FUND PROFILE
October 31, 2011
Capital Liquidity Managed Account - EUR Fund Credit Quality Ratings Definitions AAAf The fund's portfolio holdings provide extremely strong protection against losses from credit defaults. The fund's AAf portfolio holdings provide very strong protection against losses from credit defaults. The fund's Af portfolio holdings provide strong protection against losses from credit defaults.
About the Fund Fund Rating
AAAf / S1+
Fund Type
Cash Enhanced
Investment Adviser
Capital International Limited TD 100.0%
Portfolio Manager
John Cookson
Fund Rated Since Custodian
August 2007 Capital International Nominees
TD - Time Deposit
*As assessed by Standard & Poor's
BBBf The fund's portfolio holdings provide adequate protection against losses from credit defaults.
Fund Highlights Standard & Poor's assigned its 'AAAf' fund credit quality rating and 'S1+' fund volatility rating to the underlying portfolio of the Capital Liquidity Managed Account – EUR in August 2007. • The 'AAAf' rating assigned signifies the extremely The fund's BBf strong protection that the underlying portfolios of portfolio holdings assets provide against losses from credit defaults. provide uncertain The 'S1+' volatility rating recognizes that the protection against underlying portfolio of assets will demonstrate losses from credit extremely low sensitivity to changing market defaults. conditions. • Standard & Poor's, as part of its surveillance The fund's Bf portfolio holdings process, reviews pertinent fund information and exhibit vulnerability portfolio holding reports on a monthly basis to to losses from credit ensure that the underlying portfolio abides by the defaults. criteria set down to maintain a 'AAAf' fund credit CCCf The fund's quality rating. portfolio holdings make it extremely vulnerable to losses from credit defaults.
Management The Capital Liquidity Managed Accounts are managed by Capital International Limited, which is Plus (+) or Minus (-) registered in the Isle of Man under the Financial The ratings from Supervision Commission. 'AAf' to 'CCCf' may be modified to show relative standing within the major rating categories. Fund Credit quality ratings, identified by the ’f’ subscript, are assigned to bond funds and other actively managed funds that exhibit variable net asset values. These ratings are current assessments of the overall credit quality of a fund’s portfolio. The ratings reflect the level of protection against losses from credit defaults and are based on an analysis of the credit quality of the portfolio investments and the likelihood of counterparty defaults.
Portfolio Composition as of October 31, 2011
John Cookson manages the fund on a day-to-day basis with the support of team of investment professionals based in Douglas, Isle of Man. Investment strategy is discussed through regular investment committees meetings focusing on the credit quality and interest rate risk in the portfolios.
Liquidity Managed Accounts namely: - Capital Liquidity Managed Account – GBP - Capital Liquidity Managed Account – USD The Capital Liquidity Managed Account - EUR had its fund credit quality and fund volatility ratings affirmed by Standard & Poor's in August 2011.
Portfolio Assets The Capital Liquidity Managed Account – EUR portfolio takes controlled interest rate risk and limits credit risk by focusing on highly rated instruments. In April 2010 Capital International changed their investment strategy for all three accounts to solely invest in high-quality time deposits of Isle of Man based financial institutions. Volatility ratings evaluate sensitivity to factors such as interest-rate movements, currency risk, credit quality and liquidity. The 'S1+' volatility rating assigned to the Capital Liquidity Managed Account – EUR signifies that the fund possesses extremely low sensitivity to changing market conditions. 'S1+' rated funds possess an aggregate level of risk less than or equal to that of a portfolio made up of government securities maturing within one to three years and denominated in the base currency of the fund.
Credit Quality The fund's investment policies and credit quality guidelines meet the minimum standard for a 'AAAf' rating. It also indicates that the fund's portfolio investments provide very strong protection against losses from credit defaults. The 'AAAf /S1+' ratings have also been assigned to two other Capital
www.standardandpoors.com Standard & Poor's Analyst: Andrew Paranthoiene - (44) 20-7176-8416 Investors should consider the investment objectives, risks and charges and expenses of the fund before investing. The prospectus which can be obtained from your broker-dealer, contains this and other information about the fund and should be read carefully before investing.
Capital Liquidity Managed Account - EUR Volatility Ratings Definitions S1 Low sensitivity to
AAAf / S1+
Data Bank as of October 31, 2011 Net Assets (millions).................................. €7.06 Inception Date............................................. June 2007
Ticker Symbol............................................. N/A NAV........................................................... €109.93
changing market conditions. Within this category of (S-1) certain funds may be designated with a plus sign (+). This indicates the fund's extremely low sensitivity to changing market conditions.
Portfolio Credit Quality as of October 31, 2011 *
Portfolio Maturity Distribution as of October 31, 2011
A0.7% A15.6%
100 80 60 40
S2 Low to moderate sensitivity to changing market conditions.
AA55.3%
A 28.4%
20 0
S3 Moderate
Years
sensitivity to changing market conditions.
Portfolio Historical Performance Comparison (Growth of € 10,000)
Total Returns as of October 31, 2011, (%) S4 Moderate to high
Index * Cumulative
Annualized
sensitivity to changing market conditions.
Fund Year to Date
Index *
Fund
1.19
NA
NA
1.01
1.38
1.38
1.16
6.56 13.73
S5 High sensitivity to
1 Year
1.16
changing market conditions.
3 Years
1.06
2.14
3.21
5 Years
NA
2.61
NA
S6 Highest sensitivity to changing market conditions.
Volatility ratings evaluate the fund's sensitivity to interest rate movements, credit risk, investment diversification or concentration, liquidity, leverage, and other factors. Not all bond funds have volatility ratings
* Citi EUR 12m Eurodeposit
€ 12,000
€ 11,000
€ 10,000
€ 9,000
The returns shown above do not reflect the deduction of sales loads or charges. Inclusion of the sales load would reduce the performance shown. Fund Citi EUR 12m Eurodeposit
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, which when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the performance data quoted. Performance data current to the most recent month-end may be available by calling the fund at the phone number listed in the ‘About the Fund’ section on page 1 Top Ten Holdings as of October 31, 2011 Security % Barclays Bank 31.90 Lloyds Banking Group 28.20 Zurich Bank 22.10 Woori Bank London Branch 15.60 HSBC Banking Corp 1.40
Security Nationwide Building Soceity Royal Bank of Scotland International
% 0.70 0.10
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