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NIKKO MONEY MARKET FUND Mutual Investment Fund Luxembourg NIKKO MONEY MARKET FUND Mutual Investment Fund Luxembourg Unaudited Semi-Annual Report June 30, 2011 This report does not constitute an offer of units. No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus, which must be accompanied by the latest available annual report of the Fund and the latest unaudited semi- annual report if published after such annual report. NIKKO MONEY MARKET FUND Mutual Investment Fund Table of contents Nikko Money Market Fund Page(s) Administration of the Fund 3 General information 7 Statement of net assets Combined statement 10 US Dollar Portfolio 11 Euro Portfolio 12 Australian Dollar Portfolio 13 Canadian Dollar Portfolio 14 New Zealand Dollar Portfolio 15 Statistical information 16 Notes to the financial statements 17 Nikko Money Market Fund - US Dollar Portfolio Statement of investments 22 Classification of investments by country and by economical sector 24 Nikko Money Market Fund - Euro Portfolio Statement of investments 25 Classification of investments by country and by economical sector 26 Nikko Money Market Fund - Australian Dollar Portfolio Statement of investments 27 Classification of investments by country and by economical sector 29 Nikko Money Market Fund - Canadian Dollar Portfolio Statement of investments 30 Classification of investments by country and by economical sector 31 Nikko Money Market Fund - New Zealand Dollar Portfolio Statement of investments 32 Classification of investments by country and by economical sector 33 NIKKO MONEY MARKET FUND Mutual Investment Fund Administration of the Fund Registered Office 9A, rue Robert Stümper, L-2557 Luxembourg Management Company SMBC Nikko Investment Fund Management Company S.A. (formerly known as Total Alpha Investment Fund Management Company S.A.) 9A, rue Robert Stümper, L-2557 Luxembourg Board of Directors of the Management Company Chairman : Mr. Masashi KAMO, Deputy Managing Director SMBC Nikko Bank (Luxembourg) S.A. (formerly known as Nikko Bank (Luxembourg) S.A.) Directors : Mr. John Pierre HETTINGER, Managing Director SMBC Nikko Bank (Luxembourg) S.A. (formerly known as Nikko Bank (Luxembourg) S.A.) Mr. Jacques ELVINGER, Partner Elvinger, Hoss & Prussen, Luxembourg Investment Advisor Nikko Asset Management Europe Ltd. 1 London Wall, London EC2Y 5AD, United Kingdom Custodian, Domiciliary Agent, Administrative Agent, Registrar and Transfer Agent SMBC Nikko Bank (Luxembourg) S.A. (formerly known as Nikko Bank (Luxembourg) S.A.) 9A, rue Robert Stümper, L-2557 Luxembourg Distributor and Agent Securities Company in Japan SMBC Nikko Securities Inc. (formerly known as Nikko Cordial Securities Inc.) 3-1, Marunouchi 3-chome, Chiyoda-ku, Tokyo, 100-8325, Japan Page 3 NIKKO MONEY MARKET FUND Mutual Investment Fund Administration of the Fund (continued) Distributors in Japan * Kazaka Securities Co., Ltd. 13-2 Nihonbashi Kabutocho, Chuo-ku, Tokyo * Tokai Tokyo Securities Co., Ltd. 7-1, 4-chome, Meieki Nakamura-ku, Nagoya-shi, Aichi Prefecture * Toyo Securities Co., Ltd. 4-7-1, Hacchobori, Chuo-ku, Tokyo * Monex, Inc. 11-1, Marunouchi 1-chome, Chiyoda-Ku, Tokyo * Mito Securities Co., Ltd. 3-10, Nihonbashi 2-chome, Chuo-ku, Tokyo * Shizugin TM Securities Co., Ltd. 1-13, Outemachi, Aoi-Ku, Shizuoka-shi, Shizuoka Prefecture * SMBC Friend Securities Co., Ltd. 7-12, Nihonbashi Kabutocho, Chuo-Ku, Tokyo * Aozora Bank, Ltd. 3-1 Kudan-Minami 1-chome, Chiyoda-ku, Tokyo * Mizuho Securities Co., Ltd. 5-1, Otemachi 1-chome, Chiyoda-ku, Tokyo * Okasan Securities Co., Ltd. 17-6, Nihonbashi 1-chome, Chuo-ku, Tokyo * Bansei Securities Co., Ltd. (from May 16, 2011 previously Bansei Yamamaru Securities Co., Ltd.) Kayabacho Tower, 21-2, Shinkawa 1-chome, Chuo-ku, Tokyo * Mitsubishi UFJ Merrill Lynch PB Securities Co., Ltd. Nihonbashi 1-chome Building, 4-1, Nihonbashi 1-chome, Chuo-ku, Tokyo * Mitsubishi UFJ Morgan Stanley Securities Co, Ltd. 5-2, Marunouchi 2-chome, Chiyoda-ku, Tokyo * Ando Securities Co., Ltd. 23-21, Nishiki 3-chome, Naka-ku, Nagoya-shi, Aichi Prefecture * Utsunomiya Securities Co., Ltd. 4-4, Ikegamicho, Utsunomiya-shi, Tochigi Prefecture * Chibagin Securities Co., Ltd. (from January 1, 2011 previously Chuo Securities Co., Ltd.) 5-1, Chuo 2-chome, Chuo-ku, Chiba-shi, Chiba Prefecture * Sony Bank, Inc. 9-11, Akasaka 2-chome, Minato-ku, Tokyo * Mizuho Investors Securities Co., Ltd. 10-30, Nihonbashi Kakigaracho, 2-chome, Chuo-ku, Tokyo * New-S Securities Co., Ltd. 11-10, Higashi 3-chome, Shibuya-ku, Tokyo * Capital Partners Securities Co., Ltd. Asahi Building, 6th Floor, 3-12-2, Nihonbashi, Chuo-ku, Tokyo * H.S. Securities Co., Ltd. 6-8-1, Nishishinjuku, Shinjuku-ku, Tokyo * YM Securities Co., Ltd. 3-3-1, Buzendacho, Shimonoseki-shi, Yamaguchi Prefecture * Maeda Securities Co., Ltd. 14-2, Tenjin 2-chome, Chuo-ku, Fukuoka-shi, Fukuoka Prefecture Page 4 NIKKO MONEY MARKET FUND Mutual Investment Fund Administration of the Fund (continued) Distributors in Japan (continued) * The Joyo Securities Co., Ltd. 4-12, Minamimachi 3-chome, Mito-shi, Ibaraki Prefecture * The Tachibana Securities Co., Ltd. 1-13-14, Nihonbashi Kayabacho Chuo-ku, Tokyo * Hamagin Tokai Tokyo Securities Co., Ltd. 1-1, Minatomirai 3-chome, Nishi-ku, Yokohama -shi, Kanagawa Prefecture * Rakuten Securities, Inc. Shinagawa Seaside Rakuten Tower, 4-12-3 Higashi-Shinagawa, Shinagawa-ku, Tokyo * SBI Securities Co., Ltd. 6-1 Roppongi 1-chome, Minato-ku, Tokyo * Hyakugo Securities Company Limited 33-1, Higashi-marunouchi, Tsu-shi, Mie Prefecture * Chugin Securities Co., Ltd. 2-5, Honmachi, Kita-ku, Okayama-shi, Okayama Prefecture * Nishi-Nippon City Tokai Tokyo Securities Co., Ltd. 3-6, Hakataekimae 1-chome, Hakata-ku, Fukuoka-shi, Fukuoka Prefecture * Musashi Securities Co., Ltd. 333-13 Sakuragicho 4-chome, Omiya-ku, Saitama-shi, Saitama Prefecture * Niigata Securities Co., Ltd. 8-26, Jonaicho 3-chome, Nagaoka-shi, Niigata Prefecture * The Imamura Securities Co., Ltd. 25 Jikkenmachi, Kanazawa-shi, Ishikawa Prefecture * Kabu.com Securities 3-2 Otemachi 1-chome, Chiyoda-ku,Tokyo Distributor outside Japan SMBC Nikko Bank (Luxembourg) S.A. (formerly known as Nikko Bank (Luxembourg) S.A.) 9A, rue Robert Stümper, L-2557 Luxembourg Auditor PricewaterhouseCoopers S.à r.l., 400, route d’Esch, BP 1443, L-1014 Luxembourg Page 5 NIKKO MONEY MARKET FUND Mutual Investment Fund Administration of the Fund (continued) Legal Advisers In Luxembourg : Elvinger, Hoss & Prussen 2, place Winston Churchill, L-2014 Luxembourg In Japan : Mori Hamada & Matsumoto Marunouchi Park Building, 6-1 Marunouchi 2-chome, Chiyoda-ku, Tokyo 100-8222, Japan Page 6 NIKKO MONEY MARKET FUND Mutual Investment Fund General information NIKKO MONEY MARKET FUND (hereinafter referred to as the "Fund"), organised in and under the laws of the Grand Duchy of Luxembourg as a mutual investment umbrella fund ("Fonds Commun de Placement à compartiments multiples") is an unincorporated coproprietorship of its securities and other assets, managed in the interest of its co-owners (hereinafter referred to as the “Unitholders”) by SMBC Nikko Investment Fund Management Company S.A. (formerly known as Total Alpha Investment Fund Management Company S.A.) (the “Management Company”), a company incorporated under the laws of Luxembourg and having its registered office in Luxembourg. The assets of the Fund are separate from those of the Management Company and from those of other funds managed by the Management Company. The Fund is organised in Luxembourg and registered on the official list of collective investment undertakings under part II of the law of December 17, 2010 relating to undertakings for collective investment. The Fund is organised as an umbrella fund. As at the date of this report, the following five sub-funds are in operation : * NIKKO MONEY MARKET FUND - US DOLLAR PORTFOLIO (hereinafter referred to as “US Dollar Portfolio”) * NIKKO MONEY MARKET FUND - EURO PORTFOLIO (hereinafter referred to as “Euro Portfolio”) * NIKKO MONEY MARKET FUND - AUSTRALIAN DOLLAR PORTFOLIO (hereinafter referred to as “Australian Dollar Portfolio”) * NIKKO MONEY MARKET FUND - CANADIAN DOLLAR PORTFOLIO (hereinafter referred to as “Canadian Dollar Portfolio”) * NIKKO MONEY MARKET FUND - NEW ZEALAND DOLLAR PORTFOLIO (hereinafter referred to as “New Zealand Dollar Portfolio”) The Fund is managed by the Management Company in accordance with the Management Regulations, which became effective on January 13, 1992. Amendments to the Management Regulations were published for the last time in the Mémorial on May 25, 2011. The Management Regulations are deposited with the Registre de Commerce et des Sociétés in Luxembourg, where they may be inspected and copies obtained. The sub-funds are intended to be managed as short-term money market funds as defined by CESR's guidelines (10-049) on a common definition of European money market funds as amended from time to time. Reference to CESR is to the Committee of European Securities Regulators which has been replaced as from 1st January 2011 by the European Securities and Markets Authority (ESMA). Page 7 NIKKO MONEY MARKET FUND Mutual Investment Fund General information (continued) Investment objectives The investment objective of the US Dollar Portfolio is to seek a stable rate of income in line with money market rates while preserving capital and maintaining liquidity by investing in high grade money market instruments. The Management Company will use its best efforts to maintain the net asset value per unit at 1 US cent. The Fund will invest
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