Quarterly reports - WIOF Global Listed Utilities Fund

1
Performance is calculated on I class shares, pre management fees of between 1.50% and 2.25% per annum
2
Performance inception date is 31 July 2009
3
The UBS Developed Infrastructure & Utilities Index is a USD hedged, total return index
IMPORTANT NOTES
This report has been prepared for information only, and it does not represent an offer to purchase or subscribe for shares. While Nucleus Global Investors Pty Ltd ( Nucleus ) believes that the information is correct at the date of
production, no warranty or representation is given to this effect and no liability can be assumed for the correctness or accuracy of the given information, which may be subject to change at any time, without notice. Returns can be
volatile, reflecting increases and decreases in the value of underlying investments. Changes in market conditions and exchange rates can cause a decrease or an increase in the share value. Past performance does not guarantee the same
results in the future.
The WIOF Global Listed Utilities Fund (the Fund ) is a sub fund of World Investment Opportunities Funds (the SICAV ), an open-ended investment company registered on the official list of collective investment undertakings pursuant to
part I of the Luxembourg law of 20th December 2002 on collective investment undertakings (the 2002 Law ). Julius Baer (Luxembourg) S.A is the designated management company of the SICAV, authorised under the provisions of
Chapter 13 of the 2002 Law. Applications can only be made on the form in the current WIOF Prospectus dated April 2010. Prospectus can be obtained by contacting the Nucleus investment team on
+61 2 9356 2866, by fax +61 2 9357 6640, or by emailing kteale@nucleusglobal.com.au or at http://www.wiof.eu/institutional/download/prospectus/. Before investing in the Fund, investors should contact their financial adviser and refer
to all relevant documents relating to the Fund, such as the latest annual report and prospectus, which specify the particular risks associated with the Fund, together with any specific restrictions applying, and the basis of dealing. In the
event an investor chooses not to seek advice from a financial adviser, he should consider whether the Fund is a suitable investment for him.
WIOF Global Listed Utilities Fund December
2011
Performance Summary (total return before fees) Performance 1
1 Month 3 Months 12 Months Inception 2
WIOF Global Listed Utilities Fund 1.8% 3.6% 6.6% 23.3%
Benchmark (UBS Developed Infrastructure & Utilities Index 3
) 1.3% 4.7% 1.2% 16.3%
Overview
The fund s share price increased by 3.6% over the quarter, compared to a 4.7%
increase in our benchmark index. Equity markets had a good quarter, driven
primarily by optimism about the US economy, which is growing faster than most
economists had predicted. The better economic performance has been driven
primarily by stronger consumer spending, as US consumers have become more
confident about the prospects for the US economy and unemployment levels
continue to fall. The S&P 500 rose by 11.2%, dragging most European markets
with it - the FTSE 350 rose by 7.9% and Germany s DAX increased by 7.2%.
Equities were flat in Italy and Spain though as markets continued to worry about
the possibility of sovereign default and the associated impact this would have on
the European banking sector.
The underperformance of the fund over the quarter was due to stock selection,
specifically the fact that the fund did not hold positions in El Paso Corp, The
Williams Companies or ONEOK Inc, which together account for approximately 4%
of our benchmark index. All three companies are integrated gas producers and
distributors who own and operate both gas exploration and production businesses
and large pipeline networks in the United States. During the quarter, Kinder
Morgan (a leading pipeline transportation and energy storage company in North
America) made a takeover bid for El Paso at a premium of almost 50% to its pre
bid share price. This also drove up the price of The Williams Companies and
ONEOK Inc, which were both seen as being in play after the bid. The share price
of both companies rose by over 30% in response. The fund did not own stakes in
any of these companies due to the fact that they derive a large part of their
income from gas exploration and production, which can exhibit very volatile
earnings and which we don t consider as a utility or infrastructure business.
The best performing stocks in the fund over the quarter were all US electricity
utilities - Idacorp +13.1%, Xcel Energy +13.0% and Ameren Corp +12.6%. The
worst performing were Inmarsat (a global satellite operator) -15.7%, CLP Holdings
(a Hong Kong electricity utility) -5.7% and Osaka Gas Co (a gas utility) -5.6%.
Portfolio Changes
During the quarter, we established positions in Atmos Energy Corp, Northeast
Utilities, Tokyo Gas Co and Xcel Energy. We exited positions in E.On, Flughafen
Wien, Fortum, and Cleco Corp.
Outlook
Whilst the ECB s provision of EUR 500 Bn in liquidity to just over 500 European banks in December has reduced the probability of a banking
crisis, Europe s banks are not out of the woods yet. According to the European Banking Authority, the continent s banks need to raise at least
EUR 115 Bn by June 2012 in order to comply with their minimum core tier one capital ratio requirements. We think the EBA s estimate is
hopelessly optimistic and the true amount needed to cope with the looming sovereign debt problems is more like three to five times this
amount. Not only are banks keen to avoid the earnings dilution associated with having to raise large amounts of equity at big discounts to
their already depressed share prices, they aren t finding the capital easy to raise. Many appear to have taken the view that they are happy to
shrink their balance sheets to minimise the amount they have to raise, meaning European credit markets will likely remain tight for some
time. This does not bode well for growth in the region. Whilst most of Europe looks to be sliding into recession, across the Atlantic the news
is far better. The US economy continues to grow steadily and importantly, employment continues to grow which in turn supports consumer
spending. Even the much maligned housing market appears to be showing signs of bottoming. We expect the US economy to continue to
outperform that of the Eurozone in 2012 and think it likely the fund will continue to maintain an overweight position in the US for some time.
The fund also holds an overweight position in regulated utilities. We think 2012 is likely to be a tough year for the world economy generally
and in addition to being quite attractive value, earnings for regulated utilities tend to hold up well even in poor economic conditions.
Regulated Utility
57%
Semi Regulated
Utility
29%
Communications
Infrastructure
6%
Rail
3%
Cash
5%
Sector Allocation
US
57%
Europe ex UK
4%
UK
11%
Japan
9%
Asia excl. Japan
7%
Canada
6%
Cash
5%
Geographic Allocation
Company Name Country Sector
% of
Portfolio
National Grid PLC UK Regulated Utility 5.5%
Consolidated Edison Inc US Regulated Utility 5.1%
Duke Energy Corp US Regulated Utility 4.6%
SES Luxembourg Communications Infrastructure 4.0%
Scottish & Southern Energy UK Semi Regulated Utility 4.0%
Top 5 Holdings

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IMPORTANT NOTES
WIOF Global Listed Utilities Fund September
2011
WIOF Global Listed Utilities Fund 0.2% (0.3%) 5.7% 18.3%
) (0.6%) (6.0%) 0.0% 11.0%
Overview
The fund s share price decreased by 0.3% over the quarter, compared to a 6.0%
decrease in our benchmark index. Equity markets had a horrible quarter as
markets became increasingly worried about the ability of the European banking
sector to deal with potential sovereign defaults and writedowns of not just Greek,
but also Italian and Spanish sovereign debt. Continental European markets were
particularly badly hit with equity markets in Germany, France and Italy all falling by
just over 25%, In contrast, the UK s FTSE 350 and the S&P 500 each fell by only
14%. Markets are clearly pricing in a recession in Europe and a sharp slowdown in
the US economy and are also clearly worried about the possibility that a GFC mark
II is sparked by Europe s sovereign debt crisis.
The outperformance of the fund was due to stock selection (not owning the large
integrated utilities in Italy, Spain and France which make up a significant part of
our investment universe) and geographic allocation. We sold our small positions in
Italian utilities early in the quarter and our French holdings mid quarter, as the
interest rates paid by Italy on its sovereign debt rose sharply, greatly impairing the
ability of the government to service its large debt burden and increasing the
probability of default. An Italian default would hurt not only the Italian economy,
but also the French economy, given the impact it would have on the French
banking sector which holds large amounts of Italian sovereign debt.
The best performing stocks in the fund over the quarter were Consolidated Edison
(a US electricity utility) +8.2%, Central Japan Railway (operator of the Tokyo-
Osaka high speed rail link) +7.8% and Duke Energy (a US electricity utility)
+7.6%. The worst performing were E.On (a pan European electricity and gas
utility) -16.5%, Inmarsat (a global satellite operator) -11.6% and Fortum (a
Finnish power generator) -11.4%.
Portfolio Changes
During the quarter, we established positions in Southern Company, CLP Holdings,
TransCanada, AGL Resources, SES and RWE. We exited positions in Iren, Enel,
Vinci, GDF Suez and Drax.
Outlook
The probability of a European banking crisis has clearly increased. Europe s banks are woefully under capitalised. If proof of this was needed,
the collapse of Dexia (one of the highest rated banks under the recent European Banking Authority stress tests) has provided it. It is widely
acknowledged that a recapitalisation of Europe s banking sector is needed, the problem is where the capital will come from. Policy makers
estimates of a total cost of EUR 100 Bn to bail out Europe s banks is way too optimistic. It cost USD 700 Bn (EUR 500 Bn) to bail out the US
banking sector (USD 300 Bn in equity injections and USD 400 Bn in asset guarantees), which serves a similar sized economy to the Eurozone
banks. US banks, however, were much less leveraged when the sub prime crisis hit than European banks are now and we believe the total
cost of a Eurozone banking sector bailout is likely to be between EUR 200 Bn and EUR 500 Bn and possibly even more. Furthermore,
Eurozone governments would probably find it more difficult than the US government to raise the capital for a bailout. The Eurozone has
basically two options to fund a bailout: the ECB prints money or individual member states issue bonds. Germany will certainly oppose large
scale money printing given their experience of hyperinflation caused by printing money during the Weimar Republic and bond markets would
likely balk at lending Italy or Spain (15% and 10% of the Eurozone respectively) their share of the funding necessary to effect a co-operative
Eurozone bailout. A Eurobond guaranteed by all of the Eurozone members (in essence a bond guaranteed by Germany) looks to be an
unlikely saviour. Even if it wanted to, could Germany actually afford to bail out the entire Eurozone? Germany s economy represents around
25% of the Eurozone. Asking them to guarantee a bailout for the entire Eurozone is akin to asking California and New York (which together
represent around 22% of the US economy) to bail out the entire US banking system. Should a banking crisis occur, our view is that national
governments will bail out their own banks. Consequently, we have limited our exposure in Europe to those countries where we are confident
the government could afford to bailout its banking system should this be required.
Regulated Utility
41%
Semi Regulated
Utility
38%
Generation
2%
Communications
Infrastructure
7%
Rail
3%
Airports
1%
Cash
8%
Sector Allocation
US
46%
Europe ex UK
16%
UK
12%
Japan
7%
Asia excl. Japan
6%
Canada
6%
Cash
8%
% of
Portfolio
E.ON AG Germany Semi Regulated Utility 5.5%
National Grid PLC UK Regulated Utility 5.3%
Top 5 Holdings

1
2
3
IMPORTANT NOTES
WIOF Global Listed Utilities Fund June 2011
WIOF Global Listed Utilities Fund (0.9%) 0.6% 14.1% 18.7%
) (0.2%) 1.6% 13.9% 18.1%
Overview
The fund s share price decreased by 0.9% over the quarter, compared to a 0.2%
decrease in our benchmark index. Whilst markets were generally relatively flat
over the quarter, sovereign debt concerns weighed on markets in southern
Europe. Whilst the S&P 500 was down by 0.4% over the quarter and the FTSE
350, was up by 0.9%, the Spanish equity market fell by 2.7% and the Italian
market by 6.9%. Bank stocks were particularly hard hit in both Italy and Spain as
markets became concerned about their exposure to sovereign debt in Italy and
Spain respectively. The spreads on Spanish and Italian bonds over German bunds
are now at their highest level since Spain and Italy entered the Eurozone - markets
clearly doubt the debt crisis will be limited to Greece, Ireland and Portugal.
The underperformance of the fund was primarily due to stock selection. Fortum (a
nuclear and hydro electric power generator in Finland) fell by 13.1% as the Finnish
government announced an excess profits tax on the profits Fortum makes from
selling surplus CO2 emissions permits. Electric Power Development Co (a Japanese
power generator operating hydro, gas and coal fired plants) fell by 15.1% as the
Fukushima related negative sentiment surrounding Japanese nuclear power
generators continued to drag down the whole power generation sector, including
companies with no nuclear power exposure. The fund continued to benefit from
the fact that it has no exposure to nuclear power in Japan. It also benefited from
its holding in Drax (a UK based coal fired power generator), which rose by 32.7%.
Because Europe s power markets are highly interconnected, a shortage of power in
France caused by the shut down of nuclear plants in Germany, is in turn causing
power shortages and higher power prices in the UK which are benefiting Drax.
The best performing stocks in the fund over the quarter were Drax +32.7%, First
Energy (a US electricity utility) +20.5% and Power Assets Holdings (a Hong Kong
electricity utility) +16.3%. The worst performing were Flughafen Wien (Vienna
Airport) -17.7%, Electric Power Development Co -15.1% and Fortum -13.1%.
Portfolio Changes
During the quarter, we established positions in First Energy, Avista Corp, DPL Inc,
Exelon, Atmos Energy Corp and Westshore Terminals. We exited positions in
Electric Power Development Co, Flughafen Wien, Northumbrian Water, Enagas,
Iberdrola and Xcel Energy.
Outlook
We have become increasingly concerned in recent months about the sovereign debt crisis unfolding in Europe. With the sovereign debt of
Greece and Portugal now downgraded to junk debt status, the question has to be asked, which other economies in Europe are vulnerable?
Judging by the sharp rise in bond yields in Spain and Italy, markets are clearly worried about their credit worthiness also. Eurozone politicians
are in denial about the scale of the problem and their proposed solutions are merely deferring the hard decisions to another day, rather than
addressing the problem that these countries cannot repay their debts and bondholders will have to take a haircut. At some point bond
markets will make the hard decisions for them and force debt restructurings by simply refusing to extend credit. Sovereign indebtedness is
not only a European problem however. Most western governments have too much debt and bond markets are demanding higher interest
rates to lend to them and in some cases are becoming unwilling to buy their bonds. The result is that governments are being forced to cut
spending and raise taxes, which will significantly cut incomes of both the corporate and household sector which is itself already reducing
spending as consumers begin to reduce the large debt burdens racked up in the credit boom. Periods of deleveraging that follow the bursting
of a credit bubble are almost invariably characterized by low economic growth for exactly these reasons and we expect the next few years
will be no different. Sectors of the economy that depend on consumer discretionary spending tend to fare particularly badly. In contrast,
utilities tend to outperform in such an environment as they provide society s essential services people simply can t live without power, gas
or water - resulting in much more stable earnings in a weak economic environment.
Semi Regulated
Utility
61%
Regulated Utility
14%
Generation
8%
Communications
Infrastructure
3%
Toll Roads
3%
Rail
2%
Ports 2%
Cash
7%
Sector Allocation
US
48%
Europe ex UK
17%
UK
14%
Japan
6%
Asia excl. Japan
2%
Canada
6%
Cash
7%
% of
Portfolio
Atco Ltd Canada Semi Regulated Utility 3.9%
Drax Group UK Generation 3.8%
Fortum OYJ Finland Generation 3.6%
Top 5 Holdings

1
2
3
IMPORTANT NOTES
WIOF Global Listed Utilities Fund March 2011
) (3.1%) 1.2% 4.9% 16.3%
Sector Allocation
Semi Regulated
Utility
54%
Regulated Utility
22%
Cash
1%
Generation
11%
Toll Roads
5%
Airports
2%
Rail
2%
Communications
Infrastructure
3%
US
46%
Europe ex UK
21%
UK
14%
Asia excl. Japan
4%
Cash
1%
Canada
6%
Japan
8%
Overview
increase in our benchmark index. The nuclear crisis in Japan cast a shadow over
world equity markets during March. Whilst the earthquake and tsunami caused a
huge amount of damage in their own right, equity markets were far more
concerned with the radiation emissions from the Fukushima nuclear plant. The
Nikkei fell by 4.6% over the quarter, not a bad performance considering the extent
of the damage to Japan s economy caused by the disaster. The S&P500 rose by
5.4%, the FTSE 350 was flat and continental European markets were generally
strong.
The outperformance of the fund was driven by three factors: the fund had no
holding in Tokyo Electric Power - the owner of the Fukushima plant (whose share
price fell by 78%); an underweight position in Japanese equities which we felt
were relatively expensive before the crisis; and an underweight position in utilities
with nuclear generation capacity in Europe - as we were concerned by the political
uncertainty surrounding nuclear generation in Europe and in Germany in particular.
We have never considered Tokyo Electric Power as an appropriate holding for the
fund. As we noted in our September 2010 Quarterly Report, the company has a
record of systematic concealment from Japan s nuclear authorities of safety
incidents at its reactors stretching over decades. This alone should be enough to
make any investor avoid holding any shares in the company.
The best performing stocks in the fund over the quarter were Verbund AG (an
Austrian hydro electric generator) +12.4%, American Water Works Co Inc (a US
water utility) +11.8% and Portland General Electric (a US electricity utility)
+10.7%. The worst performing stocks were Flughafen Wien AG (Vienna Airport) -
12.6%, Inmarsat (a satellite operator) -10.3% and Central Japan Railway Co
(operator of the high speed rail link between Tokyo and Osaka) -2.4%.
Portfolio Changes
During the quarter, we established positions in Verbund AG, Drax Group, Electric
Power Development Co, Okinawa Electric Power Co and Scottish & Southern
Energy. We exited positions in E.On, SES, Vopak, Centrica and Southern Co.
% of
Portfolio
Sempra Energy US Semi Regulated Utility 4.7%
Vinci France Toll Roads 4.5%
GDF Suez France Semi Regulated Utility 3.8%
Top 5 Holdings
Outlook
The Fukushima plant represents about 6% of Japan s electricity generation capacity. The power shortages caused by the plant shutdown has
resulted in temporary shutdowns of a large number of factories. In addition to the lost output from the Fukushima plant, other nuclear plants
in Japan are likely to see temporary closures for safety tests. Power shortages will result in excess profits for generators with non-nuclear
capacity for many years, until the destroyed capacity is rebuilt. The Fukushima crisis will doubtless have impacts far beyond Japan. In
Germany, Chancellor Merkel has ordered the temporary closure of seven of the countries seventeen nuclear plants while a safety review takes
place. This drastic action was not enough to stop Germany s Green party scoring their best ever state election result in this quarter s Baden-
Württemberg state election, with the Greens doubling their share of the primary vote to 24%. They will now form a coalition government with
the SPD, with Green s leader Winfried Kretschmann the likely new Minister-President the first Green party member to hold such an office.
The voter backlash against nuclear power in Germany means that there is a significant risk that the temporary closure of reactors will become
permanent. This would lead to significantly higher power prices in Germany and surrounding areas for many years and probably also marks a
major turning point in public support for nuclear power in Europe and to a lesser extent the US. One thing is clear, very few approvals to
build nuclear plants will be given for many years across the Western world and older plants face the threat of closure or at the very least
increases in safety and decommissioning costs. With CO2 emitting coal fired plants also unpopular with voters, gas fired plants will comprise
the bulk of new (and replacement) capacity built, as renewables will only be able to meet a small portion of this demand in the next decade
or so. Higher gas and CO2 prices, as well as excess profits for gas fired and coal fired generators seem almost inevitable and as a
consequence we have significantly increased our exposure to companies with gas fired, coal fired and hydro electric generating capacity.

1
2
3
IMPORTANT NOTES
WIOF Global Listed Utilities Fund December
2010
) 3.6% 3.5% 3.8% 14.8%
Sector Allocation
Semi Regulated
Utility
57%Regulated Utility
20%
Ports
5%
Generation
4%
Toll Roads
4%
Airports
2%Rail
3%
Communications
Infrastructure
5%
US
53%
Europe ex UK
23%
Japan
5%
Canada
6%
UK
13%
Overview
increase in our benchmark index. Stock selection was the primary reason for our
underperformance compared to the benchmark.
Equity markets in most regions experienced strong gains over the quarter. The
S&P 500 rose by 10.8%, Germany s DAX Index by 11.0%, and the Nikkei by 9.3%.
The performance of utility stocks lagged the broader market as market participants
sought exposure to riskier stocks. Utilities and infrastructure stocks rose by 3.4%
in the US, 4.6% in Germany and only 0.2% in Japan. Investors desire to increase
their exposure to riskier stocks was driven by improving economic data out of the
US in particular, with retail sales improving significantly and new unemployment
claims falling substantially in December, the number of Americans filing to
receive jobless claims dropped to the lowest level in over two years.
In contrast, investors deserted markets in countries with sovereign risk concerns,
with Spain s IBEX 35 index falling by 4.8% and Italy s MIB 40 Index falling by
1.1%. The fund disposed of its small position in Spanish stocks during the quarter
and currently has no exposure to Spain and a very limited exposure to Italy.
The best performing stocks in the fund over the quarter were Flughafen Wien
(Vienna airport) +17.2%, Fortum (a merchant generator servicing Finland and
Sweden) +13.9% and Severn Trent +11.6% (a UK water utility). The worst
performing stocks were DTE Energy -3.6% (a US electricity utility), Sempra Energy
-5.2% (a US electricity and gas utility and pipeline operator) and Osaka Gas Co
-8.5% (a gas utility in Osaka).
Portfolio Changes
During the quarter, we established positions in Vinci (a toll road operator in
France), Inmarsat (a satellite operator), Canadian Utilities (an electricity and gas
utility in Canada), GDF Suez (a global transporter and distributor of natural gas)
and UGI (a US electricity and gas utility). We exited positions in RWE (a German
electricity utility with merchant generation operations), E.On (a pan European
electricity utility with merchant generation operations), Enagas (the Spanish gas
transmission system operator) and Red Electrica (the operator of the Spanish
electricity transmission grid) given our concerns over sovereign risk in Spain.
% of
Portfolio
Consolidated Edison US Transmission & Distribution 4.8%
Vopak Netherlands Ports 4.6%
Sempra Energy US Integrated 4.5%
SCANA US Integrated Regulated 4.0%
Vinci France Toll Roads 3.9%
Top 5 Holdings
Outlook
Equity markets will be impacted by some strong opposing forces in 2011, with improving economic fundamentals, particularly in the US,
providing positive impetus to equities, but with concerns about many governments ability to repay their large debt burdens having a negative
impact. We expect that the Federal Reserve and the European Central Bank will continue to maintain interest rates at very low levels and that
the ECB will continue to provide large amounts of liquidity to the banking system. Clearly, both the Fed and the ECB have decided that their
role in maintaining the stability of the banking system will continue to take overwhelming precedence over their role in keeping inflation at
acceptable levels. As such, we expect the highly accommodative monetary policy of both the Fed and the ECB to continue for quite some
time. Furthermore, the Eurozone members are clearly taking a whatever it takes attitude to defending the Euro. As such, we expect more
bailouts to be provided to those Eurozone states who are unable to obtain sufficient debt from international bond markets and an increase in
the size of bailouts already provided. This excess liquidity must go somewhere and some of it will likely flow into equity markets. Combined
with this is the fact that both institutional and retail investors have an underweight exposure to equities in historical terms and we would
expect increased inflows into equity markets from both institutional and retail investors compared to 2011 levels. On balance, we expect that
the combination of increased inflows from retail and institutional investors and the increased liquidity being provided by the Fed and the ECB
will drive equities in the US, UK and core European markets such as Germany and France higher in the short term at least. In contrast, we
expect those European countries with higher levels of sovereign risk, such as Spain and Italy to perform relatively poorly.

1
2
3
IMPORTANT NOTES
WIOF Global Listed Utilities Fund September
2010
) 1.4% 7.0% 4.4% 11.0%
Sector Allocation
Semi Regulated
Utility
62%
Regulated Utility
21%
Ports
5%
Generation
4%
Toll Roads
1%
Airports
2%
Rail
2%
Communications
Infrastructure
3%
US
53%
Europe ex UK
27%
Japan
4%
Canada
6%
UK
10%
Overview
increase in our benchmark index. Stock selection and country allocation were the
primary reasons for our outperformance compared to the benchmark.
Equity markets in most regions experienced strong gains over the quarter. Utilities
and infrastructure stocks performed most strongly in the US (up 11.8% for the
quarter), Canada (up 10.7%) and the UK (up 9.5%). The performance of utilities
and infrastructure stocks in Japan was, by contrast, horrendous with the sector
falling by 8.4%. Half of the decline in the Japanese utilities sector was due to the
share price fall of a single stock, Tokyo Electric Power (a Japanese utility with
merchant nuclear generation facilities serving the Tokyo market), which fell by
14.3% over the quarter after it announced it would issue shares equivalent to 17%
of its issued capital. The fall in Tokyo Electric Power dragged down other Japanese
utilities as well, as investors worried that other companies in the sector may also
be planning big capital raisings. The fund holds only a small total position in
Japanese utilities and no position in Tokyo Electric Power. Corporate governance at
the company can only be described as awful. The company has a long track record
of systematic concealment from Japan s nuclear authorities of plant safety
incidents at its reactors. This alone should be enough to make any investor avoid
holding any shares in the company.
The best performing stocks in the fund over the quarter were Enagas (the Spanish
gas transmission system operator) +16.1%, Nisource (an electricity and gas utility
in the US) +14.9% and Centrepoint Energy (an electricity and gas utility in the US)
+14.2%. The worst performing stocks were Tokyo Gas Co (a gas utility in Tokyo),
RWE (a German electricity utility with merchant generation operations) -14.8 and
Central Japan Railway (operator of a high speed rail link between Tokyo and
Osaka) -23.1%.
Portfolio Changes
During the quarter, we established positions in Atlantia (a toll road operator in
Italy), Drax Group (a UK based merchant power generator), Nisource, Sempra
Energy (a US electricity and gas utility and pipeline operator), Red Electrica and
Terna (respectively, the operators of the Spanish and Italian electricity
transmission grids). We exited positions in Constellation Energy and Edison
International (US electricity utilities with merchant generation operations),
Flughafen Zuerich (Zurich Airport) and WGL Holdings (a gas utility in the US).
% of
Portfolio
Dominion Resources US Semi Regulated Utility 6.5%
Southern Co. US Semi Regulated Utility 5.1%
Consolidated Edison US Regulated Utility 5.0%
Vopak NV Netherlands Ports 4.8%
Top 5 Holdings
Outlook
Financial markets are preoccupied at the moment with the next round of quantitative easing expected from the Federal Reserve. The recent
weakness in the US dollar reflects, in part, investors concerns that the Fed is willing to monetise the federal government s debt and cause an
inflation problem to solve a fiscal problem. Many economists point to the fact that inflation is low to justify the money printing of the Fed.
That all depends on how you measure inflation. On a narrow definition (the CPI) it is, but if one includes increases in asset prices in the
definition, inflation is increasing. The excess liquidity has to flow somewhere, and at the moment that somewhere is asset markets, be they
bonds, equities or gold. At the present, the equity market has momentum behind it and we would not be surprised for this to continue for the
short term at least. In an environment where investors expect further money printing and inflation, this makes sense equities are a real
asset, and prices of real assets tend to perform well (at least in nominal terms and most definitely relative to monetary assets) when central
banks print money. What doesn t make sense to us is the high prices being paid for government bonds. Investors headlong rush into bonds
makes little sense to us, particularly given yields are at historic lows. A yield of less than 2.5% on 10 year government bonds in the US and
Germany and less than 3% in France and the UK is counterintuitive to us in an environment where markets are worried about the potential
inflationary impact of the Fed printing money. In absolute terms, equities are currently trading at reasonably close to fair value, but relative
to bonds we feel they are good value. We expect this gap to close over the medium term.

1
Performance is calculated on I class shares, post management fees of between 1.50% and 2.25% per annum
2
3
IMPORTANT NOTES
This report has been prepared for information only, and it does not represent an offer to purchase or subscribe for shares. While Nucleus Global Investors Pty Ltd (“Nucleus”) believes that the information is correct at the date of
The WIOF Global Listed Utilities Fund (the “Fund”) is a sub fund of World Investment Opportunities Funds (the “SICAV”), an open-ended investment company registered on the official list of collective investment undertakings pursuant to
part I of the Luxembourg law of 20th December 2002 on collective investment undertakings (the “2002 Law”). Julius Baer (Luxembourg) S.A is the designated management company of the SICAV, authorised under the provisions of
+61 2 8226 5126, by fax +61 2 9235 2800, or by emailing gfisher@nucleusglobal.com.au or at http://www.wiof.eu/institutional/download/prospectus/. Before investing in the Fund, investors should contact their financial adviser and refer
WIOF Global Listed Utilities Fund – June 2010
WIOF Global Listed Utilities Fund (1.1%) (5.4%) (6.7%) 4.0%
) (0.8%) (6.5%) (6.3%) 3.7%
Sector Allocation
Semi Regulated
Utility
64%
Regulated Utility
19%
Rail
2%
Generation
3%
Communications
Infrastructure
4%
Ports
4%Airports
4%
US
54%
Europe ex UK
28%
UK
6%
Canada
6%
Japan
6%
Overview
The fund’s share price decreased by 5.4% over the quarter, compared to a
6.5% decrease in our benchmark index. Stock selection and asset allocation (we
maintained an average cash balance of around 16% during the quarter) were
the primary reason for our outperformance compared to the benchmark.
European utilities and infrastructure stocks declined sharply over the quarter,
falling by 14.4%. In contrast, US stocks in the index fell by only 3.7% and
Japanese stocks by only 3.2%. The large integrated European utilities with
significant merchant generation capacity were hardest hit as investors continued
to worry about the impact an economic slowdown in the Eurozone would have
on their earnings. Iberdrola fell by 23.1%, GDF Suex by 15.5%, E.On by 13.9%,
RWE by 13.5% and Enel by 12.1%. Together, these stocks account for almost
half of the total capitalization of European stocks in the index and around 14%
of its total capitalization, but only account for 7% of the fund’s holdings.
The best performing stocks in the fund over the quarter were Flughafen Wien
(Vienna Airport) +23.1%, Northumbrian Water (a water utility in the UK) +7.6%
and Vopak (a global operator of liquid storage facilities at major ports) +5.6%.
Combined with our underweight position in the large integrated European
utilities, they contributed the bulk of the outperformance attributable to stock
selection. The worst performing stocks were E.On (a pan European electricity
and gas utility with merchant generation operations) -13.9%, RWE (a German
electricity utility with merchant generation operations) -13.5% and Southern
Union (a gas utility with pipelines and gas storage facilities in the US) -13.3%.
Portfolio Changes
The correction in equity markets over the last quarter presented us with the
opportunity to establish positions at attractive prices in a number of utilities in
Japan – a market in which we have struggled to find value in the past. Whilst we
are mindful of Japan’s sovereign debt levels, the fact that it finances around
95% of that debt domestically and consistently runs large current account
surpluses means that Japan has ample foreign currency reserves to service the
small stock of sovereign debt that is held offshore and consequently faces very
little pressure from international bond markets. As such, we feel comfortable
with the small position we have taken in Japanese equities.
% of
Portfolio
Southern Co. US Semi Regulated Utility 4.5%
Consolidated Edison US Regulated Utility 4.4%
RWE AG Germany Semi Regulated Utility 4.1%
Top 5 Holdings
During the quarter, we established positions in Centrica (an integrated gas utility in the UK), TransCanada (a pipeline operator in Canada),
Central Japan Railway Co (the operator of a high speed rail link between Tokyo and Osaka) and in three gas utilities in Japan - Osaka Gas Co,
Toho Gas Co and Tokyo Gas Co. We exited our position in GDF Suez (a global transporter and distributor of natural gas), Public Service
Enterprises (a electricity and gas utility in the US), Severn Trent (a UK water utility) and American Water Works (a US water utility).
Outlook
We expect continental European utilities to continue underperform those in the rest of the OECD over the next few months, as investors
continue to have concerns about the health of the European banking system and the impact of budget deficit reduction plans by European
governments on economic growth prospects for the region. The current scale of budget deficits across Europe is not sustainable and greater
levels of fiscal responsibility, whilst a positive over the longer term, will inevitably lead to more subdued levels of economic growth in the
short to medium term and possibly double dip recessions in some European countries. At present, we believe that the best value in our
investment universe is to be found in the more regulated businesses whose earnings are less dependent on the prevailing economic
conditions and it is here that we expect it is more likely we will find interesting investment opportunities over the coming months.

1
Performance is calculated on I class shares, post management fees of between 1.50% and 2.25% per annum
2
3
IMPORTANT NOTES
This report has been prepared for information only, and it does not represent an offer to purchase or subscribe for shares. While Nucleus Global Investors Pty Ltd (“Nucleus”) believes that the information is correct at the date of
The WIOF Global Listed Utilities Fund (the “Fund”) is a sub fund of World Investment Opportunities Funds (the “SICAV”), an open-ended investment company registered on the official list of collective investment undertakings pursuant to
part I of the Luxembourg law of 20th December 2002 on collective investment undertakings (the “2002 Law”). Julius Baer (Luxembourg) S.A is the designated management company of the SICAV, authorised under the provisions of
+61 2 8226 5126, by fax +61 2 9235 2800, or by emailing gfisher@nucleusglobal.com.au or at http://www.wiof.eu/institutional/download/prospectus/. Before investing in the Fund, investors should contact their financial adviser and refer
WIOF Global Listed Utilities Fund - March 2010
WIOF Global Listed Utilities Fund 3.1% (0.8)% 6.5% 11.7%
) 4.1% 0.2% 4.3% 10.9%
Sector Allocation
Semi Regulated
Utility
69%
Regulated Utility
19%
Ports
3%
Generation
3%
Communications
Infrastructure
5%
Airports
1%
US
55%
Europe ex UK
34%
UK
6%
Canada
5%
Overview
The unit price decreased by 0.8% over the quarter, compared to a 0.2% increase
in the benchmark. Stock selection was the primary factor contributing to our
underperformance compared to our benchmark.
The major contributor to our underperformance during the quarter was our large
holding in Sempra Energy, which, at 5.8% of the portfolio, was the funds’ largest
holding as at the end of March. Sempra is the owner of electricity and gas utilities
in California and pipelines and gas storage facilities across the United States. The
poor share price performance over the quarter was due to negative sentiment
surrounding delays in the sale of some non-core businesses. The Californian
utilities businesses earn some of the highest returns on equity of any US utilities
and we are comfortable holding a large position in a company which owns some
excellent assets but, which we believe, has some of the most competent
management of any company within our investment universe.
The best performing stocks in the fund over the quarter were SES (the largest
Direct-to-Home satellite system operator in Europe) +18.7%, Southern Union (a
gas utility with pipelines and gas storage facilities in the southern United States)
+12.4% and Atco (a diversified utility with operations primarily in Canada)
+10.9%. The worst performing stocks were Enea (an electricity utility in Poland)
– 12.5%, Public Service Enterprises (an integrated producer and distributor of
electricity in the mid Atlantic region of the US) -10.2% and Sempra -10.2%.
Portfolio Changes
During the quarter, we established positions in Atco, DTE Energy (an electricity
and gas utility located in the north eastern United States), Southern Union and
Vopak (a global operator of liquid storage facilities at major shipping ports). We
exited positions in Electricidade de Portugal, Red Electrica De Espana and Terna,
mainly in order to reduce our exposure to Portugal, Spain and Italy, where
sovereign risk issues are coming to the fore.
Our portfolio re-weightings were driven not only by our desire to take advantage
of opportunities to buy attractive companies at significant discounts to value
(namely Vopak and Atco), but also a desire to reduce our exposure to countries
with greater sovereign risk issues (Portugal, Spain and Italy) and re-invest that
capital in countries with higher growth prospects and stronger government
finances (Canada and the Netherlands).
% of
Portfolio
E.On AG Germany Semi Regulated Utility 5.3%
Atco Ltd Canada Semi Regulated Utility 4.0%
Top 5 Holdings
Outlook
Whilst the world economy is clearly in better shape than it was 12 months ago, the events in Greece should be acting as a warning signal to
investors about the risks facing some of the peripheral Eurozone economies. Greece’s public finances are a shambles, and longer term, some
kind of sovereign default or restructuring of Greece’s sovereign liabilities seems inevitable, regardless of the actions of the IMF, European
Central bank or Eurozone governments. History shows that sovereign defaults or debt restructurings tend to occur in clusters and some kind
of contagion effect is highly likely – a default or debt restructuring in Greece will most likely lead to similar events in other heavily indebted
Eurozone economies – with Portugal and Spain two of the more likely candidates. A nation’s size is no guarantee against sovereign debt
difficulties and there could be some surprising casualties in the coming years. It is worth remembering that the United Kingdom received a
support package from the IMF in 1976 with a budget deficit significantly lower as a percentage of GDP than it has at present. The rules of
finance have not been rewritten, nations to not have a greater debt carrying capacity than they did in the past, even if historically low interest
rates makes it appear so. The majority of OECD nations will need to undertake stringent austerity measures in the coming years if they want
to avoid Greece’s fate. In such an environment, defensive stocks tend to outperform growth stocks. Our portfolio is defensively positioned by
virtue of our investment universe, which exhibits earnings which are less dependent on economic conditions than equities generally.
Furthermore, the fund has no exposure in Greece, Portugal or Japan and underweight positions in Spain, Italy and the UK.

1
2
WIOF Global Listed Utilities Fund
December 2009
Quarterly Performance Summary (total return before fees)
Performance
1 Month 3 Months Inception 1
WIOF Global Listed Utilities Fund 5.9% 7.4% 12.6%
) 5.6% 4.1% 10.7%
The unit price increased by 7.4% over the quarter, compared to a 4.1% increase in the benchmark. Geographic
allocation, stock selection and sector allocation were all important contributors to our performance over the quarter,
contributing 1.4%. 1.2% and 1.1%, respectively, to our outperformance over our benchmark. Our cash weighting was
a drag on our relative performance though, contributing -0.4%.
The fund s overweight position in the US (56% of our equity holdings vs an index weight of 37%) and our underweight
position in Japan (where we have no holdings vs an index weight of 12%) were important contributors to our
outperformance. In our view, Japanese utilities are overpriced and markets have underestimated the significant
sovereign risks associated with investing in a country with a government debt to GDP ratio of around 200%.
Our overweight position in the regulated electricity and gas transmission sector (24% of our equity holdings vs an index
weight of 10%) also contributed to our outperformance. The sector is attractively valued and its regulated nature
means that the earnings of companies in the sector are even less dependent on economic conditions than those of
companies in the other sectors within our investment universe (it should be noted that our investment universe itself
exhibits earnings which are less dependent on economic conditions than equities generally). In this sector, regulators
set the prices a utility can charge at a level which ensures that, provided the utility keeps costs at or below agreed
levels, they will recover interest costs, tax and a return on equity of (typically) between 10% and 12% p.a.
The best performing stocks in the fund over the quarter were TECO Energy (an electricity and gas utility in Florida)
+12.7%, National Grid (the owner of electricity and gas utilities in the UK and the US) +11.0%, Dominion Resources
(the owner of electricity and gas utilities and pipelines in the north eastern United States) +10.1%. The worst
performing stocks were SES (a direct-to-home satellite system operator in Europe) -2.4%, E.On (a pan European
electricity and gas utility) -3.2% and Flughafen Wien (Vienna airport) -6.0%.
Market Commentary
World equity markets continued to perform strongly over the quarter, with the MSCI World Index (US dollar) up 4.2%
over the period. Investors largely remained convinced that the extraordinary fiscal stimulus packages enacted by the
governments of the worlds largest economies and the money printing engaged in by the central banks of those
economies would pull the world out of recession and lead to a V shaped recovery. The positive 3rd quarter US GDP
figure and the improvement in industrial production figures across the OECD, provided the justification for investors
who wanted to believe in the V shaped recovery story and for now at least, ignore the realities of sovereign debt
issues which must inevitably come to bear at some point.
Outlook
Since inception, the fund has maintained a significant overweight position in the regulated electricity and gas
transmission sector. As a consequence, the fund has a defensive stance. Given the significant rallies in global equity
markets over 2009, we are comfortable maintaining this stance and will most likely retain this significant overweight
position in 2010. Over the coming months, we will be paying particular attention to sovereign risk in the countries we
invest in. With the significant budget deficits being run by the governments of the majority of OECD countries coupled
with the already high debt to GDP ratios of many of these countries, notably Japan, Italy and Greece, we believe that
financial markets will be increasingly focused on sovereign risk in 2010. We are also of the view that consensus

estimates of earnings within the more cyclical sectors of the equity markets of developed countries may prove to be
overly optimistic, given that almost all of the OECD economies still face significant economic headwinds, including high
unemployment and high consumer debt levels, which we think will put a significant brake on consumer demand. As
governments begin to rein in spending (or increase taxes), as they inevitably must given the high levels of government
debt prevalent in much of the western world, we see significant risks to corporate earnings and hence stock market
valuations, particularly in relation to more cyclical sectors. Following the strong rebound in global equity markets in
2009, we think a defensive stance is appropriate.
Portfolio Changes
During the quarter, we established positions in American Water Works, SES and GDF Suez and added to our positions
in Sempra Energy and Southern Company.
American Water provides drinking water and wastewater services to around 15 million people across the US. The fund
took a position in American Water following the sell down by RWE of the remainder of its stake in the company, which
removed the stock overhang on a company we have considered to be attractive from a valuation perspective for some
time. We believe American Water has significant scope to grow earnings over the next few years following the removal
of the stay out provisions RWE agreed with regulators when they acquired the company in 2003. With these stay
out provisions removed, American Water Works has, over the last 18 months, filed rate cases with all of the Public
Utility Commissions who regulate its operations. The new rate cases should allow them to increase the rates they
charge to customers significantly and drive strong earnings growth over the coming years.
SES is the largest Direct-to-Home (DTH) satellite system operator in Europe. The combined satellite system delivers
services to more than 122 million DTH and cable households and transmits more than 2,500 analogue and digital
television and radio channels. We believe the company has significant opportunities for growth as a result of the
growth of High Definition television and the continued migration of households from analogue to digital television, a
process that will take many years. The strong barriers to entry enjoyed by incumbent satellite system providers,
combined with this growth opportunity should lead to strong earnings growth for SES for some years.
GDF Suez is an integrated producer and distributor of natural gas and electricity with interests in power generation
worldwide. By virtue of its gas production, transportation and storage capacity, GDF is able to mitigate to some extent
the volatility of margins within the power generation business and take advantage of price differentials between
different LNG markets. At a dividend yield of over 6%, we believe GDF is attractively priced at present.
During the quarter, the fund sold its holding in Flughafen Zurich and slightly reduced its position in Northumbrian
Water, although we retain a significant overweight position in Northumbrian Water.
The fund disposed of its position in Flughafen Zurich as a result of risks associated with the share register. The stock is
relatively illiquid and during the quarter, Nucleus became concerned about the stability of FUM of the largest
institutional holder on the register who owns some 15% of the company.
Top 10 Holdings
% of
Portfolio
Enagas SpA Spain Regulated Electricty & Gas Transmission 4.0%
RWE AG Germany Semi Regulated Utility 3.9%
National Grid PLC UK Regulated Electricty & Gas Transmission 3.9%
Progress Energy, Inc US Regulated Utility 3.4%
Consolidated Edison US Regulated Electricty & Gas Transmission 3.4%
FPL Group US Semi Regulated Utility 3.4%
Southern Co US Regulated Utility 3.2%

Sector Weightings
0%
10%
20%
30%
40%
50%
Semi Regulated
Utility
Regulated Utility Regulated
Electricity & Gas
Transmission
Generation Toll Roads Communications
Infrastructure
Rail Water Airports Other
Benchmark (UBS Infrastructure & Utilities Index)
Country Weightings
0%
10%
20%
30%
40%
50%
60%
US Europe ex UK Japan UK Asia excl. Japan Canada
Benchmark (UBS Infrastructure & Utilities Index)
IMPORTANT NOTES
This report has been prepared for information only, and it does not represent an offer to purchase or subscribe for shares. While Nucleus Global Investors Pty Ltd ( Nucleus ) believes that the information is
correct at the date of production, no warranty or representation is given to this effect and no liability can be assumed for the correctness or accuracy of the given information, which may be subject to change at
any time, without notice. Returns can be volatile, reflecting increases and decreases in the value of underlying investments. Changes in market conditions and exchange rates can cause a decrease or an increase
in the share value. Past performance does not guarantee the same results in the future.
Nucleus Global Investors Pty Ltd ( Nucleus ) is the manager of the WIOF Global Listed Utilities Fund (the Fund ), a sub fund of World Investment Opportunities Funds (the SICAV ), an open-ended investment
company registered on the official list of collective investment undertakings pursuant to part I of the Luxembourg law of 20th December 2002 on collective investment undertakings (the 2002 Law ). Swiss &
Global Asset Management (Luxembourg) S.A is the designated management company of the SICAV, authorised under the provisions of Chapter 13 of the 2002 Law. Applications can only be made using the forms
below pursuant to the current WIOF Prospectus dated July 2009. Prospectuses can be obtained by contacting Dan Burke at Nucleus on +44 777 619 4502, or by emailing dburke@nucleusglobal.com.au.
The SICAV has not been and will not be registered under the United States Investment Company Act of 1940, as amended (the 1940 Act ), nor under any other U.S. federal laws. Accordingly, no shares in the
Fund are being offered to U.S. persons (as defined under United States federal securities laws) or persons who are in the United States at the time the shares are offered or sold. Before investing in the Fund,
investors should contact their financial adviser and refer to all relevant documents relating to the Fund, such as the latest annual report and prospectus, which specify the particular risks associated with the Fund,
together with any specific restrictions applying, and the basis of dealing. In the event an investor chooses not to seek advice from a financial adviser, he should consider whether the Fund is a suitable investment
for him.

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