No it cannot. FM 11 and FM 12 have different file formats. Anything hosted on FMS 12 must be converted to a 12 file format.
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From a FileMaker help document "Converting files to FileMaker Pro 12":
"In addition, FileMaker Server 12 and FileMaker Server 12 Advanced will only host FileMaker 12files. The FileMaker 12 product family is not backward compatible with any other version of FileMaker software."
Thanks. That's pretty much what I was expecting.
All or Nothing.