Semi 8261

INVESTMENT MANAGEMENT
Morgan Stanley
Investment Funds
Socit dInvestissement
Capital Variable
incorporated under
the laws of Luxembourg
Semi-Annual
Report
June 30, 2012
R.C.S. Luxembourg: B-29.192
Morgan Stanley Investment Funds
30 June 2012
Table of contents
1
Shareholders information
STATEMENT OF INVESTMENTS
Equity Funds
2
Asian Equity Fund
Asia-Pacic Equity Fund
Asian Property Fund
75
Euro Strategic Bond Fund
82
European Currencies High Yield Bond Fund
86
Global Bond Fund
94
Global Convertible Bond Fund
98
Global Fixed Income Opportunities Fund
103
Global High Yield Bond Fund
106
Short Maturity Euro Bond Fund
Liquidity Funds
10
Emerging Europe, Middle East and Africa Equity Fund
12
Emerging Markets Equity Fund
15
European Equity Alpha Fund
17
European Property Fund
19
European Small Cap Value Fund
21
Eurozone Equity Alpha Fund
23
Global Brands Fund
25
Global Equity Allocation Fund
32
Global Infrastructure Fund
34
Global Opportunity Fund
STATEMENTS AND NOTES
36
Global Property Fund
127
Statement of assets and liabilities
39
Indian Equity Fund
137
Statement of changes in number of shares
41
Japanese Equity Fund
143
Statement of operations and changes in net assets
43
Latin American Equity Fund
153
Statement of share and net assets statistics
45
US Advantage Fund
160
Notes to the nancial statements
47
US Growth Fund
50
US Property Fund
Bond Funds
52
Emerging Markets Corporate Debt Fund
55
Emerging Markets Debt Fund
58
Emerging Markets Domestic Debt Fund
61
Euro Bond Fund
66
Euro Corporate Bond (ex Financials) Fund
70
Euro Corporate Bond Fund
110
Euro Liquidity Fund
112
US Dollar Liquidity Fund
Asset Allocation Funds

114
Diversied Alpha Plus Fund
123
Global Balanced Risk Control Fund of Funds
Alternative Investment Funds

125
Absolute Return Currency Fund
OTHER INFORMATION
170
Directors and service providers
172
Paying and information agents
173
Appendix 1: Fund expense ratios
175
Appendix 2: Portfolio turnover rate
176
Appendix 3: Sub-Advisers
177
Appendix 4: Hedged Share Classes
30 June 2012
Shareholders information
The annual general meeting of shareholders

ofthe Company is held at the registered ofce
ofthe Company and will be held on the second
Tuesday of the month of May at 10.30 am,
orif such day is not a bank business day
on the following bank business day.
Notices of all general meetings are sent by mail to all registered
shareholders at their registered address at least 8 days prior
to the meeting. Such notices will indicate the time and place
of the meeting as well as the conditions of admission thereto.
Said notices will also contain the agenda and requirements
of Luxembourg law with regard to the necessary quorum
and majorities at the meeting. To the extent required by law,
further notices will be published in the Mmorial C, Recueil
des Socits et Associations du Journal Ociel du Grand-Duch
de Luxembourg and in one Luxembourg newspaper.
Audited nancial statements in respect of the preceding nancial
period are made available at the registered oce of the Company
and are available to shareholders upon request. In addition,
unaudited semi-annual reports are also made available
at the registered oce.
The Companys nancial year end is 31 December.
Any other notices relevant to the Company are also published
in a Luxembourg newspaper or mailed to aected shareholders.
The net asset value per share of each Class of Share is available
on each dealing day during Luxembourg business hours
at the registered oce of the Company. Net asset value per share
information is also available from market information providers,
such as Bloomberg and Morningstar, as well as being available
at www.morganstanleyinvestmentfunds.com.
No subscriptions can be received on the basis of nancial reports
alone. Subscriptions are only valid if made on the basis
of the current prospectus and the latest Key Investor Information
Document if applicable, the latest annual report and the most
recent semi-annual report, if published thereafter.
Morgan Stanley & Co. International plc, London, Zurich Branch,
Bahnhofstrasse 92, 8001 Zurich, is the representative in Switzerland
and RBC Dexia Investor Services Bank S.A., Esch-sur-Alzette,
Zurich Branch, Badenerstrasse 567, 8048 Zurich, is the paying
agent in Switzerland. The Prospectus, the latest Key Investor
Information Document, the Articles and the annual
and semi-annual reports of the Company may be obtained free
of charge from the representative in Switzerland.
A list of purchases and sales (securities transactions) carried out

by the Company during the reporting period may be obtained free
of charge from the representative in Switzerland.
The investment aims set out in this annual report are summaries
only. The complete investment objectives and policies for each
Fund are set out in the Companys current prospectus.
Morgan Stanley Investment Funds 30 June 2012 2
Asian Equity Fund
INVESTMENT AIM
To seek long-term capital appreciation,

measured in US dollars, through investment
primarily in the equity securities of companies
domiciled in or exercising the predominant
part of their economic activity in Asia,
excluding Japan, thereby taking advantage
ofthe dynamic economic growth capabilities
of the region.
Transferable securities and money market instruments admitted

to ocial exchange listing or dealt in on another regulated market.
As at 30 June 2012, expressed in US dollars.
Investments
Holdings
Market % of net
value
assets
Equities
South Korea
Samsung Electronics
Hyundai Motor
Nexon (Japan) (1)
Samsung Electronics Pfd
NCSoft
Hyundai Heavy Industries
Shinhan Financial Group
SK Hynix
Woongjin Coway
Samsung Fire & Marine Insurance
KB Financial Group
LG Chem
Hyundai Engineering & Construction
NHN
SK C&C
Kolao Holdings (Cayman Islands) (1)
Cheil Worldwide
Cheil Industries
Samsung Life Insurance
POSCO
Korea Kumho Petrochemical
Amorepacic
Korean Air Lines
Korea Aerospace Industries (2)
YG Entertainment
Mando
GS Retail
Orion
SSCP
E-Mart
Hyundai Steel
13,152
32,041
212,700
4,421
11,428
10,758
65,563
101,470
66,594
10,408
56,288
6,797
30,050
7,716
16,652
116,900
85,655
14,892
13,159
3,084
9,106
1,023
21,434
31,130
12,704
3,790
25,800
405
82,187
841
790
13,810,922
6,513,537
4,144,896
2,895,278
2,727,852
2,422,126
2,275,816
2,115,992
2,072,874
2,056,665
1,816,059
1,735,354
1,707,834
1,686,631
1,550,615
1,420,748
1,363,051
1,300,788
1,071,175
980,182
955,425
951,711
942,669
800,229
582,049
560,033
539,145
335,700
243,248
183,833
58,022
Total for South Korea

China
Tencent Holdings (Cayman Islands) (1)
China Mengniu Dairy (Cayman Islands) (1)
PetroChina H
China Construction Bank H
Ping An Insurance Group H
AIA Group (Hong Kong) (1)
China Pacic Insurance Group H
China Telecom H
Hengan International Group (Cayman Islands) (1)
Belle International Holdings (Cayman Islands) (1)
Tsingtao Brewery H (2)
Shanghai Pharmaceuticals Holding H
China Resources Enterprises (Hong Kong) (1) (2)
Tingyi Cayman Islands Holding
(Cayman Islands) (1)
Trinity (Bermuda) (1)
Chow Tai Fook Jewellery Group
(Cayman Islands) (1) (2)
Ajisen China Holdings (Cayman Islands) (1) (2)
29.94
209,700
1,689,000
3,192,000
5,412,400
459,000
1,048,200
1,115,000
6,090,000
267,000
1,205,000
234,000
964,200
390,000
6,110,219
4,431,431
4,094,830
3,691,437
3,651,302
3,581,293
3,579,514
2,646,044
2,580,078
2,038,312
1,328,959
1,202,108
1,153,977
2.96
2.15
1.98
1.79
1.77
1.73
1.73
1.28
1.25
0.99
0.64
0.58
0.56
444,000
1,408,000
1,134,584
884,059
0.55
0.43
617,600
1,013,000
764,414
696,124
0.37
0.34
Total for China

Taiwan
Taiwan Semiconductor Manufacturing
Uni-President Enterprises
Hon Hai Precision Industry
Asustek Computer
Fubon Financial Holding
Taiwan Cement
Please refer to the full prospectus for the Funds investment objective and policy.
6.69
3.16
2.01
1.40
1.32
1.17
1.10
1.02
1.00
1.00
0.88
0.84
0.83
0.82
0.75
0.69
0.66
0.63
0.52
0.47
0.46
0.46
0.46
0.39
0.28
0.27
0.26
0.16
0.12
0.09
0.03
21.10
1,635,362
2,240,206
1,048,641
249,355
2,081,054
1,277,000
4,460,078
3,577,115
3,144,868
2,271,046
2,080,356
1,514,322
2.16
1.73
1.52
1.10
1.01
0.73
30 June 2012
Asian Equity Fund
STATEMENT OF INVESTMENTS (continued)
Investments

Investments
Holdings
Market % of net
value
assets
Equities (continued)
Taiwan (continued)
MStar Semiconductor (Cayman Islands) (1)
Formosa Plastics
Taiwan Fertilizer
Catcher Technology
Lung Yen Life Service
Chailease Holding (Cayman Islands) (1)
HTC
Wowprime
MediaTek
Foxconn Technology
213,000
522,000
584,000
138,000
303,000
519,000
49,395
36,000
52,000
4,000
1,421,905
1,397,370
1,338,048
918,920
869,054
755,605
645,399
535,592
476,216
14,425
Total for Taiwan

Indonesia
PT Bank Mandiri
PT Astra International
PT Lippo Karawaci
PT Bumi Serpong Damai
PT Kalbe Farma
PT Bank Tabungan Negara
PT Indofood Sukses Makmur
PT Indosat
Indofood Agri Resources (Singapore) (1)
PT Tempo Scan Pacic
PT Delta Dunia Makmur
PT Bank Central Asia
PT Ace Hardware Indonesia
0.69
0.68
0.65
0.44
0.42
0.37
0.31
0.26
0.23
0.01
12.31
3,274,000
3,378,000
24,321,000
16,434,400
4,939,000
12,726,000
3,200,000
3,406,500
1,095,000
3,225,000
18,998,400
662,500
144,000
2,510,415
2,464,249
2,072,077
2,065,239
1,985,594
1,748,300
1,652,822
1,569,022
1,240,095
978,834
799,187
515,043
77,444
1.22
1.19
1.00
1.00
0.96
0.85
0.80
0.76
0.60
0.47
0.39
0.25
0.04
Holdings
Market % of net
value
assets
Singapore
DBS Group Holdings (2)
Oversea-Chinese Banking (2)
Keppel (2)
Olam International (2)
CapitaLand (2)
Wilmar International (2)
237,500
290,300
220,900
974,772
621,000
403,000
2,599,736
2,013,840
1,792,165
1,392,422
1,323,258
1,148,157
Total for Singapore

Thailand
Kasikornbank NVDR
Land & Houses NVDR
Thai Airways International (Foreign)
Siam Cement NVDR
Bangkok Bank Public NVDR
Banpu (Foreign) Regd
Kasikornbank (Foreign)
Bank of Ayudhya NVDR
Minor International NVDR
Supalai NVDR
Supalai (Foreign)
4.97
335,700
6,039,700
1,921,600
99,800
163,600
65,971
141,600
216,400
378,700
78,600
32,000
13,400
1,720,449
1,490,340
1,313,083
997,684
991,123
934,989
739,133
201,955
167,725
42,520
14,173
7,376
Total for Thailand

Malaysia
CIMB Group Holdings
AMMB Holdings
Sime Darby
IJM
UEM Land Holdings
Gamuda
Mah Sing Group BHD
Hong Kong
Wharf Holdings
Hutchison Whampoa
Samsonite International (Luxembourg) (1)
Lifestyle International Holdings
BOC Hong Kong Holdings (2)
Hongkong Land Holdings (Bermuda) (1) (2)
Cheung Kong Holdings
Kerry Properties (Bermuda) (1)
Hong Kong Exchanges & Clearing (2)
Cathay Pacic Airways
SmarTone Telecommunications Holdings
(Bermuda) (1)
525,100
492,900
312,800
355,900
783,000
172,100
55,500
1,253,748
977,871
975,743
563,513
513,686
189,986
35,886
United States of America

Li & Fung (Bermuda) (1) (2)
516,323
277,000
1,399,200
2,832,507
2,374,933
2,337,947
1.37
1.15
1.13
2.19
750,000
500,500
266,000
123,000
266,070
74,000
482,000
1,636,106
1,522,881
1,518,860
1,500,190
1,133,750
1,049,480
774,310
0.79
0.74
0.74
0.73
0.55
0.51
0.37
287,500
552,299
0.27
434,000
829,254
Total for United States of America
8.35
247,958
20,301,000
2,935,200
809,180
655,000
477,060
394,920
1,649,400
2,771,365
2,016,560
1,898,301
1,782,972
1,146,796
782,978
535,277
373,649
1.34
0.98
0.92
0.86
0.56
0.38
0.26
0.18
5.48
0.40
0.40
Total for Equities
98.45
Mutual Fund
Morgan Stanley Funds - US Dollar
Liquidity Fund (Ireland) (1) (4)
3,330,000
3,330,000
Total for Mutual Fund

Total Investment Securities
Total for Philippines
0.61
0.48
0.47
0.27
0.25
0.09
0.02
9.53
Total for Hong Kong

Philippines
Ayala
Metro Pacic Investments
Puregold Price Club
Metropolitan Bank & Trust
International Container Terminal Services
Cebu Air
DMCI Holdings
Bloomberry Resorts
0.83
0.72
0.65
0.48
0.48
0.45
0.36
0.10
0.08
0.02
0.01
0.00
4.18
Total for Malaysia

Total for Indonesia
1.26
0.97
0.87
0.67
0.64
0.56
1.62
1.62
206,588,760
100.07
Asian Equity Fund
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2012,

expressed in US dollars.
Maturity
date
12/07/2012
Amount
bought
Amount
sold
2,576,815 USD
205,062,948 JPY
Net unrealised
(loss) as at % of net
30 June 2012
assets
(1,623)
0.00
Net Unrealised Loss on Forward Foreign Currency

Exchange Contracts
(1,623)
0.00
Total Derivatives
(1,623)
0.00
Other Assets less Liabilities

Total Net Asset Value
(140,152)
206,446,985
(1) The country in brackets represents the country of incorporation of this security.
(2) All or part of this position is out on loan.
(4) Managed by an afliate of the Investment Adviser.
(0.07)
100.00
30 June 2012
30 June 2012
INVESTMENT AIM
To seek long term capital appreciation,

part of their economic activity in the
Asia-Pacic region, excluding Japan, thereby
taking advantage of the dynamic economic
growth capabilities of the region.

Investments
Holdings
Market % of net
value
assets
Equities
Australia
Commonwealth Bank of Australia
Australia & New Zealand Banking Group
BHP Billiton
UGL (2)
WorleyParsons
Suncorp Group
AMP
AGL Energy
Telstra
Santos
Wesfarmers
63,078
135,562
70,317
156,400
69,688
171,245
293,081
73,852
270,982
83,631
28,572
3,428,421
3,056,851
2,263,616
1,986,691
1,790,414
1,418,039
1,154,969
1,116,515
1,023,502
911,672
874,447
Total for Australia

South Korea
Samsung Electronics
Hyundai Motor
Nexon (Japan) (1) (2)
NCSoft
SK Hynix
LG Chem
KB Financial Group
Woongjin Coway
Kolao Holdings (Cayman Islands) (1)
Cheil Worldwide
Korea Aerospace Industries
Korean Air Lines
Cheil Industries
Korea Kumho Petrochemical
YG Entertainment
POSCO
Mando
GS Retail
Orion
SK C&C
E-Mart
NHN
Hyundai Steel
19.84
4,132
8,512
88,200
4,897
3,933
40,530
2,957
23,285
22,350
49,770
31,600
749
6,008
13,290
7,731
14,660
8,352
3,642
2,542
4,703
666
1,401
9,800
874
191
1,123
280
180
370
4,339,015
1,730,384
1,718,758
1,168,909
885,501
845,187
754,957
751,260
695,689
604,882
502,859
490,514
489,066
461,321
439,377
376,851
367,321
318,122
266,713
215,474
211,673
207,020
204,791
172,706
158,318
104,572
61,205
39,346
27,175

China
64,400
China Mengniu Dairy (Cayman Islands) (1) (2)
519,000
AIA Group (Hong Kong) (1)
393,800
PetroChina H
980,000
1,662,000
141,000
342,600
China Telecom H
1,872,000
Hengan International Group (Cayman Islands) (1)
82,000
Belle International Holdings (Cayman Islands) (1)
370,000
72,000
Shanghai Pharmaceuticals Holding H
295,800
Trinity (Bermuda) (1)
582,000
120,000
136,000
3.58
3.19
2.36
2.07
1.87
1.48
1.20
1.16
1.07
0.95
0.91
4.53
1.80
1.79
1.22
0.92
0.88
0.79
0.78
0.73
0.63
0.53
0.51
0.51
0.48
0.46
0.39
0.38
0.33
0.28
0.23
0.22
0.22
0.21
0.18
0.17
0.11
0.06
0.04
0.03
19.41
1,876,481
1,361,701
1,345,462
1,257,185
1,133,539
1,121,642
1,099,858
813,365
792,383
625,872
408,911
368,786
365,428
355,070
1.96
1.42
1.40
1.31
1.18
1.17
1.15
0.85
0.83
0.65
0.43
0.39
0.38
0.37
347,530
0.36
30 June 2012
Investments

Investments
Holdings
Market % of net
value
assets
China (continued)
189,800
311,000
234,919
213,716
Total for China

Taiwan
Taiwan Cement
Formosa Plastics
Catcher Technology
Asustek Computer
Taiwan Fertilizer
Wowprime
HTC
MediaTek
Foxconn Technology
China Steel
14.31
1,017,540
553,000
372,100
770,176
569,000
218,000
87,000
84,000
60,120
211,000
134,000
20,000
87,000
19,000
17,000
1,000
2,700
1,624,787
1,508,182
1,115,926
769,918
674,745
583,576
580,778
559,342
547,554
307,192
307,018
297,551
249,530
248,256
155,686
3,606
2,536
Total for Taiwan

Indonesia
PT Bank Mandiri
PT Bumi Serpong Damai
PT Kalbe Farma
PT Lippo Karawaci
PT Indosat
PT Bank Tabungan Negara
PT Tempo Scan Pacic
Indofood Agri Resources (Singapore) (1)
PT Delta Dunia Makmur
PT Ace Hardware Indonesia
0.24
0.22
1.70
1.57
1.16
0.80
0.70
0.61
0.61
0.58
0.57
0.32
0.32
0.31
0.26
0.26
0.16
0.01
0.00
9.94
1,147,500
1,083,500
6,095,000
1,833,500
8,263,500
1,486,000
4,132,500
1,086,500
557,000
1,116,500
289,000
6,240,600
49,000
837,101
830,799
765,932
737,110
704,026
684,446
567,724
561,185
433,024
338,874
327,295
262,517
26,352
0.87
0.87
0.80
0.77
0.73
0.72
0.59
0.59
0.45
0.35
0.34
0.27
0.03
Holdings
Market % of net
value
assets
Philippines
Ayala
Puregold Price Club
International Container Terminal Services
DMCI Holdings
Cebu Air
Bloomberry Resorts
13,650,000
91,408
1,294,500
374,510
283,000
167,720
113,620
742,500
1,355,896
1,021,644
837,200
825,207
495,486
227,329
186,480
168,203

India
HDFC Bank ADR
Tata Motors
Tata Consultancy Services
Glenmark Pharmaceuticals
ITC GDR Regd
IndusInd Bank (3)
ACC
Asian Paints
ITC
5.34
29,615
118,001
21,563
74,330
98,180
70,243
16,662
4,102
7,356
956,564
515,902
496,721
486,687
456,844
444,430
380,998
287,636
34,343
Total for India

Singapore
DBS Group Holdings (2)
Olam International (2)
Oversea-Chinese Banking (2)
Keppel (2)
CapitaLand (2)
Wilmar International (2)
57,000
394,045
72,000
57,700
190,000
122,000
623,937
562,877
499,471
468,121
404,861
347,581
Hong Kong
Wharf Holdings
Hutchison Whampoa
Lifestyle International Holdings
BOC Hong Kong Holdings (2)
Hongkong Land Holdings (Bermuda) (1) (2)
SmarTone Telecommunications (Bermuda) (1)
Hong Kong Exchanges & Clearing (2)
Total for Hong Kong
0.65
0.59
0.52
0.49
0.42
0.36
3.03
1,916,700
88,900
61,900
51,900
30,300
20,950
368,000
68,700
120,300
25,000
10,100
4,300
472,960
455,609
323,110
314,421
302,904
296,919
251,465
64,114
53,281
13,524
4,473
2,367
Total for Thailand

Total for Indonesia
1.00
0.54
0.52
0.51
0.47
0.46
0.40
0.30
0.03
4.23
Total for Singapore

Thailand
Land & Houses NVDR
Kasikornbank NVDR
Bangkok Bank Public NVDR
Siam Cement NVDR (2)
Supalai NVDR
Supalai (Foreign)
1.41
1.07
0.87
0.86
0.52
0.24
0.19
0.18
0.49
0.47
0.34
0.33
0.32
0.31
0.26
0.07
0.06
0.01
0.00
0.00
2.66
7.38
216,000
122,000
430,200
56,000
1,184,959
1,045,999
718,828
683,013
1.24
1.09
0.75
0.71
305,000
210,500
106,000
302,500
30,700
96,500
665,350
640,492
605,260
581,114
435,392
411,196
0.69
0.67
0.63
0.61
0.45
0.43
7.27
Malaysia
CIMB Group Holdings
AMMB Holdings
Sime Darby
IJM
UEM Land Holdings
Gamuda
Mah Sing Group
184,200
166,900
105,900
137,400
262,100
58,300
18,900
439,803
331,115
330,343
217,552
171,950
64,359
12,220
Total for Malaysia

Li & Fung (Bermuda) (1) (2)
Total for Equities
0.46
0.34
0.34
0.23
0.18
0.07
0.01
1.63
178,000
340,109
0.36
0.36
95.40
30 June 2012

Investments
Market % of net
value
assets
Holdings
Mutual Fund
1,150,000
1,150,000
1.20
1.20
92,637,138
96.60
DERIVATIVES

Forward Foreign Currency Exchange Contracts
Maturity
date
06/07/2012
Amount
bought
Amount
sold
427,909 EUR
534,922 USD
Unrealised Gain on Forward Foreign Currency

Exchange Contracts
12/07/2012
1,053,635 USD
83,848,249 JPY
Unrealised Loss on Forward Foreign Currency

Exchange Contracts
Net unrealised
gain/(loss) as at % of net
30 June 2012
assets
7,227
0.01
7,227
0.01
(664)
0.00
(664)
0.00
Net Unrealised Gain on Forward Foreign Currency

Exchange Contracts
6,563
0.01
Total Derivatives
6,563
0.01
3,249,936
3.39
95,893,637
100.00

(3) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial
Statements.
30 June 2012
Asian Property Fund
INVESTMENT AIM

inthe equity securities of companies in the
Asian and Oceanian real estate industry.

Investments
Holdings
Market % of net
value
assets
Equities
Hong Kong
Sun Hung Kai Properties
Hongkong Land Holdings (Bermuda) (1)
Hysan Development
Hang Lung Properties
Link REIT
Sino Land
Henderson Land Development
New World Development
Wharf Holdings
Swire Properties
Midland Holdings (Bermuda) (1)
4,068,798
5,226,713
3,892,000
5,649,959
4,670,000
3,154,000
7,825,242
1,893,695
7,909,872
1,246,122
659,450
2,512,000
47,815,938
22,271,527
22,223,320
21,343,360
15,774,952
12,870,200
11,723,406
10,413,074
9,188,490
6,836,125
1,972,512
1,208,032
Total for Hong Kong

Australia
Westeld
Westeld Retail Trust
GPT Group
Stockland
Dexus Property
Mirvac Group
Goodman Group
CFS Retail Property Trust
Centro Retail Australia REIT
Investa Ofce Fund
Commonwealth Property Ofce Fund
36.63
4,063,880
5,579,491
4,802,491
4,143,693
12,296,023
7,585,084
1,896,809
2,814,679
1,913,245
375,228
997,477
39,517,208
16,276,507
16,172,763
13,063,515
11,704,945
9,899,023
7,125,436
5,589,235
3,877,551
1,040,846
1,036,312
Total for Australia

Japan
Mitsubishi Estate
Mitsui Fudosan
Sumitomo Realty & Development
Nippon Building Fund
Japan Real Estate Investment
Tokyo Tatemono
NTT Urban Development
2,441,000
1,853,000
1,008,000
981
937
161,000
343
43,516,947
35,643,576
24,598,039
9,509,065
8,611,353
601,169
275,987
Total for China
8.68
7.11
4.90
1.89
1.72
0.12
0.06
24.48
6,128,000
4,474,000
577,000
1,871,000
88,000
182,000
235,000
68,000
13,057,849
6,744,014
5,100,150
3,086,094
342,388
308,815
250,375
92,305
Total for Singapore

China
China Resources Land (Cayman Islands) (1)
Country Garden Holdings (Cayman Islands) (1)
Agile Property Holdings (Cayman Islands) (1)
Shimao Property Holdings (Cayman Islands) (1)
China Overseas Land & Investment
(Hong Kong) (1)
Evergrande Real Estate Group
7.88
3.25
3.23
2.61
2.33
1.97
1.42
1.11
0.77
0.21
0.21
24.99
Total for Japan

Singapore
CapitaLand
CapitaMall Trust
City Developments
Global Logistic Properties
UOL Group
Ascendas Real Estate Investment Trust
Suntec Real Estate Investment Trust
Wheelock Properties Singapore
9.54
4.44
4.43
4.26
3.15
2.57
2.34
2.08
1.83
1.36
0.39
0.24
2.60
1.34
1.02
0.62
0.07
0.06
0.05
0.02
5.78
2,631,000
10,604,433
3,162,000
1,741,500
5,359,544
4,142,666
4,048,191
2,658,429
1.07
0.83
0.81
0.53
954,080
2,211,691
0.44
3,023,000
1,531,724
0.30
3.98
30 June 2012
Asian Property Fund
Other transferable securities and money market instruments

not admitted to ocial exchange listing or dealt in on another
regulated market. As at 30 June 2012, expressed in US dollars.
Investments
Holdings
Market % of net
value
assets
Indonesia
Summarecon Agung
4,574,500
789,211
0.16
Total for Indonesia

Philippines
SM Development
0.16
1,144,490
167,666
0.04
0.04
Total for Equities
96.06
Mutual Fund
Morgan Stanley Funds - US Dollar Treasury
13,960,000
13,960,000
2.78
2.78
Total transferable securities and money market

instruments admitted to ofcial exchange listing
or dealt in on another regulated market
495,551,525
98.84

Malta
BGP Holdings (Australia) (1) (3)
33,894,130
Total for Malta

Total other transferable securities and money market
instruments not admitted to ofcial exchange listing
0.00
0.00
0.00
495,551,525
98.84
5,818,583
1.16
501,370,108
100.00
Statements.
30 June 2012
10
Emerging Europe, Middle East

and Africa Equity Fund
INVESTMENT AIM

measured in Euro, by investing primarily in
equity securities of issuers in Central, Eastern
and Southern Europe (including the Russian
Federation), the Middle East and Africa.

As at 30 June 2012, expressed in Euro.
Investments
Holdings
Market % of net
value
assets
Equities
South Africa
Naspers N
Sasol
SABMiller (United Kingdom) (1)
AngloGold Ashanti
Pick n Pay Stores
AVI
Aeci
Clicks Group
Life Healthcare Group
Harmony Gold Mining
Impala Platinum Holdings
Northam Platinum
289,474
277,700
205,743
227,580
1,232,316
1,071,366
639,032
789,452
1,083,700
400,400
208,984
606,555
12,120,437
9,083,664
6,553,035
6,078,291
5,181,344
5,098,093
4,871,601
4,057,256
3,233,933
2,927,266
2,667,007
1,355,063
Total for South Africa

Russia
Lukoil ADR
Gazprom ADR
Sberbank
Eurasia Drilling GDR Regd
EPAM Systems (United States of America) (1)
OKey Group GDR Regd (Luxembourg) (1)
Mail.ru Group GDR Regd
(British Virgin Islands) (1)
TNK-BP Holding
Novolipetsk Steel GDR Regd
Rosneft Oil GDR Regd
30.72
311,160
1,158,396
4,022,871
13,606,113
8,586,641
8,424,566
6.61
4.17
4.09
259,847
332,200
705,063
5,170,483
4,444,367
4,390,818
2.51
2.16
2.13
156,100
1,432,200
154,000
318,230
4,152,153
2,587,923
1,971,570
1,582,422
2.02
1.26
0.96
0.77
Total for Russia

Poland
Eurocash
LPP
Jeronimo Martins SGPS (Portugal) (1)
Powszechny Zaklad Ubezpieczen
Polskie Gornictwo Naftowe i Gazownictwo
Telekomunikacja Polska
TVN
26.68
860,400
7,517
374,670
54,469
3,711,818
894,043
1,045,775
8,210,309
5,812,916
5,041,185
4,244,226
3,651,433
3,271,228
2,143,871
Total for Poland

Turkey
Turkiye Garanti Bankasi
Anadolu Efes Biracilik Ve Malt Sanayii
Haci Omer Sabanci Holding
Turk Telekomunikasyon
Akbank
2,740,826
677,071
1,533,513
1,638,272
1,301,874
8,435,371
6,788,598
5,160,868
5,127,769
3,700,280
Total for Hungary

4.10
3.30
2.50
2.49
1.80
14.19
1,200,604
5,363,352
4,060,772
3,319,204
Total for Egypt

Hungary
Richter Gedeon
3.99
2.82
2.45
2.06
1.78
1.59
1.04
15.73
Total for Turkey

Egypt
Commercial International Bank
Juhayna Food Industries
5.89
4.41
3.18
2.95
2.52
2.48
2.37
1.97
1.57
1.42
1.30
0.66
1.98
1.61
3.59
47,179
6,121,491
2.97
2.97
11
30 June 2012


Investments
Holdings
Market % of net
value
assets
Lebanon
Banque Audi sal- Audi Saradar GDR B Regd
530,881
2,556,039
Total for Lebanon

Romania
Fondul Proprietatea
1.24
1.24
15,415,698
1,581,801
Total for Romania
0.76
0.76
Total for Equities
95.88
Mutual Fund
6,522,000
5,147,796
2.50
2.50
202,519,203
98.38
3,324,906
1.62
205,844,109
100.00
30 June 2012
12
INVESTMENT AIM
To seek to maximise total return, measured

inUS dollars, through investment primarily
inemerging country equity securities.
TheFund will invest in those emerging market
countries in which the Company believes
thateconomies are developing strongly
andinwhich the markets are becoming more
sophisticated.

Investments
Holdings
Market % of net
value
assets
Equities
South Korea
Samsung Electronics
Hyundai Motor
Nexon (Japan) (1)
NCSoft
LG Chem
NHN
Woongjin Coway
LG Household & Health Care
SK C&C
Cheil Industries
Korean Air Lines
KB Financial Group
Korea Aerospace Industries (2)
SM Entertainment
Mando
Cheil Worldwide
Hyundai Steel
45,576
104,661
590,100
15,624
38,146
34,159
29,078
210,946
33,165
210,160
102,120
10,159
58,705
26,801
58,639
111,594
148,033
174,830
101,688
20,505
36,117
175,193
6,064
47,859,383
21,276,281
11,499,309
10,232,033
9,105,411
7,690,778
7,423,954
7,322,336
7,249,497
6,541,660
5,803,795
5,480,548
5,466,541
5,295,992
5,122,004
4,907,911
4,776,093
4,494,187
4,298,868
3,029,942
2,940,013
2,787,892
445,376

China
China Mengniu Dairy (Cayman Islands) (1) (2)
PetroChina H
China Telecom H
Hengan International Group
Belle International Holdings
Shanghai Pharmaceuticals Holding H (2)
China ZhengTong Auto Services Holdings
16.20
666,700
5,388,000
9,860,000
1,457,500
16,372,910
3,145,000
21,870,000
19,426,241
14,136,499
12,648,816
11,594,275
11,166,869
10,096,477
9,502,296
1.65
1.20
1.07
0.98
0.95
0.86
0.81
863,500
8,344,184
0.71
3,139,000
1,656,000
848,000
3,551,300
5,309,762
4,899,964
4,816,057
4,427,552
0.45
0.41
0.41
0.37
1,224,000
3,869,000
3,127,771
2,658,740
0.26
0.23
1,814,600
2,245,960
0.19
1,092,000
574,424
0.05
Total for China

Brazil
Companhia de Bebidas das Americas ADR Pfd
BRF - Brasil Foods
Banco Bradesco Pfd
Cielo
Petroleo Brasileiro Pfd
Ultrapar Participacoes
Petroleo Brasileiro ADR
Vale ADR
Vale Pfd A
PDG Realty - Empreendimentos e Participacoes
Companhia de Bebidas das Americas Pfd
Petroleo Brasileiro
4.06
1.80
0.98
0.87
0.77
0.65
0.63
0.62
0.62
0.56
0.49
0.46
0.46
0.45
0.43
0.42
0.40
0.38
0.36
0.26
0.25
0.24
0.04
10.60
391,100
963,356
761,600
299,680
912,632
352,520
381,100
325,100
205,732
1,912,200
80,200
277,123
14,943,931
14,561,581
11,300,577
8,848,714
8,190,983
7,873,960
7,069,405
6,414,223
3,974,345
3,354,737
3,058,872
2,570,989
1.27
1.23
0.96
0.75
0.69
0.67
0.60
0.54
0.34
0.28
0.26
0.22
13
30 June 2012
Investments

Investments
Holdings
Market % of net
value
assets
Brazil (continued)
Vale ADR Pfd
Raia Drogasil
Petroleo Brasileiro ADR Pfd
Vale
Cia de Bebidas das Americas
118,312
180,000
75,762
21,276
195
2,284,605
1,784,121
1,358,413
420,817
7,437
1,183,876
2,018,541
2,009,572
296,171
221,599
271,030
750,606
938,951
861,177
78,835
879,012
168,520
228,098
34,788
12,030,896
9,423,862
8,785,876
6,822,534
6,586,032
6,197,450
5,975,205
5,940,777
5,638,687
5,527,975
5,379,798
4,247,719
3,034,931
295,060
7,878,673
3,403,513
5,054,522
734,026
825,000
741,000
3,854,000
3,968,889
1,434,000
2,349,000
821,000
167,203
170,000
1,003,000
6,000
21,487,290
10,207,114
8,070,958
6,685,275
5,507,380
4,934,200
4,570,242
3,967,558
3,838,752
3,419,879
2,354,764
2,184,689
1,556,860
822,655
21,637
1.82
0.86
0.68
0.57
0.47
0.42
0.39
0.34
0.32
0.29
0.20
0.19
0.13
0.07
0.00
6.75
364,723
251,048
1,181,100
1,291,477
1,047,400
120,200
927,700
95,261
29,970
14,717,704
13,317,568
7,690,469
6,879,653
6,314,543
4,981,373
3,507,430
3,223,458
1,018,680

Philippines
Philippine Long Distance Telephone
1.02
0.80
0.74
0.58
0.56
0.52
0.51
0.50
0.48
0.47
0.46
0.36
0.26
0.02
7.28
Total for Taiwan

South Africa
SABMiller (United Kingdom) (1) (2)
Naspers N
Clicks Group
Pick n Pay Stores
AVI
Sasol
Life Healthcare Group Holdings
AngloGold Ashanti
AngloGold Ashanti ADR
0.19
0.15
0.12
0.04
0.00
8.31
Total for India

Taiwan
Asustek Computer
Catcher Technology
Taiwan Cement
Formosa Plastics
HTC
MediaTek
Advanced Semiconductor Engineering
Foxconn Technology
Market % of net
value
assets
Philippines (continued)
SM Investments
Ayala
Bloomberry Resorts
DMCI Holdings
708,780
117,166,000
675,042
9,150,000
316,640
12,325,141
11,638,452
7,544,776
2,072,808
429,176
Total for Brazil

India
HDFC Bank
ITC
Tata Motors
Dr. Reddys Laboratories
ACC
Tata Steel
IndusInd Bank (3)
Asian Paints
Yes Bank
Larsen & Toubro
Reliance Industries
Jindal Steel & Power
Holdings
1.25
1.13
0.65
0.58
0.54
0.42
0.30
0.27
0.09
5.23
6,058,419
209,590
13,349,303
13,230,431
1.13
1.12
Indonesia
PT Lippo Karawaci
PT Telekomunikasi Indonesia
PT Bank Mandiri
PT Kalbe Farma
PT Indosat
5.14
16,497,500
120,140,000
10,989,000
11,681,000
11,589,500
14,276,500
12,336,500
2,454,500
12,034,917
10,235,570
9,537,843
8,956,677
5,986,057
5,739,488
5,682,147
1,908,184
Total for Indonesia

Mexico
Wal-Mart de Mexico V
Fomento Economico Mexicano ADR
Grupo Televisa ADR CPO
Mexichem
Alfa A
6,648,900
195,700
341,100
1,356,408
274,500
17,513,159
17,317,493
7,323,417
5,790,700
4,457,771
4,985,477
1,013,869
1,817,910
1,772,209
19,439,671
12,879,149
7,751,168
7,027,759
40,814,000
1,487,816
490,550
451,400
456,947
856,747
5,599,900
1,059,700
385,200
65,500
10,071,155
7,624,998
6,952,433
4,612,534
4,568,024
4,472,106
3,826,569
988,964
208,381
36,055
Total for Russia
0.85
0.65
0.59
0.39
0.39
0.38
0.33
0.08
0.02
0.00
3.68
775,954
2,320,892
100,248
5,190,069
13,227,542
10,758,872
9,896,561
6,468,584
Total for Poland

Russia
Lukoil ADR
Rosneft Oil GDR Regd
Gazprom ADR
Eurasia Drilling GDR Regd
1.65
1.09
0.66
0.59
3.99
Total for Thailand

Poland
Jeronimo Martins SGPS (Portugal) (1) (2)
Telekomunikacja Polska (2)
Powszechny Zaklad Ubezpieczen
Polskie Gornictwo Naftowe i Gazownictwo (2)
1.48
1.47
0.62
0.49
0.38
4.44
Total for Turkey

Thailand
Land & Houses NVDR
Kasikornbank NVDR (2)
PTT (Foreign)
Siam Cement NVDR (2)
Supalai NVDR
Supalai (Foreign)
1.02
0.87
0.81
0.76
0.51
0.48
0.48
0.16
5.09
Total for Mexico

Turkey
Turkiye Garanti Bankasi
Anadolu Efes Biracilik Ve Malt Sanayii
Haci Omer Sabanci Holding
Turk Telekomunikasyon
1.04
0.99
0.64
0.18
0.04
1.12
0.91
0.84
0.55
3.42
347,753
1,369,559
821,718
19,265,516
8,628,222
7,717,000
1.63
0.73
0.66
155,028
3,908,256
0.33
3.35
30 June 2012
14
Investments

Investments
Holdings
Market % of net
value
assets
Malaysia
Axiata Group
CIMB Group Holdings
Sime Darby
AirAsia
Gamuda
6,205,900
3,712,600
2,310,700
4,919,500
626,100
10,706,915
8,864,338
7,207,956
5,539,383
691,169
Total for Malaysia

Chile
SACI Falabella
Sociedad Quimica y Minera de Chile ADR
Banco Santander Chile ADR
Cencosud
Empresa Nacional de Electricidad
Cencosud Rights 21/07/2012
828,553
125,300
79,600
1,068,387
3,235,793
114,667
7,599,600
6,964,174
6,127,608
5,870,258
5,420,845
37,734
151,415
193,875
12,356,978
12,121,065

Peru
Credicorp (Bermuda) (1)
Cia de Minas Buenaventura ADR
90,210
205,217
11,296,998
7,798,246
Total for Peru

Hungary
Richter Gedeon (2)
59,925
9,850,903
4,913,100
8,209,382
Total for Hong Kong

Qatar
Industries Qatar
0.64
0.59
0.52
0.50
0.46
0.00

Morgan Stanley Growth Fund (India) (1) (4)
172,900
5,935,543
Total for Qatar
Total for Switzerland

Total for Equities
35,610,000
5,244,372
Total for Mutual Funds
3.02
0.44
3.46

1,163,729,605
98.67

Brazil
Lojas Arapua Pfd (3)
Banco Nacional Pfd (3)
Russia
Alliance Celluose (United States of America) (1) (3)
5,662,775
50,000
1.05
1.03

2.08
0.96
0.66
DERIVATIVES
0.84
0.00
0.00
0.00
0.00
0.00
1,163,729,605
98.67

0.84
Maturity
date
0.70
05/07/2012
0.70
0.50
0
0
0.00
Total for Russia
0.50
14,372
11,491,000
30,754,160
Total for Brazil
Amount
bought
Amount
sold
6,424,804 USD
503,222,757 JPY
Net unrealised
gain as at % of net
30 June 2012
assets
97,965
0.01

Exchange Contracts
97,965
0.01
Total Derivatives
97,965
0.01
15,565,243
1.32
1,179,392,813
100.00

Switzerland
Swatch Group Bearer
35,610,000
5,372,744
2.71
1.62
Total for Hungary

Hong Kong
Mutual Funds
2.80
Total for Chile

Mead Johnson Nutrition
Yum! Brands
0.91
0.75
0.61
0.47
0.06
Market % of net
value
assets
Holdings
0.48
0.48
95.21
Statements.
15
30 June 2012
INVESTMENT AIM
To seek long-term capital growth, measured

in Euro, through investment primarily in
aconcentrated portfolio of equity securities
of European companies listed onEuropean
Stock Exchanges.

Investments
Holdings
Market % of net
value
assets
Equities
United Kingdom
HSBC Holdings
Vodafone Group
Royal Dutch Shell A
British American Tobacco
GlaxoSmithKline
BP
BG Group
Rolls-Royce Holdings
Imperial Tobacco Group
Reckitt Benckiser Group
Prudential
Anglo American
Experian (Jersey) (1)
Tullow Oil
Xstrata
Barclays
WM Morrison Supermarkets
2,838,048
8,583,007
697,895
426,181
891,018
3,035,503
915,503
1,216,666
422,180
260,361
1,174,918
373,816
798,516
468,136
770,897
3,523,401
2,141,287
19,887,266
19,058,107
18,641,455
17,269,469
15,995,337
15,881,776
14,757,394
13,031,146
12,899,763
10,885,438
10,749,565
9,746,645
8,917,211
8,577,736
7,742,179
7,334,962
7,063,523
Total for United Kingdom

Switzerland
Nestl Regd
Novartis Regd
Roche Holding Genusschein
Zurich Insurance Group
48.57
509,649
387,669
114,645
55,779
23,950,624
17,089,689
15,609,932
9,900,619

Germany
Siemens Regd
Bayer Regd
Fresenius & Co.
Daimler Regd
Muenchener Rueckversicherungs Regd
MAN
184,293
197,101
126,931
274,195
75,724
76,865
12,157,809
11,114,525
10,377,878
9,642,067
8,382,647
6,149,969
190,500
275,418
370,497
252,881
339,693
8,232,457
8,174,406
6,872,719
6,208,228
6,139,951
Total for Netherlands
1.83
1.82
1.53
1.38
1.36
7.92
546,748
1,548,794
9,004,939
8,516,818
Total for Spain

Netherlands
Reed Elsevier
ArcelorMittal (Luxembourg) (1)
2.70
2.47
2.31
2.15
1.86
1.37
12.86
Total for France

Spain
Amadeus IT Holding A (2)
Banco Bilbao Vizcaya Argentaria
5.33
3.80
3.47
2.20
14.80
Total for Germany

France
Schneider Electric
BNP Paribas
SES (Luxembourg) (1)
Accor
Socit Gnrale
4.42
4.24
4.14
3.84
3.56
3.53
3.28
2.90
2.87
2.42
2.39
2.17
1.98
1.91
1.72
1.63
1.57
2.00
1.90
3.90
927,239
497,865
8,406,349
5,964,423
1.87
1.32
3.19
30 June 2012
16
DERIVATIVES


expressed in Euro.
Investments
Holdings
Market % of net
value
assets
Finland
Kone B (2)
168,611
8,017,453
Total for Finland
1.78
1.78
Belgium
Umicore
216,553
7,815,398

Maturity
date
06/07/2012
13/07/2012
Amount
bought
Amount
sold
64,790,891 GBP
43,319,721 EUR
81,053,253 EUR
35,070,000 GBP
(840,805)
(94,716)
(0.19)
(0.02)

Exchange Contracts
(935,521)
(0.21)
Total Derivatives
(935,521)
(0.21)
1.74
Total for Belgium

83,478
6,152,923
Total for Sweden
561,633
5,546,126
1.23
1.23
Total for Equities
97.36
Mutual Fund
11,300,000
11,300,000
2.51
2.51

449,166,921
99.87

regulated market. As at 30 June 2012, expressed in Euro.
United Kingdom
Rolls-Royce Holdings Pfd C (3)
126,490,330
156,602

0.31
449,792,952
100.00
1.37
1.37
Total for Portugal
Morgan Stanley Funds Euro Liquidity Fund (Ireland) (1) (4)
1,404,950
1.74
Sweden
Millicom International Cellular SDR (Luxembourg) (1)
Portugal
Galp Energia SGPS B
Net unrealised
30 June 2012
assets
0.03
0.03
156,602
0.03
449,323,523
99.90
Statements.
17
30 June 2012
INVESTMENT AIM

measured in Euro, through investment
intheequity securities of companies
intheEuropean real estate industry.

Investments
United Kingdom
Land Securities Group
Hammerson
British Land
Unite Group (2)
LXB Retail Properties (Jersey) (1)
Capital Shopping Centres Group
ST Modwen Properties
Safestore Holdings
Derwent London (2)
Big Yellow Group
Segro
Great Portland Estates
Grainger
Metric Property Investments
Capital & Regional (2)
Shaftesbury
Capital & Counties Properties (2)
Quintain Estates & Development
Development Securities
Holdings
1,178,743
1,715,258
1,311,306
2,142,241
3,361,559
1,040,862
1,850,382
2,875,128
147,901
866,342
1,045,473
517,211
2,122,256
1,662,237
4,941,784
223,301
536,734
2,982,724
293,444
Market % of net
value
assets
10,868,473
9,462,667
8,304,024
5,039,191
4,577,964
4,168,755
3,682,572
3,586,255
3,380,195
3,013,940
2,789,324
2,515,232
2,359,462
1,708,087
1,566,256
1,412,702
1,398,118
1,368,613
493,178

France
Unibail-Rodamco
Klepierre (2)
Gecina
ICADE (2)
Foncire des Regions
Mercialys
Altarea
SILIC (Socit Immobilire de Location
pour lIndustrie et le Commerce)
Socit de la Tour Eiffel
38.66
128,926
328,334
96,954
94,939
67,635
204,795
22,327
18,565,344
8,454,600
6,811,018
5,665,959
3,798,382
2,950,072
2,277,354
10.01
4.56
3.67
3.05
2.05
1.59
1.23
21,504
20,397
1,598,822
771,007
0.86
0.42
Total for France

Switzerland
PSP Swiss Property Regd
Swiss Prime Site Regd
Mobimo Holding Regd
27.44
122,028
36,770
9,676
8,449,693
2,411,529
1,756,899

Sweden
Hufvudstaden A
Atrium Ljungberg B
Castellum (2)
Fabege
569,938
471,628
205,635
116,705
4,766,598
4,404,486
1,947,386
720,383
Total for Germany
2.57
2.37
1.05
0.39
6.38
152,509
160,840
22,872
5,271,474
4,382,890
1,155,951

Germany
Alstria Ofce REIT
Prime Ofce REIT
GSW Immobilien (2)
Deutsche Wohnen
4.55
1.30
0.95
6.80
Total for Sweden

Netherlands
Corio
Eurocommercial Properties CVA (2)
Wereldhave
5.86
5.10
4.48
2.72
2.47
2.25
1.99
1.93
1.82
1.63
1.50
1.36
1.27
0.92
0.84
0.76
0.75
0.74
0.27
2.84
2.36
0.63
5.83
454,233
505,937
33,634
30,900
3,792,846
1,596,231
904,923
403,090
2.04
0.86
0.49
0.22
3.61

Investments
Austria
Atrium European Real Estate (Jersey) (1)
Conwert Immobilien Invest
Holdings
1,428,345
76,935
Market % of net
value
assets
5,099,192
664,564
Total for Austria

Finland
Sponda
Citycon
3.11
785,078
550,584
2,261,025
1,205,779
Total for Finland

Italy
Beni Stabili
10,044,844
3,387,121
1.83
1.83
12,398
9,079
1,072,427
402,881
Total for Belgium

Norway
Norwegian Property
1.22
0.65
1.87
Total for Italy

Belgium
Conimmo
Bemmo
2.75
0.36
0.58
0.22
0.80
1,020,924
1,090,338
Total for Norway
0.58
0.58
179,735,272
96.91
5,726,689
3.09
185,461,961
100.00
30 June 2012
18
19
30 June 2012
INVESTMENT AIM
To provide an attractive rate of return,

measured in Euro, by investing primarily
inthe common stocks of small sized
European corporations with a market
capitalisation of up to US $5 billion
(orequivalent) that the Company believes
tobe undervalued relative to the stock
market in general at the time of purchase.

Investments
Holdings
United Kingdom
Invensys
Inchcape
Informa (Jersey) (1)
Hays
Britvic
SIG
Cookson Group
Hammerson
Smurt Kappa Group (Ireland) (1)
Howden Joinery Group
Rexam
Chemring Group
Premier Foods
Rentokil Initial
Bodycote
Dairy Crest Group
Premier Oil
Keller Group
ITE Group
Aegis Group
Hiscox (Bermuda) (1)
TT Electronics
Wincanton
194,171
101,137
76,745
398,939
85,810
277,834
37,844
36,762
35,294
107,567
29,568
44,260
136,426
153,208
30,965
30,295
24,818
19,718
34,021
33,569
12,180
6,191
15,978
Market % of net
value
assets
531,270
414,204
362,385
359,317
349,839
336,062
275,026
202,807
187,588
170,063
153,880
150,930
145,256
139,130
126,586
124,973
103,731
88,029
81,839
67,120
64,254
11,574
8,271

Germany
Rheinmetall
Draegerwerk & Co. Pfd
GEA Group
Gerresheimer
Kontron
34.14
11,731
5,264
18,255
1,779
11,155
453,110
409,381
381,073
66,134
53,990
Total for Germany

Norway
Storebrand
Petroleum Geo-Services
TGS Nopec Geophysical
Schibsted
Fred Olsen Energy
141,777
44,124
11,210
3,150
447
433,559
420,604
233,495
80,155
12,554
7,566
3,004
4,583
4,684
1,062
154
439,963
293,461
231,121
102,158
40,595
4,104
3.38
2.25
1.77
0.78
0.31
0.03
8.52
3,285
1,362
1,659
148
376,515
323,147
208,639
30,123

Denmark
Jyske Bank Regd
D/S Norden
3.32
3.22
1.79
0.62
0.10
9.05
Total for France

Switzerland
Rieter Holding Regd
Kuoni Reisen Holding Regd B
Bucher Industries Regd
Burckhardt Compression Holding
3.47
3.14
2.92
0.51
0.41
10.45
Total for Norway

France
Wendel
Eurons Scientic
Euler Hermes
Alten
Sa des Ciments Vicat
Legrand
4.07
3.18
2.78
2.75
2.68
2.58
2.11
1.55
1.44
1.30
1.18
1.16
1.11
1.07
0.97
0.96
0.80
0.67
0.63
0.51
0.49
0.09
0.06
2.88
2.48
1.60
0.23
7.19
14,292
12,193
304,186
254,590
2.33
1.95

Investments
Denmark (continued)
Sydbank
SimCorp
Holdings
14,725
511
Market % of net
value
assets
188,199
68,335
Total for Denmark

Finland
Stora Enso R
Konecranes
Rautaruukki
6.25
85,045
9,263
28,199
406,005
192,300
139,980
Total for Finland

Netherlands
Randstad Holding
Nutreco
16,039
4,946
371,864
273,266
38,469
32,013
8,127
296,404
253,223
95,167
9,089
313,434
12,308
135,516
1.04
1.04
35,994
128,499
Total for Austria

Spain
Miquel y Costas & Miquel
Antena 3 de Television
Grifols
Grifols B
Red Electrica
2.40
2.40
Total for Sweden

Austria
2.27
1.94
0.73
4.94
Total for Ireland

Sweden
Clas Ohlson B
2.85
2.09
4.94
Total for Italy

Ireland
Kerry Group A
3.11
1.48
1.07
5.66

Italy
Brembo
Azimut Holding
Prysmian
1.44
0.53
0.99
0.99
3,091
5,508
910
846
347
63,520
18,672
18,223
12,546
11,895
Total for Spain
0.49
0.14
0.14
0.10
0.09
0.96
12,593,839
96.53
452,387
3.47
13,046,226
100.00
30 June 2012
20
21
30 June 2012
INVESTMENT AIM
To seek attractive long-term capital growth,

measured in Euro, through investment primarily
in a concentrated portfolio of equity securities
of companies domiciled or exercising the
predominant part of their economic activity
inthe Eurozone (being those member states
ofthe European Union which have adopted
theEuro as their national currency).

Investments
Holdings
Market % of net
value
assets
Equities
Germany
Siemens Regd
Bayer Regd
Allianz Regd
Daimler Regd
Fresenius & Co.
Henkel & Co Pfd
MAN
Hamburger Hafen und Logistik (2)
70,461
71,203
43,032
92,085
27,745
35,697
48,378
23,275
74,444
4,648,312
4,015,137
3,393,934
3,238,169
3,071,371
2,918,587
2,522,913
1,862,233
1,493,719
Total for Germany

France
Pernod-Ricard (2)
BNP Paribas
Schneider Electric
Safran
AXA
Accor
Socit Gnrale
Faurecia
29.38
39,276
102,880
65,981
95,308
264,378
126,971
74,181
88,197
105,208
3,287,401
3,053,478
2,851,369
2,798,243
2,754,819
2,355,312
1,821,144
1,594,161
1,369,808
Total for France

Netherlands
Unilever CVA
Koninklijke Ahold
Reed Elsevier
169,985
279,247
227,694
161,525
4,496,103
2,735,224
2,064,274
1,935,069
573,099
284,855
139,380
3,151,471
2,912,642
2,295,589
243,445
265,048
261,593
4,050,925
2,096,530
1,474,077
90,645
77,811
2,420,221
2,377,525
Total for Ireland
2.62
2.57
5.19
55,383
2,633,462
Total for Finland

Ireland
CRH
4.38
2.27
1.59
8.24

Finland
Kone B
3.41
3.15
2.48
9.04
Total for Italy

United Kingdom
Royal Dutch Shell A
4.87
2.96
2.23
2.09
12.15
Total for Spain

Italy
ENI
Azimut Holding (2)
Ansaldo STS (2)
3.56
3.30
3.08
3.03
2.98
2.55
1.97
1.72
1.48
23.67

Spain
Banco Bilbao Vizcaya Argentaria (2)
Telefonica
Amadeus IT Holding A (2)
5.03
4.34
3.67
3.50
3.32
3.16
2.73
2.01
1.62
2.85
2.85
165,485
2,516,199
2.72
2.72

Investments
Holdings
Market % of net
value
assets
Belgium
Umicore
53,910
1,945,612
Total for Belgium

Portugal
Galp Energia SGPS B
2.10
2.10
179,760
1,775,130
Total for Portugal
1.93
1.93
Total for Equities
97.27
Mutual Fund
1,700,000
1,700,000
1.84
1.84
91,630,163
99.11
822,878
0.89
92,453,041
100.00
30 June 2012
22
23
30 June 2012
Global Brands Fund
INVESTMENT AIM
To seek an attractive long-term rate of return,

principally in equity securities of companies
inthe worlds developed countries,
byinvesting in a concentrated portfolio
ofcompanies whose success the Company
believes depends on intangible assets
(forexample, but not limited to, brand names,
copyrights or methods of distribution)
underpinning a strong business franchise.

Investments
Holdings
Market % of net
value
assets
Equities
Philip Morris International
Accenture A (Ireland) (1)
Microsoft
Procter & Gamble
Dr Pepper Snapple Group
Kraft Foods A
Herbalife (Cayman Islands) (1)
Visa A
Moodys
Kellogg
Hillshire Brands
Scotts Miracle-Gro A
5,341,527
6,204,473
11,907,088
5,760,621
6,886,774
5,726,335
4,045,371
2,085,584
1,311,537
2,741,273
1,804,732
2,586,621
652,833
465,514,078
364,450,744
360,308,483
351,109,850
300,952,024
217,543,467
191,669,678
170,204,510
159,496,015
98,658,415
88,937,193
74,261,889
26,746,568

United Kingdom
Unilever
Diageo
Admiral Group
37.24
14,233,608
9,327,286
11,119,259
11,026,628
9,391,176
7,043,502
8,248,945
730,734,096
494,065,718
430,446,685
372,724,863
242,759,119
132,245,578
116,708,721

Switzerland
Nestl Regd
Novartis Regd
12,498,252
234,821
744,139,563
13,115,036
9,643,623
325,609,372
7,279,505
292,959,423
4,018,398
242,082,240
3,784,830
221,849,474
Total for Italy

Total for Equities
2.88
2.88
12,933,108
134,614,255

Italy
Davide Campari-Milano
3.14
3.14
Total for Germany

Netherlands
DE Master Blenders 1753
3.80
3.80
Total for Finland

Germany
SAP
4.23
4.23
Total for Sweden

Finland
Kone B
9.66
0.17
9.83
Total for France

Sweden
Swedish Match
9.48
6.41
5.59
4.84
3.15
1.72
1.51
32.70

France
Legrand
6.04
4.73
4.68
4.56
3.90
2.82
2.49
2.21
2.07
1.28
1.15
0.96
0.35
1.75
1.75
12,716,549
87,967,322
1.14
1.14
96.71
Global Brands Fund

Investments
Market % of net
value
assets
Holdings
Mutual Fund
248,216,000
248,216,000
3.22
3.22
7,700,090,379
99.93
DERIVATIVES

Maturity
date
06/07/2012
06/07/2012
06/07/2012
Amount
bought
Amount
sold
21,177,773 CHF
22,047,113 USD
847,167,718 EUR 1,059,186,110 USD
90,607,267 GBP
141,724,897 USD

Exchange Contracts
06/07/2012
06/07/2012
48,817 USD
30,049 USD
39,248 EUR
19,247 GBP

Exchange Contracts
Net unrealised
30 June 2012
assets
271,356
14,151,145
395,908
0.00
0.18
0.01
14,818,409
0.19
(908)
(140)
0.00
0.00
(1,048)
0.00

Exchange Contracts
14,817,361
0.19
Total Derivatives
14,817,361
0.19
(9,560,241)
7,705,347,499
(0.12)
100.00
30 June 2012
24
25
30 June 2012
INVESTMENT AIM

in US dollars, by investing primarily in equity
securities issued by companies located
throughout the world.

The portfolio is constructed on the basis

of the belief that the most important factors
to global equity investing are choice
of region, country and industry sector.
The investment decisions are implemented
through optimised stock baskets that are
constructed to broadly track the local
MSCl lndices.
Investments
Holdings
Market % of net
value
assets
Equities
Apple
International Business Machines
Exxon Mobil
Microsoft
Google A
Johnson & Johnson
Amazon.com
Qualcomm
Chevron
Wells Fargo & Co
Pzer
AT&T
DR Horton
PNC Financial Services Group
Biogen Idec
Abbott Laboratories
Charles Schwab
Verizon Communications
JPMorgan Chase & Co.
Amgen
Cisco Systems
Procter & Gamble
General Electric
Walt Disney
Bristol-Myers Squibb
Oracle
Occidental Petroleum
American Express
Coca-Cola
Wal-Mart Stores
Merck & Co.
Visa A
McDonalds
EMC
TJX Companies
Citigroup
Bank of America
Kimberly-Clark
Automatic Data Processing
Dow Chemical
Simon Property Group
Time Warner
Illinois Tool Works
McKesson
Bank of New York Mellon
CVS Caremark
Starbucks
Home Depot
Danaher
Gilead Sciences
Caterpillar
EI du Pont de Nemours & Co.
CA
Yum! Brands
eBay
Monsanto
Bed Bath & Beyond
Medtronic
Altria Group
UnitedHealth Group
Union Pacic
United Parcel Service B
Devon Energy
United Technologies
PepsiCo
500
900
2,000
5,401
200
1,516
400
1,500
782
2,391
3,400
2,155
840
3,800
1,000
400
852
4,200
1,200
1,400
700
3,000
795
2,200
900
1,200
1,400
485
700
486
537
900
300
400
1,400
800
1,200
4,100
376
565
1,000
200
800
559
300
1,300
600
500
500
500
500
300
500
939
400
600
300
400
630
700
400
200
300
400
300
318
288,000
174,672
169,440
163,434
114,910
102,345
90,108
83,130
81,742
79,357
77,860
76,783
73,206
68,286
60,510
57,156
54,085
54,012
53,436
51,268
50,750
50,580
48,455
45,188
43,641
42,684
40,838
40,599
40,537
37,684
37,134
36,990
36,483
35,404
34,650
33,856
32,964
32,759
31,264
31,154
31,100
30,958
30,592
29,364
28,116
28,054
27,960
26,480
26,330
25,805
25,340
25,212
25,135
25,015
25,008
24,777
24,588
24,472
24,324
24,080
24,040
23,592
23,496
23,028
22,398
22,298
2.32
1.41
1.37
1.32
0.93
0.83
0.73
0.67
0.66
0.64
0.63
0.62
0.59
0.55
0.49
0.46
0.44
0.44
0.43
0.41
0.41
0.41
0.39
0.36
0.35
0.34
0.33
0.33
0.33
0.30
0.30
0.30
0.29
0.29
0.28
0.27
0.27
0.26
0.25
0.25
0.25
0.25
0.25
0.24
0.23
0.23
0.23
0.21
0.21
0.21
0.20
0.20
0.20
0.20
0.20
0.20
0.20
0.20
0.20
0.19
0.19
0.19
0.19
0.19
0.18
0.18
30 June 2012
26
Investments

Investments
Holdings
Market % of net
value
assets
United States of America (continued)
Raytheon
Allstate
U.S. Bancorp
Praxair
Eli Lilly & Co
Covidien (Ireland) (1)
Comerica
3M
General Mills
WellPoint
Broadcom A
Schlumberger (Curacao) (1)
Newmont Mining
Viacom B
Kraft Foods A
Salesforce.com
Costco Wholesale
Comcast A
Laboratory Corp of America Holdings
Express Scripts Holding
General Dynamics
EOG Resources
News A
Accenture A (Ireland) (1)
Intuit
Spectra Energy
Walgreen
Apache
Target
Macys
Limited Brands
Cardinal Health
Berkshire Hathaway B
H&R Block
Lowes Cos
Honeywell International
Johnson Controls
CBS non-vtg B
Adobe Systems
Deere & Co
Tyco International (Switzerland) (1)
Baxter International
Starwood Hotels & Resorts Worldwide
Ford Motor
Agilent Technologies
Waste Management
Weyerhaeuser
Travelers
Parker Hannin
MetLife
ConocoPhillips
Becton Dickinson & Co.
Boeing
ACE (Switzerland) (1)
Northrop Grumman
DIRECTV A
Prudential Financial
Fiserv
Norfolk Southern
Public Storage
Ameren
American Tower A
Emerson Electric
Ecolab
Northern Trust
397
638
683
200
500
400
683
228
522
300
586
300
400
400
500
139
200
600
200
324
274
200
800
300
300
600
598
200
300
500
400
400
200
1,024
600
300
600
500
500
200
300
300
300
1,600
400
467
700
242
200
500
269
200
200
200
232
300
300
200
200
100
421
200
300
200
300
22,208
22,170
21,774
21,502
21,390
21,368
20,927
20,285
19,862
19,602
19,484
19,377
19,192
19,024
18,995
18,942
18,926
18,888
18,718
17,985
17,889
17,814
17,728
17,622
17,613
17,562
17,551
17,360
17,193
17,000
16,868
16,596
16,560
16,558
16,524
16,479
16,338
16,155
15,955
15,932
15,876
15,717
15,576
15,568
15,532
15,500
15,470
15,427
15,214
15,140
14,943
14,828
14,734
14,676
14,672
14,472
14,388
14,294
14,250
14,245
14,179
14,028
13,677
13,546
13,503
0.18
0.18
0.18
0.17
0.17
0.17
0.17
0.16
0.16
0.16
0.16
0.16
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.14
0.14
0.14
0.14
0.14
0.14
0.14
0.14
0.14
0.14
0.14
0.13
0.13
0.13
0.13
0.13
0.13
0.13
0.13
0.13
0.13
0.13
0.13
0.13
0.13
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.11
0.11
0.11
0.11
0.11
0.11
0.11
Holdings
Market % of net
value
assets
CSX
Freeport-McMoRan Copper & Gold
Marathon Oil
State Street
Sherwin-Williams
Eaton Vance
Computer Sciences
ConAgra Foods
National Oilwell Varco
Zimmer Holdings
Ingersoll-Rand (Ireland) (1)
Western Digital
TE Connectivity (Switzerland) (1)
Liberty Interactive A
Equity Residential
NetApp
Baker Hughes
Aetna
Quest Diagnostics
NYSE Euronext
Cognizant Technology Solutions A
St Jude Medical
Colgate-Palmolive
McCormick & Co non-vtg
Eaton
Mastercard A
Corning
Halliburton
Stryker
Heinz (H.J.)
Discovery Communications A
Boston Properties
Dover
Intel
PPG Industries
Molson Coors Brewing B
Discovery Communications C
Western Union
Campbell Soup
Valero Energy
Omnicom Group
Marsh & McLennan
Cummins
Goldman Sachs Group
Motorola Solutions
AON (United Kingdom) (1)
FedEx
Harley-Davidson
Hershey
MDU Resources Group
Life Technologies
Cigna
Marathon Petroleum
Archer-Daniels-Midland
HCP
International Paper
MeadWestvaco
Aac
BMC Software
Vornado Realty Trust
Progressive
Ball
Citrix Systems
Time Warner Cable
Air Products & Chemicals
LyondellBasell Industries A (Netherlands) (1)
CenturyLink
FMC Technologies
General Motors
Vulcan Materials
Staples
Paccar
Cincinnati Financial
600
400
523
300
100
487
525
500
200
200
300
429
400
700
200
400
300
300
200
465
200
300
114
196
300
27
900
400
200
200
200
100
200
400
100
257
200
600
300
400
200
300
100
100
200
200
100
200
128
415
200
200
200
300
200
300
300
200
200
100
400
200
100
100
100
200
200
200
400
200
600
200
200
13,350
13,340
13,295
13,218
13,160
12,910
12,883
12,880
12,860
12,764
12,645
12,630
12,628
12,320
12,312
12,248
12,240
12,051
12,002
11,899
11,880
11,829
11,781
11,709
11,634
11,506
11,466
11,324
10,982
10,844
10,754
10,662
10,598
10,560
10,495
10,411
9,996
9,990
9,897
9,632
9,596
9,564
9,561
9,540
9,494
9,238
9,075
9,050
9,002
8,997
8,982
8,914
8,902
8,775
8,758
8,655
8,553
8,478
8,418
8,310
8,216
8,204
8,186
8,085
7,968
7,934
7,850
7,798
7,784
7,728
7,710
7,694
7,588
0.11
0.11
0.11
0.11
0.11
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
27
30 June 2012
Investments

Investments
Holdings
Market % of net
value
assets
Nucor
Sigma-Aldrich
L-3 Communications Holdings
Clorox
Hospira
Kroger
Crown Holdings
Autodesk
Discover Financial Services
Cooper Industries (Ireland) (1)
News B
ProLogis
Anadarko Petroleum
Rockwell Automation
SPX
Noble (Switzerland) (1)
Juniper Networks
Paychex
Ventas
Host Hotels & Resorts
Range Resources
T Rowe Price Group
Progress Energy
Phillips 66
Consol Energy
Health Care REIT
Symantec
Kimco Realty
Joy Global
Masco
EQT
Safeway
Mosaic
Pall
Ameriprise Financial
American Capital Agency
Republic Services
Boston Scientic
CareFusion
Xylem
Annaly Capital Management
Weatherford International (Switzerland) (1)
Eastman Chemical
Fluor
FirstEnergy
Liberty Global A
Rockwell Collins
Cliffs Natural Resources
Liberty Global C
Yahoo!
International Game Technology
Peabody Energy
Southern
Equifax
Edison International
Kohls
SanDisk
Helmerich & Payne
Cameron International
Regeneron Pharmaceuticals
American Electric Power
Equinix
Plum Creek Timber
TransDigm Group
Sprint Nextel
200
100
100
100
200
300
200
200
200
100
300
200
100
100
100
200
400
200
100
400
100
100
100
184
200
100
400
300
100
400
100
300
100
100
100
155
200
900
200
200
300
400
100
100
100
100
100
100
100
300
300
200
100
100
100
100
100
122
100
100
37
100
23
100
30
1,200
7,572
7,363
7,334
7,241
6,994
6,951
6,940
6,854
6,840
6,742
6,720
6,576
6,513
6,495
6,487
6,422
6,360
6,294
6,266
6,236
6,225
6,195
6,051
6,024
5,882
5,813
5,706
5,667
5,576
5,512
5,472
5,469
5,465
5,416
5,198
5,189
5,182
5,094
5,060
5,050
5,028
5,016
4,967
4,927
4,917
4,900
4,882
4,796
4,722
4,704
4,698
4,690
4,669
4,645
4,627
4,487
4,370
4,318
4,255
4,206
4,170
4,009
3,998
3,965
3,949
3,936
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
Holdings
Market % of net
value
assets
Wyndham Worldwide
Unum Group
Cintas
CMS Energy
Owens-Illinois
Pentair
Exelon
Jacobs Engineering Group
SL Green Realty
Chesapeake Energy
Liberty Property Trust
GameStop A
UDR
Trimble Navigation
Alcoa
Celanese A
Applied Materials
Xilinx
Coventry Health Care
Iron Mountain
Kinder Morgan
Avon Products
Tractor Supply
Allegheny Technologies
Southwestern Energy
Akamai Technologies
Murphy Oil
Kinder Morgan Management
Hillshire Brands
Nabors Industries (Bermuda) (1)
Xcel Energy
Robert Half International
PPL
Texas Instruments
Pinnacle West Capital
Afliated Managers Group
PVH
Dicks Sporting Goods
Ansys
KBR
Ulta Salon Cosmetics & Fragrance
Electronic Arts
LinkedIn A
Albemarle
United States Steel
Rackspace Hosting
VeriFone Systems
NRG Energy
Calpine
Charter Communications A
First Republic Bank
Delphi Automotive (Jersey) (1)
Sensata Technologies Holdings (Netherlands) (1)
ACCO Brands
74
200
100
162
200
100
100
100
47
200
100
200
139
76
400
100
300
100
100
100
100
200
38
100
100
100
62
41
100
200
100
100
100
100
50
23
32
51
39
100
27
200
22
39
100
46
54
100
100
19
37
44
40
97
3,845
3,828
3,826
3,825
3,800
3,790
3,776
3,711
3,705
3,640
3,640
3,600
3,538
3,497
3,468
3,457
3,411
3,304
3,281
3,280
3,174
3,164
3,154
3,128
3,121
3,116
3,048
2,960
2,871
2,856
2,854
2,802
2,788
2,770
2,600
2,532
2,459
2,454
2,435
2,419
2,416
2,390
2,331
2,323
2,090
1,974
1,733
1,720
1,665
1,347
1,233
1,128
1,087
986

United Kingdom
Royal Dutch Shell A
BP
HSBC Holdings
GlaxoSmithKline
Standard Chartered
WPP (Jersey) (1)
Aggreko
Royal Dutch Shell B
Rio Tinto
AstraZeneca
Pearson
BG Group
BHP Billiton
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
46.85
2,026
10,206
5,806
1,769
1,706
3,063
1,054
641
642
929
674
588
1,307
1,262
892
68,563
67,652
51,546
40,234
37,477
37,451
34,437
33,954
32,959
32,604
32,202
26,383
26,077
25,773
25,478
0.55
0.55
0.42
0.32
0.30
0.30
0.28
0.27
0.27
0.26
0.26
0.21
0.21
0.21
0.21
30 June 2012
28
Investments

Investments
Holdings
Market % of net
value
assets
United Kingdom (continued)
Smith & Nephew
Legal & General Group
Prudential
Anglo American
Next
Marks & Spencer Group
BAE Systems
Diageo
Centrica
Old Mutual
Carnival
British Sky Broadcasting
Sage Group
Xstrata
Unilever
Reed Elsevier
Barclays
Vodafone Group
Aviva
Tesco
National Grid
ICAP
TUI Travel
SSE
Burberry Group
Bunzl
Royal Bank of Scotland Group
Compass Group
Balfour Beatty
J Sainsbury
Intercontinental Hotels Group
Smiths Group
Cobham
Johnson Matthey
Kingsher
Severn Trent
Tullow Oil
Rexam
British Land
Petrofac (Jersey) (1)
Wolseley (Jersey) (1)
Whitbread
International Power (3)
Resolution (Guernsey) (1)
Capita Group
AMEC
Croda International
IMI
Intertek Group
GKN
Aberdeen Asset Management
565
2,152
10,708
1,803
542
338
3,094
3,153
556
2,859
5,925
395
1,194
911
2,833
915
339
1,372
3,849
3,441
2,191
685
1,717
769
1,514
2,943
347
360
455
2,205
637
1,375
1,331
234
323
1,407
434
144
1,056
173
190
662
493
174
97
112
515
980
291
183
71
173
53
531
301
21,872
21,570
21,398
20,900
17,904
17,056
15,879
14,387
14,372
14,264
14,136
13,612
13,082
12,889
12,402
11,643
11,459
11,094
10,152
9,680
9,423
9,295
8,360
8,190
8,058
7,848
7,578
7,544
7,487
7,450
6,704
6,466
6,286
5,649
5,127
5,098
5,070
5,005
4,800
4,464
4,411
4,365
3,955
3,829
3,626
3,577
3,373
3,024
2,994
2,888
2,511
2,237
2,227
1,509
1,227

Japan
Takeda Pharmaceutical
Fanuc
Fast Retailing
Shin-Etsu Chemical
Komatsu
Bridgestone
0.18
0.17
0.17
0.17
0.14
0.14
0.13
0.12
0.12
0.12
0.11
0.11
0.11
0.10
0.10
0.09
0.09
0.09
0.08
0.08
0.08
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.06
0.06
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
8.50
1,300
300
200
600
1,200
1,100
59,083
48,843
39,930
32,889
28,333
25,101
0.48
0.39
0.32
0.27
0.23
0.20
Holdings
Market % of net
value
assets
Japan (continued)
Sumitomo Metal Mining
Mitsui Fudosan
Kubota
Mitsubishi Estate
Sumitomo Mitsui Trust Holdings
Eisai
SMC
Tokyo Electron
Ajinomoto
Toray Industries
Hoya
Shimano
Nitto Denko
Mizuho Financial Group
Inpex
Shizuoka Bank
Sumitomo Mitsui Financial Group
JX Holdings
Keikyu
Astellas Pharma
Kyocera
Terumo
Toyota Motor
Fuji Heavy Industries
Central Japan Railway
Bank of Kyoto
Honda Motor
Asahi Glass
Credit Saison
Marubeni
Mitsubishi Chemical Holdings
Kuraray
NSK
NKSJ Holdings
East Japan Railway
Hitachi
Chiba Bank
Trend Micro
Unicharm
USS
Isuzu Motors
Tobu Railway
Murata Manufacturing
Hachijuni Bank
Tokyo Gas
Hankyu Hanshin Holdings
Daiichi Sankyo
NTT DoCoMo
Tokio Marine Holdings
Itochu Techno-Solutions
Yamato Holdings
Fujitsu
Gunma Bank
Tokyu
Bank of Yokohama
Nippon Telegraph & Telephone
Orix
Secom
Benesse Holdings
Sumitomo Heavy Industries
Nomura Research Institute
IHI
Omron
Osaka Gas
Itochu
Sumitomo
West Japan Railway
Nippon Express
Santen Pharmaceutical
Yokogawa Electric
Yamaha Motor
Mitsubishi Heavy Industries
1,000
2,000
1,000
2,000
1,000
6,000
400
100
300
1,000
2,000
600
200
300
6,700
2
1,000
300
1,900
1,000
200
100
200
200
1,000
1
1,000
200
1,000
300
1,000
1,500
500
1,000
300
100
1,000
1,000
200
100
50
1,000
1,000
100
1,000
1,000
1,000
300
3
200
100
300
1,000
1,000
1,000
1,000
100
50
100
100
1,000
200
2,000
200
1,000
400
300
100
1,000
100
400
400
1,000
24,403
22,404
19,236
18,356
17,828
17,802
17,551
17,237
13,936
13,918
13,603
13,178
13,075
12,729
11,287
11,177
10,284
9,852
9,746
9,115
8,713
8,587
8,197
8,021
8,009
7,883
7,569
6,912
6,701
6,627
6,613
6,582
6,456
6,412
6,352
6,286
6,123
5,997
5,881
5,714
5,400
5,318
5,268
5,224
5,192
5,117
5,054
5,050
5,005
4,994
4,834
4,824
4,765
4,727
4,715
4,715
4,652
4,633
4,583
4,482
4,463
4,393
4,249
4,199
4,199
4,184
4,179
4,124
4,124
4,117
4,114
4,099
4,048
0.20
0.18
0.16
0.16
0.14
0.14
0.14
0.14
0.11
0.11
0.11
0.11
0.11
0.10
0.09
0.09
0.08
0.08
0.08
0.07
0.07
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
29
30 June 2012
Investments

Investments
Holdings
Market % of net
value
assets
Japan (continued)
Kintetsu
Canon
Mabuchi Motor
Sysmex
OJI Paper
Toshiba
Nissan Motor
Daiwa Securities Group
Softbank
Citizen Holdings
Makita
Denki Kagaku Kogyo
Shimizu
JSR
Denso
Hamamatsu Photonics
Chubu Electric Power
Yahoo Japan
NTN
Advantest
NEC
Otsuka Holdings
NTT Data
Sumitomo Chemical
Teijin
Seiko Epson
Nikon
Mitsui & Co.
Kajima
Mitsubishi Materials
Toyota Industries
Daikin Industries
Kawasaki Heavy Industries
Taisei
Nippon Yusen
Nomura Holdings
Yamada Denki
Asics
Mitsui Chemicals
Sumitomo Electric Industries
Panasonic
Toyo Seikan Kaisha
Taiheiyo Cement
Konami
Nippon Steel
Nabtesco
Aeon Mall
Mitsubishi
FUJIFILM Holdings
Ibiden
Nippon Paper Group
1,000
100
100
100
1,000
1,000
400
1,000
100
600
100
1,000
1,000
200
100
100
200
10
1,000
200
2,000
100
1
1,000
1,000
300
100
200
1,000
1,000
100
100
1,000
1,000
1,000
700
50
200
1,000
200
300
200
1,000
100
1,000
100
100
100
100
100
100
3,998
3,979
3,973
3,948
3,835
3,772
3,762
3,734
3,713
3,500
3,486
3,470
3,470
3,452
3,386
3,377
3,254
3,234
3,118
3,095
3,093
3,071
3,059
3,055
3,030
3,021
3,020
2,952
2,929
2,879
2,844
2,796
2,716
2,678
2,628
2,587
2,549
2,532
2,489
2,472
2,425
2,411
2,288
2,253
2,250
2,213
2,121
2,007
1,883
1,792
1,589
Total for Japan

Switzerland
ABB Regd
Nestl Regd
Novartis Regd
Holcim Regd
Syngenta Regd
Transocean
UBS Regd
Adecco Regd
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
7.86
6,194
1,650
526
1,500
475
63
309
1,111
182
100,845
98,240
90,738
83,777
26,204
21,510
13,735
12,890
8,017
0.81
0.79
0.73
0.68
0.21
0.17
0.11
0.10
0.06
Holdings
Market % of net
value
assets
Switzerland (continued)
Sonova Holding Regd
Lindt & Spruengli
SGS Regd
Actelion Regd
Lonza Group Regd
Credit Suisse Group Regd
Kuehne & Nagel International Regd
Givaudan Regd
Banque Cantonale Vaudoise Regd
Sulzer Regd
64
2
3
127
120
264
34
3
30
2
8
6,154
6,118
5,621
5,227
5,061
4,844
3,569
2,940
2,493
1,055
943

Canada
Barrick Gold
Goldcorp
Canadian National Railway
Enbridge
Toronto-Dominion Bank
Royal Bank of Canada
Suncor Energy
Potash Corporation of Saskatchewan
TransCanada
Imperial Oil
Rogers Communications B
Metro A
Bank of Nova Scotia
Brookeld Asset Management A
Cenovus Energy
Franco-Nevada
Valeant Pharmaceuticals International
Agrium
BCE
Agnico-Eagle Mines
Canadian Natural Resources
Eldorado Gold
Canadian Pacic Railway
National Bank of Canada
Canadian Imperial Bank of Commerce
Canadian Tire A
Cameco
Manulife Financial
Great-West Lifeco
CI Financial
Encana
Yamana Gold
Teck Resources B
Kinross Gold
George Weston
Talisman Energy
Bank of Montreal
First Quantum Minerals
Nexen
Husky Energy
Power Financial
IAMGOLD
Power Corp of Canada
Sun Life Financial
Shoppers Drug Mart
Magna International
IGM Financial
New Gold
Shaw Communications B
SNC-Lavalin Group
Crescent Point Energy
Fortis
Bombardier B
Penn West Petroleum
SXC Health Solutions
Total for Canada
0.05
0.05
0.05
0.04
0.04
0.04
0.03
0.02
0.02
0.01
0.01
4.03
600
500
200
400
200
300
500
300
300
300
300
200
200
300
300
200
200
100
200
200
300
600
100
100
100
100
300
600
300
300
300
400
200
700
100
500
100
300
300
200
200
400
200
200
100
100
100
400
200
100
100
100
700
200
27
22,455
18,703
17,021
15,963
15,675
15,293
14,326
13,374
12,673
12,620
10,883
10,390
10,303
9,853
9,538
9,022
8,986
8,876
8,178
8,076
8,039
7,424
7,337
7,128
7,015
6,764
6,691
6,512
6,465
6,391
6,300
6,154
6,099
5,777
5,726
5,701
5,500
5,337
5,155
5,042
5,002
4,702
4,686
4,376
4,035
3,917
3,896
3,799
3,784
3,749
3,716
3,157
2,775
2,673
2,667
0.18
0.15
0.14
0.13
0.13
0.12
0.12
0.11
0.10
0.10
0.09
0.08
0.08
0.08
0.08
0.07
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.06
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
3.51
30 June 2012
30
Investments

Investments
Holdings
Market % of net
value
assets
Germany
Siemens Regd
SAP
Daimler Regd
Deutsche Bank Regd
Hannover Rueckversicherung Regd
Deutsche Post Regd
Bayerische Motoren Werke
Volkswagen Pfd
ProSiebenSat.1 Media Pfd
Porsche Automobil Holding Pfd
Kabel Deutschland Holding
Hugo Boss
United Internet Regd
Fraport Frankfurt Airport Services Worldwide
275
311
326
280
167
528
119
52
357
52
31
12
38
12
22,985
18,229
14,524
10,085
9,938
9,278
8,533
8,100
7,915
2,583
1,926
1,186
651
637
Total for Germany

Australia
BHP Billiton
Woolworths
Woodside Petroleum
CSL
Wesfarmers
Caltex Australia
Origin Energy
Macquarie Group
AGL Energy
Brambles
Rio Tinto
Newcrest Mining
Orica
Amcor
Centro Retail Australia (Australia) (1)
James Hardie Industries (Ireland) (1)
0.95
512
658
479
360
190
244
516
546
240
401
773
71
104
60
205
648
82
16,482
14,838
13,140
11,431
7,666
7,468
7,141
6,818
6,387
6,062
4,874
4,106
2,407
1,516
1,488
1,313
668
Total for Australia

Norway
Telenor
Statoil
DnB
Orkla
Aker Solutions
Seadrill (Bermuda) (1)
Yara International
Norsk Hydro
Subsea 7 (Luxembourg) (1)
Veripos (Cayman Islands) (1) (3)
Total for Denmark
0.13
0.12
0.11
0.09
0.06
0.06
0.06
0.06
0.05
0.05
0.04
0.03
0.02
0.01
0.01
0.01
0.01
0.92
1,617
938
1,434
1,693
534
174
107
609
108
10
26,758
22,183
14,197
12,194
7,495
6,136
4,665
2,722
2,133
27
Total for Norway

Denmark
Novo-Nordisk B
Danske Bank
TDC
AP Moller - Maersk B
Carlsberg B
Novozymes B
0.19
0.15
0.12
0.08
0.08
0.07
0.07
0.06
0.06
0.02
0.02
0.01
0.01
0.01
0.21
0.18
0.11
0.10
0.06
0.05
0.04
0.02
0.02
0.00
0.79
Holdings
Market % of net
value
assets
Sweden
Telefonaktiebolaget LM Ericsson B
Electrolux B
TeliaSonera
Svenska Cellulosa B
Securitas B
Boliden
Tele2 B
Atlas Copco A
Husqvarna B
Elekta B
Alfa Laval
997
421
1,268
518
963
528
454
226
696
52
113
9,058
8,301
7,940
7,713
7,441
7,312
6,943
4,799
3,241
2,388
1,918
Total for Sweden

Netherlands
Koninklijke Boskalis Westminster
Wolters Kluwer
Randstad Holding
Koninklijke Philips Electronics
ING Groep CVA ADR
Koninklijke Ahold
Core Laboratories
Gemalto
0.55
242
498
245
336
894
500
380
27
35
7,976
7,959
7,197
6,622
5,910
5,204
4,716
3,084
2,495

South Africa
1,247
50,367
382
28,622
0.23
138
60
48
12
12
65
14
4,848
3,880
2,196
1,309
1,215
1,108
258
0.04
0.03
0.02
0.01
0.01
0.01
0.00
0.35
282
100
88
21,830
4,315
3,006
Total for Belgium

Finland
Elisa
UPM-Kymmene
Metso
Neste Oil
36,152
15,100
8,115
6,535
4,315
3,336
0.29
0.12
0.07
0.05
0.03
0.03
0.59
Singapore
Seagate Technology (Ireland) (1)
Flextronics International
Total for Singapore
0.18
0.04
0.02
0.24
384
672
195
341
7,716
7,484
6,668
3,821
Total for Finland

251
1,087
1,170
1
55
128
0.41
0.41
Total for France

Belgium
Anheuser-Busch InBev
Telenet Group Holding
Mobistar
0.06
0.06
0.06
0.05
0.05
0.04
0.04
0.03
0.02
0.41

France
Sano
European Aeronautic Defence and Space
(Netherlands) (1)
Compagnie Generale des Etablissements Michelin
Publicis Groupe
Remy Cointreau
Zodiac Aerospace
Rexel
Vivendi
0.07
0.07
0.06
0.06
0.06
0.06
0.06
0.04
0.03
0.02
0.02
0.06
0.06
0.06
0.03
0.21
699
900
16,734
5,562
0.14
0.04
0.18
31
30 June 2012
DERIVATIVES


Investments
Holdings
Futures Contracts
Market % of net
value
assets
Maturity
date
Description
Austria
OMV
Andritz
249
49
7,597
2,446
Total for Austria
0.06
0.02
0.08
South Korea
Nexon (Japan) (1)
100
1,949
CAC40 10 Euro Future

DJ Euro Stoxx 50
Index Future
MINI MSCI Emerging
Markets Index Future
MSCI Singapore
Index Future
OMX Index Future
S&P 500 EMINI Future
Net unrealised
Number of
Notional gain/(loss) as at % of net
contracts commitments 30 June 2012
assets
07/2012
200,622
7,754
0.06
09/2012
198,569
8,527
0.07
09/2012
374,000
9,749
0.08
07/2012
07/2012
09/2012
2
9
24
104,838
131,824
1,614,000
2,241
4,551
39,520
0.02
0.04
0.32
72,342
0.59
(9,379)
(0.08)
(9,379)
(0.08)
0.02
Unrealised Gain on Futures Contracts
0.02
Topix Index Future
Hong Kong
MGM China Holdings (Cayman Islands) (1)
800
Russia
Evraz (United Kingdom) (1)
235
0.01
Unrealised Loss on Futures Contracts
0.01
Net Unrealised Gain

on Futures Contracts
1,209
Total for Hong Kong
949
Total for Russia
0.01
0.01
Total for Equities
1,000,000
1,000,000
8.06
8.06

10,480,509
84.52

2,527,1721
72,610
114
19/07/2012
19/07/2012
19/07/2012
Amount
bought
Amount
sold
60,191 AUD
200,141 USD
82,968 USD
61,127 USD
157,855 EUR
52,806 GBP
0.51
Net unrealised
30 June 2012
assets
389
122
143
0.00
0.00
0.00

Exchange Contracts
654
0.00
19/07/2012
19/07/2012
19/07/2012
(576)
(226)
(569)
(0.01)
0.00
0.00
(1,371)
(0.01)
(717)
(0.01)
678,530 EUR
83,950 GBP
6,904,523 JPY
860,342 USD
131,900 USD
87,394 USD

Exchange Contracts
0.00
Total Derivatives
62,246
0.50
1,857,400
14.98
12,400,269
100.00
0.00

62,963

Exchange Contracts
(96,681)
Cash of USD 187,698 held as collateral by the counterparties.
Maturity
date
United Kingdom
(1)
76.46
Mutual Fund
09/2012

114
0.00
10,480,623
84.52
Statements.
30 June 2012
32
INVESTMENT AIM
To seek to provide long term capital

appreciation, measured in US dollars, by
investing primarily in equity securities issued
by companies located throughout the world
that are engaged in the infrastructure
business.

Investments
Holdings
Market % of net
value
assets
Equities
American Tower
Northeast Utilities
Sempra Energy
SBA Communications A
Spectra Energy
Crown Castle International
Enbridge Energy Management
PG&E
Williams
ITC Holdings
Centerpoint Energy
American Water Works
NiSource
Oneok
Kinder Morgan Management
New Jersey Resources
AGL Resources
Kinder Morgan
Pepco Holdings
WGL Holdings
Atmos Energy
149,740
177,793
99,390
117,820
223,640
85,880
150,191
98,800
131,930
49,350
147,260
83,276
110,150
63,300
28,547
38,430
30,070
33,400
39,170
17,940
19,450
10,502,764
6,932,149
6,872,819
6,722,809
6,545,943
5,023,980
4,800,104
4,487,496
3,769,240
3,428,345
3,070,371
2,866,360
2,740,532
2,683,920
2,061,093
1,665,556
1,169,422
1,060,116
764,207
718,497
686,196

China
Beijing Enterprises Holdings (Hong Kong) (1)
China Gas Holdings (Bermuda) (1)
Jiangsu Expressway H
ENN Energy Holdings (Cayman Islands) (1)
Sichuan Expressway H
China Merchants Holdings International
(Hong Kong) (1)
42.30
1,899,000
7,900,000
2,546,000
591,000
3,552,000
11,384,863
3,931,554
2,376,549
2,064,936
1,195,263
6.13
2.12
1.28
1.11
0.64
349,909
1,057,908
0.57
Total for China

United Kingdom
National Grid
Severn Trent
United Utilities Group
11.85
1,499,890
93,800
198,049
15,974,510
2,420,288
2,095,333

Canada
TransCanada
Enbridge
Keyera
Total for Australia
8.60
1.30
1.13
11.03
285,500
198,272
10,352
12,060,421
7,912,592
423,385
Total for Canada

Australia
Transurban Group
Sydney Airport
APA
Spark Infrastructure
DUET
Macquarie Atlas Roads
Australian Infrastructure Fund
5.65
3.73
3.70
3.62
3.52
2.71
2.58
2.42
2.03
1.85
1.65
1.54
1.48
1.44
1.11
0.90
0.63
0.57
0.41
0.39
0.37
6.49
4.26
0.23
10.98
615,388
650,100
233,200
590,915
479,240
218,900
76,977
3,584,124
1,929,745
1,191,107
922,394
902,594
334,972
189,101
1.93
1.04
0.64
0.50
0.48
0.18
0.10
4.87
33
30 June 2012
DERIVATIVES


Investments
Holdings
Market % of net
value
assets
Italy
Societa Iniziative Autostradali e Servizi
Snam Rete Gas
Terna Rete Elettrica Nazionale
Atlantia

Maturity
date
06/07/2012
438,146
578,460
536,300
80,954
3,050,324
2,557,751
1,907,938
1,024,621
1.64
1.38
1.03
0.55
France
Eutelsat Communications
232,112
43,764
5,455,078
1,348,189
952,990
888,223
858,223
47,639
5,999
2,101,973
1.13
1.13
405,000
2,072,354
1.12
1.12
20,202
1,543,433
0.83
0.83
21,930
1,405,325

Germany
0.51
0.48
0.46
0.03
1.48
Total for Brazil

Netherlands
Koninklijke Vopak
0.76
0.76
6,855
363,943
Total for Germany
0.20
0.20
Total for Equities
94.81
Mutual Fund
6,749,000
6,749,000

85,750 USD
68,863 EUR
708,451
0.38
708,451
0.38
(1,498)
0.00
(1,498)
0.00

Exchange Contracts
706,953
0.38
Total Derivatives
706,953
0.38
2,191,199
1.18
185,748,714
100.00

70,995
80,031
47,503
3,549
Total for Japan

Brazil
Cia de Saneamento Basico do Estado
de Sao Paulo ADR
2.94
0.72
3.66

Japan
Tokyo Gas
53,028,444 USD

Exchange Contracts
Total for Spain

Switzerland
Flughafen Zuerich Regd
42,413,661 EUR
Net unrealised
30 June 2012
assets
4.60
Total for France

Spain
Abertis Infraestructuras (3)
Ferrovial
Enagas
Abertis Infraestructuras
Amount
sold

Exchange Contracts
06/07/2012
Total for Italy
Amount
bought
3.63
3.63
182,850,562
98.44
Statements.
30 June 2012
34
INVESTMENT AIM
To seek long term capital appreciation

measured in US dollars through investment
primarily in growth oriented equity securities
on a global basis. The investment process
will emphasize a bottom-up stock selection
process seeking attractive investments
on an individual company basis.

Investments
Holdings
Market % of net
value
assets
Equities
Amazon.com
Google A
Facebook A
Apple
Greenlight Capital Re A (Cayman Islands) (1)
Wynn Resorts
Visa A
Mastercard A
Priceline.com
Monsanto
Ultra Petroleum (Canada) (1)
8,326
2,898
51,258
2,468
34,838
7,970
6,162
1,697
981
6,667
10,521
1,875,598
1,665,046
1,598,737
1,421,568
882,447
829,199
749,361
723,160
642,898
546,427
238,301

China
New Oriental Education & Technology Group ADR
Baidu ADR (Cayman Islands) (1)
Kweichow Moutai Wts exp. 04/03/2021
Xueda Education ADR (Cayman Islands) (1)
Kweichow Moutai, equity linked note, issued by
UBS (Switzerland) (1)
Golden Eagle Retail Group (Cayman Islands) (1)
China Merchants Holdings International
(Hong Kong) (1)
Youku ADR (Cayman Islands) (1)
35.23
59,390
12,760
30,360
278,157
1,496,628
1,419,422
1,142,681
1,056,997
4.72
4.48
3.60
3.33
26,600
356,000
1,001,211
722,445
3.16
2.28
214,515
24,969
648,560
532,089
2.04
1.68
Total for China

United Kingdom
Burberry Group
Diageo ADR
25.29
73,359
4,847
1,537,299
500,550

Brazil
CETIP - Balcao Organizado de Ativos e Derivativos
Brookeld Incorporacoes
BM&FBovespa
74,894
199,571
64,261
917,895
333,311
326,114
29,748
16,469
976,924
555,993
Total for Denmark
3.08
1.75
4.83
351,736
24,665
4,162
768,421
397,846
340,664
Total for India

Denmark
DSV
2.89
1.05
1.03
4.97
Total for Canada

India
Adani Ports and Special Economic Zone
MakeMyTrip (Mauritius) (1)
Nestle India
4.85
1.58
6.43
Total for Brazil

Canada
Brookeld Asset Management vtg A
Brookeld Infrastructure Partners (Bermuda) (1)
5.92
5.25
5.04
4.48
2.78
2.62
2.36
2.28
2.03
1.72
0.75
2.42
1.26
1.07
4.75
65,225
1,284,088
4.05
4.05
35
30 June 2012
DERIVATIVES


Investments
Holdings
Market % of net
value
assets
Italy
Prada
159,100
1,057,423
Total for Italy

Belgium
Anheuser-Busch InBev
3.33
13,010
1,007,112
Total for Belgium

Switzerland
Panalpina Welttransport Holding Regd
3,453
3,705
362,420
329,329
11,576
614,082
4,413
467,971
1.94
1.48
1.48
323,127
279,481
0.88
0.88
168,000
183,894
Total for Hong Kong
0.58
0.58
Total for Equities
99.12
Mutual Fund
1,600,000
1,600,000

Amount
sold
313,562 ZAR
1,639,422 EUR
36,979 USD
2,049,650 USD
Net unrealised
30 June 2012
assets
1,226
27,451
0.00
0.09
28,677
0.09
(4,466)
(0.01)

Exchange Contracts
(4,466)
(0.01)

Exchange Contracts
24,211
0.08
Total Derivatives
24,211
0.08

Exchange Contracts
06/07/2012
268,972 USD
215,820 EUR
(1,347,141)
31,710,662
Total for Australia

Hong Kong
Sun Art Retail Group
03/07/2012
06/07/2012
Amount
bought
1.94
Total for France

Australia
Lynas
1.14
1.04
Maturity
date
2.18

France
Pernod-Ricard
3.18
3.18

South Africa
Naspers N
3.33
5.05
5.05
33,033,592
104.17
(4.25)
100.00
30 June 2012
36
INVESTMENT AIM
To seek to provide current income and long

term capital appreciation, measured in
USdollars, primarily through investment in
the equity securities of companies in the real
estate industry located throughout the world.

Investments
Holdings
Market % of net
value
assets
Equities
Equity Residential
HCP
Regency Centers
Boston Properties
General Growth Properties
Public Storage
Apartment Investment & Management A
Brookeld Ofce Properties (Canada) (1)
Forest City Enterprises A
AvalonBay Communities
Healthcare Realty Trust
Mack-Cali Realty
Senior Housing Properties Trust
ProLogis
Equity Lifestyle Properties
Federal Realty Investment Trust
DCT Industrial Trust
Camden Property Trust
BRE Properties
Cousins Properties
Digital Realty Trust
Starwood Property Trust
Health Care REIT
Acadia Realty Trust
Macerich
Assisted Living Concepts A
Hudson Pacic Properties
Ashford Hospitality Trust
PS Business Parks
Winthrop Realty Trust
Omega Healthcare Investors
Retail Opportunity Investments
Douglas Emmett
Sovran Self Storage
CommonWealth REIT
STAG Industrial
BioMed Realty Trust
Parkway Properties
114,008
200,601
113,524
464,564
163,472
131,163
55,652
111,137
310,505
36,183
185,653
273,182
316,660
30,477
150,444
110,424
132,029
87,346
38,076
20,907
339,143
30,396
33,360
208,136
17,080
53,230
17,350
42,806
15,053
53,508
37,100
73,530
8,962
45,430
22,030
35,181
15,800
5,781
13,702
12,556
7,985
1,540
17,647,298
12,348,998
9,433,844
7,242,553
7,158,439
6,194,828
5,933,616
5,770,233
5,573,565
5,154,268
5,007,061
4,728,780
4,553,571
4,278,971
3,576,054
3,145,980
2,929,723
2,871,936
2,595,260
2,160,320
2,156,949
2,038,964
1,655,323
1,590,159
1,267,678
1,130,073
1,008,555
989,247
881,203
736,805
632,555
612,505
603,949
554,700
505,809
423,931
360,714
290,206
259,516
179,551
147,563
17,494

Hong Kong
Hongkong Land Holdings (Bermuda) (1)
Hysan Development
Sino Land
Link REIT
Wharf Holdings
Swire Properties
25.42
2,842,574
2,777,000
1,917,911
1,718,753
3,131,396
1,325,000
941,000
664,129
530,777
1,712,811
281,150
33,405,527
15,856,670
8,172,403
6,492,784
4,691,309
4,475,763
3,839,841
3,651,921
2,911,800
1,989,684
840,961
Total for Hong Kong
United Kingdom
British Land
Hammerson
Unite Group
3.29
2.30
1.76
1.35
1.33
1.15
1.11
1.08
1.04
0.96
0.93
0.88
0.85
0.80
0.67
0.59
0.55
0.54
0.48
0.40
0.40
0.38
0.31
0.30
0.24
0.22
0.19
0.18
0.16
0.14
0.12
0.11
0.11
0.10
0.09
0.08
0.07
0.05
0.05
0.03
0.03
0.00
6.23
2.96
1.52
1.21
0.87
0.83
0.72
0.68
0.54
0.37
0.16
16.09
1,210,390
1,368,412
1,552,232
1,519,947
14,139,505
10,978,952
10,849,262
4,529,814
2.64
2.05
2.02
0.85
37
30 June 2012
Investments

Investments
Holdings
Market % of net
value
assets
LXB Retail Properties (Jersey) (1)
Derwent London
Segro
Great Portland Estates
ST Modwen Properties
Safestore Holdings
Big Yellow Group
Grainger
Capital & Counties Properties
Metric Property Investments
Shaftesbury
Capital & Regional
Quintain Estates & Development
Development Securities
Holdings
Market % of net
value
assets
Netherlands
Corio
Eurocommercial Properties CVA
Wereldhave
Vastned Retail
146,025
115,755
13,963
1,557
6,394,745
3,996,370
894,074
59,406
2,505,152
815,424
131,026
1,094,389
522,292
1,232,061
1,907,880
648,495
1,498,232
585,905
1,305,618
176,335
3,258,029
2,157,615
208,861
4,322,402
4,137,673
3,793,915
3,699,281
3,217,979
3,106,573
3,015,050
2,858,323
2,110,347
1,933,621
1,699,779
1,413,376
1,308,258
1,254,299
444,729
0.81
0.77
0.71
0.69
0.60
0.58
0.56
0.53
0.39
0.36
0.32
0.26
0.24
0.23
0.08
14.69
Sweden
Hufvudstaden A
Castellum
Atrium Ljungberg B
Fabege
2.11
436,031
252,175
137,389
83,455
4,620,168
3,025,635
1,625,575
652,659
Total for Sweden

Singapore
CapitaLand
CapitaMall Trust
Global Logistic Properties
City Developments
UOL Group
Ascendas Real Estate Investment Trust
Suntec Real Estate Investment Trust
1,768,736
2,556,422
1,690,937
5,163,824
1,439,933
2,854,333
821,293
1,177,063
813,558
420,564
153,210
17,199,206
7,457,602
5,694,362
4,915,596
4,539,571
3,725,088
3,085,219
2,337,347
1,648,828
436,938
424,989
Total for Australia

Japan
Mitsubishi Estate
Mitsui Fudosan
Tokyo Tatemono
NTT Urban Development
9.59
1,057,000
815,000
434,000
306
312
67,000
142
18,843,676
15,677,018
10,590,822
2,966,130
2,867,387
250,176
114,257
Total for Japan

France
Unibail-Rodamco
Klepierre
ICADE
Gecina
Foncire des Regions
Mercialys
SILIC (Socit Immobilire de Location
pour lIndustrie et le Commerce)
Altarea
Socit de la Tour Eiffel
3.21
1.39
1.06
0.92
0.85
0.69
0.57
0.43
0.31
0.08
0.08
3.51
2.92
1.97
0.55
0.54
0.05
0.02
9.56
136,481
150,395
47,481
31,594
29,469
107,896
24,899,702
4,906,481
3,590,113
2,811,968
2,096,776
1,969,147
4.64
0.92
0.67
0.52
0.39
0.37
13,897
6,244
12,677
1,309,066
806,905
607,110
0.24
0.15
0.11
Total for France
8.01
China
China Overseas Land & Investment (Hong Kong) (1)
2,432,000
1,128,000
771,000
124,000
37,000
71,000
97,000
5,182,227
1,700,324
1,271,715
1,096,046
143,959
120,472
103,346
4,436,990
1,342,000
811,000
710,500
413,280
1,733,329
1,718,113
1,652,068
1,084,590
958,041
0.32
0.32
0.31
0.20
0.18
1,285,000
651,097
0.12
1.45
129,623
35,290
22,827
10,806
29,840
3,486,377
2,007,073
624,489
291,277
210,236
Total for Canada

Germany
Alstria Ofce REIT
Prime Ofce REIT
Deutsche Euroshop
GSW Immobilien
304,368
297,185
26,106
20,301
3,219,919
1,187,916
911,216
692,006
606,109
302,469
2,211,580
839,237
109,857
30,321
3,808
9,637,594
2,519,428
876,007
1.80
0.47
0.16
Austria
Conwert Immobilien Invest
0.41
0.16
0.57
5,639,291
2,409,193
Total for Italy

Switzerland
PSP Swiss Property Regd
Mobimo Holding Regd
0.60
0.22
0.17
0.13
1.12
Total for Finland

Italy
Beni Stabili
0.65
0.37
0.12
0.05
0.04
1.23
Total for Germany

Finland
Sponda
Citycon
0.97
0.32
0.24
0.20
0.02
0.02
0.02
1.79
Total for China

Canada
RioCan Real Estate Investment Trust
Boardwalk Real Estate Investment Trust
Calloway Real Estate Investment Trust
Brookeld Ofce Properties Canada
Extendicare Real Estate Investment Trust
0.86
0.57
0.30
0.12
1.85
Total for Singapore

Australia
Westeld
GPT Group
Dexus Property
Stockland
Mirvac Group
Goodman Group
CFS Retail Property Trust
Centro Retail Australia REIT (Australia) (1)
Investa Ofce Fund
1.19
0.74
0.17
0.01
0.46
0.46
394,831
40,920
1,785,825
447,825
0.33
0.09
2.43
Total for Austria
0.42
30 June 2012
38
DERIVATIVES


Investments
Holdings
Market % of net
value
assets
Brazil
Iguatemi Empresa de Shopping Centers
BR Properties
BR Malls Participaoes

Maturity
date
06/07/2012
32,100
351,800
35,000
8,000
669,267
617,193
411,959
91,862
0.12
0.12
0.07
0.02
8,054
11,030
882,647
620,117
0.16
0.13
0.29
847,555
1,146,819
0.22
Total for Equities
97.63
Mutual Fund
4,801,000
4,801,000
0.89
0.89

528,544,049
98.52

3,475,560
Total for Malta

13,212 USD
10,601 EUR
19,127
0.00
19,127
0.00
(219)
0.00
(219)
0.00

Exchange Contracts
18,908
0.00
Total Derivatives
18,908
0.00
528,544,049
1.48
536,463,064
100.00
0.22
Total for Norway
Malta
BGP Holdings (Australia) (1) (3)
1,418,173 USD

Exchange Contracts
Total for Belgium

1,134,438 EUR
Net unrealised
30 June 2012
assets
0.33
Belgium
Conimmo
Bemmo S.C.A. Sica
Norway
Norwegian Property
Amount
sold

Exchange Contracts
06/07/2012
Total for Brazil
Amount
bought
0.00
0.00
0.00
528,544,049
98.52
Statements.
39
30 June 2012
Indian Equity Fund
INVESTMENT AIM

measured in US dollars, by investment
through Morgan Stanley SICAV (Mauritius)
Limited (the Subsidiary), primarily in the
equity securities of companies domiciled
or exercising the predominant part of their
economic activity in India.
The investments listed are those of the Subsidiary.*

Investments
Holdings
Commercial Banks
HDFC Bank
IndusInd Bank (3)
Axis Bank
ICICI Bank
Yes Bank
Jammu & Kashmir Bank
797,841
634,058
209,967
228,693
539,720
159,900
Market % of net
value
assets
8,107,895
4,011,708
3,845,893
3,709,482
3,303,236
2,849,683
7.69
3.80
3.64
3.52
3.13
2.70
* Please refer to Signicant Accounting Policies note 2(k).
Total for Commercial Banks

Pharmaceuticals
Dr Reddys Laboratories ADR
Cipla
Dr. Reddys Laboratories
24.48
777,580
151,900
400,771
29,309
5,091,323
4,459,784
2,287,694
871,078
Total for Pharmaceuticals

IT Services
Infosys
Wipro
12.05
103,373
539,794
59,190
4,677,370
3,892,591
1,363,489
Total for IT Services

Automobiles
Tata Motors ADR
Bajaj Auto
Tata Motors A
127,100
99,302
994,441
2,770,780
2,816,466
2,374,249
1,276,023
5,957,305
32,442
20,863
307,823
1,607,943
1,707,658
1,654,712
Total for Oil, Gas & Consumable Fuels
1.52
1.62
1.57
4.71
155,943
465,000
3,565,838
1,339,951
Total for Construction Materials

Oil, Gas & Consumable Fuels
Reliance Industries
5.65
5.65
Total for Food Products

Construction Materials
ACC
Madras Cements
2.63
2.67
2.25
7.55
Total for Tobacco

Food Products
GlaxoSmithKline Consumer Healthcare
Nestle India
McLeod Russel India
4.44
3.69
1.29
9.42
Total for Automobiles

Tobacco
ITC
4.83
4.23
2.17
0.82
3.38
1.27
4.65
304,661
4,053,631
3.84
3.84
30 June 2012
40
Indian Equity Fund
Investments
The investments listed are those of the Subsidiary.
Consumer Finance
Bajaj Finance

Investments
Holdings
Machinery
AIA Engineering
Cummins India
Eicher Motors
Thermax
239,990
165,136
14,331
59,392
Market % of net
value
assets
1,487,198
1,338,389
516,826
514,077
Total for Machinery

Metals & Mining
Tata Steel
Hindustan Zinc
328,329
551,310
2,613,666
1,226,293
Total for Metals & Mining

Media
Zee Entertainment Enterprises
D.B.
2,667,734
1,122,141
Total for Media
274,776
319,830
1,684,183
1,403,780
Total for Real Estate Management & Development

Wireless Telecommunication Services
Bharti Airtel
527,878
Total for Wireless Telecommunication Services

Chemicals
Coromandel International
1,942,871
Total for Chemicals
1,418,396
Total for Electronic Equipment, Instruments & Components

Construction & Engineering
Engineers India
313,770
Total for Construction & Engineering

Transportation Infrastructure
Gujarat Pipavav Port (3)
1,148,312
Total for Transportation Infrastructure

Thrifts & Mortgage Finance
Housing Development Finance Wts
exp. 23/08/2012
Total for Thrifts & Mortgage Finance
1,031,036
0.65
3,145,370
2.98
105,502,018
100.00
2.53
1.06
1.60
1.33
2.75
1.84
1.34
1.19
1.09
1.09
1,132,200
Total for Hotels, Restaurants & Leisure
0.65

2.48
1.16
1.19
1,092,275
685,728
97.02
1.34
1,259,210
181,297
102,356,648
1.84
Electronic Equipment, Instruments & Components

Redington India
1,023,515
Hotels, Restaurants & Leisure

Speciality Restaurants
0.74
2.75
417,200
Total for Consumer Finance
0.74
3.66
2.93
2,903,781
786,232
Personal Products
Marico
3.59
Real Estate Management & Development

Sobha Developers
Oberoi Realty
47,784
Market % of net
value
assets
1.41
1.27
0.49
0.49
3.64
1,007,760
303,701
Holdings
0.98
0.98
86,650
287,036
Total for Personal Products
0.27
0.27
Statements.
41
30 June 2012
INVESTMENT AIM

measured in Yen, through investment
part of their economic activity in Japan
andwhich are listed on any exchanges
orover-the-counter markets.

As at 30 June 2012, expressed in Yen.
Investments
Holdings
Automobiles
Toyota Motor
Yamaha Motor
Nissan Motor
Honda Motor
Suzuki Motor
95,860
250,600
234,100
44,500
14,880
Market
value % of net
(JPY000s)
assets
305,793
189,203
175,107
122,330
24,120
Total for Automobiles

Commercial Banks
Tokyo Tomin Bank
Yachiyo Bank
16.46
93,340
743,180
1,240,640
113,500
27,660
243,804
175,390
166,246
90,573
43,039
Total for Commercial Banks

Machinery
Asahi Diamond Industrial
Sumitomo Heavy Industries
Fanuc
NSK
Amada
THK
131,620
330,000
7,000
142,000
86,000
24,820
119,248
117,150
90,650
72,420
40,248
37,031
757,600
674,880
225,007
198,415
133,000
130,600
203,490
185,191
1,983
206,330
180,850
173,936
730,400
613,800
207,434
128,284
Total for Metals & Mining
4.18
2.59
6.77
40,280
26,300
148,835
117,692
Total for Semiconductors & Semiconductor Equipment

Metals & Mining
Mitsui Mining & Smelting
Nippon Steel
Mitsubishi Materials
3.64
3.51
7.15
Total for Marine

Semiconductors & Semiconductor Equipment
Tokyo Electron
Disco
4.10
3.74
7.84
Total for Insurance

Marine
Mitsui OSK Lines
Nippon Yusen
4.54
4.00
8.54

Insurance
Dai-ichi Life Insurance
T&D Holdings
2.40
2.36
1.83
1.46
0.81
0.75
9.61
Total for Capital Markets

Mitsui Fudosan
Mitsubishi Estate
4.91
3.54
3.35
1.83
0.87
14.50
Total for Machinery

Capital Markets
Nomura Holdings
6.16
3.81
3.53
2.47
0.49
449,200
405,200
222,000
3.00
2.37
5.37
77,712
72,531
50,838
1.57
1.46
1.02
4.05
30 June 2012
42
DERIVATIVES

As at 30 June 2012, expressed in Yen.

expressed in Yen.
Investments
Specialty Retail
Ks Holdings
Holdings
85,900
Market
value % of net
(JPY000s)
assets
199,632
Total for Specialty Retail

Building Products
Daikin Industries
Asahi Glass
4.03
4.03
46,060
165,000
102,437
87,945
Total for Building Products

Electronic Equipment, Instruments & Components
Hitachi
209,000
TDK
13,560
101,783
43,392
Total for Electronic Equipment, Instruments & Components
Maturity
date
06/07/2012
Amount
bought
Amount
sold
3,292,904 EUR
327,267,115 JPY

Exchange Contracts
2.07
1.77
06/07/2012
3.84

Exchange Contracts
2.06
0.87
2.93
304,916 JPY
45,920
103,871
Total for Auto Components

Computers & Peripherals
Toshiba
2.10
305,400
91,620
Total for Computers & Peripherals

Media
Fuji Media Holdings
553
75,540
50,500
49,642
1.00
1.00
104,000
25,064
Total for Chemicals

1.52
1.52
Total for Electrical Equipment

Chemicals
Teijin
1.85
1.85
Total for Media

Electrical Equipment
2.10
0.51
0.51
4,863,493
98.07
4,561
0.09
4,561
0.09
(5)
0.00
(5)
0.00

Exchange Contracts
4,556
0.09
Total Derivatives
4,556
0.09
91,297
1.84
4,959,347
100.00

Auto Components
Toyota Industries
3,071 EUR
Net unrealised
gain/(loss) as at
30 June 2012 % of net
(JPY000s)
assets
43
30 June 2012
INVESTMENT AIM

inUS dollars, through investment primarily
inthe common shares of companies
incorporated in Latin American countries.

Investments
Holdings
Market % of net
value
assets
Equities
Brazil
Companhia de Bebidas das Americas ADR Pfd
Vale ADR
BRF - Brasil Foods
Banco Bradesco ADR
Cielo
Ultrapar Participacoes
Petroleo Brasileiro ADR
Petroleo Brasileiro ADR Pfd
Itau Unibanco Holding Pfd
Vale ADR
Petroleo Brasileiro Pfd
Itau Unibanco Holding ADR Pfd
BR Malls Participaoes
Banco Bradesco Pfd
Vale Pfd A
Vale
Amil Participaoes
Mills Estruturas e Servicos de Engenharia
Diagnosticos da America
Petroleo Brasileiro
Gerdau ADR Pfd
Iochpe-Maxion
Bradespar Pfd
Raia Drogasil
OGX Petroleo e Gas Participacoes
Companhia de Bebidas das Americas Pfd
BRF - Brasil Foods ADR
Gerdau Pfd
Ultrapar Participacoes ADR
Companhia de Bebidas das Americas
1,212,100
1,465,598
1,716,476
1,744,655
839,660
991,400
1,193,700
1,184,602
1,374,400
904,705
1,591,720
976,803
1,124,600
856,321
647,888
569,812
1,081,017
736,400
5,111,644
1,347,500
869,982
938,700
519,900
327,572
458,200
1,520,200
47,000
107,600
180,500
10,300
114
46,314,341
28,300,697
25,945,345
25,943,020
24,792,815
22,144,116
22,143,135
21,239,914
18,976,501
17,849,830
14,285,880
13,450,577
12,913,560
12,706,042
12,515,945
11,270,293
10,661,234
9,496,049
8,967,797
8,855,115
8,071,198
7,969,563
5,993,098
5,287,452
4,541,580
4,030,662
1,792,606
1,638,748
1,534,134
228,969
4,348
Total for Brazil

Mexico
Fomento Economico Mexicano ADR
Mexichem
Wal-Mart de Mexico V
Grupo Financiero Banorte O
Grupo Televisa ADR CPO
Alfa A
Empresas ICA
El Puerto de Liverpool
Banregio Grupo Financiero
55.73
465,000
6,522,290
9,980,602
4,832,634
896,700
520,500
4,397,400
605,900
1,298,377
41,147,850
27,844,590
26,288,841
24,553,407
19,252,149
8,452,714
7,685,732
4,849,279
3,772,465
Total for Mexico

Chile
Sociedad Quimica y Minera de Chile ADR B
Cencosud
Empresa Nacional de Electricidad
Banco Santander Chile ADR
SACI Falabella
Cia Cervecerias Unidas
Empresa Nacional de Electricidad ADR
Cencosud Rights 21/07/2012
Total for Colombia
5.60
3.79
3.57
3.34
2.62
1.15
1.04
0.66
0.51
22.28
358,200
2,665,996
8,420,082
172,900
1,133,576
554,175
4,900
286,134
19,908,756
14,648,330
14,105,959
13,309,842
10,397,312
6,863,498
246,372
94,159
Total for Chile

Colombia
Grupo de Inversiones Suramericana pfd
Pacic Rubiales Energy (Canada) (1)
Almacenes Exito
Grupo de Inversiones Suramericana
6.30
3.85
3.53
3.53
3.37
3.01
3.01
2.89
2.58
2.43
1.94
1.83
1.76
1.73
1.70
1.53
1.45
1.29
1.22
1.20
1.10
1.08
0.81
0.72
0.62
0.55
0.24
0.22
0.21
0.03
0.00
2.71
1.99
1.92
1.81
1.42
0.93
0.03
0.01
10.82
663,800
477,125
578,906
102,500
12,042,246
10,412,476
9,491,457
1,760,838
1.64
1.41
1.29
0.24
4.58

Investments
Holdings
Market % of net
value
assets
Peru
Credicorp (Bermuda) (1)
187,500
23,480,625
3.20
Total for Peru

Panama
Copa Holdings A
3.20
217,703
17,975,737
2.45
Total for Panama
2.45
Total for Equities
99.06
Mutual Fund
8,391,000
8,391,000
1.14
1.14

736,840,198
100.20

Brazil
Banco Nacional Pfd (3)
Lojas Arapua Pfd (3)
2,698,000
58,205,100
0
0
Total for Brazil

0.00
0.00
0.00
0.00
736,840,198
100.20
(1,449,232)
735,390,966
(0.20)
100.00
Statements.
30 June 2012
44
45
30 June 2012
US Advantage Fund
INVESTMENT AIM
To seek long-term capital appreciation, measured

in US dollars, by investing primarily in securities
issued by UScompanies andon ancillary
basis in securities issued bycompanies
that are not from theUS.

Investments
Holdings
Market % of net
value
assets
Equities
Internet Software & Services
Facebook A
Google A
eBay
6,920,272
235,290
2,295,435
215,843,284
135,185,869
94,789,988
Total for Internet Software & Services

Beverages
Anheuser-Busch InBev ADR
PepsiCo
Diageo ADR
Coca-Cola
13.55
1,351,549
1,343,399
4,999,228
1,160,815
465,920
617,319
104,609,893
94,199,138
52,034,465
50,727,615
48,115,558
47,866,915
Total for Beverages

Computers & Peripherals
Apple
478,960
275,880,960
1,016,863
229,068,728
1,101,304
1,284,315
999,845
89,877,419
76,474,537
28,705,550
5,177,003
944,527
106,335,642
78,206,836
2,585,156
979,860
108,632,015
47,582,002
Total for Hotels, Restaurants & Leisure
3.30
1.45
4.75
3,813,292
1,435,954
109,379,503
24,454,297
Total for Commercial Services & Supplies

Hotels, Restaurants & Leisure
Dunkin Brands Group
Starbucks
Yum! Brands
3.23
2.38
5.61
Total for Professional Services

Commercial Services & Supplies
Edenred
Covanta Holding
2.73
2.33
0.87
5.93
Total for Insurance

Professional Services
Intertek Group
Verisk Analytics A
6.96
6.96
Total for Food Products

Insurance
Progressive
Berkshire Hathaway B
8.39
8.39
Total for Internet & Catalog Retail

Food Products
Nestl ADR Regd
Hillshire Brands
3.18
2.86
1.58
1.54
1.46
1.46
12.08
Total for Computers & Peripherals

Internet & Catalog Retail
Amazon.com
6.56
4.11
2.88
3.33
0.74
4.07
1,392,841
853,811
644,762
46,896,956
45,217,831
40,310,520
1.43
1.37
1.23
4.03
30 June 2012
46
US Advantage Fund
Investments

Investments
Holdings
Market % of net
value
assets
113,986,983

Communications Equipment
Motorola Solutions
Oil, Gas & Consumable Fuels

Range Resources
537,499
33,459,313
Total for Oil, Gas & Consumable Fuels
3.47
Total for Machinery
3.47
Total for Equities
1.02
1.02
100,870
11,214,274
0.34
0.34
90.83
Mutual Fund
2,162,340
102,646,280
Total for Communications Equipment

IT Services
Visa A
Mastercard A
Machinery
Schindler Holding PC
3,470,980
Market % of net
value
assets
Holdings
3.12
3.12

Liquidity Fund (4)
190,911,000
190,911,000

392,478
106,181
47,729,250
45,247,971
Total for IT Services
1.45
1.37
5.80
5.80
3,178,422,262
96.63
2.82
DERIVATIVES
Textiles, Apparel & Luxury Goods
Burberry Group
Coach
2,238,110
669,773
46,901,448
38,197,154
Total for Textiles, Apparel & Luxury Goods

Diversied Financial Services
MSCI
CME Group A
2.59
1,287,614
144,019
42,800,289
38,692,145
Total for Diversied Financial Services

Diversied Consumer Services
Weight Watchers International
1,500,173
73,928,525
Total for Diversied Consumer Services

Tobacco
1.43
1.16

1.30
1.18
Maturity
date
2.48
06/07/2012
2.25
2.25
Amount
bought
Amount
sold
357,745,533 EUR
447,269,514 USD
5,983,839
0.18

Exchange Contracts
5,983,839
0.18
Total Derivatives
5,983,839
0.18
104,723,776
3.19
3,289,129,877
100.00

701,803
61,162,131
Total for Tobacco
1.86
1.86
Food & Staples Retailing

Costco Wholesale
555,699
52,585,796
Total for Food & Staples Retailing

Distributors
Li & Fung
1.60
24,788,000
47,363,040
Total for Distributors

Media
McGraw-Hill Companies
Total for Industrial Conglomerates
1.44
1.44
951,534
42,105,380
Total for Media

Industrial Conglomerates
Danaher
1.60
1.28
1.28
757,523
39,095,762
1.19
1.19
Net unrealised
gain as at % of net
30 June 2012
assets
47
30 June 2012
US Growth Fund
INVESTMENT AIM
To seek long-term capital appreciation, measured

in US dollars, by investing primarily in securities
issued by UScompanies andon ancillary
basis in securities issued bycompanies
that are not from theUS.

Investments
Holdings
Market % of net
value
assets
Equities
Computer Services Software & Systems
Facebook A
Google A
Baidu ADR
Salesforce.com
LinkedIn A
MSCI
VMware A
Zynga A
2,398,866
81,911
296,710
181,860
150,352
478,140
143,985
1,436,243
74,820,631
47,061,965
33,006,020
24,782,062
15,931,298
15,893,374
12,840,582
7,813,162
Total for Computer Services Software & Systems

Diversied Retail
Amazon.com
Priceline.com
eBay
Groupon
424,269
53,996
389,475
1,417,698
21.80
95,575,078
35,386,279
16,083,370
14,205,334
Total for Diversied Retail
169,397
584,141
97,572,672
11,069,472
Total for Computer Technology
145,272
40,651
60,072
17,666,528
17,323,017
16,138,943
Total for Consumer Lending
1,440,267
41,312,254
1,217,702
39,989,334
740,165
516,445
35,135,633
4,010,195
3.30
0.38
3.68
66,257
36,176,322
Total for Medical Equipment
Total for Beverage: Brewers & Distillers
3.75
3.75
Total for Communications Technology
Beverage: Brewers & Distillers

Anheuser-Busch InBev ADR
3.88
3.88
Total for Real Estate Investment Trusts (REITs)
Medical Equipment
Intuitive Surgical
1.66
1.63
1.51
4.80
Total for Recreational Vehicles & Boats
Communications Technology
Motorola Solutions
Research In Motion
9.16
1.04
10.20
Consumer Lending
Visa A
Mastercard A
CME Group A
Real Estate Investment Trusts (REITs)

8.98
3.32
1.51
1.33
15.14
Computer Technology
Apple
Yandex A
Recreational Vehicles & Boats

Edenred
7.02
4.42
3.10
2.33
1.50
1.49
1.21
0.73
3.40
3.40
249,169
1,332,553
19,285,681
13,869,878
1.81
1.30
3.11
30 June 2012
48
US Growth Fund
Investments

Investments
Holdings
Market % of net
value
assets
Chemicals: Diversied
Monsanto
372,335
30,516,577
290,547
329,147
15,412,907
14,564,755
Electronic Components
Sensata Technologies Holdings
561,906
15,266,986
Total for Electronic Components
Total for Commercial Finance & Mortgage Companies
2.87
Financial Services
Bank of America
Citigroup
Goldman Sachs Group
529,073
130,677
34,738
14,498,039
Pharmaceuticals
Valeant Pharmaceuticals International
4,227,293
3,589,697
3,314,005
Metals & Minerals Diversied

Molycorp
185,134
283,310
15,108,786
12,729,118
605,851
205,255
13,722,525
12,777,124
1.29
1.20
2.49
1.05
444,672
9,422,600
Total for Metals & Minerals Diversied

Foods
Hillshire Brands
266,510
7,651,502
Total for Foods

Semiconductors & Components
First Solar
25,693,274
0.72
361,384
5,413,532
Insurance: Multi-Line
American International Group
150,389
4,693,641
0.44
0.44
1.94
Total for Equities
Total for Insurance: Property-Casualty
0.51
0.51
Total for Insurance: Multi-Line

20,623,598
0.72
2.41
2.41
1,004,070
0.88
0.88
Total for Semiconductors & Components

650,298
Total for Biotechnology

Insurance: Property-Casualty
Progressive
1.42
1.19
2.61
Total for Alternative Energy

Biotechnology
Illumina
0.40
0.34
0.31
2.81

Alternative Energy
Ultra Petroleum
Range Resources
1.36
1.36
Total for Financial Services

Total for Diversied Media
1.43
1.43
2.87
1.44
1.37
Market % of net
value
assets
Commercial Finance & Mortgage Companies

BM&FBovespa
2,856,850
Total for Chemicals: Diversied

Diversied Media
Naspers N
McGraw-Hill Companies
Holdings
99.22
1.94
Mutual Fund
Financial Data & Systems
Verisk Analytics A
365,657
17,756,304
Total for Financial Data & Systems
1.67

Liquidity Fund (4)
8,550,000
8,550,000

Wholesale & International Trade
Li & Fung
9,246,088
17,666,727
Total for Wholesale & International Trade

Beverage: Soft Drinks
PepsiCo
247,667
17,366,410
Total for Air Transport
1.63
1.63
388,818
16,338,698
Total for Commercial Services

Air Transport
Expeditors International of Washington
1.66
1.66
Total for Beverage: Soft Drinks

Commercial Services
Intertek Group
0.80
1.67
1.53
1.53
402,446
15,433,804
1.45
1.45
0.80
1,065,286,986
100.02
49
30 June 2012
US Growth Fund
DERIVATIVES

Maturity
date
06/07/2012
Amount
bought
Amount
sold
65,466,239 EUR
81,848,393 USD

Exchange Contracts
06/07/2012
119,062 USD
95,534 EUR

Exchange Contracts
Net unrealised
30 June 2012
assets
1,095,459
0.10
1,095,459
0.10
(1,977)
0.00
(1,977)
0.00

Exchange Contracts
1,093,482
0.10
Total Derivatives
1,093,482
0.10
(1,297,710)
(0.12)

1,065,082,758
100.00
30 June 2012
50
US Property Fund
INVESTMENT AIM
To seek to provide long-term capital

appreciation, measured in US dollars,
by investing in equity securities of companies
in the US real estateindustry.

Investments
Holdings
Market % of net
value
assets
Equities
Regional Malls
General Growth Properties
Macerich
Taubman Centers
172,613
961,451
84,110
11,045
26,718,766
17,258,046
4,923,799
844,832
Total for Regional Malls

Apartments
Equity Residential
Apartment Investment & Management A
AvalonBay Communities
Camden Property Trust
BRE Properties
18.08
399,214
327,244
61,580
54,568
66,760
24,575,614
8,825,771
8,645,832
3,660,422
3,312,631
Total for Apartments

Health Care
HCP
Healthcare Realty Trust
Senior Housing Properties Trust
Health Care REIT
Assisted Living Concepts A
Omega Healthcare Investors
302,126
280,630
257,602
61,880
116,492
29,270
13,230,098
6,670,575
5,716,188
3,597,084
1,604,095
672,039
211,722
488,015
368,637
27,270
74,140
2,240
17,594,098
7,017,656
2,816,387
2,023,979
905,249
18,771
Total for Lodging/Resorts
6.40
2.54
1.02
0.74
0.33
0.01
11.04
112,703
368,490
223,442
87,380
56,110
43,982
23,110
2,170
2,450
12,016,394
6,378,562
6,365,863
1,489,829
1,280,991
833,019
427,073
171,083
27,832
Total for Ofce

Lodging/Resorts
Ashford Hospitality Trust
4.81
2.43
2.08
1.31
0.58
0.24
11.45
Total for Diversied

Ofce
Boston Properties
Brookeld Ofce Properties
Mack-Cali Realty
Hudson Pacic Properties
Douglas Emmett
CommonWealth REIT
BioMed Realty Trust
SL Green Realty
Parkway Properties
8.93
3.21
3.14
1.33
1.21
17.82
Total for Health Care

Diversied
Forest City Enterprises A
Cousins Properties
Digital Realty Trust
Winthrop Realty Trust
Lexington Realty Trust
9.71
6.27
1.79
0.31
4.37
2.32
2.31
0.54
0.47
0.30
0.16
0.06
0.01
10.54
935,520
191,809
157,160
14,584,757
9,958,723
1,309,143
5.30
3.62
0.48
9.40
51
30 June 2012
US Property Fund

Investments
Holdings
Market % of net
value
assets
Shopping Centers
Regency Centers
Federal Realty Investment Trust
Acadia Realty Trust
Retail Opportunity Investments
248,529
38,935
90,774
85,508
11,738,025
4,023,154
2,097,787
1,030,371
Total for Shopping Centers

Self Storage
Public Storage
Sovran Self Storage
6.87
76,115
2,155
10,842,582
108,181
Total for Self Storage

Industrial
ProLogis
DCT Industrial Trust
STAG Industrial
184,867
551,340
28,894
6,078,427
3,506,522
413,184
76,824
5,236,324
1.90
1.90
17,220
25,805
1,160,456
939,302
Total for Mixed Industrial/Ofce

Specialty
Starwood Property Trust
2.21
1.27
0.15
3.63
Total for Residential Manufactured Homes

Mixed Industrial/Ofce
PS Business Parks
Liberty Property Trust
3.94
0.04
3.98
Total for Industrial

Residential Manufactured Homes
Equity Lifestyle Properties
4.27
1.46
0.76
0.38
0.42
0.34
0.76
84,280
1,789,264
Total for Specialty
0.65
0.65
Total for Equities
96.12
Mutual Fund
Liquidity Fund (4)
5,500,000
5,500,000
2.00
2.00
269,938,780
98.12
5,159,056
1.88
275,097,836
100.00
30 June 2012
52
INVESTMENT AIM
To seek to maximize total return, measured

inUSdollars, primarily through investments
across the credit spectrum of debt securities
of corporate issuers, together with investing
in debt securities of government and
government related issuers located in
emerging markets. The Fund intends to invest
its assets in emerging market corporate debt
securities that provide a high level of current
income, while at the same time holding
thepotential for capital appreciation.

Investments
Nominal in
US dollars
unless specied
Market % of net
value
assets
Bonds
Brazil
Globo Comunicacao e Participacoes sr unsecur
RegS 4.875% /2022
Odebrecht Finance co gtd RegS 5.125% /2022
Fibria Overseas Finance co gtd RegS
6.75% /2021 (Cayman Islands) (1)
Banco Bradesco sub nts RegS 5.75% /2022
Itau Unibanco Holding sub nts RegS
5.65% /2022
OGX Austria co gtd RegS 8.375% /2022
(Austria) (1)
Vale Overseas co gtd 4.375% /2022
Banco Santander Brasil sr unsecur RegS
4.625% /2017
Braskem Finance co gtd Ser144A priv plmt
BRF - Brasil Foods co gtd RegS 5.875% /2022
Odebrecht Finance co gtd RegS 6% /2023
OGX Petroleo e Gas Participacoes co gtd RegS
8.5% /2018 (Austria) (1)
Banco Safra Cayman Islands sub nts RegS
6.75% /2021
Itau Unibanco Holding subord RegS 6.2% /2021
Cosan Finance co gtd RegS 7% /2017
3,000,000
3,127,500
2.37
2,500,000
2,479,250
1.88
2,385,000
2,000,000
2,404,080
2,025,000
1.82
1.53
2,000,000
2,015,000
1.53
2,000,000
1,735,000
1.32
1,500,000
1,537,956
1.16
1,100,000
1,087,625
0.82
1,000,000
1,000,000
1,031,300
1,029,800
0.78
0.78
890,000
938,950
0.71
800,000
714,000
0.54
610,000
500,000
656,665
522,500
0.50
0.40
250,000
271,750
0.21
Total for Brazil

Russia
Russian Agricultural Bank OJSC Via RSHB
Capital sr unsecur RegS LPN 5.298% /2017
(Luxembourg) (1)
RZD Capital sr unsecur RegS 5.7% /2022
(Ireland) (1)
Evraz Group nts RegS 7.4% /2017
(Luxembourg) (1)
ALROSA Finance co gtd RegS 7.75% /2020
(Luxembourg) (1)
Vimpel Communications Via VIP Finance Ireland
OJSC unsecur RegS 7.748% /2021 (Ireland) (1)
Sberbank of Russia sr unsecur RegS
6.125% /2022 (Luxembourg) (1)
Metalloinvest Finance co gtd RegS
6.5% /2016 (Ireland) (1)
Novatek Finance sr unsecur RegS
6.604% /2021 (Ireland) (1)
Gazprom Via Gaz Capital sr unsecur RegS
9.25% /2019 (Luxembourg) (1)
Lukoil International Finance co gtd RegS
7.25% /2019 (Netherlands) (1)
MTS International Funding sr unsecur RegS
8.625% /2020 (Ireland) (1)
16.35
3,000,000
3,036,000
2.30
2,500,000
2,600,000
1.97
2,500,000
2,456,500
1.86
1,760,000
1,846,134
1.40
1,755,000
1,665,056
1.26
1,000,000
1,042,500
0.79
1,000,000
992,500
0.75
635,000
692,309
0.53
550,000
686,697
0.52
350,000
392,875
0.30
340,000
390,813
0.30
Total for Russia
China
Tingyi Cayman Islands Holding sr unsecur RegS
3.875% /2017 (Cayman Islands) (1)
3,000,000
China Resources Gas Group sr unsecur RegS
4.5% /2022 (Bermuda) (1)
2,000,000
Agile Property Holdings sr unsecur
9.875% /2017 (Cayman Islands) (1)
2,000,000
11.98
3,029,730
2.30
2,054,684
1.56
1,990,700
1.51
53
30 June 2012

Investments
Nominal in
US dollars
unless specied
Market % of net
value
assets
Bonds (continued)
China (continued)
KWG Property Holding sr unsecur
13.25% /2017 (Cayman Islands) (1)
ENN Energy Holdings sr unsecur RegS
6% /2021 (Cayman Islands) (1)
China Shanshui Cement Group co gtd RegS
Country Garden Holdings sr unsecur RegS
11.125% /2018 (Cayman Islands) (1)
1,987,040
1.50
1,750,000
1,767,579
1.34
1,000,000
1,010,000
0.76
935,000
946,688
0.72
9.69
Bonds (continued)
Hong Kong
Sun Hung Kai Properties co gtd SerEMTN
Hutchison Whampoa International 12 co gtd
RegS 6% perpetual (Cayman Islands) (1) (5)
Hutchison Whampoa International 10 co gtd
RegS 6% perpetual (Cayman Islands) (1) (5)
2,500,000
2,490,418
1.89
2,000,000
2,022,500
1.53
1,320,000
1,338,216
1.01
Mexico
Cemex SAB sr secured RegS 9% /2018
BBVA Bancomer subord RegS 6.5% /2021
4.43
3,810,000
2,000,000
3,390,900
2,030,000
Bahrain
Bahrain Government International Bond nts
RegS 6.125% /2022
2,812,500
2.13
2,250,000
2,000,000
2,461,286
2,235,000
1.87
1.70
1,700,000
1,838,550
1.39
1,500,000
1,508,437
1.14
8.23
Venezuela
Petroleos de Venezuela co gtd RegS 8.5% /2017
4,000,000
4,005,000
4,320,000
3,423,600
5,150,000
3.91
2,500,000
2,575,000
1.95
1,500,000
1,556,250
1.18
500,000
516,250
0.39
7.43
3,000,000
3,127,500
2.37
2,000,000
2,180,000
1.65
1,157,000
1,219,189
0.93
350,000
428,750
0.32
Argentina
IRSA Inversiones y Representaciones sr unsecur
RegS 8.5% /2017
Pan American Energy/Argentine Branch co gtd
RegS 7.875% /2021
Republic of Argentina sr unsecur 7% /2015
Capex sr unsecur RegS 10% /2018
Provincia de Buenos Aires sr unsecur RegS
10.875% /2021
Arcos Dorados co gtd RegS 7.5% /2019
(Netherlands) (1)
3,000,000
2,940,000
1,520,000
1,132,400
0.86
620,000
530,000
500,000
515,840
404,125
305,000
0.39
0.30
0.23
404,000
224,220
0.17
167,000
181,195
0.14
2.09
1,670,000
890,000
1,723,774
934,500
Total for Turkey

Total for Colombia
Indonesia
Bumi Investment Pte sr secured RegS
10.75% /2017 (Singapore) (1)
Berau Coal Energy co gtd RegS 7.25% /2017
Listrindo Capital co gtd RegS 6.95% /2019
(Netherlands) (1)
Indo Energy Finance co gtd RegS 7% /2018
(Netherlands) (1)
Total for Indonesia
2.23
2.23
Total for Argentina

Turkey
Export Credit Bank of Turkey sr unsecur RegS
5.875% /2019
Akbank TAS sr unsecur RegS 6.5% /2018
2.59
2.59
Total for Georgia (Republic of)

5,000,000
3.04
3.04
Total for Venezuela

Georgia (Republic of)
Georgian Oil and Gas Corp unsecur RegS
6.875% /2017
2.57
1.54
4.11
Total for Bahrain

2,500,000
Total for Peru

Colombia
Transportadora de Gas Internacional sr unsecur
RegS 5.7% /2022
Pacic Rubiales Energy co gtd RegS
7.25% /2021 (Canada) (1)
Gruposura Finance co gtd RegS 5.7% /2021
Empresas Publicas de Medellin sr unsecur
RegS 7.625% /2019
Market % of net
value
assets
Total for Mexico
Total for United Arab Emirates

Peru
Ajecorp co gtd RegS 6.5% /2022
(Netherlands) (1)
Banco de Credito del Peru subord RegS
6.125% /2027 (5)
Volcan Cia Minera sr unsecur RegS
5.375% /2022
Banco de Credito del Peru sr unsecur
Ser144A priv plmt 4.75% /2016
Nominal in
US dollars
unless specied
Total for Hong Kong

2,000,000
Total for China

United Arab Emirates
Emirate of Dubai Government International
Bonds sr nts SerEMTN 7.75% /2020
Dubai Electricity & Water Authority sr unsecur
RegS 7.375% /2020
Dolphin Energy sr secured RegS 5.5% /2021
DP World Sukuk unsecur RegS 6.25% /2017
MAF Global Securities co gtd SerEMTN
Investments
1.30
0.71
2.01
5.27
3,000,000
1,440,000
2,962,500
1,389,600
2.25
1.05
1,040,000
1,069,407
0.81
890,000
870,327
0.66
India
Vedanta Resources sr unsecur RegS
9.5% /2018 (United Kingdom) (1)
1,410,000
ICICI Bank sr unsecur RegS 5.75% /2020
400,000
Reliance Holdings USA co gtd RegS 4.5% /2020
(United States of America) (1)
410,000
1,413,525
396,107
1.07
0.31
388,186
0.29
Total for India
4.77
Guatemala
Central American Bottling co gtd RegS
6.75% /2022 (British Virgin Islands) (1)
Total for Guatemala
1.67
2,000,000
2,115,000
1.60
1.60
30 June 2012
54
DERIVATIVES


Investments
Holdings/
Nominal in
US dollars
unless specied
Market % of net
value
assets

Maturity
date
Bonds (continued)
06/07/2012
Thailand
PTTEP Canada International Finance co gtd RegS
6.35% /2042 (Canada) (1)
2,000,000
2,088,178
Total for Thailand
Amount
bought
Amount
sold
37,110,425 EUR
46,396,280 USD
621,567
0.47

Exchange Contracts
621,567
0.47
Total Derivatives
621,567
0.47
1.58
1.58
Mongolia
Mongolian Mining co gtd RegS 8.875% /2017

1,500,000
1,496,250
Total for Mongolia

Jamaica
Digicel Group sr unsecur RegS 9.125% /2015
(Bermuda) (1)
Digicel Group sr unsecur RegS 8.875% /2015
(Bermuda) (1)
560,000
565,600
0.43
235,000
237,350
0.18
0.61
500,000
518,543
Total for Chile

Kazakhstan
KazMunayGas National sr unsecur RegS
6.375% /2021
0.39
0.39
370,000
407,405
Total for Kazakhstan
0.31
0.31
Total for Bonds
91.52
Mutual Fund
12,400,000
12,400,000

9.40
9.40
133,152,559
(1,838,997)
131,935,129
1.14
1.14
Total for Jamaica

Chile
Celulosa Arauco y Constitucion sr unsecur RegS
4.75% /2022
Net unrealised
gain as at % of net
30 June 2012
assets
100.92
(5) Variable coupon rates are those quoted as of 30 June 2012.
(1.39)
100.00
55
30 June 2012
INVESTMENT AIM

inUS dollars, through investment in the debt
securities of government and governmentrelated issuers located in emerging countries.

Investments
Nominal in
US dollars
unless specied
Market % of net
value
assets
Bonds
Russia
Russian Foreign Bond - Eurobond sr unsecur
RegS 5.625% /2042
Russia Foreign Bonds sr unsecur Regs
5% /2020
Vnesheconombank Via VEB Finance sr secured
RegS 6.902% /2020 (Ireland) (1)
Russia Foreign Bonds sr unsecur RegS step
cpn 7.5% /2030
Capital unsecur RegS LPN 6.299% /2017
(Luxembourg) (1)
Russia Foreign Bonds sr unsecur RegS
12.75% /2028
RZD Capital sr unsecur RegS 5.7% /2022
(Ireland) (1)
Capital sr secured RegS LPN 7.175% /2013
(Luxembourg) (1)
OJSC unsecur RegS 7.748% /2021 (Ireland) (1)
VimpelCom Holdings co gtd RegS
7.504% /2022 (Netherlands) (1)
Russia Foreign Bonds sr unsecur Ser144A priv
plmt step cpn 7.5% /2030
27,200,000
28,593,184
3.99
23,300,000
25,134,875
3.51
13,820,000
14,934,307
2.08
9,891,963
11,770,546
1.64
7,462,000
7,881,737
1.10
2,940,000
5,267,230
0.74
2,770,000
2,880,800
0.40
2,180,000
2,269,271
0.32
2,310,000
2,191,612
0.31
1,670,000
1,554,720
0.22
8,050
9,579
0.00
Total for Russia
14.31
Mexico
Petroleos Mexicanos co gtd 5.5% /2021
17,390,000
United Mexican States sr unsecur
3.625% /2022
17,000,000
Petroleos Mexicanos co gtd RegS
4.875% /2022
14,570,000
Pemex Project Funding Master Trust co gtd
6.625% /2035 (United States of America) (1)
10,121,000
Mexican Bonos 8% /2020
(MXN)88,160,000
United Mexican States sr unsecur SerMTNA
6.75% /2034
5,133,000
Petroleos Mexicanos co gtd 8% /2019
4,075,000
Cemex SAB sr secured RegS 9% /2018
5,810,000
3,969,000
United Mexican States sr unsecur SerMTNA
6.05% /2040
1,920,000
1,000,000
United Mexican States sr unsecur SerEMTN
5.95% /2019
692,000
19,694,175
2.75
17,977,500
2.51
15,808,450
2.21
12,043,990
7,742,836
1.68
1.08
7,006,545
5,195,625
5,170,900
0.98
0.73
0.72
4,723,110
0.66
2,465,280
0.34
1,300,000
0.18
843,548
0.12
Total for Mexico
Brazil
Banco Nacional de Desenvolvimento Economico
e Social sr unsecur RegS 5.5% /2020
Republic of Brazil sr unsecur 7.125% /2037
Centrais Eletricas Brasileiras sr unsecur
RegS 5.75% /2021
Banco Safra Cayman Islands sub nts RegS
6.75% /2021
13.96
19,490,000
10,066,000
9,800,000
7,964,000
3,730,000
22,242,962
14,444,710
11,348,400
9,628,476
5,292,870
3.11
2.02
1.58
1.34
0.74
4,004,000
4,714,710
0.66
4,280,000
4,515,400
0.63
3,810,000
4,167,187
0.58
3,530,000
3,800,045
0.53
30 June 2012
56
Nominal in
US dollars
unless specied

Investments
Nominal in
US dollars
unless specied
Market % of net
value
assets
Bonds (continued)
Brazil (continued)
Republic of Brazil sr unsecur SerA 8% /2018
1,060,000
508,000
1,118,300
592,328
Venezuela
Petroleos de Venezuela co gtd RegS
8.5% /2017
61,910,000
Republic of Venezuela sr unsecur 9.25% /2027 28,149,000
Bolivarian Republic of Venezuela sr unsecur
7.65% /2025
6,550,000
Bolivarian Republic of Venezuela sr unsecur
RegS 9% /2023
4,039,000
Republic of Venezuela sr unsecur RegS
6% /2020
1,440,000
Republic of Venezuela sr unsecur 0%/2020 (5)
852,000
Colombia
Republic of Colombia
4.375% /2021
6.125% /2041
7.375% /2019
11.75% /2020
sr unsecur
11,500,000
12,942,100
1.81
3,810,000
4,991,100
0.70
2,800,000
3,663,800
0.51
1,890,000
3,024,000
0.42
sr unsecur
sr unsecur
sr unsecur
Total for Colombia
3.44
49,063,675
22,308,082
6.85
3.11
4,427,145
0.62
3,049,445
0.43
Total for Peru
943,200
241,755
0.13
0.03
11.43
Total for Venezuela
11.17
14,370,000
8,941,000
15,588,863
10,472,146
2.18
1.46
6,230,000
5,600,000
3,077,000
1,720,000
925,000
441,000
6,430,606
6,090,000
3,600,090
2,072,600
1,209,484
503,424
0.90
0.85
0.50
0.29
0.17
0.07
Total for Turkey
Market % of net
value
assets
Bonds (continued)
Peru
Republic of Peru sr unsecur 7.35% /2025
4,440,000
Peruvian Government International Bond
sr unsecur 5.625% /2050
5,060,000
Ajecorp co gtd RegS 6.5% /2022
(Netherlands) (1)
4,750,000
Republic of Peru sr unsecur RegS
8.2% /2026
(PEN)9,600,000
Republic of Peru sr unsecur 8.75% /2033
1,352,000
Total for Brazil
Turkey
Republic of Turkey sr unsecur 5.625% /2021
Export Credit Bank of Turkey sr unsecur RegS
5.875% /2019
Republic of Turkey sr unsecur 8% /2034
0.16
0.08
Investments
6,249,300
0.87
6,147,900
0.86
4,892,500
0.68
4,603,408
2,220,660
0.65
0.31
3.37
Argentina
Republic of Argentina sr unsecur 7% /2015
Republic of Argentina sr unsecur
0.785% /2012 (5)
12,891,000
9,829,388
1.37
53,400,000
6,592,230
0.92
Total for Argentina

Panama
Republic of Panama
Republic of Panama
9.375% /2029
Republic of Panama
8.875% /2027
Republic of Panama
7.125% /2026
2.29
sr unsecur 5.2% /2020

sr unsecur
6,060,000
7,114,440
0.99
1,788,000
2,869,740
0.40
1,665,000
2,584,913
0.36
580,000
781,550
0.11
sr unsecur
sr unsecur
6.42
Total for Panama
Indonesia
Majapahit Holding co gtd RegS
7.75% /2020 (Netherlands) (1)
24,480,000
Republic of Indonesia sr unsecur RegS SerGMTN
11.625% /2019
4,603,000
Republic of Indonesia sr unsecur RegS
7.75% /2038
3,207,000
29,253,600
4.08
6,754,902
0.94
4,401,608
0.62
17,552,000
18,868,400
2.63
5,500,000
8,868,750
1.24
Ukraine
Government of Ukraine Bond RegS
7.75% /2020
Ukreximbank Via Biz Finance sr unsecur RegS
LPN 8.375% /2015 (United Kingdom) (1)
Government of Ukraine sr unsecur RegS
6.58% /2016
5,017,000
6,766,679
0.95
Total for Ukraine
4.82
5.64

Kazakhstan
6.375% /2021
15,220,000
KazMunayGas National co gtd RegS
9.125% /2018
7,970,000
Development Bank of Kazakhstan sr unsecur RegS
5.5% /2015
1,890,000
Intergas Finance sr unsecur RegS
6.375% /2017 (Netherlands) (1)
560,000
South Africa
Eskom Holdings sr unsecur RegS
5.75% /2021
11,834,000
13,002,608
Total for Indonesia

Philippines
Republic of Philippines sr unsecur 4% /2021
Republic of Philippines sr unsecur
9.5% /2030
Republic of Philippines sr unsecur
8.375% /2019
1.86
1,977,413
0.28
Lithuania
Republic of Lithuania
6.625% /2022
6.75% /2015
7.375% /2020
6.125% /2021
609,722
0.08
Total for Lithuania
16,758,666
9,892,763
2.34
1.38
4.08
1.82
1.82
9,281,000
8,370,255
1.17
3,220,000
2,913,279
0.41
832,000
745,763
0.10
1.68
sr unsecur RegS
3,860,000
4,403,565
0.61
1,720,000
1,861,461
0.26
1,270,000
1,501,661
0.21
700,000
773,500
0.11
sr unsecur RegS
sr unsecur RegS
sr unsecur RegS
1.19
57
30 June 2012
Nominal in
US dollars
unless specied

Investments
Nominal in
US dollars
unless specied
Market % of net
value
assets
Investments
Bonds (continued)
Nigeria
Central Bank of Nigeria Wts exp. 15/11/2020
Total for Bonds
Malaysia
Government of Malaysia sr unsecur
3.21% /2013
Mutual Fund
5,074,721
Total for Malaysia
0.71
2,000
360,000
Total for Nigeria
Bonds (continued)
(MYR)16,050,000
Market % of net
value
assets
0.05
91.73

57,200,000
57,200,000
7.99
0.71
Uruguay
Republic of Uruguay unsecur 8% /2022
0.05
3,453,000
4,885,995
Total for Uruguay
0.68
7.99
714,286,444
99.72
0.68
DERIVATIVES
Mongolia
Development Bank of Mongolia govt gtd RegS
5.75% /2017
4,220,000
4,213,332
Total for Mongolia
0.59

0.59
Futures Contracts
Ecuador
Republic of Ecuador nts RegS 9.375% /2015
4,251,000
4,187,235
Total for Ecuador

Ivory Coast
Ivory Coast Government International Bond sr
unsecur RegS defaulted step cpn 3.75% /2032
0.58
2,596,525
Total for Ivory Coast
0.36
1,753,200
0.24
810,000
787,725
0.11
Maturity
date
2,340,000
2,318,940
(57,907)
(0.01)
Amount
sold
106,411,928 EUR
23,170,283 GBP
133,041,502 USD
36,242,101 USD
Net unrealised
30 June 2012
assets
0.32

Exchange Contracts
1,779,366
101,334
0.25
0.01
1,880,700
0.26
(8,221)
(50)
0.00
0.00
(8,271)
0.00
0.32
06/07/2012
06/07/2012
1,290,000
1,409,325
1,130,000
1,066,561
557,788 USD
4,710 USD
446,742 EUR
3,035 GBP
0.20
0.20

Exchange Contracts
Exchange Contracts
1,872,429
0.26
Total Derivatives
1,814,522
0.25
191,180
0.03
716,292,146
100.00
0.15
0.15

1,015,000
1,040,375
Total for Sri Lanka
Total for Ghana
(14,529,360)1
Amount
bought
Ghana
Republic of Ghana unsecur RegS 8.5% /2017
(0.01)
06/07/2012
06/07/2012
Total for India

Sri Lanka
Republic of Sri Lanka sr unsecur RegS
6.25% /2020
(57,907)
0.35
Total for Poland

India
Reliance Holdings USA co gtd RegS
(14,529,360)

1,800,000
Total for Croatia

Poland
Government of Poland sr unsecur 5% /2022
(109)
0.36
Total for Hungary

Croatia
Croatia Government International Bond
sr unsecur RegS 6.625% /2020
Number of
Notional
contracts commitments
Net Unrealised Loss

1
Hungary
Government of Hungary sr unsecur
6.375% /2021
Government of Hungary sr unsecur
7.625% /2041
Maturity
date
Description
US 10yr T-note Future 09/2012

3,490,000
Net unrealised
30 June 2012
assets
0.58
0.14
0.14
750,000
835,163
0.12
0.12
30 June 2012
58
INVESTMENT AIM
To seek to maximise total return, primarily

through investment in a portfolio of emerging
market bonds and other emerging market
debt securities, denominated in the local
currency of issue. The Fund intends to invest
its assets in emerging market debt securities
that provide a high level of current income,
while at the same time holding the potential
for capital appreciation.

Nominal in
US dollars
unless specied
Investments
Market % of net
value
assets
Bonds
Mexico
7.65% /2021
Mexican Bonos 7.5% /2027
(MXN)810,743,000
71,205,195
9.79
(MXN)199,500,000
(MXN)107,700,000
15,971,310
8,964,789
2.19
1.23
Total for Mexico
13.21
Brazil
Brazil Notas do Tesouro Nacional nts
SerNTNF 10% /2014
Federal Republic of Brazil sr unsecur
8.5% /2024
(BRL)151,541,000
80,753,449
11.10
(BRL)13,350,000
7,231,415
0.99
Total for Brazil
12.09
South Africa
Republic of South Africa sr unsecur
7.25% /2020
(ZAR)581,910,700
71,393,870

Poland
Government of Poland 5.5% /2019
9.81
(PLN)121,492,000
(PLN)61,680,000
(PLN)46,670,000
37,471,338
19,321,152
14,241,743
Total for Poland

Turkey
Republic
Republic
Republic
Republic
of
of
of
of
Turkey
Turkey
Turkey
Turkey
5.15
2.65
1.96
9.76
0% 15/05/2013
0% 20/02/2013
9% /2016
10% /2015
(TRY)48,261,000
(TRY)26,745,000
(TRY)16,140,000
(TRY)15,266,000
24,737,694
13,956,042
9,079,084
8,749,831
Total for Turkey
35,658,307
4.90
14,597,644
2.01
Total for Russia

Indonesia
Republic of Indonesia 11% /2020,
credit linked note, issued by
JPMorgan Chase Bank
Deutsche Bank (Germany) (1)
Republic of Indonesia 11.5% /2019,
Barclays Bank (United Kingdom) (1)
JPMorgan Chase Bank
3.40
1.92
1.25
1.20
7.77
Russia
Russia Foreign Bond sr unsecur RegS
7.85% /2018
(RUB)1,105,000,000
RZD Capital sr unsecur RegS
8.3% /2019 (Ireland) (1)
(RUB)490,300,000
9.81
6.91
(IDR)74,500,000,000
10,417,615
1.43
(IDR)72,800,000,000
10,179,898
1.40
(IDR)64,500,000,000
9,029,897
1.24
(IDR)60,000,000,000
7,275,374
1.00
59
30 June 2012

Nominal in
US dollars
unless specied
Investments
Market % of net
value
assets
Bonds (continued)
Holdings/
Nominal in
US dollars
unless specied
Investments
Market % of net
value
assets
Bonds (continued)
Venezuela
Petroleos de Venezuela co gtd RegS
8.5% /2017
Republic of Venezuela sr unsecur
9.25% /2027
21,510,000
17,046,675
2.34
739,000
585,657
0.08
Total for Venezuela

Indonesia (continued)
Barclays Bank (United Kingdom) (1)
Deutsche Bank (Germany) (1)
(IDR)59,000,000,000
(IDR)34,000,000,000
7,249,403
4,759,946
Total for Indonesia

Colombia
Republic of Colombia sr unsecur
9.85% /2027
12% /2015
7.75% /2021
1.00
2.42
Chile
Republic of Chile sr unsecur
5.5% /2020
0.66
Total for Chile
6.73
Total for Bonds
(CLP)3,145,000,000
0.93
87.40
(COP)19,821,000,000
16,452,514
2.26
(COP)23,133,000,000
15,922,266
2.19
(COP)7,500,000,000
5,154,177
0.71

57,000,000
57,000,000
7.83
7.83
708,026,055
97.32
5.16
Malaysia
3.21% /2013
2.509% 27/08/2012
3.814% /2017
DERIVATIVES
(MYR)72,900,000
23,049,667
3.17
(MYR)20,060,000
6,322,105
0.87
(MYR)3,700,000
1,198,346
0.17
Total for Malaysia

Futures Contracts
4.21
Hungary
Government of Hungary 6.75% /2017 (HUF)3,707,930,000
Government of Hungary 8% /2015
(HUF)2,271,000,000
Government of Hungary 6.75% /2014
(HUF)769,980,000
Description
15,747,994
10,165,653
3,364,366
Total for Hungary
2.17
1.40
0.46
4.03
(THB)313,900,000
10,026,588
1.38
(THB)305,000,000
9,590,672
1.32
(THB)101,190,000
3,268,664
0.45
(THB)88,000,000
2,885,189
0.39
Bond sr unsecur
Bond sr unsecur
Bond sr unsecur
Peru
8.2% /2026
Peru Government Bond sr unsecur
8.6% /2017
6.95% /2031
3.54
(PEN)20,576,000
9,884,817
1.36
(PEN)14,280,000
6,420,562
0.88
(PEN)11,365,000
4,955,127
0.68
2.92
Maturity
date

Net Unrealised Loss
1
Bond sr unsecur
Total for Thailand
Total for Peru
0.93
Mutual Fund
Total for Colombia
Thailand
Thailand Government
3.625% /2015
Thailand Government
3.125% /2015
Thailand Government
5.25% /2013
Thailand Government
5.25% /2014
6,740,020
Number of
Notional
(145)
Net unrealised
30 June 2012
assets
(19,328,048)
(77,032)
(0.01)
(19,328,048)1
(77,032)
(0.01)
DERIVATIVES (continued)

Maturity
date
06/07/2012
16/07/2012
31/07/2012
31/07/2012
Amount
bought
117,595,883 EUR
853,641,000 RUB
123,420,000 MYR
834,750,000 THB
Amount
sold
147,026,559
26,166,043
38,597,698
26,143,126
USD
USD
USD
USD

Exchange Contracts
06/07/2012
162,989 USD
130,574 EUR

Exchange Contracts
Net unrealised
30 June 2012
assets
1,964,059
7,523
253,278
219,860
0.28
0.00
0.03
0.03
2,444,720
0.34
(2,444)
0.00
(2,444)
0.00

Exchange Contracts
2,442,276
0.34
Total Derivatives
2,365,244
0.33
17,165,466
2.35
727,556,765
100.00

30 June 2012
60
61
30 June 2012
Euro Bond Fund
INVESTMENT AIM

measured in Euro, through investment in
Euro-denominated xed income securities of
high quality issued by governments, agencies
and corporations.

Investments
Nominal in
Euro unless
specied
Market % of net
value
assets
Corporate Bonds
BA Covered Bond Issuer covered SerEMTN
4.25% /2017
WM Covered Bond Program covered SerEMTN
4% /2016
Goldman Sachs Group sr unsecur SerEMTN
4.375% /2017
GE Capital European Funding co gtd SerEMTN
5.25% /2015 (Ireland) (1) (2)
JPMorgan Chase & Co sr unsecur SerEMTN
5.25% /2015 (2)
Bank of America sr unsecur SerEMTN
5.125% /2014
Citigroup subord SerEMTN 3.625% /2017 (5)
Wachovia sr unsecur SerEMTN 0.84% /2014 (5)
Merrill Lynch & Co sr unsecur SerEMTN
0.973% /2014 (5)
Philip Morris International sr unsecur SerGMTN
5.875% /2015
6.75% /2013
6.375% /2018
John Deere Bank co gtd SerEMTN
3.25% /2016 (Luxembourg) (1)
Citigroup sr unsecur SerEMTN 4% /2015
GE Capital Trust II ltd gtd RegS
5.5% /2067 (2) (5)
Paccar Financial Europe sr unsecur SerEMTN
3% /2014 (Netherlands) (1)
Philip Morris International sr unsecur SerEMTN
5.75% /2016
Caterpillar International Finance co gtd
SerEMTN 2.75% /2014 (Ireland) (1) (2)
Philip Morris International sr unsecur
2.125% /2019
13,000,000
13,777,257
1.90
7,000,000
7,538,527
1.04
5,000,000
5,109,610
0.70
4,000,000
4,374,102
0.60
3,850,000
4,191,237
0.58
3,550,000
3,950,000
2,900,000
3,710,581
3,377,270
2,885,456
0.51
0.47
0.40
2,500,000
2,380,875
0.33
1,900,000
2,166,405
0.30
1,950,000
2,020,366
0.28
1,800,000
1,996,527
0.28
1,625,000
1,500,000
1,734,582
1,563,589
0.24
0.22
1,555,000
1,399,825
0.19
1,200,000
1,238,238
0.17
700,000
806,838
0.11
600,000
619,052
0.08
300,000
300,166
0.04
United Kingdom
Bank of Scotland covered SerEMTN
4.5% /2013
Abbey National Treasury Services covered
3.625% /2016
4.625% /2017
Yorkshire Building Society covered SerEMTN
3.25% /2015
BP Capital Markets co gtd SerEMTN
3.472% /2016 (2)
Royal Bank of Scotland subord SerEMTN
10.5% /2022 (5)
Standard Chartered sr unsecur 3.875% /2016
HSBC Holdings subord 3.625% /2020 (2) (5)
Barclays Bank subord SerEMTN 6% /2021
Nationwide Building Society covered SerEMTN
3.5% /2015
Nationwide Building Society sr unsecur
3.75% /2015
Royal Bank of Scotland sr unsecur SerEMTN
5.375% /2019
HSBC Holdings subord SerEMTN 6.25% /2018
HBOS subord SerEMTN 4.5% /2030 (5)
BAA Funding sr secured Ser144A priv plmt
4.6% /2018 (Jersey) (1)
8.44
6,500,000
6,789,305
0.94
4,400,000
4,654,146
0.64
3,500,000
3,901,243
0.54
3,250,000
3,387,722
0.47
2,700,000
2,876,392
0.40
2,497,000
2,300,000
2,430,000
2,500,000
2,643,699
2,463,550
2,402,151
2,310,341
0.36
0.34
0.33
0.32
2,000,000
2,139,133
0.29
1,900,000
1,971,450
0.27
1,700,000
1,500,000
2,500,000
1,826,120
1,643,803
1,561,297
0.25
0.23
0.21
1,400,000
1,499,767
0.21
30 June 2012
62
Euro Bond Fund

Investments
Nominal in
Euro unless
specied
Market % of net
value
assets
Corporate Bonds (continued)

Abbey National Treasury Services bnk gtd
SerEMTN 3.375% /2015 (2)
Nationwide Building Society subord SerEMTN
6.75% /2020
Barclays Bank sr unsecur SerEMTN
4.875% /2019
Lloyds TSB Bank subord SerEMTN
5.625% /2018 (2) (5)
Lloyds TSB Bank subord SerEMTN 6.5% /2020
HSBC Holdings subord SerEMTN 6% /2019
Anglo American Capital co gtd SerEMTN
5.875% /2015 (2)
4.75% /2016
3.83% /2017
Compass Group sr unsecur SerEMTN
3.125% /2019
Leek Finance 17X A2C 0.937% /2037 (5)
Barclays Bank sr unsecur 3.5% /2015
BAT International Finance co gtd SerEMTN
5.375% /2017 (2)
4.125% /2016 (2)
Standard Chartered sr unsecur SerEMTN
4.125% /2019 (2)
4.875% /2017 (2)
1,500,000
1,489,467
0.20
1,500,000
1,417,579
0.20
1,250,000
1,408,021
0.19
1,600,000
1,350,000
1,000,000
1,350,208
1,179,810
1,083,329
0.19
0.16
0.15
900,000
999,632
0.14
750,000
791,014
0.11
700,000
762,122
0.11
700,000
589,050
500,000
732,635
582,294
521,929
0.10
0.08
0.07
300,000
346,962
0.05
300,000
322,197
0.04
250,000
272,210
0.04
250,000
265,062
0.04

France
Caisse dAmortissement de la Dette Sociale sr
unsecur SerEMTN 1.75% /2013
10,000,000
Compagnie de Financement Foncier covered
SerEMTN 4.625% /2017
3,000,000
BNP Paribas subord SerEMTN
5.431% /2017 (2)
3,000,000
Banque Federative du Credit Mutuel sr unsecur
SerEMTN 0.827% /2014 (5)
2,350,000
Christian Dior sr unsecur 4% /2016
2,100,000
Caisse dAmortissement de la Dette Sociale
sr unsecur SerEMTN 3.625% /2016
2,000,000
Credit Agricole subord SerEMTN 3.9% /2021 (2) 2,000,000
Socit Gnrale sr unsecur SerEMTN
4.75% /2021 (2)
1,500,000
BNP Paribas sr unsecur 2.875% /2017 (2)
1,400,000
Crdit Agricole sr unsecur SerEMTN 6% /2013 1,300,000
France Telecom sr unsecur SerEMTN
8.125% /2033
900,000
Groupe Auchan sr unsecur SerEMNT
6% /2019 (2)
1,000,000
Socit Gnrale jr subord 6.999% perpetual (5) 1,650,000
AXA sr unsecur SerEMTN 4.5% /2015 (2)
1,100,000
Credit Agricole sr unsecur SerEMTN
3.875% /2019 (2)
1,100,000
BNP Paribas Home Loan Covered
3.875% /2021
1,000,000
Banque Federative du Credit Mutuel sr
unsecur SerEMTN 3% /2015
1,000,000
Socit Gnrale subord SerEMTN
6.125% /2018 (2)
1,000,000
Unibail-Rodamco sr unsecur SerEMTN
3.375% /2015
900,000
7.67
10,154,575
1.40
3,333,649
0.46
3,193,278
0.44
2,321,236
2,185,564
0.32
0.30
2,163,231
1,602,188
0.30
0.22
1,581,904
1,403,080
1,357,094
0.22
0.19
0.19
1,289,976
0.18
1,217,292
1,193,272
1,170,557
0.17
0.16
0.16
1,099,394
0.15
1,094,308
0.15
1,023,158
0.14
993,782
0.14
937,612
0.13
Investments
Nominal in
Euro unless
specied
Market % of net
value
assets

France (continued)
3.75% /2014 (2)
Banque Federative du Credit Mutuel subord
SerEMTN 4% /2020
3.875% /2020 (2)
Electricite de France sr unsecur SerEMTN
4.5% /2040
AXA subord SerEMTN 5.25% /2040 (5)
Legrand sr unsecur SerEMTN 3.375% /2022
Credit Agricole jr subord 7.875% perpetual (5)
Credit Agricole subord SerEMTN
5.875% /2019 (2)
800,000
826,506
0.11
900,000
824,222
0.11
550,000
578,156
0.09
500,000
450,000
300,000
200,000
490,750
360,417
307,366
150,250
0.07
0.05
0.04
0.02
100,000
95,886
0.01
Total for France
5.92
Spain
Fund for Ordered Bank Restructuring govt gtd
4.4% /2013
10,800,000
4.5% /2014
7,800,000
Banco Bilbao Vizcaya Argentaria covered
3.625% /2017
5,200,000
FADE - Fondo de Amortizacion del Decit
Electrico govt gtd 5% /2015
3,900,000
Santander International Debt bnk gtd SerEMTN
3.5% /2015 (2)
2,800,000
Gas Natural Capital Markets co gtd SerEMTN
4.375% /2016
2,400,000
CaixaBank sr unsecur 3.75% /2013 (2)
2,150,000
Santander Issuances bnk gtd SerEMTN
5.435% /2017 (5)
2,450,000
3.75% /2013 (2)
1,500,000
Iberdrola Finanzas co gtd SerEMTN
4.625% /2017
1,500,000
CaixaBank sr unsecur SerDMTN 4.125% /2014 1,200,000
Telefonica Emisiones co gtd SerEMTN
5.496% /2016
1,000,000
Telefonica Emisiones co gtd RegS
4.75% /2017
500,000
Telefonica Emisiones co gtd SerGMTN
3.661% /2017 (2)
500,000
4.693% /2019
500,000
10,745,811
1.48
7,759,109
1.07
4,783,769
0.66
3,852,479
0.53
2,643,983
0.36
2,197,454
2,103,048
0.30
0.29
1,727,250
0.24
1,490,693
0.22
1,380,707
1,140,488
0.19
0.16
961,989
0.13
459,460
0.06
428,897
0.06
426,414
0.06
Total for Spain

Netherlands
ING Bank govt liquid gtd SerEMTN
3.375% /2014
SNS Bank govt liquid gtd SerEMTN
3.5% /2014
ING Groep sr unsecur SerEMTN 5.625% /2013
Volkswagen International Finance co gtd
SerEMTN 1.875% /2017 (2)
ABN Amro Bank subord SerEMTN 6.375% /2021
ING Bank covered SerEMTN 5.25% /2018
Allianz Finance II co gtd SerEMTN
5.75% /2041 (5)
ABN Amro Bank covered SerEMTN
3.75% /2014
ABN Amro Bank sr unsecur SerEMTN
3.625% /2017
Cooperatieve Centrale Raiffeisen-Boerenleenbank
subord SerEMTN 5.875% /2019 (2)
Alliander subord 4.875% perpetual (5)
ABN Amro Bank covered SerEMTN
4.25% /2017
5.81
6,000,000
6,275,025
0.87
5,000,000
2,900,000
5,239,045
3,024,474
0.72
0.42
3,000,000
2,400,000
2,000,000
2,991,735
2,390,426
2,358,619
0.41
0.33
0.33
1,800,000
1,630,020
0.22
1,500,000
1,584,874
0.22
1,500,000
1,554,209
0.21
1,300,000
1,444,397
0.20
1,250,000
1,200,000
1,316,565
1,226,594
0.18
0.17
1,000,000
1,116,096
0.15
63
30 June 2012
Euro Bond Fund

Investments
Nominal in
Euro unless
specied
Market % of net
value
assets

Netherlands (continued)
TenneT Holding sr unsecur SerEMTN
4.625% /2023
sr unsecur SerEMTN 3.875% /2016 (2)
BMW Finance co gtd SerEMTN 2.125% /2015
LeasePlan Finance co gtd SerEMTN 3.75% /2013
700,000
790,759
0.11
500,000
400,000
200,000
534,193
408,782
202,402
0.07
0.06
0.03
Investments
Nominal in
Euro unless
specied
Market % of net
value
assets

Australia (continued)
Australia & New Zealand Banking Group sr
unsecur SerEMTN 3.75% /2017 (2)
Westpac Banking sr unsecur SerEMTN
4.25% /2016 (2)
National Australia Bank sr unsecur SerEMTN
3.5% /2015 (2)
Australia & New Zealand Banking Group subord
SerEMTN 5.125% /2019 (2)
National Australia Bank sr unsecur SerGMTN
4% /2020
Commonwealth Bank of Australia sr unsecur
SerEMTN 4.375% /2020 (2)
Medallion Trust 2004-1G A3 0.82% /2035 (5)
2,100,000
2,253,849
0.31
1,900,000
2,076,933
0.29
1,900,000
1,994,746
0.28
1,100,000
1,161,390
0.16
700,000
758,350
0.10
400,000
425,449
444,249
423,582
0.06
0.06
Total for Australia

Germany
KfW - Kreditanstalt fuer Wiederaufbau govt gtd
3.875% /2019
12,000,000
State of Saxony-Anhalt 3.75% /2021
4,750,000
BMW US Capital co gtd SerEMTN 5% /2015
(United States of America) (1) (2)
2,200,000
Deutsche Bank subord SerEMTN 5% /2020 (2)
2,100,000
Muenchener Rueckversicherungs subord
SerEMTN 6% /2041 (5)
1,800,000
Daimler International Finance co gtd SerEMTN
7.875% /2014 (Netherlands) (1)
1,400,000
Daimler sr unsecur SerEMTN 2% /2017 (2)
1,200,000
Deutsche Telekom International Finance co gtd
SerEMTN 5.75% /2015 (Netherlands) (1)
1,000,000
4.75% /2019 (Netherlands) (1) (2)
900,000
Muenchener Rueckversicherungs jr subord
5.767% perpetual (5)
750,000
Merck Financial Services co gtd SerEMTN
3.375% /2015
575,000
1.90
0.75
2,423,036
2,111,415
0.34
0.29
1,776,570
0.25
1,540,659
1,205,784
0.21
0.17
Total for Sweden
1,115,493
0.15
1,014,136
0.14
677,679
0.09
606,791
0.08
Switzerland
UBS sr unsecur SerEMTN 6% /2018
Cloverie for Zurich Insurance subord SerEMTN
7.5% /2039 (Ireland) (1) (5)
Credit Suisse sr unsecur SerEMTN
3.875% /2017 (2)
Zurich Finance USA co gtd SerEMTN
UBS covered SerEMTN 3% /2016 (2)
UBS jr subord SerEMTN 7.152% perpetual (5)
4.37
3,000,000
3,157,220
0.44
3,000,000
1,550,000
1,450,000
1,000,000
3,138,656
1,538,584
1,509,844
1,089,652
0.43
0.21
0.21
0.15
950,000
300,000
943,008
323,754
0.13
0.05
1.62
2,800,000
3,315,332
0.46
1,500,000
1,615,845
0.22
1,100,000
1,179,303
0.16
1,000,000
1,000,000
350,000
1,146,083
1,067,680
321,854
0.16
0.15
0.04

4,000,000
4,029,052
0.56
3,700,000
2,300,000
3,559,513
2,277,292
0.49
0.32
2,100,000
2,043,762
0.28
1,900,000
1,700,000
1,500,000
1,888,946
1,690,212
1,490,406
0.26
0.23
0.21
1,500,000
1,390,145
0.19
1,450,000
1,359,426
0.19
1,400,000
1,358,085
0.19
1,000,000
992,572
0.14
900,000
880,000
896,065
811,642
0.12
0.11
Luxembourg
ITW Finance Europe co gtd 5.25% /2014
Enel Finance International co gtd GMTN
5.75% /2018 (Netherlands) (1) (2)
750,000
796,425
0.11
Total for Luxembourg
Total for Italy

Australia
Commonwealth Bank of Australia subord
SerEMTN 5.5% /2019
Sweden
Swedbank govt liquid gtd 3.375% /2014
Svensk Exportkredit sr unsecur SerEMTN
3.625% /2014
Nordea Bank subord SerEMTN 4.625% /2022 (5)
Swedbank sr unsecur SerEMTN 3.375% /2017
Swedbank Hypotek covered 3.625% /2016
Nordea Bank subord SerEMTN
4.625% /2022 (5)
Nordea Bank sr unsecur SerEMTN 4% /2019
13,769,526
5,407,255
Total for Germany

Italy
Banca Monte dei Paschi di Siena covered
SerEMTN 4.875% /2016
3.125% /2015
Banco Popolare covered RegS 4.75% /2016
Intesa Sanpaolo sr unsecur SerGMTN
4.75% /2017 (2)
Telecom Italia Finance co gtd SerEMTN
7.75% /2033 (Luxembourg) (1)
UniCredit sr unsecur RegS 3.625% /2013
Hera sr unsecur 4.125% /2016
Enel Finance International co gtd SerEMTN
Assicurazioni Generali sr unsecur SerEMTN
5.125% /2024
Intesa Sanpaolo sr unsecur SerEMTN
4.125% /2016
Terna Rete Elettrica Nazionale sr unsecur
SerEMTN 4.75% /2021
Intesa Sanpaolo bnk gtd SerEMTN
4% /2013 (Ireland) (1)
UniCredit subord SerEMTN 5.75% /2017 (2)
Finmeccanica Finance co gtd SerEMTN
8.125% /2013 (Luxembourg) (1)
1.64
4.70
3.40
2,600,000
2,801,308
0.38
Ireland
Bank of Ireland Mortgage Bank covered
SerEMTN 4% /2013
Caterpillar International Finance co gtd
SerEMTN 1.375% /2015
1.19
5,500,000
5,329,291
0.73
400,000
401,946
0.06
Total for Ireland
0.79
Norway
Sparebank 1 SR Bank sr unsecur 3.625% /2015 2,100,000
DnB Bank sr unsecur RegS 4.375% /2021
1,700,000
DnB Bank sr unsecur SerEMTN 4.25% /2022 (2)
875,000
2,169,632
1,864,248
945,545
Total for Norway
Jersey
ASIF III Jersey sr secured SerEMTN 4.75% /2013
BAA Funding sr secured 4.375% /2017
Total for Jersey
0.30
0.26
0.13
0.69
3,400,000
3,712,970
0.51
1,000,000
1,000,730
0.14
0.65
3,000,000
650,000
3,088,614
690,303
0.43
0.09
0.52
30 June 2012
64
Euro Bond Fund

Nominal in
Euro unless
specied
Investments
Market % of net
value
assets

New Zealand
Westpac Securities covered SerEMTN 3.5% /2016
3,350,000
3,575,453
Total for New Zealand

IPIC GMTN co gtd RegS 5.875% /2021
2,500,000
2,746,250

Russia
Gazprom Via Gaz Capital sr unsecur SerEMTN
6.605% /2018 (Luxembourg) (1)
0.49
2,491,830
Total for Russia
2,100,000
2,116,559
Market % of net
value
assets
22,300,000
22,800,000
14,000,000
11,500,000
7,000,000
3,800,000
28,421,919
24,041,927
15,108,744
12,091,537
7,330,106
3,855,108
Total for France
0.38
Total for Germany
0.34
Hong Kong
Hutchison Whampoa Europe Finance 12 co gtd
SerEMTN 2.5% /2017 (Cayman Islands) (1)
France
Government of France OAT 5.5% /2029
French Treasury Note BTAN nts 3% /2014
French Treasury Note BTAN nts 2.5% /2015
Germany
Bundesrepublik Deutschland 4.75% /2034
0.34
Nominal in
Euro unless
specied
Government Bonds (continued)
0.49
0.38
2,200,000
Investments
12.53
21,300,000
10,000,000
6,800,000
30,075,259
10,645,740
9,360,683
Netherlands
Government of Netherlands 3.25% /2021
Government of Netherlands 4% /2037
9,500,000
4,500,000
10,488,879
5,593,669
1,751,068

Mexico
America Movil sr unsecur SerEMTN
4.125% /2019
2.22
Poland
Government of Poland sr unsecur 5.875% /2014
Government of Poland sr unsecur SerEMTN
3.625% /2016
6,000,000
6,453,249
0.89
6,000,000
6,385,050
0.88
0.29
1.77
Israel
Teva Pharmaceutical Finance IV co gtd SerEMTN
2.875% /2019 (Curacao) (1)
0.24
Canada
Government of Canada sr unsecur 3.5% /2020
Province of Ontario sr unsecur SerEMTN
4% /2019 (2)
0.24
Total for Canada
1,425,000
1,553,250
1,000,000
1,031,513
Total for Israel
0.21
Supra-National Bonds
0.21
European Union sr unsecur SerEMTN

3.5% /2021
3.25% /2018
European Financial Stability Facility govt gtd
SerEMTN 3.375% /2021
SerEMTN 2.75% /2016 (2)
SerEMTN 2.75% /2016 (2)
0.14
0.14
Portugal
EDP Finance sr unsecur SerEMTN
5.875% /2016 (Netherlands) (1)
3,000,000
3,482,864
0.48
1,800,000
2,058,029
0.28
0.76
Total for Government Bonds
Total for Mexico
500,000
464,750
Total for Portugal
0.06
0.06
Total for Corporate Bonds
49.56
Government Bonds
39.29
13,000,000
14,241,734
1.96
12,000,000
13,109,832
1.81
4,250,000
4,476,242
0.62
2,600,000
2,750,536
0.38
1,700,000
1,801,463
0.25
Total for Supra-National Bonds
5.02
Mortgage and Asset Backed Securities

Netherlands
Storm 2006-1 A2 0.847% /2048 (5)
1,634,335
1,628,474
Total for Italy
Del Tesoro sr unsecur

Del
Del
Del
Del
1.45
0.77
0.29
South Korea
Export-Import Bank of Korea sr unsecur SerEMTN
5.75% /2013
1,700,000
Italy
Italy Buoni Poliennali
5.25% /2017
5% /2039
4.15
1.47
1.29
6.91
Total for Poland

Total for Hong Kong
3.92
3.32
2.08
1.67
1.01
0.53
Tesoro
Tesoro
Tesoro
Tesoro
4.25% /2015
3% /2015
6% /2031
sr unsecur
35,500,000
30,000,000
17,500,000
15,000,000
35,667,081
30,109,830
16,852,089
14,604,900
4.92
4.15
2.32
2.02
14,500,000
12,239,131
1.69
United Kingdom
Granite Master Issuer 2006-4 A7 0.601% /2054 (5)
Granite Master Issuer 2006-2 A5 0.581% /2054 (5)
0.22
0.22
921,822
368,729
888,636
355,454
0.13
0.05
0.18
Total for Mortgage and Asset Backed Securities
0.40
15.10
683,468,789
94.27
65
30 June 2012
Euro Bond Fund
DERIVATIVES

expressed in Euro.
Futures Contracts
Maturity
date
Description
Euro BOBL Future
Euro SCHATZ Future
Net unrealised
Number of
assets
09/2012
09/2012
(191)
(139)
(24,025,890)
(15,358,110)

Euro Bund Future
09/2012
140,540

Net Unrealised Loss
1
(39,243,460)1
274,450
36,835
0.03
0.01
311,285
0.04
(4,380)
0.00
(4,380)
0.00
306,905
0.04
Cash of EUR 282,130 held as collateral by the counterparties.
Credit Default Swap Contracts

Risk
position
Buy
Description Currency
Merrill Lynch & Co

5% 15/01/2015
Goldman Sachs Group
6.6% 15/01/2012
Notional
amount
Net unrealised
% of
Maturity gain/(loss) as at
net
date 30 June 2012 assets
EUR
1,850,000 20/06/2013
367
0.00
EUR
2,000,000 20/06/2013
15,650
0.00
16,017
0.00
3,200,000 20/12/2013
(40,766)
(0.01)
EUR 13,000,000 20/12/2016
(1,037,157)
(0.14)
Unrealised Loss on Credit Default Swap Contracts
(1,077,923)
(0.15)
Net Unrealised Loss on Credit Default Swap Contracts
(1,061,906)
(0.15)
Buy
Unrealised Gain on Credit Default Swap Contracts

Buy
Sell
Koninklijke DSM
4% 10/11/2015
iTraxx Europe Senior
Financials Series 16
01/12/2016
EUR
EUR 920,000 cash held as collateral by the counterparties in relation to the above OTC.
Total Derivatives
(755,001)
42,314,347
(0.11)
5.84
725,028,135 100.00
30 June 2012
66
Euro Corporate Bond (ex Financials) Fund*
INVESTMENT AIM

measured in Euros, by investing primarily
in Euro-denominated Fixed Income Securities
of high quality issued by corporations and
non-government related issuers excluding
issuers in the nancial industry.

* Name changed from Global Strategic Bond Fund on 1 March 2012.
Investments
France
Veolia Environnement sr unsecur SerEMTN
6.75% /2019
1,500,000
Vivendi sr unsecur SerEMTN 4.125% /2017
1,100,000
Air Liquide sr unsecur SerEMTN 4.75% /2014
1,000,000
4.75% /2017
900,000
Pernod-Ricard sr unsecur SerEMTN 7% /2015
800,000
Aeroports de Paris sr unsecur SerEMTN
3.125% /2024
800,000
8.125% /2033
450,000
Schneider Electric sr unsecur SerEMTN
3.75% /2018
500,000
Saint-Gobain co gtd 5% /2014
(Netherlands) (1)
500,000
Groupe Auchan sr unsecur SerEMTN
2.875% /2017
500,000
GDF Suez sr unsecur SerEMTN 2.25% /2018
500,000
Sano sr unsecur SerEMTN 4.5% /2016
450,000
Michelin co gtd SerEMTN 2.75% /2019
(Luxembourg) (1)
500,000
Edenred sr unsecur 3.625% /2017
450,000
Compagnie de Saint-Gobain sr unsecur
SerEMTN 3.5% /2015
426,000
Danone sr unsecur SerEMTN 3.6% /2020
400,000
Electricit de France sr unsecur SerEMTN
5.125% /2015
400,000
Compagnie de Saint-Gobain sr unsecur SerEMTN
4.875% /2016
400,000
4.5% /2019
400,000
400,000
HIT Finance co gtd 5.75% /2018
(Netherlands) (1)
400,000
Eutelsat sr unsecur 4.125% /2017
350,000
LVMH Moet Hennessy Louis Vuitton sr unsecur
SerEMTN 4% /2018
300,000
Suez Environnement jr subord 4.82% perpetual (5) 350,000
Legrand sr unsecur 4.25% /2017
300,000
Vinci nts SerEMTN 4.125% /2017
300,000
Societe Des Autoroutes Paris-Rhin-Rhone sr
300,000
Schneider Electric sr unsecur SerEMTN
2.875% /2016
300,000
Mercialys sr unsecur 4.125% /2019
300,000
Casino Guichard Perrachon sr unsecur SerEMTN
3.994% /2020
300,000
Sodexo sr unsecur SerEMTN 6.25% /2015
250,000
Alstom sr unsecur 4.125% /2017
250,000
Cie Financiere et Industrielle des Autoroutes sr
unsecur 5.875% /2016
200,000
unsecur 5.125% /2018
200,000
Alstom sr unsecur SerEMTN 3.875% /2016
200,000
200,000
Lafarge sr unsecur SerEMTN 6.75% /2019
200,000
Compagnie Generale des Etablissements
Michelin sr unsecur CV 0% /2017
168,600
Areva nts SerEMTN 4.625% /2017
200,000
100,000
Eutelsat sr unsecur 5% /2019
100,000
Alstom sr unsecur SerEMTN 3.875% /2016
100,000
4.5% /2040
100,000
Total for France
Nominal in
Euro unless
specied
Market % of net
value
assets
1,826,374
1,136,021
1,071,611
1.96
1.22
1.15
1,003,852
896,572
1.08
0.96
800,344
0.86
644,988
0.69
544,731
0.59
529,356
0.57
523,668
504,352
503,077
0.56
0.54
0.54
502,160
468,457
0.54
0.50
443,381
440,301
0.48
0.47
437,553
0.47
436,369
0.47
425,279
416,298
0.46
0.45
386,800
371,806
0.42
0.40
333,273
333,142
326,007
319,821
0.36
0.36
0.35
0.34
318,902
0.34
315,059
306,463
0.34
0.33
296,480
279,260
259,762
0.32
0.30
0.28
230,176
0.25
212,309
207,044
204,911
202,850
0.23
0.22
0.22
0.22
202,336
202,095
110,264
110,257
103,526
0.22
0.22
0.12
0.12
0.11
98,150
0.10
20.73
67
30 June 2012

Investments
Nominal in
Euro unless
specied
United Kingdom
Vodafone Group sr unsecur SerEMTN
5.125% /2015
1,500,000
BAA Funding sr secured RegS 4.6% /2018
(Jersey) (1)
1,100,000
British American Tobacco Holdings co gtd
1,000,000
Imperial Tobacco Finance co gtd SerEMTN
5% /2019
1,000,000
FCE Bank sr unsecur SerEMTN 4.75% /2015
1,000,000
British Telecommunications sr unsecur SerEMTN
6.125% /2014
600,000
Anglo American Capital co gtd 4.375% /2016
600,000
BG Energy Capital co gtd SerEMTN 3.625% /2019 600,000
National Grid USA sr unsecur SerEMTN
600,000
Rentokil Initial co gtd SerEMTN 4.625% /2014
600,000
3.125% /2019
500,000
8.375% /2016
400,000
Experian Finance co gtd SerEMTN 4.75% /2020
400,000
International Power Finance 2010 co gtd RegS
7.25% /2017
380,000
GlaxoSmithKline Capital co gtd SerEMTN
5.625% /2017
350,000
Rexam sr unsecur SerEMTN 4.375% /2013
400,000
Everything Everywhere Finance co gtd SerEMTN
3.5% /2017
400,000
Vodafone Group sr unsecur SerEMTN
6.25% /2016
340,000
7.25% /2014
300,000
SSE subord SerEMTN 5.025% perpetual (5)
350,000
Smiths Group co gtd 4.125% /2017
300,000
G4S International Finance co gtd SerEMTN
2.875% /2017
250,000
Diageo Finance co gtd SerEMTN 6.625% /2014
200,000
SABMiller sr unsecur SerEMTN 4.5% /2015
200,000
Anglo American Capital co gtd Ser144A priv plmt
9.375% /2019
(USD)200,000
5.375% /2017
100,000
9.375% /2019
(USD)100,000
Market % of net
value
assets
Germany (continued)
EnBW Energie Baden-Wuerttemberg sr subord
SerEMTN 7.375% /2072 (5)
SerEMTN 6% /2017 (Netherlands) (1)
Celesio Finance co gtd CV 3.75% /2014
(Netherlands) (1)
BMW Finance co gtd SerEMTN 4% /2014
(Netherlands) (1)
Merck Financial Services co gtd SerEMTN
3.375% /2015
HSE Netz sr secured 6.125% /2041
BMW US Capital co gtd SerEMTN 5% /2015
Volkswagen Leasing co gtd SerEMTN
3.375% /2016
ThyssenKrupp sr unsecur SerEMTN 4.375%
SGL Carbon sr unsecur CV 2.75% /2018
(Netherlands) (1)
Daimler sr unsecur SerEMTN 2% /2017
RWE jr subord 4.625% perpetual (5)
Nominal in
Euro unless
specied
510,431
0.55
400,000
468,598
0.50
400,000
403,812
0.43
340,000
360,871
0.39
325,000
200,000
342,969
224,475
0.37
0.24
200,000
220,276
0.24
200,000
200,000
200,000
212,086
205,217
193,879
0.23
0.22
0.21
200,000
100,000
50,000
184,948
100,482
48,130
0.20
0.11
0.05
1.79
1,169,178
1.26
1,152,355
1.24
1,119,376
1,056,975
1.20
1.14
655,033
653,537
650,136
0.70
0.70
0.70
630,463
621,614
0.68
0.67
Total for Germany
523,310
0.56
482,850
461,351
0.52
0.50
461,185
0.50
421,997
406,940
0.45
0.44
400,987
0.43
395,755
0.43
336,285
336,271
317,514
0.36
0.36
0.34
257,024
225,961
215,623
0.28
0.24
0.23
209,902
0.23
Italy
Enel Finance International co gtd Ser144A priv plmt
5.125% /2019 (Netherlands) (1)
(USD)1,900,000
8.125% /2013 (Luxembourg) (1)
1,000,000
ENI sr unsecur SerEMTN 5% /2016
850,000
Telecom Italia sr unsecur SerEMTN 8.25% /2016 550,000
Luxottica Group sr unsecur 4% /2015
500,000
Telecom Italia nts SerEMTN 6.125% /2018
520,000
500,000
ENI sr unsecur SerEMTN 5.875% /2014
400,000
Telecom Italia unsecur SerEMTN 4.75% /2018
450,000
Davide Campari-Milano sr unsecur 5.375% /2016 400,000
Terna Rete Elettrica Nazionale sr unsecur SerEMTN
4.125% /2017
400,000
Terna Rete Elettrica Nazionale sr unsecur SerEMTN
4.75% /2021
400,000
Lottomatica co gtd 5.375% /2018
350,000
200,000
135,000
Atlantia co gtd SerEMTN 3.375% /2017
125,000
Atlantia co gtd SerEMTN 5% /2014
100,000
115,654
0.12
Total for Italy
104,951
0.11
16.18
900,000
976,453
1.05
800,000
937,103
1.01
800,000
896,856
0.96
700,000
748,860
0.80
500,000
578,786
0.62
500,000
571,374
0.62
500,000
563,637
0.61
500,000
557,746
0.60
500,000
500,000
538,307
533,231
0.58
0.57
Netherlands
Volkswagen International Finance co gtd SerEMTN
1.875% /2017
1,250,000
Koninklijke KPN sr unsecur 6.5% /2016
600,000
BASF Finance Europe co gtd SerEMTN
5.125% /2015
600,000
RWE Finance co gtd 6.5% /2021
500,000
Shell International Finance co gtd SerEMTN
4.5% /2016
500,000
1.375% /2015
550,000
Deutsche Post Finance co gtd SerEMTN
1.875% /2017
500,000
ABB Finance co gtd SerEMTN 2.625% /2019
400,000
350,000
TenneT Holding subord 6.655% perpetual (5)
350,000
Akzo Nobel co gtd SerEMTN 4% /2018
300,000
Siemens Financierings co gtd 5.25% /2066 (5)
300,000
Schlumberger Finance co gtd SerEMTN
2.75% /2015
225,000
200,000
Linde Finance co gtd SerEMTN 1.75% /2019
200,000
Market % of net
value
assets
500,000
1,666,699

Germany
Volkswagen Financial Services sr unsecur
SerEMTN 6.875% /2014
RWE Finance co gtd SerEMTN 5.125% /2018
(Netherlands) (1)
E.ON International Finance co gtd 5.25% /2015
(Netherlands) (1)
RWE Finance co gtd SerEMTN 4.625% /2014
(Netherlands) (1)
Siemens Financierings co gtd SerEMTN
5.125% /2017 (Netherlands) (1)
6.125% /2015 (Netherlands) (1)
Linde Finance co gtd 7.375% /2066
(Netherlands) (1) (5)
Brenntag Finance co gtd 5.5% /2018
(Netherlands) (1)
Eurogrid co gtd SerEMTN 3.875% /2020
Investments
11.16
1,419,268
1.52
1,061,899
915,166
600,661
520,640
509,132
1.14
0.98
0.65
0.56
0.55
463,382
424,972
417,843
416,624
0.50
0.46
0.45
0.45
401,987
0.43
397,029
352,644
204,981
134,137
116,252
104,061
0.43
0.38
0.22
0.14
0.12
0.11
9.09
1,246,556
686,247
1.34
0.74
668,671
645,333
0.72
0.69
559,052
0.60
549,337
0.59
502,657
406,206
357,684
357,562
327,220
319,933
0.54
0.44
0.39
0.38
0.35
0.34
236,872
204,432
197,129
0.26
0.22
0.21
7.81
30 June 2012
68

Investments
Nominal in
Euro unless
specied
Spain
4.967% /2016
1,500,000
5.25% /2014
1,000,000
4.125% /2018
600,000
4.674% /2014
500,000
Repsol International Finance co gtd SerEMTN
4.25% /2016 (Netherlands) (1)
500,000
Iberdrola Finanzas co gtd SerEMTN 4.75% /2016 500,000
Iberdrola Finanzas co gtd SerEMTN 4.625% /2017 400,000
Amadeus Capital Markets co gtd SerEMTN
4.875% /2016
300,000
4.797% /2018
300,000
Red Electrica Financiaciones co gtd 3.5% /2016
150,000
5% /2018
100,000
Market % of net
value
assets
1,419,025
1.53
993,478
1.07
520,195
0.56
493,846
0.53
480,105
474,093
368,188
0.52
0.51
0.39
310,002
0.33
268,208
134,592
0.29
0.14
90,340
0.10
5.97
Total for Sweden
Market % of net
value
assets
900,000
997,904
1.07
400,000
440,449
0.48
Total for Canada
1.55
Switzerland
Roche Finance Europe co gtd SerEMTN 2% /2018
() (1)
600,000
Roche Holdings co gtd SerEMTN 5.625% /2016
400,000
Roche Holdings co gtd SerEMTN 6.5% /2021
200,000
Australia
Telstra sr unsecur SerEMTN 3.625% /2021
Origin Energy Finance co gtd SerEMTN
7.875% /2071 (5)
Brambles Finance co gtd 4.625% /2018
(United Kingdom) (1)
610,733
0.66
462,146
0.50
265,706
0.28
800,000
780,608
0.85
500,000
500,000
576,313
568,669
0.62
0.61
500,000
550,659
0.59
500,000
440,000
549,990
450,085
0.59
0.48
300,000
373,685
0.40
300,000
185,000
309,526
187,762
0.33
0.20
Norway
Telenor sr unsecur SerEMTN 1.75% /2018
Statoil co gtd SerEMTN 5.625% /2021
150,000
154,780
0.17
Total for Norway
5.69
Luxembourg
ArcelorMittal sr unsecur 9.375% /2016
ArcelorMittal sr unsecur CV 7.25% /2014
947,183
1.02
600,000
609,384
0.66
400,000
400,000
300,000
423,222
415,244
321,637
0.45
0.45
0.35
150,000
163,043
0.17
800,000
855,816
0.92
300,000
292,758
0.31
150,000
165,949
0.18
1.41
Mexico
America Movil sr unsecur SerEMTN 4.125% /2019 900,000
Petroleos Mexicanos co gtd SerEMTN 5.5% /2017 200,000
0.85
900,000
1.44
Total for Australia
789,247
981,000
220,650
Total for Mexico

Belgium
Anheuser-Busch InBev co gtd SerEMTN
8.625% /2017
Barry Callebaut Services co gtd 5.375% /2021
Anheuser-Busch InBev co gtd SerEMTN 4% /2018
UCB sr unsecur 5.75% /2016
400,000
250,000
100,000
100,000
521,690
274,353
111,325
107,816
Total for Belgium
3.10
700,000
600,000
300,000
250,000
250,000
728,181
608,316
300,141
284,053
282,532
0.78
0.66
0.32
0.31
0.30
Brazil
Petrobras International Finance co gtd SerEMTN
4.875% /2018 (Cayman Islands) (1)
700,000
200,000
691,674
254,447
0.75
0.27
1.02
600,000
862,400
701,015
191,862
0.75
0.21
0.96
700,000
744,771
0.80
0.80
500,000
543,557
0.58
200,000
200,973
0.22
Total for Ireland

Czech Republic
CEZ sr unsecur 3.625% /2016
0.56
0.29
0.12
0.11
1.08
Total for Brazil

Ireland
WPP Finance co gtd 5.25% /2015 (France) (1)
Caterpillar International Finance co gtd SerEMTN
1.375% /2015
1.05
0.24
1.29
Total for Denmark

Sweden
TeliaSonera sr unsecur SerEMTN 3.625% /2024
Securitas sr unsecur SerEMTN 2.75% /2017
Scania co gtd SerEMTN 1.75% /2016
Vattenfall sr unsecur SerEMTN 5.25% /2016
TeliaSonera sr unsecur SerEMTN 4.25% /2020
Canada
Xstrata Canada Financial co gtd SerEMTN
6.25% /2015
Xstrata Finance Canada co gtd SerEMTN
5.25% /2017
650,000

Denmark
TDC sr unsecur RegS 3.5% /2015
Daimler sr unsecur SerEMTN 2.625% /2019
(Germany) (1)
Carlsberg Breweries sr unsecur SerEMTN
3.375% /2017
TDC sr unsecur SerEMTN 3.75% /2022
DONG Energy jr subord 7.75% /3010 (5)
Carlsberg Breweries sr unsecur SerEMTN
6% /2014
Nominal in
Euro unless
specied
Total for Spain

Procter & Gamble sr unsecur 4.875% /2027
2.875% /2024
Philip Morris International sr unsecur SerEMTN
5.75% /2016
Pzer sr unsecur SerINTL 4.55% /2017
CRH Finance co gtd SerEMTN 7.375% /2014
(Ireland) (1)
John Deere Capital sr unsecur SerEMTN
7.5% /2014
Manpower sr unsecur 4.5% /2018
Cellco Partnership / Verizon Wireless Capital sr
unsecur 8.75% /2015
2.75% /2014 (Ireland) (1)
Beam sr unsecur 4% /2013
Paccar Financial Europe nts SerEMTN
Investments
0.80
600,000
640,254
0.69
2.37
Total for Czech Republic
0.69
69
30 June 2012

Maturity
date
Nominal in
Euro unless
specied
Investments
Market % of net
value
assets
300,000
Finland
Fingrid sr unsecur SerEMTN 3.5% /2024
329,550
300,000
306,872
Total for Finland
150,000
154,727
Total for Israel

87,432,788

4
(10)
(10)
441,960
(978,112)
(1,052,108)

Net Unrealised Gain
1
(9,087,361)1
0.03
112,710
0.12
5,485,349
5.90
93,030,847
100.00
0.16
93.98
Net unrealised
Number of
assets
(7,044,240)
(281,080)
(173,781)
31,608
0.33
Futures Contracts
(56)
(2)
(1)
0.03

expressed in Euro.
Euro SCHATZ Future

09/2012

Exchange Contracts
31,608
0.35
DERIVATIVES
09/2012
09/2012
09/2012
2,425,000 USD
0.16
Euro BOBL Future

Euro Bund Future
US 2yr T-note Future
1,945,458 EUR
Net unrealised
gain as at % of net
30 June 2012
assets
0.35
0.33
Israel
Teva Pharmaceutical Finance IV co gtd SerEMTN
2.875% /2019 (Curacao) (1)
Description
Amount
sold
Total Derivatives
Maturity
date
17/07/2012
Amount
bought
86,240
1,760
74
0.09
0.00
0.00
88,074
0.09
(1,060)
(1,595)
(4,317)
0.00
0.00
0.00
(6,972)
0.00
81,102
0.09
30 June 2012
70
INVESTMENT AIM

measured in Euro, primarily through investment
in Euro-denominated xed income securities
ofhigh quality issued by corporations
andnon-government related issuers.

Investments
Nominal in
Euro unless
specied
Market % of net
value
assets
Corporate Bonds
Italy
SerEMTN 4.875% /2016
22,000,000
Enel Finance International co gtd Ser144A
priv plmt 5.125% /2019 (Netherlands) (1)
(USD)24,750,000
Intesa Sanpaolo sr unsecur Ser144A
priv plmt 6.5% /2021
(USD)19,800,000
11,000,000
Hera sr unsecur 4.125% /2016 (2)
10,500,000
Davide Campari-Milano sr unsecur
5.375% /2016
10,000,000
UniCredit subord SerEMTN 6.125% /2021 (2) 11,080,000
8.125% /2013 (Luxembourg) (1) (2)
8,800,000
9,000,000
5.125% /2024 (2)
9,000,000
5% /2021 (Netherlands) (1) (2)
9,000,000
4.125% /2016 (2)
8,500,000
7.75% /2033 (Luxembourg) (1) (2)
7,360,000
7,420,000
Intesa Sanpaolo sr unsecur Ser144A priv plmt
6.5% /2021
(USD)10,200,000
UniCredit sr unsecur 4.875% /2017
7,000,000
Lottomatica co gtd 5.375% /2016 (2)
6,000,000
Italcementi Finance co gtd SerEMTN
6.625% /2020 (France) (1) (2)
5,900,000
Telecom Italia sr unsecur SerEMTN 7% /2017 (2) 5,000,000
5,000,000
SerEMTN 4.75% /2021 (2)
5,000,000
Telecom Italia sr unsecur SerEMTN
8.25% /2016 (2)
4,500,000
FGA Capital Ireland co gtd SerEMTN
4% /2013 (Ireland) (1)
4,850,000
UniCredit sr unsecur SerEMTN 5.25% /2014
4,000,000
Banca Monte dei Paschi di Siena sr unsecur
SerEMTN 4.75% /2014 (2)
3,000,000
Pirelli & Co co gtd RegS 5.125% /2016 (2)
2,350,000
4.875% /2014
2,000,000
1,760,000
Unicredit Luxembourg Finance bnk gtd Ser144A
priv plmt 6% /2017 (Luxembourg) (1)
(USD)2,275,000
SerEMTN 4.125% /2017 (2)
1,000,000
22,159,786
1.66
18,487,828
1.38
13,759,278
10,891,397
10,432,842
1.03
0.81
0.78
10,415,600
9,584,189
0.78
0.72
9,344,716
9,067,995
0.70
0.68
8,437,815
0.63
8,340,871
0.62
8,245,518
0.62
7,317,180
7,264,922
0.55
0.54
7,088,113
6,583,888
6,149,436
0.53
0.49
0.46
5,232,621
5,203,163
4,971,212
0.39
0.39
0.37
4,962,858
0.37
4,914,499
0.37
4,868,091
4,038,500
0.36
0.30
2,928,501
2,362,655
0.22
0.18
2,075,715
1,623,283
0.16
0.12
1,476,325
0.11
1,004,967
0.08
Total for Italy

France
BNP Paribas bnk gtd SerBKNT 5% /2021 (USD)27,000,000
Socit Gnrale sr unsecur Ser144A
(USD)26,000,000
(Netherlands) (1)
13,200,000
unsecur SerEMTN 5% /2017 (2)
11,000,000
11,000,000
9,000,000
5.875% /2019 (2)
9,000,000
16.40
21,844,012
1.63
19,626,568
1.47
12,764,400
0.95
11,693,082
11,451,176
9,366,705
0.88
0.86
0.70
8,629,704
0.65
71
30 June 2012

Investments
Nominal in
Euro unless
specied
Market % of net
value
assets

France (continued)
Suez Environnement jr subord
4.82% perpetual (5)
7,750,000
Credit Agricole subord SerEMTN 3.9% /2021 (2) 9,200,000
Societe Fonciere Lyonnaise sr unsecur
4.625% /2016
7,000,000
Socit Gnrale jr subord
9.375% perpetual (2) (5)
7,250,000
Crdit Agricole jr subord Ser144A priv plmt
(USD)9,030,000
Areva nts SerEMTN 4.625% /2017 (2)
5,500,000
Groupe des Assurances Mutuelles
Agricoles subord 7.875% /2039 (2) (5)
9,800,000
Casino Guichard Perrachon sr unsecur
SerEMTN 3.994% /2020 (2)
5,300,000
Mercialys sr unsecur 4.125% /2019 (2)
5,000,000
6.75% /2019 (2)
3,675,000
RCI Banque sr unsecur SerEMTN
5.625% /2015 (2)
4,000,000
Lafarge sr unsecur SerEMTN 6.625% /2018 (2) 4,000,000
Gecina sr unsecur SerEMTN 4.25% /2016
3,800,000
4,700,000
SerEMTN 4% /2020
4,000,000
Vivendi sr unsecur SerEMTN 4.125% /2017 (2) 3,500,000
RCI Banque sr unsecur SerEMTN 4% /2013 (2) 3,050,000
3.875% /2019 (2)
3,000,000
2,383,200
Galeries Lafayette sr unsecur 4.5% /2017 (2)
2,700,000
Vivendi sr unsecur SerEMTN 4.875% /2019 (2) 2,600,000
Credit Agricole jr subord 9.75% perpetual (2) (USD)3,500,000
Michelin co gtd SerEMTN 2.75% /2019
(Luxembourg) (1)
2,200,000
Legrand sr unsecur SerEMTN 3.375% /2022 (2) 2,000,000
Socit Gnrale jr subord 6.999% perpetual (5) 2,550,000
6.125% /2018 (2)
1,500,000
Electricit de France sr unsecur SerEMTN
4.5% /2040
1,500,000
BNP Paribas jr subord 8.667% perpetual (2) (5) 1,500,000
8.125% /2033
1,000,000
AXA jr subord 6.211% perpetual (5)
1,600,000
1,300,000
700,000
7,376,713
7,370,065
0.55
0.55
7,110,827
0.53
6,728,363
0.50
5,971,689
5,557,612
0.45
0.42
5,443,410
0.41
5,237,807
5,107,710
0.39
0.38
4,474,616
0.34
4,206,234
4,117,740
3,850,555
3,764,355
0.31
0.31
0.29
0.28
3,663,208
3,614,613
3,106,276
0.27
0.27
0.23
2,998,348
0.22
2,860,066
2,779,717
2,764,831
2,536,923
0.21
0.21
0.21
0.19
2,209,504
2,049,110
1,844,147
0.17
0.15
0.14
1,490,674
0.11
1,472,251
1,465,000
0.11
0.11
1,433,306
1,198,286
976,625
724,085
0.11
0.09
0.07
0.06
Total for France

United Kingdom
7.25% /2017
14,250,000
15,700,000
Lloyds TSB Bank subord SerEMTN 6.5% /2020 14,335,000
5.5% /2020 (2)
11,070,000
(USD)11,565,000
Anglo American Capital co gtd
(USD)8,690,000
SerEMTN 3.375% /2015 (2)
9,000,000
15.78
17,294,441
14,508,943
12,527,837
1.29
1.09
0.94
11,929,918
0.89
9,946,804
0.75
9,120,231
0.68
8,936,802
0.67
Investments
Nominal in
Euro unless
specied
Market % of net
value
assets

Lloyds TSB Bank sr unsecur SerEMTN
5.375% /2019 (2)
7,700,000
8,000,000
HSBC Holdings sr unsecur 4% /2022
(USD)9,885,000
10.5% /2022 (2) (5)
6,717,000
BAA Funding sr secured SerEMTN
6.75% /2026 (Jersey) (1)
(GBP)4,050,000
National Express Group co gtd SerEMTN
6.25% /2017
(GBP)4,400,000
Rentokil Initial co gtd SerEMTN
4.625% /2014 (2)
5,175,000
4.75% /2016
4,850,000
Aviva subord 5.25% /2023 (5)
4,900,000
Experian Finance co gtd SerEMTN
4.75% /2020 (2)
4,100,000
6.75% /2020 (2)
5,000,000
Aviva subord SerEMTN 6.875% /2038 (2) (5)
5,200,000
4,500,000
Prudential jr subord SerEMTN
11.75% perpetual (2) (5)
(USD)4,600,000
3.75% /2015
4,000,000
Royal Bank of Scotland bnk gtd Ser144A
priv plmt 4.875% /2014
(USD)5,000,000
3.125% /2019 (2)
3,450,000
Lloyds TSB Bank sr unsecur RegS
4.5% /2014
3,000,000
2.875% /2017 (1)
3,000,000
Everything Everywhere Finance co gtd
SerEMTN 3.5% /2017
3,000,000
BAA Funding jr subord SerEMTN
6.25% /2018 (Jersey) (1) (2)
(GBP)2,250,000
ICAP Group Holdings sr unsecur
SerGMTN 7.5% /2014 (2)
2,400,000
HSBC Holdings subord 3.625% /2020 (2) (5)
2,498,000
LBG Capital No.2 bnk gtd 15% /2019 (2)
2,000,000
WPP 2008 co gtd SerEMTN 6.625% /2016
2,000,000
4.125% /2019 (2)
2,000,000
2.994% /2019
2,000,000
4.6% /2018 (Jersey) (1)
1,750,000
2,830,000
Barclays Bank jr subord SerRCI
14% perpetual (5)
(GBP)900,000
Standard Chartered Bank jr subord
9.5% perpetual (5)
(USD)1,300,000
8,484,287
8,467,040
8,116,904
0.64
0.63
0.61
7,111,624
0.53
6,107,671
0.46
5,868,480
0.44
5,361,419
0.40
5,115,225
4,741,772
0.38
0.36
4,728,844
0.35
4,725,262
4,566,250
4,408,936
0.35
0.34
0.33
4,161,894
0.31
4,150,422
0.31
4,059,272
0.30
3,610,842
0.27
3,163,419
0.24
3,084,294
0.23
3,007,404
0.22
2,965,523
0.22
2,531,652
2,469,372
2,404,040
2,324,679
0.20
0.18
0.18
0.17
2,177,680
0.16
2,071,615
0.15
1,874,708
1,767,389
0.14
0.14
1,271,223
0.10
1,135,698
0.08

7% /2016
19,000,000
4.375% /2017
15,000,000
Goldman Sachs Group sr unsecur RegS
4.5% /2016 (2)
13,250,000
11,465,000
Genworth Financial sr unsecur
7.2% /2021
(USD)15,000,000
4.625% /2017 (2)
10,000,000
8,000,000
Citigroup sr unsecur SerEMTN 7.375% /2014
7,000,000
(Ireland) (1)
6,500,000
15.73
21,296,520
1.59
15,328,830
1.15
13,679,850
11,951,036
1.02
0.89
11,294,748
0.85
10,284,625
8,119,440
7,648,392
0.77
0.61
0.57
7,158,564
0.54
30 June 2012
72

Investments
Nominal in
Euro unless
specied
Market % of net
value
assets

6,750,000
GE Capital Trust II ltd gtd RegS 5.5% /2067 (5) 7,600,000
6,000,000
4.75% /2017 (2)
4,900,000
American International Group sr unsecur
6.4% /2020
(USD)3,985,000
3,275,000
CRH America co gtd 6% /2016
(USD)2,500,000
Goldman Sachs Group sr unsecur
4.75% /2014 (2)
2,000,000
Citigroup sr unsecur SerEMTN 6.4% /2013
1,000,000
6,904,710
6,841,588
0.52
0.51
6,191,190
0.46
5,084,754
0.38
3,560,142
2,800,141
2,161,283
0.27
0.21
0.16
2,063,819
1,034,970
0.15
0.08

Spain
CaixaBank sr unsecur SerDMTN 4.125% /2014
4.875% /2016
3.5% /2015 (2)
4.967% /2016 (2)
3.625% /2017
5.435% /2017 (5)
5.25% /2014 (2)
4.797% /2018 (2)
BBVA Senior Finance bnk gtd RegS 4% /2013
BBVA Senior Finance bnk gtd SerGMTN
3.25% /2015
4.693% /2019 (2)
4.125% /2018
Telefonica Emisiones co gtd RegS 4.75% /2017
4.375% /2016
4.75% /2016
4.674% /2014 (2)
Santander Issuances bnk gtd 6.5% /2019 (5)
Banco Bilbao Vizcaya Argentaria subord
4.375% /2019 (2) (5)
3.75% /2013 (2)
10.73
13,050,000
12,402,811
0.93
12,000,000
12,400,062
0.93
11,500,000
10,859,214
0.81
10,000,000
9,460,170
0.71
9,600,000
8,831,573
0.66
12,050,000
8,495,250
0.63
7,900,000
8,000,000
7,848,476
7,825,296
0.59
0.59
8,600,000
6,000,000
7,688,632
5,949,510
0.58
0.44
5,800,000
5,359,693
0.40
6,000,000
5,116,968
0.38
5,800,000
5,400,000
5,028,554
4,962,163
0.38
0.37
4,900,000
4,486,469
0.34
3,700,000
3,508,288
0.26
2,650,000
3,000,000
2,617,385
2,444,985
0.20
0.18
3,500,000
2,376,612
0.18
1,000,000
993,795
0.07
Total for Spain

Netherlands
sr unsecur RegS 6.875% /2020
15,400,000
ABN Amro Bank subord SerEMTN
6.375% /2021
11,000,000
5.75% /2041 (5)
11,500,000
Aegon sr unsecur 4.625% /2015
(USD)12,000,000
9.63
Nominal in
Euro unless
specied
Investments
Market % of net
value
assets

Alliander subord 4.875% perpetual (2) (5)
9,195,000
ABN Amro Bank unsecur SerEMTN
4.125% /2022 (2)
6,000,000
TenneT Holding subord 6.655% perpetual (2) (5) 5,500,000
SRLEV bnk gtd 9% /2041 (5)
6,850,000
ABN Amro Bank sr unsecur Ser144A priv plmt
4.25% /2017
(USD)5,500,000
Cooperatieve Centrale
Raiffeisen-Boerenleenbank jr subord
Ser144A priv plmt 11% perpetual (5)
(USD)2,675,000
ING Bank subord SerEMTN
6.125% /2023 (5)
2,500,000
Siemens Financierings co gtd CV
1.65% /2019
(USD)3,000,000
LeasePlan Finance co gtd SerEMTN
3.75% /2013 (2)
2,150,000
Raiffeisen-Boerenleenbank subord SerGMTN
3.75% /2020 (2)
1,750,000
9,398,780
0.70
6,173,427
5,618,838
5,021,667
0.46
0.42
0.38
4,353,016
0.33
2,660,115
0.20
2,286,155
0.17
2,260,662
0.17
2,175,821
0.16
1,680,085
0.13
6.60
Germany
Commerzbank subord SerEMTN 7.75% /2021
HSE Netz sr secured 6.125% /2041
SerEMTN 6% /2041 (2) (5)
SerEMTN 7.375% /2072 (5)
(Netherlands) (1)
Celesio Finance co gtd 4.5% /2017
(Netherlands) (1)
(Netherlands) (1)
Allianz Finance II co gtd 6.5% /2025
(Netherlands) (1) (2) (5)
15,800,000
13,881,216
1.04
8,700,000
8,500,000
9,807,292
9,540,188
0.73
0.71
9,500,000
9,376,343
0.70
8,300,000
8,473,159
0.63
6,000,000
6,459,690
0.48
6,225,000
2,900,000
2,730,000
6,367,957
2,811,245
2,627,871
0.48
0.21
0.20
1,950,000
1,968,584
0.15
1,700,000
1,572,058
0.12
1,200,000
1,084,286
0.08
1,000,000
1,046,750
0.08
Total for Germany

Australia
7.875% /2071 (5)
QBE Capital Funding III co gtd Ser144A
priv plmt 7.25% /2041 (Jersey) (1) (5)
5.61
13,500,000
13,174,110
0.98
(USD)6,100,000
4,358,081
0.33
Total for Australia

Mexico
4.125% /2019
Petroleos Mexicanos co gtd SerEMTN
5.5% /2017
1.31
7,750,000
8,447,500
0.63
6,800,000
7,502,100
0.56
Total for Mexico

15,029,784
1.12
10,956,121
0.82
10,414,015
10,124,488
0.78
0.76
Belgium
UCB sr unsecur 5.75% /2016 (2)
7,500,000
Barry Callebaut Services co gtd 5.375% /2021 5,600,000
Fortis Bank subord SerEMTN 5.757% /2017 (2) 1,500,000
Total for Belgium
1.19
8,086,200
6,145,496
1,540,023
0.60
0.46
0.12
1.18
73
30 June 2012

Nominal in
Euro unless
specied
Investments
Market % of net
value
assets
Investments
Nominal in
Euro unless
specied
Market % of net
value
assets

Greece
EFG Hellas bnk gtd SerEMTN 4.375% /2013
(United Kingdom) (1) (2)
OTE co gtd SerEMTN 7.25% /2014
5,500,000
4,521,908
0.34
6,200,000
4,391,119
0.33
Total for Greece
Sweden
4.625% /2022 (5)
Nordea Bank jr subord SerEMTN
8.375% perpetual (2) (5)
Svenska Handelsbanken bnk gtd
2.875% /2017
2.875% /2017
7,600,000
7,544,026
0.56
(USD)4,900,000
4,084,236
0.31
(USD)1,340,000
1,076,268
0.08
(USD)1,160,000
931,694
0.07
Canada
Xstrata Finance Canada co gtd SerEMTN
5.25% /2017 (2)
0.67
8,000,000
8,808,976
Total for Canada
Total for Sweden
1.02
Brazil
4.875% /2018 (Cayman Islands) (1) (2)
0.66
7,700,000
8,192,477
Total for Brazil

Luxembourg
ArcelorMittal sr unsecur 9.375% /2016 (2)
Glencore Finance Europe co gtd
4.125% /2018
5,300,000
6,192,303
0.46
3,500,000
12,445,700
3,573,733
2,768,857
0.27
0.21

Norway
DNB Bank sr unsecur Ser144A priv plmt
3.2% /2017
Sparebank 1 SR Bank sr unsecur
3.625% /2015
European Community
0.61
7,000,000
7,097,020
Total for European Community

Hong Kong
(USD)10,380,000
8,338,157
0.62
4,000,000
4,132,632
0.31
Denmark
DONG Energy jr subord 7.75% /3010 (2) (5)
0.93
7,760,000
3,000,000
8,319,690
3,114,327
Total for Denmark

Switzerland
7.5% /2039 (Ireland) (1) (2) (5)
UBS jr subord 4.28% perpetual (2) (5)
0.62
0.24
0.86
0.53
0.53
6,000,000
6,047,310
Total for Hong Kong

Jersey
ASIF III Jersey sr secured SerEMTN
4.75% /2013
3,000,000
3,088,614
Total for Jersey

Russia
6.605% /2018 (Luxembourg) (1)
10,233,685
907,088
229,896
0.76
0.07
0.02
0.23
0.23
2,680,000
3,035,502
0.22
0.22
South Korea
5.75% /2013
1,450,000
1,493,558
0.12
0.85
Portugal
Caixa Geral de Depositos sr unsecur SerEMTN
4.375% /2013 (2)
5.5% /2014 (Netherlands) (1) (2)
5.875% /2016 (Netherlands) (1)
0.45
0.45
Total for Russia

9,500,000
1,100,000
250,000
0.12

4,900,000
4,850,437
0.37
3,300,000
3,325,766
0.25
2,500,000
2,323,750
0.17
93.78
Government Bond
Total for Portugal
Poland
4.675% /2019
3,750,000
4,065,825
0.30
0.79
9,000,000
9,886,500
Total for Poland
0.30
Total for Government Bond
0.30
0.74
0.61
0.94
Total for Norway

0.66
0.74
1,257,472,878
94.08
30 June 2012
74
DERIVATIVES

expressed in Euro.
Risk
position
Futures Contracts
Sell
Maturity
date
Description
Euro BOBL Future
Euro Bund Future
Euro Bund Future
Euro SCHATZ Future
US Long Bond Future
Net unrealised
Number of
assets
09/2012
09/2012
09/2012
09/2012
09/2012
09/2012
(847)
(418)
(286)
(601)
(140)
(26)
(106,544,130)
(58,745,720)
(40,194,440)
(66,404,490)
(24,329,345)
(3,042,346)
1,226,080
1,826,660
1,161,300
156,680
10,359
45,533
0.09
0.14
0.09
0.01
0.00
0.00
Euro BOBL Future

Euro SCHATZ Future
Long Gilt Future
09/2012
09/2012
09/2012
09/2012
09/2012
83
1,568
(88)
(325)
(942)
4,426,612
0.33
(126,990)
(415,520)
(22,566)
(51,844)
(369,752)
(0.01)
(0.03)
0.00
0.00
(0.03)
(986,672)
(0.07)
10,440,570
173,248,320
(12,972,508)
(31,788,636)
(99,108,619)
Buy
(259,441,344)1
3,439,940
Sell
17/07/2012
17/07/2012
17/07/2012
17/07/2012
18/07/2012
48,580,297
48,578,075
48,542,716
48,490,163
14,908,763
EUR
EUR
EUR
EUR
EUR
Amount
sold
60,555,000 USD
60,555,000 USD
60,555,000 USD
60,555,000 USD
12,030,000 GBP
Sell
17/07/2012
17/07/2012
18/07/2012
9,600,000 USD
6,400,000 USD
130,000 GBP
7,621,479 EUR
5,124,534 EUR
161,797 EUR

Exchange Contracts
Exchange Contracts
0.01
111,701
0.01
2,200,000 20/12/2013
(28,027)
0.00
EUR 61,000,000 20/12/2016
(4,866,659)
(0.36)
EUR
1,500,000 20/06/2017
(52,691)
0.00
EUR
9,000,000 20/06/2017
(316,147)
(0.02)
(5,263,524)
(0.38)
(5,151,823)
(0.37)
Interest Rate Swap Contracts
Currency
Notional
amount
Net unrealised
% of
Maturity
(loss) as at
net
USD 46,700,000 25/01/2020
Net Unrealised Loss on Interest Rate Swap Contracts
Net unrealised
30 June 2012
assets
789,277
787,057
751,698
699,144
17,222
0.06
0.06
0.06
0.05
0.00
3,044,398
0.23
(44,999)
(73,547)
(874)
0.00
(0.01)
0.00
(119,420)
(0.01)
2,924,978
0.22
(6,773,415)
(0.51)
(6,773,415)
(0.51)
EUR 9,299,938 cash held as collateral by the counterparties in relation to the above OTC.
EUR 920,000 cash paid as collateral by the counterparties in relation to the above OTC.
Total Derivatives
(5,560,320)
84,733,281

Exchange Contracts
111,701
EUR
Pay xed rate 3.706%

Receive oating rate
USD LIBOR 3 months

Amount
bought
3,500,000 20/03/2014
0.26
Cash of EUR 4,408,944 held as collateral by the counterparties.
Maturity
date
EUR
Koninklijke DSM
4% 10/11/2015
iTraxx Europe Senior
Financials Series 16
01/12/2016
iTraxx Europe Series 17
01/06/2017
iTraxx Europe Series 17
01/06/2017
Description
Net Unrealised Gain

1
ArcelorMittal
6.125% 01/06/2018
Net unrealised
% of
net
Sell
Notional
amount
(0.42)
6.34
1,336,645,839 100.00
75
30 June 2012
INVESTMENT AIM

measured in Euro, through market, instrument
and currency selection. The Fund consists of
Fixed Income Securities of varying maturities
denominated primarily in the Euro and other
European currencies and may invest in other
Fixed Income Securities denominated in other
currencies including Emerging Markets Fixed
Income Securities.

Investments
Nominal in
Euro unless
specied
Market % of net
value
assets
Corporate Bonds
United Kingdom
2,300,000
Lloyds TSB Bank subord SerEMTN 6.5% /2020 2,300,000
5.5% /2020
1,800,000
3.75% /2015
1,600,000
3.625% /2016
1,500,000
6.375% /2016 (2)
1,400,000
HSBC Holdings subord SerEMTN 6% /2019 (2) 1,300,000
3.472% /2016
1,200,000
Priory Group No 3 sr secured RegS
7% /2018
(GBP)1,050,000
SerEMTN 3.375% /2015 (2)
1,200,000
(USD)1,375,000
1,000,000
Nationwide Building Society covered SerEMTN
3.5% /2015
1,000,000
3.25% /2015
1,000,000
6.75% /2020
1,000,000
7.25% /2017
700,000
FCE Bank sr unsecur SerEMTN 4.75% /2015 (2) 800,000
4.625% /2017
700,000
Ineos Finance sr secured RegS 9.25% /2015
700,000
HSBC Bank sr unsecur SerEMTN 3.125% /2017
600,000
9.375% /2019
(USD)600,000
8.375% /2016
500,000
Anglian Water Osprey Financing sr secured
SerEMTN 7% /2018
(GBP)450,000
4.75% /2016
500,000
Experian Finance co gtd SerEMTN 4.75% /2020
400,000
4.125% /2016 (2)
400,000
4.6% /2018 (Jersey) (1)
400,000
Everything Everywhere Finance co gtd SerEMTN
3.5% /2017
425,000
2.875% /2017
375,000
6.934% /2018
400,000
3.125% /2019
350,000
Bakkavor Finance 2 sr secured RegS
8.25% /2018 (2)
(GBP)325,000
National Express Group co gtd SerEMTN
6.25% /2017
(GBP)250,000
FCE Bank sr unsecur SerEMTN 9.375% /2014
300,000
HSBC Holdings subord 3.625% /2020 (5)
300,000
10.5% /2022 (5)
258,000
Virgin Media Secured Finance sr secured
5.5% /2021
(GBP)200,000
Rentokil Initial co gtd SerEMTN 4.625% /2014
250,000
EC Finance sr secured RegS 9.75% /2017 (2)
250,000
BP Capital Markets co gtd SerEMTN 3.83% /2017 200,000
2,125,514
2,010,047
0.57
0.54
1,939,824
0.52
1,660,169
0.45
1,586,641
0.43
1,566,368
1,408,328
0.42
0.38
1,278,397
0.35
1,264,362
0.34
1,191,574
1,129,059
1,071,108
0.32
0.31
0.29
1,069,566
0.29
1,042,376
0.28
945,052
0.26
849,551
845,580
0.23
0.23
780,249
749,024
635,771
0.21
0.20
0.17
629,705
0.17
603,562
0.16
566,391
0.15
527,343
461,351
0.14
0.12
429,596
0.12
428,505
0.12
426,049
0.12
385,537
0.10
370,561
0.10
366,317
0.10
349,339
0.09
333,436
332,332
296,562
0.09
0.09
0.08
273,157
0.07
262,075
259,006
243,110
217,749
0.07
0.07
0.07
0.06
30 June 2012
76

Investments
Nominal in
Euro unless
specied
Market % of net
value
assets

4.5% /2018
14% perpetual (5)
3.625% /2021
7.25% /2014
Barclays Bank sr unsecur 3.5% /2015
Leek Finance 17X A2C 0.937% /2037 (5)
Granite Master Issuer 2006-4 A7
0.601% /2054 (5)
4.125% /2019 (2)
Granite Master Issuer 2007-2 3A2
0.583% /2054 (5)
Prudential jr subord SerEMTN
200,000
217,688
0.06
(GBP)150,000
211,871
0.06
200,000
195,000
300,000
211,121
206,384
187,356
0.06
0.06
0.05
150,000
150,000
157,080
168,142
156,579
155,278
0.05
0.04
0.04
147,491
142,182
0.04
100,000
108,884
0.03
110,619
106,636
0.03
(USD)50,000
45,238
0.01

France
Caisse dAmortissement de la Dette Sociale sr
3,000,000
Dexia Credit Local govt liquid gtd SerEMTN
2.625% /2014
2,600,000
Socit Gnrale sr unsecur Ser144A
(USD)2,445,000
BNP Paribas Home Loan Covered Bonds
3.875% /2021
1,600,000
Credit Agricole subord SerEMTN 3.9% /2021 (2)
1,650,000
BNP Paribas bnk gtd SerBKNT 5% /2021 (USD)1,570,000
BNP Paribas Home Loan Covered Bonds
SerEMTN 3.75% /2021
1,100,000
Compagnie de Financement Foncier covered
SerEMTN 4.375% /2021
900,000
unsecur SerEMTN 5% /2017 (2)
900,000
900,000
Mercialys sr unsecur 4.125% /2019 (2)
800,000
BNP Paribas subord SerEMTN 5.431% /2017 (2) 750,000
SerEMTN 4% /2020
850,000
(Netherlands) (1)
800,000
Crown European Holdings sr nts RegS
7.125% /2018 (2)
700,000
700,000
582,300
650,000
Banque Federative du Credit Mutuel sr unsecur
SerEMTN 3% /2015
650,000
5.625% /2015 (2)
600,000
SerEMTN 4.5% /2019
550,000
500,000
500,000
4.625% /2016
500,000
500,000
3.875% /2019 (2)
500,000
9.41
3,046,372
0.82
2,625,769
0.71
1,845,652
0.50
1,750,894
1,321,805
1,270,189
0.47
0.36
0.34
1,193,236
0.32
989,101
0.27
956,707
936,670
817,234
798,319
0.26
0.25
0.22
0.22
778,432
0.21
773,600
0.21
757,508
727,872
0.20
0.20
698,815
669,133
0.19
0.18
665,053
0.18
630,935
0.17
584,759
551,284
520,508
0.16
0.15
0.14
507,916
505,237
0.14
0.14
499,725
0.13
Investments
Nominal in
Euro unless
specied
Market % of net
value
assets

France (continued)
4.5% /2040
500,000
5.125% /2022
400,000
Europcar Groupe secured RegS 11.5% /2017
495,000
Wendel sr unsecur 6.75% /2018 (2)
400,000
Casino Guichard Perrachon sr unsecur SerEMTN
3.994% /2020 (2)
400,000
Banque PSA Finance sr unsecur RegS
3.875% /2015 (2)
350,000
300,000
300,000
4% /2016 (2)
300,000
Unibail-Rodamco sr unsecur SerEMTN 3% /2019
300,000
300,000
Suez Environnement jr subord 4.82% perpetual (5) 300,000
3.875% /2020 (2)
250,000
Europcar Groupe sr subord RegS 9.375% /2018 (2) 350,000
Socit Gnrale jr subord 6.999% perpetual (5) 300,000
Eutelsat sr unsecur 4.125% /2017
200,000
Banque PSA Finance sr unsecur SerEMTN
6% /2014
200,000
Vivendi sr unsecur SerEMTN 4.125% /2017 (2)
200,000
200,000
Gecina sr unsecur SerEMTN 4.25% /2016
200,000
6.125% /2018 (2)
200,000
Autoroutes du Sud de la France sr unsecur
SerEMTN 7.375% /2019
150,000
6.75% /2019 (2)
150,000
3.75% /2014 (2)
150,000
Casino Guichard Perrachon sr unsecur
SerEMTN 4.481% /2018
150,000
Europcar Groupe secured RegS 4.19% /2013 (5) 150,000
100,000
3.625% /2013
100,000
100,000
RCI Banque sr unsecur SerEMTN 4% /2013 (2)
50,000
Credit Agricole subord SerEMTN 5.875% /2019 (2) 50,000
50,000
490,750
0.13
445,748
438,152
413,606
0.12
0.12
0.11
395,306
0.11
345,703
330,793
319,243
0.09
0.09
0.09
312,546
302,227
0.08
0.08
296,328
285,550
0.08
0.08
262,798
245,562
216,958
212,461
0.07
0.07
0.06
0.06
207,277
206,549
204,911
202,661
0.06
0.06
0.05
0.05
198,756
0.05
187,668
0.05
182,637
0.05
154,970
0.04
154,572
150,112
103,441
0.04
0.04
0.03
100,989
80,093
50,923
47,943
37,562
0.03
0.02
0.01
0.01
0.01
Total for France

Netherlands
Fortis Bank Nederland govt liquid gtd
SerEMTN 3.375% /2014
2,500,000
LeasePlan govt liquid gtd SerEMTN 3.25% /2014 2,500,000
SNS Bank govt liquid gtd SerEMTN 3.5% /2014 2,500,000
ING Bank govt liquid gtd SerEMTN 3.375% /2014 2,300,000
NIBC Bank govt liquid gtd SerEMTN 3.5% /2014 2,000,000
LeasePlan sr unsecur SerEMTN 4.125% /2015 1,200,000
ING Bank sr unsecur 4.875% /2021
1,000,000
ABN Amro Bank covered SerEMTN 3.75% /2014 1,000,000
Volkswagen International Finance co gtd
SerEMTN 1.875% /2017 (2)
1,000,000
UPC Holding secured RegS 8.375% /2020 (2)
900,000
900,000
Ziggo Bond sr unsecur RegS 8% /2018 (2)
800,000
ABN Amro Bank covered SerEMTN 3.5% /2018
800,000
ABN Amro Bank subord SerEMTN 6.375% /2021 850,000
ING Bank sr unsecur SerEMTN 3.875% /2016
700,000
Carlson Wagonlit co gtd RegS 7.5% /2019 (2)
700,000
ABN Amro Bank sr unsecur Ser144A
priv plmt 4.25% /2017
(USD)830,000
3.625% /2017
600,000
Siemens Financierings co gtd CV 1.65% /2019 (USD)750,000
9.18
2,628,949
2,622,947
2,619,522
2,405,426
2,101,570
1,240,880
1,099,017
1,056,582
0.71
0.71
0.71
0.65
0.57
0.33
0.30
0.29
997,245
932,647
919,759
871,624
868,285
846,609
740,181
695,159
0.27
0.25
0.25
0.23
0.23
0.23
0.20
0.19
656,910
0.18
621,684
565,165
0.17
0.15
77
30 June 2012

Investments
Nominal in
Euro unless
specied
Market % of net
value
assets

5.75% /2041 (5)
600,000
Raiffeisen-Boerenleenbank unsecur SerEMTN
3.5% /2018
500,000
Raiffeisen-Boerenleenbank sr unsecur RegS
6.875% /2020
500,000
subord SerGMTN 3.75% /2020
500,000
450,000
600,000
4.25% /2016
400,000
OI European Group co gtd RegS 6.75% /2020 (2) 350,000
FMC Finance VIII co gtd RegS 6.5% /2018
(Luxembourg) (1)
250,000
TenneT Holding subord 6.655% perpetual (2) (5)
250,000
sr unsecur SerEMTN 3.875% /2016 (2)
175,000
jr subord Ser144A priv plmt
11% perpetual (5)
(USD)105,000
3.75% /2013
50,000
Nominal in
Euro unless
specied
Market % of net
value
assets

Spain (continued)
4.125% /2018
Nara Cable Funding sr secured RegS
8.875% /2018 (Ireland) (1) (2)
Santander US Debt bnk gtd Ser144A
priv plmt 3.724% /2015
200,000
173,398
0.05
150,000
131,157
0.04
(USD)30,000
22,021
0.01
Total for Spain

543,340
4.82
0.15
5,500,000
5,472,404
1.48
2,500,000
2,486,894
0.67
1,500,000
1,360,862
0.37
1,200,000
1,185,378
0.32
900,000
930,005
0.25
900,000
750,000
831,676
733,621
0.22
0.20
700,000
625,819
0.17
600,000
549,364
0.15
550,000
505,976
0.14
Italy
SerEMTN 4.875% /2016
1,400,000
1,400,000
Intesa Sanpaolo sr unsecur Ser144A
(USD)1,710,000
UniCredit sr unsecur 4.875% /2017
1,000,000
Fiat Industrial Finance Europe co gtd
SerEMTN 6.25% /2018 (Luxembourg) (1)
900,000
850,000
8.125% /2013 (Luxembourg) (1)
800,000
SerEMTN 4.75% /2021
850,000
800,000
800,000
7.75% /2033 (Luxembourg) (1)
700,000
650,000
3.125% /2015
600,000
Enel Finance International co gtd Ser144A
priv plmt 5.125% /2019 (Netherlands) (1)
(USD)700,000
500,000
4% /2013 (Ireland) (1)
450,000
Wind Acquisition Finance sr secured RegS
7.375% /2018 (Luxembourg) (1)
500,000
400,000
4.125% /2016
400,000
Telecom Italia sr unsecur SerEMTN 7% /2017 (2)
350,000
8.25% /2016 (2)
300,000
350,000
Intesa Sanpaolo sr unsecur Ser144A priv plmt
6.5% /2021
(USD)350,000
5.125% /2024
250,000
200,000
Wind Acquisition Finance co gtd RegS
11.75% /2017 (Luxembourg) (1)
250,000
6.625% /2020 (France) (1) (2)
200,000
Pirelli & Co co gtd RegS 5.125% /2016
100,000
Telecom Italia sr unsecur RegS 5.125% /2016 (2) 100,000
500,000
496,897
0.13
Total for Italy
600,000
423,000
0.11
350,000
345,692
0.09
350,000
330,498
0.09
350,000
300,228
0.08
300,000
300,000
283,805
275,676
0.08
0.07
200,000
200,000
198,696
190,081
0.05
0.05
526,626
0.14
487,980
0.13
480,024
459,973
439,854
0.13
0.12
0.12
428,438
372,197
0.12
0.10
277,504
255,402
0.07
0.07
186,968
0.05
104,416
0.03
50,600
0.01

Spain
4.4% /2013
4.5% /2014
4% /2017
4.875% /2016
3.25% /2015
4.797% /2018 (2)
4.375% /2016
3.625% /2017
3.75% /2013 (2)
5.435% /2017 (5)
4.674% /2014
3.5% /2015 (2)
Telefonica Emisiones co gtd SerGMTN
3.661% /2017 (2)
4.967% /2016
Telefonica Emisiones co gtd RegS 4.75% /2017
5.25% /2014
CaixaBank sr unsecur SerDMTN 4.125% /2014
Investments
7.86
Germany
State of Saxony-Anhalt 3.75% /2021
KfW - Kreditanstalt fuer Wiederaufbau
govt gtd 3.125% /2018
Deutsche Bank subord SerEMTN 5% /2020 (2)
govt gtd SerEMTN 3.125% /2016
govt gtd 2% /2016
Conti-Gummi Finance sr secured RegS
7.125% /2018 (Netherlands) (1)
1,410,168
1,391,939
0.38
0.38
1,188,301
940,555
0.32
0.25
909,805
856,422
0.24
0.23
849,520
0.23
843,686
792,102
0.23
0.21
741,411
0.20
695,927
599,508
0.19
0.16
577,218
0.16
522,888
496,802
0.14
0.13
451,678
0.12
431,890
391,640
0.12
0.11
388,024
364,221
0.10
0.10
327,633
302,750
0.09
0.08
243,220
0.07
234,384
204,981
0.06
0.06
202,577
0.05
177,377
100,538
99,693
0.05
0.03
0.03
4.52
1,800,000
2,049,065
0.55
1,800,000
1,700,000
1,977,138
1,709,240
0.53
0.46
1,500,000
1,631,300
0.44
700,000
732,297
0.20
650,000
700,000
691,460
678,577
0.19
0.18
30 June 2012
78

Investments
Nominal in
Euro unless
specied
650,000
663,561
0.18
700,000
647,318
0.17
600,000
645,969
0.17
600,000
600,000
592,190
527,135
0.16
0.14
450,000
514,744
0.14
350,000
350,000
394,546
373,262
0.11
0.10
300,000
271,071
0.07
200,000
225,633
0.06
200,000
216,500
0.06
200,000
201,906
0.05
150,000
169,023
0.05
100,000
100,000
107,086
94,018
0.03
0.03
58,000
50,000
59,332
48,130
0.02
0.01
Market % of net
value
assets
Market % of net
value
assets

SerGMTN 5.875% /2015
250,000
BNP Paribas US Medium-Term Note Program
bnk gtd sub nts Ser144A priv plmt
5.125% /2015 (France) (1)
(USD)275,000
200,000
6.4% /2020
(USD)185,000
Countrywide Alternative Loan
Trust 2006-OA18 A3 0.515% /2046 (5)
(USD)739,552
Nominal in
Euro unless
specied
Germany (continued)
SerEMTN 7.375% /2072 (5)
(Netherlands) (1)
(Netherlands) (1)
SerEMTN 6% /2041 (5)
HeidelbergCement Finance co gtd 8% /2017
HeidelbergCement Finance co gtd
8.5% /2019 (Netherlands) (1)
Elster Finance co gtd RegS 6.25% /2018
(Netherlands) (1)
(Netherlands) (1)
4.75% /2019 (Netherlands) (1) (2)
7.5% /2020 (Netherlands) (1) (2)
Grohe Holding sr secured RegS 4.662% /2017 (5)
Celesio Finance co gtd 4.5% /2017
(Netherlands) (1)
Investments
Sweden
2,500,000
4.625% /2022 (5)
1,200,000
2.875% /2017
(USD)1,460,000
1,100,000
Swedbank Hypotek covered 3.625% /2016
1,000,000
Swedbank sr unsecur SerEMTN
3.375% /2017
700,000
Nordea Bank sr unsecur SerEMTN 4% /2019
450,000
285,053
0.08
218,609
171,001
0.06
0.05
165,276
0.04
45,336
0.01
3.29
2,631,016
0.71
1,191,165
0.32
1,172,650
1,115,246
1,089,652
0.32
0.30
0.29
728,890
485,631
0.20
0.13
Total for Sweden
Total for Germany

3.75% /2016 (Ireland) (1)
1,000,000
4.375% /2017
900,000
6.375% /2018
800,000
750,000
720,000
AMERIGROUP sr unsecur 7.5% /2019
(USD)840,000
GE Capital Trust II ltd gtd RegS 5.5% /2067 (5)
750,000
(Ireland) (1)
600,000
4.875% /2014
600,000
550,000
WM Covered Bond Program covered
SerEMTN 4% /2016
500,000
BA Covered Bond Issuer covered SerEMTN
4.25% /2017
500,000
500,000
Pioneer Natural Resources sr unsecur
7.5% /2020
(USD)500,000
350,000
(USD)400,000
5.25% /2015 (2)
300,000
3.75% /2016
300,000
QVC sr secured Ser144A priv plmt
7.125% /2017
(USD)350,000
4.10
1,058,078
0.28
919,730
0.25
887,345
781,795
736,502
714,393
675,157
0.24
0.21
0.20
0.19
0.18
660,790
0.18
619,421
547,242
0.17
0.15
538,466
0.14
529,894
0.14
515,933
0.14
488,063
355,226
345,805
0.13
0.10
0.09
326,590
0.09
318,587
0.09
293,657
0.08
Australia
7.875% /2071 (5)
1,150,000
800,000
Commonwealth Bank of Australia covered
SerEMTN 2.625% /2017
600,000
500,000
4% /2020
450,000
Santos Finance co gtd SerEMTN
8.25% /2070 (5)
500,000
SerEMTN 4.25% /2016
350,000
SerEMTN 4.25% /2018
300,000
QBE Capital Funding III co gtd Ser144A priv plmt
7.25% /2041 (Jersey) (1) (5)
(USD)400,000
Westpac Banking sr unsecur SerEMTN
4.25% /2016 (2)
250,000
Commonwealth Bank of Australia sr
unsecur Ser144A priv plmt 5% /2019
(USD)310,000
Medallion Trust 2004-1G A3 0.82% /2035
255,270
3.5% /2015 (2)
150,000
2.27
1,122,239
0.31
844,648
0.23
627,243
0.17
536,631
0.14
487,511
0.13
477,813
0.13
382,935
0.11
330,292
0.09
285,776
0.08
273,281
0.07
269,275
254,149
0.07
0.07
157,480
0.04
Total for Australia

Switzerland
UBS covered SerEMTN 3% /2016 (2)
1,250,000
Credit Suisse sr unsecur SerEMTN 5.125% /2017 650,000
UBS sr unsecur SerEMTN 6% /2018
550,000
Sunrise Communications Holdings
secured RegS 8.5% /2018 (Luxembourg) (1) (2)
500,000
7.5% /2039 (Ireland) (1) (5)
250,000
Zurich Finance USA co gtd SerEMTN
200,000
Credit Suisse sr unsecur SerEMTN 4.75% /2019
200,000
200,000
1.64
1,334,600
738,420
651,226
0.36
0.20
0.18
530,558
0.14
269,308
0.07
229,217
224,190
183,917
0.06
0.06
0.05
1.12
79
30 June 2012

Nominal in
Euro unless
specied
Investments
Market % of net
value
assets
Investments
Nominal in
Euro unless
specied
Market % of net
value
assets

900,000
988,650
0.27
0.27

Norway
DnB Bank sr unsecur Ser144A priv plmt
3.2% /2017
(USD)1,425,000
DNB Bank sr unsecur RegS 4.375% /2021
600,000
Sparebank 1 SR Bank sr unsecur
3.625% /2015
450,000
SpareBank 1 SR Bank sr unsecur
3.5% /2016
150,000
Mexico
America Movil sr unsecur SerEMTN 4.125% /2019
Petroleos Mexicanos co gtd SerEMTN 5.5% /2017
1,144,689
657,970
0.31
0.18
464,921
0.12
154,524
0.04
Brazil
4.875% /2018 (Cayman Islands) (1)
0.65
Total for Brazil

Canada
Bombardier sr unsecur RegS 6.125% /2021 (2)
500,000
Bombardier sr unsecur Ser144A priv plmt
7.75% /2020
(USD)245,000
7.5% /2018
(USD)120,000
Total for Norway

Ireland
Ardagh Packaging Finance sr secured RegS
7.375% /2017
WPP Finance co gtd 5.25% /2015 (France) (1)
Smurt Kappa Acquisitions sr secured RegS
7.25% /2017 (2)
1.375% /2015
7.75% /2019 (2)
736,866
543,557
0.20
0.16
500,000
528,750
0.14
200,000
200,973
0.05
Total for Canada
150,000
161,495
0.04
South Korea
Export-Import Bank of Korea sr unsecur
SerEMTN 5.75% /2013
Total for Ireland
0.59
0.18
0.14
299,414
185,616
102,310
0.08
0.05
0.03
0.48
1,400,000
1,494,219

Kazakhstan
6.375% /2021
(USD)1,700,000
1,488,015

South Africa
5.75% /2021
1,470,538

Indonesia
10.75% /2017 (Singapore) (1)
1,015,158
Denmark
DONG Energy jr subord 7.75% /3010 (5)
Total for Denmark
0.40
Belgium
Ontex IV sr secured RegS 7.5% /2018
(Luxembourg) (1) (2)
0.40
0.40
0.40
(USD)1,300,000
800,000
851,166
502,438
0.13
215,133
0.06
104,306
0.03
0.22
750,000
772,530
400,000
300,000
424,802
308,861
350,000
300,000
375,244
311,433
Hong Kong
550,000
538,005
0.15
0.15
550,000
514,654
0.14
0.14
400,000
283,298
0.08
150,000
123,325
0.03
0.27
0.11
0.27
Russia
6.605% /2018 (Luxembourg) (1)
1,000,000
1,007,885
300,000
339,795
0.09
0.27
Total for Russia
Total for Hong Kong
0.10
0.09
0.19
Total for Greece

Total for Indonesia
0.12
0.08
0.20
Total for Hungary

Greece
EFG Hellas bnk gtd SerEMTN 4.375% /2013
0.21
0.21
Total for Belgium

Hungary
MOL Hungarian Oil and Gas sr unsecur SerEMTN
5.875% /2017
0.23
0.23
Total for Jersey
0.40
0.40
(USD)1,700,000
Jersey
BAA Funding sr secured 4.375% /2017
0.21
0.04
0.25

668,515
510,533

New Zealand
Westpac Securities covered SerEMTN
3.5% /2016
763,000
165,488
Total for Mexico
700,000
500,000
Luxembourg
3,004,900
Glencore Finance Europe co gtd 4.125% /2018
500,000
Gategroup Finance Luxembourg co gtd RegS
6.75% /2019
300,000
175,000
ArcelorMittal sr unsecur SerEMTN 4.625% /2017 (2) 100,000
700,000
150,000
0.27
0.09
30 June 2012
80

Nominal in
Euro unless
specied
Investments
Market % of net
value
assets
Holdings/
Nominal in
Euro unless
specied
Investments
Market % of net
value
assets

Chile
5.5% /2020
(CLP)2,163,500,000
3,659,636
Total for Chile

Poland
Cyfrowy Polsat Finance sr secured RegS
7.125% /2018 (Sweden) (1)
300,000
306,246
Total for Poland

Portugal
EDP Finance sr unsecur SerEMTN 5.875% /2016
(Netherlands) (1)
0.08
Colombia
7.75% /2021
0.08
Total for Colombia
0.99
(COP)3,300,000,000
Canada
Government of Canada sr unsecur 3.5% /2020 (2)
200,000
185,900
1,797,461
1,400,000
1,625,336
0.44
0.06
0.44
0.06
53.87
Government Bonds
Italy
5.25% /2017
5% /2039
0.49
0.49
Total for Canada

Total for Portugal
0.99
Brazil
Brazil Notas do Tesouro Nacional nts SerNTNF
10% /2017
(BRL)390,600
1,567,914
Total for Brazil
Del Tesoro 3% /2015

Del Tesoro 4.25% /2015
18,500,000
16,000,000
18,587,070
15,407,624
5.02
4.16
14,300,000
6,500,000
12,070,315
6,523,797
3.26
1.76
Total for Italy
14.20
France
0.42
12,000,000
9,000,000
6,000,000
4,000,000
15,294,306
9,490,235
6,282,948
4,058,008
4.13
2.56
1.70
1.10
36.92
European Union sr unsecur SerEMTN 3.25% /2018 5,900,000
European Union sr unsecur SerEMTN 3.5% /2021
4,500,000
European Union nts SerEMTN 2.75% /2016
2,000,000
SerEMTN 3.375% /2021
1,850,000
SerEMTN 2.75% 05/12/2016 (2)
1,150,000
SerEMTN 2.75% 18/07/2016 (2)
800,000
6,445,667
4,929,831
2,130,703
1.74
1.33
0.58
1,948,482
0.52
1,218,637
0.33
846,319
0.23

Total for France
0.42
4.73
9.49
Equities
Germany
12,500,000
4,500,000
17,207,138
4,790,583
Total for Germany

Poland
(PLN)16,500,000
3.625% /2016
2,000,000
4.675% /2019
750,000

WMI Holdings
5.95
0.00
Total for Equities
0.00
3,984,520
1.08
2,128,350
0.57
813,165
0.22
Total for Poland

Netherlands
Government of Netherlands 3.25% /2021
4.66
1.29
1.87
3,650,000
1,500,000
4,537,087
1,656,139
1.22
0.45
3,960

1,532
353,684,945
Total for Mexico
95.52

WA Funding TR III
200
0.00
1.67
Mexico
0.00
(MXN)63,000,000
5,199,900
1.40
1.40

0.00
0.00
353,684,945
95.52
81
30 June 2012
DERIVATIVES

expressed in Euro.
Risk
position
Futures Contracts
Buy
Maturity
date
Description
Euro BOBL Future
Euro BOBL Future
Euro Bund Future
Euro SCHATZ Future
Net unrealised
Number of
assets
09/2012
09/2012
09/2012
09/2012
09/2012
(34)
(266)
(318)
(233)
(12)
(4,276,860)
(33,460,140)
(44,691,720)
(25,744,170)
(2,085,372)

Euro Bund Future
Euro SCHATZ Future
Long Gilt Future
09/2012
09/2012
09/2012
09/2012
09/2012
10
11
(11)
(28)
(250)
52,360
399,430
1,365,480
41,065
888
0.01
0.11
0.37
0.01
0.00
1,859,223
0.50
(43,800)
(2,915)
(4,627)
(4,467)
(80,859)
(0.01)
0.00
0.00
0.00
(0.02)
(136,668)
(0.03)
1,405,400
1,215,390
(1,621,563)
(2,738,713)
(26,302,713)

Net Unrealised Gain
1
(138,300,461)1
1,722,555
0.47
Buy
Sell
Merrill Lynch & Co

5% 15/01/2015
Goldman Sachs Group
6.6% 15/01/2012
ArcelorMittal
6.125% 01/06/2018
400,000 20/06/2013
79
0.00
EUR
500,000 20/06/2013
3,912
0.00
EUR
500,000 20/03/2014
15,957
0.00
19,948
0.00

Buy ABB International Finance
6.5% 30/11/2011
Buy
Koninklijke DSM
4% 10/11/2015
Buy
WPP 2008
6% 04/04/2017
Sell Ardagh Packaging Finance
4.25% 15/10/2020
EUR
2,000,000 20/09/2012
(335)
0.00
EUR
500,000 20/12/2013
(6,370)
0.00
EUR
1,000,000 20/06/2015
(10,954)
0.00
EUR
600,000 20/12/2016
(32,817)
(0.01)
(50,476)
(0.01)
(30,528)
(0.01)
Description
Maturity
date
05/07/2012
05/07/2012
05/07/2012
05/07/2012
09/07/2012
17/07/2012
17/07/2012
18/07/2012
19/07/2012
07/08/2012
Amount
bought
Amount
sold
1,800,000 CAD
1,755,481 USD
230,210 EUR
295,000 CAD
74,215,000 MXN
4,314,217 EUR
13,100,000 MXN
937,026 USD
1,800,000 AUD
1,766,862 USD
24,058,280 EUR
29,993,085 USD
575,327 EUR
720,000 USD
2,813,208 EUR
2,270,000 GBP
947,044 USD 1,690,000,000 COP
13,100,000 MXN
948,655 USD
Net unrealised
30 June 2012
assets
8,453
1,743
54,665
31,586
58,833
387,237
7,091
3,250
1,378
19,859
0.00
0.00
0.01
0.01
0.02
0.11
0.00
0.00
0.00
0.01

Exchange Contracts
574,095
0.16
05/07/2012
05/07/2012
05/07/2012
05/07/2012
09/07/2012
09/07/2012
10/07/2012
10/07/2012
17/07/2012
18/07/2012
19/07/2012
19/07/2012
07/08/2012
07/08/2012
07/08/2012
(2,209)
(106,727)
(11,034)
(19,939)
(87,791)
(3,739)
(66,071)
(73,201)
(5,746)
(2,164)
(28,546)
(8,730)
(1,743)
(50,599)
(8,534)
0.00
(0.03)
0.00
(0.01)
(0.03)
0.00
(0.02)
(0.02)
0.00
0.00
(0.01)
0.00
0.00
(0.01)
0.00
(476,773)
(0.13)
97,322
0.03
Net unrealised
% of
net
EUR
Notional
amount
Currency
Notional
amount
Net unrealised
% of
net
Pay oating rate

EUR EURIBOR 6 months
Receive xed rate 4.253%
EUR
25,745,000 18/08/2026
1,266,578
0.34
Pay oating rate

USD LIBOR 3 months
USD
42,875,000 18/08/2031
1,432,075
0.39
2,698,653
0.73
Unrealised Gain on Interest Rate Swap Contracts

Pay xed rate 4.383%
Receive oating rate
USD LIBOR 3 months
USD
34,570,000 18/08/2026
(1,456,266)
(0.39)
Pay xed rate 3.613%

Receive oating rate
EUR
32,600,000 18/08/2031
(1,327,374)
(0.36)
(2,783,640)
(0.75)
(84,987)
(0.02)
Unrealised Loss on Interest Rate Swap Contracts

295,000 CAD
4,262,154 EUR
1,752,210 USD
951,782 USD
4,057,320 CAD
133,523 EUR
2,268,471 EUR
2,087,205 USD
500,000 USD
232,532 USD
1,692,866 USD
2,280,891 USD
295,000 CAD
4,114,927 EUR
1,754,044 USD
230,675 EUR
74,215,000 MXN
1,800,000 CAD
13,100,000 MXN
4,000,000 AUD
170,000 AUD
9,905,000 PLN
7,300,000 PLN
400,354 EUR
150,000 GBP
3,500,000 BRL
1,151,850,000 CLP
229,972 EUR
71,015,000 MXN
1,800,000 CAD

Exchange Contracts
Exchange Contracts
Total Derivatives
1,704,362
0.47
14,895,632
4.01
370,284,939 100.00
Statements.
30 June 2012
82
INVESTMENT AIM

measured in Euro, through investments
worldwide primarily in lower rated
and unrated xed income securities issued
by governments, agencies and corporations
thatoffer a yield above that generally
available on debt securities in the four
highestrating categories of S&P or Moodys
denominated in European currencies.

Investments
Nominal in
Euro unless
specied
Market % of net
value
assets
Corporate Bonds
Germany
HeidelbergCement Finance co gtd 7.5% /2020
7,500,000
Unitymedia sr nts RegS 9.625% /2019 (2)
4,500,000
7.125% /2018 (Netherlands) (1) (2)
4,500,000
KION Finance sr secured RegS 7.875% /2018
4,000,000
HeidelbergCement Finance co gtd 8% /2017
3,000,000
(Netherlands) (1)
3,000,000
7.5% /2017 (Netherlands) (1) (2)
3,000,000
Grohe Holding sr secured RegS
4.662% /2017 (2) (5)
3,000,000
Heckler & Koch sr secured RegS
9.5% /2018 (2)
3,000,000
Phoenix PIB Finance co gtd RegS
9.625% /2014 (Netherlands) (1) (2)
2,000,000
SerEMTN 7.375% /2072 (5)
2,000,000
2,300,000
Unitymedia secured RegS 9.5% /2021 (2)
1,500,000
(Netherlands) (1)
1,000,000
Heidelberger Druckmaschinen co gtd RegS
9.25% /2018
1,500,000
Fresenius Medical Care US
Finance co gtd 6.875% /2017
(USD)1,000,000
900,000
(Netherlands) (1)
900,000
8,031,450
4,905,427
2.71
1.65
4,787,032
1.61
3,849,160
1.30
3,431,625
1.16
3,247,500
1.09
3,213,435
1.08
2,820,540
0.95
2,242,515
0.75
2,214,040
0.75
2,041,725
2,020,683
1,629,930
0.69
0.68
0.55
1,076,615
0.36
1,064,175
0.36
880,066
872,455
0.30
0.29
832,266
0.28
Total for Germany

United Kingdom
SerEMTN 7% /2018
Rexam subord 6.75% /2067 (5)
Ineos Group Holdings secured RegS
7.875% /2016 (Luxembourg) (1) (2)
Priory Group No 3 co gtd RegS
8.875% /2019
BAA sr secured SerEMTN
7.125% /2017 (2)
Jaguar Land Rover co gtd RegS
8.25% /2020
FCE Bank sr unsecur SerEMTN
9.375% /2014
R&R Ice Cream sr secured RegS
8.375% /2017
Ineos Finance sr secured RegS
7.25% /2019 (2) (5)
House of Fraser Funding sr secured RegS
8.875% /2018 (2)
Virgin Media Finance co gtd
8.875% /2019
Kerling sr secured RegS 10.625% /2017
Bakkavor Finance 2 sr secured RegS
8.25% /2018 (2)
6.5% /2020
16.56
(GBP)3,500,000
4,500,000
4,405,265
4,320,585
1.48
1.45
4,500,000
3,905,707
1.32
(GBP)3,500,000
3,787,180
1.28
(GBP)3,000,000
3,696,662
1.24
(GBP)1,900,000
2,397,240
0.81
2,000,000
2,215,550
0.75
2,000,000
1,993,220
0.67
2,000,000
1,977,190
0.67
(GBP)1,500,000
1,623,532
0.55
(GBP)1,000,000
1,500,000
1,386,018
1,328,497
0.47
0.45
(GBP)1,000,000
1,074,889
0.36
1,000,000
873,933
0.29
11.79
83
30 June 2012

Investments
Nominal in
Euro unless
specied
Market % of net
value
assets

France
7.125% /2018 (2)
Europcar Groupe sr subord RegS
9.375% /2018 (2)
Faurecia sr unsecur SerEMTN 8.75% /2019
6% /2014
Renault sr unsecur SerEMTN 4.625% /2016
Nexans sr unsecur SerEMTN 5.75% /2017
Lafarge sr unsecur SerEMTN 6.25% /2018 (2)
Rexel co gtd 8.25% /2016 (2)
Rexel co gtd 7% /2018 (2)
Europcar Groupe secured RegS 4.19% /2013 (5)
Faurecia co gtd SerEMTN 9.375% /2016 (2)
4,000,000
4,328,620
1.46
5,250,000
3,500,000
3,683,426
3,393,040
1.24
1.14
3,000,000
3,000,000
2,500,000
2,000,000
2,000,000
2,000,000
1,000,000
1,000,000
1,000,000
850,000
750,000
3,109,159
3,011,340
2,576,487
2,286,790
2,198,940
2,064,350
1,096,540
1,060,710
1,029,435
850,637
823,432
1.05
1.01
0.87
0.77
0.74
0.69
0.37
0.36
0.35
0.29
0.28
Total for France

Italy
Fiat Industrial Finance Europe co gtd SerEMTN
6.25% /2018 (Luxembourg) (1)
Fiat Finance & Trade co gtd SerEMTN
7.375% /2018 (Luxembourg) (1)
Lottomatica jr subord RegS 8.25% /2066 (2) (5)
Wind Acquisition Holdings Finance sr secured
RegS PIK 12.25% /2017 (Luxembourg) (1) (2)
7.375% /2018 (Luxembourg) (1)
Fiat Finance & Trade co gtd SerGMTN
6.375% /2016 (Luxembourg) (1) (2)
11.75% /2017 (Luxembourg) (1)
10.62
7,000,000
7,076,265
2.39
5,000,000
5,500,000
4,856,550
4,750,735
1.64
1.60
4,987,845
3,641,351
1.23
3,000,000
2,591,340
0.87
2,500,000
2,414,600
0.81
1,800,000
1,458,558
0.49
Total for Italy

Netherlands
Ziggo Bond sr unsecur RegS 8% /2018 (2)
UPC Holding secured RegS 8.375% /2020 (2)
(Luxembourg) (1)
OI European Group co gtd RegS
6.75% /2020 (2)
Refresco Group sr secured RegS
7.375% /2018 (2)
UPCB Finance sr secured RegS
7.625% /2020 (Cayman Islands) (1) (2)
Fresenius Finance co gtd RegS 4.25% /2019 (2)
Carlson Wagonlit co gtd RegS 7.5% /2019
HeidelbergCement Finance co gtd SerEMTN
9.5% /2018
9.03
5,750,000
3,500,000
6,264,797
3,626,963
2.11
1.22
3,250,000
3,607,549
1.22
3,000,000
3,190,260
1.07
3,000,000
2,813,460
0.95
2,000,000
2,500,000
1,000,000
800,000
2,113,730
1,832,725
1,037,395
794,468
0.71
0.62
0.35
0.27
50,000
59,158
0.02
Nominal in
Euro unless
specied
Investments
Market % of net
value
assets

Momentive Performance Materials secured
9.5% /2021
Continental Resources co gtd
7.125% /2021
LyondellBasell Industries sr unsecur
Ser144A priv plmt 5% /2019
(Netherlands) (1)
AMERIGROUP sr unsecur 7.5% /2019
SunGard Data Systems co gtd
7.375% /2018
Concho Resources co gtd 7% /2021
Travelport co gtd 10.875% /2016
2,500,000
1,830,550
0.62
(USD)1,800,000
1,589,447
0.53
(USD)1,500,000
(USD)1,165,000
1,244,623
990,795
0.42
0.33
(USD)1,000,000
(USD)555,000
1,100,000
840,621
468,724
376,750
0.28
0.16
0.13
6.58
Spain
Nara Cable Funding sr secured RegS
8.875% /2018 (Ireland) (1) (2)
Obrascon Huarte Lain sr unsecur SerEMTN
7.375% /2015
Obrascon Huarte Lain sr unsecur SerEMTN
8.75% /2018
Cirsa Funding Luxembourg co gtd RegS
8.75% /2018 (Luxembourg) (1) (2)
Ono Finance II co gtd RegS 11.125% /2019
(Ireland) (1)
Ono Finance II co gtd RegS 11.125% /2019
(Ireland) (1)
4,000,000
3,497,520
1.18
3,000,000
2,987,025
1.00
3,000,000
2,879,550
0.97
3,000,000
2,463,975
0.83
1,050,000
828,697
0.28
450,000
355,156
0.12
Total for Spain
4.38
Luxembourg
Lecta sr secured RegS 8.875% /2019 (2)
Codere Finance Luxembourg sr secured RegS
8.25% /2015
ARD Finance sr secured RegS PIK
11.125% /2018
Gategroup Finance Luxembourg co gtd RegS
6.75% /2019
Spie BondCo 3 SCA sr unsecur RegS
11% /2019
Codere Finance Luxembourg sr secured RegS
8.25% /2015
Hellas Telecommunications Luxembourg II
sub nts RegS defaulted 0% /2015
3,000,000
2,826,285
0.95
3,250,000
2,418,260
0.82
2,237,169
2,017,289
0.68
1,500,000
1,497,068
0.50
1,250,000
3,786,200
1,222,444
842,335
0.41
0.28
1,000,000
300,000
738,440
318,198
0.25
0.11
1,000,000
5,100
0.00

Australia
8.25% /2070 (5)
7.875% /2071 (5)
FMG Resources August 2006 Proprietary
co gtd Ser144A priv plmt 8.25% /2019
QBE Capital Funding III co gtd Ser144A
priv plmt 7.25% /2041 (Jersey) (1) (5)
4.00
5,000,000
4,778,125
1.61
3,000,000
2,927,580
0.98
(USD)1,500,000
1,249,063
0.42
(USD)1,650,000
1,178,825
0.40
Total for Australia

GMAC International Finance co gtd
7.5% /2015 (Netherlands) (1)
Iron Mountain co gtd SerEMTN 6.75% /2018
Capsugel FinanceCo co gtd RegS
9.875% /2019 (Luxembourg) (1)
Jarden co gtd 7.5% /2020
3.41
8.54
4,000,000
3,800,000
4,178,900
3,790,044
1.41
1.28
2,000,000
2,000,000
2,160,980
2,057,200
0.73
0.69
Ireland
7.75% /2019 (2)
Ardagh Packaging Finance sr secured RegS
9.25% /2020
Ardagh Glass Finance co gtd RegS 8.75% /2020
Ardagh Glass Finance co gtd RegS
7.125% /2017
Total for Ireland
5,000,000
5,383,175
1.82
1,500,000
1,500,000
1,515,060
1,456,313
0.51
0.49
1,000,000
949,795
0.32
3.14
30 June 2012
84
Holdings/
Nominal in
Euro unless
specied

Nominal in
Euro unless
specied
Investments
Market % of net
value
assets
Poland
7.125% /2018 (Sweden) (1)
Polish Television Holding sr secured RegS
step cpn 11.25% /2017 (Netherlands) (1)
TVN Finance III co gtd RegS 7.875% /2018
(Sweden) (1)
CEDC Finance Corp International sr secured
RegS 8.875% /2016 (United States
of America) (1) (2)

Greece
2,700,000
0.64
2,700,000
2,756,214
0.93
2,250,000
2,286,799
0.77
Total for Czech Republic
2,000,000
1,987,450
0.67
Japan
eAccess co gtd RegS 8.375% /2018
1,850,000
1,185,869
0.40
1,700,000
1,648,354
0.56
0.56
1,000,000
876,690
Total for Japan
0.30
0.30
2.77
Aabar Investments sr unsecur RegS CV 4% /2016
Hungary
MOL Hungarian Oil and Gas sr unsecur
SerEMTN 5.875% /2017
6,500,000
6,082,278
Total for Hungary
2.05
2.05
900,000
856,512
0.29
0.29
94.04
Equities
General Motors
8,703
133,676
0.05
4,000,000
3,451,300
1.16
(GBP)2,000,000
2,183,098
0.74
0.05
300,000
278,850
0.09
Total for Equities
0.05
1.99
Warrants
General Motors Wts exp. 10/07/2016
General Motors Wts exp. 10/07/2019
Total for Portugal

South Africa
Consol Glass Proprietary co gtd RegS
7.625% /2014
Edcon Proprietary secured RegS
3.912% /2014 (5)
Edcon Proprietary sr secured RegS 9.5% /2018
Edcon Holdings Proprietary secured RegS
6.162% /2015 (5)
3,000,000
3,058,047
1.03
2,000,000
1,000,000
1,817,670
927,815
0.61
0.31
51,000
43,620
0.02
7,912
7,912
0.02
0.01
0.03
Total for Warrants
0.03
279,331,028
94.12
1.97
Canada
Bombardier sr unsecur RegS 6.125% /2021 (2) 5,500,000
DERIVATIVES
5,526,813
Total for Canada

New Zealand
Reynolds Group Issuer sr secured RegS
7.75% /2016 (United States of America) (1) (2)
67,695
41,154

1.86
1.86

expressed in Euro.
Futures Contracts
5,000,000
5,244,425

Switzerland
Sunrise Communications Holdings secured RegS
8.5% /2018 (Luxembourg) (1) (2)
3,000,000
3,183,345
1.77
1.77
Description
1.07
Euro BOBL Future

Euro Bund Future
Euro SCHATZ Future
1.07
Maturity
date
09/2012
09/2012
09/2012
09/2012
09/2012
Net Unrealised Gain

2,500,000
2,128,263
Net unrealised
Number of
assets
(41)
(9)
(9)
(37)
(55)
(5,157,390)
(1,264,860)
(994,410)
(3,619,014)
(5,786,597)
(16,822,271)1
0.72
1
Total for Belgium
1,912,262
0.64
Czech Republic
New World Resources sr unsecur RegS
7.375% /2015 (Netherlands) (1)
Total for Poland
Belgium
Ontex IV co gtd RegS 9% /2019
Market % of net
value
assets
Total for Greece
Portugal
Portugal Telecom International Finance sr
unsecur GMTN 4.375% /2017
6.625% /2017 (Netherlands) (1)
5.875% /2016 (Netherlands) (1)
Investments
0.72
59,540
37,930
2,075
(5,902)
(23,741)
0.02
0.01
0.00
0.00
(0.01)
69,902
0.02
85
30 June 2012

expressed in Euro.
Maturity
date
17/07/2012
17/07/2012
18/07/2012
18/07/2012
18/07/2012
Amount
bought
Amount
sold
10,525,530 EUR
80,032 EUR
20,320,780 EUR
1,000,000 GBP
900,000 GBP
13,120,000 USD
100,000 USD
16,397,000 GBP
1,237,207 EUR
1,113,732 EUR
Net unrealised
30 June 2012
assets

Exchange Contracts
17/07/2012
18/07/2012
18/07/2012
210,000 USD
425,000 GBP
900,000 GBP
168,149 EUR
528,952 EUR
1,122,236 EUR

Exchange Contracts
Exchange Contracts
171,006
1,110
23,474
660
349
0.05
0.00
0.01
0.00
0.00
196,599
0.06
(2,413)
(2,859)
(8,156)
0.00
0.00
0.00
(13,428)
0.00
183,171
0.06

Risk
position
Sell
Sell
ArcelorMittal
6.125% 01/06/2018
Fiat Industrial
Finance Europe
6.25% 09/03/2018
Notional
amount
Net unrealised
% of
net
EUR
1,000,000 20/03/2014
31,914
0.01
EUR
1,000,000 20/12/2016
7,986
0.00
39,900
0.01

Sell Ardagh Packaging Finance
9.25% 15/10/2020
Sell
Fiat Finance
North America
5.625% 12/06/2017
EUR
2,000,000 20/12/2016
(109,394)
(0.04)
EUR
1,000,000 20/06/2017
(143,869)
(0.05)
(253,263)
(0.09)
(213,363)
(0.08)
Total Derivatives
39,710
0.01
17,412,128
5.87
296,782,866 100.00
30 June 2012
86
Global Bond Fund
INVESTMENT AIM

measured in US dollars, through market,
instrument and currency selection.
The Fund consists of domestic international
&Euromarket Fixed Income Securities
ofvarying maturities.

Nominal in
US dollars
unless specied
Investments
Market % of net
value
assets
Government Bonds
Japan
Government of
1.7% /2033
Government of
1.1% /2021
Government of
1.4% /2015
Government of
1.7% /2018
Government of
1.4% /2019
Japan sr unsecur
(JPY)1,100,000,000
13,826,367
2.98
(JPY)930,000,000
12,075,537
2.61
(JPY)900,000,000
11,780,971
2.54
(JPY)620,000,000
8,427,089
1.82
(JPY)320,000,000
4,287,091
0.93
Japan sr unsecur
Japan sr unsecur
Japan sr unsecur
Japan sr unsecur
Total for Japan

US Treasury 2.375% /2014
10.88
13,000,000
8,500,000
4,600,000
4,000,000
2,000,000
13,603,789
9,863,984
5,431,953
4,574,531
2,206,094

United Kingdom
UK Treasury 4.25% /2032
UK Treasury 4% /2022
7.70
(GBP)4,900,000
(GBP)3,300,000
(GBP)2,200,000
(GBP)1,000,000
(GBP)750,000
9,494,989
6,074,775
4,253,444
1,638,706
1,412,644
5,903,413
1.27
3,461,754
3,311,803
0.75
0.71
Total for Germany
2.73
(CAD)8,300,000
(CAD)2,000,000
9,473,329
2,256,893
Total for Canada

Australia
Government of Australia sr unsecur
5.25% /2019
Government of Australia Local govt gtd
5.75% /2016
Total for Mexico
2.04
0.49
2.53
(AUD)5,500,000
6,491,117
1.40
(AUD)3,200,000
3,582,022
0.77
Total for Australia

Mexico
2.05
1.31
0.92
0.35
0.31
4.94
Germany
Bundesrepublik Deutschland 4.75% /2034 (EUR)3,300,000
Bundesrepublik Deutschland unsecur
1.75% /2022
(EUR)2,700,000
Bundesrepublik Deutschland 4% /2037
(EUR)2,000,000
Canada
Government of Canada 4.25% /2018
2.93
2.13
1.17
0.99
0.48
2.17
(MXN)70,000,000
7,320,014
1.58
1.58
87
30 June 2012
Global Bond Fund

Nominal in
US dollars
unless specied
Investments
Market % of net
value
assets
Nominal in
US dollars
unless specied
Investments
Market % of net
value
assets

South Africa
7.25% /2020
(ZAR)16,300,000
2,002,344
0.43
0.43

Italy
Italy Buoni Poliennali Del Tesoro 4% /2020 (EUR)2,850,000
Italy Buoni Poliennali Del Tesoro
3.75% /2016
(EUR)1,900,000
Italy Buoni Poliennali Del Tesoro sr unsecur
5% /2039
(EUR)1,600,000
Denmark
Kingdom of Denmark 4% /2019
3,264,466
0.70
2,320,629
0.50
1,711,047
0.37
(DKK)9,000,000
1,852,871
Total for Denmark
Total for Italy
0.40
Netherlands
(EUR)700,000
(EUR)400,000
1,102,406
584,020
(BRL)4,310,000
2,334,637
0.50
(BRL)378,400
1,924,423
0.42
Total for Brazil
(NOK)7,000,000
1,327,412
Total for Norway

South Korea
Republic of Korea sr unsecur 7.125% /2019
(CLP)1,828,000,000
3,917,569
Total for Chile
0.85
0.85
0.29
0.29
1,000,000
1,265,950
0.27
0.27
40.99
Corporate Bonds
(COP)2,850,000,000
1,966,752
0.43
1,200,000
1,349,400
0.29
Total for Colombia
0.72
Poland
(PLN)5,960,000
(PLN)3,500,000
1,823,466
1,082,727
Total for Poland

Sweden
Swedish Government 4.25% /2019
(SEK)17,000,000
Russia
2,912,648
0.63
0.63
2,200,000
2,214,817
Total for Russia

Qatar
Qatar Government International Bond sr
unsecur Ser144A priv plmt 4% /2015
0.40
0.23
0.63
Total for Sweden
0.48
0.48
2,000,000
2,110,100
Total for Qatar
Total for France
Norway
Government of Norway 4.25% /2017 (2)
0.36
0.92
Chile
5.5% /2020
France
French Treasury Note 5.5% /2029
0.23
0.13
1.57
Brazil
8.5% /2024
Brazil Notas do Tesouro Nacional nts
SerNTNF 10% /2017
Colombia
7.75% /2021
4.375% /2021
0.40
0.46
0.46
(EUR)1,300,000
2,099,188
0.45
0.45

Goldman Sachs Group sr unsecur 6.15% /2018 1,500,000
HCA sr secured 5.875% /2022
1,400,000
Marathon Petroleum sr unsecur 5.125% /2021 1,195,000
General Electric Capital sr unsecur SerGMTN
6% /2019
1,105,000
Citigroup unsecur 8.5% /2019
1,000,000
Fidelity National Information Services co gtd
1,177,000
6.75% /2013 (2)
(EUR)900,000
CenturyLink sr unsecur 5.8% /2022
1,085,000
Intelsat Jackson Holdings co gtd 7.5% /2021
(Luxembourg) (1)
1,000,000
MarkWest Energy Partners Finance co gtd
6.25% /2022
1,000,000
Microsoft sr unsecur Ser144A priv plmt CV
0% /2013
953,000
International Game Technology sr unsecur CV
3.25% /2014
842,000
Home Depot sr unsecur 5.875% /2036
725,000
CSC Holdings sr unsecur Ser144A priv plmt
6.75% /2021
870,000
Gilead Sciences sr unsecur CV 1% /2014
742,000
Amgen sr unsecur SerB CV 0.375% /2013
807,000
Verizon Communications sr unsecur 3.5% /2021
775,000
Hewlett-Packard sr unsecur 4.65% /2021
780,000
Capital One Bank USA subord 8.8% /2019
645,000
Symantec sr unsecur SerB CV 1% /2013
782,000
Bank of America sr unsecur SerMTNL
5.65% /2018
700,000
Ford Motor Credit sr unsecur Ser144A
4.207% /2016
710,000
Chrysler Group/CG Co-Issuer secured 8% /2019
700,000
Prudential Financial sr unsecur 7.375% /2019
580,000
4.375% /2017
(EUR)550,000
SLM sr nts SerMTN 6.25% /2016
665,000
Georgia-Pacic sr unsecur 8.875% /2031
475,000
615,000
1,619,767
1,469,713
1,341,794
0.35
0.32
0.29
1,294,320
1,239,345
0.28
0.27
1,197,598
0.26
1,181,401
1,085,271
0.25
0.23
1,055,000
0.23
1,032,500
0.22
1,008,455
0.22
929,690
926,075
0.20
0.20
924,375
917,498
838,820
827,871
819,117
806,073
798,618
0.20
0.20
0.18
0.18
0.18
0.17
0.17
746,620
0.16
737,621
718,753
712,353
0.16
0.16
0.15
712,098
696,431
674,844
673,606
0.15
0.15
0.15
0.15
30 June 2012
88
Global Bond Fund

Investments
Nominal in
US dollars
unless specied
Market % of net
value
assets

Chesapeake Energy co gtd 6.775% /2019
675,000
Ball co gtd 5% /2022
625,000
United Technologies sr unsecur 4.5% /2042
590,000
Intel jr subord CV 2.95% /2035
565,000
Boston Scientic sr unsecur 6% /2020
535,000
PPL WEM Holdings sr unsecur Ser144A priv plmt
3.9% /2016 (United Kingdom) (1)
600,000
Lam Research sr unsecur 1.25% /2018
625,000
LyondellBasell Industries sr unsecur Ser144A
priv plmt 5% /2019 (Netherlands) (1)
575,000
Omnicom Group sr unsecur 3.625% /2022
575,000
Express Scripts Holding co gtd Ser144A
priv plmt 2.65% /2017
525,000
Pioneer Natural Resources sr unsecur 7.5% /2020 425,000
Gilead Sciences sr unsecur 4.5% /2021
470,000
SABMiller co gtd Ser144A priv plmt 3.75% /2022 480,000
Farmers Exchange Capital subord Ser144A
priv plmt 7.05% /2028
430,000
Altria Group co gtd 9.7% /2018
360,000
Archer-Daniels-Midland sr unsecur CV
0.875% /2014
492,000
Amgen sr unsecur 2.5% /2016
475,000
Life Technologies sr nts 6% /2020
410,000
QVC sr secured Ser144A priv plmt 7.125% /2017 430,000
NBCUniversal Media sr unsecur 4.375% /2021
415,000
Barrick North America Finance co gtd Ser144A
395,000
Molson Coors Brewing co gtd CV 2.5% /2013
417,000
General Electric Capital subord 5.3% 02/2021
375,000
Verizon Communications sr unsecur 4.6% /2021
360,000
Goldman Sachs Group subord 6.75% /2037
420,000
CBS co gtd 5.75% /2020
345,000
Goldman Sachs Group sr unsecur
1.032% /2016 (5)
(EUR)350,000
DirecTV Holdings / Direct TV Financing co gtd
4.6% /2021
375,000
GE Capital Trust II ltd gtd RegS
5.5% /2067 (5)
(EUR)350,000
Wells Fargo Bank sr unsecur SerEMTN
6% /2013
(EUR)300,000
L-3 Communications co gtd 4.75% /2020
370,000
MetLife sr unsecur SerA 6.817% /2018
320,000
UnitedHealth Group sr unsecur 4.625% /2041
360,000
Home Depot sr nts 5.4% /2040
300,000
Genworth Financial sr unsecur 7.2% /2021
375,000
DISH DBS co gtd 7.125% /2016
320,000
General Electric Capital sr unsecur SerMTN
5.875% /2038
305,000
UnitedHealth Group sr unsecur 3.375% /2021
325,000
Phillips 66 co gtd Ser144A priv plmt 4.3% /2022 325,000
Comcast co gtd 5.7% /2018
280,000
6.4% /2020
260,000
Agilent Technologies sr unsecur 5.5% /2015
240,000
DISH DBS co gtd Ser144A priv plmt
4.625% /2017
250,000
Express Scripts Holding co gtd
200,000
MeadWestvaco sr unsecur 7.375% /2019
170,000
Priceline.com sr unsecur Ser144A priv plmt CV
1% /2018
186,000
CenturyLink sr unsecur 6.45% /2021
185,000
BNP Paribas bnk gtd Ser144A priv plmt
5.125% /2015 (France) (1)
180,000
Gilead Sciences sr unsecur 5.65% /2041
150,000
Amgen sr unsecur 3.875% /2021
160,000
Fidelity National Information Services co gtd
157,000
Investments
Nominal in
US dollars
unless specied
Market % of net
value
assets

SBA Telecommunications co gtd 8.25% /2019
123,000
JPMorgan Chase & Co sr unsecur 6.3% /2019
115,000
Goldman Sachs Group sr unsecured 4.75% /2013 100,000
Citigroup sr unsecur 6.125% /2018
40,000
135,146
134,390
102,815
44,449
658,328
650,781
644,728
636,193
635,374
0.14
0.14
0.14
0.14
0.14
630,286
614,841
0.14
0.13
604,469
584,824
0.13
0.13
532,757
525,599
520,144
511,193
0.11
0.11
0.11
0.11
498,626
497,623
0.11
0.11
494,775
492,126
482,550
457,088
456,234
0.11
0.11
0.10
0.10
0.10
428,314
424,771
419,708
414,416
414,139
403,879
0.09
0.09
0.09
0.09
0.09
0.09
402,176
0.09
401,734
0.09
399,182
0.09
397,272
394,799
390,621
384,939
366,272
357,747
351,280
0.09
0.08
0.08
0.08
0.08
0.08
0.08
349,984
343,973
342,321
329,962
0.08
0.07
0.07
0.07
294,288
268,862
0.06
0.06
250,209
0.05
208,301
203,651
0.04
0.04
195,068
193,333
0.04
0.04
181,287
175,129
168,519
0.04
0.04
0.04
160,533
0.03
United Kingdom
Royal Bank of Scotland sr unsecur
SerEMTN 5.5% /2020
(EUR)1,600,000
3.625% /2016
(EUR)1,500,000
6.5% /2020
(EUR)1,800,000
Barclays Bank subord SerEMTN 6% /2021 (EUR)1,600,000
1,330,000
HSBC Holdings subord SerEMTN
6% /2019 (2)
(EUR)850,000
3.75% /2015
(EUR)800,000
6.375% /2016 (2)
(EUR)650,000
BAT International Finance co gtd
875,000
7% /2018
(GBP)500,000
Ineos Finance sr secured Ser144A priv plmt
7.5% /2020
675,000
Standard Chartered sr unsecur
3.875% /2016
(EUR)500,000
Ser144A 6.25% /2020
620,000
Anglo American Capital co gtd
495,000
Virgin Media Finance co gtd 9.5% /2016
(EUR)400,000
Bank of Scotland covered Ser144A priv plmt
5.25% /2017
500,000
FCE Bank sr unsecur SerEMTN
4.75% /2015 (2)
(EUR)400,000
SerEMTN 7% /2018
(GBP)300,000
14% /perpetual (5)
(GBP)250,000
Diageo Investment co gtd 2.875% /2022
425,000
Diageo Capital co gtd 1.5% /2017
425,000
4.875% /2017 (2)
(EUR)300,000
International Power Finance 2010 co gtd
RegS 7.25% /2017
(EUR)250,000
(EUR)300,000
3.125% /2019 (2)
(EUR)250,000
EC Finance sr secured RegS
9.75% /2017 (2)
(EUR)250,000
6.25% /2018
(EUR)200,000
4.375% /2013
(EUR)200,000
BAT International Finance co gtd
190,000
BAA Funding jr subord SerEMTN
6.25% /2018 (Jersey) (1) (2)
(GBP)150,000
Standard Chartered sr unsecur Ser144A
3.85% /2015
225,000
4.6% /2018 (Jersey) (1)
(EUR)150,000
9.25% /2015
(EUR)150,000
4.75% /2016
(EUR)150,000
7.75% /2019
(GBP)100,000
0.03
0.03
0.02
0.01
10.48
2,184,587
0.47
2,010,194
0.43
1,993,014
1,873,336
1,383,646
0.43
0.40
0.30
1,166,646
0.25
1,051,675
0.23
921,380
0.20
876,339
0.19
762,802
0.16
683,438
0.15
678,520
0.15
675,599
0.15
658,189
565,972
0.14
0.12
552,263
0.12
535,654
0.12
478,393
0.10
447,382
0.10
436,613
426,335
0.10
0.09
402,984
0.09
384,407
372,393
0.08
0.08
331,504
0.07
308,008
0.07
277,682
0.06
263,566
0.06
260,868
0.06
250,478
0.05
235,389
0.05
203,585
0.04
203,352
0.04
200,435
0.04
197,398
0.04
89
30 June 2012
Global Bond Fund

Investments
Nominal in
US dollars
unless specied
Market % of net
value
assets

5.625% /2018 (2) (5)
Sable International Finance sr secured
4.5% /2018
BAA Funding sr secured SerEMTN
4.125% /2016 (Jersey) (1)
3.625% /2021
HBOS subord SerGMTN priv plmt
6.75% /2018
WPP Finance co gtd 8% /2014
BAA sr secured SerEMTN 7.125% /2017 (2)
Nominal in
US dollars
unless specied
Market % of net
value
assets

France (continued)
France Telecom sr unsecur 8.5% /2031
Credit Agricole jr subord
7.875% /perpetual (5)
(EUR)100,000
35,000
101,473
49,130
0.02
0.01
(EUR)50,000
47,590
0.01
Total for France
(EUR)150,000
160,373
0.03
151,000
156,869
0.03
(EUR)100,000
137,900
0.03
(EUR)100,000
133,822
0.03
(EUR)100,000
133,740
0.03
130,000
100,000
(GBP)50,000
121,687
113,115
78,058
0.03
0.03
0.02

France
BNP Paribas bnk gtd SerBKNT 5% /2021
Socit Gnrale sr unsecur
Electricit de France sr unsecur
3.9% /2021
Europcar Groupe secured RegS
11.5% /2017
Pernod-Ricard sr unsecur 4.875% /2016
BNP Paribas subord SerEMTN
5.431% /2017 (2)
Vivendi sr unsecur Ser144A priv plmt
6.625% /2018
SerEMTN 4.5% /2019
Suez Environnement jr subord
4.82% /2049 (5)
Crdit Agricole jr subord Ser144A priv plmt
7.125% /2018 (2)
Vivendi sr unsecur SerEMTN
4.125% /2017 (2)
Socit Gnrale jr subord
6.999% /perpetual (5)
Pernod-Ricard sr unsecur SerEMTN
7% /2015
3.625% /2013
4.19% /2013 (5)
5.875% /2019 (2)
6% /2014
6.75% /2019 (2)
Investments
5.46
1,655,000
1,696,392
0.37
1,100,000
(EUR)700,000
1,052,018
943,751
0.23
0.20
810,000
866,319
0.19
(EUR)478,400
727,388
0.15
(EUR)700,000
710,462
0.15
(EUR)500,000
(EUR)400,000
648,145
558,760
0.14
0.12
(EUR)440,000
(EUR)350,000
493,437
480,421
0.11
0.10
(EUR)350,000
472,001
0.10
370,000
410,259
0.09
(EUR)300,000
(EUR)300,000
404,106
384,066
0.09
0.08
(EUR)300,000
(EUR)250,000
361,778
326,061
0.08
0.07
355,000
297,439
0.06
(EUR)200,000
274,207
0.06
(EUR)200,000
(EUR)200,000
261,688
257,001
0.06
0.06
(EUR)250,000
229,063
0.05
(EUR)150,000
212,983
0.05
(EUR)150,000
191,923
0.04
(EUR)150,000
190,185
0.04
(EUR)150,000
182,223
0.04
(EUR)100,000
131,305
0.03
(EUR)75,000
115,696
0.02
2.82
Germany
govt gtd 2.05% /2026
(JPY)315,000,000
Deutsche Bank subord SerEMTN
5% /2020 (2)
(EUR)1,500,000
Fresenius Medical Care US Finance co gtd
1,100,000
7.125% /2018 (Netherlands) (1) (2)
(EUR)600,000
govt gtd SerDPW CV 1.5% /2014
(EUR)500,000
8% /2017 (Netherlands) (1) (2)
(EUR)500,000
E.ON International Finance co gtd
(Netherlands) (1)
450,000
SerEMTN 6.25% /2042 (5)
(EUR)400,000
(EUR)300,000
Commerzbank sr unsecur 3.625% /2017 (2) (EUR)300,000
7.5% /2020 (Netherlands) (1) (2)
(EUR)150,000
Sixt sr unsecur SerEMTN
5.375% 06/11/2012
(EUR)150,000
Celesio Finance co gtd CV
3.75% /2014 (Netherlands) (1)
(EUR)150,000
RWE jr subord 4.625% /perpetual (5)
(EUR)150,000
Elster Finance co gtd RegS
6.25% /2018 (Netherlands) (1)
(EUR)100,000
Daimler Finance North America co gtd
35,000
4,376,397
0.95
1,910,755
0.41
1,226,500
0.27
808,657
0.18
725,186
0.16
724,616
0.16
529,013
0.11
504,023
405,346
393,771
0.11
0.09
0.08
203,509
0.04
192,258
0.04
191,854
182,933
0.04
0.04
137,147
0.03
53,145
0.01
Total for Germany

Italy
Intesa Sanpaolo sr unsecur
UniCredit sr unsecur SerEMTN
4.375% /2014
8.125% /2013 (Luxembourg) (1)
Banca Monte dei Paschi di Siena sr
Enel Finance International co gtd
(Netherlands) (1)
7.75% /2033 (Luxembourg) (1)
11.75% /2017 (Luxembourg) (1)
Assicurazioni Generali sr unsecur
SerEMTN 5.125% /2024
7.375% /2018 (Luxembourg) (1)
Fiat Finance & Trade co gtd SerGMTN
9% 30/07/2012 (Luxembourg) (1)
6.625% /2020 (France) (1) (2)
Total for Italy
2.72
1,800,000
1,584,756
0.34
(EUR)900,000
1,134,057
0.25
(EUR)800,000
1,076,299
0.23
(EUR)700,000
854,135
0.19
900,000
851,751
0.18
(EUR)600,000
(EUR)550,000
768,452
682,259
0.17
0.15
(EUR)340,000
428,257
0.09
(EUR)400,000
(EUR)300,000
410,649
382,957
0.09
0.08
(EUR)250,000
296,952
0.06
(EUR)250,000
(EUR)150,000
273,592
194,776
0.06
0.04
200,000
176,084
0.04
(EUR)100,000
(EUR)90,000
127,304
105,168
0.03
0.02
(EUR)75,000
84,273
0.02
2.04
30 June 2012
90
Global Bond Fund

Investments
Nominal in
US dollars
unless specied
Market % of net
value
assets

Australia
930,000
unsecur Ser144A priv plmt 4.875% /2021
925,000
Westpac Banking sr unsecur 4.875% /2019
925,000
National Australia Bank sr unsecur SerMTN
2.75% /2017
740,000
7.875% /2071 (5)
(EUR)600,000
8.25% /2070 (5)
(EUR)450,000
QBE Capital Funding III co gtd
Ser144A priv plmt 7.25% /2041 (Jersey) (1) (5)
475,000
Macquarie Bank sub nts Ser144A priv plmt
6.625% /2021
405,000
Woolworths sr unsecur Ser144A priv plmt
4% /2020
345,000
FMG Resources August 2006 co gtd
340,000
Wesfarmers co gtd Ser144A priv plmt
2.983% /2016
305,000
3.5% /2015 (2)
(EUR)200,000
220,000
(EUR)125,000
Westpac Banking sr unsecur 3% /2015
50,000
1,023,474
0.22
1,021,366
1,010,840
0.22
0.22
743,755
0.16
741,819
0.16
544,828
0.12
429,950
0.09
409,712
0.09
368,858
0.08
341,700
0.07
314,126
0.07
266,026
0.06
222,200
0.05
167,207
52,001
0.03
0.01
Nominal in
US dollars
unless specied
Market % of net
value
assets

Brazil
Banco Nacional de Desenvolvimento
Economico e Social sr unsecur RegS
5.5% /2020
1,700,000
Petrobras International Finance co gtd
SerEMTN 4.875% /2018
(EUR)1,300,000
Banco Nacional de Desenvolvimento
Economico e Social unsecur Ser144A priv plmt
5.5% /2020
1,000,000
Banco Bradesco sr unsecur Ser144A priv plmt
4.125% /2016
720,000
465,000
Banco Votorantim sr unsecur Ser144A priv plmt
5.25% /2016
410,000
325,000
75,000
1,935,994
0.42
1,752,376
0.38
1,138,630
0.24
747,000
0.16
510,995
0.11
421,603
0.09
363,470
0.08
88,192
0.02
Total for Brazil

Indonesia
Perusahaan Listrik Negara sr unsecur RegS
5.5% /2021
10.75% /2017 (Singapore) (1)
Pertamina Persero sr unsecur
1.50
2,000,000
2,094,830
0.45
2,000,000
1,978,700
0.43
960,000
963,298
0.21
Total for Indonesia
Total for Australia

Netherlands
ABN Amro Bank subord SerEMTN
6.375% /2021
(EUR)1,400,000
UPC Holding secured RegS
8.375% /2020 (2)
(EUR)600,000
Aegon sr unsecur 4.625% /2015
600,000
Raiffeisen-Boerenleenbank subord SerGMTN
3.75% /2020 (2)
(EUR)500,000
Raiffeisen-Boerenleenbank sr unsecur RegS
6.875% /2020
(EUR)400,000
Siemens Financierings co gtd CV
1.65% /2019
500,000
(EUR)400,000
Ziggo Bond sr unsecur RegS 8% /2018 (2) (EUR)250,000
5.75% /2041 (5)
(EUR)300,000
4.25% /2016
(EUR)200,000
OI European Group co gtd RegS
6.75% /2020
(EUR)200,000
3.625% /2017
(EUR)200,000
Carlson Wagonlit co gtd RegS
7.5% /2019 (2)
(EUR)200,000
Raiffeisen-Boerenleenbank jr subord
Ser144A priv plmt 11% perpetual (5)
75,000
Investments
1.65
1,766,655
0.38
787,745
641,361
0.17
0.14
608,167
0.13
494,597
0.11
477,357
371,515
345,095
0.10
0.08
0.08
344,192
0.07
271,405
0.06
269,460
0.06
262,547
0.06
251,638
0.05
94,492
0.02
1.51
1.09
Mexico
4.875% /2022
3,000,000
BBVA Bancomer sr unsecur Ser144A priv plmt
4.5% /2016
890,000
4.125% /2019
(EUR)300,000
3,246,135
0.70
894,508
0.19
414,293
0.09
Total for Mexico
0.98
Spain
4.967% /2016
(EUR)800,000
3.625% /2017
(EUR)700,000
4.875% /2016
(EUR)380,000
Santander US Debt bnk gtd
400,000
Iberdrola Finance Ireland co gtd
Ser144A priv plmt 5% /2019 (Ireland) (1)
300,000
Gas Natural Capital Markets co gtd
SerEMTN 4.125% /2018
(EUR)250,000
4.797% /2018 (2)
(EUR)200,000
Santander Holdings USA sr unsecur
205,000
4.693% /2019
(EUR)150,000
958,845
0.21
815,876
0.18
497,491
0.11
371,995
0.08
276,163
0.06
274,609
0.06
226,537
0.05
199,923
0.04
162,074
0.03
Total for Spain

Kazakhstan
KazMunayGas National sr unsecur
6.375% /2021
0.82
2,000,000
2,206,690
0.48
1,300,000
1,441,654
0.31
0.79
91
30 June 2012
Global Bond Fund

Investments
Nominal in
US dollars
unless specied
Market % of net
value
assets

1,048,296
827,771
0.23
0.18
714,832
0.15
381,938
0.08
328,187
0.07
159,681
0.04
Market % of net
value
assets

Aabar Investments sr unsecur RegS CV
4% /2016
(EUR)600,000
723,439
0.16
(EUR)400,000
556,698
0.12
0.75
2,750,000
3,013,835
Belgium
Anheuser-Busch InBev Worldwide co gtd
5% /2020 (United States of America) (1)
430,000
Anheuser-Busch InBev Worldwide co gtd
255,000
Ontex IV sr secured RegS 7.5% /2018
(EUR)200,000
Hong Kong
Hutchison Whampoa co gtd SerEMTN
0.65
Total for Hong Kong
0.65
1,275,000
1,374,839
0.29
Luxembourg
ArcelorMittal sr unsecur 9.375% /2016 (2)
1,000,000
1,063,115
0.23
500,000
546,490
0.12
Chile
Inversiones CMPC co gtd Ser144A priv plmt
4.5% /2022
0.64
Sweden
Nordea Bank subord SerEMTN 4% /2021 (EUR)1,300,000
Svenska Handelsbanken bnk gtd 2.875% /2017
1,000,000
Industrivarden sr unsecur RegS CV
1.875% /2017
(EUR)150,000
506,084
0.11
304,511
0.06
247,863
0.05
0.22
(EUR)800,000
1,021,552
0.33
0.22
188,146
0.04
Israel
Teva Pharmaceutical Finance IV co gtd
3.65% /2021 (Curacao) (1)
0.59
Total for Israel
863,192
831,256
0.19
0.18
China
Sinopec Group Overseas Development 2012
co gtd Ser144A priv plmt 2.75% /2017
403,314
0.09
338,943
0.07
(EUR)420,000
(EUR)100,000
(EUR)461,500
581,101
148,025
130,081
228,081
58,253
0.05
0.01
800,000
801,044
Ireland
8.75% /2020
7.75% /2019 (2)
7.25% /2017 (2)
Total for Ireland
0.17
0.17
630,000
662,647
0.14
0.14
458,000
466,036
0.10
0.10
(EUR)200,000
258,666
Total for Poland

0.13
0.03
0.03
0.19
Total for China

Poland
7.125% /2018 (Sweden) (1)
0.22
0.22
Total for Chile

1,542,083
1,017,595
Total for Sweden

Switzerland
Syngenta Finance co gtd 3.125% /2022
(Netherlands) (1)
840,000
Credit Suisse subord 5.4% /2020
800,000
Sunrise Communications Holdings secured RegS
8.5% /2018 (Luxembourg) (1) (2)
(EUR)300,000
ABB Finance USA co gtd 2.875% /2022
335,000
ABB Treasury Center USA sr unsecur
220,000
UBS jr subord SerEMTN 7.152% /perpetual (5) (EUR)50,000
0.28
Total for Belgium
Total for Canada
South Korea
Korea Finance sr unsecur 4.625% /2021
Korea Development Bank sr unsecur
3.875% /2017
Export-Import Bank of Korea sr unsecur
8.125% /2014
Nominal in
US dollars
unless specied
Canada
Bank of Montreal covered RegS 2.85% /2015
990,000
Goldcorp sr unsecur CV 2% /2014
732,000
Brookeld Asset Management sr unsecur
5.8% /2017
655,000
Bombardier sr unsecur RegS
6.125% /2021 (2)
(EUR)300,000
7.75% /2020
295,000
7.5% /2018
145,000
South Africa
Eskom Holdings sr unsecur RegS 5.75% /2021
Investments
0.05
0.05
0.59
(EUR)700,000
861,035
0.19
Russia
Gazprom Via Gaz Capital sr unsecur
SerEMTN LPN 4.56% 09/12/2012
(Luxembourg) (1)
(EUR)450,000
613,819
0.13
Total for Russia
(EUR)150,000
200,970
0.04
0.36
(EUR)185,000
Japan
JTI UK Finance co gtd SerEMTN 4.5% /2014
(EUR)160,000
Total for Japan
237,592
0.05
0.05
215,120
0.05
0.05
36.91
30 June 2012
92
Global Bond Fund

Investments
Nominal in
US dollars
unless specied
Market % of net
value
assets

Freddie Mac Gold Pool 3.5% /2042
7,200,000
FNMA Pool AJ9630 4% /2041
4,153,217
Fannie Mae TBA 30 Years 5% /2042
4,000,000
GNMA TBA 4% /2042
3,375,000
FNMA Pool AI1647 4.5% /2041
2,694,173
FNMA Pool AH7018 5% /2041
2,083,964
GNMA II Pool 779185 4% /2042
2,023,620
GNMA I Pool 716848 4.5% /2039
1,980,269
FNMA Pool AD0426 5.5% /2038
1,569,682
Freddie Mac Gold Pool Q04858 4% /2041
1,460,252
WaMu Mortgage Pass Through
Certicates 2006-AR7 2A 1.138% /2046 (5)
2,383,179
Volkswagen Auto Loan Enhanced
Trust 2011-1 A1 1.22% /2015
1,465,000
1,242,200
CNH Equipment Trust 1.2% /2016
1,300,000
FNMA Pool AJ2800 4% /2041
988,772
Freddie Mac Gold Pool 3% /2027
960,000
GNMA II Pool 779184 4% /2042
867,670
818,550
GNMA II Pool 779181 4% /2042
769,975
GNMA II Pool 779189 4% /2042
768,672
Citigroup Mortgage Loan Trust 2005-9 2A2
5.5% /2035
827,504
SLM Student Loan Trust 2011-A 4.37% /2028
700,000
Freddie Mac Gold Pool A68767 6% /2037
625,986
JP Morgan Chase Commercial Mortgage
Securities 4.717% /2046
600,000
GNMA II Pool 779179 4% /2042
605,024
FNMA Pool 190363 5.5% /2035
544,635
GNMA II Pool 779192 4% /2042
542,135
Banc of America Alternative Loan
Trust 2005-8 2CB1 6% /2035
768,587
FNMA Pool 962304 5.5% /2038
371,295
Lehman Mortgage Trust 5.5% /2035
391,223
GNMA II Pool 779182 4% /2042
336,049
CVS Pass-Through Trust pass through certs
269,911
CVS Pass-Through Trust pass through certs
6.036% /2028
269,898
GNMA II Pool 779186 4% /2042
248,665
GNMA II Pool 779193 4% /2042
240,057
GNMA II Pool 779183 4% /2042
195,230
GNMA II Pool 779190 4% /2042
180,832
176,880
GNMA II Pool 779188 4% /2042
172,129
GNMA II Pool 779178 4% /2042
171,606
GNMA II Pool 779187 4% /2042
166,044
FNMA Pool 490758 6.5% /2029
153,379
Citigroup Commercial Mortgage Trust 2008-C7 A4
6.07% /2049 (5)
100,000
Freddie Mac Gold Pool A64548 6% /2037
70,306
World Financial Properties Tower B pass thru certs
49,226
FNMA Pool 253894 6.5% /2031
41,221
Freddie Mac Gold Pool G05631 7.5% /2035
30,618
FNMA Pool AD0273 8.5% /2032
29,805
Freddie Mac Gold Pool C90299 7.5% /2019
19,373
16,881
Freddie Mac Gold Pool G05639 8% /2032
15,710
FNMA Pool 485674 6.5% /2029
15,291
FNMA Pool 253794 6.5% /2031
15,213
FNMA Pool 625393 6.5% /2032
15,032
14,731
FNMA Pool 653071 6.5% /2032
10,224
FNMA Pool 527244 6.5% /2029
8,218
FNMA Pool 251898 6.5% /2028
7,905
FNMA Pool 251626 7% /2018
7,108
FNMA Pool 591189 6.5% /2031
3,007
7,556,625
4,435,998
4,331,876
3,687,715
2,959,744
2,284,059
2,207,960
2,171,424
1,726,616
1,554,886
1.63
0.96
0.93
0.79
0.64
0.49
0.48
0.47
0.37
0.34
1,543,818
0.33
1,475,357
1,373,776
1,306,617
1,056,095
1,004,250
946,709
905,252
846,502
838,694
0.32
0.30
0.28
0.23
0.22
0.20
0.20
0.18
0.18
797,824
740,978
688,059
0.17
0.16
0.15
681,120
660,138
597,726
594,619
0.15
0.14
0.13
0.13
552,078
405,400
369,142
366,661
0.12
0.09
0.08
0.08
Nominal in
US dollars
unless specied
Investments
Market % of net
value
assets
Mortgage and Asset Backed Securities (continued)

FNMA Pool 252589 6.5% /2029
FNMA Pool 711986 6.5% /2033
FNMA Pool 675952 6.5% /2032
FNMA Pool 496029 6.5% /2029
FNMA Pool 702022 6.5% /2033
FNMA Pool 494724 6.5% /2029
FNMA Pool 995196 6% /2038
2,961
2,767
2,276
1,978
1,712
880
0
3,405
3,168
2,617
2,274
1,960
1,012
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
11.58
United Kingdom
Holmes Master Issuer 2.25% /2054 (5)
(GBP)1,378,000
2,167,551
0.47
0.47
12.05
European Union nts SerEMTN 2.75% /2016 (EUR)3,500,000
European Investment Bank sr unsecur
2.15% /2027
(JPY)190,000,000
3.25% /2018
(EUR)1,500,000
4,724,115
1.02
2,519,760
0.54
2,076,188
0.45
2.01
426,171,445
91.96
DERIVATIVES

Futures Contracts
359,957
0.07
306,682
271,317
261,925
213,014
197,304
195,615
187,809
187,238
181,169
176,382
0.07
0.06
0.06
0.05
0.04
0.04
0.04
0.04
0.04
0.04
117,388
77,489
0.03
0.02
50,284
47,197
37,540
37,333
22,117
21,202
19,478
17,584
17,419
17,211
16,788
11,706
9,450
9,090
7,940
3,443
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Maturity
date
Description
Euro Bund Future
Long Gilt Future
US Ultra Bond Future
Net unrealised
Number of
assets
09/2012
09/2012
09/2012
(5)
5
28
(890,286)
933,836
4,681,250

US Long Bond Future 09/2012
(404)
(6)
(53,851,939)
(889,500)

Net Unrealised Loss
1
(50,016,639)1
8,108
3,529
70,604
0.00
0.00
0.02
82,241
0.02
(188,592)
(1,688)
(0.04)
0.00
(190,280)
(0.04)
(108,039)
(0.02)

Maturity
date
05/07/2012
05/07/2012
05/07/2012
05/07/2012
05/07/2012
05/07/2012
05/07/2012
Amount
bought
Amount
sold
390,000 CAD
190,000 CAD
308,247 EUR
44,655,000 MXN
5,345,000 SGD
1,720,000 SGD
19,300,000 THB
379,646 USD
184,001 USD
395,000 CAD
3,241,988 USD
4,175,922 USD
1,356,193 USD
605,395 USD
Net unrealised
gain as at % of net
30 June 2012
assets
3,029
2,430
2,957
88,540
42,358
1,233
5,094
0.00
0.00
0.00
0.02
0.01
0.00
0.00
93
30 June 2012
Global Bond Fund

Risk
position
Forward Foreign Currency Exchange Contracts (continued)
Buy
Maturity
date
Amount
bought
Amount
sold
06/07/2012
37,216,196 EUR
46,529,291 USD
06/07/2012
16,660,000 EUR
20,689,554 USD
06/07/2012
1,100,000 EUR
1,372,889 USD
09/07/2012
90,000 AUD
88,534 USD
11/07/2012
808,184 EUR
6,050,000 NOK
11/07/2012
3,025,000 NOK
396,352 EUR
11/07/2012
14,610,000 NOK
2,449,161 USD
11/07/2012
490,000 SEK
68,178 USD
11/07/2012
1,233,858 USD
7,305,000 NOK
17/07/2012
4,191,597 EUR
5,224,796 USD
18/07/2012
149,923 EUR
120,000 GBP
18/07/2012
155,276 EUR
125,000 GBP
18/07/2012
300,000 GBP
468,385 USD
19/07/2012 1,755,000,000 KRW
1,501,823 USD
19/07/2012
792,939 USD 1,415,000,000 COP
19/07/2012
1,910,959 USD 18,135,000,000 IDR
23/07/2012
180,000,000 JPY
2,248,435 USD
23/07/2012
1,013,234 USD
80,000,000 JPY
07/08/2012
1,730,000 CAD
1,685,831 USD
07/08/2012
7,065,000 SGD
5,527,793 USD
Exchange Contracts
05/07/2012
05/07/2012
05/07/2012
05/07/2012
05/07/2012
05/07/2012
05/07/2012
05/07/2012
05/07/2012
06/07/2012
06/07/2012
09/07/2012
09/07/2012
09/07/2012
09/07/2012
10/07/2012
10/07/2012
11/07/2012
11/07/2012
11/07/2012
11/07/2012
11/07/2012
17/07/2012
18/07/2012
18/07/2012
18/07/2012
19/07/2012
19/07/2012
19/07/2012
19/07/2012
23/07/2012
23/07/2012
23/07/2012
07/08/2012
07/08/2012
08/08/2012
395,000 CAD
2,300,000 CAD
1,687,212 USD
1,107,446 USD
501,363 USD
801,536 USD
1,899,445 USD
5,527,663 USD
603,483 USD
2,099,139 USD
19,810,649 USD
3,347,289 CAD
2,334,001 USD
3,003,665 USD
2,130,993 USD
4,560,000 PLN
2,730,522 USD
3,750,000 DKK
2,275,088 EUR
3,025,000 NOK
636,332 USD
1,201,281 USD
700,000 USD
259,576 EUR
327,538 USD
1,906,758 USD
2,000,000,000 COP
4,169,287 USD
1,980,198 USD
1,382,204 USD
602,250,000 JPY
110,000,000 JPY
2,007,700,000 JPY
395,000 CAD
2,980,296 USD
20,695,885 USD
308,870 EUR
2,258,214 USD
1,730,000 CAD
1,150,000 CAD
6,950,000 MXN
11,150,000 MXN
26,555,000 MXN
7,065,000 SGD
19,300,000 THB
1,700,000 EUR
16,059,737 EUR
3,300,000 AUD
2,340,000 AUD
3,060,000 AUD
2,800,000 NZD
1,367,325 USD
9,550,000 PLN
639,624 USD
20,525,000 SEK
403,317 EUR
3,750,000 DKK
7,305,000 NOK
561,576 EUR
210,000 GBP
210,000 GBP
1,230,000 GBP
1,126,443 USD
8,620,000 BRL
1,000,000,000 CLP
11,630,000 ZAR
6,042,943 EUR
1,388,411 USD
25,303,118 USD
307,928 EUR
41,155,000 MXN
16,660,000 EUR

Exchange Contracts
Exchange Contracts
Net unrealised
30 June 2012
assets
622,564
418,189
20,779
3,536
7,342
6,136
5,888
2,631
6,334
86,289
1,747
688
2,162
29,401
1,462
1,887
15,229
7,161
10,394
47,876
0.14
0.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.02
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.01
1,443,336
0.31
(3,747)
(1,416)
(10,293)
(20,953)
(16,993)
(30,071)
(81,121)
(48,042)
(7,006)
(54,713)
(536,578)
(91,765)
(59,822)
(126,718)
(114,307)
(5,602)
(121,330)
(316)
(83,496)
(2,689)
(2,976)
(26,244)
(11,561)
(477)
(1,844)
(22,484)
(7,747)
(89,084)
(9,603)
(31,293)
(83,455)
(5,061)
(54,461)
(2,957)
(79,066)
(417,998)
0.00
0.00
0.00
0.00
0.00
(0.01)
(0.02)
(0.01)
0.00
(0.01)
(0.12)
(0.02)
(0.01)
(0.03)
(0.02)
0.00
(0.03)
0.00
(0.02)
0.00
0.00
(0.01)
0.00
0.00
0.00
0.00
0.00
(0.02)
0.00
(0.01)
(0.02)
0.00
(0.01)
0.00
(0.02)
(0.10)
(2,263,289)
(0.49)
(819,953)
(0.18)
Buy
Sell
Notional
amount
Merrill Lynch & Co

5% 15/01/2015
Goldman Sachs Group
6.6% 15/01/2012
ArcelorMittal
6.125% 01/06/2018
Net unrealised
% of
net
EUR
350,000 20/06/2013
88
0.00
EUR
200,000 20/06/2013
1,983
0.00
EUR
250,000 20/03/2014
10,108
0.00
12,179
0.00

Buy ABB International Finance
6.5% 30/11/2011
Buy
Koninklijke DSM
4% 10/11/2015
EUR
750,000 20/09/2012
(159)
0.00
EUR
700,000 20/12/2013
(11,298)
0.00
(11,457)
0.00

Net Unrealised Gain on Credit Default Swap Contracts
722
0.00
Description
Currency
Notional
amount
Net unrealised
% of
net
Pay oating rate

EUR
15,305,000 18/08/2026
953,963
0.21
Pay oating rate

USD LIBOR 3 months
USD
25,515,000 18/08/2031
1,079,701
0.23
2,033,664
0.44
Unrealised Gain on Interest Rate Swap Contracts

Pay xed rate 4.383%
Receive oating rate
USD LIBOR 3 months
USD
20,575,000 18/08/2026
(1,098,097)
(0.23)
Pay xed rate 3.613%

Receive oating rate
EUR
19,415,000 18/08/2031
(1,001,550)
(0.22)
(2,099,647)
(0.45)
(65,983)
(0.01)
Unrealised Loss on Interest Rate Swap Contracts

USD 300,000 cash held as collateral by the counterparties in relation to the above OTC.
USD 80,000 cash paid as collateral by the counterparties in relation to the above OTC.
Total Derivatives
(993,253)
38,236,729
(0.21)
8.25
463,414,921 100.00
30 June 2012
94
INVESTMENT AIM

primarily in convertible bonds issued by
companies organised or operating in either
the developed or emerging markets which
will be denominated in global currencies.

Investments
Holdings/
Nominal in
US dollars
unless specied
Market % of net
value
assets
Convertible Bonds
Oil & Gas
Lukoil International Finance co gtd CV
2.625% /2015
Chesapeake Energy co gtd CV
2.75% /2035
China Petroleum & Chemical
sr unsecur CV 0% /2014
Apache SerD Pfd Stock CV 6% /2013
Etablissements Maurel et Prom
sr unsecur CV 7.125% /2014
Alliance Oil sr unsecur CV 7.25% /2014
Premier Oil Finance Jersey co gtd CV
2.875% /2014
NextEra Energy Pfd Stock CV 7% /2013
Petrominerales sr unsecur CV
2.625% /2016
Petrominerales co gtd CV 3.25% /2017
14,700,000
15,424,416
1.51
13,088,000
11,948,559
1.17
(HKD)71,630,000
178,600
10,701,898
8,921,070
1.05
0.88
(EUR)34,068,700
7,700,000
8,027,604
7,413,290
0.79
0.73
6,633,000
85,980
7,205,859
4,728,900
0.71
0.46
4,900,000
5,000,000
4,679,500
4,611,000
0.46
0.45
Total for Oil & Gas

Semiconductors
25,922,000
Lam Research sr unsecur CV 1.25% /2018
14,701,000
Rovi sr unsecur CV 2.625% /2040
10,025,000
SK Hynix sr unsecur CV 2.65% /2015
9,200,000
Linear Technology sr unsecur SerA CV
3% /2027
7,107,000
Micron Technology sr unsecur SerA priv plmt CV
1.5% /2031
7,342,000
8.21
29,188,302
14,462,035
9,636,531
9,546,150
2.86
1.42
0.95
0.94
7,329,094
0.72
6,360,007
0.62
Total for Semiconductors

Diversied Financial Services
ORIX sr unsecur CV 1% /2014
(JPY)762,000,000
Qiagen Euro Finance co gtd SerEMTN CV
3.25% /2026
8,100,000
Giant Great co gtd CV 3% /2016
7,600,000
Knight Capital Group sr sub nts CV
3.5% /2015
9,024,000
Magyar Nemzeti Vagyonkezel govt gtd
SerEMTN CV 4.4% /2014
(EUR)7,000,000
Afliated Managers Group sr unsecur CV
3.95% /2038
7,441,000
China Overseas Finance Investment
Cayman co gtd SerCOLI CV 0% /2014
5,600,000
Power Regal Group co gtd CV
2.25% /2014
(HKD)48,970,000
Magnolia Finance subord SerMOL CV
4% perpetual (5)
(EUR)6,400,000
Knight Capital Group sr subord nts CV
3.5% /2015
2,245,000
7.51
11,202,473
1.10
9,168,835
8,726,700
0.90
0.86
8,435,861
0.83
8,055,483
0.79
7,989,774
0.78
7,424,004
0.73
7,409,565
0.73
5,271,160
0.52
2,098,682
0.20
Total for Diversied Financial Services
Pharmaceuticals
Medicis Pharmaceutical sr unsecur CV
1.375% /2017
12,650,000
Medivation sr unsecur CV 2.625% /2017
9,000,000
Shire sr unsecur SerSHP CV 2.75% /2014
8,342,000
(EUR)7,000,000
Sawai Pharmaceutical sr unsecur CV
0% /2015
(JPY)585,000,000
Salix Pharmaceuticals sr nts Ser144A
priv plmt CV 1.5% /2019
5,058,000
7.44
12,476,062
10,462,500
9,459,411
8,201,195
1.22
1.03
0.93
0.80
7,880,658
0.77
5,361,480
0.53
95
30 June 2012

Investments
Holdings/
Nominal in
US dollars
unless specied
Market % of net
value
assets
Convertible Bonds (continued)

Pharmaceuticals (continued)
Theravance subord CV 3% /2015
ViroPharma sr unsecur CV 2% /2017
4,719,000
3,015,000
5,055,229
4,258,688
Software
Microsoft sr unsecur Ser144A priv plmt CV
0% /2013
Nuance Communications sr unsecur
Ser144A priv plmt CV 2.75% /2031
Electronic Arts sr unsecur Ser144A
14,774,000
15,633,699
1.54
6,913,000
7,561,094
0.74
7,974,000
6,977,250
0.68
Total for Software
2.96
17,600,000
17,465,360
1.71
(EUR)12,500,000
15,071,637
1.48
Total for Electrical Components & Equipments
9,598,000
9,777,962
0.96
(EUR)11,349,000
7,798,601
0.77
6.20
Total for Investment Companies
4.92
Telecommunications
KDDI sr unsecur CV 0% /2015
(JPY)1,000,000,000
Softbank sr unsecur CV 1.5% /2013
(JPY)738,000,000
SK Telecom sr unsecur SerADS CV
1.75% /2014
8,727,000
RF Micro Devices sub nts CV 1% /2014
7,491,000
Anixter International sr unsecur CV
1% /2013
6,347,000
13,078,325
12,807,213
1.28
1.26
8,897,613
7,387,999
0.87
0.73
6,688,151
0.66
Market % of net
value
assets
Electrical Components & Equipments

Nidec sr unsecur CV 0% /2015
(JPY)705,000,000
SunPower sr unsecur Ser144A
8,682,000
General Cable subord CV step cpn
4.5% /2029
7,519,000
Nexans sr unsecur CV 2.5% /2019
(EUR)6,000,000

Investment Companies
Billion Express Investments co gtd CV
0.75% /2015
4% /2016
Ares Capital sr unsecur Ser144A
Eurazeo sr unsecur SerDANO CV
6.25% /2014
0.50
0.42
Investments
Holdings/
Nominal in
US dollars
unless specied
Internet
Priceline.com sr unsecur Ser144A
priv plmt CV 1% /2018
WebMD Health sr unsecur CV 2.5% /2018
10,666,000
10,376,000
7,993,000
8,867,897
0.87
7,618,455
0.75
7,227,639
4,908,341
0.71
0.48
2.81
11,185,967
10,596,490
6,744,094
Total for Internet
2.80
Media
Liberty Media sr unsecur CV 3.125% /2023
9,708,000
WPP co gtd SerWPP CV 5.75% /2014
(GBP)4,200,000
ITV co gtd CV 4% /2016
(GBP)3,450,000
11,758,815
9,272,450
7,429,743
Total for Media

Total for Telecommunications
14,375,400
9,658,462
7,793,145
6,798,045
6,164,962
2.79
1.41
0.95
0.77
0.67
0.60
Real Estate Investment Trusts (REITs)

Derwent London Capital Jersey co gtd CV
2.75% /2016
Boston Properties sr unsecur Ser144A
sr unsecur CV 5.25% /2016
(GBP)5,800,000
9,755,027
0.96
8,899,000
9,610,920
0.94
(AUD)6,753,000
7,184,695
0.71
Total for Real Estate Investment Trusts (REITs)

Total for Mining
2.61
4.40
21,009,000
25,978,049
2.55
8,131,000
9,982,000
10,051,949
6,987,400
0.99
0.68
Real Estate
Pyrus co gtd RegS CV 7.5% /2015
Agile Property Holdings sr secured CV
4% /2016
CapitaLand sr unsecur RegS CV
2.875% /2016
4.22
Total for Real Estate
Total for Biotechnology

Iron & Steel
ArcelorMittal sr unsecur CV 7.25% /2014 (EUR)42,878,200
Tata Steel sr unsecur CV 4.5% /2014
9,546,000
United States Steel sr unsecur CV 4% /2014
7,142,000
Salzgitter Finance co gtd CV 2% /2017
(EUR)5,300,000
12,085,851
9,228,118
7,311,801
6,966,473
1.19
0.90
0.72
0.68
9,200,000
9,563,400
0.94
8,300,000
7,840,678
0.77
(SGD)9,000,000
7,009,907
0.69
Electronics
AU Optronics sr unsecur CV 0% /2015
TPK Holding sr unsecur CV 0% /2014
TTM Technologies sr unsecur CV 3.25% /2015
2.40
10,600,000
7,600,000
6,959,000
8,356,033
6,872,566
6,845,916
Total for Electronics

Total for Iron & Steel
Computers
SanDisk sr unsecur CV 1.5% /2017
Cap Gemini sr unsecur CV 3.5% /2014
NetApp sr unsecur CV 1.75% /2013
Total for Computers
1.15
0.91
0.73
4.80
Mining
Vedanta Resources Jersey co gtd CV
5.5% /2016
15,600,000
8,541,000
Petropavlovsk 2010 co gtd CV 4% /2015
9,000,000
Western Areas sr unsecur CV 6.4% /2015 (AUD)6,750,000
Aquarius Platinum sr unsecur CV 4% /2015
10,300,000
Biotechnology
Gilead Sciences sr unsecur CV 1% /2014
Vertex Pharmaceuticals sr sub nts CV
3.35% /2015
Dendreon sr unsecur CV 2.875% /2016
1.10
1.04
0.66
0.82
0.68
0.67
2.17
3.49
15,687,000
(EUR)18,557,200
7,296,000
15,985,524
8,890,231
8,224,781
1.57
0.87
0.81
Retail
Hengdeli Holdings sr unsecur CV
2.5% /2015
(HKD)74,000,000
Aeon sr unsecur Ser06 CV 0% 22/11/2012 (JPY)501,000,000
361 Degrees International sr unsecur CV
4.5% /2017
6,000,000
9,271,061
7,032,518
0.91
0.69
4,750,200
0.47
3.25
Total for Retail
2.07
30 June 2012
96

Investments
Holdings/
Nominal in
US dollars
unless specied
Market % of net
value
assets
Holdings/
Nominal in
US dollars
unless specied
Investments
Market % of net
value
assets

Miscellaneous Manufacturers
Siemens Financieringsmaatschappij co gtd
SerWW CV 1.65% /2019
8,750,000
8,353,756
Total for Miscellaneous Manufacturers
0.82
0.82

Banks
KfW govt gtdSerDPW CV 1.5% /2014
Wells Fargo & Co. SerL Pfd Stock CV
7.5% perpetual
(EUR)7,300,000
10,587,720
1.04
Airline
Lufthansa Malta Blues co gtd CV
0.75% /2017
8,537
9,587,051
0.94
Total for Airline
1.98
Agriculture
Bunge Pfd Stock CV 4.875% /perpetual
Total for Banks

Foods
Olam International sr unsecur CV 6% /2016
Smitheld Foods sr unsecur CV 4% /2013
10,100,000
6,890,000
10,471,528
7,699,575
Total for Foods
1.78
Electric
PPL Pfd Stock CV 9.5% /2013
Tata Power sr unsecur CV 1.75% /2014
174,650
8,000,000
9,294,873
7,896,800
Total for Electric

Metal Fabricate/Hardware
TMK Bonds co gtd CV 5.25% /2015
Kloeckner & Co Financial Services co gtd
RegS CV 2.5% /2017
8,154,495
81,100
7,684,225
Total for Agriculture
10,020,225
0.98
(EUR)6,000,000
6,532,711
0.64
1.62
(GBP)5,200,000
5,029,000
7,749,779
7,027,424
0.76
0.69
7,812,000
7,489,755
Total for Packaging & Containers
1.45
5,011,000
7,240,895
0.71
(EUR)5,900,000
7,246,232
(EUR)4,513,600
6,862,750
0.67
Total for Auto Parts & Equipment

Auto Manufacturers
Navistar International sr sub nts CV 3% /2014
General Motors SerB Pfd Stock CV 4.75% /2013
6,400,000
7,041,184
9,671,000
129,250
8,864,390
4,260,080
0.69
(JPY)460,000,000
7,035,328
Total for Cosmetics/Personal Care
0.69
6,912,000
5,814,720
Total for Coal
200,000
10,440,000
0.87
0.42
1.03
1.03
9,400,000
9,758,704
Total for Beverages
Distribution/Wholesale
Daewoo International sr unsecur CV
3.25% /2014
5,100,000
5,796,456
Total for Distribution/Wholesale

Apparel
Iconix Brand Group sr subord Ser144A
0.57
0.57
5,500,000
5,286,875
Total for Apparel
0.96
0.96
0.52
96.00

Liquidity Fund (4)
34,317,937
34,317,937

8,342,000
9,210,778
0.52
Mutual Fund
3.37
3.37
0.90
Total for Entertainment
0.57
0.57
Total for Convertible Bonds
Entertainment
3.25% /2014
0.69
1.29
Total for Aerospace & Defense

Beverages
San Miguel sr unsecur CV 2% /2014
0.69
1.38
Total for Auto Manufacturers

Aerospace & Defense
United Technologies Pfd Stock CV 7.5% /2015
0.71
0.71
Total for Oil & Gas Services
Coal
Alpha Natural Resources sr unsecur CV
2.375% /2015
0.74
0.74
Oil & Gas Services

Subsea 7 sr unsecur SerACY CV 2.25% /2013
Cosmetics/Personal Care
Unicharm sr unsecur CV 0% /2015
0.76
0.76
Packaging & Containers

Owens-Brockway Glass Container co gtd
Ser144A priv plmt CV 3% /2015
Chemicals
0.80
0.80
Total for Chemicals

10,200,000
Total for Holding Companies - Diversied

Auto Parts & Equipment
TRW Automotive co gtd CV 3.5% /2015
0.91
0.78
1.69
Total for Metal Fabricate/Hardware

Holding Companies - Diversied
TUI Travel sr unsecur CV 6% /2014
Noble Group sr unsecur CV 0% /2014
1.03
0.75
(EUR)6,072,000
0.90
1,012,196,128
99.37
97
30 June 2012
DERIVATIVES

Maturity
date
05/07/2012
06/07/2012
06/07/2012
06/07/2012
06/07/2012
09/07/2012
23/07/2012
Amount
bought
Amount
sold
8,090,000 SGD
296,772,497 EUR
7,150,000 EUR
6,080,000 EUR
1,500,000 EUR
7,000,000 HKD
67,410,530 USD
6,318,363 USD
371,069,014 USD
8,988,185 USD
7,639,520 USD
1,860,855 USD
902,305 USD
5,319,499,753 JPY

Exchange Contracts
05/07/2012
06/07/2012
06/07/2012
06/07/2012
06/07/2012
09/07/2012
09/07/2012
18/07/2012
23/07/2012
07/08/2012
6,293,408 USD
929,560 USD
7,249,379 USD
10,111,015 USD
124,025,523 USD
13,489,366 USD
27,907,572 USD
33,513,826 USD
165,000,000 JPY
6,318,121 USD
8,090,000 SGD
749,151 EUR
5,850,000 EUR
8,160,000 EUR
100,090,000 EUR
13,714,615 AUD
216,495,000 HKD
21,580,000 GBP
2,090,937 USD
8,090,000 SGD

Exchange Contracts
Exchange Contracts
Net unrealised
30 June 2012
assets
66,274
4,933,246
70,660
63,666
39,602
215
512,975
0.01
0.48
0.01
0.01
0.00
0.00
0.05
5,686,638
0.56
(91,228)
(19,592)
(162,404)
(227,471)
(2,785,644)
(540,704)
(5,420)
(334,176)
(15,911)
(66,474)
(0.01)
0.00
(0.02)
(0.02)
(0.28)
(0.05)
0.00
(0.03)
0.00
(0.01)
(4,249,024)
(0.42)
1,437,614
0.14
USD 1,190,000 cash held as collateral by the counterparties in relation to the above OTC.
USD 1,170,000 cash paid as collateral by the counterparties in relation to the above OTC.
Total Derivatives
1,437,614
0.14
5,012,548
0.49
1,018,646,290
100.00

30 June 2012
98
INVESTMENT AIM
To provide an attractive level of total return,

primarily in the global securities of corporate,
government and government related issuers
across a spectrum of xed income asset
classes including high yield bonds,
investment-grade bonds, mortgage-backed
securities, convertibles and currencies.

Investments
Nominal in
US dollars
unless specied
Market % of net
value
assets
Corporate Bonds
Heckmann co gtd Ser144A priv plmt
9.875% /2018
300,000
250,000
Tekni-Plex sr secured Ser144A priv plmt
9.75% /2019
250,000
Sabre Holdings sr unsecur 8.35% /2016
250,000
CSC Holdings sr unsecur 8.625% /2019
200,000
Kindred Healthcare co gtd 8.25% /2019
250,000
215,000
AES sr unsecur Ser144A priv plmt 7.375% /2021 200,000
Lorillard Tobacco co gtd 8.125% /2019
175,000
Armored Autogroup co gtd Ser144A priv plmt
9.5% /2018
250,000
HSBC Finance sr subord 6.676% /2021
200,000
iGate co gtd 9% /2016
200,000
Building Materials Corp of America sr nts
200,000
CCO Holdings Capital co gtd 6.5% /2021
200,000
Ameristar Casinos co gtd 7.5% /2021
200,000
6.25% /2022
200,000
Vanguard Health Holding Co II co gtd 8% /2018
200,000
Nuveen Investments co gtd 10.5% /2015
200,000
GE Capital Trust II ltd gtd RegS 5.5% /2067 (5) (EUR)175,000
Goldman Sachs Group subord 6.75% /2037
200,000
Linn Energy Finance co gtd Ser144A priv plmt
6.25% /2019
200,000
Merrill Lynch & Co subord 6.11% /2037
200,000
Sealed Air co gtd Ser144A priv plmt
8.125% /2019
150,000
United Maritime Group Finance secured
11.75% /2015
150,000
ServiceMaster co gtd 8% /2020
150,000
CDW Finance co gtd 8.5% /2019
150,000
CommScope co gtd Ser144A priv plmt
8.25% /2019
150,000
Sequa co gtd Ser144A priv plmt 11.75% /2015
150,000
Marquette Transportation secured 10.875% /2017 150,000
Chester Downs & Marina sr secured
150,000
E*TRADE Financial sr unsecur 7.875% /2015
150,000
First Data co gtd PIK 10.55% /2015
150,000
US Foodservice sr unsecur Ser144A priv plmt
8.5% /2019
150,000
GXS Worldwide sr secured 9.75% /2015
150,000
JB Poindexter & Co unsecur Ser144A priv plmt
9% /2022
150,000
Crestwood Midstream Finance co gtd 7.75% /2019 150,000
Basic Energy Services co gtd 7.125% /2016
150,000
150,000
Logans Roadhouse sr secured 10.75% /2017
150,000
Caesars Entertainment Operating secured
10% /2018
200,000
XM Satellite Radio co gtd Ser144A priv plmt
7.625% /2018
125,000
Priceline.com sr unsecur Ser144A priv plmt CV
1% /2018
128,000
Knowledge Universe Education co gtd
150,000
Denbury Resources co gtd 8.25% /2020
100,000
Lam Research sr unsecur CV 1.25% /2018
110,000
100,000
Kratos Defense & Security Solutions sr secured
10% /2017
100,000
MGM Resorts International co gtd
100,000
282,750
256,697
0.57
0.52
250,000
235,625
229,691
226,250
225,706
223,000
218,542
0.51
0.48
0.46
0.46
0.46
0.45
0.44
216,875
216,738
213,500
0.44
0.44
0.43
213,500
213,000
212,398
0.43
0.43
0.43
206,500
205,000
203,000
199,591
197,209
0.42
0.41
0.41
0.40
0.40
193,750
189,660
0.39
0.38
167,250
0.34
165,750
162,750
160,125
0.34
0.33
0.32
159,187
159,000
158,250
0.32
0.32
0.32
155,625
153,277
152,858
0.31
0.31
0.31
152,625
150,375
0.31
0.30
150,375
149,250
148,875
146,295
144,188
0.30
0.30
0.30
0.30
0.29
138,080
0.28
135,000
0.27
134,240
0.27
121,500
109,625
108,212
107,742
0.25
0.22
0.22
0.22
107,500
0.22
107,343
0.22
99
30 June 2012

Investments
Nominal in
US dollars
unless specied
Market % of net
value
assets

Lawson Software unsecur Ser144A priv plmt
9.375% /2019
Dana Holding sr unsecur 6.5% /2019
Burlington Coat Factory Warehouse co gtd
10% /2019
CMS Energy sr unsecur 5.05% /2022
Gap sr unsecur 5.95% /2021
Harron Communications sr nts
Consolidated Container co gtd Ser144A priv plmt
10.125% /2020
Realogy sr secured Ser144A priv plmt
7.625% /2020
BE Aerospace sr unsecur 5.25% /2022
Host Hotels & Resorts sr unsecur
Limited Brands co gtd 5.625% /2022
Pretium Packaging Finance secured 11.5% /2016
CCM Merger co gtd Ser144A priv plmt
9.125% /2019
Continental Resources co gtd
INTCOMEX secured 13.25% /2014
FMG Resources August 2006 Proprietary
sr unsecur Ser144A priv plmt 6.875% /2022
(Australia) (1)
Eagle Rock Energy Finance co gtd 8.375% /2019
Atkore International sr secured 9.875% /2018
Medicis Pharmaceutical sr unsecur CV
1.375% /2017
Rovi sr unsecur CV 2.625% /2040
Alpha Natural Resources sr unsecur CV
2.375% /2015
Avaya sr secured Ser144A priv plmt 7% /2019
Chesapeake Energy co gtd CV 2.75% /2035
Hughes Satellite Systems co gtd 7.625% /2021
Liberty Interactive sr unsecur CV 3.125% /2023
3.25% /2014
Universal Pfd Stock CV 6.75% perpetual
Ares Capital sr unsecur CV 5.75% / 2016
SanDisk sr unsecur CV 1.5% /2017
Afliated Managers Group sr unsecur CV
3.95% /2038
General Cable subord CV step cpn 4.5% /2029
CIT Group sr unsecur 5% /2017
Gilead Sciences nts CV 1% /2014
Silgan Holdings sr unsecur Ser144A priv plmt
5% /2020
100,000
100,000
106,750
106,750
0.22
0.22
100,000
100,000
100,000
106,146
104,498
104,185
0.21
0.21
0.21
100,000
104,000
0.21
100,000
103,500
0.21
100,000
100,000
103,500
103,266
0.21
0.21
100,000
100,000
100,000
103,000
102,500
101,500
0.21
0.21
0.21
100,000
101,250
0.20
100,000
100,000
101,125
100,500
0.20
0.20
100,000
100,000
100,000
100,250
99,500
97,750
0.20
0.20
0.20
96,000
98,000
94,680
94,203
0.19
0.19
110,000
100,000
100,000
75,000
62,000
92,538
91,875
91,294
81,375
75,097
0.19
0.19
0.18
0.16
0.15
68,000
69
71,000
71,000
64,000
75,082
74,693
73,265
72,351
72,064
0.15
0.15
0.15
0.15
0.15
67,000
73,000
60,000
44,000
52,000
71,941
70,171
61,658
54,407
53,105
0.15
0.14
0.12
0.11
0.11
50,000
51,250
0.10
Investments
Nominal in
US dollars
unless specied
Market % of net
value
assets

Italy
Enel Finance International co gtd Ser144A priv plmt
5.125% /2019 (Netherlands) (1)
315,000
Telecom Italia nts SerEMTN 6.125% /2018 (EUR)210,000
(EUR)200,000
250,000
11.75% /2017 (Luxembourg) (1)
(EUR)150,000
7.75% /2033 (Luxembourg) (1)
(EUR)110,000
Banca Monte dei Paschi di Siena
(EUR)100,000
298,113
260,499
0.60
0.53
256,151
0.52
220,105
0.44
153,993
0.31
138,554
0.28
122,019
0.25
Total for Italy

United Kingdom
6.5% /2020
7% /2018
7.875% /2016 (Luxembourg) (1)
9.25% /2015
CEVA Group co gtd Ser144A priv plmt
8.375% /2017
Ineos Finance sr secured Ser144A priv plmt
7.5% /2020
2.93
(EUR)300,000
351,250
0.71
(EUR)300,000
332,169
0.67
(GBP)200,000
305,121
0.62
(EUR)100,000
109,963
0.22
(EUR)75,000
101,676
0.21
100,000
96,500
0.20
80,000
81,000
0.16
2.79
Germany
SerMTN 6% /2017
(AUD)350,000
SerEMTN 6.25% /2042 (5)
(EUR)200,000
Commerzbank subord SerEMTN
7.75% /2021
(EUR)200,000
govt gtd SerMTN 5.5% /2016
(AUD)200,000
(Netherlands) (1)
(EUR)100,000
(Netherlands) (1)
(EUR)100,000
388,947
0.79
251,996
0.50
222,618
0.45
217,358
0.44
137,147
0.28
117,160
0.24
Total for Germany

France
BNP Paribas bnk gtd SerBKNT 5% /2021
Socit Gnrale sr unsecur
11.5% /2017
2.70
400,000
410,004
0.83
400,000
382,552
0.77
(EUR)240,000
(EUR)175,000
269,147
224,876
0.54
0.46
Total for France

Indonesia
PT Perusahaan Listrik Negara sr unsecur RegS
5.5% /2021
Majapahit Holding co gtd RegS 7.75% /2020
(Netherlands) (1)
PT Pertamina Persero sr unsecur
Bumi Investment Pte secured RegS
10.75% /2017 (Singapore) (1)
Total for Indonesia
2.60
23.72
600,000
628,449
1.27
450,000
537,352
1.09
500,000
501,717
1.01
300,000
296,805
0.60
Brazil
460,000
SerEMTN 4.875% /2018
(EUR)300,000
Total for Brazil
3.97
523,857
1.06
404,394
0.82
1.88
30 June 2012
100

Investments
Nominal in
US dollars
unless specied
Market % of net
value
assets
Nominal in
US dollars
unless specied
Market % of net
value
assets

Netherlands
HeidelbergCement Finance co gtd SerEMTN
9.5% /2018
UPC Holding secured RegS 8.375% /2020
(EUR)150,000
(EUR)75,000
224,852
98,468

South Korea
Korea Finance sr unsecur 4.625% /2021
Korea Development Bank sr unsecur
3.875% /2017
Investments
400,000
431,322
0.87
400,000
425,246
0.86
0.65
Australia
FMG Resources August 2006 Proprietary co gtd
200,000
8.25% /2070 (5)
(EUR)75,000
201,000
0.41
90,805
0.18
1.73
Total for Australia
Mexico
4.875% /2022
700,000
757,432
Total for Mexico
1.53
Sweden
4.625% /2022 (5)
0.59
(EUR)200,000
251,525
666,000
729,896
1.48
Russia
secured RegS 7.748% /2021 (Ireland) (1)
0.51
205,000
198,153
Total for Russia
239,711
0.49
232,005
0.47
169,000
0.34
1.30
565,572
Hong Kong
Noble Group sr unsecur CV 0% /2014
(Bermuda) (1)
200,000
199,500
0.40
200,000
100,000
48,000
198,250
107,000
54,280
0.40
0.22
0.11
1.13
Luxembourg
75,000
104,804
(EUR)300,000
84,559
0.17
0.17
53.62
Government Bonds
United Kingdom
(GBP)750,000
(GBP)100,000
(GBP)100,000
1,450,038
184,084
154,608

218,188
0.44
200,000
212,450
0.43

100,000
99,235
0.20
1.07
Canada
435,915
0.21
0.21
200,000
540,000
0.24
0.24
Total for China
2.93
0.37
0.32
3.62
1,300,000
1,508,609
3.05
3.05
(CAD)900,000
(CAD)400,000
1,027,228
451,379
2.08
0.91
0.88
Total for Canada
Total for Venezuela
120,573
1.14
1.14
Total for Canada
Venezuela
Petroleos de Venezuela co gtd RegS 8.5% /2017
(EUR)100,000
Total for Hong Kong

510,000
China
CNOOC Finance 2012 co gtd Ser144A priv plmt
5% /2042 (British Virgin Islands) (1)
Sinopec Group Overseas Development co gtd
Billion Express Investments co gtd CV
0.75% /2015 (British Virgin Islands) (1)

4% /2016
0.40
Total for Spain
Canada
PetroBakken Energy sr unsecur
Inmet Mining sr nts Ser144A priv plmt
8.75% /2020
MDC Partners co gtd Ser144A 11% /2016
0.40
1.48
Spain
4.967% /2016
(EUR)200,000
Gas Natural Capital Markets co gtd
SerEMTN 4.375% /2016
(EUR)200,000
Nara Cable Funding sr secured
Ser144A priv plmt 8.875% /2018 (Ireland) (1)
200,000
Kazakhstan
6.375% /2021
0.51
1.53
Total for Sweden
South Africa
5.75% /2021
0.45
0.20
0.88
2.99
101
30 June 2012

Nominal in
US dollars
unless specied
Investments
Market % of net
value
assets

Japan
Government of Japan sr unsecur
1.7% /2033
Nominal in
US dollars
unless specied
Investments
Market % of net
value
assets

Chile
Republic of Chile sr unsecur 5.5% /2020
(CLP)133,500,000
286,103
Total for Chile

France
0.58
(EUR)165,000
266,435
Total for France

(JPY)106,000,000
1,332,359
0.54
0.54
2.69
Total for Japan
0.58
28.64
2.69

Australia
5.25% /2019
(AUD)1,100,000
1,298,223
Total for Australia
2.62
Mexico
Mexican Bonos 7.5% /2027
(MXN)10,600,000
(MXN)3,300,000
934,888
277,544
Total for Mexico
(EUR)500,000
(EUR)200,000
872,023
269,752
Total for Germany
601,549
397,736
108,273
Total for Poland
(BRL)1,240,000
671,682
Total for Brazil
1.36
1.36
Russia
600,000
604,041
Total for Russia
1.22
1.22
(ZAR)4,200,000
515,941
1.04
1.04
(SEK)3,000,000
513,997
Total for Sweden
Total for Colombia
1.22
0.80
0.22
2.24
Brazil
8.5% /2024
Colombia
7.75% /2021
1.76
0.55
2.31
Poland
Government of Poland sr unsecur 5% /2022
550,000
(PLN)1,300,000
(PLN)350,000
Sweden
1.89
0.56
2.45
Germany
South Africa
7.25% /2020
2.62
1.04
1.04
(COP)640,000,000
441,657

Countrywide Home Loan Mortgage Pass
Through Trust 2006-1 A2 6% /2036
Banc of America Alternative Loan Trust
2006-4 5CB1 6.5% /2046
Countrywide Alternative Loan Trust
2008-2R 4A1 6.25% /2037
Chase Mortgage Finance 2005-A2 3A4
5.309% /2036 (5)
JP Morgan Mortgage Trust 2006-S3 1A30
6.5% /2036
Certicates 2006-AR10 3A2 5.910% /2046 (5)
RALI Trust 2007-QS4 5A2 5.5% /2022
Banc of America Funding 2006-3 4A13 5.5% /2036
Certicates 2007-HY7 3A1 5.113% /2037 (5)
Certicates 2005-AR15 A1A2 0.525% /2045 (5)
JP Morgan Mortgage Trust 2005-S3 1A21
5.5% /2036
DBUBS Mortgage Trust 2011-LC3A A2 3.642% /2044
Structured Asset Mortgage Investments
2006-AR6 1A2 0.475% /2046 (5)
Luminent Mortgage Trust 2006-1 A1
0.485% /2036 (5)
Structured Asset Mortgage Investments
2006-AR6 2A2 0.475% /2036 (5)
Luminent Mortgage Trust 2006-4 A1B
0.475% /2046 (5)
620,596
516,118
1.04
627,600
451,970
0.91
590,148
448,598
0.91
476,685
427,716
0.87
488,638
423,343
0.86
444,071
219,270
153,580
399,898
205,844
145,875
0.81
0.42
0.29
170,590
120,216
0.24
151,020
108,734
0.22
123,171
90,000
107,087
97,373
0.22
0.20
464,756
84,246
0.17
98,665
46,754
0.09
183,236
34,192
0.07
365,150
29,897
0.06
7.38
7.38
Supra-National Bond
3.25% /2018
(EUR)1,100,000
1,522,538
Total for Supra-National Bond
3.08
3.08
Equities
Apache SerD Pfd Stock CV 6% /2013
2,180
PPL Pfd Stock CV 9.5% /2013
1,815
Wells Fargo & Co. SerL Pfd Stock CV 7.5% perpetual
66
Smitheld Foods sr unsecur Pfd Stock CV 4% /2013 66,000
United Technologies Pfd Stock CV 7.5% /2015
1,350
NextEra Energy Pfd Stock CV 7% /2013
500
108,891
96,594
74,118
73,755
70,470
27,500
0.22
0.20
0.15
0.15
0.14
0.06
0.89
0.92
0.89
Total for Equities
0.92
46,316,407
93.64
30 June 2012
102
DERIVATIVES

Maturity
date
Futures Contracts
Description
Long Gilt Future
Maturity
date
09/2012
Net Unrealised Loss

1
Net unrealised
30 June 2012
assets
Number of
Notional
747,069
(753)
0.00
747,0691
(753)
0.00

Maturity
date
05/07/2012
05/07/2012
05/07/2012
05/07/2012
05/07/2012
05/07/2012
05/07/2012
05/07/2012
05/07/2012
06/07/2012
06/07/2012
06/07/2012
06/07/2012
06/07/2012
10/07/2012
17/07/2012
18/07/2012
23/07/2012
07/08/2012
07/08/2012
Amount
bought
Amount
sold
390,000 CAD
25,000 CAD
65,000 CAD
15,545,000 MXN
2,850,000 MXN
905,000 SGD
200,000 SGD
300,000 SGD
30,000 SGD
4,021,247 EUR
1,960,000 EUR
325,000 EUR
230,000 EUR
60,000 EUR
280,000 PLN
200,000 EUR
493,000 GBP
466,276 USD
195,000 CAD
1,310,000 SGD
379,646 USD
24,047 USD
63,425 USD
1,130,421 USD
202,256 USD
707,055 USD
156,667 USD
236,545 USD
23,523 USD
5,031,775 USD
2,434,065 USD
408,220 USD
288,186 USD
74,330 USD
81,179 USD
250,268 USD
764,254 USD
37,000,000 JPY
190,021 USD
1,024,969 USD

Exchange Contracts
05/07/2012
05/07/2012
05/07/2012
05/07/2012
05/07/2012
05/07/2012
05/07/2012
05/07/2012
05/07/2012
06/07/2012
06/07/2012
06/07/2012
06/07/2012
06/07/2012
06/07/2012
09/07/2012
09/07/2012
09/07/2012
09/07/2012
10/07/2012
11/07/2012
18/07/2012
18/07/2012
19/07/2012
19/07/2012
19/07/2012
19/07/2012
19/07/2012
100,000 CAD
245,000 CAD
190,177 USD
388,795 USD
221,489 USD
131,720 USD
143,773 USD
1,042,905 USD
1,122,853 USD
170,747 USD
55,026 USD
167,242 USD
445,079 USD
1,259,124 USD
1,443,265 USD
202,866 CAD
644,447 USD
1,403,674 USD
395,756 USD
468,906 USD
501,598 USD
80,000 GBP
421,072 USD
7,750,000 RUB
96,721 USD
362,757 USD
81,188 USD
187,747 USD
98,213 USD
240,549 USD
195,000 CAD
400,000 CAD
230,000 CAD
1,830,000 MXN
2,000,000 MXN
14,565,000 MXN
1,435,000 SGD
135,000 EUR
44,071 EUR
135,000 EUR
360,000 EUR
1,005,000 EUR
1,170,000 EUR
200,000 AUD
645,000 AUD
1,430,000 AUD
520,000 NZD
1,640,000 PLN
3,605,000 SEK
125,802 USD
270,000 GBP
237,511 USD
200,000 BRL
750,000 BRL
41,000,000 CLP
95,000,000 CLP
Net unrealised
30 June 2012
assets
3,029
484
354
28,980
10,307
7,172
1,173
215
153
63,030
49,199
3,545
3,217
1,689
2,436
3,148
9,012
968
1,172
8,877
0.01
0.00
0.00
0.06
0.02
0.01
0.00
0.00
0.00
0.13
0.10
0.01
0.01
0.00
0.00
0.01
0.02
0.00
0.00
0.02
198,160
0.40
(91)
(151)
(1,160)
(3,692)
(4,191)
(4,768)
(5,394)
(43,404)
(9,651)
(294)
(811)
(3,799)
(11,031)
(14,182)
(39,091)
(5,562)
(15,389)
(59,219)
(21,229)
(20,836)
(19,358)
(323)
(2,421)
(20)
(2,081)
(7,751)
(394)
(1,284)
0.00
0.00
0.00
(0.01)
(0.01)
(0.01)
(0.01)
(0.09)
(0.02)
0.00
0.00
(0.01)
(0.02)
(0.03)
(0.08)
(0.01)
(0.03)
(0.13)
(0.04)
(0.04)
(0.04)
0.00
0.00
0.00
0.00
(0.02)
0.00
0.00
19/07/2012
19/07/2012
19/07/2012
19/07/2012
23/07/2012
23/07/2012
07/08/2012
08/08/2012
Amount
bought
Amount
sold
244,601 USD
278,085 USD
118,087 USD
369,023 USD
23,000,000 JPY
335,500,000 JPY
699,180 USD
2,434,810 USD
440,000,000 COP
2,650,000,000 IDR
1,000,000 ZAR
3,105,000 ZAR
291,486 USD
4,228,636 USD
9,655,000 MXN
1,960,000 EUR
Net unrealised
30 June 2012
assets
(1,512)
(881)
(3,451)
(8,355)
(2,240)
(9,418)
(18,549)
(49,176)
0.00
0.00
(0.01)
(0.02)
0.00
(0.02)
(0.04)
(0.10)

Exchange Contracts
(391,159)
(0.79)

Exchange Contracts
(192,999)
(0.39)
Total Derivatives
(193,752)
(0.39)

3,337,848
6.75
49,460,503
100.00
103
30 June 2012
INVESTMENT AIM

measured in US dollars, through investments
worldwide primarily in xed income securities
issued by corporations that are rated lower
than BBB- by S&P or Baa3 by Moodys or
similarly by another internationally recognised
rating service or determined to be of similar
creditworthiness by the investment adviser.

Investments
Nominal in
US dollars
unless specied

Cablevision Systems sr unsecur 7.75% /2018
Consolidated Container Capital co gtd
Ser144A priv plmt 10.125% /2020
US Foodservice sr unsecur Ser144A priv plmt
8.5% /2019
Rite Aid co gtd 9.5% /2017
Nuveen Investments co gtd 10.5% /2015
Bumble Bee Acquisition sr secured
Eagle Rock Energy Finance co gtd 8.375% /2019
Burlington Coat Factory Warehouse co gtd
10% /2019
Rivers Pittsburgh Borrower Finance sr secured
Choice Hotels International co gtd 5.75% /2022
IDQ Holdings sr secured Ser144A priv plmt
11.5% /2017
Levi Strauss & Co sr unsecur Ser144A priv plmt
6.875% /2022
JB Poindexter & Co unsecur Ser144A priv plmt
9% /2022
Crestwood Midstream Finance co gtd 7.75% /2019
Roadhouse Financing secured 10.75% /2017
Aleris International co gtd 7.625% /2018
YCC Holdings / Yankee Finance sr unsecur PIK
10.25% /2016
Sabre Holdings sr unsecur 8.35% /2016
Commercial Barge Line secured 12.5% /2017
Kindred Healthcare co gtd 8.25% /2019
Armored Autogroup co gtd Ser144A priv plmt
9.25% /2018
AES sr unsecur Ser144A priv plmt 7.375% /2021
Sealed Air co gtd Ser144A priv plmt
8.125% /2019
Wynn Las Vegas Capital Mortgage 7.75% /2020
United Maritime Group Finance secured
11.75% /2015
Scientic Games International co gtd 9.25% /2019
Lions Gate Entertainment secured
Quality Distribution Capital secured 9.875% /2018
Easton-Bell Sports sr secured 9.75% /2016
Denbury Resources co gtd 8.25% /2020
Tenneco co gtd 7.75% /2018
Academy Finance co gtd Ser144A priv plmt
9.25% /2019
ServiceMaster co gtd 8% /2020
Scotts Miracle-Gro co gtd 6.625% /2020
Kratos Defense & Security Solutions sr secured
10% /2017
Freescale Semiconductor sr secured
Diamond Resorts sr secured 12% /2018
MGM Resorts International co gtd
Lawson Software unsecur Ser144A priv plmt
9.375% /2019
CDW Finance co gtd 8.5% /2019
iGate co gtd 9% /2016
Building Materials Corp of America sr nts
CCO Holdings Capital co gtd 6.5% /2021
Nationstar Mortgage Capital co gtd
Ameristar Casinos co gtd 7.5% /2021
Market % of net
value
assets
200,000
212,071
1.47
200,000
200,000
207,000
205,358
1.43
1.42
200,000
200,000
200,000
203,500
203,010
203,000
1.41
1.40
1.40
200,000
200,000
200,500
199,000
1.39
1.38
150,000
159,220
1.10
150,000
150,000
156,188
156,562
1.08
1.08
150,000
156,375
1.08
150,000
154,125
1.07
150,000
150,000
150,000
150,000
133,000
150,375
149,250
146,295
144,187
135,660
1.04
1.03
1.01
1.00
0.94
125,000
125,000
100,000
125,000
127,656
117,813
113,375
113,125
0.88
0.82
0.78
0.78
130,000
100,000
112,775
111,500
0.78
0.77
100,000
100,000
111,500
110,929
0.77
0.77
100,000
100,000
110,500
110,172
0.76
0.76
100,000
100,000
100,000
100,000
100,000
110,000
110,000
109,875
109,625
109,000
0.76
0.76
0.76
0.76
0.75
100,000
100,000
100,000
100,000
100,000
108,750
108,500
107,878
107,750
107,742
0.75
0.75
0.75
0.75
0.75
100,000
107,500
0.74
100,000
100,000
107,500
107,500
0.74
0.74
100,000
107,343
0.74
100,000
100,000
100,000
106,750
106,750
106,750
0.74
0.74
0.74
100,000
100,000
106,750
106,500
0.74
0.74
100,000
100,000
106,250
106,199
0.74
0.73
30 June 2012
104

Investments
Nominal in
US dollars
unless specied

CommScope co gtd Ser144A priv plmt
8.25% /2019
Sequa co gtd Ser144A priv plmt 11.75% /2015
Polymer Group sr secured 7.75% /2019
Mead Products Brands co gtd
Marquette Transportation Finance secured
10.875% /2017
Speedway Motorsports co gtd 6.75% /2019
Emergency Medical Services co gtd
8.125% /2019
Neuberger Berman Group Finance sr unsecur
Coleman Cable co gtd 9% /2018
Harron Communications sr nts
Laredo Petroleum co gtd Ser144A priv plmt
7.375% /2022
Chester Downs & Marina sr secured
Caesars Entertainment Operating secured
10% /2018
Spectrum Brands co gtd Ser144A priv plmt
6.75% /2020
6.25% /2022
Libbey Glass co gtd Ser144A priv plmt
6.875% /2020
Sonic Automotive sr subord nts
Limited Brands co gtd 5.625% /2022
Vanguard Health Holding Co II co gtd 8% /2018
First Data co gtd PIK 10.55% /2015
Pretium Packaging Finance secured 11.5% /2016
CCM Merger co gtd Ser144A priv plmt
9.125% /2019
USI Holdings sr subord Ser144A priv plmt
9.75% /2015
Amscan Holdings co gtd 8.75% /2014
SM Energy sr nts Ser144A priv plmt 6.5% /2023
INTCOMEX secured 13.25% /2014
GXS Worldwide sr secured 9.75% /2015
Northern Oil and Gas co gtd Ser144A priv plmt
8% /2020
Tekni-Plex sr secured Ser144A priv plmt
9.75% /2019
Basic Energy Services co gtd 7.125% /2016
Atkore International sr secured 9.875% /2018
Heckmann co gtd Ser144A priv plmt
9.875% /2018
Avaya sr secured Ser144A priv plmt 7% /2019
inVentiv Health sr nts Ser144A priv plmt
10% /2018
Knowledge Universe Education co gtd
Physiotherapy Associates Holdings sr unsecur
Ser144A priv plmt 11.875% /2019
Graphic Packaging International co gtd
7.875% /2018
Hughes Satellite Systems co gtd 7.625% /2021
XM Satellite Radio co gtd Ser144A priv plmt
7.625% /2018
Dana Holding sr unsecur 6.5% /2019
Icahn Enterprises Finance co gtd 7.75% /2016
Pinnacle Foods Finance/Pinnacle Foods
Finance co gtd 8.25% /2017
Kraton Polymers Capital co gtd 6.75% /2019
CMS Energy sr unsecur 5.05% /2022
Market % of net
value
assets
Investments
Nominal in
US dollars
unless specied

Kennedy-Wilson co gtd 8.75% /2019
Anixter co gtd 5.625% /2019
VWR Funding co gtd SerB PIK 10.25% /2015 (5)
BE Aerospace sr unsecur 5.25% /2022
Level 3 Financing co gtd 8.125% /2019
Silgan Holdings sr unsecur Ser144A priv plmt
5% /2020
Apria Healthcare Group sr secured 11.25% /2014
Terex co gtd 6.5% /2020
Griffon co gtd 7.125% /2018
Continental Resources co gtd Ser144A priv plmt
5% /2022
Viasystems sr secured Ser144A priv plmt
7.875% /2019
Concho Resources co gtd 5.5% /2022
Linn Energy Finance co gtd Ser144A priv plmt
6.25% /2019
Monitronics International co gtd
CIT Group sr unsecur 5% /2017
100,000
100,000
100,000
106,125
106,000
106,000
0.73
0.73
0.73
100,000
106,000
0.73
100,000
100,000
100,000
105,500
104,979
104,750
0.73
0.73
0.72
100,000
104,500
0.72
100,000
100,000
104,250
104,000
0.72
0.72
100,000
104,000
0.72
100,000
104,000
0.72
100,000
103,750
0.72
150,000
103,560
0.72
100,000
103,375
0.72
100,000
103,250
0.71
100,000
103,000
0.71
100,000
100,000
100,000
100,000
100,000
102,875
102,500
102,500
101,905
101,500
0.71
0.71
0.71
0.70
0.70
100,000
101,250
0.70
100,000
100,000
100,000
100,000
100,000
100,875
100,626
100,500
100,500
100,250
0.70
0.70
0.70
0.70
0.69
100,000
100,250
0.69
100,000
100,000
100,000
100,000
99,250
97,750
0.69
0.69
0.68
100,000
100,000
94,250
91,875
0.65
0.64
Total for Australia
100,000
86,000
0.59
100,000
81,000
0.56
75,000
75,750
0.52
United Kingdom
7.875% /2016 (Luxembourg) (1)
CEVA Group co gtd Ser144A priv plmt
8.375% /2017
50,000
50,000
55,250
54,250
0.38
0.38
50,000
50,000
50,000
54,000
53,375
52,792
0.37
0.37
0.36
50,000
50,000
50,000
52,744
52,375
52,249
0.36
0.36
0.36
Market % of net
value
assets
50,000
50,000
50,000
50,000
50,000
51,750
51,750
51,688
51,633
51,437
0.36
0.36
0.36
0.36
0.36
50,000
49,000
50,000
50,000
51,250
51,025
50,732
50,562
0.35
0.35
0.35
0.35
50,000
50,563
0.35
50,000
50,000
49,875
49,312
0.34
0.34
50,000
48,438
0.33
50,000
25,000
48,375
25,691
0.33
0.18

Netherlands
Carlson Wagonlit co gtd RegS 7.5% /2019
Refresco Group sr secured RegS
7.375% /2018
UPC Holding secured RegS 8.375% /2020
78.99
(EUR)100,000
125,819
0.87
(EUR)100,000
(EUR)76,000
118,817
99,781
0.82
0.69

Canada
PetroBakken Energy sr unsecur
MDC Partners co gtd Ser144A 11% /2016
Inmet Mining sr nts Ser144A priv plmt
8.75% /2020
2.38
150,000
100,000
149,625
107,000
1.04
0.74
50,000
49,563
0.34
Total for Canada

Germany
(Netherlands) (1)
KION Finance sr secured RegS
7.875% /2018 (Luxembourg) (1)
2.12
(EUR)100,000
137,147
0.95
(EUR)100,000
121,917
0.84
Total for Germany

Australia
7.875% /2071 (5)
1.79
(EUR)100,000
123,637
0.85
100,000
101,000
0.70
1.55
(EUR)100,000
109,963
0.76
100,000
96,500
0.67

Ireland
8.75% /2020
7.75% /2019
Total for Ireland
1.43
(EUR)85,000
104,554
0.72
(EUR)72,000
98,211
0.68
1.40
105
30 June 2012
DERIVATIVES


Investments
Nominal in
US dollars
unless specied
Spain
Nara Cable Funding sr secured Ser144A priv plmt
8.875% /2018 (Ireland) (1)
200,000
Market % of net
value
assets
169,000
Total for Spain

Denmark
Kabel Deutschland Holding sr nts RegS
6.5% /2017 (Germany) (1)
1.17
(EUR)100,000
129,745
Total for Denmark

France
11.5% /2017
0.90
0.90
(EUR)100,000
112,145
Total for France

Italy
11.75% /2017 (Luxembourg) (1)
1.17
0.77
0.77

Maturity
date
06/07/2012
06/07/2012
06/07/2012
18/07/2012
08/08/2012
Amount
bought
Amount
sold
1,015,083 EUR
400,000 EUR
126,937 USD
170,000 GBP
300,000 EUR
1,268,439 USD
493,424 USD
100,000 EUR
263,536 USD
372,675 USD
17,641
13,365
240
3,108
7,527
0.13
0.09
0.00
0.02
0.05
41,881
0.29
(7,530)
(0.05)

Exchange Contracts
(7,530)
(0.05)

Exchange Contracts
34,351
0.24
Total Derivatives
34,351
0.24
910,236
6.29
14,465,170
100.00

Exchange Contracts
06/07/2012
372,561 USD

(EUR)86,000
88,290
Luxembourg
Intelsat Jackson Holdings co gtd
0.61
50,000
52,375

300,000 EUR
0.61
Total for Italy
Net unrealised
30 June 2012
assets
0.36
0.36
13,520,583
93.47
30 June 2012
106
INVESTMENT AIM

measured in Euro, through market and
instrument selection. This objective will be
achieved by investing in high quality xed
income securities denominated in the Euro.

Investments
Nominal in
Euro unless
specied
Market % of net
value
assets
Bonds
Italy
Italy Buoni Poliennali Del Tesoro 3% /2015
17,000,000
Italy Buoni Poliennali Del Tesoro 4.25% /2015 15,800,000
Italy Buoni Poliennali Del Tesoro 3.75% /2015
9,000,000
Italy Buoni Poliennali Del Tesoro sr unsubord
4.25% /2014
7,700,000
Italy Buoni Poliennali Del Tesoro 3.5% /2014
4,500,000
3.5% /2013
3,500,000
UniCredit sr unsecur SerEMTN 5.25% /2014
3,000,000
8.125% /2013 (Luxembourg) (1)
2,700,000
2,300,000
SerEMTN 4.875% /2016
2,200,000
Banco Popolare sr unsecur SerEMTN
3.75% 07/08/2012 (2)
2,000,000
Enel Finance International co gtd SerGMTN
4.625% /2015 (Netherlands) (1) (2)
1,600,000
Banco Popolare sr unsecur 4% /2013
1,500,000
4.125% /2017 (Netherlands) (1) (2)
1,500,000
Banca Monte dei Paschi di Siena
1,200,000
Luxottica Group sr unsecur 4% /2015
1,000,000
6.75% /2013 (2)
1,000,000
7% /2017 (2)
700,000
4% /2013 (Ireland) (1)
700,000
Intesa Sanpaolo bnk gtd SerEMTN
4% /2013 (Ireland) (1)
600,000
1.375% /2015
500,000
Telecom Italia sr unsecur RegS 5.125% /2016 (2) 400,000
180,000
16,370,600
15,857,844
8,829,666
3.57
3.46
1.92
7,754,504
4,477,925
1.69
0.98
3,460,942
3,028,875
0.75
0.66
2,867,129
2,277,292
0.63
0.50
2,215,979
0.48
1,995,676
0.44
1,612,276
1,479,097
0.35
0.32
1,433,220
0.31
1,155,713
1,041,280
0.25
0.23
1,026,830
0.22
728,443
0.16
702,611
0.15
597,376
0.13
502,432
398,771
166,018
0.11
0.09
0.04
Total for Italy
France
18,000,000
11,000,000
6,000,000
Crdit Agricole sr unsecur SerEMTN 6% /2013 3,500,000
3,000,000
3,000,000
BNP Paribas sr unsecur SerEMTN 5% /2013 (2) 2,500,000
Groupe Auchan sr unsecur SerEMTN
5.125% /2014 (2)
2,400,000
2,300,000
Agence Francaise de Developpement
2,400,000
4% /2016 (2)
2,300,000
BPCE sr unsecur SerEMTN
2.625% 07/12/2012
2,250,000
BNP Paribas Home Loan covered SerEMTN
4.125% /2014
2,000,000
1,800,000
3.5% /2015
1,725,000
3.75% /2014 (2)
1,500,000
17.44
18,848,844
11,390,511
4.11
2.48
6,092,745
3,653,715
3,154,314
1.33
0.80
0.69
3,069,805
2,628,448
0.67
0.57
2,595,542
2,447,529
0.57
0.53
2,407,932
0.52
2,396,183
0.52
2,263,725
0.49
2,092,138
1,853,519
0.46
0.40
1,795,381
0.39
1,549,699
0.34
107
30 June 2012

Investments
1,500,000
1,500,758
0.33
1,400,000
1,472,182
0.32
1,400,000
1,422,165
0.31
1,300,000
1,330,106
0.29
1,300,000
1,284,039
0.28
1,150,000
750,000
1,191,844
763,838
0.26
0.17
600,000
626,460
0.14
600,000
605,937
0.13
185,000
198,139
0.04
Market % of net
value
assets
Total for France
17.14
Germany
Bundesobligation 2.5% /2015
20,000,000
12,300,000
4.375% /2013
7,000,000
Deutsche Bank subord 5.125% /2013
2,500,000
IKB Deutsche Industriebank govt liquid gtd
2.125% 10/09/2012
2,500,000
3.5% /2015 (Netherlands) (1) (2)
2,300,000
7.875% /2014 (Netherlands) (1)
2,000,000
RWE co gtd SerEMTN
4.625%/2014 (Netherlands) (1)
1,750,000
Bundesobligation 2.25% /2014
1,500,000
2.125% /2015 (Netherlands) (1)
650,000
21,217,530
13,312,155
4.63
2.90
7,368,728
2,543,537
1.61
0.55
2,509,675
0.55
2,419,321
0.53
2,200,942
0.48
1,872,151
1,556,885
0.41
0.34
662,027
0.14
Total for Germany

United Kingdom
3.75% /2015
3.25% /2015
5.375% 20/12/2012 (2)
2.5% /2013
Anglo American Capital co gtd SerEMTN
4.25% /2013
3.625% /2016
Lloyds TSB Bank sr unsecur RegS 4.5% /2014
National Grid USA sr unsecur SerEMTN
WPP 2008 co gtd 4.375% /2013
British American Tobacco Holdings co gtd
12.14
Nominal in
Euro unless
specied
Market % of net
value
assets
Bonds (continued)
4.125% /2016 (2)
Rexam sr unsecur SerEMTN 4.375% /2013 (2)
6.375% /2016
5.25% /2014
4.75% /2016
SABMiller sr unsecur SerEMTN 4.5% /2015
5.75% /2014 (2)
4.375% /2013
Granite Master Issuer 2006-4 A7
0.601% /2054 (5)
5.625% /2018 (5)
Rentokil Initial co gtd SerEMTN
4.625% /2014
Leek Finance 17X A2C 0.937% /2037 (5)
5.375% /2019
4.875% /2017
Nominal in
Euro unless
specied
Bonds (continued)
France (continued)
Banque Federative du Credit Mutuel
sr unsecur SerEMTN 1.105% /2013 (2) (5)
5.625% /2015 (2)
4.625% /2016
Banque Federative du Credit Mutuel
sr unsecur SerEMTN 3% /2015
Banque PSA Finance sr unsecur RegS
3.875% /2015 (2)
6% /2014
RCI Banque sr unsecur SerEMTN 4% /2013 (2)
Crdit Agricole Home Loan Covered Bonds
SerEMTN 3.5% /2014
3.625% /2013
5.25% /2014
Investments
Netherlands
ING Bank covered SerEMTN 3% /2014
Fortis Bank Nederland govt liquid gtd SerEMTN
3.375% /2014
NIBC Bank govt liquid gtd SerEMTN 3.5% /2014
SNS Bank govt liquid gtd SerEMTN 3.5% /2014
LeasePlan govt liquid gtd SerEMTN 3.25% /2014
ING Bank govt liquid gtd SerEMTN 3.375% /2014
4.25% /2016
The Netherlands Government Bond 1% /2014
LeasePlan sr unsecur SerEMTN 3.09% /2013 (5)
2.75% /2013
3.75% /2013 (Ireland) (1)
LeasePlan sr unsecur SerEMTN 4.125% /2015
2.268% /2014 (5)
1.375% /2015 (2)
4,400,000
4,565,464
0.99
3,000,000
3,127,128
0.68
3,000,000
2,800,000
3,050,190
2,999,104
0.66
0.65
2,750,000
2,779,095
0.61
2,250,000
2,335,408
0.51
2,200,000
2,100,000
2,327,073
2,214,393
0.51
0.48
2,000,000
2,000,000
2,101,544
2,087,480
0.46
0.46
2,000,000
2,135,074
0.46
Spain
4.4% /2013
Santander International Debt bnk gtd
SerEMTN 1.2% /2013 (2) (5)
4.5% /2014
3.375% /2015 (2)
1.157% /2013 (5)
5.58% /2013
4.875% /2016
5.25% /2014
1,700,000
1,700,000
1,825,785
1,729,495
0.40
0.38
1,500,000
1,678,252
0.37
1,500,000
1,602,498
0.35
1,500,000
1,100,000
1,582,028
1,185,928
0.34
0.26
1,100,000
1,168,917
0.25
1,000,000
1,040,159
0.23
553,093
533,182
0.12
600,000
506,328
0.11
450,000
235,620
466,210
232,918
0.10
0.05
200,000
214,838
0.05
200,000
212,050
0.05
9.53
4,500,000
4,707,151
1.02
3,000,000
3,000,000
3,000,000
2,750,000
2,500,000
3,154,738
3,152,355
3,143,427
2,885,242
2,614,594
0.69
0.69
0.68
0.63
0.57
2,350,000
2,510,707
0.55
2,000,000
2,000,000
1,800,000
2,142,191
2,025,454
1,815,516
0.47
0.44
0.39
1,300,000
1,320,112
0.29
1,000,000
800,000
1,012,010
827,254
0.22
0.18
800,000
811,024
0.18
550,000
549,337
0.12
7.12
7,000,000
6,964,877
1.52
4,500,000
4,405,140
0.96
3,800,000
3,780,078
0.82
3,000,000
2,828,469
0.62
2,850,000
2,788,226
0.61
2,000,000
2,026,975
0.44
1,775,000
1,834,176
0.40
1,500,000
1,490,217
0.32
30 June 2012
108

Investments
Nominal in
Euro unless
specied
Market % of net
value
assets
Investments
Poland
Government of Poland sr unsecur 5.875% /2014
3.625% /2016 (2)
Total for Poland
Spain (continued)
4.75% /2016
BBVA Senior Finance bnk gtd RegS 4% /2013
4.674% /2014
New Zealand
Westpac Securities covered SerEMTN
3.5% /2016
BNZ International Funding covered SerEMTN
2.375% /2015
1,327,460
991,585
0.29
0.22
1,000,000
987,693
0.21
Market % of net
value
assets
Bonds (continued)
Bonds (continued)
1,400,000
1,000,000
Nominal in
Euro unless
specied
5,000,000
5,377,708
1.17
1,000,000
1,064,175
0.23
1.40
3,000,000
3,201,898
0.70
1,900,000
1,944,881
0.42

Total for Spain
0.973% /2014 (5)
Goldman Sachs Group sr unsecur RegS
4.5% /2016 (2)
2.75% /2014 (Ireland) (1) (2)
6.125% /2014
SES Global Americas Holdings co gtd SerEMTN
4.875% /2014 (2)
CRH Finance co gtd SerEMTN
7.375% /2014 (Ireland) (1)
John Deere Bank co gtd SerEMTN
3.25% /2016 (Luxembourg) (1)
5.25% /2013
2% /2015 (Ireland) (1)
Australia
Commonwealth Bank of Australia covered
SerEMTN 2.625% /2017
3.75% /2017 (2)
Medallion Trust 2004-1G A3 0.82% /2035 (5)
3,150,000
3,293,026
0.72
1,200,000
148,907
1,288,017
148,254
0.28
0.03
4,000,000
4,169,572
0.91
4,000,000
3,809,400
0.83
3,500,000
3,613,545
0.79
2,000,000
2,000,000
2,063,507
2,029,860
0.45
0.44
1,800,000
1,942,140
0.42
1,800,000
1,922,105
0.42
1,650,000
1,817,174
0.39
1,600,000
1,707,896
0.37
Norway
Sparebank 1 SR Bank sr unsecur 3.625% /2015
1,500,000
1,553,370
0.35
Total for Norway
1,500,000
1,547,797
0.34
1,500,000
1,000,000
1,510,134
994,985
0.33
0.22
South Korea
5.75% /2013
1,950,000
6.26
Total for Australia

Sweden
Stadshypotek covered 3% /2014
Nordea Bank covered SerEMTN 4.25% /2014
Nordea Bank sr unsecur RegS 3.625% /2016
Swedbank sr unsecur SerEMTN 3.375% /2017
Swedbank sr unsecur GMTN 2.375% /2016 (2)
Scania co gtd SerEMTN 1.75% /2016
1.12
6.41
4,500,000
3,000,000
2,500,000
2,500,000
1,000,000
1,000,000
900,000
4,716,031
3,165,423
2,648,241
2,631,016
1,041,272
1,012,391
900,423
Total for Sweden
1.03
0.69
0.58
0.57
0.22
0.22
0.20
Luxembourg
ArcelorMittal sr unsecur 8.25% /2013
1.03
2,350,000
1,200,000
2,474,025
1,310,460

0.82
2,700,000
2,789,527
2,008,578
Total for Mexico
0.44
0.44
1,500,000
1,638,281
0.36
0.36
Portugal
Banco Comercial Portugues sr unsecur SerEMTN
1.577% /2013 (2) (5)
1,700,000
1,637,746
0.36
3.51
3,500,000
2,500,000
1,000,000
600,000
3,685,855
2,617,552
1,056,287
628,458

Mexico
United Mexican States sr unsecur SerGMTN
4.25% /2015
0.61
0.61
Total for Portugal

Switzerland
Credit Suisse sr unsecur SerEMTN
6.125% /2013
UBS covered 3% /2014
UBS sr unsecur SerEMTN 6.25% /2013
UBS sr unsecur SerEMTN 3.5% /2015
0.54
0.28
0.80
0.57
0.23
0.14
Russia
Gazprom Via Gaz Capital sr unsecur SerEMTN LPN
4.56% 09/12/2012 (Luxembourg) (1)
0.36
300,000
304,104
Total for Russia
0.07
0.07
1.74
Poland
TPSA Euronance France co gtd SerEMTN
6% /2014 (France) (1)
6,500,000
7,026,175
1.53
1.53
Total for Poland
250,000
269,559
0.06
0.06
109
30 June 2012

Nominal in
Euro unless
specied
Investments
Market % of net
value
assets
Bonds (continued)
Jersey
250,000
257,385
0.05
Total for Jersey
0.05
Total for Bonds
89.14
2.5% /2015
3.25% /2014 (2)
European Investment Bank sr unsecur SerEMTN
2.125% /2014
European Union nts SerEMTN 2.75% /2016
European Investment Bank sr unsecur SerEMTN
0.807% /2016 (5)
7,000,000
7,388,878
1.61
6,000,000
6,379,104
1.39
6,000,000
4,000,000
6,152,406
4,261,406
1.34
0.93
3,100,000
3,080,857
0.67
5.94
436,156,381
95.08
DERIVATIVES

expressed in Euro.
Futures Contracts
Description
Euro BOBL Future
Maturity
date
09/2012
Net unrealised
Number of
assets
(489)
(61,511,310)

Euro SCHATZ Future
09/2012
280
30,937,200

Net Unrealised Gain
1
(30,574,110)1
753,060
0.17
753,060
0.17
(74,200)
(0.02)
(74,200)
(0.02)
678,860
0.15
678,860
0.15
21,902,762
4.77
458,738,003
100.00
Total Derivatives
30 June 2012
110
Euro Liquidity Fund
INVESTMENT AIM
To provide liquidity and high current income,

to the extent consistent with the preservation
of capital, primarily by investing in high quality
short-term transferable debt securities that
are denominated in Euro, provided that,
atthetime of acquisition, their initial or
residual maturity does not exceed 397 days.
The Fund may also hold up to 49% of its net
assets in cash and cash equivalents.

Investments
Nominal in
Euro unless
specied
Market % of net
value
assets
Commercial Paper
Sweden
Skandinaviska Enskilda Banken 0% 16/07/2012
Nordea Bank 0% 28/09/2012
Svenska Handelsbanken 0% 31/08/2012
Stadshypotek 0% 28/09/2012
6,000,000
5,000,000
2,000,000
1,000,000
1,000,000
5,999,533
4,995,364
1,998,205
999,506
999,072
Total for Sweden

Germany
NRW. Bank 0% 3/07/2012
Landeskreditbank Baden-Wuerttemberg
0% 13/07/2012
Landeskreditbank Baden-Wuerttemberg
0% 4/07/2012
Deutsche Bank 0% 10/07/2012
7.89
5,000,000
4,999,985
2.63
3,000,000
2,999,917
1.58
2,000,000
1,500,000
1,999,989
1,499,890
1.05
0.80
Total for Germany

Norway
DnB Bank 0% 9/07/2012
DnB Bank 0% 2/07/2012
DnB Bank 0% 8/08/2012
6.06
3,000,000
2,000,000
2,000,000
2,999,913
2,000,000
1,999,343
Total for Norway

Japan
Sumitomo Mitsui Banking 0% 16/07/2012
4,000,000
3,000,000
3,999,565
2,999,668
2.10
1.58
3.68
5,000,000
4,994,610

Netherlands
Rabobank 0% 12/07/2012
1.58
1.05
1.05
3.68
Total for Japan

GE Capital European Funding 0% 30/08/2012
3.16
2.63
1.04
0.53
0.53
2.63
2.63
4,000,000
3,998,916
2.10
2.10
Total for Commercial Paper
26.04
Certicates of Deposit
Japan
Mizuho Bank 0% 26/07/2012
5,000,000
4,999,417
Total for Japan

Sweden
Svenska Handelsbanken 0.45% 25/10/2012
2.63
2,500,000
1,000,000
2,500,064
998,848
Total for Sweden

Netherlands
ABN Amro Bank 0% 25/07/2012
2.63
1.32
0.53
1.85
1,000,000
999,757
0.52
0.52
Total for Certicates of Deposit
5.00
111
30 June 2012
Euro Liquidity Fund

Investments
Nominal in
Euro unless
specied
Market % of net
value
assets
Mutual Fund
9,087,839
9,087,839
4.78
4.78
Treasury Bill
France - Sovereign
France Treasury Bill BTF 0% 5/07/2012
8,000,000
7,999,966
4.21
Total for France - Sovereign
4.21
Total for Treasury Bill
4.21
76,069,367
40.03
113,966,002
59.97
190,035,369
100.00
30 June 2012
112
INVESTMENT AIM
To provide liquidity and high current income,

to the extent consistent with the preservation
of capital, primarily by investing in high quality
short-term transferable debt securities that
are denominated in US dollars, provided that,
at the time of acquisition, their initial or
residual maturity does not exceed 397 days.
The Fund may also hold up to 49% of its net
assets in cash and cash equivalents.

Investments
Nominal in
US dollars
unless specied
Market % of net
value
assets
Commercial Paper
Germany
Deutsche Bank 0% 3/07/2012
NRW. Bank 0% 2/07/2012
85,000,000
55,000,000
84,999,575
55,000,000
Total for Germany

Japan
Toyota Motor Credit 0% 12/07/2012
6.87
75,000,000
55,000,000
5,000,000
74,997,083
54,983,958
4,999,789
Total for Japan

Australia
National Australia Funding 0% 5/07/2012
Oversea-Chinese Banking 0% /2013
BNZ International Funding 0% 17/08/2012
Westpac Securities 0% 17/09/2012
ASB Finance 0.496% 26/07/2012 (5)
100,000,000
11,000,000
5,000,000
5,000,000
5,000,000
99,998,917
10,973,575
4,996,550
4,994,974
4,999,967
85,000,000
84,998,678
60,000,000
22,000,000
1,000,000
59,846,667
21,973,820
998,966
35,000,000
34,999,606
Total for Sweden

1.72
1.72
15,000,000
10,000,000
5,000,000
5,000,000
14,992,242
9,999,539
4,996,865
4,993,228

Sweden
2.93
1.08
0.05
4.06
Total for Canada

Netherlands
Rabobank 0% 30/07/2012
ING Funding 0% 6/07/2012
Rabobank 0% 8/08/2012
Rabobank 0% 2/10/2012
4.17
4.17
Total for Singapore

Canada
Bank of Nova Scotia 0% 5/07/2012
4.91
0.53
0.25
0.24
0.24
6.17

Singapore
Westpac Securities 0% /2013
Oversea-Chinese Banking 0% 12/10/2012
Oversea-Chinese Banking 0% 13/09/2012
3.68
2.70
0.24
6.62
Total for Australia

United Kingdom
Barclays U.S. Funding 0% 6/07/2012
4.17
2.70
0.74
0.49
0.25
0.24
1.72
3,000,000
2,998,150
0.15
0.15
31.48
113
30 June 2012

Investments
Nominal in
US dollars
unless specied
Market % of net
value
assets
Canada
Bank of Montreal 0.15% 2/07/2012
100,000,000
Canadian Imperial Bank of Commerce
0.13% 5/07/2012
95,000,000
Bank of Nova Scotia 0.506% /2013 (5)
50,000,000
Toronto-Dominion Bank 0.17% 19/07/2012
25,000,000
Toronto-Dominion Bank 0.17% 20/07/2012
25,000,000
Bank of Nova Scotia 0.466% /2013 (5)
15,000,000
Royal Bank of Canada 0.467% 27/11/2012 (5) 10,000,000
100,000,000
4.91
95,000,000
50,000,000
25,000,000
25,000,000
14,998,775
10,000,000
4.66
2.45
1.23
1.23
0.73
0.48
Total for Canada
15.69
Sweden
Nordea Bank 0.15% 5/07/2012
95,000,000
Skandinaviska Enskilda Banken
0% 16/08/2012
40,000,000
Skandinaviska Enskilda Banken
0.44% 7/09/2012
25,000,000
Skandinaviska Enskilda Banken 0% 6/08/2012
9,000,000
5,000,000
95,000,000
4.66
39,975,500
1.96
24,999,768
8,995,712
5,000,000
1.23
0.44
0.24
Total for Sweden

Japan
Mizuho Bank 0.15% 5/07/2012
Sumitomo Mitsui Banking 0.37% 10/07/2012
8.53
95,000,000
10,000,000
5,000,000
4,000,000
95,000,000
10,000,000
5,000,000
4,000,000
Total for Japan

Australia
Westpac Banking 0.526% 24/10/2012 (5)
4.66
0.49
0.25
0.20
5.60
10,000,000
10,000,000
Total for Australia
0.49
0.49
30.31
Puttable Floating Rate Notes

United Kingdom
Barclays Bank 0.716% 5/11/2012 (5)
15,000,000
15,000,000

Germany
Deutsche Bank 0.668% /2013 (5)
0.74
0.74
15,000,000
15,000,000
0.73
Total for Germany
0.73
Total for Puttable Floating Rate Notes
1.47
Floating Rate Note

Australia
Westpac Banking 0.479% 5/07/2012 (5)
5,000,000
5,000,000
0.25
Total for Australia
0.25
Total for Floating Rate Note
0.25
Investments
Nominal in
US dollars
unless specied
Market % of net
value
assets
Puttable Fixed Rate Note

Germany
Deutsche Bank 0.52% 18/10/2012
5,000,000
5,000,000
0.25
Total for Germany
0.25
Total for Puttable Fixed Rate Note
0.25
1,299,711,904
63.76
738,670,904
36.24
2,038,382,808
100.00
30 June 2012
114
INVESTMENT AIM
To generate a risk managed return in excess

ofa composite benchmark comprising: 60%
ofglobal equities represented by the MSCI All
Country World Index, 30% of European Fixed
Income Securities represented by the Barclays
Capital Euro Aggregate Bond, 5% of
commodities represented by the S&P GSCITM
Light Energy Index, and 5% cash represented
bythe Euro OverNight Index Average (EONIA)
net of fees. TheFund will seek to achieve its
investment objective by taking long and short
positions in adiversied range of equity
andequity related securities of any market
capitalisation, xed income securities
andcurrencies through the use of derivatives,
and by using one or more derivatives to gain
exposure to the S&P GSCITM Light Energy Index

whether executed on arecognised exchange

ormarket or traded over-the-counter.
Investments
Holdings/
Nominal in
Euro unless
specied
Market % of net
value
assets
Equities
Intel
DR Horton
Lennar A
Toll Brothers
NVR
Pulte Group
Standard-Pacic
Texas Instruments
MDC Holdings
Masco
Mohawk Industries
Ryland Group
Meritage Homes
Owens Corning
Broadcom A
Applied Materials
Watsco
KB Home
Analog Devices
Altera
Xilinx
Avago Technologies (Singapore) (1)
Eagle Materials
Louisiana-Pacic
Maxim Integrated Products
Nvidia
Lam Research
KLA - Tencor
Linear Technology
Microchip Technology
Micron Technology
M/I Homes
Marvell Technology Group (Bermuda) (1)
LSI Logic
Georgia Gulf
Li & Fung (Bermuda) (1)
Universal Forest Products
Deltic Timber
Johnson & Johnson
Skyline
Rouse Properties
267,910
299,700
168,800
151,500
4,500
359,600
326,500
60,622
44,400
101,700
20,000
40,900
31,100
35,000
26,809
70,440
9,400
75,200
16,824
18,179
14,780
13,679
12,900
40,500
16,360
30,010
10,968
7,698
11,971
10,902
51,048
18,000
25,868
44,775
9,700
116,000
5,500
3,500
182
1,700
5
5,582,560
4,250,846
3,962,360
3,459,407
3,015,190
2,920,624
1,546,233
1,325,411
1,140,708
1,106,142
1,074,233
822,552
814,474
766,881
703,579
632,150
548,887
537,164
493,585
480,105
385,438
380,803
372,150
346,198
328,246
323,799
322,387
296,205
292,720
280,951
246,184
241,383
229,493
219,113
197,912
174,943
168,783
161,995
9,698
6,843
52
United Kingdom
ETFS Short Copper (Jersey) (1)
Vodafone Group
HSBC Holdings
Royal Dutch Shell A
BP
GlaxoSmithKline
Royal Dutch Shell B
Diageo
Rio Tinto
BHP Billiton
AstraZeneca
BG Group
Unilever
Standard Chartered
Anglo American
WPP (Jersey) (1)
1.10
0.84
0.78
0.68
0.59
0.57
0.30
0.26
0.23
0.22
0.21
0.16
0.16
0.15
0.14
0.12
0.11
0.11
0.10
0.10
0.08
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.06
0.06
0.05
0.05
0.05
0.04
0.04
0.03
0.03
0.03
0.00
0.00
0.00
7.90
1,414,524
188,949
54,647
12,637
60,396
7,730
16,995
9,716
9,640
4,856
7,859
4,768
10,260
5,040
4,218
7,382
3,020
4,479
11,456
34,074,963
419,551
382,932
337,547
315,992
313,231
305,090
269,147
196,686
183,125
177,181
168,856
165,385
134,467
128,882
127,996
126,263
116,783
110,557
6.70
0.09
0.08
0.08
0.06
0.06
0.06
0.06
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
115
30 June 2012

Investments
Holdings/
Nominal in
Euro unless
specied
Market % of net
value
assets
Barclays
Tesco
SSE
Prudential
BT Group
Xstrata
National Grid
Compass Group
Centrica
Lloyds Banking Group
Tullow Oil
Reed Elsevier
BAE Systems
British Sky Broadcasting
Kingsher
Shire (Jersey) (1)
Old Mutual
Pearson
Aviva
Morrison WM Supermarkets
Legal & General Group
Royal Bank of Scotland Group
Marks & Spencer Group
International Power (3)
Aggreko
Standard Life
Wolseley (Jersey) (1)
Smith & Nephew
Next
Intertek Group
Randgold Resources (Jersey) (1)
Intercontinental Hotels Group
Capita Group
G4S
Johnson Matthey
RSA Insurance Group
ARM Holdings
Carnival
Burberry Group
Smiths Group
Whitbread
British Land
Babcock International Group
Resolution (Guernsey) (1)
Serco Group
Associated British Foods
Weir Group
Rexam
Petrofac (Jersey) (1)
Hammerson
Inmarsat
J Sainsbury
Admiral Group
ITV
Severn Trent
3i Group
Investec
AMEC
Sage Group
Schroders
ICAP
Investments
Holdings/
Nominal in
Euro unless
specied
Market % of net
value
assets
Segro
Man Group
TUI Travel
Lonmin
Vedanta Resources
1,171
3,281
1,461
289
234
3,124
3,075
3,075
2,780
2,667

51,287
26,115
9,026
5,046
9,268
30,377
7,309
8,447
8,283
5,389
14,615
127,487
2,656
6,617
10,583
4,240
10,157
1,570
18,231
2,057
9,093
9,241
18,823
7,995
5,203
3,835
716
4,829
447
1,614
299
350
161
600
1,199
1,334
3,113
385
7,734
1,655
370
590
773
369
1,405
800
3,104
1,093
411
338
1,215
359
1,112
931
1,483
343
5,153
241
1,953
1,033
374
1,228
237
862
874
106,768
100,358
96,673
86,980
84,795
79,730
73,405
71,009
68,810
60,180
57,553
49,087
48,666
42,231
38,115
36,667
36,442
35,707
34,330
32,394
30,868
30,484
29,689
21,321
21,077
19,823
18,465
14,014
13,188
12,769
11,909
11,609
11,501
11,432
11,055
10,834
10,803
10,563
10,322
10,306
10,064
9,759
9,685
9,301
8,897
8,473
7,560
7,279
6,533
6,390
6,323
6,236
6,135
5,687
5,528
5,083
4,912
4,908
4,792
4,760
4,658
4,243
3,923
3,621
3,500
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
China
China Overseas Land & Investment
(Hong Kong) (1)
Longfor Properties (Cayman Islands) (1)
Guangzhou R&F Properties H
Soho China (Cayman Islands) (1)
Sino-Ocean Land Holdings (Hong Kong) (1)
Franshion Properties China (Hong Kong) (1)
Shui On Land (Cayman Islands) (1)
Yuexiu Property (Hong Kong) (1)
Poly Hong Kong Investments (Hong Kong) (1)
KWG Property Holding (Cayman Islands) (1)
Greentown China Holdings (Cayman Islands) (1)
Renhe Commercial Holdings (Cayman Islands) (1)
7.82
2,646,488
1,892,739
1,670,394
4,842,282
3,043,254
2,050,013
0.95
0.60
0.41
4,839,319
5,597,929
1,129,054
1,119,093
1,052,758
1,689,450
1,839,023
2,917,043
1,882,465
3,005,623
1,167,367
992,151
520,257
7,281,617
1,935,384
1,726,078
1,360,369
1,130,852
1,090,603
1,014,350
716,764
691,654
601,516
575,020
492,999
491,697
426,720
233,415
0.38
0.34
0.27
0.22
0.21
0.20
0.14
0.14
0.12
0.11
0.10
0.10
0.08
0.05
Total for China

Germany
Siemens Regd
BASF
Bayer Regd
SAP
Allianz Regd
Daimler Regd
E.ON
Deutsche Bank Regd
Deutsche Telekom Regd
Linde
Bayerische Motoren Werke
Volkswagen Pfd
Deutsche Boerse
RWE
Adidas
Deutsche Post Regd
Fresenius Medical Care & Co
Henkel & Co Pfd
Inneon Technologies
HeidelbergCement
K+S Regd
ThyssenKrupp
Metro
Esprit Holdings (Bermuda) (1)
Fresenius & Co.
Continental
Lanxess
Merck
Beiersdorf
Celesio
Qiagen (Netherlands) (1)
Volkswagen
Deutsche Lufthansa Regd
Henkel & Co
Commerzbank
Porsche Automobil Holding Pfd
ProSiebenSat.1 Media Pfd
0.00
0.00
0.00
0.00
0.00
4.42
16,526
18,490
15,875
18,120
9,187
18,926
36,816
21,126
60,150
4,026
4,276
7,025
3,109
6,918
8,720
4,604
18,499
4,416
3,890
23,700
3,269
2,897
5,904
2,817
22,314
170
136
155
96
127
482
462
49
624
131
116
3,267
109
220
1,090,220
1,010,479
895,191
838,322
724,579
665,533
621,454
600,612
516,749
491,373
473,353
397,615
382,252
290,833
277,994
256,765
256,581
247,340
202,863
124,899
122,587
104,364
75,069
64,509
22,458
13,899
8,890
7,635
7,570
6,513
6,206
6,098
5,767
5,668
5,490
5,069
4,365
4,273
3,850
0.21
0.20
0.19
0.16
0.14
0.14
0.12
0.12
0.11
0.10
0.09
0.09
0.08
0.06
0.05
0.05
0.05
0.05
0.04
0.02
0.02
0.02
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
30 June 2012
116

Investments
Holdings/
Nominal in
Euro unless
specied
Market % of net
value
assets
Germany (continued)
TUI
Kabel Deutschland Holding
Suedzucker
Salzgitter
Axel Springer
823
76
117
72
59
3,843
3,728
3,275
2,318
2,017
Total for Germany

Japan
Toyota Motor
Honda Motor
Tokio Marine Holdings
Takeda Pharmaceutical
Canon
Nippon Telegraph & Telephone
Hitachi
NTT DoCoMo
Softbank
Seven & I Holdings
Japan Tobacco
KDDI
Nippon Steel
Denso
Fanuc
Astellas Pharma
Mitsubishi Estate
East Japan Railway
Osaka Gas
Mitsubishi Heavy Industries
Nissan Motor
Komatsu
Mitsui Fudosan
Mitsui & Co.
Kubota
Mitsubishi Electric
Mitsubishi
Asahi Kasei
Central Japan Railway
Dai Nippon Printing
Aeon
Toray Industries
Panasonic
Toshiba
SMC
Kyocera
Tokyo Gas
Shin-Etsu Chemical
Suzuki Motor
Bridgestone
Murata Manufacturing
Sony
Kyushu Electric Power
Daiichi Sankyo
Kirin Holdings
Tohoku Electric Power
Nintendo
Kao
Secom
0.00
0.00
0.00
0.00
0.00
2.13
10,900
8,100
6,400
7,300
4,000
4,500
13,700
87,900
3,100
23,000
81
3,500
4,300
4,200
19
52,000
3,400
700
2,500
6,000
1,700
25,000
25,000
10,600
4,200
4,000
5,000
6,500
10,000
10,000
4,100
15,000
10
10,000
6,200
11,000
8,900
19,000
400
800
13,000
1,200
3,200
2,800
1,200
4,400
5,100
3,500
5,000
5,800
500
2,100
15,000
18,860
1,200
345,042
209,949
174,586
143,866
143,491
141,332
133,638
116,882
113,820
111,151
106,662
102,562
102,280
98,401
96,722
92,366
90,859
89,954
85,960
84,427
84,348
82,859
79,882
78,680
78,271
77,044
75,913
75,724
72,440
65,494
64,934
64,005
62,219
61,624
61,032
59,053
56,788
56,563
54,419
54,221
52,504
51,919
51,474
50,430
49,477
49,033
47,825
46,505
46,441
45,986
45,895
45,720
44,208
44,168
43,404
0.08
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
Investments
Holdings/
Nominal in
Euro unless
specied
Market % of net
value
assets
Japan (continued)
Keyence
Nomura Holdings
Eisai
Fujitsu
Itochu
FUJIFILM Holdings
Sumitomo
Oriental Land
Asahi Group Holdings
Terumo
JX Holdings
Kintetsu
Daiwa House Industry
Tobu Railway
Ajinomoto
Shiseido
Kansai Electric Power
NEC
MS&AD Insurance Group Holdings
Fast Retailing
Odakyu Electric Railway
Sumitomo Chemical
Marubeni
Hamamatsu Photonics
TDK
Sumitomo Metal Industries
Chubu Electric Power
Hankyu Hanshin Holdings
Daikin Industries
Asahi Glass
Ricoh
Orix
Nikon
Dai-ichi Life Insurance
Shizuoka Bank
Yamato Holdings
Sharp
Nidec
Rakuten
JS Group
West Japan Railway
JGC
Daito Trust Construction
Toyota Industries
Sekisui House
Inpex
Keikyu
Kawasaki Heavy Industries
Aisin Seiki
Hoya
NKSJ Holdings
Yahoo Japan
Mitsubishi Motors
Mitsubishi Chemical Holdings
Shikoku Electric Power
T&D Holdings
Tokyo Electron
Sumitomo Metal Mining
Keio
JFE Holdings
NTT Data
Chugai Pharmaceutical
Dentsu
Shionogi & Co
Kobe Steel
Toppan Printing
Kuraray
NSK
Bank of Yokohama
Nippon Yusen
Electric Power Development
Chiba Bank
220
14,300
1,200
11,000
4,900
2,600
3,400
400
2,100
1,100
8,610
11,000
3,000
8,000
3,000
2,600
3,400
26,000
2,300
200
4,000
13,000
6,000
1,100
900
22,000
2,200
7,000
1,200
5,000
4,000
360
1,100
27
3,000
1,900
6,000
400
2,900
1,400
700
1,000
300
1,000
3,000
5
3,000
10,000
800
1,200
1,225
76
24,000
5,500
1,100
2,200
500
2,000
3,000
1,300
7
1,100
700
1,500
17,000
3,000
1,500
3,000
4,000
7,000
700
3,000
42,833
41,719
41,559
41,370
40,455
38,649
37,383
36,200
35,614
35,585
34,859
34,712
33,551
33,263
32,955
32,380
32,221
31,735
31,565
31,516
31,437
31,348
31,318
29,319
28,579
28,381
28,250
27,924
26,483
26,446
26,436
26,328
26,219
24,435
24,352
24,115
23,935
23,895
23,713
23,312
22,784
22,774
22,476
22,446
22,268
22,054
21,583
21,434
20,887
20,803
20,471
19,397
19,053
19,048
18,480
18,404
18,333
17,683
17,177
17,003
16,900
16,450
16,310
16,076
16,026
15,778
15,287
15,183
14,885
14,518
14,511
14,200
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
117
30 June 2012

Investments
Holdings/
Nominal in
Euro unless
specied
Market % of net
value
assets
Japan (continued)
Mitsui OSK Lines
Unicharm
Nitto Denko
Nippon Express
Yamada Denki
Tokyu
Olympus
Hokkaido Electric Power
Omron
Ono Pharmaceutical
OJI Paper
Rohm
Tokyo Electric Power
NGK Insulators
Isetan Mitsukoshi Holdings
Makita
Chugoku Electric Power
Kurita Water Industries
Benesse Holdings
Trend Micro
JSR
Konica Minolta Holdings
Hokuriku Electric Power
Resona Holdings
Mazda Motor
Advantest
Nippon Electric Glass
Japan Steel Works
Ibiden
SBI Holdings
5,000
300
400
4,000
300
3,000
800
1,000
600
200
3,000
300
5,800
1,000
1,000
300
600
1
400
1
200
300
500
1,000
500
1,800
5,000
400
1,000
1,000
300
61
14,091
13,530
13,396
13,019
12,072
11,164
10,225
10,211
9,943
9,923
9,080
9,065
8,863
8,663
8,355
8,255
7,806
7,651
7,292
7,254
7,075
6,963
6,812
6,182
6,143
5,841
5,309
4,886
4,664
4,336
4,242
3,541
Total for Japan

Australia
BHP Billiton
Commonwealth Bank of Australia
Westpac Banking
National Australia Bank
Wesfarmers
Woolworths
Rio Tinto
Westeld
QBE Insurance Group
CSL
Woodside Petroleum
AMP
Newcrest Mining
Telstra
Orica
Origin Energy
Suncorp Group
Stockland
Santos
GPT Group
Macquarie Group
Amcor
Insurance Australia Group
Brambles
Transurban Group
Fortescue Metals Group
Wesfarmers PPS
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.34
26,326
10,683
23,257
21,754
18,934
8,567
9,500
3,464
19,818
13,783
4,308
5,405
37,179
5,885
35,757
5,163
9,770
14,302
32,327
9,161
26,088
3,221
11,797
23,925
11,986
12,845
14,014
2,106
668,910
458,300
413,933
371,365
360,090
206,948
205,694
158,121
152,106
148,992
137,200
135,456
115,643
107,500
106,598
102,988
96,298
93,478
80,441
78,823
69,342
67,659
67,574
67,266
59,651
59,048
55,478
53,698
0.13
0.09
0.08
0.07
0.07
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
Investments
Holdings/
Nominal in
Euro unless
specied
Market % of net
value
assets
Australia (continued)
Mirvac Group
ASX
Incitec Pivot
Asciano
AGL Energy
Leighton Holdings
Treasury Wine Estates
Coca-Cola Amatil
47,147
1,928
19,818
16,767
10,824
2,882
1,574
5,474
528
48,565
46,449
45,632
38,607
38,040
34,390
20,690
19,238
5,708
Total for Australia

France
Sano
Total
Danone
BNP Paribas
LVMH Moet Hennessy Louis Vuitton
Air Liquide
GDF Suez
Schneider Electric
LOral
France Telecom
Vinci
Vivendi
AXA
Compagnie Generale dOptique Essilor International
European Aeronautic Defence and Space
(Netherlands) (1)
Pernod-Ricard
Unibail-Rodamco
PPR
Compagnie de Saint-Gobain
Socit Gnrale
Hermes International
Compagnie Generale des Etablissements Michelin
Carrefour
Lafarge
Alstom
EDF
Renault
Bouygues
Veolia Environnement
Vallourec
Crdit Agricole
Sodexo
Christian Dior
Technip
AtoS
Compagnie Gnrale de Gophysique-Veritas
Groupe Eurotunnel Regd
Bureau Veritas
Accor
Safran
Thales
Publicis Groupe
Foncire des Regions
Alcatel-Lucent
Legrand
Gecina
Socit BIC
JC Decaux
Casino Guichard Perrachon
Aeroports de Paris
Socit Tlvision Franaise 1
Dassault Systmes
STMicroelectronics (Netherlands) (1)
Klepierre
Cap Gemini
Edenred
Eutelsat Communications
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.98
10,693
12,892
5,533
8,143
2,029
2,415
10,644
4,578
2,093
17,040
4,437
11,145
13,613
1,933
632,384
452,316
268,738
241,684
241,248
216,022
198,670
197,838
191,405
174,575
162,993
162,104
141,847
141,090
0.13
0.09
0.06
0.05
0.05
0.05
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
4,931
1,610
805
1,007
3,741
5,900
367
1,499
4,675
1,830
2,479
2,910
1,609
2,327
3,857
1,040
8,913
183
100
111
191
420
1,234
422
108
284
236
254
168
107
4,635
203
75
59
266
67
72
671
55
906
150
133
168
128
136,737
134,757
115,920
113,036
108,377
106,642
89,438
76,509
67,413
64,379
61,244
50,750
49,879
49,076
38,269
33,134
30,572
11,209
10,810
9,027
8,948
8,467
7,836
7,828
7,552
6,972
6,929
6,562
6,066
6,009
5,965
5,410
5,269
4,816
4,635
4,623
4,265
4,211
4,063
3,879
3,862
3,852
3,804
3,112
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
30 June 2012
118

Investments
Holdings/
Nominal in
Euro unless
specied
Market % of net
value
assets
France (continued)
Peugeot
ICADE
375
42
2,893
2,507
Total for France

Hong Kong
Hutchison Whampoa
Hang Seng Bank
Hong Kong Exchanges & Clearing
CLP Holdings
BOC Hong Kong Holdings
Hong Kong & China Gas
Power Assets Holdings
Swire Pacic A
Link REIT
Wharf Holdings
Sands China (Cayman Islands) (1)
Bank of East Asia
MTR
Hang Lung Group
Wheelock & Co
Sino Land
Shangri-La Asia (Bermuda) (1)
Cathay Pacic Airways
Swire Properties
0.97
59,000
36,000
32,000
37,208
27,702
46,000
97,500
131,890
34,000
20,000
55,526
36,300
59,600
32,662
53,000
44,329
41,153
20,000
73,616
19,500
22,000
53,710
41,166
35,000
14,000
399,268
346,564
345,181
345,131
310,095
307,783
234,157
220,382
201,023
182,563
178,838
157,180
148,595
141,760
141,308
124,956
110,769
96,777
67,497
65,584
65,373
63,511
61,916
44,379
33,053
Total for Hong Kong

Switzerland
Nestl Regd
Novartis Regd
Zurich Insurance Group
UBS Regd
ABB Regd
Syngenta Regd
Swiss Re
Swisscom Regd
Credit Suisse Group Regd
Compagnie Financiere Richemont Bearer A & B Regd
Transocean
SGS Regd
Geberit Regd
Swatch Group Bearer
Holcim Regd
Givaudan Regd
Adecco Regd
Schindler Holding PC
Julius Baer Group
Sonova Holding Regd
Actelion Regd
Swiss Life Holding Regd
GAM Holding
Lonza Group Regd
0.00
0.00
0.08
0.07
0.07
0.06
0.06
0.06
0.05
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.86
6,491
3,549
1,051
277
5,206
3,652
146
705
111
2,112
701
563
12
100
45
315
15
124
273
107
325
99
157
65
453
78
305,040
156,451
143,103
49,167
47,675
46,931
39,345
35,125
35,028
30,584
30,028
19,752
17,746
15,454
13,995
13,716
11,603
10,273
9,492
9,389
9,291
7,514
5,101
4,823
3,919
2,596
0.06
0.03
0.03
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.21
Investments
Holdings/
Nominal in
Euro unless
specied
Market % of net
value
assets
Singapore
Singapore Telecommunications
United Overseas Bank
DBS Group Holdings
Oversea-Chinese Banking
Keppel
Singapore Airlines
Genting Singapore (Isle of Man) (1)
City Developments
Wilmar International
CapitaLand
Fraser and Neave
Singapore Exchange
Singapore Press Holdings
SembCorp Industries
SembCorp Marine
CapitaMall Trust
Noble Group (Bermuda) (1)
Olam International
23,000
4,000
5,000
7,000
4,400
3,000
18,000
2,000
6,000
8,000
3,000
3,000
4,000
3,000
3,000
7,000
9,000
4,000
47,279
46,494
43,199
38,328
28,176
19,379
15,810
13,953
13,492
13,455
13,081
11,792
9,717
9,587
8,933
8,328
6,251
4,510
Total for Singapore

Sweden
Telefonaktiebolaget LM Ericsson B
Hennes & Mauritz B
Volvo B
Atlas Copco A
Sandvik
Investor B
Assa Abloy B
Atlas Copco B
Svenska Cellulosa B
Alfa Laval
SKF B
Getinge B
Scania B
Modern Times Group B
Securitas B
Husqvarna B
Skanska B
Electrolux B
Hexagon B
Boliden
Millicom International Cellular SDR (Luxembourg) (1)
Tele2 B
0.07
6,549
1,643
2,335
1,154
1,677
834
560
691
827
709
601
370
529
181
1,030
1,650
496
336
350
371
42
177
46,963
46,078
20,714
19,342
16,637
12,485
12,229
10,305
9,719
9,497
9,223
7,156
7,086
6,481
6,281
6,064
5,920
5,229
4,648
4,055
3,096
2,137
Total for Sweden

South Africa
6,835
217,899
6,334
75,881
0.01
0.01
2,387
32,360
Total for Chile

Kazakhstan
Kazakhmys (United Kingdom) (1)
0.04
0.04

Chile
Antofagasta (United Kingdom) (1)
0.02
0.02
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.05

Netherlands
0.02
0.02
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
1,066
9,634
0.00
0.00
119
30 June 2012

Holdings/
Nominal in
Euro unless
specied
Investments
Market % of net
value
assets
Holdings/
Nominal in
Euro unless
specied
Investments
Market % of net
value
assets

United Kingdom
(GBP)1,720,000
(GBP)1,100,000
(GBP)325,000
(GBP)200,000
(GBP)200,000
2,627,091
1,598,268
483,165
305,203
303,215
Indonesia
Golden Agri-Resources (Mauritius) (1)
21,000
8,764
Total for Indonesia
1,714
5,630
Total for India
0.00
0.00
Luxembourg
APERAM
141
1,444
1.05
0.00
0.00
India
Cairn Energy (United Kingdom) (1)
Italy
Italy Buoni Poliennali Del Tesoro 4% /2020
Italy Buoni Poliennali Del Tesoro sr unsecur
5% /2039
2,300,000
2,079,389
0.41
1,150,000
970,690
0.19
Total for Italy

Australia
5.25% /2019
0.60
(AUD)1,600,000
1,490,449
26.81
Government Bonds
Canada
(CAD)1,100,000
990,964
Total for Canada

(USD)9,200,000
(USD)5,700,000
(USD)5,000,000
(USD)3,200,000
(USD)3,400,000
(USD)3,050,000
(USD)1,250,000
8,009,812
5,024,638
4,660,245
3,374,245
2,808,251
2,679,312
1,021,770
1.57
0.99
0.92
0.66
0.55
0.53
0.20
Poland
Sweden
Total for Sweden
(JPY)655,000,000
6,498,262
1.28
Russia
Russia Foreign Bonds sr unsecur
(JPY)479,500,000
4,954,133
0.97
Total for Russia
(JPY)450,000,000
4,611,864
0.91
(JPY)210,000,000
2,252,920
0.44
(JPY)120,000,000
1,229,299
0.24
0.19
0.19
(PLN)3,500,000
845,201
Total for Poland
5.42
Japan sr unsecur
0.17
0.17
(SEK)5,000,000
676,160
0.13
0.13
(USD)600,000
476,768
0.10
Japan sr unsecur
Japan sr unsecur
Japan sr unsecur
Deutschland
Deutschland
Deutschland
Deutschland
3.84
4.25%
4.75%
4.25%
2.25%
/2017
/2034
/2039
/2021
2,100,000
1,600,000
540,000
500,000
2,469,575
2,259,174
743,348
532,287
Total for Germany

France
French Treasury Note BTAN 2.5% /2016
Total for France
0.10
14.11
Commercial Paper
Japan sr unsecur
Total for Japan

Germany
Bundesrepublik
Bundesrepublik
Bundesrepublik
Bundesrepublik
0.29
0.00
Total for Equities
Japan
Government of
1.7% /2033
Government of
1.4% /2015
Government of
1.1% /2021
Government of
1.7% /2018
Government of
1.3% /2015
0.29
0.00
Total for Australia
0.52
0.31
0.10
0.06
0.06
0.49
0.44
0.15
0.10
1.18
2,200,000
2,050,000
1,250,000
2,313,164
2,161,665
1,314,578
0.46
0.42
0.26
1.14
Germany
NRW. Bank 0% 3/07/2012
Landeskreditbank Baden-Wurttem 0% 4/07/2012
Landeskreditbank Baden-Wurttem 0% 13/07/2012
7,000,000
4,000,000
3,000,000
6,999,946
3,999,957
2,999,908
Total for Germany

Norway
DnB Bank 0% 9/07/2012
DnB Bank 0% 2/07/2012
DnB Bank 0% 8/08/2012
Total for Norway
1.37
0.79
0.59
2.75
5,000,000
4,000,000
1,000,000
4,999,867
3,999,968
999,652
0.98
0.79
0.20
1.97
30 June 2012
120

Investments
Holdings/
Nominal in
Euro unless
specied
Market % of net
value
assets
Investments
Holdings/
Nominal in
Euro unless
specied
Market % of net
value
assets

France
Dexia Credit Local govt liquid gtd SerEMTN
2.625% /2014
1,500,000
1,514,867
Total for France
0.30
0.30
Commercial Paper (continued)

Sweden
Skandinaviska Enskilda Banken 0% 16/07/2012 5,000,000
Stadshypotek 0% 13/09/2012
3,000,000
2,000,000
4,999,557
2,998,155
1,998,114
0.98
0.59
0.39
Netherlands
NIBC Bank govt liquid gtd SerEMTN 3.5% /2014
Fortis Bank Nederland govt liquid gtd SerEMTN
3.375% /2014
550,000
577,932
0.12
500,000
525,790
0.10

Total for Sweden
Japan
Sweden
5,000,000
1,000,000
4,999,404
999,873
Total for Japan
0.98
0.20
1.18
Total for Ireland
0.60
8.46
3,000,000
2,996,638
0.60
Italy
United Kingdom
HSBC Bank 0.16% 23/07/2012
5,000,000
5,000,016

Japan
Mizuho Corp Bank 0% 26/07/2012
5,000,000
4,999,421
Total for Japan

Sweden
283,516
0.06
150,000
75,000
182,047
46,839
0.03
0.01
0.10
400,000
0.99
Australia
QBE Capital Funding III co gtd Ser144A priv plmt
7.25% /2041 (Jersey) (1) (5)
(USD)200,000
2,000,000
2,000,032
0.39
0.39
1,000,000
999,732
0.19
0.19
2.55
396,051
0.08
0.08
142,888
Total for Australia
0.03
0.03
Greece
200,000
141,649
Total for Greece

Germany
0.03
0.03
100,000
87,856
0.02
Total for Germany
0.02
1.33
Mutual Funds
Corporate Bonds
Total for Spain
300,000
Total for Italy
Spain
4.5% /2014
4.4% /2013
0.10
0.10
0.99
0.98
526,203
0.98
Total for Sweden

Netherlands
ABN Amro Bank 0% 25/07/2012
500,000
Total for Sweden

United Kingdom
6.75% /2020 (2)
7.25% /2017
Ireland
GE Capital European Funding 0% 30/08/2012
0.22
1.96
1,100,000
1,094,233
0.21
700,000
696,488
0.14
500,000
493,908
0.10
0.45

iShares iBoxx Investment Grade
Corporate Bond Fund
Total for Mutual Funds
3,469,867
3,469,867
0.68
9,400
872,075
0.16
0.84
121
30 June 2012
Futures Contracts (continued)

Description
Holdings/
Nominal in
Euro unless
specied
Investments
Market % of net
value
assets
European
European
European
SerEMTN
Union nts SerEMTN 2.75% /2016

Union sr unsecur SerEMTN 3.5% /2021
Financial Stability Facility govt gtd
2.75% /2016
750,000
400,000
799,014
438,207
0.16
0.08
310,000
327,949
0.06
FTSE 100 Index Future 09/2012

Hang Seng Index Future 07/2012
MINI MSCI Emerging
Markets Index Future 09/2012
S&P 500 EMINI Future 09/2012
Topix Index Future
09/2012
US Long Bond Future 09/2012
276,749,272
54.40

United Kingdom
956,756
1,185
Net Unrealised Gain

(2,064,514)
(1,583,353)
(65,926)
(19,793)
(0.01)
0.00
(224)
(61)
(24)
12
3
(8,265,520)
(3,237,894)
(1,831,439)
2,085,520
351,114
(266,217)
(31,839)
(177,666)
(740)
(6,290)
(0.06)
(0.01)
(0.04)
0.00
0.00
(568,471)
(0.12)
110,773,1551
7,692,285
1.51
0.00
1,185
0.00
276,750,457
54.40
DERIVATIVES

expressed in Euro.
Futures Contracts
Number of
Notional
Net unrealised
gain as at % of net
30 June 2012
assets
07/2012
07/2012
11
2,503
675,620
79,270,010
42,570
3,063,867
0.01
0.60
09/2012
09/2012
09/2012
2,208
(242)
(34)
49,437,120
(34,010,679)
(3,756,660)
2,177,797
456,586
9,010
0.43
0.09
0.00
07/2012
09/2012
09/2012
09/2012
09/2012
16
(41)
195
(197)
3
661,986
(3,359,628)
19,073,182
(20,726,537)
395,882
14,153
32,296
27,604
49,417
6,771
0.00
0.01
0.01
0.01
0.00
09/2012
841
37,658,945
2,380,685
0.47
8,260,756
1.63

Maturity
date
0.00

AMX Index Future

CAC40 10 Euro Future
DJ Euro Stoxx 50
Index Future
Euro Bund Future
Euro SCHATZ Future
MSCI Singapore
Index Future
SPI 200 Future
US Ultra Bond Future
Yen Nikkei 225
Index Future
(30)
(16)
Maturity
date
Net unrealised
30 June 2012
assets
Number of
Notional
0.30

Description
Maturity
date
Amount
bought
Amount
sold
05/07/2012
1,153,375 EUR
11/07/2012
1,200,000 SEK
17/07/2012
7,255,155 EUR
17/07/2012
7,254,823 EUR
17/07/2012
7,249,543 EUR
17/07/2012
7,241,694 EUR
17/07/2012
425,248 EUR
18/07/2012
5,651,202 EUR
18/07/2012
125,111 EUR
19/07/2012
66,654,266 AUD
19/07/2012
1,714,135 BRL
19/07/2012
6,677,533 CAD
19/07/2012
2,982,163 CAD
19/07/2012
5,434,230 EUR
19/07/2012
61,242,377 HKD
19/07/2012 15,093,804,315 KRW
19/07/2012
141,330,905 MXN
19/07/2012
1,293,905 NZD
19/07/2012
36,435,234 SEK
19/07/2012
21,563,775 SEK
19/07/2012
17,910,907 USD
19/07/2012
4,721,873 USD
19/07/2012
714,536 USD
19/07/2012
18,835,879 USD
19/07/2012
2,142,360 USD
19/07/2012
76,155,699 ZAR
23/07/2012
5,029,515 EUR
23/07/2012
5,027,164 EUR
23/07/2012
5,026,373 EUR
23/07/2012
5,025,884 EUR
07/08/2012
1,149,858 EUR
1,475,000 CAD
135,653 EUR
9,043,500 USD
9,043,500 USD
9,043,500 USD
9,043,500 USD
530,000 USD
4,560,000 GBP
100,000 GBP
53,406,727 EUR
659,793 EUR
6,507,936 USD
2,899,076 USD
40,897,866 NOK
6,226,002 EUR
12,954,943 USD
10,284,483 USD
811,455 EUR
4,124,444 EUR
3,094,886 USD
18,244,229 CAD
3,005,265 GBP
6,752,214,681 IDR
1,488,128,657 JPY
2,712,335 SGD
9,224,788 USD
501,250,000 JPY
501,250,000 JPY
501,250,000 JPY
501,250,000 JPY
1,475,000 CAD

Exchange Contracts
05/07/2012
06/07/2012
06/07/2012
09/07/2012
09/07/2012
10/07/2012
11/07/2012
11/07/2012
17/07/2012
17/07/2012
18/07/2012
19/07/2012
19/07/2012
19/07/2012
19/07/2012
19/07/2012
1,475,000 CAD
1,151,049 EUR
54,154,900 GBP
67,747,654 EUR
33,902,569 USD
27,116,198 EUR
599,385 EUR
760,000 AUD
816,846 EUR
1,040,000 AUD
745,469 EUR
3,255,000 PLN
17,688 EUR
135,000 NOK
818,588 EUR
7,385,000 SEK
422,036 EUR
535,000 USD
1,200,000 USD
950,269 EUR
230,000 GBP
285,340 EUR
8,432,168 CAD
6,529,427 EUR
10,892,036 CHF
9,073,113 EUR
3,177,496 DKK
542,327 USD
11,784,268 EUR 17,386,508,979 KRW
8,133,577 EUR
141,729,198 MXN
Net unrealised
30 June 2012
assets
11,043
1,214
117,874
117,542
112,261
104,413
6,963
6,528
1,324
354,536
8,505
33,245
20,645
12,136
5,807
169,111
191,123
6,841
29,647
16,059
11,803
6,437
2,944
96,601
1,424
24,533
54,815
52,465
51,673
51,184
8,713
0.00
0.00
0.03
0.03
0.02
0.02
0.00
0.00
0.00
0.08
0.00
0.01
0.00
0.00
0.00
0.03
0.04
0.00
0.01
0.00
0.00
0.00
0.00
0.02
0.00
0.00
0.01
0.01
0.01
0.01
0.00
1,689,409
0.33
(8,716)
(702,780)
(357,450)
(14,258)
(22,876)
(21,712)
(216)
(23,711)
(195)
(3,209)
(631)
(1,775)
(11,300)
(391)
(187,612)
(197,501)
0.00
(0.15)
(0.07)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.04)
(0.04)

expressed in Euro.
Maturity
date
19/07/2012
19/07/2012
19/07/2012
19/07/2012
19/07/2012
19/07/2012
19/07/2012
19/07/2012
19/07/2012
19/07/2012
19/07/2012
19/07/2012
19/07/2012
19/07/2012
19/07/2012
19/07/2012
19/07/2012
19/07/2012
19/07/2012
23/07/2012
07/08/2012
Amount
bought
Amount
sold
768,739 EUR
7,630,521 EUR
10,340,549 EUR
13,057,792 EUR
238,797,765 EUR
7,327,795 EUR
7,932,994 GBP
1,608,204,027 JPY
39,884,551 NOK
2,133,977 SGD
73,926,829 USD
3,482,825 USD
2,350,385 USD
54,450,560 USD
14,288,533 USD
7,635,932 USD
5,626,350 USD
1,045,276 USD
1,301,819 USD
60,000,000 JPY
230,000 CAD
974,677 USD
9,674,737 USD
13,110,471 USD
16,555,649 USD
302,783,626 USD
76,715,048 ZAR
9,831,240 EUR
16,055,404 EUR
6,719,209 USD
1,329,420 EUR
73,082,749 AUD
7,160,689 BRL
1,871,087 EUR
43,485,051 EUR
9,163,898 GBP
59,243,000 HKD
451,171,396 JPY
1,314,697 NZD
4,372,223 PLN
603,843 EUR
179,340 EUR
Net unrealised
30 June 2012
assets
(478)
(4,807)
(6,270)
(7,969)
(159,874)
(30,617)
(11,358)
(95,008)
(15,064)
(308)
(603,031)
(43,114)
(16,157)
(512,526)
(67,012)
(2,061)
(37,257)
(6,510)
(1,851)
(8,368)
(1,399)
0.00
0.00
0.00
0.00
(0.03)
(0.01)
0.00
(0.02)
0.00
0.00
(0.13)
(0.01)
0.00
(0.10)
(0.01)
0.00
(0.01)
0.00
0.00
0.00
0.00

Exchange Contracts
(3,185,372)
(0.62)

Exchange Contracts
(1,495,963)
(0.29)
Total Return Swap Contracts
Description
Currency
Equity Swap USGSGLMACH.I May13

Equity Swap USMLEILUXY.I May13
Equity Swap USMLEILUXY.I May13
Equity Swap USGSMSSACD.I Jun13
USD
USD
USD
USD
USD
USD
Notional
amount
16,269,763
5,441,982
5,288,132
28,731,119
28,720,320
31,077,665
Net unrealised
% of
net
13/05/2013
13/05/2013
13/05/2013
30/05/2013
30/05/2013
21/06/2013
Unrealised Gain on Total Return Swap Contracts

Equity Swap HKGSEHMICR.I Jun13
HKD 225,794,924 21/06/2013
Unrealised Loss on Total Return Swap Contracts

Net Unrealised Gain on Total Return Swap Contracts
480,131
160,419
155,863
931,035
545,523
1,119,208
0.09
0.03
0.03
0.18
0.11
0.22
3,392,179
0.66
(177,337)
(0.03)
(177,337)
(0.03)
3,214,842
0.63
EUR 4,621,550 cash held as collateral by the counterparties in relation to the above OTC.
EUR 1,028,000 cash paid as collateral by the counterparties in relation to the above OTC.
Total Derivatives
9,411,164
1.85
222,568,034
43.75
508,729,655 100.00
Statements.
(4) Managed by the Investment Adviser or an afliate.
30 June 2012
122
123
30 June 2012
INVESTMENT AIM
To provide an attractive level of total return,

measured in Euro, by investing primarily in
UCIs (including the Companys Funds), ETFs,
futures, investment funds managed by the
investment adviser or its afliates and other
collective investment schemes.

Investments
Holdings
Market % of net
value
assets
Mutual Funds - Bond Funds

Luxembourg
Morgan Stanley Investment Funds Short Maturity Euro Bond Fund Z (4)
Morgan Stanley Investment Funds Euro Bond Fund Z (4)
Morgan Stanley Investment Funds Euro Corporate Bond Fund Z (4)
Morgan Stanley Investment Funds Emerging Markets Debt Fund Z (4)
Morgan Stanley Investment Funds European Currencies High Yield Bond Fund Z (4)
Morgan Stanley Investment Funds Global Fixed Income Opportunities Fund Z (4)
Morgan Stanley Investment Funds Emerging Markets Corporate Debt Fund Z (4)
620,681
17,875,618
15.60
440,187
13,839,480
12.08
308,551
9,799,572
8.55
306,778
8,405,711
7.34
170,565
6,305,781
5.51
107,097
2,243,677
1.96
100,790
2,161,954
1.89
52.93
Mutual Funds - Equity Funds

Luxembourg
Morgan Stanley Investment Funds Japanese Equity Fund Z (4)
Morgan Stanley Investment Funds Global Brands Fund Z (4)
Morgan Stanley Investment Funds US Growth Fund Z (4)
Morgan Stanley Investment Funds US Advantage Fund Z (4)
Morgan Stanley Investment Funds Eurozone Equity Alpha Fund Z (4)
Morgan Stanley Investment Funds European Equity Alpha Fund Z (4)
Morgan Stanley Investment Funds Global Infrastructure Fund Z (4)
Morgan Stanley Investment Funds Emerging Markets Equity Fund Z (4)
Morgan Stanley Investment Funds Asian Equity Fund Z (4)
Morgan Stanley Investment Funds US Growth Fund ZH (4)
Morgan Stanley Investment Funds Japanese Equity Fund ZH (4)
Morgan Stanley Investment Funds US Advantage Fund ZH (4)
361,281
7,630,252
6.66
276,808
6,823,328
5.95
279,794
6,186,240
5.40
221,765
6,153,975
5.37
226,225
5,347,955
4.67
169,978
4,659,100
4.07
142,297
4,075,396
3.56
98,365
1,679,091
1.46
27,035
540,974
0.47
3,700
102,488
0.09
4,565
101,017
0.09
1,412
58,363
0.05
37.84
Mutual Funds - Liquidity Funds

Luxembourg
Morgan Stanley Investment Funds Euro Liquidity Fund Z (4)
311,185
8,017,376

7.00
7.00
112,007,348
97.77
DERIVATIVES

expressed in Euro.
Futures Contracts
Description
Maturity
date
DJ Euro Stoxx 50
Index Future
09/2012
S&P 500 EMINI Future 09/2012
Yen Nikkei 225
Index Future
09/2012
Net Unrealised Loss
Number of
Notional
Net unrealised
30 June 2012
assets
(359)
(136)
(8,063,140)
(7,227,060)
(426,706)
(165,352)
(0.38)
(0.14)
(24)
(1,063,625)
(45,626)
(0.04)
(637,684)
(0.56)
(637,684)
(0.56)
(16,353,825)1
Total Derivatives
3,189,022
2.79
114,558,686
100.00
30 June 2012
124
125
30 June 2012
INVESTMENT AIM
To seek to generate a risk controlled (RC)

return, measured in Euro, that has a low level
of correlation to other asset classes by
investing in currency pairs. The Fund seeks to
outperform the Euro OverNight Index Average
(EONIA) by an amount proportional to
estimated ex-ante Value at Risk (VaR) of the
Fund over a 1-2 year period.

Investments
Market % of net
value
assets
Holding
Mutual Fund
1,423,100
1,423,100
4.83
4.83
1,423,100
4.83
DERIVATIVES

expressed in Euro.
Maturity
date
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
06/07/2012
Amount
bought
Amount
sold
2,988,927 AUD
18,024,816 AUD
6,156,827 AUD
2,058,232 AUD
1,965,271 AUD
23,739,940 CAD
8,315,600 CAD
4,080,600 CAD
3,789,400 CHF
1,942,600 CHF
1,024,400,000 CLP
1,024,400,000 CLP
120,367,800 CZK
200,529,726 CZK
184,237,600 CZK
25,385,911 EUR
21,671,720 EUR
4,795,540 EUR
3,197,188 EUR
13,435,481 GBP
3,883,273 GBP
1,270,728 GBP
2,555,896 GBP
279,388,820 MXN
7,730,060 NZD
5,197,480 NZD
2,605,524 NZD
6,910,300 PLN
42,704,100 SEK
5,091,427 SGD
5,114,800 SGD
7,682,896 SGD
21,924,400 TRY
179,350,000 TWD
119,902,545 TWD
6,069,950 USD
6,135,246 USD
4,973,068 USD
2,003,738 USD
2,019,249 USD
3,988,399 USD
51,133,969 ZAR
33,773,800 ZAR
5,657 EUR
238,080,000 JPY
18,042,118 USD
6,115,823 USD
2,063,316 USD
1,977,509 USD
23,044,276 USD
8,091,309 USD
3,967,988 USD
3,943,142 USD
2,021,964 USD
2,010,599 USD
2,012,574 USD
5,822,583 USD
9,823,523 USD
9,091,490 USD
31,968,704 USD
27,262,856 USD
5,997,679 USD
3,987,341 USD
20,940,622 USD
6,044,958 USD
1,981,993 USD
4,008,792 USD
20,058,820 USD
6,011,719 USD
4,101,124 USD
2,022,827 USD
2,023,692 USD
6,053,482 USD
3,956,031 USD
4,000,375 USD
6,029,660 USD
11,956,595 USD
5,982,820 USD
4,006,099 USD
477,444,018 JPY
485,255,014 JPY
395,150,000 JPY
159,217,009 JPY
6,399,000 MYR
118,266,000 TWD
6,018,825 USD
4,044,046 USD
7,056 USD
Net unrealised
gain as at % of net
30 June 2012
assets
63,013
342,159
153,842
36,622
29,150
191,271
51,723
27,389
47,634
23,986
22,710
21,154
126,150
113,046
51,788
194,859
188,835
69,424
55,199
104,218
36,059
8,732
2
591,678
158,635
60,164
56,233
36,984
105,091
49,718
29,313
27,695
130,050
14,592
4,753
67,918
42,232
16,306
6,530
3,257
24,451
183,931
67,403
98
0.21
1.16
0.52
0.12
0.10
0.65
0.18
0.09
0.16
0.08
0.08
0.07
0.43
0.38
0.18
0.66
0.64
0.24
0.19
0.35
0.12
0.03
0.00
2.02
0.54
0.20
0.19
0.13
0.36
0.17
0.10
0.09
0.44
0.05
0.02
0.23
0.14
0.06
0.02
0.01
0.08
0.62
0.23
0.00
30 June 2012
126

expressed in Euro.
Maturity
date

Maturity
date
06/07/2012
02/08/2012
02/08/2012
02/08/2012
02/08/2012
02/08/2012
02/08/2012
Amount
bought
Amount
sold
415,859 SEK
1,985,802 AUD
1,001,452 AUD
2,836,650 CHF
20,709,950 CZK
5,137,000 SGD
3,631,800 TRY
47,109 EUR
157,296,567 JPY
1,004,592 USD
2,946,073 USD
1,000,270 USD
4,024,033 USD
1,987,718 USD

Exchange Contracts
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
03/07/2012
06/07/2012
02/08/2012
02/08/2012
02/08/2012
02/08/2012
02/08/2012
02/08/2012
02/08/2012
02/08/2012
1,003,500,000 CLP
238,080,000 JPY
159,217,009 JPY
485,255,014 JPY
395,150,000 JPY
477,444,018 JPY
6,399,000 MYR
118,266,000 TWD
1,970,066 USD
2,020,433 USD
6,171,776 USD
17,936,241 USD
3,977,597 USD
8,096,260 USD
22,965,556 USD
3,993,201 USD
2,009,413 USD
2,026,508 USD
1,980,462 USD
2,009,810 USD
9,940,944 USD
5,887,320 USD
9,024,792 USD
3,984,416 USD
5,973,793 USD
27,124,199 USD
31,815,048 USD
1,986,046 USD
3,986,487 USD
20,984,931 USD
5,974,138 USD
20,047,772 USD
2,011,001 USD
4,004,293 USD
5,991,246 USD
2,029,266 USD
6,041,357 USD
4,025,763 USD
3,979,063 USD
6,008,072 USD
11,959,269 USD
4,004,761 USD
5,982,322 USD
4,057,888 USD
5,965,287 USD
3,699,460 USD
398,349,954 JPY
395,150,000 JPY
2,949,567 USD
3,965,444 USD
2,947,935 USD
2,889,415 USD
3,958,344 USD
3,977,350 USD
2,005,396 USD
2,950,917 AUD
2,004,911 USD
6,097,854 USD
4,978,588 USD
6,015,057 USD
2,021,162 USD
3,965,996 USD
1,965,271 AUD
2,058,232 AUD
6,156,827 AUD
18,024,816 AUD
4,080,600 CAD
8,315,600 CAD
23,739,940 CAD
3,789,400 CHF
1,942,600 CHF
1,024,400,000 CLP
1,003,500,000 CLP
1,024,400,000 CLP
200,529,726 CZK
120,367,800 CZK
184,237,600 CZK
3,197,188 EUR
4,795,540 EUR
21,671,720 EUR
25,385,911 EUR
1,270,728 GBP
2,555,896 GBP
13,435,481 GBP
3,883,273 GBP
279,388,820 MXN
2,605,524 NZD
5,197,480 NZD
7,730,060 NZD
6,910,300 PLN
42,704,100 SEK
5,114,800 SGD
5,091,427 SGD
7,682,896 SGD
21,924,400 TRY
119,902,545 TWD
179,350,000 TWD
33,773,800 ZAR
51,133,969 ZAR
2,959,099 EUR
4,999,559 AUD
4,975,090 USD
2,950,806 AUD
4,080,600 CAD
2,836,650 CHF
60,105,861 CZK
3,173,149 EUR
2,557,066 GBP
Net unrealised
30 June 2012
assets
360
45,144
14,911
41,847
22,784
24,436
5,051
0.00
0.15
0.05
0.14
0.08
0.08
0.02
3,790,530
12.86
(5,977)
(32,312)
(7,455)
(12,767)
(20,655)
(24,664)
(4,765)
(6,797)
(35,014)
(70,413)
(109,751)
(425,591)
(19,817)
(47,821)
(253,301)
(8,188)
(33,876)
(10,173)
(13,670)
(23,332)
(20,518)
(75,137)
(104,346)
(57,504)
(88,245)
(298,096)
(315,940)
(5,537)
(17,578)
(69,303)
(91,865)
(600,386)
(65,552)
(136,466)
(174,768)
(32,591)
(114,646)
(9,308)
(31,568)
(44,705)
(127,942)
(5,808)
(14,985)
(56,496)
(226,120)
(44,012)
(90,622)
(16,166)
(52,200)
(27,255)
(40,380)
(76,870)
(54,758)
(25,997)
(0.02)
(0.11)
(0.03)
(0.04)
(0.07)
(0.08)
(0.02)
(0.02)
(0.12)
(0.24)
(0.37)
(1.44)
(0.07)
(0.16)
(0.86)
(0.03)
(0.11)
(0.03)
(0.05)
(0.08)
(0.07)
(0.25)
(0.35)
(0.20)
(0.30)
(1.01)
(1.07)
(0.02)
(0.06)
(0.24)
(0.31)
(2.04)
(0.22)
(0.46)
(0.59)
(0.11)
(0.39)
(0.03)
(0.11)
(0.15)
(0.43)
(0.02)
(0.05)
(0.19)
(0.77)
(0.15)
(0.31)
(0.05)
(0.18)
(0.09)
(0.14)
(0.26)
(0.19)
(0.09)
02/08/2012
02/08/2012
02/08/2012
02/08/2012
Amount
bought
6,978,599
1,976,727
1,985,892
5,982,820
USD
USD
USD
USD
Amount
sold
96,421,920 MXN
2,510,512 NZD
3,631,800 TRY
179,350,000 TWD

Exchange Contracts
Exchange Contracts
Net unrealised
30 June 2012
assets
(143,180)
(29,103)
(6,490)
(28,074)
(0.49)
(0.10)
(0.02)
(0.10)
(4,586,856)
(15.56)
(796,326)
(2.70)
Total Derivatives
(796,326)
(2.70)
28,858,513
97.87
29,485,287
100.00
127
30 June 2012

As at 30 June 2012
Asian
Equity
Fund
Asia-Pacic
Equity
Fund
Asian
Property
Fund
Emerging Europe,
Middle East and
Africa Equity
Fund
Combined
totals of all
funds +
USD
USD
USD
EUR
USD
Assets
Investment securities - at cost
Unrealised appreciation/(depreciation)
194,654,959
11,933,801
97,860,729
(5,223,591)
471,471,852
24,079,673
199,529,685
2,989,518
24,655,931,418
1,083,808,475
Investment securities
206,588,760
92,637,138
495,551,525
202,519,203
25,739,739,893
1,017,897
1,477,887
48,315
493,636
2,050,690
1,649,702
31,623
7,227
249,314
1,814,960
3,281,354
499,771
1,868,591
2,467,321
136,284
114,563
1,395,342
688,910,000
393,138,347
373,238,826
178,943,766
139,461,588
46,958,195
20,133,005
5,452,722
4,297,721
249,816
151,139,952
209,626,495
96,625,694
503,016,201
206,632,713
27,741,663,831
810,326
1,947,606
1,623
419,955
639,279
664
92,114
121,568
787,412
737,113
3,017
260,297
525,290
115,877,763
71,630,404
45,656,047
18,748,547
14,207,957
8,430,575
3,396,384
224,677
24,912
34,495,992
3,179,510
732,057
1,646,093
788,604
312,693,258
206,446,985
95,893,637
501,370,108
205,844,109
27,428,970,573
Repurchase agreements
Cash at banks
Time deposits
Receivables for investments sold
Receivables for subscriptions
Unrealised gain on forward foreign currency exchange contracts
Unrealised gain on futures contracts
Unrealised gain on interest rate swap contracts
Unrealised gain on total return swap contracts
Unrealised gain on credit default swap contracts
Accrued income and other receivables
Total assets
Liabilities
Payables for investments purchased
Bank overdrafts
Payables for redemptions
Unrealised loss on forward foreign currency exchange contracts
Unrealised loss on interest rate swap contracts
Unrealised loss on credit default swap contracts
Unrealised loss on futures contracts
Unrealised loss on total return swap contracts
Distribution payable
Other payables and accrued expenses
Total liabilities
Net asset value
+ Represents the combined totals of all Morgan Stanley Investment Funds.
The accompanying notes are an integral part of these nancial statements.
30 June 2012
128
(continued)
As at 30 June 2012
Emerging
Markets
Equity
Fund
European
Equity
Alpha
Fund
European
Property
Fund
European
Small Cap
Value
Fund
Combined
totals of all
funds +
USD
EUR
EUR
EUR
USD
Assets
1,133,269,208
30,460,397
438,207,998
11,115,525
200,021,321
(20,286,049)
13,881,522
(1,287,683)
24,655,931,418
1,083,808,475
1,163,729,605
449,323,523
179,735,272
12,593,839
25,739,739,893
7,754,444
7,154,406
276,699
97,965
4,813,593
715,528
43,460
1,370,326
5,529,588
799,119
590,820
411,321
1,041
152,181
688,910,000
393,138,347
373,238,826
178,943,766
139,461,588
46,958,195
20,133,005
5,452,722
4,297,721
249,816
151,139,952
1,183,826,712
451,452,837
186,654,799
13,158,382
27,741,663,831
2,759,877
387,405
1,286,617
257,736
935,521
466,628
178,710
736,031
278,097
54,424
57,732
115,877,763
71,630,404
45,656,047
18,748,547
14,207,957
8,430,575
3,396,384
224,677
24,912
34,495,992
4,433,899
1,659,885
1,192,838
112,156
312,693,258
1,179,392,813
449,792,952
185,461,961
13,046,226
27,428,970,573
Cash at banks
Time deposits
Total assets
Liabilities
Bank overdrafts
Total liabilities
Net asset value
129
30 June 2012
(continued)
As at 30 June 2012
Eurozone
Equity
Alpha
Fund
Global
Brands
Fund
Global
Equity
Allocation
Fund
Global
Infrastructure
Fund
Combined
totals of all
funds +
EUR
USD
USD
USD
USD
Assets
97,399,615
(5,769,452)
7,011,731,861
688,358,518
10,156,279
324,344
168,162,683
14,687,879
24,655,931,418
1,083,808,475
91,630,163
7,700,090,379
10,480,623
182,850,562
25,739,739,893
455,769
382,810
48,678
160,099
47,107,031
17,672,301
14,818,409
13,946,522
1,877,717
1,500
654
72,342
40,490
556,646
339,584
214,499
708,451
1,590,094
688,910,000
393,138,347
373,238,826
178,943,766
139,461,588
46,958,195
20,133,005
5,452,722
4,297,721
249,816
151,139,952
92,677,519
7,793,634,642
12,473,326
186,259,836
27,741,663,831
Liabilities
Bank overdrafts
72,267
152,211
6,507,199
62,252,803
10,824,588
1,048
8,701,505
1,371
9,379
62,307
179,055
1,498
330,569
115,877,763
71,630,404
45,656,047
18,748,547
14,207,957
8,430,575
3,396,384
224,677
24,912
34,495,992
Total liabilities
224,478
88,287,143
73,057
511,122
312,693,258
92,453,041
7,705,347,499
12,400,269
185,748,714
27,428,970,573
Cash at banks
Time deposits
Total assets
Net asset value

30 June 2012
130
(continued)
As at 30 June 2012
Global
Opportunity
Fund
Global
Property
Fund
Indian
Equity
Fund
Japanese
Equity
Fund
Combined
totals of all
funds +
USD
USD
USD
JPY000s
USD
Assets
33,670,578
(636,986)
517,913,272
10,630,777
110,669,366
(8,312,718)
5,320,928
(457,435)
24,655,931,418
1,083,808,475
33,033,592
528,544,049
102,356,648
4,863,493
25,739,739,893
62,700
28,677
44,083
5,783,140
1,682,581
241,862
19,127
1,434,388
2,409,989
655,708
182,505
377,151
111,507
4,283
16,594
4,561
5,728
688,910,000
393,138,347
373,238,826
178,943,766
139,461,588
46,958,195
20,133,005
5,452,722
4,297,721
249,816
151,139,952
33,169,052
537,705,147
105,982,001
5,006,166
27,741,663,831
117,517
310,550
963,072
4,466
62,785
499,510
127,596
219
614,758
156,590
323,393
38,077
223
5
8,514
115,877,763
71,630,404
45,656,047
18,748,547
14,207,957
8,430,575
3,396,384
224,677
24,912
34,495,992
1,458,390
1,242,083
479,983
46,819
312,693,258
31,710,662
536,463,064
105,502,018
4,959,347
27,428,970,573
Cash at banks
Time deposits
Total assets
Liabilities
Bank overdrafts
Total liabilities
Net asset value
131
30 June 2012
(continued)
As at 30 June 2012
Latin
American
Equity
Fund
US
Advantage
Fund
US
Growth
Fund
US
Property
Fund
Combined
totals of all
funds +
USD
USD
USD
USD
USD
Assets
691,876,423
44,963,775
2,966,353,382
212,068,880
1,015,424,275
49,862,711
238,369,396
31,569,384
24,655,931,418
1,083,808,475
736,840,198
3,178,422,262
1,065,286,986
269,938,780
25,739,739,893
1,098,170
1,354,193
17,612,753
92,593,563
5,983,839
2,180,874
3,997,659
3,131,261
1,095,459
382,037
7,282,310
158,007
403,106
773,810
688,910,000
393,138,347
373,238,826
178,943,766
139,461,588
46,958,195
20,133,005
5,452,722
4,297,721
249,816
151,139,952
739,292,561
3,296,793,291
1,073,893,402
278,556,013
27,741,663,831
680,470
799,441
1,116,119
1,305,565
1,019,572
3,239,239
3,404,603
318,724
2,222,447
4,829,997
1,977
1,437,499
566,867
2,489,977
401,333
115,877,763
71,630,404
45,656,047
18,748,547
14,207,957
8,430,575
3,396,384
224,677
24,912
34,495,992
3,901,595
7,663,414
8,810,644
3,458,177
312,693,258
735,390,966
3,289,129,877
1,065,082,758
275,097,836
27,428,970,573
Cash at banks
Time deposits
Total assets
Liabilities
Bank overdrafts
Total liabilities
Net asset value
30 June 2012
132
(continued)
As at 30 June 2012
Emerging
Markets
Corporate Debt
Fund
Emerging
Markets
Debt
Fund
Emerging
Markets
Domestic Debt
Fund
Euro
Bond
Fund
Combined
totals of all
funds +
USD
USD
USD
EUR
USD
Assets
133,038,185
114,374
686,583,883
27,702,561
728,466,449
(20,440,394)
669,488,301
13,980,488
24,655,931,418
1,083,808,475
133,152,559
714,286,444
708,026,055
683,468,789
25,739,739,893
993,709
1,007,914
621,567
1,905,659
4,195,023
1,880,700
11,240,229
5,753,151
2,613,877
2,444,720
10,766,904
30,747,416
358,526
311,285
16,017
12,476,592
688,910,000
393,138,347
373,238,826
178,943,766
139,461,588
46,958,195
20,133,005
5,452,722
4,297,721
249,816
151,139,952
137,681,408
731,602,396
729,604,707
727,378,625
27,741,663,831
5,494,680
26,839
224,760
6,593,675
3,143,779
4,495,577
8,271
57,907
1,011,041
642,247
2,444
77,032
1,326,219
687,830
1,077,923
4,380
580,357
115,877,763
71,630,404
45,656,047
18,748,547
14,207,957
8,430,575
3,396,384
224,677
24,912
34,495,992
5,746,279
15,310,250
2,047,942
2,350,490
312,693,258
131,935,129
716,292,146
727,556,765
725,028,135
27,428,970,573
Cash at banks
Time deposits
Total assets
Liabilities
Bank overdrafts
Total liabilities
Net asset value
133
30 June 2012
(continued)
As at 30 June 2012
Euro
Corporate
Bond
(ex Financials)
Fund (2)
Euro
Corporate
Bond
Fund
Euro
Strategic
Bond
Fund
European
Currencies High
Yield Bond
Fund
Combined
totals of all
funds +
EUR
EUR
EUR
EUR
USD
Assets
86,846,762
586,026
1,254,244,728
3,228,150
348,684,575
5,000,370
288,145,592
(8,814,564)
24,655,931,418
1,083,808,475
87,432,788
1,257,472,878
353,684,945
279,331,028
25,739,739,893
4,013,740
853,657
31,608
88,074
1,558,362
58,451,918
5,763,616
2,838,196
3,044,398
4,426,612
111,701
27,434,907
10,951,265
1,046,920
1,295,585
574,095
1,859,223
2,698,653
19,948
5,954,688
10,428,842
659,500
196,599
69,902
39,900
7,771,738
688,910,000
393,138,347
373,238,826
178,943,766
139,461,588
46,958,195
20,133,005
5,452,722
4,297,721
249,816
151,139,952
93,978,229
1,359,544,226
378,085,322
298,497,509
27,741,663,831
Liabilities
Bank overdrafts
852,326
33,172
6,972
54,912
5,197,103
3,014,372
119,420
6,773,415
5,263,524
986,672
1,543,881
2,005,795
822,647
476,773
2,783,640
50,476
136,668
1,524,384
982,259
13,428
253,263
465,693
115,877,763
71,630,404
45,656,047
18,748,547
14,207,957
8,430,575
3,396,384
224,677
24,912
34,495,992
Total liabilities
947,382
22,898,387
7,800,383
1,714,643
312,693,258
93,030,847
1,336,645,839
370,284,939
296,782,866
27,428,970,573
Cash at banks
Time deposits
Total assets
Net asset value

(1) Name changed from Global Strategic Bond Fund on 1 March 2012.
30 June 2012
134
(continued)
As at 30 June 2012
Global
Bond
Fund
Global
Convertible
Bond
Fund
Global
Fixed Income
Opportunities
Fund
Global High
Yield Bond
Fund
Combined
totals of all
funds +
USD
USD
USD
USD
USD
Assets
422,730,645
3,440,800
1,054,441,404
(42,245,276)
45,548,831
767,576
13,064,390
456,193
24,655,931,418
1,083,808,475
426,171,445
1,012,196,128
46,316,407
13,520,583
25,739,739,893
50,303,787
2,733,551
1,443,336
82,241
2,033,664
12,179
4,412,543
2,662,538
1,295,661
5,686,638
5,521,433
2,662,687
195,746
198,160
686,567
735,670
301,510
283,792
41,881
261,169
688,910,000
393,138,347
373,238,826
178,943,766
139,461,588
46,958,195
20,133,005
5,452,722
4,297,721
249,816
151,139,952
487,192,746
1,027,362,398
50,059,567
15,144,605
27,741,663,831
17,728,234
836,885
2,263,289
2,099,647
11,457
190,280
648,033
955,410
1,868,276
722,243
4,249,024
921,155
100,000
622
391,159
753
106,530
601,110
7,530
70,795
115,877,763
71,630,404
45,656,047
18,748,547
14,207,957
8,430,575
3,396,384
224,677
24,912
34,495,992
23,777,825
8,716,108
599,064
679,435
312,693,258
463,414,921
1,018,646,290
49,460,503
14,465,170
27,428,970,573
Cash at banks
Time deposits
Total assets
Liabilities
Bank overdrafts
Total liabilities
Net asset value
135
30 June 2012
(continued)
As at 30 June 2012
Short Maturity
Euro Bond
Fund
Euro
Liquidity
Fund
US Dollar
Liquidity
Fund
Diversied
Alpha Plus
Fund
Combined
totals of all
funds +
EUR
EUR
USD
EUR
USD
Assets
434,195,529
1,960,852
76,069,367
-
1,299,711,904
-
267,616,704
9,133,753
24,655,931,418
1,083,808,475
436,156,381
76,069,367
1,299,711,904
276,750,457
25,739,739,893
15,602,664
1,046,646
753,060
6,884,696
2,465
116,964,837
182,575
688,910,000
23,171
50,000,000
49,999,417
882,255
94,524,439
109,090,931
24,025,529
789,879
1,689,409
8,260,756
3,392,179
1,751,605
688,910,000
393,138,347
373,238,826
178,943,766
139,461,588
46,958,195
20,133,005
5,452,722
4,297,721
249,816
151,139,952
460,443,447
193,219,244
2,089,526,747
520,275,184
27,741,663,831
263,223
790,494
74,200
577,527
2,999,913
183,962
50,000,000
24,912
1,119,027
4,999,854
1,591,632
3,185,372
568,471
177,337
1,022,863
115,877,763
71,630,404
45,656,047
18,748,547
14,207,957
8,430,575
3,396,384
224,677
24,912
34,495,992
1,705,444
3,183,875
51,143,939
11,545,529
312,693,258
458,738,003
190,035,369
2,038,382,808
508,729,655
27,428,970,573
Cash at banks
Time deposits
Total assets
Liabilities
Bank overdrafts
Total liabilities
Net asset value
30 June 2012
136
(continued)
As at 30 June 2012
Global
Balanced
RiskControl
Fund of Funds
Absolute
Return
Currency
Fund
Combined
totals of all
funds +
EUR
EUR
USD
Assets
110,255,606
1,751,742
1,423,100
-
24,655,931,418
1,083,808,475
112,007,348
1,423,100
25,739,739,893
3,047,533
1,058,886
61,243
29,029,435
41,012
3,790,530
9,878
688,910,000
393,138,347
373,238,826
178,943,766
139,461,588
46,958,195
20,133,005
5,452,722
4,297,721
249,816
151,139,952
116,175,010
34,293,955
27,741,663,831
829,728
10,097
637,684
138,815
10,667
63,615
4,586,856
147,530
115,877,763
71,630,404
45,656,047
18,748,547
14,207,957
8,430,575
3,396,384
224,677
24,912
34,495,992
1,616,324
4,808,668
312,693,258
114,558,686
29,485,287
27,428,970,573
Cash at banks
Time deposits
Total assets
Liabilities
Bank overdrafts
Total liabilities
Net asset value
137
30 June 2012

For the period ended 30 June 2012
Shares at the start
of the period
Number of shares
issued
Number of shares
redeemed
Shares at the end

of the period
1,163,094
1,461,701
12,261
1,757,767
4,840,153
87,501
139,803
76,268
730,467
(178,999)
(292,865)
(676)
(93,304)
(3,662,812)
1,071,596
1,308,639
11,585
1,740,731
1,907,808
957
400
5,205
9,133
400
3,095,040
400
715
2,878
40,929
11,616
1,258,711
-
(550)
(1,441)
(3,728)
(1,226)
-
1,122
1,837
42,406
19,523
400
4,353,751
400
16,109,836
1,090,966
2,800,481
10,228,996
3,127,530
323,589
1,967,605
71,691
76,121
2,784,832
63,820
650,614
(4,446,849)
(305,467)
(555,144)
(1,977,124)
(159,984)
(439,672)
13,630,592
857,190
2,321,458
11,036,704
3,031,366
534,531
2,331,655
39,415
1,917,231
29,247
95,393
132,592
123,318
3,089
124,001
446
8,251
236,244
(376,196)
(757)
(373,715)
(4,555)
(42,744)
(227,066)
2,078,777
41,747
1,667,517
25,138
60,900
141,770
2,725,662
2,774,023
20,401
8,007,587
8,921,453
12,400,756
353,360
788,380
6,268
159,515
9,147,431
(369,856)
(919,623)
(5,669)
(969,914)
(760,625)
(4,451,927)
2,709,166
2,642,780
21,000
7,197,188
8,160,828
17,096,260
3,973,008
926,766
31,868
1,203,947
7,236,897
3,222,618
346,677
307
152,953
11,278
161,276
2,514,991
4,337
(739,395)
(254,023)
(9,900)
(647,230)
(1,862,465)
(587,758)
3,580,290
307
825,696
33,246
717,993
7,889,423
2,639,197
3,909,409
42,599
777,408
1,235,254
18,711
2,461,777
919,648
5,571
166,933
1,433,529
3
116,742
(1,031,711)
(2,717)
(301,660)
(816,860)
(88,823)
3,797,346
45,453
642,681
1,851,923
18,714
2,489,696
155,568
7,738
221,318
91,455
178
93,489
(58,233)
(638)
(121,545)
188,790
7,278
193,262
4,824,656
1,562,133
532,571
2,077,421
1,409,500
187,591
17,685
1,005,546
(911,411)
(428,246)
(447,037)
(1,112,544)
5,322,745
1,321,478
103,219
1,970,423
Asian Equity Fund (USD)

Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
A
B
C
I
Z
Asia-Pacic Equity Fund (USD)

Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
B
BH (EUR)
C
N
Z
Asian Property Fund (USD)

Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
A
AX
B
I
IX
Z
Emerging Europe, Middle East and Africa Equity Fund (EUR)

Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
A
AX
B
C
I
Z
Emerging Markets Equity Fund (USD)

Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
A
B
C
I
N
Z
European Equity Alpha Fund (EUR)

Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
A
AX
B
C
I
Z
ZH (GBP)
European Property Fund (EUR)

Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
A
AX
B
I
IX
Z
European Small Cap Value Fund (EUR)

Share Class A
Share Class AX
Share Class B
Eurozone Equity Alpha Fund (EUR)
Share
Share
Share
Share
Class
Class
Class
Class
A
B
I
Z
30 June 2012
138
(continued)

Shares at the start
of the period
Number of shares
issued
Number of shares
redeemed
Shares at the end

of the period
23,311,311
4,542,990
105,799
62,425
1,866,055
6,953,395
5,497,236
150,137
198,430
1,709,120
40,083
15,411,290
26,611,380
5,365,957
250,068
5,918,182
17,708,731
3,985,810
882,607
431,895
2,620,499
2,746,391
2,262,034
220,288
374,736
1,390,855
99,698
6,978,828
27,484,465
3,446,072
3,302,282
2,161,606
(5,667,399)
(1,405,287)
(173,579)
(368,460)
(205,067)
(1,871,603)
(1,675,149)
(34,817)
(51,891)
(252,150)
(19,202)
(4,439,713)
(10,733,368)
(1,737,025)
(135,789)
(328,522)
35,352,643
7,123,513
814,827
125,860
4,281,487
7,828,183
6,084,121
335,608
521,275
2,847,825
120,579
17,950,405
43,362,477
7,075,004
3,416,561
7,751,266
4,000
4,000
472,000
4,000
4,000
472,000
857,323
322,622
510,438
820,842
20,373
688,602
117,707
582,655
189,498
727,358
317,800
4,417
1,389,643
62,065
(319,144)
(239,787)
(289,677)
(284,539)
(221)
(528,748)
(17,631)
1,120,834
272,333
948,119
854,103
24,569
1,549,497
162,141
101,434
21,291
50,088
30,728
6,000
187,048
32,432
3,769
18,991
27,340
1,106,661
(30,631)
(11,119)
(36,789)
(13,581)
(5,638)
(269,201)
103,235
13,941
32,290
44,487
362
1,024,508
5,476,921
7,325
764,517
8,480
35,810
287
2,206,674
411,215
13,160,397
1,807,292
26,366
220,228
31,114
2,529
24,753
11,374
3,144,622
(2,053,231)
(16,825)
(257,433)
(7,507)
(5,748)
(76,285)
(7,167)
(2,623,673)
5,230,982
16,866
727,312
32,087
32,591
287
2,155,142
415,422
13,681,346
2,995,768
2,041,351
6,532
116,302
55,200
393,140
290,513
1,623
163,424
2,615
(453,795)
(481,157)
(211,640)
(15,361)
2,935,113
1,850,707
8,155
68,086
42,454
144,931
75,128
10,613
91,304
729,563
687,556
74,102
10,552
1,387
4,881
1,817,736
819,607
(66,122)
(23,477)
(1,388)
(32,227)
(674,072)
(1,352,180)
152,911
62,203
10,612
63,958
1,873,227
154,983
10,421,916
1,321,243
20,258
887,178
70,450
898,179
212,157
130,220
43,772
528,138
(1,353,466)
(399,636)
(36,145)
(145,586)
(251,004)
9,966,629
1,133,764
114,333
785,364
347,584
Global Brands Fund (USD)

Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
AH (CHF)
AHX (EUR)
AX
B
BH (EUR)
BHX (EUR)
BX
C
CH (EUR)
I
Z
ZH (EUR)
ZH (GBP)
ZX
Global Equity Allocation Fund (USD)

Share Class A
Share Class B
Share Class Z
Global Infrastructure Fund (USD)
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
B
BH (EUR)
C
Z
ZH (EUR)
Global Opportunity Fund (USD)

Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
A
AH (EUR)
B
BH (EUR)
C
Z
Global Property Fund (USD)

Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
B
BH (EUR)
C
CH (EUR)
I
IX
Z
Indian Equity Fund (USD)

Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
A
B
C
I
Z
Japanese Equity Fund (JPY)

Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
A
B
C
I
Z
ZH (EUR)
Latin American Equity Fund (USD)

Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
A
B
C
I
Z
139
30 June 2012
(continued)

Shares at the start
of the period
Number of shares
issued
Number of shares
redeemed
Shares at the end

of the period
22,762,041
4,887,149
2,206,911
709,794
675,826
5,551,929
16,826,535
1,617,835
17,849,983
6,935,416
2,349,634
893,196
634,286
6,991,339
2,167,667
20,663,712
2,519,191
(6,977,027)
(3,247,556)
(938,163)
(490,430)
(71,821)
(3,977,484)
(6,430,719)
(1,933,531)
33,634,997
8,575,009
3,618,382
1,112,560
1,238,291
8,565,784
2,167,667
31,059,528
2,203,495
13,590,057
2,569,206
999,885
1,788,776
209,181
160,700
3,597,315
1,283,630
10,018,065
1,457,951
4,441,671
976,893
269,059
744,958
324,711
91,137
1,219,733
169,730
4,295,464
2,127,486
(6,510,428)
(1,560,546)
(141,615)
(937,108)
(378,818)
(19,858)
(2,003,160)
(126,198)
(5,546,073)
(3,316,565)
11,521,300
1,985,553
1,127,329
1,596,626
155,074
231,979
2,813,888
1,327,162
8,767,456
268,872
2,797,746
14,461
252,179
708,357
469,220
1,797,278
19,230
128,886
1,160,500
629,379
(1,368,054)
(70,052)
(796,322)
(483,922)
3,226,970
33,691
311,013
1,072,535
614,677
13,125
411,488
300
1,219
92,457
71,678
6,645
10,278
400
1,069,675
681,403
460,230
41,468
49,312
556,043
225,484
219,645
262,206
94,556
527,749
(21,124)
(21,275)
(198)
(36,905)
(23,475)
(5,436)
(6,008)
(134,927)
673,404
850,443
41,768
50,333
611,595
273,687
220,854
266,476
94,956
1,462,497
1,214,286
706,219
461
49,436
1,665,497
894,994
10,230
14,716
44,660
727,517
400,000
2,404,591
244,359
658,422
1,482,600
650,823
30,054
615,449
29,633
942,345
788,470
148,104
296,873
20,244
837,393
3,980,234
282,793
184,268
(794,124)
(522,621)
(302)
(47,047)
(7,956)
(361,762)
(330,516)
(14,184)
(6,789)
(5,716)
(812,947)
(1,451,843)
(297,569)
(29,363)
1,902,762
834,421
30,213
568,402
71,113
2,246,080
1,352,948
144,150
304,800
59,188
751,963
400,000
4,932,982
229,583
813,327
4,638,570
239,935
300
1,864,697
6,885,140
2,168,651
18,441
25,053
419,614
323,013
2,539,584
2,649,581
360,068
649,997
74,943
5,440
401
332,557
1,107,209
265,832
171,565
339,643
32,621
633,738
1,350,074
437,110
910,812
(1,225,309)
(166,974)
(301)
(608,808)
(1,299,991)
(710,739)
(17,580)
(16,400)
(21,129)
(434,425)
(1,249,703)
(405,351)
(17,320)
4,063,258
147,904
5,439
401
1,588,446
6,692,358
1,723,744
172,426
348,296
431,106
522,326
2,639,955
2,681,340
1,253,560
US Advantage Fund (USD)

Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
B
BH (EUR)
C
I
N
Z
ZH (EUR)
US Growth Fund (USD)

Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
AX
B
BH (EUR)
C
I
IX
Z
ZH (EUR)
US Property Fund (USD)

Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
A
AX
B
I
Z
Emerging Markets Corporate Debt Fund (USD)

Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
AHX (EUR)
AX
B
BH (EUR)
BHX (EUR)
BX
C
Z
Emerging Markets Debt Fund (USD)

Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
AHX (EUR)
ARM
AX
B
BH (EUR)
BHX (EUR)
BX
C
I
NH (EUR)
Z
ZH (EUR)
ZHX (GBP)
Emerging Markets Domestic Debt Fund (USD)

Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
AHX (EUR)
ARM
AX
B
BH (EUR)
BHX (EUR)
BX
C
I
Z
ZH (EUR)
ZX
30 June 2012
140
(continued)

Shares at the start
of the period
Number of shares
issued
Number of shares
redeemed
Shares at the end

of the period
6,940,668
5,351,770
51,374
1,253,671
94,125
18,436,077
3,161,850
1,207,148
17,085
5,018,911
16,000
2,733,753
(4,467,182)
(1,698,725)
(12,057)
(3,706,290)
(110,125)
(3,427,195)
5,635,336
4,860,193
56,402
2,566,292
17,742,635
1,301,966
-
68,538
305
1,116,760
1,190,311
(1,329)
(90,523)
67,209
305
2,418,726
1,099,788
11,070,554
8,068,275
55,834
2,543,804
4,645,567
3,534,003
589,327
351,359
34,060
26,622
2,858,339
651,850
82,402
600,000
11,936,158
2,412,291
3,236,020
947,583
23,898
409,922
1,093,771
201,459
378,442
567,616
10,892
2,579
2,044,111
6,255,121
99,815
(4,557,459)
(2,041,057)
(16,174)
(312,651)
(1,429,064)
(1,193,850)
(152,939)
(145,633)
(9,044)
(9,877)
(1,645,926)
(451,506)
(8,378,541)
(1,804,470)
9,749,115
6,974,801
63,558
2,641,075
4,310,274
2,541,612
814,830
773,342
35,908
19,324
3,256,524
200,344
82,402
600,000
9,812,738
707,636
1,789,926
553,944
260,863
92,724
2,726,611
2,443,624
2,158,586
362,847
1,257
29,528
245,337
725,212
559,567
1,110,341
10,340
19,608
37,047
823,362
72,195
272,406
495,559
6,768
233
1,639,142
417,788
45,915
(489,713)
(206,585)
(78,552)
(5,751)
(494,663)
(706,596)
(539,164)
(74,710)
(661)
(2,620)
(956,297)
(447,208)
(128,435)
2,410,554
357,699
201,919
124,020
3,055,310
1,809,223
1,891,828
783,696
7,364
27,141
928,182
695,792
477,047
3,598,238
3,804
23,290
300
10,250,723
36,601
208,824
8,286
119,773
1,000
623,689
3,608,532
1,000
2,738,256
1,872
19,536
11,489
1,221,554
37,071
252,788
176,547
13,886
442
2,640,522
1,143,612
35,431
(2,955,627)
(2,489)
(13,465)
(337)
(2,941,981)
(19,012)
(46,678)
(3,910)
(15,467)
(2,737,035)
(2,359,299)
(36,431)
3,380,867
3,187
29,361
11,452
8,530,296
54,660
414,934
180,923
118,192
1,442
527,176
2,392,845
-
Euro Bond Fund (EUR)

Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
A
B
C
I
IX
Z
Euro Corporate Bond (ex Financials) Fund (EUR) (1)

Share
Share
Share
Share
Class
Class
Class
Class
A
AX
N
Z
Euro Corporate Bond Fund (EUR)

Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AD
ADX
AX
B
BD
BDX
BX
C
CD
I
N
NX
S
Z
ZD
Euro Strategic Bond Fund (EUR)

Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AD
ADX
AX
B
BD
BDX
BX
C
CD
I
Z
ZD
European Currencies High Yield Bond Fund (EUR)

Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AD
ADX
AX
B
BD
BDX
BX
C
CD
I
Z
ZD
141
30 June 2012
(continued)

Shares at the start
of the period
Number of shares
issued
Number of shares
redeemed
Shares at the end

of the period
2,731,350
102,553
300
42,981
2,541,645
593,558
28,140
35,409
15,403
2,130,528
2,737
1,610,860
639,622
54,264
19,187
30,063
2,174,709
694,059
203,536
284,236
7,468
235,040
2
2,723,396
(713,701)
(49,627)
(301)
(7,190)
(731,395)
(134,638)
(11,982)
(10,387)
(4,318)
(747,744)
(802)
(1,016,459)
2,657,271
107,190
19,186
65,854
3,984,959
1,152,979
219,694
309,258
18,553
1,617,824
1,937
3,317,797
2,352,270
2,095,054
978,664
2,045,067
24,885
259,633
1,482,574
16,420,293
1,466,062
1,197,740
1,889,329
344,341
163,223
220,799
112,020
1,977
587,417
243,781
20,296
290,571
1,936,991
640,214
(451,709)
(362,677)
(239,044)
(549,657)
(6,577)
(469,644)
(149,360)
(281,071)
(1,007,221)
(709)
2,244,902
1,895,600
960,419
1,607,430
20,285
377,406
1,576,995
16,440,589
1,475,562
2,127,510
2,528,834
4,000
2,840
4,000
21,335
10,525
5,663
776,000
53,099
17,037
53,272
3,661
150,732
7,882
58,012
65,627
645,492
(492)
(2,029)
(1,477)
(4,038)
(1,767)
(1,333)
(34,911)
56,607
17,037
54,083
6,184
168,029
7,882
66,770
69,957
1,386,581
4,000
2,920
4,000
4,000
2,920
4,000
372,000
4,000
21,455
5,115
2,645
5,340
11,514
8,598
16,604
18,985
35,785
-
(121)
(983)
(7,253)
-
25,334
5,115
5,565
9,340
14,531
8,598
19,524
22,985
400,532
4,000
3,833,518
9,106,324
11,335
3,838,733
4,911,083
2,821,884
1,778,683
2,433,793
3,950,171
(3,864,407)
(2,049,256)
(962)
(2,197,583)
(3,039,533)
2,790,995
8,835,751
10,373
4,074,943
5,821,721
5,245,429
5,165,018
54,465
3,031,139
2,881,577
2,442,737
5,378,796
6,182
5,687,370
3,218,999
(4,214,505)
(4,663,681)
(3,279)
(7,125,573)
(4,049,168)
3,473,661
5,880,133
57,368
1,592,936
2,051,408
6,103,211
331,596,020
131,194
2,369,445
4,490,683
55,988
1,313,004
6,388,310
2,100,087,986
106,958
2,222,574
874,183
3
2,701,993
(7,383,400)
(552,705,432)
(108,708)
(2,485,782)
(2,798,799)
(1,843,940)
5,108,121
1,878,978,574
129,444
2,106,237
2,566,067
55,991
2,171,057
Global Bond Fund (USD)

Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
AHX (EUR)
AX
B
BH (EUR)
BHX (EUR)
BX
C
I
IX
Z
Global Convertible Bond Fund (USD)

Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
B
BH (EUR)
CH (EUR)
I
IH (EUR)
S
Z
ZH (EUR)
ZHX (EUR)
Global Fixed Income Opportunities Fund (USD)

Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
AHX (EUR)
AX
B
BH (EUR)
BHX (EUR)
BX
Z
Global High Yield Bond Fund (USD)

Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
AHX (EUR)
AX
B
BH (EUR)
BHX (EUR)
BX
Z
ZX
Short Maturity Euro Bond Fund (EUR)

Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
A
B
C
I
Z
Euro Liquidity Fund (EUR)

Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
A
B
C
I
Z
US Dollar Liquidity Fund (USD)

Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
A
AX
B
BX
I
IX
Z
30 June 2012
142
(continued)

Shares at the start
of the period
Number of shares
issued
Number of shares
redeemed
Shares at the end

of the period
2,950,697
1,557,590
10,194,687
92,871
99,257
181,593
589,413
1,042,416
729,574
337,470
1,538,764
696
27,528
19,971
1,436,390
1,325,041
(990,167)
(809,066)
(1,697,503)
(9,163)
(6,411)
(24,167)
(226,299)
(327,198)
2,690,104
1,085,994
10,035,948
84,404
120,374
177,397
1,799,504
2,040,259
7,200
10,910
-
147,569
698,571
3,623,086
(12,774)
(30,188)
(81,180)
141,995
679,293
3,541,906
395,709
304
98,191
1,007,899
2,610
47,634
34,957
127,152
1,707
50,900
47,443
9,936
(198,343)
(39,464)
(280,074)
(142)
(9,556)
(34,893)
324,518
304
1,707
109,627
775,268
2,468
38,078
10,000
Diversied Alpha Plus Fund (EUR)

Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (USD)
B
BH (USD)
C
I
Z
ZH (GBP)
Global Balanced Risk Control Fund of Funds (EUR)

Share Class A
Share Class B
Share Class Z
Absolute Return Currency Fund (EUR)
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
A
A1
AH (SEK)
AH (USD)
B
I
IH (USD)
Z
143
30 June 2012
Statement of operations and changes in net assets

Income
Dividends (net of withholding taxes)
Interest on bonds
Income from securities lending
Interest on swap transactions
Bank interest
Other income
Total income
Expenses
Investment advisory fees
Administration fees and transfer agent fees
Taxe dabonnement
Custodian fees
Printing and publication fees
Legal fees
Audit fees
Professional fees
Director fees, expenses and insurance
Bank interest
Class specic expenses
- Class A
- Class A1
- Class AD
- Class ADX
- Class AH
- Class AHX
- Class ARM
- Class AX
- Class B
- Class BD
- Class BDX
- Class BH
- Class BHX
- Class BX
- Class C
- Class CD
- Class CH
- Class I
- Class IH
- Class IX
- Class S
- Class Z
- Class ZD
- Class ZH
- Class ZHX
- Class ZX
Tax charges (excluding Taxe dabonnement)
Other fees
Total expenses
Plus fee waiver income
Net investment income/(loss)
Net
Net
Net
Net
Net
Net
Net
realised
realised
realised
realised
realised
realised
realised
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
on
on
on
on
on
on
on
sales of investments
options
nancial futures contracts
credit default swap contracts
total return swap contracts
interest rate swap contracts
foreign exchange transactions
Net realised prot/(loss) for the period
Asian
Equity
Fund
Asia-Pacic
Equity
Fund
Asian
Property
Fund
Emerging Europe,
Middle East
and Africa
Equity Fund
Combined
totals of all
funds +
USD
USD
USD
EUR
USD
1,686,085
113,281
1,791
-
784,960
18,254
1,075
-
8,139,468
2
-
3,939,298
933
-
223,862,111
168,498,892
2,664,845
1,042,184
799,100
724,835
1,801,157
804,289
8,139,470
3,940,231
397,591,967
1,224,560
84,641
45,841
151,731
14,427
22,710
6,584
5,879
4,276
-
7,867
50,135
4,217
70,499
4,028
22,956
3,944
8,961
5,157
-
2,803,870
165,198
124,577
75,506
27,582
22,720
6,460
6,510
4,276
689
1,756,623
110,548
54,640
136,907
12,416
17,503
4,360
7,299
3,206
469
120,940,896
5,711,987
4,342,290
2,957,492
2,600,075
1,264,117
861,136
299,495
241,609
176,286
26,162
32,700
272,199
229
30,471
31,890
3,757
10,200
23
40
3,493
1,950
7
4
20,261
7,856
170,176
10,331
197,306
70,020
18,206
5,530
5,947
13,958
90,043
1,585
526,223
419
1,424
1,517
3,165
4,493
5,171,074
6
182,111
7,192
712,133
4,963
2,200
441,864
16,403,245
893,231
516,784
3,560,136
130,204
368,926
110,541
1,146
2,791
1,225,577
24,704
44,800
127,712
2,256,809
21,300
351,858
46,562
133,863
43,798
1,017,093
1,942,095
211,398
3,728,862
2,732,840
173,224,168
1,043
37,210
915
3,194,267
(139,895)
630,101
4,410,608
1,208,306
227,562,066
6,257,891
(29,358)
(4,113,837)
(96,916)
5,076,048
126,352
(8,252,140)
91,758
207,719,106
(4,744)
(29,771,487)
(80,973)
(14,363,357)
174,219
(118,631,977)
272,602,853
6,088,638
(3,580,652)
9,613,008
(6,952,076)
12,546,052
(1,623)
5,813,143
7,057
74,221,766
-
24,480,847
-
917,177,987
27,328,053
1,756,302
8,719,060
(1,537,415)
38,867,901
18,633,067
2,239,548
83,834,774
17,528,771
1,264,914,741
(576,232)
(11,415,986)
Proceeds received on subscription of shares

Net amount paid on redemption of shares
30,248,137
(116,592,256)
30,198,039
(163,411)
95,911,927
(123,850,584)
18,441,543
(46,901,157)
13,732,464,376
(8,503,410,283)
Net change in net assets as a result of capital transactions
(86,344,119)
30,034,628
(27,938,657)
(28,459,614)
5,229,054,093
Total increase/(decrease) in net assets
(67,711,052)
32,274,176
55,319,885
(10,930,843)
6,482,552,848
Net assets at beginning of period

Translation difference
274,158,037
-
63,619,461
-
446,050,223
-
216,774,952
-
21,104,528,687
(158,110,962)
206,446,985
95,893,637
501,370,108
Net
Net
Net
Net
Net
Net
change
change
change
change
change
change
in
in
in
in
in
in
unrealised
unrealised
unrealised
unrealised
unrealised
unrealised
appreciation/(depreciation)
on
on
on
on
on
on
investments
Net change in net assets as a result of operations

Dividend distribution
Net assets at end of period

205,844,109 27,428,970,573
30 June 2012
144
Statement of operations and changes in net assets (continued)

Income
Interest on bonds
Bank interest
Other income
Total income
Expenses
Taxe dabonnement
Custodian fees
Legal fees
Audit fees
Professional fees
Bank interest
- Class A
- Class A1
- Class AD
- Class ADX
- Class AH
- Class AHX
- Class ARM
- Class AX
- Class B
- Class BD
- Class BDX
- Class BH
- Class BHX
- Class BX
- Class C
- Class CD
- Class CH
- Class I
- Class IH
- Class IX
- Class S
- Class Z
- Class ZD
- Class ZH
- Class ZHX
- Class ZX
Other fees
Total expenses
Net
Net
Net
Net
Net
Net
Net
realised
realised
realised
realised
realised
realised
realised
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
on
on
on
on
on
on
on
options

Net
Net
Net
Net
Net
Net
change
change
change
change
change
change
in
in
in
in
in
in
unrealised
unrealised
unrealised
unrealised
unrealised
unrealised
on
on
on
on
on
on
investments

Emerging
Markets
Equity
Fund
European
Equity
Alpha
Fund
European
Property
Fund
European
Small Cap
Value
Fund
Combined
totals of all
funds +
USD
EUR
EUR
EUR
USD
14,338,319
236,561
12,105
28,593
10,142,514
383,038
-
4,872,847
285,250
22
-
352,032
23
-
223,862,111
168,498,892
2,664,845
1,042,184
799,100
724,835
14,615,578
10,525,552
5,158,119
352,055
397,591,967
5,107,608
206,077
157,839
463,001
65,803
22,746
3,149
13,385
4,276
599
1,925,379
106,789
55,582
43,562
24,663
17,509
5,547
4,165
3,208
457
934,412
68,707
32,026
19,353
9,220
17,501
5,504
4,165
3,208
413
113,885
22,930
3,559
9,768
1,240
17,495
4,075
4,164
3,290
457
120,940,896
5,711,987
4,342,290
2,957,492
2,600,075
1,264,117
861,136
299,495
241,609
176,286
26,162
70,553
528,806
404
118,459
144,297
(110,199)
9,168
84,689
2
132,675
568
11,299
81,925
32,745
5,194
31,725
55,676
569
66,527
11,881
132
23,023
2,703
7,743
4,970
191
42,286
1,438
8,220
5,171,074
6
182,111
7,192
712,133
4,963
2,200
441,864
16,403,245
893,231
516,784
3,560,136
130,204
368,926
110,541
1,146
2,791
1,225,577
24,704
44,800
127,712
2,256,809
21,300
351,858
46,562
133,863
43,798
1,017,093
6,805,971
2,567,683
1,262,763
237,968
173,224,168
821
528
778
33,816
3,194,267
7,810,428
7,958,397
3,896,134
147,903
227,562,066
(24,624,457)
(416,963)
(3,747,799)
1,283,747
(4,116,361)
13,165
(158,460)
(5,107)
207,719,106
(4,744)
(29,771,487)
(80,973)
(14,363,357)
174,219
(118,631,977)
(15,664)
272,602,853
(17,230,992)
5,494,345
67,237,418
97,965
20,938,447
70,041
19,154,689
-
1,286,332
-
917,177,987
27,328,053
1,756,302
8,719,060
(1,537,415)
38,867,901
50,104,391
26,502,833
18,947,627
1,270,668
1,264,914,741
(48)
(2,001)
(11,415,986)
253,679,690
(211,939,672)
88,907,794
(119,222,738)
53,323,952
(43,918,803)
6,645,319
(6,200,951)
13,732,464,376
(8,503,410,283)
41,740,018
(30,314,944)
9,405,149
444,368
5,229,054,093
91,844,409
(3,812,111)
(207,062)
28,352,728
1,713,035
6,482,552,848
1,087,548,404
-
453,605,063
-
157,109,233
-
11,333,191
-
21,104,528,687
(158,110,962)
1,179,392,813
449,792,952
185,461,961
13,046,226 27,428,970,573
145
30 June 2012

Income
Interest on bonds
Bank interest
Other income
Total income
Expenses
Taxe dabonnement
Custodian fees
Legal fees
Audit fees
Professional fees
Bank interest
- Class A
- Class A1
- Class AD
- Class ADX
- Class AH
- Class AHX
- Class ARM
- Class AX
- Class B
- Class BD
- Class BDX
- Class BH
- Class BHX
- Class BX
- Class C
- Class CD
- Class CH
- Class I
- Class IH
- Class IX
- Class S
- Class Z
- Class ZD
- Class ZH
- Class ZHX
- Class ZX
Other fees
Total expenses
Eurozone
Equity
Alpha
Fund
Global
Brands
Fund
Global
Equity
Allocation
Fund
Global
Infrastructure
Fund
Combined
totals of all
funds +
EUR
USD
USD
USD
USD
2,414,467
178,191
10,937
115,322,901
59,640
-
118,921
879
-
3,049,682
1,660
-
223,862,111
168,498,892
2,664,845
1,042,184
799,100
724,835
2,603,595
115,382,541
119,800
3,051,342
397,591,967
496,189
49,828
14,198
21,370
5,514
17,498
5,988
3,018
3,206
463
35,723,612
887,457
1,280,810
297,992
324,978
22,964
10,677
5,462
4,276
-
38,625
24,977
881
17,586
655
21,446
11,030
3,977
2,322
160
1,070,875
74,307
33,690
31,250
8,584
22,712
6,913
5,462
4,485
645
120,940,896
5,711,987
4,342,290
2,957,492
2,600,075
1,264,117
861,136
299,495
241,609
176,286
26,162
26,559
52,324
424
19,267
2,114
6,458
1,555,857
270,398
3,584
69,876
2,687,586
1,807,743
53,601
60,903
53,810
2,239
516,389
442,948
144,815
128,820
58,393
348,799
78
597
4,931
216
5,905
25,576
9,956
157,632
218,514
546
18,343
2,040
3,103
31,023
5,171,074
6
182,111
7,192
712,133
4,963
2,200
441,864
16,403,245
893,231
516,784
3,560,136
130,204
368,926
110,541
1,146
2,791
1,225,577
24,704
44,800
127,712
2,256,809
21,300
351,858
46,562
133,863
43,798
1,017,093
724,418
46,763,989
133,386
1,725,656
173,224,168
552
72,855
823
3,194,267
1,879,729
68,618,552
59,269
1,326,509
227,562,066
Net
Net
Net
Net
Net
Net
Net
(1,837,483)
(1,900)
48,838,989
(53,532,815)
61,856
(35,878)
(25,166)
1,424,319
(2,431,162)
207,719,106
(4,744)
(29,771,487)
(80,973)
(14,363,357)
174,219
(118,631,977)
realised
realised
realised
realised
realised
realised
realised
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
on
on
on
on
on
on
on
options

Net
Net
Net
Net
Net
Net
change
change
change
change
change
change
in
in
in
in
in
in
unrealised
unrealised
unrealised
unrealised
unrealised
unrealised
on
on
on
on
on
on
investments
40,346
63,924,726
60,081
319,666
272,602,853
4,904,060
-
237,418,249
15,824,085
299,281
22,648
(445)
7,465,760
764,664
917,177,987
27,328,053
1,756,302
8,719,060
(1,537,415)
38,867,901
4,944,406
317,167,060
1,264,914,741
381,565
8,550,090
(1,625,232)
(11,415,986)

35,065,211
(39,390,302)
3,842,699,970
(1,525,138,331)
117,241,979
(62,934,494)
13,732,464,376
(8,503,410,283)
(4,325,091)
2,317,561,639
54,307,485
5,229,054,093

619,315
2,633,103,467
381,565
62,857,575
6,482,552,848
91,833,726
-
5,072,244,032
-
12,018,704
-
122,891,139
-
21,104,528,687
(158,110,962)
92,453,041
7,705,347,499
12,400,269
185,748,714 27,428,970,573
30 June 2012
146

Global
Opportunity
Fund
Global
Property
Fund
Indian
Equity
Fund
Japanese
Equity
Fund
Combined
totals of all
funds +
USD
USD
USD
JPY000s
USD
Income
Interest on bonds
Bank interest
Other income
44,974
75
-
9,387,674
3,200
-
741,845
2,355
-
51,596
-
223,862,111
168,498,892
2,664,845
1,042,184
799,100
724,835
Total income
45,049
9,390,874
744,200
51,596
397,591,967
65,844
44,163
1,669
12,928
1,210
23,315
3,932
9,597
5,162
688
2,673,427
138,261
63,504
70,210
28,124
22,842
7,179
6,181
4,276
5
916,840
85,116
28,785
78,565
6,788
25,588
15,542
3,976
33,631
567
18,637
3,680
396
2,290
284
1,811
534
444
344
2
120,940,896
5,711,987
4,342,290
2,957,492
2,600,075
1,264,117
861,136
299,495
241,609
176,286
26,162
1,929
479
7,027
7,293
117
1,633
1,736
14,455
85,428
416
84,464
4,007
616
7
18,517
3,193
137,354
6,102
14,426
51,741
249,342
96
966
502
25,219
13,335
251
924
19
68
874
646
175
1,576
5,171,074
6
182,111
7,192
712,133
4,963
2,200
441,864
16,403,245
893,231
516,784
3,560,136
130,204
368,926
110,541
1,146
2,791
1,225,577
24,704
44,800
127,712
2,256,809
21,300
351,858
46,562
133,863
43,798
1,017,093
Total expenses
203,177
3,368,539
1,536,599
32,955
173,224,168
100,909
2,985
201,332
3,829
3,194,267
(57,219)
6,025,320
(591,067)
22,470
227,562,066
Net
Net
Net
Net
Net
Net
Net
66,936
(70,282)
2,655,611
(66,479)
(3,771,719)
(19,758)
(151,390)
106,707
207,719,106
(4,744)
(29,771,487)
(80,973)
(14,363,357)
174,219
(118,631,977)
(60,565)
8,614,452
(4,382,544)
(22,213)
272,602,853
246,915
26,203
54,722,781
19,402
10,492,521
-
123,005
24,129
917,177,987
27,328,053
1,756,302
8,719,060
(1,537,415)
38,867,901
212,553
63,356,635
1,264,914,741
Expenses
Taxe dabonnement
Custodian fees
Legal fees
Audit fees
Professional fees
Bank interest
- Class A
- Class A1
- Class AD
- Class ADX
- Class AH
- Class AHX
- Class ARM
- Class AX
- Class B
- Class BD
- Class BDX
- Class BH
- Class BHX
- Class BX
- Class C
- Class CD
- Class CH
- Class I
- Class IH
- Class IX
- Class S
- Class Z
- Class ZD
- Class ZH
- Class ZHX
- Class ZX
Other fees
realised
realised
realised
realised
realised
realised
realised
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
on
on
on
on
on
on
on
options

Net
Net
Net
Net
Net
Net
change
change
change
change
change
change
in
in
in
in
in
in
unrealised
unrealised
unrealised
unrealised
unrealised
unrealised
on
on
on
on
on
on
investments
6,109,977
124,921
(44,826)
(11,415,986)

31,641,618
(10,149,626)
123,462,584
(116,729,539)
20,058,429
(26,543,350)
6,308,370
(5,198,467)
13,732,464,376
(8,503,410,283)
21,491,992
6,733,045
(6,484,921)
1,109,903
5,229,054,093
21,704,545
70,044,854
(374,944)
1,234,824
6,482,552,848
10,006,117
-
466,418,210
-
105,876,962
-
3,724,523
-
21,104,528,687
(158,110,962)
31,710,662
536,463,064
105,502,018

4,959,347 27,428,970,573
147
30 June 2012

Income
Interest on bonds
Bank interest
Other income
Total income
Expenses
Taxe dabonnement
Custodian fees
Legal fees
Audit fees
Professional fees
Bank interest
- Class A
- Class A1
- Class AD
- Class ADX
- Class AH
- Class AHX
- Class ARM
- Class AX
- Class B
- Class BD
- Class BDX
- Class BH
- Class BHX
- Class BX
- Class C
- Class CD
- Class CH
- Class I
- Class IH
- Class IX
- Class S
- Class Z
- Class ZD
- Class ZH
- Class ZHX
- Class ZX
Other fees
Total expenses
Net
Net
Net
Net
Net
Net
Net
realised
realised
realised
realised
realised
realised
realised
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
on
on
on
on
on
on
on
options

Net
Net
Net
Net
Net
Net
change
change
change
change
change
change
in
in
in
in
in
in
unrealised
unrealised
unrealised
unrealised
unrealised
unrealised
on
on
on
on
on
on
investments
Latin
American
Equity
Fund
US
Advantage
Fund
US
Growth
Fund
US
Property
Fund
Combined
totals of all
funds +
USD
USD
USD
USD
USD
12,227,515
129
2,295
-
17,797,939
45,409
-
4,100,435
885,071
20,160
-
2,389,152
2,268
-
223,862,111
168,498,892
2,664,845
1,042,184
799,100
724,835
12,229,939
17,843,348
5,005,666
2,391,420
397,591,967
6,429,035
183,872
204,128
225,122
45,794
22,735
7,102
5,464
4,276
504
14,147,685
383,164
467,001
113,907
126,103
22,800
7,530
5,464
4,276
1
6,651,635
319,588
244,078
88,030
64,237
22,758
8,330
5,464
4,276
-
1,452,273
76,319
54,841
16,646
12,478
22,712
6,989
5,464
4,276
1
120,940,896
5,711,987
4,342,290
2,957,492
2,600,075
1,264,117
861,136
299,495
241,609
176,286
26,162
509,021
417,202
1,575
23,712
7,799
8,667
6,977
736,939
212,139
560,863
298,611
25,256
94,689
304,935
43,002
24,332
116,646
364,577
69,279
33,591
362,068
50,399
4,272
61,147
22,725
91,952
21,210
11,638
51,713
116,442
886
72,110
17,820
10,919
(133,597)
8,304
5,171,074
6
182,111
7,192
712,133
4,963
2,200
441,864
16,403,245
893,231
516,784
3,560,136
130,204
368,926
110,541
1,146
2,791
1,225,577
24,704
44,800
127,712
2,256,809
21,300
351,858
46,562
133,863
43,798
1,017,093
8,102,985
17,695,343
8,552,967
1,744,883
173,224,168
3,194,267
4,126,954
148,005
(3,547,301)
646,537
227,562,066
23,154,557
(467,683)
58,709,714
(19,333,791)
59,913,257
(3,709,616)
6,695,256
(4,407)
207,719,106
(4,744)
(29,771,487)
(80,973)
(14,363,357)
174,219
(118,631,977)
26,813,828
39,523,928
52,656,340
7,337,386
272,602,853
(40,062,521)
-
90,260,409
6,323,324
45,778,737
1,318,308
17,299,934
-
917,177,987
27,328,053
1,756,302
8,719,060
(1,537,415)
38,867,901
(13,248,693)
24,637,320
1,264,914,741
136,107,661
99,753,385
(2,438)
(11,415,986)

108,102,050
(136,945,985)
2,222,460,263
(889,142,246)
534,640,803
(750,620,818)
188,962,936
(136,552,303)
13,732,464,376
(8,503,410,283)
(28,843,935)
1,333,318,017
(215,980,015)
52,410,633
5,229,054,093
(42,092,628)
1,469,425,678
(116,226,630)
77,045,515
6,482,552,848

777,483,594
-
1,819,704,199
-
1,181,309,388
-
198,052,321
-
21,104,528,687
(158,110,962)
735,390,966
3,289,129,877
1,065,082,758

275,097,836 27,428,970,573
30 June 2012
148

Emerging
Markets
Corporate Debt
Fund
Emerging
Markets
Debt
Fund
Emerging
Markets
Domestic Debt
Fund
Euro
Bond
Fund
Combined
totals of all
funds +
USD
USD
USD
EUR
USD
1,049
2,443,033
-
34,772
15,511,981
2,367
17,912
-
5,038
21,840,811
26,659
-
25,792
13,766,271
56,942
66,083
570
-
223,862,111
168,498,892
2,664,845
1,042,184
799,100
724,835
2,444,082
15,567,032
21,872,508
13,915,658
397,591,967
498,084
60,084
15,255
8,770
3,673
22,922
6,827
5,463
5,157
656
3,241,598
185,315
103,245
40,846
28,269
22,783
8,345
8,445
4,276
486
4,653,524
212,869
144,712
164,433
39,611
22,736
7,619
8,460
4,276
673
1,857,421
147,633
67,260
59,037
43,122
38,546
17,520
5,600
4,165
3,208
452
120,940,896
5,711,987
4,342,290
2,957,492
2,600,075
1,264,117
861,136
299,495
241,609
176,286
26,162
5,095
16,362
405
351
43,929
30,114
14,748
11,741
700
12,342
1,805
16,319
76,155
38,666
412
2,200
2,609
684,648
236,856
14,545
18,568
1,231
19,165
47,094
4,131
13,351
6,529
52,609
113,170
5,133
55
37,605
1,348,403
366,445
18,355
20,800
9,295
6,390
35,318
36,175
5,000
7,737
46,388
50,810
343,802
1,384
12,414
366
224,358
7,223
7,901
5,171,074
6
182,111
7,192
712,133
4,963
2,200
441,864
16,403,245
893,231
516,784
3,560,136
130,204
368,926
110,541
1,146
2,791
1,225,577
24,704
44,800
127,712
2,256,809
21,300
351,858
46,562
133,863
43,798
1,017,093
780,802
4,862,377
7,315,182
2,892,222
173,224,168
2,405
388
1,397
90
3,194,267
1,665,685
10,705,043
14,558,723
11,023,526
227,562,066
Net
Net
Net
Net
Net
Net
Net
750,314
(1,858,276)
2,673,891
181,629
(5,911,832)
(3,539,353)
(284,118)
(6,185,409)
7,350,341
(922,185)
3,613
207,719,106
(4,744)
(29,771,487)
(80,973)
(14,363,357)
174,219
(118,631,977)
Income
Interest on bonds
Bank interest
Other income
Total income
Expenses
Taxe dabonnement
Custodian fees
Legal fees
Audit fees
Professional fees
Bank interest
- Class A
- Class A1
- Class AD
- Class ADX
- Class AH
- Class AHX
- Class ARM
- Class AX
- Class B
- Class BD
- Class BDX
- Class BH
- Class BHX
- Class BX
- Class C
- Class CD
- Class CH
- Class I
- Class IH
- Class IX
- Class S
- Class Z
- Class ZD
- Class ZH
- Class ZHX
- Class ZX
Other fees
Total expenses
realised
realised
realised
realised
realised
realised
realised
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
on
on
on
on
on
on
on
options

Net
Net
Net
Net
Net
Net
change
change
change
change
change
change
in
in
in
in
in
in
unrealised
unrealised
unrealised
unrealised
unrealised
unrealised
on
on
on
on
on
on
investments
557,723
7,648,731
4,549,843
17,455,295
272,602,853
1,720,249
614,347
14,814,536
(235,446)
1,891,421
23,737,892
(77,032)
3,284,232
15,466,581
634,812
(164,963)
-
917,177,987
27,328,053
1,756,302
8,719,060
(1,537,415)
38,867,901
2,892,319
33,391,725
1,264,914,741
24,119,242
31,494,935
(40,766)
(1,249,611)
(2,160,851)
(21,264)
(11,415,986)
90,505,123
(6,891,697)
496,537,518
(256,622,128)
204,634,122
(205,484,897)
209,711,741
(235,974,105)
13,732,464,376
(8,503,410,283)
83,613,426
239,915,390
(850,775)
(26,262,364)
5,229,054,093
86,464,979
262,785,021
28,483,309
7,108,097
6,482,552,848
45,470,150
-
453,507,125
-
699,073,456
-
717,920,038
-
21,104,528,687
(158,110,962)
131,935,129
716,292,146
727,556,765

725,028,135 27,428,970,573
149
30 June 2012

Income
Interest on bonds
Bank interest
Other income
Total income
Expenses
Taxe dabonnement
Custodian fees
Legal fees
Audit fees
Professional fees
Bank interest
- Class A
- Class A1
- Class AD
- Class ADX
- Class AH
- Class AHX
- Class ARM
- Class AX
- Class B
- Class BD
- Class BDX
- Class BH
- Class BHX
- Class BX
- Class C
- Class CD
- Class CH
- Class I
- Class IH
- Class IX
- Class S
- Class Z
- Class ZD
- Class ZH
- Class ZHX
- Class ZX
Other fees
Total expenses
Net
Net
Net
Net
Net
Net
Net
realised
realised
realised
realised
realised
realised
realised
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
on
on
on
on
on
on
on
options

Net
Net
Net
Net
Net
Net
change
change
change
change
change
change
in
in
in
in
in
in
unrealised
unrealised
unrealised
unrealised
unrealised
unrealised
on
on
on
on
on
on
investments

Euro
Corporate
Bond
(ex Financials)
Fund (1)
Euro
Corporate
Bond
Fund
Euro
Strategic
Bond
Fund
European
Currencies High
Yield Bond
Fund
Combined
totals of all
funds +
EUR
EUR
EUR
EUR
USD
3,988
1,150,157
-
54,361
38,244,909
58,134
425,875
14,686
-
7,725
7,329,093
7,989
27,958
267
81,216
15,699
12,790,683
61,791
114,444
1,362
-
223,862,111
168,498,892
2,664,845
1,042,184
799,100
724,835
1,154,145
38,797,965
7,454,248
12,983,979
397,591,967
13,439
17,127
3,452
8,689
2,353
15,772
8,631
1,074
1,260
-
4,889,385
335,224
281,928
117,921
598,639
77,649
17,552
7,630
4,165
3,206
2,078
1,295,885
131,969
79,786
36,444
569,387
18,450
17,551
6,966
4,165
3,216
711
1,213,708
117,302
62,588
29,489
17,794
17,532
7,232
4,165
3,208
485
120,940,896
5,711,987
4,342,290
2,957,492
2,600,075
1,264,117
861,136
299,495
241,609
176,286
26,162
302
3
2,100
531
3,358
305,027
132,390
1,012
50,868
899,039
400,059
91,858
76,678
820
377
51,941
3,982
152,795
11,342
13,046
11,178
55,113
7,898
4,076
2,013
502,651
281,819
267,856
82,199
82
486
8,565
10,014
5,002
4,203
6,477
44,821
67
455
113
762,906
6,547
38,578
14,526
3,041
20
8,058
42,675
72
3,973
6,754
5,171,074
6
182,111
7,192
712,133
4,963
2,200
441,864
16,403,245
893,231
516,784
3,560,136
130,204
368,926
110,541
1,146
2,791
1,225,577
24,704
44,800
127,712
2,256,809
21,300
351,858
46,562
133,863
43,798
1,017,093
78,091
8,537,789
3,402,984
2,406,109
173,224,168
3,709
1,102
1,759
4,244
3,194,267
1,079,763
30,261,278
4,053,023
10,582,114
227,562,066
119,880
(155,157)
(106,195)
11,247,900
(19,754,386)
(82,892)
(15,132,969)
2,738,803
(6,783,106)
(14,053)
130,930
(1,989,676)
(1,383,890)
(510,612)
(235,019)
(2,222,994)
207,719,106
(4,744)
(29,771,487)
(80,973)
(14,363,357)
174,219
(118,631,977)
938,291
6,538,931
(1,864,079)
6,229,599
272,602,853
135,606
81,057
31,608
80,985,111
9,820,685
142,828
(1,123,096)
8,644,811
10,537,260
4,287,746
92,572
(14,489)
725,039
26,579,093
191,183
718,894
1,176,844
917,177,987
27,328,053
1,756,302
8,719,060
(1,537,415)
38,867,901
1,186,562
105,009,270
13,764,049
34,895,613
1,264,914,741
(11)
(2,681,062)
(473,199)
(305,546)
(11,415,986)
61,138,486
(2,292,859)
500,637,434
(697,693,305)
162,853,373
(123,584,565)
161,482,129
(222,838,790)
13,732,464,376
(8,503,410,283)
58,845,627
(197,055,871)
39,268,808
(61,356,661)
5,229,054,093
60,032,178
(94,727,663)
52,559,658
(26,766,594)
6,482,552,848
323,549,460
-
21,104,528,687
(158,110,962)


32,998,669
-
1,431,373,502
-
317,725,281
-
93,030,847
1,336,645,839
370,284,939
296,782,866 27,428,970,573
30 June 2012
150

Global
Bond
Fund
Global
Convertible
Bond
Fund
Global
Fixed Income
Opportunities
Fund
Global High
Yield Bond
Fund
Combined
totals of all
funds +
USD
USD
USD
USD
USD
23,516
6,943,375
9,317
8,204
8,546
-
1,067,186
12,847,896
1,910
5,328
582
643,578
508
2,060
446,773
68
55
-
223,862,111
168,498,892
2,664,845
1,042,184
799,100
724,835
6,992,958
13,922,320
646,728
446,896
397,591,967
1,318,542
147,267
84,121
43,680
381,946
20,480
22,713
7,813
5,462
3,125
670
3,460,593
211,604
118,100
71,049
54,060
22,737
8,256
6,181
4,276
2,701
76,624
32,959
2,779
26,700
1,183
21,799
9,350
3,982
-
35,549
36,089
944
5,876
40
20,670
9,661
3,989
2,495
9
120,940,896
5,711,987
4,342,290
2,957,492
2,600,075
1,264,117
861,136
299,495
241,609
176,286
26,162
78,139
2,594
198
1,241
615,966
153,431
20,623
19,545
366
27,977
15
27,757
4,959
8,028
59,550
56,678
174,660
371,492
545
8,973
24,311
122,545
15,715
32,057
33,211
10,037
42,855
340
221
86
10,666
7,484
3,105
9,569
455
921
162
88
91
1,426
848
1,076
4,010
43
297
6,025
5,171,074
6
182,111
7,192
712,133
4,963
2,200
441,864
16,403,245
893,231
516,784
3,560,136
130,204
368,926
110,541
1,146
2,791
1,225,577
24,704
44,800
127,712
2,256,809
21,300
351,858
46,562
133,863
43,798
1,017,093
2,996,658
4,912,186
208,223
129,388
173,224,168
2,790
286
58,347
70,969
3,194,267
3,999,090
9,010,420
496,852
388,477
227,562,066
Net
Net
Net
Net
Net
Net
Net
(892,830)
(726,639)
4,337
(1,775,055)
(366,014)
(1,832,880)
266,157
9,793
(52,585)
223,551
(56,788)
207,719,106
(4,744)
(29,771,487)
(80,973)
(14,363,357)
174,219
(118,631,977)
Income
Interest on bonds
Bank interest
Other income
Total income
Expenses
Taxe dabonnement
Custodian fees
Legal fees
Audit fees
Professional fees
Bank interest
- Class A
- Class A1
- Class AD
- Class ADX
- Class AH
- Class AHX
- Class ARM
- Class AX
- Class B
- Class BD
- Class BDX
- Class BH
- Class BHX
- Class BX
- Class C
- Class CD
- Class CH
- Class I
- Class IH
- Class IX
- Class S
- Class Z
- Class ZD
- Class ZH
- Class ZHX
- Class ZX
Other fees
Total expenses
realised
realised
realised
realised
realised
realised
realised
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
on
on
on
on
on
on
on
options

Net
Net
Net
Net
Net
Net
change
change
change
change
change
change
in
in
in
in
in
in
unrealised
unrealised
unrealised
unrealised
unrealised
unrealised
on
on
on
on
on
on
investments

608,903
6,811,526
720,217
555,240
272,602,853
7,060,022
(36,223)
(23,302)
(61,398)
(1,058,369)
12,039,894
(1,623,352)
928,489
1,066
(219,173)
303,203
7,469
917,177,987
27,328,053
1,756,302
8,719,060
(1,537,415)
38,867,901
6,489,633
17,228,068
1,430,599
865,912
1,264,914,741
(41,188)
(1,063,662)
(18,329)
(10,015)
(11,415,986)

230,942,609
(120,632,794)
177,905,137
(130,191,575)
28,610,797
(1,230,587)
3,613,970
(229,198)
13,732,464,376
(8,503,410,283)
110,309,815
47,713,562
27,380,210
3,384,772
5,229,054,093
116,758,260
63,877,968
28,792,480
4,240,669
6,482,552,848
346,656,661
-
954,768,322
-
20,668,023
-
10,224,501
-
21,104,528,687
(158,110,962)
463,414,921
1,018,646,290
49,460,503

14,465,170 27,428,970,573
151
30 June 2012

Short Maturity
Euro Bond
Fund
Euro
Liquidity
Fund
US Dollar
Liquidity
Fund
Diversied
Alpha Plus
Fund
Combined
totals of all
funds +
EUR
EUR
USD
EUR
USD
14,965
8,105,815
44,829
277
-
11,033
190,717
52,612
-
759,046
386,050
-
2,769,549
936,728
2,678
162,542
65,040
30,931
223,862,111
168,498,892
2,664,845
1,042,184
799,100
724,835
8,165,886
254,362
1,145,096
3,967,468
397,591,967
1,456,731
120,337
86,907
42,319
25,029
17,511
6,152
3,018
3,208
459
343,147
65,958
6,620
19,172
11,275
18,756
5,085
16,003
3,173
344
2,389,289
120,488
48,565
30,235
28,485
24,048
6,834
13,325
4,640
1,804
3,597,277
126,148
99,153
60,144
498,393
23,450
17,519
6,018
4,165
2,462
3,541
120,940,896
5,711,987
4,342,290
2,957,492
2,600,075
1,264,117
861,136
299,495
241,609
176,286
26,162
50,951
851,939
207
39,395
65,556
5,024
6,945
12,408
214,199
330
5,576
14,315
3,540
2,499
17,120
213,388
3,184
8,198
11,534
15
7,717
7,021
6,046
57,090
21,534
1,544,434
10,236
2,231
1,979
12,057
13,742
4,985
17,399
5,171,074
6
182,111
7,192
712,133
4,963
2,200
441,864
16,403,245
893,231
516,784
3,560,136
130,204
368,926
110,541
1,146
2,791
1,225,577
24,704
44,800
127,712
2,256,809
21,300
351,858
46,562
133,863
43,798
1,017,093
2,781,688
742,400
2,941,936
6,123,957
173,224,168
934
503,104
1,871,031
3,194,267
5,385,132
15,066
74,191
(2,156,489)
227,562,066
Net
Net
Net
Net
Net
Net
Net
1,531,777
(2,365,403)
(638)
19,750,750
7,918,201
269,557
(11,070,025)
482,042
207,719,106
(4,744)
(29,771,487)
(80,973)
(14,363,357)
174,219
(118,631,977)
4,550,868
15,066
74,191
15,194,036
272,602,853
4,692,401
1,426,430
-
(112,161)
5,508,326
582,233
6,719,892
(744,492)
917,177,987
27,328,053
1,756,302
8,719,060
(1,537,415)
38,867,901
10,669,699
15,066
74,191
27,147,834
1,264,914,741
(63,474)
(11,415,986)
248,383,273
(243,026,231)
253,576,860
(308,179,503)
2,266,301,314
(736,764,088)
155,058,133
(108,200,738)
13,732,464,376
(8,503,410,283)
5,357,042
(54,602,643)
1,529,537,226
46,857,395
5,229,054,093
16,026,741
(54,587,577)
1,529,547,943
74,005,229
6,482,552,848

442,711,262
-
244,622,946
-
508,834,865
-
434,724,426
-
21,104,528,687
(158,110,962)
458,738,003
190,035,369
2,038,382,808
Income
Interest on bonds
Bank interest
Other income
Total income
Expenses
Taxe dabonnement
Custodian fees
Legal fees
Audit fees
Professional fees
Bank interest
- Class A
- Class A1
- Class AD
- Class ADX
- Class AH
- Class AHX
- Class ARM
- Class AX
- Class B
- Class BD
- Class BDX
- Class BH
- Class BHX
- Class BX
- Class C
- Class CD
- Class CH
- Class I
- Class IH
- Class IX
- Class S
- Class Z
- Class ZD
- Class ZH
- Class ZHX
- Class ZX
Other fees
Total expenses
realised
realised
realised
realised
realised
realised
realised
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
on
on
on
on
on
on
on
options

Net
Net
Net
Net
Net
Net
change
change
change
change
change
change
in
in
in
in
in
in
unrealised
unrealised
unrealised
unrealised
unrealised
unrealised
on
on
on
on
on
on
investments


508,729,655 27,428,970,573
30 June 2012
152

Global
Balanced
Risk Control
Fund of Funds
Absolute
Return
Currency
Fund
Combined
totals of all
funds +
EUR
EUR
USD
Income
Interest on bonds
Bank interest
Other income
27
259,476
2,141
21,854
148,349
223,862,111
168,498,892
2,664,845
1,042,184
799,100
724,835
Total income
259,503
172,344
397,591,967
379,044
22,508
108
11,255
2,818
14,824
10,324
1,074
1,375
-
320,563
48,993
5,943
19,797
2,390
17,688
5,474
4,165
1,554
1,445
120,940,896
5,711,987
4,342,290
2,957,492
2,600,075
1,264,117
861,136
299,495
241,609
176,286
26,162
927
32,753
30,972
793
4,151
6,207
5
1,582
123,100
27
303
183
1,557
2,147
5,171,074
6
182,111
7,192
712,133
4,963
2,200
441,864
16,403,245
893,231
516,784
3,560,136
130,204
368,926
110,541
1,146
2,791
1,225,577
24,704
44,800
127,712
2,256,809
21,300
351,858
46,562
133,863
43,798
1,017,093
512,926
563,123
173,224,168
1,791
2,081
3,194,267
Expenses
Taxe dabonnement
Custodian fees
Legal fees
Audit fees
Professional fees
Bank interest
- Class A
- Class A1
- Class AD
- Class ADX
- Class AH
- Class AHX
- Class ARM
- Class AX
- Class B
- Class BD
- Class BDX
- Class BH
- Class BHX
- Class BX
- Class C
- Class CD
- Class CH
- Class I
- Class IH
- Class IX
- Class S
- Class Z
- Class ZD
- Class ZH
- Class ZHX
- Class ZX
Other fees
Total expenses
Net
Net
Net
Net
Net
Net
Net
realised
realised
realised
realised
realised
realised
realised
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
gain/(loss)
on
on
on
on
on
on
on
options

Net
Net
Net
Net
Net
Net
change
change
change
change
change
change
in
in
in
in
in
in
unrealised
unrealised
unrealised
unrealised
unrealised
unrealised
on
on
on
on
on
on
investments

(251,632)
(388,698)
227,562,066
2,681,863
286,503
8,486
14
(3,656)
451,579
207,719,106
(4,744)
(29,771,487)
(80,973)
(14,363,357)
174,219
(118,631,977)
2,725,220
59,239
272,602,853
1,745,906
(637,684)
-
(1,202,757)
917,177,987
27,328,053
1,756,302
8,719,060
(1,537,415)
38,867,901
3,833,442
(1,143,518)
1,264,914,741
(11,415,986)
113,545,479
(3,278,748)
5,528,126
(13,434,740)
13,732,464,376
(8,503,410,283)
110,266,731
(7,906,614)
5,229,054,093
114,100,173
(9,050,132)
6,482,552,848
38,535,419
-
21,104,528,687
(158,110,962)


458,513
114,558,686
29,485,287 27,428,970,573
153
30 June 2012

As at 30 June 2012
30 June 2012
31 December 2011
31 December 2010
31 December 2009
38.28
32.90
24.48
42.35
25.35
36.25
31.31
23.28
39.95
23.91
44.21
38.58
28.65
48.37
28.93
37.53
33.08
24.53
40.75
24.37
206,446,984
274,158,037
618,901,089
592,809,482
21.23
20.87
20.98
20.62
21.02
21.68
21.43
20.17
19.93
20.03
19.78
20.05
20.43
20.29
95,893,637
63,619,461
15.33
14.61
13.86
16.94
15.46
26.15
12.86
12.35
11.68
14.16
13.07
21.85
16.74
16.24
15.36
18.30
17.18
28.25
14.55
14.25
13.49
15.78
15.11
24.36
501,370,108
446,050,223
790,338,355
857,311,913
54.46
51.95
50.20
20.28
58.28
18.98
50.36
48.06
46.66
18.84
53.76
17.51
66.55
64.01
62.27
25.06
70.58
23.03
50.37
48.64
47.59
19.11
53.10
17.32
205,844,109
216,774,952
468,539,540
237,719,131
34.23
29.97
22.15
37.33
45.18
21.62
32.60
28.68
21.20
35.44
42.64
20.53
40.03
35.58
26.25
43.27
51.42
25.05
34.18
30.69
22.58
36.72
43.12
21.26
1,179,392,813
1,087,548,404
1,096,025,401
1,060,032,759
29.67
24.76
25.55
25.73
32.52
27.41
25.10
28.29
24.49
24.65
30.93
26.05
23.82
30.60
26.75
26.90
33.25
28.00
-
26.34
23.26
23.33
28.49
23.95
-
449,792,952
453,605,063
339,399,835
243,735,352
19.49
17.68
16.96
21.50
18.31
23.93
17.43
15.83
15.24
19.16
16.33
21.32
19.79
18.22
17.49
21.60
18.80
24.02
17.63
16.42
15.74
19.09
17.41
21.22
185,461,961
157,109,233
213,925,507
209,637,643
Asian Equity Fund (USD) - Net asset value per:

Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
A
B
C
I
Z
Net assets
Asia-Pacic Equity Fund (USD) - Net asset value per:
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
B
BH (EUR)
C
N
Z
Net assets
Asian Property Fund (USD) - Net asset value per:
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
A
AX
B
I
IX
Z
Net assets
Emerging Europe, Middle East and Africa Equity Fund (EUR) - Net asset value per:
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
A
AX
B
C
I
Z
Net assets
Emerging Markets Equity Fund (USD) - Net asset value per:
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
A
B
C
I
N
Z
Net assets
European Equity Alpha Fund (EUR) - Net asset value per:
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
A
AX*
B
C
I
Z
ZH (GBP)
Net assets
European Property Fund (EUR) - Net asset value per:
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
A
AX
B
I
IX
Z
Net assets
* Share Class was launched during the period.
30 June 2012
154
(continued)
As at 30 June 2012
30 June 2012
31 December 2011
31 December 2010
31 December 2009
35.32
33.84
31.73
31.23
30.18
28.20
40.39
39.27
36.84
33.47
32.63
30.84
13,046,226
11,333,191
16,903,109
13,461,362
6.94
6.15
7.51
23.64
6.64
5.91
7.16
22.51
7.86
7.07
8.42
26.45
7.11
6.47
7.55
23.79
92,453,041
91,833,726
96,312,268
58,913,451
71.05
44.78
26.68
28.57
28.97
63.28
40.90
28.29
28.63
32.12
28.26
76.91
32.98
40.36
27.24
49.79
66.39
42.03
25.08
26.84
27.11
59.43
38.59
26.69
26.89
30.13
26.66
71.60
30.70
37.75
25.42
46.61
61.29
39.07
25.21
25.25
55.41
36.22
25.16
25.20
28.04
25.00
65.62
28.13
34.81
43.41
54.84
35.25
50.07
33.00
25.32
58.28
24.97
31.19
-
7,705,347,499
5,072,244,032
2,453,390,818
1,280,495,100
25.68
25.53
25.84
25.02
25.00
25.04
12,400,269
12,018,704
35.67
35.10
34.95
34.40
35.14
36.28
30.25
33.61
33.19
33.09
32.68
33.25
34.05
28.48
29.20
29.02
29.05
28.86
29.09
29.34
-
185,748,714
122,891,139
26,836,843
25.47
25.03
25.07
24.63
25.15
25.80
24.30
23.97
24.04
23.71
24.09
24.51
25.98
25.93
25.96
25.91
25.96
25.99
31,710,662
10,006,117
1,032,856
21.01
23.86
19.83
23.47
24.18
23.55
21.87
20.00
25.91
18.57
21.22
17.62
20.99
21.48
21.04
19.26
17.73
22.81
21.23
24.59
20.35
24.55
24.78
24.55
21.85
20.42
25.88
18.32
17.74
21.57
18.72
17.81
22.15
536,463,064
466,418,210
429,387,654
337,458,800
European Small Cap Value Fund (EUR) - Net asset value per:
Share Class A
Share Class AX
Share Class B
Net assets
Eurozone Equity Alpha Fund (EUR) - Net asset value per:
Share
Share
Share
Share
Class
Class
Class
Class
A
B
I
Z
Net assets
Global Brands Fund (USD) - Net asset value per:
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
AH (CHF)
AHX (EUR)
AX
B
BH (EUR)
BHX (EUR)
BX
C
CH (EUR)
I
Z
ZH (EUR)
ZH (GBP)
ZX
Net assets
Global Equity Allocation Fund (USD) - Net asset value per:
Share Class A
Share Class B
Share Class Z
Net assets
Global Infrastructure Fund (USD) - Net asset value per:
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
B
BH (EUR)
C
Z
ZH (EUR)
Net assets
Global Opportunity Fund (USD) - Net asset value per:
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
A
AH (EUR)
B
BH (EUR)
C
Z
Net assets
Global Property Fund (USD) - Net asset value per:
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Net assets
A
AH (EUR)
B
BH (EUR)
C
CH (EUR)
I
IX
Z
155
30 June 2012
(continued)
As at 30 June 2012
30 June 2012
31 December 2011
31 December 2010
31 December 2009
21.94
20.76
15.77
22.89
23.59
20.67
19.66
14.94
21.49
22.14
33.46
32.13
24.45
34.50
35.54
26.93
26.12
27.55
28.37
105,502,018
105,876,962
199,730,263
100,935,306
2,095.25
2,230.62
2,237.72
2,261.67
2,128.01
22.13
2,059.96
2,203.99
2,208.80
2,215.69
2,084.30
21.98
2,585.83
2,793.96
2,794.88
2,596.56
27.87
4,959,347**
3,724,523**
3,696,855**
Indian Equity Fund (USD) - Net asset value per:

Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
A
B
C
I
Z
Net assets
Japanese Equity Fund (JPY) - Net asset value per:
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
A
B
C
I
Z
ZH (EUR)
Net assets
Latin American Equity Fund (USD) - Net asset value per:
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
A
B
C
I
Z
Net assets
60.70
52.01
20.71
66.82
47.86
61.73
53.16
21.15
67.72
48.50
78.68
68.48
27.19
85.75
61.45
67.80
59.61
23.64
73.39
52.57
735,390,966
777,483,594
1,172,719,094
1,117,234,210
35.33
25.77
33.10
43.92
34.34
37.09
32.98
35.16
41.33
32.36
23.68
30.47
40.57
31.58
33.84
32.07
37.83
30.92
22.79
29.41
39.43
30.42
32.09
30.40
36.10
26.52
19.65
25.47
34.35
26.34
27.31
25.86
30.90
3,289,129,877
1,819,704,199
824,008,132
181,409,866
39.17
27.38
39.17
33.78
27.10
28.11
43.49
43.40
28.01
27.70
36.18
25.38
36.18
31.35
25.25
26.07
40.02
39.93
25.76
25.57
37.72
26.71
37.72
33.03
26.86
27.42
41.40
41.33
26.64
26.69
31.69
22.63
31.69
28.03
23.24
34.51
34.46
22.20
22.44
1,065,082,758
1,181,309,388
868,415,782
424,595,573
52.94
48.25
45.40
58.31
42.27
47.39
43.42
40.85
52.02
37.70
45.28
41.67
39.46
49.33
35.75
35.73
33.17
31.45
38.64
28.03
275,097,836
198,052,321
190,518,747
102,914,524
US Advantage Fund (USD) - Net asset value per:

Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
B
BH (EUR)
C
I
N*
Z
ZH (EUR)
Net assets
US Growth Fund (USD) - Net asset value per:
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
AX
B
BH (EUR)
C
I
IX
Z
ZH (EUR)
Net assets
US Property Fund (USD) - Net asset value per:
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
A
AX
B
I
Z
Net assets
** JPY000s.
30 June 2012
156
(continued)
As at 30 June 2012
30 June 2012
31 December 2011
31 December 2010
31 December 2009
26.93
26.92
26.27
26.38
26.59
26.55
26.21
26.26
26.66
27.18
24.87
24.88
24.75
24.76
24.67
24.68
24.71
24.72
24.70
25.02
131,935,129
45,470,150
74.42
54.84
26.16
24.82
56.14
64.10
27.09
26.12
26.19
32.83
81.48
28.76
34.72
31.49
28.41
70.02
51.72
25.07
54.44
60.60
25.67
25.03
25.04
31.01
76.44
26.90
32.56
29.60
27.60
65.56
48.31
53.48
57.32
24.22
29.27
71.15
24.73
35.87
30.30
27.37
27.09
60.33
44.62
51.28
53.27
27.14
65.08
32.73
27.70
25.19
-
716,292,146
453,507,125
420,583,081
289,447,905
35.88
27.44
24.85
24.22
24.77
34.02
24.60
24.82
24.96
29.27
37.01
34.35
25.68
25.26
33.97
26.09
24.05
24.29
32.37
23.50
24.01
24.05
27.80
34.94
32.41
24.34
24.83
35.35
27.32
26.44
34.02
24.86
29.14
36.14
33.52
25.33
26.99
31.10
24.19
30.23
25.83
31.62
29.31
-
727,556,765
699,073,456
723,634,324
148,998,386
13.15
11.39
30.42
14.02
31.44
12.57
10.94
29.19
13.37
10.81
29.98
12.37
10.87
28.93
13.10
10.94
29.35
12.02
10.67
28.32
12.67
10.94
28.39
725,028,135
717,920,038
810,174,559
643,809,182
24.95
24.91
26.41
24.98
25.35
-
93,030,847
32,998,669
Emerging Markets Corporate Debt Fund (USD) - Net asset value per:
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
AHX (EUR)
AX
B
BH (EUR)
BHX (EUR)
BX
C
Z
Net assets
Emerging Markets Debt Fund (USD) - Net asset value per:
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
AHX (EUR)
ARM*
AX
B
BH (EUR)
BHX (EUR)
BX
C
I
NH (EUR)
S
Z
ZH (EUR)
ZHX (GBP)
Net assets
Emerging Markets Domestic Debt Fund (USD) - Net asset value per:
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
AHX (EUR)
ARM*
AX
B
BH (EUR)
BHX (EUR)
BX
C
I
Z
ZH (EUR)
ZX
Net assets
Euro Bond Fund (EUR) - Net asset value per:
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
A
B
C
I
IX
Z
Net assets
Euro Corporate Bond (ex Financials) Fund (EUR) (1) - Net asset value per:
Share
Share
Share
Share
Class
Class
Class
Class
A*
AX*
N
Z*
Net assets
157
30 June 2012
(continued)
As at 30 June 2012
30 June 2012
31 December 2011
31 December 2010
31 December 2009
37.96
24.06
22.64
26.23
34.09
23.63
22.60
24.58
30.26
23.63
39.78
27.59
24.57
26.98
31.76
24.26
35.22
22.62
21.95
25.10
31.79
22.33
21.86
23.48
28.18
22.30
36.84
25.49
23.59
24.97
29.40
22.76
36.36
24.93
24.92
26.80
33.14
24.86
24.85
29.31
24.77
37.85
26.04
25.18
25.62
30.20
24.97
35.20
26.62
32.41
28.60
36.50
24.96
29.11
-
1,336,645,839
1,431,373,502
2,537,117,231
2,020,515,770
33.80
23.05
22.38
23.86
29.30
22.77
22.33
23.81
24.37
22.70
36.00
29.69
23.21
33.62
25.00
25.00
24.40
29.43
24.94
24.94
24.36
24.44
24.79
35.65
29.39
25.05
32.33
28.58
34.13
28.14
-
317,725,281
258,963,391
101,303,578
14.79
20.89
20.59
24.50
12.90
20.74
20.50
24.46
31.66
20.79
15.71
32.90
20.96
15.72
13.85
33.90
16.62
34.81
-
13.89
12.35
30.16
14.62
30.60
-
323,549,460
303,735,527
169,897,577
36.74
24.14
32.75
31.99
24.10
28.81
38.96
16.17
29.45
34.57
31.59
30.41
27.28
36.51
15.53
27.58
256,968,544
202,557,640
Euro Corporate Bond Fund (EUR) - Net asset value per:

Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AD
ADX
AX
B
BD
BDX
BX
C
CD
I
N
NX
S
Z
ZD
Net assets
Euro Strategic Bond Fund (EUR) - Net asset value per:
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AD
ADX
AX
B
BD
BDX
BX
C
CD
I
Z
ZD
Net assets
35.61*
23.83*
22.88*
24.87*
30.71*
23.43*
22.83*
24.80*
25.57*
23.39*
38.01*
31.35*
24.06*
370,284,939
European Currencies High Yield Bond Fund (EUR) - Net asset value per:
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AD
ADX
AX
B
BD
BDX
BX
C
CD
I
Z
ZD
Net assets
16.58*
23.12*
21.61*
26.72*
14.39*
22.84*
21.57*
26.66*
35.38*
22.94*
17.66*
36.97*
296,782,866
Global Bond Fund (USD) - Net asset value per:

Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
AHX (EUR)
AX
B
BH (EUR)
BHX (EUR)
BX
C
I
IX
Z
Net assets
* Ofcial Net Asset Value per Share including a Swing Pricing Adjustment.
38.69
25.30
24.94
33.14
33.20
24.92
24.89
24.97
30.03
41.32
16.34
31.22
463,414,921
37.69*
24.70*
24.56*
32.75*
32.49*
24.44*
24.52*
24.54*
29.36*
40.15*
16.17*
30.34*
346,656,661
30 June 2012
158
(continued)
As at 30 June 2012
30 June 2012
31 December 2011
31 December 2010
31 December 2009
34.17
29.36
30.96
26.58
23.54
35.78
30.74
29.64
26.10
32.57
30.74
33.24
28.63
30.26
26.04
23.05
34.72
29.90
28.74
25.32
31.67
30.31
35.44
30.57
32.59
28.09
24.77
36.84
31.77
30.45
26.85
33.65
32.70
32.72
28.34
30.39
26.30
23.11
33.84
29.32
27.94
31.03
30.67
1,018,646,290
954,768,322
1,084,782,300
944,406,820
26.43
25.13
26.01
26.07
26.27
25.07
25.95
26.02
26.54
24.93
24.91
24.93
24.90
24.87
24.89
24.95
49,460,503
20,668,023
27.61
25.14
27.00
27.05
27.44
25.08
26.93
26.99
27.70
27.09
25.58
25.56
25.58
25.55
25.53
25.55
25.59
25.59
14,465,170
10,224,501
19.56
17.08
25.81
20.92
28.80
19.12
16.78
25.33
20.41
28.09
19.01
16.85
25.37
20.19
27.79
18.85
16.87
25.31
19.94
27.42
458,738,003
442,711,262
525,816,361
789,178,937
12.88
11.90
25.02
13.19
25.76
12.88
11.90
25.02
13.19
25.76
12.84
11.90
25.01
13.10
25.62
12.84
11.90
13.10
25.61
190,035,369
244,622,946
164,759,661
146,232,690
13.03
1.00
12.55
1.00
13.54
1.00
25.02
13.03
1.00
12.55
1.00
13.54
1.00
25.02
13.02
1.00
12.55
1.00
13.54
1.00
25.01
13.02
1.00
12.55
1.00
13.54
1.00
25.01
2,038,382,808
508,834,865
235,127,017
309,749,824
Global Convertible Bond Fund (USD) - Net asset value per:

Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)
B
BH (EUR)
CH (EUR)
I
IH (EUR)
S
Z
ZH (EUR)
ZHX (EUR)
Net assets
Global Fixed Income Opportunities Fund (USD) - Net asset value per:
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)*
AHX (EUR)
AX
B
BH (EUR)*
BHX (EUR)
BX
Z
Net assets
Global High Yield Bond Fund (USD) - Net asset value per:
Share
Share
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (EUR)*
AHX (EUR)
AX
B
BH (EUR)*
BHX (EUR)
BX
Z
ZX
Net assets
Short Maturity Euro Bond Fund (EUR) - Net asset value per:
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
A
B
C
I
Z
Net assets
Euro Liquidity Fund (EUR) - Net asset value per:
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
A
B
C
I
Z
Net assets
US Dollar Liquidity Fund (USD) - Net asset value per:
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
A
AX
B
BX
I
IX
Z
Net assets
159
30 June 2012
(continued)
As at 30 June 2012
30 June 2012
31 December 2011
31 December 2010
31 December 2009
28.48
29.75
27.36
26.90
27.30
29.69
29.64
27.07
26.86
28.02
25.93
25.49
25.85
27.86
27.80
25.36
27.33
28.66
26.64
26.33
26.49
28.05
27.99
25.63
24.96
26.17
24.57
24.29
25.38
25.30
-
508,729,655
434,724,426
419,303,396
68,060,779
27.05
26.88
26.10
25.34
25.30
-
114,558,686
458,513
24.78
24.12
240.21
24.38
23.49
25.79
25.19
24.50
25.61
24.91
25.25
24.39
26.50
25.96
25.17
25.83
25.75
24.85
26.46
26.26
-
25.16
25.13
24.46
25.57
25.48
24.16
29,485,287
38,535,419
59,321,517
161,601,559
Diversied Alpha Plus Fund (EUR) - Net asset value per:

Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
A
AH (USD)
B
BH (USD)
C
I
Z
ZH (GBP)
Net assets
Global Balanced Risk Control Fund of Funds (EUR) - Net asset value per:
Share Class A
Share Class B
Share Class Z*
Net assets
Absolute Return Currency Fund (EUR) - Net asset value per:
Share
Share
Share
Share
Share
Share
Share
Share
Class
Class
Class
Class
Class
Class
Class
Class
A
A1
AH (USD)
AH (SEK)*
B
I
IH (USD)
Z
Net assets
30 June 2012
160

As at 30 June 2012
1 THE COMPANY
Morgan Stanley Investment Funds (The Company) was

incorporated on 21 November 1988 under the laws of the Grand
Duchy of Luxembourg as a Socit dInvestissement Capital
Variable (SICAV) and is registered as an undertaking for
collective investment pursuant to Part 1 of the Law of
17 December 2010. The 2010 Law transposes the recast UCITS
Directive (Directive 2009/65/EC), often referred to as UCITS IV,
into Luxembourg legislation.
The exclusive purpose of the Company is to invest the Funds
available to it in transferable securities and other assets permitted
by law, with the purpose of spreading investment risks and
aording its shareholders the results of the management of its
assets. The Company is presently structured to provide both
institutional and individual investors with a variety of Equity,
Bond, Liquidity, Asset Allocation and Alternative Investment
Funds. At the date of this report thirty-eight Funds are open for
subscription.
Fund Name
Asian Equity Fund
Asian Property Fund
Global Brands Fund
Indian Equity Fund
US Advantage Fund
US Growth Fund
US Property Fund
Euro Bond Fund
Global Bond Fund
Euro Liquidity Fund
Date of launch
8 October
25 March
1 September
16 October
27 July
5 March
1 September
12 November
3 April
30 October
1 December
14 June
29 November
31 October
30 November
14 June
2 August
1 December
25 August
9 January
7 March
11 April
28 February
15 September
23 November
3 September
25 February
27 May
7 November
16 July
7 November
18 November
2 August
31 January
1 April
4 June
2 November
27 February
1991
2011
1997
2000
1993
1991
1997
2001
2000
2000
2011
2010
2010
2006
2006
2010
1994
2005
1992
1996
2011
1995
2007
1992
2011
2001
1991
1997
1989
2002
2011
2011
1994
2000
1998
2008
2011
2007
Each Class of Shares within each Fund has a dierent fee

structure but participates in the same pool of assets within
a given Fund.
The following signicant changes were made in the six months

to 30 June 2012:
Launched Classes
Fund Name
US Advantage Fund
Share Class
AH
BH
AH
BH
AH
Z
N
A
AX
Z
ARM
(EUR)
(EUR)
(EUR)
(EUR)
AX
ARM
(SEK)
Date
24 January
21 February
12 March
12 March
12 March
20 March
2 April
2 April
2 April
2 April
7 May
7 May
1 June
2012
2012
2012
2012
2012
2012
2012
2012
2012
2012
2012
2012
2012
Closed Classes
On 12 April 2012, the Share Class ZD of the European

Currencies High Yield Bond Fund was closed.
On 25 June 2012, the Share Class IX of the Euro Bond Fund
was closed.
Name change
On 1 March 2012, the Global Stategic Bond Fund changed is

name to Euro Corporate Bond (ex Financials) Fund.
Change in Investment Adviser
As of 1 March 2012, the Board of Directors of the Company (the

Board) resolved to change the Investment Adviser and one of
the sub-advisers of the Company to align the regulatory regime
of the Company and the Investment Adviser within the EU:
Morgan Stanley Investment Management Limited - one of the
sub-advisers of the Company - became Investment Adviser of
the Company;
Morgan Stanley Investment Management Inc. - the
Investment Adviser of the Company - became sub-adviser of
the Company.
The investment advisory fee paid to the new Investment Adviser
of the Company, as detailed in the Prospectus of the Company,
remains unchanged. The fee of the new sub-adviser of the
Company paid by the new Investment Adviser of the Company
also remains unchanged.
Code of Conduct
On 23 August 2011, the Board of Directors approved Code

of Conduct, designed to provide the Board with a framework
of principles and best practice recommendations for the
governance of Company.
161
30 June 2012
(continued)
As at 30 June 2012
2 SIGNIFICANT ACCOUNTING POLICIES
The nancial statements are presented in accordance with

generally accepted accounting principles applicable to UCITS
investment funds in Luxembourg and require management to
make estimates and assumptions that aect the amounts
reported in the nancial statements and accompanying notes.
Actual results could dier from those estimates.
a) Valuation of securities
Securities listed on a recognised stock exchange or dealt in on

any other regulated market are valued at their last available
prices at the valuation point, or, in the event that there
should be several such markets, on the basis of their last
available prices on the main market for the relevant security.
In the event that the last available price does not truly reect
the fair market value of the relevant securities, the value of
such securities will be based on the reasonably foreseeable
sales price determined prudently and in good faith pursuant
to procedures established by the Directors.
Securities not listed or traded on a stock exchange or not dealt
on another regulated market are valued on the basis of the
reasonably foreseeable sales price determined prudently and in
good faith pursuant to procedures established by the Directors.
Securities with a known short-term maturity date, are valued
using an amortised cost method. This involves valuing an
investment at its cost and thereafter assuming a constant
amortisation to maturity of any discount or premium,
regardless of the impact of uctuating interest rates on the
market value of the investments.
Investments in other Undertakings for Collective Investments
(UCIs) are valued at the last available net asset value for the
UCI in question.
Events may occur between the determination of an
investments last available price and the determination of the
Funds Net Asset Value per Share at the valuation point that
may, in the opinion of the Directors, mean that the last
available price does not reect the fair market value of the
investment. In such circumstances the price of such
investment shall be adjusted in accordance with the procedures
adopted from time to time by the Directors in their discretion.
As at the date of this annual report, certain securities may be
fair valued in accordance with these procedures.
If since the time of determination of the net asset value there
has been a material change in the quotations in the markets
on which a substantial portion of the investments attributable
to an available Fund are dealt in or quoted, the Company
may, in order to safeguard the interests of the shareholders
and the Company, cancel the rst valuation and carry out
further valuations as appropriate.
b) Valuation of Interest rate swaps
An Interest Rate Swap (IRS) is a bilateral agreement in

which each of the parties agree to exchange a series of interest
payments (usually xed/oating) based on a notional amount
that serves as a computation basis and that is usually not
exchanged.
IRS contracts are valued by reference to service data
providers, market data and algorithms.
The unrealised gain/loss as at period end is recorded under
Unrealised gain/loss on interest rate swap contracts in the
Statement of assets and liabilities. The changes in such
amounts are recorded under Net change in unrealised
appreciation/(depreciation) on interest rate swap contracts
and the realised gain/loss under Net realised gain/(loss) on
interest rate swap contracts in the Statement of operations
and changes in net assets.
c) Valuation of Credit default swaps
A Credit Default Swap (CDS) is a transaction in which two

parties enter into an agreement, whereby the buyer pays the
seller a periodic payment for the specied life of the
agreement. The seller makes no payments unless a credit
event, relating to a predetermined reference asset, occurs.
If such an event does occur, the seller will then make
a payment to the buyer, and the swap contract will terminate.
CDS contracts are valued by reference to service data
providers, market data and algorithms.
Unrealised gain/loss on credit default swap contracts in the
appreciation/(depreciation) on credit default swap contracts
credit default swap contracts in the Statement of operations
d) Valuation of Total return swaps
A Total Return Swap (TRS) is a transaction in which the

buyer receives the performance of an underlying asset and in
return the buyer pays funding costs and generally, an
arrangement fee. The underlying asset may be, but not
limited to, a specic security, basket of securities, other
instruments and index.
TRS contracts are valued by reference to the mark to market
value based on the market value of the underlying asset.
Unrealised gain/loss on total return swap contracts in the
appreciation/(depreciation) on total return swap contracts
30 June 2012
162
(continued)
As at 30 June 2012
total return swap contracts in the Statement of operations
e) Valuation of Options
Options are contractual agreements that convey the right, but

not the obligation, for the purchaser either to buy or sell
a specic amount of a nancial instrument at a xed price, either
at a xed future date or at any time within a specied period.
Options are valued by reference to the expected future cash
ow based on the market implied performance, spot level
and the volatility of the underlying asset(s).
When securities are acquired or delivered upon exercise of an
option, the acquisition cost or sale proceeds are adjusted by
the amount of the premium paid. When an option is closed,
the dierence between the premium and the cost to close the
position is recorded under Net realised gain/(loss) on
options in the Statement of operations and changes in net
assets. When an option expires, the premium is accounted for
as a realised gain for options written or as a realised loss for
options purchased.
The unrealised gain/loss on option as at period end is
recorded under Unrealised gain/loss on options in the
appreciation/(depreciation) on options in the Statement of
operations and changes in net assets.
f) Valuation of Forward foreign exchange contracts
A forward foreign exchange contract is an agreement

between two parties to exchange one currency for another at
a specic price and date in the future.
Open forward contracts are valued based by reference to the last
available currency rates prevailing at the relevant valuation date.
Unrealised gain/loss on forward foreign currency exchange
contracts in the Statement of assets and liabilities. The
changes in such amounts are recorded under Net change in
unrealised appreciation/(depreciation) on foreign exchange
transactions and the realised gain/loss under Net realised
gain/(loss) on foreign exchange transactions in the Statement
of operations and changes in net assets.
g) Valuation of Futures contracts
A futures contract is a contractual agreement, to buy or sell

a particular commodity or nancial instrument at a predetermined price in the future. Futures contracts detail the
quality and quantity of the underlying asset and they are
standardised to facilitate trading on a futures exchange.
Futures contracts are valued at the last available prices on the
exchanges for which the contracts are traded on.

Unrealised gain/loss on futures contracts in the Statement of
assets and liabilities. The changes in such amounts are recorded
under Net change in unrealised appreciation/(depreciation)
on nancial futures contracts and the realised gain/loss under
Net realised gain/(loss) on nancial futures contracts in the
Statement of operations and changes in net assets.
h) Income and securities transactions
Dividend income is recorded on the ex dividend date.

Interest income is accrued daily. Discounts and premiums
are accreted and amortised as adjustments to interest
income. Income from securities lending is recorded on a cash
receipts basis.
Securities transactions are accounted for on a trade date basis,
on the date the securities are purchased or sold. Realised
gains or losses on the sale of securities are determined on the
basis of the average cost method and are recorded under Net
realised gain/(loss) on investments in the Statement of
i) Valuation of Repurchase agreements
Under a repurchase agreement, the Company purchases

securities and agrees to re-sell them at a mutually agreed
upon date and price. A repurchase agreement is collateralised
by securities (see note 11). Repurchase agreements are valued
at cost with interest accrued from the date of purchase.
j) Translation of foreign currencies
Transactions in foreign currencies are translated into the

currency of each Fund at the last available rate of exchange
prevailing in a recognised market at the date of the
transactions. Assets and liabilities denominated in foreign
currencies are translated into the currency of each Fund at
the last available rate of exchange prevailing in a recognised
market at the date of the Statement of assets and liabilities.
The Combined statement of assets and liabilities is presented
in US dollars at the last available rate of exchange prevailing
in a recognised market at the date of the Statement of assets
and liabilities, while the combined Statement of operations
and changes in net assets is presented in US dollars at the
average exchange rates ruling during the period.
The dierence between opening net assets stated at exchange
rates at the beginning of the year and their value at the end
of the period is shown as Translation dierence in the
Statement of operations and changes in net assets.
k) Mauritian subsidiary
The Indian Equity Fund currently invests through Morgan

Stanley SICAV (Mauritius) Ltd (the Subsidiary). All assets
and liabilities, income and expenses of the Subsidiary are
recorded in the Statement of assets and liabilities and the
163
30 June 2012
(continued)
As at 30 June 2012
within the scope of the day-to-day management of the various
Funds. The Investment Adviser may delegate any of its
responsibilities to any other party subject to approval by the
Directors and the CSSF but the Investment Adviser shall remain
responsible for the proper performance by such party of those
responsibilities. A full list of sub-advisers can be found on
page 176. The Investment Adviser is entitled to receive from the
Company a fee payable monthly in arrears, and calculated on
the basis of the average daily net assets (before deduction of the
fee) of each Fund attributable to each Class of Shares.
Statement of operations and changes in net assets of the

Indian Equity Fund. All investments held by the Subsidiary
are individually disclosed in the statement of investments
of the Indian Equity Fund.
The Subsidiary incurs and pays certain fees and expenses
relating to its investment activity in India. These fees and
expenses may include brokerage costs and commissions,
transaction costs associated with converting currency to
and from Indian Rupee to US dollars, fees incurred by
its standing proxy, corporate and registration fees and
taxes associated with the establishment and operation of
the Subsidiary.
All expenses are paid directly by the Company and fees paid to
the Investment Adviser are at the following annual rates:
3 SECURITIES LENDING
Certain Funds may lend securities to qualied nancial

institutions, such as broker-dealers, to earn additional income.
Any increase or decrease in the fair value of the securities loaned
that might occur and any interest earned or dividends declared
on those securities during the term of the loan would remain in
the Fund. Funds that lend securities, receive securities as
collateral in an amount equal to or exceeding 100% of the
current fair value of the loaned securities. The collateral is
marked to market daily, by the securities lending agent, to
ensure that a minimum of 100% collateral coverage is maintained
throughout the term of the loan. Securities lending income is
generated as a result of securities on loan less compensation to
the administrative agent. Net securities lending income is
included in the Statement of operations and changes in net
assets. See note 4(b) for related party disclosure on securities
lending transactions.
The value of loaned securities and related collateral outstanding
as at 30 June 2012 are as follows:
Fund Name
Value in USD
Collateral MV
in USD
Asian Equity Fund

Euro Bond Fund
Global Bond Fund
8,650,044
6,795,620
31,549,587
9,340,365
24,511,853
11,525,220
70,847,692
298,206,344
41,864,640
97,252,300
15,027,998
51,128,163
374,634
9,413,438
7,360,968
35,293,956
9,961,466
26,697,662
12,291,606
72,197,147
304,282,281
42,674,545
99,196,996
15,329,457
52,102,014
381,770
667,074,460
687,183,306
Total
Fund Name
Asian Equity Fund
Asia-Pacic Fund
Asian Property Fund
Global Brands Fund
Indian Equity Fund
US Advantage Fund
US Growth Fund
US Property Fund
Euro Bond Fund
Global Bond Fund
Euro Liquidity Fund
1
2
3
Class C,
CD, CH
and CX
Class I,
IH, IX,
Z, ZD,
ZH, ZHX
and ZX
Class S
1.40%
1.50%
1.40%
2.20%
2.30%
2.20%
0.75%
0.85%
0.75%
1.60%
1.60%
1.20%
1.40%
1.60%
1.40%
1.40%
1.50%
1.50%
1.60%
1.50%
1.60%
1.40%
1.60%
1.40%
1.40%
1.40%
1.45%
1.40%
1.40%
0.80%
0.80%1
0.80%
0.80%
0.85%
0.80%
1.00%
1.00%
1.00%2
0.80%
0.50%
0.50%
1.75%
2.00%
2.40%
2.40%
1.90%
2.20%
2.40%
2.20%
2.20%
2.30%
2.30%
2.40%
2.30%
2.40%
2.20%
2.40%
2.20%
2.20%
2.20%
2.15%
2.10%
2.10%
1.45%
1.45%
1.45%
1.45%
1.50%
1.45%
1.60%
1.45%
1.60%
1.45%
0.85%
0.85%
2.45%
2.70%
1.10%
1.10%
0.70%
0.75%
0.95%
0.75%
0.75%
0.85%
0.85%
0.90%
0.85%
0.90%
0.75%
1.00%
0.70%
0.70%
0.75%
0.95%
0.90%
0.90%
0.45%
0.45%
0.45%
0.45%
0.50%
0.45%
0.60%
0.45%
0.60%
0.45%
0.20%
0.20%
0.80%
0.80%
0.80%
0.75%
0.75%
0.45%
0.40%3
0.40%
0.35%
0.45%
0.35%
0.55%
0.35%
0.55%
0.30%
-
With effect from 1 March 2012, the fee rate changed from 1.00% to 0.80%.
With effect from 1 February 2012, the fee rate changed from 0.95% to 1.00%.
With effect from 1 March 2012, the fee rate changed from 0.35% to 0.40%.
4 RELATED PARTY TRANSACTIONS AND AFFILIATIONS

Fund Name
Under the terms of an investment advisory agreement, Morgan

Stanley Investment Management, Limited has been appointed
Investment Adviser with responsibility for advising the Company
Class A, AD,
ADX, AH,
AHX, ARM,
AX, B, BD,
BDX, BH,
BHX and BX
Class A1, AH,

AHX, ARM,
Class A AX, B1, BH,
and B BHX andBX
Absolute Return Currency Fund 2.00%
1.75%
Class IH,
IHX, IX,
ZH, ZHX,
Class C,
ZX, I1
CH, CHX Class I
andCX andZ andZ1
2.45% 1.00%
0.80%
No investment advisory fee is payable in respect of Class N, NH and NX Shares.
Class S
-
30 June 2012
164
(continued)
As at 30 June 2012
In the case of any individual Fund or Class, the Investment
Adviser may choose to waive or rebate all of its fee or any
portion thereof at its absolute discretion for an indenite period,
in order to reduce the impact such fee may have on the
performance of the Fund or Class in instances where the net
assets of the Fund or Class are of insucient size.
Where the sub-funds invest into Investment Funds that are
managed by the Investment Adviser or its aliates, the net
management fee and any shareholder services fee of the
underlying Investment Funds, are rebated to the sub-funds to
avoid duplicated Management fees otherwise known as double
dipping.
The Funds will be subject to a monthly Shareholder Service Fee
at a maximum annual rate of 0.25% of the Funds aggregate
average daily Net Asset Value attributable to all Classes of Shares
of the Funds. The current fees charged by the Company are
as follows:
A, AD, ADX, AH, AHX, ARM, AX, B, BD, BDX, BH, BHX, BX, C, CD, CH, CHX, CX
I, IH, IHX, IX, Z, ZD, ZH, ZHX, ZX
N, NH, NHX, NX
S, SX
0.15%+
0.08%+
Nil
0.05%
+ Except for the Liquidity Funds which charge 0.05%.
The Shareholder Service Fee will remain in force for an

unlimited period and may be changed, subject to the maximum
noted above, by the Company upon no less than one months
prior written notice.
The Shareholder Service Fee is paid to Morgan Stanley Investment
Management Limited (the Distributor) as compensation for
providing certain services to shareholders. The Distributor may
choose to waive all of the shareholder service fees or any portion
thereof at its absolute discretion and for an indenite period.
For the Absolute Return Currency Fund Share Classes A1,
AH (USD), AH (SEK), BH and Z, the Investment Adviser may
receive a performance fee (the Performance Fee) as dened by
the prospectus. The Performance Fee will be calculated and
accrued daily and will become payable at 31 December each
period. For the period under review, no performance fees have
been charged.
The Distributor is also paid a distribution fee for the Equity
Funds, Bond Funds, Asset Allocation Funds and Alternative
Investment Funds, accrued daily and paid monthly, at the
annual rate of 1.00% of the average daily Net Asset Value of
Classes B, BX, BH, BHX, BD and BDX Shares as compensation
for providing distribution-related services to the Funds with
respect to such Shares.
The Liquidity Funds will pay the Distributor a distribution fee,
accrued daily and paid monthly, at the annual rate of 0.75%
of the average daily Net Asset Value for Classes B, BX, BH

and BHX Shares.
a) Morgan Stanley Investment Management Ltd. and the
sub-advisers for the Company have entered into the following

types of transactions in which a connected person had
a material interest:
i) Transactions in relation to an investment in respect of
which an aliated rm beneted from a commission,
fee, mark up or mark down; or
ii) Transactions in relation to a placing and/or a new issue in
which the aliated company was a member of the
underwriting syndicate.
All the transactions executed on behalf of the Company were
entered into in the ordinary course of business and on
normal commercial terms.
The aliations of the Directors are as follows:
Mrs. Laurence Magloire is an Executive Director of Morgan
Stanley Investment Management Limited.
Mr. Andrew Mack acts as a consultant to Morgan Stanley
Investment Management Limited.
b) Administration fees and transfer agent fees include operational
costs of Morgan Stanley Investment Management Limited

amounting to USD 133,681.15 and of Morgan Stanley
Investment Management Limited, Luxembourg Branch,
amounting to USD 688,976.27.
The Company has entered into a securities lending contract
with Morgan Stanley & Co. International Limited, Morgan
Stanley Securities Limited, Morgan Stanley & Co
Incorporated and MSDW Equity Finance Service I (Cayman)
Limited which is under normal commercial terms.
The arrangement is exclusive in relation to certain securities.
Securities lending income is allocated to each Fund based on the
demand of the securities of each Fund that may be loaned
during the period.
The following Funds received securities lending income from
the above named aliates:
Fund Name
USD
489,724
366,876
231,317
1,087,917
As at 30 June 2012, the Emerging Markets Equity Fund

invested in the Morgan Stanley Growth Fund, advised by an
aliate of the Investment Adviser.
165
30 June 2012
(continued)
As at 30 June 2012
As at 30 June 2012, the following Funds invested in the Morgan
Stanley Funds plc - Euro Liquidity Fund, advised by an aliate
of the Investment Adviser:

Euro Liquidity Fund

Stanley Funds - US Dollar Treasury Liquidity Fund, advised by
an aliate of the Investment Adviser:
Asian Property Fund

Global Brands Fund
US Advantage Fund
US Growth Fund
US Property Fund

Stanley Funds - US Dollar Liquidity Fund, advised by an
aliate of the Investment Adviser:
Asian Equity Fund

As at 30 June 2012, Morgan Stanley Investment Funds - Global

Balanced Risk Control Fund of Funds invested in the Funds,
advised by the Investment Adviser or an aliate, detailed in
note 15 on page 168.
Directors remuneration:
The Directors of the Company who are not Directors, ocers or
employees of the Investment Manager or any aliate thereof
will be entitled to remuneration from the Fund, at a current rate
of EUR 35,000 per annum, for their services as Directors.
The Fund also bears reasonable out of pocket expenses and cost
of Directors and Ocers insurance. These expenses are disclosed
under Directors fees, expenses and insurance in the Statement of
5 DIVIDEND POLICY
The Company oers Accumulating Share Classes (Class A, A1,

AD, AH, AO, B, B1, BD, BH, BO, C, CD, CH, CO, I, I1, ID,
IH, IO, N, ND, NH, NO, S, Z, ZD, ZH and ZO), Distributing
Share Classes (ADM, ADX, AHM, AHX, AM, AOM, AOX, AX,
BDX, BHX, BOX, BX, CHX, COX, CX, IHX, IOX, IX, NHX,
NOX, NX, ZHX, ZOX and ZX) and Discretionary Distributing
Share Classes (AHR, AR, ARM, BHR, BR, IR and IRM).
For the Distributing Share Classes of the Bond Funds, Equity
Funds, Asset Allocation Funds and Alternative Investment
Funds, the Company intends to declare dividends which will be
equal to at least 85% of the net investment income attributable
to such Classes.
For the Discretionary Distributing Share Classes of the Bond
Funds, Equity Funds, Asset Allocation Funds and Alternative
Investment Funds, the Company intends to declare dividends
which will be set at the discretion of the Directors. The declared
dividend for the Discretionary Distributing Share Classes may
be in excess of the net investment income attributable to such
Classes, if this is the case there will be a reduction of capital.
In the case of the Distributing Share Classes ADX, AHX, AX,
BDX, BHX, BX, CHX, CX, IHX, IX, NHX, NX, SX, ZHX,
ZX of the Equity, Bond, Asset Allocation Funds and Alternative
Investment Funds, such dividends, if any, will be accrued on the
last Dealing Day of June and December and declared on the
next Dealing Day.
In the case of the Distributing Share Classes ADX, AHX, AX,
BDX, BHX, BX, CHX, CX, IHX, IX, NHX, NX, SX, ZHX,
ZX of the Bond Funds, such dividends, if any, will be accrued
on the last Dealing Day of March, June, September and
December and declared on the next Dealing Day.
In the case of the Distributing Share Classes ADM, AHM, AM,
ARM and AOM shares of the Bond Funds, such dividends, if
any, will be accrued on the last Dealing Day of the month and
declare on the next Dealing Day.
During the period ended 30 June 2012, the Fund paid dividends
as follows:
Fund Name
Share
Ccy Class
Equity Funds
Asian Property Fund
USD

EUR
European Small Cap Value Fund EUR
Global Brands Fund
USD
US Property Fund
USD
USD
AX
IX
IX
AX
AX
ZX
IX
AX
Ex-Date Pay Date
02/01/12
02/01/12
02/01/12
02/01/12
02/01/12
02/01/12
02/01/12
02/01/12
05/01/12
05/01/12
05/01/12
05/01/12
05/01/12
05/01/12
05/01/12
05/01/12
Record
Date
Dividend
perShare
31/12/11
31/12/11
31/12/11
31/12/11
31/12/11
31/12/11
31/12/11
31/12/11
0.094202
0.151365
0.002545
0.258521
0.035981
0.263220
0.109007
0.168597
30 June 2012
166
(continued)
As at 30 June 2012
Fund Name
Bond Funds
Emerging Markets Corporate
Debt Fund
Share
Ccy Class
EUR
USD
EUR
USD
EUR
USD
EUR
USD
GBP
Emerging Markets Domestic
Debt Fund
EUR
USD
EUR
USD
USD
Euro Bond Fund
EUR
Euro Corporate Bond

(exFinancials) Fund
EUR
EUR
EUR
European Currencies High Yield EUR

Bond Fund
Global Bond Fund
EUR
USD
EUR
USD
Ex-Date Pay Date
Record
Date
Dividend
perShare
AHX
AHX
AX
AX
BHX
BHX
BX
BX
AHX
AHX
ARM
ARM
ARM
AX
AX
BHX
BHX
BX
BX
ZHX
ZHX
AHX
AHX
ARM
AX
AX
BHX
BHX
BX
BX
ZX
ZX
IX
IX
AX
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/04/12
02/05/12
01/06/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
01/06/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/04/12
07/05/12
06/06/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
06/06/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/04/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
30/03/12
30/04/12
31/05/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/05/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
30/03/12
0.203921
0.277140
0.192983
0.225937
0.164709
0.203431
0.156731
0.216944
0.154012
0.232363
0.049000
0.093625
0.117272
1.097954
0.530860
0.114524
0.161592
0.093820
0.180537
0.649105
0.304926
0.115943
0.308274
0.075400
0.547269
0.328260
0.077376
0.241249
0.075181
0.242649
0.645516
0.372203
0.158425
0.082216
0.035861
ADX
ADX
AX
AX
BDX
BDX
BX
BX
NX
NX
ADX
ADX
AX
AX
BDX
BDX
BX
BX
ADX
ADX
AX
AX
BDX
BDX
BX
BX
AHX
AHX
AX
AX
BHX
BHX
BX
BX
IX
IX
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
0.456251
0.213739
0.523935
0.258198
0.350073
0.169704
0.397598
0.177933
0.626339
0.295994
0.116736
0.138154
0.107796
0.143309
0.064555
0.082506
0.062673
0.085856
0.753834
0.348205
0.282600
0.421196
0.647952
0.302537
0.240100
0.355622
0.082996
0.107115
0.306354
0.151024
0.044046
0.049861
0.041142
0.053435
0.189606
0.091751
Fund Name
Share
Ccy Class
Bond Funds (continued)

EUR
Global Fixed Income

Opportunities Fund
EUR
USD
EUR
USD
EUR
USD
EUR
USD
ZHX
ZHX
AHX
AHX
AX
AX
BHX
BHX
BX
BX
AHX
AHX
AX
AX
BHX
BHX
BX
BX
ZX
ZX
Ex-Date Pay Date
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
02/01/12
02/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
05/01/12
05/04/12
Record
Date
Dividend
perShare
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
31/12/11
30/03/12
0.295024
0.134904
0.087753
0.234688
0.091927
0.246077
0.051477
0.166921
0.055401
0.175634
0.099052
0.427501
0.100870
0.440272
0.071534
0.362094
0.073775
0.373695
0.113330
0.470947
For the AX, AHX, BX, BHX, CX, CHX, IX, IHX, NX, NHX, SX,
ZX and ZHX Classes of Shares of the Liquidity Funds, the
Company intends to declare dividends which will be equal to the net
investment income attributable to such Classes and realised capital
gains, reduced by realised losses, if any. In the case of the Liquidity
Funds, such dividends, if any, will be declared on each Dealing Day.
6 TAXATION
Under current law and practice, the Company is not liable to any
Luxembourg income tax, or any Luxembourg capital gains tax on the
realised capital appreciation of the assets of the Company nor are
dividends paid by the Company liable to any Luxembourg
withholding tax. The Company is, however, liable to annual
subscription tax in Luxembourg (taxe dabonnement) calculated at
the rate of 0.05% of the Net Asset Value of the funds (except the
Liquidity Funds for which the rate is 0.01% for all share class and Nil
for Z share class from 4rd quarter 2010). Furthermore, the Company
has sought the benet of a reduced annual tax rate of 0.01% for
Class Z, ZD, ZH, ZX, ZHX, S, SX, N, NH, NX and NHX Shares.
Subscription tax is not payable on the value of the assets of the Funds
represented by investments in other Luxembourg undertaking for
collective investment which are themselves subject to the subscription
tax. This tax is payable quarterly on the basis of the net assets of the
relevant Funds, calculated at the end of the quarter to which the tax
relates. No stamp or other tax will be payable in Luxembourg in
connection with the issue of Shares of the Company, except a once
and for all tax of EUR 1,239.47 which was paid upon incorporation.
Dividends, interest and capital gains on securities held by the
Company may be subject to non-recoverable withholding tax or
capital gains tax in the country of origin.
167
30 June 2012
(continued)
As at 30 June 2012
7 RATES OF EXCHANGE
10 OVERDRAFT FACILITY
The rates of exchange used for translation into US dollars of

Statement of assets and liabilities and Statement of operations
and changes in net assets, including securities and foreign
currency holdings, as of 30 June 2012 were:
Currency
AED
AUD
BRL
CAD
CHF
CLP
COP
CZK
DKK
EGP
EUR
EUR*
EUR**
GBP
HKD
HUF
IDR
ILS
INR
JPY
JPY**
KRW
KWD
MAD
MXN
MYR
NOK
NZD
OMR
PEN
PHP
PLN
QAR
RON
RUB
SEK
SGD
THB
TRY
TWD
ZAR
3.673
0.977
2.018
1.019
0.949
501.410
1,787.075
20.150
5.867
6.058
0.789
0.788
0.771
0.638
7.756
225.930
9,390.000
3.910
55.455
79.540
79.710
1,143.700
0.280
8.731
13.406
3.171
5.949
1.247
0.385
2.666
41.980
3.346
3.641
3.512
32.538
6.918
1.267
31.610
1.811
29.810
8.207
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
=
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
$1.000
* Rates of exchange used to translate Global Balanced Risk Control Fund of Funds and Absolute
Return Currency Fund into US dollars in the Statement of assets and liabilities.
** Rates of exchange used to translate the Statement of operations and changes in net assets into
USdollars.
8 SOFT COMMISSION ARRANGEMENTS
During the period the Company, its Investment Adviser or its

Sub-Advisers did not enter into soft commission arrangements.
9 STATEMENTS OF PORTFOLIO CHANGES
A statement giving the changes in the portfolio of investments

for the period ended 30 June 2012 is available to shareholders,
free of charge, on request from the Companys registered oce,
and also from the Paying Agents in countries where the company
is registered to sell its Shares.
Please see list of Paying Agents on page 172.
The Company has access to a short-term credit extension facility

with J.P. Morgan Bank Luxembourg S.A., primarily to facilitate
the clearance of securities and foreign exchange transactions.
Should such credit be extended, the Custodian shall be entitled
to charge the Funds at rates to be agreed upon from time to
time. In addition to any other remedies available, the Custodian
shall be entitled to a right of set-o against the property of the
Company to satisfy the repayment of, or reimbursement for
accrued interest thereon and the Company has granted the
Custodian a pledge, right of retention, lien charge and security
interest in any and all property held by the Custodian for any
amount owing to the Custodian from time to time under the
credit extension facility.
11 REPURCHASE AGREEMENTS
Details of the total repurchase agreements outstanding and the

related collateral at 30 June 2012 are as follows:
Fund Name
Amount
Market Value
of Collateral received
425,000,000 USD
165,000,000 USD
98,910,000 USD
433,543,523 USD
168,645,773 USD
100,888,615 USD
The collateral received in respect of the repurchase agreements

consists of transferable securities.
12 LIABILITY OF THE COMPANY
The Directors shall maintain for each Fund a separate pool of

assets. As between Shareholders, each pool of assets is invested
for the exclusive benet of the relevant Fund.
The assets of the Company have been segregated on a Fund by
Fund basis with third party creditors only having recourse to the
assets of the relevant Fund.
13 BROKER ACCOUNTS
All derivative instruments, as listed within the Statements of

Investments, on pages 2 to 126, all time deposits and repurchase
agreements included in the Statement of assets and liabilities on
pages 127 to 136, are transacted through third party brokers.
In addition these brokers hold the collateral described in the
above mentioned statements as applicable. The Funds are exposed
to counter-party risk in respect of all amounts including collateral,
due to them from such brokers.
Payments of income and settlement proceeds are at the risk of
the Funds.
30 June 2012
168
(continued)
As at 30 June 2012
14 TRANSACTIONS COSTS
Fund and Share Class Name
For the period from 1 January 2012 to 30 June 2012, the Fund
incurred transactions costs namely, commission and taxes
relating to purchases or sale of transferable securities as follows:
Fund Name
Asian Equity Fund
Asian Property Fund
Global Brands Fund
Global Equity Allocation
Indian Equity Fund
US Advantage Fund
US Growth Fund
US Property Fund
Euro Bond Fund
Euro Corporate Bond (ex Financials) Fund*
Global Bond Fund
Euro Liquidity Fund
Morgan Stanley Investment Funds Japanese Equity Fund Z
Shares
Cost
Market Unrealised
Value Gain/(Loss)
361,281
7,873,957
7,630,252
(243,705)
Morgan Stanley Investment Funds Japanese Equity Fund ZH
4,565
105,408
101,017
(4,391)
Currency
Total Transaction Costs
Morgan Stanley Investment Funds US Advantage Fund Z
221,765
6,175,821
6,153,975
(21,846)
USD
USD
USD
EUR
USD
EUR
EUR
EUR
EUR
USD
USD
USD
USD
USD
USD
JPY
USD
USD
USD
USD
USD
USD
USD
EUR
EUR
EUR
EUR
EUR
USD
USD
USD
USD
EUR
EUR
USD
EUR
EUR
EUR
475,813
142,591
663,400
341,525
1,825,729
207,809
165,247
39,790
43,824
6,257,802
5,755
125,909
61,817
440,877
388,541
9,175,647
1,029,902
2,072,742
686,237
98,924
2,482
914
3,053
830
33,440
5,655
624
8,334
5,914
400
6,013
754,649
1,979
-
Morgan Stanley Investment Funds US Advantage Fund ZH
1,412
55,345
58,363
3,018
Morgan Stanley Investment Funds US Growth Fund Z
279,794
6,370,508
6,186,240
(184,268)
Morgan Stanley Investment Funds US Growth Fund ZH
3,700
100,477
102,488
2,011
Morgan Stanley Investment Funds Emerging Markets Corporate Debt

Fund Z
100,790
2,009,424
2,161,954
152,530
Morgan Stanley Investment Funds Emerging Markets Debt Fund Z
306,778
8,037,315
8,405,711
368,396
Morgan Stanley Investment Funds Emerging Markets Equity Fund Z
98,365
1,654,100
1,679,091
24,991
Morgan Stanley Investment Funds Euro Bond Fund Z
440,187 13,630,831 13,839,480
208,649
Morgan Stanley Investment Funds Euro Corporate Bond Fund Z
308,551
9,601,313
9,799,572
198,259
Morgan Stanley Investment Funds European Currencies High Yield

Bond Fund Z
170,565
5,905,481
6,305,781
400,300
Morgan Stanley Investment Funds Global Fixed Income Opportunities

Fund Z
107,097
2,218,225
2,243,677
25,452
Morgan Stanley Investment Funds Short Maturity Euro Bond Fund Z
620,681 17,736,243 17,875,618
139,375
Morgan Stanley Investment Funds Euro Liquidity Fund Z
311,185
8,017,178
8,017,376
EUR
112,007,348
USD*
142,133,960
198
* Name changed from Global Strategic Bond Fund on 1 March 2012.
* The impact of the above cross-investment transactions has been eliminated from the combined
totals column in the Statement of assets and liabilities and the Statement of operations and changes
in net assets
15 CROSS INVESTMENT BETWEEN FUNDS
16 SWING PRICING
The Company is permitted to engage in cross investment

between Funds within the umbrella structure. The following
information pertains to the cross-investment between
Fundswithin the Company during the period:
As at 30 June 2012, Morgan Stanley Investment Funds - Global
Balanced Risk Control Fund of Funds holds the following shares
of other Funds of the Company:
Market Unrealised
Value Gain/(Loss)
Fund and Share Class Name
Shares
Cost
Morgan Stanley Investment Funds Asian Equity Fund Z
27,035
537,122
540,974
3,852
Morgan Stanley Investment Funds European Equity Alpha Fund Z
169,978
4,589,367
4,659,100
69,733
Morgan Stanley Investment Funds Eurozone Equity Alpha Fund Z
226,225
5,307,675
5,347,955
40,280
Morgan Stanley Investment Funds Global Brands Fund Z
276,808
6,594,636
6,823,328
228,692
Morgan Stanley Investment Funds Global Infrastructure Fund Z
142,297
3,735,178
4,075,396
340,218
To the extent that the Directors consider that it is in the best

interests of Shareholders, taking into account factors including
the prevailing market conditions, the level of subscriptions and
redemptions in a particular Fund and the size of the Fund, the
Directors may decide to adjust the Net Asset Value of a Fund
to reect the estimated dealing spreads, costs and charges
(Swing Factor) to be incurred by the Fund in liquidating or
purchasing investments to satisfy the net transactions received in
respect of a particular day.
Under normal market circumstances, the Swing Factor shall not
exceed 1% of the Net Asset Value of the relevant Fund on the
relevant day. When net subscriptions in a Fund exceed a certain
threshold on a given day, the Net Asset Value is adjusted
upwards by the Swing Factor. Similarly, when net redemptions
in a Fund exceed a certain threshold on a given day, the Net
Asset Value of the Fund is adjusted downwards by the
Swing Factor.
169
30 June 2012

As at 30 June 2012
As at period-end, the net asset value of the Euro Strategic Bond
Fund and European Currencies High Yield Bond Fund
was swung because of large capital transaction activity exceeding
the threshold.
The ocial Net Asset Value per Share as at period-end, disclosed
in the Statement of share and net assets statistics therefore
includes a Swing Pricing adjustment, which is not recognised in
the Statement of assets and liabilities and the Statement
of operations and changes in net assets.
17 SUBSEQUENT EVENTS
Funds Merger
On 18 July 2012, Share Class AX of Morgan Stanley

Investment Funds - European Property Fund and US Property
Fund merged with Share Class A.
On 26 July 2012, Morgan Stanley Investment Funds European Small Cap Value Fund merged into Morgan
Stanley Investment Funds - European Equity Alpha Fund.
On 17 August 2012, Morgan Stanley Investment Funds Emerging Leaders Equity Fund commenced operations.
(continued)
DIRECTORS
William Jones
Michael Griffin
Non-executive Director
Luxembourg
Dublin
Ireland
William Jones
Luxembourg
Andrew Mack
London
United Kingdom
Laurence Magloire
Morgan Stanley Investment
Management Limited
Luxembourg
DIRIGEANTS
Bryan Greener
Executive Director
Management Limited
London
United Kingdom
Laurence Magloire
Executive Director
Management Limited
Luxembourg
DIRECTORS OF
MORGAN STANLEY SICAV
(MAURITIUS) LIMITED
(THE SUBSIDIARY)
Deven Coopoosamy
Director
Business Development
CIM Global Business Companies
Republic of Mauritius
Andrew Mack
London
United Kingdom
Laurence Magloire
Management Limited
Luxembourg
REGISTERED OFFICE
6B, route de Trves

L-2633 Senningerberg
Luxembourg
DISTRIBUTOR
Management Limited
25 Cabot Square
Canary Wharf
London E14 4QA
United Kingdom
CUSTODIAN BANK
Abdool Azize Owasil
Director
Fund Administration
MultiConsult Limited
INVESTMENT ADVISER
Management Limited
25 Cabot Square
Canary Wharf
London E14 4QA
United Kingdom
INVESTMENT SUB-ADVISERS
Morgan Stanley
Investment Management Inc.
522 Fifth Avenue

New York, NY 10036
USA
Management Company
23 Church Street
16-01 Capital Square
Singapore, 049481
J.P. Morgan Bank

Luxembourg S.A.
European Bank
and Business Centre
6C, route de Trves
Luxembourg
ADMINISTRATOR
AND PAYING AGENT
J.P. Morgan Bank
Luxembourg S.A.
European Bank
and Business Centre
6C, route de Trves
Luxembourg
DOMICILIARY AGENT
Management Limited,
Luxembourg Branch
European Bank
and Business Centre
6B, route de Trves
Luxembourg
30 June 2012
170
171
30 June 2012
ADMINISTRATOR
OF THE SUBSIDIARY
MultiConsult Limited
Rogers House
5, President John Kennedy Street
Port Louis
REGISTRAR
AND TRANSFER AGENT
RBC Investor Services
Bank S.A.
14, rue Porte de France

L-4360 Esch-sur-Alzette
Luxembourg
INDEPENDENT AUDITOR
Ernst & Young S.A.
7, rue Gabriel Lippmann

Parc dActivit Syrdall 2
L-5365 Munsbach
Luxembourg
AUDITOR OF THE SUBSIDIARY
Ernst & Young
9th Floor
NexTeracom Tower I
Cybercity
Ebene
LEGAL ADVISER
Arendt & Medernach
14, rue Erasme

L-2082 Luxembourg
Luxembourg
(continued)
Paying and information agents

Copies of the Financial Reports of the Company can be obtained from the following Paying and Information Agents.
AUSTRIA
IRELAND
Meinl Bank Aktiengesellschaft
J.P. Morgan Administration

Services (Ireland) Limited
Bauernmarkt 2
Postfach 99
1014 Vienna
Austria
BELGIUM
BelgiumS.A.
11, Place Rogier

B-1210 Brussels
Belgium
JP Morgan House
International Financial
Services Centre
Dublin 1
Ireland
ITALY
ItaliaS.p.A.
DENMARK
Via Vittor Pisani, 26

21124 Milan
Italy
Nordea Bank Denmark A/S
Banca Sella Holding S.p.A.
Strandgade 3
DK-0900 Copenhagen C
Denmark
Piazza Gaudenzio Sella, 1

13900 Biella
Italy
FRANCE
Iccrea Banca S.p.A.
Caceis
Via Lucrezia Romana, 41-47

00178 Rome
Italy
1/3 Place Valhubert

75013 Paris
France
State Street Bank S.p.A.
Morgan Stanley Bank AG
Via Ferrante Aporti, 10

20125 Milan
Italy
Junghofstrasse 13-15
60311 Frankfurt am Main
Germany
Socit Gnrale
Securities Services S.p.A.
GERMANY
GREECE
Alpha Bank
40, Stadiou Street

102 52 Athens
Greece
HONG KONG
Morgan Stanley
Asia Limited
30th Floor
Three Exchange Square
Central
Hong Kong
MAC 2
Via Benigno Crespi, 19/A
20159 Milan
Italy
Allianz Bank
Financial Advisors S.p.A.
Piazzale Lodi, 3
20137 Milan
Italy
Monte dei Paschi di Siena S.p.A.
Piazza Salimbeni, 3
53100 Siena
Italy
BNP Paribas Securities Services

Succursale di Milano
Via Ansperto, 5
20123 Milan
Italy
All Funds Bank S.A.
Italian Branch
Via Santa Margherita, 7

20121 Milan
Italy
NETHERLANDS
Equity Trust Co. N.V.
Atrium Strawinskylaan 3105

1077 ZX Amsterdam
Netherlands
SPAIN
Every distributor registered

in Spain act as paying agents for
the Company and a list of them
are available at www.cnmv.com
SWITZERLAND
BankS.A.
Esch-sur-Alzette
Zurich Branch
Badenerstrasse 567
8048 Zurich
Switzerland
Morgan Stanley & Co
International PLC London
Zurich Branch
Bahnhofstrasse 92
8001 Zurich
Switzerland
UNITED KINGDOM
Management Limited
25 Cabot Square
London E14 4QA
United Kingdom
30 June 2012
172
173
30 June 2012
Appendix 1: Fund expense ratios

As at 30 June 2012
The following gures show the total expenses charged to each Class of each Fund open as at 30 June 2012, calculated net of any fee waivers
and expressed as a percentage of average net assets for the period. For further information in relation to the expenses charged to the Funds,
please refer to pages 143 to 152. For details of changes to the Investment Advisory Fees during the period, please refer to note 4.
Fund Name
Asian Equity Fund A - USD
Asian Equity Fund B - USD
Asian Equity Fund C - USD
Asian Equity Fund I - USD
Asian Equity Fund Z - USD
Asia-Pacic Equity Fund A - USD
Asia-Pacic Equity Fund AH - EUR
Asia-Pacic Equity Fund B - USD
Asia-Pacic Equity Fund BH - EUR
Asia-Pacic Equity Fund C - USD
Asia-Pacic Equity Fund N - USD
Asia-Pacic Equity Fund Z - USD
Asian Property Fund A - USD
Asian Property Fund AX - USD
Asian Property Fund B - USD
Asian Property Fund I - USD
Asian Property Fund IX - USD
Asian Property Fund Z - USD
Emerging Europe, Middle East and Africa Equity
Emerging Markets Equity Fund A - USD
Emerging Markets Equity Fund B - USD
Emerging Markets Equity Fund C - USD
Emerging Markets Equity Fund I - USD
Emerging Markets Equity Fund N - USD
Emerging Markets Equity Fund Z - USD
European Equity Alpha Fund A - EUR
European Equity Alpha Fund AX - EUR1
European Equity Alpha Fund B - EUR
European Equity Alpha Fund C - EUR
European Equity Alpha Fund I - EUR
European Equity Alpha Fund Z - EUR
European Equity Alpha Fund ZH - GBP
European Property Fund A - EUR
European Property Fund AX - EUR
European Property Fund B - EUR
European Property Fund I - EUR
European Property Fund IX - EUR
European Property Fund Z - EUR
European Small Cap Value Fund A - EUR
European Small Cap Value Fund AX - EUR
European Small Cap Value Fund B - EUR
Eurozone Equity Alpha Fund A - EUR
Eurozone Equity Alpha Fund B - EUR
Eurozone Equity Alpha Fund I - EUR
Eurozone Equity Alpha Fund Z - EUR
Global Brands Fund A - USD
Global Brands Fund AH - CHF
Global Brands Fund AH - EUR
Global Brands Fund AHX - EUR
Global Brands Fund AX - USD
Global Brands Fund B - USD
Global Brands Fund BH - EUR
Global Brands Fund BHX - EUR
Global Brands Fund BX - USD
Global Brands Fund C - USD
Global Brands Fund CH - EUR
Global Brands Fund I - USD
Global Brands Fund Z - USD
Global Brands Fund ZH - EUR
Global Brands Fund ZH - GBP
Global Brands Fund ZX - USD
Global Equity Allocation Fund A - USD
Global Equity Allocation Fund B - USD
Global Equity Allocation Fund Z - USD
Global Infrastructure Fund A - USD
Global Infrastructure Fund AH - EUR
Global Infrastructure Fund B - USD
Global Infrastructure Fund BH - EUR
Global Infrastructure Fund C - USD
Global Infrastructure Fund Z - USD
Global Infrastructure Fund ZH - EUR
Global Opportunity Fund A - USD
Global Opportunity Fund AH - EUR
Total Expense Ratio (%)
Fund
Fund
Fund
Fund
Fund
Fund
A - EUR
AX - EUR
B - EUR
C - EUR
I - EUR
Z - EUR
1.83
2.88
2.75
1.11
1.09
2.05
2.15
3.05
3.15
2.85
0.36
1.29
1.73
1.78
2.75
1.00
1.05
1.00
2.14
2.20
3.14
2.95
1.52
1.54
1.97
2.99
2.95
1.38
0.16
1.35
1.49
1.75
2.54
2.40
0.90
0.88
0.93
1.78
1.95
2.83
1.03
1.23
0.99
2.32
2.32
3.32
1.90
2.90
1.18
1.12
1.66
2.00
1.71
1.87
1.66
2.67
2.71
2.80
2.73
2.46
2.80
0.93
0.89
0.94
0.95
0.90
2.00
3.00
0.94
2.00
2.10
3.00
3.10
2.80
1.24
1.34
2.10
2.20
Fund Name
Global Opportunity Fund B - USD
Global Opportunity Fund BH - EUR
Global Opportunity Fund C - USD
Global Opportunity Fund Z - USD
Global Property Fund A - USD
Global Property Fund AH - EUR
Global Property Fund B - USD
Global Property Fund BH - EUR
Global Property Fund C - USD
Global Property Fund CH - EUR
Global Property Fund I - USD
Global Property Fund IX - USD
Global Property Fund Z - USD
Indian Equity Fund A - USD
Indian Equity Fund B - USD
Indian Equity Fund C - USD
Indian Equity Fund I - USD
Indian Equity Fund Z - USD
Japanese Equity Fund A - JPY
Japanese Equity Fund B - JPY
Japanese Equity Fund C - JPY
Japanese Equity Fund I - JPY
Japanese Equity Fund Z - JPY
Japanese Equity Fund ZH - EUR
Latin American Equity Fund A - USD
Latin American Equity Fund B - USD
Latin American Equity Fund C - USD
Latin American Equity Fund I - USD
Latin American Equity Fund Z - USD
US Advantage Fund A - USD
US Advantage Fund AH - EUR
US Advantage Fund B - USD
US Advantage Fund BH - EUR
US Advantage Fund C - USD
US Advantage Fund I - USD
US Advantage Fund N - USD1
US Advantage Fund Z - USD
US Advantage Fund ZH - EUR
US Growth Fund A - USD
US Growth Fund AH - EUR
US Growth Fund AX - USD
US Growth Fund B - USD
US Growth Fund BH - EUR
US Growth Fund C - USD
US Growth Fund I - USD
US Growth Fund IX - USD
US Growth Fund Z - USD
US Growth Fund ZH - EUR
US Property Fund A - USD
US Property Fund AX - USD
US Property Fund B - USD
US Property Fund I - USD
US Property Fund Z - USD
Emerging Markets Corporate Debt Fund A - USD
Emerging Markets Corporate Debt Fund AH - EUR
Emerging Markets Corporate Debt Fund AHX - EUR1
Emerging Markets Corporate Debt Fund AX - USD1
Emerging Markets Corporate Debt Fund B - USD
Emerging Markets Corporate Debt Fund BH - EUR
Emerging Markets Corporate Debt Fund BHX - EUR1
Emerging Markets Corporate Debt Fund BX - USD1
Emerging Markets Corporate Debt Fund C - USD
Emerging Markets Corporate Debt Fund Z - USD
Emerging Markets Debt Fund A - USD
Emerging Markets Debt Fund AH - EUR
Emerging Markets Debt Fund AHX - EUR1
Emerging Markets Debt Fund ARM - USD1
Emerging Markets Debt Fund AX - USD
Emerging Markets Debt Fund B - USD
Emerging Markets Debt Fund BH - EUR
Emerging Markets Debt Fund BHX - EUR1
Emerging Markets Debt Fund BX - USD1
Emerging Markets Debt Fund C - USD
Emerging Markets Debt Fund I - USD
Emerging Markets Debt Fund NH - EUR
Emerging Markets Debt Fund Z - USD
Emerging Markets Debt Fund ZH - EUR
Emerging Markets Debt Fund ZHX - GBP

3.10
3.20
2.90
1.29
1.85
2.10
3.00
3.10
2.80
2.90
1.09
1.18
1.06
1.95
2.95
3.05
1.18
1.14
1.90
2.90
2.70
1.18
1.14
1.24
1.93
2.97
2.95
1.25
1.22
1.67
1.73
2.69
2.77
2.47
0.89
0.06
0.86
0.92
1.69
1.76
1.69
2.71
2.84
2.60
0.91
0.92
0.88
0.95
1.80
1.95
2.89
1.05
1.02
1.95
2.05
2.05
2.00
2.95
3.05
3.05
3.00
2.65
1.34
1.73
1.82
2.00
1.74
1.86
2.75
2.82
3.00
2.95
2.60
1.16
0.16
1.12
0.68
1.28
30 June 2012
174
Appendix 1: Fund expense ratios (continued)

As at 30 June 2012
Fund Name
Emerging Markets Domestic Debt Fund A - USD
Emerging Markets Domestic Debt Fund AH - EUR
Emerging Markets Domestic Debt Fund AHX - EUR1
Emerging Markets Domestic Debt Fund ARM - EUR1
Emerging Markets Domestic Debt Fund AX - USD
Emerging Markets Domestic Debt Fund B - USD
Emerging Markets Domestic Debt Fund BH - EUR
Emerging Markets Domestic Debt Fund BHX - EUR1
Emerging Markets Domestic Debt Fund BX - USD1
Emerging Markets Domestic Debt Fund C - USD
Emerging Markets Domestic Debt Fund I - USD
Emerging Markets Domestic Debt Fund Z - USD
Emerging Markets Domestic Debt Fund ZH - EUR
Emerging Markets Domestic Debt Fund ZX - USD
Euro Bond Fund A - EUR
Euro Bond Fund B - EUR
Euro Bond Fund C - EUR
Euro Bond Fund I - EUR
Euro Bond Fund IX - EUR
Euro Bond Fund Z - EUR
Euro Corporate Bond (ex Financials) Fund A - EUR1,2
Euro Corporate Bond (ex Financials) Fund AX - EUR1,2
Euro Corporate Bond (ex Financials) Fund N - EUR2
Euro Corporate Bond (ex Financials) Fund Z - EUR1,2
Euro Corporate Bond Fund A - EUR
Euro Corporate Bond Fund AD - EUR
Euro Corporate Bond Fund ADX - EUR
Euro Corporate Bond Fund AX - EUR
Euro Corporate Bond Fund B - EUR
Euro Corporate Bond Fund BD - EUR
Euro Corporate Bond Fund BDX - EUR
Euro Corporate Bond Fund BX - EUR
Euro Corporate Bond Fund C - EUR
Euro Corporate Bond Fund CD - EUR
Euro Corporate Bond Fund I - EUR
Euro Corporate Bond Fund N - EUR
Euro Corporate Bond Fund NX - EUR
Euro Corporate Bond Fund S - EUR
Euro Corporate Bond Fund Z - EUR
Euro Corporate Bond Fund ZD - EUR
Euro Strategic Bond Fund A - EUR
Euro Strategic Bond Fund AD - EUR
Euro Strategic Bond Fund ADX - EUR
Euro Strategic Bond Fund AX - EUR
Euro Strategic Bond Fund B - EUR
Euro Strategic Bond Fund BD - EUR
Euro Strategic Bond Fund BDX - EUR
Euro Strategic Bond Fund BX - EUR
Euro Strategic Bond Fund C - EUR
Euro Strategic Bond Fund CD - EUR
Euro Strategic Bond Fund I - EUR
Euro Strategic Bond Fund Z - EUR
Euro Strategic Bond Fund ZD - EUR
European Currencies High Yield Bond Fund A - EUR
European Currencies High Yield Bond Fund AD - EUR
European Currencies High Yield Bond Fund ADX - EUR
European Currencies High Yield Bond Fund AX - EUR1
European Currencies High Yield Bond Fund B - EUR
European Currencies High Yield Bond Fund BD - EUR
European Currencies High Yield Bond Fund BDX - EUR
European Currencies High Yield Bond Fund BX - EUR1
European Currencies High Yield Bond Fund C - EUR
European Currencies High Yield Bond Fund CD - EUR
European Currencies High Yield Bond Fund I - EUR
European Currencies High Yield Bond Fund Z - EUR
European Currencies High Yield Bond Fund ZD - EUR
Global Bond Fund A - USD
Global Bond Fund AH - EUR
Global Bond Fund AHX - EUR1
Global Bond Fund AX - USD
Global Bond Fund B - USD
Global Bond Fund BH - EUR
1

1.74
1.88
2.00
2.00
1.71
2.74
2.81
3.00
2.95
2.44
1.14
1.08
1.16
1.11
1.08
2.10
1.85
0.64
0.83
0.61
1.20
1.25
0.21
0.74
1.07
1.06
1.21
1.06
2.07
2.08
2.09
2.08
1.85
1.85
0.62
0.04
0.01
0.48
0.59
0.61
1.14
1.20
1.20
1.25
2.15
2.17
2.17
2.16
1.85
1.85
0.71
0.69
0.69
1.18
1.25
1.30
1.31
2.19
2.25
2.30
2.30
1.90
1.90
0.69
0.71
0.79***
1.18
1.35
1.35
1.30
2.16
2.24
Fund Name
Global Bond Fund BHX - EUR1
Global Bond Fund BX - USD1
Global Bond Fund C - USD
Global Bond Fund I - USD
Global Bond Fund IX - USD
Global Bond Fund Z - USD
Global Convertible Bond Fund A - USD
Global Convertible Bond Fund AH - EUR
Global Convertible Bond Fund B - USD
Global Convertible Bond Fund BH - EUR
Global Convertible Bond Fund CH - EUR
Global Convertible Bond Fund I - USD
Global Convertible Bond Fund IH - EUR
Global Convertible Bond Fund S - USD
Global Convertible Bond Fund Z - USD
Global Convertible Bond Fund ZH - EUR
Global Convertible Bond Fund ZHX - EUR
Global Fixed Income Opportunities Fund A - USD1
Global Fixed Income Opportunities Fund AH - EUR1
Global Fixed Income Opportunities Fund AHX - EUR
Global Fixed Income Opportunities Fund AX - USD
Global Fixed Income Opportunities Fund B - USD
Global Fixed Income Opportunities Fund BH - EUR1
Global Fixed Income Opportunities Fund BHX - EUR
Global Fixed Income Opportunities Fund BX - USD
Global Fixed Income Opportunities Fund Z - USD
Global High Yield Bond Fund A - USD1
Global High Yield Bond Fund AH - EUR1
Global High Yield Bond Fund AHX - EUR1
Global High Yield Bond Fund AX - USD1
Global High Yield Bond Fund B - USD1
Global High Yield Bond Fund BH - EUR1
Global High Yield Bond Fund BHX - EUR1
Global High Yield Bond Fund BX - USD1
Global High Yield Bond Fund Z - USD1
Global High Yield Bond Fund ZX - USD1
Short Maturity Euro Bond Fund A - EUR
Short Maturity Euro Bond Fund B - EUR
Short Maturity Euro Bond Fund C - EUR
Short Maturity Euro Bond Fund I - EUR
Short Maturity Euro Bond Fund Z - EUR
Euro Liquidity Fund A - EUR
Euro Liquidity Fund B - EUR
Euro Liquidity Fund C - EUR
Euro Liquidity Fund I - EUR
Euro Liquidity Fund Z - EUR
US Dollar Liquidity Fund A - USD
US Dollar Liquidity Fund AX - USD
US Dollar Liquidity Fund B - USD
US Dollar Liquidity Fund BX - USD
US Dollar Liquidity Fund I - USD
US Dollar Liquidity Fund IX - USD
US Dollar Liquidity Fund Z - USD
Diversied Alpha Plus Fund A - EUR
Diversied Alpha Plus Fund AH - USD
Diversied Alpha Plus Fund B - EUR
Diversied Alpha Plus Fund BH - USD
Diversied Alpha Plus Fund C - EUR
Diversied Alpha Plus Fund I - EUR
Diversied Alpha Plus Fund Z - EUR
Diversied Alpha Plus Fund ZH - GBP
Global Balanced Risk Control Fund of Funds A - EUR1
Global Balanced Risk Control Fund of Funds B - EUR1
Global Balanced Risk Control Fund of Funds Z - EUR1
Absolute Return Currency Fund A - EUR
Absolute Return Currency Fund A1 - EUR
Absolute Return Currency Fund AH - SEK1
Absolute Return Currency Fund AH - USD
Absolute Return Currency Fund B - EUR
Absolute Return Currency Fund I - EUR
Absolute Return Currency Fund IH - USD
Absolute Return Currency Fund Z - EUR

2.35
2.30
1.90
0.73
0.88
0.68
1.31
1.33
2.33
2.37
2.15
0.82
0.86
0.68
0.78
0.83
0.82
1.45
1.55
1.55
1.50
2.45
2.55
2.55
2.50
0.79
1.45
1.55
1.55
1.50
2.45
2.55
2.55
2.50
0.94
0.99
1.10
2.11
1.85
0.65
0.63
0.27
0.25
0.29
0.25
0.26
0.23
0.21
0.22
0.23
0.24
0.23
0.22
2.10
2.15
3.09
3.35
2.83
1.04
1.03
1.07
2.70**
3.64**
1.19**
2.50
2.25*
2.35*
2.35*
3.50
1.23
1.33*
1.19*
Annualised Total Expense Ratio from date of launch to 30 June 2012. See note 1 for further details regarding the launch date of the Share Class.
Name changed from Global Strategic Bond Fund on 1 March 2012.
* Share class performance for the period ended 30 June 2012 did not exceed the performance high water mark, therefore no performance fees was due at the period end. For this reason no further
TER disclosure is required.
** Synthetic TER.
*** Share Class closed on 12 April 2012.
2
175
30 June 2012
Appendix 2: Portfolio turnover rate

As at 30 June 2012
Fund Name
Portfolio turnover rate (%)
Equity Funds
Asian Equity Fund
Asian Property Fund
Global Brands Fund
Indian Equity Fund
US Advantage Fund
US Growth Fund
US Property Fund
27.31
115.72
18.97
33.52
64.70
(23.33)
(40.65)
74.72
(16.05)
(58.13)
44.15
(84.47)
5.64
(18.56)
83.23
(152.69)
34.49
(66.37)
(124.60)
(105.56)
Fund Name
Bond Funds
Euro Bond Fund
Euro Corporate Bond (ex Financials) Fund (1)
Global Bond Fund
212.55
(101.43)
(27.14)
32.03
72.68
(33.63)
48.96
(69.86)
161.00
78.80
93.22
145.90
14.35
Liquidity Funds
Euro Liquidity Fund
(524.29)
(596.56)

199.24
(53.69)

(108.23)
The portfolio turnover data has been computed as follows:

Total of Securities transactions (purchases and sales)* Total transactions of funds units (subscriptions and redemptions) x 100
Average net assets
* Purchases and sales exclude securities having maturity dates at acquisition of one year or less.
Portfolio turnover rate (%)
30 June 2012
176
Appendix 3: Sub-Advisers
As at 30 June 2012
List of Sub-Advisers (to be read in conjunction with the prospectus dated June 2012). Morgan Stanley Investment Management Ltd acts as
Investment Adviser to the Funds. Where the Investment Adviser has delegated any of its responsibilities, the Funds are advised by
the following Sub-Advisers.
Fund Name
Sub-Adviser
Equity Funds
Morgan Stanley Investment Funds Asian Equity Fund
Morgan Stanley Investment Management Company
Morgan Stanley Investment Funds Asia-Pacic Equity Fund

Morgan Stanley Investment Funds Asian Property Fund

Morgan Stanley Investment Management Company & Morgan Stanley Investment Management Inc.
Morgan Stanley Investment Funds Emerging Europe Middle East and Africa Equity Fund
Morgan Stanley Investment Funds Emerging Markets Equity Fund
Morgan Stanley Investment Management Inc.

Morgan Stanley Investment Funds European Equity Alpha Fund
None
Morgan Stanley Investment Funds European Property Fund
None
Morgan Stanley Investment Funds European Small Cap Value Fund (1)
None
Morgan Stanley Investment Funds Eurozone Equity Alpha Fund
None
Morgan Stanley Investment Funds Global Brands Fund
Morgan Stanley Investment Funds Global Equity Allocation Fund

Morgan Stanley Investment Funds Global Infrastructure Fund

Morgan Stanley Investment Management Inc. & Morgan Stanley Investment Management Company
Morgan Stanley Investment Funds Global Opportunity Fund

Morgan Stanley Investment Funds Global Property Fund

Morgan Stanley Investment Funds Indian Equity Fund

Morgan Stanley Investment Funds Japanese Equity Fund
Morgan Stanley Investment Funds Latin American Equity Fund

Morgan Stanley Investment Funds US Advantage Fund
Morgan Stanley Investment Funds US Growth Fund
Morgan Stanley Investment Funds US Property Fund
Bond Funds
Morgan Stanley Investment Funds Emerging Markets Corporate Debt Fund
Morgan Stanley Investment Funds Emerging Markets Debt Fund
Morgan Stanley Investment Funds Emerging Markets Domestic Debt Fund
Morgan Stanley Investment Funds Euro Bond Fund
None
Morgan Stanley Investment Funds Euro Corporate Bond Fund
None
Morgan Stanley Investment Funds Euro Strategic Bond Fund
None
Morgan Stanley Investment Funds European Currencies High Yield Bond Fund
None
Morgan Stanley Investment Funds Global Bond Fund
Morgan Stanley Investment Funds Global Convertible Bond Fund
Morgan Stanley Investment Funds Global High Yield Bond Fund
Morgan Stanley Investment Funds Euro Corporate Bond (ex Financials) Fund
Morgan Stanley Investment Funds Short Maturity Euro Bond Fund
Morgan Stanley Investment Funds Global Fixed Income Opportunities Fund
None
None
Liquidity Funds
Morgan Stanley Investment Funds Euro Liquidity Fund
Morgan Stanley Investment Funds US Dollar Liquidity Fund
None

Morgan Stanley Investment Funds Diversied Alpha Plus Fund
Morgan Stanley Investment Funds Global Balanced Risk Control Fund of Funds

None

Morgan Stanley Investment Funds Absolute Return Currency Fund
(1) On July 26, 2012, the European Small Cap Value Fund will merge into the European Equity Alpha Fund.
177
30 June 2012
Appendix 4: Hedged Share Classes

As at 30 June 2012
The Directors may decide from time to time for some or all of the Funds to issue Currency Hedged Share Classes and for some other or all
of the Bond Funds to issue Duration Hedged Share Classes. Currency Hedged Share Classes can be issued in relation to any type of
available Share Class and is indicated by an H after the Share Class indicator, as follows: AH, AHX, BH, BHX, CH, CHX, IH, IHX,
NH, NHX, ZH and/or ZHX. The hedging of Duration Hedged Share Classes is distinct from any hedging strategies that the Investment
Adviser may implement at the Fund level. The Duration Hedged Share Class is indicated by a D after the Share Class indicator, as
follows: AD, ADX, BD, BDX, CD and ZD.
Currency Hedged Share Classes seek to reduce the currency exposure of the Shareholder to currencies other than the currency in which
the Currency Hedged Share Class is denominated (the Hedged Share Class Currency). The hedging process will vary depending on the
type of fund for which the Currency Hedged Share Class is issued and the hedging strategy adopted for all the Currency Hedged Share
Classes in that particular Fund, as dened by the prospectus. Duration Hedged Share Classes utilise hedging strategies to seek to limit
a share class exposure to interest rate movements. The hedging strategies adopted at the period end are as follows:
Fund Name
Global Brands Fund
Hedged Share Class(es)
Hedging Strategy
AH (EUR), BH (EUR)
NAV Currency Hedged Share Classes
ZH (GBP)
AH (CHF), AH (EUR), AHX (EUR), BH (EUR), BHX (EUR), CH (EUR), ZH (EUR), ZH (GBP)
AH (EUR), BH (EUR), ZH (EUR)
AH (EUR), BH (EUR)

AH (EUR), BH (EUR), CH (EUR)
ZH (EUR)
US Advantage Fund
US Growth Fund
AH (EUR), AHX (EUR), BH (EUR), BHX (EUR)

AH (EUR), AHX (EUR), BH (EUR), BHX (EUR), NH (EUR), ZH (EUR), ZHX (GBP)
AH (EUR), AHX (EUR), BH (EUR), BHX (EUR), ZH (EUR)
AD, ADX, BD, BDX, CD, ZD
Duration Hedged Share Classes
AD, ADX, BD, BDX, CD, ZD

Global Bond Fund
AD, ADX, BD, BDX, CD, ZD*
AH (EUR), BH (EUR), CH (EUR), IH (EUR), ZH (EUR), ZHX (EUR)
AH (USD), BH (USD), ZH (GBP)
AH (SEK), AH (USD), IH (USD)

* On 12 April 2012, the Share Class ZD of the European Currencies High Yield Bond Fund was closed.
CN SAR SICAV 12
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INVESTMENT MANAGEMENT

R.C.S. Luxembourg: B-29.192

Morgan Stanley Investment Funds

Asian Equity Fund

Asia-Pacic Equity Fund

Asian Property Fund

Euro Strategic Bond Fund

European Currencies High Yield Bond Fund

Global Bond Fund

Global Convertible Bond Fund

Global Fixed Income Opportunities Fund

Global High Yield Bond Fund

Short Maturity Euro Bond Fund

Emerging Europe, Middle East and Africa Equity Fund

Emerging Markets Equity Fund

European Equity Alpha Fund

European Property Fund

European Small Cap Value Fund

Eurozone Equity Alpha Fund

Global Brands Fund

Global Equity Allocation Fund

Global Infrastructure Fund

Global Opportunity Fund

STATEMENTS AND NOTES

Global Property Fund

Statement of assets and liabilities

Indian Equity Fund

Statement of changes in number of shares

Japanese Equity Fund

Statement of operations and changes in net assets

Latin American Equity Fund

Statement of share and net assets statistics

Notes to the nancial statements

Emerging Markets Corporate Debt Fund

Emerging Markets Debt Fund

Emerging Markets Domestic Debt Fund

Euro Bond Fund

Euro Corporate Bond (ex Financials) Fund

Euro Corporate Bond Fund

Euro Liquidity Fund

US Dollar Liquidity Fund

Asset Allocation Funds

Diversied Alpha Plus Fund

Global Balanced Risk Control Fund of Funds

Alternative Investment Funds

Absolute Return Currency Fund

Directors and service providers

Paying and information agents

Appendix 1: Fund expense ratios

Appendix 2: Portfolio turnover rate

Appendix 4: Hedged Share Classes

Morgan Stanley Investment Funds

The annual general meeting of shareholders

A list of purchases and sales (securities transactions) carried out

Morgan Stanley Investment Funds 30 June 2012 2

Asian Equity Fund

To seek long-term capital appreciation,

Transferable securities and money market instruments admitted

Total for South Korea

Total for China

Morgan Stanley Investment Funds

Asian Equity Fund

STATEMENT OF INVESTMENTS (continued)