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Morgan Stanley

Investment Funds

Socit dInvestissement

Capital Variableincorporated underthe laws of Luxembourg

Semi-AnnualReport

June 30, 2012

INVESMEN MANAGEMEN

R.C.S. Luxembourg: B-29.192

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Morgan Stanley Investment Funds 30 June 2012

1 Shareholders information

STATEMENT OF INVESTMENTS

Equity Funds

2 Asian Equity Fund

5 Asia-Pacific Equity Fund

8 Asian Property Fund

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

36 Global Property Fund

39 Indian Equity Fund

41 Japanese Equity Fund

43 Latin American Equity Fund

45 US Advantage Fund

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) Fund70 Euro Corporate Bond 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

110 Euro Liquidity Fund

112 US Dollar Liquidity FundAsset Allocation Funds

114 Diversified Alpha Plus Fund

123 Global Balanced Risk Control Fund of Funds

Alternative Investment Funds

125 Absolute Return Currency Fund

STATEMENTS AND NOTES

127 Statement of assets and liabilities

137 Statement of changes in number of shares

143 Statement of operations and changes in net assets

153 Statement of share and net assets statistics

160 Notes to the financial statements

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

Table of contents

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1 Morgan Stanley Investment Funds 30 June 2012

The annual general meeting of shareholders

of the Company is held at the registered office

of the Company and will be held on the second

Tuesday of the month of May at 10.30 am,

or if 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. o the extent required by law,

further notices will be published in the Mmorial C, Recueil

des Socits et Associations du Journal Offi ciel du Grand-Duch

de Luxembourg and in one Luxembourg newspaper.

Audited financial statements in respect of the preceding financial

period are made available at the registered offi ce of the Company

and are available to shareholders upon request. In addition,unaudited semi-annual reports are also made available

at the registered offi ce.

Te Companys financial year end is 31 December.

Any other notices relevant to the Company are also published

in a Luxembourg newspaper or mailed to affected shareholders.

Te net asset value per share of each Class of Share is available

on each dealing day during Luxembourg business hours

at the registered offi ce 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 availableat www.morganstanleyinvestmentfunds.com.

No subscriptions can be received on the basis of financial 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. Te 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.

Te investment aims set out in this annual report are summaries

only. Te complete investment objectives and policies for each

Fund are set out in the Companys current prospectus.

Shareholders information

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Please refer to the full prospectus for the Funds investment objective and policy.

Morgan Stanley Investment Funds 30 June 2012 2

Asian Equity Fund

Equities

South Korea

Samsung Electronics 13,152 13,810,922 6.69Hyundai Motor 32,041 6,513,537 3.16

Nexon (Japan) (1) 212,700 4,144,896 2.01Samsung Electronics Pfd 4,421 2,895,278 1.40NCSoft 11,428 2,727,852 1.32Hyundai Heavy Industries 10,758 2,422,126 1.17Shinhan Financial Group 65,563 2,275,816 1.10SK Hynix 101,470 2,115,992 1.02Woongjin Coway 66,594 2,072,874 1.00Samsung Fire & Marine Insurance 10,408 2,056,665 1.00KB Financial Group 56,288 1,816,059 0.88LG Chem 6,797 1,735,354 0.84Hyundai Engineering & Construction 30,050 1,707,834 0.83NHN 7,716 1,686,631 0.82SK C&C 16,652 1,550,615 0.75Kolao Holdings (Cayman Islands) (1) 116,900 1,420,748 0.69Cheil Worldwide 85,655 1,363,051 0.66Cheil Industries 14,892 1,300,788 0.63Samsung Life Insurance 13,159 1,071,175 0.52POSCO 3,084 980,182 0.47Korea Kumho Petrochemical 9,106 955,425 0.46Amorepacific 1,023 951,711 0.46Korean Air Lines 21,434 942,669 0.46Korea Aerospace Industries (2) 31,130 800,229 0.39YG Entertainment 12,704 582,049 0.28Mando 3,790 560,033 0.27GS Retail 25,800 539,145 0.26Orion 405 335,700 0.16SSCP 82,187 243,248 0.12E-Mart 841 183,833 0.09Hyundai Steel 790 58,022 0.03

Total for South Korea 29.94

China

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

Total for China 21.10

Taiwan

Taiwan Semiconductor Manufacturing 1,635,362 4,460,078 2.16Uni-President Enterprises 2,240,206 3,577,115 1.73Hon Hai Precision Industry 1,048,641 3,144,868 1.52Asustek Computer 249,355 2,271,046 1.10Fubon Financial Holding 2,081,054 2,080,356 1.01Taiwan Cement 1,277,000 1,514,322 0.73

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

of the dynamic economic growth capabilities

of the region.


ransferable securities and money market instruments admitted

to offi cial exchange listing or dealt in on another regulated market.

As at 30 June 2012, expressed in US dollars.

Investments HoldingsMarket

value% of net

assets

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Asian Equity Fund

STATEMENT OF INVESTMENTS (continued)





value% of net

assets


value% of net

assets

MStar Semiconductor (Cayman Islands) (1) 213,000 1,421,905 0.69Formosa Plastics 522,000 1,397,370 0.68

Taiwan Fertilizer 584,000 1,338,048 0.65Catcher Technology 138,000 918,920 0.44Lung Yen Life Service 303,000 869,054 0.42Chailease Holding (Cayman Islands) (1) 519,000 755,605 0.37HTC 49,395 645,399 0.31Wowprime 36,000 535,592 0.26MediaTek 52,000 476,216 0.23Foxconn Technology 4,000 14,425 0.01

Total for Taiwan 12.31

Indonesia

PT Bank Mandiri 3,274,000 2,510,415 1.22PT Astra International 3,378,000 2,464,249 1.19PT Lippo Karawaci 24,321,000 2,072,077 1.00PT Bumi Serpong Damai 16,434,400 2,065,239 1.00PT Kalbe Farma 4,939,000 1,985,594 0.96PT Bank Tabungan Negara 12,726,000 1,748,300 0.85

PT Indofood Sukses Makmur 3,200,000 1,652,822 0.80PT Indosat 3,406,500 1,569,022 0.76Indofood Agri Resources (Singapore) (1) 1,095,000 1,240,095 0.60PT Tempo Scan Pacific 3,225,000 978,834 0.47PT Delta Dunia Makmur 18,998,400 799,187 0.39PT Bank Central Asia 662,500 515,043 0.25PT Ace Hardware Indonesia 144,000 77,444 0.04

Total for Indonesia 9.53

Hong Kong

Wharf Holdings 516,323 2,832,507 1.37Hutchison Whampoa 277,000 2,374,933 1.15Samsonite International (Luxembourg) (1) 1,399,200 2,337,947 1.13Lifestyle International Holdings(Cayman Islands) (1) 750,000 1,636,106 0.79BOC Hong Kong Holdings (2) 500,500 1,522,881 0.74Hongkong Land Holdings (Bermuda) (1) (2) 266,000 1,518,860 0.74

Cheung Kong Holdings 123,000 1,500,190 0.73Kerry Properties (Bermuda) (1) 266,070 1,133,750 0.55Hong Kong Exchanges & Clearing (2) 74,000 1,049,480 0.51Cathay Pacific Airways 482,000 774,310 0.37SmarTone Telecommunications Holdings(Bermuda) (1) 287,500 552,299 0.27

Total for Hong Kong 8.35

Philippines

Ayala 247,958 2,771,365 1.34Metro Pacific Investments 20,301,000 2,016,560 0.98Puregold Price Club 2,935,200 1,898,301 0.92Metropolitan Bank & Trust 809,180 1,782,972 0.86International Container Terminal Services 655,000 1,146,796 0.56Cebu Air 477,060 782,978 0.38DMCI Holdings 394,920 535,277 0.26Bloomberry Resorts 1,649,400 373,649 0.18

Total for Philippines 5.48

Singapore

DBS Group Holdings (2) 237,500 2,599,736 1.26Oversea-Chinese Banking (2) 290,300 2,013,840 0.97Keppel (2) 220,900 1,792,165 0.87Olam International (2) 974,772 1,392,422 0.67CapitaLand (2) 621,000 1,323,258 0.64Wilmar International (2) 403,000 1,148,157 0.56

Total for Singapore 4.97

ThailandKasikornbank NVDR 335,700 1,720,449 0.83Land & Houses NVDR 6,039,700 1,490,340 0.72Thai Airways International (Foreign) 1,921,600 1,313,083 0.65Siam Cement NVDR 99,800 997,684 0.48Bangkok Bank Public NVDR 163,600 991,123 0.48Banpu (Foreign) Regd 65,971 934,989 0.45Kasikornbank (Foreign) 141,600 739,133 0.36Bank of Ayudhya NVDR 216,400 201,955 0.10Minor International NVDR 378,700 167,725 0.08Supalai NVDR 78,600 42,520 0.02Minor International NVDR 32,000 14,173 0.01Supalai (Foreign) 13,400 7,376 0.00

Total for Thailand 4.18

Malaysia

CIMB Group Holdings 525,100 1,253,748 0.61

AMMB Holdings 492,900 977,871 0.48Sime Darby 312,800 975,743 0.47IJM 355,900 563,513 0.27UEM Land Holdings 783,000 513,686 0.25Gamuda 172,100 189,986 0.09Mah Sing Group BHD 55,500 35,886 0.02

Total for Malaysia 2.19

United States of America

Li & Fung (Bermuda) (1) (2) 434,000 829,254 0.40

Total for United States of America 0.40

Total for Equities 98.45

Mutual Fund

Morgan Stanley Funds - US DollarLiquidity Fund (Ireland) (1) (4) 3,330,000 3,330,000 1.62

Total for Mutual Fund 1.62

Total Investment Securities 206,588,760 100.07

Equities (continued)


Taiwan (continued)

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Asian Equity Fund

DERIVATIVES

OC and exchange traded derivatives as at 30 June 2012,

expressed in US dollars.

Maturitydate

Amountbought

Amountsold

Net unrealised(loss) as at

30 June 2012% of net

assets

12/07/2012 2,576,815 USD 205,062,948 JPY (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 (140,152) (0.07)

Total Net Asset Value 206,446,985 100.00

(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 affiliate of the Investment Adviser.

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Asia-Pacifi c Equity Fund

Equities

Australia

Commonwealth Bank of Australia 63,078 3,428,421 3.58Australia & New Zealand Banking Group 135,562 3,056,851 3.19

BHP Billiton 70,317 2,263,616 2.36UGL (2) 156,400 1,986,691 2.07WorleyParsons 69,688 1,790,414 1.87Suncorp Group 171,245 1,418,039 1.48AMP 293,081 1,154,969 1.20AGL Energy 73,852 1,116,515 1.16Telstra 270,982 1,023,502 1.07Santos 83,631 911,672 0.95Wesfarmers 28,572 874,447 0.91

Total for Australia 19.84

South Korea

Samsung Electronics 4,132 4,339,015 4.53Hyundai Motor 8,512 1,730,384 1.80Nexon (Japan) (1) (2) 88,200 1,718,758 1.79NCSoft 4,897 1,168,909 1.22Hyundai Heavy Industries 3,933 885,501 0.92

SK Hynix 40,530 845,187 0.88LG Chem 2,957 754,957 0.79KB Financial Group 23,285 751,260 0.78Woongjin Coway 22,350 695,689 0.73Kolao Holdings (Cayman Islands) (1) 49,770 604,882 0.63Cheil Worldwide 31,600 502,859 0.53Samsung Electronics Pfd 749 490,514 0.51Samsung Life Insurance 6,008 489,066 0.51Shinhan Financial Group 13,290 461,321 0.48Hyundai Engineering & Construction 7,731 439,377 0.46Korea Aerospace Industries 14,660 376,851 0.39Korean Air Lines 8,352 367,321 0.38Cheil Industries 3,642 318,122 0.33Korea Kumho Petrochemical 2,542 266,713 0.28YG Entertainment 4,703 215,474 0.23POSCO 666 211,673 0.22Mando 1,401 207,020 0.22GS Retail 9,800 204,791 0.21Samsung Fire & Marine Insurance 874 172,706 0.18Orion 191 158,318 0.17SK C&C 1,123 104,572 0.11E-Mart 280 61,205 0.06NHN 180 39,346 0.04Hyundai Steel 370 27,175 0.03


China

Tencent Holdings (Cayman Islands) (1) 64,400 1,876,481 1.96China Mengniu Dairy (Cayman Islands) (1) (2) 519,000 1,361,701 1.42AIA Group (Hong Kong) (1) 393,800 1,345,462 1.40PetroChina H 980,000 1,257,185 1.31China Construction Bank H 1,662,000 1,133,539 1.18Ping An Insurance Group H 141,000 1,121,642 1.17China Pacific Insurance Group H 342,600 1,099,858 1.15China Telecom H 1,872,000 813,365 0.85

Hengan International Group (Cayman Islands) (1) 82,000 792,383 0.83Belle International Holdings (Cayman Islands) (1) 370,000 625,872 0.65Tsingtao Brewery H (2) 72,000 408,911 0.43Shanghai Pharmaceuticals Holding H 295,800 368,786 0.39Trinity (Bermuda) (1) 582,000 365,428 0.38China Resources Enterprises (Hong Kong) (1) (2) 120,000 355,070 0.37Tingyi Cayman Islands Holding(Cayman Islands) (1) (2) 136,000 347,530 0.36

INVESTMENT AIM

To seek long term capital appreciation,


primarily in the equity securities of companies

domiciled in or exercising the predominant

part of their economic activity in the

Asia-Pacific region, excluding Japan, thereby

taking advantage of the dynamic economic

growth capabilities of the region.






value% of net

assets

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value% of net

assets


value% of net

assets

Philippines

Metro Pacific Investments 13,650,000 1,355,896 1.41Ayala 91,408 1,021,644 1.07Puregold Price Club 1,294,500 837,200 0.87Metropolitan Bank & Trust 374,510 825,207 0.86International Container Terminal Services 283,000 495,486 0.52DMCI Holdings 167,720 227,329 0.24Cebu Air 113,620 186,480 0.19Bloomberry Resorts 742,500 168,203 0.18


India

HDFC Bank ADR 29,615 956,564 1.00Tata Motors 118,001 515,902 0.54Tata Consultancy Services 21,563 496,721 0.52Glenmark Pharmaceuticals 74,330 486,687 0.51ITC GDR Regd 98,180 456,844 0.47IndusInd Bank (3) 70,243 444,430 0.46ACC 16,662 380,998 0.40Asian Paints 4,102 287,636 0.30ITC 7,356 34,343 0.03

Total for India 4.23

Singapore

DBS Group Holdings (2) 57,000 623,937 0.65Olam International (2) 394,045 562,877 0.59

Oversea-Chinese Banking (2) 72,000 499,471 0.52Keppel (2) 57,700 468,121 0.49CapitaLand (2) 190,000 404,861 0.42Wilmar International (2) 122,000 347,581 0.36


Thailand

Land & Houses NVDR 1,916,700 472,960 0.49Kasikornbank NVDR 88,900 455,609 0.47Kasikornbank (Foreign) 61,900 323,110 0.34Bangkok Bank Public NVDR 51,900 314,421 0.33Siam Cement NVDR (2) 30,300 302,904 0.32Banpu (Foreign) Regd 20,950 296,919 0.31Thai Airways International (Foreign) 368,000 251,465 0.26Bank of Ayudhya NVDR 68,700 64,114 0.07Minor International NVDR 120,300 53,281 0.06Supalai NVDR 25,000 13,524 0.01

Minor International NVDR 10,100 4,473 0.00Supalai (Foreign) 4,300 2,367 0.00


Malaysia

CIMB Group Holdings 184,200 439,803 0.46AMMB Holdings 166,900 331,115 0.34Sime Darby 105,900 330,343 0.34IJM 137,400 217,552 0.23UEM Land Holdings 262,100 171,950 0.18Gamuda 58,300 64,359 0.07Mah Sing Group 18,900 12,220 0.01



Li & Fung (Bermuda) (1) (2) 178,000 340,109 0.36



Chow Tai Fook Jewellery Group(Cayman Islands) (1) (2) 189,800 234,919 0.24

Ajisen China Holdings (Cayman Islands) (1) (2) 311,000 213,716 0.22


Taiwan

Uni-President Enterprises 1,017,540 1,624,787 1.70Taiwan Semiconductor Manufacturing 553,000 1,508,182 1.57Hon Hai Precision Industry 372,100 1,115,926 1.16Fubon Financial Holding 770,176 769,918 0.80Taiwan Cement 569,000 674,745 0.70Formosa Plastics 218,000 583,576 0.61MStar Semiconductor (Cayman Islands) (1) 87,000 580,778 0.61Catcher Technology 84,000 559,342 0.58Asustek Computer 60,120 547,554 0.57Chailease Holding (Cayman Islands) (1) 211,000 307,192 0.32Taiwan Fertilizer 134,000 307,018 0.32Wowprime 20,000 297,551 0.31Lung Yen Life Service 87,000 249,530 0.26

HTC 19,000 248,256 0.26MediaTek 17,000 155,686 0.16Foxconn Technology 1,000 3,606 0.01China Steel 2,700 2,536 0.00


Indonesia

PT Astra International 1,147,500 837,101 0.87PT Bank Mandiri 1,083,500 830,799 0.87PT Bumi Serpong Damai 6,095,000 765,932 0.80PT Kalbe Farma 1,833,500 737,110 0.77PT Lippo Karawaci 8,263,500 704,026 0.73PT Indosat 1,486,000 684,446 0.72PT Bank Tabungan Negara 4,132,500 567,724 0.59PT Indofood Sukses Makmur 1,086,500 561,185 0.59PT Bank Central Asia 557,000 433,024 0.45PT Tempo Scan Pacific 1,116,500 338,874 0.35

Indofood Agri Resources (Singapore) (1) 289,000 327,295 0.34PT Delta Dunia Makmur 6,240,600 262,517 0.27PT Ace Hardware Indonesia 49,000 26,352 0.03


Hong Kong

Wharf Holdings 216,000 1,184,959 1.24Hutchison Whampoa 122,000 1,045,999 1.09Samsonite International (Luxembourg) (1) 430,200 718,828 0.75Cheung Kong Holdings 56,000 683,013 0.71Lifestyle International Holdings(Cayman Islands) (1) 305,000 665,350 0.69BOC Hong Kong Holdings (2) 210,500 640,492 0.67Hongkong Land Holdings (Bermuda) (1) (2) 106,000 605,260 0.63SmarTone Telecommunications (Bermuda) (1) 302,500 581,114 0.61Hong Kong Exchanges & Clearing (2) 30,700 435,392 0.45Kerry Properties (Bermuda) (1) 96,500 411,196 0.43




China (continued)

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Mutual Fund




DERIVATIVES



Forward Foreign Currency Exchange Contracts

Maturitydate

Amountbought

Amountsold

Net unrealisedgain/(loss) as at


assets

06/07/2012 427,909 EUR 534,922 USD 7,227 0.01

Unrealised Gain on Forward Foreign Currency

Exchange Contracts 7,227 0.01

12/07/2012 1,053,635 USD 83,848,249 JPY (664) 0.00

Unrealised Loss on Forward Foreign Currency

Exchange Contracts (664) 0.00

Net Unrealised Gain on Forward Foreign Currency


Total Derivat ives 6,563 0.01

Other Assets less Liabilities 3,249,936 3.39




(3) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial

Statements.







value% of net

assets

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Asian Property Fund

Equities

Hong Kong

Sun Hung Kai Properties 4,068,798 47,815,938 9.54Kerry Properties (Bermuda) (1) 5,226,713 22,271,527 4.44

Hongkong Land Holdings (Bermuda) (1) 3,892,000 22,223,320 4.43Hysan Development 5,649,959 21,343,360 4.26Hang Lung Properties 4,670,000 15,774,952 3.15Link REIT 3,154,000 12,870,200 2.57Sino Land 7,825,242 11,723,406 2.34Henderson Land Development 1,893,695 10,413,074 2.08New World Development 7,909,872 9,188,490 1.83Wharf Holdings 1,246,122 6,836,125 1.36Swire Properties 659,450 1,972,512 0.39Midland Holdings (Bermuda) (1) 2,512,000 1,208,032 0.24


Australia

Westfield 4,063,880 39,517,208 7.88Westfield Retail Trust 5,579,491 16,276,507 3.25GPT Group 4,802,491 16,172,763 3.23Stockland 4,143,693 13,063,515 2.61

Dexus Property 12,296,023 11,704,945 2.33Mirvac Group 7,585,084 9,899,023 1.97Goodman Group 1,896,809 7,125,436 1.42CFS Retail Property Trust 2,814,679 5,589,235 1.11Centro Retail Australia REIT 1,913,245 3,877,551 0.77Investa Office Fund 375,228 1,040,846 0.21Commonwealth Property Office Fund 997,477 1,036,312 0.21

Total for Australia 24.99

Japan

Mitsubishi Estate 2,441,000 43,516,947 8.68Mitsui Fudosan 1,853,000 35,643,576 7.11Sumitomo Realty & Development 1,008,000 24,598,039 4.90Nippon Building Fund 981 9,509,065 1.89Japan Real Estate Investment 937 8,611,353 1.72Tokyo Tatemono 161,000 601,169 0.12NTT Urban Development 343 275,987 0.06

Total for Japan 24.48

Singapore

CapitaLand 6,128,000 13,057,849 2.60CapitaMall Trust 4,474,000 6,744,014 1.34City Developments 577,000 5,100,150 1.02Global Logistic Properties 1,871,000 3,086,094 0.62UOL Group 88,000 342,388 0.07Ascendas Real Estate Investment Trust 182,000 308,815 0.06Suntec Real Estate Investment Trust 235,000 250,375 0.05Wheelock Properties Singapore 68,000 92,305 0.02


China

China Resources Land (Cayman Islands) (1) 2,631,000 5,359,544 1.07

Country Garden Holdings (Cayman Islands) (1) 10,604,433 4,142,666 0.83Agile Property Holdings (Cayman Islands) (1) 3,162,000 4,048,191 0.81Shimao Property Holdings (Cayman Islands) (1) 1,741,500 2,658,429 0.53China Overseas Land & Investment(Hong Kong) (1) 954,080 2,211,691 0.44Evergrande Real Estate Group(Cayman Islands) (1) 3,023,000 1,531,724 0.30


INVESTMENT AIM



in the equity securities of companies in the

Asian and Oceanian real estate industry.






value% of net

assets

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Asian Property Fund


Indonesia

Summarecon Agung 4,574,500 789,211 0.16


Philippines

SM Development 1,144,490 167,666 0.04



Mutual Fund

Morgan Stanley Funds - US Dollar TreasuryLiquidity Fund (Ireland) (1) (4) 13,960,000 13,960,000 2.78


Total transferable securities and money market

instruments admitted to official exchange listing

or dealt in on another regulated market 495,551,525 98.84

Other transferable securities and money market instruments

not admitted to offi cial exchange listing or dealt in on another

regulated market. As at 30 June 2012, expressed in US dollars.

Malta

BGP Holdings (Australia) (1) (3) 33,894,130 0 0.00

Total for Malta 0.00

Total other transferable securities and money market

instruments not admitted to official exchange listing

or dealt in on another regulated market 0 0.00






Statements.






value% of net

assets


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Equities

South Africa

Naspers N 289,474 12,120,437 5.89Sasol 277,700 9,083,664 4.41

SABMiller (United Kingdom) (1) 205,743 6,553,035 3.18AngloGold Ashanti 227,580 6,078,291 2.95Pick n Pay Stores 1,232,316 5,181,344 2.52AVI 1,071,366 5,098,093 2.48Aeci 639,032 4,871,601 2.37Clicks Group 789,452 4,057,256 1.97Life Healthcare Group 1,083,700 3,233,933 1.57Harmony Gold Mining 400,400 2,927,266 1.42Impala Platinum Holdings 208,984 2,667,007 1.30Northam Platinum 606,555 1,355,063 0.66

Total for South Africa 30.72

Russia

Lukoil ADR 311,160 13,606,113 6.61Gazprom ADR 1,158,396 8,586,641 4.17Sberbank 4,022,871 8,424,566 4.09Eurasia Drilling GDR Regd

(Cayman Islands) (1) 259,847 5,170,483 2.51EPAM Systems (United States of America) (1) 332,200 4,444,367 2.16OKey Group GDR Regd (Luxembourg) (1) 705,063 4,390,818 2.13Mail.ru Group GDR Regd(British Virgin Islands) (1) 156,100 4,152,153 2.02TNK-BP Holding 1,432,200 2,587,923 1.26Novolipetsk Steel GDR Regd 154,000 1,971,570 0.96Rosneft Oil GDR Regd 318,230 1,582,422 0.77

Total for Russia 26.68

Poland

Eurocash 860,400 8,210,309 3.99LPP 7,517 5,812,916 2.82Jeronimo Martins SGPS (Portugal) (1) 374,670 5,041,185 2.45Powszechny Zaklad Ubezpieczen 54,469 4,244,226 2.06Polskie Gornictwo Naftowe i Gazownictwo 3,711,818 3,651,433 1.78Telekomunikacja Polska 894,043 3,271,228 1.59

TVN 1,045,775 2,143,871 1.04

Total for Poland 15.73

Turkey

Turkiye Garanti Bankasi 2,740,826 8,435,371 4.10Anadolu Efes Biracilik Ve Malt Sanayii 677,071 6,788,598 3.30Haci Omer Sabanci Holding 1,533,513 5,160,868 2.50Turk Telekomunikasyon 1,638,272 5,127,769 2.49Akbank 1,301,874 3,700,280 1.80

Total for Turkey 14.19

Egypt

Commercial International Bank 1,200,604 4,060,772 1.98Juhayna Food Industries 5,363,352 3,319,204 1.61

Total for Egypt 3.59

Hungary

Richter Gedeon 47,179 6,121,491 2.97

Total for Hungary 2.97

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.


value% of net

assets

Emerging Europe, Middle Eastand Africa Equity Fund

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value% of net

assets

Lebanon

Banque Audi sal- Audi Saradar GDR B Regd 530,881 2,556,039 1.24

Total for Lebanon 1.24

Romania

Fondul Proprietatea 15,415,698 1,581,801 0.76

Total for Romania 0.76


Mutual Fund








Emerging Europe, Middle Eastand Africa Equity Fund


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Emerging Markets Equity Fund

Equities

South Korea

Samsung Electronics 45,576 47,859,383 4.06Hyundai Motor 104,661 21,276,281 1.80

Nexon (Japan) (1) 590,100 11,499,309 0.98Samsung Electronics Pfd 15,624 10,232,033 0.87NCSoft 38,146 9,105,411 0.77Hyundai Heavy Industries 34,159 7,690,778 0.65LG Chem 29,078 7,423,954 0.63Shinhan Financial Group 210,946 7,322,336 0.62NHN 33,165 7,249,497 0.62Woongjin Coway 210,160 6,541,660 0.56Hyundai Engineering & Construction 102,120 5,803,795 0.49LG Household & Health Care 10,159 5,480,548 0.46SK C&C 58,705 5,466,541 0.46Samsung Fire & Marine Insurance 26,801 5,295,992 0.45Cheil Industries 58,639 5,122,004 0.43Korean Air Lines 111,594 4,907,911 0.42KB Financial Group 148,033 4,776,093 0.40Korea Aerospace Industries (2) 174,830 4,494,187 0.38SM Entertainment 101,688 4,298,868 0.36Mando 20,505 3,029,942 0.26Samsung Life Insurance 36,117 2,940,013 0.25Cheil Worldwide 175,193 2,787,892 0.24Hyundai Steel 6,064 445,376 0.04


China

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


Brazil

Companhia de Bebidas das Americas ADR Pfd 391,100 14,943,931 1.27BRF - Brasil Foods 963,356 14,561,581 1.23Banco Bradesco Pfd 761,600 11,300,577 0.96Cielo 299,680 8,848,714 0.75

Petroleo Brasileiro Pfd 912,632 8,190,983 0.69Ultrapar Participacoes 352,520 7,873,960 0.67Petroleo Brasileiro ADR 381,100 7,069,405 0.60Vale ADR 325,100 6,414,223 0.54Vale Pfd A 205,732 3,974,345 0.34PDG Realty - Empreendimentos e Participacoes 1,912,200 3,354,737 0.28Companhia de Bebidas das Americas Pfd 80,200 3,058,872 0.26Petroleo Brasileiro 277,123 2,570,989 0.22






value% of net

assets

INVESTMENT AIM

To seek to maximise total return, measured

in US dollars, through investment primarily

in emerging country equity securities.

The Fund will invest in those emerging market

countries in which the Company believes

that economies are developing strongly

and in which the markets are becoming more

sophisticated.

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value% of net

assets

Vale ADR Pfd 118,312 2,284,605 0.19Raia Drogasil 180,000 1,784,121 0.15

Petroleo Brasileiro ADR Pfd 75,762 1,358,413 0.12Vale 21,276 420,817 0.04Cia de Bebidas das Americas 195 7,437 0.00

Total for Brazil 8.31

India

HDFC Bank 1,183,876 12,030,896 1.02ITC 2,018,541 9,423,862 0.80Tata Motors 2,009,572 8,785,876 0.74Tata Consultancy Services 296,171 6,822,534 0.58Dr. Reddys Laboratories 221,599 6,586,032 0.56ACC 271,030 6,197,450 0.52Tata Steel 750,606 5,975,205 0.51IndusInd Bank (3) 938,951 5,940,777 0.50Glenmark Pharmaceuticals 861,177 5,638,687 0.48Asian Paints 78,835 5,527,975 0.47Yes Bank 879,012 5,379,798 0.46

Larsen & Toubro 168,520 4,247,719 0.36Reliance Industries 228,098 3,034,931 0.26Jindal Steel & Power 34,788 295,060 0.02

Total for India 7.28

Taiwan

Taiwan Semiconductor Manufacturing 7,878,673 21,487,290 1.82Hon Hai Precision Industry 3,403,513 10,207,114 0.86Uni-President Enterprises 5,054,522 8,070,958 0.68Asustek Computer 734,026 6,685,275 0.57MStar Semiconductor (Cayman Islands) (1) 825,000 5,507,380 0.47Catcher Technology 741,000 4,934,200 0.42Taiwan Cement 3,854,000 4,570,242 0.39Fubon Financial Holding 3,968,889 3,967,558 0.34Formosa Plastics 1,434,000 3,838,752 0.32Chailease Holding (Cayman Islands) (1) 2,349,000 3,419,879 0.29Lung Yen Life Service 821,000 2,354,764 0.20

HTC 167,203 2,184,689 0.19MediaTek 170,000 1,556,860 0.13Advanced Semiconductor Engineering 1,003,000 822,655 0.07Foxconn Technology 6,000 21,637 0.00


South Africa

SABMiller (United Kingdom) (1) (2) 364,723 14,717,704 1.25Naspers N 251,048 13,317,568 1.13Clicks Group 1,181,100 7,690,469 0.65Pick n Pay Stores 1,291,477 6,879,653 0.58AVI 1,047,400 6,314,543 0.54Sasol 120,200 4,981,373 0.42Life Healthcare Group Holdings 927,700 3,507,430 0.30AngloGold Ashanti 95,261 3,223,458 0.27AngloGold Ashanti ADR 29,970 1,018,680 0.09

Total for South Africa 5.23

Philippines

Metropolitan Bank & Trust 6,058,419 13,349,303 1.13Philippine Long Distance Telephone 209,590 13,230,431 1.12

SM Investments 708,780 12,325,141 1.04Metro Pacific Investments 117,166,000 11,638,452 0.99Ayala 675,042 7,544,776 0.64Bloomberry Resorts 9,150,000 2,072,808 0.18DMCI Holdings 316,640 429,176 0.04


Indonesia

PT Astra International 16,497,500 12,034,917 1.02PT Lippo Karawaci 120,140,000 10,235,570 0.87PT Telekomunikasi Indonesia 10,989,000 9,537,843 0.81PT Bank Mandiri 11,681,000 8,956,677 0.76PT Indofood Sukses Makmur 11,589,500 5,986,057 0.51PT Kalbe Farma 14,276,500 5,739,488 0.48PT Indosat 12,336,500 5,682,147 0.48PT Bank Central Asia 2,454,500 1,908,184 0.16


Mexico

Wal-Mart de Mexico V 6,648,900 17,513,159 1.48Fomento Economico Mexicano ADR 195,700 17,317,493 1.47Grupo Televisa ADR CPO 341,100 7,323,417 0.62Mexichem 1,356,408 5,790,700 0.49Alfa A 274,500 4,457,771 0.38

Total for Mexico 4.44

Turkey

Turkiye Garanti Bankasi 4,985,477 19,439,671 1.65Anadolu Efes Biracilik Ve Malt Sanayii 1,013,869 12,879,149 1.09Haci Omer Sabanci Holding 1,817,910 7,751,168 0.66Turk Telekomunikasyon 1,772,209 7,027,759 0.59

Total for Turkey 3.99

Thailand

Land & Houses NVDR 40,814,000 10,071,155 0.85Kasikornbank NVDR (2) 1,487,816 7,624,998 0.65Banpu (Foreign) Regd 490,550 6,952,433 0.59PTT (Foreign) 451,400 4,612,534 0.39Siam Cement NVDR (2) 456,947 4,568,024 0.39Kasikornbank (Foreign) 856,747 4,472,106 0.38

Thai Airways International (Foreign) 5,599,900 3,826,569 0.33Bank of Ayudhya NVDR 1,059,700 988,964 0.08Supalai NVDR 385,200 208,381 0.02Supalai (Foreign) 65,500 36,055 0.00


Poland

Jeronimo Martins SGPS (Portugal) (1) (2) 775,954 13,227,542 1.12Telekomunikacja Polska (2) 2,320,892 10,758,872 0.91Powszechny Zaklad Ubezpieczen 100,248 9,896,561 0.84Polskie Gornictwo Naftowe i Gazownictwo (2) 5,190,069 6,468,584 0.55

Total for Poland 3.42

Russia

Lukoil ADR 347,753 19,265,516 1.63Rosneft Oil GDR Regd 1,369,559 8,628,222 0.73

Gazprom ADR 821,718 7,717,000 0.66Eurasia Drilling GDR Regd(Cayman Islands) (1) (2) 155,028 3,908,256 0.33



value% of net

assets


Philippines (continued)


Brazil (continued)


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value% of net

assetsSTATEMENT OF INVESTMENTS (continued)





value% of net

assets

Malaysia

Axiata Group 6,205,900 10,706,915 0.91CIMB Group Holdings 3,712,600 8,864,338 0.75

Sime Darby 2,310,700 7,207,956 0.61AirAsia 4,919,500 5,539,383 0.47Gamuda 626,100 691,169 0.06


Chile

SACI Falabella 828,553 7,599,600 0.64Sociedad Quimica y Minera de Chile ADR 125,300 6,964,174 0.59Banco Santander Chile ADR 79,600 6,127,608 0.52Cencosud 1,068,387 5,870,258 0.50Empresa Nacional de Electricidad 3,235,793 5,420,845 0.46Cencosud Rights 21/07/2012 114,667 37,734 0.00

Total for Chile 2.71


Mead Johnson Nutrition 151,415 12,356,978 1.05Yum! Brands 193,875 12,121,065 1.03


Peru

Credicorp (Bermuda) (1) 90,210 11,296,998 0.96Cia de Minas Buenaventura ADR 205,217 7,798,246 0.66

Total for Peru 1.62

Hungary

Richter Gedeon (2) 59,925 9,850,903 0.84

Total for Hungary 0.84

Hong Kong

Samsonite International (Luxembourg) (1) 4,913,100 8,209,382 0.70


Qatar

Industries Qatar 172,900 5,935,543 0.50

Total for Qatar 0.50

Switzerland

Swatch Group Bearer 14,372 5,662,775 0.48

Total for Switzerland 0.48


Mutual Funds

Morgan Stanley Funds - US DollarLiquidity Fund (Ireland) (1) (4) 35,610,000 35,610,000 3.02Morgan Stanley Growth Fund (India) (1) (4) 5,372,744 5,244,372 0.44

Total for Mutual Funds 3.46



or dealt in on another regulated market 1,163,729,605 98.67

Other transferable securities and money market instrumentsnot admitted to offi cial exchange listing or dealt in on another


Brazil

Lojas Arapua Pfd (3) 11,491,000 0 0.00Banco Nacional Pfd (3) 30,754,160 0 0.00

Total for Brazil 0.00

Russia

Alliance Celluose (United States of America) (1) (3) 50,000 0 0.00



instruments not admitted to official exchange listingor dealt in on another regulated market 0 0.00

Total Investment Securities 1,163,729,605 98.67

DERIVATIVES




Maturitydate

Amountbought

Amountsold

Net unrealisedgain as at


assets

05/07/2012 6,424,804 USD 503,222,757 JPY 97,965 0.01



Total Derivatives 97,965 0.01


Total Net Asset Value 1,179,392,813 100.00




Statements.




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European Equity Alpha Fund

Equities

United Kingdom

HSBC Holdings 2,838,048 19,887,266 4.42Vodafone Group 8,583,007 19,058,107 4.24

Royal Dutch Shell A 697,895 18,641,455 4.14British American Tobacco 426,181 17,269,469 3.84GlaxoSmithKline 891,018 15,995,337 3.56BP 3,035,503 15,881,776 3.53BG Group 915,503 14,757,394 3.28Rolls-Royce Holdings 1,216,666 13,031,146 2.90Imperial Tobacco Group 422,180 12,899,763 2.87Reckitt Benckiser Group 260,361 10,885,438 2.42Prudential 1,174,918 10,749,565 2.39Anglo American 373,816 9,746,645 2.17Experian (Jersey) (1) 798,516 8,917,211 1.98Tullow Oil 468,136 8,577,736 1.91Xstrata 770,897 7,742,179 1.72Barclays 3,523,401 7,334,962 1.63WM Morrison Supermarkets 2,141,287 7,063,523 1.57

Total for United Kingdom 48.57

SwitzerlandNestl Regd 509,649 23,950,624 5.33Novartis Regd 387,669 17,089,689 3.80Roche Holding Genusschein 114,645 15,609,932 3.47Zurich Insurance Group 55,779 9,900,619 2.20


Germany

Siemens Regd 184,293 12,157,809 2.70Bayer Regd 197,101 11,114,525 2.47Fresenius & Co. 126,931 10,377,878 2.31Daimler Regd 274,195 9,642,067 2.15Muenchener Rueckversicherungs Regd 75,724 8,382,647 1.86MAN 76,865 6,149,969 1.37

Total for Germany 12.86

France

Schneider Electric 190,500 8,232,457 1.83BNP Paribas 275,418 8,174,406 1.82SES (Luxembourg) (1) 370,497 6,872,719 1.53Accor 252,881 6,208,228 1.38Socit Gnrale 339,693 6,139,951 1.36

Total for France 7.92

Spain

Amadeus IT Holding A (2) 546,748 9,004,939 2.00Banco Bilbao Vizcaya Argentaria 1,548,794 8,516,818 1.90

Total for Spain 3.90

Netherlands

Reed Elsevier 927,239 8,406,349 1.87ArcelorMittal (Luxembourg) (1) 497,865 5,964,423 1.32

Total for Netherlands 3.19

INVESTMENT AIM

To seek long-term capital growth, measured

in Euro, through investment primarily in

a concentrated portfolio of equity securities

of European companies listed on European

Stock Exchanges.






value% of net

assets

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European Equity Alpha Fund






value% of net

assets

Finland

Kone B (2) 168,611 8,017,453 1.78

Total for Finland 1.78

Belgium

Umicore 216,553 7,815,398 1.74

Total for Belgium 1.74

Sweden

Millicom International Cellular SDR (Luxembourg) (1) 83,478 6,152,923 1.37

Total for Sweden 1.37

Portugal

Galp Energia SGPS B 561,633 5,546,126 1.23

Total for Portugal 1.23


Mutual Fund

Morgan Stanley Funds -Euro Liquidity Fund (Ireland) (1) (4) 11,300,000 11,300,000 2.51




or dealt in on another regulated market 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 0.03



instruments not admitted to official exchange listing

or dealt in on another regulated market 156,602 0.03



DERIVATIVES


expressed in Euro.


Maturitydate

Amountbought

Amountsold

Net unrealised(loss) as at


assets

06/07/2012 64,790,891 GBP 81,053,253 EUR (840,805) (0.19)

13/07/2012 43,319,721 EUR 35,070,000 GBP (94,716) (0.02)

Net Unrealised Loss on Forward Foreign CurrencyExchange Contracts (935,521) (0.21)

Total Derivatives (935,521) (0.21)






Statements.


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European Property Fund

United Kingdom

Land Securities Group 1,178,743 10,868,473 5.86Hammerson 1,715,258 9,462,667 5.10British Land 1,311,306 8,304,024 4.48Unite Group (2) 2,142,241 5,039,191 2.72

LXB Retail Properties (Jersey) (1) 3,361,559 4,577,964 2.47Capital Shopping Centres Group 1,040,862 4,168,755 2.25ST Modwen Properties 1,850,382 3,682,572 1.99Safestore Holdings 2,875,128 3,586,255 1.93Derwent London (2) 147,901 3,380,195 1.82Big Yellow Group 866,342 3,013,940 1.63Segro 1,045,473 2,789,324 1.50Great Portland Estates 517,211 2,515,232 1.36Grainger 2,122,256 2,359,462 1.27Metric Property Investments 1,662,237 1,708,087 0.92Capital & Regional (2) 4,941,784 1,566,256 0.84Shaftesbury 223,301 1,412,702 0.76Capital & Counties Properties (2) 536,734 1,398,118 0.75Quintain Estates & Development 2,982,724 1,368,613 0.74Development Securities 293,444 493,178 0.27


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


Switzerland

PSP Swiss Property Regd 122,028 8,449,693 4.55Swiss Prime Site Regd 36,770 2,411,529 1.30Mobimo Holding Regd 9,676 1,756,899 0.95


Sweden

Hufvudstaden A 569,938 4,766,598 2.57Atrium Ljungberg B 471,628 4,404,486 2.37Castellum (2) 205,635 1,947,386 1.05Fabege 116,705 720,383 0.39


Netherlands

Corio 152,509 5,271,474 2.84Eurocommercial Properties CVA (2) 160,840 4,382,890 2.36Wereldhave 22,872 1,155,951 0.63


Germany

Alstria Office REIT 454,233 3,792,846 2.04Prime Office REIT 505,937 1,596,231 0.86GSW Immobilien (2) 33,634 904,923 0.49Deutsche Wohnen 30,900 403,090 0.22


INVESTMENT AIM


measured in Euro, through investment

in the equity securities of companies

in the European real estate industry.






value% of net

assets

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European Property Fund






value% of net

assets

Austria

Atrium European Real Estate (Jersey) (1) 1,428,345 5,099,192 2.75Conwert Immobilien Invest 76,935 664,564 0.36

Total for Austria 3.11

Finland

Sponda 785,078 2,261,025 1.22Citycon 550,584 1,205,779 0.65


Italy

Beni Stabili 10,044,844 3,387,121 1.83

Total for Italy 1.83

Belgium

Cofinimmo 12,398 1,072,427 0.58Befimmo 9,079 402,881 0.22


Norway

Norwegian Property 1,020,924 1,090,338 0.58

Total for Norway 0.58






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European Small Cap Value Fund

United Kingdom

Invensys 194,171 531,270 4.07Inchcape 101,137 414,204 3.18Informa (Jersey) (1) 76,745 362,385 2.78Hays 398,939 359,317 2.75

Britvic 85,810 349,839 2.68SIG 277,834 336,062 2.58Cookson Group 37,844 275,026 2.11Hammerson 36,762 202,807 1.55Smurfit Kappa Group (Ireland) (1) 35,294 187,588 1.44Howden Joinery Group 107,567 170,063 1.30Rexam 29,568 153,880 1.18Chemring Group 44,260 150,930 1.16Premier Foods 136,426 145,256 1.11Rentokil Initial 153,208 139,130 1.07Bodycote 30,965 126,586 0.97Dairy Crest Group 30,295 124,973 0.96Premier Oil 24,818 103,731 0.80Keller Group 19,718 88,029 0.67ITE Group 34,021 81,839 0.63Aegis Group 33,569 67,120 0.51Hiscox (Bermuda) (1) 12,180 64,254 0.49TT Electronics 6,191 11,574 0.09Wincanton 15,978 8,271 0.06


Germany

Rheinmetall 11,731 453,110 3.47Draegerwerk & Co. Pfd 5,264 409,381 3.14GEA Group 18,255 381,073 2.92Gerresheimer 1,779 66,134 0.51Kontron 11,155 53,990 0.41


Norway

Storebrand 141,777 433,559 3.32Petroleum Geo-Services 44,124 420,604 3.22TGS Nopec Geophysical 11,210 233,495 1.79Schibsted 3,150 80,155 0.62

Fred Olsen Energy 447 12,554 0.10

Total for Norway 9.05

France

Wendel 7,566 439,963 3.38Eurofins Scientific 3,004 293,461 2.25Euler Hermes 4,583 231,121 1.77Alten 4,684 102,158 0.78Sa des Ciments Vicat 1,062 40,595 0.31Legrand 154 4,104 0.03


Switzerland

Rieter Holding Regd 3,285 376,515 2.88Kuoni Reisen Holding Regd B 1,362 323,147 2.48Bucher Industries Regd 1,659 208,639 1.60Burckhardt Compression Holding 148 30,123 0.23


Denmark

Jyske Bank Regd 14,292 304,186 2.33D/S Norden 12,193 254,590 1.95

INVESTMENT AIM

To provide an attractive rate of return,

measured in Euro, by investing primarily

in the common stocks of small sized

European corporations with a market

capitalisation of up to US $5 billion

(or equivalent) that the Company believes

to be undervalued relative to the stock

market in general at the time of purchase.






value% of net

assets

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European Small Cap Value Fund






value% of net

assets

Sydbank 14,725 188,199 1.44SimCorp 511 68,335 0.53

Total for Denmark 6.25

Finland

Stora Enso R 85,045 406,005 3.11Konecranes 9,263 192,300 1.48Rautaruukki 28,199 139,980 1.07


Netherlands

Randstad Holding 16,039 371,864 2.85Nutreco 4,946 273,266 2.09


Italy

Brembo 38,469 296,404 2.27Azimut Holding 32,013 253,223 1.94

Prysmian 8,127 95,167 0.73


Ireland

Kerry Group A 9,089 313,434 2.40

Total for Ireland 2.40

Sweden

Clas Ohlson B 12,308 135,516 1.04


Austria

Atrium European Real Estate (Jersey) (1) 35,994 128,499 0.99

Total for Austria 0.99

Spain

Miquel y Costas & Miquel 3,091 63,520 0.49Antena 3 de Television 5,508 18,672 0.14Grifols 910 18,223 0.14Grifols B 846 12,546 0.10Red Electrica 347 11,895 0.09



Other Assets less Liabilities 452,387 3.47



Denmark (continued)

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Eurozone Equity Alpha Fund

Equities

Germany

Siemens Regd 70,461 4,648,312 5.03Bayer Regd 71,203 4,015,137 4.34

Allianz Regd 43,032 3,393,934 3.67Daimler Regd 92,085 3,238,169 3.50Muenchener Rueckversicherungs Regd 27,745 3,071,371 3.32Fresenius & Co. 35,697 2,918,587 3.16Henkel & Co Pfd 48,378 2,522,913 2.73MAN 23,275 1,862,233 2.01Hamburger Hafen und Logistik (2) 74,444 1,493,719 1.62


France

Pernod-Ricard (2) 39,276 3,287,401 3.56BNP Paribas 102,880 3,053,478 3.30Schneider Electric 65,981 2,851,369 3.08Safran 95,308 2,798,243 3.03AXA 264,378 2,754,819 2.98SES (Luxembourg) (1) 126,971 2,355,312 2.55Accor 74,181 1,821,144 1.97

Socit Gnrale 88,197 1,594,161 1.72Faurecia 105,208 1,369,808 1.48


Netherlands

Unilever CVA 169,985 4,496,103 4.87Koninklijke Ahold 279,247 2,735,224 2.96Reed Elsevier 227,694 2,064,274 2.23ArcelorMittal (Luxembourg) (1) 161,525 1,935,069 2.09


Spain

Banco Bilbao Vizcaya Argentaria (2) 573,099 3,151,471 3.41Telefonica 284,855 2,912,642 3.15Amadeus IT Holding A (2) 139,380 2,295,589 2.48


Italy

ENI 243,445 4,050,925 4.38Azimut Holding (2) 265,048 2,096,530 2.27Ansaldo STS (2) 261,593 1,474,077 1.59


United Kingdom

Royal Dutch Shell A 90,645 2,420,221 2.62Imperial Tobacco Group 77,811 2,377,525 2.57


Finland

Kone B 55,383 2,633,462 2.85


Ireland

CRH 165,485 2,516,199 2.72

Total for Ireland 2.72

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

in the Eurozone (being those member states

of the European Union which have adopted

the Euro as their national currency).






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assets

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Eurozone Equity Alpha Fund






value% of net

assets

Belgium

Umicore 53,910 1,945,612 2.10


Portugal

Galp Energia SGPS B 179,760 1,775,130 1.93

Total for Portugal 1.93


Mutual Fund

Morgan Stanley Funds -Euro Liquidity Fund (Ireland) (1) (4) 1,700,000 1,700,000 1.84



Other Assets less Liabilities 822,878 0.89






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Global Brands Fund

Equities

United States of AmericaPhilip Morris International 5,341,527 465,514,078 6.04Accenture A (Ireland) (1) 6,204,473 364,450,744 4.73

Microsoft 11,907,088 360,308,483 4.68Procter & Gamble 5,760,621 351,109,850 4.56Dr Pepper Snapple Group 6,886,774 300,952,024 3.90Kraft Foods A 5,726,335 217,543,467 2.82Herbalife (Cayman Islands) (1) 4,045,371 191,669,678 2.49Mead Johnson Nutrition 2,085,584 170,204,510 2.21Visa A 1,311,537 159,496,015 2.07Moodys 2,741,273 98,658,415 1.28Kellogg 1,804,732 88,937,193 1.15Hillshire Brands 2,586,621 74,261,889 0.96Scotts Miracle-Gro A 652,833 26,746,568 0.35


United KingdomBritish American Tobacco 14,233,608 730,734,096 9.48Reckitt Benckiser Group 9,327,286 494,065,718 6.41Imperial Tobacco Group 11,119,259 430,446,685 5.59Unilever 11,026,628 372,724,863 4.84

Diageo 9,391,176 242,759,119 3.15Admiral Group 7,043,502 132,245,578 1.72Experian (Jersey) (1) 8,248,945 116,708,721 1.51


Switzerland

Nestl Regd 12,498,252 744,139,563 9.66Novartis Regd 234,821 13,115,036 0.17


FranceLegrand 9,643,623 325,609,372 4.23


SwedenSwedish Match 7,279,505 292,959,423 3.80


FinlandKone B 4,018,398 242,082,240 3.14


GermanySAP 3,784,830 221,849,474 2.88


NetherlandsDE Master Blenders 1753 12,933,108 134,614,255 1.75


ItalyDavide Campari-Milano 12,716,549 87,967,322 1.14



INVESTMENT AIM

To seek an attractive long-term rate of return,


principally in equity securities of companies

in the worlds developed countries,

by investing in a concentrated portfolio

of companies whose success the Company

believes depends on intangible assets

(for example, but not limited to, brand names,

copyrights or methods of distribution)

underpinning a strong business franchise.






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Global Brands Fund

Mutual Fund

Morgan Stanley Funds - US Dollar TreasuryLiquidity Fund (Ireland) (1) (4) 248,216,000 248,216,000 3.22


Total Investment Securities 7,700,090,379 99.93

DERIVATIVES




Maturitydate

Amountbought

Amountsold

Net unrealisedgain/(loss) as at


assets

06/07/2012 21,177,773 CHF 22,047,113 USD 271,356 0.0006/07/2012 847,167,718 EUR 1,059,186,110 USD 14,151,145 0.18

06/07/2012 90,607,267 GBP 141,724,897 USD 395,908 0.01

Unrealised Gain on Forward Foreign Currency

Exchange Contracts 14,818,409 0.19

06/07/2012 48,817 USD 39,248 EUR (908) 0.00

06/07/2012 30,049 USD 19,247 GBP (140) 0.00

Unrealised Loss on Forward Foreign Currency

Exchange Contracts (1,048) 0.00


Exchange Contracts 14,817,361 0.19

Total Derivat ives 14,817,361 0.19

Other Assets less Liabilities (9,560,241) (0.12)

Total Net Asset Value 7,705,347,499 100.00








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Global Equity Allocation Fund

Equities


Apple 500 288,000 2.32International Business Machines 900 174,672 1.41

Exxon Mobil 2,000 169,440 1.37Microsoft 5,401 163,434 1.32Google A 200 114,910 0.93Johnson & Johnson 1,516 102,345 0.83Amazon.com 400 90,108 0.73Qualcomm 1,500 83,130 0.67Chevron 782 81,742 0.66Wells Fargo & Co 2,391 79,357 0.64Pfizer 3,400 77,860 0.63AT&T 2,155 76,783 0.62Philip Morris International 840 73,206 0.59DR Horton 3,800 68,286 0.55PNC Financial Services Group 1,000 60,510 0.49Biogen Idec 400 57,156 0.46Abbott Laboratories 852 54,085 0.44Charles Schwab 4,200 54,012 0.44Verizon Communications 1,200 53,436 0.43JPMorgan Chase & Co. 1,400 51,268 0.41Amgen 700 50,750 0.41Cisco Systems 3,000 50,580 0.41Procter & Gamble 795 48,455 0.39General Electric 2,200 45,188 0.36Walt Disney 900 43,641 0.35Bristol-Myers Squibb 1,200 42,684 0.34Oracle 1,400 40,838 0.33Occidental Petroleum 485 40,599 0.33American Express 700 40,537 0.33Coca-Cola 486 37,684 0.30Wal-Mart Stores 537 37,134 0.30Merck & Co. 900 36,990 0.30Visa A 300 36,483 0.29McDonalds 400 35,404 0.29EMC 1,400 34,650 0.28TJX Companies 800 33,856 0.27Citigroup 1,200 32,964 0.27Bank of America 4,100 32,759 0.26Kimberly-Clark 376 31,264 0.25

Automatic Data Processing 565 31,154 0.25Dow Chemical 1,000 31,100 0.25Simon Property Group 200 30,958 0.25Time Warner 800 30,592 0.25Illinois Tool Works 559 29,364 0.24McKesson 300 28,116 0.23Bank of New York Mellon 1,300 28,054 0.23CVS Caremark 600 27,960 0.23Starbucks 500 26,480 0.21Home Depot 500 26,330 0.21Danaher 500 25,805 0.21Gilead Sciences 500 25,340 0.20Caterpillar 300 25,212 0.20EI du Pont de Nemours & Co. 500 25,135 0.20CA 939 25,015 0.20Yum! Brands 400 25,008 0.20eBay 600 24,777 0.20Monsanto 300 24,588 0.20Bed Bath & Beyond 400 24,472 0.20Medtronic 630 24,324 0.20Altria Group 700 24,080 0.19UnitedHealth Group 400 24,040 0.19Union Pacific 200 23,592 0.19United Parcel Service B 300 23,496 0.19Devon Energy 400 23,028 0.19United Technologies 300 22,398 0.18PepsiCo 318 22,298 0.18

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 factorsto 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.






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assets

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Raytheon 397 22,208 0.18Allstate 638 22,170 0.18

U.S. Bancorp 683 21,774 0.18Praxair 200 21,502 0.17Eli Lilly & Co 500 21,390 0.17Covidien (Ireland) (1) 400 21,368 0.17Comerica 683 20,927 0.173M 228 20,285 0.16General Mills 522 19,862 0.16WellPoint 300 19,602 0.16Broadcom A 586 19,484 0.16Schlumberger (Curacao) (1) 300 19,377 0.16Newmont Mining 400 19,192 0.15Viacom B 400 19,024 0.15Kraft Foods A 500 18,995 0.15Salesforce.com 139 18,942 0.15Costco Wholesale 200 18,926 0.15Comcast A 600 18,888 0.15Laboratory Corp of America Holdings 200 18,718 0.15Express Scripts Holding 324 17,985 0.15General Dynamics 274 17,889 0.14EOG Resources 200 17,814 0.14News A 800 17,728 0.14Accenture A (Ireland) (1) 300 17,622 0.14Intuit 300 17,613 0.14Spectra Energy 600 17,562 0.14Walgreen 598 17,551 0.14Apache 200 17,360 0.14Target 300 17,193 0.14Macys 500 17,000 0.14Limited Brands 400 16,868 0.14Cardinal Health 400 16,596 0.13Berkshire Hathaway B 200 16,560 0.13H&R Block 1,024 16,558 0.13Lowes Cos 600 16,524 0.13Honeywell International 300 16,479 0.13Johnson Controls 600 16,338 0.13CBS non-vtg B 500 16,155 0.13Adobe Systems 500 15,955 0.13

Deere & Co 200 15,932 0.13Tyco International (Switzerland) (1) 300 15,876 0.13Baxter International 300 15,717 0.13Starwood Hotels & Resorts Worldwide 300 15,576 0.13Ford Motor 1,600 15,568 0.13Agilent Technologies 400 15,532 0.13Waste Management 467 15,500 0.12Weyerhaeuser 700 15,470 0.12Travelers 242 15,427 0.12Parker Hannifin 200 15,214 0.12MetLife 500 15,140 0.12ConocoPhillips 269 14,943 0.12Becton Dickinson & Co. 200 14,828 0.12Boeing 200 14,734 0.12ACE (Switzerland) (1) 200 14,676 0.12Northrop Grumman 232 14,672 0.12DIRECTV A 300 14,472 0.12Prudential Financial 300 14,388 0.12Fiserv 200 14,294 0.12

Norfolk Southern 200 14,250 0.11Public Storage 100 14,245 0.11Ameren 421 14,179 0.11American Tower A 200 14,028 0.11Emerson Electric 300 13,677 0.11Ecolab 200 13,546 0.11Northern Trust 300 13,503 0.11






value% of net

assets


value% of net

assets

CSX 600 13,350 0.11Freeport-McMoRan Copper & Gold 400 13,340 0.11Marathon Oil 523 13,295 0.11State Street 300 13,218 0.11Sherwin-Williams 100 13,160 0.11Eaton Vance 487 12,910 0.10Computer Sciences 525 12,883 0.10ConAgra Foods 500 12,880 0.10National Oilwell Varco 200 12,860 0.10Zimmer Holdings 200 12,764 0.10

Ingersoll-Rand (Ireland) (1) 300 12,645 0.10Western Digital 429 12,630 0.10TE Connectivity (Switzerland) (1) 400 12,628 0.10Liberty Interactive A 700 12,320 0.10Equity Residential 200 12,312 0.10NetApp 400 12,248 0.10Baker Hughes 300 12,240 0.10Aetna 300 12,051 0.10Quest Diagnostics 200 12,002 0.10NYSE Euronext 465 11,899 0.10Cognizant Technology Solutions A 200 11,880 0.10St Jude Medical 300 11,829 0.10Colgate-Palmolive 114 11,781 0.10McCormick & Co non-vtg 196 11,709 0.09Eaton 300 11,634 0.09Mastercard A 27 11,506 0.09Corning 900 11,466 0.09Halliburton 400 11,324 0.09

Stryker 200 10,982 0.09Heinz (H.J.) 200 10,844 0.09Discovery Communications A 200 10,754 0.09Boston Properties 100 10,662 0.09Dover 200 10,598 0.09Intel 400 10,560 0.09PPG Industries 100 10,495 0.08Molson Coors Brewing B 257 10,411 0.08Discovery Communications C 200 9,996 0.08Western Union 600 9,990 0.08Campbell Soup 300 9,897 0.08Valero Energy 400 9,632 0.08Omnicom Group 200 9,596 0.08Marsh & McLennan 300 9,564 0.08Cummins 100 9,561 0.08Goldman Sachs Group 100 9,540 0.08Motorola Solutions 200 9,494 0.08AON (United Kingdom) (1) 200 9,238 0.07FedEx 100 9,075 0.07

Harley-Davidson 200 9,050 0.07Hershey 128 9,002 0.07MDU Resources Group 415 8,997 0.07Life Technologies 200 8,982 0.07Cigna 200 8,914 0.07Marathon Petroleum 200 8,902 0.07Archer-Daniels-Midland 300 8,775 0.07HCP 200 8,758 0.07International Paper 300 8,655 0.07MeadWestvaco 300 8,553 0.07Aflac 200 8,478 0.07BMC Software 200 8,418 0.07Vornado Realty Trust 100 8,310 0.07Progressive 400 8,216 0.07Ball 200 8,204 0.07Citrix Systems 100 8,186 0.07Time Warner Cable 100 8,085 0.07Air Products & Chemicals 100 7,968 0.06LyondellBasell Industries A (Netherlands) (1) 200 7,934 0.06CenturyLink 200 7,850 0.06FMC Technologies 200 7,798 0.06General Motors 400 7,784 0.06Vulcan Materials 200 7,728 0.06Staples 600 7,710 0.06Paccar 200 7,694 0.06Cincinnati Financial 200 7,588 0.06


United States of America (continued)



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Nucor 200 7,572 0.06Sigma-Aldrich 100 7,363 0.06

L-3 Communications Holdings 100 7,334 0.06Clorox 100 7,241 0.06Hospira 200 6,994 0.06Kroger 300 6,951 0.06Crown Holdings 200 6,940 0.06Autodesk 200 6,854 0.06Discover Financial Services 200 6,840 0.06Cooper Industries (Ireland) (1) 100 6,742 0.05News B 300 6,720 0.05ProLogis 200 6,576 0.05Anadarko Petroleum 100 6,513 0.05Rockwell Automation 100 6,495 0.05SPX 100 6,487 0.05Noble (Switzerland) (1) 200 6,422 0.05Juniper Networks 400 6,360 0.05Paychex 200 6,294 0.05Ventas 100 6,266 0.05Host Hotels & Resorts 400 6,236 0.05Range Resources 100 6,225 0.05T Rowe Price Group 100 6,195 0.05Progress Energy 100 6,051 0.05Phillips 66 184 6,024 0.05Consol Energy 200 5,882 0.05Health Care REIT 100 5,813 0.05Symantec 400 5,706 0.05Kimco Realty 300 5,667 0.05Joy Global 100 5,576 0.04Masco 400 5,512 0.04EQT 100 5,472 0.04Safeway 300 5,469 0.04Mosaic 100 5,465 0.04Pall 100 5,416 0.04Ameriprise Financial 100 5,198 0.04American Capital Agency 155 5,189 0.04Republic Services 200 5,182 0.04Boston Scientific 900 5,094 0.04CareFusion 200 5,060 0.04

Xylem 200 5,050 0.04Annaly Capital Management 300 5,028 0.04Weatherford International (Switzerland) (1) 400 5,016 0.04Eastman Chemical 100 4,967 0.04Fluor 100 4,927 0.04FirstEnergy 100 4,917 0.04Liberty Global A 100 4,900 0.04Rockwell Collins 100 4,882 0.04Cliffs Natural Resources 100 4,796 0.04Liberty Global C 100 4,722 0.04Yahoo! 300 4,704 0.04International Game Technology 300 4,698 0.04Peabody Energy 200 4,690 0.04Southern 100 4,669 0.04Equifax 100 4,645 0.04Edison International 100 4,627 0.04Kohls 100 4,487 0.04Dr Pepper Snapple Group 100 4,370 0.04SanDisk 122 4,318 0.03

Helmerich & Payne 100 4,255 0.03Cameron International 100 4,206 0.03Regeneron Pharmaceuticals 37 4,170 0.03American Electric Power 100 4,009 0.03Equinix 23 3,998 0.03Plum Creek Timber 100 3,965 0.03TransDigm Group 30 3,949 0.03Sprint Nextel 1,200 3,936 0.03






value% of net

assets


value% of net

assets

Wyndham Worldwide 74 3,845 0.03Unum Group 200 3,828 0.03Cintas 100 3,826 0.03CMS Energy 162 3,825 0.03Owens-Illinois 200 3,800 0.03Pentair 100 3,790 0.03Exelon 100 3,776 0.03Jacobs Engineering Group 100 3,711 0.03SL Green Realty 47 3,705 0.03Chesapeake Energy 200 3,640 0.03

Liberty Property Trust 100 3,640 0.03GameStop A 200 3,600 0.03UDR 139 3,538 0.03Trimble Navigation 76 3,497 0.03Alcoa 400 3,468 0.03Celanese A 100 3,457 0.03Applied Materials 300 3,411 0.03Xilinx 100 3,304 0.03Coventry Health Care 100 3,281 0.03Iron Mountain 100 3,280 0.03Kinder Morgan 100 3,174 0.03Avon Products 200 3,164 0.03Tractor Supply 38 3,154 0.03Allegheny Technologies 100 3,128 0.03Southwestern Energy 100 3,121 0.03Akamai Technologies 100 3,116 0.03Murphy Oil 62 3,048 0.02Kinder Morgan Management 41 2,960 0.02

Hillshire Brands 100 2,871 0.02Nabors Industries (Bermuda) (1) 200 2,856 0.02Xcel Energy 100 2,854 0.02Robert Half International 100 2,802 0.02PPL 100 2,788 0.02Texas Instruments 100 2,770 0.02Pinnacle West Capital 50 2,600 0.02Affiliated Managers Group 23 2,532 0.02PVH 32 2,459 0.02Dicks Sporting Goods 51 2,454 0.02Ansys 39 2,435 0.02KBR 100 2,419 0.02Ulta Salon Cosmetics & Fragrance 27 2,416 0.02Electronic Arts 200 2,390 0.02LinkedIn A 22 2,331 0.02Albemarle 39 2,323 0.02United States Steel 100 2,090 0.02Rackspace Hosting 46 1,974 0.02VeriFone Systems 54 1,733 0.01

NRG Energy 100 1,720 0.01Calpine 100 1,665 0.01Charter Communications A 19 1,347 0.01First Republic Bank 37 1,233 0.01Delphi Automotive (Jersey) (1) 44 1,128 0.01Sensata Technologies Holdings (Netherlands) (1) 40 1,087 0.01ACCO Brands 97 986 0.01


United Kingdom

Royal Dutch Shell A 2,026 68,563 0.55BP 10,206 67,652 0.55HSBC Holdings 5,806 51,546 0.42GlaxoSmithKline 1,769 40,234 0.32Standard Chartered 1,706 37,477 0.30WPP (Jersey) (1) 3,063 37,451 0.30Aggreko 1,054 34,437 0.28

Reckitt Benckiser Group 641 33,954 0.27British American Tobacco 642 32,959 0.27Royal Dutch Shell B 929 32,604 0.26Rio Tinto 674 32,202 0.26AstraZeneca 588 26,383 0.21Pearson 1,307 26,077 0.21BG Group 1,262 25,773 0.21BHP Billiton 892 25,478 0.21





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Imperial Tobacco Group 565 21,872 0.18Smith & Nephew 2,152 21,570 0.17

Legal & General Group 10,708 21,398 0.17Prudential 1,803 20,900 0.17Anglo American 542 17,904 0.14Next 338 17,056 0.14Marks & Spencer Group 3,094 15,879 0.13BAE Systems 3,153 14,387 0.12Diageo 556 14,372 0.12Centrica 2,859 14,264 0.12Old Mutual 5,925 14,136 0.11Carnival 395 13,612 0.11British Sky Broadcasting 1,194 13,082 0.11Experian (Jersey) (1) 911 12,889 0.10Sage Group 2,833 12,402 0.10Xstrata 915 11,643 0.09Unilever 339 11,459 0.09Reed Elsevier 1,372 11,094 0.09Barclays 3,849 10,152 0.08Vodafone Group 3,441 9,680 0.08Aviva 2,191 9,423 0.08Rolls-Royce Holdings 685 9,295 0.07Tesco 1,717 8,360 0.07National Grid 769 8,190 0.07ICAP 1,514 8,058 0.06TUI Travel 2,943 7,848 0.06SSE 347 7,578 0.06Burberry Group 360 7,544 0.06Bunzl 455 7,487 0.06Royal Bank of Scotland Group 2,205 7,450 0.06Compass Group 637 6,704 0.05Balfour Beatty 1,375 6,466 0.05J Sainsbury 1,331 6,286 0.05Intercontinental Hotels Group 234 5,649 0.05Smiths Group 323 5,127 0.04Cobham 1,407 5,098 0.04Land Securities Group 434 5,070 0.04Johnson Matthey 144 5,005 0.04Kingfisher 1,056 4,800 0.04

Severn Trent 173 4,464 0.04Tullow Oil 190 4,411 0.04Rexam 662 4,365 0.04British Land 493 3,955 0.03Petrofac (Jersey) (1) 174 3,829 0.03Wolseley (Jersey) (1) 97 3,626 0.03Whitbread 112 3,577 0.03International Power (3) 515 3,373 0.03Resolution (Guernsey) (1) 980 3,024 0.02Capita Group 291 2,994 0.02AMEC 183 2,888 0.02Croda International 71 2,511 0.02IMI 173 2,237 0.02Intertek Group 53 2,227 0.02GKN 531 1,509 0.01Aberdeen Asset Management 301 1,227 0.01


Japan

Takeda Pharmaceutical 1,300 59,083 0.48Fanuc 300 48,843 0.39Fast Retailing 200 39,930 0.32Shin-Etsu Chemical 600 32,889 0.27Komatsu 1,200 28,333 0.23Bridgestone 1,100 25,101 0.20






value% of net

assets


value% of net

assets

Sumitomo Realty & Development 1,000 24,403 0.20Sumitomo Metal Mining 2,000 22,404 0.18Mitsui Fudosan 1,000 19,236 0.16Kubota 2,000 18,356 0.16Mitsubishi Estate 1,000 17,828 0.14Sumitomo Mitsui Trust Holdings 6,000 17,802 0.14Eisai 400 17,551 0.14SMC 100 17,237 0.14Tokyo Electron 300 13,936 0.11Ajinomoto 1,000 13,918 0.11

Toray Industries 2,000 13,603 0.11Hoya 600 13,178 0.11Shimano 200 13,075 0.11Nitto Denko 300 12,729 0.10Mizuho Financial Group 6,700 11,287 0.09Inpex 2 11,177 0.09Shizuoka Bank 1,000 10,284 0.08Sumitomo Mitsui Financial Group 300 9,852 0.08JX Holdings 1,900 9,746 0.08Keikyu 1,000 9,115 0.07Astellas Pharma 200 8,713 0.07Kyocera 100 8,587 0.07Terumo 200 8,197 0.07Toyota Motor 200 8,021 0.07Fuji Heavy Industries 1,000 8,009 0.07Central Japan Railway 1 7,883 0.06Bank of Kyoto 1,000 7,569 0.06Honda Motor 200 6,912 0.06

Asahi Glass 1,000 6,701 0.05Credit Saison 300 6,627 0.05Marubeni 1,000 6,613 0.05Mitsubishi Chemical Holdings 1,500 6,582 0.05Kuraray 500 6,456 0.05NSK 1,000 6,412 0.05NKSJ Holdings 300 6,352 0.05East Japan Railway 100 6,286 0.05Hitachi 1,000 6,123 0.05Chiba Bank 1,000 5,997 0.05Trend Micro 200 5,881 0.05Unicharm 100 5,714 0.05USS 50 5,400 0.04Isuzu Motors 1,000 5,318 0.04Tobu Railway 1,000 5,268 0.04Murata Manufacturing 100 5,224 0.04Hachijuni Bank 1,000 5,192 0.04Tokyo Gas 1,000 5,117 0.04Hankyu Hanshin Holdings 1,000 5,054 0.04

Daiichi Sankyo 300 5,050 0.04NTT DoCoMo 3 5,005 0.04Tokio Marine Holdings 200 4,994 0.04Itochu Techno-Solutions 100 4,834 0.04Yamato Holdings 300 4,824 0.04Fujitsu 1,000 4,765 0.04Gunma Bank 1,000 4,727 0.04Tokyu 1,000 4,715 0.04Bank of Yokohama 1,000 4,715 0.04Nippon Telegraph & Telephone 100 4,652 0.04Orix 50 4,633 0.04Secom 100 4,583 0.04Benesse Holdings 100 4,482 0.04Sumitomo Heavy Industries 1,000 4,463 0.04Nomura Research Institute 200 4,393 0.04IHI 2,000 4,249 0.03Omron 200 4,199 0.03Osaka Gas 1,000 4,199 0.03Itochu 400 4,184 0.03Sumitomo 300 4,179 0.03West Japan Railway 100 4,124 0.03Nippon Express 1,000 4,124 0.03Santen Pharmaceutical 100 4,117 0.03Yokogawa Electric 400 4,114 0.03Yamaha Motor 400 4,099 0.03Mitsubishi Heavy Industries 1,000 4,048 0.03


Japan (continued)


United Kingdom (continued)

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Kintetsu 1,000 3,998 0.03Canon 100 3,979 0.03

Mabuchi Motor 100 3,973 0.03Sysmex 100 3,948 0.03OJI Paper 1,000 3,835 0.03Toshiba 1,000 3,772 0.03Nissan Motor 400 3,762 0.03Daiwa Securities Group 1,000 3,734 0.03Softbank 100 3,713 0.03Citizen Holdings 600 3,500 0.03Makita 100 3,486 0.03Denki Kagaku Kogyo 1,000 3,470 0.03Shimizu 1,000 3,470 0.03JSR 200 3,452 0.03Denso 100 3,386 0.03Hamamatsu Photonics 100 3,377 0.03Chubu Electric Power 200 3,254 0.03Yahoo Japan 10 3,234 0.03NTN 1,000 3,118 0.03Advantest 200 3,095 0.03NEC 2,000 3,093 0.03Otsuka Holdings 100 3,071 0.03NTT Data 1 3,059 0.03Sumitomo Chemical 1,000 3,055 0.02Teijin 1,000 3,030 0.02Seiko Epson 300 3,021 0.02Nikon 100 3,020 0.02Mitsui & Co. 200 2,952 0.02Kajima 1,000 2,929 0.02Mitsubishi Materials 1,000 2,879 0.02Toyota Industries 100 2,844 0.02Daikin Industries 100 2,796 0.02Kawasaki Heavy Industries 1,000 2,716 0.02Taisei 1,000 2,678 0.02Nippon Yusen 1,000 2,628 0.02Nomura Holdings 700 2,587 0.02Yamada Denki 50 2,549 0.02Asics 200 2,532 0.02Mitsui Chemicals 1,000 2,489 0.02

Sumitomo Electric Industries 200 2,472 0.02Panasonic 300 2,425 0.02Toyo Seikan Kaisha 200 2,411 0.02Taiheiyo Cement 1,000 2,288 0.02Konami 100 2,253 0.02Nippon Steel 1,000 2,250 0.02Nabtesco 100 2,213 0.02Aeon Mall 100 2,121 0.02Mitsubishi 100 2,007 0.02FUJIFILM Holdings 100 1,883 0.02Ibiden 100 1,792 0.01Nippon Paper Group 100 1,589 0.01

Total for Japan 7.86

Switzerland

ABB Regd 6,194 100,845 0.81Nestl Regd 1,650 98,240 0.79

Roche Holding Genusschein 526 90,738 0.73Novartis Regd 1,500 83,777 0.68Holcim Regd 475 26,204 0.21Syngenta Regd 63 21,510 0.17Transocean 309 13,735 0.11UBS Regd 1,111 12,890 0.10Adecco Regd 182 8,017 0.06






value% of net

assets


value% of net

assets

Sonova Holding Regd 64 6,154 0.05Lindt & Spruengli 2 6,118 0.05SGS Regd 3 5,621 0.05Actelion Regd 127 5,227 0.04Lonza Group Regd 120 5,061 0.04Credit Suisse Group Regd 264 4,844 0.04Kuehne & Nagel International Regd 34 3,569 0.03Givaudan Regd 3 2,940 0.02Swiss Prime Site Regd 30 2,493 0.02Banque Cantonale Vaudoise Regd 2 1,055 0.01

Sulzer Regd 8 943 0.01


Canada

Barrick Gold 600 22,455 0.18Goldcorp 500 18,703 0.15Canadian National Railway 200 17,021 0.14Enbridge 400 15,963 0.13Toronto-Dominion Bank 200 15,675 0.13Royal Bank of Canada 300 15,293 0.12Suncor Energy 500 14,326 0.12Potash Corporation of Saskatchewan 300 13,374 0.11TransCanada 300 12,673 0.10Imperial Oil 300 12,620 0.10Rogers Communications B 300 10,883 0.09Metro A 200 10,390 0.08Bank of Nova Scotia 200 10,303 0.08

Brookfield Asset Management A 300 9,853 0.08Cenovus Energy 300 9,538 0.08Franco-Nevada 200 9,022 0.07Valeant Pharmaceuticals International 200 8,986 0.07Agrium 100 8,876 0.07BCE 200 8,178 0.07Agnico-Eagle Mines 200 8,076 0.07Canadian Natural Resources 300 8,039 0.06Eldorado Gold 600 7,424 0.06Canadian Pacific Railway 100 7,337 0.06National Bank of Canada 100 7,128 0.06Canadian Imperial Bank of Commerce 100 7,015 0.06Canadian Tire A 100 6,764 0.05Cameco 300 6,691 0.05Manulife Financial 600 6,512 0.05Great-West Lifeco 300 6,465 0.05CI Financial 300 6,391 0.05Encana 300 6,300 0.05

Yamana Gold 400 6,154 0.05Teck Resources B 200 6,099 0.05Kinross Gold 700 5,777 0.05George Weston 100 5,726 0.05Talisman Energy 500 5,701 0.05Bank of Montreal 100 5,500 0.04First Quantum Minerals 300 5,337 0.04Nexen 300 5,155 0.04Husky Energy 200 5,042 0.04Power Financial 200 5,002 0.04IAMGOLD 400 4,702 0.04Power Corp of Canada 200 4,686 0.04Sun Life Financial 200 4,376 0.04Shoppers Drug Mart 100 4,035 0.03Magna International 100 3,917 0.03IGM Financial 100 3,896 0.03New Gold 400 3,799 0.03Shaw Communications B 200 3,784 0.03SNC-Lavalin Group 100 3,749 0.03

Crescent Point Energy 100 3,716 0.03Fortis 100 3,157 0.03Bombardier B 700 2,775 0.02Penn West Petroleum 200 2,673 0.02SXC Health Solutions 27 2,667 0.02

Total for Canada 3.51


Switzerland (continued)


Japan (continued)

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Germany

Siemens Regd 275 22,985 0.19SAP 311 18,229 0.15

Daimler Regd 326 14,524 0.12Deutsche Bank Regd 280 10,085 0.08Hannover Rueckversicherung Regd 167 9,938 0.08Deutsche Post Regd 528 9,278 0.07Bayerische Motoren Werke 119 8,533 0.07Volkswagen Pfd 52 8,100 0.06ProSiebenSat.1 Media Pfd 357 7,915 0.06Porsche Automobil Holding Pfd 52 2,583 0.02Kabel Deutschland Holding 31 1,926 0.02Hugo Boss 12 1,186 0.01United Internet Regd 38 651 0.01Fraport Frankfurt Airport Services Worldwide 12 637 0.01

Total for Ger

Documents

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