Embed Size (px)
Citation preview
STANLIB Funds LimitedAnnual Report and Audited Financial Statements for the year ended 31 December 2015
Company Number 64639
Copies of Annual and Interim Reports are available on http://www.stanlib.com/AnnualReports/Pages/AnnualReports.aspx and may be obtained at the Registered Office of the Company at Standard Bank House, 47 - 49 La Motte Street, St Helier, Jersey JE2 4SZ, Channel Islands. The financial statements must be read in conjunction with the detailed information contained in the prospectus.
01Management and Administration
02Report of the Directors
04Statement of the Directors Responsibilities
05Statement of Manager’s Responsibilities
06Statement of Custodian’s Responsibilities Report of Custodian
07Investment Manager’s Report
12Report of the Independent Auditor
13Statements of Financial Position
16Statement of Comprehensive Income
19Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares
21Statement of Cash Flows
24Notes to the Financial Statements
77Portfolio Statement
195Other Information (Unaudited)
196Fund Statistics (Unaudited)
You say future potential. We say STANLIB.
STANLIB Funds Limited
1
Management and Administration
Directors
Neil Deacon * (British)Michael Farrow (Chairman) * (British)Sidney Place * (South African)Martin Rabe (South African) (Resigned on 30 June 2015)Michael Mitchell (South African) (Appointed 27 July 2015)
* Independent non-executive Directors
Manager
STANLIB Fund Managers Jersey LimitedStandard Bank House47-49 La Motte StreetSt Helier, Jersey JE2 4SZChannel Islands
Independent Auditors
PricewaterhouseCoopers Chartered Accountants and Registered AuditorsOne Spencer DockNorth Wall QuayDublin 1Ireland
Custodian
Capita Trust Company (Jersey) Limited12 Castle StreetSt Helier, Jersey JE2 3RTChannel Islands
Sub-Custodian And Bankers
The Bank of New York Mellon SA/NV London BranchThe Bank of New York Mellon Centre160 Queen Victoria StreetLondon EC4V 4LAUnited Kingdom
Administrator
BNY Mellon Fund Services (Ireland) designated Activity Company*Guild House, Guild StreetInternational Financial Services CentreDublin 1Ireland
Investment Manager, Promoter and Distributor
STANLIB Asset Management Limited17 Melrose BoulevardMelrose Arch2196South Africa
Registered Office
Standard Bank House47-49 La Motte StreetSt Helier, Jersey JE2 4SZChannel Islands
Sponsoring Broker
J & E DavyDavy House 49 Dawson StreetDublin 2Ireland
Legal Advisers
Bedell Cristin26 New StreetSt HelierJersey JE2 3RAChannel Islands
Sole Representative in South Africa
STANLIB Collective Investments (RF) Limited17 Melrose BoulevardMelrose Arch 2196South Africa
* BNY Mellon Fund Services (Ireland) Limited converted to a Designated Activity Company under the Companies Act 2014 and changed its name to BNY Mellon Fund Services (Ireland) Designated Activity Company on 27 January 2016
STANLIB Funds Limited
2
Report of the Directors
The Directors present their Annual Report and the Audited Financial Statements for the year ended 31 December 2015.
IncorporationSTANLIB Funds Limited (the “Company”) was incorporated in Jersey, Channel Islands on 18 March 1996 with an authorised share capital of USD 5,000,100 divided into 100 Founder Shares of USD 1 each and 5,000,000 Unclassified Shares of USD 1 each.
ActivitiesThe Company was originally incorporated in Jersey on 18 March 1996.
The Company is an open-ended investment company in that it may issue and redeem participating shares.
As at 31 December 2015 participating Shares are offered in the Company as shares of the STANLIB Global Property Fund, STANLIB Multi-Manager Global Bond Fund, STANLIB Multi-Manager Global Equity Fund, STANLIB High Alpha Global Equity Fund, STANLIB Global Bond Fund, STANLIB Global Emerging Markets Fund, STANLIB Global Balanced Fund, STANLIB Global Balanced Cautious Fund and STANLIB European Equity Fund (each a “Class Fund”).
The Company is an umbrella fund and where the assets of a Class Fund are insufficient to meet that Class Fund’s liabilities, any liabilities which remain undischarged will revert to the Company as a whole and be allocated amongst other Class Funds. As at the date hereof, the Directors are not aware of any existing or contingent liability relating to a Class Fund which could not be discharged out of the assets of that Class Fund. The following Share Classes are listed on the Irish Stock Exchange: STANLIB Global Property Fund B Class, STANLIB Multi- Manager Global Bond Fund A Class, STANLIB Multi-Manager Global Equity Fund A Class, STANLIB High Alpha Global Equity Fund A Class, STANLIB High Alpha Global Equity Fund B Class, STANLIB Global Bond Fund A Class, STANLIB Global Emerging Markets Fund B Class, STANLIB Global Balanced Fund B Class, STANLIB Global Balanced Cautious Fund B Class and STANLIB European Equity Fund B Class.
Investment objectives and policyThe objectives of the Class Funds are as follows:
STANLIB Global Property Fund
The primary objective is to maximise long term total return, both capital and income growth, by investing in global property company shares and REITS. The Class Fund’s benchmark is the S&P Developed REIT Index.
STANLIB Multi-Manager Global Bond Fund
The primary objective is to provide attractive investment returns from investing in major international bond markets. The Class Fund’s benchmark is the Barclays Capital Multiverse TR Index.
STANLIB Multi-Manager Global Equity Fund
The objective is to maximise long term total return by investing in global equities. The investment objective is to generate annualised investment returns in excess of the benchmark. The Class Fund’s benchmark is the MSCI All Country World Investable Market Index.
STANLIB High Alpha Global Equity Fund
The objective is to maximise long term total return by investing in global equities. The Class Fund’s benchmark is the MSCI World All Country Index with Net Dividends Reinvested. Tracking error of the fund to the benchmark is expected to be in the region of 6-10%.
STANLIB Global Bond Fund
The primary objective of this single manager fund is to provide attractive investment returns from investment in major international bond markets. The criterion for investment is the preservation of capital and appropriate weighted average credit rating. The Class Fund’s benchmark is the Barclays Capital Global Aggregate Bond TR Index.
STANLIB Global Emerging Markets Fund
The primary objective of this single manager fund is to maximise long term total return by investing in emerging market equities. The Class Fund’s benchmark is the MSCI Emerging Markets Free Index.
STANLIB Global Balanced Fund
The primary objective is to provide investors with long-term capital growth from a diversified and actively managed portfolio of equities, property company shares, bonds and cash. From 1 January 2015 to 30 June 2015, this Class Fund’s composite benchmarks were the MSCI AC World Index (50%), the Barclays Capital Aggregate Bond Index (30%), the UBS Global Real Estate investors Index (10%), the USD 1 month LIBID, the EUR 1 month LIBID and the GBP 1 month LIBID (10%). Effective 1 July 2015, this Class Fund’s composite benchmarks changed to the MSCI AC World Index (60%), the Barclays Global Aggregate Index (20%), the S&P Developed REIT Index (10%), the USD 1 month LIBID (5%), the EUR 1 month LIBID (2.5%) and the GBP 1 month LIBID (2.5%).
STANLIB Global Balanced Cautious Fund
The primary objective is to adopt a conservative approach to investment from a diversified and actively managed portfolio of equities, property company shares, bonds and cash. From 1 January 2015 to 30 June 2015, this Class Fund’s benchmarks were the MSCI AC World Index (20%), the Barclays Capital Aggregate Bond Index (40%), the UBS Global Real Estate Investors Index (8%), the USD 1 month LIBID, the EUR 1 month LIBID and the GBP 1 month LIBID (32%). Effective 1 July 2015, this Class Fund’s benchmarks changed to the MSCI AC World Index (30%), the Barclays Global Aggregate Index (40%), the S&P Developed REIT Index (10%), the USD 1 month LIBID (10%), the EUR 1 month LIBID (5%) and the GBP 1 month LIBID (5%).
STANLIB European Equity Fund
The objective is to maximise long-term capital growth by investing in an actively managed portfolio of primarily pan-European equities. This Class Fund’s benchmark is the MSCI Europe.
The objectives shall be sought within the constraints of the investment restrictions and subject to the risks normally associated with a conservative and balanced approach to portfolio management.
STANLIB Funds Limited
Report of the Directors (continued)
3
Results and DividendsThe results for the year are set out in the Statement of Comprehensive Income. Dividends may be declared on individual share classes from time to time in accordance with the provision of the Companies (Jersey) law, 1991 (as amended). No dividends were declared for the year.
Capital values
Total net assets attributable to holders of redeemable participating shares amounted to USD 3.318 billion as at 31 December 2015 (31 December 2014: USD 3.590 billion).
Directors
Total net assets attributable to holders of redeemable participating shares amounted to USD 3.318 billion as at 31 December 2015 (31 December 2014: USD 3.590 billion).
Љ Neil Deacon (independent) Љ Michael Farrow (independent) Љ Sidney Place (independent) Љ Martin Rabe (Resigned on 30 June 2015) Љ Michael Mitchell (Appointed 27 July 2015)
All Directors act in a non-executive capacity.
Directors’ interests
There were no material contracts or contracts for the provision of services existing during the period under review to which the Company was a party and in which any Director is, or was, materially interested.
The Directors had no beneficial interest in the Shares of the Company at 31 December 2015.
Review of Business Risks and Uncertainities
Refer to note 10, financial instruments and associated risks, for details of the risks and uncertainities.
Future Developments
Please see the Investment Manager’s reports on pages 7 to 11 for each Class Fund’s outlook.
Independent Auditors
PricewaterhouseCoopers Ireland has indicated their willingness to continue in office. A resolution to reappoint PricewaterhouseCoopers Ireland as Independent auditors of the company will be proposed at the Annual General Meeting.
Secretary
The Secretary of the Company at 31 December 2015 was STANLIB Fund Managers Jersey Limited, which was Secretary for the year then ended.
Annual General Meeting
The Annual General Meeting of the Company will be held on 6 June 2016. A copy of the Notice and Proxy Voting Form is attached and forms part of these Financial Statements.
Significant Events During the Year
Martin Rabe resigned as a Director on 30 June 2015.
Michael Mitchell was appointed as Director on 27 July 2015.
The entitled Directors fees changed on the 1 April 2015 from GBP 25,000 to GBP 26,000 per annum for the Chairman; and from GBP 20,000 per annum to GBP 22,000 for all other Directors as resolved at the Annual General Meeting on 15 June 2015.
The STANLIB Global Property Fund Benchmark as well as the Property portion of the Benchmark of STANLIB Global Balanced Fund and STANLIB Global Balanced Cautious Fund was changed to the S&P Developed REIT Index in January 2015.
Effective 1 July 2015, STANLIB Global Balanced Fund’s composite benchmarks changed as follows: MSCI AC World Index (60%), the Barclays Global Aggregate Index (20%), the S&P Developed REIT Index (10%), the USD 1 month LIBID (5%), the EUR 1 month LIBID (2.5%) and the GBP 1 month LIBID (2.5%).
Effective 1 July 2015, STANLIB Global Balanced Cautious Fund’s benchmarks changed as follows: MSCI AC World Index (30%), the Barclays Global Aggregate Index (40%), the S&P Developed REIT Index (10%), the USD 1 month LIBID (10%), the EUR 1 month LIBID (5%) and the GBP 1 month LIBID (5%).
Management fees on STANLIB Multi-Manager Global Bond Fund were reduced from 0.65% to 0.60% effective from 1 July 2015.
A new Class Fund, STANLIB European Equity Fund, launched on 3 August 2015.
A new Prospectus was issued on 29 July 2015.
There were no other significant events during the year ended 31 December 2015.
Post Statement of Financial Position Events
On 27 January 2016, the Administrator, BNY Mellon Fund Services (Ireland) Limited converted to a Designated Activity Company under the Companies Act 2014 and changed its name to BNY Mellon Fund Services (Ireland) Designated Activity Company.
There were no other significant events requiring disclosure in the financial statements.
Registered office
Standard Bank House,47-49 La Motte StreetSt Helier, Jersey JE2 4SZ Channel Islands
By order of the Board,
STANLIB Fund Managers Jersey LimitedSecretary11 May 2016
STANLIB Funds Limited
4
Statement of the Directors Responsibilities
The Directors are responsible for preparing financial statements which shall be in accordance with International Financial Reporting Standards (“IFRS”) and show a true and fair view of the state of affairs of the Company and of the Statement of Comprehensive Income of the Company for the year.
In preparing the financial statements, the Directors should:
Љ select suitable accounting policies and then apply them consistently; Љ make judgments and estimates that are reasonable and prudent; Љ state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the
financial statements; and Љ prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in
business.
The Directors are responsible for keeping accounting records which are sufficient to show and explain the Company’s transactions and are such to disclose with reasonable accuracy, at any time, the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies (Jersey) Law 1991 and continuing obligations of the Irish Stock Exchange. They are also responsible for safeguarding the assets of the Company and hence for taking responsible steps for the prevention and detection of fraud, error and non-compliance with laws and regulations.
So far as each person who is a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the auditor is unaware. Having made inquiries of fellow directors and the Company’s auditor, each director has taken all the steps that he/she is obliged to take as a director in order to make himself/herself aware of any relevant audit information and to establish that the auditor is aware of the information.
The Directors are responsible for the maintenance and integrity of the Company’s financial information included on www.stanlib.com. Legislation in Jersey governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Directors confirm that they have complied with all the above requirements in preparing the financial statements.
On behalf of the Board of Directors11 May 2016
STANLIB Funds Limited
5
The Company Directors require STANLIB Fund Managers Jersey Limited (the “Manager”) to prepare financial statements for each year which give a true and fair view of the state of affairs of the Company and of the Statement of Comprehensive Income of the Company for the year. In preparing those financial statements the Manager is required to:
Љ select suitable accounting policies and then apply them consistently; Љ make judgements and estimates that are reasonable and prudent; Љ state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the
financial statements; and Љ prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in
business.
The Manager is responsible for the management of the Company in accordance with the prospectus. The Manager is responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities as appropriate to its duties as set out in the prospectus.
The financial statements have been prepared for each Class Fund.
The Manager confirms that it has complied with the above requirements in preparing the financial statements.
STANLIB Fund Managers Jersey Limited11 May 2016
Statement of Manager’s Responsibilities
STANLIB Funds Limited
6
Statement of Custodian’s Responsibilities
Under the principles of the Guide to open-ended unclassified collective investment funds offered to the general public, issued by the Jersey Financial Services Commission, the Custodian has a duty to:
Љ take reasonable care to ensure that the methods adopted by the Manager in respect to the pricing of, and dealing in, shares in the Company are compliant with the Company’s principal documents; and
Љ take into its custody or under its control all the property of the Company which is entrusted to it.
Report of the CustodianTo the members of STANLIB Funds Limited
It is the opinion of the Custodian in respect of the year ended 31 December 2015 that, to the best of its information, knowledge and belief, in all material respects the Manager managed the Class Funds in that year:
Љ in accordance with the limitations imposed on the investment and borrowing powers of the Company by its Articles of Association and Prospectus; and
Љ otherwise in accordance with the provisions of the Prospectus.
Capita Trust Company (Jersey) Limited11 May 2016
STANLIB Funds Limited
7
Investment Manager’s Report
STANLIB Global Property FundJanuary – December 2015 (USD)
Portfolio Return (%)STANLIB Global Property Fund 2.46%
Benchmark (S&P Developed REIT Index) 0.17%
The assets in this fund are managed solely by STANLIB Asset Management.
The countries with the best US dollar total return were Spain, Ireland, Italy and Germany, driven by positive sentiment from the quantitative easing by the ECB. The Canadian REIT market was the worst performing by far with a negative return of about 20%, weighed down by the strong dollar and negative resources sentiment. Singapore REITs also performed poorly due to slowing rental growth and over-supply concerns in the office market in the near term. Japan REITs were down around 5% for the year despite an ongoing recovery in the office market.
The portfolio outperformed the benchmark for 2015. The biggest outperformance came primarily from good stock selection in the US, driven by the overweight position in storage and residential REITs. Extra Space, Cubesmart and Public Storage delivered spectacular double digit returns for the year. Equity Lifestyle Properties also performed well. The overweight position in Deutsche Wohnen AG also made a significant positive contribution to portfolio relative return. German residential listed property performance was driven by strong fundamentals and big portfolio acquisitions.
Hong Kong, Brazil and Canada had the biggest negative attribution. The negative attribution of Hong Kong was mainly attributed to Wharf Holdings, the dominant retail landlord in Hong Kong, which owns the Times Square and Harbour City shopping centers.
The market is currently pricing in tighter lending standards, triggered by the Fed Funds rate hike towards the end of 2015, but this will mostly impact funding cost for lower quality commercial real estate. REITs globally, bar perhaps some Japanese REITs, are more exposed to higher quality commercial property. We remain comfortable with the overweight position in the UK and will look to increase the active position in the US. Hong Kong and Singapore present some attractive opportunities longer-term but the negative sentiment may take some time to clear.
STANLIB Multi-Manager Global Bond FundJanuary – December 2015 (USD)
Portfolio Return (%)STANLIB Multi-Manager Global Bond Fund -5.64%
Benchmark (Barclays Multiverse TR Index) -3.29%
The assets in this fund are managed by diverse sub-investment managers selected by STANLIB Asset Management. Sub-Investment Managers used at 31 December 2015 were: Blackrock Inc. Brandywine Global Investment Management, Capital Asset Management Inc, Columbia Asset Management.
US dollar strength was a big theme for 2015 as evidenced by the lack of excess returns in asset classes above the dollar index, which was up 9.3%. Conversely there were decent falls for the euro (-10.3%) as well as Canadian dollar (-16.1%). Part of this can be attributed to
the highlight of the year where the Fed finally hiked rates by 25bp to 0.5%. This marks the end of the most accommodative monetary policy in history - the last time they raised rates was in 2006 to 5.25%. Interestingly, 10 year Treasury yields were actually down 8bp over the second half and only up 10bp for the year to 2.27%, which can be explained by the Fed priming markets well. By contrast, ECB president Draghi overplayed his hand in December with hints of stronger easing than he could deliver. As such, markets were underwhelmed by the ECB’s decision to extend their QE programme rather than increase it. For the year as a whole, Japanese yields actually declined 8bp to 0.25% thanks to the massive BOJ buying programme. Within emerging markets (EM) the contrasting fortunes of dollar and local currency denominated asset returns is highlighted by the hard currency sovereign bond index, closing the year up 1.2%, while the local currency index was down -14.9%.
The fall in EM was as a result of a combination of factors including negative terms of trade shocks, rising political risk and policy uncertainty. Finally the 36% fall in oil prices implies little inflationary pressure but resulted in US high yield (HY) posting a -5.0% loss for the full year, while investment grade was down a more modest -0.4%.
Over the calendar year the fund underperformed by 2.35%. This was mainly attributable to Brandywine who was 5% behind the Barclays Aggregate index in 2015. The key detractor was once again their overweight in developing markets. Essentially any non-dollar holdings took a hit with the strength of the greenback. Another headwind worth noting was the HY position within the Columbia Threadneedle mandate.
Energy accounts for a sizeable portion of the sub-investment grade index so with oil prices falling, default rates are rising and spreads have widened. Capital was our best performer over the year where a dollar overweight contributed to returns but security selection was also good. In this regard the strong performance of EM credit products (hard currency) which did better than US credit indices, illustrates the importance of their stock picking decisions. Our BlackRock alternative beta mandate limited some of the relative drawdowns experienced in the industry by holding dollar, rather than local currency, denominated EM sovereign bonds. On the whole a consensus trade which hurt last year was Mexico i.e. Brandywine, Columbia and Capital were all overweight the peso and Mexican Bonos. Shorter duration positioning within most developed markets contributed to performance but was unfortunately offset by longer duration within EM.
Looking back on performance, the risk contribution of currency may seem high. We however believe this will be an important driver of returns and our managers are well equipped to add value in this space. In an environment characterised by negative real rates, developments in FX will take on an important monetary role e.g. dollar strength is basically doing the job of policy tightening for the Fed. On average our managers believe the dollar has peaked against some of the majors with the euro and yen now looking cheap. The underweight position in both has therefore been reduced in all accounts. From a country perspective the main change during the period was an increase to some less developed markets such as Brazil and Indonesia. Australia and Poland are other countries where the portfolio is overweight so it’s no surprise the overall fund enjoys a superior yield of 4.3% vs. 1.8% of the benchmark. To end on a positive note, we’re happy to report back to investors that their portfolio recently won the Raging Bull award for delivering the best risk adjusted returns in the sector over the last five years.
STANLIB Funds Limited
Investment Manager’s Report (continued)
8
The outlook for US rates will probably dominate headlines in the year ahead. Our view is the pace of hikes will be influenced by a number of economic and financial factors, especially the reaction of long dated bonds. If these rates fail to rise from their recent historically depressed levels, the pace of Fed hikes may have to be faster to achieve the desired degree of tightening. Part of the normalization going forward could also be done by the Fed winding down its balance sheet or by foreign official purchases of Treasuries turning significantly negative.
At the moment, inflation does not warrant further hikes whereas employment and the strength of bank lending point to a path of moderate normalization. From a currency perspective, key events to look out for include US elections later this year as well as a referendum in the UK regarding membership of the EU (Brexit) which could have a significant impact on the pound. We believe GDP in the G4 will converge and expect the European and Japanese economies to surprise on the upside once the impact of stimulus takes hold. The interaction of China with global markets continues to present a challenge, as policymakers attempt to adjust the economy to a more sustainable growth model that is based more on consumption than investment. Finally credit fundamentals are relatively stable, although corporates continue to use balance sheets to reward equity holders through share buybacks or debt financed M&A. Nevertheless interest cover is reasonably strong and HY spreads are now at levels compatible with a US recession, suggesting some spread compression is likely in 2016.
STANLIB Multi-Manager Global Equity FundJanuary – December 2015 (USD)
Portfolio Return (%)STANLIB Multi-Manager Global Equity Fund -4.16%
Benchmark (MSCI AC IMI NR) -2.19%
The assets in this fund are managed by diverse sub-investment managers selected by STANLIB Asset Management. Sub-Investment Managers used at 31 December 2015 were: Aberdeen Asset Management, Alliance Bernstein L.P., Capital Asset Management Inc, Fidelity Asset Management, Hosking Partners LLP, Veritas Asset Management.
2015 was a difficult year as investors battled to position themselves between two contradictory messages. On the one hand you had the Fed reassuring markets the economic recovery was well established and would therefore raise rates. Conversely a whole host of fundamental data indicated the world economy is in fact slowing. In the end, the latter view was taken by markets, as cyclical and risky assets underperformed higher quality and more defensive sectors. In style terms this meant being long low beta stocks and underweight Value. Of interest on a rolling 10 year basis, Growth has now experienced its best decade in history. From a sector perspective the best strategy would have been to buy Tobacco (up 13% last year) and sell Mining (down 40%). Emerging markets suffered again in 2015 (-14.6%) while developed markets were roughly flat. Helped by accommodative central bank policies, Japan (+10.6 in dollar terms) and many European countries were among the top performers.
The US was the best performing region in large caps but was the second worst performer in smaller companies where Europe led the way. Given developments in China, it’s interesting to note the Shanghai stock exchange (+6.2%) finished up for the year despite huge volatility
over the 12 months and of course ending well off the highs reached in June. Sticking with the BRICS, Brazil fell 42% due to political and economic fragility as well as oil prices declining 44%.
Our global equity fund underperformed the benchmark by 1.97% during the period under review. The reasons continue to be the same with Aberdeen trailing by 9% over the year and Alliance Bernstein (AB) struggling. Regarding the former, currency has played a large part in their poor performance being underweight the dollar hasn’t helped. In hindsight we should have sold them outright a few years ago but instead have halved their weighting to 10% through the year. Re AB, Value as a style continues to disappoint. We don’t however believe now is the time to cut our position and think patience from these levels will be rewarded. From a sector perspective some of the more Value oriented industries are cheap relative to Growth areas of the market such as Healthcare and Technology. To this end our Value weighted exposure is now the cheapest recognised factor with a forward P/E of 12 while the most expensive is Momentum with a P/E of 21. Unfortunately the magnitude of declines from the aforementioned managers masks the good achieved within the rest of our composite. In this regard Capital, Fidelity and Veritas all outperformed over the year by 1.4%, 1.6% and 4.4% respectively. Hosking was essentially flat but underperformed after fees.
Uncertainty relating to Chinese growth and geopolitics is likely to keep volatility elevated. Our biggest concern going forward is the lack of earnings growth which seems to have rolled over. Monetary policy tightening may also corrode US valuations where margins are already high and we are late in the cycle.
In Europe, inflation should stay low, which makes for a challenging environment for companies to grow earnings. Near term political risks include establishing a stable government in Spain and the possibility of a UK exit from the EU. In Japan, the jury is still out when it comes to the effectiveness of ‘Abenomics’. China spooked markets at the start of 2016 with weaker than expected manufacturing data, raising doubts about the stabilisation of the economy. As for emerging markets in general, we remain cautious given the sharp increase in leverage, but a policy driven upturn is something which might materialise. Similarly a positive effect of lower energy and commodity prices on consumers is yet to be felt i.e. there is normally a lag of around 18 months and should manifest itself this year. We therefore expect growth to remain around trend in the US, driven by a robust labour market and domestic consumption. The risk to our view would be how the economy copes with a strong dollar given the manufacturing sector is already struggling.
STANLIB High Alpha Global Equity FundJanuary – December 2015 (USD)
Portfolio Return (%)STANLIB High Alpha Global Equity Fund Class A 3.33%
STANLIB High Alpha Global Equity Fund Class B 3.75%
Benchmark (MSCI AC World Index with Net Dividends Reinvested) -1.84%
The assets in this fund are managed solely by Columbia Threadneedle Investments who is the appointed sub-investment manager.
Global equity markets achieved positive returns over the period, but there was a marked divergence in performance. The main
STANLIB Funds Limited
Investment Manager’s Report (continued)
9
indices in Europe and Japan posted strong returns, whereas there was a lacklustre performance from markets in the US and UK, and poor returns from Asia and emerging markets. The year began on a positive note for world equity markets, amid some additional supportive measures from the major central banks. In March, the European Central Bank began a larger-than-expected programme of quantitative easing (QE), which fuelled a rise in European equities. Sentiment was also buoyed by an improvement in the eurozone economy. Elsewhere, the Japanese stock market continued to benefit from the Bank of Japan’s huge QE programme, some improved economic data and strong corporate profits.
Over the summer months, markets were buffeted by a number of concerns including the escalating financial crisis in Greece, the economic slowdown in China and sharp declines in Chinese equities, the further falls in commodity prices, rising geopolitical tensions and continuing uncertainty over when the US Federal Reserve (Fed) would begin to raise US interest rates. In the event, the Fed finally raised rates in December, its first such hike in almost a decade.
The fund outperformed its benchmark over the year. Selection and allocation added value at the regional level, with our share selection in the US contributing the most to returns. Selection and allocation were also beneficial in sector terms, as our underweight in energy and equity selection in financials proved especially helpful.
As we move into 2016, we have seen interest rates move away from emergency settings in the US, but monetary policy is likely to remain accommodative in both Japan and Europe. The outlook for the emerging markets remains challenging, particularly for those commodity exporters reliant on Chinese fixed-asset investment. We continue to seek out company-led growth as we believe economic growth will remain subdued, and companies that can deliver consistent growth in this environment will be attractive investments. We continue to favour secular-growth companies and high-quality franchises, but find cyclical areas of the markets less attractive.
STANLIB Global Bond FundJanuary – December 2015 (USD)
Portfolio Return (%)STANLIB Global Bond Fund -9.50%
Benchmark (Barclays Global Aggregate TR Index) -3.15%
The assets in this fund are managed solely by Brandywine Global Investment Management who is the appointed sub-investment manager.
Performance for 2015 was affected significantly by the failure of China’s policy initiatives to bolster growth during the second and third quarters of this year, combined with the effects of ongoing dollar strength. Instead of an improvement, nominal global GDP growth deteriorated and our performance was poor in both absolute and relative terms, underperforming the Barclays Global Aggregate Index. The majority of the poor performance was tied to currencies, primarily in emerging market currencies.
Overall contribution from the bond side of the portfolio was less meaningful to underperformance, and negative bond attribution was again largely related to poor performance in a few emerging bond markets, particularly Brazil and South Africa, despite positive contributions from our overweight to quality sovereign duration in markets such as Italy and New Zealand.
For most of 2015, your portfolio was positioned in anticipation of reflationary economic policy reviving the global economy. A lot of policy stimulus was put in place during the course of the year as we had predicted. But a revival in the global economy never happened. China’s downturn continued, manufacturing went into recession around the world, and global weakness showed signs of leaking into the U.S. economy.
There are two main culprits behind last year’s dismal growth story. The first is the nature of China’s economic slowdown. The second is dollar strength.
The attitude of policymakers is related to both. Markets are concerned that the policy stance in both economies increases the chances of a global recession. Authorities in the two countries disagree and at the moment, are acting like ostriches with their heads stuck in the sand. Ultimately we think that policy will shift in a more growth friendly direction, but it may take a catalyst to make policymakers move.
The Chinese economy has been slowing ever since its policymakers began to unwind the countermeasures put in place to neutralize the initial shock waves from the 2008 crisis. The policy goal has been to muzzle credit growth—which for an economy with a 50% savings rate—is akin to strangling it. Capital spending was expanding at a rate of 35% as recently as 2012; fell to 14% at the end of 2014, and 10% by the end of 2015. Producer prices have fallen for 46 straight months and nominal GDP growth has dropped below 6%, lower than in 2008, and the lowest since the Asian financial crisis in the late 1990s.
Market indicators suggest that investors are worried about external economic weakness leaking into the U.S. economy via a strong dollar, not to mention the impact of dollar strength on emerging economies. The Federal Reserve (Fed) is less concerned, which is the reason for the disconnect between the slope of the money market curve and the Fed’s “dot plot.”
The path forward will be determined largely by the policy response from the Chinese and American authorities, as well as by the trend in the U.S. dollar. We believe there is a good chance that by the end of 2016 we will see something that we have not witnessed since before the Great Recession, which is a synchronized global expansion, albeit at a slow pace. As hopeful as this may sound, getting there is going to be a challenge. Policymakers in both countries are very rational, but at the moment, neither looks too willing to react to market concerns about the risk of recession.
STANLIB Funds Limited
Investment Manager’s Report (continued)
10
STANLIB Global Emerging Markets FundJanuary – December 2015 (USD)
Portfolio Return (%)STANLIB Global Emerging Market Fund -16.13%
Benchmark (MSCI Emerging Markets Index) -14.60%
The assets in this fund are managed solely by Columbia Threadneedle Investments who are the appointed sub-investment manager.
The MSCI Emerging Markets Index fell by 14.6% over the year. Activities during the year included a sharp slowdown in the Chinese economy, which led to a collapse in commodity prices and global trade; a stronger US dollar, surprise yuan devaluation; rise in geopolitical tensions and expectations of an increase in US interest rates by the US Federal Reserve (Fed). At a regional level, Asia ex-Japan benefited from lower commodity prices; although markets were down overall, the region outperformed on a relative basis. Meanwhile, Latin America, as a commodity exporter, struggled during the year. Poor emerging-market performance was exacerbated by currency losses. The Brazilian real lost one-third of its value during the year, the South African rand fell 25% and the Turkish lira declined 20% over the year.
The fund underperformed marginally over the year, mainly due to stock-selection decisions within Brazil, India, Korea and China. However, our asset allocation added value especially in Brazil.
We expect the trajectory of further rate hikes by the Fed to be gradual, which should be positive for emerging markets. Once markets are convinced that the rate trajectory will be shallow, it may signal a pause in the US dollar’s rally. This should prove helpful for emerging markets. Investors’ underweight in emerging market allocations suggests that the region offers attractively priced equities relative to developed markets.
However, we remain concerned over the slowdown in China as well as the property over supply and high levels of debt. The early signals from the market in 2016 suggest that it is likely to be a year characterised by increased levels of market volatility.
We are focused on finding opportunities in markets where we expect strong domestic consumption growth, concentrating on the markets where macro imbalances have been addressed; these include India, Mexico and Czech Republic, Poland and Hungary. We are also able to identify attractively-priced companies which are well positioned to benefit from increased infrastructure spending in India, Malaysia and Philippines.
STANLIB Global Balanced FundJanuary – December 2015 (USD)
Portfolio Return (%)STANLIB Global Balanced Fund 0.71%
Benchmark (MSCI AC World Index (60%), Barclays Global Aggregate Index (20%), S&P Developed REIT Index (10%), USD 1 month LIBID (5%), EUR 1 month LIBID (2.5%), GBP 1 month LIBID (2.5%))
-2.47%
The assets in this fund are managed solely by Columbia Threadneedle Investments who is the appointed sub-investment manager.
Global equity markets achieved positive returns over the period, but there was a marked divergence in performance. The main indices in Europe and Japan posted strong returns, whereas there was a lacklustre performance from markets in the US and UK, and poor returns from Asia and emerging markets. The year began on a positive note for world equity markets, amid some additional supportive measures from the major central banks. In March, the European Central Bank began a larger-than-expected programme of quantitative easing (QE), which fuelled a rise in European equities. Sentiment was also buoyed by an improvement in the eurozone economy. Elsewhere, the Japanese stock market continued to benefit from the Bank of Japan’s QE programme, some improved economic data and strong corporate profits.
Over the summer months, markets were buffeted by a number of concerns including the escalating financial crisis in Greece, the economic slowdown in China and sharp declines in Chinese equities, the further falls in commodity prices, rising geopolitical tensions and continuing uncertainty over when the US Federal Reserve (Fed) would begin to raise US interest rates. In the event, the Fed finally raised rates in December, it’s first such hike in almost a decade.
The fund outperformed the benchmark over the year. Selection decisions were strongly positive, and boosted returns. Selections within the fixed-income portion of the portfolio had a negative effect, but this was more than offset by selections in the equity and property portfolios. Asset-allocation decisions proved less helpful during the year.
Risk markets have made a weak start to 2016, reflecting escalating tensions in the Middle East, further weakness in crude oil prices, and additional currency and stock market weakness in China. In the US, our expectation is that the Fed will continue to raise rates this year, but the terminal level of interest rates will be much lower than in previous economic cycles. We expect the Fed to be cautious, particularly as some market participants are now pointing to the potential risk of a mild US recession in 2017.
Political developments are also likely to play an important role in markets in 2016. Aside from the US presidential election, there is growing speculation over the outcome of the UK ‘Brexit’ referendum this year. Overall, market volatility is picking up from the artificially low levels that prevailed in the quantitative easing era, and earnings growth globally is likely to be quite modest, given low rates of economic growth. In this environment, the value generated by skilled active managers is likely to be an important component of total portfolio returns.
STANLIB Funds Limited
Investment Manager’s Report (continued)
11
STANLIB Global Balanced Cautious FundJanuary – December 2015 (USD)
Portfolio Return (%)STANLIB Global Balanced Cautious Fund -1.83%
Benchmark (MSCI AC World Index (30%), Barclays Global Aggregate Index (40%), S&P Developed REIT Index (10%), USD 1 month LIBID (10%), EUR 1 month LIBID (5%), GBP 1 month LIBID (5%))
-2.88%
The assets in this fund are managed solely by Threadneedle Investments who is the appointed sub-investment manager.
Global equity markets achieved positive returns over the period, but there was a marked divergence in performance. The main indices in Europe and Japan posted strong returns, whereas there was a lacklustre performance from markets in the US and UK, and poor returns from Asia and emerging markets. The year began on a positive note for world equity markets, amid some additional supportive measures from the major central banks. In March, the European Central Bank began a larger-than-expected programme of quantitative easing (QE), which fuelled a rise in European equities. Sentiment was also buoyed by an improvement in the eurozone economy. Elsewhere, the Japanese stock market continued to benefit from the Bank of Japan’s huge QE programme, some improved economic data and strong corporate profits. Over the summer months, markets were buffeted by a number of concerns including the escalating financial crisis in Greece, the economic slowdown in China and sharp declines in Chinese equities, the further falls in commodity prices, rising geopolitical tensions and continuing uncertainty over when the US Federal Reserve (Fed) would begin to raise US interest rates. In the event, the Fed finally raised rates in December, it’s first such hike in almost a decade.
The fund outperformed the benchmark over the year. Selection decisions were strongly positive, and boosted returns. Selections within the fixed-income portion of the portfolio had a negative effect, but this was more than offset by selections in the equity and property portfolios. Asset-allocation decisions proved less helpful during the year.
Risk markets have made a weak start to 2016, reflecting escalating tensions in the Middle East, further weakness in crude oil prices, and additional currency and stock market weakness in China.
In the US, our expectation is that the Fed will continue to raise rates this year, but the terminal level of interest rates will be much lower than in previous economic cycles. We expect the Fed to be cautious, particularly as some market participants are now pointing to the potential risk of a mild US recession in 2017. Political developments are also likely to play an important role in markets in 2016. Aside from the US presidential election, there is growing speculation about the outcome of the UK ‘Brexit’ referendum this year. Overall, market volatility is picking up from the artificially low levels that prevailed in the quantitative easing era, and earnings growth globally is likely to be quite modest, given low rates of economic growth. In this environment, the value generated by skilled active managers is likely to be an important component of total portfolio returns.
STANLIB European Equity FundAugust – December 2015 (EUR)
Portfolio Return (%)STANLIB European Equity Fund -7.75%
Benchmark (MSCI Europe) -8.4%
The assets in this fund are managed solely by Columbia Threadneedle Investments who are the appointed sub-investment manager.
STANLIB European Equity Fund was launched in August 2015. From August to 31 December 2015, the portfolio’s benchmark index fell by 8.4% in euro terms. The ECB’s announcement of modest additional economic stimulus disappointed investors who had hoped for more robust measures. Concerns over China’s economic growth and economic problems in other emerging markets (such as Brazil) also depressed European equities.
As anticipated, US interest rates were raised in December, but UK rates were left unchanged as weakness abroad offset domestic economic strength. Spain’s general election resulted in a stalemate; fresh elections will be held if a coalition government cannot be formed within two months. Within the benchmark index, Spain and Norway were the weakest markets; Belgium, Finland and Ireland fared relatively well. On a sector basis, materials, energy and financials saw the sharpest falls. Technology and consumer staples led the relative outperformers.
There are signs of improvement in several eurozone economies; we anticipate that domestic earnings will continue to contribute strongly to overall corporate profitability. QE, lower energy prices, euro weakness and loosening credit conditions are all enhancing the trading environment for European companies, and we continue to find attractive investment opportunities. We are monitoring the economic outlook for China and evaluating the potential impact on European exporters and global growth; the recent turmoil in Chinese financial markets has clearly impacted global sentiment. In the UK, investors are likely to focus on potential interest-rate increases and the forthcoming EU membership referendum. Political uncertainty in Spain and global geopolitical tensions may create additional volatility in equity markets.
STANLIB Asset Management Limited11 March 2016
STANLIB Funds Limited
12
Report of the Independent Auditor to the members of STANLIB Funds Limited
Report on the financial statements
Our opinion
In our opinion, STANLIB Fund Limited’s financial statements (the “financial statements”):
Љ give a true and fair view of the state of the company’s affairs as at year end date and of its profit/loss and cash flows for the year then ended;
Љ have been properly prepared in accordance with International Financial Reporting Standards (IFRS); and
Љ have been properly prepared in accordance with the requirements of the Companies (Jersey) Law 1991.
What we have audited
The financial statements comprise:
Љ the Statement of Financial Position as at 31 December 2015; Љ the Statement of Comprehensive Income for the year then
ended; Љ the Statement of Changes in Net Assets Attributable to
Holders of Redeemable Participating Shares for the year then ended;
Љ the Statement of Cash Flows for the year then ended; Љ the accounting policies; and Љ the notes to the financial statements, which include other
explanatory information.
The financial reporting framework that has been applied in their preparation is applicable law and IFRS.
In applying the financial reporting framework, the directors have made a number of subjective judgements, for example in respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future events.
Opinion on other matter In our opinion, the information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Other matters on which we are required to report by exception
Accounting records and information and explanations received
Under the Companies (Jersey) Law 1991 we are required to report to you if, in our opinion:
Љ we have not received all the information and explanations we require for our audit; or
Љ proper accounting records have not been kept; or Љ the financial statements are not in agreement with the
accounting records.
We have no exceptions to report arising from this responsibility.
Responsibilities for the financial statements and the audit
Our responsibilities and those of the directors
As explained more fully in the Directors’ Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.
This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Article 113A of the Companies (Jersey) Law 1991 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
What an audit of financial statements involves
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland). An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of:
Љ whether the accounting policies are appropriate to the company’s circumstances and have been consistently applied and adequately disclosed;
Љ the reasonableness of significant accounting estimates made by the directors; and
Љ the overall presentation of the financial statements.
We primarily focus our work in these areas by assessing the directors’ judgements against available evidence, forming our own judgements, and evaluating the disclosures in the financial statements.
We test and examine information, using sampling and other auditing techniques, to the extent we consider necessary to provide a reasonable basis for us to draw conclusions. We obtain audit evidence through testing the effectiveness of controls, substantive procedures or a combination of both.
In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Declan Murphy For and on behalf of PricewaterhouseCoopcrs Chartered Accountants and Statutory Audit FirmDublin11 May 2016
13
The
acco
mpa
nyin
g no
tes
form
an
inte
gral
par
t of t
hese
fina
ncia
l sta
tem
ents
.
STAN
LIB
Fund
s Lim
ited
Stat
emen
ts o
f Fin
anci
al P
ositi
on
As a
t 31 D
ecem
ber 2
015
(Com
para
tives
as a
t 31 D
ecem
ber 2
014)
Glo
bal P
rope
rty
Fund
STA
NLI
B M
ulti
-Man
ager
Glo
bal
Bond
Fun
dST
AN
LIB
Mul
ti-M
anag
er G
loba
l Eq
uity
Fun
dH
igh
Alp
ha G
loba
l Equ
ity
Fund
31 D
ecem
ber 2
015
31 D
ecem
ber 2
014
31 D
ecem
ber 2
015
31 D
ecem
ber 2
014
31 D
ecem
ber 2
015
31 D
ecem
ber 2
014
31 D
ecem
ber 2
015
31 D
ecem
ber 2
014
Not
esU
SDU
SDU
SDU
SDU
SDU
SDU
SDU
SDA
sset
sFi
nanc
ial a
sset
s at f
air v
alue
thro
ugh
profi
t or l
oss
231
6,94
6,41
512
2,41
9,98
022
4,81
8,26
124
4,0
69,7
04
1,37
7,79
3,50
01,
861,1
69,9
1678
4,0
83,0
4189
6,16
9,18
5
Unr
ealis
ed g
ain
on fo
reig
n cu
rren
cy c
ontr
acts
12–
2,31
836
2,90
562
5,67
52,
611
28,9
91–
–
Unr
ealis
ed g
ain
on fu
ture
s con
trac
ts12
––
13,3
67–
––
––
Cas
h an
d ca
sh e
quiv
alen
ts6,
091
,415
3,90
7,12
18,
831,6
04
18,6
36,4
7629
,369
,882
66,0
88,5
3410
,965
,530
18,2
72,4
48
Inco
me
rece
ivab
le8
987,
320
388,
072
1,86
0,5
481,
935,
697
1,60
5,97
71,7
98,6
4045
8,85
143
4,59
2
Due
from
bro
kers
6,75
31,6
741,7
82,8
164,
888,
654
3,93
0,2
1644
0,7
56–
–
Oth
er re
ceiv
able
s–
8,24
9–
––
––
–
Tota
l ass
ets
324,
031
,90
312
6,72
7,41
423
7,66
9,50
127
0,15
6,20
61,4
12,7
02,
186
1,92
9,52
6,83
779
5,50
7,42
291
4,87
6,22
5Eq
uity
Non
-red
eem
able
foun
ders
' sha
res
6–
––
–-1
0-1
0–
–
Tota
l equ
ity
––
––
-10
-10
––
Liab
iliti
esFi
nanc
ial l
iabi
litie
s at f
air v
alue
thro
ugh
profi
t or l
oss
2–
––
––
––
–
Unr
ealis
ed lo
ss o
n fo
reig
n cu
rren
cy c
ontr
acts
12-2
-20
8(5
89,7
89)
(642
,632
)-1
2-8
1–
–
Unr
ealis
ed lo
ss o
n fu
ture
s con
trac
ts12
––
(6,6
48)
(81,4
73)
––
––
Ban
k ov
erdr
aft
–(5
7,45
7)–
––
(12,
585)
––
Am
ount
s due
on
rede
mpt
ions
––
––
(461
,444
)–
–(6
63,17
6)
Due
to b
roke
rs–
(992
,426
)(1
2,57
5,35
6)(1
7,50
4,29
5)(2
,351
,973
)(6
87,19
3)–
–
Acc
rued
exp
ense
s3
(182
,314
)(8
4,22
8)(1
55,4
33)
(219
,657
)(1
,162,
382)
(1,4
96,8
67)
(517
,097
)(6
12,4
61)
Tota
l lia
bilit
ies
(182
,316
)(1
,134,
319)
(13,
327,
226)
(18,
448,
057
)(3
,975
,811
)(2
,196,
726)
(517
,097
)(1
,275
,637
)N
et a
sset
s att
ribu
tabl
e to
hol
ders
of r
edee
mab
le
part
icip
atin
g sh
ares
323,
849,
587
125,
593,
095
224,
342,
275
251,7
08,
149
1,40
8,72
6,36
51,
927,
330,
101
794,
990,
325
913,
600,
588
Net
ass
et v
alue
per
sha
re2,
297.
702,
242.
521,
883.
501,
996.
012,
196.
272,
291.
551,1
49.2
61,1
07.4
1
On
beha
lf of
the
Boa
rd o
f Dire
ctor
sD
ate
of a
ppro
val: 1
1 May
20
16
14
The
acco
mpa
nyin
g no
tes
form
an
inte
gral
par
t of t
hese
fina
ncia
l sta
tem
ents
.
STAN
LIB
Fund
s Lim
ited
Stat
emen
ts o
f Fin
anci
al P
ositi
on (c
ontin
ued)
As a
t 31 D
ecem
ber 2
015
(Com
para
tives
as a
t 31 D
ecem
ber 2
014)
STA
NLI
B G
loba
l Bon
d Fu
ndST
AN
LIB
Glo
bal E
mer
ging
M
arke
ts F
und
STA
NLI
B G
loba
l Bal
ance
d Fu
ndST
AN
LIB
Glo
bal B
alan
ced
Cau
tiou
s Fun
d31
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
4
Not
esU
SDU
SDU
SDU
SDU
SDU
SDU
SDU
SDA
sset
sFi
nanc
ial a
sset
s at f
air v
alue
thro
ugh
profi
t or l
oss
220
1,91
4,52
111
1,86
0,5
09
110
,238
,455
79,5
28,9
9612
0,4
36,7
05
117,
935,
244
34,8
70,4
4529
,898
,777
Unr
ealis
ed g
ain
on fo
reig
n cu
rren
cy c
ontr
acts
1226
1,424
794,
461
––
167,
291
252,
325
139,
743
331,6
11
Unr
ealis
ed g
ain
on fu
ture
s con
trac
ts12
––
––
6,27
2–
3,54
5–
Cas
h an
d ca
sh e
quiv
alen
ts5,
612,
875
3,43
8,94
34,
406,
036
3,07
8,49
013
,831
,132
13,8
50,8
408,
961,1
7214
,044
,235
Inco
me
rece
ivab
le8
1,50
9,51
970
9,78
222
4,74
010
0,6
05
297,
888
347,
229
143,
837
147,
770
Due
from
bro
kers
––
150
,865
–30
135
3,65
810
017
1,22
0
Oth
er re
ceiv
able
s–
––
19,14
06,
096
21,7
717,
097
22,4
44
Tota
l ass
ets
209,
298,
339
116,
803,
695
115,
020
,096
82,7
27,2
3113
4,74
5,68
513
2,76
1,0
6744
,125,
939
44,6
16,0
57Eq
uity
Non
-red
eem
able
foun
ders
' sha
res
6–
––
––
––
–
Tota
l equ
ity
––
––
––
––
Liab
iliti
es
Fi
nanc
ial l
iabi
litie
s at f
air v
alue
thro
ugh
profi
t or l
oss
2–
––
––
––
–
Unr
ealis
ed lo
ss o
n fo
reig
n cu
rren
cy c
ontr
acts
12(1
,346
,968
)(6
62,12
7)–
(3)
(157
,499
)(7
31,6
52)
(114
,657
)(8
19,3
27)
Unr
ealis
ed lo
ss o
n fu
ture
s con
trac
ts12
––
––
–(4
3,62
5)–
(20
,719
)
Ban
k ov
erdr
aft
––
––
––
––
Am
ount
s due
on
rede
mpt
ions
–(8
20,7
41)
––
–(5
83,4
10)
––
Due
to b
roke
rs–
–(1
2,0
00
)–
(4,2
32)
(781
,843
)–
(181
,335
)
Acc
rued
exp
ense
s3
(151
,573
)(9
4,21
8)(7
3,74
3)(6
4,62
3)(9
6,22
8)(8
5,99
6)(3
8,54
1)(4
3,16
0)
Tota
l lia
bilit
ies
(1,4
98,5
41)
(1,5
77,0
86)
(85,
743)
(64,
626)
(257
,959
)(2
,226
,526
)(1
53,19
8)(1
,064
,541
)N
et a
sset
s att
ribu
tabl
e to
hol
ders
of r
edee
mab
le
part
icip
atin
g sh
ares
207,
799,
798
115,
226,
609
114,
934,
353
82,6
62,6
05
134,
487,
726
130,
534,
541
43,9
72,7
4143
,551
,516
Net
ass
et v
alue
per
sha
re1,
285.
161,4
20.14
870.
151,
037
.51
1,0
98.3
21,
090
.57
998.
06
1,01
6.66
15
The
acco
mpa
nyin
g no
tes
form
an
inte
gral
par
t of t
hese
fina
ncia
l sta
tem
ents
.
STAN
LIB
Fund
s Lim
ited
Stat
emen
ts o
f Fin
anci
al P
ositi
on (c
ontin
ued)
As a
t 31 D
ecem
ber 2
015
(Com
para
tives
as a
t 31 D
ecem
ber 2
014)
STA
NLI
B Eu
rope
an E
quit
y Fu
nd*
31 D
ecem
ber 2
015
Not
esEU
RA
sset
s
Fina
ncia
l ass
ets a
t fai
r val
ue th
roug
h pr
ofit o
r los
s2
59,6
65,7
41
Unr
ealis
ed g
ain
on fo
reig
n cu
rren
cy c
ontr
acts
12–
Unr
ealis
ed g
ain
on fu
ture
s con
trac
ts12
–
Cas
h an
d ca
sh e
quiv
alen
ts44
5,49
0
Inco
me
rece
ivab
le8
19,0
13
Due
from
bro
kers
–
Oth
er re
ceiv
able
s29
,611
Tota
l ass
ets
60,15
9,85
5Eq
uity
N
on-r
edee
mab
le fo
unde
rs' s
hare
s6
–
Tota
l equ
ity
–Li
abili
ties
Fi
nanc
ial l
iabi
litie
s at f
air v
alue
thro
ugh
profi
t or l
oss
2–
Unr
ealis
ed lo
ss o
n fo
reig
n cu
rren
cy c
ontr
acts
12–
Unr
ealis
ed lo
ss o
n fu
ture
s con
trac
ts12
–
Ban
k ov
erdr
aft
(38,
970
)
Am
ount
s due
on
rede
mpt
ions
–
Due
to b
roke
rs–
Acc
rued
exp
ense
s3
(32,
323)
Tota
l lia
bilit
ies
(71,
293)
Net
ass
ets a
ttri
buta
ble
to h
olde
rs o
f red
eem
able
pa
rtic
ipat
ing
shar
es60
,088
,562
Net
ass
et v
alue
per
sha
re93
2.46
* Cla
ss F
und
laun
ched
on
3 A
ugus
t 20
15.
16
Gai
ns a
nd lo
sses
are
sol
ely
from
con
tinui
ng o
pera
tions
. The
re w
ere
no g
ains
and
loss
es o
ther
than
thos
e de
alt w
ith in
the
Stat
emen
t of C
ompr
ehen
sive
Inco
me.
The
acc
ompa
nyin
g no
tes
form
an
inte
gral
par
t of t
hese
fina
ncia
l sta
tem
ents
.
STAN
LIB
Fund
s Lim
ited
Stat
emen
t of C
ompr
ehen
sive
Inco
me
For t
he y
ear 1
Jan
uary
201
5 to
31 D
ecem
ber 2
015
(Com
para
tives
are
for t
he y
ear 1
Jan
uary
201
4 to
31 D
ecem
ber 2
014)
Glo
bal P
rope
rty
Fund
STA
NLI
B M
ulti
-Man
ager
Glo
bal
Bond
Fun
dST
AN
LIB
Mul
ti-M
anag
er G
loba
l Eq
uity
Fun
dH
igh
Alp
ha G
loba
l Equ
ity
Fund
31 D
ecem
ber 2
015
31 D
ecem
ber 2
014
31 D
ecem
ber 2
015
31 D
ecem
ber 2
014
31 D
ecem
ber 2
015
31 D
ecem
ber 2
014
31 D
ecem
ber 2
015
31 D
ecem
ber 2
014
Not
esU
SDU
SDU
SDU
SDU
SDU
SDU
SDU
SDIn
com
eD
ivid
end
inco
me
7,0
97,6
313,
726,
264
––
40,9
89,5
7654
,212
,622
12,9
36,9
3417
,90
3,17
7
Inte
rest
inco
me
––
6,26
6,15
56,
638,
873
––
––
Dep
osit
inte
rest
3,96
759
7,56
11,
591
37,16
429
,307
––
Net
gai
ns/(
loss
es) o
n fin
anci
al a
sset
s and
liab
ilitie
s at f
air
valu
e th
roug
h pr
ofit o
r los
s4
662,
018
15,9
06,
475
(18,
450
,821
)(2
,890
,907
)(8
2,0
89,6
34)
21,0
03,
745
28,8
93,4
468,
644,
562
Oth
er in
com
e–
–6,
482
––
––
–
Tota
l net
inco
me/
(los
s)7,
763,
616
19,6
32,7
98(1
2,17
0,62
3)3,
749,
557
(41,
062
,894
)75
,245
,674
41,8
30,3
8026
,547
,739
Expe
nses
Man
agem
ent f
ees
9(1
,191,4
85)
(618
,734
)(1
,524
,986
)(1
,743
,551
)(1
4,45
7,74
5)(1
6,71
9,77
0)
(5,8
37,3
20)
(6,4
90,6
97)
Cus
todi
an fe
es7
(39,
936)
(30
,173)
(44,
462)
(46,
927)
(135
,448
)(1
49,6
12)
(89,
826)
(93,
531)
Sub-
cust
odia
n fe
es7
(46,
240
)(2
3,63
5)(1
05,
242)
(171
,20
0)
(558
,00
0)
(696
,70
0)
(10
5,79
0)
(64,
280
)
Dire
ctor
s' fe
es9
(4,13
1)(9
,525
)(7
,567
)(1
1,24
1)(5
1,52
4)(3
3,66
0)
(24,
820
)(2
0,12
4)
Aud
it fe
es(2
,553
)(7
,70
2)(3
,518
)(9
,207
)(4
3,0
03)
(28,
148)
(20
,762
)(1
6,73
2)
Oth
er o
pera
ting
expe
nses
(9,19
4)(1
1,93
8)(9
,754
)(1
9,0
45)
(158
,419
)(7
6,52
3)(3
9,79
8)(5
1,087
)
Tota
l ope
rati
ng e
xpen
ses
(1,2
93,5
39)
(701
,707
)(1
,695
,529
)(2
,001
,171)
(15,
404,
139)
(17,
704,
413)
(6,11
8,31
6)(6
,736
,451
)Fi
nanc
e C
osts
Ban
k in
tere
st(4
,50
9)(9
84)
(4,9
18)
(1,2
70)
(3,7
25)
(2,7
07)
(93)
(73)
With
hold
ing
tax
expe
nse
(1,6
57,9
26)
(823
,085
)(1
99,2
05)
(20
3,33
5)(8
,770
,115)
(10
,167,
604)
(2,9
68,4
16)
(3,3
50,8
93)
Incr
ease
/(de
crea
se) i
n ne
t ass
ets a
ttri
buta
ble
to
hold
ers o
f red
eem
able
par
tici
pati
ng s
hare
s fro
m
oper
atio
ns
4,80
7,64
218
,107,
022
(14,
070,
275)
1,54
3,78
1(6
5,24
0,87
3)47
,370
,950
32,7
43,5
5516
,460
,322
17
Gai
ns a
nd lo
sses
are
sol
ely
from
con
tinui
ng o
pera
tions
. The
re w
ere
no g
ains
and
loss
es o
ther
than
thos
e de
alt w
ith in
the
Stat
emen
t of C
ompr
ehen
sive
Inco
me.
The
acc
ompa
nyin
g no
tes
form
an
inte
gral
par
t of t
hese
fina
ncia
l sta
tem
ents
.
STAN
LIB
Fund
s Lim
ited
Stat
emen
t of C
ompr
ehen
sive
Inco
me
(con
tinue
d)
For t
he y
ear 1
Jan
uary
201
5 to
31 D
ecem
ber 2
015
(Com
para
tives
are
for t
he y
ear 1
Jan
uary
201
4 to
31 D
ecem
ber 2
014)
STA
NLI
B G
loba
l Bon
d Fu
ndST
AN
LIB
Glo
bal E
mer
ging
M
arke
ts F
und
STA
NLI
B G
loba
l Bal
ance
d Fu
ndST
AN
LIB
Glo
bal B
alan
ced
Cau
tiou
s Fun
d31
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
4
Not
esU
SDU
SDU
SDU
SDU
SDU
SDU
SDU
SDIn
com
eD
ivid
end
inco
me
––
2,66
3,07
01,7
64,3
09
1,639
,295
1,50
1,614
314,
346
292,
872
Inte
rest
inco
me
6,32
6,24
04,
040
,557
––
706,
916
740
,681
362,
048
380
,620
Dep
osit
inte
rest
933
484
12,16
612
,258
25,18
615
,832
Net
(los
ses)
/gai
ns o
n fin
anci
al a
sset
s and
liab
ilitie
s at f
air
valu
e th
roug
h pr
ofit o
r los
s4
(23,
766,
467)
799,
589
(29,
106,
521)
321,
280
14,0
0778
9,36
6(1
,117,
102)
(1,0
17,8
97)
Oth
er in
com
e–
––
––
––
–
Tota
l net
(los
s)/in
com
e(1
7,44
0,21
8)4,
840,
179
(26,
443,
477)
2,0
85,6
732,
372,
384
3,0
43,9
19(4
15,5
22)
(328
,573
)Ex
pens
es
M
anag
emen
t fee
s9
(1,3
23,5
70)
(975
,343
)(6
89,7
32)
(584
,50
0)
(784
,397
)(6
74,5
95)
(243
,782
)(2
38,4
14)
Cus
todi
an fe
es7
(37,
725)
(33,
107)
(30
,796
)(2
8,81
4)(3
3,15
0)
(30
,524
)(1
4,29
6)(1
4,0
08)
Sub-
cust
odia
n fe
es7
(96,
560
)(6
0,0
05)
(118
,320
)(1
11,13
0)
(89,
970
)(1
03,
310
)(7
0,9
10)
(81,4
80)
Dire
ctor
s' fe
es9
(4,15
2)(9
,782
)(2
,607
)(9
,571
)(3
,767
)(8
,981
)(9
25)
(8,0
45)
Aud
it fe
es(3
,395
)(7
,90
4)(2
93)
(7,6
93)
(623
)(7
,512
)–
(6,7
32)
Oth
er o
pera
ting
expe
nses
(7,6
60)
(2,7
75)
(23,
739)
(26,
477)
(20
,90
5)(1
8,22
0)
(16,
007
)(1
6,72
5)
Tota
l ope
rati
ng e
xpen
ses
(1,4
73,0
62)
(1,0
88,9
16)
(865
,487
)(7
68,18
5)(9
32,8
12)
(843
,142)
(345
,920
)(3
65,4
04)
Fina
nce
Cos
ts
B
ank
inte
rest
(2)
–(3
16)
(140
)(2
,695
)(5
,416
)(7
65)
(756
)
With
hold
ing
tax
expe
nse
(450
,255
)(1
78,8
76)
(357
,953
)(2
74,9
33)
(367
,668
)(3
37,3
32)
(68,
625)
(73,
761)
(Dec
reas
e)/in
crea
se in
net
ass
ets a
ttri
buta
ble
to
hold
ers o
f red
eem
able
par
tici
pati
ng s
hare
s fro
m
oper
atio
ns
(19,
363,
537)
3,57
2,38
7(2
7,66
7,23
3)1,
042
,415
1,0
69,2
09
1,85
8,0
29(8
30,8
32)
(768
,494
)
18
Gai
ns a
nd lo
sses
are
sol
ely
from
con
tinui
ng o
pera
tions
. The
re w
ere
no g
ains
and
loss
es o
ther
than
thos
e de
alt w
ith in
the
Stat
emen
t of C
ompr
ehen
sive
Inco
me.
The
acc
ompa
nyin
g no
tes
form
an
inte
gral
par
t of t
hese
fina
ncia
l sta
tem
ents
.
STAN
LIB
Fund
s Lim
ited
Stat
emen
t of C
ompr
ehen
sive
Inco
me
(con
tinue
d)
For t
he y
ear 1
Jan
uary
201
5 to
31 D
ecem
ber 2
015
(Com
para
tives
are
for t
he y
ear 1
Jan
uary
201
4 to
31 D
ecem
ber 2
014)
STA
NLI
B Eu
rope
an E
quit
y Fu
nd*
31 D
ecem
ber 2
015
Not
esEU
RIn
com
eD
ivid
end
inco
me
392,
457
Inte
rest
inco
me
–
Dep
osit
inte
rest
–
Net
(los
ses)
/gai
ns o
n fin
anci
al a
sset
s and
liab
ilitie
s at f
air
valu
e th
roug
h pr
ofit o
r los
s4
(4,8
63,2
39)
Oth
er in
com
e–
Tota
l net
(los
s)/in
com
e(4
,470
,782
)Ex
pens
es
Man
agem
ent f
ees
9(1
32,12
4)
Cus
todi
an fe
es7
(8,5
22)
Sub-
cust
odia
n fe
es7
(15,
600
)
Dire
ctor
s' fe
es9
(883
)
Aud
it fe
es(7
35)
Oth
er o
pera
ting
expe
nses
(1,0
65)
Tota
l ope
rati
ng e
xpen
ses
(158
,929
)Fi
nanc
e C
osts
B
ank
inte
rest
(347
)
With
hold
ing
tax
expe
nse
(49,
983)
(Dec
reas
e)/in
crea
se in
net
ass
ets a
ttri
buta
ble
to
hold
ers o
f red
eem
able
par
tici
pati
ng s
hare
s fro
m
oper
atio
ns
(4,6
80,0
41)
Gai
ns a
nd lo
sses
are
sol
ely
from
con
tinui
ng o
pera
tions
. The
re w
ere
no g
ains
and
loss
es o
ther
than
thos
e de
alt w
ith in
the
Stat
emen
t of C
ompr
ehen
sive
Inco
me.
*Cla
ss F
und
laun
ched
on
3 A
ugus
t 20
15.
19
The
acco
mpa
nyin
g no
tes
form
an
inte
gral
par
t of t
hese
fina
ncia
l sta
tem
ents
.
STAN
LIB
Fund
s Lim
ited
Stat
emen
t of C
hang
es in
Net
Ass
ets A
ttrib
utab
le to
Hol
ders
of R
edee
mab
le P
artic
ipat
ing
Shar
es
For t
he y
ear 1
Jan
uary
201
5 to
31 D
ecem
ber 2
015
(Com
para
tives
are
for t
he y
ear 1
Jan
uary
201
4 to
31 D
ecem
ber 2
014)
Glo
bal P
rope
rty
Fund
STA
NLI
B M
ulti
-Man
ager
Glo
bal
Bond
Fun
dST
AN
LIB
Mul
ti-M
anag
er G
loba
l Eq
uity
Fun
dH
igh
Alp
ha G
loba
l Equ
ity
Fund
31 D
ecem
ber 2
015
31 D
ecem
ber 2
014
31 D
ecem
ber 2
015
31 D
ecem
ber 2
014
31 D
ecem
ber 2
015
31 D
ecem
ber 2
014
31 D
ecem
ber 2
015
31 D
ecem
ber 2
014
USD
USD
USD
USD
USD
USD
USD
USD
Net
ass
ets a
ttri
buta
ble
to h
olde
rs o
f red
eem
able
pa
rtic
ipat
ing
shar
es a
t the
beg
inni
ng o
f the
yea
r 12
5,59
3,0
9510
2,79
5,84
225
1,70
8,14
939
1,472
,872
1,92
7,33
0,10
12,
041
,679
,067
913,
600,
588
939,
138,
889
Incr
ease
/(de
crea
se) i
n ne
t ass
ets a
ttrib
utab
le to
hol
ders
of
rede
emab
le p
artic
ipat
ing
shar
es fr
om o
pera
tions
4,80
7,64
218
,107,
022
(14,
070
,275
)1,
543,
781
(65,
240
,873
)47
,370
,950
32,7
43,5
5516
,460
,322
Proc
eeds
from
rede
emab
le p
artic
ipat
ing
shar
es is
sued
196,
615,
954
21,8
51,2
09
15,6
21,7
2026
,516
,389
76,0
97,14
124
0,7
28,2
4958
,357
,913
141,
334,
479
Paym
ents
for r
edee
mab
le p
artic
ipat
ing
shar
es re
deem
ed(3
,167,
104)
(17,
160
,978
)(2
8,91
7,31
9)(1
67,8
24,8
93)
(529
,460
,00
4)(4
02,
448,
165)
(20
9,71
1,731
)(1
83,3
33,10
2)
Net
ass
ets a
ttri
buta
ble
to h
olde
rs o
f red
eem
able
pa
rtic
ipat
ing
shar
es a
t the
end
of t
he y
ear
323,
849,
587
125,
593,
095
224,
342,
275
251,7
08,
149
1,40
8,72
6,36
51,
927,
330,
101
794,
990,
325
913,
600,
588
STA
NLI
B G
loba
l Bon
d Fu
ndST
AN
LIB
Glo
bal E
mer
ging
M
arke
ts F
und
STA
NLI
B G
loba
l Bal
ance
d Fu
ndST
AN
LIB
Glo
bal B
alan
ced
Cau
tiou
s Fun
d31
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
4
USD
USD
USD
USD
USD
USD
USD
USD
Net
ass
ets a
ttri
buta
ble
to h
olde
rs o
f red
eem
able
pa
rtic
ipat
ing
shar
es a
t the
beg
inni
ng o
f the
yea
r 11
5,22
6,60
915
6,85
4,50
382
,662
,60
595
,852
,388
130,
534,
541
65,3
09,
960
43,5
51,5
1618
,80
9,99
9
(Dec
reas
e)/in
crea
se in
net
ass
ets a
ttrib
utab
le to
hol
ders
of
rede
emab
le p
artic
ipat
ing
shar
es fr
om o
pera
tions
(19,
363,
537)
3,57
2,38
7(2
7,66
7,23
3)1,0
42,4
151,0
69,2
09
1,85
8,0
29(8
30,8
32)
(768
,494
)
Proc
eeds
from
rede
emab
le p
artic
ipat
ing
shar
es is
sued
135,
808,
470
7,0
42,7
5969
,50
0,0
00
15,5
98,8
7011
,955
,231
71,3
85,0
485,
961,
869
27,3
89,3
35
Paym
ents
for r
edee
mab
le p
artic
ipat
ing
shar
es re
deem
ed(2
3,87
1,744
)(5
2,24
3,0
40)
(9,5
61,0
19)
(29,
831,0
68)
(9,0
71,2
55)
(8,0
18,4
96)
(4,7
09,
812)
(1,8
79,3
24)
Net
ass
ets a
ttri
buta
ble
to h
olde
rs o
f red
eem
able
pa
rtic
ipat
ing
shar
es a
t the
end
of t
he y
ear
207,
799,
798
115,
226,
609
114,
934,
353
82,6
62,6
05
134,
487,
726
130,
534,
541
43,9
72,7
4143
,551
,516
20
The
acco
mpa
nyin
g no
tes
form
an
inte
gral
par
t of t
hese
fina
ncia
l sta
tem
ents
.
STAN
LIB
Fund
s Lim
ited
Stat
emen
t of C
hang
es in
Net
Ass
ets A
ttrib
utab
le to
Hol
ders
of R
edee
mab
le P
artic
ipat
ing
Shar
es (
cont
inue
d)
For t
he p
erio
d 1 J
anua
ry 2
015
to 3
1 Dec
embe
r 201
4 (C
ompa
rativ
es a
re fo
r the
per
iod
1 Jan
uary
201
4 to
30
June
201
3)
STA
NLI
B Eu
rope
an E
quit
y Fu
nd*
31 D
ecem
ber 2
015
EUR
Net
ass
ets a
ttri
buta
ble
to h
olde
rs o
f red
eem
able
pa
rtic
ipat
ing
shar
es a
t the
beg
inni
ng o
f the
yea
r –
(Dec
reas
e)/in
crea
se in
net
ass
ets a
ttrib
utab
le to
hol
ders
of
rede
emab
le p
artic
ipat
ing
shar
es fr
om o
pera
tions
(4,6
80,0
41)
Proc
eeds
from
rede
emab
le p
artic
ipat
ing
shar
es is
sued
75,7
68,6
03
Paym
ents
for r
edee
mab
le p
artic
ipat
ing
shar
es re
deem
ed(1
1,00
0,0
00
)
Net
ass
ets a
ttri
buta
ble
to h
olde
rs o
f red
eem
able
pa
rtic
ipat
ing
shar
es a
t the
end
of t
he y
ear
60,0
88,5
62
* Cla
ss F
und
laun
ched
on
3 A
ugus
t 20
15.
21
The
acco
mpa
nyin
g no
tes
form
an
inte
gral
par
t of t
hese
fina
ncia
l sta
tem
ents
.
STAN
LIB
Fund
s Lim
ited
Stat
emen
t of C
ash
Flow
s
For t
he y
ear 1
Jan
uary
201
5 to
31 D
ecem
ber 2
015
(Com
para
tives
are
for t
he y
ear 1
Jan
uary
201
4 to
31 D
ecem
ber 2
014)
Glo
bal P
rope
rty
Fund
STA
NLI
B M
ulti
-Man
ager
Glo
bal
Bond
Fun
dST
AN
LIB
Mul
ti-M
anag
er G
loba
l Eq
uity
Fun
dH
igh
Alp
ha G
loba
l Equ
ity
Fund
31 D
ecem
ber 2
015
31 D
ecem
ber 2
014
31 D
ecem
ber 2
015
31 D
ecem
ber 2
014
31 D
ecem
ber 2
015
31 D
ecem
ber 2
014
31 D
ecem
ber 2
015
31 D
ecem
ber 2
014
Not
esU
SDU
SDU
SDU
SDU
SDU
SDU
SDU
SDC
ash
flow
s fro
m o
pera
ting
act
ivit
ies
Purc
hase
of fi
nanc
ial a
sset
s and
set
tlem
ent o
f fina
ncia
l lia
bilit
ies
(213
,212
,118)
(36,
120
,250
)(4
02,
859,
206)
(451
,770
,428
)(4
97,9
28,9
71)
(1,0
01,
855,
457)
(415
,643
,367
)(6
60,6
23,6
38)
Proc
eeds
from
sal
e of
inve
stm
ents
(inc
ludi
ng re
alis
ed
gain
s)19
,349
,812
30,2
05,
860
402,
242,
543
578,
628,
307
899,
242,
065
1,135
,856
,016
556,
622,
957
697,
345,
536
Cha
nges
in a
mou
nts d
ue fr
om b
roke
rs(5
,079
)1,1
593,
105,
838
(610
,888
)(3
,489
,460
)(1
82,8
45)
––
Cha
nges
in a
mou
nts d
ue to
bro
kers
(992
,426
)99
2,42
6(4
,928
,939
)(4
,496
,957
)1,6
64,7
80(3
32,6
89)
––
Incr
ease
/(D
ecre
ase)
in o
ther
rece
ivab
les
8,24
9(8
,249
)–
––
––
–
Div
iden
d/In
tere
st in
com
e re
ceiv
ed4,
844,
423
2,87
3,38
77,
695,
162
9,95
5,90
632
,449
,288
44,18
7,67
49,
944,
259
14,9
66,9
16
Ope
ratin
g ex
pens
es p
aid
(1,19
9,96
0)
(717
,756
)(1
,764
,671
)(2
,136,
945)
(15,
742,
350
)(1
7,81
6,68
4)(6
,213
,773
)(6
,786
,50
8)
Net
cas
h (o
utflo
w)/
inflo
w fr
om o
pera
ting
act
ivit
ies
(191
,207
,099
)(2
,773
,423
)3,
490,
727
129,
568,
995
416,
195,
352
159,
856,
015
144,
710,
076
44,9
02,
306
Cas
h flo
ws f
rom
fina
ncin
g ac
tivi
ties
Proc
eeds
from
rede
emab
le p
artic
ipat
ing
shar
es is
sued
196,
615,
954
21,8
51,2
09
15,6
21,7
2026
,516
,389
76,0
97,14
124
0,7
28,2
4958
,357
,913
141,
334,
479
Cos
t of r
edee
mab
le p
artic
ipat
ing
shar
es re
deem
ed(3
,167,
104)
(17,
160
,978
)(2
8,91
7,31
9)(1
67,8
24,8
93)
(528
,998
,560
)(4
02,
473,
531)
(210
,374
,907
)(1
82,6
69,9
26)
Net
cas
h in
flow
/(ou
tflow
) fro
m fi
nanc
ing
acti
viti
es19
3,44
8,85
04,
690,
231
(13,
295,
599)
(141
,30
8,50
4)(4
52,9
01,4
19)
(161
,745
,282
)(1
52,0
16,9
94)
(41,
335,
447)
Net
incr
ease
/(de
crea
se) i
n ca
sh a
nd c
ash
equi
vale
nt2,
241,7
511,
916,
808
(9,8
04,
872)
(11,7
39,5
09)
(36,
706,
067
)(1
,889
,267
)(7
,30
6,91
8)3,
566,
859
Cas
h an
d ca
sh e
quiv
alen
ts a
t beg
inni
ng o
f yea
r3,
849,
664
1,93
2,85
618
,636
,476
30,3
75,9
8566
,075
,949
67,9
65,2
1618
,272
,448
14,7
05,
589
Cas
h an
d ca
sh e
quiv
alen
ts a
t end
of t
he y
ear
6,0
91,4
153,
849,
664
8,83
1,60
418
,636
,476
29,3
69,8
8266
,075
,949
10,9
65,5
3018
,272
,448
22
The
acco
mpa
nyin
g no
tes
form
an
inte
gral
par
t of t
hese
fina
ncia
l sta
tem
ents
.
STAN
LIB
Fund
s Lim
ited
Stat
emen
t of C
ash
Flow
s (co
ntin
ued)
For t
he y
ear 1
Jan
uary
201
5 to
31 D
ecem
ber 2
015
(Com
para
tives
are
for t
he y
ear 1
Jan
uary
201
4 to
31 D
ecem
ber 2
014
STA
NLI
B G
loba
l Bon
d Fu
ndST
AN
LIB
Glo
bal E
mer
ging
M
arke
ts F
und
STA
NLI
B G
loba
l Bal
ance
d Fu
ndST
AN
LIB
Glo
bal B
alan
ced
Cau
tiou
s Fun
d31
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
4
Not
esU
SDU
SDU
SDU
SDU
SDU
SDU
SDU
SDC
ash
flow
s fro
m o
pera
ting
act
ivit
ies
Purc
hase
of fi
nanc
ial a
sset
s and
set
tlem
ent o
f fina
ncia
l lia
bilit
ies
(207
,392
,357
)(1
15,3
81,7
70)
(183
,791
,512
)(8
8,27
4,0
59)
(10
0,2
27,4
86)
(157
,264
,868
)(3
6,30
2,77
1)(5
3,18
4,96
1)
Proc
eeds
from
sal
e of
inve
stm
ents
(inc
ludi
ng re
alis
ed
gain
s)94
,037
,674
154,
899,
817
123,
975,
529
101,1
96,2
09
97,0
80,3
4695
,442
,949
29,6
13,2
5134
,944
,830
Cha
nges
in a
mou
nts d
ue fr
om b
roke
rs–
499,
447
(150
,865
)1,
292,
244
353,
357
(353
,658
)17
1,120
(171
,220
)
Cha
nges
in a
mou
nts d
ue to
bro
kers
––
12,0
00
(2,5
81,9
22)
(777
,611
)(1
62,8
74)
(181
,335
)(1
02,
986)
Incr
ease
in o
ther
rece
ivab
les
––
19,14
021
,90
015
,675
22,7
9215
,347
14,8
26
Div
iden
d/In
tere
st in
com
e re
ceiv
ed5,
828,
339
4,72
8,0
802,
180
,956
1,491
,616
2,16
0,7
201,
833,
896
700
,573
571,7
43
Ope
ratin
g ex
pens
es p
aid
(1,4
15,7
09)
(1,12
9,0
93)
(856
,683
)(7
90,2
67)
(925
,275
)(8
06,
963)
(351
,30
5)(3
40,3
07)
Net
cas
h (o
utflo
w)/
inflo
w fr
om o
pera
ting
act
ivit
ies
(10
8,94
2,0
53)
43,6
16,4
81(5
8,61
1,435
)12
,355
,721
(2,3
20,2
74)
(61,
288,
726)
(6,3
35,12
0)(1
8,26
8,07
5)C
ash
flow
s fro
m fi
nanc
ing
acti
viti
es
Pr
ocee
ds fr
om re
deem
able
par
ticip
atin
g sh
ares
issu
ed13
5,80
8,47
07,
042
,759
69,5
00
,00
015
,598
,870
11,9
55,2
3171
,385
,048
5,96
1,86
927
,389
,335
Cos
t of r
edee
mab
le p
artic
ipat
ing
shar
es re
deem
ed(2
4,69
2,48
5)(5
1,422
,299
)(9
,561
,019
)(2
9,83
1,068
)(9
,654
,665
)(7
,435
,086
)(4
,70
9,81
2)(1
,879
,324
)
Net
cas
h in
flow
/(ou
tflow
) fro
m fi
nanc
ing
acti
viti
es11
1,115
,985
(44,
379,
540)
59,9
38,9
81(1
4,23
2,19
8)2,
300,
566
63,9
49,9
621,
252,
057
25,5
10,0
11N
et in
crea
se/(
decr
ease
) in
cash
and
cas
h eq
uiva
lent
2,17
3,93
2(7
63,0
59)
1,32
7,54
6(1
,876
,477
)(1
9,70
8)2,
661,
236
(5,0
83,0
63)
7,24
1,93
6C
ash
and
cash
equ
ival
ents
at b
egin
ning
of y
ear
3,43
8,94
34,
202,
00
23,
078,
490
4,95
4,96
713
,850
,840
11,18
9,60
414
,044
,235
6,80
2,29
9
Cas
h an
d ca
sh e
quiv
alen
ts a
t end
of t
he y
ear
5,61
2,87
53,
438,
943
4,40
6,0
363,
078,
490
13,8
31,13
213
,850
,840
8,96
1,172
14,0
44,2
35
23
The
acco
mpa
nyin
g no
tes
form
an
inte
gral
par
t of t
hese
fina
ncia
l sta
tem
ents
.
STAN
LIB
Fund
s Lim
ited
Stat
emen
t of C
ash
Flow
s (co
ntin
ued)
For t
he y
ear 1
Jan
uary
201
5 to
31 D
ecem
ber 2
015
(Com
para
tives
are
for t
he y
ear 1
Jan
uary
201
4 to
31 D
ecem
ber 2
014
STA
NLI
B Eu
rope
an E
quit
y Fu
nd*
31 D
ecem
ber 2
015
Not
esEU
RC
ash
flow
s fro
m o
pera
ting
act
ivit
ies
Pu
rcha
se o
f fina
ncia
l ass
ets a
nd s
ettle
men
t of fi
nanc
ial
liabi
litie
s(8
5,42
4,30
9)
Proc
eeds
from
sal
e of
inve
stm
ents
(inc
ludi
ng re
alis
ed
gain
s)20
,895
,330
Cha
nges
in a
mou
nts d
ue fr
om b
roke
rs–
Cha
nges
in a
mou
nts d
ue to
bro
kers
–
(Dec
reas
e)/In
crea
se in
oth
er re
ceiv
able
s(2
9,61
1)
Div
iden
d/In
tere
st in
com
e re
ceiv
ed32
3,46
1
Ope
ratin
g ex
pens
es p
aid
(126
,954
)
Net
cas
h (o
utflo
w)/
inflo
w fr
om o
pera
ting
act
ivit
ies
(64,
362,
083
)C
ash
flow
s fro
m fi
nanc
ing
acti
viti
es
Proc
eeds
from
rede
emab
le p
artic
ipat
ing
shar
es is
sued
75,7
68,6
03
Cos
t of r
edee
mab
le p
artic
ipat
ing
shar
es re
deem
ed(1
1,00
0,0
00
)
Net
cas
h in
flow
/(ou
tflow
) fro
m fi
nanc
ing
acti
viti
es64
,768
,60
3N
et in
crea
se/(
decr
ease
) in
cash
and
cas
h eq
uiva
lent
406,
520
Cas
h an
d ca
sh e
quiv
alen
ts a
t beg
inni
ng o
f yea
r–
Cas
h an
d ca
sh e
quiv
alen
ts a
t end
of t
he y
ear
406,
520
*Cla
ss F
und
laun
ched
on
3 A
ugus
t 20
15.
STANLIB Funds Limited
24
Notes to the Financial Statements
1. IncorporationSTANLIB Funds Limited (the “Company”) was incorporated in Jersey on 18 March 1996 under the provision of the companies (Jersey) Law, 1991 (as amended).
The Company is an open-ended investment company in that it may issue and redeem participating shares. The share classes of the Company are listed on the Irish Stock Exchange.
As at 31 December 2015, participating shares were offered in the Company as shares of the STANLIB Global Property Fund, STANLIB Multi-Manager Global Bond Fund, STANLIB Multi-Manager Global Equity Fund, STANLIB High Alpha Global Equity Fund, STANLIB Global Bond Fund, STANLIB Global Emerging Markets Fund, STANLIB Global Balanced Fund, STANLIB Global Balanced Cautious Fund and STANLIB European Equity Fund.
The funds objectives are outlined in the directors’ report on page 2 and 3.
The ultimate controlling party of the Company is Liberty Holdings Limited (domiciled in Johannesburg, South Africa). Liberty Group Limited (also domiciled in Johannesburg, South Africa), which has direct holdings in the Company’s founder shares, is a wholly-owned subsidiary of Liberty Holdings Limited.
2. Accounting policiesThe principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated in the following text.
a. Basis of accountingThe financial statements have been prepared on a going concern basis under the historical cost convention, as modified by the fair valuation of investments, financial assets and financial liabilities, and in accordance with International Financial Reporting Standards (“IFRS”).
The preparation of financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates. The Board of Directors makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
Standards and amendments to existing standards effective 1 January 2015
There are no standards, interpretations or amendments to existing standards that are effective for the first time for the financial year beginning 1 January 2015 that would be expected to have a material impact on the Company.
New standards, amendments and interpretations effective after 1 January 2015 and have not been early adopted.
A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after
1 January 2015, and have not been applied in preparing these financial statements. None of these is expected to have a significant effect on the financial statements of the Company.
IFRS 9, ‘Financial instruments’, addresses the classification, measurement and recognition of financial assets and financial liabilities. IFRS 9 was issued in November 2009 and October 2010. It replaces the parts of IAS 39 that relate to the classification and measurement of financial instruments. IFRS 9 requires financial assets to be classified into two measurement categories: those measured as at fair value and those measured at amortised cost. The determination is made at initial recognition. The classification depends on the entity’s business model for managing its financial instruments and the contractual cash flow characteristics of the instrument. For financial liabilities, the standard retains most of the IAS 39 requirements. The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change due to an entity’s own credit risk is recorded in other comprehensive income rather than the Statement of Comprehensive Income, unless this creates an accounting mismatch. The Company is yet to assess IFRS 9’s full impact and intends to adopt IFRS 9 no later than the accounting period beginning on or after 1 January 2018. The Company will also consider the impact of the remaining phases of IFRS 9 when completed.
There are no other standards, interpretations or amendments to existing standards that are not yet effective that would be expected to have a significant impact on the Company.
b. Financial assets and liabilities at fair value through profit or loss
i. Classification and recognitionIAS 39 (revised) sets out the requirements for recognition and measurement of all financial assets and financial liabilities including derivative instruments. The Company has classified all financial instruments as financial assets or financial liabilities at fair value through profit or loss in accordance with IAS 39.
The category of financial assets and financial liabilities at fair value through profit or loss comprises:
Љ Financial instruments held for trading: A financial asset or a financial liability is classified as held for trading if it is acquired or incurred principally for the purpose of selling or repurchasing in the near term or if on initial recognition is part of a portfolio of identifiable financial investments that are managed together and for which there is evidence of a recent actual pattern of short-term profit taking.
Љ Financial instruments designated at fair value through profit or loss upon initial recognition. These include financial assets that are not held for trading purposes and which may be sold.
The Company recognises financial assets and financial liabilities on the date it becomes a party to the contractual provisions of the instrument, and all significant rights and access to the benefits from the assets, and the exposure to the risks inherent in those benefits, are transferred to the Company.
A regular way purchase or sale of financial assets or financial liabilities is recognised using trade date accounting. From this date, any gains and losses, arising from changes in fair value of the financial assets or financial liabilities, are recorded with the realised gains/losses calculated using a First-In, First Out (“FIFO”) method.
STANLIB Funds Limited
Notes to the Financial Statements (continued)
25
ii. MeasurementFinancial instruments are measured initially at fair value (transaction price) plus, in case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. Transaction costs on financial assets and financial liabilities at fair value through profit or loss are expensed immediately.
Subsequent to initial recognition, all instruments classified at fair value through profit or loss are measured at fair value with changes in their fair value recognised in the Statement of Comprehensive Income.
Financial liabilities, arising from the redeemable shares issued by the Company, are carried at the redemption amount representing the shareholders’ right to a residual interest in the Company’s assets.
iii. The estimation of fair value, after initial recognition, is determined as follows:The Company’s financial instruments are carried at fair value on the Statement of Financial Position. The fair value of instruments traded in active markets is based on quoted market prices at the year end date.
The Company primarily invests in equities, corporate bonds, cash or cash equivalents and over the counter (“OTC”) derivative instruments.
Financial assets classified as receivables are carried at par.
iv. Transfers between levels of the fair value hierarchyTransfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period.
v. DerecognitionA financial asset is derecognised when the contractual right to receive cash flows from the financial asset has expired or the Company has transferred substantially all risks and rewards of ownership. A financial liability is derecognised when the obligation specified in the contract has been discharged, cancelled or expired.
c. InvestmentsInvestments listed on a recognised stock exchange or any other organised market are valued at mid price, or in the event that there are several such markets, on the basis of the last available mid price on the main market for the relevant investment on the statement of financial position date. If the last available mid price for a given investment does not truly reflect its value, then the investment is valued on the basis of the probable sale price which the Company’s Board of Directors deems prudent to assume. No such estimates have been included in the financial statements as at 31 December 2015 and 31 December 2014.
Purchases and sales of investments are recognised on trade date – the date on which the Company commits to purchase or sell the asset. Investments are initially recognised at fair value, and transaction costs for all financial assets and financial liabilities carried at fair value through profit or loss are expensed as incurred. Investments are derecognised when the rights to receive cash flows from the investments have expired or the Company has transferred substantially all risks and rewards of ownership.
Gains and losses arising from changes in the fair value of the “Investments category” are included in the Statement of
Comprehensive Income in the year in which they arise. Interest income is recognised on a time-proportionate basis using the effective interest method. It includes interest income from cash and cash equivalents and on debt securities at fair value through profit or loss. Dividend income is recognised when the right to receive payment is established.
All related realised and change in unrealised gains and losses are included in the Statement of Comprehensive Income as they arise with the realised gains/losses calculated using a First-In, First Out (“FIFO”) method.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is a legally enforceable right to offset the recognised amounts and here is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
d. Cash and Cash EquivalentsCash comprises of cash on hand and demand deposits. Cash equivalents, if any, are short term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to insignificant changes in value. Cash is held in accounts at The Bank of New York Mellon SA/NV which allows the Class Funds instant access to their accounts. Bank overdrafts if any, are included in the liabilities section of the Statement of Financial Position.
e. Derivative financial instrumentsDerivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in fair value are recognised immediately in the Statement of Comprehensive Income.
i. ForwardsForward Currency contracts are fair valued at the prevailing forward rate at the reporting date. The resulting unrealised gains and losses for the year are included in the Statement of Financial Position and the Statement of Comprehensive Income.
ii. FuturesOpen futures contracts are fair valued at the official exchange traded price at the close of business on the valuation day to approximate fair value. This fair value, less purchase price, represents the net unrealised gain or loss attributable to these open positions, and is included in the Statement of Comprehensive Income.
f. Dividend Income and Bond InterestDividends on equities are accounted for on an ex-dividend basis when the right to receive payment is established. Dividends are shown gross of withholding tax. Bank and deposit interest are accounted for on an accrual basis. Interest from debt securities is recognised as revenue using the effective interest method by reference to the purchase price.
Under applicable foreign tax laws, withholding taxes may be deducted from interest, dividends and capital gains attributable to the Company, at various rates. The Company pays withholding tax on dividends, which is deducted at source.
g. Interest Income Interest income on investment securities is accrued on an effective yield basis and recognised in the Statement of Comprehensive Income. Interest income on securities includes interest and discount earned (net of premium), which is the difference between the face value and
STANLIB Funds Limited
Notes to the Financial Statements (continued)
26
the original cost, including original issue discount. Interest earned whilst holding investment securities is reported as interest income in the Statement of Comprehensive Income.
h. ExpensesThe Company is responsible for its own operating expenses, including audit and legal fees and charges incurred on the acquisition and realisation of investments. Such operating expenses will be borne by the Class Funds as the Directors shall determine, and usually pro rata if not clearly attributable to a specific Class Fund.
The expenses of introducing new Class Funds will be charged to the relevant Class Fund as provided for in the fund rules.
The Manager may, at its discretion and without recourse to the Company, pay commissions directly to investors or to investors’ agents in respect of subscription for Shares, subject to the general overriding requirement to treat Shareholders equally.
All expenses, including Operating expenses, Custodian fees, Directors fees and Management fees are accounted for on an accruals basis.
i. Withholding Tax The Company currently incurs withholding tax imposed by certain countries on investment income and capital gains. Such income or gains are reported gross of withholding tax and the withholding tax is shown separately in the Statement of Comprehensive Income.
j. Redeemable participating sharesRedeemable participating shares are redeemable at the shareholder’s option and are classified as financial liabilities. Any distributions on these shares are recognised in the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares.
k. Foreign currency translationFunctional and presentation currencyItems included in the Company’s financial statements are measured using the currency of the primary economic environment in which it operates (the “functional currency”). Management considers this to be Euro (“EUR”) for STANLIB European Equity Fund and United States Dollar (“USD”) for the remaining Funds.
The Company has adopted the United States Dollar as its presentation currency based on the economic environment in which the Company operates, as the majority of the Company’s net assets attributable to redeemable participating shares are in USD.
Transactions and balancesMonetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the closing rate of exchange at each period end date. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income as part of the fair value gain/loss on investments.
Translation differences on non-monetary items, held at fair value through profit and loss are reported as part of the fair value gain and loss.
Reported net realised and unrealised gains and losses arising from foreign currency transactions are reflected in the Statement of Comprehensive Income as part of the fair value gain/loss on investments.
l. Dividend policyDividends may be declared on individual Share Classes from time to time provided sufficient net income is available in the proportions attributable to that Share Class in the relevant Class Fund.
m. Total expense ratioTotal expense ratio (“TER”) is calculated and disclosed as per the guidelines issued by the IMA. The ratio expresses the sum of all costs charged on an ongoing basis to each Class Fund’s assets (operating expenses) taken retrospectively as a percentage of each Class Fund’s average net assets. Operating expenses exclude transaction costs and commissions in connection with transactions on the Class Fund’s portfolio.
n. Swing PricingTo the extent that the Directors consider that it is in the best interest of the Company, given the prevailing market conditions and the level of certain subscriptions or redemptions requested by Shareholders in relation to the size of any Class Fund on any business day, an adjustment, as determined by the Directors at their discretion, may be reflected in the net asset value per share of the Class Funds for such sum as may represent the percentage estimate of costs and expenses which may be incurred by the relevant Class Fund under such conditions. The adjustment, where applied, is included within the dealing price available to Shareholders.
o. Related party disclosuresAll related party transactions and balances are disclosed in the financial statements. Please refer to note 9 “Related Party Transactions”.
p. Due from/to BrokersAmounts due from/to brokers represent payables for securities purchased and receivables for securities sold that have been contracted for but not yet delivered by the year end. These amounts are recognised initially at fair value and subsequently measured at amortised cost, less provision for impairment for amounts due from brokers. A provision for impairment of amounts due from brokers is established when there is objective evidence that the Company will not be able to collect all amounts due from the relevant broker. Significant financial difficulties of the broker, probability that the broker will enter bankruptcy or financial reorganisation, and default in payments are considered indicators that the amount due from brokers is impaired. Once a financial asset or a group of similar financial assets has been written down as a result of an impairment loss, interest income is recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. There was no impairment loss in the current or prior year.
q. Offsetting Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty.
There are no Master Netting Agreements in place for the Company as at 31 December 2015 and 31 December 2014 and therefore no financial assets or financial liabilities have been offset.
27
STAN
LIB
Fund
s Lim
ited
Not
es to
the
Fina
ncia
l Sta
tem
ents
(con
tinue
d)
3.
Accr
ued
Expe
nses
STA
NLI
B G
loba
l Pro
pert
y Fu
ndST
AN
LIB
Mul
ti-M
anag
er G
loba
l Bo
nd F
und
STA
NLI
B M
ulti
-Man
ager
Glo
bal
Equi
ty F
und
Hig
h A
lpha
Glo
bal E
quit
y Fu
nd
31 D
ecem
ber 2
015
31 D
ecem
ber 2
015
31 D
ecem
ber 2
015
31 D
ecem
ber 2
015
31 D
ecem
ber 2
015
31 D
ecem
ber 2
015
31 D
ecem
ber 2
015
31 D
ecem
ber 2
015
USD
USD
USD
USD
USD
USD
USD
USD
Man
agem
ent f
ees p
ayab
le16
0,3
8765
,432
117,
048
146,
936
993,
133
1,39
6,0
5644
1,754
546,
427
Cus
todi
an fe
es p
ayab
le4,
372
2,90
83,
650
4,07
810
,030
12,8
04
7,24
48,
233
Sub-
Cus
todi
an fe
es p
ayab
le4,
313
6,23
922
,051
52,18
751
,044
36,0
9520
,755
15,4
15
Dire
ctor
s fee
s pay
able
3,26
1–
3,43
43,
696
26,4
632,
984
13,11
415
,20
6
Aud
it fe
es p
ayab
le5,
774
8,51
36,
889
10,2
3145
,107
29,4
8921
,990
17,9
76
Oth
er c
redi
tors
and
acc
rued
fees
4,20
71,1
362,
361
2,52
936
,60
519
,439
12,2
409,
204
Tota
l acc
rued
exp
ense
s18
2,31
484
,228
155,
433
219,
657
1,162
,382
1,496
,867
517,
097
612,
461
STA
NLI
B G
loba
l Bon
d Fu
ndST
AN
LIB
Glo
bal E
mer
ging
M
arke
ts F
und
STA
NLI
B G
loba
l Bal
ance
d Fu
nd*
STA
NLI
B G
loba
l Bal
ance
d C
auti
ous F
und*
31 D
ecem
ber 2
015
31 D
ecem
ber 2
015
31 D
ecem
ber 2
015
31 D
ecem
ber 2
015
31 D
ecem
ber 2
015
31 D
ecem
ber 2
015
31 D
ecem
ber 2
015
31 D
ecem
ber 2
015
USD
USD
USD
USD
USD
USD
USD
USD
Man
agem
ent f
ees p
ayab
le13
3,85
678
,520
58,8
6345
,187
68,5
7471
,256
22,4
4323
,70
8
Cus
todi
an fe
es p
ayab
le3,
484
2,86
42,
680
2,34
42,
842
3,0
05
1,30
91,
392
Sub-
Cus
todi
an fe
es p
ayab
le1,
842
555,
308
6,0
3916
,815
1,690
12,5
859,
438
Dire
ctor
s fee
s pay
able
3,39
52,
652
2,19
52,
461
2,12
695
275
11,0
16
Aud
it fe
es p
ayab
le6,
252
8,91
33,
491
8,12
34,
521
8,38
61,0
227,
606
Oth
er c
redi
tors
and
acc
rued
fees
2,74
41,
214
1,20
646
91,
350
707
431
–
Tota
l acc
rued
exp
ense
s15
1,57
394
,218
73,7
4364
,623
96,2
2885
,996
38,5
4143
,160
28
STAN
LIB
Fund
s Lim
ited
Not
es to
the
Fina
ncia
l Sta
tem
ents
(con
tinue
d)
3.
Accr
ued
Expe
nses
(con
tinu
ed)
STA
NLI
B Eu
rope
an E
quit
y Fu
nd*
31 D
ecem
ber 2
015
USD
Man
agem
ent f
ees p
ayab
le25
,529
Cus
todi
an fe
es p
ayab
le1,6
59
Sub-
Cus
todi
an fe
es p
ayab
le2,
875
Dire
ctor
s fee
s pay
able
883
Aud
it fe
es p
ayab
le73
4
Oth
er c
redi
tors
and
acc
rued
fees
643
Tota
l acc
rued
exp
ense
s32
,323
4.
Net
Rea
lised
and
Unr
ealis
ed G
ain/
(Los
s) a
t Fai
r Val
ue th
roug
h Pr
ofit o
r Los
s
Glo
bal P
rope
rty
Fund
STA
NLI
B M
ulti
-Man
ager
Glo
bal
Bond
Fun
dST
AN
LIB
Mul
ti-M
anag
er G
loba
l Eq
uity
Fun
dH
igh
Alp
ha G
loba
l Equ
ity
Fund
31 D
ecem
ber 2
015
30 J
une
2014
31 D
ecem
ber 2
015
30 J
une
2014
31 D
ecem
ber 2
015
30 J
une
2014
31 D
ecem
ber 2
015
30 J
une
2014
USD
USD
USD
USD
USD
USD
USD
USD
Non
-der
ivat
ive
secu
riti
es:
Net
real
ised
gai
n/(l
oss)
on
inve
stm
ents
1,36
1,97
8(1
,254
,229
)(6
,412
,540
)1,1
53,9
05
90,0
28,4
5515
3,85
4,97
856
,399
,385
100
,250
,833
Net
mov
emen
t in
unre
alis
ed (l
oss)
/gai
n on
inve
stm
ents
(488
,195)
17,16
2,17
9(1
3,0
62,0
13)
(1,2
22,6
82)
(172
,047
,870
)(1
34,0
08,
469)
(27,
671,
327)
(91,7
30,8
98)
873,
783
15,9
07,9
50(1
9,47
4,55
3)(6
8,77
7)(8
2,0
19,4
15)
19,8
46,5
09
28,7
28,0
588,
519,
935
Der
ivat
ive
secu
riti
es:
Net
real
ised
(los
s)/g
ain
on fo
reig
n cu
rren
cy c
ontr
acts
/fut
ure
cont
ract
s(2
09,
654)
(3,5
85)
1,10
4,80
1(2
,829
,844
)(4
3,90
8)1,1
28,3
1316
5,38
812
4,62
7
Net
mov
emen
t in
unre
alis
ed (l
oss)
/gai
n on
fore
ign
curr
ency
con
trac
ts/
futu
re c
ontr
acts
(2,11
1)2,
110
(81,0
69)
7,71
4(2
6,31
1)28
,923
––
(211
,765
)(1
,475
)1,0
23,7
32(2
,822
,130
)(7
0,2
19)
1,157
,236
165,
388
124,
627
Net
cap
ital
gai
n/(l
oss)
662,
018
15,9
06,
475
(18,
450,
821)
(2,8
90,9
07)
(82,
089
,634
)21
,00
3,74
528
,893
,446
8,64
4,56
2
29
STAN
LIB
Fund
s Lim
ited
Not
es to
the
Fina
ncia
l Sta
tem
ents
(con
tinue
d)
4.
Net
Rea
lised
and
Unr
ealis
ed G
ain/
(Los
s) a
t Fai
r Val
ue th
roug
h Pr
ofit o
r Los
s (co
ntin
ued)
STA
NLI
B G
loba
l Bon
d Fu
ndST
AN
LIB
Glo
bal E
mer
ging
M
arke
ts F
und
STA
NLI
B G
loba
l Bal
ance
d Fu
ndST
AN
LIB
Glo
bal B
alan
ced
Cau
tiou
s Fun
d31
Dec
embe
r 201
530
Jun
e 20
1431
Dec
embe
r 201
530
Jun
e 20
1431
Dec
embe
r 201
530
Jun
e 20
1431
Dec
embe
r 201
530
Jun
e 20
14
USD
USD
USD
USD
USD
USD
USD
USD
Non
-der
ivat
ive
secu
riti
es:
Net
real
ised
(los
s)/g
ain
on in
vest
men
ts(1
,857
,570
)31
1,622
(13,
960
,30
5)4,
189,
825
1,53
2,43
02,
224,
335
187,
341
374,
791
Net
mov
emen
t in
unre
alis
ed (l
oss)
/gai
n on
inve
stm
ents
(20
,458
,868
)84
7,67
9(1
5,22
0,7
29)
(3,8
60,9
65)
(1,16
6,61
3)58
0,5
28(8
20,3
67)
368,
679
(22,
316,
438)
1,159
,30
1(2
9,18
1,034
)32
8,86
036
5,81
72,
804,
863
(633
,026
)74
3,47
0
Der
ivat
ive
secu
riti
es:
Net
real
ised
(los
s)/g
ain
on fo
reig
n cu
rren
cy c
ontr
acts
/fut
ure
cont
ract
s(2
31,2
48)
(158
,522
)74
,50
9(7
,813
)(8
90,9
18)
(1,5
67,7
48)
(1,0
22,6
34)
(1,2
96,3
44)
Net
mov
emen
t in
unre
alis
ed (l
oss)
/gai
n on
fore
ign
curr
ency
con
trac
ts/
futu
re c
ontr
acts
(1,2
18,7
81)
(20
1,190
)4
233
539,
108
(447
,749
)53
8,55
8(4
65,0
23)
(1,4
50,0
29)
(359
,712
)74
,513
(7,5
80)
(351
,810
)(2
,015
,497
)(4
84,0
76)
(1,7
61,3
67)
Net
cap
ital
(los
s)/g
ain
(23,
766,
467)
799,
589
(29,
106,
521)
321,
280
14,0
0778
9,36
6(1
,117,
102)
(1,0
17,8
97)
STA
NLI
B Eu
rope
an E
quit
y Fu
nd*
31 D
ecem
ber 2
015
EUR
Non
-der
ivat
ive
secu
riti
es:
N
et re
alis
ed (l
oss)
/gai
n on
inve
stm
ents
(1,7
56,9
20)
Net
mov
emen
t in
unre
alis
ed lo
ss o
n in
vest
men
ts(3
,095
,128)
(4,8
52,0
48)
Der
ivat
ive
secu
riti
es:
N
et re
alis
ed lo
ss o
n fo
reig
n cu
rren
cy c
ontr
acts
/fut
ure
cont
ract
s(1
1,191
)
Net
mov
emen
t in
unre
alis
ed lo
ss o
n fo
reig
n cu
rren
cy c
ontr
acts
/fut
ure
cont
ract
s– (1
1,191
)
Net
cap
ital
(los
s)/g
ain
(4,8
63,2
39)
* Cla
ss F
und
laun
ched
on
3 A
ugus
t 20
15
STANLIB Funds Limited
Notes to the Financial Statements (continued)
30
5. TaxationFor the purposes of Jersey taxation, the Company falls under Article 123C of the Income Tax (Jersey) Law 1961, as amended, as a Jersey resident company which is neither a “utility company” nor a “financial services company” and as such will be charged Jersey income tax at a rate of 0% on its income (other than on any rental income or property development profits arising in respect of Jersey situs real property or land). The Company will not be subject to tax in Jersey on any capital arising to it.
6. Share capital
Authorised31 December 2015 31 December 2014USD USD
100 Founders’ Shares of USD 1 each 100 100
5,000,000 Unclassified Shares of USD 1 each 5,000,000 5,000,000
5,000,100 5,000,100
Unclassified Shares
The Articles of Association of the Company provide that the unclassified shares may be issued as participating shares or nominal shares.
Under IAS 32, “Financial Instruments: Presentation”, each class of share capital falls under the definition of ‘non equity’ as participating shares can be redeemed at the direction of the participating shareholders or when the rights of other shareholders are restricted.
Net assets attributable to holders of the redeemable participating shares represent a liability in the Statement of Financial Position, carried at the redemption amount that would be payable at the statement of financial position date if the holder exercised the right to redeem the shares from the Company.
Participating shares may be redeemed either out of the proceeds of the issue of nominal shares, or out of the income of the Class Fund, which would otherwise be available for dividend.
On redemption of participating shares out of the income of the Class Fund, a sum equal to the nominal value of the shares redeemed is transferred to a capital redemption reserve account.
Nominal shares are subscribed and paid for by the Manager and may be converted to participating shares upon the payment of the appropriate premium.
Classes of Shares
The founders’ shares are not redeemable and do not carry any rights to dividends. As at 31 December 2015 and 31 December 2014, 10 founders’ shares were issued and outstanding. The founders’ shares and participating shares are entitled to one vote in respect of each share held. The holder of the nominal shares is entitled to one vote irrespective of the number of shares held. All shares are entitled to participate in the property of the Class Fund on a winding-up as disclosed in the Prospectus.
During the year ended 31 December 2015, the number of shares issued, redeemed and outstanding were as follows:
Number of shares at 31 December 2014
Issued during the period
Redeemed during the period
Number of shares at 31 December 2015
STANLIB Global Property Fund 56,005 86,291 (1,351) 140,945
STANLIB Multi-Manager Global Bond Fund 126,105 8,063 (15,059) 119,109
STANLIB Multi-Manager Global Equity Fund 841,061 32,531 (232,173) 641,419
STANLIB High Alpha Global Equity Fund - Class A
119,267 2,031 (39,348) 81,950
STANLIB High Alpha Global Equity Fund - Class B
705,724 48,312 (144,248) 609,788
STANLIB Global Bond Fund 81,137 97,728 (17,174) 161,691
STANLIB Global Emerging Markets Fund 79,674 62,897 (10,485) 132,086
STANLIB Global Balanced Fund 119,694 10,946 (8,192) 122,448
STANLIB Global Balanced Cautious Fund 42,838 5,931 (4,711) 44,058
STANLIB European Equity Fund* – 75,914 (11,473) 64,441
*Class Fund launched on 3 August 2015.
STANLIB Funds Limited
Fund Statistics (continued)
31
During the year ended 31 December 2014, the number of shares issued, redeemed and outstanding were as follows:
Number of shares at 31 December 2013
Issued during the year
Redeemed during the year
Number of shares at 31 December 2014
STANLIB Global Property Fund 55,019 9,989 (9,003) 56,005
STANLIB Multi-Manager Global Bond Fund 196,691 12,992 (83,578) 126,105
STANLIB Multi-Manager Global Equity Fund 909,999 105,750 (174,688) 841,061
STANLIB High Alpha Global Equity Fund - Class A
168,991 28,431 (78,155) 119,267
STANLIB High Alpha Global Equity Fund - Class B
694,290 102,232 (90,798) 705,724
STANLIB Global Bond Fund 113,473 4,947 (37,283) 81,137
STANLIB Global Emerging Markets Fund 90,909 15,290 (26,525) 79,674
STANLIB Global Balanced Fund 61,135 73,950 (15,391) 119,694
STANLIB Global Balanced Cautious Fund 18,335 26,321 (1,818) 42,838
7. Custodian feesCapita Trust Company Jersey Limited, (the “Custodian”) has agreed with the Company that it will be paid a fee at the following rates, subject to an overall minimum fee in respect of each Class Fund of US$5,000 per annum:
On amounts less than US$50 million 0.035%
On amounts of more than US$50 million, but less than US$100 million 0.025%
On amounts of more than US$100 million, but less than US$500 million 0.010%
On amounts over US$500 million 0.005%
Such fees shall accrue daily and shall be payable to the Custodian by monthly payments in arrears becoming due on the first Business Day of each month in respect of the preceding month.
The Custodian is also entitled to be reimbursed out of the Class Funds for charges and transaction fees levied on it by the Sub-Custodian and other sub-custodians which shall be at rates which have been negotiated on an arm’s length basis or are otherwise on commercial terms.
The Custodian is entitled to be reimbursed out of the Class Funds for out-of-pocket expenses, and any sub-custodian fees (which will be at normal commercial rates).
The total fees charged by the Custodian for the year ended 31 December 2015 and 31 December 2014 are disclosed in Statement of Comprehensive Income.
32
STAN
LIB
Fund
s Lim
ited
Not
es to
the
Fina
ncia
l Sta
tem
ents
(con
tinue
d)
8.
Inco
me
rece
ivab
leRe
venu
e re
ceiv
able
con
sist
s of
the
follo
win
g:
STA
NLI
B G
loba
l Pro
pert
y Fu
ndST
AN
LIB
Mul
ti-M
anag
er G
loba
l Bo
nd F
und
STA
NLI
B M
ulti
-Man
ager
Glo
bal
Equi
ty F
und
STA
NLI
B H
igh
Alp
ha G
loba
l Eq
uity
Fun
d31
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
4
USD
USD
USD
USD
USD
USD
USD
USD
Div
iden
d re
ceiv
able
987,
320
388,
072
––
1,60
5,97
71,7
98,6
4045
8,85
143
4,59
2
Inte
rest
rece
ivab
le–
–1,
857,
631
1,93
4,99
4–
––
–
Dep
osit
inte
rest
rece
ivab
le–
––
703
––
––
Oth
er in
com
e re
ceiv
able
––
2,91
7–
––
––
Tota
l inc
ome
rece
ivab
le98
7,32
038
8,07
21,
860,
548
1,93
5,69
71,
605,
977
1,798
,640
458,
851
434,
592
STA
NLI
B G
loba
l Bon
d Fu
ndST
AN
LIB
Glo
bal E
mer
ging
M
arke
ts F
und
STA
NLI
B G
loba
l Bal
ance
d Fu
ndST
AN
LIB
Glo
bal B
alan
ced
Cau
tiou
s Fun
d31
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
4
USD
USD
USD
USD
USD
USD
USD
USD
Div
iden
d re
ceiv
able
––
224,
740
100
,60
585
,120
76,8
01
21,2
7017
,691
Inte
rest
rece
ivab
le1,
509,
519
709,
782
––
212,
768
270
,428
122,
567
130
,079
Dep
osit
inte
rest
rece
ivab
le–
––
––
––
–
Oth
er in
com
e re
ceiv
able
––
––
––
––
Tota
l inc
ome
rece
ivab
le1,
509,
519
709,
782
224,
740
100,
605
297,
888
347,
229
143,
837
147,
770
STA
NLI
B Eu
rope
an E
quit
y Fu
nd*
31 D
ecem
ber 2
015
EUR
Div
iden
d re
ceiv
able
19,0
13
Inte
rest
rece
ivab
le–
Dep
osit
inte
rest
rece
ivab
le–
Oth
er in
com
e re
ceiv
able
–
Tota
l inc
ome
rece
ivab
le19
,013
* Cla
ss F
und
laun
ched
on
3 A
ugus
t 20
15.
STANLIB Funds Limited
Notes to the Financial Statements (continued)
33
9. Related party transactions
Management and Investment Management
STANLIB Fund Managers Jersey Limited (the “Manager”) and STANLIB Asset Management Limited (the “Investment Manager”) are related parties of the Company, as defined by IAS 24. The Manager may receive a maximum annual fee of 2.5% of the average net asset value of each Class Fund of the Company calculated and accrued on each Dealing Day and payable monthly in arrears.
The Manager’s fees have been agreed at the following rates (per annum):
STANLIB Global Property Fund 0.60%
STANLIB Multi-Manager Global Bond Fund 0.60%
STANLIB Multi-Manager Global Equity Fund 0.80%
STANLIB High Alpha Global Equity Fund 1% for class A and 0.60% for class B
STANLIB Global Bond Fund 0.75%
STANLIB Global Emerging Markets Fund 0.60%
STANLIB Global Balanced Fund 0.60%
STANLIB Global Balanced Cautious Fund 0.60%
STANLIB European Equity Fund 0.50%
The Manager has delegated the performance of the investment management function in respect of the Company to the Investment Manager. The Manager is responsible for the payment of the fees of the Investment Manager out of the Manager’s fees.
The Manager has delegated the administration function to BNY Mellon Fund Services (Ireland) Designated Activity Company. The administration fees are paid for out of the Manager’s fees.
The total fees charged by the Manager for the year ended 31 December 2015 and 31 December 2014 are disclosed in Statement of Comprehensive Income.
From 1 January 2015 to 31 March 2015, any Director appointed as permanent Chairman was entitled to receive an annual fee of GBP 25,000. All other Directors were entitled to receive an annual fee of GBP 20,000. Since 1 April 2015, any Director appointed as permanent Chairman is entitled to receive an annual fee of GBP 26,000. All other Directors were entitled to receive an annual fee of GBP 22,000. The Directors may also be paid travelling, hotel and other expenses properly incurred by them in attending and returning from the meetings of the Directors or other meetings or in connection with the business of the Company.
The Directors’ fees charged for the year ended 31 December 2015 and 31 December 2014 are disclosed in Statement of Comprehensive Income.
STANLIB Funds Limited
Notes to the Financial Statements (continued)
34
10. Financial Instruments and Associated RisksThe Class Funds hold a number of financial instruments principally comprising:
Љ Equity shares, debt securities and fixed income securities which are held in accordance with each Class Fund’s investment objective and policies,
Љ Cash, certificate of deposits, liquid resources and short-term debtors and creditors that arise directly from its operations, and, Љ Foreign currency exchange contracts and futures contracts.
Under the Investment Management Agreement dated 21 December 1998, STANLIB Asset Management Limited has delegated the management of each of the Class Funds to the respective managers as disclosed in the Investment Manager’s Report on pages 7 to 11. Policies for managing market, foreign currency, counterparty and liquidity risks are covered by the respective managers’ policies. The Fund Rules are used by the Administrator and the Manager in order to monitor compliance with respect to these risks.
Market Price Risk
Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss the Class Funds might suffer through holdings in the investment portfolio in the face of price movements. Adherence to investment guidelines and to investment and borrowing powers set out in the Class Fund Rules mitigate the risk of excessive exposure to any particular type of security or issuer.
Sensitivity analysis
The table below summarises the sensitivity of the Class Funds’ net assets attributable to holders of redeemable participating shares to market price movements. It shows the increase/(decrease) in the net assets attributable to holders of redeemable participating shares for the Class Funds’ given a 5% movement in the underlying investment prices at year-end; all other variables remaining constant:
Class Fund Currency 31 December 2015 31 December 2014STANLIB Global Property Fund USD 15,847,321 6,121,115
STANLIB Multi-Manager Global Bond Fund USD 11,240,913 12,234,769
STANLIB Multi-Manager Global Equity Fund USD 68,889,675 93,059,945
STANLIB High Alpha Global Equity Fund USD 39,204,152 44,808,459
STANLIB Global Bond Fund USD 10,095,726 5,632,749
STANLIB Global Emerging Markets Fund USD 5,511,923 3,976,450
STANLIB Global Balanced Fund USD 6,021,835 5,909,378
STANLIB Global Balanced Cautious Fund USD 1,743,522 1,511,519
STANLIB European Equity Fund* EUR 2,983,287 –
* Class Fund launched on 3 August 2015.
Credit Risk
Each Class Fund is restricted to investing no more than 20% of its net asset value in any one issuer and to investing in no more than 20% of the total nominal amount of all issued securities of the same class in the invested corporation. Further details are included within the Portfolio Statement. These limits are tested on a daily basis by the Administrator, on a monthly basis by the Manager and confirmation of adherence is received by the Board of Directors on a quarterly basis, in order to demonstrate effective control.
The Class Funds are not exposed to credit risk from the Custodian, Sub-Custodian and banker as all assets of the Class Funds are maintained in a segregated account, which are designated as client assets and are not co-mingled with any proprietary assets of the Custodian.
The Class Funds that use derivative financial instruments are exposed to credit risk from the counterparty to the contracts. Before transacting with any counterparty, the Investment Manager or its affiliates evaluate both credit-worthiness and reputation by conducting a credit analysis of the party, their business and reputation. The credit risk of approved counterparties is then monitored on an ongoing basis, including periodic reviews of financial statements and interim financial reports as needed.
The Bank of New York Mellon SA/NV London Branch had a credit rating with Moodys of Aa1 (31 December 2014: Aa2).
STANLIB Funds Limited
Notes to the Financial Statements (continued)
35
The following tables analyse the credit quality of the fixed income securities held on the bond Class Funds at 31 December 2015.
STANLIB Multi-Manager Global Bond Fund
Moody’s rating
% of debt securities
Moody’s rating
% of debt securities
Aaa 36.17% B3 0.14%
Aa1 7.97% Baa1 4.60%
Aa2 3.50% Baa2 9.26%
Aa3 1.88% Baa3 5.07%
A1 6.57% Ba1 2.73%
A2 2.96% Ba2 0.28%
A3 8.95% Ba3 0.39%
B1 0.32% Other 9.06%
B2 0.15% 100.00%
STANLIB Global Bond Fund
Moody’s rating
% of debt securities
Moody’s rating
% of debt securities
Aaa 26.37% Baa1 4.02%
Aa1 5.14% Baa2 7.83%
Aa2 2.51% Baa3 10.52%
Aa3 4.96% Ba1 4.99%
A2 3.67% Other 11.09%
A3 18.90% 100.00%
STANLIB Global Balanced Fund
Moody’s rating
% of debt securities
Moody’s rating
% of debt securities
Aaa 40.66% Baa1 6.44%
Aa1 7.97% Baa2 9.63%
Aa2 4.67% Baa3 5.69%
Aa3 0.95% Ba2 0.43%
A1 2.86% Ba3 1.22%
A2 0.42% Other 11.20%
A3 6.89%
B1 0.97% 100.00%
STANLIB Global Balanced Cautious Fund
Moody’s rating
% of debt securities
Moody’s rating
% of debt securities
Aaa 41.38% Baa1 6.38%
Aa1 9.14% Baa2 9.61%
Aa2 4.37% Baa3 5.20%
Aa3 0.63% Ba2 0.31%
A1 2.72% Ba3 1.07%
A2 0.29% Other 11.64%
A3 6.30%
B1 0.96% 100.00%
The following tables analyse the credit quality of the fixed income securities held on the bond Class Funds at 31 December 2014.
STANLIB Multi-Manager Global Bond Fund
Moody’s rating
% of debt securities
Moody’s rating
% of debt securities
Aaa 31.82% B3 0.19%
Aa1 10.34% Baa1 4.07%
Aa2 1.42% Baa2 9.85%
Aa3 5.62% Baa3 4.05%
A1 6.51% Ba1 1.05%
A2 4.45% Ba2 0.26%
A3 7.80% Ba3 0.30%
B1 0.37% Other 11.73%
B2 0.17% 100.00%
STANLIB Global Bond Fund
Moody’s rating
% of debt securities
Moody’s rating
% of debt securities
Aaa 34.05% Baa1 3.48%
Aa1 8.78% Baa2 9.03%
Aa3 12.10% Ba1 0.81%
A2 7.61% Other 6.23%
A3 17.58%
B1 0.33% 100.00%
STANLIB Global Balanced Fund
Moody’s rating
% of debt securities
Moody’s rating
% of debt securities
Aaa 30.65% Baa1 8.87%
Aa1 3.21% Baa2 16.98%
Aa2 2.64% Baa3 8.88%
Aa3 6.89% Ba1 5.47%
A1 3.43% Ba3 3.45%
A2 1.57% Other 1.35%
A3 6.61% 100.00%
STANLIB Global Balanced Cautious Fund
Moody’s rating
% of debt securities
Moody’s rating
% of debt securities
Aaa 28.67% Baa1 9.60%
Aa1 3.06% Baa2 17.15%
Aa2 2.56% Baa3 9.28%
Aa3 6.86% Ba1 6.31%
A1 3.47% Ba3 3.06%
A2 1.79% Other 1.36%
A3 6.83% 100.00%
STANLIB Funds Limited
Notes to the Financial Statements (continued)
36
Currency Risk
The value of assets held by the Class Funds is reported in US Dollars and assets held by STANLIB European Equity Fund is reported in Euro although the underlying assets are denominated in a wide range of currencies. Movements in the relative values of these currencies can cause volatility in the reported US Dollar and Euro values. Although this exposure is not routinely hedged periodic positions in currencies are created through the use of currency derivatives where the investment managers believe that it is in the interest of the Class Funds.
Details of foreign currency contracts outstanding at the year-end are detailed in Note 12. Realised foreign exchange gains and losses made during the year are disclosed in the Statement of Comprehensive Income for each Class Fund and unrealised movements are disclosed in Note 4.
Foreign currency monetary assets and liabilities
The following tables show the currency exposure for each Class Fund as at 31 December 2015 and 31 December 2014. As part of the risk analysis the tables show the estimated change in the market value of investments given a 5% movement in the underlying currency against the base currency of the Class Fund. The market value of each currency is made up of its investments, cash, receivables and payables.
STANLIB Global Property Fund
Currency31 December 2015 31 December 2014(Values in USD) (Values in USD) Market value 5% movement Market value 5% movement
Australian Dollar 20,532,247 1,026,612 9,511,310 475,566
Brazilian Real – – 1,269,977 63,499
British Pound 32,051,432 1,602,572 8,855,322 442,766
Canadian Dollar 6,051,688 302,584 3,555,668 177,783
Euro 32,187,278 1,609,364 11,144,662 557,233
Hong Kong Dollar 10,572,972 528,649 5,477,243 273,862
Japanese Yen 20,889,420 1,044,471 7,171,934 358,597
Singapore Dollar 8,353,785 417,689 3,506,800 175,340
US Dollar 193,205,048 – 73,164,023 –
Other Currency* 5,717 286 1,936,156 96,808
323,849,587 6,532,227 125,593,095 2,621,454
* Other Currency includes a number of currencies, none of which is greater than 1% of the net assets of the Class Fund.
STANLIB Multi-Manager Global Bond Fund
Currency31 December 2015 31 December 2014(Values in USD) (Values in USD) Market value 5% movement Market value 5% movement
Australian Dollar 5,445,398 272,270 4,970,753 248,538
Brazilian Real 2,508,820 125,441 3,223,801 161,190
British Pound 7,983,795 399,190 11,912,882 595,644
Canadian Dollar 3,092,206 154,610 4,077,977 203,899
Chilean Peso 3,430,642 171,532 4,728,205 236,410
Euro 44,173,405 2,208,670 46,067,824 2,303,391
Hungarian Forint 2,284,437 114,222 – –
Indian Rupee 2,397,680 119,884 – –
Indonesian Rupiah 2,531,149 126,557 – –
Japanese Yen 23,425,461 1,171,273 22,324,412 1,116,221
Malaysian Ringgit 2,917,598 145,880 – –
Mexican Peso 11,555,260 577,763 11,045,668 552,283
Polish Zloty 3,985,099 199,255 3,167,204 158,360
South African Rand 2,743,901 137,195 2,904,125 145,206
South Korean Won 2,279,979 113,999 2,874,512 143,726
Swedish Krona 3,510,845 175,542 – –
US Dollar 89,919,500 – 117,258,522 –
Other Currency* 10,157,100 507,855 17,152,264 857,613
224,342,275 6,721,138 251,708,149 6,722,481
STANLIB Funds Limited
Notes to the Financial Statements (continued)
37
* Other Currency includes a number of currencies, none of which is greater than 1% of the net assets of the Class Fund.
STANLIB Multi-Manager Global Equity Fund
Currency31 December 2015 31 December 2014(Values in USD) (Values in USD) Market value 5% movement Market value 5% movement
Australian Dollar 27,737,808 1,386,890 37,647,050 1,882,353
British Pound 120,737,910 6,036,896 164,384,957 8,219,248
Canadian Dollar 26,761,655 1,338,083 45,985,376 2,299,269
Euro 156,064,089 7,803,204 189,136,260 9,456,813
Hong Kong Dollar 45,564,687 2,278,234 69,052,370 3,452,619
Japanese Yen 89,834,835 4,491,742 121,105,099 6,055,255
South African Rand – – 21,498,328 1,074,916
South Korean Won 22,106,859 1,105,343 27,019,499 1,350,975
Swedish Krona 20,602,749 1,030,137 40,014,344 2,000,717
Swiss Franc 58,849,773 2,942,489 104,469,194 5,223,460
US Dollar 768,566,922 – 1,024,222,426 –
Other Currency* 71,899,078 3,594,954 82,795,198 4,139,760
1,408,726,365 32,007,972 1,927,330,101 45,155,385
* Other Currency includes a number of currencies, none of which is greater than 1% of the net assets of the Class Fund.
STANLIB High Alpha Global Equity Fund
Currency31 December 2015 31 December 2014(Values in USD) (Values in USD) Market value 5% movement Market value 5% movement
British Pound 53,967,405 2,698,370 57,497,362 2,874,868
Canadian Dollar – – 12,560,721 628,036
Danish Krone 16,418,179 820,909 – –
Euro 82,542,449 4,127,122 65,671,076 3,283,554
Hong Kong Dollar 25,095,834 1,254,792 17,038,347 851,917
Indonesian Rupiah 8,223,292 411,165 9,478,102 473,905
Japanese Yen 48,695,959 2,434,798 130,020,772 6,501,039
Mexican Peso 9,435,476 471,774 – –
South Korean Won 8,020,582 401,029 – –
Swiss Franc 20,661,498 1,033,075 33,281,772 1,664,089
US Dollar 513,837,079 – 570,217,589 –
Other Currency* 8,092,572 404,629 17,834,847 891,742
794,990,325 14,057,663 913,600,588 17,169,150
* Other Currency includes a number of currencies, none of which is greater than 1% of the net assets of the Class Fund.
STANLIB Funds Limited
Notes to the Financial Statements (continued)
38
STANLIB Global Bond Fund
Currency31 December 2015 31 December 2014(Values in USD) (Values in USD) Market value 5% movement Market value 5% movement
Australian Dollar 14,974,843 748,742 5,978,258 298,913
Brazilian Real 9,007,873 450,394 5,255,311 262,766
British Pound – – 6,289,010 314,451
Chilean Peso 14,048,968 702,448 8,638,517 431,926
Euro – – 1,235,706 61,785
Hungarian Forint 8,417,176 420,859 4,222,897 211,145
Indian Rupee 10,190,139 509,507 5,437,684 271,884
Indonesian Rupiah 9,346,257 467,313 4,251,801 212,590
Japanese Yen 10,605,532 530,277 – –
Malaysian Ringgit 7,646,470 382,324 2,233,037 111,652
Mexican Peso 28,657,815 1,432,891 16,172,860 808,643
New Zealand Dollar 7,566,426 378,321 – –
Norwegian Krone 5,749,303 287,465 – –
Polish Zloty 4,609,405 230,470 – –
South African Rand 6,397,999 319,900 3,974,911 198,746
Swedish Krona 10,896,542 544,827 – –
US Dollar 58,180,491 – 50,489,342 –
Other Currency* 1,504,559 75,228 1,047,275 52,364
207,799,798 7,480,966 115,226,609 3,236,865
* Other Currency includes a number of currencies, none of which is greater than 1% of the net assets of the Class Fund.
STANLIB Global Emerging Markets Fund
Currency31 December 2015 31 December 2014(Values in USD) (Values in USD) Market value 5% movement Market value 5% movement
Brazilian Real 1,536,838 76,842 1,494,907 74,745
British Pound 1,731,473 86,574 535,667 26,783
Czech Koruna 2,150,064 107,503 1,167,751 58,388
Hong Kong Dollar 15,121,166 756,058 14,302,880 715,144
Indonesian Rupiah 2,775,592 138,780 1,656,518 82,826
Malaysian Ringgit 1,259,931 62,997 2,300,820 115,041
Mexican Peso 6,988,915 349,446 3,822,753 191,138
Philippine Peso 3,436,741 171,837 3,644,123 182,206
Polish Zloty 2,469,974 123,499 1,667,082 83,354
Russian Ruble 1,981,918 99,096 – –
South African Rand 7,274,415 363,721 6,577,952 328,898
South Korean Won 10,340,190 517,010 9,805,718 490,286
Taiwanese Dollar 4,385,549 219,277 6,920,362 346,018
Thai Baht 6,010,392 300,520 2,915,734 145,787
Turkish Lira 5,006,509 250,325 972,652 48,633
US Dollar 42,463,295 – 24,644,879 –
Other Currency* 1,391 70 232,807 11,640
114,934,353 3,623,555 82,662,605 2,900,887
* Other Currency includes a number of currencies, none of which is greater than 1% of the net assets of the Class Fund.
STANLIB Funds Limited
Notes to the Financial Statements (continued)
39
STANLIB Global Balanced Fund
Currency31 December 2015 31 December 2014(Values in USD) (Values in USD) Market value 5% movement Market value 5% movement
British Pound 11,540,452 577,023 11,128,960 556,448
Canadian Dollar 1,393,970 69,699 2,369,500 118,475
Danish Krone 1,802,075 90,104 – –
Euro 18,423,017 921,151 17,654,556 882,728
Hong Kong Dollar 3,214,605 160,730 1,993,092 99,655
Japanese Yen 9,682,984 484,149 15,996,530 799,827
Mexican Peso 1,449,386 72,469 1,456,439 72,822
Swiss Franc 2,402,879 120,144 2,729,069 136,453
US Dollar 81,618,224 – 73,430,370 –
Other Currency* 2,960,134 148,007 3,776,025 188,801
134,487,726 2,643,476 130,534,541 2,855,209
* Other Currency includes a number of currencies, none of which is greater than 1% of the net assets of the Class Fund.
STANLIB Global Balanced Cautious Fund
Currency31 December 2015 31 December 2014(Values in USD) (Values in USD) Market value 5% movement Market value 5% movement
Australian Dollar 511,334 25,567 – –
British Pound 4,579,443 228,972 6,223,173 311,159
Canadian Dollar 578,968 28,948 684,213 34,211
Euro 7,976,144 398,807 8,879,885 443,994
Hong Kong Dollar 610,876 30,544 – –
Japanese Yen 3,951,600 197,580 4,114,812 205,741
Mexican Peso 475,605 23,780 514,548 25,727
Swiss Franc 484,989 24,249 – –
US Dollar 24,087,404 – 21,242,975 –
Other Currency* 716,378 36,000 1,891,910 94,596
43,972,741 994,447 43,551,516 1,115,428
* Other Currency includes a number of currencies, none of which is greater than 1% of the net assets of the Class Fund.
STANLIB European Equity Fund**
Currency31 December 2015(Values in USD) Market value 5% movement
British Pound 18,270,106 913,505
Danish Krone 2,515,346 125,767
Euro 29,662,172 –
Swedish Krona 1,397,546 69,877
Swiss Franc 7,701,750 385,088
Other Currency* 541,642 27,082
60,088,562 1,521,319
* Other Currency includes a number of currencies, none of which is greater than 1% of the net assets of the Class Fund.
** Class Fund launched on 3 August 2015.
STANLIB Funds Limited
Notes to the Financial Statements (continued)
40
Liquidity Risk
Liquidity risk in relation to funding of redemptions is managed by receiving daily notifications of forthcoming redemption notices and ensuring sufficient liquidity within the portfolio. The current year presentation uses two categories. This is appropriate from a liquidity perspective as it is the intention of the Investment Manager to hold liquid securities traded in active markets and the securities held are valued as such. As these are highly liquid they can be traded in less than 3 months.
STANLIB Global Property Fund
31 December 2015 31 December 2014Less than 3 months 3 months to 1 year Less than 3 months 3 months to 1 yearUSD USD USD USD
Investments 316,946,415 – 122,419,980 –
Cash and bank balances 6,091,415 – 3,907,121 –
Unrealised gain on foreign currency contracts
– – 2,318 –
Unrealised gain on futures contracts – – – –
Other assets 994,073 – 397,995 –
Total assets 324,031,903 – 126,727,414 –Bank overdraft – – 57,457 –
Unrealised loss on foreign currency contracts
2 – 208 –
Unrealised loss on futures contracts – – – –
Other liabilities 182,314 – 1,076,654 –
Net assets attributable to holders of redeemable participating shares
323,849,587 – 125,593,095 –
Total liabilities 324,031,903 – 126,727,414 –
STANLIB Multi-Manager Global Bond Fund
31 December 2015 31 December 2014Less than 3 months 3 months to 1 year Less than 3 months 3 months to 1 yearUSD USD USD USD
Investments 224,818,261 – 244,069,704 –
Cash and bank balances 8,831,604 – 18,636,476 –
Unrealised gain on foreign currency contracts
362,905 – 625,675 –
Unrealised gain on futures contracts 13,367 – – –
Other assets 3,643,364 – 6,824,351 –
Total assets 237,669,501 – 270,156,206 –Bank overdraft – – – –
Unrealised loss on foreign currency contracts
589,789 – 642,632 –
Unrealised loss on futures contracts 6,648 – 81,473 –
Other liabilities 12,730,789 – 17,723,952 –
Net assets attributable to holders of redeemable participating shares
224,342,275 – 251,708,149 –
Total liabilities 237,669,501 – 270,156,206 –
STANLIB Funds Limited
Notes to the Financial Statements (continued)
41
STANLIB Multi-Manager Global Equity Fund
31 December 2015 31 December 2014Less than 3 months 3 months to 1 year Less than 3 months 3 months to 1 yearUSD USD USD USD
Investments 1,377,793,500 – 1,861,169,916 –
Cash and bank balances 29,369,882 – 66,088,534 –
Unrealised gain on foreign currency contracts
2,611 – 28,991 –
Unrealised gain on futures contracts – – – –
Other assets 5,536,193 – 2,239,396 –
Total assets 1,412,702,186 – 1,929,526,837 –Bank overdraft – – 12,585 –
Unrealised loss on foreign currency contracts
12 – 81 –
Unrealised loss on futures contracts – – – –
Other liabilities 3,975,809 – 2,184,070 –
Net assets attributable to holders of redeemable participating shares
1,408,726,365 – 1,927,330,101 –
Total liabilities 1,412,702,186 – 1,929,526,837 –
STANLIB High Alpha Global Equity Fund
31 December 2015 31 December 2014Less than 3 months 3 months to 1 year Less than 3 months 3 months to 1 yearUSD USD USD USD
Investments 784,083,041 – 896,169,185 –
Cash and bank balances 10,965,530 – 18,272,448 –
Unrealised gain on foreign currency contracts
– – – –
Unrealised gain on futures contracts – – – –
Other assets 458,851 – 434,592 –
Total assets 795,507,422 – 914,876,225 –Bank overdraft – – – –
Unrealised loss on foreign currency contracts
– – – –
Unrealised loss on futures contracts – – – –
Other liabilities 517,097 – 1,275,637 –
Net assets attributable to holders of redeemable participating shares
794,990,325 – 913,600,588 –
Total liabilities 795,507,422 – 914,876,225 –
STANLIB Funds Limited
Notes to the Financial Statements (continued)
42
STANLIB Global Bond Fund
31 December 2015 31 December 2014Less than 3 months 3 months to 1 year Less than 3 months 3 months to 1 yearUSD USD USD USD
Investments 201,914,521 – 111,860,509 –
Cash and bank balances 5,612,875 – 3,438,943 –
Unrealised gain on foreign currency contracts
261,424 – 794,461 –
Unrealised gain on futures contracts – – – –
Other assets 1,509,519 – 709,782 –
Total assets 209,298,339 – 116,803,695 –Bank overdraft – – – –
Unrealised loss on foreign currency contracts
1,346,968 – 662,127 –
Unrealised loss on futures contracts – – – –
Other liabilities 151,573 – 914,959 –
Net assets attributable to holders of redeemable participating shares
207,799,798 – 115,226,609 –
Total liabilities 209,298,339 – 116,803,695 –
STANLIB Global Emerging Markets Fund
31 December 2015 31 December 2014Less than 3 months 3 months to 1 year Less than 3 months 3 months to 1 yearUSD USD USD USD
Investments 110,238,455 – 79,528,996 –
Cash and bank balances 4,406,036 – 3,078,490 –
Unrealised gain on foreign currency contracts
– – – –
Unrealised gain on futures contracts – – – –
Other assets 375,605 – 119,745 –
Total assets 115,020,096 – 82,727,231 –Bank overdraft – – – –
Unrealised loss on foreign currency contracts
– – 3 –
Unrealised loss on futures contracts – – – –
Other liabilities 85,743 – 64,623 –
Net assets attributable to holders of redeemable participating shares
114,934,353 – 82,662,605 –
Total liabilities 115,020,096 – 82,727,231 –
STANLIB Funds Limited
Notes to the Financial Statements (continued)
43
STANLIB Global Balanced Fund
31 December 2015 31 December 2014Less than 3 months 3 months to 1 year Less than 3 months 3 months to 1 yearUSD USD USD USD
Investments 120,436,705 – 117,935,244 –
Cash and bank balances 13,831,132 – 13,850,840 –
Unrealised gain on foreign currency contracts
167,291 – 252,325 –
Unrealised gain on futures contracts 6,272 – – –
Other assets 304,285 – 722,658 –
Total assets 134,745,685 – 132,761,067 –Bank overdraft – – – –
Unrealised loss on foreign currency contracts
157,499 – 731,652 –
Unrealised loss on futures contracts – – 43,625 –
Other liabilities 100,460 – 1,451,249 –
Net assets attributable to holders of redeemable participating shares
134,487,726 – 130,534,541 –
Total liabilities 134,745,685 – 132,761,067 –
STANLIB Global Balanced Cautious Fund
31 December 2015 31 December 2014Less than 3 months 3 months to 1 year Less than 3 months 3 months to 1 yearUSD USD USD USD
Investments 34,870,445 – 29,898,777 –
Cash and bank balances 8,961,172 – 14,044,235 –
Unrealised gain on foreign currency contracts
139,743 – 331,611 –
Unrealised gain on futures contracts 3,545 – – –
Other assets 151,034 – 341,434 –
Total assets 44,125,939 – 44,616,057 –Bank overdraft – – – –
Unrealised loss on foreign currency contracts
114,657 – 819,327 –
Unrealised loss on futures contracts – – 20,719 –
Other liabilities 38,541 – 224,495 –
Net assets attributable to holders of redeemable participating shares
43,972,741 – 43,551,516 –
Total liabilities 44,125,939 – 44,616,057 –
STANLIB Funds Limited
Notes to the Financial Statements (continued)
44
STANLIB European Equity Fund*
31 December 2015Less than 3 months 3 months to 1 yearUSD USD
Investments 59,665,741 –
Cash and bank balances 445,490 –
Unrealised gain on foreign currency contracts
– –
Unrealised gain on futures contracts – –
Other assets 48,624 –
Total assets 60,159,855 –Bank overdraft 38,970 –
Unrealised loss on foreign currency contracts
– –
Unrealised loss on futures contracts – –
Other liabilities 32,323 –
Net assets attributable to holders of redeemable participating shares
60,088,562 –
Total liabilities 60,159,855 –
* Class Fund launched on 3 August 2015
As at 31 December 2015 and 31 December 2014, The Class Fund’s Forward currency contracts were due or settled within three months of the Statement of Financial Position date.
Interest Rate Risk
Interest Rate Risk arises from the effects of fluctuations in the prevailing levels of market interest rates on the fair value of financial assets and financial liabilities and future cash flows. For STANLIB Global Property Fund, STANLIB Multi-Manager Global Equity Fund, STANLIB High Alpha Global Equity Fund, STANLIB Global Emerging Markets Fund and STANLIB European Equity Fund the majority of the Class Funds’ assets are equity shares and other investments which neither pay interest nor have a maturity date. Within these Class Funds there are small holdings of interest bearing assets as disclosed in their respective portfolios. In the opinion of the Directors there would be no benefit in disclosing in the note below the interest rate profiles thereof.
The interest rate and currency profiles of the STANLIB Multi-Manager Global Bond Fund’s financial assets at 31 December 2015 and 31 December 2014 are disclosed in the following tables:
STANLIB Multi-Manager Global Bond Fund
31 December 2015 31 December 2014
Total Interest bearing
Non-Interest bearing Total Interest
bearingNon-Interest bearing
USD USD USD USD USD USDInvestments 224,818,261 214,698,533 10,119,728 244,069,704 233,366,650 10,703,054
Unrealised gain on foreign currency contracts
362,905 – 362,905 625,675 – 625,675
Unrealised gain on futures contracts 13,367 – 13,367 – – –
Cash and bank balances 8,831,604 8,831,604 – 18,636,476 18,636,476 –
Other assets 3,643,364 – 3,643,364 6,824,351 – 6,824,351
Assets 237,669,501 223,530,137 14,139,364 270,156,206 252,003,126 18,153,080Unrealised loss on foreign currency contracts
589,789 – 589,789 642,632 – 642,632
Unrealised loss on futures contracts 6,648 – 6,648 81,473 – 81,473
Other liabilities 12,730,789 – 12,730,789 17,723,952 – 17,723,952
Liabilities 13,327,226 – 13,327,226 18,448,057 – 18,448,057Net interest bearing assets 223,530,137 252,003,126
STANLIB Funds Limited
Notes to the Financial Statements (continued)
45
The interest rate and currency profiles of the STANLIB Global Bond Fund’s financial assets at 31 December 2015 and 31 December 2014 are disclosed in the following tables:
STANLIB Global Bond Fund
31 December 2015 31 December 2014
Total Interest bearing
Non-Interest bearing Total Interest
bearingNon-Interest bearing
USD USD USD USD USD USDInvestments 201,914,521 201,914,521 – 111,860,509 111,860,509 –
Unrealised gain on foreign currency contracts
261,424 – 261,424 794,461 – 794,461
Cash and bank balances 5,612,875 5,612,875 – 3,438,943 3,438,943 –
Other assets 1,509,519 – 1,509,519 709,782 – 709,782
Assets 209,298,339 207,527,396 1,770,943 116,803,695 115,299,452 1,504,243Unrealised loss on foreign currency contracts
1,346,968 – 1,346,968 662,127 – 662,127
Unrealised loss on futures contracts – – – – – –
Other liabilities 151,573 – 151,573 914,959 – 914,959
Liabilities 1,498,541 – 1,498,541 1,577,086 – 1,577,086Net interest bearing assets 207,527,396 115,299,452
The interest rate and currency profiles of the STANLIB Global Balanced Fund’s financial assets at 31 December 2015 and 31 December 2014 are disclosed in the following tables:
STANLIB Global Balanced Fund
31 December 2015 31 December 2014
Total Interest bearing
Non-Interest bearing Total Interest
bearingNon-Interest bearing
USD USD USD USD USD USDInvestments 120,436,705 20,896,975 99,539,730 117,935,244 33,490,720 84,444,524
Unrealised gain on foreign currency contracts
167,291 – 167,291 252,325 – 252,325
Unrealised gain on futures contracts 6,272 – 6,272 – – –
Cash and bank balances 13,831,132 13,831,132 – 13,850,840 13,850,840 –
Other assets 304,285 – 304,285 722,658 – 722,658
Assets 134,745,685 34,728,107 100,017,578 132,761,067 47,341,560 85,419,507Unrealised loss on foreign currency contracts
157,499 – 157,499 731,652 – 731,652
Unrealised loss on futures contracts – – – 43,625 – 43,625
Other liabilities 100,460 – 100,460 1,451,249 – 1,451,249
Liabilities 257,959 – 257,959 2,226,526 – 2,226,526Net interest bearing assets 34,728,107 47,341,560
STANLIB Funds Limited
Notes to the Financial Statements (continued)
46
The interest rate and currency profiles of the STANLIB Global Balanced Cautious Fund’s financial assets at 31 December 2015 and 31 December 2014 are disclosed in the following tables:
STANLIB Global Balanced Cautious Fund
31 December 2015 31 December 2014
Total Interest bearing
Non-Interest bearing Total Interest
bearingNon-Interest bearing
USD USD USD USD USD USDInvestments 34,870,445 15,910,227 18,960,218 29,898,777 15,588,704 14,310,073
Unrealised gain on foreign currency contracts
139,743 – 139,743 331,611 – 331,611
Unrealised gain on futures contracts 3,545 – 3,545 – – –
Cash and bank balances 8,961,172 8,961,172 – 14,044,235 14,044,235 –
Other assets 151,034 – 151,034 341,434 – 341,434
Assets 44,125,939 24,871,399 19,254,540 44,616,057 29,632,939 14,983,118Unrealised loss on foreign currency contracts
114,657 – 114,657 819,327 – 819,327
Unrealised loss on futures contracts – – – 20,719 – 20,719
Other liabilities 38,541 – 38,541 224,495 – 224,495
Liabilities 153,198 – 153,198 1,064,541 – 1,064,541Net interest bearing assets 24,871,399 29,632,939
STANLIB Multi-Manager Global Bond Fund
31 December 2015 31 December 2014Weighted average coupon
Weighted average maturity
Weighted average coupon
Weighted average maturity
Australian Dollar 4.43 9 years 8 months 5.66 7 years 1 month
Brazilian Real 8.88 5 years 8 months 7.81 6 years 6 months
British Pound 4.41 11 years 7 months 3.33 8 years 7 months
Canadian Dollar 4.00 11 years 6 months 3.81 13 years 7 months
Chilean Peso 5.50 4 years 7 months 5.50 5 years 7 months
Colombian Peso 8.32 8 years 0 months 5.00 3 years 10 months
Czech Koruna 3.77 5 years 4 months 3.38 5 years 8 months
Danish Krone 2.36 19 years 0 months 3.16 8 years 6 months
Euro 3.65 9 years 7 months 3.80 9 years 3 months
Hungarian Forint 6.26 7 years 6 months 6.00 8 years 10 months
Indonesian Rupiah 9.39 12 years 1 months 10.80 4 years 8 months
Israeli Shekel 4.44 6 years 1 months 4.79 5 years 9 months
Japanese Yen 1.41 9 years 8 months 1.54 9 years 11 months
Malaysian Ringgit 3.77 6 years 7 months 3.60 6 years 6 months
Mexican Peso 8.21 17 years 9 months 8.58 18 years 8 months
New Zealand Dollar 5.18 8 years 4 months 5.51 6 years 9 months
Norwegian Krona 3.55 4 years 6 months 3.60 5 years 6 months
Polish Zloty 4.81 5 years 6 months 5.31 5 years 8 months
Romanian New Leu 4.75 9 years 1 months - -
Russian Rubles 7.52 7 years 10 months 6.94 4 years 9 months
Singapore Dollar 3.77 3 years 8 months 3.32 7 years 7 months
South African Rand 7.13 17 years 12 months 6.78 15 years 11 months
South Korean Won 3.90 6 years 5 months 4.65 5 years 3 months
Swedish Krona 3.64 7 years 0 months 3.15 7 years 5 months
Swiss Franc 2.78 9 years 4 months 3.36 8 years 5 months
Thai Baht 4.36 11 years 10 months 4.10 12 years 5 monts
Turkish Lira 9.40 4 years 6 months - -
US Dollar 3.63 14 years 1 months 3.81 13 years 8 months
STANLIB Funds Limited
Notes to the Financial Statements (continued)
47
STANLIB Global Bond Fund
31 December 2015 31 December 2014Weighted average coupon
Weighted average maturity
Weighted average coupon
Weighted average maturity
Australian Dollar 4.76 8 years 10 months 5.74 7 years 2 months
Brazilian Real 10.00 8 years 10 months 10.00 8 years 0 months
British Pound - - 5.00 24 years 7 months
Euro 4.98 17 years 4 months 2.75 0 years 0 months
Hungarian Forint 5.73 8 years 8 months 6.00 8 years 10 months
Indonesian Rupiah 8.99 13 years 9 months - -
Malaysian Ringgit 3.65 5 years 4 months 5.06 5 years 2 months
Mexican Peso 8.18 21 years 8 months 8.21 22 years 1 month
New Zealand Dollar 5.50 7 years 3 months 3.67 7 years 8 months
Polish Zloty 3.53 8 years 10 months 5.50 8 years 3 months
South African Rand 7.20 24 years 10 months 4.94 6 years 6 months
South Korean Won - - 4.55 28 years 5 months
US Dollar 2.91 28 years 10 months 6.60 18 years 0 months
STANLIB Global Balanced Fund
31 December 2015 31 December 2014Weighted average coupon
Weighted average maturity
Weighted average coupon
Weighted average maturity
Australian Dollar 3.23 3 years 7 months - -
British Pound 2.96 18 years 12 months 4.05 14 years 8 months
Canadian Dollar 1.64 5 years 12 months - -
Danish Krone 1.00 4 years 3 months - -
Euro 2.45 9 years 3 months 2.82 7 years 10 months
Japanese Yen 1.33 19 years 1 months 1.23 14 years 10 months
Mexican Peso 10.00 8 years 11 months 10.00 9 years 11 months
New Zealand Dollar - - 5.50 8 years 3 months
Romanian New Leu 4.75 9 years 1 months - -
Swedish Krona 1.25 9 years 4 months - -
US Dollar 2.25 7 years 6 months 2.84 7 years 2 months
STANLIB Global Balanced Cautious Fund
31 December 2015 31 December 2014Weighted average coupon
Weighted average maturity
Weighted average coupon
Weighted average maturity
Australian Dollar 3.23 3 years 6 months - -
British Pound 2.76 14 years 3 months 4.08 14 years 5 months
Canadian Dollar 1.72 6 years 3 months - -
Danish Krone 1.00 4 years 3 months - -
Euro 2.46 9 years 3 months 2.74 7 years 11 months
Japanese Yen 1.31 18 years 6 months 1.23 14 years 9 months
Mexican Peso 10.00 8 years 11 months 10.00 9 years 11 months
New Zealand Dollar - - 5.50 8 years 3 months
Romanian New Leu 4.75 9 years 1 months - -
Swedish Krona 1.25 9 years 4 months - -
US Dollar 2.08 6 years 8 months 3.03 7 years 7 months
STANLIB Funds Limited
Notes to the Financial Statements (continued)
48
The below tables indicate the weighted average interest received on fixed rate financial assets and the weighted average period for which the rate is fixed:
31 December 2015 31 December 2014Fixed rate financial assets Fixed rate financial assets
Weighted average interest rate
Weighted average period for which rate is fixed
Weighted average interest rate
Weighted average period for which rate is fixed
STANLIB Multi-Manager Global Bond Fund 8.67% 11 years 6 months 7.63% 5 years 5 months
STANLIB Global Bond Fund 8.93% 13 years 9 months 5.18% 6 years 1 month
STANLIB Global Balanced Fund 2.65% 14 years 7 months 2.52% 12 years 1 month
STANLIB Global Balanced Cautious Fund 2.43% 14 years 3 months 2.55% 12 years 1 month
As at 31 December 2015 Total Fixed rate financial assets
Floating rate financial assets
Net assets/(liabilities) not carrying interest
USD USD USD USDSTANLIB Multi-Manager Global Bond Fund 224,818,261 201,413,446 13,285,087 10,119,728
STANLIB Global Bond Fund 201,914,521 146,144,114 55,770,407 –
STANLIB Global Balanced Fund 120,436,705 20,450,770 446,205 99,539,730
STANLIB Global Balanced Cautious Fund 34,870,445 15,411,625 498,602 18,960,218
As at 31 December 2014 Total Fixed rate financial assets
Floating rate financial assets
Net assets/(liabilities) not carrying interest
USD USD USD USDSTANLIB Multi-Manager Global Bond Fund 244,069,704 209,492,874 23,873,776 10,703,054
STANLIB Global Bond Fund 111,860,509 63,097,841 48,762,668 –
STANLIB Global Balanced Fund 117,935,244 32,551,056 939,664 84,444,524
STANLIB Global Balanced Cautious Fund 29,898,777 15,149,142 439,562 14,310,073
Interest rate sensitivity
The Class Funds manage interest rate risk by ensuring that not less than 90% of investments in interest bearing securities are rated investment grade by either Moody’s, Standard and Poors or Fitch. An increase of 100 basis points in interest rates as at the reporting date would have decreased the net assets attributable to holders of redeemable participating shares for each Class Fund by approximately:
Class Fund 31 December 2015 31 December 2014Decrease DecreaseUSD USD
STANLIB Multi-Manager Global Bond Fund 2,235,301 2,520,031
STANLIB Global Bond Fund 2,075,274 1,153,900
STANLIB Global Balanced Fund 347,281 473,416
STANLIB Global Balanced Cautious Fund 248,714 296,329
A decrease of 100 basis points would have had an equal but opposite effect.
The currency and interest rate profiles of cash and bank balances (net of bank overdrafts) held at year-end which did not have a fixed maturity date, by each of the Class Funds, is disclosed in the Statement of Financial Position. Short-term debtors and creditors have been excluded from the disclosures of financial instruments.
Other Risks
Capital Risk Management
The capital of the Company is represented by the equity attributable to the holder of redeemable shares. The amount of equity attributable to the holder of redeemable shares can change significantly on a monthly basis, as the Company is subject to daily subscriptions and redemptions at the discretion of the shareholder. The Company’s objective when managing capital is to safeguard the Company’s ability to continue as a going concern in order to provide returns for the shareholder and maintain a strong capital base to support the development of the investment activities of the Company.
STANLIB Funds Limited
Notes to the Financial Statements (continued)
49
In order to maintain or adjust the capital structure, the Company’s policy is to perform the following:
Љ Monitor the level of daily subscriptions and redemptions relative to the assets it expects to be able to liquidate within fourteen days and adjust the amount of distributions the Company pays to the redeemable shareholder.
Љ Redeem and issue new shares in accordance with the constitutional documents of the Company, which include the ability to restrict redemptions and require certain minimum holdings and subscriptions.
The Custodian and Investment Manager monitor capital on the basis of the value of equity attributable to the redeemable shareholder.
11. Financial Instruments at fair value through profit or loss
Fair Value Estimation
The fair value of financial assets and liabilities traded in active markets (such as publicly traded derivatives and trading securities) are based on quoted market prices at the close of trading on the year end date.
An active market is a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.
A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis.
IFRS 13 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 carrying value less impairment provision of other receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Company for similar financial instruments.
The fair value hierarchy has the following levels:
Љ Listed prices (unadjusted) in active markets for identical assets or liabilities (level 1). Љ Inputs other than listed prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or
indirectly (that is, derived from prices) (level 2). Љ Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.
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.
The following table analyses within the fair value hierarchy the Company’s financial assets and liabilities (by class) measured at fair value at 31 December 2015:
STANLIB Global Property Fund
As at 31 December 2015 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Financial assets Common Stock 316,945,093 – – 316,945,093
Right 1,322 – – 1,322
Total financial assets 316,946,415 – – 316,946,415Foreign currency contracts – (2) – (2)
Total financial liabilities – (2) – (2)
STANLIB Funds Limited
Notes to the Financial Statements (continued)
50
STANLIB Multi-Manager Global Bond Fund
As at 31 December 2015 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Financial assets Bonds – 214,698,533 – 214,698,533
Foreign currency contracts – 362,905 – 362,905
Futures contracts 13,367 – – 13,367
Investment Companies 10,119,728 – – 10,119,728
Total financial assets 10,133,095 215,061,438 – 225,194,533Foreign currency contracts – (589,789) – (589,789)
Futures contracts (6,648) – – (6,648)
Total financial liabilities (6,648) (589,789) – (596,437)
STANLIB Multi-Manager Global Equity Fund
As at 31 December 2015 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Financial assets Common Stock 1,339,250,689 – – 1,339,250,689
Foreign currency contracts – 2,611 – 2,611
Investment Companies 23,941,456 – – 23,941,456
Preferred Stock 11,972,627 – – 11,972,627
Right 22,071 – – 22,071
Warrant 2,606,657 – – 2,606,657
Total financial assets 1,377,793,500 2,611 – 1,377,796,111Foreign currency contracts – (12) – (12)
Total financial liabilities – (12) – (12)
STANLIB High Alpha Global Equity Fund
As at 31 December 2015 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Financial assets Common Stock 784,083,041 – – 784,083,041
Total financial assets 784,083,041 – – 784,083,041
STANLIB Global Bond Fund
As at 31 December 2015 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Financial assets Bonds – 201,914,521 – 201,914,521
Foreign currency contracts – 261,424 – 261,424
Total financial assets – 202,175,945 – 202,175,945Foreign currency contracts – (1,346,968) – (1,346,968)
Total financial liabilities – (1,346,968) – (1,346,968)
STANLIB Funds Limited
Notes to the Financial Statements (continued)
51
STANLIB Global Emerging Markets Fund
As at 31 December 2015 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Financial assets Common Stock 100,256,328 – – 100,256,328
Investment Companies 9,127,308 – – 9,127,308
Preferred Stock 854,819 – – 854,819
Total financial assets 110,238,455 – – 110,238,455
STANLIB Global Balanced Fund
As at 31 December 2015 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Financial assets Bonds – 20,098,437 – 20,098,437
Certificates of Deposit 798,538 – – 798,538
Common Stock 99,539,662 – – 99,539,662
Foreign currency contracts – 167,291 – 167,291
Futures contracts 6,272 – – 6,272
Right 68 – – 68
Total financial assets 100,344,540 20,265,728 – 120,610,268Foreign currency contracts – (157,499) – (157,499)
Total financial liabilities – (157,499) – (157,499)
STANLIB Global Balanced Cautious Fund
As at 31 December 2015 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Financial assets Bonds – 15,211,506 – 15,211,506
Certificates of Deposit 698,721 – – 698,721
Common Stock 18,960,198 – – 18,960,198
Foreign currency contracts – 139,743 – 139,743
Futures contracts 3,545 – – 3,545
Right 20 – – 20
Total financial assets 19,662,484 15,351,249 – 35,013,733Foreign currency contracts – (114,657) – (114,657)
Total financial liabilities – (114,657) – (114,657)
STANLIB European Equity Fund*
As at 31 December 2015 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Financial assets Common Stock 59,665,741 – – 59,665,741
Total financial assets 59,665,741 – – 59,665,741
* Class Fund launched on 3 August 2015.
The Funds held no level 3 investments for the year ended 31 December 2015 (2014: Nil).
There was no transfer between levels for the year ended 31 December 2015 or 31 December 2014.
STANLIB Funds Limited
Notes to the Financial Statements (continued)
52
The following table analyses within the fair value hierarchy the Company’s financial assets and liabilities (by class) measured at fair value at 31 December 2014:
STANLIB Global Property Fund
As at 31 December 2014 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Financial assets Common Stock 122,419,980 – – 122,419,980
Foreign currency contracts – 2,318 – 2,318
Total financial assets 122,419,980 2,318 – 122,422,298Foreign currency contracts – (208) – (208)
Total financial liabilities – (208) – (208)
STANLIB Multi-Manager Global Bond Fund
As at 31 December 2014 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Financial assets Bonds – 233,366,650 – 233,366,650
Foreign currency contracts – 625,675 – 625,675
Investment Companies 10,703,054 – – 10,703,054
Total financial assets 10,703,054 233,992,325 – 244,695,379Foreign currency contracts – (642,632) – (642,632)
Futures contracts (81,473) – – (81,473)
Total financial liabilities (81,473) (642,632) – (724,105)
STANLIB Multi-Manager Global Equity Fund
As at 31 December 2014 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Financial assets Common Stock 1,817,404,669 – – 1,817,404,669
Foreign currency contracts – 28,991 – 28,991
Investment Companies 30,756,899 – – 30,756,899
Preferred Stock 12,295,543 – – 12,295,543
Right 42,640 – – 42,640
Warrant 670,165 – – 670,165
Total financial assets 1,861,169,916 28,991 – 1,861,198,907Foreign currency contracts – (81) – (81)
Total financial liabilities – (81) – (81)
STANLIB High Alpha Global Equity Fund
As at 31 December 2014 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Financial assets Common Stock 896,169,185 – – 896,169,185
Total financial assets 896,169,185 – – 896,169,185
STANLIB Funds Limited
Notes to the Financial Statements (continued)
53
STANLIB Global Bond Fund
As at 31 December 2014 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Financial assets
Bonds – 111,860,509 – 111,860,509
Foreign currency contracts – 794,461 – 794,461
Total financial assets – 112,654,970 – 112,654,970Foreign currency contracts – (662,127) – (662,127)
Total financial liabilities – (662,127) – (662,127)
STANLIB Global Emerging Markets Fund
As at 31 December 2014 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Financial assets Common Stock 75,335,656 – – 75,335,656
Investment Companies 3,500,759 – – 3,500,759
Preferred Stock 692,581 – – 692,581
Total financial assets 79,528,996 – – 79,528,996Foreign currency contracts – (3) – (3)
Total financial liabilities – (3) – (3)
STANLIB Global Balanced Fund
As at 31 December 2014 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Financial assets Bonds – 33,490,720 – 33,490,720
Common Stock 84,444,524 – – 84,444,524
Foreign currency contracts – 252,325 – 252,325
Total financial assets 84,444,524 33,743,045 – 118,187,569Foreign currency contracts – (731,652) – (731,652)
Futures contracts (43,625) – – (43,625)
Total financial liabilities (43,625) (731,652) – (775,277)
STANLIB Global Balanced Cautious Fund
As at 31 December 2014 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Financial assets Bonds – 15,588,704 – 15,588,704
Common Stock 14,310,073 – – 14,310,073
Foreign currency contracts – 331,611 – 331,611
Total financial assets 14,310,073 15,920,315 – 30,230,388Foreign currency contracts – (819,327) – (819,327)
Futures contracts (20,719) – – (20,719)
Total financial liabilities (20,719) (819,327) – (840,046)
The Funds held no level 3 investments for the year ended 31 December 2014 (2013: Nil).
There was no transfer between levels for the year ended 31 December 2014.
STANLIB Funds Limited
Notes to the Financial Statements (continued)
54
Assets and liabilities not carried at fair value but for which fair value is disclosed
The following table analyses within the fair value hierarchy the Company’s assets and liabilities (by class) not measured at fair value at 31 December 2015.
STANLIB Global Property Fund
As at 31 December 2015 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Assets Cash and cash equivalents 6,091,415 – – 6,091,415
Revenue receivable – 987,320 – 987,320
Due from brokers – 6,753 – 6,753
Total 6,091,415 994,073 – 7,085,488Liabilities Accrued expenses – 182,314 – 182,314
Total – 182,314 – 182,314
STANLIB Multi-Manager Global Bond Fund
As at 31 December 2015 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Assets Cash and cash equivalents 8,831,604 – – 8,831,604
Revenue receivable – 1,860,548 – 1,860,548
Due from brokers – 1,782,816 – 1,782,816
Total 8,831,604 3,643,364 – 12,474,968Liabilities Due to brokers – 12,575,356 – 12,575,356
Accrued expenses – 155,433 – 155,433
Total – 12,730,789 – 12,730,789
STANLIB Multi-Manager Global Equity Fund
As at 31 December 2015 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Assets Cash and cash equivalents 29,369,882 – – 29,369,882
Revenue receivable – 1,605,977 – 1,605,977
Due from brokers – 3,930,216 – 3,930,216
Total 29,369,882 5,536,193 – 34,906,075EquityShare Capital – 10 – 10
Liabilities Amounts due on redemptions – 461,444 – 461,444
Due to brokers – 2,351,973 – 2,351,973
Accrued expenses – 1,162,382 – 1,162,382
Total – 3,975,809 – 3,975,809
STANLIB Funds Limited
Notes to the Financial Statements (continued)
55
STANLIB High Alpha Global Equity Fund
As at 31 December 2015 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Assets Cash and cash equivalents 10,965,530 – – 10,965,530
Revenue receivable – 458,851 – 458,851
Total 10,965,530 458,851 – 11,424,381Liabilities Accrued expenses – 517,097 – 517,097
Total – 517,097 – 517,097
STANLIB Global Bond Fund
As at 31 December 2015 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Assets Cash and cash equivalents 5,612,875 – – 5,612,875
Revenue receivable – 1,509,519 – 1,509,519
Total 5,612,875 1,509,519 – 7,122,394Liabilities Accrued expenses – 151,573 – 151,573
Total – 151,573 – 151,573
STANLIB Global Emerging Markets Fund
As at 31 December 2015 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Assets Cash and cash equivalents 4,406,036 – – 4,406,036
Revenue receivable – 224,740 – 224,740
Due from brokers – 150,865 – 150,865
Total 4,406,036 375,605 – 4,781,641Liabilities Due to brokers – 12,000 – 12,000
Accrued expenses – 73,743 – 73,743
Total – 85,743 – 85,743
STANLIB Global Balanced Fund
As at 31 December 2015 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Assets Cash and cash equivalents 13,831,132 – – 13,831,132
Revenue receivable – 297,888 – 297,888
Due from brokers – 301 – 301
Other receivables – 6,096 – 6,096
Total 13,831,132 304,285 – 14,135,417Liabilities Due to brokers – 4,232 – 4,232
Accrued expenses – 96,228 – 96,228
Total – 100,460 – 100,460
STANLIB Funds Limited
Notes to the Financial Statements (continued)
56
STANLIB Global Balanced Cautious Fund
As at 31 December 2015 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Assets Cash and cash equivalents 8,961,172 – – 8,961,172
Revenue receivable – 143,837 – 143,837
Due from brokers – 100 – 100
Other receivables – 7,097 – 7,097
Total 8,961,172 151,034 – 9,112,206Liabilities Accrued expenses – 38,541 – 38,541
Total – 38,541 – 38,541
STANLIB European Equity Fund*
As at 31 December 2015 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Assets Cash and cash equivalents 445,490 – – 445,490
Revenue receivable – 19,013 – 19,013
Other receivables – 29,611 – 29,611
Total 445,490 48,624 – 494,114Liabilities Bank overdraft 38,970 – – 38,970
Accrued expenses – 32,323 – 32,323
Total 38,970 32,323 – 71,293
*Class Fund launched on 3 August 2015.
The following table analyses within the fair value hierarchy the Company’s assets and liabilities (by class) not measured at fair value at 31 December 2014.
STANLIB Global Property Fund
As at 31 December 2014 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Assets Cash and cash equivalents 445,490 – – 445,490
Revenue receivable – 19,013 – 19,013
Other receivables – 29,611 – 29,611
Total 445,490 48,624 – 494,114Liabilities Bank overdraft 38,970 – – 38,970
Accrued expenses – 32,323 – 32,323
Total 38,970 32,323 – 71,293
STANLIB Funds Limited
Notes to the Financial Statements (continued)
57
STANLIB Multi-Manager Global Bond Fund
As at 31 December 2014 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Assets Cash and cash equivalents 18,636,476 – – 18,636,476
Revenue receivable – 1,935,697 – 1,935,697
Due from brokers – 4,888,654 – 4,888,654
Total 18,636,476 6,824,351 – 25,460,827Liabilities Due to brokers – 17,504,295 – 17,504,295
Accrued expenses – 219,657 – 219,657
Total – 17,723,952 – 17,723,952
STANLIB Multi-Manager Global Equity Fund
As at 31 December 2014 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Assets Cash and cash equivalents 66,088,534 – – 66,088,534
Revenue receivable – 1,798,640 – 1,798,640
Due from brokers – 440,756 – 440,756
Total 66,088,534 2,239,396 – 68,327,930EquityShare Capital – 100 – 100
Liabilities Bank overdraft 12,585 – – 12,585
Due to brokers – 687,193 – 687,193
Accrued expenses – 1,496,777 – 1,496,777
Total 12,585 2,184,070 – 2,196,655
STANLIB High Alpha Global Equity Fund
As at 31 December 2014 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Assets Cash and cash equivalents 18,272,448 – – 18,272,448
Revenue receivable – 434,592 – 434,592
Total 18,272,448 434,592 – 18,707,040Liabilities Amounts due on redemptions – 663,176 – 663,176
Accrued expenses – 612,461 – 612,461
Total – 1,275,637 – 1,275,637
STANLIB Global Bond Fund
As at 31 December 2014 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Assets Cash and cash equivalents 3,438,943 – – 3,438,943
Revenue receivable – 709,782 – 709,782
Total 3,438,943 709,782 – 4,148,725Liabilities Amounts due on redemptions – 820,741 – 820,741
Accrued expenses – 94,218 – 94,218
Total – 914,959 – 914,959
STANLIB Funds Limited
Notes to the Financial Statements (continued)
58
STANLIB Global Emerging Markets Fund
As at 31 December 2014 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Assets Cash and cash equivalents 3,078,490 – – 3,078,490
Revenue receivable – 100,605 – 100,605
Other receivables – 19,140 – 19,140
Total 3,078,490 119,745 – 3,198,235Liabilities Accrued expenses – 64,623 – 64,623
Total – 64,623 – 64,623
STANLIB Global Balanced Fund
As at 31 December 2014 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Assets Cash and cash equivalents 13,850,840 – – 13,850,840
Revenue receivable – 347,229 – 347,229
Due from brokers – 353,658 – 353,658
Other receivables – 21,771 – 21,771
Total 13,850,840 722,658 – 14,573,498Liabilities Amounts due on redemptions – 583,410 – 583,410
Due to brokers – 781,843 – 781,843
Accrued expenses – 85,996 – 85,996
Total – 1,451,249 – 1,451,249
STANLIB Global Balanced Cautious Fund
As at 31 December 2014 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Assets Cash and cash equivalents 14,044,235 – – 14,044,235
Revenue receivable – 147,770 – 147,770
Due from brokers – 171,220 – 171,220
Other receivables – 22,444 – 22,444
Total 14,044,235 341,434 – 14,385,669Liabilities Due to brokers – 181,335 – 181,335
Accrued expenses – 43,160 – 43,160
Total – 224,495 – 224,495
12. Derivative Financial InstrumentsThe Funds hold foreign currency contracts and futures for the purpose of efficient portfolio management.
Foreign currency contracts
The Company has entered into foreign currency contracts to hedge non-functional currency investments held at fair value and for trading purposes. The fair value of open foreign currency contracts at 31 December 2015 and 31 December 2014 is booked in the Statement of Financial Position.
The notional amounts of certain types of financial instrument provide a basis for comparison with instruments recognised on the statement of financial position, but they do not necessarily indicate the amounts of future cash flows involved or the current fair value of the instruments and do not therefore indicate the Fund’s exposure to credit or market price risks. The derivative instruments become favourable (assets) or unfavourable (liabilities) as a result of fluctuations in market interest rates or foreign exchange rates relative to their terms. The aggregate contractual or notional
STANLIB Funds Limited
Notes to the Financial Statements (continued)
59
amount of derivative financial instruments on hand, the extent to which instruments are favourable or unfavourable, and thus the aggregate fair values of derivative financial assets and liabilities can fluctuate significantly from time to time.
As at 31 December 2015, the Class Funds had the following open foreign exchange contracts:
STANLIB Global Property Fund as at 31 December 2015
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
Unrealised loss on foreign currency contracts04/01/2016 CAD (3,015) USD 2,169 (2) 0.00
Total unrealised loss on foreign currency contracts (2) 0.00
BNY Mellon is the counterparty to this foreign currency contract.
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
Unrealised gain on foreign currency contracts29/01/2016 USD (275,308) CAD 384,200 1,292 0.00
14/01/2016 GBP (705,000) EUR 973,179 18,401 0.01
06/01/2016 JPY (33,857,200) EUR 260,000 993 0.00
07/01/2016 PLN (1,600,000) EUR 373,701 915 0.00
06/01/2016 USD (470,000) EUR 441,617 9,804 0.01
10/03/2016 USD (609,640) EUR 574,000 15,026 0.01
10/03/2016 USD (605,098) EUR 570,000 15,215 0.01
25/02/2016 USD (2,384,501) INR 160,000,000 13,179 0.01
06/01/2016 EUR (850,000) JPY 111,291,350 1,779 0.00
07/01/2016 GBP (170,000) JPY 31,388,800 10,405 0.01
05/02/2016 USD (460,000) JPY 55,377,192 711 0.00
07/01/2016 USD (370,000) JPY 45,036,104 4,439 0.00
06/01/2016 USD (240,000) JPY 29,520,000 5,430 0.00
06/01/2016 USD (290,000) JPY 35,670,290 6,563 0.00
10/03/2016 USD (341,170) JPY 41,970,000 8,313 0.00
07/01/2016 USD (1,023,118) JPY 126,191,328 26,063 0.01
29/01/2016 USD (5,077,152) JPY 613,947,000 29,853 0.01
03/03/2016 USD (2,441,036) JPY 299,000,000 48,018 0.02
29/01/2016 USD (252,022) SEK 2,138,000 1,801 0.00
29/01/2016 USD (362,233) THB 13,120,000 2,075 0.00
29/01/2016 USD (416,068) TRY 1,225,000 17 0.00
10/03/2016 AUD (640,000) USD 466,343 2,351 0.00
10/03/2016 CAD (180,000) USD 129,961 357 0.00
10/03/2016 CAD (550,000) USD 410,555 14,545 0.01
10/03/2016 CAD (550,000) USD 410,739 14,729 0.01
19/01/2016 DKK (7,250,000) USD 1,062,832 6,916 0.00
06/01/2016 EUR (643) USD 709 10 0.00
06/01/2016 EUR (18,149) USD 20,000 282 0.00
10/02/2016 EUR (180,000) USD 196,050 312 0.00
05/01/2016 GBP (18,026) USD 26,574 5 0.00
10/03/2016 GBP (30,000) USD 44,840 618 0.00
10/03/2016 GBP (290,000) USD 435,026 7,544 0.00
29/01/2016 GBP (1,873,000) USD 2,788,290 27,449 0.01
29/01/2016 HUF (310,000,000) USD 1,079,838 14,879 0.01
29/01/2016 IDR (4,863,000,000) USD 351,624 2,800 0.00
10/03/2016 KRW (973,330,000) USD 834,080 7,027 0.00
05/01/2016 MXN (1,750,446) USD 101,407 94 0.00
29/01/2016 MXN (9,150,000) USD 530,063 1,417 0.00
STANLIB Funds Limited
Notes to the Financial Statements (continued)
60
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
22/01/2016 MXN (8,500,000) USD 498,601 7,254 0.00
21/01/2016 NOK (330,000) USD 37,854 580 0.00
10/03/2016 NOK (2,240,000) USD 259,166 6,276 0.00
29/01/2016 RON (7,200,000) USD 1,742,498 12,490 0.01
10/03/2016 SGD (655,000) USD 462,754 2,103 0.00
05/01/2016 ZAR (263,033) USD 16,986 27 0.00
14/01/2016 ZAR (1,750,000) USD 114,481 1,839 0.00
07/01/2016 ZAR (2,000,000) USD 139,611 10,709 0.01
Total unrealised gain on foreign currency contracts 362,905 0.16
Unrealised loss on foreign currency contracts09/03/2016 USD (1,727,461) CLP 1,210,000,000 (33,514) (0.02)
12/02/2016 USD (878,929) CLP 604,000,000 (30,924) (0.01)
26/02/2016 USD (839,050) CLP 581,000,000 (24,645) (0.01)
29/01/2016 USD (43,454) CZK 1,070,000 (411) 0.00
11/01/2016 HUF (300,000,000) EUR 944,525 (4,699) 0.00
19/01/2016 SEK (835,000) EUR 89,209 (2,146) 0.00
29/01/2016 USD (4,921,284) EUR 4,498,000 (31,526) (0.01)
12/01/2016 USD (1,020,000) EUR 928,049 (11,552) (0.01)
10/03/2016 USD (395,285) EUR 360,000 (3,508) 0.00
07/01/2016 USD (274,835) EUR 250,000 (3,211) 0.00
10/03/2016 USD (224,189) GBP 150,000 (3,077) 0.00
10/03/2016 USD (88,447) GBP 60,000 (2) 0.00
10/03/2016 USD (666,262) JPY 80,000,000 (105) 0.00
29/01/2016 USD (451,179) KRW 530,000,000 (602) 0.00
10/03/2016 USD (759,380) MXN 12,630,000 (31,815) (0.02)
22/01/2016 USD (275,409) MXN 4,760,000 (254) 0.00
10/03/2016 USD (47,248) MYR 200,000 (971) 0.00
20/01/2016 USD (1,515,040) NOK 12,300,000 (125,719) (0.06)
29/01/2016 USD (45,592) NOK 400,000 (415) 0.00
29/01/2016 USD (502,545) PLN 1,955,000 (7,803) 0.00
21/01/2016 USD (1,657,172) SEK 13,600,000 (42,975) (0.02)
08/01/2016 USD (1,007,412) SEK 8,330,000 (19,105) (0.01)
10/03/2016 USD (597,247) TRY 1,770,000 (2,818) 0.00
29/01/2016 AUD (3,524,000) USD 2,527,659 (32,487) (0.02)
29/01/2016 BRL (5,330,000) USD 1,310,258 (22,796) (0.01)
10/03/2016 CHF (230,000) USD 225,226 (5,245) 0.00
10/03/2016 CZK (7,270,000) USD 286,412 (6,444) 0.00
10/03/2016 DKK (2,525,000) USD 360,123 (8,204) 0.00
06/01/2016 DKK (34,983) USD 5,087 (7) 0.00
06/01/2016 DKK (32,192) USD 4,681 (6) 0.00
06/01/2016 DKK (6,335) USD 921 (1) 0.00
06/01/2016 DKK (1,512) USD 220 – 0.00
10/02/2016 EUR (3,820,000) USD 4,091,755 (62,240) (0.03)
07/01/2016 EUR (250,000) USD 264,110 (7,514) 0.00
10/03/2016 EUR (230,000) USD 250,240 (61) 0.00
05/01/2016 EUR (56,289) USD 61,135 (19) 0.00
10/03/2016 JPY (25,000,000) USD 208,087 (87) 0.00
06/01/2016 JPY (184,860) USD 1,506 (31) 0.00
29/01/2016 NZD (1,900,000) USD 1,283,963 (14,127) (0.01)
10/03/2016 NZD (480,000) USD 317,448 (9,740) (0.01)
10/03/2016 PLN (820,000) USD 202,742 (4,621) 0.00
10/03/2016 SEK (980,000) USD 113,108 (3,375) 0.00
19/01/2016 SEK (600,000) USD 70,476 (734) 0.00
10/03/2016 USD (383,047) ZAR 5,590,000 (27,052) (0.01)
STANLIB Funds Limited
Notes to the Financial Statements (continued)
61
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
07/01/2016 USD (66,525) ZAR 1,000,000 (2,074) 0.00
10/03/2016 USD (83,917) ZAR 1,300,000 (1,127) 0.00
Total unrealised loss on foreign currency contracts (589,789) (0.26)
Bank of America, Barclays, BNP Paribas, BNY Mellon, Citibank, Credit Suisse, Deutsche Bank AG, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, Royal Bank of Scotland, Societe Generale, Standard Chartered Bank London, State Street, UBS and Westpac are the counterparties to these foreign currency contracts.
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
Unrealised gain on foreign currency contracts05/01/2016 USD (59,921) THB 2,163,694 198 0.00
05/01/2016 USD (63,263) THB 2,284,382 210 0.00
05/01/2016 GBP (2,618) USD 3,880 22 0.00
04/01/2016 ZAR (2,597,524) USD 169,687 2,181 0.00
Total unrealised gain on foreign currency contracts 2,611 0.00
Unrealised loss on foreign currency contracts04/01/2016 USD (740) CAD 1,025 (2) 0.00
04/01/2016 CAD (11,227) USD 8,076 (7) 0.00
04/01/2016 CAD (4,344) USD 3,124 (3) 0.00
Total unrealised loss on foreign currency contracts (12) 0.00
BNY Mellon and Citibank are the counterparties to these foreign currency contracts.
STANLIB Global Bond Fund as at 31 December 2015
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
Unrealised gain on foreign currency contracts25/02/2016 USD (10,134,128) INR 680,000,000 56,011 0.03
03/03/2016 USD (10,400,934) JPY 1,274,000,000 204,598 0.10
10/02/2016 EUR (470,000) USD 511,908 815 0.00
Total unrealised gain on foreign currency contracts 261,424 0.13
Unrealised loss on foreign currency contracts09/03/2016 USD (8,628,739) CLP 6,044,000,000 (167,404) (0.08)
12/02/2016 USD (1,775,320) CLP 1,220,000,000 (62,462) (0.03)
26/02/2016 USD (2,066,575) CLP 1,431,000,000 (60,700) (0.03)
29/01/2016 USD (1,872,622) CLP 1,329,000,000 (3,722) 0.00
20/01/2016 USD (6,269,554) NOK 50,900,000 (520,251) (0.25)
21/01/2016 USD (6,835,836) SEK 56,100,000 (177,270) (0.09)
08/01/2016 USD (4,319,900) SEK 35,720,000 (81,924) (0.04)
10/02/2016 EUR (16,770,000) USD 17,963,018 (273,235) (0.13)
Total unrealised loss on foreign currency contracts (1,346,968) (0.65)
Citibank and HSBC are the counterparties to these foreign currency contracts.
STANLIB Global Balanced Fund as at 31 December 2015
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
Unrealised gain on foreign currency contracts08/01/2016 USD (76,492) AUD 106,837 1,208 0.00
08/01/2016 USD (140,827) CHF 143,276 2,355 0.00
08/01/2016 GBP (70,379) EUR 97,148 1,820 0.00
STANLIB Funds Limited
Notes to the Financial Statements (continued)
62
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
09/03/2016 USD (11,000) EUR 10,136 31 0.00
09/03/2016 USD (3,049,535) EUR 2,802,675 442 0.00
08/01/2016 USD (727,804) EUR 672,527 2,913 0.00
08/01/2016 USD (904,269) EUR 850,100 19,385 0.02
08/01/2016 KRW (288,496,556) JPY 29,945,667 3,152 0.00
08/01/2016 USD (46,446) JPY 5,634,939 405 0.00
08/01/2016 USD (2,726,466) JPY 335,395,638 62,145 0.05
08/01/2016 AUD (971,098) NZD 1,041,004 6,019 0.01
08/01/2016 USD (534,047) SEK 4,632,443 15,566 0.01
08/01/2016 CAD (88,681) USD 66,093 2,251 0.00
09/03/2016 EUR (14,624) USD 16,000 86 0.00
09/03/2016 EUR (10,923) USD 12,000 113 0.00
09/03/2016 EUR (21,938) USD 24,000 126 0.00
09/03/2016 EUR (20,067) USD 22,000 163 0.00
08/01/2016 EUR (191,492) USD 209,320 1,260 0.00
09/03/2016 GBP (14,867) USD 22,000 85 0.00
09/03/2016 GBP (7,231) USD 11,000 341 0.00
09/03/2016 GBP (20,093) USD 30,000 381 0.00
08/01/2016 GBP (218,174) USD 325,811 4,238 0.01
08/01/2016 GBP (645,178) USD 977,669 26,720 0.02
08/01/2016 MXN (6,828,317) USD 411,211 16,086 0.01
Total unrealised gain on foreign currency contracts 167,291 0.13
Unrealised loss on foreign currency contracts04/01/2016 USD (4,247) AUD 5,817 (16) 0.00
08/01/2016 SEK (4,476,297) EUR 484,612 (4,544) 0.00
08/01/2016 USD (41,955) EUR 38,262 (382) 0.00
09/03/2016 USD (30,000) EUR 27,441 (138) 0.00
09/03/2016 USD (10,000) EUR 9,127 (68) 0.00
08/01/2016 EUR (483,915) GBP 349,390 (10,808) (0.01)
09/03/2016 USD (3,049,535) GBP 2,023,466 (66,797) (0.05)
08/01/2016 USD (517,914) GBP 346,983 (6,484) (0.01)
09/03/2016 USD (13,700) GBP 9,095 (293) 0.00
09/03/2016 USD (16,000) GBP 10,664 (281) 0.00
09/03/2016 USD (7,800) GBP 5,137 (227) 0.00
09/03/2016 USD (44,800) GBP 30,259 (196) 0.00
09/03/2016 USD (20,000) GBP 13,479 (130) 0.00
09/03/2016 USD (8,600) GBP 5,783 (76) 0.00
08/01/2016 USD (250,866) KRW 290,248,314 (3,546) 0.00
08/01/2016 USD (25,318) MXN 431,893 (327) 0.00
08/01/2016 AUD (649,174) USD 467,284 (4,839) (0.01)
04/01/2016 CAD (172) USD 123 – 0.00
08/01/2016 DKK (1,327,645) USD 189,395 (3,907) 0.00
08/01/2016 EUR (489,977) USD 521,569 (10,802) (0.01)
08/01/2016 NZD (1,050,809) USD 680,970 (38,006) (0.03)
08/01/2016 RON (1,639,088) USD 391,571 (2,234) 0.00
08/01/2016 SEK (912,979) USD 104,921 (3,398) 0.00
Total unrealised loss on foreign currency contracts (157,499) (0.12)
BNY Mellon, J.P. Morgan and UBS are the counterparties to these foreign currency contracts.
STANLIB Funds Limited
Notes to the Financial Statements (continued)
63
STANLIB Global Balanced Cautious Fund as at 31 December 2015
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
Unrealised gain on foreign currency contracts08/01/2016 USD (62,787) AUD 87,695 991 0.00
08/01/2016 USD (102,611) CHF 104,395 1,716 0.00
09/03/2016 USD (14,000) EUR 12,901 39 0.00
09/03/2016 USD (2,213,859) EUR 2,034,648 321 0.00
08/01/2016 USD (102,156) EUR 95,830 1,966 0.01
08/01/2016 USD (549,379) EUR 507,654 2,199 0.01
08/01/2016 USD (635,103) EUR 597,058 13,615 0.03
08/01/2016 KRW (193,348,503) JPY 20,069,390 2,113 0.01
08/01/2016 USD (60,904) JPY 7,389,007 532 0.00
08/01/2016 USD (62,948) JPY 7,705,638 1,119 0.00
08/01/2016 USD (2,020,854) JPY 248,594,927 46,062 0.11
08/01/2016 AUD (664,623) NZD 712,466 4,119 0.01
08/01/2016 USD (409,854) SEK 3,555,168 11,946 0.03
08/01/2016 CAD (62,837) USD 46,832 1,595 0.00
08/01/2016 EUR (23,907) USD 26,036 61 0.00
09/03/2016 EUR (10,968) USD 12,000 64 0.00
09/03/2016 EUR (8,209) USD 9,000 66 0.00
09/03/2016 EUR (15,997) USD 17,500 92 0.00
08/01/2016 EUR (144,531) USD 157,987 951 0.00
09/03/2016 GBP (11,150) USD 16,500 64 0.00
09/03/2016 GBP (8,707) USD 13,000 165 0.00
09/03/2016 GBP (5,916) USD 9,000 279 0.00
08/01/2016 GBP (223,907) USD 334,549 4,526 0.01
08/01/2016 GBP (757,597) USD 1,148,024 31,376 0.07
08/01/2016 MXN (5,843,532) USD 351,906 13,766 0.03
Total unrealised gain on foreign currency contracts 139,743 0.32
Unrealised loss on foreign currency contracts08/01/2016 SEK (3,365,164) EUR 364,319 (3,417) (0.01)
08/01/2016 USD (39,813) EUR 36,308 (363) 0.00
09/03/2016 USD (22,000) EUR 20,123 (101) 0.00
08/01/2016 EUR (365,242) GBP 263,707 (8,157) (0.02)
09/03/2016 USD (2,213,859) GBP 1,468,968 (48,492) (0.11)
08/01/2016 USD (390,830) GBP 261,841 (4,893) (0.01)
09/03/2016 USD (18,600) GBP 12,251 (541) 0.00
09/03/2016 USD (11,000) GBP 7,303 (235) 0.00
09/03/2016 USD (32,700) GBP 22,086 (143) 0.00
09/03/2016 USD (12,500) GBP 8,405 (110) 0.00
09/03/2016 USD (13,000) GBP 8,762 (85) 0.00
08/01/2016 USD (168,974) KRW 195,500,000 (2,388) 0.00
08/01/2016 USD (44,849) MXN 765,049 (579) 0.00
08/01/2016 AUD (565,847) USD 407,304 (4,218) (0.01)
04/01/2016 CAD (58) USD 41 – 0.00
08/01/2016 DKK (919,139) USD 131,120 (2,705) (0.01)
08/01/2016 EUR (368,790) USD 392,569 (8,130) (0.02)
08/01/2016 NZD (720,101) USD 466,657 (26,045) (0.06)
08/01/2016 RON (1,135,196) USD 271,193 (1,547) 0.00
08/01/2016 SEK (673,728) USD 77,426 (2,508) (0.01)
Total unrealised loss on foreign currency contracts (114,657) (0.26)
BNY Mellon, J.P. Morgan and UBS are the counterparties to these foreign currency contracts.
STANLIB Funds Limited
Notes to the Financial Statements (continued)
64
As at 31 December 2014, the Class Funds had the following open foreign exchange contracts:
Global Property Fund as at 31 December 2014
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
Unrealised gain on foreign currency contracts02/01/2015 USD (17,682) AUD 21,685 64 0.00
02/01/2015 USD (26,563) AUD 32,577 97 0.00
02/01/2015 USD (47,201) AUD 57,888 171 0.00
02/01/2015 USD (50,648) AUD 62,115 184 0.00
02/01/2015 USD (52,654) AUD 64,575 191 0.00
02/01/2015 USD (59,103) AUD 72,485 215 0.00
02/01/2015 USD (61,952) AUD 75,978 225 0.00
02/01/2015 USD (158,218) AUD 194,039 575 0.00
02/01/2015 USD (164,072) AUD 201,219 596 0.00
Total unrealised gain on foreign currency contracts 2,318 0.00
Unrealised loss on foreign currency contracts02/01/2015 USD (152,204) HKD 1,179,619 (90) 0.00
02/01/2015 USD (126,290) HKD 978,779 (75) 0.00
02/01/2015 USD (42,472) HKD 329,173 (25) 0.00
02/01/2015 USD (31,256) HKD 242,244 (18) 0.00
Total unrealised loss on foreign currency contracts (208) 0.00
BNY Mellon is the counterparty to these Foreign Currency Contracts.
STANLIB Multi-Manager Global Bond Fund as at 31 December 2014
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
Unrealised gain on foreign currency contracts05/03/2015 USD (302,248) BRL 820,000 1,096 0.00
13/04/2015 USD (161,905) CLP 100,300,000 1,818 0.00
22/01/2015 USD (904,904) CLP 560,000,000 15,782 0.01
13/04/2015 USD (1,784,227) CLP 1,109,700,000 27,173 0.01
13/01/2015 NOK (975,000) EUR 108,094 827 0.00
15/01/2015 PLN (740,000) EUR 176,768 5,752 0.00
15/01/2015 SEK (835,000) EUR 89,389 1,513 0.00
06/01/2015 USD (859,144) EUR 710,000 66 0.00
07/01/2015 EUR (185,000) JPY 27,560,190 6,003 0.00
12/03/2015 USD (1,860,014) JPY 225,350,000 20,736 0.01
12/03/2015 USD (165,221) KRW 181,000,000 8 0.00
14/01/2015 USD (1,489,815) KRW 1,639,243,000 4,676 0.00
20/01/2015 AUD (200,000) USD 164,130 702 0.00
12/03/2015 AUD (760,000) USD 628,976 10,221 0.00
12/02/2015 AUD (1,560,000) USD 1,331,413 58,756 0.02
14/01/2015 BRL (2,400,000) USD 912,201 12,637 0.01
12/03/2015 CAD (1,515,000) USD 1,323,306 17,337 0.01
13/01/2015 CAD (970,000) USD 857,216 19,984 0.01
12/03/2015 CZK (6,870,000) USD 306,512 6,282 0.00
12/03/2015 DKK (2,900,000) USD 479,906 8,339 0.00
22/01/2015 EUR (50,000) USD 61,583 1,066 0.00
12/01/2015 EUR (350,000) USD 430,941 7,361 0.00
07/01/2015 EUR (325,000) USD 405,057 11,753 0.01
13/01/2015 EUR (730,000) USD 906,310 22,835 0.01
15/01/2015 EUR (800,000) USD 997,120 28,909 0.01
10/02/2015 EUR (1,470,000) USD 1,846,908 67,405 0.03
12/03/2015 GBP (230,000) USD 358,501 78 0.00
STANLIB Funds Limited
Notes to the Financial Statements (continued)
65
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
22/01/2015 GBP (225,000) USD 351,923 1,153 0.00
12/01/2015 GBP (200,000) USD 313,400 1,580 0.00
13/01/2015 GBP (600,000) USD 937,974 2,522 0.00
13/01/2015 GBP (1,586,000) USD 2,481,154 8,441 0.00
14/01/2015 IDR (8,863,000,000) USD 728,266 15,447 0.01
06/02/2015 KRW (2,180,000,000) USD 2,008,920 16,962 0.01
06/01/2015 MXN (16,500,000) USD 1,119,331 329 0.00
22/01/2015 MXN (1,990,000) USD 137,078 2,255 0.00
08/01/2015 MXN (3,885,000) USD 272,593 9,152 0.00
13/01/2015 NOK (2,260,000) USD 315,246 13,928 0.01
12/03/2015 NOK (2,240,000) USD 312,686 14,524 0.01
13/01/2015 NZD (2,868,000) USD 2,265,204 26,827 0.01
16/01/2015 NZD (1,670,000) USD 1,348,525 45,583 0.02
12/03/2015 PLN (430,000) USD 126,676 5,998 0.00
13/01/2015 PLN (843,000) USD 249,863 12,680 0.01
27/01/2015 PLN (3,550,000) USD 1,059,022 60,879 0.02
12/03/2015 SEK (280,000) USD 37,115 1,338 0.00
13/01/2015 SEK (1,142,000) USD 155,159 9,270 0.00
16/01/2015 SEK (4,100,000) USD 539,948 16,174 0.01
12/03/2015 SGD (650,000) USD 491,252 1,331 0.00
12/03/2015 ZAR (1,700,000) USD 145,318 72 0.00
14/01/2015 USD (106,825) ZAR 1,240,000 115 0.00
Total unrealised gain on foreign currency contracts 625,675 0.25
Unrealised loss on foreign currency contracts12/03/2015 USD (162,902) AUD 200,000 (72) 0.00
14/01/2015 USD (932,582) BRL 2,400,000 (33,018) (0.01)
05/03/2015 USD (1,181,192) BRL 3,120,000 (27,001) (0.01)
13/01/2015 USD (946,824) CAD 1,080,000 (14,648) (0.01)
12/03/2015 USD (129,319) CAD 150,000 (15) 0.00
12/03/2015 USD (71,699) CHF 70,000 (1,158) 0.00
23/02/2015 USD (821,174) CLP 484,000,000 (27,858) (0.01)
17/03/2015 USD (967,044) CLP 581,000,000 (16,525) (0.01)
13/01/2015 USD (48,508) CZK 1,070,000 (1,782) 0.00
13/01/2015 USD (1,013,125) EUR 808,000 (35,252) (0.02)
12/03/2015 USD (1,727,762) EUR 1,404,000 (27,745) (0.01)
22/01/2015 USD (550,000) EUR 445,918 (10,283) (0.01)
12/01/2015 USD (429,762) EUR 350,000 (6,182) 0.00
07/01/2015 USD (399,035) EUR 325,000 (5,731) 0.00
15/01/2015 USD (184,190) EUR 150,000 (2,650) 0.00
17/03/2015 USD (1,095,904) HUF 272,080,000 (55,495) (0.02)
17/03/2015 USD (164,085) HUF 42,150,000 (2,907) 0.00
23/01/2015 USD (1,740,120) IDR 21,400,000,000 (23,356) (0.01)
26/02/2015 USD (2,309,358) INR 144,000,000 (52,797) (0.02)
26/02/2015 USD (94,096) INR 6,000,000 (72) 0.00
07/01/2015 GBP (200,000) JPY 37,036,000 (2,910) 0.00
13/01/2015 USD (4,778,301) JPY 557,126,000 (130,992) (0.05)
22/01/2015 USD (1,291,073) JPY 153,243,917 (12,677) (0.01)
22/01/2015 USD (700,000) JPY 83,249,600 (5,513) 0.00
22/01/2015 USD (280,000) JPY 33,180,000 (3,205) 0.00
14/01/2015 USD (609,982) KRW 660,000,000 (8,262) 0.00
12/03/2015 USD (446,590) MXN 6,430,000 (12,292) (0.01)
12/03/2015 USD (56,765) MYR 200,000 (24) 0.00
20/01/2015 USD (947,593) NOK 7,100,000 (1,166) 0.00
12/03/2015 USD (98,258) PLN 350,000 (32) 0.00
STANLIB Funds Limited
Notes to the Financial Statements (continued)
66
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
09/01/2015 USD (75,850) SGD 99,000 (1,158) 0.00
12/03/2015 USD (90,495) SGD 120,000 (48) 0.00
14/01/2015 USD (104,961) THB 3,450,000 (178) 0.00
12/03/2015 USD (673,050) TRY 1,550,000 (20,398) (0.01)
13/01/2015 USD (240,070) TRY 550,000 (5,548) 0.00
12/03/2015 USD (92,701) TRY 220,000 (67) 0.00
07/01/2015 JPY (66,000,000) USD 550,485 (30) 0.00
12/03/2015 KRW (1,314,330,000) USD 1,169,905 (29,904) (0.01)
14/01/2015 KRW (1,639,243,000) USD 1,466,687 (27,803) (0.01)
12/03/2015 NZD (380,000) USD 290,373 (4,584) 0.00
16/01/2015 NZD (520,000) USD 404,854 (853) 0.00
14/01/2015 USD (406,733) ZAR 4,550,000 (14,333) (0.01)
12/03/2015 USD (805,354) ZAR 9,290,000 (11,629) (0.01)
13/01/2015 USD (106,002) ZAR 1,180,000 (4,220) 0.00
06/01/2015 USD (146,984) ZAR 1,700,000 (181) 0.00
06/01/2015 USD (86,433) ZAR 1,000,000 (78) 0.00
Total unrealised loss on foreign currency contracts (642,632) (0.26)
Barclays, BNP Paribas, BNY Mellon, Citibank, Credit Suisse, Deutsche Bank AG, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Royal Bank of Scotland, Societe Generale, Standard Chartered Bank London, State Street, UBS and Westpac are the counterparties to these Foreign currency contracts.
STANLIB Multi-Manager Global Equity Fund as at 31 December 2014
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
Unrealised gain on foreign currency contracts13/01/2015 EUR (929,000) USD 1,153,303 28,991 0.00
Total unrealised gain on foreign currency contracts 28,991 0.00
Unrealised loss on foreign currency contracts02/01/2015 USD (6,981) EUR 5,737 (38) 0.00
02/01/2015 CAD (15,673) USD 13,489 (43) 0.00
Total unrealised loss on foreign currency contracts (81) 0.00
BNY Mellon and UBS are the counterparties to these Foreign currency contracts.
STANLIB Global Bond Fund as at 31 December 2014
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
Unrealised gain on foreign currency contracts13/04/2015 USD (1,548,356) CLP 963,000,000 23,581 0.02
06/02/2015 USD (820,046) KRW 900,000,000 2,322 0.00
16/01/2015 USD (978,428) NZD 1,280,000 20,234 0.02
12/02/2015 AUD (4,250,000) USD 3,627,248 160,073 0.14
10/02/2015 EUR (4,220,000) USD 5,302,008 193,502 0.17
23/01/2015 IDR (6,000,000,000) USD 486,027 4,691 0.00
06/02/2015 KRW (6,120,000,000) USD 5,639,721 47,620 0.04
16/01/2015 NZD (5,930,000) USD 4,788,475 161,860 0.14
27/01/2015 PLN (10,530,000) USD 3,141,268 180,578 0.16
Total unrealised gain on foreign currency contracts 794,461 0.69
Unrealised loss on foreign currency contracts12/02/2015 USD (366,064) AUD 430,000 (15,267) (0.01)
05/03/2015 USD (3,214,205) BRL 8,490,000 (73,475) (0.06)
23/02/2015 USD (1,985,070) CLP 1,170,000,000 (67,343) (0.06)
17/03/2015 USD (2,381,824) CLP 1,431,000,000 (40,702) (0.04)
STANLIB Funds Limited
Notes to the Financial Statements (continued)
67
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
26/01/2015 USD (2,191,984) CLP 1,329,000,000 (7,910) (0.01)
09/02/2015 USD (629,765) CLP 380,000,000 (6,109) (0.01)
10/02/2015 USD (1,032,244) EUR 830,000 (27,491) (0.02)
17/03/2015 USD (3,483,506) HUF 864,850,000 (176,400) (0.15)
23/01/2015 USD (4,797,528) IDR 59,000,000,000 (64,392) (0.06)
26/02/2015 USD (5,564,911) INR 347,000,000 (127,227) (0.11)
27/01/2015 USD (428,102) PLN 1,460,000 (17,598) (0.02)
14/01/2015 USD (1,022,643) ZAR 11,440,000 (36,038) (0.03)
14/01/2015 USD (117,739) ZAR 1,340,000 (2,175) 0.00
Total unrealised loss on foreign currency contracts (662,127) (0.58)
Barclays, Citibank, HSBC, JP Morgan and Morgan Stanley are the counterparties to these Foreign currency contracts.
STANLIB Global Emerging Markets Fund as at 31 December 2014
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
Unrealised loss on foreign currency contracts (continued)05/01/2015 MYR (38,171) USD 10,905 (3) 0.00
Total unrealised loss on foreign currency contracts (3) 0.00
BNY Mellon is the counterparty to these Foreign currency contracts.
STANLIB Global Balanced Fund as at 31 December 2014
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
Unrealised gain on foreign currency contracts02/01/2015 USD (981) AUD 1,203 4 0.00
02/01/2015 USD (1,715) AUD 2,103 6 0.00
02/01/2015 USD (3,002) AUD 3,681 11 0.00
02/01/2015 USD (4,418) AUD 5,418 16 0.00
02/01/2015 USD (11,009) AUD 13,502 40 0.00
23/01/2015 USD (919,726) CAD 1,070,466 4,018 0.00
23/01/2015 USD (397,350) KRW 437,876,273 2,394 0.00
23/01/2015 USD (65,505) MYR 230,766 264 0.00
09/01/2015 AUD (13,666) USD 12,000 824 0.00
09/01/2015 AUD (865,723) USD 757,429 49,434 0.04
09/01/2015 CAD (13,460) USD 12,000 381 0.00
09/01/2015 CAD (844,715) USD 747,967 18,807 0.02
09/01/2015 DKK (71,046) USD 12,000 454 0.00
09/01/2015 DKK (4,413,313) USD 743,189 25,946 0.02
09/01/2015 EUR (25,439) USD 31,000 214 0.00
09/01/2015 EUR (17,579) USD 21,600 326 0.00
09/01/2015 EUR (14,411) USD 18,000 560 0.00
09/01/2015 EUR (20,241) USD 25,300 805 0.00
09/01/2015 EUR (22,413) USD 28,000 876 0.00
09/01/2015 EUR (32,606) USD 41,000 1,541 0.00
09/01/2015 EUR (27,646) USD 35,000 1,543 0.00
09/01/2015 EUR (1,000,799) USD 1,254,437 43,279 0.03
09/01/2015 GBP (13,806) USD 21,600 75 0.00
09/01/2015 GBP (17,782) USD 28,000 276 0.00
09/01/2015 GBP (7,504) USD 12,000 300 0.00
09/01/2015 GBP (11,331) USD 18,000 333 0.00
09/01/2015 GBP (15,812) USD 25,300 646 0.00
23/01/2015 GBP (504,035) USD 794,371 8,600 0.01
STANLIB Funds Limited
Notes to the Financial Statements (continued)
68
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
09/01/2015 JPY (1,338,384) USD 12,000 836 0.00
09/01/2015 JPY (81,365,797) USD 726,381 47,686 0.04
09/01/2015 SEK (88,346) USD 12,000 714 0.00
09/01/2015 SEK (5,421,638) USD 732,700 40,103 0.03
23/01/2015 USD (53,239) ZAR 630,003 1,013 0.00
Total unrealised gain on foreign currency contracts 252,325 0.19
Unrealised loss on foreign currency contracts09/01/2015 USD (753,550) AUD 866,388 (45,011) (0.03)
09/01/2015 USD (11,350) AUD 13,000 (718) 0.00
09/01/2015 USD (753,550) CAD 845,386 (23,812) (0.02)
09/01/2015 USD (11,350) CAD 12,789 (311) 0.00
09/01/2015 USD (753,550) DKK 4,418,516 (35,462) (0.03)
09/01/2015 USD (11,350) DKK 65,844 (649) 0.00
09/01/2015 USD (4,521,250) EUR 3,563,755 (208,426) (0.16)
23/01/2015 USD (726,455) EUR 579,569 (24,966) (0.02)
09/01/2015 USD (351,000) EUR 279,078 (13,263) (0.01)
09/01/2015 USD (38,000) EUR 29,612 (2,164) 0.00
09/01/2015 USD (30,000) EUR 23,648 (1,382) 0.00
09/01/2015 USD (2,505,913) GBP 1,567,135 (62,534) (0.05)
09/01/2015 USD (753,550) GBP 469,209 (21,988) (0.02)
09/01/2015 USD (351,000) GBP 219,378 (8,960) (0.01)
09/01/2015 USD (11,350) GBP 7,054 (352) 0.00
23/01/2015 USD (4,713,013) JPY 548,775,642 (134,961) (0.10)
09/01/2015 USD (753,550) JPY 81,496,433 (73,765) (0.06)
09/01/2015 USD (11,350) JPY 1,207,749 (1,276) 0.00
23/01/2015 USD (74,100) PLN 250,000 (3,795) 0.00
09/01/2015 USD (753,550) SEK 5,428,890 (60,026) (0.05)
23/01/2015 USD (172,209) SEK 1,311,636 (4,643) 0.00
09/01/2015 USD (11,350) SEK 81,094 (991) 0.00
23/01/2015 USD (44,144) SGD 58,001 (401) 0.00
09/01/2015 GBP (19,965) USD 31,000 (128) 0.00
23/01/2015 NZD (1,260,920) USD 981,339 (1,668) 0.00
Total unrealised loss on foreign currency contracts (731,652) (0.56)
BNY Mellon, Goldman Sachs, JP Morgan and UBS are the counterparties to these Foreign currency contracts.
STANLIB Global Balanced Cautious Fund as at 31 December 2014
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
Unrealised gain on foreign currency contracts02/01/2015 USD (447) AUD 548 2 0.00
23/01/2015 USD (417,978) CAD 486,483 1,826 0.01
23/01/2015 USD (185,585) KRW 204,512,622 1,118 0.00
23/01/2015 USD (30,603) MYR 107,813 123 0.00
09/01/2015 AUD (12,527) USD 11,000 755 0.00
09/01/2015 AUD (1,195,477) USD 1,045,934 68,263 0.16
09/01/2015 CAD (12,338) USD 11,000 350 0.00
09/01/2015 CAD (1,166,446) USD 1,032,848 25,970 0.06
09/01/2015 DKK (65,126) USD 11,000 416 0.00
09/01/2015 DKK (6,095,328) USD 1,026,435 35,835 0.08
09/01/2015 EUR (9,847) USD 12,000 83 0.00
09/01/2015 EUR (14,733) USD 18,100 270 0.00
09/01/2015 EUR (22,417) USD 28,000 871 0.00
09/01/2015 EUR (27,921) USD 34,900 1,110 0.00
STANLIB Funds Limited
Notes to the Financial Statements (continued)
69
Maturity date Purchase Currency Amount Sell Currency Amount Unrealised gain/
(loss) % of net assets
09/01/2015 EUR (31,218) USD 39,000 1,220 0.00
09/01/2015 EUR (42,149) USD 53,000 1,992 0.01
09/01/2015 EUR (38,309) USD 48,500 2,138 0.01
09/01/2015 EUR (1,381,762) USD 1,731,949 59,753 0.14
09/01/2015 GBP (11,569) USD 18,100 63 0.00
09/01/2015 GBP (6,879) USD 11,000 275 0.00
09/01/2015 GBP (24,768) USD 39,000 384 0.00
09/01/2015 GBP (17,626) USD 28,000 518 0.00
09/01/2015 GBP (21,812) USD 34,900 892 0.00
23/01/2015 GBP (245,432) USD 386,807 4,188 0.01
09/01/2015 JPY (1,226,853) USD 11,000 766 0.00
09/01/2015 JPY (112,394,345) USD 1,003,384 65,871 0.15
09/01/2015 SEK (80,984) USD 11,000 655 0.00
09/01/2015 SEK (7,488,288) USD 1,011,995 55,389 0.13
23/01/2015 USD (27,046) ZAR 320,041 515 0.00
Total unrealised gain on foreign currency contracts 331,611 0.76
Unrealised loss on foreign currency contracts09/01/2015 USD (1,043,800) AUD 1,200,101 (62,348) (0.14)
09/01/2015 USD (6,900) AUD 7,903 (437) 0.00
09/01/2015 USD (1,043,800) CAD 1,171,009 (32,983) (0.08)
09/01/2015 USD (6,900) CAD 7,775 (189) 0.00
09/01/2015 USD (1,043,800) DKK 6,120,426 (49,121) (0.11)
09/01/2015 USD (6,900) DKK 40,028 (395) 0.00
09/01/2015 USD (6,262,850) EUR 4,936,524 (288,712) (0.66)
23/01/2015 USD (285,510) EUR 227,781 (9,812) (0.02)
09/01/2015 USD (41,500) EUR 32,339 (2,363) (0.01)
09/01/2015 USD (30,000) EUR 23,828 (1,164) 0.00
09/01/2015 USD (3,461,201) GBP 2,164,548 (86,373) (0.20)
09/01/2015 USD (1,043,800) GBP 649,938 (30,458) (0.07)
09/01/2015 USD (6,900) GBP 4,288 (214) 0.00
09/01/2015 USD (1,043,800) JPY 112,886,970 (102,178) (0.24)
23/01/2015 USD (2,188,860) JPY 254,867,342 (62,680) (0.14)
09/01/2015 USD (6,900) JPY 734,227 (776) 0.00
23/01/2015 USD (37,050) PLN 125,000 (1,898) (0.01)
09/01/2015 USD (1,043,800) SEK 7,519,973 (83,147) (0.19)
23/01/2015 USD (89,151) SEK 679,022 (2,404) (0.01)
09/01/2015 USD (6,900) SEK 49,299 (602) 0.00
23/01/2015 USD (22,837) SGD 30,005 (207) 0.00
02/01/2015 AUD (2,160) USD 1,761 (6) 0.00
02/01/2015 AUD (2,020) USD 1,647 (6) 0.00
02/01/2015 AUD (1,704) USD 1,390 (5) 0.00
09/01/2015 GBP (7,728) USD 12,000 (50) 0.00
23/01/2015 NZD (604,145) USD 470,189 (799) 0.00
Total unrealised loss on foreign currency contracts (819,327) (1.88)
BNY Mellon, Goldman Sachs, JP Morgan and UBS are the counterparties to these Foreign currency contracts.
STANLIB Funds Limited
Notes to the Financial Statements (continued)
70
Futures contracts
The fair value of open futures contracts at 31 December 2015 and 31 December 2014 is booked in the Statement of Financial Position under “Unrealised gain on futures contracts” or “Unrealised loss on futures contracts”.
As at 31 December 2015, the Class Funds had the following open futures contracts:
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
Description Maturity date Number of Contracts Cost USD Market Value
USDUnrealised appreciation USD
Euro Buxl 30 Year Bond 08/03/2016 (1) 164,991 164,467 4,003
U.S. 10 Year Note (CBT) 21/03/2016 (33) 4,164,270 4,154,906 9,364
Unrealised gain on futures contracts 13,367U.S. Ultra Bond (CBT) 21/03/2016 (7) (1,105,453) (1,110,813) (5,359)
U.S. Long Bond (CBT) 21/03/2016 (3) (459,961) (461,250) (1,289)
Unrealised loss on futures contracts (6,648)
JP Morgan is the counterparty to these Future contracts.
STANLIB Global Balanced Fund as at 31 December 2015
Description Maturity date Number of Contracts Cost USD Market Value
USDUnrealised appreciation USD
Euro Bobl Future 08/03/2016 (1) 139,709 141,948 1,139
U.S. Long Bond (CBT) 21/03/2016 (6) 924,750 922,500 2,250
U.S. 5 Year Note (CBT) 31/03/2016 (9) 1,067,766 1,064,883 2,883
Unrealised gain on futures contracts 6,272
UBS is the counterparty to these Future contracts.
STANLIB Global Balanced Cautious Fund as at 31 December 2015
Description Maturity date Number of Contracts Cost USD Market Value
USDUnrealised appreciation USD
Euro Bobl Future 08/03/2016 (1) 139,709 141,948 1,139
U.S. Long Bond (CBT) 21/03/2016 (3) 462,375 461,250 1,125
U.S. 5 Year Note (CBT) 31/03/2016 (4) 474,563 473,281 1,281
Unrealised gain on futures contracts 3,545
UBS is the counterparty to these Future contracts.
As at 31 December 2014, the Class Funds had the following open futures contracts:
STANLIB Multi-Manager Global Bond Fund as at 31 December 2014
Description Maturity date Number of Contracts Cost USD Market Value
USDUnrealised appreciation USD
Euro Buxl 30 Year Bond 06/03/2015 (3) (546,322) (562,615) (26,668)
U.S. Ultra Bond (CBT) 20/03/2015 (4) (630,844) (660,750) (29,906)
U.S. 10 Year Note (CBT) 20/03/2015 (34) (4,286,195) (4,311,094) (24,899)
Unrealised loss on futures contracts (81,473)
JP Morgan is the counterparty to these Futures contracts.
STANLIB Funds Limited
Notes to the Financial Statements (continued)
71
STANLIB Global Balanced Fund as at 31 December 2014
Description Maturity date Number of Contracts Cost USD Market Value
USDUnrealised appreciation USD
U.S. Long Bond (CBT) 20/03/2015 (11) (1,556,758) (1,590,188) (33,430)
U.S. 10 Year Note (CBT) 20/03/2015 (20) (2,525,742) (2,535,938) (10,195)
Unrealised loss on futures contract (43,625)
Goldman Sachs and UBS are the counterparties to these Future contracts.
STANLIB Global Balanced Cautious Fund as at 31 December 2014
Description Maturity date Number of Contracts Cost USD Market Value
USDUnrealised appreciation USD
U.S. Long Bond (CBT) 20/03/2015 (5) (707,617) (722,813) (15,195)
U.S. 10 Year Note (CBT) 20/03/2015 (13) (1,642,836) (1,648,359) (5,524)
Unrealised loss on futures contracts (20,719)
Goldman Sachs and UBS are the counterparties to these Future contracts.
13. Exchange RatesThe following are the closing exchange rates at 31 December 2015 and 31 December 2014:
31 December 2015 31 December 2014USD/AED 3.673010 -
USD/AUD 1.374449 1.221966
USD/BRL 3.956272 2.658201
USD/CAD 1.389104 1.158249
USD/CHF 1.001018 0.993651
USD/CLP 708.600075 606.850088
USD/CNY 6.493588 6.203976
USD/COP 3,174.500509 2,376.500241
USD/CZK 24.875297 22.904024
USD/DKK 6.869801 6.153760
USD/EGP 7.830077 7.150072
USD/EUR 0.920551 0.826391
USD/GBP 0.678472 0.641334
USD/HKD 7.750153 7.754850
USD/HUF 290.900366 260.939715
USD/IDR 13,785.000678 12,385.000802
USD/ILS 3.891071 3.891454
USD/INR 66.156252 63.122495
USD/JPY 120.295000 119.894982
USD/KRW 1,172.550037 1,099.150040
USD/MXN 17.271151 14.739747
USD/MYR 4.293507 3.496489
USD/NOK 8.851381 7.497547
USD/NZD 1.460716 1.279429
USD/PEN 3.411459 2.976495
USD/PHP 47.054990 44.732500
STANLIB Funds Limited
Notes to the Financial Statements (continued)
72
31 December 2015 31 December 2014USD/PLN 3.948911 3.551996
USD/RON 4.162324 -
USD/RUB 73.035009 60.000032
USD/SEK 8.430592 7.828219
USD/SGD 1.418617 1.325124
USD/THB 35.985006 32.899984
USD/TRY 2.918855 2.337759
USD/TWD 32.847005 31.601988
USD/ZAR 15.495488 11.568735
The following details the average exchange rate for the year ended 31 December 2015:
31 December 2015USD/EUR 0.901650
73
The
note
s on
pag
es 16
to 6
3 fo
rm a
n in
tegr
al p
art o
f the
fina
ncia
l sta
tem
ents
.
STAN
LIB
Fund
s Lim
ited
Not
es to
the
Fina
ncia
l Sta
tem
ents
(con
tinue
d)
14.
Reco
ncili
atio
n of
net
ass
ets
The
follo
win
g ta
bles
reco
ncile
the
diff
eren
ce b
etw
een
the
Cla
ss F
unds
’ net
ass
ets
for fi
nanc
ial r
epor
ting
purp
oses
and
its
net a
sset
s fo
r sha
reho
lder
dea
ling
purp
oses
for t
he y
ear e
nded
31 D
ecem
ber 2
015
and
31
Dec
embe
r 20
14.
Glo
bal P
rope
rty
Fund
STA
NLI
B M
ulti
-Man
ager
Glo
bal B
ond
Fund
STA
NLI
B M
ulti
-Man
ager
Glo
bal E
quit
y Fu
nd31
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
4
USD
USD
USD
USD
USD
USD
Net
ass
et v
alue
per
aud
ited
finan
cial
sta
tem
ents
323,
849,
587
125,
593,
095
224,
342,
275
251,7
08,
149
1,40
8,72
6,36
51,
927,
330
,101
Non
-red
eem
able
foun
ders
sha
res
––
––
1010
Recl
assi
ficat
ion
––
––
–90
Net
ass
et v
alue
for s
hare
hold
er d
ealin
g32
3,84
9,58
712
5,59
3,0
9522
4,34
2,27
525
1,70
8,14
91,4
08,
726,
375
1,92
7,33
0,20
1N
et a
sset
val
ue p
er s
hare
for r
epor
ting
purp
oses
2,29
7.70
2,24
2.52
1,88
3.50
1,99
6.0
12,
196.
272,
291.
55
Net
ass
et v
alue
per
sha
re fo
r sha
reho
lder
dea
ling
purp
oses
2,29
7.70
2,24
2.52
1,88
3.50
1,99
6.0
12,
196.
272,
291.
55
Hig
h A
lpha
Glo
bal E
quit
y Fu
ndST
AN
LIB
Glo
bal B
ond
Fund
STA
NLI
B G
loba
l Em
ergi
ng M
arke
ts F
und
31 D
ecem
ber 2
015
30 J
une
2014
31 D
ecem
ber 2
015
31 D
ecem
ber 2
014
31 D
ecem
ber 2
015
31 D
ecem
ber 2
014
USD
USD
USD
USD
USD
USD
Net
ass
et v
alue
per
aud
ited
finan
cial
sta
tem
ents
794,
990
,325
913,
600
,588
207,
799,
798
115,
226,
609
114,
934,
353
82,6
62,6
05
Non
-red
eem
able
foun
ders
sha
res
––
––
––
Recl
assi
ficat
ion
––
––
––
Net
ass
et v
alue
for s
hare
hold
er d
ealin
g79
4,99
0,32
591
3,60
0,58
820
7,79
9,79
811
5,22
6,60
911
4,93
4,35
382
,662
,60
5N
et a
sset
val
ue p
er s
hare
for r
epor
ting
purp
oses
1,149
.26
1,107
.41
1,28
5.16
1,420
.1487
0.15
1,037
.51
Net
ass
et v
alue
per
sha
re fo
r sha
reho
lder
dea
ling
purp
oses
1,149
.26
1,107
.41
1,28
5.16
1,420
.1487
0.15
1,037
.51
STA
NLI
B G
loba
l Bal
ance
d Fu
ndST
AN
LIB
Glo
bal B
alan
ced
Cau
tiou
s Fun
dST
AN
LIB
Euro
pean
Eq
uity
Fun
d*31
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
531
Dec
embe
r 201
431
Dec
embe
r 201
5
USD
USD
USD
USD
USD
Net
ass
et v
alue
per
aud
ited
finan
cial
sta
tem
ents
134,
487,
726
130
,534
,541
43,9
72,7
4143
,551
,516
60,0
88,5
62
Non
-red
eem
able
foun
ders
sha
res
––
––
–
Recl
assi
ficat
ion
––
––
–
Net
ass
et v
alue
for s
hare
hold
er d
ealin
g13
4,48
7,72
613
0,53
4,54
143
,972
,741
43,5
51,5
1660
,088
,562
Net
ass
et v
alue
per
sha
re fo
r rep
ortin
g pu
rpos
es1,0
98.3
21,0
90.5
799
8.0
61,0
16.6
693
2.46
Net
ass
et v
alue
per
sha
re fo
r sha
reho
lder
dea
ling
purp
oses
1,098
.32
1,090
.57
998.
06
1,016
.66
932.
46
* Cla
ss F
und
laun
ched
on
3 A
ugus
t 20
15.
STANLIB Funds Limited
Notes to the Financial Statements (continued)
74
15. Portfolio transaction costs
STANLIB Global Property Fund
Analysis of total purchase costs 31 December 2015 31 December 2014USD USD
Purchases before transaction costs 213,212,117 36,120,250
Total purchase transaction costs 543,994 78,246
Gross purchases 213,756,111 36,198,496Analysis of total sales costs
Gross sales before transaction costs 19,732,486 30,333,447
Total sales transaction costs 31,971 58,933
Total sales, net of transaction costs 19,700,515 30,274,514
STANLIB Multi-Manager Global Bond Fund
Analysis of total purchase costs 31 December 2015 31 December 2014USD USD
Purchases before transaction costs 402,859,204 451,770,428
Total purchase transaction costs 31 –
Gross purchases 402,859,235 451,770,428Analysis of total sales costs
Gross sales before transaction costs 401,890,441 581,989,631
Total sales transaction costs 13,327 20,367
Total sales, net of transaction costs 401,877,114 581,969,264
STANLIB Multi-Manager Global Equity Fund
Analysis of total purchase costs 31 December 2015 31 December 2014USD USD
Purchases before transaction costs 497,928,971 1,001,855,457
Total purchase transaction costs 588,216 1,143,240
Gross purchases 498,517,187 1,002,998,697Analysis of total sales costs
Gross sales before transaction costs 899,926,688 1,136,442,121
Total sales transaction costs 588,479 786,845
Total sales, net of transaction costs 899,338,209 1,135,655,276
STANLIB High Alpha Global Equity Fund
Analysis of total purchase costs 31 December 2015 31 December 2014USD USD
Purchases before transaction costs 415,643,368 660,623,638
Total purchase transaction costs 618,749 1,004,836
Gross purchases 416,262,117 661,628,474Analysis of total sales costs
Gross sales before transaction costs 556,911,720 697,727,477
Total sales transaction costs 560,327 780,792
Total sales, net of transaction costs 556,351,393 696,946,685
STANLIB Funds Limited
Notes to the Financial Statements (continued)
75
STANLIB Global Bond Fund
Analysis of total purchase costs 31 December 2015 31 December 2014USD USD
Purchases before transaction costs 207,392,356 115,381,771
Total purchase transaction costs – –
Gross purchases 207,392,356 115,381,771Analysis of total sales costs
Gross sales before transaction costs 94,351,928 155,157,538
Total sales transaction costs 38,017 25,888
Total sales, net of transaction costs 94,313,911 155,131,650
STANLIB Global Emerging Markets Fund
Analysis of total purchase costs 31 December 2015 31 December 2014USD USD
Purchases before transaction costs 183,791,513 88,274,059
Total purchase transaction costs 290,354 145,829
Gross purchases 184,081,867 88,419,888Analysis of total sales costs
Gross sales before transaction costs 124,134,497 101,308,133
Total sales transaction costs 331,738 221,979
Total sales, net of transaction costs 123,802,759 101,086,154
STANLIB Global Balanced Fund
Analysis of total purchase costs 31 December 2015 31 December 2014USD USD
Purchases before transaction costs 126,752,479 183,460,241
Total purchase transaction costs 75,735 103,490
Gross purchases 126,828,214 183,563,731Analysis of total sales costs
Gross sales before transaction costs 124,018,265 118,159,610
Total sales transaction costs 47,462 43,906
Total sales, net of transaction costs 123,970,803 118,115,704
STANLIB Global Balanced Cautious Fund
Analysis of total purchase costs 31 December 2015 31 December 2014USD USD
Purchases before transaction costs 60,247,517 87,046,485
Total purchase transaction costs 16,259 18,882
Gross purchases 60,263,776 87,065,367Analysis of total sales costs
Gross sales before transaction costs 59,860,491 62,459,707
Total sales transaction costs 8,678 7,008
Total sales, net of transaction costs 59,851,813 62,452,699
STANLIB Funds Limited
Notes to the Financial Statements (continued)
76
STANLIB European Equity Fund*
Analysis of total purchase costs 31 December 2015USD
Purchases before transaction costs 85,424,310
Total purchase transaction costs 46,943
Gross purchases 85,471,253Analysis of total sales costs
Gross sales before transaction costs 20,910,887
Total sales transaction costs 13,487
Total sales, net of transaction costs 20,897,400
* Class Fund launched on 3 August 2015.
16. Soft CommissionsNo soft commission agreements were entered into during the year ended 31 December 2015 or 31 December 2014.
17. Approval of Financial StatementsThe financial statements were approved by the directors on 11 May 2016.
STANLIB Funds Limited
77
Portfolio Statement
STANLIB Global Property Fund as at 31 December 2015
Transferable securities listed on an exchange or dealt in on another regulated market.
Common Stock
Nominal holding Cost Market Value % of Net assetsUSD USD
AustraliaDexus Property Group 218,000 1,293,487 1,191,154 0.37
Goodman Group 615,924 2,743,831 2,818,703 0.87
GPT Group 418,352 1,410,537 1,456,449 0.45
Growthpoint Properties Australia Ltd 466,454 1,033,585 1,043,579 0.32
Investa Office Fund 484,546 1,334,241 1,413,679 0.44
Mirvac Group 1,044,661 1,495,477 1,506,815 0.46
Scentre Group 1,612,801 4,770,838 4,916,616 1.52
Vicinity Centres 767,693 1,688,742 1,572,307 0.49
Westfield Corp 637,802 4,597,279 4,417,680 1.36
Total Australia 6.28% 20,336,982 6.28BermudaHongkong Land Holdings Ltd 320,705 2,308,673 2,246,539 0.69
Total Bermuda 0.69% 2,246,539 0.69CanadaBoardwalk Real Estate Investment Trust 34,722 1,690,247 1,186,809 0.37
Canadian Apartment Properties REIT 63,454 1,416,576 1,226,503 0.38
Canadian Real Estate Investment Trust 35,712 1,318,732 1,080,535 0.33
H&R Real Estate Investment Trust 42,338 793,465 611,706 0.19
RioCan Real Estate Investment Trust 88,635 2,011,316 1,512,234 0.47
Total Canada 1.74% 5,617,787 1.74FranceFonciere Des Regions 18,346 1,722,458 1,647,960 0.51
iCADE 21,046 1,780,808 1,417,926 0.44
Klepierre 67,167 3,169,354 2,988,602 0.92
Mercialys SA 54,085 1,208,567 1,100,441 0.34
Unibail-Rodamco SE 40,050 10,247,260 10,212,076 3.15
Total France 5.36% 17,367,005 5.36GermanyAlstria office REIT-AG 99,792 1,276,105 1,342,050 0.42
Vonovia SE 107,118 3,235,027 3,339,616 1.03
Deutsche Wohnen AG 194,582 4,539,165 5,446,092 1.68
LEG Immobilien AG 32,378 2,250,224 2,656,748 0.82
Total Germany 3.95% 12,784,506 3.95Hong KongHysan Development Co Ltd 180,655 799,428 740,671 0.23
Link REIT 772,475 4,101,989 4,624,792 1.43
Prosperity REIT 3,418,415 1,129,495 1,232,811 0.38
Swire Properties Ltd 547,530 1,619,680 1,584,273 0.49
Wharf Holdings Ltd 320,644 2,316,390 1,780,056 0.55
Total Hong Kong 3.08% 9,962,603 3.08JapanActivia Properties Inc 282 1,148,456 1,201,422 0.37
GLP J-REIT 1,552 1,573,164 1,507,554 0.46
Japan Prime Realty Investment Corp 967 3,202,218 3,325,959 1.03
Japan Real Estate Investment Corp 664 3,246,937 3,240,101 1.00
Japan Retail Fund Investment Corp 2,011 3,788,163 3,884,250 1.20
Mitsui Fudosan Co Ltd 53,053 1,589,501 1,348,652 0.42
Nippon Building Fund Inc 646 3,218,566 3,103,936 0.96
Nippon Prologis REIT Inc 1,727 3,233,284 3,133,279 0.97
Total Japan 6.41% 20,745,153 6.41
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Property Fund as at 31 December 2015
78
Nominal holding Cost Market Value % of Net assetsUSD USD
NetherlandsEurocommercial Properties NV 46,841 2,045,193 2,029,622 0.63
Total Netherlands 0.63% 2,029,622 0.63SingaporeAscendas Real Estate Investment Trust 746,400 1,356,133 1,202,244 0.37
CapitaLand Mall Trust 1,567,000 2,334,810 2,140,156 0.66
Global Logistic Properties Ltd 2,205,900 3,697,039 3,335,399 1.03
Mapletree Commercial Trust 900,549 882,325 828,424 0.25
Mapletree Logistics Trust 1,186,624 860,290 830,192 0.26
Total Singapore 2.57% 8,336,415 2.57United KingdomBig Yellow Group Plc 192,176 1,878,715 2,285,813 0.71
British Land Co Plc 435,501 4,939,597 5,051,634 1.56
Derwent London Plc 69,740 3,435,312 3,780,094 1.17
Great Portland Estates Plc 235,759 2,552,611 2,878,915 0.89
Hammerson Plc 511,724 4,629,533 4,532,922 1.40
Land Securities Group Plc 324,889 5,845,229 5,640,899 1.74
LondonMetric Property Plc 1,236,103 3,054,826 2,986,081 0.92
Segro Plc 473,560 3,080,126 2,993,986 0.92
Shaftesbury Plc 135,070 1,755,865 1,824,068 0.56
Total United Kingdom 9.87% 31,974,412 9.87United StatesAlexandria Real Estate Equities Inc 29,814 2,457,459 2,694,589 0.83
American Campus Communities Inc 76,580 3,082,257 3,164,286 0.98
AvalonBay Communities Inc 51,285 8,290,395 9,439,774 2.92
BioMed Realty Trust Inc 46,656 978,296 1,105,980 0.34
Boston Properties Inc 69,048 8,525,880 8,807,072 2.72
Camden Property Trust 37,670 2,708,074 2,892,868 0.89
Care Capital Properties Inc 21,675 699,282 662,496 0.20
CubeSmart 114,980 2,666,271 3,520,113 1.09
DDR Corp 159,732 2,582,017 2,689,088 0.83
EastGroup Properties Inc 27,569 1,638,639 1,533,801 0.47
Education Realty Trust Inc 43,866 1,353,598 1,661,863 0.51
Equity LifeStyle Properties Inc 42,256 2,100,379 2,816,574 0.87
Equity Residential 119,464 8,312,096 9,745,276 3.01
Essex Property Trust Inc 31,092 6,136,186 7,447,933 2.30
Extra Space Storage Inc 89,227 5,789,702 7,871,606 2.43
Federal Realty Investment Trust 18,471 2,236,890 2,699,537 0.83
General Growth Properties Inc 230,215 5,602,294 6,262,999 1.93
HCP Inc 163,649 6,547,908 6,260,393 1.93
Host Hotels & Resorts Inc 290,210 5,359,609 4,453,272 1.38
Kilroy Realty Corp 63,385 3,960,612 4,009,418 1.24
Kimco Realty Corp 116,508 2,624,351 3,083,384 0.95
Macerich Co/The 53,527 3,690,198 4,319,629 1.33
Mid-America Apartment Communities Inc 20,374 1,524,898 1,850,570 0.57
National Retail Properties Inc 35,240 1,214,072 1,411,538 0.44
Prologis Inc 263,300 10,428,631 11,302,153 3.49
Public Storage 64,040 11,849,467 15,865,910 4.90
Simon Property Group Inc 107,848 18,092,416 20,966,730 6.47
SL Green Realty Corp 66,651 7,310,611 7,529,230 2.33
Sovran Self Storage Inc 45,871 3,922,663 4,923,105 1.52
Tanger Factory Outlet Centers Inc 119,819 4,006,625 3,918,680 1.21
Taubman Centers Inc 56,320 4,203,407 4,321,997 1.34
UDR Inc 60,069 1,753,482 2,257,093 0.70
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Property Fund as at 31 December 2015
79
Nominal holding Cost Market Value % of Net assetsUSD USD
Ventas Inc 93,341 5,266,034 5,267,699 1.63
Vornado Realty Trust 77,207 7,559,713 7,717,612 2.38
WP Glimcher Inc 100,877 1,360,322 1,069,801 0.33
Total United States 57.29% 185,544,069 57.29Total Common Stock 97.87% 316,945,093 97.87
Right
Nominal holding Cost Market Value % of Net assetsUSD USD
SingaporeAscendas R Npv (REIT) - Rights 14/01/2016 27,990 – 1,322 0.00
Total Singapore 0.00% 1,322 0.00Total Right 0.00% 1,322 0.00Total Investments 298,485,603 316,946,415 97.87Net current assets* 6,903,172 2.13
Net Assets Attributable to the Holder of Redeemable Participating Shares
323,849,587 100.00
*Net current assets include derivative positions. Please refer to note 12 for details of these.
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
80
Transferable securities listed on an exchange or dealt in on another regulated market
Bonds
Nominal holding Cost Market Value % of Net assetsUSD USD
AustraliaAPT Pipelines Ltd 4.20% 23/03/2025 144A 50,000 49,150 47,302 0.02
Australia & New Zealand Banking Group Ltd 3.25% 01/03/2016 144A
100,000 99,997 100,358 0.04
Australia Government Bond 5.25% 15/03/2019
140,000 138,161 111,872 0.05
Australia Government Bond 5.75% 15/05/2021
570,000 632,658 486,129 0.22
Australia Government Bond 3.25% 21/04/2025
2,733,000 2,193,381 2,056,816 0.92
Australia Government Bond 4.75% 21/04/2027
400,000 415,928 340,937 0.15
Australia Government Bond 4.50% 21/04/2033
40,000 35,297 33,724 0.01
Australia Government Bond 3.75% 21/04/2037 144A
1,158,000 964,026 881,351 0.39
BHP Billiton Finance Ltd FRN 22/04/2076 100,000 106,140 106,846 0.05
BHP Billiton Finance USA Ltd 5.00% 30/09/2043
25,000 27,222 22,548 0.01
CNOOC Curtis Funding No 1 Pty Ltd 4.50% 03/10/2023 REGS
200,000 203,982 207,927 0.09
Commonwealth Bank of Australia 5.00% 19/03/2020 144A
100,000 102,923 109,626 0.05
Macquarie Bank Ltd FRN 27/10/2017 144A 400,000 400,000 398,160 0.18
Macquarie Bank Ltd 2.50% 18/09/2018 100,000 133,669 114,282 0.05
Macquarie Group Ltd FRN 31/01/2017 144A 490,000 490,000 490,779 0.22
National Australia Bank Ltd 1.88% 20/02/2020
100,000 149,700 145,265 0.06
New South Wales Treasury Corp 6.00% 01/05/2023
115,000 135,547 101,457 0.05
New South Wales Treasury Corp 5.00% 20/08/2024
1,650,000 1,506,352 1,382,120 0.62
Queensland Treasury Corp 6.25% 14/06/2019
150,000 147,225 123,275 0.05
Queensland Treasury Corp 6.00% 21/07/2022
780,000 813,691 670,802 0.30
Queensland Treasury Corp 5.75% 22/07/2024
150,000 142,885 129,389 0.06
Queensland Treasury Corp 4.75% 21/07/2025
1,010,000 821,200 817,175 0.36
Queensland Treasury Corp 3.25% 21/07/2026
1,030,000 740,605 732,991 0.33
Rio Tinto Finance USA Ltd 6.50% 15/07/2018
100,000 106,918 108,384 0.05
Telstra Corp Ltd 3.63% 15/03/2021 50,000 72,457 62,000 0.03
Treasury Corp of Victoria 6.00% 15/06/2020
240,000 239,087 200,854 0.09
Western Australian Treasury Corp 7.00% 15/10/2019
70,000 82,692 59,146 0.03
Western Australian Treasury Corp 2.50% 22/07/2020
80,000 56,764 57,648 0.03
Westpac Banking Corp 4.88% 19/11/2019 150,000 153,688 163,851 0.07
Woodside Finance Ltd 4.60% 10/05/2021 144A
50,000 49,975 50,691 0.02
Woodside Finance Ltd 3.65% 05/03/2025 144A
105,000 103,611 93,351 0.04
Total Australia 4.64% 10,407,056 4.64AustriaAustria Government Bond 4.65% 15/01/2018
200,000 243,190 239,100 0.11
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
81
Nominal holding Cost Market Value % of Net assetsUSD USD
Austria Government Bond 1.65% 21/10/2024
200,000 266,594 234,555 0.10
Austria Government Bond 4.15% 15/03/2037
100,000 146,006 157,513 0.07
Austria Government Bond 3.80% 26/01/2062
20,000 31,409 34,502 0.02
Autobahn Schnell AG 0.63% 15/09/2022 100,000 111,689 108,921 0.05
OeBB Infrastruktur AG 2.25% 04/07/2023 100,000 132,149 121,071 0.05
Oesterreichische Kontrollbank AG 2.38% 01/10/2021
100,000 102,384 101,099 0.04
Total Austria 0.44% 996,761 0.44BelgiumAnheuser-Busch InBev SA/NV 4.00% 02/06/2021
50,000 68,908 62,779 0.03
Belgium Government Bond 3.25% 28/09/2016
100,000 140,128 111,568 0.05
Belgium Government Bond 3.50% 28/06/2017
70,000 97,046 80,341 0.04
Belgium Government Bond 4.25% 28/09/2021
240,000 350,996 321,069 0.14
Belgium Government Bond 4.25% 28/03/2041
140,000 219,207 222,642 0.10
Total Belgium 0.36% 798,399 0.36BermudaAircastle Ltd 5.13% 15/03/2021 8,000 8,000 8,240 0.00
Aircastle Ltd 5.50% 15/02/2022 2,000 2,000 2,060 0.00
Bermuda Government International Bond 5.60% 20/07/2020 144A
100,000 110,317 110,340 0.05
Novartis Securities Investment Ltd 5.13% 10/02/2019
50,000 51,995 54,857 0.03
Total Bermuda 0.08% 175,497 0.08BrazilBrazil Notas do Tesouro Nacional Serie B 6.00% 15/08/2018
1,500,000 1,484,816 1,029,298 0.46
Brazil Notas do Tesouro Nacional Serie F 10.00% 01/01/2017
3,000,000 896,742 722,324 0.32
Brazil Notas do Tesouro Nacional Serie F 10.00% 01/01/2025
10,695,000 3,286,497 1,934,140 0.86
Vale SA 5.63% 11/09/2042 50,000 42,825 33,317 0.02
Total Brazil 1.66% 3,719,079 1.66Canada1011778 BC ULC / New Red Finance Inc 4.63% 15/01/2022 144A
13,000 13,000 13,065 0.01
1011778 BC ULC / New Red Finance Inc 6.00% 01/04/2022 144A
5,000 5,000 5,169 0.00
Bank of Montreal 4.55% 01/08/2017 130,000 126,537 98,439 0.04
Bank of Nova Scotia 2.46% 14/03/2019 50,000 45,607 36,884 0.02
Bell Canada 4.70% 11/09/2023 50,000 45,447 39,830 0.02
Caisse Centrale Desjardins 0.38% 22/10/2019
100,000 124,846 108,753 0.05
Canada Housing Trust No 1 4.10% 15/12/2018
90,000 94,207 70,851 0.03
Canada Housing Trust No 1 2.65% 15/03/2022
100,000 98,965 76,949 0.03
Canada Housing Trust No 1 2.55% 15/03/2025
80,000 62,839 60,508 0.03
Canadian Government Bond 1.25% 01/09/2018
100,000 89,586 73,430 0.03
Canadian Government Bond 3.25% 01/06/2021
880,000 871,916 713,599 0.32
Canadian Government Bond 5.75% 01/06/2029
190,000 237,971 201,152 0.09
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
82
Nominal holding Cost Market Value % of Net assetsUSD USD
Canadian Government Bond 5.00% 01/06/2037
552,000 649,989 593,270 0.26
Canadian Government Bond 4.00% 01/06/2041
230,000 281,787 224,736 0.10
Canadian Pacific Railway Co 4.80% 01/08/2045
25,000 25,214 24,619 0.01
Cenovus Energy Inc 5.20% 15/09/2043 80,000 70,660 63,228 0.03
Concordia Healthcare Corp 7.00% 15/04/2023 144A
5,000 5,000 4,362 0.00
Enbridge Inc 3.16% 11/03/2021 50,000 41,657 35,696 0.02
Export Development Canada 1.75% 21/07/2020
50,000 49,913 49,776 0.02
Hydro One Inc 5.18% 18/10/2017 50,000 49,929 38,496 0.02
Hydro-Quebec 5.00% 15/02/2045 60,000 64,806 57,656 0.03
MDC Partners Inc 6.75% 01/04/2020 144A 16,000 16,207 16,680 0.01
National Bank of Canada 2.40% 28/10/2019 100,000 88,414 73,546 0.03
NOVA Chemicals Corp 5.00% 01/05/2025 144A
15,000 15,198 14,625 0.01
Province of British Columbia Canada 4.70% 18/06/2037
100,000 109,531 90,272 0.04
Province of Manitoba Canada 5.50% 15/11/2018
70,000 69,912 56,715 0.03
Province of New Brunswick Canada 5.65% 27/12/2028
50,000 51,899 46,366 0.02
Province of Ontario Canada 2.10% 08/09/2018
270,000 258,592 200,346 0.09
Province of Ontario Canada 2.50% 10/09/2021
100,000 101,304 100,052 0.04
Province of Ontario Canada 5.60% 02/06/2035
230,000 257,735 225,032 0.10
Province of Ontario Canada 2.90% 02/12/2046
30,000 21,115 20,334 0.01
Province of Quebec Canada 4.50% 01/12/2017
200,000 193,304 154,144 0.07
Province of Quebec Canada 3.50% 29/07/2020
200,000 213,619 211,692 0.09
Province of Quebec Canada 3.75% 01/09/2024
70,000 58,675 56,545 0.03
Province of Quebec Canada 4.25% 01/12/2043
100,000 107,060 85,142 0.04
Rogers Communications Inc 3.00% 06/06/2017
100,000 100,986 73,239 0.03
Royal Bank of Canada 1.13% 22/07/2016 100,000 100,031 100,164 0.05
Royal Bank of Canada 2.98% 07/05/2019 100,000 99,639 75,171 0.03
Shaw Communications Inc 5.65% 01/10/2019
50,000 53,927 39,986 0.02
Suncor Energy Inc 6.50% 15/06/2038 25,000 28,417 27,487 0.01
Thomson Reuters Corp 1.30% 23/02/2017 20,000 19,967 19,893 0.01
Thomson Reuters Corp 4.30% 23/11/2023 35,000 34,919 35,977 0.02
Thomson Reuters Corp 4.50% 23/05/2043 110,000 100,551 96,698 0.04
Toronto-Dominion Bank/The 2.56% 24/06/2020
100,000 91,988 74,162 0.03
TransCanada PipeLines Ltd 6.50% 15/08/2018
125,000 135,844 136,698 0.06
TransCanada PipeLines Ltd 3.75% 16/10/2023
20,000 19,902 19,886 0.01
TransCanada PipeLines Ltd 6.20% 15/10/2037
50,000 66,737 52,782 0.02
Valeant Pharmaceuticals International Inc 7.50% 15/07/2021 144A
6,000 6,000 6,015 0.00
Valeant Pharmaceuticals International Inc 5.50% 01/03/2023 144A
5,000 5,000 4,450 0.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
83
Nominal holding Cost Market Value % of Net assetsUSD USD
Valeant Pharmaceuticals International Inc 5.88% 15/05/2023 144A
10,000 10,000 9,000 0.00
Valeant Pharmaceuticals International Inc 6.13% 15/04/2025 144A
7,000 7,000 6,300 0.00
Videotron Ltd 5.00% 15/07/2022 15,000 15,361 15,037 0.01
Total Canada 2.11% 4,734,904 2.11Cayman IslandsADCB Finance Cayman Ltd 2.50% 06/03/2018
200,000 199,199 199,228 0.09
Braskem Finance Ltd 7.00% 07/05/2020 REGS
100,000 106,190 99,000 0.04
China Overseas Finance Cayman II Ltd 5.50% 10/11/2020
100,000 107,703 108,714 0.05
Hutchison Whampoa International 09 Ltd 7.63% 09/04/2019 144A
100,000 109,792 116,078 0.05
IPIC GMTN Ltd 5.88% 14/03/2021 REGS 100,000 154,684 133,739 0.06
Total Cayman Islands 0.29% 656,759 0.29ChileChile Government International Bond 5.50% 05/08/2020
50,000,000 91,634 72,784 0.03
Chile Government International Bond 3.25% 14/09/2021
120,000 123,692 124,248 0.06
Total Chile 0.09% 197,032 0.09ColombiaColombia Government International Bond 4.38% 12/07/2021
350,000 373,029 351,531 0.16
Colombia Government International Bond 9.85% 28/06/2027
600,000,000 205,571 218,652 0.10
Colombia Government International Bond 6.13% 18/01/2041
100,000 95,863 97,914 0.04
Colombian TES 5.00% 21/11/2018 509,700,000 258,702 152,366 0.07
Colombian TES 10.00% 24/07/2024 300,000,000 137,351 103,237 0.05
Empresa de Energia de Bogota SA ESP 6.13% 10/11/2021 144A
250,000 254,049 259,531 0.11
Total Colombia 0.53% 1,183,231 0.53CuracaoTeva Pharmaceutical Finance Co BV 2.95% 18/12/2022
100,000 93,382 95,884 0.04
Total Curacao 0.04% 95,884 0.04Czech RepublicCzech Republic Government Bond 4.00% 11/04/2017
1,200,000 61,814 51,077 0.02
Czech Republic Government Bond 5.00% 11/04/2019
3,900,000 215,438 183,670 0.08
Czech Republic Government Bond 1.50% 29/10/2019
5,000,000 236,956 213,545 0.10
Czech Republic Government Bond 5.70% 25/05/2024
2,800,000 165,745 164,959 0.07
Czech Republic Government Bond 2.50% 25/08/2028
1,200,000 57,888 58,149 0.03
Czech Republic International 3.88% 24/05/2022
100,000 147,439 130,960 0.06
Total Czech Republic 0.36% 802,360 0.36DenmarkDanske Bank A/S 4.13% 26/11/2019 75,000 96,180 93,755 0.04
Denmark Government Bond 4.00% 15/11/2017
1,100,000 211,724 173,037 0.08
Denmark Government Bond 3.00% 15/11/2021
1,200,000 233,913 202,154 0.09
Denmark Government Bond 1.50% 15/11/2023
830,000 141,870 129,264 0.06
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
84
Nominal holding Cost Market Value % of Net assetsUSD USD
Denmark Government Bond 4.50% 15/11/2039
900,000 224,723 207,343 0.09
Kommunekredit 0.88% 07/08/2018 35,000 26,877 25,080 0.01
Nordea Kredit Realkreditaktieselskab 2.00% 01/10/2037
1,266,949 187,193 178,568 0.08
Nykredit Realkredit A/S 2.00% 01/10/2037 6,996,681 1,000,128 984,860 0.44
Nykredit Realkredit A/S 2.50% 01/10/2047 241,852 35,129 33,771 0.02
Realkredit Danmark A/S 2.00% 01/10/2037 6,438,431 931,366 904,405 0.40
Total Denmark 1.31% 2,932,237 1.31El SalvadorEl Salvador Government International Bond 7.75% 24/01/2023 144A
35,000 36,969 34,387 0.01
Total El Salvador 0.01% 34,387 0.01FinlandFinland Government Bond 3.38% 15/04/2020
50,000 70,300 62,304 0.03
Finland Government Bond 3.50% 15/04/2021
240,000 332,147 307,530 0.13
Finland Government Bond 2.75% 04/07/2028 REGS
100,000 138,425 128,880 0.06
Nordea Bank Finland Abp 0.63% 19/10/2022 100,000 106,516 108,324 0.05
Total Finland 0.27% 607,038 0.27FranceAXA SA FRN 16/04/2040 50,000 64,525 60,485 0.03
AXA SA FRN Perpetual 100,000 154,221 148,554 0.07
Banque Federative du Credit Mutuel SA 1.25% 14/01/2025
100,000 104,741 106,206 0.05
BNP Paribas Home Loan SFH SA 0.88% 14/11/2024
50,000 61,193 54,302 0.02
BNP Paribas SA 2.38% 20/05/2024 50,000 69,007 58,214 0.03
BNP Paribas SA FRN 20/03/2026 170,000 191,848 189,141 0.08
BPCE SA 1.61% 25/07/2017 100,000 99,925 99,819 0.04
BPCE SFH SA 0.50% 11/10/2022 100,000 108,820 108,059 0.05
Caisse d’Amortissement de la Dette Sociale 1.13% 30/01/2017 144A
100,000 99,948 100,016 0.04
Caisse d’Amortissement de la Dette Sociale 1.88% 12/02/2022 144A
100,000 98,682 98,412 0.04
Caisse d’Amortissement de la Dette Sociale 4.00% 15/12/2025
100,000 144,820 139,519 0.06
Caisse de Refinancement de l’Habitat SA 3.75% 19/02/2020
100,000 127,773 124,724 0.06
Caisse Francaise de Financement Local 4.50% 13/11/2017
100,000 129,727 117,752 0.05
Cie de Financement Foncier SA 4.50% 16/05/2018
60,000 86,949 72,093 0.03
Cie de Financement Foncier SA 4.38% 25/04/2019
100,000 132,078 124,002 0.05
Credit Agricole Home Loan SFH SA 0.63% 28/11/2022
100,000 124,067 108,714 0.05
Credit Agricole SA 5.97% 01/02/2018 50,000 67,355 60,642 0.03
Dexia Credit Local SA/New York NY FRN 11/01/2017 144A
1,980,000 1,980,000 1,979,372 0.88
Electricite de France SA 3.63% 13/10/2025 144A
150,000 148,934 146,934 0.07
Electricite de France SA 4.63% 26/04/2030 50,000 67,489 68,556 0.03
Engie SA 2.63% 20/07/2022 50,000 60,998 59,632 0.03
France Government Bond OAT 5.00% 25/10/2016
100,000 137,436 113,296 0.05
France Government Bond OAT 1.00% 25/05/2018
560,000 743,795 626,460 0.28
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
85
Nominal holding Cost Market Value % of Net assetsUSD USD
France Government Bond OAT 3.25% 25/10/2021
150,000 217,996 191,307 0.09
France Government Bond OAT 4.25% 25/10/2023
430,000 685,507 598,206 0.27
France Government Bond OAT 1.75% 25/11/2024
495,000 590,758 580,578 0.26
France Government Bond OAT 5.50% 25/04/2029
290,000 493,929 473,488 0.21
France Government Bond OAT 5.75% 25/10/2032
100,000 174,325 175,058 0.08
France Government Bond OAT 4.50% 25/04/2041
120,000 176,173 197,725 0.09
Numericable-SFR SAS 6.00% 15/05/2022 144A
12,000 12,191 11,700 0.00
Orange SA 3.13% 09/01/2024 100,000 132,115 121,766 0.05
RCI Banque SA 2.88% 22/01/2018 25,000 32,236 28,374 0.01
Sanofi 4.00% 29/03/2021 50,000 49,863 53,443 0.02
SNCF Reseau 4.25% 07/10/2026 100,000 146,544 141,639 0.06
Societe Generale SA FRN 16/09/2026 100,000 107,753 107,392 0.05
Total Capital SA 4.88% 28/01/2019 50,000 66,169 61,763 0.03
Total Capital SA 3.13% 16/09/2022 50,000 62,250 60,818 0.03
Veolia Environnement SA 4.25% 06/01/2021 50,000 71,567 63,196 0.03
Total France 3.40% 7,631,357 3.40Germany
Allianz SE FRN 17/10/2042 100,000 133,517 127,101 0.06
Bayer AG FRN 01/07/2074 50,000 58,443 55,101 0.03
Bundesobligation 1.25% 14/10/2016 580,000 756,565 638,015 0.28
Bundesrepublik Deutschland 2.50% 04/01/2021
170,000 223,812 207,992 0.09
Bundesrepublik Deutschland 2.25% 04/09/2021
300,000 407,326 366,449 0.16
Bundesrepublik Deutschland 2.00% 04/01/2022
150,000 195,522 181,499 0.08
Bundesrepublik Deutschland 0.50% 15/02/2025
120,000 130,274 129,473 0.06
Bundesrepublik Deutschland 1.00% 15/08/2025
260,000 298,863 292,074 0.13
Bundesrepublik Deutschland 6.50% 04/07/2027
265,000 502,170 469,292 0.21
Bundesrepublik Deutschland 5.50% 04/01/2031
145,000 227,759 253,904 0.11
Bundesrepublik Deutschland 4.75% 04/07/2034
120,000 212,442 205,622 0.09
Bundesrepublik Deutschland 3.25% 04/07/2042
100,000 161,880 152,301 0.07
Bundesrepublik Deutschland 2.50% 04/07/2044
50,000 67,681 67,578 0.03
Bundesrepublik Deutschland 2.50% 15/08/2046
480,000 673,884 650,125 0.29
Bundesschatzanweisungen 0% 15/09/2017 200,000 222,132 218,535 0.10
Daimler AG 1.75% 21/01/2020 50,000 65,908 56,697 0.03
Deutsche Bank AG/London 6.00% 01/09/2017
100,000 107,318 105,996 0.05
Deutsche Bundesrepublik Inflation Linked Bond 0.10% 15/04/2023
233,264 267,016 265,596 0.12
Deutsche Pfandbriefbank AG 0.25% 08/09/2017
50,000 62,809 54,571 0.02
FMS Wertmanagement AoeR 1.13% 14/10/2016
200,000 200,131 200,406 0.09
Free and Hanseatic City of Hamburg 0.38% 01/04/2025
50,000 54,660 52,181 0.02
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
86
Nominal holding Cost Market Value % of Net assetsUSD USD
Gemeinsame Deutsche Bundeslaender 0.50% 05/02/2025
50,000 56,015 52,853 0.02
KFW 1.00% 11/06/2018 150,000 147,363 148,685 0.07
KFW 2.00% 06/12/2018 100,000 168,189 150,585 0.07
KFW 2.63% 25/01/2022 150,000 150,756 153,936 0.07
KFW 2.05% 16/02/2026 10,000,000 118,132 99,485 0.04
KFW 0.38% 23/04/2030 150,000 160,070 144,588 0.07
Land Thueringen 0.50% 12/05/2025 50,000 55,351 52,586 0.02
Landwirtschaftliche Rentenbank 1.38% 23/10/2019
150,000 149,773 147,612 0.07
Landwirtschaftliche Rentenbank 1.38% 19/11/2020
100,000 138,744 115,534 0.05
Linde AG 1.50% 18/04/2018 50,000 49,619 49,819 0.02
State of Berlin 1.88% 10/09/2021 100,000 132,796 118,007 0.05
State of Hesse 0.38% 10/03/2022 50,000 57,873 54,236 0.02
State of Lower Saxony 0.63% 20/01/2025 50,000 58,553 53,509 0.02
State of North Rhine-Westphalia 4.50% 15/02/2018
150,000 197,016 178,932 0.08
Total Germany 2.79% 6,270,875 2.79GuatemalaGuatemala Government Bond 5.75% 06/06/2022 144A
200,000 200,664 211,500 0.09
Total Guatemala 0.09% 211,500 0.09GuernseyCredit Suisse Group Funding Guernsey Ltd 2.75% 26/03/2020 144A
100,000 100,615 99,256 0.04
Credit Suisse Group Funding Guernsey Ltd 1.25% 14/04/2022
100,000 107,370 105,438 0.05
Total Guernsey 0.09% 204,694 0.09HungaryHungary Government Bond 7.50% 12/11/2020
295,000,000 1,269,694 1,236,339 0.55
Hungary Government Bond 6.00% 24/11/2023
400,000,000 1,784,286 1,631,627 0.73
Hungary Government Bond 5.50% 24/06/2025
360,000,000 1,483,950 1,458,254 0.65
Total Hungary 1.93% 4,326,220 1.93IndonesiaIndonesia Government International Bond 5.88% 13/03/2020 REGS
300,000 314,086 327,375 0.15
Indonesia Government International Bond 3.75% 25/04/2022 REGS
250,000 247,403 240,313 0.11
Indonesia Treasury Bond 10.75% 15/05/2016
2,850,000,000 281,573 208,835 0.09
Indonesia Treasury Bond 11.00% 15/11/2020 4,189,000,000 538,985 329,802 0.15
Indonesia Treasury Bond 10.25% 15/07/2022
1,300,000,000 164,925 100,770 0.04
Indonesia Treasury Bond 9.00% 15/03/2029
27,224,000,000 2,394,015 1,984,182 0.88
Indonesia Treasury Bond 8.75% 15/02/2044 2,900,000,000 234,826 199,886 0.09
Perusahaan Listrik Negara PT 5.50% 22/11/2021 144A
200,000 192,783 204,388 0.09
Total Indonesia 1.60% 3,595,551 1.60IrelandAerCap Ireland Capital Ltd / AerCap Global Aviation Trust 4.63% 30/10/2020
1,000 1,010 1,027 0.00
AerCap Ireland Capital Ltd / AerCap Global Aviation Trust 4.50% 15/05/2021
22,000 21,731 22,412 0.01
Allegion Plc 5.88% 15/09/2023 6,000 6,048 6,135 0.00
Cloverie Plc for Zurich Insurance Co Ltd FRN Perpetual
100,000 105,476 111,150 0.05
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
87
Nominal holding Cost Market Value % of Net assetsUSD USD
Endo Ltd / Endo Finance LLC / Endo Finco Inc 6.00% 01/02/2025 144A
10,000 10,000 9,925 0.01
German Postal Pensions Securitisation Plc 3.38% 18/01/2016
50,000 62,969 54,697 0.02
Grifols Worldwide Operations Ltd 5.25% 01/04/2022
6,000 6,110 6,045 0.00
Ireland Government Bond 4.50% 18/04/2020
370,000 467,480 476,693 0.21
Ireland Government Bond 3.90% 20/03/2023
185,000 256,863 245,682 0.11
Ireland Government Bond 3.40% 18/03/2024
395,000 572,303 511,026 0.23
Ireland Government Bond 2.40% 15/05/2030
160,000 188,980 189,486 0.09
Ireland Government Bond 2.00% 18/02/2045
120,000 135,230 124,934 0.06
Trade MAPS 1 Ltd FRN 10/12/2018 75,000 75,067 74,543 0.03
Total Ireland 0.82% 1,833,755 0.82IsraelIsrael Government Bond - Fixed 5.50% 28/02/2017
300,000 82,749 81,856 0.04
Israel Government Bond - Fixed 6.00% 28/02/2019
250,000 71,684 74,957 0.03
Israel Government Bond - Fixed 3.75% 31/03/2024
1,000,000 295,470 294,327 0.13
Israel Government International Bond 2.88% 29/01/2024
100,000 145,041 120,055 0.05
Total Israel 0.25% 571,195 0.25ItalyAtlantia SpA 6.25% 09/06/2022 25,000 42,045 43,982 0.02
Enel SpA 5.25% 20/05/2024 50,000 62,889 71,036 0.03
Eni SpA 4.00% 29/06/2020 50,000 70,693 61,627 0.03
Intesa Sanpaolo SpA 0.63% 20/01/2022 100,000 110,696 107,232 0.05
Intesa Sanpaolo SpA 6.63% 13/09/2023 175,000 238,156 229,149 0.10
Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2016
280,000 356,514 310,788 0.14
Italy Buoni Poliennali Del Tesoro 4.75% 01/06/2017
1,630,000 2,273,275 1,889,800 0.84
Italy Buoni Poliennali Del Tesoro 1.05% 01/12/2019
400,000 456,821 445,438 0.20
Italy Buoni Poliennali Del Tesoro 1.35% 15/04/2022
175,000 190,671 194,648 0.09
Italy Buoni Poliennali Del Tesoro 5.50% 01/09/2022
200,000 324,517 279,494 0.12
Italy Buoni Poliennali Del Tesoro 4.50% 01/05/2023
400,000 573,972 535,957 0.24
Italy Buoni Poliennali Del Tesoro 4.50% 01/03/2024
430,000 608,403 580,181 0.26
Italy Buoni Poliennali Del Tesoro 1.50% 01/06/2025
500,000 531,351 543,806 0.24
Italy Buoni Poliennali Del Tesoro 7.25% 01/11/2026
319,110 538,948 537,421 0.24
Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2028
90,000 127,587 129,016 0.06
Italy Buoni Poliennali Del Tesoro 3.50% 01/03/2030
100,000 132,563 128,702 0.06
Italy Buoni Poliennali Del Tesoro 5.00% 01/08/2039
1,595,000 2,142,293 2,478,233 1.10
Italy Buoni Poliennali Del Tesoro 5.00% 01/09/2040
160,000 209,241 247,878 0.11
Italy Buoni Poliennali Del Tesoro 2.55% 15/09/2041
65,270 85,015 89,226 0.04
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
88
Nominal holding Cost Market Value % of Net assetsUSD USD
Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2044
95,000 147,542 146,242 0.07
Italy Government International Bond 6.88% 27/09/2023
190,000 210,814 234,437 0.10
Marche Mutui Srl FRN 27/01/2064 500,000 534,017 526,751 0.23
UniCredit SpA 1.50% 19/06/2019 100,000 123,058 110,777 0.05
Total Italy 4.42% 9,921,821 4.42JapanDevelopment Bank of Japan Inc 1.75% 17/03/2017
30,000,000 350,642 254,812 0.11
Japan Finance Organization for Municipalities 2.00% 09/05/2016
50,000,000 575,660 418,750 0.19
Japan Government Five Year Bond 0.30% 20/06/2018
33,000,000 336,460 276,485 0.12
Japan Government Forty Year Bond 2.00% 20/03/2052
15,000,000 150,335 148,025 0.07
Japan Government Ten Year Bond 1.50% 20/09/2018
70,000,000 740,555 605,868 0.27
Japan Government Ten Year Bond 1.30% 20/06/2020
140,000,000 1,473,187 1,230,265 0.55
Japan Government Ten Year Bond 0.80% 20/09/2020
50,000,000 512,013 430,862 0.19
Japan Government Ten Year Bond 1.10% 20/03/2021
30,000,000 305,915 263,366 0.12
Japan Government Ten Year Bond 1.20% 20/06/2021
25,000,000 215,673 221,097 0.10
Japan Government Ten Year Bond 0.80% 20/09/2022
185,000,000 1,561,461 1,615,588 0.72
Japan Government Thirty Year Bond 2.40% 20/12/2034
19,000,000 207,054 198,843 0.09
Japan Government Thirty Year Bond 2.50% 20/09/2035
52,000,000 622,499 550,700 0.24
Japan Government Thirty Year Bond 2.00% 20/09/2041
31,000,000 327,974 304,907 0.13
Japan Government Thirty Year Bond 1.70% 20/03/2044
55,000,000 495,851 507,361 0.23
Japan Government Twenty Year Bond 0.80% 20/06/2023
62,000,000 602,618 542,695 0.24
Japan Government Twenty Year Bond 2.10% 20/06/2025
63,000,000 593,364 615,910 0.27
Japan Government Twenty Year Bond 2.10% 20/12/2026
56,200,000 628,749 556,894 0.25
Japan Government Twenty Year Bond 2.10% 20/06/2029
15,000,000 187,162 150,774 0.07
Japan Government Twenty Year Bond 2.10% 20/09/2029
25,000,000 308,766 251,562 0.11
Japan Government Twenty Year Bond 2.20% 20/03/2030
25,000,000 251,544 254,763 0.11
Japan Government Twenty Year Bond 1.80% 20/06/2030
9,000,000 103,574 87,596 0.04
Japan Government Twenty Year Bond 1.80% 20/09/2031
48,000,000 552,549 467,191 0.21
Japan Government Twenty Year Bond 1.70% 20/09/2032
30,000,000 376,652 287,420 0.13
Japan Government Two Year Bond 0.10% 15/01/2016
30,000,000 293,461 249,397 0.11
Japanese Government CPI Linked Bond 0.10% 10/03/2024
51,450,000 447,271 451,209 0.20
Japanese Government CPI Linked Bond 0.10% 10/09/2024
35,035,000 308,734 308,280 0.14
Total Japan 5.01% 11,250,620 5.01JerseyAnnington Repackaging No 1 Ltd 5.32% 10/01/2023
20,000 29,659 32,412 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
89
Nominal holding Cost Market Value % of Net assetsUSD USD
Heathrow Funding Ltd 4.60% 15/02/2018 REGS
50,000 63,218 59,298 0.03
Total Jersey 0.04% 91,710 0.04JordanHashemite Kingdom of Jordan Government AID Bond 2.50% 30/10/2020
200,000 200,000 206,473 0.09
Total Jordan 0.09% 206,473 0.09KazakhstanKazakhstan Government International Bond 5.13% 21/07/2025 REGS
200,000 198,546 197,500 0.09
KazMunayGas National Co JSC 9.13% 02/07/2018 144A
200,000 214,127 221,000 0.10
Total Kazakhstan 0.19% 418,500 0.19Korea, Republic of (South Korea)Export-Import Bank of Korea FRN 14/01/2017
490,000 490,000 490,830 0.22
Export-Import Bank of Korea FRN 14/08/2017 144A
875,000 875,000 873,969 0.39
Export-Import Bank of Korea 1.75% 27/02/2018
300,000 300,717 298,476 0.13
Export-Import Bank of Korea 5.00% 11/04/2022
180,000 192,818 202,104 0.09
Korea Treasury Bond 3.50% 10/03/2017 900,000,000 843,197 784,319 0.35
Korea Treasury Bond 5.50% 10/09/2017 100,000,000 88,906 90,713 0.04
Korea Treasury Bond 5.00% 10/06/2020 540,000,000 540,901 522,940 0.23
Korea Treasury Bond 3.75% 10/06/2022 238,400,000 227,453 225,442 0.10
Korea Treasury Bond 3.00% 10/09/2024 500,000,000 465,785 458,386 0.21
Korea Treasury Bond 4.00% 10/12/2031 450,000,000 394,455 479,671 0.21
Total Korea, Republic of (South Korea) 1.97%
4,426,850 1.97
LuxembourgActavis Funding SCS 3.45% 15/03/2022 165,000 162,814 165,222 0.07
Actavis Funding SCS 3.80% 15/03/2025 60,000 59,804 59,572 0.03
Actavis Funding SCS 4.55% 15/03/2035 68,000 68,515 66,587 0.03
Actavis Funding SCS 4.85% 15/06/2044 25,000 24,305 24,816 0.01
Actavis Funding SCS 4.75% 15/03/2045 52,000 51,037 50,729 0.02
ArcelorMittal 7.25% 25/02/2022 11,000 11,564 8,979 0.01
Beverage Packaging Holdings Luxembourg II SA / Beverage Packaging Holdings II Is 6.00% 15/06/2017 144A
2,000 2,000 1,943 0.00
Capsugel SA 7.00% 15/05/2019 144A 2,000 2,025 1,965 0.00
ConvaTec Finance International SA 8.25% 15/01/2019 144A
5,000 4,969 4,713 0.00
Covidien International Finance SA 6.55% 15/10/2037
20,000 23,907 25,109 0.01
Gazprom OAO Via Gaz Capital SA 8.15% 11/04/2018 144A
100,000 101,881 108,250 0.05
INEOS Group Holdings SA 6.13% 15/08/2018 144A
2,000 2,010 1,990 0.00
INEOS Group Holdings SA 5.88% 15/02/2019 144A
12,000 12,061 11,760 0.01
Intelsat Jackson Holdings SA 7.25% 15/10/2020
19,000 19,540 16,625 0.01
Intelsat Jackson Holdings SA 7.50% 01/04/2021
7,000 6,987 6,125 0.00
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 5.63% 15/10/2023 144A
7,000 7,000 6,720 0.00
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 5.50% 15/04/2025 144A
3,000 3,000 2,775 0.00
Wind Acquisition Finance SA 6.50% 30/04/2020 144A
5,000 5,275 5,256 0.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
90
Nominal holding Cost Market Value % of Net assetsUSD USD
Wind Acquisition Finance SA 4.75% 15/07/2020 144A
11,000 10,892 10,821 0.01
Wind Acquisition Finance SA 7.38% 23/04/2021 144A
6,000 6,068 5,648 0.00
Total Luxembourg 0.26% 585,605 0.26MalaysiaMalaysia Government Bond 3.58% 28/09/2018
175,000 55,630 41,164 0.02
Malaysia Government Bond 3.49% 31/03/2020
1,900,000 593,636 440,632 0.20
Malaysia Government Bond 3.66% 15/10/2020
4,175,000 1,081,625 983,105 0.44
Malaysia Government Bond 4.05% 30/09/2021
1,305,000 401,206 304,531 0.14
Malaysia Government Bond 3.48% 15/03/2023
1,950,000 603,333 435,180 0.19
Malaysia Government Bond 3.89% 15/03/2027
550,000 177,857 121,412 0.05
Malaysia Government Bond 4.50% 15/04/2030
1,500,000 377,112 346,147 0.15
Malaysia Government Investment Issue 3.80% 27/08/2020
650,000 176,199 151,228 0.07
Petronas Capital Ltd 5.25% 12/08/2019 144A
150,000 154,732 162,642 0.07
Total Malaysia 1.33% 2,986,041 1.33MexicoAmerica Movil SAB de CV 3.75% 28/06/2017 50,000 67,105 57,007 0.02
Grupo Bimbo SAB de CV 4.88% 27/06/2044 144A
200,000 204,181 176,285 0.08
Mexican Bonos 8.00% 11/06/2020 3,000,000 252,529 191,332 0.08
Mexican Bonos 6.50% 10/06/2021 7,000,000 489,140 421,319 0.19
Mexican Bonos 10.00% 05/12/2024 34,200,000 2,574,351 2,497,691 1.11
Mexican Bonos 8.50% 31/05/2029 31,040,000 2,692,432 2,105,766 0.94
Mexican Bonos 7.75% 23/11/2034 3,500,000 238,050 222,070 0.10
Mexican Bonos 10.00% 20/11/2036 2,500,000 262,707 193,981 0.09
Mexican Bonos 8.50% 18/11/2038 26,150,000 2,169,208 1,786,401 0.80
Mexican Bonos 7.75% 13/11/2042 50,200,000 3,953,125 3,183,568 1.42
Mexican Udibonos 4.50% 04/12/2025 1,190,000 441,872 408,397 0.18
Mexican Udibonos 4.00% 15/11/2040 8,609,880 599,353 509,534 0.23
Mexico Government International Bond 4.75% 08/03/2044
150,000 141,614 138,031 0.06
Petroleos Mexicanos 8.00% 03/05/2019 100,000 115,313 110,401 0.05
Petroleos Mexicanos 5.50% 24/02/2025 REGS
100,000 119,372 111,529 0.05
Petroleos Mexicanos 6.50% 02/06/2041 100,000 103,212 87,760 0.04
Total Mexico 5.44% 12,201,072 5.44NetherlandsABN AMRO Bank NV 4.75% 11/01/2019 100,000 129,129 122,828 0.06
Bank Nederlandse Gemeenten NV 1.75% 24/03/2020 144A
100,000 100,345 98,980 0.04
Bank Nederlandse Gemeenten NV 3.88% 26/05/2023
50,000 71,888 67,274 0.03
BMW Finance NV 2.00% 04/09/2020 50,000 57,699 57,405 0.03
Cooperatieve Rabobank UA 4.75% 15/01/2020 144A
150,000 153,586 163,167 0.07
Cooperatieve Rabobank UA 2.00% 16/09/2021
100,000 114,531 109,971 0.05
Cooperatieve Rabobank UA 3.88% 25/07/2023
100,000 140,235 120,186 0.05
Deutsche Bahn Finance BV 1.25% 23/10/2025
50,000 56,615 54,143 0.02
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
91
Nominal holding Cost Market Value % of Net assetsUSD USD
Deutsche Telekom International Finance BV 6.63% 29/03/2018
50,000 69,090 62,184 0.03
E.ON International Finance BV 6.38% 29/05/2017
50,000 69,593 58,920 0.03
Embraer Netherlands Finance BV 5.05% 15/06/2025
25,000 23,722 22,659 0.01
Heineken NV 3.40% 01/04/2022 144A 210,000 205,045 212,528 0.10
Iberdrola International BV 1.13% 27/01/2023 100,000 113,386 106,694 0.05
ING Bank NV FRN 21/11/2023 100,000 142,198 114,762 0.05
LYB International Finance BV 4.00% 15/07/2023
50,000 50,521 49,919 0.02
LYB International Finance BV 4.88% 15/03/2044
100,000 98,602 91,384 0.04
Nederlandse Waterschapsbank NV 4.38% 22/01/2018
100,000 130,125 118,744 0.05
Nederlandse Waterschapsbank NV FRN 14/02/2018 144A
725,000 726,568 726,981 0.32
Netherlands Government Bond 4.00% 15/07/2019
190,000 234,594 236,945 0.11
Netherlands Government Bond 3.50% 15/07/2020
220,000 317,303 277,237 0.12
Netherlands Government Bond 3.25% 15/07/2021
270,000 375,880 344,161 0.15
Netherlands Government Bond 2.25% 15/07/2022
270,000 348,352 331,007 0.15
Netherlands Government Bond 2.50% 15/01/2033
100,000 130,251 127,809 0.06
Netherlands Government Bond 4.00% 15/01/2037
90,000 135,499 143,137 0.06
Netherlands Government Bond 2.75% 15/01/2047
100,000 156,660 139,047 0.06
NN Group NV FRN Perpetual 100,000 108,509 106,870 0.05
NXP BV / NXP Funding LLC 4.63% 15/06/2022 144A
7,000 7,016 6,912 0.00
Petrobras Global Finance BV 5.38% 27/01/2021
410,000 416,787 305,450 0.14
Playa Resorts Holding BV 8.00% 15/08/2020 144A
13,000 13,369 13,260 0.01
Roche Finance Europe BV 0.88% 25/02/2025
50,000 53,883 53,260 0.02
RWE Finance BV 5.50% 06/07/2022 50,000 77,884 80,387 0.04
Schaeffler Finance BV 4.75% 15/05/2021 144A
10,000 10,092 10,063 0.00
Schaeffler Holding Finance BV 6.88% 15/08/2018 144A
7,000 7,252 7,254 0.00
Sensata Technologies BV 5.00% 01/10/2025 144A
6,000 6,000 5,820 0.00
Shell International Finance BV 4.38% 25/03/2020
100,000 108,299 107,261 0.05
Shell International Finance BV 0.38% 21/08/2023
100,000 103,558 100,628 0.05
Shell International Finance BV 4.38% 11/05/2045
70,000 69,864 66,849 0.03
Siemens Financieringsmaatschappij NV 1.75% 12/03/2021
50,000 66,012 57,500 0.03
Telefonica Europe BV 5.88% 14/02/2033 25,000 31,749 36,392 0.02
TenneT Holding BV 4.50% 09/02/2022 50,000 65,088 65,529 0.03
Volkswagen International Finance NV FRN Perpetual
50,000 72,589 52,944 0.02
Volkswagen International Finance NV 2.00% 14/01/2020
50,000 66,211 55,293 0.02
Total Netherlands 2.27% 5,089,744 2.27New Zealand
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
92
Nominal holding Cost Market Value % of Net assetsUSD USD
New Zealand Government Bond 6.00% 15/12/2017
350,000 285,507 254,708 0.12
New Zealand Government Bond 6.00% 15/05/2021
805,000 683,607 632,480 0.28
New Zealand Government Bond 5.50% 15/04/2023
1,515,000 1,334,638 1,190,756 0.53
New Zealand Government Bond 4.50% 15/04/2027
1,850,000 1,364,527 1,374,358 0.61
New Zealand Government Bond 3.50% 14/04/2033
150,000 100,059 96,755 0.04
Total New Zealand 1.58% 3,549,057 1.58NorwayDNB Bank ASA 3.88% 29/06/2020 50,000 66,336 62,161 0.03
DNB Boligkreditt AS 2.38% 11/04/2017 50,000 64,952 55,942 0.02
Kommunalbanken AS 1.13% 15/12/2016 100,000 158,791 148,058 0.07
Kommunalbanken AS FRN 20/02/2018 144A 550,000 551,338 551,500 0.25
Norway Government Bond 4.25% 19/05/2017
1,500,000 264,771 177,803 0.08
Norway Government Bond 4.50% 22/05/2019
700,000 133,285 89,072 0.04
Norway Government Bond 2.00% 24/05/2023
850,000 126,765 100,976 0.04
Norway Government Bond 3.00% 14/03/2024
775,000 105,810 98,620 0.04
SpareBank 1 Boligkreditt AS 3.38% 07/09/2021
100,000 130,480 125,816 0.06
Total Norway 0.63% 1,409,948 0.63PanamaPanama Government International Bond 6.70% 26/01/2036
125,000 162,246 149,250 0.07
Total Panama 0.07% 149,250 0.07PeruPeruvian Government International Bond 7.35% 21/07/2025
300,000 372,164 376,824 0.17
Total Peru 0.17% 376,824 0.17PhilippinesPhilippine Government International Bond 4.00% 15/01/2021
150,000 158,937 162,751 0.07
Total Philippines 0.07% 162,751 0.07PolandPoland Government Bond 5.25% 25/10/2017
4,540,000 1,378,866 1,223,172 0.54
Poland Government Bond 5.25% 25/10/2020
1,315,000 412,091 377,912 0.17
Poland Government Bond 5.75% 25/10/2021
3,730,000 1,238,188 1,112,725 0.50
Poland Government Bond 4.00% 25/10/2023
1,550,000 497,653 425,319 0.19
Poland Government Bond 3.25% 25/07/2025
3,430,000 925,987 891,342 0.40
Poland Government International Bond 6.38% 15/07/2019
200,000 228,444 228,800 0.10
Poland Government International Bond 5.25% 20/01/2025
140,000 199,757 202,878 0.09
Total Poland 1.99% 4,462,148 1.99PortugalGAMMA Sociedade de Titularizacao de Creditos SA/Atlantes Mortgage Plc FRN 20/08/2061
263,629 260,535 247,395 0.11
Portugal Obrigacoes do Tesouro OT 4.95% 25/10/2023
1,030,000 1,394,864 1,340,325 0.60
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
93
Nominal holding Cost Market Value % of Net assetsUSD USD
Portugal Obrigacoes do Tesouro OT 2.88% 15/10/2025
500,000 566,676 559,583 0.25
Total Portugal 0.96% 2,147,303 0.96Puerto RicoPopular Inc 7.00% 01/07/2019 2,000 2,000 1,877 0.00
Total Puerto Rico 0.00% 1,877 0.00QatarQatar Government International Bond 9.75% 15/06/2030 144A
50,000 75,017 78,750 0.04
SoQ Sukuk AQSC 3.24% 18/01/2023 REGS 200,000 198,786 207,420 0.09
Total Qatar 0.13% 286,170 0.13RomaniaRomania Government Bond 4.75% 24/02/2025
6,850,000 1,860,100 1,777,138 0.79
Romanian Government International Bond 6.75% 07/02/2022 144A
100,000 110,467 117,250 0.05
Romanian Government International Bond 3.63% 24/04/2024
100,000 143,166 118,839 0.06
Total Romania 0.90% 2,013,227 0.90RussiaRussian Federal Bond - OFZ 7.50% 27/02/2019
5,000,000 139,277 64,318 0.03
Russian Federal Bond - OFZ 7.60% 14/04/2021
4,000,000 109,272 50,168 0.02
Russian Federal Bond - OFZ 7.00% 16/08/2023
7,500,000 109,983 88,725 0.04
Russian Federal Bond - OFZ 8.15% 03/02/2027
7,500,000 114,678 94,218 0.04
Russian Federal Bond - OFZ 7.05% 19/01/2028
3,000,000 75,163 34,340 0.02
Total Russia 0.15% 331,769 0.15SingaporeSingapore Government Bond 4.00% 01/09/2018
650,000 564,625 490,509 0.22
Singapore Government Bond 3.25% 01/09/2020
140,000 112,769 104,488 0.05
Singapore Government Bond 3.00% 01/09/2024
110,000 89,523 80,214 0.03
Total Singapore 0.30% 675,211 0.30South AfricaSouth Africa Government Bond 7.25% 15/01/2020
2,750,000 213,909 166,284 0.08
South Africa Government Bond 6.75% 31/03/2021
5,585,000 653,496 321,556 0.14
South Africa Government Bond 7.75% 28/02/2023
5,475,000 434,143 319,779 0.14
South Africa Government Bond 7.00% 28/02/2031
7,500,000 507,907 365,617 0.16
South Africa Government Bond 6.50% 28/02/2041
21,240,000 1,729,596 902,236 0.40
South Africa Government Bond 8.75% 28/02/2048
5,890,000 542,583 323,854 0.15
Total South Africa 1.07% 2,399,326 1.07SpainAyt Cedulas Cajas Global 4.00% 21/03/2017 100,000 121,687 113,956 0.05
Bankia SA 1.00% 25/09/2025 100,000 111,841 101,304 0.05
BBVA Senior Finance SAU 3.75% 17/01/2018 100,000 137,829 116,091 0.05
CaixaBank SA 3.00% 22/03/2018 100,000 139,917 115,343 0.05
CaixaBank SA FRN 14/11/2023 100,000 142,561 113,827 0.05
Gas Natural Capital Markets SA 4.13% 26/01/2018
50,000 69,110 58,434 0.03
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
94
Nominal holding Cost Market Value % of Net assetsUSD USD
Instituto de Credito Oficial 4.38% 20/05/2019
80,000 100,621 98,663 0.04
Santander Issuances SAU 5.91% 20/06/2016 144A
100,000 100,688 101,598 0.05
Spain Government Bond 5.50% 30/04/2021 330,000 486,458 445,864 0.20
Spain Government Bond 5.85% 31/01/2022 280,000 431,126 391,239 0.17
Spain Government Bond 5.40% 31/01/2023 280,000 415,319 389,539 0.17
Spain Government Bond 4.80% 31/01/2024 100,000 131,042 136,072 0.06
Spain Government Bond 2.75% 31/10/2024 500,000 625,179 592,836 0.26
Spain Government Bond 4.70% 30/07/2041 150,000 180,017 215,723 0.10
Spain Government Bond 5.15% 31/10/2044 360,000 580,972 555,593 0.25
TDA CAM FRN 26/02/2024 252,362 255,627 246,296 0.11
Total Spain 1.69% 3,792,378 1.69SupernationalAsian Development Bank 2.35% 21/06/2027 10,000,000 141,359 102,774 0.05
Corp Andina de Fomento FRN 29/01/2018 645,000 645,000 639,946 0.29
European Financial Stability Facility 1.50% 22/01/2020
100,000 139,231 115,233 0.05
European Financial Stability Facility 1.63% 17/07/2020
140,000 184,314 162,809 0.07
European Financial Stability Facility 2.25% 05/09/2022
80,000 104,321 97,978 0.04
European Investment Bank 1.63% 15/06/2017
150,000 149,965 151,159 0.07
European Investment Bank 1.00% 15/12/2017
300,000 300,212 298,433 0.13
European Investment Bank 1.38% 15/09/2021
130,000 166,950 150,370 0.07
European Investment Bank 6.00% 07/12/2028
75,000 126,415 151,866 0.07
European Investment Bank 2.75% 15/03/2040
100,000 130,631 132,314 0.06
European Stability Mechanism 0.05% 17/12/2018
95,000 106,199 103,711 0.05
European Union 2.75% 04/04/2022 130,000 175,175 162,859 0.07
Inter-American Development Bank 3.88% 17/09/2019
110,000 120,251 118,411 0.05
International Bank for Reconstruction & Development 1.88% 15/03/2019
100,000 100,589 101,014 0.04
International Bank for Reconstruction & Development 3.88% 20/05/2019
120,000 161,029 147,757 0.07
International Finance Corp 1.25% 27/11/2018
30,000 29,921 29,833 0.01
Nordic Investment Bank 0.38% 19/09/2022 100,000 111,338 108,338 0.05
Total Supernational 1.24% 2,774,805 1.24SwedenNordea Bank AB 4.88% 27/01/2020 144A 150,000 153,163 163,599 0.07
Skandinaviska Enskilda Banken AB FRN 28/05/2026
100,000 117,427 110,908 0.05
Stadshypotek AB 1.88% 21/03/2017 100,000 125,228 111,107 0.05
Svenska Handelsbanken AB 4.50% 10/04/2019
200,000 185,416 150,528 0.07
Swedbank Hypotek AB 1.13% 21/05/2021 100,000 136,102 112,356 0.05
Sweden Government Bond 3.75% 12/08/2017
1,500,000 216,925 189,949 0.09
Sweden Government Bond 4.25% 12/03/2019
2,080,000 346,394 281,380 0.13
Sweden Government Bond 3.50% 01/06/2022
1,340,000 221,306 187,846 0.08
Sweden Government Bond 2.50% 12/05/2025
1,000,000 137,786 134,653 0.06
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
95
Nominal holding Cost Market Value % of Net assetsUSD USD
Sweden Government Bond 3.50% 30/03/2039
800,000 137,211 119,173 0.05
Sweden Government International Bond 1.63% 24/03/2020 144A
100,000 99,830 99,445 0.04
Volvo Treasury AB 5.00% 31/05/2017 150,000 205,582 173,593 0.08
Total Sweden 0.82% 1,834,537 0.82SwitzerlandPfandbriefbank schweizerischer Hypothekarinstitute AG 2.38% 30/10/2019
100,000 98,974 109,792 0.05
Switzerland Government Bond 4.00% 11/02/2023
450,000 571,375 589,813 0.26
Switzerland Government Bond 1.25% 27/06/2037
50,000 50,605 57,906 0.03
Switzerland Government Bond 1.50% 30/04/2042
90,000 119,186 110,731 0.05
UBS AG/Stamford CT 5.75% 25/04/2018 150,000 156,485 162,750 0.07
Total Switzerland 0.46% 1,030,992 0.46ThailandThailand Government Bond 3.25% 16/06/2017
6,000,000 188,033 171,012 0.08
Thailand Government Bond 5.67% 13/03/2028
3,500,000 135,651 126,263 0.06
Thailand Government Bond 4.85% 17/06/2061
1,500,000 51,486 51,383 0.02
Total Thailand 0.16% 348,658 0.16TurkeyExport Credit Bank of Turkey 5.88% 24/04/2019 144A
250,000 263,254 258,604 0.11
Turkey Government Bond 9.40% 08/07/2020
750,000 247,354 244,527 0.11
Turkey Government International Bond 5.75% 22/03/2024
850,000 918,138 897,637 0.40
Total Turkey 0.62% 1,400,768 0.62United Arab EmiratesAbu Dhabi National Energy Co PJSC 6.17% 25/10/2017 REGS
230,000 240,557 244,314 0.11
Total United Arab Emirates 0.11% 244,314 0.11United KingdomAstraZeneca Plc 3.38% 16/11/2025 190,000 188,255 189,017 0.08
Aviva Plc FRN 22/05/2038 50,000 56,376 61,128 0.03
Aviva Plc FRN 20/05/2058 100,000 185,246 164,003 0.07
Barclays Bank Plc FRN 09/12/2016 455,000 455,000 454,057 0.20
Barclays Bank Plc 5.14% 14/10/2020 100,000 100,717 108,665 0.05
Barclays Bank Plc 10.00% 21/05/2021 125,000 246,271 237,750 0.11
BAT International Finance Plc 7.25% 12/03/2024
50,000 81,816 94,197 0.04
BP Capital Markets Plc 4.50% 01/10/2020 100,000 102,313 107,105 0.05
British Telecommunications Plc 6.38% 23/06/2037
50,000 88,760 96,235 0.04
Canary Wharf Finance II Plc 6.46% 22/04/2030
6,869 10,880 13,068 0.01
Diageo Capital Plc 2.63% 29/04/2023 200,000 185,904 193,247 0.09
Ensco Plc 4.50% 01/10/2024 50,000 43,233 34,320 0.02
HSBC Bank Plc 5.38% 22/08/2033 50,000 86,038 82,165 0.04
Imperial Tobacco Finance Plc 9.00% 17/02/2022
50,000 91,424 97,462 0.04
International Game Technology Plc 6.25% 15/02/2022 144A
17,000 16,699 15,980 0.01
Lloyds Bank Plc 6.50% 24/03/2020 150,000 202,450 197,587 0.09
Lloyds Bank Plc 1.38% 16/04/2021 100,000 137,692 113,704 0.05
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
96
Nominal holding Cost Market Value % of Net assetsUSD USD
Lloyds Bank Plc 7.63% 22/04/2025 50,000 97,093 94,319 0.04
Nationwide Building Society 4.38% 28/02/2022
50,000 63,234 66,524 0.03
Network Rail Infrastructure Finance Plc 4.63% 21/07/2020
125,000 194,817 208,814 0.09
PPL WEM Ltd / Western Power Distribution Ltd 5.38% 01/05/2021 144A
50,000 51,222 54,593 0.02
Royal Bank of Scotland Group Plc 5.13% 28/05/2024
14,000 14,024 14,208 0.01
Royal Bank of Scotland Plc/The 5.50% 23/03/2020
50,000 62,589 65,021 0.03
Sky Plc 3.13% 26/11/2022 144A 240,000 237,688 233,164 0.10
Sky Plc 2.25% 17/11/2025 100,000 107,163 108,653 0.05
South Eastern Power Networks Plc 5.50% 05/06/2026
25,000 43,797 43,815 0.02
United Kingdom Gilt 4.00% 07/09/2016 182,000 296,232 274,983 0.12
United Kingdom Gilt 1.00% 07/09/2017 450,000 707,839 667,168 0.30
United Kingdom Gilt 4.50% 07/03/2019 800,000 1,464,191 1,309,884 0.58
United Kingdom Gilt 3.75% 07/09/2019 220,000 338,881 355,192 0.16
United Kingdom Gilt 2.00% 22/07/2020 100,000 160,911 151,650 0.07
United Kingdom Gilt 3.75% 07/09/2021 239,000 412,275 396,295 0.18
United Kingdom Gilt 1.75% 07/09/2022 50,000 78,040 74,277 0.03
United Kingdom Gilt 2.75% 07/09/2024 250,000 408,476 394,379 0.18
United Kingdom Gilt 5.00% 07/03/2025 1,535,000 2,943,299 2,864,697 1.28
United Kingdom Gilt 4.75% 07/12/2030 200,000 316,859 386,221 0.17
United Kingdom Gilt 4.50% 07/09/2034 40,000 80,288 76,531 0.03
United Kingdom Gilt 4.25% 07/03/2036 50,000 78,238 93,187 0.04
United Kingdom Gilt 4.75% 07/12/2038 759,000 1,575,166 1,530,927 0.68
United Kingdom Gilt 4.25% 07/12/2040 190,000 353,411 362,177 0.16
United Kingdom Gilt 4.50% 07/12/2042 60,000 109,355 120,049 0.05
United Kingdom Gilt 3.25% 22/01/2044 170,000 299,657 279,303 0.13
United Kingdom Gilt 3.50% 22/01/2045 30,000 54,649 51,650 0.02
United Kingdom Gilt 4.25% 07/12/2055 190,000 288,999 402,251 0.18
Virgin Media Finance Plc 5.75% 15/01/2025 144A
21,000 21,508 20,318 0.01
Virgin Media Secured Finance Plc 5.25% 15/01/2026 144A
4,000 3,998 3,860 0.00
Vodafone Group Plc 5.45% 10/06/2019 100,000 104,938 110,138 0.05
Total United Kingdom 5.83% 13,073,938 5.83United States21st Century Fox America Inc 6.90% 01/03/2019
25,000 27,462 28,409 0.01
21st Century Fox America Inc 4.75% 15/09/2044
40,000 40,469 38,685 0.02
AbbVie Inc 2.00% 06/11/2018 100,000 99,750 99,656 0.05
AbbVie Inc 2.50% 14/05/2020 190,000 189,518 188,110 0.08
AbbVie Inc 3.60% 14/05/2025 155,000 155,359 153,234 0.07
Acadia Healthcare Co Inc 5.13% 01/07/2022 5,000 5,000 4,700 0.00
Acadia Healthcare Co Inc 5.63% 15/02/2023 1,000 1,000 950 0.00
ACE INA Holdings Inc 2.88% 03/11/2022 25,000 24,969 24,815 0.01
ACE INA Holdings Inc 3.35% 03/05/2026 45,000 44,864 44,940 0.02
ACE INA Holdings Inc 4.35% 03/11/2045 45,000 44,888 45,711 0.02
Activision Blizzard Inc 5.63% 15/09/2021 144A
24,000 24,772 25,200 0.01
ADT Corp/The 3.50% 15/07/2022 14,000 12,833 12,670 0.01
AES Corp/VA 7.38% 01/07/2021 5,000 5,548 5,100 0.00
AES Corp/VA 4.88% 15/05/2023 7,000 6,794 6,125 0.00
Aflac Inc 2.40% 16/03/2020 50,000 50,626 50,002 0.02
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
97
Nominal holding Cost Market Value % of Net assetsUSD USD
Alere Inc 6.38% 01/07/2023 144A 6,000 6,019 5,610 0.00
Allegion US Holding Co Inc 5.75% 01/10/2021 6,000 6,236 6,105 0.00
Ally Financial Inc 4.13% 13/02/2022 13,000 12,830 12,935 0.01
Ally Financial Inc 4.63% 19/05/2022 19,000 18,923 19,237 0.01
Ally Financial Inc 5.13% 30/09/2024 3,000 2,950 3,086 0.00
Ally Financial Inc 4.63% 30/03/2025 6,000 5,891 5,910 0.00
Ally Master Owner Trust 1.29% 15/01/2019 100,000 99,983 99,908 0.05
Alternative Loan Trust 2005-54CB 5.50% 25/11/2035
25,379 15,131 24,937 0.01
Alternative Loan Trust 2005-64CB 5.50% 25/12/2035
128,393 50,984 130,116 0.06
Altice US Finance I Corp 5.38% 15/07/2023 144A
5,000 5,023 5,044 0.00
Altria Group Inc 4.25% 09/08/2042 50,000 49,145 46,134 0.02
Amazon.com Inc 3.80% 05/12/2024 50,000 51,015 52,073 0.02
AMC Entertainment Inc 5.88% 15/02/2022 11,000 11,012 11,192 0.01
AMC Networks Inc 4.75% 15/12/2022 13,000 13,000 13,065 0.01
American Axle & Manufacturing Inc 6.25% 15/03/2021
5,000 5,237 5,200 0.00
American Axle & Manufacturing Inc 6.63% 15/10/2022
11,000 11,057 11,577 0.01
American Builders & Contractors Supply Co Inc 5.63% 15/04/2021 144A
15,000 14,796 15,244 0.01
American Express Credit Corp 2.25% 15/08/2019
50,000 50,200 50,045 0.02
American International Group Inc 3.38% 15/08/2020
150,000 148,566 154,368 0.07
American Tower Corp 3.50% 31/01/2023 50,000 49,312 49,392 0.02
Amgen Inc 5.15% 15/11/2041 50,000 49,243 50,891 0.02
Amsted Industries Inc 5.00% 15/03/2022 144A
2,000 2,000 2,010 0.00
Amsted Industries Inc 5.38% 15/09/2024 144A
8,000 7,895 7,900 0.00
Amsurg Corp 5.63% 15/07/2022 6,000 6,000 5,955 0.00
Ancestry.com Inc 11.00% 15/12/2020 2,000 2,239 2,150 0.00
Anheuser-Busch InBev Worldwide Inc 7.75% 15/01/2019
50,000 53,957 57,913 0.03
Antero Resources Corp 5.13% 01/12/2022 11,000 11,030 8,360 0.00
Antero Resources Corp 5.63% 01/06/2023 144A
11,000 11,000 8,635 0.00
Anthem Inc 3.13% 15/05/2022 100,000 100,622 97,960 0.04
Apple Inc 0.38% 25/11/2024 50,000 52,863 50,060 0.02
Apple Inc 4.45% 06/05/2044 25,000 25,111 25,319 0.01
APX Group Inc 6.38% 01/12/2019 17,000 16,914 16,256 0.01
APX Group Inc 8.75% 01/12/2020 7,000 7,088 5,731 0.00
Aramark Services Inc 5.13% 15/01/2024 144A
3,000 3,000 3,067 0.00
Aruba Investments Inc 8.75% 15/02/2023 144A
8,000 8,086 7,760 0.00
Asbury Automotive Group Inc 6.00% 15/12/2024
4,000 4,000 4,160 0.00
Asbury Automotive Group Inc 6.00% 15/12/2024 144A
3,000 3,125 3,120 0.00
AT&T Inc 3.00% 30/06/2022 50,000 49,986 48,688 0.02
AT&T Inc 3.40% 15/05/2025 200,000 194,460 192,595 0.09
AT&T Inc 4.80% 15/06/2044 50,000 51,035 46,033 0.02
AT&T Inc 4.35% 15/06/2045 290,000 262,368 250,481 0.11
Atmos Energy Corp 5.50% 15/06/2041 20,000 20,116 23,018 0.01
Audatex North America Inc 6.13% 01/11/2023 144A
19,000 18,872 19,214 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
98
Nominal holding Cost Market Value % of Net assetsUSD USD
AutoZone Inc 3.70% 15/04/2022 50,000 50,653 50,995 0.02
Avis Budget Car Rental LLC / Avis Budget Finance Inc 5.50% 01/04/2023
1,000 1,019 1,007 0.00
Avis Budget Car Rental LLC / Avis Budget Finance Inc 5.25% 15/03/2025 144A
8,000 8,000 7,640 0.00
Axalta Coating Systems US Holdings Inc / Axalta Coating Systems Dutch Holding B 7.38% 01/05/2021 144A
13,000 13,446 13,739 0.01
B&G Foods Inc 4.63% 01/06/2021 5,000 4,928 4,962 0.00
BA Credit Card Trust FRN 15/06/2021 100,000 100,000 99,902 0.05
Ball Corp 4.38% 15/12/2020 6,000 6,020 6,120 0.00
Banc of America Commercial Mortgage Trust 2006-6 5.36% 10/10/2045
500,000 511,104 509,070 0.23
Banc of America Commercial Mortgage Trust 2008-1 FRN 10/02/2051
51,353 60,868 54,647 0.02
Bank of America Corp 4.63% 14/09/2018 200,000 258,485 240,182 0.11
Bank of America Corp 5.50% 22/11/2021 50,000 83,861 81,637 0.04
Bank of America Corp 5.70% 24/01/2022 50,000 52,169 56,458 0.03
Bank of America Corp 4.00% 01/04/2024 75,000 78,028 77,011 0.03
Bank of America Corp 3.88% 01/08/2025 255,000 254,693 259,283 0.12
Bank of New York Mellon Corp/The 4.60% 15/01/2020
100,000 107,568 108,384 0.05
Bank One Capital III 8.75% 01/09/2030 25,000 28,214 35,784 0.02
Baxalta Inc 3.60% 23/06/2022 144A 25,000 24,980 25,064 0.01
Baxalta Inc 4.00% 23/06/2025 144A 40,000 39,744 39,642 0.02
Beacon Roofing Supply Inc 6.38% 01/10/2023 144A
3,000 3,000 3,071 0.00
Becton Dickinson and Co 3.73% 15/12/2024 225,000 232,631 227,197 0.10
Berkshire Hathaway Energy Co 5.75% 01/04/2018
50,000 52,621 54,044 0.02
Berkshire Hathaway Energy Co 3.75% 15/11/2023
100,000 99,941 102,775 0.05
Berkshire Hathaway Energy Co 4.50% 01/02/2045
80,000 84,581 76,766 0.03
Berkshire Hathaway Finance Corp 2.00% 15/08/2018
15,000 14,986 15,218 0.01
Berkshire Hathaway Finance Corp 3.00% 15/05/2022
50,000 51,009 51,164 0.02
Berkshire Hathaway Finance Corp 4.40% 15/05/2042
100,000 97,610 99,753 0.05
Berry Plastics Corp 5.50% 15/05/2022 4,000 4,026 3,990 0.00
Berry Plastics Corp 6.00% 15/10/2022 144A 4,000 4,000 4,090 0.00
Berry Plastics Corp 5.13% 15/07/2023 12,000 12,000 11,730 0.01
Biogen Inc 4.05% 15/09/2025 25,000 24,943 25,128 0.01
Blue Racer Midstream LLC / Blue Racer Finance Corp 6.13% 15/11/2022 144A
12,000 12,024 8,340 0.00
Boeing Co/The 2.60% 30/10/2025 25,000 24,410 24,229 0.01
Boyd Gaming Corp 6.88% 15/05/2023 5,000 5,000 5,162 0.00
Bristol-Myers Squibb Co 4.50% 01/03/2044 25,000 24,713 27,119 0.01
Burlington Northern Santa Fe LLC 3.45% 15/09/2021
100,000 103,114 102,740 0.05
Burlington Northern Santa Fe LLC 4.15% 01/04/2045
30,000 28,095 27,365 0.01
Cable One Inc 5.75% 15/06/2022 144A 3,000 3,000 2,992 0.00
CalAtlantic Group Inc 5.88% 15/11/2024 3,000 3,000 3,139 0.00
Calpine Corp 6.00% 15/01/2022 144A 26,000 27,208 26,845 0.01
Capital One Multi-Asset Execution Trust 1.26% 15/01/2020
150,000 150,463 149,746 0.07
Cardinal Health Inc 3.75% 15/09/2025 50,000 49,966 50,915 0.02
CarMax Auto Owner Trust 2014-1 0.79% 15/10/2018
13,036 13,035 12,985 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
99
Nominal holding Cost Market Value % of Net assetsUSD USD
Carrizo Oil & Gas Inc 7.50% 15/09/2020 8,000 8,511 7,060 0.00
Carrizo Oil & Gas Inc 6.25% 15/04/2023 12,000 12,030 9,900 0.01
Caterpillar Inc 1.50% 26/06/2017 100,000 100,525 100,248 0.05
CBRE Services Inc 5.25% 15/03/2025 15,000 15,036 15,262 0.01
CCO Holdings LLC / CCO Holdings Capital Corp 5.25% 15/03/2021
14,000 14,014 14,595 0.01
CCO Holdings LLC / CCO Holdings Capital Corp 6.63% 31/01/2022
11,000 11,616 11,646 0.01
CCO Holdings LLC / CCO Holdings Capital Corp 5.88% 01/05/2027 144A
11,000 11,000 11,000 0.00
CCO Safari II LLC 6.38% 23/10/2035 144A 25,000 25,692 25,217 0.01
CCOH Safari LLC 5.75% 15/02/2026 144A 2,000 2,000 2,015 0.00
Cedar Fair LP / Canada’s Wonderland Co / Magnum Management Corp 5.38% 01/06/2024
9,000 8,904 9,135 0.00
Celanese US Holdings LLC 5.88% 15/06/2021
14,000 14,930 14,805 0.01
Celgene Corp 3.88% 15/08/2025 80,000 80,812 79,870 0.04
Centene Corp 4.75% 15/05/2022 9,000 9,082 8,752 0.00
CenterPoint Energy Houston Electric LLC 4.50% 01/04/2044
45,000 44,545 46,535 0.02
Centre Point Funding LLC 2.61% 20/08/2021 201,920 204,260 199,406 0.09
CenturyLink Inc 6.75% 01/12/2023 19,000 20,093 18,030 0.01
CenturyLink Inc 5.63% 01/04/2025 2,000 2,000 1,695 0.00
Cequel Communications Holdings I LLC / Cequel Capital Corp 6.38% 15/09/2020 144A
14,000 14,484 13,737 0.01
Cequel Communications Holdings I LLC / Cequel Capital Corp 5.13% 15/12/2021 144A
8,000 7,129 7,200 0.00
Cequel Communications Holdings I LLC / Cequel Capital Corp 7.75% 15/07/2025
4,000 4,049 3,680 0.00
Chemours Co/The 6.63% 15/05/2023 144A 11,000 10,944 7,865 0.00
Chemours Co/The 7.00% 15/05/2025 144A 10,000 8,954 6,850 0.00
Chevron Corp 3.33% 17/11/2025 50,000 50,859 50,401 0.02
CHS/Community Health Systems Inc 5.13% 01/08/2021
13,000 13,120 13,000 0.01
CHS/Community Health Systems Inc 6.88% 01/02/2022
14,000 14,232 13,317 0.01
Cinemark USA Inc 5.13% 15/12/2022 4,000 3,953 3,990 0.00
Cisco Systems Inc 5.90% 15/02/2039 50,000 54,074 61,300 0.03
CIT Group Inc 5.38% 15/05/2020 28,000 29,115 29,470 0.01
Citibank Credit Card Issuance Trust FRN 23/01/2020
140,000 142,970 141,995 0.06
Citigroup Inc FRN 27/04/2018 390,000 390,000 388,139 0.17
Citigroup Inc 5.13% 12/12/2018 50,000 69,729 78,727 0.04
Citigroup Inc 3.30% 27/04/2025 120,000 118,553 118,056 0.05
Citigroup Inc 5.88% 30/01/2042 50,000 54,639 57,776 0.03
Clear Channel Worldwide Holdings Inc 6.50% 15/11/2022
9,000 9,405 8,842 0.00
CLI Funding V LLC 2.83% 18/03/2028 217,500 217,464 209,882 0.09
CMS Energy Corp 4.70% 31/03/2043 95,000 96,396 94,433 0.04
Columbia Pipeline Group Inc 5.80% 01/06/2045 144A
125,000 125,684 110,103 0.05
COMM 2006-C8 Mortgage Trust 5.29% 10/12/2046
12,621 13,855 12,959 0.01
Commercial Mortgage Trust 2007-GG9 5.44% 10/03/2039
42,198 48,194 43,316 0.02
ConAgra Foods Inc 3.25% 15/09/2022 210,000 213,984 202,440 0.09
Concho Resources Inc 6.50% 15/01/2022 20,000 21,053 19,100 0.01
Constellation Brands Inc 3.88% 15/11/2019 2,000 2,000 2,062 0.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
100
Nominal holding Cost Market Value % of Net assetsUSD USD
Constellation Brands Inc 3.75% 01/05/2021 4,000 4,000 4,035 0.00
Constellation Brands Inc 4.25% 01/05/2023 2,000 2,018 2,005 0.00
Constellation Brands Inc 4.75% 15/11/2024 6,000 6,140 6,142 0.00
Constellation Brands Inc 4.75% 01/12/2025 2,000 2,000 2,045 0.00
Continental Resources Inc/OK 5.00% 15/09/2022
50,000 50,880 36,859 0.02
Core Industrial Trust 2015-CALW 3.04% 10/02/2034
200,000 205,516 199,353 0.09
Corrections Corp of America 5.00% 15/10/2022
3,000 3,000 2,992 0.00
Cox Communications Inc 3.85% 01/02/2025 144A
50,000 50,628 46,208 0.02
Credit Suisse Commercial Mortgage Trust Series 2007-C5 FRN 15/09/2040
48,042 54,694 49,906 0.02
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp 6.25% 01/04/2023 144A
4,000 4,000 2,820 0.00
Crown Castle International Corp 5.25% 15/01/2023 144A
22,000 22,293 23,237 0.01
CrownRock LP / CrownRock Finance Inc 7.75% 15/02/2023 144A
10,000 10,154 9,550 0.00
CSC Holdings LLC 6.75% 15/11/2021 8,000 8,483 7,720 0.00
CSX Corp 3.70% 30/10/2020 50,000 49,707 52,304 0.02
CVS Health Corp 3.38% 12/08/2024 50,000 50,429 49,520 0.02
CVS Health Corp 3.88% 20/07/2025 190,000 188,175 193,645 0.09
CVS Health Corp 5.13% 20/07/2045 35,000 34,874 37,039 0.02
CyrusOne LP / CyrusOne Finance Corp 6.38% 15/11/2022
16,000 16,357 16,560 0.01
DaVita HealthCare Partners Inc 5.75% 15/08/2022
16,000 16,777 16,640 0.01
DaVita HealthCare Partners Inc 5.00% 01/05/2025
7,000 7,000 6,790 0.00
Diamond Foods Inc 7.00% 15/03/2019 144A 7,000 7,057 7,236 0.00
Diamondback Energy Inc 7.63% 01/10/2021 2,000 1,900 2,012 0.00
DigitalGlobe Inc 5.25% 01/02/2021 144A 7,000 6,400 5,862 0.00
DIRECTV Holdings LLC / DIRECTV Financing Co Inc 3.80% 15/03/2022
35,000 33,927 35,413 0.02
DIRECTV Holdings LLC / DIRECTV Financing Co Inc 5.15% 15/03/2042
20,000 20,721 18,703 0.01
DISH DBS Corp 5.88% 15/07/2022 19,000 18,894 17,789 0.01
DISH DBS Corp 5.00% 15/03/2023 12,000 11,900 10,470 0.01
DISH DBS Corp 5.88% 15/11/2024 3,000 2,979 2,670 0.00
Dollar Tree Inc 5.25% 01/03/2020 144A 2,000 2,000 2,082 0.00
Dollar Tree Inc 5.75% 01/03/2023 144A 9,000 9,000 9,382 0.00
Dominion Resources Inc/VA 4.05% 15/09/2042
50,000 43,946 44,280 0.02
Dominion Resources Inc/VA 4.70% 01/12/2044
175,000 174,693 171,318 0.08
Dow Chemical Co/The 3.50% 01/10/2024 50,000 49,822 48,656 0.02
DR Horton Inc 4.38% 15/09/2022 8,000 7,962 7,970 0.00
Duke Energy Carolinas LLC 7.00% 15/11/2018
50,000 55,282 57,037 0.03
Duke Energy Carolinas LLC 4.25% 15/12/2041
50,000 54,248 49,955 0.02
Duke Energy Corp 3.05% 15/08/2022 300,000 294,842 296,011 0.13
Duke Energy Corp 3.75% 15/04/2024 200,000 201,826 202,766 0.09
E*TRADE Financial Corp 5.38% 15/11/2022 8,000 8,000 8,427 0.00
E*TRADE Financial Corp 4.63% 15/09/2023 6,000 6,000 6,090 0.00
Eco Services Operations LLC/Eco Finance Corp 8.50% 01/11/2022 144A
7,000 7,019 5,985 0.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
101
Nominal holding Cost Market Value % of Net assetsUSD USD
EI du Pont de Nemours & Co 3.63% 15/01/2021
25,000 25,258 25,814 0.01
EMD Finance LLC 3.25% 19/03/2025 144A 100,000 100,016 94,973 0.04
Emdeon Inc 6.00% 15/02/2021 144A 5,000 5,000 4,675 0.00
Energy Transfer Equity LP 5.88% 15/01/2024
9,000 8,791 7,402 0.00
Energy Transfer Equity LP 5.50% 01/06/2027
24,000 23,300 18,120 0.01
Energy Transfer Partners LP 5.20% 01/02/2022
50,000 52,131 46,413 0.02
Entegris Inc 6.00% 01/04/2022 144A 10,000 10,110 10,175 0.01
Enterprise Products Operating LLC 5.20% 01/09/2020
50,000 51,087 52,471 0.02
Enterprise Products Operating LLC 5.10% 15/02/2045
85,000 84,783 70,919 0.03
Enterprise Products Operating LLC 4.90% 15/05/2046
25,000 25,166 20,300 0.01
EQT Corp 4.88% 15/11/2021 50,000 49,703 47,910 0.02
Equinix Inc 4.88% 01/04/2020 4,000 4,000 4,160 0.00
Equinix Inc 5.38% 01/01/2022 10,000 10,000 10,350 0.01
Equinix Inc 5.88% 15/01/2026 10,000 10,000 10,325 0.01
ERAC USA Finance LLC 4.50% 15/02/2045 144A
129,000 122,785 120,174 0.05
ExamWorks Group Inc 5.63% 15/04/2023 3,000 3,000 2,992 0.00
Exelon Corp 4.95% 15/06/2035 144A 50,000 50,931 50,274 0.02
Express Scripts Holding Co 4.75% 15/11/2021
50,000 55,382 53,850 0.02
Fannie Mae Pool 4.00% 19/01/2020 80,000 83,387 83,463 0.04
Fannie Mae Pool 3.00% 01/01/2026 770,500 795,692 794,217 0.35
Fannie Mae Pool 3.50% 01/01/2026 110,000 115,328 115,208 0.05
Fannie Mae Pool 5.50% 12/01/2036 120,000 133,838 133,744 0.06
Fannie Mae Pool FRN 01/07/2036 6,246 6,826 6,621 0.00
Fannie Mae Pool 6.00% 11/01/2037 80,000 90,450 90,450 0.04
Fannie Mae Pool 5.00% 01/01/2038 180,000 198,113 198,141 0.09
Fannie Mae Pool 4.00% 15/01/2039 640,000 677,600 677,450 0.30
Fannie Mae Pool 4.50% 25/01/2040 320,000 345,000 345,650 0.15
Fannie Mae Pool 4.00% 01/02/2041 400,000 422,375 422,406 0.19
Fannie Mae Pool 4.00% 01/08/2041 1,579,082 1,635,218 1,681,007 0.75
Fannie Mae Pool 3.50% 15/10/2041 870,000 898,275 897,867 0.40
Fannie Mae Pool 2.50% Perpetual 280,000 282,537 282,363 0.13
Fannie Mae Pool 3.00% Perpetual 630,000 630,394 630,148 0.28
Fannie Mae-Aces FRN 25/10/2023 105,000 104,787 109,556 0.05
Fannie Mae-Aces FRN 25/12/2023 70,000 70,565 73,837 0.03
Federal Home Loan Banks 0.63% 28/12/2016
305,000 304,723 304,432 0.14
Federal Home Loan Banks 4.13% 13/03/2020
250,000 268,085 274,496 0.12
Federal Home Loan Mortgage Corp 5.25% 18/04/2016
500,000 506,894 506,927 0.23
Federal Home Loan Mortgage Corp 2.38% 13/01/2022
100,000 100,921 101,487 0.05
Federal National Mortgage Association 5.00% 11/05/2017
275,000 288,365 289,766 0.13
Federal National Mortgage Association 6.63% 15/11/2030
100,000 131,378 142,129 0.06
FHLMC Multifamily Structured Pass Through Certificates 1.87% 25/11/2019
90,000 89,664 89,712 0.04
FHLMC Multifamily Structured Pass Through Certificates FRN 25/04/2020
99,086 99,084 98,951 0.04
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
102
Nominal holding Cost Market Value % of Net assetsUSD USD
FHLMC Multifamily Structured Pass Through Certificates 1.58% 25/04/2022
42,562 43,132 42,159 0.02
FHLMC Multifamily Structured Pass Through Certificates FRN 25/02/2023
60,000 62,148 62,555 0.03
First Data Corp 5.38% 15/08/2023 144A 10,000 10,000 10,112 0.01
First Data Corp 7.00% 01/12/2023 144A 24,000 24,079 24,090 0.01
First Data Corp 5.75% 15/01/2024 144A 24,000 24,000 23,850 0.01
Five Corners Funding Trust 4.42% 15/11/2023 144A
270,000 281,062 282,185 0.13
Florida East Coast Holdings Corp 6.75% 01/05/2019 144A
3,000 3,012 2,764 0.00
Ford Credit Auto Owner Trust 2014-A 0.79% 15/05/2018
149,396 149,452 149,296 0.07
Ford Motor Credit Co LLC FRN 27/03/2017 400,000 400,000 397,958 0.18
Ford Motor Credit Co LLC FRN 15/06/2018 455,000 455,000 448,939 0.20
Ford Motor Credit Co LLC 8.13% 15/01/2020 100,000 114,991 118,011 0.05
Freddie Mac Gold Pool 4.00% 15/01/2025 100,000 104,156 104,141 0.05
Freddie Mac Gold Pool 3.00% 15/01/2026 170,000 175,366 175,180 0.08
Freddie Mac Gold Pool 5.00% 12/01/2036 120,000 131,438 131,081 0.06
Freddie Mac Gold Pool 5.50% 12/01/2036 90,000 99,970 99,689 0.05
Freddie Mac Gold Pool 6.00% 01/11/2037 50,000 56,406 56,203 0.03
Freddie Mac Gold Pool 4.50% 15/02/2039 160,000 172,325 172,375 0.08
Freddie Mac Gold Pool 4.00% 01/01/2041 400,000 422,375 422,656 0.19
Freddie Mac Gold Pool 3.50% 15/01/2041 390,000 401,944 401,639 0.18
Freddie Mac Gold Pool 3.50% 01/04/2042 448,611 461,368 463,755 0.21
Freddie Mac Gold Pool 2.50% Perpetual 150,000 151,453 151,313 0.07
Freddie Mac Gold Pool 3.00% Perpetual 390,000 390,061 389,604 0.17
Freddie Mac Gold Pool 3.50% Perpetual 100,000 104,723 104,547 0.05
Fresenius Medical Care US Finance II Inc 5.63% 31/07/2019 144A
5,000 5,234 5,425 0.00
Fresenius Medical Care US Finance II Inc 5.88% 31/01/2022 144A
8,000 8,145 8,540 0.00
Fresenius Medical Care US Finance II Inc 4.75% 15/10/2024 144A
3,000 3,000 2,940 0.00
Frontier Communications Corp 8.88% 15/09/2020 144A
3,000 3,000 3,049 0.00
Frontier Communications Corp 10.50% 15/09/2022 144A
5,000 5,000 5,000 0.00
Frontier Communications Corp 7.13% 15/01/2023
15,000 14,915 13,106 0.01
Frontier Communications Corp 6.88% 15/01/2025
14,000 14,120 11,602 0.01
Frontier Communications Corp 11.00% 15/09/2025 144A
14,000 14,019 13,982 0.01
General Electric Capital Corp 2.00% 22/02/2017
20,000,000 228,678 169,579 0.08
General Electric Capital Corp 5.88% 14/01/2038
50,000 53,333 61,335 0.03
General Electric Co 4.13% 09/10/2042 25,000 25,960 24,460 0.01
General Motors Financial Co Inc 4.00% 15/01/2025
50,000 49,226 47,526 0.02
Gibraltar Industries Inc 6.25% 01/02/2021 7,000 7,077 7,149 0.00
Gilead Sciences Inc 3.50% 01/02/2025 175,000 177,483 176,420 0.08
Ginnie Mae I pool 5.50% 20/01/2035 90,000 100,181 100,645 0.05
Ginnie Mae I pool 6.00% 23/01/2036 60,000 67,395 67,556 0.03
Ginnie Mae I pool 5.00% 01/01/2040 110,000 120,424 120,467 0.05
Ginnie Mae I pool 4.50% 15/01/2040 280,000 301,230 301,919 0.14
Ginnie Mae I pool 4.00% 01/12/2040 470,000 498,127 498,677 0.22
Ginnie Mae I pool 3.50% 01/01/2041 75,000 78,035 78,082 0.04
Ginnie Mae I pool 3.00% Perpetual 80,000 81,025 81,069 0.04
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
103
Nominal holding Cost Market Value % of Net assetsUSD USD
Ginnie Mae II pool 4.50% 20/08/2045 214,598 230,592 231,391 0.10
Ginnie Mae II pool 4.50% 20/10/2045 307,267 330,600 331,381 0.15
Ginnie Mae II pool 3.00% Perpetual 350,000 354,703 354,676 0.16
Ginnie Mae II pool 3.50% Perpetual 1,670,000 1,737,491 1,741,758 0.78
GlaxoSmithKline Capital Inc 6.38% 15/05/2038
50,000 52,742 63,911 0.03
GLP Capital LP / GLP Financing II Inc 4.88% 01/11/2020
5,000 5,058 4,909 0.00
Goldman Sachs Group Inc/The FRN 15/11/2018
1,545,000 1,559,463 1,552,356 0.69
Goldman Sachs Group Inc/The 5.25% 27/07/2021
175,000 176,870 193,852 0.09
Goldman Sachs Group Inc/The 4.25% 21/10/2025
25,000 24,828 24,870 0.01
Goldman Sachs Group Inc/The 6.13% 15/02/2033
50,000 51,108 58,760 0.03
Goldman Sachs Group Inc/The 6.75% 01/10/2037
50,000 59,907 58,600 0.03
Government National Mortgage Association 1.70% 16/04/2046
282,743 280,444 269,545 0.12
Graphic Packaging International Inc 4.75% 15/04/2021
10,000 10,040 10,250 0.01
Group 1 Automotive Inc 5.00% 01/06/2022 2,000 2,000 1,990 0.00
Group 1 Automotive Inc 5.25% 15/12/2023 144A
5,000 5,000 4,975 0.00
HCA Inc 5.88% 01/05/2023 44,000 44,521 45,320 0.02
HCA Inc 5.38% 01/02/2025 11,000 11,225 10,890 0.01
HCA Inc 5.25% 15/04/2025 10,000 10,000 10,112 0.01
HD Supply Inc 11.50% 15/07/2020 10,000 10,748 11,112 0.01
HD Supply Inc 5.25% 15/12/2021 144A 6,000 6,000 6,135 0.00
HealthSouth Corp 5.75% 01/11/2024 144A 3,000 3,014 2,865 0.00
HealthSouth Corp 5.75% 15/09/2025 144A 2,000 2,000 1,880 0.00
Hewlett Packard Enterprise Co 4.90% 15/10/2025 144A
100,000 98,834 98,353 0.04
HP Inc 4.65% 09/12/2021 50,000 50,693 49,862 0.02
Hilton USA Trust 2013-HLT 2.66% 05/11/2030
110,000 110,000 110,251 0.05
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 5.63% 15/10/2021
16,000 16,532 16,640 0.01
Hologic Inc 5.25% 15/07/2022 144A 7,000 7,019 7,193 0.00
Home Depot Inc/The 3.75% 15/02/2024 50,000 50,562 53,255 0.02
Hospitality Properties Trust 4.50% 15/06/2023
20,000 19,983 19,931 0.01
Hub Holdings LLC / Hub Holdings Finance Inc 8.13% 15/07/2019 144A
1,000 996 940 0.00
HUB International Ltd 7.88% 01/10/2021 144A
15,000 15,258 13,537 0.01
Huntington Ingalls Industries Inc 5.00% 15/12/2021 144A
3,000 3,000 3,075 0.00
Icahn Enterprises LP / Icahn Enterprises Finance Corp 5.88% 01/02/2022
5,000 5,127 4,938 0.00
IHS Inc 5.00% 01/11/2022 5,000 5,032 5,075 0.00
Illinois Tool Works Inc 3.38% 15/09/2021 50,000 50,000 51,360 0.02
IMS Health Inc 6.00% 01/11/2020 144A 12,000 12,338 12,345 0.01
Indiana Michigan Power Co 3.20% 15/03/2023
360,000 363,038 355,541 0.16
Infor US Inc 5.75% 15/08/2020 144A 2,000 1,981 2,030 0.00
International Business Machines Corp 5.70% 14/09/2017
100,000 107,700 107,299 0.05
International Lease Finance Corp 4.63% 15/04/2021
18,000 17,319 18,495 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
104
Nominal holding Cost Market Value % of Net assetsUSD USD
International Lease Finance Corp 8.63% 15/01/2022
15,000 15,698 18,225 0.01
Interval Acquisition Corp 5.63% 15/04/2023 144A
9,000 9,029 8,989 0.00
iStar Inc 5.00% 01/07/2019 17,000 16,897 16,745 0.01
Jaguar Holding Co II / Pharmaceutical Product Development LLC 6.38% 01/08/2023 144A
13,000 13,000 12,724 0.01
Jarden Corp 5.00% 15/11/2023 144A 3,000 3,000 3,083 0.00
Jefferies Group LLC 6.50% 20/01/2043 25,000 25,797 23,262 0.01
Johnson Controls Inc 4.25% 01/03/2021 50,000 49,776 51,601 0.02
JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC16 5.55% 12/05/2045
110,391 121,051 112,293 0.05
JPMorgan Chase & Co 3.13% 23/01/2025 265,000 265,514 258,251 0.12
Kansas City Southern 4.95% 15/08/2045 144A
25,000 25,302 24,408 0.01
Kimco Realty Corp 3.40% 01/11/2022 10,000 9,934 9,936 0.01
Kinder Morgan Energy Partners LP 3.95% 01/09/2022
170,000 168,795 148,253 0.07
Kinder Morgan Energy Partners LP 3.45% 15/02/2023
85,000 83,169 70,745 0.03
Kinder Morgan Inc/DE 4.30% 01/06/2025 75,000 74,730 64,922 0.03
Kraft Heinz Foods Co 3.50% 15/07/2022 144A
50,000 49,890 50,450 0.02
Kraft Heinz Foods Co 5.20% 15/07/2045 144A
85,000 85,126 89,153 0.04
Kroger Co/The 3.40% 15/04/2022 50,000 50,123 50,719 0.02
L Brands Inc 5.63% 15/02/2022 15,000 15,623 15,975 0.01
L-3 Communications Corp 4.95% 15/02/2021
35,000 37,601 36,043 0.02
Lamar Media Corp 5.38% 15/01/2024 7,000 7,045 7,254 0.00
Laredo Petroleum Inc 5.63% 15/01/2022 19,000 18,778 16,625 0.01
Laredo Petroleum Inc 7.38% 01/05/2022 24,000 25,968 22,200 0.01
Laredo Petroleum Inc 6.25% 15/03/2023 6,000 6,000 5,190 0.00
LB-UBS Commercial Mortgage Trust 2007-C2 FRN 15/02/2040
100,000 106,549 103,526 0.05
Level 3 Communications Inc 5.75% 01/12/2022
7,000 7,000 7,175 0.00
Level 3 Financing Inc 7.00% 01/06/2020 2,000 2,026 2,100 0.00
Level 3 Financing Inc 6.13% 15/01/2021 6,000 6,000 6,240 0.00
Level 3 Financing Inc 5.38% 15/08/2022 6,000 5,963 6,120 0.00
Level 3 Financing Inc 5.38% 15/01/2024 144A
5,000 5,000 5,050 0.00
Level 3 Financing Inc 5.38% 01/05/2025 144A
9,000 9,000 8,978 0.00
Liberty Mutual Group Inc 5.00% 01/06/2021 144A
50,000 49,618 53,615 0.02
Liberty Mutual Group Inc 4.95% 01/05/2022 144A
85,000 89,659 90,098 0.04
Liberty Mutual Group Inc 4.25% 15/06/2023 144A
220,000 221,886 224,500 0.10
LifePoint Health Inc 5.50% 01/12/2021 12,000 12,256 12,240 0.01
Lockheed Martin Corp 3.35% 15/09/2021 50,000 49,913 51,136 0.02
Loews Corp 2.63% 15/05/2023 90,000 89,705 85,547 0.04
LTF Merger Sub Inc 8.50% 15/06/2023 144A 6,000 6,000 5,760 0.00
Masco Corp 4.45% 01/04/2025 8,000 8,000 7,950 0.00
Mastr Resecuritization Trust 2008-1 6.00% 27/09/2037
270,937 253,209 241,459 0.11
Mastr Resecuritization Trust 2008-4 FRN 27/06/2036
357,314 304,615 313,616 0.14
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
105
Nominal holding Cost Market Value % of Net assetsUSD USD
McDonald’s Corp 2.63% 15/01/2022 50,000 50,245 48,852 0.02
McDonald’s Corp 3.70% 30/01/2026 45,000 44,855 44,902 0.02
MEDNAX Inc 5.25% 01/12/2023 144A 5,000 5,000 5,038 0.00
Medtronic Inc 3.50% 15/03/2025 225,000 224,455 228,088 0.10
Merck & Co Inc 2.40% 15/09/2022 50,000 46,645 48,921 0.02
Meritage Homes Corp 7.15% 15/04/2020 2,000 2,090 2,118 0.00
Meritage Homes Corp 7.00% 01/04/2022 14,000 14,737 14,753 0.01
MetLife Inc 4.75% 08/02/2021 100,000 106,603 109,692 0.05
MetLife Inc 4.37% 15/09/2023 325,000 330,886 351,250 0.16
MGM Resorts International 6.75% 01/10/2020
4,000 4,308 4,130 0.00
MGM Resorts International 6.63% 15/12/2021
17,000 17,468 17,425 0.01
MGM Resorts International 6.00% 15/03/2023
2,000 2,000 1,990 0.00
Microsoft Corp 3.13% 03/11/2025 50,000 49,987 50,177 0.02
Microsoft Corp 3.50% 15/11/2042 50,000 44,377 44,426 0.02
Minnesota Housing Finance Agency 4.00% 01/07/2038
115,000 124,063 122,282 0.06
Molina Healthcare Inc 5.38% 15/11/2022 144A
8,000 8,071 8,040 0.00
Molson Coors Brewing Co 5.00% 01/05/2042
125,000 123,142 121,156 0.05
Morgan Stanley 5.50% 02/10/2017 50,000 65,144 59,210 0.03
Morgan Stanley 3.75% 25/02/2023 100,000 99,740 102,613 0.05
Morgan Stanley 4.00% 23/07/2025 90,000 92,810 92,922 0.04
Morgan Stanley Capital I Trust 2006-IQ12 5.32% 15/12/2043
80,054 87,490 81,979 0.04
MPH Acquisition Holdings LLC 6.63% 01/04/2022 144A
2,000 2,000 2,015 0.00
MPLX LP 5.50% 15/02/2023 144A 32,000 31,689 28,190 0.01
MPLX LP 4.50% 15/07/2023 144A 2,000 1,914 1,799 0.00
MPLX LP 4.88% 01/12/2024 144A 22,000 22,134 19,855 0.01
MSCI Inc 5.25% 15/11/2024 144A 8,000 8,058 8,140 0.00
MSCI Inc 5.75% 15/08/2025 144A 9,000 9,000 9,270 0.00
Municipal Electric Authority of Georgia 6.66% 01/04/2057
430,000 429,929 511,046 0.23
National Financial Partners Corp 9.00% 15/07/2021 144A
2,000 1,991 1,840 0.00
National Rural Utilities Cooperative Finance Corp 3.25% 01/11/2025
50,000 49,883 49,769 0.02
Navient Corp 8.45% 15/06/2018 7,000 7,342 7,385 0.00
Navient Corp 5.50% 15/01/2019 4,000 4,072 3,780 0.00
Navient Corp 5.00% 26/10/2020 6,000 5,573 5,310 0.00
Navient Corp 7.25% 25/01/2022 4,000 4,328 3,720 0.00
Navient Corp 6.13% 25/03/2024 10,000 9,907 8,200 0.00
Navient Corp 5.88% 25/10/2024 7,000 6,943 5,705 0.00
NBCUniversal Enterprise Inc 1.97% 15/04/2019 144A
150,000 150,776 150,001 0.07
NBCUniversal Media LLC 4.38% 01/04/2021 150,000 151,199 163,154 0.07
NBCUniversal Media LLC 4.45% 15/01/2043 185,000 180,583 181,696 0.08
NCR Corp 6.38% 15/12/2023 8,000 8,324 7,910 0.00
Nebraska Investment Finance Authority 4.50% 01/09/2043
45,000 47,592 45,827 0.02
Neptune Finco Corp 6.63% 15/10/2025 144A
13,000 13,064 13,553 0.01
Neptune Finco Corp 10.88% 15/10/2025 144A
13,000 13,032 13,683 0.01
Netflix Inc 5.50% 15/02/2022 144A 7,000 7,048 7,210 0.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
106
Nominal holding Cost Market Value % of Net assetsUSD USD
Netflix Inc 5.88% 15/02/2025 144A 22,000 22,503 22,660 0.01
Newfield Exploration Co 5.38% 01/01/2026 4,000 4,000 3,200 0.00
Newmont Mining Corp 3.50% 15/03/2022 50,000 44,879 44,651 0.02
Nielsen Finance LLC / Nielsen Finance Co 4.50% 01/10/2020
7,000 6,979 7,149 0.00
NiSource Finance Corp 5.45% 15/09/2020 80,000 89,227 87,768 0.04
Norfolk Southern Corp 4.84% 01/10/2041 55,000 55,000 53,740 0.02
Nortek Inc 8.50% 15/04/2021 14,000 15,054 14,595 0.01
North Dakota Housing Finance Agency 3.75% 01/07/2042
20,000 21,585 20,704 0.01
Northwest Pipeline LLC 7.00% 15/06/2016 65,000 64,492 66,641 0.03
Northwest Pipeline LLC 5.95% 15/04/2017 100,000 105,054 103,340 0.05
NRG Energy Inc 6.25% 15/07/2022 11,000 11,023 9,598 0.00
NRG Energy Inc 6.25% 01/05/2024 3,000 2,801 2,535 0.00
NRG Yield Operating LLC 5.38% 15/08/2024 16,000 16,172 13,340 0.01
Oasis Petroleum Inc 6.88% 15/01/2023 18,000 19,121 11,340 0.01
OBP Depositor LLC Trust 2010-OBP 4.65% 15/07/2045
1,000,000 1,081,082 1,086,365 0.48
Occidental Petroleum Corp 3.50% 15/06/2025
50,000 49,941 48,799 0.02
Omnicom Group Inc 3.63% 01/05/2022 50,000 50,222 50,619 0.02
OneMain Financial Holdings Inc 6.75% 15/12/2019 144A
4,000 4,000 4,075 0.00
OneMain Financial Holdings Inc 7.25% 15/12/2021 144A
7,000 7,061 7,035 0.00
ONEOK Partners LP 3.38% 01/10/2022 50,000 47,924 40,032 0.02
Oracle Corp 5.38% 15/07/2040 50,000 55,319 55,578 0.03
Oracle Corp 4.13% 15/05/2045 125,000 116,176 118,556 0.05
Outfront Media Capital LLC / Outfront Media Capital Corp 5.25% 15/02/2022
5,000 5,012 5,144 0.00
Outfront Media Capital LLC / Outfront Media Capital Corp 5.63% 15/02/2024
2,000 2,000 2,070 0.00
Outfront Media Capital LLC / Outfront Media Capital Corp 5.88% 15/03/2025
12,000 12,026 12,240 0.01
Overseas Private Investment Corp 3.49% 20/12/2029
9,488 9,488 9,743 0.00
Owens-Brockway Glass Container Inc 5.88% 15/08/2023 144A
4,000 3,970 4,085 0.00
Pacific Gas & Electric Co 3.85% 15/11/2023 90,000 91,802 94,001 0.04
Pacific Gas & Electric Co 5.40% 15/01/2040 50,000 51,742 56,681 0.03
Pacific Gas & Electric Co 4.75% 15/02/2044 99,000 102,531 103,316 0.05
Parsley Energy LLC / Parsley Finance Corp 7.50% 15/02/2022 144A
17,000 17,313 16,405 0.01
Penn National Gaming Inc 5.88% 01/11/2021 1,000 967 980 0.00
Penske Automotive Group Inc 5.75% 01/10/2022
7,000 7,189 7,236 0.00
Penske Automotive Group Inc 5.38% 01/12/2024
7,000 7,000 7,114 0.00
PepsiCo Inc 2.75% 05/03/2022 50,000 49,943 50,165 0.02
Pfizer Inc 5.75% 03/06/2021 50,000 70,825 68,421 0.03
Philip Morris International Inc 3.60% 15/11/2023
50,000 49,443 52,138 0.02
Phillips 66 Partners LP 3.61% 15/02/2025 50,000 50,402 43,987 0.02
Pinnacle Entertainment Inc 6.38% 01/08/2021
5,000 5,031 5,281 0.00
Plains All American Pipeline LP / PAA Finance Corp 2.85% 31/01/2023
110,000 100,794 90,794 0.04
Plains All American Pipeline LP / PAA Finance Corp 4.90% 15/02/2045
226,000 206,094 162,880 0.07
Plastipak Holdings Inc 6.50% 01/10/2021 144A
12,000 12,221 11,640 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
107
Nominal holding Cost Market Value % of Net assetsUSD USD
Platform Specialty Products Corp 10.38% 01/05/2021 144A
4,000 4,000 4,000 0.00
Platform Specialty Products Corp 6.50% 01/02/2022 144A
4,000 4,064 3,470 0.00
PNC Funding Corp 3.30% 08/03/2022 100,000 102,264 102,073 0.05
Post Holdings Inc 7.38% 15/02/2022 4,000 4,170 4,185 0.00
Post Holdings Inc 7.75% 15/03/2024 144A 8,000 8,000 8,440 0.00
PPL Capital Funding Inc 3.40% 01/06/2023 285,000 284,781 282,689 0.13
PQ Corp 8.75% 01/05/2018 144A 34,000 35,115 33,150 0.02
Progress Energy Inc 3.15% 01/04/2022 95,000 97,333 94,067 0.04
Prologis LP 3.75% 01/11/2025 95,000 94,479 94,263 0.04
Provident Funding Associates LP / PFG Finance Corp 6.75% 15/06/2021 144A
19,000 19,098 18,478 0.01
Prudential Financial Inc 6.63% 21/06/2040 50,000 52,367 62,376 0.03
QUALCOMM Inc 4.65% 20/05/2035 50,000 49,788 46,517 0.02
Qualitytech LP/QTS Finance Corp 5.88% 01/08/2022
5,000 4,970 5,119 0.00
Quicken Loans Inc 5.75% 01/05/2025 144A 8,000 8,022 7,660 0.00
Quintiles Transnational Corp 4.88% 15/05/2023 144A
7,000 7,000 7,070 0.00
Range Resources Corp 5.00% 15/03/2023 7,000 7,220 5,268 0.00
Reynolds American Inc 4.45% 12/06/2025 145,000 146,042 151,999 0.07
Reynolds American Inc 5.85% 15/08/2045 95,000 97,232 105,731 0.05
Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 7.88% 15/08/2019 144A
22,000 22,159 22,853 0.01
Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 9.88% 15/08/2019 144A
17,000 16,637 17,149 0.01
Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 8.25% 15/02/2021
5,000 5,060 4,856 0.00
RHP Hotel Properties LP / RHP Finance Corp 5.00% 15/04/2023
2,000 2,000 2,020 0.00
Rite Aid Corp 9.25% 15/03/2020 5,000 5,441 5,306 0.00
Rite Aid Corp 6.13% 01/04/2023 144A 19,000 19,136 19,689 0.01
Rite Aid Corp 7.70% 15/02/2027 4,000 3,658 4,685 0.00
Riverbed Technology Inc 8.88% 01/03/2023 144A
10,000 9,076 9,300 0.00
Roche Holdings Inc 2.25% 30/09/2019 144A 200,000 203,643 201,152 0.09
Rose Rock Midstream LP / Rose Rock Finance Corp 5.63% 15/11/2023 144A
7,000 6,900 5,040 0.00
RSI Home Products Inc 6.50% 15/03/2023 144A
4,000 4,000 4,140 0.00
RSP Permian Inc 6.63% 01/10/2022 3,000 3,000 2,775 0.00
RSP Permian Inc 6.63% 01/10/2022 144A 5,000 4,983 4,625 0.00
Sabine Pass Liquefaction LLC 5.63% 01/03/2025 144A
14,000 13,834 11,970 0.01
Sally Holdings LLC / Sally Capital Inc 5.63% 01/12/2025
2,000 2,000 2,050 0.00
San Diego Gas & Electric Co 3.00% 15/08/2021
50,000 49,836 51,107 0.02
SBA Communications Corp 4.88% 15/07/2022
7,000 6,783 6,930 0.00
SBA Telecommunications Inc 5.75% 15/07/2020
12,000 12,299 12,615 0.01
Schlumberger Holdings Corp 4.00% 21/12/2025 144A
80,000 79,948 79,103 0.04
Scientific Games International Inc 7.00% 01/01/2022 144A
22,000 21,815 21,010 0.01
Scientific Games International Inc 10.00% 01/12/2022
8,000 7,302 5,720 0.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
108
Nominal holding Cost Market Value % of Net assetsUSD USD
Scotts Miracle-Gro Co/The 6.00% 15/10/2023 144A
8,000 8,145 8,380 0.00
Scripps Networks Interactive Inc 3.95% 15/06/2025
370,000 362,107 354,614 0.16
Sempra Energy 4.05% 01/12/2023 60,000 62,409 61,987 0.03
Serta Simmons Bedding LLC 8.13% 01/10/2020 144A
11,000 11,219 11,523 0.01
Service Corp International/US 5.38% 15/01/2022
13,000 13,261 13,390 0.01
Signode Industrial Group Lux SA/Signode Industrial Group US Inc 6.38% 01/05/2022 144A
1,000 1,013 855 0.00
Simon Property Group LP 2.20% 01/02/2019
50,000 50,021 50,276 0.02
Sirius XM Radio Inc 5.38% 15/04/2025 144A 7,000 7,000 7,061 0.00
SM Energy Co 6.13% 15/11/2022 6,000 6,000 4,440 0.00
SM Energy Co 5.00% 15/01/2024 2,000 2,000 1,340 0.00
SM Energy Co 5.63% 01/06/2025 3,000 3,000 2,010 0.00
Southern California Edison Co 5.95% 01/02/2038
50,000 54,956 61,269 0.03
Southern Co/The 2.15% 01/09/2019 50,000 50,054 49,009 0.02
Southern Copper Corp 6.75% 16/04/2040 50,000 54,302 43,002 0.02
Southern Natural Gas Co LLC 5.90% 01/04/2017 144A
966,000 985,254 982,595 0.44
Spectrum Brands Inc 6.38% 15/11/2020 7,000 7,117 7,438 0.00
Spectrum Brands Inc 6.63% 15/11/2022 13,000 13,703 13,748 0.01
Spectrum Brands Inc 5.75% 15/07/2025 144A
7,000 7,000 7,210 0.00
Springleaf Finance Corp 6.90% 15/12/2017 6,000 6,307 6,195 0.00
Springleaf Finance Corp 7.75% 01/10/2021 6,000 6,107 5,933 0.00
Springleaf Finance Corp 8.25% 01/10/2023 4,000 4,000 4,070 0.00
Springs Industries Inc 6.25% 01/06/2021 8,000 7,961 7,960 0.00
Sprint Communications Inc 9.00% 15/11/2018 144A
18,000 19,028 18,945 0.01
Sprint Communications Inc 7.00% 01/03/2020 144A
2,000 2,047 2,020 0.00
Sprint Corp 7.13% 15/06/2024 8,000 7,657 5,810 0.00
Sprint Corp 7.63% 15/02/2025 9,000 9,000 6,660 0.00
State of California 7.60% 01/11/2040 80,000 112,985 118,820 0.05
Sterigenics-Nordion Holdings LLC 6.50% 15/05/2023 144A
4,000 4,000 3,830 0.00
Surgical Care Affiliates Inc 6.00% 01/04/2023 144A
4,000 4,000 3,910 0.00
Synovus Financial Corp 7.88% 15/02/2019 18,000 19,342 19,980 0.01
TAL Advantage V LLC 2.83% 22/02/2038 179,167 179,141 178,290 0.08
Talen Energy Supply LLC 6.50% 01/06/2025 144A
9,000 9,054 5,940 0.00
Targa Resources Partners LP / Targa Resources Partners Finance Corp 5.00% 15/01/2018 144A
10,000 10,000 9,275 0.00
Targa Resources Partners LP / Targa Resources Partners Finance Corp 4.13% 15/11/2019
4,000 4,000 3,350 0.00
Targa Resources Partners LP / Targa Resources Partners Finance Corp 4.25% 15/11/2023
15,000 14,189 11,625 0.01
Targa Resources Partners LP / Targa Resources Partners Finance Corp 6.75% 15/03/2024 144A
7,000 7,000 5,985 0.00
Target Corp 2.30% 26/06/2019 50,000 50,304 50,605 0.02
Taylor Morrison Communities Inc / Monarch Communities Inc 5.25% 15/04/2021 144A
7,000 6,792 7,018 0.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
109
Nominal holding Cost Market Value % of Net assetsUSD USD
Teachers Insurance & Annuity Association of America 4.90% 15/09/2044 144A
165,000 170,110 167,011 0.08
TEGNA Inc 4.88% 15/09/2021 144A 4,000 3,968 4,035 0.00
TEGNA Inc 6.38% 15/10/2023 2,000 2,118 2,115 0.00
Tempur Sealy International Inc 6.88% 15/12/2020
3,000 3,152 3,158 0.00
Tempur Sealy International Inc 5.63% 15/10/2023 144A
5,000 5,000 5,106 0.00
Tenet Healthcare Corp 6.00% 01/10/2020 14,000 14,426 14,735 0.01
Tenet Healthcare Corp 8.13% 01/04/2022 5,000 5,379 4,975 0.00
Tenet Healthcare Corp 6.75% 15/06/2023 13,000 13,073 11,993 0.01
Tennessee Valley Authority 3.88% 15/02/2021
150,000 156,679 163,657 0.07
Tennessee Valley Authority 5.25% 15/09/2039
25,000 27,246 30,350 0.01
Tennessee Valley Authority 3.50% 15/12/2042
37,000 36,039 34,006 0.02
Tesoro Logistics LP / Tesoro Logistics Finance Corp 5.50% 15/10/2019 144A
2,000 2,000 1,950 0.00
Tesoro Logistics LP / Tesoro Logistics Finance Corp 6.25% 15/10/2022 144A
6,000 6,026 5,715 0.00
Thermo Fisher Scientific Inc 3.60% 15/08/2021
50,000 49,939 50,778 0.02
Thermo Fisher Scientific Inc 4.15% 01/02/2024
25,000 25,066 26,017 0.01
TIAA Asset Management Finance Co LLC 4.13% 01/11/2024 144A
50,000 51,136 50,329 0.02
Time Warner Cable Inc 7.30% 01/07/2038 25,000 28,794 27,235 0.01
Time Warner Cable Inc 4.50% 15/09/2042 20,000 19,291 15,795 0.01
Time Warner Inc 6.25% 29/03/2041 90,000 108,554 100,389 0.05
T-Mobile USA Inc 6.54% 28/04/2020 4,000 4,000 4,165 0.00
T-Mobile USA Inc 6.13% 15/01/2022 3,000 3,000 3,090 0.00
T-Mobile USA Inc 6.73% 28/04/2022 3,000 3,128 3,139 0.00
T-Mobile USA Inc 6.00% 01/03/2023 10,000 10,000 10,150 0.01
T-Mobile USA Inc 6.63% 01/04/2023 9,000 9,071 9,214 0.00
T-Mobile USA Inc 6.84% 28/04/2023 2,000 1,969 2,078 0.00
T-Mobile USA Inc 6.50% 15/01/2024 7,000 7,248 7,158 0.00
T-Mobile USA Inc 6.38% 01/03/2025 6,000 6,023 6,083 0.00
T-Mobile USA Inc 6.50% 15/01/2026 11,000 11,062 11,124 0.01
Toll Brothers Finance Corp 4.88% 15/11/2025
4,000 4,000 3,950 0.00
TransDigm Inc 7.50% 15/07/2021 5,000 5,248 5,200 0.00
TransDigm Inc 6.00% 15/07/2022 2,000 2,000 1,968 0.00
TransDigm Inc 6.50% 15/07/2024 5,000 5,000 5,000 0.00
TransDigm Inc 6.50% 15/05/2025 144A 4,000 4,000 3,900 0.00
Travelers Cos Inc/The 5.35% 01/11/2040 50,000 48,134 58,123 0.03
United Rentals North America Inc 7.63% 15/04/2022
9,000 9,699 9,596 0.00
United States Treasury Inflation Indexed Bonds 0.13% 15/04/2020
243,751 242,689 240,806 0.11
United States Treasury Inflation Indexed Bonds 0.63% 15/01/2024
499,472 495,362 493,715 0.22
United States Treasury Inflation Indexed Bonds 0.25% 15/01/2025
682,836 671,039 651,506 0.29
United States Treasury Inflation Indexed Bonds 2.38% 15/01/2025
44,162 48,580 50,190 0.02
United States Treasury Inflation Indexed Bonds 0.38% 15/07/2025
692,029 678,555 669,802 0.30
United States Treasury Inflation Indexed Bonds 1.38% 15/02/2044
229,617 252,336 233,309 0.10
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
110
Nominal holding Cost Market Value % of Net assetsUSD USD
United States Treasury Inflation Indexed Bonds 0.75% 15/02/2045
374,515 328,797 327,469 0.15
United States Treasury Note/Bond 2.75% 30/11/2016
950,000 969,183 966,668 0.43
United States Treasury Note/Bond 1.00% 31/03/2017
645,000 646,521 646,148 0.29
United States Treasury Note/Bond 4.50% 15/05/2017
1,940,000 2,025,865 2,033,498 0.91
United States Treasury Note/Bond 1.38% 28/02/2019
1,500,000 1,514,983 1,499,235 0.67
United States Treasury Note/Bond 1.63% 31/08/2019
370,000 372,589 371,106 0.17
United States Treasury Note/Bond 1.50% 30/11/2019
2,000,000 1,992,881 1,992,782 0.89
United States Treasury Note/Bond 1.63% 31/12/2019
925,000 936,475 925,089 0.41
United States Treasury Note/Bond 1.25% 31/01/2020
1,550,000 1,533,124 1,526,416 0.68
United States Treasury Note/Bond 3.63% 15/02/2020
360,000 385,620 388,387 0.17
United States Treasury Note/Bond 1.63% 30/06/2020
930,000 928,462 926,322 0.41
United States Treasury Note/Bond 1.38% 31/08/2020
500,000 494,727 492,086 0.22
United States Treasury Note/Bond 1.38% 30/09/2020
400,000 397,249 393,170 0.18
United States Treasury Note/Bond 1.75% 30/04/2022
400,000 397,455 393,621 0.18
United States Treasury Note/Bond 1.75% 15/05/2022
430,000 422,068 422,941 0.19
United States Treasury Note/Bond 1.88% 31/10/2022
470,000 466,253 463,979 0.21
United States Treasury Note/Bond 1.75% 15/05/2023
460,000 427,317 448,074 0.20
United States Treasury Note/Bond 2.13% 15/05/2025
550,000 542,104 542,638 0.24
United States Treasury Note/Bond 2.25% 15/11/2025
200,000 199,571 199,574 0.09
United States Treasury Note/Bond 6.00% 15/02/2026
200,000 257,582 266,897 0.12
United States Treasury Note/Bond 6.13% 15/11/2027
150,000 195,151 207,516 0.09
United States Treasury Note/Bond 5.38% 15/02/2031
330,000 389,217 447,057 0.20
United States Treasury Note/Bond 3.75% 15/08/2041
485,000 549,875 556,656 0.25
United States Treasury Note/Bond 2.88% 15/05/2043
1,605,000 1,357,817 1,563,235 0.70
United States Treasury Note/Bond 3.63% 15/08/2043
340,000 379,058 382,586 0.17
United States Treasury Note/Bond 3.38% 15/05/2044
300,000 301,548 321,590 0.14
United States Treasury Note/Bond 2.50% 15/02/2045
5,945,000 5,461,647 5,326,752 2.38
United States Treasury Note/Bond 3.00% 15/05/2045
250,000 248,537 248,498 0.11
United States Treasury Note/Bond 3.00% 15/11/2045
1,395,000 1,416,786 1,389,019 0.62
United Technologies Corp 3.10% 01/06/2022
50,000 52,446 51,005 0.02
UnitedHealth Group Inc 4.63% 15/07/2035 25,000 24,997 26,114 0.01
UnitedHealth Group Inc 6.63% 15/11/2037 50,000 54,766 64,021 0.03
Universal Health Services Inc 4.75% 01/08/2022 144A
14,000 14,037 14,175 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
111
Nominal holding Cost Market Value % of Net assetsUSD USD
Univision Communications Inc 5.13% 15/05/2023 144A
11,000 11,000 10,670 0.01
Univision Communications Inc 5.13% 15/02/2025 144A
19,000 19,125 18,145 0.01
USG Corp 5.88% 01/11/2021 144A 8,000 8,151 8,360 0.00
Utility Debt Securitization Authority 2.04% 15/06/2021
100,000 99,999 100,132 0.05
Valeant Pharmaceuticals International 6.38% 15/10/2020 144A
41,000 42,120 39,668 0.02
Valspar Corp/The 3.95% 15/01/2026 25,000 25,297 24,928 0.01
VeriSign Inc 4.63% 01/05/2023 5,000 4,904 4,925 0.00
VeriSign Inc 5.25% 01/04/2025 7,000 7,000 7,053 0.00
Verizon Communications Inc 6.35% 01/04/2019
50,000 54,348 56,289 0.03
Verizon Communications Inc 2.63% 21/02/2020
50,000 50,130 50,275 0.02
Verizon Communications Inc 5.15% 15/09/2023
50,000 49,875 54,935 0.03
Verizon Communications Inc 4.27% 15/01/2036
342,000 334,934 309,761 0.14
Verizon Communications Inc 3.85% 01/11/2042
203,000 176,781 168,046 0.08
Verizon Communications Inc 4.52% 15/09/2048
154,000 148,324 138,279 0.06
Verizon Communications Inc 4.67% 15/03/2055
15,000 13,239 13,062 0.01
Virginia Electric & Power Co 5.95% 15/09/2017
50,000 52,652 53,772 0.02
Visa Inc 3.15% 14/12/2025 100,000 99,636 100,381 0.05
Wachovia Bank Commercial Mortgage Trust Series 2007-C32 FRN 15/03/2016
50,000 57,097 51,792 0.02
Walgreens Boots Alliance Inc 4.50% 18/11/2034
50,000 52,182 45,790 0.02
Wal-Mart Stores Inc 5.63% 01/04/2040 50,000 54,110 59,230 0.03
Walt Disney Co/The 2.55% 15/02/2022 25,000 24,981 25,162 0.01
WEA Finance LLC / Westfield UK & Europe Finance Plc 3.75% 17/09/2024 144A
200,000 199,352 199,183 0.09
Wells Fargo & Co 4.60% 01/04/2021 75,000 82,238 81,842 0.04
Wells Fargo & Co 3.30% 09/09/2024 100,000 99,674 99,437 0.04
Wells Fargo & Co 5.61% 15/01/2044 25,000 28,500 27,877 0.01
Wells Fargo Capital X 5.95% 15/12/2036 25,000 23,456 25,344 0.01
WhiteWave Foods Co/The 5.38% 01/10/2022
9,000 9,109 9,540 0.00
Whiting Petroleum Corp 5.75% 15/03/2021 17,000 17,190 12,580 0.01
Whiting Petroleum Corp 6.25% 01/04/2023 7,000 6,672 5,145 0.00
Williams Partners LP 5.25% 15/03/2020 190,000 205,853 176,624 0.08
Williams Partners LP 3.90% 15/01/2025 50,000 49,813 37,652 0.02
Windstream Services LLC 7.75% 15/10/2020 5,000 5,249 4,250 0.00
WR Grace & Co-Conn 5.13% 01/10/2021 144A
11,000 11,276 11,192 0.01
Yum! Brands Inc 3.88% 01/11/2023 75,000 74,783 66,630 0.03
Zayo Group LLC / Zayo Capital Inc 10.13% 01/07/2020
4,000 4,144 4,330 0.00
Zayo Group LLC / Zayo Capital Inc 6.00% 01/04/2023
18,000 18,072 17,100 0.01
Zayo Group LLC / Zayo Capital Inc 6.38% 15/05/2025
2,000 2,000 1,873 0.00
Zebra Technologies Corp 7.25% 15/10/2022 10,000 10,068 10,500 0.01
ZF North America Capital Inc 4.75% 29/04/2025 144A
20,000 20,163 19,125 0.01
Zimmer Biomet Holdings Inc 3.55% 01/04/2025
140,000 139,697 136,171 0.06
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Bond Fund as at 31 December 2015
112
Nominal holding Cost Market Value % of Net assetsUSD USD
Total United States 32.54% 73,008,525 32.54UruguayUruguay Government International Bond 5.10% 18/06/2050
70,000 69,497 60,550 0.03
Total Uruguay 0.03% 60,550 0.03Total Bonds 95.70% 214,698,533 95.70
Investment Companies
Nominal holding Cost Market Value % of Net assetsUSD USD
IrelandInstitutional Cash Series Plc - Institutional US Dollar Liquidity Fund
7,835,414 7,807,435 7,835,414 3.49
Total Ireland 3.49% 7,835,414 3.49LuxembourgCapital Group Global High Income Opportunities
58,859 2,369,253 2,284,314 1.02
Total Luxembourg 1.02% 2,284,314 1.02Total Investment Companies 4.51% 10,119,728 4.51Total Investments 239,531,137 224,818,261 100.21Net current liabilities* (475,986) (0.21)
Net Assets Attributable to the Holder of Redeemable Participating Shares
224,342,275 100.00
*Net current liabilities include derivative positions. Please refer to note 12 for details of these.
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
113
Transferable securities listed on an exchange or dealt in on another regulated market
Common Stock
Nominal holding Cost Market Value % of Net assetsUSD USD
AustraliaAGL Energy Ltd 7,726 109,292 101,659 0.01
ALS Ltd 6,574 53,107 18,104 0.00
Amcor Ltd/Australia 13,138 122,251 128,565 0.01
AMP Ltd 23,728 102,678 100,733 0.01
Ansell Ltd 8,888 140,890 138,741 0.01
APA Group 11,801 64,212 74,612 0.01
ARB Corp Ltd 4,193 47,708 49,314 0.00
Arrium Ltd 71,183 88,608 2,978 0.00
Asciano Ltd 24,433 146,982 155,634 0.01
Aurizon Holdings Ltd 21,646 95,000 68,901 0.01
Australia & New Zealand Banking Group Ltd 39,166 1,105,035 795,887 0.06
Bank of Queensland Ltd 15,051 143,983 152,760 0.01
Bendigo & Adelaide Bank Ltd 8,016 76,231 69,753 0.01
BHP Billiton Ltd 45,910 1,355,893 596,568 0.04
Boral Ltd 12,600 56,053 54,271 0.00
Brambles Ltd 52,483 443,647 442,180 0.03
Breville Group Ltd 5,821 47,158 31,552 0.00
Cardno Ltd 11,823 40,660 10,021 0.00
carsales.com Ltd 4,599 49,011 39,099 0.00
Challenger Ltd/Australia 17,522 87,567 110,847 0.01
CIMIC Group Ltd 3,657 66,298 64,562 0.01
Coca-Cola Amatil Ltd 5,015 56,521 33,988 0.00
Cochlear Ltd 110,003 5,785,016 7,650,476 0.54
Commonwealth Bank of Australia 17,743 1,204,370 1,104,057 0.08
Computershare Ltd 5,129 48,552 43,437 0.00
Credit Corp Group Ltd 5,050 48,062 38,248 0.00
Crown Resorts Ltd 3,300 48,685 29,964 0.00
CSL Ltd 2,681 189,480 205,701 0.02
Dexus Property Group 10,383 66,613 56,733 0.01
Goodman Group 15,800 77,399 72,307 0.01
GPT Group 21,571 71,034 75,097 0.01
GrainCorp Ltd 4,155 48,115 26,119 0.00
GUD Holdings Ltd 8,402 48,016 51,930 0.00
Iluka Resources Ltd 4,563 49,540 20,384 0.00
Incitec Pivot Ltd 102,529 280,976 296,148 0.02
InvoCare Ltd 4,788 49,200 41,855 0.00
IOOF Holdings Ltd 5,863 49,182 40,631 0.00
Iress Ltd 5,566 47,722 40,516 0.00
JB Hi-Fi Ltd 3,479 55,754 49,384 0.00
LendLease Group 10,256 95,989 106,444 0.01
M2 Group Ltd 8,630 50,131 71,925 0.01
Macquarie Group Ltd 3,898 179,158 234,725 0.02
McMillan Shakespeare Ltd 4,217 46,612 40,852 0.00
Mineral Resources Ltd 4,309 47,710 12,587 0.00
Mirvac Group 38,538 61,317 55,587 0.00
Monadelphous Group Ltd 2,700 48,342 12,936 0.00
National Australia Bank Ltd 35,988 1,105,859 791,661 0.06
Navitas Ltd 8,942 48,144 30,448 0.00
Newcrest Mining Ltd 14,536 166,450 137,275 0.01
Nufarm Ltd/Australia 30,202 115,467 184,031 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
114
Nominal holding Cost Market Value % of Net assetsUSD USD
Orica Ltd 18,134 364,587 204,304 0.02
Perpetual Ltd 1,389 48,414 47,184 0.00
Premier Investments Ltd 6,376 49,425 66,012 0.01
Qantas Airways Ltd 59,160 79,895 176,260 0.01
Ramsay Health Care Ltd 1,433 49,007 70,761 0.01
Recall Holdings Ltd 2,155 7,950 10,920 0.00
Sandfire Resources NL 7,921 48,533 32,359 0.00
Santos Ltd 17,106 167,144 45,738 0.00
SEEK Ltd 62,296 756,132 696,862 0.05
Shopping Centres Australasia Property Group
34,141 48,403 53,033 0.00
Sims Metal Management Ltd 5,198 50,061 27,400 0.00
Sonic Healthcare Ltd 626,985 8,438,909 8,163,198 0.58
Spark Infrastructure Group 113,987 185,649 159,646 0.01
Stockland 28,723 102,578 85,890 0.01
Suncorp Group Ltd 18,527 188,949 163,777 0.01
Super Retail Group Ltd 4,098 48,693 34,005 0.00
Sydney Airport 3,389 10,902 15,682 0.00
Tatts Group Ltd 18,454 53,323 58,741 0.01
Transurban Group 212 1,335 1,616 0.00
Tronox Ltd 6,200 122,716 24,211 0.00
Vicinity Centres 22,173 49,833 45,412 0.00
Wesfarmers Ltd 13,290 512,990 402,389 0.03
Westpac Banking Corp 41,999 1,242,618 1,025,798 0.07
WorleyParsons Ltd 295,667 7,730,009 998,142 0.07
Total Australia 1.94% 27,371,527 1.94AustriaErste Group Bank AG 11,650 322,773 366,502 0.03
IMMOFINANZ AG 53,700 155,141 122,969 0.01
OMV AG 4,173 193,557 118,349 0.01
Raiffeisen Bank International AG 14,743 368,891 219,011 0.01
Schoeller-Bleckmann Oilfield Equipment AG
1,700 123,251 93,675 0.01
Voestalpine AG 2,831 135,108 87,386 0.01
Zumtobel Group AG 3,300 47,434 83,625 0.00
Total Austria 0.08% 1,091,517 0.08BelgiumAblynx NV 8,600 100,084 148,798 0.01
Anheuser-Busch InBev SA/NV 6,276 624,429 780,792 0.06
Barco NV 1,000 75,113 66,944 0.00
Befimmo SA 3,162 224,695 189,366 0.01
Cofinimmo SA 568 63,524 60,903 0.00
Colruyt SA 1,648 97,107 85,023 0.01
Delhaize Group 30,000 2,851,889 2,927,160 0.21
D’ieteren SA/NV 3,000 114,098 112,025 0.01
Groupe Bruxelles Lambert SA 3,522 334,037 301,888 0.02
KBC Groep NV 47,282 2,727,768 2,966,711 0.21
Kinepolis Group NV 3,680 140,907 165,741 0.01
Proximus SADP 3,815 95,476 124,349 0.01
UCB SA 4,105 317,902 371,503 0.03
Umicore SA 2,237 109,343 94,165 0.01
Total Belgium 0.60% 8,395,368 0.60BermudaAPT Satellite Holdings Ltd 65,800 61,315 53,021 0.00
Arch Capital Group Ltd 1,200 63,528 83,724 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
115
Nominal holding Cost Market Value % of Net assetsUSD USD
Aspen Insurance Holdings Ltd 820 41,480 39,622 0.00
Assured Guaranty Ltd 2,800 74,613 74,018 0.01
Axis Capital Holdings Ltd 2,300 99,245 129,341 0.01
Belmond Ltd 140,482 1,766,887 1,335,281 0.10
Brilliance China Automotive Holdings Ltd 45,900 60,375 57,714 0.00
Bunge Ltd 3,500 272,834 239,068 0.02
Cafe de Coral Holdings Ltd 16,000 50,097 47,018 0.00
Cheung Kong Infrastructure Holdings Ltd 124,000 913,373 1,146,777 0.08
Chow Sang Sang Holdings International Ltd 30,200 61,982 49,800 0.00
COSCO Pacific Ltd 28,000 40,769 30,817 0.00
Digital China Holdings Ltd 28,000 33,816 32,172 0.00
Endurance Specialty Holdings Ltd 1,100 56,567 70,405 0.01
Enstar Group Ltd 400 55,725 60,006 0.00
Esprit Holdings Ltd 1,370,179 2,127,751 1,512,471 0.11
Everest Re Group Ltd 800 110,468 146,568 0.01
First Pacific Co Ltd/Hong Kong 78,000 61,105 51,831 0.00
Fly Leasing Ltd ADR 8,700 117,746 118,581 0.01
Genting Hong Kong Ltd 117,200 47,887 37,797 0.00
Global Brands Group Holding Ltd 3,377,057 666,524 642,718 0.05
Golar LNG Ltd 21,200 877,119 334,854 0.02
GOME Electrical Appliances Holding Ltd 322,000 39,168 53,389 0.00
Great Eagle Holdings Ltd 18,600 60,032 60,539 0.01
Haier Electronics Group Co Ltd 26,700 61,455 54,122 0.00
HAL Trust 2,759 441,654 495,544 0.04
Hongkong Land Holdings Ltd 5,000 34,591 35,025 0.00
Huabao International Holdings Ltd 1,205,874 935,056 441,108 0.03
Invesco Ltd 3,600 111,726 120,600 0.01
Jardine Matheson Holdings Ltd 108,720 6,459,974 5,301,731 0.38
Jardine Strategic Holdings Ltd 70,317 2,579,409 1,924,928 0.14
Johnson Electric Holdings Ltd 60,033 213,174 206,045 0.02
Kerry Logistics Network Ltd 40,500 59,838 59,103 0.00
Kerry Properties Ltd 17,000 61,539 46,557 0.00
Kunlun Energy Co Ltd 95,700 154,492 85,140 0.01
Lazard Ltd 41,712 2,246,143 1,876,206 0.13
Luk Fook Holdings International Ltd 21,300 60,775 45,100 0.00
Luye Pharma Group Ltd 59,000 61,119 61,473 0.01
Man Wah Holdings Ltd 415,353 350,716 489,035 0.04
Marvell Technology Group Ltd 6,200 77,779 54,653 0.00
Midland Holdings Ltd 2,269,543 1,133,797 929,762 0.07
Nabors Industries Ltd 7,000 114,345 59,570 0.00
Nine Dragons Paper Holdings Ltd 41,000 33,769 24,256 0.00
Noble Group Ltd 742,000 325,615 210,525 0.02
North Mining Shares Co Ltd 1,830,900 20,462 26,105 0.00
NWS Holdings Ltd 31,000 45,245 46,039 0.00
Orient Overseas International Ltd 8,000 37,978 38,477 0.00
Pacific Basin Shipping Ltd 945,131 569,161 206,705 0.02
PartnerRe Ltd 1,000 88,715 139,745 0.01
RenaissanceRe Holdings Ltd 796 75,618 90,111 0.01
Seadrill Ltd (NOK) 19,100 224,999 64,653 0.01
Seadrill Ltd (USD) 48,084 1,520,796 166,095 0.01
Shangri-La Asia Ltd 38,000 45,627 37,117 0.00
Signet Jewelers Ltd 4,132 486,872 510,777 0.04
Sinopec Kantons Holdings Ltd 76,000 68,689 45,207 0.00
SmarTone Telecommunications Holdings Ltd
1,189,739 1,696,036 1,809,903 0.13
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
116
Nominal holding Cost Market Value % of Net assetsUSD USD
Socam Development Ltd 102,900 59,295 59,814 0.00
Stolt-Nielsen Ltd 2,211 57,420 26,415 0.00
Texwinca Holdings Ltd 57,100 59,029 59,678 0.00
Town Health International Medical Group Ltd
294,400 61,741 60,778 0.01
VTech Holdings Ltd 4,000 45,267 41,419 0.00
Yue Yuen Industrial Holdings Ltd 13,000 47,042 44,199 0.00
Total Bermuda 1.59% 22,401,252 1.59BrazilArezzo Industria e Comercio SA 2,900 47,789 15,467 0.00
Banco Bradesco SA 24,980 209,445 129,753 0.01
Banco Bradesco SA ADR 596,180 6,740,556 2,864,645 0.20
Banco do Brasil SA 5,400 62,163 20,126 0.00
Banco Santander Brasil SA 21,600 117,834 87,136 0.01
BB Seguridade Participacoes SA 9,900 93,122 60,770 0.01
BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros
22,300 124,299 61,580 0.01
BRF SA 9,200 197,903 129,003 0.01
Cia de Saneamento Basico do Estado de Sao Paulo
5,200 48,912 24,841 0.00
Cia de Saneamento de Minas Gerais-COPASA
489,010 7,838,618 1,926,364 0.14
Cia Hering 3,300 50,808 12,766 0.00
Cia Siderurgica Nacional SA 35,000 150,498 35,387 0.00
Cielo SA 4,560 48,567 38,693 0.00
Cosan SA Industria e Comercio 9,600 137,870 60,615 0.01
Embraer SA 6,200 51,705 47,241 0.00
Fibria Celulose SA 3,800 48,397 49,730 0.01
Iochpe Maxion SA 3,700 47,992 11,391 0.00
JBS SA 16,000 53,337 49,845 0.01
Kroton Educacional SA 13,600 48,586 32,898 0.00
Localiza Rent a Car SA 33,418 232,159 208,299 0.02
M Dias Branco SA 2,900 109,983 48,613 0.00
Mahle-Metal Leve SA 4,100 48,562 25,115 0.00
Multiplan Empreendimentos Imobiliarios SA
7,500 107,549 72,540 0.01
Multiplus SA 3,500 74,358 33,356 0.00
Natura Cosmeticos SA 2,300 49,320 13,723 0.00
Odontoprev SA 76,682 191,083 183,067 0.01
Oi SA 20,353 143,843 12,475 0.00
Petroleo Brasileiro SA 153,000 904,740 331,039 0.02
Porto Seguro SA 4,100 49,019 29,914 0.00
Sao Martinho SA 3,900 49,460 45,075 0.00
Somos Educacao SA 10,200 48,142 35,115 0.00
Tegma Gestao Logistica 7,400 113,106 8,716 0.00
Tim Participacoes SA 12,200 53,430 21,170 0.00
TOTVS SA 10,100 108,821 79,855 0.01
Tractebel Energia SA 3,000 48,756 25,630 0.00
Vale SA ADR 675,700 5,296,393 1,726,413 0.12
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA
3,700 49,238 39,513 0.00
WEG SA 10,140 48,253 38,330 0.00
Total Brazil 0.61% 8,636,209 0.61British Virgin IslandsGem Diamonds Ltd 224,135 566,696 426,981 0.03
Luxoft Holding Inc 1,660 79,115 128,011 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
117
Nominal holding Cost Market Value % of Net assetsUSD USD
Michael Kors Holdings Ltd 1,900 77,156 76,104 0.00
Total British Virgin Islands 0.04% 631,096 0.04CanadaAdvantage Oil & Gas Ltd 10,400 33,273 52,558 0.01
Ag Growth International Inc 800 28,641 19,149 0.00
Agnico Eagle Mines Ltd 2,400 63,546 62,855 0.01
Agrium Inc 1,600 150,195 142,584 0.01
Aimia Inc 40,940 643,518 278,071 0.02
Alaris Royalty Corp 800 27,891 13,571 0.00
Alimentation Couche-Tard Inc 2,700 121,442 118,410 0.01
Allied Properties Real Estate Investment Trust
900 27,136 20,457 0.00
AltaGas Ltd 800 28,465 17,813 0.00
Athabasca Oil Corp 5,800 41,861 6,430 0.00
AutoCanada Inc 800 28,885 13,854 0.00
Badger Daylighting Ltd 1,500 30,464 26,418 0.00
Bank of Montreal 9,300 593,012 523,145 0.04
Bank of Nova Scotia 19,400 1,101,518 781,738 0.06
Barrick Gold Corp 49,545 867,580 365,051 0.03
Baytex Energy Corp 1,000 39,847 3,232 0.00
Black Diamond Group Ltd 1,200 28,835 6,263 0.00
Boardwalk Real Estate Investment Trust 3,100 138,273 105,959 0.01
Bombardier Inc 137,572 501,702 132,214 0.01
Bonterra Energy Corp 500 26,278 6,214 0.00
Brookfield Asset Management Inc 9,000 224,872 283,100 0.02
Brookfield Canada Office Properties 1,200 29,336 22,538 0.00
CAE Inc 2,700 30,045 29,845 0.00
Cameco Corp 3,700 74,870 45,467 0.00
Canadian Apartment Properties REIT 1,500 30,038 28,994 0.00
Canadian Imperial Bank of Commerce/Canada
6,400 505,222 420,231 0.03
Canadian National Railway Co 43,800 2,072,256 2,441,139 0.17
Canadian Natural Resources Ltd 39,768 1,310,141 866,013 0.06
Canadian Oil Sands Ltd 7,000 135,674 41,624 0.00
Canadian Pacific Railway Ltd 900 113,471 114,549 0.01
Canadian Tire Corp Ltd 1,300 115,064 110,660 0.01
Canadian Utilities Ltd 900 30,911 20,671 0.00
Canadian Western Bank 1,000 29,800 16,835 0.00
Canfor Corp 15,100 336,228 219,254 0.02
Capital Power Corp 1,400 29,617 17,925 0.00
Celestica Inc 3,600 40,541 39,626 0.00
Cenovus Energy Inc 37,800 968,028 476,206 0.04
Centerra Gold Inc 71,600 454,792 339,675 0.03
CI Financial Corp 900 28,537 19,813 0.00
Cineplex Inc 700 26,416 24,002 0.00
Cogeco Cable Inc 600 28,468 26,652 0.00
Constellation Software Inc/Canada 300 37,192 124,377 0.01
Corus Entertainment Inc 1,200 29,556 9,325 0.00
Crescent Point Energy Corp 9,300 247,674 107,990 0.01
DH Corp 1,100 28,518 25,063 0.00
Dollarama Inc 1,100 63,314 63,322 0.01
Dominion Diamond Corp 8,000 115,519 81,520 0.01
Dorel Industries Inc 800 28,664 18,046 0.00
Dream Office Real Estate Investment Trust 1,000 28,770 12,522 0.00
Dundee Corp 1,600 28,580 5,252 0.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
118
Nominal holding Cost Market Value % of Net assetsUSD USD
Eldorado Gold Corp 12,300 85,964 36,260 0.00
Enbridge Inc 23,100 991,809 764,621 0.06
Enbridge Income Fund Holdings Inc 1,300 29,649 26,260 0.00
Encana Corp 16,200 222,919 82,044 0.01
Enerplus Corp 2,500 42,978 8,540 0.00
Fairfax Financial Holdings Ltd 754 391,416 355,295 0.03
Finning International Inc 2,400 52,195 32,248 0.00
First Quantum Minerals Ltd 204,852 2,426,287 763,898 0.06
FirstService Corp 800 10,441 32,248 0.00
Fortis Inc/Canada 2,500 72,907 67,301 0.01
Freehold Royalties Ltd 1,300 29,456 10,159 0.00
Genworth MI Canada Inc 1,200 34,084 22,966 0.00
George Weston Ltd 900 73,182 69,371 0.01
Gibson Energy Inc 1,300 29,871 12,938 0.00
Gluskin Sheff + Associates Inc 1,400 27,241 20,993 0.00
Goldcorp Inc 10,200 265,515 117,412 0.01
Granite Real Estate Investment Trust 800 28,062 21,905 0.00
Great-West Lifeco Inc 3,500 104,623 86,977 0.01
H&R Real Estate Investment Trust 1,700 34,801 24,562 0.00
Hudson’s Bay Co 1,700 28,736 22,108 0.00
Husky Energy Inc 5,100 144,475 52,538 0.00
IAMGOLD Corp 12,100 63,515 17,204 0.00
IGM Financial Inc 900 43,101 22,864 0.00
Imperial Oil Ltd 33,596 1,672,025 1,090,640 0.08
Intact Financial Corp 1,700 100,809 108,466 0.01
Jean Coutu Group PJC Inc/The 14,000 261,775 180,404 0.01
Kinross Gold Corp 15,200 77,869 27,410 0.00
Laurentian Bank of Canada 3,400 136,439 118,098 0.01
Lundin Mining Corp 8,300 38,547 22,705 0.00
MacDonald Dettwiler & Associates Ltd 400 31,965 23,995 0.00
Magna International Inc 7,000 283,164 282,902 0.02
Manitoba Telecom Services Inc 900 28,943 19,337 0.00
Manulife Financial Corp 21,500 372,454 321,083 0.02
MEG Energy Corp 1,100 38,032 6,339 0.00
Metro Inc 5,100 108,408 142,360 0.01
Mullen Group Ltd 1,200 29,406 12,077 0.00
New Gold Inc 5,900 36,179 13,613 0.00
Norbord Inc 1,000 29,048 19,430 0.00
North West Co Inc/The 1,300 29,325 26,822 0.00
Northview Apartment Real Estate Investment Trust
1,100 29,622 13,929 0.00
Onex Corp 10,666 600,073 651,890 0.05
Pacific Exploration and Production Corp 4,000 76,966 4,823 0.00
Pan American Silver Corp 3,200 35,492 20,744 0.00
Parkland Fuel Corp 1,700 29,080 28,515 0.00
Pason Systems Inc 4,000 83,234 55,791 0.01
Pembina Pipeline Corp 1,700 53,569 36,910 0.00
Penn West Petroleum Ltd 13,500 157,754 11,516 0.00
Peyto Exploration & Development Corp 1,000 30,002 17,925 0.00
Potash Corp of Saskatchewan Inc 172,300 5,659,615 2,938,432 0.21
Power Corp of Canada 7,500 215,151 156,252 0.01
Power Financial Corp 3,400 108,601 77,859 0.01
Precision Drilling Corp 2,800 29,702 11,016 0.00
Progressive Waste Solutions Ltd 1,100 27,910 25,835 0.00
Quebecor Inc 9,100 187,953 222,013 0.02
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
119
Nominal holding Cost Market Value % of Net assetsUSD USD
RioCan Real Estate Investment Trust 1,500 35,970 25,592 0.00
Ritchie Bros Auctioneers Inc 1,500 30,247 36,029 0.00
Rogers Communications Inc 36,440 1,280,516 1,252,876 0.09
RONA Inc 2,900 31,225 25,762 0.00
Royal Bank of Canada 16,400 1,047,138 875,605 0.06
Russel Metals Inc 1,100 29,286 12,753 0.00
Saputo Inc 1,800 41,444 42,910 0.00
Shaw Communications Inc 4,100 96,618 70,276 0.01
ShawCor Ltd 700 28,580 14,135 0.00
Silver Wheaton Corp 3,200 77,020 39,634 0.00
Smart Real Estate Investment Trust 1,200 28,557 26,046 0.00
Stantec Inc 1,200 30,066 29,644 0.00
Suncor Energy Inc 175,201 5,816,428 4,505,823 0.32
Tahoe Resources Inc 1,000 17,748 8,635 0.00
Teck Resources Ltd 14,500 385,889 55,637 0.01
Thomson Reuters Corp 3,600 124,964 135,955 0.01
Toromont Industries Ltd 1,300 28,744 29,545 0.00
Toronto-Dominion Bank/The 21,900 964,473 855,518 0.06
Tourmaline Oil Corp 700 28,462 11,243 0.00
TransAlta Corp 3,200 41,519 11,334 0.00
TransCanada Corp 5,800 255,613 188,705 0.01
TransForce Inc 1,400 28,425 23,765 0.00
Trilogy Energy Corp 1,100 29,067 2,910 0.00
Valeant Pharmaceuticals International Inc 1,500 144,253 152,035 0.01
Vermilion Energy Inc 1,900 83,455 51,463 0.00
Wajax Corp 800 28,920 9,693 0.00
West Fraser Timber Co Ltd 800 34,388 30,267 0.00
WSP Global Inc 1,100 27,862 33,635 0.00
Yamana Gold Inc 11,300 115,889 20,906 0.00
Total Canada 1.89% 26,686,396 1.89Cayman IslandsAgile Property Holdings Ltd 109,500 58,819 61,178 0.01
Alibaba Group Holding Ltd ADR 1,300 104,247 105,638 0.01
ASM Pacific Technology Ltd 4,900 37,506 38,488 0.00
Baidu Inc ADR 2,885 596,713 545,366 0.04
Belle International Holdings Ltd 59,600 59,556 44,718 0.00
Changshouhua Food Co Ltd 94,100 59,708 57,794 0.00
Cheung Kong Property Holdings Ltd 65,320 390,323 427,100 0.03
China Conch Venture Holdings Ltd 25,100 60,421 51,915 0.00
China Lilang Ltd 59,200 60,348 43,922 0.00
China Mengniu Dairy Co Ltd 35,900 58,327 58,690 0.01
China Resources Land Ltd 38,300 123,984 111,562 0.01
China Shineway Pharmaceutical Group Ltd 23,000 33,207 29,321 0.00
China State Construction International Holdings Ltd
36,200 61,161 62,730 0.01
CK Hutchison Holdings Ltd 56,521 675,437 762,836 0.06
Country Garden Holdings Co Ltd 66,000 42,772 26,996 0.00
Ctrip.com International Ltd ADR 4,334 102,496 200,729 0.02
Evergrande Real Estate Group Ltd 67,200 54,695 59,178 0.01
Fufeng Group Ltd 93,700 58,589 42,255 0.00
GCL-Poly Energy Holdings Ltd 146,000 40,756 21,947 0.00
Geely Automobile Holdings Ltd 109,000 61,605 58,156 0.00
Golden Eagle Retail Group Ltd 22,000 33,732 26,556 0.00
Goodbaby International Holdings Ltd 298,060 128,761 108,453 0.01
Haitian International Holdings Ltd 29,600 59,816 43,425 0.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
120
Nominal holding Cost Market Value % of Net assetsUSD USD
Hengan International Group Co Ltd 6,100 59,694 57,634 0.00
Hopewell Highway Infrastructure Ltd 127,850 60,057 61,449 0.01
IGG Inc 140,600 63,602 63,133 0.01
JD.com Inc ADR 31,514 814,407 1,016,799 0.07
Kingsoft Corp Ltd 23,700 59,796 57,949 0.00
KWG Property Holding Ltd 8,900 5,946 6,603 0.00
Lee & Man Paper Manufacturing Ltd 268,000 157,006 150,250 0.01
Lee’s Pharmaceutical Holdings Ltd 101,500 112,810 130,048 0.01
Li Ning Co Ltd 91,500 67,466 49,468 0.00
Longfor Properties Co Ltd 42,900 58,572 63,878 0.01
Melco Crown Entertainment Ltd ADR 3,500 59,841 58,783 0.01
MGM China Holdings Ltd 28,900 60,424 36,152 0.00
Minth Group Ltd 14,660 28,589 29,017 0.00
NetEase Inc ADR 4,329 381,885 784,220 0.06
Phoenix Satellite Television Holdings Ltd 438,000 156,822 103,140 0.01
Sands China Ltd 13,800 59,516 47,142 0.00
Semiconductor Manufacturing International Corp
377,900 41,498 38,277 0.00
Shenzhou International Group Holdings Ltd 10,000 25,194 57,450 0.00
Shimao Property Holdings Ltd 36,300 59,984 64,730 0.01
SITC International Holdings Co Ltd 118,100 63,048 63,087 0.01
SOHO China Ltd 40,000 29,904 19,406 0.00
Sunac China Holdings Ltd 72,400 59,941 55,910 0.00
Sunny Optical Technology Group Co Ltd 20,400 23,937 47,011 0.00
Tencent Holdings Ltd 9,500 117,600 186,932 0.01
Tingyi Cayman Islands Holding Corp 25,400 70,803 36,280 0.00
Towngas China Co Ltd 73,400 58,453 42,524 0.00
Vipshop Holdings Ltd ADR 16,345 360,673 249,752 0.02
Wasion Group Holdings Ltd 52,400 59,529 54,461 0.00
WH Group Ltd 99,900 60,187 55,814 0.00
Wynn Macau Ltd 206,400 422,497 241,150 0.02
Xinyi Glass Holdings Ltd 102,700 58,870 60,559 0.01
Yip’s Chemical Holdings Ltd 38,000 33,215 12,993 0.00
Zhongsheng Group Holdings Ltd 8,200 10,644 4,968 0.00
Total Cayman Islands 0.50% 6,995,922 0.50ChileAES Gener SA 115,900 59,305 51,031 0.00
Aguas Andinas SA 114,200 59,867 58,260 0.01
Banco de Chile 570,000 58,887 57,833 0.00
Cia Cervecerias Unidas SA 5,300 59,352 58,901 0.01
Colbun SA 224,000 58,996 53,330 0.00
Corpbanca SA 6,178,100 59,381 49,653 0.00
Latam Airlines Group SA 26,481 362,165 138,982 0.01
Parque Arauco SA 32,900 58,625 50,982 0.00
SONDA SA 35,800 59,952 63,160 0.01
Total Chile 0.04% 582,132 0.04ChinaAgricultural Bank of China Ltd 812,400 361,306 331,767 0.02
Air China Ltd 64,400 59,402 50,730 0.00
Aluminum Corp of China Ltd 102,000 38,609 33,824 0.00
Anhui Conch Cement Co Ltd 22,000 59,690 59,186 0.01
AviChina Industry & Technology Co Ltd 64,900 59,270 50,956 0.00
Bank of China Ltd 2,711,500 1,211,233 1,212,279 0.09
Bank of Chongqing Co Ltd 69,100 59,541 62,456 0.01
Bank of Communications Co Ltd 276,700 198,918 195,114 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
121
Nominal holding Cost Market Value % of Net assetsUSD USD
Beijing Capital International Airport Co Ltd 55,400 61,415 59,438 0.01
Beijing Jingneng Clean Energy Co Ltd 276,000 130,016 97,577 0.01
China Cinda Asset Management Co Ltd 134,500 60,442 49,807 0.00
China CITIC Bank Corp Ltd 265,200 147,430 171,607 0.01
China Coal Energy Co Ltd 126,000 85,085 48,204 0.00
China Communications Construction Co Ltd
92,200 81,220 94,340 0.01
China Construction Bank Corp 2,600,300 1,988,238 1,779,912 0.13
China Everbright Bank Co Ltd 113,000 59,264 55,041 0.00
China International Marine Containers Group Co Ltd
27,100 60,827 49,443 0.00
China Life Insurance Co Ltd 66,300 194,966 214,081 0.02
China Longyuan Power Group Corp Ltd 33,000 32,941 24,888 0.00
China Merchants Bank Co Ltd 103,300 198,386 243,517 0.02
China Minsheng Banking Corp Ltd 199,100 182,938 197,298 0.02
China National Building Material Co Ltd 139,100 134,344 66,767 0.01
China Oilfield Services Ltd 47,200 60,284 40,774 0.00
China Pacific Insurance Group Co Ltd 297,200 1,297,490 1,222,331 0.09
China Petroleum & Chemical Corp 950,400 753,584 573,908 0.04
China Railway Construction Corp Ltd 59,200 52,170 73,597 0.01
China Railway Group Ltd 92,400 52,588 70,282 0.01
China Shenhua Energy Co Ltd 91,800 180,347 143,916 0.01
China Southern Airlines Co Ltd 71,500 60,841 54,985 0.00
China Telecom Corp Ltd 339,400 169,058 158,967 0.01
China Vanke Co Ltd 24,900 59,494 73,574 0.01
Chongqing Rural Commercial Bank Co Ltd 77,000 38,873 46,596 0.00
CRRC Corp Ltd 45,000 33,419 55,625 0.00
Dalian Wanda Commercial Properties Co Ltd
8,400 61,833 48,936 0.00
Datang International Power Generation Co Ltd
82,000 37,680 24,970 0.00
Dongfeng Motor Group Co Ltd 60,000 87,504 80,282 0.01
GF Securities Co Ltd 24,500 61,800 61,612 0.01
Great Wall Motor Co Ltd 32,800 50,661 38,217 0.00
Guangzhou Automobile Group Co Ltd 30,000 34,008 26,787 0.00
Guangzhou R&F Properties Co Ltd 43,500 45,286 53,658 0.00
HNA Infrastructure Company Ltd 34,000 32,899 43,212 0.00
Haitong Securities Co Ltd 20,800 33,706 36,741 0.00
Harbin Electric Co Ltd 93,700 60,027 44,491 0.00
Huadian Power International Corp Ltd 66,400 60,310 43,223 0.00
Huaneng Power International Inc 64,800 77,086 55,894 0.00
Huatai Securities Co Ltd 25,900 57,833 60,454 0.01
Industrial & Commercial Bank of China Ltd 2,228,100 1,451,490 1,346,896 0.10
Jiangxi Copper Co Ltd 43,300 61,234 51,261 0.00
New China Life Insurance Co Ltd 14,400 60,197 60,618 0.01
People’s Insurance Co Group of China Ltd 74,000 36,818 36,235 0.00
PetroChina Co Ltd 744,200 735,238 488,282 0.04
PICC Property & Casualty Co Ltd 42,500 64,305 84,560 0.01
Ping An Insurance Group Co of China Ltd 45,200 177,716 251,365 0.02
Shandong Weigao Group Medical Polymer Co Ltd
61,400 58,767 42,345 0.00
Shanghai Electric Group Co Ltd 91,500 60,186 48,464 0.00
Shanghai Pharmaceuticals Holding Co Ltd 25,600 63,097 55,262 0.00
Shenzhen Expressway Co Ltd 174,000 94,965 153,117 0.01
Sinopec Engineering Group Co Ltd 64,400 60,759 55,051 0.00
Sinopharm Group Co Ltd 16,200 65,597 64,903 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
122
Nominal holding Cost Market Value % of Net assetsUSD USD
Tsingtao Brewery Co Ltd 63,271 402,646 286,347 0.02
Weiqiao Textile Co 338,884 177,442 158,507 0.01
Yanzhou Coal Mining Co Ltd 76,000 77,260 35,450 0.00
Zijin Mining Group Co Ltd 150,000 35,691 39,290 0.00
ZTE Corp 13,860 25,329 31,618 0.00
Total China 0.82% 11,570,835 0.82China, Republic of (Taiwan)Advanced Semiconductor Engineering Inc 68,300 71,491 78,963 0.01
Asia Cement Corp 65,400 70,799 54,605 0.00
Asustek Computer Inc 16,700 132,619 138,417 0.01
AU Optronics Corp 230,000 70,146 68,166 0.01
Catcher Technology Co Ltd 12,600 64,903 105,969 0.01
Cheng Shin Rubber Industry Co Ltd 39,800 69,556 64,704 0.00
Cheng Uei Precision Industry Co Ltd 49,200 70,887 68,190 0.01
China Development Financial Holding Corp 239,600 71,133 59,924 0.00
Chipbond Technology Corp 40,000 64,129 57,844 0.00
Compal Electronics Inc 121,900 70,256 68,563 0.01
Coretronic Corp 82,000 68,001 68,215 0.01
CTBC Financial Holding Co Ltd 286,200 176,979 146,816 0.01
CTCI Corp 48,100 69,650 52,314 0.00
Cub Elecparts Inc 14,027 155,034 167,720 0.01
Delta Electronics Inc 2,882 13,184 13,622 0.00
Eclat Textile Co Ltd 9,200 138,952 127,019 0.01
Elite Material Co Ltd 31,600 71,370 55,269 0.00
Far EasTone Telecommunications Co Ltd 30,200 70,090 62,060 0.00
Feng TAY Enterprise Co Ltd 12,463 66,645 63,649 0.00
Formosa Chemicals & Fibre Corp 31,500 68,007 71,013 0.01
Formosa Petrochemical Corp 31,300 70,401 75,041 0.01
Formosa Plastics Corp 32,600 69,568 76,471 0.01
Formosa Taffeta Co Ltd 72,600 65,325 66,418 0.00
Giant Manufacturing Co Ltd 13,000 66,998 86,378 0.01
Highwealth Construction Corp 49,530 72,757 57,187 0.00
Hon Hai Precision Industry Co Ltd 353,102 828,447 868,054 0.06
Hon Hai Precision Industry Co Ltd GDR 44,990 287,834 232,148 0.02
Hotai Motor Co Ltd 10,800 134,087 125,107 0.01
HTC Corp 40,800 66,220 96,948 0.01
Innolux Corp 218,800 71,574 66,246 0.00
Inventec Corp 133,500 68,018 87,687 0.01
King’s Town Bank Co Ltd 88,200 65,420 62,900 0.00
Kinsus Interconnect Technology Corp 37,500 72,429 76,206 0.01
Largan Precision Co Ltd 1,500 60,691 103,434 0.01
MediaTek Inc 16,000 200,194 121,898 0.01
Mega Financial Holding Co Ltd 216,020 160,076 139,587 0.01
Micro-Star International Co Ltd 78,100 65,817 111,573 0.01
Nan Ya Plastics Corp 36,300 68,754 67,136 0.00
PChome Online Inc 11,340 164,071 113,669 0.01
Phison Electronics Corp 31,800 303,367 225,331 0.02
Pou Chen Corp 49,200 73,951 64,520 0.00
Powertech Technology Inc 39,700 69,759 78,924 0.01
President Chain Store Corp 20,100 143,518 125,904 0.01
Radiant Opto-Electronics Corp 77,500 229,959 177,783 0.01
Realtek Semiconductor Corp 37,300 69,612 89,483 0.01
Ruentex Development Co Ltd 58,900 70,747 76,882 0.01
Ruentex Industries Ltd 35,000 63,348 65,478 0.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
123
Nominal holding Cost Market Value % of Net assetsUSD USD
Siliconware Precision Industries Co Ltd 64,400 72,222 102,442 0.01
Synnex Technology International Corp 60,300 69,231 58,929 0.00
Taishin Financial Holding Co Ltd 184,600 69,584 63,927 0.00
Taiwan Cement Corp 66,000 68,878 54,754 0.00
Taiwan Fertilizer Co Ltd 49,400 69,951 64,707 0.00
Taiwan Mobile Co Ltd 21,000 65,386 63,677 0.00
Taiwan Semiconductor Manufacturing Co Ltd
379,934 1,474,355 1,656,941 0.12
Taiwan Semiconductor Manufacturing Co Ltd ADR
723,120 15,403,491 16,447,364 1.17
Tripod Technology Corp 46,700 70,499 79,475 0.01
Vanguard International Semiconductor Corp
60,200 65,895 78,579 0.01
WPG Holdings Ltd 70,300 68,877 67,524 0.00
WT Microelectronics Co Ltd 61,200 65,844 66,096 0.00
Total China, Republic of (Taiwan) 1.70% 23,935,850 1.70Colombia
Almacenes Exito SA 7,609 115,920 31,999 0.00
Grupo Nutresa SA 11,403 75,892 80,498 0.01
Total Colombia 0.01% 112,497 0.01CyprusGlobal Ports Investments Plc GDR 96,428 446,849 313,391 0.03
Hellenic Bank PCL 114,520 388,229 157,993 0.01
MD Medical Group Investments Plc GDR 5,188 43,419 27,237 0.00
Total Cyprus 0.04% 498,621 0.04DenmarkAP Moeller - Maersk A/S 433 999,431 564,271 0.04
Bang & Olufsen A/S 31,907 351,409 382,013 0.03
Carlsberg A/S 2,386 241,144 212,905 0.01
Danske Bank A/S 9,252 194,479 249,017 0.02
GN Store Nord A/S 12,371 251,936 225,908 0.01
Jyske Bank A/S 4,501 174,566 204,615 0.01
Novo Nordisk A/S 88,869 3,316,970 5,176,413 0.37
Novozymes A/S 2,000 90,241 96,247 0.01
Pandora A/S 800 95,543 101,313 0.01
Tryg A/S 5,435 96,177 108,901 0.01
Vestas Wind Systems A/S 2,312 51,474 162,737 0.01
Total Denmark 0.53% 7,484,340 0.53FinlandAmer Sports OYJ 6,000 88,705 175,623 0.01
Cargotec OYJ 2,490 96,508 93,360 0.01
Caverion Corp 5,580 42,039 54,888 0.00
Huhtamaki OYJ 68,893 2,288,615 2,511,219 0.18
Kesko OYJ 3,918 140,500 137,920 0.01
Kone OYJ 6,274 271,063 266,656 0.02
Metso OYJ 2,334 75,349 52,572 0.00
Neste OYJ 4,100 85,202 123,105 0.01
Nokian Renkaat OYJ 1,924 96,379 69,139 0.00
Outotec OYJ 6,540 93,266 24,247 0.00
PKC Group OYJ 1,895 59,796 33,431 0.00
Ramirent OYJ 18,500 177,514 129,422 0.01
Sampo OYJ 15,491 687,048 791,756 0.06
UPM-Kymmene OYJ 5,784 77,388 108,605 0.01
Valmet OYJ 7,182 77,751 69,592 0.01
Wartsila OYJ 6,100 268,472 280,167 0.02
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
124
Nominal holding Cost Market Value % of Net assetsUSD USD
Total Finland 0.35% 4,921,702 0.35FranceAdocia 1,300 106,746 103,655 0.01
Air Liquide SA 2,597 312,858 292,552 0.02
Alcatel-Lucent SA 406,000 1,587,680 1,608,033 0.11
Alstom SA 3,200 92,284 97,898 0.01
Alten SA 3,900 180,286 225,874 0.02
BNP Paribas SA 25,059 1,747,861 1,423,561 0.10
Boiron SA 1,100 107,151 89,166 0.01
Bollore SA 17,600 95,357 82,422 0.01
Bouygues SA 3,700 143,811 146,876 0.01
Carrefour SA 10,073 346,908 292,270 0.02
Christian Dior SE 500 99,160 85,180 0.01
Cie de Saint-Gobain 7,298 359,461 315,906 0.02
Cie Generale des Etablissements Michelin 2,485 262,407 237,418 0.02
CNP Assurances 7,444 141,657 100,495 0.01
Credit Agricole SA 27,076 301,327 319,938 0.02
Danone SA 13,372 950,503 906,500 0.06
DBV Technologies SA ADR 4,900 105,827 177,870 0.01
Edenred 374,951 11,378,298 7,104,531 0.50
Engie SA 30,872 753,220 547,399 0.04
Essilor International SA 1,343 130,801 168,139 0.01
Esso SA Francaise 1,100 63,679 58,952 0.00
Euler Hermes Group 900 93,691 86,387 0.01
Eurazeo SA 2,350 169,232 162,244 0.01
Eutelsat Communications SA 3,000 94,751 89,946 0.01
Faiveley Transport SA 600 60,713 62,174 0.00
Faurecia 1,600 61,460 64,492 0.00
Groupe Eurotunnel SE 40,180 402,991 499,985 0.04
Groupe Fnac SA 1,000 59,819 58,878 0.00
iCADE 1,297 111,719 87,382 0.01
Iliad SA 799 204,392 190,777 0.01
Ipsen SA 1,000 63,913 66,487 0.00
IPSOS 7,000 203,098 160,638 0.01
Korian SA 1,600 61,322 58,639 0.00
Lagardere SCA 3,200 92,212 95,543 0.01
Legrand SA 9,300 485,581 527,762 0.04
L’Oreal SA 22,603 3,757,684 3,819,954 0.27
LVMH Moet Hennessy Louis Vuitton SE 2,253 360,321 355,063 0.03
Natixis SA 13,300 93,507 75,324 0.01
Nexans SA 1,700 63,000 62,198 0.00
Nexity SA 1,500 63,814 66,376 0.00
Orange SA 24,312 293,698 408,831 0.03
Rothschild & Co 6,910 157,955 175,274 0.01
Pernod Ricard SA 19,622 2,276,274 2,245,588 0.16
Peugeot SA 8,300 140,637 146,132 0.01
Plastic Omnium SA 2,200 60,887 70,197 0.01
Remy Cointreau SA 900 62,839 64,659 0.00
Renault SA 12,295 1,003,396 1,237,713 0.09
Rexel SA 16,300 236,852 216,997 0.02
Rubis SCA 1,300 103,487 98,939 0.01
Safran SA 159,743 8,281,922 11,000,053 0.78
Sanofi 9,506 935,697 811,605 0.06
Schneider Electric SE 50,748 4,174,403 2,903,033 0.21
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
125
Nominal holding Cost Market Value % of Net assetsUSD USD
Societe BIC SA 3,841 525,660 633,594 0.05
Societe Generale SA 18,921 1,008,278 874,830 0.06
Sopra Steria Group 500 56,206 58,905 0.00
Technip SA 1,700 93,100 84,621 0.01
Total SA 85,364 4,311,231 3,829,112 0.27
Ubisoft Entertainment 2,200 63,971 63,893 0.00
Veolia Environnement SA 6,117 107,893 145,258 0.01
Vicat SA 1,000 59,939 59,986 0.00
Vinci SA 5,213 306,028 334,848 0.02
Vivendi SA 6,570 165,891 141,617 0.01
Wendel SA 835 112,912 99,505 0.01
Total France 3.31% 46,680,074 3.31GermanyAareal Bank AG 6,255 254,672 198,206 0.01
adidas AG 3,843 339,745 375,888 0.03
Air Arabia PJSC 270,900 119,413 99,569 0.01
Aldar Properties PJSC 144,100 90,827 90,626 0.01
Allianz SE 6,348 983,298 1,131,440 0.08
Aurelius SE & Co KGaA 4,444 154,107 232,072 0.02
Aurubis AG 1,248 73,425 63,474 0.00
Axel Springer SE 1,434 75,164 79,874 0.01
BASF SE 10,852 1,028,013 834,161 0.06
Bayer AG 31,763 4,359,320 4,008,541 0.28
Bayerische Motoren Werke AG 4,630 502,606 491,945 0.03
BayWa AG 4,559 180,942 141,455 0.01
Beiersdorf AG 2,099 181,386 192,388 0.01
Brenntag AG Npv 1,674 91,875 88,355 0.01
Commerzbank AG 41,667 555,149 434,028 0.03
CompuGroup Medical AG 2,914 72,646 107,002 0.01
Continental AG 935 176,674 228,405 0.02
Daimler AG 14,368 1,137,393 1,215,789 0.09
Vonovia SE 122,115 3,690,795 3,807,177 0.27
Deutsche Bank AG 39,606 1,581,790 972,133 0.07
Deutsche Post AG 14,670 462,282 413,940 0.03
Deutsche Telekom AG 95,189 1,287,450 1,724,785 0.12
Deutsche Wohnen AG 4,400 80,058 123,150 0.01
Deutz AG 31,531 217,296 127,025 0.01
Duerr AG 1,006 73,672 80,639 0.01
E.ON SE 96,634 1,599,544 936,894 0.07
Fraport AG Frankfurt Airport Services Worldwide
2,832 183,286 180,955 0.01
Fresenius Medical Care AG & Co KGaA 34,500 2,760,141 2,918,565 0.21
Gerresheimer AG 1,221 74,179 96,176 0.01
Hannover Rueck SE 700 79,996 80,661 0.01
HUGO BOSS AG 1,230 149,083 102,550 0.01
Infineon Technologies AG 13,346 132,953 196,627 0.01
Kabel Deutschland Holding AG 578 71,407 71,752 0.00
LANXESS AG 3,700 188,534 172,198 0.01
Leoni AG 5,553 341,436 219,831 0.02
Merck KGaA 1,300 117,534 126,780 0.01
MLP AG 17,000 105,749 67,913 0.00
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
3,243 634,322 652,527 0.05
OSRAM Licht AG 1,667 72,440 70,651 0.00
ProSiebenSat.1 Media SE 1,772 74,379 89,919 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
126
Nominal holding Cost Market Value % of Net assetsUSD USD
Rheinmetall AG 1,330 72,617 88,992 0.01
Rhoen-Klinikum AG 2,400 77,586 72,192 0.00
RWE AG 33,493 848,230 425,143 0.03
Salzgitter AG 5,005 188,530 124,044 0.01
SAP SE 9,341 712,423 747,086 0.05
Siemens AG 8,738 1,032,880 853,249 0.06
STADA Arzneimittel AG 4,461 180,912 180,962 0.01
Volkswagen AG 1,400 203,389 217,402 0.02
Vossloh AG 836 71,765 54,135 0.00
Wacker Neuson SE 30,112 660,515 465,802 0.03
Wincor Nixdorf AG 1,117 73,317 55,944 0.00
zooplus AG 1,932 260,255 307,518 0.02
Total Germany 1.91% 26,838,535 1.91GreeceAegean Airlines SA 9,463 84,134 70,673 0.01
Ellaktor SA 11,309 33,024 17,875 0.00
Hellenic Exchanges - Athens Stock Exchange SA
31,634 165,321 182,474 0.01
Hellenic Telecommunications Organization SA
27,300 233,714 274,171 0.02
Motor Oil Hellas Corinth Refineries SA 94,362 983,018 1,019,422 0.07
OPAP SA 22,205 339,790 195,987 0.01
Piraeus Bank SA 925 182,841 278 0.00
Total Greece 0.12% 1,760,880 0.12GuernseyAmdocs Ltd 48,667 2,280,622 2,655,515 0.19
Total Guernsey 0.19% 2,655,515 0.19Hong KongAIA Group Ltd 1,045,027 5,217,822 6,293,635 0.45
Bank of East Asia Ltd 20,000 71,476 74,515 0.01
Beijing Enterprises Holdings Ltd 6,700 59,717 40,567 0.00
BOC Hong Kong Holdings Ltd 46,500 143,954 141,897 0.01
BYD Electronic International Co Ltd 117,000 107,537 62,650 0.01
Cathay Pacific Airways Ltd 29,000 54,832 50,178 0.00
Champion REIT 120,900 60,565 60,605 0.01
China Aerospace International Holdings Ltd 300,000 33,708 40,451 0.00
China Agri-Industries Holdings Ltd 70,000 34,109 23,980 0.00
China Everbright International Ltd 39,000 34,285 50,095 0.00
China Everbright Ltd 24,000 33,739 55,152 0.00
China Merchants China Direct Investments Ltd
24,000 33,763 39,886 0.00
China Merchants Holdings International Co Ltd
20,000 69,886 63,483 0.01
China Mobile Ltd 344,900 4,242,030 3,892,843 0.28
China Overseas Grand Oceans Group Ltd 10,200 3,945 4,297 0.00
China Overseas Land & Investment Ltd 38,500 94,220 134,747 0.01
China Power International Development Ltd
82,400 60,249 47,578 0.00
China Resources Beer Holdings Company Ltd
27,000 85,376 57,796 0.00
China Resources Power Holdings Co Ltd 40,100 116,808 78,025 0.01
China Taiping Insurance Holdings Co Ltd 20,400 60,747 63,239 0.01
China Unicom Hong Kong Ltd 133,600 201,435 162,903 0.01
CITIC Ltd 63,600 113,356 112,590 0.01
CLP Holdings Ltd 20,000 166,825 170,061 0.01
CNOOC Ltd 559,800 973,364 582,903 0.04
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
127
Nominal holding Cost Market Value % of Net assetsUSD USD
CPMC Holdings Ltd 58,900 50,954 36,289 0.00
Dah Chong Hong Holdings Ltd 104,000 91,994 52,334 0.00
Dah Sing Financial Holdings Ltd 7,200 43,840 36,046 0.00
Far East Horizon Ltd 66,400 60,367 61,901 0.01
Fosun International Ltd 21,500 17,060 33,595 0.00
Galaxy Entertainment Group Ltd 13,600 59,191 42,949 0.00
Guangdong Investment Ltd 38,000 32,639 53,787 0.00
Hang Lung Properties Ltd 31,000 70,930 70,759 0.01
Hang Seng Bank Ltd 7,500 122,800 143,271 0.01
Henderson Land Development Co Ltd 48,166 280,923 295,361 0.02
HK Electric Investments & HK Electric Investments Ltd
71,200 59,445 59,761 0.00
HKT Trust & HKT Ltd 48,800 61,949 62,274 0.01
Hong Kong Exchanges and Clearing Ltd 1,400 36,251 35,848 0.00
Hongkong & Shanghai Hotels Ltd/The 715,973 1,043,457 796,331 0.06
Hopewell Holdings Ltd 8,500 28,763 30,545 0.00
Hysan Development Co Ltd 9,000 37,147 36,899 0.00
Kowloon Development Co Ltd 60,800 60,086 60,093 0.01
Lenovo Group Ltd 246,753 306,646 249,932 0.02
Link REIT 22,500 127,245 134,707 0.01
Melco International Development Ltd 33,100 62,274 49,628 0.00
MTR Corp Ltd 165,500 770,441 819,476 0.06
New World Development Co Ltd 1,501,408 1,901,372 1,486,849 0.11
PCCW Ltd 64,000 37,538 37,656 0.00
Power Assets Holdings Ltd 16,000 144,435 147,249 0.01
Shanghai Industrial Holdings Ltd 21,200 61,636 55,666 0.00
Sino Land Co Ltd 44,000 65,180 64,494 0.01
Sino-Ocean Land Holdings Ltd 70,500 44,142 45,301 0.00
SJM Holdings Ltd 73,800 109,235 52,659 0.00
Sun Hung Kai & Co Ltd 88,700 59,899 58,312 0.00
Sun Hung Kai Properties Ltd 23,000 310,264 278,369 0.02
Swire Pacific Ltd 150,000 1,787,891 1,689,160 0.12
Techtronic Industries Co Ltd 93,000 187,769 378,893 0.03
Television Broadcasts Ltd 121,507 752,605 502,480 0.04
Wharf Holdings Ltd 26,000 179,749 144,339 0.01
Wheelock & Co Ltd 122,196 653,536 515,578 0.04
Total Hong Kong 1.49% 20,922,867 1.49HungaryOTP Bank Plc 17,410 316,032 358,494 0.03
Total Hungary 0.03% 358,494 0.03IndiaArvind Ltd 28,787 124,563 156,279 0.01
Bharat Petroleum Corp Ltd 13,800 185,793 185,928 0.01
Bharti Airtel Ltd 30,100 183,110 153,841 0.01
Dr Reddy’s Laboratories Ltd 2,900 188,656 136,017 0.01
Grasim Industries Ltd 4,404 264,184 249,648 0.02
HCL Technologies Ltd 42,338 613,508 549,414 0.04
ICICI Bank Ltd 35,107 171,425 138,451 0.01
ICICI Bank Ltd ADR 42,600 390,250 333,345 0.02
Idea Cellular Ltd 79,838 205,455 172,815 0.01
Infosys Ltd 8,600 137,299 143,843 0.01
Inox Leisure Ltd 17,567 50,750 63,271 0.01
Larsen & Toubro Ltd 13,600 360,935 262,415 0.02
LIC Housing Finance Ltd 34,254 175,698 263,871 0.02
Mahindra & Mahindra Ltd 9,200 195,308 176,689 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
128
Nominal holding Cost Market Value % of Net assetsUSD USD
Manappuram Finance Ltd 1,955,909 871,902 867,732 0.06
MRF Ltd 600 234,462 362,329 0.03
Reliance Industries Ltd 25,700 382,842 392,806 0.03
Shree Cement Ltd 1,000 193,182 175,878 0.01
Tata Consultancy Services Ltd 4,500 187,326 165,445 0.01
Tata Motors Ltd 33,800 185,005 199,945 0.02
WABCO India Ltd 1,800 198,820 165,413 0.01
Wipro Ltd 20,800 184,309 176,823 0.01
Zee Entertainment Enterprises Ltd 33,401 188,124 221,415 0.02
Total India 0.41% 5,713,613 0.41IndonesiaAstra Agro Lestari Tbk PT 45,100 80,981 51,897 0.00
Astra International Tbk PT 281,400 127,079 122,736 0.01
Bakrie Telecom Tbk PT 2,000,000 8,707 7,254 0.00
Bank Central Asia Tbk PT 99,900 90,727 96,566 0.01
Bank Mandiri Persero Tbk PT 103,900 78,066 69,625 0.00
Bank Rakyat Indonesia Persero Tbk PT 98,100 77,247 81,216 0.01
Gudang Garam Tbk PT 19,100 59,306 75,912 0.00
Indo Tambangraya Megah Tbk PT 85,400 84,123 35,545 0.00
Indofood CBP Sukses Makmur Tbk PT 82,400 81,519 80,472 0.01
Indosat Tbk PT 304,484 96,986 121,761 0.01
Lippo Cikarang Tbk PT 108,900 61,834 57,176 0.00
Matahari Department Store Tbk PT 63,400 81,894 81,003 0.01
Telekomunikasi Indonesia Persero Tbk PT 503,600 105,094 113,342 0.01
Tower Bersama Infrastructure Tbk PT 214,000 109,913 91,010 0.01
United Tractors Tbk PT 49,900 79,730 61,402 0.00
Total Indonesia 0.08% 1,146,917 0.08IrelandAccenture Plc 11,600 926,234 1,212,084 0.09
Allegion Plc 1,033 39,548 68,080 0.00
Allergan plc 1,280 190,352 400,102 0.03
Bank of Ireland 906,115 368,431 333,684 0.02
CRH Plc 11,177 274,678 324,060 0.02
Eaton Corp Plc 30,900 1,916,436 1,607,572 0.11
Endo International Plc 1,100 63,604 67,331 0.00
Ingersoll-Rand Plc 2,000 100,915 110,590 0.01
Irish Bank Resolution Corp Ltd 13,300 – 1 0.00
James Hardie Industries Plc 5,151 48,932 65,378 0.00
Kerry Group Plc 2,600 196,687 216,024 0.02
Medtronic Plc 15,610 1,004,864 1,200,331 0.09
Origin Enterprises Plc 13,200 112,982 108,068 0.01
Paddy Power Plc 5,213 453,954 698,662 0.05
Pentair Plc 1,300 83,363 64,396 0.00
Permanent TSB Group Holdings Plc 99,221 490,321 498,449 0.04
Perrigo Co Plc 500 80,519 72,320 0.01
Ryanair Holdings Plc ADR 3,216 225,869 278,120 0.02
Seagate Technology Plc 28,926 1,441,097 1,060,427 0.08
Smurfit Kappa Group Plc 6,700 198,432 172,294 0.01
Tyco International Plc 2,600 87,776 82,888 0.01
Weatherford International Plc 9,100 136,091 76,395 0.01
Willis Group Holdings Plc 1,300 55,919 63,148 0.00
XL Group Plc 5,200 157,664 203,788 0.01
Total Ireland 0.64% 8,984,192 0.64Isle of Man
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
129
Nominal holding Cost Market Value % of Net assetsUSD USD
Playtech Plc 10,874 82,770 133,346 0.01
Total Isle of Man 0.01% 133,346 0.01IsraelBank Hapoalim BM 25,600 136,576 132,143 0.01
Bank Leumi Le-Israel BM 30,200 120,250 104,740 0.01
Bezeq The Israeli Telecommunication Corp Ltd
24,600 40,666 54,150 0.00
Check Point Software Technologies Ltd 27,400 2,207,225 2,229,949 0.16
Delek Group Ltd 125 38,139 25,062 0.00
Frutarom Industries Ltd 4,800 200,644 257,574 0.02
Harel Insurance Investments & Financial Services Ltd
10,029 55,734 38,468 0.00
Israel Chemicals Ltd 13,800 60,456 56,089 0.01
Israel Discount Bank Ltd 33,900 63,617 61,504 0.01
Kenon Holdings Ltd Npv 1,847 28,668 18,771 0.00
NICE-Systems Ltd 848 33,131 48,948 0.00
NICE-Systems Ltd ADR 2,200 85,579 126,137 0.01
Teva Pharmaceutical Industries Ltd 6,548 247,303 428,364 0.03
Tower Semiconductor Ltd 1,416 19,985 20,280 0.00
Total Israel 0.26% 3,602,179 0.26ItalyAssicurazioni Generali SpA 19,893 404,263 365,963 0.03
Banca IFIS SpA 16,561 328,618 517,761 0.04
Banca Monte dei Paschi di Siena SpA 237,587 777,800 318,228 0.02
Banca Popolare dell’Emilia Romagna SC 59,470 466,057 455,125 0.03
Banca Popolare di Milano Scarl 1,367,157 1,111,067 1,368,195 0.10
Banco Popolare SC 97,147 1,534,388 1,355,023 0.10
Brembo SpA 2,247 83,577 108,914 0.01
CNH Industrial NV 18,200 149,478 125,396 0.01
Credito Valtellinese SC 497,372 552,148 587,304 0.04
Danieli & C Officine Meccaniche SpA 2,465 71,148 47,155 0.00
Danieli & C Officine Meccaniche SpA RSP 3,683 72,764 52,631 0.00
Enel SpA 164,780 663,982 697,211 0.05
Eni SpA 55,059 1,300,490 825,690 0.06
EXOR SpA 3,000 132,571 137,184 0.01
Fiat Investments NV 68,430 669,064 960,792 0.07
Finmeccanica SpA 4,900 65,885 68,639 0.01
Industria Macchine Automatiche SpA 1,271 35,060 66,170 0.00
Interpump Group SpA 11,027 124,872 171,775 0.01
Intesa Sanpaolo SpA 261,007 683,217 875,835 0.06
Intesa Sanpaolo SpA RSP 20,100 51,391 61,858 0.00
Italmobiliare SpA 1,410 34,686 64,186 0.00
Italmobiliare SpA RSP 2,083 31,273 67,634 0.01
Luxottica Group SpA 14,986 774,327 983,682 0.07
Mediobanca SpA 6,600 60,087 63,738 0.00
Piaggio & C SpA 64,371 207,516 163,069 0.01
Prysmian SpA 3,110 72,764 68,464 0.01
Saipem SpA 7,231 61,902 58,893 0.00
Stmicroelectronics NV 12,300 90,364 82,748 0.01
Tamburi Investment Partners SpA 107,067 368,574 393,701 0.03
Telecom Italia SpA 496,831 536,730 634,430 0.05
Telecom Italia SpA RSP 160,900 165,400 166,178 0.01
UniCredit SpA 96,257 691,644 537,200 0.04
Unione di Banche Italiane SpA 84,157 589,369 567,034 0.04
Unipol Gruppo Finanziario SpA 12,900 62,736 66,788 0.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
130
Nominal holding Cost Market Value % of Net assetsUSD USD
Total Italy 0.93% 13,084,594 0.93Japan77 Bank Ltd/The 7,000 33,236 38,173 0.00
Aeon Co Ltd 13,704 179,172 212,888 0.02
Aeon Mall Co Ltd 2,800 76,104 48,542 0.00
Aichi Bank Ltd/The 900 40,920 48,294 0.00
Air Water Inc 2,000 31,857 32,553 0.00
Aisin Seiki Co Ltd 3,100 115,810 135,164 0.01
Ajinomoto Co Inc 4,000 51,135 95,798 0.01
Alfresa Holdings Corp 3,300 42,816 66,030 0.01
Alps Electric Co Ltd 1,200 33,149 33,019 0.00
Amada Holdings Co Ltd 3,000 27,696 29,054 0.00
ANA Holdings Inc 16,000 36,101 46,599 0.00
AOKI Holdings Inc 1,900 23,184 24,995 0.00
Aoyama Trading Co Ltd 700 17,303 27,291 0.00
Aozora Bank Ltd 24,000 74,663 84,592 0.01
Asahi Glass Co Ltd 16,000 96,209 92,439 0.01
Asahi Group Holdings Ltd 3,900 99,355 123,181 0.01
Asahi Kasei Corp 23,000 167,105 157,470 0.01
Ashikaga Holdings Co Ltd 76,355 298,761 299,593 0.02
Astellas Pharma Inc 181,500 2,626,725 2,614,735 0.19
Awa Bank Ltd/The 3,000 15,740 17,657 0.00
Bandai Namco Holdings Inc 2,300 44,210 49,032 0.00
Bank of Kyoto Ltd/The 6,000 53,333 56,436 0.01
Bank of Nagoya Ltd/The 4,000 14,520 14,764 0.00
Bank of Yokohama Ltd/The 21,000 115,667 130,343 0.01
Benesse Holdings Inc 1,300 49,194 37,770 0.00
Bridgestone Corp 24,909 865,011 864,397 0.06
Brother Industries Ltd 3,800 43,085 44,319 0.00
Calsonic Kansei Corp 5,000 25,727 44,682 0.00
Canon Inc 11,800 377,950 360,685 0.03
Canon Marketing Japan Inc 1,600 29,743 25,251 0.00
Capcom Co Ltd 2,200 35,325 53,548 0.00
Casio Computer Co Ltd 1,200 17,880 28,415 0.00
Central Japan Railway Co 1,234 158,082 221,729 0.02
Century Tokyo Leasing Corp 800 23,546 28,995 0.00
Chiba Bank Ltd/The 12,000 85,203 86,288 0.01
Chiyoda Co Ltd 1,400 42,666 43,963 0.00
Chiyoda Corp 6,000 73,250 45,987 0.00
Chubu Electric Power Co Inc 11,400 147,038 157,645 0.01
Chugoku Bank Ltd/The 5,000 71,748 67,584 0.01
Chugoku Electric Power Co Inc/The 4,700 71,987 62,572 0.01
Citizen Holdings Co Ltd 4,000 27,953 29,012 0.00
Coca-Cola East Japan Co Ltd 36,291 751,962 589,037 0.04
Cocokara fine Inc 1,100 42,150 49,927 0.00
COMSYS Holdings Corp 1,900 36,191 26,961 0.00
Cosmo Energy Holdings Co Ltd 4,200 83,315 56,858 0.01
Cosmos Pharmaceutical Corp 3,880 501,917 615,891 0.04
Credit Saison Co Ltd 1,700 34,186 33,902 0.00
CyberAgent Inc 4,746 221,907 198,251 0.02
Dai Nippon Printing Co Ltd 10,000 102,844 100,254 0.01
Daicel Corp 3,000 38,557 45,276 0.00
Daido Steel Co Ltd 4,000 23,361 16,160 0.00
Daihatsu Motor Co Ltd 5,000 89,707 68,290 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
131
Nominal holding Cost Market Value % of Net assetsUSD USD
Dai-ichi Life Insurance Co Ltd/The 20,600 300,793 348,742 0.03
Daiichi Sankyo Co Ltd 5,100 90,894 106,466 0.01
Daikin Industries Ltd 1,600 89,978 118,416 0.01
Daishi Bank Ltd/The 8,000 27,662 35,646 0.00
Daito Trust Construction Co Ltd 13,200 1,339,079 1,538,144 0.11
Daiwa House Industry Co Ltd 5,000 98,556 145,725 0.01
Daiwa Office Investment Corp 25 140,672 135,916 0.01
Daiwa Securities Group Inc 106,579 871,075 660,100 0.05
Daiwabo Holdings Co Ltd 10,000 17,118 20,117 0.00
Denka Co Ltd 9,000 35,163 40,326 0.00
Denso Corp 15,000 773,546 725,217 0.05
Dentsu Inc 1,400 53,512 77,742 0.01
DIC Corp 16,000 42,416 43,959 0.00
Disco Corp 300 19,319 28,655 0.00
DMG Mori Co Ltd 13,500 180,316 159,751 0.01
Don Quijote Holdings Co Ltd 3,700 86,604 131,566 0.01
Dowa Holdings Co Ltd 18,000 164,370 131,078 0.01
Duskin Co Ltd 1,400 26,865 25,656 0.00
East Japan Railway Co 2,900 236,922 276,150 0.02
Ebara Corp 6,000 33,296 28,854 0.00
EDION Corp 600 4,639 4,566 0.00
Eisai Co Ltd 900 37,564 60,283 0.01
Electric Power Development Co Ltd 2,300 75,039 82,693 0.01
FANUC Corp 20,800 3,631,738 3,643,177 0.26
Fast Retailing Co Ltd 200 71,795 70,793 0.01
Frontier Real Estate Investment Corp 8 37,893 32,287 0.00
Fuji Electric Co Ltd 11,000 43,419 46,818 0.00
Fuji Heavy Industries Ltd 4,000 114,237 167,222 0.01
FUJIFILM Holdings Corp 5,300 126,486 223,816 0.02
Fujikura Ltd 7,000 25,532 38,289 0.00
Fujitsu Ltd 42,000 164,064 212,051 0.02
Fukuoka Financial Group Inc 16,000 71,433 80,469 0.01
Fukuyama Transporting Co Ltd 5,000 28,405 24,918 0.00
Furukawa Electric Co Ltd 18,000 39,694 38,455 0.00
Fuyo General Lease Co Ltd 200 6,839 9,527 0.00
Glory Ltd 3,800 94,810 117,906 0.01
GMO internet Inc 13,600 143,193 181,228 0.01
GS Yuasa Corp 3,000 17,219 11,247 0.00
Gunma Bank Ltd/The 7,000 39,869 41,170 0.00
H2O Retailing Corp 1,000 16,252 19,751 0.00
Hachijuni Bank Ltd/The 9,000 53,703 55,813 0.01
Hakuhodo DY Holdings Inc 4,200 30,069 46,087 0.00
Hankyu Hanshin Holdings Inc 14,000 79,696 91,824 0.01
Hanwa Co Ltd 11,000 52,502 48,007 0.00
Haseko Corp 3,000 22,052 33,655 0.00
Hikari Tsushin Inc 200 15,206 13,741 0.00
Hino Motors Ltd 4,000 55,979 46,868 0.00
Hirose Electric Co Ltd 315 43,782 38,689 0.00
Hiroshima Bank Ltd/The 10,000 41,526 57,733 0.01
HIS Co Ltd 400 11,070 13,517 0.00
Hitachi Capital Corp 8,700 178,391 236,674 0.02
Hitachi Construction Machinery Co Ltd 2,300 49,135 36,260 0.00
Hitachi High-Technologies Corp 900 18,959 24,614 0.00
Hitachi Ltd 129,406 914,900 744,411 0.05
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
132
Nominal holding Cost Market Value % of Net assetsUSD USD
Hitachi Metals Ltd 3,000 37,156 37,570 0.00
Hitachi Zosen Corp 2,400 18,464 13,297 0.00
Hokkaido Electric Power Co Inc 3,800 51,197 39,407 0.00
Hokkoku Bank Ltd/The 6,000 21,881 20,101 0.00
Hokuhoku Financial Group Inc 24,000 48,754 49,478 0.00
Hokuriku Electric Power Co 3,800 54,488 56,734 0.01
Honda Motor Co Ltd 25,700 949,546 835,765 0.06
Hoya Corp 2,200 49,545 91,168 0.01
Hulic Co Ltd 9,300 110,798 82,722 0.01
Hyakugo Bank Ltd/The 7,000 28,688 34,390 0.00
Ibiden Co Ltd 2,200 32,841 31,895 0.00
Idemitsu Kosan Co Ltd 5,900 125,398 95,076 0.01
IHI Corp 23,000 86,662 64,624 0.01
Iida Group Holdings Co Ltd 2,200 39,888 41,332 0.00
Inaba Denki Sangyo Co Ltd 1,400 43,349 45,156 0.00
Inabata & Co Ltd 1,600 15,112 16,327 0.00
Inpex Corp 18,800 218,720 185,156 0.01
Internet Initiative Japan Inc 4,300 115,938 86,147 0.01
Isetan Mitsukoshi Holdings Ltd 5,200 71,939 68,601 0.01
Isuzu Motors Ltd 7,500 98,670 81,986 0.01
IT Holdings Corp 1,500 18,427 34,708 0.00
ITOCHU Corp 47,800 602,487 573,286 0.04
Itochu Enex Co Ltd 3,500 18,362 27,029 0.00
Itoham Foods Inc 7,000 30,535 40,733 0.00
Iwatani Corp 6,000 22,052 31,248 0.00
Iyo Bank Ltd/The 6,000 61,333 59,155 0.01
J Front Retailing Co Ltd 4,000 63,872 58,722 0.01
Jafco Co Ltd 800 40,139 31,672 0.00
Japan Airlines Co Ltd 46,779 1,297,408 1,695,275 0.12
Japan Airport Terminal Co Ltd 300 13,995 13,542 0.00
Japan Display Inc 41,989 130,606 122,691 0.01
Japan Exchange Group Inc 2,700 42,042 42,892 0.00
Japan Hotel REIT Investment Corp 45 21,402 33,536 0.00
Japan Petroleum Exploration Co Ltd 1,100 40,822 29,879 0.00
Japan Post Bank Co Ltd 4,200 60,973 61,135 0.01
Japan Post Holdings Co Ltd 4,200 67,306 65,132 0.01
Japan Real Estate Investment Corp 9 52,129 43,917 0.00
Japan Retail Fund Investment Corp 16 29,857 30,904 0.00
Japan Steel Works Ltd/The 4,000 22,193 14,198 0.00
Japan Tobacco Inc 147,595 4,916,211 5,489,339 0.39
JFE Holdings Inc 13,700 278,056 218,719 0.02
JGC Corp 18,000 410,600 278,989 0.02
Joyo Bank Ltd/The 11,000 58,341 52,625 0.00
JSR Corp 3,200 55,757 50,529 0.00
JTEKT Corp 3,800 51,465 63,273 0.01
Juroku Bank Ltd/The 8,000 30,217 31,922 0.00
JX Holdings Inc 91,500 500,857 386,628 0.03
kabu.com Securities Co Ltd 26,369 86,275 83,297 0.01
Kajima Corp 14,000 58,363 84,376 0.01
Kakaku.com Inc 65,700 1,093,967 1,306,135 0.09
Kamigumi Co Ltd 4,000 33,028 34,881 0.00
Kaneka Corp 6,000 38,244 63,145 0.01
Kanematsu Corp 21,000 28,335 35,874 0.00
Kansai Electric Power Co Inc/The 10,500 109,667 127,546 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
133
Nominal holding Cost Market Value % of Net assetsUSD USD
Kansai Paint Co Ltd 2,000 25,435 30,691 0.00
Kao Corp 2,300 66,788 119,603 0.01
Kato Sangyo Co Ltd 800 16,594 18,737 0.00
Kawasaki Heavy Industries Ltd 15,000 58,043 56,361 0.01
Kawasaki Kisen Kaisha Ltd 32,000 72,605 69,296 0.01
KDDI Corp 14,541 257,215 381,309 0.03
Keihan Electric Railway Co Ltd 4,000 27,209 27,050 0.00
Keikyu Corp 3,000 28,698 25,026 0.00
Keio Corp 6,000 44,044 52,346 0.00
Keisei Electric Railway Co Ltd 3,000 36,278 38,630 0.00
Keiyo Bank Ltd/The 5,000 25,961 23,962 0.00
Keyence Corp 2,700 1,132,662 1,506,833 0.11
Kikkoman Corp 1,000 33,186 35,101 0.00
Kintetsu Group Holdings Co Ltd 15,000 55,597 61,412 0.01
Kirin Holdings Co Ltd 10,000 135,111 137,059 0.01
Kiyo Bank Ltd/The 2,800 42,029 40,873 0.00
Kobe Steel Ltd 84,000 126,248 93,221 0.01
Koito Manufacturing Co Ltd 1,000 17,934 41,648 0.00
Komatsu Ltd 11,700 279,972 193,817 0.01
Konami Holdings Corp 1,000 24,167 23,991 0.00
Konica Minolta Inc 5,500 47,170 55,917 0.01
Kose Corp 200 18,995 18,754 0.00
K’s Holdings Corp 700 20,126 24,062 0.00
Kubota Corp 8,000 117,819 125,458 0.01
Kuraray Co Ltd 4,700 57,289 57,551 0.01
Kurita Water Industries Ltd 1,500 32,111 31,685 0.00
KYB Corp 5,800 15,910 17,767 0.00
Kyocera Corp 3,300 162,632 154,912 0.01
Kyowa Hakko Kirin Co Ltd 3,000 30,329 47,708 0.00
Kyushu Electric Power Co Inc 5,700 81,412 62,902 0.01
Kyushu Financial Group Inc 8,440 48,968 59,426 0.01
Lawson Inc 700 49,852 57,347 0.01
Leopalace21 Corp 3,000 21,083 16,397 0.00
Lintec Corp 2,000 38,337 42,487 0.00
Lion Corp 3,000 18,336 28,555 0.00
LIXIL Group Corp 14,140 344,930 317,429 0.02
Mabuchi Motor Co Ltd 500 15,344 27,620 0.00
Makita Corp 1,100 61,192 64,329 0.01
Marubeni Corp 80,000 597,733 415,977 0.03
Maruha Nichiro Corp 1,400 26,644 24,859 0.00
Marui Group Co Ltd 2,900 28,617 47,696 0.00
Mazda Motor Corp 7,800 168,396 163,739 0.01
McDonald’s Holdings Co Japan Ltd 600 15,920 13,078 0.00
Medipal Holdings Corp 4,400 54,440 75,897 0.01
Megmilk Snow Brand Co Ltd 1,300 19,060 33,717 0.00
MEIJI Holdings Co Ltd 600 16,615 50,102 0.00
Message Co Ltd 1,300 36,610 37,310 0.00
Miraca Holdings Inc 1,000 46,228 44,557 0.00
Mitsubishi Chemical Holdings Corp 27,500 122,654 177,134 0.01
Mitsubishi Corp 43,400 864,594 731,932 0.05
Mitsubishi Electric Corp 23,000 258,530 245,066 0.02
Mitsubishi Estate Co Ltd 37,703 941,681 791,545 0.06
Mitsubishi Gas Chemical Co Inc 8,000 61,776 41,365 0.00
Mitsubishi Heavy Industries Ltd 41,000 249,060 181,866 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
134
Nominal holding Cost Market Value % of Net assetsUSD USD
Mitsubishi Logistics Corp 2,000 30,474 26,659 0.00
Mitsubishi Materials Corp 23,000 85,886 73,515 0.01
Mitsubishi Motors Corp 10,600 117,772 90,760 0.01
Mitsubishi Shokuhin Co Ltd 1,100 27,157 27,259 0.00
Mitsubishi UFJ Financial Group Inc 255,696 1,591,622 1,609,910 0.12
Mitsubishi UFJ Lease & Finance Co Ltd 11,600 58,984 60,558 0.01
Mitsui & Co Ltd 50,100 739,055 602,433 0.04
Mitsui Chemicals Inc 19,000 53,153 85,685 0.01
Mitsui Engineering & Shipbuilding Co Ltd 18,000 37,519 30,001 0.00
Mitsui Fudosan Co Ltd 6,000 204,244 152,525 0.01
Mitsui Mining & Smelting Co Ltd 14,000 37,089 26,360 0.00
Mitsui OSK Lines Ltd 30,000 135,159 76,562 0.01
Mizuho Financial Group Inc 461,100 967,527 933,738 0.07
Monex Group Inc 4,400 18,852 11,577 0.00
Mori Hills REIT Investment Corp 20 25,219 25,728 0.00
Mori Trust Sogo Reit Inc 14 25,876 24,056 0.00
Morinaga Milk Industry Co Ltd 8,000 25,627 36,710 0.00
MS&AD Insurance Group Holdings Inc 19,921 545,359 591,693 0.04
Murata Manufacturing Co Ltd 5,800 795,725 847,616 0.06
Musashino Bank Ltd/The 600 18,801 22,183 0.00
Nabtesco Corp 800 18,206 16,499 0.00
Nagase & Co Ltd 2,000 25,080 25,570 0.00
Nagoya Railroad Co Ltd 12,000 47,139 50,276 0.00
Nanto Bank Ltd/The 5,000 19,625 15,836 0.00
NEC Corp 43,000 96,910 137,799 0.01
NGK Insulators Ltd 2,000 29,402 45,821 0.00
NGK Spark Plug Co Ltd 2,000 45,010 53,494 0.00
NH Foods Ltd 3,000 42,624 59,354 0.01
NHK Spring Co Ltd 2,600 26,704 26,379 0.00
Nichirei Corp 4,000 21,189 29,827 0.00
Nidec Corp 900 34,755 66,055 0.01
Nihon Parkerizing Co Ltd 15,300 115,772 158,094 0.01
Nikon Corp 6,500 98,947 87,913 0.01
Nintendo Co Ltd 400 43,992 55,763 0.01
Nippon Building Fund Inc 11 63,605 52,853 0.00
Nippon Electric Glass Co Ltd 7,000 39,446 35,642 0.00
Nippon Express Co Ltd 14,000 69,341 66,570 0.01
Nippon Kayaku Co Ltd 2,000 26,341 21,181 0.00
Nippon Light Metal Holdings Co Ltd 15,500 23,200 27,896 0.00
Nippon Paper Industries Co Ltd 3,800 57,205 62,072 0.01
Nippon Sheet Glass Co Ltd 24,000 28,517 19,652 0.00
Nippon Shinyaku Co Ltd 1,000 42,666 37,179 0.00
Nippon Shokubai Co Ltd 400 22,409 28,197 0.00
Nippon Steel & Sumikin Bussan Corp 9,400 31,797 32,390 0.00
Nippon Steel & Sumitomo Metal Corp 15,900 482,139 319,500 0.02
Nippon Suisan Kaisha Ltd 8,800 18,431 49,744 0.00
Nippon Telegraph & Telephone Corp 11,900 320,618 478,542 0.04
Nippon Thompson Co Ltd 13,000 69,036 57,060 0.01
Nippon Yusen KK 44,000 132,751 108,084 0.01
Nishimatsu Construction Co Ltd 6,000 17,037 22,944 0.00
Nishi-Nippon City Bank Ltd/The 14,000 37,574 37,475 0.00
Nissan Chemical Industries Ltd 1,000 25,640 22,998 0.00
Nissan Motor Co Ltd 63,500 621,535 675,936 0.05
Nissan Shatai Co Ltd 1,000 16,161 10,936 0.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
135
Nominal holding Cost Market Value % of Net assetsUSD USD
Nisshin Seifun Group Inc 2,235 20,329 36,936 0.00
Nisshin Steel Co Ltd 1,500 19,465 16,061 0.00
Nisshinbo Holdings Inc 2,000 25,096 21,298 0.00
Nissin Foods Holdings Co Ltd 800 35,228 42,695 0.00
Nitori Holdings Co Ltd 450 35,640 38,287 0.00
Nitto Denko Corp 1,400 72,831 103,649 0.01
NOK Corp 1,600 30,644 38,027 0.00
Nomura Holdings Inc 42,200 312,649 238,108 0.02
Nomura Real Estate Holdings Inc 1,500 29,976 28,143 0.00
Nomura Research Institute Ltd 850 26,394 33,033 0.00
North Pacific Bank Ltd 15,800 66,661 55,427 0.01
NSK Ltd 6,000 60,598 66,137 0.01
NTN Corp 8,000 35,444 34,349 0.00
NTT Data Corp 1,340 52,090 65,388 0.01
NTT DOCOMO Inc 13,527 220,363 279,491 0.02
NTT Urban Development Corp 4,500 59,541 43,767 0.00
Obayashi Corp 10,000 63,062 93,063 0.01
Obic Co Ltd 9,590 241,082 513,401 0.04
Odakyu Electric Railway Co Ltd 4,000 39,112 43,543 0.00
Ogaki Kyoritsu Bank Ltd/The 7,000 19,666 28,513 0.00
Ohsho Food Service Corp 1,100 35,725 38,131 0.00
Oita Bank Ltd/The 6,000 19,232 23,517 0.00
Oji Holdings Corp 15,000 64,095 60,975 0.01
Olympus Corp 1,400 44,942 55,834 0.01
Omron Corp 1,400 52,303 47,309 0.00
Ono Pharmaceutical Co Ltd 300 18,850 54,129 0.00
Onward Holdings Co Ltd 2,000 17,037 12,428 0.00
Oracle Corp Japan 300 13,556 14,103 0.00
Oriental Land Co Ltd/Japan 700 26,102 42,671 0.00
ORIX Corp 116,300 1,724,080 1,659,253 0.12
Osaka Gas Co Ltd 31,000 129,799 113,027 0.01
Otsuka Corp 500 20,694 24,752 0.00
Otsuka Holdings Co Ltd 4,700 147,061 168,863 0.01
Paltac Corporation 1,300 17,686 23,332 0.00
Panasonic Corp 25,200 243,170 260,076 0.02
Paramount Bed Holdings Co Ltd 6,400 179,672 228,904 0.02
Pola Orbis Holdings Inc 700 44,487 46,698 0.00
Rakuten Inc 33,568 419,719 391,782 0.03
Recruit Holdings Co Ltd 1,400 44,145 41,490 0.00
Relo Holdings Inc 200 10,694 24,448 0.00
Rengo Co Ltd 5,000 26,181 21,530 0.00
Resona Holdings Inc 61,000 334,486 300,094 0.02
Ricoh Co Ltd 79,700 870,736 829,166 0.06
Rinnai Corp 500 40,821 44,869 0.00
Rohm Co Ltd 700 27,067 36,020 0.00
Ryohin Keikaku Co Ltd 100 20,196 20,500 0.00
San-Ai Oil Co Ltd 27,000 171,194 222,204 0.02
San-In Godo Bank Ltd/The 5,000 39,772 41,149 0.00
Sankyo Co Ltd 1,200 48,111 45,164 0.00
Sankyu Inc 6,000 18,888 30,924 0.00
Sanwa Holdings Corp 16,800 119,316 134,559 0.01
Sapporo Holdings Ltd 6,000 23,522 26,510 0.00
Sawai Pharmaceutical Co Ltd 600 36,885 41,498 0.00
SBI Holdings Inc/Japan 3,037 33,268 33,325 0.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
136
Nominal holding Cost Market Value % of Net assetsUSD USD
Secom Co Ltd 1,500 92,170 102,704 0.01
Sega Sammy Holdings Inc 3,100 67,742 29,288 0.00
Seiko Epson Corp 3,300 25,055 51,244 0.00
Seino Holdings Co Ltd 4,000 40,963 42,130 0.00
Sekisui Chemical Co Ltd 5,000 51,242 66,212 0.01
Sekisui House Ltd 8,000 100,270 135,982 0.01
Seven & i Holdings Co Ltd 6,300 232,791 290,739 0.02
Seven Bank Ltd 5,300 17,345 23,483 0.00
Sharp Corp/Japan 40,000 136,148 41,731 0.00
Shiga Bank Ltd/The 5,000 27,161 25,209 0.00
Shikoku Electric Power Co Inc 3,400 55,712 53,744 0.00
Shimamura Co Ltd 200 17,595 23,717 0.00
Shimano Inc 300 25,106 46,561 0.00
Shimizu Corp 7,000 34,961 57,667 0.01
Shin-Etsu Chemical Co Ltd 69,200 4,112,998 3,804,145 0.27
Shinsei Bank Ltd 38,000 81,793 70,917 0.01
Shionogi & Co Ltd 1,200 26,387 54,930 0.00
Ship Healthcare Holdings Inc 1,500 42,503 37,533 0.00
Shiseido Co Ltd 2,700 43,337 56,718 0.01
Shizuoka Bank Ltd/The 10,000 109,405 98,300 0.01
Showa Denko KK 43,000 56,721 50,937 0.00
Showa Shell Sekiyu KK 5,400 60,108 44,329 0.00
SMC Corp/Japan 2,500 693,349 661,395 0.05
SoftBank Group Corp 20,900 1,041,454 1,065,979 0.08
Sojitz Corp 58,000 109,428 123,671 0.01
Sompo Japan Nipponkoa Holdings Inc 5,300 139,773 176,828 0.01
Sony Corp 68,100 1,406,728 1,699,033 0.12
Sony Financial Holdings Inc 2,500 45,866 45,274 0.00
Sotetsu Holdings Inc 5,000 19,434 29,365 0.00
Square Enix Holdings Co Ltd 40,344 939,811 985,166 0.07
Stanley Electric Co Ltd 82,000 1,936,861 1,822,752 0.13
Sugi Holdings Co Ltd 500 19,728 27,827 0.00
Sumitomo Chemical Co Ltd 19,000 71,577 110,877 0.01
Sumitomo Corp 31,900 425,411 329,090 0.02
Sumitomo Dainippon Pharma Co Ltd 1,500 19,031 17,825 0.00
Sumitomo Electric Industries Ltd 12,300 175,989 176,353 0.01
Sumitomo Forestry Co Ltd 2,300 30,243 31,433 0.00
Sumitomo Heavy Industries Ltd 12,000 58,000 54,666 0.00
Sumitomo Metal Mining Co Ltd 10,000 129,854 123,114 0.01
Sumitomo Mitsui Financial Group Inc 108,000 4,623,457 4,137,928 0.29
Sumitomo Mitsui Trust Holdings Inc 251,928 1,102,476 966,078 0.07
Sumitomo Osaka Cement Co Ltd 6,000 23,381 22,146 0.00
Sumitomo Realty & Development Co Ltd 2,000 95,156 57,833 0.01
Sumitomo Rubber Industries Ltd 4,400 64,552 57,791 0.01
Sundrug Co Ltd 3,500 147,957 227,669 0.02
Suntory Beverage & Food Ltd 1,400 61,517 61,914 0.01
Suruga Bank Ltd 14,600 201,708 305,363 0.02
Suzuken Co Ltd/Aichi Japan 2,050 61,844 78,859 0.01
Suzuki Motor Corp 13,400 399,671 412,822 0.03
Sysmex Corp 200 12,114 13,035 0.00
T&D Holdings Inc 10,950 144,347 146,575 0.01
Taiheiyo Cement Corp 15,000 62,229 44,204 0.00
Taisei Corp 10,000 51,858 66,462 0.01
Taiyo Nippon Sanso Corp 4,000 25,979 36,660 0.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
137
Nominal holding Cost Market Value % of Net assetsUSD USD
Takashimaya Co Ltd 5,000 46,974 45,430 0.00
Takata Corp 2,900 65,383 19,419 0.00
Takeda Pharmaceutical Co Ltd 4,500 209,182 226,955 0.02
TDK Corp 1,300 49,154 84,293 0.01
Teijin Ltd 16,000 38,821 55,264 0.00
Terumo Corp 1,600 37,791 50,210 0.00
THK Co Ltd 6,900 124,851 129,545 0.01
Toagosei Co Ltd 2,000 16,527 17,307 0.00
Tobu Railway Co Ltd 16,000 85,232 79,604 0.01
Toho Bank Ltd/The 5,000 15,284 18,039 0.00
Toho Gas Co Ltd 7,000 35,314 45,738 0.00
Toho Holdings Co Ltd 1,400 24,303 34,332 0.00
Tohoku Electric Power Co Inc 8,000 92,346 101,118 0.01
Token Corp 600 46,080 46,660 0.00
Tokio Marine Holdings Inc 9,500 317,646 372,276 0.03
Tokuyama Corp 8,000 31,078 17,490 0.00
Tokyo Electric Power Co Inc 58,000 279,720 336,780 0.02
Tokyo Electron Ltd 1,000 42,705 60,838 0.01
Tokyo Gas Co Ltd 34,000 186,844 161,429 0.01
Tokyo Tatemono Co Ltd 1,000 18,548 11,006 0.00
Tokyo TY Financial Group Inc 2,000 63,150 67,584 0.01
Tokyu Corp 10,000 71,943 79,845 0.01
Tokyu Fudosan Holdings Corp 7,000 56,293 44,283 0.00
Tokyu REIT Inc 15 17,098 19,047 0.00
TOMONY Holdings Inc 9,900 37,132 38,063 0.00
TonenGeneral Sekiyu KK 10,000 93,953 85,041 0.01
Toppan Printing Co Ltd 11,000 86,782 102,461 0.01
Toray Industries Inc 13,000 84,551 122,225 0.01
Toshiba Corp 99,000 428,470 205,580 0.02
Toshiba Plant Systems & Services Corp 10,900 163,667 121,735 0.01
Tosoh Corp 11,000 43,309 57,334 0.01
TOTO Ltd 1,500 41,567 53,400 0.00
Towa Pharmaceutical Co Ltd 500 24,333 31,381 0.00
Toyo Ink SC Holdings Co Ltd 3,000 14,893 12,320 0.00
Toyo Seikan Group Holdings Ltd 3,400 60,519 63,890 0.01
Toyo Suisan Kaisha Ltd 1,000 32,588 35,205 0.00
Toyo Tire & Rubber Co Ltd 14,188 229,222 283,831 0.02
Toyobo Co Ltd 14,000 24,084 19,727 0.00
Toyota Industries Corp 13,709 604,825 744,738 0.05
Toyota Motor Corp 109,629 6,619,774 6,827,719 0.49
Toyota Tsusho Corp 6,700 182,208 158,540 0.01
Trend Micro Inc/Japan 15,300 502,995 626,398 0.05
Tsutsumi Jewelry Co Ltd 2,300 59,881 47,704 0.00
Ube Industries Ltd 27,000 49,753 57,795 0.01
Unicharm Corp 2,500 47,648 51,472 0.00
Unipres Corp 1,000 23,860 22,877 0.00
United Arrows Ltd 800 26,616 34,715 0.00
UNY Group Holdings Co Ltd 8,200 54,093 51,942 0.00
Welcia Holdings Co Ltd 800 40,765 44,723 0.00
West Japan Railway Co 1,680 73,133 117,284 0.01
Yahoo Japan Corp 4,500 22,906 18,498 0.00
Yakult Honsha Co Ltd 900 43,046 44,553 0.00
Yamada Denki Co Ltd 13,160 38,681 57,215 0.01
Yamaguchi Financial Group Inc 5,000 48,867 59,978 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
138
Nominal holding Cost Market Value % of Net assetsUSD USD
Yamaha Corp 1,200 30,378 29,408 0.00
Yamaha Motor Co Ltd 78,100 1,858,395 1,782,806 0.13
Yamanashi Chuo Bank Ltd/The 4,000 16,534 20,599 0.00
Yamato Holdings Co Ltd 3,500 79,298 74,956 0.01
Yamato Kogyo Co Ltd 1,300 39,219 33,501 0.00
Yamazaki Baking Co Ltd 2,000 21,522 45,513 0.00
Yaskawa Electric Corp 2,000 24,530 27,624 0.00
Yokogawa Electric Corp 1,600 22,282 19,459 0.00
Yokohama Rubber Co Ltd/The 2,500 44,090 38,873 0.00
Total Japan 6.35% 89,461,443 6.35JerseyDelphi Automotive Plc 19,778 1,265,007 1,695,469 0.12
Experian Plc 128,913 2,345,311 2,279,108 0.16
Glencore Plc 979,378 2,914,428 1,305,290 0.09
Henderson Group Plc 169,100 728,389 772,384 0.06
Highland Gold Mining Ltd 504,207 304,002 423,596 0.03
Regus Plc 24,900 68,458 122,175 0.01
Shire Plc 3,248 127,702 224,976 0.02
UBM Plc 15,341 118,334 119,217 0.01
Wolseley Plc 41,926 2,359,727 2,282,388 0.16
WPP Plc 14,296 289,919 329,864 0.02
Total Jersey 0.68% 9,554,467 0.68Korea, Republic of (South Korea)Amorepacific Corp 200 72,713 70,871 0.01
BNK Financial Group Inc 7,200 88,265 51,733 0.00
CJ CheilJedang Corp 200 69,581 64,475 0.00
Dae Han Flour Mills Co Ltd 400 67,825 62,599 0.00
Daelim Industrial Co Ltd 1,200 88,708 68,722 0.01
DGB Financial Group Inc 6,600 59,503 56,428 0.00
Dongbu Insurance Co Ltd 900 39,789 53,921 0.00
Dongsung Finetec Co Ltd 11,714 115,769 47,978 0.00
Doosan Corp 800 63,157 60,415 0.00
E-MART Inc 518 114,591 83,605 0.01
Green Cross Corp/South Korea 400 90,113 62,343 0.00
GS Holdings Corp 800 34,674 34,557 0.00
GS Home Shopping Inc 550 127,344 77,888 0.01
Hana Financial Group Inc 14,300 472,765 288,427 0.02
Hankook Tire Co Ltd 2,000 82,144 80,338 0.01
Hanwha Corp 2,200 83,969 73,971 0.01
Hyosung Corp 700 84,347 70,296 0.01
Hyundai Department Store Co Ltd 600 70,223 64,859 0.00
Hyundai Engineering & Construction Co Ltd 2,100 86,486 51,177 0.00
Hyundai Glovis Co Ltd 400 87,200 66,010 0.00
Hyundai Heavy Industries Co Ltd 2,100 237,377 157,337 0.01
Hyundai Home Shopping Network Corp 700 68,165 68,803 0.01
Hyundai Marine & Fire Insurance Co Ltd 2,400 58,539 73,583 0.01
Hyundai Mobis Co Ltd 2,686 648,668 564,093 0.04
Hyundai Motor Co 5,005 884,280 637,070 0.05
Hyundai Steel Co 2,700 140,477 115,076 0.01
Hyundai Wia Corp 800 85,215 76,585 0.01
Industrial Bank of Korea 12,200 146,913 128,758 0.01
KB Financial Group Inc 14,400 500,790 406,806 0.03
KB Insurance Co Ltd 2,700 59,575 67,123 0.00
KCC Corp 231 91,414 82,299 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
139
Nominal holding Cost Market Value % of Net assetsUSD USD
Kia Motors Corp 12,924 660,122 580,315 0.04
Kolon Industries Inc 1,100 59,849 58,961 0.00
Korea Electric Power Corp 5,700 264,146 243,303 0.02
Korea Investment Holdings Co Ltd 1,400 59,814 59,191 0.00
Korea Zinc Co Ltd 129 38,802 51,680 0.00
Korean Air Lines Co Ltd 2,400 86,289 56,646 0.00
Korean Reinsurance Co 12,062 135,920 145,304 0.01
KT Corp 9,492 259,390 228,891 0.02
KT&G Corp 1,000 86,580 89,335 0.01
Kyungbang Ltd 430 66,834 70,686 0.01
LG Chem Ltd 600 147,097 167,967 0.01
LG Corp 1,900 117,840 114,805 0.01
LG Display Co Ltd 9,400 237,422 197,211 0.01
LG Electronics Inc 3,500 168,597 160,441 0.01
LG Hausys Ltd 600 111,876 75,093 0.01
LG Innotek Co Ltd 800 64,981 67,238 0.00
LG Uplus Corp 6,000 59,605 53,345 0.00
Lotte Chemical Corp 400 101,091 83,152 0.01
Lotte Shopping Co Ltd 400 85,672 79,229 0.01
LS Corp 2,000 146,670 68,952 0.01
Namyang Dairy Products Co Ltd 100 79,475 62,769 0.00
NAVER Corp 2,200 1,300,599 1,235,512 0.09
NCSoft Corp 400 74,472 72,747 0.01
NongShim Co Ltd 100 28,161 37,504 0.00
OCI Co Ltd 1,000 62,904 63,921 0.00
POSCO 3,480 927,492 493,412 0.04
POSCO Chemtech Co Ltd 7,364 84,664 86,198 0.01
Sam Yung Trading Co Ltd 7,536 137,026 156,659 0.01
Samsung C&T Corp 340 62,341 40,668 0.00
Samsung Electro-Mechanics Co Ltd 800 46,143 42,949 0.00
Samsung Electronics Co Ltd 4,284 5,050,615 4,605,332 0.33
Samsung Electronics Co Ltd GDR 438 265,802 234,001 0.02
Samsung Electronics Co Ltd (REGs) GDR 9,300 3,583,541 4,305,900 0.31
Samsung Fire & Marine Insurance Co Ltd 500 130,423 131,338 0.01
Samsung Heavy Industries Co Ltd 5,900 61,604 54,469 0.00
Samsung Life Insurance Co Ltd 1,400 129,258 131,636 0.01
Samsung SDI Co Ltd 1,955 225,592 190,490 0.01
Samsung SDS Co Ltd 300 73,652 65,051 0.00
Samsung Securities Co Ltd 1,800 61,705 64,360 0.00
SeAH Holdings Corp 500 78,749 55,968 0.00
Sebang Co Ltd 2,743 53,893 39,418 0.00
Seobu T&D 5,047 96,421 94,049 0.01
Shinhan Financial Group Co Ltd 11,800 488,991 398,264 0.03
Shinsegae Co Ltd 300 60,709 58,974 0.00
SK Chemicals Co Ltd 1,100 62,510 68,155 0.00
SK Holdings Co Ltd 244 60,062 50,098 0.00
SK Hynix Inc 41,625 1,816,889 1,092,499 0.08
SK Innovation Co Ltd 2,200 276,440 244,382 0.02
SK Networks Co Ltd 10,100 60,115 47,332 0.00
SK Telecom Co Ltd 400 91,892 73,600 0.01
Woori Bank 12,900 118,525 97,090 0.01
Total Korea, Republic of (South Korea) 1.48%
20,914,636 1.48
LiberiaRoyal Caribbean Cruises Ltd 21,000 1,198,900 2,125,515 0.15
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
140
Nominal holding Cost Market Value % of Net assetsUSD USD
Total Liberia 0.15% 2,125,515 0.15LuxembourgArcelorMittal 48,752 503,228 206,331 0.01
B&M European Value Retail SA 27,355 133,377 114,868 0.01
Eurofins Scientific SE 144 48,373 50,546 0.00
Grand City Properties SA 9,886 150,837 229,954 0.02
Millicom International Cellular SA 98,400 8,842,021 5,703,414 0.41
Samsonite International SA 124,800 378,790 375,600 0.03
SES SA 300,275 8,567,783 8,343,138 0.59
Tenaris SA 5,563 130,946 66,172 0.00
Tenaris SA ADR 90,500 3,768,350 2,152,995 0.15
Total Luxembourg 1.22% 17,243,018 1.22MalaysiaAEON Credit Service M Bhd 21,000 82,305 58,253 0.00
AirAsia Bhd 1,011,804 633,644 302,822 0.02
British American Tobacco Malaysia Bhd 4,900 80,892 63,671 0.00
Bursa Malaysia Bhd 37,000 82,849 71,914 0.01
Carlsberg Brewery Malaysia Bhd 25,000 82,124 68,476 0.00
CIMB Group Holdings Bhd 119,100 168,755 125,799 0.01
Genting Malaysia Bhd 952,254 1,308,105 967,001 0.07
Hartalega Holdings Bhd 72,200 83,205 99,972 0.01
Hong Leong Bank Bhd 22,700 83,574 70,899 0.01
Hong Leong Financial Group Bhd 73,797 364,465 239,773 0.02
IJM Corp Bhd 87,700 77,373 68,836 0.00
Kuala Lumpur Kepong Bhd 12,300 65,700 65,575 0.00
Malayan Banking Bhd 66,200 196,037 129,285 0.01
Maxis Bhd 45,100 80,397 71,324 0.01
OSK Holdings Bhd 419,517 288,033 158,290 0.01
Petronas Dagangan Bhd 15,800 84,606 90,932 0.01
PPB Group Bhd 20,800 83,190 76,834 0.01
Public Bank Bhd 22,800 124,422 98,401 0.01
Tenaga Nasional Bhd 56,500 200,877 174,889 0.01
UMW Holdings Bhd 29,700 83,323 54,371 0.00
Total Malaysia 0.22% 3,057,317 0.22MauritiusGolden Agri-Resources Ltd 208,000 91,248 49,485 0.00
Total Mauritius 0.00% 49,485 0.00MexicoAmerica Movil SAB de CV 480,800 457,448 337,261 0.02
America Movil SAB de CV ADR 63,398 1,310,178 891,059 0.06
Bolsa Mexicana de Valores SAB de CV 166,800 321,233 220,872 0.02
Cemex SAB de CV 179,700 92,339 97,960 0.01
Cemex SAB de CV ADR 254,812 3,176,272 1,418,029 0.10
Concentradora Fibra Hotelera Mexicana SA de CV
66,600 68,946 59,712 0.00
Consorcio ARA SAB de CV 1,393,796 658,325 482,994 0.04
Corp GEO SAB de CV 213 2,726 116 0.00
Empresas ICA SAB de CV 116,700 58,784 24,055 0.00
Fomento Economico Mexicano SAB de CV 14,300 133,864 133,473 0.01
Fomento Economico Mexicano SAB de CV ADR
30,200 2,529,050 2,788,366 0.20
Genomma Lab Internacional SAB de CV 75,000 67,524 60,057 0.00
Grupo Carso SAB de CV 125,357 729,916 522,625 0.04
Grupo Financiero Banorte SAB de CV 26,500 147,844 145,203 0.01
Grupo Mexico SAB de CV 49,400 130,050 105,358 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
141
Nominal holding Cost Market Value % of Net assetsUSD USD
Grupo Televisa SAB 15,100 84,091 82,467 0.01
Megacable Holdings SAB de CV 56,191 232,287 208,563 0.02
Mexichem SAB de CV 25,200 68,678 56,299 0.00
Mexico Real Estate Management SAB de CV 127,900 186,756 162,253 0.01
OHL Mexico SAB de CV 46,800 66,106 49,019 0.00
PLA Administradora Industrial SAB de CV 35,000 68,093 56,539 0.00
TV Azteca SAB de CV 371,300 63,692 51,811 0.00
Wal-Mart de Mexico SAB de CV 46,000 126,611 115,871 0.01
Total Mexico 0.57% 8,069,962 0.57NetherlandsAccell Group 7,870 137,819 179,192 0.01
AerCap Holdings NV 5,900 225,374 254,703 0.02
Airbus Group SE 141,109 8,198,006 9,505,361 0.68
Akzo Nobel NV 3,238 250,818 217,168 0.02
Arcadis NV 7,000 174,279 141,114 0.01
ASML Holding NV 18,744 1,482,404 1,680,555 0.12
ASML Holding NV NY 2,894 193,218 256,900 0.02
Boskalis Westminster 1,710 73,495 69,892 0.01
Brunel International NV 1,838 48,534 33,638 0.00
Chicago Bridge & Iron Co NV 1,700 88,039 66,291 0.00
Core Laboratories NV 15,200 1,646,082 1,650,796 0.12
Delta Lloyd NV 9,695 227,153 57,472 0.00
Eurocommercial Properties NV 4,451 190,394 192,862 0.01
Fugro NV 1,114 71,572 18,170 0.00
Gemalto NV 4,886 463,629 293,170 0.02
Heineken Holding NV 4,231 279,302 327,063 0.02
Heineken NV 28,462 2,192,712 2,437,301 0.17
ING Groep NV 75,781 983,524 1,026,136 0.07
Koninklijke KPN NV 242,564 756,323 920,928 0.07
Koninklijke Philips NV 10,700 280,402 273,820 0.02
LyondellBasell Industries NV 3,900 279,412 338,871 0.02
Mylan NV 31,500 1,995,342 1,702,732 0.12
NXP Semiconductors NV 15,000 1,271,851 1,263,975 0.09
OCI NV 1,870 61,677 46,311 0.00
PostNL NV 11,590 57,535 44,160 0.00
RELX NV 8,060 102,935 136,150 0.01
Sensata Technologies Holding NV 1,500 57,768 69,098 0.01
TNT Express NV 7,500 66,419 63,451 0.00
Unilever NV 54,742 2,252,851 2,386,988 0.17
Vastned Retail NV 1,662 73,427 76,528 0.01
Wolters Kluwer NV 3,381 83,197 113,820 0.01
Total Netherlands 1.83% 25,844,616 1.83New ZealandFletcher Building Ltd 32,000 159,946 159,483 0.01
Spark New Zealand Ltd 88,200 153,692 198,806 0.02
Total New Zealand 0.03% 358,289 0.03NorwayAker ASA 1,311 43,725 24,253 0.00
Aker Solutions ASA 10,700 140,201 36,689 0.00
DNB ASA 50,710 856,553 628,763 0.04
Fred Olsen Energy ASA 1,932 96,115 7,487 0.00
Leroy Seafood Group ASA 722 19,033 26,877 0.00
Norsk Hydro ASA 24,100 120,463 90,232 0.01
Opera Software ASA 4,300 57,834 24,545 0.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
142
Nominal holding Cost Market Value % of Net assetsUSD USD
Orkla ASA 9,700 74,882 76,848 0.01
Schibsted ASA Class A 3,391 88,569 111,790 0.01
Schibsted ASA Class B 3,391 88,569 107,748 0.01
Statoil ASA 25,662 591,250 358,777 0.03
Storebrand ASA 10,900 62,345 43,045 0.00
TGS Nopec Geophysical Co ASA 12,075 273,177 192,692 0.01
Total Norway 0.12% 1,729,746 0.12PanamaCarnival Corp 3,900 145,022 212,413 0.02
Norstar Holdings Inc 3,381 98,626 55,150 0.00
Total Panama 0.02% 267,563 0.02Papua New GuineaOil Search Ltd 52,261 373,342 254,566 0.02
Total Papua New Guinea 0.02% 254,566 0.02PhilippinesABS-CBN Holdings Corp 1,861,510 1,901,044 2,524,937 0.18
Ayala Corp 96,608 1,558,468 1,548,028 0.11
Cosco Capital Inc 309,400 55,738 53,884 0.00
D&L Industries Inc 644,500 129,000 125,531 0.01
DMCI Holdings Inc 1,074,828 389,321 313,848 0.02
Globe Telecom Inc 2,100 119,876 82,697 0.01
GT Capital Holdings Inc 4,000 113,648 112,804 0.01
Jollibee Foods Corp 94,987 409,086 441,880 0.03
Lopez Holdings Corp 4,560,537 553,850 639,183 0.05
Robinsons Land Corp 219,100 111,032 127,348 0.01
SM Investments Corp 26,462 487,859 482,929 0.03
Universal Robina Corp 27,400 112,738 108,366 0.01
Total Philippines 0.47% 6,561,435 0.47PolandBank Pekao SA 4,438 244,172 160,992 0.01
Cyfrowy Polsat SA 24,788 199,014 131,444 0.01
KGHM Polska Miedz SA 7,500 287,593 120,736 0.01
PGE Polska Grupa Energetyczna SA 21,400 91,261 69,745 0.01
Polski Koncern Naftowy ORLEN SA 12,100 194,255 208,315 0.01
Polskie Gornictwo Naftowe i Gazownictwo SA
52,100 92,472 68,013 0.00
Powszechny Zaklad Ubezpieczen SA 28,000 298,438 241,824 0.02
Tauron Polska Energia SA 101,400 89,718 74,081 0.01
Warsaw Stock Exchange 16,548 145,122 150,607 0.01
Total Poland 0.09% 1,225,757 0.09PortugalEDP - Energias de Portugal SA 38,400 153,647 138,574 0.01
Jeronimo Martins SGPS SA 4,200 83,760 54,636 0.01
Semapa-Sociedade de Investimento e Gestao
11,800 166,686 162,986 0.01
Total Portugal 0.03% 356,196 0.03Puerto RicoPopular Inc 2,130 67,788 60,385 0.00
Total Puerto Rico 0.00% 60,385 0.00RussiaAeroflot - Russian Airlines PJSC 239,642 201,461 183,730 0.01
Gazprom PAO ADR 311,610 2,485,982 1,155,917 0.08
LSR Group PJSC GDR 12,533 49,669 24,126 0.00
Lukoil PJSC ADR 35,523 1,347,881 1,144,729 0.08
Magnit PJSC GDR 15,865 996,899 637,932 0.04
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
143
Nominal holding Cost Market Value % of Net assetsUSD USD
MegaFon PJSC GDR 44,028 605,567 511,825 0.04
MMC Norilsk Nickel PJSC ADR 46,024 607,649 580,248 0.04
Mobile TeleSystems PJSC ADR 12,100 74,692 74,838 0.01
NovaTek OAO GDR 5,359 693,408 439,974 0.03
Rosneft OAO GDR 25,335 91,106 87,887 0.01
Sberbank of Russia PJSC ADR 125,062 825,311 737,616 0.05
Severstal PAO GDR 65,575 550,418 550,830 0.04
Sistema JSFC GDR 19,331 403,579 114,343 0.01
Total Russia 0.44% 6,243,995 0.44SingaporeAvago Technologies Ltd 1,900 80,723 275,804 0.02
CapitaLand Retail China Trust 86,778 90,187 91,297 0.01
City Developments Ltd 275,000 2,318,755 1,485,866 0.11
DBS Group Holdings Ltd 29,000 380,841 341,287 0.02
Flextronics International Ltd 12,800 119,641 143,424 0.01
Great Eastern Holdings Ltd 39,354 476,823 559,538 0.04
Hutchison Port Holdings Trust 90,300 65,856 48,085 0.00
Jardine Cycle & Carriage Ltd 2,000 57,887 49,224 0.00
Keppel Corp Ltd 23,000 192,195 105,465 0.01
M1 Ltd/Singapore 37,000 97,958 70,812 0.01
OUE Hospitality Trust 90,933 65,064 49,197 0.00
Oversea-Chinese Banking Corp Ltd 58,000 458,879 359,991 0.03
Raffles Medical Group Ltd 28,200 73,819 82,595 0.01
Sembcorp Industries Ltd 24,000 97,664 51,684 0.00
Sembcorp Marine Ltd 27,000 96,568 33,355 0.00
Singapore Airlines Ltd 12,000 95,054 94,698 0.01
Singapore Exchange Ltd 16,000 94,028 86,732 0.01
Singapore Press Holdings Ltd 30,000 94,604 83,426 0.01
Singapore Technologies Engineering Ltd 19,000 43,048 40,381 0.00
Singapore Telecommunications Ltd 666,300 1,964,824 1,726,084 0.12
StarHub Ltd 24,000 80,896 62,512 0.00
Super Group Ltd/Singapore 136,100 165,973 80,828 0.01
United Overseas Bank Ltd 22,000 365,137 304,423 0.02
UOL Group Ltd 13,000 69,484 57,045 0.00
Venture Corp Ltd 9,000 52,170 52,149 0.00
Total Singapore 0.45% 6,335,902 0.45South AfricaAnglo American Platinum Ltd 17,659 641,550 210,745 0.01
AngloGold Ashanti Ltd 10,200 64,356 70,190 0.00
Aspen Pharmacare Holdings Ltd 4,900 141,348 97,632 0.01
Barclays Africa Group Ltd 9,900 146,042 91,653 0.01
Barloworld Ltd 29,400 147,517 117,530 0.01
Bidvest Group Ltd 3,284 86,346 69,642 0.00
Cashbuild Ltd 3,800 76,215 73,876 0.00
Clicks Group Ltd 15,465 103,324 89,359 0.01
Discovery Ltd 13,084 90,868 112,618 0.01
Gold Fields Ltd 10,900 46,183 29,678 0.00
Hosken Consolidated Investments Ltd 118,584 1,623,655 885,812 0.06
Impala Platinum Holdings Ltd 44,759 379,784 72,516 0.00
Imperial Holdings Ltd 9,900 144,246 76,191 0.01
Metair Investments Ltd 69,500 179,584 121,100 0.01
Mondi Ltd 6,600 141,933 130,626 0.01
Montauk Holdings Ltd 144,711 63,633 98,059 0.01
MTN Group Ltd 511,457 8,614,088 4,391,724 0.31
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
144
Nominal holding Cost Market Value % of Net assetsUSD USD
Nampak Ltd 56,900 194,641 91,342 0.01
Naspers Ltd 11,460 1,565,851 1,567,548 0.11
Nedbank Group Ltd 7,400 142,689 89,927 0.01
Niveus Investments Ltd 96,337 254,433 124,311 0.01
Pinnacle Holdings Ltd 48,658 109,402 39,095 0.00
PSG Group Ltd 4,800 87,018 69,310 0.00
Remgro Ltd 42,184 943,909 669,233 0.05
Sasol Ltd 9,799 475,983 264,002 0.02
Shoprite Holdings Ltd 31,400 392,298 290,281 0.02
Sibanye Gold Ltd 675,735 1,522,460 1,000,379 0.07
SPAR Group Ltd/The 9,600 139,684 114,013 0.01
Standard Bank Group Ltd 19,500 243,922 142,977 0.01
Steinhoff International H NV 14,900 74,827 75,296 0.01
Tiger Brands Ltd 6,214 190,362 126,839 0.01
Woolworths Holdings Ltd/South Africa 8,800 69,419 56,703 0.00
Total South Africa 0.81% 11,460,207 0.81SpainAbengoa SA 33,626 203,975 14,940 0.00
Abertis Infraestructuras SA 4,000 67,264 62,593 0.01
Acciona SA 900 71,156 77,222 0.01
ACS Actividades de Construccion y Servicios SA
4,457 138,250 130,761 0.01
Aena SA 37,390 2,451,491 4,287,122 0.31
Amadeus IT Holding SA 2,878 98,870 127,205 0.01
Banco Bilbao Vizcaya Argentaria SA 111,914 1,229,221 819,948 0.06
Banco de Sabadell SA 90,942 236,375 161,671 0.01
Banco Popular Espanol SA 17,100 59,022 56,554 0.00
Banco Santander SA 291,360 2,053,240 1,442,951 0.10
Endesa SA 7,100 152,855 142,821 0.01
Fomento de Construcciones y Contratas SA 73,462 990,303 559,015 0.04
Gas Natural SDG SA 2,800 58,885 57,236 0.00
Grifols SA 10,947 475,837 507,096 0.04
Grupo Catalana Occidente SA 3,492 97,683 121,616 0.01
Iberdrola SA 70,699 409,191 503,160 0.04
Industria de Diseno Textil SA 33,915 1,011,057 1,167,894 0.08
Inmobiliaria Colonial SA 68,309 51,317 47,825 0.00
Inmobiliaria del Sur SA 7,538 77,963 66,655 0.01
International Consolidated Airlines Group SA
69,038 419,008 620,961 0.04
Mediaset Espana Comunicacion SA 16,800 215,464 183,321 0.01
Melia Hotels International SA 11,400 127,495 150,619 0.01
Obrascon Huarte Lain SA 10,167 138,635 58,215 0.00
Realia Business SA 246,201 211,159 203,930 0.02
Repsol SA 29,024 646,337 319,231 0.02
Telefonica SA 66,581 985,541 740,451 0.05
Total Spain 0.90% 12,631,013 0.90SwedenAF AB 3,906 63,415 66,891 0.01
Assa Abloy AB 126,999 1,918,787 2,697,221 0.19
Atlas Copco AB - A Shares 93,401 2,514,489 2,317,689 0.16
Atlas Copco AB - B Shares 3,212 82,520 74,579 0.01
Castellum AB 4,500 62,683 64,560 0.00
Getinge AB 2,600 62,101 68,696 0.01
Hennes & Mauritz AB 44,038 1,815,849 1,584,839 0.11
Holmen AB 1,994 63,323 62,098 0.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
145
Nominal holding Cost Market Value % of Net assetsUSD USD
ICA Gruppen AB 2,002 62,860 73,081 0.01
Industrivarden AB 3,373 62,913 58,253 0.00
Investment AB Kinnevik 4,384 164,295 137,023 0.01
Investor AB 25,261 861,869 939,356 0.07
Nordea Bank AB 245,333 2,651,278 2,725,973 0.19
Sandvik AB 3,359 48,097 29,573 0.00
Skandinaviska Enskilda Banken AB 23,907 259,079 253,941 0.02
Skanska AB 6,748 129,919 132,309 0.01
Svenska Cellulosa AB SCA 6,135 160,765 179,161 0.01
Svenska Handelsbanken AB 73,482 1,144,341 987,536 0.07
Swedbank AB 11,726 288,380 260,791 0.02
Swedish Match AB 1,726 62,375 61,583 0.00
Swedish Orphan Biovitrum AB 5,800 34,630 92,842 0.01
Telefonaktiebolaget LM Ericsson 166,910 2,091,809 1,634,831 0.12
TeliaSonera AB 39,146 290,027 196,436 0.01
Volvo AB 17,078 259,589 160,842 0.01
Total Sweden 1.05% 14,860,104 1.05SwitzerlandABB Ltd 20,979 452,823 376,505 0.03
Chubb Ltd 7,800 754,952 911,313 0.06
Allied World Assurance Co Holdings AG 1,646 64,987 61,256 0.00
Cie Financiere Richemont SA 16,891 1,515,611 1,216,181 0.09
Coca-Cola HBC AG 2,478 74,347 52,904 0.00
Credit Suisse AG/Nassau 2,000 113,688 118,194 0.01
Credit Suisse Group AG 73,389 1,930,155 1,590,556 0.11
GAM Holding AG 7,403 152,472 123,689 0.01
Garmin Ltd 10,227 540,699 380,189 0.03
Helvetia Holding AG 495 218,809 279,761 0.02
LafargeHolcim Ltd 69,760 5,094,196 3,503,618 0.25
Julius Baer Group Ltd 82,909 3,536,043 4,030,664 0.29
Nestle SA 73,039 5,096,697 5,441,346 0.39
Novartis AG 108,553 7,534,640 9,415,532 0.67
Oriflame Holding AG 2,049 64,411 33,139 0.00
Pargesa Holding SA 5,303 447,492 336,531 0.02
Partners Group Holding AG 1,613 404,814 582,708 0.04
Roche Holding AG - BR 701 205,642 193,892 0.01
Roche Holding AG - Genusschein NPV 82,868 19,526,804 22,889,707 1.63
SGS SA 147 302,344 280,705 0.02
Sika AG 50 119,517 180,841 0.01
Swatch Group AG/The 4,938 1,494,063 1,170,089 0.08
Swiss Prime Site AG 3,021 218,431 237,209 0.02
Swiss Re AG 5,664 399,854 555,215 0.04
Swisscom AG 3,300 1,878,340 1,659,037 0.12
Syngenta AG 500 164,128 196,000 0.01
TE Connectivity Ltd 3,500 184,887 226,152 0.02
UBS Group AG 79,788 1,475,005 1,557,074 0.11
Vetropack Holding AG 100 160,368 155,592 0.01
Zurich Insurance Group AG 11,081 2,740,008 2,859,866 0.20
Total Switzerland 4.30% 60,615,465 4.30ThailandAdvanced Info Service - For RG 144,117 953,635 609,749 0.04
Advanced Info Service PCL 14,000 59,936 59,233 0.00
Bangkok Bank PCL 126,127 820,417 537,139 0.04
Bangkok Bank PCL- Foreign 14,900 96,470 64,076 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
146
Nominal holding Cost Market Value % of Net assetsUSD USD
Bumrungrad Hospital PCL 10,600 60,259 62,301 0.00
Central Pattana PCL 48,600 58,963 63,139 0.01
Delta Electronics Thailand PCL 27,600 60,656 58,962 0.00
Kasikornbank PCL 19,200 109,879 80,167 0.01
KCE Electronics PCL 32,100 47,681 62,331 0.01
Krungthai Card PCL 23,300 63,279 63,212 0.01
Land & Houses PCL 686,488 224,509 179,801 0.01
Land & Houses PCL - Foreign 216,627 70,400 56,286 0.00
Matichon PCL 19,900 4,241 3,387 0.00
MBK PCL 5,455,423 2,736,007 2,145,178 0.15
PTT Exploration & Production PCL 38,200 175,993 60,641 0.00
PTT Global Chemical PCL 40,400 81,159 56,275 0.00
PTT PCL 25,600 272,614 173,939 0.01
Siam Cement PCL/The 7,600 94,625 96,940 0.01
Siam Commercial Bank PCL/The 33,100 156,321 109,690 0.01
Thai Oil PCL 37,900 58,922 69,117 0.01
Total Thailand 0.33% 4,611,563 0.33TurkeyCoca-Cola Icecek AS 18,100 329,002 232,974 0.02
Enka Insaat ve Sanayi AS 33,600 58,736 51,743 0.00
Eregli Demir ve Celik Fabrikalari TAS 42,601 59,275 44,442 0.00
KOC Holding AS 185,992 943,736 697,106 0.05
Otokar Otomotiv Ve Savunma Sanayi A.S. 7,600 210,970 233,753 0.02
Turk Hava Yollari AO 18,400 59,003 46,618 0.00
Turk Telekomunikasyon AS 25,400 59,023 47,426 0.00
Turkcell Iletisim Hizmetleri AS 51,300 189,143 174,084 0.01
Turkiye Garanti Bankasi AS 84,171 245,268 205,464 0.02
Turkiye Vakiflar Bankasi TAO 41,200 57,617 54,202 0.00
Yapi ve Kredi Bankasi AS 45,300 57,912 51,138 0.00
Yazicilar Holding AS 13,500 111,061 58,993 0.01
Total Turkey 0.13% 1,897,943 0.13United Kingdom3i Group Plc 87,746 499,995 622,783 0.04
Admiral Group Plc 3,922 76,280 95,987 0.01
Al Noor Hospitals Group Plc 100 1,377 1,627 0.00
Alliant Energy Corp 1,300 63,774 81,185 0.01
Amec Foster Wheeler Plc 11,273 160,947 71,304 0.00
Anglo American Plc 280,560 2,525,014 1,238,071 0.09
Antofagasta Plc 55,134 572,604 381,322 0.03
Aon Plc 6,500 441,936 599,430 0.04
ARM Holdings Plc 17,381 276,717 266,298 0.02
ASOS Plc 1,936 201,847 98,459 0.01
Associated British Foods Plc 19,651 919,023 968,543 0.07
AstraZeneca Plc 30,880 2,031,094 2,101,042 0.15
AVEVA Group Plc 1,880 76,004 44,737 0.00
Aviva Plc 89,028 694,262 677,743 0.05
Babcock International Group Plc 3,997 76,823 59,913 0.00
BAE Systems Plc 37,954 268,385 279,506 0.02
Balfour Beatty Plc 23,291 103,631 92,893 0.01
BGEO Group Plc 4,829 164,453 135,552 0.01
Barclays Plc 774,869 3,147,857 2,503,153 0.18
BBA Aviation Plc 58,300 201,072 162,448 0.01
Bellway Plc 2,501 62,126 104,633 0.01
Berendsen Plc 5,284 77,305 84,111 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
147
Nominal holding Cost Market Value % of Net assetsUSD USD
Berkeley Group Holdings Plc 1,747 62,051 95,078 0.01
BG Group Plc 180,826 2,924,691 2,624,817 0.19
BHP Billiton Plc 164,351 4,027,022 1,839,911 0.13
Bovis Homes Group Plc 5,317 65,435 79,425 0.01
BP Plc 608,392 4,371,374 3,175,919 0.22
British American Tobacco Plc 108,371 5,823,640 6,025,340 0.43
British Land Co Plc 8,348 75,796 96,833 0.01
Britvic Plc 12,805 135,493 137,256 0.01
BT Group Plc 119,767 714,646 833,108 0.06
Bunzl Plc 3,568 78,296 99,104 0.01
Burberry Group Plc 24,196 536,942 427,058 0.03
Cable & Wireless Communications Plc 138,713 108,925 151,803 0.01
Capita Plc 729,794 8,416,230 12,999,150 0.92
Centrica Plc 96,881 581,263 311,217 0.02
Close Brothers Group Plc 4,310 77,109 85,124 0.01
Compass Group Plc 15,802 223,787 274,246 0.02
Crest Nicholson Holdings plc 26,200 193,315 214,803 0.01
Croda International Plc 1,836 78,175 82,251 0.01
De La Rue Plc 4,659 75,763 30,335 0.00
Derwent London Plc 2,027 76,257 109,869 0.01
Diageo Plc 52,065 1,583,551 1,425,036 0.10
Dialight Plc 4,236 79,747 28,283 0.00
Dignity Plc 2,438 58,364 91,990 0.01
Diploma Plc 7,607 77,077 85,155 0.01
Direct Line Insurance Group Plc 17,600 102,711 105,630 0.01
Dixons Carphone Plc 60,307 363,715 444,299 0.03
easyJet Plc 3,687 78,503 94,611 0.01
Ensco Plc 5,000 276,722 76,925 0.01
Enterprise Inns Plc 150,681 283,795 247,740 0.02
G4S Plc 27,524 114,074 91,460 0.01
Genus Plc 3,622 78,193 83,067 0.01
GKN Plc 22,500 106,733 102,241 0.01
GlaxoSmithKline Plc 40,120 1,039,417 812,633 0.06
Great Portland Estates Plc 10,700 74,652 130,661 0.01
Hansteen Holdings Plc 89,875 147,813 152,734 0.01
Hargreaves Lansdown Plc 4,755 77,741 105,441 0.01
Hikma Pharmaceuticals Plc 4,989 117,648 169,052 0.01
Howden Joinery Group Plc 135,946 764,074 1,052,448 0.07
HSBC Holdings Plc 780,164 8,165,814 6,165,102 0.44
Hunting Plc 5,589 76,704 24,909 0.00
ICAP Plc 64,125 392,981 482,257 0.03
IG Group Holdings Plc 6,200 45,097 73,311 0.00
IMI Plc 8,230 164,614 104,593 0.01
Imperial Tobacco Group Plc 11,826 490,578 624,747 0.04
Indivior Plc 4,731 7,713 13,064 0.00
Informa Plc 2,094 15,908 18,927 0.00
InterContinental Hotels Group Plc 2,326 75,670 90,987 0.01
Intertek Group Plc 1,434 77,829 58,641 0.00
Intl Consolidated Airline 18,700 140,307 168,230 0.01
ITV Plc 28,224 82,925 115,105 0.01
J Sainsbury Plc 37,497 229,446 142,975 0.01
Jimmy Choo Plc 45,100 121,493 93,494 0.01
John Menzies Plc 15,220 163,187 93,432 0.01
John Wood Group Plc 24,276 294,643 219,871 0.02
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
148
Nominal holding Cost Market Value % of Net assetsUSD USD
Johnson Matthey Plc 2,400 106,542 94,182 0.01
Keller Group Plc 4,272 76,251 52,277 0.00
Kier Group Plc 2,917 62,344 59,783 0.00
Land Securities Group Plc 6,100 126,160 105,912 0.01
Legal & General Group Plc 65,779 213,875 259,685 0.02
Liberty Global Plc LiLAC - A 10,150 412,928 419,702 0.03
Liberty Global Plc LiLAC - C 3,230 184,424 138,987 0.01
Liberty Global Plc Series A 100,909 4,146,755 4,275,514 0.30
Liberty Global Plc Series C 67,309 2,594,178 2,743,851 0.19
Lloyds Banking Group Plc 8,433,647 10,315,436 9,087,831 0.64
London Stock Exchange Group Plc 243,324 7,416,163 9,837,365 0.70
Lonmin Plc 26 781 31 0.00
Michael Page International Plc 118,857 862,692 847,975 0.06
Michelmersh Brick Holdings Plc 1,186,831 1,274,888 1,635,568 0.12
Mondi Plc 4,401 76,478 86,499 0.01
National Grid Plc 31,635 387,691 437,010 0.03
Next Plc 7,459 849,112 800,900 0.06
Nielsen Holdings Plc 34,200 1,319,547 1,593,891 0.11
Noble Corp plc 5,000 160,130 52,750 0.00
Old Mutual Plc 163,236 525,143 430,302 0.03
Oxford Instruments Plc 9,200 189,403 103,767 0.01
Paragon Group of Cos Plc/The 121,320 675,858 632,374 0.04
Pearson Plc 9,839 198,598 106,696 0.01
Penna Consulting Plc 48,669 102,521 201,929 0.01
Pennon Group Plc 14,365 154,378 181,925 0.01
Premier Oil Plc 19,300 112,982 13,832 0.00
Prudential Plc 49,780 971,573 1,123,489 0.08
Reckitt Benckiser Group Plc 3,631 257,846 335,928 0.02
Renishaw Plc 2,658 79,201 73,514 0.00
Rentokil Initial Plc 58,951 121,463 138,673 0.01
Rexam Plc 10,275 82,149 91,661 0.01
Rightmove Plc 3,429 119,201 208,655 0.01
Rio Tinto Plc 42,001 1,895,768 1,225,260 0.09
Rolls-Royce Holdings Npv 33,330,654 – 49,126 0.00
Rolls-Royce Holdings Plc 977,671 10,146,044 8,289,291 0.59
Rotork Plc 17,290 77,577 46,648 0.00
Royal Bank of Scotland Group Plc 100,049 565,632 445,631 0.03
Royal Dutch Shell Plc A shares 100,470 3,222,095 2,260,113 0.16
Royal Dutch Shell Plc B shares 218,576 7,754,750 4,972,527 0.35
RSA Insurance Group Plc 16,200 128,884 101,824 0.01
SABMiller Plc 8,737 471,485 523,759 0.04
Schroders Plc 1,929 77,629 84,669 0.01
SDL Plc 8,900 89,970 54,439 0.00
Segro Plc 15,900 102,140 100,524 0.01
Senior Plc 39,500 159,596 133,613 0.01
Shanks Group Plc 53,200 90,811 76,255 0.00
Sky Plc 7,200 122,134 118,112 0.01
Smith & Nephew Plc 24,932 395,347 443,723 0.03
Smiths Group Plc 3,732 82,244 51,719 0.00
Spectris Plc 2,093 76,053 55,713 0.00
SSE Plc 17,582 439,620 395,708 0.03
St James’s Place Plc 6,800 81,371 100,977 0.01
Standard Chartered Plc 352,137 5,961,189 2,927,762 0.21
Standard Life Plc 17,395 100,694 100,054 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
149
Nominal holding Cost Market Value % of Net assetsUSD USD
STERIS Plc 580 19,491 43,694 0.00
SThree Plc 14,800 82,174 71,931 0.00
SuperGroup Plc 4,199 76,204 102,272 0.01
TalkTalk Telecom Group Plc 48,896 243,583 157,072 0.01
Telecity Group Plc 5,787 77,079 106,874 0.01
Telecom Plus Plc 3,592 78,132 56,807 0.00
Telit Communications Plc 67,517 282,074 214,451 0.01
Tesco Plc 263,754 1,278,369 581,371 0.04
Travis Perkins Plc 3,386 88,133 98,540 0.01
Tungsten Corp Plc 55,872 194,901 30,572 0.00
Ultra Electronics Holdings Plc 2,534 77,695 73,820 0.00
Unilever Plc 9,303 372,272 401,376 0.03
Vedanta Resources Plc 16,364 172,620 66,230 0.00
Victrex Plc 2,943 78,156 78,274 0.01
Vodafone Group Plc 1,634,922 5,527,689 5,326,667 0.38
WM Morrison Supermarkets Plc 68,000 144,914 148,634 0.01
WS Atkins Plc 3,893 75,168 93,499 0.01
Total United Kingdom 8.56% 120,534,427 8.56United States3D Systems Corp 4,400 130,268 38,214 0.00
3M Co 3,200 383,573 482,064 0.03
Abbott Laboratories 7,200 258,274 323,316 0.02
AbbVie Inc 6,200 284,999 367,195 0.03
Activision Blizzard Inc 23,252 529,143 899,736 0.06
Adobe Systems Inc 1,300 61,938 122,076 0.01
ADT Corp/The 3,300 125,100 108,817 0.01
ADTRAN Inc 3,600 95,045 61,974 0.00
Advance Auto Parts Inc 400 32,146 60,202 0.00
Advisory Board Co/The 4,800 224,540 238,200 0.02
AES Corp/VA 73,000 938,804 698,975 0.05
Aetna Inc 3,300 217,567 356,812 0.03
Affiliated Managers Group Inc 300 55,624 47,898 0.00
Aflac Inc 5,500 337,063 329,257 0.02
AGCO Corp 1,700 101,085 77,197 0.01
Agilent Technologies Inc 3,000 104,292 125,445 0.01
Agios Pharmaceuticals Inc 14,600 1,270,408 948,051 0.07
AGL Resources Inc 1,300 57,229 82,920 0.01
Air Methods Corp 6,400 267,159 268,384 0.02
Air Products & Chemicals Inc 1,300 137,475 169,130 0.01
Akamai Technologies Inc 1,100 56,450 57,898 0.00
Albany International Corp 1,700 57,530 62,101 0.00
Albemarle Corp 3,832 234,923 214,611 0.02
Alcoa Inc 25,300 211,085 249,458 0.02
Alder Biopharmaceuticals Inc 3,100 115,107 102,424 0.01
Alexion Pharmaceuticals Inc 400 75,608 76,308 0.01
Alleghany Corp 300 121,781 143,496 0.01
ALLETE Inc 1,200 55,967 60,990 0.00
Alliance Data Systems Corp 2,796 732,411 773,052 0.06
Allstate Corp/The 5,800 290,667 360,151 0.03
Ally Financial Inc 11,100 250,437 206,959 0.02
Almost Family Inc 3,500 139,085 133,717 0.01
Alphabet Inc Class A 19,994 8,343,847 15,554,732 1.10
Alphabet Inc Class C 10,061 4,828,984 7,635,947 0.54
Altria Group Inc 73,577 3,524,986 4,282,549 0.30
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
150
Nominal holding Cost Market Value % of Net assetsUSD USD
Amazon.com Inc 14,826 5,149,213 10,020,893 0.71
Ambac Financial Group Inc 5,200 140,509 73,294 0.01
AMC Networks Inc 3,400 221,082 253,793 0.02
Ameren Corp 2,500 81,837 108,062 0.01
American Airlines Group Inc 148,048 5,661,119 6,270,573 0.45
American Capital Agency Corp 5,700 132,816 98,866 0.01
American Electric Power Co Inc 5,100 229,322 297,151 0.02
American Express Co 170,445 13,776,397 11,851,893 0.84
American International Group Inc 112,697 6,123,987 6,984,397 0.50
American Tower Corp 11,200 855,095 1,086,008 0.08
American Water Works Co Inc 1,900 74,544 113,534 0.01
American Woodmark Corp 1,400 62,116 111,895 0.01
Ameriprise Financial Inc 1,500 135,592 159,645 0.01
AmerisourceBergen Corp 3,200 200,046 331,792 0.02
AMETEK Inc 1,400 63,805 75,019 0.01
Amgen Inc 3,400 389,839 551,854 0.04
Amicus Therapeutics Inc 5,500 49,605 53,377 0.00
Amphenol Corp 2,200 97,853 114,917 0.01
Amsurg Corp 1,700 91,876 129,115 0.01
AmTrust Financial Services Inc 2,200 76,942 135,465 0.01
Anadarko Petroleum Corp 35,900 3,065,929 1,744,201 0.12
Analog Devices Inc 1,100 53,204 60,857 0.00
Andersons Inc/The 1,200 54,996 37,968 0.00
Annaly Capital Management Inc 25,000 285,571 234,625 0.02
ANSYS Inc 600 52,681 55,512 0.00
Anthem Inc 7,537 568,639 1,050,846 0.08
Apache Corp 7,100 619,437 315,701 0.02
Apple Inc 56,727 4,601,800 5,969,099 0.42
Applied Industrial Technologies Inc 1,100 54,930 44,506 0.00
Applied Materials Inc 7,700 122,699 143,797 0.01
AptarGroup Inc 1,000 59,412 72,655 0.01
Aramark 2,500 81,794 80,600 0.01
Archer-Daniels-Midland Co 13,200 481,395 483,978 0.03
Arctic Cat Inc 1,000 56,604 16,385 0.00
Armada Hoffler Properties Inc 10,900 114,635 114,232 0.01
Armstrong World Industries Inc 1,100 58,152 50,281 0.00
Arrow Electronics Inc 2,300 111,064 124,637 0.01
Arthur J Gallagher & Co 1,300 57,343 53,222 0.00
Ascent Capital Group Inc 2,400 123,688 40,140 0.00
Ashland Inc 600 65,524 61,551 0.00
Associated Capital Group Inc 800 27,203 24,612 0.00
Assurant Inc 1,000 55,085 80,545 0.01
AT&T Inc 57,527 1,861,490 1,978,929 0.14
Atwood Oceanics Inc 3,300 127,311 33,742 0.00
Autoliv Inc 700 60,890 87,321 0.01
Automatic Data Processing Inc 1,900 123,652 160,977 0.01
AutoNation Inc 1,100 65,744 65,604 0.01
AutoZone Inc 100 41,712 74,202 0.01
AvalonBay Communities Inc 600 77,338 110,439 0.01
Avis Budget Group Inc 9,427 575,760 342,059 0.02
Avnet Inc 3,000 123,735 128,505 0.01
Avon Products Inc 14,100 146,810 57,034 0.00
Axiall Corp 1,500 60,618 23,107 0.00
AZZ Inc 2,700 127,549 150,066 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
151
Nominal holding Cost Market Value % of Net assetsUSD USD
B/E Aerospace Inc 3,300 121,989 139,837 0.01
Baker Hughes Inc 5,400 273,910 248,670 0.02
Ball Corp 900 64,190 65,448 0.01
BancFirst Corp 1,100 58,606 64,421 0.01
Bank of America Corp 313,424 4,959,249 5,276,493 0.37
Bank of Hawaii Corp 1,100 57,795 69,217 0.01
Bank of New York Mellon Corp/The 16,571 559,345 683,139 0.05
BankUnited Inc 6,400 202,795 230,720 0.02
Baxalta Inc 208,000 6,552,358 8,117,200 0.58
Baxter International Inc 216,100 8,135,066 8,240,973 0.59
BB&T Corp 10,000 340,387 378,050 0.03
Becton Dickinson and Co 1,170 114,517 180,279 0.01
Bed Bath & Beyond Inc 2,700 181,773 130,288 0.01
Belden Inc 900 57,219 42,925 0.00
Bemis Co Inc 1,500 59,926 67,012 0.01
Berkshire Hathaway Inc 25,017 2,430,289 3,301,368 0.23
Best Buy Co Inc 6,900 263,922 210,070 0.02
Biogen Inc 800 187,464 245,048 0.02
BioMarin Pharmaceutical Inc 1,100 39,130 115,280 0.01
Bio-Rad Laboratories Inc 4,121 502,367 571,541 0.04
Bio-Techne Corp 800 62,093 72,032 0.01
Black Hills Corp 1,200 57,530 55,722 0.00
BlackRock Inc 700 194,104 238,287 0.02
Blue Nile Inc 9,244 274,697 344,663 0.02
Bob Evans Farms Inc/DE 1,100 59,190 42,746 0.00
Boeing Co/The 4,000 450,992 578,180 0.04
Boise Cascade Co 4,500 114,607 114,817 0.01
BOK Financial Corp 900 58,381 53,811 0.00
BorgWarner Inc 2,200 108,135 95,095 0.01
Boston Private Financial Holdings Inc 28,600 334,107 324,467 0.02
Boston Properties Inc 700 85,349 89,285 0.01
Boston Scientific Corp 4,700 56,047 86,691 0.01
Bottomline Technologies de Inc 4,500 85,444 133,875 0.01
Boyd Gaming Corp 8,677 80,227 172,369 0.01
Brinker International Inc 1,450 74,468 69,520 0.01
Bristol-Myers Squibb Co 12,168 595,435 837,098 0.06
Bristow Group Inc 800 55,665 20,708 0.00
Broadcom Corp 6,900 182,228 399,061 0.03
Bruker Corp 18,300 326,344 444,049 0.03
Brunswick Corp/DE 4,100 144,695 207,029 0.02
Buckle Inc/The 1,100 59,242 33,830 0.00
Burlington Stores Inc 2,900 119,718 124,366 0.01
CA Inc 3,300 100,751 94,264 0.01
Cabela’s Inc 900 58,824 42,043 0.00
Cable One Inc 100 23,028 43,385 0.00
Cablevision Systems Corp 52,070 985,394 1,660,512 0.12
Cabot Corp 1,400 57,725 57,239 0.00
Cabot Oil & Gas Corp 1,500 57,075 26,550 0.00
CalAtlantic Group Inc 6,929 289,922 262,644 0.02
California Resources Corp 13,180 109,726 30,907 0.00
Calpine Corp 4,900 85,689 70,879 0.01
Camden Property Trust 900 59,139 69,115 0.01
Cameron International Corp 1,900 111,483 120,118 0.01
Canadian National Railway Co 7,700 493,321 430,237 0.03
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
152
Nominal holding Cost Market Value % of Net assetsUSD USD
Capella Education Co 1,000 57,144 46,165 0.00
Capital One Financial Corp 34,545 2,674,815 2,492,940 0.18
CARBO Ceramics Inc 2,100 126,010 36,109 0.00
Cardinal Health Inc 4,500 256,164 401,647 0.03
Care Capital Properties Inc 2,125 72,049 64,951 0.01
Carlisle Cos Inc 1,700 101,049 150,781 0.01
CarMax Inc 1,300 66,405 70,167 0.01
Carpenter Technology Corp 2,200 109,963 66,583 0.01
Carter’s Inc 800 59,108 71,196 0.01
Caterpillar Inc 8,600 755,207 584,327 0.04
Cavium Inc 4,200 186,666 276,024 0.02
CBIZ Inc 22,300 203,377 219,989 0.02
CBOE Holdings Inc 32,987 1,907,405 2,141,021 0.15
CBRE Group Inc 94,888 2,924,841 3,279,804 0.23
CBS Corp 14,500 694,025 683,167 0.05
CDK Global Inc 900 24,583 42,727 0.00
CDW Corp/DE 1,400 58,740 58,814 0.00
CEB Inc 800 55,391 49,068 0.00
Celanese Corp 900 44,186 60,584 0.00
Celgene Corp 18,216 2,212,464 2,182,004 0.16
Celldex Therapeutics Inc 4,700 67,068 73,719 0.01
CenterPoint Energy Inc 5,500 125,812 100,952 0.01
CenturyLink Inc 10,700 346,466 269,265 0.02
Cerner Corp 17,900 1,080,948 1,077,132 0.08
CF Industries Holdings Inc 8,900 412,506 363,075 0.03
CH Robinson Worldwide Inc 1,400 83,945 86,814 0.01
Charles Schwab Corp/The 32,912 922,289 1,083,628 0.08
Charter Communications Inc 2,563 414,044 469,183 0.03
Chemours Co/The 9,200 87,185 49,358 0.00
Chesapeake Energy Corp 40,400 589,567 181,598 0.01
Chevron Corp 37,200 4,407,488 3,345,582 0.24
Children’s Place Inc/The 1,000 56,509 55,205 0.00
Chimera Investment Corp 4,190 59,425 57,194 0.00
Chipotle Mexican Grill Inc 100 55,029 47,983 0.00
Chubb Corp/The 2,000 176,712 265,240 0.02
Cigna Corp 12,043 1,634,443 1,764,360 0.13
Cincinnati Financial Corp 1,600 74,120 94,648 0.01
CIRCOR International Inc 900 55,120 37,921 0.00
Cirrus Logic Inc 6,600 135,679 194,865 0.01
Cisco Systems Inc 48,280 1,177,006 1,311,043 0.09
CIT Group Inc 3,100 149,209 123,055 0.01
Citigroup Inc 216,259 11,207,084 11,192,485 0.79
Citizens Financial Group Inc 34,915 868,791 913,551 0.07
Citrix Systems Inc 900 66,352 68,076 0.01
CLARCOR Inc 1,000 56,544 49,690 0.00
Clean Harbors Inc 1,000 58,421 41,685 0.00
Clearwater Paper Corp 1,200 56,860 54,666 0.00
Cleco Corp 1,300 57,480 67,866 0.01
Cliffs Natural Resources Inc 21,200 228,556 33,390 0.00
Clorox Co/The 700 83,534 88,767 0.01
CME Group Inc/IL 48,382 3,449,279 4,382,442 0.31
CMS Energy Corp 124,063 3,991,542 4,474,332 0.32
CNO Financial Group Inc 2,000 28,750 38,190 0.00
Coach Inc 3,200 144,995 104,720 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
153
Nominal holding Cost Market Value % of Net assetsUSD USD
Coca-Cola Co/The 86,500 3,547,016 3,715,607 0.26
Coca-Cola Enterprises Inc 1,400 56,678 68,964 0.01
Cogent Communications Holdings Inc 10,000 279,118 346,700 0.03
Cognizant Technology Solutions Corp 52,516 3,090,169 3,151,223 0.22
Coherent Inc 1,000 58,439 65,075 0.01
Colfax Corp 2,500 108,367 58,362 0.00
Colgate-Palmolive Co 3,200 189,712 213,152 0.02
Comcast Corp 324,125 16,995,199 18,288,753 1.30
Comerica Inc 3,300 135,578 137,973 0.01
Commerce Bancshares Inc/MO 1,504 56,309 63,995 0.00
Communications Sales & Leasing Inc 1,820 56,952 34,025 0.00
Community Health Systems Inc 3,000 122,248 79,605 0.01
Compass Minerals International Inc 2,300 188,825 173,144 0.01
Computer Programs & Systems Inc 1,000 57,666 49,720 0.00
Computer Sciences Corp 1,300 39,305 42,458 0.00
ConAgra Foods Inc 2,100 63,598 88,525 0.01
Concho Resources Inc 800 83,036 74,256 0.01
Conn’s Inc 1,100 56,175 25,811 0.00
ConocoPhillips 47,400 3,301,281 2,212,869 0.16
CONSOL Energy Inc 2,900 100,238 22,895 0.00
Consolidated Edison Inc 2,900 160,928 186,339 0.01
Constellation Brands Inc 700 41,344 99,694 0.01
Continental Resources Inc/OK 1,200 60,645 27,582 0.00
Cooper Cos Inc/The 16,000 2,876,835 2,146,400 0.15
Copa Holdings SA 3,544 141,953 171,016 0.01
CoreLogic Inc/United States 23,589 670,254 798,959 0.06
Cornerstone OnDemand Inc 4,700 173,994 162,220 0.01
Corning Inc 14,600 221,946 266,815 0.02
Costco Wholesale Corp 45,596 5,075,468 7,363,982 0.52
Coty Inc 6,233 107,232 159,721 0.01
Cowen Group Inc 25,100 127,315 96,007 0.01
Crane Co 1,000 60,247 47,825 0.00
Crown Castle International Corp 800 56,660 69,164 0.01
CSRA Inc 1,300 29,132 39,006 0.00
CST Brands Inc 1,900 57,476 74,375 0.01
CSX Corp 8,000 206,200 207,560 0.02
CTC Media Inc 8,600 80,234 15,953 0.00
CubeSmart 4,700 61,036 143,890 0.01
Cullen/Frost Bankers Inc 800 55,668 47,964 0.00
Cummins Inc 1,800 239,517 158,409 0.01
CVB Financial Corp 12,700 138,063 214,947 0.02
CVS Health Corp 140,600 5,664,473 13,742,947 0.98
Danaher Corp 23,200 1,381,234 2,154,352 0.15
Darden Restaurants Inc 1,600 69,058 101,832 0.01
DaVita HealthCare Partners Inc 7,300 568,409 508,773 0.04
Dean Foods Co 3,400 65,976 58,293 0.00
Deckers Outdoor Corp 1,000 59,781 47,220 0.00
Deere & Co 5,100 422,496 388,951 0.03
Delta Air Lines Inc 139,043 5,449,957 7,047,394 0.50
Deltic Timber Corp 900 55,797 52,951 0.00
Demandware Inc 3,100 169,856 167,276 0.01
Denbury Resources Inc 27,800 174,000 56,295 0.00
Devon Energy Corp 6,200 364,888 198,369 0.01
Diamond Foods Inc 5,400 156,314 208,332 0.02
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
154
Nominal holding Cost Market Value % of Net assetsUSD USD
Diamond Offshore Drilling Inc 3,200 126,721 67,488 0.01
Diamondback Energy Inc 3,400 242,024 227,375 0.02
Dick’s Sporting Goods Inc 1,200 60,909 42,402 0.00
Dillard’s Inc 700 56,151 45,993 0.00
DineEquity Inc 830 67,651 70,272 0.01
Discover Financial Services 5,700 300,066 305,662 0.02
Discovery Communications Inc Class A 38,464 1,369,325 1,025,835 0.07
Discovery Communications Inc Class C 8,549 310,937 215,649 0.02
DISH Network Corp 900 42,268 51,466 0.00
Dollar General Corp 2,600 152,715 186,810 0.01
Dollar Tree Inc 1,073 63,657 82,862 0.01
Dominion Resources Inc/VA 3,500 209,247 236,687 0.02
Domtar Corp 1,800 68,759 66,519 0.01
Dorman Products Inc 1,200 60,248 56,988 0.00
Dover Corp 1,700 126,907 104,201 0.01
Dow Chemical Co/The 10,500 422,121 540,435 0.04
DR Horton Inc 3,700 113,396 118,474 0.01
Dr Pepper Snapple Group Inc 1,200 53,466 111,828 0.01
DreamWorks Animation SKG Inc 9,600 201,959 247,488 0.02
Dril-Quip Inc 1,400 125,937 82,908 0.01
DSW Inc 1,400 58,578 33,411 0.00
DTE Energy Co 2,400 158,905 192,408 0.01
Duke Energy Corp 7,800 521,811 556,725 0.04
Dun & Bradstreet Corp/The 500 53,008 51,985 0.00
E*TRADE Financial Corp 2,500 42,487 74,087 0.01
East West Bancorp Inc 960 41,695 39,912 0.00
EastGroup Properties Inc 1,000 58,536 55,635 0.00
Eastman Chemical Co 1,500 116,497 101,242 0.01
eBay Inc 44,359 1,023,736 1,218,764 0.09
Ecolab Inc 1,400 135,778 160,146 0.01
Edgewell Personal Care Co 1,970 175,931 154,399 0.01
Edison International 3,800 171,460 224,941 0.02
EI du Pont de Nemours & Co 6,000 335,756 399,540 0.03
Electronic Arts Inc 1,000 67,740 68,725 0.01
Electronics For Imaging Inc 4,100 171,338 191,490 0.01
Eli Lilly & Co 23,500 1,737,212 1,979,640 0.14
EMC Corp/MA 113,863 3,148,525 2,923,433 0.21
EMCOR Group Inc 2,900 103,374 139,287 0.01
Emerson Electric Co 6,100 388,051 291,733 0.02
Enbridge Energy Manage Fraction Npv 22,124 19 22 0.00
Energizer Holdings Inc 1,990 62,026 67,789 0.01
EnerSys 1,000 54,860 55,925 0.00
Engility Holdings Inc 5,800 154,694 188,123 0.01
EnPro Industries Inc 1,000 59,084 43,855 0.00
Entergy Corp 2,700 169,333 184,532 0.01
EOG Resources Inc 98,100 8,569,024 6,944,008 0.49
EPAM Systems Inc 10,492 394,005 824,409 0.06
EQT Corp 1,200 59,999 62,550 0.00
Equinix Inc 308 91,691 93,161 0.01
Equity Residential 1,200 65,670 97,890 0.01
Essendant Inc 1,400 56,987 45,479 0.00
Essex Property Trust Inc 300 69,472 71,864 0.01
Estee Lauder Cos Inc/The 5,721 422,257 503,620 0.04
Esterline Technologies Corp 700 56,855 56,697 0.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
155
Nominal holding Cost Market Value % of Net assetsUSD USD
EverBank Financial Corp 7,400 128,365 118,289 0.01
Eversource Energy 3,100 124,263 158,302 0.01
Exelon Corp 14,000 431,422 388,850 0.03
Expeditors International of Washington Inc 1,600 71,513 72,168 0.01
Express Scripts Holding Co 103,700 7,997,216 9,062,343 0.64
Exxon Mobil Corp 68,400 5,886,231 5,330,412 0.38
F5 Networks Inc 600 54,375 58,173 0.00
Facebook Inc 2,300 149,936 240,707 0.02
Fastenal Co 1,200 60,153 48,966 0.00
Federal National Mortgage Association 19,600 67,516 32,144 0.00
FedEx Corp 2,700 293,025 402,084 0.03
FEI Co 700 59,469 55,864 0.00
Fidelity National Information Services Inc 1,500 70,077 90,855 0.01
Fifth Third Bancorp 15,500 294,808 311,628 0.02
Financial Engines Inc 1,000 59,411 33,630 0.00
First American Financial Corp 1,529 60,944 54,868 0.00
First Financial Bankshares Inc 2,000 57,143 60,270 0.00
First Niagara Financial Group Inc 6,400 65,949 69,472 0.01
First Republic Bank/CA 1,300 60,471 85,839 0.01
FirstEnergy Corp 6,500 231,975 206,310 0.02
FirstMerit Corp 13,600 256,485 253,708 0.02
Fiserv Inc 1,300 65,894 118,924 0.01
FleetCor Technologies Inc 500 53,597 71,435 0.01
Flowserve Corp 1,100 67,589 46,277 0.00
Fluor Corp 4,367 301,497 206,253 0.02
FMC Corp 900 63,216 35,221 0.00
FMC Technologies Inc 3,100 119,075 89,900 0.01
FNF Group 3,100 63,494 107,493 0.01
FNFV Group 5,633 67,557 63,287 0.00
Foot Locker Inc 1,300 95,196 84,611 0.01
Ford Motor Co 169,904 2,841,188 2,393,098 0.17
Franklin Resources Inc 3,600 180,831 132,534 0.01
Freeport-McMoRan Inc 65,700 1,518,053 444,132 0.03
Frontier Communications Corp 25,100 109,078 117,343 0.01
G&K Services Inc 1,000 55,390 62,830 0.00
GAMCO Investors Inc 800 31,730 24,788 0.00
GameStop Corp 2,300 121,298 64,504 0.01
Gaming and Leisure Properties Inc 2,195 68,777 61,010 0.00
Gap Inc/The 2,700 111,334 66,677 0.01
Gartner Inc 17,234 1,317,456 1,562,693 0.11
Generac Holdings Inc 1,400 58,314 41,671 0.00
General Dynamics Corp 1,800 156,045 247,185 0.02
General Electric Co 155,373 4,003,273 4,837,538 0.34
General Growth Properties Inc 2,300 59,557 62,572 0.00
General Mills Inc 3,600 175,914 207,522 0.02
General Motors Co 36,000 1,316,903 1,224,900 0.09
Genesco Inc 900 56,934 51,134 0.00
Genesee & Wyoming Inc 600 56,055 32,226 0.00
Genuine Parts Co 1,300 103,893 111,625 0.01
Genworth Financial Inc 13,300 163,709 49,676 0.00
Gilead Sciences Inc 16,930 1,521,183 1,712,977 0.12
GNC Holdings Inc 4,200 194,476 130,284 0.01
Gogo Inc 8,700 136,642 154,947 0.01
Goldman Sachs Group Inc/The 23,600 3,726,054 4,249,888 0.30
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
156
Nominal holding Cost Market Value % of Net assetsUSD USD
Goodyear Tire & Rubber Co/The 4,910 109,018 160,385 0.01
Graco Inc 6,110 465,738 440,500 0.03
Graham Holdings Co 100 35,154 48,581 0.00
Great Western Bancorp Inc 4,100 101,304 119,002 0.01
Greif Inc 1,100 42,164 33,875 0.00
Group 1 Automotive Inc 700 55,277 52,966 0.00
Guidewire Software Inc 1,200 56,333 72,162 0.01
Gulfport Energy Corp 2,500 128,297 61,450 0.00
Hackett Group Inc/The 48,186 296,253 772,903 0.06
Hain Celestial Group Inc/The 1,400 55,669 56,560 0.00
Halliburton Co 234,580 10,000,729 7,983,930 0.57
Halyard Health Inc 2,037 82,342 68,046 0.01
Hanesbrands Inc 30,961 829,676 911,337 0.07
Hanger Inc 8,400 214,416 138,222 0.01
Hanmi Financial Corp 7,400 124,370 175,306 0.01
Hanover Insurance Group Inc/The 792 64,773 64,433 0.01
Harley-Davidson Inc 4,673 298,390 212,037 0.02
Harris Corp 1,210 65,884 105,149 0.01
Hartford Financial Services Group Inc/The 4,800 152,104 208,632 0.02
HCA Holdings Inc 3,200 131,376 216,400 0.02
HCP Inc 4,000 163,248 153,020 0.01
HealthSouth Corp 4,000 170,298 139,140 0.01
Heartland Express Inc 4,700 106,403 80,017 0.01
HEICO Corp 1,125 58,764 61,121 0.00
Helmerich & Payne Inc 21,100 1,397,923 1,130,010 0.08
Henry Schein Inc 14,543 1,448,242 2,299,903 0.16
Hershey Co/The 800 76,963 71,424 0.01
Hertz Global Holdings Inc 17,380 465,890 247,230 0.02
Hess Corp 6,400 475,609 310,304 0.02
Hewlett Packard Enterprise Co 160,671 2,423,592 2,439,789 0.17
Hexcel Corp 22,800 1,029,537 1,058,946 0.08
Hilton Worldwide Holdings Inc 2,800 61,062 59,948 0.00
HollyFrontier Corp 3,900 163,584 155,552 0.01
Home Depot Inc/The 7,500 576,578 991,837 0.07
Honeywell International Inc 4,300 370,607 445,222 0.03
Hormel Foods Corp 500 21,563 39,533 0.00
Hornbeck Offshore Services Inc 4,200 124,687 41,790 0.00
Host Hotels & Resorts Inc 4,200 75,747 64,449 0.01
Howard Hughes Corp/The 1,900 201,400 214,994 0.02
HP Inc 86,571 1,041,460 1,024,568 0.07
HSN Inc 1,000 55,014 50,660 0.00
Hub Group Inc 3,200 123,719 105,440 0.01
Hubbell Inc 500 52,189 50,553 0.00
Humana Inc 9,400 1,554,031 1,677,524 0.12
Huntington Bancshares Inc/OH 40,228 382,339 443,916 0.03
Huntsman Corp 3,100 59,344 35,263 0.00
IAC/InterActiveCorp 1,100 58,358 66,028 0.01
Iberiabank Corp 1,100 59,809 60,544 0.00
IDEX Corp 3,400 211,512 260,440 0.02
iHeartMedia Inc 23,316 188,067 20,984 0.00
Illinois Tool Works Inc 2,600 192,179 240,877 0.02
Illumina Inc 6,500 1,250,137 1,247,707 0.09
Impax Laboratories Inc 2,100 49,351 89,691 0.01
Imperva Inc 3,800 210,110 240,559 0.02
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
157
Nominal holding Cost Market Value % of Net assetsUSD USD
Incyte Corp 29,500 2,241,002 3,199,422 0.23
Independent Bank Corp/MI 10,100 109,162 153,621 0.01
Infinity Property & Casualty Corp 900 55,099 74,003 0.01
Ingram Micro Inc 4,500 101,878 136,733 0.01
Innophos Holdings Inc 1,100 56,152 31,889 0.00
Intel Corp 87,022 2,120,211 2,997,473 0.21
Interactive Brokers Group Inc 7,300 130,477 318,389 0.02
Interactive Intelligence Group Inc 900 53,913 28,287 0.00
Intercontinental Exchange Inc 9,142 2,168,741 2,342,089 0.17
International Business Machines Corp 10,600 1,902,510 1,458,242 0.10
International Paper Co 4,900 233,464 184,706 0.01
Interpublic Group of Cos Inc/The 2,700 45,658 62,870 0.00
Interval Leisure Group Inc 17,305 310,698 270,218 0.02
Intuit Inc 900 58,910 86,855 0.01
Intuitive Surgical Inc 200 87,610 109,267 0.01
Investors Bancorp Inc 10,000 101,463 124,450 0.01
Jabil Circuit Inc 12,300 254,373 286,528 0.02
Jacobs Engineering Group Inc 1,700 98,694 71,307 0.01
Jarden Corp 1,800 57,061 102,771 0.01
JB Hunt Transport Services Inc 15,800 1,312,896 1,158,930 0.08
JM Smucker Co/The 1,000 108,348 123,305 0.01
John Wiley & Sons Inc 4,300 234,284 193,758 0.01
Johnson & Johnson 82,600 7,205,474 8,482,607 0.60
Johnson Controls Inc 7,500 317,438 296,138 0.02
Jones Lang LaSalle Inc 1,900 241,632 303,553 0.02
JPMorgan Chase & Co 129,664 7,702,722 8,561,066 0.61
Kaiser Aluminum Corp 2,400 133,904 200,832 0.01
Kansas City Life Insurance Co 1,300 58,076 49,959 0.00
Kansas City Southern 3,673 422,124 274,189 0.02
Kellogg Co 1,500 92,775 108,413 0.01
Keurig Green Mountain Inc 1,200 106,871 107,988 0.01
KeyCorp 14,300 172,664 188,689 0.01
Keysight Technologies Inc 5,300 166,783 150,282 0.01
Kimberly-Clark Corp 1,600 145,459 203,648 0.01
Kimco Realty Corp 2,400 61,194 63,516 0.00
Kinder Morgan Inc/DE 13,763 418,998 205,275 0.01
Kirby Corp 1,000 76,175 52,635 0.00
KKR & Co LP 36,040 732,709 561,683 0.04
KLA-Tencor Corp 500 30,105 34,678 0.00
KLX Inc 2,000 85,040 61,590 0.00
Knowles Corp 4,550 94,126 60,674 0.00
Kohl’s Corp 3,100 160,610 147,638 0.01
Kraft Heinz Co/The 2,400 111,247 174,588 0.01
Kroger Co/The 24,786 570,541 1,036,551 0.07
L Brands Inc 1,200 70,993 114,972 0.01
L-3 Communications Holdings Inc 1,200 114,942 143,448 0.01
Laboratory Corp of America Holdings 688 63,683 85,044 0.01
Lam Research Corp 26,000 2,041,269 2,064,920 0.15
Lands’ End Inc 2,500 72,970 58,575 0.00
Landstar System Inc 1,000 56,592 58,675 0.00
Las Vegas Sands Corp 3,200 195,837 140,240 0.01
Lattice Semiconductor Corp 24,900 177,428 161,227 0.01
Lear Corp 970 86,279 119,165 0.01
Leidos Holdings Inc 1,275 54,800 71,802 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
158
Nominal holding Cost Market Value % of Net assetsUSD USD
Lennar Corp 1,800 94,585 88,029 0.01
Leucadia National Corp 8,727 232,018 151,675 0.01
Level 3 Communications Inc 26,089 1,186,856 1,417,807 0.10
Liberty Broadband Corp Series A 5,314 251,457 274,388 0.02
Liberty Broadband Corp Series C 6,221 281,841 322,777 0.02
Liberty Interactive Corp QVC Group 30,285 733,798 827,235 0.06
Liberty Media Corp Series A 18,115 673,593 711,104 0.05
Liberty Media Corp Series C 17,542 655,450 667,736 0.05
Liberty TripAdvisor Holdings Inc 7,354 193,847 223,231 0.02
Liberty Ventures 7,078 230,600 319,147 0.02
Lincoln Electric Holdings Inc 900 60,116 46,706 0.00
Lincoln National Corp 4,000 177,542 201,020 0.01
Lindsay Corp 700 56,123 50,726 0.00
LinnCo LLC 57,884 237,950 60,199 0.00
Lithia Motors Inc 300 21,387 32,000 0.00
LKQ Corp 1,800 56,996 53,343 0.00
Lockheed Martin Corp 1,500 197,364 325,725 0.02
Loews Corp 11,446 516,094 439,584 0.03
Loral Space & Communications Inc 900 60,813 36,648 0.00
Louisiana-Pacific Corp 8,950 125,719 161,279 0.01
Lowe’s Cos Inc 16,121 822,021 1,225,599 0.09
lululemon athletica Inc 12,300 668,330 645,442 0.05
Lumber Liquidators Holdings Inc 3,800 121,384 65,987 0.01
M&T Bank Corp 14,100 1,672,972 1,709,625 0.12
Macerich Co/The 1,000 57,010 80,700 0.01
Macquarie Infrastructure Corp 3,049 208,611 221,312 0.02
Macy’s Inc 5,900 244,965 206,441 0.02
Madison Square Garden Co/The 333 39,108 53,844 0.00
Magellan Health Inc 1,000 59,397 61,665 0.00
ManpowerGroup Inc 900 67,193 75,866 0.01
Marathon Oil Corp 17,300 537,841 217,721 0.02
Marathon Petroleum Corp 9,400 314,528 487,249 0.04
Markel Corp 766 585,343 676,332 0.05
Marriott International Inc/MD 1,000 75,406 67,045 0.01
Marriott Vacations Worldwide Corp 1,020 63,074 58,094 0.00
Marsh & McLennan Cos Inc 14,200 519,925 787,532 0.06
Martin Marietta Materials Inc 400 64,370 54,630 0.00
Masco Corp 16,665 365,252 471,703 0.03
MasterCard Inc 2,400 160,061 233,844 0.02
Mattel Inc 3,400 139,325 92,395 0.01
Maxim Integrated Products Inc 1,600 60,796 60,808 0.00
MBIA Inc 252,788 2,502,161 1,639,330 0.12
McDonald’s Corp 4,600 449,835 543,467 0.04
McKesson Corp 3,000 430,874 591,735 0.04
Mead Johnson Nutrition Co 800 59,832 63,156 0.00
Medivation Inc 4,600 124,698 222,341 0.02
Merck & Co Inc 16,400 794,377 866,166 0.06
Mercury General Corp 1,200 55,833 55,890 0.00
Meredith Corp 1,300 57,643 56,232 0.00
Merit Medical Systems Inc 7,400 89,016 137,603 0.01
MetLife Inc 14,200 702,733 684,227 0.05
MGE Energy Inc 1,650 57,783 76,568 0.01
MGM Resorts International 85,887 1,989,054 1,951,782 0.14
Micron Technology Inc 92,623 2,543,455 1,312,005 0.09
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
159
Nominal holding Cost Market Value % of Net assetsUSD USD
Microsoft Corp 381,967 13,000,832 21,181,980 1.50
Minerals Technologies Inc 1,200 55,901 55,026 0.00
Mohawk Industries Inc 3,645 553,979 690,163 0.05
Molson Coors Brewing Co 41,200 3,140,164 3,869,710 0.28
Mondelez International Inc 22,900 856,718 1,026,950 0.07
Monolithic Power Systems Inc 4,400 82,514 280,346 0.02
Monsanto Co 37,778 4,066,907 3,722,077 0.26
Monster Beverage Corp 500 67,215 74,493 0.01
Moody’s Corp 12,853 1,271,449 1,289,606 0.09
Moog Inc 1,100 60,374 66,622 0.01
Morgan Stanley 85,880 2,922,285 2,731,413 0.19
Morningstar Inc 700 54,913 56,301 0.00
Mosaic Co/The 9,600 458,369 264,912 0.02
MRC Global Inc 8,900 243,786 114,854 0.01
MSA Safety Inc 1,100 55,668 47,828 0.00
MSC Industrial Direct Co Inc 700 56,607 39,393 0.00
MTS Systems Corp 1,000 60,212 63,340 0.00
Mueller Industries Inc 2,000 55,798 54,180 0.00
Multi-Color Corp 2,600 162,474 155,493 0.01
Murphy Oil Corp 4,100 253,672 92,066 0.01
Murphy USA Inc 1,200 67,425 72,918 0.01
NACCO Industries Inc 1,000 55,221 42,165 0.00
National Fuel Gas Co 900 58,828 38,466 0.00
National Health Investors Inc 1,000 56,187 60,875 0.00
National Oilwell Varco Inc 8,000 472,947 268,000 0.02
National Presto Industries Inc 800 58,084 66,268 0.01
Nationstar Mortgage Holdings Inc 4,600 127,595 61,479 0.00
Natural Grocers by Vitamin Cottage Inc 4,500 101,314 91,777 0.01
Navient Corp 9,000 153,150 103,005 0.01
NetApp Inc 16,000 599,120 424,560 0.03
Netflix Inc 700 30,147 80,069 0.01
New York Community Bancorp Inc 8,900 134,971 145,204 0.01
Newell Rubbermaid Inc 27,900 1,008,984 1,229,413 0.09
Newfield Exploration Co 2,100 79,103 68,366 0.01
Newmont Mining Corp 8,000 226,282 143,840 0.01
News Corp 7,700 134,768 102,911 0.01
NextEra Energy Inc 3,300 261,558 342,755 0.02
NII Holdings Inc 37,149 590,674 187,417 0.01
NIKE Inc 10,200 511,767 637,653 0.05
NiSource Inc 3,500 40,738 68,303 0.01
NN Inc 5,600 84,666 89,208 0.01
Noble Energy Inc 17,422 894,046 573,619 0.04
Nordson Corp 800 57,769 51,292 0.00
Nordstrom Inc 1,500 87,211 74,708 0.01
Norfolk Southern Corp 2,600 196,027 219,856 0.02
Northern Trust Corp 1,600 88,730 115,352 0.01
Northrop Grumman Corp 1,200 115,298 226,590 0.02
NorthStar Realty Europe Corp 1,300 22,574 15,346 0.00
NorthStar Realty Finance Corp 3,900 113,550 66,436 0.01
NOW Inc 35,932 1,107,378 567,905 0.04
NRG Energy Inc 11,600 211,933 136,358 0.01
Nuance Communications Inc 98,849 1,847,114 1,964,624 0.14
Nucor Corp 3,500 169,208 141,015 0.01
NVIDIA Corp 2,400 37,668 79,116 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
160
Nominal holding Cost Market Value % of Net assetsUSD USD
Occidental Petroleum Corp 9,000 782,153 608,580 0.04
Ocwen Financial Corp 8,400 130,106 58,590 0.00
OGE Energy Corp 1,900 66,738 49,923 0.00
Oil States International Inc 1,800 99,279 49,041 0.00
Old Dominion Freight Line Inc 1,200 55,100 70,866 0.01
Omnicom Group Inc 2,300 148,569 173,938 0.01
ON Semiconductor Corp 41,800 514,825 409,431 0.03
ONEOK Inc 2,100 94,249 51,755 0.00
Oracle Corp 337,100 12,211,343 12,312,577 0.87
O’Reilly Automotive Inc 400 49,773 101,380 0.01
Oshkosh Corp 1,600 74,918 62,456 0.00
OSI Systems Inc 800 58,254 70,908 0.01
Outerwall Inc 1,000 49,956 36,545 0.00
Owens Corning 1,600 63,619 75,216 0.01
Oxford Industries Inc 900 60,001 57,452 0.00
PACCAR Inc 8,641 453,366 409,540 0.03
Packaging Corp of America 1,100 61,446 69,350 0.01
PacWest Bancorp 890 41,862 38,363 0.00
Palo Alto Networks Inc 100 4,709 17,604 0.00
Panera Bread Co 300 50,548 58,440 0.00
Paramount Group Inc 8,300 148,403 150,355 0.01
Parker-Hannifin Corp 1,600 167,240 155,176 0.01
Patterson Cos Inc 1,400 57,872 63,280 0.00
PayPal Holdings Inc 74,722 2,512,284 2,705,310 0.19
PBF Energy Inc 1,400 39,204 51,520 0.00
PDC Energy Inc 3,000 166,500 160,215 0.01
Peabody Energy Corp 1,840 180,152 14,122 0.00
Penske Automotive Group Inc 1,400 58,211 59,227 0.00
People’s United Financial Inc 5,500 79,668 88,825 0.01
Pepco Holdings Inc 2,100 38,212 54,611 0.00
PepsiCo Inc 53,800 4,108,172 5,373,813 0.38
Pfizer Inc 151,500 4,920,272 4,889,662 0.35
PG&E Corp 4,600 194,573 244,605 0.02
Philip Morris International Inc 115,481 9,271,569 10,150,202 0.72
Phillips 66 9,800 592,359 801,591 0.06
Pinnacle West Capital Corp 1,300 69,505 83,811 0.01
Pioneer Natural Resources Co 900 165,208 112,833 0.01
Pitney Bowes Inc 3,500 60,221 72,293 0.01
Plum Creek Timber Co Inc 1,200 55,140 57,246 0.00
PNC Financial Services Group Inc/The 7,700 571,076 733,964 0.05
Polaris Industries Inc 500 62,007 42,970 0.00
Potash Corp Of Saskatchewan Npv 8,900 193,924 152,323 0.01
Powell Industries Inc 1,000 59,289 26,055 0.00
Power Integrations Inc 1,100 60,951 53,510 0.00
PPG Industries Inc 1,600 132,206 158,096 0.01
PPL Corp 6,300 175,059 214,925 0.02
PRA Group Inc 1,000 58,518 34,695 0.00
Praxair Inc 26,100 3,263,188 2,672,118 0.19
Precision Castparts Corp 900 209,313 208,863 0.02
Priceline Group Inc/The 3,581 4,261,528 4,565,381 0.32
PriceSmart Inc 2,391 217,587 198,477 0.01
Principal Financial Group Inc 2,500 108,588 112,438 0.01
ProAssurance Corp 1,200 56,188 58,224 0.00
Procter & Gamble Co/The 22,100 1,730,882 1,754,629 0.12
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
161
Nominal holding Cost Market Value % of Net assetsUSD USD
Progress Software Corp 6,600 156,632 158,433 0.01
Progressive Corp/The 7,000 183,921 222,565 0.02
Prologis Inc 2,500 92,625 107,313 0.01
Prosperity Bancshares Inc 900 54,014 43,088 0.00
Proto Labs Inc 800 59,863 50,972 0.00
Prudential Financial Inc 5,000 407,158 406,925 0.03
PS Business Parks Inc 800 58,591 69,956 0.01
Public Service Enterprise Group Inc 5,900 187,738 228,183 0.02
Public Storage 500 106,869 123,875 0.01
PulteGroup Inc 6,600 130,894 117,579 0.01
Puma Biotechnology Inc 9,400 1,261,723 736,208 0.05
PVH Corp 900 103,075 66,281 0.01
QEP Resources Inc 2,700 76,724 36,194 0.00
Qlik Technologies Inc 9,200 303,508 291,318 0.02
Quaker Chemical Corp 800 54,367 61,784 0.00
QUALCOMM Inc 150,700 9,677,479 7,532,739 0.54
Quanta Services Inc 2,700 71,669 54,689 0.00
Quest Diagnostics Inc 1,800 111,583 127,998 0.01
Radius Health Inc 3,500 186,422 215,285 0.02
RAIT Financial Trust 9,600 66,896 25,968 0.00
Ralph Lauren Corp 600 72,359 66,864 0.01
Rambus Inc 1,129 14,279 13,079 0.00
Range Resources Corp 2,400 52,674 59,076 0.00
Raymond James Financial Inc 2,800 123,947 162,330 0.01
Raytheon Co 4,832 438,470 601,536 0.04
RBC Bearings Inc 900 55,799 58,082 0.00
Realogy Holdings Corp 1,300 56,570 47,665 0.00
Red Robin Gourmet Burgers Inc 800 54,939 49,400 0.00
Redwood Trust Inc 16,100 232,965 212,600 0.02
Regal Beloit Corp 2,200 143,653 128,733 0.01
Regions Financial Corp 23,400 231,810 224,523 0.02
Reinsurance Group of America Inc 4,000 287,331 342,360 0.02
Reliance Steel & Aluminum Co 900 64,045 52,133 0.00
Republic Services Inc 2,000 66,490 87,990 0.01
ResMed Inc 1,100 58,871 59,054 0.00
Reynolds American Inc 2,512 62,156 115,891 0.01
Rite Aid Corp 21,000 108,238 164,535 0.01
Rockwell Automation Inc 900 95,767 92,354 0.01
Rockwell Collins Inc 1,100 80,981 101,508 0.01
Rogers Corp 1,000 59,789 51,540 0.00
Roper Technologies Inc 500 84,869 94,855 0.01
Ross Stores Inc 2,000 70,895 107,630 0.01
Royal Gold Inc 1,100 56,065 40,112 0.00
RR Donnelley & Sons Co 4,000 59,365 58,900 0.00
RTI Surgical Inc 16,100 61,822 64,078 0.00
Ruckus Wireless Inc 11,700 144,163 125,365 0.01
Ryder System Inc 2,600 153,868 147,745 0.01
Safety Insurance Group Inc 1,100 56,545 62,051 0.00
Sanderson Farms Inc 900 58,612 69,764 0.01
SanDisk Corp 1,500 90,143 113,993 0.01
SCANA Corp 1,700 77,784 102,808 0.01
Schlumberger Ltd 68,400 5,722,596 4,769,190 0.34
Scotts Miracle-Gro Co/The 7,490 421,728 483,292 0.03
Scripps Networks Interactive Inc 800 59,248 44,164 0.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
162
Nominal holding Cost Market Value % of Net assetsUSD USD
Sears Holdings Corp 1,000 49,444 20,540 0.00
SemGroup Corp 1,100 59,626 31,741 0.00
Sempra Energy 7,300 731,589 686,236 0.05
Seres Therapeutics Inc 1,500 27,000 52,605 0.00
Service Corp International/US 6,800 124,607 177,038 0.01
ServiceMaster Global Holdings Inc 8,200 245,192 321,809 0.02
Sherwin-Williams Co/The 4,212 926,207 1,093,583 0.08
Shutterstock Inc 1,000 57,368 32,320 0.00
Signature Bank/New York NY 260 41,232 39,862 0.00
Silgan Holdings Inc 1,200 56,944 64,476 0.01
Simon Property Group Inc 800 119,361 155,528 0.01
Sirius XM Holdings Inc 16,900 63,798 68,952 0.01
Sirona Dental Systems Inc 71,600 6,552,075 7,845,928 0.56
Skyworks Solutions Inc 800 63,860 61,444 0.00
SL Green Realty Corp 17,625 1,913,123 1,991,008 0.14
SLM Corp 6,600 58,704 43,131 0.00
SM Energy Co 2,200 128,056 43,274 0.00
Snap-on Inc 400 67,020 68,554 0.01
Solera Holdings Inc 1,100 58,304 60,324 0.00
Sotheby’s 20,512 817,974 528,492 0.04
South Jersey Industries Inc 10,400 275,772 244,660 0.02
South State Corp 1,000 56,703 71,985 0.01
Southern Co/The 7,500 311,991 350,813 0.03
Southwest Gas Corp 3,700 184,804 204,073 0.01
Southwestern Energy Co 11,900 170,160 84,669 0.01
Spectra Energy Corp 5,700 188,300 136,401 0.01
Sprint Corp 10,300 68,856 37,338 0.00
SPS Commerce Inc 900 60,950 63,261 0.00
St Jude Medical Inc 12,920 927,314 797,939 0.06
StanCorp Financial Group Inc 545 62,622 62,078 0.00
Stanley Black & Decker Inc 1,000 89,698 106,705 0.01
Staples Inc 11,900 151,131 112,634 0.01
Starbucks Corp 33,398 1,044,188 2,004,715 0.14
Starwood Hotels & Resorts Worldwide Inc 1,200 81,882 83,112 0.01
Starz 13,539 433,237 453,692 0.03
State Street Corp 4,500 304,635 298,688 0.02
Steel Dynamics Inc 3,500 61,527 62,580 0.00
Stepan Co 1,000 56,281 49,680 0.00
Stericycle Inc 500 57,363 60,308 0.00
Steven Madden Ltd 4,750 173,278 143,474 0.01
Stifel Financial Corp 1,400 59,447 59,297 0.00
Stryker Corp 1,600 111,208 148,680 0.01
Sturm Ruger & Co Inc 1,000 59,121 59,650 0.00
SunTrust Banks Inc 8,000 266,440 342,680 0.02
Superior Energy Services Inc 4,300 58,191 57,986 0.00
SUPERVALU Inc 8,600 64,234 58,265 0.00
Symantec Corp 92,010 2,287,461 1,932,670 0.14
Synchronoss Technologies Inc 4,400 155,352 154,968 0.01
Synchrony Financial 125,299 3,629,586 3,808,463 0.27
Sysco Corp 5,500 179,493 225,445 0.02
T Rowe Price Group Inc 1,300 93,087 92,944 0.01
Tableau Software Inc 5,400 445,908 508,761 0.04
Talen Energy Corp 4,674 85,136 29,142 0.00
Talmer Bancorp Inc 6,900 89,700 124,993 0.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
163
Nominal holding Cost Market Value % of Net assetsUSD USD
Targa Resources Corp 800 56,325 21,656 0.00
Target Corp 6,600 403,835 479,127 0.03
Taubman Centers Inc 900 61,489 69,066 0.01
Team Inc 8,000 313,852 255,440 0.02
Tech Data Corp 1,100 55,302 73,040 0.01
TECO Energy Inc 2,300 60,829 61,307 0.00
TEGNA Inc 3,300 66,918 84,233 0.01
Gannett Co Inc 1,650 16,780 26,854 0.00
Teledyne Technologies Inc 700 57,978 62,080 0.00
Teleflex Inc 500 62,417 65,733 0.01
Tenet Healthcare Corp 1,800 69,509 54,513 0.00
Tennant Co 1,000 56,759 56,190 0.00
Tenneco Inc 3,900 193,202 179,068 0.01
Teradata Corp 2,700 123,576 71,307 0.01
Tesoro Corp 8,323 510,304 877,078 0.06
Texas Instruments Inc 8,273 366,413 453,484 0.03
Textron Inc 3,500 99,488 147,018 0.01
Thermo Fisher Scientific Inc 1,900 173,052 269,515 0.02
Thor Industries Inc 2,600 141,107 146,029 0.01
Tidewater Inc 4,000 128,945 27,820 0.00
Tiffany & Co 1,000 89,448 76,295 0.01
Time Warner Cable Inc 70,900 11,996,110 13,142,733 0.93
Time Warner Inc 9,300 561,351 601,338 0.04
TimkenSteel Corp 2,650 83,614 22,194 0.00
TJX Cos Inc 34,300 2,331,148 2,431,870 0.17
T-Mobile US Inc 64,814 2,210,106 2,535,200 0.18
TopBuild Corp 1,588 41,395 48,823 0.00
Torchmark Corp 850 40,877 48,590 0.00
Towers Watson & Co 11,742 1,186,920 1,508,553 0.11
Tractor Supply Co 20,460 1,336,347 1,749,330 0.12
TransDigm Group Inc 3,400 776,153 775,965 0.06
Travelers Cos Inc/The 3,800 317,144 428,811 0.03
TreeHouse Foods Inc 800 55,399 62,744 0.00
Tribune Media Co 14,352 1,034,057 485,385 0.03
Tribune Publishing Co 1,800 39,737 16,605 0.00
Trinity Industries Inc 2,500 59,524 60,063 0.00
TripAdvisor Inc 33,050 2,884,873 2,817,512 0.20
Triumph Group Inc 3,400 234,362 135,184 0.01
Tupperware Brands Corp 2,100 150,356 116,896 0.01
Twenty-First Century Fox Inc A Shares 9,500 306,993 258,068 0.02
Twenty-First Century Fox Inc B Shares 3,000 98,369 81,705 0.01
Twitter Inc 12,151 332,003 281,113 0.02
Tyson Foods Inc 3,800 114,741 202,635 0.01
UGI Corp 1,900 60,852 64,163 0.00
UMB Financial Corp 1,100 58,115 51,167 0.00
Umpqua Holdings Corp 2,350 42,220 37,377 0.00
Union Pacific Corp 31,300 2,789,131 2,447,347 0.17
Unit Corp 3,400 124,704 41,463 0.00
United Continental Holdings Inc 32,029 1,614,110 1,835,582 0.13
United Natural Foods Inc 900 57,746 35,429 0.00
United Parcel Service Inc 2,900 263,757 279,009 0.02
United Rentals Inc 1,000 55,865 72,545 0.01
United States Steel Corp 11,000 140,936 87,890 0.01
United Technologies Corp 7,100 771,407 681,849 0.05
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
164
Nominal holding Cost Market Value % of Net assetsUSD USD
UnitedHealth Group Inc 107,400 5,112,779 12,635,610 0.90
Universal Corp/VA 1,100 56,954 61,661 0.00
Universal Health Services Inc 900 63,799 107,537 0.01
Unum Group 3,400 106,476 113,203 0.01
Urban Outfitters Inc 1,500 57,457 34,118 0.00
US Bancorp 74,809 3,045,718 3,190,978 0.23
USG Corp 9,147 273,270 222,318 0.02
Valero Energy Corp 10,500 364,072 742,508 0.05
Valmont Industries Inc 400 56,481 42,410 0.00
Varian Medical Systems Inc 113,500 7,254,230 9,171,367 0.65
Ventas Inc 2,500 137,127 141,088 0.01
VEREIT Inc 7,400 59,256 58,645 0.00
VeriSign Inc 9,000 630,898 786,150 0.06
Verisk Analytics Inc 7,320 474,293 562,652 0.04
Veritiv Corp 1,833 72,109 66,400 0.01
Verizon Communications Inc 33,812 1,594,406 1,562,622 0.11
VF Corp 2,400 117,713 149,364 0.01
Viacom Inc 4,900 379,394 201,709 0.01
Viad Corp 12,101 265,716 341,914 0.02
ViaSat Inc 900 58,601 54,914 0.00
Virtus Investment Partners Inc 900 173,764 105,601 0.01
Visa Inc 73,700 3,308,678 5,715,803 0.41
VMware Inc 600 52,776 33,933 0.00
Vonage Holdings Corp 13,972 86,970 80,269 0.01
Vornado Realty Trust 600 56,153 59,976 0.00
Voya Financial Inc 4,900 210,042 180,884 0.01
Vulcan Materials Co 18,000 1,655,862 1,709,640 0.12
WABCO Holdings Inc 700 57,789 71,561 0.01
Waddell & Reed Financial Inc 1,100 56,092 31,532 0.00
WageWorks Inc 4,500 198,437 204,322 0.01
Walgreens Boots Alliance Inc 6,071 352,886 516,976 0.04
Wal-Mart Stores Inc 41,752 3,217,125 2,559,606 0.18
Walt Disney Co/The 43,456 3,892,827 4,565,922 0.32
Waste Management Inc 2,900 118,538 154,730 0.01
Waters Corp 60,000 4,875,544 8,077,200 0.57
Watts Water Technologies Inc 1,000 55,653 49,665 0.00
Web.com Group Inc 4,500 69,795 90,090 0.01
WEC Energy Group Inc 2,040 75,667 104,642 0.01
WellCare Health Plans Inc 800 54,517 62,556 0.00
Wells Fargo & Co 124,382 5,700,390 6,758,296 0.48
Welltower Inc 2,100 130,535 142,832 0.01
WESCO International Inc 4,800 336,838 209,688 0.02
Westamerica Bancorporation 1,200 57,129 56,064 0.00
Western Digital Corp 13,367 1,228,527 802,755 0.06
Western Refining Inc 1,500 58,141 53,423 0.00
Western Union Co/The 6,800 125,766 121,822 0.01
WestRock Co 11,843 601,894 540,337 0.04
WEX Inc 700 58,912 61,859 0.00
Weyerhaeuser Co 3,000 84,945 89,925 0.01
Whirlpool Corp 2,100 341,765 308,385 0.02
Whiting Petroleum Corp 6,300 136,386 59,441 0.00
Whole Foods Market Inc 3,400 161,876 113,917 0.01
Williams Cos Inc/The 2,900 102,443 74,487 0.01
Williams-Sonoma Inc 32,184 2,166,471 1,879,546 0.13
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
165
Nominal holding Cost Market Value % of Net assetsUSD USD
Wolverine World Wide Inc 2,000 56,193 33,410 0.00
World Fuel Services Corp 2,900 108,383 111,607 0.01
WP Carey Inc 900 58,492 53,109 0.00
WP Glimcher Inc 5,600 76,674 59,388 0.00
WR Berkley Corp 1,800 74,961 98,586 0.01
WR Grace & Co 700 59,941 69,709 0.01
WW Grainger Inc 400 99,219 81,050 0.01
Wyndham Worldwide Corp 800 62,126 58,116 0.00
Wynn Resorts Ltd 10,300 986,910 712,966 0.05
Xcel Energy Inc 4,800 130,558 172,344 0.01
Xerox Corp 23,000 236,036 244,375 0.02
Xilinx Inc 15,600 674,542 732,810 0.05
Yahoo! Inc 14,300 509,409 475,547 0.03
Yum! Brands Inc 5,700 434,466 416,299 0.03
Zillow Group Inc 2,264 79,499 53,193 0.00
Zimmer Biomet Holdings Inc 900 73,107 92,322 0.01
Zions Bancorporation 3,100 94,573 84,646 0.01
Zoetis Inc 1,400 64,215 67,081 0.01
Total United States 44.70% 629,729,204 44.70Total Common Stock 95.07% 1,339,250,689 95.07
Preferred Stock
Nominal holding Cost Market Value % of Net assetsUSD USD
Brazil
Banco Bradesco SA 67,400 616,517 328,970 0.02
Bradespar SA 6,100 69,348 7,701 0.00
Cia Energetica de Sao Paulo 4,700 49,347 15,925 0.00
Cia Paranaense de Energia 12,000 164,292 72,280 0.01
Gerdau SA 23,400 170,470 27,710 0.00
Itau Unibanco Holding SA 51,348 578,205 341,929 0.03
Itausa - Investimentos Itau SA 79,200 152,120 137,830 0.01
Metalurgica Gerdau SA 14,900 137,361 6,233 0.00
Petroleo Brasileiro SA 243,400 1,505,795 412,509 0.03
Telefonica Brasil SA 5,200 111,421 47,041 0.00
Vale SA 98,700 1,029,235 255,964 0.02
Total Brazil 0.12% 1,654,092 0.12ColombiaBancolombia SA 28,205 190,004 192,357 0.01
Total Colombia 0.01% 192,357 0.01GermanyFuchs Petrolub SE 1,702 71,795 80,695 0.01
Henkel AG & Co KGaA 20,200 2,266,693 2,267,848 0.16
Porsche Automobil Holding SE 16,543 1,101,282 898,718 0.06
Volkswagen AG 8,531 1,617,932 1,245,290 0.09
Total Germany 0.32% 4,492,551 0.32Korea, Republic of (South Korea)Hyundai Motor Co 7,722 1,017,787 676,675 0.05
Hyundai Motor Co (Pref) 6,117 879,450 546,464 0.04
LG Electronics Inc 1,053 42,919 25,819 0.00
Samsung Electronics Co Ltd 3,679 3,464,725 3,421,559 0.24
Samsung SDI Co Ltd 800 80,436 50,147 0.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
166
Nominal holding Cost Market Value % of Net assetsUSD USD
Total Korea, Republic of (South Korea) 0.33%
4,720,664 0.33
RussiaSberbank of Russia PJSC 637,753 535,849 666,656 0.05
Total Russia 0.05% 666,656 0.05SpainGrifols S.A. - B 7,551 262,216 246,307 0.02
Total Spain 0.02% 246,307 0.02Total Preferred Stock 0.85% 11,972,627 0.85
Investment Companies
Nominal holding Cost Market Value % of Net assetsUSD USD
LuxembourgCapital International Emerging Markets Fund
186,472 21,520,097 17,084,585 1.21
db x-trackers Harvest CSI300 INDEX UCITS ETF (DR)
325,000 2,241,787 3,724,672 0.27
Total Luxembourg 1.48% 20,809,257 1.48United Kingdomdb x-trackers Harvest CSI300 INDEX UCITS ETF (DR)
273,137 1,999,995 3,132,199 0.22
Total United Kingdom 0.22% 3,132,199 0.22Total Investment Companies 1.70% 23,941,456 1.70
Warrant
Nominal holding Cost Market Value % of Net assetsUSD USD
BrazilBrasil Pharma SA 243 – 1 0.00
Total Brazil 0.00% 1 0.00GermanyAbu Dhabi Commercial Bank PJSC 35,400 72,217 63,321 0.00
Commercial Bank QSC/The 10,520 161,644 133,005 0.01
Total Germany 0.01% 196,326 0.01ItalyTamburi Investment Partners SpA 27,217 – 11,894 0.00
Total Italy 0.00% 11,894 0.00MalaysiaOSK Holdings Bhd 106,596 – 7,759 0.00
Total Malaysia 0.00% 7,759 0.00United Arab EmiratesEmaar Properties PJSC 31,200 54,183 48,291 0.00
First Gulf Bank PJSC 14,215 56,735 48,763 0.01
Total United Arab Emirates 0.01% 97,054 0.01United StatesAmerican International Group Inc 40,883 1,079,692 969,336 0.07
Bank of America Corp 201,584 1,248,189 1,172,211 0.08
Capital One Financial Corp 4,875 165,548 152,076 0.01
Total United States 0.16% 2,293,623 0.16Total Warrant 0.18% 2,606,657 0.18
Right
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Multi-Manager Global Equity Fund as at 31 December 2015
167
Nominal holding Cost Market Value % of Net assetsUSD USD
BrazilBanco Bradesco SA - Rights 1.35 06/02/2016
818 – 279 0.00
Banco Bradesco SA - Rights 2.10 06/02/2016
2,207 – 1,172 0.00
Total Brazil 0.00% 1,451 0.00Hong KongGCL-Poly Energy Holdings - Rights 29/01/2016
29,200 – 169 0.00
Total Hong Kong 0.00% 169 0.00ItalyUBI Banca S.p.A. - Rights 12/01/2016 84,157 – 4,072 0.00
Total Italy 0.00% 4,072 0.00Korea, Republic of (South Korea)Bnk Financial Group Inc - Rights 15/01/2016 1,575 – 1,797 0.00
Total Korea, Republic of (South Korea) 0.00%
1,797 0.00
SpainRepsol S.A. Rights 16/01/2016 29,024 – 14,582 0.00
Total Spain 0.00% 14,582 0.00Total Right 0.00% 22,071 0.00Total Investments 1,399,730,910 1,377,793,500 97.80Net current assets* 30,932,865 2.20
Net Assets Attributable to the Holder of Redeemable Participating Shares
1,408,726,365 100.00
*Net current assets include derivative positions. Please refer to note 12 for details of these.
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB High Alpha Global Equity Fund as at 31 December 2015
168
Transferable securities listed on an exchange or dealt in on another regulated market
Common Stock
Nominal holding Cost Market Value % of Net assetsUSD USD
BelgiumAnheuser-Busch InBev SA/NV 76,811 8,051,561 9,555,995 1.20
Total Belgium 1.20% 9,555,995 1.20BermudaMarkit Ltd 460,631 12,212,376 13,901,844 1.75
Total Bermuda 1.75% 13,901,844 1.75BrazilKroton Educacional SA 1,006,400 2,780,370 2,434,425 0.31
Total Brazil 0.31% 2,434,425 0.31CanadaMethanex Corp 171,800 11,100,486 5,657,598 0.71
Total Canada 0.71% 5,657,598 0.71Cayman IslandsAlibaba Group Holding Ltd ADR 143,868 11,791,301 11,690,714 1.47
Baidu Inc ADR 33,686 8,049,790 6,367,833 0.80
Tencent Holdings Ltd 644,500 11,186,462 12,681,847 1.60
Total Cayman Islands 3.87% 30,740,394 3.87ChinaPing An Insurance Group Co of China Ltd 1,127,000 6,469,974 6,267,451 0.79
Total China 0.79% 6,267,451 0.79DenmarkNovo Nordisk A/S 281,868 13,848,717 16,418,158 2.07
Total Denmark 2.07% 16,418,158 2.07FranceTotal SA 172,494 10,903,406 7,737,441 0.97
Total France 0.97% 7,737,441 0.97GermanyBrenntag AG Npv 198,950 10,354,523 10,500,759 1.32
Continental AG 33,788 7,929,521 8,253,836 1.04
Total Germany 2.36% 18,754,595 2.36Hong KongAIA Group Ltd 1,020,600 6,394,087 6,146,525 0.77
Total Hong Kong 0.77% 6,146,525 0.77IndiaHDFC Bank Ltd ADR 105,190 6,238,529 6,478,126 0.81
Total India 0.81% 6,478,126 0.81IndonesiaBank Rakyat Indonesia Persero Tbk PT 9,932,800 9,033,126 8,223,291 1.03
Total Indonesia 1.03% 8,223,291 1.03IrelandAlkermes Plc 164,077 11,319,875 13,022,792 1.64
Bank of Ireland (Lon) 39,904,558 15,299,148 14,630,139 1.84
Bank of Ireland 779,094 314,757 286,907 0.03
Total Ireland 3.51% 27,939,838 3.51JapanJapan Exchange Group Inc 511,300 7,050,186 8,122,485 1.02
Mitsui Fudosan Co Ltd 322,000 10,162,570 8,185,510 1.03
Nintendo Co Ltd 47,200 8,620,646 6,580,024 0.83
Sekisui Chemical Co Ltd 514,000 5,659,458 6,806,617 0.86
Sumco Corp 502,400 7,247,908 3,854,817 0.48
Taiheiyo Cement Corp 2,609,000 10,330,932 7,688,520 0.97
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB High Alpha Global Equity Fund as at 31 December 2015
169
Nominal holding Cost Market Value % of Net assetsUSD USD
Yaskawa Electric Corp 537,400 7,619,403 7,422,504 0.93
Total Japan 6.12% 48,660,477 6.12JerseyWolseley Plc 177,030 10,276,926 9,637,247 1.21
Total Jersey 1.21% 9,637,247 1.21Korea, Republic of (South Korea)Samsung Electronics Co Ltd 7,372 9,653,894 7,924,955 1.00
Total Korea, Republic of (South Korea) 1.00%
7,924,955 1.00
MexicoFomento Economico Mexicano SAB de CV ADR
131,122 12,467,928 12,106,494 1.52
Grupo Financiero Banorte SAB de CV 1,722,000 10,833,819 9,435,472 1.19
Total Mexico 2.71% 21,541,966 2.71NetherlandsASML Holding NV 94,364 9,533,923 8,460,513 1.07
NXP Semiconductors NV 86,098 6,528,882 7,255,048 0.91
Total Netherlands 1.98% 15,715,561 1.98SpainCellnex Telecom SAU 482,882 8,364,186 9,031,571 1.14
Industria de Diseno Textil SA 406,699 12,241,605 14,005,046 1.76
Total Spain 2.90% 23,036,617 2.90SwitzerlandTE Connectivity Ltd 114,198 6,829,352 7,378,904 0.93
UBS Group AG 1,058,741 21,181,362 20,661,478 2.60
Total Switzerland 3.53% 28,040,382 3.53United KingdomAon Plc 173,272 13,207,136 15,979,144 2.01
BT Group Plc 1,179,807 8,386,137 8,206,821 1.03
Imperial Tobacco Group Plc 166,248 8,750,444 8,782,593 1.10
Royal Dutch Shell Plc B shares 501,379 12,184,603 11,406,195 1.44
Unilever Plc 364,761 15,164,937 15,737,517 1.98
Total United Kingdom 7.56% 60,112,270 7.56United StatesAlign Technology Inc 133,703 8,407,033 8,796,989 1.11
Alphabet Inc Class A 39,507 19,902,605 30,735,261 3.87
Alphabet Inc Class C 15,537 5,605,497 11,792,039 1.48
Amazon.com Inc 20,856 9,189,373 14,096,570 1.77
American Express Co 129,301 7,673,917 8,990,945 1.13
American International Group Inc 156,119 7,757,769 9,675,475 1.22
Amphenol Corp 223,902 10,705,856 11,695,521 1.47
Apple Inc 48,438 5,152,099 5,096,889 0.64
Bristol-Myers Squibb Co 195,601 10,521,146 13,456,371 1.69
Comcast Corp 292,877 16,418,403 16,525,585 2.08
Enterprise Products Partners LP 306,356 9,827,121 7,841,182 0.99
Estee Lauder Cos Inc/The 146,544 10,664,445 12,900,268 1.62
Express Scripts Holding Co 127,608 9,522,755 11,151,663 1.40
Facebook Inc 188,662 13,047,562 19,744,422 2.48
Gilead Sciences Inc 212,786 18,683,953 21,529,688 2.71
JPMorgan Chase & Co 250,578 11,106,725 16,544,412 2.08
MasterCard Inc 142,786 10,253,530 13,912,354 1.75
NIKE Inc 152,710 6,452,177 9,546,666 1.20
Occidental Petroleum Corp 120,434 9,972,119 8,143,747 1.03
Pfizer Inc 383,407 12,719,027 12,374,461 1.56
Priceline Group Inc/The 16,805 18,564,933 21,424,526 2.70
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB High Alpha Global Equity Fund as at 31 December 2015
170
Nominal holding Cost Market Value % of Net assetsUSD USD
Sabre Corp 361,279 6,732,827 10,103,167 1.27
Sirona Dental Systems Inc 86,075 5,949,536 9,432,099 1.19
Spirit Airlines Inc 185,892 11,735,438 7,405,937 0.93
TJX Cos Inc 142,102 8,254,096 10,075,032 1.27
Towers Watson & Co 116,426 13,903,437 14,957,830 1.88
Union Pacific Corp 142,363 12,241,958 11,131,363 1.40
United Parcel Service Inc 119,299 12,040,737 11,477,757 1.44
Vertex Pharmaceuticals Inc 123,405 13,311,540 15,529,902 1.95
Visa Inc 179,307 9,302,456 13,906,154 1.75
WESCO International Inc 179,070 13,404,468 7,822,673 0.98
Zimmer Biomet Holdings Inc 110,557 11,528,279 11,340,937 1.43
Total United States 51.47% 409,157,885 51.47Total Common Stock 98.63% 784,083,041 98.63Total Investments 736,127,063 784,083,041 98.63Net current assets 10,907,284 1.37
Net Assets Attributable to the Holder of Redeemable Participating Shares
794,990,325 100.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Bond Fund as at 31 December 2015
171
Transferable securities listed on an exchange or dealt in on another regulated market
Bonds
Nominal holding Cost Market Value % of Net assetsUSD USD
AustraliaMacquarie Bank Ltd FRN 27/10/2017 144A 995,000 995,000 990,424 0.48
Macquarie Group Ltd FRN 31/01/2017 144A 1,770,000 1,770,000 1,772,815 0.85
New South Wales Treasury Corp 5.00% 20/08/2024
6,640,000 6,088,260 5,561,986 2.67
Queensland Treasury Corp 6.00% 21/07/2022
3,120,000 3,008,516 2,683,209 1.29
Queensland Treasury Corp 4.75% 21/07/2025
4,205,000 3,418,299 3,402,200 1.64
Queensland Treasury Corp 3.25% 21/07/2026
4,350,000 3,127,798 3,095,643 1.49
Total Australia 8.42% 17,506,277 8.42BrazilBrazil Notas do Tesouro Nacional Serie F 10.00% 01/01/2023
3,010,000 1,249,983 571,794 0.28
Brazil Notas do Tesouro Nacional Serie F 10.00% 01/01/2025
44,045,000 12,445,693 7,965,328 3.83
Total Brazil 4.11% 8,537,122 4.11FranceDexia Credit Local SA/New York NY FRN 11/01/2017 144A
8,570,000 8,583,299 8,567,283 4.12
Total France 4.12% 8,567,283 4.12GermanyDeutsche Bank AG/London FRN 13/02/2017 1,675,000 1,678,093 1,665,867 0.80
Erste Abwicklungsanstalt FRN 07/06/2016 1,200,000 1,200,924 1,200,440 0.58
Total Germany 1.38% 2,866,307 1.38HungaryHungary Government Bond 6.00% 24/11/2023
950,000,000 4,161,471 3,875,113 1.87
Hungary Government Bond 5.50% 24/06/2025
1,090,000,000 4,610,623 4,415,270 2.12
Total Hungary 3.99% 8,290,383 3.99IndonesiaIndonesia Treasury Bond 9.00% 15/03/2029
120,355,000,000 10,268,711 8,771,902 4.22
Indonesia Treasury Bond 8.75% 15/02/2044 5,500,000,000 445,360 379,095 0.18
Total Indonesia 4.40% 9,150,997 4.40ItalyItaly Buoni Poliennali Del Tesoro 5.00% 01/08/2039
6,180,000 9,404,301 9,602,183 4.62
Marche Mutui Srl FRN 27/01/2064 2,000,000 2,136,067 2,107,005 1.02
Total Italy 5.64% 11,709,188 5.64Korea, Republic of (South Korea)Export-Import Bank of Korea FRN 14/01/2017
840,000 840,000 841,423 0.40
Export-Import Bank of Korea FRN 12/05/2017 144A
2,220,000 2,220,406 2,219,989 1.07
Export-Import Bank of Korea FRN 14/08/2017 144A
2,000,000 2,000,651 1,997,643 0.96
Total Korea, Republic of (South Korea) 2.43%
5,059,055 2.43
MalaysiaMalaysia Government Bond 3.66% 15/10/2020
23,710,000 6,209,660 5,583,092 2.69
Malaysia Government Bond 4.05% 30/09/2021
1,985,000 610,263 463,214 0.22
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Bond Fund as at 31 December 2015
172
Nominal holding Cost Market Value % of Net assetsUSD USD
Malaysia Government Bond 3.48% 15/03/2023
6,885,000 2,071,307 1,536,519 0.74
Total Malaysia 3.65% 7,582,825 3.65MexicoMexican Bonos 8.50% 31/05/2029 129,610,000 10,674,017 8,792,796 4.23
Mexican Bonos 8.50% 18/11/2038 111,360,000 9,015,136 7,607,405 3.66
Mexican Bonos 7.75% 13/11/2042 192,080,000 14,569,622 12,181,270 5.86
Total Mexico 13.75% 28,581,471 13.75NetherlandsABN AMRO Bank NV FRN 28/10/2016 144A 2,165,000 2,165,000 2,170,361 1.05
Bank Nederlandse Gemeenten NV FRN 14/07/2017 144A
6,478,000 6,478,133 6,463,933 3.11
Total Netherlands 4.16% 8,634,294 4.16New ZealandNew Zealand Government Bond 5.50% 15/04/2023
9,545,000 8,144,846 7,502,157 3.61
Total New Zealand 3.61% 7,502,157 3.61NorwayKommunalbanken AS FRN 20/02/2018 144A 1,052,000 1,056,206 1,054,869 0.51
Total Norway 0.51% 1,054,869 0.51PolandPoland Government Bond 4.00% 25/10/2023
6,280,000 1,941,464 1,723,230 0.83
Poland Government Bond 3.25% 25/07/2025
10,950,000 2,931,009 2,845,539 1.37
Total Poland 2.20% 4,568,769 2.20PortugalGAMMA Sociedade de Titularizacao de Creditos SA/Atlantes Mortgage Plc FRN 20/08/2061
1,140,542 1,127,159 1,070,311 0.52
Portugal Obrigacoes do Tesouro OT 4.95% 25/10/2023
4,760,000 6,497,544 6,194,121 2.98
Total Portugal 3.50% 7,264,432 3.50South AfricaSouth Africa Government Bond 6.75% 31/03/2021
12,645,000 1,180,381 728,034 0.35
South Africa Government Bond 6.50% 28/02/2041
85,085,000 6,087,203 3,614,253 1.74
South Africa Government Bond 8.75% 28/02/2048
33,805,000 2,997,878 1,858,726 0.89
Total South Africa 2.98% 6,201,013 2.98Spain
TDA CAM FRN 26/02/2024 1,153,657 1,168,581 1,125,927 0.54
Total Spain 0.54% 1,125,927 0.54SupernationalCorp Andina de Fomento FRN 29/01/2018 1,450,000 1,450,000 1,438,639 0.69
Total Supernational 0.69% 1,438,639 0.69SwedenSvensk Exportkredit AB FRN 09/11/2017 2,625,000 2,639,045 2,631,838 1.27
Total Sweden 1.27% 2,631,838 1.27United KingdomBarclays Bank Plc FRN 09/12/2016 1,595,000 1,595,000 1,591,694 0.77
Total United Kingdom 0.77% 1,591,694 0.77United StatesCitigroup Inc FRN 27/04/2018 6,480,000 6,482,834 6,449,071 3.10
Ford Motor Credit Co LLC FRN 27/03/2017 600,000 600,000 596,937 0.29
Ford Motor Credit Co LLC FRN 15/06/2018 1,865,000 1,865,000 1,840,155 0.89
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Bond Fund as at 31 December 2015
173
Nominal holding Cost Market Value % of Net assetsUSD USD
Goldman Sachs Group Inc/The FRN 15/11/2018
6,455,000 6,509,183 6,485,732 3.12
JP Morgan Alternative Loan Trust 6.00% 27/12/2036
1,704,615 1,276,280 1,449,662 0.70
Mastr Resecuritization Trust 2008-1 6.00% 27/09/2037
151,950 120,094 135,418 0.07
Mastr Resecuritization Trust 2008-4 FRN 27/06/2036
198,898 180,396 174,575 0.08
Morgan Stanley FRN 25/04/2018 1,300,000 1,319,705 1,313,476 0.63
Municipal Electric Authority of Georgia 6.64% 01/04/2057
75,000 75,103 90,083 0.04
Municipal Electric Authority of Georgia 6.66% 01/04/2057
710,000 731,910 843,821 0.41
United States Treasury Note/Bond 2.88% 15/05/2043
6,300,000 5,861,576 6,136,061 2.95
United States Treasury Note/Bond 2.50% 15/02/2045
23,825,000 21,761,536 21,347,326 10.27
United States Treasury Note/Bond 3.00% 15/11/2045
5,210,000 5,305,664 5,187,664 2.50
Total United States 25.05% 52,049,981 25.05Total Bonds 97.17% 201,914,521 97.17Total Investments 222,352,190 201,914,521 97.17Net current assets* 5,885,277 2.83
Net Assets Attributable to the Holder of Redeemable Participating Shares
207,799,798 100.00
*Net current assets include derivative positions. Please refer to note 12 for details of these.
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Emerging Markets Fund as at 31 December 2015
174
Transferable securities listed on an exchange or dealt in on another regulated market
Common Stock
Nominal holding Cost Market Value % of Net assetsUSD USD
ArgentinaPampa Energia SA ADR 47,415 1,036,518 974,141 0.85
Total Argentina 0.85% 974,141 0.85BrazilBM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros
241,400 748,618 666,611 0.58
BRF SA ADR 63,890 1,219,784 882,640 0.77
Petroleo Brasileiro SA ADR 290,323 2,373,685 985,647 0.85
Total Brazil 2.20% 2,534,898 2.20British Virgin IslandsMail.Ru Group Ltd GDR 72,522 1,605,759 1,640,810 1.43
Total British Virgin Islands 1.43% 1,640,810 1.43Cayman IslandsAAC Technologies Holdings Inc 120,500 788,178 785,956 0.68
Alibaba Group Holding Ltd ADR 5,586 450,545 453,918 0.40
China Mengniu Dairy Co Ltd 468,000 1,149,916 765,090 0.67
Goodbaby International Holdings Ltd 161,000 73,727 58,582 0.05
Hengan International Group Co Ltd 158,500 1,817,788 1,497,540 1.30
Shenzhou International Group Holdings Ltd 308,000 1,503,258 1,769,475 1.54
Tencent Holdings Ltd 101,120 2,040,139 1,989,741 1.73
Total Cayman Islands 6.37% 7,320,302 6.37China, Republic of (Taiwan)E.Sun Financial Holding Co Ltd 1,215,074 749,088 707,471 0.62
Far EasTone Telecommunications Co Ltd 428,000 970,579 879,532 0.76
Hon Hai Precision Industry Co Ltd 496,232 1,410,773 1,219,920 1.06
President Chain Store Corp 172,000 1,198,691 1,077,389 0.94
Taiwan Semiconductor Manufacturing Co Ltd
93,000 363,269 405,585 0.35
Taiwan Semiconductor Manufacturing Co Ltd ADR
238,294 5,430,212 5,419,997 4.72
Total China, Republic of (Taiwan) 8.45% 9,709,894 8.45ColombiaBancolombia SA ADR 57,807 2,163,331 1,545,759 1.34
Total Colombia 1.34% 1,545,759 1.34Czech RepublicKomercni banka AS 10,794 2,406,185 2,149,879 1.87
Total Czech Republic 1.87% 2,149,879 1.87Hong KongChina Mobile Ltd 325,551 4,247,540 3,674,453 3.20
CNOOC Ltd 983,000 1,410,444 1,023,568 0.89
CNOOC Ltd ADR 5,440 770,817 567,936 0.50
Guangdong Investment Ltd 804,000 956,628 1,138,027 0.99
Lenovo Group Ltd 1,252,000 1,877,832 1,268,130 1.10
Techtronic Industries Co Ltd 280,000 1,069,384 1,140,752 0.99
Total Hong Kong 7.67% 8,812,866 7.67IndiaDr Reddy’s Laboratories Ltd ADR 9,766 628,831 452,117 0.39
HDFC Bank Ltd ADR 48,530 2,837,564 2,988,720 2.60
Larsen & Toubro Ltd GDR 62,020 1,650,742 1,195,436 1.04
Total India 4.03% 4,636,273 4.03IndonesiaAstra International Tbk PT 1,893,800 836,133 826,005 0.72
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Emerging Markets Fund as at 31 December 2015
175
Nominal holding Cost Market Value % of Net assetsUSD USD
Bank Mandiri Persero Tbk PT 640,200 407,908 429,006 0.37
Bank Rakyat Indonesia Persero Tbk PT 1,175,400 946,662 973,105 0.85
Matahari Department Store Tbk PT 428,500 523,788 547,476 0.47
Total Indonesia 2.41% 2,775,592 2.41Korea, Republic of (South Korea)CJ O Shopping Co Ltd 3,753 858,518 611,017 0.53
Hyundai Development Co-Engineering & Construction
39,851 1,885,567 1,319,530 1.15
Hyundai Livart Furniture Co Ltd 12,496 628,892 374,065 0.33
Interpark Corp 37,872 773,991 735,606 0.64
Korea Electric Power Corp ADR 76,582 1,632,118 1,620,475 1.41
LG Chem Ltd 5,335 1,312,891 1,493,509 1.30
LG Hausys Ltd 5,812 869,474 727,398 0.63
LG Household & Health Care Ltd 545 433,373 487,806 0.43
Samsung Electronics Co Ltd 3,045 3,759,677 3,273,398 2.85
Samsung Life Insurance Co Ltd 13,005 1,371,817 1,222,806 1.06
SK Telecom Co Ltd ADR 49,190 1,153,834 991,670 0.86
Total Korea, Republic of (South Korea) 11.19%
12,857,280 11.19
MalaysiaIJM Corp Bhd 1,605,200 1,531,468 1,259,931 1.10
Total Malaysia 1.10% 1,259,931 1.10MexicoAlfa SAB de CV 750,600 1,650,914 1,480,674 1.29
Alsea SAB de CV 54,900 154,972 190,421 0.16
Bolsa Mexicana de Valores SAB de CV 205,900 371,275 272,647 0.24
Cemex SAB de CV ADR 295,008 2,540,363 1,641,720 1.43
Controladora Vuela Cia de Aviacion SAB de CV ADR
44,081 707,392 756,650 0.66
Fomento Economico Mexicano SAB de CV ADR
18,340 1,715,180 1,693,332 1.47
Grupo Financiero Banorte SAB de CV 476,400 2,593,515 2,610,371 2.27
Grupo Televisa SAB ADR 21,051 751,000 572,692 0.50
Nemak SAB de CV 477,603 609,846 644,044 0.56
Wal-Mart de Mexico SAB de CV 710,900 1,745,087 1,790,715 1.56
Total Mexico 10.14% 11,653,266 10.14NetherlandsX5 Retail Group NV GDR 47,886 932,429 900,257 0.78
Total Netherlands 0.78% 900,257 0.78PhilippinesGT Capital Holdings Inc 51,530 1,373,316 1,453,200 1.26
Metro Pacific Investments Corp 8,356,500 946,230 927,020 0.81
Metropolitan Bank & Trust Co 616,615 1,191,209 1,056,521 0.92
Total Philippines 2.99% 3,436,741 2.99PolandBank Pekao SA 53,884 2,801,831 1,954,686 1.70
Eurocash SA 41,975 493,947 515,266 0.45
Total Poland 2.15% 2,469,952 2.15RussiaMagnit PJSC GDR 19,854 1,062,872 798,329 0.70
Magnit PJSC 4,067 956,620 623,540 0.54
MegaFon PJSC GDR 98,073 1,518,659 1,140,099 0.99
Moscow Exchange MICEX-RTS PJSC 1,081,240 1,507,900 1,358,378 1.18
Total Russia 3.41% 3,920,346 3.41South AfricaAnglo American Platinum Ltd 98,930 1,914,084 1,180,642 1.03
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Emerging Markets Fund as at 31 December 2015
176
Nominal holding Cost Market Value % of Net assetsUSD USD
AngloGold Ashanti Ltd 37,493 255,644 258,003 0.22
AngloGold Ashanti Ltd ADR 184,213 1,424,746 1,306,991 1.14
Bidvest Group Ltd 62,833 1,509,476 1,332,468 1.16
Clicks Group Ltd 94,792 590,691 547,721 0.48
Impala Platinum Holdings Ltd 207,140 654,975 335,598 0.29
Naspers Ltd 8,000 1,224,314 1,094,275 0.95
SABMiller Plc 19,316 1,175,510 1,170,105 1.02
Sasol Ltd 50,316 1,975,184 1,355,599 1.18
Sasol Ltd ADR 13,025 334,652 349,265 0.30
Total South Africa 7.77% 8,930,667 7.77ThailandAirports of Thailand PCL 159,100 1,228,667 1,531,976 1.33
Central Pattana PCL 631,600 804,789 820,545 0.71
Land & Houses PCL 5,637,200 1,442,504 1,476,465 1.29
Pruksa Real Estate PCL 1,139,300 886,615 842,958 0.73
PTT PCL 136,500 1,404,424 927,449 0.81
Star Petroleum Refining PCL 1,550,838 394,077 391,103 0.34
Total Thailand 5.21% 5,990,496 5.21TurkeyAkbank TAS 819,680 2,232,378 1,882,915 1.64
Coca-Cola Icecek AS 86,933 1,510,436 1,118,957 0.97
Tofas Turk Otomobil Fabrikasi AS 90,962 576,641 592,108 0.52
Tupras Turkiye Petrol Rafinerileri AS 23,572 578,202 562,679 0.49
Ulker Biskuvi Sanayi AS 140,701 902,626 849,840 0.74
Total Turkey 4.36% 5,006,499 4.36United KingdomAl Noor Hospitals Group Plc 106,348 1,535,948 1,730,479 1.51
Total United Kingdom 1.51% 1,730,479 1.51Total Common Stock 87.23% 100,256,328 87.23
Preferred Stock
Nominal holding Cost Market Value % of Net assetsUSD USD
BrazilAlpargatas SA 481,409 1,289,990 854,819 0.74
Total Brazil 0.74% 854,819 0.74Total Preferred Stock 0.74% 854,819 0.74
Investment Companies
Nominal holding Cost Market Value % of Net assetsUSD USD
SingaporeiShares MSCI India Index ETF 1,354,200 9,499,568 9,127,308 7.94
Total Singapore 7.94% 9,127,308 7.94Total Investment Companies 7.94% 9,127,308 7.94Total Investments 124,846,634 110,238,455 95.91Net current assets 4,695,898 4.09
Net Assets Attributable to the Holder of Redeemable Participating Shares
114,934,353 100.00
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Balanced Fund as at 31 December 2015
177
Transferable securities listed on an exchange or dealt in on another regulated market
Common Stock
Nominal holding Cost Market Value % of Net assetsUSD USD
AustraliaDexus Property Group 10,658 63,199 58,235 0.04
Goodman Group 32,504 144,695 148,751 0.11
GPT Group 23,866 80,699 83,087 0.06
Growthpoint Properties Australia Ltd 23,282 52,760 52,088 0.04
Investa Office Fund 27,575 80,965 80,451 0.06
Mirvac Group 49,374 77,731 71,217 0.05
Scentre Group 74,830 213,780 228,119 0.17
Vicinity Centres 36,941 82,784 75,659 0.06
Westfield Corp 28,316 181,172 196,128 0.15
Total Australia 0.74% 993,735 0.74BelgiumAnheuser-Busch InBev SA/NV 8,480 945,612 1,054,990 0.78
Total Belgium 0.78% 1,054,990 0.78BermudaHongkong Land Holdings Ltd 15,000 103,073 105,075 0.08
Markit Ltd 50,302 1,326,538 1,518,114 1.13
Total Bermuda 1.21% 1,623,189 1.21BrazilKroton Educacional SA 106,900 295,329 258,585 0.19
Total Brazil 0.19% 258,585 0.19CanadaBoardwalk Real Estate Investment Trust 1,765 89,117 60,328 0.04
Canadian Apartment Properties REIT 3,151 62,491 60,906 0.05
Canadian Real Estate Investment Trust 1,756 70,599 53,131 0.04
H&R Real Estate Investment Trust 2,033 41,018 29,373 0.02
Methanex Corp 18,400 1,116,028 605,936 0.45
RioCan Real Estate Investment Trust 4,021 94,510 68,604 0.05
Total Canada 0.65% 878,278 0.65Cayman IslandsAlibaba Group Holding Ltd ADR 15,283 1,267,831 1,241,896 0.92
Baidu Inc ADR 3,678 845,458 695,271 0.52
Tencent Holdings Ltd 70,400 1,252,836 1,385,263 1.03
Total Cayman Islands 2.47% 3,322,430 2.47ChinaPing An Insurance Group Co of China Ltd 128,000 732,948 711,831 0.53
Total China 0.53% 711,831 0.53DenmarkNovo Nordisk A/S 30,934 1,536,181 1,801,834 1.34
Total Denmark 1.34% 1,801,834 1.34FranceiCADE 978 92,003 65,890 0.05
Klepierre 2,948 141,431 131,172 0.10
Mercialys SA 2,676 56,989 54,447 0.04
Total SA 18,433 1,114,297 826,836 0.61
Unibail-Rodamco SE 1,685 440,046 429,647 0.32
Total France 1.12% 1,507,992 1.12GermanyAlstria Office REIT-AG 4,832 60,142 64,983 0.05
Brenntag AG Npv 22,227 1,271,479 1,173,161 0.87
Continental AG 3,708 857,116 905,801 0.67
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Balanced Fund as at 31 December 2015
178
Nominal holding Cost Market Value % of Net assetsUSD USD
Vonovia SE 5,367 158,731 167,327 0.13
Deutsche Wohnen AG 9,194 193,039 257,328 0.19
LEG Immobilien AG 1,499 99,063 122,999 0.09
Total Germany 2.00% 2,691,599 2.00Hong KongAIA Group Ltd 108,600 680,382 654,039 0.48
Hysan Development Co Ltd 9,000 40,016 36,899 0.03
Link REIT 35,797 194,946 214,316 0.16
Prosperity REIT 176,870 52,499 63,786 0.05
Swire Properties Ltd 27,447 81,294 79,418 0.06
Wharf Holdings Ltd 12,438 89,317 69,050 0.05
Total Hong Kong 0.83% 1,117,508 0.83IndiaHDFC Bank Ltd ADR 11,738 697,543 722,885 0.54
Total India 0.54% 722,885 0.54IndonesiaBank Rakyat Indonesia Persero Tbk PT 1,086,300 952,780 899,340 0.67
Total Indonesia 0.67% 899,340 0.67IrelandAlkermes Plc 17,939 1,243,373 1,423,818 1.06
Bank of Ireland (Lon) 3,675,651 1,426,991 1,347,598 1.00
Bank of Ireland 766,826 314,157 282,390 0.21
Total Ireland 2.27% 3,053,806 2.27JapanActivia Properties Inc 14 56,776 59,645 0.04
GLP J-REIT 87 88,141 84,509 0.06
Japan Exchange Group Inc 55,900 829,022 888,024 0.66
Japan Prime Realty Investment Corp 29 95,453 99,744 0.07
Japan Real Estate Investment Corp 30 148,496 146,390 0.11
Japan Retail Fund Investment Corp 68 131,391 131,342 0.10
Mitsui Fudosan Co Ltd 37,449 1,143,426 951,985 0.71
Nintendo Co Ltd 5,000 911,393 697,036 0.52
Nippon Building Fund Inc 29 153,906 139,341 0.10
Nippon Prologis REIT Inc 74 153,151 134,258 0.10
Sekisui Chemical Co Ltd 54,400 621,282 720,389 0.54
Sumco Corp 52,400 681,417 402,055 0.30
Taiheiyo Cement Corp 271,000 1,011,049 798,616 0.59
Yaskawa Electric Corp 55,400 765,832 765,178 0.57
Total Japan 4.47% 6,018,512 4.47JerseyWolseley Plc 19,148 1,126,125 1,042,388 0.77
Total Jersey 0.77% 1,042,388 0.77Korea, Republic of (South Korea)Samsung Electronics Co Ltd GDR 1,580 981,525 844,115 0.63
Total Korea, Republic of (South Korea) 0.63%
844,115 0.63
MexicoFomento Economico Mexicano SAB de CV ADR
14,066 1,307,500 1,298,714 0.97
Grupo Financiero Banorte SAB de CV 192,000 1,164,133 1,052,039 0.78
Total Mexico 1.75% 2,350,753 1.75NetherlandsASML Holding NV 10,420 1,041,271 934,239 0.70
Eurocommercial Properties NV 1,802 78,093 78,081 0.06
NXP Semiconductors NV 9,464 722,796 797,484 0.59
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Balanced Fund as at 31 December 2015
179
Nominal holding Cost Market Value % of Net assetsUSD USD
Total Netherlands 1.35% 1,809,804 1.35SingaporeAscendas Real Estate Investment Trust 38,500 68,995 62,013 0.05
CapitaLand Mall Trust 67,000 101,078 91,507 0.07
Global Logistic Properties Ltd 110,700 189,398 167,382 0.12
Mapletree Commercial Trust 42,313 43,723 38,924 0.03
Mapletree Logistics Trust 56,975 47,782 39,861 0.03
Total Singapore 0.30% 399,687 0.30SpainCellnex Telecom SAU 50,281 860,880 940,429 0.70
Industria de Diseno Textil SA 44,539 1,375,602 1,533,741 1.14
Total Spain 1.84% 2,474,170 1.84Switzerland
TE Connectivity Ltd 12,217 794,576 789,401 0.59
UBS Group AG 115,792 2,311,764 2,259,697 1.68
Total Switzerland 2.27% 3,049,098 2.27United KingdomAon Plc 18,942 1,659,287 1,746,831 1.30
Big Yellow Group Plc 9,731 86,710 115,744 0.09
British Land Co Plc 23,463 270,292 272,161 0.20
BT Group Plc 128,924 915,316 896,805 0.67
Derwent London Plc 3,012 136,392 163,259 0.12
Great Portland Estates Plc 10,907 116,542 133,188 0.10
Hammerson Plc 18,273 169,999 161,865 0.12
Imperial Tobacco Group Plc 18,341 964,227 968,923 0.72
Land Securities Group Plc 13,470 242,438 233,873 0.17
LondonMetric Property Plc 55,226 135,534 133,411 0.10
Royal Dutch Shell Plc B shares 53,467 1,301,418 1,216,355 0.90
Segro Plc 20,692 132,928 130,821 0.10
Shaftesbury Plc 6,206 78,032 83,810 0.06
Unilever Plc 39,195 1,639,600 1,691,058 1.26
Total United Kingdom 5.91% 7,948,104 5.91United StatesAlexandria Real Estate Equities Inc 1,515 107,600 136,926 0.10
Align Technology Inc 14,712 921,150 967,976 0.72
Alphabet Inc - Class A 4,519 2,554,513 3,515,646 2.61
Alphabet Inc - Class C 1,294 681,480 982,101 0.73
Amazon.com Inc 2,289 1,036,009 1,547,135 1.15
American Campus Communities Inc 3,764 136,923 155,528 0.12
American Express Co 14,218 1,200,246 988,649 0.73
American International Group Inc 17,112 981,178 1,060,516 0.79
Amphenol Corp 23,656 1,174,652 1,235,671 0.92
Apple Inc 5,194 646,498 546,539 0.41
AvalonBay Communities Inc 2,273 318,902 418,380 0.31
BioMed Realty Trust Inc 2,652 53,466 62,866 0.05
Boston Properties Inc 2,479 281,379 316,196 0.23
Bristol-Myers Squibb Co 21,550 1,220,803 1,482,532 1.10
Camden Property Trust 1,918 130,521 147,293 0.11
Care Capital Properties Inc 1,217 37,796 37,198 0.03
Comcast Corp 32,060 1,834,582 1,808,985 1.34
CubeSmart 5,329 102,773 163,147 0.12
DDR Corp 8,122 132,159 136,734 0.10
EastGroup Properties Inc 1,334 81,827 74,217 0.06
Education Realty Trust Inc 2,229 65,797 84,446 0.06
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Balanced Fund as at 31 December 2015
180
Nominal holding Cost Market Value % of Net assetsUSD USD
Enterprise Products Partners LP 33,670 1,120,766 861,784 0.64
Equity LifeStyle Properties Inc 2,092 83,162 139,442 0.10
Equity Residential 4,637 276,007 378,263 0.28
Essex Property Trust Inc 1,500 253,692 359,317 0.27
Estee Lauder Cos Inc/The 16,160 1,225,775 1,422,565 1.06
Express Scripts Holding Co 14,018 1,103,206 1,225,033 0.91
Extra Space Storage Inc 3,891 196,838 343,264 0.26
Facebook Inc 20,646 1,588,030 2,160,707 1.61
Federal Realty Investment Trust 908 103,091 132,704 0.10
General Growth Properties Inc 10,922 248,899 297,133 0.22
Gilead Sciences Inc 23,299 2,217,018 2,357,393 1.75
HCP Inc 4,690 185,823 179,416 0.13
Host Hotels & Resorts Inc 12,377 248,083 189,925 0.14
JPMorgan Chase & Co 27,846 1,658,581 1,838,532 1.37
Kilroy Realty Corp 3,064 192,848 193,813 0.14
Kimco Realty Corp 5,632 121,973 149,051 0.11
Macerich Co/The 2,553 162,481 206,027 0.15
MasterCard Inc 15,738 1,343,391 1,533,432 1.14
Mid-America Apartment Communities Inc 1,018 67,891 92,465 0.07
National Retail Properties Inc 1,729 58,925 69,255 0.05
NIKE Inc 16,694 779,110 1,043,625 0.78
Occidental Petroleum Corp 12,959 1,057,482 876,288 0.65
Pfizer Inc 41,601 1,370,187 1,342,672 1.00
Priceline Group Inc/The 1,829 2,173,651 2,331,774 1.73
Prologis Inc 11,679 463,089 501,321 0.37
Public Storage 2,908 498,068 720,457 0.54
Sabre Corp 39,371 762,845 1,101,010 0.82
Simon Property Group Inc 4,910 763,441 954,553 0.71
Sirona Dental Systems Inc 9,514 761,649 1,042,544 0.78
SL Green Realty Corp 3,030 314,105 342,284 0.25
Sovran Self Storage Inc 2,203 164,619 236,437 0.18
Spirit Airlines Inc 19,476 1,218,027 775,924 0.58
Tanger Factory Outlet Centers Inc 5,364 185,076 175,430 0.13
Taubman Centers Inc 2,698 188,830 207,044 0.15
TJX Cos Inc/The 15,820 994,437 1,121,638 0.83
Towers Watson & Co 12,764 1,553,139 1,639,855 1.22
UDR Inc 3,416 88,077 128,356 0.10
Union Pacific Corp 15,510 1,485,628 1,212,727 0.90
United Parcel Service Inc 12,984 1,311,124 1,249,191 0.93
Ventas Inc 4,560 249,181 257,344 0.19
Vertex Pharmaceuticals Inc 13,647 1,530,313 1,717,407 1.28
Visa Inc 19,558 1,133,014 1,516,821 1.13
Vornado Realty Trust 3,493 320,236 349,160 0.26
WESCO International Inc 18,902 1,492,970 825,734 0.61
WP Glimcher Inc 4,624 77,657 49,038 0.04
Zimmer Biomet Holdings Inc 12,168 1,267,587 1,248,193 0.93
Total United States 39.38% 52,965,029 39.38Total Common Stock 74.01% 99,539,662 74.01
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Balanced Fund as at 31 December 2015
181
Bonds
Nominal holding Cost Market Value % of Net assetsUSD USD
AustraliaAurizon Network Pty Ltd 2.00% 18/09/2024 142,000 182,454 148,922 0.11
Australia Government Bond 3.25% 21/10/2018
1,560,000 1,172,217 1,172,665 0.87
Australia Government Bond 2.75% 21/04/2024
80,000 64,140 58,171 0.05
Australia Government Bond 3.25% 21/04/2025
165,000 125,074 124,177 0.09
Santos Finance Ltd FRN 22/09/2070 60,000 73,866 65,912 0.05
SGSP Australia Assets Pty Ltd 3.30% 09/04/2023
355,000 343,859 339,458 0.25
Total Australia 1.42% 1,909,305 1.42CanadaCanada Housing Trust No 1 1.20% 15/06/2020
525,000 422,194 378,592 0.28
Canada Housing Trust No 1 2.55% 15/03/2025
245,000 204,476 185,305 0.14
Glencore Finance Canada Ltd 4.95% 15/11/2021 REGS
108,000 112,202 88,763 0.07
Province of Ontario Canada 2.00% 30/01/2019
120,000 119,958 120,626 0.09
Province of Ontario Canada 2.50% 10/09/2021
410,000 408,916 410,211 0.30
Province of Ontario Canada 3.20% 16/05/2024
150,000 156,247 154,554 0.11
Total Canada 0.99% 1,338,051 0.99Cayman IslandsNoble Holding International Ltd 5.25% 15/03/2042
73,000 61,400 40,573 0.03
Noble Holding International Ltd 6.95% 01/04/2045
35,000 34,533 21,944 0.02
Total Cayman Islands 0.05% 62,517 0.05DenmarkRealkredit Danmark A/S 1.00% 01/04/2020 1,300,000 195,432 192,124 0.14
Total Denmark 0.14% 192,124 0.14FranceDexia Credit Local SA 0.63% 21/01/2022 150,000 176,216 162,465 0.12
French Treasury Note BTAN 1.75% 25/02/2017
105,000 118,600 116,766 0.09
Total France 0.21% 279,231 0.21GermanyBundesrepublik Deutschland 2.50% 15/08/2046
60,000 85,549 81,266 0.06
KFW 1.00% 11/06/2018 420,000 418,040 416,317 0.31
Landeskreditbank Baden-Wuerttemberg Foerderbank 1.63% 25/04/2017
200,000 201,811 201,526 0.15
Total Germany 0.52% 699,109 0.52IrelandAllied Irish Banks Plc FRN 26/11/2025 100,000 107,223 109,717 0.08
Ireland Government Bond 3.40% 18/03/2024
75,000 97,472 97,030 0.08
Ireland Government Bond 5.40% 13/03/2025
110,000 165,220 163,599 0.12
Total Ireland 0.28% 370,346 0.28ItalyItaly Buoni Poliennali Del Tesoro 2.10% 15/09/2021
282,038 335,421 341,327 0.25
Italy Buoni Poliennali Del Tesoro 2.00% 01/12/2025
490,000 553,065 552,158 0.41
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Balanced Fund as at 31 December 2015
182
Nominal holding Cost Market Value % of Net assetsUSD USD
Italy Buoni Poliennali Del Tesoro 3.10% 15/09/2026
238,910 329,797 323,573 0.24
Italy Buoni Poliennali Del Tesoro 5.00% 01/09/2040
40,000 66,245 61,969 0.05
Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2044
120,000 185,658 184,727 0.14
Total Italy 1.09% 1,463,754 1.09JapanJapan Government Ten Year Bond 0.80% 20/12/2022
26,500,000 256,738 231,665 0.17
Japan Government Thirty Year Bond 2.00% 20/03/2042
13,350,000 137,346 131,227 0.10
Japan Government Thirty Year Bond 1.50% 20/12/2044
22,000,000 203,630 193,788 0.14
Total Japan 0.41% 556,680 0.41Korea, Republic of (South Korea)Export-Import Bank of Korea 2.00% 30/04/2020
255,000 332,374 290,864 0.22
Total Korea, Republic of (South Korea) 0.22%
290,864 0.22
MexicoMexican Bonos 10.00% 05/12/2024 9,945,000 915,005 726,302 0.54
Petroleos Mexicanos 5.75% 01/03/2018 74,000 78,796 77,537 0.06
Total Mexico 0.60% 803,839 0.60NetherlandsNetherlands Government Bond 0.25% 15/07/2025
150,000 155,983 154,953 0.11
Total Netherlands 0.11% 154,953 0.11NorwayEksportfinans ASA 2.38% 25/05/2016 255,000 254,747 255,633 0.19
Total Norway 0.19% 255,633 0.19PeruPeruvian Government International Bond 2.75% 30/01/2026
100,000 110,493 108,132 0.08
Total Peru 0.08% 108,132 0.08PortugalBanco Espirito Santo SA 4.00% 21/01/2019 100,000 115,050 14,665 0.01
Total Portugal 0.01% 14,665 0.01RomaniaRomania Government Bond 4.75% 24/02/2025
1,500,000 416,297 389,154 0.29
Total Romania 0.29% 389,154 0.29SingaporeST Engineering Financial I Ltd 4.80% 16/07/2019
195,000 212,509 210,299 0.16
Total Singapore 0.16% 210,299 0.16SpainInstituto de Credito Oficial 5.00% 14/11/2016
275,000 283,818 282,481 0.21
Spain Government Bond 0.50% 31/10/2017 145,000 186,808 158,917 0.12
Spain Government Bond 5.85% 31/01/2022 180,000 255,887 251,511 0.19
Spain Government Bond 2.15% 31/10/2025 135,000 156,348 151,633 0.11
Total Spain 0.63% 844,542 0.63SupernationalEuropean Investment Bank 1.25% 12/05/2025
1,700,000 201,639 193,666 0.15
European Union 0.63% 04/11/2023 173,000 195,230 189,335 0.14
North American Development Bank 2.40% 26/10/2022
210,000 205,818 204,877 0.15
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Balanced Fund as at 31 December 2015
183
Nominal holding Cost Market Value % of Net assetsUSD USD
Total Supernational 0.44% 587,878 0.44SwedenStadshypotek AB 0.63% 10/11/2021 150,000 186,706 163,452 0.12
Svensk Exportkredit AB 5.13% 01/03/2017 210,000 220,214 219,763 0.16
Total Sweden 0.28% 383,215 0.28United KingdomBarclays Plc 4.38% 11/09/2024 330,000 329,564 323,212 0.24
BP Capital Markets Plc 3.51% 17/03/2025 90,000 90,000 87,720 0.06
BUPA Finance Plc 5.00% 25/04/2023 120,000 202,820 182,335 0.13
Imperial Tobacco Finance Plc 3.50% 11/02/2023 144A
300,000 294,613 293,798 0.22
Legal & General Group Plc FRN 23/07/2041 50,000 110,380 94,067 0.07
Pennon Group Plc FRN Perpetual 115,000 207,335 176,509 0.13
Royal Bank of Scotland Group Plc 6.13% 15/12/2022
83,000 89,626 90,395 0.07
SABMiller Plc 6.50% 15/07/2018 REGS 80,000 88,606 88,297 0.07
United Kingdom Gilt 2.00% 22/01/2016 25,000 39,051 36,877 0.03
United Kingdom Gilt 2.00% 07/09/2025 415,000 624,516 613,993 0.46
United Kingdom Gilt 3.50% 22/01/2045 180,000 332,608 309,899 0.23
United Kingdom Gilt 3.50% 22/07/2068 86,000 166,892 162,843 0.12
Total United Kingdom 1.83% 2,459,945 1.83United StatesAT&T Inc 4.30% 15/12/2042 103,000 98,268 88,500 0.06
Citigroup Inc 3.88% 25/10/2023 90,000 92,634 93,280 0.07
Columbia Pipeline Group Inc 5.80% 01/06/2045 144A
80,000 79,816 70,466 0.05
CVS Health Corp 5.13% 20/07/2045 86,000 85,685 91,011 0.07
DTE Energy Co 2.40% 01/12/2019 90,000 89,917 89,721 0.07
Federal Home Loan Banks 0.63% 28/12/2016
645,000 645,149 643,799 0.48
Federal Home Loan Banks 0.75% 28/08/2017
410,000 409,480 407,904 0.30
Federal Home Loan Mortgage Corp 0.88% 14/10/2016
995,000 997,076 995,842 0.74
Federal Home Loan Mortgage Corp 0.75% 14/07/2017
400,000 399,846 398,227 0.30
Federal National Mortgage Association 0.63% 26/08/2016
780,000 780,372 779,546 0.58
FedEx Corp 3.90% 01/02/2035 90,000 89,608 82,316 0.06
Five Corners Funding Trust 4.42% 15/11/2023 144A
190,000 199,201 198,575 0.15
Kansas City Southern Railway Co/The 3.85% 15/11/2023
75,000 74,430 74,574 0.05
Kinder Morgan Energy Partners LP 5.00% 01/03/2043
180,000 169,608 132,440 0.10
L-3 Communications Corp 3.95% 28/05/2024
32,000 31,864 30,446 0.02
Lockheed Martin Corp 4.70% 15/05/2046 35,000 34,481 36,001 0.03
Massachusetts Mutual Life Insurance Co 4.50% 15/04/2065 144A
45,000 44,183 39,994 0.03
NiSource Finance Corp 4.80% 15/02/2044 85,000 96,780 86,774 0.06
Pacific Gas & Electric Co 4.30% 15/03/2045 89,000 88,016 87,892 0.06
PPL Capital Funding Inc 4.20% 15/06/2022 59,000 60,697 62,215 0.05
PPL Capital Funding Inc 3.95% 15/03/2024 35,000 35,422 35,873 0.03
Sempra Energy 3.55% 15/06/2024 52,000 52,119 51,792 0.04
Teachers Insurance & Annuity Association of America 4.90% 15/09/2044 144A
35,000 34,969 35,427 0.03
United States Treasury Inflation Indexed Bonds 0.13% 15/04/2020
228,517 229,017 225,756 0.17
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Balanced Fund as at 31 December 2015
184
Nominal holding Cost Market Value % of Net assetsUSD USD
United States Treasury Inflation Indexed Bonds 0.75% 15/02/2045
323,206 286,466 282,606 0.21
United States Treasury Note/Bond 0.38% 31/01/2016
420,000 420,074 420,067 0.31
United States Treasury Note/Bond 2.00% 15/02/2025
375,000 373,953 366,463 0.27
United States Treasury Note/Bond 3.00% 15/05/2045
605,000 616,363 601,365 0.45
Verizon Communications Inc 5.01% 21/08/2054
133,000 138,415 122,332 0.09
Yum! Brands Inc 5.35% 01/11/2043 121,000 135,870 92,997 0.07
Total United States 5.00% 6,724,201 5.00Total Bonds 14.95% 20,098,437 14.95
Right
Nominal holding Cost Market Value % of Net assetsUSD USD
SingaporeAscendas R Npv (REIT) - Rights 14/01/2016 1,443 – 68 0.00
Total Singapore 0.00% 68 0.00Total Right 0.00% 68 0.00
Certificate of Deposit
Nominal holding Cost Market Value % of Net assetsUSD USD
United StatesBanque Federative Du Credit Mutuel S.A. 800,000 798,563 798,538 0.59
Total United States 0.59% 798,538 0.59Total Certificate of Deposit 0.59% 798,538 0.59Total Investments 118,093,029 120,436,705 89.55Net current assets* 14,051,021 10.45
Net Assets Attributable to the Holder of Redeemable Participating Shares
134,487,726 100.00
*Net current assets include derivative positions. Please refer to note 12 for details of these.
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Balanced Cautious Fund as at 31 December 2015
185
Transferable securities listed on an exchange or dealt in on another regulated market
Common Stock
Nominal holding Cost Market Value % of Net assetsUSD USD
AustraliaDexus Property Group 3,043 17,314 16,627 0.04
Goodman Group 9,229 40,171 42,235 0.10
GPT Group 6,311 20,970 21,971 0.05
Growthpoint Properties Australia Ltd 6,982 15,761 15,621 0.03
Investa Office Fund 8,217 23,832 23,973 0.05
Mirvac Group 14,874 22,703 21,454 0.05
Scentre Group 23,920 67,224 72,920 0.17
Vicinity Centres 13,107 28,809 26,844 0.06
Westfield Corp 9,235 58,785 63,966 0.14
Total Australia 0.69% 305,611 0.69BelgiumAnheuser-Busch InBev SA/NV 1,427 163,921 177,532 0.40
Total Belgium 0.40% 177,532 0.40BermudaHongkong Land Holdings Ltd 4,316 29,773 30,234 0.07
Markit Ltd 8,469 225,693 255,594 0.58
Total Bermuda 0.65% 285,828 0.65BrazilKroton Educacional SA 17,900 49,454 43,299 0.10
Total Brazil 0.10% 43,299 0.10CanadaBoardwalk Real Estate Investment Trust 531 26,127 18,150 0.04
Canadian Apartment Properties REIT 937 18,579 18,111 0.04
Canadian Real Estate Investment Trust 602 23,648 18,215 0.04
H&R Real Estate Investment Trust 683 13,552 9,868 0.02
Methanex Corp 3,100 178,634 102,087 0.23
RioCan Real Estate Investment Trust 1,355 31,324 23,118 0.06
Total Canada 0.43% 189,549 0.43Cayman IslandsAlibaba Group Holding Ltd ADR 2,569 208,016 208,757 0.48
Baidu Inc ADR 615 136,629 116,256 0.26
Tencent Holdings Ltd 11,800 213,455 232,189 0.53
Total Cayman Islands 1.27% 557,202 1.27ChinaPing An Insurance Group Co of China Ltd 21,500 123,096 119,565 0.27
Total China 0.27% 119,565 0.27DenmarkNovo Nordisk A/S 5,259 266,884 306,325 0.70
Total Denmark 0.70% 306,325 0.70FranceFonciere Des Regions 246 21,694 22,097 0.05
iCADE 295 26,480 19,875 0.05
Klepierre 979 44,975 43,561 0.10
Mercialys SA 802 17,228 16,318 0.04
Total SA 3,061 173,296 137,305 0.31
Unibail-Rodamco SE 592 153,213 150,950 0.34
Total France 0.89% 390,106 0.89GermanyAlstria office REIT-AG 1,478 18,684 19,877 0.05
Brenntag AG Npv 3,690 216,342 194,761 0.44
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Balanced Cautious Fund as at 31 December 2015
186
Nominal holding Cost Market Value % of Net assetsUSD USD
Continental AG 623 147,344 152,188 0.35
Vonovia SE 1,608 47,059 50,133 0.11
Deutsche Wohnen AG 2,772 59,490 77,585 0.18
LEG Immobilien AG 451 29,140 37,006 0.08
Total Germany 1.21% 531,550 1.21Hong KongAIA Group Ltd 18,200 114,024 109,609 0.25
Hysan Development Co Ltd 2,658 11,664 10,898 0.03
Link REIT 11,424 60,002 68,395 0.16
Prosperity REIT 53,349 15,865 19,240 0.04
Swire Properties Ltd 8,231 24,430 23,816 0.05
Wharf Holdings Ltd 4,892 31,400 27,158 0.06
Total Hong Kong 0.59% 259,116 0.59IndiaHDFC Bank Ltd ADR 1,976 117,626 121,692 0.28
Total India 0.28% 121,692 0.28Indonesia
Bank Rakyat Indonesia Persero Tbk PT 182,900 157,877 151,422 0.34
Total Indonesia 0.34% 151,422 0.34IrelandAlkermes Plc 3,012 209,440 239,062 0.54
Bank of Ireland (Lon) 538,873 208,354 197,566 0.45
Bank of Ireland 209,083 85,851 76,997 0.18
Total Ireland 1.17% 513,625 1.17JapanActivia Properties Inc 4 16,087 17,041 0.04
GLP J-REIT 23 21,753 22,341 0.05
Japan Exchange Group Inc 9,400 145,848 149,328 0.34
Japan Prime Realty Investment Corp 13 42,984 44,713 0.10
Japan Real Estate Investment Corp 10 48,573 48,797 0.11
Japan Retail Fund Investment Corp 24 44,985 46,356 0.11
Mitsui Fudosan Co Ltd 6,781 203,534 172,379 0.39
Nintendo Co Ltd 900 159,690 125,467 0.29
Nippon Building Fund Inc 10 51,755 48,049 0.11
Nippon Prologis REIT Inc 25 49,598 45,357 0.10
Sekisui Chemical Co Ltd 9,100 101,194 120,506 0.27
Sumco Corp 8,400 102,933 64,452 0.15
Taiheiyo Cement Corp 46,000 163,653 135,558 0.31
Yaskawa Electric Corp 9,600 129,151 132,594 0.30
Total Japan 2.67% 1,172,938 2.67JerseyWolseley Plc 3,203 193,646 174,366 0.40
Total Jersey 0.40% 174,366 0.40Korea, Republic of (South Korea)Samsung Electronics Co Ltd GDR 266 159,182 142,110 0.32
Total Korea, Republic of (South Korea) 0.32%
142,110 0.32
MexicoFomento Economico Mexicano SAB de CV ADR
2,373 219,175 219,099 0.50
Grupo Financiero Banorte SAB de CV 32,300 191,431 176,984 0.40
Total Mexico 0.90% 396,083 0.90NetherlandsASML Holding NV 1,754 175,205 157,261 0.36
Eurocommercial Properties NV 675 29,136 29,248 0.07
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Balanced Cautious Fund as at 31 December 2015
187
Nominal holding Cost Market Value % of Net assetsUSD USD
NXP Semiconductors NV 1,593 122,033 134,234 0.30
Total Netherlands 0.73% 320,743 0.73SingaporeAscendas Real Estate Investment Trust 11,300 19,646 18,201 0.04
CapitaLand Mall Trust 20,000 29,893 27,315 0.06
Global Logistic Properties Ltd 34,800 59,546 52,619 0.12
Mapletree Commercial Trust 12,700 13,110 11,683 0.03
Mapletree Logistics Trust 17,065 13,982 11,939 0.03
Total Singapore 0.28% 121,757 0.28SpainCellnex Telecom SAU 8,409 144,029 157,278 0.36
Industria de Diseno Textil SA 7,498 234,904 258,200 0.58
Total Spain 0.94% 415,478 0.94SwitzerlandTE Connectivity Ltd 2,065 134,307 133,430 0.30
UBS Group AG 19,495 396,007 380,448 0.87
Total Switzerland 1.17% 513,878 1.17United KingdomAon Plc 3,189 288,567 294,090 0.67
Big Yellow Group Plc 2,916 26,357 34,684 0.08
British Land Co Plc 6,441 74,565 74,713 0.17
BT Group Plc 21,724 154,244 151,114 0.34
Derwent London Plc 915 43,259 49,595 0.11
Great Portland Estates Plc 3,348 37,621 40,883 0.09
Hammerson Plc 5,742 53,616 50,863 0.12
Imperial Tobacco Group Plc 3,088 162,596 163,134 0.37
Land Securities Group Plc 4,238 76,351 73,582 0.17
LondonMetric Property Plc 17,840 44,077 43,097 0.10
Royal Dutch Shell Plc B shares 8,987 219,726 204,451 0.46
Segro Plc 6,249 39,529 39,508 0.09
Shaftesbury Plc 1,871 23,642 25,267 0.06
Unilever Plc 6,588 275,584 284,238 0.65
Total United Kingdom 3.48% 1,529,219 3.48United StatesAlexandria Real Estate Equities Inc 456 34,836 41,213 0.09
Align Technology Inc 2,482 155,383 163,303 0.37
Alphabet Inc - Class A 845 488,420 657,385 1.50
Alphabet Inc - Class C 136 78,500 103,219 0.24
Amazon.com Inc 385 176,292 260,222 0.59
American Campus Communities Inc 1,151 41,722 47,559 0.11
American Express Co 2,393 202,053 166,397 0.38
American International Group Inc 2,888 167,824 178,984 0.41
Amphenol Corp 3,972 200,548 207,477 0.47
Apple Inc 873 109,248 91,861 0.21
AvalonBay Communities Inc 750 111,320 138,049 0.31
BioMed Realty Trust Inc 702 13,902 16,641 0.04
Boston Properties Inc 1,011 116,744 128,953 0.29
Bristol-Myers Squibb Co 3,622 211,718 249,175 0.57
Camden Property Trust 577 39,911 44,311 0.10
Care Capital Properties Inc 369 11,273 11,278 0.03
Comcast Corp 5,410 312,411 305,259 0.69
CubeSmart 1,607 31,469 49,198 0.11
DDR Corp 2,448 38,847 41,212 0.09
EastGroup Properties Inc 408 24,722 22,699 0.05
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Balanced Cautious Fund as at 31 December 2015
188
Nominal holding Cost Market Value % of Net assetsUSD USD
Education Realty Trust Inc 674 19,498 25,535 0.06
Enterprise Products Partners LP 5,641 178,341 144,381 0.33
Equity LifeStyle Properties Inc 638 28,366 42,526 0.10
Equity Residential 1,573 97,834 128,317 0.29
Essex Property Trust Inc 455 80,573 108,993 0.25
Estee Lauder Cos Inc/The 2,720 210,198 239,442 0.54
Express Scripts Holding Co 2,343 187,407 204,755 0.47
Extra Space Storage Inc 1,302 74,740 114,862 0.26
Facebook Inc 3,479 271,579 364,095 0.83
Federal Realty Investment Trust 276 31,207 40,337 0.09
General Growth Properties Inc 3,378 79,032 91,899 0.21
Gilead Sciences Inc 3,931 378,070 397,739 0.90
HCP Inc 2,359 86,234 90,244 0.21
Host Hotels & Resorts Inc 3,973 78,469 60,966 0.14
JPMorgan Chase & Co 4,688 288,954 309,525 0.70
Kilroy Realty Corp 927 59,727 58,637 0.13
Kimco Realty Corp 1,707 37,120 45,176 0.10
Macerich Co/The 770 48,562 62,139 0.14
MasterCard Inc 2,649 230,216 258,105 0.59
Mid-America Apartment Communities Inc 304 20,494 27,612 0.06
National Retail Properties Inc 503 17,334 20,148 0.05
NIKE Inc 2,810 138,462 175,667 0.40
Occidental Petroleum Corp 2,178 173,416 147,276 0.34
Pfizer Inc 7,004 240,135 226,054 0.51
Priceline Group Inc/The 308 368,560 392,666 0.89
Prologis Inc 3,883 152,936 166,678 0.38
Public Storage 937 166,158 232,142 0.53
Sabre Corp 6,628 138,174 185,352 0.42
Simon Property Group Inc 1,587 250,260 308,529 0.70
Sirona Dental Systems Inc 1,605 136,510 175,876 0.40
SL Green Realty Corp 976 102,216 110,254 0.25
Sovran Self Storage Inc 663 50,777 71,156 0.16
Spirit Airlines Inc 3,287 200,141 130,954 0.30
Tanger Factory Outlet Centers Inc 1,624 55,014 53,113 0.12
Taubman Centers Inc 807 55,572 61,929 0.14
TJX Cos Inc/The 2,663 171,665 188,807 0.43
Towers Watson & Co 2,153 265,327 276,607 0.63
UDR Inc 1,038 27,710 39,003 0.09
Union Pacific Corp 2,611 245,978 204,154 0.46
United Parcel Service Inc 2,191 221,539 210,796 0.48
Ventas Inc 1,431 77,194 80,759 0.18
Vertex Pharmaceuticals Inc 2,297 262,077 289,066 0.66
Visa Inc 3,295 199,930 255,544 0.58
Vornado Realty Trust 1,128 104,097 112,755 0.26
WESCO International Inc 3,222 239,646 140,753 0.32
WP Glimcher Inc 1,433 23,181 15,197 0.03
Zimmer Biomet Holdings Inc 2,050 213,390 210,289 0.48
Total United States 23.24% 10,221,204 23.24Total Common Stock 43.12% 18,960,198 43.12
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Balanced Cautious Fund as at 31 December 2015
189
Bonds
Nominal holding Cost Market Value % of Net assetsUSD USD
AustraliaAurizon Network Pty Ltd 2.00% 18/09/2024 100,000 128,489 104,875 0.24
Australia Government Bond 3.25% 21/10/2018
1,185,000 890,434 890,775 2.03
Australia Government Bond 2.75% 21/04/2024
50,000 40,088 36,357 0.08
Australia Government Bond 3.25% 21/04/2025
120,000 90,964 90,310 0.21
Santos Finance Ltd FRN 22/09/2070 50,000 61,555 54,926 0.12
SGSP Australia Assets Pty Ltd 3.30% 09/04/2023
200,000 193,226 191,244 0.43
Total Australia 3.11% 1,368,487 3.11CanadaCanada Housing Trust No 1 1.20% 15/06/2020
355,000 285,484 256,000 0.58
Canada Housing Trust No 1 2.55% 15/03/2025
210,000 173,673 158,833 0.36
Glencore Finance Canada Ltd 4.95% 15/11/2021 REGS
84,000 86,075 69,037 0.16
Province of Ontario Canada 2.00% 30/01/2019
70,000 69,975 70,365 0.16
Province of Ontario Canada 2.50% 10/09/2021
265,000 265,128 265,137 0.60
Province of Ontario Canada 3.20% 16/05/2024
100,000 104,165 103,036 0.24
Total Canada 2.10% 922,408 2.10Cayman IslandsNoble Holding International Ltd 5.25% 15/03/2042
52,000 44,444 28,902 0.07
Noble Holding International Ltd 6.95% 01/04/2045
15,000 14,800 9,404 0.02
Total Cayman Islands 0.09% 38,306 0.09DenmarkRealkredit Danmark A/S 1.00% 01/04/2020 900,000 135,299 133,009 0.30
Total Denmark 0.30% 133,009 0.30FranceDexia Credit Local SA 0.63% 21/01/2022 50,000 58,739 54,155 0.12
French Treasury Note BTAN 1.75% 25/02/2017
60,000 67,771 66,723 0.15
Total France 0.27% 120,878 0.27GermanyBundesrepublik Deutschland 2.50% 15/08/2046
40,000 57,033 54,177 0.13
KFW 1.00% 11/06/2018 285,000 283,670 282,501 0.64
Landeskreditbank Baden-Wuerttemberg Foerderbank 1.63% 25/04/2017
145,000 146,302 146,106 0.33
Total Germany 1.10% 482,784 1.10IrelandAllied Irish Banks Plc FRN 26/11/2025 100,000 107,223 109,717 0.25
Ireland Government Bond 3.40% 18/03/2024
50,000 64,982 64,687 0.14
Ireland Government Bond 5.40% 13/03/2025
85,000 127,670 126,417 0.29
Total Ireland 0.68% 300,821 0.68ItalyItaly Buoni Poliennali Del Tesoro 2.10% 15/09/2021
195,257 232,604 236,304 0.54
Italy Buoni Poliennali Del Tesoro 2.00% 01/12/2025
370,000 417,740 416,936 0.95
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Balanced Cautious Fund as at 31 December 2015
190
Nominal holding Cost Market Value % of Net assetsUSD USD
Italy Buoni Poliennali Del Tesoro 3.10% 15/09/2026
169,891 234,522 230,096 0.52
Italy Buoni Poliennali Del Tesoro 5.00% 01/09/2040
30,000 49,684 46,477 0.11
Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2044
90,000 140,047 138,545 0.31
Total Italy 2.43% 1,068,358 2.43JapanJapan Government Ten Year Bond 0.80% 20/12/2022
20,500,000 206,583 179,212 0.41
Japan Government Thirty Year Bond 2.00% 20/03/2042
10,100,000 106,775 99,281 0.22
Japan Government Thirty Year Bond 1.50% 20/12/2044
14,500,000 134,211 127,724 0.29
Total Japan 0.92% 406,217 0.92Korea, Republic of (South Korea)Export-Import Bank of Korea 2.00% 30/04/2020
225,000 293,003 256,645 0.58
Total Korea, Republic of (South Korea) 0.58%
256,645 0.58
MexicoMexican Bonos 10.00% 05/12/2024 7,680,000 714,465 560,885 1.28
Petroleos Mexicanos 5.75% 01/03/2018 31,000 32,957 32,482 0.07
Total Mexico 1.35% 593,367 1.35NetherlandsNetherlands Government Bond 0.25% 15/07/2025
115,000 119,587 118,798 0.27
Total Netherlands 0.27% 118,798 0.27NorwayEksportfinans ASA 2.38% 25/05/2016 170,000 169,725 170,422 0.39
Total Norway 0.39% 170,422 0.39PeruPeruvian Government International Bond 2.75% 30/01/2026
100,000 110,493 108,132 0.25
Total Peru 0.25% 108,132 0.25PortugalBanco Espirito Santo SA 4.00% 21/01/2019 100,000 115,050 14,665 0.03
Total Portugal 0.03% 14,665 0.03RomaniaRomania Government Bond 4.75% 24/02/2025
1,000,000 277,531 259,436 0.59
Total Romania 0.59% 259,436 0.59SingaporeST Engineering Financial I Ltd 4.80% 16/07/2019
150,000 163,469 161,768 0.37
Total Singapore 0.37% 161,768 0.37SpainInstituto de Credito Oficial 5.00% 14/11/2016
225,000 232,214 231,121 0.52
Spain Government Bond 0.50% 31/10/2017 120,000 154,693 131,518 0.30
Spain Government Bond 5.85% 31/01/2022 125,000 177,699 174,660 0.40
Spain Government Bond 2.15% 31/10/2025 113,000 131,093 126,922 0.29
Total Spain 1.51% 664,221 1.51SupernationalEuropean Investment Bank 1.25% 12/05/2025
1,200,000 142,333 136,706 0.31
European Union 0.63% 04/11/2023 120,000 135,420 131,330 0.30
North American Development Bank 2.40% 26/10/2022
150,000 147,013 146,341 0.33
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Balanced Cautious Fund as at 31 December 2015
191
Nominal holding Cost Market Value % of Net assetsUSD USD
Total Supernational 0.94% 414,377 0.94SwedenStadshypotek AB 0.63% 10/11/2021 130,000 161,812 141,658 0.32
Svensk Exportkredit AB 5.13% 01/03/2017 145,000 152,102 151,741 0.35
Total Sweden 0.67% 293,399 0.67United KingdomBarclays Plc 4.38% 11/09/2024 272,000 271,640 266,405 0.61
BP Capital Markets Plc 3.51% 17/03/2025 48,000 48,000 46,784 0.11
BUPA Finance Plc 5.00% 25/04/2023 100,000 169,514 151,946 0.35
Imperial Tobacco Finance Plc 3.50% 11/02/2023 144A
200,000 200,447 195,866 0.44
Legal & General Group Plc FRN 23/07/2041 50,000 110,380 94,067 0.21
Pennon Group Plc FRN Perpetual 100,000 177,499 153,486 0.35
Royal Bank of Scotland Group Plc 6.13% 15/12/2022
45,000 48,597 49,009 0.11
RSA Insurance Group Plc FRN 20/05/2039 50,000 101,842 86,406 0.20
SABMiller Plc 6.50% 15/07/2018 REGS 43,000 47,473 47,460 0.11
United Kingdom Gilt 2.00% 22/01/2016 180,000 273,837 265,514 0.60
United Kingdom Gilt 2.00% 07/09/2025 340,000 511,588 503,030 1.14
United Kingdom Gilt 3.50% 22/01/2045 126,000 230,273 216,929 0.49
United Kingdom Gilt 3.50% 22/07/2068 55,000 104,520 104,144 0.24
Total United Kingdom 4.96% 2,181,046 4.96United StatesAT&T Inc 4.30% 15/12/2042 55,000 52,473 47,258 0.11
Citigroup Inc 3.88% 25/10/2023 60,000 61,756 62,187 0.14
Columbia Pipeline Group Inc 5.80% 01/06/2045 144A
50,000 49,885 44,041 0.10
CVS Health Corp 5.13% 20/07/2045 46,000 45,832 48,680 0.11
DIRECTV Holdings LLC / DIRECTV Financing Co Inc 4.45% 01/04/2024
46,000 46,014 47,226 0.11
DTE Energy Co 2.40% 01/12/2019 48,000 47,956 47,852 0.11
Federal Home Loan Banks 0.63% 28/12/2016
355,000 355,074 354,339 0.81
Federal Home Loan Banks 0.75% 28/08/2017
690,000 689,352 686,473 1.56
Federal Home Loan Mortgage Corp 0.88% 14/10/2016
390,000 390,594 390,330 0.89
Federal Home Loan Mortgage Corp 0.75% 14/07/2017
275,000 274,894 273,781 0.62
Federal National Mortgage Association 0.63% 26/08/2016
645,000 645,155 644,625 1.47
FedEx Corp 3.90% 01/02/2035 50,000 49,782 45,731 0.10
Five Corners Funding Trust 4.42% 15/11/2023 144A
155,000 162,506 161,995 0.37
Kansas City Southern Railway Co/The 3.85% 15/11/2023
34,000 33,701 33,807 0.08
Kinder Morgan Energy Partners LP 5.00% 01/03/2043
75,000 70,670 55,183 0.13
L-3 Communications Corp 3.95% 28/05/2024
17,000 16,921 16,174 0.04
Lockheed Martin Corp 4.70% 15/05/2046 25,000 24,629 25,715 0.06
Massachusetts Mutual Life Insurance Co 4.50% 15/04/2065 144A
30,000 29,455 26,663 0.06
NiSource Finance Corp 4.80% 15/02/2044 46,000 52,375 46,960 0.11
Pacific Gas & Electric Co 4.30% 15/03/2045 48,000 47,469 47,402 0.11
PPL Capital Funding Inc 4.20% 15/06/2022 33,000 33,906 34,798 0.08
PPL Capital Funding Inc 3.95% 15/03/2024 40,000 40,033 40,998 0.09
Sempra Energy 3.55% 15/06/2024 48,000 47,881 47,808 0.11
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB Global Balanced Cautious Fund as at 31 December 2015
192
Nominal holding Cost Market Value % of Net assetsUSD USD
Teachers Insurance & Annuity Association of America 4.90% 15/09/2044 144A
45,000 44,960 45,549 0.10
United States Treasury Inflation Indexed Bonds 0.13% 15/04/2020
152,345 152,678 150,504 0.34
United States Treasury Inflation Indexed Bonds 0.75% 15/02/2045
237,355 210,341 207,539 0.47
United States Treasury Note/Bond 0.38% 31/01/2016
665,000 665,119 665,106 1.51
United States Treasury Note/Bond 2.00% 15/02/2025
330,000 327,655 322,487 0.73
United States Treasury Note/Bond 3.00% 15/05/2045
405,000 410,142 402,566 0.91
Verizon Communications Inc 5.01% 21/08/2054
73,000 76,014 67,145 0.15
Yum! Brands Inc 5.35% 01/11/2043 56,000 62,882 43,040 0.10
Total United States 11.68% 5,133,962 11.68Total Bonds 34.59% 15,211,506 34.59
Right
Nominal holding Cost Market Value % of Net assetsUSD USD
SingaporeAscendas R Npv (REIT) - Rights 14/01/2016 423 – 20 0.00
Total Singapore 0.00% 20 0.00Total Right 0.00% 20 0.00
Certificate of Deposit
Nominal holding Cost Market Value % of Net assetsUSD USD
United StatesBanque Federative Du Credit Mutuel S.A. 700,000 698,743 698,721 1.59
Total United States 1.59% 698,721 1.59Total Certificate of Deposit 1.59% 698,721 1.59Total Investments 34,946,170 34,870,445 79.30Net current assets* 9,102,296 20.70
Net Assets Attributable to the Holder of Redeemable Participating Shares
43,972,741 100.00
*Net current assets include derivative positions. Please refer to note 12 for details of these.
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB European Equity Fund* as at 31 December 2015
193
Transferable securities listed on an exchange or dealt in on another regulated market
Common Stock
Nominal holding Cost Market Value % of Net assetsUSD USD
BelgiumAnheuser-Busch InBev SA/NV 7,441 817,217 852,180 1.42
KBC Groep NV 12,188 779,190 703,979 1.17
Total Belgium 2.59% 1,556,159 2.59DenmarkNovo Nordisk A/S 29,330 1,588,376 1,572,673 2.62
Pandora A/S 8,086 844,803 942,664 1.57
Total Denmark 4.19% 2,515,337 4.19FinlandKone OYJ 20,850 801,171 815,756 1.36
Nokia OYJ 91,957 594,218 608,296 1.01
Total Finland 2.37% 1,424,052 2.37FranceAmundi SA 13,238 595,710 570,359 0.95
AXA SA 49,801 1,211,426 1,256,977 2.09
Essilor International SA 4,783 561,505 551,241 0.92
Groupe Eurotunnel SE 52,031 675,964 596,015 0.99
Hermes International 1,368 482,259 426,679 0.71
Legrand SA 14,677 825,742 766,726 1.28
L’Oreal SA 7,099 1,221,246 1,104,427 1.84
Publicis Groupe SA 9,240 633,076 567,521 0.94
Schneider Electric SE 18,857 1,158,726 993,010 1.65
Total France 11.37% 6,832,955 11.37GermanyAllianz SE 7,473 1,181,856 1,226,132 2.04
Bayer AG 16,189 2,168,773 1,880,757 3.13
Bayerische Motoren Werke AG 8,491 803,081 830,505 1.38
Brenntag AG Npv 12,274 638,265 596,363 0.99
Continental AG 6,320 1,306,761 1,421,210 2.36
Fresenius Medical Care AG & Co KGaA 13,313 1,014,897 1,036,750 1.73
TUI AG 35,360 549,987 594,313 0.99
Total Germany 12.62% 7,586,030 12.62IrelandCRH Plc 54,135 1,470,478 1,446,605 2.41
Paddy Power Plc 2,914 340,361 359,515 0.60
Ryanair Holdings Plc 104,910 1,366,424 1,577,059 2.62
Total Ireland 5.63% 3,383,179 5.63ItalyInfrastrutture Wireless Italiane SpA 77,281 349,378 389,110 0.65
Intesa Sanpaolo SpA 302,565 1,066,817 934,623 1.55
Total Italy 2.20% 1,323,733 2.20NetherlandsAirbus Group SE 14,466 947,336 897,037 1.49
Akzo Nobel NV 14,157 929,288 874,053 1.46
ASML Holding NV 13,613 1,223,368 1,123,549 1.87
ING Groep NV 134,969 2,108,362 1,682,388 2.80
RELX NV 71,923 1,098,913 1,118,403 1.86
Total Netherlands 9.48% 5,695,430 9.48NorwayDNB ASA 47,441 699,517 541,496 0.90
Total Norway 0.90% 541,496 0.90
STANLIB Funds Limited
Portfolio Statement (continued)
STANLIB European Equity Fund* as at 31 December 2015
194
Nominal holding Cost Market Value % of Net assetsUSD USD
SpainAmadeus IT Holding SA 16,484 657,390 670,693 1.12
Cellnex Telecom SAU 36,804 556,042 633,673 1.05
Ferrovial SA 42,109 913,706 878,078 1.46
Industria de Diseno Textil SA 21,520 679,423 682,184 1.14
Total Spain 4.77% 2,864,628 4.77SwedenNordea Bank AB 73,291 826,229 749,660 1.25
Svenska Handelsbanken AB 52,369 727,392 647,879 1.08
Total Sweden 2.33% 1,397,539 2.33Switzerland
Cie Financiere Richemont SA 8,860 688,484 587,252 0.98
Novartis AG 27,045 2,567,154 2,159,424 3.59
Roche Holding AG - Genusschein NPV 8,106 2,142,216 2,061,141 3.43
Sika AG 296 971,873 985,522 1.64
UBS Group AG 106,231 2,207,966 1,908,406 3.18
Total Switzerland 12.82% 7,701,745 12.82United Kingdom3i Group Plc 61,162 476,697 399,612 0.67
ARM Holdings Plc 39,683 521,968 559,687 0.93
British American Tobacco Plc 26,511 1,439,869 1,356,883 2.26
BT Group Plc 235,061 1,571,630 1,505,194 2.50
Imperial Tobacco Group Plc 12,904 656,459 627,536 1.04
InterContinental Hotels Group Plc 17,543 663,826 631,714 1.05
Johnson Matthey Plc 12,293 505,820 444,082 0.74
Legal & General Group Plc 261,023 964,703 948,607 1.58
London Stock Exchange Group Plc 28,644 1,059,104 1,066,044 1.77
Persimmon Plc 28,213 813,460 776,115 1.29
Prudential Plc 56,549 1,200,331 1,174,862 1.96
Reckitt Benckiser Group Plc 13,710 1,138,887 1,167,631 1.94
Rio Tinto Plc 16,557 575,906 444,629 0.74
Royal Dutch Shell Plc A shares 85,899 2,125,016 1,778,810 2.96
Smith & Nephew Plc 55,012 920,625 901,281 1.50
St James’s Place Plc 73,356 1,009,622 1,002,759 1.67
Unilever Plc 51,817 2,124,425 2,058,012 3.43
Total United Kingdom 28.03% 16,843,458 28.03Total Common Stock 99.30% 59,665,741 99.30Total Investments 62,760,714 59,665,741 99.30Net current assets 422,821 0.70
Net Assets Attributable to the Holder of Redeemable Participating Shares
60,088,562 100.00
* Class Fund launched on 3 August 2015
STANLIB Funds Limited
195
Other Information (Unaudited)
Total expense ratioTotal expense ratios for each of the Class Funds were as follows:
Class Funds Total Expense Ratio (%)31 December 2015 31 December 2014
STANLIB Global Property Fund 0.65 0.68STANLIB Multi-Manager Global Bond Fund 0.70 0.75STANLIB Multi-Manager Global Equity Fund 0.85 0.85STANLIB High Alpha Global Equity Fund – Class A 1.03 1.02STANLIB High Alpha Global Equity Fund – Class B 0.63 0.62STANLIB Global Bond Fund 0.83 0.84STANLIB Global Emerging Markets Fund 0.75 0.79STANLIB Global Balanced Fund 0.71 0.75STANLIB Global Balanced Cautious Fund 0.85 0.92STANLIB European Equity Fund^ 0.60* -
* Annualised.
^ Class Fund launched on 3 August 2015.
STANLIB Funds Limited
196
Fund Statistics (Unaudited) as at 31 December 2015
CCY 31 December 2015 31 December 2014 31 December 2013 31 December 2012 31 December 2011Combined Net Assets USD 3,318,377,735 3,590,207,204 3,811,913,520 2,972,259,578 2,587,118,908
STANLIB Global Property Fund
CCY 31 December 2015 31 December 2014 31 December 2013 31 December 2012 31 December 2011Net Assets USD 323,849,587 125,593,095 102,795,842 79,084,541 33,557,524 Participating shares in issue 140,945 56,005 55,019 41,135 21,964 Net asset value (NAV) per participating share at year end
USD 2,297.70 2,242.52 1,868.35 1,922.56 1,527.84
Highest NAV per participating share during the year
USD 2,432.34 2,271.06 2,166.57 1,928.56 1,704.90
Lowest NAV per participating share during the year
USD 2,098.26 1,861.87 1,809.37 1,517.84 1,350.19
STANLIB Multi-Manager Global Bond Fund
CCY 31 December 2015 31 December 2014 31 December 2013 31 December 2012 31 December 2011Net Assets USD 224,342,275 251,708,149 391,472,872 534,143,620 358,653,440 Participating shares in issue 119,109 126,106 196,691 258,448 184,298 Net asset value (NAV) per participating share at year end
USD 1,883.50 1,996.01 1,990.29 2,066.74 1,946.05
Highest NAV per participating share during the year
USD 2,007.99 2,090.30 2,070.46 2,075.81 1,995.52
Lowest NAV per participating share during the year
USD 1,877.36 1,984.38 1,940.39 1,931.85 1,805.45
STANLIB Multi-Manager Global Equity Fund
CCY 31 December 2015 31 December 2014 31 December 2013 31 December 2012 31 December 2011Net Assets USD 1,408,726,365 1,927,330,101 2,041,679,067 1,484,745,052 1,367,888,233 Participating shares in issue 641,419 841,061 909,999 801,847 865,422 Net asset value (NAV) per participating share at year end
USD 2,196.27 2,291.55 2,243.60 1,851.66 1,580.60
Highest NAV per participating share during the year
USD 2,445.21 2,407.53 2,245.15 1,858.36 1,827.75
Lowest NAV per participating share during the year
USD 2,073.81 2,119.23 1,853.16 1,597.81 1,434.98
High Alpha Global Equity Fund
CCY 31 December 2015 31 December 2014 31 December 2013 31 December 2012 31 December 2011Net Assets USD 794,990,325 913,600,588 939,138,889 689,100,754 753,842,969 Participating shares in issue - Class A 81,950 119,267 168,991 180,980 217,416 Net asset value (NAV) per participating share at year end
USD 1,115.64 1,079.65 1,066.05 773.02 742.51
Highest NAV per participating share during the year
USD 1,164.62 1,115.12 1,066.05 834.24 924.78
Lowest NAV per participating share during the year
USD 1,016.77 992.31 843.62 738.63 673.65
Participating shares in issue - Class B 609,788 705,724 694,290 637,147 783,907 Net asset value (NAV) per participating share at year end
USD 1,153.78 1,112.10 1,093.71 789.56 755.71
Highest NAV per participating share during the year
USD 1,202.26 1,146.36 1,093.71 852.37 939.39
Lowest NAV per participating share during the year
USD 1,050.46 1,021.27 862.13 753.23 685.15
STANLIB Funds Limited
Fund Statistics (Unaudited) as at 31 December 2015 (continued)
197
STANLIB Global Bond Fund
CCY 31 December 2015 31 December 2014 31 December 2013 31 December 2012 31 December 2011Net Assets USD 207,799,798 115,226,609 156,854,503 81,836,679 73,176,742 Participating shares in issue 161,691 81,138 113,473 56,857 56,057 Net asset value (NAV) per participating share at year end
USD 1,285.16 1,420.14 1,382.30 1,439.34 1,305.40
Highest NAV per participating share during the year
USD 1,457.65 1,477.29 1,450.48 1,441.25 1,320.79
Lowest NAV per participating share during the year
USD 1,279.14 1,378.72 1,365.50 1,294.60 1,177.20
STANLIB Global Emerging Markets Fund
CCY 31 December 2015 31 December 2014 31 December 2013 31 December 2012 31 December 2011Net Assets USD 114,934,353 82,662,605 95,852,388 103,348,932 - Participating shares in issue 132,086 79,674 90,909 101,093 - Net asset value (NAV) per participating share at year end
USD 870.15 1,037.51 1,054.38 1,022.32 -
Highest NAV per participating share during the year
USD 1,142.49 1,176.28 1,074.09 1,026.04 -
Lowest NAV per participating share during the year
USD 846.85 965.05 915.06 1,000.00 -
STANLIB Global Balanced Fund
CCY 31 December 2015 31 December 2014 31 December 2013 31 December 2012 31 December 2011Net Assets USD 134,487,726 130,534,541 65,309,960 - - Participating shares in issue 122,448 119,694 61,135 - - Net asset value (NAV) per participating share at year end
USD 1,098.32 1,090.57 1,068.29 - -
Highest NAV per participating share during the year
USD 1,132.16 1,126.69 1,070.05 - -
Lowest NAV per participating share during the year
USD 1,034.26 1,037.80 980.44 - -
STANLIB Global Balanced Cautious Fund
CCY 31 December 2015 31 December 2014 31 December 2013 31 December 2012 31 December 2011Net Assets USD 43,972,741 43,551,516 18,809,999 - - Participating shares in issue 44,058 42,838 18,335 - - Net asset value (NAV) per participating share at year end
USD 998.06 1,016.66 1,025.91 - -
Highest NAV per participating share during the year
USD 1,030.39 1,069.80 1,028.73 - -
Lowest NAV per participating share during the year
USD 972.20 1,011.71 989.50 - -
STANLIB Global Balanced Cautious Fund
CCY 31 December 2015 31 December 2014 31 December 2013 31 December 2012 31 December 2011Net Assets EUR 60,088,562 - - - - Participating shares in issue 64,441 - - - - Net asset value (NAV) per participating share at year end
EUR 932.46 - - - -
Highest NAV per participating share during the year
EUR 1,011.84 - - - -
Lowest NAV per participating share during the year
EUR 862.40 - - - -
STANLIB Funds Limited
198
Notice of Annual General Meeting of Shareholders
The Annual General Meeting of STANLIB Funds Limited will be held at Standard Bank House, 47-49 La Motte Street, St. Helier, Jersey, Channel Islands on 6 June 2016 at 10 am for the purpose of considering and, if thought fit, passing the following Resolutions:
1. To receive and adopt the audited financial statements for the year ended 31 December 2015 together with the reports of the Directors and Independent Auditor thereon.
2. To re-elect Mr Neil Deacon, Mr Michael Farrow, Mr Sidney Place and Mr Michael Mitchell as Directors of the Company;3. To fix the remuneration of the Directors at up to £92,000 in total for the forthcoming year.4. To re-appoint PricewaterhouseCoopers, Ireland as auditors of the Company and authorise the directors to agree the auditors’
remuneration.
By order of the boardFor and on behalf of the SecretarySTANLIB Fund Managers Jersey LimitedSecretary
11 May 2016
Notes
Љ A member entitled to attend and vote is entitled to appoint one or more proxies to attend and vote in his stead. A proxy need not be a member of the company.
Љ To be valid, this proxy form must be completed and deposited at the registered office of the company not less than 48 hours before the time fixed for the meeting.
Љ If the member is a corporation, the form must be executed either under its common seal or under the hand of an officer or attorney so authorised.
Љ In the case of joint holders, the signature of any one joint holder will be sufficient, but the names of all joint holders should be stated.
STANLIB Funds Limited
199
The SecretarySTANLIB Funds LimitedStandard Bank House47-49 La Motte StreetSt Helier, Jersey JE2 4SZChannel Islands
Form of Proxy
Please complete in block capitals
I/We (shareholders name)
(Number of shares)Complete only if Special proxy desired. (See Note a)
being a member(s) of STANLIB Funds Limited hereby appoint the Chairman of the Meeting or failing him:
as my/our proxy to vote for me/us on my/our behalf at the Annual General Meeting of the Company to be held on 6 June 2016 at 10 am. and at any adjournments thereof, in the following manner:
Resolution No. 1 To receive and adopt the audited financial statements for the year ended 31 December 2015 together with the reports of the Directors and Independent Auditor thereon. For / Against*
Resolution No. 2 To re-elect Mr Neil Deacon, Mr Michael Farrow, Mr Sidney Place and Mr Michael Mitchell as Directors of the Company. For / Against*
Resolution No. 3 To fix the remuneration of the Directors at up to £92,000 in total for the forthcoming year. For / Against*
Resolution No. 4 To re-appoint PricewaterhouseCoopers, Ireland as auditors of the Company and authorise the directors to agree the auditors’ remuneration. For / Against*
*Strike out whatever is not desired
Signed this day of 2016
Signature
Notes:
a. If you desire to appoint a proxy other than indicated above, please delete the appropriate words and insert the name and address of your proxy.
b. Unless otherwise instructed, the proxy will vote or abstain from voting as he thinks fit in relation to the resolutions referred to above.c. To be valid, the proxy must be lodged with the secretary of the Company 48 hours prior to the time of the meeting.d. A corporation should complete this form under its common seal or under the hand of a duly authorised officer or attorney.
17 Melrose Boulevard, Melrose Arch2196PO Box 203Melrose Arch2076T0860 123 003 (SA only) T+27 (0)11 448 6000 [email protected] Wstanlib.comGPS coordinatesS 26.13433°, E 028.06800°W
STA
NLI
B A
sset
Man
agem
ent L
imite
d | R
eg. N
o. 19
69/0
027
53/0
6 | A
utho
rised
FSP
in te
rms o
f the
FA
IS A
ct, 2
00
2 (L
icen
ce N
o. 2
6/10
/719
) 264
7_Q
420
12
