,000 0.89


L’Oreal 0.79% 13/03/2017 48,500 48,487 0.86

L’Oreal 0.77% 16/03/2017 45,000 44,986 0.80

Allianz 1.32% 24/07/2017 40,000 39,789 0.71

Toyota Finance 1.01% 10/04/2017 38,000 37,957 0.67

SNCF 1.04% 27/04/2017 38,000 37,938 0.67

SNCF 1.04% 27/04/2017 38,000 37,938 0.67



ABN Amro Bank 0.78% 17/03/2017 15,000 14,995 0.27

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

Term Deposits


Banque Nationale de Paris 0.65% 01/03/2017 (Collateralised by Republic of Finland 0.875% 15/09/2025, Republic of Finland 0.50% 15/04/2026, Republic of Finland 1.625% 15/09/2022, Republic of Austria 3.40% 22/11/2022, Republic of Finland 4.375% 04/07/2019, Republic of Finland 3.375% 15/04/2020, Republic of Austria 0.75% 20/10/2026, Republic of Austria 0.25% 18/10/2019, Republic of Austria 3.90% 15/07/2020, Republic of Austria 1.20% 20/10/2025, Republic of Finland 0.00% 15/09/2023, Republic of Austria 3.50% 15/09/2021, Republic of Finland 0.375% 15/09/2020, Republic of Finland 3.875% 15/09/2017, Republic of Finland 3.50% 15/04/2021, Republic of Austria 1.15% 19/10/2018, Republic of Finland 0.75% 15/04/2031, Republic of Austria 1.75% 20/10/2023, Republic of Austria 1.95% 18/06/2019, Republic of Austria 1.50% 20/02/2047,

Republic of Austria 2.40% 23/05/2024, Republic of Austria 4.35% 15/03/2019, Republic of Finland 2.75% 04/07/2028, Republic of Austria 3.65% 20/04/2022, Republic of Finland 1.50% 15/04/2023, Republic of Austria 0.00% 15/07/2023, Republic of Austria 4.15% 15/03/2037, Republic of Finland 1.875% 15/04/2017, Republic of Finland 1.125% 15/09/2018, Republic of Austria 4.65% 15/01/2018, Kreditanstalt Fur Wiederaufbau 1.25% 17/10/2019, Republic of Finland 4.00% 04/07/2025, Republic of Austria 3.15% 20/06/2044, Kreditanstalt Fur Wiederaufbau 0.00% 15/09/2023, Republic of Austria 4.30% 15/09/2017,

5




Zurich Holding Company of Amercia 1.08% 08/05/2017 15,000 14,969 0.27

Alliander 0.97% 28/03/2017 5,000 4,996 0.09

2,929,994 51.94

Certificates of Deposit* KBC Bank 1.15% 02/05/2017 250,000 249,506 4.42

Mizuho Bank London 1.12% 03/04/2017 140,000 139,856 2.48

La Banque Postale 0.84% 03/04/2017 130,000 129,903 2.30

HSBC 1.145% 11/04/2017 125,000 125,001 2.22

Rabobank International 10/08/2017 125,000 125,000 2.22

Sumitomo Mitsui Banking 1.085% 03/04/2017 125,000 124,876 2.21

DZ Bank 1.04% 18/04/2017 125,000 124,827 2.21

Toronto Dominion Bank 1.19% 03/07/2017 125,000 124,491 2.21

Mitsubishi UFJ Trust & Bank 1.125% 02/05/2017 110,000 109,788 1.95

Standard Chartered Bank 1.10% 03/04/2017 100,000 99,899 1.77

Credit Agricole 1.12% 02/05/2017 100,000 99,808 1.77



Bank Of Montreal 1.055% 20/03/2017 78,000 77,957 1.38






ABN Amro Bank 1.12% 02/05/2017 50,000 49,904 0.88

ABN Amro Bank 1.12% 01/06/2017 41,000 40,883 0.72

KBC Bank 1.14% 03/03/2017 25,000 24,998 0.44



Rabobank Nederland 0.96% 02/03/2017 10,000 10,000 0.18

Bank Of Montreal 1.02% 05/04/2017 4,000 3,996 0.07 2,178,910 38.62

Corporate Bonds - Floating RateMizuho Bank 2.55% 17/03/2017 16,000 16,013 0.28

BNP Paribas 1.47% 17/03/2017 8,078 8,079 0.14

Bank Tokyo Mitsubishi 1.20% 10/03/2017 5,000 5,000 0.09

Met Life Global Funding 1.30% 10/04/2017 3,650 3,651 0.06

ING Bank 3.75% 07/03/2017 3,403 3,405 0.06

National Australia Bank 1.25% 17/03/2017 3,355 3,355 0.06

Nordea Bank 3.125% 20/03/2017 2,875 2,878 0.05

CBA 1.32% 13/03/2017 2,498 2,498 0.04Bank Tokyo Mitsubishi 1.20% 10/03/2017 1,000 1,000 0.02

45,879 0.81

Financial Assets at fair value through profit or loss (including term deposits) 5,705,805 101.14

Net Current Liabilities (64,330) (1.14)

Total Net Assets based on dealing NAV (Amortised Cost) 5,641,475 100.00

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


6




The United States Dollar Fund (continued)


Analysis of Total Assets % of Total Assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market 91.37

Other Assets 8.63

Total 100.00%

The Counterparty for the open Repurchase Agreement is J.P. Morgan Chase Bank.

7



Schedule of InvestmentsAs at 31 August 2016

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

Term Deposits DZ Bank 0.42% 01/09/2016 200,000 200,000 3.99

Natixis 0.55744% 18/05/2017 75,000 75,000 1.50Natixis 0.6939% 09/12/2016 60,000 60,000 1.20

335,000 6.69


Government of France 1.10% 25/07/2022). 550,000 550,000 10.98

550,000 10.98


Commercial Papers* Landeskreditbank Baden-Württemberg 0.69% 03/10/2016 125,000 124,924 2.48

Credit Suisse 0.85% 03/11/2016 110,000 109,838 2.18

Allianz 0.71% 06/09/2016 100,000 99,990 2.00

Caisse des Dépôts et Consignations 0.625% 09/09/2016 100,000 99,986 2.00

Credit Suisse 0.68% 09/09/2016 100,000 99,985 2.00

Agence Centrale des Organismes de Sécurité Sociale 0.82% 08/09/2016 100,000 99,984 2.00


Australia & New Zealand Banking Group 0.85% 12/09/2016 100,000 99,974 2.00

Caisse des Dépôts et Consignations 0.66% 20/09/2016 100,000 99,965 2.00

DekaBank Deutsche Girozentrale 0.68% 20/09/2016 100,000 99,964 2.00

Commonwealth Bank of Australia 0.81% 21/09/2016 100,000 99,955 2.00

DZ Bank 0.65% 03/10/2016 100,000 99,942 2.00


Sumitomo Mitsui Banking Corporation 0.70% 13/10/2016 100,000 99,918 1.99



Landeskreditbank Baden-Württemberg 0.74% 01/11/2016 100,000 99,875 1.99


Commonwealth Bank of Australia 0.90% 01/12/2016 100,000 99,774 1.99

Dexia Credit Local 0.89% 19/12/2016 100,000 99,732 1.99

Nordea Bank 0.86% 03/01/2017 100,000 99,705 1.99

ANZ National 0.94% 18/01/2017 100,000 99,639 1.98

Nordea Bank 0.81% 02/09/2016 90,000 89,998 1.79


Allianz 1.04% 23/01/2017 75,000 74,690 1.49



Société Nationale des Chemins de Fer Français 0.78% 08/09/2016 55,000 54,992 1.10



DZ Bank 0.84% 18/11/2016 50,000 49,909 1.00

DZ Bank 0.90% 22/11/2016 50,000 49,898 1.00


Allianz 0.69% 21/09/2016 45,000 44,983 0.90



Zurich 0.64% 15/09/2016 25,000 24,994 0.50

Nordea Bank 0.70% 06/10/2016 20,000 19,986 0.40

Zurich 0.75% 24/10/2016 12,000 11,987 0.24

Zurich 0.75% 27/10/2016 11,000 10,987 0.22

Zurich 0.77% 08/11/2016 11,000 10,984 0.22Allianz 0.80% 07/10/2016 4,500 4,496 0.09

3,124,677 62.38

Banque Nationale de Paris 0.41% 01/09/2016 (Collateralised by Bundesrepublik Deutschland 4.75% 04/07/2028, Bundesrepublik Deutschland 6.5% 04/07/2027, Government of France 6.00% 25/10/2025, Government of France 4.50% 25/04/2041, Netherlands Government 1.25% 15/01/2018, Government of France 4.75% 25/04/2035, Government of France 4.00% 25/10/2038,

Netherlands Government 0.00% 15/04/2018, Republic of Austria 2.40% 23/05/2034, Government of France 2.75% 25/10/2027, Kreditanstalt Für Wiederaufbau 4.875% 17/01/2017,

8



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


Certificates of Deposit* National Australia Bank 0.81% 06/09/2016 100,000 99,990 2.00

Mitsubishi UFJ Trust & Banking 0.71% 07/09/2016 100,000 99,988 2.00

BNP Paribas 0.63% 09/09/2016 100,000 99,986 2.00

BNP Paribas 0.65% 21/09/2016 100,000 99,964 2.00

Mizuho Bank 0.73% 23/09/2016 100,000 99,955 2.00

Credit Agricole 0.66% 03/10/2016 100,000 99,941 1.99


Mizuho Bank 0.78% 01/09/2016 90,000 90,000 1.79

Mizuho Bank 0.97% 01/12/2016 75,000 74,817 1.49



Mizuho Bank 0.81% 17/10/2016 30,000 29,969 0.60

Mizuho Bank Sydney 0.78% 26/09/2016 20,000 19,989 0.40

Lloyds Bank 0.69% 02/09/2016 15,000 15,000 0.30Credit Agricole 0.75% 26/09/2016 13,000 12,993 0.26

1,042,224 20.81

Corporate Bonds - Floating RateCredit Agricole 1.50335% 03/10/2016 5,000 5,003 0.09

5,003 0.09




Analysis of Total Assets % of Total Assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market 83.26 8

Other Assets 16.72

Total 100.00%

The Counterparty for the open Repurchase Agreement is J.P. Morgan Chase Bank.

9





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

Term Deposits Mizuho Bank 0.20% 01/03/2017 54,909 54,909 5.50


Credit Agricole 0.16% 01/03/2017 32,000 32,000 3.21

DZ Bank 0.19% 01/03/2017 10,000 10,000 1.00

141,909 14.22


Commercial Papers* Dexia Credit 0.53% 26/05/2017 32,000 31,959 3.21

BFCM Paris 0.46% 01/03/2017 30,000 30,000 3.02

Toyota Kreditbank 0.27% 08/05/2017 28,500 28,486 2.86

Allianz SE 0.33% 10/04/2017 25,000 24,991 2.51

Abbey National Treasury Services 0.30% 22/05/2017 25,000 24,983 2.50


Nordea Bank 0.35% 17/08/2017 25,000 24,960 2.50

Agence Centrale 0.32% 12/04/2017 23,500 23,491 2.35

Agence Centrale 0.30% 09/05/2017 20,000 19,989 2.00

Nordea Bank 0.38% 05/07/2017 20,000 19,974 2.00


Metlife Short Term Funding 0.35% 09/03/2017 18,500 18,499 1.85


Toronto 0.44% 06/03/2017 15,000 14,999 1.50

Dexia Credit 0.53% 26/05/2017 10,000 9,988 1.00


Honda Finance Europe 0.38% 06/03/2017 8,000 8,000 0.80


Agence Centrale 0.32% 12/04/2017 1,500 1,499 0.15

355,736 35.65

Certificates of Deposit* BRED Banque Populaire 0.37% 02/05/2017 45,000 45,000 4.52

Sumitomo Mitsui Trust Bank 0.38% 03/04/2017 40,000 39,986 4.02

ABN Amro Bank 0.42% 01/03/2017 30,000 30,000 3.02


ING Bank 0.36% 05/04/2017 25,000 25,000 2.52

Lloyds Bank 0.29% 22/05/2017 25,000 25,000 2.51

Credit Agricole 0.33% 03/04/2017 25,000 24,993 2.50

BNP Paribas 0.27% 02/05/2017 25,000 24,989 2.50

Svenska 0.285% 02/05/2017 22,000 22,000 2.20


DZ Bank 0.30% 03/04/2017 20,000 20,000 2.00


ING Bank 0.36% 18/04/2017 20,000 20,000 2.00

Lloyds 0.29% 08/05/2017 20,000 20,000 2.00


BNP Paribas 0.32% 03/04/2017 20,000 19,994 2.00








BFCM Paris 0.40% 02/03/2017 12,000 12,000 1.20

10




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


Mitsubishi UFG Trust & Bank 0.39% 01/03/2017 10,000 10,000 1.00


DZ Bank 0.30% 29/03/2017 8,500 8,498 0.85


585,911 58.71

Treasury Bills* UK T-Bill 0.235% 27/03/2015 25,000 24,996 2.50

24,996 2.50



Total Net Assets based on dealing NAV (Amortised Cost) 997,977 100.00


Other Assets 3.14

Total 100.00%


11



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

Term Deposits


Mizuho Bank 0.20% 01/09/2016 50,000 50,000 4.79

Credit Agricole 0.42188% 12/09/2016 25,000 25,000 2.39

Natixis 0.50313% 15/12/2016 20,000 20,000 1.91Natixis 0.38813% 07/09/2016 15,000 15,000 1.43

110,000 10.52


Commercial Papers* Sumitomo Mitsui Banking Corporation 0.50% 03/10/2016 45,000 44,979 4.30






Banque Fédérative du Crédit Mutuel Paris 0.47% 11/10/2016 25,000 24,987 2.39




BNZ International Funding 0.70% 19/10/2016 23,000 22,979 2.20

Nordea Bank 0.65% 19/09/2016 20,000 19,994 1.91




Nordea Bank 0.65% 07/10/2016 18,000 17,988 1.72


Svenska Handelsbanken 0.42% 22/02/2017 15,500 15,469 1.48


Banque Fédérative du Crédit Mutuel Paris 0.38% 11/10/2016 12,000 11,995 1.15

Nordea Bank 0.47% 23/01/2017 10,000 9,982 0.95

Metlife Short Term Funding 0.55% 06/10/2016 8,500 8,496 0.81Schlumberger Finance 0.56% 27/09/2016 6,000 5,998 0.57

501,117 47.92

Certificates of Deposit* DZ Bank 0.55% 03/10/2016 40,000 39,981 3.82

Citibank 0.53% 03/10/2016 30,000 29,986 2.87



ING Bank 0.56% 01/11/2016 25,000 25,000 2.39

La Banque Postale 0.31% 10/10/2016 25,000 24,992 2.39

Bank of Tokyo-Mitsubishi UFJ 0.57% 03/10/2016 25,000 24,988 2.39

BNP Paribas 0.37% 14/11/2016 25,000 24,981 2.39


Mitsubishi UFJ Trust & Banking Corporation 0.57% 01/09/2016 18,000 18,000 1.72

Credit Agricole 0.48% 17/10/2016 15,000 14,991 1.43




Mitsubishi UFJ Trust & Banking Corporation 0.37% 01/12/2016 10,000 9,991 0.96


DZ Bank 0.37% 08/11/2016 6,000 5,996 0.57

Svenska Handelsbanken 0.45001% 04/11/2016 5,000 5,000 0.48Bank of Tokyo-Mitsubishi UFJ 0.45% 20/10/2016 5,000 4,997 0.48

352,091 33.67

12



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


Treasury Bills* UK T-BILL 0.23% 20/02/17 20,000 19,978 1.91UK T-BILL 0.22% 21/11/16 3,000 2,999 0.29

22,977 2.20

Corporate Bond - Fixed Rate Bank Nederlandse Gemeenten 0.875% 12/12/2016 4,650 4,655 0.44

4,655 0.44

Financial Assets at fair value through profit or loss (including term deposits) 990,840 94.75

Net Current Assets 54,854 5.25



Other Assets 15.77

Total 100.00%

13



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


Term Deposits BNP Paribas -0.48% 01/03/2017 106,000 106,000 6.18

BRED Banque Populaire -0.50% 01/03/2017 30,000 30,000 1.75

136,000 7.93


Commercial Papers* Agence Centrale -0.43% 01/06/2017 50,000 50,055 2.91

Svenska -0.33% 06/07/2017 40,000 40,047 2.33

BFCM Paris -0.36% 01/03/2017 40,000 40,000 2.33

Dexia Credit Local -0.33% 26/04/2017 35,000 35,018 2.04

SAGESS -0.425% 31/03/2017 35,000 35,012 2.04

Mitsubishi Finance -0.39% 17/03/2017 35,000 35,006 2.04

ANZ National -0.39% 09/03/2017 35,000 35,003 2.04

Nordea Bank -0.39% 06/03/2017 35,000 35,002 2.04

SAGESS -0.415% 03/03/2017 35,000 35,001 2.04

Mitsubishi Finance -0.385% 01/03/2017 35,000 35,000 2.04

Region Ile De France -0.3825% 26/06/2017 34,200 34,243 2.00

Loreal -0.35% 18/05/2017 30,000 30,026 1.75

BFCM Paris -0.42% 01/03/2017 30,000 30,000 1.75

KA Finanz -0.41% 26/05/2017 27,000 27,026 1.58

KA Finanz -0.425% 17/08/2017 25,000 25,050 1.46

Rabobank Nederland -0.34% 01/08/2017 25,000 25,036 1.46

Svenska -0.33% 18/07/2017 25,000 25,032 1.46

Nordea Bank -0.37% 12/06/2017 25,000 25,027 1.46

Proctor & Gamble -0.31% 25/05/2017 25,000 25,018 1.46

General Electrical Capital -0.37% 31/03/2017 25,000 25,008 1.46

Loreal -0.40% 12/04/2017 22,500 22,511 1.31




Loreal -0.395% 18/05/2017 20,000 20,017 1.17

Proctor & Gamble -0.325% 07/04/2017 20,000 20,007 1.17

SAGESS -0.425% 31/03/2017 20,000 20,007 1.17

KA Finanz -0.39% 08/03/2017 20,000 20,002 1.17

SAGESS -0.415% 03/03/2017 20,000 20,000 1.17


RTE Reseau de Transport d’Electricite -0.32% 14/03/2017 17,000 17,002 0.99


Nordea Bank -0.37% 05/04/2017 13,000 13,005 0.76

Proctor & Gamble -0.31% 24/04/2017 12,000 12,006 0.70

Rte Reseau de Transport d’Electricite -0.315% 18/04/2017 10,000 10,004 0.58


BFCM Paris -0.38% 23/03/2017 10,000 10,002 0.58

Proctor & Gamble -0.325% 20/03/2017 10,000 10,002 0.58

Svenska -0.265% 20/03/2017 10,000 10,001 0.58

Svenska -0.28% 23/03/2017 7,500 7,501 0.44

Proctor & Gamble -0.31% 08/05/2017 6,000 6,004 0.35

Proctor & Gamble -0.325% 27/03/2017 3,000 3,001 0.18

Proctor & Gamble -0.31% 21/04/2017 2,500 2,501 0.15

Proctor & Gamble -0.31% 22/03/2017 1,000 1,000 0.06

Rabobank Nederland -0.34% 01/08/2017 500 501 0.03

Proctor & Gamble -0.31% 28/04/2017 500 500 0.03

975,258 56.87


14



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


Certificates of Deposit* KBC Bank -0.39% 03/04/2017 55,000 55,015 3.21


Citibank -0.41% 01/06/2017 50,000 50,054 2.92

HSBC France -0.36% 05/05/2017 40,000 40,026 2.33

BNP Paribas -0.36% 03/04/2017 35,000 35,012 2.03

Mizuho Bank London -0.41% 09/05/2017 30,000 30,024 1.75

Citibank -0.41% 06/04/2017 30,000 30,012 1.75

Sumitomo Mitsui Banking Corporation -0.38% 20/03/2017 30,000 30,006 1.75


Mitsubishi UFJ Trust & Banking -0.40% 15/05/2017 25,000 25,021 1.46

KBC Bank -0.40% 02/05/2017 25,000 25,017 1.46

Mizuho Bank -0.41% 11/04/2017 20,000 20,009 1.17








553,239 32.26Corporate Bonds - Fixed Rate KGE Capital European Funding 4.25% 01/03/2017 31,820 31,820 1.86

ASB Finance London 1.875% 10/07/2017 24,300 24,500 1.43

Linde Finance 4.75% 24/04/2017 14,348 14,456 0.84

KBC IFMA 4.5% 27/03/2017 11,000 11,038 0.64

General Electric Capital 1.00% 02/05/2017 6,869 6,885 0.40

Metropolitan Life Global 4.625% 16/05/2017 6,800 6,871 0.40



Credit Agricole 21/04/2017 3,193 4,719 0.28

Nationwide Building Society 3.125% 03/04/2017 2,998 3,007 0.18

Societe Generale 3.75% 01/03/2017 3,000 3,000 0.17

SE Banken 3.875% 12/04/2017 1,550 1,558 0.09

Westpac Securities 3.875% 20/03/2017 1,400 1,403 0.08

121,918 7.11

Corporate Bonds - Floating Rate Credit Suisse 30/03/2017 10,793 10,796 0.64

Dexia Credit Local 27/03/2017 8,100 8,102 0.47

Rabobank Nederland 20/06/2017 7,150 7,156 0.42

Banque Federale 23/03/2017 6,900 6,902 0.40

Toronto Dominion 16/06/2017 2,300 2,302 0.13

UBS 15/05/2017 2,250 2,252 0.13

Westpac Securities 10/03/2017 1,000 1,000 0.06

BPCE 10/03/2017 500 500 0.03

39,010 2.28




15

The Euro Fund ‘000 USD ‘000 % of Net Nominal Value Market Value Asset




The Euro Fund (continued)


Other Assets 1.48

Total 100.00%

16



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


Bundesrepublik Deutschland 6.5% 04/07/2027) 70,000 70,000 4.46

70,000 4.46


Commercial Papers* Agence Centrale des Organismes de Sécurité Sociale -0.425% 01/09/2016 60,000 59,999 3.81

DZ Bank -0.39% 01/12/2016 50,000 50,048 3.18

KA Finanz -0.375% 23/01/2017 41,000 41,061 2.61


Svenska Handelsbanken -0.26% 06/01/2017 35,100 35,132 2.24

L’ Oreal -0.34% 23/09/2016 35,000 35,007 2.23


Credit Agricole -0.35% 01/11/2016 32,000 32,019 2.04

Toronto Dominion Bank -0.35% 14/11/2016 30,000 30,022 1.91

Toronto Dominion Bank -0.29% 21/11/2016 30,000 30,020 1.91

Credit Agricole -0.35% 01/11/2016 30,000 30,018 1.91

DekaBank Deutsche Girozentrale -0.37% 11/10/2016 30,000 30,012 1.91

Eads Financial Group -0.325% 16/09/2016 30,000 30,004 1.91


Mitsubishi Corporate Finance -0.325% 08/09/2016 30,000 30,002 1.91

KA Finanz -0.38% 01/09/2016 30,000 30,000 1.91

Eads Financial Group -0.325% 16/09/2016 27,000 27,004 1.72



Nordea Bank -0.39% 12/12/2016 25,000 25,028 1.59

Procter & Gamble -0.23% 16/09/2016 22,000 22,002 1.40



Banque Fédérative du Crédit Mutuel Paris -0.38% 01/09/2016 19,500 19,500 1.24

RTE Réseau de Transport d’Électricitié -0.275% 14/09/2016 18,000 18,002 1.15


Procter & Gamble -0.27% 16/11/2016 15,000 15,009 0.96

Toyota Leasing -0.34% 25/10/2016 15,000 15,008 0.96

Procter & Gamble -0.27% 12/10/2016 15,000 15,005 0.96

UBS -0.30% 22/09/2016 15,000 15,003 0.96








Procter & Gamble -0.245% 23/09/2016 10,000 10,001 0.64




Linde -0.29% 23/11/2016 5,000 5,003 0.32Procter & Gamble -0.27% 07/10/2016 4,500 4,501 0.29

970,043 61.78


Banque Nationale de Paris -0.46% 01/09/2016 (Collateralised by Bundesrepublik Deutschland 5.625% 04/01/2028, Government of Netherlands 1.25% 15/01/2018, Bundesrepublik Deutschland 2.50% 04/01/2021,

Government of Netherlands 0.50% 15/07/2026, Republic of Austria 3.5% 15/09/2021

17




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

Certificates of Deposit* BNP Paribas -0.35% 03/10/2016 70,000 70,021 4.45


Sumitomo Mitsui Trust Bank -0.33% 01/09/2016 45,000 45,000 2.87

Mizuho Bank -0.315% 13/09/2016 37,000 37,004 2.36


Citibank -0.36% 03/10/2016 35,000 35,011 2.23


Standard Chartered Bank -0.32% 12/12/2016 28,500 28,526 1.82






DZ Bank -0.34% 05/10/2016 10,000 10,003 0.64


Sumitomo Mitsui Banking Corporation -0.32% 12/09/2016 10,000 10,001 0.64Mizuho Bank -0.31% 19/09/2016 7,000 7,001 0.45

462,640 29.47

Corporate Bonds - Fixed Rate Kreditanstalt Für Wiederaufbau 2.00% 07/09/2016 43,000 43,017 2.73

ANZ National 3.00% 20/10/2016 21,390 21,487 1.36

Nestlé Finance 0.75% 17/10/2016 10,000 10,012 0.65

Allianz Finance II 4.00% 23/11/2016 7,750 7,825 0.51

GE Capital European Funding 4.125% 27/10/2016 5,000 5,034 0.32National Australia Bank 3.75% 06/01/2017 1,000 1,014 0.06 88,389 5.63

Corporate Bonds - Floating Rate Credit Suisse 0.004% 23/09/2016 20,000 20,003 1.28

UBS 0.000% 05/09/2016 14,500 14,500 0.92Nordea Bank 0.002% 25/11/2016 5,000 5,004 0.32

39,507 2.52





Other Assets 0.60

Total 100.00%

*The Counterparty for the open Repurchase Agreement is J.P. Morgan Chase Bank.

18



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


Term DepositsBRED Banque Populaire 0.50% 01/03/2017 4,101 4,101 9.77


Bank Of Montreal 0.40% 01/03/2017 1,000 1,000 2.38

8,185 19.49Securities Traded on Regulated Markets

Certificates of Deposit* Royal Bank Of Canada 0.836% 03/04/2017 1,627 1,626 3.87

Nestle Capital Canada 0.630% 09/03/2017 1,500 1,500 3.57

Bank Of Montreal 0.40% 22/03/2017 1,500 1,499 3.57

Canadian Imperial Bank Of Commerce 0.839% 03/04/2017 1,500 1,499 3.57

HSBC Bank Canada 0.876% 17/04/2017 1,500 1,498 3.57

Toronto Dominion Bank 0.828% 03/04/2017 1,000 999 2.38

Bank Of Nova Scotia 0.848% 03/04/2017 1,000 999 2.38

Sumitomo Mitsui Banking Corporation 0.917% 04/04/2017 1,000 999 2.38

Bank Of Nova Scotia 0.828% 21/03/2017 500 500 1.19

Toronto Dominion Bank 0.859% 03/04/2017 500 500 1.19

11,619 27.67Treasury Bills* Canadian T-Bill 0.436% 23/03/2017 7,500 7,498 17.86

Canadian T-Bill 0.00% 09/03/2017 2,000 2,000 4.76

Canadian T-Bill 0.494% 07/03/2017 1,500 1,500 3.57

Canadian T-Bills 0.443% 20/04/2017 1,250 1,249 2.97

Canadian T-Bill 0.554% 15/06/2017 1,076 1,074 2.56

Canadian T-Bill 0.510% 06/04/2017 500 500 1.19

13,821 32.91Government Bonds - Fixed rate Canada 0.25% 01/05/2017 3,000 2,999 7.14

Canada 1.25% 01/08/2017 2,000 2,006 4.78

Canada 1.50% 01/09/2017 1,250 1,256 2.99

6,261 14.91Corporate Bonds - Fixed rate Nordic Investment Bank 5.15% 26/07/2017 1,400 1,424 3.40

Rabobank 4.40% 28/03/2017 500 501 1.19

Kommunalbanken 4.75% 17/03/2017 170 170 0.40

2,095 4.99

Financial Assets at fair value through profit or loss (including term deposits) 41,981 99.97

Net Current Assets 12 0.03



Other Assets 19.52

Total 100.00%

19



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


Term DepositsCredit Agricole 0.15% 01/09/2016 3,000 3,000 9.28BNP Paribas 0.05% 01/09/2016 2,437 2,437 7.53

5,437 16.81


Commercial Papers* Nestle Capital Corporation 0.68452% 14/09/2016 1,500 1,500 4.64Honda Canada Finance 0.78778% 07/09/2016 1,400 1,400 4.33

2,900 8.97

Certificates of Deposit* HSBC Bank 0.8368% 01/09/2016 1,500 1,500 4.64

Bank of Montreal Quebec 0.76849% 01/09/2016 1,500 1,500 4.64


Bank of Nova Scotia 0.75817% 20/09/2016 1,500 1,499 4.64

Royal Bank of Canada 0.74117% 03/10/2016 1,500 1,499 4.64

Canadian Imperial Bank of Commerce 0.74911% 03/10/2016 1,500 1,499 4.63Toronto Dominion Bank 0.76102% 03/10/2016 1,500 1,499 4.63

10,496 32.46

Treasury Bills* Canadian T-Bill 0.48398% 20/10/2016 2,000 1,999 6.18

Canadian T-Bill 0.50959% 15/12/2016 2,000 1,997 6.18

Canadian T-Bill 0.49457% 08/09/2016 1,500 1,500 4.64

Canadian T-Bill 0.46954% 22/09/2016 1,500 1,500 4.64

Canadian T-Bill 0.49938% 06/10/2016 1,500 1,499 4.64

Canadian T-Bill 0.50899% 17/11/2016 1,500 1,498 4.63

Canadian T-Bill 0.56513% 01/12/2016 1,000 999 3.09Canadian T-Bill 0.51986% 12/01/2017 1,000 998 3.08

11,990 37.08

Government Bonds - Fixed rate - Fixed Rate Rabobank Nederland 2.125% 17/10/2016 1,500 1,501 4.64

1,501 4.64

Financial Assets at fair value through profit or loss (including term deposits) 32,324 99.96 Net Current Assets 13 0.04



Other Assets 16.85

Total 100.00%

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

- Investments at fair value

- Term deposits

Cash at bank (Note 3)

Debtors

Total Current Assets

Current Liabilities - amounts payable within one year

Creditors

Total Current Liabilities

Net assets attributable to holders of redeemable participating shares

based on dealing NAV (Amortised Cost)

Aggregated Total

28/02/2017

USD ‘000

8,175,111

877,922

282,994

5,655

9,341,682

607,756

607,756

8,733,926

USD ‘000

7,048,805

1,150,865

384,284

2,325

8,586,279

429,676

429,676

8,156,603

The accompanying notes on pages 36 to 43 form an integral part of these financial statements.

20

Combined Statement of Financial PositionAs at 28 February 2017



These financial statements have been approved by the Board of Directors on 21 April 2017.

Aggregated Total

31/08/2016for comparison

Currency

Operating IncomeInterest Income

Realised gain(s) on Investments

Total Operating Income/(Loss)

Operating Expenses (Note 4)Management Fees

Trailer Fees

Other Operating Expenses

Net Operating Income

Finance CostsDistributions to redeemable participating shareholders

Fair Value AdjustmentFair Value Adjustments

Increase in Net Assets Attributable to Redeemable Participating Shares 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 Comprehensive Income.

Aggregated Total

28/02/2017

USD ‘000

24,055

209

24,264

(4,799)

(657)

-

18,808

(11,332)

-

7,476

Aggregated Total


USD ‘000

10,568

42

10,610

(4,594)

(269)

812

6,559

(3,847)

3

2,715


21

Combined Statement of Comprehensive IncomeFor the 6 months ended 28 February 2017



Currency

Increase in net assets attributable to redeemable participating shareholders

Fund Share TransactionsProceeds from redeemable participating shares issued

Net asset value of participating shares issued for reinvestment of dividends

Net asset value of participating shares redeemed for disinvestment of dividends

Cost of redeemable participating shares redeemed

Net increase/(decrease) in net assets

Net Assets Attributable to Redeemable Participating ShareholdersAt the beginning of the period

Foreign exchange translation adjustment (Note 2)

At the end of the period

USD ‘000

7,476

16,312,645

11,076

-

(15,595,255)

735,942

8,156,603

(158,619)

8,733,926

Aggregated Total

29/02/2016 for comparison

USD ‘000

2,715

21,316,785

3,768

(147)

(20,612,063)

711,058

7,012,944

(195,686)

7,528,316


22

Combined Statement of Changes in Net Assetsattributable to holders of redeemable participating shares

For the 6 months ended 28 February 2017



Aggregated Total

28/02/2017

CurrencyOperating activities

Net increase in net assets attributable to holders of redeemable participating shares from operations

Purchase of investment securities

Proceeds from sale of investment securities

Net realised gain/(loss) on investments

Increase/(decrease) in debtors excluding receivable for investments sold

Increase/(decrease) in creditors excluding payable for investments purchased

Amortization of Discount/Premium

Net cash used in operating activities

Financing activities

Proceeds from issue of redeemable participating shares

Net asset value of participating shares issued for reinvestment of dividends

Net asset value of participating shares redeemed for disinvestment of dividends

Payments on redemption of redeemable participating shares

Net cash provided by financing activities

Net increase/(decrease) in cash and cash equivalents during the period

Cash and cash equivalents at start of the period

Cash and cash equivalents at end of the period

USD ‘000

7,476

(135,001,476)

134,196,894

(209)

(3,329)

1,552

(23,628)

(822,720)

16,312,645

11,076

-

(15,595,255)

728,466

(94,254)

374,909

280,655

USD ‘000

2,715

(108,912,435)

108,331,167

(42)

3,760

32

(7,354)

(582,157)

21,316,785

3,768

(147)

(20,612,063)

708,343

126,186

122,916

249,102


23

FidelityInstitutional Liquidity Fund plc Combined Statement of Cash Flows


Aggregated Total

28/02/2017

Aggregated Total


Fund Name Sterling


GBP ‘000

857,862

132,977

95,196

125

1,086,160

40,466

40,466

1,045,694

United States Dollar

28/02/2017

USD ‘000

5,154,783

551,022

175,791

1,354

5,882,950

241,475

241,475

5,641,475



USD ‘000

4,171,904

885,000

153,132

75

5,210,111

200,685

200,685

5,009,426

Sterling

28/02/2017

GBP ‘000

966,643

141,909

-

122

1,108,674

110,697

110,697

997,977


24

Statement of Financial Positionattributable to holders of redeemable participating shares

As at 28 February 2017


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

- Investments at fair value

- Term deposits

Cash at bank (Note 3)

Debtors

Total Current Assets

Current Liabilities - amounts payable within one year

Creditors

Total Current Liabilities

Net assets attributable to holders of redeemable participating shares

based on dealing NAV (Amortised Cost)

Euro

28/02/2017

EUR ‘000

1,689,425

136,000

100,967

3,885

1,930,277

215,420

215,420

1,714,857

Euro


EUR ‘000

1,560,579

70,000

95,269

1,853

1,727,701

157,779

157,779

1,569,922

Canadian Dollar

28/02/2017

CAD ‘000

33,796

8,185

-

33

42,014

21

21

41,993

Canadian Dollar


CAD ‘000

14,898

17,426

-

28

32,352

15

15

32,337

25

Statement of Financial Position - continuedattributable to holders of redeemable participating shares

As at 28 February 2017


Fund Name

Net 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

SharesRedeemable ParticipatingShares OutstandingAccumulating Class A








SharesNet Asset Value per redeemable participating share based on

dealing NAV (Amortised Cost)

Accumulating Class A








Sterling

‘000

1,045,694

427,019

589,207

-

3,211

-

12

1,157

25,088

20,679

589,206,690

-

3,210,475

-

1

114

25,088,300

GBP

20,649.44

£1.00

11,615.00

1.00

-

11,857.55

10,193.31

1.00


‘000

5,641,475

2,873,902

652,190

11

455,769

1,237,004

-

132,289

290,310

167,525

652,189,511

1

455,768,960

1,237,003,848

-

13,113

290,310,125

USD

17,155.07

$1.00

11,224.58

1.00

1.00

-

10,088.23

1.00


‘000

5,009,426

1,765,607

873,444

11

394,576

970,542

33,655

495,193

476,398

103,303

873,442,015

1

394,576,195

970,542,289

2,978

49,257

476,397,981

USD

17,091.54

$1.00

11,198.16

1.00

1.00

11,302.01

10,053.31

1.00

Sterling

‘000

997,977

726,822

267,849

-

1,832

-

12

1,159

303

35,157

267,849,454

-

1,832,106

-

1

114

303,200

GBP

20,673.64

£1.00

-

1.00

-

11,867.56

10,202.66

1.00

2016 for comparison


26

2016 for comparison

These financial statements have been approved by the Board of Directors on 21 April 2017.

27

Euro

‘000

1,714,857

1,136,460

175,255

510

12,337

-

10

22,960

367,325

81,055

175,254,711

46

12,336,547

-

1

2,292

367,325,025

EUR

14,020.90

€1.00

11,122.78

1.00

-

11,315.67

10,015.70

1.00

Euro

‘000

1,569,922

1,020,527

142,340

762

3,273

-

10

24,043

378,967

72,638

142,339,791

68

3,272,614

-

1

2,396

378,967,442

EUR

14,049.49

€1.00

11,147.99

1.00

-

11,337.98

10,036.03

1.00

Canadian Dollar

‘000

41,993

14,199

201

-

27,593

-

-

-

-

922

201,389

-

27,592,566

-

-

-

-

CAD

15,396.11

C$1.00

-

1.00

-

-

-

-

Canadian Dollar

‘000

32,337

6,289

2

-

26,046

-

-

-

-

409

2,357

-

26,046,021

-

-

-

-

CAD

15,361.24

C$1.00

-

1.00

-

-

-

-

2016 for comparison 2016 for comparison

CurrencyOperating IncomeInterest Income (Note 2)

Change in unrealised gain(s) on Investments

Total Operating Income

Operating Expenses (Note 4)Management Fees

Trailer Fees

Other Operating Expenses

Net Operating Income

Finance CostsDistributions to redeemable participating shareholders

Fair Value AdjustmentFair Value Adjustments (Note 2)

Net increase/(decrease) in Net Assets Attributable to Redeemable Participating Shares 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 Comprehensive Income.

Fund Name United States Dollar

USD ‘000

24,810

159

24,969

(3,442)

(520)

-

21,007

(11,818)

-

9,189


USD ‘000

7,014

20

7,034

(2,435)

(236)

(102)

4,261

(2,255)

2

2,008

Sterling

GBP ‘000

1,964

21

1,985

(769)

(4)

1

1,213

(665)

-

548

Sterling

GBP ‘000

2,827

5

2,832

(752)

(2)

-

2,078

(1,184)

1

895



28

Statement of Comprehensive IncomeFor the 6 months ended 28 February 2017


29

Euro

EUR ‘000

(3,052)

22

(3,030)

(1,271)

(10)

832

(3,479)

1,240

-

(2,239)

Euro

EUR ‘000

(620)

11

(609)

(950)

(6)

840

(725)

156

-

(569)

Canadian Dollar

CAD ‘000

108

108

(27)

(32)

-

49

(27)

-

22

Canadian Dollar

CAD ‘000

88

4

92

(24)

(32)

-

36

(25)

-

11


Fund Name

Currency

Increase/(Decrease) in net assets attributable to redeemable

participating shareholders

Fund Share TransactionsProceeds from redeemable participating shares issued

Net asset value of participating shares issued

for reinvestment of dividends

Net asset value of participating shares redeemed

for disinvestment of dividends

Cost of redeemable participating shares redeemed

Net increase/(decrease) in net assets

Net Assets Attributable toRedeemable Participating ShareholdersAt the beginning of the period

At the end of the period


USD ‘000

9,189

10,521,684

10,240

-

(9,909,064)

632,049

5,009,426

5,641,475


USD ‘000

2,008

12,561,421

2,042

-

(12,038,607)

526,864

4,008,832

4,535,696

Sterling

GBP ‘000

548

2,224,554

652

-

(2,273,471)

(47,717)

1,045,694

997,977

Sterling

GBP ‘000

895

3,562,290

1,159

-

(3,450,272)

114,072

1,001,795

1,115,867


30

Statement of Changes in Net Assetsattributable to holders of redeemable participating shares




31

Euro

EUR ‘000

(2,239)

2,772,802

-

-

(2,625,628)

144,935

1,569,922

1,714,857

Euro

EUR ‘000

(569)

3,224,563

-

(135)

(3,203,603)

20,256

1,282,587

1,302,843

Canadian Dollar

CAD ‘000

22

25,189

27

-

(15,582)

9,656

32,337

41,993

Canadian Dollar

CAD ‘000

11

1,677

26

-

(9,597)

(7,883)

38,924

31,041


Statement of Changes in Net Assets - continuedattributable to holders of redeemable participating shares



Fund Name

Share Transactions (Units Rounded)

Redeemable participating shares outstanding at beginning of periodAccumulating 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 periodAccumulating Class A









USD

103,303

873,442,013

1

394,576,195

970,542,289

2,978

49,257

476,397,982

472,802

8,010,731,149

-

152,027,555

1,487,703,766

797

7,840

1,593,077,851

408,580

8,231,983,651

-

90,834,790

1,221,242,208

3,775

43,983

1,779,165,707

167,525

652,189,511

1

455,768,960

1,237,003,847

-

13,113

290,310,125


USD

73,523

951,960,240

1

160,000,459

466,569,539

622

75,308

416,249,248

343,315

4,225,691,974

-

66,625,474

735,231,568

74,435

11,950

727,564,544

321,627

4,315,939,621

-

22,813,110

437,884,382

69,288

20,113

799,604,120

95,211

861,712,593

1

203,812,823

763,916,725

5,769

67,145

344,209,672

Sterling

GBP

20,680

589,206,689

-

3,210,475

-

1

113

25,088,300

89,065

2,142,296,560

-

415,297

-

-

-

25,328,900

74,588

2,463,653,796

-

1,793,666

-

-

-

50,114,012

35,158

267,849,453

-

1,832,106

-

1

113

303,188

Sterling

GBP

21,496

545,662,174

-

1,208,018

-

1

113

11,726,000

57,434

2,350,913,889

-

998

-

-

-

30,225,000

56,624

2,254,503,650

-

34,602

-

-

-

30,150,000

22,306

642,071,413

-

1,174,414

-

1

113

11,801,000


32


33

Euro

EUR

72,638

142,339,791

68

3,272,614

-

1

2,396

378,967,443

222,673

662,796,681

43

9,615,667

-

-

199

605,109,716

214,257

629,881,762

66

551,732

-

-

303

616,752,133

81,055

175,254,710

46

12,336,550

-

1

2,292

367,325,026

Euro

EUR

79,397

110,897,029

129

3,097,945

-

1

2,543

23,535,491

174,992

413,165,374

70

682,513

-

-

333

342,927,950

185,031

363,886,314

105

375,958

-

-

367

229,584,093

69,357

160,176,089

95

3,404,500-

-

1

2,510

136,879,348

Canadian Dollar

CAD

409

2,357

-

26,046,021

-

-

-

-

1,316

199,031

-

5,083,654

-

-

-

-

803

-

-

3,537,109

-

-

-

-

922

201,388

-

27,592,566

-

-

-

-

Canadian Dollar

CAD

753

2,064,985

-

25,339,397

-

-

-

-

5

4,411

-

1,618,674

-

-

-

-

588

-

-

594,392

-

-

-

-

170

2,069,396

-

26,363,679

-

-

-

-


34

Statement of Cash FlowsFor the 6 months ended 28 February 2017


Fund Name

Currency

Operating activitiesNet increase/(decrease) in net assets attributable to holders of redeemable

participating shares from operations

Purchase of investment securities

Proceeds from sale of investment securities

Net realised gain/(loss) on investments

Increase/(decrease) in debtors excluding receivable for investments sold

Increase/(decrease) in creditors excluding payable for investments purchased

Amortization of Discount/Premium

Net cash used in operating activities

Financing activitiesProceeds from issue of redeemable participating shares

Net asset value of participating shares issued

for reinvestment of dividends

Net asset value of participating shares redeemed

for disinvestment of dividends

Payments on redemption of redeemable participating shares

Net cash provided by financing activities

Net increase/(decrease) in cash and cash equivalents during the period

Cash and cash equivalents at start of the period

Cash and cash equivalents at end of the period


USD ‘000

9,189

(86,518,256)

85,931,092

(159)

(1,279)

899

(21,687)

(600,201)

10,521,684

10,240

-

(9,909,064)

622,860

22,659

153,132

175,791


USD ‘000

2,008

(69,493,163)

69,144,626

(20)

1,077

43

(5,424)

(350,853)

12,561,421

2,042

-

(12,038,607)

524,856

174,003

22,340

196,343

Sterling

GBP ‘000

548

(19,808,927)

19,762,945

(21)

2

39

(1,517)

(46,931)

2,224,554

652

-

(2,273,471)

(48,265)

(95,196)

95,196

-

Sterling

GBP ‘000

895

(16,586,377)

16,473,322

(5)

831

(30)

(1,813)

(113,177)

3,562,290

1,159

-

(3,450,272)

113,177

-

-

-


34



35

Euro

EUR ‘000

(2,239)

(21,436,574)

21,294,954

(22)

(1,899)

557

3,747

(141,476)

2,772,802

-

-

(2,625,628)

147,174

5,698

95,269

100,967

Euro

EUR ‘000

(569)

(13,288,878)

13,222,617

(11)

1,328

36

704

(64,773)

3,224,563

-

(135)

(3,203,603)

20,825

(43,948)

92,438

48,490

Canadian Dollar

CAD ‘000

22

(793,329)

783,742

-

(6)

6

(69)

(9,634)

25,189

27

-

(15,582)

9,634

-

-

-

Canadian Dollar

CAD ‘000

11

(725,811)

733,722

(4)

20

(8)

(36)

7,894

1,677

26

-

(9,597)

(7,894)

-

-

-



FidelityInstitutional Liquidity Fund plc Notes to the Financial Statements

For the 6 month period ended 28 February 2017

1. GeneralThe Company is an open ended investment company with variable capital organised under the laws of Ireland as a public limited company pursuant to the Irish Companies Act 2014 and is listed on the Irish Stock Exchange. It was incorporated on 29 June 1995 under registration number 235175. 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 both transferable securities and other liquid financial assets referred to in Regulation 68 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) and the Central Bank’s (Supervision and Enforcement) Act 2013 (section 48(1)) UCITS Regulations 2015, (collectively the ‘UCITS Regulations’) of capital raised from the public and which operates 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 of the Fund are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS’), interpretations adopted by the International Accounting Standards Board (‘IASB’), the Irish Companies Act 2014, applicable to Companies reporting under IFRS and certain requirements of the European Communities (Undertakings for Collective Investment in Transferrable Securities) Regulations, 2011 (as amended) and the Central Bank’s (Supervision and Enforcement) Act 2013 (section 48(1)) UCITS Regulations 2015, (collectively the ‘UCITS Regulations’).

The preparation of financial statements in conformity with IFRS requires the Directors to make certain accounting estimates and assumptions. Actual results may differ from those estimates and assumptions. It also requires the Directors to exercise critical judgement in the process of applying the Company’s accounting policies.

Historical Cost ConventionThe financial statements have been prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities held at fair value through profit and loss.

IncomeIncome from investment securities is accounted for in the Statement of Comprehensive Income 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. Investments are initially recognised at fair value. Subsequent to initial recognition, all instruments classified at fair value through profit and loss are measured at fair value with changes in their fair value recognised in the Statement in Comprehensive Income. Financial instruments traded in active markets is based on quoted market prices at 28 February 2017. The quoted market price used for financial assets 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 in over-the-counter money market instruments). The fair value of these investments is determined by using a valuation technique. This is a matrix based technique which calculates a fair value price based on the correlation of spot to 12 month LIBOR rates (CDOR rates on the Canadian Dollar Fund) 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 restricted securities, all holdings being quoted on an official market, except where otherwise distinguished in the Fund’s Schedule of Investments.

Realised Gains and LossesRealised gains and losses on sales of investments are calculated based on the average cost of the investment in local currency and are recognised in net realised gain/loss on investments in the Statement of Comprehensive Income in the period in which they arise.

Fund Shares TransactionsThe issue and redemption price of 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 and are classified as financial liabilities. The participating shares can be put back to the Company at any time for cash equal to a proportionate share of the Company’s Net Asset Value. The participating share is carried at the redemption amount that is payable at the balance sheet date if the shareholder 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 the United States Dollar for The United States Dollar Fund, the Pound Sterling for The Sterling Fund, the Euro for The Euro Fund and the Canadian Dollar for The Canadian Dollar Fund. The presentation currency of these financial statements is USD. The foreign exchange translation adjustment as at 28 February 2017 was $158,619,000 (29 February 2016: $195,686,000).

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

The conversion exchange rates used in the Combined Statement of Financial Position were as at the balance sheet date.

Exchange Rates As at As at Currency 29 February 2017 31 August 2016Pound Sterling 0.804829 0.761760Euro 0.941832 0.897199Canadian Dollar 1.324810 1.312330

36

The conversion exchange rates used in the Combined Statement of Comprehensive Income, the Combined Statement of Changes in Net Assets and Combined Statement of Cash Flows were the average rates for the period.

Average Exchange Rates For the period ended For the year ended Currency 28 February 2017 29 February 2016Pound Sterling 0.799761 0.679092Euro 0.927186 0.919083Canadian Dollar 1.334175 1.353938

3. Cash at Bank

Cash 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 investment management and general administration of the Company with power to delegate such functions subject to the overall supervision and control of such functions being retained by the Directors. Pursuant to the Management Agreement dated 1 October 2005, FFM(I)L earns a monthly management fee, accrued daily and based on the total net assets of the Funds.

For the period ended 28 February 2017 and 31 August 2016, the management fee was capped at 0.15% per annum of the Net Asset Value of each Fund. On the Class B Shares 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%. On the Class D Shares the total fee was capped at 0.20%, comprising the management fee capped at 0.15% and the shareholder service fee capped at 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 to Stanlib. Given the low yield/negative environment during the period, these fees were partially waived as required. From the management fee, the Manager discharges all fees and expenses, including depositary fees, directors’ fees, audit fees transaction costs and any out of pocket expenses of FFM(I)L, the Depositary, the Investment Manager, other service providers and the establishment costs of the Company.

There are no additional fees or transaction costs above those disclosed as ongoing charges in the Key Investor Information Document for each shareclass. 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 it’s subsidiary undertakings (the ‘FIL Limited Group’) and as such do not receive Director’s fees from the Company. For the period ended 28 February 2017 total payments of $16,776 (31 August 2016: $22,292) were made to Directors’ in respect of Directors’ fees for the period. For the period ended 28 February 2017 total payments of $13,623 (31 August 2016: $12,404) were made to Dillon Eustace in respect of professional fees for the period.

FFM(I)L has delegated its discretionary powers of investment to FIL Investments International (‘FII’), as Investment Manager. FIL was incorporated in England & Wales and FIL Limited is the ultimate parent company. FIL is authorised to receive a monthly investment management fee from the Manager, 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 shares of each Fund, maintaining the Funds’ books and records and acting as Registrar and Transfer Agent. FFM(I)L has also been appointed as Company Secretary and prepares the Company’s annual and half yearly reports and other shareholder information.

Connected Parties Regulation 41 of the UCITS Regulations ‘Restrictions on transactions with connected parties’ states that ‘A responsible person shall ensure that any transaction between a UCITS and a connected person is a) conducted at arm’s length; and b) in the best interests of the shareholders of the UCITS’.

As required under Central Bank’s UCITS Regulations 78.4, the Manager as the responsible person, is satisfied that (a) there are in place arrangements, as evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 41(1) are applied to all transactions with a connected party; and (b) all transactions with connected parties that were entered into during the period to which the report relates complied with the obligations that are prescribed by Regulation 41(1). The Investment Manager, the Manager, the Distributor and the Depository are considered to be connected parties of the Funds for the purposes of IAS24 Related Party Disclosures. The following table details the types of transactions entered into with counterparties that are connected parties:

Transactions Counterparty Type Counterparty

Investment Management Fee Investment Manager FIL Investments InternationalManager Fee Investment Manager FIL Fund Management (Ireland) LimitedDistribution Fee Distributor FIL Distributors



For the 6 month period ended 28 February 2017 (continued)

37




5. Redeemable Participating Shares Significant ShareholdersThe following table details the number of shareholders with significant holdings of at least 20 percent of the relevant Funds and the aggregate value and percentage of that holding as at 28 February 2017 and 31 August 2016.

Fund Number of Shareholders Subscriptions Redemptions Value of Holding Holding % As at 28 February 2017 ‘000 ‘000 ‘000 of FundThe Euro Fund 1 €605,109 €615,957 €401,736 23%The Canadian Dollar Fund 2 c$17,600 c$11,100 c$19,876 47%

Fund Number of Shareholders Subscriptions Redemptions Value of Holding Holding % As at 31 August 2016 ‘000 ‘000 ‘000 of Fund The Euro Fund 1 €911,477 €578,316 €378,759 24%The Canadian Dollar Fund 1 c$2,226 c$500 c$9,267 29%

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 for adoption throughout the FIL Limited Group. There is a clearly defined structure operating within a corporate governance and management framework that is designed to address the related business risks, including those arising from financial instruments. Risk management policies and procedures are updated according to market, industry and government initiatives and regulatory developments. It is the Board of Directors of the Company that is ultimately responsible for risk management but day to day management of the risk process has been delegated to other areas as appropriate.

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 risk management rests with the Investment Manager. On a regular basis each Fund is formally reviewed by the Investment Manager; the review covers multiple aspects of the Fund’s profile including trading activity, turnover, performance, structure, style profile and other relevant subjects. In addition to this review there is a formal Investment Risk Oversight Committee (‘IROC’), chaired by the head of the independent Investment Management Risk function, whose remit includes review of various risk and performance measures, liquidity and other investment risks. The Company is governed by the UCITS Regulations and by the Prospectus limits, which 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 has determined are creditworthy and which are rated investment grade. The Company is not required to calculate global exposure because it does not 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 list of 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 counterparty may default by failing to make payments due, or failing to repay principal and interest in a timely manner. If settlement never occurs the loss incurred by the Fund will be the difference between the price of the original contract and the price of the replacement contract or, in the case where the contract is not replaced, the absolute value of the contract at the time it is voided. Furthermore, in some markets ‘Delivery versus Payment’ may not be possible in which case the absolute value of the contract is at risk if the Fund meets its settlement obligations but the counterparty 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 ‘Depositary’). In the event of insolvency or bankruptcy of the Depositary, the Company’s assets are segregated from those of the Depositary or its agents. The Company will, however, be exposed to the credit risk of the Depositary, or any depositary used by the Depositary, in relation to the Company’s cash held by the Depositary. In the event of the insolvency or bankruptcy of the Depositary, the Company will be treated as a general creditor of the Depositary in relation to cash holdings of the Company.

A Fund’s investments may be adversely affected if any of the institutions with which its money is deposited suffers insolvency or other financial difficulties. Credit risk also arises from the uncertainty surrounding the ultimate repayment of principal and interest or other debt instrument investments by the issuers of such securities. Although the Funds may invest in high quality credit instruments, there can be no assurance that the institutions 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 in such 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 term securities or rated A-1 or higher for short term securities. Each Fund invests only in investment grade debt securities.

38




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

As at 28 February 2017Fund United States Dollar Sterling Euro Canadian DollarRating Long Term:AAA/Aaa - - - 15%AA/Aa 1% 3% 5% 1%A/A- - - 4% 33%Short Term: A-1 45% 63% 47% 33%A-1+ 54% 34% 44% 18%

100% 100% 100% 100%As at 31 August 2016Fund United States Dollar Sterling Euro Canadian DollarRating Long Term:AAA/Aaa - 1% 3% -AA/Aa - 2% 1% -A/A - - 2% 4%Short Term: A-1 45% 53% 47% 40%A-1+ 55% 44% 47% 56%

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 requests net of subscriptions. In normal market conditions, a Fund’s assets comprise mainly realisable securities which can be readily sold. A Fund’s liabilities arise primarily through its exposure to the redemption of any Shares that investors wish to sell. The Investment Manager endeavours to manage the Fund’s investments including cash, such that it can meet its liabilities. If investments cannot be realised in time to meet any potential liability, the Company may borrow up to 10% of its Net Asset Value to provide short term cash to settle redemptions. It is expected that the weighted average maturity of each Fund will not exceed 60 days. However Fund redemptions may cause the average maturity to exceed 60 days temporarily 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 international banks.

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 shares redeemed to 10% of the outstanding shares in the Fund or to 10% of the Net Asset Value of the relevant Fund. This procedure is in place to manage liquidity risk in the Company and to protect the interests of the remaining shareholders.

As at 28 February 2017 (and as at 31 August 2016), redeemable participating shares are redeemable on demand, subject to the limitations described in the previous paragraph or during any period of temporary suspension of valuation of shares, sales and redemptions, and all other liabilities 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 the Company might suffer through holding market positions in the face of price movements. The value of investments is not fixed and may go down as well 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 market factors.

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

Fair Value EstimationFRS29 requires the Company to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making 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 be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

39




The following tables analyse within the fair value hierarchy the Company’s financial assets measured at fair value as at 28 February 2017 and 31 August 2016; 2016 for 2016 for 2016 for comparison comparison comparison

Level 1 Level 2 Total Level 1 Level 2 TotalThe United States Dollar Fund ‘000 ‘000 ‘000 ‘000 ‘000 ‘000Financial assets at fair value through profit or loss - Debt Securities - 45,879 45,879 - 5,003 5,003- Term Deposits 401,022 - 401,022 335,000 550,000 885,000- Money Market Securities 5,258,904 - 5,258,904 - 4,166,901 4,166,901

Total 5,659,926 45,879 5,705,805 335,000 4,721,904 5,056,904

2016 for 2016 for 2016 for comparison comparison comparison

Level 1 Level 2 Total Level 1 Level 2 TotalThe Sterling Fund ‘000 ‘000 ‘000 ‘000 ‘000 ‘000Financial assets at fair value through profit or loss - Debt Securities - , - - 4,655 4,655- Treasury Bills & Government Bonds 24,996 - 24,996 22,977 - 22,977- Term Deposits 141,909 - 141,909 110,000 - 110,000- Money Market Securities 941,647 - 941,647 - 853,208 853,208

Total 1,108,552 - 1,108,552 132,977 857,863 990,840


Level 1 Level 2 Total Level 1 Level 2 TotalThe Euro Fund ‘000 ‘000 ‘000 ‘000 ‘000 ‘000Financial assets at fair value through profit or loss - Debt Securities - 160,928 160,928 - 127,896 127,896- Term Deposits 136,000 - 136,000 - 70,000 70,000- Money Market Securities 1,528,497 - 1,528,497 - 1,432,683 1,432,683

Total 1,664,497- 160,928 1,825,425 - 1,630,579 1,630,579


Level 1 Level 2 Total Level 1 Level 2 TotalThe Canadian Dollar Fund ‘000 ‘000 ‘000 ‘000 ‘000 ‘000Financial assets at fair value through profit or loss - Debt Securities - 2,095 2,095 1,501 1,501- Treasury Bills & Government Bonds 20,082 - 20,082 11,990 11,990 - Term Deposits 8,185 - 8,185 5,437 - 5,437- Money Market Securities 11,619 - 11,619 - 13,396 13,396

Total 39,886 2,095 41,981 17,427 14,897 32,324

Instruments whose values are based on quoted market prices in active markets are classified within Level 1. The Company does not adjust the quoted 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. Instruments whose 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 interest rates 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 in interest bearing securities, there is an exposure to interest rate risk. The Investment Manager manages this exposure by generally investing in instruments whose maturity or interest rate refixing date is less than 397 days. The Fund’s investment portfolio yield profiles are monitored regularly in pursuance of the investment objectives and policies as set out in the Prospectus of the Company. In adverse market conditions, a Fund’s investments may yield zero or negative returns which may impact on the return of a Fund and result in negative investment income.

40




The interest rate profiles of the financial assets of each Fund were as follows:

Fund United States Dollar Sterling Euro Canadian Dollar28 February 2017Fixed Interest Rate Securities - Weighted Average Interest Rate (%)1 1.02 0.34 (0.19) 0.80- Weighted Average Period until Maturity (days)2 45 49 77 4131 August 2016Fixed Interest Rate Securities - Weighted Average Interest Rate (%)1 0.71 0.50 (0.18) 0.62- Weighted Average Period until Maturity (days)3 41 54 53 32

1. The Weighted Average Interest Rate is calculated on the par value of the underlying securities. This Weighted Average Interest Rate is not calculated on the same basis as the Fund yield disclosed in the Investment Manager’s Overview. The yields presented in the Overview are calculated 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: 46 (ILFUSD), 49 (ILFGBP), 77 (ILFEUR) & 41 (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: 41 (ILFUSD), 54 (ILFGBP), 53 (ILFEUR) & 32 (ILFCAD).

The table below summarises the exposure of the Company to interest rate risk as at 28 February 2017 and 31 August 2016. It includes the Company’s financial assets and financial liabilities at fair values, categorised by the earlier of contractual re-pricing or maturity dates.

Less than 1 month Over Non Interest The United States Dollar Fund 1 month 3 months 3 months Bearing Total As at 28 February 2017 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000Current Assets 2,187,367 2,635,829 882,609 177,145 5,882,950Current Liabilities - - - (5,882,950) (5,882,950)

Interest sensitivity gap 2,187,367 2,635,829 882,609 (5,705,805) -

As at 31 August 2016 USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000Current Assets 2,772,083 1,586,865 697,956 153,207 5,210,111Current Liabilities - - - (5,210,111) (5,210,111)

Interest sensitivity gap 2,772,083 1,586,685 697,956 (5,056,904) -

Less than 1 month Over Non Interest The Sterling Fund 1 month 3 months 3 months Bearing Total As at 28 February 2017 GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000Current Assets 346,405 595,304 166,843 122 1,108,674Current Liabilities - - - (1,108,674) (1,108,674)

Interest sensitivity gap 346,405 595,304 166,843 (1,108,552)

As at 31 August 2016 GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000Current Assets 209,985 667,377 113,478 95,320 1,086,160Current Liabilities - - - (1,086,160) (1,086,160)

Interest sensitivity gap 209,985 667,377 113,478 (990,840) -

Less than 1 month Over Non Interest The Euro Fund 1 month 3 months 3 months Bearing Total As at 28 February 2017 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000Current Assets 824,564 620,005 380,856 140,852 1,930,277Current Liabilities - - - (1,930,277) (1,930,277)

Interest sensitivity gap 824,564 620,005 380,856 (1,825,425) -

As at 31 August 2016 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000Current Assets 801,568 563,103 265,908 97,122 1,727,701Current Liabilities - - - (1,727,701) (1,727,701)

Interest sensitivity gap 801,568 563,103 265,908 (1,630,579) -

41




Less than 1 month Over Non Interest The Canadian Fund 1 month 3 months 3 months Bearing Total As at 28 February 2017 CAD ‘000 CAD ‘000 CAD ‘000 CAD ‘000 CAD ‘000CurrCurrent Assets 23,353 12,868 5,760 33 42,014Current Liabilities - - - (42,014) (42,014)


As at 31 August 2016 CAD ‘000 CAD ‘000 CAD ‘000 CAD ‘000 CAD ‘000Current Assets 17,335 10,995 3,994 28 32,352Current Liabilities - - - (32,352) (32,352)


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 to holders of redeemable shares for the period would be:

Fund United States Dollar Sterling Euro Canadian Dollar Currency USD ‘000 GBP ‘000 EUR ‘000 CAD ‘00028 February 2017 3,525 692 1,242 2331 August 2016 3,824 1,115 1,114 15

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 Dollar Currency USD ‘000 GBP ‘000 EUR ‘000 CAD ‘00028 February 2017 (3,525) (692) (1,242) (23)31 August 2016 (3,824) (1,115) (1,114) (15)

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

Fair Value of Financial Assets and Financial Liabilities

All 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 the acquisition 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, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Company or 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 which the 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 are reinvested on a monthly basis) based on the net investment income available for distribution (including interest income) and the excess of realised capital gains over realised losses, if any, in respect of investments of the Company. No distributions were declared from capital. In respect of Accumulating shares, the Directors have determined to accumulate all net income and net realised capital gains attributable to the redeemable participating shares.

The following dividends were declared during the period:

Fund 28 February 2017 29 February 2016The United States Dollar Fund USD $11,818,000 USD $2,255,000The Sterling Fund GBP £665,000 GBP £1,184,000The Euro Fund EUR (€1,240,000)* EUR (€156,000)*The Canadian Dollar Fund CAD $27,000 CAD $25,000

The following dividends were payable during the period:

Fund 28 February 2017 29 February 2016The United States Dollar Fund USD $265,000 USD $78,000The Sterling Fund GBP £1,000 GBP £14,000The Euro Fund EUR(€150,000)* EUR(€23,000)*The Canadian Dollar Fund CAD $141 -* Disinvestment of dividends due to negative income.

42

9. Cross LiabilityThe assets of each Fund may be exposed to the liabilities of other Funds with the Company. As at 28 February 2017 (31 August 2016: None), the Directors are not aware of any such liability.

10. Share CapitalThe Authorised Share Capital is one trillion shares of no par value.

As at 28 February 2017 there were 7 (31 August 2016: 7) subscriber shares in issue and 3,488,267,670 (31 August 2016: 3,883,334,014) participating shares in issue.

11. Soft CommissionsNo soft commission arrangements have been entered into during the period. (31 August 2016: None)

12. Securities Financing Transactions RegulationThe Securities Financing Transactions Regulation (’The Regulation’) came into force on 12 January 2016 and introduced additional disclosures around securities lending, repurchase agreement/reverse repurchase agreements, total return swaps (TRSs) and other lending/borrowing transactions in annual and semi-annual financial statements, published after 13 January 2017. The Regulation came about due to what was perceived as ‘shadow banking’ risk in the securities financing markets. It aims to reduce this risk by improving transparency in the securities financing markets in a number of ways;

- By imposing conditions on the ‘reuse’ of collateral, so that clients and counterparties understand the risks involved and give their consent to the reuse,

- By requiring managers to make detailed disclosures to their investors of the use they make of Securities Financing Transactions (SFTs) both in theirperiodic financial statements and pre-contractual documentation; and

- By requiring counterparties to report SFTs to a trade repository so as to provide transparency to regulators on the use of SFTs by market participants.

The following disclosures relate to a repurchase agreement investment held by the Company as at 28 February 2017 which may be considered a Security Financing Transaction under the Securities Financing Transaction Regulations.

The repurchase agreement is contracted in a tri-party agreement with JP Morgan, Irish Branch (“JP Morgan”) and has a maturity of less than one day with the collateral issuer being BNP Paribas (Paris).

At 28 February 2017 the asset value of this repurchase agreement held in The United States Dollar Fund was $150,000,000 and represented 2.66% of the Net Assets of the Fund. Collateral of $150,000,000 in respect of this investment was held by JP Morgan on behalf of the Company and is divided between Government bonds (Sovereign) and Corporate bonds (Agency). It is denominated in United States Dollars and matures in a period ranging from 3 months to greater than 1 year.

The total cost and return for the period ended 28 February 2017 for the Company from repurchase agreements was as follows:

Fund Name Currency Return of the Fund % TNA Cost of the Fund % TNA‘000 ‘000

The United States Dollar Fund USD 666 0.01 - -The Sterling Fund GBP 24 0.00 - -The Euro Fund EUR - - (72) (0.00)

12. Prospectus

There were two Addendum changes to the Prospectus (First Addendum dated 7 March 2017 and Second Addendum dated 8 March 2017) during the period.

13. Significant events during the periodMr. David Greco and Mr. Philip Haslam were each appointed as Directors of the Company as of 22 December 2016. Mr. Nicholas Birchall resigned as Director of the Company on 31 December 2016.

The Fidelity Institutional Liquidity Fund PLC entered into a revised agreement with its depositary, J.P. Morgan Bank (Ireland) PLC on 22 December 2016, to reflect the provisions of the UCITS V Directive.

14. Post Balance Sheet EventsThere have been no significant post balance sheet events affecting the Company since the period end.

15. Approval of Financial StatementsThe Directors approved the Financial Statements the Financial Statements on 21 April 2017.




43

44

The United States Dollar Fund

Major purchases for Major sales for the year ended the year ended 31 August 2016 31 August 2016 Security USD ‘000 USD ‘000

FidelityInstitutional Liquidity Fund plc Statement of Changes in Investments


The United States Dollar Fund Listed below are the material cumulative investments purchases and sales for the 6 months ended 28 February 2017. In accordance with UCITS Regulations a material change is defined as aggregate purchases and sales of a security exceeding 1 per cent of the total value of purchases and sales respectively. If there are fewer than 20 material changes the Fund shall disclose at least 20 purchases/sales.

Major purchases for Major sales for the 6 months ended the 6 months ended 28 February 2017 28 February 2017 Security USD ‘000 USD ‘000


Bank of Tokyo Mitsubishi 2.35% 01/02/2017 2,600,000

Mizuho Bank Sydney 0.00% 01/01/2017 1,000,000

Schlumberger Finance 0.92% 17 900,000

BNP Paribas 0.0% 01/01/2017 775,008

Nordea Bank 3.125% 01/03/2017 650,000

BNP Paribas 17/03/17 600,000

ABN Amro Bank 4.25% 01/02/2017 600,000

Nationwide Building Society 0.93% 01/09/2016 600,000

Allianz 0.75% 01/10/2016 600,000


Allianz 0.93% 01/10/2016 600,000

Credit Agricole 0.00% 01/12/2016 600,000

Swedbank0.83% 01/12/16 600,000

Mitsubishi UFJ Trust & Bank 0.00% 01/10/2016 600,000


Bank of Netherlands 0.51% 01/10/2016 600,000

Toronto Dominion Bank 0.86% 12/12/16 600,000

Sumitomo Mitsu Banking 0.88% 01/12/2016 600,000

Zurich Holding Company of Amercia 0.85% 01/10/2016 550,000

Dexia Credit CP 1.00% 01/12/2016 550,000


SNCF 0.69% 18/11/16 84,970

Belmont Savings Bank 0.00% 06/04/17 74,904



Community Services Financial Bank Australia 0.85% 01/11/2016 49,994

Rabobank Australia 0.00% 10/12/2016 49,987

Mizuho Bank London 0.00% 02/03/2017 49,984

Rabobank Australia 0.00% 01/12/2016 49,980









Allianz 0.99% 01/02/2017 14,981

A full list is available from the Administrator upon request.

45

The Sterling Fund

Major purchases for Major sales for the year ended the year ended 31 August 2016 31 August 2016 Security GBP ‘000 GBP ‘000

FidelityInstitutional Liquidity Fund plc Statement of Changes in Investments



UK T-Bill 0.00% 21/11/16 220,000

Mizuho Bank 0.20% 01/09/16 200,000

Honda Finance Europe 0.38% 01/09/2016 200,000

BFCM Paris 0.42% 01/11/2016 180,000

Barclays 0.18% 01/09/2016 153,000

Mizuho Bank 0.20% 02/09/16 150,000

Barclays 0.18% 01/10/2016 150,000

Mizuho Bank 0.20% 05/09/16 150,000

BRED Banque Populaire 0.00% 01/10/2016 149,000

Toronto Dminion Bank 0.44% 06/03/17 146,000

Credit Agricole 0.19% 06/09/16 145,000

BNP Paribas 0.17% 09/16 140,000

Mizho Bank 0.20% 06/09/16 135,000

Commonwealth Bank Australia 0.45% 01/03/2017 135,000

Barclays 0.18% 01/03/2016 135,000

Mizuho Bank 0.20% 07/09/16 130,000

Credit Agricole 0.19% 07/09/16 130,000

Barclays 0.20% 01/11/2016 130,000

Mizuho Bank 0.20% 08/09/16 125,000

ING Bank 0.17% 08/09/16 125,000

UBS London 0.55% 01/02/2017 30,068

BFCM Paris 0.335% 01/12/2016 29,996

Sumitomo Mitsui Trust Bank 0.00% 01/01/2017 29,986

Mizuho BanK London 0.40% 01/02/2017 25,008

Credit Agricole 0.00% 02/02/17 24,983

BFCM Paris 0.34% 01/01/2017 22,990

UBS London 0.55% 01/02/2017 20,044

Abbey National Treasury Services 0.30% 05/04/2017 19,990

Mizuho Bank London 0.00% 01/02/2017 19,984




Metlife Short Term Funding 0.35% 01/01/2017 9,995

Mitsubishi Trust & Bank 0.00% 01/01/2017 8,996

Commonwealth Bank Australia 0.45% 01/03/2017 8,012


Nordea Bank 0.33% 01/01/2017 7,999

BFCM Paris 0.00% 02/03/17 7,995

Svenska 0.345% 06/02/17 6,003

La Banque Postal 0.00% 01/01/2017 5,998

DexiaCredit 0.53% 01/01/2017 5,988

La Banque Postal 0.00% 01/01/2017 4,998

Dexia Credit 0.53% 09/02/2017 4,989



The Sterling Fund Listed below are the material cumulative investments purchases and sales during the 6 months ended 28 February 2017. In accordance with UCITS Regulations a material change is defined as aggregate purchases and sales of a security exceeding 1 per cent of the total value of purchases and sales respectively. If there are fewer than 20 material changes the Fund shall disclose at least 20 purchases/sales.

Major purchases for Major sales for the 6 months ended the 6 months ended 28 February 2017 28 February 2017 Security GBP ‘000 GBP ‘000

46

The Euro Fund

Major purchases for Major sales for the year ended the year ended 31 August 2016 31 August 2016 Security EUR ‘000 EUR ‘000

Statement of Changes in InvestmentsFor the 6 months ended 28 February 2017



Agence Central CP -0.44% 17 100,026

KBC Bank 0.00% 03/01/17 60,038

Mitsubishi Finance -0.345% 01/09/2016 60,018

KBC Bank 0.00% 03/04/17 55,054

Mitsubishi Finance -0.35% 01/11/2016 55,017

Agence Central -0.43% 01/10/2017 50,056

Citibank 0.00% 01/06/17 50,054

Credit Agricole -0.36% 01/10/2017 50,046

Agence Centrale -0.445% 01/10/2016 50,019

Agence Central -0.45% 01/10/2016 50,011

Standard Chartered Bank -0.37% 01/10/2017 45,043

Credit Suisse London 0.00% 01/11/2017 45,035

HSBC France 0.00% 01/05/2017 40,067

Svenska -0.33% 01/07/2017 40,066

BFCM Paris -0.36% 01/10/2017 40,040

Metlife Short CP 0.00% 01/02/2017 40,038

BFCM Paris -0.32% 01/10/2016 40,025

GE-Corp -0.39% 01/09/2016 40,007

Agence Central -0.445% 01/10/2017 40,001


Lloyds TSB 4.625% 01/02/2017 31,391

KBC Bank 0.00% 09/02/17 20,005

Sumitomo Mitsu Banking Corporation -0.36% 01/10/2016 14,002

Sumitomo Mitsu Banking Corporation -0.36% 01/10/2016 11,002

Standard Chartered Bank 0.00% 01/10/2016 10,002

Credit Agricole -0.35% 01/09/2016 7,000


The Euro Fund Listed below are the material cumulative investments purchases and sales during the 6 months ended 28 Febraury 2017. In accordance with UCITS Regulations a material change is defined as aggregate purchases and sales of a security exceeding 1 per cent of the total value of purchases and sales respectively. If there are fewer than 20 material changes the Fund shall disclose at least 20 purchases/sales.

Major purchases for Major sales for the 6 months ended the 6 months ended 28 February 2017 28 February 2017 Security EUR ‘000 EUR ‘000

47

The Canadian Dollar Fund

Major purchases for Major sales for the year ended the year ended 31 August 2016 31 August 2016 Security CAD ‘000 CAD ‘000

Statement of Changes in InvestmentsFor the 6 months ended 28 February 2017



Canadian T-Bill 0.00% 23/03/17 5,997

Canadian T-Bill 0.00% 01/12/2016 5,443

Canadian T-Bill 0.00% 03/11/16 3,499

Canada 0.00% 09/02/17 3,496

Canadian T-Bill 0.00% 05/01/17 3,434

Canada 1.25% 01/08/2017 2,019

HSBC Bank of Canada 0.00% 04/2017 1,896

Royal Bank of Canada CD 0.00% 03/04/2017 1,623

Canada 1.50% 01/02/17 1,511

Canada 0.25% 01/05/17 3,000

HSBC Bank of Canada 0.00% 01/10/2016 1,499

Bank Of America 0.00% 01/10/2016 1,499

Canadian T-Bill 0.00% 05/12/16 1,500

CanadianT-Bill 0.00% 01/10/2016 3,000

CanadianT-Bill 0.00% 07/03/17 1,500


Citibank 0.00% 04/11/16 1,500

Sumitomo Mitsui Banking Corporation 0.00% 01/10/2017 1,499

Citibank 0.00% 18/01/17 1,499

Citibank 0.00% 02/12/16 1,499

Canada 0.00% 09/02/17 2,500

Canadian T-Bill 0.00% 06/04/17 999

Honda Finance 0.00% 01/02/2017 500

Bank of Nova Scotia 0.00% 21/03/17 499

Canadian Bank of Imperial Commerce 0.00% 01/02/17 400

Bank of Montreal 0.00% 02/02/17 400

Royal Bank of Canada 0.00% 21/02/17 400

Toronto Dominion Bank 0.00% 22/02/17 400

HSBC Bank of Canada 0.00% 01/04/2017 399

Toyota Finance 0.00% 01/02/2017 300


The Canadian Dollar Fund Listed below are the material cumulative investments purchases and sales during the 6 months ended 28 February 2017. In accordance with UCITS Regulations a material change is defined as aggregate purchases and sales of a security exceeding 1 per cent of the total value of purchases and sales respectively. If there are fewer than 20 material changes the Fund shall disclose at least 20 purchases/sales.

Major purchases for Major sales for the 6 months ended the 6 months ended 28 February 2017 28 February 2017 Security CAD ‘000 CAD ‘000

Fidelity Institutional Liquidity Fund plcRegistered Office

George’s Quay House43 Townsend StreetDublin 2, D02 VK65

Ireland

Investment ManagerFIL Investments International

Oakhill House130 Tonbridge Road

HildenboroughKent TN11 9DZUnited Kingdom

ManagerFIL Fund Management (Ireland) Limited


Ireland

Independent AuditorsPricewaterhouseCoopers

One Spencer DockNorth Wall Quay

Dublin 1Ireland

DepositaryJ.P. Morgan Bank (Ireland) plc

JPMorgan HouseInternational Financial Services Centre

Dublin 1 Ireland

Administrator, Registrar & SecretaryFIL Fund Management (Ireland) Limited


Ireland

General DistributorFIL Distributors Pembroke Hall42 Crow Lane

Pembroke HM19Bermuda

Sponsoring BrokerJ & E DavyDavy House

49 Dawson StreetDublin 2Ireland

Legal AdvisorDillon Eustace Solicitors

33 Sir John Rogerson’s QuayDublin 2Ireland

48

Directory


Directors of the Company

Philip Haslam (British) - appointed 22 December 2016

Nicholas Birchall (British) - resigned 31 December 2016David Greco (USA) - appointed 22 December 2016

Denise Kinsella*

David Dillon* Andy Howse (British)

Carol Mahon

All Directors apart from Ms. Carol Mahon are Non-Executive.* Independent Directors as defined under the rules of the Irish Stock Exchange

The Company

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