Schroder International Selection Fund - Fundsquare

O 1 SEP, 2008

Schroder International Selection Fund Societe d'lnvestissement a Capital Variable (SICAV)

Semi-Annual Report 30June2008

No subscriptions can be received on the basis of periodical reports. Subscriptions are valid only if made on the basis of the current prospectus accompanied by the last available annual report or semi-annual report if published thereafter. This report is based on the current prospectus.

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

Contents

Schroder International Selection Fund Semi-Annual Report June 2008 Page 5

Schroder International Selection Fund ................................................ 8

Board of Directors .................................................................................. 9

Administration ...................................................................................... 10

Investment Managers’ Report ............................................................ 13

Notes to the Financial Statements ..................................................... 14

Statement of Net Assets ...................................................................... 61

Distribution of Investments by Industry ........................................... 106

Portfolio of Investments .................................................................... 121

Mainstream Equity Schroder ISF EURO Equity ............................................................................................... 121 Schroder ISF European Equity .......................................................................................... 122 Schroder ISF European Large Cap ................................................................................... 123

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

Schroder ISF Swiss Equity ................................................................................................ 129 Schroder ISF UK Equity .................................................................................................... 130 Schroder ISF US Large Cap ............................................................................................. 131

Schroder ISF Global Equity ....................................................... Schroder ISF Italian Equity ........................................................

Schroder ISF Japanese Large Cap ............................................. Schroder ISF Pacific Equity .........................................................

................................... 124

................................... 125 ....................................................................... 126

........................ 127

........................ 128

Specialist Equity Schroder ISF Asia Pacific Property Securities .................................................................... 132 Schroder ISF Asian Total Returda) .................................................................................... 132 Schroder ISF Asian Equity Yield ........................................................................................ 133 Schroder ISF Asian Smaller Companies ............................................................................ 134 Schroder ISF BRIG (Brazil. Russia. India, China) ........ .................................................. 135 Schroder ISF China Opportunities ............................. .................................................. 136 Schroder ISF Emerging Asia ............................................................................................. 137 Schroder ISF Emerging Europe ......................................................................................... 139 Schroder ISF Emerging Markets ....................................................................................... 140

Schroder ISF European Equity Opportunities .................................................................... 143

Schroder ISF European Special Situations ........................................................................ 146 Schroder ISF Global Climate Change Equity ..................................................................... 147 Schroder ISF Global Dividend Maximiser .......................................................................... 148 Schroder ISF Global Emerging Market Comrnoditiedb) .............................. Schroder ISF Global Emerging Market Opportunities ................................. Schroder ISF Global Energy .............................................................................................. 151 Schroder ISF Global Equity Yield .......

Schroder ISF Global Smaller Companies .......................................................................... 153

Schroder ISF Hong Kong Equity ....................................................................................... 159 Schroder ISF Indian Equity ................................................................................................ 159

Schroder ISF Korean Equity .............................................................................................. 161

Schroder ISF European Dividend Maximiser ..................................................................... 142

Schroder ISF European Equity ............................................................................ 144 Schroder ISF European Smalle nies ..................................................................... 145

...................................... 151 Schroder ISF Global Property Securities ........................................................................... 152

Schroder ISF Global Technology ....................................................................... Schroder ISF Greater Fhina ..............................................................................

Schroder ISF Japanese Smaller Companies ..................................................................... 160

Schroder ISF Latin American .......................... ........................................................ 161

I*) Schroder ISF Asian Total Return was formerly known as Schroder ISF Asian Absolute Return until 1 June 2008 Ib) Schroder ISF Global Emerging Market Commodities was launched on 13 June 2008

Page 6 Schroder International Selection Fund Semi-Annual Report June 2008

Specialist Equity (cont) Schroder ISF Middle East ................................................................................................. 162

.............................. 163 Schroder ISF Swiss Small & Mid Cap E ............................................. 164

............................................. 164 Schroder ISF US Small & Mid-Cap Equity ......................................................................... 165 Schroder ISF US Smaller Companies ................................................................................ 166

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

Schroder ISF Taiwanese Equity(=) .........

Style Equity Schroder ISF EURO Active Value ...................................................................................... 167 Schroder ISF EURO Dynamic Growth ............................................................................... 168 Schroder ISF European Active Value ................................................................................. 169 Schroder ISF European Dynamic Growth .......................................................................... 170

Alpha Equity Schroder ISF Asian Equity AI .............................................. 171

.............................................. 172 Schroder ISF European Equi .............................................. 173 Schroder ISF Global Equity Alpha ..................................................................................... 174 Schroder ISF Japanese Equity Alpha 175

Schroder ISF EURO Equity Alp

..................................................................... Schroder ISF US Large Cap Alpha .................................................................................... 176

Quantitative Equity Schroder ISF Global Equity Sigma .................................................................................... 176 Schroder ISF QEP Global Active Value(d) .......................................................................... 182 Schroder ISF QEP Global Quality(e) ................................................................................... 189 Schroder ISF North American Equity Sigma ...................................................................... 194

Absolute Return Schroder ISF Absolute Return Bond ................................................................................. 197 Schroder ISF Absolute Return Bond R1 ............................................................................ 199 Schroder ISF Emerging Europe Debt Absolute Returdf) .................................................... 199 Schroder ISF Emerging Markets Debt Absolute Returdg) ................................................. 200 Schroder ISF European Absolute Return ........................................................................... 202

Mainstream Bond Schroder ISF EURO Bond ........... .......................................................... 203 Schroder ISF EURO Short Term B ................................. ................... 204 Schroder ISF European Bond ...... .......................................................... 205 Schroder ISF Global Bond ........... ........ .......................... 206 Schroder ISF Global Inflation Linked Bond ........................................................................ 209 Schroder ISF Hong Kong Dollar Bond .............................................................................. 210 Schroder ISF US Dollar Bond ........................................................................................... 210

Specialist Bond Schroder ISF Asian Bond ................ Schroder ISF Asian Local Currency Bond

Schroder ISF Global Corpclrate Bond ............................................................................... 218

Schroder ISF Strategic Bond ............................................................................................ 223

.................... 212

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

Schroder ISF Global High Yield ......................................................................................... 220

Specialist Bond (Medium-higher risk) Schroder ISF Asian Convertible Bond(') ............................................................................. 225 Schroder ISF Global Convertible Bond) ........................................................................... 226 Schroder ISF Strategic Credit ........................................................................................... 227

IC) Schroder ISF Tatwanese Equity was launched on 18 January 2008 . Id) Schiodei ISF OEP Global Active Value was formerly known as Scnroder ISF Global Quantitative Acrive Value until 1 June 2008 . (4 Schroder ISF QEP Global Quality was formerly known as Schioder ISF Global Quality Growth Equity until 1 June 2008 . 10 Schioder ISF Emerging Europe Debt Absolute Return was formem Wovr as Schrodei ISF Converging Europe Bond until 1 June 2008 (9) Schioder ISF Emerging Markets Debt Absolute Return was formerly Kriuvdii as Schiodei ISF Emerying Mantets Debt until 1 June 2008 . Ihl Schroder ISF Asian Local Currency Bond was launched or1 9 M y 2008 (1) Schroder ISF Asian Convenible B m d was launched on 14 March 2008 . UI Schroder ISF Global Convenible Bond wds launched on 14 March 2008 .


Defensive Schroder ISF EURO Equity Secure 201 0 .......................................................................... 229 Schroder ISF European Defensive .................................................................................... 229 Schroder ISF European Defensive Monthly ....................................................................... 230 Schroder ISF European Defensive 6 Monthly .................................................................... 230 Schroder ISF World Defensive 3 Monthly .......................................................................... 231

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Liquidity Schroder ISF EURO Liquidity ............................................................................................ 231 Schroder ISF US Dollar Liquidity ....................................................................................... 233


Schroder International Selection Fund

Schroder International Selection Fund (the ’Company’) is an open-ended ‘umbrella’ company incorporated under Luxembourg law, which enables investors to choose from ‘Funds’ (specific portfolios of assets and liabilities within the Company having their own net asset value and represented 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 also available on Bloomberg and Reuters.

This report covers the period from 1 January 2008 to 30 June 2008. The financial statements are prepared in accordance with Luxembourg regulations relating to undertakings for collective investment. The last day on which prices were calculated was 30 June 2008, the last working day of the year. At the date of this report, 88 Funds are available for investment. Please refer to the current prospectus for the investment objectives of the Funds as well as details of investment restrictions. The Investment Manager’s report for each Fund can be found in the quarterly investment reports, which can be obtained from the Company’s registered office and are also available on the website of Schroder Investment Management (Luxembourg) S.A. (http:/!w.schrOders.lu).

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


Board of Directors

Chai rrnan

Directors

Massimo Tosato Vice Chairman, Schroders PLC 31, Gresham Street London EC2V 7QA United Kingdom

Jacques Elvinger Partner Elvinger, Hoss & Prussen 2, place Winston Churchill L-2014 Luxembourg Grand Duchy of Luxembourg

Noel Fessey Head of European Fund Services Schroder Investment Management (Luxembourg) S.A. 5, rue Hohenhof L-1736 Senningerberg Grand Duchy of Luxembourg

Gary Janaway Head of Operations Schroder Investment Management (Luxembourg) SA. 5, rue Hohenhof L-1736 Senningerberg Grand Duchy of Luxembourg

Gavin Ralston Head of Continental Europe and Middle East Schroder Investment Management Limited 31, Gresham Street London EC2V 7QA United Kingdom

Daniel de Fernando Garcia* Independent Director Jose Abascal58 7" derecha 28006 Madrid Spain

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with effect from 27 May 2008.

Page 10 Schroder lriterriatiorial Selection Fund Semi-Annual Report June 2008

Administration

Registered Office

Management Company, ' Domiciliary Agent and Principal Paying Agent

Custodian

Principal Legal Adviser

Independent Auditor

5, rue Hohenhof, L-I736 Senningerberg, Grand Duchy of Luxembourg

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

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

Elvinger, Hoss & Prussen 2, place Winston Churchill, B.P. 425, L-2014 Luxembourg, Grand Duchy of Luxembourg

PricewaterhouseCoopers S a r.1. Reviseur d'entreprises 400, route d'Esch, BP 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg

i Investment Managers Schroder Investment Management Limited 31, Gresham Street, London, EC2V 7QA, United Kingdom

Schroder ISF Absolute Return Bond Schroder ISF Absolute Return Bond R1 Schroder ISF BRIG (Brazil, Russia, India, China) Schroder ISF Emerging Europe Schroder ISF Emerging Europe Debt Absolute Retuda) Schroder ISF Emerging Markets Schroder ISF Emerging Markets Debt Absolute Returdb) Schroder ISF EURO Active Value Schroder ISF EURO Bond Schroder ISF EURO Corporate Bond Schroder ISF EURO Dynamic Growth Schroder ISF EURO Equity Schroder ISF EURO Equity Alpha Schroder ISF EURO Equity Secure 201 0 Schroder ISF EURO Liquidity Schroder ISF EURO Short Term Bond Schroder ISF European Absolute Return Schroder ISF European Active Value Schroder ISF European Bond Schroder ISF European Defensive Schroder ISF European Defensive 6 Monthly Schroder ISF European Defensive Monthly Schroder ISF European Dividend Maximiser Schroder ISF European Dynamic Growth Schroder ISF European Equity Schroder ISF European Equity Alpha Schroder ISF European Equity Yield

(4 Schroder ISF Emerging Europe Debt Absolute Return was formerly known as Schrcder ISF Converging Europe Bond until 1 June 2008 (b) Scnroder IST Emerging M a e t s Oebt Absolute Return was formerly known as Schroder ISF Emerging Markets Debt until 1 June 20W

Schroder International Selection Fund Semi-Annual Reoort June 2008 Page 11

Ad m i n ist ra t ion (con t)

Investment Managers (cont) Schroder Investment Management Limited (cont) 31, Gresham Street, London, EC2V 7QA, United Kingdom

Schroder ISF European Large Cap Schroder ISF European Smaller Companies Schroder ISF European Special Situations Schroder ISF Global Bond Schroder ISF Global Climate Change Equity Schroder ISF Global Corporate Bond Schroder ISF Global Dividend Maximiser Schroder ISF Global Emerging Market Commodities(c) Schroder ISF Global Emerging Market Opportunities Schroder ISF Global Energy Schroder ISF Global Equity Schroder ISF Global Equity Alpha Schroder ISF Global Equity Sigma Schroder ISF Global Equity Yield Schroder ISF Global Inflation Linked Bond Schroder ISF Global Smaller Companies Schroder ISF Italian Equity Schroder ISF Latin American Schroder ISF Middle East Schroder ISF North American Equity Sigma Schroder ISF QEP Global Active Value(d) Schroder ISF QEP Global Quality(e) Schroder ISF Strategic Bond Schroder ISF Strategic Credit Schroder ISF UK Equity Schroder ISF World Defensive 3 Monthly

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

Schroder ISF Asia Pacific Property Securities Schroder ISF Asian Equity Alpha Schroder ISF China Opportunities Schroder ISF Emerging Asia Schroder ISF Greater China Schroder ISF Hong Kong Dollar Bond Schroder ISF Hong Kong Equity Schroder ISF Taiwanese Equity(‘)

Schroder Investment Management (Japan) Limited 1-1 1-1 Marunouchi, Chiyoda-ku, Tokyo 100-6224, Japan

Schroder ISF Japanese Equity Schroder ISF Japanese Large Cap Schroder ISF Japanese Smaller Companies

(4 Schroder ISF Global Emerging Market Commodities was launched on 13 June 2008. Id) Schroder ISF QEP Global Active Value was formerly known as Schroder ISF Global Quantitative Active Value until 1 June 2008. (e) Schroder ISF QEP Global Quality was formerly known as Schrcder ISF Global Ouality Growth Equity until 1 June 2008. Ir’ Schroder ISF Taiwanese Equity was launched on 18 January 2008.


Administrat ion (cont)

Investment Managers (cont) 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 Yield Schroder ISF Global Technology Schroder ISF US Dollar Bond Schroder ISF US Dollar Liquidity Schroder ISF US Large Cap Schroder ISF US Large Cap Alpha Schroder ISF US Small & Mid-Cap Equity Schroder ISF US Smaller Companies

Schroder Investment Management (Singapore) Limited 65, Chulia Street 46-00, OCBC Cebtre, Singapore 04951 3, Singapore

Schroder ISF Asian Bond Schroder ISF Asian Equity Yield Schroder ISF Asian Local Currency Bond(g) Schroder ISF Asian Smaller Companies Schroder ISF Asian Total Returdh) Schroder ISF Indian Equity Schroder ISF Japanese Equity Alpha Schroder ISF Korean Equity Schroder ISF Pacific Equity

Schroder 8 Co Bank AG Central 2, CH-8021 Zuricn, Switzerland

Schroder ISF European Equity Opportunities Schroder ISF Swiss Equity Schroder ISF Swiss Equity Opportunities Schroder ISF Swiss Small & Mid Cap Equity

European Investors Inc. 71 7 Fifth Avenue, New York, New York 10022, Unites States of America

Schroder ISF Global Property Securities

Fisch Asset Management AG 241 Bellerive, CH-8034, Zurich, Switzerland

Schroder ISF Asian Convertible Bond(') Schroder ISF Global Convertible Bondb)

(8) Schroder ISF Asiari Locd Cuiiency Bond was launched on 9 May 2008 (hl Schiodei ISF Asian Tota! Return 'was formerly known as Schiouei ISF Asian Absolirte Return until 1 June 2008. (I) Schroder ISF Asian Convenible Bond was launched on 14 March 2008.

Schioder ISF tilobal Convertible Bond was launched on 14 March 2008.


Investment Managers’ Report

It has been a challenging environment for global equity markets in general over the past six months. The fallout from the onset of the credit crisis in 2007 continued as we entered 2008 with growing concerns about the slowdown in the US economy and, in turn, the global economy. The Federal Reserve and the Bank of England continued to ease interest rates while most major central banks injected further liquidity into markets by offering short-term funding to banks. The efforts by central banks to stabilise the economy reassured investors in the short term, and markets bounced back in April. However the optimism was short- lived, and by mid-May mounting inflationary pressures served to re-inject uncertainty into the markets.

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Record food and energy prices fuelled fears of spiralling inflation and re-ignited concerns over the health of the financial services sector. As volatility picked up, virtually all asset classes came under pressure with the exception of a narrow band of stocks, including energy and mining companies which remained supported by the continued strength in emerging market demand and global infrastructure spending.

Banks were amongst the worst hit as investors began to speculate about further write- downs. (Japanese banks were the one exception, aided by their minimal exposure to the problems in the US mortgage market). Auto-makers also bore the brunt of the fallout as

(usually seen as a safe haven) sold off as investors began to focus on the prospect of rising inflation.

input costs increased and consumer demand began to wane, and even government bonds !

During the period, bond markets reversed from pricing in a protracted period of low interest rates to anticipating interest rate tightening in the US, UK and the euro area, to combat rising inflationary pressures. Government bond prices fell and yields rose as the market factored in further rate hikes. Going forward, we take a contrarian view, and continue to believe that there is a strong case for inflation to moderate after a short-lived shock to prices. We have become more positive on high yield corporate bonds, and expect further rate cuts, write-downs of bad assets and fresh capital for financials to stabilise markets in the coming months.

We believe equities are trading on attractive valuations and maintain a constructive view. The continued unravelling of the credit crunch and persistent concerns about inflation present a challenge in the near-term, but we believe we will move into a better phase for equities soon.

We expect global growth to continue slowing overall, with activity in developed economies in particular weakening, while growth in emerging market economies remains healthier. Despite inflation concerns, we believe the economic slowdown will create slack, put pressure on the labour market, and, in turn, this should help alleviate pressure on wage inflation. If this scenario plays out, we anticipate further interest rate cuts once inflation concerns dissipate.

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The Investment Managers Schroder International Selection Fund 30 June 2008


Notes to the Financial Statements as at 30 June 2008 The Company

The Company was incorporated in Luxembourg on 5 December 1968 as a 'societe anonyme'. Pursuant to an Extraordinary General Meeting of Shareholders held on 31 January 1989, the form and name of the Company, as well as its establishment period, was changed to a 'societe d'investissement a capital variable' ('SICAV') established for an unlimited period under the name of SCHRODER INTERNATIONAL SELECTION FUND. The company qualifies as an undertaking for collective investment (UCI) regulated by the provisions of Part I of the Luxembourg law dated 20 December 2002 regarding UCl's. The Company is UCITS 1 1 1 compliant with effect from 26 April 2005.

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Classes of Share

At the date of this report, nine classes of shares are available within the Funds: A, B, C, D, I, J, P, 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 & AI shares): Schroder ISF European Defensive 6 Monthly (offers only A, B & A1 shares): Schroder ISF European Equity Opportunities (offers only A, C & I shares); Schroder ISF Japanese Large Cap (offers only A, AI , C and I shares); Schroder ISF World Defensive 3 Monthly (offers only A, B & A I shares):

Shares are generally issued as Accumulation shares. Distribution shares may be issued within any Fund at the Directors' discretion. A list of available Distribution 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 respective Investment Managers have the ability to hedge the shares of such classes in relation to the Fund currency. Where hedging of this kind is undertaken, 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 share class. Similarly, any expenses arising from such hedging transactions will be borne by the class in relation to which they have been incurred. The classes of share available for each Fund are set out in detail in the current prospectus.

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I Initial Charge

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I Distribution Charge

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

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Distribution charges in respect ot B shares aro payable quarterly. __ Distributjon charges in rsspect oi A ' . E1 and D shares are paid P sucn iriterrals. 55 may be ayreeJ upon from time to time between the Company and thost: Distdaurors that are appointed specifically for the purpose of districuting such shares


Notes to the Financial Statements as at 30 June 2008 (cont) 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, Al , 8, El, D and P Shares The minimum initial subscription, additional subscription and hdding amwnt Is EUR 1 ,ooO or USD 1 ,COO or their near equlvalent In any other freely convertible currency."'

me minimum initial subscnptbn and holding amount is EUR 500,ooO or USD 500,oOO or their near equivalent in any other freely convertible currency. The minimum additional subsctiption amount is EUR 250,W M USD 250,000 w their near equivalent in any other freely convertible currsf~cy.*~

The minimum initlal subscrlptlm and hdding mwnt IS EUR 5,000,000 M USD 5,oM3,Mx3 or their near equivalent in any other frwly convertible currency. 7he minimum arlditional subsulptim m t IS EUR 2,5110,oW or USD 2,500,CXXl g~ their near equivalent in any othsr freely mvertible currency*" I shares will only be offered to investors who, at the time the rdwant subscription order is received, are clients of Schroders with an agreement covering the charging structure relevant to the clients' investments In such shares and who are Institutional Investors. J Shares will only be offered to and can only be acquired by Japanese Fund of Funds, which are lnstitutlonal Investors.

C Shares

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

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 any other regulated market on which those securities or assets are traded or admitted for trading. Where such securities or other assets are quoted or dealt in on more than one stock exchange or any other regulated market, the Directors shall make regulations for the order of priority in which stock exchanges 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 or admitted, 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 with market practice. The swaps are valued at their fair value based on the underlying securities (at close of business or intraday) as well as on the characteristics 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 money market 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 interest declared 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 be paid or received in full, in which case the value thereof shall be arrived at after making such discount as the Company may consider appropriate in such 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 or other responsible financial institution.

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


Notes to the Financial Statements as at 30 June 2008 (cont) Net Asset Value (cont)

Valuation of the Assets of the Company (cont)

If any of the aforesaid valuation principles do not reflect the valuation method commonly used in specific markets or if any such valuation principles do not seem accurate for the purpose of determining the value of the Company's assets, the Directors may fix different valuation principles in good faith 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 the aforesaid valuation methods appear impossible or inappropriate due to extraordinary circumstances or events.

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's shareholders against market timing practices. Accordingly, if a Fund is primarily invested in markets that are closed for business at the time the Fund is valued, the Directors may, during periods of market volatility and by derogation from the provisions above under 'Calculation of Net Asset Value per 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 the Fund'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 exceeds the 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 a basket 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 six Funds, namely, Schroder ISF Global Equity, Schroder ISF Global Equity Sigma, Schroder ISF Global Technology, Schroder ISF QEP Global Active Value, Schroder ISF North American Equity Sigma and Schroder ISF US Large Cap. The Directors, however, reserve the right to extend the implementation of fair value pricing in respect of other Funds whenever they deem it appropriate.

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

Schroder ISF Global Equity

Schmder ISF Global Equity Sigma Schroder ISF Global Technology

Schroder ISF North American Equity Sigma

Schrodw ISF QEP Global Active Value(w

Schroder ISF US Large Cap

Threshold

0,50%

0.50%

0,50%

0,50% 0,50% 0,50%

Surrogate

SBP 509 Futures S&P 500 Futures

Nasdaq 100 Futures

S W 500 Futures S&P 500 Futures

S&P 500 Futures

Taxation

The Company is not subject to any taxes in Luxembourg on income or capital gains. The only tax to which the Company is subject is the 'taxe d'abonnement' at a rate of 0.05% per annum except in relation to I and J shares and to Schroder ISF EURO Liquidity and Schroder ISF US Dollar Liquidity where the tax is levied at a rate of 0.01 % per annum. The tax is payable quarterly 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 upon request at the Company's registered office.

Schroder ISF QEP Glcbal Actlve Value was formerly known as Scnroder ISF Global Quaritltatlve Actlve Value uitil 1 June 2008


Notes to the Financial Statements as at 30 June 2008 (cont) 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 futures contracts, 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 and equity swaps together with the amount of the commitments relating to the writing of call and put options on transferable securities do not exceed 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 the premiums paid for the purchase of the call and put options outstanding made for a purpose other than hedging exceed 15% of the net assets of 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 securities within the framework of a standardised lending system organised by a recognised securities clearing body or by a highly rated financial institution specialised in this type of transaction. After the deduction of Management Company and agent fees, during the period 1 January 2008 to 11 February 2008, the Company received 65% of the gross income from the securities lending programme, and from 12 February 2008 to 30 June 2008, the Company received 60% of the gross income.

On 30 June 2008, the valuation of the securities on loan was EUR 1,297,239,763, The table below shows the valuation of securities on loan at Fund level on 30 June 2008:

- , ". , ~.., . ~. .....,,._ . . . ... . . . .. .. .

, China)

RO Active Value

F CUR0 Equity Alpha Schrcder ISF EURO Liqllidity

Absolute Return

F European Dividend Maximiser Schroder tSF European Dynamic Growth

SF European Equity SF European Equity Alpha

Schroder ISF European Equlty Opportunities Schroder ISF European Equity Yield Schroder ISF European Large Cap Schroder ISF European Smaller Companies Schroder ISF European Speclal Situations Schroder ISF Global Bond Schroder ISF Global Climate Change Equity

31,198,265 44,530,926

556,422

59,274,480 9,850,676

1,801,403 ,336,181 ,650,433 1,301,379 13,511,033

la) Schroder ISF Asian Total Return was formerly known as Schroder ISF AsIan Ahsolute Return until 1 June 2008


Notes to the Financial Statements as at 30 June 2008 (cont) Securities Lending (cont)

Schroder ISF Global Corporate Bond Schroder ISF Global Dividend Maximiser Schroder ISF Global Emerging Market Opportunities Schroder ISF Global Energy Schroder ISF Global Equity Schroder ISF Global Equity Alpha Schroder ISF Global Equity Sigma Schroder ISF Global Equity Yield Schroder ISF Global High Yield Schroder ISF Global Inflation Linked Bond Schrader ISF Global Property Securities Schroder ISF Global Smaller Companies Schroder ISF Greater China Schroder ISF Hong Kong Equity Schroder ISF Italian Equity Schroder ISF Japanese Equity Schroder ISF Japanese Equity Alpha Schroder ISF Japanese Large Cap Schroder ISF Japanese Smaller Companies Schroder ISF Latin American Schroder ISF North American Equity Sigma Schroder ISF Pacific Equity Schroder ISF QEP Global Active Value(b) Schroder ISF Strategic Bond Schroder ISF SWISS Equity Schroder ISF Swiss Equity Opportunities Schroder ISF SWISS Small & Mid Cap Schroder ISF US Dollar Bond Schroder ISF US Large Cap Schroder ISF US Small & Mid-Cap Equity Schroder ISF US Smaller Companies

Total

Equalisation

EUR 248,164 61 2,747

5,065,797 17,547,4

2,129,508 78561 3

6,995,309 1,104,151

13,565,223

1

98,479,570 60,508,559 17,252,590 7,144,715 6,835,600

9,066,747

7,757,023 10,659,002 14,926 5,i 45,932 1,156,762 3,400,520

10,835510 17,671,277

1,297,239,763

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

The equalisation amount represe'lts the average amount of income of the fund included in the Net Asset Value of each Share issued during the relevant distribution period. Under UK regulations, it is expected that the equalisation amount will not be taxable as an income receipt of the Shareholder but should be applied to reduce the base acquisition cost of the Shares for the purpose of computing capital gains. The tax treatment of equalisation amounts may, however, differ in certain jurisdictions, such as Germany. Further details on equalisation arrangements can be 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 on the Russian Trading System Stock Exchange ( R E Stock Exchange) and MICEX - Moscow Interbank Currency Exchange. For details of risk involved in dealing in these exchanges please refer to Appendix I1 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 (together with any other securities not traded on a Regulated Market) to f 0% of its net assets.

IbJ Schroder !SF QEP Global Active ValGe was brrnerlv known as Schroder ISF Global Quantitative Active Value until 1 Jure 2qOP.


Notes to the Financial Statements as at 30 June 2008 (cont) Information for Residents of the Hong Kong SAR

Registration of Funds

On 30 June 2008, 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 Absolute Return Bond Schroder ISF Absolute Return Bond R1 Schroder ISF Asian Convertible Bond(a) Schroder ISF Asian Total Return(h) Schroder ISF EURO Equity Alpha Schroder ISF EURO Equity Secure 201 0 Schroder ISF European Defensive 6 Monthly Schroder ISF European Defensive Monthly Schroder ISF European Dividend Maximiser Schroder ISF European Equity Schroder ISF European Equity Opportunities Schroder ISF European Special Situations Schroder ISF Global Convertible Bond(c) Schroder ISF Global Dividend Maximiser Schroder ISF Swiss Equity Opportunities Schroder ISF Swiss Small & Mid Cap Equity Schroder ISF US Large Cap Alpha Schroder 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 were in 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 a management fee, performance fee and a transfer agency fee are payable. These agreements and arrangements have been entered into in the ordinary course of business and on normal commercial terms, The annual management fees are set out on pages 20 and 22. Details on the performance fees are set out on page 22.

In addition, the Management Company is entitled to receive the customary charges for its services as administration agent, coordinator, domiciliary agent, global distributor, principal paying agent and registrar and transfer agent. These fees accrue daily at an annual rate of up to 0.4% by reference 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 page 17. 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.

la) Schroder ISF Aslan Ccnvertible Bond was lamchec on 14 March 2008. Ihl Schroder ISF Asan Total Return was formerly known as Schroder ISF Aslan AbFolute Retu-n unlll 1 June 2008 IC) Schroder ISF Glohal Convertible Bond was latrnched OF 14 March 2008.


Notes to the Financial Statements as at 38 June 2008 (cont) Annual Management Fees

The Investment Managers are entitled to receive, for their services, management fees, which are calculated and accrued daily by reference to the Net Asset Value of the Funds and are paid monthly. The actual rates payable for the period under review, which vary from Fmd to Fund and from share class to share class, are set out in the following table:

A ACC

B ACC

C Acc

A Dis

B Dis

C Dis

D P A i 01 Ai 81 ACC Dis Acc Acc Dis Dis

Mainstream Equity Funds Schroder ISF EURO Equity

Schroder ISF European Equity

Schroder ISF European Large Cap

Schroder ISF Global Equity Schroder ISF Italian Equity

Schroder ISF Japanese Equrty'

Schroder ISF Japanese Large Cap Schroder ISF Pacific Equity

khroder ISF Swiss Equity

Schroder ISF UK Equityt

Schroder ISF US Large Cep

1.50%

1.50%

1.25% 1.25%

1.25%

1.24%

1.25% 1.50%

1.25%

1.24%

1.25%

1.50% 1.50% 1.25%

1.25% 1.25%

1.24%

0.75% 1.00%

0.75% 0.75% 0.75% 0.74% 0.75% 0.75% 0.75%

0.75% 0.75%

1.50%

1.50% 1.25% 1.25%

1.25%

124%

1.25% 1 50% 1.25%

1.24% 1.25%

1.50%

1.25%

1.25%

1.24%

0.75%

1 .ao% 0.75% 0.75% 0.75%

0.74% 0.75% 0.75% 0.75% 0.75% 0.75%

- 1.50% 1.50% - 1.50%

- 1.50% ~ 1.50% - 1.50% 1.50% - 1.48% 1.48% - 1.50% - 1.50% 1.50% - 1.50% 1.50%

- 1.49% 1.50% - 1.50% 1.50%

- 1.59% - 1.50%

- 1.50%

- 1.50% - 1.50%

1 .W% - 1.50% - 1.50% 1.50% - 1.50% 150%

- 1.50% 1.50%

- 1.5@% - 150%

- 1.50% - 1.50% - 150% 1.50% I 1 .Soyo

- 1.50%

- 1.50% I 1.50%

- 1.50% 1.50% - 1.50%

- 1.50% - 1.5OYo - 1.50%

- 1.50%

- 1.50% - 1.50% 1.50%

- 150% 1.50%

1.50% - 1.50%

- 1.50%

- 1.50% 1.50%

- 1.59%

- 150%

- 1.50% + 1.50% _. 1.50%

- 1.50% - 1.50%

1.50%

1.25%

1.24%

1.25%

1.50% 1.25%

1.24%

1.25%

Specialist Equity Funds

S&lodw ISF Asia Pacjfic Properly Securities

Schroclor ISF him Equity Yield Schroder ISF Man Smaller Cmpanies

Schrodw ISF Asian Total Return@)

Schroder ISF ERIC (Razif. Russia, India. China) SchWr ISF Chim Opportumbes schrcder ISF b g i n g Asia

Schroder ISF Emerging Europe

S c h d e r ISF Emerging Markets Schrcder ISF European Didend Mawimiser

Schroder ISF European Equity Opportunities

Schrcder ISF Europoan Equity Meld Schrwler ISF European Smaller Compmiss

Schroder ISF European Specral Situations Schmder ISF Global Climate Change Equity

sdnodsr ISF Global D v i d d M&ser Schroder ISF Global Emerging Market COmmodities(@

Schrodw ISF Global Emerging Market Opportunities

Smrcder ISF Glchal Energy Schroder ISF Global Eqwty Yield Schroder PSF GIoW Property Securities

Schrodar ISF Global Smaller Companies Schroder ISF Global Techndqy

schrcder ISF Greater China

Schrcder ISF Hong Kong Equity

%rode ISF Indian Equity Schrcder ISF Japanese Smaller Companies

Schrcdw ISF Korean Equity Schrcder ISF Latin Amoncan

Schrcder ISF Uddle East Schroder ISF Swiss Equity Opportunties

Schrcdcx ISF Swiss Small & Mid Cap Equity

Schrcder ISF Tawanese Equity@'

1 .so96 1.50% 1.50% 1.29%

1.50% 1.50%

1.50%

1.50%

1 .!a% 1.50%

1.50% 1.50% 1.50%

1.50%

1.50%

1.50%

1.50% 1.50% 1.50%

1.50%

1.50% 1.50%

1.50%

1.50%

1.50%

1 .Ea% 1.50%

1.50%

1.50%

1.50% 1.59%

1.50%

1.50%

1.50% 1.50%

1.50%

1.29%

1 .!io% 1.50% 1.50% 1.50% 1.50% 1.50%

1 .oo% 1 .oo% 1.00% 0.75%

1.0096

1 .oo% 1 .oo% I .W% 1 .oo% 1 . W O

1 .cQ% 1.00%

1 .OO% 1 .oo% 1 .00% 1 .M)%

1 .oo% 1 .oo% 1 .oo% 1 .oo% 1 .oo% 1 .oo% 1 .00% 1 .cQ% 1 .OO% 1 .oo% 1.00% 1 ,0096 1.0%

1 .oo% 1 00% 1 .oo% 1 .OO%

1.50% 1.00% 1.00%

1 . 5 0 %

1 .a% 1.50%

1.50% 1.50%

1.50% 1.50%

1.50%

1.50% 1.50%

1.00% 1 .0%

1 .Lo% 1 .oo% 1 .OO% 1 .oo% 1 .00%

1 .m 1 .oo%

1 50% 1.50%

1.50% 1 .a% 1.50% 1.50%

1 50% 1.50% 1.50%

1.50% 1.50%

1 .Eo% 1.50% 1.50% 1 .a% 1.5091,

1.50%

1.50% 1 .mom 1.50%

1.50%

1.50?43

1.50% I .50%

1.50% 1.50% 1.50%

1.5096

1.50%

1 .co% 1 .Lo% 1 .00%

1.0%

1 .oo% 1 .oo%

1 .XI%

1 00% 1 .Go% 1 .oo%

1 50% 1.50%

1 .XI% 1.50%

1.50%

1.50% 1.50%

1 50%

1 .Fa%

1 .00% 1.50% 1.50%

The same ialc Of management fees ag,p!ies 10 the mulB-currency classes as to the base cc~riency equivalent classes. =

I;*) Schioder IS1 Asiari Totdl Return was iomerly kncwri as Scthioder ISF 4s1a7 Absolute Roturri iiritil 1 June 2008. l h e mariagemen: f e s tor the Fund's H h Li s twe classes vwe ,ncrecissd fim 125?2

Ih) Schiodei ISF Glcbal Emtirging hl$<et Commodities was launctlod tin 13 June 2008

Managmel;t fee5 on these funds are falloaing deductlor; far manayenmt fsss on the funds' investrn0rht In other Schrodor funds

to 1.51391 with e f f m from 1 June 2008.

Schroder ISF Taiwnriase Equity was launched on 18 Januab 2038.


Notes to the Financial Statements as at 30 June 2008 (cont) Annual Management Fees (cont)

Specialist Equity Funds (cont) Schrodef ISF US Small & Mid-Cap Equity Schrodsr IkF US Smalls Cwnpanies

Absolute ReWn Funds

Schder ISF Absolute Return Bondm

AbsoluteRetun

schrodsc ISF Strategic Bond

A B C A B C ACC Acc ACC Dis Dis Dis

1.50% 1.50% 1.00% 1.50% - 1 .mo

1.50% 1.50% 1.CW 1.50% 1.50% 1.00%

1.50% 1.50% 1.0% 1.50% - l.M)%

1.50% 1.50% 1.00% 1.50% - 1.03% 1.50% 1.60% 1.m% - 1.00% I.&% 1.50% 1.00% f 1.0096

1.50% 1.50% 1.60% 1.50% 1.50% 1.50% 1.50% 1.% 1.50% 1.50% 1.50% 1.50%

1.25% 1.25% 1.26% 1.25% 1.25% 1.25% 1.25% 1.25%

1.00% 1.50% 1 .oo% 1.m% 1.50% 1.00% 1.50% 1 .oo% 1 .00%

0.75% 1.25% 0.75% 1.25% 1.W% 1.25% 1 .oo%

- 1.00%

- l.M% - 1.00% - 1.m

- 1.0096

1.25% 0.75% ~ 0.75% - 1.0056 - 1,0046

0.91% 0.93% 0.57% - 0.57% 0.50% 0.50% 0.40% 1.50% 1.50% 0.90% 1.50% 1.50% 0.90% 1.25% 1.25% 0.75%

0.75% 9.75% 0.50% 0.50% 0.50% 0.20% 0.76% 0.75% 0.50% 0.75% 0.75% 0.5Wb 0.75% 0.75% 0.50% 0.75% 0.75% 0.50% 0.75% 0.75% 0.50%

1.25% 1.25% 0.75% 1.00% 1.00% 0.60% 0.92% 0.92% 0.50% 0.94% 0.92% 0.57% i.00% 1.00% 0.613% l.m% 1.0046 0.6046

1.50% 1.60% 1.50% 1.50% 0.90% 1.25%

0.75% 0.75% 050% 0.50% 0.50% 0.20% 0.75% 0.75% 0.50% 0.75% 0.75% 0.50%

- 0.50% 0.75% 0.75% 0.75% 0.50%

1.25% 1.25% 0.75% 1.00% - 0.60%

0.94% 0.92% 0.59% 1 .M)%

1 .m - 0 . m

D P A I E1 A1 BI ACC Dis Acc Acc Dis Dis

- 1.33% - 1.50% 1.50%

- 1.50% 1.50% - 1.50% " 1.50%

- 1.503b

. ,

- 1.50% ' - , - - 1.50% . . - - 1.50% - 1.50% - . 1 . m o

. .

- 1.wo , - . . .

" 1.50% 1.50% - 1m - 1.50%

- 0.92% ' 0.50% - 1.50% I.@% 1.5046 1.00% - 1.50% 1.00% 1.59% 1.00% - 1.50%

. -

,, . .

0.75% 0.75%

0.75% 0.75% 0.75%

0.75% 0.75% 0.50% O.%.

0,76% 0.75% 0.75% 0.75% 0.75% ' -

- 1.25% 1. 1 .oo% - 1.00% - 0.93% 0.92 - 093% 0.92% - 1.00% " 1W%

The same rate of management fees applies to the multl-currency classes as to the base currency equiqalent classes. fd) Schroder ISF @EP Global Active Valile was formerly known as Schroder ISF Global Quantitative Active Value Bond until 1 June 2008. IC) Schroder ISI' QEP Glsbal Quallly was formerly known as Schrodor ISF Global Quality Growth Eyiiity until 1 June 2008. (0 The management fees for Schroder Absolute Return Bond's A, @ R A I Sham classes 'were decreased from 1 .0@% to 0.7576 and the management fee for Fund's C share Classes wrre decreased

(4 Schroder ISF Emerginy Europe Deb! Absolute Return was formerly known as Schroder 'SF Converging Europs Bond until 1 June 200R. (h) Scnroder ISF Emerging h1a:kets Debt Absoiutc Return was formerly known as Schroder ISF Emergirig Markets Debt until 1 June 2008

li) ?he management fees for Schroder ISF EURO Corporate Bond's A. 0. AI & E1 share msses werg decreased from 1 .OOYb to 0.75% and the management B e for Fund's C shve ClaSS was

Ik) The management f w s for Schroder ISF Global Corporate Bond's A, 6. AI 8 B1 share classes 'wera decreased from 1 .HI% to 0 75% and the management fee for Fund's C share classes were

from 0.50% to 0.50k vith effect from 1 M3y 2008

Schroder ISF AsIan Lwal Currency Bond was launched cn 9 May 2008.

decreased from 0.60% to 0.509b with effect from 1 May 2008.

decreased from 0.609b to 0.50% with effect from 1 May 2008.

Page 22 Schroder International Selectiori Fund Semi-Annual Report June 2008

as at 30 June Notes to the Financial Statements

2098 (cont) A m ua I Ma nag err1 en t Fees (co nt)

Specialist Bond Funds (Medium-higher risk)

Schrcder ISF Asian Convertible Bondrn Schroder ISF Global Convertible Bond('@ Schroder ISF Strategic Credit

Defensive Funds Schroder ISF EURO Equity Secure 20101") Schrcder 1SF European Defwrsive Schroder ISF European Defensve Monthly

Schrdw ISF European Oefenslve 6Mmthly Schrc& ISF World Oefensive 3 Monthly

Liquidity funds

Schrodsr ISF EURO Llqudity

Schroder ISF US Dollar Liquidity

Performance Fees

A B C A Acc Acc A m Dls

1.25% 1.25% 0.75% 1.25% 1.25% 0.75% 1.50% 1.50% 1.00%

1.25% 1.00% - 1.25% 1.25% 1.00%

1.25% 1.00% 1.25% 1M%

0.50% 0.50% 0.20% 050% 0.50% 0.20%

0 c Dis Dis

- 1.00%

D Acc

P AI E l A I E1 Dis ACC ACC Dls Dis

- 1.25% - 125% - 1.50%

0.48% - 1.25%

- 1.25% - 1.25% - 1.25%

- 0.50% 0.50% - 0.50% 0.50%

In accordance with the provisions of the current prospectus, performance fees were applied to 19 Funds. Accordingly, the Investment Managers of the relevant Funds are entitled to receive a performance fee from the Funds, provided that the increase in the Net Asset Value per share of the Funds over the calendar year outperforms their relevant benchmarks. The performance fee is 15% of the outperformance and is payable annually in January. 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 Investment Managers and benchmarks are set out in the following table:

Fund

Sehroder ISF Asian Convertible Bond@)

Schmder ISF A s i n Convertible Bond EUR Hedgedb)

Schroder ISF Asian Equity Alpha

Schroder ISF Asian Smaller Companies

$chmder 1SF Asian Total Return(@ Schmder ISF EURO Equity Alpha

Schmder ISF European Absolute Return Schmder ISF European Active Value Schroder ISF European Dynamic Growth Schroder ISF European Equity Alpha

Schroder ISF European Equity Oppbrtunltles Schroder ISF European Special Situations Schroder ISF Global Convertible Bond0

Schroder ISF Global Convertible Bond EUR Hedged'g Schroder ISF Global Equity Alpha Schroder ISF Global Smaller Companies

Schroder ISF Japanese Equity Alpha Schroder ISF Swiss Equity Oppbrhmities Schroder 1s: US Large Cap Alpha

Investment Manager

Rsch Asset Management AG Fish Asset Management AG SchrOd~ Investment Managwlwnt (Hcq Kang) timitad Smrcder Investment Management (Singapore) Limited S&rcder lnvestmmt Management Limited

Schroder Investment Management Umited Schrcder Inwtment Management Lmited

%r& Investment Management Limited

Schrcder Investment Management Limited

Schrodel Investment Management hmited

Schrder & Co Bank AG Schrcdec Investment Management Limited

Fisch Asset Management AG

Fisch Asset Management AG

Schrcder Investment Management Limned Schdef Investment Managemmt Lmited

Schfcder Investment Managmmt (Singapore) Limited Schroder & Go Bank AG Schrodw Investment Management North America hc.

Benchmark

UBS Cmvwtiblo Asia ex Japan UBS Convertible Euro Sub BBB & NR USD MSCl Daily lR Gross AC Far East (F& Ex Japan USD MSCl aaily TR Gross AC Far East (Free) Ex Japan US0 BBA Libor USD 3 v m t h Act 360 MSCl EMU

BBA tibw 4ur 3 Month A d MSCl Europe MSCl Europe

MSCI Europe

MSCI Europe Net (Total Return)

MSCI Europe

UBS Convertible Global Focus UBS Convertible Global Focus Hedged (EUR) CB

S&P/Citigroup &ended Market WOrM Index

Tokyo Stock Price Index (TOPIXJ Swiss Petfwmance Index (SPI)

S&P 500 Index VR)

MSCI World

Ths same rate of mawgement fees applies tc the multi-currency classes as to the base currency equivalent classes. (1; Schroder I S i A~ian Convertible Forid was :wnched on 14 March 2008, ('1') Schiocler ISF Wbal Conveilibie 63nd was launched or1 14 hl~rc!n 20C8 In) Schrccer ISF Ed92 Fquity Secure 2C10 was launchod ur1 25 0:tebei 2005. The manajernorit fee fur trie lhfe of the fund 15 5.541 for the dSD class and A% f3. the ElJR class. We have already

a'ithdrawi 39b from the USD ~ 1 8 % arid 2% fram tne EUFi class at the launch date lo) Schroder !SI' As:ari Ccrlvenible Bond was launsced ori 1.1 March 2098 (PI Schroder ISF AsIan Convertible Bond EUP Hedged $/as launchi-o on 2H March 2008 I*) Schroder ISF Asm Total Return was furrns:ly known as Schroder ISF Asian Absolute neturn un:ii 1 June 2008

Schroder 6 F Global Ccnve.ertiblc Bond w& launched on I 4 March 2008. Schroder ISI: Glcba! Convenible Bond EUR Hedged was lauriche3 on 28 March 2008


Notes to the Financial Statements as at 30 June 2008 (cont) Dividends

Record Ex-Dividend Payment Date Date Date

Dividend Fund Currency per Share

Schroder ISF Asian Bond USD 0.037438

Schroder ISF Asian Bond USD 0.041 527

Schrcder ISF Asian Bond USD 0.036624 Schrcder ISF Asian Bond EUR denominated HJR 0.024762

Schrcder ISF Asian Bond EUR Hedged EUR 0.421 880

Schmder ISF Emerging Europe Debt Absolute Return@ EUR 0.048347 Schroder ISF Emerging Europe Debt AbSOlut8 Return(@ EUR 0.048308

Schrodw ISF Emerging Europe Debt Absolute Return US0 denominated(& USD 0.071447

Schrodw ISF Emerging Markets Debt Absolute Returnp) USD 0.09031 7

ets Cebt Absolute Return@) 0.105518

et$ Debt Absolute Return EUR Hedgedm) 0.127595

ets Debt Absolute Return EUR Hedgedmi EUR 0.135132

USD 0.401984

Schrotler ISF Asian Bond Schroder ISF Asian b n d

Schrcdw ISF Asian Bond

Schroder ISF Asian b n d EUR dmominated Schloder ISFAsian Bond EUR Hedged

Schroder ISF Emerging Europe Debt Absolute Return(*)

Schroder ISF Emerging Europe Debt Absollite Return@) 0.040277

Schroder ISF Emerging Europe Debt Absolute Return USD denominated@) 0.060550

Schroder ISF Emerging Markets Debt Absolute Returnm 0.075028

Schroder B F Emerglng Markets OeM Absolute Return@) 0.087253

Shmder ISF Emerging Markets Debt Absolute Return Elk3 H&g 6.106745

Sduodet ISF Emerging Markets Debt Absolute Return EUR Hedgeoh) 0.1 12154

Schroder ISF Strategic Bond USD 0.332834

Schroder ISF Aslan Bond

SchW ISF Asian Bond

ISF Asian Bond

ec ISF Asian Bond EUR denominated

Schroder 8 F Asian brd EUR hedged EUR I 0.350276 Schrader ISF Asian Equity Yield USD 0.183887

Schroder ISF Asian Equity Yield USD 0.1 57244

0.189989 htoder ISF hlan Qdty Yield

M e r 1SF Emerging Europe Debt Absolute Returnfs)

Schrcder ISF Emerging Europe Debt Absolute Returnf*]

r ISF Emerging Europe DebtAbsdute Return USD denomin 0.032709 Schroder ISF Emergina Markets Debt US0 0.25141 0

Schroder ISF Emerging Markets Debt Absolute R e t ~ n ( ~ ) USD 0.076451

Schrodec ISF Emerging Markets Debt Absolute Return(b) USD 0.087789

Schrcder ISF Emerging Markets Debt Absdute Return EUR Hedged@) EUR 0. IO7408

Schroder ISF Emerging Markets Debt Absdute Return EUR Hedgedm EUR 0112740

la) Schroder ISF Emerging Europe Debt Absolute Return was formerly k n a w as Schroder ISF Converging Europe Gond until 1 June 2008 la) Schroder ISF Emerging Markets Debt Absolute Return was formerly kncwn as Schroder ISF Emerging Markets Debt until 1 June 2008. IC) Schroder ISF Japanese Equity Select was liquidated on 6 June 2008.


Notes to the Financial Statements as at 30 dune 2008 (cont) Dividends (contj

Record Ex-Dividend Payment Dividend Date Date Date Fund Currency per Share

26-Mar48 27-Mar-08 7-Apr98

29-Apr-08 30-Apr-08 0-May-08

28-Hay-08 29-May48 6-Jun-08

Schroder ISF European Dividend Maxlrniser

Schrcder ISF European Dividend Maximiser

Schroder ISF European Dividend Maximiser

Gchrc#er ISF European Dividend Maximiser

Schrcder ISF European Equlty Meld

Schroder ISF European Equity Yield



Schroder ISF European Equity Yield US0 denominated

Schroder ISF Global Dividend Maximiser

Schroder ISF Global Dividend Maximiser

Schroder ISF Gl&al Dividend Maximiser

Schroder ISF Global Dividend Maximlser

Schroder ISF Global Dividend Mimiser GBP denominated

Schroder ISF Global Dividend Maximiser SGD denominated

Schroder ISF Global Equity Yidd

Schrodsf ISF Global Equity Veld

Schrcder ISF Global Equity Yield

Schroder ISF Global High Meld

Schmder ISF Hong Kong Dollar Bond

Schroder ISF Strategic Bond

EUR 1.525829

EUR 1.522345

EUR 1531815 EUR 1.523529

EUR

EUR

EUR

EUR

USD

US0 USD USD

GBP

USD USD

USD

n m USD

Schroder ISF Asian Bond

Schrcder ISF Asian Bond


Schroder ISF Asian Bond EUR denominated

Schrcder ISF Asian Bond EUR Hedged

Schrodw ISF Emerging Europe Debt Absolute Returnca)

Schroder ISF Emerging Europe Debt Absolute Return(a)

Schroder ISF Emerging Europe Debt Absolute Return USD denominated(a)

Schroder ISF Emerging Markets Debt Absolute Returdw

Schroder ISF Emerging Markets Debt Pbsdute Returnlb)

Schroder ISF Emerging Markets Debt Absolute Return EUR Hedged@)

Schrcder ISF Emerging Markets Debt Absdute Return EUR Hedge@

Schrcder ISF Strategic Bond

Schroder ISF Aslan Bond


Schrodw ISF Asian Bond

Schroder ISF Asian Bond EUR denominated

Schroder ISF Asian Bond EUR Hedged

Schroder ISF Emerging Europe Debt Absollrte

Schroder ISF Emerging Europe Debt Absolute

Schroder ISF Emerging Europe Debt Absolute Return USD denomhated@l

Schroder ISF Emerging Markets Debt Absolute Returnlw

0.038040 USD USD O.Wl710

USD 0.037307 EUR 0.023996

EUR 0.425100

EUR EUR 0.048922

USD 0.076369

USR 0.092565 USD 0.1O5159

EUR 0.129548

EUR 0.135880

US0 0.387570

0.04am

USD

USD 0.035255

USD 0.031625 0.01 9966 EUR

EUR 0.360626

0.041 233 EUR

EUR 0.041260

USD 0.064524 USD 0.077609

la) Schroder ISF Emerging Europe Gebt Absolute Return was formerly known as Schrudsr ISF Conwyiry Europe Bond until 1 June 2008. ID) Schro3er ISF Ernergmg Markets Uebt Absolute Return was torrne<y known as Schroder ISF Emgrging MarKcts Dubt uiitil 1 June 2008.


Notes to the Financial Statements as at 30 June 2008 (cont) Dividends (cont)

Record Ex-Dividend Payment Dividend Date Date Date Fund Currency per Share

Schroder ISF Emerging Markets Debt Absolute Return@) USD 0.088844

Schroder ISF Emerging Ma&& Debt Absdute Refwn EUR Hedgedm EUR 0.108973 Schroder ISF Emerging Markets Debt Absolute Return EUR Hdged@') EUR 0.113410 Schroder ISF Japanese Equity Select(c) JPY 19.126088 Schrodw ISF Strategic Bond USD 0.423399

ef ISF Asian Bond USD O.WO574 USD 0.033731

ISF Asian k n d

er ISFAsian Bond EUR Hedged Schrcder ISF Asian Equity Meld

ISF Asian Equity Meld

ISF Asian Equity Meld

ISF Asian Local Currency Emd(a

ISF Asian Local Currency Band[@

ISF Emerging Europe Debt Absolute Returnbl EUR 0.040331

Rhmder 1SF Emerging Markets Debt Absolute Return@)

Schroder 1sF Emerging Markets DeM Absdute Returnjq

Schroder ISF Emerging Markets Debt Absolute Return EUR Hedgedm

Schrodw ISF European Dividend Maximiser

M r d w ISF European Dividend Maximiser

Schroder ISF European Dividend Maximiser EUR 1.475$&1

European Equity Yield

European Equity Meld US0 denominated

Global Dividend Maxlmiser

roder 1% Global Dividend Maxfmls

ISF Gl~bal Dlvidend ~axlmisw

ISF Global Dlvldbnd Maximiser GBP dbminated

ISF Global Dividend Maximlser SGD denwninated

Schroder ISF Global EQuity Yield USD 0.805871

ISF Global High Meld USD Cr 249875 ISF Hong b n Q Doll8 Bmd HKD 0.074689

US0 0.3001 70

(4 Schrodcr ISF Emerging Europe Debt Absolure Return was formerly known as Schroder ISF Converging Europe Bond iintil 1 June 2008 Schroder ISF: Emurging Markets Debt Absolute Rfiturn was formerly known as Schrnder ISF Emerging Markets Debt until 1 June 2008.

(4 Schroder ISF Japanese Equity Select was liquidated on 5 June 2008.


Notes to the Financial Statements as at 30 June 2008 (cont) Futures Contracts

Futures contracts are valued on 30 June 2008, which reflects the latest available price at close of business. The unrealised profit or loss is shown in the Statement of Net Assets. On 30 June 2008, the following Funds held open futures contracts:

Maturity Date Quantity Contract

Schroder ISF Japanese Equlty Sept 2008 83 Topix Index Future

Schroder ISF Japanese Large Cap

Sspt 2008 100 Toplx index Future

Schrader ISF Asian Total Return Jul2008 25 Hang Seng Stock IndexFuture

Jul2008 37 H-SHARES Index Future

sept 2008 12 SPI 200 Future

Schmder ISF Asian Equity Yield

Jul2008 216 Hang Seng Stock Index Future

Jul2008 298 H-SHARES Index Future

sept 2008 260 SPI 200 Future

Schmder ISF US Small 8 Mid-Cap Equity

sept 2008 186 E-mint SgP MidCap 400 Future

Schroder ISF US Smaller Companies

Sept 2008 162 Russell Mini Future


Sept 2008 12 Nasdaq 100 Future

Sept 2008 5 S&P 500 Future

Schroder ISF Absolute Return Bond

sept 2008 39 Euro-BOBL Future

Sept 2008 1 Euro-Bund Future

Sept 2008 2 Euro-Schatt Future

Sept 2M)8 73 US 2 Year Note sept 2008 a7 US 5 Year Note

Sept 2008 109 US 10 Year Note Future

sept 2008 13 US Long Bond Future

Schrodw ISF Absolute Return Bond R1 Sept 2008 2 Euro-BOBL Future

Sept 2008 1 US 2 Year Note

sept 2008 9 US 5 Year Note


(Short)/ Unrealised Long Market AppreclatlorV

Currency posltlon Price (Depreci

JFY 859,081,104

JW 1,357,239,000 1.318.50 (38,739,000)

HKD (28,308,750) 22,120.00 M,465

HKD (22,334,250) 11,895.00 42.120

AUD (1,627,500) 5,193.00 68.886 USD !x447l

HKD (244,587,600) 22,120.00 729,777

HKD (180,915,800) 11,895.00 471,888

AUD (35,282,500) 5,193.00

USCI

US0 14,493,389 824.00

USD l814aSS)

USD

USD USD

EUR

EUA EUR

USD

USD US0

USD

EUR

USD

USD

USD

11,573,949 699.00 (250,149)

USD (250,149)

2,388,600 1,862.75 (1 53,300)

1,699,938 1,281.80 (97,888)

USD (250,988)

(3,184,775) 105.61 28,203 (1 11.900) 11 0.29 2.638

(205,874) 102.25 2.181

(1 5,377,953) 105.45 (1 8,203) (9,517,700)

(1 2,327,584)

(1,493,375)

(211,920) 105.61 1,119

(994,623) 110.35 1,359

(452,656) 1 13.75

USD 447

2 1 0,594 105.45 31 3


Notes to the Financial Statements as at 30 June 2008 (cont) Futures Contracts (cont)

Euro-BOEL Future

Euro-Bund Future

Eurc-Schatz Future

US 5 Year Note

US 10 Year Note Future

Euro-schatz FutOre ' US 5 Year Note

US 2 Year Npte US 5 Year Note


US 5 Year Note


sept 2008 1 70 US Long Bond Future

er r$F Asian Bond

280 EureBund Future

Schroder ISF EURO Corporate Bond

Sept 2008 2 Euro-BOBL Future

(Short)/ Unrealised Long Market Appreciation/

Currency position Price (Depreciation)

EUR EUR

EUR USD

USD

EUR

EUR USD

EUR EUR

EUR

USD

US0

EUR EUR EUR

GBP

JPY

USD

USD

USD

USD USD

USD

USD

us0 USD

EUR

EUR

8,757,445 105.81 7,770 22,615,220 110.29 (5,770) (823,495) 102.25 5,535

(27,506,116) 11 0.35 (1 91,909)

(2,946,677) 11 3.75 (6,888)

(5,788,370) 107,58O,D&J

(36,347,367)

{4,117,476)

8,173,185

6 1 20,022)

(8,472,380) 105.61 37,796

4,310,442 1 10.29 (1 4,394)

102.25 5,453 1 225,671)

2.014,5m.m 135.45 163.1 36

34,773,750 105.45 25,781

(1,248,587) 110.35 C15,KQ) (10,839.oOo) 11 3.75 (81 ,030)

USD (184,W

30,348,030 105.45 14,275 15,521,669 I 1 0.35 (45,987)

(9,484,125) 11 3.75 (44,986) EUR (78,858)

21,191.438 11 0.35 327.1 17

1.130,938 11 3.75 6,563

(19,528.750) 115.64 (130,l 57) USD 209,523

(31,446,800) 110.29 891,470

USD 891,470

212,E43 105.61 (1,433)

EUR (1 ps3)


Notes to the Financial Statements as at 38 June 2008 (cont) Futures Contracts (cont)

Maturity Oate Quantity Contract

Schroder ISF Global Corporate Bond Sept 2008

Sept 2008

Sept 2008

Swt 2908 sept 2008 Sept 2008 sept 2008

8 P t 2m

2

5

4

1 19 7 33 3

Schwder ISF Global High Yield

Sept 2m 60

a p t 2008 141

Schmder ISF Strategic Bond

Sept 2008 658

Sept 2008 22 Sept 2008 38 Sept 2008 1.048

Sept 2008 1,032

Sept 2098 81 4

sspt 2008 102

Schroder ISF Strategic Credit Sept 2008 75

sept 2008 16

Sept 2008 40

Sept 2008 1

sept 2005 34

Euro-BOBL Future

Euro-Bund Future

EuroSchatz Future

Japan 10 Year Bond Future

US 2 Year Note

US 5 Year Note US 10 Year Note Future

US Long Bond Future

US5 Year Note

US Long Bond Future

Euro-Bund Future

Euro-Schatz Future

US 2 Year Note US 5 Year Note

U S 10 Year Note Future

US Long Bond Future

Euro-BOBL Future

Euro-Schatz Future

US 5 Year Note


US Long Bond Future

Currency

EUR

EUR

EUR

JW

USD

USD

USD

USD

USD

US0

EUR

EUR

EUR

USD

USD

us0 USD

EUR

EUR

USD

USD

USD

(Short)/ Unrealised k n o Market Appreciation/

position Price (Depreciation)

(214,310) 105.61 4,888

558.869 110.29 (1 1,694)

(41 1,748) 102.25 4,362

134,300,Mx) 135.45 10,876

3,998,250 105.45 8,969

759,734 11 0.35 12,727

(3,733,438)

(344,625)

5,530,487

(1 6,197,376)

(69,798,l Bo) (2.481.800)

(3,911,602)

220,854,750

(1 14,150,667)

(91,891.051)

(11,717,250)

8,036,605 105.61 (1 16.230)

1.646.960 102.25 (1 1.040)

11 2,828 11 3.75 585

(3,905,750) 115.64 (16,516)

EUR (161,690)

(4384,920) 11 0.35 (1 8,489)

Schroder international Selection Fund Semi-Annual Report June 2008 Page 29

Notes to the Financial Statements as at 30 June 2008 (cont) Forward Foreign Exchange Contracts

Outstanding forward foreign exchange contracts are valued on 30 June 2008 by reference to the forward rate of exchange applicable to the maturity of the contracts. The unrealised gain or loss is shown in the Statement of Net Assets. On 30 June 2008, the following Funds were committed to outstanding forward foreign exchange contracts:

- , .I

Currency Sold

Dividend Maximlser

JW 4,740,543,800

EUR 501,704

USD 63,277,300 EUR 512,475

USD 14,598,600

us0 1,553,400

SGD 44,741

USD 13

USD 193.378

Us0 5,221 ,EO

GBP 4,931

SGD 39,996

USD 70,578.700

EUR 895,367

HKD 3,788,400

&JR 4,446

Unrealised Appreciation/

Maturity Date (Depreciation)

30-9epO8

30-Sep-08 I JPY

30-Sep-08

30-sapo8

USD

17.300

7-Jut-08 (1 89)

USD (291)

30-Sep-08 83,641

30-&p& 2,W7

USD 6,405,500

EUR 87,195

431,390 GBP 51,544 EUA 15,737

EUR (2,905)

USD 85,738

30-Sep-08 1,079

30-Sep-08 96 HKD 1,175

30-Sep-08 7,591

30-sep-08 204

USD 7.795

1 6-JuI-08 (2.W) 1 MUl-08 133

15-AI-08 (46)


Notes to the Financial Statements as at 30 June 2068 (cont) Forward Foreign Exchange Contracts (cont)

Currency Bought Currency Sold

Schroder ISF PEP Global Actlve Value

EUR 4,425,621 AUD

EUR 8,928,372 CAD

EUR 14,506,63a GBP

EUR 18,537.1 83 JW

EUA 6,l 06,358 SEK EUR 10,981,269 SGD

EUR 48,127,010 USD GBP 1,653,433 EUR

JPY 499,676,358 EUR

SEK 10,179,013 EUR SGD 1,489,519 EUR

USD 7.500,989 EUR


us0 4.41 7,330 CAD

Schroder 1SF Absolute Return Bond

EUR 1,893,323 usa EUR 16,667,007 USD

GBP 1,455,253 USD

GBP 21,757.321 USD SEK 1,914,400 USD USD 7,991,874 EUR

USD 2,248,815 GRP

USD 320.000 SEK

Schroder ISF Absolute Return Bond R1

EUR 49,585 USD USD 63,203 EUR

Schroder B F Emerging Europe Debt Absolute Return

CZK 104,450,000 EUR

EUR 10,3Oo,oM1 CZK

EUR 7,500,003 HUF

EUR 14,137.41 6 HUF

EUR 5,000,000 PLN

EUR 5,618,539 PLN

EUR 1 ,m,om SKK

EUR 12,620,915 SKK

EUR 11.611 USD

EUR 5,900,009 USD PLN 5,900,000 EUR

SKK 26,000,000 EUR

7,295,238

13,821,656

11,543.657

2,994,311,093

56,830,465

23,368,690

75,286,670 2,079,026

3,046,299

1,085,727

705,265

4,844,798

4,362,767

3,111,623

26.1 17,200

2,848.1 32

42,944,600

375,290

5.084.957

1,142,CCO

1,914,400

77,700

41 ,ooO

4,263,253

259,848,304

1.914.M3O,OW

3,500,000.000 I 7,688,880

19,100,ooo

32,121,600

382.000,OOO 18,110

9,249,106

1,749,895

857.859

Maturity Date

I ~ - A U ~ - O B

18-Aug-08

18-AUg-oB

18-Aug-08 18-Aug-08

18-Aug-08

18-Aug-08

18-Aug-08

18-Aug-08

18-AUg-08

18-Au~-08

18-Aug-08

Unrealised Appreciation/ (Depreciation)

(6,896) 428,374

(1 18,330)

(1 1.3741

(1 10,464)

USD 1,480,024

18-AUg-08 121,478

USD

1 8-JuI-08

30-Sep-08

1 8-Jul-08

30-Sep-08

18-JuI-OB

1 8-JuI-08

1 8-JuI-08

1 8-JuI-08

129,717

2.935

(15.923)

(24,895)

1.777

USD 201,288

30-Sep-08 92

19-sep-08

us0

2-Jul-08 2-JUI-OB

5-Aug-08

9-sap-08

9-SepO8

19-Sep-08

7-JuI-08

25-Au~-08

9-Sep-08

2-Jut-08

1 1 -Aug-O8

19-Sep-08

i I 2,388

(585,817)

15,405

5,014

3,395

EUR (2,081,063)

Schroder International Selection Fund Semi-Annual Reoort June 2008 Page 3 1



der ISF Emer$ing Markets Debt Absolute Return Am 46,965,100 USD

OAR 55,142.000 USD

RUS 1,027,168,500 USD RUB 1,002,401,4Ms US0

RUB 722.250,ooO USD

13,M30,000

12,5M1,000

10,850,000

24,000,020

19,ooo,ooo 15,800.000

32,m.m

13,817,681

29,600,W 7,340,050

IT,MM,MM

19,800.Wo 11,000,ooo 18,500,000

15,300,000 58,7M),OOo

48,80,Mx3

40,000,000 21.00(1,000

18,500,000

22,000,000

40,000,000

105,M30,rx30

565,583 104.ooo,wo

i,890,716,9GU

378,865,600

15,7OO,Mx, 13,8M3,ooO 13,000,000 11,400,ooo

20,000,m 58,200,000

40,oM3,Mx3

32.000,Mx)

14,621,240

2a,ooo,m 25.000,000

6,700,000

15,800,003

43,700,000

42,000,000

Maturity Data . .

31-JuI-08

29-Sep-08 1 act-os

1 5 - k - 0 8 17-M~*09

27,-May-N

25-J~l-oB 30-SeP.08

2-oct-08

1 -Aug-o8 8-sep-08

1 I-sep-08 ZGSep-oB

20-NOV-08 20-NW-03 12-oec-08 22-Dec-08 2Q-Dec-08

4Jan-09

23-Jan-09

7-Feb-09

2-Apr-09

3-Apr-09

27-Apr-09

6-May-09 29-May-09

2-JuI-08

28-JuI-08

3-JuI-08

25-Rb-09 31-JuI-OB

17-Mm-09 2-AjW-09

27-May-09 28-Mw-W 25-Jut48 '

3cFSep-08

2-Qct-OB

28-May-09

9-kb-09 27-May-09 1 7-JuI-08

6-AuQ-08


(213,944)

(I 07,707)

@3,382)

(765,447) (637,015)

(334,010)

302,443

(375,144)

(296,356)

292,864

152,443

61 2

1,485,130 0,637

1,144.390

(1 ,041 ,851)

11,341 ,m) 199,290

(1b4.W

(561,849) (843,860) (836,732) (361,918)

44,427

(2,&02.431)

(1,155,582)

(361,918)

44,427

(2,&02.431)

(1,155,582)

(253.1 44)

(653,388) 96,433

713,899

30.000.000 15-Sep-08 735,357


Motes to the Financial Statements as at 30 June 2008 (cont) Forward Foreign Exchange Contracts (cont)


Schmder ISF Emerging Markets Debt Absolute Return (cont) RUB

SAR

SAR SAR

SAR SAR

SGD

TWD

TWD

TWD

W D USD

USD

USD

USD

US0

USD

USD

USD

USD

USD

USD

USD

US0

USD

USD

VND

VND

VNQ

VND

VND

VND

1,605,912,750

88,764,500

72,540,W

38,413,850

49,846.250 5e,467,900

43,902,400

1,261,641,600

1,067,305,40(!

1.619.140.500

1,305,264,000

7,404,413

17,895,706

22,500,000

84,ooo.m 96,000,000

102,481,518

1,653,098

77,180,796

3,122,900

22 ,m,m 29,100,000

50,000,oocl

83,000,oW 76,000,000

76,000,000

32,276,000,003

209.346,840,000

69,204.000,OW

92,400,000,000

137,786,250,00(!

137,712,000,0M3

Schroder ISF European Absolute Return EUA 34,792,533

Schroder ISF EURO Bond

EUR 7,418,904

EUR 55,071,852

GBP 5,801,975

USD 35,497,365

Schmder I!% EURO Short Term Bond EUR 53,400.849

USD

USD

USD

USD

USD USD

USD

us0 USD

USD

USD

CNY

CNY

CNY

CZK CZK

EUR

EUR

EUR

EUR

HUF

KWD

PHP

PLN

PLN

PLN

USD

USD

USD

USD

USD

USD

CHF

GBP

USD

EUR

EUR

USD

Maturity Date


67,500,000

18,500,000

19,500,ooo

10,300,ooo

13,500,ooo

15,800,000

32,00O,OM1

42,600,CW

35.800.000

54.500,WO

42,600,000

51,086,750

122,308.200

1531 68,750

1,351,123,200

1,442,655,000

66,714.744

1,059,916

50.400,oM)

1.987.589

3,532,320,000 7,616,925

2,380,848.000

185,511,790

170.1 56,400

170,620.ooO

2,000,m

12,920,ooO

4,380,000

6,000,000

9.050.000

9,060,000

24-NOV-08 610,919

26-sep-08 {I 61,822)

1 -0ct-08 (1W968) 2-Oct-08 > (55,760)

4-Feb-09 (2802Q4

27-May-09

2-Oct-08 1 5-JuI-08

3-Sep-08

2-Oct-08 (743,4051

1 -Aug-o8

13-Nov-08

8-SEP-08

2ESep-08

2-Jul-08

25-hg-08 2-JuI-08 7-JuI-08

2-Sep-08

30-Sep-08 4,657

24-JuI-08 (1,531,355)

27-May-09 339,522 18-Jul-08 , 3,546,981 2-JuI-08 (4,712,467)

1 1 -AUg-o8 (3,695,278)

9-Sep-08 (3,704,979)

1 1 -Aug-08 (83.801)

17-Feb-09

13-Aug-08

9-Mar-09 (51 3,715)

1 2-Mw-09 (888,889) 13-Mar-09 (883,288)

USP (38

55.803.W 31 -Jul-C@ EUR

5,883,002 14-Aug-08 (13,530)

85.514.428 14-hg-08 8 9 4 3 6

731 5,973 1 4-AuQ-08 14,094

22$45,387 14-Aug-08 (373.073)

EUR 321,837

82,507,623 14-Aug-08 935,321

EUR 935,321




Maturity Date (Depreciation) Currency Sold

4,281,610 14-Aug-08 6.571

EUR 6,571

1,630,MM 30-sep-08 7,730,000 30-Sep-08 1,762,349 3MeP-08 1,809,522 3usep-08

1,200,wo 30-Sep-t)B

284,826 14-AUg-oB

16,230,946 14-Aug-Ck

11.190,oOo 3wsep-08 26,373,392 3D-sep-08 . (270.853) 8,940,000

11,085,835

3,200,000 250,Mx) 3crsep-08

1.700,Mx) 3@seP-08

625,809 sip08 3,076,240

1,320,634,0133 30-Sep-08

2.058.066 30-%Po8 1,139,250 30.sep08

3,664,155 1 4-AUCJ-08

30,50651 7 3O.Sep-08 (326,649) 2,333,692 30-Sep-08 (50.1 56)

2,033,887,856 30-sep-08 3,890,760,m 30-Sep-08

3,722,550 30-Sep-08

6,141,355

77,935

4,255,124

1 1,356,485 51,091,556

3,860,870,600 12-sep-08

120,499,082 i79.536,2ao

400.992

16,205,900

4,881,302

13,967,600 30-Sep-08 (1 6,173) EUR 9,758,328


Notes to the inancia Statements as at 30 June 2008 (cont) Forward Foreign Exchange Contracts (cont)


Schroder ISF US Dollar Bond EUR 1 13,657 USD


EUR 3,000,000 USD

EUR 16,367.&E USD

GBP 27.814 USD

SGO 19,703 USD

USD 487,838,850 EUR

USD 14,641 EUR

USD 124,721,207 KAW USD 133,570,793 MYR

USD 122,833,147 MYR

USD 130,627,032 PHP

US0 168,257,800 SGD

US0 234,004,m SGD

USD 180,742,470 TWD

Schroder ISF Asian Local Currency Bdnd

CNY 120,~0.000 USD

SGD 500,000 USD

SGD 19,567 US0

7HB 10,000,000 USD

TWD 140,000,OM) USD

USD 8,908,823 MYR

USD 13,526,358 SGD USD 8,351,376 THE

Schroder ISF EURO Corporate Bond EUR 2.300.1 15

EUR 3,610,775

GBP 1,378,462

USD 3,964,840

Schmder I S F Global Corporate Bond

EUR 437,000

EUR 4,424,186

GBP 346,879

JPY 69,300,000

USD 9,454,393

us0 3,847,595

USD 870,000

GBP

USD

EUR EUR

USD

USD

USD USD

EUR

GBP

JPY


Maturity Date (Depreciation)

4,671,300

25,848,100 54,900

14,MK)

315,000.000

9,387

128,000,000,000

435,oOo,M30

400.000.oM)

B.Mx),000,000 230,000,OM)

320,000,000 5.450,000,M30

178,100 30-Sep-08 21 1

17,306,me

m , m

14,400

307.598

4,537.752

29.M30.000

18,500,000

2 7 0,030, OOO

1,821,022

5,664,656

1,743,950

2.578,714

684.785

6.932.700

684,144

649,679

5 . 9 8 7 . e ~

1.957.1 78

86,807,817

9-sep-08

18-sep-08

19-sep-08

11 -Sep-oa 1 E-JuI-08

23-Jul-08

24-Sep-08

13-Aig-08

1 8-JuI-08

30-Sep-OB

13-Aug-08

1 5-AUQ-08

19-Sef3-08

18-JuI-08

I ~ - A u ~ - o ~

21-JuI-08

30-ap-m

30-Sep-08

30-Sep-08

21-Jut-08

7-Jd-08

USD

2,070

47

(9,894)

88.369

30,452

(85,498)

313,378

USD 629,049

14-Aug-08 (1,276) 14-AUg-08 - 8,694 14-AUg-08 (2.437)

1 4-Aug-08 (44,806)

EUR (39,8251

1 8-Jul-08 3.404 30-*-08 8.216

1 8-JuI-08 6,487

1 8-JuI-OB 6,314

18-JUl-08 24,657

18-Jut-08 (49,128)

18-JuI-08 4 a . m

USD 48,229




Currency Bought Currency Sold Maturity Date (Depreciation)

Sehrader ISF Qiobal High Yield

EUR 3,013,365 USD 4,874,812 14-Aug-08 64,027 186,401,400 30-S e p -08 220,899

36.628,985 14-Aug-08 (1 79,394)

427,128 30-Sap-08 1 ,ooo 1.485,94? 14-Aug-08 (22,834)

Usp 603,448

M)7,259.300 30*sec)-08 71 5.s5

89,550,203 2 r n . a ~

2aBo62,46r 473,574

91 ,m,ooo 5,5op,oQo 63,oM).000

138,963,ooO 30-Sep-08 419.740

1,993,619

1,895,000 3,700,000 I4,000,oao 1 ,m,OOo

22,421,900 850,000

5,063,800 EUR 3,250,000 29-hg-08 (43,372)

450,000

2,500,000 376,wO.OOo

26,505.000 12-sep-08 11 g,438

26,505,030 EUR 18,998,263 12-sap-08 (1 19,438)

EUR

Page 36 Schroder lriternational Selection Fund Semi-Annual Report June 2008

Notes to the Financial Statements as at 30 June 2008 (cont) Interest Rate Swaps

In order to hedge against interest rate fluctuations, the Company may enter into iiterest rate swaps provided:

a) The commitments deriving therefrom 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 assets

concerned.

Such contracts must be denominated in the currencies in which the assets of such Fund are denominated, or in currencies which are likely to fluctuate in a similar manner and must be either listed on an exchange or dealt in on a Regulated Market.

Interest rate swaps were valued on 30 June 2008 at their intrinsic value, The valuation method involves a current value of each interest rate and capital 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 2008 is shown in the Statement of Net Assets under ‘Unrealised appreciation/ (depreciation) on interest rate swaps’.

On 30 June 2008, the following Funds were committed to interest rate swaps:

Descriptibn

Schroder ISF Absolute Return Bond Pey fixed rate 5.065% Receive floating rate GBP LIBOR 8 Months

Pay fixed rate 5.1 15% Recsive floating rate EUR EURIBOR 6 Months

Pay fixed rate 6.1 05% Receive flbating rate GBP UBOR 6 Months Rece‘Ne fixed rate 4.5225% Pay floating rate USD LIBOR 3 Months

Recehle fixed rate 1.58% Pay floating rate JPY LIBOR 6 Months

Schroder ISF Absolute Return Bond R1

Pay fixed rate 5.065% Recelve floating rate GBP LIBOR 6 Months

Pay tixed rate 5.1 1 5% Receive floating rate EUR EURIBOR 6 Months

Pay fixed rate 6.105% Receive floating rate GBP LIBOR 6 Months

Receive fixed rate 4 5225% Pay floating rate USD UBOR 3 Months

Receive fixed rate 1.58% Pay floating rate JPY LIBOR 6 Months

Schroder ISF Global Bond




Fay fixed rate 5.1 15% Receive floating rate EUR EURIBOR 6 Months

Pay fixed rate 6.1 05% Receive floating rate GBP LIBOR 6 Months

Receive fixed rate 4.5225% Pay floating rate USD LIEOR 3 Months

Receive fixed rate 1.58% Pay floating rate JPY LlROR 6 Months

Unrealised Maturity Appmia tiad

Nominal Currency Date

5,275,000 GBP 20-MWIO

2,3M).oOO EUR

1.870.Mx3 GBP

51 1,303 USD 26-Jun-13 (5.441)

JPY 26-Jun-13 (21,322) 727,000,000

US0 (195,m)

870.000 GBP 26-Fsb-10

158,CCQ EUR 26-Jun-13

128,030 GBP 24-Jun-13

35,100 usu 26-Jun-13

8,920,000

4,130,000

2,900,000

4,200,000

3,410,000

933,000

1,330,000,000

49,8M3,000 JPY

USD

GBP 25-Feb-10 (31 7,814)

GEP 24-Mar- 7 0

GBP 21-May-10

EUR 26-An-13

GBP 24-Juri-13

us0 26-Jun-13

JPY 28-Jun-13

USD

(158,4l Q)

(44,432)

27,686

33,429

(9,933)


Notes to the Financial Statements as at 30 June 2008 (cont) Interest Rate Swaps (cont)

Description

Schmder ISF Strategic Bond

Pay fixed rate 5.065% Rkeive floating rate GBP LlBOR 8 Months

Pay flxed rate 5.66%

URlBOR 6 Months

Unrealised Maturity Appreciation/

No rn i n a I Cumncy Date (Depreciation)

33,900,000 GBP 20-Mar-IO (1,300,337)

90,500,000 GBP 21 -May-10 (1,386,570)

27,300,003 EUR 25-Jun-13 179,962

22,1M3,ooO GBP 24 Jufl-13 216,648

6,050,000 USD 26-Jun-13 . (64,413)

8,61O,(xM,oOO JPY 26-Jun-13 (252.524)

213,4CQ,oOO USD &Jan-10 (I ,423,487)

USD (4,030,721)

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 flow benefits of an asset without actually owning this asset (the ’Reference Asset’). The Company will have to pay a periodic fee (fixed or floating payment) in exchange of its right to receive the total return of the Reference Asset (coupons or capital gains or losses). The Reference Asset can be almost any asset, index or basket of asset which constitutes an eligible investment for the Company. The Company may use such instruments to seek exposure to an eligible market or for hedging purposes.

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 total commitments arising from the use of total return swaps together with the total commitments arising from the use of other derivative instruments may not, at anytime, exceed the net assets of the relevant Fund.

During the period under review, only one Fund, Schroder ISF EURO Equity Secure 201 0, held total return swaps. The total return swaps were valued on 30 June 2008. The market value of the swaps I S the current market value of the Fund’s portfolio of bonds and cash plus the Balancing Swap value, corresponding to the unrealrsed gainsllosses on total return swaps. The result of the Balancing Swap valuations together with any interest or performance receivable on 30 June 2008 is shown in the Statement of Net Assets under ‘Unrealised appreciation/(depreciation) on total return swaps’. Any portfolio return payable in accordance with the terms of the swap agreements is shown under ‘Dividends and interest payable‘ in the Statement of Net Assets.

Unrealised Fund Fund Pays Receives Appmlatlon

n, any Ltd ss Re)

Portfolio return, Reinsurance Company U d quartrterty (8 subsldiaiy of Swiss Re)

payment of interest (0.0584%) USD 3,845,838

Page 38 Schroder International Selection Fund Sern-Annual Report June 2008

Notes to the Financial Statements as at 30 June 2008 (cont) 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. In addition, the Company may, provided it is in the exclusive interests of its Shareholders, buy protection under credit default swaps without holding the underlying assets provided that the aggregate premiums paid together with the present value of the aggregate premiums still payable in connection with credit default swaps previously purchased and the aggregate premiums paid relating to the purchase of options on transferable securities 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 to acquire 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 the investment 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 derivative instruments 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 and only in accordance with the standard terms laid down by the International Swaps and Derivatives Association. In addition, the use of credit default swaps must comply with the investment objectives and policies and risk profile of the relevant Fund.

Credit default swaps were valued on 30 June 2008 at their intrinsic value. The valuation method involves the current value of the interest-rate series and the current value of the credit spread traded on the market at the closing date. The result of these revaluations, together with any interest receivabldpayable related to the credit default swaps on 30 June 2008, is shown in the Statement of Net Assets under Credit default swaps at market value. On 30 June 2008, the following Funds were committed to credit default swap agreements:

Protection Position Description

Schroder I S Absolute Return Bond

Ace INA 8 875% 15/08/2029

Ace INA 8 875% 15/68/2029

Ace INA 8.875% 15/08/2029

Adecco Financial Servcce Bermuda 0% 26/08/2013

Alcoa 5.375% 15/01/2013

AKOW flectrmtcs 6.875% 01/06/2018

Arrow El&Wonics 5.875% 01/06/2018

Autozme 5.875% 35/lWZO12

Autozone 5.875% 15/10/2012

Aviva 9.5% 2Q/o8/2018

BWA Senior Finance SAU 4% 22/04/2013

Black& Decker 7.12596 01/06/2011

Black & Decker 7.125% 01/06/2011

Brazilian Government International 12.25% 06/03/2030


Carnival 8.65% 15/01/2028

Carnival 6.65% 15/01/2028

Casino Guichard Perrachon 6% 27/02/2012

CBS 4.625% 151oma1a CDX EM Series 9 20/06/2013

CDX EM Series 9 20/06/2013

CDX NA IG Series 8 20/06/2012

Currency

USD

USD

USD

EUR USD

USD USD

USD

USD

EUR

EUR

USD

USD

USD

USD

USD

USD

EUR

USD

USD

USD

USD

Nominal Amount

63,278

375.000

25,625

300,000

140,625

63.278 25,625

63,276

25.625

125,000

125,000

83,276

25,625 1.41 0,000

300.000 63,276

25,625

125,000

325,000

270.000

7,630,MM

160,000

Interest paid I Maturity Market tqceived % Oate

0.35 20-Dw-201 4 2,541

0.48 20-Jun-2013 898

0.58 20-Dee2013 (44) 2.12 20-DK-2013 (26,231)

1 .M) 20-Dw-2013 23

0.59 20-Dec-2014 1,682

0.76 20-Dsc-2019 89

0.50 20-OK-2014 3

0.78 20-Dec-2013 223 1 .IO 20-Juri-2013 (651)

0.80 20-Jw-2013 (51 3) 0.67 20-DW-2Qt4 3.391 1.M 2CkDec-2013 275

1.74 20-Mx-2013 (45,187)

1.45 20-Apr-2013 (5,124)

0.50 20-Dec-2014 5,803

1 .C4 20-DE-201 3 492

1 .EO 20-Jun-2013 2.379 1.02 20-Jun-2017 11,025

2.65 20-Jun-2013 (1,200) 2.65 20-Juri-2013 (35.620) 0 35 20-Jun-2012 7,015


Notes to the Financial Statements as at 30 June 2008 (cont) Credit Default Swaps (cont)

Protection Nominal Interest paid I MaturlQ Market Position Description Currency Amount received % Date Value

USD 45,000 0.72 20-MX-2012 1 ,308 EUR 125,OOD I .56 20-Jun-201 8.9%

USD 135,000 1 .I 7 20-Jun-201 (9,067)

USD 2,220,000 0.35 17-Feb-2051 173,806

us0 03,276 Q.42 20-Ow-2014 1,345

USD 25,826 (W USD 140.625 1,364

USD 83,276 ’ 866 usu 0.50 20-DeC-ZM3 I 9

USD EUR

USD USD

EUR

EUR EUR 7 2oSep-2013

USD

USD USD

US0 US0

USD

USD

USD 14b.626 0.42 20-Dee201 3 285

anal 5.7% 15/03/2036 Us0 03,276 0.37 211-DeC-2014

USD 25,625 0.42 20-OeC-2

EUR 125.ooO 1.30 20-Jun-2

USD USD 2.62 2(rJUn-2

USD 2.15 20-bC-201

USD 1.04 ~ O - O ~ C - ~ O I EUR 0.62 20-Jun-2013

USD 4.18 ~ o - D ~ c - ~ o I ~

USD EUR

USD

USD USD

EUR USD

USD U$D

USD

USD USD 1.41 0,W 1.46 20-MX-2013 30,869

sell Mexico Govetment Intematmnal7.5% 08/04/2033 USD 820,oOO 1.25 20-Apr-2013 7.045

Page 40 Schroder International Selection Fund Semi-Annual R ~ p ~ r t June 2003


Protection Position Descriptlon

SchrodN ISF Absolute Return Bond (cont) Mexico Government International 7.5% 08/04/2033

Mohawk lndustnes 7.2% 15/04/2012

Mohawk Industries 7.2% 15/04/2012

New York Times 4.61 % 26/09/2012

New York Times 4.61 % 26/09/2012

Next 5.25% 30/09/2013 Olin 9.125% 15/12/2011

Ornnicom 0% 07/02/2031

Ornnicom Group 6.9% 15/04/2016

Packaging ofAmerica 5 75% 01/08/2013

Pactiv 8.125% 15/0@2017

Pactiv 8,125% 15/06/2017

Panama Government International 8.875% 30/09/2027

Peruvian Government International 8.75% 21/11/2033

Peruvian Gwernment International 8.75% 2111 1/2033

Ptizer 4.65% 01/03/2018

Ptizef 4.65% 01/03/2018

Philippine Government 10.625% 16/03/2025

PPG Industries 7.05% 15/08/2009

PPG Industries 7.05% 15/08/2009

Renault 4.625% 28/05/2010

ReynMds American 7.625% 01/06/2016

Rohm & Haas 7.85% 15/07/2029

Rohm & Haas 7.85% 15/07/2029

RR Donnelley & Sons 4.95% 01/04/2014

RR Donnelley 8 Sons 4.95% 01/04/2014

Russia Government 7.5% 31/03/2030

RWE finance 6.1 25% 26/1 a201 2

Santander International Debt 0% 09/08/2013

Sara Lee 6.125% 01/11/2032

Sealed Air 5.625% 15/07/2013

Sherwin-Williams 7.375% 01 /02/2027

Shewn-Williams 7.375% OI/M/2027

South Africa Govwnment 6 5% 02/06/2014

Southwest Airlines 5.25% 01/10/2014


Starwood Hotels & Resorts Worldwide 7.875% 01/05/2012

STMicroslactronics Finance 5.361 46 17/03/2013

Suedzucker International Finance 5.75% 27/02/2012

Swss Re American 4% 29/06/2015

Tate &Lyle International Finance 6.5% 28/06/2012

Telecom ltalia 5.375% 29/01/201 g

Telefonaktiebolaget LM Encsson 6 5% 20/05/2009

Telefonica Emisiones 4.375% 02/02/2016

Thomson Reulers 6 2% 05/01/2012

Thomson Reuters 6.2% 05/01/2012

Nominal Interest paid / Maturity Market Currency Amount received YO Date Value

USD USD USD

USD USD EUR USD

usa USD USD USD USD US0 USD USD

USD USD

USD usa USD EUR

US0 USD USD USD USD USD

EUA EUR USD USD

USD USD

USD USD USD

USD

EUR EUR EUR EUR EUR EUR EUR

USD

USD

1.21 0 , m

63,276

25,625

63,276

25,625

125,ooO

140.625

63,276

25,625

i40,625

63,276

25,625

300,000

620.000

303,000 63,276 25,625

230.000 63,278

25,625

125,ooO

125,000

63,276

25.625

63.276

25,625

1,210.M30

125,000

125,OOO

140.625

140.625

63,276

25,625

1,210.000

63,278

25,625

375.m

125,MO 125.000

125,oM)

125,ooO

125.000

375,000

125,ooO

63,276

25.625

1 04 20-Apr-2013 1,367

0.90 20-Dec-2014

1.61 20-Dee-2013 0.85 2a-~ec-2014

2.34 2 0 - k - 2 0 1 3

0.49 20-Dec-2014

(4,463)

(12,111)

( 2 . W 0.20 20-k-2014 1,163

(29) 0.39 20-Oec-2013

2.25 20-Jun-2013 3.187

0.32 20 -k -2014 3

0.70 20-Oec-2

1.20 20-Jun- 4.687

0.68 20-Jun-2012 (950) 0 40 2Q-k-?014 3.100

0.71 ~ o - o ~ c - ~ o I ~ 214

0.65 20-Oec-2014 5,588 1.21 2BDec-2013 4w 1.28 2BApr-2013 15,065

0.49 20-Juri-2013 281

0.60 20-dun-2013

0.63 20-Dec-2013 1.18 ' '20-b~-2013 2,620

0.39 20-D~c-2014 3,840

0.88 20-Dec-2013

1.67 2Mpr-2013

Q.61 20-Dw-2014 ,

1 70 20-0~+2013

2.73 20-IhC-2013 (3,058) 0.88 20-Jun-2013 (1,388) 0.83 20-Jun-2023 5,658

0.82 2CJun-2013 (3,389) 1 60 20-Sep-2013 (67)

0.99 2BJun-2013 (4,414)

1.32 20-Jun-2013 631 7

1.02 20-Sep-2013

0.51 20-Dec-2014 3,939

1 . I9 20-Dee2013 (52)


Notes to the Financial Statements as at 30 dune 2008 (cont) Credit Default Swaps (cont)

Protection Position bescriptian

.. . .

velers 8.125% 15/04/2610

nt 6.5% U2/06/2014

75% 20/1 01201 7

Bank5.12596 31/01/2013

ance 3.875% 08/05/2015

Microelectronics Finant% 5 361 46 17/03/2013

BUY Swedbank 4.768% 16/04/2009

Currency

USD

USD

USD

USD

USD

EUR

EUR USD

USD

USD

US0

EUR

USD

USD USD

USD USD

USD

US0

USD

USD USD USD USD

usa USD

USD

USD

USD

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR EUR EUR

EUR

EUR

Nominal Interest paid / Maturity Market Amount received % Date Value

83,276 0.35 20-Dec-2014 2,652

25.625 0.60 20-Dee-2013 179

230,O 2.88 20--2013 230,OCQ 2.75 20*-20 BOo.M30 3.75 20-Sep-2

1.69 2OdUn-2

13,000 1.62 2&pPr-2013 (1 93)

50,000 1.67 20-Apr-2013 (1 w 50,000 1.28 20-Apf-2013 623

1.04 20-sep-20

5,000,000

2,500,000

5,0M).oM) 0.67 20-Sep-2013 15.809

1,250,030 1 .OO 20-Sep-2013 2.882




Schmder ISF EURO Bond (cont)

BUY

BUY UPM-Kymmene 6 125% 23/01/2012

Schmder ISF Global Bond

Tetefonaktiebolaget LM Ericsson 6.5% 20/05/2009

BUY A C ~ INA a m % 15/0~2029

BUY Alcoa 5.375% 15/01/2013

BY Arrow Electronics 6.875% 01/06/2018 Buy Autotone 5.675% 15/1 W2012

BUY BUY Carnival 6.65% 15/01/2028

BUY

Buy Buy CMBX.NA.M.4 17/02/2051

BUY

&ly Commercial Metals 6.75% 15/02/2009

BUY ConAgra Foods 7% 01/10/2028

Buy Oeere 5.95% 25/04/2014

BUY bell 7.1% 15/04/2028

Buy Dow Chemical 7.375% 01/11/2029

BUY FedEx 7.25% 15/02/2011

BUY Buy Home Depot 5.875% 16/12/2036

Buy Honeywell lntwnational5.7% 15/03/2038

BUY

BUY Kraft Foods 5.25% 01/10/2013

BUY Lowe's 8 25% 01/08/2010

BUY Mack-Cali Realty 7.75% 15/02/2011

Black 8. Decker 7.125% 81/06/2011


COX EM Series 9 20/08/2013

Coca-Cola Entwpnses 6.1 25% 15/08/2011

Goodrim 7.625% 1511 21201 2

lntemationa Paper 5 85% 30/10/2012

Marriott International 4.625% 15/06/2012

Masco 5.875% 15/07/2012


New Yak Times 4.61 % 28/09/2012

Olin 9.125% 15/12/2011

Omnicom Group 5.9% 15/04/2016

Packaging of America 5.75% 01/08/2013

Pactiv 8.1 25% 15/06/2017

Pflzer 4.65% 01/032018

PPG lndustrics 7.05% 15/08/2009

BUY

Buy BUY Sara Lee 6.125% 01/11/2032

BUY Sealed Air 5.625% 15/07/2013

BUY Sherwin-Williams 7.375% 01/02/2027

BUY Swthwest Airlines 5.25% 01/10/2@14

Rchm & Haas 7.85% 15/07/2029

RR Donndley &Sons 4.95% 01/04/2014

Nominal Interest paid I Maturity Currency Amount received % Date

EUR

EUR

USD

USD

USD

USD

USD

USD

us0 USD

USD

USD

USD

USD

us0 USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

US0

USD

. USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

Market Value

5,603,000 1.40 20-Sep-2013 48,596 5,oM3,000 2.63 2C-Sep-2013 142,028

Total Market Value EUR 332,114

170.1 25 0.58 2 m e ~ 2 0 1 3 (302)

1 78,l 25 1.03 20-D~-2013 ~ 29

i78,125 0.76 20-Dec-2013 627

178.1 25 0.78 20-h-2013 1,556

178,125 1.M) 20-0%-20

1.04 20-Dec-2013 178.1 25 1 ,42O0,0M3 2.65 20-Jun-2013

5,080,000 2.85 20-Jun-2013

7,740,WO 0.35 17-F8b-2051 178,125

178.125

178,l 25 0.48 20-k-2013

178,125 0.50 20-k-2013

178,125

178,125 0.62 20-OeC- 178.125

178,l 25

178,125 178,125 0.42 20-Dec-201 3 178,125 2.15 20-Dec-2013

178.125 1 .w 20-Dec-2013

178,125 0.62 20-Dee2013 376

178.126 i .ai 20-~~-2013 2,068

178,125 1.53 20-Dec-2013 7,552

178,125 1.99 20-Dec-2013 5,215

178,125 1.61 20-Dw-20 1,825

178,125 2.34 20-Dec-20 5,009 17a,iz5 1.99 20-De~-2013 , (442)

851 178,125 178.125 1 .oO 20-DW-2013 730

178,125 1.02 20-De~-2013 958

(199) i7a,125

178,125 0 71 20-Dec-2013 I ,485

0.56 20-D~-2013

0 39 20-Da-2013

178,125 0.70 20-k-2013 1,592

178,125 1.21 20-De~-2013 2,780 178,125 0.63 20-DeC- 285

178,125 1.16 20-Oec-2013 3,330

178,l 25 0.88 20-Dsc-2013 1,115

178,125 1.70 20-Dec-2013 2,233



" . .

6 2% 05/01/2012

125% 1 W0712023

Nominal Interest paid I Maturity Market Currency Amount received % Date Value

USD 178,125 1 .I9 20-Dec-9013 (351)

USD 1 78.1 25 1.54 20-Dsc-2013 3,654 USD 178,125 , 1.83 20-b2013 4.431

Total Market Value WSD 840,190

US0 170,125 0.60 2c-oec-2013 1,250

USD

USD

USD

USD

USD

us0

USD 4,400, 3,356

EUR

EUR EUR

EUR

EUR EUR

EUR

EUR

EUR

EUR 750,m 0.90 2o-sep-2013 (57) EUR

EUR

ElJR

EUR

US0 USD ' US0 EUR

USD 1.90 20-Dec-20

US0 0.59 20-Dw-20

USD i7,5w 0.78 20-LkG20

USD 12.688 050 20-Dee-2014 681

USD 17,500 0.78 26+0e~-2013 152



Protection Nominal interest paid I Maturity Market Position Descriptlon Currency Amount received % Date Value

Schmder ISF Global Corporate Bond [cont)

. ..

Barclays Bank 4.5% 04/03/2019

Black & Decker 7.125% 01/06/2011

Black 8. Decker 7 125% 01/06/2011


Carnival 6.65% 15/01/2028

Carnival 6.65% 15/01/2028

GBS 4.625% 15/05/2018

CDX EM Seties 9 20/06/2013

CDX EM Swes 9 20/08/2013


CMBX.NA.AAAA.17/02/2051

izens Communications 6.25% 15/01/2013

oca-Cola Ent6iprises 6.1 25% 15/08/2011

miat tdetals 6.76% 15/02/2M19

rnercial Metals 6.75% 15/02/2009

C m Q r a Foods 7% 01/10/2028

Deere 6.95% 25/04/2014

k r e 6.95% 25/04/2014

D M Chemical 7.375% 01/11/2029

Oow Chemical 6% 01/1a/2012

FedEx 7.25% 15/02/2011

Gccdnch 7.625% 15/12/2012

Gocdnch 7.625% 15/12/2012

Home Depot 5 875% 164 2/2036

Honeywell International 5 7% 15/03/2036

Honeywell International 5.7% 15/03/2036

Indonesia Government 6.75% 10/032014

International Paper 5.85% 30/10/2012

International Paper 5 85% 30/10/2012

Kraft Fmds 5.25% D1/10/2013

Liz Glaiborne 5% 08/07/2013

DSll?.l% 15/04/2028

Fedb 7.2596 15/02/2011

LOW'S 8.25% oimwzoio LVMH Moet Hennessy Louis Vuitton 5% 29/04/2010

Mack-Cali Realty 7.75% 15/02/2011


Marriott International 4.625% 15/06/2012

Marriott International 4 625% 15/06/2012

M ~ C O 5.875% I 5/07/2012

Masco 5.875% 15/07/2012

MeadWestvaco 6.85% 01/04/2012

Mexico Government International 7.5% 08/04/2033


Mohawk lndustnes 7 2% 15/04/2012

New York Times 4.61 % 26/09/2912

EUR

USD

USD

USD

USD

USD

USD

USD

USD US0

USD

USD

USD

USD

USD USD

USD

USD

USD

USD

USD

USD

USD

US0 USD

USD

USD

USD

US0

USD

USD

USD

USD

USD

EUR

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD USD

60,000

12,686

17,500

%,OM)

12,586

17,5W 150,ooO 300,000

42,500

400,000 8m.m

m , w 4 2 , W

12,586 17,5M3

42,500

12,586

17,500

42,500

17,500

. 12,586

12,586

17,520

12,586

17,500

42,500

12,586

17,590

40,000

12,586 17,500

42,5M3

50,000

42.500

40,oOo

12,586

17,500

12,586

17,500

12,586

17.500

200,000 12,586

17,500

12,586

1 .a8 20-Sep-2013 (54) 0.67 20-DeC-2014 735

188

(854 I .M) 10-aeC-2013

I .45 20-Apr-2013

1.04 20-Dm 1.02 20-Jun

2.85 2OJUrl-2

0.50 20-Dec-

0.56 204%~-

0.43 20-DeC-2013 91

1.14 20-D~c-2013 31 2

0.37 20-D~c-2014 194

0.42 20 -B~-2013 , '

2.52 20-Jun-2013

1 .W 20-DH-2013

4.18 20-Dw-

062 20-Dw-

0.81 20-Junb013

0.83 20-Oec-2014

1.81 20-D~c-2013

0.54 20-DeC-2014

1.53 20.Dec-2013 0.95 20-Dec-2014

1.49 20-Dee201 3

2.06 20-Dec-20<3 ' 598

1.04 20-Apr-2013 292

0.90 20-DeC-2014 1,140

1.61 20-D~-2013 160

0 81 20-Dec-2014 2,565


Notes to the Financial Statements as at 30 June 2QO8 (cont) Credit Default Swaps (cont)

. " Protection Nominal Interest pald / Maturity Market PosHion Description Currency Amount reC6ived % bate Value

Schroder ISF alobhl Corpordte Bond (cont)

_ , , _ .-

New York Times 4 61 % 26/09/2012 USD 17.600 2.34 2(TDec-2013 492

Olin 9.1 25% 1 6/12/2011 USD 42,500 1.99 2C-k-2013 (1 09) USD I 2,5m 0.44 20-Dec-2014 294

1 7 , 5 0 0.56 20-M-2013 84

dines 5.25% 01/10/2014 USD 17,500 1.70 20-Dec-2013

50.000 2.73 20-0e~-2013 (407) 50,000 1.32 20-Juri-201

6.2% 05/01/2012 us0

EUR 50,W 0.30 20-!o-aec-XlIl

Total Market Val



Protection Nominal Interest paid / Maturity Market Position Descrlption Currency Amount received % Date Value

Schmder ISF Global High Yield BUY Ace INA 8.875% 15/08/2029

BUY Ace INA 8.875% 15/08/2029

BUY BUY Alcoa 5.375% 15/01/2013

BUY Arrow Electronics 6.875% 01/06/2018

BUY Anow Dedmics 6.875% 01/06/2018

BUY Autozone 5.07596 15/10/2012

BUY A C ~ INA 8.875% I 5/0w2029

Adecco Financial Service Bermuda 0% 26/08/2013

BUY BUY BUY Buy Carnival 6.55% 15/01/2028

BUY Carnival 6.65% 15/01/2028

BY CBS 4.625% 15/05/2018

&ry CDX NA IG Series 8 20/08/2012

BUY CentutyTel7.875% 15/08/2012

Sell Citizsns Communications 6.25% 15/01/2013

w BUY Commercial Metals 6.75% 15/02/2009

BUY Commercial Metals 6.75% 15/02/2009

BUY BUY Deem 6.95% 25/04/2014

BUY h r e 6.95% 25/04/2014

BUY Dell 7.1% 15fO4/202%

Buy w Dow Chemical 6% 01/10/2012

BUY FedEx 7.25% 15/02/2011

BUY Fedf3 7.25% 15/02/2011

BUY

331 Sell General Motors 7.125% 15/07/2013

BUY Gccdrich 7.625% 15/12/2012

B Y Goodrich 7.625% 15/12/2012

BUY Home Depot 5.875% 1W12/2036

BUY Honeywell International 5.7% 15/03/2036

BUY Hmeyweli International 5.7% 15/03/2038

Buy lnternatimal Paper 5.85% 30/1 Ql'2012

BUY international Paper 5.85% 30/10/2012

BUY Kraft Foods 5.25% 01/10/2013

BUY LIZ Glaibwne 5% 06/07/2013

Buy Louisiana-Pacific 8.875% 15/08/2010

BUY BUY Mack-Cali R ~ a l f y 7.75% 15/02/2011

rn Mach-Cali ReaRy 775% 15/02/2011

BUY Maws Retail 6.625% 01/04/2011

BUY

BUY Marnott International 4.625% 15/06/2012

BUY Marriott International 4 625% 15/06/2012

Black & Decker 7.125% 01/06/2011

Coca-Cola Entefpnses 6.1 25% 15/08/2011

COnAgra Foods 7% 01 I1 012028

Dow Chemical 7.375% 01/1 1/2029

First Data 5.625% O V l 1/207 1

Ford Motor 6 5% Ol/W2018

Lowe's 8.25% 01 /OW201 0

Marks & Spencer 6.375% 07/11/2011

USD USD USD

EUR USD

USD

usw USD

USD USD

USD

USD

USD us0 USD

USD USD USD US0

USD USD

USD

USD

USD

us0 USD USD

US0 USD

USD

USD

us0 USD USD USD USD

USD USD US0

USD

USD

USD USD

USD

USD

EUR USD

US0

200,000

2.1 50,000

I,WO,ooO 750,000

1,4M),oM,

200,000

1,rn,ooo

200,000

1 ,ooo.ooo 2m,m

1.ooO,aoO 200,000

I,oOo,Mx, 1,270,000

630,030 5oo.m

1,060,000 1,4M),oOo

200.000

2(10,000

1 ,ooo,M)o 1.400,Mx)

1 ,ooo.m 200,000

200,000

1 .ooo,oO0

2.400.000

1 ,ooo,o0O 1.1cr0,000

2OO.OW

1 ,OOO,000

1,400'000

2M,000

1,000,oOo 200.000

1 ,000,oOo

1,400,090 400.000

3,000,000 1,400,000

2 m , m

1,000,ooo

2 , o o O , ~

2.000,000 200.000

1 ,000,M)o

0.35 2@D%-2014 8,837

0.48 20-Jun-2013 5,151

(1,718) 2.12 20-0%-2013 (65,702)

1 .oO 20-D-2013 224

0.58 20-Dec-2013

0.59 20-DK-2014

0.50 20-Dsc-2 '

0.78 20-k-2 0.67 20-De2014 1 .00 20-Dew2013

0.50 2@Dec-2014

0.40 20-Dee-2014 10,071

0.42 2cFDec 0.61 20-DeC-

2.15 20-OW-2013 17,644

1.04 20-Dw-201 3 (1 .roo) 4.1 8 20-DW-2013 (8,143)

5 45 20-Jun-2013 3,288

0.62 2&13ec-2013 2,914 0.83 20-Dec-2014 24,225

1.81 20-De-201 3 11,531

3.03 20-DEC-201 3 (43,909) 1.76 20-Sep-2013 61,721

0.54 20-Dec-2014 36,392

1.53 20-DeC-2013 42,395


Notes to the Financial Statements as at 30 June 2008 (cont)

I

Credit Default Swaps (cont)

Page 48 Schroder International Selectiori Fund Semi-Annual Report June 2008

I Notes to the Financial Statements as at 30 June 2008 (cont) Credit Default Swaps (cont)

Ew USD

USD USD USD

USD

N R EUR EUR USD urn USD USD USD USD EUR USD USD US0 USD USD USD

EUR N R USD USD

USD USD

US0

USD

USD

US0 USD EUR

Us13 US0

N R EUR EUR

us0 USD

USD USD USD

urn


Notes to the Financial Statements as at 30 June 2008 (cont)

8chmdw I S 8myoEc Wnd {mt)

Home Depot 5.876% 18/12/2036

mtkd 5.7% 15fWZCk38 I M W i 5.7% 15/03/M3B

wal robacco F m e ~.25% wi moie lixmeaie (3amrnm 6.75% 10/03/2014

5% 1 w w 2 0 1 4

3WlM2012 ~ n e t i o o s l Paper 5.85% 3011 OM01 2

WaftF&6.26% OillOmOl3

sell UnUe Finance 6.876% 24/04/2023

w07/2D13

lbcb12010

Meet Hennessy Lwis Wion 6% 29/04/2010

M W - m Realty 7.75% 15/02/2011

wly hkk-call Realty 7.75% 1 m / 2 0 1 1

wry Masye R ~ t d 6.625% 01/04/2011

Buy M&k$& 6.375% 07/11/2011

w hMiott MtsmafiQnal4.62696 15/08/2012

B Y MarrloPt lntematlonal4.625% 15/08/2012

&ly Mssco 5.875% 15/07/2Q12

Sen sell sell Buy Mohawk Industties 7.2% 15/04/2012

BUY Mohawk industries 7.2% 15/04/2012

BY 8w &y Next 6.25% 3Qru&r2M3

Bw ~ a s c o 5.875% 1 m 7 n 0 1 2

wly w- e.%% 01m~2012

Mexico Government lntematlonal7 6% 08/04/2033 Mexico Gwwment International 75% W 2 0 3 3

Meajm Govsrnment International 7.5% 08/04/2033

New Mrk Times 4.81 % 28/08/2012

NSW York Tknes 4.61% 28/09/2012

BUY Ol1n9125%tiV12/2011

Buy mnlcom &cup 5.8% f6K24/2018

ChflkW! 0% 07lQ2fi031 B"y

w pacicaging of Amaica 5.75% 01/08/2013

Buy PaCtiv8,125% 15/os/ml7

Buy pectiV8.12596 15918/2017

suy Panama G w m International 8.875% 3O/OB/2027 $uy penrylan Gwsmhent lnternatlonat 8.75% 21/1 If2033

Buy ~ G u v m f r m t IntematiW 6.76% 21/11/2033

BUY siry w 10,622696 16/03/2926 sw . lndustrlss7.c)59615/o8/2oo9 .w PPG lmluwrlss f.B% iwwm BUY Renaun 4.625% 28/06/2010

USD

uSD USD

EUR USD USD

USD

USD USD

EUR USD

USD EUR

USD

USD

USD

EUR USD

USD USD USD USD

USD USD USD

USD

USD

USD USD EUR USD USD

USD USD

USD

USD USD US0 USD USD

USD

USD USD

USD EUR

2,9l Roo0 281.592

1.875,Mx)

775,00(1

2.986.000 2.500.000

201 ,!E2 1,876.000

2,910,000 775,MM

3,000.m

2,000,000 281,552

1,875,Mx)

2,910,wo

2,500.000

775,000

281 352 1,875,000

281,562

1,875.oM3

3.000.000 11,800,000

8,200,wo 13,200,000

261,552

1,875,rn 261,552

1 B75.000

1,275,000

2,910.wXl 281,552

1,875,000

2,910,00(1 261,552

1,875.m

3,300,000 6,200,033 3,300,000

281.5B2

1 s75.m 2,600,000

281,552

1,876.m 775,001)

1.14

0.37 0.42

1.30 1 82 2.52 a.w 2.15 1 .w 0.62 4.18 0.62

a m 0.83 1 .a1

3.03 7,07

0.54 1.63 0.95 1.99

2.08

1.46

1.25 I .a 0.90

1 .61 0.81 2.34

2.52

1 .w 0.44

0.56

1 .oo 0.49

i .02 1.62

1.61 ' 1.28 0.20

0.39 ' 2.26

0.32 0.m

20-Oec-2013 21,388

2C-Ih-20i.1 7,483

21)-Ck-M13 7,500

20-Jun-2013 (24,107)

20-oec-2011 71,584

I 204~1-2013 25,045

20-Dec-2014 102.420

28Deo-2013 33,063 20-DeC-xJ013 (3,534) 2oJun-2013 6,883 B0ec-2013 P,072l 21)-Deo-2013 6,058

2O-J~tn-2013 w9aOs)

&-W2014 61,136

20-Deo-2013 21,619

(was) 2C-OeP2013

2ChJu%2013 9,703

2D-Dec-Po14 98,187

20-0ec-rn3 79,490

2 6 ~ 2 0 1 4 84,353 2GM2013 w , m 2(t.Oec2MS 35,902 2 0 4 ~ 2 0 1 3 258.333

20-Apr-2013 70,452

20-&+2013 19,279

20-Dec-20%4 40.208

20--2013 17,110

20-Dec-2014 104,334

20-Dec-2013 52,730

MSep-20t3 I 38,493

200-OeL-2013 (7,445)

ZUDeC-2M4 11,603

8,953 2&D&-U313 20-DeC-ZOl3 11,798

20-Ck-2014 37,444

20-DaC-rn3 10,085

2oapr-2013 ( 4 9 # 0

M-Apr-2013 -459s) 2o-Oe(s2&4 ' 9,536

20-0ec-2Oi3 (2,129)

2twun-2013 34.641 2C-Dec-2014 31.624

20-Oec-2013 1 &?Ea 20-JUn-2013 29.061

20.Ap.2013 (121,l 11)

Page 50 Schrodcr lriterriatiorial Selection Fund Semi-Annual Report Jurie 2008


Reynolds Am&an 7.025% 01 /OW201 6 Rohm & Haas 7.85% 15/07/2029

Rohm & Haas 7.85% 15/07/2029

RR Donneley & Sons 4.95% 01/04/2014

RR DonneHey & Sons 4.95% 01/04/2014

Russia Government 7.5% 31/03/2030

RWE Rnance 6.1 25% 2W1 W2012

Wander International Debt 0% 09/08/2013

Saralee 8.125%01/11/2032

Sealed Air 5.625% 15/07/2013

ShefwIn-Williams 7.375% 01/02/2027

Sherwin-William 7.375% 01/02/2027

South Africa Government 6.5% 02/06/2014


Southwest Airfines 5.25% 01/10/2014

Starwood Hotels &Resorts Worldwide 7.875% 01/05/2012

STMicroelectronlcs Finance 5.361 % 17/03/2013

Suedzucker lnternatlonal Finance 5.75% 27/02/2012

Swiss Re American 4% 29/06/2015

Tate 8 Lyle International Finance 6.5% 28/06/2012

Telecom ltalia 5.375% 29/01/2019

Telefonaktiebolaget LM Ericsson 6.5% 2M!5/2009

Tdefonica Ernislanes 4.375% 02/02/2016

Thornson Reuters 8.2% 05/01/2012

Thornson Reutefs 6.2% 05/01/2012

Travelers 8.125% 15/04/2010

Travelers 8.1 25% 15/04/2010

Turkey Government 11.875% 15/01/2030

Ukraine Government International 7.85% 11 /OW201 3

Univisim Communications 7.85% 15/07/2011

V&O 2.375% 01/01/2011

WVO Treasury 5.375% 26/01/2010

Wnado Realty 4.75% 01/12/2010

WMdo Realty 4.75% 01/12/2010

W m a e u s e r 7.125% 15/07/2023

Weyehaeuser 7.126% 15/07/2023

Zurich Finance USA 4.5% 17/08/2014

ITRAXX Europe %ties 6 20/ 1 W2011

Schmder ISF Sbateg k Credit

h Y A C ~ INA 8.~5% 16/08/2029

&rY Ace INA 8.875% 15/08/2029

c u m c y

USD

USD

USD

USD

USD USD

EUR EUR

USD

USD USD

USD

USD

USD

USD USD

EUR EUR

EUR

EUR

EUR

EUR

EUR

USD

USD

USD

USD

USD

USD

USD

EUR

EUR

USD

USD

USD

USD

EUR

EUR

USD

usa

Nominal Amwnt

1,800,000

261.552

1,875.000

261,552

1,875,000

13.200,oM)

775,oMJ

775,000

2,910,000

2,910.MM

261,552

1,875,000

13.200,Mx) 261,552

1,875,000

3,Mx),MH)

775.000

775,000

775,000

7 7 5 . m

7 7 5 . m

3,000,000 775.000

261,552

1,875,WO

261,562

1,875.000

2,500,000 2,500,oaO

3,150.W

775,000

776,MM

261,552

1,875,000

281,552

1,875,000

775,000

2,2~,000

Total Market Value

51 ,ooO 0.35

225.000 0.48

0.88 0.40 0.71

0.65

1.21

1.28

0.49

0.60

0.83 1.10

0.39

0.88

1.67

0.61

1.70

2.73

0.88 0.83

0.82

1.60

0 .a 1.32

1.02

0.51

1.19

0.35

0.m 2.88

2.75 3.76

1.68

0.70

0.77

1.64

1.02

1.63

0.90

0.30

Moalcteu Dam

20-Jw-2012 20-Dsc-2014

20-Rec-2013

2&Dec-2014

2 6 k - 2 0 1 3

20-Apr-2013

20-J~ l -20 t3

204~~1-2013

2 W - 2 0 1 3 20-Dw-2013

20-ow-201 4

20-Dec-2013

20-Apr-2013

20-Dec-2014

20-Om-2013 20-Dec-2013

20-J~l-2013

20-Jun-2013

20Jun-2013

20-sep-2013

20-Jun-2013

20-sep-2013 20-Dec-2014

20-Oec-2D79

20-Dec-2014

20-oec-2013

20-Apr-2M 3

20-Apr-2M 3

20-sep2008

20-Ju~-201 3 20-Jun-2013

20-JUn-2013

20-Oec-2014

20-Dec-2013

20-OSC-2014

20-Dsc-2013 '

2CbJun-2013

USD

20-k-2014

20-JUn-2013

Schroder International Selection Fund Semi-Annual Rennrt June 2008 Page 51


. I .

Prc4kiG- POlwMI DmcllpH#l

~ t u d m l s f ~ k ~ d t t ( C t W I O BUY Ace INA 8.875% 15/0812029

BUV Financial swlde Bermuda 0% 2&rw2013

Buy W 5.37596 16/01/2013

wy Arrow oeetrpnlcs6.875% 01/08/2018

Buy h E l 6 c t r a n i c s 6.875% 01106f20t8

Buy Autotone 5.875% 15/1Qo12

B Y Autme6.875% 15/1W2012 Sdl AvivaQ.596 2#$/2018

BUY M a y a Bark 4.5% 04m019 sell BWA ~enlbr nn&ca SAU 4% 22/04/2013

w E k k t% Decker 7.126% 01/08/2011

Black I% M6r 7.125% 01/06/2011

BrdUw~ GOVW~I%TII International 12.25% WW2030

Camhd 8.55% 15/01/2028

caMValB.Bs% 16/01/1028

SeH @%In0 Gu(chard 6% 27/02/2012

WJ C B S ~ . ~ % i m i a BUY CDX EM Sertes 9 2Q/o8/2013 &ry a EM 9 2Wol3m13

Buy CDXNA IGSefies8 ZW0&20?2

& w.NA.fUA4 i7/02/2061

Buy C&ltmTd 7.875% 1w08/2012

w cfba UK 8.6% 24/w/2013 Boy cibe UK 86% 24/04/2013

sell Citk1sCcmmunlcaHons825% 15M1/2013

f3uy Coca-cda Ent&"i~~$8.125% 15/08/2011

auy CDXEM setie8 9 2[xowo13

.comnerdsl W#S 8.75% 16/o2/2009

cansnsrctpll Metllls 6.75% I womoo9 COnAgrrr h d S 7% 0111W2028

8uy Deeret3.W26/04/1M4 auv w e 8.8596 2 m A i 4

BUY W ? . l % 16/04/2028

Buy Deutsche h k 6.5% 1&ro5/2011

Buy DOW Chemlcsl7.375% 01/11/2029

BUY bow ChanW 6% 01/10/2012

Buy EDF 5.828% 21/02/2033 Ekrv EkwmlUx 8% 201I13/2m sen EW4.2596 i2hW2013

&Y Fed& 7.26% W02/2011

Buy FdEX 7.25% 15/02/2011

see Fad W 8.6% 01/08/2018

Sel GwWI%I Matae 7,125% 16/07/2013

@UY G w t k h 7.625% 15112/2012

Buy . oooeklch 7.826% 1 m v m 1 2

C m n c y

USD

EUR

US0

USD

USD

USD

USD

R I R

EUR

W R USD

USD

USD us0 USD

EUR

US0

USD

USD

USD

USD

USD

USD

EUR

EUR USD

US0

Us0

USD

USD USD US0

USD

EUR

USD

USD

EUR

EUR EUR

USD

USD

USD

U6D

USD

USD

41,250

3M3,ooo 126,250

61 ,ooO 41,250

61 ,OM)

41,260

75,080

90,m 75,000

51 ,Mx)

41,250

1M),OOO 51 ,# 41,250

75,000

1.31 5,000 700.000

5o.m

1,680,MIo

Q@U,o.Mx)

56o.ooo 400,000

75.000

m,m 128,250

61 ,MKl 41,250

126,2!50

61 ,ooO 4?.290

120,250

7 5 , m

41,250

61.000

75.000 75,000

75.000

ao0,oOo

51 .& 41,2W

400,oM)

600,m 51 .c100 41,260

0.58 2.12

1 .oo 0.69 0.78

0.50 0.m I .IO 1.88

0.80 0.67 1 .m 1.46

0.50 I .w 1 .eo 1 .M 2.85 2.65 2.m

0.35

0.35 0.72

1.10

1.66

1.17

0.42

0.42

0.63

0.48

0.39 0.M)

0.58 OM 0.62

0.40 0.44

1.28

a97

0.66 0.80

8.25

4.15

0.38

20-K%c-2013

20-Dec-2013 20-Dec-2013 2o-Dec-2014 m W 2 0 1 3

20-IM-2014

2 0 - W 2 0 1 3

20-Jw\-2013

20-Sep-2013

20Jun-2013

20-Dec-2014

2 0 - k - 2 0 1 3

20-m-2013 20-Oec-2014 20-Dec-mi 3

20Jun-2013

204un-2011 2 W n - 2 0 1 3

20-Jun-POI 3

20-Jun-2012

17-Feb-2061

20-Mar-201 2 204un-2013 2OJun-2013

2oJon-2012

20-D~IC-2013

20-Dee-201 4

20-oeO.2013

20-0ec-2013

20 -0~-2014

20-Dec-2013

20-Dec-2013 20-Jun-2Cll3

20-Dec-2013

20-Dec-2014

2oJun-2013 2oJul-l-2013

Zosep-2013

20-Ju~-201 3

2 0 - b - 2 0 1 4

20-Dec-2013

2o-ssp-2M)8 aosep-2008 20-Dee-2014

0.43 20-Oec-2013 136

Page 52 Schroder International Selectiori Furid Serni-Annual Report June 2008


Rotectlon Po8ition Description

Schrodsr ISF 8hategk Credlt (cont)

~ ~ l l e ~epot 5.875% 1 w i z/zo3e Honeyweil lntematlonal5.7% 15/03/2036

Honeywell International 5.7% 15/03/2036

lrnpenal Tobacco Fmnca 6.2596 0411 2/2018

Indonesia Government 6.75% 10/03/2014

lndonesla Government 6.75% 1 WW2014

International Papm 5.85% 30/1#2012

Msmational Paper 5.85% W 1 W2012

Kraft- 5.2546 01/10/2013

Linds Finance 6.875% 24/04/2023

Ut Chiborne 5% 08/07/2013

Lowe's 8.25% 01/08/2010

L W Moet Hennessy Louis Vuitton 5% 29/04/2010


Macys Retail 6.625% 01/04/2011

Marks & Spencer 6.375% 0711 1/2011

lvlryriott lrUefnational4.625% 15/06/2012

M&tt International 4.625% 15/06/2012

Masco 5.875% 15/07/2012

Masco 5.675% 15/07/2012

MeadWestvaco 6.85% 01/04/2012

Mexico Govemment lntsrnational7.5% 08/04/2033 Mohawk Industries 7.2% 15/04/2012

Mohewk Industrles 7.2% 15/04/2012

New Ywk Times 4.61 % 26/09/2012

Narv York Times 4.61 % 26/09/2012

Next 5.25% 30/09/2013

Olin 9.125% 15/12/2011

Wim Group 5.8% 15/W/2016

paCk&3QhQ O f M C a 5.75% 01/W2013

Pactkr 8.126% 15/06/2017

Pactii 8.125% 15/08/2017

Panama Government lnternaticnal8.8754b 30/08/2027

Peruvian Government International 8.75% 21/1 V2033 pflter 4.65% 01/03/2016

pfrzer 4.65% OlIO3/2018

Philippine Government 10.625% 15/03/2025

PPG Industries 7.05% 15/WZoo9

PPG IndUStlleS 7.05% 15/08/2009 Renauk 4.625% 28/05/2010

Reynolds Amerlcan 7.625% 01/06/2015

Rohrn & Haas 7.85% 15/07/2029

W - C a i l R a y 7.76% 15/02/2011

OmnicWn 0% 07/02/2031

currsncy

USD

USD

USD EUR

USD

USD USD

USD

USD EUR USD USD EUR USD USD

USD

EUR

USD USD USD USD USD USD USD USD USD USD EUR USD USD USD

USD

USD USD USD USD USD USD USD USD USD EUR

USD USD

NOllllMl Amount

126,250

51 ,ooO 41,250

75,000

4 8 0 . m

50,M)o 51 .OM)

41,250

126,250

7 5 , m 225,000

126,260

150,ooo

51 .ooO 41,250

250.000

75,037 61 ,ooO 41,250

51 ,Mx)

41,250

225,000

300,000 51 ,MI0

41,250

51 ,om 41,250

100,ooO

126,260

51 ,OW

41,250

128,250

61 .ooO 41,250

1 cQ,OOo 1oO.Mx)

51 ,OM3 41,250

50,000

51 ,ooO 41,250

75,000

1,250.004

51 .ooO

Interest paid / received%

1.14

0.37

0.42

1.30

1.52

2.52

0.01

2.15

1-04

0.62 4.18

0.62

0.81

0.83 1.81

3.03 1.87

0.54

1.63

0.95 1.89

2.0%

1 .w 0.W 1.61

0.81

2.34 2.52

1.99

0.44

0.50

1 .oo 0.49

1.02

1.62

1.28

0.20 0.38

2.25

0.32

0.70 1.20

0.88 0.40

o m

20-Dac-2013 2BDeC-2014

2@DEc-2013

20-Ju~-2013

20-oec-2011

2OJW-2013

20-Dee-2014

2o.Dec-2013

2 0 - h - 2 0 1 3

20-J~n-2013

20-Dec-2013

2QJun-2013 20-De2014 20-aeC-2013 Mk-2013 20Jw-2013

20-oeC-2D14

2O-Dec-al3 20-Dec-2014

2o-DeC-rn3 20-Dec-2013

20-Dac-2013

20-Apr-Mf 3 20-Oec-2014

20-h-2013

20-Dsc-2014 20-oec-2013

20-sep-2013 20-DeG-2rn3 20-Dec-2014

20-Dec-2013

20-Dsc-2013 20-Oec-2014 20-bc-2013

20-Apr-2013

20-Apr-2013

20-Dsc-2014

20-Dec-2013

20-Jun-20T3

20-Dec-2014 20-Dec-2013 20-JUn-2013

20-Jun-2012

20-Dec-2014



8chrod6r IS? $bptsgh Credit (cat)

Buy ROhmllHaas 7.%% 1 ~ 7 ~ ~ #R -&Sans 435% 01/04/2014

RU ~onner!+y~ F,WIS 4.9~96 0 1 f 0 4 / 2 ~ 4

f?fmh- 7.6% 31/03/2030

RWEFm5.125% 2WlW2012

santander Memetland Debt 096 09/08/2013

sealed Air 6.625% 1 W07/2O13

sen &ly Sara Lee 6.325% 01/11/2032

Buy BUY -wi~iams 7.375% 011w2027

Buy Sherwin-wwiams 7 375% 01/02/2027

sell swth Alrlce Gavemment 6.5% 02fOW2014

wlv ' hthWStAkllns~ 5.26% 01/10/2014

etry kdhwsst AMlneS 6.25% 01/10/2014

wlv syr BUY Sdl

Buy sen Tdeccrn Wa 5.375% 29/01/2019

Buy SI rn Thomm Reuters 62% 05/01/2012

Buy fhomaon Rmers 6.2% 05/01/2012

Buy Travelers 8.12596 15/04/2010

BUY Travelers 8.125% 15/04/2010

Buy TurkeyGavwnment 11.07596 16J01/2030 Buy ukrrtine Govranment lntematlonal7.659k 11/08/2813

sterwaod Hotds & Resa$ Wwldwlde 7.875% 01/05/2012

~lcraslectrcf~lcs Finance 5.301 % 17/03/2013

SuedzuCmSr lntematiatal Rnance 5 75% 27/02/x112

Swiss Re American 4% 29/06/2015

Tete & Lyte Internationel hance 8.6% 28/08/2012

T&Mlebolaget LM Ericsm 6.5% 20/0!5/2OC9 Tdefonica EmwaWs 4.375% 02/02/201 6

,seA UnMSlen COmmWians 7.85% 15/07/2Q1 f

VMW 2.375% OI/M)aol? w kh 'Reasvy 5.375% 26/01/2010

Buy wornedo Reatty 4.?5% 01/12f2010

Buy m a d 0 F w t y 4.75% 01/12/2010

BUY WWAXSUSW 7.1 25% i m r / 2 m

Bvy -7.125% 15/07/2023

Wtldl An&Oe USA 4.5% 17/09/2014

B

Currency

USD

USD

USD

USD EUR

EUR

USD

USD

USD

USD USD

USD

USD

USD

EUR

EUR

EUR

EUR

EUR

EUR

EUR

US0

USD

US0 us13 USD

USD

USD

EUR

EUR

USD

USD

USD USD

EUR

EUR

.. . , 1 - ,

41,250 51 ,Mx)

41,260

~ , m 75.000

76,000 126,250

126,250

61 Po0 4 1 , m

rn,ooo 51 ,ocX, 41,260

225.000

75,000 76,000

75,000

75,oM)

75.000

225.000 75,000

51 .MxI 41,250

51 ,ooO 41,250

50,m am 600,O

75,000

76.000

51 ,ooO 41.2W 51 ,Mx)

41,250

7 5 , m

1,210,000

0.71

0.65 121

1.28

0.49

0.W 0.03

1.16

0.39 0.88 1.67

0.61 1.70

2.73

0.88 0.83 0.82

f .Bo 0.99

1.32 1 .M 0.51 1.19

0.35 0.60 2.88

2.76

3.75 1 .e9

0.70

0.77 1.54 1.02

1 .e3 0.90

0.30

. _ MptUrlIy

oete

20-Dec-2013 20-DeC-2014

20-Dec-2013 20-Apr-2013

20JWm-2013

20-Juri-2013

20-I%-2013 20-Dec-2013

20Dec-2014

20-Dec-2013

20-Apr-2013

20-Dec-2013

20-Oec-2013

MJun-2013 20Jun-2013

20-Sep-2013

20Jun-2013

20-Dec-2014

20-DeC-2013

20-Dec-2014 20-Dec-2013 20-m-2013 20-Apr-2013

20-*-2008

20-Dec-2014

20 JLR'I-2013

204~+2013

20-Sep-2013

20-JOn-2013

20-Jun-2013

20-Dec-2014

20-0ec-2M3

20-Oec-2014

20-k-2013 z 0 ~ u n - 2 ~ 3

BUR

maec-2011 6UA WR

Page 54 Schroder lriterrlatiorial Selection Fund Scrri-Aririual Report June 2008

Notes to the Financial Statements as at 30 June 2008 (cont) Options Contracts

The Market values of options contracts are shown under 'Options contracts at market value' in the Statement of Net Assets. The Company also uses options on swaps ('swaptions') to hedge against a negative view on credit markets. In exchange for payment of a prerniurn, the Company gains the right to hedge against a potential future decrease in the value of underlying assets. Swaptions were valued on 30 June 2008 using an independent vendor valuation that derives its valuation from brokers' quotes available in the market

On 30 June 2008, the following portfolios were committed to outstanding options contracts:

Par Value Subject to CBHWPut Contract

CdlOI-tAkzONabel Strike price 61.79 Expine WI 04-JuI-08

Call on Allied Irish Elanks strike price 18.48 miring on 04-JIJ-08

cdl on Astrazeneca Strike prlCe 32.1 5

Call on Aviva Strike price 9.83 Expirhg on 04-Jul-08

Call on Bank of Irelend Stme price 11.43 Expiring on 04-Jul-08

Call on BASF Strike price 06.86 Expiring on 04-Jul-08

Call on Beigacom Strike pice 31.31 mi r ing on 04-Jul-08

Call on British American Tobacco Strike pice 27.89 Expiring on 04-Jul-08

Call on BT Strike price 3.38 Wring on 04-JJ-08 Call on Cesky Telecom Strike price 22.1 0 Expiring on 04-JuI-08

Call on Credit Suisse Grwp Strike pfice42.32 Expiring on W-Jui-08

ca# on Danske Bank Strike price 28.48 Expi- WI 04-JuI-08

call M Deutsche Post Stdke price 22.74 Expiring ~104-Jul-08 Call on Diageo M k e @ca 15.35 Explring on 04-Ai-08

Call on DnE NOR Strike price 11.06 Expiring on 04-Jul-08

CanonEnd Strike price 7.51 Expiring on 04-Jul-08

Expiring on 04-JuI-08

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUA

fUR

EUR

EUR

EUR

EUR

EUR

3.014

3,873

4,040'

3, tS

3m

2.672

2.804

3,681

3m

2264

2421 I

, .. I . ... .. . " . ..


Notes to the Financial Statements as at 30 June 2008 (cont) Options Contracts (cont)

..,-, .. ... . . . . .,-... ̂,: .... :... .: . . . ._. . - " .. .. .... ._..._. .., Unnallsod . . . . . . . .

. , .. .-. . ,....... .1 ..,., I .- . . . ..... ~. , . . ~ .. . . . . . , . . . Par Vhr

currency

EUR

EUR

EUR

EUR

EUR

EUR

EUR

N R

EUR

EUR

N R

EUR

EUR

EUR

EUR

EUR

EUR

EUR

(5.424)

(3.212)

2,746

(25,488)

5,424

4,070

1,818

3,067

3,212

2,517

3,842

3,010

3,109

3.563

2,511

4,300

2,883

2,445

2.551

3,197

Page 56 Schroder Iriternalional Selection Fund Serrii-Aririual Report June 2008


Par Value subject to CeH or Put Contrect

Schtodr ISF European Dividend Maxlmlaer (cont)

(48.456)

(12,561)

(1 3,890)

(13,062)

(20,769)

(4,067)

(6.426)

(6,483)

(23,567)

(11,393)

(4.527)

(1 1,790)

(6,279)

(54,694)

(1 3,185)

(1 1,518)

(1 01 .I so)

Call m R e m Strike price 6.1 6 Expinns on 04-Jul-08

call on RDyal Dutch Shell Strike price 25.38 Expiring on 04-Jul-08

Call on sanmawsoy Strike price 19.61 Expiring on 04-Jul-08

Call on SBM Offshore Strike price 24.38

Call m Skanska Stnke price 14.56 Expiring on 04-Jul-08

Call on &xi& G4nerale Strike pflm 85.14 Explrlng on 04-Jul-08

Call on Statoilhydro Strike price 22.49 W n g on oll-Jui-08

Call on Suez Strike prim 50.13

CaH on Svenska Cellulosa Strike price 13.1 4 Explllng on WJuI-08

Call on Svenske Handelsbanken strlke price 21.25 Expiring ~1 W-JuI-08

Call on Swiss Re Strike price 68.49 Explnng on 04-Jui-08

Call m Telefonica Strike price 21.78

Call on Total Strike price 53.88

WMQ MI 04-Jd-08

Ewirln~ M 04-Jul-08

E x @ ' I ~ M W-JuI-08

EXplrlng M 04-JuI-08

cdl On UIliCreditO It€diMO Strike price 5.28 Expiring on 04-Jul-08

Call on Unilever Strike price 24.71 Expiring on 04-Jul-a8

Cali on Viendi Strike price 28.46 Exping M 04-Jul-08

Call WJ Vcdafone Group Strike price 2.40 Expirlng on W-JuI-08

currency

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUA

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR



DMdend Maximiser

Strike price 73.62 Expiring on 10-Jut-08

Unrealised Market Appreciatlonl

Currency Premlum Value (Depreciation)

USD (3.650) 3,650

USD (8,458) (1 60) 6.296

USD (4,073) 4,073

USD (4.590) 4,522

US0

us0

usa

USD

Page 58 Schroder lriternational Selection Fund Semi-Annual Report June 2008

Notes to the Finamcia1 Statements as at 30 dune 2008 (cont) Options Contracts (cont)

Par Value Subject to Call or Put Contract

SchrMer ISF Global Dividend Maximiser (cont)

(9.570)

(1 7,187)

(9,892)

I

(9,356)

( io,w)

(8,119)

(6,270)

(21,789)

(13,627)

(6,579)

(2,049)

(24.1 74)

(140,703)

(24,503)

(8,886)

(7,544)

(1 2,169)

(9,984)

(550,931)

Call on General Electric Strike price 40.98 Expiring on 10-Jul-OB

Call on Glaxosmithkline Strike price 24.51 Expiring on 10-Jul-08

Call on lmperlal Tobacco Strike pnce 51.49 Explring on 10-Jul-08

Call on ING Groep Strike price 44.80 Expiring on 10-Jul-08

Call on International Paper Strike price 31.67 w r i n g on 1@Jul-O8

Call on Johnson &Johnson Strike price 70.01 Expiring an 10-Jul-08

Call on JPMorgan Chase Strike price 52.41 m i r i ng on IO-Jul-OB

Call on KoninWijke KPN Strike price 20.56 Explnng on 10-Jul-08

Call on Kraft Foods Strike price 33.92 Ewpiring on 10-Jul-08

Strike price 57 43 Ewpiring on 10-Jul-08

Call on Muenchener Hueckversicherungs Strike price 220.70 Ekpiring on IO-Jul-08

Call on National Gnd Strike price 15.81 Expiring on 10-Jul-08

Call on Old Mutua Strike pnce 2.98 Expiring on 10-Jul-08

Call on Pker Strike price 23.27 Expiring on 10-Jul-08

Call on Philip Momis International Strike price 53.65 Expiring on IO-Jul-08

Call on Rcgross Energy Strike price 44.64 Expiring (XI IO-Jul-08

Call on Rcyal Dutch Shell Strike price 42.27 Explnng on 10-Jul-08

Call on SBM Offshore Strike pnce 38 72 Expiring on 10-Jul-08

Call on Singapore Post Strike price 0.94 Expiring on IO-Jul-08

Call on Mots0

Currency

u50

USD

USD

USD

USD

usa

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

Unrealised Market Appreciation/

Value LDmrechtion) Premium

(3,517) (48) 3,469

(5,870)

(4,903)

(9) 5,661

4,903

(3.638)

(3,752)

(5.385)

(3,438)

(1 ) 5.922

(4,139) 4,139

(4,349) 4,349

(4.981) 4,98'1



Expiring On 1&J~l-68 Call on M z o n Communications Stnke price 40.24 Explrlng on 10JuI-OB

Unrealised Market Appreclatlonl

Currency Premium Value (Depreciation)

USD (3.932) 3,932

USD (4,3991 4.399

USD I6,loS) 6,109

USD

USD

us

USD

USD

USD (4,716) 4,716

USD (4.538) 4,537

US0 (4.706l 4,706

USD (651 7) (27) 6,488

EUR S1,OOO EUR 17,180

Page 60 Schroder International Selection Furid Semi-Annual Report June 2008

Notes to the Financial !Statements as at 30 June 2Q08 (cont) Options Contracts (cont)

Par Value Subject to Call or Put Contract

Schmder ISF European Absolute Return

4.820 Put on DJ Euro Stoxx $0 Strike price 3,500.00 Expiring on 18-Jul-08

Strik8 pnce 5,703.00 Expiring on 18-Jul-08 Put on Swiss Market Index Strike pnce 7,100.M1 Expiring on 18-Jul-08

1,190 Put on F E E l o 0

640

Schmder ISF European Defensive

~~OU,OOo) Call on JPM Euro Basket Stnke price 0.95 &iring on 08-JuI-08

Call on UBS European Basket Strike price 0.95 Expiring on 08-Jul-08

4,112.482

Schroder ISF European Defensive Monthly

150,916 Call on UBS Basket of European Indices Stnke price 0.985 Expiring on 08-Jul-08

Schmder ISF European Defensive 6 Monthly

269,158 Call on UBS European Basket Strike price 0.95 Expiring on 08Jul-08

Schroder ISF World Defensive 3 Monthly

118,614 Call on DB Global Basket Strike price 0.95 Expiring on 08-Jul-08

Currency

EUR

GBP

CHF

EUR

EUR

EUR

EUR

EUR

Swaptions

On 30 June 2008, the following Funds were committed to outstanding swaptions:


Schroder ISF EURO Bond

BUY Call cn CoiO I M Europe Series 9 Strike price 90 Expiring on 2@SeP-2008

Schroder ISF EURO Corporate Bond

BUY Call cn CDlO ITwuo( Europe Series 9 Strike pnce 90 Expiring on 20-Sep-08

Unreallsed Market Appreclatiotd

Value (Depreciatlon) Premium

818,125 2,641,585 1.606.776

~,~ 946,069 567,641

EUR 11,857,4454 7,?08,343

(710,oOo) (1 1.690) 698,310

29,322,000 480.749 (28,841,251)

EUR 469,059 N R ml429al)

412.000 17.31 0

EUR 469,059 N R ml429al)

412.000 17.31 0

918,500 108,509 (809,991)

EUA 108,509 EUR (soS,SSll

Nominal Interest paid / Maturity Market Unrealised Currency Premium Amount received % Date Value Appreciation

EUR 161,090 18,100,000 0.00 20-Sept-2008 243,023 81,933

EUR 243,023 81,633

EUR 77,430 8,700,OM) 0.00 20-~@-2008 11 6,812 39,382

EUR 116,812 39,382

Schroder International Selectinn Fund Semi-Annual Recnrt June 2008 Page 61

Statement of Net Assets as at 30 June 2008

ASSETS

Investments

Securities at cost Urirealised appreciation:(depreciation)

Securities at Market Value

Unrcalised appr~ciation:~deprRciatinn) on forward foreign cxchnnge contracts on futures contracts on irlterest rate swaps on total rcturn swaps

Cash at banks Receivables for securities sold Roceivables lor subscriptions Dividends and interest receivable Sundry receivables and prepayments Options at market value Credit default swaps at market value

TOTAL ASSETS

LIABILITIES

Bank overdraft Payables for securities bought Payables for redemptions Dividends and interest payat)le Management fccs payablc Other payahles and accriials Optioris at market valiie

TOTAL LIABILITIES

TOTAL NET ASSETS

Schroder Schroder Schroder ISF Schroder Schroder Schroder

ISF ISF European ISF ISF ISF EURO European Large Global Italian Japanese Equity Equity Cap Equity Equity Equity

EUR EUR EUR usu EUR JPY

1.207.418.047 24,832,852 89.863.208 49,380,252 241,444,735 84,945.158.558 39,145.1 08 13.70fi.4RR) (1 0,:360,9tiO) (2.01 2.591) (55,026,893) (8,367.533.442)

1,336,563,155 21,126,363 79,502,248 47,376,661 186,417,842 76,577,625,l 16

- (44.058.723) - (28.426.104)

1,336,563,155 21,126,363 79,502,248 47,376,661 186,417,842 76,505,140,289

11 .9f)S,SI 3 12.750 2,884.052 370.725 - 2.828.765.080 25.802.877 484.750 3.9/9,413 192,819 331.639 1.163.434.R73 14,418,537 23.208 70.n13 1.100,190 314,373,040

811.720 58.865 273.871 21.602 - 70.081.274 937,249 21,951 19.850 166 723.068

1,390,533,846 21,704,698 86,682,642 48,032,886 187,849,871 80,670,518,502

2,027.020 /&E41 1 ,766,775,4fd

5,035,174 696,88Y 3.218.693 1 .06n.737 1.428.f9f 376

1,306,360 28.291 65.787 38,917 202.863 50,152,9E4 708.1 11 15.63R 45.51 I 30.175 156,610 32.661.375

666.865 182.321) 1.288.374

7,716,510 923,145 4,688,971 69,392 3,533,871 3,278,286,l 79

1,382,817,336 20,781,553 81,993,671 47,963,494 184,315,800 77,392,232,323

Tthr n:ltc!j or1 pager; 14 tc 50 'crrr an -nteqral parr cf these financial s!atements.

Page 62 Schroder International Solcction Fund Semi-Annual Report June 2008

1 Statement of Net Assets as at 30 June 2008 (cont)

ASSETS

Investments

Seciiritie:; ~t cost Unrcaliscd appreciation:(depreciatiori)


Unrealised appreciatiori:(depreciation) on forward foreign excharige corilracts on futures contracts on iintercst late swaps o n total rcturn swaps

Cash at banks Rcccivables fGr securities sold Rcccivables fGr subscriptions Dividends arid iriterest receii,nblc Sundry receivables and prepayrriwts Optioris at riiarkel value Credit dcfault swaps at market value

TOTAL ASSETS

LIABILITIES

Bank overdrafl Payables for sccuritics bought Payables for redemptions Dividends arid interest paylyat)le Mariagenienl lecs payablc Other payablcs and accruals Options at rriarket value

TOTAL LIABILITIES

TOTAL NET ASSETS

Schroder Schroder Schroder ISF Schroder Schroder Schroder ISF ISF

Japanese ISF ISF ISF US Asia Pacific Large Pacific Swiss UK Large Property

Cap Equity Equity Equity Cap Securities J PY USD CI ir GBP USD IJSD

2E,050.165.528 1,208.8J7.854 472,588,142 124.5W.381 31 2,1763,447 1 Y2.375.501 (1 2 75,813,428) 1,337,67 1 17,894,865 (5.152.680) (12.Ci78.Yl0) i15.514.441)

21,814,292,100 1,210,290,525 490,883,107 119,369,701 299,984,537 116,861,060

16,188 (38.739.000)

21,775,553,l 00 I ,210,290,525 490,883,l 07 11 9,369,701 300,060,725 I 16,861,060

1.020.41 3,321 40,623,323 339 .0 / 1 6,801,281

1.105.219.947 6.575.361 2,405,319 7.5!3'3.824 2,827,404 7,507,777

1,350 36,150 9.375 1.244 464

310.208 21 1.12i 748.730

17.031.178 1.57Y.13 / 732,088 124,168 230,033

23.91 8,242,541 1,259,381,910 493,663,647 127,922,095 309,814,828 125,348,094

3,443.71 4 71,378 ti,l9.8/9.803 0,?76,4fiS 1.738.104 3.514 3 1 3.291.557

7.n31.611 4i4.996 454.71 1 2.721.143

6.631.1 18 862.783 483.805 93.096 198,676 25.99ti 4,810.331 3f8,451 257,245 55,917 111.580 30.871

661,384,060 14,588,813 1,216,046 5,287,537 6,549,260 3,419,797

23,256,858,481 1,244,793,097 492,447,601 122,634,558 303,265,568 121,928,297


Statement of Net Assets as at 30 June 2008 (cont)

ASSETS

Investments

Securities at cost Unrealised appreciation/(depreciation)


Unrealised appreciation/(depreciation) on forward foreign exchange contracts on futures contracts on interest rate swaps on total return swaps

Cash at banks Receivables for securities sold Receivables for subscriptions Dividends and interest receivable Sundry receivables and prepayments Options at market value Credit default swaps at market value

TOTAL ASSETS

LIABILITIES

Bank overdraft Payables for securities bought Payables for redemptions Dividends and interest payable Management fees payable Other payables and accruals Options at market value

TOTAL LIABILITIES

TOTAL NET ASSETS

Schroder Sehroder Schroder Schmder ISF ISF ISF ISF Schmder Schmder

Asian Asian Asian BRlC ISF ISF Total Equity Smaller (Brazll. Russia, China Emerging

Returnfa) Yield Companies India, China) Opportunities Asia USD USD USD USD u50 USD

41.645.005 762.1 27.909 62,068,860 2,777,714,965 1,161,236,159 2.390.612.001 (1,855,931) (26,982,581) (1 4,052,606) 286,078,349 (1 44,466,562) (31 4,227,255)

39,179,074 735,145,328 48,018,PH 3,063,793,314 1,016,769,587 2,076,384,746

17,300 193.471 2.650.852

5,Ol 3

39,972,545 737,813,480 48,016,254 3,063,793,314 1,016,7?4,610 2,076,384,746

1 8.204.191 70,896,191 4,079.872 53,277,297 41,005,941 32.91 7,099 I

i.23a.a4i 4,260,920 17.445.479 4,891,430 1396.090 279,532 28.021.805 5,842,793 21.137.812 18.401 1.31 2,622 35,491 8,964,801 3,946,506 2,179,352 1.070 25,905 7 36

53,087,837 811,844,288 53,849,990 3,154.057,2.17 1,071.830,777 2,150.064.524

1,687,245 6,946.082 2,028,039 100,372 11.787.41 1 4.016.21 6 10,773,539 3.569.745

24,924 658,922 38.937 3.859.650 1,387.1 28 2.757.541 96,057 321,068 35,266 1,943,639 596,717 1,646,990

1,808,226 6,577,774 174,575 17,~90,900 12,948,143 i5,17a,o7o

51,279,411 805,066,514 53,475,415 3,136,486,317 1,0$8,884,634 2,134,886,454

1"' Schroder ISF Asian Total Return was formerly known as Schroder ISF Asian Absolute Return until 1 June 2008 The notes on pages 14 to 60 form an integral pari of these financial statements.



I ASSETS

Schroder Schroder Schroder Schmder Schroder Schmder ISF ISF ISF ISF

ISF ISF European European European European Emerging Emerging Dividend Equity Equity Smaller

Europe Markets Maximiser Opportunities Yield Companies EUR USD EUH EUR EUR EUR

Investments

Securities at cost Urirealised appreciation/(depreciatiori)


Unrealised appreciation/(depreciation) on forward foreign exchange contracts on futures contracts on interost rate swaps on total return swaps

Cash at banks Receivables for securities sold Receivables for subscriptions Dividends and interest roceivable Sundry receivables and prepayments Options at market value Credit default swaps at market value

TOTAL ASSETS

LIABILITIES


TOTAL LIABILITIES

TOTAL NET ASSETS

262,348,307 1,069,177,309 19.456.305 25,894,099 192,010,689 333,980,101 18,988,687 25.656.438 (4,151,413) (6,294,852) (40,017,676) (42,537,724)

281,336,994 1,094,833,747 15,304,892 19,599,247 151,~3,013 291,442,377

281,336,994 1,094,833,747 15,304,892 19,599,247 151,993,013 291,442,377

8,449,122 33.234.041 1,062,045 1,226,088 5,336,403 6,028,552 3,375,076 12.671.1 53 5,208,540 7,542,812 2,766.61 0 4,999,730 93,049 92,750 165,622 2.325.464 2,868.052 37,404 12.239 309,195 782.924

7,406 21.068 12,121 198,990 148.928

298,253,266 1,148,614,129 16,425,409 20,942,744 163,140,891 308,111,215

877,855 3,322,896 2,173,918 12,366 2,105,083 27,218.602 324,563 609,461

175,620 367,494 1.208.772 15.046 17,987 255.043 674,211 13,128 8,989 96.726 133,323

298.913 530,021 206.1 10

50,782

3,605,455 32,424,481 377,869 26,976 3,331,338 930,770

294,647,811 1,116,189,648 16,047,540 20,915,768 159,809,553 305,180,445

The riOteS on pages 14 t2 BO form an integral part of these finamcia Statements

Schroder International Selection Fund Sem-Annual Reporl June 2008 Page 65


ASSETS

Investments

Securities at cost Unrealised appreciation/(depreciatiori)


t Jrirealised appreciation!(depreciation) on forward foreign exchange (:ontracts on futures contracts on interest rate swaps on total return swaps

Cash at bariks Receivables for securities sold Receivables for subscriptions Dividends and interest receivable Siiridy receivables and prepayments Options at market value Credit delault swaps at rrwrket value

TOTAL ASSETS

LIABILITIES

Bank overdraft Payables for securities bought Payables for redemptions Dividends and interest payable Mariagement fees payable Other payables and accruals Options at market value

TOTAL LIABILITIES

TOTAL NET ASSETS

Schroder Schroder Schroder Schroder ISF Schroder ISF ISF

ISF Global ISF Global Global Schroder European Climate Global Emerging Emerging ISF

Special Change Dividend Market Market Global Situations Equity Maximiser Opportunities Energy

EUR USD USD USD USD USD

I 175,980,347 235.002.046 25.M4,190 11.61 1.736 305,636.514 626,366,561

1.457.121 98,462,372 I I (50,401,349) 1,715,713 (3,709,065) (15.993)

416,578,998 236,777,759 21,845,125 11,595,743 307,093,635 724,828,933

416,578,998 236,785,921 21,844,834 11,595,743 307,093,635 724,828,933

14.506.097 1.351, ti38 ti91515 235.107 85,ti16,518 40.321.087 4.440.542 140.850 17,138.1 9ti 29.404.815

7.776.147 1,222,307 28.163 3.192 3.202279 14.1 94.247 562.866 281.546 125,009 1,070 1,652,821 2,051 145.381 13,762 13.217 22 1,32f

439,569,492 247,095,716 22,702,928 11,975,962 414,733,471 808,752,490

474,696 2.941 , I 12 139.308 1 10.030 2.698.050 5.798.546 1,068,996 4.424 1,943,135 9,151.409

494.585 2aR,579 34,568 7.891 538,247 907.850 191.567 1 93.1 08 20,932 4.855 249,041 379,026

337.838

28.963

6,959,389 4,501,795 426,725 152,054 2,840,453 13,136,335

432,610,103 242,593,921 22,276,203 11,823,908 411,893,018 795,616,155

lbl Schroder ISF Glcbal Crnerginq Markets Cowrnoditles ,$<as launched on 13 June 2008 The notes on pages 13 tc 50 'orrn aq Inteqal part of thwe ?%mc~sl 3tntcrncnts

Page 66 Schroder International Selectiiiri Furid Semi-Annual Report June 2008

i Statement of Net Assets ' as at 30 June 2008 (cont)

ASSETS

Investments

Sccurities at cost Unrealised appreciatiori/(depreciation)


Unrealised a~precia~ion:(deprociation) on torward foreign exchange contracts on futures contracts on interest rate swaps on total return swaps

Cash at banks Receivables for se(;urities sold Receivables lor ::ubscriptions Dividends and interest receivable Sundry receivatiles arid prepayments Options at market value Credit default swaps at market value

TOTAL ASSETS

LIABILITIES

Bank overdraft Payables for securities bought Payables for rederriptions Dividends and iriterest pyat)le Mar rayenlent tees payable Other payables and accruals Clptiori:; at market valuc

TOTAL LIABILITIES

TOTAL NET ASSETS

Schroder Schroder Schroder ISF ISF ISF Schroder Schroder Schroder

Global Global Global ISF ISF ISF Equity Property Smaller Global Greater Hong Kong Yield Securities Companies Technology China Equity usu IJSD USD IJSD usv HKD

83.7Fj4.902 418.267,Y74 77,237,407 19,325,543 1.2/0,801.902 4.21 O.t)84,788 (8.784.644) (38,809.995) (1,314,768) (1,492,440) (39.G19.724) 310,912,251

56,970,258 360,457,979 70,922,639 17,833,103 1,23K182,178 4,521,897,039

85.738 1.175

56,970,258 360,543,717 70,922,639 17,833,103 1,231,182,178 4,521,898,214

7,069,450 3,385.81 2 2,286.203 14,242,139 67,233,748 2.044,l 68 1,583,201 447.313 3,082 ,774 44.340.848

94,ZYI r.08.816 14.192 37,252 3,761,332 73,604,782 107.154 5 1 1.485 127,319 1.17/ 7.188.061 1.772.793

4 1,789 11,YIO 7.453 3.244

59,282,948 363,421,082 76,020,616 20,603,292 1,254,437,284 4,708,850,385

1,355,425 8,912,441 314.51 i 281.147 - 45.392.871

63.0 10 2,782,459 1,7 19.081 81 4.753 14,130.393 3,812,701 54.827 38,422 337,293 3/.309 25,282 1,517,799 6,942,074 20.31 1 140.889 34.787 17,350 882.159 2.474.450

7.500

174,570 13,528,507 2,105,754 1,126,020 16,330,351 57,522,097

59,108,378 349,892,575 73,914,862 19,477,272 1,238,106,933 4,651,328,288



ASSETS

Investments



Unrealised appreciatim/(depreciation) on forward foreign exchange contracts on futures contracts on interest rate swaps on total return swaps

Cash at banks Receivables for securities sold Receivables for subscriptions Dividends and interest receivable Sundry receivables and prepayments Options at market value Credit defaun swaps at market value

TOTAL ASSETS

LIABILITIES


TOTAL LIABILITIES

TOTAL NET ASSETS

Schroder Schmder Schrocler ISF Schroder Schrotler Schmder ISF

ISF Japanese ISF ISF ISF swiss lndlan Smaller Korean Lath Mlddle Equity Equlty Companles Equity American East Opportunities

US0 JPY USD USD USD CHF

40,513,189 10,002,115,100 57,649,722 1,687,753,605 575,-,438 278,727,w17

49,5ia,iw 10,002,1i5,100 57,649,722 i,m,rs,m 575,999~96 278,727,087

2,178,599 97,224,365 3,189,020 39,086,767 2,432,815 6.51 1,748 - 14,432,859 733,674

131 -728 7.770.91 1 223,107 21,603,488 17,150,090 369,926 68,282 7.91 2,408 50,415 2,444,390 457.581 28 40.724 158.219 5,841

51,932,522 10,121,534,532 81,112,284 1,785,320,909 594,498,WO 281,535,697

1 - 10,998,686 509,940 2,993,216

352.479 aa.775.572 127.572 i9.6aa.377 10,298,913 260,720

51,363 12,740,587 74,833 2.012598 644,896 334.188 '

54.661 7,360,133 48,548 981,363 585,446 136,673

458,509 108,876,202 76O&Q3 25,675,554 22,527,941 731,581 !

51,474,019 10,012,658~40 60,3S1,371 1,739,645,955 571,011,WO 280,804,116

The notes on pages 14 to 60 form an integral part of these financial statements.



ASSETS

Schroder Schmder Schmder Schmder ISF Schmder ISF ISF ISF Schmder

Swiss Small & ISF USSmallt? ISF EURO EURO Mid Cap Taiwanese Mid-Cap US Smaller Active Dynamic

Equity Equi@ Equity Companies Value Gmwth CHF USD USD USD EUR EUR

Investments



Unrealised appreciation/(depreciation) on forward foreign exchange contracts on futures contracts on interest rate swaps on total return swaw


TOTAL ASSETS

LIABILITIES


TOTAL LIABILITIES

TOTAL NET ASSETS

229.124.089 313,686,595 603,748.21 6 849,086,531 420,143,638 726,940,059 (2,841,540) (31,982.958) (3,622,083) 659.838 (66,914,902) (75,291,077)

226,282,549 281,703,637 600,126,133 649,746,389 353,220,736 651,648.982

7.795 (81 4.989) (250.1 49)

226,262,549 281,703,637 599,318,939 649,496,220 353,228,738 651,648,082

2,312,757 84,449,316 90,397.995 24,842,495 4,097,288 8,450,809 3,117,442 1,278,438

10,738,677 8.792.736 4,676,388 25,476.424 494,761 4,595.366 149.528 292,805 249,300 459 207,359

15.688 22 697,150 1,287,300

4,973,866

237,036,914 292,958,858 693,711.336 766,896,377 385,714.410 664,953,737

4,785,232

3,820,564 2,664,145 10.311.410 8,674,654 2,546,559 15,125,237

21 2.81 1 360,276 470,770 827,396 439,722 791,983 108,707 21 0,324 229,749 548.784 248.681 344,156

172,220 9,320,424 6,400,886 2.075.796

475

8,927.789 3,406,965 20,332,353 16,251,720 5,310,758 18,261,376

228,109,125 289,551,693 673,378,903 750,644,657 380,403,652 648,692,361

1') Schroder ISF Tawanese E w t y was launched on 18 January 2008. The notes on pages 14 to 60 form an integral part of these financial statements 1

Sctirnrlcr lntcrnatinnal Sclcctinn Fund Scrni-Annual Report June 2008 Page 69


ASSETS

Investments

Securities at cost Unrealised appreciation!(cjepre(:iwion)


Unrealised appreciation/(dcprcciatton) on forward foreign exchange contracts on futures contracts on interest rate swaps on total retim swaps

Cash at tmriks Receivables for securities sold Receikables for subscriptioris Dividends and interest receivahle Sundry receivables and prcpaymcnts Options al market value Credit defai.ilt swaps at market value

TOTAL ASSETS

LIABILITIES

Bank overdraft Payables for securities bought Payables for redemptions Dividends and intcrcst payable Managcmcnt fees payable Other payables and accruals Optioris at market value

TOTAL LIABILITIES

TOTAL NET ASSETS

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF

European European Asian EURO European Global Active Dynamic Equity Equity Equity Equity Value Growth Alpha Alpha Alpha Alpha

ElJR ElJR lJSD EUR ElJR lJSD

7,567,975 83.723.617 22.861.192 1.189.609 818.964.925 25.744.G31 (1.1 34.9 13) (1 3, /38.063) (2.001 .A 13) (904.244) (49.685.0/12) (1.301.973)

6,433,002 69,985,554 20,860,079 3,585,365 799,279,883 24,442,958

12,905)

6,433,002 69,985,554 20,860,079 3,582,460 799,279,883 24,442,958

405.01 1 301.247 62.609 7863.457 19,037,833 327.755

5,693 4.171.826 0.571 7,106,682 1.800287 1.949 33,155 40,162 1.529 1.008.330 9.6/4

15,39P 90.355 4.068 271,933 17.809

74,578 2OR.311 4,274,6357

31.000

7,031,625 74,680,537 21,181,335 4,405,514 830,979,328 26,598,483

47.065 5Rn.nP5 P06.410 1.076.560 1.562.567 14.467 68.703 159.762 546.490 3.603.100 10.298

8.6t0 95.622 22.883 3.966 736,GtiG 20.290 8.061 42,ORI 16.824 s.li40 361 ,800 19.522

79,158 767,237 405,879 556,096 5,778,126 1,612,672

6,952,467 73,913,300 20,775,458 3,849,418 825,201,202 24.985.81 1

The vies on [1;19e!; 14 to 90 form an integral pan of these ‘inancid s!atements

Page 70 Schroder lriternational Sclccriori Furid Serrii-Annual Rcporl Jurie 2000

I Statement of Net Assets as at 30 June 2008 (cont)

ASSETS

Investments

Securities at cost I Jrirealiscd a~preciation:(depreciatlori!


Unrealised apprei:ialiciii:fdeprcciation) on lorward torcign exchange coritracts on tutiiros contracts on interest rate swaps on total retimi :;waus

Cash al banks Rcceivables for securities sold Receivables for subscriptions Dividerids arid iriterest rcccikable Sundry receivables and prepayments Optloris at niarket valuc Credit dcfault swaps at market VAie

TOTAL ASSETS

LIABILITIES

Bank overdraff Payables for securities bought Pdyables tor rodcniptions Dividerids arid intcrcst payable Management fees pdyable Other p;~yables and accruals Options at market valiue

TOTAL LIABILITIES

TOTAL NET ASSETS

Schroder Schroder Schroder Schroder Schroder ISF Schroder ISF

ISF ISF ISF QEP ISF North Japanese us Global Global QEP American

Equity Large Cap Equity Active Global Equity Alpha Alpha Sigma Value(d' Sigma

JPY LJSU ijSD USD {JSD USD

8,665.6:1Y,9/2 0.080.788 2f2.938.523 794372,052 12/.1 T4.049 139,373,295 (1 ,?74.049,D72) (441.974) 3,233.502 (146,404,2013) (7.521.3YY! (1,530,739)

7,387,050,300 5,644,814 266,172,025 648567,792 I 1 9,653,050 137,436,556

1.480.024

7,387,050,300 5,644,814 266,172,025 650.047,816 119,653,050 137,307,046

184.377.409 111,111 3,551,381 21.192.957 1,204,616 6.068.791 1,099,789 3.255.805 1,w 1.378.44 1 634,230

49,901.21 1 37.914 5585.541 2,420.029 41.41 7 462,489 4.Y14,8d.1 4.17Y 415,137 1 .ill ,414 103,252 157,521

13.410 77.41 1 58,375 52,227

7,626,249,784 6,846,217 279,002,300 675,495,588 122,522,998 144,830.1 77

3.04fi.049 23,837 1.77 1,157 1.765.399 3,189,170 1 LM.371 5,593,802 430,133 3,451

3,14l,!i31 9.590 1'0,807 1 OB,(J48 6.044 29,2Y5 1 ,UYj9,137Q 14.567 73.105 135.251 35.965 27,485

8,299,880 1,062,528 9,383,563 696,167 1,812,466 1,825,633

7,617,949,904 5,783,689 269,618,737 674,799,421 120,710,532 142,804,544

Schroder International Selection Fund Semi-Annual Renort June 2008 Page 71

Statement of as at 30 June

ASSETS

Investments




Gash at banks Receivables for securities sold Receivables for subscriptions Dividends and interest receivable Sundry receivables and prepayments Options at market value Credit default swaps at market value

TOTAL ASSETS

LIABILITIES


TOTAL LIABILITIES

TOTAL NET ASSETS

Net Assets 2008 (cont)

Schroder Schroder Schroder Schroder ISF ISF ISF Schmder

ISF Absolute Emerging Emerging ISF Schmder Absolute Return Europe Markets European ISF

Return Bond Debt Absolute Debt Absolute Absolute EURO

USD US0 EUR USD EUR EUR Bond R I Return(') Return(g1 Return Bond

92,061,853 6,803,886 154,791,933 4,353,712,604 300,007,455 254,998,993 (1,947,794) (74,526) 9,453,769 127,400,180 (41,141,665) (8,253,047)

m,i i 4,050 6,729,360 164,245,702 4,481,112,784 258,865,790 246,745,946

201,288 (1,064) (2,081,063) (38,399,856) (7,651 ) 321.837 , (1 51,286) 447 (1 91,240) (1 95,608) (23,410)

w , r n 8 , 4 ~ 1 6,705,333 162,164,639 4,442,712,928 258,858,139 246,876,543

4,919,024 4,279,280 I 7,033,284 1~ .852 .551 602,926 5,910,311 i - 14.850.197 1,043,750

1.91 6,748 35,232,097 67,529 2.692.833 620.1 73 25,262 2,956,284 48,737,745 547.481 5.264.1 16 109,972 16,552 31 -072 418,708 1 10,443 15,118

- 11.857.454 243.023 249,770 23,187 332.1 14

95,867,392 11,049,614 184,102,027 4,631,954,029 286,894,169 262,377,808

22,982.337 994,342 9.538.082 74,277 2,152.788 15,101,444 1 .I 87,576 2,121,368

30,306 7.91 7.1 79 11,082 27 101,713 3,365,643 330,540 95,654 ' 53.926 11,931 107,919 2,035,373 235.687 93,376

23,121,622 1,006,300 11,930,8WI 28,419,639 1,753,803 2,310,398

72,745,770 10,043,314 172,171.219 4,803,534,390 285,140,366 260.067.410

(0 Schroder ISF Emerging Europe DeM Absolute Return was formerly known as Schroder ISF Converging Europe Bond until 1 June 2008 Schroder ISF Emerging Markets Debt Absolute Return was formerly known as Schroder ISF Emerging Markets Debt untd 1 June 2008.

Tho notes on pages 14 to 60 form an integral pari of these financial statements.



ASSETS

Investments




Cash at banks Receivables for securities sold Receivables for subscriptions Dividends and interest receivable Sundry receivables and prepaymerits Options at market value Credit default swaps at market value

TOTAL ASSETS

LIABILITIES


TOTAL LIABILITIES

TOTAL NET ASSETS

Schmder Schmder ISF Schroder Schmder

ISF Schroder Schroder Global ISF ISF

Short Term Eumpean Global Linked Dollar Dollar Bond Bond Bond Bond Bond Bond

EUR EUR USD EUR HKD USD

EURO ISF ISF Inflation Hong Kong US

573,358,839 86,330,480 260529.383 305,937,452 264,306,860 427,992,032 (9,383,598) (4,142,655) 2,294.900 (7.646.094) (3,395.133) (4,789,376)

563,975,241 82,157,815 262,824,283 299,291,358 260,911,727 423,202,656

935.321 6.571 (89,655) 3.758.328 (290,430) 38,293 (1 64,531) (76,658)

(508,490)

21 1 203.523

564,620,132 82,202,679 262,081,607 302,973,028 260,911,727 423,406,390

9,401,662

25,003,740 27,717 24,720 11291,341 542,509 1.01 1,815 9,640.91 3 1,883,231 2.632.756 2,249,595 1,512,269 1,886,915

2.392.919 243,986 36.449.91 1 - 33,900,981 526,434

6.289 7,560 3 1,361

640.1 90 920,700

602,663.993 84,385,173 302,335.621 316.513,964 296,868,847 436,627,482

2,634,913 - 28,318.711 5,994,194 - 49.000.104

13.545.487 360.297 833.753 703,950 640,090 2,208,665

239.667 49,529 62.393 169,682 91,047 185,380 182.008 37,505 78,772 138,879 92,968 99,328

167,417

13,967,162 447,332 29,293,629 9,641,628 991,522 51,493,477

588,696,831 83,917,841 273,041,992 308,872,336 295,877,325 385,134,005

I I The notes on pages 14 to 60 form an Integral part of these financia staterrlents



ASSETS

Investments



llnrealised appreciation/(depreciation) on forward foreign exchange contracts on futures contracts on interest rate swaps on total return swaas

Cash at banks Receivables for securities sold Receivables for subscriptions Dividends and interest receivable Sundry recelvaties and prepayments Options at market value Credit default swaps at market value

TOTAL ASSETS

LIABILITIES


TOTAL LIABILITIES

TOTAL NET ASSETS


Schroder ISF

Asian Bond USD

Schroder ISF Schroder Schroder Schroder

Asian ISF ISF ISF Schroder Local EURO Global Global ISF

Currency Corporate Corporate High Strategic Bond(h) Bond Bond Yield Bond

lJSD EUR USD US0 USD

2.080.93/.996 57.824.636 131,581.689 26.370.283 463,803,543 716.872.59? (33,799,500) (1.443.739) (5.230.989) (718.965) (1 1,276,684) (9.837.847)

2,047,138,496 56,380,897 126,350,700 25,651,318 452,526,859 707,039,745

(8,994,833) 629,049 (39.825) 48.229 503,446 (1,006,608) 891.470 (1.433) 7.517 (1 20.842) 239,295

- (4,030,721)

2,039,035,133 57,009,946 126,309,442 25,707,064 452,909,483 702,241,711

271.153573 3.472.088 1.857.368 - 329,798,046 11 6,788 118,448 6,768,445

38,968,000 12,325.901 279.339 56,071,592 r.530.258 18,716.637 531.713 2.637.606 351,329 8,035,744 2,277.278

25.959 3,81 6 96.117 193,269 11 6,812

429,883 11 2.930 92.139 800,593 3,574,686

9.207.41 2 - 42,397,808 6,745,328 1.020.550 774,881 - 161 295.875 4,626,274 742.519 202.91 1 R.289.856 8.673.387 1,484,949 15 126.205 66.142 1,661.736 70 67.470 15,237 172,352 534.886 1,049,953 14.541 61,205 39,189 141,043 31 6,222

15,588,240 14,829 11,099,1!56 1,032,218 49,127,264 170,886,512

2,352,760,945 61,002,118 131,124,139 27,469,581 475,651,842 874,485,466

(“1 Schrnder ISF Asian Local Currency Bond was launched on G May 2008 The notes on page:: 14 to 60 f3rm an integral part of these flnancral statements

Page 74 Schroder Iriternational Selection Furid Semi-Annual Report June 2008


ASSETS

Schmder Schroder Schroder ISF Schmder

ISF ISF Schroder EURO Schroder ISF Asian Global ISF Equity ISF European

Secure European Defensive Bond(') Bondti) Credit 20i0(k) Defensive Monthly

USD USU ElJR USD EUR EUR

Strategic Convertible Convertible

Investments



Unrealised appreciatior i/(deprewation) on forward foreign exchange contracts o r 1 futures contracts on interest rate swaps o r 1 tot:il return swaos

1 Cash at banks I-ieceivables for securities sold Receivables for subscriptior is Dividends and interest receivable Sundry receivables and prepayments Options at market value Credit default swaps at market value

TOTAL ASSETS I

I LIABILITIES

Bank overdratt Payables for securities bought Payables for redernptioris Dividends arid iriterest payable

Other payables and accruals Options at market value

I Managerrierit fees payable

I TOTAL LIABILITIES

TOTAL NET ASSETS

13,302,194 28,874,130 21,468,991 17,273,484 478,661,966 20,778333 (479.895) (588.728) (5.477.380) (1,098,057) 41,156 (334)

12,822,299 28,285,402 15,991,612 16,175,427 478,693,122 20,777,999

(1,309) (53.212) (1 G I ,690)

3645,338

12,820,990 28,232,190 15,829,922 19,820,765 478,693.122 20,777,999

9533 15 4.393.775 15.783.823 4,583,319 3.41 6.313

- 15,596,703 16.949 91 6,864 487,257 22,962 84.867 122,192 9.483 40,430 31.435

469,059 17,310 3.878 5.797 144,888

158,380

13,801,345 43,919,557 20,665,106 35,593,871 484,702,794 24330,314

11,197,474 554.750 41 5.994

5.745 71.01 6 3,380,159 169,662

2.674 4.267 22,360 8,110 510.614 24,023 ($39 11.293 34.164 11,016,103 155.755 13,664

10,613 1 1.773,529 543,534 11,024,213 4,048.028 207,349

13,790,732 32,146,028 20,121,572 24,569,658 480,656,766 24,522,965

('1 SChfOdef ISF AsIan Convenible Bcnd was launched on 14 March 2008. u' 3-hfoder ISF Global Convert.ble Bond WJE :aurictwd o n 14 M a w 2006. (k) The data shotm for Sctirodo: ISF EURO EqiJ:ty Secure 2010 are based ai1 !hi' 1351 The !notes oil pages 14 to 50 form an iritcqa, part gf th&e qnanclal stateme-ts.

:able prlcing day, 24 U'J~C 20G8

Schroder International Selection Fund Semi-Annual Report June 2008


ASSETS

Investments


Securltles at Market Value



TOTAL ASSETS

LIABILITIES


TOTAL LIABILITIES

TOTAL NET ASSETS

Page 75

Schroder Schroder Schroder

European World ISF us ISF ISF Schroder ISF

Defensive Defensive EURO Dollar 6 Monthly 3 Monthly Liquidity(') Llquldity(') Total'

EUR EUR EUR USD EUR

14,988,651 10,188,334 1.766.434.51 6 155,966,894 28,147,056,073 2.018 077 (358,245) (1 1,081,890) (839,805,622)

14,990,669 10,189,211 1,766,076,271 144,885,004 27,507,250,451

(26,l 54,482) I

(3,018,894) I 2.312.812 I

457,976

14,990,889 10.189.211 1,768,016,271 144,885,004 27,480,847,863

14.853.091 5.480.093 32,980,761 13,911,320 1,175.446.853 170,818.444

54 1.928 166,372 10,029,305 1,701.751 365,249.446 34,706 14.941 3,461,168 136,010 1 1 1,113,430

263 736 5.1 17.436 108.509 12.843.1 67

4,842,328 I

30,420,857 15,959,862 1,812,547,505 160,694,085 29,326,278,907 '

63,090,900 269,584340

217.664 27,434 44,972,955 320,i 29 247,103,395 9.474.430

13,875 7,378 220,199 29.256 20,917,027 73.91 6

7,992,400

30,963 16,174 557,329 65,239 25.110.873 '

282,502 50,888 5 3 , 7 4 2 m 414,624 635,354,881 ~

30,1~,155 15,808,876 1,756,804,622 160,219,461 28,690,924,088

"I Schrooer ISF ELRO Lqu dity and Schrmer ISF US Dol ar Liqu dily tne mawet vaue represents me amortised cost * For the total of the Statement of het &sets wnicn h a been presenteo fn E4ro. assets and iabtLties stated n currencies othef than Euro have ~ e e n wndenec at the fo lowing exchange rates ruling

as at 30 June 2008 1 Euro = 1 57615 US Doliar 1 Ed0 = 0 79060 BrrIisn Pcwd 1 Euro = 1 60665 Swiss Franc 1 Euro = 166 66210 Japanese Yen 1 Euro = 12 29255 hong Kong Do Iar

Tne notes on pages 14 to 60 form an integral pan of these financial statements



Schroder Schroder

ISF ISF European ISF ISF ISF EURO European Large Qlobal Italian Japanese Equity Equity Cap Equity Equity Equity

EUR EUR EUR USD EUR JPY

Schtwder Schroder Schroder ISF Schmder

Net Asset Value as at 30 June 2008

Shares Outstanding as at 30 June 2008 Class A Dis

Class A Dis (EUR)”” Glass A Dis (GBP)* Class A Dis (GBP)’* Class A Dis (SGD)* Class B Dis Class C Dis Glass C Dis (GBP)’ Class C Dis (GBP)** Class C Dis (USD)** Class I DIS Class P Dis Class P Dis (EUR)”” Class AI Dis Glass AI 01s (EURY Class A I Dis (EUR)’’ Class A1 Dis (USD)’ Class B1 Dis Class B1 Dis (EUR)”’ Class A Acc Class A Acc (EUR)’ Class A ACC (EUR)” Class A ACC (SGD)” Class A Acc (SGD)”” Class A Acc (USD)’ Class A Acc (USD)”” Class B Acc Glass B Acc (EUR)’ Class B Acc (EUR)’* Class B Acc (USD)** Class C ACC Class C Acc (AUD)* Class C Acc (EUR)’ Class C Acc (EUR)** Class C Acc (GBP)”’ Class C ACC (USD)“ Class D Acc Class D Acc (EUR)’ Class I Acc Class I Acc (AUD)” Class I Acc (EUR)* Class I Acc (EUR)** Class I Acc (GBP)** Class I ACC (USD)*f Class J ACC (JPY)” Class A I ACC Class A I Acc (EUR)’ Class A1 Acc (EUR)”” Class AI Acc (SGD)”” Class AI Acc (USD)” Class B1 ACC Class B1 Acc (EUR)”” Class B1 Acc (USOp

1,382.81 7,336

3.809.666

38.959 116.133

19,176,932

7,599.551

18.192.313

9,598,101

1 .I 62,239

492,931 64,952

20,781,553

1,135,686

182.535

171,309

93,880

123

123

36,122

81.993.671

36,096

598 1,699

206.386

83,280

22,434

180.608

10,297

47,963,494

300,667

1524.040

124

579.288

24.51 1

577,394

36.01 8

41,934

184.31 5,800

145,165

13,986 21.01 8

2,557,368

2,941,225

715.418

45

383.867

1,975

77,392,232.323

2,958,205

50,342 1,399,802

25,761,090

135,222

8,727,107

54.824

13,320,454

121,456

29.1 63,981

100

4,324,119

9.476

I 75,928 89.492

37,251

Unhedged multicurrency classes. ** Hedged multicurrency classes - Partially hedged (by Fund Manager) rnulticumncy classes The nates on pages 14 10 60 form ar integral part of these rinancid statements

’

Schrnder lnternaliclnal Selection Fund Semi-Annual Rcport Junc 2008 Page 77


Schroder SChroder Schroder ISF Schroder Schroder Schroder

ISF ISF European ISF ISF ISF EURO European Large Global Italian Japanese Equity Equity Cap Equity Equity Equity

EUR EUH ElJR USD EUR J PY

Net Asset Value per share(') as at 30 June 2008 Class A Dis

Class A Dis (CUR)** Class A Dis (GRP)* Class A Dis (GBP)" Class A Dis (SGD)' Class 0 Dis Class C Dis Class C Dts (GRP)* Class C Dis (GBF')'' Class C Dis (IJSD)** Class I Dis Class P Dis Class P Dis (EUR)** Class A1 Dis Class A I Dis (HJRY Class A1 Dis (ElJri)" Class A1 Dis (IISD)* Class B1 Dis Class B1 Dis (EUR)" Class A Ace Class A Acc (EUR)' Class A Ace (EUR)'* (:lass A Ace (SGD)* Class A Ace (SGD)** Class A ACC (LJSD)* Class A Acc (USDr* Class 0 Ace (.:lass D Ace (EUR)' Class R Ace (EURI** Class t3 Acc (IJ:;DI** Class C Acc Class C Ace (ALID)* Class C ACC (EUR)* Class C Acc (EM{)** Class C A(:(: ((.33P)** Class C Ace (IJSO)** Class 0 Acc Class I) Acc (EIJR)* Class I Am: Class I ACC (AIJD)* Class I Ace (EIJR)* Class I Acc (EUR)" (;lass I Ace (GBP)** Class I Acc (USD)** Class J Acc (JPy)' Class A I Ace Class AI Acr: !ElJR)* Class AI Ace [EUR)" Class A1 Acc (SGD)" Class A I ACC (USD)* Class B1 Acc Class 01 Acc (EUR)** Class B1 Ace (USD)*

71.38 12.78 137.55

134.84 99.39

144.90

137.01

158.49

168.73

139.17

14.93 25.63 (96.69

15.70 25.38 27.74

20.82 21.79 13 OR

729.27 876.45

16.23

22.07 17.97 15.02 2f.62 795.22

85.74

20.90

23.81

17.74 14.76

16.05

25.97 729.14

84.47

877.03 13.5? 31 3 6

87.25

25.45 13.98

12.76

16.53 33.38 931.22

89.41

21 3 4 14.75 26.49 753.41

84.41

33.63 19.97

7. i? 689.31 24.67

6.52

' IJn!Wged riiulticurroncy ~ 1 8 5 ~ ~ s . ** Hedged rnulticurrency classes. *-' Pfirtially Wdgcd (by Fund Vanager) rnultcurrencb classes 'I) The Net Asset Value pfr r;harr. IC stated In the currency of the share class. T$e no:es on pages 14 to 53 f c m an Ir?tsgral part of t k s e financial stateTents

Page 78 Schrndcr lriterriational Selec:ion Fund Scrni-Aririual Report June 2008


Net Asset Value as at 30 J1.m 2008 I Shares Outstanding as at 30 June 2008 Class A Dis

Class A Uis (EUR]** Class A Dis (GRP)* Class A Dis (GBP)** Class A Dis (SUI)* Class B Dis Class C Dis Class C Dis (GBP)* Class C Dis iCBP)*- Class C: I3is (lJSU)--

Class P Dis !trlJl i)" Class AI 01s Class AI Uis (t1Jlp- Class AI Dis iEUR)** Class A7 01:; (lJSU]* (:la:;<; HI U l S

Class B1 Dis (EUR)** Class A Ace (:lass A Acc iEUR)* Class A Ace ( t L J n ) * * Class A Ace (SI))' Class A Ace (SGD)** Glass A ACC (I.)SD)* Class A A(:(: (LJSDY Cla:;s H Ace Class R Acc: (ELJf7)* (:lass tl Ace (EUR]** Class R Ace (USll)x* Class C Acc: Class C Acc (AIUDf (:la:;s C Acc EUH)* Class C Ace (FOR)** (.:lass (; ACC (car')-* Class C Acc (USD)** C:ass D Am; C ass D Ace (k UI {)* C ass I Acc C:ass I Ace (AIJII)" (:lass I Acc (EUH)* Cla:;s I Acc (EUR)** Class I Acc GBP!** Class I Ace ilJSD)** Class J Acc (.IPY]* (..I. .. ,<i.,s AI Acc

Class At Acc (EUR)** Class A1 Ace !SC;D)**

CIXS AI ~ c c (ruw

Cass 01 Ace (FUR)** C ass Dl A c c (LJ:;D)*

Schroder Schroder Schroder ISF Schroder Schroder Schmder ISF ISF


Cap Equity Equity Equity Cap Securities JPY IJSU CHF GBP USD I JSD

23,258,858,481

4,i50,157'

383,155

232.383

757.143

124

123

1 G,72B

I ,744,793,097

5.817.2'38

37,093 1.004.RP4

18,490.177 163.054

207,182

2.890.098 393.1'31

60.92Y.1 /ti

114.156

14,G19.379

8.144.ti15

E2/,Yl8 203,153

83.S28

4Y2,44 i.ooi

1.577.705

14.1 i 3 46.870

11,5ti3.183

870.500

444.893

1,796,237

209.044

355

122,631,558

8,412.180

108,427 7,61 4.9(-jL5

0,070.049

2,252,886

19,334,757

5,361,384

386.4~3

108.956

303.265568

5r?,G17

1.168 5,000

861.024 9,245

47,281

235.040 90,331 42.250

722.388

186.821 233.248

94 1.61 7

21 56,851

158.657 11.496 33.013

195

121,928.2W

00.400

1 , l B O

153,011

855,830

42.3/1

Schroder International Seleclion Fund Semi-Annual Report June 2008 Page 79


Schroder Schroder Schroder


Cap Equity Equity Equity Cap Securities JPY I 1m CHt GBF' USD USD

ISF Schroder Schroder Schroder ISF ISF

Net Asset Value per share('] as at 30 .lune 2008 Class A Dis

Class A Dis (ElJR)** Class A Dis (GBPP Class A Dis (GRP)** Class A Dis (SGD)* Class B Dis Class C Dis Class (.; Dis (GRP)*

Class C U s (JSD)** Class I Dis Class P Dis Class P Dis (EUR)" Class A I Dis Class A I Dis (EUR)* Class A1 [lis (EIUR!** Class A I Dis (USDY Class HI Ilis Class nl Dis (CUR)** Class A Acc Class A Acc <CUR!* Class A Acc <EIJR)**

Class C DlS (GBPY

Class A Acc !SGO)" Class A Ace i,SGU)** Class A Ace (USD)' Class A Acc ;USD)** (:lass B Act Class B Acc (EUR)' class n ACC ;ruR)** Class I3 Acc jUSU)** Class C Acc (:lass C Acc (AIJD)' Class C Acc (tlJl4)' Class C Acc (EUR)*' Class C Acc (GBP)** Class C Acc (LlSll)** Class D Ace Class D Acc IFIUH)" Class I Acc Class I Acc (AUD? Class I Acc (EM)* Class I Acc ( H J l 4 ) " ' Class I Acc (GRP)** CIRSS I ACC (IIC;D)** Class J Acc (JPY)* CIRSS A I Acc: Class A1 Acc (EM)* Class A I Acc (EUR)"* Class A I Acc (SGO)** Class A I ACC (U8))* Class R1 ACC class ni ACC (rim)** Class R1 Acc (USDY

1,094.00

1.1 03.81

1.108.18

1.093.54

10.31

1 .I 03.68

1 ,108.1 8

1.083.71

8.76 29.58 2-39 68.45

8.14 9.25

?7.90 2.23 31.83 2.50

63.30 73.95

9.47 6.00

8.47

29.58 2.64 68.47 43.37 95.05

108.50

- 1 I 1 1

107.36 ' 8 . 5 i 5.44

2/.84 ?.42 63.30 10.15 94.09

2.94 75.51 109.73 I 10.66 31 .9n

6.16 47.72 96.1 8

11 3 3 34.10 3.13 80.26

50.92 96.5 1

7.18

28.33 ?.47 G5.76 41.68 94.03

9.26 5.87

8.35 26.43 7.29 60.62

' :!?heclged i y Itlcuiisncy CIasSCS. '' Hedged mdtlcuriency cla: SBS

*-* Partially hedged (by Fund Managed multlcurrency classes 1'1 l h e Net Asset Value per share IS stated 8n the currency o'the shave class. I he nctes on pages 1.1 tc BO torm aT: integral part o' these +-ancial ytateTe"ts

Page 80 Schrodor lntcrriatiorial Selection Furid Semi-Annual Report June 2008


Schroder Schroder Schroder Schroder ISF ISF ISF ISF Schroder Schroder

Asian Asian Asian BRIG ISF ISF Total Equity Smaller (Brazil, Russia, China Emerging

Return(") Yield Companies India, China) Opportunities Asia USD usri USD USD USU USD

Net Asset Value as at 30 June 2008 51.279.41 1 8O5,OS~j.514

13,925,202

Y9.4/5.415 3.138.400.317 1,058.884.834 2,134,886,454

Shares Outstanding I as at 30 Junc 2008 Class A Dis

Class A Dis !ClJRl** CIiss A [lis (GBPj* Chss A Dis (GnP!'*

Clsss C Dis (GBP)** Clsss C DlS lUSO)*A Class I Dis Class P Dis C l ~ l S S P ui:; (tUI<)" Class A I 01:; Cliss A1 Dis iEUR)* Class A1 Dis (CUR)*" Class A1 Dis (USO)*

I

CIM A A(;(; (rot?)** Class A Acc (SCD)*

Class A Ace (USD)* Class A Acc (USD)** Class B Acc Class B Ace (EIJRj*

Class C Acc Class C Acc (AlJD)* Class C Ace iEUR)* Class C Acc ICLIH)"" Class C Acc (FRP)** (:la:;s C Acc (USU)*' Class D Acc

Class I Acc (EURY Class I Acc (ElJR)** Class I Ace (GBP)**

Class A I Ace (M;s AI Acc [ tUt i )* Class A1 Acc (EUR)** Class A1 Acc (SGD)** ( X i s AI Acc (USD)' Class B1 Acc CIHS:; 61 A(:(; l t U l Class B1 Acc (US[))*

1.136 13.255 58,793

8,457,597

179

3,881 8.339.522 62.330 8.384. /06 1,966,242

3.927,01 1 4,055.701 140.524

60,345

15 238.353 44.913 571,836 1.7R5.151

349.650 757.818 239.234

450.181 2.323.1 10 309,108 11 3Y4.929 I

04.445 1 ,692,IJYS

2.4iY

135,156: 3 h . 2 4 i

55.757

8.01 1 798.307 28.3Y3 11,679 732

11/ 59.434

22 .43 704,389 4/3.734

71 137.814 181.780 88.Y12.684 3.130.562

209.1/1

523.388

Schroder Internatiorial Selection Fund Semi-Annual Report June 2008


Pagc 81


Net Asset Value per share(') as at 30 .lune 2008 Class A Dis

Glass A Dis (FUR)** Class A Dis (GRP)* (:lass A Dis (GBP)** Class A [lis (SGD)* (:lass B Dis Class C DIS Class C Dis (CBPj' Class C Dis (GRP)** (:lass I: Dis (IJSD)** Class I Dis Class P Dis Class P Dis (FIR)" Class A I Dis Class A I Dis (EIJR)' Class A I Dis (EIJRY* Class A1 Dis (IJSD)' Class R1 Dis Glass D1 Dis (CUR)** Class A Acc C I ~ S S A ACC (rim)* I:lass A Acc (E1111)" Class A A m (SGD)' Class A Acc (SGD)" Class A Acc (US[)!* Class A Acc (tUSD)** Class B Acc Class 0 Acc (EUR)* Class 0 Acc (EUR)** Class I3 Ace (UStl)** Class C A x Class C Acc (AIJD)' Class C Ace iEIJR)* Class C Ace (LUH)** Class C Acc (GRP)** Class C Acc (USD)** Class D Acc: Class D Acc (EUR)' Class I Acc Class I ACC (AUD!+ Clas:: I Acc (EIJI7)* Class I Acc (EUR)** Class I A(:(: (GBP)** Class I Acc (US[))** Class J Acc (JPY)* Class A I ACC

Class A I Acc (EUR)** Class A I Acc (SGD)'* Class A I Acc (USD)' Class B1 Act: Class B1 Acc ( H J t l ) * * Class f3l ACC (tUS13)*

(y , A S S . . A I A(:(: (EIJR)*

105 48

105.96

106 16

108.08

105.76

15.63

8 00

16 24

14 98

18.37

17.Y4

18.78

19 84

155 60

18.08

159.35

159.02

I53.fd

160.06

l71.m

157.15

111.18

726.95 144.01

222.1 1 141.14

231.36

14fi.77

238. /a 151.47

226.35 143.62

771.19

f .36

218.11

224.73

220.29

231 .?7

219.13

7.85

9.52

19.63 12.45

- I

19.10 12.12

70.77 '

12.85

21.10

13.30

19.33 12.26

18.71

* Lln!-?dged md!icurrency c'asses *' Hedged mlllticurfency classes. *=* Part ally hedged !by Fund NanageQ multicurrency classes. ('1 The Net Asset Value per v a r e is staled in the currencv of :he share class la) SchrodFtr ISF Ason Total Return was formerly knovrn as Schroder ISF As:an Absolute Returi until 1 Juir 2008. The nctes on paaes 14 t c 60 +arm an tntegral part of !hSw tinancinl ?;i:rinimt%

Page 82 Schroder International Selection Fund Serrii-Aririual Reporl June 2008


Net Asset Value as at 30 .Jurw 7004

Shares Outstanding as at 30 Jurie 7008 Class A Dis

Class A Dis (EUR)**

Class A Uis (SCD)' Class B Dis Class C: Dis Class C [lis (GBP)* Class C Dis ((;Et')** Class C Dis (USO)** Class I 01s Class P 111s Class P Dis (FUR)*+ Class A1 Dis (:la:;s A I UI:; (tll l $* Class A I Dis (EUR)**

Class A Acc Class A Acc (EUR)* Class A A(:(: (CUR)** Class A Acc (SCD)* Class A Acc @ X I ) * *

Class A Acc (USD)** Class B Acc Class B Acc (EUR)*

Class B Acc (USD)** Class C Acc: Class C Acc (AUD)-

Class C Ace (FUlg'* Class C Acc (CHP)**

class c A ~ C (rw*

Class I k c (FUR)* Class I Ace (CUR)"* Class I Acc (GBP!** Class I Acc (USD!*' Class J Acc (JPT,*

Class A i Acc (FUR)*+ (;lass A I Acc (SGU)** Class A1 Acc (USD!* (:lass E31 A(:(: Class [31 A(:(: (CUR)** Class B1 Acc (USU:'

Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF


Europe Markets Maximiser Opportunities Yield Companies EUR USD HJH EUR EUR CUR

2Y4.64/.811

188,397

4.821

30.719 1,518

5,178,881

1.909.1 23

90~1.002

S / . Y 13

2,938,374

451,007 127.i82

1 .I 1 5.1 89,648

7.0f7.838

41,869 4,059,344

14,900.35ij 3.0.1'3.095

2.4.17 .0Y ti 777.6.13

13.080.4Y2 4,691,504

185,142

7.677.732 1.432.743

187,618

25.788.800 3.0G7.917

183.656

I R,047.540

303

2.08/ 200,154

10

5,033

6.470

7 . 3 3

15

7.851

20.91 5. /ti8

45.507

15

212.875

1 1.670

I 5Y.809.553

2,764,853

1.334

54.650 2.C43.340

100

12

7,138,422

1,376,752

652,040

110

98.21 1

331

305,140,445

741,448

53,(325 777.678

1,865 531

2230.048

8/Y.085

/,Y71.337

1.61 1,925

100,395 51.610

Schroder International Sclcction Fund Semi-Annual Reoort June 2008 Page 83


Net Asset Value per share(') as at 30 .lime 2008 Class A Dis

Class A Dis (EIJR)** Class A Dis (CBP)' Class A Dis (GRP)** Class A Dis (SGDY Class R Dis Class C Dis Class C Dis (GRP)* Class c T)is (GRP)** Class C Dis (USD)** Class I Dis Class P Dis Class P Dis (EUR)*' Class A I Dis Class A I Dis (EURY Class A1 Dis (EUR)** Class A1 Dis (USD)* Class R1 Dis class RI Dis (rim)** Class A Acc Class A Acc (EURY Class A Acc (EUR)** Class A Ace iSGD)* Class A A(;(: [X;Dr* Class A Acc (US[))* Class A Acc (USU)" Class B Acc Class B Acc (ELJR)' Class B Acc (EIJR)" Class B Acc (USD)" Class C Act: Class C Acc (AIJD)* Class C A(:(: (ElJR)* Class C Acc (FlJRY* Class C: Acc (GBF')" Class C Acc LED)" Class D Ace Class U Acc IEUH)" Class I Ace Class I Ace (AUT))* Class I Acc (tUH)' Class I Ace (FIJRY* Class I Acc (GBP)'* Class I Acc (USD)** Class .I Acc (JPY)' Class A1 Act: Class A I Acc (EUR)' Class A I Ace (CUR)** Class A I Acc (SGD)** Glass A1 Acc (LIST))* Class B1 Acc Class R1 Ace (FUR)** Class 81 Acc (160)'



Europe Markets Maximiser Opportunities Yield Companies EUR IJSD ELJR EUR EUR ELJR

22.80

18.00

?I .83 24.04

23.23

22.10

24.61

7B.02

22.90

36.08 21.72

17.55

12.00 12. /4

13.03 8.77

12.15 7.70

13.95 14.51 8.85

15.08 15. / 2 9.57

12.63 A 01

11 .R3

70.71

70.43 71.13

10.57

74.90

71.66

75.30

78. 10

74.79

76 79

16.00

76.60

77 75

10.27

8.29

9.80 10.92

10.91

17.21

11.73

10.78

13.06

13.98

11 3 0

17.85

18.59

17.16 19.16

18.71

17.1 6

20.29

21 -51

18.21

P8 69 I 6.58

* Urihdged riiul!lcurreincy c'x,':e$ ** Hcrlged rnulticr!rrmcy r:a!;!x:;. ** Part ally hedged (by h m r l h"ninL]cr] rniiIt~i:i~rrr~ri::y c:i,i!;:;e:;

The Net Asset Value per s%re IS s:ated 11 the cuTrency ot ?he share r;19!;!; Thc riotm on pay:'; 14 k) Gi' 'orin iiii 7nteyr;il [xiit of !he!,e I nawa l s:a!ements

Page 04 Schroder Intertiatlorial Selection Fund Serni-Annual Reourt June 2008



Shares Outstanding 85 at 30 Junc 2008 Class A Dis

Class A Dis (TUR;"" Class A Dis ((.;RP;* (:las:; A Dis (GBPj" Class A Dis (SGD!* Class R Dis Class C Dis (;laus C Uis (GBI ')*

Class C Dis (USD)** Class I Dis Class P Dis Class P Dis (CIJH)"* Class A I Dis Class A I Dis (CUR!' Class A1 Dis (ELIR)** Class A I Dis ((J>;U)* <;lass B1 Uis Class E41 Dis !FIIR)**

Class A Ace (EUR!* Class A Acc; (E-LJM)** C'I, , d.,s ,.. ., A A m (SCD)' Class A Ace (SGD!** Class A Acc (USI1)-

CI,. , dss . , C Dis (GBP)"

Class B Acc (CUR)** Class R Acc (USD!** Class C Acc

Class c AI;(; jnmy Class C Acc ICBl'l**

(:lass I Acc: (AUU)"

Class J Acc (JPYP Class A1 Acc

Class AI Acc (l-lUH)*r

Class A1 Acc (USDJ*

Class E31 ACC iEUR)m* Class nl Acc illSD)*



Special Change Dividend Market Market Global Situations Equity Maximiser Commodities@) Opportunities Energy

H J l I USD US0 USD U:;U LJSU

4X?,tilO.103 242.593.921 22.276.203

1,947,400

110,l ;3

2,451.69u 9.1 86.565 1 , T 1.200

2 ti0 ,544 Y.O1 a.195

51.359 86,484

12ti.011

1,878,315 3,972.827

23.893 523.880

109,037 150

150

14.205 250.436 11,563 26,981

2 ti7 ,BUY 167 108

83.375

17,383

448.9'30

333.420

14,080

150

75,218

11,023.908

8

8

I04.07U 15

15 15

15.01 5

1 5

15

15

15 15

41 1,893,018

17.040,382 2.542.492

1 ti.1 10,374

314.832 530,201

435.121

19.723

148,907 41.963

100.327

150

243.141 2/9.643

795.61 6.1 55

27.214

254,044 40.743

;,376.194

943.790

2523.418

2.71 1.234

1.637.833 107.81 8

Schroder Iriternational Selection Furid Serrii-Aririual Report Jurie 2008 Page a5




Special Change Dividend Market Market Global Situations Equity Maximiser Commoditieslb) Opportunities Energy I

EUR USD USD USD USD USD ~

Net Asset Value per share('] as at 30 June 2008 Class A Dis

Class A Uis (ELJR)** Class A [)is (OW)' C l ~ s s A Dis (GnP)** C l ~ s s A Dis (%31)* Class El Dis Class c DlS

Class C Dis (GW)* Class C Dis (GRPj*' Class C Dis (USD)" Class I Dis Class P Dis Glass P Dis (FUR)** Class A I Dis Class A I Uis (EIIf?)* Class A I Dis (EIJR)** Class AI Dis (IJSD)" Class R1 Dis Class B1 Dis (FUR)** Class A Acc Class A Ace (EIIR)* Class A Act: iEIJR)** Class A Acc (SCD)' Class A Ace (SGD)** Class A Acc (USD)* Class A Acc (USD)** (:lass R Ace Class n Acc IEUR)* Class R Acc (EUR)** Class B Acc (USDY Class C Acc Class C Acc (Al ID)+ Class C Acc iEUf3)' Class C Acc (EUR)** Class C Acc (GBP)** Class C Acc (USD)** Class D A(:(: Class D Ace (EIKt)* Class I Acc Class I Acc (AUO)' Class I Acc ( tLJ l<)* Class I Acc (EURY* Class I Acc (GBF')"' Class I Acc (USD)** Class J Acc (JPY)' Class A I Acc Class A1 Acc (EUR)* Class A I A(:(: (EIJR)4* Class AI Ace (%XI)** Class A I Acc (LJSU)' Class B1 Ace Class B1 Acc (EUR)'* Glass E1 Acc (USD)'

7.30

101.22 25.22

7.18 7.44 7.36 3.77

93.68 51 3 3 ?5.W 101.74

7.28

93.09 10.36 8.88 9.1 5 9.55

7 . K 99.12 96.54

12.33 10.1 1

50.60

7.60 11.05

99.10 96.61

91 .YO 8.81 ij.1 1

7.83 12.21 10.01

49.99

94.53 10.43 7.94 99.15 12.45 51.2'3

8.98 9.19

96.67 10.15

17.74 10.01 17.66 97.73 10.57 9G.71 52.57

9.07 96.73 10.41

50.22 31.87

92.58 10.32 8.87 % I ?

7.85 99.10 96.62

12.27 10.01

Payc 86 Schroder Irilernalional Selection Fund Serrii-Aririual Hep0r.l June 200H



,

Shares Outstanding as at 30 June 2008 C1;lss A Dis

Class A nis jrLJR,!**

Class A Dis (GRP)** Class A Dis (SGO)" Class E? Dis

(;ids:; A UE wr3)-

(:lass c; UI:; (GBP)*' Class C Dis (USD)** Class I 111s

Class P DIS (t-:UHj'* Cluss A I Dis Closs A1 Dis (EUR)* Class A1 Dis (EUR)** (:lass A I Dis (USD)* Class 81 Dis

Class A Acc: Class A Acc (EUR)* Class A Acc: ,:Ell1 I)** ('I,,..., I daJ A Acc (SCD)* Class A Ace (SGD)**

I Class I-' IJis

class BI DIS ( ruR)**

Class E Acc (:la:;s t3 Acc (EUHY Class E Acc (EUR)** Class E3 Acc (USD)** Class C Acc Class C Acc (AUD)* Class C Acc (kUl i)*

Class C Acc (USUP* Class D Acc (-1,. .. , db:; U Acc (EUH)- Class I Acc Class I Acc (AlJDj" Class I Ace (EUR)* (:lass I Acc: (tUli1" Class I ACC iGRP)** Class I Acc (USD)** Class J Ace ( J P Y Class AI Acc

(Xis:; AI Ace (EUH)** Class A1 ACC (SGD)** Class A1 Acc (USD)* Class BI Acc Class B1 Acc (tUti)** Class El1 Ace (IJSD?

Schroder Schroder Schroder Schroder

Global Global Global ISF ISF ISF Equity Property Smaller Global Greater Hong Kong Yield Securities Companies Technology China Equity LJ:.;D US0 IUSD USD USD HKU

Schroder ISF ISF ISF Schroder

59.108.378

68.555

1.375

1 G

16

I T

11 8.035 7.816

1.841 3,973

50,302

0.325

239.8fi8

15

3.844 1.775

349,892,575

8.02 1

336.880

331 , I 29

i 5.088

2 i.439

1,042,047

.I:! r ,I 44

273.050

85

57.01 5

5,291

73.914.882

17

I5

145.640

2,470

15

500.289

70.883 17

19,477.272

38,198

10.681 14,408

64.1.758

626.858

333.507

513,513

5.058

1.238.108.933

33,232

138

2 1,4491 46 a5

2.920.925

3,141,127

7,897,118

1.565.875

213.746

4,851,328,288

52.333

325

1.54Y.4tj0

3,230

100.473

73

1,745,336

Schrnder International Selection Fund Semi-Annual Ream June 2008 Page 87


Schroder Schroder Schroder ISF ISF ISF Schroder Schroder Schroder

Global Global Global ISF ISF ISF Equity Property Smaller Global Greater Hong Kong Yield Securities Companies Technology China Equity usn I JSD IISD USD IJSO HKD


Class A Dis (EUH)" Class A Dis (GRP)' Class A Clis (GBP)** Cla:;s A Dis (SGD)* Class B Dis Class C Dis Class C: Dis (GBP)* Class C Dis (GBP)** class c: 111s (llS13)** Class I Dis Class P Uis Class P [lis (EUR)** Class A1 Dis Class AI Dis (EUR)' Class A1 Dis (FIUR)** Class A1 Dis (USD)* Class R1 Dis Class R l Dis (FIUR)** Class A ACC Class A Acc (tUI4)' Class A Acc (EUR)** Class A Acc ISGDY Class A Acc (SGD)** Class A Acc (USD)* Class A Acc (LJSD)** Class R Acc Class E? Acc (EUR)* Class B Acc (EUR)** Class B Acc (USDY' Class C Acc Oass C Acc iAUD)* Clas:; C Acc iEIJR)* Class C Acc (EUR)" Class C Acc (GBP)** Class C Acc iUSD)** Class D Ace Class D Acc (EURY (lass I Ace Class I Acc (AUD)' Class I Acc (ELIF{)* Class I Acc (EUR)** Class I Acc (CRP)" Class I Acc (LED)** Class J Acc (JPV Class A1 Acc Class A1 Acc (EURY Class A1 ACC (EIUR)** Class A1 Acc (SGDI" Class A1 Acc (USD)* Class R1 Acc Class B1 Acc (EURI" Class B1 Acc (USD)*

104.20

53.01

IflS.RR

114.78

105 00

117.57 71 3 0

1 10.59 70.17

115.11

73.03

11 a ? l

75.65

111.54 70.89

116.51

11 5.97

102.05

114.1!>

100.59

118.1 i

103.76

177.06

106.90

114.85

101.20

114.34

1 15.89

114.81

112.95

1 16.01

120.21

11 3.79 72.13

8.95

8.51 9.57

8.95

8.52

9.59

0.74

R.27

14.80

15.76

32.13 20.4 1

31.20

33.61

35.32

31 .R1

30.56

228.77

219.96

84.96

238.40

85.56

227.24

210.93

223.95

* Clihxlcrged mu!ticurrency ciasses. -' Herlyeri iii i iItir:iirreiir:~~ ~:I~~L;sRL; *** Pnrt,ally bcdgcd (,by Fund Monage:; rnult currency classes ('1 The Net Assel Value per share IS ::laled In llie cmency (I: the :;h:i'e CI&S The notes or pages 14 to BO f v m an integra' pan cf tbese I~anc1al stat?nf-ts

Page 8B Schroder International Selection Fund Serrii-Arirlual Report June 2008


Net Asset Value as at 30 June XJ18 I Shares Outstanding as ;It 30 h i e 2008 Class A [lis

Class A Dis (EUR)** (:la:;s A Uis (GBF')' Class A [lis (GRP)**

CI. I dSS " (: DI:;

Class (I: Dis (GRPY

Class I Dis (;ldss P ui:; Class P Dis (l.lUHj"* Class AI Dis

Class B1 Dis Class B1 Dis (ELIR)** Class A Ace (;kiss A ACC jtUti)* C l ~ s A Ace 'EURY*

Class A Ace (USD,!x Class A Acc ( U C U ) * *

(;lass R Acc (EUR)**

C ass C Ace (EUR!* Class C Acc (EUR)** Class C Acc (GBP)" Class C Ace iUSO)** (;I;Ls:; D Acc Class D Ace IF~JR)* (;lass I Am; Class I ACC tAUD)- Clas:; I A(;(: (ElJl<)' Class I Acc \EUR)*'

Class A 1 Ace (EURY Class A I Ace (LUH)"" Class A1 Ace (SGD)** Class A1 Ace (USD)*

Class HI A m NJSD)'

Schroder Schroder ISF Schroder Schroder Schroder ISF

ISF Japanese ISF ISF ISF Swiss Indian Smaller Korean Latin Middle Equity Equity Companies Equity American East Opportunities

IUsn JI'Y USD LJSD usu CHF

Schroder

51,474,019

8,091

103.537

163.294

59,067

130.1I5

31.890

10.01 2.838.240

9YB,Y49

81.824.537

18,247,080

15,9.j9.999

055,858

51 ,03!4.863 3/3,344

1,389,989 65,340

60,351,371

3 801

72.YY /

41 0.503

30.1 38

4 4 2 3 4

487.708

1,199,543.355

I.761.383

18,082

49.432 370,777

T .5i13.5 1 4 372,fi13

2 ;ti,sw2

1.429.756 649,029

10.809.945

505.201

8.E34.215 448.730

571.91 1,059

21.831.lfi.5 2,407,105

15.070.239

335.638 138.848

4,031,087

Yi0.253

9798.584

150

4,T51.439 000.86 1

4.280

280.804.1 16

1,881,353

36,102

85,120

242.041

22.380

Schroder Interna6nnal Selection Fund Serni-Annual Report June 2008 Page 89


Schroder Schroder


L J X I JPY LIST) LlSD USD CHF

Schroder ISF Schroder Schroder Schroder ISF ,

Net Asset Value per share(') as at 30 .lime 2008 Class A DE

Class A Dis (EUR)" Class A Dis (GBPY Clas:; A Dis ((;DPj*+ Class A Dis (SGU)" Class n Os Class C Dis Class C Dis (GBP)* Class C, Dis (GBP)** Class C Dis (LJSD)"" Class I Dis Class P Dis Class P Dis (EUR)** Class A I Dis Class A1 Dis (EUR)' Class A I Dis :FIJR)*+ Class A I Dis (USU)* Class nl Dls Class tll Uis ( t l J f l J * t Class A Acc Class A A m (EIJR)* Class A Acc (FUR)** Class A Acc (SGUj" Class A Ace (SGDp* Class A Acc (IJSD)" Class A Acc (lUSll)** Class t3 Acc: Class R Acc (EUH)* Class tl Acc (EIJR)** Class R Acc (VSD)" Class (; Ace Class C Acc (Allll)' Class C Ace (tUl3r Class C Acc (EURY' Class C Acc (SRP)'* Class C A(:(: (M;Dj"* Class D Acc Class D Acc (LURj* Class I Acc Class I Acc (AUD)* CI,. . . 1 ~ S S I Ace (EUR)* Class I Ace (HJt4)" Class I Acc (GRP)** Class I Acc (USU)** Class , I Acc (JPY)* Class A1 Ace Class A1 Acc (EUR)' Class A I Ace (EURj*' Class A I Ace (SGD)** Class A I Ace (USD)* Class 81 A(:(; Class R1 Ace (EUH)" Class D1 Acc (IIST)j*

61.68 41.36 53.34

26.72

56.19 103.70 66.98

102.03

101.02

103.22

105.29

101.47

61 .E8

56.46

66.99

69.81

60.15 0.36

0.57 55.2 I

52.30 42.18 54.07

41.67

40.52

12.60

40.94

56.70 11.59 35.72 9.98

76.53 9.11

53.22 11 5 2 33.76 9.93

59.70 11.65

37.89 10.02

63.40 11.78

40.21 10.16

1.071.32 55.18 11.55 35.01 9.97

177.97

- I - I

124.91

130.90 - 1 - I

- t 'nhdged mulllcurrenc.) ~la~:;eii *- t :edged rnult,currency classes. '*I Far:lall) htdywl [I)! Furi(i Mc;iregnrl rnulticuwncy classsc. ('1 Tho Nct A 5 w t Value per share IS stated In the currevcy of the share class The notrir; r'ri r?ogcs I D to 90 fxrn an integral pari of these fimnc,a' staterrents

Page 90 Schroder Internatioinal Selection Funtl Serrii-Annual Report June 2008


Schroder Schroder Schroder Schroder ISF Schroder ISF Schroder ISF ISF

Swiss Small 8. ISF USSmall& ISF EURO EURO Mid Cap Taiwanese Mid-Cap US Smaller Active Dynamic

Equity Equitylc) Equity Companies Value Growth C H t LED USU USD tUH EUR

Net Asset Value as at 30 June 2008 , 289551.693

3.513.042

750,844,657 380.403.652 648,892,361

Shares Outstanding as at 30 June 2008 Class A [lis

Class A 01s (HJI I]" Class A DIS ((;BF)* Class A Uis (GHP)" Class A Dis (SGtI)* Class B Dis Class C, Dis Class C Dis (GBPj* Class C DE GBP)**

Clsss I Dis C13ss P DlS

(;lnss t' Dis (EUR)** Class A1 Dis Class A I [lis IEIJR)*

Class A1 Dis (LED)* Clas:; B1 Uis (::lass B1 Dis (EUR)** Class A Acc Class A A(:(: itUH]* Class A Acc jtUlp*- Class A Acc ISGO)* Class A A(:(: [X;Ujx* Class A Acc (USD)* Class A A(:(: (IJSDI" (lass B Acc (;lass B Acc (EURj* Class B Acc (EUR)** Class R Acc (lJSD)** Class C Ace Class C A(:(: (AUUj* Class C Acc (EUR)* Class C Acc (EUR)** Class C Acc (C;DF)** Class c ACC (u:;o)** Class I3 A(;(; Class 0 Acc (FIJR!* Class I A(:(: Class I Acc (AUD). (-1,. .d.,s ,.. Cla::s I Acc (EUR)** Class I Ace (GBPY Class I Acc jU>.;U)** Class J A(:(: (.lt'Y]* Class A1 Acc Class A I Ace (EWW Class A1 Ace (CUH)** Class A1 Acc (:X;D!**

Class B1 Ace Class 01 Acc itLJli)** Class 81 A(:(: (USDj'

(:la:;s C UlS (USUJ**

Class A I UlS (EUH)**

I Ace (EUH)*

class AI ~ c c iusry

1.215.072 2545,386

13,373

160 150

55.773 361.075

12.438 7.w4 T0.,1 75

??,R12

1.500

14. 128.438 1 .(?DY,YU:! 25.457 32.202

4,354,526 5.0BY.851 124.060.1 54

837.3.10 150

424.016

27.1.25ti 35.881

100

504.081

1 .:jNJ.918

1,700.1 4 i 14,634,698

2,013,352 774,059

1 1 2. 199 9.202

1.31 8.20 1 28.448.728

2.91 3,081 1,318,529 1 .Hi 3.307 898.781 1.31 3,393 13.4'38,313

4,197,433

1 .I

1.653.357 215.101 1.502

100

1,842,202

14,149

1.28 1,82 1

58




Swiss Small & ISF USSmall8 ISF EURO EURO Mid Cap Taiwanese Mid-Cap US Smaller Active Dynamic

Equity Equity(c) Equity Companies Value Growth I CHt USD USD USD ElJR ElJR

Net Asset Value per share'') as at 30 .lune 7M8 Class A Dis

Class A Dis (tUI <r* Class A Dis (GRP)' Class A Dis (GnP)** Class A Dis (SGD)+ Class B UlS

Class C 131s Class c DIS ((.;np)* Class c, Dls (GBiJ)** Class C Dis (IJSD)** Class I Dis Class P Dis Class P Dis (EUR)** C:lass A I Dis Class A I Dis (tUI1)' Class A1 Dis (EURP Class A I Dis (IISD)* Class B1 Dis Class I31 Dis (EUR)** Class A Acc Class A Ace (ElJRj- Class A Ace (WR)** Class A ACC (SGLl)* Class A Acc (SGD)** Class A Acc (USD)* Class A Acc (USD!** Class n Ace Class B Acc (EIJR)* Class B Acc (EUR)" Class B Acc (USD)** (-1, .. Class C ACC (AIJI))* Class C Acc (ElJRj* Class C Ace (EUR)** Class (; A(:(: ((;BPI** Class C Acc (USD)'̂ Class D A(;(; Class D Acc (EUHY Class I Acc Class I Acc (All[))* Class I Acc (FUR)* Class I Ace (EUR)" Class I Acc (GBP)" Class I Acc (USD)** Class J Ace (JPY)* Class A I A(;(: Class A1 Acc (EUR)' Class A1 Acc (tUfl)A* Class A1 Acc (SGD)+* Class A I Act: clJSD)* Class R1 Acc Class R1 Acc (CUR)'' Class I31 ACC (USD)'

j d b ~ C Ace

9.75

9.73 9.78

9.84

139.75 70.54

64.50 145.04 16.31

3.39

22.47

23.10

9.74

22.88 9.15 141.28 89.51 93.23

10.52 35.21 3.42

- I

22.06

23.86

9.73 138.30 8/.14 95.02

14474

M.50 33.99 3.25

9.78 76.1 1 36.70 3.63

91.82 95.59

75.67 9 84 151.44

96.09

87.36 38.70 3.77

139.61 88.56 95.06

34.45 3.34 22.39 9.14 68.10

82.18 33.28

* Orihcdged mii l twrrwCv ClassFs *= Pedgea mu:'cuire-cy classes. *" Pnrtially hedgs3 !b:: rtincl hlanaqer) rn Acui ie icy classes ('1 7% NP! Asw! Valire ow share I!; :;toted 11 the c x e n c y ct the share class IC) Scbrader ISF Talriavese Equty m s l a o m k l 3n 1R Jririua.., 2908 The rote;:; nn rag?? 14 :3 60 forrn an 'ntegral oart oi!hese finamal st2tements

Page 92 Schroder International Sclcctiori Furid Semi-Annual Rcporl Jurie 2008


Schroder Schroder Schroder Schmder Schroder Schroder ISF ISF ISF ISF ISF ISF


EIJR EUH lJSU EUR EUH IJSD

Net Asset Value as at 30 JUW 2008

Shares Outstanding as at 30 June 2008 Class A Dis

Class A Dis ( t l J l < ) ” * Class A Dis (GHP)’ Class A Dis (GHP)” Class A Dis lSGD!* Class 0 Uis Class C Dis Class C Dis (GRP)* Class (: Di:; (GW)** Class C Dis (USDJ’* Class I Dis Class P Dis Class P Ui:; jtUH)** Class AI n s Class AI Uis (EUH)” Class A1 Dis (rVRj** Class AI 111s (USD)* Class E1 Ills Class R1 Dis (tUl<j** Class A Acc Class A Acc (EUR)” Class A Ace (,CUR)** Class A Acc (SGW Class A Acc (SCD)** Class A Ace [I KU)* Class A Acc IUSU)** Class B Acc Class R A(:(; ( t l J l < ) * (:la:;s B Acc (EUH)** Class 0 Acc (IKlY* Class C A(;(; Clxj:j C Acc (AUC))*

Class C Ace (rlJf?j** Class C ACC (GBP)**

class c ~ c c (turv

Class D ACC ( t um- Class I Ace Class I Ace (AIJDP Class I Acc (EIJRP Cass I A(:(: (tUH!**

Class I Acc (IJSD,!”’ Class .J A(:(: !JPY)* <;lass A1 Acc Class AI A(:(: kUli)- Class A1 ACC iEUR)** Class A1 A(:(: (SGU!” C:ass A I Acc (IJSD)* Cass D l ACC: C’ass B1 Acc (l’IJR)‘* Class R1 Acc iUSD)*

Csass I ACC (GBP)**

0.957.4fi7

25.20Y

23.320

23.%60

34

/3.913,300 20,7/5.456 3.839.418 825201,202

1.1 18,228

74,985,811

17

50.840

15

1,372 4.139

1 .I ti2 7.185

32,888

9 1.480

12

1 5

6.300 1.761

1.143

12

12

50.34/ 5.600 23,562

281.881

40[3,30t) 604.032 425 8,204,183

24.348 102.223 15 1.228.721

228.1 13 49.8Yti 354 2.05Y ,090

5,4Y 7.557

795,398

15 30.430 221.38Y 15

10.158 10,1735 27.Y31 71

Schroder Interrvational Selection Fund Semi-Annual Rcport June 2008 Page 93


Schroder Schroder Schroder Schroder Schroder Schroder ISF ISF ISF ISF ISF ISF


EUR EUR USD EUR tu13 lJSU

Net Asset Value per share(‘) as at 30 June 7008 Glass A Dis

Class A Dis (FUR)** Class A Os (GBPY Class A Dis (GBP)** Class A Dis (SGDY Class n DlS

Class C Dis Class C Dis (GRP)* Class C DlS (GRP)** Class C Dis (US[))** Class I Dis Clas:; F Dis Class P Dis (EUR)” Class A I Dis Class A I Dis (CUR)* Class A I Dis (EIJR)** Class A1 Dis jUSD)* Class 01 DlS

Class R1 Dis (EURY* Class A Acc Class A Acc (tUH)* Class A Acc (EUR)** Class A Ace (SGD)* Class A Ace (SGD)*- Class A Acc (USD)* Class A Acc (IJSD)** Class B Acc Class B Acc (EUR)* Class n Acc (FUR)** Class E! A m (lJSD)+* Class C Acc Class C Ace (AUDY ~ia:;s c A[:(; (ruR)* Class C Acc (EURY Class C Acc (GBP)** Class C Acc (USD)’* Class D Acc Class D Acc (EUR)’ Class I Ace Class I Ace (AUD)’ Class I Ace (ElJR)* Class I Acc iEUR)” Class I Ace (GRP)** Class I Acc (USD)** Class J Act: (.IFY)+ Class A1 Acc Class A I Acc (EIJR)* Class A I Acc (FUR)** Class A I Ace (SCD)” Class AI Acc (USDY Class R1 Acc Class R1 Acc (EUR)’* Class 01 Acc iUSD)*

82.54

83.48

82 2B

84 titi

07 14

82 73

1W.77

105.80

104.34

102.60

10ti.10

111.74

103.1B

9.30

9.45

19.77

19.34

20.43

21 5 1

19.55

39.05

67.5)

75.14

74.83

74.41

75.63

76.00

74 BO

30.52

43.73

39.24

37.97

40.61

44.93

38.48

127.63

131 .8G

124.72 79.09

123.70 78.47

1?7.91

80.90

132.97

84.36

124.32 78.88

- llnhwgea mirllicwrt?rl:;y ~GYX:S.

’* Fedqed rnult:currexy classes. ’** Periinlly hr:dgcd (hy Ci.mrl Managen rnu1:icurrercv classes

The UPI Asset Value per share is StatQd in the currency of !hE share class The i l O l E ~ oil pages 14 t 3 !Y! b r r r l 011 iritogral Dart oi these finaicial s:a!ernen!s

Page 94 Schroder International Sclectiori Fund Serni-Annual Report June 2000


Schroder Schmder Schroder Schroder Schroder ISF Schroder ISF

ISF ISF ISF QEP ISF North American Japanese us Global Global QEP

Equity Large Cap Equity Active Global Equity Alpha Alpha Sigma Qualityle) Sigma

.IPY USD L J X I USD I JSD USD

Net Asset Value as at 30 June PO08 i,iil7,949.904 5,T33.689 269,G15.737 ui.l./Y9.4>1 120.710.532 142.804344

Shares Outstanding as at 30 June 2008 Class A nis

Class A Llis (I-IJHj** Class A Dis (GBPY

Class A Dis (SGL),!" Class 0 Dis Class C Dis

I Class P Dis jEUl I,!-- C;lass A 1 Dis Class A I Dis (HJI {)' (;Ids:; A I Ui:; (tUH)** Class A1 Dis iWDi' Class I31 Ui:; Class 01 Dis (I IJH)"" Class A Acc Class A Acc (E.IJlJ)* Class A Acc (EUR!** Class A Ace (SGD)" Class A Acc (SGD)** Class A Acc (USD)* Class A Acc (IUSD)*' (;lass B Acc Class 0 Ace (FIJRj*

lass H Ace 'lJSD)**

Class C Ace (/\UD)* Class C Acc (FIJH)" Class (; Acc (tUF()'* Class C: Acc, (GBP)**

Class I Acc (EUR)** Class I Acc: ((;BP)'*

Class A1 Acc: (EIJn)* Clas:; A 1 Acc (EUH)** Clas:; A I Acc (SCD)** Class A1 Acc (US[))* Class B1 Acc Class 81 Acc (EUR)** (;lass B I Acc (US[))*

204,483 268 104,941

13.637 8,908 28.105 .56.718 7 46.508 15

73.054 23,374 15

168.7?8 11,012 1.45?,128 147, /15 2,m9

679 +++

1 13,092

15 23.307 15

302 2.842 929.808

I 5 11.041

15

1 .tY 5,532 13.159 1 .GOO.B70

53,308 89 I0.908 .**

3,837,074 1.1 11,248,075 1255,757 1,061,857

809.2P4 1.004.130 '++

15

5,01 I 150 650 44B.4 13 31 1.385 4.022

15 15

5.831 147

Schmrler International Selection Fund Semi-Annual Report June 2008 Page 95


Schroder Schmder Schroder Schroder Schroder ISF Schroder ISF

ISF ISF ISF QEP ISF North Japanese US Global Global QEP American

Equity Large Cap Equity Active Global Equity Alpha Alpha Sigma Value(d) Qualityce) Sigma

JPY lJSU IJSU IJSD I K D llSD

Net Asset Value per share(') as at 30 .liine 7008 Class A L31s

Class A Dis (HILI)** Class A Dis (GHP)* Class A Dis (GRP)**

CIA:;:: B Dis Class C Dis Class C Dis (GRP)' Class C Dis (GRP)** Class C Dis IUSD)*' Class I Dis Class P nis Class P Uis (EIJR)** Class A1 Ois Class AI Dis (EUR)* Class AI Dis (EIJRj*' Class A1 Dis (USD)' Class R1 Dis Class R1 Dis (EUR!** Class A Acc Class A Acc (EUR)' Class A Acc (EURI" Class A Acc ( S O ) * Class A Ac:c (:.;GDI** Class A Acc (USD)' Class A Acc (USDY* (:lass R Acc Class H ACC (FUR)+ Class B Acc: (EIJR)** Class R Acc (US[))" Class C Acc: Class C Acc (AUU)* Class C Acc (EUR)' Class C Acc (tUH)** (y .. Class C Acc (USD)** <:lass D Acc Class U Acc (t lJI1Y Class I Acc Class I ACC (AUD)* Class I Acc ( E M ) * Class I Acc (EUR)** Class I Act: (GRP)** Class I Acc (USD)" Class >I A(:c (JPY)* Class A I Acc Class A1 Acc (FUR)̂ Class A1 Acc (EUR)" Class A1 Acc (SCD)*' Class A1 Acc (USD)' Class B1 Act Class R1 Acc (EIJRj" Class B1 ACC (USD)*

Class A Dis (Sc:D)*

I dbb C ACC (GRP)**

15.45

14.31 101 .06 16.13

130.09 m u 4

96.92

88.94

85.96

98.34

103.98

86.73

K . 7 4

128.89 89.59

1.121.4.5 133.63 84.72

77.71 *"

89.42 80.40

10.81

1.092.31 99.19 14.32 130.77 82.89

17.24 '**

80.05 80.06

1.158.94 101.20 11.08 136.5/ 89.71

6.81 86.65 78.06 *++

80.87

1.230.24 102.75 18.21 142.82 90.46

90.66 83.00 *"

R1.3?

1.110.70 99 48 15.03 131.4? 83.38

R9.01 80.05

13.66

' Un W g c d riid:icurrenq classes. ** Hedged rntilticur'ency classes. *-' Parllzl'y lhfsgecl ;t)y Furiij Mxvsgcrl riiulticur-encv cIaxs5. ( I ' The Ne1 Asset V;IILI~ per sharr 13 r:tated i r i the c i ixncy cf the share class. Id] Schroder 1st O W Global Active Value was fo:!rerly known le) Schrodcr ISF CEP Global C!oaliP; vias tormerly 4rown as Schroder ISF Cilobal Ouallty Growtli Eqility unt I I Jme 2008 The rictes 01 paqes 14 to 80 f3rm ar; integral part 0' these f,-ar,clal statmwts.

SChrCdcr ISF Glnhal Qmitltdtl-e ACII<?R Wiluf ;.r1111 1 .!me 7CCR

Page 96: Schroder International Sclcdiori F u i ~ i Serni-Annual Report June 2008


Net Asset Value as at 30 .Jurie 2008

Shares Outstanding a:; at 30 Junc 2008 Class A Dis

Class A Dis (GBP)* Class A Dis iCBP)** Class A Dis (SGD)* Class B Dis (;lass C Dis Class C Uis (GBP)* Class C Uit; (GBI ')**

Class P Dis (FUR)** Class A1 L)is (;la:;s AI Uis EUR)'

Class Bl DE ( t l J tg *= Class A Acc Class A Ace (I UHj* Class A ACC (tlJH!**

Class A Ace i X D j * " Class A Acc WXN* Class A Acc iUSU)** Class B Ace Class 0 Ace (FIIR)* Class B A(:(: (tlll I)'* Class B Ace (USD)**

Class C Acc (AIJD)* (.;la:;:; C Acc (EUR)' C;lass C Acc (EM)** Class C ACC (GRP,**

CldSS A ACC (SGD)'

Class I Acc (/IUD)* Class I Ace iEUR)* Class I Ace iELIR)** Class I Atic (Gtjl')**

Class AI Acc (L.IIH)*' Clavs AI Acc (XU)** Class A1 Acc (USD)" Class nl A(:(: Class R1 Acc (rLJR)"* Class B 1 Ace (CIS[))'


Schroder Schroder Schroder Schroder ISF ISF ISF Schroder

ISF Absolute Emerging Emerging ISF Schroder Absolute Return Europe Markets European ISF

Return Bond Debt Absolute Debt Absolute Absolute EURO Bond R1 Return(') Returd'J) Return Bond USD IUSD EUR IJSD EUR EUR

72.745.770

15

5.399

12.476

12,835

3/.04:3

3.380

7,357 100

15

75.002 213.136

3,977

15.ld.l

10.04:3.314

15

100

15

100

15

100

100,015

100

15

100

172.171.219

21,990

448

BY1 ,097

393.065

289,802 68.554

2,130,543

1,257,855

806.R81

4.736.284

547.623

249.189 15Y ,050

4, 803,334.390

2,579,521

491,358

9.674 2,881,705

1.38 1.708

1.748.728

9.048,152

/.BO1 ,045 1,080.704 6,930.1 10

7,445,762

1,267.163

2.758,l 50

5,721,603

7.29'3.54'3

18,844,685

17,692,839 5,684,854

13,3Y/.3Y:!

2,283,987

478.700 193,058

?n5,140.358

6'3

4,811 .0?0

6,965,403

88,113

53

1 .Y50.051

280.087.410

1.918,ti14

9,930 284,004

4,262,461

2,228,552

1348,458

8,597,788

1 .ci00.523

1.61 7,760 47.209

Schroder lriternational Selection Fund Semi-Annual Report June 2008

I


Net Asset Value per shard'] as at 30 June 2008 Class A Dis

Class A Dis (EUR)** class A DIS (c;nP)* Class A nis IGRP)** Class A 131s W D ) * Class B Dis Class C Dis Class C Dis (CRW Class C Dis (GnP)** Class C Dis !lJSDl*' Class I Dis Class P Dis Class P Dis (EUR)" Class A1 Dis Class A1 Dis [EUtiy Class AI Dis (EUR)" Class A1 Dis ((JSD)' Class B1 Dis Class E1 Dis (EURP Class A Acc Class A Acc ( t U l V Class A Acc (FUR)" Class A Ace (SGD)* Class A Ace pSGD)** (-1, . . , A S S A Ace (!JSD)+ Class A Ace (USDY' Class R Acc Class B Act: (EIJR)* Class B Acc (EUR)** Class 0 Acc (LED)** Class C Ace Class C Acc (AUD)* Class C Acc (EUR)' Class C Acc (EUR)** Class C Acc (GBP)'* Class C Acc (USD).* Class D Acc Class D Acc (EUR)* Class I Ace Class I Acc (AIJDP Class I Ace (EUR)' Class I Acc (EUR)^* Class I Ace (GRP)** Class I Act: (l!SD)** Class J Acc (JPW Class AI Ace C;IRSS AI Acc (FUR)* Class A I Act: (EIJR)**

Class A I Ace (USD)* Class B1 Acc Class B1 Acc (EUH)" Class R1 Ace (USD)*

class A 1 ACC (sGnp*

Page 97


ISF Absolute Emerging Emerging ISF Schroder Absolute Return Europe European ISF Markets

Return Bond Debt Absolute Debt Absolute Absolute EURO Bond R l Return(') Return(g1 Return Bond USD USD EUR USD EUR EUR

13.11

12.77 95.00

98.9R

97.14

98.04

(26.22

98.9:2

98.05 100.75

101.09

99.22 102.04

98.04

afi.77

14 .95

13.13

20.60 12.99

98.99 15.75

98.Y3

88.58 14.63

98.56

99.1 1 16.16

99.08

99.58

'30.55

17.31

15.15

73.85 14.69

- I!nhmgeo mlrlticwency c l ~ ~ s e s . "" I ledqed rw:!#currenc;. classes - Pa.hally hodged Ihy h n d Manager: rnulticurreicv classes 1'' T!Y Nr.' A'iki!: Vrlliic pcr .;hart: i!j ?toted i r i the currency cf the s5are GIZSS. ('1 Schrcrder ISF Emeqng Exope Debt Absolux Seturn ,)<as for?lerly k n m n as Schroder ISF Converging Eu'op Gontl u-til 1 Jilw 2008 (Y) S(:twrji!i ISF Fm-rgirig Markcts Dsbt Absolute Heturn vms tarrner!y k rmm a5 Schrzder IS1 C-mrging Markef? I?ebt until 1 June 21!W The -otes cn paqes 14 !o 51) form an integral pa? of theze financia statements

13.83

23.25

17.55 18.00

73.45

26.78

13.86

19.3/

15.76 20.24 23.26

25.28

??.W

24.68

75.03

26.26

28.77

27.69 76.76

22.00

24.94

21.89 24.68

16.66

21 -34

?0.77

72.38

34.60

20.75

6.89

8.91 9.02

12.11

11 fd

12 48

12.96

11.15

18.52 11.06

Page 98 Schroder Interriatiorla1 Seleclion Fund Semi-Annual Report Jurie 2008


Net Asset Value as at 30 .JUIW 7008

Shares Outstanding as at 30 Jurie 2008 pi, , 00 A Dis

Class A Dis (EO1 4,!*r (:lass A Uis (mry Class A Dis iGRP)** Class A Dis (SGDj* Class R Dis Class C Dis

Class I Dis Class P [lis

Class A1 Dis ([USD,!* Clas:; t( I uis pi,. ,.,,> I A=., B I Uis (EURj** Class A Acc: <;lass A Acc (EURj* class A A<;C (FUR)** Class A Acc (SGD!* Class A A ~ C (XU)** Glass A AcC; (LJSDj* Class A Acc (IJ:;D)** Class Li Acc Class n Acc ( t l J l i)"

Class 0 Ace (IIST))*' Class C Acc (:lass: C; Ace (AUUj'

CIXS B A ~ C (rim)**

Class I Acc (AUDY Class I Acc (kIUtJj* Class I Acc (F.LJlg'* Class I Acc (C;nP)*" Class I Acc (USD)**

A1 Acc (EURY*

Class A I Acc iUSDj* Class R1 Acc Class B1 Acc (EUH)^* Class R1 Acc (I)SD)*

. A I A(:(: \SGD)*'

Schroder Schroder ISF Schroder Schmder

ISF Schroder Schroder Global ISF ISF EURO ISF ISF Inflation Hong Kong us

Short Term European Global Linked Dollar Dollar Bond Bond Bond Bond Bond Bond

Ei in EUR lJSU EUR I IKD lJSD

5RR,t',S1'1.83 1

1.272.763

1 fi5,:<09 188.53/

36,562.880

94,085,603

16.773,107

1,552.1 11

I,d29.603

35.422

83,Yl 1,841

3iO.434

8.304 1.ti77

(j,x?n,313

2,237,664

16.558

988.21 2

1 ,tiiin.333

773,041,992

749,247

95,933 41 2,801

3,201,963

794.1 1 1

2,961,654

5,485.1 18

1,073,388

3.9007.04 7

305.8 ,'2,336

386,550

583,784 440,377

ti.469.1:jR

422.39? 1.793.739

43.841 2.392.212

7.717

51.769

757.0?4

295,877,325 385.134.005

2,241,492 2,307,301

n,455 9Y4.618

1 84

709

3,599.1 84 5.510.t)31

100

7.440.15/ 3,755.272

100

5.714 2,987,201

13.5fil

Schroder International Selection Fund Semi-Annual ReDort June 2008 Page 99


Schroder Schroder

ISF Schroder Schroder Global ISF ISF Schroder ISF Schroder

EURO ISF ISF Inflation Hong Kong us Short Term European Global Linked Dollar Dollar

Bond Bond Bond Bond Bond Bond EUR EUR USD EUR HKD I JSD

I I

I

!

I

I

I

I

I ! I

I

~

Net Asset Value per share(') as at 30 June 2008 (:lass A Dis

Class A Dis (FIJR)** Class A Dis (GBP)' Class A Dis (GBP)** (.:lass A Dis (SO)* Class B Dis Class C Dis Class C Dis (GRP)* Class C: Dis !(;nP,!** Class C Dis (LJSD)** Class I Dis Class P Dis Class P Dis (EIJR)'* Class A I Dis Class A I Dis (EUHY Class AI Dis (EUR)*' Class A1 Dis (USD)* Class R1 Dis Class E l Dis (FUR!** Class A Ace Class A Acc (EUR!' Class A Acc (EUR)" (:lass A Ace (SGO)* Class A Acc (SGIJ)'* Class A Acc (IJSU)" (:lass A Ace (lUSDi** Class B Acc Class B Acc (EIJR)' Class B Act (CIJR)** Class B Acc (IJSD)'" Class C Act: Class C Ace (AIJD)' Class C: Acc (ELIR)* Class C Acc (ELJIIY Class C Ace (C;RF)** Class C ACC (U%l)** Class 0 Ace (;lass D Ace (EUR)' Class I Acc Class I Acc (NO)* Class I Acc (tlJH)* Class I Acc I'EUR)** Class I Ace (GBF)* Class I Acc (USD)** Class J Acc (JPY)* Class A I Acc (;lass A I Acc (EUR)- Class A I Acc (tUH)** Class A I Acc (SGD)*' Class A I Acc (USD)* Class E1 Acc Class R1 Acc (EUR)" Class R1 Acc (USD)*

4.31 5.52 6.8/

5 (9 5 05

8 98

8 14

9 66

9 14

105 87

R 74

14.62 10.87

23.48 10.88 11.11

4.31 6.4? 3.21 5.71

21.75 23.98

6.01 7.4? 73.47 1 /.4r 15.44

104.19

23.98 22.95 6.95 7.00 16.96 14.68

103.57 23.77 23.73 6.20 7.73 17.82 16.02

104.59

24.28

6.30 8.04

7.19

24.38 11.92 15.59

105.32

14.91 5.86 22.88 17.05

5.52 7.78 14.07

* Clnhedged rnulticurrency classes " HWyed rnulticuTwicj c'asses '-' Parllallv heclgorl ;by Fiirirl Ma:~ayr! rnulticurrency cla?ses ('1 The Net Asset Value Fer share IS stated 11 the cunency 0' the ! i l i i~e d~!;!; The r i ~ t ~ s or1 pages 14 to $5 tcrrn a- inteqral part 3'these 5-ancla! statemeits

Page 100 Schroder International Selection Furid Serrii-Annual Remrt June 2008

I

I


N et Assets 2008 (cont)


Schroder Asian ISF ISF ISF Schroder ISF Local EURO Global Global ISF

Asian Currency Corporate Corporate High Strategic Bond Bond'") Bond Bond Vield Bond lJSD USD ElJH USD us11 lJSD

Net Asset Value as 111 30 .luna 2008

Shares Outstanding as at 30 Junc 2008 Class A Dis

Class A 015 (GBPJ* (-1, , dbb .. A [3lS (tlJl ji**

Class C Dis

Class C Dis (GtX'i" Class C I1is (IJSD)" Class I 111s Class P Dis Class P [lis iF(UR)** Class AI Dis Class A1 [)is rEUR)*

Class c DE (GHP)*

class A I DIS (rim)**

(;law Bl Uis (EUH)** Class A Acc Class A Acc: (ElJR)' Class A A(:(: ( t U I)** Class A Acc (SGD!* Clsss A Acc (SGD)*' Cljss A ACC (IJSD!. (;lass A Acc (US[))** Cldss H ACC Class 0 A(x jrlJIi)* Class B Ace iEUH)** Class B Ace (USD)"* Class C Acc Chss C Ace jAUO)* (:la:;% C Ace (EUH)' Class C k c (FUR)** (;iLlSs c: ACC ( ce ry

Class I Acc Clut;s I Acc iAUC))* Class I ACC (tlJHi* Class I A(;(: ( t l J l i i " Class I Acc (GHP)-' Class I Acc (USD)*' Class J Ace (JPV* Class AI .Ace

Class A1 Ace (:;GD!** Class AI A(:(; ilJSU)' Clsss B1 Ace Class HI A(:(; (tUI tj-* Class Ell Acc (US[)!*

2.352.780.845

25.41 4.1 tid

?b ;

3.57'3 38,957,138

1 1,928,132 482.6'33

114

4.184.804

37.2T1,023

5,054

2.000

1,030.843

152,830

13. BY 1 ,u 10

100

32.1 55.451 2%0.6?4

100

1,270.427

dl .00?.118 131,121.13Y

15

15

15

2,000

10

1.033

614.083

15

3,089.1 89

1,275.1 11

4,350,037

384.263

~71.141

29,l 54

2/.439.541

fi2,639 33,813

io0 1 !j0.772

1.203.164

1.723

802.310

3.338

2'30.70 i

293.948

346.304

6,959

2Y3

47.',.i:51.842

506,498

137.127

31 1.409

125.648

:j83,21 1

2,307,073

3,2n9.204

2,985,581

334.841 831.786

51.525

140,145

874,485,466

220.347

13.799

25.151

146.338

1,057,802

73.236:

547.185

240.988

1,071,072 353,415

478.009

647,569 53.921

97.415

31 3,808

Schroder International Selection Fund Semi-Annual Report Junc 20OH Page 101


Net Asset Value per share('' as at 30 June 2008 Class A Dis

Class A Ui:; (tlllq)" Class A Uis (GBP)' Class A Dis (GBP)" Class A Dis (SGD)* (-1- . .

I ASS n nis Class C Dis Clns:; C Dis (GBP)" Class C Dis (GBP)*- Class C Dis (USD)** Class I Dis Class P Dis Class P Dis (EUR)** Class A1 Dis Class A I Dis (EUR)' Class A1 Dis iEIJR)'* Class A I Dis (USD)' Class 01 Dis (:lass 61 Dis !ElJl7y* Class A Acc Class A Acc (FIIR)* Class A Acc (CUR)** Class A A(:(: (SGD)* Class A Acc (SGD)" Class A Acc (USD)* Class A ACC (lJSbt** Class B Acc Class D Acc (tUIq* Class B Acc (CUR)** Class B Acc (%D)** Class C Acc Class C Acc (AUD)* Class C Acc (ElJn)' Class C Acc (CIIR)** Class C Acc (GBP)** Class C Acc (USD)** Class D Acc Class U Acc (EUHI' Class I Acc Class I Acc: (AIJD)* Class I Acc (EUR)* Class I ACC ( t l J l i ) * * Class I Acc (C;RPJ*' Class I Acc (LED)** Class J Acc (JPy)' Class A1 Acc Class A1 Acc (EUR)' Class A1 Acc (FUR)** Class A1 Acc (SGU)** Class AI Acc: (LJSD)* Class B1 Acc Class R l Acc (FIR)** Class B1 Act: (USDJ'


Schroder Asian ISF ISF ISF Schroder

Strategic Asian Currency Corporate Corporate High Bond Bond 1 ) Bond Bond Yield Bond USD uso ElJR USD USD USD

ISF Local EURO Global Global ISF

* ~ J i h ~ I g o d milticurremy classes ** t ledced rnulticurrency classes *=* Partial'y hedged :by Fund Mar'agcrl riiiiltic~ir:cricy (;IR!;!:C:I 1') The Ne1 Axe1 Valde per sbare IS stated In the currency cf the share ~13% lh1 Schrcder ISI- Asian Local ,Zurrcricy R x i d via!; I;iiinchra 011 C Kay 2G09. 1 he nctes on cages 14 to $0 <arm an inteoral part of ttiiiRc t w u c a S1aIRi"RmS

7.92

10r.70

8.71 8.69

7.85 4.98

99.48

8.74

12.04

102.4:2

8.88

11.47

17.83

102.90

13.55

103.54

11 3 7 7.53

102.28

11 .?A

98.45

98.51

an.98

9.87

'38.93

09.03

99.14

98.93

4.97 89.49

4.98 5.39

12.83 6.85

101.12

17.33

13.36

14 00

12.52

12.00

6.47

'38.85

7.26

7 55

6 68

98.60

i? 24

19 68

24 48

23.35

24.02

22.85

25.06

23 76

25.83

?4 54 109.97

21.12

105 A6

'38.32

07.91

100.74

110.97

105.351

108.92

103.43

117.98

107.39 107.81

110.14

1 10.34 106.85

109.17

103.74

Page 102 Schroder Intcmattonal Sclcction Fund Sctni-Annual Rcport Junc 2008


Schroder Schroder Schroder ISF

ISF ISF Schroder EURO Schroder Asian Global ISF Equity ISF

Convertible Convertible Strategic Secure European Bond('' Bondti' Credit 201 Olk' Defensive

USD USD EUR USD EUH


Shares Outstanding as at 30 Juric! 2008

13.190.132 32.1 IU.i)28 20.121 .s i2 24.569 ti58 480,856.786

5.4 14.873 Class A Dis iEUHj"* Class A Dis ((.;nP)* Class A Uis (CHI 'J"

c ass C DlS (;.ass (; 111s (c;ry!* Class C Uls ((&PI** Class C, Dis (US))*- Class I UlS Class P Dis Class P 13is il.lJFij** Glass A I DIS Cla:;:; A1 Dis (ElJR)* Class AI a s (FUR)** (XI!;!; AI Di:; (LJSD)*

Class A Acc (EM)** (Xis:; A A(:(: (:;GO)* C'ass A Acc (SCU)**

Ciass H A(;(; (ElJR)" Class t3 Acc (t-IJH)**

Class C Acc (AUDj* Class C Acc (EUR]' Class C Acc iEUR)-* Class C Acc CAP)** Class C Acc jUSU!--

D Acc D Acc (FIIR)* I Acc

Class I Acc (AUD)- (:lass I A(;(; ( ~ L J R ~ Class I Acc (EUH)*-

Class .J Acc (.IF'Y)* Class A I Acc Class A1 Acc iEUH)* Class A1 Acc !EUR)** Class AI Acc (SGD)** Class AI Acc ilJSU)' Class R1 Acc

Class B1 Acc (LJSUY

(?I, ,dss , . I31 A(;(; (I-IJR)**

13.799 6.898

1.458

100

15

100

02.494

15

100

23.0ti7

53.658 11,775,951

100

15 1.429

10.588 42.083

100,o 1 5

100

100,015 28.533

100,000

15 15 31 ,no4 961.688

100 100

Schroder International Selection Fund Semi-Annual Rcport June 2008 Page 103



Class A Dis (EIJR)** Class A Uis (GBP)' Class A [)is (GBP)** Class A Dis (SGD)* Class B Dis Class C Dis Class C Dts (GBP)* Class C Dis (GBP)** Class C Dis (llSD)** Class I DIS Class P Dis Class P Dis (TlJR)** Class A1 Dts Class A1 Dis iEUR)* Class A I Dis (FIJR)** Class A I Uis :IJSUY Class 01 Dis Clas:; B1 Dis (EIJri)** Class A Ace Class A Ace (EIJR!* Class A Ace !FIJR)** Class A Ace (3GD)' Class A Acc (SGD)** Class A Acc (USDI' Class A Ace (IJSO)** Class B Ace Class B Acc (EUR)* Class B Acc (EIJR)" Class B Acc (IJSD)" Class C Acc Class C A m (AIJDY Class C Acc (EURj* Class C Act: (FAIR)** Class C Ace GBF')" Class C Ace (rJSDp* Class U Ace Class D Ace (FIURY Class I Ace Glass I Acc (/IUD)* Class I Acc (EUR)* Class I Acc (EM)** Class I Acc (GBP)" Class I Acc (lJSDr* Class .I A(:(: (.IPYI* Class A I A(:c Class A1 Acc (EIJH)' Class A I Ace (EUHj" Class A I Ace (SGD)** Class A1 Ace (USD)* Class R l Ace Class B1 Ace (HJH)" Class B1 Acc (USD)*

Schmder Schroder Schroder ISF

ISF ISF Schroder EURO Schroder Asian Global ISF Equity ISF

Convertible Convertible Strategic Secure European Bond'') Bondh) Credit 201 O(k) Defensive

USD USD FIJR I JSD EUR

95.73

96.65

96.f=d

06.58

07.02

Rfi.89

07.29

97.14

G6.67

96.60

98.40

98.70

88.32

98.57

98.61

98.91

99.00

90.18

tl8.36

86.77

96.33

95.23

98.50

101.71

96.96

10.83

1.028.05 966.67

10.84

10.56

10.76 ~

* Ihhsdclged rnulticurre-cy ciasses +' Hed:ed ~,>iiItii:iiiieim:y ~l i~ee: ; "* Part ally bedged (b) Fund Manager! rnulticurrency classes. ('1 Tht: hlpt A b w t Wuc p? S ~ W P I$ W:ed 111 !he currencj cf thS $hxe claw ('1 Schwiei :SF Asian Cmverinle Bard was mnched cn i d '4arr.h 2608. (i) Sch'oder ISF Global Convertible Don3 gb>as launched on 14 March 2306 (k) The 3at:i show: for ScPiodeq ISF EVRG Equip; S e u e 20: S are based cn :he las! aba#lable pricing day 21 Jure 7008 [he notes cn pages 14 to 83 tc'm an iptegral part of these financial statevepts

Page 104 Schrodur lriterriatiorial Selectiori Fund Semi-Annual Report June 2008



I

Shares Outstanding as at 30 Ju re 2008 Class A llis

Class A DE ( tUlj;Ax (;lass A Di:; (GBP)" Class A Dis iGBP)** Class A Di:; (SGD;* Clx;:; tl U l S Class C: DIS Class C Dis (GBPJ* Class C Dis tGDP)**

I

Class A1 111s (tIJ1 {)*- Class A I Uis (UsUJ* Class R1 Dis Class B 1 Uis (EUH;*-

Class A Ace iEUR)** Class A Ace iSGD)* Class A Ace (SGD)** (:lass A A(:(: (USU)' Class A Ace (USW'

ass H Acc IElJR)" Class B Acc iUSD!-- Class C Acc Class C Acc (AUU? Class C Acc I'EUR)* Class C Acc (FIUR)**

Ciass I Acc iEUH)** Class I Acc (GnP)A* Ciass I Acc (USUJ** Class .I Acc (JPY)* Class A1 Ace C:ass AI Acc (CUR)* Class A1 Acc (EUR!** Class AI Acc (:.XD)** C.ass A I Acc iUSD]* Ciass R1 Acc Cias:; HI Acc (tu1 {)*- Ciass R1 Acc jlUSn)"

Schroder Schroder Schroder Schroder ISF ISF ISF Schroder ISF

Defensive Defensive Defensive EURO Dollar Monthly 6 Monthly 3 Monthly Liquidity Liquidity

ELK! EUH EIUR FIJR I K D

European European World ISF us

24522.965 30.1 58,l 55 15,509.8(6 1,758,804,822 160,219,461

101.529 21 1,952

101.341

57.?14 30,307

1 18.424

44.101

17.194

5.258,726 514 2 1 9

3.0:75,665 71 3,895

1 ,B33,0Y9 68.Y09

817,807 15

Y94,8Ii9 153.841

1 04 9

Schroder Intsrriational Selection Fund Semi-Annual Report June 2008


Net Asset Value per share'') as at 30 June 2008 Class A Dis

Class A Dis (EUR)** Class A Dis (GRP!* Class A [)is (CBP)" Class A Dis (SGD)* Class B Dis Class C Dis Class C Dis (GBP)' Class C Dis (GBP)" Class C Dis (LI.SO)** Class I Dis Class P Dis Class P Dis (EURI" Class A1 Dis (:lass A1 Dis [EI!R)* Class A1 Dis (EURr* Class A1 Dis iUSD)* Class HI Dis Class 81 Dis {WHY* Class A Acc Glass A Ace (FUR)* Class A Acc (tUli)" Class A Acc (SGDY Class A Acc (SGD)** Class A Acc (USD)- Class A Ace (USD)-* Class R Acc Class B Acc (EUR)' Class B ACC (EUR)" Class 0 Ace (USD!** Class C Acc Class C Acc (AUD)' Class C Acc (EUR)* Class C Acc (tUlil" Class C Acc (GRP)*' Class C: Ace (USD)** Class 0 Acc Class D Acc (EURi* Class I Acc Class I Acc (AIJD)* Class I Acc (t.UH)* Class I Acc (EURY' Class I Ace (GBP)**

Class .I Acc (,lPY)' Class A1 Acc Class A I Ace (FUR)* Class A1 Acc (EUR)" Class A1 Acc (SGD!** Class A I Acc (L!>SD)* Class B1 Acc Class R1 Acc (EUR)** Class B1 Acc (USD)*

(-1,- ,&s . . I Acc (lJ.(;U)**

Page 105

Schroder Schroder Schroder Schroder ISF ISF ISF Schmder ISF

European European World ISF us Defensive Defensive Defensive EURO Dollar

EUR ELlR r u R r u R I!SD Monthly 6 Monthly 3 Monthly Liquidity Liquidity I

I

84.52

04.22

91 .00

G0.28

90.00

89 /9

88.1 1

87.87

87.62

11 6.97

116.19

11 a53

120.93

113.11

107.81

I

1 10.94

i 110.32 I

* C!nheclgEd m,iltlcii.~enq classes *+ 3i:dgrrl riiultmr;urrcr7:;.j (;m!;f?,. =*= Partially hedged iby Fan3 h4anager: rnulticarrency classes. ('l ii:e Net Asset Value per share IS stated In the cu'reo'cy of tbe share c:ass Thr nctfs on pages 14 to 50 trrm 3n in'egral nart ot these tina-c,al Statement5

Pagc 106 Schroder Inter-national Selection Fund Semi-Annual Rcport June 2008

Distribution of Investments by Industry

Bonds, Commercial Papers, Assets and Mortgage Backed Securities Money Markets Instruments -Assimilated to Cash

Other Securities Advertisirig Advertising Ser+es Aerospacc & Military Technology Airport Services Aqricultural 0 iPrdtiori5 Aiipliariw:; & \&&h Ouratile:; Ap IiMtion Soltwarc Aul)on;obilcs Banking Bwcraycs & Tobacco Broadcasting & Cable TV Buildinq Materials & Components Business & Public :;ervices Ct ien iicnk (;ornmercial Services Cornpuler Sollware 8, Services Computer Stora c & Pcriphcrals Construction & Joysing Consumcr Elcctronics Consumcr Financc Data Processiri(1 I I Heproduclion Department Stores Divcrsified,Metals & Mining Llruq Helail rleitrical & Clectroriics Electroriic Corripurierits & Iristrurrier-its tneryy Equipment & Scrviccs tneryy Sources tirr. : c dn~ial .,ervices tood & Housetiold Ik'roducts Food Retail Forest Products & Paper Cold Mines Health & Personal Care I leavy Flectrical E(~~iit irrieil l I lotels

Iinvestmcnt Funds IT Consultirig & Services I eisiire & Tourisrri Machinery & En ineeririg Meal F'oultfy & i s h Merchandisin Metals - Steep Misc. Matcrials & Commoditics Motofc cIe Manufactutcrs Multi - h i s t r y Multi - Uilities Office :.hip )lies & Forrris oil & as 6rilling Oil 8 Gas Exploration 8, Production Packa(]in(] & Containers Ptiarrriat:e~itic:als Photo tqui riient &Supplies Publishin Printing Real Esta?e Recreation Restaurarits Retail Sernicoriductors Soft Dririks Systems Softwarc Iblccommuriications lextile I I Apparel Iradiny Corripanie:; K Uistritiiitors Trarisportatiori - Airliries

Transportation .- S h i p : TrdriSportdt!ori - k d d ,& Rail

utilities - rlectricdl

Schroder Schroder Schroder ISF Schroder Schroder Schroder

ISF ISF European ISF ISF ISF EURO European Large Global Italian Japanese

Equity Equity Equity Equity Equity Cap D 9.c <I,. "j

0.71

1.19 1 .95

15.96 0.81 2.91 3.31

6.32

0.74

1.01

1.30 6.02

8.44

5.26

4.98 1.73

0.21

3.42

0. ?7

11 .d0

12.05

0.62 0.10

11.OY 1.14 3.23 1 .?I5

5.97

0.51

1.11

?.47

5.84 1 .a8

10.20

1.15

3.49

2.86

0.05 12.93

1.51 10 1%

1.09

1.73

ti.38

2.80

8.35

1.59

0.83 1 .05

1 / .12 1 .0Y 1 .80 1.45

7.59

0.49

2.09 1.72

1.20 6.07 3.9/

5.79

2.67

1 .72 1.29

1 1 .Y5

10.14

0.6ii

0.65

Is49

0.74

/.4Y

1 A8

1.01

0.76: 2.56 ?.6? 6.19

1 .R4 2.54

2.48

2.23

3.36

2.49

5.31 3 49 1.44

6.37

0.81

5,fLi 0.6Y

7 93

3.75

2.84 / /:3 0.99 7.27

1 03

0 79 2 53

1 .00 1 85 1.30

1.67

5.83

13.10

0 01 20 G t i 2.28

I .70

103

0.92

4.89 2.78

1.33

9.89 1 .R0 7.03

1 .66

4.68

9.34 10 59

9 gcj

1 .09

X l 5 2.34

0.35 0.00

10.71

1 .59 9.75 9.91

0.81 1 .Y2

9.08 0.28 2.81 0.94

1 .18

9.93 2.98 1.80

2.49

0.29

0.39

1.37

1.19

0.98 8.33

5.8:)

0.71

5.24 2.39

3.27

0.79 1.46

4.26 1 .AT 7.27

3.87 1.05

Investments portfolio as a percentage of Net Assets 96.66 101.66 96.96 98.78 101.14 98.95

Other Net Assets/(Liabilities)

Total Net Assets

3.34 (1.66) 3.04 1.22 11.14) 1.05

100.00 100.00 100.00 100.00 100.00 100.00

Schroder Iriternatiorial Selectiori Fund Semi-Annual Report June 2008 Page 107

D i st vi but i o n of I nvest men ts by Industry (cont)

Schroder Schroder Schroder ISF Schroder Schroder Schroder ISF ISF


Equity Equity %

Securities 96


Other Securities Advertisirig Advertising Services Aerospace 8 Military Technology Aireorl Services Agricultural 0 crations Appliaqces K flousehold Durables Aonlication ::oftware Aiiiomobiles Bxikiriq Heverabes & Tobacco Rroadcasting & Cablc TV Biuilding Materials & Cqmponents Rusiriess & Public Sermes Chemicals Comniercial Services Conipiiter Software 8 Services Computer Stora e & PeriDherals (;oristriiLTion & &using .;onsiinier r!ectronics >onsumer Firlarice jata Processing R Relmdiiction kpartrnenl Stores 3iversified Metals & Mining !rug Retail :lectrical & Elcctronics :Icctronic Components B Iristrurnients %orgy Eqiiipmenl & Services Inergy Sources 'inancial Services Food & Hoiisetwld Products Food Hetail Forest Products & P a m ;olcl Mines lealth & Pergonal Care leaw Electrical EaulDment -ioteis ndustrkl Cornponents nsiirance iterriet Software 8 Services ivestment Furids T Consulti!lg 5 :;ervic:es

Leisurc 8, lourism Machinery 8, En inoc Meat Poultry & ash -'ring Mcrchandisin Metals - Stee? Misc. Materials & Commoditics Motorcycle Manufacturers Miilti - lridustty Multi - Utilities Office Sup lips 8, Forms oil l as B i i i i g Oil & GRS Exploration & Production Packagiriy 8 Containers Pharmaceutical:; Photo Equi mcnt 8 Supplies Publishin Printing ea^ Estiiqe Recreation Hestaurarits ?@tail ..,emiconductors Soft Drinks Svstems Software t Q1econ;rriuinications Textile 8 Apparel Tradino Comvariies & Distributors

0.68 12.R1 9.45

0.47 4.60

9.05

1 .80 1.10 0.49

0.50

2.95 2.43 0 . E

X85

0.48

2.00

3.17 3.81

1.40

6.8/

0.'13

4.28 0.78

0.22

3.74 0.78

10.17

1.15

1.20

0.61

0.15 0.W

17.75

I .98

0.59

1 .n3

3.77 1.27 0.79

10.75 2.52

0.82

7 69

6.10 1.51

0.58 0.16

3.29

3.97

1.36

8.66

1.88 5.32

14.40 0.83 0.13

0.83

0.12

11.93

5.94 0.98

1.96 1.27 0.59

1.53

3.1 1 13.03

1.11

6.26

1 .84

10.01

0.31

0.44

24.28

7.38 1.72

0.40 1.24

0.90

0.84

0.35 2.48

0.63 7.31 1.92 2.05 3.70

1.88 4.31

7.27

0.78 0.97

3.07 1.15 1.53 I .7a

1.65

3. /3

0.57

3.41

0.55

19.78 1.86 7.80

1.13 0.51

1.39 0.15

5.86

1.61

7.36

2.35

2.14

4.60

4.59

5.26 0.97

1.53

2.86 2.95

1.8/ 1.12

3.40 3.47 2.53

0.79

- 1

9.85

15.76

2.89

4.61

2.68

3.22

2.15

1.74

1 .R3 9.28

3.31

0.63 70.63

1.19 2.77

1.26 1.24 1.49

3.33

2.47



Total Net Assets

I

6.20 2.77 0.32 2.66 1.08 4.16

100.00 100.00 100.90 100.00 '100.00 100.00 '

Page 108 Schrodcr lriterriatiorlal Selection Fund $mi-Aririual Report June 2008

Distribution of Investments by Industry (cont)


Asian Asian Asian BRlC ISF ISF Total Equity Smaller (Brazil, Russia, China Emerging

Return'") Yield Companies India, China) Opportunities Asia "r u.* SG % 9"


Other Securities Advertising Adwrtising Serdices Aerospace & Military lechnoloyy Airport Services Agricultural 0 eratioris Appliances 8 &o;ischold Durables Ap licatiori Software Aukmobiles

14.34

2.17

0.82

1.03 10.38 1.01 0.77 1 .ci7

0. 11

1.04

(1.84

0.3! 1 O.33

0.04

0.34

1.44

1 .77

0.72 1.07

1.04 3.31

1.38

13.79 0.03

3.80

2.18

2.28

0.55 7.48 0.59

6.42

0.67

1.28

0.1 9

1 .52

6.84 1 . I 5 0.13

1.38 0.71

0.26 0.52 0.71

3.30

4.98

0.60

0.38 1.32

3.95

1.15

2.05

2.49

0.59 0.w

10.23

2.65 8.03

13.82 1.53

0.38

0.36

0.48 1.82

5.57

3.35 1.47 1.94 0 .K 1 .08 2.80

0.61 1.16

12.49 0.89

1.13 10.15 3.2'3 2.1 1 3.93

0.73 13.38 Banking

Beverajes & Tot!at:c:o Rroadcastiriy & Cablc TV Buildiny Materials & Co.mponerits Business & Public Services

1.29 1.08 0.53

1.1 3

5.1 1

3 00 6.W

Chcmicals Commercial Services Computer Software & Serbices Computer Storac e & Peripherals Construction & doyr ig Consumcr Electronics Consumer Finance Data Processing & Reproduction Uepartmcnt Stores Uiversified Metals & Mining Dru Retail Fle%ical'& Elcctronics Electroriic Corriponents & Instruments Energy Equipment & Services Encrgy Sources Financial Serviccs ~ o o d a I iousetiuld Products

1.30

0.6'3 0.1 7

1 43 1.29 1 .YY 1 ti8

0.69 1 60

1.33 5 07

2 ?e

4.88

3.43 0.91

1.10 12.26

2.33 0.76:

22.78 0.76

6.30 4.22 3.09

roocj n e ~ i forest F'roducts & Paper Cold Mines Hcalth & Persorial Care Hcavv Electrical Fauiarrierit

7.00 1.28

1 32 1.35 0.88 , .

Hotels Industrial (;orriponenLs Insurance Internet Softwire & Services Iriveslnient funds 1.1 Consulting 6 Scrvices Leisure & lourism Machinery & En inccring Meat Poultry & {sh Merchandisin Metals .. Steep Misc. Materials 8 Con-imodities Motorc cle Manufacturers Multi - ridustry Multi - Utilities Office Supfilgs & I orms Oil & Cas rilling Oil R Gas Exploration & Productiori Pacltaying 4 Containers I 'harmaceuticals Photo r q u merit R Supplics Publistiiri k Piintiny Real EIsl:fe necrcation Hcstaurants Retail Semiconductors %)It Drinks Systems Sofpmrc Telecommunications Textile 8 Apparel Trading Compaiies,& Distributors lransportation - Airlines Trarisporlalinn Road & Rail Trarisportalion . Slni ing utilities - rlectrical88as

3.33 1.69 4.93

1.04 3.10

2.88 0.u3 1.20 7.68 0.74

1.87 1.13 1 29

2.94

3.0? 70.14 12.79 2.94

1 .8H 0.51 1.84

3.18 1.04

1 4 .U8 0.31 3.50

2.52 0.83

1 .10

15.31 0.91 7.51

0.1 1 1.35

2.19 2.12 1 .09 0.88 2.20 0.74

10.00 17.41 l.lE 1.01

0.93 0 4 4 2.81 1 82


Other Net Assetsl(Liabi1ities) 22.43 8.69 10.21 2.32 3.98 2.74

Total Net Assets 100.00 100.00 1w.00 100.00 100.00 100.00




Other Securities AdvcrIlsing Advertising Services Aerospace & Military Technology Airport Services Aqricultiiral 0 erations AbpltanFes & fiousehold Durablas Ar)r)lication Software

Consumer Finance Data Frocessing R Reproduction Department Stores Divcrsified Metals R Mining Dru I-Wail H e 3 rical & Electronics Electrcnic Components R Instruments Energy Equipment & Services Energy Sources Financial Services rood & Household Products Food Retail Forest Products R Paper (.;old Mines Health R Personal Care Heavy Electrical rquiprnent Hotels Industrial Components lnstirance lnternct Software & Services In\/estment Funds IT Consulting & Scmices Leisurc & lourism Machinery R Fn ineeriri(l Meat P&ltry R fisk1 Merchandisin Metals - Steep Misc. Materials 8 Commodities Motorc cle Manufactiirers Multi - {Idustry Multi - Utilitics Oftice Sup lies A Forms Oil Gas Erilirq Oil & Cas Exploration & Prorhittiori Packaging 4 Containers Pharmaceuticals Photo EauiDment & Suoolics

I lestaurants Hetail Semicorich ictors Soft Urinks Svstems Soltware Te ecornmJnirat on5 Texri c 8 Apparel Trauino CornDan es 8 D siribdors TransEorIation . Airlines



Europe Markets Maximiser Opportunities Yield Companies 9; 41 n,; Y" YO

0.94 18.11 0.47

1.43

4.35

1.53 3.00

11.2h

0.47

4.17

0.Gl

28.33

0.97

0.37

7.49

13.25

1.53

7.17

0.80

1.54 11 .96

1 .89 0.62 3.29 0.92 1 .G9 011

0.66

4.20

3.10 2.68 0.84 1.49

15.2 1 1 .93

0.2 I 0.44

2.40

0.63 0.56

3.35

17.95 0.OG 1.49

0.13 0.58

1 .?8 1 .OR

11.08 0.32

0.40 7.34

1.48 0.50 4.87

18.98 13.46

4.6b 1.7$ 9.60

3.96 7.95 7.71

1.71

7.3c

4.14

1.40

6.82

1.21

3.88 9.65 1.58 7.15

0.76

10.28

3.47

9.60

7.17

0.99 1.16

0.87 2.51 6.59

4.66

5.51 0.45

2.87

10.95

5.50

1"Tj 8.32 3.68 1.44

3.01

3.7 1

6.01

1.37

3.57 11.27 1.69 8.18

2.89

9.61

3.67

10.28 9.07

1.76

0.09

1 .8c 2.11 1.97 2.80

13.37

1 .I9 6.67 1.01

0.18

3.87 0.56 2.27 0.20 2.48

0.62

2.49 1.99

2.57 1.87 3.55

0.58 3.42 0.66 0.57

2.40

3.08

4 84 3.30 1.82 2.30

2.51 1.09

3.23

1.03

0.67 0.19

7.90

Investments podfolio as a percentage of Net Assets 95.48 98.09 95.37 93.71 95.1 1 95.50

Other Net Assets/(Liabilities) 4.52 1.91 4.63 6.29 4.89 4.50

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00

The mtss cn pages 14 :o EC 'nim an ntegial ax: of l h c x 'Inancl31 s!aternerlts.

Page 110 Sctiroder Irilernatinnal Sclectiorl Fur id Semi-Annual Report June 2008



Other Securities Advertising Advertising Services Aerospace & Milltab Iectiriology Airporl Scrviccs Agricultural Operatioris Appliances & I-loiisehcild Durables Ap lication Software Aukmobiles Bankina Heisera& R Tobacco Eroachsling B Cable TV Building Mate@ & Comporierit:; Business & Public Services Chemicals Coiiimerci$ Services Computer ..mftware & :;erviccs Computer. :;torn e B Peripherals Constructiori I I IYousiny Consumer rlectroriics Consumer ririar i(:e Data Processiriij t ieproduction Departmerit Stores Divcrsified Metals & Mining Dru lietnil ne3 ricnl 8, Elcctronics Electronic Corriponents R lnstrun Encrgjr Equiprrierit & Services Energy Sources tinancial Services Food & I loiisehold t'roducts Food Retail Forest Products I I Paper Cold Mines Health & Persorial Care I i e a y Eleclricul tquiprnent Hotels Industrial Components lnsi irarice Iritern(3t Soitware it Services

net

Investment Funds 1.1 C:onsultjng & Services ILeisiire B rourlsm M ric,hincry .. & En ineering Meat k ) t J l t ~ & &h Mert:tiandisin Metals - Stee? Misc. Matcrials & Commodities hlolorc cle Manufacturers Multi - h i s t r y Multi - Utilities Office Sup lies & rorni:; 011 cas Erilling Oil B Cas Exploratiori & Prodiiclion Packaging & Containcrs Pharrriaceulic;nls Photo Fqu )rwrit &Supplics Publistiiri h Piritiny Real rstaye Ret:realioi.i t4e:;Laurants Helnll Semiconductors Soft Drinks

Transfortation - Airliries Trarispoftation - Road & Rail 1r:insportation - Ship ing Utilities - Electrical &Ea&

11



Special Change Dividend Market Market Global Situations Equity Maximiser Opportunities Energy

0 ?? ?J

1.20 1.92

5.90

6.12 :3.79 3.275

2.12

l . / i

1 .OD

1.10 2.70 3.18

3.78

.l.l2

3.29

2.33 3.9% Y .Y5

8.08

I , %

9.25

1 .SB 6.46

1.51

0.50

5.13

5.80

12.U

4.24

5.76 7.22

2.82 1.12 0.07 4.30 2.70

1 00

5.88

1 c.02 1.62

0.89

3.43

2.8; 1.14

4.71

10.45

15.50 9.45 1.53 1.07

2.04

1 .F5 3.25

1.16

2.36

6.72

2.B2

l . l G

3.47 12.753

7.1 I

1 .70

9.75

3.83

10.59

1 3 4

0.75

1.11

3.18

15.38

5.64 16.55

1.05

1.87 5.70

12.03

32.87

10.58

2.38 10.42

0.Y8

1.43 1.18

4.26

1 .u5 1 54

5.13 2.07

0.71

3.47

11.47

1.75

3.37

5.86

1.55

3.36

3.00

Investments portfolio as a percentage of Net Assets 96.29 97.60 98.06 98.07 74.56 91 .IO


Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00

Schroder International Selet:tiori Funtl Serni-Annual Rcport Junc 2008 Page 11 1


Schroder Schroder Schroder ISF ISF ISF Schmder Schroder Schroder

Equity Property Smaller Global Greater Hong Kong Yield Securities Companies Technology China Equity

?,; Yo Yo "b

Global Global Global ISF ISF ISF


Other Securities Advertjsing Advertisirig Services Acrospace & Military rechnology Airport Scrviccs Agricultural Operations Appliances & Household Diirables Ap lication SoIiware Aufomobilcs Bankina

Chemicals Commercial Services Computer Software R Services Computer Stora e & Pcripherals Construction dousing Consumer Electronics Consiinier Finance Data Processing & Rcproduction Oepartmcnt Stores Diversified Metals & Mining Dru Retail ElecTrical & Elcctronics Electroriic Corriponents & Instruments Encrgy tqiiipnient R :;en,ices Encrgy Soiirces Financial Services Food & Household Products Food Retail Forest Products & Papcr Gold Mines Health & Personal Care Hcavy tlectrical Eauitmierit Hotels Industrial Components lrisurance lnternct Software & Services Investment Funds IT Consuking & Services Leisurc R Tourism Machiriery & En ineering Meat Poultry R fish Merchandisinc Metals - 3 e e t Misc. Materials & Commodities Motorc cle Manufacturers Multj - Lduatrv Multi - Utilities' Office :hip lies & Forms oil & Cas Erijlijg Oil & Gas Exploration & Production Packaging B Containers Pharmaceuticals Photo Equi mcnt & Supplies Publishin Printing Real Estaye Recreation Restaurants Retail Semiconductors

textile 8. Apparel lradirig Companies,& Distributors TransDortation - Airlines Transportation - I3ond 1, Rail Transportation Utilities - Elec+ri2?X'E

0.12 13.95

18.35 7.80 1 .YO 1.34

3.27

2.09

1.13 3.34

1 .PR 2.05

3.87

3.33

1.15

1.39

3.12 12.46

7.18

1.56 1.16 76.37

3.50

9.64

2.34

3.20

8.14

0.41 1.69 0.27 0.05 0.37 2.00 2.06 2.52 0.64 0.78 6.33

3.21 4.80 1.48 0.26

0.23 0 28

1 . B i 1.92 7.16 1.26 0.26 2.R0 1 .80 0.67

0.31 R.19 0.66 0.16

2.91 2.84 2.03 0.16 1 .R3 4.61

0.23 0.61 1.66

0.86 0.54 0.08 1.94 4.92 0.52 2.61 0.19 1.28 3.51 0.49 0.18 2.11 2.20

2.66 1.02 0.64 0.31 1 .oo 0.31 3.a7

1.68

15.27

1.84

4.87 .i.R6

8.85 1.05

3.79 6.54

3.20

1.69

17.95

5.10 13.87

0.48

1.03 7.71 0.43

5.47 0.34 0.84

8.12 1.26

7.60 9.3a 1.81 0.65 1.49 1.W

1.61

4.86

0.85

0.25 1 . I 4

1.32

5.43

0.63

6.88

0.57

7.95 2.19 0.29

1.93

1.85

1.11 9.86

1.88 1 .98

I

7.47

1.55 1.20

0.98 17.10 7.09

0.73 '

3.33

2.49 0.80 4.32

1.63

2.21 4.99

20.27

9.61

1.19

?.57



Total Net Assets

3.62 (3.02) 4.05 8.44 0.58 2.78

100.00 100.00 100.00 100.00 100.00 100.00

The notes on pages : A to RP ' o r an inlcgral part of t t k x firiancial staterents

Page 11 2 Schruder Interinational Selectiuri Fund Semi-Annual Report June 2008


Schroder Schroder Schroder ISF Schroder Schroder ISF Schroder


?i r; ?,2 0,; ?a

Bonds, Commercial Papers, Assets and Mortgage Backed Securities Money Markets Instruments -Assimilated to Gash

Other Securities Advertisiricj Advertising Services Aerospace & Military lechriology Airport Services Agricultural Operations Appliances K Household Durables Ap lication Software Aukmobiles

Other Securities Advertisiricj Advertising Services Aerospace & Military lechriology Airport Services Agricultural Operations Appliances K Household Durables Ap lication Software Aukmobiles Banking Beverages B Tobacco Broadcasting & Cable TV Buildinq Materials & Components Business & PuSlic :>f?rL,icf?s Cherriical:; (.hrrirriercial Scrviccs (hmputcr Software & Services Computer Stora e & Peripherals Coristruclio!> I( dousing Corisumer tlectronics Corisurner Financc Data Processiny 8 Reproduction Departriierit Stores Diversiiicd Metals 8 Minincj Dru l.letail tlec%cal B Elcctronics Electrorw Components &.Instruments rneryy Eqiiipniont B Services Crieryy Sources Financial Services Food & Household Prodiic;ts Food Retail Forest Products & Paper Gold Mirigs Henllh & l’crsonal Care Heavy Flectrical Eqiipment Hotels Industrial (;orripcjnsrnts Insurance internet Software & :.;ervic:e:; Investment Funds I1 Consulting & Services Leisure & Tourisrri Machinery & Eric irieering Meat Poultry & dsh Mert:haridisiri Metals - StceP Misc. Materials & Commodities Motorcycle Manufacturers Mulli Industry Muiti Utilities Uflice Supplies 8, Forms Oil & Gas Urilliny Oil &Gas Explxatiqri I I Production F’ackaying & Contairiers Pharmaceuticals Photn Equi ment & Suppl~es Publishin Priritiri(j Tieal Est& kcreation Hcstaurants Retail :;erriic:oncluctors

Trans&tation - Airlines lransportation - Road & Rail Iransportation - Shi inq lltilities - Elcctrical ?!%as

5.82 1.17 8.1 I 4.76 1.81 3.99

6.51 1.39 1.12

3.97

0.3 1 1.36 0 57

8.24 5.32

3.34

11.14 1.14 2.44

3.07

0.76

1 :I9 7.07 0.37

4.52 4.57 8.19

2.59

13.03 0.4 1

0.99 0.50

2 . w 1.13

0.88

1.47 1.28 7.43

0.73 1 .ii 1 .ti:

13.80

12.02 4.74

2.02 7.75

8.2ij 1 .0/

8.33 1.0‘1 5.68

2.14

0.97

6.01 6.63 3.91

4.98 7.82 4.60

1 Ai

10.Y8 12.12

5.36 3.03

2.48

7.61

1.14 7.69

i .31

2.76 1 .07 1.30

1.78

7.10 2.25 1.15 0.77

1,;; 1 .Y4

0.23

15.88 5.79 1.67 3.77 1.38 1 .80

5.32

1 1 5

1 .41 1.89 7.07 1 .Y6 0.01 1 .05

0.35

8.5’3

9.91

1 . io

7.7$

10.14

1 .ti3

5.27

1 .78 74.76

1 7 7

5.18

Y.20 2 66

12.51

0.83

10.34

1.39

1 .3 1

9.1 1

0.64 8.44

10.10

1 .OH

1.76

10.94

1 .u3 4.72 4.27

3.85

1 . i o

7.41 10.54

6.24

5.00

4.YY

13.29

1.87

8.60

2.03

6.00 0.50

1.01

2.96


Other Net Assetsl(Liabi1ities)

Total Net Assets

3.81 0.1 I 4.48 2.98 (0.70) 0.74

loo.w 100.00 100.00 100.00 100.00 100.00

Schroder International Snlcctiori Furirl Serni-Annual Report June 2008 Page 113



Swiss Small & ISF USSmall& ISF EURO EURO Mid Cap Taiwanese Mid-Cap US Smaller Active Dynamic

Equity Equity(c) Equity Companies Value Growth Vo 96 Sb % 46


Other Securities Advertising Advertising Services Aerospace & Mililary let:tinology Airport Services Agricultural Operations Appliances & Household Durables Ap lication Software Aufomobilcs Rankina

Chenitcals Commercial Scrviccs Computer Software & Services Computer Stnra e & Peripherals Constnictiori 8 \Sousing Consumer Electronics Consumer Finance Data Processirig R Reproduction Departrrient Stores Diversified Metals R Mining Dru Rctail Elecyrical R Electronics Elcctrcnic Components X Instrurrierits Energy Eqiiipmenl B Sewices Energy Sources Financial Scrviccs Food & Houschold Products Food Retail Forest Products & Paper Gold Mines t 14 th R Personal Care Heaw Electrical ruuinrnerit Hotels lridustrial Components Insurance Internet Software B Services Investment Funds IT Consulting & Services I eisure B Tourism Machinery & En inccring Meat Poultry & ash Merchandtsina Metals Steer Misc. Materials B Commodilies Mntorc (’IP M d ~ ~ i f ~ ; t ~ r e r s Mulli kk& Multt - Utilitics’ Office Sup lie- & Forms 011 R Gas RrilliGg Oil R Gas Exploration & Production Packaging & Containcrs Pharmaceuticals Photo Equi ment & Supplics Publishincr Printina Real Estafe Recreation Rostaurants Retail Semiconductors Soft Drinks Svstems Software T&lecommunications Textile &Apparel Tradiriq Commnies & Distributors Transobrtation - Airlines Transportation - Road 8 I {ail Transportation - ;hi uri itics - E cctr cal Z E ‘

2.04

5.85

1.52 7.89

4.57 3.66

3.28

5.78 3.70

7.60 9.47 4.59

5.09

5.99

14.57

1.63

9.61

3.24

7.18

1.57

7.87

3.1 1

3.47

6.42

0.67 3.47

0.55

8.71 7.01

7.52 3.75

0.54

1 .84

1.3a

0.78

1.77

6.91

70.91

8.50 4.15

1.12 0.73

0.65

2.81

0.58 0.06 3.41 5.02 2.13

1.18

0.46

0.61 1.74 7.78

0.88 0.66 0.73

0.76 8.12

4.07 4.39 0.77

3.00 2.33

0.15 1.81

1.55

1.27 8.07 3.49 2.43

2.21 2.10

0.40 4.87

8.40 1.35

2.48

0.91

0.89

1.11

3.36

2.72 6.34 1.52

0.76 0.9f 1.75

1.02 2.81 0.84

1.16 2.14

0.77 9.41

0.53

3.80 5.10

0.w 3.27 1 . I4

0.83

0.82 1 . I O 0.40 0.90 8.94

2.08

0.12 3.31 0.65

0.23 4.42

4.15 1.14

0.18 0.51 1.23 2.40

1.04 0.87

5.32 16.08

1.46

3.33 1.04

6.84

2.79

1.89 1 .R7

1.07 1.06

3.22 6.88

1.99

6.67

0.99

14.42 1.11 1.93

4.18

0.51

4.37

1.48

1.14

12.39

2.60 5.55

10.73 0.30

1.40

2.41

3.21 2.39 3.21

0.74

9.34

1 .E3

0.59 1 .ti7

0.49

3.44 6.58

1.11

1.98

6.97 0.30

20.06

Investments porlfolio as a percentage of Net Assets 99.20 97.29 89.12 88.56 92.86 100.46

Other Net Assets/(Liabilities) 0.80 2.71 10.88 13.44 7.14 (0.46)

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00

Scbroder IS1 lawanese t m t y was launched cr 1 e Januay 2008 The riotes uri pages 14 to 51) ‘arm an integral oart cf these tina-c,al sta!emen:s

Page 114 Schroder lnterriatiurial Selection Fund Serni-Aririual Report June 2008


Schroder Schroder Schroder Schroder Schroder Schmder ISF ISF ISF ISF ISF ISF


-,u ?a q:, "0 0


Other Securities Advertisiriy Advertisiriy Services Aertispace B Military Tcchnoloyy Airport Serwe:; Ayric:ullural Opcrations Appliances & Household Durables Application Software Automobiles Hanking Reveraqes K loh.acco Rroadcastiriy i!i (:able I V Buildinq Materials X Components Ousiriei:; & Public Scrviccs Chemicals Commercial Service:; Computer Software & Se,lvices Computer Stora e & Peripherals (:oristriiction 8 dousin,

Dcuartment St6res Diiersified Metals & Miriiriy Drug Retail Electrical & rlectrtiriics Electronic Comuorierits & Irlstruments Encryy Equipment & Serxes Energy Sources ririaricial Seriwes Food K Household Products Food Retail Forest Products B Paper Gold Mines Health B Personal Care Heabv Electrical Fqiiipment Hotels Industrial Componerits 1nsi.iraric:e Iriternet Sottware & Services Invcstmcnt Funds IT Consulting & Sewices Leisure & Tourisrri Machiriery 8 tn inccriny Meat Poultri & pisti

Hotels Industrial Componerits 1nsi.iraric:e Iriternet Sottware & Services Invcstmcnt Funds IT Consulting & Sewices Leisure & Tourisrri Machiriery 8 tn inccriny Meat Poultri & pisti Mercharidish Metals - Steef Misc. Materials K (hnimoditics Motort: ( IP Mdriutacturcrs Multi . bikst,. Mi.ilti . lltililies Oilice Sup Aics & Forms Oil & Gas hrilli;icj Oil &Gas ExplGktiuri B Producticn Packaging 6 Containers Pharrriaceuttcals Photo Equi rnent 8 :hip[)Iie:; Publishin( Priritiriy Real Fstaje ReCrCdtiUr 1 Restaurants Retail Scmicqnductors Soft Dririks Svsterns Software i~1et:omrnunications Tcxtile &Apparel Tradina Cornparlies & Dislribulors Transportatiori - Airliries Transportatiori I b i d B Hail Transportatiori .- r > 11 ) m y Utilities - rle(;tri(;i:i [;;is

0 9? 0.79

2. i 3 13.56

1 . I 5 4.83

3.21

0.98

1 .on

5.83

2. (3

2.00 4 8 1

1 .Yd 7.06

7.09

4.46

11./3

4.51

4 01

0.8/

::H30

1 .00

1 3 0

0.35

8 29

0.52 7 2'3

H 31

1.03

1 .10

2 11

2.38 1.21 2.09

12.26 1 .01 1.08

0.14 2.00

0.8Y 1.53

1.35 10.39

3.85

2.UY

0.41

4.78

1 .E2 13.13

3.1 7 19.33

3.74

1.28

1.03

4.68

1.35 4.03

15.03

7.54

7.93

0.73

1.67

2.38 7.38

7 97

2.20 4.7%

9.37 1.1G

0.74

10.59

0.85 13.85 0.84

2.22

1.09

0.YB

5.74 2.05

4.53

6.43 0.08

1 .ut?

4.76

0.60 6.4i

1.40 0.04

10.22

0.16 0.85

11 93

0.53

0.97 12.92 0.76 1.80 2.56

5.30 3.20 7.94

2.39

0.30

8. 18

8.59

2.13

1.11 1 .7Y

1.16 11.87

10.71

0.78

9.1 I

7.80

1.94

0.01

3.02 3.50 5 . E

1.94 3.82

3.93

3.65

4.13

i.ii

2.R5 2.93 7.47

3.71

1.47

5.09 1.28

3.84

7.67

8.79 1.75 9.05

1.43

1.15 1 3 0

5.91 1.67 7.05

2.08

2.04

Investments portfolio as a percentage of Net Assets 92.53 94.69 I W.41 93.14 96.86 97.83

Other Net Assets/(Liabilities) 7.47 5.31 (0.41) 6.86 3.14 2.17

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00

Schroder Iriterriatiorial Selection Furid Senii-Annual Report June 2008 Psgc 115

Di st r i but i o n of I nvest men ts by Industry (cont)

Schroder Schroder Schroder Schroder Schroder ISF Schroder ISF

ISF ISF ISF PEP ISF North Japanese us Global Qlobal QEP Arne r i c a n

Equity Large Cap Equity Active Global Equity Alpha Alpha Sigma Quality(f) Sigma

0.1, B Plh ?D


Other Securities Adwrtising Adwrlising Services Aerospace 6 Military lechnology Airoort Services Airicultural 0 erations Appliances & [ousehold Durahles Application Software Aidomohiles Barikinq Beverages 8 Tohacco Hroadcasting & Cable TV Building Matwials R Components Business & I’ublic Services Chemicals Comrrercial Services Computer Software R Sewices ComDuter Storaae B PeriDherals Construction R Housing Consumer Eleclronics Consumer I tnance Data Processing & Reproduction Departrnent Stores Diversified Metals & Mining Dru nmil Elcc%cal & tleclronics Electrcnic Comooncnts 8 Instruments rnergy Equipment & Senkes rnergy Sources Financial Services Food 8 I lousehold Products Food Retail Forest Products R Paper Gold hlines Health & Personal Care Heavy Electrical Equipment Hotels Industrial Comooncnts Insurance ’

Internet Software & Services Investment Funds IT Consulting B Services Leisurc R Tourism Mactiiriery B Frit ineering Meal Poiiltw R dsh Merchandish Metals - Steep Misc. Materials & Commodities Motorcvcle Manufacturers Multi - hdustry Mutt - IJtilities Office Sup lies & Forms oil & Gas &ling Oil & Gas Exploration & Production Packaging & Containers Pharmaceuticals Photo Eqtti ment &Supplies Puhlishin ! Printing Real Estayc Recreation Restaurants Retail Semiconductors Soft Drinks Systems Software Telecommunications Textile & Apparcl Tradino ComDanics & Distributors TransKortation - Airlines Transportation - Road & Rail Transportation ; ShpEn? Utilities - Electrical ad

7.03

9.48

1 .eo 11.25

7.12

10.60 n.no

4.22

7.85

3.13

3.63 3.62

3.0A

3.99 2.12

3.18 7.40 6.3?

3.77

2.67

2.39

3 27

6.76 1.39

2.10

1.11 3.1 1

1.91

3.28 2.21

15.i6

5.10

3.13

1.57

3.78

2.50 10.61

5.03

2.23 4.99

7.05

5.1 2

1 .s2

0.20 0.14 1.55

0.06 0.34 1 .09 2.59

10.10 3.60 0.89 1.41 0.79 2.1 1 0.44 1.28 1.03 0.56

0.05 1.73 0.05 3.05 0.22 0.83 1 .94 0.73 5.80 2.91 2.75 0.67 0.19 0.93 5.49

0.28 4.98 1.03 0.31 0.07 0.44 2.39

0.11 0.90 1.06 0.08 0.38 0.17 0.29 0.39 7.22

3.92 0.06 0.33 2.14 0.04 0.75 1.21 1.39 0.00 0.44 7.47 0.66 0.77 0.31 1.23 0.32 2.77

0.01

0.12 0.03 0.05 0.78 0.04 3.12 9.82 1.60 0.79 2.84 0.0? 3.33 0.24 0.70 0.51 0.04 0.07

0.82 0.21 1.88 0.05 ?.04 1.30 0.59 0.23 3.00 0.83 0.62 1.11 0.03 0.33

9.43 0.20 0.09

0.54 0.96

0.81 0.17

0.11 0.22 0.77 0.48 8.88 0.12 3.00 0.09 0.77 5.24 0.15 0.03 1.73 0.13 0.19

13.27 0.52 0.81 1.74 0.45 1.70 7.32

0.17

2.09 0.05 0.1 6 0.1 7 1.04 2.1 1 8.07 3.1 1 2.58 1.67 I.?? 4.25 1.18 0.49 0.43 0.09 0.02

1.27 0.34 1.88 0.81 1.93 2.3R 0.61 4.25 3.17 4.81 0.89 0.1 8

8.62

0.27

4.84 0.20

0.39 4.52

0.98 0.38 0.20 0.19 0.24 0.72 0.31 4.96 0.13 2.95 0.07 0.76

0.17 0.64 1.73 1.17 0.19 0.39 4.43 2.29 1.15 0.39 2.44

4.19

0.29

2.50

0.69 0.14 2.13 0.56 6.63 3.81 1.88 0.96 0.03 1.59 0.68 1.45 1.40 0.1 1

0.04 3.01

0.55 0.17 0.52 1.48 0.82

10.13 3.08 2.09

0.13 0.29 9.15

3.95 1.58

0.05 0.12 2.63

0.24 0.69 2.34 0.16 0.32 0.1 7

0.66 4.40

3.50

0.22 0.90 0.16 0.33 7.74 2.58 0.15 0.82 5.98 0.87 0.51 0.09 2.03

2.28


Other Net Assetd(Liabi1ities)

Total Net Assets

3.03 2.40 1.28 3.89 0.88 3.76

100.00 100.00 100.00 100.00 100.00 100.00

Id) SchrndPr ISF OED Glnhnl Acti,;e V:iIut! wos forrrlcrly know1 iis Sctlruder ISF Glohal Quantitative Active Valuo urit I 1 Jurc 2008 Ir) Schrcdw ISI: C?Es Global Llaal#ty ‘$,as fcrrmerly knocn as ScVoder iSF Olobal @ual#ly 3 o f m EUU ty untll I June 20C6 The notes on paqEs 3 to BC fer- an integral part cf these financ al statements.

I

I I

I

I I

I

I I I

I !

I

~

Page 116 Schroder Irilernational Selection Fund Serrii-Aririual Report June 2008



Other Securities

Automobiles

Cherriicals


ISF Absolute Emerging Emerging ISF Schroder Absolute Return Europe Markets European ISF

Return Bond Debt Absolute Debt Absolute Absolute EURO R1 Return('' Return(Y) Return Bond

?I> 96 B Y O

Bond ";

173.115 47.10 74.91 0.83 19 !30 20.4Y

62.16: 34.88

1.78

1 x2 14.90

1.94 0.3/

?.58

Corlstrucll(Jrl & Housing Corisurrier Clectrtir iics I:r>r~ul ~ r n u r t l nnnnr

1.83

ConimerL,i+ Serb (:ts C'aii-lpLtri @ 1 ~ 3 r t 9 Sen (:ts C ( ~ i i ~ ~ i . t ~ .&ita c 8 Pcrpnerds

Corisurrier Clectrtir iics Corisurner Finance Data Processing & Reproduction Ucpartnient Stores Diversified Metals & Miriirig Dru Retail Elecgrical 8 rle(:trorii(::; Electroriic (;oniponent:; &.Instruments Energy rquiprrient K Services Frierqy :;otirt:es Firiarkial Services Food R tioii:;etiuld Products Food Retail kore:;l Products & Paper tiold Mines Health & Persurial Care Heavy Electrical Equipment Hotels Industrial Comuonents

Corlstrucll(Jrl & t%1sirng

lnsurarice ' lriterriet :;oltwarc & Scn.iccs lrivestriieiit Funds IT Consiiltirici 8 Services

Mcrchandisin Metals - %tee$ . . . .. . . . . . Misc. Materials 8 (hrrirriodities Motorcycle Mariulat:lurer:; Multi - lndustrv Multi - Utilities' Office Sup lies & Forms oil & Cas &illins 011 &Cas Exploration R Produc;tiori Packaging & Coritairiers Ptwinaccuticals Photo Eauiument & Suuulies Publistiin & Printing

Recreatior I Restaurants Ret@ Serriicqriductors Sott Drinks Swdeins Softmrc

Heal Fsta?e

hhcommunications Textile &Apparel Tradiriq (.:orn[xme:; K Uislributors TrarisF)Ortati(lli Airlines Tr;lrisr)orlatiori I ~JNI X Hail

0.78 5.8R 2.06

0.34 7.91

4.33

2.02 1.14

0.97 10.52

10.17

7.39 0.25

0.98 1.46 9.40

94.88


Other Net Assets/(Liabilities) (23.88) 33.00 4.60 2.66 9.21 5.12

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00

Schroder Iriterrliitiorial Selectiori Furid Serrii-Annual Report June 2008 Page 11 7


Schroder Schroder ISF Schroder Schroder

ISF Schroder Schroder Global ISF ISF

Short Term European Global Linked Dollar Dollar Bond Bond Bond Bond Bond Bond

?'O ?h YO QO

EURO ISF ISF Inflation Hong Kong us

0'


Other Securities ArivPrticinn ........... Advertisirii Services Aerospace & Military Techriologv Airr)ort Services

Autornohilm

Cornrnerc ai Smiccs Computer Sofrv.aro CC Sen c w CornDutet Sioraoe X r l m m r a :: Constructiori 8 t'k)iisinti '

Consumer E@ctr&iks .' Consiimer Firiance Data Frocessinu & Rer)rochc:ticiri Dcpartment Stoics '

Diversified Metals 8 Miriirig Dru Hctail Elechal & Electronics Flectrcnic CornDoncnts & lnstrumerits

Food Retail Forest Products & Paper Gold Mtries Health & Personal Care Heavy Elcctrical Equipment Hotcls lr idi istrial Components lrisurance Internet Software & Serviccs lnvostment Funds IT Cnmi ilhng R Services - ......... Lcisure & Tourism Machinety & En incering Meat Poultry & &h Merchandisin Metals - StecP Misc. Materials & Commodities Motorcvcle Manufacturers Multi - hdustry Multi - Utilitics Oftice Sup lies & Forms Oil & Gas hl l ing 011 8 Gas Exploration & Production Packaging 5 Containers Pharmaceuticals Photo Equ ment & Supplies Puhlishiric Printing I k a l FstaL t Wreatiori Restaurants Retail Semiconductors Soft Drinks Systems Sollw~re Tebconiiiiunicst.[ )I IS Teni e d Apparc'i Iradiriq Companies,& Distributors 1rafisC)orIat on - Arltnes Trarisportal on - Road & RJi TransDortal on ,- Sn ~ t I I FS - Eircrrica. 8%

Iradirici CcimDanies & Distributors 1rafisC)i)rIat 6n - Arlines Trarisportal on - Road & RJi TransDortal on ,- Sn ~ t I I FS - Eircrrica. 8%

95.80 t17.39 96.03 97.53 0.51 0.23

88.18 109.88


Other Net Assetsl(Liabi1ities) 4.20 2.10 3.74 2.47 11 .E2 (9.88)

Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00

The nc tw on pnyf!: 14 to GC for..; ail irituyal part of these tinancsal stater-ems.

Page 118 Schroder Intcrnational Selectiori Fund Seini-Annual Report Jurie 2008



Other Securities Adbertisiiig Advertising Services Aerospace & Mlitary Techrioloqy Airport Szrviccs Agricultural Operations Appliances & Housetiold Diiratile:; Ap lication Softflare Aiikrnntiiles

Corrirriercial Services Computer Software & Services Computer Stora e & Periuherals Coristruclion B #ousina

[)epartmerit St&s '

Diversified Metal:; K Mininy Druq Retail rledtric:al 8, tlectronics r1et:troriic: Coinuoiiciits & Instruments Friryy tquipmbnt & Services t-rieryy Sources ririaricial Services Food & Hoiisehold F'roducts rood R~KIII rarest Products B I'apcr Gold Mines I ieallti 8 F'ersonnl Cnrc Heavy Clec:tric:al Equipment I lotels lridustrial Components Insurance Intcrnct Software & Serices Investment Funds IT Corisulling 8 Scrbiccs LelSlJfe B Tourism Machinety & En irieeririg Meat Poultry & asti Merchandisiric Metals - :;tee? Misc. Materials & (hriniodities Motorcycle Manufacturers Multi - Industry MI ilti - I Itilltiw Office $;iipgie.s B Forms Oil R (;as rilliriy Oil 8, Gas Exuloration & Production I 'ackaging &' Containers Pharmaceuticals Photo rqui )rriPrit & :;lipplies Publishiri h Phlinp Hcal Es& Recreation 1-jestaiiraiits Retail Semicoriductor:; Soft Drinks Svstenis Software T&lecommunications Textile &Apparel Tradino Cornaariies R Distritiiilors: Trarisrhatit<ri Airlirics Iramportation - Road & Rail Transportation - 1> 11 m g Utilities - ~ I e ( : t r i ( : ~ ~ i L i s

Schroder Schroder ISF Schroder Schroder

Schroder Asian ISF ISF ISF Schroder ISF Local EURO Global Global ISF

Asian Currency Corporate Corporate High Strategic Bond Bond(h) Bond Bond Yield Bond

% ?a YO ?>

54.07 ii.?) 32.94 15.15

96.38 93.3n 95.14 6?.l? 13.73



Total Net Assets 100.00 100.00 100.00 100.00 100.00 100.00

Schroder lnlerriatiorial Selection Fund Serni-Annual Report June 2008



Other Securities Advertising Advertisirig Servjces Aerospace & Military Technology Airport :.;enices Agricullural Operatioris Appliances & Household Durahles Application Software Automobilcs Bankiriu

Commercial Services

Consumer Electronics - :onsumer Finance lata Proccssing 8, Heproduction kpartment Stores hersified Metals & Mining ?rug Retail :let:tric:al & Flectronics :lectroriic: (hiriporients 8lnstri.iments :ncrgy tqiiipnient 8 .T;en,ices :nergy Sources 'inanctal Services 'ood & tiousehold Products -clod Retail 'orest Products & Papcr ;old Mines iealth R Personal Care ieavy Electrical Equipment i0teIs ndustrial Components

Insurance lntcrnel Soltware & Servic:es lnvcstmenl hinds IT Consulting 8, Services Leisurc & Tourism Machincry & En inwring Meat Poultry & t s h ' Merchandtsin Metals - Stee? Misc. Materials & Commodities Motorc rlp Manulachirers Multi - &bustry Multi - Utilittcs Office Sup lies & Forms (lit R, (.;as Kriiing Oil & Gas Exploratiori & Production Packaging 8 Containers Ptharrriaceuticals Photo rqu rnent 8 Supplies Publishin Printing Real Estaye Recreation Restaurants Hetail Semiconductors Solt Drinks Svstems Soltware

Page 119

Schroder Schroder Schroder ISF

ISF ISF Schroder EURO Schmder Asian Global ISF Equity ISF

Convertible Convertible Strategic Secure European Bond(') Bondu) Credit 2010(k) Defensive

4; ?, ?A ?& Sb

92.08 n7.90 m 4 / 30.34 35.49 99.59

I

Investments portfolio as a percentage of Net Assets 92.98 87.89 79.47 65.83 99.59

Other Net Assets/(Liabilities) 7.02 12.01 20.53 34.17 0.41

Total Net Assets 100.00 100.00 100.00 100.00 100.00

Page 120 Schrndcr Iriterriatiorial Selection Fund Scmi-Aririual Repurl June 2008


Schroder Schroder Schroder Schroder ISF ISF ISF Schmder ISF

European European World ISF us Defensive Defensive Defensive EURO Dollar

Monthly 6 Monthly 3 Monthly Liquidity Liquidity ulu ?> 0% Yo 96


Other Securities Advertising Advertisiriy Servic:es Aerospace & Military lechnology Airport Senices Aqricultural (Ipeiati(-)in:; Abpliances B I Ioi~seliold Uurablcs Applicatiori :.;oftware Automobiles

84.73 27.84 77.16 49.88 71 87 84.05 23.25 40.56

Chemicals Cornrnert:ial Sewices Corriputer Soll.>//are B Scrvices Computer Stora e & Peripherals Coristructioi! K A w i n g Consurrier Elec:trcJnics Consumer Firiarice Data Processing & Reproductiori Department Stores Diversified Metals & Minina Druq Retail Eleitrical R Clet:lronics Electroriic Corrir)onenls B Instruments

Food Ijctail forest Products & Paper Gold Mines Health & Persorial Care Hcavy Electrical Fquiprrierit Hotels Indiistrial Components lrisiirariw Iriterriel Software X Services Investment rurids IT Consulting & Sen,ices L.eisiire B TourJsm Machiriery 8. tiigineering Meat Poult9 & fish Merchandisina

Packaoina & Contairiers

Recreatiuri Restaurants Retnll Semiconrluctors Soft Drinks Systcnis Software relecommunications Iextile B Apparcl liading Companies & Distributors Trarisrjortatiori Airlines Transportatiori - H w d 3 Rail Transportatiori Stypr ig UtiliLie> - tlcctrical Ias

Investments portfolio as a percentage of Net Assets 84.73 49.71 64.05 100.41 90.43

Other Net Assets/(Liabilities) 15.27 50.29 35.95 (0.41) 9.57

Total Net Assets 100.00 100.00 1w.00 100.00 100.00

Schroder International Selection Fund Serni-Annual Reuort June 2008 Page 121

Portfolio of Investments as at 30 June 2008 Schroder ISF EURO Equity

Number of shares Transferahle Securities and Market *'3

or Prircipal Money Market IIistrurrierits Admitted Valuc Nct Amount to an Official Exchange Listirig EUR Assets

Austria 645.256 EVN 785,188 RI I I

Belgium 3.485 Fluxys

148.042 Groupe Bruxelles 105.81 1 Croupe Bruxelles

WPR 256.333 InBev 447.380 Umicore

Finland 750,635 Elisa

2.305.588 Nokia

France 168,l 16 AIstorr 540 26? DNF Farihas

ambert arnhert Strip

353,853 Compagnie Generale de GQophysiqiie-Veritas

1 297.488 France Telecom 582.689 Groupe Danonc 295,101 Lafargc 694,521 Sanofi-Aventis 11 6.1 20 Societe Fonciere FinanciQrr! et de

Participations 229,H16 SociBtA Gknerale

1.311.286 Suez 1.147.91 9 Total 1 ,675,777 Vivendi

Germany 429.072 Allianz 141.548 Axel Springer 398,458 BASL 263,334 Continental 255.977 Dairriler 246.136 Dcutsche Bank 475.554 E.ON 430.639 LINDC 200.157 Merck K G M 342,5 /3 Rheinrnetall 163,124 RWE 464,578 SAP 466.252 Siemens

1.208,BI 8 Syiririse 231,007 Wincor Nixdori

Greece 1.058. /29 National Bank of Greece 4,301,336 Technical Olympic

Ireland 2.080.495 Anglo Irish Rank 5,730,846 (;lanhia

Italy 1,186.233 ACEA 1,505,495 EN1

12,755,825 Gcmina 5.840.606 lntesa Sanpaolo

473.983 ltalrnobiliare 'RNC' 8,404,120 Telecom llalia ' H N C 6.754.023 IJniCretiit

37,865,317 13.995.602 23,889,715

44,685,244 8,381,880

11,119,434

1,058 11.232.51 2 13.940.360

45,388,359 10.020.977 35.367382

357,237.487 24.457.5 16 30.975.922

10,558.I174 21,356,449 25.888.877 78.308278 29,329,677

6.851.080 12.690.440 56,317,155 67,254,347 10,238,832

336,638,894 4 / ,687.062 3,979,134

11,460,430 16,919.210 10,02f).179 13.553.980 60,599.846 38.447.450 17.006.1 16 15,679,566 12,9G6,089 15,521 5 5 1 32.642.303 16,1)1f),030 10,177,948

33,180,419 30.639.617 2.520.802

39,587,373 12,732,629 26.854.744

130,966,949 14.317.832 35.650.1 22 9,879,232

21,069,986 lL5.390.228 8,589,020 26,070529

2.74 1.01 1.73

3.23 0.61 0 no

0.00 0.81 1.01

3.28 0.72 2.56

25.83 1.77 2.21

0.76 1.76 1.87 2 05 7 17

0 50 0.92 4 07 4.56 2.91

24.34 3.15 0 72 1.26 1.22 0.73 0.98 1.38 2.78 1.30 1.13 0.94 1.12 2.36 1.23 0./4

2.40 2.22 0.18

2.86 0.92 1.94

9.47 1.04 2.58 0.Il 1.52 1.11 0.62 1.89

Nrimbcr of shares Transferahle Securities and Market 95 or Principal Money Market Instrimerits Admitted Value Net

FUR Assets Amount to an Official Exchange Listing

Luxembourg 1.092.176 ArcelorMittal

Netherlands 355.465 AkLo Nobel

2.063 888 IN(; GroeIi 2.832315 Royal KPN 1,701,228 Unilever

Spain 3,504.1 RR Banco Mhao Vixaya Argentaria 2543,317 Banco Santander 3,039.3Z Telefonica

Total Transferable Securities and Money Market Instruments Admitted to an Official Exchange Listing

Numbcr of sharcs or Priricipal Other Trarisferatile Seciirities

68,651,102 4.96 8R.ti51.19? 4.96

116,356,902 8.57 15.452.064 1.13 41.360.316 2.99 30,987,714 2.24 30.55R.ROR 7.71

123,949,300 8.97 43,101,488 3.13 79.756.809 7.15 51,091,003 3.69

1,336,487,436 96.65

Market % Vahe Net ElJH Assets Amount not dealt on anothEr Reoulated Market

Italy 7,571,884 Parmalat cinanztaria

Total Other Transferable Securities not dealt on another Regulated Market

Total Investments

Other Net Assets

Net Asset Value

75,719 0.01 75,719 0.01

75,719 0.01

1,336,563,155 96.66

46,254,181 3.34

1,382,817,336 100.00 I

Page 122 Schrndcr lnterriatiurial Selection Fund Semi-Annual Report Julie 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF European Equity

Nunlher ot sharcs Transferable Securities arid Market 7:; Number of shares Trarisferatlle Securitics and Market B Value Net or Principal Money Market Irislrumcnts Admitted Value Net or Principal Money Market Instruments Admitted EUR Assets Amount tu ari Ollicial Exchange Listing EUH Assets Aniourit to an Official Exctiarige I istiriy

Belgium 701 Groupe Bruxslles 1Larrit)ert Strip

WPR 5.405 InBev 3.1 13 KBC Crocp 7.3i8 Umicore

Cyprus 2 1 .708 ProSafe

Denmark 11,269 Uanskc Hank

France 2.737 Air Liquide

7,178 Carrcrc /.I96 lpsen 3,360 LLafarge 4.2W Sanofi-Aventis 2.950 Sctirieider tlectric 8.570 Societe GAnBrale

15,100 Suez 11,100 Suez Strip WPR 20.071 Total 18.254 Vivendi

25.215 AXA

Germany 2,031 Alliariz

10.408 Rayer 12.520 Oeutsche Post 40.872 Ucutschc Tclckoni

7.712 t.C)N 5,381 RheinrrieVall 3.834 SAP t3J332 :;ierrieris 7.204 Symrise

Ireland 2 1.41 8 Anglo Irish Dank Pij.738 Bank of Ireland

Italy 7,239S hat

340.535 Marlagernen! & Capitali 89.149 UriiCrcdit

Luxembourg 9.448 ArcclorMittal

Netherlands 8.266 Akzo Nobel

32.240 ING Gruel) 14.396 Koninklijke Philips Electronics 21,451 k e d Elscvict 28.113 Royal Dutch Shell 15,251 IN1 27,969 Unilcvcr

Norway 7.077 Aker Solutions

Spain 13.748 Eanco Hilbao Vizcaya Aryerilaria 20,l 28 Banco Santander

7.831 Enagas 3.920 Reti Electrica dc tspana

11 .~55 R ~ ~ S O I wr 12.595 Telefhnica

686,166

7 236.8.17 21 9.41 4 229,898

135,142 133.1 47

207,757 207.757

4,177,204 w 7 . w r) 413,994

0 232,935 3:'l ..m 181.251 202,209 363,237 u4/.035

141 l,Ot30,042

438.4fl1

2,793,822 309,080 551,7923 203.954 127.1 12 345.590 246.m3 129.782 478,308 101,000

276,830 1 3 1 .o ;)I 14a./52

666,081 82.229

239.737 344.1 15

593,429 593:12t)

3,108,920 359.323 640,250 3 10.3i8 226.737 125,379 335.369 501 :l84

105,843 105.843

1,280,215 189.100 305.671 140.615 161 .987 2Y1 ,010 21 1.739

3.30

0.00 1.13 1 .0G 1.11

0.65 0.65

1 .oo 1 .00

20.10 1.10 2.29 0.00 1.17 1.55

0.87 0.91 1 .?5 3.1 1 0.00 3.LA 2.1 1

13.44 1.18 2.G5 0.99 2.06 1 .uti 1.19 0.02 2.30 0.49

1.33 0 . Z 0.70

3.21 0.10 1.15 1 .ti8

2.86 2.88

14.96 1.74 3.1 1 1.48 1 .0Y 3.51 1 .61 2.41

0.51 0.51

6.16 0.81 1 .17 0.88 0 78 1.40 1 .02

- , ,

Sweden 15,299 Swnska Handelsbanken 27,909 TeliaSoriera

Switzerland 13,3 18 Credit Suisse Registered 24.81 0 Neslli. Ijegistercd 17,132 Novartis Registered 6,284 Hochc

United Kingdom 29.387 Bart:lays 35/61 OG 86.1 1 1 Centrica 2531 1 GlaxoSmithKline

252.006 Legal & General 48.350 Marks & Spcncer 17.827 National Grid

144,552 Old Mutila1 30,091 Pearson 30.081 Pruderitial 64.1 87 Hexar~l

11 7.724 I i o y A Bank of Scotland 144.990 :Sports Direct

799,573 Vodatonc 75.480 Tesco


N,imt)er ot sharcs or Principal Amount Derivalive:;

United Kingdom 0.797 Barclays Rights 17:07/2000

Total Derivatives

Total Investments

Other Net Liabilities

Net Asset Value

358,073 1.72 228.328 1.10 128.745 0.62

2,420,530 11.65 385.784 1.80 713.424 3.43 613.890 2.95 707,632 3.41

4,315,658 20.77 108,053 0.51 581.238 2.80 334.051 1.61 367.3Y3 1.77 318.551 1.63 192.733 0.93 106.107 0.51 168.210 081 232,141 1.12 707.607 0.97 313.180 1.51 318,048 1.52 161,344 0.81 348.779 1.68 558.523 Y.69

21,125,670 101.66

Market "Ib VAiie Nct t l l l l Asscts

693 0.00 693 0.00

693 0.00

21,126,363 101.66

(344,810) (1.66)

20,781,553 100.00

Schroder lriterriatiorial Seleclion Fund Semi-Annual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF European Large Cap

Page 123 '

Nirrriher of shares Trarisferahle Securities and Market *.6 or Principal Mopey Market Instruments Admitted Value Nct Arnount to ari Official Fxchanue Listina EUR Assets

Number of shares .Transferable Securities and Market 96 or Principal Money Market Iristruments Admittod Value Net Arnount to an Official Exchanae Listina TLJR Assets

Belgium 13.1 12 Groupe Rruxelles Lambert 4,074 Groupc Bruxcllcs Lambert Strip

WPR 20,446 InBev

Finland 36.147 Nokia

France 17.1 75 Air Liqiiide 5.531 Alstom

15.077 RNP Pxit)as 12,118 Lafarge 15.845 :;driofi-Averlti:; 10.289 Schneider Electric 13.1 77 Societe Generale 47.791 Siiez 76.4/9 Total 61.602 Vivendi

Germany 10.233 Allianz 41 7 1 9 naver 36,982 Dcutsche Post

22.656 E.ON 25,635 Metro 20,111 SAP 19.769 Sierwris 15,786 ThyssenKrtrpp

167.1 10 Deutsche Telekoni

Ireland 1 B9,854 Bank of Ireland

Italy 82.373 Fiat


Netherlands 31.532 Akzo Nobel 94,797 ING Groep

115.41 7 Koninkliike Ahold 32.682 Koniriklijke Ptiilips Electroriics 88.291 Royal Dutch Shell

Norway 26.740 Aker Solutions 73,677 Statoill l ych

Spain 1 M.808 Banco Santandcr 43,791 Rep:;ol YPk

Sweden 108,192 Alfa Lava1 141 , I 56 Nordea Rank 107,434 leliaSonera

Swiizerland 50,019 Credit Suisse Regstered 13.277 .Iiiliiis Baer Ijegistered 87,490 Nestle Hegistercd 76.967 Novartis Reytstered 27,588 Roche 8.1 42 Syngcnta Registcrcd

1,880,825 "84,842

40 885,943

539,078 539.0/8

15,298,034 1.01 3.8 12

804.650 861.153

1 ,I 97,897 669.1 31 703.358

7..7n4,234 2.04 7.844 4,138.279 1,479,680

12,298,581 1 ,I 37,796 2.185.01tl

608.354 1.746.300 2,887,054 1,037,961

687,934 1.383.328

630,335

942,428 842.428

857,503 n57,503

782,232 787.737

7,252,557 1,370,596 1.899.732

983,930 704,840

2.293.35G

958,416 399.Y23 558.493

2,329,349 1.226754 1.103.095

2,814,069 1,059,365 1,25G.106

495,598

12,007,539 1,448,907

569,788 2.515.820 2,701.860 3,116,553 1.654.601

2.29 1.20

0.00 1.09

0.66 0.66

18.66 1.24 0.98 1.05 1.45 0.82 0.86 2.91 2.50 5.05 1 .80

15.00 1.39 2.86 0.74 2.13 3.52 1.27 0.83 1.69 0.77

1.15 115

1.05 1.05

0.95 0.95

8.85 1.67 2.32 1.20 0.86 2.80

1.17 0.49 0.68

2.84 1.49 1.35

3.43 1.29 1.51 0.60

14.64 1.76 0.69 3.07 3.30 3.80 7.07

United Kingdom 38,500 Ariglo American

1 66,751 BAE Systems 446.957 Barclays 104,766 n(.; 310,131 Centrica 128.305 GlaxoSmithKlirie 125,525 HSRC 130,521 Marks & Spencer 253,931 Prtideritial

75.550 Hccd Elsevier 88.11 1 Rolls-Royce

G I 2.831 Hoyal Bank of Scotland 355,808 Tesco 52.852 Unilever

1 .:3B0.519 Vodafone


21,530,685 1, I 1 3.643

923.81 1 1 1,702.801 .E43 402

1.205.251 1,819,239 1236128

542 71 ti 1.710.314

540 123 319.653

2 450 635 1.646.379 1 479.715 7,536,545

26.26 2.09 1.13 2.00 7.08 1.47 2.22 1.51 0.66 2.09 0.66 0.46 2.99 7.01 1.80 3.09

79,491,296 96.95

Numbcr of shares Market :h or Principal Value Net Amount Derivatives EUR Assets

United Kingdom 10,952 0.01 99.580 Barclays Rights 17/07/7008 10.952 0.01

Total Derivatives 10,952 0.01

Total Investments 79,502,248 06.06

Other Net Assets 2,491,423 3.04

Net Asset Value 81,993,671 100.00

I

I

i 1

I

~

I

i

I

I

I

1 I

i I I

Paye 124 Sctirotler Iriterrratiorial Seleclion Fund Semi-Annual Report Junr: 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Equity

Nurriber of shares 1rarisferat)le Securities and Market $5 or Principal Money Market Instruments Admitted Value Net Arnoiint to an 0ffic:iaI Ext:tiariue LIS~II.ICI USD Assets

Bermuda 20.439 MF (;lot,al

Brazil 22,3013 Rcdccard

Canada 20.054 0arriet:o

China 6,991 Ctrip.corri Iriterriatiorial ADR

Denmark 18,821 Daiske Bank

France 23,296 . M A 0, 002 Groi ipe IJar io1 ie

15,175 Sucr 13.E359 lobdl

Germany 1,263 Adidas

3,lOY I h d e 7,01 8 Siemens

3.891 €.ON

Hong Kong SAR 318,000 China Unicorn 85C.000 Ueriway Motors 39.500 Jardine Strategic

I66,OOO Shangri-La Asia 44,500 Swire Pacific;

Israel 80.953 Maktileshim Ayan Industries 15.870 Teva Pharmaceutical lridustries Al l<

Italy 79.201’1 lntesa Sanpaolo

Japan 13 Central Japan Railsay

27.200 Honda Motor 18.900 Mitsubishi !X,000 Sekisiii (;liem(A 8.300 Sony

16,300 :;quare trl lx 42,tillC Siiiwtorno Electric: I imhsLr iu

80.000 loray lndustrics 32,700 Ustilo

74 Sumitomo Mitsui Financial

Luxembourg 15. jus ArcelorMittal

Netherlands 21.299 ING Groep 19,91 0 :;EM Offshore

16.594 llnilever 8,W2 TNT

Norway 78.733 Telenor

181,725 181,/%3

422,986 422,986

804,215 804,915

329,136 329,138

546,990 540.990

3,344,449 0W.318 452.32/

1.074.890 1.164.914

2,451,436 458.823 781.503 137.491 //4,410

2,440,272 590.407 328,051 fl79.400 387.378 455.036

1,470,375 /53.0:,1 7 17,324

450,362 450.36?

5,731,185 475.790 9mfl17 iii5.591 t i /O.O/S 364.2 11 m4,0:3ti 54 1.801 559,164 4311,490 631.404

1,561,099 1,581,009

2,036,245 672,751 ti1 ti.502 778.039 488.953

492,527 192.527

0.38 0.30

0.88 0.88

1.68 1.68

0.69 0.BY

1.14 1.14

6.97 1 43 0.96 2 14 2.43

5.10 0.Y5 1 .B3 0.Y 1 1 .61

5.09 1.23 0.04 1.42 0 81 0.95

3.07 1.57 1.50

0.94 0 94

11.95 0 98 1 94 1.30 1 .40 0.78 1.01 1.13 1.1: 0.s0 1.30

3.25 3.25

4.25 1.40 1.29 (1.58 (1.98

1.03 I .E3

Niirrher ot shares Transferable Securities and Market 0 or Principal Money Market Iristriirrierits AhMted Value Net Arrioi irit to an Oflicial Exchange Listing USD Assets

Sing a p o r e 138,000 Kcppcl Land

South Korea 14,020 Ddewuo Shipbuilding & Marine

Engineering

Spain %0.00:! Telefbnica

Switzerland 1 F.430 Nestle Hcgistcred

44.091 9 Microclcctronics 3,134 Roche

United Kingdom 40.386 Adnwal 62,038 Rexarri

6730 Rio Tinto 69,296 RUIIS-HU~IX 43,566 Royal Barik UI Scolland

152.256 Sage 95.1 ti3 Tesco

250,640 Vodalurie

United States of America

B,ti18 Apache 1?.454 AGCO

35.031 Applied Materials 13,755 Avon Prodiicls 8.387 Baker Hughes

10.331 Baxter 11 ,771 Colg;lte Palrnolive 42.232 Comcast 9.599 Conocol’hillips

12.1 : I Covidieri 13,32!? Electronic Arts I 1 , f w L~LI~CI 1 1,188 Exelon 11.084 JP Morgari Gtiase & Co 38,064 Microsoft

122.7 I 2 National City 15,903 Orririicom S3.?90 :;(:tietiny Plouytn 44.1 18 TD Ameritrade 11.325 Travelers 7.581 M a C’ctrolcunn

17.481 Wyeth


503,239 1.05 503,239 1.05

547,102 1.14

547,102 1.14

529,955 1.10 529.955 1.10

2,118,979 4.42 744,057 155 YI4,lYd 1.Y1 400,189 0.98

4,657,901 9.71 fG2,0R3 1.36 4//.092 0.99 805,418 1.88 4BY,014 0.98 192.809 0.40 632,878 1.32 (5!.)2,087 1 . I4 i36.522 1.54

16,366,157 34.12 631.410 1.33 007,328 1.Y0 752.968 1.57 487.477 1.02 744,734 1.55 050,552 1.36 802.900 1.67 700.782 1.84 879.052 1.83 577,088 1.20 505,Fitj 1.22 539.143 1.12 999.458 2.08 5Y8./Y4 1.25

1.078.575 2.24 587.790 1.23 711,023 1.48

1.046.733 2.18 806,036: 1.88 631.598 1 3 2 753.750 1.57 805.700 1.88

46,986,335 97.96


Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Equity (contl

Number of shares Market ";

or Frir.c:ipal Other Transferahle Seciirities Value Net Amount not dealt on a Rcgulatcd Market USU Assets

United Kingdom 12,395 0.03 6,217.344 Rolls Royce ' I 3 12,395 0.03

Total Other Transferable Securities not dealt on a Regulated Market 12,395 0.03

Number of shares Market 9s or Principal Value Net Amount Derivatives USD Assets

India 377,931 0.79

18'01:2013 377.931 0.70 54.055 Shriram Transport Finance Warrants


Total Investments

Other Net Assets

Net Asset Value

47,~6,661 98.78

586,833 1.22

47,963,494 100.00

Schroder ISF Italian Equity

Number of shares Transferable Securities and Market 0.0 or Frint:ipal Money Market Ir1strmieiits Admitted Value Net Amount to an Official Exchange Listing EUR Assets

France 30.0 15 Rodriguez

Germany 43.31 8 Fielrriariri

Italy 257.190 ACEA 190.61 7 Assicur,uioni Generali 131.758 Autostrade Meridioriali 548.993 Azimut 293.141 Banca llalcasc

577.245 Banco Popolare 1,322,653 Rialetti Industrie 3,l 56.285 CIR-Compagnic lndustriali Riunite

97.713 Rarica Popolare di Milano

19/.916 Dada 191,040 Davide Carnpari-Milario

1,450.788 tnel 789.385 EN1 53,867 ERG

tV3.781 Espririet 731.600 FNM

19543.112 Gemina 1,321,852 Gruppo Coir1

1.18S.657 Hera 2,306.0?4 I Graridi Viayyi

4,110955 lntcsa Sanpaolo 2.430.461 lride

194.292 Gruppo MutuiOnlinc

380.553 IMMSI

(36.1 09 lstituto Finanmrio Industriale Preference

82.053 ltalcementi 2.961 ILandi henzo

lf5.113 Luxottica

278,592 MARR 244,284 Mediobanca

2.559.068 Parmalat 96.1 09 Promuda

18.41 1 .I 18 Mariagerrienl & Capitali

1 16,950 SAES Getters 158.493 Saipem 935.074 SAVE 17.446 Tod's

3,429.1 09 IJniCredit 201 51 0 Uniorie di F3anChe Italiane 480.553 Unipol Gruppo Finanziario 21 fl.047 Viariirii Lavori

Luxembourg 326.775 D'Amico Interriatiorial Shippirig 350.756 Tcnaris


288,745 0.16 288./45 0.16

2,007,790 1.09 2.007.790 1.09

174,714,537 94.79 3,104,28:3 1 .B9 4.616.744 ?.51 I.R97,315 1.03 3,024,951 1.64 1.816.009 0.99

580.1 15 0.31 f,459,372 3.50

878,564 0.48 5,510,874 7.99 2.487.804 1.35 4.208.333 2.28

18,892,637 10.14 877,010 0.45

2,520.075 1.31 fd7.917 0.35

15.1 36.14O 8.21 4.21 7,027 2.29

8?7.684 0.45 3.074.171 1.67

333.981 0.18 14,830,270 8.05 4,719.955 2.56

1,214,818 0.66 974,841 0.53 11.637 0.01

2.460.1 34 1.33 12,961,427 7.03 1,794.132 0.97 2,618,724 1.42 1.242.935 2.30

136,859 0.07 1,694,606 0.82 4.885.053 2.51 9.149.699 4.96 1.R51.121 0.90

13,236,361 7.18 2,982,348 1.62

?11,?18 0.39 2,164,116 1.1/

9,399,793 5.10 777.725 0.12

8.622.088 4.88

8,849,795 4.80

2,767,228 1.50

186,410,865 I01 .I 4

Pagc 126 Scliroder International Sclectiori Furid Serrii-Aririual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Italian Equity con^) Schroder ISF Japanese Equity

Number of shares Market Vc Nuriitwr 01 shares Transferable Securities and Market "L or Pririupil Other Iranstcrablc Seculities Value Nel or Principal Money Market Iristrurrients Admilled Value Net Amount not dealt on a!iother Reyiilated M x l M EUH Assds Aniourit to an Official Exchange Listing JPY Assets

Italy 697.708 Parrrialat ririarimria


Total Investments


Net Asset Value

6,977 0.00 Japan 5,977 0.00

6,977 0.00

186,417,842 101.14

(2,102,042) (1.14)

184,315,800 100.00

364.800 Aica Kngyo ,337,000 Air Waler , 155,000 Asahi Glass 980,000 Asics 763,700 A:;tellas Pharnia 225,800 Bridgestone

180,600 Capcorn

,437,000 Cliiba Bank

474.700 C>JrlOll

2.232 Central Japan Railway

37 1 Orccd Office Investment 453 DA Ollice lrivcwicnt

299.000 Daifuku 347.800 Daito Trust C:oristruc:tiori

1.479.000 IIOWA 507.200 FUJlFlLM

2Y5.?00 I Iikxi Tsustiici 422,400 I lorida Motor 283, 100 HOYA 285,800 lsetan Mitsukoshi

260,000 ,Jkk 512,700 JSH

7 13,400 K':;

2.0/8,000 Fukuokd ririaricial

2.81 5,000 lsuzu Motors

5.482 Jupiter T~lecOrrirriuriiCati(li.is

3.450 KDDl 2.943 KK DaVirici

6/.400 Kobayashi Ptiarniaceulical 1 06.200 Koei ;4?.400 Korrialsu 943.000 Makirio hlilliriy Mat:hirie

1.57 ;.000 Minehea 462.200 Mitsubishi

80!3,000 Mitsui & Co. 538.000 Mitsui OSK I iries

4.242 Mi/uho Finarncial 1 Y8.800 Nafco 633.1 00 Narrico I Iaridai 199.400 Nichi iko Pharmaceutical 822,500 Nippon Mining 51 7.000 Nissan Chemical Industries 495,200 Norriurd Hesearch Institute

188,800 Otsuka 75.300 OZEKI

897.000 I Ilcoh /1Y,O00 Sankyu

1,059,000 Sompo Japan Insurance 76,100 Square Enix

289,300 Sumitorno Electric Iridustries 2.440.000 Sumitorno Heavy Industries

3.454 ,C;iiinitonio Mitsui Financial .1'3,980 Suniitorno Heal Estate Sales 71,700 3Gsrriex

P73.500 Takcda Pharmaceutical 191 ,100 Totioku:;tiiri:;tia hlni

75,655,192,200 341,265.600

1,671,250,000 1,483,020,000 1.134.840.000 1.191.150.000

366,148,800 2,589.1 31.000

559,860,000 2.61 1.440.000 1,813,128,000

R8. 748 .000 19 /,0:36.000 312,455,000

1.79 1,170.000 1.143.267.000 1,851,280,000

YY5.362.000 1.033.200.000 1.524.8ti4.000 895.0 10.500 324.954.800

1,138,185,000 1.391 .000.000 1.081.797.000 449,522,800 480.363.800

~.763,200.000 21 3,956.1 00 22Y ,834,000 152,078.400

2,198.B88.000 830,867,000

1 ,01 7,939,000 1.51 7.700.000 1 ,185.0 13 ,00(:) 7.131.606.000

81 3,991,000 2.1 03,032,000

324,885,000 160,986,200 535,389,000 546.982.500 ti75.202 .no0

1,23:3.018.000 /28./35.000

1.928,874.300 2 i0.255.000

1,221.178.000 ~ 3 . ~ 1 ,m

1 .910.757,000

897.160.300 ,056,882,000 239,896,000 38Y.976.400 ,754,300.000 ,759,746,000 205,917.600 290. /06.000 ,476.900,000 19Y,ciY9,500

97.76 0.13 7.10 1 .Y2 1.47 1.54 0.4/ 3.35 0.72 3.37 2.34 9.09 0.25 0 40 2.31 1 4 8 2.39 1.29 1.34 1.97 0.Y0 0.42 1.88 1 .80 1.40 0.58 0.62 2.92 0.28 0.30 0.20 2.R4 0.82 1 . 3 2.09 1.53 2.75 1.05 2.72 0.42 0.98 0.69 0.7 1 0.87 1.59 0.94 7.49 0.35 1.58 0.29 2.47 0.50 3.05 2.01 1.1u 1.37 0.3 I

2.27 3.57 0.27 0.39 1.91 0.2t1

0.x

Schroder International Sclcction Fund Semi-Annual Report June 2008 Page 127

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Japanese Equity (cant) Schroder ISF Japanese Large

Cap Market 0.6 Number of shares Transfcrable Securities and Market % Number of shares Transferable Securities and

of Principal Money Market Instrumonts Admitted Valiie Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Cxctiange Listing .Jw Assets Amount to ari Official Fxctiange Listing JPY Asscts

Japan (cont) Japan 841,100 Toyota Motor

227,200 Tsufniira B Go 464,500 Yamalake

756,600 ioyoia rsustlo

1.071.100 Zensho


Nurrit)er of shares or Principal Operi-erided Collective Amount lnvcstmont Schemes

4.213.91 1,000 5.44 1 .883,!)34.000 2.43

621.392.000 0.80 1.286.665.000 1 .66

609.455.9CO 0.79

75,655,192,200 97.76

Market ?i Value Net .IPY Aswt.;

Japan 922,432,916 1.19

Smaller Companies Fund 972.432.916 1.19 15.300.000 Schroder Inslittitinrial .Iap;lriese

Total Open-ended Collective Investment Schemes 922,432,916 1 .I 9

Total Investments 76,577,625,l 16 98.95

Other Net Assets

Net Asset Value

814,607,207 1.05

77,392,232,323 100.00

453,000 Asahi Glass

181,700 Rridgestcne 173.800 Cariori

389 Central Japan Railway 584.000 Chiha Rank 115,000 naiwa House Induslry 351 ,000 Dcnki Kagaku Kogyo KK

127 East .lapan Railway 404,000 Fukuoka Financial

75.1 00 Astellas Fharma

27,000 Hamamatsu Photonics KK

30.500 liitachi Construction Machinery 3.~138500 Haseko

77,700 HOYA

852,000 ITOCHU 5.700 Idemitsu Kosan

34.000 1toctii.i rectino-Solutions 43.100 JFE 61.000 JGC

120.800 JSF 1.31 7 Jupiter Telecommunications

21 6,000 Kaneka

11 5,500 Komatsii 101.000 Konica Minolta 24.900 Makita

1.326 KOUl

1.366.000 Mwda Motor 108.000 Mitsuhishi Electric 179.000 Mitsui R Co.

743.000 Nippon Mining 120.000 Nissan Chemical Industries 130.000 NOK 63,300 Norriura Research lristitute 87.000 OKUMA 3/.880 ORlX 31.900 Otsuka

264,000 Ri~ot l 36,800 Rynhin Keikaku

105.500 Sankyo 493.000 Sarikyu

761 Mizuho hancial

49,000 Seiko Epson 600 Seven Bank

27.800 Shiniarriiira 09.200 Shin Elsu Chemical 41 ,200 Stiinko rlectric Industries

467.000 Sompo Japan lnsurancc

305.800 Surnitomo 19fR.f00 Siurnitomc Tlectric Industries 336,000 Sumitorno Heavy Industries

1 .I n5 Sumitorno Mitsui Financial 11 3.000 Suniitomo Trust & Banking 121 .I 00 .Takeda Pharmaceutical

105,000 Shimadzu

1.997;~OO Sojitz

58.200 Square tnix

40,200 TDK 71.100 THK

840.000 Tokai Tokyo Securities 284.700 Tokyo Steel Manufacturing

337.500 Toyota M&r /4.000 Tokyo Tatemono

21,814,292,100 93.80 581,652,000 2.50 342,450,000 1.47 294,899,100 1.27 918.948.000 4.08 455,130.000 1.96 434.106.CQO 1.87 11 4.770.000 0.49 177,894,000 0.7R 109.855.000 0.47 193.516.000 0.83 74,385,000 0.37

488.26i.000 2.10 90.737500 0.39

190,753,500 0.82 53.694.000 0.23

9R3,612,000 4.14 11 /,300,000 0.50 230,585,000 0.99 127,490,000 0.55 754,888,000 1 . I O 108,389.1 00 0.47 156.lRH.000 0.67 869.856.000 3.14 341.880.000 1.47 IH1,003.000 0.78 108,066,000 0.46 /52.666.000 3.21 226.710.000 0.97 41 9,755.000 1 .80 377.456.000 1.53 161.585.000 0.60 156,720.000 0.67 219.440.000 0.94 157.61 7.000 0.68 86,510.000 0.37

577,359,700 2.46 233,827,000 1.01 505.824.000 2.18 209.024.000 0.90 736.980.000 3.17 263.755.000 1.13 143.080.000 0.62 162.150.000 0.70 11 0.985.000 0.48 181.812.000 0.78 657,i36,000 7.81 54.013.200 0.23

707,185,800 3.04 486.066.000 2.00 182.748.000 0.79 426.591.CQO 1.84 259.060.800 1.1 6 241 584.000 1.04 948,615,000 4.07 83,846,000 0.36

553,940.000 2 81 255,672,000 1 . I O 152.E46.000 0.66 323.400.000 1.39 321.786.900 1 .10 50.838.000 0.22

1,665,825,000 1.1 6

I

I

I

I I

I I

I

I I

Page 128 Schroder lntorriatiorial Selection Fund Senii-Aririual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Japanese Large Cap (CW t )

Schroder ISF Pacific Equity

Number of stwcs Transferable Securilie:; and Market ql Nimiber of st tire:; Tralsferable Securities and Market

or Priricipal Money Market Iristrurrwnts Admitted L'Aiw Net or Priricipal Moncy Market IristriirrieIils Admitted Value Net

Amount to ari Official txchange Listing JPY Assets A~IIOUI.I~ to ari 0ffic:irrl txcliangc Listing USU Assets

Japan (cont) 99.D00 1oyota IsUsho

82,400 Yamatake 760 west .lapan Hallway

107,000 Yaskawa Electric


Total Investments

Other Net Assets

Net Asset Value

China 2-18.004.000 1.07 8,875,000 Chiria (:orllrrlunications Construction 135.160.000 0.58 'H' 172.845.000 0. /4 38.T38,OM (;tma Construction Bank I I' 11 1,387,000 0 18 3.485.500 China Merctiarils Bank 'H.

5.81 6.000 (;hina National Building Material 'H. 7.8/4.000 Ctiir&> Petrolcum &Chemical I I'

21,814,292,100 93.80 2.60?.000 China Shenhua triergy H 11,332,000 Doriyleny Motor 'H' 10.71 8.000 Huaneng Power IrWrnational 'H 7,044.500 Piny An Insurance (.;roup Co 0 1

21,814,292,100 93.80 China 'H'

1,442,566,381 6.20 Hong Kong SAR 1.4Nj,000 ASM Pacific Technology fi.845.000 BOC Hori(1 Koriy 4.W4.000 Cthina Mcngniu Dairy 4,427,000 China Mobile

11 .;i98.000 (Iiina Overseas Land & lrivestrrieril 1 1 ,134,000 Chiria Ilriicum 16,453.000 CNOOC

23,256,858,481 100.00

4.4ij9.000 COSCO Pacitic 2,467,000 Hang Lury 3.967.00(3 Hongkony Larid 1 ,140,800 .Jarthe Matheson 2,609.000 Kerry Properties

10.K 6.000 Shangri-La Asia 532.800 I I 8 Fung

4.276,500 Swire P:iclll(:

India 485.070 Bharat Heavy Clectricals

1.01 3,425 Hiart Airtel 385,224 Housing Dewlopirienl Financc

2,401 ,817 lhlrnstructure Developrrierit Firinrice 1 ,392,805 IVHCL Infrastructiures R Prujecls

540.800 Maruti Su/i.iki India 1,395,700 Ranbaxy I aboratorics

83.300 Reliance Industries 180.534 3 ;~ ly i~ Computer Services 471 ,ti84 Sobha Developers

2,960,438 Unttecti

Indonesia 11.7OY.500 Rank Rakyat lridoncsia 6.71 7,000 Pcrusahaan Perkebunan London

9,902,000 Semen Crcsik Persero 1 K476,OOO lclckomunikasi 1ridoriesi:i 3,554,500 (Jnited Trxlors

Sumatra 1ridoriesi:r

Malaysia 3.1i'2.s00 Durriipiitra Commerce Holdings 2,ti31.200 Uursd Malaysia 5.094.ti00 Geritiriy 2./14.600 :hie Uarby 4.1 6ti3,O(3(3 SP Setia

Philippines 25.B99.680 Ayala Larid

18,339 800 Mctropolitari Rarik K lrust 5,880,000 First Philippine

112,818,465 9.06

13,180,277 1.23 30.808.149 2 47 10.888.480 0 87 11,185,906: 0.90 7.370.108 0.59

10,209,024 0.82 4.51 1.321 0.33 /.434.752 0.60

15,204,447 1 22

322,135,462 25.88 11,212,973 0.91 18.123.7f10 1.46 12.252.747 0.98 59,487,582 4./8 18.005.072 1.46 20,871 .t357 1.86 28,3110,864 2.27

7,323,130 0.55 10,900.438 0.88 16,857,360 1.36 35.022560 2.81 13.698.831 1 .I0 1.605.416 0.13

24.773.575 1.99 43,725.51 7 3.51

11 1,336,648 8.94 15,6:1/,:39n 1.28 16,8 /8 . /%~ 1.38 1 1,580.01 1 1.41 5.778.510 0.46 9.824.524 0.79 7.744.2RR 0.62

16,955,543 1.36 4.160.618 0.33 1,831.15i 0.15 3.083.673 0.95

11,785,808 0.95

39,428,648 3.17 8.133.845 0.88

7.ti41.331 0.82 4234.481 0.34

11,623,745 1.17 4,735,245 0.38

34,666,716 2.78 8.502.892 0.68 5,99921 I 0.48 8.731.373 0.10 7.6:84./90 0.82 3.740.444 0.30

21,880,979 1.76 5.488.088 0.45 2,510,211 0.23

13,467349 1.08

Schrnder lnternatinnal Selection Fund Semi-Annual Report Junr: 2008 Pagc 129

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Pacific Equity (cant)

Number of sham Transferable Securities and Market 'h or Priri(:ipaI Monev Market Instruments Admitted Value Net Amount to an Dlticial txchanoe Listinu USD Assets

Thailand 6,698,600 Advanced Info Service (Foreign) 1.687.500 PIT Lxploratiori & Production

(Foreilgri) 82,620,200 Ouality Hoiise ' Total Transferable Securities and

Money Market Instruments Admitted

Singapore 2,745,000 CapitaMall Trust 2.859.000 City Developmcnts

501.000 DES Holdings 4.670.820 SerribCorp Industries

174,000 Singapore lechnoloyiss Eriyirissriri<g 3.51 6,000 Singaporc Telecommu?ications 3.990.000 IJOL

South Korea 63.?80 Cheil Worldwide 56,695 CJ ChcilJcdang

11 4.291 Daewoo Shipbuilding & Marine

40.141 GS Lngineering & Construction Enginecring

377,410 I laria ririancial 2 17.107 Hana Tour Service 505.087 Hyiindai Development 281.620 Kookmin Bank

1,785.120 Korea Exchange Bank 22,123 LG Household & Hcalth Care

282.3RO L G Telw;orri 107.812 NHN 65.250 POSCO 10.740 Samsung Electronics Prefercncc

156.453 Samsunq Fire & Marine Insurance 43.545 Stwisegas

Taiwan 2,472,924 Catcher Technology

12.Y29.867 Cathay Financial 13.460.000 Chinatrust Financial 8.979.000 Chunghwa Telccom 7.950.710 Far Eastcrn Textile 6,352,982 HON HA1 Precision Industry 1.997.315 Novatek Microelectronics 6.Y29.800 Siliconware Preci:;ion Indiistries

25.915.000 SinoPac Financial 9.353.000 Taiwan Cement 7.714.987 Iai'smn Mobile

23.440.71 5 Taiv&~ :;erriic:oridi.idor Manufacturing

to an Official Exchange Listing

Total Investments

Other Net Assets

Net Asset Value

70,384,283 6,034.2G8

77.827.438 0,946,975

14.785.639 958.350

9,357,733 9.973.900

246,810,408 14,973,228 1 4, :94.469

4,459.977 4,385,916

14.4O3.810 1,208.1 80

25541,085 16.782.288 24.440.866 437.087 2.136.356

18. ?/2,1'22 33.866.997 4.621.448

32.61 6,144 23,390,740

217,417,705 7.045.716

?8,108.407 1 2,990,053 73,716.453 10.357.436 31,283,623 5.802.478

10.214.3/9 11.224.712 12,830.863 14,357,601 50,185,086

33,431,211 18,512,713

9.586.570 5.331.928

5.65 0 48 1 03 0.56 1.15 0.08 0.75 0.80

19.83 1.21 1.19

0.36 0.35 1.16 0.58 2.05 1.35 1.96 0 35 0.1 7 1.51 2.72 0.37 7.62 1.88

17.47 0.58 ?.?6 1.04 1.87 0.83 2..5 1 0 47 0.82 020 1.01 1.15 1.03

2.69 1.49

0.77 0.43

1,210,290,525 97.23

1,210,290,525 97.23

34,502,572 2.77

1,244,793,097 100.00

Schroder ISF Swiss Equity

Nurrit)er of shares Trxisferatjle Seciirities arid Market 5'0 or Principal Money Market lnstrumcnts Admittcd Valuc Nct Arriourit to an Official Cxchanne Listina CHF Assets

Austria 705.006 Ausiriamicrosystems

Israel 404.087 Oridiori Systems

Italy 234.495 Bioxell

Switzerland 1.058.326 ARB Rcgistcrcd

287.750 Actelion Re(1istered 95,770 Adecco Recgistered

2.1 99 AFG Arbonia korsler 281.392 Arpida Registered

18,081 Barique Cantoriale Vaudoise

7,300 Barry Callcbaut Rcgistercd Registered

57.956 Rasilca Pharmaccutica Rcgistcrcd 32.000 RKW FMB Energie

330.700 Compagnie Financiere I lictiemonl 535,000 Credit Suisse Registered

741 ,000 I Idcirri Registered

108,500 Julius Haer Registered

228,200 Logitech lntcrnational Registered

168.900 Nobel Biocarc Registered 105.000 Novartis Registered

40,000 Petroplus

97.1 60 FFG lnterriatiorial Registered

2.360 Jelmoli

28,l 00 Komax I<egistered

1.283.000 Nest16 Registered

77.695 Partners Group

?78.000 Roche 101,889 Santhera Pharmaceutical Registered 98.896 Schindler Registered 20,237 Schrnolz t Bickcnbach Rogistered 27.699 Schwciter Technologies 42.1 61 Schweizsrhall Registered

6.124 Sika 69.300 Swatch

47,000 Id-Rlox

55.460 VZ 54.801 Wiriterthiir .Technologic Registered

310.900 Temenos Registered

824.270 LJBS Regstered

324.720 Zueblin lrnrnobilien Registered 11 8.500 Zurich Finaricial Services


Total Investments

Other Net Assets

Net Asset Value

8,487,248 1.72 8,407,248 1.72

4,162,044 0.85 4.162.014 0.85

5,487,183 1.11 5,48/.183 1.11

472,746,632 96.00 30.479.788 6.1 9 15,754,313 3.20 4.341.171 0.98

583.730 0.12 2.464.994 0.50

5.835.643 1.1 9 4,905,600 1 .OO 9,585,822 1.95 4.438.400 0.90

18.701.085 3.80 24,898,900 5.06 2.657.326 0.54

19,762.000 1.01

7,481,075 1.62 3.877.800 0.79 6.275.500 1.27

59.274.600 12.04 5,617,614 1.14

30.762.000 8.07 10.954.995 2.22 2,184.000 0.44

50.457.000 10.25 8.100.176 1.64 7.555.654 1.53 1.538.012 0.31

11 515,859 2.34 9.043.535 1.84 9,498,324 1.93

17.654.175 3.58 9,668,980 1 .96 1 .971.000 0.10

1 /.n53.88n 3.83 4,350,837 0.88 3,394.922 0.69 2.886.761 0.50

30.810.000 6.26

6,098,240 I 2 4

490,883,107 99.68

490,883,107 99.68

1,564,494 0.32

492,447,601 100.00

Page 130 Sctirodar linternattonal Selectiori Furid Serni-Annual Report June 2000

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF UK Equity

Number of shares lianslerable Securities and Market Y or Principal Moriey Markel Instruments Admitted Valuo Nct Ai riounl to an Official txchariye I isling GI3P Asset:;

Canada 27.030 First Quantum Minerals

Netherlands 245.193 Royal Dutcti Shell 93.043 Royal Dutch Shell .E'

Switzerland 60,853 Xstrata

United Kingdom 40,703 3 1 88,903 Anglo Arriericari

lY3.105 Astra7erieca 246.498 BAE Systems 423.2 10 Barclays

83.808 Bcllway 484.895 BG 127.475 Rl IF Hilliton 718.650 HI' 12/.278 nritisti Arrierican lobacco 553,BUY ET 340.01 3 Riirizl

I, I 12.154 Cable & Wireless 10,t?4G Cairn Encrgj 31 ,On9 Cape

633,858 Catillion 443.831 Centaur Media 444.540 centricn

40,893 Chernriny 477.1 78 Chloride 2 M 138 Cookson 289.570 Croda Inlernational

339748 Daily Mail & Gcncral Trust 1 0C.5i4 Darw Petrolwm

801,278 IK I

66.559 CSH

2.159.831 Elementis

56.330 tierri Iliamonds

296,048 Grainger 37.706 Grwne King

2Y5,l I 3 Headlam 354.588 Homc Retail tilT.018 HSRC 184.31 7 ICAt' 308.31 1 Inchcape 361,717 Iriternational Power 397.907 I r i\,ent;ys 859,482 I l t 110,813 Jardine I lokd Ttiorripson 271.400 John LVood

80.8i5 Johnson Matttiey 1,444,276 Leyal & Ceneral

710,san Lloyd:; ISH 195.921 Melrose 202,807 Michael Page

1,1)85.0!?2 Old Mutual 23!j.331 Pearson 304.793 Pruderitial 1 9 1 , T 1 0 Rccd Elsevier 453..1 18 Hcnobo

1.078.51 2 Heritokil lnilial 5Gl.438 Hexam

30.1 22 Rio Tinto 196.285 Royal Uank (:if Scotland

1 841.632 Signct

919,630 0.75 YlY.830 0.75

6,888,585 5.62 5,024,004 1.10 1,864.581 1.52

2,441,422 1.99 2,441,472 1 .Y5

108,l 60,323 88.1 9 408.807 034

3.175.493 2.58 4.1 1 6.998 3.36: 1 .OIY.OGl 0.88 1,730,250 1 .00

315.8icl 0.31 rj.230."01 5.08 2.433.4'38 1 3 8 4,133,849 3.39 2,104 2T3 1.IY 1,103,375 0.90 2.215.185 1.81 1 ,679.080 1.36:

532.305 0.52 88.497 0.07

7.1 15.501 1.73 2'3'3,586 0.24

1,366,771 1.1 1 961.402 0.78

1,125,886 0.97 1,668,999 1.38 1,844,581 1.50

180, /08 0 15 1.05.1.05i 0.88 1.900.8.19 1.35 1,673,871 1.35

fXY.UB/ 0.55 t i l 9,tiYU 0.51 775.01 I (3.63

5,448,755 4.44 607.588 0.51 162,311 013

1 .000.D36 0.82 l i3.002 0.63

4,005,028 3.92 1.004,528 0.82

90.492 0.79

1,142,826: 1 18 532,572 0.~13

1 ,33,999 1 .09 1,489,718 1 2 1 1.138.943 1.1 7

055.558 0.53 955.351 0.21 4j4.061 0.39 875,885 (1.80

1.463.650 1.15 1 ,320,360 132 1.083.503 0 88

180.734 0.15 1,070,423 0.87 2,281,477 1.86 1,808,225 1 :I l

Number of shnrcs Transferable Securities and Markel :b Value Net or Priricipal

Amount to an Otticial Exchange Listing GBP Assets Money Market lristrurrierils Adrnitted

United Kingdom (cont) 329,8/4 Srriith & Nephcsv 181 ,889 Srniths 32,l 85 Soco Iriterrlatiori;il

11 7.814 Spirax-Sarco Engineeririil 130.447 Staridard Chartcred 105.825 :;VG 0q)Ikdl

597.480 lesco 133.287 Unilcver 187.429 Venlure Prodiiction

2.9'38.229 Vodaforie 183,940 VT 196.1 (37 Wellslream 89.181 WPP

170.982 WSP 791.743 Yule Catto 8, Co.

1,050.000 SVG Oapitul 8.25?< 05:08:2016:

United States of America 1 ,ij33.745 Leed Petroleurr>


1,842,878 1,959,850

630,434 1.201.469 1.851.043

098,974 1.025.325 2.17!1.563 1,882.01 ? 1,454,121 4.41fi.442 1,149,825 1.373.025

428.893 000.970 971.805

1.50 1.59 0.51 0.98 1.51 0.57 0.84 1.78 1.53 1.19 3.80 0.94 1.1? 0.35 0.73 0.7Y

951,656 0.78 951.656 0.78

119,361,816 97.33

Number of shares Market 9; or Principal Value Net Amount 13erivalives CBP Assets

United Kingdom Y0,i387 13arc:lays niyhts 1 1':0i?2008

7,885 0.01 7.885 0.01

7,885 0.01 Total Derivatives



Net Asset Value 122,634,558 100.00

Schroder International Sclcctinn Fund Semi-Annual Report June 2008 Page 131

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF US Large Cap

Number of shares Transferable Securitics and Markct ”; or Prircipal Moncy Markct Instruments Admitted Value Nct Arnount to an Official Exchanqc Listinq USD Assets

Bermuda 78.383 ACE

United States of America 108,866 Abbott Laboratories 1 97.G46 American International 47.470 Apache 34.138 Applc

1 8B.372 Applied Materials 230.792 ATRT 158.71 7 Avon Products

108,084 Baxter iriternatiorial 84,508 Bank oi New York Mellnri

49,173 Becton Dickinson Fi Co. 59,479 Burlington Northern Santa Fe

759.447 C:iticjroup 153.925 Coach 161.073 Cognizant Technology Solutions 289.534 Comcast 87.738 Cori:~coPtiilli~~s

188,511 Corning 98,674 Covidieri 72,WO Danahcr

118.008 Dcan Foods 59.374 Deere R Co.

139.038 URll 106,213 Ecolab 85,051 Electroriic: Arts 44.848 Exelon

55.636 FedEx 119.301 Exxon Mobil

248.389 Gerieral Electric 177,823 Hewlett-Packard

741.068 Intel 142,Ol 0 iStar Financial 108.161 Johnson R Johnson

78.968 1-lorieywell

97.813 JPMorgan Chase & Co. 99.043 Kellogg 82.221 Kohl’s

97,060 Lexmarlc

97.722 Marathon Oil 69.189 Medtronic

313.215 Microsoft 50.608 Monsanto 14.049 Morgan Stanlcy

587,699 National City 11 6.203 NctApp 347.989 News 85.547 Noble

179.367 Oracle 176,652 F’rocter & Gamble 67.462 Prudential Financial

108,247 Oiiicksilver Res(.xir(;es 177.8S2 Reliant Energy 272.568 Schcring-F’lough 69,337 State Street

366.046 Time Warner 81.924 tw lelecom

11 3.440 TJX

149.554 Lchrnan Brothers

141.813 Lowe’s

4,329,877 I .43 4.329.8/7 1.43

295,654,660 97.49 5,769,898 1 .89 5.354.252 1 .16 5.816.605 1 .92 5.808.532 1 .9l 3.709.316 1.06 ;.560. (45 2.49 5.607.033 1.85 3.764.544 1 .OR 6.6i2.486 2.20 3,934,484 1 79 5,793,765 1.91 4.475.461 1.48 4,508.463 1.49 5,797,691 1.75 5.394.018 1.78 8,040,310 2.65 3,975,033 1.31 4.878.181 1.51 5,537,715 1 .F13 2.908.357 0.96 4,238.1 16 1 .40 3.093.596 1,02 4,639,384 1 53 2,858,341 0.94 3.901.776 1.29

10.375.607 3.40 4.29/.881 1.42 6.522.1 70 2.1 5 5,898,349 1.88 3,881,595 1 28 5.180.551 1.71 1.919.975 0.63 6.875.795 2 27 3.428.346 1 13 4.750.102 1.57 3,402305 1 12 3.327.577 1 .I0 3.746.657 1 .07 2,955,463 0 . 9 7 5.005.321 1.65 3,575,988 1 18 8.654,l 30 7 R5 0,445,031 7 14 2.718339 0 90 2.791.128 092 7.509.748 0.85 5,202,320 1.75 5,540,024 1.83 3.818,61 I 1.26

10.685.67G 3.52 4.301.377 1.47 4.219.468 1.39 3.602.236 1.19 5,353,736 1.77 4,137,941 1.46 5,278,383 1.74 1,325,530 0.44 3.613.0M 1.19

Number of shares Transferable Securities and Market ?,, or Principal Moncy Market Instruments Admitted Value Net Amount to an Official Exchange Listing USD Assets

United States of America (cont) 50.695 Ultra Petroleum 52.768 Unitcd Technologics

141,655 Waste Management 101.540 Wyeiti


Total Investments

Other Net Assets

Net Asset Value

5,063,785 1.67 3.226.783 1 .06 5.275.232 1.74 4.879,97? 1.54

299,984,537 98.92 I 299,984,537 98.92

3,281,031 1.08

303,265,568 100.00

Page 132 Schroder Intcrnntiorial Selection Fund Semi-Annual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Asia Pacific Property Securities

Schroder ISF Asian Total Return

Number of shares Transferable Securities and Market '<b Number 01 shares Transferable Securities and Market 96 Moriey Markel Irmtrumcnts Admitted Value Net or Priricipal Money Market lnstrumerits Adriiilled Value Net or Principal to ari C)lliciai txchange Listing lJSD Assets Arriour it to an Official Exchariqe I istiny UXJ Assels Amount

Australia 2,173.900 nexus Property 1,322.420 GPT 1 .I 17,640 Macquaric CountiyWide Trust

838.170 Maqiiarie Cllicc Trust 8; 1.74 1 Westfield

Hong Kong SAR 2.976.000 Chainpior1 HElT

21k000 Cheung Konq 331 ,000 I-far& Lur-ig

1.~148,000 Honykong Land 298.500 Jardirie Strategic 21 4,000 Kerry Properlies

1 ,SI 2,000 Shnnyri-La Asia 8 10,000 Sun Hung Kai Propertie:; 309.600 Swire Pacitic 700,625 Wti:irl

Japan 330.500 Daibiru

580 Japari Prirrie Ilealty Invcstment 149 Japan Hcal Estate lnwstriieril

462.000 Mitsubistii rstate 489,000 Milsui Fudosan

15i.000 Surnitorrio Rea1l.j B Uevclopmcnt 314,000 Tokyu Land

17B Nippon Building Fund

Malaysia 8(JO',lO(J SP Setia

Philippines 7.837.2ii8 SM Prime

Singapore

1,730,000 Ascendas Real Cstate hwslincrnt

7,%/,UOO Cambridge Iriduulrial lrusl

1.499.000 CapitaMall Trust 4,374,000 k)rlune Heal Estatc Investment Trust 1 . /I 3.000 Sai7eri Real Estale Irivestrncnt Trust 3,1!?8,000 Smtec Real Estate lnvestrrierit .lrus1

Trust

1.01 1.000 Capital arid

1.073.000 YArllCJrd Land

Thailand 4,303,300 Land B Houses (Foreign)


Total Investments

Other Net Assets

Net Asset Value

17,893,229 14.60 7.8>37,983 2.37 2,871,?77 2.32

986,841 0.79 026,739 0.51

10.595.553 8.69

38,691,154 31.73 1,354,389 1 .I 1 3,355,503 2 75 1,470,574 1.21 1.485.410 3.ti8 5.134.7'00 4.21 1.123,630 0.92 3.528,40/ 2.89

10.988.191 9.01 3.982.847 3.2 / 3,267,993 2.88

35,304,156 28.95 3,585,017 3.02 1,722,338 1 .A 1 1.5/8.211 1 39

10,617,174 8.71 10.497,730 8.61 2.080.5/5 1.;1

2.419 2.73 l,/YO,B37 1.47

725,305 0.60 725.305 0.00

1,220,351 1 .OO 1,220.331 1 .OO

22,062,168 18.09 r,06,8'jfi 0./4

7,510,940 2.39 :3,;74,9Rti 3.06 4.73tX12 3.48 3,295,292 7. /o 2.548.515 2.0Y

881.594 072 2.197.738 1 3 0 1.459:135 1.20

964.697 0.79 96-1.697 0.79

116,861,060 95.84

5,067,237 4.16

121,928,297 100.00

Australia 14,?90 Australia and N e w Zealand Earikiriy

1 75.930 Austr:ili:-lri Phammccutical Industries 54.530 nrarritiles

124,8 17 Consolidated Media I 7.002 (:SL 59.1120 Jarncs Hardie Industries 19,490 (>rim 49.880 Rcsmed 3,l 10 Rio Tirito

1 9.360 Suncorp-Metway

China 160,500 China Merchants Darik 'H' 296.000 China Oilfield Serviccs 'H'

1 ,366,000 Frdristiic.irl Propertics China 452,900 Hangzhou :.;teafTl lurblIl@ 378.000 PetroChiria .ti

Hong Kong SAR 26 1.500 ROC I loriy K c J ~ ~

1 , I 08.000 Champion RrlT 50.000 Cheuri!] Korig

391,000 CNOOC 504.400 Dah Siriy Bariltiny 56,600 Dairy Farm Iriterriatiori:il

51.400 Esprit

20,800 Horig Korig Aircraft Enginccrg

1,374.000 Denway Motors

1 ./EiO.000 hrsl t'acitic

.O(Xj Horiykoriy Land ,800 Jardine Mattiesori

122.000 .Jardine Strategic 737,000 Midland 128.000 Noble

7ti,000 Swirc Pacific 'K 3/1.500 :;Wire Paulic 'B'

Malaysia 424.157 AMMB 3)1 ,000 Giiinncss Anchor 27 I, 100 Honq I eoriy Barik 283,900 Lafarge Malayari (:emem 760,r?00 Tradewinds kintation

Philippines 22.830 Globe Ielecor11

557.700 International Container Terrri Service2

Singapore 234,000 Asccndas Real Estate Irikeslrnerll

Trust 1.2 15,000 Carribridye Iriclr~s~rial Trust

386000 CapitaMall Trust 189,000 First I<esuurccs 850.000 Fortune Real M a l e Investment Trust

508.000 Rickrriers Maritime 790.000 Suntec Real Cstate Iriveslment Trust

797.000 M I L

53.000 Jardine Ckcle & Carriage

57.000 United Overseas h i l t

South Korea 4 I , 1 B0 Korea Exchar ige thnk

Taiwan :390.00(3 C;hungtiwa Telecom

3,431,389 6.70 257.078 0.50 123.420 0.21 457.649 0.89 395,837 0.77 583.299 1 .I4 243.745 0.48 548.786 1.01 174,003 0.34 404.970 0,/9 212.609 0.48

2,681,210 5.23 504,193 0.98 531,343 1.04 596.353 1 , I 6 559.803 I .OY 489,518 0.9u

13,431,679 26.20 892.384 1.35 517.464 1.00 673.796 1.31 d/2,796 1.31 895.090 1.75 371,077 0.64 530.284 1.03 533,831 1.04

1.110.28:! 2.17 370.304 0.63 980,120 1.91

1.338.520 2.61 2,0.38.100 4.09

434,268 0.09 739,477 1.44 7//.141 1 .G 774.448 1.51

2,077,055 4.05 412.828 0.80 515.781 1.01 405,388 0.95 345.675 0.67 317,425 0.6%

959,972 1.87 594.003 1.18 Y65.YtiY 0.71

5,877,568 11.45

380,208 0.71 598,500 1.17 848.539 1.65 158.409 0.31 494,801 0.96 882,427 1.79 422.042 0.82 I'89.913 1.54 ;8l1.311 1.52 742.4 18 1.45

563,540 1.10 563.540 1 .IO

1,008,389 1.97 1.008,3YY 1.97

Schrodcr International Selection Fund Semi-Annual Rcport June 2008 Page 133

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Asian Total Return (cotlt)

Niirriber of shares Transferable Securitics and Market % or Principal Money Market Instruments Admitted Value Net Amouit to an Official Exchanoe 1 istina USD Assets

Thailand 170.800 Electricity Generating iForegnj

1.81 0.300 I lorne Product Center (Foreign) 742.500 Major Cineplex Group Toreign) 93.200 PTT Exploration & Production

(Foreign) 436.400 Stiiri (Toreign)

638.200 1 i sm Bank (Foreiljn) 15.000 Siarn Commercial Bank (Foreign)


Nuniber of shares or Principal Anioi.int

Money Market Instruments other than ttiose dealt in on a Reaulated Market*

2,394,430 4.66 431.210 0.81 265,112 0.52 323,887 0.63

537.125 1.05 315.521 0.67 104,198 0.20 387,077 0.75

32,425,242 63.23

Market D.b Value N b IJSD Asset:;

Time Deposit 7,353,832 14.34 SGD 10,002,314 CMR London 0 70% 01:07:?008 7.353.832 14.34

Total Money Market Instruments other than those dealt in on a Regulated Market*

Total Investments

Other Net Assets

7,353,832 14.34

39,779,074 77.57

11,500,337 22.43

Net Asset Value 51,279,411 100.00

Schroder ISF Asian Equity Yield

Numtw of shares Trarisferahle Seciirities and Market 9b or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchanae Listina USD Asscts

Australia 332.510 Australia and New Zealand Ranking

215.321 RHP Rilliton 8.1 39,8R0 Habcock & Hrown Corrirriiiriities

5.349.770 Corisolidated Media 1.084.700 Crown

9 1 1,130 Lion Natkan 265.440 National Australia Bank 368,190 Orica

fi,fi12,390 Telstra 88,700 t4io 1 into

China 13.221 .000 China Construction Bank 'H' 2,928,000 China Shipping Development 'H

Hang Kong SAR 9.088.000 BOG I long Korig

18.322.000 Champion RElT 704.500 China Mobile

10.195,000 CNOOC 23.384.000 Denway Motors

1 , I 10.000 Esprit 17.884.000 Franshion Propertics China 3.900.000 Hongkong Land 4.603.000 Hopewell ?.050.000 Hutchison Whampoa

940.251 Jardinc Matheson 1,770.500 .Jardine Stratcgic

10.450.000 Swirc Pacific '0'

India 321.600 Oil 8 Natural Gas 213,853 Sobha Developers

Malaysia 5.358.SOO AMMB

3.779.500 Public Bank (Foreign) 3,224,600 Taniong

22,287.300 Plus Exprcssways

New Zealand 4.030,340 Fisher & Paykel Healthcare 1,556.1 00 Fletcher Building

Philippines 9.873.900 First Philippinc

21 3,320 Globe Telecom

Sing a p o re 3.112.000 Asccndas Real Estatc lnvostmcnt

Trust 26,261.000 Cambridge Industrial Trust 15.607.000 CapitaCommercial Trust 1 6,4C5.000 Cityspring Infrastructure liusl 14.61 3.000 Fortime Heal Estate Investment Triist 20.01 1,000 Hyflux Water Trust

147.000 Rickmers Maritime 7.675.000 Singapore Press 3.742.1)00 Singapore Telecommunications 8,843.000 Suntec Real Estate Investment Triist 4.fA9.000 1101

South Korea 1.082.820 Korea Exchange Bank

971.110 KTRG

102,901,204 12.78 5.982.908 0.74 3.363.634 0.47

10,302.553 1.28 16.964.140 2.11 9.683.865 1.20 7.486.345 0.93 6.759.828 0.84

10,381,131 1.21) 1 1.550.1 15 1.43 70.4?3.685 ?.54

19,430,842 2.41 10,645,828 1.32 8.785.014 1.09

221,570,904 27.52 24.062.674 2.90 8.480.776 1.05 9,466,682 1.18

17.547.657 7.18 9.067321 1.13

11.5?8.?53 1.43 6.810.463 0.85

16.692.000 2.07 10.348.438 2.03 20.660.076 2.5/ 28,865,708 3.59 30,607,400 3.80 21.438.371 2.66

7,477,043 0.93 6,088,029 0.16 1.389.011 0.1 7

48,662,236 6.04 5.215.005 0.65

17.666.138 2.19 12,280,964 1 5 2 13,520,129 1.68

14,781,485 1.84 7,234,178 0.90 1.547.287 0.94

10,488,306 1.30 4.886.982 0.60 5.599.324 0.70

107,527,976 13.36

6,031.335 0.75 12,935,978 1.61 21,W 6.237 2.72 9,166,489 1.14 8,50R,497 1.06 9.Y30.835 1.23

122,128 0.02 8.358.453 1.04

10.096.783 1.25 8.842.025 1.10

11.671.218 1.44

33,a12,010 4.20 14,825.367 1.84 18386.643 2.35

Page 134 Schroder IrXernational Selection Furid Serni-Annual Report June 2008

I

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Asian Equity Yield (c;ont)

Number of shares lrarister~ble Securities and Market 9; or Principal Moriey Market Instruments Admitted Value Net Amount to ari Ollicial Exchangc Listing USD Assets

Taiwan 2,826,000 Acer

1.21 6.97 I Chunghwa Telecom ADR 6,595,830 Far tastern Textile 6.354.1 GO Tar ras.rorie lelecommunications 1.482,688 Nan Ya Printed Circuit Doarti O,f3G.O00 lalwan Ccmcnt

9.701.000 TSHC

10,l 12,000 Asia Cement

18240,628 Taiwan Motlile

Thailand 2,713.800 Advariced Info Sen,ice (Foreign) 2.97S.200 tleclricity Cencrating

10.35:3,400 Kiatnakin Bank (Torely)) 080,YOO P V (roreigri;

5, /2!2.000 Ratctiahri tlectricity Ccinerating iforeign)

3,282.200 lisco Dank (Foreign)


Total Investments

Other Net Assets

Net Asset Value

129,604,482 16.10 5,566,355 0.70

15,151.8// 1.88 29.888.80D 3.71

7,289,893 0.91 10,098,471 1.23 /.323.07ii 0.91 8,981,660 1 .11

30.223.830 3.75 13,0Y/.C;00 1.88

38,890,860 4.83 7,500,045 0.!33 3 I327.917 0.10 (.i33.343 0.96 8.949.7fS I , 10

:.189.0Cd 0.8s 1 ,990.ijU7 0.25

r .I

735,145,328 91.31

735,145,328 91.31

69,921,186 8.69

805,066,514 100.00

Companies Schroder ISF Asian Smaller

-

Number 01 shares or Principal Arriount

Transferable Securifies and Money Markel lrislruments Admitted to an Official Cxcharige I isting

China 2.300.000 China Eastern Airliries H 1,050.000 Chiria Molybdenm 'H' 1.141.10i) 2.u70.000 Epure 1,185,000 Great Wall Autorriotlile 'H 1 ,~00.000 1 iciadmn I'owcr 2,830,000 Sharighai Forte Land 'H' 9.350.000 Un-President Ctiiria 1,800,000 Warit Want Cliina

Hong Kong SAR Y50.000 Agilc Property 400.000 China Agri-iridiistries 530.000 China Everbright 403,000 China Insurance

780,000 Giordano 680,000 GOME Electrical Appliances 778.000 Jiritiiii

1.700.000 Midland 7.1 10,000 Miriqyuari Medicaro Development 2,900.000 Minmctals Land 3,l 1 W O O Minmctals Resources 2 ,2?2 ,000 Prime Succcss

1 ,440.000 Shouqang Concord Iriterrialional

1,538,000 Chuang's Corisortiurri

10,400.000 Hexcapital Firi;incial

I l r iterprises 100.000 Television Rroacit

53,170,000 lown Health

India 1133,438 Fiolta lridia 20,171 Tata Tea

260,800 lJriiled Phosphorus

Indonesia !)ij,200.000 Ccntral Proteinaprirria

Malaysia 3.748.800 Rexit

1 ,054,800 Tradewinds Plaritaliorr 1 ,0:3/.t30(3 WC I

444.800 Surlwxy M y

Philippines 30.240 Philippine Stock Cxcharige

Singapore 2,713.000 ARA Asset Mariayerrierit 1,508,000 First Resourt:es 1 ,009.000 Godpack

1,22/,000 llriisteel lechnoloyy 450.000 SC Global Uevelopments

South Korea 4,000 L J CheilJcdang 9,000 I-iyuridai Departmcnt Store

21 369 Hyunlin Materials ld.OOO Jirisuriy LkC. 15.541 JVM 2.450 KCC

12.000 Kumho Industrial 34,460 I IG Non-Life Insurance 1.000 Lotte Shopping 8.500 Sarrisuri!] tngineering

10.000 Snmsuny Techwin 27.951 TK

Market 4; Value Net USD Assets

,651,619 14.31 122.519 1.35 896,642 1.68 ,221,828 2.29 ,040.400 1.95 785,533 1.47 306.200 0./4 805.551 1.51 .08/.754 2.03 692.388 1.29

I ,593,365 21.69 828,301 1.55 79.341 0.55

1.022,08/ 1.Y1 YB1.111 1.80 165.434 0.31 114.885 0.21 322,601 0.60 468.81'3 0.88 144.701 1.39 984,575 1.84 334.038 1.04

1.098./1 ; 9.05 1,227,939 2.30 1 ,040,120 1 3 5

170,824 0.88 676.990 1.08 71Y,8/2 1.35

3,112,998 5.82 1.048.095 1.96

354,908 0.8u 1 ,709,995 3.20

1,401,496 2.62 1.401.498 2.G2

4,405,867 8.24 1.789.787 3.35

359.371) 0.8/ 1.704,80r? 2.40

Wl.tlY5 1.89

552,908 1.03 552.900 1.03

5,915,115 11.08 1.41 1,399 7.64 1,2ti3.910 2.38 1.134.493 ?.I.?

400.323 0.75 1,701,981 3.1Y

8,444,747 15.79 1252,552 7.34

727.316 1.36 YS8.251 1.79 235.092 0.44 577.542 1.08

1.022.1 64 1.91 97r -jrr * I , > .m 0.51 821,964 1.54 297.204 0.56 ti35.008 1 , 1 Y 442,229 0.83

1 ,?00.072 2.21

Schroder lntcrnatrnnal Sclcction Fund Semi-Annual Report June 2008

Portfolio of I nvestrnents as at 30 June 2008 (cont) Schroder ISF Asian Smaller Companies (cont)

Nunitwr of shares or Principal Amount

Taiwan

Transferable Securitics and Money Markct Instruments Admitted to an Official Exchange Listing

577.900 Chicony Elet:troriics 409.197 Chroma ATF

1.465.424 Far Eastern Intcrnational Bank 137.100 lntcrnational Games :;:/stern 817,624 K Y t Syslems 180.000 Synnex Technology

Market Sh Value Net USD Assets

4,881,413 9.12 1.081.'390 2.03

855,863 1.60 4w.530 0.90

1.018.31 6 1 .YO 1.088.160 2.00

370,554 C.N?

Total Transferable Securities and Money Market Instruments Admitted to an Official Exchange Listing 47,959,528 89.68

Nurnbcr of shares Markct 55 or Principal Value Net Amount Dcrivativcs LlSD Assets

Singapore 56,726 0.11 308.525 Goodpack Warrants 1 fi!07:2009 56.726 0.11




Net Asset Value 53,475,415 100.00

Page 135

Schroder ISF BRIC (Brazil, Russia, India, China) Number of shares Transferable Securities and Market ?b or Principal Money Market lnstrumcnts Admitted Value Net Amourit to an Official Eichanae Listina USD Assets

Brazil 2,745.1 56 Banco Bradesco AUR 2,431.700 Bradespar Preference

439.900 Companhia de Rebidas das

1,685.100 Companhia de Concessoes

1.723.537 Companhia Eriergetica de Minas

3 , O l 8.1 48 Conipxihia Vale do Rio Doce ADR 1 ,969,480 Eletropaulo Metmpolitana de Sao

Americas AUII

I'lochviarias

Gerais Preference

822.400 Gerdau AUK

35/.100 Telc Norte Lestc Participaqdcs 388.500 lele Norte Leste Participaqoes ADR

431,543 Ultrapar ParticipaCOes Preference 5r6.400 Unibanco - Llniao de Rancos

4,726,828 Petrole0 Brasileiro ADR

1.357.175 1 irlr Participaqoes

F3rasileiros GDR 1 .i)33.500 Usinas Sidcrurgicas de Minas Gerais

309.900 Usinas Siderurgicas de Minas Gerais Prcference

1.856.336 weg

China 13.61 7.000 China Coal f.nergy 'H' 11.009.000 China Communications Construction

13,502.000 China Communications Services 'H' 97.371.000 China Construction Bank 'H' 11.261.000 China Natioval Building Material 'H. 27,502,000 China Petroleum & Chemical 'H' 9.976.000 China Shipping Development 'H'

22,574.000 Golden Eagle Retail 157.8G8.000 Industrial & Commercial Bank of

'H'

Chirva 'I I ' 3.003.500 Parksori Retail /.108,b00 Ping An Inswarice Group Co of

China 'H. 17,0f0.000 :.;irio-Ocex~ ILancj

Hong Kong SAR 4,740.000 Belling Enterprises 8,430,000 China Mengniu Dairy

12.37 1.000 China Mobilo 17.1 75,000 Ctiiria Uriiconi 52,834,000 CNOOC 83.264.000 Oenvb,ay Motors

India 780.521 Rharat Hcavy Electricals

1,599.881 Bharti Airtcl 784,l 06 Housing 13evelopment Finance 71b,l54 IClCl Rank

2,594,500 Infrastructure Development Finance 1.51 8.404 IVRCL Irifrastruc:tiires 8 Projects

295.193 Maruti Suzuki India 1.31 2.310 thnbaxy Laboratories

355,028 I Ieliance Industries 87 Reliance Indiistries GDR 144A

14 /.263 Roliance Industries GDR 144A

83G,351 Satyam Computer Services ADR (I uxemboiirg)

884,525,571 28.20 56,550,714 1 .A0 54.967.625 2.07

?7,8?3.675 0.89

33346.614 1 .OR

41,512,915 1.33 116.133.907 3.70

46,465,242 1 4 8 19.013.008 0.61

?67.680270 R 53 10.438567 0.33 17,184,960 0.55 6,11I,ti02 O l f i

16,493,952 0.53

73,i 16,340 2.33 49.37G.709 1.57

15,526,657 0.50 ?3.2?7.434 0.74

422,489,598 13.47 23,815,040 0.76

18,830.386 0.80 9.850.673 0.31

78,405.185 2.50 21,564,038 0.69 23,742,022 0.82 29.931.454 0.85 71,939,679 0.70

107.909.418 344 ?1.91?.676 0.70

52,664,177 1.69 9.6P4.700 0.31

360,556,884 11.50 15.497.942 0.19 23.887.756 0.76

166,234,668 5.30 31.889.382 1.02 90.912.064 2.90 32.135.072 1.03

180,435,462 5.75 25,007,309 0.80 26.800.933 0 85 35,783,316 1.14 3.149.229 0.10 6,339,937 0.70

10.710.470 0.34 4.227.180 0.13

15.R42.851 0.51 17,276,435 0.55

8.456 0.00

14,313,964 0.45 70,975,387 0.67

Page 136 Schroder Internatiorial Seleclion Fund Semi-Annual Heporl June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF BRlC (Brazil, Russia, India, China) ((:orit)

Number of shares Iraristerahle 3miritics and Mxkct y: or Priricipal Moncy Market lnstrumerits Adrriitled Value Net Amourit to an Official Exchange Listirig USD Assets

Russia 908,tiOO Lukoil AUH 493.700 Mechel A13H

1.471.230 MMC Norilsk Nickel ADR 2,023.30(5 Mobilc Telesysterris 155,900 Mobile Telesysterris A131

4.624.022 OAO G;liLprom ADR 3.8/1 .6:iO Rosrieft Oil GUIi

22.896.2/2 Sberbarik 508.001 Scvcrstal GER 470.800 Vinipcl-Communicatioris ADR


623,960,571 89.878.82il 74.043.1 90 :h5.998,449 23,924,941 33,407,701

2ti9.l 15.080 45.068.003 /2,:A<1 , I 82 13.202.94u 14.039,.?>6

19.89 2.86 0 . i B 1.18 0.76 1 13 8.38 1 .44 2.31 0.4% 0.45

2,471,968,086 78.81

Nurriber 01 stiare:: Market 46 or Principal Valuc Net Amount Uerivatives lJX1 Assets

Brazil 11 5,CY)/ MSCI Daily T l i Net t i r u i l Warrants

19 1,725 MSCl Daily TR Net Brazil Warrants 23;01;2009

15:04:2010

China 23.958 MSCl Daily TR Net Emergiri(j Markets

China LVarrarits 23:04,'2009 570.308 MSCl Daily TF Net I rrieryiny Markcts

China Warrants 11:00:2010 301,321 MSCl Daily TR Net Friieryirig Markcts

China Warrants 30:0d!2010

India 4.347.143 M X Uaily TR Net Emerging Markets

India Warrants 3 li07:2008 1,340,214 M X Daily I I i Net tmcfging Markets

India Warrants 30:10:7000 974.463 MSCl Daily TR Net Ernei-(]iri(j Markets

Iridia Vdarraritr; 21:l 1:20C8 18,154 MSCl Daily TR Net Errieryiny Markets

lridia Warrants 28;l 1'2008 1.444.370 MSCl Daily 1 I4 Ne1 tmerging Markets

India Warrants 09/04:2009 50,846 MSCl Daily TR Net Emergincj Markets

India Warrants 00:04:2009

Russia 40.997 M X Daily I I1 Net tmcfging Markets

Russia Warrarits 23:04:200'3 81.47 1 MSCl Daily TR Net Emerging Markets

I 4~1:jsi~ Warrants W3;08;2009

Total Derivatives

Total Investments

Other Net Assets

Net Asset Value

230,394,065 7.35

88,3Y4,019 7.76

144.000,048 4.59

130,501,753 4.15

1,8/7.390 0.25

24.044.185 0.78

WSY0,l 18 3.14

97,572,216 3.12

37.Ci85.801 1.20

1 1.185.634 0 3;

8,?93,G!37 0.2G

7.481.285 0.21

12.2ti2, /01 0.40

20,33S,0Y4 0.65

133,357,194 4.25

44,8X./69 1.43

8fC727.425 2.82

591,825,228 18.87

3,063,793,314 97.68

72,673,003 2.32

3,136,466,317 100.00

Schroder ISF China Opportunities Nurriber ut stiarti:: Transferable Securities arid Market Y2

or Principal Money Market Instrumcnts Admitted Value Net Ariini 1111 to an Official txt:hanue Listinu OS13 Aswts

Australia 3,483,010 Aluniiria

124.950 BHP Billiton

China i3.808,000 AAC Acoustic Technologjl

281 ,800 AirMecjia AUI 1 01,220,000 Apac Resources ij.6/5.500 Asia Ccmcnt China

&2,012,000 Oarik 01 China 'H' 3.370.500 Reijiriy Erilerpriscs 6,847,000 BYD Flectrtiriic:

8,490,000 Chiria Coal tncryy 'H' 17,795,000 Ccntral China Real F-sliile

24.075.000 China Corrirriuriicatioris Construction

32,844,000 Ctiina Communicatioris Services .t i ' 58,847,000 Ctma Construction Bank I I' 10.015.000 Ctiiria Hiyti Spccd Transmission

'H'

Equiprrieril 0.1 39.000 China Insurance 9,350,000 China Litc Insurance 'I 1' 8,885.000 Chiria Menyniu Uairy 3.L355.500 China Mert;harit:; 'dnnk 'H' 0.31 0,500 China Mobile 3.430.000 Ctiina National Building Material '1-1

17.808,000 China Oilfield Serwe:; H' 10,034,000 China Overseas L arid & Irivestnienl 41 ,030,000 Ctiirin Petroleum &Chemical 'H'

49.971?.000 (:him lclccoin 'H' 10.142.000 Chiria Unicorn 36314.000 CNOOG 14,BiiO.OOO Cripc I long Kong 8,344,000 Cosco International

24.R74.000 Dalian Port PDA I I' lY.230.001J Doriyleriy Motor 'H'

440.500 E-House Chiria 27.21 4,000 Fraristiiori Properties China

6,718.000 China Sherihua trieryy 'H

,000 GCL l'oly Energy ,009 Guanyilong Investment ,000 I lairiari Meilun International Airport

'H' 4.3/4.683 I IariyAiou Stcam lurbine

19, ;h5,000 Iiidili Industrd International C)evelopmerit

2ti,6so,ooo Huatjlan rwvcr 'H' 17,634,000 Huancng Power Internatiorial 'li. 1 .86i3.i310 tiuarigshwi lourism Developmcnt 2.605.094 Humin Cement 8i'.i309.000 Iriciiistrial B Commercial Rank of

Ctma 'H'

5,906.000 Lianhua Superrriarket ' t 1 20.530.000 PetroChina 'H' 10,470.400 Shandong Chenminc] Paper ti.~08,000 :;tiaricloriy Chcnming Paper 'H' 3. I Y Y . 0 0 0 Shariy:ii hidustrial 5.01 6,700 Shanghai Zherihua Pori Machinery

1,570,880 ZTE 'H' 1 8,000.000 7ijiri Miriiriy

Hong Kong SAR

4,OOti.OOO Shangri-La h i a

21,112,961 15,865,598 5.24 1.363

906,l 95,556 1 1,543,404 3.808.896 8.90/.669 4,305,338

18.092.1 1 1 11,020.214 4.0ii4.77n 5,316,299

14.848.329

41.093.652 23.9S2,042 4 7,384 8 4 1

70,069,051 19,410,624 32,756,780 25.1 77.072 1 2.476.761 84. /9/,015 6.59u.913

38,423,023 26.350.272 27.16'3.578 19,943,860 63.518.339 6,917.31 1 3,890,124

13,782,088 7 .G92,888 4,825,250

10.363.450 3.218.702

11.998.01 1

5,053,883 5,407.283

6.855,97B 598U,30ti

59,873,058 12,309,481

7.55/.523 76,594,556 8,872, 640 5.801.618

10.97fl1,5O7 7,289.265

13.6(31 ,xi9 1.533.037

17,329,359 3.2/1.904 4,703.043 9,318,412

1.99 1.50 0.49

85.58 1.10 0.36 0.05 0.41 1 . / / 1.04 0.38 0.50 1.40

3.88 2.26 4.47

1 .Y3

3.09 2.38 1.17 8.01 0.62 3.02 1.59 3.63 2.49 2.5/ 1 .88 6.00 0.65 0.36 1.30 0.73 0.44 0.?8 0.30 1.13

0.48 0.51

2.10 0.61 1.16 0.63 0.57

5.63 1.16 0.71 2.51 0.82 0.55 1.04 0.69 1.28 0.71

1.64 0.31 0.45 0.88

I .a3

Schroder International Selection Fund Semi-Annual Report June 20OR Page 137

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF China 0 p po rt u n i t ies (coni)

Numbct of shares lranslerable :;ec:iirities and Markct ?c

or Principal Money Market Iristruments Admitted Value Net Amount to an Official Exchanoe Ltstino USD Assets

Schroder ISF Emerging Asia

Number 01 shares Transferable Seciirities arid Market 9; or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchanao Listino lJSD Assets

Taiwan 8,086.000 Chunghwa Telecorn

20,536,000 SirioPac Financial 12.959.000 Taiwan Cement


47,315,972 4.47 20.907.177 1.97 8,907.869 0.84

17,500,626 1.66

991,953,848 93.68

Nurriber of shares Market 46

or Principal Value Net Aniourit Derivatives lJSD Assets

China 24,815,749 2.34 21.996.000 China 50 FTr Warrants 10/06,2013 7.162615 0.67

03:06/2009 3,771,744 0.36

Warrants 78'1 2i2012 13,881.390 1.31

Total Derivatives 24,815,749 2.34

969,600 Guangzhou Friendship Warrants

11,567,825 Shanghai Tunnel hgirieeririg

Total Investments 1,016,769,597 96.02


Net Asset Value 1,058,884,634 100.00

Australia 3.531.210 Alumina

80.975 Incite(: Pivot 289.720 Rio Tinto

China 1 .I 05.1 00 AirMedia ADR 8.570.000 Anta Sports Products

77.57R.000 Aupii 6.822.000 Belle

22,326.500 BYV tlectronic Inlernatiorial 4,540.000 China Coal Energy 'H' G.403,000 China Communications Construction

'I I'

Fquiprrierit 3,288.000 China Life Insurance 'H' 3.752.000 China Narional Building Material 'H.

18.747.000 China Hioh Speed Transmission

17.754.000 China Telecom 'H' 15,844,000 Donyteny Motor 'H.

882,200 E-House China ADR 70,508.000 I lirltli Industry International

Uciscloprncnt 11 .612,000 Hiiarierig Power Iriterriatiorial .I I' 15,679.000 Industrial & Commercial Bank of

13.1 16,000 Zilin Miriing China 'H'

Hong Kong SAR 18.894.000 M C Acoustic Technology 7.482.001! Chen Hsony 3.50 1,000 Cheung Kong

5,376.000 China Mengniu Dairy 3.886.500 China Mobile A.?98.OOO China Unicorn

3.812.000 Hopewell 1.288.500 Jardine Strategic 3,045,500 Kerry Properlies /,5/0.000 Lung Kee (Bermuda)

16.1 17,000 China Infmslruclure Machinery

18.1 85.000 CNOOC

19,280,000 Mirig Ari 14.872 000 :;hanyri-l.:a Asia 3,704.500 Swire Pacific

India 443.450 Bharat Heavy tlectrical:;

2,322,513 Bharti Airtel 46fi.770 I inrc Rank

3.171.960 Hindustan Lever 177.490 lnfosys lechnologios

1.301,650 IVHCl Infrastructures & Projects 1.103,W5 Parsvnath Dcvclopcrs 1.045.097 Hanbaxy Laboratories

389.350 Reliance Capital 147.190 Reliancc Industrics

Indonesia 2,409500 Astra

15.R38.000 lridocemerit Tiriggal Prakarsa 11 , I 77.000 Telekomuriikasi lndoriesia

Malaysia 8.560.100 Bursa Malaysia

5.965.500 IJM 20,HXH,700 Genting

35.586.000 Samling Global 13.125.200 Sirrie Darbv Bhd

68,207,331 16.0fi5.l56 14.396.1 40 37,726,035

213,336,750 16,090,256 6,674,770

ti. 140.509 13,313.677 7.940.096

16,083,387

33.320. /68 1 1509.328 7,216.217 9.552.006 6.738.378 9,263.100

35.781.665 8,064,894

10.i15.220 11.149.887

331,114,750 15,795,269 3,194,607

47.179.1 75 14,982,274 15.233.758 52.224.641 15,406,270 31,291,136 13.539.049 22,162,200 20.71 6,265 3,445,718 3.358.541

34.705.338 37.880.509

154,083,838 14,207,806 38.906.34 1 10.6/5.796 15,261.2 13 19,261.51 7 9.181.538 3.967.567

12,6ati.272 8,164,549

21,751,239

23,707,261 5,029,044 9.831.827 8.846.590

103,535,293 14.Yf0.90Y 35,800,087 10,041,393 5,566,658

37.156.266

3.71 2.582

3.19 0 75 0.6/ 1.77

9.99 0.76 0.31 0.1 / 0.29 0.67 0.37

0.75

1.56 0.51 0.34 0.15 0.32 0.43

1 68 0.38

0.50 0.52

15.51 0.74 0.1 5 2.21 0.70 0.71 2.45 0.72 1.47 0.63 1.04 0.97 0.1 6 0.1 6 1.63 1.77

7.22 0.m 1.87 0.50 0.71 0.90 0.43 0.19 0.59 0.38 1.02

1.11 0.24 0.46 0.4 1

4.85 0.70 1.68 0.47 0.76 1.74

Page 138 Schroder Iriterriatiunal Selection Fund Scmi-Annual Repurl June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Emerging Asia ( c m

Nurrlber 01 shares Transferable Securities arid Market % N.imber of shares Market B or Principal Money Market Instrurrierits Adrnittcd Yalue Net (11 I--’rincipal Operi-er ided Collective Value Net Amount to a r i Oflicial txchange Listing USU Assets Amourit Irnvcstment Schemes USD Assets

Philippines GG9.800 Globe Telecrm

7Gfl.580 Pliilippinc Long Distance Telephorie 9.392.600 Mctro Bank &Trust

Singapore 6.97T.000 CapitaLarid

103.000 Capital Wail China Trust .90ti,000 City neveloprrleril:;

3.00i,000 Keppel 6,287.000 Kcppcl Land

7,793,000 Yarilord Land 10.%01 .000 SerribCorp Industnes

South Korea 137.71 5 Uieil (:oirii~iuriicatiotis 801,040 Hsna Financ,al 21 1,214 Hana Tour Service 328,830 Hyundai Departrrierit Store 841.232 Hyiindai Dcvclopment 677.300 Kookmin Bank

2.837.880 Korea Exchange r.3arik 8.095 Korean Reinsurarice

147.020 KTBC

884.41 0 Sarnsurig (.;arc 220,380 Samsung Fire & Marine Irisiirarice

/i.Y00 FOSCO

44.390 Shinsegae

Taiwan 26.1 93,103 Adwriced Serriiconductor

t n yineering 8M.083 Catcher Tectirioloyy

20,922.707 Calllay Financial 19.585.000 Chunghwa Telec:orii

19,998,640 Far Eastern Textile 16.91)5,71‘6 Far EasTorie Te1ecoriirriunication:j

13.351.008 HON HA1 Precision Industry 40,7 1 (5.000 KGI Securities

605,000 MediaTek

405.000 Ctiurigtiw Ielecom ADH

1.754.550 Foxconn Tectirioloyy

1 .:3/9.480 I argali Pret:isiori

4,883.0ii2 Nan Ya Printed Cirt;iiit Bmrd 1 7,040,000 I;iliconware Precision Industries 2;,04H.000 SirioFac: firnancial 22,125,000 Taiwan Ceriierit 13,763,058 Taiwan Mobile 53.674 .8l 3 Taiwan Semicoriductor Mmilactuting

Thailand 8,583,800 Advanced Info Service (roreigrl) 1.003.300 Baripu

37.000 Haripii i k m g n j 4.972.400 Kasikornbank (Foreiyri) 3,299,800 Kiatnakin Rank 2,220,100 Kiatnakin Bank (Foreigri)


39,465,663 1 8.368,(580 8,894,801

1 4.202.1 82

153,813,690 29,238,ij13 12,Ol 8.16‘3 73.902.70ti 74.f2R.151 ZY28.330 31.199.518 10.599.603

372,625,704 32.585336 30.80G.601 8.197.433

26.573.70ti 42,532,162 39,936,208 38.854.flC3

93.068 12,d24.558 40,483,925 30,11iR,t331 45.943.16’4 73,044.fi43

546,518,256

23,551.88; 7,4til,897

4,5.484.118 50,974,150 9,946,800

28.032247 27.01 0,743 0.1 19.701i

53, /J3,600 29,838,459 17,t?2Y.462 ti.974.fi38

24.43 1,470 26,000.988 11.715:151 313,204,090 YS.BI 3 , rm

114.91 0.431

57,220,380 23. /22, i f31 16.877.379

605,859

4,70555: 1.858.2/d

1.85 Hong Kong SAR 12,755,830 0.60 0.86 836,000 Hang Seny Irivestrrieril Index Funds 12,755,630 0.60 0.32 0.6i Total Open-ended Collective

7.20 1.37 0.56 1 09 Total Investments 2,076,384,746 97.26 1.15 1.07 Other Net Assets 58,501,708 2.74 1.46 0.50 Net Asset Value 2,134,888,454 100.00

Investment Schemes 12,755,830 0.60

17.45 1.54 1.44 0.38 1.24 1 .Y9 1 8 7 1.82 0.00 0.59 1 90 1 :I 1 ?.I5 1.12

25.61

1 .OY 0 1 1 2.1 3 2.30 0.1 / 1.22 1.27 0.35 3.08 1.39 0.83 0.33 1.15 1.97 0.55 1 :12 1.20 5.33

2.68 1 1 1 0 71 0.03 0.50 0.22 0.08

2,063,628,916 96.66

Schroder International Sclcction Fund Semi-Annual Report June 2000 Page 139

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Emerging Europe

Number of sti:ires Trarisferat)le :;et:iirities arid Market ?G Nurriber of shares Market :h or Principal Money Market Instruments Admitted Valuc Nct or Principal Value Net Amoiinl 10 an Official Fxctiarige I istirig CUR Assets Arriourit Derivatives ElJR Assets

Czech Republic 112,808 CEZ

5.881 Korriercrii Barika 70.982 Telefonica 02 Czech Republic

Hungary 70.794 Richter Fedeon 1 1,771 MOL Hiingarian Oil and Gas 1.400 MOL Hungarian Oil and Cas ADR 9.540 Mol t lurigarian Oil and Gas ADR

(I oridori)

Israel 7 13.059 Makhteshim Agan Industries

Poland 151 ,810 Bank Pekao

125.354 KGHM Polska Miedz 212.0'39 Polski Koncern Nallowy Orlen GDR 71 1 ,626 Powszechna Kasa Oszczednosci

95,400 Central Europcan Distribution

Rank Polski 1.085.615 lelekomunikacja Polska

Russia 467.300 crc M~CIIR 128,(ilO Lukoil ADR 179.200 Mcchcl ADr3 806.130 MMC Norilsk Nickel ADR 351,722 M(hle Telesystems ADR

36.050 NovaTek OAO GDR 804.215 OAO Garprom A1JR

1.900.100 Rosneft Oil GDR

272,598 :;everstaI GDR 310.259 Sistema GDR

76.782 Tatncft GDH

13.01 8.027 St)erbarik

1.775.0211 Surgtitneftegaz ADR r'rcfcrcncc

257.750 Vimpel-Conrniuriications ADR

Turkey 250.058 Anadohi Efes Riracilik Ve Malt Sanayii

551,822 Eregli Dcmir vc Cclik Fahrikalari 473.776 I laci Omer Sabanci

1,452,826 I iurriyet Gazetecilik 545,054 KO(:

1.098.351 Anadolu Hayat Emeklilik

74.817 CXokar Otobus Karoseri Sanayi 1.734.068 Tofas Turk Otomobil Fabrikasi

128.1 59 Tupras Turkiyc Pctrol Rafine 23,574 Tiirkcell Iletisim Hizrnet 193,300 Turkcell lletisim Hizmct ADR

2,427.152 Tiirkiye Garanti I3arikasi 355,161 Tiirkiye t lalk Rankasi

2.010.573 Turkiye Is Rankasi I


8,703,337 6,389,249

071 .8% 1,142.1Y2

4,321,225 2.850.934 1.003,816

59.695

2.95 Russia 7.1 6 0.30 0,49

I .47 0.97 Turkey 0.34 0.02

23,407,658 1.94

05:08/2009 11.214.612 3.80 16,257 Ciligroup Global Markets Warrants

17.575 MSCl Daily TR Net Emerging Markets Russia Warrants 23:04:200!1 12,19:3,04fi 1.14

5,369,898 I .e2 39.591 .IP Morgan International Derivatives

Warrants 12/12/2008 5,363,898 1.82

106.780 0.11 United Arab Emirates 4,410,350 1.50

4,208,424 1.43 1 2/01 :20 I O 4.1 10,350 1.50 4.700.474 143

Total Derivatives 33,187,906 11.26 36,802,992 12.49

1.487395 2 54 4,537,595 153 3.788 830 1 2') Total Investments 281,336,994 95.48 4.7f3.107 1 4 5

2,052,815 Aldar Properties Warrants

Other Net Assets G,841,449 3.34 A.RPS.616 7.34 Net Asset Value

168,972,978 57.35 7.334.983 2.49

26.839963 9 11 5,530.936 1 un

12.82/.295 4.35 17.180.520 5.83 1 .B67.008 0.67

79,695.976 10.08 14.697.055 4.99 76.187.245 8.89 4.495.018 1.53 5.91 1.289 2 01 4.166.850 141 7,355,951 2 50 4.i81.908 1.61

25,140,134 8.53 1.373.435 0.48 1,388,649 0.47 2.973.677 1.01

922.211 0.31 1,099,076 0.37

948.943 0.32 469.049 0.16

2.289.1 09 0.77 1,859.382 0.63 1.001.977 0.34 1.833.477 0.62 3fd7.173 1.24 1,104.175 0.37 4,229,678 1.44

248,149,088 84.22

13,310,817 4.52

294,647,811 100.00

Page 140 Schroder Iriterriational Selection Fund Semi-Aririual Heport June 2C)O8

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Etnerging Markets

Nurriber of shares Transterablc Securities arid Market ?> Numher ot shares Transferable Securilies arld Market ?G

or Principal Money Market Instrurrierit!; Adrililtcd Value N%t o r Principal Moriey Market In:;trumcnts Admitted Value Net

Amount to ari Official Exchange Listiny U:;D Axets Amount to an Ollicial Exchange Listing LJSD Assets

Argentina 319,818 Telecom Aryeritirta AUII

Bermuda 44,(100 Crcdicorp

Brazil 10 B2W Corriparihia Global Do Varcjo

529.050 Rarico Bradesco ADR 420,500 Bradcspar Preference 94.31)O Corripiritiia de Hcbidas das

373.400 Companhia de Concessoes

?60.989 C;ompanhia Energetica de Mirias

Amcricas

Rodoviarias

Gerais Prcfcrence 56,200 Comparitiia Vale do rib Docc ADR

6 14.402 Companhia Vale do Rio Doce ADH

330,700 tlehopaulo Mctropolitana Eletricidade

131 ,400 Gerdau ADR 820.374 Petroleo Brasileiro ADR 183,700 Suzano Papel e Celulose Pi-efererice 149,500 Tele Norte Leste Participarpes ADR

Preference

de Sao Paulo Preference

1 .05O,68ti LJriitxirico I h a o de Bancos Hr. - &I eiros

1 10,7 15 Usinas Siderurgicas de Mirias Germ 175,450 Llsirias Sichurgicas de Minas Gerais

Preference 592.563 wcy

China 3.97R.000 China Communications Coristructiori

8,38ti.000 China Corrirriuriicatior-is Services 'H'

7.607.000 China National Building Materia, '1 I 5,584,000 China Petroleurri 8 Chernicol 'H' 1 ,.l80.000 Ctiiria Shippirig Ilevelopinent 'H'

13,584,000 Franshion Praperties C:tiirna 4.384.000 Coldcn Eagle Retail 3.G53.000 Hidili Industry Iiiternational

Developrrieril

Cthria 'H

'H'

20.50, ,000 China Coristructiori Barik 'H'

25,518,000 Industrial & Corrirriert:ial Uarik 01

539,000 Park;ori I letnil 1 .ti21 .dIO Pirig Ari lrisiirarice Group Co of

3.678.600 Sirio--Ocean I.and China 'H'

Colombia 189.889 RanColombia ADR

Egypt 28,150 Ora:;com Construction Industries

GDR I , 19 1.149 Teleconn Egypt

Hong Kong SAR 1.140.000 Deijiriy triterorise:; 1,2 12.000 China Mengniiu Dairy

500.944 Ctiiria Motiile ADH 39.000 China Mobile

2,850,000 China Uriicorri 99.284 CNOOC ADR

17,l 22,000 Deriway Motors

4,618,172 4,618,172

3,522,640 3,322.840

164,525,344 361

10.514,9 10 1 l.245,16(

5.843255

i.499.c1119

8.2'35,23,' 1.993.97t7

18,210.R75

7 ,PJ13.644 3.037.908

46.964.818 3.008.25/ 3,731520 1 .0:33,P17 4 ..182, /84

13.530.150 5289.533

8,285.315 7,4 12.838

94,762,865

U.804.18b 4,659,043

16.51?.0ij9 5.004.424 3,236,014 4.440.517 3,185,350 4,230.840

13,422,382

18.191.056 2,390

12.058.899 2.075.791

5,980,874 5.980,3/4

7,449,471

69,380 3,777 3,433 524,060

33,752, f f3 5.291.380

16.542.700 6 .608, 093

0.41 0.41

0.32 0.32

14.74 0.00 0.99 1.01

0.57

Hungary 27.700 tkhler Gedeon 20,501 MC)I I lurigarian Oil and Cas

India 58.542 Rhart Airtel

Indonesia 6378,500 Bum Resources

15.936.000 lndofood Sukses Makmur 3,880,500 I 'crusahaan Gas Negara 3.433.500 Iclckonnunikasi Indonesia

0.c: Israel

0.58 0.18

1.53

577.786 Bank Hapoalim 1 /6,087 Israel Chemicals 588.000 Makhteshirn-Agar1 1ridiistrie:j 852,330 Shufersal 295,556 Teva Pharrriaceulical Industries ADR

Malaysia 1,238,400 Kuala Lumpur Kepong 8.01 4.700 Fiesorts World 2.oY4.400 Telekorri Malaysia 2,830500 lenaya Nasional 2,4 /0.200 TM Iriterriational

0.27 4.21 0.77 0.33 0.09 c.40

1.21 0.47

0.56

Mexico 103,666 Arrieric:ti Movil ADR 40.900 Fomcnto Econorriico Mexicano A13L 25,W.l Grupo Televisa AD1 i

570.31 1 Megacable

Peru U.di?

8.49 34.800 Corriparihia de Minas Bucnaventura

Allt i

O."O Philippines 0.41 92.450 Globe Telecom 1.43 0.45

/,879.900 I Iobinsons Land

0.47 0 40 0.40 0.38

0.58

1 .ti3 0.35

1.08 0.19

0.54 0.54

0.67

0.35 0.37

Russia 172,600 Mechcl ADR 396.700 MMC Norilsk Nickel ADR 43t3.03C Mobile lclcsysterns 138.040 Mobile Iclcsystenis AOR 402.81 9 OAO GaLprom

225.300 I ukoil ADR 1 , I 47.750 OAO Ga7prw1i ADFi

1,043,200 Rosneft Oil GDFi 5,W0,/8fi :;t)erbarilc

1 bd,045 :;evert;tal CUH

South Africa 79.942 AngloGold Ashariti

209.209 Iriipala F'latinum 264,686 M1-N 207,310 Naspers 893,254 Raubex

74.458 Sasol 249.70: Standard Bank

6.22 South Korea 0.34 35.883 CJ CheilJetlariy 0.31 90.209 Uaclinn Industrial 0.05 2.38 Engineerinq 11.4: 1.48 223.580 Hana Firiaricial 0.53

108.394 Daewoo Shipbuilding & Maririe

54.438 GS Engineering & Constructiori

8,741,444 0.78 5.985.860 0.53 7,755,584 0.25

948,857 0.09 948.857 0.09

18,013,569 1.61 5.8/1 ,00/ 0.51 4,146,830 0.37 5,478,098 0.49 2,717614 0.74

27,219,232 2.44 2,532.336 0.23 4,028,271 0.36 5.469.767 0.49 4,643,727 0.4 1

10.047.131 0.95

26,935,454 2.41 8,872,848 0.59 7,013.892 0.63 7,030,314 0.13 3,561,153 0.59 4,649,344 0.42

9,576,058 0.86 5,455,942 0.50 1,800,418 0.18

710.097 0.06 1 .809.801 0.14

2,229,624 0.20

2.22L3.621 0.20

3,723,151 0.33 2,426,671 0.21 1,297.086 0.12

165,702,415 14.85 8,405,620 0.76 9,919,238 0.89 5,179,634 0.46:

12.167.500 1.09 5.850.915 0.53

66./Y9.050 5.9s W,ci:jl,910 2.03 12,201,048 1.09 18,451.892 1.85 4,055.610 0.36

30,264,563 2.71 2.145.658 0.X 5,608,587 0.// 4,355,532 0.39 4,577,229 0.41 3.01 3.955 0.27 4,,517,990 0.40 2,450,812 0.77

176,824,025 15.84 9,363,611 0.84 9.209.391 CJ.03

ti,5/1.738 0.59 5,947,096 0.53 8.600.6U7 0.77

Sctiroder Iriterriatiorval Selection Fund Semi-Annual Rcport June 2008 Page 141

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Emerging Markets (cont)

Number 01 shares Trarisferable Securities and Market 4b Number of :;hare:; Market 0.6 or Principal Moncy Market lnstriinierits Admitted Value Net or Principal Value Net Amount to an Official Exchange Listing USD As:;els Arrioiint Derivatives USD Assets

South Korea (cont) 114.240 Hankook Tirc 149,086 Kookinin Bank 470.180 Korea Exchange Bank 148.211 KTRG

1 1 1,688 LC Elcctronics 8.629 MegaStudy

86.252 LG Chem

66.784 Modetour Network 42.515 POSCO 53.473 Samsung Electronics 10.085 Samsung Fire & Marine lrisiirarice 53,645 SK Fnergy 33.93s SK Telecom

Taiwan 2.057.312 Cathay Financial

5,335,480 Chiriatrust Financial 91.248 Cathay Financial GDR

409.500 Chunghwa Telccom AVH

550.806 HON HA1 Prccision Industry 301.000 MediaTek 855.810 Silicori,Jvare Precision Industries ADR

r.951 ,000 SinoPar: Financial 1 ti9.000 Taiwan Ccmenl 755.01 7 Taiwan Serriiconductor Manufacturing

1 ,148,302 Taiwan Seniic:ondiic:tor Manufacturing

P,Tlfi.780 Far Eastern [extile

ADR 409,000 TSRC

Thailand 3.71 7.600 Advanced Info Sewicc (Forcign)

444.600 Hanpii iforeigrr) 1,138,400 Land and Houscs

7.6fjA.700 PTr Exploration & Production

6,743,500 Slam Commercial Bank (Forcign)

13.485.500 Land and Houses (Foreiyi)

(Foreign)

Turkey 112,873 Ariado1i.i rfes Biracilik \/e Malt Sanayii 250.088 IFregli krr i i r ve Celik Fahrikalari

69.403 Otokar Otobus Karoseri Sariayi 1,183,828 Hurriyet Gazetecilik

132,400 Turkcell Iletisim t lizrriet ADR 648.590 Turkiye Garariti Rankasi

1 .I 50,824 Turkiye Is Rankasi

United States of America 26.500 Sou?hern Copper


Number of shares of Prirrcipdl Other Transferable Securitics

R.915.?68 8.790.683 8,441,549

12.776.fl30 8.229.36/

17.677.639 2,726,787 1.261,973

22.066.74G 31.857.051 8,356,619 5.962.830 8.1 RR.RR7

54,512,977 4,477,417 1.903.81 0 5.119.195

10.057.320 3.538.500 P,il 7.307 3,470.076 1,180,855 3,443,862

P78.228 1.637.882

17,482,043 636.537

51,593,577 8.8'32.381 1.1 i3.110 1.473.677 2.981.55/

15.365.61 4 15.707.238

12,530,552 075.404

2,123.980 1.41 3.948

fN6,H40 1,919,380 1,535,127 3.815.873

2,884,260 7.884.760

0.89 0.19 0.58 1.14 0. I 4 1.13 c.34 c.11 1.98 2.85 0. i5 n.53 0.55

4.88 c.39 c.1 1 0.46 0.90 0.32 0.74 0.31 0.43 0.31 0 02 0.15

1.12 0.06

4.62 0.79 0.61 0.13 0.2 1

1.38 1.41

1.12 0.08 0.1 fl 0.13 0.06 0.18 0.14 0.34

0.26 0 76

941,940,380 84.39

Market '3 Valiie Ne1

Amount not dealt on another R q i i l a t d Market IJSO Assets

Colombia 975.900 Almacenes Exito GDH


6,135,627 0.55 6,135,827 0.55

6,135,627 0.55

Brazil 69.820 MSCl Daily TR Net Rr,uil Warrants

04/03:2010

India 140.306 MSCl llaily Tri Net tmerging Markets

India Warrants 18/08:2008 4,425 MSCl Daily Tn Net Fmergincl Markets

I r i h Warrants 74:l 0:700R 4.499 MSCl Daily TR Net Emerging Markets

India Warrants 09/01 :2009 2,477.175 MSCl Daily Tri Ne! Emerging Markets

India Warrants 0P/W12009 14.744 MSCl rlaily I I1 Net F'merging Markets

lridia Warrants 30/04;2009

Jersey 16.692 JP Morgan International Derivatives

Warrarits 22:10:7008

South Africa 1 (i.855 AngloGnld Ashanti Rights

04!07/7008

Switzerland 2,388,195 IJBS Warrants 01~11:2010

Taiwan 2582.11 1 HON HA1 Precision Industy Warrants

3,476,900 Taiwan Cement Warrants 20:01:2009 3.223.430 Taiwan Serriic:cmrliictnr Manufactiiring

17/11/2010

Warrants O X i l 1:2010

United Arab Emirates 19.i15238 Air Arahia Warrants 13:08/2010 4.9 18.342 Aldar Properties Warrants

1.522.350 Emaar Propcrtics Warrants 13/01,'3010

1 2!0 1 E01 0

Total Derivatives

52,440,126

52,440.1 26

31,685,092

171 0.841

1 ,854,314

1,985,324

21.031.218

5. /03.38/

3,671,589

3,871,589

143,970

143.970

3,714,842 3,714.847

24,195,670

17.6?1.35? 4,672,954

6.901.364

30,906,451 9. - /1a .m

16,653,608

4.471.187

146,757,740

Total Investments

Other Net Assets

Net Asset Value

1,094,833,747

21,355,901

4.70

4 / 0

2.84

011

0 1 /

0.17

1.88

0 51

0.33

0 33

0.01

0 01

0.33 0 33

2.17

1 1 3 0 42

0 67

2.77 0 88

1 49

0 10

13.15

B8.09

1.91

1 ,I 16,189,648 100.00

I i

I

I

I

I I

I

! I

I

Page 14% Schroder lriterriatiorial Selection Fund Semi-Aririual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF European Dividend Maximiser

Number of shares Trarisferable Securitics and Markct % or Priricipal Money Market lnstrumerits Adrr:illed Value Net Amount to ari Official Exchange Listing EUR Assets

Austria 1 1.436 0esterrw;tiisctie Posl

Belgium '3,933 Bclgacom 4.881 l r i k v 4.71 B KBC Groep

Cyprus 45.082 ProSafo

Czech Republic 16.226 Teleforiica 0; Cm;h ljepuhlic

Denmark 14,346 Oanske narik

Finland 13.224 rortllrll 6.818 Metso

14.883 Sanoma-WSOY

France

6.946 Suez 8.059 Iota1

17,341 Viveridi

Germany 6.012 BASF

2,396 Munchener Riickversic:herunys 4.217 I l W t

I ti.960 neutschc r w

Greece 15.31 3 EFC Eurobank Frgasias

Ireland 2C,049 Allied Irish Banks 28,830 Dank ot Ireland 7241 6 Independent News & Media

Italy 32.467 Encl 13.9W FNI

65.8 18 UniCredit 2.452 Intesa Sanpsolo

Netherlands 4.8% Akzo Notxl

12,826 ING Groep 13,458 Royal r)ut(;fi :;hell

14.120 (Iriilever

Norway 38.1 76 DnB NOR

1.493 Statoill lydro

Spain 20.094 Banco Santander 10,13/ Repsol YPF 15.41 9 Teleforiica

Sweden 77,275 C;kan:;ka 25.25p Svenska CeI I~k~si l 12.207 Svenska t4andelst);lrikeri

278,467 1.74 77R,407 1.71

783,375 4.88 2/2,810 1.70 213885 1.33 296.ij80 1.05

299,331 1.87 229.331 1.87

329,675 2.05 399.975 2.05

264,485 1.65 704.485 1.65

827,165 5.15 418804 2.61 194.790 1.21 21 3.571 1.33

1,424,878 8.88 134.090 0.90 ?40.f49 1.50 797.63f-j 1.85 436,012 2.7? 296,431 1 65

1 , I 66,874 7.27 2ti3,44R 1.64 2i8.222 1.74 788.4fi8 1.80 335.968 2.02

232,145 1.45 232,145 1.45

477,190 2.97 195.478 1.22 160,20ij 1 .00 l?l,XJti 0.75

1,060,012 6.61 198.039 1.24

1.0'34 2.06 1.371 1.63

2ii3.493 1.68

1,717,338 10.70 209.786 1.31 757.033 1.60 348.789 2.17 325.082 7.03 323.333 7.01 253.315 1.58

488,329 3.04 31 1 , l / 3 1.94 177.158 1.10

749,527 4.67 235.100 1.37 255.351 1.59 259.076 I .61

Nurriber oI :;hares Transferable Seciiritie:; nnd Market "k

or Principal Moriey Market Instrrimcnts Admitted Value Nct Arwir i l to an Official Fxchanue Listino FIJI4 Assets

Switzerland 1,242,975 7.75 8,327 Credit Suisse Registeretl 241.209 1.50

410,034 2.56 11,430 Novartis Hegislered 401.942 2.51 1.52; Swiss Reirisurance Registered 189.770 1.18

14,2G0 Nest16 Registered

United Kingdom 12,464 AstraLeneca 75,318 Aviva 12.690 Rrilish American Tobacco

22.51 6 Uiageo 32.303 GlaxoSniithKline 18,l 25 Imperial Tobacco :33.081 National Grid

1iX.489 Old Mutual 30.786 Pearsori 51.921 Rcxarn

100.41 5 Vodafonc

103,856 BT


3,349,820 335,843 165,597 276.719 261.875 33.435 158,025 42?.5MJ 273.651 193./38 238,117 253,332 202.178

20.87 2.09 1.03 1./3 1.63 1.64 2.05 2.66 1.71 1-21 1 .A8 1.58 1.20

15,304,892 95.37


Other Net Assets 742,648 4.63

Net Asset Value 16,047,540 100.00

Schrodcr lntcrnatinnal Sclectinn Fund Semi-Annual Report June 2008 Page 143

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF European Equity Opportunities

Number of shares Transferable Securities and Market Cb Number of shares Trarisferat)le Seciirities and Market % or Principal Money Market Instrunierits Adrriitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange IListirig EUR Assets Amount to an Official Exchange Listing t l J l 1 Assets

Belgium 80.000 Nyrstar

Cyprus 76.200 Bank ot Cyprus

Finland 10,750 Fortum

13.300 rnr 5,680 Latargt? 6.500 SeLoger.com 9,160 ::lie2

18.500 Total

France

Germany 14,000 Dayerische Motoren Werke 13,000 Beiersdorf 6.810 Continental 4.900 L O N 2.500 Ilatiorial

33.000 Symrise 23,000 Wackcr Construction Eqiiipemerit

Greece 37.685 EFG Eurobank Ergasias 11 . W O Folli - Follie

Ireland 55.800 Anglo Irish Rank 27,800 Bank of Ircland

Italy 10.000 Uioxell 60,000 Hulgari 14.810 Fiat

Netherlands 20,800 ING Groep 23.780 Royal Diitch Shell 10.060 Smartrac 7,000 TornTom

Portugal 107,799 Banif 1 50.000 Some 20.000 Sonac Capital

Spain 13.000 Clinica Bavicra 25,000 EDI-' Henovaveis

Switzerland 15,700 Actelion Registered 22,420 Adecco Registered

20.000 Credit Suisse Registered 15,500 Nestle Registered 8,000 Newave Energy 5, (54 Partners Registered 4,900 Hoche

1 8,4t30 Ternenos Registered 9,950 Wiriterthur Technologie Registered 4.540 Zurich Financial Services

2.310 Basilca Pharmaceutica Hegistered

672,600 3.22 United Kingdom 672,600 312 ?0.000 r3G

598,932 2.86 17.400 Reckitl Berickiser 598,232 2.86 10,900 Hio I into

340,453 1.63 21,000 Unilevcr 310.153 1.63

14.560 Dana Petroleum

140,000 Royal Bank of Scotland

2,824,185 782,01 5 544.314 94.315

3'32,505 1,001,035

3,081,384 426,860 603.590 43 /34? 624.407 31 0.125 462.660 P I 8.700

13.50 Total transferable Securities and 3.78 Money Market Instruments Admitted 2.60 to an Official Exchange Listing 0.45 1.88 1.79

14.73 Total Investments

2.04 Other Net Assets

2.09 Net Asset Value 7.99 1.18 2.21 1.03

2.89

790,331 3.70 571.305 7.73 219.026 1.05

495,925 2.37 341.496 1.83 154.4?9 0./4

684,417 3.27 14.5,645 069 384.800 1 84 151.172 0.71

1,364,573 6.52 416.832 1.99 616,303 2.95 707.538 0.99 123.900 0.59

343,238 1.64 194.038 0.93 123.200 0.59 28.000 0.12

311,780 1.50 130.780 0.63 181.000 I).H7

5,282,945 25.26 535,011 2 56 705.101 3 3 / 740,896 1.15 579,313 2.77 445.710 2.13 241.994 1.16 504.973 ?.42 553.544 2.65 357.719 1.71 383.657 1.83 734,fK 3.51

2,808,484 13.43 325.058 1.56 348.0t38 1 6 6

827.628 39R 375.851 180 375,055 1.71)

556.814 2.66

19,599,247 93.71 I

19,599,247 93.71 ,

1,316,521 6.29 I

20,915,768 100.00

Page 144 Sclirodor Iriterrialiunal Selection Fund Scrrii-Aririual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF European Equity Yield

Number of shares Irarislerahle Securities an3 Markct S; Nurritier 01 shares Transferable Securities and Market 90 or Princiual Monev Market Instruments Adriiitted Value Net or Priricinal Monev Market Irislrunients Admitted VdlUt. NRL

~

Arrioiirit to an Official Exchange IListiriy ELIR Assets Ar:iount to ari 0tfic:ial txctianyc Listinq

Austria 1.1 1.4 11 Oesterreictiisshe Posl

Belgium 8i.910 Relgacorri 80.508 InBev 52,585 KBC Groep

Cyprus 51 1,869 ProSale

Czech Republic 168.122 Teleforiica 0 2 (:Lectl licpuhlic

Denmark 173.847 Uanskc Hank

Finland 107..180 Fortum 78,838 Metso

France 241.872 Nalixis 48.784 Socictc Ccnerale 53,389 Suez 98.12/ Total

140,l 92 Vivendi

Germany 5<!,830 BAASF

31.04/ T.ON 26,610 Munchener Ruckversictieriiriys

13/.85S nel.ltsctle P0:;t

Greece 162.835 EFC Eurobank Erqasias

Ireland 772,915 Allied Iristi Banks 414,983 Barik of Ireland

Italy 368,242 triel

770,849 UniCredtt 13P.743 ITNl


100.884 INC Croep 29G,475 Hoyal KPN 156.597 Royal Uutcti Sticll 102.U// SBM Offshore 131.381 Unilcver

Noway 38rj.35; DnR NOR

Spain 203.605 Darico Saritander 11 5.843 Hepsol Y P I 21 2,895 Tclcfonica

Sweden 748.937 Skanska 140,910 Senska I laridelstxiriken

3,443,358 3,443,358

8,766,316 7.414 449 2,651,461 :3.700,40B

3,185,357 3,185,357

3,415,855 3,415,855

3,205,065 3.205,065

5,599,154 3,403,897 2,195.TG7

15,279,999 1,731.804 2.583.412 2.?87.71<4 5,309,452 3.367,112

11,802,852 2,s21.:51 7.2ti7.879 :3 ,!-35ti.319 2,S56.903

2,468,579 2.-1e~s.i<)

4,966,163 2.6ti0.921 2,305,242

8,767,307 7,234,076 3.557.75.1 2,u75.477

16,425,190 7,1 !X,278 2.01 1.107 3.2/d.75/ 4,058373 7.5?1.8t?O 2,355.715

3,149,198 3.149.158

8,879,029 7.387.1 75 2.Y 18,085 3.5/8.,‘56

4,411,550 2,239,343 ?,I 12.207

2.15 2.1 5

5.49 1.51 1 .GG 2.32

1.99 1 .Y9

2.14 2.11

2.01 7.01

3.50 2.13 1 3 7

9.56 1 .U8 1 .G? 1.43 3.32 2.1 1

7.39 1 64 1,12 2.48 1.85

1.54 1 54

3.11 1.67 1 .I4

5.49 1.40 2.23 1.85

10.28 1.3s 1.26 2.05 2.54 1.53 1.47

1.97 1,9/

5.56 1.4Y 1.83 ?.24

2.76 1.44 I ,32

Switzerland 16.560 Credil C;uissc Registered

124.500 Nestlk Registered 138.94 1 Novartis Reyistered 34.41 0 Swiss Reinsurance Registered

United Kingdom l(i4.558 Astrderiecd 336-3.814 Aviva 296.610 BP 1 It).601 British Arriericari k)hacco

1 ,060.097 DT 231.763 ulqeo 261.134 Glaxo:;niittiKlirie 225,926 Imperial Tobacco

1.78y.815 i31d Mutual 324.51 5 I-’carson 331.99t3 Rexarr.i 14/,3/9 Scottish 8 Soulhern Encrgy


Total Investments

Other Net Assets

Net Asset Value

ElJli Assets

12,537,067 7.84 2.217355 1.39 3.580.081 2.21 4,877,403 3.05 1.881.648 1 . I 6

35,690,974 22.33 4.437.585 2.77 2.119.453 1.33 ?.108.693 1.36 2.F08.030 1 .63 2.671 ,009 1 .6/ 2.711.18/ 1.70 3.749.414 2.35 3.379.4t38 3.33 ?.08>,751 1.30 2.50Y.988 1.57 2.693.295 1.69 2.009.78 1 1 .63

151,993,013 05.11

151,993,013 95.11

7,816,540 4.89

159,809,553 100.00

Schroder International Selection Furid Scmi-Annual Report June 2008 Page 145

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF European Smaller Companies

Number 01 shares Transferable Securities and Market l o

or Principal Money Market Instruments Admittcd Vahs Net Amount lo an Official Exchange Listing EtJL Assets

Austria 155,000 Kapsch TraiiicConi

Equiprncnt 82.800 Schoeller-Bleckrnann Oilficld

Belgium 22,055 EVS Broadcast Eqiiiprrierit

895 kluxy:;

Denmark 192.7R7 Irigori Agri 66.000 TrygVesta

Finland 637.255 leleste 470.000 YIT

France 12.168 Altamir Amboisc

177.000 f3ourbon 212.917 Carrere

37,500 Gucrbct 18.000 tiuyeririe et Gascogne 67,800 Ipseri 76.190 Les Nouveaux Constructeurs

lnvestissement 171.000 Nexity 74.840 Rutiis

261.718 Saft 85,926 Sporevct

279.676 Store tleclroriic: 2fS.337 Sword 93.454 Virbac

Germany 46.000 Bilfingcr Rerger

199.770 casti.life 27.187 I lawesko

400,000 IDS Scheer 23.451 Invision Software

262.000 MTU Acro Engines 170,400 W~einrnetall 136,10R steico

Greece 380.000 Hahis Vovos lriternational

1 81.500 Greek Postal Swings Bank 185.000 JUMBO

Construc:tiori

Ireland 450.000 DCC

Israel 466.000 Oridiori Systems

Italy 642.081 ACEA 830.000 A7ir1iiit

4.445.000 CIH-Compagnic lndustriali Hiunite

Luxembourg 407.81 0 Transcom Worldwide

Netherlands 28.600 Accell

41 0.000 Arcadis 11 8,000 Fugro 693.480 lnnosoncepts 259,344 X3M Offshore 164.000 Smartrac 324,141 Tcn Catc

10,071,248 1.5/2.50(1

5,498,748

3,394,209 1,239,048 2.1 55.1 60

3,263,666 28 1.430

2.982.22 1

10.665,012 3,151.1 12 7.510.600

44,636,807 77.631

6.917.150 0

4.61 7.000 1.42A.300 2,194,686

289,522 3.0P4.120 4.02'3.386 7.184.150

91 7.260 3,632,991 5,233,218 5,091,374

20,722,068 7,541,500

393 347 58 1,258

3,008,000 429,498

5.3t-i8.380 1,799,208

600.677

12,830,160

1.888.800 1.822.260 3.119.100

7,245,560 7.245.560

2,987,461 2.987.451

18,982,260 7.749390 3.471.300 7 760,970

1,261,367 1 ,?61,36/

35,482,291 69?.336

5.181 ,000 6.313.000 6.061.01 5 5.9'36.033 3,383,320 7,325,507

3.30 1.50

1 .E0

1.11 0.40 c.7 1

1.07 0.00 0.98

3.49 1.03 7.46

14.63 0.04 2.27 0.00 1.51 0.47 0.72

0.09 0 c'9 1.32 2.35 0.30 1.19 1.71 1 .R7

6.79 0.87 0.13 0.19 0.99 0.14 1.7Fi 2.56 0.20

4.20

2.58 0.60 1.02

2.37 2.37

0.98 0.98

6.22 2.54 1.14 7 54

0.41 0 41

11.63 0.71 1 .89 2.0/ 1.99 196 1.11 2 40

Market O/b Number of shares or Priricipal Money Market lnstrumcnts Admitted Value Net Amount to an Official Exchange Listing t l J l { Assets

Transfcrablc Socurities and

Norway ?,.:370.1387 SlepSlone

Spain 240.795 Carripufrio Alirrieritacion 205.161 Enagas 114.839 Red Electrica de Espana

Sweden 47?,1 OR Swedish Match

Switzerland 196,700 Bank Sarasin R Cic! Registered f6.911 EKW TME rriergie 13,000 Financicre Tradition 18.300 Helvetia

63.460 Schweizerhall Registered 31 0,000 Mobilezone

4.18O Sika

United Kingdom 180.000 Atkiris WS 81 0.273 Ralfour Reatty 520.184 BPP

1 578.2% Carillion 200.000 Charter 702.675 Chrysalis

1.188.R67 (:rawstiaw 3.741 521 Dart

1 .iM0,680 Eco Animal Hcalth 2.01 8.824 tvolution

9?7.3/4 Findel 900.000 Gulfsands Petroleum 21 7.889 Holidayhreak 280,000 Homeserve 592.330 lrriagiriatiori Techriologies 300,000 Imperial Energy 51 1.513 Inchcape 3!!3.61(! lnforma 345,385 Laird

189.1 71 Rensbiurg Sheppards

300.000 SIG 100.000 Venture Production 386.754 Victrex 51 9.790 Wetherspoon L1.D.)

358,452 Domino Printing Sciences

1,059,492 PV Crystalox Solar

1 .900.000 Shanks


Niirrit)er of shares or Principal Other Transferable Securities

4,432,543 4.432.543

10,448,607 2.920.270 3,680,080 4,738,257

5,436,129 5.436.129

31,109,927 6,313,359 5, I i 7.208 1.367.443 4.458.404 1.389.22/ 8,411,066 4.035220

60,473,062 3,73991 4355.728 3,083.976 6.662.712 2,150,252

926.555 472,803 579.729

3.083.71G 1,394.089 2,285,399 1,74?.307 7.458.877 1 .I 60.267 5,964,041

556.067 3.464.436 7,042,869 3.078.403 1.710.313 2.637.865 1.76/.816 5.562,2 60 2.028.194 1.098.526 3,644,446 1.321.402

1.46 1.46

3.42 0.66 1 .?I 1.55

1.79 1.79

10.19 1 .83 1.89 0.45 1.48 0.16 2.78 1.32

22.44 1.74 1 .11 1.01 2.1 8 0.10 0.30 0.15 0.19 1.01 0.16 0.75 0.57 0.81 0.38 1.95 0.18 1.14 0.67 1.01 0.56 0.86 0.4? 1.82 0.66 0.36 1.19 0.43

291,442,377 95.50

Market 45 Value Net

Amount not dealt on a Heoulated Market t l J H Assets

United Kingdom 500.000 Carter & Carter

Total Other Transferable Securities not dealt on a Regulated Market

Total Investments

Other Net Assets

Net Asset Value

0 0.00 0 0.00

0 0.00

291,442,377 95.50

13,738,068 4.50

305,180,445 100.00

Page 146 Schrodcr Iriterriatiorial Seleclion Fund Semi-Annual Report Jurie 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF European Special Situations

Number of shares Transferable Securities arid Market '% Numtier of shares Transferable Securities and Market 46 or Priiicipal Money Market IristruiiieriIs Admitted Value Net or Principal Money Market Irislruments Admitted Value Net Arrioiirit to an Otticial Exchange 1 istirig EUR Assets Amourit to an Official Exchange I istirig EUH Assets

Austria 89.5B5 Raiffeiscn International Barik

Belgium 294,592 Umlcore

Finland 403.054 Nokia

France d2. 130 Alstorri

125,302 RNP Paribas 180.902 Bourbon

1 61 ,509 Carrelour 251.158 Cie Generale d'Optiqiie ts:;ilor

330.YS5 Cie Gerlerdle de Geopt iy::iquo-\icritas

61 32 I Oureau Veriias

lrilerr laliurlal

Y5.908 lrrierys 4d.3X I afarge

150,848 Neopost

172,668 Suez 154,472 lolal 154.214 Viria

Germany fi7.133 Ueutschc Boerse

1 17,523 E.ON 182,916 Fielniann 1B,432 Siemens

ti57.306 Symrisc 142,572 Wincor Nixdorl

Ireland 5135,015 laws

1.741.504 United rlrug

Italy 308,053 rNI 499,885 Fiat

2,178,337 Hera

Netherlands

Koninklijke Philips Electroriics Royal Clutch Shell

1 ,I 6cl.014 l4oyal KPN 3 17.982 SBM Offshor? 388.123 IN1

Norway 1,020,047 UriB NO1 i

Spain 4 T W 8 8 lndta Sistemas (jti4,tiYJ Tclcfonica

Sweden 1UU.084 Getinge 321,398 Lindab lriterriatiorial 30c',000 S'jsterriair

7,206,400 7,206,400

9,179,487 9,179,48/

6,182,848 6,182.818

97,899,474 9,125,960 1,184,190 7.0d9.650 2,204,431 5.797.096

3,850,060 9,875,697

f.378.959 7.398.824 8.355.480 5,946.492

46,984,363 4.767.788

11.975,950 8.4?9,547 3,250,1w 9,215 130 6.294 910

14,056,565 7,943.886 6,112.d/9

18,080,724 i,294.Y3i 5 203.803 5.581.r?80

64,088,013

7,663,825 5,3; / ,205

1 ?.T5r?.I!x 7.351 .T14 8.440.815

8,314,410 R.314,410

18,944,l I 9 7,771.302

l l . lT2.81T

16,802,OOl 10,828.ti40 4.91 1 .YO0 1.883.447

1.67 1.67

2.12 2.1 T

1.43 1.43

22.63 7.1 I 1.86 1.63 0.53 1.34

2.28 2.28 1.02 0.9G 2.33 1.1: 1.7 I 1.93 1.38

10.86 1.10 3.45 1.96 ci.76 2.13 1.16

3.25 1.84 1.41

4.18 1 .G9 1.20 1.29

14.81 0.43 2.22 2.54 1.11 1 .24 2.95 1 :/0 1.98

1.92 1.92

4.39 1.80 2.58

3.88 2.30 0.93 0.45

Switzerland 493.825 Actelion Registered 1 iG,2C14 Credit Suisse Registered Y8.233 I Iolcirn Ikgistered

405,820 Nestle Hcgistered 1 orj.509 I k)cIhe 55.098 Syngerita Re(jis1ered 42.2 14 Zurich Financial Services

United Kingdom 1 ,01 3.258 BP

118.238 Cairn rriergy 952,335 lntcrtek 280.tii4 Johrisori Mallhey

5.290.520 VotJalolle


Total Investments

Other Net Assets

Net Asset Value

68,814,919 15.91 16,828,148 3.89 5.191.028 1.20 5,065.769 1 . I 7

11.669.562 2.70 12.032.117 2.78 11.198.90Y 7.59 8.831.388 1.58

40,025,675 9.25 7,407,785 1.71 4./31.043 1.09

11,949,284 2.70 6.073.343 1.41 9.883.fi20 2.28

416,578,998 96.29

416,578,998 96.29

16,031,105 3.71

432,610,103 100.00

Schroder International Selection Furid Serni-Annual Report June 2008 Page 147

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Climate Change

Number of shares Translerable Securities and Markct 4;

or Principal Money Market lristrurnents Admitted Valiic Nct Amourit to an Official Exchanac Listina US0 Assets

Australia 1.71 9,743 Babcock & Brown Wind Partners

251.733 Fnergy Resources of Australia

Brazil 222.587 Weg

Canada 117,567 Camcco 74.481 Cariadian Pacific Railway 54.047 Niko Hesources 71.014 Potash Corp of Saskatchewan

1 19.505 ProEx Energy 88,223 Sine-Forest

China 1 .4 15.000 Byd 'H' 5.578,OOO Dongfcng Motor 'H'

Denmark 40.869 Vestas Wind Systcms

Finland 66.778 rorttlrri

France 50,799 Rouygues 86,414 Carrelour 47,057 :;aft 86.fl63 sile7

Germany 27.714 r.ON

13,242 Linde 13.893 Munchener Ruckversicherungs

44.344 Sicmcns 15,440 SMA Solar .Technology

1 OG.356 Envitec Biogas

7,150 Roth R h i

Hong Kong SAA 744.000 (;hiria Mengniu Dairy

Ireland 1 nl.830 Kirigspan

Israel M6.252 Makhteshim Agan Inchistries

Japan 3 / 8 Central .Japan Railway

171.500 Honda Motor 483.000 Sekisui Chemical 200.000 Sharp 183,000 Toray Industries 47.500 Toyota Motor

Netherlands 149.1 30 Koninklijke Philips rlectronics 129.967 fleed Elsevier

Norway 161,415 Tandbcrg

South Korea 143.658 Daewoo Shipbuilding & Marine

Engineering

8,277,863 3.41 2,718,647 1.12 5,559.216 2.29

2,784,524 1.15 7.784.524 1.15

23,938,908 9.87 4.714.777 1.94 4,972,730 2.05 5,252,442 2.1 7 4,787.646 1.87 7.678.824 1.10 1.552.530 0.51

4,045,769 1.67 1.814.312 0.75 7,231,457 C.92

5,320,337 2.19 5,320.337 7.1 9

3,333,335 1.37 3.333335 1.37

14,755,525 6.08 3,384,425 1.40 4,886,901 2.01 2.035.936 0.84 1.118.257 1.83

24,745,476 10.20 5566.323 2.29 2.R99.170 1.20 6.084.05i 2.51 2.433.245 1.00 1.530.169 0.63 4.893.195 2.02 I ,338,457 0.55

2,108,243 0.87 2,108,243 0.87

1,775,433 0.73 1.775.433 0.73

6,011,647 2.48 6.01 1 .@I I 2.48

23,176,811 9.55 4.182.523 1.72 5.957.490 2.46 3.302.575 1.35 3,270,286 1.35 4.213.420 1.74 2,250,567 0.93

7,232,943 2.98 5,067.705 2.09 7,165,238 0 89

2,694,125 1.11 7.694.125 1 11

5,605,965 2.31

Equity

Number of shares Transterable Securities and Market 7'6

or Principal Money Market Instrumenls Admitted Value Net Anioiirit to an Ofticial rxchange I isting USD Assets

Spain 11 3.1 36 &mesa Corp lecnologica

Sweden I f l . 2 6 4 Black Farth Farming

Switzerland 15,805 .(;yrigerith Registered

United Kingdom 55. / I 3 Clippcr Windpowcr

512.231 Rexam 576,788 Rolls-Royce 1 17,553 Spirax-Sarco Enginccring 630.1 60 lanfield tiroup 763.908 Tesco

United States of America 120,377 AGCO 253.928 Applied Materials 45.777 RorgWarner 23.364 Eurliriyton Norttierri :>anta r e

180.534 Cisco Systems 127,763 Covanla 114.5/6 Dresser-Rand 98.408 Du Pont (E.1.) de Nemours S/.000 Exelon 73.511 FPL 88.440 lntersil 33.913 Itrori 51.1 57 MEMC Electronic Materials 89.050 NATCO 49,454 Orrriat Techriologies

31 350 F'raxair 96.388 Quicksilver Resources 34.095 llltra Petroleiim

Total Transferable Securities and Money Market Inslrurnents Admitted to an Official Exchange Listing

11 7.352 Plum Creek Timber

Number 01 shares or Princioal Other Transferable Securities

5,529,682 5.529.682

1,212,774 1,717.774

5,062,376 5,067,376

16,546,851 588.668

3,939,216 3.565.444 2 195.866

402.012 5.555.545

72,525,074 5.1 03.1 14 4.808 271 2.012.379 7,775,654 1262.408 3349,946 4.3UO.552

2.28 2.28

0.50 0.50

2.09 2.09

6.82 0.24 1.67 1.4/ 1.03 0.1 7 2.29

29.90 2.52 2.02 0.83 0.94 1.76 1.38 1 .81

4.201.038 1.73 4.966.830 2.05 4.669.419 1.92 2.179.162 0.90 3.405543 1.40 3,421,639 1 .A1 4,632,743 1.99 7.379.737 0.98 4.995.675 2.06 3,025,334 1.25 3.757.204 1.55 3.398.931 1.40

236,683,661 97.56

Market "0

Value Net Arrioiirit riot ckalt or1 a Regiilatec Market llSD Assets

United Kingdom 17.200.20.1 Rolls-Royce 'B'


Total Investments

Other Net Assets

94.098 0.04 94.098 0.04

94,098 0.04

236,777,759 97.60

5,816,162 2.40

Net Asset Value 242,593,921 100.00

5.605965 731

Page 148 Sctiroder International Selectiori Fund Semi-Annual Report Jurie 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Dividend Maximiser

Number of sharcs Transferable Securities and Markel :b or Principal Money Market lrist rwi ierlls Admitted Value Net Amount to an Official Cxctiariye Lisliny lJSD Assels

Australia 16.540 Australia and New 7eakrld Oarikiny

Belgium 2,850 KBC Groep

China 210,000 PetroChina I I'

Cyprus

Denmark

41 , I 37 ProSafe

12,400 Danskc Bank

Finland 6,692 Metso

France 3,ci413 Socictc Ccnerale

7,543 Total 8.996 Vivendi

8.754 %le7

Germany 13.125 Deutsche Post 1,720 E.ON 2,084 Munchener fiuckversictierunci:;

Greece 12,953 EFG Eurobarik Lryasias

Hong Kong SAR 139.000 BOC Hong Kong 38,000 SJvire Pacilic

Ireland 70,tXS Allied Irish Banks 30.702 Rank of Irelarid

Italy 10.fl97 ENi 4Y.364 IJriiCrecjit

Netherlands 4.239 Akzo Nobel 9.5 17 ING Crocp

12,370 I loyal Dutch Shell 22.1 54 Royal KPN 10,166 SOM Otf:;tiore 11.073 LJriilewr

Singapore 561 , O W Singapore Post 121 ,000 Singapore Press I loit-liriy 140,000 Singapore Techriolo(lies triyineariny 145.000 Sinyaporc TClecommuni(;Btioris

Spain 9.238 Reusol YPF

Sweden 15.307 Skariska

Switzerland 4.692 Swiss Heirisurancc! Registered

297,553 1.34 297,553 1.34

316,104 1.42 318.104 1.47

310,005 1.40 30,805 1.40

403,645 1.81 403.645 1.81

360,320 1.62 3ti0,320 1.97

301,345 1.35 301 345 1.35

1,732,131 7.78 317.3YO 1.47 422.383 1 .YO ti31.c(37 2.93 310.581 1.5:<

1,066,312 4.79 355.857 1 .GO 345.4d0 1.55 34 ,995 1.63

295,168 1.32 295.108 1.37

736,155 3.30 368.036 1.85 3fi8.119 Lti5

586,903 2.63 318.091 1.43 7 i m 1 2 1.20

699,575 3.14 399.247 1./9 300.328 1.35

2,178,858 9.78 290.438 1.30 300.dii4 1.35 505668 7 . n 302.170 1.72 370,091 1 .titi 329.883 1.48

1,500,753 6.74 453.101) 2.04 3i8.0113 1 . i o 283,057 1.2: 385.91 3 1 .1:3

366,778 1.65 363.778 1.05

237,403 1.06 237.403 1 .uti

310,008 1.39 310,008 1 39

Number of shares rransterahlc Sccurities arid Markct 95 or Principal Money Markct Instruments Adrriitted Valuc Net

USU Assets Amount to an Oliicial Exchange I isting

United Kingdom - - , t , (30 Astra7eriec:a

26,l c)3 Aviva 80.850 Hi 17,483 GlaxoSrnithKline 1 8 3 G i Impcrial Tobacco 24.590 National Grid

143,176 Old Mutual 122.132 Vodafoiie

United States of America 1 R,OR9 Allria 10,885 AT&l- 6.348 ConocoPtiillips 6,954 1311 Ponl (E.1.) dc Nemours 4.1% Eritergy /,331 FPI. 9,854 Gerieral tleclric

8.259 Johnson & Johnsori 8./91 JP Morqari Chnse 8 Co.

8,526 Lorillard

9.019 Philip Morris 7,374 Progress Energy

10.BS9 LJS Bancorp 10.7 12 Vcrizon Coniriiuriicatiorx

1 1,038 Interriatiorial Paper

13.832 Kraft Foods

24,925 I 'tizcr

9,701 Vdyeth


Total Investments

Other N e t Assets

Net Asset Value

2,934,469 328.552 ?59.706 32 1,076 390. 11 5 BY 1.448 320.008 28:!,50Y 359.775

7,210,840 384.391 356.593 581,731 297.2YLi 48%5,i 1 3 4G:5,665 258.766 258.132 323,0?6 308.125 393.542 5 19,59 1 430,104

318.931 302.889 367.207 447.119

440.4 17

13.17 1.17 1.17 1.44 1.75 3.10 1.44 1.18 1.62

32.37 1./3 1 .BO 2.61 1.33 2.18 2.0Y 1.16 1.16 2.36 1.38 1.77 2.00 1.93 2.02 1.43 1.38 1.85 2.0 1

21,845,125 98.06

21,845,125 98.06

431,078 1.94

22,276,203 100.00


Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Emerging Markets Commodities

Nurnbcr of shares Transferable Securities arid Market 96 Numher of shares lransferahle Securities and Market or Principal Money Market Instruments Admittcd Value Net or Principal Money Market Instruments Admitted Valuc Nct Arnount to an Ofttcial txchange 1.istirig USD Assets Amount to an Olficial txchange Listing IISD Assets

Brazil 12.600 Cornparihia Vale do Ria Docc 16,700 Corvparihia Vale do Rio Ooce

Prcfcrcncc 4.800 Gerdaii Preference 8.200 JRS 6.800 Magnesita Refratarios

16,200 Pctroleo Brasileiro 21.700 Petrnleo Brasileiro Preference 13,500 Suzano Papel c Cclulose F'relerence

1.600 Ullrapar PartiqmqOes Preference 6.100 IJSIIXI!! :;icjeruryic:as de Minas Gerais

Chile 2,500 Vim Cnnc:tia y foro ADR

China 43.000 (:hiria Coal Fnergy 'H'

98.000 Hidili lndustty International 118,000 China Petroleum R Chemical 'H

Development

Hong Kong SAR 796,COO CNOOC

Hungary 580 MOL Hunyariari Oil arid Gas

Israel 5.553 Israel Chemicals 4.062 Makhteshim Agar Iridustries

Luxembourg 2.500 Tenaris ADR 1,700 Terniurn ADR

Malaysia 33.900 KNM 29,500 Kuala Lumpur Kcpong

Mexico 41.300 Ccmcx

1?5.100 Grupo Mexico

Peru 2.000 Cia dc Minas Buenaventiira ADR

Poland 6.155 KGHM Polska Miedz

14.778 Polski Koncern Naftoik?! Orlcn

Russia 19.900 Gazprorn OAO ADR 6.800 Lukoil AUH 5.100 Mechel AD11 8.500 MMC Norilsk Nickel ADR 1,600 Polyus Cold ADH

37.750 Rosneft Oil CUR 1.950 Severstal GDR 1 .I g? Taneft GDR

850 Uralkali GDR

South Africa 5,227 AngloGold Ashanti 2,789 African Rainbow Minerals

?4,164 lllovo Sugar 17.89% Impala Platinum 5,80!! Sasol

2,951,704 445.386

494.045 1 1 1,615 41,790 93.274

560.113 61 7.051 771.075

61.15~1 305.768

88,475 88.175

356,545 75,204

11 0.44s

170.8!??

509,331 509,331

77,959 7 /.Y59

164,757 126.971 37.786

251,815 18(1.775 70.890

224,779 65,881

1 sn.nan

397,383 109.357 288.026

128,880 1?8.880

543,108 307.51 1 235.597

3,068,328 1.158.180

671,160 248,370 21 3.1 80 4R.?40

43G.410 50.681

179.992 fil,115

1,236,889 170,525 1 00212 82.807

522.251 352.091

24.96 3 77

4.18 0.0.1 0.34 F78 1 . 7 1 5.23 187 c.52 2.50

0.75 ti.75

3.02 C.64 c.03

1.45

4.31 4.31

0.66 0.66

1.39 1.07 0.32

2.13 1.53 0.60

1.90 0.58 1.34

3.36 0 02 2.44

1.09 1.09

4.59 2.60 1.09

25.96 9.80 5.68 2.10 1 .80 0.39 3.7? 0.13 1.52 0 57

10.46 1.51 0.85 0.70 1.42 2.98

South Korea 500 LG Chern

3.400 po:;co ADR 480 SK Energy

Taiwan 1,150 China Steel GDR

Thailand 8.500 Banpu (Foreign)

13.000 P n Chemical (Foreign) 33.200 P n Exploration R Production

(Foreign)

Turkey ?3.355 Eregli Oemir ve Celik Fabrikalari 1 1,353 Tiipras Tiirkiye Petrol Rafine


Total Investments

Other Net Assets

Net Asset Value

529,459 4.48 47,705 U.11

428.400 3.62 53.354 0.45

239,188 2.02 , 239.188 7.07

369,383 3.12 137.138 116 , 10.783 0.31

141.442 1.62

457,980 3.87 198.367 1.67 759.613 7.70

11,595,743 98.07

11,595,743 98.07

228,165 1.93

11,823,908 100.00

Page 150 Schroder Intcrnatiorial Selection Fund Semi-Annual Report Jurie 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Emerging Market Opportunities

Number (it shares Transferable Securities arid Market 46 or Priricipal Money Markct lnstrurrierits Admilled Value Net Amount lo air Otticial Exchange 1 istirig USD Assets

Brazil 293.953 Cnmpanhia de Concessoes

167.006 Corripanhia Encrgctica de Mirias

257.00i) Companhia Vale do I lio Uocc

233.800 Eletropaulo Metropolitdria de :.;;io

156,828 Perdigao

21Y.819 Tirn Participa~De:; ?flR,500 1rat:lebel Encrgia

I lodovlarlac,

Gerais AUI 1

Preference ADR

Paulo Prefereric:e

0?,500 Iele Norle Lcstc Participacoes

51,100 Unibanco - Uriiao de Hancos Brasileiros GDR

Chile 340.203 Empresa Nacional de

TelecOrIiuriiCaCinrres

China 8,480.000 China Cori:str.ic:liorr Bank ‘H 7.068.000 Golden Eagle Retail

Colombia 2 15,145 RanColorr ih AUI i

Hong Kong SAR 2,020,000 Bcijing Enterprises 1,98fi,000 China Unicorn

1 6.!~140.000 Dcnway Motors ~1,061,000 CNOOC

India 350.4YG Btytlrti Airtel

iY.609 Hoi.isirig Developrnenl hnarnce

Israel 787.64‘3 Makhteshim-Agari Iridustrie:; 159.1Ot: Teva Pharniaccutical Industries ADR

Malaysia 8,079,100 Phis FxpressJdays

Poland 37.165 Grupa Kety

Russia 15R,300 Mcchcl ADR 9C.775 Mubile Ielgsysteins ADR

261,150 OAO GazproT ADR 654,250 Rwriefl Oil GI)C4

1 C.17? >>bert-,ank GDR

South Korea lG.068 CJ ChciUodang

147.210 Hana Financial ?14,?20 Hankook I irc 2BP.1 80 Korea Excharige f3arik 46,924 KT&C b8,025 I.(; Eleclroriics

11.370 Sarnsiing Electrotiics 7,444 POSCO

40,816,878 9.90

5.904.00i 1.43

4.031,Y65 0.98

7.61 7.480 1.85

>,:)lSKGl 1.34 4.313.201 1.05 1.826.988 0.44

877.733 0.20 4,294,628 1.04

6:182,035 1.57

4,762,493 1.16

4,767,493 1,l ti

13,697,714 3.33 6,028,275 1 .Su 6.t169.439 1 .t37

6,795,968 1.65 R.7!35.9G8 1 .ti5

25,366,170 6.16 8,604,009 1 .60 3,887,256 0 90 0.530.449 2.07 6,537.057 1.3.1

9,398,174 2.28 6.038.116/ 1.4/ 3,359,207 0.81

14,518,558 3.52 /,32ti,957 1.78 7.lt)l.5(31 1.74

6,364,306 1.55 ii.3ti4.306 1.55

1,712,834 0.42 1,712,834 0.42

43,698,672 10.61 ;,;09.210 1.87 0.9F1F1.767 1 .i’U

15,198.P,Y0 3.W 7,964,670 1 . I33 5.837.095 1.42

37,519,214 9.11 4.IP2.919 102 5.634.432 1.07 2,973.858 0.U 3,685,188 0.89 1.029.348 0.90 6,334,281 1.54 3.8d3.fi97 0.94 17,785,493 1.65

Niimbcr of shares TrdrislerRhle Securities and Market q: or Principal Moriey Market Instruments Admitted Value Net Ari iount to ari Official txchanyc Listing LJSD Assets

Thailand 23,071,634 5.60 509.300 Haripu (Foreign] 8.PIB.Yfl 1.99

2.844.100 Siarri (:orrimercia Bank (Foreign) 6.123.820 1.4Y

1,514.1 00 P n Exploration & Prodiictiori iforeiyi! 0.730.843 2.12

Turkey 13,653,904 3.31 1,4/2.631 Ariadolu Hnynt Emeklilik 2.934.570 0.71

322.51 2 trcyll Demir ve Celik rat)rikalari 2.139.791 0.G7 1 14,002 Olokar Otobus Karoseri Sanayi 1.12856f5 0.27 2Y9,105 Tupras lurkiyc Petrol Rafine R.853,477 1.66


Number of shares ~lransferablc Securities and Market % or l’ritncipal Moriey Market Instruments dealt Value Net Anourit on another Re(yilatetj Market LKD Assets

United States of America 43,572,718 10.58

U X I 20.902.000 US Treasuv 4.775% 15,08.’2013 71,787,479 5.2’3 LJSU 22.025.500 US Treasury 3.1255: 30:04:2018 21.805.245 5.2Y

Total Transferable Securities and Money Market Instruments dealt on another Regulated Market 43,572,718 10.58

Nurriber 01 shareu Market 46 VAue Net or Priri(:ipa Other Transferatile Securilics

not dealt ori a Heyulated Market USU Assets Arrivurit

Colombia 6,997,710 1.70 1 .055,(J93 Arnaceries C-xito GUI < 0,997,710 1.70

Total Other Transferable Securities not dealt on a Regulated Market 6,997,710 1.70

Number of shares Market 0.3

or Priricipal Value Nct Amount Derivatives LJSD Assets

Switzerland 7,170,203 1.74 1,609,581 UnS Warraritv 01:l 1:2010 7,170,203 1.74

United Arab Emirates 7,976,485 1.94 7,714,/00 Air Arabia Warrants 13~08;7010 3,578,491 0.8/ 1,230,876 Aldnr I’roporties Warrants

12’01 ,XJl I J 3,3!47.9!44 1.07




Net Asset Value 41 1,893,018 100.00

Schroder International Selection Fund Scmi-Annual Report June 2008 Page 151

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Energy Schroder ISF Global Equity Yield

Number of shares Transferable Securities and Market Number of shares lransferahle Securities and Market Sh Vahe Net or Principal Money Market Instruments Admitted Value Net or Principal

Amount to an Official Exchange Lisling IJSD Assets Amount to an Official Exchange Listing USD Assets Money Market Instruments Admitted

Bermuda 5,481,075 Dockwise 3.1 68.682 GeoPark

Canada 11.998.696 Rankers Pctrolcum

779.878 Niko Resources 1.790.313 ProFx Energy

!380.395 Tanganyika Oil

Cyprus 1.838.774 ProSafe 2,809,460 Prosafe Production Public

France 7fi5,774 Total

Italy 3,319.529 Mairc Tccnirnont

Netherlands 593.520 SBM Ottshorc

Norway 1.01 0.963 Aker Soluliorw;

Spain 693,332 Repsol YPF

United Kingdom 593.960 Dana Pctrolcurn

5,692,195 Gulfsands Potroleurn 1 .I 75.834 Imperial Energy 1,330,753 Ventiire Production

United States of America 239,383 Apachc 336.999 Baker Hughes 781,385 ConocoPhillips 869.139 Della Pelroleuni

1.696.275 Casco Energy 636.732 Marathon Oil 482,547 NATGO 413.436 Noble 557.089 Quicksilver Resources

287.665 Ultra Petroleum fil7.607 Valero knergy

33,295 Range Hesourccs


Total Investments

Other Net Assets

Net Asset Value

45,587,723 5.73 70.888.079 2.63 74,699,644 3.10

102,032,220 12.82 21,280,572 2.67 2i.196.999 5.12 28323.658 3.63 24.630.991 >?.I0

33,990,422 4.27 18.042.424 2.27 15.947.998 2.00

65,262,494 8.20 65,262,494 8.20

22,367,123 2.81 22367.173 7.81

21,628,218 2.72 21,628.218 2.72

23,831,289 3.00 i13.n.71.7na 3.00

27,527,512 3.46 27,527,512 X16

91,334,668 11.48 22379.842 2.81 24.51 1.593 3.08 21.402.022 2.69 23.041 2 1 1 2.90

291,267,264 36.61 32.819.409 4.13 29,571,682 3.72 25.786.122 3.21 21,641.561 2.72 18 644.212 2.34 32.613.413 4.10 76.18/,826 3.79 26.771.1 15 3.37 21,715,329 2.73 2,156,915 0.27

28,677,324 3.60 24.679.376 3.10

724,828,933 91.10

724,828,933 91.10

70,787,222 8.90

795,616,155 100.00

Belgium 6.1 15 KBC Groep

China 672.000 PetroChina 'H'

Cyprus 97.175 ProSafe

Denmark 26.947 Danske Bank

Finland 18.572 Metso

France 10,228 Socikt6 Ccneralc 18.053 Suez 17.831 lotal 29.624 Vivendi

Germany 27.047 Deulsche Post 4.658 Miinchener I {ijckversicherungs

Greece :34,78 1 EFG Eurohank Ergasias

Hong Kong SAR 419.500 l3OC t lorig Kong 19.900 Hang Scng Rank 65,500 Swire Pacific

Ireland SI ,707 Allied Irish h n k s 77.500 Rank of Ireland

Italy 33.278 EN1

137,Rl 4 t JniCredil

Netherlands 11 , I 37 Akzo Notiel Xl.877 ING Groep 77.406 Royal Dutch Shell 60,889 Royal KPN 24.341 SHM Offshore 30.430 Ilnilever

Norway fiR,570 DnB NOR

Singapore 1.172.000 Singapore Post

295.000 :hiyapore Pres:: 396.000 :;irigapore .Technologies Engineering 344.550 Singapore Telecommunications B83.000 Suntec Real Estate Investment Trust

Spain 73.173 Repsol YPF 32.3 12 Telefhnica

Sweden 54.651 Skariska

Switzerland 17.1 43 Credit Suisse Hegistered

678,237 678.237

870,254 870.254

956,444 956.144

783,028 783.028

836,308 836.308

4,616,646 890.1 91

1,084,188 1,520.725 1 .I21539

1,517,076 701,266 815,810

831,072 331,072

2,833,001 1 ,I 10.778 1.052,500

669.773

1,473,157 794.fi05 878.552

2,079,278 1,242,043

837.235

5,338,857 7 63,054 659,422

1,119,.C104 1.049.91 4

887.000 859, Bfi3

880,933 880.933

4,512,812 1,190.457

921,773 800,847 917.010 682,925

1,776,152 920.w3 R56. 10'1

794,172 794,172

782,690 782.690

1.15 1.15

1.47 1.4/

1.62 .I 6 2

1.32 1.32

1.41 1.11

7.81 1.51 1.83 2.57 1.90

2.57 1.19 1.38

1.41 1.11

4.79 1.88 1./8 1.13

2.49 1.34 1.15

3.52 2.10 1.42

9.03 1.29 1 .I2 1.89 1.18 1.50 1.45

1.49 1.49

7.64 2.02 1.56 1.35 1.55 1.16

3.01 1.56 1.45

1 .a 1.34

1.32 1.32

Page 152 Schroder International Sclcctiori Furid Serrii-Annual Report Junc 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Equity Yield (coI-~~) Schroder ISF Global Property

Securities Nunibcr of shares Transferable Seciirilies and Market 3 Number of shares Trarisferat)lc: Securities and Market 7" or Principal Money Market lnstrurrierits Adniilted Value Net or Principal Money Market Iristruments Admitted Value Net Amount to an Official rxt;hariye Li:;LiIiy USD Assels Amount tu ari (3Hic;inl txclianyc Listing USD Asset:;

United Kingdom 188.B89 BT tiu,66/ ~lax[)~.~rIiittiKli~ie 41,181 Imperial Tobacco

341,306 Old Mutual

United States of America 49.681 Altria 32.910 ATST

17,729 Doininion Resources 21.337 Du Porit (r.1.) (le Nemours 1 1.71 2 Enterny 21,447 FT'L 75,81 ii General Electric 32,302 lriterriatiurial Paper 24.639 Jutirisor tl. Johnson 21.399 JPMorgan Chase & Co. 39.235 Kralt Foods 14.959 Lorillard .;3,?70 Pfizer 21 ,010 Philip Morris Iriterriatiorial 23.78 I Progress Energy 27.483 02 Baricorp 30.61 6 Vcrizon Cornrnunicatioris 37,3M Wyeth

18,469 ConocolJlillllps


Total Investments

Other Net Assets

Net Asset Value

4,396,351 7.44 749,331 1.27

1,409,891 2.52 1.531,19ti 2 . K

625.993 1.06

21,013,790 35.55 1.01 1,008 1 .72 1.078.1 32 1.82 1 .fi92.499 2.86

819,080 1.39 1.1 07.017 1 .a7 i , w 8 . / 3 i p.33 1,362,313 2.30 677.'328 1.1 5 750.947 1.28

1.50F.301 2.65 ;'50.033 1.27

1.1 13.967 1 88 1.010.913 1 72 1,265,345 2.11 1,049,918 1.78

988.338 1.61 778.045 1.32

1,0~19,51 i 1.78 1 .451,750 2.52

56,970,258 96.38

56,970,258 96.38

2,138,120 3.62

59,108,378 100.00

Australia 300,000 Stockland

France 1 12,000 Eurosic 55,269 ICADF

189 767 Klcpierre 64,700 Nexity

11 8.900 Unibail

Germany 1 ?0,ij:50 UIC Asset

Hong Kong SAR 4,740,000 China (herseas I and & lnvestmont ?,G34,5DO Hang Lung Properties 1,960.000 Honykong Larid 3.049.737 Hywn Development 1254,082 Kerry Propertie:; 3,450,000 Litcstyle Internatlorial 3,029.800 Shangri-La Asia

Italy 2,083.200 Immobiliare Graride Distrit)riziorie 1,251,959 Risariarrierito

Japan 4tj0.700 Aeon Mall 774.000 Claiwa I Iuiise Inrjuslry 510.000 Mitsui Fudosan

Luxembourg BY,9/1 Orco ProperPj

Philippines 43.000.000 Megmorld

Singapore 2,27.1.000 Capital and

Spain 004.700 Sol Melia

Sweden 450.000 (;astelluni

United Kingdom 344,200 British Land 568,/YB Great Portlarid tsldle:; 767.424 Seqro

United States of America 51.000 Alexandria Heal Estate Equities

n3,900 Boston Properties

5?,800 tssex Property Trust

112.800 AvalonRay Commuriities

152.300 Equity Orie

110,100 tederal Hcalty Investment Trust 21 6.300 Gerieral Growth r'ropcrties 1 17.400 Health Care R t l 1 30'3.000 Host I lutels & Resorts 134.800 Kimco Realty 107,700 I aSak Hotel Properties 74,900 Macerich 30.000 Mayurc! Properties /.623?~ perpetual

1,553,937 0.44 1.553.937 0.44

49,949,412 14.28 3.146.01? 144 ti.35Y.3i:' 1 .W 8.582.504 2.45 1,758,682 0.50

2i.422.862 7.84

3,080,632 0.88 3,080,532 0.88

51,192,802 14.83 7,487,033 7.14 8,444.885 2.41 8.388.800 2.40 8.368.1'33 2.39 6.584,WKI 1.88 4,848,232 1.39 7.070.349 TO?

7,832,076 2.24 6,15Y,/25 1.76 1.072.351 0.48

31,934,461 9.13 13.680.70i 3.91 7,305.201 2.09 10.948.5YY 3.13

4,039,732 1.15 4.03!3,732 1.15

1,166,945 0.33 1,166,945 0.33

22,765,749 6.51 Y.5Xl.684 2.72 8.383.ti34 ?.40 4,852.431 1.39

6,462,004 1.85 6.162.004 1.85

4,379,981 1.25 4,379,981 1.25

14,746,252 4.21 4.81 1,104 1.37 3.866.775 1 . I 1 6.0W.373 1.73

112,417,856 32.13 5,003,610 1.44 li.950.088 ?.84 7.556.8/3 7.16 3,110.05R 0.81) 5,838,928 1.61 7,6331,031 2.18 7.596.456 2.17 5.?30.1 70 1.49 4784,200 1.22 4.68B.Y9)6 1.34 2,747,427 0./9 4,551 ,790 1.33

425,340 0.12

Schrnder lntcrriational Selection Fund Semi-Annual Report June 2008 Page 153

Portfolio of I nvestrnents as at 30 June 2008 (cont) Schroder ISF Global Property Securities (cont)

Numbcr of shares Transferahle Seciirities and Market 4/, or Principal Moncy Market Instrumenls Adrriitted Value Net Amount to an Ollicial Ext;t>arige I isting USD Assets

United States of America (cont) 251,000 Post Properties 152.200 Prologis 93.000 Public Storage 83,700 Siniori Property 41,300 SI Green Realty 64.700 Starwood Hotels 8, I7esorts

83.700 Vnrnado Realty lrust Worldwide


7.41 7,050 2.1 2 8,191.404 2.34 7.401.870 7.l? 7.601.634 2.1 7 3.409.31 5 0.97

2.504.823 0.74 7.295.293 2.00

31 1,521,839 89.03

Number of shares Market ",A or Principal Value Ne1 Amount Deposil USD Assets

United States of America 48,938,140 JPMorgan Chase Nassau

48,936,140 13.99 48.936.1 40 13.99

Total Deposit 48,936,140 13.99


Other Net Liabilities (10,565,404) (3.02)

Net Asset Value 349,892,575 100.00

Schroder ISF Global Smaller Companies Niimher of shares Transfewhle Securities and Market ?&

Money Market Instrmenls Admitted Value Net or Principal Amount to an Official Exchange LListirig USD Assets

Australia 109.700 Ouart Lorigyear 51.919 Computershare 64,2/9 Downer ED1 95.663 Iluka Resources (5.046 James Hardie Industries 100,322 Macquaric Infrastructure 33.290 Sonic Healthcare 36.392 llnited

Austria 8.1 31 Kapsch Trafficcorn

3.605 Schocller-Blcckmann Oiltield 12.1 78 Roscnhaucr International

Equipment

Belgium 1.757 TVS nroadcast rqutpment 1.61 2 Nationale A Portefeuille 822 Sofina

Bermuda fi,606 Argo 3.000 Genpact

Canada 3.553 Galleon Energy 5,800 PAN American Silver

9.716 ShawCor 40 Ritctiie Bros Auctioneers

13.758 Yaniaria Gold

China 014.000 China Eastern Airlines 'H' 318,000 China Molybdenum 'H' 84.000 China National Huilding Material 'li' 57.500 Great Wall Automobile 'H' 6,200 Home Inns & Hotels Management

ADH 173.500 KWG Properly 675.000 Want Want China

Denmark 15.42 1 Trigon Agri 1,315 TrygVesta

Finland 88.480 F-Secure 17.577 Ieleste 26.186 YIT

France 8.349 Altarriir Anitioise 6.?33 Alten i.866 Rourbon 1,200 Easydentic 1204 Chyenne et Gascogne 31.000 Homair 2.800 lpsen 4,555 Les Nouveaux Constructeurs

lrivestissenierit 10,063 Mnximiles 7.846 Nexity 4.096 Outrenier Telecorn 4.322 Rubis 11.167 Saft 12,321 Store tlectonic 4.288 Carrere 1 ,?I 5 LIS1

3,106,555 363.820 459.791 424.374 432.996 305.785 223.6370 3ti5.fi05 430.514

1,312,041 3/8.062 556.636

377,343

322,632 11 1.305 120.635 00.6'32

267,219 221.499 15.720

I ,41 4,822 634.445 204.508 1.056

346.843 227.970

1,163,189 192.881 27 1.551 161 357 31.802

118,172 124.578 259.645

344,931 35.488 309.445

1,131,026 373.717 97.735 059.544

3,445,046 83.956 225.857 481.5 1 1 39,71a 150.581 162.706 142.856

2/.282 152.422 77,962 44,998 366.765 483,144 ?5?.?6?

0 107,624

4.20 0.49 0.62 0.58 0.59 0.4 1 0.30 0.63 0.58

1.78 0.51 0.76

0.51

0.44 0.15 0.17 0.1 2

0.36 0.30 0.06

1.91 0.86 0.27 0.00 0.47 0.31

1.57 0.25 0.37 0.27 0.05

0.1 8 0.1 7 0.35

0.47 0.05 0.42

1.53 0.51 0.13 0.89

4.66 0.1 1 0.31 0.66 0.04 0.20 0.22 0.19

0.04 0.21 0.11 0.06 0.50 0.65 0.34 0.00 0.15

Page 154 Schroder Iriterriational Selection Fund Serrii-Annual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Smaller Companies (,cant)

Nurriber ot :;hares or Priricipal Amount

France (cont)

Transferable Securities arid Money Market Iristrunienls Admitted to ari Official txchanyc Listing

6,93I Sword 5.000 Vifhac

Germany 3,216 Bilfinger Berger 3,320 Euro-Kai KGaA Preference 3.263 Hawesko

11,950 IUS :;cheer 2.368 IriVisiori Soltware

12,100 MIUAcro Engines 8,339 Rtieirirrietall

1 1,385 SFC Smart F.iel Cell

Greece 1 :3.693 Batii:; Vuwx Intcrnattonal

Christruction 9,400 Fourlis

11,912 JUMBO

Guernsey 1 1,000 Amdocs

Hong Kong SAR 747,000 Agile Property 180,000 China rvertmght 222,000 China Foods 11 9,000 China Insurance Internatiorial 290,000 Cnpc Hon(j Korig 90.400 Dati Sing Banking

7.000 Hony Kong Aircraft Fn(jirie?rg 51 ,000 I lopewell

840.000 Minrrietals Resources

638,000 SHE 1.100 Seaspari

35.000 lelevisiori Broadcasts

Ireland 18,197 DCC

Israel 3424Fi Oridiori Systems

Italy 22.300 ACEA 20.528 Amiut

28,000 Hera 1 YS,l68 CIR-Corripayriie Iriduslriali Hiunite

Japan 17.500 Aica Kogyo 10,400 Arcs 36.000 Chugoku Marine Pairits 37.000 h d o Steel 2 /.000 Daihatsu Diesel Mariulxluriny 34.000 DC 34.000 DOWA

16.100 hjihura Kasci 28.000 kurukawa-Sky Aluminum

3.600 Excdy

4, /00 I 11:; Y ,000 Hisaka Works 3,000 lcorn 6.000 Japan Aviation Electroriics 1ridu:;try

7 , M I<oito Mariulactunng 3,900 Lintec 8,T00 MlSUMl

14.800 Mtisa:;hi Seinnitsu lndustpj 6.500 Nichi-iko Pharmaceutical

16,900 \IW

Market % Valiie Net USU Assets

21 3,055 129,343

2,159,693

363.786 109.957 14 1 .v35 R8.339

3Y0. I13 R15,007 189,136

1,038,687

443.04 i 274.092 31 !i.548

323,510 3?3.510

2,178,057 2 10,99u 308.548 107.473

2813.057

283.8W 13'3,336 1 /1 .Of38 1 1 T.W4 131,138 715.6R7 1 G5,832 t38.716

201.945

453,737 453.737

346,038 346.W8

1,304,806 474.73R 230.385 537,094 113,OW

5,628,242 154.908 220.238 249,215 201,500 308.41 2 100.000 248,553 YS.138

1.1 1.232 75.733 70,629

192.359 76.FJS-1 52,/14

1,13,384 97.w15 d8.049

182.498 340.81 7 1 8S.031

0.29 0.58

2.92 0.38 0.49 0.15 (J.19 0.09 0.53 0.83 0.26

1.41

0.61 0.37 0.43

0.44 0.11

2.95 0 29 0,42 0.14 0.38 0.18 0.73 0.1 fl 0.23 0.31 0.23 0.09 0.27

0.61 0.61

0.47 0.4 i

1.77 0 58 0.31 O.T3 0.15

7.61 (>.?I 0.30 0.34 0.28 0.42 0.14 0.34 0.13 i l l 9 0 10 0.10 0.20 0.10 0.07 0.1Y 0.13 0.09 0.77 0.36 0.22

Number of shares ~Iransterablc Securities and Markct ?J or Principal Money Market Instrurrierits Adrriitled Value Net ArrloIJrlt to an Official rxctiarige Listmy tJSD Assets

Japan (cont) 8.1 (10 Nidcc Copal 8.800 Nifco

10,000 Nihon r'arkerizing 27,000 Nippon Thonipsori

l 0 , i 0 0 Nitta 040 OtK

8.100 0% 7,100 Ryosan 6.000 sat0

7,000 Nishirnalsuya Chain

48,000 Shinmaym lridustries 8.300 :;lJrIll(~>l 5.100 Tokyo lorriin Bank

11,900 lrusco Nakajrama 6.900 Tsumura & Co. 2,000 lsiiruha 5,700 Tsutsurrii Jewelry 5.100 Union Tool

Luxembourg 19,239 Transcorri VWdWide

Netherlands 1,800 Accell

15,700 Arcadis

29,345 Irirlocoriccpbs I155u SBM Offshare 7,247 Smartrac

l:j,k&' Teri Gate

ri.574 Fugro

New Zealand 158,214 Fisher 8 Paykel Hcalthcare

Norway 141.0t30 Stepstone

Singapore 113,000 CapitaMall Trust 753,000 Goodpack 98.000 Parkvdsy

109.000 SembCorp lndustnes 249,000 SMRT 751,000 Suntec Real Estate 1rive:;trrienl Trust 228.000 Uriisteel Icchnology 54.000 Yarilord Land

South Korea 278 CJ C;theil.Jcdang

7.336 t~~Ul lJ in Materials 4YY KOC

4,635 Kumho Industrial 71 4 Lotk Contcctioncty

7.028 Samsung Engineeririg 4.500 TK

Spain i t1 ,3~9 rrlagas 8,065 Red Electrica de Espana

Sweden '3.1 ti5 Saab

17.797 %Jedish Match

Switzerland 12.403 Bank Sarasiri & C e I jegistered 4.330 BKW FMR Enercjie 2, l 50 F i ~ i a i i ~ i e f ~ Tradition

751 Helvctia

78.745 0.11 208.474 0.28 281.4/2 0.36 113.173 0.23 W.890 0.09

234 25Y 0.32 141.842 0.19 91,924 0.12 45.281 0.06 87.885 0.09

190,f6t? 0.28 11Y.18T 0.16 99.1 15 0.13

1/9.051 0.74 170,471 0.21 83,822 0.09

114.280 0.16: 149.035 0.20

93,789 0.13 93.789 0.13

2,624,575 3.55 61.735 0.08

348,912 0.4/ 354.346 0.75 111.131 0.50 530:129 0.12 233.643 0.32 182.379 0.65

283,983 0.38 283.983 0.38

415,648 0.56 415.648 0.58

2,017,138 2.73 348.406 0.33 288.453 0.39 lti7,158 0.23 333.375 0.45 340,507 0.46 250.977 0.34 318,818 0.43

13,448 0.10

1,502,137 2.03 255.208 0.36 329.41i 0.45 207,311 0.28 106,356 0.14 259,103 0.35 151,505 0.20 1 93,207 0.26

1,045,316 1.41 520.833 0.10 521.183 0./1

592,171 0.80 731.020 0.31 361,151 0.49

3,452,233 4.67 667.883 0.75 589.171 0.80 358.433 0.48 288.251 0.39


Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Smaller Companies (conti

Niirriber of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net Amouit to an Oflicial txchanue Listiriu IJSD Assets

Niirriber of shxes Transferable Securities and Market 36 or Principal Money Market Instrimerits Ahiitted Value Net Amount to an Official Exchancre Listina USD Assets

Switzerland (cont) 66 Jelmoli

52,500 Mobilezone 1.908 Newave rnergy 3.231 Schweizerhall Registered

231 Sika

United Kingdom 10.000 Albernarle R Bond 35.000 AssetCo 8.757 Atkirrs (WS!

10,000 Hahcock Interriatiorial 16.341 nalfour Reatty 80.000 Bloorrist)iiry Publishing 50,000 Rodycote 47.940 Booker 15.000 Rovis Homcs 20.000 BF'I-' 20,000 BSS 25,001 Carilliori 13,000 Chloride 25,000 Consort Mcdical 17.500 CSR 21.100 Dcchra Pharmaceiiticals 33.145 DTZ 30.000 E2V Technologies 18.305 Eco Animal Health 15,000 Fidessa 50.000 Findcl 14,l 60 Goldshield 30.000 Grainger 2,000 Greggs

20,000 Hamworthy 1.343 Homcserve

?I .36G lnchcape 18.846 Laird

11 1736 LMS Capital 25,000 Luminar

1 12.762 Management Con:;ultir;y 30.609 Meggitt 50,000 Mitie 10.000 Morgan Siridall 87,l 01 Nestor Healthcare

3.378 Premier Oil 17,500 Shaftesbury 10.187 9 G 15,000 United Rusincss Media 10,000 Ventiire Production 14.73/ Victrex 15.000 Vitec 19.625 Welherspoori L1.D.)

United States of America 5.924 Actuant 5.200 Adtran 8,400 Advariced Medical Optics 4,800 AH Relo 1 ,ROO Air Methods 4.35/ Airgas 3.100 Alhany Interndtiorial 6,200 Albcmarlc

1,800 AllianceBernsteiri

1,600 Amphenol 6,200 Amsurg 5.500 Anadigics

13,556 Annaly Capital Management 9.81 1 Apollo Investment

13,800 Aspen Technology

400 Alexion Pharmaceuticals

11.900 Ambassadors

1 R7.307 310,825 80.860

ti79.8G4 351.480

6,509,228 163,076 1 10.281 184.251 121.1 10 138.454 2 16.8M Xl3.846 2 1.982 97.786

186,888 i33,Rm 166.318 395.480 794.056 94.721

204.304 134.?17 157.594 38.31 7

252.838 156.964 79.042

134,8627 145.932 215.109 145.004 134.51 3 147.092 154.1 23 131.951 65.193

128.601 21 0.325 151.514 65.1 17

11 0,579 134.755 108.551 182.080 173.144 21 1,452 137.769

78,610

0.23 0.50 c.12 c.97 C.48

8.81 0.22 0.15 0.25 0.16 0.1 9 0.28 0.28 0.03 0.13 0.75 0.lr3 0.22 0.54 0.40 0.13 0.28 0.18 0.21 0.05 0.34 0.23 0.1 1 0.1 8 0.20 0.29 0.20 0.18 0.20 0.21 0.18 0.09 0.17 0.28 0.20 0.09 0.15 0.18 0.15 0.22 0 23 0 29 0 19 0.1 1

25,876,738 35.01 186.77/ 0.76 128.648 0.1 / 162.540 022 27.360 004 42.111 0.06

272.835 037 89,993 0.12

254.076 0.34 29.116 0.04

102.456 0.14 185.759 0.25 67.920 0.09

152,6244 0.21 51.150 0.01

210.796 0.29 148.34? 0.?0 101,130 0.76

United States of America (cont) 7.900 atheriahealth 3.913 Bank of Hawaii 4,300 Barr Pharmaceulicals 4.500 Relden ?.300 Rerkshire liills Bancorp 7.500 Rroadridge Financial Solutions

16.300 Brocade Communications Systems 8.700 Brush Engineered Materials

14,600 Cabot 7.200 CARBO Ceramics

11,400 Casual Male Retail 6.1 00 Cbeyond

21.900 Cenlral Garden & Pet 6.500 Central Garden & Pet 'A' 5.933 Cepheid 5,400 Cheesecake Factory 6,700 Childrens Place Retail Stores 8,100 Chimcrn Investment 2.500 Clean Harbors 9,859 Clear Chaririel Outdoor

3.300 CommScope 400 Commercial Metals

700 Concho Resources 73.831 Coriseco :WOO Consolidated Cornmiinication 3,200 Constant Contact 8.900 Cooper 7,400 Corrections Corp of America 6,800 Crown 5.1 07 Cullen!Frost Rankers 1.000 Curks Wright 8.867 CVR Financial 5.600 DRVltil

2.1 00 Dick's Sporting Goods 4.800 Digital Realty Trust 3.100 Diamond Foods 1.500 Uover

60 Dialysis Corp Of America

16.1 73 Dresser-Rind 800 Dim R Bradstreet

33.257 Emulex 2,300 ESCO Technologies

15.1 24 Euronct VJorldwide 2.400 txterran

15,384 F5 Networks 11,800 FEI 4.600 Flotek Industries

2.100 Forest City Entcrprisos 3.1 00 Forest Oil

10.706 Gartner 1.800 Gen-Probe

13.700 Geo 6,500 Georye 2.600 Glohal Payments 1 .ROO Goodrich Petroleum 7.628 H&E Equipment Services 3.000 Haemonetics 1.335 Hcalth Care RElT 1.500 Health Net 4.100 HMS 6,100 Horizon Lines 3.500 I iuron Consulting 9.906 IDEX 2.836 lmmucor 4.500 IMS Health

10.81 6: lnformatica 9,600 Integrated Device Technology

530 FMC

8/.696 192.246 193.070 153,405 56,810 54,050

131,638 222,159 368.650 410.832 50.2562

108,092 98.331 26.000

170.697 86.994

243.1 1 1 77.112

179,625 17/.659

15.101 173.382

9,w 5 26.600

236.165 57.330 6o. 704

327.698 200.762 177.140 262.857 83,714 88.138

301.61 6 436

37.905 1(31,Y28 74.698

215.685 619,749 69.75?

393,430 10R.789 260.133 174.840 445.059 276.474

40.683 77.808

228.842 223,220 86.310

307.291 1 1 7,000 170.900 136.Z4 Y2.351

173,750 1 (33,124 37,200 89,298 61,854

155,575 353.218 77.01 1

103,950 170,1362 95,904

92.184

0.12 0.26 0.26 0.21 0.08 0.07 0.18 0.30 0.50 0.56 0.07 0.15 0.13 0.04 0.73 0.12 0.33 0.10 0.25 0.74 0.02 0.24 0.01 0.04 0.32 0.08 0.08 0.11 0.27 0 ?4 0.36 0.1 1 0.12 0.41 0.00 0.05 0.26 0.1 0 0.29 0.84 0.09 0.53 0.14 0.35 0.24 0.60 0.37 0 12 0.06 0.1 1 0.31 0.30 U.12 0.42 0.1 6 0.1 6 0.18 0.13 0.73 0.26 0.05 0.12 (1.08 0.21 0.18 0.10 0.14 0.23 0.13

Paye 15F Schroder Iriternalional Selection Fund Serrii-Arinual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Smaller Companies ( > c m )

Nurriber ol :;hares Transfcrable Securities arid Market “’2

or Principal Money Markel Instrumcrits Admitted Valuc Nct Amount to ari 0ltic;inl Exchange Listing USD Assets

United States of America (cont) 4.400 Interface

6,200 lriterpublic 4,900 Inlersil

17,800 Intervmvcn 3.000 Invcmess Medical Inricwatiori:; 1.100 Irivesiment Technology 5.600 Iriwstors fieri1 tstate Trust

800 Jacobs Engineeririy 2.598 Kansas City Southerri 5.400 Krioloqy

17,000 KV Pharmaceutical 3.300 Larriar Adverli:;iny

13.91 3 Lexicon Pharmaceuticals

1 1.800 lnternap Network Services

11,500 LK(1 4,400 I iurriiriex 9,300 Macrovision Solutioris 1.100 Mantech Interriatiori;il 8,000 MEMSIC 2.500 Mcrodith 4,400 Microsemi 5,900 Natiorial Hetail Properties 3.000 NeuStar 3,100 NII 1,300 Northeast Utilities 5,900 NorthWestem 8.800 ON Serriicoricjiic:lor

1,483 Orrriat lechriologics Y , ! m Pactlv

5,fiOO I’arallcl Petroleum

3.9L)L) Patterson 6,500 Perriyo 8.3% Pinnacle rritertairirrienl 6,900 Porlland Gcncral Electric

2.834 Psyctiialric Solutions

1.700 Range r{esourccs 8.137 Regis

15,736 Reinsurance :;roup of Ariiericn 3.:300 Reril A Center 4,368 Repihlic Aimays 5,500 Republic Seviices 4,921 RightNaw Technologes

4.500 Ross Stores 2.500 Ruddick 1,100 liPC

10.800 Online Resources

10.700 P m r c

14.877 Paranelric Technology

17.100 PSS Vdorld Nedical

76,800 ClLoylC

7.000 Rofiri % n u r lochnologics

4.900 >SAIC 25,706 Scientific Garries

Y./00 Serntech 7.500 Sierra Pacific Resourw:; 9.500 Skilled Hcaltlicarc Y,400 Skyworks Sululioris 6,100 Soriic

8.776 St. Mary Land & Exploratiori 1,000 Slaridard Micrwbystcms 5,752 :;Larichrd Parking 7.100 Sun Healthcare 1,000 SVB Financial 8.100 Synivctsc

12.500 tw telecom

17,l 16 SornicWALL

11.935 TI ICI

7.700 IJIL. 3,300 Unisourcc Energy

56.80.1 56,95G 53.441

120./36 156.920 101,31[)

53.384 54.53fl

11 3.091 58,860

321,810 123.0135 24209

206.540 (J1.1TU

140,406 53,7ti8 23.840 71.450

1 14,444 173.900 78.084

113.359 109.822 149,051 82,720 91.1 5? 71.317

207.1 08 ii9.229

11 2 ,8M 254.283 11 o.nti4 21 1 .575 09.921

I56.tiY0 286,055 107.94/ 391,012 110 126 21 8,885 684,359

G8 109 39 719

81,211 60.710

163.755 8/.1 15 18.114

10:3.488 781,462 138,710 Yti.150

125.685 89.964 M,748 I 12.623 556.047 43.440 ...,, 380 91.199

188,840 128.828 x35.71 ti 2u2.250 79.704

102.527

37.noo

r

0.08 0.08 0.0/ 0.10 0.21 0 14 0.05 0.01 0.09 0.1 5 0.08 0.54 0.1 i 0.03 0.78 0.12 0.19 0.0 i 0.03 0.10 0.1 0 0.1 / 0.1 1 0.20 0 15 0.20 0.1 1 0.1 2 0.1 0 0.28 0.05 0.15 0.34 0.16 0.29 0.12 0.21 0.39 0.1 5 0.53 0.15 0.30 0.93 0.09 0.05 0 22 0.09 0.08 0.22 0.1 2 0.02 0.14 1 .OB 0.19 0 13 0.1 I, 0.12 0.1 3 0.1 5 0.15 0.05 0.13 0.13 0.77 0.1 I 0.32 0 77 0.1 1 0.14

Number of shares or Priri(:ipal AriioiinL

Trarislerablc Sccurities and Money Market Iristrurrierits Admitled to an Official tx(;hanoe Listina

United States of America (cont) 8,000 United Natural roods 1.1 00 I J S Ccllular

34.6 15 Valueclick 7,641 Veeco Iristrurwnts 3,500 VeriSign

100 Vlad

1.500 Volcano 7.818 Voltcrra Semiconductor 5.000 W.14. Bcrklcy 1.600 ‘idabtec ;.403 Waste Connections 3,7(5 1 Watson Wyatt L\Jorl(lvdide WOO ‘&ll(:are Hcalth Plans 5,700 West Pharrririueulical Scrvices 5,195 Westariierica Bnricorporation

18,300 Vishay Iritenechnology


Number of share:; or Principal Other Transferable Securities Anourit not dealt on a Reciulatetl Market

Markct Y! Value Net W U Assets

161,040 0.22 61.215 0.08

527.533 0.72 129,209 0.17 1:37,titi:J 0.19

2.613 0.00 170.556 0.23 54.315 0.07

136,033 0.18 121,850 0.17 70.544 0.10

239.487 0.32 ?01,9lfG 0.27

78.510 0.11 293.882 0.40 292,279 0.40

70,353,185 95.18

Market B Value Ne1 US;n Assels

United States of America I .I ,000 Hruker 10.725 IAC Acquisition


182,515 0.24 181.580 0.21

935 0.00

182,515 0.24

Number of stidre:; Market SS or Priricipiil Open-ended Golleclive Value Net Amount Irivestrrieril Scncmos USD Assets

United States of America 376,380 0.51 5.400 ishares Russell ?On0 Iridex h i i d 3 K 3 8 0 0.51

Total Open-ended Collective Investment Schemes

Number of shares or Priri(;ipiI Amaunt Uerivatiws

Japan 13,000 Oowa Miriirig Right:; 2!3,’01:2010

Singapore 31.6?5 Goodpack Vvarrants 16U7:2009

Total Derivatives

Total Investments

Other Net Assets

376,380 0.51

Market U& Value Net US0 Assets

4,746 0.01 4.746 0.01

5,813 0.01 5.813 0.01

10,559 0.02

70,922,639 95.95

2,992,223 4.05

73,914,862 100.00 Net Asset Value

Schroder lntcrnntionnl Sclection Fund Semi-Annual Report June 2008 Page 157

Portfolio of I nvestrnents as at 30 June 2008 (cont) Schroder ISF Global Technology

Nurnbcr of shares lranslerable Set:iirities arid Market qt Number of sharcs Market ?& or Principal Money Market Instrunients Adrriitted Value Net or Principal Othcr Transfcrablo Securities Value Net Amount to an Official Exchange Listing lJSD Assets Amount not dealt rn another Regulated Markot USD Assets

Bermuda 70.690 Marvel1 Technology

China 12.1 25 Focus Media ADR

Finland 22.382 Nokia ADR

Germany 28.607 Aixtron ADR

Japan 3,800 Nidec 4,655 Nintendo ADH 6,600 Nitlo Uenko

South Korea 954 Samsung Elcctronics GUII 144A

Taiwan 40,810 HON HA1 Precision 1ndi.istry 22,000 Richtek Technology

United States of America 34,160 3PAR 33.948 Advanced Micro Devices

11 ,603 Arritech Systems

23,187 Applied Materials 25.81 8 Brocade Communications Systcrns

37,729 Cisco Systems 14.156 Citrix Systems 15.075 Cognizarit Technology Solutions 12.042 Corrirrivaiilt Systems 21.564 Corning 73.078 Dell

7.402 Aknrnai Technologies

1,591 Applc

8.526 Ciena

5.280 Dolby Laboratories 6.110 eBay

10.572 Electronic Arts 35.144 Forrrifactor

695 Google 15.525 Hdett-Packard 12.136 Intel 18.143 Keriexa ij.960 I am Research

13,40/ I exmark International 7.385 MEMC Elcctronic Materials

10.821 Microsolt 12.670 Moriolittiic Power Systems

1.300 National Scrniconductor 31.117 NetApp 28.249 Oracle 8.558 QUALCOMM 7,408 Ri.ibicori Technology

18,032 SanDisk 48.077 Sonus Networks 19.648 Taleo 18.81 4 lgssera Tec:hnologies 10,671 Ultimate Software


365,799 1.88 United States of America 336,975 1.73 114 000

1 A.041 Maxim Integrated Products 336.851 1.73 365.799 188 11,415 I-Web 144A Frefererice

327,981 1.68 377,981 1 68 Other Transferable Securities

not dealt on another Regulated Market 338,975 1.73 s 7 . m 2.76 537.839 2.78

318,396 31 8,396

837,847 254.075 379.1 09 254.662

282,623 ?W.6?3

371,972 200,950 171,014

14,453,671 294.41 7 ?01.991 255.81 3 124.152 211,123 417,277 213.257 ?03.7/1 890,782 421.840

205.315 505,676 513.486 207.768 168.597 464.534 483.404 367.000 692.1 05 267,250 357.961 258.355 448,4M 468.684

1.376.554 272.532 149.577 694.630 601,471 390.673 157,526 346.755 172.751 384.865 307,707 391,732

495.817

1.63 Total Investments 1.63

Other Net Assets 4.30 1.30 Net Asset Value 1 .69 1.31

1.46 1.46

1.91 1.03 C.88

74.21 1.50 1.03 1.30 0.63 1.39 2.30 1.09 1-03 4.57 2.1 / 2.55 1.05 2.60 7.64 1 .oi 0.87 2.39 3.38 1.88 3.55 1.37 1.84 1.33 ?.A0 2.40 7.07 1.40 0.77 3.57 3.09 2.01 0.81 1.78 0.89 1 98 1.58 2.01

17,496,128 89.83

17,833,103 91.56

1,644,169 8.44

19,477,272 100.00

Page 158 Scttroder International Selectiori Furid Serni-Annual Rcport Jurie 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Greater China

Numbcr of shares Traristerable :Securities and Market 3: or Principal Money Markel In:;lrunwnts Admitted V k ~ e Net Amount 10 an Oiticial &change I istirig USD Assets

China 31.088.000 Advdriced Serniconductor

Manutacturing 'H' 407,200 AirMedia AUI {

0.200.000 AnLa Sports Products 8.44 1,500 Asia Cement Ctiiria 12.294.000 Reijirig Jirigkelong 'H' 12,729,500 UYL) tleclronic International

660.000 China Coal Energy 'I I' ll/H,000 China Corrirriurticatioix Construction

'H' 21 .i89.000 (:hiria (;onstruction Bank 'H' 8.55ii.OOI3 Ctiiria I Iiyh Speed lransmission

4.1 /0,000 Chiria Life lrisurnncc 'H' Equipment

62.000 China National Ouildiriy Material 'H' 33.000 China I 'etrolcum & Chemical 'I I /Y.ocK, Ctiiria Strerrhua triergy 'H'

28.890.000 China Teiecorri I I' 31,873,000 Uongfeng Motor ' t I ' 7.360.000 Franstiion Properties China 8.(32(3,023 Guangdong Clectric Povw

Oevelopinent 6,287,473 Hangzhou Stearri Ttirbirie 7,849,000 Hidili lndustb Iriterrialiorial

Deveioprrierit 40.81 0.000 Huadian Power Interriatiorial

000 I luarieriy Power International 'H' 998 I luarigshari Tourism Ucvclopment

2,089.477 Humin Cement 29.841.000 Industrial & Commercial l3arik 01

Ctriria I1 5.084.000 Jiangsu Fxpr3ssway I 1. 9.4f2,000 PetroChina 'H' 14,396.500 Sharidong Chcnming Paper 'H. 23.38ti.000 7ijin Miriiriy 1,974.7tiO TTE 'H'

Hong Kong SAR 24.940.000 AAC Acoustic Techrioloqy 32.00ti.000 Apac Resources

10,/83.300 BOG I lorig K ~ i y 17.13?.000 Ctieri I Isoriy

4,1?6,000 Ueijirig Enterprises

?,til iri.000 Cheuriy Koriy 5258.000 China Ir1frastruc;ture Machinery 3,950.000 China Insurance Interriatiorial f,458.000 China MCIIYIIIU Dairy /.58d1.000 China Mobile

3.r-ifJ7.000 Ctiiria Ilesvurccs Enterprise 842.000 China Ovcrscas Land & Iribestrrienl

20.856.000 China Tirig 12,100.000 Ctiiria lhiicorri 23.B40,000 CNOOC

i4.756,OOO Dynasty Finc Wines 978.000 Dah Sing Firiariual

8.654.000 Fubon Bank Hong Koriy

1,377,000 Hopev:cll

3.536.600 istiares Asia Irust - [Shares FKE:

702.00ti Hang Lung

391.000 Hutchisori Vdtlarripoa

Xinhua A50 China Tracker 71 7.430 Jardine Mathcson

2.195.000 Kerty Properlies 19,517.777 Kingway Brcnerg 11.784.500 Lurig Kee iBCrmUdaJ 2, /4Y.300 Ports Uesiqri 7,780.000 r'ublic Financial 8,530.000 Shangri-l a Asia 1 .O62.000 Sur-) Hung Kai Prouerties

312,139,523 25.21

995.94Y 0.07 5.928.832 0.41' 4.85/.22/ 0.38 5.444.313 0.44 4.039.3 12 0.65 7.558.!!/3 0.61 9.8Y8.886 0.80

22,369.314 1.81 17,544,963 1.42

17.552,iYb 147 14.59D.681 1 .I8 12.620.047 1 02 14.352./0/ 1.19 13,549.371 0.89 14.618.815 1.18 12,/31.871 1.03 2,802,785 0.73

3.(jYo,836 0.30 i,//1,564 0.63

13.687.01 5 1.1 1 10./26.443 0.87 9,453.10u 0.7u

4.801.618 0.39

70,050.414 1.52 Y.35Y.814 0.70

487,aa7,37~1 39.40 2o,838.688 I .FD 3,ii10.673 0.29 13.4G3,'342 1.09 28.551,91!3 2.3 1 5,180,028 0.42

:35,252.9!31 2.85 4.887.808 0.39 9..120,318 0.{6 18,299,7T8 1.48 101.6?7.419 8.2 I

1 .33(!.082 0.1 1

7.174 0.27 27.465,15ci 1.31 40.6//.617 3.29

/,88/,5(J? 0.64 2,592,058 0.21 7 ,(?95.<Hl 0.57 3.1 18,860 0.2tj fi,nufi,>2u 0.54 3,970.700 0.37

8.529.861 0.53 22.025.101 1.78 11.5~5,080 0.93 2.727.739 0.22 5.384,077 0.43 I.tldl.rj57 0.63 5,127,412 0.41

IY .YO5.53J 1 .B1 14.4GG.739 l . l B

Nurriber ot shares Transferable Securities and Market :b or Priricipal Money Market lrisIrurrien1% Admitted Value Ne1 Arnuunt to ari 0ffic:ial txchar-igc Listing LJSU Asscts

Hong Kong SAR (cont) 7,855,500 %dire Pacific 3.2U8.000 1 ingyi (Cayman Islands)

3.1 39.000 LthLhou CSR Times Electric 453,000 Win{] I lariy Bank

Malaysia 40.926.000 Samling Global

Singapore 4 ,SI 8.000 Yarilorti L:l~.id

Taiwan 2,007 ,-<-

3.863.91 8 Cak;hcr Technology 1 8.820.oY2 Cathay I-irlaricial 8,3D7.000 Chinatrust Firiaricial 14.1 76,000 Chunghwa Telecom

8,583,000 Far Eastern Tcxtile 4.31 7.000 Formosa Plastics

5.238.000 KGI Securities

, d t ) Advanced Semiconductor Engineerincj

24/.500 (;tiurlytwa -rciecom ADR

10,542,894 HON HA1 Precision Industry

61 :3.640 Largan Precision 140,000 Mediilck

3,123.290 Nari Ya Printed Circuit Roard 2.940.707 Nov:ilek Microelectronics 15.64S.000 SiIi(:orr~&~re I 'recision Industries 45,519.000 SinoPac ririarwil 1 cj,t314,000 laiwair Cement 1 6.835,Ol 1 liliwan Mobile 4 1 ,0/4.4Y> T;liweri Semiconductor Manufactuririy 14,5[37.000 Yuanta ririaricial

Total Transferable Securities and Money Market Instruments Admitted

2Y.199.026 2.36 4.078.480 0.33 G.000,MB 0.48 2,s04.051 0.21

6,401,985 0.52 6,401,985 0.52

6,281,145 0.51 6.281.145 0.51

412,296.524 33.30

1,803,195 0.16 10.980.366 0.89 38,131,722 2.92 8.0/4,872 0.35 38.854.018 2.96 6,078600 0.4Y 11,181,082 0.90 10,408577 0.84 51.915.768 4.19

7.447.:303 (Hi3 8,530.Yti2 0.69

15,637,025 1.26 8,513,161 0.69 23,061,874 1.86 19.715.904 1.59 22,438,361 1.81 31,329,233 2.53 87,939,159 1.10 10,21G.939 0.83

3.81~.905 0.31

1,225,008,555 98.94 to an Official Exchange Listing

Number of shares Market % or Principal Value Net

USD Assets Amount Ilerivntives

Hong Kong SAR 6,175,623 0.50 18.!3D5.000 China 30 ETF Vdarrarits 10/0t3,'2013 8.1 /5.673 0 50


Total Investments

Other Net Assets

Net Asset Value

1,231,182,178 99.44

6,924,755 0.56

1,238,106,933 100.00

Schroder International Selcction Fund Scmi-Annual Repnrt June 2008 Page 159

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Hong Kong Equity

Nurriber of shares Transferable Securities and Markct ?? or Principal Money Market Instruments Admitted Value Net Amount to ari Cmicial Exchanae Listina HKD Asscts

China 3.337.000 China Coal Energy 'H' 3.502.000 China Communications Construdion

3.01 8.000 China National Building Material 'H' 7.334.000 China Oilfield Services 'H'

'H'

101.8W Clrip.com Interriatiorla! ADR 458.800 E-House China AOR

76.378.000 Franshion Properties Chtria 4.1 88.950 Hanghou Slearri Tiirhrie 7,342,000 Jianqsu Expresswy 'H' 5.150,000 Shandong Chenming Paper 'H.

Hong Kong SAR 11,088,000 AAC Acoustic Technology

951,500 ASM P;lc:ific Technology 5,752,000 ROC Hong Kong

13,790,000 Champion H t l l 10,660,000 Chen Hsong 1.775.000 Cheung Kong 6,228,000 China lnsurancc lntcrnational 4.40/.000 China Mengniu Dairy 3.730.500 China Mobile 6.500.000 China Overseas Land & Investment 7.484.000 China Unicorn

5,659.200 Dah Sing Banking 588.800 Dah Sing kinancia1

17,299,000 CNOOC

17,730,000 Denway Motors 1.420.000 Esprit

17.450.000 First Pacifir: 3.01 1.000 Hang Lung 1 .I 00,300 Hang Seng Rank 1,302.000 Hongkong Land

836.000 Hutchison Wharripoa 921,218 Jardine Matheson

1.879.000 .Jardine Strategic 2.327.500 Kerry Propcrtics 2,357,000 Li & Fung 4,657.000 Mandarin Drierital lriterriatiorial 4.873.000 M 1 H

10.020.800 Noble 6,908,000 Public t inancial 5.000.000 Shangri-La Asia 2.626.000 Sino Land

2.5/1.500 Swire Pacific

1.947.000 TclcJision Broadcasts

425.000 Sun Hiing Kai Properties

420.500 Wing Hang Hank

Singapore 1,124,000 CapitaLand 6,463,000 Capitanetail China Trust 3.879.000 Yanlord [.and


Total Investments

Other Net Assets

Net Asset Value

514,501,852 45,516.680

46,716.680 45.270.000

102,676,000 37.379.090 37,571384 78,342,660 40,381.478 46.915.380 33,732,500

3,873,752,449 72,293,760 55.995.7i5

118.778.800 49.781 300 35.407.800

134.002.500 115.810.800 97,394,700

334,556,400 80 ,080,000

108,368,320 232.1 52.580

78.323328 37,035,520

1 15.020,000 85354.000

104,33 1 ,150 1 RO.YYY.350 143,601,397 65,709,000

220.569.409 245.350.327 95.31 1.125 55.389.500 83,855,787

119,632,150 135.020.276 35,507,130 91,000,000 40,703,000 44.965.000

205.555.625 88,352.01)c) 87,615,000 43.437.850

133,642,738 46,541,731 45.952.963 41.148.044

51 ,862.300

4,521,897,039

4,521,897,039

129,431,249

11.06 0.98

1 .on 0.97 2.2 1 0.80 O.81 1.68 c.07 1.01 0.73

83.29 1.56 1.71 2.56 1 .08 O.(/ 2.88 2.49 2.09 7.78 1.77 2.33 4.99 1.68 0.80 1.11 2.47 1 .85 2.24 3.89 3.09 1.41 4.14 5.77 2.05 1.19 1.37 2.57 2.90 0.76 1.96 0.88 0.97 4.42 1 .YO 1.88 0.93

2.87 1 .oo 0.09 0.88

97.22

97.22

2.78

4,651,328,288 100.00

Schroder ISF Indian Equity

Numbcr of sham Transferablc Securities and Market %

or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchanae Listina USD Asscts

India 3.630 Aban Offshore

21 3,300 Asahi India Glass 784,000 Asccndas India Trust

11.600 Rajaj Holdings and lnvcstmcnt 14.600 Dajaj Finserv

140,171 Hharat Forge 13.81 6 Rharat Heavy Electricals 89.515 Hharli Aifiel

288.948 Cairn India 56,500 DLF 15.500 Dr Reddy's Laboratories 97,000 OS Kiilkarni Developers

6,870 rducomp :Mitioris 101.200 Glenmark Pharmaceuticals 94.800 HOFC Bank 01 ,730 I lousirig IJeveIopmenl finance 93.250 IClCl Rank 71,055 IClCl Hank ADR 83.51 1 lnfosys Technologies

61 2,000 Infrastructure Development Finance 561.240 ITC 189.01 1 IVRCL Infrastructures & Projects 13.020 Larsen & Toubro

105.080 Mahindra R Mahiridrd 58.300 Maruti Su7iiki India 77.000 Nayarjuna Construction 78.520 Nicholas Healthcare 7.852 F'iramal Lifc Sciences

282.1 09 Ranbaxy Laboratories 14.1 80 Reliance Capital

170.71 0 Heliarice Commimcation 108.1 20 Ileliance lndustrics 184,260 Satyam Computer Services 88.920 Sobha Developers 44.090 Sterlite Industries India 20.300 Tata Power

391 ,510 Oriitech 301 .I 00 Zee Entertainment Enterprises

United States of America 72.090 Coynizanl lechnology Solutions


Total Investments

Other Net Assets

Net Asset Value

48,786,649 212.878 272.725 521.618 147.119 187.386 765.398

2,365.009 1,499,540 1.843549

520,186 707.836 223.820 399,627

1.496,55? 2.218.128 3,720.81 5 1,.764,o09

624.46 1 3.368.759 1,471.899 2,448,052 1,333,240

660.662 1,192,355

834,859 221.253 556.233 4/..?80

3,427,177 916,441

1,755,670 5.261.355 1,869,562

577.551 7 14.5 14 498,365

934.154

726,540 726.540

I ,558,583

49,513,189

49,513,189

1,960,830

94.78 0.17 0.53 1.0.1 0.29 0.35 1.49 4.59 2.91 3.58 1.01 1.30 0.44 0.78 2.91 4.31 7.25 2.65 1.21 6.54 2.86 4.76 7.59 1.78 2.32 1.62 0.44 1.08 0.09 6.66 1.80 3.41

10.27 3.63 1.12 1.39 0.97 3.03 1 .SI

1.41 1.41

96.19

96.19

3.81

51,474,019 100.00

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Japanese Smaller Companies

Numtwr of shares Transfcrable Securities arid Markct % or Principal Money Market lnstrurrierits Atlrriilled Value Net Amount Lo a r i Ollicial txclhangc Listing .IPY Assets

Japan 48.500 Aeon Fantasy

80 000 Airporl facililics 59,100 Alptia;Japari

86.700 As One

47.700 Atriiim 35.600 Hank of the Rykyus 3 1,000 Canon Machiiery 20.500 Capcorri

226.000 Ctiiiyoku Marine Paints 1U.000 (:reate SO

141 .ooo riai-nan 58. 100 Daihiru

13/.000 Daitiatsu Diesel Mariiitricluriny 155,700 DC 445.000 nsriki Kagaku K o y j . ~ KK

107,000 DOWA

78 200 Enplas 28.900 Exedy 83.500 Ferrotec

266 900 Aim Kogyu

11 B.500 Arcs

156.000 Asics

I nlsco

2at3 tnOLeca

286.400 Fujikura Kasei 430.000 Furukawa-Sky Aluminum

88.700 Hakuto 184.800 Hard Off 53.200 Hi-LEX 19.700 HIS

42.400 lcorri 1 8.Uio0 Iriaba Deriki :;ilriyyo

100.800 Hudson Sotl

853 Intelligence 147,000 Japan Aviation Electronics lridustv 187,000 .ICH I’harrnaccuticals 49 ,000 Kissei Pharrnaceutical 45.800 Koa 4ij,500 I intec 80,900 Maxvalu Tokni

1,332,000 Minato Bank 40.400 Mirai Iridiistry

281,000 Mitsui Home 10~1,500 MlSUMl

1 fiS Money Partners 80.90(:) Musashi Seirriitsu Iri(liisLry

11 0,000 Nafco (32,000 Nagasc & Co. 96,300 Nichi iko t’harmaccutical 3/,200 Nichiha

100.100 Nidec C:ol)al 32.000 Ninon Parkcrizing

200.000 Nippori Chcmiphar 138.000 Niplion I hompson 14/.600 Nishirriatsuya Chairi lf4.200 Ni:jhio Rent All 11~.000 Nissa). D ~ v J ~ tierieral Irisurarice 12s.500 Nisshin FudosaWJapari 43,?00 Nissiri I lealttimre foocj Seriwx

105.800 Nissin Kogjo 4Y.400 Nitta 69,700 PlOlaX

15.200 Ryosan 22.400 Sakai Moding Sewice 13,000 Saltata INX 50.100 Sanci-International

173.000 Sanki tnginccring 301,000 Sariyo C;pet:ial Steel 125.400 Sato

2i1,400 rmnd

9,978,183,100 57,00‘j.000

249.81 8.400

1 ti5.4:30.000 154.T41.000 180.648.000 50.757.800 30.881.600

1 OG.950.000 63,550,000

1 d54W.000 56.64?.000 7 1,063,000 ti8.4G9.900

lY8.400,000 18,422,700

1 /5.724.0 120,781 ,(I 8271 1 ,0 62.1 fi0.000 9!J,/9a.000 80.7/5.300

126.085.000 283.23Y.ij00 124.890.000 86.~182.500 12,841,600 /B.B0Y.000 31.303.300

181.137.ti00 113.420.000 5 1,48i).000 52,535,000

13ti..‘,f3.000 94, ti12.000

1 16,375,000 35.014.800 85,792,500 !W.058.000

277,056.000 33,313,600

706,387,500 150.335.000 16,830,000

198.99 1.500 181.500.0L‘0 102.948.000 238.5635.500 34.782.00ti

13ti.336.500 55.29ti.000

1 00,000,0(30 9 3.5ij4.000

I ~10,220,000 232.333.000

tiT,850,000 R5,134,500 50.544.000

170.443.800 11~1,381,000 144,279,000 5Y.268,000

103,056.000 57. ,144.000 5 .:,04.000

83.1 iiii.000 14Y.d3!,.000 1 il.5/0,000

99.65 0 58 2.51 0.58 11.50 1 .rib 1.55 1.80 0.51 (1.37 1 .UT 0.63 1 .a5 0.37 0. 11 0.fi8 1 .t38 0.48 1.76 1.21 0.83 0.62 0.96 0.81 1.26 ? 83 1 .P5 0.85 0.73 0.77 0.31 1.81 1.13 0.51 0.52 1.36 0.95 1.16 0.38 0.86 0.!39 2.7/ 0.53 2.08 1.50 0.1 : 19 ; 1 .8l 1.03 7.58 0.35 1.36 0.55 1 .oo 0.un 1.40 7.x 0.88 065 0.50 1.70 1.14 1.44 0.59 1 .03 0.57 0 .K 0.83 1.3!3 1 .i’l

148,878,401) 1.30

NLrriber of share:; or Friricipa Amount

Japan (cont)

Iran::ferablc Securities and Money Market Instruments Admitted to ari 0ffic:ial t x d w i y c Listing

40.500 Sccom Techno Service 10.900 Sthima Sciki Manufacturing 11,900 Siurriicla

139,000 Sumitomo Osaka Cerrierit X.700 Sysmex 40.600 T&K Toka 17,500 Taiyo lrik M;inulacturing

134,700 ?dnkel tluilding 108,300 lokyo l b n k Bank 57.100 low 98.400 Traricorri

51.900 Tsuruha 62.000 Union Tool 82.600 Yamatake 68.100 Yarnato lnternatiorial

i5.900 Zukeri

11 8.500 Trusco Nakaynmn

331,000 Yokoyawa Bridge


Nurriber of shares or Friricipal Amount Uerivativcs

Markel $b Value Net

JPY Assets

121.500.000 1.21 31.501.00o 0.31

114.513.000 1.14 100.531.000 1 .00 107,476,000 1.07 53,795,000 0.54 40.425.000 0.40 90.767.800 0.91

218.852.000 7.18 31,405.000 0.31

13B.Y48.000 1.57 188,333,500 1.88 180,812,000 1.80 151,580,000 1.91 P78.576.000 2.28 35,978300 0.37

236,331,000 2.36 18,431,300 0.76

9,978,183,100 99.65

Market db Kluc Net

.IVY Assets

Japan 620.000 Doma Miriirig Rights 29:01;2010

Total Derivatives

Total Investments

Other Net Assets

Net Asset Value

23,932,000 0.24 23.t)32.000 0.24

23,932,000 0.24

10,002,115,100 99.89

10,543,140 0.11

10,012,658,240 100.00

Sc!iroder Iriterrratiorial Selection Fund Seriii-Annual Report Junc 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Korean Equity Schroder ISF Latin American

i

Number of shares Transferable Securities and Market 70 Nurriber of shares Transferable Securities arid Market 0.6 or Principal Monev Market lnstrumcnts Admitted Value Net or Principal Mnriey Market Iristrmierits Atlrriitted Value Net Amourit to an Official Exchange Listing USD Asscts Amount to an Olticial Exchange Listing I J W Assets

South Korea 2,400 Atnorepaciltc 7.003 CJ CheilJcdang

8.000 Doosan Heavy Industries and 52.300 Dongbu

Construction 30,000 Doosan lnfracore 20,745 Hana Tour Sewicc 30.000 Humax 50.000 t-lyriix Serriiconductor 17,000 Hyundai Engineering X Conslructinri

15,000 I lyiiridai Mohis 35.W6 Hyundai Motor 45.000 Kookmin Bank 40.007 Korca Electric Power 60.030 Korea Exchange Bank

9.863 Koreari Air Lines 7,113 Koreari Reirisurarice

6.500 Hyiindai Heavy Iriciiistrtes

27.470 KI&G 17.770 LG 17.000 I G Chem 34.860 LG Electronics 50.000 LG Fashion 40.000 LG Inlernational 15.660 LG Life Sciences 30.000 LIG Non-Lifc Insurance

13,000 Mirae Asset Securities 5.000 MergaStudy

150.000 ON'Media 8,500 POSCO

20.000 Samsung CB I 30.000 Sarnsuriy Elet:tro-Mechanics 11 , I 13 Samsung Electronics

30,000 Samsung Heavy Iridustries 25.965 Shinhan Financial

2.000 Shinsegae 15.000 SK Energy 4.933 SK Ielecorri

50.000 Woori hnance

4.009 Sarnsung Fire & Marinc lnsurancc

11 0,000 Synopex


Total Investments

Other Net Assets

Net Asset Value

57,649,722 95.52 Argentina 1,483,828 2 45 813.011 Telecom Argentina ADR 1.877.477 3 07

99799ti 184 Bermuda 200.134 Credicorp

755,653 867,284 Ei87.805 377.102

1.192.834 1,137,770 ?.I109.350 1 21 2.1 93 2.1 11.7 18 2,653.373 1 .I 73.758

821.897 462,900 24,293

1.151.210 1,621,983 3,941,332 1.350.603

875.8/1 735.914 71 5.581

1.580,002 1.271.348

523.089 4.41 1,793 1 ,080,050 1,110.581 5,626,872

835.765 1,067,646 1,171,762 1.074.375 1,557.303

896.610 643,354 794.293

7,358,840

1.25 1.44 Brazil 1.14 0.67 1 .YB 1 .07 3 33 2.01 1.00 4.40 1.94 1.36 0.77 0.04 3.91 1.91 2.89 F.53 2.25 1.45 1.30 1.19 2.62 2.11 C.87 7.31 1.79 1 84

1 C.98 1.35 1.77 1.94 1.78 2.76 1.49 1.07 1.37

57,649,722 95.52

57,649,722 95.52

2,701,649 4.48

60,351,371 100.00 Chile

3.832.329 Banco Bradesco ADR 505,687 Banco ltau Holding Financeira ADR 40.700 Corriparihia de Retiicfas das

Americas

3.1 34,66:, Rradespar Preference

2.005.936 Camargo Correa Dosenvolvimento

434.063 RR Malls Participacoes

15.033 Brasil Brokers Participacoes

lrnobiliario

Americas Preference ADR

Rocioviarias

Gerais

Gerais ADR

392.945 Companhia de Bobidas das

1 .I 93.1 78 Companhia de Con

537.659 Cornparihia Energetica de Minas

1 ,081,282 Cnmpanhia Energetica de Minas

2.346.425 Companhia Vale do Rio Doce ADR 3.31 U.629 Confab Industrial Preference 1,684,239 Eletropaulo Metropolitana Eletricidade

de Sao Pai.11~ Preference 147.000 Emprcsa Brasileira de Aeronautica

ADR 3,167,936 Gertlau ADR

7.374.601 lrivestimenlos Ilau Preference

3.045.807 Petroleo Rrasileiro ADR 708.800 Perdigao

948.1 00 Suzano Fapel e Celulose Preference

731 300 Tele Norte Leste ParticipaCbes 950,100 Tele Norte Leste Participaqoes

67.485 Tam ADR

Preference 1,198.281 Tim Participaqdes 1.150.854 lractebel Encrgta

4,700,669 IJnibancc - IJniao de Rancos 573,600 I Jltrqmr ParticipaCiies Preference

Brasilciros 51 7,675 IJsirias Siderurgicas de Minas Gerais 11 4.325 Usinas Siderurgicas de Minas Gerais

103.91 6 Votorantirn Celulose e Papel AIIR 763.976 Weg

I 'retcrencc

231.787 Banco Saritander Chile ADR 60.825 Centros Corrierciales Sudarnericanos

R.122.442 Empresa Nacional de tlectricidad 108.266 Empresa Nacional de Electricidad

796.952 tmpresa Nacional dc

201.600 Socicdad Quimica y Mincra de Chile

3!3,303 Snciedad Quimicn y Minera de Chile

ADR

Telecomuriicaciories

ADR

Preference 3.375.416 Vina Concha y Tor0

Colombia 727.170 BanColombia ADR

12,607.1 46 12.607.14E

16,046,747 16.046.747

971,089,952 78,945,977 10.285.674

2.438.49)9 4.7R4.010

83,748.71 1 13. 102.8/6

11,417,051

24.553.771

23.G64.820

1 1,089,481

26.123.773 69,548,037 14.35 1.408

39.735.653

3,945,480 73.242.880 18.832.048

325. i69 48,451,989 19,488,449

172,384,050 15.526.01 3 1,281.540 6.775.860

73.845.94 1 4,512,075

17, 131,682 20.012.497

60.075.185 24.493.667

35.789.220 2,809,887 9,557.204

55,685,966 9,684,081

186.675 8,925,870

8.66025'3

10.900.1 88

a.525.fi00

1.836.603 5.965.71 0

22,905,855 22,905,855

0.72 0.72

0.92 0.92

55.82 4.54 0.59

0.1 4 0 75 4.n1 0.19

0.6f1

1.43

1.38

0.61

1.50 4.00 0.83

7.78

0.23 4.21 1.07 0.03 2.67 1.12 9.91 0.89 0.07 0.39

1.37 0.26 0.98 1.15

3.45 1.41

2.06 0.16 0.55

3.20 0.55 0.01 0.51

0.50

0.63

0.55

0.1 1 0.34

1.32 1.32

Page 162 Schroder Iriternalior-ial Selectloti Fund Serrii-Aririual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Latin American (cotlti Schroder ISF Middle East

Number of shares .Translerable Securities and Market B NLrnber ot shares Transferable Securities and Market (41

or Principal Moriey Market Instturncnts Admitted Value Net or Priricipal Moncy Market lnstrurrierits Adniitled Value Net Amount L o an Ollicial Exchange Listing US0 Assets Arrioiirit to an Official rxchariye Lisliriy USD Assets

Luxembourg 456.022 Icnaris AOH

Mexico 2.690.9tiY America Mo~i l ADR 7,771,052 Cernex ?.784.587 (.:oritroladora Comercial Mexicaria 3,533,849 h r p MoCtCml~a 2.257.600 Corp GEO 1,577,887 Uesarrolladora Homex 2,277,150 Empresas ICA 1.31 0,486 Forrierito Ecoriorriico Mexican0 ADR

3,377,912 Grupo Finariciero Uariorte i 2 Crtipo Mexico

1 ,97!70 800 Grupo Modclo 113.430 Grupo Televisa AUti

3.772.i58 Megacable

7,181.327 LVaI-Mart de Mexico

2.252.457 (;fll~Jo timbo

?9 Teleforios de Mexico ADH

Peru 300.34d Comparihia de Mirias Huenavcntura

ADR 3.460.348 Volcan Cia Minera

United States of America USD 91.181 Goldrriari %(;tis Lero Coupon

14:05:?010 21 1,900 Southern Copper


Numbcr of shares or Principal Ott ier Iranslcrablc Securities

32,965,830 32,985,530

369,752,025 141,325,303

19,05(3,3i9 8,405,837 8.239,2ti0 7.488,4 i?

15,715,559 11,163,858 57.087594 1 4 .61 5.1 8 ti 13.61 0.722

168 9.722.829

1 8.400,954 10,841.932

881 28.3;13.7nD

26,084,605

19,3tG7.184 5,71:.421

91,997,702

68.934.506 23,0ti3.196

1,599,115,828

Market

1 .E9 1 .80

21.25 8.14 1.10 0.48 0.47 0.43 0.90 0.81 3.32 0.84 0.90 0 00 0.56 1 .uti 0.01 a.00 1 .B3

1.50

1.1 1 0.39

5.30

3.57 1.33

91.92

Value Net Arriounl not deat on another Regulated Market I J X Assets

Colombia 11,268,687 0.65 1,700,507 Al~iia(;eri~ Exito GDR 11,2B8.687 0.83


Number of shares or Principal Amount Derivatives

11,268,687 0.65

Market % Value Net lJSD Assets

Brazil 77,369,090 4.45

04!0:35'010 i / .36G 990 4.45


103.01 1 MSCl Daily TR Net Brazil Warrarits

Total Investments

Other Net Assets

Net Asset Value

1,687,753,605 97.02

51,891,750 2.98

1,739,645,355 100.00

Bahrain 1 AI-Ktialeej Development

2,742,000 Gulf ririaric:e Housc 83.574 Gulf Finance House GDH

Egypt 337.378 Commercial Iriterriatioria Bank 259.438 Commercial Iriterriational Bank CDR 1 13.339 C)rascorri Construction Industries

c;IlI4 4.0 15.032 Telecorii Egypt

Israel 1.481.569 Bank t-lapoaltnl 1.547.033 Bank I eurrii I. e- Israel 8,797.938 Bczeq Israeli TelecorrirriLiIiic~itio~~

371 ,815 Delek Automotive Svsterns I , I2 1 830 Israel Cherriicals 1 .2/7.78? Maktilesllim-Again Industries I , 152.408 Teva Ptiarrriat:eutical Industries AOR

Kuwait 2.948.1 25 Corrirriertxl Bank of Kuwait 0.109.000 Kuwait Finance House 5,701,831 Kuwait kiriaricial Center 1.1?2.:500 Kuwait Investment Projects 2.308,Wl Mobile TelecorIirriuiIiC81ioins 4.405.275 National Hank of Kuwait

Oman 3.751 370 National Rank Of Orriari

Qatar 284.1 16 (hrrirncrcial Hank of Qatar 302.1 12 Iridustrie:; Cl~tar 1 ijl,703 Oatar Islamic karik 1 ~ 5 . 7 5 0 Ontar National Bank

14.784 (Mar Iclccom 0-Tel

Switzerland 57.51 2 Orascorn Developrrierit

Turkey 849,219 Ariadolu ties Biracillk Ve Malt Sanayii

93fi.801 Eregli Derriir ve Celik kahrikalari

60 Otokar Otobus Karoseri Sanayi

1 ,805.951 Anadolu Hayat Erneklilik

1,541,800 Tufas lurk (3tomobil Fabrikasi 328.800 Tupras Ttirkiye Petrol I (atinc 911 .?OO Turkcell Iletisim Hizmet 320.1 ti? Tiirkc:ell Ilelisim Hizmet ADR

3,7 78,900 Turkiy e Char it i Bankasi 792.295 lurkiyc Halk Bankasi

3,551.400 Turkiye Is Binkasi

United Arab Emirates 12,379.250 Air Arabia 4,656,877 Aldar Properties 3.583.186 Arabtec 4,773.970 Uepa 9.544.150 DP Wurld 8.700.850 Emaar Properties 2,638.050 Sorouh Real Estate


14,461,977 2.53 2 0.00

11 ,IR1,1'1135 1.96 3.280.280 0.67

36,840,052 6.44 5.2/3.4?8 0.92 3.9??,703 0.1'113

15,530.183 2 , i l 12,110.738 2.12

126,322,162 22.1 0 6.493.460 1.14 7.ti56.752 1.34

11.281.107 3.02 5.28~1.755 0.9%

25.650.907 4.49 11,888,341 2.08 52.088.842 (3.1 1

104,997,020 18.36 16.380.5:35 2.88 3,580,485 5.87 8.135.891 1.07 4.577.481 0.80

13.94Y.252 2.44 30,213,315 5.30

7,220,169 1.26 7,220,189 1.28

47,213,190 8.25 11.550.224 2.07 15.103.318 2.84 6.8.;1.339 1.20 5.786.948 1 .I1 3,901,381 0.68

6,866,347 1.20 6,836,347 1.20

69,980,087 12.23 7,279,7(32 1.27 3.598.775 0.63 7.955.173 1.39 3.833.B46 0.04

361.786 0.06 4 ,95398 0 .m 7.518.804 1.31 5,710,812 1.00 4,786.422 0.84 8,949,986 1.56 3.882.3/? 0.w

11,775.8.1 1 2.06

85,482,080 14.95 ti.lo1.466 1.08

15,910,898 2.78 15.812.045 2.11 8,828./17 1.19

6.664.880 1.17

499,383,084 87.32

Schroder International Selection Fund Semi-Annual Renort June 2008 Page 163

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Middle East (cont)

Nurritw of shares Market SO or Principal Ottier Operi-ended Collective Value Ne1 Amount Investment Schemes US0 Assets

Saudi Arabia 59,157,130 10.34 1.688.ti84 SARHINVFSI Saudi Equity Fund 5‘3.157.130 10.34

Total Other Open-ended Collective Investment Schemes 59,157,130 10.34

Nuniher of stwres Market % or Principal Value Net Amoiirit Derivatives LISD Assets

Kuwait 30,196 Citigroiil) Global Markets Holdings:

l r i c SP 10:09/2008 (Mobile Telecommunication Co)

23.670 Citigroup Glohal Markets I loldirigs: Inc SF’ 18!09:2008 (National 13arik

684,375 Mohile Telecommunications Rights Of Kuwalt)

11 /04!2008

Qatar 51 1 HSRC Rank Palms 153 1 1;09,’7000

(Uuatar National Bank) 80,628 HSBC Bank Palrris 154 11:09:?008

(Industries Clatar)

United Arab Emirates 2.398550 Aldar Properties Warrants

12/01 :2010 577,330 Arahtec LVarrants 12/01!2010 55.835 First Gulf Bank Warrants 27:09:2010

Total Derivatives

Total Investments


Net Asset Value

2,283,939

182,897

1 ti2.961

1 ,Y38.081

4,050,584

37.133

4.018.451

11,064,699

8.1?1.490 2,533,324

408.885

17,399,222

0.40

I! 03

I: 03

0 34

0.71

0 01

0 70

I .93

147 0 44 0 0/

3.04

575,939,436 100.70

(4,028,377) (0.70)

571,911,059 100.00

Schroder ISF Swiss Equity Opportunities Number at sharcs Iransferable Securities and Market 5: or Principal Money Market lnstrumcnts Admitted Value Net Arriourit to an Official Exchange Listing CHF Assets

Austria 33.943 Austriamicrosystems

Israel 376.378 Dridion Systems

Italy 42.403 Ncwron Pharmaceuticals

Switzerland 11 9.750 Actelion Registered 234.21 0 Adccco Rcgistcrcd 237.083 AGtN tiegistered 203.203 Arpida Regislered

12,683 Atel 16.470 Hanque Cantonale Vaudoise

15,985 Barry Callebaut Registered 38.490 Basilea Pharrnaceutica Registered 22.756 Bucher Industries Registered 80.001 Cicor Technologies Registered

I legislered

100.000 Compagnie Financierc Richemont 320.000 Credit Siiisse I legislered

114,379 Goldbach Media 161,500 Holcim I legistered 33.800 lnficon Registered

1.095 Jelmoli 77.700 .Mius Baer Reyistereu 1,730 Metall Zug Registered

408,000 Nestle I legistered 175.000 Nobel Riocare Registered

33.1 88 Financiere Tradition

39,400 Partners 96,000 Pctroplus

9/,000 Roche 18,830 Schweiter Technologies 39,500 Schweizerhall Rcgistered 44.000 Swatch

108.965 Private Equity

125.000 Swissqucte Registered 347.200 Tcmcnos Registcrcd 369,538 lorno:; Registered 240.000 URS Registered 49,000 Uster Technologies 61,203 VL

178.000 Winterthiir Techriologie Registered 1.069 7ehnder

51.000 Zurich Financial Scrvices


Total Investments

Other Net Assets

Net Asset Value

1,405,240 1.105.24u

3,876,693 3,976,693

1,335,695 1.335.695

272,109,459 6,556,313

11 ,R39,31 6 5,695,971o 1.780.058 8.307.365

5,799,556 10.741.920 6,366,246 6.018.69/ 4.760.060 5,655.000

14,397,800 4,763,772 4575,160

13.943.000 5.543.200 7,829,480 5.357.415 4,941,310

lR.849.600 4,157,500 5.555.400 5,241,600 5.527.250

17.605.500

8.472.750 11,209,000 5.693.750

10.797.920 4,787,801 5.1 98,400 1.229.9M3 4.801375

11.027.1 00 1.41 6.425

14.040.000

7,828,572

0.50 0.50

1 .38 1.38

0.40 0.48

96.90 2.33 4.22 2.03 0.63 2.96

1.89 3.87 2.27 2.14 1.69 2.01 5.30 1.70 1.63 4.77 1.97 1.01 1.91 1.76 6.71 1.48 1.98 1.87 1.97 6.27 2.79 3.02 3.99 2.03 3.84 1.53 1.85 0.14 1.71 3.93 0.50 5.00

278,727,087 99.26

278,727,087 99.26

2,077,029 0.74

280,804,116 100.00

Pagc: 1 ti4 Schroder Intcrriiltiorial Selection Fund Scrrii-Aririual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Swiss Small 8 Mid Cap Equity Number of shares Transferable Seciirihes and Marltct "s or Principal Money Markkt Irislruments Admitted VJue Net Anmint to ari Oiticial Exchange Listing CHF Assets

Austria 88.583 Austriamicros~sterris

Israel 382.734 Oridion Systems

Italy 11 1,000 tjloxcll 68.825 Newron Pharmaceuticals

Liechtenstein 13.121 Verwalt & Privat-Hank

Switzerland 204.000 Acteliori FieyiaLercd

83.256 Arpida Rcgistered

12,987 Banquc Cantonale Vaudoive

10,800 Barry Callebai.it f7egi:;lered 30.01 0 Basilea Pt%xmaccutica Registered 17.000 RKW FMB tncryic 16,802 Bucher Industries Registered 40.559 Cicor lcchnoloqies Registereci 47.777 Crealogix Registered 50.401 Daetwyler

23,19 1 Financiere Traditiori 59,800 Geberit Registered 88,420 Coldbach Media 76.600 Gottex hirld Management

41,550 Inficon Registered

%!3.400 L o u w

6.205 Atcl

I {egislered

125.859 Day Sottware Registered

5,439 Hucgli

303.342 Logitcch lnternatiorial Registered

1,630 Metall Luy Hcgistered 100.53a Newave Frieryy 49.534 Partners

135.500 Petroplus 73,000 I'rivatc Equity 11 . C W Raelia trieryic 32.788 :;aritthera Pharmaceuticals Registered

123.78Y Schindler 40.774 :;ctiiriolL & Bckcnbach Registered 19.044 Schweiter Te!;hrioloyies 46.430 SchweiLerhall Registercd

47.100 Sulzcr Registered 70.330 Swissquote Registered

335,363 lerrierins Registered 223,BBY Tornos Fkgisterec

120,722 Winterlliur Techriologie r7egisicrcd

5,819 Silta

63,449 vz

3.004 Lchndcr


Total Investments

Other Net Assets

Net Asset Value

3,584,578 1.57 3,584,578 1.57

3,736,160 1.64 3,7363.1 60 1.6~1

4,765,388 2.09 2.591.400 1.14 2,151,988 0.95

4,738,642 2.08 4,738,642 2.08

209,457,781 91.82 11.1G9,000 4.89

729,323 0.37 3.i164.275 1.78

1.1Y1.354 104

I.Yti3.834 9.18 2.357.~00 1 .ix ~ . i i W B I 1 .oii

7,173,200 3,12

4.443.1 29 1 .05

3.531.198 1.55 3,742 274 1 .64 3.955 1 19 1.73 3.919.279 1.72 8,981,720 3 $94 3,456,800 1.52 2.40Y.0/0 1 .08 3.344.985 1.47 6,830,600 7.99 8.341.905 3.X 4.645,200 7.04 4,858,549 7.04 4.888.001 2.14

,398,300 3.21 3,i02.625 142 5 936.535 2.60 2.606.840: 1.14 Y.43?.722 4:14 3,705,821 1.83 7.917.543 3:17

5,Y58.150 2.01 3,703,887 1 .i10

10,537.89Y 4.37 7,394,:>49 1 .1 4 4,9/1,!)74 2.18 1.4/8.777 3.28 3.980,29Y 1.14

226,282,549 99.20

226,282,549 99.20

1,826,576 0.80

228,l OB, 125 100.00

Schroder ISF Taiwanese Equity

Nurriber 01 sharcs Transferable Securilier; and Markel 9: Valiie Net or Priricipal Money Market Iristriirrienls Admitted

Artiounl to ari Official txchange Listing usn Assets

Taiwan 3.787.000 Acsr 5.1 51,377 Arh,ariccd Semiconductor

Engineering 80/.000 Asiistek Computer

7,401,333 AU Optronics 953.400 hvea Mccliantronic

3.751.100 Bank of Kalotisiung 2.208.000 Capital Seciiritie:;

8,129,832 Cathay Financial ti3/,604 Caktwr .Technology

62.700 Cathay Financial GDR 630,600 Chicony Electronics

1.42,4,000 China Steel 1,853.1 16 Chiria Slecl Chemical 2,455.000 Chinatrust Firiartcial 2.776,4rj2 Chroma ATr 4.082.000 Chunghua Telecwr i

5,553,000 Coritinentnl Engineering 7,920.000 Kindorri CorislrucLion 1.71 1.000 farglow Land Developrrierit 1 ,913.000 rpistar 1,484.000 Far rasterri Department Stores

7,81 /.SI$! Tar tastcrn Textile 2.05rS.lW Far EasTorie .lele:cclriimiinic.ati~ii~ 5.48T ,000 Forrr tom Pla:;tics

1.840.000 rubor1 Einnncial 4.783.61 F HON HA1 Precisiori lridustry

4,772,000 KGI Securities

1,530,000 LES Fnpharits

FIfi.JIK) ChurlqhrJLi 1el~X)rK ADH

14,863,000 Far Easterri Iriterrralional Bank

421,050 Foxconn Technology

142.000 I ION HA1 Precision Industry GDR

750.032 McdiaTek Y83,760 NXI Ya Printed Circuit Board

1,723,735 Novalek Micfoclcctronics fi.751.015 Polaris :;et:uritics

238.000 President Chairi Store 4.1 G8.000 I 'rcsident Securities d.8?8.000 Silicornv4arc Precision Industries

73,100 Silicuriware Precision Industries ADR 1 7.4f8.000 SinoPac Financial 2.824,iYO Siriyi Realty 6.121,000 Standard Foods 7.437.000 Taiwan Cement 4582.978 Taiwan Mobile

12.81 1.889 Taiwari Serriiconductor Manufacturirig 145.700 Taiwan Semicoriductor Manutacturing

ALlH 1.3fj2,000 lust Hcscarch

1,408,000 TSRC 4,555,000 Uni-Prwderit Eriterpriscs

9.01 5.000 Yuarita ririaric:iul


557,000 lripod Teclinoloqy

824.000 Youngtek Electroriicv

Total Investments

Other Net Assets

Net Asset Value

281,703,637 ;.45!3,742

4.637.122 1.851.458 3,898.537 1,580,137 1,749,688 1,410,909 1.816.625

1 7.673.545 1,2ti6',530 1,183,933 2,303,617 5,353,039 2.309.285 5.807.221

10.602,81',6 2,121,984 3.1 82.549 3,821,731) ,7.3:37.013 3,452,978 1,578,827 4,890,851

I O , 183.889 3.206.750

13,229,526 1,948535 1,878,188

23,555,685 1,405.800 3.473,88!1 5.127.581 1,084,519 8,646,814 4.Y22. I / I 5,012,048 4,0.17,05 1

785.112 7,/31.989 9,769,532

569,349 5,400.33ti 7.469.758 5,2 9.205

10,036,627 8.715.028

27,412,779

1,583./5!4 2.1 30,979 1,392.500 2.191.305 5,597,629 1.590.997 6,304,907

281,703,637

281,703,637

7,848,056

97.29 2.57

1.59 0.56 1.34 0.54 0.80 0.49 0.63 6.10 0.44 0.41 0.7t1 1.85 0.B2 2.01 3.63 0.13 1.10 1.32 1.84 1.19 0.55 1 .BY 3.52 1.13 4.37 0.87 0.65 8.14 0.49 1.20 1 . i 7 0.37 2.99 1 .io 1./3 1.40 0.27 0.91 3.37 0.20 1.87

1 .a2 3.47 3.0 1 9.48

0.55 0.74 0.48 0. /6 1.93 0.55 2.18

2.58

97.29

97.29

2.71

289,551,693 100.00

Schmder Intornational Sclcctiori Fund Scmi-Annual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF US Small 8 Mid-Cap Equity

Numher of shares Transferable Securities and Market 96 or Principal Money Market Iristrurrients Admitted Value Net Amount to an Official Fxchange Cistirig USD Assets

Bermuda 188.700 (.;enpact

Canada 904.3/6 Galleon Energy 88.200 PAN American Silver 14,440 Ritchie Bras Auctioneers

230.114 Sha>A,cOr 305,121 Yaniana Gold

Guernsey 639.400 Arndocs

United States of America 264900 Adtran 239.300 Advariced Medical 0p:ics 388.400 Albemarle 104.500 Alliancebernstein 75.500 Alexion Pharrnaccuticals 90,700 Amphenol

350.100 Annaly Capital Management 109.100 Bank 01 Hawaii 278.100 Barr Pharrnaceiitic:als 158,800 Rroadridgc Financial Solutions 030,800 Brocade (:orrirriirriications Systems 779.600 Cabot

27.400 Commercial Metals /5.400 ComrnScope 46,000 Concho I lesoirrces

304,700 Conscco 480.200 Correctioris Corp of America 394,100 Crown 159,100 Cullen:Frost Rankers 1 1 1,200 Chrtiss-Wright 367,900 DaVita 149,100 Dick's Sportirq Goods 254,000 Dover 333,800 Dresser-Hand

814.600 Fmulex 146,800 rxterran 340.400 F5 Networks 154.900 Foresl City Friterprises 204.500 Forest Oil 113,300 Gen-Probe 163,000 Global Payrrients 99.400 Health Care H H I 87,200 Health Net

768.700 IMS Health 501,000 Integrated Device Technology 385,200 Intcrpublic 764.200 lntersil

50.400 Dun & Bradstreet

316.100 I D M

48,700 Jacobs Engineering 2 11.500 Lamar Advertising 601 ,700 Macrovisiori Solutions 167,000 Meredith 228.000 NeirStar 185.900 NII 275.100 Northeast lltilities 505.700 ON Serriicoriductor 632.300 Pa& 304.520 Parametric Technology 232.200 Patterson 1 20,100 Perrigo 152.800 Portland General Electric 501 ,800 DLoyic

2,875,788 0.43 2,875755 0.43

34,758,415 17.R25.931 3,109.932

381.077 8.S35.915 5.105.565

18,804,754 1 8,804.7 54

543,687,176 6.553.526 4,630,455

15,916,632 S.948.140 1 ,856,l 45 4,106,896

3.433.256 7.762.718 7,050,900 4 .1 14.140 1.034.624 3.961.516 1,782.200 3.01 9.577

12,485,226 10,766.305 8.204.318 4,899,472

19545.794 2,691,255

17,174.770 12. I91 21 6 4.394.3/6 9.B3R,718

1 0, B94 380 9,847.7/7 5.021.858

15.006.100 5.432.735 737'3,500 4,428,770 2.162.560

11,777,l 26 6.1 u5.470 5.004.990 3.1 48.024 6,609,888 6,571,842 5,213,506 3,912394 7.543.965 Y .278,2 14 4,772.860 4,945,320 8.71 8.851 7.033.7 16 1,748,880

13.227.71 6 6,594,518 6,910,272 3,909,755 3,468,560

5.16 7.61 0.m 0.06 1.27 0.75

2.79 ?.79

80.74 0.98 0.70 2.36 (1.88 0.78 0.61 E81 O.80 1.85 c.51 1.15 1 .05 0.66 0.15 0.59 0.26 0.45 1.85 1.57 1.22 0.73 7.90 0.40 1 .81 1.90 0.65 1.43 1.59 1.46 0.75 2.21 0.01 1.13 0.66 0.32 l .6 l 0.92 0.74 0.4 / 0.97 0.98 0.77 0 58 1.12 1.38 0 71 0.73 1.29 1.04 071 1.06 0 98 103 0 58 0.57

/.321.262 1.09

Page 165

Nurnher of shares Transferahle Securities and Markel Yo or Principal Moncy Markct Instruments Admitted Value Net Amount to an Official Exchange Listing 160 Assets

United States of America (cont) 109.000 flanye fier,oiirces 180./00 Rcgis 387.000 Reirisurarice Group of America 351,750 Republic Services 250.500 Ross Stores 141.400 Ruddick 307.200 SAlC 661.100 Scientilic Games 481 ,600 3erra Pa!;tfic Resources 607.500 Skyworks Solutions 628.900 tw telccov 61,700 US Cellular

775.900 Valueclick 225,500 VeriSign 301.400 W.R. Rerkley 91.700 Wabtec 93.300 Watson Wyatt Worldwide 64.300 Wellcare Health Plans

126,300 West Pharrnaceiitical Services 100,300 Wcstamcrica Bancorporation


Total Investments

Other Net Assets

Net Asset Value

7.061.0?0 1.05 4,86(1,830 0.72

16.830.630 2.50 10.443.458 1 5 5 9,115,605 1.35 4.930.618 0.73 8,488,064 0.96

20.197.780 3 00 6.1 14.112 0.92 5.759.900 0.86

10.175.602 1.51 3.133.605 0.51

11.062.71 6 1.64 8.R23.120 1.28 7,525,958 1.12 4.386.928 0.65 5,010,210 0.74 7,295510 0.34 5.539.518 0.82 5.334.956 0.79

600,126,133 89.12

600,126,133 89.12

73,252,850 10.88

673,378,983 100.00

Page 166 Schroder Internatiorial Seleclion Fund Semi-Anriual Repurl June 2008

I

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF US Smaller Companies

Number of shares lrarisferable Securities and Markct “6 or Priricipal Money Market lristruriierils Admitted Value Net Amount 10 an Otticial Exchange Listiricg USD Assets

Bermuda 233.033 Argo Group International

Canada ~ 7 . 9 5 7 (;aileon tneryy 151 ,000 PAN Arriericxri Sllvcr 189,041 ShawCor 350.764 Yamana Gold

China 209,200 Hornc Inns & Hotels Mariayerrient

ADR

Hong Kong SAR 251, /00 Seaspari

United States of America tY8.100 Actuarit I69,400 Advanced Medical Optics 1G1,500 AH Belo

153,277 Airgas 107 153 Albany International 4 1 6,500 Ar r i ba:;sathr s 222.000 Arnsurg 184.000 Anadiyics 283.750 Aririaly Capilal Management 348.459 Apollo Irivestrrieril 462.000 Aspen Technology 100,500 athcnahealth

155,500 Heldern

304.600 Brush Eriyineorcd Materials 333.900 Cabot 24 1.300 CARBO Cerarriics 497,GoO Casual Male Retail 205.800 Cbeyor1d T 8 Y . IO0 Central Garderi and F’ct 231,700 Central Garden arid Pet ‘A‘ 703.800 Cepheid 730,200 (;tiildrens Place Retail Stows 332.900 Chimera Irivestrrienl

377.081 Clear Chnnncl Outdoor

660.353 Conseco 158,700 Consolidated Corrirnunications

31 8.500 Cooper

31 1.870 CVR Financial 1 0ti.500 niarrioric r o o k 168.100 Digital Realty Trust 340.1 97 Dre:;:;er I3and 633.100 Crriiilex

521,912 Euronet Worldwide 317,088 F5 Networks 118.100 FEl

3 1,052 FMC 158,900 Flotck Industries 358.565 Cartncr 40?.500 Geo 222,200 GeoEye

255,789 I I&C Iquipnienl Sewices

54.500 Air Melhods

77,Ii l Bank of Havwi

85.!)00 Bcrkshire Hills Haricorp

85.800 Clean Harbors

74.300 CommScopc

11 2,600 h ls?d r l t (.:OI>klCt

i i.091 Cu1leri:Frost Bankers

70.700 tSCO Technologies

G0,700 Coodrich Petroleurri

99,700 Haenionetics 99.68 1 Health Care RElT

13i.900 HMS

7,813,596 1.04 7.81 3,595 1.04

3O,i23,456 4.01 12,238,-,. I. 93d 1.63 5.321.260 0.71 G,748.101 0.90 3,817,159 077

3,987,352 0.53

3.a07.352 0.53

6,259,864 0.84 6,255.8ti.1 0.84

595,385,641 79.32 6,212,410: 0.83 :3.?77,890 0.43

9 m 5 5 0 0.1 2 1 ./135.530 0.19 3.59820ti 1.28 3.1 10,47ti 0.4 1 6,501,585 0.87 5,465.640 0.T3 1 ./11 ,?OO 0.23 4.412.313 0.59

,700 0.70 ,700 0.85 ,120 0.40 .88Li 0.31

5,300,995 0.71 1.627,73(j 0.22 7 , m . w 1.04

3.545.T53 0.4/ 9 ~ t i i m 0.1 2

5.853.370 0.78 8.581.14ti 1.14 3.05G.022 0.41 0,164,730 0 82 S,809.416 0.91 3,903.7?7 0.52 f.544,098 0,8/ 2,337,890 0.31 2,136 022 0.28

3.967.874 11.53 3.098.000 0.41 2.339.805 0.30 li.82f.541 0.91

13,342.906 1.78 7.489.5/3 1 .00 3.ti53.041 9.49 8,976.886 1.20 9.190,/14 1.22 9,003112 1.31 7.3K3.552 0 32 3,144,976 0.42 i . 4 3 4 3 0 0.53

10,822.413 1.44 3.999.600 0.53 4,593.77ri 0.61 3,097,805 0.41 3,737,6375 0.77 4,440,789 0 5Y 3.003.462 0.40

i i . a : , i i o 1.56

Number of sharcs lrarisferable Securities and Market 7; or Principal Money Market Iristrurriernls Admitted VdlUe Net

tu an Ollicial Exchange Listirig USD Assets Amount

United States of America (cont) 292.300 I lowon Lines 120.800 Hurori (;oiisultiny 151,iOf I L E X 99,600 Immucor

362.039 Informatics 234.100 Interface 390.000 Intcmap Network :.;ervic:e:; 433,800 Iriterwoven

18?,500 Inwstors Heal Estate Trust

1 iY.800 Krioloyy 580,500 KV Pharrriaceulical 586.803 Lexicori Phmrmaccuticals 303,700 LKO 156.S00 Luminex

?96,,j00 MtMSIC 149.500 Microsemi 20 t.000 National I Wail Properties 21 2.300 NorthWesterri 308.700 Online Resources

356.1 00 F’AETEC 180.S00 Parallel I’ctroleum 291,352 Pararrielric lechnology 142,600 Perrigo 278.497 t‘iiinacle Entcrtainmerit 152,500 t’ortland General rlectric: 586,800 PSS World Medical

00Y.500 clL.oyic 181,3titi ReqY 341,354 Heirisiirance Croup of America 11 3,300 Ijent-A-Center 149.510 I<cpublic Airways 165.142 RiyhtNow Icclhnologies

5 1 .OW Investmerit Tectirioloyy

87.150 Kansas City Soiithern

52,401) Mantech Iriterriatioiial

59,959 Clrrrlat lechnologics

96.274 Psychiatric Solutions

78.000 Rofin-Sinar Techriologies 38,200 HI’C

494.870 Scicntitic Games 334.700 Serrited i 304,700 Skilled I leaitticare 7fj2.800 Sonic 65Y.000 SoriicVdALL 305.636 St. Mary Land 8 Exploration

?09,748 Standard Parkirig 248.300 Suri I Iea1ttic:are 137.1 00 C;VB Financial 295,600 Syniverse 421.131 THO 1 50 000 tw telecom 93.500 UIL

113.300 Ilriisourcc Energy 270;100 United Natural Foods 161 ,070 Valueclick 275.000 Veeco Ir1struirient:s

020.400 Vishay Intertechrloloy;,iri(iIogj 1 f3 ,GOO volcano 26I.81 9 Volterra Semiconductor 755.278 Waste Connections

61.800 Standard Mic:rosystcms

14,500 Vlad

99.135 Walson Wyatt Worldwide 34.1 00 WcllCare Health Plaris

142,700 West Pharmaceiutical Services 1.12.0 /Y Westan-ienca Bancorporation

Total Transferable Securities and Money Market instruments Admitted to an Official Exchange Listing

2,965,350 5,369,580 5,409,836 2.fi12.508 5.094.873 3,022,231 1.91 1.846 5.3 18.388 1.743.680 1, 159,300 3.808.609 1,959.820

10,988,865 1,021.037 (250.452 3,761,951 2,561,312

8ti3.86D 3.888.4 J 3 4 i ,0 5.382.898 3,280,098 2.885,l 0 Y %.303,Yfi7 3.808.??4 5,000,11/

G41 ,G30 007.560 461,750

9.648.0!32 3.667.077 8.894.004 4,878,745

1 4 ,&I 5,485 2.348.709 1 ,:kXJ,:>41 2,265,693 7.368.RBO

639,408 1 3.044,04R 4.786.210 4,031,181 3,784,832 4,33ti,220

1 9,365,097 1.759.320 3,817.414 3.4 12.91 i ti.808.306 4.694.128 8.317.337 7.427.000 2.700.120 3,540.0ti5 5.443.152

12,067,470 4,650,250

383.235 5,782.128 1,9774,652 4, titi0 .05 1 8.758.243 5.355.170 1 .?17.370 6,258,822 7,55 / , 1 82

0.40 0.72 0.72 0.35 0.76 0.40 0.26 0. 11 0.23 0.23 0.51 0.X 1.46 0.14 0 97 0.43 0.34 0.1 2 0.52 0.58 0.71 0.44 0.38 0.31 0.51 0.67 0.62 0.40 0.48 1.29 0.49 1.18 0.65 1.98 0.31 0.18 0.30 0.32 0.09 2.00 0.84 0.54 0.51 0.58 2.58

0.51 0.46 0.91 0.63 1.11 0.32 0.37 0.47 0.13 1 .GI 0.62 0.05 0 .7 / 0.26 0.82 1.10 0.71 0.16 0.83 1.01

0.m

643,569,909 85.74


Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF US Smaller Companies ( c m )

Number of shares Market '3 or Principal Other Transferahle Securities Value Net Amount not dcalt on another RfguIated Markel 1.183 Assets

United States of America 6,176,460 0.82 473.500 Bruker 6.141,295 0.82 629,078 IAC Acquisition 35.165 0.00

Total Other Transferable Securities not dealt on another Regulated Market 6,176,460 0.82


Other Net Assets 1 W.898.288 13.44

Net Asset Value 750,644,657 100.00

Schroder ISF EURO Active Value

Nurriber of shares Transferable Securities and Market ?O or Priricipal Money Market Instrunients Admitted Value Net Arriount to an Official Exchange I istirig TLIR Assets

Austria 9f?,785 Crste narik Der 0esterreic:tiisctieri

127,421 OMV 152.015 :;ernperit 91.076 Voestalpine

Belgium 1 1.000 D'iotcrcn 8.333 Groupe Rruxelles Lambert Strip

WPR

Finland 164,999 Cargotec 750,655 Neste Oil

France 254.058 AXA 14?.340 RNP Parihas 93.643 Rouygues 90.1 67 Compagnie de Saint Gohain

125.368 Lafarge 53.442 Nexaris

190.088 Publicis 69.774 Renault

1 73,904 Sariofi-Averitis 93,862 Schneider Electric 85,150 SociQte GQneralt?

130.000 Suez Strip WPR 408.415 Total

230.865 Vivendi ?0.016 Vallourec

Germany 67.008 AllianL

189 450 BASF 135.384 Rayerische Motoren Werke 54.531 Continental

1 19,129 Dairnlcr nl.998 Deiitsche narik

?37.343 Deutsche Post 160.299 Henkel Prcfcrcnco 21 0.874 .lungheinrich Preference 109.660 Klocckner & Co. 11 1,694 MAN 160.036 MTlJ Aero Engines

103.16/ Software 750.900 ThysseriKrupp

68.1 80 Munchencr Ruckversicherungs

Greece 1?9,710 National Rank of Greece

Italy 408.369 Ruzzi IJnicem 921,724 Enel 819.353 TNI 389.518 Fiat

1.535785 lntesa Sanpaolo 1.802.385 UriiCredit

Luxembourg 167,328 ArcclorMittal

22,786,454 6.00

3 , R l 1,393 1 .02 4.212.495 1 .I 1 8.368.652 1.67 3,779,093 0.99 4.fi14.821 1.21

1,922,993 0.51 1,922,910 0.51

83 0.00

8,353,085 2.20 3.700.928 0.98 4,652,157 1.22

I 15,573,578 30.38 4,790,264 1.25 8.161.0W 2.14 3.958.290 1.04 3,590,450 0.94

15.88i.704 4.18 12.014.015 3.16 4.194.0fi3 1.10 3.953.830 1.01 3.635.225 0.96 7.343.966 1.93 6.416.406 1.69 4.701.983 1.24

1,300 0.00 26.969.236 7.09 4.41 0.306 1 .I 6 5,545377 1.46

83,698,336 22.00 7..117.260 1.05 7,425,298 1.94 4,133,956 1.08 3,160.61 I 0.99 4,587,174 1.23 4.609.890 1.19 3.904.292 1.03 4,044,344 1.06 3,721 ,926 0.98 7.181.770 1.89 /.834.21/ 2.06 3.291.432 0.87 7..i76.162 1.99 3.938.916 1.04

10.700.777 7.70

3,739.337 0.98 3.139.33I 0.98

43,301,649 I I .38 6.460.398 1.69 5,622.516 1.47

14.666.303 3.88 4.054.882 1.07 5540,344 1.46 6,957,206 1.83

10,514,892 2.76 10,514,892 2.76

Pagc 168 Schrodcr Interriatiorial Selection Fund Scmi-Aririual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF EURO Active Value mt-m Schrocler ISF EURO Dynamic Growth

Nurriber ot shares or Principal Amount

Transferable Securities and Moriey Markct Instruments Adrriilted lo an Official Exchange Listiriy

Netherlands 327,650 Aalberts Industries 81.515 Akzo Nobel

186,683 CSM 31 7.Yu1 ING Groep 188.4/3 Schutterria

168,480 TNT 85.367 Smit Internatioriale

Portugal 37K535 Banco Espirito Santo

Spain u3/.531 Earico I Mbac Vi~caya Argentaria

340,374 Repsol YPF 1.036.922 Banco Santarider


Total Investments

Other Net Assets

Net Asset Value

Market 40 Nurriber of shares Transferable Securities and Market % Value Net

10 an C)fficial Exchange Listing EUR Assets Value Net Or I’rmapal Moriey Market Instruments Adrriitted EUH Assets Amount

31,014,125 8.16 3.859.717 1.02 3,673,88/ 0.97 1.088.315 1.07 !i,371.938 1 .88 4,034,978 1 .0u 5,300,437 1.35 3,104,875 0.97

3,776,646 0.99 3,Ifld.840 0.99

28,547,641 7.50 7,851,631 2.08

17.131.988 3.19 8,574022 2.25

353,228,736 92.86

353,228,736 92.86

27,174,916 7.14

380,403,652 100.00

Austria 65,000 Kapsch TrafficCorri

4Y5.000 Telekorri Austria 120.000 Verhund - Ocsterreichische

E1cktrizitaetswirtst:t iafl 15,000 Voestalplnc

Belgium 38.000 Groupe nriixelle:; Lnnibcrt Strip

WPR 120.000 KBC Ancora

Finland 1.150,000 Y I l

France :30.000 MI 300,000 L3NP Paribas 400,000 noiirt)ori 585.00(1 Carrefour 30.000 Ctiristiari Uior !30.000 EDF

100.000 Groupc Danone 330.000 3all 14i,500 Societe Generale 5u0.000 Store tlectonic 0n0.000 Suez ti45.000 Total 400.000 Vivendi

Germany 240.000 4111an~ 540.000 Hayer

100,000 Deutsche Hank 805.000 Deutsche Telekom 250,000 E.ON 223,000 LIN131

360.000 M LU Aero Engines 280.000 Rt ieir imetall

48,871 cash.life

80,000 Mcrck KGAA

Greece 850.500 Babis V(ivos Inlernational

:180. 0110 0 PAt’ Corislructton

Ireland P90.000 Allicd Irish Banks 600.000 Anglo Iristi Barik 200,000 ucc

Italy I ,450,000 ACFA 2.590.000 Azirnut G.YO0.000 LJniCrcdit

Netherlands 480,000 Altzo Nobel 1 50.ci00 Fugro

1,000,000 INC Groep 545.027 Innoconcopts 300,000 I loyal Dutch Shell 525.000 SDM Offshore 480.000 len Cate 620.000 Unilever

19,256,450 2.97 1.917.500 0.29 6.781 ..500 1 .05

6,757,200 I .04 3,800,700 0.59

6,563,180 1.01

380 0.00 ii.507.800 1 .0 I

18,377,000 2.83 18.377.000 2.53

177,489,550 13,704,150 11.200,500 15.632.000 20.989.800

1 ,575,800 5,359,500 4.443.000 ‘.3.058.300 8,144,950 7,274,400

79,138,000 34.900.Y30

a, 608,000

148,349,426 26,673,600 28,625,400

9ii.776 5,500,000 Y.OLI9.230

31,857,500 20,088,000

/.l9?.n00 ;.3/6.400

1 1 .[300,200

30,474,380

17,658.380 12.81 8.000

9,663,50 2.82/.500 3.R72.000 3.1 ti4.000

58,406,400 17,501,500 14,270,900 2ti,634.000

97,764,l 96 20.885.600 10,185,000 20.040.000 4./Y8,49R 7.7Y2.500

12,138,000 10,848,000

27.36 2.12 2.85 ?.41 3.24 0.30 0.83 0.58 1.40 1.28 1.1? 4.49 5.38 1.48

22.87 4.12 4.41 0.01 0.85 1.39 4.91 3.10 1.11 1.14 1.83

4.70

7.72 1.88

1.50 0.44 0.57 0.49

9.00 2.69 2.20 4.1 1

15.07 3 . 7 P 1.5/ 3.09 0.74 1.20 1.87 1.67

11.11F.600 1 . / I


Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF EURO Dynamic Growth (cont)

Number of shares Transferable Securities and Market Sb or Principal Moncy Market Instrunwnts Admitled Value Net Arriourit to an Official Exchange Listing FUIi Assets

Spain 1.400.000 Darico Santarider 1.1 20.000 Enagas

1,750,000 Telefonica 470.000 Red Fledrica de Espana


85,304,900 13.15 16.380.000 2.53 20,115.200 3.10 19.322.200 2.99 29.41 7.500 4.53

651,648,982 100.46


Other Net Liabilities (2,956,621) (0.46)

Net Asset Value 648,692,361 100.00

Schroder ISF European Active Value

Number of shares Transferable Securities and Market 9; or Principal Money Market Iristruments Admitted Value Net

EUR Assets Amount to an Official txchange I..isting

Austria 1,789 Erste Bank Der Oesterreichischen

2,436 OMV Sparkassen

1.639 Voestalpine

Belgium 347 D’ictcrcn

Finland 2.858 Cargotec

France 3.956 AXA 1 .I 66 RNP Paribas 1,727 Bouygues 1,442 Corripagriie de Saint-Gobair) 9.382 France Wecom 1773 ILafarge 1.044 Manitou RF 3.081 Putk is 1 , l 16 Rcnault 1.655 Sanofi Avcntis 1.589 Wineider Flectric: 1.323 Societe Generale 6,009 Total 3.316 Vivcndi

Germany 80!> Allianz

1.630 BASF 1.107 Coritiriental 1,031 Deutschc Bank 3,883 Deutsche Post 2.066 Hcnkcl Preference 3.864 Kloeckner & Co. 1.938 MAN 2.69i MTU Aero rngines

1.745 Software 7,605 ThyssenKrupp

52 I Munchener Ruckversicherunqs

Italy 5,277 Rutzi Unicem

11.433 tnel 5.369 EN1 5,942 Fiat

15.758 lntesa Sanpaolo 17.942 UniCredit


Netherlands 5.861 Aalbcrts lndustrics 1,767 Ak7o Nobel 3.224 ING Groep

1.1 13 Smit lnternationale 3 . 0 f i R TNT

12.187 Royal Dutch Shell

Portugal /.621 Banco Espirito Santo

Spain 2.21 8 ACS Actividades Con:;truccion y

Servicios 5.236 Banco Bilbao Vizcaya Argentaria 8,028 Banco Santandcr 3.689 Repsol YPF

275,250 3.95

70.151 1.01 121.751 1.75 83.048 1.19

60,659 0.87 60.650 0.87

64,105 0.92 61.105 0.82

1,424,875 20.50 74.590 1.07 66.853 0.Y6 73.000 1.05 57.4PO

176.194 1?1 .99?

16.229 R4.085 58,144 6’3.801

108.624 13,056

325,14 I 79.850

976,143 67,681 71.427 71 .I25 56.705 63,875 74.832

138,988 135.931 55.?6? 69.672 66.621

104,018

468,339 83.487 69.760

15’7,138 61,856 56.847 69.256

123,166 123.166

662,839 68.043 76.81 1 64.609

31 5.049 69.1 06 67,421

76,439 76.439

321,219

69.734 64.403 93.004 93.178

0.83 2.53 1.75 1.10 0.92 0.84 1.01 1.56 1.05 4.68 1.15

14.05 0.9t 1.03 1.02 0.82 0.92 1.08 2.00 1.90 0.79 1 .00 0.06 1.50

6.74 1.70 1 .oo 1 .83 0.89 0.8? 1-00

1.77 1.77

9.53 1 .00 1.10 0.Y3 4.54 0.99 0.97

1.10 1.10

4.62

1 .oo 0.w 1.35 1.31

I

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Paye 170 Schrodcr Interriatiorial Seleciion Fund Scmi-Annual Heporl June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF European Active Value (con t I Number of shares 1rari:;lerable Securities and Market UJ or Priricipal Moncy Marker Instrurnerits Ahl i l ted Value Net Arriourit to an Official Excharlye Listiny EUH Assets

Sweden 7,5 16 Nordea Bank 3.818 Sven::ka Handelsbanken

Switzerland 0.939 Novartis Registered 1.130 %;tiirider

439 Swiss I ife Reyi:-:Lered

427 Ziiricti hnancial Sewices 2.481 Xstrata

United Kingdom 4.P31'1 Anglo Amcrican 8,105 BHP Billiton

50,163 RP 1Y.38/ HSBC 1.21 6 Rio Tirito

45.095 IW Insurance 77.261 Vodafone


124,273 1.79 67.04? 0.97 57.231 0.87

594,699 8.55 243.588 3.61 82,335 1.18 73.775 1.0s

123,YOl 1.81 E5.100 0.99

1.280,Y!K 10 14 188,345 2.7? 202.940 2.82 371,121 5.34 190.7X 2.74 42,330 1.33 71,241 1.02

143.045 2.07

6,433,002 92.53


Other Net Assets 519,465 7.47

Net Asset Value 6,952,467 100.00

Schroder ISF European Dynamic Growth Nurriher of :;harts Transferable Securilies: nnd Market 0 o r "rincipal Moriey Market Instruments Admitted VWe Nct Amount 10 ar-i Official Exchange Listing EUR Assets

Austria 45,000 161ekOnl Austria 8,000 Verburid - Oesterreichischc

Flektrizitaelswir Lschatl 10,000 Voestalpine

Belgium 7,900 EVS Broadcast Equipment 5,187 Grourie nriixelles Lambert Strtp

WPH 10.000 KRC Ancora

Denmark 175 AP Muller - Maersk

Finland 120.000 YIT

France 44.000 AXA 19,000 BNP Paribas 40.000 Bourbon 43.000 Carrefour 1o.500 ED+ 20.000 :;aft

!51.000 sue/ 40.000 Iota1 16,000 Viwridi

~.000 Sociele Generalc

Germany 17.000 alllarlz 4ij.000 Bayer

56.000 l)eut:;che Tclckorn 10.000 €.ON 22,000 LINDE

70,000 MTU Acro Engines P0,O(X) Rheinrnetall 8.000 Siemeris

2.000 Deutsche Brink

6.300 Merck KGaA

m o o rlpp2.i

Greece l8.000 JIJMRO 70.000 OPAP

Ireland 20,000 Allied Irish Hanks 45.000 Anglo Irish I h k

Italy 72,000 ACEA

PPO.OOO Azimut 350,000 UniCredit

Netherlands 30,000 AkLo Nobel 25.000 Fugro 7B.ti00 ING Groep

40.000 Royal KPN

4.500 Smartrac 50,OOi) Terl (;ale 50,000 Uriilever

100,000 Royal Dutch Shell

87.500 SRM C)ffSh(Jrc!

Norway 400,000 StcpStone

1,461,060 1.98 61 8,500 0.83

337,830 0.18 506,/00 0.69

940,212 1.27 3'33,280 0.53

52 0.00 536.800 074

1,342,150 1.82 1.347.150 1.82

1,917,600 2.59 1.91 7.800 2.59

11,748,410 15.89 829.620 1.12

1.089,3ti5 1.47 1,58::i200 2.1 1 1,347,440 2.09 625.2/5 0.85 513,000 0.14 338.540 0.52

2,813.850 3.54 2.164.400 2.93

384.320 0.52

10,833,275 14.66 1.889.380 2.56: 2.438.460 3.90

110.000 0.15 585.200 0.79

1.2/4.300 1.72 1.964.1 60 2.W

581,115 0./9 409,800 0.55 915.400 1.24 500.0F10 0.76: 10>,080 0.14

1,850,480 2.50 303.480 0.1 1

1,547.000 2.09

470,400 0.64 195.000 0.27 775.300 0.37

3,432,240 4.64 869.040 1.17

1.21 2,200 1.64 1.351.000 1.83

11,770,961 15.93 1,738,800 2.35 1.337.500 1.81 1.523.040 2.06 2,5Y1,686 3.51

437.800 0.5Y 2,023.000 2.74

Y2.835 0.13 1 ,130.000 1 33

RSG,SOO 1.21

747,799 1.01 747.799 1.01

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Schrnder International Selection Fund Semi-Annual Report June 2008 Page 171

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF European Dynamic Growth (cant)

Number of shares lianslerable Securities and Market % or Principal Moncy Market Inslriiments Adrriitted Value Net Arrioiirit to an Official Exchange Listing ElJR Assets

Spain 40,000 Banco Santarider

54.000 Red Electrica dc Espana 90.000 Tclcfonica

1 1 0,000 Enagas

6,184,540 8.37 468.000 0.63

1.975.600 2.67 7,778,040 3 07 1.517.900 2 05

Switzerland 7,104,114 9.61 3,000 Hank Sarasiri & Cie Registered 85,613 0 1 1

20,000 Roche 2.259.362 3.06

1,300 Slka 1.254.373 1.70 15.000 Xstrata 761,189 1.03 12.000 Zurich Financial Services 1,041,931 ?.63

5.000 .(;chweizerhall Registered 801.046 1 .OR

United Kingdom 400,000 BP 525,000 Carillion 11 0,382 HSBC

740.000 Prudential 1.000,000 Legal R, Gerieral

60,000 Standard Chartered


10,182,313 13.78 2,924,343 3.% 2.216.262 3.00 1.087.268 1.47 1.261.050 1.7 1 1.618.484 7.19 1,07ri.R87 1.45

69,985,554 94.69

Number of shares Market Qb or Principal Other Transfcrablc Sccurities Value Net Amount not dealt ori another Rmulated Market EUR Assets

United Kingdom 144.1 18 Carter & Carter


Total Investments

Other Net Assets

Net Asset Value

0 0.00 0 0.00

0 0.00

69,985,554 94.69

3,927,746 5.31

73,913,300 100.00

Schroder ISF Asian Equity Alpha

Number ot shares lranslerable Securities and Market '?o or Principal Moncy Market Instruments Admitted Value Net Arrioi.int to an Official Exchange Listing USD Asscts

China 896,000 China Communications Services 'H' 276,000 China Oilficld SCrViCOS 'H' 773,000 I lorigguo lriterriatiorial 104,700 Shanghai Zhenhua Port Machinery

Hong Kong SAR 382,000 AAC Acoustic Technology 126.000 ROC Hong Kong 770.000 China lnsmnce Interrratiorial

140,000 China Overseas Land & Investment 535.000 Citic International Financial

244.400 Dah Sing Ranking

28.500 China Mohile

287.000 CNCIOC

1.050.000 Denway Motors 21.000 Esprit 85.500 Jardine Strategic

54.500 Swire Pacific 226.000 Shangri La Asia

India 14.500 Oharti Airtel 39.840 IVRCl Irifrastructures R Projects

Indonesia 121,500 Astra International 734.000 Hank Hakyat lntfonesia 51 0.000 First Itesources

1 .I 55.500 lndika Energy

Malaysia 402,200 AMMR

371,600 MMC 26.775 AMMR (Kuala Lumpur)

Philippines 31 1 .I 00 First Philippine

2.1 77.400 f3ohinsnns Land

Singapore 970.000 Camhridgc Industrial Trust 12/.000 UOL

South Korea 1.670 Chcil Worldwide 6.040 Daewoo Stiipt)iJilding i% Marine

7.080 Hyundai Dcvclopmcnt 10,510 Kookmin Rank 43,370 Korea Exchange Bank

553 Korean Reinsurance 11.830 Modctour Network

670 P0:X;o

850 Shinsegac

Engineering

3.040 Samsung Fire R Marinc Insurance

Taiwan 170,000 Cathay Financial 321.000 Chinatrust Financial P58.000 Churighua Telecom

137.31 9 HON tIAl Precision Industry 2 I9,OOO Siliconware Precision Industries 940,000 SinoPac Financial 790.000 Taiwan Cement 255.559 Taiwan Semiconductor Manufacturing

1.376.000 Financial One

1,548,486 7.45 653,696 3.15 495,442 2.38 241,219 1.19 152.129 0.73

6,415,336 30.88 319.360 1.54 333,615 1.61 643.920 3.10 387.967 1.84 221.151 1.06 408.156 1.06 493.844 2.38 133.703 2.09 405.239 1.95 718.107 1.05

1,170,600 7.08 527,394 2.54 55/.2G2 2.68

523,924 2.52 242,902 1.1 7 281.022 1.35

1,497.229 7.21 253,592 1.23 406.877 1.95 427.453 7.06 410.307 1.97 '

763,375 3.67 ' 473.433 7.04 26,058 0.12 I

313,884 1.51

512,396 2.41 163.976 0.74 , 358.470 1.73 '

795,280 3.83 477,815 2.30 31 7.465 1.53

3,917,977 18.86 3G5.153 1.91

235.699 1.13 358.019 1.72 525,606 3.01 593.798 7.86

6.358 0.03 265.217 1.28 347.753 1.67 633,756 3.05 356.588 2.70 '

4,156.703 20.01 369.565 1.77 315,583 1.52 667.095 3.21 374.312 1.80 661.571 3.14 .I 11,240 1.98 407.148 1.96 391.634 1.89 568,555 2.74

Page 172 Sctiroder Inlernatinnnl Sclcctiori Fur id Serrii-Aiinual Rcporf Jurie 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Asian Equity Alpha Schroder ISF EURO Equity Alpha

Market ?SO Nurriber 01 shares Transferable Securities arid Market L;b Nmber of shares rransfcrable Securities arid Value Net or Principal M C J W ~ Market lnstrurrierits Adrriilted value et or rlrincipal Morwy Markct Instruments Adrriitted

Ariioiiril to an Official Fxctiariye Li:;tiny tJSD Assets Amount Io an Official Exchange L-istiriy EUR Assets

Thailand 1 .G?8,200 LPN Uevdopmcnt

752,500 Tisco Darilc


Total Investments


Net Asset Value

I

I

729,373 3.51 Austria 2i9.118 136 703 Roetiler llddeholm 449.655 2.1 ti

Finland 5.583 Nokia

20,860,079 100.41 France 15 ANF

2.831 A M 1 .0.10 RNP Paribas 2,201 Carrclour

203 Aufcminin.com

20,860,079 100.41

(84,623) (0.41) 1.1 / / Cie Gerierale d.Optique Essilor Ii-ilcrnational

20,775,456 100.00 1 .si 3 r w 1 ,1 Y 3 Eurofiri:; Scieintilic

23,895 FlO 1.000 Groupe Llarione

1.093 Orpea

1.789 Suez 3.076 Total

791 V i m

574 I afxye

ti45 Societe Generalc

Germany 882 Allianz 21 8 Baycrische Motoreri Werke 945 DeiJtsc:tie Bank '315 €.ON

4 0 I I N K 483 Muncherier Riic;Ic~ersichuruiiy~

1,024 :;iarncns

1,051 t ieliiiann

Greece 1,155 National Rarik ot Greece

Italy 8.Y24 h l C 0 P(J[J<JlXC

30.798 CIH Compagnic lndustriali Hiuriile 6.065 Uavidc Campari-Mlario

3.~131 EN1 1,783 F ib

373.G30 Ccmina 7.857 Gruppo Coin

:13,/57 Iride 2.000 I clxottl(:a

70.000 Parnialat 776 Saipcm

12.031 :avr- 3.646 LJniCrcdit

7.000 rrlei

Luxembourg 7.1 13 ArcelorMittal

Netherlands 333 ING Groep

3,3ti2 IJnilever

Spain /, / 3 / RariCo Hilbuo Vizrxiya Argentaria

/.%E; Iberdrola 1T),til9 Banco Santander

9,000 Tclcfonica

50,405 1.31 50,105 1.31

85,643 2.22 85.W43 2.22

975,051 25.33 1,652 0.04 3.777 0.09

53.4Y2 1.39 59,fi28 1.55 /8.9?:, 2.05

45.d% 1.18 90,099 2.34 65.558 1.10

134.529 3.50 44,430 1 .I 5 55.006 1.43 33.632 0.87 35.u17 0.93 75,659 1.99

166.432 433 30.501 0.79

493,283 12.81 910,025 2.55

ti.647 0.17 51,Y/5 1.35

120,421 3.13 49,114 1.27 12.140 1.09 63.671 1.3'3 71.ti90 i.m

33,426 0.87 33.476 0.87

1,003,953 26.08 93.145 2.42 53,773 1.40 32.266 0.84 12.700 1.11 82.667 2.15 18,501 0.18

789.60U 7.52 95.004 0.B5 ti5,55ti 1.70 29,B20 0./7

110,OTsO 3.02 1?.939 0.60

117.919 3.06 14.074 0.36

132,717 3.45 13?.717 3.45

68,958 1.79 8.677 0.W

80.281 1.51

434,554 11.29 95,165 2.47

124.?4? 3.23 63.857 1.66

151.290 3.Y3


Portfolio of I nvestrnents as at 30 June 2008 (cont) Schroder ISF EURO Equity Alpha Schroder ISF European Equity Alpha (cont)

Numtjer of shares Transferable Securities and Markct 4; Number of shares Transierable Securities and Market Ph or Principal Money Market Instruments Admitted Value Net or Principal Money Markct Instruments Admitted Value Net Amount to an Ollicial Exchmlge I istirill ELIR Assets Amount to an Ofticial Exchange Listing EUR Asscts

Switzerland 885 Credit Suisse Registered 267 Dufry Rcgistcred 797 Schindler Registered 800 Swiss Reinsurance Registered 855 Valora Registered

United Kingdom 5.818 Mitchells & Butlers

3030.1 Sports Direct International


Total Investments

Other Net Assets

Net Asset Value

257,108 6.68 Austria 25.638 0 6 / 15472 040 3/.899 0.Y8 33,538 0.8t Belgium

144.615 376

50,267 1.31 15.791 040 34.9/6 091

Cyprus

3,585,365 93.14

381.319 EWN 440,310 Rt II

,702,758 korlis Slrip WPII 21,308 Groupe Bruxclles Lambert Strip

WPR 143.740 InBev

,536,971 ProSafe R99.33:! Prosafe Production Public

Denmark 282.21 6 Danske Barik

3,585,365 93.14 Finland 701.675 Nokia

264,053 6.86 France

3,849,418 100.00 204,328 RNP Paribas 201,682 Cie Generale de Geoptiysique-Veritas 482,91 9 Frarice Telecom 219.lY3 Croupe Danone 143.251 Lafargc 741 .I I ? Sanofi-Awritis

521.240 Suez 307.146 Total 650.038 Vivendi

81,585 Socictc Gdndralc

Germany 1 /3.839 Allianz 124,089 Continental

If34.670 T.ON 198.867 LLINDC 80.207 Merck K&aA

181.866 Rheinmetall 32.191 Salzgittor

130.155 .(;lemens 884,4/5 Symrise 110,272 Wincor Nixdorl

86.048 Deutscho Rank

Greece 509.301 National Bank of Greece

4,061,847 Technical Olympic

Hong Kong SAA 3.P36.000 Peace Mark

Ireland 1.190.8/1 Anglo Irish Rank

Italy 101,068 ACEA 460.041 EN1

5.667.177 Ccminn 1 .//4.iY2 UniCrcdit

Luxembourg 484.843 ArcelorMittal

Netherlands 163.08 7 Akzo Nobel 901.127 INC Groeo 598,568 Royal Dutch Shell 6/7.367 Royal Dutch Shell ‘R’

1.1 19,922 Royal KPN

21,656,884 2.62 8.27 1 ,460 1 .OO

13.385.424 1.62

6,310,958 0.76 1?.0P8 0.00

213 0.00 8,298,587 0.76

12,008,775 1.46 9,568,297 1.16 2.440.478 0.30

5,202,969 0.63 5.70P.969 0.63

10,763,695 1.30 10.763.895 1.30

120,987,070 14.66 11,115,146 1.43 6,018,181 0.73 9,089,219 1.10

11,071,645 1.34 13,728,318 1.66 10.182.160 1.23 4,505.124 0.55

22,463.684 2.72 16.619.670 2.01 15.513.913 1.89

116,281,918 14.09 19.320.468 2.35 7,972,718 0.97 4,732,640 0.57

23.526.121 2.85 17,754,846 2.15 7.210.962 0.87 8.461317 1.03 3,735,766 0.45 9,112,152 1.10 ‘3.596310 1.16 4.858.584 0.59

17,179,876 2.09 14.739.1 71 1.79 2.440.705 0.30

1,426,809 0.17 1,426,809 0.1 r

7,m8,131 0.80 7.288.131 0.88

30,595,588 3.71 8,461,891 1.03

10.893.7/1 1.32 4,389,229 0.53 6.850.6‘37 0.83

30,487,534 3.69 30,461’334 3.69

70,065,459 8.49 7,089,392 0.86

18,058,585 2.19 15.495.854 1.88 17,169.681 2.08 12,251347 1.48

Page 174 Schroder Irilerriational Selectiori Furid Serni-Annual Rcport Jurie 2008

I

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF European Equity Alpha (curl t)

Number of shares Transfcrablc Securities arid Markel '?, or Priricip;il Money Market Iristrurrierik Admittcd Valiie Nct Arrioiint to an Official Exctianyc Listing EUR Assets

Russia 1 ,014,336 C o r i i : x i r Unitcd Telesysterris GUI 1

300.671 OAO Guprorn AOR 233.533 PIK GDR 290.9?2 Sisterria GUH

Spain 1.191.5T6 Barico Ililbao Vizcaya Argentaria 1 ,091,958 Bdrlco Santandcr

865,235 Telefonica

Switzerland 715.752 Credit Suisse Reqistered

538.553 Novartis Reyi:itered 21 3.477 Roche

5,l 77 Slkd

1,150.980 Nestle I ieyislcrcd

45, I 1 9 Syrigerita Reyi:;Lcrcd 1,003.524 Tcmcnos Resistered

92,146 Ziiric:ti kinnncial Scwices

United Kingdom 38:Y.510 AstraZerieca

2,820.512 RP 7,409,599 C;ape 1 .I 07,033 GlaxoSmithKline

786.1 fi3 HSBC 1,598,852 Old MUtUal 3,713,338 ncjyai Bank of Scotlarid

559,864 Ilnilevcr I 1 0.91 9 Vedarita I iesources

9,180.789 Vodafone


Number of shares or Priric:ipal Other Transferable :.;ec:iirilies

27,263,121 3.30 5,544,!2:34 0.79

I 1 ,102.403 1.35 4.072.018 0.4Y 5.532.865 0 67

41,952,794 5.09 14.730.185 1.79 12.818,109 1.56 14.376.500 1.71

130,918,880 15.87 6,?49,717 (1 76

33.097.01Y 4.01 18.835221 2.78 74,l 16.087 2.92 4.9Y2,tidl 0.61 '3.290,82/ 1.1 3

19.475.280 2.35 1.1 3 1 1.167 1.81

145,475,367 17.63 9,037,498 1 .20

2(?.!Y2!),381 2.50 26.383.004 3.20 18,830,960 7.G4 7.743.748 0.94 5,351.528 0.66 9,969,023 1.21

11,785.000 1 43 19,737.834 2.39 17,116,617 2.0:

795,845,828 96.44

Market 7" \/slue Net

Amount riot deal1 on anothcr Hcgulated Market EUR Assets

Italy 150,900 I 'armalat Finaniiaria

United Kingdom 583,333 0r1t ioniimetics Equity 62 I 800 Sphere Medical


1,509 0.00 1.509 0.00

3,432,546 0.42 2.21 3.493 0 . x 1,719,053 0.15

3,434,055 0.42



Net Asset Value 825,201,202 100.00

Schroder ISF Global Equity Alpha

Number ut shares Transferable Securilies and Market B Value Nct or Priricipal Money Market Irisiruments Admitted

to ari (1llic:ial Exchange Listing USD Assets Arrioiint

Bermuda ?9.312 Mk Global

Canada 15.873 Canieco

China 6.788 Ctrip.mm lntcrnational ADR

Denmark 10,416 Ddriske Bank

France 10.504 A M G.771 sue^ 7.38Y Total

Germany 3.240 Liridt. 3.%5 Siemens

Hong Kong SAR 202,000 China Uniconi 890.000 Denway Motors 152,000 Shariyri-l..a Asia 46,500 Swire Pacific

Israel 5u.622 Maktileshim-Agan Industries 11.423 leva Pharmaceutical lridustries Allt i

Italy 48,808 Irites:i 5anpaolo

Japan 41 Central Japan Railway

1 t?,300 Honda Motor 15.500 Milsubishi 73.000 Sekisui Cherriic:al 13.900 Square Enix 15,000 Toray Industrics 26,900 Ushio

Luxembourg 6,740 ArcelorMittal

Norway 26.028 Telerior

Singapore 98.000 Keppcl Land

South Korea 11 ,640 Uacwoo ShiphiJil(hy K Marine

rrigirieeriiiy

Switzerland 1 ti,l 80 Nestle Regislered 3.383 Roche

35.895 STMicroelectroriics

United Kingdom 34.763 Admiral 56.7 1 3 Rcxam

34.094 Tesco 1,351 Rio 1 irili:)

91 2.035 Vodafone

187,304 0.75 187.304 r1.75

636,547 2.55 6363,547 2.55

319,579 1.28 319,579 1.78

304,413 1.22 304.413 1.72

1,602,249 6.41 312,131 1.25 659.914 2.61 830.1 14 3.62

895,658 3.58 455.928 1.82 439.730 1.16

1,548,720 6.20 375.038 1.50 343,488 1.38 354.101 1.42 475.481 1.90

I ,043,036 4.17 526.718 3.11 516.320 2.06

277,520 1.11 2 / i . m 1.11

3,346,458 13.40 520,049 1.08 :55G,488 2.23 513,051 2.05 409.139 2.00 412.787 1.65 403,584 1.62 441.380 l , / /

667,246 2.67 667,246 2.87

488,287 1.95 488.287 1.95

357,372 1.43 357.372 1.43

454.228 1.82

154.Y28 1.n2

1,709,425 6.84 732.420 7.93 602,359 2.41 374,546: 1.50

2,776,425 11 .I 1 554,428 2.22 336.111 1.75 544,645 7.18 618,132 2.47 6323.079 2.4Y

Schrodar International Selection Fund Semi-Annual Report June 2008 Page 175

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Equity Alpha (cont)

Number of shares Transferablc Sccurities and Market ':A or Principal Money Market Instruments Admitted Value Net Arnount to an Official Exchangc Listing LIS0 Assets

United States of America 10,258 AGCO 1.021 Apache

13,375 Avon Products 26,019 (:orrimst

5,790 ConomPhillips 1 1.359 Electronic Arts 9,805 Estee I aider 8,798 JP Morgan Chase & Co

77.707 Microsoft 93.47/ National City 10.825 Omnicom 30.243 ::cheririg-Ploiigh

9.149 Travelers 5.310 LJltra Petroleum

1 1,929 Wyeth


7,530,545 520,081 551.690 474.01 0 181.731 484.776 499,l 14 152.207 308.370 753.387 447.755 483.986 583.972 405,301 529.354 549.808

30.18 2.08 2.71 1 90 1.91 1.94 2.00 1.81 1.23 3.02 1.79 194 2.38 1 .e7 2.12 2.20

24,153,012 96.67

Niurriber of shares Market "b or Principal Other Transferable Securities Value Net Amount not dealt or1 ariother Regulated Market USD Asscts

United Kingdom 1,499,814 l3olls 1 ioyc:e


Nurriber of shares or Principal Amount Derivatives

2,990 0.01 2.980 0.01

2,990 0.01

Market 96 Value Net LJSD Assets

India 286,956 1.15

18!01~7013 286.056 1.15


41.043 Slirirarn Transport Finance harrants

Total Investments

Other Net Assets

Net Asset Value

24.442,958 97.83

542,853 2.17

24,985,811 100.00

Schroder ISF Japanese Equity Alpha

Numher of shares Transferahle Securities and Market B or Principal Money Market Instruments Admitted Value Net

JPY Assets Amoiint to an Official Exchange Listing

Japan 140,700 Hridgestone 240.600 CKD

75.600 FUJlFlLM 73.700 HOYA

100.700 lriso Electronics 350,000 JFE Shoii

4P7.700 Kyokuto Kaitiiltsu Kogvo 130.100 Lintec

369 KODl

9)f,000 Mitsiihishi Estate 69.730 Mitsubishi UFJ Lease & Finance 86.000 Mitsui & Co. 49,400 Murata Manulacluring

1G4.800 Narriiira Stiiphiiiklirig 82.000 Nippon Electric Glass

109.300 0% 51 7.000 Sakai Chemical Industr) 100.200 Scvcn & I

51 6.000 Shinmay*va Industries 28.000 Shimamura

19.300 SMC 570,900 sOJlt7

33.400 Sony 51.500 Squarc Enix 88.200 Sumco

431.000 Sumitorno Ctierriical 373.000 Sumitomo Heavy Industries 51 1.000 Sumitomo Melal Industries

133,000 Tokai Carbon 52 1,000 Tokyu 64.400 Union Tool

140,000 l Jshio

51.200 Takeda Ptiarrnaceutical


Total Investments

Other Net Assets

Net Asset Value

7,387,050,300 96.97 PP8.358.100 3.01 158.489500 2.08 275,940,000 3.62 180,933,500 2.38 777.701 ,000 3.58 278.950.000 3.66 242.0fd4.000 3.18 2/i.252,800 3.64 740.034.500 3.1 5 733.780.000 3.06 32 1.455300 1.22 201,670,000 2.65 247.000.000 3.24 137,334,000 1.80 150.fi34.000 1 .98 131,i60,000 1./2 71 1.453.000 P.78 303.606.000 3.99 183,120,000 2.40 216,720,000 2.84 224.459.000 2.95 202.098.600 2.65 154,876,000 ?.03 161.710.000 2.12 207.270.000 2.72 288.339.000 3.78 268,187,000 3.52 238,)f37,000 3.13 2/6.480.000 3.63 143.773.000 1.89 287.071.000 3.77 198,996,000 2.61 242.900.000 3.19

7,387,050,300 96.97

7,387,050,300 96.97

230,899,604 3.03

7,617,949,904 100.00

I Page 176 Sthroder International Selcrtiori Furid Serni-Annual Rrporl Jurie 2006

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF US Large Cap Alpha Schroder ISF Global Equity Sigma

! Numhcr of shares Trarisferdble Securities and Markct 5,2 NLrriber 01 shaics Transferable Securilies and Markel 56

Value Net or Principal Money Market Iristrunients Admitted Value Nct or Principal Moncy Market Instruriierits Admirted Amount to an Official rxctimye Listing LEX Asscts Amourit to an Official Cxcharige Listiny IJSD AssW

Cayman Islands 2.663 ACE

United States of America 3,4 i 3 Arriericliri Iriternalional 6,Wu Applicd Materials 4.042 Avon Products 3,303 Baxter 1 ,SI6 Bectori nickirison B Co. 1.834 Burlington Ncrtherri :;Rrila Fe 5.582 Citigroup 4.048 I:oach 4.198 Cognizant Techriology :Solutions 6.887 Corrlcasr 1 ,899 ConocoPhillips 3.471 (:ovlcjieri 2.583 Danaher 3.172 Ecolab 1.458 tlectronic Arts

3,437 General Electric 3.661 Hehlett-Packard 7.19:; Intel 2.701 Kellogy 2.ti74 Kohl's 4,191 Lehman Brothers 3.905 LLexmark lntcrnational 3.836 I.0we's 3.070 Marathon Oil 1,205 Morisarito

15,191 Nalional City

1 ,520 w r x

6,500 New:; 2.237 Noble 4.1 1 1 Procter & Garrible 1. i 1 7 Pruderitial I ir;anciaI 3.1 95 Quicksilver Resources 5,321 Ikllanr tncrgy 8.81 0 Scheririy Plough 1.81 2 State Street

1 1,263 Time Warner 4.050 I JX 1.589 llltra Pelroleurn 5.832 Wastc Management 3,404 LVyetl1


Total Investments

Other Net Assets

Net Asset Value

147,104 2.54 Australia 147,104 2.54

5,497,710 G6.378

133.90n 1 6'1.5 12

125.765 178,032 9B,2(.)0

1 13,55u 138.077 128.303 1 /4,024 164,491 198,555 139,563 64.065

llT.420 90.91 2

163,207 15-1 ,821 129,540 110,650 93.750

132,596 80.288

157.245 154.650 /2./65

100.295 144.SB8 738.674 1 0S.47B 124.541 1 10,890 133.866 11 5.986 1 67,412 128.9Y3 158,l 08 21 i.184 15/,121

2 0 7 . m

95.06 1 .tii 2.32 P.84 3.60 2.1; 3 0'3 1 6 1 2.05 2.39 2.22 3.01 Y.84 3.43 2.40 1.11 2.03 1.57 2.82 7.67 Austria 2.24 1.91 1 .u1 7.79 1.39 7.72 Belgium 2,u; 1.26 1.73 2.51 4.30 1.89 2.15 1.9% 2.31 2.01 Bermuda 2 81 ? ?\3 2 1 3 3.7G 7.77

5,644,814 97.60

5,644,814 97.60

138,875 2.40

5,783,689 100.00 Brazil

10.407 ASX 28,421 Australia B NCVJ Zealand Rxikiriy 17.888 Gabcock R Brown

44.382 BHt' Billiton 16.705 David Jories 14.453 Felix Rcsources

uti6 FKP Property 9,454 C;loucester Coal

554 lncitec Pivot ( '255 Mactluarie

153,730 B c x h Petroleum

808 oxl;lna 127.1 38 Qaritas Air$wiys 16.379 (1Ht liistirancc

1 ,84 1 Rio Tinto 34,938 Stockland 3.381 :;Lockland New

~17,058 TARGORP 97.70.1 Telstra 28,933 Weslpac Banking

5.585 Andrit7 8.818 IMMOFINANZ 1 .09ti OhlV 2.1 64 Hailleisen International Rarik

8.2.12 Belgacorri 2 , l 14 Colruyl

18.939 Uexia 3.277 Euronav 7,849 GimV 5.610 IriDeL, P.54? !;olvay S.?m thiicore

20.1C0 Accenture

13.41 7 Aquarius Platii-ium 0,900 ACt

3,000 Arch Capital

1,700 Central Europeari Media l-rilerpri:je:j 3,100 Endurance Specialty 3,600 rveresl I le I.700 Frontline

7?.577 Hiscox 2 1,011 Lancashire

Y.800 AXIS ( ; ~ ~ ~ J l h

5.200 Max Capital 8.400 Nabors Industries 3.900 I {enaissanceRe 6.500 XI Chpital

11,500 Baricu do Brasil 1,900 Ceritrais tletricas Brasileiras

Pretercncc 5.400 Companhia de Sariearnento Basico

do Estado de Sao Paillo AUR 4.000 CPFL Encrgia ADK

360 Investiriierilos Hail 15,300 Iriwstirrierilos ltau Prefet-ence 6.000 Metalurgica Gerdau Prefererlce 4.200 Usinas Siderurgicas de Minas Cerais

Preference

6,458,102 314.035 51 1,291 128.927 204.40?

1,863,833 12E, 133 236.1 19

3,138 11 7.200 110.271 339.12 1

2.042 371,426 352,381 213.G84 180.972

1 1.51 3 443.835 398,109 51 1,652

808,800 358.161 91.869 85.338

2 74 .J 32

2,700,445 356,788 570,486 305.970

1 80.BB8 387.1 tis 331.854 405.123

3,728,469 830,934 491.636 2 15.583 198.840 295,392 108.936 90,751

288.504 120.772 c3.732

129.558 11 3.100 41 5.044 11'3,734 154.505

1,388,765 193.31 1

130,611

269.676 279.440

2,250 07.833

205,375

2 10,429

1.7~7 778 \IL>.

2.40 0.1 1 0.19 0.05 0.08 0.69 0.05 0.09 0.00 0.04 0.04 0.1 3 0.00 0.14 0.1 3 0.08 0.07 0.01 0.1 6 0.15 0.19

0.30 0.14 0.03 0.03 0.10

1 .oo 0.14 0.21 0.1 1 0.0t1 0.07 0.14 0 12 C1.15

1.38 0.31 0.1 8 0.08 0.07 0.1 1 0.04 0 04 0.1 1 0.04 0.03 0.05 0.04 0.1 5 0.07 0.06

0.52 0.07

0.05

0.10 0.10 0.00 0.04 0.08

0.08

Schrndcr lntcrnatiornl Selectinn Fund Semi-Annual Report June 2008

Portfolio of I nvestrnents as at 30 June 2008 (cont) Schroder ISF Global Equity Sigma (cont)

Number of sharcs lranstcrable Securitie:; arid Market Qb or Principal Money Market Instriinwits Adrriitted Value Net Amount to an Official Exchange I isting USD Assets

Canada 7.900 Agnico-Eagle Mines 9,000 AltaCas Income lriist 1.300 h r i k of Nova Scotia

1 1 ,100 Canadian National I3ailway 13.100 Cariaciiari c)il Sands Trust 5, /00 Canadian Pacific Railway

20.000 CGI 5,600 Davis & Hendcrson Income h i n d

8,/00 FnCana 8.435 Enerplus Hesources Fund

7.300 Uut?dcc

12.200 tnergy Saviriys Iri(:nme riind 800 Fairfax hnaricial

9.100 Husky tnergy 3,900 Manitoba Tclecorri Serices

19,300 Manillife Financial 12.000 Mullcn Group Income Furrd 21.981 Penn Wcst Energy Trust

1 ?.300 Pow,er Corp of Canada 10.900 Power rinaricial

1.800 Potash Corp of Saskatctiwari

8,800 Research In Motion 5.600 Hogcrs Commwlicatioris

70.1 00 Royal Rank of Canada 76.600 Shaw Communications

6.800 Shoppers Urug Marl 1 6. 105 Tcck Cominco 2.100 TELUS

11,100 Toronto-Dominion Barik 14.500 Trinidad Ilrilling 5.700 Vcrmilion Energy .lriist

21,081 Yamana Gold

Cayman Islands 4.900 Herbalifc

22.700 Seanate Technology

Chile 1.400 Administradora de Fonths de

Perisiories Provida ADR

China 120,000 YanLhou Coal Miriirig '1 I'

Denmark 13,400 Oanskc Rank 10.632 Novo Nordisk

Finland

France

1,685 Kone 9.625 Neste Oil

61 5 1 3 Nokia 9.360 Outokumpu 1.30/ Rautaruukki

15,362 :Sampo

1 1.408 BNP Paribas 5,478 nouygues

14.221 Carrefour 2 1,807 Credit Agricole

15.061 Etablissements Maiirel et Prom

37.31 6 France Telecom

3,167 Dnssault Sysiemes

3.547 Fonciere Des Regions

1.941 Gecina 5.294 COreal 1 ,668 ILafarge

13,221,684 4.90 680.799 0.73 230.299 0.09 60.523 0.02

530.446 0.20 686,688 0.25 300.662 0.14 152.137 0.07 87,457 0.03 !x1.630 0.03

770.219 0.79 ,433 0.15

171,298 0.06 195,R81 PO7 129.132 C.16 155.324 LO6 67G.845 C.25 274.66/ 0.10 746.255 0.28 08.383 0.15 77.793 0.14 54.956 0.13

218.063 C.08 911,477 0.34 518.fi86 0.19 361,573 0.13 761.160 0.28 G9.982 0.04

700.736 0.26 201 ,163 0.07 248.522 0.08 319.312 0.13

631,483 0.23 189.287 0.07 442,laR 0.16

36,064 0.01

35.034 0.01

,103 0.08 ,103 0.08

1,092,651 0.41 389.3i8 0.15 703.773 0.76

2,368,718 0.88 69,llfi 0.03

781.563 0.10 1,245,4R9 0 46

33/.39!B 0 1:i 59.978 007

385.226 0.14

9,036,685 3.65 1.030.925 0.37

334,866 014 804,230 0.30 450, 605 0.17 193,028 0.07 351.328 0.13 433,778 0.16

1.104.557 0 41 236.821 009 566.317 071 251 0.05

Page 177

Number of shares Transferable Securitics and Market "/a

or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchangc Listing VSU Assets

France (cont) 10.883 Natixis

Rhone

9,889 Thalcs

1.8 10 Socidtk Dcs Autoroutes Paris Iqhin

78 SocietG Gknerale

26.1 17 Total 81 2 Unibail-Rodamco

2.144 Vallourec

Germany 5,575 Allianz

14.226 BASr 7,244 Rayerische Motoren Werke

17.759 Daimler 8.0(57 Deiitsche Bank

18.81 5 Deutsche Post 47.365 Ueutsche Ielekom

6 E96 E.ON 6.81 3 I lanriuver Rtickversicherung 5.7 1 6 Hypo Heal Estate 1,049 Merck KGaA 2.983 Miinchener Ruckversictler~ing:; 4.343 Norrideutsdw Afherie 7.720 Porsche Automobil Preference 7,407 ThyssenKrupp 1,651 Volkswayen 1.469 Wacker Gherr~ie

Greece 5.015 Coca Cola I lelleriic Bottling 2.457 National Bank of Greece 3.366 DPAP

Hong Kong SAR 13,000 Cheung Kong

60.000 Hang Lung

80.000 Hongkong Land

770,000 Cnpc I long Korig

808,000 Henderson lnvostment

358,000 tiutchisori Telecorrirriuriicatioris International

R7,000 I iysan Development 9,600 Jardirie Nathesori

17.068 Jardine Strategic

33.000 Swire Pacitic $0.000 Wharf 87.000 Wheelock & Co.

120,000 New World Development

Hungary 2,188 MOL Hungarian Oil and (.>as 7.159 OIF'Barik

Indonesia 447.000 Aneka Tarnbang 507.000 Hank Ccntral Asia 267,000 International Nickel Indonesia 747.000 Telekomunikdsi Indonesia

Ireland i.401 Kerry 4.31 5 Paddy Power

Israel 70.200 Check Point Software Technologies

123,946 0.05

171.455 0.06 6,789 0.00

561.116 0.21 2.757.906 0.84

187,278 0.07 744,821 0.78

9,472,356 3.51

982.546 0.36 348.124 0.13 /8/.914 0.29 599.314 0.26 187.829 0.18 780.138 0.29

1,344,684 0.50 334,l 16 0.12 161.987 0.06 148,656 006 527.448 0.19 235.133 0.09 418.424 0.16 463.165 0.17 469.181 0.1 I 308.846 0.11

389,119 0.14 160.026 0.06 111.845 0.04 117.748 0.04

3,514,609 1.30 175,187 0.05 127.399 0.04 266.569 0.10 76,665 0.03

342.400 0.13

U/6,591 0.3/

607.684 0.19 938.720 I).OY 294./20 0.11 283.570 0.11 244.336 0.09 337,443 0.13 376.774 0.14 233.142 0.09

593,702 0.22 294.094 0.11 299,688 0.11

654,099 0.24 152.158 0.06 135.054 0.05 175.144 0.06 191.543 0.07

352,838 0.13 219,537 0.08 133,301 0.05

483,992 0.18 483.992 0.18

Page 178 Sctirotler Irilernational Selection Furid Serni-Annual Report Juric 2008

I

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Equity Sigma (cont)

Number of shares Traristerable Securities and Markct 9; or Principal Moriey Markpt Instrumcnts Admitted Value Net Amount to ari Ollicial Exchange Listing USD Assets

Italy 26,177 TNI 95,869 Inte%i Sanpaolo 82,548 Telecorri ltalia 39,927 lerns ttetc Elottrica Naiioriale 31 ,450 IJriiCredit

Japan 18.100 ADEKA 36.400 Aeori 83,000 Ajinomoto

12.600 AOC

18,500 Asah Rrcwcries 73 Asset Managzrs

1?5.000 All Ntppon Airmys

1,025 Ardepro

(3,000 Atrium 23,200 Rridgestorie 17,400 Chubu Eledr c Power 6,000 Chugoku Electric Powcr

11,000 COMSYS 20 Creed

1 1,000 milo Paper 51,000 naiwa I1011se Industry

T.OOO Denso 172 Oentsu 154 Fuji lelevision Nctwork

4. i00 r(J.JIrII M 35,000 Fujikura 36.000 t-lilachi Cable

12,400 Honda Motor 78,000 IHI 11,600 JS 17.100 JTEKT 65,000 Kajima

6.400 Hitachi Intormation Systems

50 KDDl 4 i Kerietlix

1,200 Keyeriw 7,600 Kornatsu

5,100 Kiiroda Eleclric 1.100 Kyokuto Securities

10.500 Matsumotokivoshi 41,000 Matsusttila tleclric Works 39,000 Mazda Motor 11,000 Milo Seciiritics 1 8.330 Mil<jubislni 38,OOO Mitsubisht I4ayc.m

14.000 Mitsui & Co. 32.000 Mitsui Chemicals 78,000 Mitsui Minirig I I Srriellin!]

144 Mizuho ririaricial 94,000 NCC

24,000 NHK Spring 900 Niriterido

9 1,000 Nippon Express til ,000 Nippon Light Metal 71,000 Nippon Minirig 13.000 Nippon Oil

94 Nippori I 'aper

8.000 Nippon Thompsori

12.000 Kubota

199,200 Milsubishi I JF.1 Financial

4.300 NEC I easiriy

122 Nippo~) leleyraph & Tclcphone

50.000 Nippori Yiisen KK 5 t ,800 Nissan Motor 63.000 Nisshiri Steel 10,000 Nittctsu Mining 16,000 NOK

2,029,630 909.218 5.15.107 125,002 1tiY.121 1'31,3i8

27,401,447 149.093 45 1.299 598.1 84 -1 BY 3 1 2 129,885 18.2i4

346.T66 23.473 90.582

35ti,O!Xi 428,196 128.323 9/.3/l 21.833

138.284 537.980 241 .D30 365.d9? 233,024 162.238 152,972 133,843 149,801 423,340 158.5'37 280.7Y4 2i2.337 228,03Y 31 0.1 95 57,783

287.006 712,748 158.748 76.206: 31.209

223.Y08 481.370 %03.7?5 34,121

ti1 5,6:til 183.753

1.712.il5 31 (1,479 158.273 230.887 676.4fi8 191.26:Y

B6.773 192.01 8 509.835 4D8.040 100,318 405.387 789,547 257.80)

51.?UO 482,T88 429.596 21 5.08.1 13,881

255:l 19

0.75 0.3; 0.70 0.05 0.00 0.07

10.16 0.05 0.16 0.2 1 0 16 0.04 0.01 0.1 3 0.01 0.03 0.1 3 0.18 0.05 0.04 0.01 0.05 0.20 0.09 0.15 0.09 u.uu 0.06 0.05 0.00 0 . 1 li 0.08 0.10 0.10 0.08 0.1 2 0.0) 0.1 1 0.08 0 00 0.03 0.01 0.08 0.1 8 0.08 0.01 0.73 0.0i 0.50 0 12 0.06 0.0'1 0.25 0.1 8 0 . w 0.07 0.1Y 0.16 0.04 0.17 0.1 1 0.10 0.22 0.c2 0.1 8 0.lii 0.08 0.0? 0.09

NurrltJer of sharcs Transferable Securities and Markel 4; Moriey Markel Instrumcnts Admitted V;ilue Net or Principal

Ari iount to ari Officidl kxchainge Listing lJSD Assets

Japan (cont) 5,200 Norriura

2.110 OHlX 289 NTT DoCoMo

1 18,000 Osaka Gas 16 Pacific:

22.000 Hicoh 5,000 Hohm

10.000 San Ai Oil 12,000 San-In Godo h i l t 4.700 Sanei-lnternatiorial

13.600 ';ellto tpson 35,000 Sharp 40.000 Shirriizu 71.000 Slwnsei Bank 40.600 Showa Shcll Sekiyu KK 29,000 Sompo Japari lrisuraiice 1 Y,.100 Soriy lti,Y00 Surriw 10,200 Surriitonio Electric Industries

GO Siirriilomo M i tw Financial 1 18 Suricity

9,260 Takefiiji 4.900 TDK :3.X)0 10~810

3.700 Toyota Iricliistries: 13.000 loppan Printing

32.200 Toyota Molor 125 I V Asah

28.400 Urbari 16.000 Wood One 19,000 Yodogavda Steel Works 38.300 Yokoyawa Electric

90 Zephyr

Luxembourg 3.348 're1 inr is

Malaysia 70.200 Malayan Earikiriy !3ti.400 Malaysian Bulk Carriers

1 15,UOO Scorrii 139.200 Tenaga Nasiorial 29.400 Y I L

Mexico 43.400 tirupo Garso $8.500 Grupo Mcxico

Netherlands 7.962 Arcadis

11.838 ASML (i,OW Roskalis Weslmirnster 7.33Y Corio 7,699 Heinckcn 8.139 I leiriekeri Holdiny

24.991 ING Groep 1 200 Nutreco

1 1,974 Randstad 44.796 I hyal Dutch Shell 43.417 Royal KPN

1 .82 1 Smit Interriatioriale

Norway 1 1.350 Aker Sulutioris

21.000 StatoilHydro 3.570 Fred Olscn Energy

6.607 Yara International

77,35G 128.367 350.518 854,833 32.U31

398.838 288.91 G 43.787

105,315 73,785

3i3.563 572.300 1'30.278 244,411 446.548 ?73.709 807.4 14 375,591 130,032 702.133

13.871 120,346 294,723 3/.%99

143,770 118.571

1.525.848 179.886 83,529 91.545 98.488

351.705 6.250

126,119 128.119

690,022 151,461 107.960 22.642

347.201 d0.733

409,021 203.261 203.760

6,086,681 170.945 289.579 318.u17 572.700 393.1 67 281.087 789,387

19.3?4 415,202

1.809.441 783,043 178.200

1,833,137 267,552 21 0.899 782.580 312.126

0.03 0.1 6 0.13 0.74 0.01 0. I5 0.1 1 0.02 0.04 0.03 0.14 0.21 0.07 0.09 0.17 0.10 0.30 0.14 0.05 0.26 0.01 0.05 0.1 1 0.02 0.05 0.04 0.51 0.07 0.03 0.03 0.04 0.1 3 0.00

0.05 0.05

0.26 0.06: 0.04 0.01 0.13 0.02

0.1 5 0.07 0.08

2.26 0.07 0.1 1 0.12 0.21 0.15 0.10 0.29 0.03 0.1 5 0.67 0.29 0.01

0.68 0.10 0.08 0.29 0.21



I Number of shares Transferable Securities and Market 96 Number of shares Transferable Securities and Market ?O

or Principal Money Market lnstrumcnts Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to ari Official txchanne Listiria USD Assets Amount to an Official Exchanoe Listina US0 Assets

Peru 1.600 Companhia de Minas Bueriaveritiir;l

ADR

Philippines 3.710 Chhe lelecorri

788.000 Metropolitan Rank &Trust

Poland 10,481 Polski Koricern NaftovJy Orlen

Portugal 8,092 (;alp Friergia

23.990 Portugal Tclecom

Singapore 99,000 Capital and 82.000 Mapletree Logistics Trtist 44.000 Singapore Petroleum

South Africa 11 1.973 rirstRaritl 13,762 Northam Platinum

South Korea 2.220 Hanyang Sccuritics

11.290 I lynix Semiconductor 4.093 s-Oil 3.530 ShiFhan Financial 1,000 Shinhan Financial ADR

Spain 7.800 Acerinox 6.203 ACS Actividades de Construccion y

Scrvicios 85.31 1 Ban::o Saritarder

13.584 Repsol YPF 65.91 4 Telefonica

2.1 06 Metrovxesa

Sweden 1.000 Atlas Copco

10,600 Allas Copco 'A 9.600 Getinge 9,000 Investor 9.300 Kinnevik Investment

21 ,400 Kiirigslederi 17,200 Scania 73.000 SKF 46.8% Telefonaktieholaget LM Ericsson 53.048 TeliaSonera 70.600 Volvo 5.11 1 Vostok Nafta lnvcstment 5,500 Witilhorgs rastigheter

Swilzerland 17.662 ABB Rcgistered 4.500 Addax Petrolelm 3.300 Alcon

1,781 Geherit I.iegi:;tered 5.762 Holcim Rcgistcred

52,820 NestlA Registered 29.411 Novartis Registercd

18,931 Credit Suisse Regislered

9.759 Rochc 1.489 Syrithes 1,757 URS Registered 9.868 Xstrata 1.902 Liirich Financial Services

296,424

2013.424

308,793 97.382

211.111

167,093 167.093

451,580 1 /8,559 773.001

679,631 114.881 51,744

213.506:

31 0,436 191,144 11 9,792

814,109 34,94c!

269.207 262.427 16G,308 88.130

4,540,702 119,861

307.384 1,513,216

194.315 539.329

1.7413.397

2,930,464 83.173

155.641 733.998 187,553 173,303 158.445 739.672 353.01 9 483.751 385.704 238.208 127.565 100.432

10,115,717 499.010 714.913 531.762 864.324 263.302 463,515

2,393961 1.530.Rl 2 1.737.635

204,941 37,334

78G.275 485.133

0.1 1

0.11

0.1 1 C.03 C.08

0.06 0.06

0.17 0.0/ 0.10

0.25 0.15 0.07 0.08

0.12

0.04

0.30 0.01 0.10 0.10 0.06 0.04

1.68 0.01

0.1 1 0.58 0 01 0.20 0.135

1.09 0 03 0.06 0.09 0.07 0.08 0.05 0.09 0.13 0.18 0.11 0.09 0 05 0.04

3.75 0.19 0.08 0.20 0.32 0.10 0.1 7 0.89 0 130 0 &l 0.08 0.01 0.29 9.18

0.08

Taiwan 78.000 Asustek Conipiter 52.000 Formosa Petrochemical

194.000 Grand Pacific Petrochernical 151,000 Prcsidcnt Securities

137.000 UPC Tcchnology 17,300 Silicoriware Precision Industries ADH

Turkey 13.079 Tupras Turkiye Petrol Rafirie

United Kingdom 19.999 3i

22.042 Antofagasta 27.702 Astrdencca 40.263 Aviva

107.407 Barclays 27.157 Beazlcy 35,074 BG 31 ,894 RHP Rilliton

218,020 RP 24,1388 British American Tohacco 13.584 British Land

n,8 17 Anglo American

154.266 B1 ,775 Diageo ,845 GlaxoSmithKlinc

125.354 HBOS 99.669 I ISDC 3 1,774 Imperial Tobacco 11.1315 Kazakhmys 16.518 Land Securities

57,990 Lloyds TSB

48,505 Marl 34.414 Marks & Spencer 13.832 National Grid 15.1 32 Heckitt Bcnckiser 35,656 Reed Elsevier 13,302 Rio Tinto

23.020 SAEMiller 79.399 Segro 2 1.247 Standard Chartered 11.400 Subsea 7

9.588 Liherty International

4,070 Lonmin

286.466 tioyal Bank ot Scotland

138.841 Tesco 8.683 Vedanta Resources

14.049 Venture Production 16.157 Victrex

603.003 Vodafone

United States of America 5.100 nuckle

13.317 3M 19,700 Ahhott Laboratories 7,000 Ahercromhie 8, htch

11 ,900 Aetna 5.900 Aftliated Computer Services

11.500 Aflac 12,900 Alcoa 11.31 1 Alliant Energy 2.500 Alliarit Techsystems 8.400 Allis Chalmers Energy

1,900 Alpha Natural Resources

6,000 Amazon.com 6.000 Ambassadors

1 6.900 Allstate

16.684 A h a

705,441 717.713 137.365 57.893 08.976

176.117 72.877

28g.083 299.083

27,695,141 327,931 478.245 289.584

1,177,433 399.335 ti22,455 60.231

898.517 1 ,?I 3.81 6 2,857,936

848.518 190.1 09 612.629

1,026,536 1.47 1.52 1

686.61 6 1,547,777 1,18 1,378

0.26 0.0: 0.05 0.02 0.04 0.05 0.03 '

0.12 0.12

10.28 0.1 3 0.18 ,

011 0.44 0.15

0.02 0.33 0.45 ,

1 .uti 0.31 0 01 0.23 ,

0.38 0.55 0.25 0.57 0.11 I

I

0 . 2 3 ,

3139,101 0.14 106.360 0.15 161.577 0.06 42 1.206 0.1 6 262,162 0.10 598,087 0.22 225.548 0.08 180.344 0.01 763.220 0.28 401.740 0.15

1,591.928 0.52 1.212.157 0.15

526.848 0.20 232.742 0.09 601.060 0.22 290.005 0.10

1.009.742 0.37 791,570 0.11 243.250 0.09 239.969 0.09

1.:71.961 0.66

120,120,300 44.56 234.090 0.08 925.665 0.33

1.044.100 0.39 448,700 0.17 479.689 0.18 309.832 0.11 725.075 0.27 468.407 0.17 381.746 0.14 248.800 0.09 147.840 0.05 786,188 0.29 195,3/7 0.0/ 339.619 0.13 447.860 0.17 93,660 0.03

Page 180 Schrorlcr Internatiorial Seleclior-i Fund Semi-Annual Report Jurie 2008


Number of sharcs Transferable Securities and Market 95 or Principal Money Market Instriiments Admitted Value Nct Amount to ari Official txchanyo Listing lJSU Assets

United States of America (cont) 2.400 Arrtedisys 5.000 American Capital Strategies

18,100 American Electric Power 7,230 American Financial

11 , I 11 American Intcrnational t i300 AriieriLredit

17.294 Ariiyeri 8.888 Anadarko Petroleurri 3,300 Ariixter Iriterriational

11,866 Aprile 22 838 Applied Materials

7 400 Arbor lieally Trust 4.300 Arcti Chemicals 5.200 ArCher-Ddrlif3k Midland 5.700 Asset Acceptance Capital 6.300 Assuranl 4.800 Asta I uridirig

4,000 Automatic Data Processing 2,000 Autozone

75.193 AT&T

60,436 Bank of Arrienca

6.000 Becton Dickinsori 8 Go. 10 000 Bed Bath & Eeyond 13.600 Best Buy 11 ,400 nJ :;er/ice:; 1.400 BlackRock 3.285 Ooeiriq 3.800 Boston Properties 7.900 Elurger King 3.700 Burlington Northern Sarila k

17.100 Capital One Financial 12,882 Caterpillar 9,700 Gt iesapealtc! Encryy

25.01 ti Chcvron 6.600 CtNJbb 9.000 Ciriminnli Financm

10.400 ClCCO

27.892 Coca-Cola 4,S00 Cotieri K Steers 2.600 Colgate-Palrnolive 6.200 Colonial Properties Triist

5,500 Corn Products International

!3.000 Costco VVholcsale 5,200 Coventry I lealth Care 4,300 CSX 3.900 (;V:.X;arenvi:k 8.200 Cypress Semicoriductor

1 1.920 ConocoPIiillips

2Y,200 Corriinq

11.700 Ueere & Go. 35.700 Ilell

G,20O Denbury Resources 1.208 Devon rriergj 3,100 Diamond Offshore Drilliriy

1 1,700 UIHECTV 11,758 Discover hnancial Sen,ices 15.400 DlSl I Network 2.ti00 Dorniriiori R ~ s o ~ I I ~ : ~ : ; 5.500 Uonaldson

?4.700 Uow Ctiemical 1.200 DST Systerris

10,100 Dii Forit (t.1.) de Ncmours & Co 5,000 Eastrnari Ctierriical 6.500 Ecllpsys

120.557 124,750 il6.398 196.670 308,330 75.032

801,923 660,912 1 35.657

?,01 8.233 440.535

72.372 14.1.652 171.184

(0.823 475.124 40.940

7.303.388 1 (ju.Sd0 240,260

1,486.1 71 192.028

,072 .GOO

280.800 544.580 36G,282 248.840

212.71/ 3ti0,380 li55.101 950,785 621,673

2:146.563 330,198 234.8 I9 733,413 339,458 2-13.152

1 .445.4(j3 133.91 7 11/.346 123,132

I ,092,349 267.025 084.740 632 3.10 163.800 767.202 1 55,l 03 204.257 835.146 794.325 218.6/4 828.055 -12/.418 299,286 159,556 450,004 1 ?(>,I 20 250.910 860 30 I 231.882 687.309 343.550 l?l.550

0.04 0.05 0.27 0.07 0.1 1 0.03 0.30 0.75 0.07 0.75 0.lfi 0.03 0.05 0.06 0.03 0.1 ti 0.02 0.91 0.08 0.09 0.55 0.07 0.20 0.13 c1.1 1 0.20 0,l4 0 09 0.08 0.1 3 0.08 0.1 3 0.24 0.35 0.23 0.91 0.12 0.09 0.27 0.74 0.l& O.%l 0.05 0.07 0.0.5 0.41 0.10 0.25 0.23 0.OfJ 0.10 0.06 0.08 0.31 0.29 0.08 0.31 9.1 :? 0.1 1 0.06 0.17 0.04 0.09 0.32 0.09 0.25 0.13

N\.mbcr of shares Trarislerable Secliritics and Markel Sb or Principal Money Market Instruments Adrriitted Valuo Net

USD Assets Amount 10 an Otticial Exchange Listing

United States of America (cont) 7,810 Eli Lilly X Co.

6,tiUO FrriFiIoyer:; 3.800 I riergiier 5.300 ENSCO Iriterriatior<il 2.200 Enterqy 5.200 Exelon

3 , 5 2 2 €xxori Mobil 4,000 Fair Isaac 4.700 Fidelity National lnforrriatiori Ser 7.000 k e n , 3.000 Flowserve 3.1 00 Franklin Resources

1 P.459 Genctntcch -4,800 Gerieral Cable 6.200 General Dyriarriics

90,068 General Electric 7.800 General Mills

15.400 Genworlti t iriarmal 2.400 Geriryme

21 ,915 Gerdaci Amcristcei 1 G.382 Cilcad Sciences 5.400 Goldman Sachs 5.100 Goochicti 3,100 Goo(]le 7.200 Crarnercy Capital 5.904 Halliburton 3,3/5 I larley-13abitl:;orn 5.500 Harris 4.500 I larsco 5,400 Hartford Firiaricial Services

18,300 Emerson Eiedric

33.218 I lewlett-Fat:ltnrd 12.500 Honeywell Iriterriatiorial 6.600 I lorace Mnnn Educators 8.500 Humana

1 1 , I00 Illinois Tool L?,orks 83.877 Intel 7.800 Inter Parfums 3.700 InterUigital

1 /,041 Interrialiorml Business Machines 700 Intuitive .Surgic:aI

7.300 IXYS 5,700 .John Wilcy & Sons

38.083 Jotirisoil R .ICJhn90li 52.336: JPMorgari (;tia:;e 8, Co. 9.500 Kelloqg

19,000 Keycorp 17.500 Kroycr G.000 Lam Research

19,000 I ehman Brothers 7.700 Lexniark International 5.800 Lincoln National 6.000 Locktieed Mxtin

3.500 Manitowoc 9.288 Marathon (311

19,700 McUonald's 13.248 McGraw Hill 10,424 Medtroriic: 8.127 Mcrck & Co.

108.051 Microsolt 1?.900 Miraril

10.500 National City 10.1 00 National Semiconductor

14.900 Lowe's

1,000 MTS Systerri:;

8.200 Nike 8.300 Nordstrom

0.05 7.800 Nortolk Southcrn

:356,211 0.13 881,511 0.33 133.718 0.05 281.770 0.10 4>7.604 0.18 238,884 0.10 452,400 0.17

5.497.R29 2.04 81.240 11.03

173./58 0.06 321.020 0.12 414,420 0.15 295,887 0.11 90B,018 0.34 285,792 0.1 1 516.336 0.19

2,365,188 0.88 466,986 0.17 277.043 0.10 174.120 0.06 422.980 0.16

1 ,637,017 0.51 86,324 0.03

312.847 0.17 204,212 0.08 281,490 0.10 244.845 0.09 361,800 0.13

1.480.709 0.55 615.375 0.23

350.i95 0.13 553,676 0.24

1.802.51 / 0.07 113.128 0.04 91,908 0.03

?.045.772 0.7ti 1H8./13 0.07 89,392 0.03

258,495 0.10 7.483.298 0.W 1.835.428 0.68

4/0,11on 0.1: 271.686 0.08

.3/5 0.19 ,120 0.08

422,750 0.16 25/.565 0.10 2U8.656 0.10 597.720 0.22 310.983 0.12 112,835 0.04 475.731 0.18

1.08.1.800 0.40 539.459 0.20 634,126 0.20 500,536 0.1 1

2.(330,18Y 1 .OY 490.230 0.19 144.320 0.05 50,114 0.02

20B.949 0.08 484./88 0.18 257.881 0.10

90.228 0.01

,17B.112 0.78

Schroder International Selection Fund Serni-Annual Report June 2008 Page 181

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Equity Sigma (coni)

Number of shares Transferablc Securities and Market "A

or Principal Money Market Instrrimenls Admitted Value Net Amount to an Official Exchange Listing IWO Assets

United States of America (cont) 7.300 Nucor

700 NVR

55,32/ Oracle 12,096 Omnicom I

9.ti50 PACCAR 6.800 Pacific Capital Rancorp

9.300 Pepsi Bottling I 3,700 Pediatrix Medical

26.095 PepsiCo 03.382 Pfirer 6.700 Pharmaceutical Product

16,884 Philip Morris International

36,430 Procter & Gamble

11.300 Republic Services 2.400 Rock.mIl Collins

12,500 I7ohni R, H 6.700 Rowan 2.800 Rydcr System 8.900 SCANA 8.400 Sctilumberger 3.000 SrACXJR 5,100 Sher~~in-Williarris 8.200 Soapstone Networks

18.200 Soultiern 3,000 Southern Copper 7.700 Stryker 4.000 Suburban Propane Partners 7.300 Sunlrust Banks 8.800 :;ytlaSe 8.500 Syniversc

12,100 T Rowc Price 7,300 T U rirraricial 5.200 TU Ameritradc

17,400 TECO t nergy 4.600 Teradata 8,300 Tcrcx

21,682 lexas Instruments 7.800 Textron 4.100 Men's Wearhouse

4,000 Total Systern Services 2.800 Transatlantic 1 .900 Iransoceari

3.500 lupperware Brarick 5.800 United Online

17.1 16 United Tcchnalogies 25.780 IJnitedHealth 37,700 tJS Rancorp

Development

8.900 PPL

22,508 OtJAl COMM

17.800 TJX

12.100 Travelers

4.800 UST 9.200 Valero Energy

11,100 Vrian Medical Systems 39.948 Verizon Communications 16.900 Viacom 8,800 W.R. Rcrklcy 3,500 W.W. Graingcr

4,100 Waddoll R Reed Financial 25,838 Wachovia

30.618 Wal-Marl Stores 11.700 Waste Management 4.700 Waters 2,200 WellCare Health Plans

55.408 Wells Fargo B Co. 8.800 Western Digital 7,500 Wilmington Trust

546,624 I03.60C) 540.81 2 ,177.9 12 408.967 90,212

162.752 259.o35 ARR.253

1.61 3,641

7w.455 831,3M 463.245

2.324,631 1,02/.490

335.497 114.744 592,500 287.432 1 u5.49f5 327.431 889,560 269.700 239.037 33.456

626.628 326.520 179.402 152.800 ?70.392 259.032 134,980 flm,fi57 90.8 12 935.004

363,312 106.050 476.039 103,684 373.854 82.297

Sti6.930 89.410

159.964 289,750 5R2.610 11 6.900 58,058

1,041i.ti33 610.538 925.737 280.352 387.637 570.873

1.3ti9.417 51 6.46'4 219.730 285,040 418.092 143.705

1.773.793 11 7.088 306,299

78.540 1.331.454

306.856 705.050

0.20 0.04 0.20 0.44 0.15 0 04 0.06 0.10 0.62 0.60

0.1 1 0.3 1 0.1 7 0 86 0.38 0.12 0.04 0.22 0.1 1 0.07 0.12 0.33 0.10 0.09 0.01 0.23 0.12 0.18 0.05 0.10 0.10 0.05 0.75 0.03 0.04 0.13 0.04 0.16 0.26 0.14 0 03 0.21 u.03 0.06 0.1 1 0.21 0.04 0.02 c.39 c.25 c.34 0.10 0.14 0.2 1 0.51 0.19

0.1 1 C.16 c 05 0.64 0.15 0.1 1 0.03 0.49 0.1 1 0.08

c.08

Nurnher of shares Transferable Securilies and Market ",A or Priricipal Money Market Instruments Admitted Value Net

L J X Assets Amoiint to an Official Exchmqe I istinq

United States of America (cont) 14.168 Windstrcam

15.418 Wyeth 31.100 Xcel Energy 13.5M) Yum! Brands

1,830 Winthrop Rcalty Trust

1 .700 Zeriith Nalional Irisiirari(:e 8.800 Zimmer


176.088 0.07 6.808 0 00

/10.616 0.26 520.464 023 472,635 0 18

61,013 0 07 591.418 0.22

265,967,715 98.65

Nurriber of shares Market 96 or Pririciwal Other Transferable Securities Value Net Amount not dealt on another Heaulated Market USU Assets

United States of America 1.658 Maxim Integrated Products


160,818 0.06 160,818 0.06

160,818 0.06

Number of shares Market or Principal Value Nct Amount Derivatives USD Assets

France 28,757 0.01 71,807 Credit Agricole Rights 74:06:7008 78.757 0.01

United Kingdom ?3.015 Rardays Rigtits 17/07/7008 50.141 HBOS Rights 18!07:2008

Total Derivatives

14,735 0.00 3.989 0.00

10.746 0.00

43,492 0.02


Other Net Assets

Net Asset Value

3,446,712 1.28

269,618,737 100.00

Page 182 Schrodcr Iiiternatiorial Selection Fund Semi-Annual Rcport Jurie 2000

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF QEP Global Active Value

Number of shares Iranslerable Securities and Market 5; or Principal Moriey Market Instruments Admitted Value Not Arriount to an Official Exchange 1 istiriy USD Assets

Australia 84,140 Abacus Properly 58.025 Allco Finance

706.430 APN:UKA t urolx:in M a i l Property 1362F5 Auslraland Property 151.1 12 Roral 121.287 Caltex Austra.ia 289.130 Centro Properties 92G.188 Ceritro Iietail 226.8i!i/ Challenger ririaric:ial Services 33.003 City Pacific

530.971j (:otrir~ioriwealtll I 'roperty Office Fund 81 8,364 Goodmari Fielder

853,188 INC Office Fund

858.531 Macquario CountyVdide Trust 23,896 Macquarie

(21.207 Macquarie DDR Trust 1,787 310 Macquarie Oitice Trust

233.061 Miriac 5713,507 Oxiaria 316.803 Pacific Brarids 186.21 2 PaperlinX

470 Perilya 90/.104 Qaritas Airw 480.036 I hibicon Amcrica Trust 132.5;4 Sigma Ptiarrriaceiiticals

3.387 Stockland 04.81 8 Suri(:orp Mel,"q

334.350 Tatts 143.06/ Tirnbercorp 330,500 Tishman Speyer Office rurid 949.497 Valad Property

Austria 2.392 A TEC Industries

203.626 IMMOFINANZ 11 9.978 Telekorri Austria

Belgium ;4,177 klgacorii

114,323 nexia 82.Y89 ruroriav 75.475 Fottis 41,826 InBcv 35,544 Mobistar 20,9(Y Solvay 19,682 Tessenderlo Chernie 54.724 Umicotc

Bermuda 38,168 ACE :Y2.500 Aspen Insurance 43.927 Axis Capital

68.4(10 Endurance Specialty 43.900 Frontline

11.1 10 Irideperiderit Tariker:; 18.400 Knightsbridge tiriker:j

219.407 Catliri

1 0a.000 tll:;c:ox

226,462 Lancashirc

23.000 PartnerRe 12.000 Platinum Unclewriters

7,::KJO Max (hpilal

20,480,284 3.04 97.987 002 22.305 0.00

173.114 0.03 155.831 0.02 Y20.811 0.19

1,559,884 0.73 88,152 0.01

280.371 0.01

G39.07G 0.05 833180 0.17

1.1 18972 0.1 742,513 0.11 38,213 0.01

1.335.732 0.20 8/1.390 0.10

1,457,081 0.22 632.741 0.10 2i3.936 0.04

303 0.00 2.ij!>0.050 0.39

48,438 0.01 093.444 0.1 0

17,544 0.00 1 ,062,852 0.1 8 1.012.531 0.15

103,174 9.G2 135.553 0.03 61 1,343 0.09

4,916,618 0.73 204,155 0.04

2.121.~14i 0.31 2,590.716 0.38

21,458,686 3.18 3.704.881 0.48 1 .w7.o3o 0.27 7.934,?09 0.44 I .235,9Y4 0.18 2,386,792 0.33 2,823.543 0.12 2.138.861 0.41 1 .V33,ti48 0.15 2.687.851 0.40

15,538,768 2.30 2,108,400 0.31

/i'2.525 0.11 1,351,834 0.20 1.51 7.812 0.22 %.133.781 0.32 3.104345 0.46

34n.713 0.07 19.M7 0.00

51Y,880 0.08 1 396.1 85 0.2 1

163 125 0.02 1,804,940 0.?4

39ti.000 0.06

Number of shares Iransterable Securities and Markel B or Principal Moriey Markct Instruments Admitted Value Net Ariioiiril to an Official Fxcharige L. i:;tiriy USD Assets

Brazil

Canada

Chile

China

21,200 Drasil Telec:oni Participar;&x ADH :3!3.3(30 Braskem ADR 1 /.300 Ceritrais Helricas de Santa Catarina

2.800 Curnpanhia de Gas de Sao Paulo 19.000 Companhia de Sariearnenlo Rasico

73.300 Companhia Energetica de Mirias

58,900 EDP - Energias do Brasil i0.000 Eletropaulo Mctropolitana de Sao

Paulo Preference 29,100 Metalurgica Gerdaii Prelerencc 41.100 Tele Norte I este PartiupaqOe:; AUI 1 71.200 lelecomunicaqoes de Sao Paulo

40.300 Telcmar Norte Leste Pre1ereric:c:

Prefererice

do Fstado de Sao Paulu ADti

Gerais ADR

ADR

74.000 AltaGas Income Trust 52 AltaGas IJtility

82 300 Arrierigo Hesources 40.500 ARC Energy Trust 17.800 Atco 72,779 W E Y1.500 Oiovail 01,500 Bunavista Energy Trust 22.400 Cariac:c:orc Oapilal 21 ,800 Cirirarri Iriterriational Income Fund 41.100 CML Healthcare Iricorrie h i r i d 16,900 Empire 49.077 tnerplu5 Hesources Fund

7.408 GAZ Metro 8,600 Irichi:;trial Alliance Insurance and

t iriancial Services 70.600 InnVest Real Estate lrivestrrierit lrusl 17.500 Keyera Facilities Iricorrie hind 9.080 I aiureritiari Bank ot Canada

2 1.000 Magria Interriatiorial 3!3,300 Manitoba Telecom Sen,ices 11,700 Northbridyc Financial 1 cj,s/fj Periyrowtti tncryy Trust 25.Y00 Peyto Frieryy lrust

6,900 Power Corp of Cariath 32.000 I'rccision Clrilling Trust 88.700 Progre:;s Energy Trust 78,400 Rothrriaris 19,100 Superior Plus lri(:orrie Furid

63.200 TLLUS 38.300 Total trieryy Services Trust 47,300 1ran:;Canada 99.500 IrarisForce 50.1 00 Irinidad Drilling 4Y.100 Verrriiliori trieryy lrust

2.600 Viajax lrwonw Fund 38,800 LVeston (George)

4,783 leek Cominco

8.100 Adrniriistradora de Wld[is de Perisiorie:; Provida ADH

1 12,077 Inverwme:; Ayiia:; Mctropolitanas

j8/.000 Chiria Sliippiny Container Lines 'H' 51 7.000 People's Food

1.234.000 PetroCtiiria 'H ' 510.000 Sichuari Xinhiia Wiri:;hare Chainstore 373.000 Weicjau Textile 'H'

14,354,034 1.~33.870

588.224

520,604 277.536

948,860

1 . i i o , w t j 051 711

1 ,851,185 924.107

1.033.344

1.982.208 2.1 11.121

33,869,791 814,129

343 130,558

1,294.Wl 894.797

2.871 5 1 1 900,074

2.233.003 176,128 125.01 3 829.193 125.190

2.300.730 111,111

295.734 195,812 316,761 371.288

1,289,093 1.565.185

378.702 391.71 6 623,521 209.1m 871.4Y5

1,267,268 1 ,9fl5.843

223.83s 221.800

2.632.866 321,118

1.7%.713 678.431 778.291

7,140.777 83,515

2.253.195

273,233

157.1 38 11 f.097

2,679,062 229,559 391,504

1,598,056 1 09,G3.'1 290.304

2.13 0.24 0.09

0.08 0.04

0.14

0.26 0.14

0.24 0.14 0.1 5

0.29 0.32

5.02 0.09 0.00 0.(1% 0.1 8 0.1 3 0.43 0.13 0.33 0.03 0.02 0.09 0.1 1 0.34 0.02

0.04 0.03 0.06 0.08 0.19 0.X 0.06 0.06 0.08 0.03 ii.i:j 0.19 0.29 0.03 0.03 0.39 0.05 0.27 0.10 0.12 0.32 0.01 0.33

0.04

0.02 0.02

0.40 0.03 0.06 0.24 0.03 0.04

Schroder Iriterrratiorial Selectiori Furid Serrii-Arinual Report June 2008 Page 183

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF QEP Global Active Value (cont)

Number 01 shares Trarisferatk? Securities and Markct S or Principal Money Markct Instruments Adrnitted Valiie Net Amount to ari Official Exchange Listing USD Assets

Czech Republic 1,700 Philip Morris

Denmark 4.350 Amagcrbanken

22.000 Danskc Rank

Finland 13.282 Atria 74,583 Elisa 94,300 Huhtamaki 20,155 Kcmira 98.222 Neste Oil 35,l E4 Orion 11.80/ PKC

France 9 , 2 8 3 Air Francc-KLM 81 Bti0 AXA 23,961 BNP Faritias 19.577 CNP Assurances 98.203 Credit Agricolc

84.701 France Telecom 21,010 Gecina

100,174 Natixis 18.616 Nexity 34,107 Ralljle 20.262 Renault 82,182 Rcxcl 32,986 ::a1 iofi -Aventis 53,725 X O I 7

1,701 Csso Societe Anonyme Franqaise

1,820 IMS-lntl Metal Scrvice

2,481 Ste Industricllo d'Aviation Latecoere 33.684 Thomson 47,059 Total

68.848 Vivendi 256 Total Gabon

Germany 15.374 Alliariz 49,022 Rayerische Motoren Werke 17.963 Deutsche Rank

69.552 Deutschc Post

79.006 Epcos 58320 Hannover niickversic:heruriII 15,370 HCI Capital 31.850 t leidelberger Druckmaschinen 14.533 Hypo Real Estate 10.128 lndus 14.1 1 8 Miirictierier Rijckversicherungs 4R.268 Norddeutsche Affincric 17.786 ProSieben Sat.1 Mcdia Prctcrence

1 16,255 Deutsche Luttharisa

121.71? lleulsche Telekorri

Greece 6.433 Eurobank Properties Real M a t e

Investment 76.638 I-iellenic Petroleum 39.535 I iellenic Telecommunications

Orgariiratiori 77.997 Motor Oil Hellas Corintn Hefineries 51.576 Viohalco

Guernsey 23,215 Mapeley

505,117 505,l 17

801,073 161./95 B39.778

6,618,906 296,850

1569.346 789,730 255.091

7,873,377 705.544 179,573

33,453,153 7.734.826 2,432,141 2.1 65.321 2,213.373 2,031,060

449.1 40 2.507.158 2,673,234

262.903 1.133.873

51 0.7 79 2,026.1 30 1,663.863 1,150,237 2,105,575 1.227.81 1

31,088 176.2ti2

3.587.022 I81 ,;;4

2,598353

24,679,375 2,693,114 7,365,841 1.557.181 2.501.162 1.803.321 2,004,805

470.436 2.890.014

187,437 652.103

?,117,704 335.54/

2,172,652 2.504.984

128,574

3,044,059

77,059 1 .Ofi7.810

981.517 475.454 479.219

608,601 608.601

0.07 0.07

0.12 11.03 0.09

0.98 0.04 0.23 0.1 ? 0.04 0.43 0.10 0.07

4.96 0.32 0.35 0.32 0.33 0.30 0.07 0.37 0.40 0.04 0.1 7 0.08 0.30 0.25 0.1 7 0.33 0.18 0.00 v.03 0.53 c.03 0.31)

3.66 0 39 0.35 0.73 0.37 0.21 c.30 C . 0 I 0.43 0.03 0.10 0.31 0.05 0.37 0.37 0.07

0.45

0.01 0.16

0.15 0.07 0.06

0.09 0.09

Numbcr of shares Translerable Securities arid Market B or Principal Money Market Instruments Admitted Value Net Amount Io a n OWcial txchange 1.isting USD Assets

Hong Kong SAR 848,000 Cathay Pacific Airways R80,000 CCT Telecorn

1.28/.000 Champion RElT 1.000.500 Champion lechnology

158.000 Chinese Estates 1.760.000 Cnpc Hcng Korig

732.000 Fountain SET 5ti.000 Gl.lOC0

4 838,000 Henderson Investment 174.000 Hung Hing Printing 214.500 Orient Oversea:; lnternatiorial 475.000 Pacific Century Premium

Developments 822.000 Silver Grant Interriatiorial

1.881.000 Sinolink Worldwide 1 008,000 Solorrrori Sy:;tech Iriterrwtinrial 1,874,000 Stiriligtit Real rstate lrivestment Trust

4 1.500 Swire Pacific 1,204,000 TPV Technology

70,000 lruly International 21 1.000 Vtech

Hungary 281.41 3 Magyar Telekom Telecommunications

3.436 MOIL Hungarian Oil arid Gas

Indonesia 1.649.500 Hank Negara Indonesia Persero

508,500 lnlernalional Nickel Indonesia

Ireland

Israel

Italy

36.907 Allied Irish Ranks 80.718 Bank of Ireland 46.744 Irish I ife 8 Perrriarierit 77,730 Mclnernev

349,401 Dank I lapoalirri 415.491 Rank I eumi I e-Israel 855.572 Bezeq Israeli Telecommunication

14,400 Blue Square-Israel 31.029 Clal Industries and lnvostments 25.303 Clal Insurance

28.370 IDB 36.71 6 IDB Developmerit

93,394 Mi7rahi Tefahnt Rank 18,300 Partner Communications ADR

1.383 Uelek

186.952 Migdal lnsiirance R Firiaricml

33,153 Aedes

01.624 Banco Popolarc 885.865 Ranca Monte dei Paschi di Sicna

131,322 Banca Popolare di Milano 201,290 CIR-Compagnie lndustriali Riunite 167.440 Cofide 131.231 Encl 82.959 EN1 55.305 ERGO Previdenza 62.002 Fondiaria-Sai

1.787 GreenergyCapital 46956 Intksit 95.210 ltalcementi 12.469 Italmobiliare

41.353 Mcdiobanca 178,780 KMt-

1 15.738 Milano Assicurationi

9,013,764 1,615,735

92.01 1 585.719 255,878 243.105 830,455 92.918

567.60.1 459,043 16.182

1.077.674

170.533 178.584 272.535 48.46/

461.346 07.147

828.770 65,251

1.271.557

1,820,541 1,358,101

461.840

549,964 21 6.404 333.560

1,835,438 561.258 706.736 500./3/ 83.707

10,393,i 79 1,531.3w 2.056.396 1,380,533

159.556 142.656 512.171 573,l 32 650.463 R87,468 ??9,649 723.149

1,146,642

23,427,429 52.097

1.91 6.659 1.61 5.983 1,229,480

553.912 1 83.8146

1,2til.722 3.096.298

322,525 2.052.214

1,915 515.848

1,589.1 91 979.506 251,492 698.714 592.122

1.34 0.24 0.01 0.09 0.04 0.04 0.17 0.01 0.08 0.07 0.01 0.16

0.03 0.02 0.04 0.01 0.01 0.01 0.09 0.01 0.19

0.27 0.20 0.0/

0.08 0.03 0.05

0.27 0.09 0.10 0.0/ 0.01

1.54 0.23 0.30 0.75 0.07 0.02 0.08 0.10 0.10 0.13 0.03 0.1 1 0.17

3.47 0.01 0.27 0.24 0.18 0.08 0.03 0.1 9 0.46: 0.05 0.30 0.00 0.08 0.24 0.15 0.04 0.1 0 0.09

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Page 184 Schrntler lriterr rational Selection Furid Serrii-Annual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF QEP Global Active Value ( w r i t )

Nurnher ot sharcs Transferable Sewritie:; nnd Markel :‘b or Principal Moriej Market Instruments Admitted Value Net Amount to a11 Ollicial Exchange Listing US0 Assets

Italy (cont) 13,402 Recordati

4,.’30.100 Seal t’aginc Gialle 1 ,1 14.534 Telecorri ltalia

259,9?3 lJriiCredit 81 .ti10 Unione di Banctie Itdliarie

Isle of Man 31.391 Davmay Day Carpalhian

Japan 28,100 ADEKA 4 . N 0 Ahresty 1.397 Arealink

133.100 Arnest One 322,000 Asatii Kasei

532 Asset Manager:; 3ti.350 Belluna 60.700 Hrolher Industries 1 6,000 Canon Finctcch

126,000 Celltrdl ~ ~ I l I ~ W X

181,000 Central Glass 25,600 Cerituy L.ea:;~ny System

17.000 Commuturc 7‘3 Creed Office Intestrrierit 35 UA Cltlice Invcstment

15.000 Taihei nerigyo Kai:;tia 8.800 Duskin 1.35: Dynacity

14,900 Eizo Nanao

304.000 Dairiippon Scrccn Manufactuririq

1/.000 Q):;orl loyocon, i,j;00 rxt;ei

924 Fintcch Global ti4.000 Furukwa-Sky Alurriiriiini 3.900 h i y o General Lease

5,490 Gullivcr International 21 4,000 God(.) Steel

80,500 Honda Motor 858 titx,srers

13,100 IBJ Loasing 10.000 Iida Honie Max 3) ,000 1st iiLiika (;lass 11 ,60[) Itoc:t1c1 €Ilex 52,000 lwatani Iriterrwtiorial D3.000 Japan General Fstate 20,000 Jidosha Buhin Kogyo 39.200 Joint

7 2 Joint Reit Investrrierit 68.000 Juki

19,000 Kamei 38.700 Kansai Eledr c Pcwer 54.700 Kanto Auto Works

11,300 Kagd klKlrOiwS

23.000 Kasai Kogyo

Manulactiiring 19.000 Kawasaki Kirkai Kisen Kaistia 17,000 Keihanshiri Real Estate 19.100 Keiliin 88,100 Koa

8.DO0 Kot iriai i S t iuji

12 1.000 Krosaki I iarirria 433,000 Mazda Motor

26.900 Meiv~a Estate 41 MID Heit

24.000 Mikuni

353.86fi 147,3/4

2,227.4(51 1 5 8 1.356 1.903.718

80,964 80.5164

68,627,859 ?31.465 60,937

11 3.ti20 557.590

1,6(33.131 171,061 749,575 830,WdY 21 6278 3 16.966 741 ,18E 274.787 80.499

114.674 106.109 140,458 113.654

1.227.Bl5 138,027 152,1381 21.103

31 9,869 258, 94.520 83.01 5

173.104 ll4,0b3 ti4 1,533 145.895

2.731.954 190,582 235,141 55.230 60 828

/Y.818 1 G7.223 1 IY.0111 195.4c!1< 149.292 81.757

WY,480 112.849

i2 .86/

9.1.tidj 80,859 79,582

290.63ti 531.047

1 tG9.938

60,148 134.1 59

0.03 0.07 0.33 0.23 0.28

0.01 m11

10.17 0.04 0.01 0.02 0.08 0.25 0.03 0 04 0.1 7 0.03 0.05 0.1 1 0.04 0.01 0.02 0 02 0.02 0.07 0.18 0.02 0.02 0.00 0.05 0.04 0.01 0 0.1 0 03 0.02 0.10 0.02 0.4 1 0.(X 0.03 0.01 0.01 0.01 0 02 0.OC 0.01 0.03 0.03 0.03 0.02 0.01 0.13 0.1 1 0 01

0.01 0.01 0.0 I 0.04 0.09 0.02 0.05 0.36 0.03 0.02 0.01

Number of shares rransferahle Securities arid Market % Value Net or Prirwipal IJC;U Asscts Arriount

Money Markel Irislruriwnts Admitted to ari OHic:ial txchange Listing

Japan (cont) 189.000 Mitsubishi Materials 512,000 Mitsutiistii Iinyon 46,000 Mitsui Ctierriicals 19,000 Mitsui t lortie

501,000 Mitsui Mining & Smeltiri(] 37.200 Mitsurrii Flectric 53.000 Nakayama Steel Works 75,300 NEC Leasing

1 1.100 Nihori rsleacj 230.000 Nictiirrio

5,500 Nippo 225,000 Nippori Chemi <;on 38G.000 Nippon Minlng

12.(300 Nippo~.i Pilar Packing 19 1 Nippon Resideritial Inve:;tment

290,400 Nissan Motor ?3.000 Nis:,an Shatai 14.900 Nisshin rudo:jari 36.000 Nissiri 24.000 Nittctsu Miriirig

1.089 N- DoCoMo 32,000 Obayashi Road 31,000 Okabe

143,000 OKK 1,300 Oriokeri

315 Pac:lfl(: 21,900 Osalta Steel

25.000 Pacific Industrial 11J4.000 Pacitic Metals

18.000 Sala

15,500 Sarioh Industrial 37,700 Sunsthin Elcctronlcs ti. 100 Satori Electric 4,100 Scnshu Electric

150.000 San-Ai Oil

32.100 Shinko Shoji 89.000 Shiriniaywa Industries 94,500 Showa

182.000 S h o w Shell Sekiyu KK 45.500 Sodick

53R.100 Sojitz 120.000 Sumikin Hussan 193,700 ~ ~ ~ I I ~ i i k J ~ ~ K

14.1WJ :Surriitorriu Uonsctsu 80.100 Sumitorrio rleclric Industrics 56.000 Siirriitomo Light Metal Industries

,000 Siirriitomo Osaka Cement ,800 Surriitorrio I jubbcr Industries 575 Suncity

48.000 .laihei Koyyo 652.(100 Taihebo Cerrierit 898,000 Taisei

1 6,000 Takara Lehen 43.900 Takeda Pharmaceutical

26.000 1 t3K 220 Tay h o

2,550 lokcn ,000 Tokyo lckko ,000 Topy Industries

556,000 Tosoh 1.59.000 luyo Ink Manufacturing 32,000 loyota Motor 29.000 Uchida Yoko

1.000 Unidux 1 /.io0 Uriipres

81 1,481 1 .t322.002

777.520 103,499

1,483,005 832,022 14Ui.860 392.075 80.480 91,963 31,209

819.226 2.42 i.oo8 80.828

578.21 5 9,401L657

180,537 73.133

103.13Y 105.315

2.491.810 50.539

171,108 286, 103 128,131 1 15.044 1 B 1.008 104.265 88Y.BI 6

2.409.949 888,304

33.526 82.501

856.800 100.41 1 33Y.556 40.t312 78,579

350.:332 274.068 t i6932

2.001 .759 775,908

1.801.4/0 4/5.5(j8

2.518.89/ 91.531

1.021.135 68.319

178.752 545.277

67.593 167.959

1.31 3.377 2.1 48.61 0

71.118 2241.914

18.228 11 1.386 109,003 208.493 63 1.805

1,912.ti54 542.831

1,316,172 1 10.252

4.7fjG

0.12 0.24 0.03 0.02 0.22 0.12 0.02 0.06 0.01 0.01 0.00 0.12 0.3G 0.01 0.09 0.36 0.03 0.01 0.02 0.02 0.37 0.01 0.03 0.04 0.02 0.08 0.07 0.02 0.13 0.36 0.10 0.01 0.01 0.10 0.01 0.05 0.01 0.01 0.05 0.04 0.10 0.30 0.03 0.27 0.07 C.38 0.01 0.15 0.01 0.03 0.08 0.01 0.02 0.19 0.32 0.01 0.33 0.00 0.02 0.02 0.03 0.10 0.28 0.08 0.22 0.02 0.00

187.143 0.03

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Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF QEP Global Active Value (cont)

Niimher of shares Transferable Securities and Market SS Number of shares Transferable Securities and Market % or Principal Money Market Instruments Admitted Value Net or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing Us[) Asset$ AnlOiirll to an Official txchange L.isting LIS0 Assets

Japan (cont) 6.100 L J X

54.000 Wood One

58,000 Yodogawa Steel Works 134,300 Yamaha Motor

794.000 Yokohama Rubber 7,800 Yorozu

605 Zephyr

Malaysia 31 9,200 URB Hicorri 130,800 OSK

131,500 Shcll Rcfining Co Federation of Malaya

366.500 Tclckom Malaysia 1 .I 06.700 Tenaga Nasinnal

853.500 Titan Chemicals 366.500 TM International

873,388 YTL Power International

98.600 F'adiheras Nasiorial

97.000 t m e m

Mexico 56.600 Alfa 27,500 Cemex ADR 12.070 Gruma 26,700 Telirfonos de Mexico ADR ?6, 100 Telmex lnternacional ADR

Netherlands 167.1 54 Aegon

5.793 Heijmans 63,520 ING Crocp 15.275 Koninklijke DSM

7.357 Nieu,sce :;teen limestiwrits rtlnds 1 0O.?t33 OCF 56.1?1 Royal Dutch Shell 72.827 Royal Dutch Shell 'A'

157.19 1 Royal KPN 104,879 SNS Reaal 32,331 USG People 75.fX9 Wawi

New Zealand 73.564 Air New Zealand 46,526 Fisher R Paykel Appliances 87.?4B Fletcher Ruilding 88,314 Telecom Corp of New Zcaland

Norway 473.000 A0G Sundal Collier 78.560 Aker 48.500 Sparebank 1 :SI1 Bank 49,600 Sparebanken Midt-Norge 3.000 Sparebankeri More 9,900 Sparehanken Nortj-Norge

61.980 StatoilHydro 87.000 Veidekke

Philippines 365,000 First Gen 391.171 First Philippine

17.990 Globe Telecom 2 16,100 Mctro Rank & Trust 29,800 Philippine Long Distance Teleptiorie

ADR

1,841,700 Lhiwrsal Robiria 196.900 Rizal Conimercial Ranking

19, (26 308,965

2523,682 300.588

1,387,422 107.551 126,046

5,320,166 93.782 63.649 47.980

138.669 356.f86

2.160.399 336.959 689,81 6 37.729

494.497

2,263,033 409.590 676,225 11 1.Wl ci27.183 138.114

19,109,033 2.145.330

127.111 2.006.346 7 ,664,590

195,040 1,232,630 2242.132 2374.900 2.71 0.457 2,015,068

58 134R 213.453

771,323 61.245 70,36?

3(38.901 240.812

6,162,349 709.881

1.352.092 446.833 484.249

80.541 167,?49

2.309.670 61 1.831

3,121,583 22/.338 193.606 472.210 158,852

1.574 930 61,601

430.043

0.01 0.05 0.37 0.04 0.21 0.0? om 0.79 0.01 0.01 0.01

0.07 0.05 0.41 0.05 0.1 0 0.01 0.07

0.33 0.06 0.10 0.07 0.09 0.06

2.83 0.32 0.02 0.30 0.39 c.03 0.18 c.33 0.44 c.40 0.:30 (: 0:) C.03

0.12 0.01 0.01 ti.06 0.04

0.91 c.11 c.20 0.07 0.07 0.01 0.0? 0.34 0.09

0.46 0.04 0.03 0.07 0.02

0.23 0.01 0.06

Poland 33,943 KGHM Polska Miedz

257.576 Tclckomunikacia Polska

Portugal 201,558 Portugal Telecom 136.1 24 Ijedes tnergeticas Nacionais 72.1 20 Somapa-Sociedadc dc lnvestirnento

c Gestao

Puerto Aico 157.400 W I loldirig

Singapore 628.000 Allco Commercial Real Estate

711.000 Rcyonics Technology 519.000 Capitacornmcrcial Trust

15,000 Elet: R Cltek International 58.000 Jurong Technologies Industrial 72.602 Kin1 Eng

338.0fl0 Mac:quarie Prime FIEIT fiti4.100 MohileOne 51 3,000 Neptune Clrierit Liries 266.932 Parkway 253,000 Singapore Airlines 35.000 Singapore Land

455,000 Singapore Petroleum 846.000 Suntec Real Estate Investment Trust 154.000 Wing Tai

1nve:;tment IrusL

South Africa 1 African Rank Investments

71.575 ApexHi Properties 56,WO ApexHi Properties '0' 22.1 1'6 Astral foods 38.393 Freeworld Coatings 37,845 Investec

75.776 I ewis 119.180 .ID

774.844 Metropolitan 8.064 Nedhank

70,lfd Telkom

South Korea 32,240 Asiana Airlines 74,600 Dae Won Kang Up 16.1 10 Daegu Hank 55.8 10 Dongwon Systems

2.012 GS Home Shoppinq 64,470 Hanil t Wha

7.050 I ianshin Coristrwtion 13.6WJ Industrial Rank Of Korea 5.751 INTOPS

26,100 Jinheung Mutiial Savings Bank 31,950 Kolon Engineering R Construction 9.338 Kookrniri Bank 9.400 Korea Development

58.940 Korea Electric Power 131.680 Korea Fxcharige Rank

8,460 Korean Petrochemical 83.829 KT ADH 55,630 KT Freetel 36.350 LG Dacom

216.251 LG Tclccom 7.750 MonArrii

5.640 S&T 25.610 Poonglim Industrial

4,197,138 1.61 1.01 7 2.580.12 1

3,801,345 2.293.690

li0:3,9fi3

903.602

129,540 179.540

10,355,918

350.902 123,075 770.937 28.080 11.940 W.878

255,957 91 1.919

1 2 1 8,741 455.304

2,734.331 160.31 3

2,207,845 845.907 1 87.?89

3,288,400 3

14,622 96.308

258.117 36.01 6

227.413 407.01 B 324.284 38:3.070 95.1 12

1.451.079

18,786,514 159.1 87 128.821) 213.652 163.331 134,035 137.785 161.345

1.1?0.046 177,367 122,768 345.990 560,604 123,767

1.729.229 1.807.H89

403.687 1,782,205 1.4R8.810 5 17.452

1.636.1 71 81.338

154,916: 104.933

0.62 0.24 0.38

0.56 0.34 0.09

0.13

0.02 0.07

1.54

0.05 0.02 0.11 0.00 0.00 0.01 0.04 0.14 0.18 0.07 0.41 0.02 0.33 0.1 3 0.03

0.49 0.00 0.00 0.01 0.04 0.01 0.03 0.06 0.05 0.06 0.01 0.22

2.70 0.07 0.01 0.03 0.02 0.0? 0.02 0.02 0.1 7 ().(I2 0.02 0.05 0.08 0.(12 0.26 0.27 0.06 0.26 0.22 0.09 0.24 0.01 0.02 0.02

Paye 186 Schroder lriterrialiortal Selection Fund Scnii-Aririual Heport June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF QEP Global Active Value ( c m )

Number uf shares Transferable Securities and Market % or Priricipal Money Market Instruments Adrriitteti Value Net Amount to an Official Ext:tianyc Listing {JSD Assets

South Korea (cont) 32.383 S-Oil 8.3Y0 Samwhan 7.668 SK hiergy

99,707 SK lolecorii ADR 70,340 lae Kyiurhg Industrial

Spain 132,040 Hanco Santandcr

Contratns 06 ~ e p s o i wr

91.872 Telefonica

31,918 Fomento de Coristrucciorie:; y

Sweden 47.350 Axfood

100.700 BE 5.500 Bilia

1 1 1,100 Boliden 109.1 00 Broslrom

1.100 Caleria 14,400 rlet:troliix 56,900 Fniro 35.600 Holmen

168,500 Kurigsleden 82.000 NCC

11 0.400 Svenska Cellulosa 73.1 00 :hedbar ik

184.100 TelefonaMiebolaget I M Cric:ssor i 253,500 TcliaSonera 71.000 Trelletmrg

152.500 Volvo

Switzerland 5,955 Rasler Karitorialtxirik

57915 Ciba 40.925 Credil Suisse Registered 41 2 8 2 Nobanis Registered

35.u49 Swiss Reinsurance Registered 9.21 1 Swiss Life Reystered

1.101 S’nisscorri Regislered 9.452 Airich hiiancial Scrviccs

Taiwan 4 18.883 Alpha Networks 471 .000 Altek 380.000 Asiistek (;orriputer 11 5.900 AIJ Optroriics AD11 545,000 Chin-Poon Industrial 242.000 Cornpal Corrirriiiriic:alio~hs

I.928.200 Compal Electroriics 784.000 Creative Serisor

1 ,:17>3,1 fl4 Tar Ea:;7brie lelccominuiiications 410,000 I larinstar noard

2,177,450 Inventec 784.883 Lite-On TechriolocJj. 947.000 Mercuries B Associates

27 1.000 Novatek Microelectroriics 959.481 PUIJ Ctteri 41 8.000 Promate Electronic

1,437,0130 Quanta Computer 3ti/.OOU Shari-l oori(] Tr~iri:;~)ort~iti~)ii 683,000 Unitech Printcd Circuit Board

1.473.4763 IJiiiver:;al Scicntitic Industrial 877.000 Walsin Technology 27 1,000 W Microelectronics 251,000 Yieh Phui Enterprise 71 4.308 Lenitron

1.472.0ti8 Mitac Internakmnl

389.249

9,689,735 7.434,:!.1.1

2,108.588 9.f32,5632 2,513,541

16,758,220 1.391.3t35

!)82.7/2 40,l i

903, /ti 787,837

18.165

1 ,045,439 1,247,567 1,224,481 1,547.543

441 3 5 1 1,902,POl 1 ,843.1 51

31 5.33.1 1. ;63,431

16,258,531 977.Gti7

1,851.0Y2 1,853,494 2,284,107 2,439.m 2,355,383 2.500.037 2,413,420

19,561,444 360.090 575.563 979,447

1 ,807.345 101.210 997.536

2.08i.ooi 182.41 1

2.420.707 3 i::$ ,403

1,254.32 / /8U,/95 405.501 (398,JO(i 787.292 837,492 344.208

2,224,603 188.577 553:1 19 771 .C82 ‘144,833 24 9 ,Y34 129,ti;; 11 5.060

0.3 1 0.02 0.1 3 0.31 0.08

1.44 0.37

0.31 0.39 0.37

2.48 0.25 0.14 0.01 0.1 3 0.1 1 0.00 0.14 0.03 0.15 0.18 0.18 0.23 0.0/ 0.28 0.77 0.03 0.20

2.41 0.10 0.74 0.28 0.35 0.30 0.35 0.38 0.3ij

2.90 0.04 0.08 0.14 0.27 0.06 0.04 0.31 C.03 0.38 L O G 0.19 0.12 0.06 (),I5 0.1 2 0.12 0.05 0.33 0.03 0.08 0.1 1 o.oi 0.04 n.0) 0.02

Nurrlber (-11 stiarcs Transferable Securities and Market OSC

or Prir icipal Money Market Iristrurrierits Adniilted Value Net Amount to ari Ollicial Exchange Listing USLl Asscts

Thailand 503.000 C:alC;omp Electtonics Thailarid

42.300 Hectricity Generating (Foreiyri) (Foreign,

:i.r123,6300 IHPC (Foreign) 286.200 Precious .C;tiipping (Forcign)

83.500 Slam Cement (Foreiqri] 1 .030,T00 Thai Oil Koreigri)

31 1,500 Thai Vegetable Oil (Foreign) 307.200 Thanachart Capital (Foreign)

Turkey 108,339 Aksa Akrilik Kiniya Sanayii 182.01 1 /1yga7 70,081 Sarkuysan Elektrolitik Oakir 67.885 Tupras Tiirkiye Petrol Hnline

334.091 Turk Sise :‘e Carri Fatirikalari 421 ,800 Tiirkiye V;ikillnr Baiikasi Tao

United Kingdom 44.400 Aircastle

(38.845 AstraZerteca 11 9.007 Alliance 8 Leicester

1 22,L)20 Aviva 305.230 Barclays 59.1 83 Rarratt Developments 55.588 Bellway 17,522 Bovis Homes

2U8.493 r3P 30Y.3il Brit lrisiirariw 70,846 British Land

133.330 nrixtori 838,083 nT 8 1.398 Capital & Regiorial ti0,6ti0 Cattlss 2T,2Yl Cattles RI-U

493.447 Chauccr 5/.d04 Ctiesriara 80.251 Cliritori Card:;

11 fi,308 Close Brothers 16.1 17 (hniputaccnter 41,701 Lhwson

313,285 rkberitiarris 180.585 Draw. 314,t)W DS Smith 427.581 Friends I’rovident 145.933 (;laxnSmithKline 228.28Y HROS 332.809 Highway Insurance 283.41 7 I lorrie I Mail 93.1 1 ti HSRC

298,508 Johristori Pre:;:; 534.497 Kesa Electricals

13,982 Kier 526,608 Kingfisher

77,820 kdbrokes 672.443 Legal & General m : . o / / t.ioytis r:;B 136.424 Melrnse 622,535 Mice

1,01 1.377 Old Mutual 205,241 Paragon u9Y ,085 Peritlrayon 74,l -- 29 Persimmon I u.885 Photo-Me Interriatimal 48.533 Hedrow

823.345 Royal Bank ot Scotland

3,537,879 0.52

84.105 0.01 10(5,7Y3 0.02 708.418 0.10 188.976 0.03 4Yti.4150 0.07

1,001,037 0.24 2Y0.810 0.03 122.990 0.0?

3,170,788 0.47 1633,718 0.03 410.P66 0.06 137,936 0.02

1.552.354 0.23 360,102 0.05 554.352 0.08

56,609,301 8.39 368.964 0.05 m / , 3 ! x 0.11

2.926.1 57 0.44 1.213.140 0.18 1. /U8.898 0.20

70.474 0.01 497,029 0.07 114.227 0.02

3.093.870 0.16 1.072.317 0.18

991,495 0.15 835.513 0.09

2.533.988 0.38 310.351 0.05 161.T.18 0.02 70.473 0.01

/41.452 0.1 1 100,775 0.02 4ti.156 0.01

I ,2i6.453 0.19 39,842 0.01 63.391 0.01

314,960 0.05 7,658.41 1 0.39

712.540 0.11 879.703 0.1 3

3,281,328 0.48 1,239.3139 0.1 8

323,430 0.05 1,240.4 1 1 0.18 1,445.641 0.21 1.01 1.82 I 0.1 5

171.126 0.03 313,918 0.05

1,654,302 0.25 765.704 0.04

l,lY8,010 0.18 394.836 0.06

1,734,084 0.76 ?.om084 0.30

410.017 0.06 14.485 0.01

1.91 0,002 0.28 294.601 0.04 202,088 0.03 4u/.366 0.07

92,ROB 0.00 135,Yld 0.02

2,637,632 0.39

Schroder lriternational Selection Fund Scmi-Annual Renort June 2008 Page 187

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF QEP Global Active Value icont)

Number of shares Transferable Seciirities arid Market 4;

or Principal Money Market Instruments Admitted Value Net Arriourit to an Official Exchange Listing tJSn Assets

United Kingdom (cont) 260,219 Segro

1.567.103 Signet 52,l 83 Severri Trent

35.1 16 Songbird Estates 14,450 Stolt-Nielsen

801.41 7 Torrikiris 274.534 7 electronics 98.791 William Hill

562.334 Woolworths 234.021 Yell

168.485 Wolscley

United States of America 9.400 A.C. Smith

35.500 Advance America Cash Advance Cer iters

8,100 Advanta 22.500 AH Belo 44.700 Alaska Communications Systems 37.41 6 Alliant tnergy 58,500 Allstate 29,000 Ameren 94,900 American Capital Strateyes 8,500 American Mortgage Acceptance

900 American National Insurance 68.300 Anthracite Capital 68.700 Apollo Invcstment 40.300 Arbor Realty R9.800 Ares Capital

84.000 Ashiry Ailtomotive

95.300 Atrnos Energy 66.400 Avnet 57.000 Rank of America 69.500 RR&T 16,300 Eeazer Horncs USA

21.200 Big 5 Sporting Goods 75.300 Black Hills 1 1.200 Bon .Ion Stores 5200 Rooks-!-Million

43.400 RRT Rcalty Trust 9,900 Brunswick

77.900 Building Materials 7.200 Capital Trust

12.300 Cascade Bancorp 41.300 Cathav General Rancorp 7i.300 Cat0 3.Y00 CRS

10,800 Centerlinc 43.900 Ctiubb

8.700 Armstrong World Industries

150,300 Ashford Hospitality Trust

11?,500 Relo

152.638 Citizens ConlntiirIicatioris 9,600 Citizens Rcpublic Bancorp

54.400 Cleco 38.500 Colonial RancGroup 26.500 Colonial Properties Trust 59,800 Corncrica 33.800 ConocoPhillip:; 77.800 Consolidated Communication 59.000 Consolidated Edisori 68.400 Corus Bankstiares 5.1 00 Crystal River Capital

i f ,302 Dccrfiold Capital 6.050 Discover Financial Scrbices

7 1.600 Dow Chemical 60,300 D T t Energy

140,800 Duke Eriergy

2,055,636 1,337.852 1577,709

79.458 330.693

2.424.517 637.144 624.331

1,2/5.549 (20.8 18

31 6,084

143,160,616 31 0.858

183.890 54.756

128,250 528.354

1.262.790 2,121,120 1,190,440 2.367.755

5,100 1313.740

31 5.665 1,038,144

394,134 942,900 258.303 850.560 f97.397

7,554,040 1,820,320 1,401,630 1.648.540

96.1 70 830.750 163,240 81 7,696 59.584 41,23f

54/.274 11 1.375 51,057

142,992 Y5,448

458.3rj5 398.034

16.869 20.304

7,196,317 1,674,439

78.734 1,271,877

187,880 576.290

1.608.620 3,097,432

408.660 2,266,780

326.268 20,655 46.346 87.099

2,493,828 2,499,435 2,403,456

0.30 0.20 0.23 0.01 0.05 0.36 0.09 0.09 0.lY 0.0 1 0.05

21.22 0.04

0.02 0.01 0.02 0.08 0. 1 <.)

0.40 0.18 0.35 0.00 0.01 0.08 Cl.15 0.05 0.14 0.04 0.13 0.10 C.38 C.27 ( 2 1 c: 74 c.01 0.17 0.02 0.17 (X)l 0.01 C.08 c.02 0.01 0.02 0.01 0.07 0.06 0.01 0.00 0.33 0.25 0.00 0.1 9 0.03 0 08 0.24 0.46 0.06 0.34 0.05 0.00 0.01 0.01 0.37 0.37 0.36

Number of shares lransferahle Securities arid Market 46 or Principal Money Market Instruments Admitted Value Net Amount to an Official Exchange Listing IJSD Assets

United States of America (cont) 63.600 Emharq

813.900 Energy Last 54.400 Fidelity National Financial 38.1 00 Fifth Third Daricorp 49,539 First I lori7ori National 18,900 First Marblehead ?1.500 FirstMerit 12.800 FNB 52.000 Foot Locker 80,000 Fricdman Billings Ramscy 12,200 FTD 46.800 Gannett 67.400 General Maritime 27.300 Ccvtty HR 44.400 Gramercy Capital 9K044 Great Plains Energy 5,000 Great Southern Bancorp 9.700 Grew Rarikstiares

12,500 Groiip 1 Automotive 35.500 Hancock Fabrics 31.300 Hartford Financial Services

30,400 Hercules Technology Growth Capital 11,700 I IickotyTecti 23.500 HON Industries 7 1.400 Hospitality Properties Trust

22.200 ItlRSlS

23.800 lrriperial Sugar

58.000 irifoGROtJF 19,000 lngles Markets 8 1,400 International f’aper 46,500 Iowa Telecommiinications Sewices 63,400 iStar Financial 72.000 JP Morgan Chase & Co.

80,900 Keycorp f3.600 KKR Financial 8,900 LCA-Vision

27,900 Lee Criterprises 44. (00 Lincoln National

6.600 Lilhta Motors 45.600 I orillard 10,800 Lubrizol 65.300 Macy’s 49.900 Marattiori [)it 78.100 Marshall R llsley

5,200 rrnc lrisi.irari(:e

169.900 Hcalth Managcment Associates

167.700 HRPT Properties Triist

1 18.000 IndyMac Bancorp

9.100 KR tiorrie

135.500 Masco 10,400 McClatctiy

11 6,800 MCC; Capital 7,100 Media Gcneral 7.600 NACCO Industries

11 7,800 National City 4,500 National Presto Industries

187.500 New Century Financial 8.000 Newcastle Investment

30.200 Nicor 78.300 NiSource 40.400 NorthStar Rcalty Finance 9.900 OfticcMax

1 15,300 (>Id Reputilic: International 15.600 One Liberty Properties 18.500 Pacific Capital Rancorp 8.400 PacWcst Bancorp 8.000 Patriot Capital Funding

108,816 Pepco

2.88a.076 128.7OLl

2.71 1.540 898.864 389,763 377.487 17.489

376.035 156,037 661.440 139.730 1 W.877

1,030,536 1,782,056

139.778 537,356

2.426.071 46.168

135,700 257,875 42.800

7,0!37,100 1,124,738

288.4516 93,072

433.105 677.051

1.15P.099 73.926

3 14.1 36 95,580

?31.040 161,510

1.903.1346 81 1.425 857.168

2,523,600 161.252 901,226 667,800 43.254

177, 160 2,070,504

35,574 3.099.888

501.120 1.275.309 2,555,878

445,94 7 2.1 57,l 60

74,776 471.872 03.507

188.650 564.262 797,950

2,738 59,810

1,275,346 1.3/9.616

347.440 13n.1386

1.408.966 756.1 52 269.915 128,520 54,400

7, 10 1342

0.43 0.02 0.33 0.10 0.06 0.06 0.01 0.06 0.07 0.10 0.02 (107 0.1 5 0.26 0.02 0.08 0.36 0.01 0.02 0.04 0.01 0.31 0.1 7 0.04 0.01 0.05 0.10 0.1 7 0.01 0.06 0.01 0.04 0.07 0.2R 0.12 0.13 0.37 0.02 0.13 0.10 0.01 0.0T 0.3 1 0.01 0.46 0.07 0.19 0.38 0.07 0.32 0.01 0.07 0.01 0.03 0.08 0.04 0.00 0.01 0.19 0.20 0.05 0.02 0.21 0.04 0.04 0.02 0.01 0.40

Pagr: 188 Schroder International Sdection Fund Semi-Annual Rcport Jurie 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF QEP Global Active Value ( c w

! Nuinher of shares Trarisferable Seciirities and Market 9:: or Principal Moriey Marltsl Instruments Admitted Value Net Arrioiirit to an Official Exchange I istiriy USD Assets

t

United States of America (cont) 45,000 Pepsi Bottling

24,600 PC;aE 1 B1.OOO I 'tizcr

5,051 PharMerica 69,000 Pinriacle West Capital 53.900 PNM I bxourccs 35.800 Portland Gerieral tleclric 34.700 Prospect Chpital 9,700 Protective Life

520.500 Uwest (;orrirriunications lntctnational 02,100 HA1 I Investment Trust 12.700 Reddy Ice 76.1 00 liegions: hi>aincial 25,400 Resource Capilal 47,400 Reynolds American 38.000 Huby Tucsda! 13,900 Safety Insui-anco 58.400 SCANA 18,439 Security Rarik 17.700 Selectiw Insurance 89.100 Smart Modular Tectirxiloyies W1VH 5C7,OOO Sonic Automotive 5.681 Southwest Cas 9.1 00 Spartech

44.900 Standard Register 13:100 Standcx International 25,000 SteelCdSc! 42,800 Sunoco 32,000 Systemax 24.000 T(3 I iriaricia 34.8/3 T K O Fnerg) 46.300 Icmplc-Inland 14,700 1 tPPCO Partners 71.500 Thornburg Mxtqage 30,200 unipqua 58.300 IJrlllecl C)l~lllne

Y.200 Unitrin 15.700 Valcru Energy 64,800 Valspar 16,800 Vector 76.097 Verimi Commiinications

68.900 Westar t-nergy 85.800 bVGL 28.700 Whirlpool

233.88/ Windstrearri

123,tiUO Xcel Fnergy 46,900 Wyelh


1.25/,750 0.19 2,782,080 0.41

944.148 0.14 113,466 0.02

479.554 0.01 372.480 0.06

1.983.105 0.29 18T.483 0.07 170,942 0.C3 820,358 0.1% 99.8% 0.03

08.800 0.03 514,161 0.08

2.148.538 0.37 131,175 0.02 312.8/2 0.05 782.019 0.04 /d1.040 0.11 165,245 0.02 89.817 0.01

442,265 0.07 280.596 0.04 34.5.250 0.04

1 .SYd.048 0 24 5i2.160 0.08 298.530 0.04 ZVj.148 0.11 5.38.81 / 0.08 4G6,YYB 0.0i

18,675 0.00 462,928 0.0i 583.583 U.U9 78>,2Y2 0.04 827.3/2 0.09

1 .035 720 0.15 T3ti.480 0.1 1

2.630.024 0 39 731.322 0.11

1.030.1 99 0.27 2.846.101 0.42 2.161.821 0.32 2,481 .D5fi 0.37

645,090,752 95.60

Nurriber 01 shares Market ?; or Priricipal Other Iansferable Sewrities Value Net Arnount not dealt o r 1 :iriothcr Rcgulated Market LJSU Assets

Taiwan 406,000 Ya H:N Industrial

United Kingdom 173.1 40 Northern Rock

United States of America X200 American Home Mortgage

1 1.000 Municipal Morlyayc &Equity Inwstrnent


Nurriber of share:; or Priric:ipal Open-ended Collet:tive Arnount lrivesirrier~l Sctlemcs

Canada 48.131 2 Baytex Energy Tru:;t 1 1,000 Bell Alianl Hegional Communications

lncorrie T u r d 8,800 Davis & Henderson Income Fund

11.003 Enerplus Resources Fund 313.505 Parklarid Iricoine kunrl

Total Open-ended Collective Investment Schemes

79,701 0.01 79.701 0.01

0 0.00 0 000

32.770 0.00

870 0.00 31.900 0.00

112,471 0.01

Market ",o

LJSO Assets

3,204,214 0.48 1.660.100 0.25

Vdllle Net

488,275 0.07 137.432 0.02 542.890 0.08 375.517 0.08

3,204,214 0.48

Number of shares Market 9;, or Principal Value Net Arriounl Derivatives lJSD Assets

France 129,620 0.02 Y8,293 Credit AyriCoIe Rigthts 21;08:2008 129.020 0.02

United Kingdom 05,406 Bnrclays Rights 1 /!0I;%00U 90.507 HROS Rights 18:07:2008

30,735 0.00 11.338 0.00 19,397 0.00


Total Investments 648,567,792 96.1 1


674,799,421 100.00 Net Asset Value

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Schroder International Sclcctton Fund Serrii-Annual Reporl June 2008 Page 189

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF QEP Global Quality

Number of shares Transferable Securities and Markct % or Priricipal Moriey Market Instruments Admitted Value Net Amount to an Otticial txchanoe L i ~ l i ~ i o IJSD Assets

Number of sharcs Transferable Securities and Market ?" or Principal Money Market Instruments Admitted Vali.ie Net Amount lo an Olticial Exclnainae Listina USU Assets

Australia

Austria

Belgium

Bermuda

27.439 AMP

20.584 Australia and New Lealand Hankirig 12.954 BHP Billiton

5.353 Aristocrat Leisure

6.097 Cahchargc Australia 2.278 Campbell Brothers

2,740 Cochlear

1,741 Corporate rxpress Australia

37,006 Cot:a-Coh Arriatil

22,511 Computershare

13.374 CSI 15.384 David Jones 7,897 Kagam Linr: 7778 I eigtiton

2ti,ia:3 Lion Nathan 4.120 Macquarie 5.51 5 Monadelphous

14,889 Dxiana

23.709 Primary I lealth Care 78,500 (jaritas Airways 25,456 OBE Insurance 10.96/ Ramsay Health Care

1.903 Reece Auslralia 0,734 Seek 8.641 Severi Network

13.080 St George Bank 8.948 West Aiistraliari Newspapers

75,917 Westpac Banking 8,421 Woodside Petroleum

23,500 Woolworths

2 14 Perpetual

3,263 Andriti

5.023 Uniqa Vcrsichcrungen 4.918 Verburid - Oesterreichische

rlekt ri7itaetsvirtschaft 4.139 Vieriria lrisurance 3.213 Voestalpirie

15.273 Telekorn Austria

1.445 Colru).t fi.0fi.7 hnev 3,973 KRC Froep 3.2 10 Mobistar

15,000 Accentlire 13.050 Aqudriiis Platinum 25,447 Hiscox 4,400 Max Capital

Brazil 8,800 AES Tiete Preference 4.300 Banco do Brasil 1,900 Bradcspar Preference 4.300 Cornparha de Concessoes

1,900 (.:orriparitiia de Transmissao de

7,762 Companhia Energctica dc Minas

Rodoviarias

Frierya rletrica Paulista Preference

Gerais AUI 1 11.000 CPrl rnergia 21.200 Natura Cosrncticos 9.100 Soiiza Crio

5.200 Tractebel Energia 100 Tclecornunicaqhes de Sao Paillo AllR

21,000 weg

6,117,923 17ti.408 33.026

370.304 541.012 48.046 59.712

249.295 1 11.037 199,741

8.800 157.1 16 41.543 34.909

111.31t' 21 5,l 83 102.58 1 59,641 3/.631 11.267

229.351 547.976 01.797 38,404 40.777 62,529

340.7 69 67.932

108.029 516.638 554.781

1 1 a . m

1,647,794 200,085 329.794 142.506

436.487 274,321 256.601

1,488,050 379.1 87 418.753 435.1 14 254 996

1,031 ,I 34

670.1 00 208.686 105.648 9.5.700

1,729,830 91,499 72.282

130.913

8G.365

61.058

187.5:30 264.31 1 71 5.898 260,343

19.488 77,407

762,706

5.07 0.15 0.03 0.31 0.15 0.04 0.05 0.21 0.0G 0.1 0 0.01 0.38 0.03 0.03 v.09 0.18 C.l( i 0.06 C.03 C.01 c.10 c.19 0.45 0.08 n.03 0.04 0.05 0.28 C.06 c.4 1 c.45 c.40

1.37 0.1 7 0.28 0.12

0.36 (1.23 0.21

1.23 0.31 0.35 0.36 0.21

0.85

0.51 0.17 0.09 0.08

1.43 0.08 0.08 0.1 1

0.07

0.05

0.1 5 0.22 0.18 0.21 0.02 0.06 0.P7

Canada 3.000 Astral Media 4,300 Rank of Nova Scotia 5.600 tncana 2,800 Cildan Activewear

14.700 Great West Lifeco 1 1.400 Husky Energy

700 IGM Financial 8.600 lmpcrial Oil 3,700 Iridustrial Alliance Insiirarw? and

Financial Services 13.200 Manulile Financial 4.400 Pason Systems 0 .4 00 Pet ro- Canada

10 700 Power Corp 01 Canada 10,600 Power Firiaricial 2,400 Reitrnans Cariada

5,600 Ritchie Bros Auctionoers 10.500 Rogers Communications 4,700 Rothmans

10.500 Royal Bank of Canada 9.600 Saputo

14.400 Stiaw Communicaiions 8,100 Shoppers Drug Mart 3,600 TELUS: 6.000 Toromont Industries 1.000 TSX

800 Research 111 Motiori

Cayman Islands 4.000 Herhalite

Chile 15.647 Aguas Andinas 2,398 Banco de Credito e lnversiones

29,389 Ranrnedica 10.844 Corriparihia Cervecerias IJnidas

?9.966 Compantiia Gerieral de tlectric:irlad 53,595 Ernbotelladora Andina Preference ?2.333 rrripresa Nacional de

1,300 Cornpanhia Ccrvcccrias Unidas ADR

leleconiunicacioncs 4.952 La Polar

23.677 Lan Airlines

China 12.000 I Ierigari International

Czech Republic 5,000 CEZ

Denmark 1.350 Coloplast 8,100 Novo-Nordisk 2.050 Novozyrnes 2.375 William Dernant

Egypt 1.981 Fgyptian (:o for Mot)ile :<RTVII:BS

Finland 3.092 Alma Media 4 ,1 15 Konocrancs 1,659 I-assila R Tikanoja 7 . 9 4 Ramirent 2.345 Uoonor

6,848.893 95.270

200,192 495.773 72.890

1 1 8,303 537.581 ?8.760

51 7.884

127,234 464.072

77.054 51 1.725 324.300 345,187 34.833 90.107

149.808

122,166 176.116 265.51 6 280.792 443.748 149.973 167,130 41.630

154,520 154,520

1,107,385

64,427 29,879 84.234 38,20/

195,443 135.71 0

305.156 20.899

24 1.262

35,389 35.389

446,352 446,352

994,096 11 7,828 535,189

154.840

60,146 00.1 46

324,597 41,424

181,113 40.687 ;76.?56 34.81 7

4oa.868

5.868

185,639

5.67 0.08 0.1 7 0.4 1 0.06 0.35 0.15 0.07 0.43

0.10 0.39 0.06 0.12 0.27 0.29 0.03 0.08 0.12 0.34 0.10 0.39 0.22 0.23 0.37 0.1 2 0.14 0.03

0.13 0.13

0.92 0.01 0.05 0.03 0.05 0.03 0.1 6 0.1 1

0.25 0.02 0.21

0.03 0.03

0.37 0.37

0.82 0.10 0.44 0.15 0.13

0.05 0.05

0.27 0.04 0.13 0.03 n.02 0.03

Page t 90 Schrodcr Iriterriatiorial Selectim Fund Sm-Aririual Report June 2008

Po rtf ol io of I nvest men ts as at 30 June 2008 (cont) Schroder ISF QEP Global Quality ( I m )

Number of shares Trarisfewble Securities and Market "s

Arriour>l to an Official Fxcharicw Listiriu iisr) Assets ur Principal Money Market Iristruiiienls Adniittcd VdlUe Ne1

France

Germany

Greece

3,610 Air Liquide

2.384 Benctcau 1.757 BioMcrieux 7,377 (:le Genernlc d'optique Essilor

270 April

International 169 trarriel 633 Esso Societe Anonyme rrHrl<aise 415 Iliad 189 L.aurerit Perrior

2,025 LVMH Moet Heririessy I oiiis Vuitton 1,184 Mariitou H I 1,581 Ncopost 2,832 Societe Des Autoroutes Paris Rhin-

Rt 1 0 1 IC!

14 Sorrify 5,9fi0 Total

108 Total G:ibori

583 AMB Generali 539 Ucutschc Boerse 345 HririgKlinyer

5,184 EnBW Eneryle IVaderi Wuerltemberg 1,356 ructis Petrolub C'relcrcncc

448 Rational 10.53ii SAP Y.8iY TakM 3.008 ThysseriKruLp 2.872 Uriited Internet 1.888 Winr;or Nixdorf

10.545 Alptla Harik 9,714 EFG Eurobarik rryasia:; 1.141 JIIMRO 2,485 National Ran< of Greece 5.805 OPA'AP 7,789 Piraeu:; Bnnk

Hong Kong SAR 2.1.000 Cafe de Coral

19,000 China Mobile 66,500 CLP 22.500 Dairy rarrii Internalional 35,100 Esprit 25.000 Hang Senq Rank

10.500 Hony Kong Exchanges & Clexirig

108,000 Cliina Insurance International

125,OW Hong Konq R China Gas

11 4,500 Hopc.~cll Highway Infrastriuctiire 6.800 Jardine Matlioson

18.000 Li tc Futyj 12.000 Iclcvision Broadcasts 78,000 Texwiric:a 38.800 Transport Iriterriatiorial

6.000 Vtech

Hungary 1.628 MOL Hungarian Oil arid Gas

Indonesia 360,500 Irilerrialioiinl Nickcl Indonesia 146.500 Telekorriuriikasi Indonesia 11 9.500 lJriilever Indmesin

2,874,413 481 573

15.444 52.530

199722

430.091 167,520 15Y,K3 39.079 25.82'3

21 0,706 35.1 77

184,818

268.288 17.741

30ti.301 I tl,t,86

1,832,542 105.409 80,333 32.3.1'3

413,343 128.449 81.203

554.817 71.144

1 89,310 56,991

131,112

952,911 31 2,798 739.1 11 :<ii,xz

1 13.350 202,205 62,128

3,268,032 43,087

251,368 255.317 36'9,579 1 10.700 384.542 527.304 29/,150 153,479 86,788

208.780 34.93; BB.23Y iifi,OO8

169.1 40 38.1 53

218,823

7- ?,

218,823

439,890 238.1 7 i 11 5.955 87.458

2.38 0.40 0.01 0.04 0.1 7

0.37 0.14 0.1 3 0.03 c.02 0.18 0.03 0 14

0.22 0.02 0.47 0.oa

1.52 0.09 0.04 0.03 0.34 0.1 1 0.07 0.40 0.06 0.1 8 0.05 0.1 1

0.79 0.26: G.19 0.03 0.0s 0.1 ; 0.03

2.71 0.04 0.21 0.21 0.47 O.O!i (1.30 0.44 0.25 0 1 3 0.0; 0.1 1 0.O:i

0.05 0.14 CJ.03

0.18 0.18

0.36 0.19 0.lC 0.01

o.06

Nurriber of :stiare% Transferable Securities arid Market ?b Money Market Instruments Admitted Value Net or Principal

Amount to a r i 0Ric:inl txcliangc Listing LJSU Assets

Ireland

Israel

Italy

Japan

Malaysia

74.7f i Ariylo Iribli Bank 2.848 rBD Holdings I .53 i Paddy Power

19,850 Uriited 13riiy

I.063 Delek AUt0li~OtlVC Systems 1 1,904 Israel Ctiomicals 13,361 Partrier (:ommunications

11.225 Assicurarioni Generali

13,Bil EN1

59. i Y ? Irite:;a :;aripaolo

253 Credit0 Bergarnasco

gj.285 &ox

/.410 Recordali

9,200 Aisin Saki 11 ,200 ( . h i o r 1

54 Central Japari k l , r ~ a y 8.200 Uaikin Industries

14.700 Deri:;o 1 ,800 D1:;CO 2.100 Exedy 5,300 Fariuc 1 .YO0 Fuji Mactiirie Manufactur-iny 3.600 t-iariximntsu Pliotcnics KK 5.T00 Hisaniitsu Ptiarrriaceutical

13,700 HOYA 1.700 lbiden

10,500 JSIi 31 KDUl

14.500 Korriatsu 4.700 MlSlJMl 3.600 Mori Seiki 4,800 Nidec 3.000 Nikon

3.200 Nissiri Koyyo 2.100 Nitori

13.000 NTN 5. i00 Oracle Cor[) Japan

1,300 Otsuka 1.070 Point 9,700 Stiiri-l:+xi Chemical 5,000 Stanley Electric

2,400 Sysiiiex 5.700 lerumo 3.100 Tokai Rika 5.200 Tokai Rubber Industries 6.400 lokyo Electron 4.700 Toyota t3o:;tioltu 9,500 Toyota Motor 1.520 USS

380 Yahoo! Japan

1 1,000 Nissari Ctierriical Industries

800 OSAKA I itarwiin Technologies

10,000 Suzuki Motor

19,300 t3erjay:ll.a Sports Toto 33.400 Digi.Com 4.900 Nestle Malaysia

6'8.600 Petrona:: Cas 97.200 Tcnaqa Nasioria

521,465 238.871 125.203 47,482

109.818

832,219 115.518 393.374 323.297

1,440,644 428,507

Y ,842 51 0.748 Y4.320

330.075 57.754

8,601,177 302,180 578.321 697.503 415.661 507.121 T8.133 63.439

519.775 38,093 93,T98

249.045 31 8.077 07,058

209,523 182.32 1 405.901 R7.785 00,97G

370.938 87.Y52

135.882 48.754

123,927 86921

233.412 31 .6B3

103,98 I 30,7 62

603,613 121,594 23/,3/b 94,814

2Y2,1ti9 Ij4 .35 1 6 / 3 4

312.540 128.456 450.1 13 100.768 146.983

857,080 1 1 T,Y4Y 244.303 43.189

208.89i 942,442

0.43 0.20 0.10 0.04 0.09

0.69 0.09 0.33 0.27

1.19 0.35 0.01 0.42 0.08 0.28 0.05

7.13 0.25 0.48 0.50 0.36 0.42 0.06 0.05 0.43 0.03 0.08 0.2 I 0.28 0.05 0.1 7 0 16 0.34 0.07 0.05 0.27 0.07 0.1 1 0.04 0.1 0 0.07 0.19 0.03 0.09 0.03 0.50 0.10 0.20 0.08 0.24 0.05 0.08 0.7G 0.11 0 37 0.08 0.12

0.71 0.10 0.20 0.04 0.1 7 0.20

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Schroder International Seleclicm Fund Semi-Annual Report June 2000 Pagc 191

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF QEP Global Quality (cont)

Number 01 shares Trarisferd)le Securities and Market % or Principal Money Market lnstrumcnts Admitted Value Net Amount to ;in Official Exchange Listing USU Assets

Mexico 3,800 Amcrica Movil ADn 9.500 Carso Glohal Telecom

28,000 Embotclladoras Arca P0.900 Grupo Bimbo

100,800 Grupo Mexico 76.600 Grupo Modelo

9.700 Grupo lelevisa ADR 53.700 Kimberly Clark de Mexico 8.300 Ieleforios de Mexico ADR 8.300 Telmex lntcrnacional AUI 1

9.800 Crupo Financiero Banorte

61.000 Wal-Mart de Mexico

Netherlands 7.105 Hcinckon

6,455 Royal Dutch Shell ' A 12.376 Royal Dutch Shell

New Zealand 36.555 Fletcher Building

1,148 Sky City Entertainment

Norway 12,700 Statoill iydro 27.100 Tclenor

3.600 Veidekke 2,750 Yara International

Philippines 9,350 (;lobe Telecom

57.700 Jollibee roods

Poland 2.620 Rank RPti 3,262 Bank Pekao 4,000 Rank Zachodni WHK 6,354 KGHM Polska Miedz

101 Zaklad Prretworstwa tiutriic:7ego STALPRODUKT

Portugal 33,837 Ranco BPI 19.108 Banco Espirito Santo 8,857 Hariif SGFS

Russia 3.100 Mobile Telesystems ADR

Singapore 70.000 Mobileone 18.000 Singapore Exchange

168.000 Singapore Post bl.000 Singapore Press

168,000 Singapore Technologies Engineering (5,000 SMRT

104.000 StarHub

South Africa 69.024 Alrican Bank Irivestrrients

18.826 Massmarl 1 .Y 15 Aspen Pharmacare

2 527 Pick'n Fay Stores f.03R Pretoria Portland Cement

860 Spar 900 .Telkorn 1 1 7 Tigcr Brands

87,01 6 Truworths International

i , w i , i r 6 199,994 51.824

102.782 135,920 45.298

232.079 131.895 730,181 223,l 63 191,967 1363.786 256.777

1,120,955 362.833 494,443 263.679

179,080 177.297

?.6R3

1,252,189 473.262 514,026

25.3 17 239.584

285,867 215.423 40.444

926,354 88.500

253.5/8 252.822 302,699

28.665

468,518 141.330 302.014 25,l 14

238,669 238.669

1,196,832 109.1 94 9 1.446

135.867 199.978 339.668 102.56? ?17,917

619,038 209.618

7.374 147 .M

8,MO 22,274 5,388

16,497 i.545

193.920

1.61 0.17 0.01 0.09 0.1 1 0.04 0.19 0.1 1 0.19 0.19 0.16 0.1 1 0.21

0.93 0.30 0.41 0.22

0.15 0.1 5 0.00

1.04 0.30 0.43 0.02 P.10

0.24 0.20 0.04

0.77 0.07 c.21 c.21 C.25

0.03

0.39 0.12 0.25 0.02

0.20 0.20

0.99 0 09 0.08 0.1 1 0.17 0.28 0.08 0.18

0.51 0.17 0.01 0.1? 0.01 0.02 0.00 0.01 0.01 0.16

Number of shares Trarisferatile Se(:iirities arid Market ?3

or Principal Money Market Instruments Admitted Value Net Amount to ari (1ffic:ial Exchange I isting IJSO Assets

South Korea 2,281 SI

Spain 7,687 Ariterva 3 de Televisiori 9.014 Ranco Rilbao Vizcaya Argentaria

13.126 Banco Pastor ?8.486 Ranco Popular Fspanol 11,646 Gcstcvision Tclccinco 9,335 lnditex 7.830 Indra Sistemas

31.289 Mapfre 20.1 27 Telefonica 4,478 Tubos Helinidos 9.8B2 Zardoya-L?is

Sweden 2.300 Clas Ohlson 9.075 Hennes & Mauritz

36,400 Nordea Earik 24.200 Sandvik

1.900 Scania 4.200 Scco Tocls

Switzerland 3.747 ARB Rcgistered 3,600 Alco11

96 Atel 723 Bucher Industries Rcgistcrcd 732 EMS Chernie Registered

1 347 Geberit Registered 3.949 Kuehne 8 Nagel Registered

7 Lindt & Spriingli Registered 800 Mcttlcr Toledo International

5.870 Nestle Regstered 5,860 Nobel Riocarc Registered 7.957 Roche

908 SGS Registered 11 7 Sika

1.568 Sonova Ilegistered 275 St. Galler Kantonalbank Registered 660 Straumann Rcgistcrcd

3.594 Syrithes

Taiwan 58.000 Chicony Electronics 90,000 Delta Electronics

46.000 Kinsus Interconnect .Technology 10.000 Mediarek 48.000 Novatek Microelectronics 20.000 Powertech Technology 22.000 Siliconware Precision Industries ADR 31.900 faiwan Semiconductor Manufacturing

58.000 Tripod Technology 51 .000 llnimicron lechnology

103.000 Formosa Petrochemical

ADR

Turkey 4.083 RIM Rirlesik Maga7alar 3.732 Ford Otomotiv Sanayi 1.187 Tupra:; Tiirkiye Petrol Rafirie

United Kingdom 18.1 66 Antofagasta 13.914 Astrdeneca

1.868 Aveva 8.904 Rabcock International

18.337 RBR71ey

130,673 136.673

2,550,106 67.639

175,333 185,576 400.941 146.847 432.426 ?03,631 178.082 533.267 27.738

703.6P6

1,538,557 32.145

488,455 51 1.755 332,180 1 1 0.082 63.040

4,528,166 131.1 18 580.1 04 61,686

187.603 99,888

287,843 375.201 210.958

75.210 266,046 191,204 526.508 440.842 178.022 132,673 123.161 161.803 494.666

1,787,968 108.893 %50.494 272,088 101.515 1 1 5,283 139.447 70.1 58

160.380

3413.753 145.000 57.955

201,448 146.121 27.583 27.144

7,447,056 238.662 591,394 56,941

108.104 62.848

0.1 1 0.1 1

2.1 1 0 05 0.15 0.15 0.33 0.12 0.36 0.1 7 0.15 0.41 0.02 0.1 7

1.27 0.03 0.40 0.4? 0.%8 0.09 0.05

3.75 0.1 1 0.48 0.05 0.16 0.08 0.24 0.31 0.17 0.06 0.22 0.1 6 0.44 0.37 0.15 0.1 1 0.10 0.13 0.41

1.48 0.09 0.21 0.23 0.08 0.09 0.1 1 0.06 0.13

0.29 0.12 0.05

0.17 0.12 0.033 0.02

6.17 0.20 0.49 0.05 0.09 0.05

Page 192 Schroder International Sclcctiari Furid Serni-Annual Rcport Jurie 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF QEP Global Quality (CCN It)

Number of shares Transferable Securilies and Market 4;) or Principal Money Market Irislrunients Adflitted Value Net Arriouril to an Official Excharige Listing IJSD A:;:;el:;

United Kingdom (cont) 20.999 RC 44,634 Briti:;ti Sky Broadcasting

21.382 Capita 7.850 Rurberb

6,332 Dc La Hue 24.044 Di:igeo 23. I1 7 (;laxti:;rriiltiKlinc

5.13 Crcggs 10,?01 Hallurds 29.303 Halnna 16.905 Irriperial lobrcco 10.979 lntertek 26.8U7 Marl 17,201 Marks L1 Spencer 6.407 Micro h : u s Intcrnational 7.00/ Ncxt

19.143 Petrofat: 8,988 Reckitt Rerickiser 6,475 Rotork

13,330 Scottish & Southern Crierqy 8.0Y1 Spectris XU88 Spirax-Sarco Crigirieerir-ig

5,612 Ultra Flectroriics 3.72 1 Victrcx

6/,/33 Tesco

United States of America 6,900 3M

10,000 Abbott Laboratories 1.200 Aftliated Managers &000 All;lc: 5.u00 Air Products & Ctieniicals 1.300 Airyas 2.200 Allegheny Technologies

1.900 Arrietek 7,900 Amphenol

3,500 Apat:he 2,300 Applied Industrial Technologe:; 9.500 Applied Materials 2.100 Assurant 4,!100 Automatic Data Processirig 3.000 Autozone 2,500 Bank of Hawaii 9.000 naxter 8,700 Bcclon Dickinson & Co.

6.500 BJ Services 1,500 Black & Decker 7,700 BMC Sollv/arc 3.500 Boeiriy

1.200 Buckle

5.500 Caterpillar 5.930 (;I I Robirisori Worldwide

5.200 Chevron 6,100 Chubb 8.400 Clorox 3.800 Coach 4.100 Cohen & Steers 7,500 Colgate-Palmolive 3,800 CH &ad 4,400 Danaher

3,600 Delphi ririaric:ial

400 Alliant Tcchsystems

6,900 AI1hCUsCf-Husch

3,800 Rest nuy

800 Rrowri R Urowri

1 ?.700 C:arllpbell %:up

1 ( J . X J 0 Charles :;c:ti~;mtr

1 1,200 Dell

537.947 0.45 417.32i 0.:35

70.776 0.05 334.1 00 0.28 111,520 0.09 3433'31 0.3; 530034 0.44

39,tjPC! 0 03 54.0Y~ 0.04

123.655 0.10 628.53'3 9.52 21 1.120 0.18

!.18\5 0.2/ 1 1 % . /33 0.09 33,980 0.03

136,479 (1 1 1 276.685 0.25 453.337 0 . 3 141,500 0.12 311.598 0.47 115,331 0.10 85.584 0.05

492.559 0.41 1 :Xi.730 0.13 s3.205 0.05

49,249,743 40.81 437.513 036 530.000 0.44 109,600 0.09 504.100 0.42 657.272 0.48 93,f130 0.08

132.880 0.11 39,808 0.03

479.850 0.40 56.396 0.05

183.233 0.1 5 161.957 0.13 204 0.1: 360 0.30 122 0.10 ;jt->o. 190 0.1 7 534,680 0.44 157,190 0.13 208.845 0.17 87.615 0.07 98.331 0.08

234.220 0.1Y 14,632 0.01 53,080 0.00

308,686 ci.3'1 405,825 0.33 375,033 0.2; 211.344 0 I: 508,560 0.42 305,183 0.25 331.548 027 I1 1.302 0.09 112.053 0.09 51 l . 5 i3 0.47 334,970 0.28 338,220 0.28 21'3.200 0.21 85.600 0.0:

--

Number ot shares Transferable Securities and Market % Value Net or Principal

Amount 10 an Otticial Exchange 1 istirig US0 Assets Moncy Market lnstrurrierits Adniilled

United States of America (cont) 9.900 Uwon Encrgy 2. (00 Diarriorid Olktiore Drilling 3,200 DISH Network

5.600 D0rlaltJ:;on 2.000 Eaton

10,400 tccllab

600 Dolby Laboratories

-1Od Eaton Vance

3,400 EII LIII~ a GO. 8.400 trnerson Electric 3:100 Energeri 1.500 I riergier 2,100 EOG Resources 2.100 Equifax 5.300 Exelori 4,400 Fxpeditors lnterriatrorial of

Washington 100 txprcss Scripts WJ rxxorl Mobil

1 .YO0 Factset fiesearch Systcms 1 ,I 00 knstcnal 8.1 00 Federated lrivestors 5,700 k d E x 7.400 Frarikliin Hcsources 3,900 Frontier Oil 5.700 Ccncntech 6.400 Gencral Dynamics 8,400 tieriuirie Parts 1,300 Goldrriari Sactis 5.100 Graco 6,R00 Harley-Davidsori

5.100 I larri:; 3,100 Harte-l larik; 3.400 Hcnry Schein 3.400 I lerriiari Miller 6,400 I Iw&H Packnrd

800 I larrriari Ir-ilernational Industries

800 Holly

7.1 00 t lorrriel t-oods 2,300 Hubbell 1.700 ldexx I aboratorie:;

10.300 Illinois Tool Works 1.700 International nusirless Machines 7.400 Intornational Flavors & rragrarices 8,800 Iriterrialior~ia Garnc Technologf 7,400 Jack Hcnfy &Associates 1,900 J13 Hun1 Iransport Services 7,000 .Johnson & Johnson

1,500 Joy Global

i.400 Kimberly-Clark 1,400 Kinetic Concepts 2,l 00 1.-3 C:orrirriiiriicnlions 3.800 Laboratory Carp of America 1,200 I ariclslar Sfstein 1 ,7W 1 incolri r1ec:tric 5.1OC Lockheed Martiri

14.300 Johnson Controls

11.000 Kelloyy

71.700 LOWC'S 12.300 Marriott International

800 Marlin Marietta Materials 1.800 Matthcws lnternatiorial 5,700 McCotmick & Co. 6.400 McDonald's

10.800 McCraw-Hill 0.600 MUU Hcsources

1 ci.300 Medtroriic

333.152 372.278 239 S 3 ? 23.61 0

255.472 168,400 16,184

454 2 / 2 428.73.1 452,/98 255.374 1 11.225 773,309 90.936:

481,100

188,540 318,954 562.575 109.459 4Y.192

284,633 4 4 0 3 5 51 i.158 11S,885 414.504 532.99? 33.5.928 228.Y28 195.993 241.750 33,240

261 .o 18 35.030

114,794 110.024 285,3 I 2 29.696

255,YYti 243.31 7 31,/70 85.4763

477.500 5634,935 95.304

159.388 52.440 (Y2, 700

483.132 424,316 113,0ti6 527.560 443,038

55.378 191 ,079 2BLi.264

64,932 105,728 >08.06? 432,879 3 8 , 2 8 7 84.720 82.31 4

204.SIu 361 ,GO0 439, iX 281.3Y2 527,772

0.?8 0.31 0.20 0.07 0.21 0.14 0.0 I 0.38 0.38 0.37 0.2 1 0.09 0.23 0.08 0.38

0.1 6 0.26 0.47 0.0Y 0.04 0.24 0.30 0.43 0.10 0.34 0.44 0.28 0.19 0.18 0.20 0.03 0.22 0.03 0.14 0.0Y 0.24 0.02 0.21 0.20 0.08 0.07 0.40 0.47 0.08 0.14 0.04 0.05 0.40 0.35 0.09 0.44 0.37 0.05 0.1 8 0.72 0.05 0.1 1 0.42 0.38 0.27 0.0/ 0.07 0.1 7 0.30 0.38 023 0.11

I i

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I

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Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF QEP Global Quality (cotlt)

Number of shares Transfcrablc Securities and Market or Principal Money Market Instruments Admitted Value Net Arnount to an Official Exchanoe Lislina LIST) Assets

United States of America (cont) 1,300 Meredith 2.100 Meridian Rioscicnce 3.500 Microchip lechnoloyy 1.800 Micros Systems

14.800 Microsofl 1,500 Monsanto 1.400 Moody's 1.200 M:SC Inrliistrial Direct 8.200 Nike 2.000 Nordstrom 7.100 Norfolk Souttrerri 2.400 Nucor 5.600 Occidental Pctroleum 3.800 Omnicom

1,300 Packaging Gorp 01 America 6,100 Parker Hannifin 2,500 Patterson 3.100 Pattcrson-U 1 I tnergy 8.400 Paychex 8.300 Pepsi Eottling 7.600 PepsiCo

fi.400 P W Industries 5.900 Praxair 2,100 Precision Castparts 7,100 Procler & (>amtile 8.300 QUALCOMM 3,100 Ouest Diagnostics 6,600 Oiiestar 9.7(X) Repihlic Services 5.200 Robert Half Intcrnational 3.900 Rockwell Automation 7,200 Hockwell C:ollins 5.500 Rohm & Haas 0.1 00 Iqollins 3.700 Roper Industries 2.700 Hoss Stores 2.000 Schliiniberger 6,100 SEI Investments 5.800 Sherwin-Williams 6.600 Sigma-Aldrich 4.500 Smith 4.000 Southern Copper R,D00 St Jude Medical 2,100 St. Mary ILand & Exploratiorl

1 1 , I Do Oracle

300 Philadelphia Consolidaled

15,100 Staples 15.500 Start)ii(:ks

5,600 Strykcr

9.100 1 R o w Price 1 .ROO Tcchnc

300 Strayer Fdi.ication

1 6.700 sysco

16,500 lexas Instrurrierits 11 .I 00 TJX 4,200 Torchmark 3,700 Torc, 7,000 Total System Services 1.500 Iransatlaritic: 6.300 IJGI 6,900 IJnited Technologies

10,600 UnitedHealth 15,700 US Rancorp 6,100 Valero tnergy 3.900 Varian Mcdical Systems ?.?00 VCA Antech ~ ~ . i o o w.r. Berkley 4,000 W.W. Grainger

37.151 75.1fifi

108.045 55,710

408,924 197,510 48,fi?? 54,120

494.788 67,140

433,384 179, 11 2 495.3?0 169.898 236.319 160.746 437.734

74.400 11 0.163 265.272 231 .OR5 485.868

10.31 1 365.760 558.494 767.435 429.17'3 378.895 117.808 462,858 28 T I 993 1?3.084 171,788 311.232 260.700 131.880 735.349 98.253

2 1 1,800 159.1 25 2/1.846 358,994 359.1 YO 435.380 243.240 133,056 376.1 77 253.425 67.185

348.656 471 .?74 51 4,150 141,570 470.4 15 353.535 247.632 124.578 156.520 85.605

175.077 421.935 775.706 444.467 243.756 300,677 62.128

375.760 227.22r

0.03 0.06 0.0G 0.05 0.34 0.1 6 0.04 0.01 0.41 0.05 0.38 0.15 0.41 0.11 0.20 0.13 0.36 0.06 0 09 0.22 0.19 0.40 0.01 0.30 (746 @.22 0.3U fi.31 (3.12 C.38 (j.24 0.1 0 C.14 C.28 0.22 0.1 1 0.19 0.08 C.18 0.1 3 c.23 c.30 0.30 0.36 0.2n 0.1 1 0.31 0.21 0.06 0.29 0.39 0.43 0.12 0.39 0.29 0.21 0 10 0.13 0.07 0.15 0.35 0.73 0.37 0.20 0.1 7 0.05 0.19 0.77

Number of shares Transfcrsble Securitics and Markel "4 or Principal Money Market Instrurncnts Admitted Value Net

to an Official Exchange Listing USD Assets Amount

United States of America (cont) 9.1 00 Wal-Mart Stores

14.600 Walgreen 18,400 Walt Disncy

900 Waters 800 Western Digital

1,700 WM Wrigley Jr. 4.200 Wolverine World Wide 7.015 Xm Energy

13.600 Yum! Rrands

8,100 Waste Managerrierit


517.330 181,362 517.748 221,164 58,653 27.896

508.675 113,610 177,563 476.1 38

0.47 0.40 0.43 0.19 0.05 0.02 0.50 0.09 0.40 0.39

Number of shares Market B or Principal Other Transferable Sccuritics Value Net

OSD Assets Amount riot dealt o n another RegiilatMd Market

Brazil 3.000 ArcelorMittal lnox Basil


178,652 0.14 178.652 0.14

178.652 0.15



Net Asset Value 120,710,532 100.00

I

Page I94 Schroder Irilernational Solcctiori Furid Serni-Annual Rcport Jurie 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF North American Equity Sigma

Nurnber of stwes Transferable Securities arid Market :h or Priricipal Money Market lnstrurrierits Admitted Value Net Arrioiint to an Official rxctianqe Li::tina I J S U Assets

Bermuda 7,100 Acccnture 6.712 ACE 1,200 Allicd World Assurarw 1.800 Asperi Ir.isurillcc 4.000 Axis Capila

1.600 Endurance Specialty 1.000 tverest Hc 3.100 Max Capital 7,300 Nabors Industries 1.100 Partriertie 2.000 Platinum (.Jriderwriters 2,200 HenaissanceRe 3,300 XL Capital

500 Central European Media tntcrpriscs

Canada 1,600 Ayriico taglc Mines I. i00 AltaGas lricorrie Irusf 2.tio0 n(:E 1.700 noriavista Erieryy lrust 3.300 Carneco 5.000 Canadian National Rail'wdy 3. ;00 Cariacjiari Ri:;i:itic Hailwaf 2.200 Cathedral Energy Services Iricomc

Trust 12,600 Celestica 1.500 Oundee

400 EnCana 3,385 Enerplus Resources Fund 4,000 hisign tnergy Scrvices

400 tairtax Financial 990 rirsi Oiiaritum Mincrals

1,900 Fordirig Cariadian Coal Trust

3,500 Husky Encrgjr 1.500 IGM ririaric:ial 4.800 Methanex 1.500 National Banr of Canada S.400 Nexeri

10.773 tierdaii Anwristeel

800 Northbridge Financial 13,500 Norlhyntc Minerals 10.1 GA Periri West tncrgy Trust 6.300 PeiTo Trier(]:' IrusL 5.800 Progt-ess Frierqy Trust

900 Research In Motion 5.100 Rogers Cornrnuriicatioris

11.000 :;haw Communications 3,500 Sherritt lnterriatiorial 3.000 Shoppers Drily Mart 3,700 Sur 1 it8 Financial 1.175 Teck Corninco 2.300 Tororito-L)urriiriic,n Rank 2.700 Vcrnmilion Energy Trust 3.703 Yamaiia (;old

Cayman Islands 000 Garnitn

3,200 Hert)alite 8,600 Seagate Te(;tirioloyy

Israel 10,6(K) Check Point Software Techiolocjies

South Korea 8.400 Arrikor lechnology

Switzerland 2,400 Addax Petroleurri 1,500 Alcori

1,853,671 293.514 377.428 49,704 .I 2 7 8 6

123.080 35.390 49.!?:30

128.224 07.325

350.093 75.i58 tic, 100 99,132 78 431

4,581,375 I10.183 170.2B7 '31.173 43,571

132.338 238,940 217,031

33.304 105.528 55,888 35.417

158.689 85,959 9/.941 6 1,304

170.053 201.91Y 1 ti5.0>1

G I .61ij 125,141

13.1 55 248,395 25,894 51,951

345.204 127,440 54,291

108.1 88 210.775 232.044

53, iXO 154,351 132.7 i1

10.0G3 145.198 ll{,;?l 82.353

326,440 35.296

.I 23.6 1 6 1 ij7.528

253,976 253.976

91,224 9 I ,22,1

356,330 1 14.O20

I .30 0.22 0.E 0.03 0.03 0.09 0 03 0.03 0.09 0.05 0.25 0.03 0.05 0.07 0.05

3.21 0.OY 0.08 0.0: 0.w 0.09 0.1 7 0 1 1

0.02 0.0: 0.04 0.02 0.1 1 0.06 0.07 0.04 0 , l2 0.1 5 0.1 2 0.04 0.05 0.05 0.1 1 0.02 0.04 0.24 D.09 0.04 0.08 0.1 5 0.16 0.04 0 12 0.09 0.05 (1.10 0.00 0.04

0.23 0.0) 0.09 0.12

0.18 0.14

0.06 0.08

0.25 0.08

241.710 0.17

Number of shares Iransfcrable Securities arid Market 96

Money Market lnstrurrierits Adriiitted Value Net or Principal USU Assets Ariourit to an Official rxchariye Listing

United States of America 11.874 3M 24,ti41 Abbott Laboratories 4.300 Abcrcrombie & Fitch 1,200 Aciirarit 8,500 Acxiurri 7.1 00 Advance America (:asti Advancc

Ceriters 4.4W Adwrice Auto Parts 8,300 Aetna 5.200 Affiliated (:omputcr Services i,700 Aflac

14.000 Alcoa 4.0i0 Alliarit triergy

500 Alliai-It Techsystems .I 2.021 Allstate 1,500 Alpha Natiiral Hcsources 8.200 Altera

17.717 Alfria 4,900 Amazon .coni 1.i300 Ambassadors 1.700 Arriedisys 5.200 Amereri 7.500 Amcrican Capital Strategies 1,500 Arriericari tcology

12.100 Artwrican Electric Power 1 1,5u/ Arriericari txpress 73,71 G American lnternatiorial 7.900 ArricriCrcdit 2.000 AMErilGROUP 4.700 Amerisafe 3,300 ArrierisourceBcrgen

12,886 Arngeri 3,700 Amphcnol 2.000 Arrisury 1. 107 Ariadnrku Pctroleum 9,480 Anhcuscr-Rusch 1,300 Anixter Internatic.)rial 3200 APP Pharmaceuticals 9,904 Apple

2 , 7 3 9 Applied Materials 3,500 Arbor Really lrust 2.400 Arch Chemicals

14.800 Archcr-I3aniels-Mitjl~ri(j W2.184 AT87

1,800 Atlaritic TeIe-NeLwork 1.300 Atla:; Air Worldwide

7.600 A ~ l o ~ o n e 9.200 Automatic Ddtd Pro(

61,788 Bank of Amcrica 19.000 Bank of New York Mellori 1.300 Basic tncrgy Services 6,900 Baxtcr International

6.800 Becton Dickirisorl K, Co. 18.300 BR&T

11,700 Bed Bath tc Beyond Y.349 sesl Buy ii.i34 RJ Sewices 2.800 Black tc Decker

800 BlackHock 4,Y00 Rhieyreeri 1,954 Roeing 1,900 Bois d'Arc Energy 2.200 Boston Properties 7.400 Broadridge Financial Solutioris 3.1 00 Bronco Drilling 7.400 F3iic:kle 3,800 Burger King 6.000 Burltngtori Northerr Santa Fc ~1,300 Caderice Uesiyn Systems

129,643,267 90.78 821.886

1,305.973 215,630 37.632 75.765

36.778 173.360 334,573 272.8'16 485.485 495,320 137,383 49.700

:5:59,2 17 154,245 171.790 360.54 1 365,834 24.976 80.9 I t3

215,072 1 87,125 11.505

4i8,YIU 440,009 658.1 19 26.21 0 42.620 75,247

129,393 597.521 144.896

1 Y ,24u 572,/21 5Y0.125

77,077 51.392

1.604.571 'l8ti.860

34,230 80,730

480.632 2.71 1.349

39.842 65.213

383,088 312.338

1.307.072 733.970 40,Y>4

390,047 434.076 642.040 540 .ow 374.42i 216.363 163.548 142.080 3 1 ,605

130.762 40.151

190.1 54 l59,Y86 5U,668

110.160 102,334 584.400 43,802

0.57 0.91 0 19 0.03 0.05

0.03 0.1 2 0.23 0.19 0.34 0.35 0.10 0.03 0.3Y 0.1 1 0.1 2 0.75 0.20: 0.02 0.04 0.1 5 0.13 0.03 0.34 0.31 0.46 0.02 0.03 0.05 0.09 0.42 0.10 0.03 0.40 0.41 0.05 0.04 1.18 0.34 0.02 0.06 0.34 1 .YO 0.03 0 05 0.21 0.22 1 .OF 0.5 1 0.03 0.27 0.30 0.38 0.24 0.70 0.15 0.1 1 0.10 0.0) 0.09 0.03 0.14 0.1 1 0.04 0.07 0.07 0.41 0.03

Schroder International Selectiori Fund Scmi-Annual Report June 2008 Page ID5

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF North American Equity Sigma jcotlt)

Niirrit)er of shares Transferable Securities arid Markct % or Principal Moncy Market Instruments Admitted Va l~e Net Arriourit to an Official txcharige Listing USD Assets

United States of America (cont) 7.428 Capital One Financial 3 000 Capital Triist

10.792 Caterpillar 1,600 Central Pacific: ririaricial 3.300 CenluyTeI 1.600 Ceradyne

1 ,900 CH Energy 2.600 CH Robinson Worldwide 8.500 Chesapeake Crieryy 27.151 Chewon 8.200 Chuhh 2,600 Church R Dwight 7.800 Cibcr 2.900 Cimarcx Encrgy 6.000 Cincinnati Financial

500 CF Industries

18.613 Cisco Systems 50,014 Citigroup 8.537 Citi7ens Communications 1,900 City BankLynnwood 2.000 Clem 3.700 Clorox

12.500 CNrT Networks 7i,695 Coca-Cola

1,900 Colonial Propertics .Trust 22,820 Comcast

3,600 Comerica 2,400 Commercial Metals 5.400 Complete Production Services

77.946 ConocoPhillips 10,778 Consolidated Edison 31,300 Corning

6,800 Corus Eankshares 10.300 Costco Wholesale 5.050 Cowntry I lealth Care 1.600 CSF Systems International 7.700 CSX 4,100 CTS

71 045 CVS:Caremark 1.900 Cyrner 4.400 Cypress Semiconductor 0.660 Deere R Co.

4.336 Devon Energy 1.200 Diamond Offshore Drilling 3,000 Diodes

12.600 L>IHLCTV 6.803 Discover Financial Services 4.800 DKFI Network

19.117 Dow Chemical 5.700 DTr rnergy 7.800 Du Pont (E.1.) de Ncmours

3.000 Eastman Chemical

31.619 Dell

16,200 E'Trade Financial

10.337 Eli Lilly & Co. 15.624 Emerson Electric 7,300 Energy Transfer Partners 1.000 ENSCO Internatiorial 2.500 Entcrgy 3.500 t W Scripps 8.942 Exelon

68.993 Fxxori Mobil 2,800 Fair Isaac

10.534 Fcdcral National Mortyaye Association

5.100 re(irX 5.100 Fidelitv National Information Serviccr

284.567 59.580

/95.910 17.068

117.117 60.1 12 78.475 65,075

143.676 544.765

2.685.001 110.246 145,288

107,519 15ii.540

1.147.753 862,742 93.851 16./39 45.760

191,734 143.250

1,435,709 37.734

425.137 96.810 '30.824

197.370 2,102.771

414.091 133,985 32.436

723,fiiR 159.075 17.808

478.178 42.025

868.776 52.003

109,604 618.151 703.523 490,l 20 165.156 84.630

31 8.750 P7.317

134.596 677.339 236.2G5 337.987 50.220

20G,l30 4/1.4/1 752.608 1 01 ,936 322.720 794,300 115,650 603.054

5.97 1.344 58.868

219.10/ 303.975 188.547

49,842

0.20 0.04 0.56 0.01 0.08 0.04 0.05 0.05 0.10 0.38 1 .88 0.29 0.10 0.03 0.14 0.1 1 0.80 0.60 0 07 0.01 0.03 0.13 0.10 1 .0l 0.03 0.30 0.07 0.08 0.14 1.47 0.29 0.51 0.02 0.51 0.1 1 0.01 0.31 0.03 0.C 0.04 0.0O 0.43 0.49 0.35 0.12 0.06 c.77 c.05 0 09 0,47 0.1 7 0 9 3 0.04 0.14 c.33 c.53 0.07 c.23 0.91 0.10 0.42 4.18 0.04

0.15 0.28 0.13

900 Flowscrvc 124.326 0.09

Numher of shares Transferable Securities and Markel % or Principal Money Market Instruments Admitted Value Net Amoi.int to an Official Exchanae Listina LJSU Assets

United States of America (cont) 2.600 Frxiklin Resources 3.41 7 Freeport-McMoRan Copper & Gold 1.500 kronlier Oil 2,400 ri.iltor1 Financial 4.594 Gannett 1,100 Genentech 2,100 General Cable 5.900 (;enera1 Dyiiarriics

11 2.611 General Electric 8.800 Gerlerdl Mills 9,200 Geriworth Firiaricial 7,000 Geniyme

1 /,368 Gilead Scicnces 5.804 Goldmar Sachs 5.600 Coodrich 2.900 Gooyle 1,300 Gramercy Capital 5,339 I lalliburton 6,099 I larley-hvidson 1 ,100 Harris 4.200 I larsco 3,400 Hartford Financial Services 2.900 t - l a s h 7.900 HCC Insurance 6.200 Headwaters 1 .I 00 Heartland Payment Systems 2.000 Helix Enprgy Solutions 1 .500 I Ielnierich R Payne 2.400 Henry Schein

34.038 Hewlett-Packarcl 30.700 t iorne Depot 13,601 Honcywell lntcrnational 1,700 Horace hlann Educators 7.400 tiormel Foods

13.200 Host Marriott R Resorts 11.900 I-iuntington Rancshares 9,800 Illinois 1001 Works 3.700 infoGRDtJP

80.351 Intel 19,374 International Business Mactiines

300 Intuitive Surgical 1 ,805 Iowa Te1ec:orrirriiiriic:ations Services 3.200 iStar Financial 3,700 IXYS 4.800 .IB Hunt lransport Services 5.900 JER Investors Trust 2.800 John Wiley 8 Sons

40.435 Johrisori & Jotinsori 1.500 .IOS A Bdrik Clothiers

50.744 .IP Morgan Chase R Co. 6.200 Kellogg

13,600 Keycorp 8,700 King Pharmaceuticals

10.600 Kroner 5,500 Kulicke & Soffa lndustrics 3,800 Laboratory Corp of America 1.300 Lam Research

1 1.698 Lehman Brothers 3.500 Lexmark Intcrnational 2,600 Lincoln Nalional 4.400 Linear Technology 7.1 18 I ockheed Martirl

1.400 Lufkin Industries 2.400 M8T Rank 4.700 Manitowoc

11,700 Marathon Oil 400 Mastercard

23.448 Lowe's

219.002 397.431 106.425 21.812

101.160 79,997

1?5.034 491.352

7357.953 40i,l16 165.508 507,850 91 8.072

1.013.146 270.648

1,531.403 15.587

278.482 223.406 58,798

228.522 227.800 101,906 61,914 71.114 76.367 81.740

107.835 123,384

1.51 1.414 725.404 669.577 24.786

253.598 182.160 72.709

454,378 16.983

1,728,743 7,375,849

80,877 31.49/ 43,264 14.696

158,400 39.47 1

126,980 2,570,453

49.000 1.778.577

297.352 151.501 87,01 3

303.690 38.940

749.408 18.256

2B0.281 11 7,075 1P0.432 142.648 io9.095 489.360 11 7.600 171.768 151,293 5!3!3.?74 108,688

0.17 0.28 0.07 0.02 0.07 0.06 0.09 0.34 7.07 0.29 0.12 0.36 0.64 0.71 0.19 1.07 0.01 0.20 0.15 0.04 0.16 0.18 0.07 0.04 0.05 0.0? (1.08 0.08 0.09 1.06 0.51 0.47 0.02 0.18 0.13 0.05 0.3 0.01 1.21 1 .63 0.06 (lo? 0.03 0.03 0.1 1 0.03 0.09 1.80 0.03 1.75 0.21 0.1 1 0.05 0.2 1 0.03 0.17 0.03 0.1 8 0.08 0.08 0.10 0.50 0.34 0.08 0.12 0.1 1 0.42 0.08

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Page 196 Schroder Irilernational Selection Furid Serni-Annual Report J i m 2000

I

’ Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF North American Equity Sigma (cotlt)

Nunlher of shares Transfet-able Securilie:; and Market % or Priricipal Money Market lristrurrlerlts Admitted Value Net Arrioiiril to an Official Fxcharicie Lisliriu OS0 Assels

Number of stiilres Transferable Securities arid Market ?O

or Principal Money Market lnstrurrierits Adrriitled Value Net USU Assets Amount to an Ollicial Exchanqe L.istino

United States of America (cont) 11,300 Mallel 3,YW McCorrnrck 8 Cu. 1,300 EvlcDermott Iriterriational

16,777 M[;Uor%il(f:; 9.600 M(;Graw Hill

15.385 Mcdtronic 22,547 Mcrck 8: Co. 11.300 Met1 ife 7,800 Micrel 8.400 Micrt:rchip Technology

103.3 13 Microsoft

4.700 Mirarrl 1.800 Molitia Hcalthcare 3.900 Morisarito 7,306 Morgan Stanley

700 Morningstar 4,200 MPS 1,000 M 1 S Systcms

2,000 National Health Irivestors 6.500 National Semiconductor 3.000 Natural I<esourcc r’artncrs 1.300 NctFlix 3.594 Newmont Mining 4,300 Newporl 6.990 Nike 3.800 Noble Energ) 1 ,600 Nord::on 9,026 Norclstrorri

5.000 Northern Trust 8,900 NorthStar Realty Tiriarice 2.300 NTELOS 3,400 Nucor

300 NVR 8.91 8 Occidcntal Petroleurii 8,200 Ocwcn Financial 0.1 66 Omnicom

7,425 PACCAI 1 6.400 Paraii iemc Iccthtnology

3.300 Pattcrson 3,700 I’attcrson-UTI Energy 4.300 Paychex 3.600 Penn Virginia Resource Pdrtners 7,500 Pepsi Rottliriq

600 MicroStratcgy

13,300 National City

900 Nortolk :;oulhern

53,215 Oracle

300 Patriot (h i1

24,307 PopsiCo 85,920 Pfizer 5.200 Ptiarriiaceulical Product

Devdopn terl 466 I ’harMcrica

2C.710 Philip Morris Inlernational ?,ROO Piririxle Wpst Capital 4,l 110 Piorieer Drilling 1,000 Plexus 4.200 Plum Creek -irritjer 2,500 t’NC hiancial Services 7.000 Pt’L 1,000 Praxair

42.868 Proctcr 8, Gamble 5.700 Progress Encrgy 6.300 Prologis

7.700 Quicksilver Resources 1.500 Hanica-Gershenson Properties

22.925 QUALCOMM

800 Range Resources

200.236 139,932 80,RGO

‘345.018 3r,O,tl I2

79.384 253.308

2.854,:53($ 10.$’80

18 1,890 44. /I56

500.526 2158,203 51,513 43,444 38.080 63.707 5 1. :flo

133.1 05 119.700 50.

189. 50.

421.777 3/1 ,528 1 17.536 780.438 54.!43B

344.900 78.540

05 404.352 15b,.400 788,797 3 ~ 8 a

44,730 98.%08

132,201 135.794 98,552 709.823

1.553.94/ 1.553.518

776 10

1,031.97C; 86.868 80.72’3 28.120

178,793 t 4 5,0w 361,350 94.r7tjn

2.580.98i 236.892 339.060

1.048.523 105,240 90,823 31.874

0.14 0.10 0 06: 0.66 0.21 0.55 0.58 0.43 0.05 0.18 2 00 0 03 0.1 3 0.03 0.33 0.19 0.04 0.03 0.03 0.04 0 04 0.09 0.08 0.04 0.1 3 0.04 0.30 0.26 G.08 0.20 0.04 0.24 0.05 0.04 0.28 0.1 1 0.55 0.03 0 25 0 7:3 0.22 0.(18 0.03 0.07 0.02 0:10 0.07 0 15 1.09 1 S I 9

11.15 11.01 (1.12 0.05 0.06 0.02 (3.13

0.26 0.07 1.81 0.1 i 0.24 0.73 0.07 0.02 0.04

o.io

United States of America (cont) 1 8.9ti0 Reyioris Financial 3.a00 l’lcpublic Airways 8.000 Republic Sewices 1.800 Reynolds Arnericnn 8.100 Hockwell Colliris 7,300 I4otirn 8, Haas 4.400 Ross Storcs 4.200 Rowan 6.800 I IN; 2.000 Fiyder Sislani

111.400 :;ateway 10.884 Sctilurritwryer 1

1.500 SEACOF 3.100 StlRIWIII Willlams 1.DOO Simon Property 2.400 :.;kywe:;l 7.147 Smart Modular Tectiriolouies WWH

182,182 34.580

237,520 714.360 ?91 ,G41 316.020 160.116 lg4.712 1 05.4d2 139,B40 305.552 , I 52,6 1 s 134.8:50 25:. 159 177.558 31.704 29.21 1

3.900 >;milti Intcrnational 9.200 Soapstor is Nelworks 7,800 South Financial 5.7110 Suuthcrn 1.700 :;oultncrn Copper 1.867 Spansiori

13.1 00 Sprint Ncxtci 1 1 ,800 St .Jude Medical 2.000 Standard Parkiriy 2,300 Stanley Works 3.900 :;vale Strcct 5.400 Stryker 2.gW Suburban Propane Parlriers 2.200 Sunoco 3,054 SuriTrusl Banks 1.800 Sybasc 4.700 Syriiversc 5,800 T Rovx Price 4.500 I C f financial 1,400 Tectnne 2.900 lecti,well 5.11110 Terex 7,800 Terra Industrics

21.588 Texas Iristnmerils 7.600 Textinn

7.Y00 Total Systerri Services 4.102 Iransoccan

?.GO0 lrico Marine Sewices 1 ,900 Tupperware Brands 7.700 Union Drilling 7,700 I J tiionBanCal

1,f$00 Unitcd Online 7.531 United Parcel Service

14.1 00 Travelers

700 Unit

15.658 United Tet:thrioloyics 18.784 IJriitetWeullti 3 1 ,46Y IJS Raricori) 4.400 USA tvfobility 4.f00 IJSI 8.300 Valero Erieryy

4,800 Vafian Mcdical Systems 3Y.320 Veri7ori (:orrirnunicatiotis 14.1 00 Viaconn

500 Valmont Industries

5,200 Viropharma 1,900 w. H ~ I I ~ I ~ ~

??.?YG Wachovia 31,378 Mil Marl Storcs

31 1.2913 13,050: 30,888

198.251 185,028

4.294 110,121 478.372 30.400

130.123 249.83Y 331’1,204 110.780 8P.456

187.200 34,216 66,696

327,707 55.Y80

110,110 3s.902

256.650 140,980 701.31 7 3ti4.208 3U.007 304.195 176.844 640.805 624,630 72. ,‘00 G3,460 47.828

11 2,968 58,753 18.018

454.571 957,487 475.567 890,887 33,610

249,504 339.660 51,300 246.864

1 348.06 1 430.896

57.044 47.443

3ti1,641 1,766,469

0.13 0.02 0.17 0.15 0.20 0.?4 0.1 1 0.14 0.07 0.10 0.91 0.81 0.09 0.1 9 0.12 0.02 0.07 0.72 0.01 0.02 0.14 0.1 3 0.00 0.08 0.33 0.03 0 08 0.1 7 0.24 0.08 0.05 0.1 3 0.04 0.05 0.23 0.04 0.08 0.03 0.18 0.10 0.49 0.26 0.28 0.28 0,12 0.45 0.44 0.06 0.04 0.03 0.08 11.04 imi 0.32 0.67 0.33 0.62 0.02 0.1 7 0.24 0.04 0.1 7 0.94 0.30 0.04 0.03 0.75 1.24

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Schroder International Selection Fund Semi-Annual Rennrt June 2008 Page 197

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF North American Equity Schroder ISF Absolute Return Bond Sigma (cont)

Number of shares lrarisferable Securities and Market ?C Number of shares Transferable Securitics and Market 75 or Principal Money Market Instruments Admitted Value Net or Priricipal Money Market Instruments Admitted Value Net Amour it to an micial Exchange Listing IJSD Assets Amount to an Official Exchango Listing lJSD Assets

United States of America (cont) 14.307 Walt Disne\j 10.944 Waste Managcmcnl 3.1 00 Watcrs 2.ti00 Weatherford lnternaticnal 4,800 WellPnint

52.058 Wclls Fargo B Co. 7,800 LVesl3arico 5,600 Western Digital 1.600 Western Union

1,100 Winthrop Realty trust 2.800 Wright Express

1,900 Wynn Resorts

3.700 Zimmcr

18.41 5 Windstrearri

18.968 Wyeth

10,5+i Yitirn! Brands


Number of shares or Principal Other Transferable Sccuritics Amount


not dealt on another Rqpilated Market

3,481 Maxim Integrated Products


Number of sharcs or Principal Othcr Opon-ended Collective Amount Investrrierit Schemes

Canada 3.91 0 Baytex Energy Trust 3.000 Bell Aliarit Reglorial Communications

Income h i t i

2,400 Davis & Henderson Income I urid

Total Other Open-ended Collective Investment Schemes

Total Investments

Other Net Assets

Net Asset Value

461.877 0 . 3 407,hSS 0.79 202.027 0.14 125.996 0.09 230,784 0.1 A

1.250.954 0.88 49.644 0.03

195.272 0.14 40,304 0.03

224.1 11 0.16 1,092 0.00

70,084 0.05 874,234 0.61 151.838 0.11 369,4$5 0.76 248.676 0.17

137,106,283 96.01

Market 3 Value Net USD Asscts

73,100 0.05 73.100 0.05

73.100 0.05

Markct "L. Value Net USU Ass&

257,173 0.18 133.526 0.09

86.166 0.06 37.181 C.03

257,173 0.18

France EUR

tUt4

190.000 RNP Paribas EMTN 4.759

250.000 Casirio Guctiard Perrachon Fi.37572 04/04/1011

04/04!2013

Luxembourg IJSD 750,000 HSI I l l Capital for OJSC Russian

Agricultiiral Bank 6.875% 29/11/2010

130,000 W B Capital EMTN 425% 15/02/2016

3/0,000 VTB Capital EMTN FRN 13:03:7009

ELF

EUR

Morocco t t J l < 970,000 Governmerit of Morocco 5%

08/07,'2008

Netherlands IUSD

United Kingdom

100,000 Majapahit Regs 1.254'2 17/10/2011

t l l l i

IISTI 700.000 HHOS 1 4 4 ~ ~.75:/~ ~ I M W O I ~

United States of America USD 200.000 AT&T 6.4% 15/05/2038 USD 200,000 Chtibb 6.5?0 15/05/2038 LJSD 200.000 Citigroiip 8.12596 21/11/7017 USD USD

USD

Tt JR

lJSD 400,000 PepsiCo 5% 01:06/2018 tJSD 775.000 Reynolds American 7.@5%

/3.842 Elwood Energy 8.1 59% 05/07/2028 30.000 Ford Motor Credit 9.815%

10!08:2C11

OliO5:2013

5.2S?h 08/05/2013

300.000 JPMorgarr Chase R Co. 4.75%

700.000 JPMorgan Chase R Co. EMTN

01 /OR;2nl 6


Number of shares or Princi[)al

Transferable Securities and Moriey Market Iristruments dealt

679,137

292.859

386.1 78

1,019,064

254.555

186.776 577.733

1.530,700

1.530,700

97,502 97,502

253,909

67.lti6 186.743

1,899,694 193,571 194.802 194.425 70.360

25,851

291,977

301,?90 390.797

735,971

5,480,006

Market Value

0.93

0.10

0.53

1.40

0.35

0.26 0 79

2.10

7 10

0.13 0.13

0.35

0 on 0.26

2.62 0 28

0 27 0 10

0.04

0 40

0 41 0.51

0.31

0.21

7.53

U'U

Net Amount on anottier Regulated Market lJSD Assets

137,436,556 96.24 Cayman Islands 764 0.00 IUSD 52.952 Mastr Asset Backed Securities

NIM Trust 2006-C123 N1 7.25?4 5,367,988 3.76

142,804,544 100.00 25/08,'2036 137 0.00

58.507 Sharp SP I I I C Net Interest Margin Irust 2006-Ht3N NA 8.4% 25!06:2036 63% 0.00

France 242,806 0.33 USD

20!01!2016 242.806 0.33

Malaysia 2,040,630 2.81 IJSD

9.375% 15/1 2/7011 105,750 0.15 MYR

250,000 Societe Generale 144A 5.75?<

100.000 Empire Capital Resourccs RcgS

6.350.000 Malaysia Sovcrnmenl Bond 3.869% 1 3/04/2010 1,934,880 2.66

Page 198 Schruder Internatlorial Selectix Fund Semi-Annual Reporl June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Absolute Return Bond icont)

Number of shares Trarisferatile Securities and Marhct % or Pririq)al Moncv Market Instrurrierits cleul! Value Net Amount or1 another I kyulatcd Market US0 Assets

Netherlands USD 150.000 Scotlaid International Firiarrce NO 7

144A 4.25% 23,'05120 13

United Kingdom US11 300,000 Barclays Barik 5.45% 12:0'3:2012 [JW 400.000 HSBC 6.8% 01:0&'2038

United States of America [JSD 95,000 Actuant 8.8/:& 15:Oii:2017 USn 1 .I 87.21 0 Arriericnn Home Mortgage

?006-7 1 A l HiN 25:0'3:20 IJSD 1,032.769 Amcncan Home Mortgage

2007-1 A I H IN 25,W?204 / IJSU

20:'032017 USD

Securities Trust 2005-SL34 3A1 FHN 25.'10:2038

300.000 American Iriterriulitlnal MI N 435%

753.140 Bear Slcarns Asset Backed

LJSD 425,000 Corricast 5.756 15:052018 US0

L J W tJSD

7,515,881 Countryvide Alterriative I om .Inist 2001-23 1x2 6.6% 75:l 1:2037

10.1 IO.000 FHLMC (Gold) 5.5"s ; 15:07:2037 100,000 11 I Consulting i.U%?,,, 15:0fi!2013

tm I ~ . ~ O G . O O O CNMA 5.5". 15xi;7030 US0 0,196,954 (;NMA I 1'001 Nu 781 143 3%

15:05:2034

131 0/2034

A3 4.85"~ 13'06/2041

USD 5,/9P.:365 GNMA I Pool N' 782218 5,>h

LJSU

USD

1,245,000 Morqari Stariley (hpital I 2003-T11

14.018 New ( . h i t i i r ) Home Equity Loan Trust 2003-3 M5 FRN 75:0/:2033

LED 405,000 US lrvdsuiy L J X 460.000 US Treasury USD IUSI)

14,874,000 IJS Ireasury 4.125?; 15:08:2008 5.494.815 WaMu MortSage Pass I hfoiigh

Certificatsy 200O-AR4 IA IA FHN 25:05:204u

Total Transferable Securities and Money Market Instruments dealt on another Regulated Market

136,714 0.19

136.714 0.19

699,670 0.96 305.327 0,42 394.343 0.54

75,832,009 104.24 93.013 0.13

926.028 12i

756.065 1.05

281). i31 0.40

525,433 0.77 404.125 0.56

2,349,797 :3.23 9,952,031 13.88

102,3013 0.14 12,910,<575 17.74

i,860.248 10.81

1.2Li3.Ytil 1.70

1.758 0.00 10'3,891 0.13 308.538 0.47

1%.103.947 16.64 407.2/8 0.56 455.031 0 53

14.920.481 20.31

78,952,593 108.53

Ni.irrit)er oI %harm of Principal Ariioiirit

Money Market Iristruments ott ier than those dealt in on a Reyiilated Markel'

Egypt FGP

Netherlands lJSD

3,250,000 Lyypl k e m q Bills 0% 15:07:2000

2,000,000 Uarik Nedeflandsc Gerneenteri 0% 1 8:0/:2008

United States of America USD 1,800.000 Bankamerica 01; 03:09:2008 US0 800,000 IJBS Finance 0'J.i 04/08:%008 USU 500.00(:) rreddie Mac Uiscount Notes 0%

0/,0i:?000


Market B Value Net I K D &Sets

800,550 0.83 ROO.550 0.83

1,996,357 2.74

1.996.357 2.74

3,084,331 4.25 1.704.270 2.46 /96.8/3 1.10

449.388 0.89

5,681,238 7.02

Number of shares Markct 96 or Priricipal Other Trarisferable Securities Value Nct Arriour i t not dealt or1 ariolher tieyulatcd Market tJSD Assets

United States of America 222 0.00

1 Bl CHN 25.'0/:2034 222 0.00 15:108 Meritage Mortynye Loan Trust 2004-


Total Investments


Net Asset Value

222 0.00

90,114,059 123.88 I (17,368,289) (23.88) '

I 72,745,770 100.00

I


Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Absolute Return Schroder ISF Emerging Europe Debt Bond R1 Absolute Return Number of shares Transferable Securities ancj Market ?C

or Principal Moncy Market Instruments dealt Valire Net Amounl o r1 ariother Regirlated Market USD Assets

Numher of shares Transferable Securities and Market 46 or Priricipal Money Market Iristruriierits Admtted Value Net Amount to an Official Exchangc Listing EUH Assets

Croatia USD 2 11 3.71 8 Croatia FRN 30'07:2010

1,331,006 0.77 1.331.006 0.77

33,400,263 19.40 12.ti04.002 7.32 8,303.686 4.82 12.492.575 i.26:

United States of America t JSD 730.271 Countiyjdide Alternative Loan Trust

2007-25 1A7 R.54i ?t:11,'703/ usu 570.000 ri ti MC: (c;[M) 5.50.6 i~i:o/:2038 tJS0 430.000 GNMA 5.5% 15!07!2038 lJSD

tJSI1 USD USD

719.307 GNMA Pool N' 781 746 5'.6

988,000 US Treasury 4.1 259.0 15/08:2008 15,000 1 6 Treasiiry 5% 16'05:?037 401.254 WaMii Mortgage Pass Throtioh

15/05/2034

Certificates 2006-AR4 I A I A FRN 25/05/7046


2,732.637

206.848 581.0'31 427.044

212.1 11 99 1.088 16,137

318.315

27.21

2.06 5.59 4.25

2.1 1 9.87 0.16

3.1 7

Czech Republic CZK 302,000.000 Czcch Republic 2.3% 26/09/2008 C7K 901,600,000 Czech Republic 3.3504 27:l 1!2009 C7K 29~1.000.000 Czech Republic 3.8% 22i03:2000

Germany tUH EUR

Hungary HIJF 2.200.000.000 Hungary Government 6%

HUF 2.'%32.000.MK) Hungary Covcrnmcnt 6.759:

HUF 400,000,000 Hungary Covcrnmcnt 8.259;

9.000.000 Gerrnariy (Bund) 4% 04/01/2018 2.000.000 Gerrnany (Burid) 4.25% O4:07:2017

124 0901 1

12:10!2c10

12/10:2009

Poland PLN 44.600.000 Poland Government 5.7%

PLN

Russia tJSE

21/03:2010 13.000.000 Poland Government 64: 241 1 :2010

6.107.000 Russian Federation Regs step coupon 31 :03!7030

Slovakia SKK 493.000.000 Slovakia Govcrnmont 4.896

SKK 475,700,000 Slovakia Government FRN 14/04/2009

21!01/2009


10,528,074 6.1 1 8580,974 4.98 1.947.100 1.13

21,712,552 12.61

8,443,984 4.90

1 1,596.243 6.71

1,672325 0.97

25,640,981 14.90

13.061.187 7.59 12,579,794 1.31

4,344,043 2.52

2,732,637 27.21

Numhcr of shares Money Market Instruments Market or Principal other than thosc dcalt Valuc! Net Arriourit in on a Regulated Market' US0 Assets

France USD 1 ,000.000 Caisse cl'Amortisserrierit de la Dette

Sociale 096 71 /07:7008

Netherlands USD 1,000,000 Bank Nedcrlnndse Gemeenten 0%

16/07:2008

United States of America USD


2.000.000 LIS Treasury 0% 10!07;2008

998,684 9.94

990.604 9.94

998,995 9.95

G98.995 095

1,999,044 19.90 1.999.044 18.90

4,344,043 2 52

32,021,132 18.60

16,303,108 94/

15.717.424 9.13

3,996,723 39.79 128,978,051 74.91

Total Investments

Other Net Assets

Net Asset Value

6,729,360 67.00

3,313,954 33.00

10,043,314 100.00

Number of shares or Priiicipal Amount

Money Market Instruments other than lhose dealt in on a Rcoulatcd Market*

Market ?b Value Net EUR Assets

France EUH

EUFi

EUR

E1117

tl.ii00.000 Francc Treasury Bill BTF 09:

6,800.000 France Treasuty Bill BTF 0%

10,000.000 France Treasury Bill BTF 0%

9.1 80.000 France Treasury Bill B I F 0%

28:08:2008

04/09!2008

06/11 :2008

31 /07/7008


35,267,651 20.49

9,338,082 5.54

6,750,747 3.93

9.848.778 5.72

9,130,044 6.30

35,267,651 20.49

Total Investments

Other Net Assets

Net Asset Value

164,245,702 95.40

7,925,517 4.60

172,171,219 100.00

Page 200 Schroder lriterriatiorial Selection Fund Semi-Aririual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Emerging Markets Debt Absolute Return

Nurriber of stiares Iranstcrablc Securities and Market ?5 or Priricipal Money Market lnstrurrierits Adriiilted Value Net Arnount to an Official rxctiarige Lislirig IJSO Assets

China El JR 57,900,000 Peoples's Hepublic of China 4.238

78:10:T014

Czech Republic CZK 805,500.000 Czech Republic 2 . 3 5 26:'09:2008 CZK 537.000.000 Czcclh Hcpublic 2.33% 18.'10:2010 CZK 1.93o.ooO.003 Czech Republic 3.25% 2 CZK 1.855.ooO.003 (.:7ectl He~Xhlic 3 8% 22

Hong Kong SAR HKD

t1KD

50.000.000 Hony Kong Covcrnment 3.59~

42,000.000 Hong Kong Goverrirrierit 3.51 ?C

22,'0u:2015

08:12:2014

HKD

HKD

HKU

I IKD

HKU

HKD

t K D

80,000,000 t-ioriy Koriy Government S./HYb

50,000,000 Hong Kong Government 4.0495

80.00C.000 Hong Kong Goverrirrierit 4.339,

50.00C.000 Hong Kong Government 4.82?'0

80,000.000 Honq Korig Goverrirrieril 4.83Ct

72.00ci.000 Hong Korig Goverrirnent 4 85%

49.G88,000 Hong Kong Governmerit Reg:;

06; 1 2:20 1 ti

30/05:20 1.1

0/;1?:7015

c)7/06/7014

07,0D;2016

w/06:2017

5.1 25?3 01 m '7014

Hungary HUF 223S.Oi~0.500 I lurigary Gowrrirrierit 6,5c,u

17:08;7008 tUH

0211 1 /2012 1.fi:K) Hungab Go-errirrierit FI IN

Indonesia IUH 1dYiX.KXK Indonesia Foverririieril 10%

15'07:'20 1 7 IDR .YX;(XK1 lndoncsia Government 10.75??,

15:07:2022 IDR

1 5 1 1 :2020

15,08:2023

15m:7O13

15;08:202 1

15:06:2022 Indonesia Hccapitalization Bond 13 1 ° C ' 1'

Indonesia Recapitalizatiori Rcmd

187~iYl~lk'jtKC lridoriesia C;ove~~.in~rht 1 1 ?;

.LOX Indonesia Goverrirrierit 11 .75%

!-Wl Indonesia Goverrirrierit 12 5%

IDH lS~Vil?CW.CK Indonesia Goverrirrwnt 12.8%

W X X ) lndoncsia Government 17.9%

L . LJ,U d:o1:2012

i 3.1 753 i 5 ; o i : m 2

Malaysia

1 3:o7:mi 1 tJSU 5.855.000 Malaysia Government 8.7

USD 5.720.i)00 Prime Venture I.at)wiri 19'0

tJSD

111 ;00,2009

16.400.000 Rafflesia Capital variable 04A 0;2011

84,454,807

84,454.007

335,666,378 5P,985.422 33,865.21 u

126.658.057 177.15R.088

129,694,989

u.4 77, ti90

5.347.fl70

10,32i.9UU

10,55?,3iji

6.575.548

1 0,9~0,Gl5

6.94?,84:?

11,2!29,l8l

10.?30.G54

30,812,990

89,303,963

18.BF7.915

70,636,048

173.91 5,632

16,873,281

A,Or?9.556

17,289,039

13.421.831

41,750.312

19,327,797

Y. 142.Ei70

37,472.360

10.362.777

80,902,454

I 1 .0tiY.400

33. IYH.070

i .1 OK772

7.855.000 19.052.212

1.83

1.83

7.29 1.15 0. i 4 2.75 2.u5

2.82

0.14

0.12

0.22

0.73

0.13

0.24

0.15

0.23

0.22

1.10

1.94

0.41

1.53

3.78

0.37

0.18

0.38

0.29

0.90

0.4 1

0.71

0.81

0.23

1.76

r m

0.73

r).i5

0.1 i 0.41

Nurrit)er 01 :;hares Transferable Seciirities arid Market $0

or Principal Money Market Iristrurneints Adniittcd Value Net Amount to ari Official txchanac Llstlna LJSD Assets

Mexico EUR

t U f i

FUR

USD

10,000,000 IJnited Mexican States 5.37546

21.400.000 United Mexican States 8%

34,500.000 Uriited Mexican States 8 25%

20.000.000 IJriiteti Mexican Statcs 8,3/5%

1 0:00:2013

23Xl7/7008

?4/02:2009

13:01 i2011 USU 5.000.000 Ilriiteri Mexica~) States 9.875%

08:03:2010

Poland W? 31.500.000 Poland Fowrrirrierit 5.5?;

PILN 508.000,000 Poland Government 5.75c/~

PLN 260.000.000 Poland Government 8?5 24:l 1:7010 t l J l i 37,000,000 Polarid (;ownment EMTN 3.8/5%

17m3:2012

24:03,'?010

15:01/2009

Singapore <;GD 9.400.000 Keppel ILarid 2.5

South Korea USD

KljL'V 79 0 @ O . c ' C X K Korea lreasury Bond 1,75?"

5,500,000 I lyriix :;emiconductor Zero Coupon 29:09:201 1

10~12:200Y Korea Treasury Uorid 5% 10;09:2018

10:09:2012 Korea Trcasury Borid 5.5% 10!0Y/201 I

64,300,000 Hepublic of Korea ,1.25ut 01!06:2013 LJSD

Taiwan lJSD 7.ti33,000 Advarir;ed Semiconductor

IJW tJSD USD t J X

Engineering O?G 75~09i2008 6.;60.01i0 AU Optroriics HegS 096 26:l 1;2009 1 ..150.000 Chi Mei,Taiwari 0% 18;12:201 1 9,t;DO.OOO Compal Electronics 0?0 19/08:2010 1 ,925.000 lnterriatiorial Bank 0 1 raipcl 0%

22:1 2:2009

17~06:200(3

74:01 :2010 I wD 1,755.000 000 laiwan Govcrnment 1.8/546

rrirrierit 2 % 20,'07:20 I O

USD


5.8t70.000 Walsin Lihwa 0% 14:l 1 :7011

96,594,771

15,506,952

17,779,305

28,300,275

21 ,823,000

5.448,000

8.13G.23Y

462,200,790

49.822,45!5

?34.481.753 119.888.014

58,008,467

6,945,792 G,945,792

232,701,719

5.8~13.186

71,891,34Y 37.470.043

22.654.970

29,008,806: 67,830,359

295,250,569

8.791.420 7.225.088 1,675,455

1 1 .01 7,066

2.037, 102

1,794.604

12,803.185

55,t765,649 135,339,201

37.897.925 5,843.862

1,987,631,864

2.10

0.34

0.31

0.g1

0.18

0.12

0.1n

10.04

1 .0Y

5.09 2.60

1.26

0.15 0. I5

5.05

0.13

1.63 0.81

0.48

0.63 1.36

6.42

0.19 0.1 t7 0.04 0.74

0.04

0.04

0.28

1.21 3.38

0.71 0.13

43.18

I

I

I

I

i I

I I i

I I I

Schroder lnternabonal Selection Furid Semi-Annual Report June 2008 Page 201

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Emerging Markets Debt Absolute Return (CotIt)

Nurritm of shares or Principal Arnount

Money Market Instruments other Ihan those dealt in on a Requlated Market*

Market % Value Net USD Asscts

Number of shares Transferable Securities and Markel :h or Principal Money Market Iristrurnents dealt Valuc Nct Arrioi irit on another Regulatcd Market IJSD Assets

British Virgin Islands USU 1,855,000 Beijirig rriterprises Investment 0%

21!12,’7010

Malaysia MYR 21 5 000.000 Malaysis Goverrirnent 3.81 4%

MYH 230.600.000 Malaysia Governrncnt 3.869%

MYH 256.000.000 Malaysia Goverrirrierit 4.30595

MYR 170.000,000 Malaysia Govcrnmcnt 6.45%

MYR 4?2.000.000 Malaysia Govcrnrncnt 7%

15:07/2017

13iO4i2010

27i02/2009

01!07:?008

15/03/2009

Mexico I K D 9,000.000 IJnited Mexican States 4.625%

ow1 0;2008

3,146,637 0.07

3.116.637 0.07

397,134,244 8.63

61.610.406 1.34

77.707.715 1.50

18.673577 1.71

52.027.511 1.13

132.110.902 2.87

9,027,450 0.20

!?,02;,450 0.20

47,015,537 1.02

13,425.465 0.29

14.316.980 0.31

19,273,097 C.47

422,364,407 9.17

143.589.078 3.12

45,185,075 0.W

122.705,4t30 ?.R5

11 1,384.774 7.47

United States of America (cont) USD 11 0.000,000 I I:; Treasury Bill On& O N 1 1 /XI08 109.319.?46 P.3i tUSD 11 3.000.000 US Treasury Bill 09” 13:1 1:2008 112.172.130 2.11

Total Money Market Instruments other than those dealt in on a Regulated Market. 1,605,783,258 34.88

Nurritier of shares Market % or Principal Other Transferable Securities Value NeI Amount not dealt on another Regulated Market USD Assets

British Virgin Islands 9,009,387 0.19 5.866484 O . l ? CI iF

ElJn 15.000.000 NK Debt MTN 0% 12:03:2010 3,142.903 0.07 73.000.000 NK Debt rMTN 0% 1?/03QOIO


Philippines PHP 800.000.000 Philippinc CovcrnmenI5.5%

PHF’ 601 ,000,000 Ptiilippine Goverrirrierit 8.5%

PHP 81 0,000,000 Philippine Government 8.75%

21;02;2010

03,’03,’7011

03:03:2013

Singapore SGD 197,700.000 Singapore Government 2.375%

01 ’10,?009 SGD fi0.000.000 Singapore Government 2.62595

01 :04:2010 SGD 163.000.000 Singapore Chverrirnerit 4.375%

1 5iO 1 :2009 SGD 151 500,000 Singaporc Governmerit 5.D25%

01 :07:2008


Total Investments 4,481.1 12,784 97.34


Net Asset Value 4,603,534,390 100.00

078,688,275 19.09

Number of shares or Prirwpal

Moncy Market Instruments other than those dealt

Market ?> Value Net USD Asscts Arnouit in on a llegiilated Market*

36,855,735

3R,855.735

248,l 05,586 90.701 ,951

157.903.635

1,320,821,937 113.903.267 749,581,375 227,553,732 100,710.71 1 209.487.301 86.590./?1 102,173.151

0.80

0.80

5.39 1.96 3.13

28.69 2.4 I 5.47 4. $91 2.39 4 55 1 .A8 2.23

France EUR 23,500,000 r-rarlce Treasury Bill BTF 045

11,’08:2008

Mexico MXN 99,000,000 Mcxico Cetes 0% OR:04/2009 MXN 172.000.000 Mexico Cetes 04.0 12:02;2009

United States of America USD 114.000.000 US Ireasury Dill 0% 17/07;2008 USD 250,000,000 US Trcasury Bill 0% 31!07:2008 IJSII 228.000.000 US Treasury Bill 0% 07/08:2008 IJSD 11 0.000.000 IJS Treasury Bill 06 0/1:09!2008 USD 210,000.000 US Treasury Bill 0?C. 11:09’2008 US0 87.000.000 US Ireasury Bill 0% 1R:10:20Ot3 IJSII 103,000,000 US Treasury Bill 040 23i102008

Page 202 Schrodcr lnterriatiurial Selection Fund Scmi-Anriual Heport June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF European Absolute Return

Nurniber of share:; lranstcrablc Securities arid Market SO or Principal Money Market Iristrurrierit:; Admitted Value Ne1 Arriounl to an Official rxc:h;rriye Li~l i f iy TLJR Asselt;

Belgium 29,5H/ Grwpe Druxslles Lambert

Denmark 544 AI' Moller Macrsk

Finland 204,502 Nokia

France 42,359 Alslorr 71,892 BNP Paribas 75.488 t w 17,100 Lalarye

10 1 X2 1 Societe Generale 143 878 Suez 155.?94 lola1 729.943 Vivendi

Germany 76.1 33 Allianz 54.930 Deutsche m4I !k

170.157 Deutsche Post 488.i)Jl Oeutsche Telekom

50.981 t.ON 97.20C Arcandor 26,104 MAN 82,083 Metro 88,380 Siemens

Ireland 313.823 Bank of Irclard

Italy 380.YYij Fiat

Luxembourg 91.713 ArcelorMittnl


753.849 INC Crocp 2 1 1 ,Y% Koninkltlke Ahold 480.331 Royal Dutch Shell 119.273 SBM Oitshore

Spain 568,599 k 3 r l ( : O Sarilandei

Sweden 332,189 Alfa Lava1 388.157 Nordw Bank 158,516 Tele:!

II137.Y07 TeliaSonera

Switzerland 306,610 Nestle Registered 275.808 Novartis Registered 78,609 Roche 21 . Y / i Syngenta Registered

775,770 UBS Registered

United Kingdom 11 7.11'3 Anglo American 91 5,4$10 BAt Systems

342.850 RG 1.845.?0? nart;l;rys

37'3,523 EP 1.233.593 (;srilr!ca

/33,16l (;laxo:;rriittiKline

2,222,280 0.78 7.222 250 0.78

4,172,l 68 4.172.188

3,138,595 3.1 38.595

42,803,553 tj,lfi2.387 4 .ZY 3.93:3 4.1t15.31 0 1,538.593 3.589.474 6,158.31 I 8.944.058 5.523231

38,724,914 8.161,422 3,021 150 2,199,083 4.870.024 7.515,!349

715.,138 1,830.935 3.3W.731 ~, 188.1 04

1,743,287 1.713,28/

3,757,968 3. ;5/ .$It38

5,763,245

25,366,955 3,007.385 S.08/.134 1.808.8P5

12.707,519 2.757.597

6,652,608 5.652.B08

14,605,675 3,243,545 4.175 0.13 1,930,870 3.24Y.71 i

35,434,275 8.010.777 9, 882 .000 8,880.308 4.344.193 Y./11.047

74,436,781 5,22i,881

4,794.089

1.46 1 ,A8

1.10 1.10

15.02 2.16 1.51 1 .!jf< 0.5; 1 9G 7.1 ij 3.14 1.94

13.58 2.96 I .08 0.90 1.71 2.84 0.25 O.(i4 1.17 2.1 7

0.61 0.K

1.32 1.32

2.02 2.02

8.90 1 .06 1.70 0.63 4.36 (I.!>/

2.33 2.33

5.12 1.14 1 .48 0.68 1 .R4

12.43 3.10 3.40 3.1 1 1.52 1.30

26.10 1.83 1 . i 8 2 38 1 .95 0.9i 1.58 3.86

Ni.niher ot sharcs Transferable Setxrilies and Market 96 or Principal Moriey Market Instruments Admitted Valuo Net

tUH Assets Amount to a r i Ollicial txchange Listing

United Kingdom (cont) 43FJ.JDB Lcyal &General

2,414,558 Royal Bank of Scotland 385.995 Prudentid

?I 6,131 Scottish &Southerr1 rriergy 548.221 Tesco 3.10.1 83 Uriilever

3,158,693 Vodafone


5,723201 7-01 3,273348 1 .I 5

3.82/.238 1.34 2.520.386 0.88 0.075.597 2.13 5,889,051 2.07

6,482,245 2.27

258,822,304 90.77

Number of shares Market ?! Value Net or Principal EUR Assets Amount Uerivatives

United Kingdom 43,486 0.02 395.400 Barclays Rights 1 /!07:2004 43.488 002




285,140,366 100.00 Net Asset Value

Schroder Iriterrmtional Selection Fund Scmi-Annual Repnrt June 2008 Page 203

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Euro Bond

Numbcr ot share:: Trmsferatile Securities and Market ?b or Friricipal Money Market lnstrumcnts Admitled Value Net Amount to an Official Cxchange Listing EUH Assets

Austria EIJR 17.950.000 Republic of Austria EMTN 3 5%

15:09!202 1

Cayman Islands EUR 1.010.000 Hutchison Whampoa Linance 03;l 3

5.875% 08/07:2013

Denmark EUR

Finland l l JR 15.000.000 Finland Government 4.25".

1.450.000 Dong Energy vdriable perpetual

15/09'?017

France tun

FUH

EUR

ElJH

t t l l i ElKl FUR

EUR

EUR

EUR

5.000.000 Ranques Poptilaires Covered Bond

4.500.000 BNP Parihas Covered Ronds EMTN

1.750.000 Casino Guichard Perractron I-MTN

3.000.000 Compagnie de Financemcnt Foncier

4,200,000 rrarice Treasury Bill 4 4 25!04:2055 18,000,000 France Treasury Bill 4% 2 5 1 0:2013 2,200,000 France Treasury Bill 4.25%

kM 1 N 4.625% 07!05/7011

4.758 28305/7013

4.875?4 10/04'2014

EMTN Xfl75% 11/07,?011

25:1 0:201 7 11,300,000 France Treasury Bill 5.5%

25:04:2029

05/07:2011

28:'35;20 13

51 5,000 1 PSA hirofirwrice Frarlce 4.625%

800.000 Veolia Environnement EMTN 4.875%

Germany EUH 15,000,000 Riiridesobligation 4.254; 12:10?2012 EUR EUH

Greece FlJH

EtJR

3,730,000 Germany (Bund) 4.25"; 04:07:7039 6.200.000 Germany (Bund) 3.5% 04/01/7016

17,285.000 Hellenic Republic Government Bond

11 .:300.000 Hellenic Republic Covcrnmonl Bond 3.94:" 70;08,'7011

4 3?" 70:07:2017

Ireland EUI l 1,700.W0 Provide Mortgages Loans France

2001 B FI 3N 2211 2/2038

Italy EUR

FtJH

EUR

EUR

1.600.000 lntnsn Sanpaolo FMI N variable 28;05/2018

15/03/20 1 1

01 /03:2010

17:03:2055

20.000.000 Italy Buoni Poliennali Del Tesoro 3.57h

22,000.000 Italy Huorii Polienriali Gel Tesoro 4 %

2,000.000 Telecom ltalia EMTN 5.25%

Netherlands EUR

EUR EtJH

EUR

kUH 5.500.000 Netherlands Gnwnment 4%

1,000,000 E.ON International Finance rMTN

1,400,000 ING Bank EMTN variatile 79):05;7073 1,800,000 I eo-Mesdag 2006-1 D FRN

1.023.000 Linrle Firnarice rMTN 4.75?,6

5.75% 07:05;2020

29;08/2019

24:w 20 1 7

15!01/2037

11,127,676 4.28

11.127.676 4.28

979,129 0.38

979.129 0.38

1,326,446 0.51 1.326.446: 0.51

14,672,190 5.64

11,672,190 5.61

49,876,366 19.18

4.873.M5 1.87

4,365.461 :.68

1,584,555 0.61

2,892,358 1.1 1 3,472,213 1.34

17.339,364 6.67

2.108,843 0.81

11.977.479 4.60

499,124 0.19

768,374 0.30

23,854,589 9.17 14.733.593 5.67 3.362.256 1.29 5,756,740 2.21

27,232,555 10.47

16587.423 8.42

10.545.132 4.05

1,686,757 0.65

1,686,757 0.65

43,886,542 16.88

1.534.359 0.59

1G.263.380 7.41

21.693.815 8.31

1.384.988 0.54

15,955,148 6.14

984.483 0.38 1.310.1~5 0.51

1.352.723 0.52

942,292 0.36

4.693.497 1.80

Nurritier of shares Transferahle Securities and Market C.; or Principal Money Market Instruments Admitted Value Net Anroiint to an Official rxchange Listing EUR Assets

Netherlands (cont) EUR 5.300.000 Netherlands Government 4?+

H J H

Norway FUR

15!07/2018 1.780.000 Uriilever LMlN 4.87556 21:05:2013

7.700.000 L3nH NOR Bank EM1 N 5.875?6 20/06:2013

Spain Et JR

ElJR

t l J l 1

1 .000.000 Santander lssiuances FMTN variable

1,250,000 Telefonica Emisiones EM1 N 4.674?0

1,350,000 relefuriica tniisiornes rMTN 5.5895

24;10;2017

07:02:2014

12,'06!20 13

Sweden EUR 1,100.000 Svenska tiandelsbanken tMTN

variable 20!04/2016

United Kingdom kt114 7.050.000 Farclays Hank FMINvanable~rpetuaI EUR

TlJR

HJR

EUR

1.300.000 BAT International Finance 5.37546

1 .0!?0.000 ILloyds TSR Rank FMTN variable

1.500,000 Royal Rank of :.;cotlarid FMTN 5.75%

1,130,000 Severn Trent Utilities Finance EMTN

79):06:2017

05;03;2018

1 5105i7013

5.25% 11 :03;2016

United States of America t l l l l

EUR

IJSD

ElJR

2.380.000 Ahold Finance USA Holdings EM.rN 5.875% 14/03'2012

3.172.000 Chase Credit Card Master Trust 1998-1 A2 5% 15:08;2008

3,000.000 Pemex Project Funding Master Triist

2 740,000 Zurich Finance USA EMTN variable 5.761'0 01/03!7018

02/10:2023


Number of shares or Friricipal Amount on anotlior Rcaulatcd Market

Transtcrable Securities and Money Market Instruments dealt

4.956.777 1,709,186

2.1 89.336

7 1n9.33ti

3,449,753

954,089

1,174.2T7

1,321,387

1,035,488

1 035.488

6,128,270 1,363.91 3

1.196.299

1,051,73fi

1.478.489

1,087.833

9,831,905

2,350,726

3.169.542

1.748.971

2.562.666

1.91 ' 0.66

0.84

0.84 I I

I .33

0.37

0.15

0.51

0.40 ,

0.40

2.35 0.52

0.46

0.40

0.42

3.77

0.89

1.22

0.67

0.99

213,232,150 81.99

Market % Value Net tun Assets

International Agencies 3,937,177 1.51

15/10i2013 3.937.177 1.51

United States of America 29,576,619 11.38 lJSD

0.625% 15/04/2013 29.576.619 11.38

EUR 4,200,000 European Investment Bank 3.625%

46,800,000 Us Treasury Inflatiori Indexed Dorids




Net Asset Value 260,067,410 100.00

Page 204 Schroder Intcrriational Selection Fund Scirii-Anriual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF EURO Short Term Bond

Number of shares Iranstcrablc Securities arid Market ?5 or Principal Money Markel IrlSLrumeiits Admitted Value Net Amount Lo an Otticial Exchanne I istiriq EUR Asset:;

Finland EUR

tUH

40.000.000 I-irllanrl Gowmment 2. is?; 15:09:2010

26:03:2014 2,000.300 Nordea Barik hrlland EMTN variable

France CIJH 4.000.000 BNP Paribas CMTN 4.753,0

28: 05/20 I3

EUR 40,000,300 Frdrlce 131AN 2.54'. 12:07:2010 tll l l EUR

10,000.000 France RTAN 3''s; 12:01:2010 37,000,000 France Cowmment Burid (]AI 5.

25: I0?2010

Germany

FUR

Greece EUR

EUR

40,il00,000 Hundcsobliqation 3.53 0G:I W200t)

40,000.000 Hellenic, Republic Goverrirrierit Bond

40.000.000 Hellenic Hcpublic Goverrirrierit 13orld 3.1% 20!04Xl10

3.4"s; 21:03,,2009

Italy EUR

FUR

7.500.000 Intesa Sanpaolo EMTN variable

2,550.000 Intcsa Sanpaolo rMTN variatile 08:05:7014

0Y:Otii2015 oliennali Del Tesoro 3.5%

TlIR 40,000,000 Italy Buoni Polienriali Del Te:;oro 1 :., 01;03:2010

Netherlands TU14 40.000,000 Netherlands Goverrirrienl 3.754;

ELJR 40.000.000 Netherlarlds Govertnmcnt 4% 15:07:2009

15:01:2011

United Kingdom E N t 9,500,000 Bank of Friqlaritl t i i r r , Note 3%

27/(31:2009 ,333 Holmes ririaric:iriy 8 3A HiN

15,'04:2020 lU.985.000 Network llal V I N Finance EMTN

3.1 25% 30:03:3009 EUR

EUR 3.300.000 VodRlorW tMTN 5.875% 18~062010

United States of America CUR 13,490,000 Chase Credit Card Master lrusl


40,339,790 6.85

38.342.280 6.31

1 ,YY 1.510 0.34

139,909,170 23.77

3.~80.410 0.66

7.230.898 1.23 R.R18,0til 1.50 33.313.WJ 6.31 3n.a91,020 6.02

.12.ti,'5,003 7 25

40,342,467 6.85

Y11.!.>47 (3.15 39,430,970 6.70

78,225,760 13.29

38.iZ/,Y80 0.53

3Y.157.IY0 8.71

82,901,634 14.08

9.496.895 0.43

2.434379 (? 4 1

30,413,300

78,918,080 13.41

3U.64G.940 6.75

39.271.140 M I

33,753,616 5.73

Y.403.100 1.39

1.327.5/8 0.23

1!3,124.795 3 35 3.298.145 0.36

13,479,545 2.29

13.47'3.515 2.29

507,870,062 86.27

Nunbcr of shares Moriey Mnrkct Instruments Market $0

Value Nct other than those cjenll or Priri(:ipa Arrount i r i o r 1 tl licgulatcd Market* EUH Assets

Sweden 3,966,909 0.67 t U R ~1.000.000 rrarriliderl Pilblrc, Housing Finance

N ' 5 TRN 21 :09/20 1 7 3,966,909 o.6i


0.f25"; 15:04~2013 52,138.2/0 8.86 IJSO 82,500.000 US Ireasurj Inflation Indexed Rorids


Total Investments

Other Net Assets

Net Asset Value

56,105,179 9.53

563,975,241 95.80 I

24,721,590 4.20

588,696,831 100.00

Schrtxler International Selection Fund Semi-Annual Re~ort Juric: 2008 Page 205

I

I

I

I I I I

I I I

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF European Bond

Number of shares Transferable Scctirities and Market G.I or Prmncipal Money Market Instruments Admitted Mlue Net Amount to an OlficiRI txc:hanne I istino EUI< Assels

Ausbia FVR 3.805.000 Rcpublic of Austria HATN 3.545

15~09;2021

Denmark DKK 8.100.000 Kingdom of Dcnmark 5%

15:11/2013

Finland ElJR 5,3/2.000 Finland Covcmment 4.25%

15/09:?012

France tu13

EUR tUH ElJR EUR

ElJn

1 .OOO.OOO Cornpagnie de Financcmcnt koncier

1.750.000 tRAP EMTN 3.750.6 ?5/04:2010 1,699,000 France Troasury Bill 45'0 P5!04/2055 4,701.000 France Treasury Bill 4% 25:10/2013 1,455,000 France lreasury Rill 4.25%

5.015.000 rrarice Treasury Rill 5,5%

EMTN 3.875% 11/07.'7011

251 0/201 I

?5;04:?0?9

Germany Ell1 1 EUR 3.872.000 Hun&sobligation 4.25St 12!10/2012 EUR EUR

Greece EUH

EUI 1

7,700.000 Bundesobligation 496 13,'04;2012

4.900.000 Germany (Bund) 3.5% 04;01!201 R 1.694.000 Gewiariy (nurid) 4.254s 04:07!2038

B,115.000 I lelleriic Republic Governmcnt Bond

5.000.000 Hellenic Republic Government Bond 3.9% 20:08:2011

4.3% 20:07/2017

Italy EUR

ElJR

7.432.000 Italy Buoni Poliennali llel rem0 3.6%

?.286.000 ltalv Rttonl Pollennali Del Tesoro 4% 15/03:7011

01 :03;2010

Netherlands EUI< 3.R20.000 Netherlands Governmcnt 1Sb

EUt3 1.701.000 Netherlands Government 18 15:07;2O1 R

15/01 :2037

Norway NOK 3.500.000 Norway Treasury Rill Zero Coupon

1 7:0!~:2008

Poland PILN 5.393.000 Poland Government 4.75%

24!05!20 1 1

Sweden SEK 9.120.000 Swedish Government 5.5%

08:l 0:7012

Switzerland CHF 1.650.000 Switzerland Govcrnmcnt Bond 2 5%

12!03:201 R

United Kingdom GRF GBP GOF GUP GBP

1,285,000 UK Trcasury 4.25?i, 07/03i?011 1,000,000 IJK Ireasury 4.?5% 07:06;2032 1,030,000 UK Treasuly 4.25% 07il2!2048 3.000.000 UK Treasury 1.75% 07/09!2015

654,(H)O IJK Treasury 8% 07!06/2021

3,289,560 3.90

3,269,560 3.00

1,088,335 1.30

1.088.335 1.30

5,254,600 6.26

5.P54.600 5.76

16,273,522 19.39

961.119 1.15 1.714623 2.04 1,404593 1.67 4578.464 5.40

1,394,712 1.68

6,287.01 1 7.47

12,028,983 14.33 9,147,503 2.55 3.803.231 4.53 4551.262 5.42 1,526,987 1.82

10,569,580 12.60

5,903.592 7.04

4,665.988 5.56

9,412,457 11.22

7.158.272 8.53

2.254.185 2.69

4,913,942 5.86

3.385.569 4.03

1.578.373 1.83

431,159 0.51

431.159 0.51

1,500,503 1.79

1,500.503 1.79

991,123 1.18

901.123 1.18

975,428 1.16

975.128 1.16

9,738,074 I 1 60 1,586,548 1.89 2,184,462 2.60 1,779,242 : .46 3,699526 4.41 1,038,296 1.24

Numbcr of shares Transferable Securities and Markct 96 or Principal Moncy Markct Instrumenis Admitted Value Net Arrioiirit to an OYicial Exchange Listing ElJR Assets

United States of America 1,755,263 2.09 E M

321.375 0.38 EUR

340.000 HA Credit Card Trust 4.5% 1 7/01 1?014

1,435,000 Chase Credit Card Master Trust 1998-1 A2 595 15/08:2008 1,433.888 1.7 1

Total Transferable Securltles and Money Market Instruments Admitted to an Official Exchange Listing 78,202,529 93.19

Number of sharcs Transferable Securities and Market % Valuc Nct or PriricipA

Amount on another Regulated Market FUR Assets Money Market Instruments dealt

International Agencies t l J l 3 1.350.000 furopeari Irivestrnent Rank 3 625%

15/10:2013

United States of America IJSD 4.1 M O O 0 US Trcasury Inflation Indexed Bonds

1.625% 15/01!2018


Total Investments

Other Net Assets

Net Asset Value

1,265,521 1.51

1.265.521 1.51

2,689,765 3.20

2.tiRR.7ti5 X20

3,955,286 4.71

82,157,815 97.90

1,760,026 2.10

83.91 7,841 1Ml.00

Page 206 Schrnder lriterriatiorial Selection Fund Serrii-Annual Report June 2000

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Bond

Number of slrares Transfcrable Securities arid Market B Number of shares Iranstcrable Securities arid Market 9; or Principal Moriey Market Instruments Adrriitted Value Net or Principal Moriey Markel Instruments Admitted Value Net Arnoiirit to an Ofticial Fxchariye Lisliriy IJSU Aiscts Amount to an Official Fxchariye Lisliriy IJSD Assets

Austria Fur{ 9.005.000 Republic 01 Austria EMTN 3 . 9 :

13:09:2071

Canada USD

Cayman Islands EUR

31 0.000 Petrti-(:ariXla 6.05':i 15:03,'%018

37,000 Hutchison Wharripoa ririaiw 031 j: 5.87556 08:0/'2013

Denmark EUR

Finland EUR 3,X0,000 hriland Government 4.29"

400,000 Ilong Eneryy variable 29:08:3005

15i092012

France EUR

r o R

EUR

E!JH

t l l l l

EIJR

E!Jl TIJR

El in

1,000.000 Banqucs Populaires C:overetl Bowl

950.000 BNP Paribas Coverecl Borids tMTN

100.000 C;asino Cuichard Perrachori t M I N

500.000 Corripayr lie de tinancement Foncier

EMTN 4.6>5% 02/05:201 1

4.7545 ?0:05:2013

4.8753.;) 10/01:2014

EMTN 3.876:5 11:02:201 1 I , 100,000 Frarice treasury Bill 4% 25:04:2055 4,000,000 Frarice treasury Bill 4% 251 0201 3 2,230,300 France treasuty 0111 5.25'4

75:l 0:2017 2.500.000 France treasury Bill 5.5% 25;04,'20:W

55.300 Veolia Environrierrierit EM 1 N 4.875% 2FJ:05:20 13

Germany CUR t l J l i tUI+

Greece FUR

4.1 75,000 Bundesobligatiori 4 75% 12: 10:2012 730.000 Gerniariy ( h r i c j ! 4.25% 01/0/:20:3d

2.800.000 Gerriiariy (Burldl 3.54:' 04:01:201iri

3.800.000 Hellenic Republic Goverrirricnt Bond 3.5% 20~08:2011

Guernsey t111l 50.000 Credit Suisse Group Financc

Giiemiey variable 23/01:2018

Italy EUR

FOR

EUR

FlJR

EUR

450.000 Baric:o Popolarc EMTN 3% 1'3:10:2010

Y8iOS'701 R

15/03:2011

01 :03:2010

17:03:2055

1,150.000 lntesa Sanpaolo CMTN vari;:itlc

4,600,000 Italy Buoni Poliennali Del 1e:ioro 3.54;

4.550.000 Italy Buoni Poliennali Del 1e:ioro 4 %

700.000 Telecorrl IlAla EMTN 523%

4,069,834

4,0139.831

304,874 30.1 .Y i 4

56,535

56,535

576,739 5 (6,739

5,010,541

3.010.541

19,040,394

1.538.31'3

1,452,076

132.!14

759.798 1.433.33'1 17.0;3.209

3.36'j.i 78 4,174.873

98.393

11,599,834 8,363,555 1,037.152 4,059.127

9,768,335

5,787316

3,988,079

68,143

68,133

17,256,690

dP4,1102

1,738.2 I 1

6,963,755

7.071.573

1.49

1.49

0.1 I 0.1 1

0.02

G.07

0.21 0.71

1 .84

1.84

6.97

0.5/

0.53

0 05

0.28 0.52 2.22

1.73 1.53

0.04

4.25 2.37 0.38 1.50

3.58

2.12

1 46

0.02

0.0:)

6.32

0 25

0 . a

2.w

2.59

0.78

Japan JPY

JP"

JpV

.IPY

JPY

344 000,000 Developrrient Hank of Japan 1.7%

637.700.000 Japan Governrrlerit Five Year Bond

l , l 5 4 L ( . ; . J ! K Japan Gowrrirrierit .Tell Year Bond

20Y.2G0.000 Japan Gowrnment Teri Year Hond

20/'09'?077

i .4u5 ~0:~1:~:2oi I

1 .ti?" ?0.03:201 D

1.8% 21 :09'2009

1.1 % 20,03:20:33 71,050,000 Japan Covornrrierit 1 hirly Year Bond

Luxembourg IJX 295.000 Telecorri ltalia Capital i . 121 3b

04:OB;703R

Netherlands EUR 700,000 E.ON lnterrlatiorial Firfiance EMTN

5. I!i% 07:05:2020 ELlR tiOO.OOO ING Bank rMTN variable 2'3:05:20:23 EUR 200.000 Leo-Mesdaq 700ti 1 U tHN

EUR lW,000 Linde Finarice TM 1 N 4.75%

TIJI I , 100,000 Netherlarids Government 4%

EUR 550.000 Netherlands Goverrirrieril 4%

EUR

Norway EIJR

79/0fi:201'3

21;04!2017

15:01 'X137

15i07?2018 350.000 Ilnilcvcr EMTN 4.875% 71 :05;2013

D00.000 DnH NOR Rarik CMlN 5.875% 20:05;2013

Spain EUR

EUR 3:jO.000 lelctonica Emisiories CMTN 5.58?4

GEP

ti50.000 Santander Issiiari(:e:i t M I N variable 24'1 0:7017

17:06:2013

31 :01:2014 300.000 Tclefonica rrriisiorier; t M I N 5,888?>

Sweden EUR 50.000 Svenska Handelsbariken EMTN

variable 20;0W2015

United Arab Emirates USD n30.000 Abu Dhabi Corrirriercial Bank FRN

09:0.',;2016

United Kingdom ELR

ELR tL!H

400.000 Arklo Master Issuer 7006-1X 5Al

500,000 Aviva variable 14:l 1:7021 200.000 Darc:layr; Bank EMTN variable

FRN 1 ;,112;2052

perpetual LUH 500.000 BAT Iriterriational Finance 5.37536

23,422,058 8.58

3.137.707 1.15

0,109,636 2.24

11,882,736 4.2/

2,003,645 0.73

508.333 0.19

303,189 0.11

303,188 0.11

4,551,225 1.67

3 10.338 0.1 0 88G,080 0.93

236.899 0.09

788,909 0.1 1

1,1/9.531 0.64

810.743 0.30 535,775 0.20

941,106 0.34

941,106 11.34

2,083,851 0.76

'377.4ti2 0.35

539.9ti0 0.70

568.429 0.21

74,186 0.03

73.185 0.03

759,616 0.28

759,Ule 0.2n

6,515,306 2.39

011.507 0.21 754.015 0.28

209.730 0.08

725.210 0.27 163.400 0.06 ld3.400 0.08 158.858 0.06

243.331 0.09

900,605 0.33

I i I ~

!

i !

I

i

i

Schrnder lnterriatiorial Selection Fund Scrni-Annual Report June 2008 Page 207

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Bond (cont)

Market 4: Number of shares Transferable Securities and Market "i, Number 0' sham Tiansferable Securities and or Pmcipal Money Market Instruments Admitted Value Net or Principal Money Market Instruments dealt Value Net

USD Assets Amount to ari Official Exchangc Listing USD Assets Amount on anothcr Regiilated Markel

United Kingdom (cont) EUR

GRP GRP


200,000 S e w n Trent Utilities Finance EMTN

765.000 UK Treasury 4 759'0 07/03:2036 450.000 IJK Treasuw 4.7555 07!09/2015

5.258 11!03/2016

FUR

USD USD FUR

I JST, I JSD IJSD USD USD

I U X

USD

USD I60 IJSD usu USD

USLl

EUR

4&3.000 Ahold Finance IJSA Holdirigs CMTN 5.8l5?0 14:0'312012

21 0,000 ATRT 6.4?0 15,'05/2038 320.000 BellSouth 4.7546 15'1 1;2012 228.000 Chase Credit Card Master Trust

1998-1 A2 5% 15,'08~2008 320,000 ChUbb 6.5:b 15:0

175,000 CSX 7.45:s; 01/04/2038 375,000 Citigroup 6.125°&

410,000 Florida Power 5.65?'0 15:06:2018 605,000 General Flectric Capital 5.6259:

01 ;OW201 8 215,000 General Electric: Capital MTNA

5.8/5?0 15,'02;2012 550.000 JPMorgan Chase & Co. 4 75%

370,000 Kroyer 5"s; 15:04!2013 ?80.000 ONEOK Partners 6.1575 Ol:l0/7010 3 10.000 Pep:;iCo 5?A 01 /06!2018 305,000 Philip Morris International 6.375?&

550.000 Time Warncr Cable 5.85%

01 '05'201 3

1 0;05!2038

01:05:?017

15!04:2013 1.030.000 Verizon Communications 5,2535

500.000 Zurich kindrice USA EMTN variable 07il0/70?3


Nunitier of shares or Principal

Transferable Securities and Moriey Market Instruments dealt

303,467 1.407.132

874.651

7,825,165

700,344 ?03.?49 3 1 7,909

359.084 311.681 364.548 177,Al 7 4i4.630

554.08 1

753.823

535.292 363.522 278,059 302,887

791i.77a

523.921

1.079.686

737.070

114,227,621

Market

United States of America 41 0,000 American International MTN 4.95%

'" USD Value Net

USD Amount on another Regulated Market USU Assel:;

Canada I JST, 425.000 Canadian Natural Resources 5.99t

01 a2201 8

France USD 860.000 Societe Generalc 144A 5.75%

20!04!2016

International Agencies EIJrl 750,000 European Investment Bank 3.6254/,

154 0:?01 3

Malaysia MYR 9,550,000 Malaysia Government 3.863b

13;04QOIO

Netherlands L E X USD

495,000 ING Bank 144A 5.125% 01;05/7015 590,000 Scolland International Finance No 2

144A 4.25?6 23:05:2@13

United Kingdom USD USD

31 5,000 Barclays Dank 5.4596 12:09:2012 475,000 HSDC Holdings 6.8Oh 01/06/2038

420,605

420,605

835.254

835.254

I ,I 08,139

1 , I 08.1 39

2,909,937

2,909,937

1,019,429 481,688

537.741

788,877 370,594 468.283

0.15 USD

0.15 lJso

0.31 IJSD

0.31 usD

Oa4' USD

0.41 USD

1 .DB I JSD

1.06 LJSD

0.37 0.17

0.20

0.29 0.12 0.17

I U X

USD

20~03/2012 195.000 Assured Guaranty US Holdings

variable 1511 2!20fi8 750.000 Rank of New York Mellon MTN 4.596

01/04/2013 132.1 78 Citigroup Mortgage Loan Trust 2003-

145.914 Citigroup Mortgagc Loan lrust 2003 1 WA2 6.5% 25!08/2031

UP3 A2 14'~ 25'09:2033

15/11f015 95.000 Colorado lntcrstate Gas 8.8%

/40,000 Corncast 8.49; 15/05!2038 1,455,314 Countrywide Alternative Loan Trust

91 4,513 Couniry?~ide Alternative Loan Trust 2007-75 1 A7 0.5"); ?5,'11:203./

2005-6SCR 1A1 5.5% 25/01:2036 78,530,000 FHLMC 5.596 15:07!2038

915.698 FHLMC {Gold) Pool No B130f7 4.5% 01 /03:2019

0 1 ,'12/2028

01 !08:7033

01/07/2032

01/10:?03f

0 lI05?2037

53.1 i n ri-ii MC [Goid) POOI N I cootigo ti%

2.806.153 FHLMC: :Gold) Pool N' GO1598 546

~ 7 0 ~ ri ii MC i ~ o i d ) POOI N' ~ 0 1 4 3 3 6.59:

435,554 FHLMC (Gold) Pool N' G023.18 5 5%

3.065.930 FHLMC (Gold) Pool N ' GO2793 5%

1.129.879 FHLMC Gold) Pool N' GO2975 5.5% 01:05:2037

0111 0/2032

01/07/?029

01:1272W8

01 /12:2029

01/0//2033

0 1 ! 1 0!2033

01/01/P033

15:OI !2034

15:05!2034

15/1 0/?034

20/09;2037

FRN 25;06!2033 500.000 JPMorgan Chase Bank 5.875%

13/06/201 ti 550,000 I R-IURS Commercial Mortgagc Trust

2003 C5 A3 4.254% 15/07/20?7 550.000 MBNA MTNF 7.5% 15/03/2012

1, /60.000 Merrill Lynch Mortgage Trust 2002

?,I 30.000 Merrill Lynch Mortgage Trust 2004

524.030 rNMA Pnnl N. ?544?/ 5.5%

107.416 FNMA Pool N'. 186203 ti46

108.763 FNMA Pool N' 535128 6%

45.353 FNMA Pool N' 515259 7.50.:

1,958.256 FNMA Pool N'.' 555592 5.5%

101.358 FNMA Pool N.' 555783 4.

606.210 FNMA Pool N' 677018 5.5%

1.077.082 GNMA I Po01 N' 604946 5.551

5,673,786 GNMA I Pool N' 781746 59t

3.1 56.268 GNMA I Pool N. 782248 5.5%

2 419,fiOR GNMA II Pool N' 4028 63"

15.270 Home rquity Asset Trust 2003-1 02

MW1 A4 5.619°/c 12/07/2034

RPCl AS variable 12/10!2011

104,750,340

395,966

140,161

?44.417

172,637

145.207

98.356 688.117

1307.281

864,867 28.084.2 1 9

883.363

53.fi00

2.687.168

66.6/9

128.759

2.936.5R6

1,112.224

515.847

108.221

109.579

47.833

1927,658

371 ,ti37

596.738

1.019.100

5.43s,25R

3.1 33.582

7.449.853

67 2

4 B3,395

540.01 2 581.814

1,762,689

2,066,723

38.37

0.15

0.05

0.09

1n4

0.05

0.04 0.?5

0.48

0.37 10.25

0.37

0.07

0.98

0.02

0.16

1.08

0.41

0.1 9

0.04

0.04

0.02

0.71

0.14

0.22

0.37

1.99

1.15

0.90

0.00

0.18

0.20 0.21

0.65

0.76

Page 208 Schroder Internatinrial Selecticn Fund Scnii-Aririual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Bond (,corit)

Nuniher of shares Trarisferdble Seciiritics and Market % or Priricipal Money Market Iristnimsnts dealt Value Net Amount or1 aiiotlier I iegulatcd Market USD Asset:;

United States of America (cont) USD

USD

USD

U X 680,300 Oracle 5.75% 15;01:2018 IJSD

805.000 Micjarrwrican Energy Holdirigs 144A

700.000 Morgan Stanley Capital I 2003-TI 1

9.467 Option One Mortgage Loan Trust

5.T546 01:04:701R

A3 4.85% 13.08.204 1

9002 3 M2 FHN 25:08:703:'

215.000 Pernex Project hinding Master Trust

0.5% 01 /06:20r8 USD IJSU 5,362 Sdloriion Brothers Mortgage

250,000 PNC Bank 6.8759; 01:01:2018

LJSD Loan Trust 2033-ECI 1 M4 HiN 2 x 1 0/700:(

20.634 Structured Asset Irivestrrterit Loan Trust 2004 1 M1 FHN 25:0>:71334

30:1 0:20 1 .I

US0

t J X

USD 13.700.000 US Treasub 7.6 USD 95.000 LJS Ireasury 2.5 USL) 5,740,000 US Treasury 3.8 LJSU 1 .Y00,000 IJS Treasury 4.7 US0 USD

LJSD

USD 480.000 Viacorn 8.75% 05'1 0:2037 US[) 7,000,000 Wactiovia Bank Cornrrierc;ial

800.000 US Rdrtk:Cirictnnati 1 .Ij5'%

520.000 IJS Treasury 59; 15:05:2037

0.ti25% 15m:2013

2.375% 15:01:2027

10,520,000 US Treasury lrtflatiori IriUoxcd Bcnds

3,645,000 US Treasiiq Iritlaliorr Indcxed Rcnds

Mortgage Tru:;! 2005-C 1 Y AS 4.661 "L. 15:05:2043


Nurriber 01 shares or Priricipal

Money Market lristrumerils other than those deal1

Amount i r i on a Hcgulated Market*

Egypt CGP

United States of America USD 5,000,000 Bankamerica 0% 03:08;2008 USD USU

US11 USD

Total Money Market Instruments other than those dealt in on a Regulated Market"

3,300,000 Egypt Treasuty Rills 0% 15:07:2008

6,000,000 Citigroup Funding O?b 1 n:07:2008 8,000,000 Freddie Mac Uiscount Notes ( : P h

14:07:2008 11,000.000 Toyota Motor (;redilO?:? i)'J:09?2008 ii,000,000 UBS Finance 0% 04:08:2008

805.058

ti(23.7Y3

4,HY4 BTY.322

243. :75

821.245 25T,1 15

5,126:

20.960

3,931

i85,7r?3 13,6133.5/8

95.334 5.68/.991 201 1,875

559,4015

10,478,006

4,077,387 4X3.305

1.97fj,25ti

11 1,832,581

Mar kct v<3luc

0.2Y

0.25

0.00 0.75

0.09

0.30 0.09

0.00

0.01

0 . x

0.29 5.07 0.03 2.08 0.74 0 .m

3.84

1.49 0.17

0.7 1

40.96

?I N b

wr1 A:;:;t?LS

618,213 0.23 618,213 0.23

35,893,991 13.14 4.97ti.973 1 ,& 5.997.800 2.19

l.9S3.336 2.93 10.945.330 1.01 5.985.44D 2.19

36,512,204 13.37

Number of shares Markel q: or Principal (Ilher Transferable Securities Value Net Amount not dcalt on another Reyiilnled Market IJSD Asscts


USD USD 755.000 ITC 143A 5.875% 30i092016

100,000 lwin Reefs Pass-Through lrust 144A FRN perpelual


Total Investments

Other Net Assets

Net Asset Value

251,877 0.09 247.877 0.09

4.000 0.00

262,824,283 96.26

10,217,709 3.74

273,041,992 100.00

1

Schrnder International Selectiori Furid Serrii-Annual ReDort June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Inflation Linked Bond

Page 209

Numher of shares Transferable Securities and Market oh Number of shares lransferable Securities arid Market 96 or Principal Money Market Instruments Admittcd Value Ne! or PrimpA Money Market Instruments dealt Value Net Amount lo an 0ffic:ial rxchange Listing EUR Assets Amount on another Regiilated Market ElJR Assets

I France t I J R

EUR

EUR

FUR

7,745,000 France Governmcnt Bond OAl 1";.

4,945,000 France Gnwrnrrierit nond OAT 1 .ti?; 25'07/2017

25:07:2011 13.765.000 France Goverrirrierit Dond OAT

3 16',6 25/07!2032

75/07:2029 135,000 Francc Government Bond OAT 3.4%

Germany TIJR 32.885.000 Bundcsobligation Inflation Liriked

ElJR 16.775.000 Deutsche Bundesrcptiblik Inflation 2.25"~ 15:04/2013

Linked 1.5?'~ 15/04/2016

Sweden S t K 91,165.000 Swedish Government 3.58

01 ;I 21201 5

United Kingdom GBP GnP GRP GBP 3.223.000 IJK Ireasury 2.5 GBP 3,778.000 IUK Treasury 2.5 CXP GBP


USD

IJSD

t JSD

6.505.000 IJK Treasury 1.7545 22'1 1!2017 2.740.000 UK Treasury 1.25% 22:l 1/2027 8.653.000 UK Trcasury 2% 26:01:2035

81 5,000 UK Treasury 2.5% 17;07:2024 2.060.000 IJK Iremiry 4.17593 22:07:2030

7,450,000 US rreasury lreasury lnflatiori

10.613,OOO IJS Treasury Treasury Inllaliori

7.8.50.000 IUS Treasuv Treasury Inflation

2,555,000 US Trcasury Treasury Inllation

lridexed Rorids 3% 15,'07:2012

Indexed Bonds 3.37596 15~01?2017

Indexed Bonds 3.55 15:01!2011

Iridexed Ronds 4.25% 15:01!2010


Numher ol shares or Priicipal

Trarisferable Securities and Money Market Instriiments (iwlt

25,704,731

7.147559

5.371,05:3

18.000.927

185.092

51,888,719

34.716.124

17,1T2..595

8.38

0.70

1.15

5.87

0.06

16.91

11.31

3.60


USD

lJSD

IJSD

t K D

USU

USD

E.0/5.000 U S Treasury Treasury Inflation

2?,.442.000 IJS Ireasury Ireasury Infla!ion

16.760.000 IJ:: IrRasiiry Ireasury Inflation

28,195,000 US Treasury Treasury Inflation

5.721 ,000 IJS Treasury Treasury Inflation

8.0.10.000 US Treasury lreasury Inflatiori

21.4U0.000 US Trcasun. Trcasury Inflation

Indexed Bonds 1.625% 15/01,'2015

Indexed Bonds 1.8754b 15/07/2013

Indexed 13onds 7% 15/01 !2016

Irickxed Roritfs 7.375% 16:01/7017

lndcxcd Bonds 2.37594 15/01:2025

Indexed Bonds 2.375'h 15/01!%W7

Indexed Bonds 3.875% 15/04/2029

12,523,831 4.08 Total Transferable Securities and Money Market Instruments dealt

1*.523.*31 L O R on another Regulated Market

65,280,917 9,036.771 4,015.402

17.77fi.40R 11 . / 8 / . 8 2 / 10.241.534 2.f387,910 G.735.265

21.27 2.94 1 31 Total Investments 5 79 3 84 Other Net Assets 3 34 0 88 Net Asset Value 3.1 i

19,831,869 6.46

6,197,684 2.02

8,985,972 2.93

2,429.1 03 0.79

2.219.1 I O 0.72

175,230,067 57.10

Market 3 Value Net

Arriount on another Regiilated Market FIJR Assets

Canada 7,539,l 15 2.46 CAD

01 :I 717031 4211.913 1.38 CAD 2.833.000 Canadian (hverrinierit 4.75%

0 1 : 1 2;2026 3.377.?0? 1 .OR

Japan 23,716,551 1.73

3.61 0.000 Canadian Covcrnrncnt 4 %

JPY 1 . E . @ O C . ? O O Japan Government 0.5% 10:06;2015 8.630.390 2.81 JPY 2.385 800 333 Japan Govcrnment 1 . I 9h 10:091:201 ti 15,080.1 GI 4.97

92,805,625 30.24

4,478,359 1.45

18,379.052 5.99

12.130.834 3.95

20.W7.600 6.73

4,344,592 1.42

6,415,857 7.09

26.409.31 1 8.61

124,061,291 40.43

299,291,358 97.53

7,so.wa 2.47

306,872.336 100.00

Page 210 Schroder International Selection Fund Semi-Annual Report Jurie 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Hong Kong Dollar Bond Number of shares Transferable Securities and Market % or t’rincipal Money Market lrrslrurnients Admitted Value Net Air iourit to an Official rxctiariue Li:;tinu I IKU As:;ets

Hong Kong SAR HKU

HKU

HKU

HKD

HKD

I IKII

I IKl)

HKD

5,000,000 Cheung KoriIj ririmx Oayman 8.38”s 12:01:2010

80.000,000 Hong Koricl Goverrirnent 1.52% 15102:2010

35.U00.000 Hong Konq C;cJverrirriernL 1 .77?>- 17:05,2010

38.000.000 I Ion(] Korig (;overnmcnt 2.88?s 17,’12:2012

28.000.000 I ioriy Kor-iy Govcrnnient 4.2s’% 17:08?2009

20.000.000 Hong Kong Mortqage 3.ol% 10:01 201 1

~0.000.000 Kowloon Cantclri Hailway FMTN 4.65% 10:08:2013

10,000,000 Sur1 I Iurig Kai Propertics 3.94% 16/01 12013


2 14,537,347

5,362,715

59,262,895

34.577.602

37,190.738

28.tiS8,YOU

19.904.000

1G.831 . i89

9,711,000

72.50

1.81

20.0)

11 .<<$I

12.3;

G.70

8.73

6.70

3 2d

214,537,347 72.50

Number of shares Transferable Sec;urities and Market !’. 01 Principal Moriey Market Inslrurncnts dealt Valuc Net Amount o r 1 ariottier Hcyulated Market HKD Assets

Hong Kong SAR 18,958,200 6.41 HKD

13:17:7010 18.%8.200 8.41 19,000,000 Hong Kong Mortgage 3.68%


Number of shares Market ‘7,; or Principal Other Transferable :;et:urilics Value Nct Anlourit not dealt or1 arwltier I kyulatcd Market HKU Assets

Hong Kong SAR HKD

I-1KD

10,000,000 C1.P Power Hong Kong Finaricirig

17.000.000 MTR Cayman lslarids TM I N 4.15% 5”o 30,‘09,20’3

1 3! 1 1 ;200!)


27,416,180 9.27

10.193.140 3:15

1 /.223.040 5.87

27,416,180 9.27

Schroder ISF us Dollar Bond

Number 01 share:; Transferable Securities and Market ’% or Principal Moncy Market lnstrurrierits Adrriilted Value Net Amaunt to arr (3dicial Exchanae I istiri~i USD Assets

Luxembourg USD 835,000 lelecom ltalia Capital 7.771 ‘3h

04:0ti,’?i338

Serbia L.wU 424,824 Republic ol .C;t?r!rbia HcgS stcp coupon

01 :11,202.1

United Arab Emirates USD 3,045,000 Abu Dhabl Commercial Barik tI iN

09:03;?01 fi

United Kingdom US0 l l S U 835.000 HSRC 6.5% 15:09:203/

United States of America USU 805,000 AT&T 6,4% 15~05/2038 IJSU USD 1,020,000 Chubb 85% 1 U S ) 1 ,725.000 Citigroup 8.12

1,140.000 tIU0S I54A B73% 21:052018

2.375.000 BellSouth 4.75% 1 5 ’ 1 1:2012

lJS3 81 0,000 CSX 7.45”’~ 0 1,’04;2088

1153

USD

(IS0 US0 US3 905,000 PcpsiCo 5% 01:0F:7018 USD

1305:2038 USD

0 1 :oti:201 B LJSU

5.90% 1 ?:01:2015 USD 1.540.000 I imc Warner Cable 5.85%

ol:o:s:P017 USD 2.985.000 Verizon Cor~irIiiiriicaLioI1s 5.25%

15:04:;?013

1.5i)5,000 Gerieral Elcctric Capital MTNA 5.875?? 15;02;2012

1,895.000 JPMorgari Chase K Co. 4.75% 01 :05:?013

1 .10U,UOU Nevada Power 5 875% 15:01;2015 1,845.000 ONEOK Partners 0.15% 01:10,’201rj

985.000 Philip Morris Iriterrraliornal (5.375YL

1 ,ti00.000 Hcynolds /!meriCdri 7.f25”,6

I ,900,000 Stingray Pa:;t; I through Trust 144A


Number of shares or t’rincipal Amount or1 arioltier Reaiilatcd Market

Trarislerable Securities and Moriey Market Instruments dealt

858,180 0.22

O58.180 0.22

392,282 0.10

382.282 0.10

2,786,784 0.73

2.Xol.784 0.73

1,657,820 0.43 1.064.43/ 0.28

593.383 0.15

22,634,896 5.88 585.553 0.16

2,359,479 0.81 993,492 0.26

1,190,856 0.31 823.038 0.21

2.103.498 0.55

1,559,198 0.40

1.844323 0.48 1,083.889 0.28 1,832,213 0.48

884.177 0.23

958.45 1 0.25

1.877.859 0.54

285.000 0.07

1.438.‘380 0.38

2.Y84.091 0.77

28,329,962 7.36

Market ?O Value Net USD Assets

Total Investments

Other Net Assets

Net Asset Value

260.91 1,727 88.18

34,965,598 11.82

295,877,325 100.00

Netherlands IJSU

United Kingdom LJSU USD 1.3G0.000 HSBC ti.84:, 01:06:2038

United States of America US[)

IJSU

US13 360.000 Bank of Arrieri(;a 6.1 15:08?201 / IJSU

1 ,~130.000 INC; f3arik 154A 5.125% 01:057015

1 .090.000 narclRys Bank 5.45>‘> 12:0!3:2017

1 .180.000 Amcrican lnternatiorial M I N 4.95%

1.2/0,000 Assured Guaranty US variable 20:wd:20 12

15:12:2066

132.359 Citigroup Mortgagc Loan Trust 2003- 1 h‘A2 8.59:. 25,’06/7031

1,391,543 1,39 1.543

2,450,123 1,109,338 1.340.767

382,555,539

1.1 39.609

(312,844 354.855

401.148

0.36 0.36

0.64 0.79 0.35

94.13

0.30

0.74 0.10

0.10

!

I

I i

I

I

!

I

I

I I I

i i

Schmder International Selection Fund Serni-Annual Report June 2008 Page 21 1

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF US Dollar Bond (cnnt)

Number of shares Transferable Seciirittes and Market ?!, or Priricipal Money Market Instruments dealt Value Net Arnomt on anolher Regulated Market I IS[) Assets

Unitei IJSD

IJSD

L J X I USD

USD

USD USU

I K K J

LJSD

USD

USD

USD

USU

USD

Iusn

USD

USD USD

IJSD

LED

t I:;D

IJSD

USD

USD

LJSD

IJSI)

IJSD

USD USD

USD

IJSD

USD

usu

IUSD

I JSD

d States of America (cont) 1.71(2.181 Citigroup Mortgage I oan Trust 2003-

IJF3 A2 755 25:09:2@33

15~11:?015 534.000 Cclorado lntcrstate Gas 6.8?,,

7,415,000 Corncast 6.1% 15/05/2038 9.560.RR1 Chiintrywide Alternativc Loan .Trust

10,720.1 22 Coiiritryide Alternativc Loan .lrLlsi

49,100,000 FHLMC 5.5% 15!07/'7038

2007 25 IA? 6.5% 25:11:2037

2005 65CB 1A7 5.5% 25,'012038

2,553.080 FHI MC (Gold) Pool N ' A66324 ti.58

4,416.747 FHLMC (Gold) Pool N- R13067 4.5Y 01 A 0;2037

01 /03:20 1 9

01:'08:2033

01 .'05!2037

01 :I 0:2032

01:12:2028

01 :I 2'2028

0 1 /07:2033 842.851 FNMA Pool N.' 555783 4.596

01:1 0!2033 2,327,498 FNMA Pocil N' 6//018 5.5%

01 ;01:2033

1 1,748.1 1 A FHLMC (Gold) Pool N C01598 5%

11.776,920 FI II MI: (Gold) Pool N C027Y3 5?;

2.01?,510 rNMA Pool N. 251177 5.5%

512.546 FNMA Pool N" 5351 26 6%

178,574 rNMA Pool N' 545259 7.596

12,231,399 FNMA Pool N^

715,000 I-TI Consulting 7.62591 15/06/2013 62.768 GNMA I Pool N' 351 158 7%

15/08/70?3

15/09:2023 ,366.533 GNMA I Pool N" ti04949 5.5%

1 mi /7(334 106.801 GNMA I Pool N' 604564

15/01 :2034

15:01 :2035

15!05:2034

15:1 0/7034

20;093:2037

FRN 25;06/2033

88.411 GNMA I Pool N' 35?079 7%

300.793 GNMA I 1:'001 N' 637386 5.5"b

21.149.78R GNMA I Pool N' 7817465%

23,850.287 GNMA I Pool N 182248 5.54:

11,1/R. 757 GNMA 11 Pool N' 4028 R7h

31.631 Hornc Eqiiity Asset Trlust 7003-1 82

1.800.000 LB LJBS Commercial ust 2003-C5 A3 4.254%

3.985.000 MRNA MTNF /.5?0 1 11.285,000 Merrill Lynch Mortgage lrusi 2002

10.090,000 Merrill I ynch Mortgage Trust 20M

2,675,000 Michrierican Fnergy 144A 5.75% 01?31:2018

3,770,000 Morgan Stanley Capital I 2003 I1 1 A3 4.85% 13:06!2041

20.512 Option One Mortgage I oan Trust

MWi A4 5.6198 123:07'?0:34

HPC 1 A3 variable 1 ?;I 0/7041

2002-3 M2 FFiN 25!08;703? 770.000 Pcrncx Project Fiinding Mdsier Trust

l44A 5.75% 01MW2018

6.5iSh 01 ;05/2018 1 .I 60.000 Plairis All Arnerican Pipeline 144A

1,/40./18

55?.86? 2,245, ti8 1

8,588,342

10.138.1 64 48.628,l 25

?.5?7.279

4.318.662

10,773,588

11,280,082

1.981,070

316,391

135.608

12,043,237

780.42 I

2,291.131 733,649

65.887

103.335

1.35ti.711

106.033

29R.631

20.455.791

23.678.858

11,318.491

1.391

4.7 1 2.832 4,247.879

11,302.2313

8,780,253

2.6/5.192

3,736.573

10,547

766.150

l.lti1.7ti2

0.45

0.14 0.58

2.23

2.63 12.63

0.68

1.12

7.80

2 93

0.51

0.13

0.M

3.13

0.20

0.59 0.19

0.02

0.03

0.3h

0.03

0.08

5.31

6.15

2.94

0.00

1.22 1.10

2.93

2.51

0.68

0.97

0.00

0.20

0.30

' Mole). M;irk(:t Iri!;trw-wnt5 that fa'l tinder Artlclt J 1 1 h c' the 13); dated 20 D f m m t ~ r ~ 70W

Nmher of shares Iransferable Securities and Market "G or Principal Money Market lristrurnents dealt Value Net Arnount on another Reoulated Market I J X Assets

United States of America (cont) t K D I JSD

850.000 PNC Bank 6.87555 01!01:2018 19.330 Salornon Brothers Mortgage

Ckiirities VI1 7001-CPI31 A FRN 25:12/2330

Loan Triist 2003-RC11 M4 FRN 2 5 1 0,'2033

USU 83.555 .(;triic:tiireci Asset Investment

IJSD

US[) USD USD USD USD IJSD USD

IUSn USD 11,110.000 Wachni,ia Bank Cnrnmercial

41 ,267 :.3riicti.ired Asset Investment Loan lrust 2004 1 M4 FRN 25:0?/?034

4,000,000 US Treasury 2.125% 30:04:2010 49.045.000 IJS Treasurv 2.6257'0 31:05/?010

4 1 60,000 US Treasury 3.5% 31 /05/2013 31.080 000 LJS lreasiiry 3.875% 15/05:7018 20.365.000 US Treasury 4.5?!, 30:11:2011

4?0.000 US Treasuy 5% 15/05/2037 18.725.000 US lreasury Inflation Indexed Bonds

2.375% 15!01/2027 1,705.000 Viacom 5.15% 05'1 0/'2037

Mortgagc Trust 2005 CIS A5 4.661 :h 15/05:2044


Number 01 shares or Principal

Money Market lristriirnerits other than those dealt

874.190 0.23

18.482 0.00

45.146 0.01

1.80'2 0.00 :!,SR5,R%5 103

49.022.010 12.73 4.183.400 109

30,798,338 8.00 21,781,425 5.53

451.828 0.12

18.709.000 4.86 1.636.469 0.42

13,589. (38 3.53

366,397,205 95.13

Market C s b

Value Net Arnount in on a Regulated Market* lJSD Assets


USU 18.000,000 Toyota Motor 08 09/09/?008 17.913.025 4.65 USD 9,000,000 Barclays U.S. 0% 21/07:2008 8.9R7.715 2.33

Total Money Market Instruments other than those dealt in on a Regulated Market' 26,900,740 6.98

Number 01 shares Market "b or Principal Other Transferable Securitics Value Net Amoiint riot dealt or1 ariother Regulated Market USD Assets

Uriited States of America 1,514,7413 0.41 USD 1.620.000 ITC l14A 5.8W4 30:09:2016 1574.749 0.41




Net Asset Value

(38,068,651) (9.88)

385,134,005 100.00

I

Page 21 2 Schroder Internntiorial Seleclion Fund Snmi-Aririual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Asian Bond

Number of shares Trarisferable Securities and Market 4 or Priricipal Money Market Irislrunients Admitted Value Net Amount to ari Ollicial Exchange Listing USD Assets

Bermuda

I J S L I tJSU

l K D

tJSD

USD 18,300.000 Asia AltlrTiinulll RcgS 8% 23;l?;?fil 1 10.000.000 BW ReyS 6.675% 28:08:201 I 7,500,000 Harig rimy (;(!Id lechnology 9.2a0,c

13.500.000 Hopson Developrrieril tleyS 8.125%

10.7'30.000 Titan Petrocherriicals I iegS 8.59;

17/10:20 14

09,11:2012

18/03:2012

British Virgin Islands lJ:.;0

USD

Canada USD 1,930.000 Sino-Forest RegS 9.125%

15.600.000 Galaxy Entertairirrierit kiriancc Hc9S

17.600.000 URC Philippines 8.25% 7O:Ul?%O12 9.075?2 151 2'20 I2

17:08:201 1

Cayman Islands USD USU

EUR

ClJR

USD USD

10.000.000 Agile Property RegS S% 2 5,000,000 Greentowri Ctiiria IicgS '3

6,000,000 Hulchison Whampoa Firiarice 05

15,000.000 Hutchison Whariipoa Firiaricc 06

08; 1 1 ~'20 13

G00,000 Parkson Retail i.1759; 3'3:05'2012 3.800.000 : ; t i i r r i x ~ Prupcrty Reg3 8%

01:12?2016

China EUR 25.500.000 Peoples'% Republic of China 4.25%

28:l 0:201 .I

India lJ:313 US[)

15,700.000 IClCl Rank RegS variable 1) 4.500,000 Reliurice Industries HegS Y.

24:0ij!~Ow

Indonesia IUH . :3.0Km.333XG Barik Uanamcn Indonesia 10.tP~

19:0,1:2012 Iridoriesia Covcrnnient 10% 1 >:0/,2017

13:0ti:2015 Indonesia Rewi)italiLaliori Hurnd 13.15% 15/01,2012

1 ;,500.000 I ippo KardVb,>l::l ~ l I l X ~ K 8.875% 09:03120 1 1

1 Indonesia Gowrrirrieril :

USD

Kazakhstan IJSl)

Netherlands 1.193

LJSU USD lJSD 5,000,000 CcntcrCrcdit International Reg:;

USU

ti.OOO.000 ATF Bank Regs 9.25% 17/04:7012

5,200,900 Arpeni Pratarria (kedri I irie Investmerit Reg:; 8.75% 03,

5,400,200 ATF Capital Reg:; 9.25% 21 8.200.000 BIT Firiarice HegS 7.5% 15:05:2014

8.625?5 30:01:7014

31:10:2011

2 1 .'Oi:20 10

3,200,000 Fajar Paper ririarice 10.75:h

USD 14,OOO.OOO C; 1 2005 BONDS 10.25";

USD ti.800.000 KazMunaiGaz ririarice :;ut) I ieyS 9 175% 0707:2018

47,086,800 17,522,230 8.3F11i.750

ti.225.0'30

8,302,500

ti. 150.300

27,429,671

14.381.2YY 13.045.377

1 ,558,950

1 ,YS8,950

44,230,706 8.58M40

3,573,375

K217.384

20,GGO,E07 530.500

2,880,000

37,195,l 22

37,195,122

18,843,l 75 13,187,715

S.ij55.9DO

102,987,190

11,846.YDB

7ri.992.451

32,050,390

15.294.S37

1E.7'3,1,52Y

6,193,680 6.1 Y3.580

65,488,355

4,147,000

5,471,885

4.60ti,140

3.04i.588

5,483.709

12,705,000

2.00 0.75 0.38

0.20

0.35

0.20

1.17

0.w 0.55

0.08

'3.00

1.88 0.37

0.15

0.35

0.88 0.02

0.1 1

1.58

1 5 3

0.80 0.5G

0.24

4.38

0.51

1.15

1.35

0.65

0.il

0.26 0.26

2.78

0.18 0.23 0.23

0.20

0.13

0.54

6,777,014 0.29

Number of shares Trarislerable Securities and Market Sb or Priri(;ipiI Money hlarket Irislrumcnts Admitted Value Nct Amount to ari Otiicial Exchange Listirig USD Assets

Netherlands (cont) t JSU

US0

USD

I.860.714 Media Nusantara Citra 10.75?0 12:0I);201 1

14:l 1 :2011

25:04:?013

10.000.000 Pakuwori Jati F-iriarlce 12%

7,000,000 ruranAlem Firiarice HegS 7.757''

Pakistan lJSD 4,200,000 Paki:;tnn Mobile Communicatioris

HcyS 8.95VC 13,,11:2013

Philippines USD

USD

USLl

4,973,500 CE Casecriarl Water & Energy 1 1 .Y5?, 15:1 1 :2010

1.5ijO.000 Develuprrienl Hank of Philippines variable perpetual

9,100.000 Metropolitan Hank & Trust variable

15'03?201 d

Singapore US3

lJS3

7.000.000 Uavomas Interriatior ial hnancc Reg3

9. i00,000 GITI 1 ire 12.25 11 "% 09:05:20 1 1

South Korea lJ:.;D

EUFI

12.000.000 H,riix :.;erriic:onductor HegS /.8/51b

ii,BOO.OOO Korea Expressway t M I N 4375% 27:08:2017

2 //09/2010 Korea. Trcasury Bond 5.75% 1 0:09:2015 Korea Treasury Uorid 5.54: 10:09:20 1 7 Korea l i c a s u ~ Bond 5.750.6 10,'12:701C

07:1 1 :201 5 EUR lB.100.000 I-lcpublic of Korea 3.f2515

Taiwan IViD 200,000.000 Taiv:ari C;owrnrncnt 1.13%

W;0 170,000.000 laiwan Goverrirrierit 2 9 20:07:201 1 I w D .: -16 OCC 332 laiwan Covernmerit %.375%

000 Iaiwdrn Government 9 376%

TVK 7?5.0(30,000 .laiwdrn Government 3.025%

0ti:01:~011

10;01:%013

21:09:201 I

08:03;2017

Thailand lJ$D IJSO


8,600,000 G Steel 10.516 04:10!2010 4.200.000 .True Move Regs 10.75'70 1 &'I 2;20 13

7,584.107 0 32

'3.701 ,000 0.41

5,963,712 0.25

3,444,000 0.15

3,444 000 0.15

48,151,063 2.05

5,172,410 0.22

1,533,745 0.07

9.199.536 0.39

32245.342 1.37

15,642,208 0.66

7,057,708 0.:30 8,584,500 0.36

165,706,103 7.04

9210.000 0.38

18,552.4GG 0.79

20.58u.88/ 0.88

85,8fj0.910 3.65

22,414,631 0.YS

190,513,240 8.10

6,494,572 0.28 5,530,655 0.24

171.1/8.442 5.15

32514.007 1.38

24.794.904 1.05

11,267,881 0.48 7.600,880 0.32 3,66/.701 0.1 6

786,138,144 33.41

I

~

i I

I

I

I

I

i i I

I

I

I I

i I


Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Asian Bond (cont)

Number of shares Transferable Sccurities and Markct 4;

or Principal Money Markct Instruments dealt Value Net Amount on anothcr Reaiilated Market USD Assets

Malaysia MYR 240,000,000 Bank Nsgara Malaysia Monetary

Nctcs 3.541 OS 08:07:?008 MYR 100,000,000 Bank Negara Malaysia Monetary

Notcs 0% 28:08:2008 MYR 40,000.000 Bank Negara Malaysia Monetary

Notes-lslainic 0% 14:0Ri2WR MYR 50.000.000 Bank Ncyara Malaysia Monetary

Notes-Islamic 0% 28!08!2000 MY1 1 R5.000,000 Malaysia Govcrnrnent 3.756Yn

28!04:2011 MYR 70.000.000 Malaysia Government 3.869%

MYR

Philippines PHP 4.3:;5,0?17.300 Philippine Government 5.591

PHP 500,000,000 Philippine Goverrirnent 8.5%

PI IP ' 1 0 C . O f i f l P f i Philippine Governrrierit 8.5%

lJSD 16,555,000 Quezon Power Philippines 8 85%

1 3'04/?010 8,300.000 Piiblic Rank variable 221 2:2036

21:02/2010

03:03:?011

13/0fi:2017

Singapore lJSU

SGD 45,000,000 Singapore Government 2.25%

SGD 108.000.000 Singapore Goverrirnerit M 0 . 6

USD USU


1fi,l00.000 Empire Capital Resources ClegS 9.3759b 15/12:2011

01 ;072013

0 1 !I 0!2012 3.050.000 STATS ChipPAC: 6.75"; 15:11~2011 8.500.000 STATS ChipPAC 7.5% 19:07;2010

Niimher 01 shares or Principal Amount

Money Market Instruments other than those dealt in on a Heaiilated Market*

174,667,145

73,150,577

30.139.541

12,192,952

15,220,855

19.668.095

21,379,340 2,365,745

151,188,693

97.334.625

11.3,:11,976

2R,204,11R

1Fi.31 1.955

142,158,335

17.075.750

32,483,189

/9.403,007 3.1 65,379

10.070.000

46a.oi4.173

Market Value

7.42

3.1 1

1.28

0.52

0.w

0.81

0.91 9.10

6.43

4.15

3.48

1.11

0 69

6.03

0.12

1.38

3.37 0.13 0.43

19.88

0,;

Net

British Virgin Islands LEX1 10,000.000 Dualpoint FRN 29!04:2009

Germany EUR tu11

Malaysia MYR 65,500,000 Bank Negara Malaysia Monetary

MY1 1 100.000.000 Rank Negara Malaysia Monetary

MYH 99.000.000 Bank Negara Malaysia Monetary

MYR 20.000.000 Balk Negara Malaysia Monctab

141,200.000 Germany (r3i.irid) 0% 16!0/:2008 88,000,000 Germany (Bund) 0% 17:09;2008

Notes 0% 01!07:7008

Notes On,$ 054Y/?009

Notcs 09h 07!(38:7008

Notes-Islamic 0% 31 :07;2008

10,000,000 10.000.000

364,546,423 226.934.71 4 137.61 1 .I09

86,333,594

20,044,080

29.987.747

30.197.255

R.ID4.51?

0.43 0.13

15.49 9 M 5 85

3.68

0 86

1 28

1.28

0 76

Number of shares or Principal Amoi.inl

Singapore SGD 20,000.000 Singapore Treasury Bill E?,;

03/07:2008 SGD 54.000.000 Singapore lreasury Bill 0%

?9:09:2008 SGD 60.000,000 Singaporc Treasury Bill 0%

1 1/0W?X)R SGD 120.000.000 Singapore Treasury Bill 05,

18:09!2008 SCD 60.000.000 Sinyapore Ireasury Rill 0".6

21 ~08!%008 SGD 89.900.000 Singapore Treasury Bill 07"

25/0'3/2iK18

Money Market Instruments other than those dealt in on a Regulated Market*


Market .?j

Value Net US13 Assets

296,614,015 12.61

14,703.383 0.63

35,615,654 1.69

44.077.927 1.87

88,094.1 64 3.74

44.088.409 1.87 ,

66,034,470 ?.81 I

757,494,032 32.21

Number 01 shares Market % or Principal Other Transferablc Sccuritics Value Net Amoiinl riot deab clli another Reaulated Market USD Asscts

Cayman Islands US0 B.tiOO.000 FPH Fund FRN 01;10~2009

Indonesia USD

Netherlands USD

tJSD

2.431.938 Gajah runggal FHN 05!11/2008

22.819.815 Indah Kiat Finance 144A FRN

12,500.000 Paiton Energy Funding RcgS 9.34°,; 28!04:2018

15:07/7014

Philippines PHP 305.000.000 National Power 5.25% 20!12:2011


Total Investments

Other Net Assets

Net Asset Value

8,858,000 0.38 8.858.000 0.38

2,383,300 0.10 2383,300 0.10

17,899,954 0.75

5,712,454 0.23

12.18/.500 0.52

6,350,893 0.28 6.350.893 0.28

35,492,147 1.51

2,047,138,496 87.01

305,622,449 12.99

2,352,760,945 100.00

' M c ~ y hkket Instru-ents that fa'l lrndef Afll~I:: A1 .I t1 c' the iav! dated 20 Uecembef 2 3 W

Page 214 Schrodcr lntcrriatiorial Selection Fund Scmi-Anriual Report June 2OC)H

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Asian Local Currency Bond

Number of shares or Principal Amour iI

Hong Kong SAR HKU

HKU

I IKO

I IKD

HKD

I IKD

Iraiisterahle Securities arid Moncy Market lnstrumerits Ahlit led to an Official Excharlye Listing

70,000,000 Hong Kong Governmerit 1.52?5

23,000.000 Hong Koriy (;oi,ernincrnt 1.7

19.000.000 Hong Kong Goverrirrierit 2.03:1

28.000.000 Hong Konq Goverrirrierit 2.09'-

73,000.000 Hong Kong Goverrirrieril 3.33%

14.000.000 Hong Kong Goverrirrieril 3.70%

15:02:2010

17:05?2010

10/03:2013

71:1 2,2009

14:06?010

20~09i2010

Indonesia 00 Indonesia Goiernmerit 9.516

03 Indonesia Goverrirnerit 17.5% 15:0ti:2015

15;03:2013

Thailand THB 100,000.000 Batik 01 I Iiailand 3.825%

02:05:2011 TI I13

13:1)8:2010 TI-lD

1 :3:03:2013

55,000.000 Thailand GoverrirriwL 4.25%

11 0.000,000 Thailand Goverrirrierit 4.75%


Number of shares or Priricipal Amount o r 1 arioltwr Hcuulated Market

Transfxablc Securities arid Money Market Iristrurtieri1s dealt

Market 3; Value Net USD Assets

17,228,477 20.24

3.540.C42 5.81

2.21 3.406 4.78

2,313,141 3./9

3,618.382 5.93

7,997,210 4.51

1.841.955 3.02

8,327,840 13.65

1,004,106 2.98

2.690.623 4 38

3,8ti1.111 0.33

7,610,713 12.48

2.a09.021 4.71

1.621.28Y 2.x

3.1 16,tiOU 5.11

33,167,030 54.37

Market !% Value Net USD Asset:;

Malaysia 6,831,998 11.20 MYR 11,200.000 Malaysia Governrnerit 3.833%

28:09:m11 3,388,827 5.55 MYR 11.300.000 Malaysia Goverrirrierit 3 869?>

1 :5:04;2010 3:1~13,171 5.ij4

Singapore 7,136,668 11.70

01 ,04/2010 3.B14.t108 5.92

01 :07:2010 3,523.0iY2 5 . iB

SGD 4.000.000 Singapore Gomnmerit 7.825%

SGII 4.500.000 Singapore Government 4.623+


Number of shares Moriey Market Instruments Market 96

or t'rincipal other than those dealt Value Net in on a Regulated Market' USD Assets Amourit

Malaysia 2,267,048 3.72 MY3

Notes 0% 13'1 1 :XI08 7,787,048 3.72 1.500.000 Brmk Ncyara Malaysia Monetary

Singapore S G D

S G D

8.700.000 Singapore 1rw:;ury Bill 0%

800.000 Singapore Trea:;ufy Bill 0% 21:08:2008

28:08/2008

6,876.1 53 11.43

3,38$,088 10 47

58/.08> 096

Total Money Market Instruments other than those dealt in on a Regulated Market* 9,243,201 15.15

Total Investments

Other Net Assets

Net Asset Value

56,380,897 92.42

4,821,221 7.58

61,002,118 100.00

I

Sctirodcr lntcrnational Selection Fund Semi-Annual Report June 2000

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF EURO Corporate Bond

Nurnbcr of shares Transferable Securities and Market '% or Principal Moncy Market In:itriirnents Admitted Value Net Amount to an Official Exchange Listing EUR Assets

Belgium EUIi

tlJR

EUIi

FUR FlJH

Bermuda IJSD

750.000 Rarry Callebaut Services W.5

300,000 Fortis Bank EMTN 4.375%

300,000 Fortis Rank EMTN variable

300.000 korlis B~r iq i ie variable perpctual 250.000 Fortis Bank Regs variable perpetual

13:07:201/

01 :02:2017

23/03/2021

440,000 Pctroplus Finance Reg:.; 7% 01 /05:2017

Denmark t I JR

FlUR

EUR EUR EUR

600,000 Danskc Bank t M l N 4.75%.

1 .000.000 Danske Barik rMTN variable 29.'06,2012

18:08:2011 250.000 Dong t-riergy 3.50.; 29!06!2012 250,000 Dong Energy variablc 29/06/3005 250,000 Nordic Telephone Regs 8.25%

01 ,'05'701 6

France EUR

tLUR EUti

El JR ElUR

t IJR

I IJR

ElJR rl JR

EUR

CUR FUH

EUR

EUR

ElJli C l JR

EUl7 nm rl IR

FlJR

EUR

EUR

ELJR

EUR

EUR

2.000.000 Autoroiites du Sud de la France 5.6?5 '7'0 04/07/2022

1,000,000 AXA variable 15:17:2020 2,000,000 nanques Populaircs Covered Boricj

EMTN 1.6258 0205!2011

2.000.000 BNP Paritms rMTN 4.755 250.000 BNP Paribas 4.875?; perpetual

01:M901 1

17i17;?017_

0 /:09;20 1 7

?50,OOC BNP Paribas t M 1 N 5.25%

300.000 BNP Paribas EM I N 5.431 ?5

750,000 BNP Paribas variable 31 ;17/?049 2,000.000 Caisse d'Amorlissement de la Clette

2.000.000 C R I S S ~ Refinancement de I'Habitat Sociale 3.1 25% 1%!07/7010

4.375% 11/1 0/2010 250,000 Carrefoiir FM 1 N 5.12546 10/10!2014 350,000 Casino Guichard Perrachon 6.3759.5

CM:04:2013

4 1'6% 21/07/2011

1 1 :04!2017

1.750.000 Casirio tiuichard Perrachon EMTN

250,OW Cie de Saint-Gobain EMTN 4.154;

210.000 CMA CGM RegS 5.58 1f/05/7017

500,000 Crown Europcan 6.25% 01/09:7011

750.000 France leleconi EMTN 3?,&

150,000 France Telecorn EMTN 4.3759:.

250.000 rrarice Telecorn EMTN 4.75%

750.000 France Telecom EMTN 5.625%

500,000 France Telecorn EMTN 7.25%

250,000 rrarice Telecom EMTN 8.125%

250.000 GIk S i w Alliance EMTN 5.5";

250.000 EDF 5% 05/02/2018

11:1 0:2010

2 1 /02!20 1 2

21 :02/2017

T7;05/?018

28/01 i2013

28;01:2033

2 3 1 1;2012

1,233,341 0.95

736.875 0.18

272.828 0.71

255.865 0.20 277.2?0 0.?1 190.553 0.15

247,058 0.19

24/.058 0.19

2,139,349 1.63

480.412 0.37

970,324 0.71 231.1R5 0.18 228.898 0.17

778.750 9.17

22,682,196 17.29

1,875,138 1.39 907.iRK 0 76

1.949.158 1.19 165.833 0.13

1,956,525 1.49

24f.813 0.19

790.190 0.22 208,383 0.1 6

1,929.ml 1 .4 /

1,955.585 1.49 242.928 0.19

343.019 0.28

1,195,203 0.91

215.437 0 1 f 176.080 0.13

9ffd.l?0 0.14 3/0.000 0.36 210.195 0.18

/10.562 0.54

142,397 0.1 1

230.311 0.18

741.8Cd 0.18

523.160 0.40

207.641 0.23

219.236 0.10

Page 215

Number of shares Transferable Securities and Market % or Priri(:ipaI Money Market Instruments Admitted Value Net

EUR Assets Amount lo an Official Fxchanoe Listinn

France (cont) EUR 2.250.000 Klepierre 4.fi25% 15'07~2011 FUR EUR

EUR

?50.000 Pernod-Ricard 4.625% 06!1 2/2013 150.000 Ilemy Coinlreau ReyS 5.7%

250,000 Societe Ccnerale t M l N 5.25?,; 1 5!01 i2012

28:03/2013 ElJli 250.000 %mete Gerierale EMTN 5.62%

13!02!2012 ElJR EUR

ElJR 500,000 Vivendi 3.875".6 15;02:2012

Germany FUR 250.000 Allianz EMTN variable perpetual EUR 250.000 Bayer tM1-N f ? L 10,04!701? ElJR 500,000 Bayerische Landesbank EMTN

4.375% 22:01/2014 FUR 500,000 Bayerische Landesbank EMTN

5.375?0 12/0;/:2011 EUR 250.000 Baycrischa Landesbaiik t M I N

5,/5% 23!10:'2017 EUR 500,000 Bcrtclsmann EMTN 3.625%

06!10!2015 EUri 2,000,000 Kreditaristalt fuer Wiederaufbau

lMTN 3.54; 15:07/2009 EUR 1,000,000 Muenchener Rueckversicherungs

EUR 250,000 Muenchener Rueckvcrsicherungs

TlJR

1,250.000 Societe Chierale variable perpetual 500.000 Veolia Environnement EMTN 4.87515

28/05!2013

variablc 21/06/2023

variable perpetual

26:10:'2012 7~0.000 RWE Finance EMTN 6.125%

Ireland EUR

FUR

CUR

ElJR

ElJR

EUR

FlJR

EUR

Italy EUFi

EUR EUR

EIJIi

LUH

EUR

t I J l 4

t l l t l

750.000 GE Capital European Funcling tFMTN

SO0.00c) GE Capital Europcan Funding tMTN

250.000 GE Capital European Funding EMTN

250.000 GF Capital Furopean Furidinn EMTN

250,000 GF Capital European Funding EMTN

250,000 GE Capital European Funding EM 1 N

?50.000 GE Capital European Funding EMTN

250.000 GE Capital European Funding EMTN

3.3759; 08'0272012

4.125?5 05:02'2010

4,125:': 27; 1 0/20 1 6

4.75% 06/07:2014

4.75% IR/01/?011

4.75% 28/09;2012

4.8757; 0R/03/7013

5.375% 16/01:2018

500.000 Banca Montc dci Paschi cJi Siena EMTN 5% 7 5 1 0/7017

500.000 Enel 5.25% 20/06!7017 2.000.000 lntesa Sanpaolo EMTN 5%

2,850,000 lritesa :.;arip;lolo FMTN variable 28!04/2011

28:05!2018

31/03/2066

28/01 :PO1 1

17/03/2055

28:01:2019

250.000 Lottornatica RcgS variahle

1.000,000 Tclccom ltalia EMTN 4.5%

1.500.000 Telecom ltalia EMTN 5.25%

1 .?00.000 Telecom ltalia EMTN 5 .3 /546

2,141.1 1 1 1.63 225,505 0.1 7

138,750 0.11

242.566 0.18

246436 0.19 976,583 0.74

480.202 0.37 161.200 0.35

5,540,946 4.23 7?9.704 0.17 252.268 0.19

478.370 0.37

499.554 0.38

230.510 0.18

421,533 0.37

1.973.701 1.51

983.809 0.75

211.662 0.16

255.827 O.%L

2,624,253 2.00

703.925 0.54

490,3H1 0.37

224.779 0.17

232.427 0.18

245.485 0.15

?41.554 0.18

241.931 0.18

243.771 0.19

10,170,422 7.76

480.230 0.38 487,702 0.38

1,959.932 1.49

7,733.077 7.08

228.250 0.17

861.882 0.73

1,046.241 0.80

1,052,092 0.80

Page 216 Schroder Inkrinatinnal Selecttori Fur id Semi-Annual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF EURO Corporate Bond ( c m )

Number of shares or Priricipal Arriourit

Italy (cont)

liansferablc Securities arid Money Market lnstruriierits Admilled to an Official Excharige Li::tiny

t l J l 1

EUR FIJf3 LlJ1-4

230,000 Telecorri ltalia tM.lN ti.25U,

500.000 UniCrcdit EMTN 4 375% 29:01:2020 250,000 UniCredit CMTN 4.8759: I2;02X)13 300,000 UniCredit I-M I N 5.75% 2ti!G9:2017

01/02:2012

Jersey FlJR

clln 250.000 HSRC Capital Furidiny:Jcrscy

250.000 HSBC Capital rtiridiriy LP:.Jcrscy Chaririel Islarid:; vatiablc perpetual

(;harirw Islands mriable perpetual

Luxembourg EUH

EUR

tUR

EUR

FUL

EUII

ELIR

FUR

760,00T! Coderc hnance LuxerniboiJry Reg3

150.000 Gaz Capital EMTN 4.59%

250.000 Ga7 Capital tM-IN 6.ti03'4L

500.G00 Gar Capital for Gazprorii CMlN

8.25"i 13:06:?015

09:i 2!20 12

13:02/2018

5.304'% 3 1 / 1 C:2014 3,000,000 Holcim Firiarice Ihxembourg EMTN

250.000 I ighthouse Iriterriulional HcqS 8'%

250,000 Iclcconi ltalia Finance CMTN 7.25::-

250.000 Wind Acquisition ririari(:e Regs

30/01:20 14

20:04:7011

9.75% 01:17:2015

Netherlands

EIJFt

EUR tUH

FlJR

FUR

EUR 750,000 ABN Amfo Hank 4.;3% 04:01:2014 S0@,000 ABN Arriro Hank FhlTN tj"5

250.00@ ABN Amro Bank variable perpelual 500,000 Alliari7 rir1aric;e II t M I N IUS

11'?01F 500.000 Allian~ Finance II FMTN

06;03;2013

14!@4:?010

1,000.000 Allianz Finance II variable 31 ;05/2022

CUR

EUR

EUR

ElJl 1 3. /54; 18:l 2'7013

EUR 4% 15:02:201?

EUR 4.6255; 13:UY;2012

t l l H 500,000 Deutsche Telekom International Finance ti.625% 11/07:7011

ElJrI 250.000 Deutsche Telekorri Iriterrialirlrrnal F-lrlarlc:e 8.1 25% 29:05:2012

tUH 250.300 Deutsche Telekoni Inlernational Finarice t M I N 3.25% lY!0l,'Xll0

EUH 250,000 Deutst:he TelekorTi Inlcrndional hnancc EMTN 4% ld:01:%015

EUR 250.000 Deutsche Telekorii International

EUR

ElJl 1

250,000 Rank Nederlaridse Geriieerilern tMTN

500,000 Harik Nedcrlandse Gemeeriteri rM1 N

1,000,000 Barik Nedcrlandse Gerneenteri CMTN

250,300 Bank Nederlaridse Gerrieentcn EMTN

500.000 Harik Nederlandse Gemeeriteri CM.1 N

50~1,000 Bank Nedurlandsc Gemeenteri rMTN

34, 15:04:?010

3.1255: 15:04?2011

xu:.;*,; rii:0~;2015

h r i ~ ~ ~ EMTN 4.3% 25:10:?013

5.175"5 02:10:2012

3.1 25's; 07:05:7013

7h0,000 C.ON Irilerrial onal Finance EMTN

120,000 E.ON lnternatiorial rir iarw t M IN

248.314 443532 230,502 290,851)

433,562

21 1.912

221.550

4,717,185

215.000

324.167

225,547

430.931.3

?,91F,3lli

19I.500

256.051

25 1.5ti3

22,044,123 i28.207

50'1.432 183,01 8

446.78 1

487.29P 985.704

235.767

741.3D0

4i3.80c'

907.231

734.784

481.867

191.3i'B

51 0,153

266.274

211.610

224.Y28

233.20I

24d.554

41 3.508

0.19 0 34 0.18 0.22

0.33

0.16

0.17

3.60

0.1 i

0.17

0.1 7

0.34

2.22

0.1.1

0.20

0.19

16.81 0.57

0.38 0.14

0.34

0.3/ 0.75

0.18

0.18

0 36

0. t iG

0.18

u.3 i

0.37

0.39

0.90

0.1 t3

0.1 7

0.1 8

e.19

0.32

Number of shares rransfcrable Securities and Market B 3r Principal Money Market lnstrurrier its Admitted Value Net Amwit to an Official rxt;tinnye Listing tlJH Assets

Netherlands Icont) roii

EUH

EUR

rm run EUR tUH tlJH

tl!l< rlJn

ClJI1

EUR

CUH

t l J H EUH

EUR

EUR

EU4

EU3

EUH

El JR

FlJr 3

Ell3

FUR

tl Jl-3

25;.006 F.ON Irilernational Finance EMTN 5.5?c: 02;10:201 /

1,700.000 Fortis Finarice T'M I N 5.54; 1 5:04:2U11

31;01:2016 250.000 Fresenius ririarice Kegs 5.5%

500.000 ING Rank t M I N 5,5?4 04!01:7017 250.000 ING narik EM IN 5.875% 2:1:07~2011

1,780,000 INC Rank FMTN vxiable 2Wl52023 2>0.000 IN(; Croep EMTN 4.759h 31:05:2017 30L'.000 IN(; Chcp EMTN 6.1?5'%

01;01:2011 250.000 ING Groep EMTN fl3b perpetual 300,000 KONINKLIJKt KI'N EMTN 4.545

1 n:03;2013 250,000 KONINKLIJKE KPN EMTN 4.5%

21 :07:2011

131 1 :2012

2~1!04'2012

1,1300,000 KONlNKLlJKr KPN EMTN 5%

250,uuO Lnde r iriarice EMTN 1.3/5%

230,000 L.ir idc Finance Variable 3:07:2049 1,000,000 Metro Finance EMTN 4.G259h

1.000.000 Metro Finance rMTN 4.75% 26:05201 1

29/05:2012

19~07:2010

18I01'70lG

15:07:2011

04;04/7012

1 G:01 2 0 1 7

(;mG:2022

250.000 Rabobank Nederland EMTN 3.1 25"G

250.000 Rabobarik Nederland EMTN 3.3/5%

250.000 Rabobank Nederlarid FMTN 3.fi25%

500,000 Rabobarik Nederland EMTN 4.1 25'3;

1,500,000 Habobanlc Nedcrland EMTN 4.75%

230.000 Rabobarik Nederland EMTN 4.75%

250,000 Siemens Firiaricieririysniaatscliappij

500,000 Syngerita ririarice t M TN 2 4.1 25Td

580,000 Uriilever tMTN J.BI3C:L 21!05:'2013 22:04;20 I5

Norway ELIR

CIJ I I

1 ,ti00.000 DnR NOR narik t M I N 5.875% 70:06:2013

20:09/2010 250.000 Eksportfiriaris M I N 4375%

Spain EUH

r IJI 4

tlJH

rui i

FUR

EUR

ClJl 3

EUR

500.000 Altadis Crriisiories hnancicras 4%

500.000 Rarico f31lbaci Vizcaya Argentaria

300.000 OOVA Senior Finance EMTN 446

2,000,000 Instittito de Credito Oficial EMTN

1 1 / I 2.231 3

variable 20: 10:201 Y

97:04;2013

3.51, 30:06:2009

5.125"s- 11:04:2011

74:i 0:2017

02:02,'201 1

07:02f1114

500.000 Santander Iriterriatiorial Ocbt EMTN

250.000 Santander Issuaricw tMTN variable

250.000 Te1eforiic:a tniisiorics EMTN 3.15%

2.750.000 Telefonica Erritsiories FMTN 4.8744:)

248.160

1,671,886

230.000 493,531) 253,847

1,1373.447 93),270

509,695 24/.939

2/fl.231

238.774

949,226

239,280 238.100

909,495

960,206

23Y.titi5

210.706

737.71t3

475.440

1 .38 I637

233.200

251,126

45Y ,411 I SB3.255

1,837,l 76

1,592,245

744,931

7,098,768

47/.50G

412,811

4 66.4 88

1,969,818

490.422

238.522

23T.2Y0

2,583.409

I

0.19

1.28

0.18 0.38 0.19 1.28 0.18

0.39 0.19

0.21

0.18

0.72

0.18 0.18

0.74

0.73

0.10 I

0.1 /

0.18

0.3d

1 .00

0.18

0.19

0.35 ,

0.43

1 .40

1 .?I

0.19

5.41

0.33

0.34

I

i

!

0.36

1.50

0.37

0.1D

0.18

1.97

Schrnder lnternabonal Selectinri Fund Semi-Annual Report June 2008 Pago 21 7

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF EURO Corporate Bond (cotlt!

Niurnber of sharcs Transferable Securities and Market SO Number of sharcs lranslernble Sectirities and Market 0.6 or I'rincipal Money Markct Instrumenis Admitted Valuc Net or Principal Money Market lnstrumcnts Admilled Value Net

FUR Assets Amount to ari Official Exchange Listiny EUR Asscts Amount to an Official Exchange Listing

Spain (cont) ElJR 750,000 Tclcfonica tiirope fMTN 5.1 25%

14/02/2013

Sweden EUR 3.750.000 Svmska Handelsbanken tMTN

variable 20!04:2016

Switzerland EUrl

F lJR

FlUR

760,000 Credit Suissc EMTN 4.75?h

250.000 Credit Siiisse rMTN 5.1 255'-

500.000 Credit Stiisse EMTN 5.125U-

24:09:?010

(41!M:2011

1 8:09/2017

United Kingdom EUR tun

FlJH EIJR

FUR

EUR HJR

EUR

EUH

EUI i

El Jn

EUI i

lJSD GBP

ELJR EUR EUR

tun

FUR EUti ElJR EUR

EUR

EUR

t-IJR

El Jri

EUR

EUR

EUR

2,i00,000 Abbey National variahle perpetual 4.000.000 Anglian Water Scrvices Fir,;iricirig

1 .000.000 Aviva variahle 14!1 1;2021 3.250.000 Rank of Scotland FMTN 3.375%

1,000.000 Barik of :;cotland EMTN 5.625%

t M l N 4.675% 07/10/2013

23:06;2010

73:05:2013 250.000 Barclays Dank EMTN 6% 23/01:201 8 250.000 Barclays Bank EMTN variable

750.000 Bardays Rank EMTN variable perpetm

750.000 BAT International Finance EMTN 3.GP50.b ?9;06/2012

R50.000 EAT International kinanc:e FMTN 5.875?,A 12:03:2015

750,000 GlaxoSmithKline Chpital FMTN 5.l?h% 1:3/12;2012

250.000 FlaxoSmithKlino Capital EMTN 5.625% 13A 2/2017

150,000 HBOS RegS 6.75% 21/05,'2018 250,000 HSRC Rank EMTN 4.75%

250.000 I 1SEC Holdings variahle 79/06/2020 500.000 I loyds TSR 5.87546 08:07!2014 550,000 Lloyds TSD Rank EMTN variable

?.000.000 Nationwide Building Society FMTN

perpetiial

21:03!2046

05/03!2018

500.000 Prudential EMTN variahle 1 9!1 ?/XI21 250.000 Rexam FRN variable ?9,'0&2067 300.000 I?oy;ll narik of Scotland EMTN 4.

500,000 Royal Rank of Scotland EM 1 N 4 75% 23,'01:2017

26!01!2016

10!05:2013 250.000 Royal Bank of Scotland EMTN

6.934% 09/04!7018 450.000 Royal Rank of Scotland Group EMTN

750,000 Royal Rank of Scotland Groiip f-Ml N

250,000 Royal Rank of Scotland Group 5.5%

250.000 Royal Bank of Scotland Group

1,000.000 Royal Rank ot Scotland EMTN 6%

5.23% 15/05:2013

5.15% perpetual

perpetual

variable perpetual

United Kingdom (cont) FIJR

ElJR

1,000,000 Scvcrn Trent lltilities Firlarice rMTN

1 ,000,000 Standard Chartcrcd 4.875% 242.50:2 0.18 5.25% ' 1/03/2016

3,530,072 2.69 11!03:2011

3530.072 2.69 FUR 125,000 TVN Finance RcgS 9.5% 15!12/%013 FRP 250,000 TCSCO t M I N 4.8751: 24/03/?04?

EUR 3,000,000 United lJtilities Waler CMTN 4.25% 966.682 0.74 74/01 !2070

244.954

245,008

476.720

26,542,932 2,381,251

3,731,146 95ti,781

3.082.441

963.090 238.360

197,367

498,993

??7,984

629, Y 05

744.971

247,188 88.777

256.859 208.193 493,004

530.693

1,857.983 1.2?4.9/8

180.1 12 195,930

262.039

477.770

981,841

248,443

428,51 7

187.300

185.800

214.280

0.1 9 United States of America EUR

EUR

ElJR

1.82 EUR EUR

2.85 EUli 9.73 EUR

0.19

0.36

20.24

2.35 rim

0.73 ELlR 3.18

EUH 0.15

1738 EUR r o R

r o R 0.17 EUR

0.48 EUR EUH

EUH 0.19

EUR 0.19 0.01 ElJR

0.70 EUR 0.16 0.38 ELJR

0.10 EUll

1.47 rm

0.37 r u R 0.93

0.15

0.70

0.36

0. :5 ElJI4

0.19 EUR

0.33 ElJR FOR

0.14 FlJR

0.14 TlIR

0.lR

FUR

TlJR

ElJR

250,000 Ahold Firiarice USA EMTN 5.875%

500.000 Air Products & Chemicals 4.825% 14/03/2012

15/03/7017 1,000.000 American Express Credil EMTN

3.0750,; 13:l 0:2009 200,000 ATRT 4.375B 15/03/?013 250.000 AI&[- 6.125% 02/04/201b

2,000,000 karik of America 4.2590 21!10:2010 500.000 Bank of America FMI N 5.125%

500.000 Rank of Amcrica EM I N variahle

750.000 UNP Paribas Capital Trust VI variable

250.000 Chesapeake Fnergy 6.25%

250.000 Citigroup 3.87596 21/05!201 0 750.000 Citigrwp 5% 0?/08!2019 450.000 Citigroup EMTN 3.9546 1 Oil 0'201 3 250.000 Citigroup EM IN 4.3 250.000 Citigrmiup FMTN 6.4 250.000 Citigroup EMTN variahle 31/05:?017 250.000 Dairnler N d h America EMTN

250,000 Goldmarl Sachs EMTN 6.3759"

500.000 HSRC Finance EMTN 3.375%

550,000 IiSRC Firidrice EMTN 4.87595

300,000 .JPMorgan Chase Rank variable

250.000 JPMorgari Chase EMTN 4.625%

850.000 JPMorgan Chasc EM IN 5.254

500.000 Pemex Project Funding Master lrust

250.000 Proctcr & Gamble 5.125%

s00.0@0 Procter & Gamble EMTN 3.375%

500,000 Procter & Gamble EMTN 4.556

750.000 RRS Capital Trust A variablc

250.000 SanPaolo IMI variable perpetual 1,000,000 Schering-Plough 5.375% 01!10/2014

750.000 SG Capital Trust 111 variable perpetiial 250.000 Unicrcdito ltaliano Capital Trust 111

750.000 Zurich Finance USA EMlN variable

76/09'7014

28/03;2018

perpetual

15/01!2017

1.375% 16/03/2010

15!022013

08!06:2012

30!05/7017

30:1 1:m?1

31;01/2011

OR/05:?013

Regs 8.375% 05/08/2016

24:10:201 1

07!12!2012

12/05!2014

perpetual

variable perpetual

0?!10/20?3


96?.685

967.714 261.573 1 32,180

2,493,198

13,91 1,723

246.925

459.909

968.550 187.432 249.411

1.932.784

4 18,012

433.484

234.385

237.396 741.493 673.638 399.247 218.356 217.138 225.258

744,140

235,374

468.552

500.091

251.371

?43.?57

811.300

501.935

243.281

459,350

477.848

230.45R 251,981 976,547 715.677

195,251

233,819

0.13

0.74 0.20 0.10

1.90

10.61

0.20

0.35

0 74 0.14 0.10 1.47

0.:36

0.33

0.18

0.18 0.18 0.51 0.30 0.17 0.1 9 0.17

0.19

0.1 8

0.35

0.38

0.19

0.19

0.62

0.38

0.19

0.35

0.36

0.18 0.19 0.71 0.16

0.1 5

0.18

125,719,788 95.88

P a y 21 8 Sctiroder International Selection Fund Somi-Aririual Heport June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF EURO Corporate Bond (cont)

Number of shares 'Irdrlstefable Securities arid Markel uI o r Principal Moriey Marltct Instruments dealt V r h e Net Amourit on another Regulated Marltct EUR Assets

United Kingdom USD


770,000 HSHC 6.8% 01 :06:>038 481,624 0.37 481,C24 0.37

481,624 0.37

Nurriber 01 sharcs Market "k

or Principal OLlier I mnsferable Securitie:; Value Net Arriwr it not dealt or1 amtlier I lqulatcd Market EClR Assets

Bermuda 149,288 0.11 US0

01 :05:2T)14 14!4,?W 0.1 1 260.000 Pctroplus Finaxe KeyS 6.i59t

Total Other Transferable Securities not dealt on another Regulated Market 149,288 0.11



Net Asset Value 131,124,139 100.00

Schroder ISF Global Corporate Bond Nurriber 01 shares Transferable :;ecurities and Market 9b or Priricipal Money Marltel Instruments Adrriitted Value Net ArIiOunt tu ;in Oflicial Eichariqe I..isling U X I Assets

Austria rw IOO,OOO Rephilc; 01 Austrla EMTN 3.59

15/(3'1):2021

Canada US0 400.000 Petro-Cariada 6.05% 15:05:201U

Cayman Islands EUR 50,000 Hutchisori Whampoa Firiarice 05

.1,125"0 %8:06/2015

Denmark FUR

Finland EUH

100.000 Dorig trieryy variable 29:00:3005

150.000 Nordea Rarik ririlarid EMTN variable ?fj:03:2011

France tUR

EUK

EUR

EUR

ro!l

t l J +

EUR

ru l

200.000 Hanques Populaires Covered Bond

150,000 BNP Paribas Covered Bonds LM 1 N

350.000 Caisse Helinaincemcnt de I'Habitat

1 09.000 Casino Guichard Perrachori 6.375%

100,000 Casino Guichard Perrachori tMTN

100.000 Conipagnie de ririaric;ement Foncier

100,000 Credit Lo(jerrieril IHN 15:0ti?291 7 14.000 TPSA turotinance France 4.625%

100,000 Veolia tnvironnernent TMlN 4.8754;

EM IN 4.B25Yc 07:05,2011

4.75% 28;05/?013

EMTN 3.75-1, 2dLti,2011

04:04;?013

.1.875U, lij;04;2014

EMTN 3.$75:5 1 1 ;02:20 1 1

@5:87,'?(11 1

%84)0;2013

Germany EUR EUE 170.00i) Bayerisclie Hypo-und Vereinsbarilc

50.000 Bayer EMTN 4.5% 23;05:2013

EMTN 6.675% 12;10:2010

Ireland mil d).OO0 Allied Irish Banks CMTN wiablc

03:07:2023

Italy Cll l l

FUR

tUR

EUR

CBP

150.000 Darico Popolare EMTN 5%

150,000 lntesa :;aripaolo EMTN variable

?00.000 Intcsa Sanpaolo rMIN variablc

100,000 Tclecotn ltalia CM I N 5.25'3;

100,000 Tclccm ltalia TM-IN 3.375%

19: 10:2010

00:0ti:2015

78.'03?2018

17/03'2055

24~06.?01!2

Jersey G W 50,000 HStK Capital FundinqJersey

Channel Islands Reg:; variablc perpet i ial

Luxembourg EbR 200.WU Telecurri ltalia Finance EMTN 7 58;

20,'04/2011

Mexico CCI l 25,090 Uriited Mexlcan States GMTN 4.258

1 ii:0%'201:5

135,436

135,438

393,386 393.386

68,478

68.4 78

144,185 143,185

236,129

?30.129

1,830,701

307,264

229,354

5Zi.361

154.471

142.71 4

151 .Yu0 144.81 I

2 1.38U

1 5 1 .9 I1

346,187 74.804

271.383

96,956

96.96f

1,051,192

23 1,331

225.731

302.2<iH

109,'336

181,893

100,045

100.045

322,863

327,803

35,907

0.49

0.49

1.43 1.43

0.25

0.75

0.52 0.52

0.86

0.88

6.66

1.17

0.83

1.92

0.56

0.52

0.55 0.53

0.00

0.55

1.26 0.27

0.99

0.35

0.35

3.83

0.85

0.87

1 . io

0.40

0.69

0.36

0.36

1.18

1.18

0.13

33.907 0.13

Schrnder Internaticmal Selectiorl Fund Semi-Annual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Corporate Bond (cont)

Number of shares Translerable Securities and Market " s b

or Principal Moncy Market InsIrufrients Admitted Valuc Net Amount to ari Official Exchangc Listing USD Assets

Netherlands EUI i

EUR

EUR r u R

E M 100.000 Netherlands Government 1 %

GPP cBr) FOR

Norway FUH

Philippines IJSI)

300.000 Rank Nederlandsc Gcmeenkn EMTN 3.12!75 15!04/2011

50.000 t.ON Iriterriational Finance EMTN 5.75?7 07:05R0?0

100,000 ING Bank FMI N variable 29/05/2023 73.000 Lindc Finance EM I N 4.75?0

21.'04:2017

15/01 203 7 100.000 Royal KPN tMTN 5.75% 18:03,'2016 55.000 Royal KPN rMTN 646 29,'05:2019 60.000 Unilevcr EMTN 4.875% 21/05%013

81,000 DnR NOR Bank variahle perpetual

58.000 CE Casecnan Water R Energy 1 1.9546 1 5 1 1 ;2010

Spain LUH

FlJR

GBP

100.000 Santander lwances EMTN mriable

150,000 Tclcfoiiica trnisiories CMTN 5.587,

?50.000 Telefonica Emisioncs EM 1 N 5.888%

24: 10:2017

17:06:7013

31 :01/2014

Sweden FIJR 100,000 Svenska Haftdelst);lrikeri FMTN

variable 20'01/20 16

United Arab Emirates USD 630.000 A h Dhat)i Commercial Rank FRN

0'3:05:'7016

United Kingdom FIJR GRP

rim

Ellt i

USD (;np

GHP FUR

GBP

r u R

GRP

EUR

GRP

GHP GBF' GRP EUR

GBP

gO0.000 Avvi-a variable 14/11/2021 50,000 Bank of Scotlarid 9.37540

15!05!202 1

23!05/2013 140,000 Bank of Scotland EMTN 5.fi?5%

1 00,000 RAT International Finaicc EMTN 5.875% 12:03/7015

200.000 HBOS 144A 6.75% 21/05/2018 50,000 HSRC Bank EMTN variahle

15.000 Kelda WX25°,c 17/04:2031 50,000 Lloyds 1 SB Bank rMTN variable

75,000 Norlhtintbriari Water Finance 5.625%

100,000 Royal Bank 01 Scotland rMTN 5.257,

75,000 S e w n lrerlt Utilities Finance 6.25:::

150.000 Severri Trent Utilities Finance EMTN

250.000 Standard Chartered Rmk rMTN

29/09:?070

05:W3/20 1 8

29!04:2033

15!05;2013

07/06:2029

5.?5?6 11/03/2016

variable 25!01:2018 05.000 UK Treasury 18 07/00/201 R 50.000 IJK Treasuty 4. 15% 07/122038 60.000 UK Treasury 5% 07/03:2025

100,000 tlnited lltilities Water EMTN 4.2545

100,000 Liirich kinarwe IIK EMTN variable 24/81 /2020

perpetual

1,286,966 4.69

449.959 1.64

77.585 0.28 148.180 0.54

105,982 3.39

134.503 0.49 180.388 0.66 98.530 0.38 91.839 0.33

123,389 0.45 123.389 0.45

60,030 0.22

60.030 0.22

853,815 3.11

150.379 0.55

231,412

472.021

148,371

148,371

576,576

5/6.576

3,540,576 754.01 5

11 1,240

212.516

152.712 186.744

87.271 I 53.377

(6,041

133.801

150.101

144.340

227.600

467.91? 156.725 100.51a 11 1,831

130.G88

17R.Nk

0.84

1.72

0.54

0.54

2.1 1

2.1 1

12.89 2.13

0.40

0.77

0.56 0.68

0.32 0.56

0.28

0.49

0.55

0.53

0.83

1./0 0.57 0.37 0.43

0.48

0.64

Page 219

Number of shares Transfcrable Sccuritics and Market ?6 or Principal Money Market Instruments Admitted Value Net Amount to an Olftcial hchanae Listina l l X J Assets


USU USD IJSC I JSll USD

USD

FUR

IISD

EUR

EUR

IJSD USD EUR

lJSD LJSO

t JSD

USD

USD

usu

EUR

usr) 310.000 A[BI 6.4% 15/05/2038 530.000 BellSouth 4.753; 1 5 1 1:2012 150.000 Chiibb 6.5"~b 15/05/7038 145.000 Citigroup 6.125% 21il1/2017 160,000 CSX 7.45?0 01/04/2038 140.000 Florida Power 5.66% 15/06/2018 500,000 General Electric Capital MTNA 4.75%

13/09:2010 7 1'0,000 General Electric Capital MTNA

5.875% 15:0P:2012 100.000 General Electric Capital RcgS variable

15/09/2066 300.000 JPMorqan Chase & Co. 1.759-

01 :05/2013 50.000 JPMorgan Chase & Co. EMTN

5.259b 08:05/2013 60,000 KBC Bank Funding Trust IV HegS

variablc pcrpctual 705.000 Kfoger 5% 15!04!2013 l00.000 Nevada Power 5.875% 15/01/2015 40.000 Pcmcx Proiect Funding Master Trust

Regs 6.625% 04/04/2010 120.000 PepsiCo 5% 01 /O6!201 R 160,000 Philip Morris International 6.375%

16!05/2038

01:06:2016

5.902% 12/01!2015

01!05/201 1

15/W/2013

O?:l W7023

45,000 Reynolds Arriericxi 7.6754:-

300.000 Stingray Pass-Through Trust l41A

51 0.000 l imc Warncr Cable 5.85Yb

455.000 Veriron Comniiinicatioris 5.2

200.000 Zurich Financc USA EMTN variable


Numbcr of sharcs or Principal

Transferable Securities and Money Market Instruments dealt

5,369,614 19.54 300.034 1.09 526,536 1.93 146.102 0.53 140.958 052 162575 059 141,379 0.51

504.688 184

797.729 2.90

132.552 0.48

7!?1.9// 106

75.108 0.27

95.980 0.35 201,411 0.73 187.735 0.68

63.843 0.23 117.739 0.43

155.687 0.57

47.184 0.17

15.000 0.16

185.818 1.77

454,861 1.66

294.828 1.07

16,720,802 60.87

Market S Value Net

Amoiint on another fiegcilated Market USD Assets

Canada LJSD 310,000 Canadian Natiiral Ijesoiirces 5.9%

01 !02/2018

France LJSD 300.000 Societe Generale 144A 6.75?'0

?0:04/201 B

Luxembourg USD 305,000 Gaz Capital 144A 6.21295

7?;11 /?01 0

Malaysia IJSO 100.1100 Empire Capital Resources Regs

9.37536 15:17/~011

Netherlands USD lJSD

230,000 ING Rank 144A 5.125% 01/05/2015 160,000 Scotland International Financc No 2

144A 4.?5?'0 ?3:05/2013

306,794

306.794

291,368

291.368

283,359

283.359

105,750

103,150

369,643 223.815

145.828

1.12

1 I ?

1.06

1.06

1.03

1.03

0.38

0.38

I .35 0 82

0.53

I

Page 220 Schroder International Selectioi Fund Semi-Aririual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Corporate Bond (curit)

Nur1it)er 01 sharcs Transferable :;et:urilics and Market % or I-'rincipal Moriey Market Instruments dealt Value Ne1 Amount on anothcr Renulated Market IJSU Asscts

United Kingdom USD 145.000 Barclays Bank 5.45% 17:OG:2012 LJSU 233,000 I l:.W; 0.U'X OI4X/20Y8


L J W

I J:SU

USD

USD

USD USU USD LJSU

u:;u

LJSD IJSI)

USD

USU [JSU

LJSU

USU

usn lJSD IJSD USD

USD

490.000 American Internatiorial M I N 4.:15%

260,ONJ Assured Guararily LIS variable

160,000 Rank of Nevi York Mcllon MTN 4 51:.

20'03201 2

1511 2:?0G6

01:04:7013

13;11:7015 81 ,001) Colorado Interstate Gas 58%

300,000 Comcast 6.44:: 15:05:2038 45.755 (;oiinlrywidc Asset-Racked

Ccrtlficates 2005.9 N 5.5"~ 75:10:203r?

780,000 FHLMC 5.b3: 15:07:2030 200.000 rrl (;orluulllny 7.825 53:5,000 MBNA MTNr 7.5% 1 2Y3.000 Midarriericnn Encrgy I :l'%

01 :04:PO 18

,201 3 12 -?

650.000 Morgan Stariley Capital I 2003-T11

400.000 Plains All Americari Fipelirie 1 M A

Y53.000 FNC Brink 0.875% 01:04;9018 301.11iY Quest Triist 2005-x:! MU 8%

24,YtiD :.;truc:lureij Assct Investmerit

0.59: 01 '"5,', I I ,2318

25:12'2035

L.oan Trust 2003-RC11 M4 b l {N 25: 10:2033

350,000 IJ:; BarikCincinnati 3 30:10:2014

213.300 USr reasu~ 7 1 315,000 US Treasuv 3.t3 195.000 US lreasury 5% 480.000 IJS Irea::ufy Inflation Indexed Hond::

230,000 Viacom li. fb?: 05,'10,'2037 2.3759; 15:0':2027


Niimber of shares or Principal Olher I ranstcrable Securities

379,252 147.575 231.677

6,834,685

345.754

.186.882

136.427

83,861 371 955

13 i 707.81 3 205.710 568.88'3

295,07 1

(344.237 451,548

f4.825

4a0.:20 %W767

9.037

13.436

343,771 2 1 9,152 312.115 209.777

514.687 720.755

8,570,851

Market Vallle

1.38 0.54 0.84

24.88

1.62

0 V D

0.57

0.31 1.33

0.00 2.80 0 75 2.07

1 .07

2.35 1.55

0.27

1 .T5 0.95

0.04

0.05

125 0.70 1.14 0.76

1.87 0.80

31.20

?6 Ne1

Amount not dedt ori ariollncr Hegulated Market USD Assets

United States of America 359,665 1.31 IJSD 370,000 ITC 144A 5.8753 30iOY:2016 355.683 1.31


Total Investments

Other Net Assets

Net Asset Value

359,665 1.31

25,651,318 93.38

1,818,283 6.62

27,469,581 100.00

Schroder ISF Global High Yield

Nuinbcr of shares Trarislerablc Securities arid Market '7"

Value Net or Plincipal USD Assets Ammrit

Moncy Market Instrurrierits Admittcd to an Official Exchanyc Listing

Belgium EUR 1,400,000 Barry Callebaiil Seniccs 6%

13~07:2017

Bermuda USD 7,770,000 I'ctroplus firlarice I leg:; 7?'>

01 /03:2017

Canada LJSD U:;D

2,880,000 Hombardier 144A 8% l5~11?2014 5,910.000 Sirio Forest 144A Y.1258

1 /:08;701 1

Cayman Islands I K L ) 2.ti50.000 :;eagalc Icchnoloq). I IDD G.375%

0 1'10;2011

01 :I 0:201 ti IJSD 1,450,000 Seagale Icchnology HDD t i . 1 3 8

China l!SD USD

2.000.000 AAia Aluminum Reg:; 8% 23'12'201 1 3,425,000 Galaxy Criterlainment Finance Reg3

Y.B/b:b 15:12:2012

Denmark

Fur< EU4 1.800.000 ISS Global FMTN 4.75"'; 19'09:2010

1 .000.000 Nortjic; lelephone Regs 8.254h GI :05:701 G

1-iiri 5oo.000 I I C EMTN t i . ~ c . ~ is:04:7017

France EU3 tL!: i r U l tUH

2,250.000 CMA CGM Reg:; 5.59( 18:'05:2012 1 .500.000 Cruwin European 6 75% 01 :09,20 1 1 1,100.000 Perriod I ka rd 1.ti2SUk 06:1?:2013 1,600,090 Ileriiy Cointreau Re;j:; 5.28

l5;01:?017

Germany tUF t l J H

2,930,000 FLHI I icgS 5.62'3% 15:12~2011 230.000 Uriily Mcdia secur Reg:; 8.758

15:02:2015

Italy Ell1 i

EUR 5o0.000 lclccom ltalia rMTN 5 25%

2.000.000 I ottonialica HegS variable 31 ~03:X)iiki

11:0:1:2055

Liberia lJ:XJ 5370.U00 RoyA Caribbcan Cruises /'?,,

13:06:?013

Luxembourg CUI l 2,500,000 Codere hnancc Luxembourg Reg:;

8.255, 1 5:0U:li)l5 USD B.700.W Evra7 (;rOlI[J 144A 9.5'?l 24r'04~7010 ElJR

ELI4

2.000.000 Liyhthouse Internatiorial I leg:; 8% 30!04:20 14

1 ,750.0C)O Wirid Acquisition Finance Reg:; 9.75?,, 01:12:2015

Netherlands EIl!I7

tUH

ELK

ELK

1,000.000 rreseriluu finance Regs h'h

1,300,000 Frewiiius Finance Reg:.; 5.5%

5.B00.000 Indo Inte(]ratetj Erieryy 8.5%

31:01'2013

31:01,'X)lO

01:00:7012 400.000 Linde ririxiw wriablc 3:0i:2WY

2,090,763 0.44

2.0Y0.IB3 0.44

1,964,700 0.41

1.984.700 0.41

9,018,374 1.90 7,977,057 0.63

6.04 1,31 I 1.27

3,933,977 0.82

2,592,227 0.54

1,341.750 0.28

5,289,397 1 .I1 1.915,000 0.40

3,374.39i 0.71

4,865,181 1.02 2,[336,838 0.68

1,442,177 0.30 756,158 0.16

9,519,006 2.00 2.973526 0.67 7,777,372 1.990.406 0:17 0.42

2,332.702 0.49

3,886,071 0.82 3,517.607 0.74

368.464 0.08

3,402,510 0.72

2.852.832 0.60

54Y.818 0.12

4,775,767 1 .OO

4.775.787 1 .OO

15,211,700 3.20

3.388.723 0 . I l 6,683,230 1.41

2.365.225 0.50

2.775.507 0.58

11,442,373 2.41

1,481.581 0.31

2,175,087 0.4C

5.87Y.852 1.24 600.450 0.13


Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global High Yield (cont)

Number of shares Transferable Securitics and Market 96 or Prmcipal Mowy Market Instruments Admitted Value Net Arriount to an Official Exchange Lisling lJSD Assets

Netherlands (cont) EUI 1

EUR

Philippines t K D

400.000 I inde Finance variable 14/07/2066

250,000 IJFC Regs 8% Olil li2016 EUR 250.000 IJPC, RegS 7.75?0 15!01,'2014

15?.?50 CE Casecnan Watcr & Encrgy 11.95% 15illi2010

Sweden FlJR 1.029.31 8 Corral Finans I3egS variable

16:01/7010

United Kingdom tUI1 t u n EUR


1 ,000.000 Alliance Roots 5.5% 26!05:2000 2,i 00.000 Rexarn FRN variable 29/06!2067

250.(100 TVN Finance HegS 9.576 15:l 2/2013

US0 EUR

GRF'

USD tusn

tlSD

IJSC) Et JR

FtJR

IJSD

USD

USD

USD tJSD USD t JSD USD 1JSD t J X I US0

t JSD

C1SD

USD

USD

USD

USD USD USD

USD

USD

lJSD

tun

1.355.000 AtS 8% 1 5 1 0/2017 750,000 Ahold Firlarice USA EVTN 3.8/54;

500.000 Ahold ririance USA EMTN 6.5"r 14!03:2012

14:03:7017 5.61 0.000 AK Steel 1.75% 15!06/2012 2.91 0.000 Allicd Waste North Anierica 7.?5?n

15:03/2015 1,950,000 Allis-Chalmcrs tnergb 9%

15:01/2014 3.930.000 Belden 7% 15103:20 17

960,000 Central European Distribution I 1egS

300.000 Chesapcakc tncrgy fi.25pi,

6,355,000 Chesapeake Energy 7.25%

1 ,755.000 CiliLens ~DrrirriiiriicatiCns 995

4.365.000 Community Health Systems 8.8759;

2.135.000 Ilyriegy 144A 8.375% 01:05!201 ti 5.750.000 Dynegy 7.75% 01/06;2019 3.:395.000 El Paso 6.8755b 15/06:'2014 1.955.000 El Paso 7.259,; 01/06;2018 5.988,588 E lnmd rriergy R.l5Y% 05:07:'2028 ?.930.000 Encore Acquisition 6% 15/07/2015 ?.930.000 Ford Motor 7.15'4b 16/07;2031 6.850.000 ford Motor (:redit 7.8754~

?,320,000 Ford Motor Crcdit 9.87596

4,680,000 Treeport-McMoRan Copper & Gold

3,130,000 Gcncral Motors Acceptance 7.2%

3.(305.000 Markwest trieryy Partriers !Mark

4,890,000 MGM Mirage 8.7545 01 /04:2013 1.7?0.000 Millipore RegS 5.875% 30i06/2016

675.000 Nevada Powor 5.875% 15/01 i2015 225,M)O Nevada Power 6.5?; 15/05:?01 8

8?,i, ?5:07:2012

15:oi 1201 7

15:l 7:201 8

15:08:2031

15;07/2015

15/06:7(:)10

10:08;201 1

8.758 01/04:2015

15/01!2011

Energy Finance 8.5% 15/07/2016

3.950.000 Ne\yfield rxploration 1.1 25Y~ 15!05/2018

2,015,000 Pioneer Natiiral Resources 6.8/34~ 01/05/2018

2.980.000 r'lains txploration & Prochir:ttori /.625"6 01:06!2018

6,310,000 Quicksilver Resources 7.75"/6 ol!OH;2015

61 3.867 313.798 34 7,738

157,579

157,579

1,452,012

1.452.012

4,926,592 1.91 5350 2594.047 1 1 6.895

121,668,816 1.342.:<10

1.187.573

937,082 5.66R,570

2.947.0633

1.888.377 3,787,807

1,513,104

439,547

6.256.781

1,590,007

4.371.425 2.078.239 5,2Rfi,l11 3.3I8.650 1,947,599 5,708,229 2,761,521 1.707.931

6.000.480

1,999,133

1.900.!!54

2.409.143

3,983,100 4.246.673 231 7,886

RR0,95S 228.2/0

3.83?.978

2.787.054

2.995.888

6.286.736

0.13 0.07 0.C7

D.03

0.03

0.31

0.31

1.04 0.40 0.55 O.O!!

25.59 0.79

0.74

0.1 !.I 1.19

0.62

0.40 0.80

0.32

0 09

1.32

0.33

0.92 0.44 1.11 0.71 0.41 1.20 0.58 0.35

1.26

0.47

1.03

0.51

0.84 0.89 0.49 0.1 4 0.05

0.81

0.55

0.63

1.32

Nurriber of shares Transferable Securities and Market % or Principal Moriey Market Instruments Admitted Value Net Amount to an Official Exchange Listing LJSU Assets

United States of America (cont) tJSD d.RO0.000 Chest 7.075?6 15/06/?015 4,675.868 0.98 USD 2.91 5.000 Range Resources 7.5% 16:05/7016 2,987,302 0.63 USD 2,000,000 Reliant Ennrgy 7.8755 15/06~2017 7,844,386 0.60 USD 2,915,000 Reynolds American 7.62590

01 /06/2!3 16 3,058,485 0.64 US0 7.805.000 Sprint Capital 8.375% 15/03/2012 7.725.5fd 1 .R7 USD

5.9025 12/01 /2015 105.000 0.02 US13 2.755 000 Williams 7.5% 15:01 '2031 7,847,479 0.60

700.000 Stingray Pass Throrigh Trust 144A


Numher of shares Transferable Securities and Market ?j

Moriey Market Iristriimerits dealt Value Net or Priricipal on another Regdated Market USCl Assets Amoiint

Bermuda IJSD

British Virgin Islands IdSD

450.000 lntelsat Derrnuda 9,250,& 15:06/2016

3,900,000 FTL Trade Finance 144A 7.25% 20/1 0/2017

Canada USD 4.855.000 Kinder Morgan Finance 5.7")~

5,275000 Nova Chemicals 6.54; 15/01/2012 06/01 :701 6

Malaysia t lS0 4.100.000 Fmpire Capital Resources Fte Re$

9.375% 1511 71701 1

Mexico USD 1 ,900,000 Kansas City Southern de Mexico

7.625% 01 !1 2/20 13

Singapore I JSrl


1,350,000 S 1Al S ChipPAC 7.556 19107/?010

tusn USD IJSU

IJSD

IJSD

lJSD

USD USD

IUSD

m r 3

usu

usu

USD

1,835,000 Actiiant 5.8/5% 15/06/2017 7,815,000 AES 144A 84t 01106~2020 3,885,000 Anrerican rower 144A 7?A

2,920,000 Amerigas Partners 7.25%

8,885,000 Amkor Technology 7.125%

4.875.000 Atlas Pipeline Parlners 144A 8.75%

1.950.000 Rristow 7.50/0 15:09,'2017 5,855,000 Rroadview Networks 11.37596

P.470.000 Ruffalo Thunder Development

1.1 95,000 Centenn'al Cornmimications 1 0?h

1,050.000 Centennial Communications FRN

5.750.000 Chesapeake tnergy

3.885.000 Complete Production Services 8%

191 0/201 /

20/05/2015

15:03/2011

15/06/2018

01 /09/2012

Authority 141A 9.3754b 15/12/2014

01 10 1 :2013

01 /o 12013

6.54b15/38/201 I

15/1 7/3016

455,625 455.625

3,922,156

3,9?7,15B

9,143,172

4,377,928 4,765,814

4,335,750

4,335,760

1,862,000

1.862.000

1,431,000 1,431.000

218,827,658 1.812.063 7.637.853

3,850,824

2,755,984

8.542.167

1.764.7 16 1,069,424

5.503.700

1,867,250

2.250.651

1.891.500

5.41 1,203

3,892.071

0.10 0.10

0.82

0.87

1.92

0.92 1 .00

0.91

0.91

0.39

0.39

0.30 0.30

46.00 0.37 1.61

0.81

0.58

1 .80

1 .OO 0.41

1.16

0.35

0.47

0.40

1.14

0.82

Page 222 Schroder Intcrriatiorial Selection Fund Serrii-Arinual Report Junc 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global High Yield ~ C O I I I )

Number ot strafes Transfcrablc Securities arid Markel ?: or Principal Money Market Instrurrierits ciealt Value Net Ariioiint on another Regiilaled Market USU Assets

United States of America (contl {JSD

LJSU

LJSU

USD

US13

t J X USD

I K D IJSTI

US0

USD [JSU lJSD USD IJSU

USD USD USD

us13 USU

US0

IUSD

IJSI)

LJSD LJSD

lJSD

USD

USD

USD

USD

I JSLl

us0 USD

USD

USD

us1 1

USD

. I

3,885,000 Copano Enerqj I I (;:(>opar.io Energy

1 .Y50.000 Cricket (;orririiiinications Leap 144A

1 ,950.000 Cricket (:orrirr.iiriications 14JA 1 O0,c

2 2 1 0.000 Uerhiry Iicsources j.53s>

3.000,000 Echostar DD:.; I44A 7.75%

5.910.000 Fchostar DB:; D.G25:'.; 01,'10,'2014

Firiariw 14JA 7.75T4 01:06?701fi

109t 15;07:2015

15:07:2015

0 1 :0112013

31/05:2015

13,920,000 Energy Fiitiire 144A 10,8757; 01:11:?017

3,900.000 Forest Oil 1444 7 25% 15:08,'2019 7.780.000 krccscale Semlcondi.ictor fl.875c,e

8.145.000 r I I Cmsiilting l14A ;,is@,; 15:1 2'201 4

0 1; 1 0:201 8 325.000 FTI Consulting /.d250/6 15~0tj:7013

2,352,000 GSC 8% 01:10~2012 5,045.000 HCA 144A (j.3i5?,, 15:01:2015 8,330.000 HCA Y.25Cv 131 1:201 G 1.820.000 Helix Friergy Solutions l44A S,5%

15:01:20 1 t i 4,910.000 Iiicrgy U.8/5% 15:12:2014 3,620,000 I airiar Media ti.ti'23% 15/0D?701S 2.435.000 L irin Energy LLC 144A 9.87596

7,275.000 Masscy Energy G 8758 15'1 2'291 3 01/0:.'2018

1 .9:,0,S00 Metal:; LJSA [I 'AY-IN-KIND)

7.800.000 Mirant Americas Gerieratiori 5.5",

4.275.i)OU Mohcgan Tribal Garriing Authority

5,800,300 NRG Energy 7.37516 l5:01?2017 0,875,900 PetroHawk Eneryy 144A 7.87590

2,930.000 Petroleurn rlmlopmcnt 144A 12%

01:07?2012

01 :I 0:202 I

7.1 25% 15,08:20 I1

01 :0tj:2015

15/0?,'701.S

15: 1 1:2023

15'07,201 t3

870,000 t'hillips-Van Heusen 7.75"~~

3.1 50.000 Pioneer Natural Resources 5.08%

Regency Energy rir1aric:e 8.375% 1 3 1 2:2013

1,155,000 RH Doririelley 144A 8.8754; 1 5:10:?017

1 .t390.000 I lock Tcnn 144A Y.73% 4,865,000 :;ar ic j lM$ tncrgy 144A

01/OG:2018 3,450,000 Seriior Housir'g Properties Trust

8.625?5 15~01~7012

01:11:2012

15:04:20 1 8

15;08:20 15

900,000 Steel D ~ ~ M I I I ~ > l11A 7.375%

4,925,000 Steel Dynarriics 144A 7.75"sc

1,435,000 Si.irigartj Daki Systems 10.2595

3,821 2 Y . 2

1 ,920. i ! iC

1.974.002

2.223516

7,931,831 5.'lt30:101

lJ,ULE,4-lS :3.:53.234

fi,331.;17

H . ~ O I ,050 333.477

2,431 212 4,?:34.415 U.5!35.9G5

4.8U4.600 4.00G.064 3,304,363

2,3tis;.w 7.141,S04

3,09B.l9fi

1,833.000

7347,171

3.585.318 !3,:Jfi4,191

ti.7iY.tiU2

3,135,100

84H.86/

2,884,333

3,339,138

2,895231

fi74.896 1 ,OYti, / 8 /

4.32331 1

3,597,731

81)8.20i

4 .w/,904

1,483,237

0.80

0.40

0.42

0.47

0.82 115

2.UG 0.7Y

1.33

I .:m 0.07 0.51 0.89 1.81

1.04 0.97 0.69

G.50 1 50

0.m

0.39

1.54

0.15 1.78

1.4%

0.U6

0.18

0. wc

116

0.ti1

0.18 0.42

1 04

0 7ti

0.19

1.03

0.31

Number of st lares Transferable Securities and Market %: Value Net or Principal USD Assets Arrioiirit on ariother I7egulatcd Market

Moncy Market Iristrurrierit:: dealt

United States of America (cont) US0

I J:;U 4,880,000 Wiridslrewr 7% 15,'03:201 U 1.185.5/0 0.94

fi.775.000 Targa Resources Psrlners I44A 9.25'30 01:07:201 ti 8.51 1. ;49 1.79


Number oi shares Market ?: or t'rincipal Other I rniisfcrable Securities Value Ne1 Amourit not dealt on ariother I kgulatcd Market LJSU Assets

Bermuda US11 30L'.000 Petruplius hnancc HegS u , /5%

01:0:5'7014

Netherlands USD USD

1.500.i)00 Malapahit 7.23'' 1 -144 28&u:;/01 I 2.838.000 Paitori Crieryy kunding Re@ 9.34?0

15/02:2014

United States of America USD 430,000 Chukcharisi Cconomic Ucvcloprnent

USU


Aultiority 144A FRN 15:11:2017 4,483,000 Irierqy 144A 8.25% 01!03/2010

Total Investments

Other Net Assets

Net Asset Value

271,500 0.06

271.500 0.08

3,892,050 0.82 1,320,000 0 78

?,:jT2.050 0.54

4,780,530 1.00

387.550 008 1,392,980 0 92

8,944,080 1.88

452,526,859 95.14

23,124,983 4.86

475,651,842 100.00

Schroder lnternatinrlal Selection Fund Serni-Annual Reporl June 2008 Page 223

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Strategic Bond

Number of shares lranslerahle Se(;urities and Market 7" or Principal Moncy Market Instriiments Admitted Valuc Nct Amo,inl to ari Official Exchange Listing USD Assets

Cayman Islands IJSII 170.000 Seagate Technology HDD 5.3759;

01!10'2011

France EUR

t l J R

2.820.000 BNP Faribas FMTN 4.759b

1.500.000 Casino Guichard Pcrrachon 6.375% 04/04:2011

04/04;2013

Luxembourg H J l I

USD

3,000,000 Gaz Capital for Gazprom Reg:: 5.575% 01/06:?015

2.800.000 R 3 i R Capital for OJSC Russian Agricultural Bank 6.87546

3.000.000 VTB Capital t M I N 4.25Y0

4.360.000 VTB Capital EMTN FRN 13:03/2009

79/11/7010

15:02/20 1 6 TLJR

EIJR

Morocco FUR 7,050,000 Government of Morocco 5"h

8:0/:2008

Netherlands USD

Philippines USU

4,.775.000 Majapahit RegS 7.258 17/10:2011

1,059,950 CE Casecnan Watcr & Energy 11.95% 15:11:7010

United Kingdom IWR 1.841.41 3 Gracechurch Card F undlrlg 7006-A

A1 FRN 1310:2017 USD 2.180.000 tlnos 144A 6./5?5 21/05/2018

United States of America IJX 2.000.000 AT&T 6.4% 15!05,'203n USD 2,200.000 Chubb 6.5?0 15/05!2038 LED USD USD

tUI1

USU 4.500.000 PepsiCo 5% 01/06/2018 USD 355,000 Reynolds American 7.62596

USD

USD

2.250.000 Citigroup 8.1 257, 71 11 1/2017

4.500.000 JPMorgan Chase 8 Co. 4.75%

1,750.000 JPMorgan Chase & Co. t M I N

fl6,581 rlwood Energy 8.159% 05!07:2026

01 /05;2013

5.25% 08!05,7013

01 TW70l 6

5.90??0 12:01/2015

01 :05:2017

/00,000 Stingray Pass 1 hrouyh Trust 144A

4.000.000 Time Warner Cable 5.85%


166,294 0.02

166,294 0.02

6,665,196 0.76

4,348,125 0 50

7.317.071 0.26

18,233,595 2.09

4,264,471 0.49

2.851.021 0.33

4310.219 0.49 6.807.884 0.78

11.125.192 1.27

11,125.182 1.2;

4,119,447 0.47 4,119,447 0.47

1,097,048 0.13

1,097,048 0.13

4,602,728 0.53

2.585.900 0.30 2.01 6.828 0 23

22,559,420 2.57 1,935,706 0.21 2,147,677 0.75 2,187,286 0.25

5n7.509 0.07

4.379.858 0.50

2,612,415 030 4.396.460 0 50

372.231 0.04

105.000 0.01

3,810,337 0.44

68,568,929 7.84

Number of shares or Principal Amount on another I4eoulatetj Market

Ir;lmsferat)le Securities and Moncy Market Inslrunients dealt

Market S Valuc Net

. . USD Assots

Cayman Islands 33,940 0.00 USD 2.088.284 Mastr Assel Racked Securities

NIM Trust ?006-C123 N1 7.25"; 25/08/7036 5.221 0.00

Margin Trust 2006-HE3N NA 6.4';i, 25/06/3336 28.719 0.00

IJSU 7.659.1Ed Sharp SP I LLC Nct Interest

Numtjer of shares Transfersble Securities and Market 9h or Principal Money Market Instrurnerits dealt Value Net Amount on another Regulated Market IJ.C;LI Assets

France USD 3.000.000 Societe CCtnbrale 144A 5.75%

20/04:2:)1 6

Malaysia MYR 61.4?0.000 Malaysia Government 3.868?5

13/04/2010

Netherlands USD 2.250.000 Scntland Internatiorial ririarice No 2

144A 4.254, 23,'05/2013

Singapore USU 420.000 Ernpire (:spital Resoiirces Pte Regs

!4.375% 151 2201 1

United Kingdom USD USD 4.500.000 HSBC 6 . 8 O ~ 01/06/7038


U S U 87.093 American Honie Mortgage

4.500.000 Barclays Bank 5.45% 12:0'3!2012

14.105 Aames Mortgage lrust 2002-2 B step coupon 25!03:2033

Investment Trust 2005-1 1A l H3N 25:06!2045

3.300.000 American International MTN 4.95% ?0/03/201?

1,125.000 Bankof Amcrica 6.146 15/06/2017 1.91 1 .I 13 (.:itigrt.)up Mortgage 1 oar1 Trust 2003-

IJSD

USD USD

USD 5.000.000 Comcasl 5.7% 15/05/2018 USD

USD

USD

IJSD 55.568 Countrywide Asset-Backod

UP3 A2 7% 25/09;2033

17.5170,3fi6 Countrywide Alternative I oan Irust

1,499,285 Cotintrywide Alternative Loan Irust

6.541.307 Coiintryvide Allernative I oari Trust

2007 25 1A2 6.5% 25!11:7037

7005-51 3A7A f'RN 20/1 1 /2035

2005-65CB 1A7 5.5"L 25/01/2036

Certificates 2005-9N N S.S?G 2 9 1 0/2036

(USD IISD

11 1 .I 60,000 FHLMC <Gold) S 5 S t 1 W7!2@37 2.45/.408 FHLMC iGold) Pool N' A66324 6.5%

01/10,'37

01 /03/2019 IJW 5,434.187 FHLMC (Gold) Pool N 813067 4.5%

I K D

USD

1?,?64,430 FHLMC Gold) Pool N' C01585 54:

15,46/.632 FHILMC (Gold) Pool N'- GO1598 5% 01:07:?n33

01:08/2033

01 !I 717034

01 /08/2037

01/07:2033

01 :10:2033

0 1 /04/2034

01 /17:p034

01/01 2077

USD 1 1525.052 FHLMC (Gold) Pool N" Go1 740 5.5?'0

USD

IJSD 15,215.007 FNMA Pool N' 555592 5.5%

lJSD nR.961 FNMA Pnol N" 5SS/83 4.5%

1JSD

IJSII

9.14R.542 FHLMC Gold) Pool N ' GO3180 5%

Rl5.588 rNMA Pool N ' 775314 5%

587.175 rNMA Pool N' 796280 646

USD 8.563.1331 FNMA Pool N" 888595 5%

USD 1.475.000 FTI Consulting 7.625% 15i06/2013 IJSD 5?.370.000 GNMA 5% 15/07!2038 lJSD 8.874.588 GNMA I Pool N" 781 746 5%

15:05/7034

2,913,675

2.913.875

18,715,007

16./15.007

2,050,706

2.050.706

444,150

444.1 50

9,016,271 4.579.908 4,438,363

342,191,806

8,346

65,890

3.1 87.04 1 1 .I 08,923

1,901.883 4.754.41 2

16.142.443

I , I 80.046

R,1 8ti.202

94 I 109,123,125

2.528.826

5,742,292

11.747.024

14.815.091

11.345.858

8 783.545

14.977.773

80,520

589,425

591,529

8,453,909 1.51 3,472

50.651.600

8.583.3 / I

0.33

0.33

2.14

2.14

0.23

0.23

0.05

0.05

1.03 0.52 0.51

39.14

0.00

0.02

0.36 0.13

0.22 0.54

1.85

0.13

0.71

0.00 12.51

0.29

0.60

1.34

1.69

1.30

1.00

1.71

0.01

0.07

0.07

0.97 0.17 5.79

0.98

Page 224 Schroder International Selectiori Furid Semi-Annual Report Jurie 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Strategic Bond (curit)

Number of shares Iransterabls Sccurities arid Market Number of stiares Markel u/; Value Net or Principal Moriey Market lnstrumerits dealt Vaiue Net or Principal Other Transferable Securities

Amount or) another Regulated Market USD Asset$ AmDunt not dcalt on mother Regtilaled Market USD Assets i

United States of America (cont) LJSU 583.W5 GNMA I Pool N' ti04Yti4 5.535

1 5;oi :2034

1 5: 10:2034

20:09!?034

2 2 4.84% 02.:03:2011

USD

lJW

USD

LJSU

USD 10.790.fi2 1 Lchman Brothers 2006 1A AIC

IJW

USD

USD

IJSD

IJSU US0

U X

IJSD USD

USD USD 4.110,000 US Ireasury:3.8/oB 15:05:2018

3ti,l i3.367 GNMA I Pool N' 782248 5.5:5

532,SY8 GNMA II Pool N- 3610 5.5'4,

13.057 Hedycd Mutual Fund Tee Trust 2003-

4,383 t-lrmw F qiiily Assct Trust 2003-1 r37 F I4N 25'062033

0.85% 25:02:7030 I , 115,024 Morgan 3ariley ABS Capital I 2003-

NC10 H3 FHN 204 0:2033 5,055,000 Morgan Stanley Ca[)ital I 2003- 1 1 1

f l f l .187 Nc.f~ Centuty Home rqiiity Loan

5.260 Option One Mortgage Loan Trust

A3 4.859 13,06,'2011

Trust TWJ3 3 M5 tHN 25Xli:2033

2002 3 M2 FHN 25~08/203? 1.225.000 Oracle 5.75?,, 15:03:20 18 1.3f0.049 lJark h c e Securities 7004 WC\nIl

M8 TRN 25:09:203.1

1 5; 1 1 :2029 930.000 Phillips-Van I leiiseri 7.754;

4.500.000 PNC Hank NA ti.8/Su5 01/04/2018 20.634 Slruclured Assct lnvestrrierit I oa!)

Trust 2004-1 M4 FHN 25:,:02:2034 4.710.000 US Rcasurf 3.5% 31:r)5:2013


Nunnbcr of shares or Priri(:iwI

Moriey Mnrkct Instruments other than those ciealt

s/9,;9fl

35.91 3.371

52/./ /1

17.665

1 S?

220.398

136.764

5.010.1 80

77,965

2.1'04 1.223,7:8

2(26.'183

907,409 4,628,060

;i,YJ31 4, T30.4S.S 1 ,0 72.753

375,365,555

Market VkK!

United States of America USU 550,000 (:liukchansi Econorriic Developmeint

USD 70R,lR7 Mcritaye Mortqa(je ILoari Irust 2004-

W L ) i18.1?0 Clue:;t frust 2005x7 MF 09h

0.07

1 . 1 1

0.06 75:i 2.:2035

Authority 144A TRN 15'1 12012

1 B1 TRN 35:07:2031

o.oo Total Other Transferable Securities

0.00 not dealt on another Regulated Market

0.03

0.03

0 57

0 01

Total Investments

Other Net Assets

Net Asset Value

0.00 0.14

0.03

0.10 0.53

495,915 0.06

4ti3.376 0.06

5.55Y 0.00

22.980 0.00

495,915 0.06

707,039,7fi 80.85

167,445,721 19.15

874,485,466 100.00

0.00 0.51 0.47

42.92

"3

Net Air iount in or1 a Regiilnted Market' LSD Assets

Egypt 6,167,868 0.71 ECP 32,925,000 Fgypt Treasurj Bills 0% 15!07:7008 8 . 1 6 7 , ~ ~ ~ 0.71

France 18,975,002 2.17 IJSU

Sociale 0 3 21~007?2008 18,975.0W 2.17

Germany 102,840,125 11.76 EUH titi;.000.0110 Gerrilari Ireasufy Hill 0% 15'1 0:2008 102.840.1~.i 11.7C

Netherlands 16,982,914 1.94 US0

18:07:?00R 10.982.Y 14 1 .!?4

United States of America 117,643,437 13.45 USD ?8.000,000 Bnnkanrcrica 9% 03:09:?008 2;.8tiU.750 3.18 USD 30,000.000 Citigroup Funding 0% 18:07:700H 29.9c?3.417 X43 USD

14:07:2008 9.991.311 1.14 lJSD 30,000.000 Toyota Motor Credit 0% 09:09:2008 23.R47.918 3.4 1 LJSD Y.000,000 URS r-iriarw 095 04:008:2008 8.377.800 1.03 USD 11 .000.000 US Treasury (20 10;07;?008 10.U94.745 1 26:

15,000.300 Caisse d'Arriorlissemcnt de la Dette

17,000.000 Bank Nederlandse C~eriieenlc?n CL;b

10,000.000 Freddie Mac Discourit Notes 0%


Schroder International Selection Fund Serrii-Annual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Asian Convertible Bond

Nurnber of shares Transferable Securities and Market % or Principal Moncy Market Instruments Admitted Value Net Anlourit to an Official Exchange Listing LJSD Assets

Bermuda CNY

USD

USD HKII

British Virgin Islands IJSD

British Virgin Islands HKD 350,000 Shanghai Industrial Investment

3.500.000 GOMI I lectrical Appliances 046 10/05~7014

2 1 ! 1 2i20 1 2 300.000 Hongknng 1 and Cn 7005 7.7541

3GO.000 Noblc Group 0% 13:06/2014 1,300,000 Yiie Yuen Industrial 095 17:l 1:2011

350.000 PB Issuer 3.3% 01/02:2013

Treasury 0% 16!03!7009

Cayman Islands CNY

USD

CNY I IKD

I IKD

I IKD

China HKD

400,000 China High Speed Trdnsrnisslon Equipment Group 0% 14:05:2011

400.000 Chinn Overseas Finance Investment Cayman O?b 14!05!2014

500,000 Country Cardcn 2.5% 22/02/2013 700,000 Golden Eaglc Rctaii Group o".,

600.000 Hengan lntcrnational Group 0%

450.000 HKR Intcrnational 0% 26:04:2010

2 3 1 0:2011

1 f/05/2011

5.800.000 China Petroleum & Chcmical 0% 24.'04:2014

Hong Kong SAR I IKD 2,700,000 Gainlead International Ou5

HKD 3.000.000 Shcrson O0,k 04:0ti!2014 22/02:2012

India USU I JSD

LJSD

USD

rusn USD USD IJSD USD

200,000 Jiihilarit (Irganosys O0k 20/05:2011 100.000 Mahindra R Mahindra OQb

300.000 Ranbaxy Laboratories O"s5

800.000 Rcliancc Communications 0%

100,000 Stcrling Riotcch 0% 16/05:2012

250,000 Surlon Energy 0:; 17~0ti:7017 ?50.000 Tata Motors 1% 27/04;2011 500,000 lata Sled 1 :b 05'09201?

14,'04/7011

18!03/?011

01 .:03:2012

80.000 Slerling Hiotecti 0.5"s; 30:09:2010

Malaysia USD IUS0 USD IJSD

Singapore SGD SGD SGD USD

500.000 Cheratiri<l Capital ??,; 05/07/2012 300,000 IO1 Resources 0% 15:01/201:3 200.000 Faka Oapital 0% 17:(!3:?013 400,000 Rafflcsia Capital variable 04:10!2011

500,000 Capital arid 7.1 4:, 15/11/2016 500,000 CapitaLand 3.125% 05:W,'X 18 200.000 Kcppcl Land 2.5% 23:0ti;2013 200.000 Wilrnar lriternatinnal f)% 18/1 ?/71)1?

South Korea USD 400,000 Hynix Semiconductor 4.535

tJS0 700.000 ILG Display 045 18/0/1:2012 lJSD 100.000 SK .Tilecorn 0% 27;05:2009

11:12:2012

1,385,585

458./45

351.015 405,308 110.438

307,430 307,430

48,749

48,749

821,718

57.170

114931 69,029

1 12,598

1c)1.981 66,056

798,570

798.570

71 0,378

359.473 340.905

2,761,510 222.250

104.708

330,451

832.792 98.500 06,523

252.586 243.450 571.14/

1,440,307 508,750 280.125 186,500 464.937

1,096,416 362.852 362.521 147.783 2%3,260

695,610

373.n41 207,910 11 3,859

10.06

3.33

2.55 2.94 1.24

2.23 2 23

0.35

0.36

5.96

0.41

3.01 0.50

0.82

9.74 fi.48

5.79

5.79

5.15

2.68 ?.47

20.02 1.61

3.76

2.45

9.04 0.71 9. i o 1.03 1.77 4.14

10.44 3.69 2.03 1.35 3.37

7.95 2.63 2.63 1.07 1.62

5.05

2.71 1.51 0.83

Page 225

Number of shares Transferable Securities and Market ?'3

or Principal Money Markct Instruments Admittod Valuc Nct Amount to an Ofticial Exchange Listing USD Assets

Taiwan USD US0 IJSII USD

IJSD

USD

USD USD USD

45,000 Asustek Computer 046 1 5:01 :2009 250.000 Chi Mei 096 18/12!2011 300.000 Compal Electronics 0 8 1 "!OW201 0 250,000 International Rank of Taipei 0%

22/12~2000

17/06:21)09

30/06;2011

50.000 Powerchip Semiconductor Regs 0%

1 15,000 Powcrchip Scmiconductor HcgS 04b

300.000 Quanta Computcr 0% 26:07;2010 1 10,000 Shin Kong Financial 0% 17/06:2009 150.000 Walsin Lihwa 0% 1 4 1 1 /2011

United States of America lJSD 40.000 Tata Chemicals 1 B 01 i02i2010


Number of shares or Principal Amour it

Transferable Securities and Money Market Instruments dealt on another l4eoulaled Market

1,663,073 12.06 57.359 0.42

280,252 2.03 342,145 2.48

261.550 1.82

45,021 0.33

108,860 0.79 305,319 2.21 109.941 0 8 0 119.58/ 1.08

52,700 0.38 h2.100 038

11,782,046 85.44

Market ?, Value Net UStJ Assets

India IJSU

South Korea USD LJSD USD


100.000 JSW Steel OO:: 28:06:2012

300.000 KCC: Series A 0% 30!10:?012 200,000 KCC Swies B 0% :30!10!2012 500.000 KCC Series C 09" 30/10:2012

Total Investments

Other Net Assets

Net Asset Value

112,959 0.82 112.959 0.82

927,294 6.72 772.831 1.98 185.755 1.34 468.708 3.40

1,040,253 7.54

12,822,299 92.98

968,433 7.02

13,790,732 100.00

Page 226 Schroder Iriternatioiial Selectioi Fund S(wii-Aririual Report June 2008

I

Portfolio of Investments as at 30 June 2008 (cont)

I

Schroder ISF Global Convertible Bond

Number of shares or Principal Amount

Belgium EUH EUH

Bermuda (.:I lr

CNY

LJSD

USD

British Virgin Islands LJSD HKD 800.000 Sherson 0?, 04:06:2014

Cayman Islands CNY

t JSD

JPY

China HKD

Iransierable Securities and Money Market lrislriinients Adnnittcd to an Official Exchariye Listing

250.000 rortis Uarik H {N perpetual 500.000 Sagerpar 2 958 27:04;2012

130,000 Adccco Financial Service krrri i idd

'300.000 GOME Electrical Appliances 0':'.

200.000 Hongkong Land (;n 2005 2.75Pb

100.000 Noble Gruup C% 13.'08,'2014

0% 76AX5'2013

1 8:05:2014

21/12:2012

200,000 PB Issuer 3.340 01:02:2013

800.000 China High Speed Transmissiori Equipment 14:05:2011

300.000 China Overseas ririarico Iriw;lrriont Cayrriari 095 14;05:201.1

40.000,OOO Keystone Capital 0.1 U.0 04:04:7011

1 ,600,000 China Petrt.)leurri & C;tieii-iical 0% 74!04:2014

Finland EUR

France FUR FINI ELJR 160,000 Corripaqriie GeriBrale des

200,000 Nokiari Herikaat 0% 27:06::2014

2X.000 Cap Gemini 1 % 01:01:201? 600,000 Cap Ccmini 2.5% 01:01~7010

Elablissemcnts Michelin 0% 01:01 :701 7

10.000 France Telecorri 1.6% 01 :91,20(3<! tLJI( EUH 400.000 Ttieolia 2% 01:01~2011

Germany USD t l l l i

03;02:2010 EUR 400.000 Kreditan:;LnIt tucr Wicdcraufbau

3.254; 2i:06:::201 3

:j00.000 Oresdrier narik 0% 22:06,'2009 100.000 Kreditanstalt fuer Wieckraiilbaii 0.5":

Guernsey CHI. 40~1,000 EMS-International Firiarice Guernsey

2.5% 23:04:2010

Hong Kong SAR HKD 2,800,000 Gainlead International 0:s

02:2012

India US0 200.000 .Jubilant Orgalnos); USD 200.000 Reliarice (:ornrr i i i r

USD USD 100.000 lata Motors 096 12:01:2012 LJSU

Japan JPY 10.000.000 Asahi Breweri JPY 10.000.000 Asahi Glass 1

JPY 10.000.000 Citi7eri 0% 07'1 0:200'3 .JPY 20.000.000 hkuyama Tfmsporting I).Ol'i:-,

:IO,o!r),2025

01:03:%01:' 200,000 Suzlon Energy 0 h 11/10/2012

200,OX Tata Steel 1 '% 05!09/701 7

JPY 18.000.000 Uarik 01 Kyoto 0% 31:03:2014

Market %,

USD Assets 'PdIUe Net

1,086,642 794,543 792.099

1,021,454

128,487

11 7.503

234.01 0 530,s t 4

266,582 175.674 90,C.OR

816,308

114.730

31 1.200 3'30,888

220,295

220.2'35

325,169 375,l 69

1,436,065 182,5134 4U1.381

2X.3D5 400,728 133.02:

1,606,l 69 353,769

642,489

810.411

461,274

151.2/4

383,157

3Wd,l3/

946,237 222.250

208, i 98 1(,15.580 90.750

228.459

3,316,567 102.022 110.196 187.149 104.70f

176.d22

3.38 0.52 2.13

3.18

0:lU

0.37

0.73 1 .Bs'

0.83 0.55 0 28

2.54

0.35

0.97 1.27

0.69

0.65

1.01 1.01

4.47 0.3/ 1.53

0.71 1.75 0.1 1

5.00 1.10

2.00

1 .90

1.43

1 . 4

1.19

1.19

2.94 0.88

O.Fj5 0.81 0.28 0.71

10.32 0.37 (1.35 0.58 0.33

0 FT J3

Nurriber 01 shares or Principal Amount

Transferable Securities and Money Markct Instruments Adrriitted to ari Ollicial Exchange Listing

Japan (cont) JPY JPY JPY 20,000.000 Mitsiitii:;tii (Iieiiiical 0 .IFY JPY 1 8,000.000 Nidec i)B 17:l 0:2008 JPY 15,000,000 Nippon Sheet Glas:; 0% 13.05:201 I JPY 10,000.000 Nippon Yusen 0% 24;09:202t? JPY 10,000.000 Norriiira ne:;enrch Institute

JPY 70.000,OOO NTN 0% 19:03:2009 Jt 'Y 40.000.000 Sharp 0% 30iO92013 JPY

40.000.000 H20 Hctailing 0% 15~08:7011 3C1.000,000 Koiiica Minolta 0% 01

8.000.000 Mitsui OSK Liries 0% 25'03201 1

31i03?2014

30.000.000 Suzuki Motor 0% 29:03:201 3 JPY 21.000.000 Tok+ 0.2?4 31:03:2009

Malaysia US0 USD

Netherlands tll l i 300.000 Pargesa Netherlands 1.7%

rt I H

400,000 IO1 Resources 0% 15'01~20 I3 700,000 Rafflcsia Capital variable 04:l O:2O 1 1

27;04:2013 200.000 Portugal Telec:oni International

rirlarlct! 4.12591 28:08/~14

Portugal EUR 400.000 ~nrpublica-Participacoes Publicas

SGPS 3.257; 1m2:2014

Singapore

IJSD

South Korea

250.000 C:;>pilnLalld 3.1 23% 05:03:2010 200.000 Wilniar Internatiorial 0% 18:12,'2012

IJSD 200,000 I lyriix Seiiiiccinductor 4.5% 14;l 2:2012

LJSU 250.000 Iriterriatiorial Hank of Taipei 0% 27:1 7:7009

United Kingdom GRP

United States of America US3 US3 11.500 C:itiyroup ti.S% perpetual US7 180.000 Gcnzyme (31:17:2023 US0 USO

USE 100 Wactwvia 7.5% perpetual


500,000 3i Group 3.6253 29:05!701 1

500 Bank ot Anicrica (.25',n perpetual

Number of shares or Principal

.lrar.islerahle Securitics and hloncy Market lnstrunierits dealt

Market 75 Value Net tJSU Assets

4 2 2 3 2 1.31 295,985 0.92 170,938 0.53 105.208 0.33 165.127 0.51 1SY.740 0.50 124.248 0.39

91,545 0.28 200.071 0.65 377,568 1.17 302.284 0.94 214,488 0.07

605,966 1.89 373.500 1.17 232.466 0.77

574,465 1.79

27ti,3i3 0.46

297.892 0.Y3

587,935 1.83

58/.835 1.83

404,521 1.26 181.261 0.57 223.?00 0.39

186.921 0.58

156.921 0.38

547,732 1.70 112.101 0.35 171,072 0.53

204,559 0.82

973,774 3.03 973.774 3.03

1,664,204 5.18 447.500 1.40 508,345 1.58 200.i00 0.62

41,726: 0.13

370.941 1.17 B0.YY2 0.?8

17,431,437 54.24

Market % Value Net

011 anothcr Regulated Market US0 Assets Arrourit

Canada 222,750 0.69 US[>

15!03:2028 222.150 0.69 200,000 Kiriross Gold 144A 1.75%

Schroder lnternalonal Selet;tion Fund Semi-Annual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Global Convertible Bond (cont)

Numbcr of shares lrarisferablc Securities and Market Sb or Principal Moncy Market Instruments dcalt Value Net Amount on another Regulated Market USD Assets

Cayman Islands USD USD 800,000 TransocAan 1.62595 15:12/2037

Israel USU

100.000 I.DK Solar 144A4.7591 15/04:2013

500,000 Tcva Pharmat:eutical Financc 1.75% 01 :02/202 ti

South Korea USD 300,000 KCC 0% 30!10:2012 IJSI)


200.000 KCC, 0% Series A 30,'102017

OSD USD

IJSD IJSD USD

USD

USD IJSD US0 IJSD

USU US0

I IS0 I JST) US0 USD USD USD USD

560.000 Amgeri 0.375% 01/02/2013 600,000 Archer-Daniels-Midland 0.8 15%:

400.000 Reckman Coulter 2.5'70 15:12:2036 200.000 Best Ruy 2.25?/5 15!01!2077 340.000 Boston Properties ?.8/S%

800.000 EMCIMassachiisetts 1 ,75%

15;02;2014

15i072037

01:12'2011 500,000 ERP Opcraling 3.fl5% 15:08;2026 100,000 Gilead Scienccs 0.62576 01/05:2013 400,000 Intel 2.05% 15!12:2035 240.000 Inlernatiorial Game Tcchnolog; ?5?k

800.000 Medtronic 1.675% 15!04;2013 200,000 Molson Coors Brewing 2.5%

800.000 Nabors lndustrios 0.94% 15/05/2011 320,000 Newnivnt Mining 1.25% 15:07/2014

800,000 Prologis 144A 7.7546 160,000 Rayonier TRS 3.76% 15!10!201:! 160.000 Vornado Realty 3.875% 15!04;2025 160,000 Xilinx Xl25Y0 15:03!2037

15'1 2:2035

30f072013

1,000,000 Omnicom 0% 01!07:2038


Total Investments

Other Net Assets

Net Asset Value

1,029,000 11 9.000 81 0.000

555,000

555,000

483,115 281,776 181,XH9

8,584,100 487,900

610.500 447.000 208.500

315.350

68/.150 4;5.450 148.750 392,000

731.000 855.000

243.750 088.000 419.200

1 .wt i250 54 9.000 161,600 180.800 151 .800

10,853,965

28,285,402

3,860,626

3.20 0.37 2 83

I .73

1.73

I .44 0.87 0.57

26.69 1.52

1.90 1.37 i1.66

0.98

2.11 1.48 0.46 1.77

0.72 2.60

0.78 3.0/ 1.30 3.22 1.71 0.50 0.56 0.47

33.75

87.99

12.01

32,146,028 100.00

Schroder ISF Strategic Credit

Pagc 227

Nurnher of shares Transferable Securities and Market 70 or Prinapal Money Market lnstrurnents Admitted Value Net Amount to an Official Exchange Listing tUn Assets

Cayman Islands USD 30,000 Seagatc Tcchnology HDD 6.375";

01:10:2011

France EUR

EUR

1'30,000 BNP Paribas EMTN 4.75%

150,000 Casino Guichard Perrachcm 0.37546 04/04:2011

04/04/7013

Netherlands OS0

Philippines USD

050.000 Mqapahit RegS 7.25Tb 17:l 0!2011

147.700 CE Casccnan Water & I-nergy 11.95% 15:ll!~010

United Kingdom EUR 119.577 Gracechurch Card Funding 2008-A

A I FRN 15/10/7012 USD 200,000 I IBOS 144A 6.75sb 21/05/7018


LJSD 150,000 C h h b 6.5% 15!05:2038 USD 150.000 Citigroup 6.125% 21~11:2017 USD 700,000 Dynegy 7.7596 01/00:2019 IJSD IJSD

EUR

USD USD USD 300.000 PepsiCo 504 Oli06/2018 IJSD

USD

I IS0

IWI I 150,000 ATRT fi.4qh 15!05/?038

284.282 Elwood Energy 8.1 6946 05;0i!2026 300.000 JPMorgan Chase & Co. 4.7596

100.000 JPMorgan Chase R Co. t-MTN

750.000 Nevada Power 5.87556 15!01!2015 200.000 Nevada Power f 3 5 % 15/05/2018

31 0,000 Rcynolds Americari 7.67572

100,000 Stingray Pass-Through Trust 144A

300,000 1 inw Warrier Cable 5.85%

01/05:2013

5.259.; 08/05;2013

01:06!2016

5.902% 12/01 l2015

01:05Q017


18,619 0.09

18,619 0.09

332,878 1.65

185.8KI 0.W

147.008 0.73

525,816 2.61 525.016 2.61

119,972 0.60

119.972 0.60

225,016 1.12

106.535 0.53 118,481 0.59

1,743,913 8.67 9?,109 0.47 92.6'35 0.46 82.516 0.46

1 16.R54 0.58 171.n87 0.85

185,247 0.92

95.800 0.48 156,724 0.78 128.736 0.84 185.958 0 . 9

206,778 1.02

38.067 0.19

181.317 0.90

2,966,214 14.74

Number of shares or Principal AmOiJnt on another Rewlated Market

Transferable Securities and Money Market Instruments dealt

Market $6 Value Net EUR Assets

I

France t J : X 1 15,000 Societe Generak 144A 5.75%

?0/04/2L'Iti

107,835 0.54

107.835 0.54

Netherlands 86.739 0.43 tJSD

144A 1.25'% 23/05/2013 86,739 0.43 150.000 Scotland lriternational Finance No 2

United Kingdom 381,363 1.90 OSD 300,000 Barclavs Bank 5.45"; 12:00/2012 193,711 0.97 USD 300,000 HSBC 6.8?0 01/06!2038 187,546 0.93

Page 228 Schroder Internatiorial Selection Fund Serni-Annual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF Strategic Credit (cant!

Number ot shares Transferable Securities arid Market 0'.

or Principal Money Markel Instruments deal1 Value Net Amourit on ariother K4egiilated Market EUR Assets


USD

USD

USD usu

USD L J X USD

USD

usu

USD

US0 US0

US1 1 US0

USD USD IJSD USD

225,000 Americari Irilernational MTN 4.!354

225,000 Rarilc 01 New York Mellori M I N 4.5',0 20:03:201?

01:04:201;1

Securilies Trust 2006-:SD4 3AI FRN 2 5 1 0:2035

2,255.850 Bear Stearns Asset Backed

375.000 Comcast 5.777 15.:05:2018 :iD.fiOS Countrywide Assel -Backed

Certific:ntes 2005-YN 6. 25: 1 0:20w

fiB0,OOO FHLMC (Gold) 9 530,000 k I I Consulting 7 347.082 t-lorrie kqiiity As

FRN 2 3 1 0:2033

NC10 R3 TRN 2 5 1 UT033

Trust 2003 3 M5 FRN 75:07:2033 59.075 Ncw Centuy tiomc Equity I oar1

00,000 Oracle 5.75% 15;0~1:2018 100.000 Phillips Van Hcusen 7.75%

300,000 PNC Bank NA Ei.87596 I)1~04;2010 3fiR.485 Uuest Trust 2005-X:! MCi e?:, 300,000 US Rarik 4.957; 30:10:X14

3.815.000 US Iremiry 2.5,',, 31:05:2013 1.91 5,000 US Treasury 3.875% 15:03:2018 3.340.000 US Treasury 4.75'3; 15'08:701i

15:1 1:20xj

75'1 2:2035


Numbcr of shares or Princirm

Moncy Market Irislrumcnts other thari ttiow dcalt

9,457,967 47.00

137.83d 0.69

139,5!i5 0.BY

YY8,514 4.88 19fi.071 0.97

001 0.00 412.1Y9 2.05 358.053 1 . i 8

9,488 0.05

70R.21 1 3.81

48.206 074

.1,72/ 0.02 fiO.'Oti 0.75

ijl.905 0.31 195,754 0.9/

Y .S I1 0 05 186,950 0.93

2.434070 12.10 1,203375 5.98 7,243,384 11 . I 5

10,033,904 49.87

Market '4;

Value Net Arriount i r i or a Hcgulated Market' FUR Assets

United States of America 2,405,737 1 I .95 (JSO UOl l .000 Barclays U.S. 0% 21!07;2L'08 340.145 1.88 LJSD 1,000.000 Citigroup I unding 0?C 18:0717008 1,013,915 5.04 US11

07;07:701)8 83.417 0.32 USD 700.000 Toyota Motor Credit 0% 09:09:2008 441.845 7.20 USU 800.000 UBS Finance 0% 04:08:2008 500.314 2.51

100,000 I reddio Mac Discoiiril Notcs 0%

Total Money Market Instruments other than those dealt in on a Regulated Market* 2,405,737 I I .95

Number of Shares Market % or Principal Other Trarvjtcrable Securitic?:; Value Net

EUR Assets Amwi t not deal1 on another Rmjulated Market

United States of America USD 805.1 4 5 Asset l3at;lted Securities Gorp

Home rqiiily 2003-HE5 M5 H{N 15;0Y:2033

USU 160,000 Chukchansi C(:onomic Develop,rrieril Authority 144A FRN 15'1 1 :2012

USD 272.125 I Ioiiw Equity Asset Iru:;t 2003-8 03 FI IN 25;04:7004

LJS2 573.1 28 Master Hewcuritizatiori lrust 2008'- IC1 N2 7,759: %0:07:2035

US3 GY3.71 1 Moryan Stanley An:; Capital I 2003- NCG E33 FRN 2,5'013:2033

USD 747.450 Morgan Stanley Dear) Witter Capital I 7003 NCI R1 FRN 25'1 1;2032

IJSD 51 1,944 New Ceritury Homc Equity Loan lrust 2003-6 MR FHN 25:01/2034

Total Other Transferable Securities not dealt on a Regulated Market or Listed on a Stock Exchange

Total Investments

Other Net Assets

Net Asset Value

585.757 2.91

fiti.191 0.28

85.525 0.43

17.265 0.08

21Ci.Y/3 1.08

42.385 0.21

18.9ii9 0.09

148.449 0./4

585,757 2.91

15,991,612 79.47

4,129,960 20.53

20,121,572 100.00

Schroder International Selection Fund Semi-Annual Report June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF EURO Equity Secure 201 0 Ni.irriber of shares Transferable Securities and Market 5 or Prirwipal Money Market Instruments dealt Value Net Amount o n another Regulated Market USD Assets


lJSD

1,326,937 Countrywide Home Eqiiity I . ox Trust

1.774.058 First Franklin Mortgage Loan Asset 2005-M A3 FRN 15:02:2036

Hacked Ccrtificatcs 2GM-kF3 M I FRN 75:05:7034

921.285 Mastr Asset Rackcd Securities Trust 2005 NC2 A2 FRN 25:i 1 :2035

1 11.845 Morgan Stanlcy ABS Capital I 2005 HE5 A2R FRN 25~004035

2,800,000 SLhl C;iiident I om Trust 7007-A A2 FRN 16/17/2030

I.lX

USD

USD


Number of sharcs or Principal Amount

Money Market Instruments other than those dealt in on H Reciiil;ltecj Market*

5,457,021 22.21

1 .I t53.714 4.74

1,054,909 4.29

915.991 :3 73

177,782 r; 72

2.144.625 8.13

5,457,021 22.21

Market 4 Value Nct

United States of America IJSD USU l J X J

Total Money Market Instruments other than those dealt in on a Regulated Market'

1,000 000 FHLMC 095 14'07:08 1,000 000 FNhlA 0% 07/07:?008 R 150,000 IJS Treasury Rill 0% 04!09:2008

Total Investments

Other Net Assets

Net Asset Value

10,718,406 43.62 1,000,000 4.07

999,302 4.06 8.719,101 35.19

10,718,406 43.62

16,175,427 65.83

8,394,231 34.17

24,569,658 100.00

I Page 229 ' I

Schroder ISF European Defensive

Number of shares Money Market Instruments Market 96 or Principal other than those dealt Value Net Amount in or1 a Regulated Market* FUR Assets

Certificates of Deposit TVR EUR

tUH

EUR EUR HJH

EUh EUR EUR 28.800.000 Kommunalkredit lriterriatiorial Udrlk

096 09/07:2008 TIUR CUR

EUH

EUR EUH

57.fi00.000 Alliarice & Leicester 0% 09/07:7008 5/.600.000 Banco Popolare di Novara 046

9,000,000 Hanco Santander (London) 0%

8.800,000 Rank of Ireland 0?6 09/07/2008

0 9 0 /:2008

09/07/7008

28.800.000 RCP Finance 0% 09/07:2008 78.800.000 CommerAmnk Fiirope (Ireland) 0%

57.600.000 DZ Rank (Ircland) 0% 09:07:2008 29.C)00.000 HSH Nordbarik 0% 09/07!2008

09/07:7M18

57.600.000 Macqi.iarie Barik 08 09/07/7008 29.000.000 Nationwide Building Society 0%

28.800.000 Swedish Housing Financc 0%

20,900,000 Ulster Balk Ireland 0% 09!07:7008 29,000,000 Unicrcdito ltaliano (London) 0%

09/01/2008

09/07;2008

09/07/2008


Total Investments

Other Net Assets

Net Asset Value

478,693,122 99.59 67,539,073 11 9fl

5/.539.0/3 11.96

8,990,480 1 f36 8,790,691 1 .H3

28.769.536 5.99

78,769,537 5 99 57,530,073 1 1.97 28.969.325 6.03

28,169.53/ 5.99 57.539.073 11 97

?8.969.375 6.03

28 769.537 5.99 78.789.537 5 99

78,969,325 6 03

478.693.122 99.59

478,693,122 99.59

1,963,644 0.41

480,656,766 100.00

I

Page 230 Schrodcr Internatiorial Seleclion Fund Semi-Annual Report Jurie 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF European Defensive Monthly Numtxr of sharcs or Principal Amount

Money Market Iristrurrwits other thari ttwse deall in or1 a Heuulated Market*

Certificates of Deposit EUR EUR

EUR

EUR EUH FUR

EUR tUH

08:07:2008 FUR 1.200.000 Kommunalkredit Internatiorial Uarik

0% 0Wl7'2008 EUR t U h

tUH

EUH FOR

?.400.000 Allinrice & Lciccstcr 0% OY:Oi,VOGG 2.400.000 Rarico Populare cji Novara 09L

1.000.000 Harl~o Sarilandcr (Lot1dOt1) 0?a

1.20C.000 Rarik of Ireland 0% 09:07:2008 1,20c.000 RCP ririarice 0% 09:07;2008 1,20C..000 Commerzbank Europe ilrelarici) CJ?%

2,4CC.,000 UZ Bank (Irelandj 046 09!07:2000 1 ,00L',000 HSH Nordbarik (Luxenlboury) 04;

09:07/2008

09:07/2008

09:o /:?OOD

2.400.000 Macquarie O,aik 0% 09:07:2008 1,000,UOO Nationwide Buildirig Sociely 0%

1,200,000 Swedish I lousiriy hriance 0%

1,200,000 Ulster Bank Ireland 035 09:07;2008 1 .000.000 Unicredito ltaliano (London) C!%

09:0/:20013

OY:Oi:?OO8

09:o i:70oo


Total Investments

Other Net Assets

Net Asset Value

20,777,999 84.73 2,397,462 9,:8

2397.461 (3.78

W8.542 4.01 1.1!X%731 4.89 1.198.7:31 4.89

1,1G8,731 4.89 2,:337,4til Y.?8

W8,9l2 4.0;

1.1 98,731 4.80 7,397,431 '3.77

YY8.942 4.07

1.198.731 4.89 1,188.731 4.89

9W942 407

20,777,999 84.73

20,777,999 04.73

3,744,966 15.27

24,522,965 100.00

Schroder ISF European Defensive 6 Monthly Number of shares 1rari:;lerahle Sccurities and Market % or Principal Moriey Markct Instruments Admitted Value Net Amount to an Official Exchange Listiriy EtJR Assets

Germany 7,198,920 23.87 FUR 7,200,000 Deutsche Rundesreput)lilc 0%

04:0;:7(300 1,194,920 23.87


Numbcr of shares Moriey Market Instruments MRrhet ?'d

o r I'rincipal other t t ia r i Ltiosc dealt Value Net Amount in on a Regulated Market* EUR Assets

Certificates of Deposit FUR 2.200,000 AIB 0% 09:07,7000 EUR 2,200,000 HFMC O',> Otri01'2008 EUR 2.200.000 Unicrcdito ltaliario iloridori) 0%

09~07?2008

Norway EUR


1 .7110.000 DNH Norskc Bank 0% 09:07:7008

Total Investments

Other Net Assets

Net Asset Value

6,593,019 21.87 2.19/,673 7.29 2,1(37.6/3 7.29

2.1Y i .6 /3 7.19

i,iga,730 3.97 l,lr,8,730 S.Y/

7,791,749 25.84

14,990,669 49.71

15,167,486 50.29

30,158,155 100.00

I

Sctiroder Iriterriatiorial Selection Fund Semi-Annual Rcport Junc 2008 Page 29 1

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF World Defensive 3 Monthly

Schroder ISF EURO Liquidity

Number of sharcs Moncy Market Inslriiments Market % Number of sharcs Transferable Securities and Market rh or Principal othcr than those dealt Value Net or Principal Money Markct Instruments Admitted Valiie Net Amoiint 111 or1 a Regulated Market* tllli Assets Anioimt to ari Ofticial Exchange Listing EUR Assets

Certificates of Deposit kU11 EUR

EUII

EUII ElJR EUR 500,000 Commer7barik Europe Oo,;

EUR EUR

ElJR 500,000 Kornmunalkrcdit International Rank

FUR EUR

FtIR

EUR t IJR

1,300,000 Alliance R Leicester 0% 08!07/2006 1,300,000 Banco Populare Di Noma 09b

5n0.000 Banco Santander (London) 0%

500.000 Rank of Ireland 0% 09,'07/2008 500,000 BCP Bank (Ireland) 0% 09X)7/2008

09:07:7008

09!07:2008

09/07/7008 1.300.000 DZ Bank (Irelancl) 08 09:07!2008

500,000 HSH Nnrdbank (Luxembourg) 0% 09:07:2008

0% 0W07/2008 1.300.000 Macquarie Bank 0% 09i07:70n8

500,000 Nalionwide Biiilding Society 0%

500.000 Swcdish Housing Ftriilrice 00.6

500.000 Ulster Rank Ireland 0?,b 09;0T:2008 500.000 Unicrcdito ltaliano (London) O?h

08:07:2008

09/07/2008

09:07:2008


Total Investments

Other Net Assets

Net Asset Value

10.189.211 1.298 625

1,298,625

488.171 499,471 499.47 1

499.471 1,298,625

198.471

499 471 1,298.625

499.4 I 1

409.4i1 495,472

4W.471

64.05 0.1 7

8.16

3.14 3.14 3.14

3.14 8.16

3.14

3.14 8.16

3.14

3.14 3.14

3.14

Australia ClJR

EUR

3,900.000 St George Rank FMT FRN

1.500.000 Westpac Banking EMTN TRN 10/08:2009

22;12/2009

Austria FlJR 3.001).000 Erste Bank der Oeslerreichischeri

Sparkassen EMTN FRN 23/11!2010

Belgium EUR

Cayman Islands TtIR

TtJR

10,000,000 Fortis Rank EMTN FRN 14:05;2010

1 .000.000 RCP Finance Rank EMTN FRN

3.000.000 BCP Finance Rank EMTN FRN 0tii07/70119

7011 0!70119

Denmark 3,000,000 Dariske Oxik CMTN TRN

01:12:20i)9

France ElJR EUR

10,000,000 RNP Paribas EMTN FRN 14!04:2010 7.000.000 BNP Paribas FRN 14:04:2010

10,189,211 64.05 ''IR

EUR

t l l l l

EUR

EUH Ell14

10,189,211 64.05

5,719,665 35.95

15,908,876 100.00

Money Mo:it:t Ir'r;triirnonts that t3ii under Aq~cle r l l I h cf :he la'/, dared 2r Dw:ornt;cr 7CC7

4,00L'.000 Caisse Nationalc des Caisscs d'Epargnc et de Prcvoyance EMTN FRN 06!0RD010

4.000.000 Credit Agricole EMTN FRN 05/01:2006

9,250.000 (;rBdit Agric:ole:l oridon KMTN FRN 1 5:04G010

4,000,000 Credit Agricole/London EMTN FRN 2 i/o4:2012

7.500.000 G t Capital fCC FliN 10/0R!2010 5.000.000 Societe Generale FRN 16:04:2010

Germany [IUR 10.000.000 Deutsche Rank EMTN FRN

18/03:2011

Ireland FtIR fIUR

2,750,000 Allied Irish Banks FRN 29/09/2008 0.000.000 Rank of Ireland EMTN FRN

01 :07:2010

Italy ElJli

ElJR

EUFi EUR EUR

4.000.000 Barim Popolare FMTN TRN

2,200,000 Locat Swiiritisatiori Vehicle ?006-4

7 500.000 IJniCredit t M l N FRN 78:06:7010 3,500,000 UniCrcdit EMTN FRN 05i07/2010 3.000.000 Unione di Banchc ltaliane FI7N

1 Y:l 0/2009

A2 FRN 12!12:2028

26/01 ;2009

Luxembourg EUH

Netherlands ElJR

EUR ElJR 1.000,0OO KBC Internationale

1 .I 10.367 Silver Arrow 2A FRN 15:08/2014

3.000.000 RMW Finance FMTN FRN 10/1 In008

14,000.000 ING Bank EMTN FRN 71/05,'7010

Firiaricieririgsrriaatschappij EMTN FRN 08:01/2010

4,465,484

2,979,150

1,388,325

2,970,000

2.070.000

10,010,918 10.010.918

3,971,593

996.760

2.9r4.833

2,989,118

2.909.116

50,778,595 10,035.810 7.01 7.500

3.979.104

3.996.200

9,286,075

3,939.292 7.509.000 5.015.814

10,033,910

10.033.n10

10,734,558 2,740,958

7,993.600

20,096,282

3,982,220

2.128.09fi i.SlS.f50 3,476.083

2.992.533

1,103,816 1.103.816

18,017,333

2.988.000 14,035,000

994.333

0.25

0.1 7

0.00

0.17

0.17

0.57 0.57

0.23

0.06

0.17

0.17

0.1 7

2.90 0.67 0.40

0.23

0.23

0.53

0.22 0.43 0.29

0.57

0.57

0.61 0.16

0.45

1.15

0.23

0.12 0.43 0.20

0.17

0.06 0.06

1.02

0.16 0.80

0.06

I

I

I i

I

! I

!

I

i I I

1

Page 232 Schroder Internatinnal Selection Fund Scnii-Aririual Report June 2000

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF EURO Liquidity (cant)

Nurriber ot shares or Priricipal Amourit

Transferable Securilies and Money Market Instruments Admitted to an Official Fxt:hariye Listii.iy

Noway HJR

EUR

EUR

1.800.000 Driti NOH Bank EMTN rRN

10,000,000 Dritl NOH Bank EMTN TRN

2.000.000 DnB NOR Bank EM IN FI'IN

03:06:2009

07/04:2011

97:11:201 1

Portugal EUR 5.000.000 Baiico Espirito Santo rMTN H1N

3 1 :05.'%010

Spain r l l l l

F I E

ElJR

3.000.000 RBVA Seriiur hnancc EMTN FRN

10,000.000 Santander Interriatioiial Ucbt EhlTN

2,00C,000 :.;aritander International Debt I MI N

1 1 :01:2010

FRN 28,W:2010

I-HN 10!l 1/2010

Sweden TlJR

Swiherland Flll i

c1.350.000 Nordea Rxik EM I N H iN 27;05,':703D

10.000,0L'0 Credit :;uisse:London EMTN FRN 00:04:2010

United Kingdom FlJR

EUR

EUR

3.750.000 Bank of Scotlarid EM IN ERN

2.000.000 Nationwidc Buildinq :;oc:iely t M TN

8:50.000 Nationwide Ruildirig Society EMTN

?3:00:2009

FRN 0:Yl 1 ;2008

FRN 09:08:2009

United States of America TlJH ElJR FUR t l J l 1

TlJR

5.000.000 Citigroup r M l N H1N IL'A 1:2008 850,000 Citigroup EMTN FRN 30~07~20T)U

2,500.000 Goldrriari Sac;h:; H iN 2 1;10:2008 1,050,000 Merrill I yrich B Co. EMTN FRN

7 000,000 Morgan Stanley t M I N FRN 09:02:2009

15,,Ol :2010


Market ?i Value Net tUH Assets

13,804,780 0.78

1 ,156,730 0. i o

10,035.380 0.5i

I . Y i 2 , c l w 0.1 1

4,921,200 0.28

4.921.200 0.78

15,019,412 0.85

2 , Y / U , i X 0.1 T

1 O,I148,300 0.57

1.991.1G7 0 . 1 1

9,347,663 0.53 9.3.1i,u83 0.53

10,026,000 0.57

10.026.000 0.57

6,573,287 0.37

3, (39.301 0.21

1 .(JY2./40 0.1 1

941.746 0.05

16,164,827 0.92 4,980,125 0.x

840.G58 0 (15 2,490,393 0.14

1.04(;1.493 O.0G

U.813,7Td 0.39

21 1,028,774 12.00

Number of SIIBIR:; or Principal

Moncy Markst Iristrurwnl:; other thari those dealt

Arriounl in on a Regulated Market' ~~ ~

Market J:l

Valuc Net EUR Assets

Cayman Islands 64,915,430 3.69 HJ l i 65.000.000 BCP Firlarice Hank 0% 11:0/:2000 64,915,430 3.09

France 50,885,377 3.35 TUH 59,000,000 Societe Geriarale 0's. 17:0/?2008 58.8Y5,3ii 3.35

Germany 162,256,889 9.23 ELlR 25.000.000 Allianz 0% 2J:01!7009 94,407.435 1.39 EUR 40.000.000 Allinnz 0% 1 (;03:2009 3&748,201 2.20 tUH 60,000,000 F3ayerist:he Landcsbank 0%

1 u:07:2008 59.8.30.21 1 3.41 EUR 40,000,000 Landcsbank Hesseri-Ttiiierinyen 0?<

28:l 12008 39.71 1,012 2.23

Numbcr of shares Money Market lnstrurrierils Markel % Value Net or Principal FlJR Assets Arriourit

other than those dealt in on a lieyulatcd Market*

Ireland

tUI3 rVI3 50.000.000 CorrirrierLbanlc 0% 04:08:7008

Italy EIUH

Luxembourg EUR

ELlR ELlR

EUR 50,000.000 Atlglo Irish BJIik 4.968 15~W~2008 50,000.000 Bank of lrcland 4.Y3% 11:08:2008

iX).0OO,WO Uriicrwjil Cunicrc 4.71 '20 03:042009

00,000.000 Dz Rank Iriterr~iational 0% Of/04:2000

f0.000.000 HSt I Nortitiarilc 0?< 07:l 0P2008 50.000.000 Mot-qari :.hiley Intcrnational Finarice

0% 07:07!2008

Netherlands EUR F:lJIi EUR

Norway t U H

Spain r l JR

EUR I-lJrt EUR

Sweden ELlR 50,000,030 Swedharik 0% 12:09:2008

United Kingdom tUR CUH I 111 1

TIJH EUR

r1.m

ri.ji4 ~5.ooo.000 IJ~:; 0.- O Y , ' O ~ , Q W ~

12,000,000 ADN AIIIIO Bank 040 21:07:2008 55,000,000 IN(; Bank 0% 12:08:?008 d0,00O.000 Standard 1 ife 0% 07:07:2008

50.000.000 UNI3 Nor Bank 0% 29iOP2008

55,000,000 Raric:o Bilbao Vizcaya Argeritaria 096

50.000.000 Banco Popolare 0% 15:08?2008 30,000.000 Haricx Santander 0% ?7:1 40.000.000 Banco Saitarider 0% 18:O

1 8:09:200Y

!j0.000.000 Allinncc & Leicester 0% 05:09:2008 50,000,000 Bank 01 Scotland 4.81 b 24'1 1 :7008 40,0U0.000 narcl;-iy:; Bank 0% 15;09/7008

50.000.000 HSnC Hank 4.3% 03:03:2009 60,000,000 Nationwide Buildirig Society Ou'.

~O.OOO,OOO ROYA Barik ot Scotland 00;~

EUR 35,000.000 Barclays bdrik 0"s 00/01:2009

20: 1 1 :2008

2'3:05:2009

United States of America EClR /0.000.000 Ucxia Financial Products 0%

08:08:2000

Total Money Market Instruments other than those dealt in on a Regulated Market'

Total Investments


Net Asset Value

159,728,051 9.08 5 0 . W . W 2.04 50,000,000 2.84 59./28,051 3.40

60,000,000 3.41 60.000.000 3.41

167,111,308 9.50

5,'.905,l69 3.29 59.215.3/3 3.37

49.960.500 2 84

136,639,428 7.77 21 .Y4/,854 1.25 54,736,103 3.11 59,955.17 1 3.41

49,652,781 2.82 49,852,781 2.82

172,243,432 9.79

54.417.089 3.10 49,488,283 9.81 29,598,052 1 .u8 38,739,408 2.20

49,512,306 2.82 4'3,5l2,30ti 9.82

404,451,062 23.00 59,470.885 3.39 30.000.000 2.84 39.629.441 2 25 34,179,496 1.94 50,000.000 2.84

50.873.1 i 2 3.33

47,830,475 2.12 d4.467.597 3.67

69,651,433 3.95

t39.651.433 3.95

1,555,047,497 88.41

1,766,076,271 100.41

(7,271,649) (0.41)

1,758,804,622 100.00

Schroder Internaburlal Selection Fund Semi-Annual ReDort June 2008

Portfolio of Investments as at 30 June 2008 (cont) Schroder ISF US Dollar Liquidity

Numtw of shares Transterahle Securities and Markct :h or Principal Money Market lnstriirrierits dealt Valiue Net Arrioiirit on another Regulated Market USD Assets


USD

USD

USD

tJS11

tJ:.Tl

USD

US0

OSD

USD

USD

IJSD

USD

IJSD

USD

L J X J

IJSO

um

lJSD

lJSD

1.006.733 American Home Mortgage lnvcstmerit Triist ?005-1 1Al H3N 25/08;?045

7259,704 American Home Mortgage Investment Trust 2006-2 I A FRN 25/02/2038

FRN 25:04:2034

?005-14 2A1 FIiN 25!05/?035

303.41 6 Bear Stcarn:; Alt-A Trust 2001-3 A I

575.686 Countfywide Allernative Loan Trust

5.285.065 Coiintrywide Altcrnative Lnan frust

1565.125 Chintrywide Alternative I oan Trust

84,533 Countrywide Alternative Loan Trusl

2,979,l 68 Countrywide Alterriative Loan Trust

2005-51 3A2A TRN 20/1 1,2035

2005 56 2A3 FRN 25'1 1 Q035

2005-J4 1Al FRN 25:07:7035

200t3 I IYl? A4 FRN 25/08/2036

Ccrtilicates ?006-SD2 2AIA FRN 25/11:7036

25;04;2035

25!08!2035

2005-HE1 A2 FRN 25/12/2032

358.803 CoiuntVNidc Assel Backed

3.094.053 lrnpac CMB lriist 7005-1 1Al FHN

2,133,793 lrnpac CMB Triist 7005-3 AI FRN

1 60,360 Lake Country Morlgage Loan Trust

11?.854 Mastr Adjustable Rate Mortgages

3.884.839 Residential Accredit L.oaris 2005-

2,641,973 Structurod Asset Mortgage

Trust 1004-9 2A1 FHN 251 1/?034

0 0 2 AI TRN 25/09!2C45

IriL,estments 2005 AR7 SA1 FRN

541.193 Structured Assct Securities ?005- GEL2 A FRN ?5!04/2035

21 2.1 64 Wachovia Loan Trust 7005-SD1 A FRN 25/05/2035

952,207 Wablu Mortgage Pass 1-tirough (hrtificates 2005-AI71 3 A1A2 FRN 25:10/2045

4,838,587 WaMu Mortgage PASS Through Certilicates 2006-AR7 1A tHN 15:07:7046

8,784,628 WaMu Mortgage Pass Through Ccrtilicates 7006-AR7 2A FI iN 75/0 //20.16


31,728,891 19.80

761.646 0.41

487.873 031

254,222 (?. 15

399.1?9 0.25

4.159.784 2.60

1.262.922 0 7s

62,711 0.04

2,506,647 1 fj?

351,918 022

2.365.382 14R

1.593.233 0 99

159,881 0 10

105.674 001

3 185.568 1 P 9

2.104.043 1.31

482.006 0.30

199.896 0.12

759.980 0.47

3.575.?46 2.23

6,850,640 1.28

31,728,891 19.80

Ni.irriber of shares or Principal Amount

Money Varket Instruments other than those dealt in on a Reuulated Market*

Pagr: 23.7

112,836,702 70.30 United States of America USD 7.800,000 Citigroup Funding 08/09/2008 7.761.878 4.83 USD

07/07/2008 24.991 ,?50 15.60 USD 15,000.000 royota Motor Credit 0 5 09/09/2008 14,926,500 9.37 USD 30,000,000 US Treasury 09b 10/07/20O8 29,986,814 18.72

25,000.000 Freddie Mac Discount Notes 0°K

tJSD 35.000.000 US Treasiity 04; ?4:07/2008 04.970.260 21.83


Number of shares Market YO or Principal Mher Transferable Securities Value Net Arrioiirit not dcalt on another Regulated Markct tJSD Assets

United States of America 519,411 0.33 USU 250,000 Ameriqucst Mortgage :;ec:iirities

2003-AR1 M3 FRN 25/01/2033 18/.500 0.12 LIST)

10,509 0.01 FRN 18'1 1 !2011 1 6 D

25/01i7035 27.073 0.02 lJSD

USD

10.556 FEP Receivables Rust 01-1 A2L 14

44,158 lrnpac CMB Triist 7004-9 MI FRN

404.465 lrnpac ChlB Trust 2004-10 1A2 FRN

707.567 lrnpac Securcd Assets CMN Owner 25/03/2035 !83,308 0.11

Trust 2005 2 A I M FRN 25:03:2036 111.021 0.07

Total Other Transferable Securities not dealt on another Regulated Market 519,411 0.33



Net Asset Value 160,219,461 100.00

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Schroder International Selection Fund - Fundsquare

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