schroder international selection fund semi-annual report

Schroder International Selection FundSemi-Annual Report30 June 2010

Luxembourg

R.C.S. Luxembourg B 8.202

Schroder International Selection FundSociété d’Investissement à Capital Variable (SICAV)

Semi-Annual Report30 June 2010

No subscriptions can be received on the basis of financial reports. Subscriptions are validonly if made on the basis of the current prospectus accompanied by the last availableannual report or semi-annual report if published thereafter.

Annual and semi-annual reports, the current prospectus and the Articles of Incorporationof the Company are available, free of charge, at the Company’s registered office, 5, rueHöhenhof, L-1736 Senningerberg, Grand Duchy of Luxembourg.

Schroder International Selection Fund Semi-Annual Report 30 June 2010

Table of Contents

Schroder International Selection Fund . . . . . . . . . . . . . . . . . . . 7

Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Investment Managers’ Report . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . 13

Statement of Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

Distribution of Investments by Industry . . . . . . . . . . . . . . . . . . 93

Portfolio of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

Mainstream Equity FundsSchroder ISF EURO Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

Schroder ISF European Large Cap . . . . . . . . . . . . . . . . . . . . . 108

Schroder ISF Global Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

Schroder ISF Italian Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . 110

Schroder ISF Japanese Equity . . . . . . . . . . . . . . . . . . . . . . . . 111

Schroder ISF Japanese Large Cap . . . . . . . . . . . . . . . . . . . . . 112

Schroder ISF Pacific Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . 113

Schroder ISF Swiss Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . 114

Schroder ISF UK Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

Schroder ISF US All Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116

Schroder ISF US Large Cap . . . . . . . . . . . . . . . . . . . . . . . . . . 117

Specialist Equity FundsSchroder ISF Asia Pacific Property Securities . . . . . . . . . . . . . 118

Schroder ISF Asian Equity Yield . . . . . . . . . . . . . . . . . . . . . . . 119

Schroder ISF Asian Smaller Companies . . . . . . . . . . . . . . . . . 120

Schroder ISF Asian Total Return . . . . . . . . . . . . . . . . . . . . . . . 121

Schroder ISF BRIC (Brazil, Russia, India, China) . . . . . . . . . . . 122

Schroder ISF China Opportunities . . . . . . . . . . . . . . . . . . . . . . 123

Schroder ISF Emerging Asia . . . . . . . . . . . . . . . . . . . . . . . . . . 124

Schroder ISF Emerging Europe . . . . . . . . . . . . . . . . . . . . . . . . 125

Schroder ISF Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . 126

Schroder ISF European Dividend Maximiser . . . . . . . . . . . . . . 128

Schroder ISF European Equity Yield . . . . . . . . . . . . . . . . . . . . 129

Schroder ISF European Smaller Companies . . . . . . . . . . . . . . 130

Schroder ISF European Special Situations . . . . . . . . . . . . . . . . 132

Schroder ISF Global Climate Change Equity . . . . . . . . . . . . . . 133

Schroder ISF Global Dividend Maximiser . . . . . . . . . . . . . . . . . 134

Schroder ISF Global Emerging Market Opportunities . . . . . . . . 135

Schroder ISF Global Energy . . . . . . . . . . . . . . . . . . . . . . . . . . 136

Schroder ISF Global Equity Yield . . . . . . . . . . . . . . . . . . . . . . . 136

Schroder ISF Global Property Securities . . . . . . . . . . . . . . . . . 137

Schroder ISF Global Resources Equity a . . . . . . . . . . . . . . . . . 138

a Global Resources Equity and Global Small Cap Energy were launched on 17 May 2010.


Table of Contents

Specialist Equity Funds (cont)Schroder ISF Global Small Cap Energy a . . . . . . . . . . . . . . . . . 139

Schroder ISF Global Smaller Companies . . . . . . . . . . . . . . . . . 140

Schroder ISF Greater China . . . . . . . . . . . . . . . . . . . . . . . . . . 144

Schroder ISF Hong Kong Equity . . . . . . . . . . . . . . . . . . . . . . . 146

Schroder ISF Indian Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . 147

Schroder ISF Japanese Smaller Companies . . . . . . . . . . . . . . 147

Schroder ISF Korean Equity . . . . . . . . . . . . . . . . . . . . . . . . . . 148

Schroder ISF Latin American . . . . . . . . . . . . . . . . . . . . . . . . . 149

Schroder ISF Middle East . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150

Schroder ISF Swiss Equity Opportunities . . . . . . . . . . . . . . . . . 151

Schroder ISF Swiss Small & Mid Cap Equity . . . . . . . . . . . . . . 151

Schroder ISF Taiwanese Equity . . . . . . . . . . . . . . . . . . . . . . . . 152

Schroder ISF US Small & Mid-Cap Equity . . . . . . . . . . . . . . . . 153

Schroder ISF US Smaller Companies . . . . . . . . . . . . . . . . . . . 154

Style Equity FundsSchroder ISF EURO Active Value . . . . . . . . . . . . . . . . . . . . . . 155

Schroder ISF EURO Dynamic Growth . . . . . . . . . . . . . . . . . . . 156

Alpha Equity FundsSchroder ISF European Equity Alpha . . . . . . . . . . . . . . . . . . . . 157

Schroder ISF Global Equity Alpha . . . . . . . . . . . . . . . . . . . . . . 158

Schroder ISF Japanese Equity Alpha . . . . . . . . . . . . . . . . . . . 159

Quantitative Equity FundsSchroder ISF QEP Global Active Value . . . . . . . . . . . . . . . . . . 160

Schroder ISF QEP Global Core . . . . . . . . . . . . . . . . . . . . . . . . 166

Schroder ISF QEP Global Quality . . . . . . . . . . . . . . . . . . . . . . 174

Schroder ISF QEP US Core . . . . . . . . . . . . . . . . . . . . . . . . . . 179

Asset Allocation FundsSchroder ISF European Allocation . . . . . . . . . . . . . . . . . . . . . . 183

Schroder ISF Global Tactical Asset Allocation b . . . . . . . . . . . . 183

Absolute Return FundsSchroder ISF Asian Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184

Schroder ISF Emerging Europe Debt Absolute Return . . . . . . . 185

Schroder ISF Emerging Markets Debt Absolute Return . . . . . . 185

Mainstream Bond FundsSchroder ISF EURO Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . 187

Schroder ISF EURO Government Bond . . . . . . . . . . . . . . . . . . 190

Schroder ISF EURO Short Term Bond . . . . . . . . . . . . . . . . . . 191

Schroder ISF Global Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . 193

Schroder ISF Global Inflation Linked Bond . . . . . . . . . . . . . . . . 197

Schroder ISF Hong Kong Dollar Bond . . . . . . . . . . . . . . . . . . . 198

a Global Resources Equity and Global Small Cap Energy were launched on 17 May 2010.b Schroder ISF Global Tactical Asset Allocation was launched on 17 February 2010.


Table of Contents

Mainstream Bond Funds (cont)Schroder ISF US Dollar Bond . . . . . . . . . . . . . . . . . . . . . . . . . 198

Specialist Bond FundsSchroder ISF Asian Local Currency Bond . . . . . . . . . . . . . . . . 201

Schroder ISF EURO Corporate Bond . . . . . . . . . . . . . . . . . . . 202

Schroder ISF Global Corporate Bond . . . . . . . . . . . . . . . . . . . 207

Schroder ISF Global High Yield . . . . . . . . . . . . . . . . . . . . . . . . 211

Schroder ISF Strategic Bond . . . . . . . . . . . . . . . . . . . . . . . . . 215

Specialist Bond Funds (Medium-higher Risk)Schroder ISF Asian Convertible Bond . . . . . . . . . . . . . . . . . . . 219

Schroder ISF Global Convertible Bond . . . . . . . . . . . . . . . . . . 220

Schroder ISF Global Credit Duration Hedged . . . . . . . . . . . . . 221

Defensive FundsSchroder ISF EURO Equity Secure 2010 . . . . . . . . . . . . . . . . . 225

Schroder ISF European Defensive . . . . . . . . . . . . . . . . . . . . . . 225

Schroder ISF European Defensive Monthly c . . . . . . . . . . . . . . 226

Schroder ISF European Defensive 6 Monthly c . . . . . . . . . . . . . 226

Schroder ISF World Defensive 3 Monthly c . . . . . . . . . . . . . . . . 227

Liquidity FundsSchroder ISF EURO Government Liquidity . . . . . . . . . . . . . . . . 227

Schroder ISF EURO Liquidity . . . . . . . . . . . . . . . . . . . . . . . . . 228

Schroder ISF US Dollar Liquidity . . . . . . . . . . . . . . . . . . . . . . . 229

Currency FundsSchroder ISF Global Managed Currency . . . . . . . . . . . . . . . . . 230

c Schroder ISF European Defensive Monthly, Schroder ISF European Defensive 6 Monthly and Schroder ISF World Defensive 3Monthly were merged into Schroder ISF European Defensive on 30 June 2010.




Schroder International Selection Fund (the ‘Company’) is an open-ended ‘umbrella’ companyincorporated under Luxembourg law, which enables investors to choose from ‘Funds’ (specificportfolios of assets and liabilities within the Company having their own net asset value andrepresented by a separate class or classes of Share) offering different investment objectives.The shares of each Fund are listed on the Luxembourg Stock Exchange. Prices are alsoavailable on Bloomberg and Reuters.

This report covers the period from 1 January 2010 to 30 June 2010. The financial statementsare prepared in accordance with Luxembourg regulations relating to undertakings for collectiveinvestment. The last day on which prices were calculated was 30 June 2010, the last workingday of the period. At the date of this report, 83 Funds were available for investment. Pleaserefer to the current prospectus for the investment objectives of the Funds as well as details ofinvestment restrictions. The Investment Manager’s report for each Fund can be found in thequarterly investment reports, which can be obtained from the Company’s registered office andare also available on the website of Schroder Investment Management (Luxembourg) S.A. (http://www.schroders.lu).

Hereafter, Schroder International Selection Fund will be referred to as the Company and allnames of the Funds will be preceded by Schroder ISF, e.g., Schroder ISF Global Equity Alpha.

Schroder International Selection Fund

http://www.schroders.lu


— Massimo TOSATOExecutive Vice ChairmanSchroders PLC31, Gresham StreetLondon EC2V 7QAUnited Kingdom

— Jacques ELVINGERPartnerElvinger, Hoss & Prussen2, place Winston ChurchillL-2014 LuxembourgGrand Duchy of Luxembourg

— Gavin RALSTONGlobal Head of ProductSchroder Investment Management Limited31, Gresham StreetLondon EC2V 7QAUnited Kingdom

— Daniel DE FERNANDO GARCIAIndependent DirectorSerrano 128001 MadridSpain

— Richard MOUNTFORDGlobal Head of Intermediary BusinessSchroder Investment Management Limited31, Gresham StreetLondon EC2V 7QAUnited Kingdom

— Achim KUESSNERCountry HeadSchroder Investment Management GmbHTaunustor 2 (Japan Center)60311 FrankfurtGermany

— Ketil PETERSENCountry HeadSchroder Investment ManagementStore Strandstraede 211255 Copenhagen KDenmark

— Georges-Arnaud SAIERIndependent Director10, Rue de la Grange BateliereF-75009 ParisFrance

Board of Directors

Chairman

Directors


5, rue Höhenhof, L-1736 Senningerberg, Grand Duchy of Luxembourg

Schroder Investment Management (Luxembourg) S.A.5, rue Höhenhof, L-1736 Senningerberg, Grand Duchy of Luxembourg

J.P. Morgan Bank Luxembourg S.A.European Bank & Business Centre, 6, route de Trèves, L-2633 Senningerberg,Grand Duchy of Luxembourg

Elvinger, Hoss & Prussen2, place Winston Churchill, B.P. 425, L-2014 Luxembourg, Grand Duchy of Luxembourg

PricewaterhouseCoopers S.àr.l.Réviseur d’entreprises400, Route d'Esch, B.P. 1443, L-1471 Luxembourg, Grand Duchy of Luxembourg

Schroder Investment Management Limited31, Gresham Street, London EC2V 7QA, United Kingdom

Schroder ISF BRIC (Brazil, Russia, India, China)Schroder ISF Emerging EuropeSchroder ISF Emerging Europe Debt Absolute ReturnSchroder ISF Emerging MarketsSchroder ISF Emerging Markets Debt Absolute ReturnSchroder ISF EURO Active ValueSchroder ISF EURO BondSchroder ISF EURO Corporate BondSchroder ISF EURO Dynamic GrowthSchroder ISF EURO EquitySchroder ISF EURO Equity Secure 2010Schroder ISF EURO Government BondSchroder ISF EURO Government LiquiditySchroder ISF EURO LiquiditySchroder ISF EURO Short Term BondSchroder ISF European AllocationSchroder ISF European DefensiveSchroder ISF European Defensive MonthlySchroder ISF European Defensive 6 MonthlySchroder ISF European Dividend MaximiserSchroder ISF European Equity AlphaSchroder ISF European Equity YieldSchroder ISF European Large CapSchroder ISF European Smaller CompaniesSchroder ISF European Special SituationsSchroder ISF Global BondSchroder ISF Global Climate Change EquitySchroder ISF Global Corporate BondSchroder ISF Global Credit Duration HedgedSchroder ISF Global Dividend MaximiserSchroder ISF Global Emerging Market OpportunitiesSchroder ISF Global EnergySchroder ISF Global EquitySchroder ISF Global Equity AlphaSchroder ISF Global Equity YieldSchroder ISF Global Inflation Linked BondSchroder ISF Global Managed CurrencySchroder ISF Global Resources Equity 1

Schroder ISF Global Small Cap Energy 2

Schroder ISF Global Smaller CompaniesSchroder ISF Global Tactical Asset Allocation 3

Schroder ISF Italian EquitySchroder ISF Latin AmericanSchroder ISF Middle EastSchroder ISF QEP Global Active ValueSchroder ISF QEP Global Core

Administration

1 Schroder ISF Global Resources Equity was launched on 17 May 2010.2 Schroder ISF Global Small Cap Energy was launched on 17 May 2010.3 Schroder ISF Global Tactical Asset Allocation was launched on 17 February 2010.

Registered Office

Management Company, DomiciliaryAgent and Principal Paying Agent

Custodian

Principal Legal Adviser

Independent Auditor

Investment Managers


Schroder Investment Management Limited (cont)Schroder ISF QEP Global QualitySchroder ISF QEP US CoreSchroder ISF Strategic BondSchroder ISF UK EquitySchroder ISF World Defensive 3 Monthly

Schroder Investment Management (Hong Kong) LimitedSuites 3301, Level 33, Two Pacific Place, 88 Queensway, Hong Kong SAR

Schroder ISF Asia Pacific Property SecuritiesSchroder ISF China OpportunitiesSchroder ISF Emerging AsiaSchroder ISF Greater ChinaSchroder ISF Hong Kong Dollar BondSchroder ISF Hong Kong EquitySchroder ISF Taiwanese Equity

Schroder Investment Management (Japan) Limited21st Floor Marunouchi Trust Tower Main, 1-8-3 Marunouchi, Chiyoda-Ku, Tokyo 100-0005,Japan

Schroder ISF Japanese EquitySchroder ISF Japanese Equity AlphaSchroder ISF Japanese Large CapSchroder ISF Japanese Smaller Companies

Schroder Investment Management North America Inc.875 Third Avenue, 22nd Floor, New York, New York 10022-6225, United States of America

Schroder ISF Global High YieldSchroder ISF US All CapSchroder ISF US Dollar BondSchroder ISF US Dollar LiquiditySchroder ISF US Large CapSchroder ISF US Small & Mid-Cap EquitySchroder ISF US Smaller Companies

Schroder Investment Management (Singapore) Limited65 Chulia Street, #46-00, OCBC CentreSingapore 049513, Singapore

Schroder ISF Asian BondSchroder ISF Asian Equity YieldSchroder ISF Asian Local Currency BondSchroder ISF Asian Smaller CompaniesSchroder ISF Asian Total ReturnSchroder ISF Indian EquitySchroder ISF Korean EquitySchroder ISF Pacific Equity

Schroder Investment Management (Switzerland) AGCentral 2, CH-8001 Zurich, Switzerland

Schroder ISF Swiss EquitySchroder ISF Swiss Equity OpportunitiesSchroder ISF Swiss Small & Mid Cap Equity

European Investors Inc.717 Fifth Avenue, New York, New York 10022, United States of America

Schroder ISF Global Property Securities

Administration (cont)

Investment Managers (cont)


Fisch Asset Management AG241 Bellerive, CH-8034, Zurich, Switzerland

Schroder ISF Asian Convertible BondSchroder ISF Global Convertible Bond

Administration (cont)

Investment Managers (cont)


In a period of continued volatility, all of the the major global equity markets finished lower inlocal currency terms. However, the euro tumbled against most of the major currencies over theperiod so that in euro terms, equity returns were positive from the major markets outside theeurozone. Market direction was largely driven by sentiment based on varying levels ofoptimism towards the health of the global economy. At the beginning of 2010, improvingmacroeconomic data, together with largely positive corporate earnings results, more thanoffset negative market momentum from economic growth concerns. As a result, after initialfalls, stocks around the world rallied strongly.

However, equity market instability persisted as investors digested contagion risks arising froma potential sovereign debt crisis in Europe. Optimism turned to fear that Europe could lead theworld into a double-dip recession. European leaders hammered out a rescue package, whileindividual countries unveiled sweeping austerity packages to help rein in sovereign debt, butneither had a lasting effect on falling stockmarkets. In the currency markets, the eurocontinued to slide against the dollar, while German consumer confidence levels weakened.

Problems in Europe were compounded by worries over the impact of further monetarytightening in China, which hiked its required reserve ratio for banks. Some interpreted this asthe start of significant monetary tightening. Downwardly revised Chinese data worsened theglobal equities sell-off, and 10-year Treasury yields fell below 3% while gold prices rose asinvestors sought safe-haven assets. Crude oil suffered its first quarterly decline since the endof 2008, and iron ore fell on slowing Chinese steel production as demand weakened in thewake of tighter monetary policy. Reports of sluggish growth continued to dampen risk appetiteand the period closed amid falling markets. US employment continued to lag and housing datawas weak.

Bonds significantly outperformed equities in the first half of the year. Market volatility sentinvestors fleeing from equities into assets with less perceived risk, such as gold, which hit newhighs, and US Treasuries, which rallied strongly over the period.

In terms of outlook, we have upgraded our global economic growth estimates for the whole of2010. This improvement in growth is led by the US, Japan and the emerging markets, whereactivity has been stronger than expected and forward-looking indicators, although moderating,remain healthy. Growth is strongest in emerging markets.

Not surprisingly, given the debt problems in the eurozone peripheral economies, the smallestupgrades are in Europe. Nonetheless, the region has avoided downgrades as the benefits of aweaker euro offset the increase in fiscal tightening. We are assuming that the EU softens theconditions attached to the Greek fiscal austerity programme, thus preventing a default duringthe forecast period, and that contagion to other economies is limited.

We have cut our global inflation forecast, reflecting a lower forecast for the US where priceshave remained subdued. However, inflation in emerging markets will rise, led by China. Wealso think UK inflation will rise.

In 2011, a moderation in growth is expected as fiscal stimulus fades and the de-leveragingprocess holds back consumer spending - however global economic growth will remainpositive. As in any other environment, we continue to look for long-term investments withsustainable growth prospects, by conducting in-depth research into each investment.

The Investment ManagersSchroder International Selection Fund30 June 2010

Investment Managers’ Report

The information contained in this report is historical and not necessarily indicative of future performance.

The Company

The Company was incorporated in Luxembourg on 5 December 1968 as a ‘société anonyme’. Pursuant to an Extraordinary General Meeting ofShareholders held on 31 January 1989, the form and name of the Company, as well as its establishment period, was changed to a ‘sociétéd’investissement à capital variable’ (‘SICAV’) established for an unlimited period under the name of SCHRODER INTERNATIONAL SELECTIONFUND. The company qualifies as an undertaking for collective investment (UCI) regulated by the provisions of Part I of the Luxembourg law dated 20December 2002 regarding UCI’s. The Company is UCITS III compliant with effect from 26 April 2005.

Classes of Shares

At the date of this report, ten classes of shares are available within the Funds: A, B, C, D, I, J, P, X, A1 & B1 shares.

All Funds offer A, B and C shares, apart from the following Funds:Schroder ISF EURO Equity Secure 2010 (offers only P shares);Schroder ISF European Defensive (offers only A, B & A1 shares);Schroder ISF European Defensive Monthly (offers only A, B & A1 shares);Schroder ISF European Defensive 6 Monthly (offers only A, B & A1 shares);Schroder ISF EURO Government Liquidity (offers only A, C & I shares);Schroder ISF Global Resources Equity (offers only A, C & I shares) 1

Schroder ISF Global Small Cap Energy (offers only A, C & I shares) 2

Schroder ISF Japanese Large Cap (offers only A, A1, C & I shares);Schroder ISF QEP Global Core (offers only C & I shares);Schroder ISF QEP US Core (offers only C & I shares);Schroder ISF World Defensive 3 Monthly (offers only A, B & A1 shares).

Shares are generally issued as Accumulation shares. Distribution shares may be issued within any Fund at the Directors’ discretion. A list of availableDistribution shares may be obtained upon request at the Management Company.

In accordance with the provisions of the current prospectus, the Directors may also offer classes in multiple currency denominations. The respectiveInvestment Managers have the ability to hedge the shares of such classes in relation to the Fund currency. Where hedging of this kind isundertaken, the respective Investment Managers may engage, for the exclusive account of such share class, in currency forwards, currency futures,currency option transactions and swaps in order to preserve the value of the reference currency against the Fund currency.

Where undertaken, the effects of this hedging will be reflected in the Net Asset Value and, therefore, in the performance of such additional shareclass. Similarly, any expenses arising from such hedging transactions will be borne by the class in relation to which they have been incurred. Theclasses of share available for each Fund are set out in detail in the current prospectus.

Initial Charge

A Shares Initial charge of up to 5.26315% of the Net Asset Value per Share

A1 Shares Initial charge of up to 4.16667% of the Net Asset Value per Share

B, B1, D, I, J and X Shares No initial charge

C and P Shares Initial charge of up to 3.09278% of the Net Asset Value per Share

The Management Company and Distributors are entitled to the initial charge, which can be partly or fully waived at the Directors’ discretion.


Notes to the Financial Statementsas at 30 June 2010

1 Schroder ISF Global Resources Equity was launched on 17 May 2010.2 Schroder ISF Global Small Cap Energy was launched on 17 May 2010.

Distribution Charge

A, C, I, J, P and X Shares No distribution charge

B Shares *

Equity Funds Distribution charge of 0.60% per annum of the net assets of Funds

Absolute Return Funds Distribution charge of 0.50% per annum of the net assets of Funds

Bond Funds Distribution charge of 0.50% per annum of the net assets of Funds with the exception of

0.10% per annum of the net assets of Schroder ISF EURO Short Term Bond

Defensive Funds Distribution charge of 0.55% per annum of the net assets of Funds

Liquidity Funds Distribution charge of 0.10% per annum of the net assets of Funds

Currency Funds Distribution charge of 0.50% per annum of the net assets of Funds

Asset Allocation Funds Distribution charge of 0.60% per annum of the net assets of Funds

D Shares ** Distribution charge of 1.00% per annum of the net assets of Funds

A1 Shares ** Distribution charge of 0.50% per annum of the net assets of Funds

B1 Shares ** Distribution charge of 1.25% per annum of the net assets of Funds

(comprising a shareholder servicing fee of 0.25% p.a.)

Minimum Subscription Amount, Minimum Additional Subscription Amount and Minimum Holding Amount

In accordance with the provisions of the current prospectus, minimum amounts for subscription, additional subscription and holding are as follows:

A, A1, B, B1, D and P Shares The minimum initial subscription, additional subscription and holding amount is EUR 1,000 or USD 1,000 or theirnear equivalent in any other freely convertible currency. ***

C Shares The minimum initial subscription and holding amount is EUR 500,000 or USD 500,000 or their near equivalent inany other freely convertible currency. The minimum additional subscription amount is EUR 250,000 or USD250,000 or their near equivalent in any other freely convertible currency. ***

I & J Shares The minimum initial subscription and holding amount is EUR 5,000,000 or USD 5,000,000 or their near equivalentin any other freely convertible currency. The minimum additional subscription amount is EUR 2,500,000 or USD2,500,000 or their near equivalent in any other freely convertible currency. ***

I shares will only be offered to investors who, at the time the relevant subscription order is received, are clients ofSchroders with an agreement covering the charging structure relevant to the clients’ investments in such sharesand who are Institutional Investors.

J Shares will only be offered to and can only be acquired by Japanese Fund of Funds, which are InstitutionalInvestors.

X Shares The minimum initial subscription and holding amount is EUR 25,000,000 or USD 25,000,000 or their nearequivalent in any other freely convertible currency. The minimum additional subscription amount is EUR12,500,000 or USD 12,500,000 or their near equivalent in any other freely convertible currency. ***

X shares will only be offered to investors who, at the time the relevant subscription order is received, are clients ofSchroders with an agreement covering the charging structure relevant to the clients’ investments in such sharesand who are Institutional Investors.

Further details on specific features of the different classes of shares and the conditions under which initial and distribution fees are calculated can befound in the current prospectus.

Net Asset Value

Calculation of Net Asset Value per Share

The Net Asset Value per share of each class is calculated on each Dealing Day in the currency of the relevant class. It is calculated by dividing theNet Asset Value attributable to each class, being the proportionate value of its assets less its liabilities, by the number of shares of such class then inissue. The resulting sum is rounded to the nearest two decimal places. Further details on rules that apply in valuing total assets can be found in thecurrent prospectus.


Notes to the Financial Statementsas at 30 June 2010 (cont)

* Distribution charges in respect of B shares are payable quarterly.** Distribution charges in respect of A1, B1 and D shares are paid at such intervals, as may be agreed upon from time to time between the Company and those Distributors that are appointed specifically for thepurpose of distributing such shares.

*** These minima may be waived from time to time at the discretion of the Directors.

Net Asset Value (cont)

Valuation of the Assets of the Company

The value of securities, financial derivative instruments and assets is determined on the basis of the last available price on the stock exchange or anyother regulated market on which those securities or assets are traded or admitted for trading. Where such securities or other assets are quoted ordealt in on more than one stock exchange or any other regulated market, the Directors shall make regulations for the order of priority in which stockexchanges or other regulated markets shall be used for the provision of prices of securities or other assets.

If a security is not traded on or admitted to any official stock exchange or any other regulated market or, in the case of securities so traded oradmitted, the last available price does not reflect their true value, the Directors are required to proceed on the basis of their expected sales price,which shall be valued with prudence and in good faith.

Financial derivative instruments, which are not listed on any official stock exchange or any other regulated market, are valued in accordance withmarket practice. The swaps are valued at their fair value based on the underlying securities (at close of business or intraday) as well as on thecharacteristics of the underlying commitments.

Units of shares in undertakings for collective investments are valued on the basis of their last available net asset value. Liquid assets and moneymarket instruments held within the liquidity Funds are usually valued on an amortised cost basis.

The value of any cash in hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interestdeclared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof, unless in any case the same is unlikely to bepaid or received in full, in which case the value thereof shall be arrived at after making such discount as the Company may consider appropriate insuch case to reflect the true value thereof.

Any assets or liabilities in currencies other than the base currencies of the Funds will be converted using the relevant spot rate quoted by a bank orother responsible financial institution.

If any of the aforesaid valuation principles do not reflect the valuation method commonly used in specific markets or if any such valuation principlesdo not seem accurate for the purpose of determining the value of the Company’s assets, the Directors may fix different valuation principles in goodfaith and in accordance with generally accepted valuation principles and procedures.

The Directors are authorised to apply other appropriate valuation principles for the assets of the Funds and/or the assets of a given class if theaforesaid valuation methods appear impossible or inappropriate due to extraordinary circumstances or events.

As of 30 June 2010, the fair valuation was applied to the following securities:

Security Name Fund

Anglo Irish Bank Schroder ISF QEP Global Core

Carrere Schroder ISF European Large Cap

Carrere Schroder ISF European Smaller Companies

Carrere Schroder ISF Global Smaller Companies

Cattles Schroder ISF QEP Global Active Value

Dualpoint variable perpetual Schroder ISF Asian Bond

Fortis Rights 31/12/2049 Schroder ISF QEP Global Core

Fortis Rights 31/12/2049 Schroder ISF QEP Global Active Value

Hang Fung Gold Technology 9.25% 17/10/2014 Schroder ISF Asian Bond

I-Web Preference 144A Schroder ISF Global Equity Alpha

Jurong Technologies Industrial Schroder ISF QEP Global Active Value

Northern Rock Schroder ISF QEP Global Active Value

Parmalat Finanziaria Schroder ISF EURO Equity

Parmalat Finanziaria Schroder ISF Italian Equity

Parmalat Finanziaria Schroder ISF European Equity Alpha

Peace Mark Schroder ISF European Equity Alpha

Sharp SP I Net Interest Margin Trust 2006-HE3N NA 6.4% 25/06/2036 Schroder ISF Strategic Bond Fund

Sphere Medical Schroder ISF European Equity Alpha

Teton Advisors Schroder ISF QEP Global Core

Timbercorp Schroder ISF QEP Global Active Value

Ya Hsin Industrial Schroder ISF QEP Global Active Value



Fair Value Pricing

In accordance with the provisions of the current prospectus, fair value pricing may be implemented to protect the interests of the Company’sshareholders against market timing practices. Accordingly, if a Fund is primarily invested in markets that are closed for business at the time the Fundis valued, the Directors may, during periods of market volatility and by derogation from the provisions above under ‘Calculation of Net Asset Valueper share’, cause the Fund Administrator to allow for the Net Asset Value per share to be adjusted to reflect more accurately the fair value of theFund’s investments at the point of valuation.

The level of adjustment is based upon the movement in a chosen surrogate up until the point of valuation, provided that such movement exceedsthe threshold as determined by the Directors for the relevant Fund. The surrogate will usually be in the form of a futures index but might also be abasket of securities, which the Directors believe is strongly correlated to and representative of the performance of the Fund.Where an adjustment is made as per the foregoing, it is applied consistently to all classes of shares in the same Fund.

During the period under review, fair value pricing was applied to twelve Funds, please see the table below for further details.The Directors, however, reserve the right to extend the implementation of fair value pricing in respect of other Funds whenever they deem itappropriate.

The Funds in relation to which fair value pricing was applied during the period under review as well as details of the relevant reference indices,thresholds and surrogates are shown below:

Fund Threshold Surrogate

Schroder ISF Global Climate Change Equity 0.50% S&P 500 Futures

Schroder ISF Global Equity 0.50% S&P 500 Futures

Schroder ISF Global Equity Alpha 0.50% S&P 500 Futures

Schroder ISF Global Smaller Companies 0.50% S&P 500 Futures

Schroder ISF QEP Global Active Value 0.50% S&P 500 Futures

Schroder ISF QEP Global Core 0.50% S&P 500 Futures

Schroder ISF QEP Global Quality 0.50% S&P 500 Futures

Schroder ISF QEP US Core 0.50% S&P 500 Futures

Schroder ISF US All Cap 0.50% S&P 500 Futures

Schroder ISF US Large Cap 0.50% S&P 500 Futures

Schroder ISF US Small & Mid Cap 0.50% S&P 500 Futures

Schroder ISF US Smaller Companies 0.50% S&P 500 Futures

Swing Pricing Adjustment

A Sub-Fund may suffer dilution of the Net Asset Value per Share due to investors buying or selling Shares in a Sub-Fund at a price that does notreflect the dealing and other costs that arise when security trades are undertaken by the Investment Manager to accommodate cash inflows oroutflows.

In order to counter this impact, a Swing Pricing mechanism may be adopted to protect the interests of Shareholders of the Fund. If on any ValuationDate, the aggregate net transactions in Shares of a Sub-Fund exceed a pre-determined threshold, as determined and reviewed for each Sub-Fundon a periodic basis by the Management Company, the Net Asset Value per Share may be adjusted upwards or downwards to reflect net inflowsand net outflows respectively.

The net inflows and net outflows will be determined by the Management Company based on the latest available information at the time of calculationof the Net Asset Value per Share. The Swing Pricing mechanism may be applied across all Sub-Funds. The extent of the price adjustment will beset by the Management Company to reflect dealing and other costs. Such adjustment may vary from Sub-Fund to Sub-Fund and will not exceed2% of the original Net Asset Value per Share.

The mechanism has been implemented in Schroder Investment Management (Luxembourg) S.A. Funds from 12 January 2009.

The official Net Asset Value per Share as at 30 June 2010, disclosed in the Statistical Information section of this report may therefore include aSwing Pricing adjustment, which would not be recognised in the Statement of Net Assets. As at 30 June 2010, a Swing Pricing adjustment hasbeen applied to Schroder ISF EURO Dynamic Growth, Schroder ISF European Equity Alpha, Schroder ISF Global Credit Duration Hedged, SchroderISF Global Small Cap Energy, Schroder ISF Global Smaller Companies, Schroder ISF Hong Kong Dollar Bond, Schroder ISF Japanese Equity,Schroder ISF Latin American, Schroder ISF US Dollar Bond and Schroder ISF US Dollar Liquidity.



Taxation

The Company is not subject to any taxes in Luxembourg on income or capital gains. The only tax to which the Company in Luxembourg is subjectis the ‘taxe d’abonnement’ to a rate of 0.05% per annum based on the net asset value of each Fund at the end of the relevant quarter, calculatedand paid quarterly. In respect of any Class of Shares which comprises only institutional investors (within the meaning of article 129 of the Law of 20December 2002) and of the Funds EURO Liquidity and US Dollar Liquidity, the tax levied will be at the rate of 0.01% per annum. The tax is payablequarterly in arrears on the basis of the net assets of the respective Funds at the end of the relevant quarter.

Changes in the Funds

A list specifying for each Fund the total purchases and sales, which took place during the period under review, may be obtained free of charge uponrequest at the Company’s registered office.

Transactions made for a Purpose other than Hedging

In accordance with the provisions of the current prospectus, the Company may, for a purpose other than hedging, purchase and sell futurescontracts, options on any kind of financial instruments and equity swaps provided that:

a) The aggregate commitments in connection with the purchase and sale of futures contracts, options on any kind of financial instruments andequity swaps together with the amount of the commitments relating to the writing of call and put options on transferable securities do notexceed at any time the value of the net assets of the relevant Fund; and

b) The total premiums paid for the acquisition of outstanding call and put options on transferable securities may not together with the total of thepremiums paid for the purchase of the call and put options outstanding made for a purpose other than hedging exceed 15% of the net assetsof the relevant Fund; and

c) The Company will only enter into equity swap transactions with highly rated financial institutions specialised in this type of transactions.

Securities Lending

In accordance with the provisions of the current prospectus, the Directors may, in their sole discretion, allow the Company to lend its securitieswithin the framework of a standardised lending system organised by a recognised securities clearing body or by a highly rated financial institutionspecialised in this type of transaction. After the deduction of Management Company and agents fees, the Company received 65% of the grossincome from the securities lending programme.

On 30 June 2010, the valuation of the securities on loan was EUR 362,419,558. The table below shows the valuation of securities on loan at Fundlevel on 30 June 2010:

Fund Name Value in EUR

Schroder ISF Asian Equity Yield 35,087,232

Schroder ISF Asian Total Return 7,104,675

Schroder ISF BRIC (Brazil, Russia, India, China) 93,477,382

Schroder ISF China Opportunities 32,953,233

Schroder ISF Emerging Europe 11,078,825

Schroder ISF Emerging Markets 7,982,173

Schroder ISF European Dividend Maximiser 292,761

Schroder ISF Global Climate Change Equity 2,617,402

Schroder ISF Global Dividend Maximiser 145,352

Schroder ISF Global Emerging Market Opportunities 1,057,020

Schroder ISF Global Energy 3,862,098

Schroder ISF Global Equity 287,883

Schroder ISF Global Equity Alpha 1,259,298

Schroder ISF Global Equity Yield 653,615

Schroder ISF Global Property Securities 6,408,197

Schroder ISF Global Smaller Companies 931,793

Schroder ISF Greater China 49,363,034

Schroder ISF Hong Kong Equity 53,640,489

Schroder ISF Japanese Equity 1,568,915

Schroder ISF Japanese Equity Alpha 2,480,969

Schroder ISF Japanese Large Cap 919,716

Schroder ISF Japanese Smaller Companies 2,272,332

Schroder ISF Pacific Equity 23,122,840

Schroder ISF QEP Global Active Value 12,881,203

Schroder ISF QEP Global Core 2,425,418

Schroder ISF QEP US Core 125,346



Securities Lending (cont)

Fund Name (cont) Value in EUR

Schroder ISF Swiss Equity 5,075,895

Schroder ISF Swiss Equity Opportunities 1,728,221

Schroder ISF Swiss Small & Mid Cap Equity 1,616,241

Total 362,419,558

Equalisation

The Company operates equalisation arrangements to ensure that effective yields are paid out by the Funds at year end and to nullify the impact ofsignificant capital changes upon the amount paid per Share as a dividend.

The equalisation amount represents the average amount of income of the fund included in the Net Asset Value of each Share issued or redeemedduring the relevant distribution period. Under UK regulations, it is expected that the equalisation amount will not be taxable as an income receipt ofthe Shareholder but should be applied to reduce the base acquisition cost of the Shares for the purpose of computing capital gains. The taxtreatment of equalisation amounts may, however, differ in certain jurisdictions, such as Germany. Further details on equalisation arrangements canbe found in the Fund’s current prospectus.

Risk Warning

Those Funds with an investment objective that allows investment in Russian securities may invest directly in Russian securities that are traded onthe Russian Trading System Stock Exchange (RTS Stock Exchange) and MICEX – Moscow Interbank Currency Exchange. For details of riskinvolved in dealing in these exchanges please refer to Appendix II of the current prospectus.

The Funds will limit any direct investment in securities traded on the non Regulated Markets of the Commonwealth of Independent States (togetherwith any other securities not traded on a Regulated Market) to 10% of its net assets.

Investment Restriction

To ensure eligibility for the French Plan d’Epargne en Actions (PEA), the Funds Schroder ISF EURO Equity, Schroder ISF EURO Active Value andSchroder ISF EURO Dynamic Growth invest at least 75% of their assets in equity securities issued by companies which have their head office in theEuropean Union.



Information for Residents of the Hong Kong SAR

Registration of Funds

On 30 June 2010, all the Funds of the Company, except for those indicated in the table below were registered for sale in Hong Kong SAR.In relation to the Funds that are registered in Hong Kong SAR, only A, A1, B1 and D shares are available for retail investors.

Funds not registered for sale in Hong Kong SAR

Schroder ISF Asian Convertible BondSchroder ISF EURO Equity Secure 2010Schroder ISF EURO Government LiquiditySchroder ISF European Defensive MonthlySchroder ISF European Defensive 6 MonthlySchroder ISF European Dividend MaximiserSchroder ISF European Special SituationsSchroder ISF Global Convertible BondSchroder ISF Global Dividend MaximiserSchroder ISF Global Tactical Asset Allocation 1

Schroder ISF QEP Global CoreSchroder ISF QEP US CoreSchroder ISF Swiss EquitySchroder ISF Swiss Equity OpportunitiesSchroder ISF Swiss Small & Mid Cap EquitySchroder ISF US All CapSchroder ISF World Defensive 3 Monthly

Soft Commission Arrangements

Pursuant to the requirements of the Hong Kong Securities and Futures Commission regulations, the following statement is made:

Soft commission arrangements have been undertaken in respect of the Company. Services which are paid for through or by soft commission werein majority limited to the following areas:

a) research, analysis or price information including computer or other information facilities;

b) portfolio valuations; or

c) performance measurement.

Transactions with Connected Persons

The Company has entered into agreements and arrangements with Schroder Investment Management Limited and its affiliates, under which amanagement fee, performance fee and a transfer agency fee are payable. These agreements and arrangements have been entered into in theordinary course of business and on normal commercial terms. The annual management fees are set out on pages 22 to 24. Details on theperformance fees are set out on page 24.

In addition, the Management Company is entitled to receive the customary charges for its services as administration agent, coordinator, domiciliaryagent, global distributor, principal paying agent and registrar and transfer agent. These fees accrue daily at an annual rate of up to 0.4% byreference to the Net Asset Value of the relevant Fund and are paid monthly in arrears.

Further details on fees payable by the Company can be found in the current prospectus. Details on securities lending are set out on pages 19 and20. No transactions of the Fund were effected through a broker who is a connected person of the Management Company, the Investment Adviser,or the Directors of the Fund.



1 Schroder ISF Global Tactical Asset Allocation was launched on the 17 February 2010.

Annual Management Fees

The Investment Managers are entitled to receive, for their services, management fees, which are calculated and accrued daily by reference to theNet Asset Value of the Funds and are paid monthly. The actual rates payable as at 30 June 2010, which vary from Fund to Fund and from shareclass to share class, are set out in the following table:

AAcc

BAcc

CAcc

ADis

BDis

CDis

DAcc

DDis

PDis

XDis

A1Acc

B1Acc

A1Dis

B1Dis

Mainstream Equity Funds

Schroder ISF EURO Equity 1.50% 1.50% 0.75% 1.50% 1.50% 0.75% - - - - 1.50% 1.50% - -

Schroder ISF European Large Cap 1.25% 1.25% 0.75% 1.25% 1.25% 0.75% - - - - 1.50% - - -

Schroder ISF Global Equity 1.25% 1.25% 0.75% 1.25% - 0.75% - - - - 1.50% - - -

Schroder ISF Italian Equity 1.25% 1.25% 0.75% 1.25% 1.25% 0.75% - - - - 1.50% 1.50% - -

Schroder ISF Japanese Equity 1.25% 1.25% 0.75% 1.25% 1.25% 0.75% - - - - 1.50% 1.50% - -

Schroder ISF Japanese Large Cap 1.25% - 0.75% 1.25% - 0.75% - - - - 1.50% - - -

Schroder ISF Pacific Equity 1.50% 1.50% 0.75% 1.50% 1.50% 0.75% - - - - 1.50% 1.50% - -

Schroder ISF Swiss Equity 1.25% 1.25% 0.75% 1.25% 1.25% 0.75% - - - - 1.50% 1.50% - -

Schroder ISF UK Equity * 1.25% 1.25% 0.75% 1.25% 1.25% 0.75% - - - - 1.50% 1.50% - -

Schroder ISF US All Cap 1.25% 1.25% 0.75% 1.25% - - - - - - 1.25% - - -

Schroder ISF US Large Cap 1.25% 1.25% 0.75% 1.25% 1.25% 0.75% - - - - 1.50% 1.50% - -

Specialist Equity Funds

Schroder ISF Asia Pacific PropertySecurities

1.50% 1.50% 1.00% - - - - - - - 1.50% - - -

Schroder ISF Asian Equity Yield 1.50% 1.50% 1.00% 1.50% - 1.00% - - - - 1.50% - 1.50% -

Schroder ISF Asian Smaller Companies 1.50% 1.50% 1.00% - - 1.00% - - - - 1.50% - - -

Schroder ISF Asian Total Return 1.50% 1.50% 0.75% 1.50% - 0.75% - - - - 1.50% - - -

Schroder ISF BRIC (Brazil, Russia, India,China)

1.50% 1.50% 1.00% 1.50% - - - - - - 1.50% - - -

Schroder ISF China Opportunities 1.50% 1.50% 1.00% - - - 1.50% - - - 1.50% - - -

Schroder ISF Emerging Asia 1.50% 1.50% 1.00% 1.50% - - - - - - 1.50% 1.50% - -

Schroder ISF Emerging Europe 1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% 1.50% - -

Schroder ISF Emerging Markets 1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% 1.50% - -

Schroder ISF European DividendMaximiser

1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% - 1.50% -

Schroder ISF European Equity Yield 1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% - 1.50% -

Schroder ISF European SmallerCompanies

1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% 1.50% - -

Schroder ISF European Special Situations 1.50% 1.50% 1.00% - - 1.00% - - - - 1.50% - - -

Schroder ISF Global Climate ChangeEquity

1.50% 1.50% 1.00% - - 1.00% - - - - 1.50% - - -

Schroder ISF Global Dividend Maximiser 1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% - 1.50% -

Schroder ISF Global Emerging MarketOpportunities

1.50% 1.50% 1.00% 1.50% - - 1.50% - - - 1.50% - - -

Schroder ISF Global Energy 1.50% 1.50% 1.00% 1.50% - 1.00% - - - - 1.50% - - -

Schroder ISF Global Equity Yield 1.50% 1.50% 1.00% 1.50% - 1.00% - - - - 1.50% - 1.50% -

Schroder ISF Global Property Securities 1.50% 1.50% 1.00% - - 1.00% - - - - 1.50% - - -

Schroder ISF Global Smaller Companies 1.50% 1.50% 1.00% 1.50% - - - - - - 1.50% - - -

Schroder ISF Global Resources Equity a 1.50% 1.00% 1.50% 1.00%

Schroder ISF Global Small Cap Energy a 1.50% 1.00% 1.50% 1.00%

Schroder ISF Greater China 1.50% 1.50% 1.00% 1.50% - 1.00% - - - - 1.50% 1.50% - -

Schroder ISF Hong Kong Equity 1.50% 1.50% 1.00% - - - 1.50% - - - 1.50% - - -

Schroder ISF Indian Equity 1.50% 1.50% 1.00% - - 1.00% - - - - 1.50% - - -

Schroder ISF Japanese SmallerCompanies

1.50% 1.50% 1.00% 1.50% 1.50% - - - - - 1.50% 1.50% - -

Schroder ISF Korean Equity 1.50% 1.50% 1.00% 1.50% - 1.00% - - - - 1.50% - - -

Schroder ISF Latin American 1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% - - -

Schroder ISF Middle East 1.50% 1.50% 1.00% - - - - - - - 1.50% - - -

Schroder ISF Swiss Equity Opportunities 1.50% 1.50% 1.00% - - - - - - - 1.50% - - -

Schroder ISF Swiss Small & Mid CapEquity

1.50% 1.50% 1.00% - - - - - - - 1.50% - - -

Schroder ISF Taiwanese Equity 1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% - - -

Schroder ISF US Small & Mid-Cap Equity 1.50% 1.50% 1.00% 1.50% - 1.00% - - - - 1.50% - - -

Schroder ISF US Smaller Companies 1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% 1.50% - -

The same rate of management fees applies to the multi-currency classes as to the base currency equivalent classes.



* Management fees on this fund is following deduction for management fees on the funds’ investment in other Schroder funds.a Schroder ISF Global Resources Equity and Global Small Cap Energy were launched on 17 May 2010.

Annual Management Fees (cont)

AAcc

BAcc

CAcc

ADis

BDis

CDis

DAcc

DDis

PDis

XDis

A1Acc

B1Acc

A1Dis

B1Dis

Style Equity Funds

Schroder ISF EURO Active Value 1.50% 1.50% 1.00% 1.50% - 1.00% - - - - 1.50% - - -

Schroder ISF EURO Dynamic Growth 1.50% 1.50% 1.00% 1.50% - 1.00% - - - - 1.50% - - -

Alpha Equity Funds

Schroder ISF European Equity Alpha 1.50% 1.50% 1.00% 1.50% - 1.00% - - - - 1.50% - - -

Schroder ISF Global Equity Alpha 1.50% 1.50% 1.00% 1.50% 1.50% 1.00% - - - - 1.50% 1.50% - -

Schroder ISF Japanese Equity Alpha 1.50% 1.50% 1.00% - - - - - - - 1.50% - - -

Quantitative Equity Funds

Schroder ISF QEP Global Active Value 1.25% 1.25% 1.00% 1.25% 1.25% 1.00% - - - - 1.50% 1.50% - -

Schroder ISF QEP Global Core - - 0.27% - - 0.27% - - - - - - - -

Schroder ISF QEP Global Quality 1.25% 1.25% 1.00% - - 1.00% - - - - 1.50% - - -

Schroder ISF QEP US Core - - 0.22% - - 0.22% - - - - - - - -

Asset Allocation Funds

Schroder ISF European Allocation 1.25% 1.25% 0.75% 1.25% - - - - - - 1.50% - - -

Schroder ISF Global Tactical AssetAllocation b

1.50% - 1.00% - - - - - - - - - - -

Absolute Return Funds

Schroder ISF Asian Bond 1.25% 1.25% 0.75% 1.25% 1.25% 0.75% - 1.25% - - 1.25% 1.00% 1.25% 1.00%

Schroder ISF Emerging Europe DebtAbsolute Return

1.50% 1.50% 0.90% 1.50% 1.50% - - - - - 1.50% 1.00% 1.50% 1.00%

Schroder ISF Emerging Markets DebtAbsolute Return

1.50% 1.50% 0.90% 1.50% 1.50% 0.90% - - - - 1.50% 1.00% 1.50% 1.00%

Mainstream Bond Funds

Schroder ISF EURO Bond 0.75% 0.75% 0.50% 0.75% 0.75% 0.50% - - - - 0.75% 0.75% - -

Schroder ISF EURO Government Bond 0.50% 0.50% 0.20% 0.50% 0.50% 0.20% - - - - 0.50% - - -

Schroder ISF EURO Short Term Bond 0.50% 0.50% 0.20% 0.50% 0.50% 0.20% - - - - 0.50% 0.50% - -

Schroder ISF Global Bond 0.75% 0.75% 0.50% 0.75% 0.75% 0.50% - - - - 0.75% 0.75% - -

Schroder ISF Global Inflation Linked Bond 0.75% 0.75% 0.50% - - 0.50% - - - - 0.75% - - -

Schroder ISF Hong Kong Dollar Bond 0.75% 0.75% 0.50% 0.75% - - - - - - 0.75% - - -

Schroder ISF US Dollar Bond 0.75% 0.75% 0.50% 0.75% 0.75% 0.50% - - - - 0.75% 0.75% - -

Specialist Bond Funds

Schroder ISF Asian Local Currency Bond 1.00% 1.00% 0.60% 1.00% - 0.60% - - - - 1.00% - - -

Schroder ISF EURO Corporate Bond 0.75% 0.75% 0.45% 0.75% 0.75% 0.45% - - - 0.25% 0.75% 0.75% 0.75% -

Schroder ISF Global Corporate Bond 0.75% 0.75% 0.45% 0.75% 0.75% 0.45% - - - - 0.75% 0.75% 0.75% -

Schroder ISF Global High Yield 1.00% 1.00% 0.60% 1.00% 1.00% 0.60% - - - - 1.00% - 1.00% -

Schroder ISF Strategic Bond 1.00% 1.00% 0.60% 1.00% 1.00% 0.60% - - - - 1.00% - 1.00% -

Specialist Bond Funds (Medium-higher Risk)

Schroder ISF Asian Convertible Bond 1.25% 1.25% 0.75% - - 0.75% - - - - 1.25% - - -

Schroder ISF Global Convertible Bond 1.25% 1.25% 0.75% - - 0.75% - - - - 1.25% - - -

Schroder ISF Global Credit DurationHedged

0.75% 0.75% 0.50% 0.75% - 0.50% - - - - 0.75% - - -

Defensive Funds

Schroder ISF EURO Equity Secure 2010 - - - - - - - - 0.50% - - - - -

Schroder ISF European Defensive c 1.25% 1.00% - 1.25% - - - - - - 1.25% - - -

Schroder ISF European Defensive Monthly 1.25% 1.00% - - - - - - - - 1.25% - - -

Schroder ISF European Defensive 6Monthly

1.25% 1.00% - - - - - - - - 1.25% - - -

Schroder ISF World Defensive 3 Monthly 1.25% 1.00% - - - - - - - - 1.25% - - -

The same rate of management fees applies to the multi-currency classes as to the base currency equivalent classes.



b Schroder ISF Global Tactical Asset Allocation was launched on 17 February 2010.c Schroder ISF European Defensive 6 Monthly, Schroder ISF European Defensive Monthly and Schroder ISF World Defensive 3 Monthly were merged into Schroder ISF European Defensive on 30 June 2010.

Annual Management Fees (cont)

AAcc

BAcc

CAcc

ADis

BDis

CDis

DAcc

DDis

PDis

XDis

A1Acc

B1Acc

A1Dis

B1Dis

Liquidity Funds

Schroder ISF EURO Government Liquidity 0.40% - 0.15% - - - - - - - - - - -

Schroder ISF EURO Liquidity 0.50% 0.50% 0.20% - - - - - - - 0.50% - - -

Schroder ISF US Dollar Liquidity 0.50% 0.50% 0.20% - - - - - - - 0.50% - - -

Currency Funds

Schroder ISF Global Managed Currency 1.00% 1.00% 0.50% 1.00% 1.00% - - - - - 1.00% - 1.00% -

Performance Fees

In accordance with the provisions of the current prospectus, performance fees were applied to 10 Funds. Accordingly, the Investment Managers ofthe relevant Funds are entitled to receive a performance fee from the Funds, provided that the increase in the Net Asset Value per share of theFunds over the calendar year outperforms their relevant benchmarks. The performance fee is 15% of the outperformance and is payable annually inJanuary. Further details of the calculation of the performance fees can be found in the current prospectus.

The Funds in relation to which performance fees were calculated during the period under review as well as details of the relevant InvestmentManagers and benchmarks are set out in the following table:

Fund Investment Manager Benchmark

Schroder ISF Asian Convertible Bond Fisch Asset Management AG UBS Convertible Asia ex Japan

Schroder ISF Asian Convertible Bond EUR Hedged Fisch Asset Management AG UBS Convertible Euro Sub BBB & NR USD

Schroder ISF Asian Smaller Companies Schroder Investment Management (Singapore) Limited MSCI Daily TR Gross AC Far East (Free) Ex Japan USD

Schroder ISF European Equity Alpha Schroder Investment Management Limited MSCI Europe

Schroder ISF European Special Situations Schroder Investment Management Limited MSCI Europe

Schroder ISF Global Small Cap Energy 1 Schroder Investment Management Limited MSCI World Energy

Schroder ISF Global Smaller Companies Schroder Investment Management Limited S&P/Citigroup Extended Market World Index

Schroder ISF Global Tactical Asset Allocation 2 Schroder Investment Management Limited BBA Libor USD 3 Month Act 360

Schroder ISF Japanese Equity Alpha Schroder Investment Management (Singapore) Limited Tokyo Stock Price Index (TOPIX)

Schroder ISF Swiss Equity Opportunities Schroder & Co Bank AG Swiss Performance Index (SPI)

Schroder ISF US All Cap Schroder Investment Management North America Inc. S&P 500 Index (TR)

Dividends

RecordDate

Ex-DividendDate

PaymentDate Fund Share Class Currency

GrossDividend

Dividendper Share

27-Jan-2010 28-Jan-2010 05-Feb-2010

Schroder ISF Asian Bond A Distribution USD 507,581.85 0.028183

Schroder ISF Asian Bond D Distribution USD 2,065.00 0.014543

Schroder ISF Asian Bond B1 Distribution USD 58,283.11 0.030633

Schroder ISF Asian Bond A1 Distribution USD 281,725.14 0.027804

Schroder ISF Asian Bond EUR A1 Distribution EUR 9,397.78 0.019738

Schroder ISF Asian Bond EUR Hedged A1 Distribution EUR 1,355.23 0.318828

Schroder ISF Asian Local Currency Bond A Distribution USD 1,222.30 0.127997

Schroder ISF Asian Local Currency Bond C Distribution USD 2.80 0.176322

Schroder ISF Emerging Europe Debt Absolute Return B1 Distribution EUR 4,634.98 0.044674

Schroder ISF Emerging Europe Debt Absolute Return A1 Distribution EUR 9,853.25 0.045427

Schroder ISF Emerging Europe Debt Absolute Return USD A1 Distribution USD 7,952.24 0.063814

Schroder ISF Emerging Markets Debt Absolute Return A1 Distribution USD 6,885,361.38 0.077689

Schroder ISF Emerging Markets Debt Absolute Return B1 Distribution USD 447,440.90 0.087720

Schroder ISF Emerging Markets Debt Absolute Return EURHedged

A1 Distribution EUR 966,192.10 0.107780


B1 Distribution EUR 74,402.68 0.111780

Schroder ISF EURO Corporate Bond A1 Distribution EUR 33,751.36 0.037963

Schroder ISF Global Corporate Bond A1 Distribution USD 108,323.20 0.015759



1 Schroder ISF Global Small Cap Energy were launched on 17 May 20102 Schroder ISF Global Tactical Asset Allocation was launched on 17 February 2010

Dividends (cont)

RecordDate

Ex-DividendDate


GrossDividend

Dividendper Share

27-Jan-2010 28-Jan-2010 05-Feb-2010 (cont)

Schroder ISF Global Corporate Bond A Distribution USD 101,722.13 0.013003

Schroder ISF Strategic Bond A Distribution USD 58,981.49 0.329948

24-Feb-2010 25-Feb-2010 05-Mar-2010


Schroder ISF Asian Bond D Distribution USD 675.90 0.004673




















30-Mar-2010 31-Mar-2010 13-Apr-2010







Schroder ISF Asian Equity Yield A Distribution USD 464,733.38 0.040383

Schroder ISF Asian Equity Yield A1 Distribution USD 92.96 0.034756

Schroder ISF Asian Equity Yield C Distribution USD 515,891.94 0.065747








Schroder ISF Emerging Markets Debt Absolute Return A Distribution USD 904,099.92 0.246177


A1 Distribution EUR 1,243,909.85 0.125053



Schroder ISF Emerging Markets Debt Absolute Return SGDHedged

A Distribution SGD 2,224,301.74 0.173388


Schroder ISF EURO Corporate Bond I Distribution EUR 40,392.63 0.094750

Schroder ISF European Dividend Maximiser A Distribution EUR 3,861.26 1.178391

Schroder ISF European Dividend Maximiser B Distribution EUR 5,080.77 1.161192

Schroder ISF European Dividend Maximiser C Distribution EUR 98,214.73 1.199819

Schroder ISF European Dividend Maximiser A1 Distribution EUR 21.02 1.167497

Schroder ISF European Equity Yield A Distribution EUR 116,141.42 0.088687

Schroder ISF European Equity Yield B Distribution EUR 4,544.22 0.083713

Schroder ISF European Equity Yield C Distribution EUR 138,230.05 0.095419

Schroder ISF European Equity Yield A1 Distribution EUR 128.14 0.093543



Schroder ISF Global Credit Duration Hedged I Distribution GBP 1,170,996.03 0.913859



Dividends (cont)

RecordDate

Ex-DividendDate


GrossDividend

Dividendper Share

30-Mar-2010 31-Mar-2010 13-Apr-2010 (cont)

Schroder ISF Global Dividend Maximiser A Distribution USD 146,681.50 0.110914

Schroder ISF Global Dividend Maximiser C Distribution USD 1,225.41 0.113205

Schroder ISF Global Dividend Maximiser B Distribution USD 356.80 0.111940

Schroder ISF Global Dividend Maximiser A1 Distribution USD 1,505.80 0.109857

Schroder ISF Global Dividend Maximiser GBP C Distribution GBP 146,097.78 0.075660

Schroder ISF Global Dividend Maximiser SGD A Distribution SGD 32,096.05 0.112267

Schroder ISF Global Equity Yield A Distribution USD 21,807.12 0.855316

Schroder ISF Global Equity Yield C Distribution USD 15.20 0.870637

Schroder ISF Global Equity Yield A1 Distribution USD 7,938.87 0.856561

Schroder ISF Global High Yield A Distribution USD 1,027,065.23 0.353756

Schroder ISF Global High Yield A1 Distribution USD 477,245.04 0.433687

Schroder ISF Global High Yield B Distribution USD 27,677.25 0.428427

Schroder ISF Global High Yield GBP Hedged C Distribution GBP 1,346,489.97 1.970679

Schroder ISF Global Managed Currency A Distribution USD 3,039.32 0.748375

Schroder ISF Global Managed Currency A1 Distribution USD 1,146.99 0.745817

Schroder ISF Global Managed Currency B Distribution USD 11.35 0.745848

Schroder ISF Global Managed Currency EUR A Distribution EUR 119.77 0.791755

Schroder ISF Hong Kong Dollar Bond A Distribution HKD 416,351.69 0.079204


Schroder ISF US Dollar Bond A Distribution USD 249,710.17 0.107798

28-Apr-2010 29-Apr-2010 14-May-2010


















Schroder ISF Emerging Markets Debt Absolute Return AUDHedged

A1 Distribution AUD 25.24 0.231574





26-May-2010 27-May-2010 08-Jun-2010
















Dividends (cont)

RecordDate

Ex-DividendDate


GrossDividend

Dividendper Share

26-May-2010 27-May-2010 08-Jun-2010 (cont)






A1 Distribution AUD 23,122.96 0.535878





21-Jun-2010 22-Jun-2010 28-Jun-2010

Schroder ISF Global High Yield A Distribution USD 305,170.06 0.134302

Schroder ISF Global High Yield GBP Hedged C Distribution GBP 619,899.85 2.644321

21-Jun-2010 22-Jun-2010 30-Jun-2010

Schroder ISF Emerging Markets Debt Absolute Return C Distribution USD 210,806.46 0.014723

Schroder ISF Emerging Markets Debt Absolute Return GBPHedged

A Distribution GBP 183,458.88 0.041791

Schroder ISF Emerging Markets Debt Absolute Return GBPHedged

C Distribution GBP 96,237.10 0.035039

Schroder ISF Emerging Europe Debt Absolute Return A Distribution EUR 48,001.05 0.235128

Schroder ISF Global Energy GBP C Distribution GBP 892.12 0.002881

Schroder ISF Japanese Large Cap A Distribution JPY 71,907.55 0.081824

Schroder ISF Asian Total Return GBP A Distribution GBP 122.10 0.007662

Schroder ISF Asian Total Return GBP C Distribution GBP 3,676.62 0.007415

Schroder ISF Global Convertible Bond C Dis GBP Hedged C Distribution GBP 620.24 7.130014

29-Jun-2010 30-Jun-2010 12-Jul-2010







Schroder ISF Asian Equity Yield A Distribution USD 609,883.72 0.053945

Schroder ISF Asian Equity Yield A1 Distribution USD 226.93 0.037386

Schroder ISF Asian Equity Yield C Distribution USD 631,185.45 0.080644








Schroder ISF Emerging Markets Debt Absolute Return A Distribution USD 1,052,043.56 0.241704


A1 Distribution AUD 145,645.60 0.651878






A Distribution EUR 158,247.42 0.492377

Schroder ISF Emerging Markets Debt Absolute Return SGDHedged

A Distribution SGD 2,776,638.04 0.170258


Schroder ISF EURO Corporate Bond I Distribution EUR 90,088.10 0.211322

Schroder ISF EURO Corporate Bond B Distribution EUR 4.36 0.043078

Schroder ISF EURO Corporate Bond A Distribution EUR 3,072,026.49 0.294214

Schroder ISF European Dividend Maximiser A Distribution EUR 13,649.76 1.102539

Schroder ISF European Dividend Maximiser B Distribution EUR 5,042.76 1.084888



Dividends (cont)

RecordDate

Ex-DividendDate


GrossDividend

Dividendper Share

29-Jun-2010 30-Jun-2010 12-Jul-2010 (cont)

Schroder ISF European Dividend Maximiser C Distribution EUR 94,706.16 1.124591

Schroder ISF European Dividend Maximiser A1 Distribution EUR 1,306.60 1.091026

Schroder ISF European Equity Yield A Distribution EUR 100,468.11 0.083797

Schroder ISF European Equity Yield B Distribution EUR 4,212.93 0.078979

Schroder ISF European Equity Yield C Distribution EUR 123,335.35 0.090310

Schroder ISF European Equity Yield A1 Distribution EUR 2,191.83 0.088297



Schroder ISF Global Corporate Bond A Distribution SGD 141,987.18 0.229429

Schroder ISF Global Credit Duration Hedged I Distribution GBP 1,525,908.14 1.217570

Schroder ISF Global Dividend Maximiser A Distribution USD 130,112.11 0.100614

Schroder ISF Global Dividend Maximiser C Distribution USD 12,151.03 0.102864

Schroder ISF Global Dividend Maximiser B Distribution USD 5,155.93 0.101433

Schroder ISF Global Dividend Maximiser A1 Distribution USD 1,419.70 0.099551

Schroder ISF Global Dividend Maximiser GBP C Distribution GBP 132,907.67 0.068829

Schroder ISF Global Dividend Maximiser SGD A Distribution SGD 28,903.18 0.101872

Schroder ISF Global Equity Yield A Distribution USD 17,520.64 0.786319

Schroder ISF Global Equity Yield C Distribution USD 14.13 0.801739

Schroder ISF Global Equity Yield A1 Distribution USD 7,403.75 0.786573

Schroder ISF Global High Yield A Distribution USD 493,884.75 0.207106

Schroder ISF Global High Yield A1 Distribution USD 480,924.30 0.418028

Schroder ISF Global High Yield B Distribution USD 28,751.53 0.412914

Schroder ISF Global High Yield GBP Hedged C Distribution GBP 33,273.04 0.141266

Schroder ISF Global Managed Currency A Distribution USD 93,803.81 0.716108

Schroder ISF Global Managed Currency A1 Distribution USD 919.04 0.712730

Schroder ISF Global Managed Currency B Distribution USD 10.93 0.712732

Schroder ISF Global Managed Currency EUR A Distribution EUR 890.53 0.835875

Schroder ISF Hong Kong Dollar Bond A Distribution HKD 329,125.49 0.082758


Schroder ISF Strategic Bond A Distribution EUR 82,764.17 2.799227

Schroder ISF Strategic Bond A1 Distribution EUR 57,178.19 2.466979

Schroder ISF Strategic Bond B Distribution EUR 54,911.98 2.426077

Schroder ISF US Dollar Bond A Distribution USD 218,919.19 0.086716

Futures Contracts

Futures contracts are valued on 30 June 2010, which reflects the latest available price at close of business. The unrealised profit or loss is shown inthe Statement of Net Assets. On 30 June 2010, the following Funds held open futures contracts:

Maturity Date Quantity Contract Currency

(Short)/Long

PositionMarketPrice

UnrealisedAppreciation/(Depreciation)

Schroder ISF EURO Equity

Sep 2010 359 DJ Euro STOXX 50 Future EUR 9,547,605 2,555.00 ( 375,155 )

EUR ( 375,155 )

Schroder ISF European Large Cap

Sep 2010 43 DJ Euro STOXX 50 Future EUR 1,169,700 2,555.00 ( 71,050 )

Sep 2010 9 FTSE 100 Index Future GBP 471,035 4,876.00 ( 39,350 )

EUR ( 110,400 )

Schroder ISF Japanese Equity

Sep 2010 14 Topix Index Future JPY 119,728,000 838.50 ( 2,338,000 )

JPY ( 2,338,000 )

Schroder ISF Japanese Large Cap

Sep 2010 14 Topix Index Future JPY 120,487,000 838.50 ( 3,097,000 )

JPY ( 3,097,000 )

Schroder ISF Asian Total Return

Jul 2010 419 H-SHARES Index Future HKD ( 245,471,150 ) 11,415.00 812,704

Sep 2010 68 KOSPI 200 Future KRW ( 7,459,200,000 ) 220.75 ( 38,007 )

Sep 2010 87 Nasdaq 100 Future USD ( 16,437,235 ) 1,765.25 1,079,560



Futures Contracts (cont)


(Short)/Long

PositionMarketPrice


Schroder ISF Asian Total Return (cont)

Sep 2010 71 SPI 200 Future AUD ( 8,026,500 ) 4,262.00 391,286

USD 2,245,543

Schroder ISF Indian Equity

Jul 2010 348 SGX CNX Nifty Index Future USD 3,710,605 5,319.00 ( 8,581 )

USD ( 8,581 )

Schroder ISF US Small & Mid-Cap Equity

Sep 2010 270 Russell 2000 Mini Index Future USD 16,534,800 614.80 64,800

Sep 2010 468 S&P Mid 400 EMINI Future USD 35,346,980 715.00 ( 1,884,980 )

USD ( 1,820,180 )

Schroder ISF QEP Global Active Value

Sep 2010 544 S&P 500 EMINI Future USD 29,526,419 1,035.30 ( 1,366,259 )

USD ( 1,366,259 )

Schroder ISF QEP Global Core

Sep 2010 66 S&P 500 EMINI Future USD 3,562,515 1,035.30 ( 146,025 )

USD ( 146,025 )

Schroder ISF QEP Global Quality


USD ( 557,183 )

Schroder ISF QEP US Core


USD ( 434,617 )

Schroder ISF European Allocation

Jul 2010 46 Amsterdam Index Future EUR 3,062,520 316.65 ( 149,340 )

Jul 2010 22 IBEX 35 Index Future EUR 2,153,030 9,145.00 ( 141,130 )

Jul 2010 365 OMXS30 Index Future SEK 37,752,950 998.00 ( 139,163 )

Sep 2010 170 CAC 40 10 Euro Future EUR 6,216,865 3,413.00 ( 414,765 )

Sep 2010 72 DAX Index Future EUR 11,078,838 5,960.50 ( 349,937 )

Sep 2010 148 Euro-BOBL Future EUR 17,742,240 120.96 159,840

Sep 2010 81 Euro-Bund Future EUR 10,345,320 129.56 149,040

Sep 2010 239 Euro-Schatz Future EUR 26,151,380 109.56 33,460

Sep 2010 17 FTSE/MIB Index Future EUR 1,722,050 19,220.00 ( 88,350 )

Sep 2010 214 FTSE 100 Index Future GBP 11,045,075 4,876.00 ( 746,104 )

Sep 2010 103 SWISS Market Index Future CHF 6,656,890 6,111.00 ( 273,872 )

EUR ( 1,960,321 )

Schroder ISF Global Tactical Asset Allocation

Jul 2010 67 CAC 40 10 Euro Future EUR 2,465,950 3,416.50 ( 216,652 )

Sep 2010 10 DAX Index Future EUR ( 1,560,025 ) 5,960.50 85,610

Sep 2010 92 DJ Euro STOXX 50 Future EUR ( 2,489,940 ) 2,555.00 170,656

Sep 2010 33 KOSPI 200 Future KRW 3,647,375,000 220.75 ( 4,104 )

Sep 2010 85 MSCI Emerging Markets Index Future USD 3,084,582 348.08 ( 125,928 )

Sep 2010 111 NASDAQ 100 E-Mini Future USD 4,111,982 1,763.50 ( 197,012 )

Sep 2010 43 Russell 2000 Mini Index Future USD ( 2,821,889 ) 614.80 178,249

Sep 2010 3 S&P 500 EMINI Future USD ( 161,933 ) 1,035.30 6,638

Sep 2010 32 SPI 200 Future AUD ( 3,631,236 ) 4,262.00 187,936

Sep 2010 55 US 10 Year Note Future (CBT) USD 6,659,766 122.55 80,313

USD 165,706

Schroder ISF EURO Bond

Sep 2010 163 CAN 10 Year Bond Future CAD 19,756,100 123.93 343,580


Sep 2010 229 Euro-Bund Future EUR 29,605,870 129.56 63,370


Sep 2010 26 Japan 10 Year Bond Future JPY ( 3,659,854,692 ) 141.66 ( 214,540 )

Sep 2010 221 Long Gilt Future GBP ( 26,386,014 ) 121.03 ( 441,985 )

Sep 2010 464 US 2 Year Note (CBT) USD ( 101,195,812 ) 109.41 ( 277,965 )


Sep 2010 194 US 10 Year Note Future (CBT) USD ( 23,295,758 ) 122.55 ( 390,558 )

Sep 2010 13 US Long Bond Future (CBT) USD ( 1,612,000 ) 127.25 ( 34,497 )

EUR ( 372,412 )

Schroder ISF EURO Government Bond

Sep 2010 27 Euro-Bund Future EUR ( 3,451,640 ) 129.56 ( 46,480 )






(Short)/Long

PositionMarketPrice


Schroder ISF EURO Government Bond (cont)


EUR ( 223,595 )

Schroder ISF EURO Short Term Bond

Sep 2010 3,803 Euro-BOBL Future EUR ( 456,366,090 ) 120.96 ( 3,644,790 )

Sep 2010 2,480 Euro-Schatz Future EUR 271,250,000 109.56 458,800



EUR ( 3,825,588 )

Schroder ISF Global Bond




Sep 2010 19 Japan 10 Year Bond Future JPY 2,674,820,000 141.66 188,511

Sep 2010 72 Long Gilt Future GBP 8,595,360 121.03 177,837

Sep 2010 27 US 2 Year Note (CBT) USD 5,880,565 109.41 27,795


Sep 2010 421 US 10 Year Note Future (CBT) USD 50,888,672 122.55 703,562

Sep 2010 54 US Long Bond Future (CBT) USD 6,789,132 127.25 82,368

USD 885,215

Schroder ISF Global Inflation Linked Bond


EUR ( 524,083 )

Schroder ISF US Dollar Bond

Sep 2010 71 CAN 10 Year Bond Future CAD 8,602,360 123.93 186,188


Sep 2010 112 US 2 Year Note (CBT) USD ( 24,512,031 ) 109.41 3,281


Sep 2010 2 US 10 Year Note Future (CBT) USD ( 245,313 ) 122.55 219


USD 486,263

Schroder ISF EURO Corporate Bond

Sep 2010 2,959 Euro-BOBL Future EUR ( 354,717,178 ) 120.96 ( 3,203,462 )

Sep 2010 1,593 Euro-Bund Future EUR ( 203,681,035 ) 129.56 ( 2,708,045 )

Sep 2010 3,596 Euro-Schatz Future EUR ( 393,564,845 ) 109.56 ( 412,915 )

EUR ( 6,324,422 )

Schroder ISF Global Corporate Bond

Sep 2010 557 CAN 10 Year Bond Future CAD 67,497,190 123.93 1,450,175


Sep 2010 486 Euro-Bund Future EUR 63,164,495 129.56 ( 242,911 )

Sep 2010 9 Euro-BUXL 30 Year Bond Future EUR ( 986,220 ) 112.52 ( 32,407 )

Sep 2010 724 Euro-Schatz Future EUR ( 79,187,500 ) 109.56 ( 164,043 )



Sep 2010 253 US 2 Year Note (CBT) USD ( 55,440,494 ) 109.41 76,978

Sep 2010 1,129 US 5 Year Note (CBT) USD 132,199,368 118.43 1,507,749

Sep 2010 961 US 10 Year Note Future (CBT) USD ( 114,460,593 ) 122.55 ( 3,306,954 )


USD ( 999,939 )

Schroder ISF Global High Yield

Sep 2010 286 Euro-BOBL Future EUR ( 34,300,612 ) 120.96 ( 360,014 )





Sep 2010 78 US 10 Year Note Future (CBT) USD ( 9,427,031 ) 122.55 ( 131,625 )

Sep 2010 8 US Long Bond Future (CBT) USD ( 992,000 ) 127.25 ( 26,000 )

USD ( 1,855,099 )

Schroder ISF Strategic Bond


Sep 2010 7 Euro-Bund Future EUR ( 894,215 ) 129.56 ( 15,560 )

Sep 2010 9 Euro-BUXL 30 Year Bond Future EUR ( 986,220 ) 112.52 ( 32,407 )





(Short)/Long

PositionMarketPrice


Schroder ISF Strategic Bond (cont)




Sep 2010 1,309 US 10 Year Note Future (CBT) USD 158,871,804 122.55 1,542,055

Sep 2010 151 US Long Bond Future (CBT) USD ( 18,852,586 ) 127.25 ( 362,164 )

USD 478,389

Schroder ISF Global Credit Duration Hedged


Sep 2010 72 Euro-Bund Future EUR 9,549,090 129.56 ( 220,770 )

Sep 2010 14 Euro-BUXL 30 Year Bond Future EUR ( 1,534,120 ) 112.52 ( 41,160 )






Sep 2010 1,088 US 10 Year Note Future (CBT) USD ( 129,986,563 ) 122.55 ( 2,730,710 )

Sep 2010 604 US Long Bond Future (CBT) USD ( 75,400,360 ) 127.25 ( 1,190,970 )

EUR ( 4,948,939 )

Forward Foreign Exchange Contracts

Outstanding forward foreign exchange contracts are valued on 30 June 2010 by reference to the forward rate of exchange applicable to thematurity of the contracts. The unrealised gain or loss is shown in the Statement of Net Assets. On 30 June 2010, the following Funds werecommitted to outstanding forward foreign exchange contracts:

Currency Bought Currency Sold Maturity Date


Schroder ISF Global Equity

AUD 10,140 USD 8,800 09-Jul-2010 ( 209 )

USD 200 AUD 235 09-Jul-2010 1

USD ( 208 )


EUR 71,651,355 JPY 7,911,312,700 09-Jul-2010 ( 128,708,506 )

JPY 270,861,600 EUR 2,478,987 09-Jul-2010 1,599,740

JPY ( 127,108,766 )

Schroder ISF US Large Cap

EUR 49,768,195 USD 61,511,000 09-Jul-2010 ( 557,406 )

USD 885,900 EUR 726,505 09-Jul-2010 ( 3,887 )

USD ( 561,293 )

Schroder ISF Asian Equity Yield

EUR 9,334,925 USD 11,537,500 09-Jul-2010 ( 104,552 )

USD 231,000 EUR 189,437 09-Jul-2010 ( 1,013 )

USD ( 105,565 )


EUR 4,815,082 USD 5,951,200 09-Jul-2010 ( 53,929 )

PLN 33,373 USD 10,000 09-Jul-2010 ( 170 )

USD ( 54,099 )

Schroder ISF China Opportunities

SGD 1,921,811 USD 1,382,200 09-Jul-2010 ( 7,858 )

USD ( 7,858 )

Schroder ISF Emerging Markets

AUD 10,486 USD 9,100 09-Jul-2010 ( 216 )

USD 200 AUD 235 09-Jul-2010 1

USD ( 215 )

Schroder ISF Global Climate Change Equity

EUR 3,118,411 USD 3,854,200 09-Jul-2010 ( 34,926 )

USD 111,900 EUR 91,766 09-Jul-2010 ( 491 )

USD ( 35,417 )



Forward Foreign Exchange Contracts (cont)




EUR 126,927,787 USD 156,865,300 09-Jul-2010 ( 1,410,498 )

USD 4,044,800 EUR 3,298,403 09-Jul-2010 5,082

USD ( 1,405,416 )

Schroder ISF Hong Kong Equity

EUR 2,525,948 HKD 24,277,900 09-Jul-2010 ( 194,259 )

HKD ( 194,259 )


EUR 106,706,582 USD 131,884,000 09-Jul-2010 ( 1,195,118 )

USD 12,649,000 EUR 10,298,538 09-Jul-2010 35,866

USD ( 1,159,252 )


CAD 4,715,211 EUR 3,617,786 16-Jul-2010 32,386

CHF 798,072 EUR 596,248 30-Jul-2010 8,326

EUR 1,086,120 AUD 1,560,468 23-Jul-2010 10,578

EUR 5,681,192 CAD 7,478,810 16-Jul-2010 ( 121,168 )

EUR 1,324,675 CHF 1,887,624 02-Jul-2010 ( 123,947 )

EUR 1,395,861 CHF 1,887,624 30-Jul-2010 ( 37,335 )

EUR 4,145,793 GBP 3,519,516 02-Jul-2010 ( 190,979 )

EUR 2,565,467 GBP 2,114,843 30-Jul-2010 ( 23,228 )

EUR 834,740 HKD 7,881,886 23-Jul-2010 9,913

EUR 3,551,842 JPY 400,641,064 09-Jul-2010 ( 167,425 )

EUR 877,902 SEK 8,504,618 02-Jul-2010 ( 17,985 )

EUR 407,668 SEK 3,894,987 30-Jul-2010 ( 1,292 )

EUR 725,617 SGD 1,234,554 23-Jul-2010 5,884

EUR 22,487,447 USD 27,752,067 16-Jul-2010 ( 209,199 )

GBP 1,404,673 EUR 1,683,086 02-Jul-2010 41,365

GBP 195,059 EUR 238,976 30-Jul-2010 ( 741 )

JPY 100,180,502 EUR 885,065 09-Jul-2010 45,631

SEK 4,609,631 EUR 484,176 02-Jul-2010 ( 466 )

SGD 346,495 EUR 202,746 23-Jul-2010 ( 539 )

USD 18,068,243 EUR 14,657,448 16-Jul-2010 115,642

USD ( 624,579 )


CAD 1,558,524 USD 1,494,365 16-Jul-2010 ( 19,043 )

USD 3,258,341 CAD 3,389,229 16-Jul-2010 50,046

USD 31,003


CAD 4,929,324 AUD 5,520,813 19-Jul-2010 ( 5,541 )

CHF 6,776,851 EUR 4,977,489 19-Jul-2010 174,741

CNY 44,565,035 USD 6,570,882 19-Jul-2010 ( 8,061 )

EUR 1,565,895 NOK 12,510,722 19-Jul-2010 ( 2,252 )

EUR 9,871 USD 12,200 09-Jul-2010 ( 110 )

GBP 1,515,362 JPY 202,528,402 20-Jul-2010 ( 15,698 )

IDR 14,232,004,546 USD 1,569,130 19-Jul-2010 ( 5,971 )

INR 72,312,261 USD 1,557,581 19-Jul-2010 ( 3,908 )

JPY 169,438,647 USD 1,898,026 20-Jul-2010 12,875

KRW 1,856,448,023 USD 1,561,746 19-Jul-2010 ( 41,822 )

MXN 28,856,825 USD 2,297,445 19-Jul-2010 ( 57,613 )

NOK 12,510,722 EUR 1,575,354 19-Jul-2010 ( 9,333 )

SGD 3,538,601 USD 2,557,116 19-Jul-2010 ( 26,483 )

TWD 81,674,713 USD 2,561,139 19-Jul-2010 ( 15,599 )

USD 3,056,632 EUR 2,491,549 19-Jul-2010 4,891

USD 3,452,929 JPY 313,077,094 20-Jul-2010 ( 77,902 )

USD ( 77,786 )

Schroder ISF Asian Bond

CNY 860,000,000 USD 128,031,825 10-Sep-2010 ( 1,296,803 )

CNY 200,000,000 USD 29,958,059 25-Mar-2011 ( 177,476 )

EUR 5,226,846 USD 6,458,000 09-Jul-2010 ( 56,421 )

GBP 98,426 USD 147,300 09-Jul-2010 37

HKD 610,000,000 USD 78,293,611 14-Jul-2010 65,682

SGD 1,587,003 USD 1,141,400 09-Jul-2010 ( 6,489 )






Schroder ISF Asian Bond (cont)

SGD 9,000,000 USD 6,523,157 20-Jul-2010 ( 86,780 )

USD 127,938,766 CNY 860,000,000 10-Sep-2010 1,203,745

USD 46,286,286 HKD 360,000,000 14-Jul-2010 41,458

USD 27,765,584 IDR 253,000,000,000 22-Jul-2010 ( 5,720 )

USD 243,209,214 KRW 278,000,000,000 03-Aug-2010 15,782,418

USD 141,542,863 MYR 451,000,000 28-Jul-2010 2,473,704

USD 99,705,492 SGD 139,000,000 20-Jul-2010 299,224

USD 13,548,884 THB 440,000,000 21-Sep-2010 ( 10,230 )

USD 18,226,349

Schroder ISF Emerging Europe Debt Absolute Return

EUR 12,056,181 CZK 307,300,000 28-Jul-2010 94,556

EUR 5,034,657 CZK 131,470,000 09-Aug-2010 ( 82,342 )

EUR 13,958,829 CZK 358,030,000 03-Sep-2010 25,929

EUR 7,878,133 HUF 2,140,000,000 29-Jul-2010 438,258

EUR 5,505,098 HUF 1,482,000,000 03-Aug-2010 355,736

EUR 1,794,827 HUF 510,000,000 11-Aug-2010 24,033

EUR 10,446,118 HUF 2,955,000,000 17-Sep-2010 222,956

EUR 7,876,457 PLN 31,000,000 21-Jul-2010 427,923

EUR 5,587,717 PLN 22,200,000 30-Jul-2010 257,462

EUR 2,799,251 PLN 11,515,000 09-Aug-2010 36,501

EUR 3,730,256 PLN 15,301,000 17-Sep-2010 69,075

EUR 4,815,961 TRY 9,685,000 29-Jul-2010 ( 157,643 )

EUR 2,430,783 USD 3,000,000 22-Jul-2010 ( 18,470 )

HUF 1,408,000,000 EUR 4,945,067 29-Jul-2010 ( 50,047 )

RUB 287,200,000 USD 9,314,091 16-Aug-2010 ( 121,254 )

USD 8,270,000 EUR 6,259,892 22-Jul-2010 491,884

USD 4,269,373 RUB 132,500,000 16-Aug-2010 33,336

EUR 2,047,893

Schroder ISF Emerging Markets Debt Absolute Return

AED 105,500,000 USD 28,746,594 29-Nov-2010 ( 30,125 )

AUD 22,989,124 USD 19,944,600 09-Jul-2010 ( 467,066 )

CHF 14,627,624 USD 13,295,000 09-Jul-2010 239,071

CNY 656,000,000 USD 97,281,746 25-Aug-2010 ( 666,235 )

CNY 221,000,000 USD 32,822,432 02-Sep-2010 ( 270,166 )

CNY 765,000,000 USD 112,087,912 09-Sep-2010 640,523

CNY 810,000,000 USD 120,396,864 15-Sep-2010 ( 994,221 )

CNY 257,000,000 USD 37,922,385 29-Sep-2010 ( 5,917 )

CNY 278,000,000 USD 41,639,281 13-Oct-2010 ( 601,721 )

CNY 765,000,000 USD 114,603,308 17-May-2011 ( 205,284 )

CZK 1,416,000,000 USD 72,679,492 29-Jul-2010 ( 5,165,318 )

EUR 2,322,216,886 USD 2,870,075,400 09-Jul-2010 ( 25,940,367 )

EUR 23,507,600 USD 28,880,433 29-Jul-2010 ( 85,412 )

GBP 478,827,904 USD 716,589,900 09-Jul-2010 181,932

HUF 10,645,000,000 USD 45,927,197 17-Sep-2010 ( 803,446 )

INR 3,090,000,000 USD 69,134,013 12-Jul-2010 ( 2,695,712 )

INR 4,650,000,000 USD 102,191,064 29-Sep-2010 ( 3,074,901 )

PHP 1,920,000,000 USD 43,058,982 27-Jul-2010 ( 1,803,541 )

PHP 3,140,000,000 USD 68,314,333 30-Sep-2010 ( 1,205,976 )

PHP 3,180,000,000 USD 70,192,477 12-Oct-2010 ( 2,296,517 )

PHP 3,200,000,000 USD 71,111,111 15-Oct-2010 ( 2,805,060 )

PLN 23,636,094 USD 7,082,400 09-Jul-2010 ( 120,134 )

PLN 211,000,000 USD 64,939,062 21-Jul-2010 ( 2,841,299 )

RUB 2,100,000,000 USD 71,203,336 15-Oct-2010 ( 4,512,483 )

SGD 157,933,816 USD 113,592,800 09-Jul-2010 ( 649,820 )

SGD 100,000,000 USD 73,099,415 21-Jul-2010 ( 1,583,892 )

TWD 3,270,000,000 USD 104,585,783 12-Jul-2010 ( 2,713,841 )

TWD 2,900,000,000 USD 93,412,788 27-Jul-2010 ( 2,984,953 )

TWD 2,200,000,000 USD 71,614,583 18-Oct-2010 ( 2,531,466 )

USD 28,678,609 AED 105,500,000 29-Nov-2010 ( 37,860 )

USD 112,318,309 CNY 765,000,000 17-May-2011 ( 2,079,716 )

USD 118,855,110 CZK 2,205,000,000 14-Jul-2010 13,714,765






Schroder ISF Emerging Markets Debt Absolute Return (cont)

USD 145,345,183 CZK 2,832,000,000 29-Jul-2010 10,316,836

USD 81,043,726 CZK 1,602,000,000 17-Sep-2010 4,669,393

USD 38,656,346 CZK 809,000,000 29-Sep-2010 89,255

USD 3,487,200 EUR 2,859,767 09-Jul-2010 ( 15,300 )

USD 72,998,372 EUR 55,380,000 29-Jul-2010 5,162,088

USD 120,129,607 EUR 97,130,000 17-Sep-2010 1,119,138

USD 51,956,307 HUF 10,645,000,000 17-Sep-2010 6,832,557

USD 117,737,507 IDR 1,072,000,000,000 26-Jul-2010 160,547

USD 128,822,092 IDR 1,198,300,000,000 09-Aug-2010 ( 2,386,965 )

USD 59,883,441 IDR 560,000,000,000 17-Sep-2010 ( 1,144,799 )

USD 68,101,933 IDR 620,000,000,000 22-Sep-2010 602,533

USD 67,342,269 INR 3,090,000,000 12-Jul-2010 903,969

USD 100,758,397 INR 4,650,000,000 29-Sep-2010 1,642,233

USD 142,079,393 KRW 162,870,000,000 09-Aug-2010 8,851,896

USD 7,805,378 KRW 9,756,722,480 13-Sep-2010 ( 169,757 )

USD 29,230,270 KRW 36,000,000,000 17-Sep-2010 ( 192,818 )

USD 65,706,903 KRW 80,100,000,000 24-Sep-2010 253,188

USD 129,975,630 MXN 1,600,000,000 23-Jul-2010 5,838,943

USD 157,553,665 MXN 1,945,000,000 26-Jul-2010 6,698,672

USD 184,051,171 MXN 2,355,000,000 17-Sep-2010 2,460,887

USD 52,691,064 MXN 676,000,000 29-Sep-2010 636,153

USD 69,402,616 MYR 223,000,000 26-Jul-2010 632,472

USD 72,324,836 MYR 236,900,000 09-Aug-2010 ( 684,912 )

USD 71,782,662 MYR 235,160,000 10-Aug-2010 ( 687,566 )

USD 40,075,141 PHP 1,920,000,000 27-Jul-2010 ( 1,180,300 )

USD 68,016,896 PHP 3,140,000,000 30-Sep-2010 908,539

USD 68,459,237 PHP 3,180,000,000 12-Oct-2010 563,276

USD 66,362,505 PHP 3,200,000,000 15-Oct-2010 ( 1,943,546 )

USD 72,025,205 PLN 211,000,000 21-Jul-2010 9,927,443

USD 131,985,333 PLN 398,600,000 26-Aug-2010 14,967,700

USD 176,621,849 PLN 548,100,000 17-Sep-2010 15,930,307

USD 99,570,815 PLN 290,000,000 27-Sep-2010 14,598,925

USD 81,297,408 RUB 2,493,750,000 15-Oct-2010 2,102,020

USD 71,943,886 SGD 100,670,000 12-Jul-2010 ( 48,776 )

USD 72,364,136 SGD 100,000,000 21-Jul-2010 848,613

USD 89,323,495 SGD 125,600,000 26-Jul-2010 ( 501,398 )

USD 219,128,134 SGD 304,600,000 10-Aug-2010 1,275,051

USD 82,251,547 SGD 115,000,000 17-Sep-2010 ( 15,888 )

USD 46,616,369 SGD 65,000,000 28-Sep-2010 113,725

USD 150,802,389 TRY 226,000,000 20-Jul-2010 8,418,265

USD 5,990,415 TRY 9,000,000 26-Jul-2010 326,099

USD 103,443,658 TWD 3,270,000,000 12-Jul-2010 1,571,716

USD 91,571,563 TWD 2,900,000,000 27-Jul-2010 1,143,728

USD 61,418,220 TWD 1,941,000,000 19-Aug-2010 778,922

USD 70,332,481 TWD 2,200,000,000 18-Oct-2010 1,249,363

USD 68,226,269


EUR 366,734 CAD 460,000 28-Jul-2010 11,272

EUR 43,692,002 GBP 36,047,167 28-Jul-2010 ( 359,853 )

EUR 63,416,000 USD 77,913,094 28-Jul-2010 ( 190,930 )

GBP 950,000 EUR 1,144,235 28-Jul-2010 16,723

JPY 26,800,000 EUR 241,097 28-Jul-2010 5,684

EUR ( 517,104 )


EUR 216,207 GBP 178,385 28-Jul-2010 ( 1,791 )

EUR ( 1,791 )


EUR 60,564,930 USD 74,404,967 28-Jul-2010 ( 178,025 )

EUR 7,273,354 GBP 6,001,012 28-Jul-2010 ( 60,251 )

EUR ( 238,276 )







AUD 3,980,000 USD 3,579,288 22-Jul-2010 ( 212,745 )

CAD 9,353,000 USD 9,172,898 22-Jul-2010 ( 319,536 )

CHF 2,040,000 USD 1,912,351 22-Jul-2010 ( 24,415 )

CLP 1,600,000,000 USD 3,044,719 22-Jul-2010 ( 104,977 )

CNY 24,905,000 USD 3,683,853 21-Jul-2010 ( 16,152 )

CZK 6,950,000 USD 369,738 22-Jul-2010 ( 38,355 )

DKK 8,030,000 USD 1,448,298 22-Jul-2010 ( 127,977 )

EUR 3,100,000 GBP 2,638,939 22-Jul-2010 ( 153,217 )

EUR 285,057 TRY 560,000 22-Jul-2010 ( 3,533 )

EUR 5,215,000 USD 6,494,817 22-Jul-2010 ( 107,156 )

GBP 2,042,355 EUR 2,410,000 22-Jul-2010 105,330

GBP 12,659,000 USD 19,220,060 22-Jul-2010 ( 270,495 )

HUF 1,360,000,000 USD 5,667,611 22-Jul-2010 129,001

INR 136,000,000 USD 3,037,748 22-Jul-2010 ( 116,605 )

JPY 2,743,714,000 USD 29,727,648 22-Jul-2010 1,216,515

KRW 9,852,500,000 USD 8,757,757 22-Jul-2010 ( 692,659 )

NOK 23,300,000 USD 3,867,391 22-Jul-2010 ( 291,746 )

PLN 13,420,000 USD 3,974,649 22-Jul-2010 ( 25,403 )

SEK 44,930,000 USD 6,185,796 22-Jul-2010 ( 410,546 )

TRY 2,350,000 EUR 1,196,220 22-Jul-2010 14,828

UAH 12,680,000 USD 1,573,201 05-Aug-2010 20,175

USD 1,171,296 AUD 1,367,000 22-Jul-2010 14,998

USD 2,842,890 CAD 2,932,000 22-Jul-2010 67,517

USD 380,595 CHF 406,000 22-Jul-2010 4,859

USD 726,933 CLP 382,600,000 22-Jul-2010 23,967

USD 3,700,445 CNY 24,905,000 21-Jul-2010 32,743

USD 60,116 CZK 1,130,000 22-Jul-2010 6,236

USD 270,541 DKK 1,500,000 22-Jul-2010 23,906

USD 295,652 EGP 1,700,000 17-Aug-2010 254

USD 46,064,950 EUR 34,815,000 22-Jul-2010 3,421,345

USD 6,975,528 GBP 4,658,000 22-Jul-2010 2,854

USD 6,878,838 HUF 1,369,900,000 22-Jul-2010 1,040,030

USD 723,751 IDR 6,620,000,000 22-Jul-2010 ( 2,913 )

USD 728,141 INR 32,880,000 22-Jul-2010 21,912

USD 20,093,119 JPY 1,844,800,000 22-Jul-2010 ( 712,910 )

USD 2,577,662 KRW 2,981,000,000 22-Jul-2010 137,463

USD 1,675,882 MXN 21,550,000 22-Jul-2010 3,736

USD 428,438 MYR 1,380,000 22-Jul-2010 2,785

USD 921,836 NOK 5,656,000 22-Jul-2010 53,860

USD 2,016,578 PLN 5,975,000 22-Jul-2010 258,251

USD 1,304,427 SEK 9,680,000 22-Jul-2010 60,171

USD 334,988 UAH 2,700,000 05-Aug-2010 ( 4,296 )

USD 98,678 ZAR 748,000 22-Jul-2010 1,324

ZAR 4,480,000 USD 591,013 22-Jul-2010 ( 7,929 )

USD 3,020,495


EUR 20,112,556 AUD 30,100,000 07-Jul-2010 ( 714,752 )

EUR 18,002,019 CAD 25,030,000 07-Jul-2010 ( 1,344,884 )

EUR 77,519,201 GBP 70,028,000 07-Jul-2010 ( 8,071,667 )

EUR 40,523,591 JPY 5,040,000,000 07-Jul-2010 ( 5,876,291 )

EUR 16,514,002 SEK 160,355,000 07-Jul-2010 ( 315,521 )

EUR 190,979,650 USD 257,685,000 07-Jul-2010 ( 19,418,397 )

EUR 400,600 USD 494,220 09-Jul-2010 ( 2,927 )

GBP 7,723,733 EUR 8,648,215 07-Jul-2010 792,024

GBP 114,186,131 EUR 138,270,000 09-Jul-2010 1,292,071

GBP 470,000 USD 704,953 07-Jul-2010 ( 1,138 )

USD 9,920,000 EUR 7,508,022 07-Jul-2010 591,591

USD 42,713,814 EUR 34,559,500 09-Jul-2010 316,038

EUR ( 32,753,853 )







EUR USD 17,292,700 09-Jul-2010 ( 140,532 )

USD ( 140,532 )

Schroder ISF Asian Local Currency Bond

CNY 106,000,000 USD 15,856,632 10-Sep-2010 ( 235,804 )

HKD 43,000,000 USD 5,515,720 14-Jul-2010 7,968

IDR 4,000,000,000 USD 425,170 22-Jul-2010 13,902

SGD 130,698 USD 94,000 09-Jul-2010 ( 534 )

SGD 1,900,000 USD 1,345,085 14-Jul-2010 13,680

TWD 20,000,000 USD 623,694 13-Sep-2010 2,474

USD 13,233,199 CNY 88,500,000 10-Sep-2010 191,281

USD 1,533,910 IDR 14,000,000,000 22-Jul-2010 ( 2,842 )

USD 5,272,404 KRW 6,100,000,000 03-Aug-2010 282,104

USD 2,661,878 MYR 8,600,000 28-Jul-2010 10,005

USD 425,342 PHP 20,000,000 10-Sep-2010 ( 2,771 )

USD 1,360,619 SGD 1,900,000 14-Jul-2010 1,854

USD 281,317


EUR 1,617,646 USD 1,987,367 28-Jul-2010 ( 4,807 )

JPY 17,167,775,997 EUR 155,485,500 09-Jul-2010 2,571,413

USD 9,737,926 EUR 7,878,900 09-Jul-2010 72,051

EUR 2,638,657


AUD 11,292 USD 9,800 09-Jul-2010 ( 233 )

EUR 167,343,379 USD 206,791,100 09-Jul-2010 ( 1,837,304 )

EUR 49,222,424 USD 60,475,217 28-Jul-2010 ( 181,922 )

SGD 7,305,718 USD 5,254,400 09-Jul-2010 ( 29,873 )

USD 1,534,904 CAD 1,570,000 28-Jul-2010 48,829

USD 326,833,870 EUR 266,020,689 28-Jul-2010 981,092

USD 245,030,597 GBP 164,443,154 28-Jul-2010 ( 1,127,928 )

USD ( 2,147,339 )


EUR 327,741,993 USD 405,068,100 09-Jul-2010 ( 3,666,108 )

EUR 3,160,272 USD 3,898,619 02-Aug-2010 ( 27,428 )

GBP 289,312,953 USD 432,971,300 09-Jul-2010 109,925

GBP 8,913,676 USD 12,840,641 27-Aug-2010 502,361

USD 3,806,000 EUR 3,098,592 09-Jul-2010 11,000

USD 506,960,431 EUR 412,617,015 28-Jul-2010 1,539,588

USD 3,884,954 EUR 3,160,272 02-Aug-2010 13,763

USD 127,401,990 GBP 85,518,910 28-Jul-2010 ( 613,122 )

USD 12,905,399 GBP 8,913,676 27-Aug-2010 ( 437,603 )

USD ( 2,567,624 )


CAD 1,060,000 USD 981,781 21-Jul-2010 21,599

EUR 42,134,741 GBP 35,952,582 21-Jul-2010 ( 2,209,392 )

EUR 525,000 GBP 456,328 23-Jul-2010 ( 40,031 )

EUR 370,356,980 USD 457,740,700 09-Jul-2010 ( 4,146,004 )

EUR 8,635,000 USD 10,678,805 21-Jul-2010 ( 102,188 )

GBP 96,648,571 EUR 112,269,504 21-Jul-2010 7,161,852

GBP 21,818,516 USD 32,652,500 09-Jul-2010 8,290

GBP 40,100,000 USD 58,640,068 21-Jul-2010 1,386,614

HUF 8,060,000,000 USD 33,880,131 21-Jul-2010 477,545

PLN 62,990,000 USD 18,472,170 21-Jul-2010 65,925

SEK 29,700,000 USD 4,073,605 21-Jul-2010 ( 256,002 )

USD 1,059,576 CAD 1,060,000 21-Jul-2010 56,195

USD 2,746,600 EUR 2,245,090 09-Jul-2010 ( 3,074 )

USD 21,647,940 EUR 16,420,000 21-Jul-2010 1,535,832

USD 199,219,748 GBP 129,100,000 21-Jul-2010 5,966,764

USD 39,318,866 HUF 8,060,000,000 21-Jul-2010 4,961,190

USD 13,563,877 IDR 123,160,000,000 21-Jul-2010 42,140

USD 21,424,573 PLN 65,520,000 21-Jul-2010 2,141,894







USD 6,319,405 ZAR 48,940,000 21-Jul-2010 ( 51,424 )

USD 17,017,725

Schroder ISF Asian Convertible Bond

CHF 1,254,818 USD 1,140,500 09-Jul-2010 20,509

EUR 45,920,871 USD 56,755,900 09-Jul-2010 ( 514,316 )

GBP 3,899,034 USD 5,835,100 09-Jul-2010 1,481

PLN 33,707 USD 10,100 09-Jul-2010 ( 171 )

USD 1,712,700 EUR 1,404,543 09-Jul-2010 ( 7,514 )

USD 8,816,476 SGD 12,500,000 31-Aug-2010 ( 124,549 )

USD ( 624,560 )

Schroder ISF Global Convertible Bond

CHF 30,256 USD 27,500 09-Jul-2010 494

EUR 123,967,960 USD 153,218,200 09-Jul-2010 ( 1,388,446 )

EUR 3,500,000 USD 4,317,835 31-Aug-2010 ( 29,985 )

GBP 32,157,696 USD 48,125,600 09-Jul-2010 12,219

HKD 5,000,000 USD 641,667 31-Aug-2010 841

USD 6,251,900 EUR 5,089,880 09-Jul-2010 18,069

USD 24,355,900 EUR 20,000,000 31-Aug-2010 ( 146,099 )

USD 496,200 GBP 329,165 09-Jul-2010 3,463

USD 6,676,489 HKD 52,000,000 31-Aug-2010 ( 5,598 )

USD 22,396,417 JPY 2,000,000,000 31-Aug-2010 ( 175,431 )

USD ( 1,710,473 )


EUR 51,165,844 GBP 42,197,753 28-Jul-2010 ( 402,406 )

EUR 225,513,273 USD 277,067,832 28-Jul-2010 ( 680,213 )

GBP 155,103,035 EUR 187,817,000 09-Jul-2010 1,755,065

USD 22,913,648 EUR 18,539,300 09-Jul-2010 169,538

EUR 841,984

Schroder ISF Global Managed Currency

AUD 1,430,000 USD 1,198,841 23-Aug-2010 6,077

AUD 1,850,000 USD 1,480,407 09-Sep-2010 75,147

BRL 2,680,000 USD 1,480,663 06-Jul-2010 17,020

BRL 4,000,000 USD 2,229,654 28-Jul-2010 ( 4,465 )

BRL 2,490,000 USD 1,311,907 10-Aug-2010 68,821

BRL 1,780,000 USD 975,877 16-Aug-2010 9,578

CAD 2,993,000 USD 2,992,424 07-Jul-2010 ( 159,045 )

CAD 653,430 USD 639,245 17-Aug-2010 ( 20,821 )

CAD 2,150,000 USD 2,019,200 18-Aug-2010 15,603

CAD 1,976,000 USD 1,843,129 31-Aug-2010 26,844

CAD 4,110,000 USD 3,995,811 15-Sep-2010 ( 106,896 )

CHF 2,150,000 EUR 1,501,764 07-Jul-2010 149,930

CHF 670,000 USD 605,362 16-Aug-2010 14,979

CLP 373,000,000 USD 690,102 21-Jul-2010 ( 4,783 )

CLP 1,008,000,000 USD 1,899,736 17-Aug-2010 ( 47,620 )

CNY 15,705,000 USD 2,326,122 17-Aug-2010 ( 13,048 )

CNY 43,283,000 USD 6,342,761 08-Sep-2010 34,927

CNY 7,500,000 USD 1,119,152 13-Sep-2010 ( 13,706 )

CNY 12,390,000 USD 1,868,759 01-Nov-2010 ( 38,454 )

CNY 13,520,000 USD 1,997,341 24-Nov-2010 1,647

CNY 27,663,000 USD 4,175,841 11-Apr-2011 ( 51,260 )

COP 500,000,000 USD 252,398 03-Aug-2010 7,971

CZK 19,535,000 USD 1,060,696 07-Jul-2010 ( 129,181 )

CZK 6,500,000 USD 319,018 18-Aug-2010 ( 9,113 )

EUR 6,000,000 USD 7,941,150 06-Jul-2010 ( 592,650 )

EUR 4,500,000 USD 6,003,158 07-Jul-2010 ( 491,783 )

EUR 65,375 USD 80,800 09-Jul-2010 ( 732 )

EUR 4,944,000 USD 6,633,748 13-Jul-2010 ( 578,413 )

EUR 5,303,692 USD 7,019,595 03-Aug-2010 ( 522,785 )

EUR 2,500,000 USD 3,261,250 12-Aug-2010 ( 198,738 )

EUR 9,760,000 USD 12,037,702 18-Aug-2010 ( 81,361 )

EUR 5,730,000 USD 7,009,951 31-Aug-2010 9,872






Schroder ISF Global Managed Currency (cont)

GBP 2,733,000 USD 4,154,822 30-Jul-2010 ( 63,737 )

GBP 1,290,000 USD 1,935,980 12-Aug-2010 ( 4,957 )

GBP 2,782,400 USD 4,039,442 18-Aug-2010 125,577

HUF 48,000,000 USD 235,681 03-Aug-2010 ( 31,381 )

ILS 870,000 USD 231,077 13-Aug-2010 ( 7,117 )

INR 102,600,000 USD 2,302,683 03-Aug-2010 ( 101,689 )

INR 67,500,000 USD 1,496,674 13-Apr-2011 ( 77,632 )

JPY 195,860,000 USD 2,105,238 07-Jul-2010 103,171

JPY 228,480,000 USD 2,465,177 13-Aug-2010 112,627

JPY 511,780,000 USD 5,594,844 18-Aug-2010 179,766

JPY 180,160,000 USD 1,998,436 24-Aug-2010 34,590

JPY 230,040,000 USD 2,523,344 03-Sep-2010 73,024

JPY 172,180,000 USD 1,927,266 29-Sep-2010 17,057

KRW 2,712,000,000 USD 2,434,394 15-Jul-2010 ( 213,494 )

KRW 1,200,000,000 USD 1,002,506 22-Jul-2010 ( 20,205 )

KRW 1,470,000,000 USD 1,290,039 16-Aug-2010 ( 87,725 )

MXN 33,800,000 USD 2,721,903 06-Jul-2010 ( 94,943 )

MXN 14,000,000 USD 1,136,320 04-Aug-2010 ( 51,531 )

MXN 16,100,000 USD 1,215,920 31-Aug-2010 27,899

MXN 19,560,000 USD 1,514,811 10-Sep-2010 ( 5,383 )

MYR 1,059,000 USD 323,754 07-Jul-2010 3,119

NZD 4,060,000 USD 2,898,414 20-Jul-2010 ( 106,760 )

PHP 45,950,000 USD 999,782 21-Jul-2010 ( 11,919 )

PHP 28,900,000 USD 619,507 31-Aug-2010 ( 398 )

PLN 2,050,000 USD 640,225 18-Aug-2010 ( 38,079 )

RUB 65,900,000 USD 2,233,068 06-Jul-2010 ( 124,446 )

RUB 47,180,000 USD 1,496,590 15-Sep-2010 5,745

RUB 30,960,000 USD 999,677 22-Sep-2010 ( 14,386 )

SEK 15,500,000 USD 2,003,516 21-Sep-2010 ( 11,073 )

SEK 11,460,000 USD 1,499,029 23-Sep-2010 ( 25,917 )

SGD 7,270,000 USD 5,218,004 06-Jul-2010 ( 19,100 )

SGD 870,000 USD 619,173 31-Aug-2010 3,122

TRY 2,390,000 USD 1,502,767 15-Sep-2010 ( 10,648 )

TWD 46,880,000 USD 1,510,554 16-Jul-2010 ( 49,721 )

TWD 48,075,000 USD 1,499,532 22-Jul-2010 ( 914 )

TWD 8,590,000 USD 267,351 09-Sep-2010 1,498

USD 1,173,491 AUD 1,430,000 23-Aug-2010 ( 31,427 )

USD 1,537,387 AUD 1,850,000 09-Sep-2010 ( 18,167 )

USD 1,507,312 BRL 2,680,000 06-Jul-2010 9,629

USD 1,949,653 BRL 3,700,000 28-Jul-2010 ( 108,647 )

USD 1,377,212 BRL 2,490,000 10-Aug-2010 ( 3,516 )

USD 980,338 BRL 1,780,000 16-Aug-2010 ( 5,117 )

USD 2,936,925 CAD 2,993,000 07-Jul-2010 103,545

USD 631,028 CAD 653,430 17-Aug-2010 12,605

USD 2,033,916 CAD 2,150,000 18-Aug-2010 ( 887 )

USD 1,899,742 CAD 1,976,000 31-Aug-2010 29,769

USD 3,955,933 CAD 4,110,000 15-Sep-2010 67,018

USD 1,710,052 CHF 2,000,000 03-Sep-2010 ( 142,366 )

USD 711,832 CLP 373,000,000 21-Jul-2010 26,513

USD 1,870,477 CLP 1,008,000,000 17-Aug-2010 18,361

USD 4,071,082 CNY 27,663,000 11-Apr-2011 ( 53,499 )

USD 263,269 COP 500,000,000 03-Aug-2010 2,900

USD 963,264 CZK 19,535,000 07-Jul-2010 31,749

USD 310,351 CZK 6,500,000 18-Aug-2010 446

USD 7,649,144 EUR 6,000,000 06-Jul-2010 300,644

USD 5,895,528 EUR 4,500,000 07-Jul-2010 384,153

USD 6,384,412 EUR 4,944,000 13-Jul-2010 329,077

USD 6,782,086 EUR 5,303,692 03-Aug-2010 285,276

USD 3,078,787 EUR 2,500,000 12-Aug-2010 16,274

USD 11,887,427 EUR 9,760,000 18-Aug-2010 ( 68,914 )

USD 4,003,172 GBP 2,733,000 30-Jul-2010 ( 87,913 )






Schroder ISF Global Managed Currency (cont)

USD 1,897,128 GBP 1,290,000 12-Aug-2010 ( 33,895 )

USD 2,529,092 GBP 1,724,000 18-Aug-2010 ( 51,590 )

USD 209,470 HUF 48,000,000 03-Aug-2010 5,170

USD 226,050 ILS 870,000 13-Aug-2010 2,090

USD 2,187,987 INR 102,600,000 03-Aug-2010 ( 13,007 )

USD 2,160,481 JPY 195,860,000 07-Jul-2010 ( 47,928 )

USD 2,532,532 JPY 228,480,000 13-Aug-2010 ( 45,272 )

USD 5,595,253 JPY 511,780,000 18-Aug-2010 ( 179,357 )

USD 1,971,160 JPY 180,160,000 24-Aug-2010 ( 61,865 )

USD 2,118,334 JPY 194,300,000 03-Sep-2010 ( 74,651 )

USD 1,901,394 KRW 2,261,800,000 15-Jul-2010 49,170

USD 1,230,331 KRW 1,470,000,000 16-Aug-2010 28,017

USD 2,752,993 MXN 33,800,000 06-Jul-2010 126,033

USD 1,106,308 MXN 14,000,000 04-Aug-2010 21,519

USD 1,253,016 MXN 16,100,000 31-Aug-2010 9,196

USD 1,536,528 MXN 19,560,000 10-Sep-2010 27,100

USD 325,846 MYR 1,059,000 07-Jul-2010 ( 1,027 )

USD 2,919,331 NZD 4,060,000 20-Jul-2010 127,677

USD 617,470 PLN 2,050,000 18-Aug-2010 15,324

USD 447,761 RUB 13,650,000 06-Jul-2010 10,998

USD 5,289,394 SGD 7,270,000 06-Jul-2010 90,489

USD 1,458,165 TWD 46,880,000 16-Jul-2010 ( 2,668 )

USD ( 2,013,369 )

Options Contracts

Options contracts are valued on 30 June 2010 and the market value is shown in the Statement of Net Assets. On 30 June 2010, the followingFunds were committed to outstanding options contracts:

Par ValueSubject toCall or Put Contract Currency

Premium Paid/(Received)

MarketValue


Schroders ISF Asian Total Return

837 Put on S&P 500 Index FutureStrike Price 4,300.00Expiring on 19-Aug-10

AUD 589,079 1,142,672 553,593

164 Put on S&P 500 Index FutureStrike Price 1,060.00Expiring on 17-Jul-10

USD 865,950 624,840 ( 241,110 )

USD 1,767,512 USD 312,483

Schroder ISF European Dividend Maximiser

( 7,032 ) Call on AdmiralStrike Price 16.17Expiring on 07-Jul-10

EUR ( 2,143 ) ( 5,530 ) ( 3,387 )

( 1,350 ) Call on Akzo NobelStrike Price 44.59Expiring on 07-Jul-10

EUR ( 1,160 ) ( 135 ) 1,025

( 1,027 ) Call on AllianzStrike Price 95.29Expiring on 07-Jul-10

EUR ( 1,924 ) ( 1 ) 1,923

( 5,113 ) Call on AstraZenecaStrike Price 35.19Expiring on 07-Jul-10

EUR ( 3,428 ) ( 18,125 ) ( 14,697 )

( 4,908 ) Call on AtlantiaStrike Price 17.32Expiring on 07-Jul-10

EUR ( 1,639 ) 0 1,639

( 17,191 ) Call on AvivaStrike Price 4.68Expiring on 07-Jul-10

EUR ( 2,235 ) 0 2,235

( 33,670 ) Call on BAEStrike Price 4.30Expiring on 07-Jul-10

EUR ( 2,838 ) 0 2,838



Options Contracts (cont)



MarketValue


Schroder ISF European Dividend Maximiser (cont) (cont)

( 555 ) Call on BNP ParibasStrike Price 57.89Expiring on 07-Jul-10

EUR ( 921 ) 0 921

( 2,786 ) Call on BouyguesStrike Price 39.54Expiring on 07-Jul-10

EUR ( 2,088 ) ( 1 ) 2,087

( 15,540 ) Call on BPStrike Price 7.50Expiring on 07-Jul-10

EUR ( 2,263 ) 0 2,263

( 7,244 ) Call on British American TobaccoStrike Price 26.53Expiring on 07-Jul-10

EUR ( 3,696 ) ( 933 ) 2,763

( 15,728 ) Call on Compass GroupStrike Price 6.23Expiring on 07-Jul-10

EUR ( 1,883 ) ( 846 ) 1,037

( 3,731 ) Call on CSMStrike Price 26.32Expiring on 07-Jul-10

EUR ( 1,783 ) ( 5 ) 1,778

( 5,057 ) Call on DLStrike Price 18.06Expiring on 07-Jul-10

EUR ( 1,791 ) 0 1,791

( 3,721 ) Call on E.ONStrike Price 28.46Expiring on 07-Jul-10

EUR ( 1,023 ) 0 1,023

( 21,228 ) Call on ENELStrike Price 4.13Expiring on 07-Jul-10

EUR ( 1,749 ) 0 1,749

( 9,423 ) Call on ENIStrike Price 17.64Expiring on 07-Jul-10

EUR ( 3,270 ) ( 2 ) 3,268

( 4,836 ) Call on France TelecomStrike Price 17.38Expiring on 07-Jul-10

EUR ( 1,529 ) 0 1,529

( 4,356 ) Call on Fred Olsen EnergyStrike Price 30.87Expiring on 07-Jul-10

EUR ( 1,261 ) 0 1,261

( 2,708 ) Call on GDF SuezStrike Price 29.33Expiring on 07-Jul-10

EUR ( 1,542 ) 0 1,542

( 19,743 ) Call on GlaxoSmithKlineStrike Price 15.57Expiring on 07-Jul-10

EUR ( 2,873 ) ( 19 ) 2,854

( 8,227 ) Call on Imperial TobaccoStrike Price 23.86Expiring on 07-Jul-10

EUR ( 3,775 ) ( 376 ) 3,399

( 22,764 ) Call on International PowerStrike Price 3.80Expiring on 07-Jul-10

EUR ( 1,680 ) ( 180 ) 1,500

( 11,975 ) Call on Koninklijke KPNStrike Price 11.72Expiring on 07-Jul-10

EUR ( 2,793 ) ( 1 ) 2,792

( 66,881 ) Call on Legal & GeneralStrike Price 1.05Expiring on 07-Jul-10

EUR ( 2,060 ) 0 2,060

( 782 ) Call on Muenchener RueckversicherungsStrike Price 124.53Expiring on 07-Jul-10

EUR ( 945 ) 0 945

( 5,876 ) Call on NestléStrike Price 37.87Expiring on 07-Jul-10

EUR ( 2,170 ) ( 6,139 ) ( 3,969 )

( 7,104 ) Call on NovartisStrike Price 41.35Expiring on 07-Jul-10

EUR ( 2,774 ) ( 191 ) 2,583

( 10,140 ) Call on PearsonStrike Price 11.83Expiring on 07-Jul-10

EUR ( 1,155 ) 0 1,155

( 13,401 ) Call on Portugal TelecomStrike Price 8.29Expiring on 07-Jul-10

EUR ( 1,099 ) ( 5,654 ) ( 4,555 )






MarketValue


Schroder ISF European Dividend Maximiser (cont) (cont)

( 19,403 ) Call on ProSafeStrike Price 4.23Expiring on 07-Jul-10

EUR ( 2,344 ) 0 2,344

( 1,418 ) Call on Roche HoldingStrike Price 124.21Expiring on 07-Jul-10

EUR ( 3,395 ) 0 3,395

( 6,581 ) Call on Royal Dutch ShellStrike Price 23.12Expiring on 07-Jul-10

EUR ( 2,900 ) 0 2,900

( 46,258 ) Call on Royal Sun AllianceStrike Price 1.56Expiring on 07-Jul-10

EUR ( 1,360 ) 0 1,360

( 1,671 ) Call on RWEStrike Price 67.11Expiring on 07-Jul-10

EUR ( 1,105 ) 0 1,105

( 5,882 ) Call on SampoStrike Price 19.96Expiring on 07-Jul-10

EUR ( 2,348 ) 0 2,348

( 4,245 ) Call on Sanofi-AventisStrike Price 55.10Expiring on 07-Jul-10

EUR ( 4,666 ) ( 4 ) 4,662

( 8,596 ) Call on StatoilHydroStrike Price 18.53Expiring on 07-Jul-10

EUR ( 3,077 ) 0 3,077

( 25,632 ) Call on TescoStrike Price 5.31Expiring on 07-Jul-10

EUR ( 1,284 ) 0 1,284

( 93,859 ) Call on Telecom ItaliaStrike Price 0.85Expiring on 07-Jul-10

EUR ( 2,337 ) ( 9 ) 2,328

( 4,064 ) Call on TotalStrike Price 44.36Expiring on 07-Jul-10

EUR ( 3,543 ) 0 3,543

( 7,554 ) Call on UnileverStrike Price 23.63Expiring on 07-Jul-10

EUR ( 3,461 ) ( 126 ) 3,335

( 2,530 ) Call on VinciStrike Price 45.82Expiring on 07-Jul-10

EUR ( 2,216 ) 0 2,216

( 4,023 ) Call on VivendiStrike Price 19.64Expiring on 07-Jul-10

EUR ( 1,145 ) 0 1,145

( 109,988 ) Call on VodafoneStrike Price 1.73Expiring on 07-Jul-10

EUR ( 3,728 ) ( 1,130 ) 2,598

( 5,818 ) Call on Wolters KluwerStrike Price 16.13Expiring on 07-Jul-10

EUR ( 1,868 ) ( 540 ) 1,328

( 781 ) Call on Zürich Financial ServicesStrike Price 188.79Expiring on 07-Jul-10

EUR ( 2,789 ) 0 2,789

EUR ( 39,947 ) EUR 65,109

Schroder ISF Global Dividend Maximiser

( 10,886 ) Call on AdmiralStrike Price 21.89Expiring on 09-Jul-10

USD ( 4,494 ) ( 127 ) 4,367

( 1,586 ) Call on AllianzStrike Price 129.22Expiring on 09-Jul-10

USD ( 4,001 ) 0 4,001

( 10,241 ) Call on AltriaStrike Price 21.63Expiring on 09-Jul-10

USD ( 2,143 ) 0 2,143

( 6,296 ) Call on AstraZenecaStrike Price 47.06Expiring on 09-Jul-10

USD ( 5,659 ) ( 2,787 ) 2,872

( 19,287 ) Call on AvivaStrike Price 6.50Expiring on 09-Jul-10

USD ( 3,450 ) 0 3,450






MarketValue


Schroder ISF Global Dividend Maximiser (cont) (cont)

( 35,741 ) Call on BAEStrike Price 5.84Expiring on 09-Jul-10

USD ( 4,049 ) 0 4,049

( 9,153 ) Call on Bristol MyersStrike Price 27.52Expiring on 09-Jul-10

USD ( 4,805 ) 0 4,805

( 3,752 ) Call on ChevronStrike Price 84.21Expiring on 09-Jul-10

USD ( 2,983 ) 0 2,983

( 105,000 ) Call on Chunghwa TelecomStrike Price 2.02Expiring on 09-Jul-10

USD ( 2,048 ) ( 284 ) 1,764

( 127,500 ) Call on CNOOCStrike Price 1.91Expiring on 09-Jul-10

USD ( 6,885 ) ( 167 ) 6,718

( 24,755 ) Call on Compass GroupStrike Price 8.68Expiring on 09-Jul-10

USD ( 4,109 ) 0 4,109

( 8,578 ) Call on ConocophillipsStrike Price 57.93Expiring on 09-Jul-10

USD ( 9,491 ) 0 9,491

( 18,750 ) Call on DBS Group HoldingsStrike Price 11.25Expiring on 09-Jul-10

USD ( 1,976 ) 0 1,976

( 8,621 ) Call on Delta LloydStrike Price 24.41Expiring on 09-Jul-10

USD ( 4,144 ) 0 4,144

( 21,611 ) Call on Deutsche TelekomStrike Price 13.53Expiring on 09-Jul-10

USD ( 2,924 ) ( 26 ) 2,898

( 6,367 ) Call on E.ONStrike Price 38.22Expiring on 09-Jul-10

USD ( 4,864 ) 0 4,864

( 6,954 ) Call on Edison InternationalStrike Price 36.23Expiring on 09-Jul-10

USD ( 2,380 ) 0 2,380

( 42,239 ) Call on ENELStrike Price 5.94Expiring on 09-Jul-10

USD ( 2,378 ) 0 2,378

( 8,033 ) Call on ENIStrike Price 24.53Expiring on 09-Jul-10

USD ( 3,809 ) 0 3,809

( 3,060 ) Call on EntergyStrike Price 87.93Expiring on 09-Jul-10

USD ( 2,517 ) 0 2,517

( 491,250 ) Call on Fortune REITStrike Price 0.49Expiring on 09-Jul-10

USD ( 4,671 ) 0 4,671

( 50,676 ) Call on Foster's GroupStrike Price 5.50Expiring on 09-Jul-10

USD ( 2,574 ) ( 1 ) 2,573

( 9,513 ) Call on France TelecomStrike Price 24.49Expiring on 09-Jul-10

USD ( 2,253 ) 0 2,253

( 17,038 ) Call on GlaxoSmithKlineStrike Price 20.72Expiring on 09-Jul-10

USD ( 3,322 ) 0 3,322

( 16,500 ) Call on Hang Seng BankStrike Price 14.58Expiring on 09-Jul-10

USD ( 2,323 ) 0 2,323

( 8,045 ) Call on Imperial TobaccoStrike Price 31.98Expiring on 09-Jul-10

USD ( 4,949 ) ( 23 ) 4,926

( 41,540 ) Call on International PowerStrike Price 5.37Expiring on 09-Jul-10

USD ( 4,225 ) 0 4,225

( 3,756 ) Call on Johnson & JohnsonStrike Price 67.15Expiring on 09-Jul-10

USD ( 2,447 ) 0 2,447






MarketValue



( 30,805 ) Call on KeppelStrike Price 6.73Expiring on 09-Jul-10

USD ( 4,050 ) ( 682 ) 3,368

( 14,299 ) Call on Koninklijke KPNStrike Price 16.13Expiring on 09-Jul-10

USD ( 4,560 ) 0 4,560

( 3,841 ) Call on Korea TobaccoStrike Price 58.62Expiring on 09-Jul-10

USD ( 4,281 ) ( 2 ) 4,279

( 7,366 ) Call on Kraft FoodsStrike Price 30.92Expiring on 09-Jul-10

USD ( 4,455 ) 0 4,455

( 84,235 ) Call on Legal & GeneralStrike Price 1.45Expiring on 09-Jul-10

USD ( 3,513 ) 0 3,513

( 2,294 ) Call on Lockheed MartinStrike Price 86.44Expiring on 09-Jul-10

USD ( 3,798 ) 0 3,798

( 2,740 ) Call on LorillardStrike Price 80.24Expiring on 09-Jul-10

USD ( 4,220 ) ( 19 ) 4,201

( 8,071 ) Call on Marathon OilStrike Price 34.41Expiring on 09-Jul-10

USD ( 5,196 ) ( 35 ) 5,161

( 3,536 ) Call on McDonald'sStrike Price 72.16Expiring on 09-Jul-10

USD ( 2,429 ) 0 2,429

( 7,957 ) Call on Merck & Co.Strike Price 39.82Expiring on 09-Jul-10

USD ( 5,884 ) ( 32 ) 5,852

( 1,171 ) Call on Muenchener RueckversicherungsStrike Price 169.18Expiring on 09-Jul-10

USD ( 1,923 ) 0 1,923

( 4,419 ) Call on NestléStrike Price 51.14Expiring on 09-Jul-10

USD ( 2,205 ) ( 107 ) 2,098

( 6,833 ) Call on NovartisStrike Price 56.49Expiring on 09-Jul-10

USD ( 3,643 ) 0 3,643

( 15,623 ) Call on PfizerStrike Price 18.01Expiring on 09-Jul-10

USD ( 5,390 ) 0 5,390

( 4,113 ) Call on Philip MorrisStrike Price 54.45Expiring on 09-Jul-10

USD ( 4,339 ) 0 4,339

( 21,745 ) Call on Portugal TelecomStrike Price 11.23Expiring on 09-Jul-10

USD ( 2,418 ) ( 337 ) 2,081

( 30,376 ) Call on ProSafeStrike Price 5.93Expiring on 09-Jul-10

USD ( 4,979 ) 0 4,979

( 8,012 ) Call on Royal Dutch ShellStrike Price 31.41Expiring on 09-Jul-10

USD ( 4,839 ) 0 4,839

( 2,105 ) Call on RWEStrike Price 91.45Expiring on 09-Jul-10

USD ( 3,850 ) 0 3,850

( 4,747 ) Call on Sanofi-AventisStrike Price 77.73Expiring on 09-Jul-10

USD ( 3,546 ) 0 3,546

( 9,474 ) Call on Ship FinanceStrike Price 21.59Expiring on 09-Jul-10

USD ( 5,747 ) ( 41 ) 5,706

( 363,000 ) Call on Singapore PostStrike Price 0.80Expiring on 09-Jul-10

USD ( 2,795 ) ( 1,875 ) 920

( 107,250 ) Call on Singapore TelecommunicationsStrike Price 2.45Expiring on 09-Jul-10

USD ( 2,435 ) ( 4 ) 2,431






MarketValue



( 1,127 ) Call on SK TelecomStrike Price 164.98Expiring on 09-Jul-10

USD ( 3,558 ) 0 3,558

( 13,387 ) Call on StatoilHydroStrike Price 25.73Expiring on 09-Jul-10

USD ( 6,560 ) 0 6,560

( 123,750 ) Call on Taiwan MobileStrike Price 1.89Expiring on 09-Jul-10

USD ( 1,634 ) ( 3,904 ) ( 2,270 )

( 73,353 ) Call on TelstraStrike Price 3.03Expiring on 09-Jul-10

USD ( 4,203 ) 0 4,203

( 3,156 ) Call on Time WarnerStrike Price 55.84Expiring on 09-Jul-10

USD ( 3,325 ) ( 357 ) 2,968

( 5,854 ) Call on TotalStrike Price 64.45Expiring on 09-Jul-10

USD ( 3,501 ) 0 3,501

( 8,280 ) Call on UnileverStrike Price 32.23Expiring on 09-Jul-10

USD ( 5,149 ) 0 5,149

( 11,250 ) Call on United OverseasStrike Price 14.53Expiring on 09-Jul-10

USD ( 3,206 ) ( 677 ) 2,529

( 3,590 ) Call on VinciStrike Price 63.72Expiring on 09-Jul-10

USD ( 4,335 ) 0 4,335

( 9,769 ) Call on VivendiStrike Price 27.76Expiring on 09-Jul-10

USD ( 2,643 ) 0 2,643

( 121,513 ) Call on VodafoneStrike Price 2.35Expiring on 09-Jul-10

USD ( 5,565 ) 0 5,565

( 7,032 ) Call on Waste ManagementStrike Price 36.81Expiring on 09-Jul-10

USD ( 2,445 ) 0 2,445

( 8,450 ) Call on Westpac BankingStrike Price 27.46Expiring on 09-Jul-10

USD ( 2,172 ) 0 2,172

( 8,386 ) Call on Wolters KluwerStrike Price 22.05Expiring on 09-Jul-10

USD ( 3,633 ) 0 3,633

( 807 ) Call on Zürich Financial ServicesStrike Price 254.81Expiring on 09-Jul-10

USD ( 3,879 ) ( 13 ) 3,866

USD ( 11,500 ) USD 240,676

Schroders ISF Global Smaller Companies

( 5 ) Call on VeriSignStrike Price 29.00Expiring on 17-Jul-10

USD ( 618 ) ( 175 ) 443

USD ( 175 ) USD 443

Schroders ISF US Small & Mid-Cap Equity

( 347 ) Call on VeriSignStrike Price 29.00Expiring on 17-Jul-10

USD ( 42,855 ) ( 12,145 ) 30,710

USD ( 12,145 ) USD 30,710

Interest Rate Swaps

In order to hedge against interest rate fluctuations, the Company may enter into interest rate swaps provided:

a) The commitments deriving there from do not exceed the value of the relevant assets to be hedged; and

b) The total amount of such transactions does not exceed the level necessary to cover the risk of the fluctuation of the value of the assetsconcerned.

Such contracts must be denominated in the currencies in which the assets of such Fund are denominated, or in currencies which are likely tofluctuate in a similar manner and must be either listed on an exchange or dealt in on a Regulated Market.



Interest Rate Swaps (cont)

Interest rate swaps were valued on 30 June 2010 at their intrinsic value. The valuation method involves a current value of each interest rate andcapital series converted into the currency of the Fund on the closing date. The result of these revaluations together with any interest receivable/payable in relation to interest rate swaps on 30 June 2010 is shown in the Statement of Net Assets under ‘Unrealised appreciation/(depreciation) oninterest rate swaps’.

On 30 June 2010, the following Funds were committed to interest rate swaps:

Description Nominal Currency Maturity Date



Receive fixed rate 2.41%Pay floating rate HKD HIBOR 3 Months

230,000,000 HKD 22-Dec-2014 867,092


350,000,000 HKD 28-Apr-2015 1,336,153


150,000,000 HKD 29-Apr-2015 522,274


100,000,000 HKD 07-May-2020 639,442


150,000,000 HKD 24-May-2020 493,263

Pay fixed rate 4.06%Receive floating rate KRW KRWCD 3 Months

50,000,000,000 KRW 12-Apr-2015 ( 194,721 )

Receive fixed rate 3.69%Pay floating rate MYR KLIBOR 3 Months

150,000,000 MYR 25-Jun-2015 97,682

Receive fixed rate 2.78%Pay floating rate SGD SIBOR 6 Months

40,000,000 SGD 02-Jul-2010 695,319


45,000,000 SGD 29-Mar-2015 632,042


35,000,000 SGD 10-May-2015 285,659


50,000,000 SGD 10-May-2020 556,658

USD 5,930,863


Pay fixed rate 2.926%Receive floating rate EUR EURIBOR 6 Months

40,600,000 EUR 10-Jun-2020 ( 173,662 )

EUR ( 173,662 )



8,200,000 EUR 02-Jul-2010 ( 18,055 )

Receive fixed rate 2.01%Pay floating rate SEK STIBOR 3 Months

69,200,000 SEK 02-Jul-2010 1,725

EUR ( 16,330 )


Pay fixed rate 5.58%Receive floating rate AUD BBSW 6 Months

730,000 AUD 29-Jun-2010 ( 6,108 )

Receive fixed rate 5.84%Pay floating rate AUD BBSW 6 Months

1,790,000 AUD 02-Jul-2010 22,700


7,140,000 AUD 02-Jul-2010 ( 7,028 )

Receive fixed rate 3.66%Pay floating rate CAD CDOR 3 Months

463,000 CAD 02-Jul-2010 8,365

Pay fixed rate 1.875%Receive floating rate CAD CDOR 3 Months

1,836,000 CAD 02-Jul-2010 ( 11,605 )


4,210,000 CAD 29-Jun-2015 7,547

Receive fixed rate 0.555%Pay floating rate CHF LIBOR 6 Months

1,325,000 CHF 02-Jul-2010 767

Pay fixed rate 1.94%Receive floating rate CHF LIBOR 6 Months

285,000 CHF 02-Jul-2010 ( 856 )


2,350,000 CHF 01-Jul-2015 ( 793 )

Receive fixed rate 2.817%Pay floating rate EUR EURIBOR 6 Months

10,050,000 EUR 02-Jul-2010 673,304


5,630,000 EUR 02-Jul-2010 328,399


1,940,000 EUR 02-Jul-2010 61,331






Schroder ISF Global Bond (cont)


1,853,000 EUR 29-Jun-2010 ( 6,366 )


1,355,100 EUR 02-Jul-2010 1,122


302,700 EUR 02-Jul-2010 ( 1,736 )


3,400,000 EUR 01-Jul-2015 989

Receive fixed rate 2.55%Pay floating rate GBP LIBOR 6 Months

336,000 GBP 29-Jun-2010 3,293


2,511,000 GBP 02-Jul-2010 43,618

Pay fixed rate 1.545%Receive floating rate GBP LIBOR 6 Months

10,987,000 GBP 02-Jul-2010 ( 48,021 )


182,000 GBP 29-Jun-2015 ( 533 )

Pay fixed rate 1.315%Receive floating rate JPY LIBOR 6 Months

487,000,000 JPY 02-Jul-2010 ( 79,332 )

Receive fixed rate 0.475%Pay floating rate JPY LIBOR 6 Months

2,339,000,000 JPY 02-Jul-2010 ( 216 )


533,000,000 JPY 01-Jul-2015 ( 1,037 )

Pay fixed rate 2.89%Receive floating rate SEK STIBOR 3 Months

92,970,000 SEK 02-Jul-2010 ( 499,304 )


51,930,000 SEK 02-Jul-2010 ( 256,928 )


25,730,000 SEK 02-Jul-2010 ( 81,130 )


5,320,000 SEK 02-Jul-2010 ( 3,282 )


24,300,000 SEK 02-Jul-2010 3,574


5,500,000 SEK 01-Jul-2015 1,189

Receive fixed rate 2.4%Pay floating rate USD LIBOR 3 Months

3,747,000 USD 29-Jun-2010 72,461


611,000 USD 02-Jul-2010 20,201

Pay fixed rate 1.25%Receive floating rate USD LIBOR 3 Months

2,780,000 USD 02-Jul-2010 ( 16,956 )


3,883,000 USD 01-Jul-2015 1,592

USD 229,221


Receive fixed rate 3.69%Pay floating rate MYR KLIBOR 3 Months

10,000,000 MYR 25-Jun-2015 6,512

USD 6,512



119,700,000 EUR 10-Jun-2020 ( 627,075 )

USD ( 627,075 )



1,660,000 AUD 29-Jun-2010 ( 13,890 )

Receive fixed rate 5.84%Pay floating rate AUD BBSW 6 Months

3,910,000 AUD 02-Jul-2010 49,586


15,600,000 AUD 02-Jul-2010 ( 15,356 )

Pay fixed rate 1.875%Receive floating rate CAD CDOR 3 Months

4,010,000 CAD 02-Jul-2010 ( 25,347 )


1,010,000 CAD 02-Jul-2010 18,247


8,110,000 CAD 29-Jun-2015 14,538


2,891,000 CHF 02-Jul-2010 1,673







Pay fixed rate 1.94%Receive floating rate CHF LIBOR 6 Months

622,000 CHF 02-Jul-2010 ( 1,867 )


4,520,000 CHF 01-Jul-2015 ( 1,524 )


42,400,000 EUR 02-Jul-2010 2,840,605


24,500,000 EUR 02-Jul-2010 1,429,092


13,500,000 EUR 02-Jul-2010 426,792


4,220,000 EUR 29-Jun-2010 ( 14,499 )


2,961,800 EUR 02-Jul-2010 2,452


661,800 EUR 02-Jul-2010 ( 3,796 )


6,540,000 EUR 01-Jul-2015 1,902


762,000 GBP 29-Jun-2010 7,468

Pay fixed rate 1.545%Receive floating rate GBP LIBOR 6 Months

23,940,000 GBP 02-Jul-2010 ( 104,635 )


5,470,000 GBP 02-Jul-2010 95,018


350,000 GBP 29-Jun-2015 ( 1,025 )

Receive fixed rate 0.475%Pay floating rate JPY LIBOR 6 Months

5,097,000,000 JPY 02-Jul-2010 ( 469 )


1,061,000,000 JPY 02-Jul-2010 ( 172,837 )


1,026,000,000 JPY 01-Jul-2015 ( 1,996 )


392,500,000 SEK 02-Jul-2010 ( 2,107,959 )


225,600,000 SEK 02-Jul-2010 ( 1,116,174 )


157,200,000 SEK 02-Jul-2010 ( 495,672 )


53,000,000 SEK 02-Jul-2010 7,796


11,600,000 SEK 02-Jul-2010 ( 7,157 )


10,600,000 SEK 01-Jul-2015 2,291


8,550,000 USD 29-Jun-2010 165,343


1,334,000 USD 02-Jul-2010 44,105

Pay fixed rate 1.25%Receive floating rate USD LIBOR 3 Months

6,070,000 USD 02-Jul-2010 ( 37,023 )


7,480,000 USD 01-Jul-2015 3,067

USD 988,749



33,700,000 EUR 10-Jun-2020 ( 144,148 )

EUR ( 144,148 )

Total Return Swaps

The Company may use total return swaps. A total return swap is a bilateral financial contract which allows the Company to enjoy all of the cash flowbenefits of an asset without actually owning this asset (the ’Reference Asset’). The Company will have to pay a periodic fee (fixed or floatingpayment) in exchange of its right to receive the total return of the Reference Asset (coupons or capital gains or losses). The Reference Asset can bealmost any asset, index or basket of asset which constitutes an eligible investment for the Company. The Company may use such instruments toseek exposure to an eligible market or for hedging purposes.



Total Return Swaps (cont)

The Company will only enter into a total return swap transaction with highly rated financial institutions specialised in this type of transaction.

In addition, the use of total return swap must comply with the investment objectives and policies and risk profile of the relevant Fund. The totalcommitments arising from the use of total return swaps together with the total commitments arising from the use of other derivative instruments maynot, at anytime, exceed the net assets of the relevant Fund.

During the period under review, 2 Funds, Schroder ISF EURO Equity Secure 2010 and Schroder ISF Global Tactical Asset Allocation, held totalreturn swaps. The total return swaps were valued on 21 June 2010 for Schroder ISF EURO Equity Secure 2010 (last available pricing day) and on30 June 2010 for Schroder ISF Global Tactical Asset Allocation. The market value of the swaps is the current market value of the Fund’s portfolio ofbonds and cash plus the Balancing Swap value, corresponding to the unrealised gains/losses on total return swaps. The result of the BalancingSwap valuations together with any interest or performance receivable on 21 June 2010 or on 30 June 2010 is shown in the Statement of NetAssets under ‘Unrealised appreciation/(depreciation) on total return swaps’. Any portfolio return payable in accordance with the terms of the swapagreements is shown under ‘Other payables and accruals’ in the Statement of Net Assets.

CurrencyNominalAmount

MaturityDate Counterparty

FundPays

FundReceives

UnrealisedAppreciation

Schroder ISF EURO Equity Secure 2010

EUR 2,141,000 02-Nov-2010 European FinanceReinsurance Company Ltd(a subsidiary of Swiss Re)

Portfolio return,quarterly

Annual coupon payout based onthe performance of Dow JonesEURO STOXX 50 & Monthlypayment of interest (0.0509%)

154,490

USD 4,570,000 02-Nov-2010 European FinanceReinsurance Company Ltd(a subsidiary of Swiss Re)

Portfolio return,quarterly

Annual coupon payout based onthe performance of Dow JonesEURO STOXX 50 & Monthlypayment of interest (0.0584%)

143,838

USD 298,328


USD 3,060,768 13-Oct-2010 Credit Suisse Bank USD LIBOR, monthly Monthly interest payment onRussell 1000 Value Index

( 138,515 )

USD 3,088,940 13-Oct-2010 Credit Suisse Bank Monthly interestpayment on Russell1000 Growth Index

USD LIBOR, monthly 152,468

USD 13,953

Credit Default Swaps

The Company may use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolios by buying protection. Inaddition, the Company may, provided it is in the exclusive interests of its Shareholders, buy protection under credit default swaps without holdingthe underlying assets provided that the aggregate premiums paid together with the present value of the aggregate premiums still payable inconnection with credit default swaps previously purchased and the aggregate premiums paid relating to the purchase of options on transferablesecurities or on financial instruments for a purpose other than hedging, may not, at any time, exceed 15% of the net assets of the relevant Fund.

Furthermore, provided it is in the exclusive interest of its Shareholders, the Company may also sell protection under credit default swaps in order toacquire a specific credit exposure. Such mechanism is set out in more detail in the Company’s current prospectus.

The aggregate commitments of all credit default swaps will not exceed 20% of the net assets of any Fund, unless otherwise provided for in theinvestment policy of a specific Fund.

The total commitments arising from the use of credit default swaps together with the total commitments arising from the use of other derivativeinstruments may not, at anytime, exceed the value of the net assets of the relevant Fund.

The Company will only enter into credit default swap transactions with highly rated financial institutions specialised in this type of transaction andonly in accordance with the standard terms laid down by the International Swaps and Derivatives Association. In addition, the use of credit defaultswaps must comply with the investment objectives and policies and risk profile of the relevant Fund.

Credit default swaps were valued on 30 June 2010 at their intrinsic value. The valuation method involves the current value of the interest-rate seriesand the current value of the credit spread traded on the market at the closing date. The result of these revaluations, together with any interestreceivable/payable related to the credit default swaps on 30 June 2010, is shown in the Statement of Net Assets under ‘Unrealised appreciation/depreciation on credit default swaps’. On 30 June 2010, the following Funds were committed to credit default swap agreements:



Credit Default Swaps (cont)

ProtectionPosition Description Currency

NominalAmount

Interest Paid/Received %

MaturityDate

MarketValue


Sell CDX NA HY Series 14V1 20/06/2015 USD 4,200,000 5.00 20-Jun-2015 ( 223,244 )

Sell CDX NA IG Series 14V1 20/06/2015 USD 6,300,000 1.00 20-Jun-2015 ( 63,399 )

Total Market Value USD ( 286,643 )


Buy China Government International 4.75% 29/10/2013 USD 20,000,000 1.00 20-Jun-2015 ( 126,236 )

Buy China Government International 4.75% 29/10/2013 USD 5,000,000 1.00 20-Jun-2015 ( 31,559 )

Buy Indonesia Government International 6.75% 10/03/2014 USD 10,000,000 1.00 20-Jun-2015 337,677

Buy Indonesia Government International 6.75% 10/03/2014 USD 10,000,000 1.00 20-Jun-2015 337,677

Buy Indonesia Government International 6.75% 10/03/2014 USD 10,000,000 1.00 20-Sep-2015 372,903

Buy Indonesia Government International 6.75% 10/03/2014 USD 10,000,000 1.00 20-Sep-2015 372,903

Buy Philippine Government International 10.625% 16/03/2025 USD 10,000,000 1.00 20-Jun-2015 336,472

USD 1,599,837

Buy ITRAXX Asia ex-Japan IG Series 13V1 20/06/2015 USD 10,000,000 1.00 20-Jun-2015 177,438

USD 177,438

Total Market Value USD 1,777,275


Sell Alstom 4% 23/09/2014 EUR 3,000,000 1.00 20-Mar-2015 ( 122,570 )

Buy Bank of America 6.25% 15/04/2012 USD 3,000,000 1.00 20-Dec-2014 53,838

Buy Brazilian Government International 12.25% 06/03/2030 USD 2,600,000 1.00 20-Jun-2015 35,400

Buy British Telecommunications 5.75% 07/12/2028 EUR 2,000,000 1.00 20-Dec-2014 47,405

Buy Commerzbank 6.25% 30/09/2014 EUR 1,250,000 1.00 20-Dec-2014 82,027

Buy Deutsche Bank 5.125% 31/01/2013 EUR 600,000 3.50 20-Dec-2013 ( 35,841 )

Buy Deutsche Bank 5.125% 31/01/2013 EUR 3,600,000 1.00 20-Jun-2015 143,860

Buy Edison 5.125% 10/12/2010 EUR 900,000 1.70 20-Mar-2014 ( 20,174 )

Buy France Government 4.25% 25/04/2019 USD 2,600,000 0.25 20-Sep-2015 75,857

Buy Goldman Sachs Group 6.6% 15/01/2012 USD 5,100,000 1.00 20-Jun-2015 167,594

Buy Imperial Tobacco Finance 6.25% 04/12/2018 EUR 2,100,000 1.00 20-Dec-2010 ( 4,691 )

Buy ING Bank 5.25% 04/01/2013 EUR 4,450,000 1.00 20-Dec-2015 ( 13,710 )

Buy Michelin Luxembourg 6.5% 16/04/2012 EUR 1,600,000 2.10 20-Sep-2014 ( 50,677 )

Sell Smurfit Kappa Funding 7.75% 01/04/2015 EUR 500,000 5.00 20-Dec-2014 ( 9,135 )

Buy Standard Chartered Bank 3.625% 03/02/2017 EUR 2,100,000 1.00 20-Sep-2015 51,886

Buy Standard Chartered Bank 3.625% 03/02/2017 EUR 3,600,000 1.00 20-Sep-2015 ( 14,025 )

Buy Valeo 3.75% 24/06/2013 EUR 600,000 7.00 20-Mar-2014 ( 97,573 )

Buy Westvaco 7.95% 15/02/2031 USD 1,200,000 1.00 20-Sep-2014 7,886

EUR 297,357

Buy ITRAXX Europe Series 13V1 20/06/2015 EUR 10,000,000 1.00 20-Jun-2015 146,311

Sell ITRAXX Sub Financials Series 13V1 20/06/2015 EUR 3,600,000 1.00 20-Jun-2015 ( 257,470 )


EUR ( 554,580 )

Total Market Value EUR ( 257,223 )



Sell Anheuser-Busch InBev 8.625% 30/01/2017 EUR 5,000,000 1.00 20-Mar-2015 ( 37,999 )

Sell Carrefour 4.375% 02/11/2016 EUR 4,000,000 1.00 20-Mar-2015 26,309

Sell Vivendi 4.5% 03/10/2013 EUR 2,000,000 1.00 20-Mar-2015 ( 20,463 )

Sell Vodafone Group 5% 04/06/2018 EUR 9,500,000 1.00 20-Mar-2015 ( 79,611 )



Sell Adecco Financial Services Bermuda 0% 26/08/2013 EUR 600,000 1.00 20-Sep-2015 ( 19,811 )

Sell AmerisourceBergen 5.875% 15/09/2015 USD 650,000 1.00 20-Sep-2015 ( 13,988 )

Buy BAT International Finance 5.125% 09/07/2013 EUR 900,000 1.00 20-Sep-2015 ( 17,637 )

Buy Campbell Soup 4.875% 01/10/2013 USD 700,000 1.00 20-Mar-2015 ( 18,655 )

Sell Canadian Natural Resources 5.45% 01/10/2012 USD 650,000 1.00 20-Jun-2015 ( 7,607 )

Buy Cardinal Health 4% 15/06/2015 USD 650,000 1.00 20-Sep-2015 ( 8,722 )

Buy Carrefour 4.375% 02/11/2016 EUR 600,000 1.00 20-Sep-2015 ( 4,322 )

Sell Casino Guichard Perrachon 4.875% 10/04/2014 EUR 600,000 1.00 20-Sep-2015 ( 20,829 )

Sell Comcast 5.3% 15/01/2014 USD 650,000 1.00 20-Jun-2015 ( 5,473 )

Buy Computer Sciences 5% 15/02/2013 USD 650,000 1.00 20-Jun-2015 2,083

Buy Devon Energy 7.95% 15/04/2032 USD 650,000 1.00 20-Jun-2015 ( 4,344 )

Buy Edison 5.125% 10/12/2010 EUR 200,000 1.70 20-Mar-2014 ( 5,491 )

Buy EnCana 4.75% 15/10/2013 USD 650,000 1.00 20-Jun-2015 ( 1,079 )





NominalAmount


MaturityDate

MarketValue


Buy HJ Heinz 6.375 15/07/2028 USD 650,000 1.00 20-Mar-2015 ( 10,667 )

Sell Imperial Tobacco Finance 6.25% 04/12/2018 EUR 600,000 1.00 20-Sep-2015 ( 10,655 )

Buy Kellogg 6.6% 01/04/2011 USD 500,000 1.00 20-Dec-2014 ( 10,766 )

Buy Kimberly-Clark 6.875% 15/02/2014 USD 650,000 1.00 20-Mar-2015 ( 14,740 )

Sell Nexen 5.05 20/11/2013 USD 650,000 1.00 20-Jun-2015 ( 7,757 )

Buy Next 5.25% 30/09/2013 EUR 900,000 1.00 20-Sep-2015 18,214

Sell Pernod-Ricard 4.625% 06/12/2013 EUR 600,000 1.00 20-Sep-2015 ( 37,436 )

Sell Republic Services 6.75% 15/08/2011 USD 650,000 1.00 20-Sep-2015 ( 11,455 )

Buy SABMiller 6.625% 15/08/2033 EUR 900,000 1.00 20-Sep-2015 ( 6,032 )

Sell Suedzucker International Finance 5.75% 27/02/2012 EUR 600,000 1.00 20-Sep-2015 37

Sell Suncor Energy 6.7% 22/08/2011 USD 650,000 1.00 20-Jun-2015 ( 11,462 )

Buy Talisman Energy 7.25% 15/10/2027 USD 650,000 1.00 20-Jun-2015 ( 1,287 )

Buy Valeo 3.75% 24/06/2013 EUR 200,000 7.00 20-Mar-2014 ( 39,834 )

Sell Yum! Brands 6.25% 15/03/2018 USD 650,000 1.00 20-Sep-2015 ( 69 )

USD ( 269,784 )

Buy ITRAXX Europe Series 13V1 20/06/2015 EUR 720,000 1.00 20-Jun-2015 12,902

Buy ITRAXX Europe Series 13V1 20/06/2015 EUR 600,000 1.00 20-Jun-2015 10,752

USD 23,654

Total Market Value USD ( 246,130 )


Sell ITRAXX Europe Senior Financials Series 13V1 20/06/2015 EUR 30,000,000 1.00 20-Jun-2015 ( 955,015 )



Sell ITRAXX Europe Series 13V1 20/06/2015 EUR 50,000,000 1.00 20-Jun-2015 ( 731,556 )




Sell ITRAXX Sub Financials Series 13V1 20/06/2015 EUR 20,000,000 1.00 20-Jun-2015 ( 1,430,391 )



Total Market Value EUR ( 7,812,444 )



Buy Altria Group 9.7% 10/11/2018 USD 7,300,000 1.00 20-Mar-2011 ( 10,031 )

Buy Austria Government 4.65% 15/01/2018 USD 10,300,000 1.00 20-Sep-2015 ( 36,274 )

Buy Bank of America 6.25% 15/04/2012 USD 2,500,000 1.00 20-Dec-2014 54,948

Buy Bank of America 6.25% 15/04/2012 USD 9,000,000 1.00 20-Sep-2015 253,342


Buy British Telecommunications 5.75% 07/12/2028 EUR 1,100,000 1.00 20-Dec-2014 31,933

Buy Commerzbank 6.25% 30/09/2014 EUR 1,650,000 1.00 20-Dec-2014 132,611


Buy France Government 4.25% 25/04/2019 USD 7,300,000 0.25 20-Sep-2015 260,851

Buy France Telecom 5.625% 22/05/2018 EUR 400,000 1.00 20-Dec-2015 ( 662 )



Buy Imperial Tobacco Finance 6.25% 04/12/2018 EUR 4,900,000 1.00 20-Dec-2010 ( 13,407 )


Buy Michelin Luxembourg 6.5% 16/04/2012 EUR 1,700,000 2.10 20-Sep-2014 ( 65,946 )

Sell Smurfit Kappa Funding 7.75% 01/04/2015 EUR 1,200,000 5.00 20-Dec-2014 ( 26,850 )


Buy Standard Chartered Bank 3.625% 03/02/2017 EUR 7,450,000 1.00 20-Dec-2015 ( 35,548 )

Buy Westvaco 7.95% 15/02/2031 USD 750,000 1.00 20-Sep-2014 6,037

Sell WPP 6% 04/04/2017 EUR 750,000 1.00 20-Jun-2015 ( 11,320 )

USD 966,639





USD ( 2,384,376 )

Total Market Value USD ( 1,417,737 )


Sell American Axle & Manufacturing 5.25% 11/02/2014 USD 5,000,000 5.00 20-Mar-2015 ( 528,328 )





NominalAmount


MaturityDate

MarketValue

Schroder ISF Global High Yield (cont)

Sell American Axle & Manufacturing 5.25% 11/02/2014 USD 5,000,000 5.00 20-Mar-2015 ( 528,328 )

Sell ARAMARK 8.5% 01/02/2015 USD 10,000,000 5.00 20-Mar-2015 ( 483,822 )

Sell Beazer Homes USA 6.5% 15/11/2013 USD 10,000,000 5.00 20-Mar-2015 ( 1,014,636 )

Sell Beazer Homes USA 6.5% 15/11/2013 USD 5,000,000 5.00 20-Jun-2015 ( 536,016 )

Sell Codere Finance Luxembourg 8.25% 15/06/2015 EUR 5,000,000 5.00 20-Jun-2015 ( 778,602 )

Sell Codere Finance Luxembourg 8.25% 15/06/2015 EUR 3,000,000 5.00 20-Jun-2015 ( 467,161 )

Sell Cooper Tire & Rubber 7.625% 15/03/2027 USD 5,000,000 5.00 20-Mar-2015 245,137

Sell Cooper Tire & Rubber 7.625% 15/03/2027 USD 5,000,000 5.00 20-Mar-2015 245,138

Sell Ford Motor 6.5% 01/08/2018 USD 10,000,000 5.00 20-Mar-2015 ( 810,174 )

Sell Ford Motor 6.5% 01/08/2018 USD 10,000,000 5.00 20-Mar-2015 ( 810,174 )

Sell Grohe Holding 8.625% 01/10/2014 EUR 5,000,000 5.00 20-Jun-2015 ( 982,298 )

Sell Harrah's Operating 5.625% 01/06/2015 USD 10,000,000 5.00 20-Mar-2015 ( 2,413,317 )

Sell K Hovnanian Enterprises 8.625% 15/01/2017 USD 10,000,000 5.00 20-Jun-2015 ( 2,658,610 )

Sell Mediacom 9.125% 15/08/2019 USD 5,000,000 5.00 20-Jun-2015 ( 660,700 )

Sell Mediacom 9.125% 15/08/2019 USD 5,000,000 5.00 20-Jun-2015 ( 660,700 )

Sell TRW Automotive 7.25% 15/03/2017 USD 10,000,000 5.00 20-Mar-2015 6,634

Sell TUI 5.125% 10/12/2012 EUR 5,000,000 5.00 20-Jun-2015 ( 867,720 )

Buy Wendy's International 6.2% 15/06/2014 USD 10,000,000 1.00 20-Jun-2015 462,899

USD ( 13,240,778 )

Sell CDX HY Series 14V1 20/06/2015 USD 50,000,000 5.00 20-Jun-2015 ( 2,657,665 )

Sell ITRAXX Europe Crossover Series 13V1 20/06/2015 EUR 15,000,000 5.00 20-Jun-2015 ( 293,670 )

USD ( 2,951,335 )

Total Market Value USD ( 16,192,113 )


Sell Adecco Financial Services Bermuda 0% 26/08/2013 EUR 1,250,000 1.00 20-Sep-2015 ( 41,274 )

Sell AmerisourceBergen 5.875% 15/09/2015 USD 1,400,000 1.00 20-Sep-2015 ( 30,129 )

Buy BAT International Finance 5.125% 09/07/2013 EUR 1,875,000 1.00 20-Sep-2015 ( 36,744 )

Buy Campbell Soup 4.875% 01/10/2013 USD 1,400,000 1.00 20-Mar-2015 ( 37,310 )

Sell Canadian Natural Resources 5.45% 01/10/2012 USD 1,400,000 1.00 20-Jun-2015 ( 16,385 )

Buy Cardinal Health 4% 15/06/2015 USD 1,400,000 1.00 20-Sep-2015 ( 18,785 )

Buy Carrefour 4.375% 02/11/2016 EUR 1,250,000 1.00 20-Sep-2015 ( 9,005 )

Sell Casino Guichard Perrachon 4.875% 10/04/2014 EUR 1,250,000 1.00 20-Sep-2015 ( 43,393 )

Sell Comcast 5.3% 15/01/2014 USD 1,400,000 1.00 20-Jun-2015 ( 11,787 )

Buy Computer Sciences 5% 15/02/2013 USD 1,400,000 1.00 20-Jun-2015 4,487

Buy Devon Energy 7.95% 15/04/2032 USD 1,400,000 1.00 20-Jun-2015 ( 9,356 )

Buy EnCana 4.75% 15/10/2013 USD 1,400,000 1.00 20-Jun-2015 ( 2,325 )

Buy HJ Heinz 6.375% 15/07/2028 USD 1,400,000 1.00 20-Mar-2015 ( 22,974 )

Sell Imperial Tobacco Finance 6.25% 04/12/2018 EUR 1,250,000 1.00 20-Sep-2015 ( 22,197 )

Buy Kellogg 6.6% 01/04/2011 USD 1,100,000 1.00 20-Dec-2014 ( 23,685 )

Buy Kimberly-Clark 6.875% 15/02/2014 USD 1,400,000 1.00 20-Mar-2015 ( 31,748 )

Sell Nexen 5.05% 20/11/2013 USD 1,400,000 1.00 20-Jun-2015 ( 16,706 )

Buy Next 5.25% 30/09/2013 EUR 1,875,000 1.00 20-Sep-2015 37,946

Sell Pernod-Ricard 4.625% 06/12/2013 EUR 1,250,000 1.00 20-Sep-2015 ( 77,992 )

Sell Republic Services 6.75% 15/08/2011 USD 1,400,000 1.00 20-Sep-2015 ( 24,673 )

Buy SABMiller 6.625% 15/08/2033 EUR 1,875,000 1.00 20-Sep-2015 ( 12,566 )

Sell Suedzucker International Finance 5.75% 27/02/2012 EUR 1,250,000 1.00 20-Sep-2015 77

Sell Suncor Energy 6.7% 22/08/2011 USD 1,400,000 1.00 20-Jun-2015 ( 24,688 )

Buy Talisman Energy 7.25% 15/10/2027 USD 1,400,000 1.00 20-Jun-2015 ( 2,772 )

Sell Yum! Brands 6.25% 15/03/2018 USD 1,400,000 1.00 20-Sep-2015 ( 148 )

USD ( 474,132 )

Buy CDX HY Series 14V1 20/06/2015 USD 13,000,000 5.00 20-Jun-2015 690,993



USD 740,271

Total Market Value USD 266,139



Buy Altria Group 9.7% 10/11/2018 USD 2,900,000 1.00 20-Mar-2011 ( 3,254 )

Buy Austria Government 4.65% 15/01/2018 USD 3,300,000 1.00 20-Sep-2015 ( 9,489 )

Buy Bank of America 6.25% 15/04/2012 USD 300,000 1.00 20-Dec-2014 5,384

Buy Bank of America 6.25% 15/04/2012 USD 4,700,000 1.00 20-Sep-2015 108,023






NominalAmount


MaturityDate

MarketValue

Schroder ISF Global Credit Duration Hedged (cont)


Buy France Government 4.25% 25/04/2019 USD 600,000 0.25 20-Sep-2015 17,505


Buy Imperial Tobacco Finance 6.25% 04/12/2018 EUR 250,000 1.00 20-Dec-2010 ( 558 )


Sell Smurfit Kappa Funding 7.75% 01/04/2015 EUR 400,000 5.00 20-Dec-2014 ( 7,308 )


Buy Standard Chartered Bank 3.625% 03/02/2017 EUR 2,900,000 1.00 20-Sep-2015 ( 11,298 )

Sell WPP 6% 04/04/2017 EUR 1,250,000 1.00 20-Jun-2015 ( 15,347 )

EUR 316,041





EUR ( 570,410 )




SchroderISF

EUROEquity

SchroderISF

EuropeanLargeCap

SchroderISF

GlobalEquity

SchroderISF

ItalianEquity

SchroderISF

JapaneseEquity

SchroderISF

JapaneseLargeCap

EUR EUR USD EUR JPY JPY

ASSETS

Investments

Securities at cost 1,110,440,763 45,346,699 33,503,792 107,599,095 29,160,198,508 6,570,535,621

Unrealised appreciation/(depreciation) ( 44,111,737 ) 1,606,648 ( 2,359,808 ) ( 15,646,826 ) ( 4,530,341,908 ) ( 2,091,854,571 )

Securities at Market Value 1,066,329,026 46,953,347 31,143,984 91,952,269 24,629,856,600 4,478,681,050

Unrealised appreciation/(depreciation)

on forward foreign exchange contracts - - ( 208 ) - ( 127,108,766 ) -

on futures contracts ( 375,155 ) ( 110,400 ) - - ( 2,338,000 ) ( 3,097,000 )

on interest rate swaps contracts - - - - - -

on total return swaps contracts - - - - - -

on credit default swaps contracts - - - - - -

1,065,953,871 46,842,947 31,143,776 91,952,269 24,500,409,834 4,475,584,050

Cash at banks 20,185,682 2,028,579 1,207,369 4,630,441 422,517,566 189,858,908

Receivables for securities sold 13,886,022 - 23,874 1,844,521 682,740,121 11,145,665

Receivables for subscriptions 1,376,672 32,567 71,212 81,234 51,048,528 38,913

Dividends and interest receivable 4,319 101,555 63,925 271 17,944,629 3,583,011

Sundry receivables and prepayments 807,001 5,478 3,269 1,425 272,210 -

Options at market value - - - - - -

TOTAL ASSETS 1,102,213,567 49,011,126 32,513,425 98,510,161 25,674,932,888 4,680,210,547

LIABILITIES

Bank overdraft - - - - - -

Payables for securities purchased 14,010,199 266,035 - 552,171 20,733,278 4,455,840

Payables for redemptions 2,890,712 58,816 20,096 244,177 853,899,191 -

Dividends and interest payable - - - - 17,295 -

Management fees payable 1,079,843 46,445 20,100 95,604 22,984,066 1,773,301

Other payables and accruals 530,584 32,787 21,647 80,892 15,151,078 1,697,178


TOTAL LIABILITIES 18,511,338 404,083 61,843 972,844 912,784,908 7,926,319

TOTAL NET ASSETS 1,083,702,229 48,607,043 32,451,582 97,537,317 24,762,147,980 4,672,284,228

The notes on pages 15 to 52 form an integral part of these financial statements.


Statement of Net Assetsas at 30 June 2010

SchroderISF

PacificEquity

SchroderISF

SwissEquity

SchroderISFUK

Equity

SchroderISFUS

All Cap

SchroderISFUS

LargeCap

SchroderISF

Asia PacificProperty

Securities

USD CHF GBP USD USD USD

ASSETS

Investments

Securities at cost 503,129,306 164,844,692 190,642,682 11,284,992 421,750,702 134,614,290

Unrealised appreciation/(depreciation) 63,256,492 ( 6,193,896 ) ( 7,844,782 ) ( 250,115 ) ( 9,866,084 ) ( 5,975,416 )

Securities at Market Value 566,385,798 158,650,796 182,797,900 11,034,877 411,884,618 128,638,874


on forward foreign exchange contracts - - - - ( 561,293 ) -

on futures contracts - - - - - -




566,385,798 158,650,796 182,797,900 11,034,877 411,323,325 128,638,874

Cash at banks 9,229,087 6,038,520 4,948,478 211,148 7,116,519 1,906,850

Receivables for securities sold 4,482,423 - 198,118 33,316 2,540,912 -

Receivables for subscriptions 301,984 56,566 174,243 60,849 2,227,871 141,427

Dividends and interest receivable 1,445,176 - 874,172 4,745 133,608 373,413

Sundry receivables and prepayments 4,019 36,150 2,944 41 2,902 -


TOTAL ASSETS 581,848,487 164,782,032 188,995,855 11,344,976 423,345,137 131,060,564

LIABILITIES


Payables for securities purchased - 271,969 - 68,945 2,563,925 -

Payables for redemptions 359,426 937,868 1,222,287 - 6,397,938 146,667

Dividends and interest payable - - - - - -

Management fees payable 354,524 168,802 152,395 10,209 369,512 31,924

Other payables and accruals 268,825 96,794 90,297 12,643 225,093 29,802


TOTAL LIABILITIES 982,775 1,475,433 1,464,979 91,797 9,556,468 208,393

TOTAL NET ASSETS 580,865,712 163,306,599 187,530,876 11,253,179 413,788,669 130,852,171



Statement of Net Assetsas at 30 June 2010 (cont)

SchroderISF

AsianEquityYield

SchroderISF

AsianSmaller

Companies

SchroderISF

AsianTotal

Return

SchroderISF

BRIC(Brazil, Russia,India, China)

SchroderISF

ChinaOpportunities

SchroderISF

EmergingAsia

USD USD USD USD USD USD

ASSETS

Investments

Securities at cost 577,894,091 81,301,617 282,431,921 3,458,715,975 920,004,461 2,683,044,183

Unrealised appreciation/(depreciation) 48,208,313 ( 1,673,920 ) 22,531,576 194,679,483 5,390,033 223,216,681

Securities at Market Value 626,102,404 79,627,697 304,963,497 3,653,395,458 925,394,494 2,906,260,864


on forward foreign exchange contracts ( 105,565 ) - ( 54,099 ) - ( 7,858 ) -

on futures contracts - - 2,245,543 - - -




625,996,839 79,627,697 307,154,941 3,653,395,458 925,386,636 2,906,260,864

Cash at banks 34,128,699 4,910,326 24,777,397 14,211,341 41,759,019 15,172,268

Receivables for securities sold 1,019,752 363,218 688,376 - 3,110,235 29,988,606

Receivables for subscriptions 2,523,330 17,122 4,437,417 13,660,103 3,767,812 17,910,268

Dividends and interest receivable 2,563,789 80,574 390,439 22,356,064 6,105,405 5,548,028

Sundry receivables and prepayments - 341 - 7,249 - 6,311

Options at market value - - 1,767,512 - - -

TOTAL ASSETS 666,232,409 84,999,278 339,216,082 3,703,630,215 980,129,107 2,974,886,345

LIABILITIES


Payables for securities purchased 5,692,783 1,632,661 4,350,384 780,315 3,892,803 24,049

Payables for redemptions 236,430 43,374 1,206,242 5,726,394 2,627,574 9,674,493

Dividends and interest payable 1,241,296 - - - - -

Management fees payable 439,704 55,285 180,843 4,004,865 1,130,100 3,151,646

Other payables and accruals 281,474 44,160 199,559 2,271,580 545,933 1,997,441


TOTAL LIABILITIES 7,891,687 1,775,480 5,937,028 12,783,154 8,196,410 14,847,629

TOTAL NET ASSETS 658,340,722 83,223,798 333,279,054 3,690,847,061 971,932,697 2,960,038,716




SchroderISF

EmergingEurope

SchroderISF

EmergingMarkets

SchroderISF

EuropeanDividend

Maximiser

SchroderISF

EuropeanEquityYield

SchroderISF

EuropeanSmaller

Companies

SchroderISF

EuropeanSpecial

Situations

EUR USD EUR EUR EUR EUR

ASSETS

Investments

Securities at cost 216,186,064 1,980,263,117 9,538,354 60,676,992 98,474,230 1,128,823,583

Unrealised appreciation/(depreciation) 23,587,899 40,460,155 ( 415,523 ) ( 163,409 ) ( 6,179,277 ) 117,613,929

Securities at Market Value 239,773,963 2,020,723,272 9,122,831 60,513,583 92,294,953 1,246,437,512


on forward foreign exchange contracts - ( 215 ) - - - -





239,773,963 2,020,723,057 9,122,831 60,513,583 92,294,953 1,246,437,512

Cash at banks 1,471,402 9,860,817 339,657 1,736,496 154,748 16,626,777

Receivables for securities sold - 28,703,011 562 404,734 2,568,427 -

Receivables for subscriptions 4,621,189 9,581,037 197,847 272,206 443,305 6,992,206

Dividends and interest receivable 2,071,145 6,844,251 27,234 185,831 140,139 1,271,612

Sundry receivables and prepayments 3,760 - 196 39,507 61,008 155,903


TOTAL ASSETS 247,941,459 2,075,712,173 9,688,327 63,152,357 95,662,580 1,271,484,010

LIABILITIES


Payables for securities purchased 1,044,032 12,328,790 142,775 932,524 756,173 -

Payables for redemptions 1,322,834 22,776,435 4,069 1,032,395 2,122,829 3,377,012

Dividends and interest payable - - 114,705 230,208 - -

Management fees payable 294,283 1,466,955 9,489 72,290 112,495 1,188,610


Options at market value - - 39,947 - - -

TOTAL LIABILITIES 2,872,903 37,563,310 326,076 2,308,194 3,073,167 5,082,378

TOTAL NET ASSETS 245,068,556 2,038,148,863 9,362,251 60,844,163 92,589,413 1,266,401,632




SchroderISF

GlobalClimateChangeEquity

SchroderISF

GlobalDividend

Maximiser

SchroderISF

GlobalEmerging

MarketOpportunities

SchroderISF

GlobalEnergy

SchroderISF

GlobalEquityYield

SchroderISF

GlobalProperty

Securities


ASSETS

Investments

Securities at cost 199,867,436 25,158,644 630,192,237 978,873,088 48,517,230 385,594,266

Unrealised appreciation/(depreciation) ( 24,993,688 ) ( 2,673,740 ) 4,061,725 ( 18,949,440 ) ( 2,311,894 ) ( 14,814,416 )

Securities at Market Value 174,873,748 22,484,904 634,253,962 959,923,648 46,205,336 370,779,850


on forward foreign exchange contracts ( 35,417 ) - - - - ( 1,405,416 )





174,838,331 22,484,904 634,253,962 959,923,648 46,205,336 369,374,434

Cash at banks 7,618,409 11,365 59,326,976 73,611,781 1,235,602 264,441

Receivables for securities sold 151,590 - 41,149 5,251,030 - -

Receivables for subscriptions 793,932 33,960 18,542,011 21,498,628 311,810 1,601,990

Dividends and interest receivable 215,644 59,129 2,539,891 527,716 115,643 510,896

Sundry receivables and prepayments 39,726 1,690 198,407 1,468 19,930 15,407


TOTAL ASSETS 183,657,632 22,591,048 714,902,396 1,060,814,271 47,888,321 371,767,168

LIABILITIES

Bank overdraft - - - - - 2,798,652

Payables for securities purchased - - 27,657,411 - - 1,078,834

Payables for redemptions 182,014 - 959,602 19,027,730 113,341 104,855

Dividends and interest payable - 370,046 - - 24,939 -



Options at market value - 11,500 - - - -

TOTAL LIABILITIES 487,021 430,265 29,873,524 20,473,812 189,419 4,440,601

TOTAL NET ASSETS 183,170,611 22,160,783 685,028,872 1,040,340,459 47,698,902 367,326,567




SchroderISF

GlobalResources

Equity a

SchroderISF

GlobalSmall CapEnergy b

SchroderISF

GlobalSmaller

Companies

SchroderISF

GreaterChina

SchroderISF

Hong KongEquity

SchroderISF

IndianEquity

USD USD USD USD HKD USD

ASSETS

Investments

Securities at cost 4,963,237 6,886,500 81,234,016 1,313,130,776 4,703,179,185 98,222,891

Unrealised appreciation/(depreciation) ( 348,261 ) ( 435,059 ) ( 1,447,472 ) 33,476,559 521,213,296 20,227,414

Securities at Market Value 4,614,976 6,451,441 79,786,544 1,346,607,335 5,224,392,481 118,450,305


on forward foreign exchange contracts - - - - ( 194,259 ) -

on futures contracts - - - - - ( 8,581 )




4,614,976 6,451,441 79,786,544 1,346,607,335 5,224,198,222 118,441,724

Cash at banks 25,688 649,627 3,569,306 44,256,875 147,931,031 6,820,665

Receivables for securities sold - 6,950 196,758 6,141,846 8,252,181 -

Receivables for subscriptions - 2,690,840 150,418 4,077,542 40,408,433 1,104,244

Dividends and interest receivable 2,625 3,714 81,884 3,067,402 14,559,665 327,178

Sundry receivables and prepayments - 790 8,503 313 1,519 -


TOTAL ASSETS 4,643,289 9,803,362 83,793,413 1,404,151,313 5,435,351,051 126,693,811

LIABILITIES


Payables for securities purchased - 2,242,608 314,381 1,383,699 42,938,150 636,182

Payables for redemptions - - 55,855 2,726,865 5,614,532 447,093


Management fees payable 13 362 16,630 1,480,788 6,103,922 117,277

Other payables and accruals 4,466 5,378 28,307 761,711 2,934,900 98,073

Options at market value - - 175 - - -

TOTAL LIABILITIES 4,479 2,248,348 415,348 6,353,063 57,591,504 1,298,625

TOTAL NET ASSETS 4,638,810 7,555,014 83,378,065 1,397,798,250 5,377,759,547 125,395,186




a Schroder ISF Global Resources Equity was launched on 17 May 2010.b Schroder ISF Global Small Cap Energy was launched on 17 May 2010.

SchroderISF

JapaneseSmaller

Companies

SchroderISF

KoreanEquity

SchroderISF

LatinAmerican

SchroderISF

MiddleEast

SchroderISF

SwissEquity

Opportunities

SchroderISF

Swiss Small &Mid CapEquity

JPY USD USD USD CHF CHF

ASSETS

Investments

Securities at cost 10,213,001,740 36,242,624 1,115,289,320 194,333,865 62,905,153 127,835,563

Unrealised appreciation/(depreciation) ( 423,239,540 ) ( 8,441 ) 110,893,078 ( 4,504,997 ) ( 3,066,127 ) ( 2,410,681 )

Securities at Market Value 9,789,762,200 36,234,183 1,226,182,398 189,828,868 59,839,026 125,424,882


on forward foreign exchange contracts - - - - - -





9,789,762,200 36,234,183 1,226,182,398 189,828,868 59,839,026 125,424,882

Cash at banks 214,665,677 625,845 3,824,526 1,928,056 1,519,496 1,859,949

Receivables for securities sold - - 13,937,027 - - 66,364

Receivables for subscriptions 55,909,105 328,535 10,582,032 434,964 30,788 317,399

Dividends and interest receivable 7,386,499 23,348 3,413,681 - - 70,255

Sundry receivables and prepayments 7,600 - 13,559 - 5,841 15,688


TOTAL ASSETS 10,067,731,081 37,211,911 1,257,953,223 192,191,888 61,395,151 127,754,537

LIABILITIES

Bank overdraft - - 5,053,309 - - -

Payables for securities purchased 13,041,009 - 8,714,645 - - -

Payables for redemptions 12,907,379 216,547 31,611,015 361,215 13,996 66,146

Dividends and interest payable - - - 1,160 - -

Management fees payable 8,113,239 40,981 1,353,972 218,873 33,105 85,362

Other payables and accruals 5,270,816 32,210 842,281 189,216 22,894 58,919


TOTAL LIABILITIES 39,332,443 289,738 47,575,222 770,464 69,995 210,427

TOTAL NET ASSETS 10,028,398,638 36,922,173 1,210,378,001 191,421,424 61,325,156 127,544,110




SchroderISF

TaiwaneseEquity

SchroderISF

US Small &Mid-CapEquity

SchroderISF

US SmallerCompanies

SchroderISF

EUROActiveValue

SchroderISF

EURODynamicGrowth

SchroderISF

EuropeanEquityAlpha

USD USD USD EUR EUR EUR

ASSETS

Investments

Securities at cost 214,421,381 1,728,664,930 655,997,936 125,884,564 196,754,310 525,282,156

Unrealised appreciation/(depreciation) ( 11,022,927 ) 32,478,151 27,414,095 ( 1,208,465 ) ( 22,265,993 ) ( 26,180,002 )

Securities at Market Value 203,398,454 1,761,143,081 683,412,031 124,676,099 174,488,317 499,102,154


on forward foreign exchange contracts - ( 1,159,252 ) - - - -

on futures contracts - ( 1,820,180 ) - - - -




203,398,454 1,758,163,649 683,412,031 124,676,099 174,488,317 499,102,154

Cash at banks 473,183 253,779,512 87,996,980 537,191 2,448,060 14,143,625

Receivables for securities sold 4,354,943 11,828,159 582,226 4,643,360 - 33,976,060

Receivables for subscriptions 2,947,926 17,470,362 7,497,846 117,954 11,344 353,812

Dividends and interest receivable 133,486 1,323,676 324,371 44,919 81,445 1,433,138

Sundry receivables and prepayments - 48,534 - 193,389 263,975 234,770


TOTAL ASSETS 211,307,992 2,042,613,892 779,813,454 130,212,912 177,293,141 549,243,559

LIABILITIES


Payables for securities purchased 1,124 22,762,338 1,943,485 4,001,471 - 778,723

Payables for redemptions 333,559 13,958,067 4,895,553 339,340 339,677 38,556,595


Management fees payable 241,669 1,678,563 833,893 132,157 175,604 512,023


Options at market value - 12,145 - - - -

TOTAL LIABILITIES 726,243 39,207,405 8,080,124 4,555,282 610,864 40,102,930

TOTAL NET ASSETS 210,581,749 2,003,406,487 771,733,330 125,657,630 176,682,277 509,140,629




SchroderISF

GlobalEquityAlpha

SchroderISF

JapaneseEquityAlpha

SchroderISFQEP

GlobalActiveValue

SchroderISFQEP

GlobalCore

SchroderISFQEP

GlobalQuality

SchroderISFQEPUS

Core

USD JPY USD USD USD USD

ASSETS

Investments


Unrealised appreciation/(depreciation) ( 19,258,456 ) ( 1,356,472,645 ) ( 47,439,828 ) ( 6,784,985 ) ( 10,894,502 ) ( 3,068,095 )



on forward foreign exchange contracts - - ( 624,579 ) - - 31,003

on futures contracts - - ( 1,366,259 ) ( 146,025 ) ( 557,183 ) ( 434,617 )




300,694,605 14,732,942,100 530,557,663 198,612,413 289,614,471 78,024,820

Cash at banks 4,663,351 833,711,526 27,954,347 3,932,421 14,184,331 8,500,731

Receivables for securities sold 4,759,289 317,882,497 4,242,706 1,459,722 2,204,068 194,255

Receivables for subscriptions 25,592,074 7,079,341 7,479,471 14,569 5,462,173 -

Dividends and interest receivable 338,307 11,636,904 1,634,596 342,928 406,823 79,632

Sundry receivables and prepayments 7,533 138,196 105,951 15,163 16,334 554


TOTAL ASSETS 336,055,159 15,903,390,564 571,974,734 204,377,216 311,888,200 86,799,992

LIABILITIES


Payables for securities purchased 28,889,861 163,601,226 2,751,784 1,096,172 5,142,704 275,453

Payables for redemptions 101,667 369,547,858 2,591,265 37,275 618,002 -


Management fees payable 197,771 11,556,248 149,665 6,663 62,809 14,193

Other payables and accruals 140,999 5,955,474 150,018 37,742 73,386 28,696

Options at market value - - - - -

TOTAL LIABILITIES 29,330,298 550,660,806 5,642,732 1,177,852 5,896,901 318,342

TOTAL NET ASSETS 306,724,861 15,352,729,758 566,332,002 203,199,364 305,991,299 86,481,650




SchroderISF

EuropeanAllocation

SchroderISF

GlobalTacticalAsset

Allocation c

SchroderISF

AsianBond

SchroderISF

EmergingEurope Debt

AbsoluteReturn

SchroderISF

EmergingMarkets Debt

AbsoluteReturn

SchroderISF

EUROBond

EUR USD USD EUR USD EUR

ASSETS

Investments

Securities at cost - 1,438,169 1,060,385,674 158,450,512 7,404,827,491 348,176,908

Unrealised appreciation/(depreciation) - 6,413 26,135,007 ( 760,982 ) ( 33,522,027 ) 23,187,627

Securities at Market Value - 1,444,582 1,086,520,681 157,689,530 7,371,305,464 371,364,535


on forward foreign exchange contracts - ( 77,786 ) 18,226,349 2,047,893 68,226,269 ( 517,104 )

on futures contracts ( 1,960,321 ) 165,706 - - - ( 372,412 )

on interest rate swaps contracts - - 5,930,863 - - ( 173,662 )

on total return swaps contracts - 13,953 - - - -

on credit default swaps contracts - ( 286,643 ) 1,777,275 - - ( 257,223 )

( 1,960,321 ) 1,259,812 1,112,455,168 159,737,423 7,439,531,733 370,044,134

Cash at banks 102,823,949 23,643,309 352,090,338 7,437,008 356,849,825 98,696,948

Receivables for securities sold - - - - 21,389,208 45,884

Receivables for subscriptions 56,690 - 10,906,441 583,602 54,096,813 17,302,985

Dividends and interest receivable 16,123 3,305 12,367,039 2,002,140 49,832,828 6,556,120

Sundry receivables and prepayments 102,444 - 125 24,252 399,789 12,193


TOTAL ASSETS 101,038,885 24,906,426 1,487,819,111 169,784,425 7,922,100,196 492,658,264

LIABILITIES


Payables for securities purchased - - - 10,981,163 228,111,788 11,933,708

Payables for redemptions 598,318 - 2,324,010 241,690 20,755,021 562,396

Dividends and interest payable - - 1,099,769 19,273 13,217,304 -

Management fees payable 108,399 26,378 876,549 121,329 5,701,134 199,018

Other payables and accruals 84,520 15,947 633,929 93,214 3,631,310 165,181


TOTAL LIABILITIES 791,237 42,325 4,934,257 11,456,669 271,416,557 12,860,303

TOTAL NET ASSETS 100,247,648 24,864,101 1,482,884,854 158,327,756 7,650,683,639 479,797,961




c Schroder ISF Global Tactical Asset Allocation was launched on 17 February 2010.

SchroderISF

EUROGovernment

Bond

SchroderISF

EUROShort Term

Bond

SchroderISF

GlobalBond

SchroderISF

GlobalInflationLinkedBond

SchroderISF

Hong KongDollarBond

SchroderISFUS

DollarBond

EUR EUR USD EUR HKD USD

ASSETS

Investments


Unrealised appreciation/(depreciation) 3,686,194 8,108,087 4,558,124 58,853,370 10,218,008 13,416,134



on forward foreign exchange contracts ( 1,791 ) ( 238,276 ) 3,020,495 ( 32,753,853 ) - ( 140,532 )

on futures contracts ( 223,595 ) ( 3,825,588 ) 885,215 ( 524,083 ) - 486,263

on interest rate swaps contracts ( 16,330 ) - 229,221 - - -


on credit default swaps contracts - ( 587,746 ) ( 246,130 ) - - -

157,053,112 1,948,266,438 291,900,085 465,795,499 267,562,907 563,578,105

Cash at banks 10,640,415 17,701,462 59,841,741 3,511,206 16,410,924 126,663,607

Receivables for securities sold 5,318,581 - 3,358,539 - - 6,978,838

Receivables for subscriptions 4,923,565 11,513,273 1,336,305 2,060,339 674,535 17,028,481

Dividends and interest receivable 2,781,895 31,337,299 2,716,747 3,008,055 2,518,251 2,488,358

Sundry receivables and prepayments 6,096 - - 1,178 - 3,299


TOTAL ASSETS 180,723,664 2,008,818,472 359,153,417 474,376,277 287,166,617 716,740,688

LIABILITIES


Payables for securities purchased 7,928,154 - 30,303,833 - - 174,089,798

Payables for redemptions 296,389 14,784,421 28,248 2,543,266 163,588 11,547,963

Dividends and interest payable - - - - 329,125 218,919



Options at market value - - - - -

TOTAL LIABILITIES 8,318,991 16,085,125 30,482,903 2,944,927 701,430 186,297,128

TOTAL NET ASSETS 172,404,673 1,992,733,347 328,670,514 471,431,350 286,465,187 530,443,560




SchroderISF

AsianLocal

CurrencyBond

SchroderISF

EUROCorporate

Bond

SchroderISF

GlobalCorporate

Bond

SchroderISF

GlobalHighYield

SchroderISF

StrategicBond

SchroderISF

AsianConvertible

Bond

USD EUR USD USD USD USD

ASSETS

Investments

Securities at cost 63,695,077 4,766,249,435 1,203,705,516 3,430,947,548 676,406,115 107,798,714

Unrealised appreciation/(depreciation) 3,251,068 106,081,035 ( 4,546,443 ) ( 79,663,335 ) ( 4,578,144 ) 2,105,681

Securities at Market Value 66,946,145 4,872,330,470 1,199,159,073 3,351,284,213 671,827,971 109,904,395


on forward foreign exchange contracts 281,317 2,638,657 ( 2,147,339 ) ( 2,567,624 ) 17,017,725 ( 624,560 )

on futures contracts - ( 6,324,422 ) ( 999,939 ) ( 1,855,099 ) 478,389 -

on interest rate swaps contracts 6,512 - ( 627,075 ) - 988,749 -


on credit default swaps contracts - ( 7,812,444 ) ( 1,417,737 ) ( 16,192,113 ) 266,139 -

67,233,974 4,860,832,261 1,193,966,983 3,330,669,377 690,578,973 109,279,835

Cash at banks 3,737,871 353,716,851 451,284,663 361,499,976 68,313,973 6,129,312

Receivables for securities sold 1,707,394 115,504,852 7,735,779 4,527,140 9,134,362 1,912,336

Receivables for subscriptions 272,886 15,089,943 33,920,323 92,115,875 5,196,490 636,843

Dividends and interest receivable 771,801 98,912,852 18,977,060 74,293,260 8,627,333 680,747

Sundry receivables and prepayments - 3,068 5,921 11,707 15,968 7,361


TOTAL ASSETS 73,723,926 5,444,059,827 1,705,890,729 3,863,117,335 781,867,099 118,646,434

LIABILITIES


Payables for securities purchased 1,648,326 1,740,270 10,741,708 29,332,073 138,957,970 1,654

Payables for redemptions - 20,325,399 3,689,236 14,441,310 6,835,291 2,538,762

Dividends and interest payable 3,891 3,205,395 493,626 1,053,770 306,196 -

Management fees payable 6,742 2,666,585 608,192 1,503,388 331,925 86,816

Other payables and accruals 18,316 2,128,841 592,666 903,874 287,301 77,915


TOTAL LIABILITIES 1,677,275 30,066,490 16,125,428 47,234,415 146,718,683 2,705,147

TOTAL NET ASSETS 72,046,651 5,413,993,337 1,689,765,301 3,815,882,920 635,148,416 115,941,287




SchroderISF

GlobalConvertible

Bond

SchroderISF

GlobalCredit

DurationHedged

SchroderISF

EUROEquitySecure2010 d

SchroderISF

EuropeanDefensive

SchroderISF

EuropeanDefensiveMonthly

SchroderISF

EuropeanDefensive6 Monthly

USD EUR USD EUR EUR EUR

ASSETS

Investments

Securities at cost 238,356,809 243,995,301 7,794,825 - - -

Unrealised appreciation/(depreciation) ( 7,724,905 ) 29,797,270 - - - -

Securities at Market Value 230,631,904 273,792,571 7,794,825 - - -


on forward foreign exchange contracts ( 1,710,473 ) 841,984 - - - -

on futures contracts - ( 4,948,939 ) - - - -

on interest rate swaps contracts - ( 144,148 ) - - - -

on total return swaps contracts - - 298,328 - - -

on credit default swaps contracts - ( 254,369 ) - - - -

228,921,431 269,287,099 8,093,153 - - -

Cash at banks 19,565,557 90,089,277 2,671,400 107,585,453 4,136,721 5,342,078

Receivables for securities sold 5,781,108 5,769,330 - - - -

Receivables for subscriptions 435,048 354,515 - 175,245 - -

Dividends and interest receivable 1,508,425 4,468,421 - 731 42 55

Sundry receivables and prepayments 38,489 21,482 - - - -


TOTAL ASSETS 256,250,058 369,990,124 10,764,553 107,761,429 4,136,763 5,342,133

LIABILITIES


Payables for securities purchased 330 5,567,192 - - - -

Payables for redemptions 5,841,756 666,933 - 246,620 - -

Dividends and interest payable - 1,886,523 - - - -


Other payables and accruals 170,024 134,083 3,070,716 42,355 6,445 6,611


TOTAL LIABILITIES 6,166,289 8,339,316 3,073,137 396,265 10,554 12,007

TOTAL NET ASSETS 250,083,769 361,650,808 7,691,416 107,365,164 4,126,209 5,330,126




d The data shown for Schroder ISF EURO Equity Secure 2010 is based on the last available pricing day, 21 June 2010.

SchroderISF

WorldDefensive3 Monthly

SchroderISF

EUROGovernment

Liquidity

SchroderISF

EUROLiquidity e

SchroderISF

US DollarLiquidity e

SchroderISF

GlobalManagedCurrency Total *

EUR EUR EUR USD USD EUR

ASSETS

Investments

Securities at cost - 8,794,649 1,523,601,025 107,652,072 73,416,854 43,794,023,348

Unrealised appreciation/(depreciation) - ( 42,615 ) ( 1,070,106 ) 98,251 ( 11 ) 669,045,797

Securities at Market Value - 8,752,034 1,522,530,919 107,750,323 73,416,843 44,463,069,145


on forward foreign exchange contracts - - - - ( 2,013,369 ) 47,224,306

on futures contracts - - - - - ( 21,104,633 )

on interest rate swaps contracts - - - - - 4,996,148

on total return swaps contracts - - - - - 254,976

on credit default swaps contracts - - - - - ( 22,056,677 )

- 8,752,034 1,522,530,919 107,750,323 71,403,474 44,472,383,265

Cash at banks 2,588,661 63,257 4,054,433 4,032,651 561,669 3,046,673,591

Receivables for securities sold - - - 606 - 348,613,089

Receivables for subscriptions - - 4,881,840 6,554,674 1,095,710 409,560,569

Dividends and interest receivable 22 125,274 6,115,706 34,261 131 354,773,112

Sundry receivables and prepayments - - - 74,032 - 2,865,773

Options at market value - - - - - 1,443,162

TOTAL ASSETS 2,588,683 8,940,565 1,537,582,898 118,446,547 73,060,984 48,636,312,561

LIABILITIES

Bank overdraft - - - - - 6,411,073

Payables for securities purchased - - - 67 - 679,091,897

Payables for redemptions - - 7,458,850 641,441 31,125 272,484,168

Dividends and interest payable - - - - 95,821 20,291,139

Management fees payable 2,540 819 434,437 44,102 51,952 34,124,875

Other payables and accruals 5,358 4,755 293,020 18,317 32,163 24,179,438

Options at market value - - - - - 59,396

TOTAL LIABILITIES 7,898 5,574 8,186,307 703,927 211,061 1,036,641,986

TOTAL NET ASSETS 2,580,785 8,934,991 1,529,396,591 117,742,620 72,849,923 47,599,670,575




e Schroder ISF EURO Government Liquidity, Schroder ISF EURO Liquidity and Schroder ISF US Dollar Liquidity: the market value represents the amortised cost.* * For the total of the Statement of Net Assets, which has been presented in Euro, assets and liabilities stated in currencies other than Euro have been converted at the following exchange rates ruling as at 30June 2010:1 Euro = 1.224749958 US Dollar1 Euro = 0.818163591 British Pound1 Euro = 1.323832229 Swiss Franc1 Euro = 108.629197507 Japanese Yen1 Euro = 9.534678422 Hong Kong Dollar

SchroderISF

EUROEquity

SchroderISF

EuropeanLargeCap

SchroderISF

GlobalEquity

SchroderISF

ItalianEquity

SchroderISF

JapaneseEquity

SchroderISF

JapaneseLargeCap


Net Asset Value

as at 30 June 2010 1,083,702,229 48,607,043 32,451,582 97,537,317 24,762,147,980 4,672,284,228

Shares Outstanding

as at 30 June 2010 Class A Dis 3,245,446 75,612 570,417 97,350 1,733,816 872,678Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * - - - - - -Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis 40,232 639 - 10,908 24,131 -Class B Dis (EUR) ** - - - - - -Class C Dis 37,211 20,801 735,801 17,325 968,021 4,857Class C Dis (GBP) * - - - - - -Class C Dis (GBP) ** - - - - - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis - - - - - 4,311,420Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis - - - - - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 33,260,429 147,315 292,653 1,456,802 12,694,528 358,285Class A Acc (AUD) ** - - 110 - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - - -Class A Acc (EUR) * - - - - - -Class A Acc (EUR) ** - - - - 1,087,993 -Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * - - - - - -Class A Acc (SGD) ** - - - - - -Class A Acc (USD) * - - - - - 873,385Class A Acc (USD) ** - - - - - -Class B Acc 4,981,420 70,911 207,209 2,174,004 4,479,838 -Class B Acc (EUR) * - - - - - -Class B Acc (EUR) ** - - - - 69,302 -Class B Acc (USD) ** - - - - - -Class C Acc 9,290,141 40,326 54,675 854,246 5,050,134 2,134Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - - -Class C Acc (EUR) * - - - - - -Class C Acc (EUR) ** - - - - 86,673 -Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - - - - -Class D Acc (EUR) * - - - - - -Class I Acc 6,918,240 7,024 686,068 45 4,051,882 123Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * - - - - - -Class I Acc (EUR) ** - - - - 100 -Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 573,629 11,171 18,507 301,475 2,722,529 116,408Class A1 Acc (EUR) * - - - - - -Class A1 Acc (EUR) ** - - - - 16,829 -Class A1 Acc (PLN) ** - - - - - -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * 352,226 - - - 249,279 -Class A1 Acc (USD) ** - - - - - -Class B1 Acc 39,202 - - 216 50,908 -Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - 25,523 -




* Unhedged multicurrency classes.** Hedged multicurrency classes.

SchroderISF

EUROEquity

SchroderISF

EuropeanLargeCap

SchroderISF

GlobalEquity

SchroderISF

ItalianEquity

SchroderISF

JapaneseEquity

SchroderISF

JapaneseLargeCap


Net Asset Value per Share

as at 30 June 2010 Class A Dis 16.7 122.66 11.95 17.93 525.18 711.9Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * - - - - - -Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis 16.28 120.4 - 17.81 477 -Class B Dis (EUR) ** - - - - - -Class C Dis 16.99 88.48 12.54 19.37 576.25 715.67Class C Dis (GBP) * - - - - - -Class C Dis (GBP) ** - - - - - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis - - - - - 715.54Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis - - - - - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 17.92 134.91 12.13 20.07 526.49 715.28Class A Acc (AUD) ** - - 88.77 - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - - -Class A Acc (EUR) * - - - - - -Class A Acc (EUR) ** - - - - 54.08 -Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * - - - - - -Class A Acc (SGD) ** - - - - - -Class A Acc (USD) * - - - - - 8.05Class A Acc (USD) ** - - - - - -Class B Acc 16.76 126.05 11.78 18.65 476.92 -Class B Acc (EUR) * - - - - - -Class B Acc (EUR) ** - - - - 52.65 -Class B Acc (USD) ** - - - - - -Class C Acc 19.77 149.61 13.14 23.1 588.56 732.2Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - - -Class C Acc (EUR) * - - - - - -Class C Acc (EUR) ** - - - - 55.8 -Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - - - - -Class D Acc (EUR) * - - - - - -Class I Acc 21.48 162.53 13.81 25.07 637.46 749.67Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * - - - - - -Class I Acc (EUR) ** - - - - 58.34 -Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 17.18 127.86 11.76 19 492.13 699.22Class A1 Acc (EUR) * - - - - - -Class A1 Acc (EUR) ** - - - - 52.55 -Class A1 Acc (PLN) ** - - - - - -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * 21.03 - - - 5.55 -Class A1 Acc (USD) ** - - - - - -Class B1 Acc 15.86 - - 17.44 443.85 -Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - 5.01 -





SchroderISF

PacificEquity

SchroderISF

SwissEquity

SchroderISFUK

Equity

SchroderISFUS

All Cap

SchroderISFUS

LargeCap

SchroderISF


Securities


Net Asset Value

as at 30 June 2010 580,865,712 163,306,599 187,530,876 11,253,179 413,788,669 130,852,171

Shares Outstanding

as at 30 June 2010 Class A Dis 2,898,456 1,138,818 12,422,724 21 222,837 -Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * - - - - - -Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis 27,591 13,217 111,219 - 3,727 -Class B Dis (EUR) ** - - - - - -Class C Dis 823,120 24,349 4,430,995 - 235,401 -Class C Dis (GBP) * - - - - - -Class C Dis (GBP) ** - - - - - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis - - - - - -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis - - - - - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 12,150,063 4,264,191 11,475,881 79,035 3,463,054 127,532Class A Acc (AUD) ** - - - - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - - -Class A Acc (EUR) * 244,062 - - - 57,559 -Class A Acc (EUR) ** - - - - 205,058 -Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * 50,113 - - - - -Class A Acc (SGD) ** - - - - - -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - - - - - -Class B Acc 1,900,653 409,393 4,843,099 19,130 321,735 11,036Class B Acc (EUR) * 573,087 - - - 107,058 -Class B Acc (EUR) ** - - - - 146,066 -Class B Acc (USD) ** - - - - - -Class C Acc 21,132,742 382,495 31,368,247 23,072 721,377 109,788Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - - -Class C Acc (EUR) * 263,866 - - - 196,104 -Class C Acc (EUR) ** - - - - 105,178 -Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - - - - -Class D Acc (EUR) * - - - - - -Class I Acc 9,304,913 23,156 6,806,440 8,405 476,515 947,730Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * 6,144,613 - - - 24 -Class I Acc (EUR) ** - - - - 139,095 -Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 599,465 209,208 1,480,024 2,491 251,616 49,726Class A1 Acc (EUR) * 301,924 - - - 24,043 -Class A1 Acc (EUR) ** - - - - 32,388 -Class A1 Acc (PLN) ** - - - - - -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * - - - - - -Class A1 Acc (USD) ** - - - - - -Class B1 Acc 3,997 355 44,449 - 1,806 -Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -





SchroderISF

PacificEquity

SchroderISF

SwissEquity

SchroderISFUK

Equity

SchroderISFUS

All Cap

SchroderISFUS

LargeCap

SchroderISF


Securities



as at 30 June 2010 Class A Dis 8.42 25.23 2.09 56.41 56.7 -Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * - - - - - -Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis 7.82 23.53 2.01 - 51.85 -Class B Dis (EUR) ** - - - - - -Class C Dis 8.86 27.13 2.25 - 61.59 -Class C Dis (GBP) * - - - - - -Class C Dis (GBP) ** - - - - - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis - - - - - -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis - - - - - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 9.26 25.26 2.48 84.7 56.71 99.35Class A Acc (AUD) ** - - - - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - - -Class A Acc (EUR) * 7.55 - - - 46.22 -Class A Acc (EUR) ** - - - - 75.74 -Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * 8.51 - - - - -Class A Acc (SGD) ** - - - - - -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - - - - - -Class B Acc 8.28 23.48 2.24 83.15 51.83 97.13Class B Acc (EUR) * 6.76 - - - 42.31 -Class B Acc (EUR) ** - - - - 74.08 -Class B Acc (USD) ** - - - - - -Class C Acc 10.62 27.69 2.8 86.78 63.44 101.89Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - - -Class C Acc (EUR) * 8.67 - - - 51.52 -Class C Acc (EUR) ** - - - - 77.69 -Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - - - - -Class D Acc (EUR) * - - - - - -Class I Acc 11.52 30.11 3.04 89.91 68.79 106.62Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * 9.41 - - - 56.16 -Class I Acc (EUR) ** - - - - 79.54 -Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 8.98 23.87 2.3 83.66 53.78 98Class A1 Acc (EUR) * 7.33 - - - 43.81 -Class A1 Acc (EUR) ** - - - - 73.94 -Class A1 Acc (PLN) ** - - - - - -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * - - - - - -Class A1 Acc (USD) ** - - - - - -Class B1 Acc 7.99 21.95 2.09 - 48.83 -Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -





SchroderISF

AsianEquityYield

SchroderISF

AsianSmaller

Companies

SchroderISF

AsianTotal

Return

SchroderISF


SchroderISF

ChinaOpportunities

SchroderISF

EmergingAsia


Net Asset Value

as at 30 June 2010 658,340,722 83,223,798 333,279,054 3,690,847,061 971,932,697 2,960,038,716

Shares Outstanding

as at 30 June 2010 Class A Dis 11,305,642 - - - - -Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * 1,565 - 16,955 56,913 - 28,583Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis - - - - - -Class B Dis (EUR) ** - - - - - -Class C Dis 7,826,747 49 - - - -Class C Dis (GBP) * - - 495,994 - - -Class C Dis (GBP) ** - - - - - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis - - - - - -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis 6,070 - - - - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 5,191,291 112,646 486,038 7,344,847 3,302,709 10,308,978Class A Acc (AUD) ** - - - - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - - -Class A Acc (EUR) * - - - 2,747,273 - 3,371,004Class A Acc (EUR) ** - - 13,345 - - -Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - 6,286,895 -Class A Acc (SGD) * - - - - - -Class A Acc (SGD) ** - - - - 161,053 -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - - - - - -Class B Acc 192,769 24,512 37,871 562,691 330,190 675,065Class B Acc (EUR) * - - - 2,542,616 - 951,558Class B Acc (EUR) ** - - 143 - - -Class B Acc (USD) ** - - - - - -Class C Acc 3,775,628 189,796 258,437 2,901,558 592,394 51,663,604Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - - -Class C Acc (EUR) * - - - 491,035 - 2,171,324Class C Acc (EUR) ** - - 24,904 - - -Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - - - 12,253 -Class D Acc (EUR) * - - - - - -Class I Acc 12,885,912 172,082 758,400 1,265,361 17,872 207,531Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * - - - 16,123 - 1,691,117Class I Acc (EUR) ** 65,775 - - - - -Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 113,613 19,562 24,318 1,830,177 147,761 68,272,603Class A1 Acc (EUR) * - - - 714,626 - 2,134,465Class A1 Acc (EUR) ** - - 1,718 - - -Class A1 Acc (PLN) ** - - 93 - - -Class A1 Acc (SGD) ** - - - - 108,855 -Class A1 Acc (USD) * - - - - - -Class A1 Acc (USD) ** - - - - - -Class B1 Acc - - - - - 237,050Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -





SchroderISF

AsianEquityYield

SchroderISF

AsianSmaller

Companies

SchroderISF

AsianTotal

Return

SchroderISF


SchroderISF

ChinaOpportunities

SchroderISF

EmergingAsia



as at 30 June 2010 Class A Dis 13.27 - - - - -Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * 8.96 - 158.63 116.73 - 13.12Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis - - - - - -Class B Dis (EUR) ** - - - - - -Class C Dis 13.86 150.87 - - - -Class C Dis (GBP) * - - 159.1 - - -Class C Dis (GBP) ** - - - - - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis - - - - - -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis 12.66 - - - - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 16.29 153.55 126.64 179.35 218.3 20.74Class A Acc (AUD) ** - - - - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - - -Class A Acc (EUR) * - - - 146.42 - 16.93Class A Acc (EUR) ** - - 117.76 - - -Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - 9.41 -Class A Acc (SGD) * - - - - - -Class A Acc (SGD) ** - - - - 6.9 -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - - - - - -Class B Acc 15.71 146.7 126.28 173.67 212.69 19.94Class B Acc (EUR) * - - - 141.82 - 16.29Class B Acc (EUR) ** - - 116.35 - - -Class B Acc (USD) ** - - - - - -Class C Acc 16.87 156.67 130.02 185.34 224.86 21.72Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - - -Class C Acc (EUR) * - - - 151.36 - 17.7Class C Acc (EUR) ** - - 119.9 - - -Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - - - 213.11 -Class D Acc (EUR) * - - - - - -Class I Acc 18.28 172.27 134.84 196.12 237.27 23.16Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * - - - 160.08 - 18.91Class I Acc (EUR) ** 138.41 - - - - -Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 15.89 150.5 126.05 177.41 214.52 20.25Class A1 Acc (EUR) * - - - 144.79 - 16.53Class A1 Acc (EUR) ** - - 116.77 - - -Class A1 Acc (PLN) ** - - 355.68 - - -Class A1 Acc (SGD) ** - - - - 7.3 -Class A1 Acc (USD) * - - - - - -Class A1 Acc (USD) ** - - - - - -Class B1 Acc - - - - - 19.33Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -





SchroderISF

EmergingEurope

SchroderISF

EmergingMarkets

SchroderISF

EuropeanDividend

Maximiser

SchroderISF

EuropeanEquityYield

SchroderISF

EuropeanSmaller

Companies

SchroderISF

EuropeanSpecial

Situations


Net Asset Value

as at 30 June 2010 245,068,556 2,038,148,863 9,362,251 60,844,163 92,589,413 1,266,401,632

Shares Outstanding

as at 30 June 2010 Class A Dis 177,889 13,868,536 12,380 1,198,947 142,201 -Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * 6,944 - - 2,193 - -Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis 25,164 29,784 4,648 53,342 54,148 -Class B Dis (EUR) ** - - - - - -Class C Dis 1,416 1,126,954 84,214 1,365,689 36,434 498,136Class C Dis (GBP) * - - - - - -Class C Dis (GBP) ** - - - - - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis - - - - - -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis - - 1,198 24,823 - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 4,170,629 23,072,546 21,284 2,410,968 1,384,781 7,187,264Class A Acc (AUD) ** - 110 - - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - - -Class A Acc (EUR) * - 14,008,328 - - - -Class A Acc (EUR) ** - - - - - -Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * - - - - - -Class A Acc (SGD) ** - - - - - -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - - - - - -Class B Acc 1,876,892 2,869,632 24,854 1,010,500 1,776,740 78,512Class B Acc (EUR) * - 2,827,371 - - - -Class B Acc (EUR) ** - - - - - -Class B Acc (USD) ** - - - - - -Class C Acc 427,971 31,330,046 5,000 292,974 546,395 4,385,342Class C Acc (AUD) * - 4,691,504 - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - - -Class C Acc (EUR) * - 4,719,672 - - - -Class C Acc (EUR) ** - - - - - -Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - - - - -Class D Acc (EUR) * - - - - - -Class I Acc 204,487 27,263,432 15 110 21,386 1,750,068Class I Acc (AUD) * - 25,149,746 - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * - 1,294,063 - - - -Class I Acc (EUR) ** - - - - - -Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 3,170,116 17,048,669 5,935 100,219 1,327,981 76,078Class A1 Acc (EUR) * - 1,764,182 - - - -Class A1 Acc (EUR) ** - - - - - -Class A1 Acc (PLN) ** - - - - - -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * 2,625,174 - - 71 161,891 -Class A1 Acc (USD) ** - - - - - -Class B1 Acc 65,518 140,698 - - 14,245 -Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -





SchroderISF

EmergingEurope

SchroderISF

EmergingMarkets

SchroderISF

EuropeanDividend

Maximiser

SchroderISF

EuropeanEquityYield

SchroderISF

EuropeanSmaller

Companies

SchroderISF

EuropeanSpecial

Situations



as at 30 June 2010 Class A Dis 18.98 10.62 53.54 8.22 17.11 -Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * 15.45 - - 6.86 - -Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis 18.12 10.09 52.68 7.75 15.81 -Class B Dis (EUR) ** - - - - - -Class C Dis 19.87 10.75 54.61 8.86 17.58 87.4Class C Dis (GBP) * - - - - - -Class C Dis (GBP) ** - - - - - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis - - - - - -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis - - 52.98 8.66 - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 19.52 11.09 66.86 10.18 17.48 88.85Class A Acc (AUD) ** - 91.8 - - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - - -Class A Acc (EUR) * - 9.03 - - - -Class A Acc (EUR) ** - - - - - -Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * - - - - - -Class A Acc (SGD) ** - - - - - -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - - - - - -Class B Acc 18.35 10.21 65.76 9.25 15.84 86.66Class B Acc (EUR) * - 8.32 - - - -Class B Acc (EUR) ** - - - - - -Class B Acc (USD) ** - - - - - -Class C Acc 20.97 12.03 68.15 11.49 19.22 91.47Class C Acc (AUD) * - 14.19 - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - - -Class C Acc (EUR) * - 9.84 - - - -Class C Acc (EUR) ** - - - - - -Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - - - - -Class D Acc (EUR) * - - - - - -Class I Acc 22.72 13.33 70.51 12.62 20.89 96.96Class I Acc (AUD) * - 15.79 - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * - 10.86 - - - -Class I Acc (EUR) ** - - - - - -Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 19.09 10.65 66.11 9.72 16.88 87.64Class A1 Acc (EUR) * - 8.69 - - - -Class A1 Acc (EUR) ** - - - - - -Class A1 Acc (PLN) ** - - - - - -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * 23.29 - - 11.93 20.64 -Class A1 Acc (USD) ** - - - - - -Class B1 Acc 17.88 9.85 - - 15.15 -Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -





SchroderISF


SchroderISF

GlobalDividend

Maximiser

SchroderISF

GlobalEmerging

MarketOpportunities

SchroderISF

GlobalEnergy

SchroderISF

GlobalEquityYield

SchroderISF

GlobalProperty

Securities


Net Asset Value

as at 30 June 2010 183,170,611 22,160,783 685,028,872 1,040,340,459 47,698,902 367,326,567

Shares Outstanding

as at 30 June 2010 Class A Dis - 1,293,181 124 - 22,282 -Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * - - - 710,341 77,948 -Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - 283,721 - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis - 50,831 - - - -Class B Dis (EUR) ** - - - - - -Class C Dis 151 118,127 - 131,339 18 64,281Class C Dis (GBP) * 85 1,930,984 - 312,263 - -Class C Dis (GBP) ** - - - - - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis - - - - 18 -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis - 14,261 - - 9,413 -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 6,145,548 353,552 18,773,862 12,071,290 90,510 460,241Class A Acc (AUD) ** - - - - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - - -Class A Acc (EUR) * 3,514,294 - 5,705,364 1,340,750 31,676 -Class A Acc (EUR) ** 516,633 - - - - 568,317Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * 5,223,204 177,061 15,049,153 - - -Class A Acc (SGD) ** - - - - - -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - - - - - -Class B Acc 5,815 71,319 1,033,861 649,737 2,501 19,373Class B Acc (EUR) * 109,088 - 3,374,245 - 5,992 -Class B Acc (EUR) ** 394,542 - - - - 56,278Class B Acc (USD) ** - - - - - -Class C Acc 6,567,151 78,850 2,141,853 3,972,497 25,729 1,223,598Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - - -Class C Acc (EUR) * 301,807 - 2,931,714 271,870 15,337 -Class C Acc (EUR) ** 9,221 - - - - 451,275Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - 217,483 - - -Class D Acc (EUR) * - - 105,418 - - -Class I Acc 865,237 - 275,526 7,758,747 230,603 389,932Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * 150 - 150 - 1,364 -Class I Acc (EUR) ** - - - - - 226,685Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 810,342 40,194 4,530,873 6,588,345 2,899 96,270Class A1 Acc (EUR) * 124,082 - 1,272,882 383,218 2,472 -Class A1 Acc (EUR) ** 145,523 - - - - 24,976Class A1 Acc (PLN) ** - - - - - -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * - - - - - -Class A1 Acc (USD) ** - - - - - -Class B1 Acc - - - - - -Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -





SchroderISF


SchroderISF

GlobalDividend

Maximiser

SchroderISF

GlobalEmerging

MarketOpportunities

SchroderISF

GlobalEnergy

SchroderISF

GlobalEquityYield

SchroderISF

GlobalProperty

Securities



as at 30 June 2010 Class A Dis - 4.89 12.65 - 77.21 -Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * - - - 19.75 53.18 -Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - 4.95 - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis - 4.93 - - - -Class B Dis (EUR) ** - - - - - -Class C Dis 10.07 5 - 30.75 78.73 92.37Class C Dis (GBP) * 11.95 3.37 - 20.73 - -Class C Dis (GBP) ** - - - - - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis - - - - 85.9 -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis - 4.84 - - 77.23 -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 7.36 6.23 12.65 29.88 90.04 93.93Class A Acc (AUD) ** - - - - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - - -Class A Acc (EUR) * 8.11 - 13.35 24.41 73.5 -Class A Acc (EUR) ** 7.42 - - - - 89.21Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * 6.97 6.17 11.66 - - -Class A Acc (SGD) ** - - - - - -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - - - - - -Class B Acc 7.4 6.11 12.39 29.18 87.41 91.47Class B Acc (EUR) * 7.97 - 13.06 - 71.41 -Class B Acc (EUR) ** 7.3 - - - - 86.9Class B Acc (USD) ** - - - - - -Class C Acc 7.51 6.35 12.96 30.71 93.33 97.12Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - - -Class C Acc (EUR) * 8.26 - 13.63 25.33 76.21 -Class C Acc (EUR) ** 7.56 - - - - 91.96Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - 12.31 - - -Class D Acc (EUR) * - - 12.96 - - -Class I Acc 7.8 - 13.53 32.28 99.12 102.84Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * 8.62 - 14.28 - 80.94 -Class I Acc (EUR) ** - - - - - 97.16Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 7.27 6.15 12.5 29.42 88.49 92.33Class A1 Acc (EUR) * 8.02 - 13.19 23.89 72.33 -Class A1 Acc (EUR) ** 7.35 - - - - 87.73Class A1 Acc (PLN) ** - - - - - -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * - - - - - -Class A1 Acc (USD) ** - - - - - -Class B1 Acc - - - - - -Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -





SchroderISF

GlobalResources

Equity a

SchroderISF


SchroderISF

GlobalSmaller

Companies

SchroderISF

GreaterChina

SchroderISF

Hong KongEquity

SchroderISF

IndianEquity


Net Asset Value

as at 30 June 2010 4,638,810 7,555,014 83,378,065 1,397,798,250 5,377,759,547 125,395,186

Shares Outstanding

as at 30 June 2010 Class A Dis - - 836 - - -Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * 11 231 - 470,498 - -Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis - - - - - -Class B Dis (EUR) ** - - - - - -Class C Dis - - - - - 9,918Class C Dis (GBP) * 11 20,892 - 568,687 - -Class C Dis (GBP) ** - - - - - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis - - - - - -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis - - - - - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 15 - 47,944 25,527,174 16,465,131 435,661Class A Acc (AUD) ** - - - - - -Class A Acc (CHF) * 20 20 - - - -Class A Acc (CHF) ** - - - - - -Class A Acc (EUR) * 15 15 - 395,519 - -Class A Acc (EUR) ** - - - - - -Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * - - - - - -Class A Acc (SGD) ** - - - - - -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - - - - - -Class B Acc - - 5,074 2,572,927 43,567 209,472Class B Acc (EUR) * - - - - - -Class B Acc (EUR) ** - - - - 24,744 -Class B Acc (USD) ** - - - - - -Class C Acc 15 15 28,087 7,330,191 3,644,211 70,989Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * 20 20 - - - -Class C Acc (CHF) ** - - - - - -Class C Acc (EUR) * 15 15 - - - -Class C Acc (EUR) ** - - - - 5,883 -Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - - - 186,159 -Class D Acc (EUR) * - - - - - -Class I Acc 50,015 50,015 651,502 2,787,413 186,882 171,226Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * 20 20 - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * 15 15 - - - -Class I Acc (EUR) ** - - - - - -Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc - - 67,029 2,624,483 2,580,223 107,429Class A1 Acc (EUR) * - - 355 - - -Class A1 Acc (EUR) ** - - - - - -Class A1 Acc (PLN) ** - - - - - -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * - - - - - -Class A1 Acc (USD) ** - - - - - -Class B1 Acc - - - 104,902 - -Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -




a Schroder ISF Global Resources Equity was launched on 17 May 2010.b Schroder ISF Global Small Cap Energy was launched on 17 May 2010.* Unhedged multicurrency classes.** Hedged multicurrency classes.

SchroderISF

GlobalResources

Equity a

SchroderISF


SchroderISF

GlobalSmaller

Companies

SchroderISF

GreaterChina

SchroderISF

Hong KongEquity

SchroderISF

IndianEquity



as at 30 June 2010 Class A Dis - - 97.34 - - -Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * 88.79 90.12 - 19.5 - -Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis - - - - - -Class B Dis (EUR) ** - - - - - -Class C Dis - - - - - 126.92Class C Dis (GBP) * 88.86 90.19 - 19.53 - -Class C Dis (GBP) ** - - - - - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis - - - - - -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis - - - - - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 92.24 - 97.25 32.55 230.29 123.76Class A Acc (AUD) ** - - - - - -Class A Acc (CHF) * 87.82 89.12 - - - -Class A Acc (CHF) ** - - - - - -Class A Acc (EUR) * 92.93 94.3 - 26.59 - -Class A Acc (EUR) ** - - - - - -Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * - - - - - -Class A Acc (SGD) ** - - - - - -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - - - - - -Class B Acc - - 94.46 31.23 218.81 121.08Class B Acc (EUR) * - - - - - -Class B Acc (EUR) ** - - - - 81.61 -Class B Acc (USD) ** - - - - - -Class C Acc 92.29 93.68 99.53 34.52 243.32 126.94Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * 87.88 89.19 - - - -Class C Acc (CHF) ** - - - - - -Class C Acc (EUR) * 93 94.37 - - - -Class C Acc (EUR) ** - - - - 84.44 -Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - - - 224.23 -Class D Acc (EUR) * - - - - - -Class I Acc 92.43 93.81 105.79 37.2 252.13 132.77Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * 88.02 89.32 - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * 93.14 94.51 - - - -Class I Acc (EUR) ** - - - - - -Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc - - 95.53 31.76 223.6 122.02Class A1 Acc (EUR) * - - 78.67 - - -Class A1 Acc (EUR) ** - - - - - -Class A1 Acc (PLN) ** - - - - - -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * - - - - - -Class A1 Acc (USD) ** - - - - - -Class B1 Acc - - - 30.28 - -Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -




a Schroder ISF Global Resources Equity was launched on 17 May 2010.b Schroder ISF Global Small Cap Energy was launched on 17 May 2010.* Unhedged multicurrency classes.** Hedged multicurrency classes.

SchroderISF

JapaneseSmaller

Companies

SchroderISF

KoreanEquity

SchroderISF

LatinAmerican

SchroderISF

MiddleEast

SchroderISF

SwissEquity

Opportunities

SchroderISF



Net Asset Value

as at 30 June 2010 10,028,398,638 36,922,173 1,210,378,001 191,421,424 61,325,156 127,544,110

Shares Outstanding

as at 30 June 2010 Class A Dis 909,799 6,824 1,525,606 - - -Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * - - 46,255 - - -Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis 29,846 - 37,065 - - -Class B Dis (EUR) ** - - - - - -Class C Dis - 50,248 41,191 - - -Class C Dis (GBP) * - - - - - -Class C Dis (GBP) ** - - - - - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis - - - - - -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * 994,497 - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis - - - - - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 36,842,110 355,312 3,999,373 12,162,389 190,049 1,662,284Class A Acc (AUD) ** - - - - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - - -Class A Acc (EUR) * - - 639,299 1,695,368 - -Class A Acc (EUR) ** - - - - - -Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * - - 326,096 8,755,782 - -Class A Acc (SGD) ** - - - - - -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - - - - - -Class B Acc 13,039,219 22,056 1,119,556 260,016 20,146 572,059Class B Acc (EUR) * - - 656,252 53,720 - -Class B Acc (EUR) ** - - - - - -Class B Acc (USD) ** - - - - - -Class C Acc 63,881,620 201,793 8,953,569 256,925 38,049 492,316Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - - -Class C Acc (EUR) * - - 254,754 161,153 - -Class C Acc (EUR) ** - - - - - -Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - - - - -Class D Acc (EUR) * - - - - - -Class I Acc 2,656,734 - 179,498 77,125 291,399 2,432,723Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * - - 53 150 - -Class I Acc (EUR) ** - - - - - -Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - 2,711,423 - -Class A1 Acc 38,969,893 329,954 8,079,921 2,131,110 8,728 955,929Class A1 Acc (EUR) * 454,477 - 556,599 409,381 - -Class A1 Acc (EUR) ** - - - - - -Class A1 Acc (PLN) ** - - - - - -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * 1,802,347 - - - - -Class A1 Acc (USD) ** - - - - - -Class B1 Acc 51,385 - - - - -Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -





SchroderISF

JapaneseSmaller

Companies

SchroderISF

KoreanEquity

SchroderISF

LatinAmerican

SchroderISF

MiddleEast

SchroderISF

SwissEquity

Opportunities

SchroderISF




as at 30 June 2010 Class A Dis 51.11 37.98 42.14 - - -Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * - - 28.15 - - -Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis 46.37 - 41.58 - - -Class B Dis (EUR) ** - - - - - -Class C Dis - 39.26 42.59 - - -Class C Dis (GBP) * - - - - - -Class C Dis (GBP) ** - - - - - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis - - - - - -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * 12.7 - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis - - - - - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 51.25 38.2 45.39 7.4 105.8 19.64Class A Acc (AUD) ** - - - - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - - -Class A Acc (EUR) * - - 36.83 8.2 - -Class A Acc (EUR) ** - - - - - -Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * - - 63.46 6.37 - -Class A Acc (SGD) ** - - - - - -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - - - - - -Class B Acc 46.35 36.77 42.42 7.27 102.47 18.72Class B Acc (EUR) * - - 34.6 8.05 - -Class B Acc (EUR) ** - - - - - -Class B Acc (USD) ** - - - - - -Class C Acc 56.43 39.64 48.83 7.55 108.95 20.77Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - - -Class C Acc (EUR) * - - 39.88 8.35 - -Class C Acc (EUR) ** - - - - - -Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - - - - -Class D Acc (EUR) * - - - - - -Class I Acc 60.3 - 53.16 7.83 117.05 22.91Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * - - 43.44 8.68 - -Class I Acc (EUR) ** - - - - - -Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - 596.84 - -Class A1 Acc 49.56 37.29 44.15 7.32 103.22 19.06Class A1 Acc (EUR) * 0.46 - 35.93 8.08 - -Class A1 Acc (EUR) ** - - - - - -Class A1 Acc (PLN) ** - - - - - -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * 0.56 - - - - -Class A1 Acc (USD) ** - - - - - -Class B1 Acc 44.88 - - - - -Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -





SchroderISF

TaiwaneseEquity

SchroderISF


SchroderISF

US SmallerCompanies

SchroderISF

EUROActiveValue

SchroderISF

EURODynamicGrowth

SchroderISF

EuropeanEquityAlpha


Net Asset Value

as at 30 June 2010 210,581,749 2,003,406,487 771,733,330 125,657,630 176,682,277 509,140,629

Shares Outstanding

as at 30 June 2010 Class A Dis 2,273,081 630,518 1,103,468 - 678,249 1,158,483Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * - - - 4,193 - -Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis 176 - 71,818 - - -Class B Dis (EUR) ** - - - - - -Class C Dis 171 102,528 339,214 - 3,304 44,112Class C Dis (GBP) * - - - 2,123 - -Class C Dis (GBP) ** - - - - - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis 19,633 - - - - 34Class I Dis (EUR) ** - 463,230 - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis - - - - - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 11,625,633 4,265,559 5,580,820 1,981,720 38,872,141 7,041,940Class A Acc (AUD) ** - - - - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - - -Class A Acc (EUR) * - 631,185 - - - -Class A Acc (EUR) ** - 322,386 - - - -Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * - - - - - -Class A Acc (SGD) ** - - - - - -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - - - - - -Class B Acc 3,002 189,818 670,994 876,375 5,541,187 863,446Class B Acc (EUR) * - 222,275 - - - -Class B Acc (EUR) ** - 91,184 - - - -Class B Acc (USD) ** - - - - - -Class C Acc 2,433,882 4,011,110 1,796,422 915,610 5,979,517 1,567,180Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - - -Class C Acc (EUR) * - 850,370 - - - -Class C Acc (EUR) ** - 125,949 - - - -Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - - - - -Class D Acc (EUR) * - - - - - -Class I Acc 901,967 2,749,116 813,665 547,991 11,839,047 3,104,357Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * - 205,625 - - - -Class I Acc (EUR) ** - - - - - -Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 5,723,919 659,398 1,538,300 777,653 2,260,577 423,637Class A1 Acc (EUR) * - 44,186 - - - -Class A1 Acc (EUR) ** - 26,934 - - - -Class A1 Acc (PLN) ** - - - - - -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * - - - - - -Class A1 Acc (USD) ** - - - - - -Class B1 Acc - - 5,201 - - -Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -





SchroderISF

TaiwaneseEquity

SchroderISF


SchroderISF

US SmallerCompanies

SchroderISF

EUROActiveValue

SchroderISF

EURODynamicGrowth

SchroderISF

EuropeanEquityAlpha



as at 30 June 2010 Class A Dis 8.34 124.05 63.38 - 2.51 33.12Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * - - - 15.28 - -Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis 8.32 - 57.26 - - -Class B Dis (EUR) ** - - - - - -Class C Dis 8.36 130.52 69.55 - 2.63 33.45Class C Dis (GBP) * - - - 15.62 - -Class C Dis (GBP) ** - - - - - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis 8.38 - - - - 36.88Class I Dis (EUR) ** - 103.03 - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis - - - - - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 9.24 125.42 63.36 24.31 2.64 34.46Class A Acc (AUD) ** - - - - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - - -Class A Acc (EUR) * - 101.78 - - - -Class A Acc (EUR) ** - 82.63 - - - -Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * - - - - - -Class A Acc (SGD) ** - - - - - -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - - - - - -Class B Acc 9.11 121.32 57.26 23.17 2.48 32.95Class B Acc (EUR) * - 98.98 - - - -Class B Acc (EUR) ** - 81.47 - - - -Class B Acc (USD) ** - - - - - -Class C Acc 9.41 130.27 69.6 25.68 2.84 36.16Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - - -Class C Acc (EUR) * - 106.01 - - - -Class C Acc (EUR) ** - 84.1 - - - -Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - - - - -Class D Acc (EUR) * - - - - - -Class I Acc 9.7 139.75 76.93 27.76 3.02 41.01Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * - 114.1 - - - -Class I Acc (EUR) ** - - - - - -Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 9.15 122.92 61.22 23.58 2.56 33.53Class A1 Acc (EUR) * - 100.09 - - - -Class A1 Acc (EUR) ** - 81.81 - - - -Class A1 Acc (PLN) ** - - - - - -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * - - - - - -Class A1 Acc (USD) ** - - - - - -Class B1 Acc - - 54.63 - - -Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -





SchroderISF

GlobalEquityAlpha

SchroderISF

JapaneseEquityAlpha

SchroderISFQEP

GlobalActiveValue

SchroderISFQEP

GlobalCore

SchroderISFQEP

GlobalQuality

SchroderISFQEPUS

Core


Net Asset Value

as at 30 June 2010 306,724,861 15,352,729,758 566,332,002 203,199,364 305,991,299 86,481,650

Shares Outstanding

as at 30 June 2010 Class A Dis - - 25,481 - - -Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * 6,880 - - - - -Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * 7,587 - - - - -Class A Dis (USD) ** - - - - - -Class B Dis 1,244 - 1,466 - - -Class B Dis (EUR) ** - - - - - -Class C Dis 7,518 - 37,162 418,782 399,040 790,258Class C Dis (GBP) * - - - - - -Class C Dis (GBP) ** - - - - - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis - - - - - -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - 12 -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis - - - - - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 240,371 6,995,907 205,728 - 369,130 -Class A Acc (AUD) ** - - - - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - - -Class A Acc (EUR) * 43,526 - 284,950 - 27,105 -Class A Acc (EUR) ** - - 30,874 - - -Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * - - - - - -Class A Acc (SGD) ** - - - - - -Class A Acc (USD) * - 187,026 - - - -Class A Acc (USD) ** - - - - - -Class B Acc 35,910 2,476 39,323 - 134 -Class B Acc (EUR) * 41,398 - 4,360 - 61,282 -Class B Acc (EUR) ** - - 5,029 - - -Class B Acc (USD) ** - - - - - -Class C Acc 1,394,386 2,362,747 70,860 1,705,876 67,697 125,077Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - - -Class C Acc (EUR) * 183,697 2,605,042 273,603 - 130 -Class C Acc (EUR) ** - - 99,087 - - -Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - - - - -Class D Acc (EUR) * - - - - - -Class I Acc 100,387 5,756,386 2,379,210 11,777,748 2,914,156 139,309Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * 86,615 - 769,619 - 18,659 -Class I Acc (EUR) ** - - 163,893 - - -Class I Acc (GBP) * 640,914 - - - - -Class I Acc (GBP) ** - - - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 16,227 224 250,670 - 15 -Class A1 Acc (EUR) * 26,916 - 5,904 - 15 -Class A1 Acc (EUR) ** - - - - - -Class A1 Acc (PLN) ** - - - - - -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * - - - - - -Class A1 Acc (USD) ** - - - - - -Class B1 Acc 14 - 150 - - -Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -





SchroderISF

GlobalEquityAlpha

SchroderISF

JapaneseEquityAlpha

SchroderISFQEP

GlobalActiveValue

SchroderISFQEP

GlobalCore

SchroderISFQEP

GlobalQuality

SchroderISFQEPUS

Core



as at 30 June 2010 Class A Dis - - 101.23 - - -Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * 70.49 - - - - -Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * 103.13 - - - - -Class A Dis (USD) ** - - - - - -Class B Dis 101.36 - 110.33 - - -Class B Dis (EUR) ** - - - - - -Class C Dis 106.73 - 104.63 12.46 74.8 80.43Class C Dis (GBP) * - - - - - -Class C Dis (GBP) ** - - - - - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis - - - - - -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - 95.74 -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis - - - - - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 104.5 812.42 115.57 - 75.89 -Class A Acc (AUD) ** - - - - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - - -Class A Acc (EUR) * 85.2 - 93.54 - 87.79 -Class A Acc (EUR) ** - - 67.43 - - -Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * - - - - - -Class A Acc (SGD) ** - - - - - -Class A Acc (USD) * - 9.16 - - - -Class A Acc (USD) ** - - - - - -Class B Acc 102.43 782.13 111.74 - 74.68 -Class B Acc (EUR) * 83.64 - 91.07 - 86.38 -Class B Acc (EUR) ** - - 66.24 - - -Class B Acc (USD) ** - - - - - -Class C Acc 108.67 850.62 119.13 13.75 76.78 83.68Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - - -Class C Acc (EUR) * 87.94 7.68 97.3 - 88.87 -Class C Acc (EUR) ** - - 68.35 - - -Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - - - - -Class D Acc (EUR) * - - - - - -Class I Acc 115.77 926.39 127.76 14.82 79.41 89.4Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * 94.55 - 104.36 - 91.29 -Class I Acc (EUR) ** - - 74.51 - - -Class I Acc (GBP) * 72.21 - - - - -Class I Acc (GBP) ** - - - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 103.31 797.94 112.18 - 74.56 -Class A1 Acc (EUR) * 84.43 - 91.56 - 86.27 -Class A1 Acc (EUR) ** - - - - - -Class A1 Acc (PLN) ** - - - - - -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * - - - - - -Class A1 Acc (USD) ** - - - - - -Class B1 Acc 99.92 - 110.18 - - -Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -





SchroderISF

EuropeanAllocation

SchroderISF

GlobalTacticalAsset

Allocation c

SchroderISF

AsianBond

SchroderISF

EmergingEurope Debt

AbsoluteReturn

SchroderISF


AbsoluteReturn

SchroderISF

EUROBond


Net Asset Value

as at 30 June 2010 100,247,648 24,864,101 1,482,884,854 158,327,756 7,650,683,639 479,797,961

Shares Outstanding

as at 30 June 2010 Class A Dis - - 18,062,326 204,355 4,352,611 4,495,205Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - 321,395 -Class A Dis (GBP) * 4,174 - - - - -Class A Dis (GBP) ** - - 975 - 4,407,309 -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - 16,308,415 -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis - - 5,579 448 282,208 9,423Class B Dis (EUR) ** - - - - - -Class C Dis - - 32,895,958 - 14,575,399 249,838Class C Dis (GBP) * - - - - - -Class C Dis (GBP) ** - - - - 2,781,978 -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - 175,614 - - -Class I Dis - - - - 1,796,122 -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis - - 11,874,882 178,903 90,899,843 -Class A1 Dis (AUD) ** - - - - 223,425 -Class A1 Dis (EUR) * - - 782,493 - - -Class A1 Dis (EUR) ** - - 9,737 - 8,986,500 -Class A1 Dis (USD) * - - - 100,600 - -Class B1 Dis - - 1,482,989 87,049 4,036,501 -Class B1 Dis (EUR) ** - - - - 472,123 -Class A Acc 1,921,028 141,913 15,329,771 2,556,599 17,498,666 7,362,251Class A Acc (AUD) ** - - - - 6,006 -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - 386,694 -Class A Acc (EUR) * - - - - - -Class A Acc (EUR) ** - - 14,879 - 22,739,421 -Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * - - - - - -Class A Acc (SGD) ** - - 159,646 - - -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - - - - - -Class B Acc 3,080,592 - 774,322 1,113,936 3,964,869 5,470,560Class B Acc (EUR) * - - - - - -Class B Acc (EUR) ** - - - - 4,269,105 -Class B Acc (USD) ** - - - - - -Class C Acc 15,080 110,106 11,181,995 1,232,714 15,256,414 6,419,011Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - 205,891 -Class C Acc (EUR) * - - - - - -Class C Acc (EUR) ** - - 18,601 - 18,474,857 -Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - - - - -Class D Acc (EUR) * - - - - - -Class I Acc 27,226 15 30,772,978 2,346,455 28,443,970 6,164,977Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - 600 -Class I Acc (EUR) * - - - - - -Class I Acc (EUR) ** - 100 100 - 22,368,592 -Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - - 9,801,701 -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - 1,500 - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 705,642 - 14,622,647 654,683 14,163,392 2,174,866Class A1 Acc (EUR) * - - 196,548 - - -Class A1 Acc (EUR) ** - - 7,843 - 3,678,395 -Class A1 Acc (PLN) ** - - - - 237,704 -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * - - - 26,708 - 637,179Class A1 Acc (USD) ** - - - - - -Class B1 Acc - - 248,288 13,179 116,269 52,797Class B1 Acc (EUR) ** - - - - 29,102 -Class B1 Acc (USD) * - - - - - -




c Schroder ISF Global Tactical Asset Allocation was launched on 17 February 2010.* Unhedged multicurrency classes.** Hedged multicurrency classes.

SchroderISF

EuropeanAllocation

SchroderISF

GlobalTacticalAsset

Allocation c

SchroderISF

AsianBond

SchroderISF

EmergingEurope Debt

AbsoluteReturn

SchroderISF


AbsoluteReturn

SchroderISF

EUROBond



as at 30 June 2010 Class A Dis - - 7.29 14.75 13.62 8.16Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - 27.75 -Class A Dis (GBP) * 14.05 - - - - -Class A Dis (GBP) ** - - 101.64 - 25.04 -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - 9.6 -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis - - 8.37 14.35 19.14 10.57Class B Dis (EUR) ** - - - - - -Class C Dis - - 8.34 - 19.43 10.69Class C Dis (GBP) * - - - - - -Class C Dis (GBP) ** - - - - 24.75 -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - 7.55 - - -Class I Dis - - - - 29.32 -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis - - 7.18 14.13 13.5 -Class A1 Dis (AUD) ** - - - - 99.44 -Class A1 Dis (EUR) * - - 5.85 - - -Class A1 Dis (EUR) ** - - 91.65 - 18.69 -Class A1 Dis (USD) * - - - 17.3 - -Class B1 Dis - - 7.89 13.87 15.21 -Class B1 Dis (EUR) ** - - - - 19.35 -Class A Acc 17.81 98.51 12.26 17.88 26.23 15.35Class A Acc (AUD) ** - - - - 100.93 -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - 24.65 -Class A Acc (EUR) * - - - - - -Class A Acc (EUR) ** - - 104.07 - 28.24 -Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * - - - - - -Class A Acc (SGD) ** - - 9.93 - - -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - - - - - -Class B Acc 17.12 - 11.56 16.98 24.61 14.6Class B Acc (EUR) * - - - - - -Class B Acc (EUR) ** - - - - 27.3 -Class B Acc (USD) ** - - - - - -Class C Acc 18.94 98.73 13.24 19.25 28.68 15.92Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - 24.74 -Class C Acc (EUR) * - - - - - -Class C Acc (EUR) ** - - 105.95 - 29.81 -Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - - - - -Class D Acc (EUR) * - - - - - -Class I Acc 29.86 99.18 14.27 21.1 31.38 16.73Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - 24.87 -Class I Acc (EUR) * - - - - - -Class I Acc (EUR) ** - 98.84 108.81 - 32.17 -Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - - 30.66 -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - 10.61 - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 17.17 - 12.03 17.68 25.69 14.72Class A1 Acc (EUR) * - - 9.79 - - -Class A1 Acc (EUR) ** - - 103.27 - 27.73 -Class A1 Acc (PLN) ** - - - - 100.03 -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * - - - 21.68 - 18.07Class A1 Acc (USD) ** - - - - - -Class B1 Acc - - 11.32 17.1 24.46 13.67Class B1 Acc (EUR) ** - - - - 27.32 -Class B1 Acc (USD) * - - - - - -




c Schroder ISF Global Tactical Asset Allocation was launched on 17 February 2010.* Unhedged multicurrency classes.** Hedged multicurrency classes.

SchroderISF

EUROGovernment

Bond

SchroderISF

EUROShort Term

Bond

SchroderISF

GlobalBond

SchroderISF


SchroderISF

Hong KongDollarBond

SchroderISFUS

DollarBond


Net Asset Value

as at 30 June 2010 172,404,673 1,992,733,347 328,670,514 471,431,350 286,465,187 530,443,560

Shares Outstanding

as at 30 June 2010 Class A Dis 290,744 1,343,033 288,502 - 3,976,923 2,524,538Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * - - - - - -Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis 45,804 546,042 163,592 - - 12,553Class B Dis (EUR) ** - - - - - -Class C Dis 138,640 61,363 138,627 49,992 - 940,692Class C Dis (GBP) * - - - 1,419,694 - -Class C Dis (GBP) ** - - - 5,123,756 - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - 121,486 - -Class D Dis - - - - - -Class I Dis - - - - - -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis - - - - - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 7,573,657 90,774,524 4,465,820 5,859,763 4,802,802 9,753,349Class A Acc (AUD) ** - - - - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - - -Class A Acc (EUR) * - - - - - -Class A Acc (EUR) ** - - - - - 51,095Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * - - - - - -Class A Acc (SGD) ** - - - - - -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - - - 1,307,832 - -Class B Acc 2,031,918 144,179,499 702,151 2,591,317 16,392 2,073,773Class B Acc (EUR) * - - - - - -Class B Acc (EUR) ** - - - - - 38,321Class B Acc (USD) ** - - - 247,397 - -Class C Acc 8,265,354 41,620,819 6,087,825 814,649 1,315,716 7,833,338Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - - -Class C Acc (EUR) * - - - - - -Class C Acc (EUR) ** - - - - - 23,450Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - 6,595 - -Class D Acc - - - - - -Class D Acc (EUR) * - - - - - -Class I Acc 706,770 3,046,064 9,965,169 274,845 4,997,865 1,551,558Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * - - - - - -Class I Acc (EUR) ** - - - - - 100Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - 638,339 - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 695,917 17,551,649 1,138,978 1,100,312 220,597 4,389,647Class A1 Acc (EUR) * - - - - - -Class A1 Acc (EUR) ** - - - - - -Class A1 Acc (PLN) ** - - - - - -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * - - - - - -Class A1 Acc (USD) ** - - - 1,982 - -Class B1 Acc - 5,115 310,067 - - 55,893Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -





SchroderISF

EUROGovernment

Bond

SchroderISF

EUROShort Term

Bond

SchroderISF

GlobalBond

SchroderISF


SchroderISF

Hong KongDollarBond

SchroderISFUS

DollarBond



as at 30 June 2010 Class A Dis 6.06 4.51 7.45 - 15.54 11.76Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * - - - - - -Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis 5.95 4.52 6.21 - - 11.97Class B Dis (EUR) ** - - - - - -Class C Dis 6.31 3.34 6.37 24.18 - 12.23Class C Dis (GBP) * - - - 20.81 - -Class C Dis (GBP) ** - - - 22.32 - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - 24.62 - -Class D Dis - - - - - -Class I Dis - - - - - -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - - - - - -Class A1 Dis - - - - - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 8.65 6.69 10.09 24.61 19.34 18.28Class A Acc (AUD) ** - - - - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - - -Class A Acc (EUR) * - - - - - -Class A Acc (EUR) ** - - - - - 124.2Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * - - - - - -Class A Acc (SGD) ** - - - - - -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - - - 25.15 - -Class B Acc 8.08 6.61 9.06 23.88 18.59 17.2Class B Acc (EUR) * - - - - - -Class B Acc (EUR) ** - - - - - 122.23Class B Acc (USD) ** - - - 24.68 - -Class C Acc 9.09 6.94 10.93 25.09 19.88 19.08Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - - -Class C Acc (EUR) * - - - - - -Class C Acc (EUR) ** - - - - - 125.4Class C Acc (GBP) ** - - - - - -Class C Acc (USD) ** - - - 25.61 - -Class D Acc - - - - - -Class D Acc (EUR) * - - - - - -Class I Acc 9.52 7.09 11.15 26.09 20.24 20Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * - - - - - -Class I Acc (EUR) ** - - - - - 127.84Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - 128.13 - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 8.29 6.45 9.72 23.78 18.71 17.45Class A1 Acc (EUR) * - - - - - -Class A1 Acc (EUR) ** - - - - - -Class A1 Acc (PLN) ** - - - - - -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * - - - - - -Class A1 Acc (USD) ** - - - 25.03 - -Class B1 Acc - 5.99 8.53 - - 16.23Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -





SchroderISF

AsianLocal

CurrencyBond

SchroderISF

EUROCorporate

Bond

SchroderISF

GlobalCorporate

Bond

SchroderISF

GlobalHighYield

SchroderISF

StrategicBond

SchroderISF

AsianConvertible

Bond


Net Asset Value

as at 30 June 2010 72,046,651 5,413,993,337 1,689,765,301 3,815,882,920 635,148,416 115,941,287

Shares Outstanding

as at 30 June 2010 Class A Dis 12,727 10,441,443 9,390,710 2,384,694 177,451 -Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - 123,813 - 29,567 -Class A Dis (GBP) * - - - - - -Class A Dis (GBP) ** - - - - 47,173 -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - 618,871 - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis - 101 996,252 69,631 - -Class B Dis (EUR) ** - - - - 22,634 -Class C Dis 16 - 3,108,143 - 62,017 -Class C Dis (GBP) * - - - - - -Class C Dis (GBP) ** - - - 235,533 - 3,516Class C Dis (JPY) ** - 1,700,125 - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis - 426,306 - - - -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - 1,168,661 - - - -Class A1 Dis - 949,672 9,496,491 1,150,458 - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - 23,177 -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 27,203 147,321,366 39,207,921 9,760,074 211,167 268,904Class A Acc (AUD) ** - - 110 - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - - 6,773Class A Acc (EUR) * - - - - - -Class A Acc (EUR) ** - - 628,180 3,718,741 514,342 131,665Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - 33,841Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * - - - - - -Class A Acc (SGD) ** 12,800 - - - - -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - 87,807 - - - -Class B Acc 51 59,433,630 8,183,050 689,772 89,384 40,450Class B Acc (EUR) * - - - - - -Class B Acc (EUR) ** - - 247,819 2,191,917 423,079 44,251Class B Acc (USD) ** - - - - - -Class C Acc 76,012 67,928,048 14,768,200 66,564,553 136,596 209,179Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - - 6,050Class C Acc (EUR) * - - - - - -Class C Acc (EUR) ** - - - 4,153,064 985,495 150,521Class C Acc (GBP) ** - - - - 72,813 210Class C Acc (USD) ** - - - - - -Class D Acc - - - - - -Class D Acc (EUR) * - - - - - -Class I Acc 560,244 29,894,206 61,862,186 22,920,704 452,546 1,307Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * - - - - - -Class I Acc (EUR) ** - - 121,396 637,974 490,144 108,292Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - 2,026,765 62,459 -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 22 9,004,238 26,821,356 1,444,481 94,712 39,910Class A1 Acc (EUR) * - - - - - -Class A1 Acc (EUR) ** - - 267,721 326,544 535,732 12,391Class A1 Acc (PLN) ** - - - - - 93Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * - - - - - -Class A1 Acc (USD) ** - - - - - -Class B1 Acc - 81,039 775,814 - - -Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -





SchroderISF

AsianLocal

CurrencyBond

SchroderISF

EUROCorporate

Bond

SchroderISF

GlobalCorporate

Bond

SchroderISF

GlobalHighYield

SchroderISF

StrategicBond

SchroderISF

AsianConvertible

Bond



as at 30 June 2010 Class A Dis 97.79 14.89 5.47 19.06 102.87 -Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - 100.89 - 116.72 -Class A Dis (GBP) * - - - - - -Class A Dis (GBP) ** - - - - 105.84 -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - 11.58 - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - - - - - -Class B Dis - 14.77 5.66 24.76 - -Class B Dis (EUR) ** - - - - 113.75 -Class C Dis 98.07 - 6.13 - 108.64 -Class C Dis (GBP) * - - - - - -Class C Dis (GBP) ** - - - 118.01 - 102.79Class C Dis (JPY) ** - 10,061.14 - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis - 17.03 - - - -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - - - - - -Class P Dis - - - - - -Class P Dis (EUR) ** - - - - - -Class X Dis - 112.94 - - - -Class A1 Dis - 14.34 7.67 24.88 - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - 114.15 -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 104.25 15.58 8.38 27.66 125.87 97.45Class A Acc (AUD) ** - - 102.85 - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** - - - - - 96.87Class A Acc (EUR) * - - - - - -Class A Acc (EUR) ** - - 123.87 26.31 119.91 97.78Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** - - - - - 102.52Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * - - - - - -Class A Acc (SGD) ** 10.25 - - - - -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - 110.33 - - - -Class B Acc 102.91 14.82 7.83 26.86 122.3 96.41Class B Acc (EUR) * - - - - - -Class B Acc (EUR) ** - - 119.68 25.49 116.51 96.77Class B Acc (USD) ** - - - - - -Class C Acc 105.19 16.34 8.94 28.6 129.42 98.87Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** - - - - - 97.08Class C Acc (EUR) * - - - - - -Class C Acc (EUR) ** - - - 27.05 123.42 99.23Class C Acc (GBP) ** - - - - 124.26 102.81Class C Acc (USD) ** - - - - - -Class D Acc - - - - - -Class D Acc (EUR) * - - - - - -Class I Acc 106.86 17.33 9.43 29.9 135.06 101.14Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * - - - - - -Class I Acc (EUR) ** - - 124.85 28.35 128.72 101.46Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - - - 127.45 124.98 -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - - - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 103.19 15.06 8.1 27.02 122.71 96.77Class A1 Acc (EUR) * - - - - - -Class A1 Acc (EUR) ** - - 119.67 118.2 116.97 97.07Class A1 Acc (PLN) ** - - - - - 359.84Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * - - - - - -Class A1 Acc (USD) ** - - - - - -Class B1 Acc - 14.22 7.46 - - -Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -





SchroderISF

GlobalConvertible

Bond

SchroderISF

GlobalCredit

DurationHedged

SchroderISF


SchroderISF

EuropeanDefensive

SchroderISF


SchroderISF



Net Asset Value

as at 30 June 2010 250,083,769 361,650,808 7,691,416 107,365,164 4,126,209 5,330,126

Shares Outstanding

as at 30 June 2010 Class A Dis - - - 2,679,173 - -Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * - - - - - -Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - 66,439 - - - -Class B Dis - - - - - -Class B Dis (EUR) ** - - - - - -Class C Dis - 1,418 - - - -Class C Dis (GBP) * - - - - - -Class C Dis (GBP) ** 87 - - - - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis - 13 - - - -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - 1,253,240 - - - -Class P Dis - - 4,544 - - -Class P Dis (EUR) ** - - 2,054 - - -Class X Dis - - - - - -Class A1 Dis - - - - - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 195,265 229,366 - 5,568,975 21,666 31,439Class A Acc (AUD) ** - - - - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** 150 - - - - -Class A Acc (EUR) * - - - - - -Class A Acc (EUR) ** 254,700 - - - - -Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** 33,702 - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * - - - - - -Class A Acc (SGD) ** - - - - - -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - - - - - -Class B Acc 77,133 610,682 - 3,109,196 14,640 18,067Class B Acc (EUR) * - - - - - -Class B Acc (EUR) ** 261,140 - - - - -Class B Acc (USD) ** - - - - - -Class C Acc 199,992 452,485 - - - -Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** 150 - - - - -Class C Acc (EUR) * - - - - - -Class C Acc (EUR) ** 158,528 - - - - -Class C Acc (GBP) ** 276,186 - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - - - - -Class D Acc (EUR) * - - - - - -Class I Acc 47,450 133,794 - - - -Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * - - - - - -Class I Acc (EUR) ** 504,797 - - - - -Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - 216,700 - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - 148,317 - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 103,377 40,598 - 195,532 13,004 14,917Class A1 Acc (EUR) * - - - - - -Class A1 Acc (EUR) ** 41,819 - - - - -Class A1 Acc (PLN) ** - - - - - -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * - - - - - -Class A1 Acc (USD) ** - 91 - - - -Class B1 Acc - - - - - -Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -




d The data shown for Schroder ISF EURO Equity Secure 2010 is based on the last available pricing day, 21 June 2010.* Unhedged multicurrency classes.** Hedged multicurrency classes.

SchroderISF

GlobalConvertible

Bond

SchroderISF

GlobalCredit

DurationHedged

SchroderISF


SchroderISF

EuropeanDefensive

SchroderISF


SchroderISF




as at 30 June 2010 Class A Dis - - - 9.37 - -Class A Dis (EUR) * - - - - - -Class A Dis (EUR) ** - - - - - -Class A Dis (GBP) * - - - - - -Class A Dis (GBP) ** - - - - - -Class A Dis (SGD) * - - - - - -Class A Dis (SGD) ** - - - - - -Class A Dis (USD) * - - - - - -Class A Dis (USD) ** - 105.94 - - - -Class B Dis - - - - - -Class B Dis (EUR) ** - - - - - -Class C Dis - 88.49 - - - -Class C Dis (GBP) * - - - - - -Class C Dis (GBP) ** 94.04 - - - - -Class C Dis (JPY) ** - - - - - -Class C Dis (USD) ** - - - - - -Class D Dis - - - - - -Class I Dis - 115.12 - - - -Class I Dis (EUR) ** - - - - - -Class I Dis (GBP) * - - - - - -Class I Dis (GBP) ** - 103.58 - - - -Class P Dis - - 1,089.56 - - -Class P Dis (EUR) ** - - 1,077.69 - - -Class X Dis - - - - - -Class A1 Dis - - - - - -Class A1 Dis (AUD) ** - - - - - -Class A1 Dis (EUR) * - - - - - -Class A1 Dis (EUR) ** - - - - - -Class A1 Dis (USD) * - - - - - -Class B1 Dis - - - - - -Class B1 Dis (EUR) ** - - - - - -Class A Acc 95.43 105.4 - 9.38 84.24 83.25Class A Acc (AUD) ** - - - - - -Class A Acc (CHF) * - - - - - -Class A Acc (CHF) ** 98.73 - - - - -Class A Acc (EUR) * - - - - - -Class A Acc (EUR) ** 94.4 - - - - -Class A Acc (GBP) * - - - - - -Class A Acc (GBP) ** 101.17 - - - - -Class A Acc (HKD) * - - - - - -Class A Acc (SGD) * - - - - - -Class A Acc (SGD) ** - - - - - -Class A Acc (USD) * - - - - - -Class A Acc (USD) ** - - - - - -Class B Acc 94.48 103.23 - 9.08 83.49 82.49Class B Acc (EUR) * - - - - - -Class B Acc (EUR) ** 93.34 - - - - -Class B Acc (USD) ** - - - - - -Class C Acc 96.85 109.15 - - - -Class C Acc (AUD) * - - - - - -Class C Acc (CHF) * - - - - - -Class C Acc (CHF) ** 98.95 - - - - -Class C Acc (EUR) * - - - - - -Class C Acc (EUR) ** 95.68 - - - - -Class C Acc (GBP) ** 101.39 - - - - -Class C Acc (USD) ** - - - - - -Class D Acc - - - - - -Class D Acc (EUR) * - - - - - -Class I Acc 99.21 115.11 - - - -Class I Acc (AUD) * - - - - - -Class I Acc (CHF) * - - - - - -Class I Acc (CHF) ** - - - - - -Class I Acc (EUR) * - - - - - -Class I Acc (EUR) ** 97.94 - - - - -Class I Acc (GBP) * - - - - - -Class I Acc (GBP) ** - 105.71 - - - -Class I Acc (JPY) * - - - - - -Class I Acc (SGD) ** - - - - - -Class I Acc (USD) ** - 106.22 - - - -Class J Acc (JPY) * - - - - - -Class A1 Acc 94.8 104.5 - 9.22 82.96 81.96Class A1 Acc (EUR) * - - - - - -Class A1 Acc (EUR) ** 93.63 - - - - -Class A1 Acc (PLN) ** - - - - - -Class A1 Acc (SGD) ** - - - - - -Class A1 Acc (USD) * - - - - - -Class A1 Acc (USD) ** - 105.91 - - - -Class B1 Acc - - - - - -Class B1 Acc (EUR) ** - - - - - -Class B1 Acc (USD) * - - - - - -




d The data shown for Schroder ISF EURO Equity Secure 2010 is based on the last available pricing day, 21 June 2010.* Unhedged multicurrency classes.** Hedged multicurrency classes.

SchroderISF


SchroderISF

EUROGovernment

Liquidity e

SchroderISF

EUROLiquidity e

SchroderISF


SchroderISF

GlobalManagedCurrency

EUR EUR EUR USD USD

Net Asset Value

as at 30 June 2010 2,580,785 8,934,991 1,529,396,591 117,742,620 72,849,923

Shares Outstanding

as at 30 June 2010 Class A Dis - - - - 130,991Class A Dis (EUR) * - - - - 1,065Class A Dis (EUR) ** - - - - -Class A Dis (GBP) * - - - - 105,295Class A Dis (GBP) ** - - - - -Class A Dis (SGD) * - - - - -Class A Dis (SGD) ** - - - - -Class A Dis (USD) * - - - - -Class A Dis (USD) ** - - - - -Class B Dis - - - - 15Class B Dis (EUR) ** - - - - -Class C Dis - - - - -Class C Dis (GBP) * - - - - -Class C Dis (GBP) ** - - - - -Class C Dis (JPY) ** - - - - -Class C Dis (USD) ** - - - - -Class D Dis - - - - -Class I Dis - - - - -Class I Dis (EUR) ** - - - - -Class I Dis (GBP) * - - - - -Class I Dis (GBP) ** - - - - -Class P Dis - - - - -Class P Dis (EUR) ** - - - - -Class X Dis - - - - -Class A1 Dis - - - - 1,289Class A1 Dis (AUD) ** - - - - -Class A1 Dis (EUR) * - - - - -Class A1 Dis (EUR) ** - - - - -Class A1 Dis (USD) * - - - - -Class B1 Dis - - - - -Class B1 Dis (EUR) ** - - - - -Class A Acc 20,272 15 3,465,884 561,149 66,096Class A Acc (AUD) ** - - - - -Class A Acc (CHF) * - - - - -Class A Acc (CHF) ** - - - - -Class A Acc (EUR) * - - - - 52,833Class A Acc (EUR) ** - - - - 194Class A Acc (GBP) * - - - - 27,737Class A Acc (GBP) ** - - - - -Class A Acc (HKD) * - - - - -Class A Acc (SGD) * - - - - -Class A Acc (SGD) ** - - - - -Class A Acc (USD) * - - - - -Class A Acc (USD) ** - - - - -Class B Acc 10,515 - 2,408,703 388,239 29,114Class B Acc (EUR) * - - - - -Class B Acc (EUR) ** - - - - -Class B Acc (USD) ** - - - - -Class C Acc - 65,454 5,308,324 43,372 130,323Class C Acc (AUD) * - - - - -Class C Acc (CHF) * - - - - -Class C Acc (CHF) ** - - - - -Class C Acc (EUR) * - - - 15 -Class C Acc (EUR) ** - - - - 507Class C Acc (GBP) ** - - - - -Class C Acc (USD) ** - - - - -Class D Acc - - - - -Class D Acc (EUR) * - - - - -Class I Acc - 23,444 813,590 15 15Class I Acc (AUD) * - - - - -Class I Acc (CHF) * - - - - -Class I Acc (CHF) ** - - - - -Class I Acc (EUR) * - - - - -Class I Acc (EUR) ** - - - - -Class I Acc (GBP) * - - - - -Class I Acc (GBP) ** - - - - -Class I Acc (JPY) * - - 1,239 - -Class I Acc (SGD) ** - - - - -Class I Acc (USD) ** - - - - -Class J Acc (JPY) * - - - - -Class A1 Acc 2,786 - 484,015 129,968 92,387Class A1 Acc (EUR) * - - - - -Class A1 Acc (EUR) ** - - - - -Class A1 Acc (PLN) ** - - - - -Class A1 Acc (SGD) ** - - - - -Class A1 Acc (USD) * - - - - -Class A1 Acc (USD) ** - - - - -Class B1 Acc - - - - -Class B1 Acc (EUR) ** - - - - -Class B1 Acc (USD) * - - - - -




e Schroder ISF EURO Government Liquidity, Schroder ISF EURO Liquidity and Schroder ISF US Dollar Liquidity: the market value represents the amortised cost.* Unhedged multicurrency classes.** Hedged multicurrency classes.

SchroderISF


SchroderISF

EUROGovernment

Liquidity e

SchroderISF

EUROLiquidity e

SchroderISF


SchroderISF


EUR EUR EUR USD USD


as at 30 June 2010 Class A Dis - - - - 95.1Class A Dis (EUR) * - - - - 110.63Class A Dis (EUR) ** - - - - -Class A Dis (GBP) * - - - - 107.81Class A Dis (GBP) ** - - - - -Class A Dis (SGD) * - - - - -Class A Dis (SGD) ** - - - - -Class A Dis (USD) * - - - - -Class A Dis (USD) ** - - - - -Class B Dis - - - - 94.65Class B Dis (EUR) ** - - - - -Class C Dis - - - - -Class C Dis (GBP) * - - - - -Class C Dis (GBP) ** - - - - -Class C Dis (JPY) ** - - - - -Class C Dis (USD) ** - - - - -Class D Dis - - - - -Class I Dis - - - - -Class I Dis (EUR) ** - - - - -Class I Dis (GBP) * - - - - -Class I Dis (GBP) ** - - - - -Class P Dis - - - - -Class P Dis (EUR) ** - - - - -Class X Dis - - - - -Class A1 Dis - - - - 94.65Class A1 Dis (AUD) ** - - - - -Class A1 Dis (EUR) * - - - - -Class A1 Dis (EUR) ** - - - - -Class A1 Dis (USD) * - - - - -Class B1 Dis - - - - -Class B1 Dis (EUR) ** - - - - -Class A Acc 77.18 99.79 121.11 105.37 98.08Class A Acc (AUD) ** - - - - -Class A Acc (CHF) * - - - - -Class A Acc (CHF) ** - - - - -Class A Acc (EUR) * - - - - 114.06Class A Acc (EUR) ** - - - - 93.27Class A Acc (GBP) * - - - - 107.78Class A Acc (GBP) ** - - - - -Class A Acc (HKD) * - - - - -Class A Acc (SGD) * - - - - -Class A Acc (SGD) ** - - - - -Class A Acc (USD) * - - - - -Class A Acc (USD) ** - - - - -Class B Acc 76.52 - 120.07 104.69 97.6Class B Acc (EUR) * - - - - -Class B Acc (EUR) ** - - - - -Class B Acc (USD) ** - - - - -Class C Acc - 100.35 124.56 108.31 98.66Class C Acc (AUD) * - - - - -Class C Acc (CHF) * - - - - -Class C Acc (CHF) ** - - - - -Class C Acc (EUR) * - - - 100.99 -Class C Acc (EUR) ** - - - - 93.59Class C Acc (GBP) ** - - - - -Class C Acc (USD) ** - - - - -Class D Acc - - - - -Class D Acc (EUR) * - - - - -Class I Acc - 100.88 126.55 110.41 99.32Class I Acc (AUD) * - - - - -Class I Acc (CHF) * - - - - -Class I Acc (CHF) ** - - - - -Class I Acc (EUR) * - - - - -Class I Acc (EUR) ** - - - - -Class I Acc (GBP) * - - - - -Class I Acc (GBP) ** - - - - -Class I Acc (JPY) * - - 676.51 - -Class I Acc (SGD) ** - - - - -Class I Acc (USD) ** - - - - -Class J Acc (JPY) * - - - - -Class A1 Acc 75.97 - 116.3 102.08 97.55Class A1 Acc (EUR) * - - - - -Class A1 Acc (EUR) ** - - - - -Class A1 Acc (PLN) ** - - - - -Class A1 Acc (SGD) ** - - - - -Class A1 Acc (USD) * - - - - -Class A1 Acc (USD) ** - - - - -Class B1 Acc - - - - -Class B1 Acc (EUR) ** - - - - -Class B1 Acc (USD) * - - - - -




e Schroder ISF EURO Government Liquidity, Schroder ISF EURO Liquidity and Schroder ISF US Dollar Liquidity: the market value represents the amortised cost.* Unhedged multicurrency classes.** Hedged multicurrency classes.

SchroderISF

EUROEquity

SchroderISF

EuropeanLargeCap

SchroderISF

GlobalEquity

SchroderISF

ItalianEquity

SchroderISF

JapaneseEquity

SchroderISF

JapaneseLargeCap

% % % % % %

Bonds, Commercial Papers, Assets andMortgage Backed Securities - - - - - -Money Markets Instruments - Assimilated to Cash - - - - - -

Other Securities

Advertising - - - - - -Advertising Services - - - - - -Aerospace & Military Technology - 1.33 - - - -Agricultural Operations - - - - - -Airport Services - - - - - -Appliances & Household Durables - - - 4.57 - -Application Software 3.56 2.78 0.90 - 1.50 0.26Automobiles 5.97 3.83 2.93 0.79 12.57 7.76Banking 10.83 14.13 12.31 18.51 8.25 12.14Beverages & Tobacco 5.28 2.18 0.89 2.56 - -Broadcasting & Cable TV 0.79 - 0.88 - 1.09 -Building Materials & Components 3.16 3.08 1.14 1.77 - 2.78Business & Public Services - - - - 0.79 -Chemicals 8.13 6.70 2.47 0.43 7.14 3.84Commercial Services 1.82 1.01 1.41 - - 1.03Computer Software & Services 0.94 - 1.19 - - -Computer Storage & Peripherals - - 1.50 - 2.37 0.66Construction & Housing - - - - - 1.72Consumer Electronics - - - - - -Consumer Finance - - - - - -Data Processing & Reproduction - - - - - -Department Stores - - - - - -Diversified Metals & Mining - 3.77 2.05 - - -Drug Retail - - - - - -Electrical & Electronics 0.97 - 2.12 11.67 3.75 2.93Electronic Components & Instruments - - 1.03 - 5.08 -Energy Equipment & Services - - - - - -Energy Sources - 1.20 - - - -Financial Services - 0.81 3.26 0.10 4.07 4.09Food & Household Products 2.48 4.93 3.78 0.43 0.75 1.82Food Retail 1.73 1.22 1.07 - - -Forest Products & Paper - - - 0.22 - -Gold Mines - - 0.72 - - -Health & Personal Care 3.62 4.47 4.22 3.18 - -Heavy Electrical Equipment - - - - - -Hotels 1.67 - - - - -Industrial Components 1.85 0.78 0.90 - - -Insurance 6.92 4.87 4.46 9.15 1.49 6.86Internet Software & Services - - 3.51 1.95 - -Investment Funds - - - - - -IT Consulting & Services - - - - - -Leisure & Tourism - 1.09 - - 0.84 2.21Machinery & Engineering 2.95 2.58 5.98 0.80 8.14 4.71Meat Poultry & Fish - - - - - -Merchandising - - - - - -Metals - Steel 0.56 - 1.46 3.95 1.60 1.43Misc. Materials & Commodities 4.42 0.77 - - - -Motorcycle Manufacturers - - - - - -Multi - Industry 1.26 - - 0.49 - -Multi - Utilities - - - - - -Office Supplies & Forms - - 0.96 - 3.25 1.79Oil & Gas Drilling - 0.73 2.03 1.39 - -Oil & Gas Exploration & Production 7.51 10.69 9.40 10.18 1.71 2.34Packaging & Containers - - 1.10 2.54 - -Pharmaceuticals 6.22 8.60 3.19 2.79 7.19 5.91Photo Equipment & Supplies - - - - 0.87 3.34Publishing & Printing 1.92 1.34 0.90 - - -Real Estate 1.96 - 1.11 - 4.30 -Recreation - - - - 0.32 -Restaurants - 1.05 - - - -Retail 1.32 2.67 5.78 0.81 2.66 2.59Semiconductors - - 1.88 5.42 - -Soft Drinks - - - - - -Systems Software - - 1.47 - - -Telecommunications 6.02 6.24 4.07 4.41 4.03 4.17Textile & Apparel - - - - 2.01 3.11Trading Companies & Distributors - 0.84 1.11 2.28 7.35 11.21Transportation - Airlines - - 0.87 - - -Transportation - Road & Rail - 0.93 0.30 - 4.86 5.03Transportation - Shipping - - - - 0.75 -Utilities - Electrical & Gas 4.54 1.98 1.62 3.88 0.74 2.13

Investments portfolio as a percentage of Net Assets 98.40 96.60 95.97 94.27 99.47 95.86

Other Net Assets/(Liabilities) 1.60 3.40 4.03 5.73 0.53 4.14

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00



Distribution of Investments by Industry

SchroderISF

PacificEquity

SchroderISF

SwissEquity

SchroderISFUK

Equity

SchroderISFUS

All Cap

SchroderISFUS

LargeCap

SchroderISF


Securities% % % % % %

Bonds, Commercial Papers, Assets andMortgage Backed Securities - - 0.50 - - -Money Markets Instruments - Assimilated to Cash - - - - - -

Other Securities

Advertising - - - - - -Advertising Services - - - - - -Aerospace & Military Technology - - - 1.29 1.97 -Agricultural Operations 3.04 - - - - -Airport Services - - - - - -Appliances & Household Durables - - - - - -Application Software - - 1.51 8.89 2.45 -Automobiles 1.38 - - 1.43 0.61 -Banking 13.86 13.27 10.93 6.19 7.86 -Beverages & Tobacco - - 1.93 2.33 3.10 -Broadcasting & Cable TV - - 1.31 2.13 3.40 -Building Materials & Components 0.53 8.20 2.26 - 0.66 0.90Business & Public Services - - - - - -Chemicals - 6.26 2.35 1.49 1.12 -Commercial Services - 1.35 2.85 4.01 - -Computer Software & Services - 2.08 - 0.36 7.47 -Computer Storage & Peripherals 1.67 1.14 - - - -Construction & Housing 1.74 - - - - -Consumer Electronics - - - - - -Consumer Finance - - - - - -Data Processing & Reproduction - - - 0.42 0.66 -Department Stores 0.53 - - - - -Diversified Metals & Mining - - 9.06 - - -Drug Retail - - - - - -Electrical & Electronics 2.98 - 0.75 0.52 - -Electronic Components & Instruments 3.91 - - 0.60 - -Energy Equipment & Services - - - - - -Energy Sources 3.55 - - - - -Financial Services 2.32 2.73 1.06 2.23 1.70 -Food & Household Products 2.03 13.86 3.16 0.75 1.31 -Food Retail - - - - - -Forest Products & Paper - - - - - -Gold Mines - - - - - -Health & Personal Care - 1.95 2.33 12.83 14.41 -Heavy Electrical Equipment - - - - - -Hotels 1.70 - - - - 2.16Industrial Components - - 1.61 - - -Insurance 6.70 8.65 3.64 7.29 7.32 -Internet Software & Services 0.69 - - 3.76 4.64 -Investment Funds 0.01 - 2.61 - - -IT Consulting & Services - - - - - -Leisure & Tourism - - 1.44 0.99 - -Machinery & Engineering 2.32 11.25 1.10 6.19 7.95 -Meat Poultry & Fish - - - - - -Merchandising - - - - - -Metals - Steel 2.25 - 1.96 1.37 1.22 -Misc. Materials & Commodities - - - - - -Motorcycle Manufacturers - - - - - -Multi - Industry 8.24 - - - - 9.40Multi - Utilities - - - - - -Office Supplies & Forms - - - 0.62 - -Oil & Gas Drilling - - - 0.72 1.24 -Oil & Gas Exploration & Production 8.36 - 17.50 8.15 10.35 -Packaging & Containers - - - 1.03 - -Pharmaceuticals 0.60 20.20 9.31 2.97 0.90 -Photo Equipment & Supplies - - - - - -Publishing & Printing - - - - - -Real Estate 8.17 0.64 0.80 - - 85.85Recreation - - 1.23 - - -Restaurants - - - 0.97 - -Retail 3.01 - 1.74 4.49 7.34 -Semiconductors 9.09 1.98 1.15 1.97 - -Soft Drinks - - - - - -Systems Software - - - - - -Telecommunications 8.05 - 7.31 6.53 6.73 -Textile & Apparel - - - 0.92 - -Trading Companies & Distributors 0.45 - 1.32 - - -Transportation - Airlines - 1.82 1.42 - 1.40 -Transportation - Road & Rail - - - 1.76 1.46 -Transportation - Shipping - - - - - -Utilities - Electrical & Gas 0.33 1.77 3.34 2.86 2.27 -



Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00



Distribution of Investments byIndustry (cont)

SchroderISF

AsianEquityYield

SchroderISF

AsianSmaller

Companies

SchroderISF

AsianTotal

Return

SchroderISF


SchroderISF

ChinaOpportunities

SchroderISF

EmergingAsia

% % % % % %


Other Securities

Advertising - - - - 0.19 -Advertising Services - - - - - -Aerospace & Military Technology - - - - - -Agricultural Operations - 2.60 - - - 0.94Airport Services - - - - 0.46 -Appliances & Household Durables - - - - - -Application Software 1.79 - - - - -Automobiles - 2.78 - - 1.02 1.65Banking 17.52 8.17 8.80 20.71 20.60 11.59Beverages & Tobacco 1.30 - - 0.71 0.96 2.07Broadcasting & Cable TV - - 1.81 - - -Building Materials & Components 1.12 - 2.10 - 1.91 1.98Business & Public Services - - - - - -Chemicals - 2.79 - 0.59 0.61 1.27Commercial Services - 4.13 - 1.41 1.95 -Computer Software & Services - 1.21 2.14 2.73 - 0.87Computer Storage & Peripherals 0.70 1.03 - - - 1.23Construction & Housing - - - - 1.55 0.46Consumer Electronics - - - - - -Consumer Finance - - - - - -Data Processing & Reproduction - - - - - -Department Stores - 2.15 - - 1.27 0.26Diversified Metals & Mining 3.40 - 3.00 6.23 0.80 1.08Drug Retail - - - - - -Electrical & Electronics 5.90 1.69 2.98 3.63 - 6.77Electronic Components & Instruments - 2.78 - 1.38 2.33 1.03Energy Equipment & Services - - - - - 0.41Energy Sources - 6.21 - 3.09 3.35 1.75Financial Services 1.43 1.99 8.11 2.37 - 2.26Food & Household Products 3.48 4.89 2.85 3.17 4.55 3.88Food Retail - - - 1.32 0.93 -Forest Products & Paper - 1.51 - - 0.42 -Gold Mines - - - - - 0.71Health & Personal Care - 4.98 2.35 - 0.64 1.09Heavy Electrical Equipment - - - - - -Hotels - - - - - -Industrial Components - - - - - 1.95Insurance 3.37 - 3.57 5.38 11.46 8.17Internet Software & Services - 1.23 - 1.39 3.77 2.49Investment Funds - 1.33 1.08 - - -IT Consulting & Services - - - - - -Leisure & Tourism - 1.12 1.69 - - -Machinery & Engineering 2.18 1.70 5.03 1.05 - 1.03Meat Poultry & Fish - - - - - -Merchandising - - - - - -Metals - Steel 1.31 1.40 - 3.96 0.73 2.32Misc. Materials & Commodities - 0.97 - - - -Motorcycle Manufacturers - - - - - -Multi - Industry 13.00 2.60 10.19 0.16 - -Multi - Utilities - 0.66 - - - -Office Supplies & Forms - - - - - -Oil & Gas Drilling - - - - - -Oil & Gas Exploration & Production 5.79 3.14 3.19 25.60 15.08 7.70Packaging & Containers - 0.96 - - 0.72 -Pharmaceuticals 2.86 7.69 1.55 - - 0.62Photo Equipment & Supplies - - - - - -Publishing & Printing - - - - - -Real Estate 11.11 7.93 12.48 3.05 4.26 5.16Recreation - - - - - -Restaurants - - - - - -Retail 1.23 - 5.38 3.32 1.89 1.82Semiconductors 6.02 - 3.81 - - 10.18Soft Drinks - - - - - -Systems Software - - - - - -Telecommunications 8.82 7.03 1.47 6.77 10.21 12.16Textile & Apparel - 1.74 1.51 - - 0.65Trading Companies & Distributors - 1.60 3.12 - 0.36 0.80Transportation - Airlines - - 1.16 - - -Transportation - Road & Rail - 1.54 1.30 - 1.73 1.46Transportation - Shipping - 2.60 - 0.97 - -Utilities - Electrical & Gas 2.77 1.53 0.83 - 1.46 0.37



Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00




SchroderISF

EmergingEurope

SchroderISF

EmergingMarkets

SchroderISF

EuropeanDividend

Maximiser

SchroderISF

EuropeanEquityYield

SchroderISF

EuropeanSmaller

Companies

SchroderISF

EuropeanSpecial

Situations% % % % % %


Other Securities

Advertising - - - - - -Advertising Services - - - - - -Aerospace & Military Technology - - 2.13 1.57 1.44 -Agricultural Operations - 1.26 - - - -Airport Services - - - - - -Appliances & Household Durables - - - - 0.75 -Application Software - - - - 2.79 2.06Automobiles - 1.90 - - 1.34 -Banking 24.68 20.96 2.05 1.23 2.21 11.07Beverages & Tobacco 2.23 0.74 6.23 4.72 1.28 4.67Broadcasting & Cable TV - - 2.63 1.16 0.90 -Building Materials & Components - 0.70 2.92 3.42 6.32 3.57Business & Public Services - 0.94 - - 1.81 -Chemicals 1.12 1.56 2.67 3.70 2.64 14.65Commercial Services - 0.25 1.18 1.61 5.93 7.47Computer Software & Services - 1.37 - - 0.59 2.56Computer Storage & Peripherals - - - - 1.53 -Construction & Housing - 1.72 - - - -Consumer Electronics - - - - - -Consumer Finance - - - - - -Data Processing & Reproduction - - - - 0.35 -Department Stores - - - - - -Diversified Metals & Mining 5.93 4.85 - - - -Drug Retail - - - - - -Electrical & Electronics 3.36 1.94 1.05 3.08 4.04 1.81Electronic Components & Instruments - 0.60 - - 1.82 -Energy Equipment & Services - - - - 1.58 -Energy Sources - 4.29 - - - -Financial Services 2.43 3.07 - - 8.06 -Food & Household Products - 1.62 9.20 7.56 - 3.42Food Retail 0.70 0.99 1.66 1.72 1.68 -Forest Products & Paper - - - - - -Gold Mines - 0.47 - - - -Health & Personal Care - 0.74 - - 3.12 10.02Heavy Electrical Equipment - 0.81 - - - -Hotels - 0.37 - - - -Industrial Components - - - - 0.76 -Insurance 1.39 3.74 13.86 14.61 3.79 4.01Internet Software & Services - 0.69 - - 2.41 -Investment Funds - 0.32 - - - -IT Consulting & Services - - - - - -Leisure & Tourism - - - - 2.00 -Machinery & Engineering 1.14 0.89 - - 4.39 2.82Meat Poultry & Fish - - - - - -Merchandising - - - - 0.41 -Metals - Steel 2.01 5.16 - - - -Misc. Materials & Commodities - - - - 4.92 -Motorcycle Manufacturers - - - - - -Multi - Industry 2.50 1.21 - - - -Multi - Utilities - - - - - -Office Supplies & Forms - - - - - 1.58Oil & Gas Drilling - - 1.33 1.29 3.45 -Oil & Gas Exploration & Production 34.43 13.28 12.16 14.55 2.41 9.15Packaging & Containers - - - - 2.90 -Pharmaceuticals - - 15.05 13.78 2.82 4.87Photo Equipment & Supplies - - - - - -Publishing & Printing - - 2.72 2.82 1.49 -Real Estate 1.42 1.39 - - 0.35 -Recreation 0.20 0.02 - - - 2.10Restaurants - - - - - -Retail - 4.31 - - 3.23 1.37Semiconductors - 6.71 - - 1.89 -Soft Drinks - - - - - -Systems Software - - - - - -Telecommunications 11.78 7.22 12.23 13.94 1.28 7.45Textile & Apparel - 0.56 - - 0.83 -Trading Companies & Distributors - - - - 2.60 -Transportation - Airlines - - - - 3.09 -Transportation - Road & Rail 2.52 - 1.95 2.14 0.90 2.06Transportation - Shipping - - - - 3.15 1.71Utilities - Electrical & Gas - 2.50 6.42 6.56 0.43 -



Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00




SchroderISF


SchroderISF

GlobalDividend

Maximiser

SchroderISF

GlobalEmerging

MarketOpportunities

SchroderISF

GlobalEnergy

SchroderISF

GlobalEquityYield

SchroderISF

GlobalProperty

Securities% % % % % %

Bonds, Commercial Papers, Assets andMortgage Backed Securities - - - - - -Money Markets Instruments - Assimilated to Cash - - - - - 5.98

Other Securities

Advertising - - - - - -Advertising Services - - - - - -Aerospace & Military Technology - 2.38 - - 2.93 -Agricultural Operations 0.38 - - - - -Airport Services - - - - - -Appliances & Household Durables - - - - - -Application Software - - - - - -Automobiles 7.17 - 1.96 - - -Banking - 5.98 15.65 - 5.12 -Beverages & Tobacco - 8.33 1.67 - 6.56 -Broadcasting & Cable TV - 2.35 - - 1.44 -Building Materials & Components 2.75 - 3.70 - - -Business & Public Services - - - - - -Chemicals 9.71 1.04 - 0.26 1.51 -Commercial Services - - 1.78 - - -Computer Software & Services - - - - - -Computer Storage & Peripherals - - - - 0.96 -Construction & Housing - 1.06 5.93 - - 2.17Consumer Electronics - - - - - -Consumer Finance - - - - - -Data Processing & Reproduction - - - - - -Department Stores - - - - - -Diversified Metals & Mining 3.62 - 1.84 - - -Drug Retail - - - - - -Electrical & Electronics 12.40 - 5.74 - - -Electronic Components & Instruments 6.93 - 1.88 - - -Energy Equipment & Services 2.68 - - - - -Energy Sources 3.50 1.08 6.25 2.97 - -Financial Services - 0.03 8.90 - - -Food & Household Products - 5.66 2.37 - 8.12 -Food Retail 1.48 - 1.93 - - -Forest Products & Paper 0.92 - - - - -Gold Mines - - - - - -Health & Personal Care - 2.30 - - - -Heavy Electrical Equipment - - - - - -Hotels - - - - - 5.92Industrial Components - - - - - -Insurance 2.03 9.44 2.05 - 6.82 -Internet Software & Services - - - - - -Investment Funds - - - - 0.03 -IT Consulting & Services - - - - - -Leisure & Tourism 2.83 - 0.17 - - -Machinery & Engineering 9.71 1.37 - - 3.17 -Meat Poultry & Fish - - - - - -Merchandising - - - - - -Metals - Steel 1.31 - 2.70 - - -Misc. Materials & Commodities 1.01 - - - - -Motorcycle Manufacturers - - - - - -Multi - Industry - 1.32 - - 3.82 -Multi - Utilities - - - - - -Office Supplies & Forms - - - - - -Oil & Gas Drilling - - - 11.72 0.94 -Oil & Gas Exploration & Production 10.37 14.76 9.96 77.32 15.12 -Packaging & Containers 1.73 - - - - -Pharmaceuticals - 13.23 - - 11.48 -Photo Equipment & Supplies - - - - - -Publishing & Printing - 1.14 - - 1.47 -Real Estate - 2.79 4.39 - 4.73 84.37Recreation - - - - - -Restaurants - - - - - -Retail 3.66 1.38 3.06 - - 2.50Semiconductors 3.03 - 3.37 - - -Soft Drinks - - - - - -Systems Software - - - - - -Telecommunications 5.13 13.23 2.79 - 11.53 -Textile & Apparel - - 1.80 - - -Trading Companies & Distributors - - - - - -Transportation - Airlines - - - - - -Transportation - Road & Rail 1.47 2.64 0.95 - 1.19 -Transportation - Shipping - 1.54 - - 1.67 -Utilities - Electrical & Gas 1.65 8.41 1.75 - 8.26 -


Other Net Assets/(Liabilities) 4.53 ( 1.46 ) 7.41 7.73 3.13 ( 0.94 )

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00




SchroderISF

GlobalResources

Equity a

SchroderISF


SchroderISF

GlobalSmaller

Companies

SchroderISF

GreaterChina

SchroderISF

Hong KongEquity

SchroderISF

IndianEquity

% % % %


Other Securities

Advertising - - - 0.31 - -Advertising Services - - 0.28 - - -Aerospace & Military Technology - - 0.65 - - -Agricultural Operations - - - - - -Airport Services - - 0.52 - - -Appliances & Household Durables - - 0.23 - - -Application Software - - 2.03 - - 12.93Automobiles - - 2.61 - - 4.52Banking - - 3.47 10.39 14.73 16.56Beverages & Tobacco - - 0.32 1.10 - 3.50Broadcasting & Cable TV - - 0.65 0.21 0.66 0.23Building Materials & Components - - 3.12 1.57 - -Business & Public Services - - 0.94 - - -Chemicals 6.59 - 3.06 0.16 - 0.97Commercial Services - - 6.57 - 0.94 -Computer Software & Services - - 1.29 0.36 - -Computer Storage & Peripherals - - - 1.22 - -Construction & Housing - - 0.59 0.40 - 0.87Consumer Electronics - - - - - -Consumer Finance - - 0.17 - - -Data Processing & Reproduction - - 0.88 0.35 - -Department Stores - - 0.15 0.45 - -Diversified Metals & Mining 26.91 1.80 2.44 - - 2.74Drug Retail - - - - - -Electrical & Electronics - - 1.65 7.79 2.94 2.71Electronic Components & Instruments - - 3.18 1.56 - -Energy Equipment & Services - - 0.42 0.78 - 1.08Energy Sources 8.47 - 0.50 2.52 - -Financial Services - - 3.71 1.97 2.23 6.03Food & Household Products - - 0.53 4.08 4.77 -Food Retail - - 0.29 1.84 - -Forest Products & Paper 1.65 - 0.41 0.93 0.56 -Gold Mines 4.67 - 0.41 1.50 - -Health & Personal Care - - 7.32 1.54 1.06 0.96Heavy Electrical Equipment - - 0.07 - - -Hotels - - 0.24 1.02 2.21 -Industrial Components - - 0.66 - - -Insurance - - 3.46 8.15 6.59 -Internet Software & Services - - 2.67 2.52 1.61 -Investment Funds - - 1.53 - - -IT Consulting & Services - - 0.05 - - -Leisure & Tourism - - 2.05 0.20 - -Machinery & Engineering 1.93 6.88 4.30 2.68 0.95 5.59Meat Poultry & Fish - - 0.25 - - -Merchandising - - 0.08 - - -Metals - Steel 10.35 - 0.41 1.67 - 2.61Misc. Materials & Commodities - - 2.01 - - -Motorcycle Manufacturers - - - - - -Multi - Industry - - 0.35 4.34 20.76 -Multi - Utilities - - 2.64 - - -Office Supplies & Forms - - 0.26 - - -Oil & Gas Drilling 1.58 3.89 0.26 - - -Oil & Gas Exploration & Production 35.24 72.82 2.45 5.92 4.15 14.88Packaging & Containers 1.06 - 2.09 - - -Pharmaceuticals - - 3.48 - - 5.09Photo Equipment & Supplies - - 0.10 - - -Publishing & Printing - - 0.16 - - -Real Estate - - 2.45 7.06 21.25 2.31Recreation - - 0.12 - - -Restaurants - - 0.92 - - -Retail - - 2.19 2.09 4.91 -Semiconductors - - 2.00 5.47 - -Soft Drinks - - - - - -Systems Software - - - - - -Telecommunications - - 3.57 9.76 3.30 -Textile & Apparel - - 2.23 1.78 1.23 -Trading Companies & Distributors 1.04 - 0.60 - 0.61 -Transportation - Airlines - - 0.50 - 1.69 -Transportation - Road & Rail - - 0.89 - - -Transportation - Shipping - - 0.31 1.36 - 0.78Utilities - Electrical & Gas - - 1.95 1.29 - 10.10



Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00




a Schroder ISF Global Resources Equity was launched on 17 May 2010.b Schroder ISF Global Small Cap Energy was launched on 17 May 2010.

SchroderISF

JapaneseSmaller

Companies

SchroderISF

KoreanEquity

SchroderISF

LatinAmerican

SchroderISF

MiddleEast

SchroderISF

SwissEquity

Opportunities

SchroderISF


% % % % % %

Bonds, Commercial Papers, Assets andMortgage Backed Securities - - - 19.07 - -Money Markets Instruments - Assimilated to Cash - - - - - -

Other Securities

Advertising 2.02 0.92 - - - -Advertising Services - - - - -Aerospace & Military Technology - - - - -Agricultural Operations - - - - -Airport Services - - - - -Appliances & Household Durables - - - 2.04 2.10Application Software 1.54 - - - - -Automobiles 10.72 8.11 1.87 - - -Banking 2.65 1.08 17.26 37.33 5.99 6.51Beverages & Tobacco - 3.73 2.42 - -Broadcasting & Cable TV - 0.58 - - 1.70Building Materials & Components 1.25 - 3.91 0.83 10.40 11.07Business & Public Services - 1.66 - 1.76 -Chemicals 5.36 4.11 1.36 1.58 3.92 1.35Commercial Services 2.67 - - 4.64 - -Computer Software & Services - - - 2.80 3.49Computer Storage & Peripherals 0.52 - - - 1.79 2.51Construction & Housing - - 0.84 - -Consumer Electronics - - - - -Consumer Finance - - - - -Data Processing & Reproduction 0.80 - - - - -Department Stores - - - - -Diversified Metals & Mining 4.21 - 9.06 - - -Drug Retail - - - - -Electrical & Electronics 0.13 9.36 0.98 - 3.07 6.34Electronic Components & Instruments 5.33 3.20 - - - 1.96Energy Equipment & Services 3.18 - - - -Energy Sources - - - - -Financial Services 3.42 10.70 4.69 4.85 6.15 8.40Food & Household Products - 4.32 - 10.09 9.69Food Retail 1.84 3.40 0.49 - -Forest Products & Paper - 0.66 - - -Gold Mines - 3.95 - - -Health & Personal Care 3.69 - - 7.28 2.65Heavy Electrical Equipment 0.82 - - - - -Hotels - - - - -Industrial Components 1.63 - - - - -Insurance 3.42 - - 7.41 3.61Internet Software & Services 3.75 - - - 4.53Investment Funds - 2.00 - 4.54 0.91IT Consulting & Services - - - - -Leisure & Tourism 2.91 0.59 - - - -Machinery & Engineering 10.55 11.88 - 3.24 10.41 18.44Meat Poultry & Fish - - - - -Merchandising - - - - -Metals - Steel 3.84 6.40 7.59 - - -Misc. Materials & Commodities 2.74 0.45 - - - 1.36Motorcycle Manufacturers - - - - -Multi - Industry - 3.67 2.48 - -Multi - Utilities - - - - -Office Supplies & Forms - - - - -Oil & Gas Drilling - - - - -Oil & Gas Exploration & Production 2.17 9.13 4.30 - -Packaging & Containers 1.91 - - - - -Pharmaceuticals 5.00 2.04 - - 15.60 2.72Photo Equipment & Supplies - - - - -Publishing & Printing - - - - -Real Estate 8.37 - 3.52 5.50 - -Recreation - - - - -Restaurants - - - - -Retail 5.49 4.84 2.89 - 1.05 -Semiconductors 1.30 11.89 - - - 2.73Soft Drinks - - - - -Systems Software - - - 1.55 -Telecommunications 3.94 11.57 10.01 - 3.75Textile & Apparel 3.40 - - - - -Trading Companies & Distributors 4.71 - - - - -Transportation - Airlines 0.58 1.56 - 1.73 2.52Transportation - Road & Rail 4.33 - - - - -Transportation - Shipping - - 0.73 - -Utilities - Electrical & Gas - 1.95 0.86 - -


Other Net Assets/(Liabilities) 2.38 1.86 ( 1.31 ) 0.83 2.42 1.66

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00




SchroderISF

TaiwaneseEquity

SchroderISF


SchroderISF

US SmallerCompanies

SchroderISF

EUROActiveValue

SchroderISF

EURODynamicGrowth

SchroderISF

EuropeanEquityAlpha

% % % % % %


Other Securities

Advertising - - - - - 1.53Advertising Services - 0.72 0.68 - 1.12 -Aerospace & Military Technology - - 0.49 0.22 1.40 -Agricultural Operations - - - - - -Airport Services - - - - - -Appliances & Household Durables - - 0.35 1.88 - -Application Software - 1.30 1.94 - 2.72 -Automobiles - 1.02 0.45 6.75 3.48 1.16Banking 1.91 3.86 3.38 6.79 13.52 16.10Beverages & Tobacco - - 0.29 - 3.19 4.89Broadcasting & Cable TV - - - - 1.78 1.75Building Materials & Components 1.71 0.20 0.43 2.30 1.35 -Business & Public Services - - 1.65 - - -Chemicals 6.59 1.28 1.17 3.33 7.94 4.94Commercial Services - 10.31 11.28 2.59 - 2.08Computer Software & Services - 1.58 1.71 2.22 0.62 1.19Computer Storage & Peripherals 7.60 - - - - -Construction & Housing - - 0.35 - - -Consumer Electronics - - - - - -Consumer Finance - - - - - -Data Processing & Reproduction - - - - - -Department Stores 1.48 - - - - -Diversified Metals & Mining - 0.65 0.85 2.03 - 2.24Drug Retail - - - - - -Electrical & Electronics - - 2.16 - 5.73 3.61Electronic Components & Instruments 23.45 0.89 1.12 - - -Energy Equipment & Services - - - - 1.32 -Energy Sources - - 1.03 - - -Financial Services 6.88 3.77 4.06 - 1.80 -Food & Household Products 4.27 0.04 1.77 4.36 5.58 5.50Food Retail - - - 7.38 0.22 2.37Forest Products & Paper - 0.46 0.30 2.86 - -Gold Mines - 0.74 0.40 - - -Health & Personal Care - 8.64 12.36 - - 0.25Heavy Electrical Equipment - - - - - -Hotels - 0.23 0.55 - - -Industrial Components - - - - - -Insurance 5.48 6.17 1.62 10.36 9.44 4.84Internet Software & Services - 3.50 3.90 - 1.30 -Investment Funds - - 2.27 - - -IT Consulting & Services - - 0.30 - - -Leisure & Tourism 1.00 1.77 1.99 - 0.68 -Machinery & Engineering 1.16 2.17 1.79 5.52 2.55 2.29Meat Poultry & Fish - - 1.63 - - -Merchandising - - - - - -Metals - Steel 1.22 0.42 0.43 - 1.02 0.47Misc. Materials & Commodities 0.50 0.84 1.53 1.09 2.32 1.67Motorcycle Manufacturers - - - - - -Multi - Industry - - - 1.69 - 0.54Multi - Utilities - 3.19 2.00 - - -Office Supplies & Forms - 0.64 - - - -Oil & Gas Drilling - - - - - 1.18Oil & Gas Exploration & Production - 2.25 2.23 11.85 8.64 9.19Packaging & Containers - 3.52 1.48 0.21 1.24 -Pharmaceuticals - 4.01 2.74 10.17 5.91 12.39Photo Equipment & Supplies 0.55 - - - - -Publishing & Printing - - - - 0.93 -Real Estate - 2.32 2.56 0.77 - -Recreation - - - - - 1.94Restaurants - - - - - -Retail - 5.86 0.13 1.12 0.50 2.53Semiconductors 15.70 4.26 2.62 3.04 - -Soft Drinks - - - - - -Systems Software - - - - - -Telecommunications 9.11 6.63 1.39 1.66 5.63 8.87Textile & Apparel 6.88 0.50 1.55 - 0.55 -Trading Companies & Distributors - - 1.60 4.85 - -Transportation - Airlines - - 1.11 0.42 1.73 1.14Transportation - Road & Rail - 0.77 1.31 0.43 1.17 -Transportation - Shipping 1.10 - - - - -Utilities - Electrical & Gas - 3.40 3.61 3.33 3.38 3.37



Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00




SchroderISF

GlobalEquityAlpha

SchroderISF

JapaneseEquityAlpha

SchroderISFQEP

GlobalActiveValue

SchroderISFQEP

GlobalCore

SchroderISFQEP

GlobalQuality

SchroderISFQEPUS

Core% % % % % %


Other Securities

Advertising - - 0.06 0.15 0.03 0.25Advertising Services - - - 0.13 - -Aerospace & Military Technology - - 0.01 1.76 3.27 1.86Agricultural Operations - - 0.01 0.26 - -Airport Services - - 0.01 0.03 0.02 0.09Appliances & Household Durables - 3.20 0.03 0.26 0.05 0.04Application Software 1.83 - 0.20 1.41 0.67 0.55Automobiles 6.15 7.78 0.66 1.77 0.49 0.33Banking 13.44 3.23 6.37 12.11 4.09 5.82Beverages & Tobacco 1.75 - 1.56 2.97 3.68 3.53Broadcasting & Cable TV - - 0.39 1.99 0.62 2.43Building Materials & Components 2.09 2.86 2.16 1.26 1.17 0.37Business & Public Services - - - 0.11 0.51 0.16Chemicals 1.48 9.43 2.41 2.47 2.12 1.07Commercial Services 1.65 - 1.08 0.86 1.48 0.81Computer Software & Services - - 1.55 3.77 2.30 2.98Computer Storage & Peripherals 1.94 - 0.95 1.02 1.49 1.67Construction & Housing - - 0.75 0.21 0.07 0.19Consumer Electronics - - 0.02 - - -Consumer Finance - - - - - 0.05Data Processing & Reproduction - - 0.77 0.33 0.74 2.98Department Stores - - 0.10 - 0.35 0.11Diversified Metals & Mining 2.84 0.26 1.71 2.96 2.57 0.47Drug Retail - - 0.64 - 0.78 0.31Electrical & Electronics 1.64 6.69 0.71 0.06 0.69 0.87Electronic Components & Instruments - - 1.62 1.26 0.93 4.42Energy Equipment & Services - - 0.06 1.05 0.07 0.15Energy Sources - - 3.25 2.14 3.80 6.44Financial Services 3.51 2.95 3.92 2.54 2.96 3.65Food & Household Products 3.76 - 4.62 3.08 5.22 2.90Food Retail - - 3.54 1.46 2.81 -Forest Products & Paper - - 0.47 0.20 0.23 0.05Gold Mines - - - 0.74 0.10 0.32Health & Personal Care - - 1.04 5.08 6.93 9.04Heavy Electrical Equipment - - - 0.02 - -Hotels - - - - - -Industrial Components - - - - - -Insurance 4.11 - 8.65 4.54 7.90 4.22Internet Software & Services 5.20 - 0.32 1.09 0.90 1.74Investment Funds - - 0.25 - 0.90 0.14IT Consulting & Services - - 0.01 0.02 - 0.17Leisure & Tourism - - 0.05 0.19 1.42 0.14Machinery & Engineering 5.57 13.33 1.40 1.61 2.14 1.45Meat Poultry & Fish - - 0.01 - - -Merchandising - - 0.09 0.11 - 0.58Metals - Steel 1.68 7.11 0.40 0.28 0.45 0.09Misc. Materials & Commodities - - 0.68 1.06 1.07 0.17Motorcycle Manufacturers - - - - - -Multi - Industry 5.28 - 0.39 0.96 1.10 -Multi - Utilities - - 0.51 - - 0.22Office Supplies & Forms - - 0.51 0.36 0.11 0.24Oil & Gas Drilling 1.39 - 0.22 0.39 0.38 0.34Oil & Gas Exploration & Production 9.41 4.14 5.70 5.38 1.96 2.96Packaging & Containers - - 0.31 - 0.16 0.16Pharmaceuticals 4.12 1.40 7.55 6.20 8.49 3.83Photo Equipment & Supplies - - 0.05 0.07 - -Publishing & Printing 1.85 - - 0.38 - 0.09Real Estate - 6.92 1.40 1.73 1.61 1.03Recreation - - 0.26 0.24 - 0.22Restaurants - - - - 0.31 0.34Retail 7.31 14.04 2.61 4.14 4.89 2.51Semiconductors - - 0.09 1.33 0.89 1.83Soft Drinks - - - - - -Systems Software 1.53 - 0.02 0.52 0.18 2.75Telecommunications 5.68 - 12.46 5.66 5.96 5.51Textile & Apparel - - 0.40 0.74 0.76 1.46Trading Companies & Distributors - 4.03 2.15 1.30 0.53 0.68Transportation - Airlines 1.73 - 0.11 - - -Transportation - Road & Rail 1.09 8.59 0.27 1.61 1.24 1.93Transportation - Shipping - - 0.50 0.11 0.39 -Utilities - Electrical & Gas - - 5.99 4.33 0.85 1.98



Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00




SchroderISF

EuropeanAllocation

SchroderISF

Global TacticalAsset Allocation c

SchroderISF

AsianBond

SchroderISF

EmergingEurope Debt

AbsoluteReturn

SchroderISF


AbsoluteReturn

SchroderISF

EUROBond

% % % % % %

Bonds, Commercial Papers, Assets andMortgage Backed Securities - - 73.27 99.60 96.35 77.40Money Markets Instruments - Assimilated to Cash - - - - - -

Other Securities

Advertising - - - - - -Advertising Services - - - - - -Aerospace & Military Technology - - - - - -Agricultural Operations - - - - - -Airport Services - - - - - -Appliances & Household Durables - - - - - -Application Software - - - - - -Automobiles - - - - - -Banking - - - - - -Beverages & Tobacco - - - - - -Broadcasting & Cable TV - - - - - -Building Materials & Components - - - - - -Business & Public Services - - - - - -Chemicals - - - - - -Commercial Services - - - - - -Computer Software & Services - - - - - -Computer Storage & Peripherals - - - - - -Construction & Housing - - - - - -Consumer Electronics - - - - - -Consumer Finance - - - - - -Data Processing & Reproduction - - - - - -Department Stores - - - - - -Diversified Metals & Mining - - - - - -Drug Retail - - - - - -Electrical & Electronics - - - - - -Electronic Components & Instruments - - - - - -Energy Equipment & Services - - - - - -Energy Sources - - - - - -Financial Services - - - - - -Food & Household Products - - - - - -Food Retail - - - - - -Forest Products & Paper - - - - - -Gold Mines - - - - - -Health & Personal Care - - - - - -Heavy Electrical Equipment - - - - - -Hotels - - - - - -Industrial Components - - - - - -Insurance - - - - - -Internet Software & Services - - - - - -Investment Funds - 5.81 - - - -IT Consulting & Services - - - - - -Leisure & Tourism - - - - - -Machinery & Engineering - - - - - -Meat Poultry & Fish - - - - - -Merchandising - - - - - -Metals - Steel - - - - - -Misc. Materials & Commodities - - - - - -Motorcycle Manufacturers - - - - - -Multi - Industry - - - - - -Multi - Utilities - - - - - -Office Supplies & Forms - - - - - -Oil & Gas Drilling - - - - - -Oil & Gas Exploration & Production - - - - - -Packaging & Containers - - - - - -Pharmaceuticals - - - - - -Photo Equipment & Supplies - - - - - -Publishing & Printing - - - - - -Real Estate - - - - - -Recreation - - - - - -Restaurants - - - - - -Retail - - - - - -Semiconductors - - - - - -Soft Drinks - - - - - -Systems Software - - - - - -Telecommunications - - - - - -Textile & Apparel - - - - - -Trading Companies & Distributors - - - - - -Transportation - Airlines - - - - - -Transportation - Road & Rail - - - - - -Transportation - Shipping - - - - - -Utilities - Electrical & Gas - - - - - -

Investments portfolio as a percentage of Net Assets - 5.81 73.27 99.60 96.35 77.40


Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00




c Schroder ISF Global Tactical Asset Allocation was launched on 17 February 2010.

SchroderISF

EUROGovernment

Bond

SchroderISF

EUROShort Term

Bond

SchroderISF

GlobalBond

SchroderISF


SchroderISF

Hong KongDollarBond

SchroderISFUS

DollarBond

% % % % % %

Bonds, Commercial Papers, Assets andMortgage Backed Securities 91.24 98.00 87.63 105.86 93.40 106.18Money Markets Instruments - Assimilated to Cash - - - - - -

Other Securities

Advertising - - - - - -Advertising Services - - - - - -Aerospace & Military Technology - - - - - -Agricultural Operations - - - - - -Airport Services - - - - - -Appliances & Household Durables - - - - - -Application Software - - - - - -Automobiles - - - - - -Banking - - - - - -Beverages & Tobacco - - - - - -Broadcasting & Cable TV - - - - - -Building Materials & Components - - - - - -Business & Public Services - - - - - -Chemicals - - - - - -Commercial Services - - - - - -Computer Software & Services - - - - - -Computer Storage & Peripherals - - - - - -Construction & Housing - - - - - -Consumer Electronics - - - - - -Consumer Finance - - - - - -Data Processing & Reproduction - - - - - -Department Stores - - - - - -Diversified Metals & Mining - - - - - -Drug Retail - - - - - -Electrical & Electronics - - - - - -Electronic Components & Instruments - - - - - -Energy Equipment & Services - - - - - -Energy Sources - - - - - -Financial Services - - - - - -Food & Household Products - - - - - -Food Retail - - - - - -Forest Products & Paper - - - - - -Gold Mines - - - - - -Health & Personal Care - - - - - -Heavy Electrical Equipment - - - - - -Hotels - - - - - -Industrial Components - - - - - -Insurance - - - - - -Internet Software & Services - - - - - -Investment Funds - - - - - -IT Consulting & Services - - - - - -Leisure & Tourism - - - - - -Machinery & Engineering - - - - - -Meat Poultry & Fish - - - - - -Merchandising - - - - - -Metals - Steel - - - - - -Misc. Materials & Commodities - - - - - -Motorcycle Manufacturers - - - - - -Multi - Industry - - - - - -Multi - Utilities - - - - - -Office Supplies & Forms - - - - - -Oil & Gas Drilling - - - - - -Oil & Gas Exploration & Production - - - - - -Packaging & Containers - - - - - -Pharmaceuticals - - - - - -Photo Equipment & Supplies - - - - - -Publishing & Printing - - - - - -Real Estate - - - - - -Recreation - - - - - -Restaurants - - - - - -Retail - - - - - -Semiconductors - - - - - -Soft Drinks - - - - - -Systems Software - - - - - -Telecommunications - - - - - -Textile & Apparel - - - - - -Trading Companies & Distributors - - - - - -Transportation - Airlines - - - - - -Transportation - Road & Rail - - - - - -Transportation - Shipping - - - - - -Utilities - Electrical & Gas - - - - - -


Other Net Assets/(Liabilities) 8.76 2.00 12.37 ( 5.86 ) 6.60 ( 6.18 )

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00




SchroderISF

AsianLocal

CurrencyBond

SchroderISF

EUROCorporate

Bond

SchroderISF

GlobalCorporate

Bond

SchroderISF

GlobalHighYield

SchroderISF

StrategicBond

SchroderISF

AsianConvertible

Bond% % % % % %

Bonds, Commercial Papers, Assets andMortgage Backed Securities 92.92 90.00 70.97 87.82 105.77 94.79Money Markets Instruments - Assimilated to Cash - - - - - -

Other Securities



Other Net Assets/(Liabilities) 7.08 10.00 29.03 12.18 ( 5.77 ) 5.21

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00




SchroderISF

GlobalConvertible

Bond

SchroderISF

GlobalCredit

DurationHedged

SchroderISF


SchroderISF

EuropeanDefensive

SchroderISF


SchroderISF


% % % % % %

Bonds, Commercial Papers, Assets andMortgage Backed Securities 92.22 75.71 101.34 - - -Money Markets Instruments - Assimilated to Cash - - - - - -

Other Securities


Investments portfolio as a percentage of Net Assets 92.22 75.71 101.34 - - -

Other Net Assets/(Liabilities) 7.78 24.29 ( 1.34 ) 100.00 100.00 100.00

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00




d The data shown for Schroder ISF EURO Equity Secure 2010 is based on the last available pricing day, 21 June 2010.

SchroderISF


SchroderISF

EUROGovernment

Liquidity

SchroderISF

EUROLiquidity

SchroderISFUS

DollarLiquidity

SchroderISF


% % % % %

Bonds, Commercial Papers, Assets andMortgage Backed Securities - 97.95 52.61 91.51 100.78Money Markets Instruments - Assimilated to Cash - - 46.94 - -

Other Securities

Advertising - - - - -Advertising Services - - - - -Aerospace & Military Technology - - - - -Agricultural Operations - - - - -Airport Services - - - - -Appliances & Household Durables - - - - -Application Software - - - - -Automobiles - - - - -Banking - - - - -Beverages & Tobacco - - - - -Broadcasting & Cable TV - - - - -Building Materials & Components - - - - -Business & Public Services - - - - -Chemicals - - - - -Commercial Services - - - - -Computer Software & Services - - - - -Computer Storage & Peripherals - - - - -Construction & Housing - - - - -Consumer Electronics - - - - -Consumer Finance - - - - -Data Processing & Reproduction - - - - -Department Stores - - - - -Diversified Metals & Mining - - - - -Drug Retail - - - - -Electrical & Electronics - - - - -Electronic Components & Instruments - - - - -Energy Equipment & Services - - - - -Energy Sources - - - - -Financial Services - - - - -Food & Household Products - - - - -Food Retail - - - - -Forest Products & Paper - - - - -Gold Mines - - - - -Health & Personal Care - - - - -Heavy Electrical Equipment - - - - -Hotels - - - - -Industrial Components - - - - -Insurance - - - - -Internet Software & Services - - - - -Investment Funds - - - - -IT Consulting & Services - - - - -Leisure & Tourism - - - - -Machinery & Engineering - - - - -Meat Poultry & Fish - - - - -Merchandising - - - - -Metals - Steel - - - - -Misc. Materials & Commodities - - - - -Motorcycle Manufacturers - - - - -Multi - Industry - - - - -Multi - Utilities - - - - -Office Supplies & Forms - - - - -Oil & Gas Drilling - - - - -Oil & Gas Exploration & Production - - - - -Packaging & Containers - - - - -Pharmaceuticals - - - - -Photo Equipment & Supplies - - - - -Publishing & Printing - - - - -Real Estate - - - - -Recreation - - - - -Restaurants - - - - -Retail - - - - -Semiconductors - - - - -Soft Drinks - - - - -Systems Software - - - - -Telecommunications - - - - -Textile & Apparel - - - - -Trading Companies & Distributors - - - - -Transportation - Airlines - - - - -Transportation - Road & Rail - - - - -Transportation - Shipping - - - - -Utilities - Electrical & Gas - - - - -

Investments portfolio as a percentage of Net Assets - 97.95 99.55 91.51 100.78

Other Net Assets/(Liabilities) 100.00 2.05 0.45 8.49 ( 0.78 )

Total Net Assets 100.00 100.00 100.00 100.00 100.00




Schroder ISF EURO Equity

Number of sharesor PrincipalAmount

Transferable Securities andMoney Market Instruments Admittedto an Official Exchange Listing

MarketValueEUR

%Net

Assets

Austria 11,722,962 1.08

263,050 RHI 5,188,661 0.48

231,795 Semperit 6,534,301 0.60

Belgium 42,588,540 3.93

7,221,990 Ageas 13,252,352 1.22

745,271 Anheuser-Busch InBev 29,333,867 2.71

773,512 Anheuser-Busch InBev Strip VVPR 2,321 -

Finland 14,014,045 1.29

809,125 Sampo 14,014,045 1.29

France 323,685,228 29.88

472,760 Accor 18,120,891 1.68

360,010 Alstom 13,500,375 1.25

864,187 BNP Paribas 38,158,177 3.52

444,568 Bureau Veritas 19,714,368 1.82

433,156 Compagnie Générale des EtablissementsMichelin

25,032,085 2.31

450,472 GDF Suez 10,529,783 0.97

567,500 GDF Suez Strip VVPR 568 -

349,047 L'Oréal 28,087,812 2.59

907,154 Sanofi-Aventis 44,446,010 4.10

226,055 Société Générale 7,688,131 0.71

1,369,026 Total 50,298,015 4.64

157,172 Unibail-Rodamco 21,202,503 1.96

140,297 Vallourec 20,048,441 1.85

536,493 Vinci 18,334,648 1.69

515,166 Vivendi 8,523,421 0.79

Germany 326,756,282 30.15

233,938 Allianz 18,948,978 1.75

395,466 BASF 17,797,947 1.64

519,577 Daimler 21,822,234 2.01

161,309 Deutsche Bank 7,509,741 0.69

1,511,841 E.ON 33,396,568 3.08

423,639 Fresenius Preference 22,918,870 2.12

831,882 GEA 13,688,618 1.26

408,221 Linde 35,245,801 3.25

445,998 Metro 18,702,926 1.73

387,583 Rheinmetall 18,479,957 1.71

1,052,245 SAP 38,633,175 3.57

488,839 Siemens 36,222,970 3.34

900,664 Symrise 15,270,758 1.41

242,824 Volkswagen Preference 17,896,129 1.65

221,775 Wincor Nixdorf 10,221,610 0.94

Ireland 12,314,584 1.14

722,263 CRH 12,314,584 1.14

Italy 53,332,284 4.92

2,405,203 Bulgari 14,286,906 1.32

4,558,365 Enel 15,817,527 1.46

3,373,775 Intesa Sanpaolo 7,287,354 0.67

232,348 Italmobiliare ‘RSP’ 3,592,100 0.33

16,247,891 Telecom Italia ‘RSP’ 12,348,397 1.14

Netherlands 161,922,637 14.94

460,173 Akzo Nobel 19,706,909 1.82

268,684 ArcelorMittal 6,052,107 0.56

934,454 Heineken 27,860,746 2.57

4,663,523 ING Groep 28,792,591 2.66

1,972,832 Koninklijke KPN 20,625,959 1.90

691,777 QIAGEN 11,172,199 1.03

2,286,312 Reed Elsevier 20,858,024 1.92

Schroder ISF EURO Equity (cont)



MarketValueEUR

%Net

Assets

Netherlands (cont)

1,192,191 Unilever 26,854,102 2.48

Portugal 13,996,340 1.29

1,140,696 Galp Energia 13,996,340 1.29

Spain 105,996,124 9.78

3,427,214 Banco Bilbao Vizcaya Argentaria 29,216,999 2.70

3,169,774 Banco Santander 27,507,299 2.54

1,028,411 Repsol YPF 17,051,054 1.57

2,129,595 Telefónica 32,220,772 2.97

Total Transferable Securities and

Money Market Instruments Admitted

to an Official Exchange Listing 1,066,329,026 98.40


Other Transferable Securities not dealton another Regulated Market

MarketValueEUR

%Net

Assets

Italy - -

7,571,884 Parmalat Finanziaria - -

Other Transferable Securities not dealt - -

on another Regulated Market

Total Investments 1,066,329,026 98.40

Other Net Assets 17,373,203 1.60

Net Asset Value 1,083,702,229 100.00



Portfolio of Investmentsas at 30 June 2010

Schroder ISF European Large Cap



MarketValueEUR

%Net

Assets

Denmark 683,474 1.41

42,463 Danske Bank 683,474 1.41

France 7,304,865 15.03

13,760 Accor 527,421 1.09

8,534 Air Liquide 702,946 1.45

14,191 Alstom 532,163 1.09

20,973 BNP Paribas 926,063 1.91

13,075 Cie Generale d’Optique EssilorInternational

636,883 1.31

18,257 Companie Generale des EtablissementsMichelin

1,055,072 2.17

53,977 Total 1,983,115 4.08

2,666 Vallourec 380,971 0.78

16,393 Vinci 560,231 1.15

Germany 6,531,515 13.44

77,950 Deutsche Telekom 756,349 1.56

23,608 E.ON 521,501 1.07

19,835 Fresenius Medical Care KGaA 876,211 1.80

59,589 GEA 980,537 2.02

14,185 Metro 594,848 1.22

14,027 MTU Aero Engines 644,400 1.33

22,601 Porsche Automobil Preference 806,630 1.66

36,798 SAP 1,351,039 2.78

Ireland 1,337,493 2.75

145,984 Allied Irish Banks 130,656 0.27

40,812 CRH 695,845 1.43

63,402 Elan 239,025 0.49

319,386 Governor & Co. of the Bank of Ireland 215,585 0.44

83,529 Governor & Co. of the Bank of Ireland(London)

56,382 0.12

Italy 853,750 1.76

143,729 Bulgari 853,750 1.76

Netherlands 2,707,548 5.57

19,759 Akzo Nobel 846,179 1.74

27,849 Delta Lloyd 384,177 0.79

30,352 Heineken 1,057,615 2.18

25,980 QIAGEN 419,577 0.86

Norway 649,691 1.34

82,675 DnB NOR 649,691 1.34

Spain 1,266,850 2.61

104,464 Banco Bilbao Vizcaya Argentaria 890,556 1.83

147,393 Iberdrola Renovables 376,294 0.78

Sweden 376,014 0.77

35,402 Alfa Laval 376,014 0.77

Switzerland 7,864,280 16.18

43,908 GAM 391,375 0.81

33,695 Julius Baer 779,105 1.60

25,551 Nestlé Registered 1,006,536 2.07

52,316 Novartis Registered 2,080,654 4.28

9,571 Roche 1,076,512 2.22

2,391 Sonova Registered 239,491 0.49

3,863 Syngenta Registered 724,842 1.49

67,648 UBS Registered 738,908 1.52

4,580 Zürich Financial Services 826,857 1.70

United Kingdom 16,474,479 33.88

52,883 Anglo American 1,503,438 3.09

135,510 BG 1,673,661 3.45

Schroder ISF European Large Cap (cont)



MarketValueEUR

%Net

Assets

United Kingdom (cont)

130,543 BP 511,218 1.05

126,212 Cairn Energy 637,258 1.31

61,356 Essar Energy 352,689 0.73

56,519 GlaxoSmithKline 785,443 1.62

171,038 Home Retail 443,245 0.91

85,721 HSBC 642,884 1.32

121,015 International Power 442,349 0.91

27,771 Intertek 492,175 1.01

54,410 John Wood 207,156 0.43

476,667 Legal & General 455,598 0.94

1,165,367 Lloyds Banking 775,142 1.59

168,832 National Express 452,536 0.93

55,548 Persimmon 239,800 0.49

113,492 Prudential 702,670 1.45

107,693 Reed Elsevier 652,873 1.34

742,139 Royal Bank of Scotland 379,703 0.78

328,970 SIG 410,688 0.84

44,197 Tate & Lyle 243,089 0.50

52,325 Unilever 1,147,978 2.36

803,651 Vodafone 1,372,220 2.82

56,492 Weir 719,473 1.48

63,452 Wellstream 389,710 0.80

29,869 Whitbread 511,468 1.05

30,331 Xstrata 330,015 0.68

United States of America 902,694 1.86

66,401 Virgin Media 902,694 1.86



to an Official Exchange Listing 46,952,653 96.60



MarketValueEUR

%Net

Assets

France 694 -

7,179 Carrere 694 -

Other Transferable Securities not dealt

on another Regulated Market 694 -

Total Investments 46,953,347 96.60


Net Asset Value 48,607,043 100.00



Portfolio of Investmentsas at 30 June 2010 (cont)

Schroder ISF Global Equity



MarketValueUSD

%Net

Assets

Australia 1,112,047 3.43

66,179 Amcor 358,023 1.11

19,664 Australia & New Zealand Banking 360,327 1.11

7,860 Newcrest Mining 233,938 0.72

10,352 QBE Insurance 159,759 0.49

Belgium 287,839 0.89

5,971 Anheuser-Busch InBev 287,839 0.89

Brazil 1,287,611 3.97

11,922 Anhanguera Educacional Participacões 176,030 0.54

17,978 Itau Unibanco ADR Preference 327,379 1.01

29,302 Redecard 440,841 1.36

4,551 Totvs 343,361 1.06

Canada 1,099,323 3.39

15,754 Suncor Energy 472,038 1.45

2,928 Toronto-Dominion Bank 190,127 0.59

9,857 Ultra Petroleum 437,158 1.35

China 1,201,082 3.70

4,954 Ctrip.com International ADR 186,320 0.57

69,600 Dongfang Electric 'H' 216,354 0.67

374,000 Industrial & Commercial Bank of China 'H' 274,795 0.85

29,500 Ping An Insurance Group Co of China ‘H’ 243,844 0.75

330,000 Want Want China 279,769 0.86

France 1,619,401 4.99

4,831 BNP Paribas 261,255 0.80


263,329 0.81

7,987 Danone 428,308 1.32

11,974 GDF Suez 342,798 1.06

7,194 Total 323,711 1.00

Germany 1,155,859 3.56

5,024 Daimler 258,432 0.80

8,129 GEA 163,826 0.50

2,752 Linde 291,010 0.90

2,303 Siemens 209,006 0.64

9,372 ThyssenKrupp 233,585 0.72

Hong Kong SAR 845,700 2.61

58,000 China Merchants International 193,333 0.60

14,000 Jardine Strategic 291,480 0.90

5,028 Sun Hung Kai Properties 69,365 0.21

25,500 Swire Pacific 291,522 0.90

Israel 241,239 0.74

4,641 Teva Pharmaceutical Industries ADR 241,239 0.74

Japan 1,735,155 5.35

24,000 Bridgestone 382,615 1.18

8,300 Canon 311,618 0.96

10,600 Honda Motor 310,369 0.96

17,100 Mitsubishi 359,371 1.11

59,000 Sekisui Chemical 371,182 1.14


8,724 ArcelorMittal 240,673 0.74

65,884 ING Groep 498,189 1.54

18,766 Unilever 517,707 1.59

Norway 229,988 0.71

23,896 DnB NOR 229,988 0.71

Schroder ISF Global Equity (cont)



MarketValueUSD

%Net

Assets

South Korea 551,209 1.69

437 Samsung Electronics 277,654 0.85

7,300 Shinhan Financial 273,555 0.84

Spain 115,608 0.36

13,306 Gamesa Corp Tecnologica 115,608 0.36

Switzerland 900,160 2.77

11,367 Novartis Registered 553,680 1.71

13,508 Tyco Electronics 346,480 1.06

Thailand 237,115 0.73

57,700 Kasikornbank 161,514 0.50

25,800 Kasikornbank (Foreign) 75,601 0.23


34,101 BG 515,835 1.59

27,816 Bunzl 280,648 0.87

67,935 Cairn Energy 420,103 1.29

17,059 Eurasian Natural Resources 219,358 0.68

44,070 HSBC 404,796 1.25

74,434 Kingfisher 234,213 0.72

10,040 Rio Tinto 445,621 1.37

84,924 Sage 293,155 0.90

60,819 Tesco 347,010 1.07

213,022 Vodafone 445,480 1.37

United States of America 13,358,816 41.17

7,850 AGCO 212,735 0.66

26,889 Applied Materials 331,272 1.02

7,313 Baker Hughes 298,663 0.92

35,570 Bank of America 518,255 1.60

7,815 Baxter International 322,056 0.99

27,022 Cisco Systems 584,216 1.80

7,612 Cognizant Technology Solutions 384,787 1.19

4,072 Colgate-Palmolive 317,616 0.98

16,232 Comcast 286,982 0.88

8,335 ConocoPhillips 415,416 1.28

8,026 Constellation Energy 265,580 0.82

4,760 Cummins 315,302 0.97

9,874 Danaher 371,065 1.14

4,646 EOG Resources 465,715 1.44

3,963 FedEx 283,394 0.87

2,214 Goldman Sachs 296,145 0.91

1,345 Google 610,980 1.88

14,706 Halliburton 360,003 1.11

10,983 Hewlett-Packard 486,547 1.50

7,424 Illinois Tool Works 307,131 0.95

19,711 JPMorgan Chase & Co. 730,490 2.25

14,802 Lowe's 304,921 0.94

4,395 Medco Health Solutions 239,352 0.74

20,418 Microsoft 476,148 1.47

3,271 Monsanto 154,849 0.48

20,618 News 290,920 0.90

5,380 NextEra Energy 260,231 0.80

11,827 Principal Financial 283,020 0.87

5,066 Stanley Black & Decker 255,428 0.79

4,845 State Street 164,488 0.51

22,585 TD Ameritrade 344,873 1.06

16,079 Textron 270,127 0.83

5,303 Travelers 263,718 0.81

9,741 Urban Outfitters 337,233 1.04

17,321 Virgin Media 292,552 0.90

8,800 Wal-Mart Stores 430,320 1.33




Schroder ISF Global Equity (cont)



MarketValueUSD

%Net

Assets

United States of America (cont)

9,382 WellPoint 465,066 1.43

9,175 Yum! Brands 361,220 1.11




Number of sharesor PrincipalAmount Derivatives

MarketValueUSD

%Net

Assets

India 303,044 0.93

16,749 Shriram Transport Finance Warrants 18/01/2013

206,850 0.63


96,194 0.30

Total Derivatives 303,044 0.93



Net Asset Value 32,451,582 100.00

Schroder ISF Italian Equity



MarketValueEUR

%Net

Assets

Belgium 399,862 0.41

1,144 D'ieteren 399,862 0.41

Finland 3,450,782 3.54

194,168 Pohjola Bank 1,605,769 1.65

106,525 Sampo 1,845,013 1.89

France 2,675,172 2.74

524,187 Natixis 1,869,775 1.92

30,513 Rhodia 421,690 0.43

5,137 Total 188,733 0.19

4,665 Wendel 194,974 0.20

Germany 1,743,129 1.79

2,429 Allianz 196,749 0.20

5,329 Aurubis 190,805 0.20

38,903 Hannover Rueckversicherung 1,355,575 1.39

Ireland 215,903 0.22

31,404 Smurfit Kappa 215,903 0.22

Italy 73,336,765 75.19

122,428 ACEA 997,788 1.02

386,364 Assicurazioni Generali 5,525,005 5.66

14,179 Azimut 97,481 0.10

114,894 Banca Generali 906,514 0.93

35,155 Banca Popolare dell'Emilia Romagna 292,490 0.30

55,246 Banca Popolare di Milano 187,975 0.19

456,616 Cofide 287,211 0.29

51,451 Danieli & C Officine Meccaniche 778,454 0.80

623,746 Davide Campari-Milano 2,501,221 2.56

755,363 De'Longhi 2,555,015 2.62

102,595 DiaSorin 3,104,525 3.18

2,281,654 Enel 7,917,339 8.12

645,022 ENI 9,739,832 9.99

149,362 Gruppo Coin 790,125 0.81

401,285 Gruppo MutuiOnline 1,906,104 1.95

207,842 Indesit 1,906,950 1.96

1,803,073 Intesa Sanpaolo 3,894,638 3.99

1,265,274 Iride 1,527,186 1.57

288,538 Maire Tecnimont 771,118 0.79

296,592 MARR 1,825,524 1.87

15,765 Mediobanca 96,955 0.10

63,691 Nice 193,302 0.20

62,671 Prysmian 744,531 0.76

347,111 Recordati 1,955,970 2.01

23,312 Saipem 583,732 0.60

1,158,620 Snam Rete Gas 3,779,998 3.88

384,089 Sogefi 773,939 0.79

4,660,630 Telecom Italia 4,297,101 4.41

145,325 Trevi Finanziaria 1,723,555 1.77

5,036,899 UniCredit 9,202,414 9.43

595,849 Zignago Vetro 2,472,773 2.54

Luxembourg 3,659,685 3.75

255,922 Tenaris 3,659,685 3.75


17,058 CSM 414,936 0.43

51,173 Mediq 765,548 0.78

807,708 STMicroelectronics 5,290,487 5.42







Schroder ISF Italian Equity (cont)



MarketValueEUR

%Net

Assets

Italy - -

697,708 Parmalat Finanziaria - -

Other Transferable Securities not dealt

on another Regulated Market - -



Net Asset Value 97,537,317 100.00




MarketValueJPY

%Net

Assets

Japan 24,629,856,600 99.47

52,800 ABC-Mart 184,008,000 0.74

530,000 Air Water 515,690,000 2.08

284,600 Arnest One 257,847,600 1.04

606,000 Asics 496,920,000 2.01

153,600 Astellas Pharma 459,264,000 1.86

48,500 Benesse 195,697,500 0.79

205,700 Bridgestone 290,859,800 1.17

143,900 Canon 479,187,000 1.94

1,054 Central Japan Railway 773,636,000 3.12

953,000 Chiba Bank 513,667,000 2.07

25,300 Doshisha 52,219,200 0.21

752,000 Ebara 287,264,000 1.16

750 EPS Co. 168,825,000 0.68

4,681,500 Haseko 332,386,500 1.34

958,000 Hitachi 310,392,000 1.25

332,700 Honda Motor 864,021,900 3.49

205,800 Hoya 392,254,800 1.58

1,606,000 Isuzu Motors 433,620,000 1.75

784,500 Itochu 553,072,500 2.23

82,200 JFE Holdings 228,516,000 0.92

187,000 JGC 255,068,000 1.03

3,168 Jupiter Telecommunications 269,596,800 1.09

967,600 JX Holdings 422,841,200 1.71

627,000 Kamigumi 428,868,000 1.73

1,004 KDDI 426,198,000 1.72

74,100 Kissei Pharmaceutical 138,418,800 0.56

202,000 Koito Manufacturing 267,650,000 1.08

188,000 Komatsu 304,184,000 1.23

248,500 Konica Minolta 214,455,500 0.87

144,300 K's Holdings 262,770,300 1.06

199,400 Kuroda Electric 231,702,800 0.94

61,500 Meiko Electronics 116,788,500 0.47

417,000 Mitsubishi Electric 291,900,000 1.18

1,011,300 Mitsubishi UFJ Financial Group 409,576,500 1.65

404,700 Mitsui & Co. 426,553,800 1.72

314,000 Mitsui OSK Lines 186,516,000 0.75

135,600 Nafco 210,993,600 0.85

135,800 NEC Networks & System Integration 150,330,600 0.61

112,600 Nichi-iko Pharmaceutical 372,143,000 1.50

43,600 Nidec 327,000,000 1.32

213,000 Nidec Sankyo 143,775,000 0.58

7,900 Nintendo 208,165,000 0.84

363,000 Nippon Electric Glass 373,164,000 1.51

170,000 Nippon Seiki 166,430,000 0.67

458,000 Nippon Shokubai 387,926,000 1.57

72,300 NTT Corp 263,172,000 1.06

396,000 Nissan Chemical Industries 397,584,000 1.61

617,500 Nissan Motor 386,555,000 1.56

158,800 Nitto Denko 466,713,200 1.89

661,900 Nomura Holdings 323,669,100 1.31

196,500 Nomura Research Institute 371,974,500 1.50

66,610 ORIX 432,965,000 1.75

45,000 Paltac 76,725,000 0.31

148,100 Relo 202,008,400 0.82

286,000 Ricoh 326,326,000 1.32

150,200 Santen Pharmaceutical 479,889,000 1.94

432,600 Shinko Plantech 342,186,600 1.38

302,000 Shizuoka Gas 182,408,000 0.74

130,100 Softbank 308,467,100 1.25

399,900 Sumitomo Corp 358,710,300 1.45

182,100 Sumitomo Electric Industries 190,658,700 0.77




Schroder ISF Japanese Equity (cont)



MarketValueJPY

%Net

Assets

Japan (cont)

858,000 Sumitomo Heavy Industries 452,166,000 1.83

825,000 Sumitomo Metal Industries 167,475,000 0.68

278,800 Sumitomo Mitsui Financial Group 707,594,400 2.86

507,000 Suruga Bank 411,177,000 1.66

119,400 TDK 586,851,000 2.37

120,700 THK 224,622,700 0.91

167,500 Tohokushinsha Film 79,897,500 0.32

711,000 Tokai Tokyo Financial 250,272,000 1.01

156,700 Tokio Marine 368,558,400 1.49

115,700 Tokyu Community 273,399,100 1.10

88,000 Toyo Suisan Kaisha 186,736,000 0.75

166,300 Toyota Motor 512,204,000 2.07

275,700 Toyota Tsusho 353,447,400 1.43

60,000 Tsumura & Co. 163,080,000 0.66






Net Asset Value 24,762,147,980 100.00

Schroder ISF Japanese Large Cap



MarketValueJPY

%Net

Assets

Japan 4,478,681,050 95.86

20,800 ABC-Mart 72,488,000 1.55

20,300 Aisin Seiki 49,004,200 1.05

154,000 Asahi Glass 129,822,000 2.78

26,300 Astellas Pharma 78,637,000 1.68

25,100 Canon 83,583,000 1.79

239 Central Japan Railway 175,426,000 3.75

114,000 Chiba Bank 61,446,000 1.31

24,200 Don Quijote 57,741,200 1.24

5,700 East Japan Railway 33,801,000 0.72

167,000 Fukuoka Financial 62,124,000 1.33

1,130,500 Haseko 80,265,500 1.72

18,100 Honda Motor 47,005,700 1.01

18,900 Hoya 36,023,400 0.77

325,900 Itochu 229,759,500 4.92

59,000 JGC 80,476,000 1.72

35,200 JSR 53,011,200 1.13

250,300 JX Holdings 109,381,100 2.34

459 KDDI 194,845,500 4.17


181,000 Konica Minolta 156,203,000 3.34

35,200 Makita 84,304,000 1.80

450,000 Mazda Motor 94,500,000 2.02

132,600 Mitsubishi UFJ Financial Group 53,703,000 1.15

58,100 Mitsui & Co. 61,237,400 1.31


23,000 Nissan Chemical Industries 23,092,000 0.49

289,000 NKSJ Holdings 152,881,000 3.27

18,600 NOK 26,505,000 0.57

38,700 Nomura Holdings 18,924,300 0.41


7,790 ORIX 50,635,000 1.08

8,210 Point 40,064,800 0.86

12,700 Ryohin Keikaku 44,958,000 0.96

25,600 Sankyo 103,040,000 2.21

72,000 Sankyu 25,632,000 0.55

27,900 Santen Pharmaceutical 89,140,500 1.91

12,200 Secom 48,251,000 1.03

265 Seven Bank 42,771,000 0.92

4,100 Shimamura 32,964,000 0.71

24,700 Shin-Etsu Chemical 103,122,500 2.21

165,000 Shizuoka Gas 99,660,000 2.13

256,400 Sojitz 35,896,000 0.77

176,100 Sumitomo Corp 157,961,700 3.38


78,800 Sumitomo Mitsui Financial Group 199,994,400 4.28

58,000 Sumitomo Trust & Banking 26,506,000 0.57

149,000 Suruga Bank 120,839,000 2.59

87,450 T&D Holdings 167,816,550 3.59

28,400 Takeda Pharmaceutical 108,488,000 2.32

6,300 TDK 30,964,500 0.66


64,400 Tokyo Steel Manufacturing 66,718,400 1.43

40,000 Toyo Suisan Kaisha 84,880,000 1.82

33,900 Toyota Motor 104,412,000 2.23

30,200 Toyota Tsusho 38,716,400 0.83

3,180 Yamada Denki 18,539,400 0.40







Schroder ISF Japanese Large Cap (cont)



MarketValueJPY

%Net

Assets



Net Asset Value 4,672,284,228 100.00

Schroder ISF Pacific Equity



MarketValueUSD

%Net

Assets

Bermuda 7,614,420 1.31

1,529,000 Hongkong Land 7,614,420 1.31

China 134,568,545 23.17

1,048,000 Anhui Conch Cement 'H' 3,082,749 0.53

12,691,000 China Construction Bank 'H' 10,335,381 1.78

2,865,000 China High Speed TransmissionEquipment

6,094,335 1.05

2,413,000 China Life Insurance 'H' 10,739,942 1.85

3,592,000 China Mengniu Dairy 11,765,703 2.03

688,000 China Merchants Bank 'H' 1,670,289 0.29

2,239,500 China Mobile 22,495,684 3.87

2,729,500 China Shenhua Energy 'H' 9,992,389 1.72

7,257,000 CNOOC 12,472,532 2.15

23,822,000 Industrial & Commercial Bank of China 'H' 17,503,127 3.01

4,770,500 Longfor Properties 4,828,714 0.83

18,458,000 PCD Stores 5,808,876 1.00

6,710,000 PetroChina 'H' 7,558,985 1.30

976,000 Ping An Insurance Group Co of China ‘H’ 8,067,514 1.39

699,618 ZTE 'H' 2,152,325 0.37

Hong Kong SAR 87,548,216 15.07

3,323,000 Belle International 4,763,607 0.82

2,790,500 BOC Hong Kong 6,401,841 1.10

1,982,800 China Overseas Land & Investment 3,738,922 0.64

2,399,600 China Taiping Insurance 7,875,373 1.36

1,321,000 Hang Lung 7,177,688 1.24

936,000 Hutchison Whampoa 5,807,168 1.00

555,600 Jardine Matheson 19,523,784 3.36

798,000 Kerry Properties 3,490,289 0.60

1,117,500 Link REIT 2,784,778 0.48

2,520,000 Shangri-La Asia 4,687,168 0.81

377,000 Sun Hung Kai Properties 5,201,002 0.89

1,408,000 Swire Pacific 16,096,596 2.77

India 57,138,659 9.84

169,934 Bharat Heavy Electricals 8,999,605 1.55

1,496,943 Cairn India 9,789,998 1.68

110,931 Dr Reddy's Laboratories 3,466,221 0.60

133,668 HDFC Bank 5,522,853 0.95

346,800 ICICI Bank 6,434,225 1.11

1,995,373 Jaiprakash Associates 5,522,773 0.95

445,601 NTPC 1,914,995 0.33

587,980 Reliance Industries 13,797,180 2.38

161,700 Tata Steel 1,690,809 0.29

Indonesia 20,750,764 3.57

13,874,500 Bank Mandiri 9,193,484 1.58

3,468,000 Perusahaan Perkebunan London SumatraIndonesia

3,178,840 0.55

2,032,500 Tambang Batubara Bukit Asam 3,871,963 0.67

5,299,500 Telekomunikasi Indonesia 4,506,477 0.77

Malaysia 18,514,062 3.19

1,104,500 CIMB 2,387,002 0.41

1,393,700 Genting 3,063,644 0.53

3,471,400 IJM 5,273,013 0.91

2,576,500 IOI 3,985,262 0.69

750,600 Kuala Lumpur Kepong 3,805,141 0.65

Singapore 44,040,850 7.58

2,081,000 CapitaLand 5,357,266 0.92

267,000 City Developments 2,119,351 0.36

892,500 DBS 8,730,978 1.50

195,000 Keppel 1,186,678 0.20




Schroder ISF Pacific Equity (cont)



MarketValueUSD

%Net

Assets

Singapore (cont)

39,000 K-Green Trust 29,283 0.01

2,730,820 SembCorp Industries 7,967,495 1.37

338,000 United Overseas Bank 4,742,248 0.82

2,663,000 UOL 7,236,413 1.25

1,614,000 Wilmar International 6,671,138 1.15

South Korea 98,487,164 16.96

268,440 Hana Financial 7,238,757 1.25

163,855 Hyundai Engineering & Construction 7,626,481 1.31

67,688 Hyundai Motor 8,028,990 1.38

82,230 Korea Electric Power 2,133,039 0.37

383,340 Korea Exchange Bank 3,964,935 0.68

27,050 LG Electronics 2,087,260 0.36

378,670 LG Telecom 2,381,064 0.41

26,691 NHN 4,020,521 0.69

26,445 POSCO 10,126,902 1.75

61,543 Samsung C&T 2,632,072 0.45

50,844 Samsung Electronics 32,304,430 5.56

9,887 Samsung Fire & Marine Insurance 1,586,692 0.27

29,610 Samsung Life Insurance 2,515,708 0.44

15,799 Shinsegae 6,886,611 1.19

54,860 SK Energy 4,953,702 0.85

Taiwan 84,863,818 14.61

2,291,080 Acer 5,365,594 0.93

581,850 Asustek Computer 4,339,865 0.75

6,886,000 AU Optronics 6,176,169 1.06

580,000 Catcher Technology 1,264,404 0.22

5,448,360 Cathay Financial 8,153,027 1.40

5,805,401 Chinatrust Financial 3,209,152 0.55

4,734,399 Chunghwa Telecom 9,421,616 1.62

3,739,250 Far Eastern Department Stores 3,080,136 0.53

3,660,183 Hon Hai Precision Industry 12,994,733 2.24

7,657,000 KGI Securities 3,004,615 0.52

1,566,058 Pegatron 1,465,588 0.25

4,917,098 Siliconware Precision Industries 5,367,309 0.92

2,848,987 Taiwan Mobile 5,829,288 1.00

8,049,925 Taiwan Semiconductor Manufacturing 15,192,322 2.62

Thailand 12,859,300 2.21

141,000 Banpu 2,635,595 0.45

15,034,800 Land and Houses 2,457,879 0.42

544,700 PTT (Foreign) 4,133,134 0.71

1,449,500 Siam Commercial Bank (Foreign) 3,632,692 0.63






Net Asset Value 580,865,712 100.00

Schroder ISF Swiss Equity



MarketValueCHF

%Net

Assets

Austria 3,234,268 1.98

86,826 Austriamicrosystems 3,234,268 1.98

Israel 3,183,974 1.95

341,262 Oridion Systems 3,183,974 1.95

Switzerland 152,232,554 93.22

362,182 ABB Registered 6,863,349 4.20

27,531 Acino Registered 2,830,187 1.73

47,050 Actelion Registered 1,897,997 1.16

42,950 Adecco Registered 2,207,630 1.35

3,028 Alpiq Registered 1,133,229 0.69

81,348 Aryzta 3,375,942 2.07

20,000 Baloise Registered 1,506,000 0.92

35,000 Bank Sarasin & Cie Registered 1,510,250 0.93

5,459 Banque Cantonale Vaudoise Registered 2,440,173 1.49

5,597 Barry Callebaut Registered 3,735,997 2.29

620 Belimo Registered 806,000 0.49

25,587 BKW FMB Energie 1,757,827 1.08

177,230 Credit Suisse Registered 7,284,153 4.46

87,500 EFG International Registered 1,137,500 0.70

7,983 Forbo Registered 3,714,091 2.27

102,750 GAM 1,212,450 0.74

88,480 Gategroup 2,981,776 1.83

3,225 Givaudan Registered 2,971,838 1.82

10,661 Helvetia Registered 3,054,377 1.87

75,716 Holcim Registered 5,496,982 3.37

12,967 Komax Registered 1,078,206 0.66

125,300 Logitech International Registered 1,858,199 1.14



24,944 Partners Group 3,245,214 1.99

84,000 Roche 12,507,600 7.66

24,270 Santhera Pharmaceutical Registered 205,810 0.13

12,654 Schindler Registered 1,147,718 0.70

6,517 Schweiter Technologies 3,577,833 2.19

1,779 Sika 3,381,879 2.07

25,700 Swiss Reinsurance Registered 1,152,388 0.71

29,170 Syngenta Registered 7,245,828 4.44

130,705 Temenos Registered 3,398,330 2.08

132,200 Tornos Registered 1,070,820 0.66

642,570 UBS Registered 9,291,562 5.69

77,565 Winterthur Technologie Registered 3,121,991 1.91

932 Zehnder 1,505,180 0.92

296,328 Zueblin Immobilien Registered 1,046,038 0.64

35,200 Zürich Financial Services 8,412,800 5.15






Net Asset Value 163,306,599 100.00




Schroder ISF UK Equity



MarketValueGBP

%Net

Assets

Belgium 790,654 0.42

1,072,800 Hansen Transmissions International 790,654 0.42

Canada 2,075,222 1.11

56,949 First Quantum Minerals 2,075,222 1.11

Ireland 851,571 0.45

8,526,285 Petroceltic International 851,571 0.45

Man Island 607,501 0.32

341,293 Exillon Energy 607,501 0.32


239,340 Anglo American 5,567,048 2.97

271,233 AstraZeneca 8,626,566 4.60

1,460,423 Barclays 3,985,494 2.13

810,202 BG 8,187,091 4.37

710,196 Bodycote 1,387,723 0.74

3,478,219 Booker 1,424,678 0.76

1,365,656 BP 4,375,562 2.33

1,353,479 British Airways 2,656,879 1.42

2,371,901 BT 3,071,612 1.64

322,578 Bunzl 2,174,176 1.16

750,277 Cairn Energy 3,099,394 1.65

4,405 Caledonia Investments 69,202 0.04

879,150 Carillion 2,718,332 1.45

124,426 Carnival 2,698,800 1.44

1,336,735 Centrica 3,972,776 2.12

47,159 Chemring 1,400,151 0.75

572,405 CSR 2,165,980 1.15

558,220 Daily Mail & General Trust 2,450,028 1.31

267,198 Dana Petroleum 2,997,961 1.60

170,214 Elementis 103,405 0.05

798,800 Filtrona 1,737,390 0.93

776,365 GlaxoSmithKline 8,827,270 4.71

1,270,974 Grainger 1,498,478 0.80

1,079,693 Headlam 2,483,294 1.32

932,868 HSBC 5,724,078 3.05

194,342 Imperial Tobacco 3,622,535 1.93

1,388,585 Intec Telecom Systems 725,536 0.39

764,528 International Power 2,286,436 1.22

984,274 ITE 1,385,858 0.74

645,771 John Wood 2,011,577 1.07

154,795 Johnson Matthey 2,292,514 1.22

1,800,892 Ladbrokes 2,303,341 1.23

1,012,503 Leed Petroleum 37,260 0.02

3,804,824 Legal & General 2,975,372 1.59

7,317,742 Lloyds Banking 3,982,315 2.12

1,047,136 Melrose 2,224,117 1.19

899,806 Misys 2,107,346 1.12

230,311 Prudential 1,166,652 0.62

2,996,834 Punch Taverns 1,756,145 0.94

624,089 PZ Cussons 2,121,278 1.13

1,645,164 Rentokil Initial 1,783,358 0.94

1,706,786 Resolution 1,029,192 0.55

210,115 Rio Tinto 6,229,910 3.32

3,151,071 Royal Bank of Scotland 1,319,038 0.70

391,627 Royal Dutch Shell 'A' 6,622,413 3.53

148,595 Royal Dutch Shell 'B' 2,410,954 1.29

2,261,080 RSA Insurance 2,683,427 1.44

82,360 Signet Jewelers 1,503,070 0.80

356,141 Smith & Nephew 2,256,153 1.20

157,987 Smiths 1,698,360 0.91

26,236 Spirax-Sarco Engineering 361,270 0.19

Schroder ISF UK Equity (cont)



MarketValueGBP

%Net

Assets


335,308 Standard Chartered 5,490,668 2.93

606,947 SVG Capital 881,287 0.47

GBP 1,050,000 SVG Capital 8.25% 05/06/2016 937,399 0.50

250,661 Unilever 4,499,365 2.40

6,013,625 Vodafone 8,401,034 4.48

322,672 Wellstream 1,621,427 0.86

444,183 WSP 1,529,100 0.82

350,611 Xstrata 3,121,139 1.66

1,437,047 Yule Catto & Co. 2,565,129 1.37


200,592 Virgin Media 2,231,105 1.19





Open-ended CollectiveInvestment Schemes

MarketValueGBP

%Net

Assets


54,502 Schroder Recovery Fund Class A 4,896,504 2.61

Total Open-ended Collective

Investment Schemes 4,896,504 2.61



Net Asset Value 187,530,876 100.00




Schroder ISF US All Cap



MarketValueUSD

%Net

Assets

Bermuda 180,222 1.60

7,796 Invesco 134,715 1.20

1,656 Lazard 45,507 0.40

Canada 281,510 2.50

946 Magna International 60,922 0.54

4,296 Suncor Energy 129,138 1.15


Ireland 75,217 0.67

2,132 Ingersoll-Rand 75,217 0.67


2,644 Abbott Laboratories 123,343 1.10

3,011 ACE 155,879 1.38

1,769 Aecom Technology 40,581 0.36

954 Airgas 59,215 0.53

4,082 Amdocs 110,255 0.98

1,350 Amgen 73,062 0.65

1,334 Apple 341,611 3.04

2,576 Avon Products 69,732 0.62

11,434 Bank of America 166,593 1.48


6,376 Burger King 109,157 0.97

1,502 Cabot 36,108 0.32

9,387 Calpine 122,125 1.08

1,208 Cimarex Energy 86,602 0.77

8,316 Cisco Systems 179,792 1.60

2,220 Cleco 58,763 0.52


5,209 Comcast 92,095 0.82

1,525 Comerica 56,806 0.50

954 Concho Resources/Midland 53,061 0.47


3,506 Constellation Brands 54,098 0.48

2,752 Constellation Energy 91,064 0.81

867 Copart 31,411 0.28

1,873 Corrections Corp of America 36,018 0.32

3,403 Crown 84,224 0.75

932 Cullen/Frost Bankers 48,539 0.43

2,323 Cummins 153,876 1.37

2,319 Danaher 87,148 0.77

1,770 DaVita 111,032 0.99

2,354 DENTSPLY International 70,808 0.63

2,250 DeVry 118,913 1.06

2,140 Dick's Sporting Goods 53,885 0.48

1,463 Digital River 35,902 0.32

3,856 Emdeon 48,200 0.43

1,369 Emergency Medical Services 69,805 0.62

1,167 Energen 51,628 0.46

1,287 EOG Resources 129,009 1.15

1,608 Exxon Mobil 92,122 0.82

1,260 FedEx 90,103 0.80

1,437 Gen-Probe 66,001 0.59

1,346 Global Payments 50,044 0.44

1,042 Goldman Sachs 139,378 1.24

6,715 Goodyear Tire & Rubber 68,627 0.61

446 Google 202,600 1.80

5,087 HCC Insurance 124,632 1.11


2,881 Hospira 164,908 1.46

1,756 IDEX 50,766 0.45

3,046 Illinois Tool Works 126,013 1.12

Schroder ISF US All Cap (cont)



MarketValueUSD

%Net

Assets


4,020 Integrated Device Technology 20,582 0.18

6,057 Interpublic 44,034 0.39

2,221 Johnson & Johnson 131,572 1.17


1,624 Kellogg 84,042 0.75

1,178 Life Technologies 56,897 0.51

2,340 Life Time Fitness 75,465 0.67

1,876 LifePoint Hospitals 59,582 0.53

5,209 Lowe's 107,305 0.95

3,379 Marathon Oil 105,999 0.94


2,506 Men's Wearhouse 45,985 0.41

3,333 MetLife 127,254 1.13

10,288 Microsoft 239,916 2.13

3,584 Molex 67,236 0.60

1,525 Monsanto 72,194 0.64

4,903 Monster Worldwide 59,375 0.53

3,530 National Semiconductor 47,937 0.43

1,754 NBTY 59,636 0.53

1,241 NetApp 47,146 0.42

3,046 NeuStar 63,570 0.56

8,462 News 103,321 0.92

2,710 Noble 80,948 0.72

1,490 Norfolk Southern 79,626 0.71

1,028 Northeast Utilities 26,245 0.23

2,569 Omnicare 61,271 0.54

1,158 Pactiv 32,019 0.28

3,384 Parametric Technology 54,212 0.48

3,410 PepsiCo 208,794 1.86

2,740 Pharmaceutical Product Development 69,925 0.62

1,649 Portland General Electric 30,292 0.27

4,134 Procter & Gamble 249,363 2.22

1,448 Prudential Financial 78,713 0.70

3,883 QLogic 65,856 0.58

3,859 QUALCOMM 127,887 1.14

7,252 Quicksilver Resources 80,135 0.71

1,426 Reinsurance Group of America 66,238 0.59

1,321 Reliance Steel & Aluminum 48,626 0.43

4,603 Republic Services 136,065 1.21

1,072 Ross Stores 57,245 0.51

2,325 Rovi 87,955 0.78

693 Ryder System 27,976 0.25

2,836 SAIC 47,702 0.42

2,496 SBA Communications 85,014 0.76

3,787 Scientific Games 35,825 0.32

2,086 Stanley Black & Decker 105,176 0.93

4,380 Staples 84,490 0.75

8,961 Steelcase 69,448 0.62

1,685 Tanger Factory Outlet Centers 70,349 0.62

8,540 Tellabs 55,766 0.50

3,423 Textron 57,506 0.51

2,711 United States Steel 106,027 0.94

2,232 United Technologies 145,013 1.29

3,965 UnitedHealth 113,518 1.01

6,588 Unum 144,343 1.28

2,331 Urban Outfitters 80,699 0.72

3,959 VeriSign 105,705 0.94

3,926 Verizon Communications 112,362 1.00

4,693 W.R. Berkley 124,365 1.11

3,656 Wal-Mart Stores 178,778 1.59

675 West Pharmaceutical Services 24,516 0.22




Schroder ISF US All Cap (cont)



MarketValueUSD

%Net

Assets


527 Westamerica Bancorporation 28,110 0.25

5,645 Yahoo! 79,256 0.70






MarketValueUSD

%Net

Assets


7,731 Brocade Communications Systems 40,665 0.36

Total Other Transferable Securities not dealt

on another Regulated Market 40,665 0.36


Other Net Assets 218,302 1.94

Net Asset Value 11,253,179 100.00

Schroder ISF US Large Cap



MarketValueUSD

%Net

Assets

Bermuda 7,055,044 1.70

408,278 Invesco 7,055,044 1.70

Canada 13,226,360 3.20

244,779 Suncor Energy 7,358,057 1.78

132,318 Ultra Petroleum 5,868,303 1.42

Ireland 3,093,315 0.75

87,679 Ingersoll-Rand 3,093,315 0.75


164,547 ACE 8,518,598 2.05

171,228 Noble 5,114,580 1.24


164,288 Abbott Laboratories 7,664,035 1.85

73,086 Amgen 3,955,414 0.96

62,054 Apple 15,890,788 3.84

184,047 Avon Products 4,982,152 1.20

701,521 Bank of America 10,221,161 2.47

141,176 Baxter International 5,817,863 1.41

352,737 Calpine 4,589,108 1.11

511,686 Cisco Systems 11,062,651 2.67

118,333 Cognizant Technology Solutions 5,981,733 1.45

451,493 Comcast 7,982,396 1.93

132,741 ConocoPhillips 6,615,811 1.60

170,691 Constellation Brands 2,633,762 0.64

145,514 Constellation Energy 4,815,058 1.16

78,815 Cummins 5,220,706 1.26

165,960 Danaher 6,236,777 1.51

58,683 EOG Resources 5,882,384 1.42

94,889 Exxon Mobil 5,436,191 1.31

81,132 FedEx 5,801,749 1.40

60,850 Goldman Sachs 8,139,296 1.97

245,646 Goodyear Tire & Rubber 2,510,502 0.61

26,979 Google 12,255,481 2.96

203,910 Hewlett-Packard 9,033,213 2.18

121,390 Hospira 6,948,364 1.68

164,042 Illinois Tool Works 6,786,418 1.64

160,400 Johnson & Johnson 9,502,096 2.30

381,870 JP Morgan Chase & Co. 14,152,102 3.42

104,679 Kellogg 5,417,138 1.31

196,880 Lennar 2,750,414 0.66

367,871 Lowe's 7,578,143 1.83

205,045 Marathon Oil 6,432,262 1.55

68,279 Medco Health Solutions 3,718,474 0.90

207,892 MetLife 7,937,317 1.92

434,887 Microsoft 10,141,565 2.45

97,955 Monsanto 4,637,190 1.12

72,034 NetApp 2,736,572 0.66

497,439 News 6,073,730 1.47

113,029 Norfolk Southern 6,040,270 1.46

166,338 PepsiCo 10,184,876 2.46

213,052 Procter & Gamble 12,851,297 3.11

106,549 Prudential Financial 5,792,004 1.40

240,946 QUALCOMM 7,984,950 1.93

471,969 Quicksilver Resources 5,215,257 1.26

96,240 SBA Communications 3,277,934 0.79

138,464 Stanley Black & Decker 6,981,355 1.69

319,902 Staples 6,170,910 1.49

273,265 Textron 4,590,852 1.11

128,912 United States Steel 5,041,748 1.22

125,717 United Technologies 8,167,833 1.97

276,847 UnitedHealth 7,926,130 1.92




Schroder ISF US Large Cap (cont)



MarketValueUSD

%Net

Assets


367,533 Unum 8,052,648 1.95

171,171 Urban Outfitters 5,925,940 1.43

192,244 Verizon Communications 5,502,023 1.33

218,511 Wal-Mart Stores 10,685,188 2.58

494,693 Yahoo! 6,945,490 1.68






Net Asset Value 413,788,669 100.00

Schroder ISF Asia Pacific PropertySecuritiesNumber of sharesor PrincipalAmount


MarketValueUSD

%Net

Assets

Australia 18,793,419 14.36

1,277,690 CFS Retail Property Trust 2,047,658 1.57

5,900,110 Dexus Property 3,852,308 2.94

677,880 Stockland 2,138,287 1.63

1,041,357 Westfield 10,755,166 8.22

Hong Kong SAR 50,296,287 38.44

1,207,000 Hang Lung 6,558,266 5.01

911,000 Hang Lung Properties 3,528,150 2.70

1,778,000 Hongkong Land 8,854,440 6.77

208,000 Jardine Strategic 4,330,560 3.31

790,000 Kerry Properties 3,455,299 2.64

1,508,500 Link REIT 3,759,139 2.87

843,000 Longfor Properties 853,287 0.65

1,516,000 Shangri-La Asia 2,819,741 2.16


411,000 Swire Pacific 4,698,651 3.59

667,625 Wharf 3,271,663 2.50

Japan 30,503,281 23.31

147,800 Daibiru 1,121,477 0.86

573 Japan Prime Realty Investment 1,212,606 0.93

314 Japan Real Estate Investment 2,566,661 1.96

784,000 Mitsubishi Estate 11,022,583 8.42

673,000 Mitsui Fudosan 9,492,339 7.25

359 Nippon Building Fund 2,849,496 2.18

130,000 Sumitomo Realty & Development 2,238,119 1.71

Philippines 2,702,375 2.07

3,499,000 Robinsons Land 1,112,290 0.85

6,707,268 SM Prime 1,590,085 1.22

Singapore 25,164,403 19.23

3,017,333 Ascendas Real Estate Investment Trust 3,927,021 3.00

3,764,000 CapitaCommercial Trust 3,283,810 2.51

2,388,500 CapitaLand 6,148,885 4.70

3,379,100 CapitaMall Trust 4,446,184 3.40

8,069,000 Fortune Real Estate Investment Trust 3,679,505 2.81

2,562,000 Suntec Real Estate Investment Trust 2,418,364 1.85

1,019,000 Yanlord Land 1,260,634 0.96

Thailand 1,179,109 0.90

6,826,200 Land and Houses (Foreign) 1,179,109 0.90






Net Asset Value 130,852,171 100.00




Schroder ISF Asian Equity Yield



MarketValueUSD

%Net

Assets

Australia 165,870,217 25.19

1,237,410 Australia & New Zealand Banking 22,674,546 3.45

285,102 BHP Billiton 9,101,971 1.38

1,311,260 Computershare 11,797,077 1.79

681,927 CSL 18,839,057 2.86

1,792,730 Foster's 8,588,821 1.30

2,808,680 MAp 6,406,558 0.97

274,830 National Australia Bank 5,425,220 0.82

620,417 Orica 13,257,280 2.01

872,722 QBE Insurance 13,468,447 2.05

152,080 Rio Tinto 8,596,222 1.31

765,132 Santos 8,174,800 1.24

9,791,387 Spark Infrastructure 9,506,484 1.44

1,069,702 Suncorp-Metway 7,292,712 1.11

5,012,390 Telstra 13,813,331 2.10

389,658 Woolworths 8,927,691 1.36

China 37,511,905 5.70


269,000 China Mengniu Dairy 881,117 0.13


8,752,000 PetroChina 'H' 9,859,350 1.50


Hong Kong SAR 154,953,787 23.54

1,649,500 Beijing Enterprises 10,816,567 1.64

5,404,000 CNOOC 9,287,800 1.41

1,734,000 Hang Lung 9,421,734 1.43

3,053,000 HongKong Electric 18,216,037 2.77

3,083,000 Hongkong Land 15,353,340 2.33


1,697,500 Jardine Strategic 35,341,950 5.37


7,892,500 Swire Pacific 16,890,051 2.57

Indonesia 13,076,968 1.99

28,533,000 Indofood Sukses Makmur 13,076,968 1.99

Malaysia 12,135,849 1.84

2,253,900 Tanjong 12,135,849 1.84

New Zealand 7,364,824 1.12

1,362,680 Fletcher Building 7,364,824 1.12

Singapore 77,483,722 11.76

1,843,500 DBS 18,034,239 2.74


20,011,000 Hyflux Water Trust 9,444,551 1.43

2,875,000 SembCorp Marine 7,935,855 1.21

5,585,000 UOL 15,176,630 2.30

South Korea 46,316,980 7.04

84,037 Hyundai Department Store 8,105,687 1.23


855,500 Korea Exchange Bank 8,848,547 1.35



Taiwan 79,483,619 12.07


752,520 Chunghwa Telecom ADR 14,674,140 2.23


1,669,412 Pegatron 1,562,312 0.24

14,463,628 Taiwan Mobile 29,593,907 4.49


Schroder ISF Asian Equity Yield (cont)



MarketValueUSD

%Net

Assets

Thailand 20,200,055 3.07

4,107,500 Kasikornbank 11,497,706 1.75

10,353,400 Kiatnakin Bank (Foreign) 8,702,349 1.32








Net Asset Value 658,340,722 100.00




Schroder ISF Asian Smaller Companies



MarketValueUSD

%Net

Assets

China 7,146,272 8.59

2,098,000 China Communications Services 'H' 1,024,072 1.23

2,042,000 China Foods 1,201,331 1.44

2,330,000 China National Materials 'H' 1,418,651 1.71

104,200 Concord Medical Services ADR 573,100 0.69

650,000 Guangzhou Pharmaceutical 'H' 548,555 0.66

554,000 Hopson Development 689,565 0.83

944,000 Yingde Gases 943,394 1.13

407,000 Zhengzhou Gas 'H' 747,604 0.90

Hong Kong SAR 30,560,079 36.72

1,524,000 Bawang International 1,090,389 1.31

4,554,000 Beijing Enterprises Water 1,427,329 1.72

3,058,000 Beijing Properties 271,037 0.33

1,101,000 China Agri-Industries 1,284,146 1.54

253,000 China Shineway Pharmaceutical 776,712 0.93

898,000 China Resources Gas 1,273,464 1.53

5,125,741 Citic 1616 1,362,914 1.64

1,226,800 Dah Sing Banking 1,571,123 1.89

1,422,000 Daphne International 1,450,312 1.74

860,000 Digital China 1,332,254 1.60

978,000 First Pacific 665,819 0.80

4,120,000 First Shanghai Investments 672,113 0.81

6,306,000 Fook Woo 1,887,345 2.27

5,277,000 Honghua 772,740 0.93

316,000 Hopewell 897,058 1.08

1,771,000 Intime Department Store 1,785,787 2.14

2,847,000 Johnson Electric 1,309,218 1.57

1,677,200 Lee & Man Paper Manufacturing 1,253,861 1.51

1,295,000 Lee's Pharmaceutical 507,354 0.61

656,500 L'Occitane International 1,431,904 1.72

1,454,000 Overseas Chinese Town Asia 803,109 0.96

1,378,000 Ruinian International 1,010,710 1.22

1,568,000 Shui On Land 682,790 0.82

2,212,000 Sino Biopharmaceutical 869,457 1.04

2,158,000 Sinofert 856,547 1.03

1,531,000 Techtronic Industries 1,209,461 1.45

590,000 United Laboratories 809,403 0.97

54,000 Wing Hang Bank 530,983 0.64

3,150,000 Xiwang Sugar 764,740 0.92

India 2,168,711 2.61

93,200 Cox & Kings India 933,003 1.12

403,320 Indiabulls Financial Services 1,235,708 1.49

Indonesia 4,862,059 5.84

3,127,500 Adaro Energy 687,325 0.82

7,119,000 Bank Tabungan Negara 1,336,532 1.61

172,000 Indo Tambangraya Megah 705,665 0.85

2,290,500 Indosat 1,252,123 1.50

960,500 Perusahaan Perkebunan London SumatraIndonesia

880,414 1.06

Philippines 824,431 0.99

115,920 Ayala 824,431 0.99

Singapore 12,194,120 14.65

1,898,000 Biosensors International 1,045,094 1.26

323,000 China Merchants Holdings Pacific 144,361 0.17

1,144,000 Cosco Corp Singapore 1,218,936 1.46

254,000 ECS 98,084 0.12

838,000 Ezra 1,090,646 1.31

2,534,000 Longcheer 1,322,812 1.59

662,000 Neptune Orient Lines 946,796 1.14

Schroder ISF Asian SmallerCompanies (cont)Number of sharesor PrincipalAmount


MarketValueUSD

%Net

Assets

Singapore (cont)

481,000 Olam International 890,868 1.07

596,000 SIA Engineering 1,696,281 2.04

835,000 Singapore Airport Terminal Services 1,600,257 1.92

993,000 Sound Global 550,325 0.66

271,000 United Industrial 406,965 0.49

956,000 Yanlord Land 1,182,695 1.42

South Korea 10,195,630 12.25

33,640 Daegu Bank 386,603 0.46

8,838 Doosan 808,929 0.97

11,590 Glovis 1,279,638 1.54

119,970 Halla Climate Control 1,615,094 1.94

12,558 Hanmi Pharm 888,606 1.07

43,210 Hyundai Securities 416,777 0.50

66,760 Industrial Bank of Korea 794,631 0.95

64,300 KNDT 463,961 0.56

140,990 LG Telecom 886,540 1.06

188,210 SK Broadband 928,536 1.12

9,600 SK Chemicals 523,681 0.63

4,757 Suprema 40,611 0.05

25,460 Taewoong 1,162,023 1.40

Taiwan 9,463,475 11.37

1,683,455 Cando 1,103,604 1.33

3,889,000 Cathay Real Estate Development 1,368,599 1.65

2,969,823 Far Eastern International Bank 952,637 1.15

301,000 Foxconn Technology 1,007,708 1.21

443,000 Huaku Development 1,102,326 1.32

332,000 Silitech Technology 858,175 1.03

258,000 Simplo Technology 1,410,121 1.69

616,000 TXC 961,121 1.15

706,000 Yulon Motor 699,184 0.84





MarketValueUSD

%Net

Assets

China 2,212,920 2.66

752,900 Bank of Ningbo Warrants 05/05/2014 1,223,463 1.47

259,700 Beijing Double Crane PharmaceuticalWarrants 09/04/2015

989,457 1.19

Total Derivatives 2,212,920 2.66



Net Asset Value 83,223,798 100.00







MarketValueUSD

%Net

Assets

Australia 30,739,554 9.22

68,908 ASX 1,703,834 0.51

216,261 Australia & New Zealand Banking 3,962,809 1.19

187,111 CSL 5,169,168 1.55

283,408 Orica 6,055,958 1.82

210,659 QBE Insurance 3,251,035 0.97

189,576 Santos 2,025,462 0.61

2,864,786 Spark Infrastructure 2,781,428 0.83

73,350 Woodside Petroleum 2,602,328 0.78

139,123 Woolworths 3,187,532 0.96

China 12,972,062 3.89


3,100,700 China Vanke 3,262,008 0.98

229,800 E-House China ADR 3,407,934 1.02

Hong Kong SAR 117,393,145 35.22

4,016,000 AAC Acoustic Technology 5,777,675 1.73

915,000 Beijing Enterprises 6,000,096 1.80


1,892,000 Cafe de Coral 4,860,629 1.46

6,260,000 Chen Hsong 2,420,373 0.73


1,647,000 Hang Lung 8,949,017 2.69

556,500 Hang Seng Bank 7,477,187 2.24

626,800 Hong Kong Aircraft Engineering 8,470,053 2.54

1,105,000 Hongkong Land 5,502,900 1.65



355,000 Swire Pacific 4,058,446 1.22

4,832,500 Swire Pacific 'B' 10,341,612 3.10

5,164,000 Texwinca 5,041,285 1.51

India 6,774,639 2.03

40,584 HDFC Bank 1,676,837 0.50

85,091 Infosys Technologies ADR 5,097,802 1.53

Indonesia 7,381,748 2.21

29,617,500 Bank Pan Indonesia 3,336,262 1.00

4,186,500 Semen Gresik Persero 4,045,486 1.21

New Zealand 2,958,990 0.89

448,070 Fletcher Building 2,421,666 0.73

99,322 Fletcher Building (Australia) 537,324 0.16

Singapore 59,491,746 17.85

4,515,333 Ascendas Real Estate Investment Trust 5,876,649 1.76

5,892,000 CapitaMall Trust 7,752,632 2.33


484,000 Jardine Cycle & Carriage 10,383,295 3.12

985,000 Keppel 5,994,243 1.80

197,000 K-Green Trust 147,919 0.04

2,951,577 Noble 3,609,265 1.08

2,126,000 SembCorp Marine 5,868,392 1.76

2,738,000 SMRT 4,346,653 1.30

2,959,000 Tiger Airways 3,851,101 1.16

343,000 United Overseas Bank 4,812,400 1.44

South Korea 6,184,202 1.86



Taiwan 26,211,208 7.87



Schroder ISF Asian Total Return (cont)



MarketValueUSD

%Net

Assets

Taiwan (cont)

1,844,000 Giant Manufacturing 5,627,904 1.69




Thailand 4,518,415 1.36

1,931,500 Tisco Financial 1,712,851 0.52

3,163,700 Tisco Financial (Foreign) 2,805,564 0.84


89,165 Rio Tinto 3,957,550 1.19



423,516 News 6,043,996 1.81

1,275,324 ResMed 7,818,601 2.35

113,451 Yum! Brands 4,466,566 1.34






Net Asset Value 333,279,054 100.00




Schroder ISF BRIC (Brazil, Russia, India,China)Number of sharesor PrincipalAmount


MarketValueUSD

%Net

Assets

Brazil 1,163,013,710 31.51

4,697,579 Banco Bradesco ADR 75,349,167 2.04

7,357,745 BM&FBOVESPA 48,887,031 1.33

1,932,800 BR Malls Participações 26,159,821 0.71

829,700 Bradespar Preference 15,522,072 0.42

4,212,268 BRF - Brasil Foods 59,603,121 1.62

2,489,000 Cielo 22,091,963 0.60

698,790 Companhia Brasileira de DistribuicaoGrupo Pao de Acucar ADR Preference

48,754,578 1.32

249,871 Companhia de Bebidas das AmericasADR Preference

26,061,545 0.71

9 Companhia de Bebidas das AmericasPreference

939 -

1,443,680 Companhia de Concessoes Rodoviarias 29,794,067 0.81

3,259,443 Companhia Energetica de Minas GeraisPreference

47,743,184 1.29

539,380 Eletropaulo Metropolitana Eletricidade deSao Paulo Preference

11,098,317 0.30

4,065,200 Gerdau ADR Preference 53,213,468 1.44

8,495,987 Itau Unibanco ADR Preference 154,711,923 4.19

1,663,400 OGX Petroleo e Gas Participações 15,824,628 0.43

3,295,178 PDG Realty Empreendimentos eParticipações

28,196,993 0.76

1,202,800 Petroleo Brasileiro 20,880,823 0.57

1,705,399 Petroleo Brasileiro ADR 58,324,646 1.58

4,806,628 Petroleo Brasileiro ADR Preference 142,180,056 3.85

1,305,888 Usinas Siderurgicas de Minas GeraisPreference

36,299,012 0.98

3,710,000 Vale ADR 92,416,100 2.50

4,664,954 Vale ADR Preference 100,063,263 2.71

412,000 Vale Preference 8,993,490 0.24

1,570,300 Vivo Participações ADR Preference 40,843,503 1.11

China 1,416,091,384 38.37

626,600 AsiaInfo 13,584,688 0.37

106,500,000 Bank of China ‘H’ 54,310,212 1.47






14,368,000 China Mobile 144,325,960 3.91

9,339,000 China Pacific Insurance 'H' 37,367,996 1.01

17,888,000 China Resources Power 40,808,077 1.11


99,038,000 China Shipping Container Lines 'H' 35,620,604 0.97

101,541,000 CNOOC 174,517,480 4.73

132,696,000 Franshion Properties China 36,817,387 1.00

21,513,000 Golden Eagle Retail 45,319,615 1.23

40,900,000 Hidili Industry International Development 30,576,493 0.83


18,530,500 Parkson Retail 31,562,547 0.85

38,098,000 PetroChina 'H' 42,918,364 1.16

11,657,500 Ping An Insurance Group Co of China ‘H’ 96,359,682 2.61

21,665,000 Poly Hong Kong Investments 21,511,940 0.58

1,502,000 Shanghai Industrial 6,009,929 0.16

2,252,200 Tencent 37,753,642 1.02

India 522,194,825 14.14


3,913,192 Cairn India 25,592,250 0.69

1,895,475 HDFC Bank 78,316,644 2.12

365,763 Housing Development Finance 23,186,122 0.63

1,956,310 ICICI Bank 36,295,669 0.98

Schroder ISF BRIC (Brazil, Russia, India,China) (cont)Number of sharesor PrincipalAmount


MarketValueUSD

%Net

Assets

India (cont)

1,353,377 Infosys Technologies 81,327,919 2.20

323,100 Infosys Technologies ADR 19,356,921 0.53

998,346 Larsen & Toubro 38,883,798 1.05

4,404,525 Reliance Industries 103,353,893 2.80

633,069 Reliance Infrastructure 16,370,242 0.44

166,961 Tata Power 4,703,271 0.13

467,728 Tata Power GDR 13,173,714 0.36

2,944,229 Tata Steel 30,786,195 0.83


122,900 Reliance Industries GDR 144A 5,732,056 0.16

Russia 449,439,210 12.18

9,169,522 Gazprom OAO ADR 174,220,918 4.72

1,291,537 Lukoil OAO ADR 67,547,385 1.83

487,000 Mechel ADR 9,087,420 0.25

1,947,759 MMC Norilsk Nickel ADR 28,476,237 0.77

3,324,637 Mobile Telesystems ADR 64,830,421 1.76

258,400 NovaTek OAO GDR 18,863,200 0.51

7,808,300 Rosneft Oil GDR 47,942,962 1.30

1,704,800 Severstal OAO GDR 16,689,992 0.45

1,205,350 Uralkali GDR 21,780,675 0.59





MarketValueUSD

%Net

Assets

Russia 96,924,273 2.63

39,400,111 Sberbank of Russian Federation Warrants28/02/2018

96,924,273 2.63




Net Asset Value 3,690,847,061 100.00




Schroder ISF China Opportunities



MarketValueUSD

%Net

Assets

Australia 7,736,863 0.80

5,983,081 Alumina 7,736,863 0.80

China 568,843,640 58.53

565,300 AirMedia ADR 1,865,490 0.19

59,763,000 Bank of China ‘H’ 30,476,443 3.14

6,189,000 Bank of Communications 'H' 6,590,470 0.68

13,709,000 BBMG 'H' 14,298,918 1.47

5,014,000 China Coal Energy 'H' 6,369,744 0.66



14,056,324 1.45

13,456,500 China Huiyuan Juice 9,282,133 0.96

5,524,100 China International Marine Containers 6,975,196 0.72


4,254,000 China Longyuan Power 'H' 3,950,728 0.41


7,444,815 China Merchants Bank 'H' 18,074,117 1.86

19,946,000 China Petroleum & Chemical 'H' 16,269,377 1.67


24,355,000 China South Locomotive and RollingStock 'H'

16,768,504 1.73

58,202,000 China Telecom 'H' 28,110,407 2.89

19,337,000 China Vanadium Titano - Magnetite Mining 7,128,733 0.73

5,896,000 Chongqing Changan Automobile 3,377,798 0.35

33,344,000 Dalian Port PDA 'H' 14,562,569 1.50

4,083,000 Hainan Meilan International Airport 'H' 4,510,443 0.46


4,881,000 Lianhua Supermarket 'H' 17,962,832 1.85

39,492,000 PCD Stores 12,428,439 1.28

34,830,000 PetroChina 'H' 39,236,879 4.04

6,570,000 PICC Property & Casualty 'H' 6,329,480 0.65


5,466,000 Shandong Chenming Paper 'H' 4,114,420 0.42

480,100 Shanghai Lujiazui Finance & Trade ZoneDevelopment

632,292 0.06

6,882,000 Shenguan 6,170,374 0.63

189,200 Sina 6,612,540 0.68

388,400 Suntech Power ADR 3,549,976 0.36

1,158,400 Tencent 19,418,266 2.00

Hong Kong SAR 287,296,725 29.56


3,677,500 Alibaba.com 7,359,724 0.76

51,040,000 Apac Resources 3,540,347 0.37


3,553,000 BOC Hong Kong 8,151,134 0.84

6,629,500 China Mobile 66,593,051 6.85




3,378,000 China Unicom Hong Kong 4,573,426 0.47

142,000 Chow Sang Sang 242,230 0.02

31,072,000 CNOOC 53,403,129 5.49


17,666,000 Kunlun Energy 22,556,203 2.32

1,735,500 Li Ning 5,751,561 0.59

2,832,750 L'Occitane International 6,178,561 0.64


15,906,000 Minmetals Land 3,289,487 0.34

2,493,000 Shimao Property 3,926,035 0.40

15,008,000 Sinofert 5,956,933 0.61

8,207,500 Sinotruk Hong Kong 6,557,566 0.68

Schroder ISF China Opportunities (cont)



MarketValueUSD

%Net

Assets

Singapore 9,067,112 0.93

10,655,000 China Minzhong Food 9,067,112 0.93


46,700 New Oriental Education & TechnologyADR

4,435,099 0.45

78,900 Sohu.com 3,225,432 0.33





MarketValueUSD

%Net

Assets

China 44,789,623 4.61

1,828,400 Anhui Conch Cement Warrants 10/09/2014

4,315,024 0.44

656,100 Bank of Communications Rights 09/07/2010

262,946 0.03

6,332,100 Changsha Zoomlion Heavy IndustryScience and Technology DevelopmentWarrants 12/06/2014

15,070,398 1.55

1,980,700 Dashang Warants 10/09/2014 12,300,147 1.27

580,000 Ping An Insurance Co of China Warrants05/05/2014

4,003,392 0.41

3,438,800 Shenzhen Development Bank Warrants08/09/2014

8,837,716 0.91




Net Asset Value 971,932,697 100.00




Schroder ISF Emerging Asia



MarketValueUSD

%Net

Assets

Australia 50,404,010 1.70

667,547 CSL 18,441,793 0.62

13,807,150 Incitec Pivot 31,962,217 1.08

China 572,232,233 19.33

27,576,000 Aupu 4,321,480 0.15




23,101,040 0.78




23,858,000 China Telecom 'H' 11,522,939 0.39



118,514,000 PCD Stores 37,297,277 1.26

35,608,000 PetroChina 'H' 40,113,315 1.36


50,840,000 Shenguan 45,582,942 1.54

1,330,300 Suntech Power ADR 12,158,942 0.41

1,510,800 Tencent 25,325,549 0.86

28,050,000 Zijin Mining 21,114,066 0.71

Hong Kong SAR 516,922,405 17.47


21,149,500 BOC Hong Kong 48,520,240 1.64

21,869,000 China High Precision Automation 12,697,223 0.43

10,803,500 China Mobile 108,520,706 3.67


22,465,000 CNOOC 38,610,366 1.30

4,637,000 Hongkong Land 23,092,260 0.78

1,671,600 HSBC 15,599,453 0.53



15,284,000 Kunlun Energy 19,514,831 0.66




4,070,000 Swire Pacific 46,529,223 1.57

India 333,656,885 11.27


5,851,030 Cairn India 38,265,698 1.29

808,740 HDFC Bank 33,415,267 1.13

1,651,900 ICICI Bank 30,647,911 1.03

429,850 Infosys Technologies 25,830,797 0.87

4,346,962 ITC 28,588,213 0.97

5,150,640 Jaiprakash Associates 14,255,889 0.48

782,210 Larsen & Toubro 30,465,686 1.03



3,158,596 Rural Electrification 20,711,603 0.70

Indonesia 121,308,086 4.10

28,600,500 Bank Mandiri 18,951,187 0.64

75,265,000 Bumi Resources 15,626,527 0.53

155,728,000 Delta Dunia Petroindo 17,026,032 0.58

3,562,000 Indo Tambangraya Megah 14,613,838 0.49

43,190,000 Indosat 23,610,215 0.80

37,020,000 Telekomunikasi Indonesia 31,480,287 1.06

Malaysia 49,415,267 1.67

18,081,466 IOI 27,967,936 0.95

Schroder ISF Emerging Asia (cont)



MarketValueUSD

%Net

Assets

Malaysia (cont)

13,156,800 Maxis 21,447,331 0.72


370,270 Philippine Long Distance Telephone 19,151,897 0.65

Singapore 45,810,269 1.55

10,094,000 CapitaLand 25,985,698 0.88

3,895,000 CapitaRetail China Trust 3,453,804 0.12

5,611,000 SembCorp Industries 16,370,767 0.55

South Korea 524,793,298 17.73

392,610 Glovis 43,347,599 1.47

72,320 Hite Brewery 8,697,160 0.29

412,260 Hyundai Motor 48,901,305 1.65

836,870 KT 31,016,812 1.05

22,390 LG Chem 5,688,479 0.19

320,400 NHN 48,262,518 1.63

100,857 Nong Shim 18,959,328 0.64

131,140 POSCO 50,219,020 1.70

554,700 Samsung C&T 23,723,420 0.80

547,580 Samsung Card 22,340,113 0.76



38,021 Shinsegae 16,572,936 0.56

Taiwan 529,694,859 17.89

15,602,000 Acer 36,539,097 1.23

3,700,200 Asustek Computer 27,598,813 0.93

19,781,000 AU Optronics 17,741,912 0.60





18,619,000 Far Eastern New Century 19,367,007 0.66

21,776,776 Far EasTone Telecommunications 26,924,261 0.91


60,340,560 KGI Securities 23,677,703 0.80

9,959,147 Pegatron 9,320,223 0.31

3,664,000 Powertech Technology 10,281,109 0.35



Thailand 81,677,832 2.76

8,522,300 Advanced Info Service (Foreign) 22,804,119 0.77

8,941,600 Bangkok Bank (Foreign) 35,303,047 1.19

8,043,800 Kasikornbank (Foreign) 23,570,666 0.80





MarketValueUSD

%Net

Assets

China 61,055,850 2.06


27,888,120 0.94


13,606,698 0.46

5,403,600 China Life Insurance Warrants 08/09/2014 19,561,032 0.66

Malaysia 137,973 -

496,550 IJM Land Warrants 11/09/2013 137,973 -




Schroder ISF Emerging Asia (cont)


MarketValueUSD

%Net

Assets




Net Asset Value 2,960,038,716 100.00

Schroder ISF Emerging Europe



MarketValueEUR

%Net

Assets

Cyprus 6,168,392 2.52

535,797 Globaltrans Investment GDR 6,168,392 2.52

Czech Republic 5,513,166 2.25

57 Cesky Telecom 923 -

107,494 CEZ 3,603,555 1.47

14,313 Komercni Banka 1,908,688 0.78

Hungary 9,978,756 4.07

72,619 MOL Hungarian Oil and Gas 4,964,507 2.02

305,871 OTP Bank 5,014,249 2.05

Kazakhstan 4,901,902 2.00

103,097 Eurasian Natural Resources 1,082,428 0.44

251,500 KazMunaiGas Exploration ProductionGDR

3,819,474 1.56

Poland 24,784,795 10.11

78,211 Bank Zachodni 3,579,545 1.46

131,600 Central European Distribution 2,289,770 0.93

633,464 Globe Trade Centre 3,475,412 1.42

105,978 KGHM Polska Miedz 2,282,382 0.93

38,698 Polski Koncern Naftowy Orlen 327,872 0.14

840,160 Powszechna Kasa Oszczednosci BankPolski

7,358,900 3.00

40,262 Powszechny Zaklad Ubezpieczen 3,410,260 1.39

604,773 Telekomunikacja Polska 2,060,654 0.84

Russia 117,884,904 48.10

1,555,500 Comstar United Telesystems GDR 7,747,337 3.16

37,641 CTC Media 454,243 0.18

1,419,815 Gazprom OAO ADR 22,026,116 8.99

512,160 Lukoil OAO ADR 21,870,561 8.92

53,100 Magnit GDR 748,755 0.31

156,330 Mechel ADR 2,381,807 0.97

812,147 MMC Norilsk Nickel ADR 9,694,705 3.96

946,805 Mobile Telesystems ADR 15,074,667 6.15

98,750 NovaTek OAO GDR 5,885,895 2.40

69,000 Polyus Gold ADR 1,481,409 0.60

2,276,333 Rosneft Oil GDR 11,411,868 4.66

1,169,507 RusHydro ADR 4,640,787 1.89

318,350 Severstal OAO GDR 2,544,721 1.04

1,892,300 Surgutneftegaz ADR Preference 6,663,085 2.72

107,688 Tatneft ADR 2,514,698 1.03

186,000 Uralkali GDR 2,744,250 1.12

Turkey 47,245,943 19.28

331,383 Anadolu Efes Biracilik Ve Malt Sanayii 3,180,182 1.30

1,767,872 Haci Omer Sabanci 6,111,312 2.49

966,945 TAV Havalimanlari 2,793,821 1.14

319,205 Tupras Turkiye Petrol Rafine 4,899,655 2.00

1,518,678 Turk Telekomunikasyon 3,996,177 1.63

1,987,328 Turkiye Garanti Bankasi 6,972,481 2.85

1,107,519 Turkiye Halk Bankasi 6,742,827 2.75

2,153,840 Turkiye Is Bankasi 5,611,948 2.29

6,525,317 Turkiye Sinai Kalkinma Bankasi 5,959,142 2.43

438,958 Ulker Gida Sanayive Ticaret 978,398 0.40







Schroder ISF Emerging Europe (cont)


MarketValueEUR

%Net

Assets

Russia 23,296,105 9.51


23,296,105 9.51




Net Asset Value 245,068,556 100.00

Schroder ISF Emerging Markets



MarketValueUSD

%Net

Assets

Brazil 314,458,750 15.43

834,222 Banco Bradesco ADR 13,380,921 0.66

2,365,346 BM&FBovespa 15,716,057 0.77

625,100 BR Malls Participações 8,460,526 0.41

353,500 Bradespar Preference 6,613,297 0.32

947,866 BRF - Brasil Foods 13,412,198 0.66

263,400 BRF - Brasil Foods ADR 3,721,842 0.18


16,926,202 0.83


6,894,230 0.34

384,198 Companhia de Concessoes Rodoviarias 7,928,918 0.39

921,231 Companhia Energetica de Minas GeraisADR Preference

13,523,671 0.66

285,599 Companhia Energetica de Minas GeraisPreference

4,183,354 0.21

494,765 Estacio Participações 5,257,570 0.26

1,087,400 Gerdau ADR Preference 14,234,066 0.70


755,995 Itau Unibanco Preference 13,990,981 0.69

247,900 Petroleo Brasileiro 4,303,588 0.21

688,400 Petroleo Brasileiro ADR 23,543,280 1.15


351,171 Usinas Siderurgicas de Minas GeraisPreference

9,761,297 0.48

724,700 Vale ADR 18,052,277 0.89


503,200 Vivo Participações ADR Preference 13,088,232 0.64

China 370,221,532 18.16

261,000 AsiaInfo 5,658,480 0.28

27,063,000 Bank of China 'H' 13,800,913 0.68






4,460,000 China Merchants International 14,866,667 0.73

835,500 China Mobile 8,392,563 0.41

3,162,400 China Pacific Insurance 'H' 12,653,662 0.62



12,255,000 CNOOC 21,062,543 1.03

119,454 CNOOC ADR 20,163,835 0.99


7,117,000 Golden Eagle Retail 14,992,781 0.74



12,242,000 Jiangsu Expressway 'H' 11,149,105 0.55

6,460,500 Parkson Retail 11,004,012 0.54

14,426,000 PetroChina 'H' 16,251,255 0.80

3,848,500 Ping An Insurance Co of China 'H' 31,811,301 1.56


106,171 Shanghai Lujiazui Finance & Trade ZoneDevelopment

139,827 0.01

503,800 Tencent 8,445,202 0.41

Egypt 29,233,510 1.43

1,205,914 Commercial International Bank 14,301,175 0.70

1,214,993 Egyptian Financial Group-Hermes 6,228,546 0.30

146,497 Orascom Construction Industries 5,849,592 0.29

3,264,559 Orascom Telecom 2,854,197 0.14




Schroder ISF Emerging Markets (cont)



MarketValueUSD

%Net

Assets

Hong Kong SAR 19,749,584 0.97

400,844 China Mobile ADR 19,749,584 0.97

Hungary 7,626,472 0.37

379,847 OTP Bank 7,626,472 0.37

India 139,365,246 6.84


1,875,241 Cairn India 12,264,064 0.60

761,851 HDFC Bank 31,477,922 1.54




769,692 Tata Steel 8,048,249 0.40

Indonesia 80,788,566 3.96

45,027,000 Adaro Energy 9,895,498 0.48

33,141,500 Bank Mandiri 21,960,133 1.08

8,150,500 Indocement Tunggal Prakarsa 14,221,745 0.70

33,838,000 Perusahaan Gas Negara 14,480,646 0.71

8,154,000 Perusahaan Perkebunan London SumatraIndonesia

7,474,125 0.37

6,160,500 United Tractors 12,756,419 0.62

Malaysia 60,945,191 2.99

11,807,900 CIMB 25,518,771 1.25

3,400,300 Genting 7,474,571 0.37

6,469,100 IJM 9,826,481 0.48

3,575,400 Kuala Lumpur Kepong 18,125,368 0.89

Mexico 90,155,985 4.43

1,047,200 America Movil ADR 50,810,144 2.49

6,399,900 Grupo Financiero Banorte 25,097,062 1.24

6,208,500 Wal-Mart de Mexico 14,248,779 0.70

Peru 12,701,397 0.62

469,900 Southern Copper 12,701,397 0.62

Russia 147,926,642 7.26

26,942 CTC Media 398,203 0.02

2,879,650 Gazprom OAO ADR 54,713,350 2.69

492,008 Lukoil OAO ADR 25,732,018 1.26

140,333 Mechel ADR 2,618,614 0.13

627,357 MMC Norilsk Nickel ADR 9,171,959 0.45

1,060,042 Mobile Telesystems ADR 20,670,819 1.01

67,550 NovaTek OAO GDR 4,931,150 0.24

2,719,072 Rosneft Oil GDR 16,695,102 0.82

619,200 Severstal OAO GDR 6,061,968 0.30

383,700 Uralkali GDR 6,933,459 0.34

South Africa 72,664,914 3.57

795,398 ABSA 12,706,420 0.62

107,663 African Rainbow Minerals 2,278,210 0.11

221,066 AngloGold Ashanti 9,499,853 0.47

1,886,513 Aveng 8,254,996 0.41

521,679 Impala Platinum 12,473,414 0.61

25,702 JD 135,967 0.01

244,015 MTN 3,248,221 0.16

1,644,439 Raubex 4,145,599 0.20

300,196 Shoprite 3,246,740 0.16

1,230,135 Standard Bank 16,675,494 0.82

South Korea 322,682,948 15.83

933,750 Daegu Bank 10,730,997 0.53

191,898 GS Engineering & Construction 11,814,439 0.58

387,970 Hana Financial 10,462,005 0.51




MarketValueUSD

%Net

Assets

South Korea (cont)

144,590 Hynix Semiconductor 2,973,222 0.15


26,368 Hyundai Heavy Industries 5,086,587 0.25

29,873 Hyundai Mobis 5,076,105 0.25

283,860 Hyundai Motor 33,670,801 1.65

97,837 LG Chem 24,856,798 1.22

71,583 LG Electronics 5,523,561 0.27

52,615 LG Household & Health Care 15,030,389 0.74

1,808,560 LG Telecom 11,372,164 0.56

97,086 POSCO 37,178,311 1.82


27,278 Samsung Fire & Marine Insurance 4,377,647 0.21

687,480 Shinhan Financial 25,762,159 1.26

46,272 Shinsegae 20,169,457 0.99

89,573 SK Energy 8,088,187 0.40

Taiwan 177,131,551 8.70


3,073,000 Catcher Technology 6,699,159 0.33


22,211,018 China Steel 20,613,153 1.01


648,800 Chunghwa Telecom ADR 12,651,600 0.62



438,900 Hon Hai Precision Industry GDR 3,190,803 0.16

3,753,857 Pegatron 3,513,030 0.17



1,459,324 Taiwan Semiconductor ManufacturingADR

14,315,968 0.70

Thailand 71,812,327 3.52


4,900 Banpu (Foreign) 92,196 -

576,900 Banpu (NVDR) 10,783,510 0.53

6,451,300 Kasikornbank (NVDR) 18,058,466 0.89

2,731,100 PTT (Foreign) 20,723,337 1.01

Turkey 74,730,317 3.67


1,509,743 TAV Havalimanlari 5,342,534 0.26










MarketValueUSD

%Net

Assets

Russia 28,528,340 1.40


28,528,340 1.40






MarketValueUSD

%Net

Assets




Net Asset Value 2,038,148,863 100.00

Schroder ISF European Dividend Maximiser



MarketValueEUR

%Net

Assets

Cyprus 124,397 1.33

37,824 ProSafe 124,397 1.33

Finland 158,894 1.70

9,174 Sampo 158,894 1.70

France 1,112,894 11.89

2,031 BNP Paribas 89,679 0.96

4,345 Bouygues 138,280 1.48

7,542 France Telecom 106,682 1.14

4,224 GDF Suez 98,736 1.05

4,245 Sanofi-Aventis 207,984 2.22

6,338 Total 232,858 2.49

3,946 Vinci 134,855 1.44

6,275 Vivendi 103,820 1.11

Germany 990,119 10.58

1,602 Allianz 129,762 1.40

1,650 BASF 74,258 0.79

1,877 Bayer 85,554 0.91

15,118 Deutsche Post 182,096 1.95


4,836 E.ON 106,827 1.14

1,016 Muenchener Rueckversicherungs 104,191 1.11

2,171 RWE 116,127 1.24

Italy 720,138 7.69

7,653 Atlantia 110,203 1.17

33,107 Enel 114,881 1.23

14,696 ENI 221,910 2.37

41,099 Snam Rete Gas 134,085 1.43

182,972 Telecom Italia ‘RSP’ 139,059 1.49


2,105 Akzo Nobel 90,147 0.97

5,819 CSM 141,547 1.51

10,165 Delta Lloyd 140,226 1.50

13,263 Koninklijke KPN 138,665 1.48

12,245 Reed Elsevier 111,711 1.19

11,781 Unilever 265,367 2.83

9,074 Wolters Kluwer 142,553 1.52

Norway 455,435 4.86

5,662 Fred Olsen Energy 119,527 1.27

13,406 Statoil 211,371 2.26

12,145 Telenor 124,537 1.33

Portugal 152,399 1.63

17,417 Portugal Telecom 152,399 1.63

Spain 102,300 1.09



7,636 Nestlé Registered 300,807 3.21


2,211 Roche 248,685 2.66



10,967 Admiral 187,126 1.99

5,113 AstraZeneca 198,761 2.12

33,512 Aviva 128,205 1.36

52,510 BAE Systems 199,553 2.13

35,986 BP 140,924 1.51

11,297 British American Tobacco 291,205 3.11




Schroder ISF European DividendMaximiser (cont)Number of sharesor PrincipalAmount


MarketValueEUR

%Net

Assets


24,528 Compass 153,344 1.64


12,831 Imperial Tobacco 292,325 3.12


130,379 Legal & General 124,616 1.33

13,179 Pearson 142,234 1.52

10,264 Royal Dutch Shell 212,139 2.27

72,142 RSA Insurance 104,646 1.12

33,312 Tesco 155,187 1.66

171,532 Vodafone 292,888 3.13






Net Asset Value 9,362,251 100.00

Schroder ISF European Equity Yield



MarketValueEUR

%Net

Assets

Belgium 651,129 1.07

25,218 Belgacom 651,129 1.07

Cyprus 784,016 1.29

238,386 ProSafe 784,016 1.29

Finland 2,458,260 4.04

59,054 Fortum 1,065,334 1.75

80,423 Sampo 1,392,926 2.29

France 7,855,454 12.91

16,892 BNP Paribas 745,866 1.22

33,589 Bouygues 1,068,970 1.76

45,152 GDF Suez 1,055,428 1.73

24,334 Sanofi-Aventis 1,192,244 1.96

52,813 Total 1,940,350 3.19

3,421 Total Gabon 838,658 1.38

29,669 Vinci 1,013,938 1.67

Germany 7,176,597 11.80

12,335 Allianz 999,135 1.64

20,723 BASF 932,639 1.53

17,278 Bayer 787,531 1.30

108,283 Deutsche Post 1,304,269 2.15

206,278 Deutsche Telekom 2,001,515 3.29

52,128 E.ON 1,151,508 1.89

Italy 4,996,385 8.21

68,019 Atlantia 979,474 1.61

84,576 ENI 1,277,098 2.10

68,644 Prysmian 815,491 1.34

252,382 Snam Rete Gas 823,396 1.35



12,448 Akzo Nobel 533,086 0.87

37,769 CSM 918,731 1.51

90,609 Delta Lloyd 1,249,951 2.05


82,508 Reed Elsevier 752,720 1.24

53,668 Unilever 1,208,872 1.99

61,224 Wolters Kluwer 961,829 1.58

Norway 3,036,412 4.99


95,955 Statoil 1,512,915 2.49

77,647 Telenor 796,203 1.31

Portugal 888,195 1.46





15,773 Roche 1,774,092 2.92



78,736 Admiral 1,343,441 2.21

195,047 Aviva 746,180 1.23

250,910 BAE Systems 953,528 1.57

250,531 BP 981,101 1.61

49,798 British American Tobacco 1,283,655 2.11

126,552 Compass 791,179 1.30






Schroder ISF European Equity Yield (cont)



MarketValueEUR

%Net

Assets



1,056,644 Legal & General 1,009,939 1.66

65,231 Pearson 704,003 1.16

76,247 Royal Dutch Shell 1,575,891 2.59

511,776 RSA Insurance 742,358 1.22

224,941 Tesco 1,047,911 1.72

1,383,394 Vodafone 2,362,121 3.88






Net Asset Value 60,844,163 100.00

Schroder ISF European Smaller Companies



MarketValueEUR

%Net

Assets

Austria 5,684,825 6.14

40,700 Andritz 1,886,852 2.04

26,000 Kapsch TrafficCom 774,800 0.84

13,700 Mayr Melnhof Karton 996,675 1.08

28,603 RHI 564,194 0.61

33,651 Rosenbauer International 995,901 1.07

12,474 Schoeller-Bleckmann Oilfield Equipment 466,403 0.50

Belgium 1,631,464 1.77

3,200 Bekaert 442,400 0.48

22,000 EVS Broadcast Equipment 724,900 0.78

6,534 Kinepolis 281,942 0.31

8,669 Tessenderlo Chemie 182,222 0.20

Denmark 1,782,187 1.92

20,100 Solar 992,969 1.07

18,309 TrygVesta 789,218 0.85

France 10,804,311 11.67

52,810 Alten 1,049,599 1.13

44,000 Bourbon 1,464,320 1.58

38,812 Club Méditerranée 468,849 0.51

150,000 Groupe Eurotunnel 828,750 0.89

45,500 Meetic 931,385 1.01

22,000 Rubis 1,449,800 1.57

49,109 Saft 1,211,028 1.31

36,200 SeLoger.com 1,038,940 1.12

80,000 Store Electronic 828,000 0.89

62,141 Sword 1,533,640 1.66

Germany 12,224,506 13.20

51,191 Air Berlin 170,261 0.18

3,550 Bijou Brigitte 425,822 0.46

40,600 Bilfinger Berger 1,853,796 2.00

66,000 CompuGroup Medical 543,378 0.59

7,485 Draegerwerk & Co. KGaA 308,756 0.33

142,000 Freenet 1,187,120 1.28

26,500 GFK 738,157 0.80

26,000 Grenkeleasing 785,460 0.85

1,867 Hawesko 49,139 0.05

70,058 KUKA 708,987 0.77

33,219 Morphosys 485,330 0.52

29,000 MTU Aero Engines 1,332,260 1.44

8,094 R Stahl 163,094 0.18

33,000 Rheinmetall 1,573,440 1.70

30,000 Tipp24 633,600 0.68

40,866 Tom Tailor 497,339 0.54

72,000 Wirecard 506,160 0.55

9,370 XING 262,407 0.28

Greece 495,235 0.53

73,439 Aegean Airlines 173,316 0.18

57,281 Eurobank Properties Real EstateInvestment

321,919 0.35

Ireland 2,036,212 2.20


75,807 DCC 1,417,591 1.53

93,700 Grafton 259,774 0.28

140,209 IFG 157,034 0.17

Israel 1,268,590 1.37

180,000 Oridion Systems 1,268,590 1.37

Italy 7,557,553 8.16

286,700 Azimut 1,971,062 2.13




Schroder ISF European SmallerCompanies (cont)Number of sharesor PrincipalAmount


MarketValueEUR

%Net

Assets

Italy (cont)

61,500 Buzzi Unicem 304,425 0.33

610,000 CIR-Compagnie Industriali Riunite 843,630 0.91


27,257 DiaSorin 824,797 0.89

51,700 Gruppo Coin 273,493 0.30

289,131 Natuzzi ADR 696,417 0.75

66,300 Prysmian 787,644 0.85

60,476 Trevi Finanziaria 717,245 0.77

Luxembourg 241,171 0.26

46,379 SAF-Holland 241,171 0.26


90,000 Delta Lloyd 1,241,550 1.33

35,500 Dockwise 699,100 0.76

17,276 Exact 319,606 0.35

45,850 Fugro 1,769,352 1.90

55,543 Imtech 1,171,680 1.27

33,000 SBM Offshore 391,545 0.42

70,000 Smartrac 1,015,000 1.10

100,000 Ten Cate 1,765,000 1.91

Norway 1,202,345 1.30

208,800 Morpol 502,856 0.54

437,380 Pronova BioPharma 699,489 0.76

Spain 1,089,627 1.18

81,000 Codere 500,580 0.54

32,007 Enagas 396,087 0.43

9,600 Pescanova 192,960 0.21

Sweden 1,003,715 1.09

182,000 Byggmax 830,914 0.90

216,639 Eniro 172,801 0.19

Switzerland 12,261,633 13.24


38,000 Bank Sarasin & Cie Registered 1,238,601 1.34

1,800 Banque Cantonale Vaudoise Registered 607,781 0.66

1,320 Forbo Registered 463,903 0.50

129,894 GAM 1,157,812 1.25

38,330 Gategroup 975,744 1.06

1,354 Gurit 547,192 0.59


27,540 Implenia Registered 599,133 0.65

7,564 Newave Energy 251,403 0.27

22,000 Orior 781,066 0.84

13,203 Partners Group Registered 1,297,529 1.40

620 Sika 890,309 0.96

4,500 Valora Registered 873,600 0.94


102,212 Atkins WS 843,280 0.91

428,778 Carillion 1,620,436 1.75

85,177 Charter International 654,836 0.71

505,379 Crawshaw 74,124 0.08

250,000 CSR 1,156,248 1.25

1,856,840 Dart 1,543,275 1.67

255,529 Domino Printing Sciences 1,418,246 1.53

561,392 Eco Animal Health 809,670 0.87

859,779 Evolution 914,252 0.99

2,001,791 Findel 379,237 0.41

437,918 Gulfsands Petroleum 1,354,170 1.46

134,037 Holidaybreak 467,725 0.51

Schroder ISF European SmallerCompanies (cont)Number of sharesor PrincipalAmount


MarketValueEUR

%Net

Assets


101,000 Homeserve 2,468,944 2.67

85,177 Informa 367,500 0.40

500,000 International Personal Finance 1,177,026 1.27

425,000 James Fisher & Sons 2,217,428 2.39

600,000 London Mining 1,569,368 1.69

905,477 PV Crystalox Solar 594,861 0.64

1,377,643 Shanks 1,692,243 1.83

791,010 SIG 987,501 1.07

127,765 Victrex 1,716,206 1.85

127,765 Wetherspoon (J.D.) 603,405 0.65






MarketValueEUR

%Net

Assets

France 8,765 0.01

90,678 Carrere 8,765 0.01





Net Asset Value 92,589,413 100.00




Schroder ISF European Special Situations



MarketValueEUR

%Net

Assets

Denmark 35,385,585 2.79

566,137 Carlsberg 35,385,585 2.79

France 286,076,323 22.59

201,328 Air Liquide 16,583,387 1.31

316,668 Alstom 11,875,050 0.94

689,225 BNP Paribas 30,432,730 2.40

861,441 Bureau Veritas 38,200,601 3.02


33,167,662 2.62

830,424 Cie Générale de Géophysique-Veritas 12,248,754 0.97

1,185,727 Eutelsat Communications 32,429,633 2.56

578,567 Imerys 24,247,743 1.91

336,592 Neopost 20,027,224 1.58

332,996 Sanofi-Aventis 16,315,139 1.29


239,138 Total 8,785,930 0.69

615,227 Vinci 21,025,383 1.66

Germany 131,656,700 10.40

282,819 Fielmann 17,390,540 1.37

418,417 Fresenius Medical Care KGaA 18,483,571 1.46

267,197 Linde 23,069,789 1.82

711,569 SAP 26,125,256 2.06

1,691,847 Symrise 28,685,266 2.27

388,420 Wincor Nixdorf 17,902,278 1.42

Italy 22,907,087 1.81

1,928,206 Prysmian 22,907,087 1.81

Netherlands 101,491,711 8.01

907,606 Fugro 35,024,516 2.76

2,615,727 ING Groep 16,149,499 1.27

2,744,568 Koninklijke KPN 28,694,458 2.27

718,380 Koninklijke Vopak 21,623,238 1.71

Norway 58,683,414 4.63

5,865,525 DnB NOR 46,093,488 3.64

596,386 Fred Olsen Energy 12,589,926 0.99

Portugal 19,902,277 1.57

2,274,546 Portugal Telecom 19,902,277 1.57

Spain 14,496,555 1.15

1,098,640 Indra Sistemas 14,496,555 1.15

Sweden 56,057,454 4.43

2,043,196 Getinge 32,187,409 2.54

2,251,835 Hexagon 23,870,045 1.89

Switzerland 304,985,654 24.08

406,984 Actelion Registered 12,401,673 0.98

375,147 Aryzta 11,685,829 0.92


35,780 Givaudan Registered 24,905,928 1.97

310,061 Kuehne & Nagel International Registered 26,068,099 2.06



212,028 Sonova Registered 21,237,520 1.68


230,897 Synthes 21,714,743 1.71

1,744,865 UBS Registered 19,058,871 1.50



2,274,047 BP 8,905,366 0.70

7,570,217 Cairn Energy 38,222,877 3.02

Schroder ISF European SpecialSituations (cont)Number of sharesor PrincipalAmount


MarketValueEUR

%Net

Assets


2,722,784 Croda International 33,612,005 2.65

1,235,278 De La Rue 14,365,917 1.14

1,843,182 Diageo 23,722,281 1.87

2,372,672 Intertek 42,049,957 3.32

769,319 Johnson Matthey 13,925,839 1.10

7,837,962 Vodafone 13,383,183 1.06

12,797,852 William Hill 26,607,327 2.10






Net Asset Value 1,266,401,632 100.00




Schroder ISF Global Climate Change Equity



MarketValueUSD

%Net

Assets

Australia 2,981,611 1.63

1,482,404 Infigen Energy 898,758 0.49

684,217 Paladin Energy 2,082,853 1.14

Belgium 3,589,478 1.96

3,253,543 Hansen Transmissions International 3,589,478 1.96

Brazil 1,519,559 0.83

128,159 Tractebel Energia 1,519,559 0.83

Canada 12,156,001 6.64

89,202 Cameco 1,927,939 1.05

31,882 Niko Resources 3,018,271 1.65

210,050 Progress Energy Resources 2,433,979 1.33

117,116 Sino-Forest 1,695,261 0.93

69,460 Ultra Petroleum 3,080,551 1.68

China 7,575,958 4.14

2,964,000 Denway Motors 1,404,902 0.77

581,400 Dongfang Electric 'H' 1,807,306 0.99

66,600 Duoyuan Global Water ADR 1,156,842 0.63

185,800 Trina Solar ADR 3,206,908 1.75

Denmark 3,133,901 1.71

74,428 Vestas Wind Systems 3,133,901 1.71

France 6,354,898 3.47

38,455 Bouygues 1,498,886 0.82

84,579 GDF Suez 2,421,372 1.32

80,611 Saft 2,434,640 1.33

Germany 13,568,560 7.41

71,935 Envitec Biogas 1,004,367 0.55

25,735 Linde 2,721,345 1.49

29,590 Muenchener Rueckversicherungs 3,716,448 2.03

106,819 Roth & Rau 2,948,831 1.61

35,013 Siemens 3,177,569 1.73

Hong Kong SAR 7,047,737 3.85


7,912,000 Guangdong Investment 3,750,197 2.05

4,303,000 NVC Lighting 1,271,278 0.69

India 1,851,593 1.01

80,240 Jain Irrigation Systems 1,851,593 1.01

Israel 2,297,455 1.25

686,409 Makhteshim-Agan Industries 2,297,455 1.25

Italy 1,563,304 0.85

418,158 Landi Renzo 1,563,304 0.85

Japan 17,538,276 9.57


132,000 Honda Motor 3,864,975 2.11

175,800 JTEKT 1,651,067 0.90

655,000 Sekisui Chemical 4,120,751 2.25

231,000 Sharp 2,463,792 1.34

78,900 Toyota Motor 2,739,861 1.50


112,550 Koninklijke Philips Electronics 3,397,205 1.85

Russia 689,951 0.38

253,186 Black Earth Farming 689,951 0.38

South Korea 2,127,781 1.16

8,375 LG Chem 2,127,781 1.16

Schroder ISF Global Climate ChangeEquity (cont)Number of sharesor PrincipalAmount


MarketValueUSD

%Net

Assets

Spain 2,638,090 1.44

152,970 Gamesa Corp Tecnologica 1,329,061 0.73

418,650 Iberdrola Renovables 1,309,029 0.71



Taiwan 2,729,106 1.49

894,200 Giant Manufacturing 2,729,106 1.49


285,103 BG 4,312,662 2.35

677,838 Centrica 3,015,657 1.65

703,309 Rexam 3,161,614 1.73

593,598 SIG 907,602 0.50

123,978 Spirax-Sarco Engineering 2,555,559 1.39

473,672 Tesco 2,702,595 1.47


73,875 A123 Systems 678,911 0.37

107,968 AGCO 2,925,933 1.60

266,669 Applied Materials 3,285,362 1.80

50,986 BorgWarner 1,911,465 1.04

183,574 Cisco Systems 3,968,870 2.17

80,348 Danaher 3,019,478 1.65

59,781 Dresser-Rand 1,882,504 1.03

92,685 EI Du Pont de Nemours & Co. 3,266,219 1.78

26,780 Entergy 1,939,943 1.06

182,014 Intersil 2,256,974 1.23

44,787 Itron 2,807,249 1.53

31,848 Lindsay 1,032,194 0.56

182,715 Lowe's 3,763,929 2.06

46,688 Monsanto 2,210,210 1.21

66,745 NextEra Energy 3,228,456 1.76

39,831 Ormat Technologies 1,115,666 0.61

80,542 PG&E 3,340,882 1.82

179,861 Polycom 5,426,406 2.96

32,945 Praxair 2,548,955 1.39

202,089 Quicksilver Resources 2,233,083 1.22

109,639 RTI International Metals 2,623,661 1.43

60,360 Schnitzer Steel Industries 2,404,742 1.31

169,039 SunPower 2,031,849 1.11

60,144 Wal-Mart Stores 2,941,042 1.61






Net Asset Value 183,170,611 100.00




Schroder ISF Global Dividend Maximiser



MarketValueUSD

%Net

Assets

Australia 799,272 3.61

67,568 Foster's 323,713 1.46

117,366 Telstra 323,442 1.46

8,450 Westpac Banking 152,117 0.69

Bermuda 341,049 1.54

18,465 Ship Finance International 341,049 1.54

China 509,112 2.30


208,000 PetroChina 'H' 234,317 1.06

Cyprus 238,479 1.08

59,205 ProSafe 238,479 1.08

Finland 280,114 1.26

12,678 Fortum 280,114 1.26

France 1,332,781 6.01

12,361 France Telecom 214,143 0.97

4,747 Sanofi-Aventis 284,851 1.28

7,607 Total 342,295 1.54

5,597 Vinci 234,267 1.06

12,694 Vivendi 257,225 1.16

Germany 1,927,564 8.70

3,350 Allianz 332,336 1.50

4,170 BASF 229,850 1.04

19,800 Deutsche Post 292,092 1.32


9,928 E.ON 268,599 1.21


3,282 RWE 215,010 0.97


255,000 CNOOC 438,266 1.98

22,000 Hang Seng Bank 295,594 1.33

104,500 Link REIT 260,411 1.18

Italy 464,903 2.10

54,884 Enel 233,251 1.05

12,526 ENI 231,652 1.05


18,017 Delta Lloyd 304,405 1.37


12,911 Unilever 356,182 1.61

13,077 Wolters Kluwer 251,612 1.13

Norway 403,088 1.82

20,874 Statoil 403,088 1.82

Portugal 302,796 1.37


Singapore 2,167,709 9.78

30,000 DBS 293,478 1.33

9,600 K-Green Trust 7,208 0.03

786,000 Fortune Real Estate Investment Trust 358,420 1.62

48,000 Keppel 292,105 1.32

110,000 SembCorp Marine 303,633 1.37

363,000 Singapore Post 293,328 1.32

143,000 Singapore Telecommunications 310,870 1.40

22,000 United Overseas Bank 308,667 1.39


6,146 KT&G 303,718 1.37

1,127 SK Telecom 148,484 0.67

Schroder ISF Global DividendMaximiser (cont)Number of sharesor PrincipalAmount


MarketValueUSD

%Net

Assets





Taiwan 616,210 2.78

140,000 Chunghwa Telecom 278,605 1.26

165,000 Taiwan Mobile 337,605 1.52


16,975 Admiral 354,734 1.60

6,296 AstraZeneca 299,756 1.35

65,491 Aviva 306,855 1.38

55,730 BAE Systems 259,389 1.17

38,600 Compass 295,556 1.33




221,443 Legal & General 259,224 1.17


189,470 Vodafone 396,227 1.79


13,307 Altria 265,608 1.20

14,272 Bristol-Myers Squibb 360,939 1.63

4,875 Chevron 333,255 1.50


9,035 Edison International 289,120 1.30

3,976 Entergy 288,021 1.30

3,756 Johnson & Johnson 222,505 1.00

11,485 Kraft Foods 326,633 1.47

3,577 Lockheed Martin 268,812 1.21

4,273 Lorillard 309,963 1.40

12,586 Marathon Oil 394,823 1.78

4,594 McDonald’s 305,317 1.38

16,373 Merck & Co. 580,095 2.62

32,663 Pfizer 466,428 2.11

6,414 Philip Morris International 293,248 1.32

4,921 Time Warner Cable 263,913 1.19

9,137 Waste Management 287,450 1.30





Other Net Liabilities ( 324,121 ) ( 1.46 )

Net Asset Value 22,160,783 100.00




Schroder ISF Global Emerging MarketOpportunitiesNumber of sharesor PrincipalAmount


MarketValueUSD

%Net

Assets

Brazil 39,486,686 5.76

1,887,800 BM&FBovespa 12,543,101 1.83

967,800 BRF - Brasil Foods 13,694,262 2.00


13,249,323 1.93

China 75,872,375 11.08




27,880,000 Dalian Port PDA 'H' 12,176,236 1.78



4,215,000 Parkson Retail 7,179,306 1.05

Egypt 37,902,468 5.53

1,074,062 Commercial International Bank 12,737,515 1.86

2,453,737 Egyptian Financial Group-Hermes 12,578,848 1.83


India 26,639,400 3.89



Indonesia 51,708,007 7.55

21,915,500 Bank Mandiri 14,521,590 2.12

7,594,000 Indocement Tunggal Prakarsa 13,250,712 1.94

28,018,500 Perusahaan Gas Negara 11,990,247 1.75

6,270,500 Tambang Batubara Bukit Asam 11,945,458 1.74

Kazakhstan 12,686,130 1.85

682,050 KazMunaiGas Exploration ProductionGDR

12,686,130 1.85

Mexico 12,087,608 1.76

6,454,000 Urbi Desarrollos Urbanos 12,087,608 1.76

Poland 16,694,759 2.44

537,596 Central European Distribution 11,456,171 1.68

779,619 Globe Trade Centre 5,238,588 0.76

Russia 50,705,664 7.40

1,088,000 Comstar United Telesystems GDR 6,636,800 0.97

76,502 CTC Media 1,130,700 0.17

634,700 Gazprom OAO ADR 12,059,300 1.75

459,600 Globaltrans Investment GDR 6,480,360 0.95


1,017,050 Rosneft Oil GDR 6,244,687 0.91

22,673 Sberbank of Russian Federation GDR 5,692,595 0.83

South Africa 27,724,655 4.05

1,249,208 Aveng 5,466,279 0.80

528,493 Impala Platinum 12,636,338 1.84

11,350 JD Group 60,043 0.01

3,792,966 Raubex 9,561,995 1.40

South Korea 100,695,116 14.71

443,540 Hana Financial 11,960,506 1.75


113,002 Hyundai Motor 13,404,030 1.96

166,689 LG Electronics 12,862,228 1.88

31,155 POSCO 11,930,559 1.74



139,547 SK Energy 12,600,698 1.84

Schroder ISF Global Emerging MarketOpportunities (cont)Number of sharesor PrincipalAmount


MarketValueUSD

%Net

Assets

Taiwan 55,090,597 8.04


921,050 Cathay Financial GDR 14,018,381 2.05



1,963,700 Siliconware Precision Industries ADR 10,721,802 1.57

Thailand 61,949,346 9.04


684,800 Banpu (Foreign) 12,884,886 1.88

2,863,759 Kasikornbank (Foreign) 8,391,644 1.22

1,513,491 Kasikornbank (NVDR) 4,236,561 0.62

1,600,400 PTT (Foreign) 12,143,689 1.77

3,978,400 Siam Commercial Bank (Foreign) 9,970,543 1.46

Turkey 52,385,926 7.65

3,678,513 TAV Havalimanlari 13,017,171 1.90




923,890 Ulker Gida Sanayive Ticaret 2,522,088 0.37

United Arab Emirates 12,625,225 1.84

15,153,983 Emaar Properties 12,625,225 1.84






Net Asset Value 685,028,872 100.00




Schroder ISF Global Energy



MarketValueUSD

%Net

Assets

Bermuda 66,788,936 6.42

3,724,884 GeoPark 32,647,275 3.14

10,638,300 TransAtlantic Petroleum 34,141,661 3.28

Canada 166,353,671 15.99

3,479,924 Bankers Petroleum 23,291,738 2.24

15,035,000 Enhanced Oil Resources 2,704,393 0.25

288,678 Niko Resources 27,329,168 2.63

2,349,092 Progress Energy Resources 27,220,379 2.62

1,763,201 Suncor Energy 52,830,930 5.08

743,564 Ultra Petroleum 32,977,063 3.17

Cyprus 19,846,309 1.91

4,927,062 ProSafe 19,846,309 1.91

France 70,573,966 6.79

1,568,404 Total 70,573,966 6.79

Russia 27,704,850 2.66

1,458,150 Gazprom OAO ADR 27,704,850 2.66


1,133,508 Noble 33,857,884 3.25


1,819,941 AMEC 22,367,001 2.15

3,852,551 BG 58,276,304 5.60

4,417,296 Cairn Energy 27,316,118 2.63

1,686,444 Dana Petroleum 28,325,140 2.72

7,585,818 Gulfsands Petroleum 28,729,643 2.76

6,626,298 John Wood 30,898,422 2.97

3,250,559 Wellstream 24,451,269 2.35


968,255 Baker Hughes 39,543,534 3.80

727,111 Devon Energy 44,375,584 4.27

387,624 EOG Resources 38,855,430 3.74

1,745,388 EXCO Resources 25,116,133 2.42

1,556,717 Halliburton 38,108,432 3.66

1,384,295 Marathon Oil 43,425,334 4.17

999,480 National Oilwell Varco 33,002,830 3.17

650,000 Oasis Petroleum 9,490,000 0.91

661,401 Questar 29,868,869 2.87

2,168,809 Quicksilver Resources 23,965,340 2.30

707,864 Range Resources 28,682,649 2.76






Net Asset Value 1,040,340,459 100.00

Schroder ISF Global Equity Yield



MarketValueUSD

%Net

Assets

Australia 1,448,303 3.04

152,168 Foster's 729,024 1.53

261,002 Telstra 719,279 1.51

Bermuda 796,242 1.66

43,110 Ship Finance International 796,242 1.66

China 1,210,764 2.54


568,000 PetroChina 'H' 639,866 1.34

Cyprus 450,607 0.94

111,868 ProSafe 450,607 0.94

Finland 733,758 1.54

33,210 Fortum 733,758 1.54

France 1,891,717 3.97

11,093 Sanofi-Aventis 665,653 1.40

13,091 Total 589,060 1.23

15,219 Vinci 637,004 1.34

Germany 3,643,811 7.64

6,691 Allianz 663,779 1.39

13,034 BASF 718,433 1.51

38,509 Deutsche Post 568,089 1.19


30,343 E.ON 820,922 1.72

Hong Kong SAR 2,394,986 5.02

429,000 CNOOC 737,318 1.55

44,900 Hang Seng Bank 603,281 1.26

168,500 Link REIT 419,897 0.88

55,500 Swire Pacific 634,490 1.33

Italy 621,075 1.30

33,583 ENI 621,075 1.30


44,907 Delta Lloyd 758,723 1.59

25,982 Unilever 716,778 1.50

36,406 Wolters Kluwer 700,481 1.47

Norway 800,711 1.68

41,465 Statoil 800,711 1.68

Portugal 606,429 1.27


Singapore 5,186,523 10.87

458,000 Ascendas Real Estate Investment Trust 596,081 1.25

62,000 DBS 606,522 1.27

1,463,000 Fortune Real Estate Investment Trust 667,136 1.40

92,000 Keppel 559,868 1.17

18,400 K-Green Trust 13,816 0.03

317,000 SembCorp Marine 875,014 1.83


609,000 Suntec Real Estate Investment Trust 574,857 1.21

47,000 United Overseas Bank 659,425 1.38





Taiwan 2,055,514 4.31

196,000 Acer 459,022 0.96

438,272 Chunghwa Telecom 872,176 1.83




Schroder ISF Global Equity Yield (cont)



MarketValueUSD

%Net

Assets

Taiwan (cont)

354,000 Taiwan Mobile 724,316 1.52


31,675 Admiral 661,926 1.39

120,905 Aviva 566,495 1.19

111,985 BAE Systems 521,222 1.09

74,370 BP 356,695 0.75

91,547 Compass 700,966 1.47





511,748 Vodafone 1,070,188 2.24


21,642 American Electric Power 707,477 1.48


11,769 Chevron 804,529 1.69

21,898 ConocoPhillips 1,091,396 2.29


7,312 Entergy 529,681 1.11

32,124 Kraft Foods 913,607 1.92


14,047 Lorillard 1,018,969 2.14

26,475 Marathon Oil 830,521 1.74

12,231 McDonald's 812,872 1.70

31,207 Merck & Co. 1,105,664 2.32

66,329 Pfizer 947,178 1.99









Net Asset Value 47,698,902 100.00




MarketValueUSD

%Net

Assets

Australia 10,479,357 2.85

1,003,023 CFS Retail Property Trust 1,607,470 0.44

1,400,000 GPT 3,335,835 0.91

1,755,040 Stockland 5,536,052 1.50

China 4,041,940 1.10

3,149,800 Guangzhou R&F Properties 'H' 4,041,940 1.10

France 27,068,491 7.37

111,423 Eurosic 2,961,297 0.81

49,169 ICADE 4,198,520 1.14

133,587 Klepierre 3,717,235 1.01

98,000 Unibail-Rodamco 16,191,439 4.41

Hong Kong SAR 66,687,905 18.15


2,843,000 Hang Lung Properties 11,010,462 3.00

2,138,000 Hongkong Land 10,647,240 2.90

3,383,803 Hysan Development 9,649,380 2.63

2,138,082 Kerry Properties 9,351,534 2.54

4,694,400 Lifestyle International 9,165,688 2.49

3,604,500 Shangri-La Asia 6,704,324 1.82

Italy 2,158,813 0.59

1,589,410 Immobiliare Grande Distribuzione 2,158,813 0.59

Japan 32,305,216 8.79

468,700 Aeon Mall 9,385,097 2.55

880,000 Daiwa House Industry 7,986,921 2.18


670,000 Mitsui Fudosan 9,450,025 2.57

Singapore 22,977,625 6.26

3,518,850 CapitaLand 9,058,824 2.47

1,170,000 City Developments 9,287,042 2.53

4,099,400 Wing Tai 4,631,759 1.26

Spain 5,737,060 1.56

889,700 Sol Melia 5,737,060 1.56

Sweden 1,812,281 0.49

199,700 Castellum 1,812,281 0.49


346,400 Derwent London 6,455,866 1.76

1,247,011 Great Portland Estates 5,396,668 1.47

639,200 Land Securities 5,363,147 1.46

507,800 Shaftesbury 2,750,227 0.75

626,001 Unite 1,638,974 0.44


213,600 AMB Property 5,169,120 1.41

226,100 American Campus Communities 6,197,401 1.69

64,100 AvalonBay Communities 6,052,322 1.65

177,900 Boston Properties 12,869,286 3.50

108,000 Digital Realty Trust 6,185,160 1.68

370,200 Douglas Emmett 5,382,708 1.47

110,200 Essex Property Trust 11,000,164 2.99

134,400 Federal Realty Investment Trust 9,546,432 2.60

301,400 HCP 9,720,150 2.65

849,867 Host Hotels & Resorts 11,541,194 3.14

159,400 Nationwide Health Properties 5,701,738 1.55

117,400 Public Storage 10,503,778 2.86

242,820 Simon Property 19,867,532 5.41

114,100 SL Green Realty 6,322,281 1.72

70,800 Tanger Factory Outlet Centers 2,955,900 0.80




Schroder ISF Global PropertySecurities (cont)Number of sharesor PrincipalAmount


MarketValueUSD

%Net

Assets


63,200 Taubman Centers 2,443,312 0.67

174,000 Ventas 8,188,440 2.23

193,471 Vornado Realty Trust 14,311,050 3.90

Transferable Securities and



Number of sharesor PrincipalAmount Deposit

MarketValueUSD

%Net

Assets


21,948,312 JPMorgan Chase Nassau 21,948,312 5.98

Total Deposit 21,948,312 5.98


Other Net Liabilities ( 3,453,283 ) ( 0.94 )

Net Asset Value 367,326,567 100.00

Schroder ISF Global Resources Equity



MarketValueUSD

%Net

Assets


9,053 Amcor 48,976 1.05

2,663 Newcrest Mining 79,259 1.71

27,531 Paladin Energy 83,808 1.81

Brazil 135,162 2.91

5,426 Vale ADR 135,162 2.91

Canada 672,645 14.50

1,998 Cameco 43,183 0.92

919 Niko Resources 87,002 1.88

7,780 Progress Energy Resources 90,152 1.94

5,282 Sino-Forest 76,457 1.65

4,829 Suncor Energy 144,692 3.12

3,537 Teck Resources 113,011 2.44


France 89,995 1.94

2,000 Total 89,995 1.94

Germany 232,324 5.01

941 Linde 99,506 2.15

5,329 ThyssenKrupp 132,818 2.86

India 76,475 1.65

1,150 Steel Authority of India Ltd 76,475 1.65

Indonesia 59,777 1.29

272,000 Adaro Energy 59,777 1.29

Japan 48,337 1.04

2,300 Mitsubishi 48,337 1.04

Netherlands 136,089 2.93

4,933 ArcelorMittal 136,089 2.93

Portugal 52,867 1.14

3,518 Galp Energia 52,867 1.14

Russia 90,250 1.95

4,750 Gazprom OAO ADR 90,250 1.95

South Africa 137,513 2.97

10,221 Gold Fields 137,513 2.97


2,454 Noble 73,301 1.58

319 Syngenta Registered 73,309 1.58


8,297 Amec 101,970 2.20

3,038 Anglo American 105,780 2.28

7,626 Antofagasta 89,214 1.92

10,706 BG 161,946 3.49

6,755 BHP Billiton 175,694 3.79

15,878 Cairn Energy 98,188 2.12


16,214 John Wood 75,606 1.63

3,000 Rio Tinto 133,154 2.87

6,814 Xstrata 90,802 1.96


3,301 AGCO 89,457 1.93

2,204 Baker Hughes 90,011 1.94


2,044 Devon Energy 124,745 2.69

943 EOG Resources 94,526 2.04

2,367 Freeport-McMoRan Copper & Gold 144,553 3.12




Schroder ISF Global ResourcesEquity (cont)Number of sharesor PrincipalAmount


MarketValueUSD

%Net

Assets


2,670 Halliburton 65,362 1.41

2,397 Marathon Oil 75,194 1.62

815 Monsanto 38,582 0.83

2,506 National Oilwell Varco 82,748 1.78

1,220 Praxair 94,391 2.03

2,964 Questar 133,854 2.89

1,563 Range Resources 63,333 1.37

1,133 Schnitzer Steel Industries 45,139 0.97

2,290 United States Steel 89,562 1.93







Schroder ISF Global Small Cap Energy



MarketValueUSD

%Net

Assets


343,722 Antares Energy 171,961 2.28

645,304 Sundance Energy Australia 93,022 1.23

Austria 186,064 2.46

21,100 CAT Oil 186,064 2.46

Bermuda 104,801 1.39

1,367,383 Dominion Petroleum 104,801 1.39

Canada 2,236,764 29.61

541,684 Alange Energy 176,920 2.34

64,286 Bellatrix Exploration 183,796 2.43

62,514 BlackPearl Resources 167,485 2.22

63,628 Calvalley Petroleums 204,202 2.70

60,847 Epsilon Energy 146,890 1.94

49,806 Fairborne Energy 219,725 2.91

28,140 Gastar Exploration 103,274 1.37

12,318 North American Energy Partners 111,108 1.47

86,348 Nuloch Resources 120,984 1.60

320,989 Petromanas Energy 88,125 1.17

425,939 Sea Dragon Energy 125,003 1.65

16,725 Tesco 208,561 2.76

151,369 Vast Exploration 114,641 1.52

62,920 Wavefront Technology Solutions 91,137 1.21

27,994 Westfire Energy 174,913 2.32

France 192,158 2.54

640 Total Gabon 192,158 2.54

Ireland 334,858 4.43

595,722 Petroneft Resources 334,858 4.43

Jersey 280,963 3.72

80,901 Kentz 280,963 3.72


449,220 Aurelian Oil & Gas 275,708 3.65

175,651 Cove Energy 136,072 1.80

102,886 Exillon Energy 274,147 3.63

89,243 Faroe Petroleum 154,433 2.04

62,109 Hamworthy 278,922 3.69

69,534 JKX Oil & Gas 249,917 3.31

1,445,631 Leed Petroleum 79,637 1.05

614,435 Max Petroleum 108,120 1.43

47,060 Melrose 149,628 1.98

72,601 Northern Petroleum 106,398 1.41

176,956 Serica Energy 165,559 2.19


20,506 Approach Resources 146,413 1.94

51,102 Crimson Exploration 139,508 1.85

78,397 Endeavour International 84,669 1.12

20,849 Evolution Petroleum 107,581 1.42

376,314 Far East Energy 150,526 1.99

31,533 FX Energy 114,465 1.52

13,138 Rex Energy 129,147 1.71










Schroder ISF Global Smaller Companies



MarketValueUSD

%Net

Assets

Australia 2,772,752 3.33

62,046 Amcor 335,664 0.40

26,743 Ansell 297,745 0.36

40,080 Computershare 360,590 0.43

43,008 Crane 293,572 0.35

211,667 Fairfax Media 236,020 0.28

87,614 Iluka Resources 345,459 0.42

87,531 Mirvac 97,602 0.12

41,352 Myer 110,804 0.13

38,225 Sandfire Resources 105,018 0.13

13,818 Sims Metal Management 200,477 0.24

30,944 Sonic Healthcare 273,672 0.33

137,641 Transpacific Industries 116,129 0.14

Austria 1,339,782 1.61

6,200 Andritz 352,032 0.42

2,800 Kapsch TrafficCom 102,193 0.12


6,000 RHI 144,949 0.18

8,595 Rosenbauer International 311,538 0.37

4,700 Schoeller-Bleckmann Oilfield Equipment 215,229 0.26

Belgium 490,391 0.59

600 Bekaert 101,593 0.12

4,250 EVS Broadcast Equipment 171,511 0.21

2,163 Kinepolis 114,310 0.14

4,000 Tessenderlo Chemie 102,977 0.12

Bermuda 1,830,583 2.20

25,000 Aquarius Platinum 120,692 0.15

754,000 Beijing Enterprises Water 236,321 0.28

432,000 China Gas 243,607 0.29

6,500 Dockwise 156,773 0.19

6,700 Genpact 104,721 0.13

1,000,500 Johnson Electric 460,089 0.55

18,500 Lazard 508,380 0.61

Canada 1,092,359 1.31

6,100 IESI-BFC 121,817 0.15

6,000 Magna International 386,400 0.46

8,200 PAN American Silver 212,298 0.26

10,492 Sino-Forest 151,872 0.18

2,300 Stantec 49,754 0.06

16,494 Yamana Gold 170,218 0.20

China 1,081,514 1.30

193,000 China Dongxiang 130,154 0.16

22,534 Concord Medical Services ADR 123,937 0.15

864,000 Fook Woo 258,590 0.31

250,000 Guangzhou Pharmaceutical ‘H’ 210,983 0.25

2,100 Home Inns & Hotels Management ADR 81,165 0.10

123,000 Intime Department Store 124,027 0.15

204,200 Lee & Man Paper Manufacturing 152,658 0.18

Denmark 429,760 0.52

3,700 Solar 223,866 0.27

3,900 Tryg 205,894 0.25

France 2,225,174 2.67

7,100 Alten 172,828 0.21

8,500 Bourbon 346,457 0.41

8,788 Club Méditerrannée 130,018 0.16

28,000 Groupe Eurotunnel 189,469 0.23

5,903 Maximiles 54,150 0.06

7,700 Meetic 193,044 0.23

Schroder ISF Global SmallerCompanies (cont)Number of sharesor PrincipalAmount


MarketValueUSD

%Net

Assets

France (cont)

3,750 Rubis 302,666 0.36

6,107 Saft 184,446 0.22

7,500 SeLoger.com 263,627 0.32

13,000 Store Electronic 164,790 0.20

7,400 Sword 223,679 0.27

Germany 2,928,677 3.51

6,570 Air Berlin 26,763 0.03

500 Bijou Brigitte 73,454 0.09

5,200 Bilfinger Berger 290,795 0.35

14,000 CompuGroup Medical 141,167 0.17

3,000 Demag Cranes 90,827 0.11

1,299 Draegerwerk & Co. 65,627 0.08

25,000 Freenet 255,973 0.31

5,150 GFK 175,694 0.21

4,471 Grenkeleasing 165,426 0.20

8,516 KUKA 105,551 0.13

5,250 Morphosys 93,941 0.11

6,700 MTU Aero Engines 376,976 0.45

4,000 R Stahl 98,715 0.12

7,000 Rheinmetall 408,773 0.49

11,000 SFC Smart Fuel Cell 78,301 0.09

5,000 Tipp24 129,334 0.15

8,000 Tom Tailor 119,242 0.14

17,000 Wirecard 146,370 0.18

2,500 XING 85,748 0.10

Greece 75,897 0.09

3,159 Aegean Airlines 9,131 0.01


66,766 0.08

Hong Kong SAR 1,500,636 1.79

340,000 BaWang International 243,263 0.29

617,000 Citic 1616 164,058 0.19

174,400 Dah Sing Banking 223,348 0.27

319,000 L'Occitane International 695,776 0.83

220,500 Techtronic Industries 174,191 0.21

Ireland 635,431 0.76

14,000 DCC 320,640 0.39


28,000 Grafton 95,074 0.11

41,000 IFG 56,241 0.07

23,845 James Hardie Industries 126,775 0.15

Italy 1,461,992 1.75

45,000 Azimut 378,907 0.45

12,800 Buzzi Unicem 77,600 0.09

91,000 CIR-Compagnie Industriali Riunite 154,138 0.18

46,000 Davide Campari-Milano 225,917 0.27

4,000 DiaSorin 148,244 0.18

5,108 Gruppo Coin 33,094 0.04

49,500 Natuzzi ADR 146,025 0.18

12,000 Prysmian 174,600 0.21

8,500 Trevi Finanziaria 123,467 0.15

Japan 6,945,216 8.33

122 Accordia Golf 121,044 0.14

11,500 Aica Kogyo 122,267 0.15

15,300 Arcs 206,484 0.25

13,000 Asahi Diamond Industrial 201,826 0.24

30,000 Daido Steel 129,545 0.15

17,100 Fujikura Kasei 99,290 0.12






MarketValueUSD

%Net

Assets

Japan (cont)

7,500 Glory 164,553 0.20

7,800 HIS 156,888 0.19

13,000 Hisaka Works 132,059 0.16

2,700 Icom 61,705 0.07

21,900 JSP 208,395 0.25

11,000 Koito Manufacturing 164,327 0.20

15,700 Kuroda Electric 205,687 0.25

7,000 Lintec 127,301 0.15

6,500 Miura 148,622 0.18

16,500 Modec 229,004 0.27

7,750 Moshi Moshi Hotline 170,125 0.20

13,400 Musashi Seimitsu Industry 285,540 0.34

12,500 NEC Networks & System Integration 156,012 0.19

8,900 Nichi-iko Pharmaceutical 331,637 0.40

9,600 Nidec Copal 138,217 0.16

11,900 Nifco 247,942 0.30

22,000 Nihon Parkerizing 288,472 0.35

57,000 Nippon Thompson 389,447 0.47

6,100 Nishimatsuya Chain 56,602 0.07

16,600 Nitta 268,011 0.32

5,800 OSAKA Titanium Technologies 226,585 0.27

87 Seven Bank 158,316 0.19

17,700 Shinko Plantech 157,852 0.19

50,000 Shinmaywa Industries 184,340 0.22

11,800 Sumida 118,539 0.14

30,000 Takasago International 129,883 0.16

53,000 Tokai Tokyo Financial 210,339 0.25

13,200 Trusco Nakayama 204,783 0.25

3,700 Tsumura & Co. 113,384 0.14

3,900 Tsuruha 138,508 0.17

6,700 Tsutsumi Jewelry 143,223 0.17

231 Works Applications 104,047 0.12

13,600 Yushin Precision Equipment 244,415 0.29

Jersey 88,178 0.11

85,000 Regus 88,178 0.11


13,628 SAF-Holland 86,793 0.10


13,200 Delta Lloyd 223,020 0.27

3,500 Exact 79,303 0.09

6,400 Fugro 302,484 0.36

9,075 Imtech 234,463 0.28

14,700 SBM Offshore 213,615 0.26

9,625 Smartrac 170,929 0.21

13,700 Ten Cate 296,151 0.35

New Zealand 354,686 0.43

65,626 Fletcher Building 354,686 0.43

Norway 221,749 0.27

36,000 Morpol 106,185 0.13

59,000 Pronova BioPharma 115,564 0.14

Singapore 1,164,804 1.40

190,000 Cache Logistics Trust 133,152 0.16

71,000 Neptune Orient Lines 101,545 0.12

117,000 SembCorp Industries 341,362 0.41

87,000 SIA Engineering 247,612 0.30

178,000 Singapore Airport Terminal Services 341,133 0.41



MarketValueUSD

%Net

Assets


1,321 Doosan 120,909 0.15

25,740 Industrial Bank of Korea 306,378 0.37

2,010 Samsung SDI 285,446 0.34

3,161 Taewoong 144,272 0.17

Spain 331,521 0.40

19,448 Codere 147,201 0.18

6,314 Enagas 95,697 0.11

3,600 Pescanova 88,623 0.11

Sweden 176,307 0.21

25,568 Byggmax 142,965 0.17

34,130 Eniro 33,342 0.04


1,800 Acino Registered 171,191 0.20

8,000 Bank Sarasin & Cie Registered 319,363 0.38

400 Banque Cantonale Vaudoise Registered 165,418 0.20

700 Dufry Registered 53,719 0.06

350 Forbo Registered 150,650 0.18

21,000 GAM 229,253 0.27

7,200 Gategroup 224,480 0.27

280 Gurit 138,588 0.17

730 Helvetia Registered 193,492 0.23

5,280 Implenia Registered 140,683 0.17

772 Kuoni Reisen Registered 213,195 0.26

221 Mobilezone 1,887 -

2,900 Newave Energy 118,050 0.14

3,500 Orior 152,188 0.18

2,000 Partners 240,725 0.29

165 Sika 290,189 0.35


970 VZ 78,612 0.09

Taiwan 144,684 0.17

116,000 Hung Poo Real Estate Development 144,684 0.17


32,995 Albemarle & Bond 113,601 0.14

40,692 Anglo Pacific 158,528 0.19

15,699 AssetCo 13,630 0.02

7,500 Aveva 127,765 0.15

12,000 Babcock International 106,882 0.13

10,000 Berkeley 113,843 0.14

40,000 Bodycote 117,002 0.14

25,000 Bovis Homes 129,973 0.16

16,497 BSS 103,473 0.12

10,000 Burberry 113,394 0.14

25,000 Carillion 115,714 0.14

35,000 Chloride 202,448 0.24

20,622 Consort Medical 116,380 0.14

20,000 CSR 113,289 0.14

7,500 Dana Petroleum 125,968 0.15

20,000 Dechra Pharmaceuticals 113,244 0.14

134,861 E2V Technologies 102,151 0.12

50,000 eaga 86,374 0.10

13,000 Eco Animal Health 22,963 0.03

200,000 Elementis 181,879 0.22

40,000 Fenner 118,858 0.14

7,000 Fidessa 141,776 0.17

285,780 Findel 66,309 0.08

6,500 Forth Ports 115,400 0.14

7,500 Go-Ahead 119,681 0.14






MarketValueUSD

%Net

Assets


90,000 Grainger 158,841 0.19

15,000 Halfords 111,149 0.13

30,000 Hamworthy 134,726 0.16

30,000 Helical Bar 123,364 0.15

3,581 Homeserve 107,212 0.13

17,500 Hunting 117,937 0.14

20,000 IG 126,013 0.15

30,000 Inchcape 111,283 0.13

90,000 Intec Telecom Systems 70,394 0.09

25,000 John Wood 116,575 0.14

12,500 Keller 98,050 0.12

8,000 Kier 117,481 0.14

110,000 LMS Capital 68,747 0.08

30,000 Mears 109,352 0.13

20,200 Millennium & Copthorne Hotels 122,617 0.15

30,000 Mitie 95,251 0.11

71,848 Nestor Healthcare 64,510 0.08

33,000 Premier Farnell 108,333 0.13

6,024 Premier Oil 111,999 0.13

8,000 Provident Financial 100,715 0.12

30,000 PZ Cussons 152,644 0.18

25,000 Ricardo 102,167 0.12

35,000 RM 92,736 0.11

90,000 Shanks 135,399 0.16

65,000 SIG 99,384 0.12

275,000 Speedy Hire 102,915 0.12

12,000 Tate & Lyle 80,835 0.10

4,500 Ultra Electronics 103,334 0.12

9,000 Victrex 148,063 0.18

12,373 Vitec 80,570 0.10

15,000 Wellstream 112,833 0.14

20,000 WH Smith 121,672 0.15

40,000 William Hill 101,852 0.12

275,000 Yell 102,792 0.12


3,800 AAR 64,562 0.08

2,200 AboveNet 104,060 0.12

2,900 Accretive Health 39,759 0.05

11,600 Aecom Technology 266,104 0.32

900 Affymax 5,463 0.01

5,100 Airgas 316,557 0.38

2,600 Alexion Pharmaceuticals 136,422 0.16

3,500 Alimera Sciences 26,705 0.03

3,700 Alphatec 17,686 0.02

8,500 Ambassadors 93,500 0.11

1,500 AMCOL International 35,745 0.04

39,300 Amdocs 1,061,493 1.27

1,600 Amedisys 71,424 0.09

2,200 American Greetings 42,922 0.05

2,600 AMERIGROUP 87,594 0.10

12,600 Anadigics 55,440 0.07

2,500 Apogee Enterprises 27,800 0.03

8,800 Arbitron 226,600 0.27

7,300 Ariba 117,457 0.14

4,400 Arkansas Best 90,728 0.11

1,600 ATC Technology 25,984 0.03

2,700 Atlas Air Worldwide 130,680 0.16

63,400 Atmel 314,464 0.38

1,800 Baldor Electric 64,818 0.08

4,100 Bank of Hawaii 199,998 0.24



MarketValueUSD

%Net

Assets


900 BorgWarner 33,741 0.04

600 Boston Beer 40,416 0.05

39,600 Brocade Communications Systems 208,296 0.25

8,900 Brookline Bancorp 77,608 0.09

3,800 Bruker 46,778 0.06

44,900 Burger King 768,688 0.92

10,600 Cabot 254,824 0.31

6,800 Cabot Microelectronics 238,340 0.29

500 Capella Education 39,890 0.05

2,500 CareFusion 57,125 0.07

7,200 Carter's 184,896 0.22

3,900 Centene 82,836 0.10

7,600 Central Garden and Pet 72,656 0.09

1,933 Cepheid 31,489 0.04

2,700 Childrens Place Retail Stores 117,936 0.14

27,800 Chimera Investment 101,748 0.12

17,600 China Security & Surveillance Technology 84,480 0.10

2,800 Cimarex Energy 200,732 0.24

7,100 Citrix Systems 304,235 0.36

7,459 Clear Channel Outdoor 68,175 0.08

14,300 Cleco 378,521 0.45

9,000 Comerica 335,250 0.40

2,900 Compass Diversified 38,657 0.05

4,600 comScore 76,544 0.09

4,800 Concho Resources/Midland 266,976 0.32

3,700 Cooper 148,111 0.18

8,300 Copart 300,709 0.36

9,100 Corrections Corp of America 174,993 0.21

24,800 Crown 613,800 0.74

9,100 Cullen/Frost Bankers 473,928 0.57

9,067 CVB Financial 86,862 0.10

10,500 DaVita 658,665 0.79

9,700 Deluxe 187,792 0.23

11,900 DENTSPLY International 357,952 0.43

14,900 DeVry 787,465 0.94

800 Diamond Foods 31,720 0.04

7,400 Dick's Sporting Goods 186,332 0.22

3,000 Digital Realty Trust 171,810 0.21

12,700 Digital River 311,658 0.37

5,800 Dover 243,078 0.29

1,000 DynaVox 17,240 0.02

13,600 Emdeon 170,000 0.20

11,700 Emergency Medical Services 596,583 0.72

9,100 Energen 402,584 0.48

3,400 EnPro Industries 97,376 0.12

2,700 ESCO Technologies 70,578 0.08

3,124 Euronet Worldwide 40,018 0.05

1,900 FEI 37,126 0.04

2,900 FTI Consulting 129,862 0.16

6,425 Furiex Pharmaceuticals 69,068 0.08

6,606 Gartner 155,703 0.19

4,300 Gen-Probe 197,499 0.24

7,900 Gentiva Health Services 220,094 0.26

6,400 Geo 132,608 0.16

2,600 Gleacher & Co. 7,020 0.01


2,000 GrafTech International 29,380 0.04

6,200 Graham Packaging 71,796 0.09

2,900 Granite Construction 69,803 0.08

2,200 Haemonetics 117,898 0.14

5,100 Hawaiian 26,673 0.03






MarketValueUSD

%Net

Assets


25,500 HCC Insurance 624,750 0.75

6,635 Health Care REIT 281,125 0.34

13,900 Health Management Associates 109,115 0.13

6,900 Healthcare Services 129,996 0.16

8,300 Helix Energy Solutions 91,632 0.11

3,800 Hewitt Associates 132,050 0.16

3,500 Hilltop 35,000 0.04

2,100 HMS 114,051 0.14

2,600 Hospira 148,824 0.18

1,860 Hudson Valley 44,398 0.05

17,106 IDEX 494,534 0.59

3,016 Informatica 72,987 0.09

8,200 Inspire Pharmaceuticals 42,476 0.05

43,800 Integrated Device Technology 224,256 0.27

19,400 Interpublic 141,038 0.17

7,200 Investment Technology 119,664 0.14

6,900 Investors Real Estate Trust 61,755 0.07

2,298 Kansas City Southern 85,371 0.10

2,300 Kaydon 76,429 0.09

4,800 Kenexa 57,648 0.07

15,900 Knight Capital 223,554 0.27

4,500 Lamar Advertising 112,275 0.13

4,000 LaSalle Hotel Properties 84,240 0.10

10,713 Lexicon Pharmaceuticals 12,963 0.02

8,900 Life Technologies 429,870 0.52


6,500 LifePoint Hospitals 206,440 0.25

2,800 Lithia Motors 17,220 0.02

7,500 LKQ 143,625 0.17

17,500 Masimo 414,225 0.50

1,800 MB Financial 33,570 0.04

11,600 Men's Wearhouse 212,860 0.26

3,600 Metals USA 54,396 0.07

3,400 Methode Electronics 33,252 0.04

31,900 MetroPCS Communications 263,813 0.32

1,600 Michael Baker 56,000 0.07

16,900 Molex 317,044 0.38

29,000 Monster Worldwide 351,190 0.42

3,700 Nash Finch 131,609 0.16

2,400 National Retail Properties 51,240 0.06

19,500 National Semiconductor 264,810 0.32

3,600 Navigant Consulting 38,556 0.05

20,000 NBTY 680,000 0.82

8,700 Nektar Therapeutics 102,225 0.12

7,400 Netscout Systems 104,340 0.12

25,900 NeuStar 540,533 0.65

7,400 NII 245,606 0.29

8,800 Northeast Utilities 224,664 0.27

4,500 NorthWestern 117,540 0.14

10,200 Ocwen Financial 103,632 0.12

5,100 Odyssey HealthCare 136,170 0.16

5,000 Old National Bancorp 52,900 0.06

4,300 Olin 79,722 0.10

30,000 Omnicare 715,500 0.86

4,600 Onyx Pharmaceuticals 99,820 0.12

7,400 Pactiv 204,610 0.25

25,427 Parametric Technology 407,341 0.49

2,900 Pebblebrook Hotel Trust 54,897 0.07

4,600 Penn Virginia 95,404 0.11

11,500 Penske Automotive 135,240 0.16

28,500 People's United Financial 385,605 0.46



MarketValueUSD

%Net

Assets



8,700 Pike Electric 81,084 0.10

6,426 Pinnacle Entertainment 63,553 0.08

2,100 Portfolio Recovery Associates 140,028 0.17

15,200 Portland General Electric 279,224 0.33

1,500 Primerica 32,625 0.04

2,100 Progress Software 63,630 0.08

7,600 PSS World Medical 162,564 0.19

21,200 QLogic 359,552 0.43

7,500 Quanta Services 156,750 0.19

5,600 Redwood Trust 84,840 0.10

14,836 Reinsurance Group of America 689,132 0.83


11,300 Rent-A-Center 234,249 0.28

36,400 Republic Services 1,075,984 1.29

1,500 Rofin-Sinar Technologies 31,440 0.04

8,300 Ross Stores 443,220 0.53

7,100 Rovi 268,593 0.32

3,500 Royal Gold 170,100 0.20

6,300 Ryder System 254,331 0.31

15,100 SAIC 253,982 0.30

4,100 Sanderson Farms 210,207 0.25

2,200 Scansource 55,924 0.07

33,606 Scientific Games 317,913 0.38

3,900 Seattle Genetics 47,073 0.06

6,300 Silgan 178,353 0.21

2,400 Simmons First National 63,360 0.08

12,176 SM Energy 491,910 0.59

5,816 SonicWALL 67,931 0.08

4,000 Sonoco Products 123,840 0.15

2,800 Standard Microsystems 63,728 0.08

5,568 Standard Parking 87,195 0.10

28,300 Steelcase 219,325 0.26

3,900 STR Holdings 74,724 0.09

8,400 Sun Healthcare 68,460 0.08

6,400 Superior Energy Services 119,040 0.14

4,700 Syniverse 93,812 0.11

7,300 Tanger Factory Outlet Centers 304,775 0.37

6,300 Team Health 83,034 0.10

800 Techne 46,544 0.06

4,600 Tekelec 60,306 0.07

34,900 Tellabs 227,897 0.27

2,900 Texas Capital Bancshares 49,561 0.06

12,100 TIBCO Software 145,079 0.17

961 Towers Watson & Co. 37,710 0.05

5,900 TriQuint Semiconductor 35,695 0.04

1,700 Tutor Perini 28,254 0.03

3,600 tw telecom 59,616 0.07

3,200 Unisource Energy 96,960 0.12

600 United Natural Foods 18,150 0.02

30,300 VeriSign 809,010 0.97

8,400 Verisk Analytics 249,480 0.30

3,900 Vivus 38,064 0.05

2,000 Volcano 44,200 0.05

34,500 W.R. Berkley 914,250 1.10

3,500 Wabtec 140,280 0.17

7,503 Waste Connections 260,879 0.31

5,300 Wausau Paper 37,047 0.04

8,600 Websense 167,700 0.20

6,000 West Pharmaceutical Services 217,920 0.26

6,395 Westamerica Bancorporation 341,109 0.41






MarketValueUSD

%Net

Assets


4,700 Westar Energy 102,648 0.12

2,100 World Acceptance 83,790 0.10






MarketValueUSD

%Net

Assets


14,356 iShares Russell 2000 Index Fund 887,631 1.06

4,000 iShares Russell Midcap Index Fund 325,480 0.39





MarketValueUSD

%Net

Assets

Canada 47,165 0.06

21,200 Ram Power 47,165 0.06

France 508 -

4,288 Carrere 508 -





Net Asset Value 83,378,065 100.00

Schroder ISF Greater China



MarketValueUSD

%Net

Assets

Australia 2,245,179 0.16

969,880 Incitec Pivot 2,245,179 0.16

China 499,591,565 35.74

1,314,300 AirMedia ADR 4,337,190 0.31

2,352,000 Anhui Conch Cement 'H' 6,918,536 0.49

12,294,000 Beijing Jingkelong 'H' 14,212,717 1.02



6,871,500 China COSCO 'H' 7,087,752 0.51

5,926,000 China Foods 3,486,330 0.25


12,518,382 0.90



8,341,000 China Longyuan Power 'H' 7,746,362 0.55


3,535,500 China Merchants Bank 'H' 8,583,295 0.61


13,121,000 China Shipping Container Lines 'H' 4,719,178 0.34

15,402,000 China Telecom 'H' 7,438,859 0.53


21,034,000 Chongqing Machinery & Electric 'H' 5,079,502 0.36

17,176,623 Guangdong Electric Power Development 9,068,198 0.65

8,173,714 Hangzhou Steam Turbine 12,273,695 0.88

16,216,000 Huadian Power International 'H' 3,957,662 0.28

2,267,998 Huangshan Tourism Development 2,791,906 0.20



212,000 Mindray Medical International ADR 6,584,720 0.47

57,782,000 PCD Stores 18,184,444 1.30

29,238,000 PetroChina 'H' 32,937,349 2.36


10,671,000 Sany Heavy Equipment International 11,952,617 0.85

32,896,000 Semiconductor ManufacturingInternational

2,662,104 0.19

850,400 Shanda Games ADR 5,051,376 0.36


23,938,000 Shenguan 21,462,716 1.53

202,700 Sina 7,084,365 0.51

1,190,500 Suntech Power ADR 10,881,170 0.78

1,267,100 Tencent 21,240,405 1.52

1,997,000 Zhuzhou CSR Times Electric 'H' 4,268,475 0.31

27,772,000 Zijin Mining 20,904,807 1.50

Hong Kong SAR 482,835,292 34.54



13,707,000 BOC Hong Kong 31,445,988 2.25

21,046,000 Chen Hsong 8,137,246 0.58

1,946,000 Cheung Kong 22,597,097 1.62

11,745,000 China High Precision Automation 6,819,191 0.49

9,154,500 China Mobile 91,956,570 6.58

16,187,000 China Shanshui Cement 7,256,600 0.52


20,656,000 China Ting 3,077,837 0.22

6,430,000 Chow Sang Sang 10,968,581 0.78

686,000 CLP 4,974,271 0.36

20,415,000 CNOOC 35,087,052 2.51

7,000,000 Dynasty Fine Wines 2,877,328 0.21

1,590,000 Hongkong Land 7,918,200 0.57

1,234,000 Hopewell 3,503,070 0.25

888,000 HSBC 8,286,859 0.59




Schroder ISF Greater China (cont)



MarketValueUSD

%Net

Assets

Hong Kong SAR (cont)



19,517,777 Kingway Brewery 4,161,787 0.30

7,800,000 Kunlun Energy 9,959,152 0.71


3,113,500 Link REIT 7,758,754 0.56

19,936,500 Lung Kee (Bermuda) 9,936,239 0.71


7,780,000 Public Financial 4,067,386 0.29

1,591,000 Shanghai Industrial 6,366,044 0.46

7,672,000 Shangri-La Asia 14,269,821 1.02

18,296,000 Sinotrans Shipping 7,050,482 0.50

1,350,000 Sun Hung Kai Properties 18,624,277 1.33

2,249,000 Swire Pacific 25,711,111 1.84

636,000 Television Broadcasts 2,965,549 0.21

2,228,000 Wing Hang Bank 21,907,951 1.57

Singapore 11,556,207 0.83

13,580,000 China Minzhong Food 11,556,207 0.83

Taiwan 309,066,182 22.11

7,269,000 Acer 17,023,631 1.22


9,834,000 AU Optronics 8,820,280 0.63








28,151,620 KGI Securities 11,046,727 0.79

7,332,577 LES Enphants 7,501,562 0.54

4,812,834 Pegatron 4,504,069 0.32

12,000,000 President Securities 5,942,074 0.43


3,400,611 Taiwan Mobile 6,957,961 0.50


4,343,811 Test Research 6,155,198 0.44

10,396,000 Uni-President China 5,942,479 0.43

4,439,636 Uni-President Enterprises 4,922,175 0.35


226,800 AsiaInfo 4,917,024 0.35

169,500 Sohu.com 6,929,160 0.50





Other Transferable Securities not dealton Another Regulated Market

MarketValueUSD

%Net

Assets


8,654,000 Fubon Bank Preference 940,126 0.07


on Another Regulated Market 940,126 0.07

Schroder ISF Greater China (cont)


MarketValueUSD

%Net

Assets

China 28,526,600 2.04


7,725,460 0.55


5,647,026 0.40

3,685,700 China Life Insurance Warrants 08/09/2014 13,342,234 0.96

262,500 Ping An Insurance Co of China Warrants05/05/2014

1,811,880 0.13




Net Asset Value 1,397,798,250 100.00




Schroder ISF Hong Kong Equity



MarketValueHKD

%Net

Assets

China 714,910,880 13.29



80,316,000 1.49


751,400 China Pacific Insurance 'H' 23,406,110 0.44

101,200 Ctrip.com International ADR 29,630,738 0.55

177,000 E-House China ADR 20,434,924 0.38

234,800 Mindray Medical International ADR 56,775,133 1.06



437,200 Tencent 57,054,600 1.06

Hong Kong SAR 4,351,240,189 80.91




7,931,500 BOC Hong Kong 141,656,590 2.63

5,873,000 Cathay Pacific Airways 91,031,500 1.69

16,982,000 Chen Hsong 51,115,820 0.95

379,000 Cheung Kong 34,261,600 0.64

2,266,500 China Mobile 177,240,300 3.30



5,784,000 CNOOC 77,389,920 1.44

5,880,800 Dah Sing Banking 58,631,576 1.09

924,801 Esprit 39,257,803 0.73

20,324,400 First Pacific 107,719,320 2.00


908,000 Guoco 69,008,000 1.28

5,180,000 Hang Lung 219,114,000 4.08

4,064,000 Hongkong Land 157,558,435 2.93

3,604,332 HSBC 261,854,720 4.87

4,322,000 Hutchison Whampoa 208,752,600 3.88

46,725,000 Inspur International 32,707,500 0.61




6,278,000 Kunlun Energy 62,403,320 1.16

5,807,500 Link REIT 112,665,500 2.10


3,102,000 Mandarin Oriental International 34,291,679 0.64

6,823,500 Parkson Retail 90,479,610 1.68


12,478,000 Public Financial 50,785,460 0.95

5,822,000 Shangri-La Asia 84,302,560 1.57


1,904,000 Sun Hung Kai Properties 204,489,600 3.80

1,871,500 Swire Pacific 166,563,500 3.10

6,009,500 Swire Pacific 'B' 100,118,270 1.86

17,238,500 Techtronic Industries 106,016,775 1.97

982,000 Television Broadcasts 35,646,600 0.66

8,702,000 Texwinca 66,135,200 1.23

788,000 Wing Hang Bank 60,321,400 1.12

Singapore 107,892,259 2.01

5,324,000 CapitaRetail China Trust 36,752,504 0.69

7,472,898 Noble 71,139,755 1.32


68,100 New Oriental Education & TechnologyADR

50,349,153 0.94

Schroder ISF Hong Kong Equity (cont)



MarketValueHKD

%Net

Assets






Net Asset Value 5,377,759,547 100.00




Schroder ISF Indian Equity



MarketValueUSD

%Net

Assets

India 118,450,305 94.46

556,654 Adani Power 1,522,124 1.21

453,591 Anant Raj Industries 1,142,645 0.91

516,680 Apollo Tyres 721,984 0.58

920,237 Ashok Leyland 1,261,128 1.01

24,660 Asian Paints 1,222,142 0.97

64,575 Aurobindo Pharma 1,265,500 1.01

127,391 Axis Bank 3,407,699 2.72


495,130 Cairn India 3,238,147 2.58

277,231 Cipla 2,020,512 1.61

265,431 Dabur India 1,203,569 0.96

55,915 Dr Reddy’s Laboratories 1,747,156 1.39

222,104 GAIL India 2,234,669 1.78

231,027 Glenmark Pharmaceuticals 1,345,025 1.07

155,467 Great Eastern Shipping 980,100 0.78

1,753,228 GVK Power & Infrastructure 1,670,370 1.33

168,855 HDFC Bank 6,976,698 5.56

49,245 Hindustan Petroleum 497,804 0.40

70,860 Housing Development Finance 4,491,894 3.58

477,403 ICICI Bank 8,857,319 7.06


168,429 Infrastructure Development Finance 649,854 0.52

421,322 ITC 2,770,865 2.21

680,429 Jaiprakash Associates 1,883,284 1.50

72,497 Jindal Steel & Power 974,795 0.78

270,952 KSK Energy Ventures 992,334 0.79

941,733 Lanco Infratech 1,358,512 1.08

107,224 Larsen & Toubro 4,176,184 3.33

225,468 Mahindra & Mahindra 3,045,481 2.43

21,050 Maruti Suzuki India 645,278 0.51

38,621 McNally Bharat Engineering 236,158 0.19

176,502 Nagarjuna Construction 716,155 0.57

81,960 Network 18 Media & Investments 289,141 0.23

157,031 NIIT Technologies 577,815 0.46

660,514 NTPC 2,838,596 2.26

155,055 Oil & Natural Gas 4,409,444 3.52

134,298 Power Finance 867,898 0.69



236,551 Rural Electrification 1,551,117 1.25

1,104,904 Shree Renuka Sugars 1,614,119 1.29

174,357 Sobha Developers 1,085,484 0.87

938,328 Sterlite Industries India 3,432,488 2.74

144,223 Tata Consultancy Services 2,332,037 1.86

46,609 Tata Power 1,312,970 1.05

219,382 Tata Steel 2,293,958 1.83

224,880 Union Bank of India 1,526,075 1.22

1,094,842 Unitech 1,752,643 1.40

359,161 Wipro 2,973,354 2.37






Net Asset Value 125,395,186 100.00

Schroder ISF Japanese Smaller Companies



MarketValueJPY

%Net

Assets

Japan 9,789,762,200 97.62

1,649 Accordia Golf 145,112,000 1.45

151,200 Arcs 180,986,400 1.81

136,800 Arnest One 123,940,800 1.24

119,000 Asahi Diamond Industrial 163,863,000 1.63

163,000 Asics 133,660,000 1.33

108,800 Daibiru 73,222,400 0.73

25,200 Doshisha 52,012,800 0.52

304,000 Dowa 131,328,000 1.31

517 EPS 116,376,700 1.16

101,000 Exedy 231,694,000 2.31

63,100 Ferrotec 52,183,700 0.52

98,400 Fuji Seal International 191,388,000 1.91

414,700 Fujikura Kasei 213,570,500 2.13

82,100 Fujimi 105,416,400 1.05

1,296,500 Haseko 92,051,500 0.92

36,200 HI-LEX 42,028,200 0.42

68,900 HIS 122,917,600 1.23

159,000 Hitachi Metals 144,372,000 1.44

192,300 Hitachi Transport System 249,797,700 2.49

162,300 Hulic 109,065,600 1.09

40,800 Icom 82,701,600 0.82

188,700 Innotech 97,369,200 0.97

9,600 Iriso Electronics 13,392,000 0.13

66,000 JCR Pharmaceuticals 79,860,000 0.80

82,600 JP 121,422,000 1.21

243,000 Keiyo Bank 112,995,000 1.13

51,600 Kintetsu World Express 115,635,600 1.15

58,300 Kissei Pharmaceutical 108,904,400 1.09


111,900 Kuroda Electric 130,027,800 1.30

54,200 Lintec 87,424,600 0.87

103,400 Meiko Electronics 196,356,600 1.96

60,000 Meitec 96,600,000 0.96

124,500 Mimasu Semiconductor Industry 130,227,000 1.30

144,000 Mitsui Home 61,344,000 0.61

135,200 Modec 166,431,200 1.66

103,800 Moshi Moshi Hotline 202,098,600 2.02

114,400 Musashi Seimitsu Industry 216,216,000 2.16

59,700 Musashino Bank 152,712,600 1.52

167,000 Nabtesco 230,293,000 2.30

37,600 Nafco 58,505,600 0.58

58,300 Nichiha 46,931,500 0.47

59,400 Nichi-iko Pharmaceutical 196,317,000 1.96

121,700 Nifco 224,901,600 2.24

70,000 Nihon Parkerizing 81,410,000 0.81

429,000 Nippon Thompson 259,974,000 2.59

117,100 Nishimatsuya Chain 96,373,300 0.96

61,400 Nishio Rent All 35,182,200 0.35

84,300 Nitta 120,717,600 1.20

109,100 Ohara 154,703,800 1.54

305,000 Okasan Securities 106,140,000 1.06

111,400 Onoken 87,003,400 0.87

58,800 OSAKA Titanium Technologies 203,742,000 2.03

35,250 Pal 111,037,500 1.11

50,200 Piolax 86,394,200 0.86

494,000 Press Kogyo 138,814,000 1.38

333 Prestige International 49,383,900 0.49

129,800 Relo 177,047,200 1.77

22,400 Roland 23,900,800 0.24

321,500 Sankei Building 147,568,500 1.47

64,000 Sanwa 17,280,000 0.17




Schroder ISF Japanese SmallerCompanies (cont)Number of sharesor PrincipalAmount


MarketValueJPY

%Net

Assets

Japan (cont)

598,000 Sanyo Special Steel 240,994,000 2.40

130,500 Shinko Plantech 103,225,500 1.03

3,535 SHIP HEALTHCARE 224,472,500 2.24

185,900 Sumida 165,636,900 1.65

47,600 T&K Toka 49,599,200 0.49

80,900 THK 150,554,900 1.50


49,100 Tokyu Community 116,023,300 1.16

48,500 Trancom 68,967,000 0.69

71,700 Trusco Nakayama 98,659,200 0.98

62,800 Tsuruha 197,820,000 1.97

16,700 Union Tool 37,742,000 0.38

285 Village Vanguard 113,715,000 1.13

3,854 Works Applications 153,967,300 1.54

68,600 Yushin Precision Equipment 109,348,400 1.09

123,900 Zuken 80,039,400 0.80






Net Asset Value 10,028,398,638 100.00

Schroder ISF Korean Equity



MarketValueUSD

%Net

Assets

South Korea 36,234,183 98.14

700 Amorepacific 598,178 1.62

2,150 Cheil Industries 166,606 0.45

32,350 Cheil Worldwide 341,239 0.92

12,697 Daelim Industrial 663,929 1.80

21,460 Daewoo Securities 356,727 0.97

8,330 Daum Communications 578,491 1.57

3,250 Dong-A Pharmaceutical 328,148 0.89

9,347 Doosan Heavy Industries andConstruction

580,063 1.57

32,240 Doosan Infracore 508,133 1.38

11,163 GS Engineering & Construction 687,264 1.86

46,370 Hana Financial 1,250,414 3.39

6,000 Hanmi Pharm 424,561 1.15

43,750 Hynix Semiconductor 899,637 2.44

7,810 Hyundai Department Store 753,304 2.04

19,070 Hyundai Engineering & Construction 887,596 2.40

49,180 Hyundai Greenfood 382,717 1.04

5,496 Hyundai Heavy Industries 1,060,220 2.87

7,746 Hyundai Mobis 1,316,222 3.57

14,146 Hyundai Motor 1,677,965 4.54

5,060 Hyundai Steel 375,492 1.02

37,473 KB Financial 1,461,146 3.96

1,250 KCC 304,240 0.82


38,500 Korea Exchange Bank 398,211 1.08

60,860 Korea Life Insurance 428,648 1.16

3,170 Korean Air Lines 213,380 0.58

39,300 KT 1,456,571 3.94

4,780 LG Chem 1,214,423 3.29

30,050 LG Display 1,011,369 2.74

9,290 LG Electronics 716,845 1.94

2,679 LG Household & Health Care 765,303 2.07

3,488 LG Innotek 465,277 1.26

5,000 Mirae Asset Securities 221,638 0.60

7,483 Modetour Network 218,679 0.59

5,346 NHN 805,279 2.18

2,240 Orion 677,590 1.84

5,630 POSCO 2,155,964 5.84

8,015 Samsung Electro-Mechanics 1,016,514 2.75


2,500 Samsung Fire & Marine Insurance 401,207 1.09

5,100 Samsung Life Insurance 433,303 1.17

2,204 Samsung SDI 312,996 0.85

17,650 Shinhan Financial 661,404 1.79

1,490 Shinsegae 649,475 1.76

8,880 SK Energy 801,839 2.17

4,500 Taewoong 205,385 0.56

23,620 Woongjin Coway 796,899 2.16






Net Asset Value 36,922,173 100.00




Schroder ISF Latin American



MarketValueUSD

%Net

Assets

Brazil 817,165,243 67.51

1,572,721 Banco Bradesco ADR 25,226,445 2.08

2,494,982 Banco Santander Brasil ADR 26,272,160 2.17

7,624,973 BM&FBovespa 50,662,572 4.19

1,304,654 BR Malls Participações 17,658,069 1.46

1,293,839 Bradespar Preference 24,205,210 2.00

1,598,600 BRF - Brasil Foods 22,620,011 1.87

1,429,392 BRF - Brasil Foods ADR 20,197,309 1.67

404,200 Companhia Brasileira de DistribuicaoGrupo Pao de Acucar ADR

28,201,034 2.33

42,230 Companhia de Bebidas das Americas 3,760,548 0.31


10,990,195 0.91

118 Companhia de Bebidas das AmericasPreference

12,176 -

15,450 Companhia de Bebidas das AmericasPreference (United States)

1,611,449 0.13

971,895 Companhia de Concessoes Rodoviarias 20,057,565 1.66

469,697 Companhia Energetica de Minas Gerais 5,088,384 0.42

71,287 Companhia Energetica de Minas GeraisADR

1,046,493 0.09

498,534 Companhia Siderurgica Nacional ADR 7,253,670 0.60

1,907,200 Duratex 17,813,333 1.47


16,363,855 1.35

1,847,279 Gerdau ADR 24,180,882 2.00

31,508 Investimentos Itau Preference 196,837 0.02

4,888,410 Investimentos Itau Preference (Sao Paulo) 30,074,111 2.49

1,154,500 Iochpe Maxion 10,783,082 0.89


2,419,091 Itau Unibanco Preference 44,769,419 3.70

1,011,800 Localiza Rent a Car 11,883,557 0.98

987,400 Metalurgica Gerdau Preference 16,567,114 1.37

2,684,700 OGX Petroleo e Gas Participações 25,540,686 2.11

2,917,641 PDG Realty SA Empreendimentos eParticipações

24,966,391 2.06

1,158,361 Petroleo Brasileiro ADR 39,615,946 3.27


909,717 Suzano Papel e Celulose Preference 8,013,447 0.66

689,518 Tam ADR 9,494,663 0.79

249,848 Ultrapar Participações Preference 12,129,086 1.00

167,315 Usinas Siderurgicas de Minas Gerais 4,649,822 0.38

457,327 Usinas Siderurgicas de Minas GeraisPreference

12,712,054 1.05

1,921,683 Vale ADR 47,869,124 3.95


1,044,181 Vivo Participações ADR 27,159,148 2.24

Chile 75,029,874 6.20

131,471 Banco Santander Chile ADR 8,872,978 0.73

114,698 CAP 3,556,259 0.29

2,890,755 Cencosud SA NPV 12,946,421 1.07

4,333,198 Empresa Nacional de Electricidad 6,763,306 0.56

132,700 Empresa Nacional de Electricidad ADR 6,189,128 0.51

905,922 Empresas COPEC 14,198,628 1.17

499,700 Lan Airlines ADR 9,249,447 0.77

1,377,824 SACI Falabella 8,929,099 0.74

131,527 Sociedad Quimica y Minera de Chile ADR 4,324,608 0.36

Colombia 17,705,076 1.46

354,669 BanColombia ADR 17,705,076 1.46

Mexico 272,462,239 22.51

2,325,875 America Movil ADR 112,851,455 9.32

3,786,276 Bolsa Mexicana de Valores 6,063,929 0.50

Schroder ISF Latin American (cont)



MarketValueUSD

%Net

Assets

Mexico (cont)

1,384,845 Cemex ADR 13,488,390 1.11

2,185,388 Corp Moctezuma 5,086,921 0.42

520,820 Fomento Economico Mexicano ADR 22,978,578 1.90

1,281,621 Grupo Bimbo 9,444,887 0.78

6,968,468 Grupo Financiero Banorte 27,326,688 2.26

10,589,750 Grupo Mexico 25,366,002 2.10

1,191,651 Grupo Modelo 5,832,952 0.48

400,120 Grupo Televisa ADR 7,078,123 0.59

29 Teléfonos de Mexico ADR 407 -

5,867,444 Urbi Desarrollos Urbanos 10,989,055 0.91

11,309,088 Wal-Mart de Mexico 25,954,852 2.14

Peru 43,819,966 3.63

590,489 Companhia de Minas Buenaventura ADR 22,958,212 1.90

771,800 Southern Copper 20,861,754 1.73






Net Asset Value 1,210,378,001 100.00




Schroder ISF Middle East



MarketValueUSD

%Net

Assets

Egypt 18,840,704 9.84

473,005 Commercial International Bank Egypt 5,609,461 2.93

572,230 Egyptian Financial Group-Hermes 2,933,482 1.53

413,153 National Societe Generale Bank 2,310,204 1.21


40,768 Orascom Construction Industries GDR 1,598,106 0.84

4,553,061 Orascom Telecom 3,980,731 2.08

615,014 Talaat Moustafa 792,522 0.41

Kuwait 25,181,031 13.15

1,910,000 Burgan Bank 2,065,822 1.08

680,799 Kuwait Finance House 2,290,836 1.20

776,697 Kuwait Projects 866,730 0.45

1,377,597 Mabanee 2,790,764 1.46

1,876,515 Mobile Telecommunications 7,216,374 3.77

2,130,332 National Bank of Kuwait 8,485,047 4.43

242,500 National Mobile Telecommunication 1,465,458 0.76

Lebanon 3,930,580 2.05

87,243 Banque Audi sal- Audi Saradar 711,030 0.37

18,056 BLOM Bank SAL GDR 1,579,900 0.82

72,744 Solidere 1,639,650 0.86

Oman 6,180,278 3.24

376,292 Bank Dhofar 596,280 0.32

2,717,522 Bank Muscat 5,583,998 2.92

Qatar 18,681,710 9.77

233,118 Commercial Bank of Qatar 4,257,366 2.22

113,210 Industries Qatar 3,015,783 1.58

57,737 Qatar Electricity & Water 1,645,868 0.86

165,692 Qatar National Bank 6,124,775 3.20

62,821 Qatar Navigation 1,388,815 0.73

50,151 Qatar Telecom Q-Tel 2,249,103 1.18

Saudi Arabia 36,508,484 19.07

USD 176,196 Credit Suisse International 22/12/2010 - AlRajhi Bank

3,535,101 1.85

USD 23,621 Credit Suisse International 22/12/2010 -Almarai

1,201,425 0.63

USD 47,381 Credit Suisse International 22/12/2010 -Saudi Arabian Mining

221,076 0.11

USD 327,806 Credit Suisse International 22/12/2010 -Saudi Basic Industries

7,494,631 3.91

USD 203,613 Credit Suisse International 22/12/2010 -Yanbu National Petrochemical

2,068,545 1.08

USD 119,434 Credit Suisse International 19/01/2011 -Etihad Etisalat

1,525,447 0.80

USD 12,350,600 Credit Suisse International 02/02/2011 -Rabigh Refining and Petroche

902,345 0.47

USD 15,893 Credit Suisse International 16/02/2011 -Samba Financial

241,535 0.13

USD 174,178 Credit Suisse International 25/05/2011 -Sahara Petrochemical

893,971 0.47

USD 13,925 HSBC Bank 05/09/2011 - Al Rajhi Bank 279,870 0.14

USD 182,499 HSBC Bank 05/09/2011 - FawazAbdulaziz Alhokair

2,007,325 1.05

USD 536,826 HSBC Bank 05/09/2011 - Saudi ArabianMining

2,508,561 1.31

USD 178,202 HSBC Bank 05/09/2011 - SambaFinancial

2,714,391 1.42

USD 146,463 HSBC Bank 22/08/2011 - Saudi BasicIndustries

3,334,208 1.74

USD 14,604 HSBC Bank 07/11/2011 - Almarai 742,311 0.39

USD 100,505 HSBC Bank 11/11/2011 - Yanbu NationalPetrochemical

1,017,030 0.53

USD 156,251 HSBC Bank 23/01/2012 - Etihad Etisalat 1,997,771 1.04

Schroder ISF Middle East (cont)



MarketValueUSD

%Net

Assets

Saudi Arabia (cont)

USD 436,192 HSBC Bank 02/11/2012 - SaharaPetrochemical

2,241,852 1.17

USD 135,167 HSBC Bank 28/01/2013 - Zamil IndustrialInvestment

1,581,089 0.83

Turkey 61,165,565 31.95


917,828 Haci Omer Sabanci 3,885,907 2.03

966,125 TAV Havalimanlari 3,418,831 1.79







340,592 Ulker Gida Sanayive Ticaret 929,768 0.49

United Arab Emirates 19,340,516 10.10

762,788 Aldar Properties 573,197 0.30

4,613,050 Depa 3,459,787 1.81

12,340,170 DP World 5,429,675 2.84

9,038,559 Emaar Properties 7,530,287 3.93

574,826 First Gulf Bank 2,347,570 1.22






Net Asset Value 191,421,424 100.00




Schroder ISF Swiss Equity Opportunities



MarketValueCHF

%Net

Assets

Israel 3,994,606 6.51

326,378 Oridion Systems 3,045,107 4.96

139,735 SHL TeleMedicine 949,499 1.55

Liechtenstein 1,423,964 2.32

11,230 Verwaltungs- und Privat-Bank 1,423,964 2.32

Switzerland 54,420,456 88.75


18,300 Actelion Registered 738,222 1.20

21,000 Adecco Registered 1,079,400 1.76

600,000 Airesis Registered 996,000 1.62


30,000 Aryzta 1,245,000 2.03


564 Belimo Registered 733,200 1.20

10,200 Bucher Industries Registered 1,195,440 1.95


104,400 GAM 1,231,920 2.01

31,400 Gategroup 1,058,180 1.73

76,650 Genolier Swiss Medical Network 1,418,025 2.31

2,100 Helvetia Registered 601,650 0.98

33,800 Holcim Registered 2,453,880 4.00


450 Metall Zug Registered 1,249,650 2.04



9,700 Partners Group 1,261,970 2.06

48,715 Private Equity 1,792,712 2.92

23,750 Roche 3,536,375 5.77


800 Sika 1,520,800 2.48

30,000 Swissquote Registered 1,275,000 2.08




155,600 UBS Registered 2,249,976 3.67









Net Asset Value 61,325,156 100.00

Schroder ISF Swiss Small & Mid CapEquityNumber of sharesor PrincipalAmount


MarketValueCHF

%Net

Assets

Austria 3,486,600 2.73

93,600 Austriamicrosystems 3,486,600 2.73

Israel 3,384,308 2.65

362,734 Oridion Systems 3,384,308 2.65

Italy 220,201 0.17

33,825 Newron Pharmaceuticals 220,201 0.17

Liechtenstein 3,322,160 2.61

26,200 Verwaltungs- und Privat-Bank 3,322,160 2.61

Switzerland 115,011,613 90.18


36,028 Advanced Digital Broadcast Registered 1,251,973 0.98

405,607 Airesis Registered 673,308 0.53


133,328 Aryzta 5,533,112 4.34

154,200 Ascom Registered 1,480,320 1.16

8,986 Banque Cantonale Vaudoise Registered 4,016,742 3.15


890 Belimo Registered 1,157,000 0.91

29,002 Bucher Industries Registered 3,399,034 2.66

9,280 Crealogix Registered 546,360 0.43

35,401 Daetwyler 2,301,065 1.80

59,841 Day Software Registered 5,236,088 4.11

73,755 EFG International Registered 958,815 0.75


387,000 GAM 4,566,600 3.58

94,863 Gategroup 3,196,883 2.51

20,600 Geberit Registered 3,440,200 2.70

62,083 Goldbach Media 2,172,905 1.70


3,857 Huegli 2,339,270 1.83

22,046 Inficon Registered 3,079,826 2.41

70,000 Kudelski 2,054,500 1.61

355 Lindt & Sprüngli 'PC' 818,275 0.64


29,600 Looser 1,716,800 1.35

963 Metall Zug Registered 2,674,251 2.10

56,769 Newave Energy 2,497,836 1.96

29,693 Partners Group 3,863,059 3.03

13,296 Private Equity 489,293 0.38

10,051 Raetia Energie Preference 3,035,402 2.38

620 Romande Energie 1,041,600 0.82

7,358 Santhera Pharmaceutical Registered 62,396 0.05

36,350 Schindler 3,342,382 2.62


3,288 Sika 6,250,488 4.90

16,900 Sulzer Registered 1,735,630 1.36

32,500 Swissquote Registered 1,381,250 1.08



10,293 VZ 901,667 0.71


2,001 Zehnder 3,231,615 2.53







Schroder ISF Swiss Small & Mid CapEquity (cont)Number of sharesor PrincipalAmount


MarketValueCHF

%Net

Assets



Net Asset Value 127,544,110 100.00

Schroder ISF Taiwanese Equity



MarketValueUSD

%Net

Assets

Taiwan 203,398,454 96.59

3,176,880 Acer 7,440,093 3.53


5,762,305 AU Optronics 5,168,308 2.45


1,143,000 Advantech 2,352,921 1.12

2,056,844 Awea Mechantronic 2,446,946 1.16

1,826,771 China Steel Chemical 5,347,757 2.54

857,000 Chipbond Technology 1,281,096 0.61

1,104,913 Chroma ATE 2,136,876 1.01

1,453,000 Compal Electronics 1,748,940 0.83

2,261,000 Formosa Advanced Technologies 2,989,083 1.42

4,030,660 Formosa Plastics 8,535,811 4.05

1,980,000 Kinsus Interconnect Technology 3,841,607 1.82

72,080 Largan Precision 1,158,308 0.55

4,142,807 LES Enphants 4,238,281 2.01

3,324,000 Mega Financial 1,790,881 0.85

6,485,000 Nien Hsing Textile 3,534,335 1.68

5,364,055 Polaris Securities 2,363,793 1.12

8,956,544 President Securities 4,435,037 2.11

439,000 Realtek Semiconductor 972,062 0.46

3,243,000 Synnex Technology International 7,079,860 3.36

1,269,000 Taiwan Cement 1,078,907 0.51

1,603,000 Taiwan Chi Cheng Enterprise 1,043,373 0.50

2,743,000 Taiwan Glass Industrial 2,528,583 1.20

3,293,772 Test Research 4,667,288 2.22

1,693,544 Tripod Technology 6,329,034 3.01

4,835,587 Uni-President Enterprises 5,361,162 2.55

3,731,000 Wan Hai Lines 2,312,267 1.10





12,551,868 Far Eastern International Bank 4,026,292 1.91


4,086,199 Far EasTone Telecommunications 5,052,074 2.40

688,400 Giant Manufacturing 2,101,003 1.00


6,592,900 KGI Securities 2,587,061 1.23

1,607,642 Pegatron 1,504,505 0.72

729,000 Powertech Technology 2,045,559 0.97


1,998,978 Taiwan Mobile 4,090,092 1.94


2,977,000 Tingyi Cayman Islands 3,625,061 1.72






Net Asset Value 210,581,749 100.00







MarketValueUSD

%Net

Assets

Canada 45,624,653 2.28

317,200 Magna International 20,427,680 1.02

254,500 Pan American Silver 6,589,005 0.33

634,153 Sino-Forest 9,179,399 0.46

913,621 Yamana Gold 9,428,569 0.47

United States of America 1,715,518,428 85.63

678,200 Aecom Technology 15,557,908 0.78

242,800 Airgas 15,070,596 0.75

123,300 Alexion Pharmaceuticals 6,469,551 0.32

2,136,900 Amdocs 57,717,669 2.88

2,894,600 Atmel 14,357,216 0.72

207,800 Bank of Hawaii 10,136,484 0.51

2,240,400 Brocade Communications Systems 11,784,504 0.59

2,370,400 Burger King 40,581,248 2.03

436,200 Cabot 10,486,248 0.52

339,600 Cabot Microelectronics 11,902,980 0.59

151,000 CareFusion 3,450,350 0.17

391,700 Carter's 10,058,856 0.50

1,928,600 Chimera Investment 7,058,676 0.35

164,500 Cimarex Energy 11,793,005 0.59

416,300 Citrix Systems 17,838,455 0.89

523,600 Cleco 13,859,692 0.69

681,600 Comerica 25,389,600 1.27

282,400 Concho Resources/Midland 15,707,088 0.78

653,100 Copart 23,661,813 1.18

556,100 Corrections of America 10,693,803 0.53

1,874,400 Crown 46,391,400 2.32

551,100 Cullen/Frost Bankers 28,701,288 1.43

590,900 DaVita 37,067,157 1.85

514,300 Deluxe 9,956,848 0.50

788,900 DENTSPLY International 23,730,112 1.19

845,200 DeVry 44,668,820 2.23

377,300 Dick's Sporting Goods 9,500,414 0.47

172,900 Digital Realty Trust 9,901,983 0.49

582,700 Digital River 14,299,458 0.71

400,300 Dover 16,776,573 0.84

654,100 Emdeon 8,176,250 0.41

526,800 Emergency Medical Services 26,861,532 1.34

530,500 Energen 23,469,320 1.17

393,098 Furiex Pharmaceuticals 4,225,803 0.21

198,700 Gen-Probe 9,126,291 0.46

480,400 Gentiva Health Services 13,383,944 0.67

255,000 Global Payments 9,480,900 0.47

163,800 Granite Construction 3,942,666 0.20

1,529,600 HCC Insurance 37,475,200 1.87

310,600 Health Care REIT 13,160,122 0.66

595,400 Health Management Associates 4,673,890 0.23

229,000 Hewitt Associates 7,957,750 0.40

182,400 Hospira 10,440,576 0.52

678,200 IDEX 19,606,762 0.98

2,487,000 Integrated Device Technology 12,733,440 0.64

1,289,000 Interpublic 9,371,030 0.47

443,900 Investment Technology 7,377,618 0.37

192,800 Kaydon 6,406,744 0.32

722,400 Knight Capital 10,156,944 0.51

205,200 Lamar Advertising 5,119,740 0.26

215,300 LaSalle Hotel Properties 4,534,218 0.23

899,700 Lazard 24,723,756 1.23

474,300 Life Technologies 22,908,690 1.14

683,900 Life Time Fitness 22,055,775 1.10

445,200 LifePoint Hospitals 14,139,552 0.71

Schroder ISF US Small & Mid-CapEquity (cont)Number of sharesor PrincipalAmount


MarketValueUSD

%Net

Assets


840,600 Masimo 19,897,002 0.99

418,900 Men's Wearhouse 7,686,815 0.38

1,847,800 MetroPCS Communications 15,281,306 0.76

949,600 Molex 17,814,496 0.89

1,313,700 Monster Worldwide 15,908,907 0.79

998,500 National Semiconductor 13,559,630 0.68

909,000 NBTY 30,906,000 1.54

470,700 Nektar Therapeutics 5,530,725 0.28

1,437,100 NeuStar 29,992,277 1.50

364,600 NII 12,101,074 0.60

407,900 Northeast Utilities 10,413,687 0.52

1,515,400 Omnicare 36,142,290 1.80

159,100 Onyx Pharmaceuticals 3,452,470 0.17

505,400 Pactiv 13,974,310 0.70

1,239,220 Parametric Technology 19,852,304 0.99

839,800 Penske Automotive 9,876,048 0.49

1,862,300 People's United Financial 25,196,919 1.26

1,245,300 Pharmaceutical Product Development 31,780,056 1.59

120,100 Portfolio Recovery Associates 8,008,268 0.40

1,110,400 Portland General Electric 20,398,048 1.02

848,500 QLogic 14,390,560 0.72

358,100 Quanta Services 7,484,290 0.37

662,800 Reinsurance Group of America 30,787,060 1.54

230,200 Reliance Steel & Aluminum 8,473,662 0.42

595,100 Rent-A-Center 12,336,423 0.62

2,164,750 Republic Services 63,990,010 3.19

487,900 Ross Stores 26,053,860 1.30

487,100 Rovi 18,426,993 0.92

113,000 Royal Gold 5,491,800 0.27

384,600 Ryder System 15,526,302 0.77

846,400 SAIC 14,236,448 0.71

1,424,000 Scientific Games 13,471,040 0.67

360,100 Silgan 10,194,431 0.51

436,300 SM Energy 17,626,520 0.88

1,654,500 Steelcase 12,822,375 0.64

393,300 Tanger Factory Outlet Centers 16,420,275 0.82

2,116,800 Tellabs 13,822,704 0.69

725,100 TIBCO Software 8,693,949 0.43

237,800 tw telecom 3,937,968 0.20

27,000 United Natural Foods 816,750 0.04

1,761,500 VeriSign 47,032,050 2.35

509,600 Verisk Analytics 15,135,120 0.76

2,090,400 W.R. Berkley 55,395,600 2.77

206,500 Wabtec 8,276,520 0.41

214,000 West Pharmaceutical Services 7,772,480 0.39

244,700 Westamerica Bancorporation 13,052,298 0.65






Net Asset Value 2,003,406,487 100.00




Schroder ISF US Smaller Companies



MarketValueUSD

%Net

Assets

Canada 16,378,035 2.12

340,100 IESI-BFC 6,791,797 0.88

166,400 PAN American Silver 4,308,096 0.56

1,133,600 Ram Power 2,521,973 0.32

127,411 Stantec 2,756,169 0.36

China 4,232,175 0.55

109,500 Home Inns & Hotels Management ADR 4,232,175 0.55


224,100 AAR 3,807,459 0.49

130,300 AboveNet 6,163,190 0.80

201,300 Accretive Health 2,759,823 0.36

52,800 Affymax 320,496 0.04

201,300 Alimera Sciences 1,535,919 0.20

218,600 Alphatec 1,044,908 0.14

459,000 Ambassadors 5,049,000 0.65

95,100 AMCOL International 2,266,233 0.29

102,800 Amedisys 4,588,992 0.59

138,500 American Greetings 2,702,135 0.35

155,600 AMERIGROUP 5,242,164 0.68

760,000 Anadigics 3,344,000 0.43

149,100 Apogee Enterprises 1,657,992 0.21

520,700 Arbitron 13,408,025 1.74

432,600 Ariba 6,960,534 0.90

259,300 Arkansas Best 5,346,766 0.69

94,600 ATC Technology 1,536,304 0.20

143,100 Atlas Air Worldwide 6,926,040 0.90

1,230,900 Atmel 6,105,264 0.79

105,600 Baldor Electric 3,802,656 0.49

51,600 BorgWarner 1,934,484 0.25

33,400 Boston Beer 2,249,824 0.29

531,000 Brookline Bancorp 4,630,320 0.60

239,000 Bruker 2,942,090 0.38

174,400 Cabot 4,192,576 0.54

31,800 Capella Education 2,537,004 0.33

242,400 Centene 5,148,576 0.67

402,600 Central Garden and Pet 3,848,856 0.50

115,200 Cepheid 1,876,608 0.24

158,000 Childrens Place Retail Stores 6,901,440 0.89

962,900 China Security & Surveillance Technology 4,621,920 0.60

419,381 Clear Channel Outdoor 3,833,142 0.50

327,200 Cleco 8,660,984 1.12

176,400 Compass Diversified 2,351,412 0.31

256,100 comScore 4,261,504 0.55

227,000 Cooper 9,086,810 1.18

541,670 CVB Financial 5,189,199 0.67

47,900 Diamond Foods 1,899,235 0.25

187,500 Digital River 4,601,250 0.60

57,500 DynaVox 991,300 0.13

154,000 Emergency Medical Services 7,852,460 1.02

208,600 EnPro Industries 5,974,304 0.77

160,100 ESCO Technologies 4,185,014 0.54

184,812 Euronet Worldwide 2,367,442 0.31

96,600 FEI 1,887,564 0.24

171,900 FTI Consulting 7,697,682 1.00

384,965 Gartner 9,073,625 1.18

400,000 Genpact 6,252,000 0.81

384,100 Geo 7,958,552 1.03

153,100 Gleacher & Co 413,370 0.05

117,200 GrafTech International 1,721,668 0.22

348,900 Graham Packaging 4,040,262 0.52

139,700 Haemonetics 7,486,523 0.97

Schroder ISF US Smaller Companies (cont)



MarketValueUSD

%Net

Assets


317,400 Hawaiian 1,660,002 0.22

91,681 Health Care REIT 3,884,524 0.50

240,300 Health Management Associates 1,886,355 0.24

433,000 Healthcare Services 8,157,720 1.06

488,100 Helix Energy Solutions 5,388,624 0.70

198,700 Hilltop 1,987,000 0.26

119,500 HMS 6,490,045 0.84

100,260 Hudson Valley 2,393,206 0.31

200,806 IDEX 5,805,302 0.75

179,239 Informatica 4,337,584 0.56

439,000 Inspire Pharmaceuticals 2,274,020 0.29

119,900 Investment Technology 1,992,738 0.26

326,400 Investors Real Estate Trust 2,921,280 0.38

128,050 Kansas City Southern 4,757,058 0.62

280,500 Kenexa 3,368,805 0.44

233,900 Knight Capital 3,288,634 0.43

56,800 Lamar Advertising 1,417,160 0.18

274,700 Lazard 7,548,756 0.98

599,903 Lexicon Pharmaceuticals 725,883 0.09

162,700 Lithia Motors 1,000,605 0.13

471,500 LKQ 9,029,225 1.17

235,700 Masimo 5,579,019 0.72

102,900 MB Financial 1,919,085 0.25

276,900 Men's Wearhouse 5,081,115 0.66

217,200 Metals USA 3,281,892 0.43

216,000 Methode Electronics 2,112,480 0.27

77,700 Michael Baker 2,719,500 0.35

234,100 Monster Worldwide 2,834,951 0.37

222,700 Nash Finch 7,921,439 1.03

145,500 National Retail Properties 3,106,425 0.40

218,100 Navigant Consulting 2,335,851 0.30

297,800 NBTY 10,125,200 1.31

371,600 Netscout Systems 5,239,560 0.68

283,100 NorthWestern 7,394,572 0.96

583,300 Ocwen Financial 5,926,328 0.77

436,200 Odyssey HealthCare 11,646,540 1.51

296,600 Old National Bancorp 3,138,028 0.41

259,000 Olin 4,801,860 0.62

288,100 Omnicare 6,871,185 0.89

72,200 Onyx Pharmaceuticals 1,566,740 0.20

435,352 Parametric Technology 6,974,339 0.90

151,800 Pebblebrook Hotel Trust 2,873,574 0.37

264,200 Penn Virginia 5,479,508 0.71

479,000 Pike Electric 4,464,280 0.58

389,087 Pinnacle Entertainment 3,848,070 0.50

90,500 Primerica 1,968,375 0.26

121,200 Progress Software 3,672,360 0.48

449,200 PSS World Medical 9,608,388 1.25

284,700 QLogic 4,828,512 0.63

330,700 Redwood Trust 5,010,105 0.65

226,554 Reinsurance Group of America 10,523,433 1.36

260,900 Rent-A-Center 5,408,457 0.70

88,500 Rofin-Sinar Technologies 1,854,960 0.24

63,600 Royal Gold 3,090,960 0.40

245,800 Sanderson Farms 12,602,166 1.63

131,000 Scansource 3,330,020 0.43

686,770 Scientific Games 6,496,844 0.84

191,800 Seattle Genetics 2,315,026 0.30

125,200 Simmons First National 3,305,280 0.43

289,936 SM Energy 11,713,414 1.52

324,500 SonicWALL 3,790,160 0.49




Schroder ISF US Smaller Companies (cont)



MarketValueUSD

%Net

Assets


239,000 Sonoco Products 7,399,440 0.96

173,400 Standard Microsystems 3,946,584 0.51

327,421 Standard Parking 5,127,413 0.66

305,300 STR 5,849,548 0.76

495,300 Sun Healthcare 4,036,695 0.52

378,300 Superior Energy Services 7,036,380 0.91

257,000 Syniverse 5,129,720 0.67

373,000 Team Health 4,916,140 0.64

43,600 Techne 2,536,648 0.33

280,100 Tekelec 3,672,111 0.48

173,700 Texas Capital Bancshares 2,968,533 0.39

54,235 Towers Watson & Co 2,128,181 0.28

331,700 TriQuint Semiconductor 2,006,785 0.26

99,500 Tutor Perini 1,653,690 0.21

236,700 Unisource Energy 7,172,010 0.93

231,700 Vivus 2,261,392 0.29

125,500 Volcano 2,773,550 0.36

444,478 Waste Connections 15,454,500 2.00

332,200 Wausau Paper 2,322,078 0.30

580,000 Websense 11,310,000 1.47

186,300 West Pharmaceutical Services 6,766,416 0.88

134,979 Westamerica Bancorporation 7,199,780 0.93

284,200 Westar Energy 6,206,928 0.80

129,200 World Acceptance 5,155,080 0.67






MarketValueUSD

%Net

Assets


282,400 iShares Russell 2000 Index Fund 17,460,792 2.27





Net Asset Value 771,733,330 100.00

Schroder ISF EURO Active Value



MarketValueEUR

%Net

Assets

Austria 262,555 0.21


Belgium 11,627,403 9.25

140,950 Arseus 1,298,150 1.03

67,890 Delhaize 4,053,712 3.23

10,433 D'ieteren 3,646,646 2.90

73,035 Omega Pharma 2,628,895 2.09

Finland 8,768,065 6.98

208,884 Neste Oil 2,500,341 1.99

273,932 Pohjola Bank 2,265,418 1.80

231,080 Sampo 4,002,306 3.19

France 40,863,404 32.52

84,580 Atos Origin 2,791,140 2.22

70,314 BNP Paribas 3,104,715 2.47

16,954 Bonduelle 1,264,599 1.01

98,716 Bourbon 3,285,268 2.61

16,427 Casino Guichard Perrachon 1,021,267 0.81

61,441 Companie Generale des EtablissementsMichelin

3,550,675 2.83

712,511 Natixis 2,541,527 2.02

41,262 Nexity 965,737 0.77

265,891 Rhodia 3,674,614 2.92

14,190 Sa des Ciments Vicat 777,612 0.62

109,223 Sanofi-Aventis 5,351,381 4.26

186,970 Total 6,869,278 5.47

157,559 Valeo 3,539,563 2.82

50,868 Wendel 2,126,028 1.69

Germany 27,275,721 21.71

55,798 Allianz 4,519,638 3.60

71,217 Aurubis 2,549,925 2.03

46,306 Bilfinger Berger 2,114,332 1.68

32,402 Continental 1,390,694 1.11

45,307 Deutsche Post 545,723 0.43

116,961 GFK 3,257,949 2.59

103,947 Hannover Rueckversicherung 3,622,033 2.88

30,420 Henkel KGaA Preference 1,209,043 0.96

39,402 Lanxess 1,365,279 1.09


55,698 Rheinmetall 2,655,681 2.11

50,940 Siemens 3,774,654 3.00

Greece 2,224,757 1.77

82,144 Folli - Follie 1,407,948 1.12

67,785 Public Power 816,809 0.65

Ireland 6,560,800 5.22

130,687 DCC 2,443,847 1.94

145,883 Ryanair 524,085 0.42

522,599 Smurfit Kappa 3,592,868 2.86

Italy 7,934,887 6.31

64,555 ACEA 526,123 0.42


325,528 Enel 1,129,582 0.90

148,133 ENI 2,236,808 1.78

1,420,252 Iren 1,714,244 1.36

1,979,751 Telecom Italia 1,825,330 1.45

Netherlands 15,915,179 12.67

123,302 CSM 2,999,321 2.39

141,819 ING Groep 875,590 0.70

411,743 Koninklijke Ahold 4,201,837 3.34




Schroder ISF EURO Active Value (cont)



MarketValueEUR

%Net

Assets

Netherlands (cont)

15,724 Koninklijke DSM 516,062 0.41

233,786 Mediq 3,497,439 2.78

584,048 STMicroelectronics 3,824,930 3.05

Spain 3,243,328 2.58

71,928 Banco Santander 624,191 0.50

17,098 Telefónica 258,693 0.20

134,040 Vidrala 2,360,444 1.88






Net Asset Value 125,657,630 100.00

Schroder ISF EURO Dynamic Growth



MarketValueEUR

%Net

Assets

Austria 3,627,001 2.05

30,000 Mayr Melnhof Karton 2,182,500 1.23

73,232 RHI 1,444,501 0.82

Belgium 1,051,000 0.59

50,000 Tessenderlo Chemie 1,051,000 0.59

France 57,073,990 32.30

50,000 Alstom 1,875,000 1.06

270,000 AXA 3,393,900 1.92

160,000 BNP Paribas 7,064,800 3.99

70,000 Bourbon 2,329,600 1.32

30,000 Cap Gemini 1,087,650 0.62

100,000 Club Méditerrannée 1,208,000 0.68

200,000 France Telecom 2,829,000 1.60

200,000 GDF Suez 4,675,000 2.65

60,000 Publicis 1,977,000 1.12

170,000 Sanofi-Aventis 8,329,150 4.71

42,000 Schneider Electric 3,497,340 1.98

80,000 SeLoger.com 2,296,000 1.30


225,000 Total 8,266,500 4.68

190,000 Vivendi 3,143,550 1.78

Germany 45,411,142 25.70

87,000 Allianz 7,047,000 3.99

130,000 BASF 5,850,650 3.31

100,000 Bayer 4,558,000 2.59

138,000 CompuGroup Medical 1,136,154 0.64

117,500 Daimler 4,935,000 2.79


210,000 E.ON 4,638,900 2.63

264,000 Freenet 2,207,040 1.25

35,000 Merck KGAA 2,104,200 1.19

54,000 MTU Aero Engines 2,480,760 1.40

55,000 Rheinmetall 2,622,400 1.48

100,000 SAP 3,671,500 2.08

78,681 Tom Tailor 957,548 0.54

Ireland 7,352,024 4.16



140,000 CRH 2,387,000 1.35

320,000 Grafton 887,168 0.50

218,176 IFG 244,357 0.14

850,000 Ryanair 3,053,625 1.73

Italy 15,729,605 8.90

427,000 Azimut 2,935,625 1.66


1,700,000 Intesa Sanpaolo 'RSP' 2,786,300 1.58

400,000 Landi Renzo 1,221,000 0.69

165,000 Prysmian 1,960,200 1.11

2,560,000 UniCredit 4,677,120 2.65


100,000 SES 1,708,500 0.97

Netherlands 33,033,145 18.71

60,000 Akzo Nobel 2,569,500 1.46

80,000 ArcelorMittal 1,802,000 1.02

220,000 Delta Lloyd 3,034,900 1.72

70,000 Fugro 2,701,300 1.53

100,000 Heineken 3,484,500 1.97

520,000 ING Groep 3,210,480 1.82




Schroder ISF EURO Dynamic Growth (cont)



MarketValueEUR

%Net

Assets

Netherlands (cont)

415,000 Koninklijke Ahold 4,235,075 2.40

180,000 Reed Elsevier 1,642,140 0.93

150,000 Ten Cate 2,647,500 1.50

100,000 TNT 2,074,500 1.17

250,000 Unilever 5,631,250 3.19

Spain 7,019,710 3.98

400,000 Banco Santander 3,471,200 1.97

107,956 Enagas 1,335,956 0.76

19,341 Pescanova 388,754 0.22

110,000 Repsol YPF 1,823,800 1.03








Net Asset Value 176,682,277 100.00

Schroder ISF European Equity Alpha



MarketValueEUR

%Net

Assets

Austria 2,735,811 0.54

97,049 Semperit 2,735,811 0.54

Belgium 10,536,724 2.07

5,098,905 Ageas 9,356,491 1.84

674,419 TiGenix 1,180,233 0.23

Cyprus 6,011,866 1.18

1,827,953 ProSafe 6,011,866 1.18

Denmark 22,695,728 4.46

208,983 Carlsberg 13,062,184 2.57

598,515 Danske Bank 9,633,544 1.89

France 68,145,557 13.38

137,375 Alstom 5,151,563 1.01

302,706 BNP Paribas 13,365,983 2.62

339,126 GDF Suez 7,927,070 1.56

229,500 GDF Suez Strip VVPR 230 -

318,769 Sanofi-Aventis 15,618,087 3.07

376,503 Téléperformance 7,772,905 1.53

256,442 Total 9,421,679 1.85

537,204 Vivendi 8,888,040 1.74

Germany 41,628,917 8.18

434,153 E.ON 9,590,440 1.88

94,113 Linde 8,125,716 1.60

136,231 Rheinmetall 6,495,494 1.28

319,765 Symrise 5,421,616 1.07


131,629 Wincor Nixdorf 6,066,781 1.19

Italy 28,976,711 5.69

2,180,588 Enel 7,566,640 1.49

325,450 ENI 4,914,295 0.96

877,932 Prysmian 10,429,832 2.05



107,199 ArcelorMittal 2,414,658 0.47

397,737 Heineken 11,858,529 2.33

1,751,872 ING Groep 10,816,058 2.12

665,778 Koninklijke KPN 6,960,709 1.37

Norway 10,024,181 1.97

1,275,605 DnB NOR 10,024,181 1.97

Spain 29,163,008 5.73

1,367,648 Banco Bilbao Vizcaya Argentaria 11,659,199 2.29

589,889 Banco Santander 5,119,057 1.01

818,556 Telefónica 12,384,752 2.43

Switzerland 97,200,678 19.09


227,318 Gategroup 5,786,698 1.14



142,879 Roche 16,070,528 3.16




747,245 BG 9,229,096 1.81

2,561,097 BP 10,029,479 1.97

4,327,634 Cape 10,592,120 2.08

1,003,137 Carphone Warehouse 2,323,429 0.46

10,221,277 Debenhams 6,577,538 1.29




Schroder ISF European Equity Alpha (cont)



MarketValueEUR

%Net

Assets


4,373,084 Filtrona 11,625,374 2.28


1,422,186 HSBC 10,666,001 2.09

2,125,348 Ladbrokes 3,322,465 0.65

5,527,988 Punch Taverns 3,959,356 0.78

16,446,494 Royal Bank of Scotland 8,414,579 1.65


2,587,997 Tesco 12,056,453 2.37

437,258 Vedanta Resources 11,394,226 2.24

11,563,231 Vodafone 19,744,014 3.88

3,147,333 William Hill 6,543,451 1.29






MarketValueEUR

%Net

Assets

Hong Kong SAR - -

3,236,000 Peace Mark - -

Italy - -

150,900 Paramalat Finanziaria - -


621,800 Sphere Medical 1,291,991 0.26


on another Regulated Market 1,291,991 0.26



Net Asset Value 509,140,629 100.00

Schroder ISF Global Equity Alpha



MarketValueUSD

%Net

Assets

Australia 4,666,349 1.52

254,655 Australia & New Zealand Banking 4,666,349 1.52

Belgium 5,373,926 1.75

111,478 Anheuser-Busch InBev 5,373,926 1.75

Brazil 15,302,170 4.99

342,272 Anhanguera Educacional Participações 5,053,680 1.65

325,361 Itau Unibanco ADR Preference 5,924,824 1.93

57,307 Totvs 4,323,666 1.41

Canada 12,519,352 4.08

209,469 Suncor Energy 6,276,336 2.05

140,767 Ultra Petroleum 6,243,016 2.03

China 12,806,826 4.18

127,187 Ctrip.com International ADR 4,783,503 1.56


4,623,000 Want Want China 3,919,306 1.28

France 4,177,806 1.36

77,254 BNP Paribas 4,177,806 1.36

Germany 25,315,937 8.25

128,564 Daimler 6,613,268 2.15

158,603 GEA 3,196,368 1.04

42,924 Linde 4,538,995 1.48

64,086 Siemens 5,816,059 1.90

206,681 ThyssenKrupp 5,151,247 1.68

Hong Kong SAR 12,983,219 4.23

1,648,000 China Merchants International 5,493,333 1.79


366,500 Swire Pacific 4,189,916 1.37

Japan 18,642,054 6.08

404,700 Bridgestone 6,451,838 2.10

197,600 Honda Motor 5,785,751 1.89

1,018,000 Sekisui Chemical 6,404,465 2.09


602,614 ING Groep 4,556,730 1.49

275,563 Unilever 7,602,092 2.48

Norway 3,855,650 1.26

400,606 DnB NOR 3,855,650 1.26

South Korea 4,859,540 1.58




196,526 Tyco Electronics 5,040,892 1.64

Thailand 4,557,104 1.49

1,556,400 Kasikornbank 4,356,672 1.42

68,400 Kasikornbank (Foreign) 200,432 0.07


414,001 BG 6,262,460 2.04

655,154 Cairn Energy 4,051,407 1.32

318,268 Eurasian Natural Resources 4,092,545 1.33

568,198 HSBC 5,219,061 1.70

104,071 Rio Tinto 4,619,146 1.51

1,622,630 Sage 5,601,265 1.83

2,139,456 Vodafone 4,474,114 1.46


104,652 Baker Hughes 4,273,988 1.39




Schroder ISF Global Equity Alpha (cont)



MarketValueUSD

%Net

Assets


366,735 Bank of America 5,343,329 1.74

359,111 Cisco Systems 7,763,980 2.53

60,036 EOG Resources 6,018,009 1.96

74,312 FedEx 5,314,051 1.73

44,341 Goldman Sachs 5,931,052 1.94

15,084 Google 6,852,058 2.23

134,483 Hewlett-Packard 5,957,597 1.94

202,753 JPMorgan Chase & Co. 7,514,026 2.45

236,040 Lowe's 4,862,424 1.59

109,311 Medco Health Solutions 5,953,077 1.94

201,637 Microsoft 4,702,175 1.53

401,223 News 5,661,257 1.85

164,686 Principal Financial 3,940,936 1.29

119,293 Stanley Black & Decker 6,014,753 1.96

311,843 Textron 5,238,962 1.71

160,458 Urban Outfitters 5,555,056 1.81

306,987 Virgin Media 5,185,010 1.69

121,706 Wal-Mart Stores 5,951,423 1.94

153,413 Yum! Brands 6,039,870 1.97






MarketValueUSD

%Net

Assets

Israel - -

11,415 I-Web Preference 144A - -


on another Regulated Market - -


MarketValueUSD

%Net

Assets

India 3,344,578 1.09


3,344,578 1.09




Net Asset Value 306,724,861 100.00

Schroder ISF Japanese Equity Alpha



MarketValueJPY

%Net

Assets

Japan 14,732,942,100 95.96

445,100 Bridgestone 629,371,400 4.10


287,200 Don Quijote 685,259,200 4.46

315,000 Doutor Nichires 376,425,000 2.45

45,100 Fanuc 457,314,000 2.98

7,711,500 Haseko 547,516,500 3.57

316,100 Hoshizaki Electric 490,903,300 3.20

71,900 Iriso Electronics 100,300,500 0.65

1,578,000 JFE Shoji 553,878,000 3.61

452,000 JGC 616,528,000 4.02

678,200 JTEKT 564,940,600 3.68

1,453,000 JX 634,961,000 4.14

309,900 Kintetsu World Express 694,485,900 4.52

354,100 Lintec 571,163,300 3.72

856,000 Makino Milling Machine 487,920,000 3.18


587,000 Mitsui & Co. 618,698,000 4.03

47,900 Nidec 359,250,000 2.34


132,400 Nitto Denko 389,123,600 2.53

926,600 Nomura 453,107,400 2.95

198,000 Rohto Pharmaceutical 215,028,000 1.40

133,000 Ryobi 40,166,000 0.26

77,400 Shimamura 622,296,000 4.05


2,646,000 Sumitomo Metal Industries 537,138,000 3.50

195,100 Sumitomo Mitsui Financial 495,163,800 3.22

3,890,000 Taiheiyo Cement 439,570,000 2.86

1,161,000 Tokai Carbon 487,620,000 3.18

81,020 Yamada Denki 472,346,600 3.08






Net Asset Value 15,352,729,758 100.00







MarketValueUSD

%Net

Assets

Australia 13,279,357 2.34

539,489 Ausdrill 754,808 0.13

15,476 Automotive Holdings 29,526 0.01

1,226 Coal & Allied Industries 96,682 0.02

113,248 Energy Resources of Australia 1,277,181 0.22

14,601 Macquarie 459,580 0.08

721,370 Metcash 2,562,963 0.45

473,412 Mincor Resources 728,595 0.13

51,368 National Australia Bank 1,014,018 0.18

390,882 Panoramic Resources 722,557 0.13

178,236 Sonic Healthcare 1,576,340 0.28

118,495 Suncorp-Metway 807,842 0.14

936,334 Telstra 2,580,384 0.45

29,194 Woolworths 668,881 0.12

Austria 3,426,972 0.61

33,036 Oesterreichische Post 815,286 0.14

40,681 OMV 1,225,672 0.22

32,779 Telekom Austria 368,140 0.07

36,292 Voestalpine 1,017,874 0.18

Belgium 6,428,125 1.14

763,915 Ageas 1,716,835 0.30

55,369 Belgacom 1,750,936 0.31

30,655 Delhaize 2,241,795 0.40

13,570 Mobistar 718,559 0.13

Bermuda 2,457,668 0.43

7,300 Argo Group International 226,957 0.04

15,200 Aspen Insurance 380,912 0.07

15,000 Axis Capital 451,500 0.08

37,100 Endurance Specialty 1,398,299 0.24

Brazil 6,345,575 1.12

22,500 Companhia de Saneamento Basico doEstado de Sao Paulo

466,988 0.08

22,800 Companhia de Saneamento Basico doEstado de Sao Paulo ADR

936,168 0.16

79,475 Companhia Energetica de Minas GeraisADR Preference

1,166,693 0.21

21,100 CPFL Energia 469,676 0.08

32,000 EDP - Energias do Brasil 640,716 0.11


514,402 0.09

41,400 Light 492,956 0.09

4,600 Tegma Gestao Logistica 39,105 0.01

41,400 Tele Norte Leste Participações ADRPreference

622,242 0.11

33,600 Tele Norte Leste Participações Preference 511,517 0.09

24,600 Telecomunicações de Sao Paulo ADRPreference

485,112 0.09

Canada 34,370,685 6.07

1,200 Aastra Technologies 25,220 -

1,600 AG Growth International 52,409 0.01

118,700 AGF Management 1,567,609 0.28

11,500 ARC Energy Trust 216,761 0.04

9,400 Avenir Diversified Income Trust 47,254 0.01

48,879 BCE 1,408,574 0.25

77,352 EnCana 2,367,500 0.42

34,718 Enerplus Resources Fund 759,630 0.13

45,500 Enerplus Resources Fund 990,292 0.18

55,700 Ensign Energy Services 657,031 0.12

49,300 Husky Energy 1,181,277 0.21

7,750 Industrial Alliance Insurance and FinancialServices

254,371 0.04

Schroder ISF QEP Global ActiveValue (cont)Number of sharesor PrincipalAmount


MarketValueUSD

%Net

Assets

Canada (cont)

17,700 Jazz Air Income Fund 68,199 0.01

2,400 Keyera Facilities Income Fund 59,960 0.01

14,080 Laurentian Bank of Canada 560,641 0.10

2,000 Liquor Storesome Fund 28,363 0.01

57,300 Loblaw 2,057,549 0.36

39,300 Manitoba Telecom Services 1,015,334 0.18

85,600 Mullen 1,153,975 0.20

195,100 NAL Oil & Gas Trust 1,946,752 0.34

23,100 National Bank of Canada 1,212,187 0.21

3,800 North West 68,064 0.01

166,600 Pengrowth Energy Trust 1,545,659 0.27

19,576 Pengrowth Energy Trust 'New York' 182,253 0.03

157,757 Peyto Energy Trust 2,171,530 0.39

44,200 Power Corp of Canada 1,067,445 0.19

47,300 Rogers Communications 1,572,637 0.28

42,400 Shoppers Drug Mart 1,328,638 0.23

33,400 TELUS 1,264,476 0.22

80,395 TMX 2,127,275 0.38

51,700 Toromont Industries 1,131,106 0.20

36,300 Toronto-Dominion Bank 2,357,112 0.42

24,400 Weston George 1,627,822 0.29

18,400 Westshore Terminals Income Fund 295,780 0.05

Cayman Islands 25,048 -

50,000 Pacific Textile 25,048 -

Chile 488,256 0.09

1,219,519 Enersis 488,256 0.09

China 995,655 0.18

1,157,000 Bank of China ‘H’ 590,018 0.10

146,000 Great Wall Technology ‘H’ 60,951 0.01

290,000 Harbin Power Equipment 'H' 208,979 0.04

568,000 Qingling Motors 'H' 135,707 0.03


12,542 CEZ 514,945 0.09

64,399 Telefonica O2 Czech Republic 1,277,508 0.23

Finland 10,594,633 1.87

22,670 Kesko 738,551 0.13

143,201 Nokia 1,174,205 0.21

137,000 Orion 2,530,284 0.44

173,130 Pohjola Bank 1,753,579 0.31

96,375 Sampo 2,044,371 0.36

51,397 Wartsila 2,353,643 0.42

France 25,650,115 4.53

3,483 ABC Arbitrage 28,666 0.01

64,633 AXA 995,032 0.17

29,933 BNP Paribas 1,618,742 0.29

44,497 Bouygues 1,734,389 0.31

53,772 Carrefour 2,147,934 0.38

24,274 Casino Guichard Perrachon 1,848,288 0.32

7,319 Ciments Français 547,966 0.10

12,786 CNP Assurances 872,399 0.15

118,243 Crédit Agricole 1,233,561 0.22

9,742 Eiffage 423,509 0.07

1,781 Esso SA Francaise 223,407 0.04

2,800 Foncière Des Regions 234,530 0.04

68,592 France Telecom 1,188,294 0.21

35,533 GDF Suez 1,017,258 0.18

25,959 Nexity 744,122 0.13

1,368 Plastic Omnium 59,914 0.01






MarketValueUSD

%Net

Assets

France (cont)

25,516 Rallye 778,143 0.14

37,604 Sanofi-Aventis 2,256,489 0.40

106,242 SCOR 2,021,412 0.36


12,673 Téléperformance 320,436 0.05

37,621 Total 1,692,844 0.30

256 Total Gabon 76,863 0.01

33,508 Vinci 1,402,505 0.25

54,813 Vivendi 1,110,703 0.20

Germany 11,733,155 2.07

21,077 Allianz 2,090,938 0.37

42,615 BASF 2,348,933 0.41

18,686 Deutsche Bank 1,065,443 0.19


5,585 Hannover Rueckversicherung 238,348 0.04

24,937 Metro 1,280,762 0.23


9,105 RWE 596,486 0.10

10,973 Volkswagen 947,194 0.17


Greece 2,909,536 0.51


44,279 0.01

36,669 Hellenic Telecommunications Organization 280,241 0.05

245,137 Mytilineos 1,200,926 0.21

107,834 OPAP 1,384,090 0.24

Hong Kong SAR 5,784,181 1.02

3,801,180 Champion Technology 106,443 0.02

197,000 China Mobile 1,978,857 0.35

1,716,000 China Pharmaceutical 1,038,197 0.18

1,128,000 Fushan International Energy 643,329 0.11

58,000 Hysan Development 165,395 0.03

1,189,000 PCCW 348,224 0.06

118,000 Road King Infrastructure 89,883 0.01

12,300,000 Shenzhen International 766,281 0.14

332,000 TPV Technology 198,731 0.04

143,500 Yue Yuen Industrial 448,841 0.08

Hungary 1,143,092 0.20

418,758 Magyar Telekom Telecommunications 1,143,092 0.20

Indonesia 2,237,789 0.40

4,501,500 Bumi Resources 934,602 0.17

216,000 Charoen Pokphand Indonesia 84,683 0.01

297,000 Indo Tambangraya Megah 1,218,504 0.22

Ireland 35,490 0.01

12,654 United Drug 35,490 0.01

Israel 6,014,665 1.06

880,671 Bezeq Israeli Telecommunication 1,931,399 0.34

59,647 Cellcom Israel 1,507,300 0.27

6,677 Clal Industries and Investments 42,978 0.01

9,143 Discount Investment 147,620 0.02

266,513 Israel Discount Bank 443,960 0.08

227,038 Makhteshim-Agan Industries 759,911 0.13

76,355 Partner Communications 1,181,497 0.21

Italy 8,205,917 1.45

40,212 Autostrada Torino-Milano 492,989 0.09

604,851 Banca Monte dei Paschi di Siena 684,862 0.12

16,800 Beni Stabili 12,757 -



MarketValueUSD

%Net

Assets

Italy (cont)

93,823 Buzzi Unicem 948,005 0.17


41,819 ENI 773,389 0.14

18,661 Fondiaria-Sai 176,213 0.03

115,238 Milano Assicurazioni 196,887 0.03

53,232 Piccolo Credito Valtellinese 244,485 0.04

321,060 Recordati 2,215,785 0.39

109,648 Snam Rete Gas 438,126 0.08

868,756 Telecom Italia 981,016 0.17

32,184 Unione di Banche Italiane 277,892 0.05

Japan 66,408,557 11.73

79,000 Ajinomoto 718,789 0.13

700 Alconix 22,556 -

7,600 Alpen 120,047 0.02

4,900 AOKI 76,349 0.01

3,600 Arc Land Sakamoto 52,603 0.01

2,700 Arcs 36,438 -

67,100 Astellas Pharma 2,262,010 0.40

3,400 Autobacs Seven 123,818 0.02

58,000 Bank of Kyoto 479,982 0.08

5,800 Bank of the Ryukyus 67,878 0.01

58,200 Chubu Electric Power 1,444,911 0.25

37,200 Circle K Sunkus 478,552 0.08

3,700 cocokara fine 67,038 0.01

17,000 COMSYS 153,334 0.03

83 DA Office Investment 184,912 0.03

93,200 Daiichi Sankyo 1,670,759 0.30

13,900 Daiichikosho 202,165 0.03

4,000 Daimei Telecom Engineering 31,749 0.01

220,000 Daiwa Securities 937,595 0.16

7,200 Duskin 123,633 0.02

66,100 Eisai 2,202,215 0.39

7,500 Excel 86,504 0.01

3,300 Fuji Electronics 35,085 0.01

6,700 FUJI SOFT 111,195 0.02

4,500 Fukuda Denshi 104,008 0.02

19 Global One Real Estate Investment 131,101 0.02

95,000 Hachijuni Bank 536,614 0.09

94,000 Hanwa 376,233 0.07

4,000 Hisaka Works 40,634 0.01

116,200 Hitachi Capital 1,556,408 0.27

29,000 Hokuhoku Financial 53,622 0.01

91,000 Hosiden 970,585 0.17

10,700 Hudson Soft 38,604 0.01

1,400 Inaba Denki Sangyo 32,863 -

401 Infocom 492,801 0.09

89,600 IT 1,069,806 0.19

8,900 Ito En 136,468 0.02

282,000 ITOCHU 2,241,502 0.40

17,000 Iwatani 47,150 0.01

31 Japan Excellent 147,145 0.03

79 JAPAN OFFICE Investment 73,037 0.01

528 Japan Prime Realty Investment 1,117,375 0.20

13,000 Japan Radio 29,754 0.01

412 Japan Retail Fund Investment 503,532 0.09

222,000 JFE Shoji 878,539 0.16

102,000 Kaneka 596,854 0.10

58,800 Kansai Electric Power 1,432,626 0.25

7,000 Kanto Natural Gas Development 35,673 0.01

19,000 Kawasaki Kinkai Kisen Kaisha 55,911 0.01






MarketValueUSD

%Net

Assets

Japan (cont)

566 KDDI 2,708,913 0.48

160 Kenedix Realty Investment 447,556 0.08

6,600 Kyokuto Securities 55,660 0.01

16,000 Kyorin 231,445 0.04

127,000 Kyowa Exeo 1,125,452 0.20

38,000 Maeda Road Construction 310,615 0.05

443,000 Marubeni 2,302,531 0.41

41 MID Reit 79,740 0.01

57,600 Miraca 1,733,293 0.30

109,600 Mitsubishi UFJ Financial 500,457 0.09

260,000 Mitsui Engineering & Shipbuilding 530,582 0.09

32,000 Mitsui-Soko 116,534 0.02

846,200 Mizuho Financial 1,402,462 0.25

125 Money Partners 40,236 0.01

2,900 NEC Fielding 35,410 0.01

3,300 NEC Mobiling 87,993 0.02

13,200 NEC Networks & System Integration 164,749 0.03

39 NIFTY 29,504 0.01

19,000 Nippon Road 40,273 0.01

60,900 Nippon Telegraph & Telephone 2,499,307 0.44

571 NTT Data 2,124,472 0.38

1,631 NTT DoCoMo 2,473,302 0.44

58,200 Ono Pharmaceutical 2,362,253 0.42

20,030 ORIX 1,467,896 0.26

66 Orix JREIT 275,698 0.05

521,000 Osaka Gas 1,879,700 0.33

121 PGM Holdings K K 74,214 0.01

14,000 Rengo 88,551 0.02

20 Riberesute 22,076 -

127,000 Ricoh 1,633,767 0.29

2,700 Right On 17,839 -

12,000 San-In Godo Bank 92,677 0.02

98,000 Sankyu 393,348 0.07

5,800 Sanoh Industrial 42,047 0.01

2,900 Sanshin Electronics 24,555 -

82,600 Seven & I 1,906,333 0.34

72 Sekisui House SI Investment 204,566 0.04

102,800 Shinko Plantech 916,791 0.16

50,000 Shinmaywa Industries 184,340 0.03

29,800 Shinnihon 75,932 0.01

18,200 Siix 203,966 0.04

2,494 SKY Perfect JSAT 894,179 0.16

247,900 Sumitomo 2,507,089 0.44

6,300 Sumitomo Mitsui Financial 180,274 0.03


22,000 Taihei Kogyo 71,188 0.01

6,900 Taikisha 108,835 0.02

226,000 Taisei 456,102 0.08


67 Tokyu REIT 349,371 0.06

7,800 Toppan Forms 75,278 0.01

182,000 Toyo Kanetsu KK 279,069 0.05

4,800 Tsuruha 170,472 0.03

43,000 Uny 329,669 0.06

4,600 Valor 35,682 0.01

6,930 Yamada Denki 455,515 0.08

8,000 Yokogawa Bridge 47,534 0.01

5,000 Yokohama Reito 35,459 0.01

3,500 Yonekyu 30,819 0.01



MarketValueUSD

%Net

Assets

Jersey 914,310 0.16

266,258 Beazley 459,158 0.08

438,749 Regus 455,152 0.08

Malaysia 1,333,271 0.24

62,900 Multi-Purpose 39,616 0.01

167,000 PLUS Expressways 175,817 0.03

165,900 TA Enterprise 33,037 0.01

986,700 Telekom Malaysia 1,020,514 0.18

96,400 Wah Seong 64,287 0.01

Marshall Islands 173,484 0.03

47,400 Paragon Shipping 173,484 0.03

Mexico 42,362 0.01

194,600 Sare 42,362 0.01


57,211 Arcadis 1,010,397 0.18

63,130 Brit Insurance 848,160 0.15

14,133 CSM 421,051 0.07

18,765 Heineken 685,221 0.12

56,405 Koninklijke BAM 264,722 0.05

31,667 Koninklijke DSM 1,272,896 0.22

162,425 Koninklijke KPN 2,079,813 0.37

14,271 Nutreco 764,680 0.14

27,686 Sligro Food 799,561 0.14

3,211 Vastned Offices 39,268 0.01

New Zealand 56,285 0.01

76,403 Air New Zealand 56,285 0.01

Norway 8,073,728 1.43

170,864 Aker Solutions 1,964,723 0.35

75,000 Fred Olsen Energy 1,939,119 0.34

80,947 SpareBank 1 SMN 534,722 0.09

64,342 Sparebank 1 SR Bank 456,663 0.08

2,400 Sparebanken More 63,600 0.01

69,780 Statoil 1,347,489 0.24

61,000 Telenor 766,084 0.14

85,092 TGS Nopec Geophysical 1,001,328 0.18


24,070 Globe Telecom 464,281 0.08

33,400 Philippine Long Distance Telephone ADR 1,713,420 0.30

20,800 Semirara Mining 38,103 0.01

Poland 2,468,245 0.44


185,224 Telekomunikacja Polska 772,961 0.14

1,663 Zaklady Azotowe Pulawy 30,705 0.01

Portugal 1,763,886 0.31

95,325 Banco Espirito Santo 379,435 0.07

129,188 Portugal Telecom 1,384,451 0.24

Russia 1,118,325 0.20


Singapore 13,401,675 2.37

67,000 CH Offshore 25,393 -

264,000 DBS 2,582,609 0.46

458,000 Hong Leong Asia 1,110,283 0.20

67,000 HTL International 28,268 -

95,000 Jardine Cycle & Carriage 2,038,043 0.36

94,000 Lippo-Mapletree Indonesia Retail Trust 31,929 0.01

664,100 M1 1,016,286 0.18






MarketValueUSD

%Net

Assets

Singapore (cont)

253,000 Oversea-Chinese Banking 1,604,770 0.28

868,000 SembCorp Industries 2,532,494 0.45

1,486,000 StarHub 2,401,573 0.42

19,000 United Engineers 30,027 0.01

South Africa 2,870,062 0.51

113,943 Aveng 498,591 0.09

16,165 DataTec 59,122 0.01

34,114 Massmart 537,794 0.09

2,801 Palabora Mining 40,246 0.01

97,482 Pick'n Pay Stores 555,803 0.10

70,866 Reunert 532,345 0.09

51,828 Spar 538,200 0.10

46,123 Steinhoff International 107,961 0.02

South Korea 6,514,054 1.15

23,020 Bookook Steel 41,762 0.01

22,516 CammSys 32,345 0.01

9,630 CJ 474,306 0.08

18,570 Daishin Securities 216,462 0.04

26,770 Dongil Paper Manufacturing 33,842 0.01

8,110 Doosan Engineering & Construction 29,093 0.01

6,860 Global & Yuasa Battery 163,870 0.03


5,756 GS Home Shopping 363,353 0.06

32,030 Halla Climate Control 431,203 0.07

244 Hankook Shell Oil 35,853 0.01

28,310 Hanwha Chemical 412,496 0.07

5,751 INTOPS 101,971 0.02

74,920 IsuPetasys 211,254 0.04

26,100 Jinheung Mutual Savings Bank 77,130 0.01

6,660 Kangwon Land 101,141 0.02

2,071 KCC 504,065 0.09

31,950 Kolon Engineering & Construction 108,843 0.02

3,570 Kyeryong Construction Industrial 44,691 0.01

18,530 LG 1,003,924 0.17

1,680 S&T 32,408 0.01

5,640 S&T 62,965 0.01

5,850 SK 419,709 0.07

68,500 SK Telecom ADR 1,024,760 0.18

4,284 Thinkware Systems 52,398 0.01

Spain 8,265,010 1.45

120,932 Banco Bilbao Vizcaya Argentaria 1,262,650 0.22


351,949 Criteria Caixacorp 1,445,740 0.25

57,860 Enagas 876,942 0.15

240,968 Mapfre 658,130 0.12

78,922 Repsol YPF 1,602,618 0.28

81,772 Telefónica 1,515,273 0.27

Sweden 10,387,095 1.84

76,687 Axfood 2,025,706 0.36

184,822 Boliden 2,033,622 0.36

18,725 Intrum Justitia 184,131 0.03

79,900 Kungsleden 485,792 0.08

67,012 NCC 1,001,786 0.18

132,504 Svenska Cellulosa 1,560,153 0.28

20,966 Svenska Handelsbanken 510,702 0.09

401,835 TeliaSonera 2,585,203 0.46


30,763 Baloise Registered 2,143,079 0.38



MarketValueUSD

%Net

Assets

Switzerland (cont)

12,350 BB Biotech 667,259 0.12

287 Compagnie Financiere Tradition 28,278 -

9,004 Credit Suisse Registered 342,367 0.06

5,487 Galenica Registered 2,124,442 0.37

73,900 Garmin 2,162,314 0.38



18,438 Roche 2,539,937 0.45


144 Valora Registered 34,238 0.01


Taiwan 11,106,803 1.96

358,000 Acer 838,418 0.15

155,000 Alpha Networks 119,472 0.02

226,742 Altek 295,167 0.05

90,000 Asia Polymer 74,556 0.01

96,300 Asustek Computer 718,276 0.13

206,000 Cameo Communications 104,893 0.02

1,016,000 Compal Electronics 1,222,934 0.21

486,000 Coretronic 720,448 0.13

730,164 Far EasTone Telecommunications 902,756 0.16

43,000 Feng TAY Enterprise 40,375 0.01

39,000 FSP Technology 46,518 0.01

384,000 Getac Technology 224,827 0.04

293,000 Gigabyte Technology 287,890 0.05

821,404 Inventec 439,992 0.08

363,751 Lite-On Technology 402,154 0.07

259,192 Pegatron 242,564 0.04

144,000 Phihong Technology 144,404 0.03

179,922 Promate Electronic 146,806 0.03

890,601 Quanta Computer 1,622,552 0.28

109,000 Quanta Storage 154,114 0.03

181,000 Radiant Opto-Electronics 246,613 0.04

20,000 Senao International 32,140 0.01

200,075 Shih Wei Navigation 265,749 0.05

305,000 Sincere Navigation 357,622 0.06

875,620 Sinon 357,229 0.06

264,000 Taiwan Mobile 540,168 0.10

104,000 Wah Lee Industrial 140,081 0.02

86,000 Weikeng Industrial 58,119 0.01

151,000 Yosun Industrial 229,486 0.04

214,308 Zenitron 130,480 0.02

Thailand 8,238,691 1.46

523,700 Advanced Info Service (Foreign) 1,401,326 0.26

1,025,800 Bangchak Petroleum (Foreign) 433,481 0.07

83,800 Bangkok Bank 323,103 0.06

297,700 Bangkok Bank (Foreign) 1,175,373 0.21

98,500 Bangkok Expressway (Foreign) 52,866 0.01

2,500,900 Charoen Pokphand Foods (Foreign) 1,565,955 0.27

42,300 Electricity Generating (Foreign) 106,990 0.02

51,800 Hana Microelectronics 43,140 0.01

863,000 KGI Securities Thailand (Foreign) 30,612 0.01

79,300 Kiatnakin Bank (Foreign) 66,654 0.01

1,106,400 Lanna Resources (Foreign) 563,097 0.09

273,300 Padaeng Industry (Foreign) 188,832 0.03

286,200 Precious Shipping (Foreign) 160,667 0.03

720,400 Property Perfect (Foreign) 90,217 0.02

121,400 PTT (Foreign) 921,172 0.16

386,700 Samart (Foreign) 66,796 0.01

10,100 Siam Makro Public Foreign (Foreign) 34,269 0.01






MarketValueUSD

%Net

Assets

Thailand (cont)

310,600 STP & I (Foreign) 273,044 0.05

461,900 Thai Oil (Foreign) 630,446 0.11

54,900 Thai Union Frozen Products (Foreign) 75,356 0.01

57,500 Thai Vegetable Oil (Foreign) 35,295 0.01

Turkey 4,051,407 0.71

155,697 Adana Cimento 54,113 0.01

499,787 Anadolu Sigorta 318,979 0.05

5,360 Cimsa Cimento Sanayi VE Tica 29,637 0.01

11,123 Ford Otomotiv Sanayi 72,396 0.01

6,311 Mardin Cimento Sanayii 30,109 0.01

12,610 Pinar SUT Mamulleri Sanayii 67,333 0.01

23,307 Selcuk Ecza Deposu Ticaret ve Sanayi 31,812 0.01

191,870 Tofas Turk Otomobil Fabrikasi 654,722 0.11


235,027 Turk Hava Yollari 582,184 0.10

223,528 Turk Telekomunikasyon 720,375 0.13

14,000 Turkcell Iletisim Hizmet ADR 182,980 0.03

19,349 Vestel Beyaz Esya Sanayi ve Ticaret 39,126 0.01


93,831 Aberdeen Asset Management 182,212 0.03

61,353 Amlin 355,154 0.06

11,080 Anglo Pacific 43,166 0.01

62,099 AstraZeneca 2,956,564 0.52

302,465 Aviva 1,417,186 0.25

342,336 Balfour Beatty 1,220,167 0.22

236,353 Barclays 965,544 0.17

315,970 BP 1,515,464 0.27

383,214 Catlin 2,000,325 0.35

346,884 Centrica 1,543,264 0.27

486,128 Chaucer 307,457 0.05

16,117 Computacenter 69,050 0.01

70,018 Dairy Crest 385,504 0.07

114,840 Davis Service 632,628 0.11

202,088 Drax 1,140,786 0.20

83,491 F&C Asset Management 62,850 0.01

282,452 Filtrona 919,626 0.16


5,495 Go-Ahead 87,686 0.02

171,893 Hiscox 880,790 0.16

303,370 Home Retail 962,878 0.17

53,494 ICAP 321,432 0.06


558,679 International Power 2,501,124 0.44

25,650 Interserve 78,233 0.01

270,683 Investec 1,826,637 0.32

475,042 J Sainsbury 2,268,454 0.40

79,358 Keller 622,486 0.11

1,565,637 Legal & General 1,832,758 0.32

521,166 Man 1,742,876 0.31

292,480 Paragon 520,577 0.09

92,042 Prudential 697,943 0.12

83,871 Royal Dutch Shell ‘A’ 2,124,784 0.38

68,370 Royal Dutch Shell ‘A’ (London) 1,730,679 0.31

74,276 Royal Dutch Shell ‘B’ 1,804,016 0.32

112,039 RPS 313,295 0.05

512,258 RSA Insurance 910,060 0.16

90,772 Scottish & Southern Energy 1,520,789 0.27

426,457 Tesco 2,433,204 0.43

35,840 Tullett Prebon 168,946 0.03

581,407 Vodafone 1,215,861 0.21



MarketValueUSD

%Net

Assets


534,556 WM Morrison Supermarkets 2,120,540 0.37



109,500 Advance America Cash Advance Centers 462,090 0.08

19,400 Aflac 821,784 0.14

1,500 Agree Realty 34,560 0.01

25,000 Alliance Resource Partners 1,149,500 0.20

59,100 Allstate 1,714,491 0.30

72,900 Altria 1,455,084 0.26

62,600 Ameren 1,498,018 0.26

92,400 American Financial 2,537,304 0.45

37,100 Amerigas Partners 1,537,053 0.27

79,100 Amkor Technology 451,661 0.08

3,800 Ampco-Pittsburgh 80,940 0.01

57,800 Annaly Capital Management 997,628 0.17

36,300 Apogee Enterprises 403,656 0.07

181,900 Apollo Investment 1,731,688 0.31

53,000 Ares Capital 664,090 0.12

58,500 Arrow Electronics 1,341,405 0.24

68,200 Assurant 2,379,498 0.42

61,000 AT&T 1,492,060 0.26

51,900 Atmos Energy 1,412,199 0.25

28,500 Avista 565,155 0.10

37,000 Barnes & Noble 490,990 0.09


13,700 BB&T 373,736 0.07

63,800 Bemis 1,750,034 0.31

70,600 Best Buy 2,411,696 0.42

33,900 BGC Partners 176,280 0.03

20,200 Black Box 579,740 0.10

85,700 Bristol-Myers Squibb 2,167,353 0.38

15,700 CACI International 653,434 0.11

38,300 Cal-Maine Foods 1,246,665 0.22

52,756 CenturyTel 1,779,460 0.31

7,400 Chevron 505,864 0.09

17,700 Chubb 892,965 0.16

57,700 Cincinnati Financial 1,511,740 0.27

23,200 Community Bank System 517,128 0.09

37,800 Computer Sciences 1,722,168 0.30

31,400 ConAgra Foods 741,354 0.13

24,200 ConocoPhillips 1,206,128 0.21

56,100 Consolidated Communications 966,042 0.17

45,700 Consolidated Edison 1,987,036 0.35

68,800 CoreLogic 1,226,704 0.22


166,400 Dell 2,041,728 0.36

38,700 Diebold 1,070,829 0.19

87,400 DPL 2,097,600 0.37

32,900 DTE Energy 1,500,898 0.27

3,700 Ducommun 65,231 0.01

54,600 Duke Energy 881,790 0.16

214,100 Earthlink 1,732,069 0.31

38,900 Eastman Chemical 2,138,333 0.38

70,200 EI Du Pont de Nemours & Co. 2,473,848 0.44

71,400 Eli Lilly & Co. 2,409,750 0.43

62,400 Exelon 2,375,568 0.42

100,700 Federated Investors 2,119,735 0.37

37,400 FirstEnergy 1,326,578 0.23

16,300 Flowers Foods 400,002 0.07

91,800 FNB 750,924 0.13






MarketValueUSD

%Net

Assets


59,800 Foot Locker 768,430 0.14

174,438 Frontier Communications Corp 1,255,954 0.22

40,716 General Maritime 248,775 0.04

43,000 Genuine Parts 1,715,270 0.30

42,900 Gladstone Capital 463,320 0.08

15,800 Global Cash Access 116,604 0.02

4,100 Goldman Sachs 548,416 0.10

5,800 Great Southern Bancorp 120,814 0.02

45,000 Harris 1,930,500 0.34

23,902 Hercules Technology Growth Capital 214,401 0.04

28,200 Horace Mann Educators 426,384 0.08

52,200 Hubbell 2,070,252 0.37

120,000 Hudson City Bancorp 1,510,800 0.27

111,000 Huntsman 1,012,320 0.18

24,300 Ingles Markets 371,790 0.07

4,200 International Shipholding 88,620 0.02

40,600 Johnson & Johnson 2,405,144 0.42


30,900 Kimberly-Clark 1,883,973 0.33

9,300 Kinder Morgan Energy Partners 604,500 0.11

73,800 KKR Financial 556,452 0.10

86,600 Kraft Foods 2,462,904 0.43

71,000 Kroger 1,406,510 0.25

17,800 Laclede 592,384 0.10

18,400 Lorillard 1,334,736 0.24

48,800 Marathon Oil 1,530,856 0.27

73,700 MCG Capital 357,445 0.06

25,300 Mcgrath Rentcorp 578,105 0.10

37,100 McGraw-Hill 1,090,369 0.19

70,500 Merck & Co. 2,497,815 0.44

78,300 Natural Resource Partners 1,849,446 0.33

9,600 NGP Capital Resources 68,256 0.01

33,300 NextEra Energy Inc 1,610,721 0.28

900 North European Oil Royalty Trust 24,093 -

28,833 NorthStar Realty Finance 76,984 0.01

112,300 Old Republic International 1,385,782 0.24

17,474 One Liberty Properties 263,333 0.05

39,300 Owens & Minor 1,118,871 0.20

67,300 Penn Virginia 1,218,803 0.22

72,200 Penn Virginia Resource Partners 1,479,378 0.26

117,200 Pfizer 1,673,616 0.30

88,300 PH Glatfelter 972,183 0.17

55,700 Pitney Bowes 1,228,742 0.22

38,800 Prologis 409,728 0.07

96,300 Protective Life 2,118,600 0.37

244,800 Qwest Communications International 1,299,888 0.23

55,200 R.R. Donnelley & Sons 907,488 0.16

2,900 Republic Bancorp 67,193 0.01

58,800 Resource Capital 333,984 0.06

52,000 Reynolds American 2,717,520 0.48

16,300 Safety Insurance 610,435 0.11

95,100 Safeway 1,863,960 0.33

111,100 Sara Lee 1,587,619 0.28

7,800 Selective Insurance 118,248 0.02

31,000 Sempra Energy 1,472,500 0.26

36,900 Snap-On 1,523,601 0.27

40,700 Spartan Stores 553,113 0.10

37,100 Stancorp Financial 1,517,761 0.27

22,700 Suburban Propane Partners 1,053,961 0.19

14,700 Sunoco Logistics Partners 1,049,727 0.19

108,000 SUPERVALU 1,200,960 0.21



MarketValueUSD

%Net

Assets


80,600 Sysco 2,355,132 0.42

22,100 TC Pipelines 891,956 0.16

53,200 Tech Data 1,918,924 0.34

10,700 Terra Nitrogen 731,131 0.13

8,500 TICC Capital Corp 71,315 0.01

27,200 Tidewater 1,064,064 0.19

35,500 Travelers 1,765,415 0.31

51,200 Trustmark 1,084,928 0.19

71,800 UGI 1,839,516 0.32

12,500 Unisource Energy 378,750 0.07

31,700 Unisys 603,885 0.11

9,200 Unitrin 238,924 0.04

31,500 Universal 1,245,195 0.22

11,200 Universal Insurance 47,040 0.01

62,700 Vectren 1,479,093 0.26

43,697 Verizon Communications 1,250,608 0.22

24,400 VF 1,762,656 0.31

50,000 Wal-Mart Stores 2,445,000 0.43

3,100 Weis Markets 102,486 0.02

59,900 Western Digital 1,837,133 0.32

45,000 WGL 1,532,250 0.27

128,267 Windstream 1,372,457 0.24






MarketValueUSD

%Net

Assets

Australia - -

2,830 Timbercorp - -

Canada 2,082,065 0.36

18,700 AltaGas Income Trust 326,626 0.05

5,700 Davis & Henderson Income Fund 88,282 0.02

190,200 Paramount Energy Trust 905,714 0.15

1,500 Wajax Income Fund 32,690 0.01

42,600 Zargon Energy Trust 728,753 0.13

Singapore - -

58,000 Jurong Technologies Industrial - -

Taiwan - -

406,000 Ya Hsin Industrial - -

United Kingdom - -

87,957 Cattles - -

173,140 Northern Rock - -




MarketValueUSD

%Net

Assets

Belgium - -

75,475 Fortis Rights 31/12/2049 - -

Italy 8,704 -

193,780 Mediobanca Warrants 18/03/2011 8,069 -

32,184 Unione di Banche Italiane Warrants 30/06/2011

635 -




Schroder ISF QEP Global ActiveValue (cont)Number of sharesor PrincipalAmount Derivatives

MarketValueUSD

%Net

Assets

France 1,615 -

2,800 Fonciere Des Regions Warrants 31/12/2010

1,615 -

Philippines 986 -

4,160 Semirara Mining Rights 06/07/2010 986 -

Total Derivatives 11,305 -



Net Asset Value 566,332,002 100.00

Schroder ISF QEP Global Core


Transferable Securities andMoney Market Instruments Admittedto an official Exchange Listing

MarketValueUSD

%Net

Assets

Australia 6,816,712 3.35

23,470 Ausdrill 32,837 0.02

33,407 Australia & New Zealand Banking 612,156 0.30

20,356 Avoca Resources 47,295 0.02

53,132 AWE 79,970 0.04

92,109 Beach Energy 53,892 0.03

19,883 BHP Billiton 634,771 0.31

2,211 Campbell Brothers 56,526 0.03

3,247 Cochlear 204,625 0.10

17,502 Commonwealth Bank of Australia 721,857 0.36

13,106 CSL 362,069 0.18

8,184 Dominion Mining 18,945 0.01

15,978 Downer EDI 48,775 0.02

14,612 Fleetwood 113,866 0.06

5,327 JB Hi-Fi 86,140 0.04

4,841 Leighton 118,838 0.06

3,962 Macquarie 124,707 0.06

30,502 Metcash 108,371 0.05

7,561 Monadelphous 81,681 0.04

28,105 National Australia Bank 554,800 0.27

31,491 Navitas 124,435 0.06

32,785 NRW 27,244 0.01

12,855 Origin Energy 162,852 0.08

2,604 Perpetual 62,400 0.03

3,369 Qantas Airways 6,285 -

33,051 QBE Insurance 510,066 0.25

10,893 Ramsay Health Care 129,776 0.06

21,759 Santos 232,477 0.12

11,416 Sonic Healthcare 100,964 0.05

137,035 St Barbara 40,670 0.02

24,095 Stockland 76,005 0.04

12,785 Suncorp-Metway 87,162 0.04

43,339 Telstra 119,435 0.06

9,000 Washington H. Soul Pattinson & Co. 98,829 0.05

35,255 Westpac Banking 634,660 0.31

10,182 Woolworths 233,286 0.12

5,737 WorleyParsons 108,045 0.05

Austria 247,430 0.12

1,838 Andritz 104,361 0.05

931 Schoeller-Bleckmann Oilfield Equipment 42,634 0.02

2,909 Semperit 100,435 0.05

Belgium 1,606,166 0.79

74,999 Ageas 168,554 0.08

10,024 Anheuser-Busch InBev 483,219 0.24

1,869 Compagnie Maritime Belge 49,993 0.03

4,252 Delhaize 310,948 0.15

5,803 KBC Groep 224,268 0.11

2,182 Solvay 187,202 0.09

5,396 Umicore 157,883 0.08

606 Warehouses De Pauw 24,099 0.01

Bermuda 596,876 0.29

14,344 Alliance Oil 158,659 0.08

4,200 Bunge 207,438 0.10

16,000 Great Eagle 41,022 0.02

34,800 Esprit 189,757 0.09

Brazil 321,061 0.16

7,500 Banco do Brasil 106,963 0.05

6,000 Bradespar Preference 112,248 0.06

7,000 Companhia Siderurgica Nacional ADR 101,850 0.05




Schroder ISF QEP Global Core (cont)



MarketValueUSD

%Net

Assets

Canada 10,096,729 4.97

12,400 AGF Management 163,760 0.08

12,900 Bank of Montreal 700,383 0.34

4,200 Bank of Nova Scotia 193,837 0.09

1,200 Barrick Gold 53,894 0.03

2,700 Baytex Energy Trust 80,594 0.04

50,700 Bombardier 228,949 0.11

9,300 CAE 82,232 0.04

8,000 Canadian National Railway 462,369 0.23

8,600 Canadian Natural Resources 285,364 0.14

15,900 Centerra Gold 180,493 0.09

11,900 Crescent Point Energy 417,959 0.21

13,200 Daylight Energy 112,343 0.05

10,400 Eldorado Gold 184,311 0.09

7,700 Enbridge 353,764 0.17

15,700 EnCana 480,527 0.24

2,200 Genivar Income Fund 53,964 0.03

1,700 Goldcorp 73,823 0.04

11,900 Great-West Lifeco 267,787 0.13

10,000 IGM Financial 347,534 0.17

4,100 Industrial Alliance Insurance and FinancialServices

134,571 0.07

6,000 Loblaw 215,450 0.11

10,600 Manulife Financial 154,339 0.08

1,100 Mosaid Technologies 20,505 0.01

5,100 National Bank of Canada 267,626 0.13

19,500 Northgate Minerals 58,889 0.03

15,200 Peyto Energy Trust 209,228 0.10

9,200 Power Corp of Canada 222,183 0.11

6,500 Power Financial 166,146 0.08

16,500 Progress Energy Resources 191,196 0.09

5,200 Research In Motion 258,006 0.13

18,600 Royal Bank of Canada 898,040 0.44

9,100 Shaw Communications 164,804 0.08

3,800 Shoppers Drug Mart 119,076 0.06

8,900 Silver Wheaton 178,371 0.09

4,700 Sun Life Financial 123,607 0.06

4,195 Teck Resources 126,172 0.06

6,100 Tim Hortons 196,237 0.10

3,400 TMX 89,965 0.04


12,800 TransCanada 429,817 0.21


8,987 Yamana Gold 92,746 0.05

Cayman Islands 788,295 0.39

16,200 ASM Pacific Technology 127,144 0.06

3,800 Herbalife 175,826 0.09

26,000 Seagate Technology 347,880 0.17

8,500 XL Capital 137,445 0.07

China 584,452 0.29

225,000 Bank of China ‘H’ 114,740 0.06

34,000 Dongfeng Motor ‘H’ 40,092 0.02

180,000 Lingbao Gold ‘H’ 62,197 0.03

138,000 PetroChina ‘H’ 155,460 0.08

4,700 Tencent 78,786 0.04

13,000 Weichai Power ‘H’ 84,830 0.04

20,500 Zhaojin Mining Industry ‘H’ 48,347 0.02

Cyprus 52,230 0.03

21,600 Songa Offshore 52,230 0.03




MarketValueUSD

%Net

Assets

Denmark 570,767 0.28

7,016 Novo Nordisk 570,767 0.28

Finland 1,684,524 0.83

19,305 Fortum 426,534 0.21

5,913 Metso 192,998 0.09

73,033 Nokia 598,849 0.30

8,192 Orion 151,300 0.07

17,019 Pohjola Bank 172,380 0.09

3,111 Wartsila 142,463 0.07

France 7,742,606 3.81

1,104 Air Liquide 111,374 0.05

26,594 AXA 409,417 0.20

9,640 BNP Paribas 521,320 0.26

3,397 Bourbon 138,461 0.07

2,739 Bouygues 106,760 0.05

22,188 Canal Plus 139,026 0.07

9,817 Carrefour 392,142 0.19

1,885 Christian Dior 181,968 0.09


248,712 0.12

2,161 CNP Assurances 147,447 0.07

16,438 Crédit Agricole 171,488 0.08

5,532 Etablissements Maurel et Prom 62,421 0.03

15,027 France Telecom 260,329 0.13

17,102 GDF Suez 489,605 0.24

2,391 Iliad 187,709 0.09

4,498 Ipsen 138,770 0.07

2,430 Lafarge 133,212 0.07

4,291 LVMH Moet Hennessy Louis Vuitton 469,307 0.23

7,664 Metropole Television 157,130 0.08

6,350 Publicis 256,258 0.13

13,109 Sanofi-Aventis 786,627 0.39

12,175 SCOR 231,648 0.11

1,843 SEB 119,836 0.06

4,907 Société Générale 204,395 0.10

1,323 Sodexho 74,001 0.04

2,579 Technip 150,098 0.07

25,233 Total 1,135,417 0.56

7,591 Vinci 317,728 0.16

Germany 4,853,062 2.39

5,169 Aareal Bank 87,332 0.04

6,141 Allianz 609,216 0.30

16,933 BASF 933,345 0.46

4,029 Bayer 224,915 0.11

7,683 Deutsche Bank 438,071 0.21


8,788 E.ON 237,757 0.12

1,685 Fuchs Petrolub Preference 148,236 0.07

330 Generali Deutschland 36,779 0.02

2,719 Hugo Boss Preference 105,531 0.05

5,266 K+S 242,341 0.12

3,643 Lanxess 154,600 0.08

4,316 Metro 221,669 0.11



554 RWE 36,294 0.02

4,344 Siemens 394,235 0.19

6,480 Symrise 134,561 0.07

Greece 79,027 0.04

6,157 OPAP 79,027 0.04







MarketValueUSD

%Net

Assets

Hong Kong SAR 2,226,541 1.10

155,000 CNOOC 266,397 0.13

61,000 Hysan Development 173,950 0.09

80,000 Industrial & Commercial Bank of ChinaAsia

213,231 0.11

2,400 Jardine Matheson 84,336 0.04

48,500 Kingboard Chemical Holdings 210,572 0.10

120,000 Kunlun Energy 153,218 0.08

166,000 New World Development 272,509 0.13

12,750 Seadrill 230,344 0.11

18,500 Swire Pacific 211,496 0.10

56,000 Texwinca 54,669 0.03

18,000 VTech 194,104 0.10

33,000 Wharf 161,715 0.08

India 143,784 0.07

2,400 Infosys Technologies ADR 143,784 0.07

Indonesia 275,881 0.14

38,000 Astra International 202,695 0.10

282,000 Bank Negara Indonesia Persero 73,186 0.04

Ireland 1,099,683 0.54

11,600 Accenture 448,340 0.22


6,200 Cooper Industries 280,426 0.14

3,892 DCC 89,138 0.04

5,139 Kerry 143,944 0.07

3,504 Paddy Power 110,292 0.06

Israel 299,408 0.15

33,278 Bezeq Israeli Telecommunication 72,982 0.04

3,700 Cellcom Israel 93,721 0.05

4,500 Check Point Software Technologies 132,705 0.06

Italy 2,187,220 1.08

4,545 Assicurazioni Generali 79,601 0.04

104,462 Banca Monte dei Paschi di Siena 118,280 0.06

5,798 Buzzi Unicem 58,584 0.03

23,906 Enel 101,598 0.05

33,004 ENI 610,367 0.30

35,123 Intesa Sanpaolo 92,916 0.05

42,210 Mediaset 239,485 0.12

66,808 Parmalat 156,446 0.08

18,501 Recordati 127,684 0.06

3,411 Saipem 104,608 0.05

159,010 UniCredit 355,804 0.17

16,428 Unione di Banche Italiane 141,847 0.07

Japan 20,982,915 10.33

6,810 Acom 88,681 0.04

5,600 ADEKA 52,973 0.03

17,000 Air Water 186,493 0.09

21,000 Ajinomoto 191,071 0.09

4,700 Aoyama Trading 84,467 0.04

30,000 Asahi Glass 285,134 0.14

9,800 Astellas Pharma 330,368 0.16

3,300 Autobacs Seven 120,176 0.06

19,000 Bank of Kyoto 157,235 0.08

13,000 Bank of Yokohama 59,947 0.03

24,400 Bridgestone 388,991 0.19

3,900 Canon 146,423 0.07

7,100 Capcom 115,271 0.06

15,000 Chiba Bank 91,155 0.05

11,000 Chugoku Bank 130,222 0.06




MarketValueUSD

%Net

Assets

Japan (cont)

11,000 Chugoku Electric Power 226,834 0.11

34,000 Chuo Mitsui Trust 121,134 0.06

24,000 Dai Nippon Printing 279,520 0.14

6,000 Daihatsu Motor 56,147 0.03

16,200 Daiichi Sankyo 290,411 0.14

34,000 Daishi Bank 111,934 0.06

4,100 Daito Trust Construction 232,516 0.11

26,000 Daiwa Securities 110,807 0.05

31,000 Denki Kagaku Kogyo KK 145,747 0.07

6,200 East Japan Railway 414,522 0.20

3,800 Eisai 126,602 0.06

27,000 Godo Steel 65,753 0.03

25,000 H2O Retailing 162,918 0.08

29,000 Hachijuni Bank 163,809 0.08

9,000 Higo Bank 49,924 0.02

1,700 Hirose Electric 156,593 0.08

90,000 Hitachi 328,767 0.16

7,400 Hitachi Capital 99,117 0.05

21,500 Hokuetsu Kishu Paper 108,112 0.05

16,300 Honda Motor 477,266 0.24

6,900 Hosiden 73,594 0.04

9,000 Hyakujushi Bank 33,384 0.02

14 Inpex 78,449 0.04

16,400 IT 195,813 0.10

11,900 Ito En 182,468 0.09

44,000 ITOCHU 349,738 0.17

80 Japan Retail Fund Investment 97,773 0.05

20,000 Kagoshima Bank 129,432 0.06

42,000 Kajima 96,127 0.05

20,000 Kaneka 117,030 0.06

8,000 Kanto Natural Gas Development 40,769 0.02

66 KDDI 315,880 0.16

11,600 Kewpie 133,532 0.07

15,500 Konica Minolta 150,815 0.07

37,000 Kubota 287,006 0.14

6,000 Kyushu Electric Power 134,619 0.07

66,000 Marubeni 343,041 0.17

7,000 Miraca 210,643 0.10

18,500 Mitsubishi 388,793 0.19

6,000 Mitsubishi Estate 84,357 0.04

25,000 Mitsubishi Paper Mills 29,032 0.01

130,600 Mitsubishi UFJ Financial 596,347 0.29

2,300 Mitsubishi UFJ Lease & Finance 78,184 0.04

22,000 Mitsui & Co. 261,435 0.13

49,000 Mitsui Mining & Smelting 130,932 0.06

6,400 Mitsumi Electric 110,329 0.05

77,000 Mizuho Financial 127,617 0.06

11,200 Namco Bandai 98,874 0.05

36,000 Nippon Carbon 101,877 0.05

4,000 Nippon Paper 111,077 0.06

9,100 Nippon Telegraph & Telephone 373,460 0.18

52,000 Nishi-Nippon City Bank 150,087 0.07

60,900 Nissan Motor 429,826 0.21

13,000 Nissan Shatai 85,890 0.04

18,000 Nisshin Oillio 88,077 0.04

34,000 Nisshin Steel 54,817 0.03

30,000 Nittetsu Mining 102,824 0.05

18,700 Nomura 103,098 0.05

20 Nomura Real Estate Office Fund 99,893 0.05

10,600 Nomura Research Institute 226,234 0.11

7,000 NTN 29,043 0.01







MarketValueUSD

%Net

Assets

Japan (cont)

57 NTT Data 212,075 0.10

278 NTT DoCoMo 421,568 0.21

6,300 Ono Pharmaceutical 255,708 0.13

1,480 ORIX 108,462 0.05

14 Orix JREIT 58,481 0.03

69,000 Osaka Gas 248,943 0.12

10,000 PanaHome 59,304 0.03

24,000 Ricoh 308,743 0.15

18,000 San-In Godo Bank 139,016 0.07

11,500 Seven & I 265,410 0.13

4,400 Shimachu 80,514 0.04

15,000 Shimizu 51,750 0.03

89,000 Shinsei Bank 76,261 0.04

11,000 Shionogi & Co. 228,570 0.11

515 SKY Perfect JSAT 184,644 0.09

17,300 Sony 464,805 0.23

24,700 Sumitomo 249,799 0.12

8,000 Sumitomo Metal Mining 101,020 0.05

17,500 Sumitomo Mitsui Financial 500,761 0.25

38,000 Sumitomo Trust & Banking 195,795 0.10

16,000 Suzuki Motor 316,951 0.16

37,000 Taisei 74,672 0.04

11,800 Takeda Pharmaceutical 508,214 0.25

32,360 Takefuji 95,225 0.05

12,200 Tohoku Electric Power 262,033 0.13

9,800 Tokai Rubber Industries 117,341 0.06

65,000 Tokyo Gas 296,804 0.15

34,000 Tokyu 138,768 0.07

9,700 Toppan Forms 93,615 0.05

31,000 Toppan Printing 247,804 0.12

18,000 Toshiba TEC 58,853 0.03

44,000 Tosoh 115,091 0.06

32,000 Toyota Motor 1,111,224 0.55

4,000 Trend Micro 108,822 0.05

5,300 Watabe Wedding 63,221 0.03

13,000 Yamato 173,392 0.09

Jersey 399,046 0.19

4,063 Petrofac 71,647 0.03

34,497 WPP 327,399 0.16


8,700 Acergy 129,309 0.06

2,500 Millicom International Cellular 203,725 0.10

3,348 Tenaris 58,637 0.02

Malaysia 67,230 0.03

6,000 DiGi.Com 42,606 0.02

12,600 UMW 24,624 0.01

Mexico 151,932 0.07

66,200 Wal-Mart de Mexico 151,932 0.07


7,459 Arcadis 131,733 0.06

7,308 Brit Insurance 98,184 0.05

2,859 Corio 140,202 0.07

3,077 CSM 91,670 0.05

3,152 Fugro 148,973 0.07

9,997 Heineken 365,050 0.18

32,470 ING Groep 245,525 0.12

4,436 Koninklijke DSM 178,311 0.09





MarketValueUSD

%Net

Assets

Netherlands (cont)

2,032 Nutreco 108,880 0.05

7,002 Unilever 193,168 0.10

2,244 Vastned Offices/Industrial 27,442 0.01

Norway 1,048,248 0.52

7,339 Aker Solutions 84,389 0.04


38,496 Orkla ASA 247,261 0.12

8,676 Statoil 167,538 0.08

16,681 Telenor 209,493 0.11

8,851 Yara International 248,558 0.12


236,900 DMCI 90,624 0.05

2,410 Globe Telecom 46,486 0.02

Poland 159,843 0.08

6,060 KGHM Polska Miedz 159,843 0.08

Portugal 444,861 0.22

23,740 Jeronimo Martins 214,112 0.11


Singapore 1,470,750 0.72

37,000 Ho Bee Investment 40,482 0.02

18,000 Jardine Cycle & Carriage 386,156 0.19

50,000 Keppel 304,276 0.15

10,000 K-Green Trust 7,509 -

61,500 Mapletree Logistics Trust 36,722 0.02

84,000 SembCorp Industries 245,080 0.12

61,000 SembCorp Marine 168,378 0.08


81,000 Starhill Global REIT 32,147 0.02

South Africa 133,647 0.07

1,123 Anglo Platinum 109,060 0.06

3,273 Reunert 24,587 0.01



1,368 Hyundai Mobis 232,454 0.11

4,520 LG Display 152,126 0.08

184 Samsung Electronics 116,907 0.06

Spain 3,617,122 1.77

17,021 Abertis Infraestructuras 246,197 0.12

8,855 Almirall 69,843 0.03


9,924 Banco de Sabadell 44,728 0.02

23,014 Banco Popular Espanol 117,622 0.06


20,670 Bankinter 125,970 0.06

3,614 Bolsas y Mercados Espanoles 79,473 0.04

43,332 Criteria Caixacorp 178,000 0.09

10,633 Grifols 109,639 0.05

46,737 Mapfre 127,648 0.06

4,356 Red Electrica 157,970 0.08

7,538 Repsol YPF 153,069 0.07

2,181 Tecnicas Reunidas 99,729 0.05

32,068 Telefónica 594,235 0.29

Sweden 2,504,253 1.23

5,788 Axfood 152,891 0.07

15,749 Boliden 173,288 0.08

12,328 Fabege 74,194 0.04







MarketValueUSD

%Net

Assets

Sweden (cont)

7,000 Getinge 135,058 0.07

4,247 Hoganas 111,640 0.05

8,600 Kungsleden 52,288 0.03

49,603 Nordea Bank 407,429 0.20

6,753 Ratos 170,136 0.08

13,410 Securitas 122,644 0.06

9,289 Svenska Handelsbanken 226,267 0.11

8,187 Swedish Match 178,271 0.09

27,942 Tele2 417,356 0.21

43,956 TeliaSonera 282,791 0.14


1,318 Baloise Registered 91,817 0.04

7,291 Credit Suisse Registered 277,232 0.14

1,644 EMS-Chemie Registered 215,671 0.11

7,600 Garmin 222,376 0.11

434 Helvetia Registered 115,035 0.06


3,200 Noble 95,584 0.05


2,438 Pargesa 158,902 0.08

1,162 Partners 139,861 0.07

8,225 Roche 1,133,040 0.56

2,013 Schindler 171,242 0.08

89 Sika 156,526 0.08

735 Sonova Registered 90,167 0.04

1,766 Sulzer Registered 167,794 0.08

605 Swisscom Registered 205,361 0.10

1,703 Syngenta Registered 391,364 0.19

26,626 UBS Registered 356,196 0.17


Taiwan 710,199 0.35

172,000 Compal Electronics 207,032 0.10

53,000 Coretronic 78,567 0.04

29,000 Dynapack International Technology 81,735 0.04

63,000 Powertech Technology 176,777 0.09

22,000 Sitronix Technology 33,092 0.02

65,000 Taiwan Mobile 132,996 0.06

Turkey 451,148 0.22

67,290 Tofas Turk Otomobil Fabrikasi 229,615 0.11

24,218 Turk Telekomunikasyon 78,049 0.04

27,357 Turkcell Iletisim Hizmet 143,484 0.07


15,141 Anglo American 527,195 0.26

12,914 Anglo Pacific 50,311 0.03

22,042 Antofagasta 257,862 0.13

19,769 AstraZeneca 941,212 0.46

3,186 Aveva 54,274 0.03

11,718 Aviva 54,904 0.03

102,747 Barclays 419,740 0.21

38,623 BG 584,238 0.29

38,232 BHP Billiton 994,395 0.49

238,094 BP 1,141,953 0.56


19,329 Catlin 100,895 0.05

28,719 Cineworld 85,122 0.04

5,302 Dana Petroleum 89,051 0.04

9,271 Diageo 146,138 0.07

4,063 EnQuest 6,058 -

4,300 Ensco ADR 165,808 0.08




MarketValueUSD

%Net

Assets



74,327 F&C Asset Management 55,951 0.03

16,511 Filtrona 53,758 0.03

12,398 Fresnillo 183,179 0.09

40,631 G4S 162,335 0.08


67,586 Hays 92,067 0.05

166,111 HSBC 1,525,777 0.75

27,044 ICAP 162,501 0.08

15,604 IG 98,316 0.05

19,564 Inmarsat 209,544 0.10


31,137 Investec 210,120 0.10

57,366 J Sainsbury 273,938 0.14

15,973 JKX Oil & Gas 57,410 0.03

29,195 John Wood 136,136 0.07

9,901 Johnson Matthey 219,503 0.11

20,047 Kazakhmys 298,293 0.15

509,751 Lloyds Banking 415,264 0.20

56,577 Man 189,204 0.09

82,218 Marks & Spencer 406,152 0.20

64,776 Paragon 115,293 0.06

8,237 Prudential 62,460 0.03

29,075 PZ Cussons 147,937 0.07

9,326 Reckitt Benckiser 433,475 0.21

8,231 Rio Tinto 365,329 0.18

12,046 Royal Dutch Shell ‘A’ 305,173 0.15

31,715 Royal Dutch Shell ‘A’ (London) 802,815 0.40

29,924 Royal Dutch Shell ‘B’ 726,794 0.36

85,279 RSA Insurance 151,504 0.07

16,593 SABMiller 467,840 0.23

29,250 Sage 100,970 0.05

11,744 Standard Chartered 287,875 0.14

11,162 Tate & Lyle 75,190 0.04

79,455 Tesco 453,340 0.22

18,381 Tullett Prebon 86,646 0.04

10,093 Unilever 271,201 0.13

6,663 Vedanta Resources 212,649 0.11

363,375 Vodafone 759,904 0.37

13,625 Weir 212,526 0.10

74,523 WM Morrison Supermarkets 295,627 0.15

29,604 Xstrata 394,498 0.19


3,300 3M 259,017 0.13


1,700 Advance Auto Parts 85,476 0.04

18,200 Advanta 182 -

24,100 AES 222,925 0.11

9,300 Aetna 250,170 0.12

12,000 Aflac 508,320 0.25

3,815 Alliant Energy 120,974 0.06

19,300 Allstate 559,893 0.28

7,000 Altera 174,720 0.09

16,684 Altria 333,013 0.16

4,100 Amazon.com 445,301 0.22

6,000 Ambassadors 66,000 0.03

14,300 Ameren 342,199 0.17

16,300 American Express 653,467 0.32

3,450 American Financial 94,737 0.05

4,600 Amerigas Partners 190,578 0.09







MarketValueUSD

%Net

Assets


2,800 Ameriprise Financial 100,772 0.05

10,400 AmerisourceBergen 329,888 0.16

7,894 Amgen 427,223 0.21

6,600 Amphenol 264,264 0.13

2,488 Anadarko Petroleum 91,235 0.05

1,600 Anixter International 69,232 0.03

13,500 Annaly Capital Management 233,010 0.11

700 Apache 59,157 0.03

16,700 Apollo Investment 158,984 0.08

9,466 Apple 2,424,053 1.19

12,300 Archer-Daniels-Midland 319,923 0.16

15,500 Arris 158,255 0.08

65,895 AT&T 1,611,792 0.79

800 AvalonBay Communities 75,536 0.04

5,600 Avon Products 151,592 0.07

1,200 AZZ 45,180 0.02

4,000 Baker Hughes 163,360 0.08

106,436 Bank of America 1,550,773 0.76

4,600 Bank of New York Mellon 115,506 0.06


13,300 BB&T 362,824 0.18

3,800 Becton Dickinson & Co. 256,310 0.13

2,000 Berkshire Hathaway 160,060 0.08

3,800 Berry Petroleum 101,118 0.05

7,500 Best Buy 256,200 0.13

8,500 BGC Partners 44,200 0.02

4,800 Biogen Idec 233,760 0.12

2,500 BJ's Wholesale Club 92,475 0.05

2,800 BRE Properties 105,532 0.05

7,500 Brinker International 108,225 0.05


7,400 Broadridge Financial Solutions 140,748 0.07

2,800 Brown-Forman 161,644 0.08

2,300 Buckeye Partners 135,401 0.07

13,200 CA 247,104 0.12


15,900 Cal Dive International 92,538 0.05

5,600 Capstead Mortgage 62,440 0.03

6,192 Caterpillar 376,783 0.19

3,800 Celgene 202,312 0.10

40,900 Cell Therapeutics 14,969 0.01

16,100 CenterPoint Energy 214,291 0.11

20,000 Charles Schwab 283,600 0.14

21,116 Chevron 1,443,490 0.71

7,700 Chubb 388,465 0.19

49,006 Cisco Systems 1,059,510 0.52

198,900 Citigroup 741,897 0.37

14,800 CMS Energy 220,964 0.11

22,900 CNO Financial 114,729 0.06

8,600 Coach 318,286 0.16

21,182 Coca-Cola 1,066,090 0.52


29,800 Comcast 526,864 0.26

13,500 Compuware 107,460 0.05


6,600 Consolidated Edison 286,968 0.14

5,000 Costco Wholesale 278,150 0.14

1,900 CR Bard 148,143 0.07

8,300 CSX 414,585 0.20


4,800 Cummins 317,952 0.16




MarketValueUSD

%Net

Assets


10,400 CVS Caremark 310,128 0.15

6,000 Darden Restaurants 233,880 0.12

3,200 DaVita 200,736 0.10

33,600 Dell 412,272 0.20

2,008 Devon Energy 122,548 0.06

1,900 Diamond Offshore Drilling 114,304 0.06

14,700 DIRECTV 505,239 0.25

13,858 Discover Financial Services 191,240 0.09

1,400 Dorchester Minerals 35,546 0.02

6,200 Dover 259,842 0.13

4,200 DPL 100,800 0.05

4,800 Dress Barn 114,960 0.06

7,500 Duke Realty 85,200 0.04

2,700 Eastman Chemical 148,419 0.07

2,300 Eaton 151,777 0.07

21,500 eBay 423,335 0.21

14,600 Eli Lilly & Co. 492,750 0.24

31,500 EMC/Massachusetts 585,585 0.29

2,800 EMCOR 65,016 0.03

12,000 Emerson Electric 519,480 0.26

2,100 Enbridge Energy Partners 110,838 0.05

5,300 Energen 234,472 0.12

3,000 Energy Transfer Partners 139,170 0.07

3,219 Enterprise Products Partners 113,470 0.06

2,300 Entertainment Properties Trust 87,009 0.04

4,600 Equifax 129,858 0.06

2,600 Exelon 98,982 0.05

7,200 Express Scripts 339,912 0.17

50,767 Exxon Mobil 2,908,441 1.43

1,300 F5 Networks 89,817 0.04

4,400 Fastenal 222,156 0.11

6,100 Federated Investors 128,405 0.06

12,100 FirstMerit 211,145 0.10

3,900 Flowers Foods 95,706 0.05

6,200 Fluor 261,764 0.13

4,100 Fossil 142,352 0.07

216 Furiex Pharmaceuticals 2,322 -

9,000 General Dynamics 534,870 0.26

87,868 General Electric 1,272,329 0.63

2,600 General Mills 95,940 0.05

5,200 Genzyme 268,216 0.13

2,182 Gilead Sciences 76,305 0.04

6,800 Global Cash Access 50,184 0.02

5,200 Goldman Sachs 695,552 0.34

6,000 Goodrich 402,540 0.20

2,700 Google 1,226,502 0.60

4,200 Graco 122,052 0.06

2,700 Gymboree 114,534 0.06

3,394 Halliburton 83,085 0.04

6,600 Harris 283,140 0.14

12,200 Hartford Financial Services 270,352 0.13

3,000 Hasbro 126,120 0.06

2,500 Haynes International 76,600 0.04

9,200 HCC Insurance 225,400 0.11

7,400 HCP 238,650 0.12

23,100 Hecla Mining 124,278 0.06

30,916 Hewlett-Packard 1,369,579 0.67

9,000 HJ Heinz 394,650 0.19

6,900 Home Depot 197,547 0.10

13,500 Honeywell International 530,955 0.26

4,000 Hormel Foods 165,000 0.08







MarketValueUSD

%Net

Assets


3,700 Hubbell 146,742 0.07

4,100 Inergy 159,982 0.08

65,977 Intel 1,305,025 0.64

14,641 International Business Machines 1,831,443 0.90

5,100 ITT 228,225 0.11

4,000 JM Smucker 242,720 0.12

1,700 John Wiley & Sons 66,963 0.03

30,064 Johnson & Johnson 1,780,991 0.88

3,400 Joy Global 171,496 0.08


5,400 Kellogg 279,450 0.14

2,200 Kinder Morgan Energy Partners 143,000 0.07

5,300 Kohl's 252,704 0.12

4,400 Koppers 100,628 0.05

7,700 Kraft Foods 218,988 0.11

5,700 Kroger 112,917 0.06

2,600 L-3 Communications 186,082 0.09

2,350 Lender Processing Services 73,015 0.04

6,400 Lexmark International 220,800 0.11

3,900 Liberty Property Trust 112,632 0.06


1,200 Lorillard 87,048 0.04

2,700 Lubrizol 214,434 0.11

800 Mantech International 34,304 0.02

5,100 Marathon Oil 159,987 0.08

3,500 Massey Energy 97,825 0.05

12,400 Mattel 265,608 0.13

11,800 McDonald's 784,228 0.39

4,048 McGraw-Hill 118,971 0.06

5,600 McKesson 377,720 0.19

14,624 Medtronic 529,535 0.26

28,398 Merck & Co. 1,006,141 0.50

11,300 MetLife 431,434 0.21

89,951 Microsoft 2,097,657 1.03

2,200 Monsanto 104,148 0.05

11,800 Morgan Stanley 276,710 0.14

3,900 Mosaic 153,465 0.08

1,400 MSC Industrial Direct 70,462 0.03

2,800 National Retail Properties 59,780 0.03

1,600 Nationwide Health Properties 57,232 0.03

8,300 Newmont Mining 507,545 0.25

5,300 NextEra Energy 256,361 0.13

5,500 NIKE 374,935 0.18

1,800 Noble Energy 108,486 0.05

7,700 Nordstrom 250,327 0.12



2,400 NuStar Energy 137,616 0.07

6,500 Occidental Petroleum 510,380 0.25

8,796 Omnicom 306,541 0.15

2,200 ONEOK Partners 140,690 0.07

49,027 Oracle 1,066,337 0.53

4,900 Parker Hannifin 275,184 0.14

15,995 PepsiCo 979,374 0.48

54,373 Pfizer 776,446 0.38

3,100 PG&E 128,588 0.06



4,300 Pinnacle West Capital 157,681 0.08

5,500 Plains Exploration & Production 108,845 0.05

19,800 PMC - Sierra 148,500 0.07




MarketValueUSD

%Net

Assets


1,900 PNC Financial Services 109,402 0.05

2,000 Polaris Industries 112,320 0.06

2,000 Polo Ralph Lauren 146,800 0.07

1,900 Precision Castparts 195,225 0.10

3,200 Principal Financial 76,576 0.04

31,130 Procter & Gamble 1,877,762 0.92

8,100 Progress Energy 317,682 0.16

9,600 Protective Life 211,200 0.10


3,800 Public Service Enterprise 120,118 0.06

1,900 Public Storage 169,993 0.08

10,408 QUALCOMM 344,921 0.17

2,800 Quest Diagnostics 140,140 0.07

3,700 Rayonier 166,278 0.08

11,500 Raytheon 560,625 0.28

3,100 Regal-Beloit 172,577 0.09


4,200 Reynolds American 219,492 0.11

2,400 Rockwell Collins 128,760 0.06

4,800 Ross Stores 256,320 0.13

6,200 Rowan 136,834 0.07

12,400 Safeway 243,040 0.12

13,700 SAIC 230,434 0.11

7,600 SanDisk 324,064 0.16

8,200 Sapient 82,410 0.04

9,400 Schlumberger 517,752 0.25

10,900 Sealed Air 218,000 0.11

5,600 Sempra Energy 266,000 0.13

3,800 Sherwin-Williams 267,520 0.13

4,400 Simon Property 360,008 0.18

5,500 Smith International 206,085 0.10

12,700 Southern 427,228 0.21

8,600 Southern Union 189,802 0.09

7,400 St Jude Medical 270,470 0.13

5,100 Stancorp Financial 208,641 0.10

1,800 State Street 61,110 0.03

7,200 Stone Energy 83,592 0.04

2,100 Stryker 105,336 0.05

3,000 Suburban Propane Partners 139,290 0.07

13,400 Sysco 391,548 0.19

4,600 T Rowe Price 206,311 0.10

11,800 Target 578,200 0.28

2,500 TC Pipelines 100,900 0.05

8,900 TECO Energy 135,191 0.07

3,600 TeleTech 46,116 0.02

8,300 Teradata 259,624 0.13

21,982 Texas Instruments 525,150 0.26

1,400 Thermo Fisher Scientific 69,650 0.03

17,900 Time Warner 530,377 0.26

9,400 TJX 395,082 0.19

3,000 Toro 150,240 0.07

9,400 Travelers 467,462 0.23

10,100 Trustmark 214,019 0.11

1,800 Tupperware Brands 72,162 0.04

8,400 Union Pacific 589,092 0.29

10,000 United Parcel Service 575,400 0.28


16,480 UnitedHealth 471,822 0.23

7,600 Unum 166,516 0.08

13,000 US Bancorp 294,060 0.14

3,600 US Physical Therapy 60,696 0.03







MarketValueUSD

%Net

Assets


1,300 Valmont Industries 94,952 0.05

4,400 Varian Medical Systems 229,900 0.11

4,100 Vectren 96,719 0.05

3,100 Ventas 145,886 0.07


4,400 VF 317,856 0.16

12,400 Viacom 397,668 0.20

1,500 Visa 107,175 0.05

3,300 Volterra Semiconductor 75,735 0.04

7,300 Waddell & Reed Financial 164,615 0.08

8,400 Walgreen 222,516 0.11

25,818 Wal-Mart Stores 1,262,500 0.62

19,900 Walt Disney 642,770 0.32


7,800 Webster Financial 145,158 0.07

7,000 Weingarten Realty Investors 135,660 0.07

42,808 Wells Fargo & Co. 1,110,011 0.55

10,800 Western Digital 331,236 0.16

15,200 Western Union 227,088 0.11

14,200 Windstream 151,940 0.07

6,500 World Wrestling Entertainment 101,270 0.05

2,100 WW Grainger 210,084 0.10

2,300 Wyndham Worldwide 46,920 0.02

12,700 Xcel Energy 262,255 0.13

32,341 Xerox 269,724 0.13

6,300 Zimmer 343,980 0.17






MarketValueUSD

%Net

Assets

Canada 150,351 0.07

5,600 Davis & Henderson Income Fund 86,733 0.04

4,200 Freehold Royalty Trust 63,618 0.03

Ireland - -

20,062 Anglo Irish Bank - -

United States of America 99 -

11 Teton Advisors 99 -




MarketValueUSD

%Net

Assets

Belgium - -

38,290 Fortis Rights 31/12/2049 - -

France 1,111 -

5,532 Etablissements Maurel et Prom Warrants30/06/2014

1,111 -

Italy 455 -

10,932 Mediobanca Warrants 18/03/2011 455 -



MarketValueUSD

%Net

Assets

Total Derivatives 1,566 -



Net Asset Value 203,199,364 100.00




Schroder ISF QEP Global Quality



MarketValueUSD

%Net

Assets

Australia 12,292,640 4.02

84,931 Adelaide Brighton 193,006 0.06

39,810 Ansell 443,228 0.15

19,404 ASX 479,788 0.16

43,670 BHP Billiton 1,394,178 0.46

2,793 Campbell Brothers 71,405 0.02

2,333 Coal & Allied Industries 183,979 0.06

12,142 Cochlear 765,184 0.25

70,360 Computershare 633,011 0.21

53,582 CSL 1,480,268 0.48

27,077 Energy Resources of Australia 305,367 0.10

69,061 IOOF 350,776 0.11

25,380 Iress Market Technology 187,017 0.06

14,300 JB Hi-Fi 231,237 0.08

81,154 Metcash 288,333 0.10

34,496 Monadelphous 372,656 0.12

15,427 Perpetual 369,678 0.12

27,576 Platinum Asset Management 109,433 0.04

61,787 QBE Insurance 953,540 0.31

1,903 Reece Australia 39,050 0.01

425,821 Telstra 1,173,493 0.38

75,453 Woolworths 1,728,750 0.56

28,634 WorleyParsons 539,263 0.18

Austria 308,204 0.10


7,203 Oesterreichische Post 177,761 0.06

Belgium 3,301,011 1.08

230,949 Ageas 519,039 0.17

32,689 Belgacom 1,033,726 0.34

5,495 Colruyt 1,305,620 0.43

8,359 Mobistar 442,626 0.14

Bermuda 7,010,105 2.29

13,500 Allied World Assurance 617,220 0.20

15,900 Alterra Capital 296,058 0.10

11,600 Arch Capital 871,392 0.28

20,500 Aspen Insurance 513,730 0.17

29,000 Axis Capital 872,900 0.29

36,000 Cafe de Coral 92,486 0.03

17,600 Endurance Specialty 663,344 0.22

43,004 Lancashire 319,814 0.10

22,700 Montpelier Re 336,868 0.11

14,600 PartnerRe 1,022,876 0.33

150,000 Ports Design 385,356 0.13

7,300 RenaissanceRe 412,742 0.13

24,900 Validus 605,319 0.20

Brazil 3,166,558 1.03

20,300 AES Tiete Preference 232,633 0.08

37,800 Cielo 335,507 0.11


657,090 0.21

1,800 Companhia de Transmissao de EnergiaEletrica Paulista Preference

47,114 0.02

47,000 Natura Cosmeticos 1,051,717 0.34

19,200 Souza Cruz 739,866 0.24

10,700 Weg 102,631 0.03

British Virgin Islands 119,144 0.04

17,416 Playtech 119,144 0.04

Canada 8,485,997 2.77

5,400 AGF Management 71,315 0.02

Schroder ISF QEP Global Quality (cont)



MarketValueUSD

%Net

Assets

Canada (cont)

24,300 Alimentation Couche Tard 414,087 0.13

7,500 Bank of Montreal 407,200 0.13

20,000 Cameco 432,264 0.14

11,800 CI Financial 199,180 0.07

14,200 First Quantum Minerals 732,652 0.24

19,800 National Bank of Canada 1,039,017 0.34

2,400 Reitmans Canada 41,306 0.01

35,700 Rogers Communications 1,186,958 0.39


41,200 Shaw Communications 746,148 0.24

11,700 ShawCor 294,632 0.10

24,100 Shoppers Drug Mart 755,193 0.25

18,600 TMX 492,161 0.16

20,100 Toromont Industries 439,753 0.14



Chile 232,969 0.08

15,647 Aguas Andinas 6,465 -

10,844 Cia Cervecerias Unidas 94,192 0.03

35,267 Embotelladora Andina Preference 132,312 0.05

China 2,917,762 0.95

348,000 China Shenhua Energy 'H' 1,273,988 0.41

107,000 China Shineway Pharmaceutical 328,491 0.11

311,600 China Zhongwang 199,728 0.07

163,000 Shenzhou International 186,974 0.06

1,057,500 Soho China 619,422 0.20

73,000 Zhaojin Mining Industry 'H' 172,162 0.06

182,000 Zijin Mining 136,997 0.04


9,550 CEZ 392,101 0.13

2,884 Komercni Banka 471,028 0.15

30,000 Telefonica O2 Czech Republic 595,122 0.20

Denmark 2,917,208 0.95

5,327 Coloplast 535,135 0.17

23,187 Novo Nordisk 1,886,312 0.62

2,050 Novozymes 217,228 0.07

3,825 William Demant 278,533 0.09

Finland 3,129,815 1.02

34,478 Kone 1,380,821 0.45

33,268 Orion 614,434 0.20

53,485 Sampo 1,134,560 0.37

France 6,978,531 2.28

14,129 Air Liquide 1,425,371 0.46

4,775 BioMerieux 496,511 0.16

4,819 Christian Dior 465,201 0.15


990,793 0.32

5,132 Dassault Systèmes 312,762 0.10

2,036 ICADE 173,853 0.06

1,369 Iliad 107,475 0.04

6,927 Ipsen 213,708 0.07

5,230 L'Oréal 515,446 0.17

5,262 LVMH Moet Hennessy Louis Vuitton 575,506 0.19

5,402 Metropole Television 110,754 0.04

1,564 Neopost 113,973 0.04

35,246 SCOR 670,608 0.22

3,290 Société BIC 234,271 0.08

7,463 Sodexho 417,438 0.13







MarketValueUSD

%Net

Assets

France (cont)

3,251 Téléperformance 82,201 0.03

242 Total Gabon 72,660 0.02

Germany 3,644,981 1.19

910 CTS Eventim 43,923 0.02

8,587 Deutsche Bank 489,616 0.16

10,223 Fielmann 769,893 0.25

4,842 Fuchs Petrolub Preference 425,969 0.14

12,516 Hannover Rueckversicherung 534,138 0.18


458 Rational 70,229 0.02

6,450 SAP 290,035 0.09

2,373 Wincor Nixdorf 133,953 0.04

Greece 662,018 0.22

26,649 JUMBO 163,518 0.06

38,838 OPAP 498,500 0.16

Hong Kong SAR 8,526,864 2.79

16,000 Cheung Kong 185,793 0.06

120,500 China Mobile 1,210,417 0.40

1,231,000 CNOOC 2,115,707 0.69

59,400 Dairy Farm International 413,424 0.14

188,167 Esprit 1,026,036 0.34

25,000 Hang Lung Group 135,838 0.04

118,000 Hang Lung Properties 456,994 0.15

13,600 Hang Seng Bank 182,731 0.06

55,000 Hongkong Land 273,900 0.09

79,500 Hopewell 225,684 0.07

305,000 Link REIT 760,051 0.25

44,000 Television Broadcasts 205,164 0.07

226,000 Texwinca 220,629 0.07

52,000 Vtech 560,745 0.18

113,000 Wharf 553,751 0.18

India 137,793 0.05

2,300 Infosys Technologies ADR 137,793 0.05

Indonesia 2,811,190 0.92

277,000 Bank Central Asia 182,015 0.06

272,000 Indo Tambangraya Megah 1,115,936 0.36

651,500 Tambang Batubara Bukit Asam 1,241,124 0.41

320,000 Telekomunikasi Indonesia 272,115 0.09

Ireland 2,211,564 0.72

51,000 Accenture 1,971,150 0.64

7,638 Paddy Power 240,414 0.08

Israel 2,189,455 0.72

59,266 Bank Leumi Le-Israel 213,016 0.07

133,815 Bezeq Israeli Telecommunication 293,470 0.10

3,582 Elbit Systems 181,313 0.06

32,797 Israel Chemicals 348,405 0.11

11,841 Osem Investment 147,860 0.05

64,974 Partner Communications 1,005,391 0.33

Italy 1,115,461 0.36

393 Azimut 3,309 -

35,242 Geox 158,191 0.05

92,101 Recordati 635,632 0.21

5,007 Tod's 318,329 0.10

Japan 24,909,315 8.14

40,600 Astellas Pharma 1,368,668 0.45

4,300 Benesse 195,620 0.06




MarketValueUSD

%Net

Assets

Japan (cont)

3,900 Canon Electronics 88,733 0.03

25,500 Chugai Pharmaceutical 455,403 0.15

5,200 Daito Trust Construction 294,898 0.10

245,000 Daiwa Securities 1,044,140 0.34

7,200 Duskin 123,633 0.04

3,000 Ezaki Glico 36,394 0.01

22,000 Hisamitsu Pharmaceutical 875,585 0.29

29,700 Hitachi Transport System 434,977 0.14

87 Inpex 487,502 0.16

12,400 Itochu Techno-Solutions 454,366 0.15

25,000 Kamigumi 192,796 0.06

37,000 Kao 873,116 0.29

272 KDDI 1,301,810 0.42

11,500 Kewpie 132,381 0.04

26,000 Kinden 221,907 0.07

18,300 Lawson 801,573 0.26

25,600 Matsui Securities 157,880 0.05

5,800 McDonald's 129,739 0.04

17,900 Miraca 538,645 0.18

5,500 Miura 125,757 0.04

34,000 Mochida Pharmaceutical 324,686 0.11

1,400 Nintendo 415,920 0.13

20,000 Nisshin Seifun 227,296 0.07

1,500 Nitori 129,376 0.04


318 NTT Data 1,183,156 0.39

845 NTT DoCoMo 1,281,386 0.42

16,000 Ono Pharmaceutical 649,417 0.21

5,800 Oracle 285,766 0.09

960 Point 52,819 0.02

8,000 Rohto Pharmaceutical 97,954 0.03

2,900 Ryohin Keikaku 115,745 0.04

35,000 San-In Godo Bank 270,308 0.09

24,300 Santen Pharmaceutical 875,342 0.29

28,800 Secom 1,284,221 0.42

74 Seven Bank 134,659 0.04

2,200 Shimamura 199,425 0.07

3,600 Shin-Etsu Chemical 169,457 0.06


11,000 Sundrug 268,876 0.09

3,300 Sysmex 188,263 0.06


4,400 Terumo 212,323 0.07

32,000 Toppan Forms 308,834 0.10

10,500 Trend Micro 285,659 0.09

2,200 Unicharm 248,785 0.08

8,560 USS 614,772 0.20

838 Yahoo! Japan 336,825 0.11

45,000 Yamato 600,203 0.20


22,372 SES 468,131 0.15

Malaysia 2,479,312 0.81

76,714 Berjaya Sports Toto 101,133 0.03

15,300 British American Tobacco Malaysia 207,275 0.07

64,900 DiGi.Com 460,852 0.15

592,500 Genting Malaysia 499,390 0.16

99,800 Hong Leong Bank 264,367 0.09

16,600 Hong Leong Financial 43,102 0.01

4,900 Nestlé Malaysia 52,948 0.02

181,500 PLUS Expressways 191,082 0.06







MarketValueUSD

%Net

Assets

Malaysia (cont)

29,900 RHB Capital 54,280 0.02

142,800 Top Glove 604,883 0.20

Mexico 1,579,641 0.52

3,800 America Movil ADR 184,376 0.06

39,500 Grupo Modelo 193,347 0.06

3,500 Grupo Televisa ADR 61,915 0.02

21,370 Industrias Penoles 416,700 0.14

87,200 Kimberly-Clark de Mexico 503,438 0.17

95,800 Wal-Mart de Mexico 219,865 0.07


15,939 Arcadis 281,497 0.09

17,241 Fugro 814,863 0.27

22,582 Heineken 824,603 0.27


11,440 Sligro Food 330,383 0.11

Norway 719,816 0.24


2,317 Kongsberg Gruppen 39,510 0.02

20,900 TGS Nopec Geophysical 245,943 0.08


5,180 Globe Telecom 99,916 0.03

5,700 Philippine Long Distance Telephone ADR 292,410 0.10

317,000 SM Prime 75,151 0.02

Poland 1,355,576 0.44


Singapore 7,665,132 2.51

247,000 Keppel 1,503,125 0.49

95,000 Keppel Land 264,946 0.09

43,200 K-Green Trust 32,437 0.01

171,000 M1 261,685 0.09

77,000 Oversea-Chinese Banking 488,408 0.16

378,000 SembCorp Industries 1,102,860 0.36

308,000 SembCorp Marine 850,172 0.28

165,000 SIA Engineering 469,608 0.15

747,000 Singapore Post 603,626 0.20

263,000 Singapore Technologies Engineering 618,757 0.20

434,000 SMRT 688,987 0.23

398,000 StarHub 643,221 0.21

96,000 Straits Asia Resources 137,300 0.04


44,389 Discovery 202,644 0.07

32,504 Kumba Iron Ore 1,371,360 0.45

51,150 Mr Price 302,861 0.10

7,617 Pick 'n Pay Stores 43,429 0.01

12,277 Remgro 154,221 0.05

10,840 Shoprite 117,239 0.04

8,031 Spar 83,397 0.03

30,537 Truworths International 214,915 0.07

52,290 Woolworths/South Africa 164,607 0.05

South Korea 3,644,334 1.19

5,320 Dongbu Insurance 155,032 0.05

82,510 Kangwon Land 1,253,025 0.41

5,334 Korea Zinc 954,533 0.31

5,094 KT&G 251,731 0.08

5,160 S1 221,107 0.07

8,954 Samsung Card 365,304 0.12




MarketValueUSD

%Net

Assets

South Korea (cont)

1,602 Samsung Fire & Marine Insurance 257,093 0.09

1,485 Yuhan 186,509 0.06

Spain 3,885,833 1.27


430 Construcciones y Auxiliar de Ferrocarriles 175,293 0.06

3,213 Corp Financiera Alba 119,588 0.04

14,507 Duro Felguera 142,850 0.05

6,166 Inditex 352,556 0.11

17,448 Indra Sistemas 281,970 0.09

8,673 Prosegur Cia de Seguridad 367,530 0.12

17,772 Red Electrica 644,499 0.21

13,395 Tecnicas Reunidas 612,500 0.20

42,360 Zardoya Otis 543,188 0.18

Sweden 4,048,651 1.32

12,146 Axfood 320,840 0.10

2,300 Clas Ohlson 31,930 0.01

28,537 Industrivarden AB 305,743 0.10

34,073 Investor 553,167 0.18

33,362 Kinnevik Investment 536,049 0.18

9,408 Oriflame Cosmetics 488,322 0.16

78,480 Tele2 1,172,217 0.38

99,539 TeliaSonera 640,383 0.21


26,100 ACE 1,351,197 0.44

321 EMS-Chemie Registered 42,111 0.01

27,860 GAM 304,143 0.10

24,200 Garmin 708,092 0.23

2,971 Geberit Registered 459,022 0.15

32,710 Hennes & Mauritz 898,520 0.29

5,480 Kuehne & Nagel International Registered 564,274 0.19

7 Lindt & Spruengli Registered 170,483 0.06


5,500 Noble 164,285 0.05


2,809 Pargesa 183,083 0.06

1,592 Partners 191,617 0.06

15,460 Roche 2,129,701 0.70

7,697 Schindler 654,768 0.21

338 SGS Registered 455,920 0.15

3,084 Sonova Registered 378,331 0.12

9,078 Sulzer Registered 862,532 0.28


3,176 Synthes 365,817 0.12

Taiwan 4,557,606 1.49

174,000 Chicony Electronics 389,617 0.13

225,416 Delta Electronics 726,582 0.24

57,550 HTC 770,679 0.25

51,000 MediaTek 718,701 0.23

23,100 Powertech Technology 64,818 0.02

60,000 Simplo Technology 327,935 0.11

378,000 Taiwan Mobile 773,423 0.25

25,486 Taiwan Semiconductor ManufacturingADR

250,018 0.08

201,000 Transcend Information 535,833 0.18

Thailand 2,026,383 0.66

144,300 Advanced Info Service (Foreign) 386,120 0.13

75,700 Bangkok Bank 291,872 0.09

42,800 Banpu 800,025 0.26







MarketValueUSD

%Net

Assets

Thailand (cont)

45,700 BEC World (Foreign) 38,765 0.01

270,000 CP ALL (Foreign) 239,436 0.08

107,800 Siam Commercial Bank (Foreign) 270,165 0.09

Turkey 2,390,736 0.77

36,504 BIM Birlesik Magazalar 986,127 0.32

16,521 Turkcell Iletisim Hizmet 86,650 0.03

78,295 Turkiye Garanti Bankasi 336,433 0.10

134,843 Turkiye Is Bankasi 430,305 0.14

237,040 Turkiye Vakiflar Bankasi Tao 551,221 0.18


21,410 Admiral 447,414 0.15

66,398 Amlin 384,358 0.13

80,894 Ashmore 296,439 0.10

45,490 AstraZeneca 2,165,801 0.71

76,546 BG 1,157,887 0.38

59,051 BHP Billiton 1,535,887 0.50

247,104 BP 1,185,167 0.39


131,263 British Land 854,357 0.28

32,684 Capita 362,299 0.12

87,639 Catlin 457,464 0.15

136,952 Centrica 609,291 0.20

60,482 Cobham 191,489 0.06

198,673 Dimension Data 284,615 0.09

48,573 EnQuest 72,421 0.02

21,049 Fresnillo 310,997 0.10


5,430 Greggs 37,285 0.01

83,213 Halfords 616,600 0.20

145,605 Halma 598,745 0.20

77,852 Hiscox 398,918 0.13

61,613 HSBC 565,933 0.18

79,572 IG 501,356 0.16

10,979 Intertek 238,308 0.08

99,120 John Wood 462,196 0.15

878,701 Legal & General 1,028,620 0.34

273,213 Man 913,675 0.30

82,384 Mitie 261,572 0.09

7,957 N Brown 30,076 0.01

32,715 Next 980,032 0.32

62,203 Petrofac 1,096,892 0.36

41,226 Reckitt Benckiser 1,916,197 0.63

21,358 Rotork 411,478 0.13

47,940 Sage 165,487 0.05

130,875 Smith & Nephew 1,241,111 0.41

6,960 Spirax-Sarco Engineering 143,466 0.05

318,538 Tesco 1,817,458 0.59

24,193 Weir 377,368 0.12

39,139 WH Smith 238,106 0.08


14,700 3M 1,153,803 0.38


5,400 Advance Auto Parts 271,512 0.09

18,750 Aeropostale 540,188 0.18

21,300 Aflac 902,268 0.30

12,900 Alliance Resource Partners 593,142 0.19

40,500 Allstate 1,174,905 0.38






MarketValueUSD

%Net

Assets


11,046 Amerigas Partners 457,636 0.15

11,000 Amphenol 440,440 0.14


4,500 Aptargroup 171,945 0.06

21,400 Arthur J Gallagher & Co. 530,506 0.17

21,100 Assurant 736,179 0.24

6,200 Atwood Oceanics 153,450 0.05

13,000 Automatic Data Processing 525,070 0.17


22,400 Becton Dickinson & Co. 1,510,880 0.49

38,900 Best Buy 1,328,824 0.43

14,100 BMC Software 494,769 0.16

51,800 Bristol-Myers Squibb 1,310,022 0.43

8,200 Brown-Forman 473,386 0.15

15,700 Buckle 506,796 0.17

22,000 Campbell Soup 792,660 0.26

4,500 CARBO Ceramics 322,515 0.11

2,700 CF Industries 167,292 0.05

4,700 CH Robinson Worldwide 262,918 0.09

5,700 Chevron 389,652 0.13

3,800 Church & Dwight 240,692 0.08

19,800 Cisco Systems 428,076 0.14

9,900 Coach 366,399 0.12

32,700 Coca-Cola 1,645,791 0.54


17,600 Colgate-Palmolive 1,372,800 0.45

12,800 Commerce Bancshares 464,640 0.15

6,700 Consol Energy 230,212 0.08

2,200 Corporate Executive Board 58,828 0.02

15,700 CR Bard 1,224,129 0.40


14,100 Diamond Offshore Drilling 848,256 0.28

5,850 Dollar Tree Stores 244,179 0.08

18,100 DPL 434,400 0.14

8,300 Dresser-Rand 261,367 0.09

5,000 Dril-Quip 224,150 0.07

5,400 Ecolab 243,324 0.08

39,400 Eli Lilly & Co. 1,329,750 0.44


7,900 Erie Indemnity 360,714 0.12

16,500 Exelon 628,155 0.21

6,500 Expeditors International of Washington 226,980 0.07

1,700 Exxon Mobil 97,393 0.03

4,000 Factset Research Systems 272,280 0.09

25,800 Family Dollar Stores 982,464 0.32

5,000 Fastenal 252,450 0.08


600 First Citizens BancShares 115,374 0.04

19,300 First Financial Bancorp 300,694 0.10

2,200 FMC 128,128 0.04

4,500 FMC Technologies 232,515 0.08

2,800 Franklin Resources 239,988 0.08

467 Furiex Pharmaceuticals 5,016 -

16,600 Gap 324,530 0.11

32,900 General Dynamics 1,955,247 0.64

33,900 General Mills 1,250,910 0.41

37,000 Gilead Sciences 1,293,890 0.42

9,600 Goldman Sachs 1,284,096 0.42

9,800 Goodrich 657,482 0.21

3,900 Greenhill & Co. 240,396 0.08

3,500 Gymboree 148,470 0.05







MarketValueUSD

%Net

Assets


14,400 Hanover Insurance 629,280 0.21

18,800 Harris 806,520 0.26

28,700 Hasbro 1,206,548 0.39

27,500 HCC Insurance 673,750 0.22

14,100 Hershey 680,043 0.22



16,800 Hillenbrand 361,200 0.12

26,800 Hormel Foods 1,105,500 0.36

8,400 Hubbell 333,144 0.11

5,200 Iberiabank 274,196 0.09

4,600 IDEXX Laboratories 281,382 0.09

58,200 Intel 1,151,196 0.38

9,200 Interactive Data 307,004 0.10

15,000 InterDigital 380,100 0.12


11,600 Intuit 405,768 0.13

26,800 ITT 1,199,300 0.39

8,200 j2 Global Communications 179,580 0.06

12,500 Jack Henry & Associates 303,125 0.10

28,700 Johnson & Johnson 1,700,188 0.56


38,400 Kellogg 1,987,200 0.65

17,400 Kimberly-Clark 1,060,878 0.35

6,300 Kirby 246,645 0.08

19,600 L-3 Communications 1,402,772 0.46

11,000 Laboratory Corp of America 841,720 0.28

1,200 Landstar System 47,232 0.02

20,000 Lockheed Martin 1,503,000 0.49

21,841 Lorillard 1,584,346 0.52

7,800 Lubrizol 619,476 0.20

6,000 Mantech International 257,280 0.08

20,000 McCormick & Co. 771,600 0.25

25,700 McDonald's 1,708,022 0.56

11,200 McGraw-Hill 329,168 0.11

28,600 Merck & Co. 1,013,298 0.33

2,700 Meridian Bioscience 45,792 0.01

2,000 Mettler Toledo International 221,100 0.07

63,400 Microsoft 1,478,488 0.48


5,300 NewMarket 481,081 0.16

7,400 NIKE 504,458 0.16

8,200 Oceaneering International 362,686 0.12

35,800 Oracle 778,650 0.25

20,600 Paychex 535,600 0.18

33,200 PepsiCo 2,032,836 0.66

16,700 Petsmart 502,837 0.16


35,000 Philip Morris International 1,600,200 0.52

5,700 Praxair 441,009 0.14

2,300 Precision Castparts 236,325 0.08

4,400 ProAssurance 253,968 0.08

8,600 Procter & Gamble 518,752 0.17


4,100 PS Business Parks 231,527 0.08

2,300 Quality Systems 133,308 0.04

21,200 Quest Diagnostics 1,061,060 0.35

4,500 Rayonier 202,230 0.07

27,700 Raytheon 1,350,375 0.44

24,900 Redwood Trust 377,235 0.12

14,800 Rockwell Collins 794,020 0.26




MarketValueUSD

%Net

Assets


12,900 Rollins 268,965 0.09

24,100 Ross Stores 1,286,940 0.42

9,500 Schlumberger 523,260 0.17

3,400 Scripps Networks Interactive 140,318 0.05

19,300 SEI Investments 397,773 0.13

11,400 Sherwin-Williams 802,560 0.26

6,600 Sigma-Aldrich 333,102 0.11

13,200 Silgan 373,692 0.12

13,200 StanCorp Financial 540,012 0.18

32,600 Stryker 1,635,216 0.53

107,600 Symantec 1,498,868 0.49

9,000 Syntel 305,550 0.10

30,000 Sysco 876,600 0.29

5,700 T Rowe Price 255,645 0.08

9,400 Techne 546,892 0.18

7,400 TeleTech 94,794 0.03

10,400 Teradata 325,312 0.11

2,796 Terra Nitrogen 191,051 0.06

14,700 Tidewater 575,064 0.19

8,500 Tim Hortons 273,445 0.09

47,500 TJX 1,996,425 0.65

1,500 Tractor Supply 91,980 0.03

7,300 Transatlantic 354,108 0.12

29,700 United Technologies 1,929,609 0.63

2,900 Valmont Industries 211,816 0.07


3,700 Visa 264,365 0.09

16,500 W.R. Berkley 437,250 0.14


51,300 Walgreen 1,358,937 0.44

27,300 Wal-Mart Stores 1,334,970 0.44

4,200 Waters 275,058 0.09


4,200 Wolverine World Wide 106,386 0.03

13,600 WW Grainger 1,360,544 0.44

13,600 Yum! Brands 535,432 0.17






Net Asset Value 305,991,299 100.00







MarketValueUSD

%Net

Assets

Bahamas 27,216 0.03

700 Steiner Leisure 27,216 0.03

Bermuda 125,566 0.15

1,700 American Safety Insurance 27,166 0.03

1,500 Argo Group International 46,635 0.06

2,100 Textainer 51,765 0.06

Canada 1,526,468 1.77

4,200 AGF Management 55,467 0.06

8,200 Avenir Diversified Income Trust 41,221 0.05

1,700 Bank of Montreal 92,299 0.11

2,100 Baytex Energy Trust 62,684 0.07

7,300 Brookfield Properties 100,761 0.12

1,300 Canadian National Railway 75,135 0.09

1,800 Crescent Point Energy 63,221 0.08

5,600 Daylight Energy 47,661 0.06

2,000 EnCana 61,214 0.07

1,800 Great-West Lifeco 40,506 0.05

1,700 Hanfeng Evergreen 9,415 0.01

2,000 Home Capital 79,334 0.09

1,300 IGM Financial 45,179 0.05

3,200 Manulife Financial 46,593 0.05

2,500 Mosaid Technologies 46,601 0.05

1,600 Mullen 21,570 0.02

5,000 Peyto Energy Trust 68,825 0.08

2,500 Power Corp of Canada 60,376 0.07

1,500 Power Financial 38,341 0.05

2,900 Reitmans Canada 49,912 0.06

1,900 Rogers Communications 63,171 0.07


2,700 TMX 71,443 0.08


800 TransCanada 26,864 0.03

1,700 Vermilion Energy Trust 54,430 0.06

1,700 Vicwest Income Fund 22,853 0.03

8,600 Zarlink Semiconductor 14,899 0.02


2,000 Herbalife 92,540 0.11

5,200 Seagate Technology 69,576 0.08

Ireland 272,281 0.31

3,300 Accenture 127,545 0.15

3,200 Cooper Industries 144,736 0.16

Singapore 20,976 0.02

3,800 Flextronics International 20,976 0.02


3,500 Garmin 102,410 0.12

4,400 Tyco Electronics 112,860 0.13

1,900 Noble 56,753 0.06

United Kingdom 61,696 0.07

1,600 Ensco ADR 61,696 0.07


3,324 3M 260,901 0.30


1,100 Acuity Brands 45,067 0.05

6,100 Advance America Cash Advance Centers 25,742 0.03

8,400 Aetna 225,960 0.26

6,700 Aflac 283,812 0.33

1,400 Agree Realty 32,256 0.04

Schroder ISF QEP US Core (cont)



MarketValueUSD

%Net

Assets


1,200 Alaska Air 54,276 0.06

1,300 Alliance Resource Partners 59,774 0.07

9,121 Allstate 264,600 0.31

6,700 Altera 167,232 0.19

3,800 Altria 75,848 0.09

3,200 Amazon.com 347,552 0.40



900 Amerigas Partners 37,287 0.04

4,500 Ameriprise Financial 161,955 0.19

5,200 AmerisourceBergen 164,944 0.19

9,686 Amgen 524,206 0.61

5,700 Amkor Technology 32,547 0.04

2,500 Analog Devices 70,600 0.08

900 Apache 76,059 0.09


7,704 Apple 1,972,840 2.28

600 Arch Chemicals 18,930 0.02

2,900 Arris 29,609 0.03

53,164 AT&T 1,300,391 1.50

8,000 Avon Products 216,560 0.25

7,100 AVX 93,365 0.11

4,300 Baker Hughes 175,612 0.20

800 Ball 42,240 0.05

82,907 Bank of America 1,207,955 1.39

1,600 Bank of Hawaii 78,048 0.09

6,500 Bank of New York Mellon 163,215 0.19

14,400 Banner 28,656 0.03


8,100 BB&T 220,968 0.26

3,000 Becton Dickinson & Co. 202,350 0.23

2,300 Bemis 63,089 0.07

12,000 Berkshire Hathaway 960,360 1.11

17,000 BGC Partners 88,400 0.10

2,800 Big Lots 90,972 0.11

4,400 Biogen Idec 214,280 0.25

500 Bio-Rad Laboratories 43,270 0.05

4,400 BMC Software 154,396 0.18

2,900 Boeing 182,816 0.21

1,100 BOK Financial 53,086 0.06

700 BP Prudhoe Bay Royalty Trust 62,041 0.07


4,500 Broadridge Financial Solutions 85,590 0.10

1,200 Buckeye Partners 70,644 0.08


9,600 Callon Petroleum 60,480 0.07

2,300 Capstead Mortgage 25,645 0.03

7,200 Cardinal Health 243,864 0.28

2,700 Carlisle 99,225 0.11

1,000 Cash America International 35,040 0.04

1,200 Catalyst Health Solutions 41,868 0.05

7,292 Caterpillar 443,718 0.51

1,400 CBL & Associates Properties 17,360 0.02

1,000 CEC Entertainment 35,350 0.04

2,100 Celgene 111,804 0.13

14,300 Centerpoint Energy 190,333 0.22

1,400 CenturyLink 47,222 0.05

1,500 CF Industries 92,940 0.11

8,700 Charles Schwab 123,366 0.14

19,054 Chevron 1,302,531 1.51

11,300 Chimera Investment 41,358 0.05







MarketValueUSD

%Net

Assets


9,100 China TransInfo Technology 51,324 0.06

4,400 Chubb 221,980 0.26

52,213 Cisco Systems 1,128,845 1.31

201,014 Citigroup 749,782 0.87

100 CME 28,791 0.03

4,700 CMS Energy 70,171 0.08

6,800 CNO Financial 34,068 0.04

4,700 Coach 173,947 0.20

18,595 Coca-Cola 935,886 1.08


28,120 Comcast 497,162 0.57

4,700 CommonWealth REIT 29,892 0.03

2,200 CommScope 53,702 0.06

5,985 CompuCredit 21,845 0.03


4,100 Consolidated Edison 178,268 0.21

4,800 Corning 79,008 0.09

2,500 Costco Wholesale 139,075 0.16

900 Covance 46,296 0.05

3,100 Crane 94,984 0.11

600 Cree 36,528 0.04

4,700 CSX 234,765 0.27

3,900 Cummins 258,336 0.30

12,745 CVS Caremark 380,056 0.44

1,800 DaVita 112,914 0.13

200 Deckers Outdoor 28,848 0.03

6,700 Deere & Co. 371,381 0.43

5,100 Del Monte Foods 74,307 0.09

21,719 Dell 266,492 0.31

2,500 Devon Energy 152,575 0.18

600 Diebold 16,602 0.02

600 Dionex 45,150 0.05

9,400 DIRECTV 323,078 0.37

9,803 Discover Financial Services 135,281 0.16

800 Dollar Thrifty Automotive 34,456 0.04

2,400 Dollar Tree Stores 100,176 0.12

2,400 Donaldson 102,960 0.12

2,000 Dorchester Minerals 50,780 0.06

1,000 Double Eagle Petroleum 4,330 0.01

9,100 Dow Chemical 219,856 0.25

1,100 DPL 26,400 0.03

1,600 Duke Realty 18,176 0.02

600 Eastern Insurance 6,342 0.01

15,800 eBay 311,102 0.36

2,800 EchoStar 53,228 0.06


2,700 EI Du Pont de Nemours & Co. 95,148 0.11

4,337 Eli Lilly & Co. 146,374 0.17

22,000 EMC/Massachusetts 408,980 0.47


1,800 Enbridge Energy Partners 95,004 0.11

800 Energen 35,392 0.04

2,900 Enterprise Products Partners 102,225 0.12

2,200 EOG Resources 220,528 0.25

1,700 Equifax 47,991 0.06

8,200 Exelon 312,174 0.36

6,200 Expedia 117,366 0.14

1,400 Expeditors International of Washington 48,888 0.06

2,000 Express Scripts 94,420 0.11

41,823 Exxon Mobil 2,396,040 2.77

1,700 Fair Isaac 37,383 0.04




MarketValueUSD

%Net

Assets



1,700 Ferrellgas Partners 39,338 0.05

1,400 Flowserve 119,280 0.14

3,900 Fluor 164,658 0.19

9,600 Ford Motor 94,848 0.11

1,400 Fossil 48,608 0.06

600 Franklin Resources 51,426 0.06

4,600 Freeport-McMoRan Copper & Gold 280,922 0.32

6,200 General Dynamics 368,466 0.43

87,841 General Electric 1,271,938 1.47

6,200 General Mills 228,780 0.26

2,600 Gentex 46,930 0.05

3,500 Genuine Parts 139,615 0.16

600 Genzyme 30,948 0.04

6,868 Gilead Sciences 240,174 0.28


5,304 Goldman Sachs 709,463 0.82

1,800 Goodrich 120,762 0.14

1,800 Google 817,668 0.95

2,200 Graco 63,932 0.07

2,400 Guess? 75,744 0.09

11,539 Halliburton 282,475 0.33

3,400 Harris 145,860 0.17

5,500 Hartford Financial Services 121,880 0.14

4,500 Hasbro 189,180 0.22

1,000 Haynes International 30,640 0.04

1,300 Henry Schein 71,903 0.08

3,400 Hess 173,230 0.20



1,200 Hittite Microwave 54,372 0.06

5,100 HJ Heinz 223,635 0.26

7,200 Home Depot 206,136 0.24

10,701 Honeywell International 420,870 0.49

5,300 Horace Mann Educators 80,136 0.09

2,900 Hormel Foods 119,625 0.14

3,200 Hospira 183,168 0.21

7,972 Host Hotels & Resorts 108,260 0.13

1,300 Hubbell 51,558 0.06

9,700 Hudson City Bancorp 122,123 0.14

6,000 Hypercom 27,720 0.03

2,000 Integra LifeSciences 75,140 0.09

2,700 Integrys Energy 118,368 0.14

51,251 Intel 1,013,745 1.17

3,100 Inter Parfums 43,679 0.05

1,900 InterDigital 48,146 0.06


6,100 Intuit 213,378 0.25

3,800 ITT 170,050 0.20

2,500 j2 Global Communications 54,750 0.06

2,300 JM Smucker 139,564 0.16

24,935 Johnson & Johnson 1,477,149 1.71

2,700 Johnson Controls 72,495 0.08

600 JOS A Bank Clothiers 32,706 0.04


1,400 Kaiser Aluminum 49,952 0.06

3,100 Kellogg 160,425 0.19

5,200 Kenexa 62,452 0.07

2,200 Kimberly-Clark 134,134 0.16

5,300 Kimco Realty 71,868 0.08

1,900 Kirkland's 31,255 0.04







MarketValueUSD

%Net

Assets


7,400 Kopin 24,420 0.03

10,700 Kraft Foods 304,308 0.35

4,600 Kulicke & Soffa Industries 33,166 0.04

2,500 Lender Processing Services 77,675 0.09

3,700 Lexmark International 127,650 0.15

3,400 Life Partners Holdings 68,918 0.08


700 Lockheed Martin 52,605 0.06

1,500 Loral Space & Communications 64,965 0.08

16,300 Lowe's 335,780 0.39

6,400 Ltd Brands 140,608 0.16

1,100 Lubrizol 87,362 0.10

400 Mantech International 17,152 0.02

6,100 Marathon Oil 191,357 0.22

2,100 MarkWest Energy Partners 68,733 0.08

300 Mastercard 60,897 0.07

9,000 Mattel 192,780 0.22

2,400 McCormick & Co. 92,592 0.11

10,427 McDonald's 692,978 0.80

700 Mcgrath Rentcorp 15,995 0.02


10,685 Medtronic 386,904 0.45

800 MercadoLibre 43,296 0.05

28,370 Merck & Co. 1,005,149 1.16

6,000 MetLife 229,080 0.26

100 Mettler Toledo International 11,055 0.01

1,600 Microchip Technology 44,656 0.05

13,500 Micron Technology 117,044 0.14

1,900 MICROS Systems 61,009 0.07

67,613 Microsoft 1,576,735 1.82

3,500 Molson Coors Brewing 149,870 0.17

1,000 Monro Muffler Brake 38,760 0.04

2,700 Monsanto 127,818 0.15

5,506 Morgan Stanley 129,116 0.15

1,800 Murphy Oil 89,478 0.10


3,100 Natural Resource Partners 73,222 0.08

1,200 NCI 26,892 0.03

4,100 NeuStar 85,567 0.10

1,000 NewMarket 90,770 0.10

4,500 Newmont Mining 275,175 0.32

2,800 News 34,188 0.04

800 NextEra Energy Inc 38,696 0.04

4,400 NGP Capital Resources 31,284 0.04

3,500 NII 116,165 0.13

4,600 NIKE 313,582 0.36

4,226 Nordstrom 137,387 0.16



1,100 NYMAGIC 21,571 0.02

5,918 Occidental Petroleum 464,681 0.54

6,166 Omnicom 214,885 0.25

1,300 ONEOK Partners 83,135 0.10

36,945 Oracle 803,554 0.93

1,600 Packaging Corp of America 34,768 0.04

4,000 Penn Virginia 72,440 0.08

3,400 Penn Virginia Resource Partners 69,666 0.08

7,400 Pepco 116,846 0.14

13,107 PepsiCo 802,542 0.93

2,000 PetMed Express 34,680 0.04

900 PF Chang's China Bistro 36,243 0.04




MarketValueUSD

%Net

Assets


61,707 Pfizer 881,176 1.02

5,200 PG&E 215,696 0.25



1,900 Piedmont Natural Gas 48,013 0.06

900 Plantronics 26,091 0.03

3,021 PNC Financial Services 173,949 0.20

900 Polaris Industries 50,544 0.06

1,500 Polo Ralph Lauren 110,100 0.13

2,700 PPG Industries 164,700 0.19

200 Praxair 15,474 0.02

700 Precision Castparts 71,925 0.08

26,968 Procter & Gamble 1,626,710 1.88

2,600 Progress Energy 101,972 0.12

4,200 Protective Life 92,400 0.11


4,700 Public Service Enterprise 148,567 0.17

2,300 QAD 9,752 0.01

8,925 QUALCOMM 295,775 0.34

3,300 Quest Diagnostics 165,165 0.19

1,200 Quest Software 21,984 0.03

2,500 Questar 112,900 0.13

1,000 Rayonier 44,940 0.05

6,100 Raytheon 297,375 0.34

2,600 Redwood Trust 39,390 0.05

900 Reinsurance Group of America 41,805 0.05


400 Resmed 24,212 0.03

3,200 Reynolds American 167,232 0.19

2,000 Ross Stores 106,800 0.12

5,300 RPM International 94,976 0.11

100 SAIC 1,682 -

4,600 SanDisk 196,144 0.23

2,500 SCANA 90,300 0.10

7,684 Schlumberger 423,235 0.49

2,800 Scripps Networks Interactive 115,556 0.13

3,300 SeaBright Insurance 31,812 0.04

2,200 Sealed Air 44,000 0.05

3,438 Simon Property 281,297 0.33

4,300 Southern 144,652 0.17

3,700 Spectrum Control 51,874 0.06

2,400 StanCorp Financial 98,184 0.11

8,900 Starbucks 222,589 0.26

600 State Street 20,370 0.02

1,350 Steven Madden 42,755 0.05

4,200 Stryker 210,672 0.24

1,800 Suburban Propane Partners 83,574 0.10

600 Sunoco Logistics Partners 42,846 0.05

3,900 Synopsys 83,031 0.10

8,600 Sysco 251,292 0.29

3,500 T Rowe Price 156,976 0.18

8,200 Target 401,800 0.46

2,500 TC Pipelines 100,900 0.12

800 Techne 46,544 0.05

6,300 TECO Energy 95,697 0.11

15,200 Tellabs 99,256 0.11

4,200 Teradata 131,376 0.15

4,000 Tetra Technologies 37,080 0.04

13,999 Texas Instruments 334,436 0.39

1,000 Thermo Fisher Scientific 49,750 0.06

3,200 Tiffany & Co. 123,456 0.14







MarketValueUSD

%Net

Assets


1,200 Tim Hortons 38,604 0.04

12,500 Time Warner 370,375 0.43


5,500 TJX 231,165 0.27

1,800 Toro 90,144 0.10

6,600 Travelers 328,218 0.38

800 Tupperware Brands 32,072 0.04

4,800 tw telecom 79,488 0.09

6,300 Union Pacific 441,819 0.51

10,231 United Parcel Service 588,692 0.68

600 United Stationers 33,450 0.04


5,200 UnitedHealth 148,876 0.17

2,000 Universal 79,060 0.09

1,400 Universal Stainless & Alloy 22,302 0.03

3,000 Unum 65,730 0.08

13,469 US Bancorp 304,669 0.35

2,600 Valassis Communications 81,692 0.09


5,900 VASCO Data Security International 36,344 0.04

2,200 Ventas 103,532 0.12


8,800 Viacom 282,216 0.33

2,300 Visa 164,335 0.19


10,100 Walgreen 267,549 0.31

15,876 Wal-Mart Stores 776,336 0.90

11,507 Walt Disney 371,676 0.43

1,100 Waste Connections 38,247 0.04

1,800 Waters 117,882 0.14

900 Weingarten Realty Investors 17,442 0.02

42,958 Wells Fargo & Co. 1,113,901 1.29

14,300 Westell Technologies 22,308 0.03


11,300 Western Union 168,822 0.20

7,700 Wilshire Bancorp 69,223 0.08

4,400 Windstream 47,080 0.05

2,700 Wisconsin Energy 138,888 0.16

2,700 Woodward Governor 70,281 0.08

2,500 World Wrestling Entertainment 38,950 0.05

1,700 WW Grainger 170,068 0.20

4,000 Wyndham Worldwide 81,600 0.09

7,400 Xcel Energy 152,810 0.18

24,800 Xerox 206,832 0.24

2,600 Zebra Technologies 67,600 0.08

3,100 Zimmer 169,260 0.20






MarketValueUSD

%Net

Assets

Canada 182,794 0.21

4,700 Freehold Royalty Trust 71,192 0.08

12,300 Paramount Energy Trust 58,571 0.07

3,100 Zargon Energy Trust 53,031 0.06






MarketValueUSD

%Net

Assets



Net Asset Value 86,481,650 100.00




Schroder ISF European Allocation


MarketValueEUR

%Net

Assets

Total Investments - -


Net Asset Value 100,247,648 100.00

Schroder ISF Global Tactical AssetAllocationNumber of sharesor PrincipalAmount

Transferable Securities andMoney Market Instruments dealton another Regulated Market

MarketValueUSD

%Net

Assets

Global 1,444,582 5.81

11,830 ETFS Physical Gold 1,444,582 5.81


Money Market Instruments dealt




Net Asset Value 24,864,101 100.00







MarketValueUSD

%Net

Assets

China 38,044,928 2.57

USD 10,320,000 GITI Tire 12.25% 26/01/2012 9,953,413 0.67

USD 4,500,000 Renhe Commercial RegS 11.75% 18/05/2015

4,569,098 0.31

USD 9,800,000 Shimao Property RegS FRN 01/12/2011 9,212,000 0.62

USD 13,430,000 Sino-Forest RegS 10.25% 28/07/2014 14,310,417 0.97

Hong Kong SAR 6,548,633 0.44

USD 7,000,000 Wing Hang Bank EMTN variable perpetual 6,548,633 0.44

India 17,401,946 1.17

USD 14,200,000 ICICI Bank RegS variable perpetual 13,207,690 0.89

USD 4,000,000 Vedanta Resources RegS 8.75% 15/01/2014

4,194,256 0.28

Indonesia 73,171,168 4.93

USD 6,700,000 Bank CIMB Niaga/Cayman Islands EMTNvariable 22/11/2016

6,893,811 0.46

IDR 20,000,000-,000

Bank Danamon Indonesia 10.6% 19/04/2012

2,244,683 0.16

USD 3,744,760 Davomas International Finance RegS stepcoupon 08/12/2014

2,286,925 0.16

USD 9,000,000 GT 2005 BONDS step coupon 21/07/2014

7,446,600 0.50

USD 5,000,000 Indo Integrated Energy step coupon 01/06/2012

5,194,850 0.35

IDR 100,000,00-0,000

Indonesia Government 9.5% 15/06/2015 11,908,658 0.80

IDR 140,000,00-0,000

Indonesia Recapitalization Bond 13.15%15/01/2012

16,959,960 1.14

USD 5,000,000 Listrindo Capital RegS 9.25% 29/01/2015 5,268,815 0.35

USD 15,318,000 Sigma Capital 9% 30/04/2015 14,966,866 1.01


USD 857,500 CE Casecnan Water & Energy 11.95% 15/11/2010

871,434 0.06

Singapore 17,384,455 1.17

USD 18,700,000 BW RegS 6.625% 28/06/2017 17,384,455 1.17

South Korea 230,153,516 15.52

KR-W

50,000,000-,000

Korea Treasury Bond 4% 10/06/2012 41,259,563 2.78

KR-W

34,000,000-,000

Korea Treasury Bond 4.25% 10/12/2012 28,198,984 1.90

KR-W

27,000,000-,000


KR-W

20,000,000-,000


KR-W

140,000,00-0,000


Taiwan 6,322,010 0.43

USD 7,100,000 Chinatrust Commercial Bank Hong KongRegS variable perpetual

6,322,010 0.43

Thailand 14,339,426 0.97

THB 450,000,000 Thailand Government 3.625% 22/05/2015 14,339,426 0.97






MarketValueUSD

%Net

Assets

Malaysia 143,215,986 9.66

MYR 80,000,000 Malaysia Government 2.711% 14/02/2012 24,621,747 1.66


Schroder ISF Asian Bond (cont)



MarketValueUSD

%Net

Assets

Malaysia (cont)



MYR 8,300,000 Public Bank variable 22/12/2036 2,518,559 0.17

Singapore 100,577,875 6.78

SGD 30,000,000 Singapore Government 2.375% 01/04/2017

22,675,443 1.53


45,131,540 3.04

SGD 42,500,000 Singapore Government 3.5% 01/03/2027 32,770,892 2.21


USD 192,500,000 US Treasury 4.375% 15/11/2039 206,997,656 13.95

USD 68,000,000 US Treasury 4.5% 15/08/2039 74,587,500 5.03

USD 115,000,000 US Treasury 4.625% 15/02/2040 128,800,000 8.69






MarketValueUSD

%Net

Assets


USD 14,672,170 Hang Fung Gold Technology 9.25% 17/10/2014

843,650 0.06

Indonesia 12,930,385 0.87

USD 10,000,000 Dualpoint variable perpetual 490,254 0.03

USD 9,796,000 Paiton Energy Funding RegS 9.34% 15/02/2014

10,040,900 0.68

USD 22,849,815 Indah Kiat Finance 144A FRN 28/04/2018 2,399,231 0.16


USD 14,297,500 Quezon Power Philippines 8.86% 15/06/2017

14,330,113 0.97





Net Asset Value 1,482,884,854 100.00




Schroder ISF Emerging Europe DebtAbsolute ReturnNumber of sharesor PrincipalAmount


MarketValueEUR

%Net

Assets

Croatia 345,221 0.22

USD 422,809 Croatia FRN 30/07/2010 345,221 0.22


CZK 223,000,000 Czech Republic 2.55% 18/10/2010 8,721,649 5.51




France 62,417,180 39.42

EUR 5,000,000 France Treasury Bill BTF 0% 01/07/2010 4,999,957 3.16







Germany 19,370,668 12.23

EUR 7,936,000 Germany (Bund) 4.25% 04/07/2039 9,416,314 5.95

EUR 7,762,000 Germany (Bund) 4.75% 04/07/2040 9,954,354 6.28

Hungary 19,099,160 12.06

HUF 1,810,000,-000

Hungary Government 6.75% 12/10/2010 6,330,891 4.00

HUF 3,141,250,-000

Hungary Government 6.75% 22/04/2011 11,039,342 6.97

HUF 490,000,000 Hungary Government 7.50% 12/02/2011 1,728,927 1.09

Poland 18,818,478 11.89

PLN 26,250,000 Poland Government 4.25% 24/05/2011 6,326,008 4.00




Supranational 1,593,848 1.01

RUB 56,200,000 European Bank for Reconstruction &Development EMTN 0% 27/04/2012

1,348,976 0.85

USD 300,000 International Bank for Reconstruction &Development 0% 15/07/2010

244,872 0.16

Turkey 5,098,779 3.22

TRY 10,350,000 Turkey Government 0% 02/02/2011 5,098,779 3.22






Net Asset Value 158,327,756 100.00

Schroder ISF Emerging Markets DebtAbsolute ReturnNumber of sharesor PrincipalAmount


MarketValueUSD

%Net

Assets

Bermuda 12,461,888 0.16

CNY 76,100,000 GOME Electrical Appliances 3% 25/09/2014

12,461,888 0.16

China 28,659,259 0.37

EUR 21,600,000 Peoples's Republic of China 4.25% 28/10/2014

28,659,259 0.37


CZK 2,108,000,-000

Czech Republic 2.55% 18/10/2010 100,974,512 1.32


CZK 2,560,000,-000

Czech Republic 4.1% 11/04/2011 124,981,665 1.63


Hungary 32,208,808 0.42

EUR 4,140,000 Hungary Government 4.5% 29/01/2014 4,916,921 0.06

EUR 24,000,000 Hungary Government FRN 02/11/2012 27,291,887 0.36

Indonesia 378,861,700 4.96

IDR 15,800,000-,000


IDR 134,000,00-0,000

Indonesia Government 10% 15/10/2011 15,490,104 0.20

IDR 665,600,00-0,000


IDR 50,000,000-,000


IDR 538,700,00-0,000


IDR 551,200,00-0,000


IDR 178,800,00-0,000


IDR 100,000,00-0,000


IDR 157,075,00-0,000


IDR 186,600,00-0,000


IDR 103,795,00-0,000


11,988,982 0.16

IDR 197,000,00-0,000


23,865,087 0.31

IDR 66,650,000-,000


7,944,099 0.10

Malaysia 45,478,585 0.59

USD 16,000,000 Malaysia Government 7.5% 15/07/2011 16,978,544 0.22

USD 23,100,000 Rafflesia Capital variable 04/10/2011 28,500,041 0.37

Mexico 583,310,278 7.62

MXN 775,000,000 Mexican Bonos 10% 20/11/2036 77,919,961 1.02

MXN 529,500,000 Mexican Bonos 7.75% 14/12/2017 43,746,477 0.57

MXN 340,700,000 Mexican Bonos 8% 19/12/2013 28,308,495 0.37

MXN 1,019,000,-000

Mexican Bonos 8.5% 13/12/2018 88,077,646 1.15

MXN 208,000,000 United Mexican States 0% 16/12/2010 154,915,623 2.02

MXN 171,000,000 United Mexican States 0% 21/10/2010 128,414,466 1.68

EUR 19,500,000 United Mexican States 5.375% 10/06/2013

26,032,060 0.34

USD 3,000,000 United Mexican States 7.5% 14/01/2012 3,266,250 0.04

USD 22,900,000 United Mexican States 8.375% 14/01/2011

23,838,900 0.31

USD 8,000,000 United Mexican States MTN 6.375% 16/01/2013

8,790,400 0.12




Schroder ISF Emerging Markets DebtAbsolute Return (cont)Number of sharesor PrincipalAmount


MarketValueUSD

%Net

Assets

Poland 448,104,948 5.86

PLN 151,854,000 Poland Government 0% 25/07/2011 42,820,890 0.56


EUR 31,500,000 Poland Government 5.5% 12/03/2012 40,911,762 0.54


PLN 462,120,000 Poland Government 6% 24/11/2010 137,281,570 1.79

USD 17,000,000 Poland Government 6.25% 03/07/2012 18,345,550 0.24

EUR 21,500,000 Poland Government EMTN 4.5% 05/02/2013

27,754,072 0.36

Singapore 6,951,144 0.09

SGD 9,600,000 Keppel Land 2.5% 23/06/2013 6,951,144 0.09

South Korea 238,394,993 3.12

KR-W

24,000,000-,000


KR-W

28,496,000-,000


KR-W

155,576,00-0,000


KR-W

69,000,000-,000



RUB 464,100,000 European Bank for Reconstruction &Development EMTN 0% 27/04/2012

13,643,534 0.18

USD 5,300,000 International Bank for Reconstruction &Development 0% 15/07/2010

5,298,357 0.07

Taiwan 59,206,450 0.77

TWD 1,900,000,-000

Taiwan Government 2% 20/07/2010 59,206,450 0.77

Turkey 154,398,660 2.02

TRY 255,900,000 Turkey Government 0% 02/02/2011 154,398,660 2.02






MarketValueUSD

%Net

Assets

Malaysia 222,125,845 2.90




Singapore 556,718,725 7.28


164,900,678 2.16


209,681,319 2.74


182,136,728 2.38


USD 220,500,000 US Treasury 2.125% 31/05/2015 224,393,203 2.93

USD 420,200,000 US Treasury 4.375% 15/11/2039 451,846,313 5.91

USD 427,850,000 US Treasury 4.625% 15/02/2040 479,192,000 6.26

USD 95,000,000 US Treasury Bill 0% 01/07/2010 94,999,659 1.24







Schroder ISF Emerging Markets DebtAbsolute Return (cont)Number of sharesor PrincipalAmount


MarketValueUSD

%Net

Assets













on another Regulated Market 5,080,718,733 66.41



Net Asset Value 7,650,683,639 100.00







MarketValueEUR

%Net

Assets

Bermuda 2,544,336 0.53

USD 1,320,000 Petroplus Finance 144A 9.375% 15/09/2019

932,272 0.19

USD 1,700,000 Qtel International Finance RegS 7.875%10/06/2019

1,612,064 0.34

Canada 433,075 0.09

USD 435,000 Teck Resources 10.75% 15/05/2019 433,075 0.09

Cayman Islands 3,560,446 0.74

EUR 1,200,000 Thames Water Utilities Cayman FinanceEMTN 6.125% 04/02/2013

1,312,496 0.27

EUR 400,000 UPCB Finance RegS 7.625% 15/01/2020 395,500 0.08

GBP 1,450,000 Yorkshire Water Services BradfordFinance variable 24/04/2025

1,852,450 0.39

Denmark 4,455,903 0.93

EUR 1,930,000 AP Moller-Maersk 4.875% 30/10/2014 2,029,611 0.42

EUR 650,000 Danske Bank EMTN 4.5% 01/07/2016 710,551 0.15

EUR 1,750,000 DONG Energy variable 29/06/3005 1,715,741 0.36

Finland 1,643,349 0.34

EUR 1,600,000 Aktia Real Estate Mortgage Bank EMTN3% 11/03/2015

1,632,640 0.34

EUR 10,000 Finland Government 3.125% 15/09/2014 10,709 -

France 49,096,976 10.23

EUR 650,000 Alstom EMTN 4.5% 18/03/2020 660,385 0.14

EUR 1,900,000 Autoroutes du Sud de la France 4.125%13/04/2020

1,953,113 0.41

GBP 400,000 AXA 7.125% 15/12/2020 522,622 0.11

EUR 400,000 BNP Paribas EMTN variable perpetual 390,003 0.08

EUR 1,800,000 Caisse d'Amortissement de la DetteSociale EMTN 3.625% 25/04/2016

1,921,616 0.40

EUR 2,500,000 Caisse Refinancement de l'Habitat 4.1%25/10/2015

2,698,142 0.56

EUR 150,000 Caisse Refinancement de l'Habitat EMTN4.5% 25/10/2017

164,837 0.03

EUR 1,100,000 Carrefour EMTN 4% 09/04/2020 1,134,303 0.24

EUR 1,150,000 Casino Guichard Perrachon 4.379% 08/02/2017

1,179,614 0.25

EUR 1,750,000 Casino Guichard Perrachon EMTN 5.5%30/01/2015

1,907,138 0.39

EUR 1,500,000 Companie de Financement Foncier EMTN4.5% 16/05/2018

1,636,205 0.34

EUR 3,070,000 Companie de Financement Foncier EMTN4.875% 25/05/2021

3,417,710 0.71

EUR 2,850,000 Credit Agricole Covered Bonds EMTN4.5% 29/01/2016

3,125,678 0.65

EUR 3,100,000 Dexia Municipal Agency EMTN 4.875%02/06/2021

3,444,374 0.72

EUR 2,850,000 EDF EMTN 4.625% 26/04/2030 2,886,513 0.60

EUR 600,000 Havas 5.5% 04/11/2014 630,446 0.13

EUR 950,000 Novasep RegS 9.625% 15/12/2016 855,095 0.18

EUR 1,500,000 Pernod-Ricard EMTN 7% 15/01/2015 1,634,085 0.34

EUR 600,000 PPR EMTN 3.75% 08/04/2015 611,777 0.13

EUR 1,200,000 PPR EMTN 8.625% 03/04/2014 1,430,465 0.30

EUR 650,000 Remy Cointreau 5.18% 15/12/2016 642,376 0.13

EUR 550,000 Rexel 8.25% 15/12/2016 563,750 0.12

EUR 2,150,000 SCOR variable perpetual 1,566,813 0.33

EUR 3,950,000 Société Générale Société de CréditFoncière EMTN 3.375% 16/04/2018

4,039,523 0.84

EUR 1,600,000 Société Générale Société de CréditFoncière EMTN 4% 07/07/2016

1,719,498 0.36

EUR 1,700,000 Société Générale Société de CréditFoncière EMTN 4.125% 15/02/2022

1,796,064 0.37

EUR 1,450,000 Société Générale variable perpetual 1,469,677 0.31

Schroder ISF EURO Bond (cont)



MarketValueEUR

%Net

Assets

France (cont)

EUR 1,340,000 Veolia Environnement EMTN 6.75% 24/04/2019

1,640,875 0.34

EUR 750,000 Vivendi 4% 31/03/2017 761,171 0.16

EUR 800,000 Vivendi EMTN 4.875% 02/12/2019 834,900 0.17

EUR 1,600,000 Vivendi EMTN 7.75% 23/01/2014 1,858,208 0.39

Germany 130,338,775 27.17

EUR 1,500,000 Allianz EMTN variable perpetual 1,363,750 0.28

EUR 10,000,000 Bundesobligation 2.25% 10/04/2015 10,369,185 2.16



EUR 9,100,000 Bundesschatzanweisungen 1.25% 16/09/2011

9,188,165 1.92


10,117,275 2.11

EUR 19,200,000 Germany (Bund) 3.25% 04/01/2020 20,405,395 4.25

EUR 2,450,000 Germany (Bund) 3.75% 04/01/2015 2,705,050 0.56

EUR 5,250,000 Germany (Bund) 3.75% 04/01/2017 5,828,466 1.22

EUR 10,600,000 Germany (Bund) 4% 04/07/2016 11,927,533 2.49

EUR 14,250,000 Germany (Bund) 4.75% 04/07/2028 17,317,605 3.61

EUR 5,055,000 Germany (Bund) 4.75% 04/07/2040 6,482,770 1.35

EUR 2,000,000 Germany (Bund) 5.25% 04/01/2011 2,051,100 0.43

EUR 4,920,000 Germany (Bund) 6.25% 04/01/2024 6,771,964 1.41

EUR 1,630,000 HeidelbergCement 8.5% 31/10/2019 1,652,429 0.35

EUR 1,450,000 Merck Financial Services EMTN 4.5% 24/03/2020

1,546,234 0.32

EUR 600,000 Muenchener Rueckversicherungs variable21/06/2023

634,828 0.13

GBP 1,150,000 Muenchener Rueckversicherungs variable21/06/2028

1,595,015 0.33

EUR 350,000 Unitymedia RegS 9.625% 01/12/2019 356,134 0.07

Ireland 1,558,447 0.32

EUR 1,050,000 Cloverie for Zurich Insurance EMTNvariable 24/07/2039

1,158,447 0.24

EUR 200,000 Smurfit Kappa Acquisitions RegS 7.25%15/11/2017

198,000 0.04


202,000 0.04

Italy 21,831,283 4.55

GBP 900,000 Intesa Sanpaolo EMTN variable 12/11/2017

1,107,375 0.23

EUR 23,700,000 Italy Buoni Poliennali Del Tesoro 4% 01/02/2037

20,723,908 4.32

Japan 2,669,956 0.56

USD 3,100,000 Nomura 6.7% 04/03/20 2,669,956 0.56

Jersey 3,683,993 0.77

GBP 175,000 HSBC Bank Funding Sterling variableperpetual

173,992 0.04

GBP 800,000 United Business Media 6.5% 23/11/2016 1,056,803 0.22

GBP 1,000,000 WPP 6% 04/04/2017 1,304,298 0.27

EUR 1,000,000 WPP EMTN 6.625% 12/05/2016 1,148,900 0.24


EUR 1,500,000 Hannover Finance Luxembourg variable26/02/2024

1,487,269 0.31

EUR 1,100,000 SES EMTN 4.625% 09/03/2020 1,125,519 0.24

EUR 853,000 Telecom Italia Finance EMTN 7.75% 24/01/2033

978,907 0.20


EUR 175,000 Adecco International Financial ServicesEMTN 7.625% 28/04/2014

200,690 0.04

EUR 1,050,000 Allianz Finance II variable 31/05/2022 1,094,251 0.23







MarketValueEUR

%Net

Assets

Netherlands (cont)

EUR 1,000,000 ASML 5.75% 13/06/2017 1,034,195 0.22

EUR 140,000 Clondalkin Industries RegS 8% 15/03/2014

127,400 0.03

EUR 3,800,000 Deutsche Telekom International FinanceEMTN 4.875% 22/04/2025

3,914,597 0.82

GBP 700,000 ELM BV for Swiss Reinsurance EMTNvariable perpetual

664,012 0.14

EUR 1,250,000 ELM for Swiss Reinsurance variableperpetual

1,025,312 0.21

EUR 120,000 ING Bank 3.375% 03/03/2015 120,864 0.03

GBP 1,762,000 ING Bank EMTN variable 29/05/2023 2,273,298 0.47

EUR 850,000 ING Bank EMTN variable 29/05/2023 858,867 0.18

EUR 500,000 Linde Finance variable 14/07/2066 539,792 0.11

EUR 973,000 Suedzucker International Finance variableperpetual

883,507 0.18

EUR 1,625,000 TenneT variable perpetual 1,688,656 0.35

EUR 660,000 UPC RegS 9.75% 15/04/2018 671,786 0.14

Norway 7,411,133 1.54

EUR 2,400,000 DnB NOR Boligkreditt 3.375% 20/01/2017

2,474,204 0.51

EUR 2,700,000 Sparebanken 1 Boligkreditt 3.25% 17/03/2017

2,751,284 0.57

EUR 950,000 Telenor EMTN 4.125% 26/03/2020 993,847 0.21

EUR 1,075,000 Telenor EMTN 4.875% 29/05/2017 1,191,798 0.25


EUR 2,800,000 European Investment Bank EMTN 3.5%15/04/2016

2,984,654 0.62


6,080,261 1.27


2,905,892 0.61

EUR 1,700,000 International Bank for Reconstruction &Development 3.875% 20/05/2019

1,838,110 0.38

Sweden 6,786,684 1.41

EUR 1,600,000 Nordea Bank EMTN 4% 29/06/2020 1,617,150 0.34

USD 2,050,000 Nordea Bank EMTN variable perpetual 1,778,424 0.37

EUR 2,300,000 Swedbank Hypotek 3.625% 05/10/2016 2,393,610 0.49

EUR 950,000 TVN Finance RegS 10.75% 15/11/2017 997,500 0.21


GBP 528,000 Credit Suisse/London EMTN variable 16/01/2023

688,308 0.15

EUR 3,600,000 UBS/London 3.875% 02/12/2019 3,753,520 0.78


GBP 828,000 Aviva variable perpetual 760,029 0.16

EUR 800,000 Aviva variable perpetual 584,335 0.12


GBP 250,000 Barclays Bank EMTN 10% 21/05/2021 379,048 0.08

GBP 550,000 Barclays Bank EMTN 5.75% 14/09/2026 649,825 0.13

GBP 470,000 Barclays Bank EMTN variable 16/01/2023 583,137 0.12

EUR 365,000 BAT International Finance EMTN 5.375%29/06/2017

410,772 0.09

USD 660,000 BAT International Finance RegS 9.5% 15/11/2018

711,642 0.15

USD 2,180,000 British Telecommunications 9.625% 15/12/2030

2,191,378 0.46

EUR 2,500,000 Hammerson 4.875% 19/06/2015 2,545,676 0.53

GBP 600,000 HSBC Bank EMTN variable 20/03/2023 702,355 0.15

GBP 1,000,000 Imperial Tobacco Finance EMTN 7.75%24/06/2019

1,447,281 0.30

EUR 1,500,000 Imperial Tobacco Finance EMTN 8.375%17/02/2016

1,859,480 0.39




MarketValueEUR

%Net

Assets


GBP 1,050,000 Imperial Tobacco Finance EMTN 9% 17/02/2022

1,657,237 0.34

USD 100,000 Inmarsat Finance 144A 7.375% 01/12/2017

83,895 0.02

GBP 1,200,000 Intercontinental Hotels EMTN 6% 09/12/2016

1,519,622 0.32

GBP 1,800,000 Kingfisher EMTN 5.625% 15/12/2014 2,357,280 0.49

GBP 1,350,000 Legal & General EMTN variable 23/07/2041

1,953,548 0.41

GBP 750,000 Lloyds TSB Bank EMTN 7.625% 22/04/2025

907,420 0.19

EUR 550,000 Mondi Finance 5.75% 03/04/2017 536,201 0.11

GBP 1,850,000 Old Mutual EMTN 7.125% 19/10/2016 2,418,251 0.50

GBP 1,120,000 Old Mutual EMTN variable perpetual 951,399 0.20

EUR 283,000 Old Mutual EMTN variable perpetual 172,630 0.04

EUR 1,400,000 Rentokil Initial EMTN 4.625% 27/03/2014 1,472,671 0.31

GBP 400,000 Rentokil Initial EMTN 5.75% 31/03/2016 516,877 0.11

EUR 2,050,000 Rexam variable 29/06/2067 1,870,666 0.39

GBP 800,000 RSA Insurance variable 20/05/2039 1,159,753 0.24

GBP 888,000 RSA Insurance variable perpetual 936,673 0.20

GBP 590,000 Segro 6.75% 23/11/2021 791,080 0.16

EUR 80,000 Severn Trent Utilities Finance EMTN5.25% 11/03/2016

88,772 0.02

EUR 1,100,000 Smiths 4.125% 05/05/2017 1,120,314 0.23

GBP 2,200,000 Standard Chartered Bank 7.75% 03/04/2018

3,088,490 0.64

USD 1,806,000 Standard Chartered Bank variableperpetual

1,636,104 0.34

GBP 301,000 Standard Chartered Bank variableperpetual

382,187 0.08

USD 2,460,000 Standard Chartered RegS 3.85% 27/04/2015

2,020,123 0.42

GBP 2,300,000 Tate & Lyle International Finance 6.75%25/11/2019

3,036,197 0.63

EUR 600,000 United Utilities Water EMTN 4.25% 24/01/2020

621,031 0.13

USD 445,000 Vedanta Resources RegS 9.5% 18/07/2018

390,063 0.08

GBP 450,000 Virgin Media Finance 8.875% 15/10/2019 565,138 0.12

GBP 150,000 Virgin Media Secured Finance RegS 7%15/01/2018

182,421 0.04

GBP 1,400,000 William Hill EMTN 7.125% 11/11/2016 1,700,540 0.35

GBP 428,000 Zurich Finance UK EMTN variableperpetual

476,443 0.10


USD 1,580,000 Altria 9.7% 10/11/2018 1,630,427 0.34

USD 280,000 Altria 9.95% 10/11/2038 300,064 0.06

USD 250,000 Atlas Energy Operating/Atlas EnergyFinance 10.75% 01/02/2018

217,962 0.04

USD 1,200,000 AutoNation 6.75% 15/04/2018 972,976 0.20

EUR 550,000 CEDC Finance International RegS 8.875%01/12/2016

536,250 0.11

EUR 1,000,000 Cellco Partnership/Verizon WirelessCapital 8.75% 18/12/2015

1,292,681 0.27

USD 470,000 Chesapeake Energy 9.5% 15/02/2015 422,090 0.09

USD 4,150,000 Citigroup 8.5% 22/05/2019 4,036,138 0.84

USD 1,315,000 El Paso Pipeline Partners Operating 6.5%01/04/2020

1,104,828 0.23

USD 1,150,000 Frontier Communications 8.125% 01/10/2018

937,860 0.20

EUR 1,300,000 Goldman Sachs EMTN 5.125% 23/10/2019

1,286,915 0.27

EUR 400,000 Goldman Sachs EMTN 6.375% 02/05/2018

433,803 0.09

EUR 1,050,000 Morgan Stanley GMTN 5% 02/05/2019 1,021,632 0.21







MarketValueEUR

%Net

Assets


EUR 750,000 Morgan Stanley GMTN 6.5% 28/12/2018 792,335 0.17

USD 205,000 Nextel Communications 6.875% 31/10/2013

162,919 0.03

USD 635,000 Overseas Shipholding 8.125% 30/03/2018

513,689 0.11

USD 1,250,000 Plains Exploration & Production 7.625%01/04/2020

989,858 0.21

USD 600,000 Qwest 7.625% 15/06/2015 523,420 0.11

USD 25,000 Sprint Nextel 6% 01/12/2016 18,355 -

USD 510,000 Ventas Realty/Ventas Capital 6.75% 01/04/2017

422,541 0.09

EUR 370,000 Zurich Finance USA EMTN variable 02/10/2023

384,796 0.08






MarketValueEUR

%Net

Assets

Bermuda 208,696 0.04

USD 240,000 Global Crossing 144A 12% 15/09/2015 208,696 0.04

France 892,019 0.18

USD 1,150,000 Credit Agricole 144A variable perpetual 892,019 0.18

Jersey 407,315 0.08

USD 599,000 Swiss Re Capital I 144A variable perpetual 407,315 0.08


USD 1,400,000 Expro Finance Luxembourg 144A 8.5%15/12/2016

1,097,367 0.23


USD 1,600,000 Rabobank Nederland 144A variableperpetual

1,610,125 0.34


USD 1,750,000 BAT International Finance 144A 9.5% 15/11/2018

1,879,452 0.39

USD 400,000 Virgin Media Finance 8.375% 15/10/2019 335,579 0.07



USD 1,050,000 Alliance One International 144A 10% 15/07/2016

887,324 0.18

USD 640,000 AMC Entertainment 8.75% 01/06/2019 523,783 0.11

USD 1,400,000 Bank of America 4.5% 01/04/2015 1,156,476 0.24


USD 4,500,000 Bank of America MTNL 5.65% 01/05/2018

3,768,136 0.79

USD 1,375,000 Berry Plastics 8.25% 15/11/2015 1,115,283 0.23

USD 700,000 Biomet 10.375% 15/10/2017 614,517 0.13

USD 160,000 Cablevision Systems 144A 8.625% 15/09/2017

134,231 0.03

USD 675,000 Case New Holland 7.75% 01/09/2013 569,353 0.12

USD 200,000 CEDC Finance International 144A 9.125%01/12/2016

159,216 0.03

USD 150,000 Cequel Communications I and CequelCapital 144A 8.625% 15/11/2017

122,367 0.02

USD 975,000 Delta Air Lines 144A 9.5% 15/09/2014 839,865 0.18

USD 1,100,000 DuPont Fabros Technology 144A 8.5%15/12/2017

922,841 0.19

USD 750,000 Ford Motor Credit 7% 15/04/2015 611,598 0.13

USD 750,000 Ford Motor Credit 8.125% 15/01/2020 626,323 0.13




MarketValueEUR

%Net

Assets


USD 360,000 Helix Energy Solutions 144A 9.5% 15/01/2016

271,525 0.06

USD 690,000 Intelsat 9.25% 15/06/2016 591,067 0.12

USD 400,000 Jarden 7.5% 15/01/2020 321,245 0.07

USD 2,500,000 JPMorgan Chase Bank 6% 01/10/2017 2,217,514 0.46

USD 520,000 LBI Escrow 144A 8% 01/11/2017 438,375 0.09

EUR 350,000 LBI Escrow RegS 8% 01/11/2017 353,500 0.07

USD 1,800,000 Morgan Stanley 7.3% 13/05/2019 1,589,103 0.33

USD 3,710,000 Morgan Stanley MTN 5.625% 23/09/2019 2,939,726 0.61

USD 270,000 Peninsula Gaming 8.375% 15/08/2015 221,004 0.05

USD 1,250,000 QVC 144A 7.375% 15/10/2020 1,002,756 0.21

USD 730,000 Sinclair Television 144A 9.25% 01/11/2017

606,471 0.13

USD 830,000 Valeant Pharmaceuticals International144A 7.625% 15/03/2020

803,062 0.17




Nu-mb-er ofsha-resorPrin-cipalAm-ount


MarketValueEUR

%Net

Assets

Bermuda 763,209 0.16

USD 1,160,000 Catlin Insurance 144A variable perpetual 763,209 0.16





Net Asset Value 479,797,961 100.00







MarketValueEUR

%Net

Assets

Austria 2,833,214 1.65

EUR 2,000,000 Austria Government 3.2% 20/02/2017 2,088,316 1.21

EUR 700,000 Austria Government 3.9% 15/07/2020 744,898 0.44

Belgium 6,473,744 3.75

EUR 600,000 Belgium Government 3.75% 28/03/2020 616,574 0.35

EUR 3,470,000 Belgium Government 4% 28/03/2017 3,703,885 2.15

EUR 300,000 Belgium Government 4.25% 28/03/2041 306,561 0.18

EUR 1,700,000 Belgium Government 5% 28/09/2012 1,846,724 1.07

Finland 4,144,217 2.41

EUR 3,870,000 Finland Government 3.125% 15/09/2014 4,144,217 2.41

France 16,162,109 9.37

EUR 4,200,000 France BTAN 2.5% 15/01/2015 4,327,751 2.51

EUR 4,930,000 France BTAN 3% 12/01/2011 4,998,280 2.90

EUR 1,270,000 France Government Bond OAT 3.75% 25/04/2021

1,340,188 0.77

EUR 910,000 France Government Bond OAT 4% 25/04/2055

978,335 0.57


4,517,555 2.62

Germany 90,725,494 52.62








2,995,375 1.74

EUR 6,000,000 Bundesschatzanweisungen 1% 16/03/2012

6,051,615 3.51


3,035,183 1.76


12,888,960 7.48

EUR 3,900,000 Germany (Bund) 3.25% 04/07/2015 4,222,027 2.45

EUR 2,690,000 Germany (Bund) 3.25% 04/01/2020 2,858,881 1.66

EUR 1,130,000 Germany (Bund) 3.5% 04/01/2016 1,237,978 0.72

EUR 5,600,000 Germany (Bund) 3.5% 04/07/2019 6,073,704 3.52

EUR 3,475,000 Germany (Bund) 3.75% 04/01/2019 3,840,089 2.23

EUR 1,400,000 Germany (Bund) 4% 04/07/2016 1,575,335 0.91

EUR 930,000 Germany (Bund) 4% 04/01/2037 1,053,237 0.61

EUR 3,555,000 Germany (Bund) 4.25% 04/07/2018 4,060,909 2.35

EUR 555,000 Germany (Bund) 4.25% 04/07/2039 658,525 0.38

EUR 4,860,000 Germany (Bund) 4.75% 04/07/2028 5,906,215 3.43

EUR 2,030,000 Germany (Bund) 4.75% 04/07/2040 2,603,367 1.50

EUR 710,000 Germany (Bund) 5% 04/01/2012 758,657 0.44

EUR 1,750,000 Germany (Bund) 6.25% 04/01/2024 2,408,727 1.40

Italy 31,943,723 18.53


3,012,134 1.75


3,981,676 2.31


935,636 0.54

EUR 1,400,000 Italy Buoni Poliennali Del Tesoro 4.25%01/08/2014

1,477,427 0.86


5,636,260 3.27


3,666,983 2.13


1,411,478 0.82

Schroder ISF EURO GovernmentBond (cont)Number of sharesor PrincipalAmount


MarketValueEUR

%Net

Assets

Italy (cont)


9,470,114 5.49

EUR 660,000 Italy Buoni Poliennali Del Tesoro 5.25%01/11/2029

690,116 0.40

EUR 1,400,000 Italy Buoni Poliennali Del Tesoro 6.5% 01/11/2027

1,661,899 0.96


EUR 4,000,000 Netherlands Government 1.75% 15/01/2013

4,088,588 2.37

EUR 870,000 Netherlands Government 3.5% 15/07/2020

923,739 0.54






Net Asset Value 172,404,673 100.00







MarketValueEUR

%Net

Assets

Belgium 1,139,682 0.06

EUR 1,000,000 Anheuser-Busch InBev EMTN 6.57% 27/02/2014

1,139,682 0.06


EUR 13,803,000 Thames Water Utilities Cayman FinanceEMTN 6.125% 04/02/2013

15,096,983 0.76

Denmark 22,958,745 1.15

EUR 12,500,000 Carlsberg Breweries EMTN 6% 28/05/2014

13,971,262 0.70

EUR 8,240,000 DONG Energy EMTN 4.875% 07/05/2014 8,987,483 0.45

France 113,685,064 5.70

EUR 3,800,000 BNP Paribas Home Loan Covered BondsEMTN 4.125% 15/01/2014

4,081,103 0.20

EUR 4,000,000 BNP Paribas Home Loan Covered BondsEMTN 4.75% 28/05/2013

4,340,582 0.22

EUR 10,000,000 Caisse Refinancement de l’Habitat 5% 25/10/2013

11,015,005 0.55


12,151,192 0.61

EUR 2,150,000 Casino Guichard Perrachon EMTN6.375% 04/04/2013

2,364,982 0.12

EUR 9,000,000 Compagnie de Financement FoncierEMTN 4.25% 29/01/2014

9,689,017 0.49

EUR 4,700,000 Credit Agricole/London EMTN 6% 24/06/2013

5,196,097 0.26

EUR 2,000,000 EDF EMTN 5.625% 23/01/2013 2,184,625 0.11

EUR 6,350,000 France Telecom EMTN 5% 22/01/2014 6,917,144 0.35

EUR 3,800,000 PPR EMTN 3.75% 08/04/2015 3,874,588 0.19

EUR 8,550,000 PPR EMTN 8.625% 03/04/2014 10,192,066 0.51

EUR 7,500,000 Société Financement de l’EconomieFrancaise 3.25% 16/01/2014

7,905,765 0.40

USD 11,560,000 Société Financement de l'EconomieFrancaise RegS 2.875% 22/09/2014

9,712,382 0.49


7,036,307 0.35

EUR 12,250,000 Vivendi EMTN 7.75% 23/01/2014 14,226,905 0.71

EUR 2,600,000 WPP Finance 5.25% 30/01/2015 2,797,304 0.14

Germany 1,257,065,867 63.08




EUR 113,000,000 Bundesobligation 4% 13/04/2012 120,084,365 6.03



82,971,901 4.16


99,549,067 5.00


55,751,790 2.80


66,538,472 3.34


94,697,694 4.75


50,504,850 2.53

EUR 6,400,000 Daimler EMTN 3% 19/07/2013 6,571,392 0.33

EUR 39,823,000 Germany (Bund) 4.5% 04/01/2013 43,579,225 2.19

EUR 78,250,000 Germany (Bund) 5% 04/07/2011 81,802,863 4.10

EUR 77,000,000 Germany (Bund) 5% 04/01/2012 82,276,849 4.13

EUR 81,000,000 Germany (Bund) 5% 04/07/2012 88,129,093 4.42

EUR 39,000,000 Germany (Bund) 5.25% 04/01/2011 39,996,450 2.01

EUR 9,300,000 Merck Financial Services EMTN 3.375%24/03/2015

9,572,616 0.48

EUR 1,400,000 Metro EMTN 3.625% 24/06/2011 1,418,298 0.07

Schroder ISF EURO Short TermBond (cont)Number of sharesor PrincipalAmount


MarketValueEUR

%Net

Assets

Germany (cont)

EUR 12,750,000 Metro EMTN 7.625% 05/03/2015 15,140,294 0.76

EUR 5,500,000 Muenchener Rueckversicherungs variable21/06/2023

5,819,253 0.29

Italy 132,095,788 6.63


60,242,670 3.02


71,853,118 3.61



8,229,554 0.41

EUR 900,000 SES EMTN 4% 15/03/2011 911,454 0.05



802,761 0.04


EUR 5,700,000 British American Tobacco EMTN 4.375%15/09/2014

6,118,118 0.31


2,076,256 0.10


14,022,113 0.70

EUR 8,000,000 E.ON International Finance EMTN 4.875%28/01/2014

8,742,336 0.44

EUR 5,000,000 ELM for Elsevier Finance 6.5% 02/04/2013

5,546,207 0.28

EUR 510,000 ING Bank MTN 3.375% 03/03/2015 513,674 0.03

EUR 500,000 ING Bank 3.375% 03/03/2015 499,920 0.03

EUR 2,800,000 ING Bank EMTN 5.875% 23/02/2011 2,864,912 0.14

EUR 5,400,000 ING Bank EMTN variable 15/03/2019 5,344,048 0.27

EUR 2,350,000 Koninklijke KPN GMTN 6.25% 16/09/2013

2,623,212 0.13

EUR 8,100,000 Koninklijke KPN GMTN 6.25% 04/02/2014

9,106,895 0.46

EUR 2,000,000 Linde Finance variable perpetual 2,072,230 0.10

EUR 11,125,000 Nomura Europe Finance EMTN 5.125%09/12/2014

11,753,952 0.59

EUR 6,150,000 Rabobank Nederland EMTN 4.375% 22/01/2014

6,612,502 0.33

EUR 4,000,000 TenneT EMTN 3.25% 09/02/2015 4,148,506 0.21

Norway 7,042,448 0.35

EUR 3,800,000 DnB NOR Bank EMTN 4.5% 29/05/2014 4,075,418 0.20

EUR 400,000 DnB NOR Bank EMTN 5.875% 20/06/2013

440,650 0.02

EUR 2,500,000 DnB NOR Bank EMTN FRN 28/02/2012 2,526,380 0.13



23,211,000 1.16

Sweden 51,616,839 2.60

EUR 2,800,000 Nordea Bank EMTN variable 10/09/2018 3,065,388 0.15

EUR 9,000,000 Stadshypotek 3% 01/10/2014 9,296,811 0.47

EUR 350,000 Svenska Handelsbanken EMTN 4.875%25/03/2014

378,485 0.02

EUR 3,650,000 Svenska Handelsbanken EMTN 5.375%02/09/2011

3,807,784 0.19

EUR 25,000,000 Sweden Government EMTN 1.5% 08/09/2011

25,216,175 1.27

EUR 6,050,000 Vattenfall Treasury EMTN 4.25% 19/05/2014

6,491,154 0.33


3,361,042 0.17






MarketValueEUR

%Net

Assets


EUR 3,000,000 Credit Suisse Group Finance Guernseyvariable 23/01/2018

2,952,723 0.15

EUR 4,650,000 Credit Suisse/London EMTN 5.125% 30/03/2012

4,884,690 0.25

EUR 7,800,000 UBS/London 3% 06/10/2014 8,047,865 0.40

EUR 1,400,000 UBS/London EMTN 4.625% 06/07/2012 1,457,224 0.07



EUR 3,000,000 Aviva variable perpetual 2,191,256 0.11

GBP 5,000,000 Barclays Bank EMTN FRN 13/02/2012 6,151,471 0.31

EUR 2,000,000 BAT International Finance EMTN 3.625%29/06/2012

2,071,023 0.10

EUR 3,400,000 BAT International Finance EMTN 5.875%12/03/2015

3,861,499 0.20


1,053,580 0.05


10,974,392 0.55

EUR 5,750,000 National Grid Electricity TransmissionEMTN 6.625% 28/01/2014

6,591,423 0.33

EUR 1,000,000 National Grid EMTN 4.125% 21/03/2013 1,047,877 0.05

EUR 4,500,000 National Grid EMTN 6.5% 22/04/2014 5,133,447 0.26

EUR 8,950,000 Nationwide Building Society 3.75% 20/01/2015

8,945,691 0.45


EUR 2,500,000 Rexam EMTN 4.375% 15/03/2013 2,600,160 0.13

EUR 26,400,000 Royal Bank of Scotland EMTN 3.75% 14/11/2011

27,266,012 1.37

EUR 7,750,000 Standard Chartered EMTN 5.75% 30/04/2014

8,538,721 0.43

USD 6,650,000 Standard Chartered RegS 3.85% 27/04/2015

5,460,900 0.27

EUR 1,950,000 Vodafone EMTN 6.875% 04/12/2013 2,228,189 0.11

EUR 6,200,000 WPP 4.375% 05/12/2013 6,504,994 0.33


USD 5,000,000 Citigroup 6.01% 15/01/2015 4,292,084 0.22

EUR 1,500,000 JPMorgan Chase & Co. EMTN 5.25% 08/05/2013

1,614,969 0.08

EUR 8,250,000 JPMorgan Chase & Co. EMTN 6.125%01/04/2014

9,209,830 0.46

USD 7,000,000 Kroger 4.95% 15/01/2015 6,241,674 0.31

EUR 5,000,000 Morgan Stanley EMTN 3.75% 01/03/2013 4,992,520 0.25

EUR 3,550,000 Morgan Stanley GMTN 4.5% 29/10/2014 3,558,765 0.18

USD 4,500,000 Nordstrom 6.75% 01/06/2014 4,261,643 0.22

EUR 7,350,000 Pfizer 3.625% 03/06/2013 7,711,969 0.39

EUR 1,600,000 Philip Morris International EMTN 4.25%23/03/2012

1,667,450 0.08

EUR 5,810,000 SES Global Americas EMTN 4.875% 09/07/2014

6,246,918 0.31

EUR 3,500,000 Zurich Finance USA EMTN 4.5% 17/09/2014

3,721,587 0.19


3,975,875 0.20

EUR 6,000,000 Zurich Finance USA EMTN variable 02/10/2023

6,239,940 0.31






MarketValueEUR

%Net

Assets


USD 7,715,000 HSBC Bank 144A 3.5% 28/06/2015 6,389,016 0.32


USD 7,000,000 Anheuser-Busch InBev Worldwide 144A5.375% 15/11/2014

6,256,751 0.31


USD 7,000,000 COX Communications 5.45% 15/12/2014 6,334,167 0.32






Net Asset Value 1,992,733,347 100.00







MarketValueUSD

%Net

Assets

Belgium 403,921 0.12

EUR 250,000 Anheuser-Busch InBev EMTN 8.625% 30/01/2017

403,921 0.12

Canada 163,887 0.05

USD 20,000 Nexen 6.2% 30/07/2019 22,167 0.01

USD 95,000 Nexen 7.5% 30/07/2039 110,999 0.03

USD 25,000 Talisman Energy 7.75% 01/06/2019 30,721 0.01


USD 115,000 Embraer Overseas 6.375% 15/01/2020 118,230 0.04

USD 175,000 Petrobras International Finance 5.75% 20/01/2020

175,743 0.05

EUR 250,000 Thames Water Utilities Cayman FinanceEMTN 6.125% 04/02/2013

334,891 0.10

USD 90,000 Vale Overseas 5.625% 15/09/2019 95,125 0.03


Denmark 3,414,766 1.04

EUR 300,000 Carlsberg Breweries EMTN 6% 28/05/2014

410,671 0.13

USD 2,065,000 Danske Bank 144A 2.5% 10/05/2012 2,112,342 0.64

EUR 150,000 Danske Bank EMTN 4.5% 01/07/2016 200,826 0.06

EUR 100,000 DONG Energy 4.875% 16/12/2021 130,317 0.04

EUR 150,000 DONG Energy EMTN 4.875% 07/05/2014 200,378 0.06

EUR 300,000 DONG Energy variable 29/06/3005 360,232 0.11

Finland 337,428 0.10

EUR 270,000 Aktia Real Estate Mortgage Bank EMTN3% 11/03/2015

337,428 0.10

France 17,196,015 5.23

EUR 100,000 Alstom EMTN 4.5% 18/03/2020 124,432 0.04

EUR 350,000 Autoroutes du Sud de la France 4.125%13/04/2020

440,645 0.13


EUR 500,000 BNP Paribas Home Loan Covered BondsEMTN 4.125% 15/01/2014

657,675 0.20

EUR 950,000 BNP Paribas Home Loan Covered BondsEMTN 4.75% 28/05/2013

1,262,580 0.39

EUR 350,000 Caisse d'Amortissement de la DetteSociale EMTN 3.625% 25/04/2016

457,625 0.14

EUR 600,000 Caisse Refinancement de l'Habitat 4% 25/04/2018

781,521 0.24

EUR 1,000,000 Caisse Refinancement de l'Habitat 4.1%25/10/2015

1,321,820 0.40

EUR 150,000 Carrefour EMTN 4% 09/04/2020 189,442 0.06

EUR 150,000 Casino Guichard Perrachon 4.379% 08/02/2017

188,443 0.06

EUR 250,000 Casino Guichard Perrachon EMTN 5.5%30/01/2015

333,681 0.10

EUR 350,000 Companie de Financement Foncier EMTN4.5% 16/05/2018

467,586 0.14

EUR 675,000 Companie de Financement Foncier EMTN4.875% 25/05/2021

920,339 0.28

EUR 550,000 Credit Agricole Covered Bonds EMTN4.5% 29/01/2016

738,770 0.22

EUR 500,000 Dexia Municipal Agency EMTN 4.875%02/06/2021

680,403 0.21

EUR 500,000 EDF EMTN 4.625% 26/04/2030 620,220 0.19

EUR 250,000 Pernod-Ricard 4.875% 18/03/2016 307,014 0.09

EUR 250,000 Pernod-Ricard EMTN 7% 15/01/2015 333,558 0.10

EUR 100,000 PPR EMTN 3.75% 08/04/2015 124,879 0.04

EUR 200,000 PPR EMTN 8.625% 03/04/2014 291,994 0.09

EUR 450,000 SCOR variable perpetual 401,641 0.12

EUR 2,400,000 Société Financement de l'EconomieFrancaise 3.25% 16/01/2014

3,098,427 0.94




MarketValueUSD

%Net

Assets

France (cont)

EUR 600,000 Société Générale Société de CréditFoncière EMTN 3.375% 16/04/2018

751,505 0.23

EUR 350,000 Société Générale Société de CréditFoncière EMTN 4% 07/07/2016

460,678 0.14

EUR 300,000 Société Générale Société de CréditFoncière EMTN 4.125% 15/02/2022

388,187 0.12

EUR 250,000 Société Générale variable perpetual 310,342 0.09

EUR 400,000 Veolia Environnement EMTN 4.375% 16/01/2017

522,979 0.16

EUR 140,000 Veolia Environnement EMTN 6.75% 24/04/2019

209,965 0.06

EUR 100,000 Vivendi 4% 31/03/2017 124,299 0.04

EUR 100,000 Vivendi EMTN 4.875% 02/12/2019 127,818 0.04

EUR 350,000 Vivendi EMTN 7.75% 23/01/2014 497,840 0.15

Germany 38,910,933 11.84

EUR 250,000 Allianz EMTN variable perpetual 278,375 0.08




EUR 5,150,000 Bundesobligation 4% 13/04/2012 6,702,899 2.04


2,594,100 0.79

EUR 3,580,000 Germany (Bund) 3.25% 04/01/2020 4,659,875 1.42

EUR 2,000,000 Germany (Bund) 3.75% 04/01/2015 2,704,498 0.82

EUR 650,000 Germany (Bund) 3.75% 04/01/2017 883,804 0.27

EUR 3,030,000 Germany (Bund) 3.75% 04/01/2019 4,100,875 1.25

EUR 2,950,000 Germany (Bund) 4.75% 04/07/2028 4,390,787 1.34

EUR 506,000 Germany (Bund) 4.75% 04/07/2040 794,762 0.24

EUR 200,000 Merck Financial Services EMTN 3.375%24/03/2015

252,130 0.08

EUR 300,000 Metro EMTN 7.625% 05/03/2015 436,308 0.13


362,836 0.11

Indonesia 3,147,699 0.96

IDR 25,034,000-,000

Indonesia Government 10.75% 15/05/2016

3,147,699 0.96

Ireland 472,936 0.14

EUR 350,000 Cloverie for Zurich Insurance EMTNvariable 24/07/2039

472,936 0.14

Italy 4,658,649 1.42


4,658,649 1.42

Japan 22,913,528 6.97

JPY 637,200,000 Japan Government Five Year Bond 1.4%20/03/2011

7,248,059 2.20

JPY 1,195,400,-000

Japan Government Ten Year Bond 1.8%20/03/2016

14,525,966 4.42

JPY 71,050,000 Japan Government Thirty Year Bond 1.1%20/03/2033

685,918 0.21

USD 430,000 Nomura 6.7% 04/03/2020 453,585 0.14

Jersey 281,423 0.09

EUR 200,000 WPP EMTN 6.625% 12/05/2016 281,423 0.09


EUR 300,000 Hannover Finance Luxembourg variable26/02/2024

364,306 0.10

EUR 250,000 SES EMTN 4.625% 09/03/2020 313,291 0.10

USD 275,000 Telecom Italia Capital 6.175% 18/06/2014 289,344 0.09


USD 260,000 Teekay 8.5% 15/01/2020 260,709 0.08







MarketValueUSD

%Net

Assets

Mexico 3,628,211 1.10




70,227 0.03

EUR 200,000 Allianz Finance II variable 31/05/2022 255,273 0.08

USD 110,000 ArcelorMittal 7% 15/10/2039 114,198 0.03

EUR 150,000 ASML 5.75% 13/06/2017 189,995 0.06

EUR 550,000 Deutsche Telekom International FinanceEMTN 4.875% 22/04/2025

693,927 0.21

EUR 300,000 ELM for Swiss Reinsurance variableperpetual

301,380 0.09

EUR 350,000 ING Bank 3.375% 03/03/2015 431,750 0.13

EUR 250,000 ING Bank EMTN variable 29/05/2023 309,381 0.09

EUR 450,000 Nomura Europe Finance EMTN 5.125%09/12/2014

582,296 0.18

EUR 100,000 RWE Finance 6.5% 10/08/2021 151,846 0.05

EUR 300,000 TenneT EMTN 3.25% 09/02/2015 381,066 0.11

EUR 200,000 TenneT variable perpetual 254,545 0.08

Norway 1,532,072 0.47

EUR 400,000 DnB NOR Boligkreditt 3.375% 20/01/2017

505,047 0.16

EUR 400,000 Sparebanken 1 Boligkreditt 3.25% 17/03/2017

499,205 0.15

EUR 200,000 Telenor EMTN 4.125% 26/03/2020 256,256 0.08

EUR 200,000 Telenor EMTN 4.875% 29/05/2017 271,564 0.08


JPY 520,700,000 European Investment Bank 1.4% 20/06/2017

6,107,492 1.86

EUR 450,000 International Bank for Reconstruction &Development 3.875% 20/05/2019

595,912 0.18

Sweden 2,126,002 0.65

EUR 500,000 Nordea Bank EMTN 4% 29/06/2020 618,939 0.19

EUR 770,000 Swedbank Hypotek 3.625% 05/10/2016 981,440 0.30

EUR 400,000 Vattenfall Treasury EMTN 4.25% 19/05/2014

525,623 0.16


USD 1,145,000 Credit Suisse/New York 6% 15/02/2018 1,193,353 0.36

EUR 600,000 UBS/London 3.875% 02/12/2019 766,187 0.24


EUR 450,000 Hammerson 4.875% 19/06/2015 561,207 0.18

EUR 530,000 Imperial Tobacco Finance EMTN 8.375%17/02/2016

804,681 0.25


2,213,621 0.67

USD 245,000 Standard Chartered 144A 3.85% 27/04/2015

245,838 0.07

EUR 300,000 Standard Chartered Bank EMTN 5.875%26/09/2017

396,525 0.12

GBP 765,000 UK Treasury 4.25% 07/03/2036 1,161,654 0.35

GBP 450,000 UK Treasury 4.75% 07/09/2015 757,196 0.23


USD 710,000 ACCO Brands 10.625% 15/03/2015 770,350 0.23

USD 370,000 Advance Auto Parts 5.75% 01/05/2020 378,469 0.12

USD 90,000 Anadarko Petroleum 5.75% 15/06/2014 81,654 0.02


USD 205,000 Atmos Energy 8.5% 15/03/2019 256,028 0.08

USD 650,000 AutoNation 6.75% 15/04/2018 645,479 0.20

USD 795,000 Bunge Finance 5.35% 15/04/2014 839,619 0.25

EUR 500,000 Cellco Partnership/Verizon WirelessCapital 8.75% 18/12/2015

791,605 0.24




MarketValueUSD

%Net

Assets


USD 540,000 CNA Financial 7.35% 15/11/2019 574,048 0.17

USD 190,000 CSX 6.15% 01/05/2037 205,254 0.06

USD 565,000 CVS Caremark 5.75% 01/06/2017 628,704 0.19

USD 155,000 Dow Chemical 8.55% 15/05/2019 189,414 0.06

USD 315,000 El Paso Pipeline Partners Operating 6.5%01/04/2020

324,136 0.10

USD 155,000 Enbridge Energy Partners 5.2% 15/03/2020

161,120 0.05

USD 175,000 Energy Transfer Partners 7.5% 01/07/2038

177,785 0.05

USD 80,000 EQT 8.125% 01/06/2019 95,189 0.03

USD 805,000 Goldman Sachs 5.375% 15/03/2020 795,714 0.24

EUR 300,000 Goldman Sachs EMTN 5.125% 23/10/2019

363,727 0.11

USD 245,000 Hartford Financial Services 5.5% 30/03/2020

243,685 0.07


141,476 0.04

EUR 500,000 JPMorgan Chase & Co. EMTN 6.125%01/04/2014

683,621 0.21

USD 470,000 Kraft Foods 6.875% 01/02/2038 542,650 0.17

USD 370,000 Kroger 5% 15/04/2013 397,976 0.12

USD 125,000 Lorillard Tobacco 8.125% 23/06/2019 138,829 0.04

USD 60,000 Magellan Midstream Partners 6.55% 15/07/2019

68,314 0.02

USD 94,000 Marathon Oil 7.5% 15/02/2019 112,588 0.03

USD 100,000 McKesson 7.5% 15/02/2019 123,828 0.04

USD 290,000 Nabors Industries 6.15% 15/02/2018 308,617 0.09


647,272 0.20

USD 590,000 Nordstrom 4.75% 01/05/2020 610,809 0.18

USD 130,000 Nordstrom 6.75% 01/06/2014 150,784 0.05

USD 130,000 Norfolk Southern 5.9% 15/06/2019 149,535 0.05

USD 55,000 Plains All American Pipeline 8.75% 01/05/2019

66,221 0.02

USD 710,000 Plains Exploration & Production 7.625%01/04/2020

688,603 0.21

USD 80,000 ProLogis 6.875% 15/03/2020 75,917 0.02

USD 435,000 ProLogis 7.375% 30/10/2019 426,468 0.13

USD 610,000 Reynolds American 7.625% 01/06/2016 688,553 0.21

USD 260,000 Rowan 7.875% 01/08/2019 285,022 0.09

USD 75,000 Simon Property 5.65% 01/02/2020 79,915 0.02

USD 80,000 Sprint Nextel 6% 01/12/2016 71,938 0.02

USD 80,000 Valero Energy 4.5% 01/02/2015 82,681 0.03


USD 900,000 Wachovia Bank FRN 03/11/2014 859,130 0.26

USD 255,000 Watson Pharmaceuticals 6.125% 15/08/2019

287,225 0.09

USD 45,000 Yum! Brands 6.875% 15/11/2037 52,383 0.02


318,432 0.10






MarketValueUSD

%Net

Assets


USD 355,000 Westpac Banking 144A 1.9% 14/12/2012 359,001 0.11







MarketValueUSD

%Net

Assets

Canada 1,130,491 0.34

USD 975,000 Canadian Imperial Bank of Commerce144A 2% 04/02/2013

992,615 0.30

USD 130,000 TransCanada PipeLines 6.1% 01/06/2040 137,876 0.04

Egypt 1,213,884 0.37

EGP 7,000,000 Egypt Treasury Bills 0% 17/08/2010 1,213,884 0.37

France 2,282,236 0.69

USD 1,065,000 BNP Paribas 3.25% 11/03/2015 1,056,752 0.32

USD 600,000 Companie de Financement Foncier 144A2.125% 22/04/2013

600,487 0.18

USD 620,000 Dexia Credit Local 144A 2.75% 29/04/2014

624,997 0.19


USD 220,000 Holcim US Finance Sarl & Cie 144A 6%30/12/2019

234,891 0.07

Malaysia 1,983,117 0.60


Mexico 1,452,422 0.44

USD 220,000 America Movil 144A 5% 16/10/2019 227,391 0.07

USD 640,000 Grupo Bimbo 144A 4.875% 30/06/2020 642,631 0.19

USD 560,000 Kansas City Southern de Mexico 144A8% 01/02/2018

582,400 0.18


USD 405,000 Shinhan Bank 144A 4.375% 15/09/2015 403,896 0.12


USD 1,010,000 Barclays Bank 6.75% 22/05/2019 1,119,958 0.34

USD 700,000 Global Crossing UK Finance 10.75% 15/12/2014

717,500 0.22

USD 475,000 HSBC Bank 144A 3.5% 28/06/2015 481,769 0.15

USD 2,300,000 Royal Bank of Scotland 144A 2.625% 11/05/2012

2,347,681 0.71

USD 745,000 Royal Bank of Scotland 4.875% 16/03/2015

740,517 0.23

USD 275,000 WPP Finance 8% 15/09/2014 321,137 0.10


USD 270,000 Abbott Laboratories 4.125% 27/05/2020 281,409 0.09

USD 885,000 Alliance One International 144A 10% 15/07/2016

915,975 0.28

USD 715,000 Anheuser-Busch InBev Worldwide 144A5.375% 15/11/2014

782,716 0.24


66,873 0.02

USD 932,889 Banc of America Commercial Mortgage2002-PB2 A4 6.168% 11/06/2035

979,351 0.30

USD 310,000 Bank of America 6% 01/09/2017 325,527 0.10

USD 530,000 Bank of America 6.1% 15/06/2017 548,024 0.17

USD 770,000 Bear Stearns Commercial MortgageSecurities 2002-TOP6 A2 6.46% 15/10/2036

812,470 0.25

USD 1,290,000 Bear Stearns Commercial MortgageSecurities 2005-T20 A4A variable 12/10/2042

1,376,128 0.42

USD 1,145,000 Berkshire Hathaway FRN 11/02/2013 1,147,895 0.35

USD 920,000 Case New Holland 144A 7.875% 01/12/2017

936,100 0.29

USD 90,000 Consolidated Edison Company of NewYork 4.45% 15/06/2020

95,058 0.03

USD 550,000 Crosstex Energy/Crosstex Energy Finance8.875% 15/02/2018

550,000 0.17


USD 400,000 Digital Realty Trust 144A 5.875% 01/02/2020

404,099 0.12




MarketValueUSD

%Net

Assets


USD 520,000 DirecTV Financing 5.875% 01/10/2019 568,537 0.17

USD 565,000 Discover Bank/Greenwood 7% 15/04/2020

574,447 0.18

USD 640,000 Discovery Communications 5.05% 01/06/2020

663,882 0.20

USD 60,000 Duke Energy Carolinas 4.3% 15/06/2020 63,180 0.02

USD 680,000 DuPont Fabros Technology 144A 8.5%15/12/2017

698,700 0.21

USD 1,690,000 FHLMC REMICS 3645 KH 5.5% 15/08/2036

1,827,100 0.56

USD 1,480,623 FHLMC REMICS 3661 PA 4.5% 15/10/2029

1,598,355 0.49

USD 631,000 FHLMC REMICS 3661 PB 4.5% 15/12/2032

684,324 0.21

USD 396,000 FNMA REMICS 2007-14 GB 5.5% 25/04/2027

429,938 0.13

USD 236,849 FNMA REMICS 2008-2 PC 5% 25/07/2037

253,897 0.08


USD 600,000 Freedom 144A 10.25% 01/08/2015 623,250 0.19

USD 319,319 GE Capital Commercial Mortgage 2002-2A A2 4.97% 11/08/2036

329,470 0.10

USD 710,000 Geokinetics 144A 9.75% 15/12/2014 621,250 0.19

USD 790,000 GNMA 2004-58 VB 5.5% 16/04/2028 876,852 0.27

USD 107,251 GNMA 2009-106 PI 4.5% 20/11/2032 9,477 -

USD 753,151 GNMA 2009-109 DF FRN 20/07/2037 755,386 0.23

USD 851,406 GNMA 2009-120 V 5% 20/12/2020 952,357 0.29

USD 630,000 GNMA 2009-122 MB 4.5% 20/02/2034 691,813 0.21

USD 1,144,000 GNMA 2009-45 BA 5% 20/12/2033 1,244,615 0.38

USD 69,001 GNMA 2010-3 MF FRN 20/11/2038 69,066 0.02

USD 1,101,915 GNMA 2010-24 TF FRN 20/12/2038 1,105,020 0.34

USD 521,901 GNMA 2010-41 MI 4.5% 20/06/2033 50,483 0.02

USD 1,090,000 GNMA 2010-41 ML 4.5% 20/07/2034 1,186,300 0.36

USD 540,000 GNMA 2010-61 CB 4.5% 20/12/2034 587,399 0.18

USD 740,000 GNMA 2010-61 PB 4.5% 20/07/2034 803,921 0.24

USD 1 GNMA I Pool N° 782455 5.5% 15/11/2038

1 -

USD 700,000 HCA 7.25% 15/09/2020 703,500 0.21


646,625 0.20

USD 245,000 Icahn Enterprises/Icahn EnterprisesFinance 144A 8% 15/01/2018

239,488 0.07

USD 350,000 Jarden 7.5% 15/01/2020 344,265 0.10

USD 720,000 JP Morgan Chase Commercial MortgageSecurities 2010-C1 A1 3.853% 15/06/2043

737,290 0.22


USD 230,000 JPMorgan Chase Capital XXVII 7% 01/11/2039

233,344 0.07

USD 280,000 LBI Escrow 144A 8% 01/11/2017 289,100 0.09

USD 580,000 LB-UBS Commercial Mortgage Trust2001-C7 A5 6.133% 15/12/2030

606,219 0.18


348,930 0.11

USD 570,000 Linn Energy /Linn Energy Finance 144A8.625% 15/04/2020

581,644 0.18

USD 515,000 Media General 144A 11.75% 15/02/2017 527,875 0.16

USD 265,000 MetLife 6.4% 15/12/2036 236,539 0.07

USD 805,000 Midamerican Energy 5.75% 01/04/2018 893,679 0.27

USD 220,000 Morgan Stanley 6% 13/05/2014 231,957 0.07

USD 1,150,000 Morgan Stanley Capital I 2003-T11 A45.15% 13/06/2041

1,225,771 0.37

USD 265,000 Morgan Stanley MTN 6.625% 01/04/2018 277,916 0.08

USD 510,000 NBC Universal 144A 5.15% 30/04/2020 535,106 0.16







MarketValueUSD

%Net

Assets


USD 700,000 New Communications 144A 8.5% 15/04/2020

705,250 0.21

USD 130,000 Nisource Finance 6.125% 01/03/2022 139,818 0.04

USD 400,000 OBP Depositor 4.646% 15/07/2045 399,998 0.12

USD 355,000 Pacific Life 144A 6% 10/02/2020 376,867 0.11

USD 700,000 PAETEC 144A 8.875% 30/06/2017 701,750 0.21

USD 480,000 Parker Drilling 144A 9.125% 01/04/2018 458,400 0.14

USD 520,000 PNC Bank 6.875% 01/04/2018 587,586 0.18

USD 260,000 Prudential Financial MTN 4.75% 17/09/2015

270,810 0.08

USD 700,000 QVC 144A 7.375% 15/10/2020 687,750 0.21

USD 700,000 Qwest Communications International144A 7.125% 01/04/2018

696,500 0.21

USD 55,000 Republic Services 144A 5.25% 15/11/2021

58,083 0.02

USD 4,299 Salomon Brothers Mortgage Securities VII2001-CPB1 A FRN 25/12/2030

4,279 -

USD 400,000 Severstal Columbus 144A 10.25% 15/02/2018

413,000 0.13

USD 420,000 Stallion Oilfield 144A 10.5% 15/02/2015 397,950 0.12

USD 565,000 Steel Dynamics 144A 7.625% 15/03/2020 569,238 0.17

USD 800,000 US Bank 4.95% 30/10/2014 872,878 0.27

USD 1,285,000 US Treasury 0.75% 31/05/2012 1,289,016 0.39

USD 315,000 US Treasury 1.125% 15/06/2013 316,304 0.10

USD 3,340,000 US Treasury 1.875% 30/06/2015 3,354,352 1.02

USD 205,000 US Treasury 3.5% 15/05/2020 214,289 0.07

USD 4,140,000 US Treasury 4.375% 15/11/2039 4,451,794 1.35

USD 850,000 US Treasury 4.625% 15/02/2040 952,000 0.29


USD 13,265,000 US Treasury Inflation Indexed Bonds 2%15/01/2016

15,741,868 4.79

USD 1,130,000 US Treasury Inflation Indexed Bonds 2.5%15/01/2029

1,301,520 0.40


503,625 0.15

USD 100,000 Waste Management 4.75% 30/06/2020 102,708 0.03





MarketValueUSD

%Net

Assets


USD 33,736 FHLMC (Gold) Pool N° C00690 6% 01/12/2028

37,294 0.01

USD 3,432,943 FHLMC (Gold) Pool N° C01598 5% 01/08/2033

3,653,939 1.11

USD 40,056 FHLMC (Gold) Pool N° G01433 6.5% 01/07/2032

43,911 0.01

USD 2,067,094 FHLMC (Gold) Pool N° G03072 5% 01/11/2036

2,194,995 0.67

USD 4,000,000 FHLMC TBA 5% 15/07/2040 4,235,625 1.29

USD 7,020,000 FHLMC TBA 5.50% 15/08/2039 7,524,563 2.29

USD 4,460,000 FHLMC TBA 6% 15/07/2039 4,847,463 1.47

USD 1,960,000 FHLMC TBA 6% 15/08/2039 2,124,150 0.65

USD 310,013 FNMA Pool N° 254477 5.5% 01/10/2032 332,876 0.10

USD 2,179,475 FNMA Pool N° 256233 6% 01/05/2036 2,355,877 0.72

USD 69,073 FNMA Pool N° 486203 6% 01/02/2029 74,664 0.02

USD 68,893 FNMA Pool N° 535126 6% 01/12/2028 76,439 0.02

USD 33,333 FNMA Pool N° 545259 7.5% 01/12/2029 36,771 0.01

USD 1,280,129 FNMA Pool N° 555592 5.5% 01/07/2033 1,382,339 0.42

USD 2,373,964 FNMA Pool N° 735581 5% 01/06/2035 2,525,675 0.77



MarketValueUSD

%Net

Assets


USD 1,143,893 FNMA Pool N° 735894 5.5% 01/09/2035 1,228,255 0.37

USD 448,848 FNMA Pool N° 735897 5.5% 01/10/2035 483,563 0.15

USD 264,521 FNMA Pool N° 824601 5.5% 01/12/2034 284,029 0.09

USD 3,741,445 FNMA Pool N° 889839 5.5% 01/12/2035 4,017,376 1.22

USD 5,962,210 FNMA Pool N° 990906 5.5% 01/10/2035 6,401,923 1.95

USD 1,845,675 FNMA Pool N° 995050 6% 01/09/2037 1,995,059 0.61

USD 7,810,000 FNMA TBA 5% 25/07/2039 8,271,278 2.52




Net Asset Value 328,670,514 100.00







MarketValueEUR

%Net

Assets

Australia 21,119,399 4.48

AUD 28,430,000 Australia Government Bond 3% 20/09/2025

21,119,399 4.48

France 2,633,991 0.56


2,633,991 0.56

Germany 46,205,031 9.80

EUR 40,040,000 Deutsche Bundesrepublik Inflation Linked1.5% 15/04/2016

46,205,031 9.80

Italy 66,087,384 14.02


43,313,782 9.19


7,006,023 1.48


8,425,147 1.79


7,342,432 1.56

Sweden 16,843,852 3.57

SEK 118,670,000 Swedish Government 3.5% 01/12/2015 16,843,852 3.57


GBP 2,740,000 UK Treasury 1.25% 22/11/2027 4,087,674 0.87

GBP 3,125,000 UK Treasury 1.25% 22/11/2055 5,551,148 1.18

GBP 5,960,000 UK Treasury 2% 26/01/2035 11,602,557 2.46

GBP 12,745,000 UK Treasury 2.5% 17/07/2024 42,540,784 9.02

GBP 3,655,000 UK Treasury 4.125% 22/07/2030 11,622,184 2.46


USD 11,055,000 US Treasury Inflation Indexed Bonds3.375% 15/04/2032

14,503,200 3.08


36,859,921 7.82

Total Transferable Securities and 279,657,125 59.32


to an Official Exchange Listing



MarketValueEUR

%Net

Assets

Canada 19,580,294 4.15

CAD 4,430,000 Canadian Government 4% 01/12/2031 6,453,588 1.37

CAD 9,220,000 Canadian Government 4.25% 01/12/2021 13,126,706 2.78

Japan 46,573,167 9.88

JPY 2,117,000,-000

Japan Government 0.5% 10/06/2015 18,674,039 3.96

JPY 3,120,500,-000

Japan Government 1.1% 10/09/2016 27,899,128 5.92



35,805,011 7.59


69,614,247 14.77


24,415,712 5.18


6,700,733 1.42


16,727,146 3.55

Total Transferable Securities and 219,416,310 46.54


Schroder ISF Global Inflation LinkedBond (cont)Number of sharesor PrincipalAmount


MarketValueEUR

%Net

Assets

Total Transferable Securities and (cont)

on another Regulated Market



Net Asset Value 471,431,350 100.00




Schroder ISF Hong Kong Dollar Bond



MarketValueHKD

%Net

Assets

Hong Kong SAR 141,108,895 49.26

HKD 15,000,000 BP Capital Markets EMTN 3.66% 16/06/2016

15,848,447 5.53

HKD 11,000,000 Hong Kong Government 0.92% 05/09/2011

11,074,866 3.87


12,212,760 4.26


11,122,408 3.88


13,376,701 4.67


23,877,519 8.33

HKD 20,000,000 Kowloon Canton Railway MTN 4.65% 10/06/2013

21,875,960 7.64

HKD 20,000,000 Swire Pacific Financing EMTN 4.93% 28/03/2013

21,448,760 7.49

HKD 10,000,000 Westpac Banking EMTN 4.08% 10/12/2019

10,271,474 3.59






MarketValueHKD

%Net

Assets

Hong Kong SAR 126,454,012 44.14

HKD 10,000,000 Airport Authority Hong Kong 2% 18/06/2012

10,198,530 3.56

HKD 10,000,000 CK Bond Finance 5.1% 07/04/2016 11,273,139 3.93

HKD 5,000,000 CLP Power Hong Kong Financing 3.93%20/09/2021

5,294,178 1.85

HKD 10,000,000 CLP Power Hong Kong Financing EMTN4.75% 18/01/2016

11,088,050 3.87

HKD 10,000,000 CLP Power Hong Kong Financing MTN5% 30/09/2013

10,990,590 3.84

HKD 10,000,000 Hongkong Land Notes 3.95% 08/06/2020 10,214,061 3.56

HKD 10,000,000 Hong Kong Mortgage 4.85% 09/07/2018 11,504,710 4.02

HKD 25,000,000 Hong Kong Mortgage MTN 5.2% 16/07/2018

29,353,725 10.25

HKD 10,000,000 Sun Hung Kai Properties 3.3% 28/04/2017

10,321,256 3.60

HKD 10,000,000 Sun Hung Kai Properties EMTN 4.9% 02/11/2015

11,114,190 3.88

HKD 5,000,000 Urban Renewal Authority MTN 2.08% 27/07/2012

5,101,583 1.78






Net Asset Value 286,465,187 100.00




MarketValueUSD

%Net

Assets

Canada 1,230,572 0.24

USD 110,000 Nexen 6.2% 30/07/2019 121,917 0.02

USD 270,000 Nexen 7.5% 30/07/2039 315,472 0.06






502,121 0.10



Japan 1,313,286 0.25

USD 1,245,000 Nomura 6.7% 04/03/20 1,313,286 0.25


USD 335,000 Teekay 8.5% 15/01/2020 335,913 0.06


USD 310,000 ArcelorMittal 7% 15/10/2039 321,830 0.06


USD 3,365,000 Credit Suisse/New York 6% 15/02/2018 3,507,104 0.66

United Kingdom 717,447 0.13

USD 715,000 Standard Chartered 144A 3.85% 27/04/2015

717,447 0.13


USD 870,000 ACCO Brands 10.625% 15/03/2015 943,950 0.18

USD 1,090,000 Advance Auto Parts 5.75% 01/05/2020 1,114,950 0.21




165,508 0.03

USD 610,000 Atmos Energy 8.5% 15/03/2019 761,839 0.14

USD 890,000 AutoNation 6.75% 15/04/2018 883,809 0.17

USD 2,405,000 Bunge Finance 5.35% 15/04/2014 2,539,981 0.48

USD 1,670,000 CNA Financial 7.35% 15/11/2019 1,775,297 0.33

USD 555,000 CSX 6.15% 01/05/2037 599,558 0.11

USD 1,230,000 CVS Caremark 5.75% 01/06/2017 1,368,682 0.26

USD 475,000 Dow Chemical 8.55% 15/05/2019 580,462 0.11

USD 910,000 Edison Mission Energy 7% 15/05/2017 601,355 0.11

USD 970,000 El Paso Pipeline Partners Operating 6.5%01/04/2020

998,132 0.19

USD 455,000 Enbridge Energy Partners 5.2% 15/03/2020

472,967 0.09

USD 505,000 Energy Transfer Partners 7.5% 01/07/2038

513,037 0.10

USD 1,025,000 Energy Transfer Partners 9% 15/04/2019 1,224,733 0.23

USD 590,000 EQT 8.125% 01/06/2019 702,017 0.13

USD 725,000 Frontier Communications 8.125% 01/10/2018

724,145 0.14

USD 2,850,000 Goldman Sachs 5.375% 15/03/2020 2,817,122 0.53

USD 1,245,000 Hartford Financial Services 5.5% 30/03/2020

1,238,319 0.23


429,143 0.08

USD 375,000 International Paper 7.3% 15/11/2039 412,996 0.08

USD 1,440,000 JC Penney 5.65% 01/06/2020 1,419,971 0.27

USD 1,380,000 Kraft Foods 6.875% 01/02/2038 1,593,312 0.30


USD 735,000 Macy's Retail 6.7% 15/07/2034 684,489 0.13


193,555 0.04

USD 255,000 Marathon Oil 7.5% 15/02/2019 305,425 0.06




Schroder ISF US Dollar Bond (cont)



MarketValueUSD

%Net

Assets


USD 280,000 McKesson 7.5% 15/02/2019 346,718 0.07

USD 850,000 Nabors Industries 6.15% 15/02/2018 904,567 0.17

USD 1,100,000 Nevada Power 5.875% 15/01/2015 1,225,741 0.23


438,003 0.08

USD 1,935,000 Nordstrom 4.75% 01/05/2020 2,003,245 0.38

USD 360,000 Nordstrom 6.75% 01/06/2014 417,556 0.08


USD 170,000 Plains All American Pipeline/PAA Finance8.75% 01/05/2019

204,684 0.04

USD 930,000 Plains Exploration & Production 7.625%01/04/2020

901,973 0.17

USD 795,000 ProLogis 6.875% 15/03/2020 754,425 0.14

USD 1,230,000 ProLogis 7.375% 30/10/2019 1,205,875 0.23

USD 710,000 Qwest 7.625% 15/06/2015 758,587 0.14

USD 1,845,000 Reynolds American 7.625% 01/06/2016 2,082,590 0.39

USD 815,000 Rowan 7.875% 01/08/2019 893,434 0.17






826,997 0.15

USD 3,000,000 Wachovia Bank FRN 03/11/2014 2,863,767 0.54

USD 805,000 Watson Pharmaceuticals 6.125% 15/08/2019

906,730 0.17

USD 270,000 Yum! Brands 6.875% 15/11/2037 314,297 0.06






MarketValueUSD

%Net

Assets

Canada 482,565 0.09


France 6,581,575 1.25

USD 3,160,000 BNP Paribas 3.25% 11/03/2015 3,135,526 0.59

USD 1,600,000 Compagnie de Financement Foncier 144A2.125% 22/04/2013

1,601,299 0.30

USD 1,830,000 Dexia Credit Local 144A 2.75% 29/04/2014

1,844,750 0.36


USD 925,000 Expro Finance Luxembourg 144A 8.5%15/12/2016

888,000 0.17


320,306 0.06

Mexico 3,663,743 0.69

USD 595,000 America Movil 144A 5% 16/10/2019 614,990 0.12

USD 2,275,000 Grupo Bimbo 144A 4.875% 30/062020 2,284,353 0.43

USD 735,000 Kansas City Southern de Mexico 144A8% 01/02/2018

764,400 0.14


USD 290,000 Rabobank Nederland 144A variableperpetual

360,144 0.07

South Korea 1,206,700 0.23

USD 1,210,000 Shinhan Bank 144A 4.375% 15/09/2015 1,206,700 0.23




MarketValueUSD

%Net

Assets

Sweden 1,974,421 0.37

USD 1,870,000 Svenska Handelsbanken 144A 4.875%10/06/2014

1,974,421 0.37




333,125 0.06

USD 1,695,000 HSBC Bank 144A 3.5% 28/06/2015 1,719,155 0.33

USD 7,075,000 Royal Bank of Scotland 144A 2.625% 11/05/2012

7,221,672 1.36

USD 2,230,000 Royal Bank of Scotland 4.875% 16/03/2015

2,216,580 0.42

USD 835,000 WPP Finance 8% 15/09/2014 975,088 0.18


USD 945,000 Abbott Laboratories 4.125% 27/05/2020 984,931 0.19


1,469,700 0.29


2,276,993 0.43

USD 2,588,717 Banc of America Commercial Mortgage2002-PB2 A4 6.186% 11/06/2035

2,717,648 0.51

USD 950,000 Bank of America 6% 01/09/2017 997,582 0.19


USD 2,380,000 Bear Stearns Commercial MortgageSecurities 2002-TOP6 A2 6.46% 15/10/2036

2,511,269 0.47

USD 5,726,000 Bear Stearns Commercial MortgageSecurities 2005-T20 A4A variable 12/10/2042

6,108,300 1.15

USD 3,350,000 Berkshire Hathaway FRN 11/02/2013 3,358,469 0.63



138,712 0.03

USD 750,000 Case New Holland 144A 7.875% 01/12/2017

763,125 0.14


USD 900,000 Cequel Communications I and CequelCapital 144A 8.625% 15/11/2017

899,212 0.17

USD 575,000 Cloud Peak Energy Resources/CloudPeak Energy Finance 144A 8.25% 15/12/2017

572,125 0.11

USD 325,000 Consolidated Edison Company of NewYork 4.45% 15/06/2020

343,266 0.06

USD 675,000 Crosstex Energy/Crosstex Energy Finance8.875% 15/02/2018

675,000 0.13


USD 1,220,000 Digital Realty Trust 144A 5.875% 01/02/2020

1,232,503 0.23

USD 1,640,000 DirecTV/DirecTV Financing 5.875% 01/10/2019

1,793,079 0.34

USD 1,485,000 Discover Bank/Greenwood 7% 15/04/2020

1,509,831 0.28

USD 2,250,000 Discovery Communications 5.05% 01/06/2020

2,333,959 0.44


USD 900,000 DuPont Fabros Technology 144A 8.5%15/12/2017

924,750 0.17

USD 8,640,000 FHLMC REMICS 3645 KH 5.5% 15/08/2036

9,340,916 1.76

USD 4,642,112 FHLMC REMICS 3661 PA 4.5% 15/10/2029

5,011,233 0.94

USD 3,083,000 FHLMC REMICS 3661 PB 4.5% 15/12/2032

3,343,537 0.63

USD 1,722,000 FNMA REMICS 2007-14 GB 5.5% 25/04/2027

1,869,579 0.35

USD 804,167 FNMA REMICS 2008-2 PC 5% 25/07/2037

862,049 0.16







MarketValueUSD

%Net

Assets


USD 1,016,716 FNMA REMICS G93-39 ZQ 6.5% 25/12/2023

1,132,367 0.21


USD 884,168 GE Capital Commercial Mortgage 2002-2A A2 4.97% 11/08/2036

912,275 0.17

USD 5,956,967 GNMA 2004-58 VB 5.5% 16/04/2028 6,611,871 1.25

USD 4,165,798 GNMA 2009-45 BA 5% 20/12/2033 4,532,180 0.85

USD 4,370,000 GNMA 2009-106 PB 4.5% 20/01/2034 4,816,671 0.91

USD 504,934 GNMA 2009-106 PI 4.5% 20/11/2032 44,619 0.01

USD 2,394,632 GNMA 2009-109 DF FRN 20/07/2037 2,401,739 0.45

USD 3,922,241 GNMA 2009-120 V 5% 20/12/2020 4,387,302 0.83

USD 2,848,000 GNMA 2009-122 MB 4.5% 20/02/2034 3,127,434 0.59

USD 3,765,492 GNMA 2010-3 MF FRN 20/11/2038 3,769,035 0.71

USD 3,319,543 GNMA 2010-24 TF FRN 20/12/2038 3,328,897 0.63

USD 2,605,556 GNMA 2010-41 MI 4.5% 20/06/2033 252,031 0.05

USD 3,700,000 GNMA 2010-41 ML 4.5% 20/07/2034 4,026,891 0.76

USD 3,340,000 GNMA 2010-61 CB 4.5% 20/12/2034 3,633,169 0.68

USD 4,150,000 GNMA 2010-61 PB 4.5% 20/07/2034 4,508,474 0.85

USD 57,629 GNMA I Pool N° 351158 7% 15/08/2023 63,212 0.01

USD 67,937 GNMA I Pool N° 352079 7% 15/09/2023 74,518 0.01

USD 2 GNMA I Pool N° 782455 5.5% 15/11/2038

2 -

USD 1,300,000 GXS Worldwide 144A 9.75% 15/06/2015 1,241,500 0.23


762,094 0.14

USD 650,000 Intelsat 9.25% 15/06/2016 681,943 0.13

USD 450,000 Jarden 7.5% 15/01/2020 442,626 0.08

USD 4,370,000 JP Morgan Chase Commercial MortgageSecurities 2010-C1 A1 3.853% 15/06/2043

4,474,938 0.84


USD 640,000 JPMorgan Chase Capital XXVII 7% 01/11/2039

649,306 0.12

USD 375,000 LBI Escrow 144A 8% 01/11/2017 387,187 0.07

USD 2,010,000 LB-UBS Commercial Mortgage Trust2001-C7 A5 6.133% 15/12/2030

2,100,864 0.40


972,775 0.18

USD 785,000 MetLife 6.4% 15/12/2036 700,691 0.13

USD 565,000 Morgan Stanley 6% 13/05/2014 595,708 0.11

USD 3,110,000 Morgan Stanley Capital I 2003-T11 A45.15% 13/06/2041

3,314,911 0.62


USD 1,395,000 NBC Universal 144A 5.15% 30/04/2020 1,463,672 0.28

USD 245,000 New Communications 144A 8.5% 15/04/2020

246,837 0.05

USD 850,000 New York City Municipal Water FinanceAuthority 5.724% 15/06/2042

877,175 0.17


USD 1,478,000 OBP Depositor 4.646% 15/07/2045 1,477,991 0.28

USD 1,325,000 Pacific Life 144A 6% 10/02/2020 1,406,616 0.27

USD 1,410,000 PAETEC 144A 8.875% 30/06/2017 1,413,525 0.27


USD 1,515,000 PNC Bank 6.875% 01/04/2018 1,711,911 0.32

USD 740,000 Prudential Financial MTN 4.75% 17/09/2015

770,768 0.15

USD 900,000 QVC 144A 7.375% 15/10/2020 884,250 0.17

USD 530,000 QVC 144A 7.5% 01/10/2019 526,025 0.10


298,500 0.06

USD 895,000 Republic Services 144A 5.25% 15/11/2021

945,163 0.18




MarketValueUSD

%Net

Assets


USD 15,499 Salomon Brothers Mortgage Securities VII2001-CPB1 A FRN 25/12/2030

15,425 -


457,875 0.09

USD 785,000 Steel Dynamics 144A 7.625% 15/03/2020 790,887 0.15

USD 1,330,000 US Bank 4.95% 30/10/2014 1,451,160 0.27

USD 42,825,000 US Treasury 0.75% 31/05/2012 42,958,828 8.10

USD 9,330,000 US Treasury 1% 30/04/2012 9,401,433 1.77

USD 6,520,000 US Treasury 1.875% 30/06/2015 6,548,016 1.23

USD 185,000 US Treasury 3.5% 15/05/2020 193,383 0.04

USD 10,280,000 US Treasury 4.375% 15/11/2039 11,054,212 2.08

USD 2,075,000 US Treasury 4.625% 15/02/2040 2,324,000 0.44

USD 3,550,000 US Treasury Inflation Indexed Bonds 2.5%15/01/2029

4,088,846 0.77


675,450 0.13


USD 920,000 Whirlpool 8% 01/05/2012 1,004,145 0.19

USD 925,000 Windstream 7.875% 01/11/2017 904,276 0.17

USD 780,000 WMG Acquisition 9.5% 15/06/2016 834,600 0.16

USD 825,000 Yonkers Racing 144A 11.375% 15/07/2016

899,250 0.17





Money Market Instrumentsother than those dealtin on a Regulated Market *

MarketValueUSD

%Net

Assets


USD 22,600,000 FNMA 0% 12/07/2010 22,598,493 4.25

Total Money Market Instruments

other than those dealt

in on a Regulated Market * 22,598,493 4.25


MarketValueUSD

%Net

Assets


USD 10,243,497 FHLMC (Gold) Pool N° C01598 5% 01/08/2033

10,902,921 2.06

USD 2,120,096 FHLMC (Gold) Pool N° G03072 5% 01/11/2036

2,251,277 0.42

USD 560,000 FHLMC TBA 4.5% 15/07/2025 590,800 0.11

USD 18,880,000 FHLMC TBA 5% 15/07/2040 19,992,149 3.77

USD 35,000,000 FHLMC TBA 5.5% 15/07/2039 37,625,000 7.09

USD 49,920,000 FHLMC TBA 5.5% 15/08/2039 53,508,000 10.09

USD 18,650,000 FHLMC TBA 6% 15/07/2039 20,270,219 3.82

USD 12,880,000 FHLMC TBA 6% 15/08/2039 13,958,700 2.63

USD 1,190,593 FNMA Pool N° 254477 5.5% 01/10/2032 1,278,399 0.24

USD 6,302,687 FNMA Pool N° 256233 6% 01/05/2036 6,812,811 1.28

USD 324,662 FNMA Pool N° 535126 6% 01/12/2028 360,222 0.07

USD 94,499 FNMA Pool N° 545259 7.5% 01/12/2029 104,243 0.02

USD 7,997,733 FNMA Pool N° 555592 5.5% 01/07/2033 8,636,301 1.63

USD 10,682,837 FNMA Pool N° 735581 5% 01/06/2035 11,365,536 2.14

USD 1,171,138 FNMA Pool N° 735897 5.5% 01/10/2035 1,261,718 0.24

USD 626,282 FNMA Pool N° 824601 5.5% 01/12/2034 672,470 0.13

USD 724,455 FNMA Pool N° 889839 5.5% 01/12/2035 777,884 0.15

USD 14,460,563 FNMA Pool N° 990906 5.5% 01/10/2035 15,527,029 2.93




* Money Market Instruments that fall under Article 41.1 h of the law dated 20 December 2002.



MarketValueUSD

%Net

Assets


USD 1,132,471 FNMA Pool N° 993722 5.5% 01/07/2038 1,215,990 0.23

USD 5,350,260 FNMA Pool N° 995050 6% 01/09/2037 5,783,296 1.09

USD 19,700,000 FNMA TBA 5% 25/07/2039 20,863,531 3.93




Net Asset Value 530,443,560 100.00




MarketValueUSD

%Net

Assets

Hong Kong 13,037,157 18.10


1,960,944 2.72


1,189,569 1.65


3,200,472 4.44

HKD 35,000,000 Hong Kong Government Programme2.07% 03/11/2014

4,649,897 6.46

HKD 15,000,000 Hong Kong Government Programme2.93% 13/01/2020

2,036,275 2.83

Indonesia 7,286,860 10.11

IDR 15,000,000-,000


IDR 20,000,000-,000


IDR 25,000,000-,000


South Korea 13,360,745 18.55

KR-W

4,800,000,-000


KR-W

1,000,000,-000

Korea Treasury Bond 5% 10/06/2020 824,392 1.15

KR-W

3,000,000,-000


KR-W

2,000,000,-000


KR-W

3,000,000,-000


KR-W

2,000,000,-000


Taiwan 6,559,531 9.10

TWD 50,000,000 Taiwan Government 2% 20/07/2013 1,620,034 2.25

TWD 100,000,000 Taiwan Government 2.125% 24/09/2018 3,312,753 4.60

TWD 50,000,000 Taiwan Government 2.125% 13/08/2029 1,626,744 2.25

Thailand 6,651,204 9.23









MarketValueUSD

%Net

Assets

Malaysia 4,425,337 6.14




PHP 110,000,000 Philippine Government 8.75% 03/03/2013 2,563,526 3.56

PHP 20,000,000 Philippine Government 9.125% 04/09/2016

477,392 0.66

Singapore 12,584,393 17.47


1,511,696 2.10


3,023,942 4.20


4,046,276 5.62

SGD 1,000,000 Singapore Government 3.5% 01/03/2027 771,080 1.07




Schroder ISF Asian Local CurrencyBond (cont)Number of sharesor PrincipalAmount


MarketValueUSD

%Net

Assets

Singapore (cont)


1,989,003 2.76

SGD 1,500,000 Singapore Government 4% 01/09/2018 1,242,396 1.72






Net Asset Value 72,046,651 100.00




MarketValueEUR

%Net

Assets

Australia 16,830,807 0.31

EUR 15,100,000 Westpac Banking EMTN 6.5% 24/06/2013

16,830,807 0.31

Austria 9,942,762 0.18

EUR 9,185,000 PE Paper Escrow RegS 11.75% 01/08/2014

9,942,762 0.18

Belgium 32,280,790 0.60


11,283,165 0.21

EUR 17,475,000 Barry Callebaut Services 6% 13/07/2017 17,387,625 0.32

EUR 4,000,000 KBC Bank 8% perpetual 3,610,000 0.07

Canada 21,292,038 0.39

EUR 20,500,000 Xstrata Finance Canada EMTN 5.25% 13/06/2017

21,292,038 0.39


EUR 7,000,000 ERC Ireland Finance RegS FRN 15/08/2016

2,450,000 0.05

EUR 4,550,000 UPCB Finance RegS 7.625% 15/01/2020 4,498,812 0.08

Denmark 58,025,937 1.07

EUR 1,750,000 Danske Bank EMTN 4.75% 29/06/2012 1,843,430 0.03

EUR 2,750,000 Danske Bank EMTN variable 16/03/2018 2,584,286 0.05

EUR 12,000,000 Danske Bank EMTN variable 18/08/2014 12,162,000 0.23

EUR 2,750,000 Danske Bank EMTN variable perpetual 2,227,496 0.04

EUR 4,090,000 DONG Energy EMTN 4.875% 07/05/2014 4,461,020 0.08


EUR 5,500,000 ISS RegS 8.875% 15/05/2016 5,335,000 0.10

Finland 24,273,000 0.45

EUR 20,000,000 Nokia EMTN 6.75% 04/02/2019 24,273,000 0.45

France 936,134,718 17.29

EUR 25,000,000 Accor 6.5% 06/05/2013 26,822,700 0.49

EUR 15,000,000 Accor 7.5% 04/02/2014 16,743,862 0.31

EUR 4,800,000 Autoroutes du Sud de la France EMTN7.375% 20/03/2019

6,113,009 0.11

EUR 8,000,000 Autoroutes du Sud de la France EMTN7.375% 20/03/2019

10,188,348 0.19

EUR 17,250,000 AXA EMTN variable 16/04/2040 16,086,729 0.30

EUR 15,000,000 Banque PSA Finance EMTN 3.625% 17/09/2013

14,887,807 0.27


14,731,755 0.27


26,055,991 0.48

EUR 37,850,000 BNP Paribas EMTN 3.25% 27/03/2012 38,841,140 0.72

EUR 2,750,000 BNP Paribas EMTN 5.25% 17/12/2012 2,938,023 0.05

EUR 20,000,000 BNP Paribas EMTN variable perpetual 19,500,130 0.36

EUR 20,000,000 BNP Paribas variable perpetual 15,583,330 0.29

EUR 15,500,000 BPCE variable perpetual 14,376,250 0.26


4,256,852 0.08


37,706,838 0.70


12,374,904 0.23

EUR 5,000,000 Cie de Saint-Gobain 4.875% 31/05/2016 5,265,755 0.10

EUR 1,000,000 Cie de Saint-Gobain EMTN 4.75% 11/04/2017

1,038,869 0.02

EUR 5,000,000 Cie de Saint-Gobain EMTN 6% 20/05/2013

5,435,530 0.10


5,662,515 0.10


5,919,260 0.11




Schroder ISF EURO Corporate Bond (cont)



MarketValueEUR

%Net

Assets

France (cont)

EUR 17,000,000 Cie Financiere et Industrielle desAutoroutes 5% 24/05/2021

18,802,824 0.35

EUR 20,000,000 Compagnie Generale des EtablissementsMichelin variable 03/12/2033

20,452,600 0.38

EUR 17,850,000 Credit Agricole EMTN 5.971% 01/02/2018

19,867,818 0.37

EUR 15,050,000 Credit Agricole variable perpetual 14,421,143 0.27

EUR 24,650,000 Crédit Agricole variable perpetual 16,766,437 0.31

EUR 7,500,000 Credit Agricole/London EMTN 6% 24/06/2013

8,291,644 0.15

EUR 27,500,000 EDF EMTN 4.625% 26/04/2030 27,852,316 0.51

EUR 17,900,000 EDF EMTN 6.25% 25/01/2021 21,765,335 0.40

EUR 11,050,000 France Telecom EMTN 5.625% 22/05/2018

12,823,608 0.24

EUR 8,000,000 GIE PSA Tresorerie 6% 19/09/2033 7,078,000 0.13

EUR 18,350,000 Havas 5.5% 04/11/2014 19,281,134 0.36

EUR 20,000,000 Klepierre EMTN 4% 13/04/2017 19,945,180 0.37

EUR 6,000,000 Lafarge 5% 13/04/2018 5,983,050 0.11

EUR 8,500,000 Lafarge EMTN 5.375% 26/06/2017 8,291,019 0.15

EUR 10,000,000 Lafarge EMTN 5.5% 16/12/2019 9,853,905 0.18

EUR 8,300,000 Lafarge EMTN 6.125% 28/05/2015 8,643,732 0.16

EUR 21,000,000 Nexans EMTN 5.75% 02/05/2017 19,687,500 0.36

EUR 8,540,000 Novasep RegS 9.625% 15/12/2016 7,686,854 0.14

EUR 4,000,000 Pernod-Ricard 4.625% 06/12/2013 4,139,480 0.08


EUR 10,000,000 Peugeot EMTN 8.375% 15/07/2014 11,182,040 0.21

EUR 32,701,000 PPR EMTN 8.625% 03/04/2014 38,981,374 0.72

EUR 17,150,000 Rallye 5.875% 24/03/2014 17,948,024 0.33

EUR 21,200,000 RCI Banque EMTN 3.375% 23/01/2013 20,983,590 0.39


EUR 14,850,000 Remy Cointreau 5.18% 15/12/2016 14,675,809 0.27

EUR 20,000,000 Renault EMTN 4.375% 24/05/2013 20,194,000 0.37

EUR 22,350,000 Rexel 8.25% 15/12/2016 22,908,750 0.42

EUR 7,650,000 Rhodia 7% 15/05/2018 7,564,243 0.14

EUR 22,400,000 Rhodia RegS FRN 15/10/2013 21,091,840 0.39

EUR 5,000,000 Société Générale EMTN 4.2% 05/03/2012 5,195,125 0.10

EUR 7,200,000 Société Générale EMTN 5.25% 28/03/2013

7,742,077 0.14

EUR 1,250,000 Société Générale EMTN 5.625% 13/02/2012

1,315,098 0.02




EUR 20,000,000 Valeo EMTN 3.75% 24/06/2013 19,777,600 0.37


26,748,298 0.49


10,927,737 0.20

EUR 12,750,000 Vivendi 3.875% 15/02/2012 13,120,171 0.24

EUR 3,600,000 Vivendi 4% 31/03/2017 3,653,618 0.07

EUR 8,800,000 Vivendi EMTN 7.75% 23/01/2014 10,220,144 0.19

EUR 4,670,000 WPP Finance 5.25% 30/01/2015 5,024,388 0.09

Germany 408,136,605 7.54


EUR 43,000,000 Bayer variable 29/07/2105 41,369,848 0.76

EUR 20,738,000 Cognis RegS FRN 15/09/2013 20,568,177 0.38

EUR 10,000,000 Commerzbank EMTN variable 13/09/2016 9,201,000 0.17

EUR 34,000,000 Daimler EMTN 4.125% 19/01/2017 35,480,275 0.65

EUR 3,800,000 Daimler EMTN 4.625% 02/09/2014 4,084,498 0.08

EUR 14,023,000 Deutsche Lufthansa EMTN 6.5% 07/07/2016

14,925,871 0.28

EUR 8,000,000 Evonik Industries 7% 14/10/2014 8,792,000 0.16




MarketValueEUR

%Net

Assets

Germany (cont)


EUR 1,500,000 HeidelbergCement 8% 31/01/2017 1,492,500 0.03

EUR 80,000 HeidelbergCement 8.5% 31/10/2019 81,101 -

EUR 10,748,000 Hella KGaA Hueck & Co 7.25% 20/10/2014

11,111,282 0.21

EUR 37,387,000 Henkel KGaA variable 25/11/2104 37,092,895 0.69

EUR 33,700,000 Landesbank Berlin EMTN 5.875% 25/11/2019

34,417,675 0.64

EUR 5,000,000 Merck Financial Services EMTN 2.125%26/03/2012

5,041,947 0.09

EUR 400,000 Merck Financial Services EMTN 3.375%24/03/2015

411,725 0.01

EUR 9,750,000 Merck Financial Services EMTN 4.5% 24/03/2020

10,397,088 0.19

EUR 5,000,000 Merck Financial Services GmbH EMTN4.875% 27/09/2013

5,450,212 0.10

EUR 7,600,000 Metro EMTN 3.625% 24/06/2011 7,699,332 0.14

EUR 25,500,000 Metro EMTN 7.625% 05/03/2015 30,280,587 0.56


37,031,610 0.68

EUR 25,000,000 Muenchener Rueckversicherungs variableperpetual

21,750,025 0.40

EUR 20,000,000 TUI RegS 5.125% 10/12/2012 18,400,000 0.34

EUR 9,000,000 Unitymedia Hessen/Unitymedia NRWRegS 8.125% 01/12/2017

8,957,790 0.17

EUR 4,600,000 Unitymedia RegS 9.625% 01/12/2019 4,680,615 0.09

EUR 16,300,000 Volkswagen Bank GmbH EMTN 2.375%28/06/2013

16,349,096 0.30

Hungary 12,154,875 0.22

EUR 3,850,000 MOL Hungarian Oil and Gas 3.875% 05/10/2015

3,445,750 0.06

EUR 9,650,000 MOL Hungarian Oil and Gas EMTN5.875% 20/04/2017

8,709,125 0.16

Ireland 151,101,280 2.79

EUR 15,040,000 Ardagh Glass Finance RegS 9.25% 01/07/2016

16,168,000 0.30


9,377,905 0.17

EUR 5,000,000 GE Capital European Funding EMTN4.25% 06/02/2014

5,237,098 0.10


26,253,488 0.49


26,619,025 0.49


31,820,100 0.59


4,264,678 0.08

EUR 10,500,000 Ono Finance II RegS 8% 16/05/2014 7,770,000 0.14

EUR 8,300,000 Smurfit Kappa Acquisitions RegS 7.25%15/11/2017

8,217,000 0.15


12,524,000 0.23

EUR 2,850,000 Smurfit Kappa Funding 7.75% 01/04/2015

2,849,986 0.05

Italy 370,594,111 6.85

EUR 36,000,000 Banco Popolare EMTN 3.75% 07/08/2012

36,548,064 0.68


10,081,662 0.19


27,435,760 0.51

EUR 9,813,000 Enel EMTN 5.625% 21/06/2027 10,678,997 0.20

EUR 40,000,000 Intesa Sanpaolo EMTN 2.625% 04/12/2012

40,034,460 0.74







MarketValueEUR

%Net

Assets

Italy (cont)


10,052,405 0.19

EUR 2,400,000 Intesa Sanpaolo EMTN 5% 28/04/2011 2,459,093 0.05

EUR 15,000,000 Intesa Sanpaolo EMTN 5% 23/09/2019 15,406,222 0.28


5,369,345 0.10


11,400,956 0.21

EUR 15,000,000 Intesa Sanpaolo EMTN FRN 17/12/2012 14,691,885 0.27

EUR 10,000,000 Intesa Sanpaolo EMTN variable 26/06/2018

9,955,790 0.18

EUR 36,600,000 Intesa Sanpaolo EMTN variable 28/05/2018

37,692,784 0.70

EUR 10,000,000 Intesa Sanpaolo variable perpetual 8,960,535 0.16


EUR 17,150,000 Lottomatica 5.375% 05/12/2016 17,572,722 0.32

EUR 22,927,000 Lottomatica RegS variable 31/03/2066 21,666,015 0.40

EUR 33,700,000 Telecom Italia EMTN 5.25% 17/03/2055 26,286,219 0.49




EUR 5,200,000 UniCredit EMTN 4.125% 27/04/2012 5,327,564 0.10


EUR 2,750,000 Unicredit EMTN 4.875% 12/02/2013 2,876,995 0.05


Jersey 38,637,524 0.71

EUR 33,630,000 WPP EMTN 6.625% 12/05/2016 38,637,524 0.71

Luxembourg 202,894,330 3.75

EUR 23,060,000 Angel Lux Common RegS 8.25% 01/05/2016

23,982,400 0.45

EUR 2,000,000 Enel Finance International EMTN 4% 14/09/2016

2,077,700 0.04

EUR 21,600,000 Fiat Finance & Trade EMTN 7.625% 15/09/2014

22,580,640 0.42

EUR 2,000,000 Fiat Finance & Trade GMTN 9% 30/07/2012

2,129,660 0.04

EUR 33,966,000 Finmeccanica Finance 5.25% 21/01/2022 35,190,067 0.65

EUR 30,000,000 Gaz Capital EMTN 4.56% 09/12/2012 31,113,000 0.57

EUR 10,000,000 Merck Finanz 3.75% 07/12/2012 10,455,065 0.19

EUR 6,450,000 SES EMTN 4% 15/03/2011 6,532,089 0.12

EUR 31,250,000 SES EMTN 4.625% 09/03/2020 31,974,969 0.59

EUR 10,000,000 Telecom Italia Finance EMTN 6.875% 24/01/2013

10,857,340 0.20

EUR 19,865,000 Wind Acquisition Finance RegS 11% 01/12/2015

20,063,650 0.37

EUR 5,850,000 Wind Acquisition Finance RegS 11.75%15/07/2017

5,937,750 0.11

Mexico 16,142,209 0.30

EUR 9,650,000 America Movil 3.75% 28/06/2017 9,680,591 0.18

EUR 6,500,000 America Movil 4.75% 28/06/2022 6,461,618 0.12

Netherlands 877,970,572 16.22

EUR 12,000,000 Adecco International Financial Services4.5% 25/04/2013

12,400,572 0.23

EUR 19,700,000 Adecco International Financial ServicesEMTN 7.625% 28/04/2014

22,591,999 0.42

EUR 25,000,000 Allianz Finance II EMTN 4.75% 22/07/2019

26,722,475 0.49

EUR 2,750,000 Allianz Finance II EMTN 5% 06/03/2013 2,964,673 0.06



EUR 39,865,000 Allianz Finance II variable perpetual 34,516,512 0.64

EUR 44,000,000 ASML 5.75% 13/06/2017 45,504,580 0.84




MarketValueEUR

%Net

Assets

Netherlands (cont)

EUR 12,000,000 BMW Finance EMTN 8.875% 19/09/2013 14,350,644 0.27

EUR 8,000,000 Cemex Finance Europe 4.75% 05/03/2014

6,700,240 0.12

EUR 7,430,000 Clondalkin Acquisition RegS FRN 15/12/2013

6,594,125 0.12

EUR 38,000,000 Daimler International Finance EMTN6.125% 08/09/2015

43,490,867 0.80

EUR 27,750,000 Deutsche Telekom International Finance8.125% 29/05/2012

30,876,273 0.57


20,742,460 0.38


5,325,020 0.10


18,954,889 0.35

EUR 7,320,000 Deutsche Telekom International FinanceEMTN 6% 20/01/2017

8,399,385 0.16

EUR 37,750,000 ELM for Elsevier Finance 6.5% 02/04/2013

41,873,867 0.77


28,708,750 0.53

EUR 20,000,000 Fortis Bank Nederland EMTN 4% 03/02/2015

20,566,060 0.38

EUR 15,000,000 Fortis Bank Nederland FRN 03/02/2012 14,934,540 0.28

EUR 6,300,000 Fresenius Finance RegS 5.5% 31/01/2016 6,481,251 0.12

EUR 17,850,000 GMAC International Finance 7.5% 21/04/2015

16,912,875 0.31

EUR 12,100,000 HeidelbergCement Finance EMTN 5.625%04/01/2018

10,769,000 0.20

EUR 1,750,000 HeidelbergCement Finance RegS 6.75%15/12/2015

1,722,401 0.03

EUR 5,900,000 Impress RegS 9.25% 15/09/2014 6,104,878 0.11

EUR 20,000,000 Impress RegS FRN 15/09/2013 18,946,300 0.35

EUR 29,700,000 ING Bank 3.375% 03/03/2015 29,913,929 0.55

EUR 1,500,000 ING Bank EMTN 5.5% 04/01/2012 1,543,906 0.03




EUR 8,000,000 ING Groep EMTN variable perpetual 5,540,000 0.10

EUR 33,850,000 KBC InternationaleFinancieringsmaatschappij EMTN 4.5%17/09/2014

35,240,761 0.65

EUR 20,000,000 KBC InternationaleFinancieringsmaatschappij EMTN FRN 20/01/2012

19,870,540 0.37

EUR 5,000,000 Linde Finance EMTN 5.375% 12/09/2013 5,492,435 0.10

EUR 35,000,000 Linde Finance variable 14/07/2066 37,785,475 0.70

EUR 7,800,000 Linde Finance variable perpetual 8,081,697 0.15

EUR 1,889,000 Metro Finance EMTN 4.625% 26/05/2011 1,938,752 0.04

EUR 5,250,000 New World Resources RegS 7.875% 01/05/2018

5,092,500 0.09

EUR 39,600,000 Nomura Europe Finance EMTN 5.125%09/12/2014

41,838,786 0.77


20,917,940 0.39


5,330,783 0.10


26,234,513 0.48

EUR 20,000,000 Rabobank Nederland GMTN 4.125% 14/01/2020

20,752,370 0.38

EUR 22,700,000 Rabobank Nederland RegS 6.875% 19/03/2020

20,757,720 0.38

EUR 13,576,000 Suedzucker International Finance variableperpetual

12,327,325 0.23

EUR 3,400,000 UPC RegS 7.75% 15/01/2014 3,330,997 0.06







MarketValueEUR

%Net

Assets

Netherlands (cont)

EUR 1,850,000 UPC RegS 8% 01/11/2016 1,780,625 0.03

EUR 5,080,000 UPC RegS 9.75% 15/04/2018 5,170,714 0.10

EUR 17,000,000 Ziggo Bond RegS 8% 15/05/2018 16,447,500 0.30

Norway 53,898,317 1.00

EUR 10,000,000 DnB NOR Bank EMTN 3.875% 29/06/2020

10,010,500 0.18

EUR 23,750,000 DnB NOR Bank EMTN 4.5% 29/05/2014 25,471,364 0.47

EUR 6,150,000 DnB NOR Bank EMTN 5.875% 20/06/2013

6,774,994 0.13

EUR 11,453,000 DnB NOR Bank variable perpetual 11,641,459 0.22

Portugal 18,179,760 0.34

EUR 20,000,000 Banco Espirito Santo EMTN FRN 25/02/2013

18,179,760 0.34

Spain 224,468,435 4.15

EUR 10,000,000 Abengoa 9.625% 25/02/2015 9,500,000 0.18

EUR 17,150,000 Abengoa EMTN 8.5% 31/03/2016 14,514,903 0.27

EUR 9,500,000 Banco Bilbao Vizcaya Argentaria variable20/10/2019

9,140,867 0.17

EUR 29,000,000 BBVA International Preferred Unipersonalvariable perpetual

27,397,750 0.51

EUR 13,000,000 BBVA Senior Finance EMTN FRN 29/06/2012

12,632,581 0.23

EUR 14,000,000 BBVA Senior Finance GMTN FRN 22/01/2013

13,540,086 0.25

EUR 12,970,000 Campofrio Food RegS 8.25% 31/10/2016 12,840,300 0.24

EUR 19,250,000 Gas Natural Capital Markets EMTN 4.5%27/01/2020

18,257,210 0.34

EUR 10,000,000 Obrascon Huarte Lain 6.25% 18/05/2012 9,879,920 0.18

EUR 6,000,000 Obrascon Huarte Lain EMTN 7.375% 28/04/2015

5,610,600 0.10

EUR 20,000,000 Santander International Debt EMTN FRN30/01/2012

19,618,360 0.36


4,858,310 0.09

EUR 19,200,000 Santander Issuances Unipersonal EMTNvariable 24/10/2017

18,876,826 0.35

EUR 24,850,000 Santander Issuances Unipersonal variable27/07/2019

25,020,396 0.46

EUR 6,400,000 Telefonica Emisiones EMTN 3.406% 24/03/2015

6,375,485 0.12


8,071,816 0.15


8,333,025 0.15

Sweden 248,474,755 4.59

EUR 17,000,000 Nordea Bank EMTN 3% 06/08/2012 17,394,349 0.32

EUR 20,000,000 Nordea Bank EMTN 3.75% 24/02/2017 20,566,740 0.38



EUR 2,100,000 Nordea Bank EMTN variable 10/09/2018 2,299,041 0.04

EUR 10,300,000 Securitas EMTN 6.5% 02/04/2013 11,437,697 0.21

EUR 3,520,000 Skandinaviska Enskilda Banken variableperpetual

3,332,243 0.06

EUR 25,000,000 Svenska Handelsbanken 3% 20/08/2012 25,543,238 0.47

EUR 20,000,000 Svenska Handelsbanken EMTN 3.75%24/02/2017

20,498,060 0.38

EUR 13,750,000 Svenska Handelsbanken EMTN variable20/04/2016

13,929,561 0.26

EUR 19,430,000 Svenska Handelsbanken EMTN variableperpetual

17,252,237 0.32

EUR 23,000,000 Swedbank GMTN 3.125% 04/03/2013 23,424,546 0.43


15,342,727 0.29




MarketValueEUR

%Net

Assets

Sweden (cont)

EUR 32,000,000 Volvo Treasury EMTN 5% 31/05/2017 32,527,456 0.60

EUR 5,000,000 Volvo Treasury EMTN 9.875% 27/02/2014

6,045,452 0.11

Switzerland 132,701,927 2.45


20,146,820 0.37


5,199,831 0.10


2,964,647 0.05


37,225,627 0.69


1,793,719 0.03

EUR 6,820,000 UBS/Jersey EMTN variable 25/09/2018 6,798,439 0.12

EUR 8,750,000 UBS/Jersey EMTN variable perpetual 7,923,125 0.15



EUR 9,000,000 UBS/London EMTN 6% 18/04/2018 10,116,301 0.19



EUR 23,000,000 Aviva EMTN variable 22/05/2038 22,270,785 0.41


EUR 17,250,000 Bank of Scotland EMTN 5.625% 23/05/2013

18,281,326 0.34

EUR 21,000,000 Barclays Bank EMTN 4% 20/01/2017 21,223,335 0.39

EUR 9,040,000 Barclays Bank EMTN variable perpetual 5,527,327 0.10


EUR 20,000,000 BP Capital Markets EMTN 4.5% 08/11/2012

19,600,120 0.36

EUR 5,000,000 Bradford & Bingley EMTN 4.25% 04/05/2016

5,048,245 0.09

EUR 5,000,000 Bradford & Bingley EMTN 4.875% 28/06/2017

5,168,465 0.10

EUR 42,000,000 Carnival 4.25% 27/11/2013 43,449,126 0.80

EUR 13,300,000 Experian Finance EMTN 4.75% 04/02/2020

14,043,018 0.26

EUR 18,000,000 FCE Bank EMTN 9.375% 17/01/2014 18,918,000 0.35

EUR 19,230,000 Hammerson 4.875% 19/06/2015 19,581,342 0.36

EUR 18,650,000 ISS Financing RegS 11% 15/06/2014 20,061,152 0.37

EUR 10,670,000 Kerling RegS 10.625% 28/01/2017 10,816,712 0.20

EUR 475,000 Lloyds TSB Bank EMTN 4.75% 18/03/2011

480,939 0.01

EUR 20,300,000 Lloyds TSB Bank EMTN 5.375% 03/09/2019

20,220,769 0.37


10,949,932 0.20


29,693,375 0.55


4,698,652 0.09

EUR 9,195,000 Lloyds TSB Bank variable perpetual 6,804,300 0.13

EUR 15,700,000 Mondi Finance 5.75% 03/04/2017 15,306,103 0.28


9,945,209 0.18

EUR 10,650,000 Nationwide Building Society EMTNvariable 17/08/2015

10,440,451 0.19

EUR 10,000,000 Old Mutual EMTN variable 18/01/2017 8,425,100 0.16

EUR 10,000,000 Old Mutual EMTN variable perpetual 6,100,000 0.11

EUR 3,640,000 Ono Finance RegS 10.5% 15/05/2014 2,839,200 0.05



EUR 10,000,000 Royal Bank of Scotland EMTN 4.875%20/01/2017

9,856,585 0.18







MarketValueEUR

%Net

Assets



20,904,819 0.39

EUR 8,600,000 Royal Bank of Scotland EMTN 5.375%30/09/2019

8,420,789 0.16


19,556,340 0.36

EUR 10,850,000 Smiths 4.125% 05/05/2017 11,050,367 0.21

EUR 8,950,000 Thomas Cook 6.75% 22/06/2015 8,308,786 0.15

EUR 9,510,000 TVN Finance RegS 10.75% 15/11/2017 9,985,500 0.18


EUR 12,000,000 Bank of America 4.625% 18/02/2014 12,409,512 0.24

EUR 13,750,000 Bank of America EMTN 4.75% 03/04/2017

13,903,567 0.26

EUR 30,000,000 Bank of America EMTN 5.125% 26/09/2014

31,558,110 0.58

EUR 18,461,000 BMW US Capital EMTN 4.625% 20/02/2013

19,617,508 0.36

EUR 11,100,000 CEDC Finance International RegS 8.875%01/12/2016

10,822,500 0.20

EUR 11,150,000 Cemex Finance RegS 9.625% 14/12/2017

10,552,249 0.19

EUR 10,000,000 Citigroup EMTN 3.95% 10/10/2013 10,194,485 0.19



EUR 1,210,000 Fresenius US Finance II RegS 8.75% 15/07/2015

1,407,230 0.03

EUR 10,000,000 Goldman Sachs 5.125% 16/10/2014 10,341,325 0.19


19,480,870 0.36


36,422,820 0.67

EUR 18,607,000 Huntsman International RegS 6.875% 15/11/2013

17,769,685 0.33

EUR 15,550,000 Iron Mountain EMTN 6.75% 15/10/2018 14,850,250 0.27

EUR 6,500,000 JPMorgan Chase & Co. EMTN 5.25% 08/05/2013

6,998,199 0.13

EUR 14,900,000 JPMorgan Chase Bank variable 30/11/2021

14,738,998 0.27

EUR 10,076,000 Kronos International 6.5% 15/04/2013 8,463,840 0.16

EUR 10,000,000 Merrill Lynch EMTN 6.75% 21/05/2013 10,784,580 0.20

EUR 15,000,000 Morgan Stanley EMTN 3.75% 01/03/2013 14,977,560 0.27


EUR 35,000,000 Pemex Project Funding Master TrustRegS 5.5% 24/02/2025

32,659,375 0.60

EUR 24,780,000 SES Global Americas EMTN 4.875% 09/07/2014

26,643,481 0.49

EUR 16,250,000 Wachovia Bank EMTN 6% 23/05/2013 17,837,763 0.33


2,877,278 0.05


4,698,154 0.09


8,059,923 0.15


34,578,495 0.64






MarketValueEUR

%Net

Assets


EUR 1,400,000 LBI Escrow RegS 8% 01/11/2017 1,414,000 0.03




MarketValueEUR

%Net

Assets






Net Asset Value 5,413,993,337 100.00







MarketValueUSD

%Net

Assets

Belgium 8,606,748 0.51


2,342,744 0.14

GBP 2,950,000 Anheuser-Busch InBev EMTN 9.75% 30/07/2024

6,264,004 0.37

Bermuda 6,381,153 0.38

USD 2,040,000 Petroplus Finance 144A 9.375% 15/09/2019

1,764,600 0.11


4,616,553 0.27

Canada 11,614,139 0.69

USD 1,200,000 EnCana 5.9% 01/12/2017 1,349,735 0.08

USD 310,000 Nexen 6.2% 30/07/2019 343,583 0.02

USD 6,350,000 Nexen 7.5% 30/07/2039 7,419,429 0.44


USD 1,470,000 Talisman Energy 7.75% 01/06/2019 1,806,373 0.11


USD 1,120,000 Embraer Overseas 6.375% 15/01/2020 1,151,455 0.07

USD 1,780,000 Petrobras International Finance 5.75% 20/01/2020

1,787,553 0.11

EUR 650,000 Thames Water Utilities Cayman FinanceEMTN 6.125% 04/02/2013

870,718 0.05


USD 2,065,000 Vale Overseas 6.875% 10/11/2039 2,157,295 0.13

GBP 550,000 Yorkshire Water Services BradfordFinance EMTN 6% 21/08/2019

912,662 0.05

GBP 3,450,000 Yorkshire Water Services BradfordFinance variable 24/04/2025

5,398,152 0.32

Denmark 16,543,349 0.98


EUR 300,000 Carlsberg Breweries EMTN 6% 28/05/2014

410,671 0.02

GBP 1,230,000 Carlsberg Breweries EMTN 7.25% 28/11/2016

2,141,563 0.13

GBP 3,100,000 Carlsberg Finance 7% 26/02/2013 5,073,276 0.30


France 82,210,029 4.87


6,483,781 0.38

GBP 900,000 AXA 7.125% 15/12/2020 1,440,183 0.09

EUR 850,000 BNP Paribas EMTN variable perpetual 1,015,018 0.06

EUR 3,550,000 Carrefour EMTN 4% 09/04/2020 4,483,450 0.27


4,271,383 0.25


8,342,025 0.49

EUR 11,800,000 EDF EMTN 4.625% 26/04/2030 14,637,202 0.87

GBP 400,000 France Telecom EMTN 8% 20/12/2017 749,070 0.04

EUR 1,350,000 Havas 5.5% 04/11/2014 1,737,312 0.10

EUR 1,950,000 Novasep RegS 9.625% 15/12/2016 2,149,675 0.13


EUR 3,000,000 Pernod-Ricard EMTN 7% 15/01/2015 4,002,691 0.24

EUR 1,750,000 PPR EMTN 3.75% 08/04/2015 2,185,382 0.13

EUR 1,750,000 Remy Cointreau 5.18% 15/12/2016 2,118,171 0.13

EUR 900,000 Rexel 8.25% 15/12/2016 1,129,832 0.07




2,999,495 0.18

EUR 2,150,000 Vivendi 4% 31/03/2017 2,672,431 0.16

EUR 2,050,000 Vivendi EMTN 4.875% 02/12/2019 2,620,270 0.15

EUR 4,800,000 Vivendi EMTN 7.75% 23/01/2014 6,827,520 0.40

Schroder ISF Global Corporate Bond (cont)



MarketValueUSD

%Net

Assets

France (cont)

GBP 600,000 WPP Finance 6.375% 06/11/2020 952,703 0.06

Germany 24,570,686 1.46


EUR 600,000 HeidelbergCement 7.5% 03/04/2020 701,782 0.04




1,878,971 0.11

GBP 3,350,000 Muenchener Rueckversicherungs variable21/06/2028

5,690,615 0.34


Hong Kong SAR 2,618,346 0.15

2,600,000 CITIC Bank International EMTN 6.875%24/06/2020

2,618,346 0.15

Ireland 7,144,276 0.42


2,161,993 0.13


4,425,634 0.26


556,649 0.03

Italy 4,671,555 0.28

GBP 3,100,000 Intesa Sanpaolo EMTN variable 12/11/2017

4,671,555 0.28

Japan 13,987,284 0.83

USD 13,260,000 Nomura 6.7% 04/03/20 13,987,284 0.83

Jersey 16,976,334 1.00


584,494 0.03

GBP 4,450,000 United Business Media 6.5% 23/11/2016 7,199,654 0.43

EUR 200,000 WPP 4.375% 05/12/2013 257,000 0.01

EUR 6,350,000 WPP EMTN 6.625% 12/05/2016 8,935,186 0.53

Luxembourg 12,282,868 0.73


7,043,258 0.42

EUR 850,000 SES EMTN 4.625% 09/03/2020 1,065,188 0.06

EUR 2,970,000 Telecom Italia Finance EMTN 7.75% 24/01/2033

4,174,422 0.25

Marshall Islands 1,133,080 0.07

USD 1,130,000 Teekay 8.5% 15/01/2020 1,133,080 0.07



161,523 0.01


USD 1,830,000 ArcelorMittal 7% 15/10/2039 1,899,835 0.11

EUR 5,425,000 ASML 5.75% 13/06/2017 6,871,469 0.41


384,510 0.02

USD 13,000,000 Deutsche Telekom International Finance8.75% 15/06/2030

16,807,362 0.99

EUR 750,000 Deutsche Telekom International FinanceEMTN 4.875% 22/04/2025

946,264 0.06

GBP 600,000 ELM for Swiss Reinsurance EMTN variableperpetual

697,070 0.04


4,721,625 0.28

EUR 370,000 ING Bank 3.375% 03/03/2015 456,422 0.03









MarketValueUSD

%Net

Assets

Netherlands (cont)


EUR 500,000 Linde Finance variable perpetual 634,491 0.04


3,090,530 0.18


EUR 1,440,000 UPC RegS 9.75% 15/04/2018 1,795,133 0.11

Norway 4,849,635 0.29

GBP 1,100,000 DnB NOR Bank variable perpetual 1,511,133 0.09

EUR 200,000 Telenor EMTN 4.125% 26/03/2020 256,256 0.02

EUR 2,270,000 Telenor EMTN 4.875% 29/05/2017 3,082,246 0.18

Philippines 10,162 -


10,162 -


USD 15,000,000 European Investment Bank 5.125% 30/05/2017

16,994,250 1.01

Sweden 18,782,907 1.11

GBP 7,200,000 Nordea Bank EMTN 3.875% 15/12/2015 10,943,316 0.65


EUR 2,750,000 TVN Finance RegS 10.75% 15/11/2017 3,536,466 0.21


GBP 3,802,000 Credit Suisse/London EMTN variable 16/01/2023

6,070,275 0.36

USD 3,920,000 Weatherford International 9.625% 01/03/2019

4,772,808 0.27


GBP 950,000 Allied Domecq Financial Services EMTN6.625% 12/06/2014

1,522,218 0.09

GBP 1,200,000 Aviva EMTN variable 20/05/2058 1,762,570 0.10



GBP 1,800,000 Aviva variable perpetual 2,081,428 0.12


USD 5,100,000 Barclays Bank 144A 10.179% 12/06/2021

6,462,684 0.38


GBP 450,000 Barclays Bank EMTN variable 16/01/2023 683,806 0.04

GBP 650,000 BAT International Finance EMTN 7.25%12/03/2024

1,139,685 0.07

USD 1,160,000 BAT International Finance RegS 9.5% 15/11/2018

1,531,874 0.09

GBP 2,300,000 British Telecommunications 8.5% 07/12/2016

4,105,291 0.24


6,266,513 0.37

EUR 6,950,000 Hammerson 4.875% 19/06/2015 8,667,531 0.51

GBP 1,400,000 Hammerson 6% 23/02/2026 2,070,671 0.12

GBP 700,000 HSBC Bank EMTN step coupon 27/06/2017

1,092,534 0.06

GBP 1,050,000 HSBC Bank EMTN variable 20/03/2023 1,505,366 0.09

USD 9,750,000 HSBC variable 08/04/2018 16,861,271 1.00

GBP 700,000 Imperial Tobacco Finance 6.25% EMTN04/12/2018

1,147,479 0.07


6,912,973 0.41

GBP 6,025,000 Imperial Tobacco Finance EMTN 9% 17/02/2022

11,646,620 0.69


174,675 0.01


8,220,107 0.49




MarketValueUSD

%Net

Assets




6,156,977 0.36

GBP 2,100,000 Lloyds TSB Bank EMTN 7.625% 22/04/2025

3,111,815 0.18

GBP 4,100,000 Marks & Spencer EMTN 6.125% 02/12/2019

6,335,417 0.37

EUR 2,300,000 Mondi Finance 5.75% 03/04/2017 2,746,251 0.16



GBP 3,050,000 Old Mutual EMTN variable perpetual 3,173,160 0.19


GBP 3,405,000 Rentokil Initial EMTN 5.75% 31/03/2016 5,388,792 0.32


GBP 1,100,000 RSA Insurance variable 20/05/2039 1,953,061 0.12

GBP 6,153,000 RSA Insurance variable perpetual 7,948,946 0.47

GBP 1,525,000 Segro 6.75% 23/11/2021 2,504,295 0.16

EUR 170,000 Severn Trent Utilities Finance EMTN5.25% 11/03/2016

231,037 0.01

GBP 300,000 Severn Trent Utilities Finance EMTN 6%22/01/2018

497,667 0.03

EUR 3,100,000 Smiths 4.125% 05/05/2017 3,866,839 0.23

GBP 250,000 Southern Water Services Finance EMTN5% 31/03/2021

384,109 0.02

USD 5,625,000 Standard Chartered 144A 3.85% 27/04/2015

5,644,249 0.33


9,456,571 0.56


388,774 0.02


5,671,938 0.34

USD 550,000 Standard Chartered RegS 3.85% 27/04/2015

553,162 0.03


12,934,199 0.77

GBP 550,000 United Utilities Water EMTN 5.75% 25/03/2022

871,844 0.05


1,127,227 0.07


GBP 4,000,000 Virgin Media Secured Finance RegS 7%15/01/2018

5,957,861 0.35

GBP 200,000 Vodafone EMTN 8.125% 26/11/2018 368,441 0.02


GBP 775,000 Zurich Finance UK EMTN variableperpetual

1,056,614 0.06


USD 3,150,000 ACCO Brands 10.625% 15/03/2015 3,417,750 0.20

USD 9,200,000 Altria 9.7% 10/11/2018 11,627,319 0.69

USD 4,990,000 Altria 9.95% 10/11/2038 6,549,445 0.39

USD 915,000 AmerisourceBergen 4.875% 15/11/2019 946,325 0.06

USD 13,645,000 AT&T 6.55% 15/02/2039 15,274,227 0.90


939,660 0.07

USD 3,160,000 Atmos Energy 8.5% 15/03/2019 3,946,575 0.23

EUR 350,000 Bank of America EMTN 7% 15/06/2016 485,485 0.03

USD 4,000,000 Browning-Ferris Industries 7.4% 15/09/2035

4,766,664 0.28



1,134,425 0.07

USD 11,860,000 Cello Partnership/Verizon Wireless Capital8.5% 15/11/2018

15,410,493 0.91







MarketValueUSD

%Net

Assets



USD 21,470,000 Citigroup 8.5% 22/05/2019 25,573,926 1.51


GBP 2,220,000 CSX 6.15% 01/05/2037 2,398,233 0.14

USD 1,050,000 CVS Caremark 5.75% 01/06/2017 1,168,388 0.07

USD 3,555,000 Delhaize America 9% 15/04/2031 4,758,215 0.28

USD 3,290,000 Dow Chemical 8.55% 15/05/2019 4,020,462 0.24


4,064,558 0.24

USD 1,685,000 Enterprise Products Operating 6.125%15/10/2039

1,677,987 0.10

USD 2,400,000 EQT 8.125% 01/06/2019 2,855,664 0.17

USD 11,000,000 Goldman Sachs 5.375% 15/03/2020 10,873,104 0.64

USD 550,000 Goldman Sachs 7.5% 15/02/2019 616,613 0.04

GBP 2,600,000 Goldman Sachs EMTN 6.125% 14/05/2017

3,871,448 0.23


3,848,142 0.23

USD 8,450,000 HCP MTN 6.7% 30/01/2018 8,860,467 0.52

USD 3,025,000 International Paper 7.3% 15/11/2039 3,331,505 0.20


USD 3,990,000 Kinder Morgan Energy Partners 5.625%15/02/2015

4,348,733 0.26

USD 4,400,000 Kohl's 6.875% 15/12/2037 5,283,978 0.31

USD 155,000 Kraft Foods 6.875% 26/01/2039 181,534 0.01

USD 205,000 Kroger 5% 15/04/2013 220,500 0.01

USD 850,000 Kroger 6.15% 15/01/2020 984,765 0.06

USD 2,505,000 Lorillard Tobacco 8.125% 23/06/2019 2,782,126 0.17

USD 8,055,000 Magellan Midstream Partners 6.55% 15/07/2019

9,171,093 0.54

USD 1,269,000 Marathon Oil 7.5% 15/02/2019 1,519,938 0.09

USD 1,470,000 McKesson 7.5% 15/02/2019 1,820,269 0.11



USD 7,755,000 Nabors Industries 6.15% 15/02/2018 8,252,848 0.49

USD 190,000 Nevada Power 5.875% 15/01/2015 211,719 0.01

USD 2,700,000 Nevada Power 7.125% 15/03/2019 3,165,234 0.19

USD 915,000 Newmont Mining 6.25% 01/10/2039 997,320 0.06


593,738 0.03

USD 1,210,000 Nisource Finance 5.45% 15/09/2020 1,253,812 0.07

USD 1,985,000 Nordstrom 4.75% 01/05/2020 2,055,009 0.12

USD 4,870,000 Nordstrom 6.75% 01/06/2014 5,648,601 0.33

USD 3,855,000 ONEOK Partners 8.625% 01/03/2019 4,825,169 0.29

USD 2,460,000 Plains All American Pipeline 8.75% 01/05/2019

2,961,892 0.18

USD 4,400,000 ProLogis 7.375% 30/10/2019 4,313,698 0.26

USD 50,000 Qwest 7.625% 15/06/2015 53,422 -

USD 750,000 Reed Elsevier Capital 8.625% 15/01/2019 959,527 0.06

USD 605,000 Reynolds American 7.625% 01/06/2016 682,909 0.04

USD 1,495,000 Simon Property 5.65% 01/02/2020 1,592,963 0.09


USD 2,355,000 UnitedHealth Group 6.5% 15/06/2037 2,536,081 0.15


USD 3,170,000 Valero Energy 6.125% 01/02/2020 3,282,716 0.19


USD 1,020,000 Ventas Realty/Ventas Capital 6.75% 01/04/2017

1,035,014 0.06

USD 5,130,000 Verizon Communications 8.75% 01/11/2018

6,689,197 0.40

GBP 1,850,000 Wal-Mart Stores 4.875% 19/01/2039 2,731,331 0.16

USD 3,065,000 Wal-Mart Stores 6.2% 15/04/2038 3,617,074 0.21

USD 380,000 Yum! Brands 5.3% 15/09/2019 405,661 0.02




MarketValueUSD

%Net

Assets


USD 1,495,000 Yum! Brands 6.875% 15/11/2037 1,740,273 0.10


1,910,592 0.11


4,477,001 0.27






MarketValueUSD

%Net

Assets

Bermuda 559,125 0.03


Canada 3,208,261 0.19

USD 3,025,000 TransCanada PipeLines 6.1% 01/06/2010 3,208,261 0.19

France 10,069,942 0.60

USD 6,600,000 Cie de Financement Foncier 144A 2.125%22/04/2013

6,605,359 0.40

USD 3,290,000 Credit Agricole 144A variable perpetual 3,125,500 0.18

USD 300,000 Vivendi 144A 6.625% 04/04/2018 339,083 0.02

Jersey 1,753,086 0.10

USD 2,105,000 Swiss Re Capital I 144A variable perpetual 1,753,086 0.10



1,920,000 0.11

USD 1,030,000 Holcim US Finance Sarl & Cie 144A 6%30/12/2019

1,099,718 0.07

Mexico 4,387,619 0.26

USD 4,245,000 America Movil 144A 5% 16/10/2019 4,387,619 0.26


USD 6,050,000 Koninklijke KPN 8.375% 01/10/2030 7,995,045 0.48


7,653,825 0.45

South Korea 4,801,870 0.28



USD 665,000 Barclays Bank 144A 6.05% 04/12/2017 667,740 0.04



10,739,816 0.63

USD 7,100,000 HSBC Bank 144A 3.5% 28/06/2015 7,201,182 0.43


USD 1,728,000 Virgin Media Finance 9.5% 15/08/2016 1,828,238 0.11


USD 1,780,000 AMC Entertainment 8.75% 01/06/2019 1,784,181 0.11


1,045,446 0.06


7,933,584 0.47



USD 3,510,000 Bank of America 6% 01/09/2017 3,685,802 0.22


USD 800,000 Bank of America 7.625% 01/06/2019 914,052 0.05

USD 4,645,000 BNP Paribas 144A 5.125% 15/01/2015 4,821,909 0.29







MarketValueUSD

%Net

Assets



395,588 0.02

USD 4,300,000 CareFusion 5.125% 01/08/2014 4,650,957 0.27

USD 475,000 CareFusion 6.375% 01/08/2019 540,777 0.03

USD 2,390,000 Case New Holland 7.75% 01/09/2013 2,469,011 0.15

USD 1,300,000 CEDC Finance International 144A 9.125%01/12/2016

1,267,500 0.07

USD 3,200,000 Cequel Communications I/Cequel Capital144A 8.625% 15/11/2017

3,197,200 0.19

USD 2,300,000 Cloud Peak Energy Resources/CloudPeak Energy Finance 144A 8.25% 15/12/2017

2,288,500 0.14

USD 5,805,000 Comcast 6.5% 15/01/2017 6,649,047 0.39

USD 2,080,000 Consolidated Edison Co of New York4.45% 15/06/2020

2,196,904 0.13

USD 4,350,000 COX Communications 144A 8.375% 01/03/2039

5,848,431 0.35


USD 2,660,000 Crosstex Energy/Crosstex Energy Finance8.875% 15/02/2018

2,660,000 0.16


2,525,620 0.15

USD 10,065,000 DirectTV/DirecTV Financing 5.875% 01/10/2019

11,004,477 0.65

USD 5,850,000 Discover Bank 7% 15/04/2020 5,947,818 0.35


5,186,575 0.31


3,257,112 0.19

USD 1,485,000 Duke Energy Carolinas 4.3% 15/06/2020 1,563,717 0.09


USD 2,670,000 Helix Energy Solutions 144A 9.5% 15/01/2016

2,466,413 0.15

USD 1,135,000 Intelsat 9.25% 15/06/2016 1,190,777 0.07

USD 1,575,000 Jarden 7.5% 15/01/2020 1,549,190 0.09

USD 7,570,000 JPMorgan Chase Capital XXVII 7% 01/11/2039

7,680,068 0.45

USD 9,885,000 Kraft Foods 5.375% 10/02/2020 10,592,806 0.63

USD 2,400,000 Kroger 6.9% 15/04/2038 2,891,851 0.17

EUR 950,000 LBI Escrow RegS 8% 01/11/2017 1,175,148 0.07

USD 4,000,000 Liberty Mutual 144A variable 15/06/2058 4,427,076 0.26

USD 1,445,000 Media General 144A 11.75% 15/02/2017 1,481,125 0.09

USD 7,550,000 MetLife 6.4% 15/12/2036 6,739,130 0.40

USD 10,195,000 Morgan Stanley 7.3% 13/05/2019 11,023,364 0.65



USD 5,520,000 News America 6.65% 15/11/2037 6,182,930 0.37


USD 1,000,000 Norfolk Southern 5.75% 15/01/2016 1,127,959 0.07

USD 9,705,000 Pacific Life 144A 6% 10/02/2020 10,302,799 0.61

USD 8,670,000 Prudential Financial MTN 4.75% 17/09/2015

9,030,481 0.53

USD 3,265,000 Republic Services 144A 5.25% 15/11/2021

3,447,997 0.20

USD 1,535,000 Republic Services 144A 6.2% 01/03/2040 1,643,623 0.10

USD 1,560,000 Sinclair Television 144A 9.25% 01/11/2017

1,587,300 0.09

USD 3,925,000 Southern Copper 6.75% 16/04/2040 3,901,599 0.23

USD 2,000,000 Stallion Oilfield 144A 10.5% 15/02/2015 1,895,000 0.11

USD 5,530,000 Time Warner 4.875% 15/03/2020 5,705,804 0.34

USD 4,210,000 US Treasury 1.125% 15/06/2013 4,227,432 0.25

USD 8,865,000 US Treasury 3.5% 15/05/2020 9,266,695 0.55

USD 17,100,000 US Treasury 4.375% 15/11/2039 18,387,844 1.09

USD 5,035,000 US Treasury 4.625% 15/02/2040 5,639,200 0.33




MarketValueUSD

%Net

Assets


USD 2,375,000 Waste Management 4.75% 30/06/2020 2,439,308 0.14






MarketValueUSD

%Net

Assets

Bermuda 2,151,513 0.13

USD 2,670,000 Catlin Insurance 144A variable perpetual 2,151,513 0.13

Canada 6,876,458 0.41

USD 4,000,000 Cenovus Energy 144A 5.7% 15/10/2019 4,388,768 0.26

USD 2,170,000 Cenovus Energy 144A 6.75% 15/11/2039 2,487,690 0.15





Net Asset Value 1,689,765,301 100.00







MarketValueUSD

%Net

Assets

Canada 7,315,986 0.19

USD 6,000,000 Teck Resources 10.75% 15/05/2019 7,315,986 0.19



China 23,476,025 0.62

USD 25,000,000 Agile Property RegS 8.875% 28/04/2017 23,476,025 0.62

Denmark 13,186,883 0.35

EUR 11,100,000 ISS RegS 8.875% 15/05/2016 13,186,883 0.35

France 54,539,321 1.43

GBP 4,950,000 BNP Paribas variable perpetual 6,170,107 0.16

EUR 3,650,000 Credit Agricole variable perpetual 3,040,634 0.08

EUR 4,300,000 GIE PSA Tresorerie 6% 19/09/2033 4,659,469 0.12

EUR 5,450,000 Nexans EMTN 5.75% 02/05/2017 6,257,707 0.16

EUR 8,225,000 Novasep RegS 9.625% 15/12/2016 9,067,219 0.24

EUR 9,450,000 Rexel 8.25% 15/12/2016 11,863,234 0.31




EUR 4,050,000 SPCM RegS 8.25 15/06/2017 4,939,320 0.13

Germany 57,537,503 1.51


EUR 10,010,000 HeidelbergCement 8% 31/01/2017 12,198,448 0.32


EUR 2,800,000 Muenchener Rueckversicherungs variableperpetual

2,983,494 0.08

EUR 10,750,000 TUI RegS 2.75% 01/09/2012 11,488,047 0.30

EUR 1,515,000 TUI variable perpetual 1,625,099 0.04

EUR 6,900,000 Unitymedia Hessen & Co. RegS 8.125%01/12/2017

8,411,141 0.22

EUR 8,900,000 Unitymedia RegS 9.625% 01/12/2019 11,091,302 0.29

Ireland 56,502,797 1.48

EUR 3,000,000 Ardagh Glass 10.75% 01/03/2015 3,609,950 0.09


13,557,982 0.36

EUR 900,000 Ardagh Glass Finance RegS 8.75% 01/02/2020

1,099,519 0.03


1,711,588 0.05

EUR 6,113,653 ERC Ireland Preferred Equity RegS7.683% 15/02/2017

1,048,277 0.03

EUR 20,350,000 ERC Ireland Finance RegS FRN 15/08/2016

8,723,282 0.23



6,547,513 0.17


11,256,677 0.29


2,694,436 0.07

Italy 37,314,558 0.97

EUR 12,800,000 Banco Popolare variable perpetual 10,503,456 0.27



EUR 16,073,000 Lottomatica RegS variable 31/03/2066 18,602,709 0.49

Liberia 13,993,228 0.37

USD 8,000,000 Royal Caribbean Cruises 7% 15/06/2013 7,955,728 0.21

USD 5,250,000 Royal Caribbean Cruises 11.875% 15/07/2015

6,037,500 0.16




MarketValueUSD

%Net

Assets

Luxembourg 30,434,203 0.79

EUR 4,000,000 UniCredit International Bank variableperpetual

4,462,156 0.11

EUR 1,000,000 Wind Acquisition Finance RegS 11% 01/12/2015

1,236,997 0.03


7,645,195 0.20


17,089,855 0.45

Netherlands 159,962,985 4.19

EUR 5,000,000 UPC RegS 9.75% 15/04/2018 6,233,102 0.16

GBP 21,200,000 ABN Amro Bank variable perpetual 22,648,591 0.59

GBP 3,300,000 Brit Insurance variable 09/12/2030 3,235,657 0.09

EUR 4,270,000 Clondalkin Industries RegS 8% 15/03/2014

4,759,011 0.12

USD 18,000,000 DTEK Finance RegS 9.5% 28/04/2015 17,146,962 0.45

GBP 4,150,000 ELM for Swiss Reinsurance EMTN variableperpetual

4,821,402 0.13


4,169,095 0.11

EUR 4,150,000 HeidelbergCement Finance EMTN 5.625%04/01/2018

4,523,614 0.12

USD 5,500,000 Indo Integrated Energy II RegS 9.75% 05/11/2016

5,782,497 0.15

EUR 14,050,000 ING Groep EMTN variable perpetual 11,916,358 0.31



17,736,911 0.47


9,919,862 0.26


14,219,330 0.37

EUR 4,150,000 UPC RegS 8% 01/11/2016 4,892,111 0.13

EUR 10,700,000 Ziggo Bond RegS 8% 15/05/2018 12,678,918 0.33

Philippines 31,758 -


31,758 -

South Korea 4,700,000 0.12

USD 5,000,000 Hynix Semiconductor RegS 7.875% 27/06/2017

4,700,000 0.12

Spain 26,668,387 0.70

EUR 5,200,000 Abengoa 9.625% 25/02/2015 6,050,265 0.16

EUR 8,900,000 Abengoa EMTN 8.5% 31/03/2016 9,225,447 0.24

EUR 1,920,000 Campofrio Food RegS 8.25% 31/10/2016 2,328,005 0.06

EUR 4,600,000 Mapfre variable 24/07/2037 4,483,615 0.12

EUR 4,000,000 Obrascon Huarte Lain EMTN 7.375% 28/04/2015

4,581,055 0.12

Sweden 12,836,266 0.34

EUR 1,355,000 Skandinaviska Enskilda Banken variableperpetual

1,571,016 0.04

EUR 8,760,000 TVN Finance II RegS 10.75% 15/11/2017 11,265,250 0.30


EUR 11,900,000 UBS/Jersey EMTN variable perpetual 13,197,232 0.35


GBP 3,600,000 Aviva variable perpetual 4,047,154 0.11

GBP 3,550,000 Bank of Scotland variable perpetual 3,879,521 0.10

GBP 5,175,000 Bank of Scotland variable perpetual 5,897,556 0.15

USD 2,100,000 Barclays Bank 144A variable perpetual 1,732,500 0.05


GBP 3,900,000 Barclays Bank variable perpetual 4,012,760 0.11

GBP 2,370,000 Daily Mail & General Trust 5.75% 07/12/2018

3,267,852 0.09







MarketValueUSD

%Net

Assets


EUR 3,200,000 EC Finance RegS 9.75% 01/08/2017 3,866,879 0.10

GBP 6,900,000 Enterprise Inns 6.375% 26/09/2031 7,823,667 0.20

GBP 8,150,000 Enterprise Inns 6.5% 06/12/2018 10,135,878 0.27

EUR 2,870,000 Ineos Finance RegS 9.25% 15/05/2015 3,523,820 0.09

EUR 6,500,000 Ineos RegS 7.875% 15/02/2016 5,811,439 0.15

EUR 5,050,000 ISS Financing RegS 11% 15/06/2014 6,652,974 0.17

EUR 12,360,000 Kerling RegS 10.625% 28/01/2017 15,346,056 0.40

GBP 1,777,000 Legal & General EMTN variable perpetual 2,154,787 0.06

GBP 9,650,000 Legal & General variable perpetual 11,515,479 0.30

EUR 7,614,000 Lloyds TSB Bank variable perpetual 6,900,682 0.18

GBP 2,500,000 Nationwide Building Society step couponperpetual

2,606,244 0.07

GBP 3,261,000 Nationwide Building Society variableperpetual

4,743,030 0.12

GBP 6,420,000 Old Mutual EMTN variable perpetual 6,679,241 0.17

EUR 2,787,000 Ono Finance RegS 10.5% 15/05/2014 2,662,435 0.07

GBP 4,230,000 Provident Financial 8% 23/10/2019 6,761,731 0.18


GBP 431,000 Royal Bank of Scotland EMTN 6.875%17/05/2025

647,644 0.02

GBP 2,000,000 RSA Insurance variable perpetual 2,583,763 0.07

GBP 2,850,000 Thomas Cook 7.75% 22/06/2017 3,930,336 0.10


10,198,725 0.27

GBP 4,150,000 Virgin Media Finance 8.875% 15/10/2019 6,383,182 0.17


USD 18,285,000 ACCO Brands 10.625% 15/03/2015 19,839,225 0.52

USD 10,500,000 AES 8% 01/06/2020 10,513,199 0.27

USD 14,000,000 Allis-Chalmers Energy 8.5% 01/03/2017 12,148,276 0.32

USD 10,685,000 Allis-Chalmers Energy 9% 15/01/2014 9,949,434 0.26

USD 9,010,000 Atlas Energy Operating/Atlas EnergyFinance 10.75% 01/02/2018

9,620,842 0.25

USD 5,560,000 Atlas Pipeline Partners 8.75% 15/06/2018 5,190,727 0.14

USD 13,250,000 Basic Energy Services 11.625% 01/08/2014

14,310,000 0.38

USD 23,000,000 Beazer Homes USA 9.125% 15/06/2018 21,390,000 0.56

USD 7,000,000 Capital One Capital V 10.25% 15/08/2039 7,433,734 0.20

EUR 7,400,000 CEDC Finance International RegS 8.875%01/12/2016

8,836,571 0.23

USD 9,750,000 Cellu Tissue 11.5% 01/06/2014 10,603,125 0.28


7,765,910 0.20

EUR 9,750,000 Commerzbank Capital Funding Trust IFRN perpetual

6,377,413 0.17

USD 6,500,000 Concho Resources/Midland 8.625% 01/10/2017

6,711,250 0.18

USD 3,978,000 Denbury Resources 8.25% 15/02/2020 4,193,297 0.11

USD 10,000,000 Domtar 10.75% 01/06/2017 12,050,000 0.32

USD 17,745,000 Dynegy 7.75% 01/06/2019 12,842,553 0.34

USD 21,735,000 Dynegy 8.375% 01/05/2016 17,878,342 0.47

USD 47,470,000 Edison Mission Energy 7% 15/05/2017 31,369,600 0.82

USD 20,300,000 Ford Motor Credit 8% 01/06/2014 21,094,420 0.55

USD 10,000,000 Frontier Communications 9% 15/08/2031 9,324,530 0.25

USD 12,500,000 Goodyear Tire & Rubber 10.5% 15/05/2016

13,520,675 0.35

USD 5,000,000 Healthsouth 8.125% 15/02/2020 4,920,450 0.13

USD 12,000,000 K Hovnanian Enterprises 10.625% 15/10/2016

12,000,240 0.31

EUR 5,673,000 Kronos International 6.5% 15/04/2013 5,836,325 0.15

USD 4,500,000 Lear 7.875% 15/03/2018 4,503,956 0.12

USD 17,435,000 Lear 8.125% 15/03/2020 17,507,355 0.46

USD 7,000,000 Macy's Retail 6.7% 15/07/2034 6,518,939 0.17




MarketValueUSD

%Net

Assets


USD 7,000,000 MarkWest Energy Partners/MarkWestEnergy Finance 8.5% 15/07/2016

7,087,500 0.19

USD 6,000,000 MarkWest Energy Partners/MarkWestEnergy Finance 8.75% 15/04/2018

6,144,276 0.16

USD 35,760,000 Nextel Communications 6.875% 31/10/2013

34,806,674 0.91

USD 12,500,000 Overseas Shipholding 8.125% 30/03/2018

12,384,663 0.32

USD 4,000,000 Patriot Coal 8.25% 30/04/2018 3,902,424 0.10

USD 3,500,000 Phillips-Van Heusen 7.375% 15/05/2020 3,535,000 0.09

USD 15,245,000 Plains Exploration & Production 10% 01/03/2016

16,374,083 0.43

USD 10,440,000 Quicksilver Resources 8.25% 01/08/2015 10,377,819 0.27

USD 4,000,000 Regal Cinemas 8.625% 15/07/2019 4,020,000 0.10

USD 5,000,000 RRI Energy 7.875% 15/06/2017 4,727,525 0.12

USD 9,700,000 Solutia 7.875% 15/03/2020 9,675,750 0.25

USD 4,255,000 Sprint Nextel 6% 01/12/2016 3,826,228 0.10

USD 6,390,000 Standard Pacific 7% 15/08/2015 5,891,318 0.16






MarketValueUSD

%Net

Assets

Austria 13,151,334 0.34

USD 11,950,000 PE Paper Escrow 144A 12% 01/08/2014 13,151,334 0.34

Bermuda 59,747,273 1.57

USD 14,000,000 Digicel 144A 8.25% 01/09/2017 13,895,000 0.36

USD 10,095,000 Digicel 144A 8.875% 15/01/2015 9,950,510 0.26

USD 15,000,000 Digicel 144A 12% 01/04/2014 16,762,500 0.44

USD 16,015,000 Global Crossing 144A 12% 15/09/2015 17,055,975 0.45

USD 300,000 Petroplus Finance 144A 6.75% 01/05/2014

263,199 0.01

USD 2,220,000 Petroplus Finance 144A 7% 01/05/2017 1,820,089 0.05

Canada 22,960,331 0.60

USD 22,250,000 Bombardier 144A 7.75% 15/03/2020 22,960,331 0.60


USD 12,000,000 Country Garden RegS 11.25% 22/04/2017

11,387,712 0.30

Luxembourg 128,434,587 3.37


29,184,000 0.76

USD 22,750,000 Intelsat Luxembourg 11.5% 04/02/2017 22,806,875 0.60

USD 55,500,000 Intelsat Luxembourg step coupon 04/02/2017

56,332,500 1.48

USD 22,000,000 Wind Acquisition Finance 144A 12.25%15/07/2017

20,111,212 0.53

Mexico 5,818,800 0.15

USD 4,849,000 Kansas City Southern de Mexico 12.5%01/04/2016

5,818,800 0.15


USD 20,000,000 NXP Funding 7.875% 15/10/2014 18,450,000 0.48

USD 9,000,000 UPC 144A 9.875% 15/04/2018 9,090,000 0.24


USD 18,100,000 Global Crossing UK Finance 10.75% 15/12/2014

18,552,500 0.49

USD 3,800,000 Virgin Media Finance 8.375% 15/10/2019 3,904,500 0.10







MarketValueUSD

%Net

Assets


USD 5,900,000 Virgin Media Secured Finance 144A 6.5%15/01/2018

5,811,500 0.15


USD 20,000,000 BAC Capital Trust XI 6.625% 23/05/2036 18,457,640 0.47

USD 23,200,000 Ford Motor Credit 8.125% 15/01/2020 23,728,635 0.62

USD 10,580,000 AEP Industries 7.875% 15/03/2013 10,484,071 0.27

USD 10,000,000 AES 9.75% 15/04/2016 10,800,000 0.28

USD 10,300,000 Affinia 144A 10.75% 15/08/2016 11,278,500 0.30

USD 17,000,000 Allbritton Communications 144A 8% 15/05/2018

16,617,500 0.44


25,823,250 0.68

USD 18,000,000 Ally Financial 144A 8% 15/03/2020 17,752,500 0.47

USD 15,000,000 Ally Financial 144A 8.3% 12/02/2015 15,382,755 0.40


USD 20,490,000 American Axle & Manufacturing 144A9.25% 15/01/2017

21,258,375 0.56

USD 2,000,000 Ameristar Casinos 9.25% 01/06/2014 2,099,926 0.06

USD 17,108,750 Avaya 10.125% 01/11/2015 16,253,313 0.43

USD 25,000,000 Avaya 9.75% 01/11/2015 23,894,325 0.63

USD 14,225,000 Avis Budget Car Rental/Avis BudgetFinance 144A 9.625% 15/03/2018

14,425,743 0.38




USD 14,000,000 Biomet 10.375% 15/10/2017 15,052,590 0.39

USD 12,000,000 Bon-Ton Department Stores 10.25% 15/03/2014

11,807,592 0.31

USD 4,000,000 Capella Healthcare 144A 9.25% 01/07/2017

4,050,000 0.11

USD 30,350,000 Case New Holland 144A 7.875% 01/12/2017

30,881,125 0.81

USD 2,800,000 CEDC Finance International 144A 9.125%01/12/2016

2,730,000 0.07

USD 27,475,000 Cengage Learning Acquisitions 144A10.5% 15/01/2015

25,757,813 0.68

USD 12,000,000 Central Garden and Pet 8.25% 01/03/2018

11,955,000 0.31

USD 11,830,000 Cequel Communications I and CequelCapital 144A 8.625% 15/11/2017

11,819,649 0.31

USD 37,000,000 CIT 7% 01/05/2014 34,941,024 0.92

USD 50,000,000 CIT 7% 01/05/2017 45,404,100 1.19


10,500,000 0.27

USD 22,500,000 Colt Defense/Colt Finance 144A 8.75%15/11/2017

17,943,750 0.47

USD 11,825,000 Crosstex Energy Finance 8.875% 15/02/2018

11,825,000 0.31

USD 16,550,000 Delta Air Lines 144A 9.5% 15/09/2014 17,460,250 0.46

USD 14,000,000 DJO Finance 10.875% 15/11/2014 14,516,838 0.38


30,568,125 0.80

USD 37,500,000 Edgen Murray 144A 12.25% 15/01/2015 32,437,500 0.85

USD 5,183,055 Elwood Energy 8.159% 05/07/2026 4,917,423 0.13

USD 10,000,000 Energy Future 10.875% 01/11/2017 7,450,000 0.19

USD 6,000,000 Equinix 8.125% 01/03/2018 6,152,196 0.16

USD 11,263,750 First Data 10.55% 24/09/2015 8,222,459 0.22

USD 9,500,000 First Data 11.25% 31/03/2016 5,985,000 0.16

USD 34,225,000 First Data 9.875% 24/09/2015 26,044,575 0.68

USD 14,250,000 Ford Motor Credit 7% 15/04/2015 14,232,045 0.37


USD 11,000,000 Freedom 144A 10.25% 01/08/2015 11,426,250 0.30




MarketValueUSD

%Net

Assets


USD 8,000,000 Freescale Semiconductor 144A 9.25%15/04/2018

7,980,000 0.21

USD 16,000,000 Games Merger 144A 11% 01/06/2018 16,200,000 0.42

USD 12,800,000 General Maritime 144A 12% 15/11/2017 13,120,000 0.34

USD 17,400,000 Geokinetics 144A 9.75% 15/12/2014 15,225,000 0.40

USD 9,250,000 Gray Television 144A 10.5% 29/06/2015 9,018,750 0.24


USD 12,000,000 Harrah's Operating 11.25% 01/06/2017 12,628,596 0.33

USD 15,500,000 Harrah's Operating 144A 12.75% 15/04/2018

14,880,000 0.39

USD 30,475,000 HCA 7.25% 15/09/2020 30,627,375 0.80

USD 5,000,000 HCA 8.5% 15/04/2019 5,290,325 0.14

USD 5,800,000 HCA 9.25% 15/11/2016 6,158,150 0.16

USD 8,000,000 HCA 9.875% 15/02/2017 8,580,000 0.22


13,902,438 0.36

USD 19,500,000 Hexion US Finance/Hexion Nova ScotiaFinance 8.875% 01/02/2018

18,186,012 0.48


9,931,043 0.26

USD 6,700,000 Host Hotels & Resorts 9% 15/05/2017 7,202,500 0.19

USD 10,290,000 Huntsman International 144A 8.625% 15/03/2020

9,543,975 0.25

USD 13,150,000 Huntsman International 7.875% 15/11/2014

12,684,135 0.33

USD 27,000,000 Icahn Enterprises/Icahn EnterprisesFinance 144A 7.75% 15/01/2016

26,578,260 0.70

USD 24,820,000 Icahn Enterprises/Icahn EnterprisesFinance 144A 8% 15/01/2018

24,261,550 0.64

USD 7,000,000 International Lease Finance 144A 8.625%15/09/2015

6,668,837 0.17

USD 36,000,000 International Lease Finance 144A 8.75%15/03/2017

32,768,136 0.86

USD 10,350,000 Interpublic 10% 15/07/2017 11,394,605 0.30

USD 8,920,000 Landry's Restaurants 11.625% 01/12/2015

9,270,931 0.24

USD 8,250,000 LBI Escrow 144A 8% 01/11/2017 8,518,125 0.22

USD 4,000,000 Levi Strauss & Co. 144A 7.625% 15/05/2020

3,950,000 0.10

USD 27,445,000 Liberty Mutual 144A variable 15/06/2058 30,375,275 0.80

USD 19,500,000 Linn Energy 144A 8.625% 15/04/2020 19,898,346 0.52

USD 9,500,000 Lions Gate Entertainment 144A 10.25%01/11/2016

9,500,000 0.25

USD 15,750,000 Martin Midstream Partners/MartinMidstream Finance 144A 8.875% 01/04/2018

15,671,250 0.41


USD 8,000,000 Michael Foods 144A 9.75% 15/07/2018 8,240,000 0.22

USD 6,735,000 Michaels Stores 11.375% 01/11/2016 7,006,676 0.18

USD 30,650,000 Mirant Americas Generation 8.5% 01/10/2021

28,524,882 0.75

USD 30,000,000 Momentive Performance Materials 9.75%01/12/2014

28,500,000 0.75

USD 19,000,000 Murray Energy 144A 10.25% 15/10/2015 19,000,000 0.50

USD 9,000,000 Neiman Marcus 10.375% 15/10/2015 9,191,394 0.24

USD 31,000,000 New Communications 144A 8.25% 15/04/2017

31,515,685 0.83


10,780,250 0.28

USD 12,250,000 Nexstar Broadcasting/MissionBroadcasting 144A 8.875% 15/04/2017

12,341,875 0.32

USD 32,255,000 Niska Gas Storage US/Niska Gas StorageCanada 144A 8.875% 15/03/2018

32,900,100 0.86

USD 13,000,000 NRG Energy 8.5% 15/06/2019 13,249,691 0.35

USD 3,000,000 Omnicare 7.75% 01/06/2020 3,063,018 0.08







MarketValueUSD

%Net

Assets


USD 9,940,000 PAETEC 144A 8.875% 30/06/2017 9,964,850 0.26

USD 23,500,000 PAETEC 9.5% 15/07/2015 23,136,079 0.61

USD 8,225,000 Parker Drilling 144A 9.125% 01/04/2018 7,854,875 0.21

USD 6,000,000 Peninsula Gaming 8.375% 15/08/2015 6,015,000 0.16

USD 10,000,000 Petroleum Development 12% 15/02/2018 10,350,000 0.27

USD 26,335,000 Quiksilver 6.875% 15/04/2015 23,869,201 0.63

USD 30,470,000 QVC 144A 7.375% 15/10/2020 29,936,775 0.78

USD 16,900,000 Qwest Communications International144A 7.125% 01/04/2018

16,815,500 0.44

USD 7,075,000 Qwest Communications International 7.5%15/02/2014

7,110,375 0.19

USD 26,350,000 Radiation Therapy Services 144A 9.875%15/04/2017

25,691,250 0.67

USD 8,000,000 Reynolds Issuer 144A 7.75% 15/10/2016 7,860,000 0.21


USD 40,000,000 Ryerson Holding 144A 0% 01/02/2015 17,800,000 0.47

USD 29,250,000 Sabine Pass LNG 7.5% 30/11/2016 24,501,497 0.64

USD 8,757,000 Salem Communications 9.625% 15/12/2016

9,085,388 0.24

USD 22,425,000 SandRidge Energy 8.625% 01/04/2015 21,770,033 0.57

USD 2,000,000 Select Medical 7.625% 01/02/2015 1,890,092 0.05

USD 14,000,000 Severstal Columbus 144A 10.25% 15/02/2018

14,455,000 0.38

USD 9,100,000 Sinclair Television 144A 9.25% 01/11/2017

9,259,250 0.24

USD 12,500,000 Sirius XM Radio 144A 8.75% 01/04/2015 12,472,650 0.33


USD 3,000,000 Smithfield Foods 144A 10% 15/07/2014 3,296,250 0.09

USD 10,500,000 Sonic Automotive 9% 15/03/2018 10,710,000 0.28

USD 16,000,000 Spectrum Brands 144A 9.5% 15/06/2018 16,520,000 0.43

USD 16,200,000 Sprint Nextel 8.375% 15/08/2017 16,196,501 0.42

USD 18,200,000 Stallion Oilfield 144A 10.5% 15/02/2015 17,244,500 0.45

USD 5,000,000 Standard Pacific 10.75% 15/09/2016 5,375,000 0.14

USD 20,000,000 Stratus Technologies 144A 12% 29/03/2015

17,525,000 0.46

USD 18,500,000 Targa Resources Partners/TargaResources Partners Finance 144A11.25% 15/07/2017

19,887,500 0.52

USD 10,000,000 Trans Union/TransUnion Financing 144A11.375% 15/06/2018

10,450,000 0.27

USD 20,000,000 Triumph 144A 8.625% 15/07/2018 20,500,000 0.54

USD 15,000,000 TRW Automotive 144A 7.25% 15/03/2017

14,625,000 0.38

USD 10,000,000 TRW Automotive 144A 8.875% 01/12/2017

10,275,000 0.27

USD 16,747,531 Umbrella Acquisition 144A 9.75% 15/03/2015

14,067,926 0.37

USD 10,200,000 Windstream 7% 15/03/2019 9,563,663 0.25

USD 19,700,000 Windstream 7.875% 01/11/2017 19,258,641 0.50

USD 5,600,000 WMG Acquisition 9.5% 15/06/2016 5,992,000 0.16

USD 3,000,000 XM Satellite Radio 144A 11.25% 15/06/2013

3,210,000 0.08

USD 6,000,000 Yankee Acquisition 9.75% 15/02/2017 6,090,546 0.16

USD 17,950,000 Yonkers Racing 144A 11.375% 15/07/2016

19,565,500 0.51



on another Regulated Market 2,209,619,685 57.90




MarketValueUSD

%Net

Assets

Netherland 2,118,675 0.06

USD 2,067,000 Paiton Energy Funding RegS 9.34% 15/02/2014

2,118,675 0.06


USD 17,500,000 FGI 144A 11.25% 01/10/2015 17,193,750 0.45





Net Asset Value 3,815,882,920 100.00







MarketValueUSD

%Net

Assets

Belgium 2,559,115 0.40

EUR 2,100,000 Barry Callebaut Services 6% 13/07/2017 2,559,115 0.40

Bermuda 6,271,970 0.99

USD 2,950,000 Li & Fung 5.25% 13/05/2020 3,136,198 0.50


3,135,772 0.49

Brazil 3,064,092 0.48

USD 3,000,000 Gerdau RegS 7% 20/01/2020 3,064,092 0.48

British Virgin Islands 3,288,622 0.52

USD 3,300,000 Henson Finance 5.5% 17/09/2019 3,288,622 0.52

Canada 2,112,219 0.33

USD 350,000 Nexen 6.2% 30/07/2019 387,916 0.05

USD 850,000 Nexen 7.5% 30/07/2039 993,152 0.16




USD 1,875,000 Hutchison Whampoa International RegS5.75% 11/09/2019

2,003,381 0.32


853,606 0.13

USD 2,500,000 Petrobras International Finance 7.875%15/03/2019

2,858,455 0.45

USD 1,540,000 Sable International Finance RegS 7.75%15/02/2017

1,556,701 0.25


USD 985,000 Vale Overseas 6.875% 10/11/2039 1,029,025 0.16

Chile 1,630,640 0.26

USD 1,600,000 CAP RegS 7.375% 15/09/2036 1,630,640 0.26

Colombia 4,473,674 0.70

USD 2,755,000 Colombia Government International6.125% 18/01/2041

2,777,729 0.44

USD 1,500,000 Ecopetrol 7.625% 23/07/2019 1,695,945 0.26

Denmark 1,184,925 0.19

EUR 920,000 AP Moller-Maersk 4.875% 30/10/2014 1,184,925 0.19

Egypt 3,118,500 0.49

USD 3,080,000 Egypt Government International RegS5.75% 29/04/2020

3,118,500 0.49

France 20,818,016 3.28

EUR 1,600,000 Accor 7.5% 04/02/2014 2,187,418 0.35


1,984,699 0.31

EUR 2,450,000 Eutelsat 4.125% 27/03/2017 3,003,231 0.48

EUR 1,000,000 Havas 5.5% 04/11/2014 1,286,897 0.20

EUR 1,700,000 Novasep RegS 9.625% 15/12/2016 1,874,076 0.30


EUR 600,000 Rallye 5.875% 24/03/2014 769,044 0.12

EUR 1,200,000 RCI Banque EMTN 4% 11/07/2013 1,469,421 0.23


EUR 1,290,000 Rexel 8.25% 15/12/2016 1,619,426 0.25

EUR 1,850,000 Rhodia 7% 15/05/2018 2,240,388 0.35

EUR 1,200,000 WPP Finance 5.25% 30/01/2015 1,581,230 0.25

Germany 2,026,670 0.32



Hungary 8,737,280 1.38

GBP 4,700,000 Hungary Government 5.5% 06/05/2014 7,189,809 1.13




MarketValueUSD

%Net

Assets

Hungary (cont)

EUR 1,400,000 MOL Hungarian Oil and Gas EMTN5.875% 20/04/2017

1,547,471 0.25

India 3,072,294 0.48

USD 3,000,000 Indian Oil 4.75% 22/01/2015 3,072,294 0.48

Indonesia 32,835,576 5.17

USD 3,050,000 Adaro Indonesia RegS 7.625% 22/10/2019

3,094,012 0.49

IDR 236,538,00-0,000

Indonesia Government 10.75% 15/05/2016

29,741,564 4.68

Ireland 6,786,144 1.07

EUR 400,000 Ardagh Glass Finance RegS 9.25% 01/07/2016

526,642 0.08

USD 1,579,000 MTS International Funding RegS 8.625%22/06/2020

1,633,633 0.26



1,091,252 0.17


2,265,776 0.36

Israel 1,986,932 0.31

EUR 1,575,000 Israel Government International 4.625%18/03/2020

1,986,932 0.31

Italy 2,813,401 0.44

EUR 1,100,000 Lottomatica 5.375% 05/12/2016 1,380,432 0.22


Jersey 485,370 0.08

GBP 300,000 United Business Media 6.5% 23/11/2016 485,370 0.08

Liberia 3,241,197 0.51

USD 1,050,000 Royal Caribbean Cruises 11.875% 15/07/2015

1,207,500 0.19

EUR 1,800,000 Royal Caribbean Cruises RegS 5.625%27/01/2014

2,033,697 0.32

Luxembourg 20,249,991 3.19

EUR 800,000 Angel Lux Common RegS 8.25% 01/05/2016

1,018,992 0.16

EUR 975,000 ArcelorMittal 8.25% 03/06/2013 1,344,880 0.21

EUR 690,000 ArcelorMittal 9.375% 03/06/2016 1,036,152 0.16

EUR 170,000 Fiat Finance & Trade EMTN 7.625% 15/09/2014

217,660 0.03

EUR 1,660,000 Fiat Finance & Trade GMTN 9% 30/07/2012

2,164,890 0.34

EUR 1,375,000 FMC Finance VI RegS 5.5% 15/07/2016 1,758,558 0.28

EUR 1,200,000 Glencore Finance Europe EMTN 5.25%22/03/2017

1,374,704 0.22

EUR 1,000,000 Glencore Finance Europe EMTN 7.125%23/04/2015

1,263,164 0.20

USD 3,650,000 MHP RegS 10.25% 29/04/2015 3,504,128 0.55

EUR 525,000 Michelin Luxembourg EMTN 8.625% 24/04/2014

771,988 0.12

EUR 2,000,000 SES EMTN 4.625% 09/03/2020 2,506,326 0.40

USD 1,275,000 Telecom Italia Capital 6.175% 18/06/2014 1,341,503 0.21

EUR 800,000 Wind Acquisition Finance RegS 11.75%15/07/2017

994,497 0.16

EUR 850,000 Wind Acquisition Finance RegS 12.25%15/07/2017

952,549 0.15

Malaysia 3,133,247 0.49

USD 1,550,000 Axiata SPV1 Labuan 5.375% 28/04/2020 1,600,877 0.25

USD 1,450,000 Prime Holdings Labuan 5.375% 22/09/2014

1,532,370 0.24







MarketValueUSD

%Net

Assets

Man Island 1,824,484 0.29

USD 1,800,000 AngloGold Ashanti 5.375% 15/04/2020 1,824,484 0.29

Mexico 18,217,480 2.87


EUR 400,000 Petroleos Mexicanos EMTN 5.5% 09/01/2017

508,149 0.08

GBP 710,000 Petroleos Mexicanos EMTN 8.25% 02/06/2022

1,195,689 0.19


EUR 1,750,000 Adecco International Financial ServicesEMTN 7.625% 28/04/2014

2,457,955 0.39

USD 2,769,000 Arcos Dorados RegS 7.5% 01/10/2019 2,910,847 0.46

EUR 1,450,000 ASML 5.75% 13/06/2017 1,836,614 0.29

GBP 750,000 Cable & Wireless International Finance8.625% 25/03/2019

1,159,425 0.18


1,551,449 0.24

USD 3,300,000 DTEK Finance RegS 9.5% 28/04/2015 3,143,610 0.49

EUR 1,050,000 GMAC International Finance 7.5% 21/04/2015

1,218,473 0.19

EUR 500,000 HeidelbergCement Finance RegS 6.75%15/12/2015

602,717 0.09

USD 2,250,000 KazMunaiGaz Finance Sub RegS 7% 05/05/2020

2,270,606 0.36


USD 800,000 Majapahit Holding RegS 7.75% 20/01/2020

881,512 0.14

USD 1,575,000 Majapahit RegS 8% 07/08/2019 1,747,948 0.28

EUR 750,000 New World Resources RegS 7.875% 01/05/2018

891,006 0.14


EUR 700,000 UPC RegS 9.75% 15/04/2018 872,634 0.14



185,720 0.03

USD 3,000,000 Power Sector Assets & LiabilitiesManagement RegS 7.39% 02/12/2024

3,292,788 0.52

USD 1,700,000 International Container Terminal Services7.375% 17/03/2020

1,722,044 0.27

Russia 2,122,026 0.33

USD 2,150,000 Russian Railways EMTN 5.739% 03/04/2017

2,122,026 0.33

Singapore 1,715,875 0.27

USD 1,700,000 CMT MTN Pte EMTN 4.321% 08/04/2015 1,715,875 0.27


ZAR 38,540,000 South Africa Government 13.5% 15/09/2015

6,183,053 0.97

South Korea 5,810,383 0.91

USD 1,500,000 Hyundai Motor Manufacturing Czech sroRegS 4.5% 15/04/2015

1,491,429 0.23

USD 1,350,000 Korea Expressway RegS 4.5% 23/03/2015

1,388,815 0.22

USD 1,575,000 Korea National Housing 4.875% 10/09/2014

1,617,275 0.25

USD 1,300,000 Korea Resources 4.125% 19/05/2015 1,312,864 0.21

Spain 5,291,122 0.83

EUR 2,900,000 Abengoa EMTN 8.5% 31/03/2016 3,006,045 0.47

EUR 900,000 Campofrio Food RegS 8.25% 31/10/2016 1,091,252 0.17

EUR 1,000,000 Gas Natural Capital Markets EMTN3.375% 27/01/2015

1,193,825 0.19




MarketValueUSD

%Net

Assets

Sweden 3,117,545 0.49

EUR 1,100,000 TVN Finance II RegS 10.75% 15/11/2017 1,414,586 0.22

EUR 1,150,000 Volvo Treasury EMTN 9.875% 27/02/2014

1,702,959 0.27



1,361,985 0.21

GBP 1,342,000 Daily Mail & General Trust 5.75% 07/12/2018

1,850,404 0.29

EUR 1,200,000 FCE Bank EMTN 7.125% 16/01/2012 1,491,745 0.24

EUR 1,450,000 FCE Bank EMTN 9.375% 17/01/2014 1,866,458 0.29

GBP 900,000 GKN 6.75% 28/10/2019 1,365,039 0.22

EUR 1,050,000 Hammerson 4.875% 19/06/2015 1,309,483 0.21

EUR 1,350,000 Ineos Finance RegS 9.25% 15/05/2015 1,657,546 0.27

GBP 920,000 Intercontinental Hotels EMTN 6% 09/12/2016

1,426,887 0.22

EUR 450,000 ISS Financing RegS 11% 15/06/2014 592,839 0.09

GBP 630,000 John Lewis EMTN 8.375% 08/04/2019 1,155,460 0.18

EUR 1,150,000 Kerling RegS 10.625% 28/01/2017 1,427,829 0.23

GBP 1,100,000 Marks & Spencer EMTN 6.125% 02/12/2019

1,699,746 0.27


GBP 950,000 National Express EMTN 6.25% 13/01/2017

1,477,436 0.23


EUR 750,000 Rexam EMTN 4.375% 15/03/2013 955,364 0.15


GBP 350,000 Stagecoach 5.75% 16/12/2016 539,234 0.09

GBP 850,000 Tate & Lyle International Finance 6.75%25/11/2019

1,374,259 0.22

GBP 1,150,000 Thomas Cook 7.75% 22/06/2017 1,585,925 0.25


590,453 0.09

GBP 710,000 Virgin Media Finance 8.875% 15/10/2019 1,092,062 0.17

EUR 550,000 Virgin Media Finance 9.5% 15/08/2016 714,029 0.11


2,010,778 0.32



USD 1,525,000 ACCO Brands 10.625% 15/03/2015 1,654,625 0.26

USD 1,070,000 Allis-Chalmers Energy 9% 15/01/2014 996,340 0.16

USD 445,000 AmerisourceBergen 4.875% 15/11/2019 460,235 0.07

USD 1,725,000 AT&T 6.55% 15/02/2039 1,930,967 0.30


448,474 0.07

USD 640,000 Atmos Energy 8.5% 15/03/2019 799,306 0.13

USD 605,000 Basic Energy Services 11.625% 01/08/2014

653,400 0.10

USD 2,450,000 Beazer Homes USA 9.125% 15/06/2018 2,278,500 0.36


955,305 0.15

USD 3,150,000 Cellco Partnership/Verizon WirelessCapital 8.5% 15/11/2018

4,093,006 0.64


2,318,182 0.36

USD 2,630,000 Consumers Energy 6.7% 15/09/2019 3,154,974 0.50

USD 1,015,000 CSX 6.15% 01/05/2037 1,096,489 0.17

USD 340,000 Dow Chemical 8.55% 15/05/2019 415,489 0.07

USD 3,065,000 Dynegy 8.375% 01/05/2016 2,521,146 0.40

USD 1,250,000 Edison Mission Energy 7% 15/05/2017 826,038 0.13

USD 820,000 Enterprise Products Operating 6.125%15/10/2039

816,587 0.13


USD 1,200,000 JC Penney 5.65% 01/06/2020 1,183,309 0.19







MarketValueUSD

%Net

Assets


USD 614,000 JC Penney 6.375% 15/10/2036 579,366 0.09

USD 415,000 JC Penney 6.875% 15/10/2015 439,586 0.07

USD 895,000 Lear 8.125% 15/03/2020 898,714 0.14

EUR 3,050,000 Levi Strauss & Co. RegS 7.75% 15/05/2018

3,614,084 0.57


USD 1,700,000 Macy's Retail 5.9% 01/12/2016 1,710,586 0.27

USD 1,800,000 Macy's Retail 6.7% 15/07/2034 1,676,299 0.26


330,182 0.05


USD 1,075,000 Nextel Communications 6.875% 31/10/2013

1,046,342 0.16

USD 915,000 Nordstrom 4.75% 01/05/2020 947,271 0.15

USD 840,000 Overseas Shipholding 8.125% 30/03/2018

832,249 0.13

USD 1,700,000 Plains Exploration & Production 7.625%01/04/2020

1,648,767 0.26

USD 1,550,000 ProLogis 5.75% 01/04/2016 1,476,342 0.23

USD 1,700,000 Simon Property 5.65% 01/02/2020 1,811,396 0.29


USD 1,815,000 Standard Pacific 8.375% 15/05/2018 1,734,089 0.27

USD 1,600,000 Tyson Foods 7.85% 01/04/2016 1,748,000 0.28




USD 1,425,000 Ventas Realty/Ventas Capital 6.75% 01/04/2017

1,445,976 0.23

USD 410,000 Yum! Brands 5.3% 15/09/2019 437,686 0.07






MarketValueUSD

%Net

Assets

Bermuda 3,615,375 0.57

USD 1,650,000 Digicel 144A 8.25% 01/09/2017 1,637,625 0.26

USD 300,000 Digicel 144A 12% 01/04/2014 335,250 0.05

USD 300,000 Digicel RegS 10.5% 15/04/2018 311,250 0.05

USD 1,250,000 Global Crossing 144A 12% 15/09/2015 1,331,250 0.21

Brazil 3,070,832 0.48

USD 3,050,000 TAM Capital 2 RegS 9.5% 29/01/2020 3,070,832 0.48

Canada 1,754,273 0.28

USD 1,700,000 Bombardier 144A 7.75% 15/03/2020 1,754,273 0.28

China 1,138,771 0.18

USD 1,200,000 Country Garden RegS 11.25% 22/04/2017

1,138,771 0.18


USD 1,600,000 Fibria Overseas Finance RegS 7.5% 04/05/2020

1,640,240 0.26

USD 2,717,666 Sharp SP I Net Interest Margin Trust2006-HE3N NA 6.4% 25/06/2036

- -

Egypt 5,190,418 0.82

EGP 30,000,000 Egypt Treasury Bills 0% 17/08/2010 5,190,418 0.82

Germany 633,950 0.10

USD 620,000 Rearden G Holdings EINS RegS 7.875%30/03/2020

633,950 0.10




MarketValueUSD

%Net

Assets



1,440,000 0.23


544,520 0.08

USD 3,345,000 Intelsat Luxembourg step coupon 04/02/2017

3,395,175 0.53

Malaysia 13,565,830 2.14


Mexico 6,365,359 1.00


USD 2,950,000 Grupo Bimbo RegS 4.875% 30/06/2020 2,967,317 0.47

USD 1,225,000 Kansas City Southern de Mexico 144A8% 01/02/2018

1,274,000 0.20


USD 735,000 BAT International Finance 144A 9.5% 15/11/2018

966,781 0.15


435,625 0.07

GBP 1,750,000 Matalan Finance RegS 9.625% 31/03/2017

2,695,109 0.42


USD 1,500,000 WPP Finance UK 8% 15/09/2014 1,751,655 0.28


USD 600,000 Allbritton Communications 144A 8% 15/05/2018

586,500 0.10

USD 2,950,000 Allegheny Energy Supply 144A 5.75% 15/10/2019

3,007,593 0.47


3,032,550 0.48


USD 580,000 American Axle & Manufacturing 144A9.25% 15/01/2017

601,750 0.09

USD 1,225,000 American Renal 144A 8.375% 15/05/2018

1,218,875 0.19


914,081 0.14

USD 1,850,000 Avaya 9.75% 01/11/2015 1,768,180 0.28

USD 1,015,000 Avis Budget Car Rental/Avis BudgetFinance 144A 9.625% 15/03/2018

1,029,324 0.16


USD 740,000 Biomet 10.375% 15/10/2017 795,637 0.13



246,600 0.04

USD 1,250,000 Case New Holland 144A 7.875% 01/12/2017

1,271,875 0.20

USD 1,220,000 Case New Holland 7.75% 01/09/2013 1,260,332 0.20


1,548,644 0.24


1,268,625 0.20

USD 875,000 Consolidated Edison of New York 4.45%15/06/2020

924,179 0.15

USD 1,335,000 Crosstex Energy/Crosstex Energy Finance8.875% 15/02/2018

1,335,000 0.21

USD 1,250,000 Delta Air Lines 144A 9.5% 15/09/2014 1,318,750 0.21

USD 3,470,000 DirecTV Financing 5.875% 01/10/2019 3,793,893 0.60


1,899,982 0.30



1,746,750 0.28







MarketValueUSD

%Net

Assets


USD 1,500,000 Edgen Murray 144A 12.25% 15/01/2015 1,297,500 0.20

USD 464,013 Elwood Energy 8.159% 05/07/2026 440,232 0.07

USD 3,175,000 FHMLC REMICS 3645 KH 5.5% 15/08/2036

3,432,570 0.54

USD 1,680,000 First Data 9.875% 24/09/2015 1,278,448 0.20

USD 2,007,589 FNMA REMICS G93-39 ZQ 6.5% 25/12/2023

2,235,952 0.35


USD 1,275,000 Freedom 144A 10.25% 01/08/2015 1,324,406 0.21

USD 1,215,000 Freescale Semiconductor 144A 9.25%15/04/2018

1,211,963 0.19

USD 1,825,000 Games Merger 144A 11% 01/06/2018 1,847,813 0.29

USD 1,220,000 General Maritime 144A 12% 15/11/2017 1,250,500 0.20

USD 1,450,000 Geokinetics USA 144A 9.75% 15/12/2014

1,268,750 0.20

USD 1,336,000 GNMA 2004-58 VB 5.5% 16/04/2028 1,482,879 0.23

USD 532,241 GNMA 2009-87 PI 4.5% 20/10/2032 45,302 0.01

USD 682,602 GNMA 2010-14 DI 4.5% 20/12/2033 58,778 0.01

USD 1 GNMA I Pool N° 782455 5.5% 15/11/2038

1 -

USD 1,665,000 Gray Television 144A 10.5% 29/06/2015 1,623,375 0.26



1,422,575 0.22


2,527,389 0.40

USD 1,850,000 Huntsman International 144A 8.625% 15/03/2020

1,715,875 0.27

USD 1,350,000 Icahn Enterprises/Icahn EnterprisesFinance 144A 8% 15/01/2018

1,319,625 0.21

USD 800,000 Jarden 7.5% 15/01/2020 786,890 0.12

USD 1,385,000 Kraft Foods 5.375% 10/02/2020 1,484,171 0.23

USD 795,000 Landry's Restaurants 11.625% 01/12/2015

826,277 0.13

USD 700,000 LBI Escrow 144A 8% 01/11/2017 722,750 0.11

USD 855,000 Linn Energy Finance 144A 8.625% 15/04/2020

872,466 0.14

USD 1,225,000 Lions Gate Entertainment 144A 10.25%01/11/2016

1,225,000 0.19

USD 1,000,000 Martin Midstream Partners/MartinMidstream Finance 144A 8.875% 01/04/2018

995,000 0.16


USD 1,525,000 Mirant Americas Generation 8.5% 01/10/2021

1,419,264 0.22

USD 2,420,000 Momentive Performance Materials 9.75%01/12/2014

2,299,000 0.36



1,712,750 0.27

USD 990,000 News America 6.65% 15/11/2037 1,108,895 0.17


USD 2,250,000 PAETEC 144A 8.875% 30/06/2017 2,255,625 0.35

USD 603,705 Park Place Securities 2004-WCW1 M8FRN 25/09/2034

9,360 -

USD 1,120,000 Parker Drilling 144A 9.125% 01/04/2018 1,069,600 0.17

USD 1,250,000 Petroleum Development 12% 15/02/2018 1,293,750 0.20

USD 1,850,000 Quiksilver 6.875% 15/04/2015 1,676,781 0.26

USD 750,000 QVC 144A 7.375% 15/10/2020 736,875 0.12

USD 1,075,000 QVC 144A 7.5% 01/10/2019 1,066,938 0.17


497,500 0.08

USD 1,825,000 Radiation Therapy Services 144A 9.875%15/04/2017

1,779,375 0.28




MarketValueUSD

%Net

Assets



1,636,874 0.26

USD 705,000 Republic Services 144A 6.2% 01/03/2040 754,889 0.12


USD 950,000 Severstal Columbus 144A 10.25% 15/02/2018

980,875 0.15


773,300 0.12


USD 1,550,000 Sonic Automotive 9% 15/03/2018 1,581,000 0.25



USD 1,000,000 Stallion Oilfield 144A 10.5% 15/02/2015 947,500 0.15

USD 1,650,000 Steel Dynamics 144A 7.625% 15/03/2020 1,662,375 0.26

USD 1,885,000 Time Warner 4.875% 15/03/2020 1,944,926 0.31

USD 1,830,000 US Treasury 3.5% 15/05/2020 1,912,922 0.30

USD 1,865,000 US Treasury 4.625% 15/02/2040 2,088,800 0.33


65,370,584 10.29

USD 1,075,000 Valeant Pharmaceuticals International144A 7.625% 15/03/2020

1,273,875 0.20

USD 1,000,000 Waste Management 4.75% 30/06/2020 1,027,077 0.16

USD 1,475,000 Windstream 7.875% 01/11/2017 1,441,954 0.23

USD 750,000 WMG Acquisition 9.5% 15/06/2016 802,500 0.13






MarketValueUSD

%Net

Assets

Canada 899,925 0.14

USD 785,000 Cenovus Energy 144A 6.75% 15/11/2039 899,925 0.14


USD 1,149,024 Morgan Stanley ABS Capital I 2003-NC10B3 FRN 25/10/2033

120,510 0.02

USD 632,205 New Century Home Equity Loan Trust2003-3 M5 FRN 25/07/2033

79,806 0.01




MarketValueUSD

%Net

Assets


USD 8,350,000 FHLMC TBA 5.5% 15/07/2039 8,976,250 1.41

USD 8,350,000 FHLMC TBA 5.5% 15/08/2039 8,950,156 1.41

USD 15,600,000 FHLMC TBA 6% 15/07/2039 16,955,250 2.67

USD 7,190,000 FHLMC TBA 6% 15/08/2039 7,792,162 1.23

USD 115,852 FNMA Pool N° 725221 5.5% 01/01/2034 125,102 0.02

USD 81,400,000 FNMA TBA 5% 15/JUL/2034 86,207,688 13.57




Net Asset Value 635,148,416 100.00




Schroder ISF Asian Convertible Bond



MarketValueUSD

%Net

Assets

China 6,854,945 5.91

CNY 10,000,000 China High Speed TransmissionEquipment 0% 14/05/2011

1,670,249 1.44

CNY 15,000,000 GOME Electrical Appliances 3% 25/09/2014

2,456,351 2.12

CNY 20,000,000 Hidili Industry International Development1.5% 19/01/2015

2,728,345 2.35

Hong Kong SAR 21,128,922 18.22

HKD 27,000,000 Champion Path 0% 28/10/2015 4,387,769 3.77

USD 1,000,000 China Overseas Finance InvestmentCayman 0% 14/05/2014

1,223,800 1.06

HKD 24,000,000 Fair Vantage 1% 03/06/2013 3,537,572 3.05

HKD 6,000,000 Gainlead International 0% 22/02/2012 853,926 0.74

USD 800,000 Hongkong Land CB 2005 RegS 2.75%21/12/2012

1,064,000 0.92

USD 2,500,000 Lonking 0% 24/08/2014 2,845,750 2.45

USD 2,500,000 PB Issuer No 2 1.75% 12/04/2016 2,339,672 2.02

HKD 5,000,000 Power Regal 2.25% 02/06/2014 835,878 0.72

HKD 30,000,000 Sherson 0% 04/06/2014 4,040,555 3.49

India 33,210,963 28.64

USD 2,220,000 Jaiprakash Associates 0% 12/09/2012 2,802,750 2.42

USD 3,000,000 Jaiprakash Power Ventures 5% 13/02/2015

3,147,012 2.71

USD 2,500,000 JSW Steel 0% 28/06/2012 3,208,010 2.76

USD 1,400,000 Larsen & Toubro 3.5% 22/10/2014 1,671,893 1.44

USD 3,200,000 Mahindra & Mahindra 0% 14/04/2011 4,181,690 3.61

USD 2,000,000 Sesa Goa 5% 31/10/2014 2,268,518 1.96

USD 3,100,000 Suzlon Energy 0% 11/10/2012 3,151,925 2.72

USD 1,000,000 Tata Motors 0% 12/07/2012 1,175,410 1.01

USD 2,200,000 Tata Motors 4% 16/10/2014 2,898,500 2.50

USD 700,000 Tata Power 1.75% 21/11/2014 736,790 0.63

USD 2,500,000 Tata Steel 1% 05/09/2012 2,871,875 2.48

USD 3,000,000 Tata Steel 4.5% 21/11/2014 3,056,250 2.64

USD 2,000,000 Welspun 4.5% 17/10/2014 2,040,340 1.76

Malaysia 2,838,006 2.45

USD 1,500,000 IOI Capital 0% 18/12/2011 1,863,375 1.61

USD 1,000,000 YTL Finance Labuan 1.875% 18/03/2015 974,631 0.84

Singapore 23,602,376 20.36

SGD 1,000,000 CapitaCommercial Trust 2.7% 21/04/2015 723,340 0.62

SGD 9,000,000 CapitaLand RegS 2.875% 03/09/2016 6,315,253 5.45

SGD 2,000,000 CapitaMall Trust 1% 02/07/2013 1,487,510 1.28

CNY 15,000,000 China Green/Bermuda 3% 12/04/2013 2,085,704 1.80

USD 1,600,000 Ezra 4% 25/11/2014 1,583,946 1.37

USD 2,400,000 First Resources 5.625% 22/09/2014 2,574,420 2.22

CNY 16,000,000 Fufeng 4.5% 01/04/2015 2,308,668 1.99

SGD 1,000,000 Keppel Land 2.5% 23/06/2013 724,078 0.62

USD 2,300,000 Olam International 6% 15/10/2016 2,534,664 2.20

HKD 10,000,000 Soho China 3.75% 02/07/2014 1,302,248 1.12

SGD 1,000,000 Yanlord Land 5.85% 13/07/2014 735,185 0.63

SGD 2,000,000 Ying Li International Real Estate 4% 03/03/2015

1,227,360 1.06

South Korea 8,412,897 7.26

USD 2,000,000 Daewoo International 3.25% 06/07/2014 2,403,128 2.08

USD 3,500,000 Hynix Semiconductor 2.65% 14/05/2015 3,330,469 2.87

USD 2,600,000 STX Pan Ocean 4.5% 20/11/2014 2,679,300 2.31

Taiwan 1,077,838 0.93

USD 1,000,000 United Microelectronics 0% 02/12/2014 1,077,838 0.93

Vietnam 2,004,378 1.73

USD 2,000,000 Vincom RegS 6% 15/12/2014 2,004,378 1.73

Schroder ISF Asian Convertible Bond (cont)



MarketValueUSD

%Net

Assets






MarketValueUSD

%Net

Assets

India 1,847,500 1.59

USD 2,000,000 Sterlite Industries India 4% 30/10/2014 1,847,500 1.59

Indonesia 2,835,000 2.45

USD 3,000,000 Berlian Laju Tanker 12% 10/02/2015 2,835,000 2.45

Singapore 2,461,320 2.12

USD 3,000,000 BLD Investments Pte 8.625% 23/03/2015 2,461,320 2.12

South Korea 2,525,000 2.18

USD 2,000,000 KCC 3.5% 06/05/2014 2,525,000 2.18

Taiwan 1,105,250 0.95

USD 1,000,000 United Microelectronics 0% 02/12/2014 1,105,250 0.95






Net Asset Value 115,941,287 100.00




Schroder ISF Global Convertible Bond



MarketValueUSD

%Net

Assets

Austria 1,182,129 0.47

EUR 1,000,000 Conwert Immobilien Invest 5.25% 01/02/2016

1,182,129 0.47

Bermuda 3,481,901 1.39

USD 1,000,000 Alliance Oil 7.25% 16/07/2014 972,526 0.39

USD 2,500,000 Aquarius Platinum 4% 18/12/2015 2,509,375 1.00

British Virgin Islands 6,500,398 2.60

HKD 40,000,000 Champion Path 0% 28/10/2015 6,500,398 2.60

Germany 4,171,927 1.67

EUR 3,000,000 Kreditanstalt fuer Wiederaufbau 1.5% 30/07/2014

4,171,927 1.67

Hong Kong SAR 4,881,776 1.95

USD 1,000,000 Lonking 0% 24/08/2014 1,138,300 0.45

USD 4,000,000 PB Issuer No 2 1.75% 12/04/2016 3,743,476 1.50

India 22,867,116 9.15

USD 3,000,000 Jaiprakash Power Ventures 5% 13/02/2015

3,147,012 1.26

USD 3,200,000 Larsen & Toubro 3.5% 22/10/2014 3,821,469 1.53

USD 3,100,000 Mahindra & Mahindra 0% 14/04/2011 4,051,012 1.62

USD 1,000,000 Sesa Goa 5% 31/10/2014 1,134,259 0.45

USD 1,000,000 Tata Motors 0% 12/07/2012 1,175,410 0.47

USD 1,000,000 Tata Motors 4% 16/10/2014 1,317,500 0.53

USD 2,000,000 Tata Power 1.75% 21/11/2014 2,105,114 0.84

USD 4,000,000 Tata Steel 4.5% 21/11/2014 4,075,000 1.63

USD 2,000,000 Welspun 4.5% 17/10/2014 2,040,340 0.82

Japan 23,961,536 9.58

JPY 230,000,000 Aeon 0.3% 22/11/2013 2,972,105 1.19

JPY 200,000,000 Asahi Breweries 0% 26/05/2028 2,283,391 0.91

JPY 350,000,000 Asahi Glass 0% 14/11/2014 4,169,607 1.67

JPY 145,000,000 Hitachi 0.1% 12/12/2014 1,926,985 0.77

JPY 120,000,000 Nippon Meat Packers 0% 03/03/2014 1,424,658 0.57

JPY 300,000,000 ORIX 1% 31/03/2014 3,742,601 1.50

JPY 100,000,000 Softbank 1.75% 31/03/2014 1,452,562 0.58

JPY 220,000,000 Takashimaya 0% 14/11/2014 2,810,255 1.12

JPY 280,000,000 Toshiba 0% 21/07/2011 3,179,372 1.27


USD 3,600,000 TMK Bonds 5.25% 11/02/2015 3,317,040 1.33

Malaysia 3,105,625 1.24

USD 2,500,000 IOI Capital 0% 18/12/2011 3,105,625 1.24


EUR 2,500,000 Celesio Finance 3.75% 29/10/2014 3,353,800 1.34

Singapore 12,547,926 5.02

USD 2,300,000 Ezra 4% 25/11/2014 2,276,922 0.91

USD 3,000,000 First Resources 5.625% 22/09/2014 3,218,025 1.29

USD 6,400,000 Olam International 6% 15/10/2016 7,052,979 2.82

South Korea 12,725,641 5.09

USD 2,000,000 Daewoo International 3.25% 06/07/2014 2,403,128 0.96

USD 5,000,000 Hynix Semiconductor 2.65% 14/05/2015 4,757,813 1.90

USD 5,400,000 STX Pan Ocean 4.5% 20/11/2014 5,564,700 2.23

Sweden 10,534,809 4.21

EUR 8,000,000 Industrivarden 2.5% 27/02/2015 10,534,809 4.21


GBP 3,000,000 Autonomy 3.25% 04/03/2015 4,987,538 1.99

GBP 1,500,000 British Airways 5.8% 13/08/2014 2,683,395 1.07

USD 2,500,000 Hochschild Mining 5.75% 20/10/2014 2,665,250 1.07

Schroder ISF Global ConvertibleBond (cont)Number of sharesor PrincipalAmount


MarketValueUSD

%Net

Assets


USD 6,000,000 Petropavlovsk 2010 4% 18/02/2015 6,395,400 2.56

Vietnam 2,004,378 0.80

USD 2,000,000 Vincom RegS 6% 15/12/2014 2,004,378 0.80






MarketValueUSD

%Net

Assets

Bermuda 7,297,403 2.92

USD 5,000,000 Frontline/Bermuda 4.5% 14/04/2015 5,006,250 2.00

USD 2,500,000 Seadrill 3.625% 08/11/2012 2,291,153 0.92

Canada 12,262,204 4.90

USD 9,000,000 Goldcorp 2% 01/08/2014 10,428,750 4.17

USD 2,000,000 PetroBakken Energy RegS 3.125% 08/02/2016

1,833,454 0.73

India 3,695,000 1.48

USD 4,000,000 Sterlite Industries India 4% 30/10/2014 3,695,000 1.48


USD 1,000,000 AMR 6.25% 15/10/2014 953,750 0.38

USD 2,000,000 Anixter International 1% 15/02/2013 1,870,000 0.75

USD 5,000,000 Boston Properties 3.75% 15/05/2036 5,218,750 2.09

USD 4,000,000 Ciena 144A 4% 15/03/2015 3,795,000 1.52

USD 1,000,000 Continental Airlines 4.5% 15/01/2015 1,267,500 0.51

USD 500,000 Ford Motor 4.25% 15/11/2016 613,750 0.24

USD 2,000,000 Lennar 144A 2% 01/12/2020 1,767,500 0.71

USD 4,000,000 LifePoint Hospitals 3.5% 15/05/2014 3,705,000 1.48

USD 3,000,000 MGM Resorts International 144A 4.25%15/04/2015

2,430,000 0.97

USD 2,000,000 Microchip Technology 2.125% 15/12/2037

1,965,000 0.78

USD 2,230,000 Micron Technology 1.875% 01/06/2014 1,976,337 0.79

USD 2,000,000 Navistar International 3% 15/10/2014 2,360,000 0.94

USD 7,000,000 Newmont Mining 1.25% 15/07/2014 9,922,500 3.97

USD 3,000,000 Owens-Brockway Glass Container 144A3% 01/06/2015

2,812,500 1.12

USD 1,200,000 Peabody Energy 4.75% perpetual 1,177,500 0.47

USD 3,000,000 priceline.com 144A 1.25% 15/03/2015 2,790,000 1.12

USD 4,000,000 Rovi 144A 2.625% 15/02/2040 4,075,000 1.63

USD 1,000,000 Saks 2% 15/03/2024 870,000 0.35

USD 2,000,000 Salesforce.com 144A 0.75% 15/01/2015 2,315,000 0.92

USD 2,000,000 Sotheby's 3.125% 15/06/2013 1,940,000 0.78

USD 3,000,000 Virgin Media 6.5% 15/11/2016 3,495,000 1.40

USD 2,000,000 Vornado Realty 3.875% 15/04/2025 2,165,000 0.87

USD 5,000,000 Xilinx 144A 2.625% 15/06/2017 5,087,500 2.03

Mexico 6,134,625 2.45

USD 6,150,000 Cemex 144A 4.875% 15/03/2015 6,134,625 2.45

South Korea 5,302,500 2.12

USD 4,200,000 KCC 3.5% 06/05/2014 5,302,500 2.12







Schroder ISF Global ConvertibleBond (cont)Number of sharesor PrincipalAmount


MarketValueUSD

%Net

Assets



Net Asset Value 250,083,769 100.00

Schroder ISF Global Credit DurationHedgedNumber of sharesor PrincipalAmount


MarketValueEUR

%Net

Assets

Belgium 2,108,767 0.58

EUR 350,000 Anheuser-Busch InBev EMTN 8.625% 30/01/2017

461,719 0.13

GBP 950,000 Anheuser-Busch InBev EMTN 9.75% 30/07/2024

1,647,048 0.45

Bermuda 1,980,364 0.55


USD 480,000 Petroplus Finance 144A 9.375% 15/09/2019

339,008 0.10


1,493,530 0.41

Canada 3,360,891 0.93

USD 40,000 Nexen 6.2% 30/07/2019 36,198 0.01

USD 2,770,000 Nexen 7.5% 30/07/2039 2,642,586 0.73






483,775 0.13



GBP 550,000 Yorkshire Water Services BradfordFinance variable 24/04/2025

702,654 0.20

Denmark 5,826,755 1.61


GBP 1,350,000 Carlsberg Breweries EMTN 7.25% 28/11/2016

1,919,164 0.53

GBP 250,000 Carlsberg Finance 7% 26/02/2013 334,056 0.09


France 14,370,003 3.97


1,696,124 0.46

GBP 300,000 AXA 7.125% 15/12/2020 391,967 0.11



1,487,340 0.41

EUR 2,050,000 EDF EMTN 4.625% 26/04/2030 2,076,264 0.57

EUR 1,000,000 EDF EMTN 6.25% 25/01/2021 1,215,940 0.33

EUR 800,000 Havas 5.5% 04/11/2014 840,594 0.23

EUR 300,000 Novasep RegS 9.625% 15/12/2016 270,030 0.08

EUR 500,000 Pernod-Ricard 4.875% 18/03/2016 501,350 0.14

EUR 950,000 Pernod-Ricard EMTN 7% 15/01/2015 1,034,920 0.29

EUR 500,000 Remy Cointreau 5.18% 15/12/2016 494,135 0.14

EUR 200,000 Rexel 8.25% 15/12/2016 205,000 0.06



EUR 650,000 Vivendi 4% 31/03/2017 659,681 0.18

EUR 1,250,000 Vivendi EMTN 4.875% 02/12/2019 1,304,532 0.36

Germany 5,888,705 1.63






634,828 0.18

GBP 500,000 Muenchener Rueckversicherungs variable21/06/2028

693,485 0.19


USD 700,000 CITIC Bank International EMTN 6.875%24/06/2020

575,578 0.16




Schroder ISF Global Credit DurationHedged (cont)Number of sharesor PrincipalAmount


MarketValueEUR

%Net

Assets

Ireland 1,466,821 0.41

EUR 250,000 Cloverie for Zurich Insurance EMTNvariable 24/07/2039

275,821 0.08


1,039,500 0.29


151,500 0.04

Italy 615,209 0.17

GBP 500,000 Intesa Sanpaolo EMTN variable 12/11/2017

615,209 0.17

Japan 4,926,500 1.36

USD 5,720,000 Nomura 6.7% 04/03/2020 4,926,500 1.36

Jersey 2,292,889 0.63


104,395 0.03

GBP 700,000 United Business Media 6.5% 23/11/2016 924,703 0.25

EUR 1,100,000 WPP EMTN 6.625% 12/05/2016 1,263,791 0.35


USD 1,475,000 ArcelorMittal 7% 15/10/2039 1,250,286 0.34

EUR 500,000 Telecom Italia Finance EMTN 7.75% 24/01/2033

573,803 0.16



183,488 0.04

EUR 800,000 Allianz Finance II variable 31/05/2022 833,715 0.23

EUR 1,025,000 ASML 5.75% 13/06/2017 1,060,050 0.29


109,200 0.03


3,525,780 0.98

GBP 400,000 ELM for Swiss Reinsurance EMTN variableperpetual

379,435 0.10


1,230,375 0.34




EUR 509,000 Suedzucker International Finance variableperpetual

462,184 0.13


EUR 430,000 UPC RegS 9.75% 15/04/2018 437,678 0.12

Norway 471,099 0.13

GBP 420,000 DnB NOR Bank variable perpetual 471,099 0.13



26,137 0.01

Sweden 3,172,278 0.88

GBP 1,000,000 Nordea Bank EMTN 3.875% 15/12/2015 1,240,992 0.34


EUR 600,000 TVN Finance II RegS 10.75% 15/11/2017 630,000 0.18


GBP 612,000 Credit Suisse/London EMTN variable 16/01/2023

797,811 0.22

USD 3,400,000 Weatherford International 9.625% 01/03/2019

3,380,021 0.94



130,830 0.04

GBP 600,000 Aviva EMTN variable 20/05/2058 719,563 0.20

EUR 1,050,000 Aviva variable perpetual 836,936 0.23



MarketValueEUR

%Net

Assets



EUR 700,000 Aviva variable perpetual 511,293 0.14


USD 450,000 Barclays Bank 144A 10.179% 12/06/2021

465,595 0.13


GBP 600,000 BAT International Finance EMTN 7.25%12/03/2024

858,965 0.24


1,357,046 0.37

EUR 1,950,000 Hammerson 4.875% 19/06/2015 1,985,627 0.55

GBP 498,000 Hammerson 6% 23/02/2026 601,402 0.17

GBP 450,000 HSBC Bank EMTN variable 20/03/2023 526,766 0.15

GBP 1,700,000 HSBC variable 08/04/2018 2,400,420 0.66


2,011,093 0.56

EUR 750,000 Imperial Tobacco Finance EMTN 8.375%17/02/2016

929,740 0.26

GBP 200,000 Imperial Tobacco Finance EMTN 9% 17/02/2022

315,664 0.09


83,895 0.02


2,152,797 0.60



1,591,780 0.44

GBP 750,000 Lloyds TSB Bank EMTN 7.625% 22/04/2025

907,420 0.25



GBP 970,000 Old Mutual EMTN variable perpetual 823,979 0.23




GBP 900,000 RSA Insurance variable perpetual 949,331 0.26

GBP 1,410,000 Segro 6.75% 23/11/2021 1,890,547 0.52

EUR 1,050,000 Smiths 4.125% 05/05/2017 1,069,390 0.30

USD 1,815,000 Standard Chartered 144A 3.85% 27/04/2015

1,487,006 0.41


2,105,789 0.58


1,837,220 0.51


253,945 0.07


2,178,141 0.60


438,273 0.12



1,641,787 0.45

USD 1,750,000 Vodafone 5.45% 10/06/2019 1,540,160 0.43


GBP 250,000 Woolwich 9.5% 07/08/2021 371,750 0.10


USD 1,625,000 ACCO Brands 10.625% 15/03/2015 1,439,580 0.40

USD 2,600,000 Altria 9.7% 10/11/2018 2,682,981 0.74

USD 1,170,000 Altria 9.95% 10/11/2038 1,253,841 0.35

USD 3,160,000 AT&T 6.55% 15/02/2039 2,888,187 0.80


170,010 0.05






MarketValueEUR

%Net

Assets


USD 50,000 Atmos Energy 8.5% 15/03/2019 50,987 0.01

USD 1,600,000 Browning-Ferris Industries 7.4% 15/09/2035

1,556,779 0.43




USD 955,000 Consumers Energy 6.7% 15/09/2019 935,397 0.26

USD 710,000 CSX 6.15% 01/05/2037 626,252 0.17

USD 3,800,000 Delhaize America 9% 15/04/2031 4,152,796 1.15

USD 1,455,000 Dow Chemical 8.55% 15/05/2019 1,451,763 0.40


999,806 0.28

USD 4,500,000 Energy Transfer Partners 9% 15/04/2019 4,390,181 1.21

USD 1,770,000 Enterprise Products Operating 6.125%15/10/2039

1,439,178 0.40

USD 3,000,000 EQT 8.125% 01/06/2019 2,914,538 0.81

USD 250,000 General Mills 5.65% 15/02/2019 231,520 0.06


951,065 0.26

USD 3,190,000 HCP MTN 6.7% 30/01/2018 2,731,135 0.75



USD 3,000,000 Kinder Morgan Energy Partners 6.5% 01/09/2039

2,570,236 0.71

USD 2,800,000 Kohl's 6.875% 15/12/2037 2,745,484 0.76

USD 1,735,000 Lorillard Tobacco 8.125% 23/06/2019 1,573,334 0.44

USD 1,045,000 Magellan Midstream Partners 6.55% 15/07/2019

971,459 0.27

USD 606,000 Marathon Oil 7.5% 15/02/2019 592,638 0.16

USD 90,000 McDonald's MTN 5% 01/02/2019 82,518 0.02


USD 85,000 Nevada Power 5.875% 15/01/2015 77,335 0.02



103,314 0.03

USD 640,000 Nordstrom 4.75% 01/05/2020 540,986 0.15

USD 1,450,000 Nordstrom 6.75% 01/06/2014 1,373,196 0.38

USD 2,800,000 Nordstrom 7% 15/01/2038 2,631,072 0.73


USD 3,030,000 ONEOK Partners 8.625% 01/03/2019 3,096,587 0.86

USD 1,705,000 Plains All American Pipeline 8.75% 01/05/2019

1,676,143 0.46

USD 1,455,000 ProLogis 7.375% 30/10/2019 1,164,696 0.32

USD 35,000 Qwest 7.625% 15/06/2015 30,533 0.01

USD 4,055,000 Reynolds American 7.625% 01/06/2016 3,737,238 1.03



USD 1,025,000 UnitedHealth Group 6.5% 15/06/2037 901,257 0.25



USD 1,110,000 Valero Energy 6.625% 15/06/2037 877,220 0.24


389,401 0.11

USD 2,590,000 Verizon Communications 8.75% 01/11/2018

2,757,458 0.76

USD 1,100,000 Verizon Wireless Capital 8.5% 15/11/2018 1,167,017 0.32

USD 1,260,000 Wal-Mart Stores 6.2% 15/04/2038 1,214,088 0.34

USD 315,000 Yum! Brands 5.3% 15/09/2019 274,563 0.08

USD 705,000 Yum! Brands 6.875% 15/11/2037 670,067 0.18


889,161 0.25



MarketValueEUR

%Net

Assets






MarketValueEUR

%Net

Assets

Canada 770,703 0.22


France 4,021,101 1.11

USD 2,100,000 Compagnie de Financement Foncier 144A2.125% 22/04/2013

1,716,028 0.47

USD 900,000 EDF 144A 6.95% 26/01/2039 889,478 0.25

USD 1,825,000 Credit Agricole 144A variable perpetual 1,415,595 0.39


USD 4,000,000 Holcim US Finance Sarl & Cie 144A 6%30/12/2019

3,487,037 0.96

Mexico 1,227,911 0.34



USD 1,650,000 Koninklijke KPN 8.375% 01/10/2030 1,780,336 0.49


1,811,390 0.50

South Korea 1,445,323 0.40



USD 1,000,000 Barclays Bank 6.75% 22/05/2019 905,384 0.25


1,997,589 0.55

USD 1,970,000 HSBC Bank 144A 3.5% 28/06/2015 1,631,414 0.45


USD 790,000 AMC Entertainment 8.75% 01/06/2019 646,545 0.18


299,430 0.08


516,232 0.14

USD 1,200,000 Bank of America 4.5% 01/04/2015 991,265 0.27



USD 1,285,000 BNP Paribas US 144A 5.125% 15/01/2015

1,089,153 0.30


146,816 0.04



897,357 0.25

USD 850,000 Cloud Peak Energy Resources/CloudPeak Energy Finance 144A 8.25% 15/12/2017

690,549 0.19

USD 1,345,000 Comcast 6.5% 15/01/2017 1,257,859 0.35

USD 615,000 Consolidated Edison of New York 4.45%15/06/2020

530,366 0.15

USD 750,000 COX Communications 144A 8.375% 01/03/2039

823,311 0.23


USD 1,170,000 Crosstex Energy Finance 8.875% 15/02/2018

955,297 0.26


886,725 0.25

USD 3,595,000 DirecTV Financing 5.875% 01/10/2019 3,209,276 0.89






MarketValueEUR

%Net

Assets


USD 1,855,000 Discover Bank/Greenwood 7% 15/04/2020

1,539,920 0.43


1,143,546 0.32


USD 1,100,000 GXS Worldwide 144A 9.75% 15/06/2015 857,726 0.24


754,236 0.21

USD 50,000 Intelsat 9.25% 15/06/2016 42,831 0.01

USD 675,000 Jarden 7.5% 15/01/2020 542,101 0.15

USD 1,520,000 JPMorgan Chase Capital XXVII 7% 01/11/2039

1,259,115 0.35

USD 3,585,000 Kraft Foods 5.375% 10/02/2020 3,136,722 0.87

USD 300,000 Kroger 6.9% 15/04/2038 295,147 0.08

EUR 300,000 LBI Escrow RegS 8% 01/11/2017 303,000 0.08

USD 1,000,000 Liberty Mutual 144A variable 15/06/2058 903,669 0.25

USD 775,000 Media General 144A 11.75% 15/02/2017 648,602 0.18

USD 2,480,000 MetLife 6.4% 15/12/2036 1,807,428 0.50



USD 1,775,000 News America 6.65% 15/11/2037 1,623,328 0.45



USD 4,200,000 Pacific LifeCorp 144A 6% 10/02/2020 3,640,504 1.01


USD 1,700,000 Prudential Financial MTN 4.75% 17/09/2015

1,445,750 0.40


406,205 0.11


1,047,641 0.29

USD 810,000 Republic Services 144A 6.2% 01/03/2040 708,160 0.20


448,622 0.12


USD 1,100,000 Stallion Oilfield 144A 10.5% 15/02/2015 850,990 0.23

USD 1,150,000 Time Warner 4.875% 15/03/2020 968,818 0.27

USD 560,000 US Treasury 1.875% 30/06/2015 459,201 0.13

USD 2,705,000 US Treasury 3.5% 15/05/2020 2,308,692 0.64

USD 5,150,000 US Treasury 4.625% 15/02/2040 4,709,533 1.30







MarketValueEUR

%Net

Assets

Bermuda 763,208 0.21

USD 1,160,000 Catlin Insurance 144A variable perpetual 763,208 0.21

Canada 893,907 0.25

USD 955,000 Cenovus Energy 144A 6.75% 15/11/2039 893,907 0.25


USD 793,257 Asset Backed Securities Home Equity2003-HE5 M5 FRN 15/09/2033

51,441 0.01

USD 344,672 Morgan Stanley ABS Capital I 2003-NC6B3 FRN 25/06/2033

23,323 0.01

USD 638,347 Morgan Stanley ABS Capital I 2003-NC10B3 FRN 25/10/2033

54,664 0.02

USD 57,960 Morgan Stanley Dean Witter Capital I2003-NC1 B1 FRN 25/11/2032

949 -



MarketValueEUR

%Net

Assets



6,089 -


37,444 0.01





Net Asset Value 361,650,808 100.00




Schroder ISF EURO Equity Secure 2010



MarketValueUSD

%Net

Assets














Schroder ISF European Defensive


MarketValueEUR

%Net

Assets



Net Asset Value 107,365,164 100.00




Schroder ISF European Defensive Monthly


MarketValueEUR

%Net

Assets




Schroder ISF European Defensive 6MonthlyNumber of sharesor PrincipalAmount

MarketValueEUR

%Net

Assets







Schroder ISF World Defensive 3 Monthly


MarketValueEUR

%Net

Assets




Schroder ISF EURO Government Liquidity



MarketValueEUR

%Net

Assets

France 3,864,205 43.25

EUR 1,000,000 France BTAN 3% 12/01/2011 1,013,850 11.35

EUR 600,000 France BTAN 3.75% 12/09/2010 604,050 6.76


1,048,150 11.73


Germany 3,708,176 41.50

EUR 650,000 Bundesobligation 2.5% 08/10/2010 653,867 7.32



1,008,550 11.29


1,006,950 11.27


EUR 700,000 Dutch Treasury Certificate 0% 16/08/2010 699,860 7.83

Spain 479,793 5.37

EUR 500,000 Spain Government FRN 29/10/2012 479,793 5.37










Schroder ISF EURO Liquidity



MarketValueEUR

%Net

Assets

Austria 2,991,009 0.20

EUR 3,000,000 Erste Bank EMTN FRN 23/11/2010 2,991,009 0.20

Canada 5,000,960 0.33

EUR 5,000,000 Royal Bank of Canada EMTN FRN.23/03/2011

5,000,960 0.33

France 180,127,517 11.78

EUR 4,000,000 BNP Paribas EMTN FRN 21/06/2012 3,981,688 0.26

EUR 4,000,000 BPCE EMTN FRN 06/08/2010 3,998,528 0.26

EUR 2,750,000 Credit Agricole/London EMTN FRN 08/10/2010

2,751,144 0.18

EUR 17,000,000 Crédit Agricole/London EMTN FRN 12/03/2013

17,005,355 1.11

EUR 4,000,000 Crédit Agricole/London EMTN FRN 27/04/2012

3,964,152 0.26

EUR 8,500,000 Dexia Credit Local EMTN FRN 06/02/2012

8,337,250 0.55

EUR 90,000,000 France BTAN 3.75% 12/09/2010 90,607,500 5.92

EUR 24,500,000 Societe Financement de l'EconomieFrancaise EMTN FRN 16/07/2012

24,746,495 1.62

EUR 9,800,000 Société Générale EMTN FRN 18/08/2011 9,859,300 0.64



Germany 10,047,030 0.66

EUR 10,000,000 Kreditanstalt fuer Wiederaufbau EMTNFRN 04/03/2013

10,047,030 0.66

Italy 28,340,196 1.85

EUR 15,000,000 Intesa Sanpaolo EMTN FRN 17/12/2012 14,691,885 0.96


10,148,500 0.66

EUR 3,500,000 UniCredit EMTN FRN 05/07/2010 3,499,811 0.23


EUR 6,000,000 ING Bank FRN 18/06/2012 5,993,214 0.39

EUR 7,000,000 KBC InternationaleFinancieringsmaatschappij EMTN FRN 20/01/2012

6,954,689 0.46

EUR 19,500,000 Rabobank Nederland GMTN FRN 07/02/2011

19,471,530 1.27

Norway 13,047,523 0.85



Spain 29,273,378 1.91

EUR 9,750,000 BBVA Senior Finance GMTN FRN 22/01/2013

9,429,703 0.61


1,991,762 0.13


9,133,623 0.60

EUR 2,000,000 Santander International Debt FRN 26/04/2012

1,971,448 0.13

EUR 7,031,000 Spain Government FRN 29/10/2012 6,746,842 0.44

Sweden 15,407,200 1.00

EUR 10,400,000 Svenska Handelsbanken EMTN FRN 18/10/2010

10,434,310 0.68

EUR 5,000,000 Svenska Handelsbanken EMTN FRN 14/01/2013

4,972,890 0.32


EUR 10,000,000 Credit Suisse/London EMTN FRN 07/01/2013

9,923,780 0.65

EUR 3,000,000 Credit Suisse/London FRN 17/06/2013 3,001,494 0.20

Schroder ISF EURO Liquidity (cont)



MarketValueEUR

%Net

Assets


EUR 1,850,000 Bank of Scotland EMTN FRN 05/07/2011 1,830,680 0.12

EUR 12,000,000 Bank of Scotland EMTN FRN 18/08/2010 12,003,240 0.78

EUR 13,850,000 Barclays Bank EMTN FRN 25/10/2010 13,901,439 0.91

EUR 11,800,000 Barclays Bank EMTN FRN 28/01/2013 11,895,887 0.78

EUR 9,500,000 HSBC Bank EMTN FRN 04/02/2011 9,511,970 0.62






MarketValueEUR

%Net

Assets

Belgium 68,988,109 4.51

EUR 10,000,000 KBC Bank 0% 06/09/2010 9,988,109 0.65

EUR 50,000,000 KBC Bank 0.40% 15/07/2010 50,000,000 3.27

EUR 9,000,000 KBC Bank 0.70% 26/07/2010 9,000,000 0.59

France 122,973,803 8.04

EUR 28,000,000 BNP Paribas 0.32% 15/07/2010 28,000,000 1.83

EUR 40,000,000 BNP Paribas 0.48% 23/08/2010 40,000,000 2.62

EUR 55,000,000 Société Générale 0% 09/08/2010 54,973,803 3.59

Ireland 29,977,560 1.96

EUR 30,000,000 Intesa Sanpaolo Bank of Ireland 0% 25/08/2010

29,977,560 1.96

Italy 10,995,184 0.72

EUR 11,000,000 UniCredit 0% 30/07/2010 10,995,184 0.72


EUR 70,000,000 ING Bank 0% 21/12/2010 69,594,606 4.55

EUR 2,250,000 ING Bank 0.82% 26/07/2010 2,250,000 0.15

Sweden 139,923,388 9.15

EUR 20,000,000 Nordea Bank 0% 16/08/2010 19,989,023 1.31

EUR 50,000,000 Nordea Bank 0% 23/08/2010 49,973,517 3.27

EUR 70,000,000 Svenska Handelsbanken 0% 12/08/2010 69,960,848 4.57


EUR 10,000,000 UBS 0% 14/03/2011 9,933,785 0.65

EUR 70,000,000 UBS 1.05% 18/02/2011 70,000,000 4.58


EUR 30,000,000 Barclays Bank 0.55% 20/07/2010 30,000,000 1.95



EUR 35,000,000 Clydesdale Bank 1.23% 09/09/2010 35,000,000 2.29



EUR 65,000,000 HSBC Bank 0.35% 18/08/2010 65,000,000 4.25

EUR 7,000,000 Lloyds TSB Bank 0% 03/08/2010 6,994,633 0.46

EUR 7,500,000 Lloyds TSB Bank 0% 12/11/2010 7,467,448 0.49

EUR 15,000,000 Lloyds TSB Bank 0.79% 03/09/2010 15,000,000 0.98

EUR 54,000,000 Lloyds TSB Bank 1.25% 10/09/2010 54,000,000 3.53

EUR 22,000,000 Nationwide Building Society 0% 25/08/2010

22,000,000 1.44

EUR 20,000,000 Nationwide Building Society 0% 16/09/2010

19,974,369 1.31


25,000,000 1.63


5,500,000 0.36





Schroder ISF EURO Liquidity (cont)



MarketValueEUR

%Net

Assets



3,000,000 0.20

EUR 96,000,000 Royal Bank of Scotland 1.35% 03/11/2010

96,000,000 6.28

EUR 75,000,000 Standard Chartered Bank 0% 09/07/2010 74,992,176 4.90

EUR 50,000,000 Unicredit/London 0.64% 30/09/2010 50,000,000 3.27

EUR 11,000,000 Unicredit/London 1.46% 16/08/2010 10,993,122 0.72



in on a Regulated Market * 1,143,808,183 74.79



Net Asset Value 1,529,396,591 100.00

Schroder ISF US Dollar Liquidity



MarketValueUSD

%Net

Assets


USD 5,200,000 Inter-American Development Bank FRN16/03/2011

5,209,578 4.42

USD 5,300,000 International Bank for Reconstruction &Development FRN 04/03/2011

5,308,915 4.51


USD 3,335,000 Barclays Bank 144A FRN 05/03/2012 3,363,101 2.86






MarketValueUSD

%Net

Assets


USD 5,700,000 Federal National Mortgage AssociationFRN 05/082010

5,700,222 4.84

USD 3,700,000 Morgan Stanley FRN 20/06/2012 3,736,904 3.17

USD 1,390,000 Union Bank FRN 16/03/2012 1,398,055 1.19

USD 8,000,000 US Treasury 1.25% 30/11/2010 8,035,000 6.83

USD 3,000,000 US Treasury 2% 30/09/2010 3,014,063 2.56















MarketValueUSD

%Net

Assets


USD 5,000,000 Freddie Mac Discount Notes 0% 16/07/2010

4,998,917 4.24



in on a Regulated Market * 4,998,917 4.24



Net Asset Value 117,742,620 100.00





Schroder ISF Global Managed Currency



MarketValueUSD

%Net

Assets

























Net Asset Value 72,849,923 100.00




Schroder Investment Management (Luxembourg) S.A.5, rue HöhenhofL-1736 SenningerbergGrand Duchy of LuxembourgTel: (+352) 341 342 212Fax: (+352) 341 342 342

SISF SAR 30 June 2010 ENLU

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