SLI Global SICAV Interim Report 2011 DE Version.Qxp

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SLI Global SICAV Interim Report 2011 DE Version.Qxp Interim Report Standard Life Investments Global SICAV Société d'Investissement à Capital Variable Unaudited semi-annual report as at 30 June 2011 No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual and the most recent semi-annual report, if published thereafter. R.C.S. Luxembourg B 78.797 Standard Life Investments Global SICAV Société d'Investissement à Capital Variable Registered Office 2-4, rue Eugène Ruppert L-2453 Luxembourg Grand Duchy of Luxembourg Board of Directors Sub-Investment Manager Standard Life Investments (USA) Limited Members Registered office: Mr William Littleboy 1, George Street Chief Risk Officer Edinburgh EH2 2LL Standard Life Investments Limited Scotland 1, George Street Edinburgh EH2 2LL Principal place of business: Scotland One Beacon Street 34th Floor Mr Desmond Doran Boston Head of Product Management and Governance MA 02108-3106 Standard Life Investments Limited United States of America 1, George Street Edinburgh EH2 2LL Principal Distributor Scotland Standard Life Investments Limited 1, George Street Mr Michael Evans Edinburgh EH2 2LL Chief Operating Officer Scotland Standard Life Investments Inc. 1001, de Maisonneuve Blvd West Day to Day Managers Suite 1000 Mr Desmond Doran Montreal, Quebec Head of Product Management and Governance Canada Standard Life Investments Limited 1, George Street Mr Manuel Hauser Edinburgh EH2 2LL Independent Director Scotland 15, rue du Fort Bourbon L-1249 Luxembourg Mr Michael Everett Grand Duchy of Luxembourg Head of Risk and Compliance Standard Life Investments Limited Ms Jennifer Richards 1, George Street Head of Standard Life Investments Limited Ireland Edinburgh EH2 2LL 90, St Stephens Green Scotland Dublin 2 Ireland Regarding the Distribution of the Fund in Germany The articles of incorporation, the prospectus and the simplified Administration and Advisors prospectus, the annual and semi-annual reports as well as the Registrar and Transfer, Corporate, Domiciliary, Administrative Agent, changes in the investment portfolios during the reporting year can Custodian and Depositary Agent be obtained free of charge at the registered office of the The Bank of New York Mellon (Luxembourg) S.A. representative and paying agent in Germany which is: 2-4, rue Eugène Ruppert L-2453 Luxembourg Deutsche Bank AG Grand Duchy of Luxembourg Taunusanlage 12 D-60325 Frankfurt am Main Investment Manager Federal Republic of Germany Standard Life Investments Limited 1, George Street For the following sub-funds, no notification for distribution has Edinburgh EH2 2LL been made, so that units of these sub-funds may not be Scotland distributed publicly to investors within the scope of the German Investment Act Auditor Standard Life Investments Global SICAV – US Corporate Bond Fund PricewaterhouseCoopers S.à r.l. Standard Life Investments Global SICAV – Emerging Market Debt 400, route d'Esch Fund L-1471 Luxembourg Standard Life Investments Global SICAV – Global High Yield Bond Grand Duchy of Luxembourg Fund Standard Life Investments Global SICAV – Global Corporate Bond Legal Advisor Fund Kremer Associés & Clifford Chance 2-4, place de Paris B.P. 1147 L-1011 Luxembourg Grand Duchy of Luxembourg Contents Page Page Report of the Board of Directors 1 European Smaller Companies Fund 95 Statement of Changes in Portfolio 2 Objective and Policy of the Fund Sub-Fund Performance Review and Outlook General Information 2 Geographical Classification Investment Markets Overview 3 Ten Largest Holdings Statement of Net Assets 4 Schedule of Investments Statement of Operations and Changes in Net Assets 9 Indian Equities Fund 98 Statement of Changes in the Number of Shares 14 Objective and Policy of the Fund Statistics 31 Sub-Fund Performance Review and Outlook Notes to the Financial Statements 46 Industrial Classification Global Equities Fund 69 Ten Largest Holdings Objective and Policy of the Fund Schedule of Investments Sub-Fund Performance Review and Outlook Global Equity Unconstrained Fund 101 Geographical Classification Objective and Policy of the Fund Ten Largest Holdings Sub-Fund Performance Review and Outlook Schedule of Investments Geographical Classification Asian Equities Fund 73 Ten Largest Holdings Objective and Policy of the Fund Schedule of Investments Sub-Fund Performance Review and Outlook European Equity Unconstrained Fund 104 Geographical Classification Objective and Policy of the Fund Ten Largest Holdings Sub-Fund Performance Review and Outlook Schedule of Investments Geographical Classification China Equities Fund 76 Ten Largest Holdings Objective and Policy of the Fund Schedule of Investments Sub-Fund Performance Review and Outlook Global Bond Fund 107 Geographical Classification Objective and Policy of the Fund Ten Largest Holdings Sub-Fund Performance Review and Outlook Schedule of Investments Geographical Classification Japanese Equities Fund 78 Ten Largest Holdings Objective and Policy of the Fund Schedule of Investments Sub-Fund Performance Review and Outlook Global Inflation-Linked Bond Fund 110 Industrial Classification Objective and Policy of the Fund Ten Largest Holdings Sub-Fund Performance Review and Outlook Schedule of Investments Geographical Classification European Equities Fund 82 Ten Largest Holdings Objective and Policy of the Fund Schedule of Investments Sub-Fund Performance Review and Outlook Euro Government Bond Fund 113 Geographical Classification Objective and Policy of the Fund Ten Largest Holdings Sub-Fund Performance Review and Outlook Schedule of Investments Geographical Classification Eurozone Equities Fund 85 Ten Largest Holdings Objective and Policy of the Fund Schedule of Investments Sub-Fund Performance Review and Outlook European High Yield Bond Fund 115 Geographical Classification Objective and Policy of the Fund Ten Largest Holdings Sub-Fund Performance Review and Outlook Schedule of Investments Geographical Classification US Equities Fund 88 Ten Largest Holdings Objective and Policy of the Fund Schedule of Investments Sub-Fund Performance Review and Outlook European Corporate Bond Fund 119 Industrial Classification Objective and Policy of the Fund Ten Largest Holdings Sub-Fund Performance Review and Outlook Schedule of Investments Geographical Classification Global REIT Focus Fund 92 Ten Largest Holdings Objective and Policy of the Fund Schedule of Investments Sub-Fund Performance Review and Outlook Euro Inflation-Linked Bond Fund 130 Geographical Classification Objective and Policy of the Fund Ten Largest Holdings Sub-Fund Performance Review and Outlook Schedule of Investments Geographical Classification Ten Largest Holdings Schedule of Investments Contents (continued) Page Euro Government All Stocks Fund^ 132 Objective and Policy of the Fund Sub-Fund Performance Review and Outlook Geographical Classification Ten Largest Holdings Schedule of Investments Global High Yield Bond Fund^ 135 Objective and Policy of the Fund Sub-Fund Performance Review and Outlook Geographical Classification Ten Largest Holdings Schedule of Investments Global Absolute Return Strategies Fund^ 142 Objective and Policy of the Fund Sub-Fund Performance Review and Outlook Geographical Classification Ten Largest Holdings Schedule of Investments Absolute Return Global Bond Strategies Fund^ 168 Objective and Policy of the Fund Sub-Fund Performance Review and Outlook Geographical Classification Ten Largest Holdings Schedule of Investments Global Corporate Bond Fund^ 172 Objective and Policy of the Fund Sub-Fund Performance Review and Outlook Geographical Classification Ten Largest Holdings Schedule of Investments Additional information for investors in the Federal Republic of Germany 178 ^This Sub-fund is not authorised in Hong Kong and not available to Hong Kong Residents. Standard Life Investments Global SICAV Société d'Investissement à Capital Variable Report of the Board of Directors At the period end, the total net assets of the sub-funds of Standard Life Investments Global SICAV (the “Company”) stood at USD 11,640,490,621. The Company's objective continues to be to provide the investors with a choice of professionally managed sub-funds investing in a wide range of transferable securities in order to achieve an optimum return from capital invested, while reducing investment risk through diversification. The Board of Directors Luxembourg, 18 August 2011 Standard Life Investments Global SICAV Unaudited semi-annual report as at 30 June 2011 1 Standard Life Investments Global SICAV Société d'Investissement à Capital Variable Statement of Changes in Portfolio A statement giving the changes in portfolio of investments for the six months ended 30 June 2011 can be obtained free of charge from the registered office of the Company. General Information The Company's articles of incorporation may be amended from time to time by a meeting of shareholders, subject to the quorum and majority requirements provided by Luxembourg law. Any amendment thereto shall be published in the Mémorial, in a Luxembourg daily newspaper and, if necessary, in the official publications specified for the respective countries in which Company Shares are sold. Such amendments become legally binding on all shareholders, following their approval by the general meeting of shareholders. Any amendments affecting the rights of the holders of Shares of any Class vis-à-vis those of any other Class shall be subject further to the said quorum and majority requirements in respect of each relevant Class.
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