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Fixed interest

Gilt Fund

Investment objective

Over rolling five year periods, to achieve mainly through a portfolio of sterling denominated UK Government securities with an income yield close to the redemption yield prevailing on UK Government securities, a total return equal to or in excess of the UK Government fixed interest market.

Investment parameters

(reviewed annually)

Government Securities95-100%
Cash0-5%
Modified duration7.5-10.5 years
Total expense ratio0.15%
Dilution levy0.05% of unit value

Dealing dates

1st, 11th, 21st of month

Summary of investments and other assets

as at 28 February 2013

1 British Government98.1%
2 Cash1.9%

Modified duration of fund 8.7 years

Holdings

as at 28 February 2013

View the Gilt Fund holdings.

Corporate Bond Fund

Investment objective

Over rolling five year periods, to achieve mainly through a portfolio of sterling denominated corporate and sub-sovereign fixed interest securities, a total return equal to or in excess of the UK corporate bond market.

Investment parameters

(reviewed annually)

Credit rating AAA and AA55-85%
Other investment grade or secured issues15-45%
Cash and bonds under 1 year to maturity 0-5%
Modified duration6.6-9.6 years
Total expense ratio0.32%
Dilution levy0.55% of unit value

Dealing dates

1st, 11th, 21st of month

Summary of investments and other assets

as at 28 February 2013

1 Debentures5.6%
2 Supranational16.6%
3 Corporate Unsecured 
   - Financial35.6%
4 Corporate Unsecured 
   - Non-Financial40.2%
5 Cash2.0%

Modified duration of fund 7.9 years

Holdings

as at 28 February 2013

View the Corporate Bond Fund holdings.

Short Fixed Interest Fund

Investment objective

Over rolling five year periods, to achieve mainly through a portfolio of short-dated sterling denominated fixed interest securities with an income yield close to the redemption yield prevailing on short-dated UK Government securities, a total return equal or in excess of the short-dated UK Government fixed interest market.

Investment parameters

(reviewed annually)

Government securities70-90%
Debentures & Unsecured Loans10-30%
Cash0-5%
Modified duration2.8-5.8 years
Total expense ratio0.15%
Dilution levy0.10% of unit value

Dealing dates

1st, 11th, 21st of month

Summary of investments and other assets

as at 28 February 2013

1 British Government75.6%
2 Supranational5.2%
3 Corporate Unsecured 
  - Financial12.4%
4 Corporate Unsecured 
  - Non-Financial4.4%
5 Cash2.4%

Modified duration of fund 4.3 years

Holdings

as at 28 February 2013

View the Short Fixed Interest Fund holdings.

Inflation Linked Fund

Investment objective

Over rolling five year periods, to achieve mainly through a portfolio of sterling denominated securities linked to the Retail Price Index or similar measure of inflation, a total return equal to or in excess of the UK Government Index-linked market.

Investment parameters

(reviewed annually)

Government Securities80-100%
Debentures & Unsecured Loans0-20%
Cash0-5%
Modified duration16.2-19.2 years
Total expense ratio0.20%
Dilution levy0.20% of unit value

Dealing dates

1st, 11th, 21st of month

Summary of investments and other assets

as at 28 February 2013

1 British Government84.1%
2 Supranational4.0%
3 Corporate Unsecured
   - Financial3.4%
4 Corporate Unsecured
   - Non-Financial8.1%
5 Cash0.4%

Modified duration of fund 17.2 years

Holdings

as at 28 February 2013

View the Inflation Linked Fund holdings.

Risk Warning

CFB Funds are designed for long term investors. While we hope that unit values will rise, prices can and do fall. They are not suitable for you to use if you cannot accept the possibility of capital losses