Allianz Global Investors Fund Unaudited Semi ... - DBS Hong Kong

Unaudited Semi-Annual Report as at 31 March 2010 

Allianz Global Investors Fund 

Société d’Investissement à Capital Variable 

R.C.S. Luxembourg No. 71.182 

Allianz Global Investors Luxembourg S.A.


General Information 

Allianz Global Investors Fund (the “Company”) is 

incorporated under the laws of the Grand Duchy of 

Luxembourg as an open-ended investment company 

with variable share capital. The Company is authorised 

by the Commission de Surveillance du Secteur Financier 

as a “Société d’Investissement à Capital Variable” (SICAV) 

and registered pursuant to Part I of the Luxembourg Law 

of 20 December 2002 on Undertakings for Collective 

Investment. The Company was established on 9 August 

1999. 

The Company has launched different Subfunds (the 

“Subfunds”) and each Subfund has issued shares in a 

number of classes and currencies. The following Subfunds 

were available for subscription and redemption on 

31 March 2010: 

Allianz All Markets Dynamic 1) 

Allianz All Markets Opportunities 1) 

Allianz Asian Multi Income Plus 

Allianz Euro Bond Strategy 1) 

Allianz Euro High Yield Bond 1) 

Allianz NFJ US Large Cap Value 

Allianz PIMCO Euro Bond 1) 

Allianz PIMCO Treasury Euro Bond Plus 2011 1) 

Allianz PIMCO Treasury Euro Bond Plus 2013 1) 

Allianz PIMCO Treasury Euro Cash Plus 1) 

Allianz RCM Asia Pacific 

Allianz RCM Best Styles Euroland 

Allianz RCM BRIC Equity 

Allianz RCM China 

Allianz RCM Currencies Strategy 1) 

Allianz RCM Demographic Trends 

Allianz RCM Discovery Europe Strategy 1) 


c/o Allianz Global Investors Luxembourg S.A. 

6A, route de Trèves 

L-2633 Senningerberg 

Telephone: +352 463 463-1 

Fax: +352 463 463-620 

Internet: www.allianzglobalinvestors.lu 

E-mail: info@allianzgi.lu 

Allianz RCM Enhanced Short Term Euro 

Allianz RCM Enhanced Short Term US $ 1) 

Allianz RCM Euro Equity Index 1) 

Allianz RCM Euroland Equity Growth 

Allianz RCM Europe Equity Growth 

Allianz RCM Europe Small Cap Equity 1) 

Allianz RCM European Equity 

Allianz RCM European Equity Dividend 

Allianz RCM Global Agricultural Trends 

Allianz RCM Global EcoTrends 

Allianz RCM Global Equity 

Allianz RCM Global Hi-Tech Growth 

Allianz RCM Global Sustainability 

Allianz RCM Global Unconstrained 

Allianz RCM Greater China Dynamic 

Allianz RCM Growing Markets Protect 1) 

Allianz RCM Hong Kong 

Allianz RCM India 

Allianz RCM Indonesia 

Allianz RCM Japan 

Allianz RCM Korea 

Allianz RCM Little Dragons 

Allianz RCM Malaysia 

Allianz RCM Oriental Income 

Allianz RCM Philippines 

Allianz RCM Singapore 

Allianz RCM Thailand 

Allianz RCM Tiger 

Allianz RCM Total Return Asian Equity 

Allianz RCM US Equity Systematic 

Allianz RCM USD Liquidity 

Allianz Real Estate Securities Europe 1) 

Protect Global Winner 2014 1) 

1) Not authorized in Hong Kong and not available to Hong Kong Residents.

A separate pool of assets and separate accounting 

records are maintained for each Subfund. 

The figures presented in this report relate to the period 

from 1 October 2009 to 31 March 2010. They should not 

necessarily be taken as an indication of the future 

development of the Subfunds. 

The following Subfund was merged into Allianz PIMCO 

Euro Bond A EUR as at 13 November 2009: 

– Allianz PIMCO Corporate Bond Global A EUR 

The figures for this Subfund presented in this report 

relate to the period from 1 October 2009 to 13 November 

2009. 

The following Subfund was liquidated as at 2 March 2010: 

– Allianz Tactical Asset Allocation Euroland 

The figures for this Subfund presented in this report 

relate to the period from 1 October 2009 to 2 March 2010. 

Subscriptions can only be made on the basis of the 

current full and simplified sales prospectuses, which are 

supplemented by the articles of incorporation and the 

latest annual report and most recent semi-annual report, 

if published thereafter. 

The simplified and the full sales prospectuses, the 

articles of incorporation as well as the respective annual 

and semi-annual reports can be obtained from the 

Management Company, the Custodian and each Paying 

and Information Agent without charge. 

Allianz Global Investors Fund


Important Notice to our Shareholders 

Launch of new Subfunds 

The Company has launched the following new Subfunds: 

with effect from 2 October 2009 

– Allianz RCM China, 

share class CT (EUR) 

– Allianz RCM Greater China Dynamic, 

share class AT (USD) 

with effect from 20 October 2009 

– Allianz RCM Discovery Europe Strategy, 

share classes A (EUR), A (GBP), I (EUR) 

with effect from 10 November 2009 


share class CT (EUR) 

with effect from 7 December 2009 

– Allianz RCM Oriental Income, 

share class AT (EUR) 

with effect from 30 December 2009 

– Allianz RCM India, 

share class I (USD) 

with effect from 9 February 2010 

– Allianz Euro Bond Strategy, 

share classes C (EUR), CT (EUR), IT (EUR) 

– Allianz Euro High Yield Bond, 

share classes A (EUR), AT (EUR), IT (EUR) 


share class A (H-GBP) 

Conversion rate 

with effect from 17 February 2010 

– Allianz RCM BRIC Equity, 

share class AT (SGD) 

with effect from 5 March 2010 

– Allianz RCM US Equity Systematic, 

share class A (GBP) 

with effect from 25 March 2010 

– Allianz RCM US Equity Systematic, 

share class A (EUR) 

Merger of the Subfunds 

With the approval of the Luxembourg Supervisory 

Authority, the Management Company decided to merge 

the Subfunds 

– Allianz PIMCO Euro StocksPLUS Total Return A (EUR) 

and I (EUR) of the Allianz Global Investors IndexPLUS 

into 

Allianz RCM European Equity A (EUR) of the Allianz 

Global Investors Fund and 

– Allianz PIMCO Corporate Bond Global A (EUR) of the 

Allianz Global Investors Fund into 

Allianz PIMCO Euro Bond A (EUR) of the Allianz Global 

Investors Fund 

effective 13 November 2009. 

Sank fund Absorbing fund conversion rate 

Allianz PIMCO Euro StocksPLUS Total Return A (EUR) Allianz RCM European Equity A (EUR) 1: 0.698311 

Allianz PIMCO Euro StocksPLUS Total Return I (EUR) Allianz RCM European Equity A (EUR) 1: 0.707253 

Allianz PIMCO Corporate Bond Global A (EUR) Allianz PIMCO Euro Bond A (EUR) 1: 1.044688

Liquidation of Subfunds 

– The Subfund Allianz Tactical Asset Allocation Euroland 

was closed on 2 March 2010. 

Amendments to the Sales Prospectus 

The Board of Directors of Allianz Global Investors Fund 

(“the Company”) has decided the following changes, to 

become effective on 1 January 2010: 

– Change of the names of several Subfunds as follows: 

Previous Name of the Subfund New Name of the Subfund 

Allianz RCM Enhanced Money Market Allianz RCM Enhanced Short Term Euro 

Allianz-dit Global EcoTrends Allianz RCM Global EcoTrends 

– Letter f) and i) of the investment principles of Allianz 

All Markets Dynamic will be amended by “fund of 

hedgefunds”. 

– Implementation of a new holiday regulation for Allianz 

NFJ US Large Cap Value: 

“Each day on which banks and exchanges in 

Luxembourg and the major stock exchange in the 

United States are open for business.” 

– The investment principles within the Information 

Sheets of Allianz RCM BRIC Equity and Allianz RCM Global 

Sustainability shall be amended as follows: 

Due to the Subfund being marketed in Taiwan and 

other foreign Jurisdictions, the Additional Investment 

Restrictions as described under No 16) of the 

Introduction apply. 

– The investment principles of Allianz RCM Currencies 

Strategy and Allianz RCM Enhanced Money Market will 

be completed with the “Limited Risk Diversification”. 

– The last paragraph of letter f) under the sub-heading 

“Investment Principles” within the Information Sheet 

of the Subfund Allianz All Markets Dynamic shall be put 

in concrete term as follows: 

– Only up to 10 % of the value of Subfund assets may be 

held in shares in real estate property funds – together 


with other investments as defined in Appendix 1 

No. 2 first indent and in particular investments in 

single hedge funds and funds of hedge funds. 

– Only up to 10 % of value of Subfund assets may be 

held in single hedge funds and funds of hedge funds 

as defined in the third indent – together with other 

investments as defined in Appendix 1 No. 2 first 

indent and in particular investments in real estate 

property funds. 

– The investment principles of Allianz RCM Global Hi-Tech 

Growth will be amended as follows: 

“b) Subject in particular to the provisions of letter e), 

up to 20 % of Subfund assets may be invested in 

Equities, as well as warrants to subscribe for Equities, 

of companies other than those detailed in letter a) 

above. Investments by the Subfund in equity index 

certificates and other certificates whose risk profiles 

typically correlate with Equities of companies other 

than detailed in a) above are also permitted and are – 

together with investments in equity funds the 

investment objectives of which do not primarily aim at 

investments in the information technology sector – 

attributed to this limit.” 

– The investment principles of Allianz RCM Global 

Unconstrained will be changed as follows: 

“a) Subject in particular to the provisions of letter e), at 

least 51 % of the Subfund assets may be invested in 

Equities, as well as warrants to subscribe for Equities. 

Included in this limit, index certificates and other 

certificates whose risk profile typically correlates with 

the assets listed in the previous sentence or with the 

investment markets to which these assets can be 

allocated may also be acquired for the Subfund.” 

– The investment principles of Allianz RCM Growing 

Markets Protect will be changed to that extent that 

UCITS and UCI in terms with Appendix 1 No. 3 g) 

sentence 2, may be acquired. 

– The investment principles of Allianz RCM USD Liquidity 

will be changed to that extent that UCITS and UCI in 

terms with Appendix 1 No. 3 g) sentence 2, which are 

bond- or money market funds may be acquired.


– The investment principles of Allianz RCM Enhanced 

Money Market will be changed as follows: 

Letter b) will be inserted whereby up to 49 % of the 

Subfund assets may be invested in interest-bearing 

securities. 

– The investment principles of Allianz RCM China will be 

changed as follows: 

The limit in letter a) regarding the investment in 

Equities of companies which are incorporated in the 

People’s Republic of China or which derive a 

predominant portion of their revenues and/or profits 

from the People’s Republic of China will be changed to 

70 %. 

Furthermore, letter b) will be inserted whereby 20 % of 

the Subfund assets may be invested in Equities other 

han those detailed in a). 

– Letter a) of the investment principles of Allianz RCM 

Oriental Income will be changed to that extent that at 

least 50 % of the Subfund assets are invested in 

Equities and warrants to subscribe for Equities. 

– The definition of “small caps” and “mid caps” in letter 

a) of the investment principles of Allianz RCM Little 

Dragons will be changed as follows: 

“[...] For this purpose “small caps” and “mid caps” are 

considered to be those public limited companies 

whose market capitalization is a maximum of the 

higher of 2-times the market capitalization of the 

largest security (in terms of total market 

capitalization) in the S&P Pan Asia ex Japan, Australia, 

New Zealand MidCap Net Total Return or 10 billion 

USD. […].” 

– The investment principles of Allianz RCM Tiger will be 

changed as follows: 

“a) Subject in particular to the provisions of letter e), at 

least 70 % of Subfund assets are invested in Equities of 

companies which are incorporated in the Peoples 

Republic of China, Hong Kong, Singapore, the Republic 

of Korea, Taiwan, Thailand, Malaysia or the Philippines 

or which derive a predominant portion of their 

revenue and/or profits from those countries. 

Investments by the Subfund in warrants to subscribe 

for Equities in companies of this type and in index 

certificates and other certificates whose risk profiles 

typically correlate with Equities of such companies are 

also permitted and are attributed to this limit. […]” 

Acc. to letter b) up to 20 % of the Subfunds assets may 

be invested in Equities and warrants to subscribe for 

Equities, of companies other than those detailed in 

letter a). 

– The investment objective of Allianz RCM Greater China 

Dynamic will be concretized as follows: 

The limit of 70 % in letter a) for the investment in 

Equities as well as warrants to subscribe for Equities of 

companies whose registered offices are in a Greater 

China country or that generate a predominant share of 

their sales and/or profits in that region, will be deleted. 

Implementation of a new holiday regulation: 

“Each day on which banks and exchanges in 

Luxembourg and the major stock exchanges in Hong 

Kong are open for business.” 

– Introduction of an administration fee at share class 

level of 0.50 % p.a. except for the following Subfunds: 

– Allianz RCM BRIC Equity 

– Allianz RCM China 

– Allianz RCM Greater China Dynamik 

– Allianz RCM India 

– Allianz RCM Indonesia 

– Allianz RCM Korea 

– Allianz RCM Little Dragons 

– Allianz RCM Malaysia 

– Allianz RCM Philippines 

– Allianz RCM Singapore 

– Allianz RCM Thailand 

– Allianz RCM Tiger 

For these Subfunds the amount of the administration 

fee will be 0.75 % p.a. The Management Company may 

levy a lower fee at its own discretion.

In return for the payment of the administration fee the 

Management Company releases the Company from the 

following, conclusive enumerated commissions and 

expenditures: 

– the administration and custody fee of the Custodian; 

– the fee of the Registrar and Transfer Agent; 

– costs of the preparation (including translation) and 

dissemination of the Prospectus, Simplified 

Prospectus, Articles of Incorporation as well as annual, 

semi-annual and, if any, interim reports and other 

reports and notifications to Shareholders; 

– costs of publishing the Prospectus, Simplified 

Prospectus, Articles of Incorporation, annual, semiannual 

and, if any, interim reports, other reports and 

notifications to Shareholders, tax information, as well 

as Subscription and Redemption Prices, and official 

announcements made to the Shareholders; 

– costs of auditing the Company and its Sub-Funds by 

the auditor; 

– costs of registering the Shares for public distribution 

and/or the maintenance of such registration; 

– costs of preparing share certificates and, if any, 

coupons and coupon renewals; 

– paying agent and information agent fees; 

– costs of assessing the Sub-Funds by nationally and 

internationally recognised rating agencies; 

– expenses in connection with the establishment of a 

Sub-Fund; 

– costs related to the use of index names, in particular 

licence fees; 

– costs and fees incurred by the Company and by third 

parties authorised by the Company relating to the 

acquisition, use and maintenance of in-house or thirdparty 

computer systems used by Investment Managers 

and Investment Advisors; 

– costs related to obtaining and maintaining a status 

authorising the direct investment in assets in a 

country or to act directly as a contracting partner in 

markets in a country; 

– costs and expenses by the Company, the Custodian 

and third parties authorised by the Company or the 

Custodian in connection with monitoring of 

investment limits and restrictions; 

– costs for calculating the risk and performance figures 

and the calculation of performance-related fees for the 

Management Company by third parties appointed to 

do so; 


– costs related to obtaining information about general 

Shareholders’ meetings of companies or about other 

meetings of the owners of assets as well as costs 

related to direct participation or participation through 

authorised third parties in such meetings; 

– postage, telephone, fax and telex fees. 

– Increase of the Conversion Fee for the following 

Subfunds acc. to the standard of the Company 


















The Board of Directors of Allianz Global Investors Fund 

(“the Company”) has decided the following changes, to 

become effective on 31 March 2010: 

– The actual management fee of Allianz PIMCO Treasury 

Euro Bond Plus 2011 will be reduced from 0.35 % p.a. to 

0.30 % p.a. 

The full sales prospectus and the simplified sales 

prospectus dated 1 January 2010 are accessible or 

available free of charge for the Shareholders at the 

registered office of the Company, the Custodian and the 

Information Agents.


Contents 

Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 

Investment Policy and Subfund Assets 

Allianz All Markets Dynamic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 

Allianz All Markets Opportunities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 

Allianz Asian Multi Income Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 

Allianz Euro Bond Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 

Allianz Euro High Yield Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 

Allianz NFJ US Large Cap Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 

Allianz PIMCO Euro Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 

Allianz PIMCO Treasury Euro Bond Plus 2011 . . . . . . . . . . . . . . . . . . 23 


Allianz PIMCO Treasury Euro Cash Plus . . . . . . . . . . . . . . . . . . . . . . . . 25 

Allianz RCM Asia Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 

Allianz RCM Best Styles Euroland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 

Allianz RCM BRIC Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 

Allianz RCM China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 

Allianz RCM Currencies Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 

Allianz RCM Demographic Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 

Allianz RCM Discovery Europe Strategy . . . . . . . . . . . . . . . . . . . . . . . . 32 

Allianz RCM Enhanced Short Term Euro . . . . . . . . . . . . . . . . . . . . . . . 33 

Allianz RCM Enhanced Short Term US $ . . . . . . . . . . . . . . . . . . . . . . 34 

Allianz RCM Euro Equity Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 

Allianz RCM Euroland Equity Growth . . . . . . . . . . . . . . . . . . . . . . . . . . 36 

Allianz RCM Europe Equity Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 

Allianz RCM Europe Small Cap Equity . . . . . . . . . . . . . . . . . . . . . . . . . 38 

Allianz RCM European Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 

Allianz RCM European Equity Dividend . . . . . . . . . . . . . . . . . . . . . . . . 40 

Allianz RCM Global Agricultural Trends . . . . . . . . . . . . . . . . . . . . . . . . 41 

Allianz RCM Global EcoTrends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 

Allianz RCM Global Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 

Allianz RCM Global Hi-Tech Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 

Allianz RCM Global Sustainability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 

Allianz RCM Global Unconstrained . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 

Allianz RCM Greater China Dynamic . . . . . . . . . . . . . . . . . . . . . . . . . . 47 

Allianz RCM Growing Markets Protect . . . . . . . . . . . . . . . . . . . . . . . . . 48 

Allianz RCM Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 

Allianz RCM India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 

Allianz RCM Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 

Allianz RCM Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 

Allianz RCM Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 

Allianz RCM Little Dragons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 

Allianz RCM Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 

Allianz RCM Oriental Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 

Allianz RCM Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 

Allianz RCM Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 

Allianz RCM Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 

Allianz RCM Tiger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 

Allianz RCM Total Return Asian Equity . . . . . . . . . . . . . . . . . . . . . . . . . 61 

Allianz RCM US Equity Systematic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 

Allianz RCM USD Liquidity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 

Allianz Real Estate Securities Europe . . . . . . . . . . . . . . . . . . . . . . . . . . 64 

Protect Global Winner 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 

Liquidation Reports 

Allianz PIMCO Corporate Bond Global . . . . . . . . . . . . . . . . . . . . . . . . . 66 

Allianz Tactical Asset Allocation Euroland . . . . . . . . . . . . . . . . . . . . . . 67 

Combined Financial Statements of the Company 

Statement of Net Assets 

Statement of Changes in Net Assets 

Allianz Global Investors Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 

Financial Statements of the Subfunds 

Investment Portfolios 



Statement of Changes in Shares 

Allianz All Markets Dynamic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 

Allianz All Markets Opportunities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 

Allianz Asian Multi Income Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 

Allianz Euro Bond Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 

Allianz Euro High Yield Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 

Allianz NFJ US Large Cap Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 

Allianz PIMCO Euro Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 



Allianz PIMCO Treasury Euro Cash Plus . . . . . . . . . . . . . . . . . . . . . . . . 125 

Allianz RCM Asia Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134 

Allianz RCM Best Styles Euroland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 

Allianz RCM BRIC Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145 

Allianz RCM China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151 

Allianz RCM Currencies Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156 

Allianz RCM Demographic Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165 

Allianz RCM Discovery Europe Strategy . . . . . . . . . . . . . . . . . . . . . . . . 170 

Allianz RCM Enhanced Short Term Euro . . . . . . . . . . . . . . . . . . . . . . . 175 

Allianz RCM Enhanced Short Term US $ . . . . . . . . . . . . . . . . . . . . . . . 184 

Allianz RCM Euro Equity Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191 

Allianz RCM Euroland Equity Growth . . . . . . . . . . . . . . . . . . . . . . . . . . 196 

Allianz RCM Europe Equity Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201

Allianz RCM Europe Small Cap Equity . . . . . . . . . . . . . . . . . . . . . . . . . 206 

Allianz RCM European Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212 

Allianz RCM European Equity Dividend . . . . . . . . . . . . . . . . . . . . . . . . 217 

Allianz RCM Global Agricultural Trends . . . . . . . . . . . . . . . . . . . . . . . . 222 

Allianz RCM Global EcoTrends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228 

Allianz RCM Global Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233 

Allianz RCM Global Hi-Tech Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . 241 

Allianz RCM Global Sustainability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247 

Allianz RCM Global Unconstrained . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252 

Allianz RCM Greater China Dynamic . . . . . . . . . . . . . . . . . . . . . . . . . . 256 

Allianz RCM Growing Markets Protect . . . . . . . . . . . . . . . . . . . . . . . . . 261 

Allianz RCM Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264 

Allianz RCM India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268 

Allianz RCM Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272 

Allianz RCM Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276 

Allianz RCM Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 281 

Allianz RCM Little Dragons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285 

Allianz RCM Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293 

Allianz RCM Oriental Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 297 

Allianz RCM Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305 

Allianz RCM Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 308 

Allianz RCM Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312 

Allianz RCM Tiger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316 

Allianz RCM Total Return Asian Equity . . . . . . . . . . . . . . . . . . . . . . . . . 321 

Allianz RCM US Equity Systematic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 326 

Allianz RCM USD Liquidity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 331 

Allianz Real Estate Securities Europe . . . . . . . . . . . . . . . . . . . . . . . . . . 334 

Protect Global Winner 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338 

Allianz PIMCO Corporate Bond Global . . . . . . . . . . . . . . . . . . . . . . . . . 342 

Allianz Tactical Asset Allocation Euroland . . . . . . . . . . . . . . . . . . . . . . 346 

Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . 349 

Note for Investors in the Federal Republic of Germany . . . . . . . . 366 

Note for Investors in the Republic of Austria . . . . . . . . . . . . . . . . . . 367 

Note for Investors in Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . 368 

Directory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372 

Allianz Global Investors Fund


Performance 

Name of the Subfund Share Class Launch date current period 

(30 September 2009– 

31 March 2010) 

Performance in % 

Allianz All Markets Dynamic A (EUR) 05/10/2007 9.21 – 1.36 

Allianz All Markets Opportunities A (EUR) 05/10/2007 12.37 – 9.91 

Allianz Asian Multi Income Plus IT (USD) 15/07/2009 8.69 – 

Allianz Euro Bond Strategy C (EUR) 09/02/2010 1.061) – 

CT (EUR) 09/02/2010 1.061) – 

IT (EUR) 09/02/2010 1.151) – 

Allianz Euro High Yield Bond A (EUR) 09/02/2010 5.291) – 

AT (EUR) 09/02/2010 5.321) – 

IT (EUR) 09/02/2010 5.411) – 

Allianz NFJ US Large Cap Value AT (SGD) 11/08/2009 8.01 – 

W (USD) 01/04/2009 9.35 – 

Allianz PIMCO Corporate Bond Global A (EUR) 13/01/2004 2.432) 10.14 

Allianz PIMCO Euro Bond A (EUR) 02/01/2004 5.32 2.99 

AT (EUR) 23/04/2003 5.43 2.93 

CT (EUR) 31/07/2007 5.38 2.87 

I (EUR) 23/04/2003 5.71 3.64 

IT (EUR) 04/05/2005 5.53 3.37 

Allianz PIMCO Treasury Euro Bond Plus 2011 I (EUR) 12/11/2003 3.03 10.60 

Allianz PIMCO Treasury Euro Bond Plus 2013 I (EUR) 12/11/2003 3.80 11.94 

Allianz PIMCO Treasury Euro Cash Plus CT (EUR) 31/07/2007 1.81 2.94 

8 

1 year 


30 September 2009) 


I (EUR) 12/11/2003 2.08 3.46 

P (EUR) 12/08/2005 2.04 3.38 

Allianz RCM Asia Pacific A (EUR) 11/01/2005 14.66 19.77 

A (USD) 11/03/2005 5.46 21.94 

AT (EUR) 04/06/2007 14.61 19.77 

CT (EUR) 04/06/2007 14.13 18.99 

I (EUR) 11/01/2005 15.12 20.62 

I (USD) 11/01/2005 5.93 22.86 

N (EUR) 12/12/2008 15.20 – 

S (EUR) 12/12/2008 14.98 – 

Allianz RCM Best Styles Euroland AT (EUR) 04/06/2007 0.87 3.60 

CT (EUR) 04/06/2007 0.73 3.02 

I (EUR) 12/07/2005 1.23 4.25 

Allianz RCM BRIC Equity AT (EUR) 15/06/2007 20.44 15.09 

AT (SGD) 17/02/2010 6.603) – 

AT (USD) 25/02/2008 10.51 16.51 

CT (EUR) 29/05/2007 20.01 14.22 

I (EUR) 29/05/2007 21.03 16.12 

Allianz RCM China A (USD) 03/10/2008 6.59 – 

IT (USD) 19/01/2009 7.09 – 

A (GBP) 09/06/2009 12.99 – 

AT (SGD) 11/08/2009 6.13 – 

CT (EUR) 02/10/2009 18.434) – 

Allianz RCM Currencies Strategy I (EUR) 30/06/2009 – 0.77 – 

Allianz RCM Demographic Trends A (EUR) 19/12/2008 16.36 – 

AT (USD) 19/12/2008 6.91 –

2 years 




3 years 




4 years 




5 years 




10 years 





Launch date – 

30 September 2009 


– – – – – – 19.53 

– – – – – – 30.91 

– – – – – 8.20 

– – – – – – 

– – – – – – 

– – – – – – 

– – – – – – 

– – – – – – 

– – – – – – 

– – – – – 2.40 

– – – – – 38.51 

5.64 4.85 4.21 8.74 – 11.67 

– 0.35 – 1.63 – 3.18 4.83 – 9.18 

– 0.27 – 1.66 – 3.19 4.86 – 12.30 

– 0.50 – – – – 0.30 

0.91 0.10 – 0.84 8.12 – 16.79 

0.70 – 0.10 – 1.08 – – 1.20 

12.08 13.15 11.81 21.68 – 30.62 

13.59 12.80 11.03 23.09 – 32.71 

4.17 – – – – 5.71 

5.22 9.29 11.26 14.59 – 16.77 

5.06 9.06 10.94 – – 11.22 

– 30.35 6.29 22.49 – – 54.46 

– 28.12 18.93 42.19 – – 52.43 

– 30.24 – – – – – 15.80 

– 31.87 – – – – – 17.90 

– 29.38 8.48 25.90 – – 59.64 

– 27.14 25.53 53.13 – – 77.78 

– – – – – 44.70 

– – – – – 44.30 

– 27.95 – – – – – 30.90 

– 28.74 – – – – – 31.80 

– 27.12 – 16.15 – 1.78 – – 4.22 

– 36.62 – – – – – 26.09 

– – – – – – 

– – – – – – 37.20 

– 37.61 – – – – – 23.87 

– 35.47 – – – – – 20.79 

– – – – – 43.24 

– – – – – 72.52 

– – – – – 14.69 

– – – – – – 3.70 

– – – – – – 

– – – – – – 0.69 

– – – – – 29.62 

– – – – – 34.60 

9




31 March 2010) 


Allianz RCM Discovery Europe Strategy A (EUR) 20/10/2009 – 1.37 5) – 

10 

1 year 




A (GBP) 20/10/2009 – 2.175) – 

A (H-GBP) 09/02/2010 – 0.551) – 

CT (EUR) 10/11/2009 – 0.796) – 

I (EUR) 20/10/2009 – 1.145) – 

Allianz RCM Enhanced Short Term Euro AT (EUR) 01/10/2008 0.45 – 

CT (EUR) 16/02/2009 0.43 – 

I (EUR) 17/04/2007 0.58 4.28 

IT (EUR) 16/02/2009 0.51 – 

Allianz RCM Enhanced Short Term US $ IT (USD) 16/06/2009 0.52 – 

Allianz RCM Euro Equity Index A (EUR) 24/02/2003 1.95 1.66 

I (EUR) 24/02/2003 2.18 2.05 

Allianz RCM Euroland Equity Growth A (EUR) 16/10/2006 13.67 8.98 

AT (EUR) 16/10/2006 13.67 8.91 

CT (EUR) 02/11/2006 13.25 8.11 

I (EUR) 04/10/2006 14.15 9.77 

IT (EUR) 04/10/2006 14.15 9.78 

W (EUR) 02/10/2006 14.32 10.18 

Allianz RCM Europe Equity Growth A (EUR) 16/10/2006 19.03 10.26 

A (GBP) 03/08/2009 16.21 – 

AT (EUR) 16/10/2006 19.02 10.28 

CT (EUR) 02/11/2006 18.58 9.46 

I (EUR) 04/10/2006 19.52 11.15 

IT (EUR) 04/10/2006 19.52 11.15 

W (EUR) 02/10/2006 19.70 11.48 

Allianz RCM Europe Small Cap Equity A (GBP) 15/09/2009 8.91 – 

AT (EUR 15/09/2009 11.59 – 

IT (EUR) 15/09/2009 12.07 – 

Allianz RCM European Equity A (EUR) 07/11/2008 8.73 – 

N (EUR) 12/12/2008 9.24 – 

S (EUR) 12/12/2008 9.16 – 

Allianz RCM European Equity Dividend AT (EUR) 10/03/2009 5.85 – 

CT (EUR) 10/03/2009 5.46 – 

IT (EUR) 10/03/2009 6.30 – 

Allianz RCM Global Agricultural Trends A (EUR) 01/04/2008 28.26 – 3.16 

A (GBP) 25/08/2008 25.12 10.74 

AT (EUR) 24/06/2008 27.90 – 3.40 

AT (USD) 01/04/2008 17.75 – 1.31 

CT (EUR) 07/07/2008 27.35 – 3.75 

IT (EUR) 07/07/2008 28.42 – 2.24 

Allianz RCM Global EcoTrends A (EUR) 03/05/2006 3.50 – 19.18 

AT (EUR) 04/06/2007 3.49 – 19.18 

CT (EUR) 04/06/2007 3.12 – 19.79 

RCM IT (EUR) 04/06/2007 3.99 – 18.44

2 years 




3 years 




4 years 




5 years 




10 years 








– – – – – – 

– – – – – – 

– – – – – – 

– – – – – – 

– – – – – – 

– – – – – 4.53 

– – – – – 1.88 

9.02 – – – – 10.69 

– – – – – 1.68 

– – – – – 0.83 

– 28.18 – 17.54 – 4.49 21.17 – 59.29 

– 27.62 – 16.78 – 3.23 23.27 – 63.03 

– 22.19 – – – – – 13.43 

– 22.25 – – – – – 13.49 

– 23.36 – – – – – 13.90 

– 20.99 – – – – – 9.74 

– 20.97 – – – – – 9.74 

– 21.81 – – – – – 10.67 

– 19.37 – – _ – – 8.20 

– – – – – 16.52 

– 19.35 – – – – – 8.17 

– 20.55 – – – – – 10.32 

– 18.07 – – – – – 3.31 

– 18.06 – – – – – 3.32 

– 17.53 – – – – – 2.67 

– – – – – 4.80 

– – – – – 1.36 

– – – – – 1.40 

– – – – – 12.96 

– – – – – 26.08 

– – – – – 25.76 

– – – – – 43.20 

– – – – – 42.65 

– – – – – 43.83 

– – – – – – 19.80 

– – – – – – 15.19 

– – – – – – 35.49 

– – – – – – 24.50 

– – – – – – 28.42 

– – – – – – 27.04 

– 39.83 – 7.74 – – – – 20.17 

– 39.83 – – – – – 35.05 

– 40.78 – – – – – 36.22 

– 38.72 – – – – – 33.64 

11




31 March 2010) 


12 

1 year 




Allianz RCM Global Equity AT (EUR) 13/06/2000 17.48 – 12.46 

AT (USD) 13/06/2000 8.31 – 10.30 

AT (SGD) 11/08/2009 7.63 – 

CT (EUR) 04/06/2007 17.35 – 12.55 

IT (EUR) 04/06/2007 18.41 – 11.59 

IT (H-EUR) 06/05/2009 10.89 – 

N (EUR) 12/12/2008 18.34 – 

S (EUR) 12/12/2008 18.20 – 

WT (EUR) 25/09/2007 18.42 – 10.68 

Allianz RCM Global Hi-Tech Growth A (USD) 03/10/2008 8.68 – 

AT (USD) 03/10/2008 8.83 – 

AT (SGD) 11/08/2009 8.17 – 

IT (USD) 03/10/2008 9.31 – 

Allianz RCM Global Sustainability A (EUR) 02/01/2003 16.14 – 4.80 

A (USD) 02/01/2003 6.91 – 3.50 

CT (EUR) 31/07/2007 15.76 – 5.56 

Allianz RCM Global Unconstrained AT (USD) 03/10/2008 3.33 – 

Allianz RCM Greater China Dynamic AT (USD) 02/10/2009 10.204) – 

Allianz RCM Growing Markets Protect AT (EUR) 22/05/2007 5.27 5.19 

Allianz RCM Hong Kong A (USD) 03/10/2008 7.98 – 

AT (SGD) 11/08/2009 7.72 – 

IT (USD) 03/10/2008 8.50 – 

Allianz RCM India I (USD) 30/12/2009 5.067) – 

IT (USD) 17/12/2008 1.768) – 

Allianz RCM Indonesia A (EUR) 24/10/2008 22.15 – 

A (USD) 03/10/2008 12.44 – 

Allianz RCM Japan A (USD) 03/10/2008 7.19 – 

IT (USD) 03/10/2008 7.78 – 

Allianz RCM Korea A (USD) 03/10/2008 2.99 – 

IT (USD) 03/10/2008 3.56 – 

Allianz RCM Little Dragons A (USD) 03/10/2008 7.57 – 

A2 (EUR) 12/12/2008 17.58 – 

AT (USD) 03/10/2008 7.57 – 

AT (SGD) 11/08/2009 7.26 – 

CT2 (EUR) 12/12/2008 17.13 – 

IT (USD) 03/10/2008 8.64 – 

PT (USD) 03/10/2008 8.69 – 

Allianz RCM Malaysia A (USD) 03/10/2008 16.22 – 

Allianz RCM Oriental Income A (USD) 03/10/2008 2.43 – 

AT (USD) 03/10/2008 2.44 – 

AT (SGD) 11/08/2009 1.73 – 

AT (EUR) 07/12/2009 12.049) – 

I (USD) 03/10/2008 2.86 – 

IT (USD) 03/10/2008 2.86 – 

P (USD) 03/10/2008 2.85 – 

Allianz RCM Philippines A (USD) 03/10/2008 20.00 – 

Allianz RCM Singapore A (USD) 03/10/2008 12.25 –

2 years 




3 years 




4 years 




5 years 




10 years 








– 36.76 – 27.11 – 20.13 – 1.20 – – 50.80 

– 34.20 – 15.02 – 1.94 18.44 – – 24.20 

– – – – – 2.20 

– 36.85 – – – – – 36.60 

– 36.16 – – – – – 35.90 

– – – – – 12.00 

– – – – – 12.40 

– – – – – 12.10 

– 35.01 – – – – – 33.63 

– – – – – 12.11 

– – – – – 12.04 

– – – – – 5.20 

– – – – – 13.20 

– 31.93 – 23.19 – 15.03 3.67 – 11.24 

– 30.16 – 11.76 2.85 22.61 – 58.32 

– 33.04 – – – – – 32.10 

– – – – – – 6.11 

– – – – – – 

– 1.90 – – – – 1.17 

– – – – – 40.50 

– – – – – – 0.20 

– – – – – 41.73 

– – – – – – 

– – – – – 57.10 

– – – – – 116.34 

– – – – – 39.68 

– – – – – 0.96 

– – – – – 2.24 

– – – – – 21.22 

– – – – – 22.29 

– – – – – 31.56 

– – – – – 52.82 

– – – – – 31.57 

– – – – – 1.90 

– – – – – 51.92 

– – – – – 34.01 

– – – – – 33.96 

– – – – – 25.86 

– – – – – 23.36 

– – – – – 23.36 

– – – – – 3.80 

– – – – – – 

– – – – – 24.33 

– – – – – 24.05 

– – – – – 24.27 

– – – – – 10.72 

– – – – – 30.44 

13




31 March 2010) 


14 

1 year 




Allianz RCM Thailand A (USD) 03/10/2008 13.91 – 

IT (USD) 03/10/2008 14.46 – 

A (EUR) 24/10/2008 23.94 – 

Allianz RCM Tiger A (EUR) 28/11/2008 11.95 – 

A (USD) 03/10/2008 2.90 – 

AT (USD) 03/10/2008 2.89 – 

IT (USD) 03/10/2008 3.40 – 

Allianz RCM Total Return Asian Equity A (USD) 03/10/2008 4.94 – 

AT (USD) 03/10/2008 4.95 – 

IT (USD) 03/10/2008 5.45 – 

PT (USD) 03/10/2008 5.44 – 

Allianz RCM US Equity Systematic A (USD) 15/02/2008 10.50 – 2.87 

A (EUR) 25/03/2010 – 0.59 – 

A (GBP) 05/03/2010 3.6010) – 

AT (SGD) 11/08/2009 9.75 – 

CT (EUR) 31/07/2007 19.70 – 5.48 

N (EUR) 12/12/2008 20.70 – 

S (EUR) 12/12/2008 20.51 – 

W (H-EUR) 12/12/2006 10.93 – 4.41 

Allianz RCM USD Liquidity A (USD) 03/10/2008 – 0.42 – 

Allianz Real Estate Securities Europe AT (EUR) 26/03/2008 6.23 – 3.77 

Allianz Tactical Asset Allocation Euroland AT (EUR) 26/03/2008 – 2.2711) 4.62 

Protect Global Winner 2014 

1) For the period from 9 February 2010 (launch date) until 31 March 2010. 

AT (EUR) 24/04/2006 1.57 5.98 

2) For the period from 30 September 2009 until 13 November 2009 (date of merger). 

3) For the period from 17 February 2010 (launch date) until 31 March 2010. 

4) For the period from 2 October 2009 (launch date) until 31 March 2010. 

5) For the period from 20 October 2009 (launch date) until 31 March 2010. 

6) For the period from 10 November 2009 (launch date) until 31 March 2010. 

7) For the period from 30 December 2009 (launch date) until 31 March 2010. 

8) For the period from 30 September 2009 until 8 February 2010 (liquidation date). 

9) For the period from 7 December 2009 (launch date) until 31 March 2010. 

10) For the period from 5 March 2010 (launch date) until 31 March 2010. 

11) For the period from 30 September 2009 until 2 March 2010 (liquidation date). 

The calculation is based on the net asset value per share (excluding sales charge), assuming distributions, if any, were reinvested. The performance is calculated according to the method 

recommended by the German BVI (Bundesverband Investment und Asset Management e.V.). 

Past performance is no guarantee of future results. 

The performance data do not take into account the commissions on the issue and redemption of shares.

2 years 




3 years 




4 years 




5 years 




10 years 








– – – – – 34.96 

– – – – – 36.17 

– – – – – 70.85 

– – – – – 46.55 

– – – – – 27.99 

– – – – – 27.99 

– – – – – 29.16 

– – – – – 29.63 

– – – – – 29.53 

– – – – – 30.24 

– – – – – 30.65 

– – – – – – 13.17 

– – – – – – 

– – – – – – 

– – – – – 3.60 

– 26.88 – – – – – 26.38 

– – – – – 24.73 

– – – – – 24.54 

– 22.84 – – – – – 12.10 

– – – – – – 0.53 

– – – – – – 26.03 

– – – – – – 4.49 

– 11.68 – 3.92 – – – 1.67 

15

Allianz All Markets Dynamic 

The Subfund invests in different segments of the capital 

market (e.g. on global markets for equities, bonds, 

property and commodities) with a flexible approach. 

Capital is allocated on the basis of a quantitative model 

for the most part, taking both cyclical and anti-cyclical 

aspects into account. The investment objective is to 

generate a return above the yield on bonds over the long 

term, while suffering lower losses than inflexible 

investments with a similar profile when markets are 

falling. 

In the six months under review to the end of March 2010, 

recovery continued on equity markets accompanied by 

fluctuation. In the US there was an improvement in 

corporate earnings, although consumer demand 

remained restrained. In Europe, although the debt crisis in 

Greece at times impacted negatively on sentiment, 

support was nonetheless forthcoming from the low level 

of key interest rates and favourable liquidity situation on 

stock markets. Commodity prices increased for the most 

part. Medium- and long-term interest rates on the Euro 

bond market fell in view of weaker economic data. The 

bonds of established industrialised nations benefited as a 

“safe haven” from concerns about Greece’s public 

finances. 

Breakdown of Net Assets by Securities 

France Investment Units 3.21 % 

Germany Investment Units 5.25 % 

EUR Bonds 6.33 % 

USD Bonds 8.65 % 

Ireland Investment Units 10.83 % 

The Subfund in figures 

31/03/2010 30/09/2009 30/09/2008 Launch date 

Net asset value per share in EUR 

– Class A (EUR) (distributing) 1) WKN A0MPCD/LU0293303524 84.18 78.21 81.58 100.00 

Shares in circulation 68,593 75,160 92,729 – 

Subfund assets in millions of EUR 

1) Launch date: 5 October 2007. 

5.8 5.9 7.6 – 

16 

In this environment the Subfund invested in a broad 

range of target funds or derivatives focusing on promising 

asset classes such as blue chips, commodities, propertymarket 

equities and private equity investments. Extensive 

positions were also held in the bond segment. On the one 

hand these comprised direct investments in government 

bonds or their corresponding derivatives. On the other 

hand we invested via funds mainly in sectors offering 

spreads over government bonds issued by industrialised 

countries, including emerging-market and high-yield 

bonds as well as convertible bonds. 

With this investment policy the Subfund obtained a 

significantly positive result on balance. 

Please refer to the simplified and the full sales 

prospectuses for additional information on the Subfund. 

Information on the performance of the individual share 

classes of the Subfund in the reporting period can be 

found in the table “Performance” on pages 8 and 9. 

11.12 % Other net assets 

54.61 % Luxembourg Investment Units

Allianz All Markets Opportunities 

The Subfund invests in different segments of the capital 

market (e.g. on global markets for equities, bonds, 

property and commodities) with a flexible approach. 

Capital is allocated on the basis of a quantitative model 

for the most part, taking both cyclical and anti-cyclical 

aspects into account. The investment objective is to 

generate a return above the yield on bonds over the long 

term, while suffering lower losses than inflexible 

investments with a similar profile when markets are 

falling. 



fluctuation. In the US there was an improvement in 

corporate earnings, although consumer demand 

remained restrained. In Europe, although the debt crisis in 

Greece at times impacted negatively on sentiment, 

support was nonetheless forthcoming from the low level 

of key interest rates and favourable liquidity situation on 

stock markets. Commodity prices increased for the most 

part. Medium- and long-term interest rates on the Euro 

bond market fell in view of weaker economic data. The 

bonds of established industrialised nations benefited as a 

“safe haven” from concerns about Greece’s public 

finances. 


Germany Investment Units 3.51 % 

France Investment Units 4.31 % 

Ireland Investment Units 13.51 % 

In this environment the Subfund invested in a broad 

range of target funds or derivatives focusing on promising 

asset classes such as blue chips, commodities, propertymarket 

equities and private equity investments. On the 

one hand the bond positions comprised direct 

investments in government bonds or their corresponding 

derivatives. On the other hand we invested via funds 

mainly in sectors offering spreads over government 

bonds, including emerging-market and high-yield bonds 

as well as convertible bonds. 


significantly positive result on balance. 







63.50 % Luxembourg Investment Units 


31/03/2010 30/09/2009 30/09/2008 Launch date 


– Class A (EUR) (distributing) 1) WKN A0MPBF/LU0293300009 73.44 66.19 76.69 100.00 




10.1 10.3 12.8 – 

17


The Allianz Asian Multi Income Plus Subfund adopts the 

investment philosophy of seeking multiple sources of 

value add driven by fundamentals, valuation and 

technical to generate long-term outperformance. The 

Subfund uses an integrated approach that combines topdown 

macroeconomic analysis and bottom-up company 

research. The Subfunds’ investment objective is to provide 

investors with long-term capital appreciation and income 

through investments in Asian currency denominated debt 

markets and Asian equity/business trust markets. 

Despite hiccups that were caused by heightened sovereign 

risk concerns along the way, Asian markets generally rode 

on the positive momentum as led by the (still) 

accommodative policy stance and massive liquidity in the 

global financial system. The rebound seen in economic 

activities – after having gone through one of the worst 

recessions in history – continued to raise consumer 

confidence and boost investors’ sentiments. 


SGD Bonds 6.25 % 

CNY Bonds 7.20 % 

Hong Kong Equities 15.21 % 

IDR Bonds 22.20 % 

Other net assets – 6.39 % 1) 

18 

For the 6-month period ending 31 March 2010, the Allianz 

Asian Multi Income Plus returned 8.69 %, outperforming its 

composite benchmark’s of 3.34 %. Allocation to selected 

Asian local currencies, REITs and convertible bonds 

contributed value to the Subfund. 

Rate normalization and withdrawal of stimuli by 

policymakers are likely to be implemented this year – though 

the timing and magnitude are highly unclear as they would 

vary according to each individual economy’s circumstances. 

Policy risks (other than monetary stance) are expected to 

persist. Strategy for the Subfund ahead would be to gain 

exposure to sectors with sound fundamentals and securities 

whose valuations remain decent. 

Please refer to the simplified and the full sales prospectuses 

for additional information on the Subfund. Information on 

the performance of the individual share classes of the 

Subfund in the reporting period can be found in the table 

“Performance” on pages 8 and 9. 

28.52 % Singapore Equities 

27.01 % MYR Bonds 


31/03/2010 30/09/2009 Launch date 

Net asset value per share in USD 

– Class IT (USD) (accumulating) 2) WKN A0Q84X/LU0384039318 11.76 10.82 10.00 

Shares in circulation 1,008,703 1,592,350 – 

Subfund assets in millions of USD 11.9 17.2 – 

1) Investments in securities total 106.39 % of net assets. 

2) Launch date: 15 July 2009.

Allianz Euro Bond Strategy 

The main factor affecting the Euro area bond market in the 

reporting period was the Greek government debt crisis. 

Negotiations to reach an agreement on a support package 

were taking place between Greece, the European Union 

and the International Monetary Fund. Bond markets 

reacted promptly to the political developments, penalizing 

peripheral countries bonds and risky assets as a solution 

seemed to slip away and buying them as things seemed to 

improve. Portfolio investment strategy was cautious on 

risky assets and showed a clear preference for German 

government issues and a long duration stance. 

Sustainability of government debt is expected to remain a 

key factor for the outlook on euro bond markets. Recently 

announced support package for Greece may mitigate 

market immediate worries, but long term perspectives are 

Breakdown of Net Assets by Country 

Portugal 2.23 % 

Spain 2.33 % 

United States of America 2.42 % 

United Kingdom 2.48 % 

Greece 2.57 % 

Luxembourg 3.34 % 

Finland 3.51 % 

The Netherlands 6.57 % 

still at risk. Further contagion to other Euro area countries 

may not be excluded. Growth expectations may need to be 

revised downward to accommodate stricter fiscal policies. 

Global growth is expected to be the major determinant for 

a successful fiscal consolidation path. Still, doubts persist 

that the current growth estimates may be easily reached. 

Therefore, portfolio investment strategy is expected to 

remain cautious towards risky assets and keep favouring 

the safety of core countries government bonds. 






6.30 % Other countries 


23.25 % Italy 

18.65 % Germany 

16.43 % France 

7.30 % Belgium 


31/03/2010 Launch date 


– Class C (EUR) (distributing) 1) WKN A0RMYP/LU0484424121 101.06 100.00 

– Class CT (EUR) (accumulating) 1) WKN A0RMYD/LU0484424394 101.06 100.00 

– Class IT (EUR) (accumulating) 1) WKN A0RCK7/LU0482909578 1,011.46 1,000.00 

Shares in circulation 53,524 – 


1) Launch date: 9 February 2010. 

54.1 – 

19

Allianz Euro High Yield Bond 

The first quarter of 2010 was very volatile. January started 

with a strong tone supported by an increased appetite for 

risk and the lack of offers on the market but the trend 

reversed in mid February due to increasing concerns on 

European peripheral countries. March was a much better 

oriented month. If the sovereign risk has not vanished, 

financial markets thought that the situation was less 

alarming given the supporting messages from Europe 

towards Greece. 

With this background in mind, the primary market was 

very active both in January and March. Defensive names 

opened up the market, then followed by newcomers. 

Issuers tape the market in order to repay debt and extend 

their maturity profile. Meanwhile, a structural shift in the 

market occurred with corporates issuing secured notes in 

order to refinance bank debt. This trend to financial 

disintermediation is likely to increase the market size and 

is viewed as positive for bondholders due to the stronger 

security packages embedded in secured notes. All in all, 

technicals have remained favourable over the quarter 

despite an increased volatility given the looming sovereign 


Spain 2.03 % 

Jersey 2.38 % 

Sweden 2.47 % 

Denmark 3.43 % 

Ireland 7.00 % 

United States of America 10.07 % 





– Class A (EUR) (distributing) 1) WKN A0X78X/LU0482909818 105.29 100.00 

– Class AT (EUR) (accumulating) 1) WKN A0RCLA/LU0482909909 105.32 100.00 

– Class IT (EUR) (accumulating) 1) WKN A0RCLB/LU0482910402 1,054.13 1,000.00 




40.6 – 

20 

risk. Fundamentals have really improved over the first 

quarter of 2010 and supported the market. Firstly , 2009 

results were in line with expectations, even better and the 

outlook reassuring. Only a few names disappointed the 

market for company-specific reasons given their lack of 

pricing power in a tough and competitive market context. 

Secondly , the ratings momentum has really improved as 

we saw more upgrades than downgrades whereas 

investment banks revised downwards their expectations 

for default rates (2 % expected by JPM in 2010). This results 

from successful refinancing and a better outlook for 

issuers. As a conclusion, our investment policy will remain 

very selective regarding primary issues and is focused on 

issuers benefiting from a sound operating profile and well 

positioned to take advantage of any economic recovery. 




classes of the Subfund in the reporting period can be found 

in the table “Performance” on pages 8 and 9. 



16.37 % United Kingdom 


11.22 % Luxembourg 

10.91 % Germany


The Allianz NFJ US Large Cap Value searches for dividend 

paying stocks with low valuation multiples by industry 

from among the top 300 U.S. market cap universe. The 

Subfund normally holds 40–60 stocks and normally 

remains fully invested. Factors, which include price-toearnings, 

price-to-book, dividend yield and price 

momentum, among others, determine weightings, which 

range from a minimum of 1 % to a maximum of 4 % at 

time of investment. 

The market rally we have witnessed over the last year 

echoes back to 2003, where highly leveraged companies 

with low or zero yields have outperformed. However, the 

market has shown some signs of stabilizing. These signs 

include: 

· Within the S&P 500, there have only been 2 companies 

that have either decreased or suspended their dividend 

in Q1 2010 vs. 46 in Q1 2009 and 12 in Q1 2008. 

Breakdown of Net Assets by Sector 

Utilities 4.00 % 

Industrials 6.05 % 

Information Technology 6.86 % 

Telecommunication Services 7.15 % 

Consumer Discretionary 8.95 % 

Consumer Staples 10.81 % 

· The VIX volatility index has hit its lowest level since 

May 2008, down nearly 60 % from a year ago. 

· On a forward earnings basis, the S&P 500 appears 

undervalued at 14.3x; but, it is trading relatively close 

to its 16.9x 20-year historical median. 

Although the highest valuation stocks outperformed 

during 2003, in the subsequent two and a half years, low 

P/E stocks led the way. We continue to hold that low P/E 

dividend paying stocks broadly diversified by industry will 

generate favorable risk adjusted returns going forward. 






3.01 % Materials 


19.81 % Financials 

18.97 % Energy 

12.69 % Health Care 


31/03/2010 30/09/2009 Launch date 


– Class W (USD) (accumulating) 1) Net asset value per share in SGD 

WKN A0MN88/LU0294431225 1,504.33 1,385.07 1,000.00 

– Class AT (SGD) (distributing) 2) WKN A0X8FM/LU0417517892 11.06 10.24 10.00 

Shares in circulation3) 10,747 5,648 – 

Subfund assets in millions of USD 

1) Launch date: 1 April 2009. 

2) Launch date: 11 August 2009. 

13.2 7.4 – 

3) Accumulated figures for open share classes on the reporting date. 

21

Allianz PIMCO Euro Bond 

The Subfund invests primarily in bonds with a good credit 

rating (investment grade rating). Corporate or emergingmarket 

high-yield bonds may also be included. Foreign 

currency positions are largely hedged against the fund 

currency. The investment objective is an above-average 

return in the long term. 


long-term yields on the Euro bond market fell slightly in 

view of weaker economic data. The securities of 

established nations benefited as a “safe haven” from 

concerns about Greece’s public finances. Short-term 

yields generally remained low since the European Central 

Bank left its key interest rates unchanged in the light of 

the continuing vulnerability of the economy combined 

with widespread price stability. Investor demand focussed 

on non-government securities that still offered better 

spreads in comparison with public-sector bonds. 


Cayman Islands 2.35 % 

Greece 2.85 % 

Canada 3.12 % 


France 4.30 % 


Italy 6.38 % 

22 

In the portfolio, mortgage bonds and other asset-backed 

securities as well as corporate bonds from the financial 

sector dominated in addition to top-rated government 

bonds or their corresponding derivatives. A holding of 

emerging-market bonds was included. The duration 

(average maturity) of the Subfund, including derivative 

financial instruments, was above the level of the broad 

Euro bond market at the most recent figure of 5.8 years 1) . 


positive result significantly outperforming the broad Euro 

bond market. 









14.72 % United States of America 

11.25 % Denmark 



31/03/2010 30/09/2009 30/09/2008 30/09/2007 


– Class A (EUR) (distributing) WKN 263264/LU0165915215 9.57 9.19 9.01 9.65 

– Class AT (EUR) (accumulating) WKN 263262/LU0165915058 11.84 11.23 10.91 11.26 

– Class CT (EUR) (accumulating) 2) WKN 263270/LU0165915488 10.57 10.03 9.75 10.08 

– Class I (EUR) (distributing) WKN 263279/LU0165915991 9.71 9.30 9.41 10.08 

– Class IT (EUR) (accumulating) 

Net asset value per share in CHF 

WKN 263277/LU0165915728 10.68 10.12 9.79 10.05 

– Class I (H-CHF) 3) WKN A0H0HA/LU0237860795 – – 8.57 9.39 

Shares in circulation4) 27,886,441 27,139,166 57,952,729 82,264,763 

Subfund assets in millions of EUR 283.0 263.0 514.5 779.2 

1) Floating-rate notes are considered with the date of the next interest rate change. 

2) Launch date: 31 July 2007. Initial subscription price: EUR 10.00. 

3) Liquidation date: 23 March 2009. Liquidation proceeds: CHF 7.59. 

4) Accumulated figures for open share classes on the reporting date.

Allianz PIMCO Treasury Euro Bond Plus 2011 

The Subfund is part of the Treasury Funds family, which is 

intended for the liquidity and asset management of 

institutional investors. It invests primarily in interestbearing 

securities with a good credit rating, while largely 

avoiding any foreign exchange risk. In addition, up to 10 % 

of the Subfund’s assets may be invested in high-yield bond 

securities. The investment strategy is supported through 

the use of derivatives. The duration is based on the final 

maturity of the Subfund. The investment objective is to 

obtain an above-average return in comparison with direct 

investment in bonds, with volatility on a par with the 

benchmark. 








Breakdown of Net Assets by Maturity 1) 

Other maturities 2.11 % 

2016 2.38 % 

2015 6.52 % 

2014 5.33 % 

2013 12.03 % 





Asset-backed securities with the highest credit ratings 

dominated in the portfolio, chiefly mortgage bonds and 

covered bonds. Short-term corporate bonds and selected 

emerging-market bonds were included. The duration 


financial instruments, was most recently 1.6 years 1) . 


positive result. 







37.75 % 2010 

6.14 % 2011 

21.63 % 2012 


31/03/2010 30/09/2009 30/09/2008 30/09/2007 


– Class I (EUR) (distributing) WKN 592717/LU0178435912 1,062.61 1,067.54 999.08 1,023.98 

Shares in circulation 16,667 83,536 109,236 183,235 



23









the use of derivatives. The duration is based on the final 

maturity of the Subfund. The investment objective is to 

obtain an above-average return in comparison with direct 

investment in bonds, with volatility on a par with the 

benchmark. 









Other net assets 2.36 % 

Other maturities 4.23 % 

2015 15.82 % 

2014 25.54 % 

24 






dominated in the portfolio, chiefly mortgage bonds and 

covered bonds. Short-term corporate bonds and selected 



financial instruments, was most recently 3.1 years 1) . 








7.46 % 2010 

4.89 % 2011 

8.35 % 2012 

31.35 % 2013 


31/03/2010 30/09/2009 30/09/2008 30/09/2007 


– Class I (EUR) (distributing) WKN 592726/LU0178437884 1,075.43 1,073.62 993.95 1,019.98 



1) Floating-rate notes are considered with the date of the next interest rate change.

Allianz PIMCO Treasury Euro Cash Plus 








the use of derivatives. A short-term duration is aimed at. 

The investment objective is to obtain an above-average 

return in comparison with conventional money-market 

investments, with volatility on a par with the benchmark. 











2014 3.65 % 

2013 5.19 % 

2012 9.04 % 

2011 25.75 % 





dominated in particular in the portfolio, in particular 

mortgage bonds and covered bonds. Short-term corporate 

bonds were also strongly represented and selected 



financial instruments, was most recently around 

11 months 1) . 








3.00 % Other maturities 

55.37 % 2010 


31/03/2010 30/09/2009 30/09/2008 30/09/2007 


– Class CT (EUR) (accumulating) 3) WKN 592695/LU0178431689 1,076.30 1,057.13 1,026.89 1,014.84 

– Class I (EUR) (distributing) WKN 592698/LU0178432067 1,002.19 999.99 1,004.87 1,025.78 

– Class P (EUR) (distributing) WKN A0ETQC/LU0224305648 996.86 994.27 1,001.19 1,021.88 

Shares in circulation4) 124,399 164,269 354,959 776,769 




3) Launch date: 31 July 2007. Initial subscription price: EUR 1,000.00. 


25


March offered a strong finish to a volatile semi-annual 

period as equities were up strongly in the month, despite 

worries over the Chinese government’s monetary 

tightening and continued concerns for Greece’s debt 

crisis. Despite the uncertainty in Europe, relatively strong 

momentum in Asian markets was mainly supported by 

the generally better-than-expected economic data. In Asia, 

the fourth-quarter economic growth generally exceeded 

market expectations, particularly in Japan, Indonesia, 

Taiwan, Thailand and Malaysia, where exports continued 

to see strong rebounds and fund-flows were strong. 

We are confident that risks to regional economic growth 

continue to be on the upside in the second quarter. In 

many ways, the spectre for policy risk should be welcomed 

as a mechanism for monetary policy, in itself. With the 



Health Care 3.39 % 


Energy 6.98 % 



Materials 13.38 % 

26 

recovery in the region looking increasingly sustainable, it 

seems increasingly less likely that monetary or fiscal 

policy will be a risk to economic growth, but rather, a 

catalyst for the volatile path toward “normalization”. As 

such, for the coming quarters, Asia could experience the 

not-too-hot, not-too-cold “Goldilocks” environment 

characterized by strong GDP growth and relatively benign 

CPI inflation, in what could turn out to be one of the best 

years of economic growth in decades. 






1.89 % Telecommunication Services 



14.99 % Information Technology 


31/03/2010 30/09/2009 30/09/2008 30/09/2007 


– Class A (EUR) (distributing) WKN A0DLLG/LU0204480833 16.83 14.90 12.57 21.80 

– Class AT (EUR) (accumulating) 1) WKN A0DLLF/LU0204480676 9.65 8.42 7.03 12.07 

– Class CT (EUR) (accumulating) 1) WKN A0DLLM/LU0204481138 9.37 8.21 6.90 12.05 

– Class I (EUR) (distributing) WKN A0DLLU/LU0204482706 16.83 14.92 12.64 21.92 

– Class N (EUR) (distributing) 2) WKN A0RC34/LU0400425392 16.38 14.47 – – 

– Class S (EUR) (distributing) 2) Net asset value per share in USD 

WKN A0RC35/LU0400425632 16.34 14.43 – – 

– Class A (USD) (distributing) WKN A0DLLJ/LU0204485717 15.23 14.66 12.16 20.79 

– Class I (USD) (distributing) WKN A0DLLW/LU0204486368 17.27 16.64 13.87 23.72 



1) Launch date: 4 June 2007. Initial subscription price: EUR 10.00. 

2) Launch date: 12 December 2008. Initial subscription price: EUR 10.00. 



The Subfund focuses on the Eurozone equity market. 

Depending on the market situation, various investment 

styles or combinations thereof may be applied. Its 

investment objective is to attain capital growth over the 

long term. 



wide fluctuation. In the Eurozone, negative factors such as 

the debt crisis in Greece were countered by predominantly 

positive trends in corporate earnings. Support was 

forthcoming from the continuing low level of key interest 

rates and the extensive liquidity held by investors. Stocks 

in high-growth companies were particularly in demand. 

In line with its investment concept, the Subfund’s 

investment policy in the period under review focused on 

the selection and combination of Eurozone blue chips 



Belgium 2.51 % 


Italy 9.76 % 

Spain 13.03 % 

presenting particular investment styles with historically 

favourable attributes. The weighting of each particular 

stock is based on a quantitative risk model supplemented 

by detailed fundamental analyses. The portfolio based on 

this approach offered the prospect of performance above 

the level of representative market indices while limiting 

the risk of variance. 

Using this approach, the Subfund obtained a slightly 

positive result. The exact performance of the Subfund in 

the period under review is reported in the table 

“Performance”. 











31/03/2010 30/09/2009 30/09/2008 30/09/2007 


– Class AT (EUR) (accumulating) 1) WKN 592728/LU0178439310 6.97 6.91 6.67 9.59 







27


The Subfund’s focus is on the equity markets of Brazil, 

Russia, India and China (BRIC countries). It may also invest 

up to one third of its assets in equities or comparable 

investments outside the BRIC countries. Its investment 

objective is to attain capital growth over the long term. 

In the six months under review to the end of March 2010 

the economies of the leading emerging markets again 

recorded high rates of growth. This was reflected 

particularly on the stock markets of the BRIC countries in 

high capital inflows and above-average price gains. In 

addition to extensive economic stimulus programmes put 

in place by governments, the rising demand for 

commodities and the increasing importance of domestic 

demand in the BRIC countries were very apparent. 

In this environment, although energy and financial stocks 

dominated in the Subfund in absolute terms, these sectors 


South Africa 2.02 % 


Hong Kong 8.81 % 

China 10.19 % 

India 22.76 % 

28 

were underweight relative to their market capitalisation. 

The commodities segment, consumer goods and 

healthcare were relatively strongly represented. In terms of 

countries the focus was on Brazilian and Russian stocks, 

while China in particular was weighted lower than its stock 

market capitalisation would suggest. 


significantly positive result, close to the level of the market 

segment that it tracks. The exact performance in the 

period under review is reported in the table “Performance” 

at the end of the financial statements. 








25.34 % Brazil 

24.98 % Russia 


31/03/2010 30/09/2009 30/09/2008 30/09/2007 


– Class AT (EUR) (accumulating) 1) WKN A0MPES/LU0293313325 89.02 73.91 64.22 116.62 

– Class CT (EUR) (accumulating) 2) WKN A0MPEU/LU0293313671 91.36 76.13 66.65 122.03 

– Class I (EUR) (distributing) 2) Net asset value per share in SGD 

WKN A0MPEX/LU0293313911 955.84 792.06 682.11 1,227.54 

– Class AT (SGD) (accumulating) 3) Net asset value per share in USD 

WKN A0RPS8/LU0485429301 10.66 – – – 

– Class AT (USD) (accumulating) 4) WKN A0MPE0/LU0293314216 6.94 6.28 5.39 – 

Shares in circulation5) 20,092,693 6,714,779 2,459,243 19,082 



2) Launch date: 29 May 2007. Initial subscription price Class CT: EUR 100.00, Class I: EUR 1,000.00. 

3) Launch date: 17 February 2010. Initial subscription price: EUR 10.00. 

4) Launch date: 25 February 2008. Initial subscription price: EUR 10.00. 



China equity markets remained range-bound for the 

period from October 2009 to March 2010. Economic 

growth was relatively strong albeit at a slower rate versus 

historical trends as credit conditions normalized. Market 

sentiment turned cautious triggered by the earlier-thanexpected 

increase in the required reserve ratio by the 

PBOC (People’s Bank of China) and negative newsflow 

regarding tightening measures on the China property 

market. Yet, H-shares rebounded strongly in March driven 

by a recovery in banking stocks as investors digested 

concerns over equity fund raising. The release of positive 

corporate earnings results from banks also helped to ease 

concerns of potential earnings disappointments. These 

results triggered a reversal in the underperformance of 

banking stocks. Elsewhere, overall corporate earnings 

results were generally better than analysts’ expectations. 








On the other hand, investors’ attention was focused on the 

political pressure from the US on Renminbi revaluation. 

We believe the market will continue to trade sideways in 

the short term. Trading activities will remain dominated 

by sector and stock rotation. However, given the share 

price rally has become increasingly momentum driven as 

well as from a narrow base, we will be cautious towards 

chasing momentum and high valuation stocks. 









11.93 % Industrials 



31/03/2010 30/09/2009 Launch date 


– Class A (USD) (distributing) 1) WKN A0Q1P2/LU0348825331 44.82 42.17 29.44 

– Class IT (USD) (accumulating) 2) Net asset value per share in EUR 

WKN A0Q1QW/LU0348831818 1,847.50 1,725.23 100.00 

– Class CT (EUR) (accumulating) 3) Net asset value per share in GBP 

WKN A0Q1QD/LU0348827899 118.43 – 100.00 

– Class A (GBP) (distributing) 4) Net asset value per share in SGD 

WKN A0Q1P3/LU0348825687 129.31 114.69 29.44 

– Class AT (SGD) (accumulating) 5) WKN A0X8FD/LU0417516902 10.22 9.63 29.44 

Shares in circulation6) 8,612,893 5,127,493 – 



4) Launch date: 9 June 2009. 

2) Launch date: 19 January 2009. 



6) Accumulated figures for open shares classes on the reporting date. 

29

Allianz RCM Currencies Strategy 

The Subfund seeks to obtain returns through strategies 

aimed at taking advantage of inefficiencies and 

opportunities on global currency markets. It uses 

derivative financial instruments such as forward currency 

transactions, futures, options and swaps. It also has a 

portfolio with a money-market-related risk/return profile. 

The overall objective is to obtain capital growth over the 

long term. 

In the six months under review to the end of March 2010 

there were strong price movements on global currency 

markets. The debt crisis in Greece put downward pressure 

on the Euro, while the US Dollar in particular benefited. 

In this environment the Subfund used derivatives to 

pursue a variety of strategies on the global currency 

markets. Positions were mainly held in foreign exchange 

from industrialised nations. In line with the investment 

concept, the Subfund also entered into exposure to 

currencies from emerging markets. Overall the currency 


Australia 3.50 % 



Germany 5.26 % 

Sweden 9.33 % 

30 

positions made a negative contribution, taking into 

account the costs charged to the Subfund. The Subfund’s 

liquidity was also invested in high-quality Euro moneymarket 

instruments, partly in short-term bonds issued by 

international financial institutions, partly in public-sector 

securities. The potential income from these investments 

was relatively low due to the record low level of interest 

rates on the Euro money market. 


slightly negative result overall. The exact performance in 

the period under review is reported in the table 

“Performance” at the end of the financial statements. 








15.35 % The Netherlands 


31/03/2010 30/09/2009 Launch date 


– Class I (EUR) (distributing) 1) WKN A0RN78/LU0431815132 985.47 993.12 1,000.00 

Shares in circulation 43,440 47,905 – 



42.8 47.58 –


The Subfund focuses on companies on the global equity 

markets that in the opinion of fund management should 

profit in some respect from the rising life expectancy in 

aging societies or the effects of social changes in emerging 

societies. Its investment objective is to attain capital 

growth over the long term. 



wide fluctuation. In addition to predominantly positive 

trends in corporate earnings, support was also 

forthcoming from the low level of key interest rates in the 

major industrialised nations and the favourable liquidity 

situation. The equities of companies geared towards 

demographic change benefited from the upturn on stock 

markets to a similar extent as the average of the overall 

global market. 

In this environment healthcare stocks in particular were 

heavily represented in the Subfund, as one of the main 





Energy 10.02 % 


beneficiaries of the changing age structure in 

industrialised countries. Industrial, financial and 

commodities companies were also heavily weighted. In 

the opinion of fund management they should benefit from 

the growth in population and prosperity in emerging 

markets. In terms of countries, US stocks dominated, since 

this is where a large proportion of global healthcare 

companies are domiciled. 


significantly positive result. The exact performance in the 

period under review is reported in the table “Performance” 

at the end of the financial statements. 






3.20 % Other Industries 






31/03/2010 30/09/2009 Launch date 


– Class A (EUR) (distributing) 1) Net asset value per share in USD 

WKN A0Q0U0/LU0342677829 150.82 129.62 100.00 

– Class AT (USD) (accumulating) 1) WKN A0Q0U9/LU0342679015 14.39 13.46 10.00 



1) Launch date: 19 December 2008. 

18.1 18.5 – 


31

Allianz RCM Discovery Europe Strategy 

The Subfund’s objective is to benefit from price 

movements of individual stocks, irrespective of the 

direction of movement. As part of a derivative-based 

(swap) strategy, it invests on the one hand in selected 

European equities (long positions). On the other it sells, 

within the strategy, equities that it does not actually own 

and which fund management expects to fall in price (short 

positions). By concurrently investing in long and short 

positions management aims to reduce market risks. Long 

and short positions are not always held to an equal extent 

so there may be divergences from the market neutrality 

that management is basically aiming at. 



wide fluctuation. In Europe, negative factors such as the 

debt crisis in Greece were countered by predominantly 



rates and the favourable liquidity situation on stock 

markets. 


Austria 3.87 % 



Italy 5.05 % 



32 

In line with the investment concept, in this environment the 

Subfund used a swap to pursue a long/short strategy 

oriented towards selected European equities. The relatively 

conservative orientation of the portfolio, which tended to 

hold short positions for the most part, was a disadvantage 

due to equity prices rising on balance in the period under 

review. The Subfund’s liquidity was also invested in highquality 

Euro money-market instruments, partly in shortterm 

bonds issued by international financial institutions, 

partly in public-sector securities. The potential income from 

these investments was relatively low due to the record low 

level of interest rates on the Euro money market. 

With this investment policy the Subfund obtained a slightly 

negative result overall. The exact performance in the period 

under review is reported in the table “Performance” at the 

end of the financial statements. 

Please refer to the simplified and the full sales prospectuses 

for additional information on the Subfund. Information on 

the performance of the individual share classes of the 

Subfund in the reporting period can be found in the table 

“Performance” on pages 10 and 11. 

3.11 % Spain 





11.26 % Sweden 




– Class A (EUR) (distributing) 1) WKN A0Q83F/LU0384022694 98.63 100.00 

– Class CT (EUR) (accumulating) 2) WKN A0Q83X/LU0384027578 99.21 100.00 

– Class I (EUR) (distributing) 1) Net asset value per share in GBP 

WKN A0Q835/LU0384030010 988.65 1000.00 

– Class A (GBP) (distributing) 1) WKN A0Q83H/LU0384023239 97.83 100.00 

– Class A (H-GBP) (distributing) 3) WKN A0Q83M/LU0384024559 99.45 100.00 




2) Launch date: 10 November 2009. 


128.6 –


(formerly Allianz RCM Enhanced Money Market) 

The Subfund aims to generate a market return oriented 

towards the Euro money market. With the aim of 

generating additional returns, it may enter into separate 

commitments in relation to foreign currencies and bonds. 

Although economic prospects did brighten up in the 

Eurozone in the six months under review to the end of 

March 2010, the European Central Bank left its key interest 

rate at an extremely low level in view of the continued risk 

of setbacks and widespread price stability. Potential 

returns on the Euro money market were correspondingly 

low. 

In this market environment the Subfund benefited from 

its special investment process. Its investments included a 

money-market portfolio consisting of high-quality shortterm 

paper issued by international financial institutions 

as well as bonds from public-sector issuers. The general 

avoidance of asset-backed and mortgage-backed 

securities (ABS/MBS) was a factor in the high degree of 

stability in the asset value of the portfolio. 



2011 27.12 % 

The Subfund also obtained additional returns in other 

investment segments by using derivatives, in particular 

on interest-rate and bond markets as well as on the 

foreign exchange market. The duration (average maturity) 

of the money-market portfolio was a good 8 months 1) at 

the reporting date. 

With this investment policy the Subfund obtained a result 

above the level of the Euro money market. The exact 

performance of the Subfund in the period under review is 

reported in the table “Performance”. 






69.04 % 2010 


31/03/2010 30/09/2009 30/09/2008 30/09/2007 


– Class AT (EUR) (accumulating) 2) WKN A0MPAK/LU0293294277 105.00 104.53 – – 

– Class CT (EUR) (accumulating) 3) WKN A0MPAM/LU0293294434 102.32 101.88 – – 

– Class I (EUR) (distributing) 4) WKN A0MN9X/LU0293295324 1,036.15 1,049.38 1,046.05 1,015.34 

– Class IT (EUR) (accumulating) 3) WKN A0MPAQ/LU0293295597 1,022.02 1,016.80 – – 

Shares in circulation5) 1,816,893 1,190,049 53,396 25,440 



2) Launch date: 1 October 2008. Initial subscription price: EUR 100.00. 

3) Launch date: 16 February 2009. Initial subscription price: EUR 1,000.00. 

4) Launch date: 17 April 2007. Initial subscription price: EUR 1,000.00. 


33

Allianz RCM Enhanced Short Term US $ 

The Subfund aims to generate a return at the level of the 

LIBOR Overnight USD interest rate. To this end it can 

invest in bank deposits and money-market instruments in 

particular. The proportion of money-market investments 

denominated in foreign currencies may not exceed 10 % of 

the Subfund’s assets. Bond instruments with a residual 

term to maturity of up to 2.5 years may be acquired if, on 

acquisition, they have a credit rating of at least A- 

(Standard & Poor’s and Fitch), A3 (Moody’s) or equivalent 

ratings by other agencies. With the aim of generating 

additional returns, fund management may enter into 

separate currency positions and separate strategies in 

relation to the money and bond markets in the amount of 

the interest income, even if the Subfund does not hold any 

assets in the relevant currencies. 

Although economic prospects did brighten up in the US in 

the six months under review to the end of March 2010, the 

Federal Reserve left its key interest rate at an extremely 

low level in view of the continued risk of setbacks and the 

widespread price stability. Potential returns on the USD 

money market were correspondingly low. 

In this market environment the Subfund benefited from 

its special investment process. Its investments included a 



2012 3.30 % 

2011 24.54 % 


31/03/2010 30/09/2009 Launch date 


– Class IT (USD) (accumulating) 2) WKN A0RN79/LU0431817260 1,013.58 1,008.30 1,000.00 





34 

money-market portfolio consisting of high-quality shortterm 

paper issued by international financial institutions 

as well as bonds from public-sector issuers. The general 

avoidance of asset-backed and mortgage-backed 

securities (ABS/MBS) was a factor in the high degree of 

stability in the asset value of the portfolio. 

The Subfund also obtained additional returns in other 

investment segments by using derivatives, in particular 

on interest-rate and bond markets as well as on the 

foreign exchange market. The duration (average maturity) 

of the money-market portfolio was a good 8 months 1) at 

the reporting date. 

With this investment policy the Subfund obtained a result 

above the level of the USD money market. 






56.45 % 2010

Allianz RCM Euro Equity Index 

The Subfund is intended to enable investors to participate 

in the performance of the DJ EURO STOXX 50 index, which 

comprises the 50 largest listed equities in the Eurozone. 








markets. 

In line with the Subfund concept the composition of the 

portfolio was aligned to the structure of DJ EURO STOXX 50. 

As a result the financial sector was represented most 








heavily in the Subfund, followed by utilities, industrials 

and telecommunications. By region, there was a 

preponderance of equities from Germany and France, the 

two largest economies in the Eurozone. 

With its near-index structure, the portfolio basically 

follows the performance of equities in the Eurozone and 

made a moderate gain, although slightly underperforming 

its benchmark. 









10.33 % Utilities 

9.12 % Energy 


31/03/2010 30/09/2009 30/09/2008 30/09/2007 


– Class A (EUR) (distributing) WKN 163889/LU0158783638 141.14 141.79 144.80 208.87 





35


The Subfund primarily invests in Eurozone equity markets. 

Fund management focuses on securities it considers to 

have growth potential that is not fully taken into 

consideration in the price of the security (growth 

approach). Its investment objective is to attain capital 









markets. Stocks in high-growth companies were 

particularly in demand. 




Italy 4.82 % 

Spain 6.48 % 


In this environment, fund management invested 

particularly in industrials, IT and consumer goods, since it 

viewed their growth prospects as above-average. In 

contrast, financials were underweighted relative to their 

market capitalisation. Stocks in telecommunication and 

utility companies were avoided altogether. 


positive result significantly outperforming the general 

market for growth stocks in the Eurozone. 






2.02 % Portugal 






31/03/2010 30/09/2009 30/09/2008 30/09/2007 


– Class A (EUR) (distributing) 

36 

1) WKN A0KDND/LU0256839944 96.93 85.57 78.74 111.26 

– Class AT (EUR) (accumulating) 1) WKN A0KDNE/LU0256840447 98.34 86.51 79.43 111.26 

– Class CT (EUR) (accumulating) 2) WKN A0KDNG/LU0256840793 97.51 86.10 79.64 112.35 

– Class I (EUR) (distributing) 3) WKN A0KDNH/LU0256883843 998.70 882.95 816.24 1,142.39 

– Class IT (EUR) (accumulating) 3) WKN A0KDNJ/LU0256884064 1,030.35 902.62 822.24 1,142.06 

– Class W (EUR) (distributing) 4) Net asset value per share in SKK 

WKN A0KDNM/LU0256884577 1,002.64 887.68 806.01 1,138.09 

– Class W (H-SKK) (distributing) 5)6)7) WKN A0LF7T/LU0280244368 – – 28,426.54 40,060.65 




5) Launch date: 15 May 2007. Initial subscription price: EUR 40,000.00. 

2) Launch date: 2 November 2006. Initial subscription price: EUR 100.00. 

6) Liquidation date: 9 September 2009. Liquidation proceeds: EUR 973.48. 

3) Launch date: 4 October 2006. Initial subscription price: EUR 1,000.00. 

7) Slovakia introduced the Euro with effect from 1 January 2009. 


The share price will be quoted in Euro from this date. 



The Subfund primarily invests in European equity 

markets. Fund management focuses on securities it 

considers to have growth potential that is not fully taken 

into consideration in the price of the security (growth 

approach). Its investment objective is to attain capital 









markets. Stocks in high-growth companies were 

particularly in demand. 


Other countries 7.44 % 

Italy 2.82 % 

Spain 3.61 % 


Switzerland 10.50 % 

Sweden 11.04 % 

In line with the investment concept, fund management 

invests in companies offering long-term potential for 

structural growth. The stock-picking based on this 

resulted, in relation to the market capitalisation of each of 

the sectors, in an overweight in industrials and consumer 

goods, and an underweight in financials and stocks in 

energy or utility companies. 


positive result, significantly outperforming the general 

market for growth stocks in Europe. 











31/03/2010 30/09/2009 30/09/2008 30/09/2007 


– Class A (EUR) (distributing) 1) WKN A0KDMT/LU0256839191 108.84 91.78 83.25 113.85 

– Class AT (EUR) (accumulating) 1) WKN A0KDMU/LU0256839274 109.30 91.83 83.27 113.86 

– Class CT (EUR) (accumulating) 2) WKN A0KDMW/LU0256839860 106.34 89.68 81.93 112.88 

– Class I (EUR) (distributing) 3) WKN A0KDMX/LU0256880153 1123.69 949.39 864.60 1,180.13 

– Class IT (EUR) (accumulating) 3) WKN A0KDMY/LU0256881128 1155.60 966.85 869.83 1,180.00 

– Class W (EUR) (distributing) 4) Net asset value per share in GBP 

WKN A0KDM1/LU0256881987 1149.92 972.30 872.16 1,164.28 

– Class A (GBP) (distributing) 5) WKN A0KFGW/LU0264555375 134.44 115.70 – – 

Shares in circulation6) 1,197,866 811,306 158,564 103,304 




2) Launch date: 2 November 2006. Initial subscription price: EUR 100.00. 

5) Launch date: 3 August 2009. Initial subscription price: EUR 100.00. 



37

Allianz RCM Europe Small Cap Equity 

The Subfund focuses on the segment for smaller 

companies (small caps) in the European equity market. 

Its investment objective is to attain capital growth over 

the long term. 








markets. Small caps made above-average gains. 

In this environment the Subfund invested more in 

companies from relatively cyclical sectors such as 


Spain 2.49 % 

Austria 2.55 % 

Norway 2.63 % 

Italy 3.85 % 



France 6.44 % 

Sweden 7.50 % 

38 

industrials, consumer cyclicals and information 

technology sectors. But it only invested to a comparatively 

low extent in market segments with rather low earnings 

such as utilities and consumer classics. 


significantly positive result, slightly outperforming its 

benchmark. 






2.07 % Ireland 






11.40 % Switzerland 


31/03/2010 30/09/2009 Launch date 


– Class AT (EUR) (accumulating) 1) WKN A0MPE8/LU0293315296 113.11 101.36 100.00 

– Class IT (EUR) (accumulating) 1) Net asset value per share in GBP 

WKN A0MPFE/LU0293315965 1,136.32 1,013.98 1,000.00 

– Class A (GBP) (distributing) 1) WKN A0X9HL/LU0442335922 114.14 104.80 100.00 



1) Launch date: 15 September 2009. 

26.0 20.4 – 

2) Accumulated figures for open shares classes on the reporting date.


The Subfund primarily invests in equities of companies 

headquartered in Europe (including Turkey and Russia). 

Its investment objective is to attain capital growth over 

the long term. 








markets. 

In this environment, financial stocks dominated in 

absolute terms in the Subfund, although the sector 







Spain 6.14 % 



remained underweight relative to its market 

capitalisation. In comparison, sectors with typically high 

levels of earnings stability, such as consumer classics and 

healthcare, were relatively strongly represented. 


significantly positive result, close to the level of the overall 

European market. 






2.04 % Norway 




17.24 % Switzerland 


31/03/2010 30/09/2009 Launch date 


– Class A (EUR) (distributing) 2) WKN A0M8SA/LU0327454749 122.13 112.96 100.00 

– Class N (EUR) (distributing) 3) WKN A0RC32/LU0400424155 1,357.08 1,260.82 1,000.00 

– Class S (EUR) (distributing) 3) WKN A0RC33/LU0400424742 1,355.81 1,257.63 1,000.00 


Subfund assets in millions of EUR 33.7 19.6 – 





39


The Subfund focuses on equity investments in European 

companies from which reasonable dividend income is 

expected. Its investment objective is to attain capital 









markets. 

In this environment, dividend stocks from the financial 

sector continued to dominate in the Subfund. Positions in 



Italy 3.33 % 

Bermuda 3.38 % 




Spain 9.56 % 

40 

highly profitable companies from the energy and 

telecommunications sectors were expanded. In contrast 

the consumer goods and commodities sectors were most 

recently weighted lower than at the start of the period 

under review. 














31/03/2010 30/09/2009 Launch date 


– Class AT (EUR) (accumulating) 1) WKN A0RF5H/LU0414045822 151.58 143.20 100.00 

– Class CT (EUR) (accumulating) 1) WKN A0RF5K/LU0414046390 150.44 142.65 100.00 

– Class IT (EUR) (accumulating) 1) WKN A0RF5U/LU0414047281 1,528.96 1,438.33 1,000.00 



1) Launch date: 10 March 2009. 

40.2 30.1 – 



The Subfund concentrates on the stocks of companies 

domiciled in the U.S.A. Its investment objective is to attain 

capital growth over the long-term. 

Agricultural related equities climbed higher over the past 

six-months amid evidence of a strengthening global 

economy. The Subfund outperformed during this period, 

driven by the Subfund’s emphasis on upstream 

companies and by strong stock selection among meat 

processors, agricultural producers, and agricultural 

equipment providers. Conversely, selection among 

fertilizer & specialty chemical companies detracted from 

active returns. 

Returns for agricultural commodities were mixed over the 

last six months: lean hogs and palm oil prices appreciated 

strongly; soy, corn and wheat prices ended the period 

roughly flat; and sugar prices experienced a strong 

correction. 





Chile 2.66 % 

Indonesia 2.77 % 

Norway 2.86 % 


Malaysia 7.35 % 

The Subfund ended the month targeting a 60–65 % 

upstream allocation, a reduction from previous months. 

Our bias in favor of upstream companies reflects our longterm 

belief that a stabilizing macro environment will be 

supportive of grain and palm oil prices. However, we 

lowered exposure to the group, in part on growing 

concerns of a correction in the months ahead. At the same 

time, we have increased exposure to downstream 

companies that we believe have strong growth prospects 

and can potentially benefit from range-bound or falling 

commodity prices. 









12.89 % Singapore 

10.45 % Canada 

9.20 % Brazil 


31/03/2010 30/09/2009 30/09/2008 Launch date 


– Class AT (USD) (accumulating) 1) Net asset value per share in EUR 

WKN A0NFZD/LU0342689089 8.89 7.55 7.65 10.00 

– Class A (EUR) (distributing) 1) WKN A0NCGS/LU0342688198 102.84 80.18 82.81 100.00 

– Class AT (EUR) (accumulating) 2) WKN A0Q0XS/LU0342688941 82.51 64.51 66.78 100.00 

– Class CT (EUR) (accumulating) 3) WKN A0Q0XZ/LU0342689832 91.16 71.58 74.37 100.00 

– Class IT (EUR) (accumulating) 3) Net asset value per share in GBP 

WKN A0Q0YF/LU0342691812 937.04 729.64 746.35 1,000.00 

– Class A (GBP) (distributing) 4) WKN A0Q0XL/LU0342688354 106.09 84.80 76.59 100.00 

Shares in circulation5) 6,765,592 7,332,376 11,395,406 – 




3) Launch date: 7 July 2008. 


203.0 194.1 253.8 – 


41


(formerly Allianz-dit Global Eco Trends) 

Investor focus was on the Copenhagen climate change 

conference in December 09; however discussions failed to 

reach a binding agreement. The first quarter of 2010 was 

more muted for clean technology, with no near-term 

positive catalysts; however government support for the 

sector remains. 

Ecoenergy: Our underweight position in the solar space 

contributed positively to Subfund performance. Wind 

sector stock selection detracted from performance. We 

maintain conviction in wind turbine manufacturers, and 

hold three key Europe-based manufacturers whose stock 

we consider undervalued. Main ecoenergy focus was on 

Light Emitting Diodes (LED); exposure was increased 

through the purchase of a Taiwanese stock and two 

equipment makers. One LED company, which we do not 

hold, was the biggest detractor from Subfund 



Philippines 2.38 % 



China 5.56 % 

Japan 5.71 % 

Spain 6.57 % 


42 

performance. We believe this stock is currently 

overvalued. Pollution control: one stock in this sector was 

a drag on performance, announcing a strong set of, above 

consensus, results. The stock is not held, as we consider it 

overvalued. Water: We believe environmental consultancy 

segment continues to offer most opportunity and this is 

where we saw the strongest performance. 

We continue to look to the emerging market sector, and 

especially in the Chinese solar and Asia LED companies, 

for new investment opportunities. 








13.79 % Denmark 



7.21 % France 


31/03/2010 30/09/2009 30/09/2008 30/09/2007 


– Class A (EUR) (distributing) 2) WKN A0JJ35/LU0250028817 82.28 79.50 98.69 132.60 

– Class AT (EUR) (accumulating) 3) WKN A0MKVC/LU0287146376 67.22 64.95 80.36 107.94 

– Class CT (EUR) (accumulating) 3) WKN A0JMRH/LU0250034039 65.77 63.78 79.52 107.70 

– Class RCM IT (EUR) (accumulating) 3) WKN A0MR5Y/LU0301501127 69.01 66.36 81.36 108.29 




2) Launch date: 3 May 2006. Initial subscription price: EUR 100.00. 



365.0 446.7 583.2 613.6


Over the reporting period global equities continued to 

move higher buoyed by strengthening economic data. 

Sovereign risk issues in Europe dominated headlines and 

caused the euro to weaken substantially. The extreme 

sector and style rotation that had dominated earlier in 

2009, particularly from March onwards, subsided by the 

fourth quarter and instead markets re-focused on stock 

fundamentals. 

Within this more favourable market environment, the 

fund outperformed the benchmark. Performance was 

driven by strong stock selection on an industry and 

country basis. Stock selection within Consumer Staples 

and Financials particularly helped as did stock selection 

within the United Kingdom and the United States. 



France 5.74 % 


Japan 8.24 % 


Looking forward we are concentrating on three main 

areas focused around sustainable growth in a below trend 

growth environment: Companies with the ability to grow 

organically, restructuring candidates and corporate 

spending beneficiaries. 











31/03/2010 30/09/2009 30/09/2008 30/09/2007 


– Class AT (USD) (accumulating) 


WKN 921893/LU0101244092 8.21 7.58 8.45 11.52 



– Class IT (EUR) (accumulating) 2) WKN 804573/LU0156497637 7.59 6.41 7.25 10.04 

– Class IT (H-EUR) (accumulating) 3) WKN A0REN2/LU0407702835 12.42 11.20 – – 

– Class N (EUR) (distributing) 4) WKN A0RC30/LU0400422969 13.16 11.24 – – 

– Class S (EUR) (distributing) 4) WKN A0RC31/LU0400423694 13.14 11.21 – – 

– Class WT (EUR) (accumulating) 5) Net asset value per share in SGD 

WKN A0MWNA/LU0318003745 785.95 663.67 743.03 1,021.11 

– Class AT (SGD) (accumulating) 6) WKN A0X8E7/LU0417516225 11.00 10.22 – – 


Subfund assets in millions of USD 68.5 254.78 140.8 110.2 


4) Launch date: 12 December 2008. Initial subscription price: EUR 10.00. 


5) Launch date: 25 September 2007. Initial subscription price: EUR 1,000.00. 

3) Launch date: 6 May 2009. Initial subscription price: EUR 10.00. 

6) Launch date: 11 August 2009. Initial subscription price: SGD 10.00. 


43


The Subfund concentrates on the stocks of Technology 

companies worldwide. Its investment objective is to attain 


The recovery of the economy and stock market continued 

during this period, with strong gains. Employment 

numbers stabilized, the consumer showed signs of 

strength and leading indicators associated with capital 

spending were very encouraging. All of these factors of 

course are important determinants of demand for 

technology products and services. 

The Subfund underperformed its benchmark by 

approximately 3 %. Stock selection was disappointing, 

particularly with the smart phone stock, Palm Inc, which 

struggled to establish market share and declined 78 % in 

this period. Industry allocation was sub-par as well, with 

an overweight position in Telecom Services 


South Korea 2.35 % 


Bermuda 2.87 % 


Japan 6.82 % 

44 

underperforming, as pricing continued to decline for that 

industry as the major service providers competed 

amongst themselves for new customers. 

While many companies’ businesses had begun to 

rebound, and the stock market has begun to price in a 

recovery, we are looking for those businesses which 

should thrive because of new trends and themes. As such, 

we have increased exposure to companies associated with 

smart grid investment, cloud computing, healthcare IT 

and genomics. 










31/03/2010 30/09/2009 Launch date 


– Class A (USD) (distributing) 1) WKN A0Q048/LU0348723411 11.84 10.92 9.74 

– Class AT (USD) (accumulating) 1) WKN A0Q05G/LU0348724229 11.95 10.98 9.80 

– Class IT (USD) (accumulating) 1) Net asset value per share in SGD 

WKN A0Q052/LU0348726513 12.56 11.49 10.15 

– Class AT (SGD) (accumulating) 2) WKN A0X8FF/LU0417517116 11.38 10.52 10.00 





103.0 99.2 – 










fundamentals. 

Within this more favourable market environment, the 

fund outperformed the benchmark. Performance was 

driven by strong stock selection on an industry and 

country basis. Stock selection within Consumer Goods, 

Technology and Financials particularly helped as did 

stock selection within the United States, Germany and the 

United Kingdom. 


Brazil 2.43 % 


Japan 4.22 % 

France 5.72 % 


















31/03/2010 30/09/2009 30/09/2008 30/09/2007 


– Class A (EUR) (distributing) 1) WKN 157662/LU0158827195 12.65 10.95 11.54 16.15 

– Class CT (EUR) (accumulating) 2) Net asset value per share in USD 

WKN 164169/LU0158828326 7.86 6.79 7.19 10.14 

– Class A (USD) (distributing) 3) WKN 164168/LU0158827948 16.59 15.60 16.22 22.44 



1) Launch date: 2 January 2003. Initial subscription price: EUR 10.00. 


3) Launch date: 2 January 2003. Initial subscription price: USD 10.00. 


45









fundamentals. 

Over the reporting period the fund underperformed the 

broader market. Performance was led down by 

challenging stock selection on an industry and country 

basis. Stock selection within Technology, Consumer 

Discretionary and Industrials was weak, as was stock 

selection in the United States. Stock selection in the 




China 4.88 % 

Japan 5.12 % 



France 5.94 % 

46 

Energy and Telecommunications sectors did prove 

positive though. 











2.57 % Hong Kong 



6.64 % Canada 


31/03/2010 30/09/2009 Launch date 


– Class AT (USD) (accumulating) 1) WKN A0Q06N/LU0348728998 6.83 6.61 7.04 




16.6 14.5 –


The Greater China equity markets have been 

consolidating and were largely range-bound during the 

period of from October 2009 to March 2010. Economic data 

and corporate earnings have been strengthening along 

with on-going global recovery, which have confronted 

skeptics and was positive for the market. However, market 

sentiment turned negative triggered by earlier-thanexpected 

PBOC’s (People’s Bank of China) tightening move 

of raising the required reserve ratio. Market sentiment was 

dampened further by escalating sovereign debt crisis in 

Greece and fears of a contagion. Investors remain 

cautious on market in view of the widely spread fears of 

further tightening moves in China, which has hurt 

Chinese property stocks particularly bad. Acute anxiety 

over Chinese banks’ fund-raising does not help either. 

Expectation of RMB appreciation provided cheer to the 

market following Singapore’s strong GDP data and 

allowing Singapore dollar to appreciate. In Taiwan, the 

technology sector has seen stellar performance driven by 

strong earnings and upbeat newsflows from the sector. 



Macau 2.80 % 

Taiwan 16.48 % 


Developments of cross-strait relationship are generally 

positive for the market and the progress of the extremely 

important ECFA (Economic Cooperation Framework 

Agreement) is being closely monitored. 

We think the market is likely to trade sideways in the near 

term, dragged down by fears of policy tightening and 

external risks like spread of sovereign debt crisis in 

Europe. Market should eventually come back up and stage 

a rally in line with strong corporate earnings and 

continued global recovery. We will navigate through the 

markets by focus on fundamental and picking the right 

stocks. 






44.40 % China 




– Class AT (USD) (accumulating) 1) WKN A0RK19/LU0396098781 11.02 10.00 




6.8 – 

47

Allianz RCM Growing Markets Protect 

The investment objective is to enable investors to 

participate in the performance of an approximately evenly 

balanced fund basket comprising Allianz RCM BRIC Stars, 

Allianz RCM Eastern Europe, Allianz RCM Energy, Allianz 

RCM Rohstoffonds and Allianz Emerging Markets Bond 

Fund over the medium to long term. At the end of each 

one-year period, a minimum redemption price of 90 % of 

the original value is guaranteed. Interim gains of at least 

5 % over the original value form the basis for a new 

guarantee of 90 % of the increased value. A derivative 

structure is intended to safeguard participation in the 

performance of the fund basket and the guarantee. 

The main feature of the six months under review to the 

end of March 2010 was continued stabilisation of the 

economy and capital markets. Emerging-market equities 

and bonds as well as energy and commodity stocks 

benefited in particular. 

As a result of the price rises in the investment segments 

covered by the fund basket, a threshold was again reached 



48 

which, in line with the investment concept, provided the 

basis for an additional higher guarantee level 1) . At the end 

of March the level of investment in the fund basket 

amounted to a good third of the Subfund’s assets. 

With this investment policy the Subfund obtained a solid 


A share price of not less than EUR 89.94 is guaranteed for 

30 June 2010 1) . A share price of not less than EUR 94.44 is 

moreover guaranteed for 31 January 2011. The threshold 

for the next guarantee is a share price of EUR 110.18. 






EUR Bonds 4.51 % 

Derivatives 3.78 % 

Sight Deposits 3.28 % 


31/03/2010 30/09/2009 30/09/2008 30/09/2007 


– Class AT (EUR) (accumulating) 2) WKN A0MPAA/LU0293293113 106.50 101.17 96.18 103.13 

Shares in circulation 2,100,873 2,100,853 3,580,485 3,640,016 


1) Additional details can be found in the current simplified and full sales prospectuses. 

2) Launch date: 22 May 2007. Initial subscription price: EUR 100.00.


The Hong Kong market was largely in a trading range 

during the period from October 2009 to March 2010. 

Global equity markets were in a tug of war as investors’ 

optimism over the global economic recovery was at times 

undermined by concerns over policy tightening. The Hong 

Kong market climbed, supported by a steady improvement 

in the Chinese economy and favorable liquidity at the 

beginning of the period. However, market sentiment 

turned cautious triggered by the earlier-than-expected 

increase in the required reserve ratio by the PBOC 

(People’s Bank of China) and negative news flow regarding 

tightening measures on the China property market. With 

easing concern over Greece‘s debt crisis and investors 

becoming more optimistic towards the global economic 

recovery, the market was supported well in the latter part 

of the period. In addition, investors’ attention was focused 


Other Industries 3.66 % 


Energy 5.47 % 



on the release of corporate earnings results as well as the 

political pressure from the US on Renminbi revaluation. 

We believe the Hong Kong market will continue to trade 

sideways in the short term. Trading activities will remain 

dominated by sector and stock rotation. However, given 

the share price rally has become increasingly momentum 

driven as well as from a narrow base, we will be cautious 

towards chasing momentum and high valuation stocks. 










31/03/2010 30/09/2009 Launch date 


– Class A (USD) (distributing) 1) WKN A0Q07L/LU0348735423 202.19 191.69 136.43 

– Class IT (USD) (accumulating) 1) Net asset value per share in SGD 

WKN A0Q08E/LU0348738526 222.71 205.26 144.82 

– Class AT (SGD) (accumulating) 2) WKN A0X8FB/LU0417516738 10.75 9.98 10.00 





171.8 159.4 – 


49


During the 6 months under review, India continued to see 

a strong economic recovery with the global financial crisis 

easing. India’s economic growth was underpinned by 

robust domestic demand as well as a revival in export 

activities. Auto sales and domestic consumer goods have 

benefitted from strong demand. Credit growth, however, 

has yet to see any meaningful pick up. Many planned 

infrastructure projects were delayed last year due to the 

global financial crisis and the general election. With these 

two events behind us, credit growth should resume. 

In the coming months, we believe the focus will be on 4Q 

results and inflation data. The summer monsoon season 

will hold the key in terms of which direction inflation will 

go. In terms of valuation, the market is trading at 

~18xFY11 (Mar 11), which we don’t believe is demanding 








50 

given that EPS should see growth of 20–22 %. We are 

overweight in the engineering/construction sector based 

on the government’s infrastructure spending. We are also 

constructive in the power sector given that the 

government is aggressively building out power capacity. 

Lastly, we are underweight in IT as we believe the steep 

valuations of the IT companies have discounted much of 

their earning growth prospects. Any rupee strength will 

also negatively affect stock performance going forward. 






2.67 % Consumer Discretionary 






31/03/2010 30/09/2009 Launch date 


– Class IT (USD) (accumulating) 2)3) WKN A0Q09L/LU0348743443 1,050.63 – 1,000.00 

– Class I (USD) (distributing) 4) WKN A0Q09C/LU0348742635 1,598.66 1,570.97 1,000.00 





3) Liquidation date: 8 February 2010. 

4) Launch date: 30 December 2009.


During the 6 months under review, Indonesia continued 

to see a strong economic recovery with the global 

financial crisis easing. Indonesia’s economic growth was 

underpinned by robust domestic demand as well as a 

revival in export activities. Auto sales were, in particular, 

very strong during the period. The sole negative 

development during the quarter was the Bank Century 

corruption scandal. We believe the allegation may have 

distracted the government slightly from implementing 

the reforms it had earlier promised. 

In the coming months, we believe the focus will be on the 

execution of various infrastructure projects and reforms 

proposed by the government. We have yet to see any 

substantial traction in them, but that’s not totally 

unexpected given that changes tend to have a longer 

gestation period in any nascent democratic country. 




Consumer Discretionay 7.71 % 



Strong corporate earnings together with a stable currency 

and political climate will underpin Indonesia’s growth in 

coming quarters. We see political risk waning in Indonesia 

with the corruption case of Bank Century drawing to a 

close. We are overweight in the cement and construction 

sector based on the government’s infrastructure 

spending. We are also constructive in the coal sector given 

the global aggressive build-out in power capacity. Lastly, 

we are underweight in selective banks given their rich 

valuations. 








11.73 % Consumer Staples 



31/03/2010 30/09/2009 Launch date 


– Class A (USD) (distributing) 1) Net asset value per share in EUR 

WKN A0Q09Y/LU0348744763 4.92 4.40 3.15 

– Class A (EUR) (distributing) 2) WKN A0Q09X/LU0348744680 262.77 216.34 100.00 





73.2 74.3 – 


51


In the last quarter of 2009, Japan’s economy continued to 

recover as production remained rising trend and 

consumer confidence had bottomed out. Exports such as 

technology products, automobiles, materials showed 

strong recovery thanks to the demand from Asia. In 

addition, Bank of Japan eased monetary condition after 

Dubai shock which improved the investor’s sentiments 

and increased the expectation economic recovery in 2010. 

In the funds, we focused on the stocks which have 

turnaround opportunity as these companies are cheap 

and they have strong earnings momentum. These stocks 

include retails and materials which made efforts for 

restructurings of the business. 

We have constructive view to Japanese equity market as 

there are several positive factors. Corporate earnings will 

grow strongly as capacity utilization picks up and 


Other Industries 3.01 % 





52 

breakeven points had decreased thanks to the cost cutting 

efforts. In addition, Bank of Japan will ease monetary 

conditions to support the economy more aggressively than 

before which is likely to result weaker yen and give positive 

impacts to the earnings of exporters. Price to book ratio is 

1.1X which is very cheap in absolute and historical 

comparison which deserves upside of equity market. 











31/03/2010 30/09/2009 Launch date 


– Class A (USD) (distributing) 1) WKN A0Q1A4/LU0348751388 13.45 12.58 12.46 

– Class IT (USD) (accumulating) 1) WKN A0Q1BY/LU0348755371 14.27 13.24 12.95 




21.4 32.6 – 



From October 2009 to March 2010, the KOSPI remained 

largely resilient despite a strong flow of profit taking. 

During the period the KOSPI was up 1.18 % in KRW terms 

and 5.36 % in USD terms. The market’s better performance 

in USD terms is attributed to the continuous KRW 

strengthening since March 2009. 

For the next 6 months we believe the market will remain 

resilient as the economic recovery continues and whilst 

government policy remains supportive. As such, we will 

strategically position ourselves to capture long-term 

investment opportunities in banking and consumption 

related names that are highly correlated to the macro 






Financials 14.96 % 

economic recovery. Whilst we remain cautious of deep 

cyclical sectors we will closely monitor selected names for 

a possible turnaround. We will also try to capture more 

investment opportunities among mid/small cap stocks 

with high quality earnings growth potential and attractive 

valuation. 












31/03/2010 30/09/2009 Launch date 


– Class A (USD) (distributing) 1) WKN A0Q1CA/LU0348756692 9.65 9.37 7.73 

– Class IT (USD) (accumulating) 1) WKN A0Q1C4/LU0348760025 10.17 9.82 8.03 




46.4 47.4 – 


53








the generally better-than-expected economic data and 

risk appetites continued to favour smaller cap stocks. In 

Asia, the fourth-quarter economic growth generally 

exceeded market expectations, particularly in Japan, 

Indonesia, Taiwan, Thailand and Malaysia, where exports 

continued to see strong rebounds and fund-flows were 

strong. 

For the coming quarters, Asia could experience the nottoo-hot, 

not-too-cold “Goldilocks” environment 



Thailand 4.27 % 


Singapore 4.63 % 

India 6.64 % 


54 



years of economic growth in decades. Even though the 

overall Asia markets do not look expensive at this level, we 

are definitely seeing some of the ‘hot’ sectors trading back 

toward the higher end of the historical valuation band. We 

anticipate markets to benefit from continued liquidity 

flows, but do not wish to chase stocks with high 

valuations. Rather, we will look to buy on weakness as 

opportunities become available. 








21.52 % China 

16.77 % South Korea 

15.93 % Taiwan 


31/03/2010 30/09/2009 Launch date 


– Class A (USD) (distributing) 1) WKN A0Q1EN/LU0348766576 90.10 83.79 63.79 

– Class AT (USD) (accumulating) 1) WKN A0Q1EW/LU0348767384 90.20 83.85 63.73 

– Class IT (USD) (accumulating) 1) WKN A0Q1FG/LU0348770172 98.11 90.31 67.39 

– Class PT (USD) (accumulating) 1) Net asset value per share in EUR 

WKN A0Q1FS/LU0348771493 9.26 8.52 6.36 

– Class A2 (EUR) (distributing) 2) WKN A0RK27/LU0396102641 178.40 152.82 100.00 

– Class CT2 (EUR) (accumulating) 2) Net asset value per share in SGD 

WKN A0RK28/LU0396102724 177.95 151.92 100.00 

– Class AT (SGD) (accumulating) 3) WKN A0X8FH/LU0417517389 10.93 10.19 10.00 













momentum in Malaysia’s markets was mainly supported 

by the generally better-than-expected economic data. In 

the fourth-quarter, economic growth generally exceeded 

market expectations with exports showing strong 

rebounds. Fund-flows were strong and the currency 

continued to appreciate. 


continue to be on the upside in the second quarter. In 

many ways, the spectre for policy risk should be welcomed 

as a mechanism for monetary policy, in itself. With the 


Energy 3.31 % 





recovery in the region looking increasingly sustainable, it 

seems increasingly less likely that monetary or fiscal 

policy will be a risk to economic growth, but rather, a 

catalyst for the volatile path toward “normalization”. As 

such, for the coming quarters, Asia could experience the 

not-too-hot, not-too-cold “Goldilocks” environment 



years of economic growth in decades – and Malaysia 

should be a beneficiary of this. 









14.73 % Consumer Staples 



31/03/2010 30/09/2009 Launch date 


– Class A (USD) (distributing) 1) WKN A0Q1FU/LU0348771659 19.15 16.55 13.15 

Shares in circulation 958,966 1,063,227 – 



18.4 17.6 – 

55


Markets were mixed during the last quarter of 2009 and 

the first quarter of 2010 while Asian debt spreads 

generally tightened over the period. Overall high yield has 

outperformed high grade credit and that has created a 

situation not seen in some time; namely, credit spreads 

are extraordinarily tight and little value remains in the 

debt markets. Certainly investors in Japan benefited as 

that market’s value finally began to attract some investors 

amid signs of increased quantitative easing from the Bank 

of Japan. 

The outlook for Japan remains good whilst Hong Kong and 

China may make a more volatile recovery despite the 

emergence of tightening measures. The industrial side of 

numerous economies is springing to life and thus that 



India 2.74 % 

British Virgin Islands 3.91 % 


Taiwan 5.94 % 


China 6.71 % 

56 

sector is well represented in the fund. 2010 will likely be a 

fantastic year for technology as both the PC and television 

market are witnessing significant changes and the 

prospect for improved enterprise spending is outstanding. 

Debt is relatively unattractive, save for capital 

preservation in the short end. However, with equities not 

yet in an over-valued condition, the fund will retain a 

relatively high weight to Asian stock markets, in 

particular, Japan and China. 








27.56 % Japan 



7.07 % Australia 


31/03/2010 30/09/2009 Launch date 


– Class A (USD) (distributing) 1) WKN A0Q1G0/LU0348783233 80.09 79.21 64.21 

– Class AT (USD) (accumulating) 1) WKN A0Q1G8/LU0348784397 84.00 82.00 66.47 

– Class I (USD) (distributing) 1) WKN A0Q1HL/LU0348785790 81.71 81.00 65.15 

– Class IT (USD) (accumulating) 1) WKN A0Q1HU/LU0348786764 86.91 84.49 68.11 

– Class P (USD) (distributing) 1) Net asset value per share in EUR 

WKN A0Q1HW/LU0348786921 81.26 80.54 64.81 

– Class AT (EUR) (accumulating) 2) Net asset value per share in SGD 

WKN A0Q1G7/LU0348784041 112.04 – 100.00 

– Class AT (SGD) (accumulating) 3) WKN A0X8E9/LU0417516571 10.56 10.38 64.21 






614.8 546.7 – 







crisis. Despite the uncertainty from Europe, relatively 

strong momentum in the Philippines market was mainly 

supported by the generally better-than-expected 

economic data and enthusiasm for the upcoming 

election. 

For the coming quarters, Asia could experience the nottoo-hot, 

not-too-cold “Goldilocks” environment 









years of economic growth in decades – and we expect the 

Philippines to be a direct beneficiary of this. The 

Philippines is currently benefiting from an election-year 

bull market and we feel the portfolio should benefit from 

this. We also anticipate the market to benefit from 

continued liquidity flows, but do not wish to chase stocks 

with high valuations. Rather, we will look to buy on 

weakness as opportunities become available. 










31/03/2010 30/09/2009 Launch date 


– Class A (USD) (distributing) 1) WKN A0Q1H6/LU0348788117 37.25 31.20 28.18 




24.5 20.7 – 

57







momentum in Singapore’s markets was mainly supported 

by the generally better-than-expected economic data. In 

the fourth-quarter, economic growth generally exceeded 

market expectations with exports showing strong 

rebounds. Fund-flows were strong and the currency 

continued to show upward appreciation. 


continue to be on the upside in the second quarter. With 

the recovery in the region looking increasingly 

sustainable, it seems increasingly less likely that 


Energy 5.17 % 




58 

monetary or fiscal policy will be a risk to economic growth, 

but rather, a catalyst for the volatile path toward 

“normalization”. As such, for the coming quarters, Asia 

could experience the not-too-hot, not-too-cold 

“Goldilocks” environment characterized by strong GDP 

growth and relatively benign CPI inflation, in what could 

turn out to be one of the best years of economic growth in 

decades – and Singapore should be a beneficiary of this. 











31/03/2010 30/09/2009 Launch date 


– Class A (USD) (distributing) 1) WKN A0Q1KC/LU0348792903 42.35 38.01 29.14 




11.2 12.4 –


The Thai stock market traded strongly in the past six 

months, despite a renewed protest of “Red Shirts” after the 

Supreme Court ruled on the seizing of deposed Prime 

Minister Thaksin Shinawtra’s US$ 2.3 billion in assets. 

Political risk heightened, but the protests remained under 

control with only a few instances of violence. Overall, the 

momentum in the stock market was supported by the 

strong data releases that pointed to a continued 

improvement in the economy. The real GDP figure for the 

fourth quarter of 2009, for instance, came in with a betterthan-expected 

annual growth rate of 5.8 % after a 2.7 % fall 

in the previous quarter. Exports and consumption were 

the main drivers for the strong growth. For the 6-month 

period ended 31 st March 2010, the SET Index returned 

+ 9.9 % (in THB terms). The strong climb was led by 

agricultural-business, insurance and petrochemical & 

chemical sectors, while professional services, information 

& communication technology sectors were the 

underperformers. 




Energy 9.23 % 



Political risk has heightened since late March, as the “Red 

Shirts” violence continues to worsen the political 

situation. As such, volatility in the stock market has risen. 

However, the Thai Baht has so far remained strong, while 

economic figures have stayed supportive. Meanwhile, 

corporate fundamentals have remained solid, as reflected 

in the recent strong first-quarter earnings reported by 

several major banks. In the near term, political 

uncertainty is likely to stay high, and thus the volatile 

stock market conditions will continue. 









21.62 % Materials 


31/03/2010 30/09/2009 Launch date 


– Class A (USD) (distributing) 2) WKN A0Q1LJ/LU0348798264 18.65 16.56 12.27 


WKN A0Q1MC/LU0348802470 20.34 17.77 13.05 

– Class A (EUR) (distributing) 3) WKN A0Q1LH/LU0348798009 209.34 170.85 100.00 


Subfund assets in millions of EUR 37.0 34.9 – 





59













Even though the overall Asia markets do not look 

expensive at this level, we are definitely seeing some of the 

hot sectors (for example Chinese consumer sector) 

trading back toward the higher end of the historical 







60 

valuation band. We do not think we should chase stocks at 

this level. On the other hand, some sectors that are not 

typically considered as being appealing do offer longerterm 

share-price appreciation potential. These include 

banks in China, select toll roads, and the regional 

petrochemical sector. The fund will continue to focus on 

undervalued stocks with good growth opportunities. 







22.41 % China 




31/03/2010 30/09/2009 Launch date 


– Class A (USD) (distributing) 1) WKN A0Q1MQ/LU0348805143 61.74 60.50 47.27 

– Class AT (USD) (accumulating) 1) WKN A0Q1MY/LU0348807354 62.30 60.55 47.31 


WKN A0Q1NJ/LU0348812271 65.44 63.29 49.00 

– Class A (EUR) (distributing) 2) WKN A0Q1MP/LU0348804922 163.08 146.55 100.00 





164.1 174.8 – 














Even though the overall Asia markets do not look 

expensive at this level, we are definitely seeing some of the 

hot sectors (for example Chinese consumer sector) 







trading back toward the higher end of the historical 

valuation band. We do not think we should chase stocks at 

this level. On the other hand, some sectors that are not 

typically considered as being appealing do offer longerterm 

share-price appreciation potential. These include 

banks in China, select toll roads, and the regional 

petrochemical sector. The fund will continue to focus on 

undervalued stocks with good growth opportunities. 








24.00 % China 



31/03/2010 30/09/2009 Launch date 


– Class A (USD) (distributing) 1) WKN A0Q1NW/LU0348814723 18.76 17.98 13.87 

– Class AT (USD) (accumulating) 1) WKN A0Q1N4/LU0348816934 21.22 20.22 15.61 

– Class IT (USD) (accumulating) 1) WKN A0Q1PQ/LU0348822155 22.07 20.93 16.07 

– Class PT (USD) (accumulating) 1) WKN A0Q1P0/LU0348824870 22.11 20.97 16.05 




348.2 345.0 – 


61


The Subfund concentrates on the stocks of companies 

domiciled in the U.S.A. Its investment objective is to attain 


U.S. equities climbed higher over the past six-months 

amid evidence of a strengthening economy and a 

continued rebound in corporate profits. The Subfund 

slightly underperformed during this period. Stock 

selection within Health Care and Consumer Discretionary 

detracted from relative returns but this was partially offset 

by positive contribution within Technology. Sector 

allocation contributed positively as well. 

The S&P 500 Index has climbed for four consecutive 

quarters, rising 77 % from its low in March of last year to 

the end of Q1. While a near-term pullback is possible 




Financials 10.07 % 


Energy 13.30 % 

62 

following the strong gains, we remain cautiously 

optimistic that the equity market will gain ground over 

the next 12 to 18 months as the economy continues to 

stabilize and corporate profits rebound. Longer term, we 

believe that the strong entrepreneurial spirit, workforce 

adaptability, and innovative culture which exist in the U.S. 

marketplace will drive favorable returns for U.S. equities. 

In the coming months, we will continue to adhere to our 

investment process and remain focused on identifying 

undervalued companies undergoing positive change. 












31/03/2010 30/09/2009 30/09/2008 30/09/2007 


– Class A (USD) (distributing) 1) Net asset value per share in EUR 

WKN A0KDQF/LU0256863811 9.58 8.67 8.94 – 

– Class A (EUR) (distributing) 2) WKN A0KDQR/LU0256843979 99.41 – – – 

– Class CT (EUR) (accumulating) 3) WKN A0KDQU/LU0256844787 88.12 73.62 77.89 100.69 

– Class N (EUR) (distributing) 4) WKN A0RC36/LU0400426366 1,499.11 1,247.30 – – 

– Class S (EUR) (distributing) 4) WKN A0RC37/LU0400426796 1,497.44 1,245.43 – – 

– Class W (H-EUR) (distributing) 5) Net asset value per share in GBP 

WKN A0KFL3/LU0266027183 818.06 750.49 869.41 1,139.13 

– Class A (GBP) (distributing) 6) Net asset value per share in SGD 

WKN A0KFG6/LU0264559369 103.60 – – – 

– Class AT (SGD) (accumulating) 7) WKN A0X8FK/LU0417517546 11.37 10.36 – – 

Shares in circulation8) 1,900,038 679,821 298,280 176,653 

Subfund assets in millions of USD 152.1 213.1 286.2 285.3 

1) Launch date: 15 February 2008. Initial subscription price: USD 10.00. 

5) Launch date: 12 December 2006. Initial subscription price: EUR 1,000.00. 

2) Launch date: 25 March 2010. Initial subscription price: EUR 100.00. 

6) Launch date: 5 March 2010. Initial subscription price: GBP 100.00. 


7) Launch date: 11 August 2009. Initial subscription price: SGD 10.00. 

4) Launch date: 12 December 2008. Initial subscription price: EUR 1,000.00. 



Market sentiment has continued to improve in the past 

six months, on the back of supportive macro data which 

points to a recovery in the global economy. In the US, 

recent releases showed that the recovery in economic 

activities is gathering momentum. The labor market has 

seen signs of stabilization, while domestic consumption 

and manufacturing activities are also on an improving 

trend. Meanwhile, the recent CPI reports continue to 

suggest a tame inflation level in the US. As widely 

expected, the Federal Reserve has kept its policy rate 

unchanged at 0–0.25 % at its meetings over the past six 

months. Given the low inflation as well as inflationary 

expectations, short-end interest rates in the US have 

remained at low levels, with the 3-month LIBOR being 

mostly unchanged closing the period at 0.29 %. 

Breakdown of Net Assets by Deposits 

Sight Deposits 16.70 % 


Although recent data continues to support a recovery 

story, the recovery process may be slow. As the Fed is 

committed to maintaining a low interest rate 

environment for an extended period of time, short-term 

interest rates should continue to stay low in the near 

future. However, we expect that the Fed may change its 

language towards the latter part of the year in preparation 

for normalizing interest rates. 






88.09 % Term Deposits 


31/03/2010 30/09/2009 Launch date 


– Class A (USD) (distributing) 2) WKN A0Q1Q8/LU0348834911 9.40 9.44 9.49 





63

Allianz Real Estate Securities Europe 

Real estate equities continued the positive trend begun 

earlier in 2009. The market has been focussed in the 4 th 

quarter of the year on the improvement of the direct real 

estate market. It was a clear support to companies’ net 

asset values published at the annual results. 

We hope direct real estate markets to improve 

progressively even if rental markets may stay under 

pressure. Nevertheless, property companies should be 



Sweden 4.44 % 




31/03/2010 30/09/2009 30/09/2008 Launch date 


– Class AT (EUR) (accumulating) 1) WKN A0NCGT/LU0342694162 78.58 73.97 76.87 100.00 




18.7 17.6 18.3 – 

64 

able to create and protect value on the medium term, 

offering a sustainable dividend. 









32.91 % United Kingdom


The Subfund seeks, by means of financial derivatives, a 

disproportionately high participation in the performance 

of eight equity baskets with a total of 24 international 

stocks up until 25 April 2014. The average performance of 

the best equity basket since launch is locked up on eight 

key dates in each case. This equity basket and its 

subsequent performance are then ignored. The aim is that 

the Subfund participates at 115 % in the average of the 

performance locked up in this manner as at 25 April 2014; 

at the same time, a minimum redemption price of 

EUR 100 is guaranteed as at 25 April 2014. From 26 April 

2014 the Subfund’s assets will be invested in a bond- and 

money-market-oriented portfolio, denominated primarily 

in Euro and with an average duration of not more than 

one year. 



wide fluctuation. In addition to predominantly positive 

trends in corporate earnings, support was also 

forthcoming from the low level of key interest rates in the 






major industrialised nations and the favourable liquidity 

situation. 

Of the original eight equity baskets, the US, Brazilian and 

Korean stocks had already been eliminated at the end of 

March. Performance still depended on the baskets of 

Germany, France, the UK, Italy and Japan. The portfolio 

consists of derivatives that are used to implement the 

investment strategy, as well as holdings in US equities as a 

basis. 

With this investment policy the Subfund obtained a solid 









31/03/2010 30/09/2009 30/09/2008 30/09/2007 






2) Launch date: 24 April 2006. Initial subscription price: EUR 100.00. 

65


Liquidation Report 

Allianz PIMCO Corporate Bond Global 

With effect from 11 November 2009, we have merged the 

following Subfunds: 

– Allianz PIMCO Corporate Bond Global in 

– Allianz PIMCO Euro Bond 

Shareholders in the dissolving Subfund, Allianz PIMCO 

Corporate Bond Global, receive shares in the absorbing 

Subfund, Allianz PIMCO Euro Bond, on the reference date 

of 11 November 2009, automatically and free of charge. 

The number of shares to be credited is calculated using 

the ratio of the net asset value per share of the dissolving 

Subfund to the absorbing Subfund as at the reference date 

of 11 November 2009. 


Liquidation date2) 30/09/2009 30/09/2008 30/09/2007 


– Class A (EUR) (distributing) 1) WKN 592790/LU0178458708 9.75 9.86 8.99 9.57 

Shares in circulation 0 1,416,524 1,569,968 2,200,114 


1) Launch date: 13 January 2004. Initial subscription price: EUR 10.00. 

2) Liquidation date: 13 November 2009. 

66 

Shares in the dissolving Subfund, Allianz PIMCO Corporate 

Bond Global, ceased to be issued effective 9 October 2009. 

This will not affect the issue of shares in the Subfund 

Allianz PIMCO Euro Bond. 

Shares in Allianz PIMCO Corporate Bond Global will cease 

to be redeemed effective 11 November 2009. This will not 

affect the redemption of shares in the Subfund Allianz 

PIMCO Euro Bond. Prior to the merger it is possible to 

convert shares in Allianz PIMCO Corporate Bond Global 

into shares of Allianz PIMCO Euro Bond free of charge. 

The performance achieved by the Subfund in its last, 

abbreviated financial year, is illustrated in the overview 

“Performance” table pages 8 and 9.

Liquidation Report 

Allianz Tactical Asset Allocation Euroland 

With effect from 2 March 2010 we have liquidated the 

following Subfund: 

– Allianz Tactical Asset Allocation Euroland 

The amount of liquidation proceeds per share of the 

Subfund which you received in return of your shares by 

the Custodian, State Street Bank Luxembourg S.A., is 

shown below in the table “The Subfund in figures” for 

the Subfund in question. 

The performance achieved by the Subfund in its last, 

abbreviated financial year, is illustrated in the overview 

“Performance” table pages 14 and 15. 



Liquidation date1) 30/09/2009 30/09/2008 Launch date 


– Class AT (EUR) (accumulating) WKN A0NCGU/LU0342715850 93.34 95.51 91.29 100.00 

Shares in circulation 0 100,000 100,00 – 


1) Liquidation date: 2 March 2010. 

0.0 9.6 9.1 – 

67


Combined Financial Statements of the Company 


as at 31/03/2010 

The Financial Statements of the Subfunds which are set out on page 73–349 combine to form the Company’s financial statements, which are shown above. 

The accompanying notes form an integral part of these financial statements. 

68 

31/03/2010 30/09/2009 

consolidated consolidated 

EUR EUR 

Securities 

(Cost price EUR 4,927,730,003.73) 5,502,619,887.80 4,500,727,948.91 

Time deposits 6,512,863.33 6,667,925.38 

(Other) cash at banks 185,873,604.30 180,180,571.33 

Premiums paid on purchase of options 203,916,856.00 203,380,000.00 

Upfront-payments paid on swap transactions 

Interest receivable on 

650,222.36 837,603.55 

– bonds 13,145,633.80 10,697,256.69 

– time deposits 105.13 66.49 

– swap transactions 22,362.68 17,011.48 

Dividend receivable 

Receivable on 

7,269,792.00 3,700,562.38 

– subscriptions on fund shares 44,591,058.10 36,213,050.10 

– securities transactions 68,922,016.28 34,547,064.91 

Other receivables 

Unrealised gain on 

140.93 11,443.79 

– options transactions 20,548,686.05 17,478,641.32 

– futures transactions 1,151,068.72 2,178,950.73 

– swap transactions 8,301,689.78 24,889,953.05 

– forward foreign exchange transactions 21,545,369.37 8,118,793.16 

Formation expenses minus depreciation 9,920.56 0.00 

Total Assets 6,085,081,277.18 5,029,646,843.27 

Liabilities to banks – 6,953,715.81 – 13,435,375.47 

Premiums received on written options – 6,579,809.43 – 5,839,561.97 

Upfront-payments received on swap transactions – 24,330,602.31 – 26,235,231.01 

Interest liabilities on swap transactions 

Payable on 

– 15,941.75 – 11,155.23 

– redemptions of fund shares – 21,544,608.78 – 48,686,389.27 

– securities transactions – 81,776,039.43 – 52,049,212.41 

Other payables 

Unrealised loss on 

– 9,637,155.37 – 10,264,418.98 

– options transactions – 18,633,336.20 – 16,943,202.81 

– futures transactions – 332,163.69 – 419,793.75 

– swap transactions – 834,872.03 – 816,600.71 

– forward foreign exchange transactions – 21,996,758.95 – 4,950,421.29 

Total Liabilities – 192,635,003.76 – 179,651,362.90 

Net assets 5,892,446,273.43 4,849,995,480.37


for the period from 01/10/2009 to 31/03/2010 


01/10/2009–31/03/2010 01/10/2008–31/03/2009 


EUR EUR 

Net assets at the beginning of the reporting period 5,059,020,212.34 3,436,541,280.23 

Reevaluation difference 

Subscriptions 

0.00 39,810,327.18 

– Class A (EUR) 184,591,661.42 147,866,973.63 

– Class A2 (EUR) 1,972,125.91 12,916,890.82 

– Class AT (EUR) 313,599,844.96 160,096,280.54 

– Class C (EUR) 1,000.00 0.00 

– Class CT (EUR) 60,144,237.48 19,414,476.08 

– Class CT2 (EUR) 1,374,315.33 915,456.44 

– Class I (EUR) 329,540,118.18 231,864,377.19 

– Class IT (EUR) 480,035,117.11 60,658,010.30 

– Class IT (H-EUR) 649,253.59 0.00 

– Class RCM IT (EUR) 1,995,496.93 685,096.33 

– Class N (EUR) 4,039,238.44 4,012.58 

– Class P (EUR) 9,343.98 116,089.29 

– Class S (EUR) 5,484.79 220,196.26 

– Class W (EUR) 160,885,932.46 694.80 

– Class WT (EUR) 0.00 5,345,930.14 

– Class W (H-EUR) 749,596.30 34,259,121.31 

– Class A (GBP) 2,273,681.35 0.00 

– Class A (H-GBP) 2,291,564.63 0.00 

– Class AT (SGD) 1,206,624.34 0.00 

– Class A (USD) 552,683,450.20 1,235,059,832.48 

– Class AT (USD) 167,853,881.01 297,421,677.61 

– Class I (USD) 14,606,213.89 25,134,284.09 

– Class IT (USD) 131,764,937.94 27,358,268.94 

– Class P (USD) 1,960,072.07 23,997,958.93 

– Class PT (USD) 674,655.11 3,787,789.83 

– Class W (USD) 3,751,704.89 0.00 

69





70 

01/10/2009–31/03/2010 01/10/2008–31/03/2009 


EUR EUR 

Redemptions 

– Class A (EUR) – 228,470,292.20 – 203,143,268.22 

– Class A2 (EUR) – 4,477,793.77 – 1,335,085.07 

– Class AT (EUR) – 205,997,192.75 – 306,778,845.10 

– Class CT (EUR) – 37,308,414.68 – 35,728,303.29 

– Class CT2 (EUR) – 572,345.49 – 34,084.32 

– Class I (EUR) – 364,476,150.56 – 510,032,857.08 

– Class RCM I (EUR) 0.00 – 515,285.32 

– Class IT (EUR) – 194,075,656.15 – 9,791,390.24 

– Class IT (H-EUR) – 2,453,386.70 0.00 

– Class RCM IT (EUR) – 2,393,611.71 – 4,037,489.12 

– Class P (EUR) – 96,296.77 – 1,720,820.66 

– Class S (EUR) – 131.98 – 3,737.43 

– Class W (EUR) – 6,330,051.54 – 1,544.32 

– Class W (H-EUR) – 65,324,754.79 – 24,346,520.98 

– Class WT (EUR) 0.00 – 87,759,921.84 

– Class A (GBP) – 93,648.09 0.00 

– Class AT (SGD) – 364,309.55 0.00 

– Class A (USD) – 549,901,089.24 – 158,770,364.27 

– Class AT (USD) – 200,448,837.82 – 42,436,820.70 

– Class I (USD) – 7,687,986.34 – 2,839,937.59 

– Class IT (USD) – 28,941,422.02 – 1,460,454.10 

– Class P (USD) – 4,698,498.03 – 3,109,078.51 

– Class PT (USD) – 32.35 – 1,546,513.55 

Distribution – 17,825,691.92 – 32,084,113.70 

Equalization 737,962.73 333,679.22 

Result of operations 335,966,140.49 – 743,029,909.70 

Net assets at the end of the reporting period 5,892,446,273.43 3,543,679,053.71


Investment Portfolio as at 31/03/2010 

Securities Shares resp. 

Currency (in 1,000) resp. 

Contracts 

Acquisitions Disposals Holdings 

Price Market Value % of 

31/03/2010 

in EUR Subfund 

in the period under review 

assets 

Securities and money-market instruments admitted to an official stock exchange listing 515,012.47 8.92 

Bonds 515,012.47 8.92 

France 204,652.66 3.54 

3.0000 % France EUR Bonds 01/12 EUR 0.7 0.5 69.6 % 109.220 75,976.49 1.32 



Italy 160,788.20 2.79 

2.1500 % Italy Buoni Poliennali Del Tesoro EUR Bonds 03/14 EUR 0.5 0.4 44.9 % 106.585 47,840.46 0.83 



United States of America 149,571.61 2.59 

3.5000 % U.S.Treasury USD Inflation-Ind. Bonds 01/11 USD 0.7 0.1 87.2 % 103.602 67,116.71 1.16 



Securities and money-market instruments dealt on another regulated market 349,878.50 6.06 

Bonds 349,878.50 6.06 

United States of America 349,878.50 6.06 





Investment Units 

(Management fee of the target fund in % p.a.) 

4,267,143.82 73.90 

France 185,174.04 3.21 

Magellan Fund - D - EUR (1.75%) Shs 163.000 123.000 EUR 1,505.480 185,174.04 3.21 

Germany 303,108.42 5.25 

Allianz PIMCO Euro Rentenfonds - A - EUR (0.65%) Shs 5,951.471 2,954.000 5,951.471 EUR 50.930 303,108.42 5.25 

Ireland 

Allianz Global Investors Fund VII 

625,420.30 10.83 

- Allianz Emerging Markets Bond Fund - A - EUR (1.25%) 

Allianz Global Investors Fund VI 

Shs 6,206.494 521.000 7,650.440 EUR 57.550 440,282.82 7.62 

- Allianz RCM Korea Fund - A - EUR (1.75%) Shs 20,548.000 20,548.000 EUR 9.010 185,137.48 3.21 

Luxembourg 3,153,441.06 54.61 

Allianz RCM Systematic Multi Strategy - AT - EUR (1.75%) Shs 5,268.000 425.000 7,342.000 EUR 96.260 706,740.92 12.24 

AXA World Funds - Global Inflation Bonds - B - EUR (0.30%) Shs 2,731.000 3,070.000 4,246.000 EUR 114.920 487,950.32 8.45 

db x-trackers - db Hedge Fund ETF - EUR (0.90%) Shs 3,613.000 53,484.000 EUR 11.000 588,324.00 10.19 

db x-trackers - LPX MM PRIVATE EQUITY ETF - A - EUR (0.70%) Shs 16,978.000 2,500.000 14,478.000 EUR 20.610 298,391.58 5.17 

Easy EFT FTSE EPRA Europe - EUR (0.45%) Shs 2,421.000 1,375.000 EUR 127.800 175,725.00 3.04 

FORTIS L FUND - Bond Convertible World - C - EUR (1.25%) 

Julius Baer Multibond 

Shs 174.000 251.000 2,772.000 EUR 121.640 337,186.08 5.84 

- Global High Yield Bond Fund - A - EUR (1.05%) Shs 718.332 1,330.000 5,072.332 EUR 110.230 559,123.16 9.68 

Investments in securities and money-market instruments 5,132,034.79 88.88 

Deposits at financial institutions1) 622,908.87 10.79 

Sight deposits2) 622,908.87 10.79 

0.1500 % State Street Bank Luxembourg S.A. EUR 515,565.95 8.93 

0.1500 % Deposits for collateralisation of derivatives EUR 107,342.92 1.86 

Investments in deposits at financial institutions 622,908.87 10.79 

1) Deposits at financial institutions are not subject to any deposit insurance. 

2) The interest rate refers to the base currency of the Subfund. 


71





Contracts 

Derivatives 

Holdings marked with a minus are short positions. 

Listed Derivatives 40,921.07 0.71 

Futures Transactions 40,921.07 0.71 

Purchased Bond Futures 7,300.00 0.13 

2-Year German Government Bond (Bund) Future Jun10 Ctr 5 1 4 EUR 108.740 580.00 0.01 

10-Year German Government Bond (Bund) Future Jun10 Ctr 4 4 EUR 117.030 920.00 0.02 

10-Year German Government Bond (Bund) Future Jun10 Ctr 4 4 EUR 123.270 2,480.00 0.04 


Purchased Index Futures 33,621.07 0.58 

DJ EURO STOXX 50 Future Jun10 Ctr 25 25 EUR 2,874.000 15,000.00 0.26 

DJ UBS Commodity Index Future. Jun10 Ctr 42 42 USD 132.650 5,965.43 0.10 

S&P 500 Index Future Jun10 Ctr 3 3 USD 1,169.400 12,655.64 0.22 

OTC-Dealt Derivatives – 10,202.60 – 0.18 

Forward Foreign Exchange Transactions – 10,202.60 – 0.18 

Sold USD / Bought EUR 21 Jun 2010 USD – 800,000.00 – 10,202.60 – 0.18 

Investments in derivatives 30,718.47 0.53 

Net current assets/liabilities – 11,325.32 – 0.20 

Net assets of the Subfund EUR 5,774,336.81 100.00 

Net asset values per share 

– Class A (EUR) (distributing) EUR 84.18 

Shares in circulation 

– Class A (EUR) (distributing) Shs 68,593 


72 


31/03/2010 


Price Unrealised 

gain/loss 

% of 

Subfund 

assets


Acquisitions and disposals of securities and money-market instruments (classification as per reporting date) as well as 

derivatives and deposits no longer held in the investment portfolio at the end of the reporting period 

Securities Shares resp. Currency 

(in 1,000) resp. Contracts 

Acquisitions Disposals 



France 

Lyxor ETF Privex - A - EUR (0.70%) 

Germany 

Shs 82,104.0000 

Allianz RCM Interglobal - A - EUR (1.35%) Shs 3,336.5730 

Allianz PIMCO Geldmarktfonds Spezial -I- EUR (1,35) 

Luxembourg 

Shs 1.0000 1.0000 

Allianz Global Investors Fund - Allianz RCM Tiger - A - EUR (1.75%) Shs 1,144.0000 1,144.0000 

db x-trackers - DB Commodity Booster DJ-UBSCI ETF - 2C - EUR (0.80%) Shs 9,773.0000 

Pioneer S.F. - EUR Commodities - A - EUR (1.00%) Shs 9,610.0000 




Derivatives 


Listed Derivatives 

Futures Transactions 

Purchased Bond Futures 

10-Year German Government Bond (Bund) Future Dec09 Ctr 2 5 

10-Year German Government Bond (Bund) Future Mar10 Ctr 5 5 





5-Year German Government Bond (Bund) Future Dec09 Ctr 6 


Purchased Index Futures 

DJ EURO STOXX 50 Future Dec09 Ctr 17 24 

DJ EURO STOXX 50 Future Mar10 Ctr 25 25 

DJ UBS Commodity Index Future Mar10 Ctr 88 88 

DJ UBS Future Dec09 Ctr 34 46 

S&P 500 Future Dec09 Ctr 4 4 

S&P 500 Future Mar10 Ctr 4 4 

OTC-Dealt Derivatives 

Forward Foreign Exchange Transactions 

Sold EUR / Bought CHF 10 Dec 2009 EUR – 46,403.71 

Sold EUR / Bought GBP 10 Dec 2009 EUR – 115,486.14 

Sold EUR / Bought SEK 10 Dec 2009 EUR – 43,638.48 

Sold EUR / Bought USD 10 Dec 2009 EUR – 727,657.60 

Swap Transactions 

Total Return Swaps 

EUR Synthetic Portfolio Dynamic Total Return Swap 1,500,000.00 

73



as at 31/03/2010 


74 

31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 4,805,250.33) 5,132,034.79 5,471,765.08 

(Other) cash at banks 622,908.87 315,352.49 

Premiums paid on purchase of options 0.00 0.00 



0.00 0.00 

– bonds 6,036.31 3,528.47 


– swap transactions 0.00 0.00 

– (other) cash at banks 0.00 0.00 


Receivable on 

0.00 0.00 

– subscriptions on fund shares 0.00 0.00 

– securities lending 0.00 0.00 

– security repurchase agreements 0.00 0.00 

– securities transactions 0.00 0.00 



0.00 5,503.61 

– options transactions 0.00 0.00 

– futures transactions 40,921.07 9,150.00 

– swap transactions 0.00 96,574.35 

– TBA transactions 0.00 0.00 

– forward foreign exchange transactions 0.00 55,059.23 


Total Assets 5,805,883.43 5,956,933.23 

Liabilities to banks 0.00 0.00 

Premiums received on written options 0.00 0.00 

Upfront-payments received on swap transactions 0.00 0.00 


Payable on 

0.00 0.00 

– redemptions of fund shares – 14,771.68 0.00 






– 6,572.34 – 66,843.21 


– futures transactions 0.00 – 6,766.45 



– forward foreign exchange transactions – 10,202.60 – 4,716.77 

Total Liabilities – 31,546.62 – 78,326.43 

Net assets 5,774,336.81 5,878,606.80




01/10/2009–31/03/2010 01/10/2008–31/03/2009 

EUR EUR 

Net assets of the Subfund 

at the beginning of the reporting period 

Subscriptions 

5,878,606.80 7,564,867.79 

– Class A (EUR) 1) Redemptions 

56,375.69 263,086.26 

– Class A (EUR) 1) – 585,535.76 – 999,174.23 

Distribution – 85,073.82 – 161,618.97 

Equalization 2,463.79 – 4,552.54 

Result of operations 


507,500.11 – 1,435,149.09 

at the end of the reporting period 5,774,336.81 5,227,459.22 



EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class A 1) 

Shares 

Class A 1) 

Shares 

Number of shares in issue 


Number of shares 

75,160 92,729 

– issued 704 4,021 

– redeemed 


– 7,271 – 14,977 

at the end of the reporting period 


68,593 81,773 

75





Contracts 



8,563,280.13 84.83 

France 435,083.72 4.31 

Magellan Fund - D - EUR (1.75%) Shs 395.000 377.000 289.000 EUR 1,505.480 435,083.72 4.31 

Germany 354,292.66 3.51 

Allianz PIMCO Euro Rentenfonds - A - EUR (0.65%) Shs 9,919.463 10,874.000 6,956.463 EUR 50.930 354,292.66 3.51 

Ireland 

Allianz Global Investors Fund VII 

1,363,534.24 13.51 

- Allianz Emerging Markets Bond Fund - I - EUR (0.59%) 

Allianz Global Investors Fund VI 

Shs 9,928.838 1,197.000 8,731.838 EUR 109.040 952,119.62 9.43 

- Allianz RCM Korea Fund - A - EUR (1.75%) Shs 45,662.000 45,662.000 EUR 9.010 411,414.62 4.08 

Luxembourg 


6,410,369.51 63.50 

- Allianz RCM Systematic Multi Strategy - I - EUR (0.88%) Shs 1,840.000 139.000 1,701.000 EUR 934.030 1,588,785.03 15.74 

AXA World Funds - Global Inflation Bonds - B - EUR (0.30%) Shs 1,333.000 3,523.000 4,551.000 EUR 114.920 523,000.92 5.18 

db x-trackers - db Hedge Fund ETF - A - EUR (0.90%) Shs 6,769.000 6,769.000 EUR 11.000 74,459.00 0.74 

db x-trackers - db Hedge Fund ETF - EUR (0.90%) Shs 9,050.000 109,735.000 EUR 11.000 1,207,085.00 11.96 

db x-trackers - LPX MM PRIVATE EQUITY ETF - A - EUR (0.70%) Shs 42,708.000 11,105.000 31,603.000 EUR 20.610 651,337.83 6.45 

Easy EFT FTSE EPRA Europe - EUR (0.45%) Shs 5,246.000 2,370.000 EUR 127.800 302,886.00 3.00 

FORTIS L FUND - Bond Convertible World - I - EUR (0.50%) 

Julius Baer Multibond 

Shs 369.000 500.000 6,065.000 EUR 126.440 766,858.60 7.59 

- Global High Yield Bond Fund - A - EUR (1.05%) Shs 1,551.846 2,351.000 11,756.846 EUR 110.230 1,295,957.13 12.84 


Deposits at financial institutions1) 1,432,707.67 14.19 

Sight deposits2) Acquisitions Disposals Holdings 


31/03/2010 



assets 

1,432,707.67 14.19 

0.1500 % State Street Bank Luxembourg S.A. EUR 1,218,132.30 12.06 

0.1500 % Deposits used for collateralisation of derivatives EUR 214,575.37 2.13 

Investments in deposits at financial institutions 1,432,707.67 14.19 

Securities Shares resp. Acquisitions Disposals Holdings 

Price Unrealised % of 


31/03/2010 

gain/loss Subfund 

Contracts in the period under review 

assets 

Derivatives 





2- Year German Government Bond (Bund) Future Jun10 Ctr 12 EUR 108.740 1,740.00 0.02 

10-Year German Government Bond (Bund) Future Jun10 Ctr 14 EUR 117.030 3,220.00 0.03 




ASX Future Jun10 Ctr 5 AUD 4,878.000 6,385.69 0.06 

DJ EURO STOXX 50 Future Jun10 Ctr 53 EUR 2,874.000 31,800.00 0.31 

DJ UBS Commodity Future. Jun10 Ctr 107 USD 132.650 15,034.38 0.15 

S&P 500 Future Jun10 Ctr 9 USD 1,169.400 37,966.91 0.38 



Sold USD / Bought EUR 21 Jun 2010 USD – 200,000.00 – 2,550.66 – 0.02 







EUR 73.44 





76







Securities and money-market instruments admitted to an official stock exchange listing 

Bonds 

France 

3.0000 % France EUR Bonds 01/12 EUR 0.3 173.8 

3.1500 % France EUR Bonds 02/32 EUR 0.3 102.3 

1.6000 % France EUR Bonds 04/15 

Italy 

EUR 0.1 76.9 

2.1500 % Italy Buoni Poliennali Del Tesoro EUR Bonds 03/14 EUR 0.2 100.9 


2.1000 % Italy Buoni Poliennali Del Tesoro EUR Bonds 06/17 

United States of America 

EUR 0.2 74.8 

3.5000 % U.S.Treasury USD Inflation-Ind. Bonds 01/11 USD 0.3 223.0 


3.3750 % U.S.Treasury USD Inflation-Ind. Bonds 02/12 

Securities and money-market instruments dealt on another regulated market 

Bonds 


USD 0.2 145.7 




2.3750 % U.S.Treasury USD Inflation-Ind. Bonds 07/27 


USD 0.1 106.9 

Allianz Global Investors Fund - Allianz RCM Tiger - A - EUR (1.75%) Shs 2,543.000 2,543.000 

Allianz RCM Systematic Multi Strategy - AT - EUR (1.75%) Shs 727.000 6,512.000 

db x-trackers - DB Commodity Booster DJ-UBSCI ETF - 2C - EUR (0.80%) Shs 16,051.000 

Lyxor ETF Privex - A - EUR (0.70%) Shs 180,111.000 

Pioneer S.F. - EUR Commodities - A - EUR (1.00%) Shs 10,633.000 




Derivatives 














ASX Futures Mar10 Ctr 5 5 



DJ UBS Commodity Index Future Mar10 Ctr 221 221 

DJ UBS Future Dec09 Ctr 36 107 

FTSE 100 Future Dec09 Ctr 4 

S&P 500 Future Dec09 Ctr 5 9 

S&P 500 Future Mar10 Ctr 10 10 

SPI 200 Future Dec09 Ctr 3 7 



Sold EUR / Bought CHF 10 Dec 2009 CHF – 86,178.32 

Sold EUR / Bought GBP 10 Dec 2009 GBP – 241,970.96 

Sold EUR / Bought SEK 10 Dec 2009 SEK – 87,276.96 

Sold EUR / Bought USD 10 Dec 2009 USD – 165,376.73 


Total Return Swaps 

EUR Synthetic Portfolio Opportunities Total Return Swap EUR 4,500,000.00 

77



as at 31/03/2010 


78 

31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 8,054,448.73) 8,563,280.13 9,434,877.69 

(Other) cash at banks 1,432,707.67 462,324.15 




0.00 0.00 

– bonds 0.00 7,970.35 





Receivable on 

0.00 0.00 







0.00 5,811.17 



– swap transactions 0.00 453,578.13 




Total Assets 10,116,092.95 10,529,292.25 

Liabilities to banks 0.00 – 135,029.04 




Payable on 

0.00 0.00 

– redemptions of fund shares – 2,938.07 – 2,728.33 






– 16,105.10 – 75,814.29 







Net assets 10,094,499.12 10,261,877.19




01/10/2009–31/03/2010 01/10/2008–31/03/2009 

EUR EUR 



Subscriptions 

10,261,877.19 12,781,738.09 


595,412.24 433,433.68 

– Class A (EUR) 1) – 1,813,629.40 – 1,455,652.64 

Distribution – 127,186.23 – 370,502.95 

Equalization 2,666.28 – 6,031.86 



1,175,359.04 – 3,615,168.49 




EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class A 1) 

Shares 

Class A 1) 

Shares 




155,032 166,676 

– issued 8,670 7,769 

– redeemed 


– 26,258 – 24,692 



137,444 149,753 

79





Contracts 

Securities and money-market instruments admitted to an official stock exchange listing 9,417,844.05 79.38 

Bonds 4,229,147.57 35.65 

China 853,968.77 7.20 

0 % China Petroleum & Chemical 

HKD Zero-Coupon Notes 07/14 HKD 5,000.0 6,000.0 % 110.500 853,968.77 7.20 

Indonesia 2,633,821.65 22.20 

10.3500 % Berlian Laju Tanker IDR Notes 07/12 IDR 8,000,000.0 % 101.610 893,323.81 7.53 

10.3500 % Excelcomindo Pratama IDR Notes 07/12 IDR 10,000,000.0 % 99.341 1,091,719.33 9.20 

10.9500 % Surya Citra Televisi IDR Notes 07/12 IDR 4,000,000.0 % 97.286 427,654.27 3.61 

10.3000 % XL Axiata IDR Notes 07/10 IDR 2,000,000.0 % 100.606 221,124.24 1.86 

Singapore 741,357.15 6.25 

1.0000 % CapitaMall Trust SGD Notes 08/13 SGD 1,000.0 1,000.0 % 103.840 741,357.15 6.25 

Equities 5,188,696.48 43.73 

Hong Kong 1,804,300.77 15.21 

Champion Real Estate Investment Trust Shs 241,000 346,000 1,244,000 HKD 3.700 592,857.84 5.00 

Link Real Estate Investment Trust Shs 74,000 274,000 HKD 19.060 672,669.78 5.67 

Regal Real Estate Investment Trust Shs 1,472,000 662,000 2,190,000 HKD 1.910 538,773.15 4.54 

Singapore 3,384,395.71 28.52 

Ascendas Real Estate Investment Trust Shs 158,000 327,000 SGD 1.920 448,457.15 3.78 

Ascott Residence Real Estate Investment Trust Shs 257,000 255,000 SGD 1.240 225,857.15 1.90 

CapitaCommercial Real Estate Investment Trust Shs 287,000 352,000 SGD 1.080 271,542.86 2.29 

CDL Hospitality Real Estate Investment Trust Shs 181,000 463,000 SGD 1.800 595,285.72 5.02 

Cityspring Infrastructure Trust Shs 549,000 591,000 549,000 SGD 0.600 235,345.33 1.98 

Fortune Real Estate Investment Trust Shs 1,217,000 618,000 944,000 HKD 3.570 434,078.90 3.66 

Frasers Centrepoint Real Estate Investment Trust Shs 174,000 170,000 SGD 1.340 162,714.29 1.37 

Mapletree Logistics Real Estate Investment Trust Shs 144,000 472,000 SGD 0.850 286,571.43 2.42 

Parkway Life Real Estate Investment Trust Shs 130,000 130,000 SGD 1.360 126,285.72 1.06 

Starhill Global Real Estate Investment Trust Shs 369,000 409,000 840,000 SGD 0.560 336,000.01 2.83 

Suntec Real Estate Investment Trust Shs 41,000 215,000 274,000 SGD 1.340 262,257.15 2.21 

Securities and money-market instruments dealt on another regulated market 3,204,137.94 27.01 

Bonds 3,204,137.94 27.01 

Malaysia 3,204,137.94 27.01 

9.4000 % Perwaja Steel Sdn MYR MTN 06/14 MYR 5,000.0 % 107.300 1,644,444.45 13.86 

4.7000 % Special Port Vehicle MYR Notes 03/11 MYR 5,000.0 % 101.770 1,559,693.49 13.15 


Deposits at financial institutions 1) 865,822.89 7.30 

Sight deposits 2) 865,822.89 7.30 

0.0100 % State Street Bank Luxembourg S.A. USD 865,822.89 7.30 


Net current assets/liabilities – 1,623,634.07 – 13.69 

Net assets of the Subfund USD 11,864,170.81 100.00 


– Class IT (USD) (accumulating) 


USD 11.76 

– Class IT (USD) (accumulating) Shs 1,008,703 




80 


31/03/2010 


Price Market Value 

in USD 

% of 

Subfund 

assets








Equities 

Australia 

CFS Retail Property Trust Real Estate Investment Trust Shs 91,895 243,437 

Commonwealth Property Office Real Estate Investment Trust Shs 192,000 192,000 

GPT Group Real Estate Investment Trust Shs 375,693 375,693 

ING Industrial Real Estate Investment Trust Shs 434,613 434,613 

ING Office Real Estate Investment Trust Shs 290,127 290,127 

Stockland Real Estate Investment Trust Shs 64,237 64,237 

Westfield Group Real Estate Investment Trust Shs 16,242 44,505 

China 

CapitaRetail China Real Estate Investment Trust Shs 181,000 181,000 

Singapore 

CapitaMall Real estate Investment Trust Shs 171,000 

Fortune Real Estate Investment Trust -Rights- Shs 345,000 

Bonds 

Australia 

5.2500 % Australia Government AUD Bonds 05/10 AUD 1,000.0 1,000.0 

Singapore 

2.5000 % Keppel Land SGD Notes 06/13 SGD 2,000.0 

5.1000 % Oversea Chinese Bank SGD FLR-Notes 09/98 SGD 500.0 500.0 

1.3750 % Singapore Government SGD Bonds 09/14 SGD 1,500.0 1,500.0 

4.9500 % United Overseas Bank SGD FLR-Notes 01/16 SGD 1,000.0 1,000.0 

OTC-dealt money-market instruments (Investment Grade Rating) 

Money-Market Instruments 

Singapore 

0 % Singapore Treasury Bill SGD Zero-Coupon Bonds 19.11.2009 SGD 1,500.0 

0 % Singapore Treasury Bill SGD Zero-Coupon Bonds 25.03.2010 SGD 1,750.0 1,750.0 

81



as at 31/03/2010 


82 

31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 10,933,429.33) 12,621,981.99 16,581,064.41 

(Other) cash at banks 865,822.89 1,356,271.81 




0.00 0.00 

– bonds 58,071.12 68,529.68 





Receivable on 

2,994.01 33,213.36 




– securities transactions 1,418,145.53 0.00 



0.00 0.00 


– futures transactions 0.00 0.00 



– forward foreign exchange transactions 0.00 0.00 

Formation expenses minus depreciation 0.00 0.00 

Total Assets 14,967,015.54 18,039,079.26 





Payable on 

0.00 0.00 

– redemptions of fund shares – 3,087,993.15 0.00 



– securities transactions 0.00 – 792,240.99 



– 14,851.58 – 25,205.98 






Total Liabilities – 3,102,844.73 – 817,446.97 

Net assets 11,864,170.81 17,221,632.29




01/10/2009–31/03/2010 Launch date–30/09/2009 

USD USD 



Subscriptions 

17,221,632.29 0.00 

– Class IT (USD) 1) Redemptions 

7,060.90 16,257,594.25 

– Class IT (USD) 1) – 6,755,369.32 – 352,993.00 

Equalization 96,223.32 0.00 



1,294,623.62 1,317,031.04 




USD Shares 01/10/2009–31/03/2010 Launch date–30/09/2009 

Class IT 1) 

Shares 

Class IT 1) 

Shares 




1,592,350 0 

– issued 633 1,625,750 

– redeemed 


– 584,280 – 33,400 



1,008,703 1,592,350 

83





Contracts 


Bonds 52,704,777.52 97.38 

Australia 153,039.00 0.28 

3.3750 % Australia & New Zealand Banking Group 

EUR MTN 06/11 EUR 150.0 150.0 % 102.026 153,039.00 0.28 

Belgium 3,950,732.00 7.30 

2.0000 % Belgium Government EUR Bonds 09/12 EUR 1,500.0 1,500.0 % 101.916 1,528,740.00 2.82 

3.5000 % Belgium Government EUR Bonds 09/15 EUR 2,300.0 2,300.0 % 105.304 2,421,992.00 4.48 

Canada 426,280.00 0.79 

4.5000 % Royal Bank of Canada EUR MTN 07/12 EUR 400.0 400.0 % 106.570 426,280.00 0.79 

Denmark 567,638.00 1.05 

3.2500 % Danske Bank EUR Notes 09/15 EUR 400.0 400.0 % 102.032 408,128.00 0.75 

4.3750 % Kommunekredit EUR MTN 07/12 EUR 150.0 150.0 % 106.340 159,510.00 0.30 

Finland 1,902,012.00 3.51 

4.3750 % Finland Government EUR Bonds 08/19 EUR 1,400.0 1,400.0 % 109.118 1,527,652.00 2.82 

4.6250 % Fortum EUR MTN 09/14 EUR 200.0 200.0 % 107.475 214,949.00 0.40 

4.5000 % Pohjola Bank EUR MTN 09/14 EUR 150.0 150.0 % 106.274 159,411.00 0.29 

France 8,892,716.50 16.43 

4.5000 % Alstom EUR MTN 10/20 EUR 200.0 200.0 % 100.887 201,773.00 0.37 

4.0000 % Alstom EUR Notes 09/14 EUR 150.0 150.0 % 104.290 156,434.25 0.29 

3.8750 % Areva EUR MTN 09/16 EUR 200.0 200.0 % 102.941 205,882.00 0.38 

5.2500 % BNP Paribas EUR MTN 02/12 EUR 150.0 150.0 % 108.176 162,263.25 0.30 

4.5000 % Caisse d’Amortissement de la Dette Sociale 

EUR MTN 08/13 EUR 500.0 500.0 % 108.577 542,885.00 1.00 

2.6250 % Caisse d’Amortissement de la Dette Sociale 

EUR Notes 09/15 EUR 400.0 400.0 % 101.160 404,640.00 0.75 

4.6250 % Cie de Financement Foncier EUR MTN 07/17 EUR 400.0 400.0 % 108.265 433,060.00 0.80 

5.9710 % Credit Agricole EUR MTN 08/18 EUR 150.0 150.0 % 112.072 168,108.00 0.31 

4.5000 % Dexia Municipal Agency EUR MTN 07/17 EUR 400.0 400.0 % 107.139 428,556.00 0.79 

5.0000 % EDF EUR MTN 08/18 EUR 250.0 250.0 % 109.434 273,583.75 0.51 

5.0000 % France Government EUR Bonds 01/16 EUR 2,000.0 300.0 1,700.0 % 113.340 1,926,780.00 3.56 

5.7500 % France Government EUR Bonds 01/32 EUR 2,000.0 1,000.0 1,000.0 % 125.653 1,256,525.00 2.32 

4.0000 % France Government EUR Bonds 10/60 EUR 900.0 900.0 % 98.618 887,557.50 1.64 

7.2500 % France Telecom EUR MTN 03/13 EUR 150.0 150.0 % 113.766 170,648.25 0.32 

3.3750 % HSBC Covered Bonds France EUR MTN 10/17 EUR 400.0 400.0 % 101.310 405,240.00 0.75 

5.3750 % Italcementi Finance EUR MTN 10/20 EUR 100.0 100.0 % 101.092 101,091.50 0.19 

3.7500 % PPR EUR MTN 10/15 EUR 100.0 100.0 % 100.752 100,752.00 0.19 

8.1250 % RCI Banque EUR MTN 09/12 EUR 150.0 150.0 % 110.356 165,534.00 0.31 

4.0000 % Societe Generale Societe de Credit Fonciere 

EUR MTN 09/16 EUR 400.0 400.0 % 105.881 423,524.00 0.78 

4.3750 % Thales EUR MTN 09/13 EUR 150.0 150.0 % 106.170 159,255.00 0.29 

5.2500 % Veolia Environnement EUR MTN 09/14 EUR 200.0 200.0 % 109.210 218,419.00 0.40 

4.0000 % Vivendi EUR Notes 10/17 EUR 100.0 100.0 % 100.205 100,205.00 0.18 

Germany 10,095,644.25 18.65 

3.5000 % Bundesobligation EUR Bonds 08/13 EUR 3,000.0 3,000.0 % 106.339 3,190,170.00 5.90 

4.0000 % Bundesrepublik Deutschland EUR Bonds 05/37 EUR 900.0 900.0 % 102.245 920,205.00 1.70 

4.0000 % Bundesrepublik Deutschland EUR Bonds 06/16 EUR 2,000.0 2,000.0 % 108.590 2,171,800.00 4.01 

3.7500 % Bundesrepublik Deutschland EUR Bonds 08/19 EUR 1,300.0 300.0 1,000.0 % 105.675 1,056,750.00 1.95 


4.1250 % Commerzbank EUR FLR-MTN 06/16 EUR 150.0 150.0 % 94.917 142,374.75 0.26 

4.6250 % Kreditanstalt fuer Wiederaufbau EUR MTN 07/12 EUR 700.0 700.0 % 108.044 756,308.00 1.40 

4.8750 % Merck Financial Services EUR MTN 09/13 EUR 150.0 150.0 % 107.741 161,611.50 0.30 

Greece 1,393,456.00 2.57 

5.2500 % Hellenic Republic Government EUR Bonds 02/12 EUR 1,000.0 1,000.0 % 100.060 1,000,600.00 1.85 

5.5000 % Hellenic Republic Government EUR Bonds 09/14 EUR 400.0 400.0 % 98.214 392,856.00 0.72 

Italy 12,586,351.16 23.26 

4.5000 % ACEA EUR Notes 10/20 EUR 130.0 130.0 % 100.816 131,060.80 0.24 

5.6250 % Atlantia EUR MTN 09/16 EUR 180.0 180.0 % 111.063 199,913.40 0.37 

3.6250 % Banco Popolare EUR Notes 10/17 EUR 100.0 100.0 % 100.260 100,260.00 0.19 

4.2500 % Edison EUR MTN 09/14 EUR 200.0 200.0 % 104.879 209,758.00 0.39 

4.7500 % ENI EUR MTN 07/17 EUR 150.0 % 108.334 162,501.00 0.30 

3.7500 % Intesa Sanpaolo EUR FLR-MTN 05/20 EUR 150.0 150.0 % 99.307 148,959.75 0.28 


84 


31/03/2010 



in EUR 

% of 

Subfund 

assets




Contracts 


31/03/2010 




in EUR 

% of 

Subfund 

assets 

8.0470 % Intesa Sanpaolo EUR FLR-Notes 08/und. EUR 150.0 150.0 % 103.204 154,806.00 0.29 

3.7500 % Italy Buoni del Tesoro EUR Bonds 06/21 EUR 1,200.0 1,200.0 % 98.545 1,182,540.00 2.18 

4.0000 % Italy Buoni del Tesoro EUR Bonds 07/12 EUR 1,500.0 1,500.0 % 105.139 1,577,085.00 2.91 

4.2500 % Italy Buoni Del Tesoro EUR Bonds 08/11 EUR 2,000.0 500.0 1,500.0 % 104.355 1,565,325.00 2.89 

4.5000 % Italy Buoni Del Tesoro EUR Bonds 08/18 EUR 1,600.0 1,600.0 % 107.235 1,715,760.00 3.17 



0.9920 % Mediobanca EUR FLR-MTN 06/16 EUR 150.0 150.0 % 97.674 146,510.96 0.27 

6.7500 % Telecom Italia EUR MTN 09/13 EUR 150.0 150.0 % 110.177 165,264.75 0.31 

4.2500 % UniCredit EUR MTN 09/16 EUR 400.0 400.0 % 105.974 423,896.00 0.78 

4.9390 % Unione di Banche Italiane EUR MTN 09/14 EUR 150.0 150.0 % 106.271 159,406.50 0.29 

Luxembourg 435,663.75 0.80 

4.0000 % Enel Finance International EUR MTN 09/16 EUR 250.0 250.0 % 103.896 259,740.00 0.48 

8.1250 % Finmeccanica Finance EUR MTN 08/13 EUR 150.0 150.0 % 117.283 175,923.75 0.32 

Norway 316,101.00 0.58 

4.7500 % DnB NOR Bank EUR MTN 08/11 EUR 150.0 150.0 % 103.422 155,133.00 0.28 

4.3750 % Statoil EUR MTN 09/15 EUR 150.0 150.0 % 107.312 160,968.00 0.30 

Portugal 1,206,954.50 2.23 

4.3750 % Portugal Obrigacoes do Tesouro EUR Bonds 03/14 EUR 700.0 700.0 % 106.029 742,199.50 1.37 



Slovakia 636,822.00 1.18 

4.3750 % Slovak Republic EUR MTN 09/15 EUR 600.0 600.0 % 106.137 636,822.00 1.18 

Slovenia 400,156.00 0.74 

2.7500 % Slovenia Government EUR Bonds 10/15 EUR 400.0 400.0 % 100.039 400,156.00 0.74 

Spain 1,258,374.31 2.33 

3.8750 % Banco Santander EUR Notes 09/14 EUR 400.0 400.0 % 104.461 417,844.00 0.77 

3.2500 % Enagas EUR Notes 09/12 EUR 150.0 150.0 % 102.881 154,321.81 0.29 

4.2500 % Spain Government EUR Bonds 08/14 EUR 500.0 500.0 % 107.170 535,850.00 0.99 

3.4060 % Telefonica Emisiones EUR MTN 10/15 EUR 150.0 150.0 % 100.239 150,358.50 0.28 

Supranational 1,806,780.00 3.34 

3.6250 % European Investment Bank EUR Bonds 03/13 EUR 1,200.0 1,200.0 % 105.878 1,270,530.00 2.35 

4.2500 % European Investment Bank EUR MTN-Notes 09/19 EUR 1,300.0 800.0 500.0 % 107.250 536,250.00 0.99 

Sweden 150,890.25 0.28 

3.7500 % Nordea Bank EUR MTN 10/17 EUR 150.0 150.0 % 100.594 150,890.25 0.28 

Switzerland 316,810.50 0.59 

5.1250 % Credit Suisse EUR MTN 09/12 EUR 150.0 150.0 % 106.321 159,481.50 0.30 

4.6250 % UBS EUR MTN 09/12 EUR 150.0 150.0 % 104.886 157,329.00 0.29 

The Netherlands 3,555,785.30 6.57 

4.0000 % Alliander Finance EUR MTN 09/12 EUR 200.0 200.0 % 104.318 208,635.00 0.39 

2.8750 % Bank Nederlandse Gemeenten EUR MTN 09/15 EUR 150.0 150.0 % 102.220 153,330.00 0.28 

5.8750 % Daimler International Finance EUR MTN 08/11 EUR 150.0 % 105.495 158,241.75 0.29 

4.8750 % Deutsche Bahn Finance EUR Notes 09/19 EUR 200.0 200.0 % 108.734 217,468.00 0.40 

8.1250 % Deutsche Telekom International Finance 

EUR Notes 02/12 EUR 150.0 150.0 % 112.511 168,765.75 0.31 

5.5000 % Diageo Capital EUR MTN 08/13 EUR 150.0 150.0 % 109.934 164,901.00 0.30 

4.6250 % EADS Finance EUR MTN 09/16 EUR 130.0 130.0 % 104.526 135,883.80 0.25 

4.0000 % Fortis Bank Nederland EUR MTN 10/15 EUR 150.0 150.0 % 103.291 154,936.50 0.29 

5.2500 % ING Bank EUR MTN 08/18 EUR 400.0 400.0 % 111.577 446,308.00 0.83 

4.5000 % Koninklijke KPN EUR MTN 06/13 EUR 150.0 150.0 % 105.814 158,721.00 0.29 

3.7500 % Netherlands Government EUR Bonds 06/23 EUR 1,400.0 1,400.0 % 101.970 1,427,580.00 2.64 

4.3750 % Rabobank Nederland EUR MTN 09/16 EUR 150.0 150.0 % 107.343 161,014.50 0.30 

United Kingdom 1,344,352.75 2.48 

3.1250 % Barclays Bank EUR MTN 10/15 EUR 400.0 400.0 % 101.230 404,920.00 0.75 

3.3750 % BG Energy Capital EUR MTN 09/13 EUR 150.0 150.0 % 103.379 155,067.75 0.29 

6.1250 % British Telecommunications EUR MTN 09/14 EUR 140.0 140.0 % 108.893 152,449.50 0.28 

5.3750 % HSBC Holdings EUR MTN 02/12 EUR 150.0 150.0 % 108.117 162,175.50 0.30 

4.3750 % Imperial Tobacco Finance EUR MTN 06/13 EUR 150.0 150.0 % 104.673 157,009.50 0.29 

6.9340 % Royal Bank of Scotland EUR MTN 08/18 EUR 150.0 150.0 % 102.917 154,374.75 0.28 

4.5000 % SABMiller EUR MTN 09/15 EUR 150.0 150.0 % 105.571 158,355.75 0.29 

85





Contracts 

United States of America 1,308,218.25 2.42 

6.1250 % AT&T EUR Notes 08/15 EUR 150.0 150.0 % 114.035 171,052.50 0.32 

5.0000 % BMW US Capital EUR MTN 08/15 EUR 150.0 150.0 % 108.370 162,555.00 0.30 

6.6250 % International Business Machines EUR MTN 08/14 EUR 150.0 % 115.301 172,950.75 0.32 

4.6250 % JP Morgan Chase & Co. EUR MTN 08/11 EUR 150.0 150.0 % 102.898 154,347.00 0.29 

3.6250 % Pfizer EUR Notes 09/13 EUR 150.0 150.0 % 104.592 156,887.25 0.29 

5.8750 % Philip Morris International EUR Notes 08/15 EUR 150.0 150.0 % 113.515 170,272.50 0.31 

4.6250 % Roche Holdings EUR MTN 09/13 EUR 150.0 150.0 % 107.240 160,860.00 0.30 

5.2500 % Toyota Motor Credit EUR MTN 09/12 EUR 150.0 150.0 % 106.196 159,293.25 0.29 





31/03/2010 



assets 

971,771.45 1.80 







31/03/2010 



assets 

Derivatives 


Listed Derivatives – 55,200.00 – 0.10 

Futures Transactions – 9,250.00 – 0.02 

Purchased Bond Futures – 9,250.00 – 0.02 

10-Year German Government Bond (Bund) Future Jun10 Ctr 25 EUR 123.270 – 9,250.00 – 0.02 

Options Transactions – 45,950.00 – 0.08 

Long Call Options on Bond Futures – 15,200.00 – 0.03 

Call 123.5 EUX Euro Bobl Futures 05/10 Ctr 40 EUR 0.480 – 400.00 0.00 

Call 124.5 EUX Euro Bobl Futures 05/10 Ctr 60 EUR 0.150 – 13,800.00 – 0.03 

Call 126.5 EUX Euro Bobl Futures 06/10 Ctr 100 EUR 0.050 – 1,000.00 0.00 

Long Put Options on Bond Futures – 40,250.00 – 0.07 

Put 120.5 EUX Euro Bobl Futures 05/10 Ctr 70 EUR 0.010 – 30,100.00 – 0.05 

Put 120.5 EUX Euro Bobl Futures 06/10 Ctr 80 EUR 0.150 – 2,400.00 0.00 

Put 121.5 EUX Euro Bobl Futures 05/10 Ctr 25 EUR 0.100 – 3,500.00 – 0.01 

Put 122 EUX Euro Bobl Futures 05/10 Ctr 25 EUR 0.160 – 4,250.00 – 0.01 

Short Call Options on Bond Futures 3,300.00 0.01 

Call 125.5 EUX Euro Bobl Futures 04/10 Ctr – 50 EUR 0.010 1,500.00 0.00 

Call 126.5 EUX Euro Bobl Futures 05/10 Ctr – 60 EUR 0.010 1,800.00 0.01 

Short Put Options on Bond Futures 6,200.00 0.01 

Put 118 EUX Euro Bobl Futures 04/10 Ctr – 70 EUR 0.010 4,900.00 0.01 

Put 118.5 EUX Euro Bobl Futures 06/10 Ctr – 80 EUR 0.030 800.00 0.00 

Put 120 EUX Euro Bobl Futures 05/10 Ctr – 50 EUR 0.020 500.00 0.00 

Investments in derivatives – 55,200.00 – 0.10 

Net current assets/liabilities 497,357.96 0.92 



– Class C (EUR) (distributing) EUR 101.06 

– Class CT (EUR) (accumulating) EUR 101.06 

– Class IT (EUR) (accumulating) 


EUR 1,011.46 

– Class C (EUR) (distributing) Shs 10 

– Class CT (EUR) (accumulating) Shs 10 

– Class IT (EUR) (accumulating) Shs 53,504 




86








Bonds 

Spain 

3.7500 % Telefonica Emisiones EUR MTN 06/11 

Supranational 

EUR 130.0 130.0 

3.3750 % European Union EUR Notes 10/19 EUR 200.0 200.0 




Derivatives 






Options Transactions 

Long Call Options on Bond Futures 

Call 122.5 EUX Euro Bobl Futures 04/10 Ctr 100 100 

Call 124.5 EUX Euro Bobl Futures 04/10 Ctr 50 50 

Long Put Options on Bond Futures 

Put 122.5 EUX Euro Bobl Futures 04/10 Ctr 50 50 

Put 122.5 EUX Euro Bobl Futures 04/10 Ctr 50 50 

87



as at 31/03/2010 


88 

31/03/2010 

EUR 

Securities 

(Cost price EUR 52,286,332.54) 52,704,777.52 

(Other) cash at banks 971,771.45 

Premiums paid on purchase of options 0.00 



0.00 

– bonds 958,569.28 

– time deposits 0.00 

– swap transactions 0.00 

– (other) cash at banks 0.00 


Receivable on 

0.00 

– subscriptions on fund shares 3,238,137.72 

– securities lending 0.00 

– security repurchase agreements 0.00 

– securities transactions 0.00 



0.10 

– options transactions 9,500.00 

– futures transactions 0.00 


– TBA transactions 0.00 

– forward foreign exchange transactions 0.00 

Formation expenses minus depreciation 0.00 

Total Assets 57,882,756.07 

Liabilities to banks 0.00 

Premiums received on written options 0.00 

Upfront-payments received on swap transactions 0.00 


Payable on 

0.00 

– redemptions of fund shares – 3,308,240.99 



– securities transactions – 364,108.01 



– 27,000.14 

– options transactions – 55,450.00 

– futures transactions – 9,250.00 




Total Liabilities – 3,764,049.14 

Net assets 54,118,706.93


for the period from 09/02/2010 (launch date) to 31/03/2010 


Launch date–31/03/2010 

EUR 



Subscriptions 

0.00 

– Class C (EUR) 1) 1,000.00 

– Class CT (EUR) 1) 1,000.00 

– Class IT (EUR) 1) Redemptions 

67,972,193.75 

– Class C (EUR) 1) 0.00 

– Class CT (EUR) 1) 0.00 

– Class IT (EUR) 1) – 14,480,811.74 

Equalization 4,639.68 



620,685.24 

at the end of the reporting period 54,118,706.93 



EUR Shares Launch date–31/03/2010 

Class C 1) 

Shares 

Class CT 1) 

Shares 

Class IT 1) 

Shares 




0 0 0 

– issued 10 10 67,887 

– redeemed 


0 0 – 14,383 



10 10 53,504 

89





Contracts 


Bonds 37,404,795.38 92.17 

Austria 674,937.00 1.66 

11.7500 % PE Paper Escrow EUR Notes 09/14 EUR 600.0 600.0 % 112.490 674,937.00 1.66 

Bermuda 434,750.00 1.07 

11.6250 % Central European Media Enterprises 

EUR Notes 09/16 EUR 400.0 400.0 % 108.688 434,750.00 1.07 

Denmark 1,393,225.00 3.43 

8.2500 % Nordic Telephone Holdings EUR Notes 06/16 EUR 1,000.0 1,000.0 % 108.198 1,081,975.00 2.66 

5.8750 % TDC EUR Notes 09/15 EUR 300.0 300.0 % 103.750 311,250.00 0.77 

France 6,268,706.56 15.45 

9.2500 % BPCE EUR Notes 09/und. EUR 1,000.0 1,000.0 % 101.475 1,014,750.00 2.50 

8.1250 % Europcar Groupe EUR Notes 06/14 EUR 400.0 400.0 % 98.013 392,050.00 0.97 

5.7500 % Nexans EUR MTN 07/17 EUR 1,000.0 1,000.0 % 99.868 998,675.00 2.46 

8.2500 % Rexel EUR Notes 09/16 EUR 950.0 950.0 % 105.597 1,003,166.75 2.47 

3.4340 % Rhodia EUR FLR-Notes 06/13 EUR 1,000.0 1,000.0 % 96.125 961,250.00 2.37 

6.3750 % Tereos Europe EUR Notes 07/14 EUR 700.0 700.0 % 102.030 714,210.00 1.76 

4.8750 % Wendel EUR Notes 07/15 EUR 1,300.0 1,300.0 % 91.123 1,184,604.81 2.92 

Germany 4,429,078.00 10.91 

2.6500 % Cognis EUR FLR-Notes 07/13 EUR 1,000.0 1,000.0 % 96.563 965,625.00 2.38 

6.7500 % Franz Haniel EUR MTN 09/14 EUR 600.0 600.0 % 108.188 649,128.00 1.60 

8.5000 % Heidelberg Cement EUR Notes 09/19 EUR 500.0 500.0 % 104.700 523,500.00 1.29 

7.5000 % Heidelberg Cement EUR Notes 09/14 EUR 500.0 500.0 % 104.965 524,825.00 1.29 

9.6250 % UPC Germany EUR Notes 09/19 EUR 1,500.0 1,500.0 % 106.000 1,590,000.00 3.92 

3.4000 % Versatel EUR FLR-Notes 07/14 EUR 200.0 200.0 % 88.000 176,000.00 0.43 

Ireland 2,839,079.00 7.00 

12.5000 % Allied Irish Banks EUR Notes 09/19 EUR 700.0 700.0 % 116.625 816,375.00 2.01 

7.1250 % Ardagh Glass Finance EUR Notes 07/17 EUR 900.0 900.0 % 98.554 886,981.50 2.19 

7.2500 % Smurfit Kappa Acquisitions EUR Notes 09/17 EUR 1,100.0 1,100.0 % 103.248 1,135,722.50 2.80 

Jersey 967,750.00 2.38 

5.2940 % Erste Capital Finance Jersey Tier 1 

EUR FLR-MTN 06/und. EUR 700.0 700.0 % 69.500 486,500.00 1.20 

5.1690 % RZB Finance Jersey IV EUR FLR-Notes 06/und. EUR 700.0 700.0 % 68.750 481,250.00 1.18 

Luxembourg 4,552,778.27 11.22 

8.2500 % Codere Finance Luxembourg EUR Notes 05/15 EUR 600.0 600.0 % 98.000 588,000.00 1.45 

6.6250 % Fiat Finance & Trade EUR Notes 06/13 EUR 700.0 700.0 % 103.793 726,551.00 1.79 

5.5000 % FMC Finance VI EUR Notes 10/16 EUR 1,000.0 1,000.0 % 104.500 1,045,000.00 2.57 

5.1250 % Fortis Hybrid Financing EUR FLR-Notes 06/und. EUR 1,000.0 1,000.0 % 75.023 750,227.27 1.85 

11.7500 % Wind Acquisition Finance EUR Notes 09/17 EUR 1,300.0 1,300.0 % 111.000 1,443,000.00 3.56 

South Africa 397,001.00 0.98 

7.6250 % Consol Glass EUR MTN 07/14 EUR 200.0 200.0 % 99.501 199,001.00 0.49 

6.1500 % Edcon Holdings Proprietary 

EUR FLR-Notes 07/15 EUR 300.0 300.0 % 66.000 198,000.00 0.49 

Spain 825,880.00 2.03 

8.2500 % Campofrio Food Group EUR Notes 09/16 EUR 800.0 800.0 % 103.235 825,880.00 2.03 

Sweden 1,002,500.00 2.47 

7.8750 % Stena EUR Notes 10/20 EUR 1,000.0 1,000.0 % 100.250 1,002,500.00 2.47 

Switzerland 575,788.50 1.42 

4.2800 % UBS EUR FLR-Notes 05/und. EUR 700.0 700.0 % 82.256 575,788.50 1.42 


4.3100 % ABN Amro Bank EUR FLR-Notes 06/und. EUR 600.0 600.0 % 68.053 408,315.00 1.01 

6.4150 % Carlson Wagonlit EUR FLR-Notes 06/15 EUR 400.0 400.0 % 90.958 363,833.33 0.90 

3.8090 % Impress Holdings EUR FLR-Notes 06/13 EUR 600.0 600.0 % 98.444 590,661.00 1.45 

4.1760 % ING Groep EUR FLR-MTN 05/und. EUR 600.0 600.0 % 80.000 480,000.00 1.18 

9.5000 % Magyar Telecom EUR Notes 09/16 EUR 700.0 700.0 % 103.063 721,437.50 1.78 

6.2580 % SNS REAAL EUR FLR-MTN 07/und. EUR 1,000.0 1,000.0 % 65.980 659,800.00 1.63 

8.0000 % UPC Holding EUR Notes 06/16 EUR 550.0 550.0 % 99.722 548,472.22 1.35 

9.7500 % UPC Holding EUR Notes 09/18 EUR 500.0 500.0 % 105.685 528,425.00 1.30 


10.1250 % Eco-Bat Finance EUR Notes 03/13 EUR 900.0 900.0 % 103.023 927,202.50 2.28 

9.3750 % FCE Bank EUR MTN 09/14 EUR 1,000.0 1,000.0 % 108.750 1,087,500.00 2.68 

11.0000 % ISS Financing EUR Notes 09/14 EUR 1,200.0 1,200.0 % 112.125 1,345,500.00 3.32 


90 


31/03/2010 



in EUR 

% of 

Subfund 

assets




Contracts 


31/03/2010 




in EUR 

10.6250 % Kerling EUR Notes 10/17 EUR 300.0 300.0 % 105.542 316,624.50 0.78 

6.3850 % LBG Capital No.2 EUR Notes 09/20 EUR 500.0 500.0 % 83.375 416,875.00 1.03 

6.3500 % Lloyds TSB Bank EUR FLR-Notes 02/und. EUR 200.0 200.0 % 76.954 153,908.00 0.38 

5.7500 % Mondi Finance EUR Notes 10/17 EUR 300.0 300.0 % 100.938 302,812.50 0.75 

5.0000 % Old Mutual EUR FLR-MTN 05/und. EUR 600.0 600.0 % 79.000 474,000.00 1.17 

10.7500 % TVN Finance EUR Notes 09/17 EUR 400.0 400.0 % 111.750 447,000.00 1.10 

9.5000 % Virgin Media Finance EUR Notes 09/16 EUR 1,050.0 1,050.0 % 111.839 1,174,312.50 2.89 


9.6250 % Cemex Finance EUR Notes 09/17 EUR 800.0 800.0 % 103.613 828,904.00 2.04 

5.0120 % Commerzbank Capital Funding Trust I 

EUR Notes 06/und. EUR 600.0 600.0 % 58.407 350,439.00 0.86 

5.6250 % Fiat Finance North America EUR MTN 07/17 EUR 700.0 700.0 % 96.500 675,500.00 1.67 

6.4670 % RBS Capital Trust A EUR FLR-Notes 02/und. EUR 400.0 400.0 % 60.450 241,800.00 0.60 

Other securities and money-market instruments 1,986,232.00 4.89 

Bonds 1,986,232.00 4.89 


8.8750 % CEDC Finance Corp International 

EUR Notes 09/16 EUR 500.0 500.0 % 105.750 528,750.00 1.30 

8.0000 % LBI Escrow EUR Notes 10/17 EUR 200.0 200.0 % 103.742 207,484.00 0.51 

7.7500 % Reynolds Group Issuer EUR Notes 09/16 EUR 1,200.0 1,200.0 % 104.167 1,249,998.00 3.08 










– Class AT (EUR) (accumulating) EUR 105.32 

– Class IT (EUR) (distributing) 


EUR 1,054.13 

– Class A (EUR) (distributing) Shs 10 

– Class AT (EUR) (accumulating) Shs 10 

– Class IT (EUR) (distributing) Shs 38,497 





% of 

Subfund 

assets 





Bonds 

France 

4.8750 % Pernod-Ricard EUR Notes 10/16 

Germany 

EUR 1,000.0 1,000.0 

6.5000 % HeidelbergCement EUR Notes 10/15 EUR 600.0 600.0 

91



as at 31/03/2010 


92 

31/03/2010 

EUR 

Securities 

(Cost price EUR 38,239,977.06) 39,391,027.38 





0.00 

– bonds 1,099,220.41 





Receivable on 

0.00 

– subscriptions on fund shares 0.00 



– securities transactions 620,191.39 



0.00 

– options transactions 0.00 











Payable on 

0.00 

– redemptions of fund shares 0.00 



– securities transactions – 1,039,434.50 



– 23,138.81 







Net assets 40,583,086.34





EUR 



Subscriptions 

0.00 

– Class A (EUR) 1) 1,000.00 

– Class AT (EUR) 1) 1,000.00 


39,194,406.10 

– Class A (EUR) 1) 0.00 

– Class AT (EUR) 1) 0.00 

– Class IT (EUR) 1) 0.00 

Equalization – 107,075.02 



1,493,755.26 





Class A 1) 

Shares 

Class AT 1) 

Shares 

Class IT 1) 

Shares 




0 0 0 

– issued 10 10 38,497 

– redeemed 


0 0 0 



10 10 38,497 

93





Contracts 


Equities 13,020,205.86 98.30 


3M Shs 500 1,600 USD 84.280 134,848.00 1.02 

Allstate Shs 3,200 7,900 USD 32.060 253,274.00 1.91 

Altria Group Shs 5,500 12,300 USD 20.650 253,995.00 1.92 

Annaly Capital Management Real Estate Investment Trust Shs 9,600 21,200 USD 17.100 362,520.00 2.74 

Apache Shs 1,300 300 3,600 USD 99.720 358,992.00 2.71 

AT&T Shs 7,400 15,400 USD 25.950 399,630.00 3.02 

Bank of America Shs 7,500 7,500 USD 17.760 133,200.00 1.01 

Cardinal Health Shs 2,600 7,200 USD 36.450 262,440.00 1.98 

CBS -B- Shs 2,900 3,000 8,800 USD 14.150 124,520.00 0.94 

CenturyTel Shs 5,600 7,700 USD 35.410 272,657.00 2.06 

Chesapeake Energy Shs 9,700 9,700 USD 23.440 227,368.00 1.72 

Chevron Shs 3,200 6,900 USD 75.300 519,570.00 3.92 

CIGNA Shs 3,700 3,700 USD 36.580 135,346.00 1.02 

ConAgra Foods Shs 10,100 10,100 USD 24.960 252,096.00 1.90 

ConocoPhillips Shs 3,200 7,600 USD 51.260 389,576.00 2.94 

CVS Caremark Shs 3,500 7,300 USD 37.030 270,319.00 2.04 

Diamond Offshore Drilling Shs 2,000 4,400 USD 85.410 375,804.00 2.84 

Dominion Resources Shs 1,600 3,300 USD 41.260 136,158.00 1.03 

Edison International Shs 5,700 11,400 USD 34.510 393,414.00 2.97 

Eli Lilly & Co. Shs 3,100 1,200 7,300 USD 35.900 262,070.00 1.98 

Emerson Electric Shs 700 2,600 USD 50.810 132,106.00 1.00 

FedEx Shs 400 200 1,500 USD 92.820 139,230.00 1.05 

Fortune Brands Shs 800 2,800 USD 49.110 137,508.00 1.04 

Freeport-McMoRan Copper & Gold Shs 1,600 1,600 USD 83.660 133,856.00 1.01 

Gap Shs 1,700 5,700 USD 23.250 132,525.00 1.00 

Goldman Sachs Group Shs 300 800 USD 171.380 137,104.00 1.03 

Halliburton Shs 900 4,000 USD 30.000 120,000.00 0.91 

Hewlett-Packard Shs 700 2,500 USD 53.260 133,150.00 1.01 

Home Depot Shs 1,500 4,000 USD 32.690 130,760.00 0.99 

International Business Machines Shs 700 2,000 USD 128.770 257,540.00 1.94 

Johnson & Johnson Shs 1,800 4,000 USD 64.900 259,600.00 1.96 

Johnson Controls Shs 800 700 4,000 USD 32.880 131,520.00 0.99 

JP Morgan Chase & Co. Shs 2,100 6,000 USD 44.580 267,480.00 2.02 

Kimberly-Clark Shs 1,900 4,300 USD 63.140 271,502.00 2.05 

Loew’s Shs 1,200 3,400 USD 37.230 126,582.00 0.96 

Marathon Oil Shs 6,300 12,500 USD 31.400 392,500.00 2.96 

Marsh & McLennan Shs 2,100 5,400 USD 24.550 132,570.00 1.00 

Mc Donald’s Shs 900 2,000 USD 67.240 134,480.00 1.01 

Medtronic Shs 900 2,800 USD 45.050 126,140.00 0.95 

Merck & Co Shs 4,300 6,800 USD 37.660 256,088.00 1.93 

Metlife Shs 2,300 6,600 USD 42.870 282,942.00 2.14 

Microsoft Shs 3,100 9,000 USD 29.770 267,930.00 2.02 

Molson Coors Brewing -B- Shs 1,600 3,000 USD 42.130 126,390.00 0.95 

Morgan Stanley Shs 2,000 4,300 USD 29.210 125,603.00 0.95 

Northrop Grumman Shs 1,900 6,000 USD 65.720 394,320.00 2.98 

Nucor Shs 1,600 2,900 USD 45.560 132,124.00 1.00 

Pfizer Shs 9,900 22,000 USD 17.260 379,720.00 2.87 

PPG Industries Shs 500 2,000 USD 66.050 132,100.00 1.00 

Prudential Financial Shs 1,400 4,700 USD 59.670 280,449.00 2.12 

Safeway Shs 4,100 10,400 USD 24.880 258,752.00 1.95 

Simon Property Group Real Estate Investment Trust Shs 409 300 1,632 USD 85.160 138,981.12 1.05 

State Street Shs 2,800 2,800 USD 45.780 128,184.00 0.97 

Time Warner Shs 7,600 12,566 USD 31.390 394,446.74 2.98 

Travelers Shs 1,700 4,700 USD 53.930 253,471.00 1.91 

Valero Energy Shs 2,300 3,200 6,500 USD 19.840 128,960.00 0.97 

Verizon Communications Shs 3,800 1,200 8,800 USD 31.230 274,824.00 2.07 

Xerox Shs 7,200 25,900 USD 9.690 250,971.00 1.89 


94 


31/03/2010 



in USD 

% of 

Subfund 

assets




Contracts 


Market Value 

in USD 









– Class W (USD) (accumulating) USD 1,504.33 

– Class AT (SGD) (distributing) 


SGD 11.06 

– Class W (USD) (accumulating) Shs 8,794 

– Class AT (SGD) (distributing) Shs 1,953 





% of 

Subfund 

assets 





Equities 


AOL Shs 451 451 

Bank of New York Mellon Shs 2,100 

Burlington Northern Santa Fe Shs 900 

Harley-Davidson Shs 1,700 5,800 

PNC Financial Services Shs 1,600 

Waste Management Shs 4,100 

XTO Energy Shs 3,000 

95



as at 31/03/2010 


96 

31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 10,621,539.93) 13,020,205.86 7,277,480.54 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

24,953.77 15,047.72 

– subscriptions on fund shares 0.00 1,418.54 



– securities transactions 83,998.24 0.00 



0.00 0.00 







Total Assets 13,334,390.31 7,419,974.31 





Payable on 

0.00 0.00 

– redemptions of fund shares 0.00 0.00 



– securities transactions – 79,151.98 0.00 



– 10,245.42 – 4,946.07 







Net assets 13,244,992.91 7,415,028.24




01/10/2009–31/03/2010 Launch date–31/03/2009 

USD USD 



Subscriptions 

7,415,028.24 0.00 

– Class I (USD) 1) 0.00 5,317,000.00 

– Class W (USD) 2) 5,046,982.73 0.00 

– Class AT (SGD) 3) Redemptions 

16,677.43 0.00 

– Class I (USD) 1) 0.00 252,779.89 

– Class AT (SGD) 3) – 4,336.15 0.00 

Distribution – 52,764.51 0.00 

Equalization – 30,956.81 1,298.99 



854,361.98 283,745.17 





Class W 2) 

Shares 

Class I 1)4) 

Shares 

Class W 2) 

Shares 




5,352 0 0 

– issued 3,442 5,317 5,317 

– redeemed 


0 – 253 – 253 

at the end of the reporting period 8,794 5,064 5,064 

SGD Shares 01/10/2009–31/03/2010 Launch date–31/03/2009 

Class AT 3) 

Shares 

Class AT 3) 

Shares 




296 0 

– issued 2,214 0 

– redeemed 


– 557 0 





4) Liquidation date: 3 April 2009. 

1,953 0 

97





Contracts 


Bonds 244,959,673.61 86.55 

Australia 2,000,210.00 0.71 

3.6250 % Westfield Europe Finance EUR Notes 05/12 EUR 2,000.0 % 100.011 2,000,210.00 0.71 

Canada 8,842,676.00 3.12 

4.0000 % Province of Ontario Canada EUR MTN 09/19 EUR 6,200.0 6,200.0 % 103.137 6,394,494.00 2.26 

5.0000 % Province of Quebec Canada EUR Bonds 09/19 EUR 2,200.0 % 111.281 2,448,182.00 0.86 

Cayman Islands 5,162,050.00 1.82 

4.6250 % Hutchison Whampoa Finance USD Notes 06/16 EUR 5,000.0 % 103.241 5,162,050.00 1.82 

Denmark 31,829,098.69 11.25 

0.6850 % Danske Bank EUR FLR-MTN 07/12 EUR 1,700.0 % 99.295 1,688,015.00 0.60 

5.8750 % Danske Bank EUR MTN 08/11 EUR 1,500.0 % 105.372 1,580,572.50 0.56 


2.0000 % Nordea Kredit Realkreditaktieselskab 

DKK Notes 09/11 DKK 9,000.0 9,000.0 % 100.525 1,215,153.46 0.43 

1.0000 % Nykredit Realkredit EUR Notes 09/11 EUR 14,000.0 3,000.0 11,000.0 % 100.060 11,006,545.00 3.89 

2.4500 % Realkredit Danmark DKK FLR-Notes 05/38 DKK 0.2 % 95.750 31.14 0.00 

2.0000 % Realkredit Danmark DKK Notes 09/11 DKK 109,900.0 109,900.0 % 100.490 14,833,207.59 5.24 

Finland 1,486,395.00 0.53 

3.1250 % OP Mortgage Bank EUR Notes 09/14 EUR 1,450.0 1,450.0 % 102.510 1,486,395.00 0.53 

France 12,179,020.00 4.30 

4.7500 % BPCE EUR FLR-Notes 06/und. EUR 1,000.0 % 75.750 757,500.00 0.27 

3.6250 % CIF Euromortgage EUR MTN 03/10 EUR 1,400.0 1,400.0 % 100.790 1,411,060.00 0.50 

0 % France Treasury Bill BTF 

EUR Zero-Coupon Bonds 09/10 EUR 6,000.0 870.0 5,130.0 % 99.640 5,111,532.00 1.80 

0 % France Treasury Bill 

BTF EUR Zero-Coupon Bonds 10/10 EUR 2,000.0 2,000.0 % 99.931 1,998,620.00 0.71 

0 % France Treasury Bill 

BTF EUR Zero-Coupon Bonds 10/11 EUR 1,000.0 1,000.0 % 99.445 994,450.00 0.35 


EUR MTN 09/16 EUR 1,800.0 % 105.881 1,905,858.00 0.67 

Germany 63,448,591.66 22.42 

5.0000 % Bundesrepublik Deutschland EUR Bonds 02/12 EUR 26,300.0 26,500.0 6,300.0 % 107.130 6,749,190.00 2.39 







4.0000 % Deutsche Pfandbriefbank EUR Notes 09/19 S.25039 EUR 2,700.0 2,700.0 % 102.965 2,780,055.00 0.98 

3.2500 % Deutsche Pfandbriefbank EUR Notes 05/12 S.5008 EUR 2,000.0 % 103.086 2,061,720.00 0.73 

5.7500 % Eurohypo EUR Notes 00/10 EUR 2,600.0 2,600.0 % 101.428 2,637,128.00 0.93 

4.2500 % Hypo Real Estate Bank International EUR MTN 08/10 EUR 1,400.0 1,400.0 % 100.155 1,402,170.00 0.50 

0.6750 % Landeskreditbank Baden-Wuerttemberg Foerderbank 

EUR FLR-MTN 10/13 S.3099 EUR 1,400.0 1,400.0 % 99.939 1,399,149.01 0.49 

9.6250 % Morgan Stanley Bank USD Notes 03/13 Reg.S USD 300.0 300.0 % 114.313 254,924.65 0.09 

4.5000 % Norddte.Landesbank Girozentrale EUR MTN 04/14 EUR 4,000.0 % 108.405 4,336,200.00 1.53 

5.6250 % PERI EUR Notes 04/11 Reg.S EUR 750.0 % 102.210 766,575.00 0.27 

Greece 8,064,063.50 2.85 

4.1000 % Hellenic Republic Government EUR Bonds 07/12 EUR 2,800.0 2,800.0 % 97.218 2,722,090.00 0.96 

4.3000 % Hellenic Republic Government EUR Bonds 09/12 EUR 5,400.0 4,900.0 500.0 % 98.603 493,012.50 0.18 

5.5000 % Hellenic Republic Government EUR Bonds 09/14 EUR 11,000.0 6,850.0 4,150.0 % 98.214 4,075,881.00 1.44 

6.0000 % Hellenic Republic Government EUR Bonds 09/19 EUR 1,500.0 11,100.0 800.0 % 96.635 773,080.00 0.27 

Ireland 9,878,548.48 3.49 

3.6250 % Allied Irish Banks EUR MTN 08/10 EUR 600.0 600.0 % 100.930 605,580.00 0.22 

10.7500 % Allied Irish Banks EUR MTN 10/17 EUR 600.0 600.0 % 108.522 651,129.00 0.23 

3.6250 % Anglo Irish Bank EUR MTN 08/10 EUR 1,300.0 1,300.0 % 100.856 1,311,128.00 0.46 

4.6250 % Bank of Ireland Mortgage Bank EUR MTN 09/14 EUR 3,000.0 3,000.0 % 102.915 3,087,450.00 1.09 

3.7500 % Irish Life & Permanent Group Holdings 

EUR MTN 09/10 EUR 500.0 500.0 % 101.045 505,225.00 0.18 

5.3810 % TransCapitalInvest EUR Notes 07/12 Reg.S EUR 1,400.0 1,900.0 % 104.500 1,985,500.00 0.70 

7.7000 % TransCapitalInvest USD Notes 08/13 Reg.S USD 2,100.0 2,100.0 % 110.986 1,732,536.48 0.61 


98 


31/03/2010 



in EUR 

% of 

Subfund 

assets




Contracts 


31/03/2010 




in EUR 

% of 

Subfund 

assets 

Italy 17,989,075.00 6.36 

5.7500 % Italy Buoni Poliennali Del Tesoro EUR Bonds 02/33 EUR 700.0 600.0 8,500.0 % 114.455 9,728,675.00 3.44 

4.2500 % Italy Buoni Poliennali Del Tesoro EUR Bonds 09/20 EUR 9,200.0 1,200.0 8,000.0 % 103.255 8,260,400.00 2.92 

Jersey 2,215,746.00 0.78 

7.6270 % HBOS Euro Finance EUR FLR-Notes 99/und. EUR 1,200.0 1,200.0 % 81.959 983,502.00 0.35 

5.3687 % HSBC Capital Funding EUR FLR-Notes 03/und. EUR 1,300.0 % 94.788 1,232,244.00 0.43 

Luxembourg 

6.2500 % AON Financial Services Luxembourg 

3,578,222.86 1.26 

EUR Notes 09/14 EUR 650.0 % 109.879 714,210.25 0.25 

9.0000 % FIAT Finance & Trade EUR MTN 09/12 EUR 1,000.0 1,000.0 % 108.817 1,088,165.00 0.38 

5.6250 % Gazstream USD Notes 05/13 Reg.S USD 253.5 486.9 % 103.344 374,069.61 1) 0.13 

0.9860 % Valhalla I EUR FLR-Notes 10/13 EUR 1,400.0 1,400.0 % 100.127 1,401,778.00 0.50 

Norway 4,185,226.34 1.48 

0.4819 % DnB NOR Bank USD FLR-MTN 06/16 USD 2,700.0 % 97.269 1,952,248.34 0.69 

2.3750 % SpareBanken 1 Boligkreditt EUR MTN 09/12 EUR 2,200.0 2,200.0 % 101.499 2,232,978.00 0.79 

Spain 

3.0000 % Fund for Ordered Bank Restructuring 

3,054,843.00 1.08 

EUR Notes 09/14 EUR 1,800.0 1,800.0 % 100.503 1,809,054.00 0.64 

4.3750 % Instituto de Credito Oficial EUR Notes 09/19 EUR 300.0 1,300.0 300.0 % 104.118 312,354.00 0.11 

4.1000 % Spain Government EUR Bonds 08/18 EUR 4,800.0 3,900.0 900.0 % 103.715 933,435.00 0.33 


4.7500 % European Investment Bank EUR MTN 07/17 EUR 1,800.0 % 111.268 2,002,815.00 0.71 

3.5000 % European Investment Bank EUR MTN 09/16 EUR 1,200.0 % 104.510 1,254,120.00 0.44 

4.5000 % European Investment Bank EUR MTN 09/25 EUR 1,000.0 3,400.0 1,100.0 % 106.519 1,171,709.00 0.41 

Sweden 5,064,289.00 1.79 

3.7500 % Nordea Hypotek EUR MTN 06/11 EUR 1,100.0 % 103.701 1,140,711.00 0.40 

3.5000 % Nordea Hypotek EUR MTN 10/17 EUR 2,500.0 2,500.0 % 101.719 2,542,975.00 0.90 

3.0000 % Stadshypotek EUR Notes 09/14 EUR 700.0 % 101.979 713,853.00 0.25 

0.8990 % Swedbank EUR FLR-MTN 06/16 EUR 700.0 700.0 % 95.250 666,750.00 0.24 

Switzerland 3,420,830.00 1.21 

0.8110 % UBS Jersey EUR FLR-MTN 05/15 EUR 3,500.0 % 97.738 3,420,830.00 1.21 


7.6250 % HeidelbergCement Finance EUR MTN 08/12 EUR 1,000.0 1,000.0 % 105.101 1,051,005.00 0.37 

5.2500 % ING Bank EUR MTN 08/18 EUR 2,600.0 % 111.577 2,901,002.00 1.03 

0.4949 % ING Bank USD FLR-MTN 06/16 

10.5000 % White Nights Finance for Gazprom 

USD 1,000.0 1,000.0 % 92.932 690,811.88 0.24 

USD Notes 09/14 Reg.S USD 1,000.0 2,300.0 % 119.125 2,036,702.52 0.72 


4.1250 % Bank of Scotland EUR MTN 07/12 EUR 102.0 102.0 % 102.778 104,833.56 0.04 

4.5000 % Barclays Bank EUR FLR-MTN 04/19 EUR 1,500.0 % 101.759 1,526,385.00 0.54 

0.8590 % Barclays Bank EUR FLR-MTN 07/17 EUR 2,500.0 % 94.230 2,355,737.50 0.83 

0.4519 % Barclays Bank USD FLR-MTN 05/15 USD 500.0 500.0 % 99.229 368,812.36 0.13 

0.9580 % HBOS EUR FLR-MTN 04/16 EUR 3,000.0 % 83.588 2,507,635.71 0.89 

0.8430 % HBOS EUR FLR-MTN 07/17 EUR 2,200.0 % 81.341 1,789,491.00 0.63 

3.8750 % HSBC Bank EUR MTN 06/11 EUR 3,000.0 % 103.940 3,118,200.00 1.10 

3.6250 % HSBC Holdings EUR FLR-Notes 05/20 EUR 1,750.0 % 99.609 1,743,157.50 0.62 

8.3750 % Imperial Tobacco Finance EUR MTN 09/16 EUR 1,400.0 % 123.296 1,726,144.00 0.61 

7.7500 % Imperial Tobacco Finance GBP MTN 09/19 GBP 800.0 % 117.535 1,058,649.55 0.37 

3.2500 % Lloyds TSB Bank EUR MTN 09/12 EUR 3,900.0 2,600.0 1,300.0 % 101.180 1,315,340.00 0.46 

3.7500 % Nationwide Building Society EUR MTN 10/15 EUR 500.0 500.0 % 99.088 495,437.50 0.17 

0.5313 % Royal Bank of Scotland USD FLR-MTN 04/16 USD 1,000.0 1,000.0 % 83.448 620,315.71 0.22 

0.4519 % Royal Bank of Scotland USD FLR-MTN 07/17 USD 1,000.0 1,000.0 % 82.091 610,230.22 0.22 


8.0000 % American International Group 

32,112,253.07 11.35 

EUR FLR-Notes 08/38 Reg.S EUR 2,000.0 2,000.0 % 82.100 1,642,000.00 0.58 

4.1250 % BA Covered Bond Issuer EUR MTN 07/12 EUR 2,350.0 2,350.0 % 104.177 2,448,159.50 0.87 

4.2500 % BA Covered Bond Issuer EUR MTN 07/17 EUR 3,000.0 % 100.862 3,025,860.00 1.07 

7.0000 % Bank of America EUR MTN 09/16 EUR 800.0 3,200.0 % 113.642 3,636,528.00 1.29 

4.7500 % Bank of America EUR MTN 10/17 EUR 800.0 800.0 % 100.361 802,888.00 0.28 

4.7500 % Citigroup EUR FLR-MTN 07/17 EUR 1,700.0 % 94.646 1,608,982.00 0.57 

5.0000 % Citigroup EUR MTN 04/19 EUR 2,000.0 % 99.944 1,998,870.00 0.71 

5.1250 % Citigroup GBP MTN 03/18 GBP 700.0 % 91.051 717,592.31 0.25 

1) The market value was determined on the basis of the last available pricing factor at closing NAV date. 

99





Contracts 

1.0110 % Goldman Sachs Group EUR FLR-Notes 06/16 EUR 1,500.0 % 92.783 1,391,737.50 0.49 

1.0150 % Goldman Sachs Group EUR FLR-Notes 07/17 EUR 1,500.0 % 91.689 1,375,327.50 0.49 

1.0910 % JPMorgan Chase & Co. EUR FLR-MTN 05/15 EUR 1,000.0 % 94.807 948,065.00 0.34 

1.0890 % Morgan Stanley EUR FLR-MTN 06/16 

6.2500 % Pemex Project Funding Master Trust 

EUR 3,700.0 5,400.0 % 91.380 4,934,520.00 1.74 

EUR Notes 03/13 Reg.S EUR 800.0 % 110.189 881,511.11 0.31 

6.4670 % RBS Capital Trust A EUR FLR-Notes 02/und. EUR 950.0 % 60.450 574,275.00 0.20 

3.8750 % WM Covered Bond Program EUR MTN 06/11 EUR 4,350.0 % 102.302 4,450,137.00 1.57 

4.3750 % WM Covered Bond Program EUR MTN 07/14 EUR 1,600.0 1,600.0 % 104.738 1,675,800.15 0.59 


Bonds 3,866,419.51 1.37 

Cayman Islands 185,805.41 0.07 

0.3300 % Kamp Re 2005 USD FLR-Notes 05/10 USD 84.0 882.9 % 28.310 185,805.41 1) 0.07 

The Netherlands 572,562.38 0.20 

11.0000 % Rabobank Nederland USD FLR-Notes 09/und. 144A USD 600.0 % 128.373 572,562.38 0.20 


0.5188 % General Electric Capital USD FLR-Notes 06/18 USD 3,000.0 % 86.380 1,926,334.97 0.68 

0.6489 % Goldman Sachs Group USD FLR-MTN 05/15 USD 1,000.0 % 95.071 706,712.27 0.25 

9.1000 % KB Home USD Notes 09/17 USD 600.0 600.0 % 106.500 475,004.48 0.17 

Asset-Backed Securities 5,386,873.05 1.90 

Ireland 1,963,000.04 0.69 

0.8510 % Provide ABS EUR FLR-Notes 05/48 Cl.A EUR 2,000.0 % 98.150 1,963,000.04 1) 0.69 

Italy 53,349.68 0.02 

1.0450 % F-E Blue ABS EUR FLR-Notes 02/18 Cl.1A EUR 56.8 53.4 % 99.831 53,349.68 1) 0.02 

Jersey 1,902,850.00 0.67 

3.0000 % MAGFD 2010 ABS EUR Notes 10/17 Cl.1A EUR 1,900.0 1,900.0 % 100.150 1,902,850.00 1) 0.67 


1.4020 % Globaldrive ABS EUR FLR-Notes 08/16 Cl.A EUR 336.0 27.6 308.4 % 99.378 306,476.57 1) 0.11 

4.0000 % Globaldrive ABS EUR Notes 08/16 Cl.A EUR 595.4 45.0 550.4 % 101.960 561,196.76 1) 0.20 

United Kingdom 600,000.00 0.21 

2.1430 % Bumper 2 ABS EUR FLR-Notes 09/22 Cl.A EUR 600.0 600.0 % 100.000 600,000.00 1) 0.21 

Mortgage-Backed Securities 14,467,845.10 5.11 

Germany 2,912,781.70 1.03 

0.8840 % Opera Finance MBS EUR FLR-Notes 06/15 Cl.A EUR 3,190.7 % 91.290 2,912,781.70 1) 1.03 

Ireland 

1.0270 % German Residential Asset Note Distributor 

128,579.23 0.04 

MBS EUR FLR-Notes 06/16 EUR 1.4 173.6 % 74.071 128,579.23 1) 0.04 

Jersey 281,136.50 0.10 

1.0930 % Geco MBS EUR FLR-Notes 02/54 Cl.A3 EUR 339.9 280.3 % 100.315 281,136.50 1) 0.10 


0.8490 % Leo-Mesdag MBS EUR FLR-Notes 06/19 Cl.A EUR 2,000.0 % 80.000 1,600,000.00 0.56 


0.9850 % Bauhaus Securities MBS EUR FLR-Notes 00/52 Cl.A2 EUR 123.8 116.1 % 99.612 115,624.88 1) 0.04 

3.1270 % Granite Mortgages MBS EUR FLR-Notes 03/44 Cl.2C EUR 258.0 % 42.718 110,219.46 1) 1.0430 % Granite Mortgages 

0.04 

MBS EUR FLR-Notes 04/44 Cl.2M Reg.S EUR 398.6 % 64.846 258,468.28 1) 1.2450 % Newgate Funding 

0.09 

MBS GBP FLR-Notes 07/50 Cl.A1 GBP 1,290.9 124.1 1,166.8 % 93.941 1,234,100.89 1) 2.3840 % Permanent Master Issuer 

0.44 

MBS EUR FLR-Notes 09/42 Cl.A3 EUR 1,100.0 % 101.649 1,118,139.02 1) 0.40 

0.8510 % RMAC MBS EUR FLR-Notes 04/36 Cl.A2C EUR 20.9 352.9 % 82.827 292,303.85 1) 0.10 


4.8765 % Adjustable Rate Mortgage Trust 

6,416,491.29 2.27 

MBS USD FLR-Notes 04/35 Cl.3A1 USD 138.1 557.0 % 94.163 389,878.34 1) 0.14 

5.3300 % Fed.Nat.Mortgage Ass. MBS USD Pool 387729 05/15 USD 19.9 2,465.9 % 108.993 1,997,887.26 0.70 

5.8200 % Fed.Nat.Mortgage Ass. MBS USD Pool 873312 06/21 USD 13.9 1,957.4 % 108.717 1,581,873.86 1) 0.56 

5.0000 % Federal Home Loan Mortgage MBS USD Notes 03/33 USD 34.3 1,394.6 % 97.426 1,010,028.65 1) 6.0000 % HSBC Asset Loan Obligation 

0.36 

MBS USD-Notes 06/36 Cl.A3 USD 84.6 3,438.5 % 47.190 1,206,214.87 1) 0.6400 % Washington Mutual 

0.43 

MBS USD FLR-Notes 04/44 Cl.A2A USD 29.7 458.2 % 67.710 230,608.31 0.08 




100 


31/03/2010 



in EUR 

% of 

Subfund 

assets




Contracts 


Bonds 5,110,850.00 1.81 


3.9285 % Asset Repackaging Trust EUR FLR-Notes 05/14 Reg.S EUR 3,500.0 % 97.000 3,395,000.00 1.20 

0.6530 % Rabobank Nederland EUR FLR-MTN 07/17 EUR 1,800.0 % 95.325 1,715,850.00 0.61 



5.2650 % Petroleum Export MBS USD Notes 05/11 Reg.S USD 419.7 1,782.2 % 99.373 1,316,535.52 0.46 





31/03/2010 



assets 

10,139,446.72 3.58 


0.1500 % Deposits used for collaterisation of derivatives EUR 613,643.92 0.22 





31/03/2010 



assets 

Derivatives 





10-Year German Government Bond (Bund) Future Jun10 Ctr 438 55 383 EUR 123.270 2,830.00 0.00 



Purchased Interest Rate Futures 349,637.50 0.13 

3-Month EURIBOR Interest Rate Future Jun11 Ctr 160 160 EUR 98.505 300,000.00 0.11 

3-Month EURIBOR Interest Rate Future Mar12 Ctr 209 209 EUR 97.890 49,637.50 0.02 

OTC-Dealt Derivatives 732,893.82 0.26 

Forward Foreign Exchange Transactions 98,716.37 0.03 

Sold BRL / Bought USD 05 Apr 2010 BRL – 3,750,000.00 20,084.40 0.01 

Sold CNY / Bought USD 13 Jul 2010 CNY – 3,386,000.00 2,810.85 0.00 

Sold DKK / Bought EUR 04 Jan 2011 DKK – 119,003,000.00 – 27,153.29 – 0.01 

Sold EUR / Bought SGD 14 Apr 2010 EUR – 3,378,344.71 221,442.53 0.08 

Sold EUR / Bought USD 21 May 2010 EUR – 1,533,477.39 23,790.12 0.01 

Sold EUR / Bought USD 26 Apr 2010 EUR – 5,460,005.46 115,026.40 0.04 

Sold GBP / Bought EUR 21 May 2010 GBP – 8,987,514.00 173,181.97 0.06 

Sold KRW / Bought USD 14 Apr 2010 KRW – 2,539,500,000.00 – 16,198.71 – 0.01 

Sold SGD / Bought EUR 14 Apr 2010 SGD – 810,000.00 – 7,393.37 0.00 

Sold SGD / Bought USD 14 Apr 2010 SGD – 1,952,958.00 3,780.53 0.00 

Sold USD / Bought BRL 02 Jun 2010 USD – 1,899,653.21 – 16,479.46 – 0.01 

Sold USD / Bought BRL 05 Apr 2010 USD – 2,090,883.75 3,866.02 0.00 

Sold USD / Bought CNY 10 Jan 2011 USD – 4,400,000.00 – 82,149.75 – 0.03 

Sold USD / Bought CNY 07 Jun 2010 USD – 1,900,000.00 – 13,727.25 – 0.01 

Sold USD / Bought CNY 13 Jul 2010 USD – 1,970,588.24 – 5,067.48 0.00 

Sold USD / Bought EUR 21 May 2010 USD – 22,676,114.01 – 260,157.85 – 0.09 

Sold USD / Bought EUR 26 Apr 2010 USD – 3,000,000.00 – 46,865.62 – 0.02 

Sold USD / Bought EUR 09 Apr 2010 USD – 2,294,254.50 – 8,005.51 0.00 

Sold USD / Bought GBP 21 May 2010 USD – 1,300,000.00 – 3,145.64 0.00 

Sold USD / Bought KRW 14 Apr 2010 USD – 5,184,534.27 21,077.48 0.01 

Options Transactions 186,611.88 0.07 

Sold Options on Interest Rate Swap Transactions (Swaptions) 186,611.88 0.07 

Call ECAL 6ME / 3.20% Strike 3.20% EUR 9,800,000.00 – 9,800,000.00 428.95 0.00 

Call ECAL 6ML / 2.75% Strike 2.75% GBP 7,600,000.00 – 7,600,000.00 2,535.03 0.00 

Call ECAL 6ML / 3.25% Strike 3.25% USD 9,700,000.00 – 9,700,000.00 79,124.61 0.03 

Call ECAL 6ML / 3.60% Strike 3.60% USD 14,500,000.00 – 14,500,000.00 23,689.27 0.01 

Put ECAL 6ME / 3.70% Strike 3.70% EUR 9,800,000.00 – 9,800,000.00 14,233.63 0.01 

Put ECAL 6ML / 3.75% Strike 3.75% GBP 7,600,000.00 – 7,600,000.00 12,586.12 0.01 

Put ECAL 6ML / 4.10% Strike 4.10% USD 14,500,000.00 – 14,500,000.00 – 14,334.85 – 0.01 

Put ECAL 6ML / 4.25% Strike 4.25% USD 9,700,000.00 – 9,700,000.00 68,349.12 0.02 

Swap Transactions 447,565.57 0.16 

Credit Default Swaps 282,952.40 0.10 



101





Contracts 

Protection Buyer – 295,890.92 – 0.10 

Allied Irish Banks Credit Default Swap Cp 5.00 EUR 600,000.00 600,000.00 – 8,189.48 0.00 

Bank of Scotland Credit Default Swap Cp.3.00 EUR 2,200,000.00 2,200,000.00 – 12,390.11 0.00 

HBOS Credit Default Swap Cp 3.82 EUR 1,500,000.00 – 104,470.00 – 0.04 

HBOS Credit Default Swap Cp 3.90 EUR 1,500,000.00 – 110,901.00 – 0.04 

Hutchison Whampoa Finance Credit Default Swap Cp 0.51 EUR 4,200,000.00 41,687.86 0.02 

Imperial Tobacco Credit Default Swap Cp 1.77 EUR 1,400,000.00 – 62,781.36 – 0.02 

Imperial Tobacco Credit Default Swap Cp 1.80 GBP 800,000.00 – 49,923.44 – 0.02 

KB Home Credit Default Swap Cp.5.00 USD 600,000.00 600,000.00 11,076.61 0.00 

Protection Seller 578,843.32 0.20 

American International Group Credit Default Swap Cp 5.00 USD 1,100,000.00 176,336.12 0.06 

American International Group Credit Default Swap Cp 5.00 USD 1,800,000.00 278,057.66 0.10 

AON Corporation Credit Default Swap Cp 1.00 EUR 600,000.00 3,441.33 0.00 

Australia Government Bond Credit Default swap Cp.1.00 USD 2,200,000.00 2,200,000.00 2,939.52 0.00 

Emirate of Abu Dhabi Credit Default Swap Cp.1.00 USD 1,800,000.00 1,800,000.00 42,635.44 0.02 

Emirate of Abu Dhabi Credit Default Swap Cp.1.00 USD 1,600,000.00 1,600,000.00 31,281.58 0.01 

ING Bank Credit Default Swap Cp 1.00 USD 900,000.00 900,000.00 – 538.94 0.00 

Japan Government Twenty Year Bond 

Credit Default Swap Cp 0.64 USD 2,200,000.00 2,200,000.00 2,995.29 0.00 

Morgan Stanley Credit Default Swap Cp.1.00 EUR 1,240,000.00 1,240,000.00 – 3,127.30 0.00 

Royal Bank of Scotland Credit Default Swap Cp.1.00 USD 400,000.00 400,000.00 8,460.65 0.00 




United Kingdom Gilt Credit Default Swap Cp 1.00 USD 1,900,000.00 1,900,000.00 3,009.52 0.00 

United Kingdom Gilt Credit Default Swap Cp.1.00 USD 2,200,000.00 2,200,000.00 5,662.51 0.00 

Interest Rate Swaps 164,613.17 0.06 

IRS BRL Fix Receiver 11.62% / Floating Payer 1M-BRAZIBOR BRL 24,200,000.00 24,200,000.00 17,934.72 0.01 

IRS BRL Fix Receiver 11.93% / Floating Payer 1M-BRAZIBOR BRL 39,000,000.00 39,000,000.00 44,279.30 0.01 

IRS EUR Fix Receiver 3.50% / Floating Payer 6M-EURIBOR EUR 5,400,000.00 5,400,000.00 47,720.79 0.02 



Investments in derivatives 1,176,561.32 0.42 







– Class I (EUR) (distributing) EUR 9.71 

– Class IT (EUR) (accumulating) EUR 10.68 


– Class A (EUR) (distributing) Shs 9,982,178 

– Class AT (EUR) (accumulating) Shs 5,448,677 

– Class CT (EUR) (accumulating) Shs 2,363,044 

– Class I (EUR) (distributing) Shs 10,092,446 

– Class IT (EUR) (accumulating) Shs 96 


102 


31/03/2010 



gain/loss 

% of 

Subfund 

assets








Bonds 

Denmark 

5.0000 % DLR Kredit EUR Notes 08/10 EUR 5,000.0 

5.0000 % Nykredit Realkredit EUR Notes 08/10 EUR 11,500.0 19,000.0 

4.0000 % Realkredit Danmark DKK Notes 07/10 DKK 20,000.0 20,000.0 

5.0000 % Realkredit Danmark EUR Notes 08/10 EUR 8,000.0 8,000.0 

France 

3.8750 % Banque PSA Finance EUR MTN 10/13 EUR 600.0 600.0 

1.0000 % BPCE EUR FLR-MTN 07/und. EUR 1,700.0 

4.2500 % Caisse d’Amortissement de la Dette Sociale EUR MTN 09/20 EUR 4,800.0 

4.1000 % Caisse Refinancement de l’Habitat EUR Notes 04/15 EUR 1,200.0 1,200.0 

4.1250 % CIF Euromortgage EUR MTN 09/14 EUR 1,650.0 

5.0000 % France Government Bond EUR Bonds 00/16 EUR 300.0 5,300.0 

0 % France Treasury Bill BTF EUR Zero-Coupon Bonds 09/10 EUR 868.0 3,113.0 

0 % France Treasury Bill BTF EUR Zero-Coupon Bonds 09/10 EUR 1,500.0 1,500.0 

1.5000 % French Treasury Note BTAN EUR Bonds 09/11 EUR 5,000.0 8,000.0 

Germany 

3.5000 % Bundesobligation EUR Bonds 06/11 EUR 8,000.0 

3.5000 % Bundesobligation EUR Bonds 08/13 EUR 3,640.0 3,640.0 




5.2500 % Bundesrepublik Deutschland EUR Bonds 00/10 EUR 13,354.0 13,354.0 



4.7500 % Bundesrepublik Deutschland EUR Bonds 03/34 EUR 300.0 300.0 




2.2500 % Bundesschatzanweisungen EUR Bonds 08/10 EUR 4,874.2 4,874.2 



5.5000 % DEPFA Deutsche Pfandbriefbank EUR Mortgage Bonds 98/13 S.473 EUR 1,700.0 

1.5000 % Deutsche Bundesrepublik Inflation Linked EUR Notes 06/16 EUR 3,337.4 3,337.4 

0 % German Treasury Bill EUR Zero-Coupon Bonds 09/09 EUR 1,000.0 

0 % German Treasury Bill EUR Zero-Coupon Notes 09/10 EUR 10.0 10.0 

0 % German Treasury Bill EUR Zero-Coupon Bonds 10/10 EUR 3,000.0 3,000.0 

Greece 

3.7000 % Hellenic Republic Government EUR Bonds 05/15 EUR 8,200.0 8,200.0 



6.1000 % Hellenic Republic Government EUR Bonds 10/14 EUR 600.0 600.0 

Ireland 

5.4000 % Ireland Government EUR Bonds 09/25 EUR 6,900.0 6,900.0 

Italy 

8.3750 % Intesa Sanpaolo EUR FLR-Notes 09/und. EUR 2,350.0 2,350.0 

5.0000 % Italy Buoni Poliennali Del Tesoro EUR Bonds 01/12 EUR 1,900.0 1,900.0 


5.0000 % Italy Buoni Poliennali Del Tesoro EUR Bonds 07/39 EUR 5,100.0 



3.7500 % Italy Buoni Poliennali Del Tesoro EUR Bonds 09/13 EUR 400.0 5,400.0 


4.2500 % UniCredit EUR MTN 09/16 EUR 2,600.0 

Luxembourg 

6.6050 % Gaz Capital EUR MTN 07/18 EUR 700.0 

Norway 

4.6250 % DnB NOR Boligkreditt EUR MTN 07/12 EUR 500.0 

4.5000 % DnB NOR Boligkreditt EUR MTN 08/11 EUR 3,000.0 

103






Portugal 

4.3750 % Banco Espirito Santo EUR MTN 08/11 EUR 600.0 

4.7500 % Banco Santander Totta EUR MTN 08/11 

Spain 

EUR 4,000.0 

3.0000 % Banco Bilbao Vizcaya Argentaria EUR Notes 09/14 EUR 5,000.0 5,000.0 


3.5000 % Caja de Ahorros y Monte de Piedad de Madrid EUR Notes 05/15 EUR 1,500.0 1,500.0 

5.0000 % Caja de Ahorros y Monte de Piedad de Madrid EUR Notes 07/19 EUR 2,800.0 2,800.0 

0.8920 % Santander Issuances S.A. Unipersonal EUR FLR-MTN 07/17 EUR 100.0 

6.6710 % Santander Perpetual Unipersonal USD Notes 07/17 Reg.S USD 1,700.0 

4.6000 % Spain Government Bond EUR Bonds 09/19 

Supranational 

EUR 1,200.0 1,200.0 

European Investment Bank EUR FLR-MTN 09/17 

Sweden 

EUR 1,000.0 1,000.0 

4.2500 % Nordea Hypotek EUR MTN 08/11 EUR 3,000.0 

4.0000 % Stadshypotek EUR Notes 07/10 

The Netherlands 

EUR 3,000.0 

0.9040 % ABN Amro Bank EUR FLR-MTN 05/15 EUR 700.0 

3.7500 % ABN Amro Bank EUR MTN 06/12 Cl.A EUR 600.0 

3.7500 % ABN Amro Bank EUR MTN 09/15 EUR 3,200.0 

4.0000 % Fortis Bank Nederland EUR MTN 10/15 EUR 3,000.0 3,000.0 

3.0000 % ING Bank EUR MTN 09/14 EUR 1,100.0 

2.7500 % Netherlands Government EUR Bonds 09/15 

United Kingdom 

EUR 6,300.0 6,300.0 

4.3750 % Lloyds TSB Bank EUR MTN 09/11 EUR 4,002.0 

5.7500 % Royal Bank of Scotland EUR MTN 09/14 EUR 1,000.0 

5.2500 % Royal Bank of Scotland Group EUR MTN 08/13 


Bonds 


EUR 1,100.0 

0.7013 % Morgan Stanley USD FLR-MTN 06/16 

Mortgage-Backed Securities 

Ireland 

USD 3,500.0 

0.8690 % DECO Series MBS EUR FLR-Notes 06/19 Cl.C EUR 2,900.0 

0.9100 % Immeo Residential Finance MBS EUR FLR-Notes 07/16 Cl.C EUR 1,690.9 

0.9120 % Lusitano Mortgages MBS EUR FLR-Notes 04/47 Cl.B EUR 423.0 

1.2980 % Quokka Finance MBS EUR FLR-Notes 06/16 Cl.D EUR 1,391.2 

0.9120 % Titan Europe MBS EUR FLR-Notes 06/16 Cl.B 

Italy 

EUR 1,121.7 

0.8950 % Vela Home MBS EUR FLR-Notes 05/40 Cl.B 


EUR 500.0 

0.8400 % Eclipse MBS EUR FLR-Notes 06/19 Cl.B 


EUR 1,727.4 

0.8740 % Opera Finance MBS EUR FLR-Notes 06/15 EUR 3,400.0 




Derivatives 







10-Year US Treasury Notes Future (CBT) Dec09 Ctr 51 51 





Purchased Currency Futures 

90Day EURO$ Future Dec10 Ctr 362 

90Day EURO$ Future Jun10 Ctr 362 362 

90Day EURO$ Future Sep10 Ctr 320 


104 

Acquisitions Disposals







Purchased Interest Rate Futures 

3-Month EURIBOR Interest Rate Future Jun10 Ctr 152 

3-Month EURIBOR Interest Rate Future Sep10 Ctr 152 

3-Month STERLING Interest Rate Future Sep10 Ctr 142 357 


Short Call Options on Bond Futures 

Call 119.5 CME US Treasury Notes Futures 11/09 Ctr 120 

Call 120 CME US Treasury Notes Futures 12/09 Ctr 127 127 

Call 124 EUX Euro Bobl Futures 11/09 Ctr 75 

Short Put Options on Bond Futures 

Put 115 CME US Treasury Notes Futures 12/09 Ctr 241 241 

Put 119.5 EUX Euro Bobl Futures 09/09 Ctr 80 


Options on foreign exchange transactions 

Bought Options on Interest Rate Swap Transactions (Swaptions) 

Call ECAL 6ME / 4.00% Strike 4.00% Ctr 11,100,000 11,100,000 

Call ECAL 6ME / 4.25% Strike 4.25% Ctr 1,800,000 

Put ECAL 3ML / 4.25% Strike 4.25% Ctr 8,700,000 8,700,000 

Put ECAL 6ME / 4.00% Strike 4.00% Ctr 11,100,000 11,100,000 



Put ECAL 6ML / 4.00% Strike 4.00% Ctr 9,900,000 9,900,000 

Sold Options on Interest Rate Swap Transactions (Swaptions) 

Call ECAL 3ML / 3.25% Strike 3.25% Ctr 1,800,000 

Call ECAL 3ML / 3.25% Strike 3.25% Ctr 19,800,000 19,800,000 

Call ECAL 6ME / 3.00% Strike 3.00% Ctr 11,100,000 11,100,000 

Call ECAL 6ML / 3.25% Strike 3.25% Ctr 9,900,000 9,900,000 


Credit Default Swaps 

Protection Buyer 

Hellenic Republic Credit Default Swap Cp 1.00 1,450,000.00 1,450,000.00 

Hellenic Republic Credit Default Swap Cp 1.00 5,250,000.00 5,250,000.00 

Hellenic Republic Government Bond Credit Default Swap Cp 1.00 2,900,000.00 2,900,000.00 

Royal Bank of Scotland Credit Default Swap Cp 1.00 600,000.00 

Swiss Bank Credit Default Swap Cp 1.62 1,500,000.00 

UBS Credit Default Swap Cp 1.00 2,000,000.00 

Protection Seller 

Gazprom Credit Default Swap Cp 1.00 900,000.00 900,000.00 

Spain Government Bond Credit Default Swap Cp 1.00 2,200,000.00 2,200,000.00 

Interest Rate Swaps 

IRS EUR Fix Receiver 3.00% / Floating Payer 6M-EURIBOR 28,100,000.00 28,100,000.00 

IRS EUR Fix Receiver 3.00% / Floating Payer 6M-EURIBOR 14,900,000.00 

IRS EUR Fix Receiver 3.00% / Floating Payer 6M-EURIBOR 14,900,000.00 14,900,000.00 

IRS EUR Fix Receiver 4.00% / Floating Payer 6M-EURIBOR 19,300,000.00 

105



as at 31/03/2010 


106 

31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 274,147,939.52) 275,108,196.79 248,375,962.95 





223,334.86 647,000.29 

– bonds 3,983,033.61 3,965,716.85 





Receivable on 

9.08 170.82 

– subscriptions on fund shares 5,075.00 53,394.47 






0.00 0.00 

– options transactions 200,946.73 30,491.60 




– forward foreign exchange transactions 585,060.30 1,219,068.55 


Total Assets 298,194,404.56 266,606,603.73 


Premiums received on written options – 334,663.17 – 150,337.32 

Upfront-payments received on swap transactions – 484,957.16 – 257,883.75 


Payable on 

– 10,106.85 – 6,503.79 







– 465,508.42 – 464,072.80 

– options transactions – 14,334.85 – 6,999.73 






Net assets 283,019,576.51 263,010,090.56




01/10/2009–31/03/2010 01/10/2008–31/03/2009 

EUR EUR 



Subscriptions 

263,010,090.56 514,465,374.69 

– Class A (EUR) 11,730,525.76 6,275,744.70 

– Class AT (EUR) 5,526,634.14 4,296,750.91 

– Class CT (EUR) 2,085,736.25 1,104,985.94 

– Class I (EUR) 15,706,836.12 27,730,724.98 

– Class IT (EUR) 58,892,098.41 0.00 

– Class I (H-CHF) 1) Redemptions 

0.00 0.00 

– Class A (EUR) – 19,962,585.51 – 41,257,034.22 

– Class AT (EUR) – 2,177,866.57 – 3,171,183.89 

– Class CT (EUR) – 5,119,827.52 – 10,994,552.36 

– Class I (EUR) – 441,901.83 – 64,307,976.13 

– Class IT (EUR) – 59,291,555.16 – 2,464,649.18 

– Class I (H-CHF) 1) 0.00 – 49,623,305.40 

Distribution 12,314,750.60 8,874,076.85 

Equalization 93,118.61 944,688.92 



653,522.65 – 38,289,357.88 



283,019,576.51 353,584,287.93 

107




EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 


108 

Class A 

Shares 

Class AT 

Shares 

Class CT 

Shares 

Class A 

Shares 

Class AT 

Shares 

Class CT 

Shares 




10,847,601 5,157,362 2,659,991 16,073,191 4,753,271 4,348,449 

– issued 1,261,649 481,950 202,346 727,707 404,513 115,743 

– redeemed 


– 2,127,072 – 190,635 – 499,293 – 4,687,083 – 296,944 – 1,158,981 

at the end of the reporting period 9,982,178 5,448,677 2,363,044 12,113,815 4,860,840 3,305,211 

EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class I 

Shares 




8,474,111 100 11,271,443 12,024,183 

– issued 1,664,787 5,688,912 3,221,407 0 

– redeemed 


– 46,452 – 5,688,916 – 7,172,876 – 257,002 

at the end of the reporting period 10,092,446 96 7,319,974 11,767,181 

CHF Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class I (H-CHF) 1) 

Class I (H-CHF) 

Shares 

1) 


Shares 



0 9,482,192 

– issued 0 0 

– redeemed 


0 – 9,482,192 



0 0 

Class IT 

Shares 

Class I 

Shares 

Class IT 

Shares





Contracts 


Bonds 15,866,799.44 89.59 

Denmark 81,268.90 0.46 

5.0000 % Nykredit Realkredit DKK Notes 07/41 DKK 28,401.5 598.5 % 101.100 81,268.90 0.46 

Finland 563,805.00 3.18 

3.1250 % OP Mortgage Bank EUR Notes 09/14 EUR 2,200.0 1,650.0 550.0 % 102.510 563,805.00 3.18 

France 6,025,740.00 34.02 

3.7500 % Banque PSA Finance EUR MTN 09/11 

1.5460 % Caisse Centrale du Credit Immobilier de France 

EUR 50.0 50.0 % 101.500 50,750.00 0.28 

EUR FLR-Notes 10/13 EUR 650.0 450.0 200.0 % 99.911 199,821.00 1.13 

4.7500 % Cie de Financement Foncier EUR MTN 07/15 EUR 500.0 500.0 % 109.818 549,090.00 3.10 

4.0000 % CIF Euromortgage EUR MTN 06/16 EUR 400.0 400.0 % 105.273 421,092.00 2.38 

0 % France Treasury Bill EUR Zero-Coupon Bonds 09/10 EUR 9,000.0 8,430.0 570.0 % 99.985 569,914.50 3.22 

0 % France Treasury Bill EUR Zero-Coupon Bonds 09/10 EUR 4,000.0 100.0 3,900.0 % 99.965 3,898,635.00 22.01 

3.4340 % Rhodia EUR FLR-Notes 06/13 Reg.S EUR 700.0 350.0 350.0 % 96.125 336,437.50 1.90 

Germany 579,565.44 3.27 


4.2500 % Münchener Hyp.Bank EUR Notes 99/11 S.560 EUR 2,300.0 100.0 % 103.347 103,347.00 0.58 

0.6410 % NRW.Bank EUR FLR-Notes 06/14 S.114 EUR 200.0 100.0 100.0 % 99.344 99,344.13 0.56 

3.3750 % NRW.Bank EUR Notes 09/14 EUR 380.0 120.0 % 104.630 125,556.00 0.71 

1.1230 % State of Berlin EUR FLR-Notes 09/13 S.282 EUR 400.0 200.0 200.0 % 100.452 200,904.31 1.13 

Ireland 573,490.00 3.24 

3.9000 % Ireland Government EUR Bonds 09/12 EUR 1,600.0 1,150.0 450.0 % 104.220 468,990.00 2.65 

5.3810 % TransCapitalInvest EUR Notes 07/12 Reg.S EUR 700.0 600.0 100.0 % 104.500 104,500.00 0.59 

Luxembourg 266,644.65 1.51 

6.8750 % TNK-BP Finance USD MTN 06/11 Reg.S USD 300.0 150.0 150.0 % 104.440 116,454.15 0.66 

0.9860 % Valhalla I EUR FLR-Notes 10/13 EUR 300.0 150.0 150.0 % 100.127 150,190.50 0.85 

Norway 631,464.00 3.57 

4.1250 % DnB NOR Boligkreditt EUR MTN 08/13 EUR 900.0 500.0 % 105.993 529,965.00 2.99 

2.3750 % SpareBanken 1 Boligkreditt EUR MTN 09/12 EUR 2,000.0 1,900.0 100.0 % 101.499 101,499.00 0.58 

Sweden 252,055.00 1.42 

1.2150 % Swedbank EUR FLR-MTN 09/12 EUR 750.0 250.0 % 100.822 252,055.00 1.42 


3.7500 % ABN Amro Bank EUR MTN 06/12 Cl.A EUR 2,100.0 2,800.0 800.0 % 103.810 830,480.00 4.69 

3.0000 % ING Bank EUR MTN 09/14 EUR 500.0 250.0 250.0 % 101.925 254,812.50 1.44 

4.2500 % ING Bank EUR Notes 08/13 EUR 2,000.0 500.0 % 106.254 531,270.00 3.00 

Tunisia 43,321.20 0.24 

6.2500 % Banque Centrale de Tunisie EUR MTN 03/13 EUR 40.0 40.0 % 108.303 43,321.20 0.24 


2.5000 % Abbey National Treasury Services EUR Notes 10/13 EUR 600.0 600.0 % 100.490 602,940.00 3.40 


7.1250 % FCE Bank EUR MTN 07/12 EUR 200.0 100.0 100.0 % 102.394 102,393.50 0.58 

6.4390 % LBG Capital No.1 EUR Notes 09/20 EUR 350.0 180.0 170.0 % 83.208 141,452.75 0.80 

4.1250 % Nationwide Building Society EUR MTN 07/12 EUR 1,700.0 900.0 800.0 % 103.353 826,824.00 4.67 

3.7500 % Nationwide Building Society EUR MTN 10/15 EUR 200.0 100.0 100.0 % 99.088 99,087.50 0.56 



2,954,035.00 16.68 

EUR FLR-Notes 08/38 Reg.S EUR 550.0 150.0 % 82.100 123,150.00 0.70 

4.6250 % BA Covered Bond Issuer EUR MTN 07/10 EUR 700.0 200.0 500.0 % 100.949 504,745.00 2.85 

4.1250 % BA Covered Bond Issuer EUR MTN 07/12 


EUR 2,000.0 1,200.0 800.0 % 104.177 833,416.00 4.71 

EUR Notes 03/13 Reg.S EUR 1,600.0 1,450.0 150.0 % 110.189 165,283.33 0.93 

8.8750 % Qwest Corp USD Notes 05/12 USD 700.0 75.0 625.0 % 109.563 509,024.64 2.87 

3.8750 % WM Covered Bond Program EUR MTN 06/11 EUR 1,750.0 800.0 % 102.302 818,416.03 4.62 

Securities and money-market instruments dealt on another regulated market 762,326.06 4.30 

Bonds 261,326.39 1.47 

Australia 261,326.39 1.47 

5.2500 % Hanson Australia Funding USD Notes 03/13 USD 700.0 350.0 350.0 % 100.443 261,326.39 1.47 

Asset-Backed Securities 150,225.00 0.85 

Jersey 150,225.00 0.85 

3.0000 % MAGFD 2010 ABS EUR Notes 10/17 Cl.1A EUR 150.0 150.0 % 100.150 150,225.00 1) 0.85 




31/03/2010 



in EUR 

% of 

Subfund 

assets 

109





Contracts 

Mortgage-Backed Securities 350,774.67 1.98 

Italy 5,793.99 0.03 

0.9520 % Vela Home MBS EUR FLR-Notes 03/27 Cl.A1 EUR 6.4 5.8 % 99.643 5,793.99 1) 0.03 


1.5251 % Dutch MBS EUR FLR-Notes 10/42 Cl.A1 EUR 350.0 150.0 200.0 % 100.210 200,420.00 1) 1.13 


1.2500 % Newgate Funding MBS EUR FLR-Notes 07/50 Cl.A2B EUR 100.0 100.0 % 79.608 79,608.00 1) 0.45 

1.2450 % Newgate Funding MBS GBP FLR-Notes 07/50 Cl.A1 GBP 67.9 6.5 61.4 % 93.941 64,952.68 1) 0.37 





31/03/2010 



assets 

649,398.64 3.67 


0.1500 % Deposits used for collaterisation of derivatives EUR 961.25 0.01 





31/03/2010 



assets 

Derivatives 



Futures Transactions 760.00 0.00 

Purchased Bond Futures 760.00 0.00 

10-Year German Government Bond (Bund) Future Jun10 Ctr 2 EUR 117.030 760.00 0.00 



Call 119 US Treasury Notes Futures 05/10 Ctr – 11 USD 0.156 4,146.87 0.02 

Short Call Options on Indices – 481.25 0.00 

Call 99.125 LIF Euribor 07/10 Ctr – 7 EUR 0.078 – 481.25 0.00 

Short Put Options on Indices 437.50 0.00 

Put 98.875 LIF Euribor 07/10 Ctr – 7 EUR 0.030 437.50 0.00 





Sold DKK / Bought EUR 21 May 2010 DKK – 1,066,031.91 11.88 0.00 

Sold EUR / Bought DKK 11 Jan 2011 EUR – 2,732,160.66 2,155.80 0.01 


Sold EUR / Bought GBP 21 May 2010 EUR – 1,760,418.32 17,985.03 0.10 

Sold EUR / Bought SGD 14 Apr 2010 EUR – 458,418.46 30,048.24 0.17 



Sold KRW / Bought USD 14 Apr 2010 KRW – 1,214,598,200.00 – 9,980.56 – 0.06 

Sold SGD / Bought EUR 14 Apr 2010 SGD – 685,669.00 – 5,924.75 – 0.03 

Sold SGD / Bought USD 14 Apr 2010 SGD – 730,000.00 388.97 0.00 

Sold USD / Bought CNY 13 Jul 2010 USD – 2,770,304.24 – 14,538.99 – 0.08 



Sold USD / Bought SGD 14 Apr 2010 USD – 585,769.93 – 58.78 0.00 

Options on foreign exchange transactions 74,405.95 0.42 


Call ECAL 3ML / 4.00% Strike 4.00% USD – 2,800,000.00 26,017.86 0.15 

Call ECAL 6ME / 0.70% Strike 0.70% EUR – 1,700,000.00 3,064.52 0.02 




Call ECAL 6ME / 3.20% Strike 3.20% EUR – 500,000.00 21.88 0.00 




Put ECAL 6ME / 3.70% Strike 3.70% EUR – 500,000.00 726.20 0.00 





110




Contracts 


31/03/2010 




gain/loss 

Swap Transactions – 37,072.26 – 0.21 

Credit Default Swaps – 46,513.04 – 0.26 


Hanson Credit Default Swap Cp 1.00 USD 700,000.00 350,000.00 350,000.00 – 678.63 0.00 

Qwest Credit Default Swap Cp 1.00 USD 700,000.00 700,000.00 – 13,380.87 – 0.08 

Rhodia Credit Default Swap Cp 1.00 EUR 700,000.00 350,000.00 350,000.00 – 12,279.35 – 0.07 

Protection Seller – 20,174.19 – 0.11 

Brazil Credit Default Swap Cp 1.15 USD 500,000.00 2,028.31 0.01 

Emirate of Abu Dhabi Credit Default Swap Cp.1.00 USD 300,000.00 300,000.00 7,105.90 0.04 

Mexico Government International Bond 

Credit Default Swap Cp 1.00 USD 800,000.00 500,000.00 300,000.00 501.63 0.01 

Republic of Korea Credit Default Swap Cp 1.00 USD 700,000.00 500,000.00 200,000.00 260.99 0.00 

Russia Credit Default Swap Cp 1.68 USD 280,000.00 – 29,902.79 – 0.17 

United Kingdom Gilt Credit Default Swap Cp 1.00 USD 1,000,000.00 900,000.00 100,000.00 61.69 0.00 

United Kingdom Gilt Credit Default Swap Cp 1.00 USD 1,000,000.00 900,000.00 100,000.00 – 229.92 0.00 


IRS BRL Fix Receiver 12.24% / Floating Payer 1M-BRAZIBOR BRL 10,200,000.00 8,100,000.00 2,100,000.00 9,440.78 0.05 





– Class I (EUR) (distributing) EUR 1,062.61 


– Class I (EUR) (distributing) Shs 16,667 

% of 

Subfund 

assets 

111







Bonds 

Austria 

3.2500 % Kommunalkredit Austria EUR MTN 06/11 EUR 700.0 2,200.0 

Brazil 

8.5000 % Brazilian Government EUR Bonds 04/12 EUR 1,100.0 1,600.0 

Cayman Islands 

1.4060 % Caixa Geral De Depositos Finance EUR FLR-Notes 05/und. EUR 150.0 

Denmark 

4.5000 % Danske Bank EUR MTN 09/16 EUR 1,150.0 

3.2500 % Danske Bank EUR Notes 09/15 EUR 500.0 500.0 

2.0000 % DLR Kredit DKK Notes 09/11 DKK 1,400.0 1,400.0 

1.0000 % DLR Kredit EUR Notes 09/11 EUR 1,300.0 1,300.0 

4.0000 % Nykredit Realkredit DKK Notes 07/11 DKK 9,500.0 9,500.0 




France 

4.1250 % BNP Paribas Home Loan Covered Bonds EUR MTN 08/11 EUR 2,000.0 

3.0000 % BNP Paribas Home Loan Covered Bonds EUR Notes 07/13 EUR 1,350.0 

5.2500 % Caisse d’Amortissement et de Dette Sociale EUR Bonds 98/12 EUR 1,000.0 

5.0000 % Caisse Refinancement de l’Habitat EUR Notes 02/13 EUR 500.0 

3.6250 % CIF Euromortgage EUR MTN 06/13 EUR 3,000.0 

3.1250 % CM-CIC Covered Bonds EUR Notes 10/15 EUR 200.0 200.0 

4.0000 % Compagnie de Financement Foncier EUR MTN 04/11 EUR 2,200.0 4,700.0 

4.0000 % Compagnie de Financement Foncier EUR MTN 07/12 EUR 800.0 800.0 

4.5000 % Compagnie de Financement Foncier EUR Notes 03/18 EUR 400.0 

3.5000 % Crédit Agricole Covered Bonds EUR MTN 09/14 EUR 800.0 

2.2500 % Crédit Agricole Covered Bonds EUR Notes 10/13 EUR 1,700.0 1,700.0 

1.5000 % French Treasury Note BTAN EUR Bonds 09/11 EUR 17,800.0 17,800.0 

5.2500 % GCE Covered Bonds EUR MTN 09/10 Reg’S EUR 2,400.0 

3.7500 % General Electric Societe de Credit Foncier EUR Notes 09/14 EUR 1,500.0 

3.7500 % L’emprunt d’Etat EUR MTN 03/10 EUR 1,700.0 

4.0000 % Societe Generale Societe de Credit Fonciere EUR MTN 08/16 EUR 550.0 

4.7500 % Societe Generale Societe de Credit Fonciere EUR Notes 08/13 EUR 2,500.0 

Germany 

5.5000 % Bayerische Hypo-und Vereinsbank EUR Mortgage Notes 02/12 S.999 EUR 2,000.0 

3.7500 % Bayerische Landesbank EUR Notes 03/11 EUR 3,000.0 





5.7500 % DekaBank Deutsche Girozentrale EUR Notes 00/10 EUR 1,700.0 

6.0000 % Deutsche Hyp.Bank EUR Notes 00/12 S.795 EUR 1,500.0 

4.2500 % Deutsche Postbank EUR MTN 08/13 EUR 3,000.0 

3.5000 % Dexia Hyp.Bank Berlin EUR Notes 04/11 S.1273 EUR 2,000.0 

3.2500 % Dte.Genossensch. Hyp. Bank EUR Notes 05/12 EUR 1,500.0 

3.0000 % Eurohypo EUR MTN 06/12 EUR 1,300.0 

3.7500 % Hypo Real Estate Bank International EUR Notes 04/11 EUR 700.0 3,100.0 

4.8750 % Kreditanstalt fuer Wiederaufbau EUR MTN 08/10 EUR 1,000.0 

3.5000 % Landesbank Berlin AG EUR Notes 08/11 EUR 2,400.0 

4.6250 % Norddeutsche Landesbank Girozentrale EUR Notes 08/13 EUR 500.0 

5.2500 % Westfälische Landschaft-Bodenkredit EUR Notes 01/10 S.234 EUR 2,300.0 

Greece 


2.9630 % Hellenic Republic Government EUR FLR-Bonds 09/13 EUR 1,100.0 1,100.0 

Italy 

3.2500 % Cassa Depositi e Prestiti EUR Notes 05/10 2,500.0 

4.2500 % UniCredit EUR MTN 09/16 EUR 750.0 

Japan 

4.1250 % Resona Bank EUR FLR-Notes 05/und. Reg.S EUR 500.0 


112 








Jersey 

4.9390 % HBOS Capital Funding EUR Notes 06/49 EUR 350.0 350.0 

Luxembourg 

9.0000 % Fiat Finance & Trade EUR MTN 09/12 EUR 700.0 700.0 

Norway 


4.5000 % DnB NOR Boligkreditt EUR MTN 08/11 EUR 900.0 900.0 

4.0000 % Sparebanken 1 Boligkreditt EUR MTN 08/11 EUR 500.0 

Spain 

5.2500 % Ayt Cedulas Cajas EUR Notes 01/11 EUR 800.0 800.0 

4.0000 % Ayt Cedulas Cajas Global EUR Notes 08/11 EUR 800.0 800.0 


2.6250 % Banco Español de Credito EUR MTN 09/13 EUR 300.0 

3.5000 % Banco Santander EUR Notes 06/14 EUR 200.0 200.0 

1.1320 % Santander International Debt EUR FLR-MTN 10/13 EUR 1,200.0 1,200.0 

Supranational 

3.6250 % European Investment Bank EUR MTN 06/11 EUR 1,200.0 

Sweden 

3.7500 % Nordea Hypotek EUR MTN 06/11 EUR 700.0 2,200.0 

4.2500 % Nordea Hypotek EUR MTN 07/14 EUR 500.0 500.0 

4.7500 % Skandinaviska Enskilda Banken EUR MTN 08/11 EUR 2,500.0 2,500.0 

3.7500 % Stadshypotek EUR MTN 06/13 EUR 1,700.0 1,700.0 

4.0000 % Swedish Covered Bond EUR MTN 07/10 EUR 1,000.0 

Switzerland 

3.0000 % UBS / London EUR Notes 09/14 EUR 600.0 600.0 


3.7500 % ABN Amro Bank EUR MTN 09/15 EUR 950.0 

5.2500 % ING Bank EUR MTN 08/18 EUR 800.0 

5.0000 % Netherlands Government Bond EUR Bonds 01/11 EUR 1,200.0 1,200.0 


3.7500 % Bank of Scotland EUR MTN 03/10 EUR 2,100.0 

5.1250 % HBOS EUR MTN 03/49 EUR 50.0 50.0 


7.3750 % LBG Capital EUR Notes 09/20 EUR 50.0 50.0 



4.3850 % Lloyds TSB Bank EUR FLR-Notes 05/und. EUR 300.0 300.0 


4.6250 % General Electric Capital EUR Notes 06/66 Reg.S EUR 190.0 

6.1890 % USB Capital IX USD FLR-Notes 06/49 USD 500.0 

Asset-Backed Securities 

Ireland 

0.8510 % Provide ABS EUR FLR-Notes 05/48 Cl.A EUR 800.0 

Italy 

0.8210 % Ducato Consumer ABS EUR FLR-Notes 06/19 Cl.31A EUR 732.1 

0.7500 % Italease Finance ABS EUR FLR-Notes 05/20 Cl.A2 EUR 411.9 

0.8310 % Locat Securitisation Vehicle ABS EUR FLR-Notes 04/24 Cl.A EUR 52.4 

0.8150 % Lombarda Lease Finance ABS EUR FLR-Notes 05/22 Cl.A4 EUR 242.0 242.0 

Luxembourg 

0.4890 % Bavarian Sky ABS EUR FLR-Notes 07/15 Cl.A EUR 395.9 


4.0000 % Globaldrive ABS EUR Notes 08/16 Cl.A EUR 74.4 74.4 


Italy 

0.7730 % Leasimpresa Finance MBS EUR FLR-Notes 06/25 Cl.A Reg.S EUR 812.1 

1.0000 % Siena Mortgages MBS EUR FLR-Notes 02/37 Cl.A2 EUR 52.9 

0.7950 % Vela Home MBS EUR FLR-Notes 05/40 Cl.3A EUR 255.2 


0.9490 % Delphinus MBS EUR FLR-Notes 01/31 Cl.A1 EUR 175.2 


0.7940 % Permanent Master Issuer MBS EUR FLR-Notes 06/33 Cl.4A2 EUR 200.0 1,700.0 

113






Other securities and money-market instruments 

Bonds 


0.6530 % Rabobank Nederland EUR FLR-MTN 07/17 



France 

EUR 500.0 

0 % France Treasury Bill BTF EUR Zero-Coupon Bonds 18.11.2010 


EUR 800.0 800.0 

0 % Dutch Treasury Certificate EUR Zero-Coupon Bonds 31.05.2010 EUR 700.0 700.0 




Derivatives 








10-Year US Treasury Notes Future (CBT) Mar10 Ctr 15 15 







Call 126 OGBL Euro-Bund 02/10 Ctr 39 39 







Call 124 EUX Euro Bobl Futures 02/10 Ctr 33 33 






Sold BRL / Bought USD BRL – 2,560,000.00 


Sold EUR / Bought DKK EUR – 53,193.63 

Sold EUR / Bought DKK EUR – 3,846,343.40 


Sold EUR / Bought GBP EUR – 2,086,596.04 


Sold EUR / Bought USD EUR – 342,840.34 


Sold GBP / Bought EUR GBP – 70,000.00 

Sold IDR / Bought USD IDR – 9,200,000,000.00 

Sold KRW / Bought USD KRW – 1,704,250,000.00 


Sold SGD / Bought EUR SGD – 920,000.00 

Sold SGD / Bought USD SGD – 820,000.00 

Sold USD / Bought BRL USD – 1,472,195.07 


Sold USD / Bought EUR USD – 3,334,291.46 


Sold USD / Bought KRW USD – 1,456,623.93 

Sold USD / Bought SGD USD – 285,327.06 


114 










Put ECAL 6ME / 4.00% Strike 4.00% Ctr 5,500,000.00 5,500,000.00 


Call ECAL 3ML / 3.25% Strike 3.25% Ctr 5,500,000.00 5,500,000.00 

Call ECAL 6ML / 3.50% Strike 3.50% Ctr 400,000.00 400,000.00 





Brazilian Government International Bond Credit Default Swap Cp.1.00 200,000.00 200,000.00 




115



as at 31/03/2010 


116 

31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 16,488,362.83) 16,629,125.50 86,595,290.86 





79,085.00 32,388.48 

– bonds 158,730.08 1,436,456.64 





Receivable on 

0.00 0.00 







0.00 0.00 





– forward foreign exchange transactions 125,272.51 226,058.91 


Total Assets 22,289,923.97 96,919,584.50 

Liabilities to banks – 22,927.05 – 8,340.00 


Upfront-payments received on swap transactions – 7,890.80 0.00 


Payable on 

450.11 0.00 

– redemptions of fund shares 0.00 – 7,476,490.00 



– securities transactions – 4,311,623.07 0.00 



– 47,624.81 – 74,274.28 

– options transactions – 481.25 – 4,462.00 






Net assets 17,710,924.96 89,178,067.82




01/10/2009–31/03/2010 01/10/2008–31/03/2009 

EUR EUR 



Subscriptions 

89,178,067.82 109,135,289.17 

– Class I (EUR) 

Redemptions 

404,420.62 420,548.32 

– Class I (EUR) – 70,929,491.26 – 16,047,491.36 

Distribution – 2,939,092.08 – 3,297,953.47 

Equalization 864,721.31 5,256.65 



1,132,298.55 5,921,038.99 




EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 




83,536 109,236 

– issued 390 422 

– redeemed 


– 67,259 – 16,067 

at the end of the reporting period 16,667 93,591 

Class I 

Shares 

Class I 

Shares 

117





Contracts 


Bonds 26,655,523.10 92.39 

Australia 223,994.05 0.78 

5.2500 % Hanson Australia Funding USD Notes 03/13 USD 300.0 300.0 % 100.443 223,994.05 0.78 

Denmark 2,221,378.07 7.70 


4.5000 % Danske Bank EUR MTN 09/16 EUR 150.0 % 107.541 161,311.50 0.56 

3.2500 % Danske Bank EUR Notes 09/15 EUR 200.0 200.0 % 102.032 204,064.00 0.71 

2.0000 % DLR Kredit DKK Notes 09/11 DKK 1,200.0 1,200.0 % 100.484 161,953.58 0.56 

4.0000 % Nykredit Realkredit DKK Notes 07/11 DKK 3,100.0 2,600.0 500.0 % 101.939 68,458.33 0.24 

4.0000 % Nykredit Realkredit DKK Notes 09/11 DKK 3,200.0 3,200.0 % 102.460 440,371.16 1.52 

1.0000 % Nykredit Realkredit EUR Notes 09/11 EUR 700.0 600.0 100.0 % 100.060 100,059.50 0.35 

Finland 895,198.00 3.10 

4.5000 % OP Mortgage Bank EUR MTN 07/12 EUR 700.0 700.0 % 105.919 741,433.00 2.57 

3.1250 % OP Mortgage Bank EUR Notes 09/14 EUR 150.0 150.0 % 102.510 153,765.00 0.53 

France 8,020,620.73 27.80 

3.8750 % Banques Populaires Covered Bond EUR Notes 09/14 EUR 500.0 500.0 % 105.830 529,150.00 1.83 

4.5000 % BNP Paribas Home Loan Covered Bonds 

EUR MTN 07/14 EUR 500.0 500.0 % 108.273 541,365.00 1.88 


EUR FLR-Notes 10/13 EUR 300.0 300.0 % 99.911 299,731.50 1.04 

4.2500 % Caisse Refinancement de l’Habitat EUR Notes 03/14 EUR 700.0 300.0 % 107.665 322,995.00 1.12 

4.5000 % CIF Euromortgage EUR MTN 03/13 EUR 300.0 900.0 400.0 % 108.017 432,068.00 1.50 

3.2500 % CIF Euromortgage EUR MTN 05/15 EUR 600.0 600.0 % 102.205 613,230.00 2.13 

3.1250 % CM-CIC Covered Bonds EUR Notes 10/15 EUR 900.0 900.0 % 101.875 916,873.10 3.18 

4.2500 % Compagnie de Financement Foncier 

EUR MTN 04/14 EUR 1,000.0 1,000.0 % 107.160 1,071,600.00 3.71 

2.2500 % Crédit Agricole Covered Bonds EUR Notes 10/13 EUR 700.0 700.0 % 101.260 708,820.00 2.46 

4.0000 % France Government Bond EUR Bonds 03/13 EUR 900.0 900.0 % 107.803 970,222.50 3.36 

1.5000 % French Treasury Note BTAN EUR Bonds 09/11 EUR 4,200.0 3,975.0 225.0 % 101.108 227,491.88 0.79 

3.7500 % General Electric Societe de Credit Foncier 

EUR Notes 09/14 EUR 850.0 % 104.346 886,936.75 3.07 

3.4340 % Rhodia EUR FLR-Notes 06/13 Reg.S EUR 300.0 300.0 % 96.125 288,375.00 1.00 


EUR MTN 09/16 EUR 200.0 % 105.881 211,762.00 0.73 

Germany 2,569,909.00 8.91 

5.0000 % Bundesrepublik Deutschland EUR Bonds 02/12 EUR 1,100.0 950.0 150.0 % 108.670 163,005.00 0.57 

5.5000 % DEPFA Deutsche Pfandbriefbank 

EUR Mortgage Bonds 98/13 S.473 EUR 1,000.0 2,100.0 1,000.0 % 109.691 1,096,910.00 3.80 

3.7500 % Hypo Real Estate Bank International 

EUR Notes 05/15 EUR 1,400.0 200.0 1,200.0 % 104.965 1,259,580.00 4.37 


Ireland 1,273,120.00 4.41 

3.2500 % Bank of Ireland Mortgage Bank EUR MTN 05/15 EUR 1,000.0 % 95.990 959,900.00 3.33 

3.9000 % Ireland Government EUR Bonds 09/12 EUR 500.0 400.0 100.0 % 104.220 104,220.00 0.36 

5.3810 % TransCapitalInvest EUR Notes 07/12 Reg.S EUR 300.0 100.0 200.0 % 104.500 209,000.00 0.72 

Luxembourg 782,102.70 2.71 

9.0000 % FIAT Finance & Trade EUR MTN 09/12 EUR 300.0 300.0 % 108.817 326,449.50 1.13 

6.8750 % TNK-BP Finance USD MTN 06/11 Reg.S USD 200.0 200.0 % 104.440 155,272.20 0.54 

0.9860 % Valhalla I EUR FLR-Notes 10/13 EUR 300.0 300.0 % 100.127 300,381.00 1.04 

Norway 2,151,120.00 7.45 

4.1250 % DnB NOR Boligkreditt EUR MTN 08/13 EUR 1,000.0 % 105.993 1,059,930.00 3.67 

5.0000 % Sparebanken 1 Boligkreditt EUR MTN 08/13 EUR 1,000.0 % 109.119 1,091,190.00 3.78 

Sweden 2,012,989.00 6.98 

4.2500 % Nordea Hypotek EUR MTN 07/14 EUR 500.0 500.0 % 107.188 535,940.00 1.86 

3.7500 % Stadshypotek EUR MTN 06/13 EUR 1,000.0 % 105.273 1,052,725.00 3.65 

4.1250 % Swedbank Hypotek EUR MTN 09/14 EUR 400.0 400.0 % 106.081 424,324.00 1.47 


3.7500 % ABN Amro Bank EUR MTN 09/15 EUR 1,000.0 % 104.685 1,046,850.00 3.63 

3.0000 % ING Bank EUR MTN 09/14 EUR 500.0 500.0 % 101.925 509,625.00 1.77 

4.2500 % ING Bank EUR Notes 08/13 EUR 300.0 500.0 800.0 % 106.254 850,032.00 2.94 


2.5000 % Abbey National Treasury Services EUR Notes 10/13 EUR 200.0 200.0 % 100.490 200,980.00 0.70 


118 


31/03/2010 



in EUR 

% of 

Subfund 

assets




Contracts 


3.8750 % Bank of Scotland EUR MTN 06/14 EUR 900.0 900.0 % 103.331 929,979.00 3.22 


7.1250 % FCE Bank EUR MTN 07/12 EUR 50.0 50.0 % 102.394 51,196.75 0.18 

6.3850 % LBG Capital EUR Notes 09/20 EUR 100.0 100.0 % 83.375 83,375.00 0.29 


3.7500 % Nationwide Building Society EUR MTN 10/15 EUR 100.0 100.0 % 99.088 99,087.50 0.34 



2,103,005.05 7.29 

EUR FLR-Notes 08/38 Reg.S EUR 350.0 % 82.100 287,350.00 1.00 

4.1250 % BA Covered Bond Issuer EUR MTN 07/12 


EUR 500.0 500.0 % 104.177 520,885.00 1.80 

EUR Notes 03/13 Reg.S EUR 750.0 500.0 250.0 % 110.189 275,472.22 0.95 

8.8750 % Qwest Corp USD Notes 05/12 USD 300.0 300.0 % 109.563 244,331.83 0.85 

3.8750 % WM Covered Bond Program EUR MTN 06/11 EUR 250.0 % 102.302 255,755.00 0.89 

4.0000 % WM Covered Bond Program EUR MTN 06/16 EUR 100.0 100.0 % 100.261 100,261.00 0.35 

4.3750 % WM Covered Bond Program EUR MTN 07/14 EUR 400.0 400.0 % 104.738 418,950.00 1.45 


Asset-Backed Securities 783,240.30 2.71 

Ireland 196,300.00 0.68 

0.8510 % Provide ABS EUR FLR-Notes 05/48 Cl.A EUR 200.0 % 98.150 196,300.00 1) 0.68 

Italy 336,565.30 1.16 

0.7500 % Italease Finance ABS EUR FLR-Notes 05/20 Cl.A2 EUR 70.6 289.8 % 95.826 277,677.81 1) 0.8310 % Locat Securitisation Vehicle 

0.96 

ABS EUR FLR-Notes 04/24 Cl.A EUR 18.3 60.3 % 97.633 58,887.49 0.20 

Jersey 250,375.00 0.87 


Mortgage-Backed Securities 731,717.45 2.54 

Ireland 

0.9170 % German Residential Asset Distributor 

152,727.71 0.53 

MBS EUR FLR-Notes 06/16 Cl.1A EUR 263.9 173.6 % 87.983 152,727.71 1) 0.53 

Italy 286,703.13 1.00 

0.9900 % Claris Finance MBS EUR FLR-Notes 03/32 Cl.A 

0.7730 % Leasimpresa Finance 

EUR 6.8 36.8 % 96.792 35,616.05 0.13 

MBS EUR FLR-Notes 06/25 Cl.A Reg.S EUR 71.8 253.1 % 96.907 245,293.06 1) 0.85 



0.8010 % Monastery MBS EUR FLR-Notes 06/44 EUR 9.5 344.0 % 84.960 292,286.61 1) 1.01 





31/03/2010 



assets 

360,996.54 1.25 






31/03/2010 



assets 

Derivatives 





3-Month EURIBOR Interest Rate Future Jun11 Ctr 83 63 20 EUR 98.505 12,500.00 0.04 



Call 119 10-Year US Treasury Notes Futures 05/10 Ctr 12 – 12 USD 0.156 4,523.86 0.02 

Short Put Options on Bond Futures 1,264.48 0.00 

Put 97.375 Eurodollar Futures 09/10 Ctr 5 – 5 USD 0.003 1,264.48 0.00 

Short Put Options on Indices 875.00 0.00 

Put 98.875 LIF Euribor 07/10 Ctr 14 – 14 EUR 0.030 875.00 0.00 

Short Call Options on Indices – 962.50 0.00 

Call 99.125 LIF Euribor 07/10 Ctr 14 – 14 EUR 0.078 – 962.50 0.00 




119





Contracts 



Sold BRL / Bought USD 02 Jun 2010 BRL – 771,540.00 – 4,847.83 – 0.02 

Sold BRL / Bought USD 05 Apr 2010 BRL – 760,000.00 4,121.63 0.02 



Sold DKK / Bought EUR 21 May 2010 DKK – 500,000.00 18.24 0.00 


Sold EUR / Bought GBP 21 May 2010 EUR – 89,000.00 1,089.74 0.00 

Sold EUR / Bought USD 21 May 2010 EUR – 841,080.77 13,929.49 0.05 

Sold GBP / Bought EUR 21 May 2010 GBP – 629,370.62 12,257.28 0.04 

Sold KRW / Bought USD 14 Apr 2010 KRW – 11,660,000.00 – 224.55 0.00 

Sold USD / Bought BRL 02 Jun 2010 USD – 425,103.48 – 3,687.77 – 0.01 

Sold USD / Bought BRL 05 Apr 2010 USD – 400,000.00 18,440.03 0.06 

Sold USD / Bought CNY 13 Jul 2010 USD – 965,205.03 – 5,030.49 – 0.02 

Sold USD / Bought EUR 21 May 2010 USD – 570,000.00 – 2,647.18 – 0.01 

Sold USD / Bought KRW 14 Apr 2010 USD – 409,956.06 1,666.66 0.01 




Put ECAL 6ME / 3.70% Strike 3.70% EUR – 1,000,000.00 1,452.46 0.01 




Put ECAL 6ML / 4.25% Strike 4.25% USD – 900,000.00 6,341.67 0.02 


Call ECAL 6ME / 3.20% Strike 3.20% EUR – 1,000,000.00 43.77 0.00 

Call ECAL 6ME / 3.25% Strike 3.25% EUR – 295,000.00 285.18 0.00 

Call ECAL 6ME / 0.70% Strike 0.70% EUR – 700,000.00 1,261.86 0.00 

Call ECAL 6ME / 0.70% Strike 0.70% EUR – 700,000.00 1,103.88 0.00 

Call ECAL 6ML / 3.25% Strike 3.25% USD – 900,000.00 7,341.46 0.03 





Fiat Finance & Trade Credit Default Swap Cp 5.00 EUR 300,000.00 300,000.00 – 3,146.61 – 0.01 

Hanson Credit Default Swap Cp 1.00 USD 300,000.00 300,000.00 – 581.68 0.00 

Qwest Credit Default Swap Cp 1.00 USD 300,000.00 300,000.00 – 5,734.66 – 0.02 

Rhodia Credit Default Swap Cp 1.00 EUR 300,000.00 300,000.00 – 10,525.15 – 0.04 


Brazilian Government International Bond 

Credit Default Swap Cp.1.00 USD 100,000.00 100,000.00 – 78.34 0.00 

Emirate of Abu Dhabi Credit Default Swap Cp 1.00 USD 200,000.00 200,000.00 619.30 0.00 


Federal Republic of Brazil Credit Default Swap Cp 1.00 USD 200,000.00 200,000.00 – 73.62 0.00 


Credit Default Swap Cp 1.00 USD 300,000.00 300,000.00 501.63 0.00 

Republic of Korea Credit Default Swap Cp 1.00 USD 300,000.00 300,000.00 391.50 0.00 

Russia Credit Default Swap Cp 1.68 USD 210,000.00 – 7,976.67 – 0.02 

United Kingdom Gilt Credit Default Swap Cp 1.00 USD 400,000.00 400,000.00 246.75 0.00 

United Kingdom Gilt Credit Default Swap Cp 1.00 USD 400,000.00 400,000.00 – 919.91 0.00 


IRS BRL Fix Receiver 12.24% / Floating Payer 1M-BRAZIBOR BRL 4,300,000.00 900,000.00 3,400,000.00 15,285.07 0.05 




Net asset value per share 





120 


31/03/2010 



gain/loss 

% of 

Subfund 

assets








Bonds 

Brazil 

8.5000 % Brazilian Government International EUR Bonds 04/12 EUR 750.0 


1.4060 % Caixa Geral De Depositos Finance EUR FLR-Notes 05/und. EUR 50.0 

Denmark 

1.0000 % DLR Kredit EUR Notes 09/11 EUR 400.0 400.0 


5.0000 % Realkredit Danmark EUR Notes 08/10 EUR 800.0 800.0 

France 

3.7500 % BNP Paribas EUR MTN 06/11 EUR 100.0 

3.0000 % BNP Paribas EUR Notes 09/13 EUR 1,000.0 

4.8750 % Compagnie de Financement Foncier EUR MTN 09/21 EUR 100.0 300.0 

4.5000 % Compagnie de Financement Foncier EUR Notes 03/18 EUR 100.0 

4.5000 % Crédit Agricole Covered Bonds EUR MTN 09/16 EUR 1,000.0 

3.1250 % Dexia Municipal Agency EUR MTN 05/15 EUR 600.0 

0 % France Treasury Bill EUR Zero-Coupon Bonds 09/10 EUR 1,000.0 1,000.0 

4.7500 % Société Générale Société de Credit Foncière EUR Notes 08/13 EUR 1,000.0 

Germany 



4.5000 % Deutsche Genossenschafts-Hyp.Bank EUR Notes 03/13 S.944 EUR 

3.2500 % Deutsche Pfandbriefbank EUR Notes 05/12 S.5008 EUR 1,000.0 

3.7500 % Deutsche Pfandbriefbank EUR Notes 06/13 EUR 1,000.0 


3.7500 % Hypo Real Estate Bank International EUR Notes 04/11 EUR 350.0 

4.0000 % Westfälische Landschaft-Bodenkreditbank EUR MTN 07/14 EUR 500.0 

Greece 


2.9630 % Hellenic Republic Government EUR FLR-Bonds 09/13 EUR 400.0 400.0 

Italy 

4.2500 % UniCredit EUR MTN 09/16 EUR 950.0 

Japan 

1.0000 % Resona Bank EUR FLR-Notes 05/und. Reg.S EUR 200.0 

Jersey 


Norway 

4.0000 % Sparebanken 1 Boligkreditt EUR MTN 08/11 EUR 200.0 

Spain 

3.2500 % Banco Bilbao Vizcaya Argentaria EUR Notes 06/16 EUR 300.0 


3.1250 % Banco Santander EUR Notes 05/15 EUR 300.0 


3.8750 % La Caja de Ahorros y Pensiones de Barcelona EUR Notes 05/25 EUR 300.0 

1.1320 % Santander International Debt EUR FLR-MTN 10/13 EUR 400.0 400.0 

Sweden 

3.7500 % Nordea Hypotek EUR MTN 06/11 EUR 300.0 

Switzerland 

3.0000 % UBS EUR MTN 09/14 EUR 500.0 500.0 


3.7500 % ABN Amro Bank EUR MTN 06/12 Cl.A EUR 800.0 

0 % Dutch Treasury Certificate EUR Zero-Coupon Bonds 09/10 EUR 200.0 200.0 

0.0100 % Dutch Treasury Certificate EUR Zero-Coupon Bonds 10/10 EUR 1,000.0 1,000.0 

5.2500 % ING Bank EUR MTN 08/18 EUR 300.0 

4.2500 % Netherlands Government EUR Bonds 03/13 EUR 1,300.0 1,300.0 


3.7500 % Bank of Scotland EUR MTN 03/10 EUR 300.0 


5.7500 % Royal Bank of Scotland EUR MTN 09/14 EUR 100.0 

121







4.6250 % General Electric Capital EUR Notes 06/66 Reg.S 


Bonds 


EUR 60.0 

0.6530 % Rabobank Nederland EUR FLR-MTN 07/17 EUR 200.0 




Derivatives 




























Sold BRL / Bought USD BRL – 900,000.00 

Sold BRL / Bought USD BRL – 900,000.00 


Sold EUR / Bought GBP EUR – 648,241.90 




Sold KRW / Bought USD KRW – 584,430,000.00 

Sold KRW / Bought USD KRW – 584,430,000.00 

Sold SGD / Bought USD SGD – 540,000.00 

Sold USD / Bought BRL USD – 517,568.58 



Sold USD / Bought EUR USD – 652,216.96 

Sold USD / Bought KRW USD – 499,512.82 






Put ECAL 6ME / 4.00% Strike 4.00% Ctr 900,000.00 900,000.00 

Call ECAL 3ML / 3.25% Strike 3.25% Ctr 1,900,000.00 1,900,000.00 


122 



as at 31/03/2010 


31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 27,856,981.55) 28,170,480.85 27,429,963.00 





52,091.15 9,840.94 

– bonds 517,304.56 470,707.70 





Receivable on 

0.00 0.00 




– securities transactions 108,822.12 5,675,674.49 



0.00 0.00 



– swap transactions 19,412.89 0.00 




Total Assets 29,340,660.43 34,283,456.25 



Upfront-payments received on swap transactions – 19,139.66 0.00 


Payable on 

– 623.88 0.00 







– 31,419.12 – 47,367.55 

– options transactions – 962.50 – 1,516.22 





Total Liabilities – 490,643.00 – 5,481,921.90 

Net assets 28,850,017.43 28,801,534.35 

123





124 

01/10/2009–31/03/2010 01/10/2008–31/03/2009 

EUR EUR 



Subscriptions 

28,801,534.35 78,367,723.54 


Redemptions 

0.00 0.00 

– Class I (EUR) – 2.15 – 44,840,784.44 

Distribution – 1,019,406.81 – 2,381,205.42 

Equalization 0.00 375,301.18 



1,067,892.04 4,148,907.07 




EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 




26,826 78,845 


– redeemed 


0 – 44,028 


Class I 

Shares 

Class I 

Shares





Contracts 


Bonds 117,899,510.35 94.08 

Brazil 853,200.00 0.68 

9.5000 % Brazilian Government International EUR Notes 01/11 EUR 800.0 800.0 % 106.650 853,200.00 0.68 

Denmark 20,611,181.49 16.45 

0.6850 % Danske Bank EUR FLR-MTN 07/12 EUR 900.0 % 99.295 893,655.00 0.71 


2.0000 % DLR Kredit DKK Notes 09/11 DKK 29,700.0 29,700.0 % 100.484 4,008,350.99 3.20 

4.0000 % Nykredit Realkredit DKK Notes 07/11 DKK 13,000.0 11,000.0 2,000.0 % 101.939 273,833.34 0.22 

5.0000 % Nykredit Realkredit DKK Notes 07/41 DKK 9,834.8 165.2 % 101.100 22,427.47 0.02 

4.0000 % Nykredit Realkredit DKK Notes 09/11 DKK 28,500.0 38,500.0 % 102.460 5,298,215.48 4.23 

1.0000 % Nykredit Realkredit EUR Notes 10/11 EUR 150.0 150.0 % 99.965 149,946.75 0.12 

2.0000 % Realkredit Danmark DKK Notes 09/11 DKK 59,000.0 59,000.0 % 100.490 7,963,232.46 6.35 

France 5,614,116.50 4.48 

3.7500 % Banque PSA Finance EUR MTN 09/11 EUR 200.0 % 101.500 203,000.00 0.16 

3.8750 % Banque PSA Finance EUR MTN 10/13 EUR 200.0 200.0 % 101.411 202,822.00 0.16 

0.6890 % BNP Paribas EUR FLR-MTN 10/11 EUR 1,450.0 1,450.0 % 100.023 1,450,333.50 1.16 


EUR FLR-Notes 10/13 EUR 1,250.0 1,250.0 % 99.911 1,248,881.25 1.00 

1.5000 % French Treasury Note BTAN EUR Bonds 09/11 EUR 6,300.0 6,150.0 150.0 % 101.108 151,661.25 0.12 

0.8430 % RCI Banque EUR FLR-MTN 06/11 EUR 700.0 700.0 % 99.247 694,725.50 0.55 

5.2500 % RCI Banque EUR MTN 08/11 EUR 400.0 400.0 % 103.267 413,068.00 0.33 

3.4340 % Rhodia EUR FLR-Notes 06/13 Reg.S EUR 1,300.0 1,300.0 % 96.125 1,249,625.00 1.00 

Germany 34,590,968.46 27.60 


0.6750 % Landeskreditbank Baden-Wuerttemberg Foerderbank 

EUR FLR-MTN 10/13 S.3099 EUR 2,600.0 2,600.0 % 99.939 2,598,419.59 2.07 


0.6050 % NRW.BANK EUR FLR-MTN 06/11 EUR 3,500.0 % 100.023 3,500,787.50 2.79 

0.6410 % NRW.BANK EUR FLR-Notes 06/14 S.114 EUR 300.0 300.0 % 99.344 298,032.39 0.24 

5.7500 % Rheinische Hypothekenbank EUR Notes 00/10 EUR 600.0 600.0 % 101.255 607,530.00 0.49 

0.5650 % State of Berlin EUR FLR-Notes 00/10 EUR 2,900.0 600.0 % 99.968 599,805.00 0.48 

0.8870 % State of Berlin EUR FLR-Notes 09/12 EUR 1,800.0 % 100.429 1,807,722.95 1.44 

1.1230 % State of Berlin EUR FLR-Notes 09/13 S.282 EUR 700.0 700.0 % 100.452 703,165.10 0.56 

0.6020 % State of Brandenburg EUR FLR-MTN 08/12 EUR 1,500.0 3,800.0 % 99.907 3,796,447.00 3.03 

1.2430 % State of Bremen EUR FLR-Notes 09/11 EUR 1,200.0 3,800.0 % 100.521 3,819,790.67 3.05 

1.2540 % State of Hesse EUR FLR-Notes 09/12 EUR 3,500.0 % 101.066 3,537,310.00 2.82 

0.9460 % State of Lower Saxony EUR FLR-Notes 07/12 EUR 1,800.0 % 100.286 1,805,150.09 1.44 

0.7220 % State of Lower Saxony EUR FLR-Notes 09/12 EUR 900.0 900.0 % 100.136 901,221.17 0.72 

0.6040 % State of North Rhine-Westphalia 

EUR FLR-Notes 08/11 EUR 2,000.0 % 100.010 2,000,200.00 1.60 

0.6220 % State of North Rhine-Westphalia 

EUR FLR-Notes 08/13 EUR 1,800.0 % 99.698 1,794,555.00 1.43 

1.1580 % State of Rhineland-Palatinate EUR FLR-Notes 09/11 EUR 1,800.0 % 100.322 1,805,796.00 1.44 

5.7500 % Westfaelische Hypothekenbank EUR Notes 00/10 EUR 2,000.0 % 101.400 2,028,000.00 1.62 

Ireland 8,613,410.00 6.87 

2.1250 % Allied Irish Banks EUR MTN 09/10 EUR 1,300.0 1,300.0 % 100.210 1,302,730.00 1.04 

3.6250 % Anglo Irish Bank EUR MTN 08/10 EUR 900.0 900.0 % 100.856 907,704.00 0.72 


2.7500 % German Postal Pensions Securitisation 

EUR Notes 05/11 EUR 2,700.0 2,700.0 % 101.485 2,740,095.00 2.19 

1.6370 % The Governor & Co of the Bank of Ireland 

EUR FLR-MTN 09/10 EUR 700.0 700.0 % 100.052 700,364.00 0.56 

5.3810 % TransCapitalInvest EUR Notes 07/12 Reg.S EUR 200.0 900.0 1,200.0 % 104.500 1,254,000.00 1.00 

Italy 1,001,017.51 0.80 

0.9000 % Italy Certificati di Credito del Tesoro 

EUR FLR-Notes 05/12 EUR 2,500.0 1,500.0 1,000.0 % 100.102 1,001,017.51 0.80 

Japan 680,750.00 0.54 

4.1250 % Resona Bank EUR FLR-Notes 05/und. Reg.S EUR 700.0 700.0 % 97.250 680,750.00 0.54 

Luxembourg 6,205,328.60 4.95 

9.0000 % FIAT Finance & Trade EUR MTN 09/12 EUR 1,300.0 1,300.0 % 108.817 1,414,614.50 1.13 

7.8000 % Gaz Capital EUR MTN 03/10 EUR 2,000.0 3,100.0 1,000.0 % 102.850 1,028,500.00 0.82 

6.8750 % TNK-BP Finance USD MTN 06/11 Reg.S USD 600.0 600.0 % 104.440 465,816.60 0.37 



31/03/2010 



in EUR 

% of 

Subfund 

assets 

125





Contracts 

0.9860 % Valhalla I EUR FLR-Notes 10/13 EUR 2,500.0 2,500.0 % 100.127 2,503,175.00 2.00 

8.2500 % VTB Capital EUR MTN 08/11 EUR 750.0 % 105.763 793,222.50 0.63 

Norway 2,319,792.00 1.85 

4.0000 % Sparebanken 1 Boligkreditt EUR MTN 08/11 EUR 450.0 % 103.282 464,769.00 0.37 

5.0000 % Sparebanken 1 Boligkreditt EUR MTN 08/13 EUR 1,700.0 1,700.0 % 109.119 1,855,023.00 1.48 


3.2500 % European Union EUR MTN 08/11 EUR 2,350.0 2,350.0 % 103.770 2,438,595.00 1.95 

Sweden 1,814,796.00 1.45 

1.2150 % Swedbank EUR FLR-MTN 09/12 EUR 1,800.0 % 100.822 1,814,796.00 1.45 


3.7500 % ABN Amro Bank EUR MTN 06/12 Cl.A EUR 3,500.0 2,000.0 1,500.0 % 103.810 1,557,150.00 1.24 

1.3650 % Fortis Bank Nederland EUR FLR-MTN 09/14 EUR 1,700.0 % 101.437 1,724,420.50 1.38 

1.5650 % Fortis Bank Nederland EUR FLR-Notes 10/12 EUR 600.0 600.0 % 100.517 603,102.00 0.48 

4.2500 % ING Bank EUR Notes 08/13 EUR 1,700.0 1,700.0 % 106.254 1,806,318.00 1.44 

4.2500 % LeasePlan EUR MTN 09/11 

10.5000 % White Nights Finance for Gazprom 

EUR 1,600.0 300.0 1,300.0 % 102.637 1,334,281.00 1.06 

USD Notes 09/14 Reg.S USD 2,800.0 1,500.0 1,300.0 % 119.125 1,151,179.69 0.92 


7.5000 % Barclays Bank EUR FLR-Notes 00/und. EUR 1,300.0 1,300.0 % 100.250 1,303,250.00 1.04 

7.1250 % FCE Bank EUR MTN 07/12 EUR 1,650.0 1,650.0 % 102.394 1,689,492.75 1.35 

3.8750 % HBOS Treasury Services EUR MTN 06/14 EUR 2,500.0 2,500.0 % 103.331 2,583,275.00 2.06 

5.0000 % Imperial Tobacco Finance EUR MTN 09/12 EUR 1,100.0 1,100.0 % 105.756 1,163,316.00 0.93 





0.9880 % Morgan Stanley EUR FLR-MTN 06/09 EUR 1,250.0 1,250.0 % 96.365 1,204,562.50 0.96 

4.6250 % Rentokil Initial EUR MTN 07/14 EUR 800.0 % 104.294 834,352.00 0.67 


0.8550 % American International Group EUR FLR-MTN 06/13 EUR 


1,000.0 1,000.0 % 89.058 890,575.00 0.71 

EUR FLR-Notes 08/38 Reg.S EUR 1,800.0 % 82.100 1,477,800.00 1.18 

4.6250 % BA Covered Bond Issuer EUR MTN 07/10 EUR 700.0 2,300.0 % 100.949 2,321,827.00 1.85 

4.1250 % BA Covered Bond Issuer EUR MTN 07/12 EUR 200.0 200.0 % 104.177 208,354.00 0.17 

0.8010 % Bank of America EUR FLR-MTN 06/13 EUR 1,200.0 1,200.0 % 95.268 1,143,216.00 0.91 

0.7950 % Citigroup EUR FLR-MTN 06/13 EUR 700.0 700.0 % 95.725 670,075.05 0.53 

4.2500 % Daimler Finance North America EUR MTN 04/11 EUR 1,200.0 1,200.0 % 103.417 1,241,004.00 0.99 

4.0000 % Fortune Brands EUR Notes 06/13 EUR 700.0 % 101.033 707,231.00 0.56 

5.1250 % Goldman Sachs Group EUR Notes 03/13 EUR 1,050.0 1,050.0 % 106.160 1,114,680.00 0.89 

1.3850 % Merrill Lynch EUR FLR-MTN 07/12 EUR 150.0 150.0 % 98.249 147,373.50 0.12 

8.8750 % Qwest Corp USD Notes 05/12 

7.2470 % UBS Preferred Funding Trust II 

USD 1,300.0 1,300.0 % 109.563 1,058,771.24 0.85 

USD FLR-Notes 01/und. USD 800.0 800.0 % 96.324 572,821.81 0.46 

3.8750 % WM Covered Bond Program EUR MTN 06/11 EUR 3,400.0 3,400.0 % 102.302 3,478,268.00 2.78 


Bonds 821,311.52 0.66 

Australia 821,311.52 0.66 

5.2500 % Hanson Australia Funding USD Notes 03/13 USD 1,100.0 1,100.0 % 100.443 821,311.52 0.66 

Asset-Backed Securities 6,005,190.15 4.79 

France 982,919.16 0.79 

0.5210 % Cars Alliance Funding ABS EUR FLR-Notes 06/20 Cl.A EUR 1,000.0 % 98.292 982,919.16 1) 0.79 

Ireland 

0.9350 % French Residential Asset 

2,635,249.13 2.10 

ABS EUR FLR-Notes 04/43 Cl.B EUR 1,750.0 % 87.500 1,531,250.00 1) 1.22 

0.4810 % SC Germany Auto ABS EUR FLR-Notes 07/15 Cl.A EUR 607.4 1,107.7 % 99.669 1,103,999.13 1) 0.88 

Italy 

0.8150 % Lombarda Lease Finance 

1,295,297.67 1.03 

ABS EUR FLR-Notes 05/22 Cl.A4 EUR 431.8 1,316.2 % 98.410 1,295,297.67 1) 1.03 

Jersey 951,425.00 0.76 



4.0000 % Globaldrive ABS EUR Notes 08/16 Cl.A EUR 148.9 11.3 137.6 % 101.960 140,299.19 1) 0.11 



126 


31/03/2010 



in EUR 

% of 

Subfund 

assets




Contracts 






Italy 1,431,404.04 1.14 

0.9900 % Claris Finance MBS EUR FLR-Notes 03/32 Cl.A 

0.7730 % Leasimpresa Finance 

EUR 6.8 36.8 % 96.792 35,616.05 0.03 

MBS EUR FLR-Notes 06/25 Cl.A Reg.S EUR 406.4 1,434.4 % 96.907 1,389,994.00 1) 1.11 



0.8010 % Monastery MBS EUR FLR-Notes 06/44 EUR 49.8 1,806.2 % 84.960 1,534,504.67 1) 1.23 


1.2450 % Newgate Funding MBS GBP FLR-Notes 07/50 Cl.A1 GBP 135.9 13.1 122.8 % 93.941 129,905.36 1) 0.10 





31/03/2010 



assets 

1,093,104.00 0.87 







31/03/2010 



assets 

Derivatives 








Call 119 10-Year US Treasury Notes Futures 05/10 Ctr 51 – 51 USD 0.156 19,226.39 0.02 

Short Put Options on Indices 3,812.50 0.00 

Put 98.875 LIF Euribor 07/10 Ctr 61 – 61 EUR 0.030 3,812.50 0.00 

Short Call Options on Indices – 4,193.75 0.00 

Call 99.125 LIF Euribor 07/10 Ctr 61 – 61 EUR 0.078 – 4,193.75 0.00 





Sold DKK / Bought EUR 21 May 2010 DKK – 28,250,000.00 904.64 0.00 

Sold EUR / Bought SGD 14 Apr 2010 EUR – 842,094.77 55,197.33 0.04 



Sold KRW / Bought USD 14 Apr 2010 KRW – 268,180,000.00 – 5,164.70 – 0.01 

Sold SGD / Bought EUR 14 Apr 2010 SGD – 410,669.00 – 4,219.61 0.00 

Sold USD / Bought CNY 13 Jul 2010 USD – 4,703,983.68 – 24,851.50 – 0.02 









Call ECAL 6ME / 3.20% Strike 3.20% EUR – 4,300,000.00 188.21 0.00 




Call EWCO 1.43 EUR vs USD 05/10 EUR – 2,500,000.00 20,897.50 0.02 





Put ECAL 6ML / 4.25% Strike 4.25% USD – 5,200,000.00 36,640.77 0.03 

Put EWCO 1.325 EUR vs USD 05/10 EUR – 2,500,000.00 1,575.00 0.00 

127





Contracts 




Fiat Finance & Trade Credit Default Swap Cp 5.00 EUR 1,300,000.00 1,300,000.00 – 13,635.45 – 0.01 

Ford Motor Credit Default Swap Cp 5.00 EUR 1,300,000.00 1,300,000.00 – 31,908.26 – 0.03 

Fortune Brands Credit Default Swap Cp.1.00 EUR 700,000.00 700,000.00 – 29,343.65 – 0.02 

Hanson Credit Default Swap Cp 1.00 USD 1,100,000.00 1,100,000.00 – 2,132.82 0.00 

Qwest Credit Default Swap Cp 1.00 USD 1,300,000.00 1,300,000.00 – 24,850.19 – 0.02 

Rentokil Initial Credit Default Swap Cp 3.60 EUR 800,000.00 800,000.00 – 91,754.14 – 0.07 

Rhodia Credit Default Swap Cp 1.00 EUR 1,300,000.00 1,300,000.00 – 45,609.00 – 0.04 


Brazilian Government International Bond 

Credit Default Swap Cp.1.00 USD 300,000.00 300,000.00 – 223.29 0.00 

Emirate of Abu Dhabi Credit Default Swap Cp 1.00 USD 1,000,000.00 1,000,000.00 3,096.47 0.00 

Emirate of Abu Dhabi Credit Default Swap Cp 1.00 USD 300,000.00 300,000.00 231.89 0.00 


Federal Republic of Brazil Credit Default Swap Cp 1.00 USD 1,000,000.00 1,000,000.00 – 368.10 0.00 

Federal Republic of Brazil Credit Default Swap Cp 1.01 USD 200,000.00 200,000.00 – 90.29 0.00 


Credit Default Swap Cp 1.00 USD 600,000.00 600,000.00 1,237.23 0.00 


Credit Default Swap Cp 1.00 USD 1,000,000.00 1,000,000.00 1,672.08 0.00 

Republic of Korea Credit Default Swap Cp 1.00 USD 1,200,000.00 1,200,000.00 1,565.97 0.00 

Russia Credit Default Swap Cp 1.68 USD 2,000,000.00 2,000,000.00 – 68,345.24 – 0.05 

United Kingdom Gilt Credit Default Swap Cp 1.00 USD 1,700,000.00 1,700,000.00 1,048.66 0.00 

United Kingdom Gilt Credit Default Swap Cp 1.00 USD 1,800,000.00 1,800,000.00 – 4,139.58 0.00 

Interest Rate Swaps 137.61 0.00 

IRS BRL Fix Receiver 12.24% / Floating Payer 1M-BRAZIBOR BRL 18,700,000.00 3,900,000.00 14,800,000.00 66,534.99 0.05 

IRS EUR Fix Receiver 3.50% / Floating Payer 6M-EURIBOR EUR 700,000.00 700,000.00 1,069.56 0.00 

IRS Fix Payer 3.50% / Floating Receiver 3M-LIBOR USD 5,000,000.00 5,000,000.00 – 67,466.94 – 0.05 





– Class CT (EUR) (accumulating) EUR 1,076.30 


– Class P (EUR) (distributing) EUR 996.86 


– Class CT (EUR) (accumulating) Shs 8,884 


– Class P (EUR) (distributing) Shs 1,020 


128 


31/03/2010 



gain/loss 

% of 

Subfund 

assets








Bonds 

Austria 

3.2500 % Kommunalkredit Austria EUR MTN 06/11 EUR 6,000.0 

Denmark 

4.0000 % BRFkredit EUR Notes 08/10 EUR 2,500.0 



5.0000 % Nordea Kredit Realkreditaktieselskab EURNotes 08/10 EUR 4,000.0 




Finland 

2.5000 % Sampo Housing Loan Bank EUR MTN 05/10 EUR 3,400.0 

France 

3.7500 % BNP Paribas Home Loan Covered Bonds EUR MTN 06/11 EUR 5,200.0 

5.0000 % Caisse Refinancement de l’Habitat EUR Notes 02/13 EUR 800.0 

4.0000 % Compagnie de Financement Foncier EUR MTN 04/11 EUR 3,000.0 5,000.0 

4.8750 % Compagnie de Financement Foncier EUR MTN 09/21 EUR 800.0 

5.6250 % Compagnie de Financement Foncier EUR Notes 99/10 EUR 1,400.0 

4.2500 % Dexia Municipal Agency EUR MTN 03/13 EUR 3,000.0 3,000.0 

4.0000 % France Government Bond EUR Bonds 03/13 EUR 11,400.0 11,400.0 


3.8750 % Vivendi EUR Notes 05/12 EUR 900.0 

Germany 

3.8750 % Bayerische Landesbank EUR MTN 06/09 EUR 2,600.0 

3.7500 % Berlin-Hannover Hyp.Bank EUR Notes 08/11 S.93 EUR 5,000.0 





1.2500 % Bundesschatzanweisungen EUR Notes 09/11 EUR 400.0 400.0 

5.5000 % Deutsche Genossenschafts-Hypothekenbank EUR Notes 00/10 Reg.S EUR 1,750.0 

3.2500 % Deutsche Pfandbriefbank EUR Notes 05/12 S.5008 EUR 2,500.0 

3.5000 % Dexia Kommunalbank Deutschland EUR Notes 04/11 S.1273 EUR 4,900.0 

3.7500 % Eurohypo AG EUR MTN 09/14 EUR 3,000.0 3,000.0 





5.7500 % Münchener Hyp.Bank EUR Notes 00/10 EUR 3,000.0 

4.0000 % SEB EUR Notes 07/12 EUR 1,700.0 

1.2490 % State of Bremen EUR Notes 09/11 EUR 300.0 

5.0000 % UniCredit Bank EUR Notes 01/11 EUR 5,000.0 

4.0000 % Westfälische Landschaft-Bodenkreditbank EUR Notes 04/11 EUR 4,000.0 

Greece 

3.9000 % Hellenic Republic Government EUR Bonds 06/11 EUR 600.0 600.0 


2.9630 % Hellenic Republic Government EUR FLR-Bonds 09/13 EUR 2,100.0 2,100.0 

Japan 

3.5000 % Bank of Tokyo-Mitsubishi UFJ EUR MTN 05/15 EUR 2,200.0 

Jersey 


6.6250 % WPP EUR MTN 08/16 EUR 800.0 

Luxembourg 

8.6250 % Michelin Luxembourg EUR MTN 09/14 EUR 300.0 

Norway 


Portugal 

5.5000 % Banco Espirito Santo EUR MTN 08/10 EUR 2,000.0 

Spain 

5.2500 % Ayt Cedulas Cajas EUR Notes 01/11 EUR 1,500.0 1,500.0 

4.0000 % Ayt Cedulas Cajas Global EUR Notes 08/11 EUR 1,500.0 1,500.0 

129








1.1320 % Santander International Debt EUR FLR-MTN 10/13 

Sweden 

EUR 2,000.0 2,000.0 

3.7500 % Nordea Hypotek EUR MTN 06/11 EUR 4,000.0 

4.2500 % Skandinaviska Enskilda Banken EUR MTN 08/11 EUR 2,700.0 2,700.0 

5.0000 % Volvo Treasury EUR MTN 07/17 

Switzerland 

EUR 1,200.0 

4.2800 % UBS Preferred Funding Jersey EUR FLR-Notes 05/und. 


EUR 1,200.0 

7.6250 % Adecco International Financial Services EUR MTN 09/14 EUR 700.0 

7.2500 % Akzo Nobel EUR Notes 09/15 EUR 1,250.0 

0.0100 % Dutch Treasury Certificate EUR Zero-Coupon Bonds 10/10 EUR 3,500.0 3,500.0 

3.0000 % ING Bank EUR MTN 09/14 


EUR 3,000.0 3,000.0 




5.1250 % Royal Bank of Scotland EUR FLR-MTN 04/und. 


EUR 900.0 

4.8750 % American International Group EUR FLR-Notes 07/67 Cl.A3 EUR 1,200.0 

1.0110 % Goldman Sachs Group EUR FLR-Notes 06/16 


Italy 

EUR 1,350.0 

1.0000 % Siena Mortgages MBS EUR FLR-Notes 02/37 Cl.A2 


Bonds 


EUR 52.9 

5.6500 % International Lease Finance USD MTN 07/14 


Bonds 


EUR 3,500.0 

0.6530 % Rabobank Nederland EUR FLR-MTN 07/17 EUR 900.0 




Derivatives 






10-Year German Government Bond (Bund) Future Jun10 Ctr 7 7 













130 














Put 119.5 10-Year German Federal Republic Bonds Future 11/09 Ctr 56 56 












Sold EUR / Bought USD EUR – 1,447,260.69 





Sold SGD / Bought EUR SGD – 1,690,000.00 

Sold SGD / Bought USD SGD – 1,130,000.00 




Sold USD / Bought KRW USD – 2,538,282.05 




Call ECAL 6ML / 4.25% Strike 4.25% USD 

Put ECAL 6ME / 4.00% Strike 4.00% EUR 5,800,000.00 5,800,000.00 


Put ECAL 6ME / 4.00% Strike 4.00% EUR 6,000,000.00 6,000,000.00 

Call ECAL 3ML / 3.25% Strike 3.25% EUR 5,800,000.00 5,800,000.00 



Protection Buyer 

Adecco Credit Default Swap Cp.1.70 EUR 700,000.00 700,000.00 

Akzo Nobel Credit Default Swap Cp 1.43 EUR 1,250,000.00 

Hellenic Republic Credit Default Swap Cp 1.00 USD 400,000.00 400,000.00 

Hellenic Republic Credit Default Swap Cp 1.00 USD 100,000.00 100,000.00 

International Lease Corp Credit Default Swap Cp 0.37 USD 3,500,000.0 

International Lease Finance Credit Default Swap Cp 0.37 USD 3,500,000.00 3,500,000.00 

Michelin Credit default Swap Cp 3.12 EUR 300,000.00 

Rentokil Credit default Swap Cp 3.60 EUR 800,000.00 

WPP 2005 Credit default Swap Cp 3.90 EUR 800,000.00 

Interest Rate Swaps 

IRS EUR Fix Payer 3.00% / Floating Receiver 6M-EURIBOR 13,400,000.00 13,400,000.00 

131



as at 31/03/2010 


132 

31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 127,302,994.63) 127,821,826.09 161,968,304.67 





295,711.35 139,997.49 

– bonds 1,419,561.85 2,662,801.59 





Receivable on 

0.00 0.00 

– subscriptions on fund shares 13,561.98 0.00 



– securities transactions 4,801,241.80 61,010.00 



2.09 1.45 


– futures transactions 3,080.00 0.00 





Total Assets 135,941,461.98 166,060,731.00 



Upfront-payments received on swap transactions – 146,965.01 – 32,216.73 


Payable on 

– 5,661.13 – 4,651.44 







– 128,677.84 – 268,632.13 

– options transactions – 4,193.75 – 7,772.98 






Net assets 125,324,191.57 164,956,264.42




01/10/2009–31/03/2010 01/10/2008–31/03/2009 

EUR EUR 



Subscriptions 

164,956,264.42 357,145,957.92 

– Class CT (EUR) 1) 1,836,008.03 755,144.93 

– Class I (EUR) 7,665,746.26 4,222,474.58 

– Class P (EUR) 

Redemptions 

9,343.98 116,089.29 

– Class CT (EUR) 1) – 5,297,236.88 – 9,159,438.91 

– Class I (EUR) – 44,263,831.58 – 164,921,917.26 

– Class P (EUR) – 96,296.77 – 1,720,820.66 

Distribution – 2,238,387.46 – 6,788,536.38 

Equalization 184,104.48 627,106.76 



2,568,477.09 – 4,976,575.55 




EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class CT 

Shares 

Class I 

Shares 

Class P 

Shares 

Class CT 

Shares 




12,148 151,013 1,108 21,334 330,196 3,429 

– issued 1,725 7,750 10 742 4,431 122 

– redeemed 


– 4,989 – 44,268 – 98 – 8,979 – 165,663 – 1,733 

at the end of the reporting period 8,884 114,495 1,020 13,097 168,964 1,818 

Class I 

Shares 

Class P 

Shares 

133





Contracts 


Equities 107,552,331.95 98.08 

Australia 30,120,175.82 27.47 

Ausenco Shs 171,200 316,774 AUD 4.400 949,372.39 0.87 

Australia & New Zealand Banking Group Shs 86,696 230,296 AUD 25.360 3,978,048.14 3.63 

BHP Billiton Shs 19,500 45,646 161,532 AUD 43.590 4,796,007.23 4.37 

Billabong International Shs 75,600 AUD 11.300 581,881.61 0.53 

Boart Longyear Group Shs 1,964,692 6,657,286 AUD 0.335 1,519,065.19 1.39 

Challenger Financial Services Group Shs 651,617 99,911 799,950 AUD 4.200 2,288,476.85 2.09 

Commonwealth Bank of Australia Shs 76,202 76,202 AUD 56.290 2,921,675.70 2.66 

Fairfax Media Shs 808,888 AUD 1.800 991,734.19 0.91 

Macmahon Holdings Shs 1,260,425 2,068,150 1,817,535 AUD 0.730 903,732.78 0.82 

Macquarie Group Shs 22,013 11,400 80,667 AUD 47.250 2,596,163.91 2.37 

Newcrest Mining Shs 29,857 AUD 32.820 667,450.61 0.61 

OneSteel Shs 512,419 AUD 3.900 1,361,207.15 1.24 

Pacific Brands Shs 655,238 1,346,938 AUD 1.325 1,215,620.10 1.11 

Rio Tinto Shs 33,714 AUD 78.400 1,800,365.72 1.64 

Stockland Real Estate Investment Trust Shs 243,133 AUD 3.990 660,771.34 0.60 

Wesfarmers Shs 37,687 77,581 AUD 31.790 1,679,887.86 1.53 

Woodside Petroleum Shs 37,837 37,837 AUD 46.900 1,208,715.05 1.10 

China 17,170,679.34 15.66 

Alibaba.com Shs 317,500 317,500 HKD 15.731 478,207.82 0.44 

China Construction Bank -H- Shs 850,000 6,970,000 HKD 6.350 4,237,715.65 3.86 

China Life Insurance -H- Shs 687,000 HKD 37.200 2,446,949.38 2.23 

China Oilfield Services -H- Shs 664,000 208,000 1,158,000 HKD 11.400 1,263,975.69 1.15 

China Pacific Insurance Group -H- Shs 314,400 314,400 HKD 34.500 1,038,548.88 0.95 

China Shenhua Energy -H- Shs 260,000 328,000 HKD 33.400 1,048,927.86 0.96 

Jiangsu Expressway -H- Shs 1,022,000 HKD 7.280 712,373.22 0.65 

Metallurgical Corp of China -H- Shs 2,576,000 2,576,000 HKD 4.250 1,048,238.48 0.96 

Sany Heavy Equipment International Holdings Shs 1,337,000 1,337,000 HKD 8.807 1,127,385.86 1.03 

Sina Shs 37,900 19,000 18,900 USD 38.010 534,018.77 0.49 

Sinopharm Group -H- Shs 375,200 58,400 316,800 HKD 34.900 1,058,609.80 0.96 

Tencent Holdings Shs 72,200 72,200 HKD 157.611 1,089,551.45 0.99 

Zhongsheng Group Holdings Shs 451,500 451,500 HKD 11.641 503,242.71 0.46 

ZTE -H- Shs 129,400 129,400 HKD 47.050 582,933.77 0.53 


BOC Hong Kong Holdings Shs 1,103,000 HKD 18.747 1,979,877.93 1.80 

Cheung Kong Holdings Shs 97,000 HKD 101.227 940,142.46 0.86 

China Mobile Shs 149,500 131,500 HKD 75.617 952,068.70 0.87 

China Resources Gas Group Shs 502,000 502,000 HKD 11.014 529,364.17 0.48 

CNOOC Shs 489,000 1,929,000 HKD 12.896 2,381,900.27 2.17 

Hong Kong Exchanges & Clearing Shs 65,400 HKD 131.190 821,494.54 0.75 

Jardine Matheson Holdings Shs 48,000 USD 33.033 1,178,660.95 1.07 

Li & Fung Shs 328,000 HKD 38.618 1,212,803.14 1.11 

Poly Hong Kong Investments Shs 1,234,000 1,234,000 HKD 10.052 1,187,644.16 1.08 

SJM Holdings Shs 1,168,000 1,168,000 HKD 5.163 577,344.38 0.53 

Sun Hung Kai Properties Shs 91,000 HKD 118.132 1,029,281.53 0.94 

Swire Pacific -A- Shs 75,000 HKD 94.495 678,574.48 0.62 

India 8,522,636.42 7.77 

Gujarat NRE Coke Shs 962,348 962,348 INR 88.200 1,401,730.26 1.28 

ICICI Bank Shs 80,682 190,958 INR 955.100 3,011,968.46 2.75 

IVRCL Infrastructures & Projects Shs 185,938 185,938 371,876 INR 166.750 1,024,065.44 0.93 

Lupin Shs 50,523 50,523 INR 1,597.500 1,332,888.17 1.21 

Reliance Industries Shs 83,195 67,786 98,604 INR 1,075.900 1,751,984.09 1.60 

Indonesia 3,432,555.29 3.13 

Perusahaan Gas Negara Shs 6,651,500 IDR 4,250.000 2,309,339.84 2.11 

Telekomunikasi Indonesia Shs 1,708,000 1,708,000 IDR 8,050.000 1,123,215.45 1.02 

Malaysia 1,254,041.41 1.14 

IOI Shs 63,820 1,021,120 MYR 5.390 1,254,041.41 1.14 


134 


31/03/2010 



in EUR 

% of 

Subfund 

assets




Contracts 


31/03/2010 




in EUR 

Singapore 6,014,869.80 5.49 

Indofood Agri Resources Shs 111,000 465,000 SGD 2.222 548,625.75 0.50 

Keppel Shs 262,000 SGD 9.047 1,258,552.92 1.15 

Parkway Holdings Shs 850,000 97,000 753,000 SGD 3.333 1,332,629.83 1.22 

United Overseas Bank Shs 284,000 SGD 19.066 2,875,061.30 2.62 

South Korea 13,492,853.42 12.30 

Grand Korea Leisure Shs 74,580 74,580 KRW 24,773.725 1,213,878.36 1.11 

Honam Petrochemical Shs 7,729 7,729 KRW 114,768.071 582,781.66 0.53 

Kia Motors Shs 38,510 38,510 KRW 25,532.104 645,983.77 0.59 

Korea Exchange Bank Shs 192,130 KRW 13,650.828 1,723,120.53 1.57 

Lotte Shopping Shs 5,093 KRW 331,664.557 1,109,773.18 1.01 

NCSoft Shs 8,577 KRW 145,103.244 817,662.38 0.74 

POSCO Shs 1,304 1,547 3,625 KRW 533,899.043 1,271,535.93 1.16 

Samsung Electronics Shs 1,219 2,204 9,279 KRW 827,139.048 5,042,445.15 4.60 

Samsung Fire & Marine Insurance Shs 9,004 KRW 183,527.796 1,085,672.46 0.99 

Taiwan 12,445,802.79 11.35 

Asustek Computer Shs 376,000 422,000 351,000 TWD 55.300 454,334.75 0.41 

Eva Airways Shs 1,777,000 1,777,000 TWD 14.950 621,830.94 0.57 

Far Eastern New Century Shs 272,000 1,294,040 TWD 34.900 1,057,101.85 0.96 

Fubon Financial Holding Shs 2,879,000 2,879,000 TWD 38.600 2,601,193.60 2.37 

Hon Hai Precision Industry Shs 1,262,345 TWD 137.500 4,062,790.88 3.71 

MediaTek Shs 47,000 73,000 TWD 551.000 941,495.32 0.86 

Novatek Microelectronics Shs 463,000 463,000 TWD 99.000 1,072,901.60 0.98 

Uni-President Enterprises Shs 308,000 1,271,821 TWD 36.150 1,076,162.86 0.98 

Unimicron Technology Shs 504,000 585,000 TWD 40.750 557,990.99 0.51 

Thailand 1,629,560.95 1.49 

PTT Chemical (Foreign) Shs 356,100 740,300 THB 95.750 1,629,560.95 1.49 

Participating Shares 1,961,286.14 1.79 

Australia 1,161,431.11 1.06 

Equinox Minerals (NPV’s) Shs 413,868 413,868 AUD 4.120 1,161,431.11 1.06 

China 799,855.03 0.73 

Netease.com (ADR’s) Shs 29,295 USD 36.730 799,855.03 0.73 









– Class A (USD) (distributing) USD 15.23 




– Class I (USD) (distributing) USD 16.83 


– Class N (EUR) (distributing) EUR 16.38 

– Class S (EUR) (distributing) 


EUR 16.34 

– Class A (USD) (distributing) Shs 177,356 


– Class AT (EUR) (accumulating) Shs 48,323 


– Class I (USD) (distributing) Shs 436,151 


– Class N (EUR) (distributing) Shs 102 

– Class S (EUR) (distributing) Shs 1,513 



% of 

Subfund 

assets 

135







Equities 

Australia 

Aristocrat Leisure Shs 251,638 

CSR Shs 619,428 

National Australia Bank Shs 199,162 

QBE Insurance Group Shs 69,003 

Westpac Banking Shs 151,119 

Woodside Petroleum Shs 2,910 2,910 

Woodside Petroleum -Rights- Shs 2,910 2,910 

China 

Aluminum Corp. of China -H- Shs 626,000 

China Citic Bank -H- Shs 3,598,000 3,598,000 

China Coal Energy -H- Shs 915,000 1,415,000 

China Dongxiang Group -H- Shs 1,868,000 

China Longyuan Power Group -H- Shs 623,000 623,000 

China Railway Group -H- Shs 952,000 

Industrial & Commercial Bank of China -H- Shs 2,418,000 

Maanshan Iron & Steel -H- Shs 2,232,000 2,232,000 

Sino-Ocean Land Holdings -H- Shs 681,500 

Hong Kong 

China Overseas Land & Investment Shs 386,800 

China Resources Power Holdings Shs 322,800 

China Unicom Hong Kong Shs 478,000 

Hutchison Whampoa Shs 166,000 

Kerry Properties Shs 135,000 

India 

Bharat Heavy Electricals Shs 41,676 

Power Finance Shs 124,367 

Satyam Computer Services Shs 582,618 

Unitech Shs 301,404 

Indonesia 

Bank Danamon Indonesia Shs 445,000 

Timah Shs 3,191,000 

Malaysia 

IOI Shs 63,820 63,820 

Singapore 

Yanlord Land Group Shs 838,000 

South Korea 

Hynix Semiconductor Shs 68,170 

Korean Air Lines Shs 17,370 

LG Shs 25,611 

LG Electronics Shs 6,400 

Shinhan Financial Group Shs 36,400 36,400 

Taiwan 

China Steel Shs 782,932 

Siliconware Precision Industries Shs 501,000 

Taiwan Cement Shs 1,205,570 

Taiwan Fertilizer Shs 111,000 

Taiwan Semiconductor Manufacturing Shs 640,876 

Yuanta Financial Holding Shs 2,822,000 

Thailand 

PTT Exploration & Production (Foreign) Shs 339,600 


136 



as at 31/03/2010 


31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 82,083,361.05) 109,513,618.09 96,745,009.72 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

347,543.36 35,360.68 







0.00 0.00 







Total Assets 110,351,822.15 98,699,384.72 





Payable on 

0.00 0.00 







– 158,304.71 – 148,558.59 







Net assets 109,658,659.74 98,466,985.76 

137





138 

01/10/2009–31/03/2010 01/10/2008–31/03/2009 

EUR EUR 



Subscriptions 

98,466,985.76 83,895,802.32 

– Class A (EUR) 7,231,185.44 2,747,247.53 

– Class AT (EUR) 60,556.68 34,168.47 

– Class CT (EUR) 642,650.21 127,868.54 

– Class I (EUR) 1,484,459.99 8,842,262.46 

– Class N (EUR) 1) 25.91 1,000.00 

– Class S (EUR) 1) 1,679.15 13,666.92 

– Class A (USD) 311,925.97 161,783.66 

– Class I (USD) 

Redemptions 

7,577,554.37 767,731.06 

– Class A (EUR) – 11,813,705.72 – 7,494,481.29 

– Class AT (EUR) – 12,070.95 – 47,609.08 

– Class CT (EUR) – 272,032.91 – 179,506.97 

– Class I (EUR) 0.00 – 1,695,399.09 

– Class N (EUR) 1) 0.00 0.00 

– Class S (EUR) 1) – 81.91 – 1,061.52 

– Class A (USD) – 65,862.57 – 179,949.22 

– Class I (USD) – 6,631,532.62 – 2,649,469.46 

Distribution – 1,656,172.67 – 905,096.44 

Equalization – 11,159.97 – 36,272.35 



14,344,255.58 – 10,568,752.70 



109,658,659.74 72,833,932.84




EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class A 

Shares 

Class AT 

Shares 

Class CT 

Shares 

Class A 

Shares 

Class AT 

Shares 

Class CT 

Shares 




4,623,852 42,708 353,071 4,181,926 101,257 310,114 

– issued 471,106 7,019 74,810 260,969 5,779 21,041 

– redeemed 


– 765,227 – 1,404 – 31,952 – 704,305 – 6,589 – 30,592 

at the end of the reporting period 4,329,731 48,323 395,929 3,738,590 100,447 300,563 

EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class I 

Shares 

Class N 1) 

Shares 

Class S 1) 

Shares 

Class I 

Shares 

Class N 1) 

Shares 

Class S 1) 

Shares 




338,748 100 1,405 616,935 0 0 

– issued 97,403 2 113 840,121 100 1,413 

– redeemed 


0 0 – 5 – 159,971 0 – 104 

at the end of the reporting period 436,151 102 1,513 1,297,085 100 1,309 

USD Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class A 

Shares 




153,358 1,731,838 153,925 2,007,779 

– issued 30,519 653,159 20,772 95,003 

– redeemed 


– 6,521 – 574,601 – 24,077 – 309,000 



177,356 1,810,396 150,620 1,793,782 

Class I 

Shares 

Class A 

Shares 

Class I 

Shares 

139





Contracts 


Equities 127,702,094.53 98.22 

Austria 195,838.50 0.15 

OMV Shs 7,150 EUR 27.390 195,838.50 0.15 

Belgium 3,256,855.80 2.51 

Anheuser-Busch InBev Shs 39,860 67,400 EUR 37.475 2,525,815.00 1.94 

Belgacom Shs 13,730 13,730 EUR 28.900 396,797.00 0.31 

Delhaize Group Shs 530 5,610 EUR 59.580 334,243.80 0.26 

Finland 3,242,374.00 2.49 

Metso Shs 14,990 11,020 13,300 EUR 23.930 318,269.00 0.24 

Nokia Shs 91,600 15,350 254,270 EUR 11.500 2,924,105.00 2.25 

France 46,897,081.51 36.07 

Air Liquide Shs 10,990 19,620 EUR 89.050 1,747,161.00 1.34 

Alstom Shs 4,100 7,290 EUR 46.705 340,479.45 0.26 

AXA Shs 104,380 168,040 EUR 16.435 2,761,737.40 2.12 

BNP Paribas Shs 39,490 8,780 82,650 EUR 57.390 4,743,283.50 3.65 

Bouygues Shs 1,530 12,530 EUR 37.785 473,446.05 0.36 

Carrefour Shs 15,540 1,720 33,280 EUR 35.905 1,194,918.40 0.92 

Casino Guichard Perrachon Shs 5,780 1,380 8,850 EUR 62.960 557,196.00 0.43 

Compagnie de Saint-Gobain Shs 23,820 11,400 18,406 EUR 35.950 661,695.70 0.51 

Crédit Agricole Shs 70,100 124,220 EUR 12.940 1,607,406.80 1.24 

France Télécom Shs 58,700 26,700 159,930 EUR 17.820 2,849,952.60 2.19 

GDF Suez Shs 64,790 119,742 EUR 28.735 3,440,786.37 2.65 

Groupe Danone Shs 13,150 33,895 EUR 44.970 1,524,258.15 1.17 

L’Oréal Shs 9,740 15,540 EUR 78.990 1,227,504.60 0.94 

Lafarge Shs 6,350 6,350 EUR 52.420 332,867.00 0.26 

Lagardère Shs 15,730 15,730 EUR 29.980 471,585.40 0.36 

LVMH Moët Hennessy Louis Vuitton Shs 14,070 22,190 EUR 87.400 1,939,406.00 1.49 

Sanofi-Aventis Shs 32,110 5,160 93,683 EUR 55.420 5,191,911.86 3.99 

Schneider Electric Shs 15,260 22,775 EUR 87.150 1,984,841.25 1.53 

Société Générale Shs 45,690 67,611 EUR 46.555 3,147,630.11 2.42 

Total Shs 63,270 19,890 164,698 EUR 43.145 7,105,895.21 5.47 

Unibail-Rodamco Shs 2,460 2,460 EUR 149.350 367,401.00 0.28 

Vinci Shs 10,530 21,210 24,865 EUR 44.220 1,099,530.30 0.85 

Vivendi Shs 41,060 800 106,656 EUR 19.935 2,126,187.36 1.64 

Germany 33,671,846.59 25.90 

Allianz Shs 13,580 6,320 33,445 EUR 93.170 3,116,070.65 2.40 

BASF Shs 30,090 12,210 77,424 EUR 45.925 3,555,697.20 2.73 

Bayer Shs 22,790 3,440 52,320 EUR 49.880 2,609,721.60 2.01 

Daimler Shs 20,970 3,350 54,260 EUR 34.890 1,893,131.40 1.46 

Deutsche Bank Shs 19,520 1,170 52,641 EUR 57.280 3,015,276.48 2.32 

Deutsche Börse Shs 1,160 5,390 EUR 55.130 297,150.70 0.23 

Deutsche Telekom Shs 139,260 291,040 EUR 10.069 2,930,481.76 2.25 

E.ON Shs 75,660 2,060 165,749 EUR 27.235 4,514,174.02 3.47 

Infineon Technologies Shs 90,060 90,060 EUR 5.138 462,728.28 0.36 

Münchener Rückversicherungsg Reg.S Shs 8,200 21,425 EUR 120.201 2,575,306.43 1.98 

RWE Shs 14,310 9,080 34,677 EUR 65.710 2,278,625.67 1.75 

SAP Shs 20,800 4,560 56,892 EUR 35.850 2,039,578.20 1.57 

Siemens Shs 24,850 59,162 EUR 74.100 4,383,904.20 3.37 

Greece 315,648.20 0.24 

National Bank of Greece Shs 20,780 20,780 EUR 15.190 315,648.20 0.24 

Ireland 289,766.62 0.22 

CRH Shs 2,830 15,620 EUR 18.551 289,766.62 0.22 

Italy 12,682,593.52 9.76 

Assicurazioni Generali Shs 75,090 117,952 EUR 17.930 2,114,879.36 1.63 

Enel Shs 221,790 127,930 544,730 EUR 4.190 2,282,418.70 1.76 

ENI Shs 63,750 39,400 171,872 EUR 17.490 3,006,041.28 2.31 

Finmeccanica Shs 23,900 44,580 EUR 10.030 447,137.40 0.34 

Intesa Sanpaolo Shs 214,540 15,470 536,010 EUR 2.808 1,504,848.08 1.16 

Telecom Italia Shs 306,290 492,290 565,360 EUR 1.078 609,458.08 0.47 

UniCredit Shs 491,410 181,350 1,220,117 EUR 2.228 2,717,810.62 2.09 


140 


31/03/2010 



in EUR 

% of 

Subfund 

assets




Contracts 


Luxembourg 2,347,200.00 1.81 

ArcelorMittal (traded in The Netherlands) Shs 39,740 72,000 EUR 32.600 2,347,200.00 1.81 

Portugal 487,298.30 0.37 

Portugal Telecom Shs 30,710 14,110 59,210 EUR 8.230 487,298.30 0.37 

Spain 16,945,394.55 13.03 

Banco Bilbao Vizcaya Argentaria Shs 94,570 65,280 264,966 EUR 10.170 2,694,704.22 2.07 

Banco Popular Espanol Shs 62,090 62,090 EUR 5.491 340,936.19 0.26 

Banco Santander Shs 233,378 79,370 610,670 EUR 9.923 6,059,678.41 4.66 

Gas Natural Shs 21,410 32,440 EUR 13.785 447,185.40 0.34 

Iberdrola Shs 86,740 37,840 176,286 EUR 6.321 1,114,303.81 0.86 

Repsol YPF Shs 23,220 51,130 39,210 EUR 17.715 694,605.15 0.54 

Telefónica Shs 121,040 32,450 317,299 EUR 17.630 5,593,981.37 4.30 


Aegon Shs 14,580 27,750 45,470 EUR 5.068 230,441.96 0.18 

ASML Holding Shs 8,400 8,400 EUR 26.400 221,760.00 0.17 

ING Group Shs 247,750 385,910 EUR 7.356 2,838,753.96 2.18 

Koninklijke Philips Electronics Shs 60,380 82,389 EUR 23.885 1,967,861.27 1.51 

Unilever Shs 33,690 92,910 EUR 22.725 2,111,379.75 1.63 





31/03/2010 



assets 

2,324,635.18 1.79 


0.1500 % Deposits used for collaterisation of derivatives EUR 149,100.12 0.12 





31/03/2010 



assets 

Derivatives 





DJ EURO STOXX 50 Future Jun10 Ctr 375 305 70 EUR 2,874.000 24,250.00 0.02 

Purchased Equity Futures 136,853.79 0.11 

Akzo Nobel Future Jun10 Ctr 135 135 EUR 41.045 10,818.90 0.01 

Atlantia Future Jun10 Ctr 36 36 EUR 17.016 787.75 0.00 

Ferrovial Future Jun10 Ctr 469 469 EUR 7.283 30,283.33 0.02 

TNT Future Jun10 Ctr 161 161 EUR 21.215 34,713.21 0.03 

Unibail Rodamco Future Jun10 Ctr 22 22 EUR 141.853 5,348.20 0.01 

Unicredit Future Jun10 Ctr 304 304 EUR 2.182 54,902.40 0.04 

Sold Equity Futures – 216,608.47 – 0.17 

ACS Future Jun10 Ctr 95 – 95 EUR 34.513 – 13,178.40 – 0.01 

Erste Group Bank Future Jun10 Ctr 231 – 231 EUR 30.370 – 73,869.18 – 0.06 

Heineken Future Jun10 Ctr 90 180 – 90 EUR 37.696 – 31,077.90 – 0.02 

Koninklijke Philips Electron Future Jun10 Ctr 147 – 147 EUR 23.758 – 50,690.01 – 0.04 

Sampo Future Jun10 Ctr 178 – 178 EUR 18.449 – 28,997.98 – 0.02 

Solvay Future Jun10 Ctr 75 – 75 EUR 74.319 – 18,795.00 – 0.02 







– Class I (EUR) (distributing) 


EUR 9.40 


– Class CT (EUR) (accumulating) Shs 4,266,422 




141







Equities 

Austria 

Voestalpine Shs 11,890 11,890 

Belgium 

Fortis -Rights- Shs 223,515 

Finland 

Wartsila Shs 2,220 7,690 

France 

AXA -Rights- Shs 68,990 68,990 

BNP Paribas -Rights- Shs 51,940 

Compagnie Générale des Etablissements Michelin -B- Shs 280 3,130 

Natixis Shs 49,280 49,280 

PPR Shs 960 4,720 

Safran Shs 2,360 30,520 

SCOR Shs 910 11,820 

Société Générale -Rights- Shs 21,921 21,921 

Technip Shs 620 8,020 

Thales Shs 7,000 7,000 

Germany 

Volkswagen Shs 1,309 

Ireland 

CRH Shs 5,770 5,770 

Italy 

UniCredit -Rights- Shs 1,031,107 1,031,107 

Spain 

Banco Santander Shs 5,018 5,018 

Banco Santander -Rights- Shs 456,662 456,662 


ING Group -Rights- Shs 299,460 299,460 

Koninklijke DSM Shs 12,190 12,190 

KPN Shs 7,860 43,740 



Purchased Equity Futures 

ACS Future Jun10 Ctr 95 95 

Bouygues Future Dec09 Ctr 138 

EDP Energias de Portugal Future Dec09 Ctr 370 

Henkel Futures Jan10 Ctr 172 172 

Iberdrola Future Dec09 Ctr 651 

Reed Elsevier Future Jun10 Ctr 58 58 

Sampo Jan10 Ctr 311 311 

Vivendi Future Jun10 Ctr 172 172 




Sold Equity Futures 

Akzo Nobel Future Dec09 Ctr 27 

Banco Bilbao Vizcaya Argentaria Future Dec09 Ctr 435 

TNT Future Dec09 Ctr 234 


142 



as at 31/03/2010 


31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 137,916,366.60) 127,702,094.53 81,534,750.64 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

164,645.40 136,017.72 







0.00 0.00 







Total Assets 130,352,478.90 83,775,021.60 





Payable on 

0.00 0.00 







– 116,192.11 – 139,807.33 







Net assets 130,006,865.70 83,433,994.75 

143





144 

01/10/2009–31/03/2008 01/10/2008–31/03/2009 

EUR EUR 



Subscriptions 

83,433,994.75 165,404,868.70 

– Class AT (EUR) 1) 3,129,101.30 110.73 

– Class CT (EUR) 1) 1,309,086.26 1,132,748.71 


Redemptions 

58,218,890.13 20,840,030.06 

– Class AT (EUR) 1) – 3,052,543.99 – 666.44 

– Class CT (EUR) 1) – 92,022.92 – 28,600.29 

– Class I (EUR) – 11,970,344.58 – 95,586,959.56 

Distribution – 2,051,023.71 – 1,283,683.03 

Equalization – 103,204.78 200,676.03 



1,184,933.24 – 34,785,141.34 




EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class AT 

Shares 

Class CT 

Shares 

Class I 

Shares 

Class AT 

Shares 

Class CT 

Shares 




437,433 4,082,985 5,475,460 35,125 5,332,137 13,554,009 

– issued 455,735 197,396 6,231,968 19 203,468 2,632,709 

– redeemed 


– 467,497 – 13,959 – 1,306,158 – 122 – 5,508 – 11,691,114 

at the end of the reporting period 425,671 4,266,422 10,401,270 35,022 5,530,097 4,495,604 

Class I 

Shares





Contracts 


Equities 151,897,842.41 64.05 

Brazil 28,430,806.89 11.99 

Anhanguera Educacional Participacoes Shs 209,890 315,990 BRL 25.589 3,359,648.14 1.42 

Equatorial Energia Shs 212,000 330,400 BRL 15.576 2,138,260.94 0.90 

Fleury Shs 325,820 325,820 BRL 19.110 2,587,125.27 1.09 

Gerdau Pref.Shares Shs 149,000 243,000 BRL 28.404 2,867,914.94 1.21 

Localiza Rent a Car Shs 277,500 439,000 BRL 18.460 3,367,285.78 1.42 

Metalfrio Solutions Shs 78,000 206,600 BRL 10.722 920,390.97 0.39 

MRV Engenharia e Participacoes Shs 453,000 453,000 BRL 12.169 2,290,502.96 0.97 

Odontoprev Shs 82,600 146,700 BRL 61.338 3,738,800.99 1.58 

OGX Petroleo e Gas Participacoes Shs 614,000 616,000 BRL 16.344 4,183,145.49 1.76 

Randon Participacoes Pref.Shares Shs 306,800 526,700 BRL 13.607 2,977,731.41 1.25 

China 24,161,416.75 10.19 

China Life Insurance -H- Shs 1,570,000 2,061,000 HKD 37.200 7,340,848.15 3.10 

China Shenhua Energy -H- Shs 868,000 1,386,500 HKD 33.400 4,433,958.76 1.87 

Industrial & Commercial Bank of China -H- Shs 5,500,000 9,209,000 HKD 5.930 5,228,684.96 2.21 

Sohu.com Shs 71,900 89,800 USD 55.940 3,734,183.45 1.57 

Zijin Mining Group -H- Shs 4,480,000 938,000 5,862,000 HKD 6.100 3,423,741.43 1.44 


BOC Hong Kong Holdings Shs 1,576,500 2,770,000 HKD 18.747 4,972,132.25 2.10 

Chaoda Modern Agriculture Holdings Shs 3,968,000 5,654,320 HKD 8.371 4,532,186.58 1.91 

China Mobile Shs 446,500 902,000 HKD 75.617 6,530,539.68 2.75 

CNOOC Shs 3,851,000 866,000 3,931,000 HKD 12.896 4,853,939.84 2.05 

India 53,988,120.16 22.76 

Bharti Airtel Shs 970,500 970,500 INR 312.200 5,003,710.28 2.11 

DLF Shs 485,000 230,000 517,000 INR 311.300 2,657,867.83 1.12 

Dr Reddys Laboratories Shs 104,000 173,000 INR 1,265.000 3,614,101.50 1.52 

Grasim Industries Shs 40,000 10,500 66,764 INR 2,815.050 3,103,788.92 1.31 

Housing Development Finance Shs 45,180 87,000 INR 2,707.450 3,889,944.58 1.64 

ICICI Bank Shs 240,000 240,000 INR 955.100 3,785,504.82 1.60 

Infosys Technologies Shs 160,100 30,000 209,650 INR 2,612.000 9,043,400.32 3.81 

Piramal Healthcare Shs 250,000 415,132 INR 426.250 2,922,229.50 1.23 

Punjab National Bank Shs 78,000 156,000 INR 1,005.400 2,590,163.60 1.09 

Reliance Industries Shs 324,050 389,300 INR 1,075.900 6,917,035.87 2.92 

Sesa Goa Shs 292,000 216,000 280,000 INR 467.100 2,159,889.91 0.91 

State Bank of India Shs 51,300 14,000 77,300 INR 2,092.050 2,670,639.52 1.13 

Sterlite Industries India Shs 192,000 192,000 INR 844.650 2,678,192.14 1.13 

Tata Steel Shs 282,000 282,000 INR 633.800 2,951,651.37 1.24 

Japan 4,674,257.62 1.97 

Sony Shs 180,700 17,000 163,700 JPY 3,580.000 4,674,257.62 1.97 

Russia 14,819,739.99 6.25 

Magnit Shs 22,000 61,374 USD 87.325 3,984,011.38 1.68 

Pharmstandard Shs 14,200 21,716 USD 80.203 1,294,702.23 0.55 

RBC Information Systems Shs 53,572 53,572 USD 1.282 51,062.73 0.02 

Sberbank of Russian Federation Shs 4,730,862 351,000 4,379,862 USD 2.915 9,489,963.65 4.00 

South Africa 4,789,800.59 2.02 

Naspers Shs 93,700 18,000 147,700 ZAR 319.550 4,789,800.59 2.02 


Volga Gas Shs 66,000 GBP 1.950 144,902.06 0.06 


Brazil 31,652,047.78 13.35 

Banco Bradesco (ADR’s) Shs 182,720 53,000 254,720 USD 18.170 3,440,446.62 1.45 

Itau Unibanco Holding (ADR’s) Shs 159,100 339,477 USD 21.460 5,415,479.60 2.28 

Petroleo Brasileiro Pref.Shares (ADR’s) Shs 243,100 50,000 401,200 USD 38.870 11,592,372.18 4.89 

Vale (ADR’s) Shs 331,900 18,000 544,700 USD 27.670 11,203,749.38 4.73 

Cyprus 137,461.39 0.06 

AFI Development (GDR’s) Shs 80,400 USD 2.300 137,461.39 0.06 

India 10,620.52 0.00 

Dr Reddys Laboratories (ADR’s) Shs 507 USD 28.180 10,620.52 0.00 

Luxembourg 5,187,175.34 2.19 

Evraz Group (GDR’s) Shs 46,000 93,000 USD 40.170 2,777,036.78 1.17 

MHP (GDR’s) Shs 170,000 238,400 USD 13.600 2,410,138.56 1.02 



31/03/2010 



in EUR 

% of 

Subfund 

assets 

145





Contracts 

Russia 44,415,670.17 18.73 

Gazprom OAO (ADR’s) Shs 350,200 15,000 577,000 USD 23.480 10,070,957.35 4.25 

Lukoil OAO (ADR’s) (traded in the United Kingdom) Shs 79,837 32,000 101,837 USD 56.800 4,299,825.03 1.81 

Lukoil OAO (ADR’s) (traded in the United Sates of America) Shs 1,313 14,313 USD 56.800 604,332.37 0.25 

Magnit (GDR’s) Shs 212,000 212,000 USD 18.700 2,946,960.53 1.24 

MMC Norilsk Nickel (ADR’s) (traded in the United Kingdom) Shs 109,200 159,594 USD 18.600 2,206,613.93 0.93 

MMC Norilsk Nickel (ADR’s) 

(traded in the United Sates of America) Shs 56,598 USD 18.600 782,547.81 0.33 

Mobile Telesystems (ADR’s) Shs 77,600 29,000 86,900 USD 54.880 3,545,118.28 1.50 

NovaTek OAO (GDR’s) Shs 40,400 70,200 USD 73.000 3,809,402.16 1.61 

Novolipetsk Steel (GDR’s) Shs 86,000 134,850 USD 34.740 3,482,391.68 1.47 

Pharmstandard (GDR’s) Shs 43,200 USD 25.000 802,824.48 0.34 

Rosneft Oil (GDR’s) Shs 437,700 861,350 USD 8.030 5,141,526.21 2.17 

TMK OAO (GDR’s) Shs 81,000 32,000 152,239 USD 20.820 2,356,153.06 0.99 

Vimpel-Communications (ADR’s) Shs 181,900 307,900 USD 19.080 4,367,017.28 1.84 

Investment Units 1,496,108.02 0.63 


Luxembourg 1,496,108.02 0.63 

Allianz Global Investors Opportunities SICAV – 

Allianz RCM China A-Shares AT-USD (1.75%) Shs 100,000.000 168,000.000 USD 11.980 1,496,108.02 0.63 






Net current assets/liabilities 2,035,212.69 0.86 



– Class AT (USD) (accumulating) USD 6.94 


– Class AT (SGD) (accumulating) SGD 10.66 




EUR 955.84 

– Class AT (USD) (accumulating) Shs 18,766,177 


– Class AT (SGD) (accumulating) Shs 387 






146 


31/03/2010 



in EUR 

% of 

Subfund 

assets








Equities 

Brazil 

Global Village Telecom Holding Shs 6,400 59,700 

Gol Linhas Aereas Inteligentes Shs 314,800 314,800 

SLC Agricola Shs 104,468 

China 

Shimao Property Holdings -H- Shs 1,174,500 1,174,500 

Soho China -H- Shs 600,000 2,433,500 

Weichai Power -H- Shs 134,000 374,000 


China Overseas Land & Investment Shs 626,000 1,093,600 

Russia 

RBC Information Systems Shs 53,572 

Sberbank Shs 496,000 2,531,862 

Participating Shares 

Brazil 

Laep Investments (BDR’s) Shs 302,635 

Taiwan 

Taiwan Semiconductor Manufacturing (ADR’s) Shs 62,000 239,799 

147



as at 31/03/2010 


148 

31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 199,642,563.33) 234,796,925.63 77,359,271.06 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

0.00 54,251.40 







0.00 0.00 







Total Assets 241,901,679.66 83,268,721.37 

Liabilities to banks – 2,289,242.40 – 1,011.00 




Payable on 

0.00 0.00 




– securities transactions – 746,004.68 – 696,040.64 



– 504,007.81 – 148,932.50 







Net assets 237,140,450.27 81,407,801.61




01/10/2009–31/03/2010 01/10/2008–31/03/2009 

EUR EUR 



Subscriptions 

81,407,801.61 41,580,771.13 

– Class AT (EUR) 47,236,751.88 638,208.11 

– Class CT (EUR) 25,457,754.05 2,718,024.71 

– Class I (EUR) 21,862,821.48 1,749,126.23 

– Class AT (SGD) 1) 2,552.12 0.00 

– Class AT (USD) 

Redemptions 

117,884,081.54 410,747.07 

– Class AT (EUR) – 14,081,086.58 – 1,037,796.67 

– Class CT (EUR) – 9,657,854.96 – 2,815,698.50 

– Class I (EUR) – 4,199,439.79 – 1,974,720.38 

– Class AT (SGD) 1) – 559.97 0.00 

– Class AT (USD) – 59,714,503.64 – 386,945.74 

Distribution – 23,838.91 – 34.15 

Equalization 189,385.45 – 2,688.18 



30,776,585.99 – 12,779,870.69 



237,140,450.27 28,099,122.94 

149




EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 


150 

Class AT 

Shares 

Class CT 

Shares 

Class I 

Shares 

Class AT 

Shares 

Class CT 

Shares 




125,303 579,220 2,863 72,287 404,720 3,743 

– issued 579,033 303,928 25,351 13,933 56,859 3,514 

– redeemed 


– 169,259 – 115,734 – 4,576 – 24,795 – 55,815 – 4,394 


SGD Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class AT 1) 

Shares 

Class I 

Shares 

Class AT 1) 

Shares 




0 0 


– redeemed 


– 100 0 

at the end of the reporting period 387 0 

USD Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class AT 

Shares 

Class AT 

Shares 




6,007,393 1,978,493 

– issued 25,302,234 157,620 

– redeemed 


– 12,543,450 – 148,399 



18,766,177 1,987,714





Contracts 


Equities 432,370,757.98 92.55 

China 284,335,027.26 60.86 

Anhui Conch Cement -H- Shs 1,852,000 1,852,000 HKD 51.300 12,237,333.73 2.62 

Bank of China -H- Shs 4,821,000 25,751,000 HKD 4.130 13,698,487.20 2.93 

BBMG -H- Shs 6,610,000 6,610,000 HKD 7.830 6,666,404.77 1.43 

China Citic Bank -H- Shs 12,670,000 12,670,000 HKD 5.850 9,546,868.46 2.04 

China Coal Energy -H- Shs 7,607,000 519,000 7,088,000 HKD 12.140 11,083,345.03 2.37 

China Construction Bank -H- Shs 10,388,000 33,572,000 HKD 6.350 27,458,663.66 5.88 

China Dongxiang Group Shs 975,000 7,608,000 HKD 5.638 5,525,235.10 1.18 

China Life Insurance -H- Shs 2,483,000 7,216,000 HKD 37.200 34,575,456.46 7.40 

China National Materials -H- Shs 2,816,000 11,770,000 HKD 5.170 7,837,823.22 1.68 

China Oilfield Services -H- Shs 7,440,000 7,440,000 HKD 11.400 10,924,617.61 2.34 

China Pacific Insurance Group -H- Shs 1,800,800 1,800,800 HKD 34.500 8,002,266.95 1.71 

China Petroleum & Chemical -H- Shs 808,000 7,644,000 8,330,000 HKD 6.350 6,813,137.98 1.46 

China Railway Group -H- Shs 4,649,000 12,395,000 HKD 5.570 8,892,629.21 1.90 

China South Locomotive and Rolling Stock -H- Shs 2,747,000 13,553,000 HKD 6.050 10,561,346.00 2.26 

China Telecom -H- Shs 1,442,000 12,728,000 HKD 3.850 6,311,743.68 1.35 

Huadian Power International -H- Shs 13,338,000 HKD 1.940 3,332,889.39 0.71 

Huaneng Power International -H- Shs 6,640,000 6,640,000 HKD 4.510 3,857,208.18 0.83 

Industrial & Commercial Bank of China -H- Shs 13,209,000 40,381,000 HKD 5.930 30,843,256.17 6.60 

KWG Property Holding Shs 1,337,500 4,622,000 HKD 5.669 3,374,761.00 0.72 

Longfor Properties Shs 3,221,000 3,221,000 HKD 8.837 3,666,317.17 0.79 

PetroChina -H- Shs 6,192,000 11,877,000 HKD 9.080 13,890,601.84 2.97 


Want Want China Holdings Shs 6,289,000 6,289,000 HKD 5.567 4,509,925.23 0.97 

Wumart Stores -H- Shs 1,041,000 2,350,000 HKD 15.600 4,721,944.94 1.01 

Xingda International Holdings Shs 3,935,000 HKD 4.353 2,206,166.15 0.47 

Yantai Changyu Pioneer Wine -B- Shs 1,054,259 1,290,062 HKD 64.600 10,734,246.36 2.30 

Zhongsheng Group Holdings Shs 2,456,500 2,456,500 HKD 11.641 3,683,321.74 0.79 

ZTE -H- Shs 669,000 1,883,264 HKD 47.050 11,412,986.15 2.44 


Beijing Enterprises Holdings Shs 904,500 2,102,000 HKD 54.663 14,799,653.57 3.17 

Brilliance China Automotive Holdings Shs 16,160,000 16,160,000 HKD 2.237 4,656,490.34 1.00 

China Everbright International Shs 7,254,000 18,402,000 HKD 3.998 9,477,354.13 2.03 

China Foods Shs 672,000 9,050,000 HKD 6.408 7,469,255.40 1.60 

China Mobile Shs 696,000 1,816,000 HKD 75.617 17,687,299.44 3.79 

China Resources Land Shs 1,770,000 3,456,000 HKD 16.986 7,561,200.50 1.62 

China Unicom Hong Kong Shs 7,538,000 HKD 8.857 8,599,817.41 1.84 

CNOOC Shs 2,315,000 9,043,000 HKD 12.896 15,021,282.89 3.21 

Comba Telecom Systems Holdings Shs 1,502,040 5,130,000 3,816,440 HKD 10.062 4,946,179.48 1.06 

Digital China Holdings Shs 4,343,000 10,375,000 HKD 13.261 17,720,846.11 3.79 

Fook Woo Group Holdings Shs 3,130,000 3,130,000 HKD 2.733 1,101,876.92 0.24 

Fushan International Energy Group Shs 7,650,000 7,650,000 HKD 5.972 5,884,891.89 1.26 

GZI Transportation Shs 3,556,000 8,056,000 HKD 4.029 4,180,494.07 0.89 

Hong Kong Exchanges & Clearing Shs 388,900 HKD 131.190 6,571,553.18 1.41 


Pou Sheng International Holdings Shs 21,507,000 36,647,000 HKD 1.437 6,785,030.09 1.45 

Towngas China Shs 5,070,000 HKD 3.796 2,478,929.77 0.53 

Macau 5,031,382.48 1.08 

Wynn Macau Shs 4,086,000 634,400 3,451,600 HKD 11.317 5,031,382.48 1.08 


China 3,992,960.21 0.85 

Mindray Medical International (ADR’s) Shs 108,800 108,800 USD 36.700 3,992,960.21 0.85 



Luxembourg 5,620,524.84 1.20 

Allianz Global Investors Opportunities 

- Allianz RCM China A-Shares - AT- USD (1.75%) Shs 153,267 469,159 USD 11.980 5,620,524.84 1.20 




31/03/2010 



in USD 

% of 

Subfund 

assets 

151





Contracts 

Deposits at financial institutions 1) 19,103,746.72 4.09 

Sight deposits 2) 19,103,746.72 4.09 

0.0100 % State Street Bank Luxembourg S.A. USD 19,103,746.72 4.09 






– Class IT (USD) (accumulating) USD 1,847.50 

– Class A (GBP) (distributing) GBP 129.31 


– Class CT (EUR) (accumulating) 


EUR 118.43 

– Class A (USD) (distributing) Shs 8,439,409 

– Class IT (USD) (accumulating) Shs 46,997 

– Class A (GBP) (distributing) Shs 3,318 

– Class AT (SGD) (accumulating) Shs 119,362 








Equities 

China 

Bank of Communications -H- Shs 1,153,000 5,702,000 

China Longyuan Power Group -H- Shs 2,348,000 2,348,000 

China Merchants Property Development Shs 324,465 

China Minsheng Bankingrp Shs 2,919,000 2,919,000 

China Shenhua Energy -H- Shs 169,500 1,757,000 

CPMC Holdings Shs 182,000 182,000 

Datang International Power Generation -H- Shs 3,004,000 

Fantasia Holdings Group Shs 139,500 139,500 

Kingsoft Shs 4,354,000 


Sany Heavy Equipment International Holdings Shs 606,000 606,000 

Sinopec Shanghai Petrochemical -H- Shs 6,716,000 

Yanzhou Coal Mining -H- 


Shs 1,700,000 1,700,000 

Orient Overseas International Shs 147,500 514,000 

Daphne International Holdings 

Singapore 

Shs 1,192,000 2,728,000 

Yanlord Land Group 


China 

Shs 1,322,000 

Duoyuan Global Water (ADR’s) Shs 39,400 

Focus Media Holdings (ADR’s) Shs 540 540 

Shanda Games (ADR’s) Shs 82,200 


152 

Market Value 

in USD 



% of 

Subfund 

assets


as at 31/03/2010 


31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 385,030,477.56) 441,984,243.03 253,844,799.93 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

0.00 396,255.35 




– securities transactions 0.00 798,945.56 



0.00 0.00 







Total Assets 469,735,481.62 273,549,527.23 





Payable on 

0.00 0.00 




– securities transactions 0.00 – 1,027,500.00 



– 1,166,602.28 – 684,122.34 







Net assets 467,199,988.66 267,391,705.95 

153





154 

01/10/2009–31/03/2010 Launch date–31/03/2009 

USD USD 



Subscriptions 

267,391,705.95 0.00 

– Class A (USD) 1) 342,461,888.81 65,138,932.78 

– Class IT (USD) 2) 31,871,530.77 14,905,000.00 

– Class CT (EUR) 3) 577,984.30 0.00 

– Class A (GBP) 4) 550,172.05 0.00 


1,065,984.13 0.00 

– Class A (USD) 1) – 193,543,061.62 – 11,015,089.57 

– Class IT (USD) 2) – 1,196,782.59 0.00 

– Class CT (EUR) 3) – 1,569.18 0.00 

– Class A (GBP) 4) 0.00 0.00 

– Class AT (SGD) 5) – 261,167.85 0.00 

Distribution – 863,836.73 0.00 

Equalization 629,974.78 43,964.72 



18,517,165.84 – 1,014,651.48 







467,199,988.66 68,058,156.45





Class A 1) 

Shares 

Class IT 2) 

Shares 

Class A 1) 

Shares 

Class IT 2) 

Shares 




5,095,940 30,373 0 0 

– issued 7,696,538 17,294 2,291,249 14,340 

– redeemed 


– 4,353,069 – 670 – 449,760 0 

at the end of the reporting period 8,439,409 46,997 1,841,489 14,340 


Class CT3) Number of shares in issue 

Shares 



3,817 

– issued 0 

– redeemed 


– 10 

at the end of the reporting period 3,807 

GBP Shares 01/10/2009–31/03/2010 Launch date–30/09/2009 

Class A 4) 

Shares 

Class A 4) 

Shares 




458 0 

– issued 2,860 468 

– redeemed 


0 – 10 

at the end of the reporting period 3,318 458 


Class AT 5) 

Shares 

Class AT 5) 

Shares 




722 0 

– issued 155,100 822 

– redeemed 


– 36,460 – 100 







119,362 722 

155





Contracts 


Bonds 19,318,837.50 45.13 

France 13,995,100.00 32.69 

0 % France Treasury Bill EUR Zero-Coupon Bonds 09/10 EUR 14,000.0 14,000.0 % 99.965 13,995,100.00 32.69 

Germany 253,587.50 0.59 

4.8750 % Kreditanstalt fuer Wiederaufbau EUR MTN 08/10 EUR 250.0 250.0 % 101.435 253,587.50 0.59 


5.5000 % Netherlands Government EUR Bonds 00/10 EUR 5,000.0 5,000.0 % 101.403 5,070,150.00 11.85 

OTC-dealt money-market instruments (Investment Grade Rating) 18,981,550.56 44.34 

Money-market instruments 18,981,550.56 44.34 

Australia 1,496,501.43 3.50 

0 % ING Bank (Australia) 

EUR Zero-Coupon Notes 28.06.2010 EUR 1,500.0 1,500.0 % 99.767 1,496,501.43 3.50 

France 5,997,834.84 14.01 

0 % Fortis Bank EUR Zero-Coupon Notes 07.04.2010 EUR 2,000.0 2,000.0 % 99.998 1,999,951.12 4.67 

0 % GDF Suez EUR Zero-Coupon Notes 17.05.2010 EUR 2,000.0 2,000.0 % 99.897 1,997,933.16 4.67 

0 % Société Générale 


Germany 1,998,633.26 4.67 

0 % Deutsche Apothek 

EUR Zero-Coupon Notes 11.06.2010 EUR 2,000.0 % 99.932 1,998,633.26 4.67 

Ireland 1,994,325.48 4.66 

0 % Santander EUR Zero-Coupon Notes 12.07.2010 EUR 2,000.0 2,000.0 % 99.716 1,994,325.48 4.66 

Sweden 3,995,707.08 9.33 

0 % Kommuninvest 


0 % Svenska Handelsbank 



0 % Royal Bank of Scotland 



0 % BNP Paribas EUR Zero-Coupon Notes 04.05.2010 EUR 2,000.0 2,000.0 % 99.931 1,998,621.70 4.67 









156 


31/03/2010 



in EUR 

% of 

Subfund 

assets




Contracts 


31/03/2010 




gain/loss 

% of 

Subfund 

assets 

Derivatives 




Sold ARS / Bought USD 15 Apr 2010 ARS – 15,721,075.00 – 49,301.66 – 0.12 

Sold ARS / Bought USD 10 Aug 2010 ARS – 5,537,760.00 – 7,582.95 – 0.02 

Sold AUD / Bought EUR 15 Apr 2010 AUD – 9,561,505.50 – 696,252.53 – 1.63 

Sold AUD / Bought JPY 30 Jun 2010 AUD – 2,000,000.00 – 52,892.70 – 0.12 

Sold AUD / Bought NZD 15 Apr 2010 AUD – 8,827,000.00 – 10,193.95 – 0.02 

Sold AUD / Bought NZD 10 Aug 2010 AUD – 1,460,000.00 – 4,247.28 – 0.01 

Sold AUD / Bought USD 15 Apr 2010 AUD – 16,250,000.00 – 321,901.10 – 0.75 

Sold AUD / Bought USD 10 Aug 2010 AUD – 3,280,000.00 – 7,997.03 – 0.02 

Sold BRL / Bought USD 15 Apr 2010 BRL – 24,096,424.50 – 93,542.49 – 0.22 

Sold CAD / Bought EUR 15 Apr 2010 CAD – 19,815,429.85 – 1,425,329.24 – 3.33 

Sold CAD / Bought EUR 10 Aug 2010 CAD – 4,104,700.00 – 1,889.91 0.00 

Sold CAD / Bought JPY 10 Jun 2010 CAD – 300,000.00 – 7,312.12 – 0.02 

Sold CAD / Bought USD 30 Jun 2010 CAD – 3,061,730.00 – 9,931.76 – 0.02 

Sold CAD / Bought USD 10 Jun 2010 CAD – 618,999.00 – 6,881.23 – 0.02 

Sold CHF / Bought EUR 15 Apr 2010 CHF – 4,370,085.00 – 153,256.91 – 0.36 

Sold CHF / Bought EUR 10 Jun 2010 CHF – 1,023,521.80 – 15,741.26 – 0.04 

Sold CHF / Bought EUR 30 Jun 2010 CHF – 3,568,550.00 4,131.01 0.01 

Sold CHF / Bought USD 10 Jun 2010 CHF – 1,485,140.00 2,103.71 0.00 

Sold COP / Bought USD 15 Apr 2010 COP – 10,499,214,996.50 – 150,302.89 – 0.35 

Sold EUR / Bought AUD 15 Apr 2010 EUR – 5,831,606.44 673,998.98 1.57 

Sold EUR / Bought CAD 10 Aug 2010 EUR – 3,000,000.00 17,386.79 0.04 

Sold EUR / Bought CAD 15 Apr 2010 EUR – 13,042,000.00 1,482,361.93 3.46 

Sold EUR / Bought CHF 10 Jun 2010 EUR – 700,000.00 12,650.53 0.03 

Sold EUR / Bought CHF 15 Apr 2010 EUR – 2,900,000.00 156,354.19 0.36 

Sold EUR / Bought GBP 30 Jun 2010 EUR – 2,000,000.00 31,152.67 0.07 


Sold EUR / Bought GBP 15 Apr 2010 EUR – 17,700,000.00 342,051.56 0.80 

Sold EUR / Bought JPY 10 Aug 2010 EUR – 6,190,000.00 – 88,545.75 – 0.21 

Sold EUR / Bought JPY 15 Apr 2010 EUR – 55,025,954.73 1,934,441.30 4.52 

Sold EUR / Bought NOK 15 Apr 2010 EUR – 8,465,000.00 482,820.66 1.13 

Sold EUR / Bought NZD 15 Apr 2010 EUR – 3,783,663.20 263,663.24 0.62 

Sold EUR / Bought SEK 10 Jun 2010 EUR – 800,000.00 2,355.29 0.01 

Sold EUR / Bought SEK 15 Apr 2010 EUR – 8,465,000.00 586,254.62 1.37 

Sold EUR / Bought USD 10 Jun 2010 EUR – 900,000.00 18,286.21 0.04 

Sold EUR / Bought USD 10 Aug 2010 EUR – 4,200,000.00 28,124.85 0.07 

Sold EUR / Bought USD 30 Jun 2010 EUR – 5,000,000.00 54,829.44 0.13 

Sold EUR / Bought USD 15 Apr 2010 EUR – 115,106,854.57 10,328,785.00 24.13 

Sold GBP / Bought EUR 15 Apr 2010 GBP – 16,025,732.50 – 335,845.70 – 0.78 

Sold GBP / Bought EUR 10 Jun 2010 GBP – 2,258,566.00 – 41,790.69 – 0.10 


Sold GBP / Bought JPY 10 Aug 2010 GBP – 1,400,000.00 – 35,424.80 – 0.08 

Sold GBP / Bought JPY 15 Apr 2010 GBP – 8,385,000.00 – 9,924.17 – 0.02 

Sold GBP / Bought NZD 30 Jun 2010 GBP – 2,500,000.00 – 7,380.76 – 0.02 

Sold GBP / Bought USD 10 Aug 2010 GBP – 1,250,000.00 – 21,387.88 – 0.05 

Sold GBP / Bought USD 10 Jun 2010 GBP – 700,000.00 – 10,798.75 – 0.03 

Sold GBP / Bought USD 15 Apr 2010 GBP – 6,948,000.00 197,365.12 0.46 

Sold HUF / Bought USD 15 Apr 2010 HUF – 2,361,414,150.50 348,965.14 0.81 

Sold IDR / Bought USD 15 Apr 2010 IDR – 74,836,985,000.00 – 282,937.43 – 0.66 

Sold INR / Bought USD 15 Apr 2010 INR – 365,909,950.20 – 218,030.64 – 0.51 

Sold JPY / Bought AUD 30 Jun 2010 JPY – 164,380,000.00 37,540.45 0.09 

Sold JPY / Bought CAD 10 Jun 2010 JPY – 26,603,100.00 7,240.32 0.02 

Sold JPY / Bought EUR 15 Apr 2010 JPY – 7,136,662,550.00 – 1,949,684.81 – 4.55 

Sold JPY / Bought EUR 10 Aug 2010 JPY – 760,605,800.00 118,444.07 0.28 

Sold JPY / Bought GBP 10 Aug 2010 JPY – 191,462,600.00 46,723.27 0.11 

Sold JPY / Bought GBP 15 Apr 2010 JPY – 1,163,275,254.00 161,441.23 0.38 

Sold JPY / Bought USD 10 Jun 2010 JPY – 207,630,810.00 53,105.02 0.12 


Sold JPY / Bought USD 10 Aug 2010 JPY – 853,388,700.00 100,848.71 0.24 

Sold JPY / Bought USD 15 Apr 2010 JPY – 1,335,750,675.00 291,580.93 0.68 

157





Contracts 

Sold MXN / Bought USD 15 Apr 2010 MXN – 138,275,342.65 – 504,692.86 – 1.18 

Sold MXN / Bought USD 10 Jun 2010 MXN – 22,727,050.00 – 20,339.51 – 0.05 

Sold NOK / Bought EUR 15 Apr 2010 NOK – 71,780,245.00 – 479,266.02 – 1.12 

Sold NOK / Bought SEK 10 Jun 2010 NOK – 6,000,000.00 – 782.1 0.00 

Sold NOK / Bought SEK 15 Apr 2010 NOK – 39,143,000.00 33,054.22 0.08 

Sold NZD / Bought AUD 10 Aug 2010 NZD – 1,887,269.00 – 6,629.68 – 0.02 

Sold NZD / Bought AUD 15 Apr 2010 NZD – 11,362,592.70 16,092.92 0.04 

Sold NZD / Bought EUR 15 Apr 2010 NZD – 7,663,951.50 – 270,433.06 – 0.63 

Sold NZD / Bought GBP 30 Jun 2010 NZD – 5,377,000.00 – 6,779.20 – 0.02 

Sold NZD / Bought USD 30 Jun 2010 NZD – 4,000,000.00 – 20,495.77 – 0.05 

Sold RON / Bought USD 15 Apr 2010 RON – 29,610,733.55 76,153.00 0.18 

Sold RUB / Bought USD 15 Apr 2010 RUB – 345,590,579.65 – 207,037.75 – 0.48 

Sold SEK / Bought EUR 15 Apr 2010 SEK – 88,186,327.25 – 602,379.24 – 1.41 

Sold SEK / Bought EUR 10 Jun 2010 SEK – 7,776,640.00 – 625.68 0.00 

Sold SEK / Bought NOK 15 Apr 2010 SEK – 47,614,180.25 – 24,190.05 – 0.06 

Sold SEK / Bought NOK 10 Jun 2010 SEK – 7,243,149.00 – 102.15 0.00 

Sold TRY / Bought USD 15 Apr 2010 TRY – 11,021,549.25 – 29,042.70 – 0.07 

Sold TRY / Bought USD 10 Aug 2010 TRY – 2,017,882.50 – 5,178.41 – 0.01 

Sold USD / Bought ARS 10 Aug 2010 USD – 1,390,000.00 2,619.18 0.01 

Sold USD / Bought ARS 15 Apr 2010 USD – 3,990,000.00 25,886.11 0.06 

Sold USD / Bought AUD 10 Aug 2010 USD – 2,959,630.40 1,736.34 0.00 

Sold USD / Bought AUD 15 Apr 2010 USD – 14,581,164.70 218,651.43 0.51 

Sold USD / Bought BRL 15 Apr 2010 USD – 13,320,000.00 – 37,105.54 – 0.09 

Sold USD / Bought CAD 10 Jun 2010 USD – 600,000.00 816.79 0.00 

Sold USD / Bought CHF 10 Jun 2010 USD – 1,400,000.00 – 282.06 0.00 

Sold USD / Bought COP 15 Apr 2010 USD – 5,235,000.00 87,584.06 0.20 

Sold USD / Bought EUR 15 Apr 2010 USD – 168,929,692.09 – 10,453,137.60 – 24.42 

Sold USD / Bought EUR 30 Jun 2010 USD – 4,094,790.00 – 43,733.02 – 0.10 


Sold USD / Bought EUR 10 Aug 2010 USD – 5,628,044.00 16,459.10 0.04 

Sold USD / Bought GBP 15 Apr 2010 USD – 10,569,386.90 – 34,568.47 – 0.08 

Sold USD / Bought GBP 10 Jun 2010 USD – 1,046,220.00 10,101.52 0.02 

Sold USD / Bought GBP 10 Aug 2010 USD – 1,871,312.50 15,301.80 0.04 

Sold USD / Bought HUF 15 Apr 2010 USD – 12,380,000.00 – 462,371.90 – 1.08 

Sold USD / Bought IDR 15 Apr 2010 USD – 7,830,000.00 193,790.58 0.45 

Sold USD / Bought INR 15 Apr 2010 USD – 7,830,000.00 152,871.20 0.36 

Sold USD / Bought JPY 15 Apr 2010 USD – 14,725,000.00 – 282,804.85 – 0.66 

Sold USD / Bought JPY 10 Aug 2010 USD – 9,300,000.00 – 48,700.46 – 0.11 

Sold USD / Bought JPY 10 Jun 2010 USD – 1,600,000.00 – 38,311.88 – 0.09 


Sold USD / Bought MXN 10 Jun 2010 USD – 1,200,000.00 18,150.55 0.04 

Sold USD / Bought MXN 15 Apr 2010 USD – 10,505,000.00 493,555.03 1.15 

Sold USD / Bought NZD 30 Jun 2010 USD – 2,828,080.00 – 4,390.52 – 0.01 

Sold USD / Bought RON 15 Apr 2010 USD – 9,830,000.00 – 152,935.38 – 0.36 

Sold USD / Bought RUB 15 Apr 2010 USD – 11,430,000.00 143,867.90 0.34 

Sold USD / Bought TRY 15 Apr 2010 USD – 7,190,000.00 – 629.1 0.00 

Sold USD / Bought TRY 10 Aug 2010 USD – 1,290,000.00 6,934.93 0.02 

Sold USD / Bought ZAR 10 Jun 2010 USD – 1,000,000.00 16,955.56 0.04 

Sold USD / Bought ZAR 15 Apr 2010 USD – 11,110,000.00 355,655.88 0.83 

Sold ZAR / Bought USD 15 Apr 2010 ZAR – 86,203,536.70 – 475,559.06 – 1.11 

Sold ZAR / Bought USD 10 Jun 2010 ZAR – 7,590,500.00 – 18,184.52 – 0.04 









158 


31/03/2010 



gain/loss 

% of 

Subfund 

assets









Australia 

0 % Bank Of Western Australia EUR Zero-Coupon Notes 08.03.2010 EUR 2,000.00 2,000.00 

0 % ING Bank Australia EUR Zero-Coupon Notes 28.01.2010 EUR 2,000.00 2,000.00 

Finland 

0.0100 % Fortis Bank EUR Zero-Coupon Notes 30.09.2009 EUR 2,000.00 

0 % Nordea Bank Finland EUR Zero-Coupon Notes 22.02.2010 EUR 2,000.00 2,000.00 

0.0100 % Pohjola Bank EUR Zero-Coupon Notes 05.10.2009 EUR 2,000.00 

France 

0 % Accos EUR Zero-Coupon Notes 23.11.2009 EUR 2,000.00 2,000.00 

0 % EDF Energies Nouvelles EUR Zero-Coupon Notes 23.11.2009 EUR 2,000.00 2,000.00 

0 % France Treasury Bill EUR Zero-Coupon Bonds 03.12.2009 EUR 14,000.00 

0.0100 % Gaz de France EUR Zero-Coupon Notes 06.10.2009 EUR 2,000.00 

0.0100 % Societe Generale EUR Zero-Coupon Notes 01.12.2009 EUR 2,000.00 

Ireland 

0.0100 % DZ Bank Ireland USD Zero-Coupon Notes 12.03.2010 EUR 2,000.00 2,000.00 

0 % Irish Treasury Bill EUR Zero-Coupon Bonds 30.09.2009 EUR 15,000.00 

Netherlands Antilles 

0.0100 % Nederlandse Waterschapsbank EUR Zero-Coupon Notes 09.10.2009 EUR 2,000.00 

Norway 

0.0100 % Eksportfinans EUR Zero-Coupon Notes 28.01.2010 EUR 2,000.00 

Sweden 

0.0100 % Stadshypotek EUR Zero-Coupon Notes 19.01.2010 EUR 2,000.00 


0 % Dutch Treasury Certificate EUR Zero-Coupon Bonds 31.03.2010 EUR 15,000.00 


0.0100 % Lloyds TSB Bank EUR Zero-Coupon Notes 07.01.2010 EUR 1,000.00 

1.0700 % Royal Bank of Scotland EUR Notes 08.02.2010 EUR 1,200.00 1,200.00 


0 % NYSE Euronext EUR Zero-Coupon Notes 02.11.2009 EUR 2,000.00 2,000.00 

159






Derivatives 

Holdings marked with a minus are short positions 



Sold ARS / Bought USD ARS – 3,838,350.00 

Sold AUD / Bought EUR AUD – 9,885,300.00 


Sold AUD / Bought JPY AUD – 2,000,000.00 

Sold AUD / Bought NOK AUD – 4,000,000.00 

Sold AUD / Bought NZD AUD – 4,000,000.00 

Sold AUD / Bought SEK AUD – 2,000,000.00 

Sold AUD / Bought USD AUD – 2,000,000.00 

Sold AUD / Bought USD AUD – 400,000.00 



Sold CAD / Bought AUD CAD – 291,630.00 

Sold CAD / Bought AUD CAD – 2,801,880.00 

Sold CAD / Bought EUR CAD – 2,247.00 


Sold CAD / Bought EUR CAD – 240.00 

Sold CAD / Bought EUR CAD – 3,008,310.00 


Sold CAD / Bought USD CAD – 529,580.00 

Sold CAD / Bought USD CAD – 423,680.00 

Sold CAD / Bought USD CAD – 6,334,050.00 


Sold CHF / Bought EUR CHF – 9,599.50 


Sold CHF / Bought EUR CHF – 4,599,791.00 



Sold CHF / Bought USD CHF – 2,779,830.00 



Sold COP / Bought USD COP – 672,000,000.00 

Sold CZK / Bought EUR CZK – 52,150.00 

Sold EUR / Bought AUD EUR – 8,053,852.75 

Sold EUR / Bought AUD EUR – 31,741.69 


Sold EUR / Bought CAD EUR – 11,121.04 



Sold EUR / Bought CAD EUR – 2,040,275.67 


Sold EUR / Bought CHF EUR – 517,814.43 

Sold EUR / Bought CHF EUR – 6,025,799.31 



Sold EUR / Bought CZK EUR – 1,011,597.74 

Sold EUR / Bought CZK EUR – 700,000.00 






Sold EUR / Bought HUF EUR – 1,000,187.76 

Sold EUR / Bought HUF EUR – 500,000.00 

Sold EUR / Bought JPY EUR – 500,000.00 


Sold EUR / Bought JPY EUR – 8,113,179.23 



160 









Sold EUR / Bought MXN EUR – 4,610.01 



Sold EUR / Bought NOK EUR – 501,585.67 


Sold EUR / Bought NOK EUR – 2,002,110.46 


Sold EUR / Bought NZD EUR – 900,000.00 



Sold EUR / Bought PLN EUR – 500,000.00 

Sold EUR / Bought PLN EUR – 600,000.00 

Sold EUR / Bought SEK EUR – 501,568.87 

Sold EUR / Bought SEK EUR – 5,000,000.00 




Sold EUR / Bought TRY EUR – 4,195.58 






Sold EUR / Bought ZAR EUR – 6,189.62 


Sold GBP / Bought EUR GBP – 2,978,494.60 




Sold GBP / Bought USD GBP – 1,000,000.00 

Sold HUF / Bought EUR HUF – 273,437,500.00 



Sold HUF / Bought USD HUF – 406,764,000.00 


Sold INR / Bought USD INR – 91,657,500.00 

Sold JPY / Bought AUD JPY – 161,974,000.00 

Sold JPY / Bought EUR JPY – 64,203,250.00 

Sold JPY / Bought EUR JPY – 439,300.00 

Sold JPY / Bought EUR JPY – 1,061,279,600.00 



Sold JPY / Bought USD JPY – 225,698,000.00 




Sold MXN / Bought EUR MXN – 151,600.00 


Sold MXN / Bought USD MXN – 7,903,200.00 



Sold NOK / Bought AUD NOK – 21,393,600.00 

Sold NOK / Bought EUR NOK – 4,080,775.00 

Sold NOK / Bought EUR NOK – 336,250.00 



Sold NOK / Bought SEK NOK – 4,000,000.00 


161






Sold NZD / Bought AUD NZD – 2,542,800.00 

Sold NZD / Bought EUR NZD – 1,892,792.80 

Sold NZD / Bought EUR NZD – 218,760.00 



Sold NZD / Bought USD NZD – 1,000,000.00 


Sold PLN / Bought EUR PLN – 2,477,700.00 

Sold RON / Bought EUR RON – 184,010.00 

Sold RON / Bought USD RON – 10,036,755.00 

Sold RUB / Bought USD RUB – 57,261,900.00 

Sold SEK / Bought AUD SEK – 12,952,400.00 

Sold SEK / Bought EUR SEK – 5,181,935.00 



Sold SEK / Bought EUR SEK – 224,400.00 


Sold SEK / Bought NOK SEK – 4,880,600.00 


Sold TRY / Bought EUR TRY – 66,950.00 

Sold TRY / Bought USD TRY – 3,341,745.00 

Sold USD / Bought ARS USD – 650,000.00 

Sold USD / Bought AUD USD – 1,788,800.00 





Sold USD / Bought CAD USD – 500,000.00 

Sold USD / Bought CAD USD – 400,000.00 

Sold USD / Bought CAD USD – 6,000,000.00 


Sold USD / Bought CHF USD – 3,400,000.00 








Sold USD / Bought GBP USD – 1,503,930.00 

Sold USD / Bought HUF USD – 500,000.00 

Sold USD / Bought HUF USD – 1,650,000.00 

Sold USD / Bought IDR USD – 1,350,000.00 

Sold USD / Bought INR USD – 1,350,000.00 

Sold USD / Bought JPY USD – 2,500,000.00 




Sold USD / Bought MXN USD – 600,000.00 

Sold USD / Bought MXN USD – 500,000.00 

Sold USD / Bought MXN USD – 3,000,000.00 

Sold USD / Bought NZD USD – 718,475.00 

Sold USD / Bought NZD USD – 9,060,640.00 

Sold USD / Bought RON USD – 2,850,000.00 

Sold USD / Bought RUB USD – 2,000,000.00 

Sold USD / Bought SEK USD – 2,000,000.00 

Sold USD / Bought TRY USD – 1,650,000.00 

Sold USD / Bought ZAR USD – 1,400,000.00 



162 



as at 31/03/2010 


31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 38,275,118.10) 38,300,388.06 60,944,665.05 

(Other) cash at banks 11,648,929.41 304.88 




0.00 0.00 

– bonds 203,970.89 0.00 





Receivable on 

0.00 0.00 







0.00 0.00 





– forward foreign exchange transactions 19,773,353.27 4,524,693.52 


Total Assets 69,926,641.63 65,469,663.45 

Liabilities to banks 0.00 – 11,571,918.99 




Payable on 

0.00 0.00 







– 29,220.27 – 47,918.89 





– forward foreign exchange transactions – 20,320,771.06 – 4,278,705.29 


Net assets 42,808,300.78 47,575,182.01 

163





164 

01/10/2009–31/03/2010 Launch date–30/09/2009 

EUR EUR 



Subscriptions 

47,575,182.01 0.00 

– Class I (EUR) 1) Redemptions 

2,113,946.53 47,898,897.26 

– Class I (EUR) 1) – 6,493,059.27 – 993.52 

Equalization – 8,512.29 1,202.94 



– 379,256.20 – 323,924.67 




EUR Shares 01/10/2009–31/03/2010 Launch date–30/09/2009 




47,905 0 

– issued 2,156 47,906 

– redeemed 


– 6,621 – 1 



43,440 47,905 

Class I 1) 

Shares 

Class I 1) 

Shares





Contracts 


Equities 16,620,510.90 91.84 

Brazil 849,780.82 4.70 

Banco Santander Brasil Shs 39,000 1,500 37,500 BRL 21.611 336,728.58 1.86 

Localiza Rent a Car Shs 47,000 1,800 45,200 BRL 18.460 346,700.04 1.92 

MRV Engenharia e Participacoes Shs 32,900 32,900 BRL 12.169 166,352.20 0.92 

Canada 485,669.56 2.68 

Suncor Energy Shs 4,060 20,240 USD 32.280 485,669.56 2.68 

Finland 268,636.20 1.48 

Outotec Shs 12,000 1,980 10,020 EUR 26.810 268,636.20 1.48 

France 881,847.30 4.87 

Alstom Shs 7,600 1,040 6,560 EUR 46.705 306,384.80 1.69 

L’Oréal Shs 3,600 100 3,500 EUR 78.990 276,465.00 1.53 

Vallourec Shs 10 1,990 EUR 150.250 298,997.50 1.65 

Germany 1,080,127.40 5.97 

Fresenius Pref.Shares Shs 4,680 6,520 EUR 55.220 360,034.40 1.99 

Rhoen-Klinikum Shs 9,000 3,240 17,760 EUR 18.975 336,996.00 1.86 

Siemens Reg.S Shs 1,640 5,170 EUR 74.100 383,097.00 2.12 

Hong Kong 587,038.48 3.24 

CNOOC Shs 95,000 273,000 HKD 12.896 337,096.31 1.86 

Guangdong Investment Shs 278,000 614,000 HKD 4.252 249,942.17 1.38 

India 209,568.18 1.16 

Colgate-Palmolive India Shs 18,800 18,800 INR 675.000 209,568.18 1.16 

Ireland 282,810.00 1.56 

Irish Life & Permanent Group Holdings Shs 98,070 3,800 94,270 EUR 3.000 282,810.00 1.56 

Japan 1,608,280.23 8.89 

Benesse Holdings Shs 2,800 7,800 JPY 4,050.000 251,959.40 1.39 

Hitachi Construction Machinery Shs 20,100 900 19,200 JPY 2,209.000 338,281.22 1.87 

Inpex Holdings Shs 1 34 JPY 686,000.000 186,030.42 1.03 

Mitsui & Co. Shs 20,300 800 19,500 JPY 1,571.000 244,338.41 1.35 

Sumitomo Chemical Shs 25,000 80,000 JPY 457.000 291,599.74 1.61 

Topcon Shs 15,200 3,400 71,800 JPY 517.000 296,071.04 1.64 

Luxembourg 282,041.30 1.56 

ArcelorMittal (traded in Luxembourg) Shs 1,400 7,295 EUR 32.540 237,379.30 1.31 

ArcelorMittal (traded in The Netherlands) Shs 1,980 1,370 EUR 32.600 44,662.00 0.25 

Mexico 886,761.25 4.90 

America Movil -L- Shs 32,300 173,850 MXN 31.460 329,092.05 1.82 

Grupo Financiero Banorte -O- Shs 71,300 71,300 MXN 54.500 233,813.73 1.29 

Urbi Desarrollos Urbanos Shs 189,000 7,900 181,100 MXN 29.720 323,855.47 1.79 

South Africa 185,513.79 1.03 

African Bank Investments Shs 50,400 50,400 ZAR 36.270 185,513.79 1.03 

Switzerland 812,460.92 4.49 

Bank Sarasin & Compagnie Reg.S -B- Shs 2,690 10,089 CHF 44.150 311,327.70 1.72 

Sonova Holding Reg.S Shs 3,830 1,866 CHF 133.000 173,461.15 0.96 

Transocean Shs 1,600 5,300 USD 83.170 327,672.07 1.81 


BHP Billiton Shs 8,590 19,684 GBP 22.700 503,076.73 2.78 


Abbott Laboratories Shs 1,450 6,660 USD 52.510 259,963.93 1.44 

Aflac Shs 10,000 1,300 8,700 USD 53.790 347,870.54 1.92 

Allergan Shs 350 7,671 USD 64.900 370,078.22 2.04 

Archer-Daniels-Midland Shs 820 16,645 USD 28.930 357,955.54 1.98 

Baxter International Shs 930 3,731 USD 58.670 162,718.97 0.90 

Bucyrus International -A- Shs 6,610 9,890 USD 69.610 511,758.16 2.83 

Celgene Shs 3,200 320 6,320 USD 62.490 293,578.64 1.62 

Danaher Shs 2,670 7,927 USD 80.880 476,592.11 2.63 

Emdeon -A- Shs 24,800 1,020 23,780 USD 16.680 294,852.45 1.63 

Fluor Shs 8,200 1,260 6,940 USD 47.080 242,880.57 1.34 

Freeport-McMoRan Copper & Gold Shs 1,850 6,350 USD 83.660 394,901.18 2.18 

Johnson & Johnson Shs 1,840 4,539 USD 64.900 218,978.89 1.21 

Lorillard Shs 1,440 5,078 USD 74.960 282,956.14 1.56 

Medco Health Solutions Shs 1,870 8,839 USD 65.200 428,398.14 2.37 

Nalco Holding Shs 4,270 20,997 USD 24.420 381,153.37 2.11 



31/03/2010 



in EUR 

% of 

Subfund 

assets 

165





Contracts 

Northern Trust Shs 350 6,834 USD 54.650 277,627.19 1.53 

Philip Morris International Shs 2,260 6,246 USD 52.490 243,711.15 1.35 

Prudential Financial Shs 3,780 8,312 USD 59.670 368,687.51 2.04 

Schlumberger Shs 2,440 4,414 USD 63.050 206,877.98 1.14 

Southern Copper Shs 11,500 11,500 USD 31.910 272,785.63 1.51 

SPX Shs 1,670 8,130 USD 66.420 401,408.23 2.22 

St. Jude Medical Shs 3,780 8,740 USD 41.000 266,374.19 1.47 

Thermo Fisher Scientific Shs 3,400 2,060 9,516 USD 51.660 365,431.25 2.02 

Western Union Shs 1,050 21,315 USD 17.000 269,358.76 1.49 


Brazil 272,331.00 1.50 

Petroleo Breasileiro (ADR’s) Shs 3,800 8,330 USD 43.980 272,331.00 1.50 

China 386,515.39 2.14 

New Oriental Education & Technology Group (ADR’s) Shs 1,400 1,200 6,000 USD 86.660 386,515.39 2.14 

Israel 477,276.92 2.64 

Teva Pharmaceutical Industries (ADR’s) Shs 3,600 10,100 USD 63.570 477,276.92 2.64 












EUR 150.82 

– Class AT (USD) (accumulating) Shs 166 





166 


31/03/2010 



in EUR 

% of 

Subfund 

assets








Equities 

China 

China Life Insurance -H- Shs 131,000 

Germany 

GEA Group Shs 28,110 


Sun Hung Kai Properties Shs 31,700 

Ireland 

Irish Life & Permanent Shs 63,500 

Japan 

Komatsu Shs 29,500 

Marubeni Shs 66,000 

Suzuki Motor Shs 22,100 


British American Tobacco Shs 19,846 


Apollo Group -A- Shs 7,291 

CVS Caremark Shs 12,854 

Gilead Sciences Shs 11,582 

Monsanto Shs 5,157 

3M Shs 5,840 


Brazil 

Itau Unibanco Holding (ADR’s) Shs 30,684 

167



as at 31/03/2010 


168 

31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 13,395,313.41) 17,756,634.21 18,422,651.20 

(Other) cash at banks 554,131.38 4.74 




0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

36,080.80 34,427.13 







0.00 0.00 







Total Assets 18,347,143.42 18,641,387.71 





Payable on 

0.00 0.00 







– 37,812.96 – 53,968.45 







Net assets 18,097,970.87 18,466,242.66




01/10/2009–31/03/2010 Launch date–31/03/2009 

EUR EUR 



Subscriptions 

18,466,242.66 0.00 

– Class A (EUR) 1) 404,409.73 18,035,404.57 

– Class AT (USD) 1) Redemptions 

702.11 709.52 

– Class A (EUR) 1) – 3,496,663.86 – 2,096,971.93 

– Class AT (USD) 1) 0.00 0.00 

Distribution 0.00 0.00 

Equalization – 10,511.77 – 5,422.63 



2,733,792.00 541,280.05 





Class A 1) 

Shares 

Class A 1) 

Shares 




142,456 0 

– issued 2,910 180,338 

– redeemed 


– 25,381 – 19,962 



Class AT 1) 

Shares 

Class AT 1) 

Shares 




100 0 

– issued 66 100 

– redeemed 


0 0 



166 100 

169





Contracts 


Bonds 42,969,156.91 33.40 

France 16,486,960.31 12.82 

1.0000 % Banco Bilbao Vizcaya Argentaria EUR Notes 10/10 EUR 3,500.0 3,500.0 % 99.957 3,498,483.98 2.72 

1.0000 % Banco di Brescia EUR Notes 10/10 EUR 3,000.0 3,000.0 % 99.949 2,998,476.33 2.33 

0 % France Treasury Bill BTF 

EUR Zero-Coupon Bonds 09/10 EUR 10,000.0 10,000.0 % 99.900 9,990,000.00 7.77 

Germany 4,999,125.00 3.88 

0 % German Treasury Bill 


Italy 6,491,550.00 5.05 

0 % Italy Buoni Ordinari del Tesoro BOT 



0 % Dutch Treasury Certificate 



0.6500 % HSBC Bank EUR Notes 09/10 EUR 2,000.0 2,000.0 % 100.009 2,000,175.42 1.55 

0.4000 % HSBC Bank EUR Notes 10/10 EUR 3,000.0 3,000.0 % 99.928 2,997,846.18 2.33 


Money-Market Instruments 81,353,549.69 63.25 

Australia 9,486,298.63 7.37 



0 % Suncorp Metway 


Austria 4,975,074.40 3.87 

0 % Republic of Austria 

EUR Zero-Coupon Bonds 14.10.2010 EUR 5,000.0 5,000.0 % 99.501 4,975,074.40 3.87 

Finland 5,488,872.84 4.27 

0 % Municipality Finance 


France 9,985,708.76 7.76 

0 % Banque Federative du Crédit Mutuel 



0 % UNEDIC EUR Zero-Coupon Notes 05.08.10 EUR 4,500.0 4,500.0 % 99.692 4,486,156.47 3.49 

Germany 5,481,734.08 4.26 

0 % Allianz EUR Zero-Coupon Notes 25.04.2010 EUR 2,500.0 2,500.0 % 99.956 2,498,903.68 1.94 

0 % Allianz EUR Zero-Coupon Notes 05.11.2010 EUR 3,000.0 3,000.0 % 99.428 2,982,830.40 2.32 

Ireland 5,491,718.21 4.27 

0 % Intesa Sanpaolo 


Spain 3,999,803.64 3.11 

0 % Santander Commercial 


Sweden 14,480,079.19 11.26 

0 % Kommuninvest 


0 % Sbab Statens Bostad 


0 % Stadshypotek EUR Zero-Coupon Notes 01.06.2010 EUR 4,500.0 4,500.0 % 99.849 4,493,223.99 3.49 


0 % Nederlandse Watersc 



0 % Banco Espirito Santo 


0 % BNP Paribas EUR Zero-Coupon Notes 04.05.2010 EUR 4,500.0 4,500.0 % 99.919 4,496,367.42 3.50 

0 % Lloyds TSB Bank 


0 % Nationwide Building E 

UR Zero-Coupon Notes 12.04.2010 EUR 4,000.0 4,000.0 % 99.991 3,999,642.52 3.11 


170 


31/03/2010 



in EUR 

% of 

Subfund 

assets




Contracts 




Sight deposits2) Market Value % of 


assets 

9,511,850.18 7.40 






31/03/2010 



assets 

Derivatives 




Sold EUR/Bought GBP 11 May 2010 EUR – 2,273,243.92 – 38,386.79 – 0.03 


Total Return Swaps – 17,175.25 – 0.01 

EUR 9M-LIBOR Total Return Swap EUR 2,053,181,173.70 1,925,957,100.09 127,224,073.61 – 17,175.25 – 0.01 









– Class A (H-GBP) (distributing) 


GBP 99.45 





– Class A (H-GBP) (distributing) Shs 20,189 



171







Bonds 

Belgium 

3.0000 % Belgium EUR Bonds 05/10 S.45 EUR 5,000.0 5,000.0 

0 % Eni Coordination EUR Zero-Coupon Notes 09/09 EUR 2,000.0 2,000.0 

France 

1.0000 % Banco Di Brescia Spa EUR FLR-Notes 09/10 EUR 500.0 500.0 

0 % BNP Paribas EUR Zero-Coupon Notes 09/10 EUR 2,500.0 2,500.0 

1.0000 % Crédit Agricole EUR FLR-MTN 07/10 EUR 4,100.0 4,100.0 



1.0000 % Rabobank Nederland Zcp EUR Zero-Coupon Notes 09/10 EUR 3,000.0 3,000.0 


0 % Société Générale EUR Zero-Coupon Notes 02/10 EUR 2,500.0 2,500.0 

0 % Unicredito Italiano (London) EUR Zero-Coupon Notes 09/10 EUR 2,000.0 2,000.0 



Australia 

0 % Bank Of Western Australia EUR Zero-Coupon Notes 08.03.2010 EUR 3,000.0 3,000.0 

Finland 

0 % Nordea Bank Finland EUR Zero-Coupon Notes 22.02.2010 EUR 2,000.0 2,000.0 

France 

0 % EDF EUR Notes 01.02.10 EUR 2,500.0 2,500.0 

0 % GDF Suez EUR Zero-Coupon Notes 29.01.10 EUR 2,500.0 2,500.0 

0 % Régie Autonome des Transports Parisiens EUR Zero-Coupon Notes 27.01.10 EUR 2,500.0 2,500.0 

0 % Société de Prise de Participation de l’Etat EUR Zero-Coupon Bonds 23.02.10 EUR 2,500.0 2,500.0 

Ireland 

0 % DZ Bank Ireland USD Zero-Coupon Notes 12.03.2010 EUR 3,000.0 3,000.0 

New Zealand 

0 % Nederlandse Watersc EUR Zero-Coupon Notes 21.01.10 EUR 2,000.0 2,000.0 

Sweden 

0 % Svenska Handelsbanken EUR Zero-Coupon Notes 21.01.10 EUR 2,000.0 2,000.0 


0 % Lloyds TSB Bank EUR Zero-Coupon Notes 05.02.10 EUR 4,000.0 4,000.0 


172 



as at 31/03/2010 


31/03/2010 

EUR 

Securities 

(Cost price EUR 124,357,484.30) 124,322,706.60 

(Other) cash at banks 9,511,850.18 




0.00 

– bonds 7,444.44 





Receivable on 

0.00 




– securities transactions 0.00 



0.00 







Total Assets 133,842,001.22 





Payable on 

0.00 

– redemptions of fund shares 0.00 



– securities transactions – 4,994,197.02 



– 170,292.89 



– swap transactions – 17,175.25 


– forward foreign exchange transactions – 38,386.79 


Net assets 128,621,949.27 

173





174 


EUR 



Subscriptions 

0.00 

– Class A (EUR) 1) 91,706,976.45 

– Class CT (EUR) 2) 64,004.01 

– Class I (EUR) 1) 38,072,428.57 

– Class A (GBP) 1) 1,640,610.95 

– Class A (H-GBP) 3) Redemptions 

2,291,564.63 

– Class A (EUR) 1) – 3,598,031.56 

– Class I (EUR) 1) – 148,809.96 

– Class A (GBP) 1) – 81,824.73 




– 1,491,329.61 





Class A 1) 

Shares 

Class CT 2) 

Shares 




0 0 0 

– issued 918,669 645 38,288 

– redeemed 


– 36,035 0 – 149 

at the end of the reporting period 882,634 645 38,139 

GBP Shares Launch date–31/03/2010 

Class A1) Class A (H-GBP) 

Shares 

3) 

Shares 




0 0 

– issued 14,944 20,189 

– redeemed 


– 742 0 





14,202 20,189 

Class I 1) 

Shares


(formerly Allianz RCM Enhanced Money Market) 




Contracts 


Bonds 214,969,252.97 41.21 

Austria 40,500,800.00 7.76 

2.2500 % Erste Group Bank EUR MTN 09/11 EUR 40,000.0 40,000.0 % 101.252 40,500,800.00 7.76 

France 1,341,227.97 0.26 

1.1850 % BNP Paribas EUR FLR-MTN 08/10 EUR 1,341.0 % 100.017 1,341,227.97 0.26 

Greece 21,026,880.00 4.03 

6.0000 % Hellenic Republic Government EUR Bonds 00/10 EUR 21,000.0 % 100.128 21,026,880.00 4.03 

Ireland 97,647,270.00 18.72 




0.7280 % GE Capital European Funding EUR FLR-MTN 05/10 EUR 7,000.0 7,000.0 % 99.977 6,998,355.00 1.34 

4.0000 % Ireland Government Bond EUR Bonds 08/11 EUR 20,000.0 20,000.0 % 104.275 20,855,000.00 4.00 

0.6930 % Ulster Bank Ireland EUR FLR-Notes 07/10 EUR 19,500.0 % 99.937 19,487,715.00 3.74 

Luxembourg 19,981,400.00 3.83 

0.8350 % Merrill Lynch EUR FLR-MTN 05/10 EUR 20,000.0 20,000.0 % 99.907 19,981,400.00 3.83 

Portugal 7,952,400.00 1.52 

0 % Portugal Treasury Bill 


Switzerland 10,000,300.00 1.92 

1.2940 % Credit Suisse EUR FLR-MTN 08/10 EUR 10,000.0 % 100.003 10,000,300.00 1.92 


1.2100 % ING Bank EUR FLR-MTN 08/10 EUR 16,500.0 % 100.115 16,518,975.00 3.17 


Bonds 24,959,955.00 4.78 

France 9,971,910.60 1.91 

1.0000 % Fortis Bank EUR FLR-Notes 09/10 EUR 10,000.0 % 99.719 9,971,910.60 1.91 


1.1000 % Barclays Bank Bishopsgate EUR Notes 09/10 EUR 15,000.0 15,000.0 % 99.920 14,988,044.40 2.87 


Money-Market Instruments 261,661,097.05 50.17 

Australia 17,873,934.64 3.43 

0 % ABN Amro Bank (Australia) 




Austria 19,938,292.80 3.82 

0 % Kommunalkredit Austria 



0 % BCP Finance Bank 


Cyprus 19,902,874.00 3.82 

0 % Republic Of Cyprus 

EUR Zero-Coupon Bonds 15.10.2010 EUR 20,000.0 20,000.0 % 99.514 19,902,874.00 3.82 

France 26,937,300.42 5.16 

0 % Landesbanken Hessen Thuringen Girozen 


0 % Societe Generale 


Germany 17,979,585.44 3.45 

0 % Deutsche Apothek 


0 % Deutsche Apotheker 


Ireland 15,986,117.76 3.06 

0 % Housing Finance Agency 


Spain 19,897,754.80 3.82 

0 % Santander Commercial 




31/03/2010 



in EUR 

% of 

Subfund 

assets 

175





Contracts 

Sweden 16,952,248.02 3.25 

0 % Nordea Bank EUR Zero-Coupon Notes 17.09.2010 EUR 17,000.0 % 99.719 16,952,248.02 3.25 


0 % ABN Amro Bank 





0 % Korea Development Bank 






0 % UBS AG London 











176 


31/03/2010 



in EUR 

% of 

Subfund 

assets




Contracts 


31/03/2010 




gain/loss 

Derivatives 






LONG GILT Future Jun10 Ctr 88 GBP 114.680 58,456.08 0.01 

Sold Bond Futures – 78,260.00 – 0.01 

5-Year German Government Bond Future Sep10 Ctr – 176 EUR 117.030 – 17,480.00 0.00 

2-Year German Government Bond (Bund) Future Jun10 Ctr – 588 EUR 108.740 – 60,780.00 – 0.01 


3-Month STERLING Interest Rate Future Jun11 Ctr 570 GBP 98.290 151,150.40 0.03 




Sold CAD / Bought JPY 10 Jun 2010 CAD – 1,110,000.00 – 27,054.86 – 0.01 

Sold CAD / Bought USD 10 Jun 2010 CAD – 2,011,241.70 – 21,994.48 0.00 




Sold CHF / Bought USD 10 Jun 2010 CHF – 1,255,761.00 – 8,457.37 0.00 

Sold EUR / Bought CHF 10 Jun 2010 EUR – 1,950,000.00 35,240.76 0.01 



Sold EUR / Bought SEK 10 Jun 2010 EUR – 2,860,000.00 8,420.16 0.00 




Sold GBP / Bought EUR 30 Jun 2010 GBP – 1,029,296.00 – 8,226.82 0.00 

Sold GBP / Bought NZD 30 Jun 2010 GBP – 1,920,000.00 – 5,668.43 0.00 







Sold NZD / Bought GBP 30 Jun 2010 NZD – 4,133,547.00 – 7,309.97 0.00 

Sold NZD / Bought USD 30 Jun 2010 NZD – 1,480,000.00 – 8,876.06 0.00 

Sold SEK / Bought EUR 10 Jun 2010 SEK – 27,784,283.00 – 465.52 0.00 

Sold SEK / Bought NOK 10 Jun 2010 SEK – 22,460,335.14 249.28 0.00 

Sold USD / Bought CAD 10 Jun 2010 USD – 1,950,000.00 2,654.58 0.00 

Sold USD / Bought CHF 10 Jun 2010 USD – 1,170,000.00 2,484.71 0.00 


Sold USD / Bought EUR 30 Jun 2010 USD – 2,628,989.20 – 24,176.22 0.00 




Sold USD / Bought NZD 30 Jun 2010 USD – 1,046,389.60 – 1,624.49 0.00 










– Class IT (EUR) (accumulating) EUR 1,022.02 






% of 

Subfund 

assets 

177







Bonds 

Australia 

0.9640 % St George Bank EUR FLR-MTN 07/10 EUR 7,000.0 

1.0710 % Suncorp-Metway EUR FLR-MTN 04/09 EUR 6,500.0 

0.8120 % Westpac Banking EUR FLR-MTN 06/09 EUR 2,200.0 

Canada 

1.1950 % Caisse Centrale Desjardins du Quebec EUR FLR-MTN 04/09 EUR 1,000.0 

France 

0.9210 % Crédit Agricole EUR FLR-MTN 05/09 EUR 6,100.0 

1.0090 % Crédit Agricole EUR FLR-MTN 07/10 EUR 4,100.0 

0.8400 % GE Capital FCC EUR FLR-Notes 08/09 EUR 4,000.0 

Germany 

1.0070 % Commerzbank EUR FLR-MTN 07/10 EUR 10,000.0 

4.8750 % Kreditanstalt fuer Wiederaufbau EUR MTN 08/10 EUR 5,000.0 

2.5000 % NRW.Bank EUR MTN 05/10 EUR 250.0 

Ireland 

0.8750 % GE Capital European Funding EUR FLR-MTN 06/10 EUR 2,683.0 

1.2180 % Irish Nationwide Building Society EUR FLR-MTN 04/09 EUR 3,000.0 

Italy 

1.0270 % Banca Monte dei Paschi di Siena SpA EUR FLR-MTN 06/09 EUR 4,000.0 

Norway 

0.9440 % DnB NOR Bank ASA EUR FLR-MTN 06/10 EUR 9,400.0 

Spain 

0.9940 % BBVA Senior Finance EUR FLR-MTN 07/10 EUR 3,000.0 

1.0040 % Santander International Debt EUR FLR-MTN 05/09 EUR 6,000.0 

1.0320 % Santander International Debt EUR FLR-MTN 06/09 EUR 3,000.0 


1.0290 % Fortis Bank Nederland EUR FLR-MTN 06/09 EUR 10,500.0 


0.7660 % Bank of Scotland EUR FLR-MTN 07/10 EUR 6,230.0 


1.2190 % JP Morgan Chase & Co. EUR FLR-MTN 04/09 EUR 11,730.0 

1.0830 % Merrill Lynch & Co. EUR FLR-MTN 05/10 EUR 13,000.0 

1.2460 % Morgan Stanley EUR FLR-MTN 04/10 EUR 3,381.0 



Australia 

0 % ABN AMRO Bank EUR Zero-Coupon Notes 08.02.2010 EUR 10,000.0 

0 % Suncorp Metway EUR Zero-Coupon Notes 07.12.2009 EUR 10,000.0 

Ireland 

0 % DZ Bank Ireland USD Zero-Coupon Notes 12.03.2010 EUR 12,500.0 

Singapore 

0 % Natixis Raffles Place EUR Zero-Coupon Notes 24.03.2010 EUR 16,000.0 

South Korea 

0 % Industrial Bank of Korea USD Zero-Coupon Notes 22.02.2010 EUR 16,000.0 


0 % Clydesdale Bank EUR Zero-Coupon Notes 20.01.2010 EUR 10,000.0 

0 % UBS AG EUR Zero-Coupon Notes 29.03.2010 EUR 10,000.0 


178 








Derivatives 







10-Year LONG GILT Future Dec09 Ctr 44 

10-Year LONG GILT Future Mar10 Ctr 44 44 








3-Month STERLING Interest Rate Future Jun10 Ctr 781 




Sold AUD / Bought JPY AUD – 1,170,000.00 

Sold AUD / Bought NOK AUD – 2,320,000.00 

Sold AUD / Bought NZD AUD – 1,420,000.00 

Sold AUD / Bought SEK AUD – 1,180,000.00 


Sold CAD / Bought AUD CAD – 699,912.00 

Sold CAD / Bought AUD CAD – 1,363,581.60 














Sold CZK / Bought EUR CZK – 134,100.00 

Sold EUR / Bought AUD EUR – 3,322,607.98 










Sold EUR / Bought CZK EUR – 3,034,793.21 









179













Sold EUR / Bought NZD EUR – 1,730,000.00 


Sold EUR / Bought PLN EUR – 2,000,000.00 

Sold EUR / Bought PLN EUR – 2,000,000.00 




Sold EUR / Bought TRY EUR – 10,788.64 





Sold EUR / Bought ZAR EUR – 16,711.15 





Sold GBP / Bought USD GBP – 770,000.00 

Sold HUF / Bought EUR HUF – 1,093,750,000.00 


Sold JPY / Bought AUD JPY – 94,754,790.00 










Sold NOK / Bought AUD NOK – 12,406,600.00 


Sold NOK / Bought EUR NOK – 101,971.50 




Sold NZD / Bought AUD NZD – 902,694.00 




Sold NZD / Bought USD NZD – 930,000.00 


Sold PLN / Bought EUR PLN – 8,259,000.00 

Sold SEK / Bought AUD SEK – 7,641,916.00 







Sold USD / Bought AUD USD – 998,058.50 




180 


















Sold USD / Bought GBP USD – 1,158,026.10 






Sold USD / Bought NZD USD – 680,109.00 

Sold USD / Bought NZD USD – 5,142,815.90 

Sold USD / Bought SEK USD – 1,170,000.00 


Sold ZAR / Bought USD ZAR – 41,757,800.00 

181



as at 31/03/2010 


182 

31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 501,354,088.35) 501,590,305.02 394,636,505.08 





0.00 0.00 

– bonds 3,104,606.48 828,729.38 





Receivable on 

47,008.82 47,008.82 







0.00 0.00 







Total Assets 524,311,373.09 437,918,130.75 

Liabilities to banks 0.00 – 0.02 




Payable on 

0.00 0.00 




– securities transactions 0.00 – 19,723,790.23 



– 301,350.48 – 1,229,293.88 







Net assets 521,571,060.46 408,170,185.24




01/10/2009–31/03/2010 01/10/2008–31/03/2009 

EUR EUR 



Subscriptions 

408,170,185.24 55,855,103.48 

– Class AT (EUR) 1) 109,257,105.72 14,551,688.86 

– Class CT (EUR) 2) 7,821,235.29 1,500.85 

– Class I (EUR) 3) 146,573,983.87 157,326,626.90 


132,590,042.01 5,997.50 

– Class AT (EUR) 1) – 51,290,422.72 – 920,849.86 

– Class CT (EUR) 2) – 6,056,482.99 0.00 

– Class I (EUR) 3) – 215,962,893.88 – 17,213,443.65 

– Class IT (EUR) 2) – 7,248,433.64 – 4,998.10 

Distribution – 4,821,894.31 – 3,451,221.28 

Equalization – 161,373.55 – 1,583,117.99 



2,700,009.42 4,324,420.16 




EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class AT 1) 

Shares 

Class CT 2) 

Shares 

Class I 3) 

Shares 

Class IT 2) 

Shares 

Class AT 1) 

Shares 

Class CT 2) 

Shares 

Class I 3) 

Shares 

Class IT 2) 

Shares 




783,759 103,878 250,667 51,746 0 0 53,396 0 

– issued 1,043,307 76,628 141,126 130,015 142,513 15 151,773 6 

– redeemed 


– 489,604 – 59,344 – 208,168 – 7,117 – 8,986 0 – 16,561 – 5 





1,337,462 121,162 183,625 174,644 133,527 15 188,608 1 

183





Contracts 


Bonds 42,892,193.60 20.24 

Ireland 25,023,193.60 11.81 

3.9300 % Bank of Ireland USD MTN 08/10 USD 20,000.0 % 100.188 20,037,668.60 9.46 

0.3769 % Irish Life & Permanent USD FLR-MTN 05/10 USD 5,000.0 % 99.711 4,985,525.00 2.35 

Italy 12,869,375.00 6.07 

3.5000 % Republic of Italy USD Bonds 08/11 USD 12,500.0 12,500.0 % 102.955 12,869,375.00 6.07 

New Zealand 4,999,625.00 2.36 

0.3613 % ANZ National Int’l USD FLR-MTN 05/10 Reg.S USD 5,000.0 % 99.993 4,999,625.00 2.36 


Bonds 6,997,235.00 3.30 

Ireland 6,997,235.00 3.30 

2.7500 % Bank of Ireland USD Notes 10/12 Reg.S USD 7,000.0 7,000.0 % 99.961 6,997,235.00 3.30 


Austria 9,981,246.30 4.71 

0 % Kommunalkredit Austria 

USD Zero-Coupon Notes 30.09.2010 USD 10,000.0 10,000.0 % 99.812 9,981,246.30 4.71 

France 12,380,863.23 5.84 

0 % Banque Fédérative 

USD Zero-Coupon Notes 18.01.2011 USD 10,000.0 7,500.0 2,500.0 % 99.027 2,475,678.93 1.17 

0 % Natixis USD Zero-Coupon Notes 12.01.2011 USD 10,000.0 10,000.0 % 99.052 9,905,184.30 4.67 

Germany 1,998,908.60 0.94 

0 % Landesbanken Hessen 


Ireland 23,174,329.82 10.94 

0 % ABN AMRO Bank 

USD Zero-Coupon Notes 18.06.2010 USD 10,000.0 % 99.949 9,994,904.80 4.72 

0 % Allied Irish Banks 


0 % Housing Finance Age 

USD Zero-Coupon Notes 11.01.2011 USD 10,000.0 5,500.0 4,500.0 % 99.056 4,457,517.26 2.10 

0 % Housing Finance Age 


Norway 1,993,254.02 0.94 

0 % DnB NOR Bank USD Zero-Coupon Notes 04.01.2011 USD 2,000.0 2,000.0 % 99.663 1,993,254.02 0.94 

Spain 4,989,907.10 2.36 

0 % Banco Popular Español 



0 % Bank Nederlandse Gemeenten 


0 % ING Bank USD Zero-Coupon Notes 17.02.2011 USD 10,000.0 5,500.0 4,500.0 % 98.902 4,450,582.94 2.10 


0 % Banco de Sabadell 


0 % Banco Espirito Santo 








0 % Royal Bank of Scotland 


0 % UBS AG London 










184 


31/03/2010 



in USD 

% of 

Subfund 

assets




Contracts 


31/03/2010 




gain/loss 

Derivatives 






3M Sterling Interest Rate Future Jun11 Ctr 180 180 GBP 98.290 60,659.74 0.03 

LONG GILT Future Jun10 Ctr 26 26 GBP 114.680 23,233.98 0.01 

Sold Bond Futures – 32,723.22 – 0.01 

5-Year German Government Bond Future Sep10 Ctr 52 – 52 EUR 117.030 – 6,995.30 0.00 

2-Year German Government Bond (Bund) Future Jun10 Ctr 177 – 177 EUR 108.740 – 25,727.92 – 0.01 




Sold CAD / Bought JPY 10 Jun 2010 CAD – 400,000.00 – 13,109.59 – 0.01 

Sold CAD / Bought USD 10 Jun 2010 CAD – 618,999.00 – 9,247.31 0.00 




Sold CHF / Bought USD 10 Jun 2010 CHF – 429,320.00 – 3,889.84 0.00 

Sold EUR / Bought CHF 10 Jun 2010 EUR – 700,000.00 17,018.90 0.01 



Sold EUR / Bought SEK 10 Jun 2010 EUR – 1,000,000.00 3,960.75 0.00 




Sold GBP / Bought EUR 30 Jun 2010 GBP – 895,040.00 – 9,624.08 – 0.01 

Sold GBP / Bought NZD 30 Jun 2010 GBP – 1,000,000.00 – 3,971.87 0.00 







Sold NZD / Bought GBP 30 Jun 2010 NZD – 2,151,850.00 – 4,388.82 0.00 

Sold NZD / Bought USD 30 Jun 2010 NZD – 2,000,000.00 – 13,786.60 – 0.01 

Sold SEK / Bought EUR 10 Jun 2010 SEK – 9,720,800.00 – 1,052.18 0.00 

Sold SEK / Bought NOK 10 Jun 2010 SEK – 7,846,140.50 – 65.21 0.00 

Sold USD / Bought CAD 10 Jun 2010 USD – 600,000.00 1,088.89 0.00 

Sold USD / Bought CHF 10 Jun 2010 USD – 400,000.00 1,142.80 0.00 






Sold USD / Bought NZD 30 Jun 2010 USD – 1,414,040.00 – 2,953.40 0.00 







– Class IT (USD) (accumulating) USD 1,013.58 



% of 

Subfund 

assets 

185







Bonds 

Ireland 

4.4870 % Bank of Ireland USD MTN 05/10 


Bonds 


USD 7,000.0 

1.0000 % DnB NOR Bank USD FLR-Notes 06/09 144A 


Australia 

USD 1,550.0 

0 % Bank of Scotland USD Zero-Coupon Notes 18.12.2009 

France 

USD 5,000.0 

0 % Caisse Des Dépôts USD Zero-Coupon Notes 17.12.2010 USD 1,700.0 1,700.0 

0 % Natixis USD Zero-Coupon Notes 19.01.2010 

Ireland 

USD 5,000.0 

0 % Bank of Ireland USD Zero-Coupon Notes 15.01.2010 USD 7,000.0 

0 % DZ Bank Ireland USD Zero-Coupon Notes 11.01.2011 USD 10,000.0 10,000.0 

0 % DZ Bank Ireland USD Zero-Coupon Notes 19.01.2010 USD 5,000.0 

0 % Housing Finance Agency USD Zero-Coupon Notes 18.02.2010 USD 5,000.0 

0 % Totta Ireland USD Zero-Coupon Notes 18.03.2010 

Kuwait 

USD 10,000.0 

0 % Industrial Bank of Korea USD Zero-Coupon Notes 22.10.2009 

Luxembourg 

USD 10,000.0 

0 % Fortis Luxembourg Finance USD Zero-Coupon Notes 18.03.2010 


USD 10,000.0 

0 % SNS Bank USD Zero-Coupon Notes 05.01.2010 


USD 8,000.0 8,000.0 

0 % Clydesdale Bank USD Zero-Coupon Notes 18.02.2010 USD 5,000.0 

0 % Lloyds TSB Bank USD Zero-Coupon Notes 17.12.2010 USD 1,500.0 1,500.0 

0 % Nationwide Building Society USD Zero-Coupon Notes 21.12.2009 USD 5,000.0 

0 % UniCredit USD Zero-Coupon Notes 15.01.2010 USD 7,000.0 




Derivatives 











10-Year LONG GILT Future Mar10 Ctr 13 13 



3-Month STERLING Interest Rate Future Jun10 Ctr 239 





Sold AUD / Bought EUR 30 Dec 2009 EUR – 1,153,935.00 

Sold AUD / Bought JPY 31 Mar 2010 JPY – 500,000.00 

Sold AUD / Bought NOK 31 Mar 2010 NOK – 1,000,000.00 

Sold AUD / Bought NZD 30 Dec 2009 NZD – 400,000.00 

Sold AUD / Bought SEK 31 Mar 2010 SEK – 500,000.00 

Sold AUD / Bought USD 15 Dec 2009 USD – 500,000.00 

Sold AUD / Bought USD 31 Mar 2010 USD – 1,000,000.00 

Sold CAD / Bought AUD 15 Dec 2009 AUD – 291,630.00 

Sold CAD / Bought AUD 31 Mar 2010 AUD – 933,960.00 


186 








Sold CAD / Bought EUR 31 Mar 2010 EUR – 705,360.00 

Sold CAD / Bought USD 11 Mar 2010 USD – 529,580.00 

Sold CAD / Bought USD 15 Dec 2009 USD – 425,959.00 


Sold CAD / Bought USD 31 Mar 2010 USD – 1,081,605.00 

Sold CHF / Bought EUR 15 Dec 2009 EUR – 755,335.00 

Sold CHF / Bought EUR 30 Dec 2009 EUR – 450,291.90 

Sold CHF / Bought EUR 31 Mar 2010 EUR – 1,459,600.00 

Sold CHF / Bought USD 11 Mar 2010 USD – 1,603,010.80 

Sold CHF / Bought USD 15 Dec 2009 USD – 3,649,202.50 


Sold CZK / Bought USD 15 Dec 2009 USD – 37,250.00 

Sold EUR / Bought AUD 30 Dec 2009 AUD – 900,000.00 

Sold EUR / Bought CAD 31 Mar 2010 CAD – 500,000.00 



Sold EUR / Bought CHF 31 Mar 2010 CHF – 1,000,000.00 

Sold EUR / Bought CZK 11 Mar 2010 CZK – 1,000,000.00 

Sold EUR / Bought CZK 15 Dec 2009 CZK – 500,000.00 

Sold EUR / Bought GBP 11 Mar 2010 GBP – 1,000,000.00 

Sold EUR / Bought GBP 15 Dec 2009 GBP – 2,300,000.00 

Sold EUR / Bought GBP 30 Dec 2009 GBP – 800,000.00 

Sold EUR / Bought GBP 31 Mar 2010 GBP – 1,000,000.00 

Sold EUR / Bought HUF 11 Mar 2010 HUF – 1,000,000.00 

Sold EUR / Bought HUF 15 Dec 2009 HUF – 500,000.00 

Sold EUR / Bought JPY 11 Mar 2010 JPY – 500,000.00 

Sold EUR / Bought JPY 30 Dec 2009 JPY – 800,000.00 

Sold EUR / Bought JPY 31 Mar 2010 JPY – 500,000.00 

Sold EUR / Bought NOK 11 Mar 2010 NOK – 500,000.00 

Sold EUR / Bought NOK 31 Mar 2010 NOK – 500,000.00 

Sold EUR / Bought NZD 15 Dec 2009 NZD – 900,000.00 

Sold EUR / Bought PLN 11 Mar 2010 PLN – 500,000.00 

Sold EUR / Bought PLN 15 Dec 2009 PLN – 400,000.00 

Sold EUR / Bought SEK 11 Mar 2010 SEK – 500,000.00 

Sold EUR / Bought SEK 30 Dec 2009 SEK – 500,000.00 



Sold GBP / Bought EUR 11 Mar 2010 EUR – 877,880.00 

Sold GBP / Bought EUR 15 Dec 2009 EUR – 2,070,948.00 

Sold GBP / Bought EUR 30 Dec 2009 EUR – 727,541.00 

Sold GBP / Bought EUR 31 Mar 2010 EUR – 440,265.00 

Sold GBP / Bought USD 31 Mar 2010 USD – 519,785.00 

Sold HUF / Bought EUR 11 Mar 2010 EUR – 272,122,500.00 

Sold HUF / Bought EUR 15 Dec 2009 EUR – 136,385,000.00 

Sold HUF / Bought USD 11 Mar 2010 USD – 1,315,000.00 

Sold HUF / Bought USD 15 Dec 2009 USD – 2,600,000.00 

Sold JPY / Bought AUD 31 Mar 2010 AUD – 40,493,500.00 

Sold JPY / Bought EUR 11 Mar 2010 EUR – 61,966,250.00 

Sold JPY / Bought EUR 30 Dec 2009 EUR – 105,883,060.00 

Sold JPY / Bought EUR 31 Mar 2010 EUR – 60,855,500.00 

Sold JPY / Bought USD 11 Mar 2010 USD – 91,165,500.00 

Sold JPY / Bought USD 15 Dec 2009 USD – 90,037,000.00 


Sold MXN / Bought USD 11 Mar 2010 USD – 8,012,250.00 

Sold MXN / Bought USD 15 Dec 2009 USD – 6,443,250.00 

Sold NOK / Bought AUD 31 Mar 2010 AUD – 5,348,400.00 

Sold NOK / Bought EUR 11 Mar 2010 EUR – 4,080,775.00 

187






Sold NOK / Bought EUR 31 Mar 2010 EUR – 4,035,275.00 

Sold NOK / Bought SEK 15 Dec 2009 SEK – 3,000,000.00 

Sold NOK / Bought SEK 30 Dec 2009 SEK – 2,000,000.00 

Sold NOK / Bought USD 30 Dec 2009 USD – 33,625.00 

Sold NOK / Bought USD 31 Mar 2010 USD – 275.00 

Sold NZD / Bought AUD 30 Dec 2009 AUD – 254,280.00 

Sold NZD / Bought EUR 15 Dec 2009 EUR – 1,877,261.00 

Sold NZD / Bought USD 15 Dec 2009 USD – 511,520.50 

Sold NZD / Bought USD 30 Dec 2009 USD – 21,876.00 

Sold NZD / Bought USD 31 Mar 2010 USD – 2,516,060.00 

Sold PLN / Bought EUR 15 Dec 2009 EUR – 1,651,800.00 

Sold SEK / Bought AUD 31 Mar 2010 AUD – 3,238,100.00 

Sold SEK / Bought EUR 11 Mar 2010 EUR – 5,049,450.00 

Sold SEK / Bought EUR 30 Dec 2009 EUR – 5,210,330.00 

Sold SEK / Bought NOK 15 Dec 2009 NOK – 3,660,450.00 

Sold SEK / Bought NOK 30 Dec 2009 NOK – 1,226,000.00 

Sold SEK / Bought USD 11 Mar 2010 USD – 86,885.00 

Sold SEK / Bought USD 15 Dec 2009 USD – 91,987.00 

Sold SEK / Bought USD 31 Mar 2010 USD – 80,315.00 

Sold USD / Bought AUD 15 Dec 2009 AUD – 729,784.90 

Sold USD / Bought AUD 30 Dec 2009 AUD – 8,855.31 

Sold USD / Bought AUD 31 Mar 2010 AUD – 1,348,900.80 

Sold USD / Bought BRL 15 Dec 2009 BRL – 500,000.00 

Sold USD / Bought CAD 11 Mar 2010 CAD – 515,205.92 

Sold USD / Bought CAD 15 Dec 2009 CAD – 406,012.35 

Sold USD / Bought CAD 30 Dec 2009 CAD – 609,384.40 

Sold USD / Bought CAD 31 Mar 2010 CAD – 1,013,613.16 

Sold USD / Bought CHF 11 Mar 2010 CHF – 2,203,394.72 

Sold USD / Bought CHF 15 Dec 2009 CHF – 3,615,611.05 

Sold USD / Bought CHF 30 Dec 2009 CHF – 1,503,700.22 

Sold USD / Bought CHF 31 Mar 2010 CHF – 14,016.41 

Sold USD / Bought CZK 11 Mar 2010 CZK – 15,752.52 

Sold USD / Bought EUR 15 Dec 2009 EUR – 749,275.00 

Sold USD / Bought EUR 30 Dec 2009 EUR – 895,936.00 

Sold USD / Bought GBP 11 Mar 2010 GBP – 2,949.80 

Sold USD / Bought GBP 15 Dec 2009 GBP – 17,535.46 

Sold USD / Bought GBP 30 Dec 2009 GBP – 6,555.20 

Sold USD / Bought GBP 31 Mar 2010 GBP – 751,965.00 

Sold USD / Bought HUF 11 Mar 2010 HUF – 500,255.23 

Sold USD / Bought JPY 11 Mar 2010 JPY – 1,000,000.00 

Sold USD / Bought JPY 15 Dec 2009 JPY – 1,010,075.54 

Sold USD / Bought JPY 30 Dec 2009 JPY – 518,453.56 

Sold USD / Bought JPY 31 Mar 2010 JPY – 30,045.54 

Sold USD / Bought MXN 11 Mar 2010 MXN – 1,006,259.63 

Sold USD / Bought MXN 15 Dec 2009 MXN – 503,608.41 

Sold USD / Bought NOK 11 Mar 2010 NOK – 2,153.40 

Sold USD / Bought NOK 30 Dec 2009 NOK – 2,500.00 

Sold USD / Bought NOK 31 Mar 2010 NOK – 713.51 

Sold USD / Bought NZD 15 Dec 2009 NZD – 365,650.00 

Sold USD / Bought NZD 30 Dec 2009 NZD – 2,192.32 

Sold USD / Bought NZD 31 Mar 2010 NZD – 2,440,510.00 

Sold USD / Bought SEK 11 Mar 2010 SEK – 2,131.84 

Sold USD / Bought SEK 30 Dec 2009 SEK – 3,595.57 

Sold USD / Bought SEK 31 Mar 2010 SEK – 505,439.43 

Sold USD / Bought TRY 15 Dec 2009 TRY – 4,420.07 

Sold USD / Bought ZAR 11 Mar 2010 ZAR – 1,608,972.34 

Sold ZAR / Bought USD 11 Mar 2010 USD – 12,370,300.00 


188 



as at 31/03/2010 


31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 178,448,423.35) 178,610,331.49 138,590,170.15 





0.00 0.00 

– bonds 783,847.09 347,153.78 





Receivable on 

0.00 0.00 

– subscriptions on fund shares 0.00 30,254,400.00 






0.00 0.00 







Total Assets 212,497,463.66 174,671,869.56 





Payable on 

0.00 0.00 







– 203,418.55 – 278,000.23 







Net assets 211,878,113.55 174,197,146.52 

189





190 

01/10/2009–31/03/2010 Launch date–30/09/2009 

USD USD 



Subscriptions 

174,197,146.52 0.00 


57,392,829.81 173,246,980.39 

– Class IT (USD) 1) – 20,695,794.16 – 30,237.28 

Equalization – 125,210.95 – 14,284.67 



1,109,142.33 994,688.08 





Class IT 1) 

Shares 

Class IT 1) 

Shares 




172,764 0 

– issued 56,723 172,794 

– redeemed 


– 20,447 – 30 



209,040 172,764





Contracts 


Equities 28,063,286.57 96.67 

Austria 171,165.94 0.59 

Erste Group Bank Shs 3,984 3,984 EUR 30.750 122,508.00 0.42 

Vienna Insurance Group Shs 1,247 1,247 EUR 39.020 48,657.94 0.17 

Belgium 443,141.88 1.53 

Anheuser-Busch InBev Shs 13,220 1,395 11,825 EUR 37.475 443,141.88 1.53 

Finland 738,760.00 2.54 

Nokia Shs 7,647 7,529 64,240 EUR 11.500 738,760.00 2.54 

France 10,331,272.04 35.59 

Air Liquide Shs 961 532 4,517 EUR 89.050 402,238.85 1.39 

Alstom Shs 832 3,871 EUR 46.705 180,795.06 0.62 

AXA Shs 1,882 9,871 31,344 EUR 16.435 515,138.64 1.77 


Carrefour Shs 1,458 1,254 10,629 EUR 35.905 381,634.25 1.32 

Compagnie de Saint-Gobain Shs 1,021 678 7,351 EUR 35.950 264,268.45 0.91 

Crédit Agricole Shs 1,280 7,797 22,249 EUR 12.940 287,902.06 0.99 

Danone Shs 2,254 1,249 10,574 EUR 44.970 475,512.78 1.64 

Foncière des Régions Real Estate Investment Trust Shs 950 950 EUR 82.450 78,327.50 0.27 

France Télécom Shs 2,144 6,961 35,719 EUR 17.820 636,512.58 2.19 

GDF Suez Shs 3,775 2,739 23,409 EUR 28.735 672,657.62 2.32 

L’Oréal Shs 1,902 387 4,203 EUR 78.990 331,994.97 1.14 

LVMH Moët Hennessy Louis Vuitton Shs 258 2,423 4,310 EUR 87.400 376,694.00 1.30 

Natixis Shs 20,350 20,350 EUR 3.999 81,379.65 0.28 

Sanofi-Aventis Shs 1,091 3,379 18,179 EUR 55.420 1,007,480.18 3.47 

Schneider Electric Shs 265 1,333 4,423 EUR 87.150 385,464.45 1.33 

Société Générale Shs 3,101 1,738 14,853 EUR 46.555 691,481.42 2.38 

Total Shs 2,283 4,878 38,035 EUR 43.145 1,641,020.08 5.65 

Vinci Shs 529 4,034 8,811 EUR 44.220 389,622.42 1.34 

Vivendi Shs 1,301 7,667 21,674 EUR 19.935 432,071.19 1.49 

Germany 6,947,767.03 23.93 

BASF Shs 932 2,793 15,535 EUR 45.925 713,444.88 2.46 

Bayer Shs 1,155 1,476 12,585 EUR 49.880 627,739.80 2.16 

Daimler Reg.S Shs 904 2,559 15,070 EUR 34.890 525,792.30 1.81 

Deutsche Bank Reg.S Shs 737 2,099 12,288 EUR 57.280 703,856.64 2.43 

Deutsche Börse Shs 178 2,340 3,107 EUR 55.130 171,288.91 0.59 

Deutsche Telekom Reg.S Shs 6,492 6,121 52,174 EUR 10.069 525,340.01 1.81 

E.ON Shs 3,769 4,489 34,964 EUR 27.235 952,244.54 3.28 

Hannover Rückversicherungs Reg.S Shs 3,416 3,416 EUR 36.900 126,050.40 0.43 

Münchner Rückversicherungs Reg.S Shs 245 481 4,082 EUR 120.201 490,660.48 1.69 

RWE Shs 436 1,769 7,263 EUR 65.710 477,251.73 1.64 

SAP Shs 3,981 1,764 15,017 EUR 35.850 538,359.45 1.86 

Siemens Reg.S Shs 824 2,161 13,726 EUR 74.100 1,017,096.60 3.50 

Volkswagen Shs 500 1,096 EUR 71.180 78,013.28 0.27 

Volkswagen -Rights- Shs 1,096 1,096 EUR 0.573 628.01 0.00 

Ireland 249,302.62 0.86 

CRH Shs 13,454 13,454 EUR 18.530 249,302.62 0.86 

Italy 2,450,571.70 8.44 

Assicurazioni Generali Shs 9,245 2,625 22,407 EUR 17.930 401,757.51 1.38 

Azimut Holding Shs 13,327 13,327 EUR 9.705 129,338.54 0.45 

Enel Shs 6,631 40,061 110,441 EUR 4.190 462,747.79 1.59 

ENI Shs 2,547 10,439 42,422 EUR 17.490 741,960.78 2.56 

Intesa Sanpaolo Shs 29,652 20,823 177,580 EUR 2.808 498,555.85 1.72 

Telecom Italia Shs 11,543 93,250 200,567 EUR 1.078 216,211.23 0.74 

Luxembourg 507,810.20 1.75 

ArcelorMittal Shs 2,645 1,827 15,577 EUR 32.600 507,810.20 1.75 

Spain 4,389,868.08 15.12 

Banco Bilbao Vizcaya Argentaria Shs 9,846 10,336 80,543 EUR 10.170 819,122.31 2.82 

Banco Santander Shs 9,953 19,820 154,446 EUR 9.923 1,532,567.66 5.28 

Corp Financiera Alba Shs 2,705 2,705 EUR 37.360 101,058.80 0.35 

Iberdrola Shs 15,400 8,106 69,130 EUR 6.321 436,970.73 1.50 

Repsol YPF Shs 855 6,059 14,866 EUR 17.715 263,351.19 0.91 

Telefónica Shs 4,212 15,439 70,153 EUR 17.630 1,236,797.39 4.26 



31/03/2010 



in EUR 

% of 

Subfund 

assets 

191





Contracts 


Aegon Shs 1,971 11,260 34,255 EUR 5.068 173,604.34 0.60 

ING Group Shs 47,652 12,418 88,745 EUR 7.356 652,808.22 2.25 

Koninklijke Philips Electronics Shs 7,750 2,011 16,669 EUR 23.885 398,139.07 1.37 

Unilever Shs 2,539 3,146 26,802 EUR 22.725 609,075.45 2.10 





31/03/2010 



assets 

945,858.33 3.26 


0.1500 % Deposits used for collateralisation of derivatives EUR 102,345.55 0.35 





31/03/2010 



assets 

Derivatives 





DJ EURO STOXX 50 Future Jun10 Ctr 33 33 EUR 2,874.000 13,850.00 0.05 








EUR 141.38 






192








Equities 

Austria 

Erste Group Bank -Rights- 

Belgium 

Shs 3,755 3,755 

Fortis Shs 21,762 

Fortis -Rights- 

France 

Shs 73,833 

AXA -Rights- Shs 33,133 33,133 


Fonciere Des Regions -Warrants- Shs 950 950 

Renault Shs 7,350 

Société Générale -Rights- 

Germany 

Shs 13,490 13,490 

Lanxess 

Greece 

Shs 972 

National Bank of Greece 

Portugal 

Shs 2,590 

Banco Comercial Portugues 

Spain 

Shs 10,033 

Banco Santander -Rights- 


Shs 164,993 164,993 

ING Group EUR Zero-Coupon Notes 12/09 Shs 49,381 49,381 




Derivatives 







193



as at 31/03/2010 


194 

31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 32,693,067.44) 28,063,286.57 28,546,606.22 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

36,724.47 33,401.04 







0.00 0.00 







Total Assets 29,059,745.99 29,133,216.46 





Payable on 

0.00 0.00 







– 30,250.89 – 91,584.55 







Net assets 29,029,495.10 29,041,631.91




01/10/2009–31/03/2010 01/10/2008–31/03/2009 

EUR EUR 



Subscriptions 

29,041,631.91 53,798,705.30 

– Class A (EUR) 2,860,049.31 1,927,019.05 


Redemptions 

744,505.11 1,468,148.38 

– Class A (EUR) – 2,402,153.38 – 2,691,235.46 

– Class I (EUR) – 1,149,734.92 – 25,614,912.76 

Distribution – 681,552.03 – 1,167,220.76 

Equalization 1,020.60 40,655.02 



615,728.50 – 10,722,267.52 




EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class A 

Shares 




135,158 69,463 140,122 230,255 

– issued 20,905 5,358 16,999 12,625 

– redeemed 


– 17,058 – 8,259 – 26,741 – 197,824 

at the end of the reporting period 139,005 66,562 130,380 45,056 

Class I 

Shares 

Class A 

Shares 

Class I 

Shares 

195





Contracts 


Equities 177,165,176.59 99.38 

Austria 2,651,291.94 1.49 

Vienna Insurance Group Shs 55,821 4,862 67,947 EUR 39.020 2,651,291.94 1.49 

Belgium 6,901,470.95 3.87 

Anheuser-Busch InBev Shs 161,573 27,730 184,162 EUR 37.475 6,901,470.95 3.87 

Finland 5,686,580.58 3.19 

Kone Shs 49,054 3,048 50,150 EUR 30.640 1,536,596.00 0.86 

Outotec Shs 101,299 8,822 123,298 EUR 26.810 3,305,619.38 1.86 

Vacon Shs 23,042 2,006 28,052 EUR 30.100 844,365.20 0.47 

France 77,223,803.26 43.32 

Alstom Shs 104,127 9,068 126,740 EUR 46.705 5,919,391.70 3.32 

Audika Shs 34,676 3,853 42,210 EUR 26.530 1,119,831.30 0.63 

AuFeminin.com Shs 1,159 421 5,217 EUR 12.800 66,777.60 0.04 

AXA Shs 197,575 16,970 237,155 EUR 16.435 3,897,642.43 2.19 

Bureau Veritas Shs 79,385 6,914 96,628 EUR 39.005 3,768,975.14 2.11 

Cap Gemini Shs 67,899 5,913 82,648 EUR 36.390 3,007,560.72 1.69 

Christian Dior Shs 24,692 2,150 30,059 EUR 80.130 2,408,627.67 1.35 

Compagnie Generale d’Optique Essilor International Shs 67,911 5,323 79,491 EUR 46.870 3,725,743.17 2.09 

Danone Shs 145,611 12,682 177,230 EUR 44.970 7,970,033.10 4.47 

Dassault Systèmes Shs 106,206 8,891 127,349 EUR 43.750 5,571,518.75 3.12 

Ingenico Shs 88,301 4,523 110,533 EUR 18.690 2,065,861.77 1.16 

Ipsen Shs 53,354 4,215 62,628 EUR 36.385 2,278,719.78 1.28 

Legrand Shs 98,056 7,952 111,141 EUR 23.420 2,602,922.22 1.46 

L’Oréal Shs 52,712 4,591 64,162 EUR 78.990 5,068,156.38 2.84 

LVMH Moët Hennessy Louis Vuitton Shs 71,582 9,374 84,361 EUR 87.400 7,373,151.40 4.14 

PPR Shs 26,915 2,344 32,766 EUR 98.500 3,227,451.00 1.81 

Schneider Electric Shs 33,577 2,924 40,873 EUR 87.150 3,562,081.95 2.00 

SeLoger.com Shs 39,629 1,557 38,072 EUR 29.120 1,108,656.64 0.62 

Sodexo Shs 120,266 10,474 146,383 EUR 44.710 6,544,783.93 3.67 

Technip Shs 87,306 17,113 98,163 EUR 60.470 5,935,916.61 3.33 

Germany 46,835,620.15 26.27 

Bauer Shs 55,170 10,061 62,518 EUR 32.915 2,057,779.97 1.16 

Bayer Shs 91,244 7,947 111,061 EUR 49.880 5,539,722.68 3.11 

Beiersdorf Shs 89,674 7,809 109,151 EUR 44.475 4,854,490.73 2.72 

Cenit Shs 2,330 590 7,392 EUR 5.590 41,321.28 0.02 

Fresenius Medical Care Shs 76,906 6,490 90,704 EUR 41.655 3,778,275.12 2.12 

Fresenius Pref.Shares Shs 54,176 4,718 65,946 EUR 55.220 3,641,538.12 2.04 

GEA Group Shs 125,370 10,919 152,595 EUR 16.975 2,590,300.13 1.45 

Kontron Shs 125,596 10,938 152,871 EUR 7.270 1,111,372.17 0.62 

Linde Shs 37,033 1,455 35,578 EUR 88.320 3,142,248.96 1.76 

Rational Shs 10,858 946 13,222 EUR 129.950 1,718,198.90 0.96 

Rhoen-Klinikum Shs 93,603 8,152 113,931 EUR 18.975 2,161,840.73 1.21 

SAP Shs 184,557 15,023 218,992 EUR 35.850 7,850,863.20 4.41 

Siemens Reg.S Shs 81,989 7,141 99,796 EUR 74.100 7,394,883.60 4.15 

Stratec Biomedical Systems Shs 30,277 1,477 36,104 EUR 26.390 952,784.56 0.54 

Ireland 1,426,352.52 0.80 

DCC (traded in Ireland) Shs 924 924 EUR 18.901 17,464.52 0.01 

DCC (traded in United Kingdom) Shs 60,754 5,371 74,152 EUR 19.000 1,408,888.00 0.79 

Italy 8,584,017.50 4.82 

MARR Shs 89,021 7,753 108,355 EUR 6.800 736,814.00 0.41 

Saipem Shs 203,056 23,315 244,020 EUR 28.770 7,020,455.40 3.94 

Trevi Finanziaria Shs 52,651 4,586 64,089 EUR 12.900 826,748.10 0.47 

Portugal 3,607,795.20 2.02 

Jeronimo Martins Shs 385,964 52,148 469,765 EUR 7.680 3,607,795.20 2.02 

Spain 11,549,689.80 6.48 

Inditex Shs 117,851 10,263 143,444 EUR 48.885 7,012,259.94 3.94 

Prosegur Cia de Seguridad Shs 64,621 4,602 72,598 EUR 33.480 2,430,581.04 1.36 

Tecnicas Reunidas Shs 41,455 9,556 45,372 EUR 46.435 2,106,848.82 1.18 


ASML Holding Shs 160,406 77,814 145,597 EUR 26.400 3,843,760.80 2.16 

Fugro Shs 32,530 2,833 39,599 EUR 48.290 1,912,235.71 1.07 


196 


31/03/2010 



in EUR 

% of 

Subfund 

assets




Contracts 


31/03/2010 




in EUR 

Heineken Shs 131,614 10,583 147,912 EUR 37.965 5,615,479.08 3.15 

Imtech Shs 45,865 3,994 55,830 EUR 23.770 1,327,079.10 0.74 














– Class W (EUR) (distributing) 


EUR 1,002.64 






– Class W (EUR) (distributing) Shs 5,703 





% of 

Subfund 

assets 





Equities 

France 

AXA -Rights- 

Ireland 

Shs 64,715 64,715 

CRH Shs 98,544 143,399 

CRH Shs 62,657 62,657 

United Drug Shs 258,219 364,073 

197



as at 31/03/2010 


198 

31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 154,031,688.74) 177,165,176.59 38,642,051.43 

(Other) cash at banks 2,706,260.86 0.00 




0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

133,456.61 25,817.97 

– subscriptions on fund shares 340,341.80 0.00 






0.00 0.00 







Total Assets 180,345,235.86 39,253,385.59 





Payable on 

0.00 0.00 

– redemptions of fund shares – 1,360.10 – 0.28 






– 162,361.16 – 56,837.36 







Net assets 178,259,239.30 38,988,030.67




01/10/2009–31/03/2010 01/10/2008–31/03/2009 

EUR EUR 



Subscriptions 

38,988,030.67 23,913,492.33 

– Class A (EUR) 5,813,100.03 3,854,654.16 

– Class AT (EUR) 16,486,769.49 9,184.69 

– Class CT (EUR) 991,630.34 247,092.84 

– Class I (EUR) 31,659,404.99 0.00 

– Class IT (EUR) 79,980,707.37 165,977.75 

– Class W (EUR) 7,352.08 0.00 

– Class W (H-SKK) 1) Redemptions 

0.00 0.00 

– Class A (EUR) – 87,348.78 – 100,213.20 

– Class AT (EUR) – 436,184.87 – 118,691.83 

– Class CT (EUR) – 428,934.51 – 178,630.23 

– Class I (EUR) 0.00 0.00 

– Class IT (EUR) – 8,016,468.02 – 46,399.51 

– Class W (EUR) – 5,190,021.00 0.00 

– Class W (H-SKK) 1) 0.00 0.00 

Distribution – 340,127.18 – 264,804.90 

Equalization 168,260.69 10,384.95 



18,663,068.00 – 5,657,447.47 


1) Liquidation date: 9 September 2009. 

178,259,239.30 21,834,599.58 

199




EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 


200 

Class A 

Shares 

Class AT 

Shares 

Class CT 

Shares 

Class A 

Shares 

Class AT 

Shares 

Class CT 

Shares 




3,226 9,648 16,341 2,434 9,894 19,870 

– issued 62,120 183,578 10,907 60,004 140 3,742 

– redeemed 


– 925 – 4,873 – 4,699 – 1,360 – 1,634 – 2,843 


EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class I 

Shares 

Class IT 

Shares 




26,079 3,688 11,395 12,855 1,802 1 

– issued 34,742 87,130 8 0 245 0 

– redeemed 


0 – 8,484 – 5,700 0 – 72 0 

at the end of the reporting period 60,821 82,334 5,703 12,855 1,975 1 

SKK Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class W (H-SKK) 1) 

Class W (H-SKK) 

Shares 

1) 


Shares 



0 10,000 


– redeemed 


0 0 


1) Liquidation date: 9 September 2009. 

0 10,000 

Class W 

Shares 

Class I 

Shares 

Class IT 

Shares 

Class W 

Shares





Contracts 


Equities 460,648,376.73 97.58 

Austria 4,740,071.56 1.00 

Vienna Insurance Group Shs 66,286 19,621 121,478 EUR 39.020 4,740,071.56 1.00 

Belgium 8,025,421.15 1.70 

Anheuser-Busch InBev Shs 116,859 34,640 214,154 EUR 37.475 8,025,421.15 1.70 

Denmark 44,770,672.25 9.48 

Carlsberg -B- Shs 170,093 100,254 288,845 DKK 461.200 17,892,403.71 3.79 

DSV Shs 294,964 108,403 540,523 DKK 98.350 7,140,080.01 1.51 

FLSmidth & Co. Shs 73,673 34,473 132,326 DKK 381.400 6,778,606.28 1.44 

Novo-Nordisk -B- Shs 104,138 19,637 163,329 DKK 428.500 9,400,017.57 1.99 

SimCorp Shs 16,143 3,561 26,318 DKK 1,007.000 3,559,564.68 0.75 

Finland 6,517,269.71 1.38 

Outotec Shs 132,650 39,266 243,091 EUR 26.810 6,517,269.71 1.38 

France 64,396,021.01 13.64 

Bureau Veritas Shs 113,827 19,149 153,204 EUR 39.005 5,975,722.02 1.27 

Compagnie Generale d’Optique Essilor International Shs 79,558 14,147 119,473 EUR 46.870 5,599,699.51 1.19 

Danone Shs 146,552 43,466 268,562 EUR 44.970 12,077,233.14 2.56 

Dassault Systèmes Shs 75,583 22,392 138,521 EUR 43.750 6,060,293.75 1.28 

Ingenico Shs 98,446 29,166 180,409 EUR 18.690 3,371,844.21 0.71 

L’Oréal Shs 47,149 13,928 86,411 EUR 78.990 6,825,604.89 1.44 

LVMH Moët Hennessy Louis Vuitton Shs 59,170 17,586 108,442 EUR 87.400 9,477,830.80 2.01 

Sodexo Shs 118,750 21,329 173,833 EUR 44.710 7,772,073.43 1.65 

Technip Shs 75,373 46,549 119,658 EUR 60.470 7,235,719.26 1.53 

Germany 68,316,468.09 14.47 

Bayer Shs 73,324 21,744 134,379 EUR 49.880 6,702,824.52 1.42 

Beiersdorf Shs 86,447 25,608 158,424 EUR 44.475 7,045,907.40 1.49 

Fresenius Medical Care Shs 80,600 20,159 144,819 EUR 41.655 6,032,435.45 1.28 


Kontron Shs 143,859 42,696 263,634 EUR 7.270 1,916,619.18 0.41 

Linde Shs 85,085 85,085 EUR 88.320 7,514,707.20 1.59 

Rational Shs 12,330 3,634 22,608 EUR 129.950 2,937,909.60 0.62 

Rhoen-Klinikum Shs 141,206 41,823 258,768 EUR 18.975 4,910,122.80 1.04 

SAP Shs 203,472 48,498 339,818 EUR 35.850 12,182,475.30 2.58 

Siemens Reg.S Shs 92,305 27,394 169,160 EUR 74.100 12,534,756.00 2.66 

Ireland 5,418,675.34 1.15 

Shire Shs 180,008 53,366 329,870 GBP 14.590 5,418,675.34 1.15 

Italy 13,315,350.49 2.82 

MARR Shs 118,537 35,121 217,229 EUR 6.800 1,477,157.20 0.31 

Saipem Shs 238,649 190,545 411,477 EUR 28.770 11,838,193.29 2.51 

Portugal 5,564,267.52 1.18 

Jeronimo Martins Shs 395,370 117,178 724,514 EUR 7.680 5,564,267.52 1.18 

Spain 17,028,967.53 3.61 

Inditex Shs 147,120 43,631 269,607 EUR 48.885 13,179,738.20 2.79 

Tecnicas Reunidas Shs 53,419 11,827 82,895 EUR 46.435 3,849,229.33 0.82 

Sweden 52,104,562.36 11.04 

Atlas Copco -A- Shs 555,491 304,607 999,659 SEK 111.400 11,464,089.94 2.43 

Elekta -B- Shs 212,360 62,951 389,155 SEK 201.500 8,072,353.62 1.71 

Hennes & Mauritz -B- Shs 153,621 45,484 281,520 SEK 472.700 13,699,268.24 2.90 

Hexagon -B- Shs 331,903 98,361 608,214 SEK 105.250 6,589,933.48 1.40 

RaySearch Laboratories Shs 235,645 42,443 368,695 SEK 44.900 1,704,182.50 0.36 

Sandvik Shs 629,479 326,729 1,138,834 SEK 90.200 10,574,734.58 2.24 

Switzerland 49,585,865.94 10.50 

ABB Reg.S Shs 429,768 127,349 787,546 CHF 23.250 12,797,873.90 2.71 

Bank Sarasin & Compagnie Reg.S -B- Shs 64,378 19,076 117,985 CHF 44.150 3,640,796.83 0.77 

Compagnie Financiere Richemont -A- Shs 220,118 65,281 403,369 CHF 41.530 11,708,557.39 2.48 

Galenica Shs 4,720 1,346 8,664 CHF 419.000 2,537,297.58 0.54 

Lindt & Spruengli Shs 1,316 376 2,427 CHF 2,472.000 4,193,312.05 0.89 

Roche Holding Shs 56,583 11,823 89,731 CHF 171.800 10,774,685.60 2.28 

SGS Shs 2,306 507 3,805 CHF 1,479.000 3,933,342.59 0.83 


ASML Holding Shs 116,858 90,372 183,599 EUR 26.400 4,847,013.60 1.03 



31/03/2010 



in EUR 

% of 

Subfund 

assets 

201





Contracts 


Aveva Group Shs 146,031 43,316 267,612 GBP 11.850 3,570,417.09 0.75 

British American Tobacco Shs 289,137 85,686 529,847 GBP 22.855 13,634,107.82 2.89 

Bunzl Shs 421,118 124,874 771,697 GBP 7.295 6,338,217.34 1.34 

Capita Group Shs 458,008 63,807 636,944 GBP 7.630 5,471,681.48 1.16 

Compass Group Shs 592,457 175,655 1,085,666 GBP 5.320 6,502,837.30 1.38 

G4S Shs 1,699,168 252,373 2,404,168 GBP 2.618 7,086,462.17 1.50 

Homeserve Shs 81,502 24,194 149,364 GBP 17.980 3,023,643.90 0.64 

Imperial Tobacco Group Shs 190,289 56,417 348,710 GBP 20.160 7,914,982.31 1.68 

Mothercare Shs 264,110 78,305 483,983 GBP 6.050 3,296,708.14 0.70 

Prudential Shs 875,534 528,281 1,484,992 GBP 5.405 9,036,803.34 1.91 

Reckitt Benckiser Group Shs 190,097 56,360 348,357 GBP 36.270 14,225,486.12 3.01 

Rotork Shs 144,351 42,832 264,530 GBP 14.410 4,291,745.22 0.91 

SABMiller Shs 383,802 383,802 GBP 19.520 8,434,941.53 1.79 

Serco Group Shs 422,961 125,401 775,073 GBP 6.041 5,271,735.98 1.12 

St James’s Place Shs 519,365 155,201 951,729 GBP 2.560 2,743,141.98 0.58 

Vedanta Resources Shs 173,780 144,994 296,063 GBP 27.720 9,240,008.71 1.96 

Weir Group Shs 374,892 305,885 561,368 GBP 9.390 5,934,829.73 1.26 















– Class W (EUR) (distributing) 


EUR 1,149.92 

– Class A (GBP) (distributing) Shs 848 






– Class W (EUR) (distributing) Shs 169,194 




202 


31/03/2010 



in EUR 



% of 

Subfund 

assets 





Equities 

Ireland 

CRH Shs 61,960 179,864 

CRH Shs 17,794 23,625 

United Drug Shs 254,956 741,933


as at 31/03/2010 


31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 381,548,880.24) 460,648,376.73 234,965,954.77 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

1,072,870.88 129,582.29 

– subscriptions on fund shares 7,699,298.10 353,968.39 






0.00 0.00 







Total Assets 472,568,750.09 237,322,618.68 





Payable on 

0.00 0.00 

– redemptions of fund shares – 32,877.79 – 6,123,994.73 






– 390,010.56 – 269,374.18 







Net assets 472,054,503.96 230,929,249.77 

203





204 

01/10/2009–31/03/2010 01/10/2008–31/03/2009 

EUR EUR 



Subscriptions 

230,929,249.77 77,393,433.91 

– Class A (EUR) 1,682,402.08 299,935.28 

– Class AT (EUR) 58,613,773.63 4,040,632.44 

– Class CT (EUR) 6,294,919.32 1,828,126.33 

– Class I (EUR) 5,032,674.51 8,068,585.90 

– Class IT (EUR) 52,504,103.42 41,195,043.41 

– Class W (EUR) 160,878,580.38 694.80 

– Class A (GBP) 1) Redemptions 

63,676.98 0.00 

– Class A (EUR) – 2,138,020.59 – 682.80 

– Class AT (EUR) – 36,273,208.47 – 3,909,538.65 

– Class CT (EUR) – 1,958,587.80 – 1,301,463.34 

– Class I (EUR) – 8,916,641.34 – 7,441,316.54 

– Class IT (EUR) – 52,200,259.91 – 5,720,864.25 

– Class W (EUR) – 1,140,030.54 – 1,544.32 

Distribution – 1,076,118.42 – 210,610.26 

Equalization 77,543.34 5,162.45 



59,680,447.60 – 21,574,329.88 



472,054,503.96 92,671,264.48




EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class A 

Shares 

Class AT 

Shares 

Class CT 

Shares 

Class A 

Shares 

Class AT 

Shares 

Class CT 

Shares 




30,245 526,585 74,708 275 32,545 43,897 

– issued 16,822 578,425 64,717 4,616 61,029 26,997 

– redeemed 


– 23,725 – 378,088 – 20,621 – 10 – 58,815 – 18,775 


EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class I 

Shares 

Class IT 

Shares 




26,532 138,342 14,503 31,144 36,222 14,481 

– issued 4,828 49,722 155,780 10,885 59,203 1 

– redeemed 


– 8,735 – 51,933 – 1,089 – 11,105 – 7,806 – 2 


Class W 

Shares 

GBP Shares 01/10/2009–31/03/2010 01/10/2008–30/09/2009 

Class A 1) 

Shares 

Class I 

Shares 

Class IT 

Shares 

Class W 

Shares 

Class A 1) 

Shares 




391 0 

– issued 457 401 

– redeemed 


0 – 10 



848 391 

205





Contracts 


Equities 25,481,724.12 98.09 

Austria 662,768.00 2.55 

Andritz Shs 1,500 1,100 5,600 EUR 45.070 252,392.00 0.97 

Conwert Immobilien Invest Shs 7,700 6,500 15,200 EUR 9.160 139,232.00 0.54 

Mayr Melnhof Karton Shs 1,000 1,500 2,000 EUR 70.900 141,800.00 0.54 

Zumtobel Shs 9,100 500 8,600 EUR 15.040 129,344.00 0.50 

Belgium 243,960.00 0.94 

EVS Broadcast Equipment Shs 2,993 3,100 5,700 EUR 42.800 243,960.00 0.94 

Cyprus 212,299.73 0.82 

ProSafe ASA Shs 62,000 7,500 54,500 NOK 31.250 212,299.73 0.82 

Denmark 1,272,568.45 4.90 

D/S Norden Shs 10,100 1,500 8,600 DKK 237.500 274,332.08 1.06 

DSV Shs 13,500 8,400 30,100 DKK 98.350 397,608.26 1.53 

SimCorp Shs 1,100 550 2,550 DKK 1,007.000 344,892.85 1.33 

Sydbank Shs 7,500 15,600 12,900 DKK 147.600 255,735.26 0.98 

Finland 1,294,017.00 4.98 

Konecranes Shs 8,500 500 8,000 EUR 22.200 177,600.00 0.68 

Nokian Renkaat Shs 8,300 7,300 19,500 EUR 19.180 374,010.00 1.44 

Outotec Shs 10,500 8,500 10,500 EUR 26.810 281,505.00 1.08 

Talvivaara Mining Shs 34,900 18,500 53,400 EUR 5.080 271,272.00 1.05 

Vacon Shs 2,000 1,200 6,300 EUR 30.100 189,630.00 0.73 

France 1,671,994.50 6.44 

BioMerieux Shs 1,200 350 2,650 EUR 84.850 224,852.50 0.87 

GameLoft Shs 16,500 22,400 44,100 EUR 3.510 154,791.00 0.60 

Gemalto Shs 3,000 8,000 4,000 EUR 31.680 126,720.00 0.49 

Orpea Shs 4,600 3,700 5,900 EUR 30.750 181,425.00 0.70 

Pierre & Vacances Shs 3,500 3,500 EUR 57.500 201,250.00 0.77 

Saft Groupe Shs 5,800 3,000 9,800 EUR 29.750 291,550.00 1.12 

Sartorius Stedim Biotech Shs 5,200 2,100 8,100 EUR 37.500 303,750.00 1.17 

Virbac Shs 1,100 200 2,400 EUR 78.190 187,656.00 0.72 

Germany 3,306,708.78 12.73 

Delticom Shs 2,500 2,100 8,400 EUR 30.295 254,478.00 0.98 

Deutsche Euroshop Shs 3,050 1,700 6,850 EUR 24.355 166,831.75 0.64 

Dialog Semiconductor Shs 11,000 14,500 29,500 EUR 11.500 339,250.00 1.31 

GEA Group Shs 6,500 5,800 21,200 EUR 16.975 359,870.00 1.38 

Joyou Shs 22,031 22,031 EUR 14.970 329,804.07 1.27 

Kloeckner & Co. Shs 9,000 11,071 6,500 EUR 21.950 142,675.00 0.55 

Rheinmetall Shs 1,500 1,500 5,500 EUR 53.360 293,480.00 1.13 

Rhoen-Klinikum Shs 4,000 3,200 12,300 EUR 18.975 233,392.50 0.90 

SGL Carbon Shs 5,000 9,200 7,300 EUR 21.645 158,008.50 0.61 

Software Shs 2,000 1,400 6,100 EUR 88.400 539,240.00 2.08 

Tomorrow Focus Shs 14,500 14,900 51,600 EUR 4.300 221,880.00 0.85 

United Internet Reg.S Shs 21,165 15,256 23,409 EUR 11.440 267,798.96 1.03 

Ireland 538,458.00 2.07 

Irish Life & Permanent Group Holdings Shs 52,726 2,000 50,726 EUR 3.000 152,178.00 0.58 

Paddy Power Shs 5,400 4,600 14,800 EUR 26.100 386,280.00 1.49 

Israel 223,339.92 0.86 

Vizrt Shs 13,182 15,000 78,583 NOK 22.800 223,339.92 0.86 

Italy 999,698.52 3.85 

Ansaldo STS Shs 7,300 3,500 14,300 EUR 15.150 216,645.00 0.83 

Autogrill Shs 8,400 4,500 31,900 EUR 9.170 292,523.00 1.13 

DiaSorin Shs 6,429 500 5,929 EUR 27.880 165,300.52 0.64 

Prysmian Shs 25,700 3,500 22,200 EUR 14.650 325,230.00 1.25 

Norway 684,049.57 2.63 

Marine Harvest Shs 366,000 20,000 346,000 NOK 5.260 226,863.57 0.87 

Schibsted Shs 15,500 500 15,000 NOK 148.700 278,038.63 1.07 

TGS Nopec Geophysical Shs 11,870 500 11,370 NOK 126.400 179,147.37 0.69 

Spain 645,556.50 2.49 

Antena 3 de Television Shs 11,400 5,900 33,500 EUR 8.320 278,720.00 1.08 

Tecnicas Reunidas Shs 3,400 1,500 7,900 EUR 46.435 366,836.50 1.41 


206 


31/03/2010 



in EUR 

% of 

Subfund 

assets




Contracts 


31/03/2010 




in EUR 

% of 

Subfund 

assets 

Sweden 1,948,777.19 7.50 

Axis Communications Shs 12,000 13,500 25,500 SEK 108.500 284,821.28 1.10 

Betsson Shs 15,400 10,500 25,900 SEK 125.250 333,948.90 1.28 

Elekta -B- Shs 6,600 3,200 15,900 SEK 201.500 329,818.25 1.27 

JM Shs 9,500 10,700 28,800 SEK 126.250 374,305.65 1.44 

Lindab International Shs 9,000 15,997 18,600 SEK 74.250 142,171.29 0.55 

Micronic Laser Systems Shs 116,000 26,200 172,800 SEK 17.500 311,303.71 1.20 

RaySearch Laboratories Shs 6,000 7,200 37,300 SEK 44.900 172,408.11 0.66 

Switzerland 2,961,559.61 11.40 

Arytza Shs 5,000 1,900 10,100 EUR 31.200 315,120.00 1.21 

BKW FMB Energie Shs 4,000 1,100 2,900 CHF 78.600 159,316.03 0.62 

Clariant Reg.S Shs 34,000 5,400 28,600 CHF 13.500 269,860.14 1.04 

Dufry Group Reg.S Shs 2,337 900 6,437 CHF 84.450 379,946.20 1.46 

Galenica Reg.S Shs 580 150 880 CHF 419.000 257,712.59 0.99 

Gategroup Holding Shs 6,000 1,000 5,000 CHF 38.900 135,943.53 0.52 

Huber & Suhner Reg.S Shs 4,750 4,750 CHF 47.900 159,025.97 0.61 

Metall Zug Reg.S Shs 25 20 70 CHF 2,950.000 144,330.79 0.56 

Sika Shs 300 25 275 CHF 1,783.000 342,707.25 1.32 

Swissquote Group Holding Reg.S Shs 2,000 1,800 6,700 CHF 45.550 213,305.53 0.82 

Temenos Group Reg.S Shs 3,500 3,800 12,700 CHF 31.100 276,059.72 1.06 

Vetropack Holding Shs 150 50 225 CHF 1,960.000 308,231.86 1.19 


Arcadis Shs 9,700 14,200 15,500 EUR 15.715 243,582.50 0.94 

ASM International Shs 19,500 2,300 17,200 EUR 19.725 339,270.00 1.31 

Fugro Shs 2,500 1,800 9,200 EUR 48.290 444,268.00 1.71 

Imtech Shs 6,300 1,500 11,800 EUR 23.770 280,486.00 1.08 

New World Resources -A- Shs 42,000 1,500 40,500 EUR 7.705 351,336.03 1.35 

Nutreco Holding Shs 2,600 1,800 6,300 EUR 46.895 295,438.50 1.14 

Ordina Shs 53,100 7,600 45,500 EUR 4.186 190,463.00 0.73 

Sligro Food Group Shs 2,800 1,500 7,300 EUR 24.740 180,602.00 0.69 

SNS REAAL Shs 18,000 27,100 49,589 EUR 4.710 233,564.19 0.90 

Ten Cate Shs 14,500 1,500 13,000 EUR 19.300 250,900.00 0.96 

Unit 4 Agresso Shs 3,500 6,600 9,400 EUR 18.800 176,720.00 0.68 

USG People Shs 18,500 19,000 14,500 EUR 14.000 203,000.00 0.78 

Wavin Shs 31,500 79,321 87,179 EUR 1.480 129,024.92 0.50 


Abcam Shs 13,558 4,300 20,609 GBP 12.297 285,327.77 1.10 

ARM Holdings Shs 78,500 66,000 80,500 GBP 2.384 216,089.46 0.83 

ASOS Shs 53,500 7,300 46,200 GBP 5.050 262,680.83 1.01 

Babcock International Group Shs 68,700 40,700 28,000 GBP 5.970 188,203.36 0.72 

Burberry Group Shs 47,000 5,000 42,000 GBP 7.203 340,622.08 1.31 

Chemring Group Shs 7,400 1,700 12,200 GBP 33.390 458,639.30 1.77 

Croda International Shs 32,000 1,500 30,500 GBP 9.440 324,165.55 1.25 

Hikma Pharmaceuticals Shs 28,000 1,500 26,500 GBP 6.280 187,370.21 0.72 

Hunting Shs 40,000 11,100 58,900 GBP 6.150 407,835.88 1.57 

Investec Shs 18,000 19,100 33,900 GBP 5.400 206,104.98 0.79 

John Wood Group Shs 81,000 4,000 77,000 GBP 3.661 317,384.32 1.22 

Michael Page International Shs 86,000 4,000 82,000 GBP 4.002 369,475.76 1.42 

Petropavlovsk Shs 27,500 21,000 24,500 GBP 11.800 325,494.09 1.25 

Restaurant Group Shs 80,400 18,500 131,900 GBP 2.357 350,025.27 1.35 

Serco Group Shs 27,000 1,500 25,500 GBP 6.041 173,440.78 0.67 

SIG Shs 92,000 26,400 181,600 GBP 1.150 235,032.21 0.91 

Weir Group Shs 52,300 6,500 45,800 GBP 9.390 484,201.45 1.86 

Whitbread Shs 12,000 5,200 21,800 GBP 14.880 365,219.91 1.41 



Sight deposits2) 762,303.63 2.93 







207





Contracts 













Equities 

Austria 

Intercell Shs 2,000 8,500 

Vienna Insurance Group 

Belgium 

Shs 1,500 6,500 

Compagnie d’Entreprises CFE Shs 1,000 4,000 

Devgen 

Bermuda 

Shs 3,500 13,500 

Frontline Bermuda 

Denmark 

Shs 9,200 9,200 

Bang & Olufsen -B- Shs 11,000 36,000 

Topdanmark 

France 

Shs 500 2,200 

April Group Shs 1,500 6,000 

Bureau Veritas Shs 2,500 

Faurecia Shs 2,000 12,500 

Guyenne et Gascogne Shs 1,500 

Nexity 

Germany 

Shs 10,000 10,000 

Aixtron Shs 6,543 6,543 

Bilfinger Berger Shs 3,000 3,000 

Freenet Shs 11,929 29,509 

Hochtief Shs 1,700 5,200 

IVG Immobilien Shs 18,791 18,791 

Praktiker Bau- und Heimwerkermärkte Shs 4,500 18,500 

Tomorrow Focus -Rights- 

Greece 

Shs 52,000 

Jumbo Shs 9,800 23,300 

Motor Oil Hellas Corinth Refineries 

Ireland 

Shs 12,167 21,500 

Independent News & Media Shs 2,800,000 2,800,000 

Irish Life & Permanent 

Jersey 

Shs 27,236 59,236 

Randgold Resources 

Peru 

Shs 4,500 11,000 

Hochschild Mining 

Portugal 

Shs 13,500 71,500 

Jeronimo Martins 

Spain 

Shs 16,000 69,000 

Indra Sistemas Shs 1,000 7,000 

Tubacex Shs 34,667 40,000 

Viscofan Shs 4,286 


208 

Market Value 

in EUR 



% of 

Subfund 

assets







Sweden 

BE Group Shs 34,211 34,211 

Husqvarna -B- Shs 25,300 52,300 

SAS Shs 465,000 465,000 

Swedbank -A- Shs 30,000 78,000 

Swedbank -Rights- Shs 48,000 

Switzerland 

Gurit Holding Shs 100 600 

Nobel Biocare Holding Reg.S Shs 19,100 32,100 

Sonova Holding Reg.S Shs 1,000 3,500 


Aalberts Industries Shs 10,000 

Draka Holding Shs 9,000 9,000 

Koninklijke Wessanen Shs 77,000 77,000 

SBM Offshore Shs 17,297 17,297 

Smit Internationale Shs 500 3,000 

Turkey 

BIM Birlesik Magazalar Shs 4,500 4,500 


Acergy Shs 12,000 48,000 

AMEC Shs 6,500 26,500 

Bellway Shs 11,800 

Connaught Shs 46,500 81,500 

Cookson Group Shs 12,500 74,500 

Dana Petroleum Shs 2,500 13,500 

Hammerson Real Estate Investment Trust Shs 15,500 65,500 

Liberty International Shs 65,750 

Rightmove Shs 28,000 

Travis Perkins Shs 3,500 23,500 


Equities 

France 

Saft Groupe -Rights- Shs 9,000 9,000 

Germany 

Deutsche Euroshop -Rights- Shs 6,300 6,300 

Sweden 

Swedbank Shs 24,000 24,000 

209



as at 31/03/2010 


210 

31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 22,017,075.73) 25,481,724.12 20,238,325.29 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

55,157.13 4,550.95 




– securities transactions 8,535.72 62,797.87 



0.00 0.00 







Total Assets 26,307,720.60 21,074,358.24 





Payable on 

0.00 0.00 







– 27,232.18 – 13,978.15 







Net assets 25,978,520.15 20,348,634.98




01/10/2009–31/03/2010 Launch date–30/09/2009 

EUR EUR 



Subscriptions 

20,348,634.98 0.00 

– Class AT (EUR) 1) 162,722.34 1,000.00 

– Class IT (EUR) 1) 5,909,400.00 20,066,000.00 

– Class A (GBP) 1) 18,147.45 1,137.54 

Redemptions 0.00 

– Class AT (EUR) 1) – 6,182.15 0.00 

– Class IT (EUR) 1) – 3,502,927.86 0.00 

– Class A (GBP) 1) – 1,284.05 0.00 

Equalization – 370.56 0.00 



3,050,380.00 280,497.44 





Class AT 1) 

Shares 

Class IT 1) 

Shares 

Class AT 1) 

Shares 

Class IT 1) 

Shares 




10 20,066 0 0 

– issued 1,508 6,000 10 20,066 

– redeemed 


– 60 – 3,366 0 0 

at the end of the reporting period 1,458 22,700 10 20,066 

GBP Shares 01/10/2009–31/03/2010 Launch date–30/09/2009 

Class A 1) 

Shares 

Class A 1) 

Shares 




10 0 

– issued 148 10 

– redeemed 


– 10 0 


1) Launch date: 15 September 2009. 

148 10 

211





Contracts 


Equities 33,100,973.26 98.25 

Austria 172,269.67 0.51 

bwin Interactive Entertainment Shs 3,943 3,943 EUR 43.690 172,269.67 0.51 

Belgium 838,128.38 2.49 

Anheuser-Busch InBev Shs 9,500 5,900 22,365 EUR 37.475 838,128.38 2.49 

France 6,686,094.82 19.84 

Alstom Shs 15,925 1,220 14,705 EUR 46.705 686,797.03 2.04 

BNP Paribas Shs 13,342 1,420 15,322 EUR 57.390 879,329.58 2.61 

EDF Shs 20,312 1,820 18,492 EUR 40.890 756,137.88 2.24 

France Télécom Shs 15,210 820 24,803 EUR 17.820 441,989.46 1.31 

Gemalto Shs 7,900 7,900 EUR 31.680 250,272.00 0.74 

Sanofi-Aventis Shs 7,105 1,420 14,685 EUR 55.420 813,842.82 2.42 

Sodexo Shs 3,000 760 7,110 EUR 44.710 317,888.10 0.94 

Total Shs 21,198 3,200 35,837 EUR 43.145 1,546,187.37 4.59 

Vallourec Shs 1,000 260 2,430 EUR 150.250 365,107.50 1.08 

Vinci Shs 10,012 1,100 14,214 EUR 44.220 628,543.08 1.87 

Germany 3,879,498.06 11.51 

Allianz Reg.S Shs 3,300 840 7,827 EUR 93.170 729,241.59 2.16 

Bayer Shs 8,487 5,820 18,255 EUR 49.880 910,559.40 2.70 

Fresenius Pref.Shares Shs 9,697 1,760 17,751 EUR 55.220 980,210.22 2.91 

K+S Shs 5,020 900 9,848 EUR 45.024 443,396.35 1.32 

Münchner Rückversicherungsg Reg.S Shs 4,091 660 6,104 EUR 120.201 733,706.90 2.18 

Volkswagen Pref.Shares Shs 1,200 1,200 EUR 68.080 81,696.00 0.24 

Volkswagen -Rights- Shs 1,200 1,200 EUR 0.573 687.60 0.00 

Gibraltar 515,602.23 1.53 

PartyGaming Shs 98,000 15,490 144,010 GBP 3.180 515,602.23 1.53 

Ireland 608,381.80 3.05 

Irish Life & Permanent Group Holdings Shs 64,610 64,610 EUR 3.000 193,830.00 0.58 

Ryanair Holdings Shs 112,880 112,880 EUR 3.673 414,551.80 1.23 

Jersey 484,567.65 1.44 

Randgold Resources Shs 6,000 930 8,651 GBP 49.750 484,567.65 1.44 

Norway 686,203.57 2.04 

Yara International Shs 15,100 2,080 21,470 NOK 256.400 686,203.57 2.04 

Portugal 696,550.38 2.07 

Galp Energia -B- Shs 33,828 3,800 54,101 EUR 12.875 696,550.38 2.07 

Spain 2,068,454.04 6.14 

Abengoa Shs 8,657 1,680 15,595 EUR 21.300 332,173.50 0.99 

Banco Santander Shs 61,200 61,200 EUR 9.923 607,287.60 1.80 

EDP Renovaveis Shs 10,700 2,720 25,268 EUR 5.794 146,402.79 0.43 

Gamesa Corp Tecnologica Shs 25,993 3,810 41,722 EUR 10.190 425,147.18 1.26 

Telefónica Shs 34,209 28,842 31,619 EUR 17.630 557,442.97 1.66 

Switzerland 5,373,905.15 17.24 

Crédit Suisse Group Reg.S Shs 12,826 2,300 23,426 CHF 54.250 888,253.28 2.64 

Nestlé Reg.S Shs 19,400 7,720 42,938 CHF 53.900 1,617,593.96 4.80 

Roche Holding Shs 6,207 1,040 11,688 CHF 171.800 1,403,467.31 4.17 

Syngenta Reg.S Shs 1,487 300 2,702 CHF 296.700 560,327.36 1.66 

Zürich Financial Services Shs 2,960 480 4,753 CHF 272.200 904,263.24 2.68 


Koninklijke KPN Shs 29,200 7,400 68,856 EUR 11.715 806,648.04 2.40 

Reed Elsevier Shs 21,100 5,350 49,781 EUR 9.014 448,725.93 1.33 


BG Group Shs 25,300 6,410 59,630 GBP 11.475 770,393.35 2.28 

Borders & Southern Petroleum Shs 551,188 551,188 GBP 0.541 335,886.61 1.00 

Carillion Shs 40,200 10,190 94,743 GBP 3.288 350,730.84 1.04 

Dana Petroleum Shs 11,700 2,960 27,499 GBP 12.070 373,696.64 1.11 

HSBC Holdings Shs 117,438 7,920 146,918 GBP 6.700 1,108,268.09 3.29 

Imperial Tobacco Group Shs 23,104 4,550 42,305 GBP 20.160 960,234.37 2.85 

Inchcape Shs 555,400 555,400 GBP 0.296 184,781.45 0.55 

QinetiQ Group Shs 107,550 19,270 210,728 GBP 1.346 319,346.62 0.95 

Reckitt Benckiser Group Shs 12,000 2,360 24,614 GBP 36.270 1,005,135.87 2.98 

Rio Tinto Shs 9,821 1,620 15,001 GBP 39.090 660,208.18 1.96 


212 


31/03/2010 



in EUR 

% of 

Subfund 

assets




Contracts 


31/03/2010 




in EUR 

RSA Insurance Group Shs 277,202 38,560 358,642 GBP 1.277 515,640.55 1.53 

Serco Group Shs 62,350 62,350 GBP 6.041 424,079.72 1.26 

Shire Shs 17,000 18,910 25,512 GBP 14.590 419,077.96 1.24 

Tesco Shs 92,150 19,980 185,778 GBP 4.379 915,934.14 2.72 

Tullow Oil Shs 10,000 2,540 23,542 GBP 12.580 333,441.01 0.99 

WPP Shs 104,530 10,150 94,380 GBP 6.820 724,701.84 2.15 

Xstrata Shs 16,300 11,760 30,853 GBP 12.505 434,386.30 1.29 

Participating Shares 836,712.39 2.48 

Luxembourg 836,712.39 2.48 

SES (FDR’s) (traded in France) Shs 14,328 19,128 EUR 18.725 358,171.80 1.06 

SES (FDR’s) (traded in Luxembourg) Shs 13,200 3,340 26,279 EUR 18.210 478,540.59 1.42 

Other securities and money-market instruments 235,235.00 0.70 

Equities 235,235.00 0.70 

Germany 235,235.00 0.70 

Volkswagen Pref.Shares (New) Shs 3,619 3,619 EUR 65.000 235,235.00 0.70 










– Class N (EUR) (distributing) EUR 1,357.08 

– Class S (EUR) (distributing) 


EUR 1,355.81 



– Class S (EUR) (distributing) Shs 1 



% of 

Subfund 

assets 

213







Equities 

Finland 

Nokia Shs 14,700 38,341 

France 


Bouygues Shs 8,476 

Société Générale Shs 5,932 11,928 


Vivendi Shs 13,500 35,251 

Germany 

BASF Shs 4,700 12,321 

E.ON Shs 9,273 

K+S -Rights- Shs 8,878 8,878 

Greece 

Hellenic Telecommunication Shs 13,000 33,897 

Ireland 

Irish Life & Permanent Group Holdings Shs 17,273 17,273 

Italy 

ENI Shs 14,600 38,051 

Luxembourg 

ArcelorMittal Shs 4,599 

Spain 

Cintra Concesiones de Infraestructuras de Transporte Shs 54,760 54,760 

Endesa Shs 9,900 

Grupo Ferrovial Shs 5,800 15,170 

Sweden 

Nordea Bank Shs 19,500 50,878 

Switzerland 

ABB Reg.S Shs 19,691 


ING Groep Shs 71,460 71,460 


easyJet Reg.S Shs 38,000 99,193 

Persimmon Shs 36,641 

Prudential Shs 32,900 85,897 




214 



Derivatives 




Sold DKK / Bought EUR 20 Nov 2009 DKK – 4,064,000.00 

Sold EUR / Bought DKK 20 Nov 2009 EUR – 545,565.53 

Sold EUR / Bought USD 20 Nov 2009 EUR – 112,861.00 

Sold USD / Bought EUR 20 Nov 2009 USD – 158,796.00


as at 31/03/2010 


31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 29,920,143.71) 34,172,920.65 19,263,911.58 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

68,820.36 17,075.19 







0.00 0.00 







Total Assets 34,242,810.47 19,854,471.88 

Liabilities to banks – 145,436.06 0.00 




Payable on 

0.00 0.00 







– 73,567.01 – 71,327.98 







Net assets 33,691,112.96 19,581,152.18 

215





216 

01/10/2009–31/03/2010 Launch date–31/03/2009 

EUR EUR 



Subscriptions 

19,581,152.18 0.00 

– Class A (EUR) 1) 14,497,829.89 19,740,191.17 

– Class N (EUR) 2) 18.93 1,000.00 

– Class S (EUR) 2) Redemptions 

16.01 1,000.00 

– Class A (EUR) 1) – 2,820,540.03 – 4,370,977.10 

Distribution – 182,675.15 0.00 

Equalization 8,045.40 24,025.08 



2,607,265.73 – 1,368,543.23 





Class A 1) 

Shares 

Class N 2) 

Shares 

Class S 2) 

Shares 

Class A 1) 

Shares 

Class N 2) 

Shares 

Class S 2) 

Shares 




173,330 1 1 0 0 0 

– issued 126,635 0 0 214,174 1 1 

– redeemed 


– 24,136 0 0 – 48,525 0 0 




275,829 1 1 165,649 1 1





Contracts 


Equities 37,891,322.01 94.21 

Bermuda 1,360,922.62 3.38 

Seadrill Shs 79,517 79,517 NOK 137.300 1,360,922.62 3.38 

Finland 1,365,716.80 3.40 

UPM Kymmene Shs 139,930 139,930 EUR 9.760 1,365,716.80 3.40 

France 4,990,008.96 12.41 

France Télécom Shs 53,041 105,022 EUR 17.820 1,871,492.04 4.65 

GDF Suez Shs 10,700 35,040 EUR 28.735 1,006,874.40 2.50 

M6-Metropole Television Shs 30,951 30,951 EUR 19.280 596,735.28 1.49 

Total Shs 15,000 35,112 EUR 43.145 1,514,907.24 3.77 

Germany 4,015,737.75 9.98 

Bijou Brigitte Shs 1,490 6,044 EUR 134.550 813,220.20 2.02 

E.ON Shs 36,662 EUR 27.235 998,489.57 2.48 

Münchner Rückversicherungsg Reg.S Shs 11,001 EUR 120.201 1,322,331.20 3.29 

RWE Shs 13,418 13,418 EUR 65.710 881,696.78 2.19 

Greece 335,483.85 0.83 

OPAP Shs 44,950 51,400 20,005 EUR 16.770 335,483.85 0.83 

Italy 1,338,769.71 3.33 

Enel Shs 225,695 EUR 4.190 945,662.05 2.35 

Snam Rete Gas Shs 103,928 103,928 EUR 3.783 393,107.66 0.98 

Poland 774,944.19 1.93 

Telekomunikacja Polska Shs 179,566 179,566 PLN 16.670 774,944.19 1.93 

Portugal 1,009,327.20 2.51 

Portugal Telecom Reg.S Shs 122,640 EUR 8.230 1,009,327.20 2.51 

Spain 3,846,382.79 9.56 

Banco Santander Shs 108,195 108,195 EUR 9.923 1,073,618.99 2.67 

Bolsas y Mercados Espanoles Shs 33,611 7,390 59,421 EUR 20.100 1,194,362.10 2.97 

Endesa Shs 24,800 24,800 EUR 21.710 538,408.00 1.34 

Telefónica Shs 3,177 58,990 EUR 17.630 1,039,993.70 2.58 

Switzerland 2,452,103.98 6.10 

Baloise Holding Reg.S Shs 11,837 11,837 CHF 93.900 776,866.12 1.93 

Banque Cantonale Vaudoise Reg.S Shs 2,363 CHF 489.500 808,454.08 2.01 

Zürich Financial Services Shs 2,498 4,556 CHF 272.200 866,783.78 2.16 


Koninklijke KPN Shs 59,369 59,369 EUR 11.715 695,507.84 1.73 

Royal Dutch Shell -A- Shs 32,169 17,347 68,213 EUR 21.495 1,466,238.44 3.65 


Arriva Shs 205,258 105,030 100,228 GBP 7.320 826,028.75 2.05 

AstraZeneca Shs 20,600 20,600 GBP 29.384 681,509.13 1.69 

Aviva Shs 189,443 189,443 GBP 3.863 823,945.13 2.05 

BP Shs 85,550 256,734 GBP 6.241 1,803,983.61 4.49 

British American Tobacco Shs 17,796 60,871 GBP 22.855 1,566,342.41 3.89 

GlaxoSmithKline Shs 37,274 97,935 GBP 12.635 1,393,183.09 3.46 

Hays Shs 290,843 1,102,971 GBP 1.090 1,353,585.24 3.37 

Interserve Shs 347,378 589,338 GBP 2.210 1,466,397.59 3.65 

National Grid Shs 48,110 48,110 GBP 6.455 349,644.44 0.87 

RSA Insurance Group Shs 958,473 958,473 GBP 1.277 1,378,052.61 3.43 

Severn Trent Shs 27,090 27,090 GBP 12.000 366,003.53 0.91 

Tate & Lyle Shs 209,229 GBP 4.549 1,071,642.72 2.66 

United Utilities Group Shs 58,048 58,048 GBP 5.620 367,298.03 0.91 

Vodafone Group Shs 458,446 458,446 GBP 1.536 792,561.60 1.97 





0.1500 % Deposits used for collaterisation of Derivatives EUR 896,305.00 2.23 






31/03/2010 



in EUR 

% of 

Subfund 

assets 

217





Contracts 

Derivatives 



Options Transactions – 497,528.77 – 1.24 

Short Call Options on Indices – 136,346.00 – 0.34 

Call 180 DJ Stoxx 600 Insurance Index 12/10 Ctr 294 – 294 EUR 2.900 – 9,715.00 – 0.02 

Call 3000 DJ Euro Stoxx 50 Index 12/10 Ctr 302 – 302 EUR 136.300 – 126,631.00 – 0.32 

Long Put Options on Indices – 361,182.77 – 0.90 

Put 140 DJ Stoxx 600 Insurance Index 06/10 Ctr 294 294 EUR 1.800 – 67,500.00 – 0.17 

Put 2700 DJ Euro Stoxx 50 Index 06/10 Ctr 302 302 EUR 49.408 – 293,682.77 – 0.73 













218 


31/03/2010 



gain/loss 

% of 

Subfund 

assets








Equities 

Belgium 

Solvay 

Finland 

Shs 12,658 

Sampo 

France 

Shs 62,628 

Sanofi-Aventis Shs 17,800 

Vinci 

Germany 

Shs 23,277 

BASF Shs 17,575 

Deutsche Euroshop Shs 2,371 16,601 


Deutsche Telekom Reg.S 

Italy 

Shs 102,812 

Autostrade Shs 45,050 45,050 

Banche Popolari Unite Shs 30,200 87,740 

Terna Rete Elettrica Nazionale 

Sweden 

Shs 169,100 169,100 

Hennes & Mauritz -B- 


Shs 7,760 23,275 

Koninklijke DSM 


Shs 38,220 

Drax Group Shs 74,091 74,091 

Imperial Tobacco Group Shs 36,911 




Derivatives 




Long Put Options on Indices 

Put 150 DJ Stoxx 600 Insurance Index 06/10 Ctr 183 183 

Put 2800 DJ Euro Stoxx 50 Index 06/10 Ctr 90 90 


Short Put Options on Indices 

Put 2400 DJ EURO STOXX 50 Index 06/10 Ctr 385 385 

Put 130 DJ Stoxx 600 Insurance Index Futures 06/10 Ctr 294 294 

Put 130 DJ Stoxx 600 Insurance Index 12/10 Ctr 185 185 


Put 2400 DJ EURO STOXX 50 Index 12/10 Ctr 83 83 

219



as at 31/03/2010 


220 

31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 33,179,957.67) 37,891,322.01 27,809,076.14 


Premiums paid on purchase of options 536,856.00 0.00 



0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

238,666.96 37,141.92 







0.00 0.00 







Total Assets 41,077,964.08 30,139,183.70 


Premiums received on written options – 317,910.00 0.00 



Payable on 

0.00 0.00 







– 39,710.91 – 59,513.94 

– options transactions – 497,528.77 0.00 






Net assets 40,222,814.40 30,079,669.76




01/10/2009–31/03/2010 Launch date–31/03/2009 

EUR EUR 



Subscriptions 

30,079,669.76 0.00 

– Class AT (EUR) 1) 1,637,149.72 8,861.53 

– Class CT (EUR) 1) 278,170.37 1,000.00 


7,112,682.58 15,000,000.00 

– Class AT (EUR) 1) – 618,442.97 0.00 

– Class CT (EUR) 1) – 300,000.00 0.00 

– Class IT (EUR) 1) – 179,430.82 0.00 


Equalization – 41,181.15 2.86 



2,254,196.91 1,009,296.33 





Class AT 1) 

Shares 

Class CT 1) 

Shares 

Class IT 1) 

Shares 

Class AT 1) 

Shares 

Class CT 1) 

Shares 

Class IT 1) 

Shares 




22,765 7,345 17,918 0 0 0 

– issued 11,211 1,924 4,870 84 10 15,000 

– redeemed 


– 4,289 – 2,143 – 125 0 0 0 



29,687 7,126 22,663 84 10 15,000 

221





Contracts 


Equities 171,834,105.83 84.66 

Brazil 11,397,513.60 5.62 

Cia de Bebidas das Americas Pref.Shares Shs 27,100 27,100 BRL 163.190 2,471,952.76 1.22 

Companhia Brasileira de Distribuicao Grupo 

Pao de Acucar Pref.Shares Shs 65,800 43,800 65,200 BRL 56.760 2,068,541.53 1.02 

Cosan SA Industria e Comercio Shs 26,400 176,200 560,000 BRL 21.906 6,857,019.31 3.38 

Canada 21,219,117.19 10.45 

Agrium Shs 26,675 81,208 78,667 CAD 72.030 5,577,424.10 2.75 

Maple Leaf Foods Shs 202,600 202,600 CAD 10.390 2,071,966.14 1.02 

Potash Corp of Saskatchewan Shs 57,252 67,452 100,800 CAD 122.520 12,156,125.79 5.99 

Viterra Shs 14,110 324,935 150,382 CAD 9.550 1,413,601.16 0.69 

China 3,470,088.26 1.71 

China Yurun Food Group Shs 480,000 1,314,000 686,000 HKD 23.991 2,119,812.94 1.04 

Wumart Stores -H- Shs 672,000 672,000 HKD 15.600 1,350,275.32 0.67 

Germany 1,393,076.80 0.69 

K+S Shs 39,855 16,855 23,000 EUR 45.024 1,393,076.80 0.69 


China Agri-Industries Holdings Shs 1,957,000 3,939,000 3,152,000 HKD 10.852 4,405,609.93 2.17 

Indonesia 5,615,040.39 2.77 

Astra Agro Lestari Shs 731,305 665,500 1,463,100 IDR 24,600.000 3,955,410.74 1.95 

Perusahaan Perkebunan London Sumatra Indonesia Shs 1,102,500 1,605,000 1,541,000 IDR 9,800.000 1,659,629.65 0.82 

Ireland 3,526,104.11 1.74 

Glanbia Shs 853,795 853,795 EUR 3.070 3,526,104.11 1.74 

Israel 2,202,074.31 1.08 

Israel Chemicals Shs 298,511 217,168 163,600 ILS 49.900 2,202,074.31 1.08 

Malaysia 14,926,333.18 7.35 

Genting Plantations Shs 63,700 1,290,000 487,700 MYR 6.950 1,038,931.80 0.51 

IJM Plantations Shs 113,400 3,166,900 MYR 2.550 2,475,278.16 1.22 

IOI Shs 1,759,000 1,270,100 4,392,000 MYR 5.390 7,256,055.17 3.57 

Kuala Lumpur Kepong Shs 293,700 239,100 812,900 MYR 16.680 4,156,068.05 2.05 

Norway 5,797,312.61 2.86 

Yara International Shs 143,695 112,235 134,835 NOK 256.400 5,797,312.61 2.86 

Singapore 26,169,237.30 12.89 

First Resources Shs 1,520,000 3,104,000 1,695,000 SGD 1.151 1,393,176.19 0.69 

Golden Agri-Resources Shs 8,731,000 9,183,000 9,513,680 SGD 0.575 3,909,803.09 1.93 

Indofood Agri Resources Shs 61,000 300,000 1,412,000 SGD 2.222 2,241,099.17 1.10 

Olam International Shs 887,000 187,000 2,378,000 SGD 2.569 4,364,052.94 2.15 

Wilmar International Shs 762,000 353,000 3,004,000 SGD 6.646 14,261,105.91 7.02 

Switzerland 3,754,223.31 1.85 

Nestlé Reg.S Shs 74,078 74,078 CHF 53.900 3,754,223.31 1.85 


CNH Global Shs 127,185 57,425 135,200 USD 31.370 4,241,224.00 2.09 

Unilever Shs 580 117,165 14,995 EUR 22.725 458,409.40 0.23 


British American Tobacco Shs 109,265 118,975 125,080 GBP 22.855 4,329,794.32 2.13 


Archer-Daniels-Midland Shs 3,610 233,350 93,605 USD 28.930 2,707,992.65 1.33 

Bunge Shs 295 98,195 7,700 USD 63.250 487,025.00 0.24 

CF Industries Holdings Shs 2,480 23,950 45,300 USD 92.420 4,186,626.00 2.06 

Deere & Co. Shs 5,105 53,175 132,230 USD 61.110 8,080,575.30 3.98 

Dole Food Shs 171,125 12,440 158,685 USD 12.100 1,920,088.50 0.95 

Flowers Foods Shs 80,000 80,000 USD 25.120 2,009,600.00 0.99 

General Mills Shs 25,565 25,565 USD 71.170 1,819,461.05 0.90 

Intrepid Potash Shs 175,740 171,455 67,400 USD 30.230 2,037,502.00 1.00 

Kellogg Shs 30,270 30,270 USD 53.750 1,627,012.50 0.80 

Lindsay Shs 2,195 3,240 58,065 USD 42.660 2,477,052.90 1.22 

Monsanto Shs 77,030 97,215 109,380 USD 71.410 7,810,825.80 3.85 

Mosaic Shs 97,475 109,875 211,500 USD 60.050 12,700,575.00 6.26 

Smithfield Foods Shs 8,420 115,865 119,300 USD 20.780 2,479,054.00 1.22 

Terra Industries Shs 2,025 92,630 52,415 USD 45.880 2,404,800.20 1.18 


222 


31/03/2010 



in USD 

% of 

Subfund 

assets




Contracts 


31/03/2010 




in USD 

The Kroger Co. Shs 115,300 115,300 USD 21.440 2,472,032.17 1.22 

Tyson Foods -A- Shs 12,730 162,080 193,465 USD 19.170 3,708,724.05 1.83 


Brazil 7,262,184.00 3.58 

BRF - Brasil Foods (ADR’s) Shs 136,200 136,200 USD 53.320 7,262,184.00 3.58 

Chile 5,390,781.00 2.66 

Sociedad Quimica y Minera de Chile (ADR’s) Shs 201,745 114,725 144,100 USD 37.410 5,390,781.00 2.66 

Russia 1,002,078.00 0.49 

Uralkali (GDR’s) Reg.S Shs 144,370 148,660 48,200 USD 20.790 1,002,078.00 0.49 

Switzerland 9,491,545.65 4.68 

Syngenta (ADR’s) Shs 7,435 34,400 173,235 USD 54.790 9,491,545.65 4.68 














– Class A (GBP) (distributing) 


GBP 106.09 









% of 

Subfund 

assets 

223







Equities 

Brazil 

Souza Cruz Shs 31,100 

Canada 

Loblaw Companies Shs 70,200 

China 

Tingyi Cayman Islands Holding Shs 10,000 604,000 

Germany 

K+S -Rights- Shs 38,430 38,430 

Japan 

Komatsu Shs 200,600 

Malaysia 

IJM Plantations Berhad Shs 763,375 763,375 

IOI Shs 363,953 363,953 


Koninklijke Ahold Shs 3,105 208,250 


J Sainsbury Shs 3,110 412,195 


Coca-Cola Shs 345 132,320 

Sara Lee Shs 1,775 231,775 


224 



as at 31/03/2010 


31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 156,020,449.34) 194,980,694.48 193,431,277.09 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

47,488.64 222,386.91 







0.00 0.00 







Total Assets 225,307,306.69 194,677,916.15 

Liabilities to banks – 0.01 – 0.01 




Payable on 

0.00 0.00 







– 388,129.66 – 336,065.47 







Net assets 202,973,639.58 194,143,939.51 

225





226 

01/10/2009–31/03/2010 01/10/2008–31/03/2009 

USD USD 



Subscriptions 

194,143,939.51 253,830,153.89 

– Class AT (USD) 1) 8,162,987.25 1,546,513.69 

– Class A (EUR) 1) 18,468,057.95 7,229,286.22 

– Class AT (EUR) 2) 6,080,936.21 283,265.85 

– Class CT (EUR) 3) 479,604.60 1,534.38 

– Class IT (EUR) 3) 10,406,116.16 0.00 

– Class A (GBP) 4) Redemptions 

189,888.24 0.00 

– Class AT (USD) 1) – 10,978,723.59 – 16,314,363.93 

– Class A (EUR) 1) – 49,894,680.98 – 28,158,464.73 

– Class AT (EUR) 2) – 4,413,494.64 – 8,960.20 

– Class CT (EUR) 3) – 394,259.75 – 785.90 

– Class IT (EUR) 3) – 2,221,541.94 0.00 

– Class A (GBP) 4) – 14,178.01 0.00 

Distribution – 2.44 – 23,380.63 

Equalization – 73,180.11 – 34,095.80 



33,032,171.12 – 70,655,559.75 






202,973,639.58 147,695,143.09




USD Shares 01/10/2009– 31/03/2010 01/10/2008– 31/03/2009 

Class AT 1) 

Shares 

Class AT 1) 

Shares 




6,091,922 9,898,388 

– issued 948,528 281,255 

– redeemed 


– 1,295,940 – 2,901,087 

at the end of the reporting period 5,744,510 7,278,556 

EUR Shares 01/10/2009– 31/03/2010 01/10/2008– 31/03/2009 

Class A 1) 

Shares 

Class AT 2) 

Shares 

Class CT 3) 

Shares 

Class IT 3) 

Shares 

Class A 1) 

Shares 

Class AT 2) 

Shares 

Class CT 3) 

Shares 

Class IT 3) 

Shares 




1,219,334 17,631 122 3,217 1,491,476 5,521 10 1 

– issued 137,397 56,312 3,997 8,792 82,200 4,068 20 0 

– redeemed 


– 378,434 – 43,407 – 3,329 – 1,810 – 316,348 – 134 – 10 0 

at the end of the reporting period 978,297 30,536 790 10,199 1,257,328 9,455 20 1 

GBP Shares 01/10/2009– 31/03/2010 01/10/2008– 31/03/2009 

Class A 4) 

Shares 

Class A 4) 

Shares 




150 10 

– issued 1,200 0 

– redeemed 


– 90 0 






1,260 10 

227


(formerly Allianz-dit Global Eco Trends) 




Contracts 


Equities 341,893,085.74 93.68 

Australia 14,007,919.33 3.84 

Sims Metal Management Shs 217,577 949,469 AUD 21.660 14,007,919.33 3.84 

Austria 7,044,035.37 1.93 

Andritz Shs 182,844 156,291 EUR 45.070 7,044,035.37 1.93 

Belgium 8,132,085.62 2.23 

Hansen Transmissions International Shs 6,016,272 7,945,899 GBP 0.909 8,132,085.62 2.23 

Brazil 3,334,105.67 0.91 

Cia Energetica de Minas Gerais Pref.Shares Shs 272,700 1,300 271,400 BRL 29.566 3,334,105.67 0.91 

Canada 4,731,181.92 1.30 

Stantec Shs 1,154 246,611 CAD 26.220 4,731,181.92 1.30 

China 2,439,677.91 0.67 

Renesola Shs 5,390 1,151,072 GBP 1.883 2,439,677.91 0.67 

Denmark 50,328,814.90 13.79 

Novozymes -B- Shs 1,037 221,515 DKK 604.000 17,970,270.51 4.92 

Vestas Wind Systems Shs 85,120 3,759 802,802 DKK 300.100 32,358,544.39 8.87 

Finland 5,134,222.24 1.41 

Outotec Shs 210,975 191,504 EUR 26.810 5,134,222.24 1.41 

France 26,304,540.37 7.21 

Bureau Veritas Shs 63,447 96,728 EUR 39.005 3,772,875.64 1.03 

EDF Energies Nouvelles Shs 49,413 192,453 EUR 35.390 6,810,911.67 1.87 

Suez Environnement Shs 914,563 920,958 EUR 17.070 15,720,753.06 4.31 

Germany 30,734,485.50 8.42 

Aixtron Shs 305,555 305,555 EUR 26.670 8,149,151.85 2.23 

GEA Group Shs 209,165 206,813 EUR 16.975 3,510,650.68 0.96 

Rational Shs 8,774 23,569 EUR 129.950 3,062,791.55 0.84 

Siemens Reg.S Shs 33,254 53,630 EUR 74.100 3,973,983.00 1.09 

SMA Solar Technology Shs 91,118 36,557 95,962 EUR 93.160 8,939,819.92 2.45 

Wacker Chemie Shs 27,765 28,037 EUR 110.500 3,098,088.50 0.85 


Guangdong Investment Shs 92,000 19,822,000 HKD 4.252 8,068,980.05 2.21 

Nine Dragons Paper Holdings Shs 5,260,000 5,260,000 HKD 13.079 6,586,734.91 1.81 

Ireland 5,344,995.37 1.46 

Kingspan Group Shs 824,209 824,209 EUR 6.485 5,344,995.37 1.46 

Japan 20,830,801.19 5.71 

Honda Motor Shs 269,700 1,300 268,400 JPY 3,300.000 7,064,434.30 1.94 

Horiba Shs 1,100 226,200 JPY 2,690.000 4,853,173.52 1.33 

Kurita Water Industries Shs 286,000 422,500 JPY 2,645.000 8,913,193.37 2.44 

Philippines 8,684,411.75 2.38 

Energy Development Shs 21,117,664 105,588,323 PHP 5.000 8,684,411.75 2.38 

Spain 23,985,643.70 6.57 

EDP Renovaveis Shs 2,537 541,844 EUR 5.794 3,139,444.14 0.86 

Gamesa Corp Tecnologica Shs 7,724 1,649,426 EUR 10.190 16,807,650.94 4.60 

Iberdrola Renovables Shs 5,526,152 1,303,178 EUR 3.099 4,038,548.62 1.11 

Switzerland 5,312,570.61 1.46 

ABB Reg.S Shs 1,530 326,921 CHF 23.250 5,312,570.61 1.46 

Taiwan 2,094,073.97 0.57 

Epistar Shs 848,000 848,000 TWD 105.500 2,094,073.97 0.57 


Arcadis Shs 81,009 256,326 EUR 15.715 4,028,163.09 1.10 


Arriva Shs 386,256 1,903 792,834 GBP 7.320 6,534,138.96 1.79 

Aveva Group Shs 1,719 367,197 GBP 11.850 4,899,057.01 1.34 

Ceres Power Holdings Shs 1,303,543 GBP 1.270 1,864,456.78 0.51 

eaga Shs 10,280 2,195,439 GBP 1.482 3,663,233.46 1.00 

RPS Group Shs 12,235 2,612,916 GBP 2.041 6,004,315.06 1.65 

Spectris Shs 2,675 571,393 GBP 8.280 5,326,724.94 1.46 


Covanta Holding Shs 556,447 420,849 USD 16.500 5,161,870.38 1.41 

Danaher Shs 34,571 87,726 USD 80.880 5,274,318.13 1.45 

Eaton Shs 100,998 470 100,528 USD 76.420 5,710,720.79 1.56 

ESCO Technologies Shs 80,996 70,483 138,297 USD 32.410 3,331,874.55 0.91 


228 


31/03/2010 



in EUR 

% of 

Subfund 

assets




Contracts 


31/03/2010 




in EUR 

Itron Shs 620 132,585 USD 72.180 7,113,905.99 1.95 

ITT Shs 659 140,878 USD 53.730 5,626,740.28 1.54 

Nalco Holding Shs 215,712 627,770 USD 24.420 11,395,754.07 3.12 

Ormat Technologies Shs 572 122,165 USD 27.930 2,536,381.55 0.70 

Southwestern Energy Shs 93,191 434 92,757 USD 40.220 2,773,228.22 0.76 

Stericycle Shs 469,876 142,398 USD 54.900 5,811,297.18 1.59 

Tetra Tech Shs 61,087 423,993 USD 22.770 7,176,597.15 1.97 

Thermo Fisher Scientific Shs 105,910 107,295 USD 51.660 4,120,318.01 1.13 

Veeco Instruments Shs 321,920 321,920 USD 43.630 10,440,709.76 2.86 


China 17,736,639.18 4.86 

Suntech Power Holdings (ADR’s) Shs 707,000 137,100 1,261,000 USD 14.290 13,395,044.68 3.67 

Yingli Green Energy Holding (ADR’s) Shs 442,800 442,800 USD 13.190 4,341,594.50 1.19 

Taiwan 8,357,601.26 2.29 

Epistar (GDR’s) 144A Shs 361,522 361,522 USD 16.606 4,462,777.61 1.22 

Epistar (GDR’s) Reg.S Shs 315,513 315,513 USD 16.606 3,894,823.65 1.07 












– Class RCM IT (EUR) (accumulating) 


EUR 69.01 




– Class RCM IT (EUR) (accumulating) Shs 243,330 



% of 

Subfund 

assets 

229







Equities 

France 

Alstom Shs 175,874 

Italy 

Hera Shs 2,957,704 

Japan 

East Japan Railway Shs 91,600 

Philippines 

Manila Water Shs 3,512,500 

Portugal 

EDP - Energias de Portugal Shs 2,360,307 


Centrica Shs 1,392,231 

Spice Shs 5,588,424 


Donaldson Shs 165,941 

First Solar Shs 175,557 

FPL Group Shs 116,383 

Monsanto Shs 62,560 

Pall Shs 285,683 

XTO Energy Shs 102,570 102,570 


230 



as at 31/03/2010 


31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 386,036,195.45) 367,987,326.18 444,443,782.20 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

530,300.29 462,185.62 







0.00 0.00 







Total Assets 370,790,433.37 448,547,903.36 

Liabilities to banks – 2,982,942.42 – 320,155.40 




Payable on 

0.00 0.00 




– securities transactions – 1,240,227.50 – 289,834.04 



– 777,514.55 – 843,516.52 







Net assets 364,974,006.51 446,714,035.05 

231





232 

01/10/2009–31/03/2010 01/10/2008–31/03/2009 

EUR EUR 



Subscriptions 

446,714,035.05 583,238,379.96 

– Class A (EUR) 9,019,619.17 38,373,415.25 

– Class AT (EUR) 1) 1,071,965.24 515,666.07 

– Class CT (EUR) 1) 11,036,391.78 7,773,563.09 

– Class RCM IT (EUR) 1) Redemptions 

1,995,496.93 685,096.33 

– Class A (EUR) – 105,938,456.56 – 60,819,381.33 

– Class AT (EUR) 1) – 856,422.15 – 667,291.04 

– Class CT (EUR) 1) – 6,637,543.78 – 7,032,197.66 

– Class RCM IT (EUR) 1) – 2,393,611.71 – 4,037,489.12 

Distribution 0.00 – 1,096,456.84 

Equalization – 440,316.66 3,316.67 



11,402,849.20 – 204,530,168.80 




EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class A Class AT 

Shares 

1) Class CT 

Shares 

1) Class RCM IT 

Shares 

1) Class A Class AT 

Shares Shares 

1) Class CT 

Shares 

1) Class RCM IT 

Shares 

1) 

Shares 




5,052,522 56,977 389,327 248,910 5,299,581 55,742 388,549 305,221 

– issued 115,981 16,982 171,541 30,495 557,756 9,037 141,199 12,220 

– redeemed 


– 1,349,177 – 13,574 – 106,880 – 36,075 – 811,167 – 11,808 – 133,848 – 63,166 



3,819,326 60,385 453,988 243,330 5,046,170 52,971 395,900 254,275





Contracts 


Equities 64,116,311.90 93.57 

Australia 1,092,179.17 1.59 

Australia & New Zealand Banking Group Shs 7,934 146,524 47,001 AUD 25.360 1,092,179.17 1.59 

Canada 822,734.79 1.20 

Suncor Energy Shs 100,602 75,196 25,406 CAD 32.900 822,734.79 1.20 

China 891,218.81 1.30 

China Life Insurance -H- Shs 38,000 839,000 186,000 HKD 37.200 891,218.81 1.30 

France 3,929,998.13 5.74 

LVMH Moët Hennessy Louis Vuitton Shs 1,242 25,831 7,363 EUR 87.400 865,703.92 1.26 


Total Shs 2,125 44,201 12,591 EUR 43.145 730,792.12 1.07 

Vinci Shs 3,191 66,374 18,907 EUR 44.220 1,124,720.25 1.64 

Germany 5,717,589.99 8.34 


Bayer Shs 6,805 58,408 13,694 EUR 49.880 918,882.37 1.34 

BASF Shs 2,824 58,736 16,731 EUR 45.925 1,033,651.69 1.51 

Allianz Reg.S Shs 6,686 31,027 8,081 EUR 93.170 1,012,848.18 1.48 

Münchner Rückversicherungsg Reg.S Shs 1,671 14,481 5,104 EUR 120.201 825,319.10 1.20 

Henkel Pref.Shares Shs 16,843 584 16,259 EUR 39.710 868,554.09 1.27 


China Mobile Shs 9,000 190,000 54,500 HKD 75.617 530,813.78 0.77 

CNOOC Shs 427,000 19,000 408,000 HKD 12.896 677,726.80 0.99 

Japan 5,644,731.78 8.24 

Canon Shs 13,700 69,300 29,400 JPY 4,330.000 1,365,901.29 1.99 

East Japan Railway Shs 2,500 54,600 11,900 JPY 6,500.000 829,935.63 1.21 

Sony Shs 34,000 93,300 43,100 JPY 3,580.000 1,655,557.94 2.42 

Itochu Shs 161,000 34,000 127,000 JPY 819.000 1,116,019.32 1.63 

Nidec Shs 6,500 200 6,300 JPY 10,020.000 677,317.60 0.99 

Luxembourg 909,863.11 1.33 

ArcelorMittal Shs 3,502 96,326 20,747 EUR 32.600 909,863.11 1.33 

Switzerland 4,533,082.86 6.62 

ABB Reg.S Shs 5,541 175,769 32,824 CHF 23.250 717,557.24 1.05 

Nestlé Reg.S Shs 5,677 118,083 33,630 CHF 53.900 1,704,345.83 2.49 

Transocean Shs 4,100 34,700 12,287 USD 83.170 1,021,909.79 1.49 

Tyco International Shs 4,800 100,000 28,500 USD 38.220 1,089,270.00 1.59 


TNT Shs 45,941 15,409 30,532 EUR 21.460 881,430.60 1.28 

Koninklijke Philips Electronics Shs 20,445 20,445 EUR 23.885 656,924.59 0.96 


BHP Billiton Shs 15,270 151,766 48,805 GBP 22.700 1,677,986.04 2.45 

Standard Chartered Shs 5,221 110,805 28,722 GBP 17.895 778,474.79 1.14 

Centrica Shs 79,269 676,782 239,447 GBP 2.956 1,072,205.69 1.56 

Inmarsat Shs 17,236 372,372 88,268 GBP 7.555 1,010,033.84 1.47 

Vodafone Group Shs 96,751 2,455,757 450,414 GBP 1.536 1,047,514.09 1.53 

Compass Group Shs 144,167 14,394 129,773 GBP 5.320 1,045,668.79 1.53 


Abbott Laboratories Shs 52,188 57,319 23,967 USD 52.510 1,258,507.17 1.84 

Allergan Shs 6,636 49,073 17,797 USD 64.900 1,155,025.30 1.69 

Amazon.com Shs 1,497 32,726 7,288 USD 136.550 995,176.40 1.45 

Apple Shs 1,550 34,996 6,426 USD 235.830 1,515,443.58 2.21 

Colgate-Palmolive Shs 11,286 46,041 14,719 USD 85.460 1,257,885.74 1.84 

Deere & Co. Shs 3,150 72,056 12,145 USD 61.110 742,180.95 1.08 

Walt Disney Shs 5,917 123,082 35,053 USD 35.100 1,230,360.30 1.80 

Freeport-McMoRan Copper & Gold Shs 1,675 36,312 8,449 USD 83.660 706,843.34 1.03 

Goldman Sachs Group Shs 1,014 22,333 4,763 USD 171.380 816,282.94 1.19 

Hewlett-Packard Shs 4,079 84,856 24,170 USD 53.260 1,287,294.20 1.88 

Honeywell International Shs 2,912 118,195 17,253 USD 44.950 775,522.35 1.13 

JP Morgan Chase & Co. Shs 12,471 103,814 35,567 USD 44.580 1,585,576.86 2.31 

Microchip Technology Shs 5,596 123,758 25,810 USD 28.430 733,778.30 1.07 

Oracle Shs 26,935 105,003 49,498 USD 25.540 1,264,178.92 1.85 

Philip Morris International Shs 4,904 106,112 24,962 USD 52.490 1,310,255.38 1.91 

Starbucks Shs 7,868 163,669 46,612 USD 24.550 1,144,324.60 1.67 



31/03/2010 



in USD 

% of 

Subfund 

assets 

233





Contracts 

SunTrust Banks Shs 8,296 92,272 29,932 USD 26.340 788,408.88 1.15 

Celgene Shs 16,460 3,942 12,518 USD 62.490 782,249.82 1.14 

Cisco Systems Shs 33,344 33,344 USD 26.650 888,617.60 1.30 

Crown Castle International Shs 22,411 5,367 17,044 USD 38.310 652,955.64 0.95 

Eaton Shs 36,261 22,152 14,109 USD 76.420 1,078,209.78 1.57 

Intel Shs 115,400 81,566 33,834 USD 22.350 756,189.90 1.10 

Estée Lauder -A- Shs 58,063 38,128 19,935 USD 65.500 1,305,742.50 1.91 

NetApp Shs 91,135 64,168 26,967 USD 32.570 878,315.19 1.28 

State Street Shs 35,511 7,453 28,058 USD 45.780 1,284,495.24 1.88 

Cooper Industries Shs 23,284 3,972 19,312 USD 47.270 912,878.24 1.33 

Thermo Fisher Scientific Shs 3,579 74,441 21,204 USD 51.660 1,095,398.64 1.60 

Wells Fargo & Co Shs 29,459 153,180 61,051 USD 30.840 1,882,812.84 2.75 

Anadarko Petroleum Shs 20,195 4,836 15,359 USD 72.350 1,111,223.65 1.62 


Brazil 635,709.58 0.93 

Itau Unibanco Holding (ADR’s) Shs 6,900 221,000 29,623 USD 21.460 635,709.58 0.93 

Israel 934,479.00 1.36 

Teva Pharmaceutical Industries (ADR’s) Shs 2,500 51,300 14,700 USD 63.570 934,479.00 1.36 

Taiwan 648,582.35 0.95 

Taiwan Semiconductor Manufacturing (ADR’s) Shs 10,400 313,600 61,477 USD 10.550 648,582.35 0.95 









234 


31/03/2010 



in USD 

% of 

Subfund 

assets




Contracts 


31/03/2010 




gain/loss 

Derivatives 




Sold AUD / Bought USD 06 May 2010 AUD – 600,000.00 1,008.19 0.00 

Sold CAD / Bought USD 06 May 2010 CAD – 410,000.00 – 1,005.60 0.00 

Sold CHF / Bought USD 06 May 2010 CHF – 1,290,000.00 – 1,401.87 0.00 

Sold GBP / Bought USD 06 May 2010 GBP – 2,100,000.00 – 9,094.58 – 0.01 

Sold HKD / Bought USD 06 May 2010 HKD – 7,900,000.00 – 260.87 0.00 

Sold JPY / Bought USD 06 May 2010 JPY – 265,400,000.00 10,298.77 0.01 

Sold USD / Bought EUR 06 May 2010 USD – 26,621,100.00 15,849.09 0.02 








– Class IT (H-EUR) (accumulating) EUR 12.42 

– Class N (EUR) (distributing) EUR 13.16 

– Class S (EUR) (distributing) EUR 13.14 

– Class WT (EUR) (accumulating) EUR 785.95 






– Class IT (EUR) (accumulating) Shs 1,216,480 

– Class IT (H-EUR) (accumulating) Shs 1,955,614 


– Class S (EUR) (distributing) Shs 14,904 

– Class WT (EUR) (accumulating) Shs 1 


– Class AT (USD) (accumulating) Shs 371,205 

% of 

Subfund 

assets 

235







Equities 

Australia 

CSL Shs 95,092 

China 

PetroChina -H- Shs 86,000 2,300,900 

France 


Japan 

Mitsui Fudosan Shs 5,000 144,871 

Nintendo Shs 8,600 

Sumitomo Mitsui Financial Group Shs 70,300 

Toyota Motor Shs 4,400 117,500 

Spain 

Gamesa Corp Tecnologica Shs 126,687 

Switzerland 

Weatherford International Shs 107,012 


BG Group Shs 8,417 224,935 


Tullow Oil Shs 108,708 


Apollo Group -A- Shs 45,691 

Devon Energy Shs 2,691 71,935 

FPL Group Shs 49,299 

Gilead Sciences Shs 2,913 95,259 

Google -A- Shs 373 9,962 

Lowe’s Companies Shs 4,992 164,748 

Marathon Oil Shs 4,215 112,645 

Medco Health Solutions Shs 2,243 59,952 

Western Union Shs 4,905 131,094 


Brazil 

Petroleo Breasileiro (ADR’s) Shs 2,500 66,200 


236 








Derivatives 




Sold AUD / Bought USD 13 Nov 2009 USD – 760,000.00 

Sold AUD / Bought USD 17 Dec 2009 USD – 950,000.00 

Sold AUD / Bought USD 21 Jan 2010 USD – 600,000.00 

Sold AUD / Bought USD 25 Feb 2010 USD – 600,000.00 

Sold AUD / Bought USD 31 Mar 2010 USD – 600,000.00 

Sold CAD / Bought USD 13 Nov 2009 USD – 370,410.88 


Sold CAD / Bought USD 21 Jan 2010 USD – 590,000.00 

Sold CAD / Bought USD 25 Feb 2010 USD – 590,000.00 

Sold CAD / Bought USD 31 Mar 2010 USD – 410,000.00 

Sold CHF / Bought USD 13 Nov 2009 USD – 1,250,000.00 


Sold CHF / Bought USD 21 Jan 2010 USD – 1,290,000.00 

Sold CHF / Bought USD 25 Feb 2010 USD – 1,290,000.00 

Sold CHF / Bought USD 31 Mar 2010 USD – 1,290,000.00 

Sold EUR / Bought USD 21 Jan 2010 USD – 1,048,635.72 

Sold EUR / Bought USD 25 Feb 2010 USD – 22,043,349.68 

Sold EUR / Bought USD 8 Oct 2009 USD – 688,705.23 

Sold GBP / Bought USD 13 Nov 2009 USD – 2,824,476.47 

Sold GBP / Bought USD 17 Dec 2009 USD – 2,500,000.00 

Sold GBP / Bought USD 21 Jan 2010 USD – 2,400,000.00 

Sold GBP / Bought USD 25 Feb 2010 USD – 2,400,000.00 

Sold GBP / Bought USD 31 Mar 2010 USD – 2,100,000.00 

Sold HKD / Bought USD 13 Nov 2009 USD – 7,820,000.00 

Sold HKD / Bought USD 17 Dec 2009 USD – 10,000,000.00 

Sold HKD / Bought USD 21 Jan 2010 USD – 9,900,000.00 

Sold HKD / Bought USD 25 Feb 2010 USD – 9,900,000.00 

Sold HKD / Bought USD 31 Mar 2010 USD – 7,900,000.00 

Sold JPY / Bought USD 13 Nov 2009 USD – 250,300,000.00 


Sold JPY / Bought USD 21 Jan 2010 USD – 257,000,000.00 

Sold JPY / Bought USD 25 Feb 2010 USD – 321,000,000.00 

Sold JPY / Bought USD 31 Mar 2010 USD – 265,400,000.00 

Sold USD / Bought AUD 25 Feb 2010 AUD – 536,760.00 

Sold USD / Bought CAD 25 Feb 2010 CAD – 562,172.46 

Sold USD / Bought CHF 25 Feb 2010 CHF – 1,193,173.94 

Sold USD / Bought EUR 13 Nov 2009 EUR – 29,984,000.00 

Sold USD / Bought EUR 17 Dec 2009 EUR – 31,853,098.81 

Sold USD / Bought EUR 21 Jan 2010 EUR – 33,622,200.00 

Sold USD / Bought EUR 25 Feb 2010 EUR – 31,100,962.06 

Sold USD / Bought EUR 31 Mar 2010 EUR – 26,846,250.00 

Sold USD / Bought GBP 25 Feb 2010 GBP – 3,717,015.00 

Sold USD / Bought HKD 25 Feb 2010 HKD – 1,275,444.47 

Sold USD / Bought JPY 25 Feb 2010 JPY – 3,565,785.27 

237



as at 31/03/2010 


238 

31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 56,000,174.93) 66,335,082.83 260,697,314.46 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

93,395.15 556,822.68 







0.00 0.00 







Total Assets 70,168,353.31 277,765,797.26 





Payable on 

0.00 0.00 







– 102,571.68 – 438,710.81 







Net assets 68,521,218.51 254,781,099.33




01/10/2009–31/03/2010 01/10/2008–31/03/2009 

USD USD 



Subscriptions 

254,781,099.33 140,768,143.38 

– Class AT (USD) 688,041.55 92,596,187.36 

– Class AT (EUR) 3,303,565.15 12,669,497.41 

– Class CT (EUR) 132,194.14 179,297.02 

– Class IT (EUR) 37,860,775.44 5,694,792.05 

– Class IT (H-EUR) 1) 873,408.69 0.00 

– Class N (EUR) 2) 18.02 1,335.50 

– Class S (EUR) 2) 3,204.17 195,983.72 

– Class WT (EUR) 0.00 0.00 


8,269.29 0.00 

– Class AT (USD) – 125,644,765.17 – 28,218.48 

– Class AT (EUR) – 43,655,270.91 – 23,947,839.50 

– Class CT (EUR) – 701,573.52 – 778,809.73 

– Class IT (EUR) – 63,905,278.87 – 2,062,756.25 

– Class IT (H-EUR) 1) – 3,300,419.58 0.00 

– Class N (EUR) 2) 0.00 0.00 

– Class S (EUR) 2) – 67.35 – 2,257.76 

– Class WT (EUR) 0.00 0.00 

– Class AT (SGD) 3) – 753.92 0.00 


Equalization – 219,929.86 54,137.88 



8,300,828.60 – 54,572,744.73 


1) Launch date: 6 May 2009. 



68,521,218.51 170,766,747.87 

239




USD Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 


240 

Class AT 

Shares 

Class AT 

Shares 




16,326,121 100,819 

– issued 89,236 14,985,200 

– redeemed 


– 16,044,152 – 4,718 

at the end of the reporting period 371,205 15,081,301 

EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class AT 

Shares 

Class CT 

Shares 

Class IT 

Shares 

Class AT 

Shares 

Class CT 

Shares 




7,714,799 282,359 4,038,157 14,395,997 387,035 1,882,469 

– issued 452,215 13,743 3,894,003 1,762,320 23,878 699,712 

– redeemed 


– 5,871,523 – 73,181 – 6,715,680 – 4,222,926 – 104,067 – 273,877 

at the end of the reporting period 2,295,491 222,921 1,216,480 11,935,391 306,846 2,308,304 

EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class N 1) 

Shares 

Class S 1) 

Shares 

Class WTClass 

IT (H-EUR) 

Shares 

2) 

Shares 

Class N 1) 

Shares 

Class S 1) 

Shares 

Class IT 

Shares 

Class WTClass 

IT (H-EUR) 

Shares 

2) 

Shares 




100 14,715 1 2,118,200 0 0 1 0 

– issued 1 193 0 51,916 100 14,577 0 0 

– redeemed 


0 – 4 0 – 214,502 0 – 170 0 0 

at the end of the reporting period 101 14,904 1 1,955,614 100 14,407 1 0 

SGD Shares 01/10/2009–31/03/2010 01/10/2008–30/09/2009 

Class AT 3) 

Shares 

Class AT 3) 

Shares 




1,097 0 


– redeemed 


0 0 



2) Launch date: 6 May 2009. 


1,097 100





Contracts 


Equities 99,087,676.75 96.17 

Bermuda 2,958,300.00 2.87 

Marvell Technology Group Shs 59,500 142,500 USD 20.760 2,958,300.00 2.87 

Canada 1,011,285.00 0.98 

Research In Motion Shs 6,965 13,500 USD 74.910 1,011,285.00 0.98 

Denmark 2,619,239.51 2.54 

Novozymes -B- Shs 9,393 9,393 DKK 604.000 1,025,082.80 0.99 

Vestas Wind Systems Shs 29,400 29,400 DKK 300.100 1,594,156.71 1.55 

France 758,592.12 0.74 

Gemalto Shs 29,890 29,490 17,800 EUR 31.680 758,592.12 0.74 

Germany 1,033,281.50 1.00 

Aixtron Shs 28,800 28,800 EUR 26.670 1,033,281.50 1.00 

Japan 7,022,950.67 6.82 

Canon Shs 45,000 60,100 JPY 4,330.000 2,792,199.58 2.71 

Nintendo Shs 6,800 8,400 JPY 31,300.000 2,821,030.05 2.74 

Sony Shs 36,700 36,700 JPY 3,580.000 1,409,721.04 1.37 

Poland 0.01 0.00 

Asseco Poland -Rights- Shs 29,171 29,171 PLN 0.000 0.01 0.00 

Singapore 1,031,228.00 1.00 

Avago Technologies Shs 50,600 31,944 50,600 USD 20.380 1,031,228.00 1.00 

South Korea 2,423,989.75 2.35 

NCSoft Shs 7,700 7,700 KRW 145,103.244 987,489.48 0.96 

Samsung Electronics Shs 1,965 1,965 KRW 827,139.048 1,436,500.27 1.39 


ARM Holdings Shs 589,230 589,230 GBP 2.384 2,127,775.01 2.06 

CSR Shs 51,095 51,095 GBP 4.610 356,761.10 0.35 

Smiths Group Shs 92,200 92,200 GBP 11.427 1,595,764.93 1.55 


Activision Blizzard Shs 171,800 43,500 171,800 USD 12.030 2,066,754.00 2.01 

Affymax Shs 48,900 48,900 USD 23.560 1,152,084.00 1.12 

Akamai Technologies Shs 48,600 10,800 48,600 USD 31.610 1,536,246.00 1.49 

Amazon.com Shs 620 3,740 8,040 USD 136.550 1,097,862.00 1.07 

Apple Shs 13,760 43,300 USD 235.830 10,211,439.00 9.91 

Athenahealth Shs 40,300 40,300 USD 36.680 1,478,204.00 1.43 

Cisco Systems Shs 195,005 342,700 USD 26.650 9,132,955.00 8.86 

Cymer Shs 27,610 27,610 USD 37.220 1,027,644.20 1.00 

Echelon Shs 58,100 58,100 USD 9.200 534,520.00 0.52 

EnerNOC Shs 34,200 34,200 USD 29.930 1,023,606.00 0.99 

First Solar Shs 9,000 9,000 USD 122.180 1,099,620.00 1.07 

General Dynamics Shs 13,500 13,500 USD 77.490 1,046,115.00 1.02 

Google -A- Shs 3,200 14,600 USD 566.700 8,273,820.00 8.03 

Human Genome Sciences Shs 66,000 66,000 USD 30.960 2,043,360.00 1.98 

Illumina Shs 12,890 12,890 USD 39.170 504,901.30 0.49 

Intel Shs 142,200 306,500 USD 22.350 6,850,275.00 6.65 

Intuitive Surgical Shs 2,215 2,215 USD 348.910 772,835.65 0.75 

Itron Shs 14,600 14,600 USD 72.180 1,053,828.00 1.02 

Keryx Biopharmaceuticals Shs 295,400 295,400 USD 2.780 821,212.00 0.80 

Lam Research Shs 45,000 45,000 USD 37.430 1,684,350.00 1.63 

MAKO Surgical Shs 78,800 78,800 USD 13.960 1,100,048.00 1.07 

Microchip Technology Shs 30,040 7,540 60,900 USD 28.430 1,731,387.00 1.68 

Microsoft Shs 51,190 133,195 118,200 USD 29.770 3,518,814.00 3.41 

NetApp Shs 31,325 8,025 47,300 USD 32.570 1,540,561.00 1.50 

Nuance Communications Shs 119,000 119,000 USD 16.450 1,957,550.00 1.90 

Oracle Shs 92,865 25,565 216,100 USD 25.540 5,519,194.00 5.36 

Pharmasset Shs 26,200 26,200 USD 27.250 713,950.00 0.69 

Polycom Shs 29,500 29,500 USD 30.620 903,290.00 0.88 

QLogic Shs 38,400 38,400 USD 20.390 782,976.00 0.76 

Salesforce.com Shs 26,700 26,700 USD 75.410 2,013,447.00 1.95 

Texas Instruments Shs 132,295 37,400 120,100 USD 24.610 2,955,661.00 2.87 


China 965,580.03 0.94 

Longtop Financial Technologies (ADR’s) Shs 50,025 19,225 30,800 USD 31.350 965,580.03 0.94 



31/03/2010 



in USD 

% of 

Subfund 

assets 

241





Contracts 





0.1500 % Deposits for collateralisation of derivatives USD 10.88 0.00 










USD 12.56 


– Class AT (SGD) (accumulating) Shs 558 


– Class IT (USD) (accumulating) Shs 471 




242 


31/03/2010 



in USD 

% of 

Subfund 

assets








Equities 

Belgium 

Telenet Group Holding Shs 25,260 25,260 

China 

Asiainfo Holdings Shs 38,945 

Tencent Holdings Shs 46,800 

Yucheng Technologies Shs 74,800 

Finland 

Nokia Shs 124,124 

France 

Cap Gemini Shs 2,640 28,500 

France Télécom Shs 30,985 

Ingenico Shs 3,990 27,416 

Germany 

Dialog Semiconductor Shs 54,300 54,300 

Kontron Shs 7,759 44,659 

SAP Shs 19,100 

United Internet Shs 8,084 43,384 

Israel 

Mellanox Technologies Shs 38,180 38,180 

Japan 

Access Shs 145 

Advantest Shs 22,600 

Fujitsu Shs 112,000 

Hitachi Shs 208,000 208,000 

KDDI Shs 12 123 

Nidec Shs 2,700 14,700 

Nidec Copal Shs 48,300 48,300 

NTT DoCoMo Shs 203 

Osaki Electric Shs 79,000 79,000 

Ricoh Shs 41,000 

Yahoo! Japan Shs 1,205 2,238 

Poland 

Asseco Poland Shs 3,771 29,171 

Singapore 

Verigy Shs 66,165 

South Africa 

Naspers Shs 3,146 22,530 

South Korea 

LG Electronics Shs 5,341 5,341 

Spain 

Telefónica Shs 65,700 

Switzerland 

Tyco Electronics Shs 28,300 28,300 


Intec Telecom Systems Shs 412,820 412,820 

Laird Shs 131,875 

Laird -Rights- Shs 54,155 54,155 

Moneysupermarket.com Group Shs 432,000 

Spirent Shs 433,490 433,490 

Vodafone Group Shs 445,900 


Alliance Data Systems Shs 10,475 10,475 

Applied Materials Shs 82,025 

Art Technology Group Shs 137,327 137,327 

AT&T Shs 16,405 51,465 

Atmel Shs 52,760 202,555 

Autodesk Shs 35,135 

BE Aerospace Shs 58,050 

Brocade Communications Systems Shs 23,635 77,935 

Cognizant Technology Solutions -A- Shs 20,375 

Corning Shs 33,600 87,600 

243






Dell Shs 9,800 90,300 

Ebix Shs 26,800 42,230 

Electronics for Imaging Shs 40,590 40,590 

EMC Shs 48,790 

Emulex Shs 27,720 27,720 

Expedia Shs 32,240 32,240 

Formfactor Shs 14,080 43,945 

Hewlett-Packard Shs 11,225 100,400 

ICF International Shs 9,100 35,500 

Infinera Shs 112,100 112,100 

International Business Machines Shs 43,500 

Intuit Shs 24,300 24,300 

Mastercard -A- Shs 3,865 

Monolithic Power Systems Shs 38,380 

Motorola Shs 71,630 

NCI -A- Shs 8,700 31,200 

NCR Shs 59,800 

NTELOS Holdings Shs 14,570 37,460 

ON Semiconductor Shs 187,835 

Palm Shs 86,900 

Perot Systems -A- Shs 38,700 

QUALCOMM Shs 10,720 73,675 

Rackspace Hosting Shs 38,885 38,885 

Riverbed Technology Shs 5,025 36,325 

Rosetta Stone Shs 28,000 

Rovi Shs 7,180 44,180 

SanDisk Shs 3,620 65,305 

Skyworks Solutions Shs 51,700 51,700 

Sonic Solutions Shs 79,500 79,500 

Stanley Shs 31,300 

Starent Networks Shs 29,115 

Teradyne Shs 53,900 53,900 

Tyler Technologies Shs 24,515 

Varian Semiconductor Equipment Associates Shs 25,245 

Veeco Instruments Shs 20,050 20,050 

Verisk Analytics Shs 8,039 8,039 

Verizon Communications Shs 21,500 

Xerox Shs 66,865 66,865 

Yahoo! 


China 

Shs 23,500 84,300 

Perfect World (ADR’s) 

France 

Shs 19,270 

Alcatel-Lucent (ADR’s) 

India 

Shs 148,235 148,235 

WNS Holdings (ADR’s) 

Taiwan 

Shs 31,200 

United Microelectronics (ADR’s) 

Turkey 

Shs 179,125 179,125 

Turkcell Iletisim Hizmet (ADR’s) 


Shs 51,100 

AU Optronics (ADR’s) Shs 9,500 71,700 




Derivatives 




Short Call Options on Equities 

Call 44 Qualcomm 11/09 Ctr 30 30 


244 



as at 31/03/2010 


31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 87,674,527.80) 100,053,256.78 96,537,728.97 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

106,843.86 111,317.95 







0.00 0.00 







Total Assets 103,478,501.28 99,578,851.89 





Payable on 

0.00 0.00 







– 207,842.46 – 255,078.00 







Net assets 103,034,444.48 99,221,664.78 

245





246 

01/10/2009–31/03/2010 Launch date–31/03/2009 

USD USD 



Subscriptions 

99,221,664.78 0.00 

– Class A (USD) 1) 4,854,972.08 99,875,436.97 

– Class AT (USD) 1) 1,743,170.42 691,131.06 

– Class IT (USD) 1) 0.00 4,780.93 


8,401.94 0.00 

– Class A (USD) 1) – 9,226,140.49 – 5,170,306.06 

– Class AT (USD) 1) – 1,783,137.18 – 38,065.70 

– Class IT (USD) 1) 0.00 0.00 

– Class AT (SGD) 2) – 4,891.00 0.00 

Distribution – 236,242.70 0.00 

Equalization – 15,717.72 3,900.52 



8,472,364.35 – 20,238,203.15 





Class A 1) 

Shares 

Class AT 1) 

Shares 

Class IT 1) 

Shares 

Class A 1) 

Shares 

Class AT 1) 

Shares 

Class IT 1) 

Shares 




9,018,675 69,977 471 0 0 0 

– issued 431,718 148,867 0 10,322,776 70,807 1,138 

– redeemed 


– 819,032 – 151,916 0 – 663,792 – 4,511 – 667 

at the end of the reporting period 8,631,361 66,928 471 9,658,984 66,296 471 


Class AT 2) 

Shares 

Class AT 2) 

Shares 




100 0 

– issued 1,063 100 

– redeemed 


– 605 0 




558 100





Contracts 


Equities 37,495,890.97 93.99 

Australia 713,763.71 1.79 

Australia & New Zealand Banking Group Shs 8,317 8,316 41,321 AUD 25.360 713,763.71 1.79 

Denmark 735,350.27 1.84 

Novo-Nordisk -B- Shs 2,295 294 12,777 DKK 428.500 735,350.27 1.84 

France 2,280,849.22 5.72 

Alstom Shs 888 113 4,954 EUR 46.705 231,376.57 0.58 

BNP Paribas Shs 2,513 377 16,388 EUR 57.390 940,507.32 2.36 

Eutelsat Communications Shs 13,578 13,578 EUR 26.230 356,150.94 0.89 

Société Générale Shs 2,244 214 9,342 EUR 46.555 434,916.81 1.09 

Vinci Shs 902 165 7,189 EUR 44.220 317,897.58 0.80 

Germany 4,525,411.94 11.34 

Allianz Shs 882 7,197 EUR 93.170 670,544.49 1.68 

BASF Shs 2,607 334 14,516 EUR 45.925 666,647.30 1.67 

Bayer Shs 1,646 301 13,113 EUR 49.880 654,076.44 1.64 

Deutsche Bank Shs 1,575 201 8,774 EUR 57.280 502,574.72 1.26 

Fresenius Medical Care Shs 2,279 292 12,691 EUR 41.655 528,643.61 1.33 

Henkel Pref.Shares Shs 10,185 10,185 EUR 39.710 404,446.35 1.01 

Münchner Rückversicherungsgesellshaft Shs 454 83 3,625 EUR 120.201 435,728.63 1.09 

Siemens Shs 647 1,025 8,944 EUR 74.100 662,750.40 1.66 


China Mobile Shs 11,000 24,000 HKD 75.617 173,761.59 0.44 

CNOOC Shs 98,000 8,000 340,000 HKD 12.896 419,826.90 1.05 

Ireland 456,268.00 1.14 

Shire Shs 4,990 639 27,776 GBP 14.590 456,268.00 1.14 

Japan 1,681,845.34 4.22 

Canon Shs 800 2,100 6,200 JPY 4,330.000 214,121.62 0.54 

East Japan Railway Shs 300 2,400 2,600 JPY 6,500.000 134,793.09 0.34 

Hitachi Construction Machinery Shs 13,500 300 13,200 JPY 2,209.000 232,568.34 0.58 

Mitsubishi Estate Shs 5,000 9,000 33,000 JPY 1,530.000 402,704.34 1.01 

Nidec Shs 3,000 3,000 JPY 10,020.000 239,756.24 0.60 

Sony Shs 8,400 8,400 JPY 3,580.000 239,851.95 0.60 

Toyota Motor Shs 1,400 13,700 7,300 JPY 3,745.000 218,049.76 0.55 

Portugal 255,028.37 0.64 

EDP - Energias de Portugal Shs 15,440 1,977 85,926 EUR 2.968 255,028.37 0.64 

Spain 578,193.48 1.45 

Telefónica Shs 4,804 9,740 32,796 EUR 17.630 578,193.48 1.45 

Sweden 318,512.25 0.80 

Atlas Copco -A- Shs 4,990 639 27,774 SEK 111.400 318,512.25 0.80 

Switzerland 3,142,033.71 7.88 

ABB Shs 3,792 694 30,192 CHF 23.250 490,629.64 1.23 

Nestlé Shs 7,609 974 42,353 CHF 53.900 1,595,555.38 4.00 

Roche Holding Shs 640 117 5,102 CHF 171.800 612,636.06 1.54 

Tyco International Shs 2,000 400 15,600 USD 38.220 443,212.63 1.11 


Koninklijke DSM Shs 1,889 242 10,520 EUR 33.075 347,949.00 0.87 

Koninklijke Philips Electronics Shs 4,318 553 24,039 EUR 23.885 574,171.52 1.44 

TNT Shs 21,074 474 20,600 EUR 21.460 442,076.00 1.11 


BG Group Shs 10,713 1,372 59,628 GBP 11.475 770,367.51 1.93 

BHP Billiton Shs 9,392 1,202 52,274 GBP 22.700 1,336,000.47 3.35 

BP Shs 2,448 9,986 36,871 GBP 6.241 259,080.14 0.65 

Centrica Shs 13,542 22,908 107,797 GBP 2.956 358,816.36 0.90 

Compass Group Shs 66,023 1,485 64,538 GBP 5.320 386,564.67 0.97 

HSBC Holdings Shs 36,542 2,794 121,427 GBP 6.700 915,978.09 2.30 

Inmarsat Shs 3,091 13,827 33,799 GBP 7.555 287,497.02 0.72 

Prudential Shs 3,671 9,901 55,283 GBP 5.405 336,420.40 0.84 

Reckitt Benckiser Group Shs 2,693 1,171 14,994 GBP 36.270 612,294.11 1.53 

Tesco Shs 14,826 1,898 82,513 GBP 4.379 406,810.68 1.02 

Tullow Oil Shs 1,196 434 18,887 GBP 12.580 267,509.15 0.67 

Vodafone Group Shs 40,642 7,444 323,496 GBP 1.536 559,260.00 1.40 

WPP Shs 54,610 1,228 53,382 GBP 6.820 409,896.52 1.03 



31/03/2010 



in EUR 

% of 

Subfund 

assets 

247





Contracts 


Abbott Laboratories Shs 11,266 253 11,013 USD 52.510 429,877.30 1.08 

Air Products & Chemicals Shs 1,016 130 5,660 USD 74.090 311,725.89 0.78 

Allergan Shs 6,010 135 5,875 USD 64.900 283,432.35 0.71 

Amazon.com Shs 802 147 6,392 USD 136.550 648,821.63 1.63 

Apple Shs 525 67 2,927 USD 235.830 513,119.62 1.29 

Cisco Systems Shs 10,307 898 39,043 USD 26.650 773,458.91 1.94 

Colgate-Palmolive Shs 2,316 146 6,365 USD 85.460 404,350.65 1.01 

Deere & Co. Shs 1,004 1,140 7,995 USD 61.110 363,184.75 0.91 

Eaton Shs 7,463 167 7,296 USD 76.420 414,465.81 1.04 

Estee Lauder -A- Shs 8,994 202 8,792 USD 65.500 428,080.88 1.07 

Freeport-McMoRan Copper & Gold Shs 675 123 5,379 USD 83.660 334,515.51 0.84 

Gilead Sciences Shs 517 193 8,400 USD 45.610 284,797.52 0.71 

Goldman Sachs Group Shs 559 71 3,120 USD 171.380 397,476.62 1.00 

Google -A- Shs 87 16 698 USD 566.700 294,039.37 0.74 

Hewlett-Packard Shs 2,737 501 21,794 USD 53.260 862,849.32 2.16 

Intel Shs 6,944 1,288 55,992 USD 22.350 930,251.46 2.33 

International Business Machines Shs 521 1,208 7,852 USD 128.770 751,608.77 1.88 

JP Morgan Chase & Co. Shs 1,560 199 8,686 USD 44.580 287,843.71 0.72 

Lowe’s Shs 744 4,102 11,206 USD 24.340 202,753.35 0.51 

NetApp Shs 21,111 474 20,637 USD 32.570 499,644.57 1.25 

Noble Shs 4,550 300 13,371 USD 40.950 407,018.97 1.02 

Oracle Shs 10,106 589 25,597 USD 25.540 485,967.04 1.22 

Pfizer Shs 25,742 579 25,163 USD 17.260 322,849.46 0.81 

Procter & Gamble Shs 706 3,115 2,717 USD 63.660 128,573.99 0.32 

Schlumberger Shs 3,348 428 18,640 USD 63.050 873,630.63 2.19 

Starbucks Shs 9,528 646 28,103 USD 24.550 512,862.60 1.29 

State Street Shs 14,081 316 13,765 USD 45.780 468,434.48 1.17 

Target Shs 1,402 179 7,815 USD 53.740 312,193.24 0.78 

Walt Disney Shs 8,743 532 23,153 USD 35.100 604,103.62 1.52 

Wells Fargo & Co. Shs 7,749 413 17,990 USD 30.840 412,422.53 1.03 


Brazil 967,842.08 2.43 

Itau Unibanco Holding Pref.Shares (ADR’s) Shs 5,200 700 28,700 USD 21.460 457,834.45 1.15 

Petroleo Breasileiro (ADR’s) Shs 1,900 400 15,600 USD 43.980 510,007.63 1.28 

Israel 363,864.59 0.91 

Teva Pharmaceutical Industries (ADR’s) Shs 7,700 7,700 USD 63.570 363,864.59 0.91 

Russia 290,609.08 0.73 

Gazprom OAO (ADR’s) Shs 2,100 400 16,650 USD 23.480 290,609.08 0.73 











– Class CT (EUR) (accumulating) 


EUR 7.86 







248 


31/03/2010 



in EUR 

% of 

Subfund 

assets








Equities 

Canada 

Bank of Nova Scotia Shs 7,029 

France 



Japan 

Sumitomo Mitsui Financial Group Shs 8,200 

Spain 

Gamesa Corp Tecnologica Shs 1,091 18,124 

Sweden 

Hennes & Mauritz -B- Shs 6,200 


AstraZeneca Shs 8,058 


Amgen Shs 3,083 

Ecolab Shs 4,606 

General Electric Shs 16,638 


Taiwan 

Taiwan Semiconductor Manufacturing (ADR’s) Shs 28,139 

249



as at 31/03/2010 


250 

31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 34,310,365.06) 39,118,206.72 27,509,395.40 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

65,239.91 41,710.51 







0.00 0.00 







Total Assets 39,977,489.03 28,000,683.78 





Payable on 

0.00 0.00 

– redemptions of fund shares – 14,175.58 – 74.89 






– 70,017.52 – 102,463.15 







Net assets 39,893,295.93 27,670,837.72




01/10/2009–31/03/2010 01/10/2008–31/03/2009 

EUR EUR 



Subscriptions 

27,670,837.72 25,370,798.99 

– Class A (EUR) 10,703,356.01 5,701,948.23 

– Class CT (EUR) 86,610.45 25,367.93 

– Class A (USD) 

Redemptions 

54,605.51 63,581.61 

– Class A (EUR) – 3,435,867.51 – 2,465,562.35 

– Class CT (EUR) – 69,908.55 – 131,213.61 

– Class A (USD) – 17,059.83 – 109,984.80 

Distribution – 163,444.76 – 70,979.83 

Equalization 6,463.20 3,530.85 



5,057,703.69 – 7,362,531.11 




EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class A 

Shares 

Class CT 

Shares 

Class A 

Shares 

Class CT 

Shares 




2,379,805 131,729 2,028,879 152,955 

– issued – 4,793,390 11,667 569,949 4,249 

– redeemed 


2,485,212 – 9,568 – 262,458 – 22,538 

at the end of the reporting period 71,627 133,828 2,336,370 134,666 

USD Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 




68,182 76,237 

– issued 5,714,371 7,124 

– redeemed 


– 2,782,360 – 12,455 

at the end of the reporting period 3,000,193 70,906 

Class A 

Shares 

Class A 

Shares 

251





Contracts 


Equities 15,782,597.07 95.12 

Australia 952,875.68 5.74 

AMP Shs 93,323 51,150 42,173 AUD 6.260 241,905.85 1.46 

Australia & New Zealand Banking Group Shs 18,127 2,447 15,680 AUD 25.360 364,361.81 2.19 

White Energy Shs 70,465 26,902 146,616 AUD 2.580 346,608.02 2.09 

Canada 1,102,343.27 6.64 

Calvalley Petroleums Shs 60,230 60,230 CAD 3.350 198,602.90 1.20 

Potash Corp of Saskatchewan Shs 1,452 3,131 2,697 CAD 122.520 325,248.72 1.96 

Romarco Minerals Shs 70,056 70,056 CAD 1.900 131,016.68 0.79 

Suncor Energy Shs 9,829 4,161 13,818 CAD 32.900 447,474.97 2.69 

China 809,341.05 4.88 

Shenzen Expressway -H- Shs 736,000 6,000 730,000 HKD 4.080 383,629.05 2.31 

Sina Shs 12,800 1,600 11,200 USD 38.010 425,712.00 2.57 

France 986,541.44 5.94 

Air Liquide Shs 3,451 445 3,006 EUR 89.050 360,102.43 2.17 

LVMH Moët Hennessy Louis Vuitton Shs 1,839 955 5,328 EUR 87.400 626,439.01 3.77 


Sun Hung Kai Properties Shs 28,000 28,000 HKD 118.132 426,043.52 2.57 

Japan 848,980.68 5.12 

Canon Shs 12,600 1,500 11,100 JPY 4,330.000 515,697.42 3.11 

Nidec Shs 3,100 3,100 JPY 10,020.000 333,283.26 2.01 

Switzerland 569,478.00 3.43 

Tyco International Shs 6,600 2,600 14,900 USD 38.220 569,478.00 3.43 


Koninklijke Philips Electronics Shs 14,683 14,683 EUR 23.885 471,783.99 2.84 

TNT Shs 9,997 6,743 14,343 EUR 21.460 414,069.14 2.50 


Reckitt Benckiser Group Shs 8,873 8,873 GBP 36.270 487,434.43 2.94 


Abbott Laboratories Shs 11,388 2,536 8,852 USD 52.510 464,818.52 2.80 

Alpha Natural Resources Shs 6,933 6,933 USD 50.520 350,255.16 2.11 

Anadarko Petroleum Shs 7,082 353 6,729 USD 72.350 486,843.15 2.93 

Bank of America Shs 36,346 1,086 35,260 USD 17.760 626,217.60 3.78 

Celgene Shs 9,121 2,790 6,331 USD 62.490 395,624.19 2.39 

Cisco Systems Shs 6,082 3,428 19,122 USD 26.650 509,601.30 3.07 

Cooper Industries Shs 6,978 6,978 USD 47.270 329,850.06 1.99 

Edwards Lifesciences Shs 4,389 614 3,775 USD 100.120 377,953.00 2.28 

Estée Lauder -A- Shs 10,221 946 9,275 USD 65.500 607,512.50 3.66 

Freeport-McMoRan Copper & Gold Shs 1,067 2,913 2,919 USD 83.660 244,203.54 1.47 

Goldman Sachs Group Shs 2,592 867 3,836 USD 171.380 657,413.68 3.96 

Hewlett-Packard Shs 3,331 1,934 10,792 USD 53.260 574,781.92 3.47 

Human Genome Sciences Shs 10,164 10,164 USD 30.960 314,677.44 1.90 

Intel Shs 11,898 15,857 16,653 USD 22.350 372,194.55 2.24 

Marathon Oil Shs 9,073 1,824 15,975 USD 31.400 501,615.00 3.02 

Prudential Financial Shs 5,211 7,552 8,432 USD 59.670 503,137.44 3.03 

Vertex Pharmaceuticals Shs 8,390 1,245 7,145 USD 40.860 291,944.70 1.76 

Wells Fargo & Co Shs 15,404 15,404 USD 30.840 475,059.36 2.86 

Zions Bancorporation Shs 32,019 2,933 29,086 USD 21.660 630,002.76 3.80 











USD 6.83 





252 


31/03/2010 



in USD 

% of 

Subfund 

assets








Equities 

Australia 

Aquila Resources Shs 6,238 63,894 

Aquila Resources Shs 4,755 4,755 

Arrow Energy Shs 80,283 80,283 

CSL Shs 2,168 14,478 

National Australia Bank Shs 1,223 21,180 

PanAust Shs 645,875 645,875 

White Energy Shs 5,249 5,249 

White Energy Shs 10,400 10,400 

Belgium 

Hansen Transmissions International Shs 84,941 

Canada 

Canadian Natural Resources Shs 5,266 

China 

China Life Insurance -H- Shs 11,000 123,000 

Denmark 

Vestas Wind Systems Shs 5,564 

France 

Eutelsat Communications Shs 631 10,771 

Germany 

BASF Shs 243 6,028 

Siemens Reg.S Shs 566 5,181 

TUI Shs 32,515 32,515 

Ireland 

Dragon Oil Shs 32,554 32,554 

Irish Life & Permanent Shs 23,095 23,095 

Irish Life & Permanent Shs 30,095 



Japan 

Nintendo Shs 1,100 

Luxembourg 

ArcelorMittal Shs 7,536 

Switzerland 

Crédit Suisse Group Reg.S Shs 675 8,275 

Weatherford International Shs 1,200 13,900 


BAE Systems Shs 6,766 83,513 

Barratt Developments Shs 66,276 66,276 

BG Group Shs 6,528 27,108 

BT Group Shs 185,124 185,124 

Home Retail Group Shs 69,881 69,881 

Inmarsat Shs 1,811 33,591 



Activision Blizzard Shs 25,037 25,037 

Amgen Shs 430 6,810 

Google -A- Shs 692 692 

JP Morgan Chase & Co. Shs 550 7,959 

Kohl’s Shs 2,774 11,210 

Lowe’s Companies Shs 12,498 

Noble Shs 7,012 7,012 

Pfizer Shs 27,817 27,817 

Philip Morris International Shs 803 7,052 

SunTrust Banks Shs 1,489 18,814 

Thermo Fisher Scientific Shs 6,742 


Mexico 

America Movil (ADR’s) 1,300 9,700 

253



as at 31/03/2010 


254 

31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 14,589,497.15) 15,782,597.07 13,936,265.25 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

10,404.99 26,067.85 







0.00 0.00 







Total Assets 18,277,026.18 14,719,974.34 





Payable on 

0.00 0.00 

– redemptions of fund shares 0.00 – 144,353.98 






– 27,609.30 – 99,972.06 







Net assets 16,592,391.60 14,475,648.30




01/10/2009–31/03/2010 Launch date–31/03/2009 

USD USD 



Subscriptions 

14,475,648.30 0.00 


4,600,719.74 27,251,384.58 

– Class AT (USD) 1) – 2,952,831.08 – 7,546,767.37 


Equalization 1,573.14 – 11,137.97 



467,281.50 – 7,788,032.92 





Class AT 1) 

Shares 

Class AT 1) 

Shares 




2,189,094 0 

– issued 684,972 3,870,610 

– redeemed 


– 443,867 – 1,380,012 



2,430,199 2,490,598 

255





Contracts 


Equities 6,067,725.68 89.72 

China 2,750,021.66 40.66 

China Construction Bank -H- Shs 600,000 600,000 HKD 6.350 490,742.23 7.26 

China COSCO Holdings -H- Shs 200,000 50,000 150,000 HKD 10.280 198,615.36 2.94 

China Life Insurance -H- Shs 60,000 60,000 HKD 37.200 287,489.94 4.25 

China Oilfield Services -H- Shs 200,000 100,000 100,000 HKD 11.400 146,836.26 2.17 

China Pacific Insurance Group -H- Shs 32,600 15,000 17,600 HKD 34.500 78,209.63 1.16 

China Railway Group -H- Shs 300,000 150,000 150,000 HKD 5.570 107,615.68 1.59 

China Shenhua Energy -H- Shs 85,000 35,000 50,000 HKD 33.400 215,102.24 3.18 

China Southern Airline -H- Shs 300,000 300,000 HKD 3.470 134,084.69 1.98 

Industrial & Commercial Bank of China -H- Shs 320,000 320,000 HKD 5.930 244,417.97 3.61 

New World Department Store China Shs 220,000 70,000 150,000 HKD 7.541 145,704.38 2.15 

Parkson Retail Group Shs 176,000 126,000 50,000 HKD 13.483 86,835.90 1.28 

Peak Sport Products Shs 300,000 210,000 90,000 HKD 6.225 72,167.69 1.07 

Ping An Insurance Group -H- Shs 38,000 8,000 30,000 HKD 66.750 257,929.48 3.81 

Vinda International Holdings Shs 180,000 80,000 100,000 HKD 5.203 67,017.49 0.99 

Want Want China Holdings Shs 180,000 180,000 HKD 5.567 129,080.39 1.91 

Yingde Gases Shs 50,000 50,000 HKD 8.685 55,934.83 0.83 



China Pharmaceutical Group Shs 158,000 158,000 HKD 4.859 98,883.38 1.46 

COSCO Pacific Shs 120,000 40,000 80,000 HKD 11.925 122,874.10 1.82 

Embry Holdings Shs 500,000 100,000 400,000 HKD 4.353 224,260.85 3.32 

Emperor Watch & Jewellery Shs 1,500,000 1,500,000 HKD 0.537 103,655.39 1.53 

Fushan International Energy Group Shs 286,000 286,000 HKD 5.972 220,010.34 3.25 

Hang Seng Bank Shs 30,000 15,000 15,000 HKD 109.528 211,613.61 3.13 

Hong Kong Exchanges & Clearing Shs 12,000 12,000 HKD 131.190 202,773.56 3.00 

Poly Hong Kong Investment Shs 200,000 68,000 132,000 HKD 10.052 170,902.44 2.53 

Pou Sheng International Holdings Shs 1,530,000 300,000 1,230,000 HKD 1.437 227,729.06 3.37 

Sino Land Shs 100,000 50,000 50,000 HKD 15.467 99,613.55 1.47 

SJM Holdings Shs 270,000 270,000 HKD 5.163 179,539.09 2.65 

Sun Hung Kai Properties Shs 15,000 5,000 10,000 HKD 118.132 152,158.40 2.25 

Macau 189,500.44 2.80 

Wynn Macau Shs 130,000 130,000 HKD 11.317 189,500.44 2.80 

Taiwan 1,114,189.81 16.48 

Eva Airways Shs 650,000 150,000 500,000 TWD 14.950 235,373.76 3.48 

First Steamship Shs 152,000 52,000 100,000 TWD 50.800 159,959.70 2.37 

Giant Manufacturing Shs 30,000 30,000 TWD 92.100 87,001.70 1.29 

Hon Hai Precision Industry Shs 58,000 12,000 46,000 TWD 137.500 199,162.42 2.94 

Lotes Shs 50,933 50,000 933 TWD 180.000 5,288.12 0.08 

MediaTek Shs 7,000 7,000 TWD 551.000 121,449.71 1.80 

Taiwan Fertilizer Shs 46,000 46,000 TWD 101.500 147,018.07 2.17 

Young Fast Optoelectronics Shs 15,000 15,000 TWD 336.500 158,936.33 2.35 


China 253,000.00 3.74 

Mindray Medical International (ADR’s) Shs 3,000 3,000 USD 36.700 110,100.00 1.63 

Suntech Power Holdings (ADR’s) Shs 10,000 10,000 USD 14.290 142,900.00 2.11 





0.0100 % Deposits used for collateralisation of derivatives USD 96,501.16 1.43 



256 


31/03/2010 



in USD 

% of 

Subfund 

assets




Contracts 


31/03/2010 




gain/loss 

Derivatives 




Sold Index Futures – 5,004.63 – 0.07 

Hang Seng Index Future Apr10 Ctr 1 – 1 HKD 12,547.094 – 5,004.63 – 0.07 







USD 11.02 






% of 

Subfund 

assets 





Equities 

China 

Aluminum Corp of China -H- Shs 102,000 102,000 

Beijing Jingkelong -H- Shs 320,000 320,000 

China Automation Group Shs 100,000 100,000 

China BlueChemical -H- Shs 120,000 120,000 

China Citic Bank -H- Shs 360,000 360,000 

China Coal Energy -H- Shs 306,000 306,000 

China Dongxiang Group Shs 310,000 310,000 


China Minsheng Banking -H- Shs 250,000 250,000 

China Molybdenum -H- Shs 120,000 120,000 

China National Materials -H- Shs 330,000 330,000 

China Railway Construction -H- Shs 152,000 152,000 

Datang International Power Generation -H- Shs 200,000 200,000 


Guangzhou Pharmaceutical -H- Shs 250,000 250,000 

Huiyin Household Appliances Holdings Shs 234,000 234,000 

Jiangxi Copper -H- Shs 70,000 70,000 

Longfor Properties Shs 7,500 7,500 

Maanshan Iron & Steel -H- Shs 400,000 400,000 


Tencent Holdings Shs 6,000 6,000 

Uni-President China Holdings Shs 300,000 300,000 

Wuyi International Pharmaceutical 


Shs 300,000 300,000 

Cheung Kong Holdings Shs 22,000 22,000 

Cheung Kong Infrastructure Holdings Shs 50,000 50,000 

China Gas Holdings Shs 150,000 150,000 

China Unicom Hong Kong Shs 150,000 150,000 

Hengdeli Holdings Shs 388,000 388,000 

Hua Han Bio-Pharmaceutical Holdings Shs 200,000 200,000 

Hutchison Whampoa Shs 33,000 33,000 

Lifestyle International Holdings Shs 112,000 112,000 

TCC International Holdings Shs 340,000 340,000 

257






Singapore 

Yanlord Land Group Shs 50,000 50,000 

Taiwan 

Asustek Computer Shs 95,000 95,000 

China Airlines Shs 350,000 350,000 

HTC Shs 17,000 17,000 

Shin Kong Financial Holding Shs 262,778 262,778 


China 

Shanda Games (ADR’s) 11,000 11,000 




258 



Derivatives 





Hang Seng China Index Future Dec09 Ctr 3 3 

Hang Seng China Index Future Mar10 Ctr 7 7 

Hang Seng China Index Future Nov09 Ctr 2 2


as at 31/03/2010 


31/03/2010 

USD 

Securities 

(Cost price USD 6,117,835.82) 6,320,725.68 





0.00 

– bonds 0.00 





Receivable on 

6,009.76 




– securities transactions 274,972.92 



0.00 












Payable on 

0.00 

– redemptions of fund shares – 32,000.00 



– securities transactions – 394,670.56 



– 14,116.13 


– futures transactions – 5,004.63 




Total Assets – 445,791.32 

Net assets 6,762,919.03 

259





260 


USD 



Subscriptions 

0.00 


9,518,820.75 

– Class AT (USD) 1) – 3,314,862.15 




546,014.62 




USD Shares Launch date–31/03/2010 

Class AT1) Number of shares in issue 

Shares 



0 

– issued 919,865 

– redeemed 


– 306,157 



613,708





Contracts 


Bonds 10,079,300.00 4.51 

Germany 10,079,300.00 4.51 

4.7500 % Bundesschatzanweisungen EUR Bonds 08/10 EUR 10,000.0 10,000.0 % 100.793 10,079,300.00 4.51 





31/03/2010 



assets 

7,338,312.99 3.28 






31/03/2010 



assets 

Derivatives 


Listed Derivatives 1,915,260.72 0.86 

Options Transactions 1,915,260.72 0.86 

Long Call Options on Indices 14,613,000.36 6.53 

Call 2000 DJ EURO STOXX 50 Index 06/10 Ctr 4,000 EUR 874.025 14,613,000.36 6.53 

Long Put Options on Indices – 18,060,385.08 – 8.07 

Put 7000 DJ EURO STOXX 50 Index 06/10 Ctr 4,000 EUR 4,124.290 – 18,060,385.08 – 8.07 

Short Call Options on Indices 58.80 0.00 

Call 7000 DJ EURO STOXX 50 Index 06/10 Ctr – 4,000 EUR 0.099 58.80 0.00 

Short Put Options on Indices 5,362,586.64 2.40 

Put 2000 DJ EURO STOXX 50 Index 06/10 Ctr – 4,000 EUR 3.335 5,362,586.64 2.40 

OTC-Dealt Derivatives 6,543,626.05 2.92 

Swap Transactions 6,543,626.05 2.92 

Total Return Swaps 6,543,626.05 2.92 

EUR Synthetic Portfolio Total Return Swap EUR 215,000,000.00 205,000,000.00 215,000,000.00 6,543,626.05 2.92 

Investments in derivatives 8,458,886.77 3.78 




– Class AT (EUR) (accumulating) 


EUR 106.50 





261



as at 31/03/2010 


262 

31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 10,121,600.00) 10,079,300.00 0.00 


Premiums paid on purchase of options 203,380,000.00 203,380,000.00 



0.00 0.00 

– bonds 382,602.74 0.00 





Receivable on 

0.00 0.00 







0.00 0.00 

– options transactions 19,975,645.80 17,422,409.72 


– swap transactions 6,543,626.05 6,288,120.80 




Total Assets 247,977,073.82 235,996,941.86 


Premiums received on written options – 5,500,000.00 – 5,500,000.00 



Payable on 

0.00 0.00 







– 397,615.43 – 432,557.85 

– options transactions – 18,060,385.08 – 16,922,451.88 






Net assets 223,741,487.11 212,549,524.50




01/10/2009–31/03/2010 01/10/2008–31/03/2009 

EUR EUR 



Subscriptions 

212,549,524.50 344,363,640.40 

– Class AT (EUR) 

Redemptions 

38,496,984.64 118,738,954.38 

– Class AT (EUR) – 38,494,936.14 – 259,729,754.51 


Equalization 1.15 – 314,037.76 



11,189,912.96 – 950,757.94 




EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class AT 

Shares 

Class AT 

Shares 




2,100,853 3,580,485 

– issued 370,522 1,228,545 

– redeemed 


– 370,502 – 2,708,546 


263





Contracts 


Equities 166,450,999.89 96.87 

China 60,316,109.58 35.10 

Bank of China -H- Shs 3,068,000 12,641,000 HKD 4.130 6,724,499.11 3.91 

China Automation Group Shs 914,000 914,000 HKD 6.064 713,835.32 0.41 

China Construction Bank -H- Shs 1,062,000 13,969,000 HKD 6.350 11,425,297.05 6.65 

China Life Insurance -H- Shs 2,098,000 HKD 37.200 10,052,564.80 5.85 



China Petroleum & Chemical -H- Shs 3,994,000 2,534,000 HKD 6.350 2,072,568.02 1.21 

China South Locomotive and Rolling Stock -H- Shs 713,000 2,296,000 2,295,000 HKD 6.050 1,788,407.66 1.04 

Huadian Power International -H- Shs 4,346,000 6,185,000 HKD 1.940 1,545,503.14 0.90 

Industrial & Commercial Bank of China -H- Shs 15,313,000 HKD 5.930 11,696,163.58 6.81 

Zhongsheng Group Holdings Shs 938,000 938,000 HKD 11.641 1,406,454.63 0.82 

ZTE -H- Shs 216,800 1,039,856 HKD 47.050 6,301,751.71 3.67 


Beijing Enterprises Holdings Shs 98,000 675,000 HKD 54.663 4,752,505.31 2.77 

BOC Hong Kong Holdings Shs 2,037,000 1,653,500 HKD 18.747 3,992,732.83 2.32 

Brilliance China Automotive Holdings Shs 9,474,000 9,474,000 HKD 2.237 2,729,925.09 1.59 

Champion Real Estate Investment Trust Shs 593,835 1 13,148,617 HKD 3.700 6,266,286.87 3.65 

Cheung Kong Infrastructure Holdings Shs 415,000 415,000 HKD 30.267 1,617,872.78 0.94 

China Everbright International Shs 2,657,000 7,535,000 HKD 3.998 3,880,657.72 2.26 

China Foods Shs 3,786,000 HKD 6.408 3,124,707.29 1.82 


CNOOC Shs 2,081,000 4,406,000 HKD 12.896 7,318,784.96 4.26 

Comba Telecom Systems Holdings Shs 781,720 3,378,000 1,470,920 HKD 10.062 1,906,340.55 1.11 


Fook Woo Group Holdings Shs 1,192,000 1,192,000 HKD 2.733 419,628.52 0.24 

Giordano International Shs 132,000 5,296,000 HKD 3.138 2,140,595.62 1.25 

Great Eagle Holdings Shs 1,390,000 HKD 21.966 3,932,779.66 2.29 

GZI Transportation Shs 2,468,000 2,468,000 HKD 4.029 1,280,717.40 0.75 

Hon Kwok Land Investment Shs 4,312,000 2,946,000 HKD 2.743 1,040,943.27 0.61 

Hong Kong Aircraft Engineerg Shs 229,400 HKD 99.203 2,931,194.06 1.71 

Hong Kong Exchanges & Clearing Shs 39,800 261,000 HKD 131.190 4,410,324.97 2.57 

Industrial & Commercial Bank of China Asia Shs 861,000 HKD 19.739 2,189,086.03 1.27 

Jardine Matheson Holdings Shs 28,000 107,600 USD 33.033 3,554,373.61 2.07 

Li & Fung Shs 520,000 HKD 38.618 2,586,562.42 1.50 

PCCW Shs 5,616,000 HKD 2.338 1,691,469.40 0.98 


SA SA International Holdings Shs 612,000 4,254,000 HKD 6.094 3,339,020.28 1.94 

Shui On Construction and Materials Shs 1,068,000 2,192,000 HKD 11.864 3,349,602.15 1.95 

Sun Hung Kai Properties Shs 29,000 441,000 HKD 118.132 6,710,185.51 3.90 

Swire Pacific -A- Shs 198,500 412,000 HKD 94.495 5,014,603.76 2.92 

Tradelink Electronic Commerce Shs 6,008,000 9,890,000 HKD 0.952 1,212,129.61 0.71 

Wing Hang Bank Shs 180,500 HKD 71.770 1,668,585.71 0.97 

Macau 1,928,239.87 1.12 

Wynn Macau Shs 1,705,600 382,800 1,322,800 HKD 11.317 1,928,239.87 1.12 


HSBC Holdings Shs 614,266 HKD 80.071 6,335,166.59 3.69 



Sight deposits2) 5,188,263.57 3.02 








264 


31/03/2010 



in USD 

% of 

Subfund 

assets


Net Asset values per share 



– Class IT (USD) (accumulating) USD 222.71 











Equities 

China 



China Railway Construction -H- Shs 1,506,000 1,506,000 

CPMC Holdings Shs 92,000 92,000 




Sany Heavy Equipment International Holdings 


Shs 299,000 299,000 

China Unicom Shs 1,672,000 

Orient Overseas International 


China 

Shs 358,000 

Shanda Games (ADR’s) 


Luxembourg 

49,900 

Allianz Global Investors Opportunities - Allianz RCM China A-Shares -AT- USD (1.75%) 107,550 




Derivatives 




Sold HKD / Bought USD 02 Nov 2009 HKD – 12,400,800.00 

265



as at 31/03/2010 


266 

31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 117,036,841.88) 166,450,999.89 155,563,491.74 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

179,648.68 757,244.62 




– securities transactions 0.00 1,258,770.42 



186.64 186.64 







Total Assets 173,090,860.25 161,340,579.40 





Payable on 

0.00 0.00 







– 324,208.59 – 323,703.01 







Net assets 171,833,974.32 159,423,190.46




01/10/2009–31/03/2010 Launch date–31/03/2009 

USD USD 



Subscriptions 

159,423,190.46 0.00 

– Class A (USD) 1) 52,706,577.36 141,450,276.33 

– Class IT (USD) 1) 11,525,768.97 2,900,104.92 


293,429.12 

– Class A (USD) 1) – 60,812,119.24 – 22,387,406.36 

– Class IT (USD) 1) – 678,180.60 – 390,982.69 

– Class AT (SGD) 2) – 203,652.47 

Distribution – 3,558,581.06 0.00 

Equalization – 240.78 12,819.14 



13,137,782.56 – 13,909,987.23 





Class A 1) 

Shares 

Class IT 1) 

Shares 

Class A 1) 

Shares 

Class IT 1) 

Shares 




809,185 21,006 0 0 

– issued 265,344 53,064 1,062,035 22,102 

– redeemed 


– 303,187 – 3,209 – 202,558 – 3,566 



Class AT 2) 

Shares 

Class AT 2) 

Shares 




100 0 

– issued 38,753 100 

– redeemed 


– 26,936 0 




11,917 100 

267





Contracts 


Equities 6,799,870.11 100.77 

India 6,799,870.11 100.77 

Axis Bank Shs 8,429 8,429 INR 1,169.000 218,905.88 3.24 

Bajaj Auto Shs 4,050 INR 2,002.000 180,129.96 2.67 

Bharat Heavy Electricals Shs 1,493 5,441 INR 2,384.000 288,172.04 4.27 

Cairn India Shs 43,751 INR 301.900 293,439.09 4.35 

Crompton Greaves Shs 12,905 21,953 INR 260.150 126,877.49 1.88 

GAIL India Shs 3,269 31,548 INR 409.000 286,656.64 4.25 

Grasim Industries Shs 2,248 INR 2,815.050 140,588.33 2.08 

Gujarat NRE Coke Shs 41,364 88,593 INR 88.200 173,594.06 2.57 

Hindustan Zinc Shs 3,771 4,212 INR 1,206.750 112,920.59 1.67 

Housing Development & Infrastructure Shs 13,331 13,331 INR 286.000 84,702.38 1.26 

Housing Development Finance Shs 3,282 3,921 INR 2,707.450 235,843.63 3.50 

ICICI Bank Shs 31,846 INR 955.100 675,725.96 10.01 

Infosys Technologies Shs 3,060 9,207 INR 2,612.000 534,266.79 7.92 

ITC Shs 11,431 33,724 INR 262.500 196,668.70 2.92 

IVRCL Infrastructures & Projects Shs 14,828 3,526 29,656 INR 166.750 109,861.44 1.63 

Jindal Steel & Power Shs 4,596 11,943 INR 702.000 186,259.06 2.76 

Larsen & Toubro Shs 3,306 8,480 INR 1,625.050 306,146.60 4.54 

Lupin Shs 6,242 INR 1,597.500 221,529.46 3.28 

Mahindra & Mahindra Financial Services Shs 10,152 INR 373.850 84,317.14 1.25 

Oil & Natural Gas Shs 6,974 6,974 INR 1,099.450 170,343.00 2.53 

Power Finance Shs 17,587 INR 259.700 101,468.35 1.50 

Punjab National Bank Shs 2,218 6,507 INR 1,005.400 145,340.47 2.15 

Reliance Industries Shs 15,601 2,579 28,381 INR 1,075.900 678,369.74 10.05 

Reliance Infrastructure Shs 1,386 5,602 INR 1,007.250 125,356.61 1.86 

Rolta India Shs 31,786 31,786 INR 179.300 126,614.38 1.88 

Shriram Transport Finance Shs 6,000 6,000 INR 530.000 70,647.04 1.05 

Tata Consultancy Services Shs 5,451 5,451 INR 786.800 95,281.24 1.41 

Tata Power Shs 9,315 INR 1,379.000 285,373.73 4.23 

Tata Steel Shs 5,433 17,386 INR 633.800 244,804.15 3.63 

Tulip Telecom Shs 2,985 INR 838.000 55,571.90 0.82 

Unitech Shs 10,538 38,673 70,062 INR 73.450 114,325.00 1.69 

Voltas Shs 33,638 INR 173.650 129,769.26 1.92 









– Class I (USD) (distributing) 


USD 1,598.66 





268 


31/03/2010 



in USD 

% of 

Subfund 

assets








Equities 

India 

Bajaj Hindusthan Shs 21,854 

Bharti Airtel Shs 19,538 

Educomp Solutions Shs 5,284 6,605 

Hindustan Unilever Shs 10,761 

MindTree Shs 3,553 12,864 

269



as at 31/03/2010 


270 

31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 4,226,683.61) 6,799,870.11 6,082,502.19 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

0.00 0.00 







0.00 0.00 







Total Assets 6,895,730.04 6,463,667.10 





Payable on 

0.00 0.00 







– 147,598.35 – 334,839.17 







Net assets 6,748,131.69 5,891,120.34




01/10/2009–31/03/2010 Launch date–31/03/2009 

USD USD 



Subscriptions 

5,891,120.34 0.00 

– Class IT (USD) 1) 2,482.80 3,750,000.00 

– Class I (USD) 2) Redemptions 

6,667,141.17 0.00 

– Class IT (USD) 1) – 5,997,484.21 0.00 

– Class I (USD) 2) – 673,188.85 0.00 

Equalization – 14,605.25 0.00 



872,665.69 – 234,145.75 





Class IT 1) 

Shares 

Class I 2) 

Shares 

Class IT 1) 

Shares 




3,750 0 0 0 

– issued 1 7,066 3,750 0 

– redeemed 


– 3,751 – 643 0 0 




0 6,423 3,750 0 

Class I 2) 

Shares 

271





Contracts 


Equities 65,895,487.30 90.05 

Indonesia 64,921,944.44 88.72 

Adaro Energy Shs 9,020,000 5,940,500 13,841,000 IDR 1,960.000 2,981,302.27 4.07 

AKR Corporindo Shs 7,414,500 7,414,500 IDR 930.000 757,787.24 1.04 

Astra Agro Lestari Shs 241,000 547,500 817,000 IDR 24,600.000 2,208,714.76 3.02 

Astra International Shs 265,500 240,500 1,226,000 IDR 41,900.000 5,645,299.19 7.71 

Bakrie & Brothers Shs 71,913,500 105,234,500 98,065,500 IDR 73.000 786,722.51 1.08 

Bakrieland Development Shs 24,345,000 16,523,000 41,640,500 IDR 240.000 1,098,271.33 1.50 

Bank Central Asia Shs 1,966,000 3,853,000 5,208,000 IDR 5,500.000 3,147,865.27 4.30 

Bank Mandiri Shs 2,542,000 2,995,500 5,846,000 IDR 5,350.000 3,437,122.92 4.70 

Bank Negara Indonesia Persero Shs 7,684,500 8,926,000 10,224,500 IDR 2,275.000 2,556,265.45 3.49 

Bank Rakyat Indonesia Shs 2,580,000 1,874,500 3,911,000 IDR 8,250.000 3,545,881.64 4.85 

Bank Tabungan Negara Shs 10,563,000 10,563,000 IDR 1,330.000 1,543,907.91 2.11 

Barito Pacific Shs 1,347,500 222,500 8,543,500 IDR 1,310.000 1,229,956.04 1.68 

Bumi Resources Shs 4,837,500 6,240,500 9,244,500 IDR 2,250.000 2,285,853.62 3.12 

Ciputra Property Shs 4,964,500 22,921,000 IDR 375.000 944,598.60 1.29 

Gudang Garam Shs 223,500 223,500 IDR 24,750.000 607,904.28 0.83 

Hexindo Adiperkaska Shs 541,000 231,000 2,776,000 IDR 3,975.000 1,212,660.04 1.66 

Indo Tambangraya Megah Shs 361,500 188,000 415,500 IDR 38,050.000 1,737,433.38 2.37 

Indocement Tunggal Prakarsa Shs 199,000 441,000 1,004,500 IDR 14,250.000 1,573,067.20 2.15 

Indofood Sukses Makmur Shs 2,847,500 4,739,000 IDR 3,775.000 1,966,011.87 2.69 

Indosat Shs 1,172,000 2,425,500 3,164,500 IDR 5,500.000 1,912,714.98 2.61 

Jasa Marga Shs 2,026,500 3,361,000 7,952,500 IDR 1,790.000 1,564,368.92 2.14 

Perusahaan Gas Negara Shs 3,500,000 6,837,500 10,672,000 IDR 4,250.000 4,984,449.70 6.81 

Perusahaan Perkebunan London Sumatra Indonesia Shs 754,000 817,500 1,726,000 IDR 9,800.000 1,858,871.37 2.54 

Semen Gresik Persero Shs 1,580,500 1,887,500 3,606,000 IDR 7,300.000 2,892,884.22 3.95 

Tambang Batubara Bukit Asam Shs 305,500 524,500 1,151,000 IDR 17,400.000 2,200,934.12 3.01 

Telekomunikasi Indonesia Shs 1,405,500 3,283,500 5,624,500 IDR 8,050.000 4,975,792.63 6.80 

Timah Shs 1,025,500 2,328,000 4,749,000 IDR 2,375.000 1,239,504.92 1.69 

Unilever Indonesia Shs 969,500 752,500 1,449,500 IDR 12,150.000 1,935,427.77 2.65 

United Tractors Shs 397,000 878,083 IDR 18,350.000 1,770,737.19 2.42 

XL Axiata Shs 831,000 831,000 IDR 3,500.000 319,633.10 0.44 

Singapore 973,542.86 1.33 

Straits Asia Resources Shs 176,000 19,000 631,000 SGD 2.160 973,542.86 1.33 












EUR 262.77 






272 


31/03/2010 



in USD 

% of 

Subfund 

assets








Equities 

Indonesia 

Aneka Tambang Shs 1,171,500 6,819,500 

Bank Danamon Indonesia Shs 1,754,617 

Bisi International Shs 3,381,000 

International Nickel Indonesia Shs 3,640,000 

Medco Energi Internasional Shs 5,348,000 

273



as at 31/03/2010 


274 

31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 48,835,109.31) 65,895,487.30 67,532,111.66 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

45,641.02 43,610.51 







0.00 0.00 







Total Assets 74,882,759.45 77,577,667.47 





Payable on 

0.00 0.00 

– redemptions of fund shares – 1,268,006.96 – 684,810.12 



– securities transactions – 304,512.98 – 2,448,539.60 



– 135,273.01 – 135,194.00 







Net assets 73,174,966.50 74,309,123.75




01/10/2009–31/03/2010 Launch date–31/03/2009 

USD USD 



Subscriptions 

74,309,123.75 0.00 

– Class A (USD) 1) 13,199,809.36 13,364,668.84 


84,571,440.06 1,112,568.92 

– Class A (USD) 1) – 3,285,547.10 – 1,079,446.81 

– Class A (EUR) 2) – 104,025,303.24 – 148,540.47 

Distribution – 471,255.23 0.00 

Equalization – 10,945.40 4,282.77 



8,887,644.30 – 4,454,813.31 





Class A 1) 

Shares 

Class A 1) 

Shares 




15,325,066 0 

– issued 18,585,979 4,586,734 

– redeemed 


– 22,722,779 – 578,047 



Class A 2) 

Shares 

Class A 2) 

Shares 




21,812 0 

– issued 39,627 9,058 

– redeemed 


– 10,242 – 1,173 




51,197 7,885 

275





Contracts 


Equities 21,203,474.58 99.02 

Japan 21,203,474.58 99.02 

Aisin Seiki Shs 18,100 7,900 JPY 2,800.000 237,339.06 1.11 

Amada Shs 56,000 56,000 JPY 784.000 471,072.96 2.20 

Asahi Breweries Shs 6,000 9,000 JPY 1,753.000 169,281.12 0.79 

Asahi Kasei Shs 2,400 57,600 JPY 503.000 310,866.95 1.45 

Benesse Holdings Shs 3,500 9,000 2,700 JPY 4,050.000 117,328.33 0.55 

Canon Shs 6,700 10,100 JPY 4,330.000 469,238.20 2.19 

Chiba Bank Shs 4,000 45,000 59,000 JPY 559.000 353,873.39 1.65 

Daiwa House Industry Shs 17,000 27,000 JPY 1,055.000 305,633.05 1.43 

Daiwa Securities Group Shs 16,000 30,000 JPY 492.000 158,369.10 0.74 

East Japan Railway Shs 2,700 2,900 7,100 JPY 6,500.000 495,171.67 2.31 

Fanuc Shs 800 1,300 JPY 9,920.000 138,369.10 0.65 

Fuji Heavy Industries Shs 87,000 44,000 JPY 484.000 228,497.85 1.07 

Fuji Oil Shs 11,000 20,000 14,000 JPY 1,321.000 198,433.48 0.93 

FUJIFILM Holdings Shs 5,000 3,000 8,000 JPY 3,220.000 276,394.85 1.29 

Fukuoka Financial Group Shs 74,000 25,000 49,000 JPY 397.000 208,723.18 0.97 

Hitachi Metals Shs 42,000 42,000 JPY 983.000 442,982.83 2.07 

Honda Motor Shs 9,400 8,000 22,400 JPY 3,300.000 793,133.05 3.70 

Itochu Shs 68,000 68,000 JPY 819.000 597,553.65 2.79 

K’s Holdings Shs 4,200 4,200 JPY 2,295.000 103,422.75 0.48 

KDDI Shs 17 52 90 JPY 484,000.000 467,381.97 2.18 

Keihin Shs 17,000 17,000 JPY 1,806.000 329,420.60 1.54 

Kubota Shs 68,000 19,000 JPY 852.000 173,690.99 0.81 

Kuraray Shs 11,000 17,000 JPY 1,258.000 229,463.52 1.07 

Mitsubishi Shs 25,000 9,000 JPY 2,450.000 236,587.98 1.11 

Mitsubishi Estate Shs 4,000 9,000 18,000 JPY 1,530.000 295,493.56 1.38 

Mitsubishi Heavy Industries Shs 24,000 36,000 JPY 387.000 149,484.98 0.70 

Mitsubishi Materials Shs 63,000 36,000 118,000 JPY 269.000 340,579.40 1.59 

Mitsubishi UFJ Financial Group Shs 36,000 56,000 122,000 JPY 490.000 641,416.31 3.00 

Mitsui & Co. Shs 52,000 18,000 JPY 1,571.000 303,412.02 1.42 

Mitsui OSK Lines Shs 11,000 17,000 JPY 671.000 122,392.70 0.57 

Mizuho Financial Group Shs 35,000 63,000 131,000 JPY 185.000 260,032.19 1.21 

Murata Manufacturing Shs 9,400 3,600 JPY 5,310.000 205,107.30 0.96 

NEC Shs 96,000 96,000 JPY 281.000 289,442.06 1.35 

Nidec Shs 2,000 3,000 JPY 10,020.000 322,532.19 1.51 

Nippon Mining Holdings Shs 31,000 48,000 JPY 437.000 225,064.38 1.05 

Nippon Paper Group Shs 500 4,200 6,800 JPY 2,405.000 175,472.10 0.82 

Nippon Sheet Glass Shs 81,000 55,000 96,000 JPY 276.000 284,291.85 1.33 

Nippon Steel Shs 27,000 41,000 JPY 367.000 161,448.50 0.75 

Nippon Telegraph & Telephone Shs 1,500 6,900 10,400 JPY 3,940.000 439,656.65 2.05 

Nippon Television Network Shs 2,800 2,800 JPY 12,720.000 382,145.92 1.78 

Nissan Motor Shs 37,000 40,000 JPY 801.000 343,776.82 1.61 

Nitori Shs 3,200 6,600 3,200 JPY 7,100.000 243,776.82 1.14 

Nomura Holdings Shs 34,200 35,000 36,200 JPY 689.000 267,615.88 1.25 

ORIX Shs 3,100 1,400 5,900 JPY 8,290.000 524,796.14 2.45 

Panasonic Shs 11,000 16,000 JPY 1,430.000 245,493.56 1.15 

Pigeon Shs 3,300 3,300 JPY 3,480.000 123,218.88 0.58 

Ricoh Shs 22,000 8,000 14,000 JPY 1,460.000 219,313.30 1.02 

Rohm Shs 5,900 5,900 JPY 6,980.000 441,866.95 2.06 

Ryohin Keikaku Shs 1,300 2,800 4,800 JPY 3,945.000 203,175.97 0.95 

Secom Shs 2,200 2,500 2,200 JPY 4,090.000 96,545.06 0.45 

Seven & I Holdings Shs 4,000 4,000 10,000 JPY 2,259.000 242,381.97 1.13 

Shin-Etsu Chemical Shs 3,800 2,800 8,000 JPY 5,430.000 466,094.42 2.18 

Shionogi & Co. Shs 12,000 7,000 22,000 JPY 1,778.000 419,699.57 1.96 

SMC Shs 2,700 2,700 JPY 12,690.000 367,628.76 1.72 

Sompo Japan Insurance Shs 17,000 53,000 24,000 JPY 656.000 168,927.04 0.79 

Sony Shs 2,600 6,800 13,500 JPY 3,580.000 518,562.23 2.42 

Sumitomo Electric Industries Shs 24,000 28,000 24,000 JPY 1,146.000 295,107.30 1.38 

Sumitomo Forestry Shs 31,000 31,000 JPY 763.000 253,787.55 1.19 

Sumitomo Metal Industries Shs 135,000 135,000 JPY 283.000 409,924.89 1.91 

Sumitomo Mitsui Financial Group Shs 14,000 12,900 22,100 JPY 3,090.000 732,714.59 3.42 


276 


31/03/2010 



in USD 

% of 

Subfund 

assets




Contracts 


31/03/2010 




in USD 

T&D Holdings Shs 14,400 14,400 JPY 2,213.000 341,922.75 1.60 

Tokyo Tatemono Shs 71,000 20,000 111,000 JPY 336.000 400,171.67 1.87 

Toshiba Shs 118,000 35,000 JPY 483.000 181,384.12 0.85 

Toyo Tire & Rubber Shs 109,000 113,000 70,000 JPY 218.000 163,733.91 0.76 

Toyota Motor Shs 18,900 12,700 JPY 3,745.000 510,316.52 2.38 

Ulvac Shs 8,500 8,500 JPY 2,427.000 221,346.57 1.03 

Unicharm Petcare Shs 5,000 5,000 JPY 2,967.000 159,173.82 0.74 

UNY Shs 78,000 14,000 64,000 JPY 773.000 530,815.78 2.48 












USD 14.27 





% of 

Subfund 

assets 

277







Equities 

Japan 

Asahi Glass Shs 19,000 

Bridgestone Shs 33,000 

Daiichi Sankyo Shs 7,800 

Fujitsu Shs 54,000 

Hitachi Shs 33,000 33,000 

HOYA Shs 15,000 

Japan Steel Works Shs 43,000 43,000 

Japan Tobacco Shs 57 

JFE Holdings Shs 15,900 

Kanto Auto Works Shs 12,000 37,000 

Kao Shs 1,000 8,000 

Kyushu Electric Power Shs 2,000 26,900 

Lawson Shs 8,300 

Mitsubishi Tanabe Pharma Shs 16,000 

Mitsui Fudosan Shs 34,000 

Mitsui Sumitomo Insurance Group Shs 8,000 8,000 

Nichi-Iko Pharmaceutical Shs 4,000 

Nidec Copal Shs 18,000 

Nikon Shs 10,000 

Nissan Chemical Industries Shs 11,000 

Nissin Foods Holdings Shs 5,000 

Osaka Gas Shs 71,000 71,000 

Seven Bank Shs 160 

Shimizu Shs 40,000 

SHO-BOND Holdings Shs 9,000 

Sumitomo Shs 23,000 

Sumitomo Chemical Shs 60,000 

Sumitomo Metal Mining Shs 9,000 

Sundrug Shs 15,000 

Takeda Pharmaceutical Shs 7,600 

Tokyo Electric Power Shs 14,600 31,600 

Tsumura & Co. Shs 10,000 

Yokogawa Electric Shs 51,000 

Yorozu Shs 13,000 


278 



as at 31/03/2010 


31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 19,371,927.09) 21,203,474.58 31,811,686.08 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

160,123.15 192,490.54 







0.00 0.00 







Total Assets 22,221,763.46 33,860,159.83 





Payable on 

0.00 0.00 




– securities transactions – 449,972.38 – 1,082,226.26 



– 35,108.88 – 95,916.34 







Net assets 21,412,242.09 32,637,280.02 

279





280 

01/10/2009–31/03/2010 Launch date–31/03/2009 

USD USD 



Subscriptions 

32,637,280.02 0.00 

– Class A (USD) 1) 3,277,362.29 29,873,097.15 


0.00 1,401,731.44 

– Class A (USD) 1) – 15,390,041.31 – 1,920,735.41 

– Class IT (USD) 1) 0.00 – 1,293,038.31 


Equalization – 18,416.54 – 1,179.63 



955,480.10 – 6,428,780.23 





Class A 1) 

Shares 

Class IT 1) 

Shares 

Class A 1) 

Shares 

Class IT 1) 

Shares 




2,594,634 285 0 0 

– issued 256,759 0 2,419,334 108,218 

– redeemed 


– 1,260,174 0 – 179,428 – 107,933 



1,591,219 285 2,239,906 285





Contracts 


Equities 45,168,559.53 97.35 

South Korea 45,168,559.53 97.35 

Amorepacific Shs 140 424 KRW 832,194.910 311,857.03 0.67 

Binggrae Shs 3,089 6,831 KRW 47,879.015 289,064.08 0.62 

Cheil Industries Shs 8,860 7,970 21,228 KRW 64,613.918 1,212,271.21 2.61 

CJ CGV Shs 3,180 9,046 47,184 KRW 24,065.904 1,003,602.31 2.16 

CJ Cheiljedang Shs 5,270 5,999 1,971 KRW 227,513.797 396,331.87 0.85 

Daegu Bank Shs 23,647 23,647 KRW 15,319.262 320,168.45 0.69 

Daewoo International Shs 4,327 32,923 KRW 36,402.208 1,059,233.62 2.28 

Dong-A Pharmaceutical Shs 6,589 6,589 KRW 116,790.416 680,129.08 1.47 

Gamevil Shs 24,972 24,972 KRW 33,318.132 735,357.62 1.59 


GS Holdings Shs 10,740 25,430 KRW 40,548.014 911,340.32 1.96 

Halla Climate Control Shs 52,250 12,820 63,590 KRW 13,751.945 772,889.82 1.67 

Hotel Shilla Shs 66,130 66,130 KRW 22,953.614 1,341,572.77 2.89 

Hynix Semiconductor Shs 40,270 58,910 82,930 KRW 26,998.304 1,978,849.57 4.27 

Hyundai Department Store Shs 13,154 13,154 KRW 104,656.347 1,216,712.70 2.62 

Hyundai Engineering & Construction Shs 16,520 12,175 KRW 62,793.808 675,694.56 1.46 

Hyundai Marine & Fire Insurance Shs 59,630 59,630 KRW 18,504.455 975,227.08 2.10 

Hyundai Motor Shs 1,420 8,266 13,273 KRW 116,790.416 1,370,064.24 2.95 

Hyundai Securities Shs 56,980 89,380 KRW 13,751.945 1,086,348.36 2.34 

Jinro Distillers Shs 36,660 KRW 12,639.655 409,536.23 0.88 

KB Financial Group Shs 12,290 15,750 18,552 KRW 55,210.015 905,259.79 1.95 

Kia Motors Shs 34,860 34,860 KRW 25,532.104 786,644.70 1.70 

Korea Electric Power Shs 45,980 45,980 KRW 36,958.352 1,501,917.93 3.24 

Korea Exchange Bank Shs 14,070 26,000 118,060 KRW 13,650.828 1,424,381.75 3.07 

Korea Plant Service & Engineering Shs 5,630 13,540 KRW 51,772.028 619,553.02 1.34 

Korea Zinc Shs 2,180 3,100 6,950 KRW 204,256.831 1,254,659.93 2.70 

KT Shs 18,000 12,190 22,010 KRW 47,272.311 919,584.22 1.98 

LG Shs 27,520 2,485 KRW 71,793.243 157,679.27 0.34 

LG Chem Shs 2,550 5,530 KRW 243,186.970 1,188,584.51 2.56 

LG Display Shs 13,760 28,090 KRW 40,396.339 1,002,901.72 2.16 

LG Electronics Shs 12,980 2,230 KRW 116,284.830 229,188.36 0.49 

LG International Shs 10,070 29,970 25,000 KRW 30,840.759 681,443.26 1.47 

Lotte Shopping Shs 1,190 6,560 KRW 331,664.557 1,922,947.98 4.14 

NHN Shs 2,890 4,620 2,848 KRW 182,011.038 458,144.36 0.99 

Orion Shs 2,100 380 5,887 KRW 285,150.625 1,483,655.25 3.20 

POSCO Shs 600 3,050 3,889 KRW 533,899.043 1,835,108.38 3.96 

Samsung C&T Shs 4,190 2,690 30,670 KRW 61,580.401 1,669,248.22 3.60 

Samsung Card Shs 2,220 5,320 KRW 51,873.146 243,903.96 0.53 

Samsung Electronics Shs 830 1,220 6,109 KRW 827,139.048 4,465,944.09 9.63 

Samsung Fire & Marine Shs 1,390 2,090 KRW 183,527.796 339,010.20 0.73 

Shinhan Financial Group Shs 6,730 5,690 41,436 KRW 44,946.615 1,646,036.43 3.55 

Shinsegae Shs 300 871 KRW 540,977.250 416,448.97 0.90 

SK Telecom Shs 410 3,030 KRW 175,438.417 469,820.50 1.01 

Sung Kwang Bend Shs 34,322 34,322 KRW 26,189.366 794,442.02 1.71 

YES24 Shs 62,619 62,619 KRW 10,000.495 553,467.69 1.19 












USD 10.17 







31/03/2010 



in USD 

% of 

Subfund 

assets 

281







Equities 

South Korea 

LG Dacom Shs 19,250 

Hana Financial Group Shs 33,160 

Hyundai Mobis Shs 8,970 

KCC Shs 3,023 

KT&G Shs 12,460 

Nong Shim Shs 2,099 

Samsung Securities Shs 7,691 

Yuhan Shs 194 1,654 


282 



as at 31/03/2010 


31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 36,145,272.31) 45,168,559.53 44,533,048.75 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

431,959.26 0.00 







0.00 0.00 







Total Assets 47,797,949.51 48,254,913.03 





Payable on 

0.00 0.00 







– 100,855.24 – 152,222.08 







Net assets 46,401,603.04 47,398,143.75 

283





284 

01/10/2009–31/03/2010 Launch date–31/03/2009 

USD USD 



Subscriptions 

47,398,143.75 0.00 

– Class A (USD) 1) 10,400,467.66 53,409,079.80 


213,075.00 4,796.12 

– Class A (USD) 1) – 11,986,682.47 – 10,315,776.44 

– Class IT (USD) 1) – 978,900.00 0.00 


Equalization – 9,487.58 – 12,645.90 



1,364,986.68 – 11,852,482.73 





Class A 1) 

Shares 

Class IT 1) 

Shares 

Class A 1) 

Shares 

Class IT 1) 

Shares 




4,979,649 75,597 0 0 

– issued 1,140,481 22,500 7,067,918 597 

– redeemed 


– 1,310,768 – 97,500 – 1,784,676 0 



4,809,362 597 5,283,242 597





Contracts 


Equities 669,015,442.79 87.66 

Australia 33,275,448.90 4.36 

Ausenco Shs 1,028,305 1,900,000 AUD 4.400 7,660,265.38 1.00 

Boart Longyear Group Shs 12,500,000 34,928,442 AUD 0.335 10,721,648.38 1.41 

Challenger Financial Services Group Shs 349,153 1,000,000 1,800,000 AUD 4.200 6,927,225.65 0.91 

Downer EDI Shs 590,000 1,150,000 AUD 7.560 7,966,309.49 1.04 

China 144,921,116.60 18.99 

China Citic Bank -H- Shs 5,000,000 23,000,000 HKD 5.850 17,330,542.60 2.27 

China COSCO Holdings -H- Shs 7,000,000 7,000,000 HKD 10.280 9,268,716.79 1.21 

China Dongxiang Group Shs 5,824,000 16,000,000 HKD 5.638 11,619,842.47 1.52 

China Minsheng Bankingrp -H- Shs 10,000,000 10,000,000 HKD 8.068 10,391,622.61 1.36 

China National Materials -H- Shs 15,900,000 6,000,000 14,500,000 HKD 5.170 9,655,772.02 1.26 

China Oilfield Services -H- Shs 2,058,000 5,776,000 8,140,000 HKD 11.400 11,952,471.42 1.57 


China Railway Group -H- Shs 17,500,000 13,500,000 4,000,000 HKD 5.570 2,869,747.22 0.38 

New World Department Store China Shs 2,178,000 2,000,000 9,178,000 HKD 7.541 8,915,165.49 1.17 

Parkson Retail Group Shs 2,300,000 7,500,000 HKD 13.483 13,025,384.64 1.71 

Peak Sport Products Shs 20,824,000 4,886,000 15,938,000 HKD 6.225 12,780,092.77 1.67 

Shenzen Expressway -H- Shs 2,540,000 1,806,000 14,194,000 HKD 4.080 7,459,220.09 0.98 

Tencent Holdings Shs 400,000 200,000 200,000 HKD 157.611 4,060,165.07 0.53 

Tingyi Cayman Islands Holding Shs 586,000 2,600,000 2,586,000 HKD 18.525 6,170,277.44 0.81 

Zhongsheng Group Holdings Shs 2,284,000 2,284,000 HKD 11.641 3,424,672.04 0.45 


Cosco Pacific Shs 9,200,000 9,200,000 HKD 11.925 14,130,521.00 1.85 

Fook Woo Group Holdings Shs 3,118,000 3,118,000 HKD 2.733 1,097,652.47 0.15 


Huabao International Holdings Shs 6,000,000 6,000,000 HKD 9.394 7,259,794.04 0.95 

Ju Teng International Holdings Shs 7,394,000 4,528,000 HKD 7.592 4,427,848.31 0.58 

Lee & Man Paper Manufacturing Shs 6,261,000 6,261,000 HKD 6.144 4,955,157.21 0.65 



Sino Land Shs 4,600,000 4,600,000 HKD 15.467 9,164,446.61 1.20 

SJM Holdings Shs 15,000,000 15,000,000 HKD 5.163 9,974,393.82 1.31 

Skyworth Digital Holdings Shs 6,400,000 6,400,000 HKD 9.181 7,568,543.76 0.99 

Tungda Innovative Lighting Holdings Shs 31,000,000 HKD 0.179 715,414.72 0.09 

Wing Hang Bank Shs 274,500 725,500 HKD 71.770 6,706,697.68 0.88 

Xinyu Hengdeli Holdings Shs 2,636,000 6,160,000 13,633,000 HKD 3.340 5,865,843.32 0.77 

India 45,480,707.83 5.96 

Crompton Greaves Shs 718,500 858,500 2,200,000 INR 260.150 12,714,912.52 1.67 

Gujarat NRE Coke Shs 6,000,000 3,000,000 3,000,000 INR 88.200 5,878,367.12 0.77 

Lupin Shs 261,256 261,256 INR 1,597.500 9,272,012.44 1.21 

MindTree Shs 134,457 125,482 308,975 INR 585.950 4,022,080.56 0.53 

Rolta India Shs 900,000 900,000 INR 179.300 3,585,004.17 0.47 

Shriram Transport Finance Shs 300,000 850,000 INR 530.000 10,008,331.02 1.31 

Indonesia 26,528,380.68 3.48 

Perusahaan Gas Negara Shs 7,000,000 5,500,000 35,500,000 IDR 4,250.000 16,580,581.35 2.17 

Semen Gresik Persero Shs 12,400,000 12,400,000 IDR 7,300.000 9,947,799.33 1.31 

Macau 8,516,441.36 1.12 

Wynn Macau Shs 5,842,400 5,842,400 HKD 11.317 8,516,441.36 1.12 

Malaysia 7,369,772.87 0.96 

Maxis Shs 4,502,600 4,502,600 MYR 5.340 7,369,772.87 0.96 

Philippines 11,756,544.58 1.54 

Aboitiz Power Shs 7,163,000 7,163,000 PHP 12.250 1,941,729.36 0.25 

Energy Development Shs 51,098,000 66,750,000 PHP 5.000 7,385,483.51 0.97 

Filinvest Land Shs 52,800,000 123,350,000 PHP 0.890 2,429,331.71 0.32 

Singapore 35,372,532.31 4.63 

Indofood Agri Resources Shs 2,500,000 9,152,000 5,348,000 SGD 2.222 8,488,242.46 1.11 

Olam International Shs 4,000,000 4,000,000 SGD 2.569 7,340,711.43 0.96 

SMRT Shs 3,159,000 5,800,000 SGD 2.024 8,383,717.71 1.10 

Swiber Holdings Shs 15,000,000 15,000,000 SGD 1.042 11,159,860.71 1.46 



31/03/2010 



in USD 

% of 

Subfund 

assets 

285





Contracts 

South Korea 121,235,059.17 15.88 

Amorepacific Shs 7,300 7,300 KRW 832,194.910 5,369,236.68 0.70 

CJ CheilJedang Shs 54,139 33,000 25,000 KRW 227,513.797 5,027,040.45 0.66 

Dongbu Insurance Shs 325,000 325,000 KRW 32,660.870 9,381,574.61 1.23 

Honam Petrochemical Shs 85,000 85,000 KRW 114,768.071 8,621,932.94 1.13 

Hotel Shilla Shs 503,290 503,290 KRW 22,953.614 10,210,194.42 1.34 

Hyundai Engineering & Construction Shs 105,000 164,000 105,000 KRW 62,793.808 5,827,345.29 0.76 

Hyundai Marine & Fire Insurance Shs 550,000 550,000 KRW 18,504.455 8,995,051.05 1.18 

Kia Motors Shs 370,000 370,000 KRW 25,532.104 8,349,355.63 1.09 

Korea Exchange Bank Shs 428,000 670,000 828,000 KRW 13,650.828 9,989,734.79 1.31 

LG Shs 139,340 37,000 KRW 71,793.243 2,347,739.60 0.31 

Lotte Shopping Shs 13,000 26,000 52,000 KRW 331,664.557 15,242,880.35 2.00 

Melfas Shs 137,000 72,000 65,000 KRW 81,298.263 4,670,455.72 0.61 

Pyeong Hwa Automotive Shs 398,699 398,699 KRW 8,797.200 3,099,946.88 0.41 

Samsung C&T Shs 250,000 15,395 234,605 KRW 61,580.401 12,768,633.15 1.67 

Sung Kwang Bend Shs 310,000 310,000 KRW 26,189.366 7,175,485.83 0.94 

Taegu Department Store Shs 1 KRW 12,134.069 10.72 0.00 

Taeyoung Engineering & Construction Shs 943,830 943,830 KRW 4,985.080 4,158,441.06 0.54 

Taiwan 116,601,660.66 15.28 

Ability Enterprise Shs 800,000 5,100,000 TWD 52.800 8,479,123.37 1.11 

Career Technology Shs 9,139,000 2,623,000 6,516,000 TWD 27.300 5,601,322.50 0.73 

Eva Airways Shs 26,500,000 1,649,000 43,351,000 TWD 14.950 20,407,376.09 2.67 

Far Eastern New Century Shs 2,000,000 6,466,000 TWD 34.900 7,105,718.24 0.93 

First Steamship Shs 6,800,000 6,800,000 TWD 50.800 10,877,259.27 1.43 

Lotes Shs 820,633 820,633 TWD 180.000 4,651,235.59 0.61 

MediaTek Shs 175,000 585,000 TWD 551.000 10,149,726.05 1.33 

Novatek Microelectronics Shs 3,150,000 3,150,000 TWD 99.000 9,819,573.02 1.29 

Taiwan Fertilizer Shs 1,740,000 1,660,000 2,400,000 TWD 101.500 7,670,508.22 1.01 

Taiwan Hon Chuan Enterprise Shs 3,686,000 3,686,000 TWD 59.500 6,905,881.98 0.90 

Uni-President Enterprises Shs 3,422,000 7,450,000 8,500,000 TWD 36.150 9,675,514.83 1.27 

Unimicron Technology Shs 2,000,000 6,600,000 TWD 40.750 8,468,732.29 1.11 

Yuanta Financial Holding Shs 4,681,000 11,319,000 TWD 19.050 6,789,689.21 0.89 

Thailand 20,749,047.77 2.72 

BEC World (Foreign) Shs 10,300,000 10,300,000 THB 24.600 7,836,090.92 1.03 

LPN Development (Foreign) Shs 9,459,800 9,459,800 THB 7.700 2,252,681.61 0.29 

PTT Chemical (Foreign) Shs 2,614,900 3,600,000 THB 95.750 10,660,275.24 1.40 


China 19,302,180.53 2.53 

Focus Media Holdings (ADR’s) Shs 230,000 230,000 USD 17.370 3,995,100.00 0.52 


Suntech Power Holdings (ADR’s) Shs 500,000 500,000 USD 14.290 7,145,000.00 0.94 


Ju Teng International Holdings (TDR’s) Shs 3,696,000 3,696,000 TWD 35.300 4,108,218.40 0.54 

India 5,211,600.00 0.68 

ICICI Bank (ADR’s) Shs 120,000 USD 43.430 5,211,600.00 0.68 

Taiwan 4,981,899.00 0.65 

Epistar (GDR’s) Shs 300,000 300,000 USD 16.606 4,981,899.00 0.65 

Thailand 11,817,844.44 1.55 

Banpu (NVDR’s) Shs 450,000 300,000 150,000 THB 614.000 2,848,306.79 0.37 

Kasikornbank (NVDR’s) Shs 960,000 1,320,000 2,990,000 THB 97.000 8,969,537.65 1.18 



Luxembourg 13,220,385.25 1.73 

Allianz RCM China -A- USD (1.750%) Shs 1,103,538.000 USD 11.980 13,220,385.25 1.73 


Equities 6,801,073.65 0.89 

South Korea 6,801,073.65 0.89 

Orion Shs 26,986 26,986 KRW 285,150.625 6,801,073.65 0.89 



286 


31/03/2010 



in USD 

% of 

Subfund 

assets




Contracts 


Market Value 

in USD 









– Class A2 (EUR) (distributing) EUR 178.40 



– Class CT2 (EUR) (accumulating) EUR 177.95 


– Class PT (USD) (accumulating) 


USD 9.26 


– Class A2 (EUR) (distributing) Shs 100,713 



– Class CT2 (EUR) (accumulating) Shs 15,474 


– Class PT (USD) (accumulating) Shs 52,382 



% of 

Subfund 

assets 

287







Equities 

Australia 

Atlas Iron Shs 617,000 

Fairfax Media Shs 5,800,000 

OneSteel Shs 3,200,000 

Stockland Real Estate Investment Trust Shs 2,707,438 

China 

Aluminum Corp. of China -H- Shs 7,200,000 

Bank of Communications -H- Shs 13,500,000 

China Coal Energy -H- Shs 5,553,000 13,700,000 

China Lilang Shs 1,394,000 


China Shanshui Cement Group Shs 14,850,000 

China Telecom -H- Shs 14,680,000 


Huadian Power International -H- Shs 22,626,000 


KWG Property Holding Shs 8,500,000 




Shandong Chenming Paper Holdings -H- Shs 10,500,000 

Sichuan Expressway -H- Shs 16,498,000 

Vinda International Holdings Shs 10,693,000 10,693,000 


BOC Hong Kong Holdings Shs 5,852,000 

China Gas Holdings Shs 8,000,000 8,000,000 

Comba Telecom Systems Holdings Shs 633,440 6,967,840 

Daphne International Holdings Shs 17,892,000 

Guangdong Investment Shs 6,152,000 

K Wah International Holdings Shs 13,388,000 13,388,000 

Kerry Properties Shs 2,800,000 

Techtronic Industries Shs 4,687,500 4,687,500 

India 

IVRCL Infrastructures & Projects Shs 884,500 1,584,500 

Power Finance Shs 1,200,000 

Reliance Infrastructure Shs 150,000 

Satyam Computer Services Shs 1,500,000 

Unitech Shs 3,200,000 7,700,000 

Indonesia 

International Nickel Indonesia Shs 25,200,000 

Malaysia 

Gamuda Shs 8,000,000 

KNM Group Shs 19,000,000 

Singapore 

Neptune Orient Lines Shs 6,100,000 

Suntec Real Estate Investment Trust Shs 14,092,000 

Wing Tai Holdings Shs 3,258,000 3,258,000 

Yanlord Land Group Shs 8,941,000 

South Korea 

Basic House Shs 600,000 

Doosan Shs 132,000 

Hana Financial Group Shs 216,000 505,000 

Hynix Semiconductor Shs 420,000 420,000 

Hyundai Department Store Shs 43,000 43,000 


KT&G Shs 99,000 

LG Electronics Shs 38,000 75,000 

Ncsoft Shs 22,000 84,000 

Woongjin Thinkbig Shs 500,000 


288 







Taiwan 

Asustek Computer Shs 6,600,000 

Chipbond Technology Shs 8,100,000 

High Tech Computer Shs 710,000 710,000 

HON HAI Precision Industry Shs 4,538,000 

Thailand 

Bec World Public (NVDR’s) Shs 7,000,000 7,000,000 

LPN Development (NVDR’s) Shs 9,459,800 9,459,800 

PTT Exploration & Production (Foreign) Shs 1,800,000 


Australia 

Equinox Minerals (NPV’s) Shs 2,100,000 2,100,000 

China 


Shanda Games (ADR’s) Shs 556,400 789,000 

Taiwan 

Wistron (GDR’s) Shs 322,306 





Derivatives 




Sold USD / Bought MYR 17 Nov 2009 USD – 6,724,273.25 

289



as at 31/03/2010 


290 

31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 631,749,613.44) 734,458,644.06 739,878,989.83 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

539,573.64 609.20 







0.00 0.00 







Total Assets 773,553,980.35 786,543,848.79 





Payable on 

0.00 0.00 







– 2,166,121.97 – 2,089,733.99 





– forward foreign exchange transactions 0.00 – 9.30 


Net assets 763,178,482.99 766,119,258.14




01/10/2009–31/03/2010 Launch date–31/03/2009 

USD USD 



Subscriptions 

766,119,258.14 0.00 

– Class A (USD) 1) 69,173,478.52 583,989,706.54 

– Class AT (USD) 1) 111,644.63 5,961,750.48 

– Class IT (USD) 1) 20,395,863.75 3,991,773.79 

– Class PT (USD) 1) 21.78 333,165.52 

– Class A2 (EUR) 2) 2,653,003.29 17,142,659.15 

– Class CT2 (EUR) 2) 1,848,798.33 1,214,948.55 


109,037.38 0.00 

– Class A (USD) 1) – 146,647,051.73 – 47,986,612.23 

– Class AT (USD) 1) – 606,822.06 – 1,783,487.79 

– Class IT (USD) 1) 0.00 0.00 

– Class PT (USD) 1) 0.00 0.00 

– Class A2 (EUR) 2) – 6,023,754.13 – 1,771,858.93 

– Class CT2 (EUR) 2) – 769,948.03 – 45,235.03 

– Class AT (SGD) 3) – 2,497.68 0.00 

Distribution – 460,677.12 0.00 

Equalization – 382,626.39 103,958.82 



57,660,754.31 – 79,663,619.57 





763,178,482.99 481,487,149.30 

291






292 

Class A 1) 

Shares 

Class AT 1) 

Shares 

Class IT 1) 

Shares 

Class PT 1) 

Shares 

Class A 1) 

Shares 

Class AT 1) 

Shares 

Class IT 1) 

Shares 

Class PT 1) 

Shares 




8,742,034 58,392 92 52,380 0 0 0 0 

– issued 798,085 1,263 212,921 2 9,427,765 93,653 61,853 52,380 

– redeemed 


– 1,670,449 – 6,940 0 0 – 938,948 – 34,944 – 667 0 

at the end of the reporting period 7,869,670 52,715 213,013 52,382 8,488,817 58,709 61,186 52,380 


Class A2 2) 

Shares 

Class CT2 2) 

Shares 

Class A2 2) 

Shares 

Class CT2 2) 

Shares 




115,930 10,714 0 0 

– issued 11,181 8,088 128,290 9,098 

– redeemed 


– 26,398 – 3,328 – 13,242 – 322 



Class AT 3) 

Shares 

Class AT 3) 

Shares 




299 0 

– issued 14,427 299 

– redeemed 


– 335 0 





14,391 299





Contracts 


Equities 17,827,660.28 97.09 


Media Chinese International Shs 1,200,000 1,200,000 MYR 0.855 314,482.76 1.71 

Malaysia 16,526,391.81 90.01 

Affin Holdings Shs 550,000 450,000 100,000 MYR 2.900 88,888.89 0.48 

AirAsia Shs 700,000 1,100,000 800,000 MYR 1.390 340,842.91 1.86 

Berjaya Sports Toto Shs 320,000 320,000 MYR 4.480 439,417.62 2.39 

British American Tobacco Malaysia Shs 26,000 18,000 MYR 44.140 243,531.03 1.33 

CIMB Group Holdings Shs 100,000 203,400 400,800 MYR 14.060 1,727,279.28 9.41 

DiGi.Com Shs 80,000 51,200 80,000 MYR 22.580 553,685.82 3.02 

Gamuda Shs 416,000 200,300 416,000 MYR 2.900 369,777.78 2.01 

Genting Shs 300,000 226,000 496,300 MYR 6.600 1,004,009.20 5.47 

Genting Malaysia Shs 850,000 500,000 650,000 MYR 2.870 571,800.77 3.11 

Genting Plantations Shs 50,000 180,000 100,000 MYR 6.950 213,026.82 1.16 

Hartalega Holdings Shs 120,000 120,000 MYR 8.200 301,609.20 1.64 

IJM Plantations Shs 505,000 425,000 300,000 MYR 2.550 234,482.76 1.28 

IJM Plantations -Warrants- Shs 27,500 MYR 0.695 5,858.24 0.03 

IOI Shs 135,073 140,000 521,173 MYR 5.390 861,033.71 4.69 

Kuala Lumpur Kepong Shs 44,300 65,000 MYR 16.680 332,321.84 1.81 

Lion Diversified Holdings Shs 1,000,000 617,100 382,900 MYR 0.430 50,466.51 0.28 

Malayan Banking Shs 130,000 241,100 749,065 MYR 7.470 1,715,100.55 9.34 

Maxis Shs 571,200 60,600 510,600 MYR 5.340 835,740.69 4.55 

PLUS Expressways Shs 320,000 986,800 182,300 MYR 3.380 188,865.59 1.03 

PPB Group Shs 25,000 75,000 MYR 18.000 413,793.10 2.25 

Proton Holdings Shs 100,000 100,000 MYR 4.710 144,367.82 0.79 

Public Bank Shs 6,958 6,958 MYR 11.640 24,824.86 0.14 

Public Bank (Foreign) Shs 80,000 170,600 414,600 MYR 11.680 1,484,299.77 8.08 

RHB Capital Shs 80,000 100,000 250,000 MYR 5.640 432,183.91 2.35 

Scomi Group -Warrants- Shs 200,000 200,000 MYR 0.185 11,341.00 0.06 

Sime Darby Shs 40,000 40,000 323,900 MYR 8.710 864,726.13 4.71 

Supermax Shs 480,000 280,000 200,000 MYR 6.780 415,632.18 2.26 

Tanjong Shs 88,500 102,100 MYR 17.940 561,432.64 3.06 

Tenaga Nasional Shs 80,000 383,700 342,100 MYR 8.020 840,963.07 4.58 

Top Glove Shs 50,000 50,000 MYR 13.900 213,026.82 1.16 

Wah Seong Shs 250,000 250,000 MYR 2.600 199,233.72 1.09 

WCT Shs 220,000 100,900 119,100 MYR 2.750 100,390.80 0.55 

YNH Property Shs 1,000,000 430,000 570,000 MYR 1.560 272,551.72 1.48 

YTL Power International Shs 700,000 360,000 700,000 MYR 2.190 469,885.06 2.56 

Singapore 814,285.71 4.43 

Indofood Agri Resources Shs 246,000 396,000 250,000 SGD 2.240 400,000.00 2.18 

Rotary Engineering Shs 250,000 250,000 SGD 1.060 189,285.71 1.03 

Swiber Holdings Shs 450,000 576,000 300,000 SGD 1.050 225,000.00 1.22 

Thailand 172,500.00 0.94 

Mermaid Maritime Shs 1,110,000 760,000 350,000 SGD 0.690 172,500.00 0.94 









– Class A (USD) (distributing) 


USD 19.15 






31/03/2010 



in USD 

% of 

Subfund 

assets 

293







Equities 

Malaysia 

Alliance Financial Shs 120,000 750,000 

AMMB Holdings Shs 120,000 490,000 

Bursa Malaysia Shs 150,000 150,000 

Carlsberg Brewery-Malaysia Shs 73,200 

EON Capital Shs 160,000 160,000 

IJM Shs 200,000 200,000 

IJM Plantations Berhad Shs 55,000 55,000 

IJM Plantations Berhad -Warrants- Shs 27,500 

IOI Shs 35,073 35,073 

Kinsteel Shs 600,000 600,000 


Kossan Rubber Industries Shs 150,000 150,000 

Malaysia Airports Holdings Shs 188,000 

Malaysian Resources Shs 500,000 1,000,000 

Parkson Holdings Shs 353,500 553,500 

Puncak Niaga Holding Shs 200,000 200,000 

Scomi Shs 1,500,000 1,500,000 

Scomi -Rights- Shs 1,500,000 1,500,000 

Scomi Group Shs 2,000,000 2,000,000 

Ta Ann Holdings Shs 240,000 

Tan Chong Motors Holdings Shs 300,000 

YTL Shs 173,400 

YTL Cement Shs 130,000 


294 



as at 31/03/2010 


31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 14,659,320.37) 17,827,660.28 17,706,117.71 

(Other) cash at banks 829,656.71 0.53 




0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

22,727.36 33,750.96 







0.00 0.00 







Total Assets 19,102,014.64 18,064,092.28 





Payable on 

0.00 0.00 







– 40,006.58 – 157,815.67 







Net assets 18,361,296.00 17,596,357.16 

295





296 

01/10/2009–31/03/2010 Launch date–31/03/2009 

USD USD 



Subscriptions 

17,596,357.16 0.00 

– Class A (USD) 1) Redemptions 

1,949,495.80 19,884,078.35 

– Class A (USD) 1) – 3,801,658.86 – 3,930,957.11 


Equalization 1,868.83 7,921.34 



2,701,885.75 – 2,992,728.41 





Class A 1) 

Shares 

Class A 1) 

Shares 




1,063,227 0 

– issued 110,517 1,524,778 

– redeemed 


– 214,778 – 355,807 



958,966 1,168,971





Contracts 


Bonds 75,668,546.66 12.31 

British Virgin Islands 24,026,317.50 3.91 

7.0000 % Hutchison Whampoa International 

USD Notes 01/11 USD 7,700.0 % 104.887 8,076,260.50 1.31 

7.0000 % Hysan USD MTN 02/12 USD 1,600.0 5,600.0 % 108.210 6,059,760.00 0.99 

6.3750 % Jardine Strategic Finance USD Notes 01/11 USD 5,000.0 % 107.463 5,373,150.00 0.87 

3.3000 % Joyous King Group HKD Notes 09/14 HKD 5,000.0 35,000.0 % 100.200 4,517,147.00 0.74 


0 % HKR International HKD Zero-Coupon Notes 05/10 HKD 10,000.0 % 128.330 1,652,938.34 0.27 


USD Notes 09/15 USD 3,700.0 % 102.827 3,804,599.00 0.62 


USD Notes 09/19 USD 3,500.0 % 116.392 4,073,726.55 0.66 

China 5,166,511.03 0.84 

0 % China Petroleum & Chemical 

HKD Zero-Coupon Notes 07/14 HKD 36,300.0 % 110.500 5,166,511.03 0.84 


0.7910 % Bank of East Asia USD FLR-Notes 07/17 USD 4,900.0 % 94.723 4,641,427.00 0.75 

Malaysia 24,640,652.24 4.01 

2.0000 % Cherating Capital USD FLR-Notes 07/12 USD 2,000.0 % 111.750 2,235,000.00 0.36 

0 % IOI Resources Labuan 

USD Zero-Coupon Notes 08/13 USD 3,000.0 % 102.500 3,075,000.00 0.50 

7.5000 % Malaysia Government International 

USD Bonds 01/11 USD 6,700.0 % 107.368 7,193,622.50 1.17 

7.0000 % Petronas Capital USD Notes 02/12 USD 11,000.0 % 110.337 12,137,029.74 1.98 

Singapore 7,662,375.00 1.25 

3.1250 % CapitaLand SGD Notes 08/18 SGD 10,500.0 % 102.165 7,662,375.00 1.25 

Equities 458,016,081.30 74.50 

Australia 43,474,766.76 7.07 

Australia & New Zealand Banking Group Shs 14,240 213,408 AUD 25.360 4,959,038.55 0.81 

Goodman Fielder Shs 3,129,800 7,215,600 AUD 1.430 9,454,662.41 1.54 

Infigen Energy Shs 931,800 958,580 2,330,020 AUD 1.280 2,732,795.65 0.44 

Newcrest Mining Shs 33,600 574,355 AUD 32.820 17,272,552.52 2.81 

Paladin Energy Shs 977,600 AUD 3.950 3,538,309.57 0.57 

Westfield Group Real Estate Investment Trust Shs 499,287 AUD 12.060 5,517,408.06 0.90 

China 21,322,010.63 3.47 

China Coal Energy -H- Shs 2,879,000 2,879,000 HKD 12.140 4,501,827.08 0.73 

China Oilfield Services -H- Shs 5,574,000 2,598,000 2,976,000 HKD 11.400 4,369,847.05 0.71 


China Shenhua Energy -H- Shs 924,000 1,387,000 HKD 33.400 5,966,936.08 0.97 


ASM Pacific Technology Shs 47,000 209,000 357,000 HKD 74.098 3,407,252.97 0.56 

Beijing Enterprises Water Group Shs 10,469,000 10,469,000 HKD 2.905 3,917,527.78 0.64 

Cheung Kong Infrastructure Holdings Shs 596,000 165,000 2,319,000 HKD 30.267 9,040,595.10 1.47 

China Power New Energy Development Shs 14,200,000 41,200,000 HKD 0.840 4,458,616.11 0.73 

CNOOC Shs 6,261,000 HKD 12.896 10,400,116.35 1.69 

Industrial & Commercial Bank of China Asia Shs 1,092,000 1,092,000 HKD 19.739 2,776,401.79 0.45 

Lonking Holdings Shs 3,439,000 8,468,000 HKD 5.871 6,403,742.92 1.04 

REXLot Holdings Shs 19,595,000 19,595,000 HKD 1.124 2,835,914.85 0.46 

Sinofert Holdings Shs 9,109,000 2,194,000 6,915,000 HKD 4.707 4,192,472.20 0.68 

Skyworth Digital Holdings Shs 5,049,000 5,049,000 HKD 9.181 5,970,871.47 0.97 

India 16,833,792.84 2.74 

Grasim Industries Shs 114,000 INR 2,815.050 7,129,479.59 1.16 

Reliance Industries Shs 203,000 406,000 INR 1,075.900 9,704,313.25 1.58 

Indonesia 4,510,229.13 0.73 

AKR Corporindo Shs 12,342,000 12,342,000 IDR 930.000 1,261,394.58 0.20 

Barito Pacific Shs 3,510,000 3,213,000 22,567,000 IDR 1,310.000 3,248,834.55 0.53 

Japan 169,418,018.26 27.56 

Bridgestone Shs 50,600 50,400 329,700 JPY 1,596.000 5,645,935.62 0.92 

Dai-ichi Life Insurance Shs 2,853 2,853 JPY 140,000.000 4,285,622.32 0.70 

Daiseki Shs 56,200 56,200 JPY 1,947.000 1,174,049.36 0.19 

Hitachi Construction Machinery Shs 152,700 101,800 425,200 JPY 2,209.000 10,077,969.96 1.64 



31/03/2010 



in USD 

% of 

Subfund 

assets 

297





Contracts 

Hitachi Metals Shs 524,000 524,000 JPY 983.000 5,526,738.20 0.90 

Inpex Shs 2,000 JPY 686,000.000 14,721,030.04 2.39 

Kawasaki Kisen Kaisha Shs 1,578,000 1,578,000 JPY 373.000 6,315,386.27 1.03 

Kurita Water Industries Shs 133,300 116,200 164,500 JPY 2,645.000 4,668,481.76 0.76 

Kyocera Shs 45,100 45,100 JPY 9,110.000 4,408,379.83 0.72 

Mitsui & Co. Shs 1,678,800 1,678,800 JPY 1,571.000 28,298,227.47 4.60 

Mizuho Financial Group Shs 2,034,500 6,306,000 JPY 185.000 12,517,274.68 2.03 

Mori Seiki Shs 1,196,100 470,300 1,196,100 JPY 1,153.000 14,797,245.71 2.41 

Nidec Shs 43,700 43,700 JPY 10,020.000 4,698,218.88 0.76 

Nifco Shs 130,100 130,100 JPY 2,150.000 3,001,233.91 0.49 

Nihon Unisys Shs 438,100 438,100 JPY 627.000 2,947,303.65 0.48 

ORIX Shs 72,400 72,400 JPY 8,290.000 6,439,871.24 1.05 

Simplex Technology Shs 9,808 JPY 48,400.000 5,093,424.89 0.83 

Sony Shs 150,000 150,000 JPY 3,580.000 5,761,802.58 0.94 

Sumitomo Metal Industries Shs 1,966,000 1,966,000 JPY 283.000 5,969,721.03 0.97 

Toyo Tanso Shs 32,600 244,700 JPY 5,300.000 13,915,343.35 2.26 

Ulvac Shs 221,000 221,000 JPY 2,427.000 5,755,010.73 0.94 

Yusen Air & Sea Service Shs 225,200 225,200 JPY 1,407.000 3,399,746.78 0.55 

Malaysia 14,155,424.36 2.30 

Kuala Lumpur Kepong Shs 502,000 1,760,000 MYR 16.680 8,998,252.87 1.46 

Maxis Shs 3,150,800 3,150,800 MYR 5.340 5,157,171.49 0.84 

New Zealand 8,405,884.10 1.37 

Mainfreight Shs 113,000 1,195,245 NZD 6.340 5,377,624.94 0.88 

Warehouse Group Shs 185,600 1,137,935 NZD 3.750 3,028,259.16 0.49 

Pakistan 5,834,390.36 0.95 

HUB Power Shs 14,313,500 PKR 34.260 5,834,390.36 0.95 

Singapore 20,306,819.54 3.30 

Keppel Shs 1,833,600 SGD 9.047 11,848,897.39 1.93 

Singapore Post Shs 6,000,000 SGD 1.042 4,463,944.29 0.72 

Singapore Technologies Engineering Shs 1,767,000 1,767,000 SGD 3.164 3,993,977.86 0.65 

South Korea 62,321,314.09 10.14 

Huneed Technologies Shs 60,000 20,000 536,480 KRW 6,370.386 3,020,535.78 0.49 

Korea Exchange Bank Shs 469,000 561,000 1,433,000 KRW 13,650.828 17,288,997.53 2.81 

KP Chemical Shs 643,000 643,000 KRW 8,281.502 4,706,355.49 0.77 

Melfas Shs 101,067 101,067 KRW 81,298.263 7,261,983.82 1.18 

Pyeong San Shs 82,293 202,243 KRW 16,684.345 2,982,272.31 0.49 


Samsung Techwin Shs 52,800 46,200 KRW 85,848.539 3,505,415.63 0.57 

Suprema Shs 245,000 421,000 KRW 14,965.352 5,568,441.54 0.91 

Taewoong Shs 41,300 105,300 KRW 71,591.008 6,662,718.77 1.08 

Taiwan 24,238,877.78 3.94 

Eva Airways Shs 16,935,000 16,935,000 TWD 14.950 7,972,109.39 1.30 

Everlight Electronics Shs 928,496 310,000 1,435,496 TWD 98.600 4,456,826.80 0.72 



Thailand 13,791,041.91 2.24 

CH. Karnchang (Foreign) Shs 3,742,571 29,940,571 THB 5.850 5,416,803.47 0.88 



China 14,751,025.00 2.40 

Longtop Financial Technologies (ADR’s) Shs 177,800 291,300 USD 31.350 9,132,255.00 1.49 


Taiwan 12,306,951.16 2.00 

Epistar (GDR’s) Shs 371,900 741,100 USD 16.606 12,306,951.16 2.00 



Luxembourg 3,594,000.00 0.58 


Allianz RCM China AT-Shares USD (1.75%) Shs 300,000.000 USD 11.980 3,594,000.00 0.58 


Bonds 4,625,008.97 0.75 


298 


31/03/2010 



in USD 

% of 

Subfund 

assets




Contracts 


31/03/2010 




in USD 


2.3750 % United States Treasury Inflation Indexed Bonds 

USD 07/17 USD 34.4 8.1 4,298.0 % 107.609 4,625,008.97 0.75 





0.0100 % Deposits used for collaterisation of derivatives USD 387,001.06 0.06 








– Class I (USD) (distributing) USD 81.71 


– Class P (USD) (distributing) USD 81.26 

– Class AT (SGD) (accumulating) 


SGD 10.56 






– Class P (USD) (distributing) Shs 382,952 




% of 

Subfund 

assets 

299







Bonds 

Australia 

7.2500 % Telstra MTN AUD Notes 00/10 AUD 3,500.0 

British Virgin Islands 

8.0000 % PCCW HKT Capital USD Notes 01/11 USD 4,300.0 


14.9500 % Mizuho Capital Investment USD FLR-Notes 09/49 USD 2,500.0 

Equities 

Australia 

BHP Billiton Shs 201,672 

CSL Shs 137,079 

Kagara Zinc Shs 3,054,624 

QBE Insurance Group Shs 257,281 

Telstra Shs 1,758,300 

China 



Sinopharm Group -H- Shs 85,200 


Great Eagle Holdings Shs 669,000 

Japan 

Advantest Shs 30,400 809,300 

Panasonic Shs 328,700 328,700 

Sumitomo Shs 658,800 

Malaysia 

Gamuda Shs 1,680,000 

IOI Shs 226,860 3,629,760 

IOI Shs 226,860 226,860 


Tenaga Nasional Shs 3,881,600 

Singapore 

City Developments Shs 353,000 

South Korea 

Daelim Industrial Shs 80,000 

Hana Financial Group Shs 320,000 


Jahwa Electronics Shs 42,000 453,000 

Sungshin Cement Shs 382,860 

Taiwan 

Chipbond Technology Shs 853,000 3,411,000 

Taiwan Fertilizer Shs 169,000 1,447,000 

Thailand 

Ch Karnchangrts Shs 3,742,571 3,742,571 

Land & House Pub (NVDR’s) Shs 19,679,407 

Land and Houses (Foreign) Shs 46,767 382,133 

PTT Exploration & Production (Foreign) Shs 2,404,000 


China 



Pakistan 

Oil & Gas Development (GDR’s) Shs 348,000 

Taiwan 

Shin Kong Financial Holding (GDR’s) Shs 494,600 


Suntech Power Holdings (ADR’s) Shs 226,500 226,500 


300 








Derivatives 




Sold Index Futures 

Hang Seng Index Future Dec09 Ctr 47 38 

Hang Seng Index Future Oct09 Ctr 18 

301



as at 31/03/2010 


302 

31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 488,808,793.46) 568,961,613.09 506,717,627.09 





0.00 0.00 

– bonds 913,032.51 1,145,478.47 





Receivable on 

2,613,445.85 791,212.61 







0.00 0.00 


– futures transactions 0.00 2,278.56 





Total Assets 626,730,834.38 555,526,693.35 

Liabilities to banks – 589.34 0.00 




Payable on 

0.00 0.00 







– 934,551.72 – 780,404.06 







Net assets 614,828,889.73 546,717,782.24




01/10/2009–31/03/2010 Launch date–31/03/2009 

USD USD 



Subscriptions 

546,717,782.24 0.00 

– Class A (USD) 1) 59,463,245.57 328,785,729.79 

– Class AT (USD) 1) 16,859,592.64 68,640,415.97 

– Class I (USD) 1) 2,788,166.27 27,021,085.01 

– Class IT (USD) 1) 55,848,231.24 9,220,999.30 

– Class P (USD) 1) 2,636,787.85 31,848,905.14 

– Class AT (EUR) 2) 23,173,884.40 0.00 


92,223.15 0.00 

– Class A (USD) 1) – 77,868,711.48 – 44,033,447.94 

– Class AT (USD) 1) – 14,066,822.98 – 6,239,473.85 

– Class I (USD) 1) – 748,006.00 0.00 

– Class IT (USD) 1) – 2,630,950.37 – 160,646.75 

– Class P (USD) 1) – 6,320,656.63 – 4,126,215.35 

– Class AT (EUR) 2) – 4,801.84 0.00 

– Class AT (SGD) 3) – 906.28 0.00 

Distribution – 6,206,125.29 0.00 

Equalization – 266.53 – 142,926.25 



15,096,223.77 – 51,383,394.46 





Class A 1) 

Shares 

Class AT 1) 

Shares 

Class I 1) 

Shares 

Class IT 1) 

Shares 

Class A 1) 

Shares 

Class AT 1) 

Shares 

Class I 1) 

Shares 

Class IT 1) 

Shares 




4,739,947 970,422 525,261 171,635 0 0 0 0 

– issued 735,562 200,220 33,534 661,695 5,231,404 1,081,856 423,030 162,488 

– redeemed 


– 968,197 – 166,053 – 7,600 – 30,590 – 794,364 – 110,142 0 – 2,737 

at the end of the reporting period 4,507,312 1,004,589 551,195 802,740 4,437,040 971,714 423,030 159,751 


Class P 1) 

Shares 

Class P 1) 

Shares 




429,897 0 

– issued 32,613 494,182 

– redeemed 


– 79,558 – 75,280 



382,952 418,902 

303




EUR Shares 07/12/2009–31/03/2010 

Class AT1) Number of shares in issue 

Shares 



0 

– issued 155,387 

– redeemed 


– 33 

at the end of the reporting period 155,354 



304 

Class AT 2) 

Shares 

Class AT 2) 

Shares 




788 0 

– issued 12,708 788 

– redeemed 


– 124 0 




13,372 788





Contracts 


Equities 22,784,146.25 92.99 

Philippines 22,784,146.25 92.99 

Aboitiz Equity Ventures Shs 571,000 417,000 1,900,000 PHP 13.500 567,603.57 2.32 

Aboitiz Power Shs 3,961,000 495,000 5,387,000 PHP 12.250 1,460,295.42 5.96 

Alliance Global Group Shs 2,635,000 5,044,000 4,576,000 PHP 5.500 556,937.38 2.27 

Ayala Shs 21,433 130,980 149,267 PHP 332.500 1,098,280.10 4.48 

Ayala Land Shs 4,320,800 2,349,000 6,000,000 PHP 13.000 1,726,045.59 7.04 

Banco de Oro Universal Bank Shs 632,000 859,000 1,250,000 PHP 41.500 1,147,930.96 4.68 

Bank of the Philippine Islands Shs 117,100 253,000 807,000 PHP 45.000 803,606.99 3.28 

DMCI Holdings Shs 1,228,000 1,730,000 1,855,000 PHP 14.750 605,471.34 2.47 

Energy Development Shs 8,368,000 7,068,000 19,300,000 PHP 5.000 2,135,428.19 8.71 

Filinvest Land Shs 8,250,000 26,150,000 17,899,000 PHP 0.890 352,514.05 1.44 

First Gen Shs 2,787,300 919,000 3,090,500 PHP 11.000 752,279.27 3.07 

First Philippine Holdings Shs 312,600 392,500 980,000 PHP 56.500 1,225,271.08 5.00 

Globe Telecom Shs 9,970 20,500 30,000 PHP 1,000.000 663,863.69 2.71 

International Container Term Services Shs 525,900 783,800 PHP 23.250 403,260.68 1.65 

Jollibee Foods Shs 141,700 251,200 PHP 59.000 327,966.36 1.34 

Manila Water Shs 532,700 1,150,700 PHP 15.750 401,051.67 1.64 

Megaworld Shs 8,021,000 7,721,000 15,000,000 PHP 1.280 424,872.76 1.73 

Metro Pacific Investments Shs 5,397,000 2,897,000 7,500,000 PHP 3.100 514,494.36 2.10 

Metropolitan Bank & Trust Shs 135,900 428,300 1,366,400 PHP 50.000 1,511,838.90 6.17 

Philex Mining Shs 384,200 1,266,900 1,300,000 PHP 13.500 388,360.26 1.58 

Philippine Long Distance Shs 14,140 6,440 38,000 PHP 2,420.000 2,034,963.49 8.31 

Phillipine National Bank Shs 20,000 20,000 PHP 27.000 11,949.55 0.05 

Robinsons Land Shs 2,300,000 1,200,000 PHP 14.500 385,040.94 1.57 

Security Bank Shs 134,700 55,500 280,000 PHP 53.000 328,391.24 1.34 

SM Investments Shs 58,010 61,350 125,000 PHP 370.000 1,023,456.52 4.18 

SM Prime Holdings Shs 2,230,400 1,426,300 4,820,000 PHP 9.800 1,045,275.50 4.27 

Southeast Asia Cement Shs 3,753,000 2,980,000 11,250,000 PHP 0.770 191,690.64 0.78 

Universal Robina Shs 775,100 883,700 PHP 25.000 488,880.28 2.00 

Vista Land & Lifescapes Shs 2,200,000 11,400,000 4,500,000 PHP 2.080 207,125.47 0.85 


Philippines 176,421.77 0.72 

GMA Holdings (PDR’s) Shs 334,000 1,063,000 PHP 7.500 176,421.77 0.72 











USD 37.25 








Equities 

Philippines 

First Gen -Rights- Shs 1,580,400 1,580,400 

Security Bank -Rights- Shs 49,000 49,000 



31/03/2010 



in USD 



% of 

Subfund 

assets 

305



as at 31/03/2010 


306 

31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 17,227,688.51) 22,960,568.02 20,846,719.55 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

136,001.07 0.00 







0.00 0.00 







Total Assets 24,705,208.15 21,166,710.99 





Payable on 

0.00 0.00 







– 51,648.58 – 107,449.87 







Net assets 24,502,248.58 20,702,559.96




01/10/2009–31/03/2010 Launch date–31/03/2009 

USD USD 



Subscriptions 

20,702,559.96 0.00 


12,967,351.86 28,295,884.01 

– Class A (USD) 1) – 13,030,458.13 – 6,333,385.97 

Distribution – 109,682.81 0.00 

Equalization – 293.62 – 1,007.64 



3,972,771.32 – 6,193,482.89 





Class A 1) 

Shares 

Class A 1) 

Shares 




663,519 0 

– issued 386,413 1,058,764 

– redeemed 


– 392,234 – 306,676 



657,698 752,088 

307





Contracts 


Equities 10,773,140.95 96.27 

China 167,857.14 1.50 

China Lifestyle Food and Beverages Group Shs 1,000,000 1,000,000 SGD 0.175 125,000.00 1.12 

China Milk Products Group Shs 250,000 250,000 SGD 0.240 42,857.14 0.38 


Hongkong Land Holdings Shs 50,000 50,000 50,000 USD 5.070 253,500.00 2.27 

Jardine Matheson Holdings Shs 7,000 6,000 10,600 USD 33.300 352,980.00 3.15 

Singapore 9,509,625.23 84.98 

CapitaLand Shs 230,000 182,000 247,500 SGD 3.970 701,839.52 6.27 

City Developments Shs 16,000 30,000 SGD 10.600 227,142.86 2.03 

ComfortDelgro Shs 250,000 296,000 274,000 SGD 1.560 305,314.29 2.73 

Cosco Corp Singapore Shs 150,000 50,000 100,000 SGD 1.240 88,571.43 0.79 

DBS Group Holdings Shs 27,000 87,500 SGD 14.300 893,750.00 7.99 

First Resources Shs 230,000 510,000 140,000 SGD 1.160 116,000.00 1.04 

Goodpack -Warrants- Shs 60,000 SGD 1.050 45,000.00 0.40 

Hotel Properties Shs 100,000 50,000 SGD 2.310 82,500.00 0.74 

Indofood Agri Resources Shs 219,000 241,000 SGD 2.240 385,600.00 3.45 

Jardine Cycle & Carriage Shs 12,000 12,000 SGD 29.380 251,828.57 2.25 

Keppel Shs 10,000 22,000 80,000 SGD 9.120 521,142.86 4.66 

Midas Holdings Shs 300,000 300,000 SGD 1.030 220,714.29 1.97 

Olam International Shs 210,000 210,000 SGD 2.590 388,500.00 3.47 

Oversea-Chinese Banking Shs 22,000 146,000 SGD 8.710 908,328.57 8.12 

Parkway Holdings Shs 112,000 312,000 50,000 SGD 3.360 120,000.00 1.07 

Rotary Engineering Shs 450,000 300,000 150,000 SGD 1.060 113,571.43 1.01 

SembCorp Marine Shs 101,000 80,000 21,000 SGD 4.190 62,850.00 0.56 

SIA Engineering Shs 50,000 50,000 SGD 3.550 126,785.71 1.13 

Singapore Airlines Shs 15,000 SGD 15.200 162,857.14 1.45 

Singapore Exchange Shs 72,000 64,000 100,000 SGD 7.650 546,428.57 4.88 

Singapore Press Shs 100,000 100,000 SGD 3.820 272,857.14 2.44 

Singapore Technologies Engineering Shs 42,000 108,000 100,000 SGD 3.190 227,857.14 2.04 

Singapore Telecommunications Shs 62,000 70,000 210,000 SGD 3.170 475,500.00 4.25 

SMRT Shs 60,000 160,000 360,000 SGD 2.040 524,571.43 4.69 

StarHub Shs 166,000 166,000 SGD 2.290 271,528.57 2.43 

Swiber Holdings Shs 200,000 100,000 400,000 SGD 1.050 300,000.00 2.68 

United Overseas Bank Shs 8,000 38,000 63,000 SGD 19.220 864,900.00 7.73 

Venture Manufacturing Shs 28,000 28,000 SGD 8.720 174,400.00 1.56 

Wing Tai Holdings Shs 250,000 150,000 100,000 SGD 1.810 129,285.71 1.15 

Thailand 489,178.58 4.37 

Mermaid Maritime Shs 699,000 134,000 565,000 SGD 0.690 278,464.29 2.49 

Thai Beverage Shs 1,000,000 1,000,000 SGD 0.295 210,714.29 1.88 











USD 42.35 





308 


31/03/2010 



in USD 

% of 

Subfund 

assets








Equities 

China 

Hongguo International Holdings Shs 600,000 

Synear Food Holdings Shs 560,000 


Noble Group Shs 62,000 302,000 

Singapore 

Ezra Holdings Shs 100,000 

Fraser and Neave Shs 160,000 160,000 

Golden Agri-Resources Shs 400,000 800,000 

Goodpack Shs 250,000 728,000 

Goodpack -Rights- Shs 60,000 60,000 

Goodpack -Warrants- Shs 60,000 

Keppel Land Shs 218,000 218,000 

Mermaid Maritime (Foreign) -Rights- Shs 81,000 81,000 

Neptune Orient Lines Shs 250,000 

Oceanus Group Shs 700,000 700,000 

SembCorp Industries Shs 70,000 

Singapore Airport Terminal Services Shs 160,000 

Singapore Land Shs 33,000 

Straits Asia Resources Shs 100,000 100,000 

Suntec Real Estate Investment Trust Shs 480,000 

United Engineers Shs 100,000 100,000 

Wilmar International Shs 50,000 50,000 

Yanlord Land Group Shs 100,000 300,000 

309



as at 31/03/2010 


310 

31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 9,237,367.86) 10,773,140.95 11,926,774.01 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

6,890.00 22,082.03 







0.00 0.00 







Total Assets 11,220,174.90 12,543,558.68 





Payable on 

0.00 0.00 







– 24,996.65 – 74,849.23 







Net assets 11,191,125.48 12,393,828.88




01/10/2009–31/03/2010 Launch date–31/03/2009 

USD USD 



Subscriptions 

12,393,828.88 0.00 


2,504,170.04 12,954,961.65 

– Class A (USD) 1) – 5,014,910.31 – 1,932,088.21 


Equalization – 2,359.16 426.07 



1,409,750.54 – 3,383,254.75 





Class A 1) 

Shares 

Class A 1) 

Shares 




326,081 0 

– issued 63,307 446,452 

– redeemed 


– 125,145 – 85,485 



264,243 360,967 

311





Contracts 


Equities 33,521,997.69 90.53 

Thailand 33,521,997.69 90.53 

Advanced Info Service (Foreign) Shs 158,000 294,600 THB 86.250 785,812.59 2.12 

Bangkok Life Assurance (Foreign) Shs 341,000 2,159,000 THB 24.100 1,609,151.07 4.35 

Banpu (Foreign) Shs 75,000 54,000 135,000 THB 628.000 2,621,926.70 7.08 

CH. Karnchang (Foreign) Shs 2,131,142 1,490,000 10,030,142 THB 5.850 1,814,638.45 4.90 

CP All (Foreign) Shs 1,628,000 THB 27.000 1,359,393.85 3.67 

Electricity Generating (Foreign) Shs 226,000 THB 80.250 560,893.77 1.51 

Home Product Center (Foreign) Shs 4,858,100 4,858,100 THB 5.750 863,895.93 2.33 

Italian-Thai Development (Foreign) Shs 10,243,000 6,111,000 15,262,000 THB 2.540 1,198,870.57 3.24 

Kasikornbank (Foreign) Shs 386,000 615,200 THB 101.500 1,931,121.08 5.22 

Khon Kaen Sugar Industry (Foreign) Shs 1,047,000 3,070,000 823,400 THB 11.500 292,843.67 0.79 

KSL W1 -Warrants- Shs 269,740 269,740 THB 1.400 11,678.86 0.03 

Lanna Resources (Foreign) Shs 2,026,000 762,500 THB 15.500 365,509.51 0.99 

LPN Development (Foreign) Shs 943,000 7,865,300 THB 7.700 1,872,980.05 5.06 

Minor International (Foreign) Shs 1,212,000 3,988,790 THB 11.000 1,356,941.09 3.66 

PTT Chemical (Foreign) Shs 1,003,000 666,000 1,240,000 THB 95.750 3,671,872.58 9.92 

PTT Exploration & Production (Foreign) Shs 189,000 173,000 THB 148.500 794,510.59 2.15 

Siam City Cement (Foreign) Shs 104,600 THB 233.000 753,728.16 2.04 

Siam Commercial Bank (Foreign) Shs 550,000 466,900 THB 92.000 1,328,430.49 3.59 

Sino Thai Engineering & Construction (Foreign) Shs 2,039,000 11,932,500 THB 5.750 2,121,907.38 5.73 

Sri Trang Agro-Industry (Foreign) Shs 686,000 686,000 THB 39.250 832,704.50 2.25 

Tata Steel Thailand (Foreign) Shs 5,437,000 22,512,000 THB 1.910 1,329,764.03 3.59 

Thai Union Frozen Production (Foreign) Shs 439,300 THB 37.750 512,867.64 1.38 

Ticon Industrial Connection (Foreign) Shs 793,000 1,507,000 THB 10.300 480,040.20 1.30 

Tisco Financial Group (Foreign) Shs 834,000 3,460,200 THB 27.000 2,889,296.43 7.80 

Total Access Communication (Foreign) Shs 313,000 313,000 THB 37.000 358,156.80 0.97 

Toyo-Thai Shs 3,744,000 6,217,000 THB 6.750 1,297,811.97 3.50 

Univanich Palm Oil (Foreign) Shs 23,000 205,500 THB 79.500 505,249.73 1.36 


Thailand 3,551,569.51 9.59 

Bangkok Life Assurance (NVDR’s) Shs 2,248,000 2,248,000 THB 24.000 1,668,532.55 4.51 

Siam Cement (NVDR’s) Shs 54,000 70,000 236,000 THB 258.000 1,883,036.96 5.08 













USD 20.34 







312 


31/03/2010 



in USD 

% of 

Subfund 

assets








Equities 

Thailand 

Amata (Foreign) Shs 1,670,900 

Bangkok Bank (Foreign) Reg.S Shs 339,800 

Ch Karnchangrts Shs 1,354,142 1,354,142 

Thai Oil (Foreign) Shs 214,000 635,000 

Thai Vegetable Oil (Foreign) Shs 312,100 

Thai Vegetable Oil -Warrants- Shs 75,220 


Thailand 

Land & House Pub (NVDR’s) Shs 7,989,000 

Tisco Financial Group (NVDR’s) Shs 638,000 638,000 

Total Access Communication (NVDR’s) Shs 313,000 

313



as at 31/03/2010 


314 

31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 23,873,023.53) 37,073,567.20 34,679,849.49 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

286,396.60 7,971.49 

– subscriptions on fund shares 385,337.11 1,188,666.61 






0.00 0.00 







Total Assets 38,269,201.91 35,911,484.46 





Payable on 

0.00 0.00 







– 80,794.53 – 109,206.59 







Net assets 37,027,195.77 34,864,410.58




01/10/2009–31/03/2010 Launch date–31/03/2009 

USD USD 



Subscriptions 

34,864,410.58 0.00 

– Class A (USD) 1) 43,053,125.11 24,299,456.66 

– Class IT (USD) 1) 0.00 5,013.78 


1,530,978.94 2,966,409.90 

– Class A (USD) 1) – 44,623,397.10 – 4,912,291.67 

– Class A (EUR) 2) – 2,304,245.21 – 89,741.08 

Distribution – 501,440.04 0.00 

Equalization – 42,294.69 – 388.88 



5,050,058.18 – 6,303,838.10 





Class A 1) 

Shares 

Class IT 1) 

Shares 

Class A 1) 

Shares 

Class IT 1) 

Shares 




1,848,849 384 0 0 

– issued 2,589,404 0 2,128,041 384 

– redeemed 


– 2,659,492 0 – 571,881 0 

at the end of the reporting period 1,778,761 384 1,556,160 384 


Class A 2) 

Shares 

Class A 2) 

Shares 




16,934 0 

– issued 5,857 23,106 

– redeemed 


– 9,165 – 693 




13,626 22,413 

315





Contracts 


Equities 145,802,636.59 88.86 

China 36,760,824.43 22.41 

Bank of China -H- Shs 646,000 4,765,000 HKD 4.130 2,534,786.67 1.55 

China Coal Energy -H- Shs 2,861,000 1,882,000 979,000 HKD 12.140 1,530,840.12 0.93 

China Construction Bank -H- Shs 554,000 9,307,000 HKD 6.350 7,612,229.91 4.64 

China High Speed Transmission Equipment Group Shs 668,000 668,000 HKD 17.371 1,494,578.79 0.91 

China Life Insurance -H- Shs 979,000 HKD 37.200 4,690,877.48 2.86 

China National Materials -H- Shs 585,000 2,201,000 HKD 5.170 1,465,679.60 0.89 

China Oilfield Services -H- Shs 586,000 538,000 HKD 11.400 789,979.07 0.48 


China Petroleum & Chemical -H- Shs 746,000 2,640,000 HKD 6.350 2,159,265.82 1.32 

China Railway Construction -H- Shs 835,500 835,500 HKD 9.550 1,027,728.22 0.63 


Industrial & Commercial Bank of China -H- Shs 750,000 9,004,000 HKD 5.930 6,877,310.58 4.19 

Shenzen Expressway -H- Shs 1,356,000 1,356,000 HKD 4.080 712,604.09 0.43 



ZTE -H- Shs 119,200 119,200 HKD 47.050 722,377.72 0.44 


BOC Hong Kong Holdings Shs 630,000 153,500 1,895,000 HKD 18.747 4,575,886.74 2.79 

China Mobile Shs 61,000 39,500 271,000 HKD 75.617 2,639,459.33 1.61 

CNOOC Shs 231,000 279,000 2,824,000 HKD 12.896 4,690,932.53 2.86 


Hong Kong Exchanges & Clearing Shs 17,900 135,200 HKD 131.190 2,284,582.13 1.39 


Kerry Properties Shs 82,000 709,000 HKD 42.161 3,850,226.84 2.35 

Li & Fung Shs 422,000 HKD 38.618 2,099,094.88 1.28 


Sun Hung Kai Properties Shs 38,000 319,000 HKD 118.132 4,853,853.01 2.96 

Indonesia 5,929,556.57 3.61 

Bank Mandiri Shs 2,530,000 IDR 5,350.000 1,487,499.31 0.90 

Perusahaan Gas Negara Shs 1,997,500 8,457,000 IDR 4,250.000 3,949,914.83 2.41 

XL Axiata Shs 1,279,500 1,279,500 IDR 3,500.000 492,142.43 0.30 

Malaysia 4,960,991.46 3.02 

Genting Malaysia Shs 1,485,500 1,485,500 MYR 2.870 1,306,784.67 0.80 

IOI Shs 139,428 778,053 MYR 5.390 1,285,427.03 0.78 

Public Bank Shs 9,589 12,508 9,589 MYR 11.640 34,211.79 0.02 

Public Bank (Foreign) Shs 332,700 118,400 652,100 MYR 11.680 2,334,567.97 1.42 

Singapore 11,155,602.67 6.80 

City Developments Shs 168,000 SGD 10.515 1,261,809.12 0.77 

Singapore Exchange Shs 203,000 SGD 7.589 1,100,362.95 0.67 

Singapore Technologies Engineering Shs 796,000 SGD 3.164 1,799,211.31 1.10 

Singapore Telecommunications Shs 205,000 531,000 SGD 3.145 1,192,702.99 0.73 


South Korea 32,603,155.03 19.87 

Amorepacific Shs 1,101 1,101 KRW 832,194.910 809,798.57 0.49 

CJ CheilJedang Shs 4,998 4,998 KRW 227,513.797 1,005,005.93 0.61 

Daewoo International Shs 1,194 11,190 41,017 KRW 36,402.208 1,319,642.36 0.80 

Dongbu Insurance Shs 28,590 28,590 KRW 32,660.870 825,289.90 0.50 


Halla Climate Control Shs 71,390 71,390 KRW 13,751.945 867,693.10 0.53 

Hana Financial Group Shs 55,490 29,010 26,480 KRW 35,441.594 829,460.78 0.51 


Hyundai Engineering & Construction Shs 36,750 KRW 62,793.808 2,039,570.85 1.24 


LG Shs 15,641 KRW 71,793.243 992,459.33 0.61 

Lotte Shopping Shs 4,255 KRW 331,664.557 1,247,278.00 0.76 

POSCO Shs 2,219 5,428 KRW 533,899.043 2,561,318.67 1.56 


Samsung Fire & Marine Shs 4,714 13,636 KRW 183,527.796 2,211,838.82 1.35 

Shinhan Financial Group Shs 80,690 40,291 KRW 44,946.615 1,600,551.55 0.98 

Shinsegae Shs 393 2,072 KRW 540,977.250 990,679.98 0.60 

Woongjin Coway Shs 24,540 KRW 35,441.594 768,692.13 0.47 


316 


31/03/2010 



in USD 

% of 

Subfund 

assets




Contracts 


31/03/2010 



in USD 


Taiwan 17,988,933.03 10.96 

Ability Enterprise Shs 712,420 TWD 52.800 1,184,450.41 0.72 

Acer Shs 37,000 182,000 511,500 TWD 93.800 1,510,759.49 0.92 

Asustek Computer Shs 363,726 TWD 55.300 633,353.73 0.38 

China Steel Shs 2,161,096 TWD 32.850 2,235,405.37 1.36 

Far Eastern New Century Shs 696,000 1,060,195 TWD 34.900 1,165,086.14 0.71 


MediaTek Shs 96,152 TWD 551.000 1,668,233.26 1.02 

Novatek Microelectronics Shs 522,000 522,000 TWD 99.000 1,627,243.53 0.99 

Taiwan Fertilizer Shs 640,000 TWD 101.500 2,045,468.86 1.25 

TSRC Shs 728,000 728,000 TWD 42.300 969,658.04 0.59 

Unimicron Technology Shs 444,000 635,000 TWD 40.750 814,794.70 0.50 

Wistron Shs 458,000 458,000 TWD 57.700 832,124.19 0.51 

Thailand 6,777,382.10 4.13 

PTT Chemical (Foreign) Shs 648,600 1,272,000 THB 95.750 3,766,630.59 2.30 

PTT Exploration & Production (Foreign) Shs 146,800 315,700 THB 148.500 1,449,867.02 0.88 

Siam Commercial Bank (Foreign) Shs 500,300 548,600 THB 92.000 1,560,884.49 0.95 


Taiwan 8,006,707.44 4.88 

Hon Hai Precision Industry (GDR’s) Reg.S Shs 618,553 USD 9.230 5,709,244.19 3.48 

Taiwan Semiconductor Manufacturing (ADR’s) Shs 296,400 217,769 USD 10.550 2,297,463.25 1.40 


Equities 2,690,085.97 1.64 

South Korea 2,690,085.97 1.64 

Orion Shs 3,639 10,674 KRW 285,150.625 2,690,085.97 1.64 














USD 65.44 







% of 

Subfund 

assets 

317







Equities 

China 


China Minsheng Bankingrp Shs 736,000 736,000 

China Shenhua Energy -H- Shs 983,000 

China South Locomotive and Rolling Stock -H- Shs 2,810,000 



Sany Heavy Equipment International Holdings 


Shs 170,000 170,000 

China Unicom Shs 2,818,000 

Hopewell Holdings Shs 362,500 

PCCW 

Malaysia 

Shs 1,792,000 

IOI 

South Korea 

Shs 48,628 48,628 



KT&G Shs 25,864 


Ncsoft Shs 7,703 7,703 

NHN Shs 5,028 

S1 Shs 28,329 

Samsung SDI Shs 12,211 

Yuhan 

Taiwan 

Shs 5,370 5,370 

Cathay Financial Holding Reg.S Shs 709,251 

First Financial Holding Shs 1,629,000 

HON HAI Precision Industry Shs 85,100 

Siliconware Precision Industries Shs 999,000 


Yuanta Financial Holding 


China 

Shs 1,806,000 

Shanda Games (ADR’s) 

Taiwan 

25,300 

Wistron (GDR’s) Reg.S 


Luxembourg 


36,100 94,034 

Allianz RCM China AT-Shares USD (1.75%) 211,609 




Derivatives 




Sold CNY / Bought HKD 15 Oct 2009 CNY – 187,362.00 


318 



as at 31/03/2010 


31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 112,735,523.09) 156,499,430.00 163,703,009.13 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

332,905.28 193,732.42 







0.00 0.00 







Total Assets 166,873,080.68 175,749,861.60 





Payable on 

0.00 0.00 







– 330,617.53 – 307,213.16 







Net assets 164,069,285.34 174,812,027.62 

319





320 

01/10/2009–31/03/2010 Launch date–31/03/2009 

USD USD 



Subscriptions 

174,812,027.62 0.00 

– Class A (USD) 1) 13,218,682.25 68,461,029.35 

– Class AT (USD) 1) 3,242,706.72 195,294.98 

– Class IT (USD) 1) 0.00 5,462.84 


4,465,870.17 49,698,441.43 

– Class A (USD) 1) – 15,630,271.21 – 6,510,535.10 

– Class AT (USD) 1) – 3,140.20 – 13,435.67 

– Class IT (USD) 1) 0.00 0.00 

– Class A (EUR) 2) – 20,075,348.97 – 3,064,059.55 

Distribution – 1,161,236.95 0.00 

Equalization – 26,479.07 – 5,625.14 



5,226,474.98 – 6,485,268.74 





Class A 1) 

Shares 

Class AT 1) 

Shares 

Class IT 1) 

Shares 

Class A 1) 

Shares 

Class AT 1) 

Shares 

Class IT 1) 

Shares 




1,397,477 3,768 111 0 0 0 

– issued 217,927 52,554 0 1,478,758 4,128 111 

– redeemed 


– 255,659 – 53 0 – 172,782 – 333 0 

at the end of the reporting period 1,359,745 56,269 111 1,305,976 3,795 111 


Class A 2) 

Shares 

Class A 2) 

Shares 




419,857 0 

– issued 20,658 384,541 

– redeemed 


– 91,353 – 22,315 




349,162 362,226





Contracts 


Equities 326,318,555.51 93.73 

China 83,551,504.48 24.00 

China Coal Energy -H- Shs 6,134,000 3,936,000 2,198,000 HKD 12.140 3,436,962.81 0.99 

China Construction Bank -H- Shs 20,586,000 HKD 6.350 16,837,365.96 4.84 

China High Speed Transmission Equipment Group Shs 1,497,000 1,497,000 HKD 17.371 3,349,377.92 0.96 

China Life Insurance -H- Shs 3,036,000 HKD 37.200 14,546,990.82 4.18 


China Oilfield Services -H- Shs 1,314,000 1,714,000 HKD 11.400 2,516,773.78 0.72 


China Petroleum & Chemical -H- Shs 1,872,000 5,132,000 HKD 6.350 4,197,481.89 1.20 

China Railway Construction -H- Shs 1,388,500 1,388,500 HKD 9.550 1,707,960.07 0.49 

Dalian Port PDA -H- Shs 7,394,000 HKD 3.640 3,466,644.34 1.00 


Industrial & Commercial Bank of China -H- Shs 20,958,000 HKD 5.930 16,007,849.30 4.60 

Shenzen Expressway -H- Shs 3,072,000 3,072,000 HKD 4.080 1,614,395.11 0.46 


Zhongsheng Group Holdings Shs 945,000 945,000 HKD 11.641 1,416,950.56 0.41 

ZTE -H- Shs 267,800 267,800 HKD 47.050 1,622,925.78 0.47 


Aeon Stores Hong-Kong Shs 950,000 HKD 13.645 1,669,700.42 0.48 

Beijing Enterprises Holdings Shs 691,500 HKD 54.663 4,868,677.66 1.40 

BOC Hong Kong Holdings Shs 2,957,000 HKD 18.747 7,140,315.08 2.05 


China Resources Land Shs 1,532,000 HKD 16.986 3,351,782.17 0.96 

CNOOC Shs 625,000 6,309,000 HKD 12.896 10,479,848.92 3.01 



Hong Kong Exchanges & Clearing Shs 495,100 HKD 131.190 8,366,099.20 2.40 



Sun Hung Kai Properties Shs 811,000 HKD 118.132 12,340,046.37 3.55 

Indonesia 12,392,285.29 3.56 

Bank Mandiri Shs 6,701,000 IDR 5,350.000 3,939,815.37 1.13 

Perusahaan Gas Negara Shs 15,779,000 IDR 4,250.000 7,369,718.12 2.12 

XL Axiata Shs 2,815,000 2,815,000 IDR 3,500.000 1,082,751.80 0.31 

Macau 1,996,460.03 0.57 

Wynn Macau Shs 1,369,600 1,369,600 HKD 11.317 1,996,460.03 0.57 

Malaysia 4,297,495.43 1.24 

IOI Shs 85,013 1,360,213 MYR 5.390 2,247,217.80 0.65 

Public Bank Shs 8,328 574,659 MYR 11.640 2,050,277.63 0.59 

Singapore 22,617,775.74 6.50 

City Developments Shs 356,000 SGD 10.515 2,673,833.61 0.77 

Singapore Exchange Shs 435,000 SGD 7.589 2,357,920.61 0.68 

Singapore Technologies Engineering Shs 1,686,000 SGD 3.164 3,810,892.29 1.09 

Singapore Telecommunications Shs 1,078,500 627,500 SGD 3.145 1,409,455.99 0.41 


South Korea 72,075,446.96 20.70 

Amorepacific Shs 2,429 2,429 KRW 832,194.910 1,786,558.34 0.51 

CJ CheilJedang Shs 14,395 14,395 KRW 227,513.797 2,894,569.89 0.83 

Daewoo International Shs 3,334 114,495 KRW 36,402.208 3,683,654.38 1.06 

Dongbu Insurance Shs 114,650 114,650 KRW 32,660.870 3,309,530.86 0.95 


Halla Climate Control Shs 158,700 158,700 KRW 13,751.945 1,928,882.13 0.56 

Hana Financial Group Shs 109,910 109,910 KRW 35,441.594 3,442,826.07 0.99 


Hyundai Engineering & Construction Shs 17,736 63,486 KRW 62,793.808 3,523,379.46 1.01 


POSCO Shs 3,577 8,503 KRW 533,899.043 4,012,323.63 1.15 


Samsung Fire & Marine Insurance Shs 8,385 29,038 KRW 183,527.796 4,710,133.14 1.35 

Shinhan Financial Group Shs 111,350 90,210 KRW 44,946.615 3,583,573.38 1.03 

Shinsegae Food Shs 25,459 25,459 KRW 80,893.794 1,820,208.68 0.52 

Sung Kwang Bend Shs 137,959 137,959 KRW 26,189.366 3,193,299.52 0.92 



31/03/2010 



in USD 

% of 

Subfund 

assets 

321





Contracts 

Taiwan 42,859,119.32 12.31 

Ability Enterprise Shs 383,000 1,915,390 TWD 52.800 3,184,476.10 0.92 

Acer Shs 378,000 1,140,030 TWD 93.800 3,367,177.22 0.97 

Career Technology Shs 3,049,000 3,049,000 TWD 27.300 2,620,999.43 0.75 

China Steel Shs 3,407,481 TWD 32.850 3,524,647.36 1.01 

Delta Electronics Shs 763,551 763,551 TWD 100.500 2,416,300.76 0.70 

Eva Airways Shs 4,755,000 4,755,000 TWD 14.950 2,238,404.50 0.64 




Taiwan Fertilizer Shs 1,299,000 TWD 101.500 4,151,662.57 1.19 

TSRC Shs 1,439,000 1,439,000 TWD 42.300 1,916,672.96 0.55 

Unimicron Technology Shs 2,535,000 1,415,000 TWD 40.750 1,815,644.88 0.52 

Thailand 17,074,055.98 4.90 


PTT Exploration & Production (Foreign) Shs 163,500 1,159,500 THB 148.500 5,325,057.99 1.53 

Siam Commercial Bank (Foreign) Shs 416,000 1,178,000 THB 92.000 3,351,662.29 0.96 


Taiwan 15,198,260.92 4.36 

Epistar (GDR’s) Shs 72,900 USD 16.606 1,210,601.46 0.35 

Hon Hai Precision Industry (GDR’s) Shs 745,372 USD 9.230 6,879,783.56 1.97 

Taiwan Semiconductor Manufacturing (ADR’s) Shs 220,300 508,771 USD 10.550 5,367,534.05 1.54 

Wistron (GDR’s) Shs 66,100 95,150 94,945 USD 18.330 1,740,341.85 0.50 


Equities 5,317,418.40 1.53 

South Korea 5,317,418.40 1.53 

Orion Shs 4,831 21,099 KRW 285,150.625 5,317,418.40 1.53 












– Class PT (USD) (accumulating) 


USD 22.11 




– Class PT (USD) (accumulating) Shs 228,579 




322 


31/03/2010 



in USD 

% of 

Subfund 

assets








Equities 

China 


China Minsheng Banking -H- Shs 1,467,000 1,467,000 

China Shenhua Energy -H- Shs 2,065,000 

China South Locomotive and Rolling Stock -H- Shs 3,832,000 



Longfor Properties Shs 1,761,500 1,761,500 



China Unicom Hong Kong Shs 8,254,000 

PCCW Shs 4,155,000 

Malaysia 

IOI Shs 85,013 85,013 

Singapore 

Yanlord Land Group Shs 1,811,000 

South Korea 

Basic House Shs 282,520 

Hynix Semiconductor Shs 92,300 187,760 

Korea Exchange Bank Shs 197,450 


KT&G Shs 25,391 

LG Shs 35,581 


NCSoft Shs 12,750 12,750 

Samsung SDI Shs 26,456 

Yuhan Shs 9,717 9,717 

Taiwan 

Cathay Financial Holding Shs 1,004,700 

Cyntec Shs 337,000 817,000 

Kinsus Interconnect Technology Shs 1,588,000 

Siliconware Precision Industries Shs 2,185,000 


Yuanta Financial Holding Shs 2,470,000 


China 


Taiwan 

KGI Securities (GDR’s) Shs 137,079 


Luxembourg 

Allianz Global Investors Opportunities - Allianz RCM China A-Shares -AT- USD (1.750%) Shs 480,997.000 

323



as at 31/03/2010 


324 

31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 260,098,783.73) 346,834,234.83 340,144,912.23 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

739,353.17 261,454.19 







0.00 0.00 







Total Assets 354,871,702.70 346,835,878.94 

Liabilities to banks – 1,108,446.96 0.00 




Payable on 

0.00 0.00 

– redemptions of fund shares – 2,112,103.80 – 542,212.61 






– 686,533.33 – 617,709.17 







Net assets 348,158,613.65 345,023,457.16




01/10/2009–31/03/2010 Launch date–31/03/2009 

USD USD 



Subscriptions 

345,023,457.16 0.00 

– Class A (USD) 1) 12,190,999.70 122,558,748.88 

– Class AT (USD) 1) 22,293,267.46 197,294,609.27 

– Class IT (USD) 1) 0.00 118,879.40 

– Class PT (USD) 1) Redemptions 

907,558.34 4,693,801.95 

– Class A (USD) 1) – 18,577,503.50 – 16,380,060.20 

– Class AT (USD) 1) – 29,971,823.24 – 23,842,703.20 

– Class IT (USD) 1) 0.00 – 93,574.76 

– Class PT (USD) 1) – 43.52 – 2,052,456.36 

Distribution – 730,439.87 0.00 

Equalization – 70,570.54 – 3,010.21 



17,093,711.66 – 48,530,249.03 





Class A 1) 

Shares 

Class AT 1) 

Shares 

Class IT 1) 

Shares 

Class PT 1) 

Shares 

Class A 1) 

Shares 

Class AT 1) 

Shares 

Class IT 1) 

Shares 

Class PT 1) 

Shares 




6,960,716 10,679,433 393 185,816 0 0 0 0 

– issued 665,992 1,087,034 0 42,765 8,878,118 12,816,557 7,397 302,880 

– redeemed 


– 1,012,751 – 1,446,512 0 – 2 – 1,474,574 – 1,889,533 – 7,004 – 156,211 



6,613,957 10,319,955 393 228,579 7,403,544 10,927,024 393 146,669 

325





Contracts 


Equities 148,056,103.50 97.32 

Switzerland 2,146,500.00 1.41 

Weatherford International Shs 10,300 74,300 135,000 USD 15.900 2,146,500.00 1.41 


Activision Blizzard Shs 183,150 51,150 132,000 USD 12.030 1,587,960.00 1.04 

Adobe Systems Shs 107,100 32,500 USD 35.680 1,159,600.00 0.76 

Air Products & Chemicals Shs 28,200 30,400 USD 74.090 2,252,336.00 1.48 

Alcoa Shs 2,000 44,350 78,050 USD 14.400 1,123,920.00 0.74 

Amgen Shs 25,500 34,700 62,600 USD 60.090 3,761,634.00 2.47 

Apple Shs 39,950 15,450 USD 235.830 3,643,573.50 2.40 

Archer-Daniels-Midland Shs 70,090 11,500 83,600 USD 28.930 2,418,548.00 1.59 

AT&T Shs 32,850 60,950 120,500 USD 25.950 3,126,975.00 2.06 

Autodesk Shs 71,700 77,900 USD 29.400 2,290,260.00 1.51 

Bank of America Shs 64,000 85,750 152,850 USD 17.760 2,714,616.00 1.78 

Baxter International Shs 75,500 20,700 54,800 USD 58.670 3,215,116.00 2.11 

Boeing Shs 6,600 48,150 82,950 USD 73.530 6,099,313.50 4.01 

Cameron International Shs 2,000 68,550 54,950 USD 42.750 2,349,112.50 1.54 

Caterpillar Shs 84,450 32,550 USD 63.160 2,055,858.00 1.35 

Chevron Shs 7,450 26,550 53,100 USD 75.300 3,998,430.00 2.63 

Chubb Shs 18,100 31,900 USD 52.100 1,661,990.00 1.09 

Cisco Systems Shs 7,000 95,000 162,200 USD 26.650 4,322,630.00 2.84 

ConocoPhillips Shs 20,200 28,700 USD 51.260 1,471,162.00 0.97 

Corning Shs 38,100 174,300 185,000 USD 20.170 3,731,450.00 2.45 

eBay Shs 48,300 52,400 118,300 USD 27.140 3,210,662.00 2.11 

EMC Shs 110,100 100,500 USD 18.040 1,813,020.00 1.19 

Exxon Mobil Shs 53,100 53,100 USD 67.050 3,560,355.00 2.34 

Flir Systems Shs 2,000 55,500 68,400 USD 28.030 1,917,252.00 1.26 

Freeport-McMoRan Copper & Gold Shs 6,700 46,900 19,700 USD 83.660 1,648,102.00 1.08 

General Electric Shs 102,450 149,650 302,400 USD 18.300 5,533,920.00 3.64 

Genzyme Shs 13,500 56,950 29,450 USD 52.520 1,546,714.00 1.02 

Intel Shs 22,250 95,850 169,300 USD 22.350 3,783,855.00 2.49 

Intuit Shs 9,300 76,300 89,700 USD 34.360 3,082,092.00 2.03 

Johnson & Johnson Shs 8,400 71,300 104,300 USD 64.900 6,769,070.00 4.45 

JP Morgan Chase & Co. Shs 3,300 40,300 71,200 USD 44.580 3,174,096.00 2.09 

L-3 Communications Holdings Shs 23,200 20,700 USD 92.940 1,923,858.00 1.26 

Legg Mason Shs 18,700 33,100 USD 29.200 966,520.00 0.64 

Lockheed Martin Shs 21,200 28,550 51,150 USD 84.090 4,301,203.50 2.83 

Mc Donald’s Shs 46,300 14,100 32,200 USD 67.240 2,165,128.00 1.42 

Medtronic Shs 47,550 83,850 USD 45.050 3,777,442.50 2.48 

Metlife Shs 3,700 25,950 49,250 USD 42.870 2,111,347.50 1.39 

Morgan Stanley Shs 58,850 550 58,300 USD 29.210 1,702,943.00 1.12 

National-Oilwell Shs 5,500 47,250 80,150 USD 40.460 3,242,869.00 2.13 

PepsiCo Shs 5,800 30,150 52,650 USD 66.770 3,515,440.50 2.31 

Pfizer Shs 42,950 66,850 160,600 USD 17.260 2,771,956.00 1.82 

Procter & Gamble Shs 4,500 50,100 65,400 USD 63.660 4,163,364.00 2.74 

Raytheon Shs 26,300 22,900 40,800 USD 57.450 2,343,960.00 1.54 

Schlumberger Shs 2,000 32,150 54,950 USD 63.050 3,464,597.50 2.28 

SEI Investments Shs 70,000 700 69,300 USD 21.820 1,512,126.00 0.99 

Starbucks Shs 256,900 39,500 USD 24.550 969,725.00 0.64 

Texas Instruments Shs 4,050 61,050 108,800 USD 24.610 2,677,568.00 1.76 

U.S.Bancorp Shs 58,700 1,600 57,100 USD 25.860 1,476,606.00 0.97 

Varian Medical Systems Shs 89,300 50,200 USD 55.660 2,794,132.00 1.84 

Verizon Communications Shs 11,200 46,350 81,450 USD 31.230 2,543,683.50 1.67 

Wal-Mart Stores Shs 40,400 56,800 106,700 USD 55.910 5,965,597.00 3.92 

Walgreen Shs 8,600 42,800 66,700 USD 37.420 2,495,914.00 1.64 



Sight deposits2) 6,007,291.53 3.95 






326 


31/03/2010 



in USD 

% of 

Subfund 

assets




Contracts 


31/03/2010 




gain/loss 

Derivatives 




Sold USD/Bought EUR 30 Apr 2010 USD – 108,583,201.62 – 89,481.31 – 0.06 









– Class N (EUR) (distributing) EUR 1,499.11 

– Class S (EUR) (distributing) EUR 1,497.44 


– Class W (H-EUR) (distributing) EUR 818.06 


– Class A (EUR) (distributing) Shs 10 




– Class N (EUR) (distributing) Shs 6,758 

– Class S (EUR) (distributing) Shs 58 


– Class W (H-EUR) (distributing) Shs 101,498 



% of 

Subfund 

assets 





Equities 


Gilead Sciences Shs 79,300 

Omnicom Group Shs 80,400 

XTO Energy Shs 24,700 67,900 

327



as at 31/03/2010 


328 

31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 141,938,497.31) 148,056,103.50 208,568,620.00 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

118,606.07 136,682.00 







0.00 0.00 







Total Assets 156,506,933.69 214,473,888.55 





Payable on 

0.00 0.00 

– redemptions of fund shares – 53.59 0.00 






– 154,739.58 – 170,800.78 





– forward foreign exchange transactions – 89,481.31 0.00 


Net assets 152,140,540.46 213,139,892.94




01/10/2009–31/03/2010 01/10/2008–31/03/2009 

USD USD 



Subscriptions 

213,139,892.94 286,185,352.29 

– Class A (USD) 12,755,369.72 161,361.51 

– Class A (EUR) 1) 1,333.90 0.00 

– Class CT (EUR) 1,822,288.05 457,416.81 

– Class N (EUR) 2) 5,433,709.03 1,335.50 

– Class S (EUR) 2) 1,893.83 76,784.66 

– Class W (H-EUR) 1,008,394.77 45,467,012.75 

– Class A (GBP) 3) 1,503.60 0.00 


25,756.26 0.00 

– Class A (USD) – 908,980.08 – 19,045.78 

– Class CT (EUR) – 810,138.30 – 151,597.33 

– Class N (EUR) 2) 0.00 0.00 

– Class S (EUR) 2) 0.00 – 1,293.58 

– Class W (H-EUR) – 87,878,156.36 – 32,311,499.47 

– Class AT (SGD) 4) – 11,128.94 0.00 

Distribution – 2,050,298.51 – 19,513,235.97 

Equalization 87,171.00 43,146.59 



9,521,929.55 – 110,395,523.06 




USD Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class A 1) 

Shares 

Class A 1) 

Shares 




420,289 1,770 

– issued 1,383,014 28,399 

– redeemed 


– 101,338 – 2,722 






1,701,965 27,447 

329




EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 


330 

Class CT 

Shares 

Class N 2) 

Shares 

Class S 2) 

Shares 

Class CT 

Shares 

Class N 2) 

Shares 

Class S 2) 

Shares 




78,776 3,873 57 74,170 0 0 

– issued 16,107 2,885 1 5,568 1 58 

– redeemed 


– 7,347 0 0 – 2,076 0 – 1 

at the end of the reporting period 87,536 6,758 58 77,662 1 57 

EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class A 1) 

Shares 

Class W (H-EUR) 

Shares 

Class A 1) 

Shares 

Class W (H-EUR) 

Shares 




0 176,531 0 222,340 

– issued 10 915 0 57,152 

– redeemed 


0 – 75,948 0 – 47,163 

at the end of the reporting period 10 101,498 0 232,329 

GBP Shares 05/03/2009–31/03/2010 01/10/2008–30/09/2009 

Class A 3) 

Shares 

Class A 3) 

Shares 




0 0 


– redeemed 


0 0 

at the end of the reporting period 10 0 

SGD Shares 01/10/2009–31/03/2010 01/10/2008–30/09/2009 

Class AT 4) 

Shares 

Class AT 4) 

Shares 




295 0 

– issued 3,349 295 

– redeemed 


– 1,441 0 






2,203 295





Contracts 




Term deposits 8,761,432.39 88.09 

0.1300 % Citibank Hong Kong 

(26.03.2010-01.04.2010) USD 46,408.0 46,656.6 1,793.2 % 100.000 1,793,223.62 18.03 

0.1500 % Commerzbank Hong Kong 

(29.03.2010-01.04.2010) USD 46,949.2 47,097.9 1,810.2 % 100.000 1,810,211.21 18.20 

0.2300 % DAH Sing Bank Hong Kong 

(25.03.2010-01.04.2010) USD 45,727.1 45,925.4 1,767.9 % 100.000 1,767,854.02 17.78 

0.0100 % DBS Bank Hong Kong 

(30.03.2010-01.04.2010) USD 44,498.6 44,748.5 1,578.8 % 100.000 1,578,835.04 15.87 

0.1700 % National Australia Bank Hong Kong 

(31.03.2010-07.04.2010) USD 47,329.1 47,477.9 1,811.3 % 100.000 1,811,308.50 18.21 







USD 9.40 


1) Deposits at financial institutions in Luxembourg are not subject to any deposit insurance. 




31/03/2010 



in USD 

% of 

Subfund 

assets 

331



as at 31/03/2010 


332 

31/03/2010 30/09/2009 

USD USD 

Securities 

(Cost price USD 0.00) 0.00 0.00 

Time deposits 8,761,432.39 9,755,845.65 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

0.00 0.00 







0.00 0.00 







Total Assets 10,572,880.86 11,215,497.31 





Payable on 

0.00 0.00 







– 4,618.99 – 10,473.19 







Net assets 9,946,279.58 11,083,889.13




01/10/2009–31/03/2010 Launch date–31/03/2009 

USD USD 



Subscriptions 

11,083,889.13 0.00 


17,455,961.59 46,308,831.98 

– Class A (USD) 1) – 18,556,850.54 – 26,400,210.23 


Equalization – 1,213.72 – 1,637.97 



– 35,506.88 – 21,443.57 





Class A 1) 

Shares 

Class A 1) 

Shares 




1,174,471 0 

– issued 1,854,011 4,877,925 

– redeemed 


– 1,970,780 – 2,780,606 



1,057,702 2,097,319 

333





Contracts 


Equities 18,139,430.82 96.98 

Austria 304,112.00 1.63 

Conwert Immobilien Invest Shs 15,000 33,200 EUR 9.160 304,112.00 1.63 

Finland 831,211.50 4.44 

Citycon Shs 20,000 155,000 145,800 EUR 2.930 427,194.00 2.28 

Sponda Shs 130,750 EUR 3.090 404,017.50 2.16 

France 6,379,872.31 34.11 

Affine Real Estate Investment Trust Shs 20,500 EUR 17.870 366,335.00 1.96 

Foncière des Régions -Warrants- Shs 8,923 8,923 EUR 0.865 7,713.93 0.04 

Foncière des Régions Real Estate Investment Trust Shs 750 8,173 EUR 82.450 673,863.85 3.60 

Gecina Real Estate Investment Trust Shs 2,000 6,400 EUR 82.300 526,720.00 2.82 

ICADE Real Estate Investment Trust Shs 8,500 EUR 82.410 700,485.00 3.75 

Klepierre Real Estate Investment Trust Shs 5,500 23,500 37,880 EUR 28.870 1,093,595.60 5.85 

Mercialys Real Estate Investment Trust Shs 4,000 25,371 EUR 26.500 672,331.50 3.59 

Société de la Tour Eiffel Real Estate Investment Trust Shs 5,672 EUR 62.440 354,159.68 1.89 

Société Immobilière de Location pour l’Industrie 

et le Commerce Real Estate Investment Trust Shs 2,500 7,600 EUR 93.220 708,472.00 3.79 

Unibail-Rodamco Real Estate Investment Trust Shs 420 1,640 8,545 EUR 149.350 1,276,195.75 6.82 

Germany 440,411.47 2.36 

Deutsche Euroshop Shs 2,583 18,083 EUR 24.355 440,411.47 2.36 

Italy 294,505.20 1.57 

Immobiliare Grande Distribuzione Real Estate Investment Trust Shs 199,800 EUR 1.474 294,505.20 1.57 

Sweden 831,018.27 4.44 

Castellum Shs 27,000 59,000 SEK 72.250 438,826.03 2.34 

Hufvudstaden -A- Shs 19,000 62,200 SEK 61.250 392,192.24 2.10 

Switzerland 310,915.78 1.66 

PSP Swiss Property Reg.S Shs 2,000 6,600 CHF 67.400 310,915.78 1.66 


Corio Real Estate Investment Trust Shs 1,429 3,250 15,529 EUR 49.210 764,182.09 4.08 

Eurocommercial Properties Real Estate Investment Trust Shs 2,000 3,000 24,700 EUR 29.960 740,012.00 3.96 

Vastned Retail Real Estate Investment Trust Shs 7,800 EUR 49.690 387,582.00 2.07 

Wereldhave Real Estate Investment Trust Shs 2,500 2,400 9,800 EUR 71.550 701,190.00 3.75 


Big Yellow Group Real Estate Investment Trust Shs 30,000 66,600 GBP 3.430 257,195.50 1.38 

British Land Real Estate Investment Trust Shs 82,000 18,000 224,064 GBP 4.805 1,212,161.53 6.48 

Derwent London Real Estate Investment Trust Shs 12,000 49,300 GBP 13.730 762,100.90 4.07 

Great Portland Estates Real Estate Investment Trust Shs 75,000 25,000 220,090 GBP 3.161 783,285.03 4.19 

Hammerson Real Estate Investment Trust Shs 25,000 188,080 GBP 3.928 831,781.23 4.45 

Helical Bar Shs 42,000 58,500 GBP 3.369 221,897.24 1.19 

Land Securities Group Real Estate Investment Trust Shs 31,500 161,100 GBP 6.810 1,235,201.10 6.60 

Segro Real Estate Investment trust Shs 135,000 199,809 GBP 3.222 724,829.12 3.88 

Shaftesbury Real Estate Investment Trust Shs 29,000 GBP 3.858 125,966.55 0.67 











EUR 78.58 





334 


31/03/2010 



in EUR 

% of 

Subfund 

assets








Equities 

Belgium 

Befimmo SCA Sicafi Real Estate Investment Trust Shs 3,856 

Cofinimmo Real Estate Investment Trust Shs 3,050 

Equities 

Germany 


335



as at 31/03/2010 


336 

31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 19,955,782.37) 18,139,430.82 17,264,851.57 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

83,482.15 43,301.90 







0.00 0.00 







Total Assets 18,761,838.51 17,711,108.50 





Payable on 

0.00 0.00 







– 39,446.68 – 105,531.91 







Net assets 18,703,086.83 17,605,576.59




01/10/2009–31/03/2010 01/10/2008–31/03/2009 

EUR EUR 



Subscriptions 

17,605,576.59 18,296,236.22 

– Class AT (EUR) 1) Redemptions 

0.00 0.00 

– Class AT (EUR) 1) 0.00 0.00 

Equalization 0.00 0.00 



1,097,510.24 – 7,665,241.68 




EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class AT 

Shares 

Class AT 

Shares 




238,000 238,000 


– redeemed 


0 0 


337





Contracts 


Equities 84,812,942.22 135.87 


AES Shs 26,083 271,583 USD 11.070 2,234,843.18 3.58 

Amazon.com Shs 29,086 29,086 USD 136.550 2,952,382.04 4.73 

Amgen Shs 6,061 63,106 USD 60.090 2,818,835.34 4.52 

Apple Shs 2,217 23,085 USD 235.830 4,046,930.83 6.48 

Biogen Idec Shs 7,435 77,417 USD 57.710 3,321,117.67 5.32 

Boston Scientific Shs 32,473 338,113 USD 7.250 1,822,202.87 2.92 

Broadcom -A- Shs 13,347 138,965 USD 33.220 3,431,641.50 5.50 

Cephalon Shs 6,535 68,039 USD 70.790 3,580,359.91 5.73 

Cisco Systems Shs 16,925 176,226 USD 26.650 3,491,114.14 5.59 

Cognizant Technology Solutions -A- Shs 10,605 110,415 USD 51.460 4,223,716.01 6.77 

Dell Shs 25,301 263,437 USD 14.970 2,931,537.29 4.70 

eBay Shs 16,667 173,535 USD 27.140 3,501,013.41 5.61 

EMC Shs 23,671 246,468 USD 18.040 3,305,170.94 5.29 

Fiserv Shs 7,504 78,137 USD 50.750 2,947,743.09 4.72 

Gilead Sciences Shs 8,029 83,595 USD 45.610 2,834,243.93 4.54 

Google -A- Shs 793 8,258 USD 566.700 3,478,763.80 5.57 

Intuit Shs 13,162 137,043 USD 34.360 3,500,312.86 5.61 

Juniper Networks Shs 15,985 166,435 USD 30.870 3,819,250.47 6.12 

Lam Research Shs 12,102 126,007 USD 37.430 3,505,995.47 5.62 

Liberty Global -A- Shs 16,810 175,028 USD 29.170 3,795,253.68 6.08 

Liberty Media Corp - Interactive - A - Shs 37,416 389,579 USD 15.210 4,404,753.44 7.06 

SanDisk Shs 190,188 190,188 USD 34.980 4,945,381.29 7.92 

Symantec Shs 24,055 250,461 USD 17.050 3,174,397.76 5.08 

Verisign Shs 17,675 184,029 USD 25.950 3,549,935.64 5.69 

Yahoo! Shs 24,861 258,849 USD 16.610 3,196,045.66 5.12 





31/03/2010 



assets 

549,490.88 0.88 






31/03/2010 



assets 

Derivatives 



Swap Transactions 828,695.68 1.33 

Equity Swap 828,695.68 1.33 

Basquet EUR Equity Swaps EUR 1,000.00 1,762.00 7,934.00 828,695.68 1.33 







EUR 99.87 





338








Equities 

Canada 

Research In Motion Shs 56,605 


Viacom -B- Shs 167,887 

339



as at 31/03/2010 


340 

31/03/2010 30/09/2009 

EUR EUR 

Securities 

(Cost price EUR 72,984,758.92) 84,812,942.22 76,282,273.25 





0.00 0.00 

– bonds 0.00 0.00 





Receivable on 

0.00 0.00 







0.00 0.00 



– swap transactions 828,695.68 16,947,659.53 




Total Assets 86,219,477.25 93,549,823.86 

Liabilities to banks – 0.32 – 78,657.82 


Upfront-payments received on swap transactions – 23,671,649.68 – 25,945,130.53 


Payable on 

0.00 0.00 







– 100,258.96 – 116,026.64 







Net assets 62,419,219.82 67,356,097.84




01/10/2009–31/03/2010 01/10/2008–31/03/2009 

EUR EUR 



Subscriptions 

67,356,097.84 74,221,585.69 

– Class AT (EUR) 

Redemptions 

4,992,463.54 4,728,234.99 

– Class AT (EUR) – 10,903,663.54 – 15,537,084.99 


Equalization – 2,649.00 – 430,615.01 



976,970.98 3,278,238.01 




EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class AT 

Shares 

Class AT 

Shares 




685,000 800,000 

– issued 50,623 49,986 

– redeemed 


– 110,623 – 164,986 


341







Bonds 

Australia 

6.3750 % BHP Billiton Finance EUR MTN 09/16 EUR 100.0 

5.5000 % National Australia Bank EUR MTN 08/15 EUR 150.0 

5.8750 % Rio Tinto Finance USA USD Notes 08/13 USD 150.0 

3.8750 % Telstra EUR MTN 05/15 EUR 200.0 

6.5000 % Westpac Banking EUR MTN 08/13 EUR 100.0 

Belgium 

5.6250 % Delhaize Group EUR Notes 07/14 EUR 100.0 

Denmark 

5.9140 % Danske Bank USD FLR-Bonds 04/und. Reg.S USD 400.0 

France 

4.5000 % AXA EUR MTN 09/15 EUR 100.0 

8.5000 % Banque PSA Finance EUR MTN 09/12 EUR 75.0 

6.3750 % Casino Guichard Perrachon EUR MTN 08/13 EUR 100.0 

4.8750 % Compagnie de Saint-Gobain EUR MTN 06/16 EUR 100.0 

5.0000 % Compagnie Financiere et Industrielle des Autoroutes EUR Notes 06/21 EUR 200.0 

5.0000 % France Government Bond EUR Bonds 00/16 EUR 300.0 300.0 

5.6250 % France Telecom EUR MTN 08/18 EUR 250.0 

0.0100 % France Treasury Bill EUR Zero-Coupon Bonds 09/10 EUR 8.0 8.0 

5.6250 % GDF Suez EUR MTN 09/16 EUR 150.0 

Germany 





0 % German Treasury Bill EUR Zero-Coupon Bonds 09/09 EUR 850.0 

0 % German Treausry Bill EUR Zero-Coupon Bonds 09/10 EUR 750.0 750.0 

Ireland 

0.8860 % GE Capital European Funding EUR FLR-MTN 06/21 EUR 250.0 

5.6700 % TransCapitalInvest for OJSC AK Transneft USD Notes 07/14 Reg.S USD 100.0 

Italy 

6.6250 % Intesa Sanpaolo EUR MTN 08/18 EUR 100.0 



Luxembourg 

5.3640 % Gaz Capital EUR MTN 07/14 EUR 200.0 

8.1250 % Gaz Capital EUR Notes 09/15 EUR 100.0 

9.0000 % Holcim Finance Luxembourg EUR MTN 09/14 EUR 100.0 

5.2500 % Telecom Italia Capital USD Notes 05/15 USD 450.0 

6.6090 % VTB Capital USD MTN 07/12 Reg.S USD 200.0 

Norway 

4.5000 % DnB NOR Bank EUR MTN 09/14 EUR 75.0 

4.3750 % Statoil EUR MTN 09/15 EUR 100.0 

South Korea 

5.7500 % Export-Import Bank Of Korea EUR MTN 08/13 EUR 200.0 

Sweden 

7.7500 % Akzo Nobel Sweden Finance EUR Notes 08/14 EUR 100.0 

4.5000 % Nordea Bank EUR MTN 09/14 EUR 150.0 

4.8750 % Svenska Handelsbanken EUR MTN 09/14 EUR 150.0 

5.2500 % Vattenfall EUR MTN 09/16 EUR 100.0 

6.2500 % Vattenfall EUR MTN 09/21 EUR 100.0 

7.8750 % Volvo Treasury EUR MTN 09/12 EUR 100.0 

Switzerland 

6.1250 % Credit Suisse EUR MTN 08/13 EUR 100.0 

4.7500 % Credit Suisse EUR MTN 09/19 EUR 50.0 


5.7500 % Deutsche Telekom International Finance EUR MTN 08/15 EUR 100.0 

5.8000 % E.ON International Finance USD Notes 08/18 Reg.S USD 350.0 

4.6250 % EADS Finance EUR MTN 09/16 EUR 50.0 

6.5000 % ELM BV for Elsevier Finance EUR Notes 09/13 EUR 100.0 


342 








4.7500 % Koninklijke KPN EUR MTN 07/14 EUR 100.0 

0.8870 % LeasePlan EUR FLR-MTN 05/10 EUR 100.0 

4.2500 % LeasePlan EUR MTN 09/11 EUR 100.0 100.0 

4.5000 % SABIC Capital EUR Notes 08/13 Cl.I EUR 100.0 

5.6250 % Siemens Financieringsmaatschappij EUR MTN 08/18 EUR 125.0 

5.3750 % TNT EUR Notes 07/17 EUR 100.0 


5.8750 % Anglo American Capital EUR MTN 08/15 EUR 100.0 

5.2500 % Barclays Bank EUR MTN 09/14 EUR 100.0 

4.8750 % Barclays Bank EUR MTN 09/19 EUR 50.0 

5.1250 % BAT International Finance EUR MTN 03/13 EUR 50.0 

5.3750 % BAT International Finance EUR MTN 07/17 EUR 150.0 

6.1000 % British Sky Broadcasting Group USD Notes 08/18 Reg.S USD 200.0 

6.5000 % Enterprise Inns GBP Notes 03/18 GBP 200.0 

4.8750 % Hammerson EUR Notes 06/15 EUR 250.0 

4.2500 % HSBC Bank EUR FLR-MTN 03/16 EUR 100.0 

6.0000 % HSBC Holdings EUR MTN 09/19 EUR 100.0 

8.3750 % Imperial Tobacco Finance EUR MTN 09/16 EUR 100.0 

4.3750 % Lloyds TSB Bank EUR MTN 09/11 EUR 100.0 

6.3750 % Lloyds TSB Bank EUR MTN 09/16 EUR 100.0 

6.5000 % National Grid EUR MTN 09/14 EUR 100.0 

7.5670 % Punch Tavern Finance GBP Notes 98/26 Cl. B1 GBP 400.0 

2.4650 % QBE International Holdings EUR FLR-Notes 00/20 EUR 200.0 

5.2500 % Royal Bank of Scotland Group EUR MTN 08/13 EUR 150.0 

1.7272 % Spirit Issuer GBP FLR-Notes 04/11 Cl.A2 GBP 400.0 

5.1250 % Tesco EUR MTN 09/15 EUR 100.0 


4.8750 % American International Group EUR FLR-Notes 07/67 Cl.A3 EUR 100.0 

6.1250 % AT&T EUR Notes 08/15 EUR 200.0 

7.0000 % Bank of America EUR MTN 09/16 EUR 200.0 

4.7500 % Citigroup EUR FLR-Notes 04/19 EUR 150.0 

6.4000 % Citigroup EUR MTN 08/13 EUR 100.0 

4.8500 % Dow Chemical USD Notes 09/12 USD 100.0 

5.3750 % Goldman Sachs Group EUR MTN 08/13 EUR 100.0 

5.1250 % Goldman Sachs Group EUR Notes 07/14 EUR 100.0 

4.3750 % JPMorgan Chase & Co. EUR MTN 07/14 EUR 100.0 

5.2500 % JPMorgan Chase & Co. EUR MTN 08/13 EUR 100.0 

6.8500 % Kinder Morgan Energy Partners USD Notes 09/20 USD 100.0 

4.2500 % Philip Morris International EUR MTN 09/12 EUR 50.0 

4.8750 % Philip Morris International USD Notes 08/13 USD 200.0 

5.5000 % Roche Holdings GBP MTN 09/15 GBP 100.0 

5.0000 % Roche Holdings USD Notes 09/14 Reg.S USD 100.0 

5.2500 % Toyota Motor Credit EUR MTN 09/12 EUR 150.0 

7.3750 % Waste Management USD Notes 01/10 USD 300.0 

5.0000 % Wells Fargo USD Notes 02/14 USD 500.0 


Bonds 

France 

6.0000 % Veolia Environnement USD Notes 03/18 USD 300.0 

Kazakhstan 

6.1240 % Tengizchevroil Finance USD Notes 04/14 Reg.S USD 353.7 

Luxembourg 

6.2500 % Enel Finance International USD Notes 07/17 Reg.S USD 200.0 


4.8750 % Deutsche Telekom International Finance USD Notes 09/14 USD 100.0 

11.0000 % Rabobank Nederland USD FLR-Notes 09/und. 144A USD 75.0 325.0 


6.3000 % National Grid USD Notes 06/16 USD 100.0 

5.7500 % Vodafone Group USD Notes 06/16 USD 200.0 


5.7000 % Amgen USD Notes 09/19 USD 50.0 

5.1250 % Metropolitan Life Global Funding I USD Notes 08/13 144A USD 200.0 

1.0000 % Nisource Finance USD FLR-Notes 04/09 USD 500.0 

343






Derivatives 






10-Year Japan Government Bond Future Dec09 Ctr 1 


10-Year US Treasury Notes Future (CBT) Dec09 Ctr 4 








3-Month STERLING Interest Rate Future Dec10 Ctr 10 












General Electric Credit Default Swap Cp 3.95 200,000.00 


344 





01/10/2009–31/03/2010 01/10/2008–31/03/2009 

EUR EUR 



Subscriptions 

13,971,764.33 14,112,311.52 


290,135.12 1,006,789.82 

– Class A (EUR) 1) – 14,209,906.32 – 2,429,890.65 

Distribution – 364,901.36 – 49,721.37 

Equalization 15,372.35 1,169.46 



297,535.88 – 869,862.05 

at the end of the reporting period 0.00 11,770,796.73 



EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class A 1) 

Shares 

Class A 1) 

Shares 




1,416,524 1,569,968 

– issued 29,210 117,925 

– redeemed 


– 1,445,734 – 281,713 



0 1,406,180 

345







Bonds 

France 

0 % France Treasury Bill EUR Zero-Coupon Bonds 08/09 EUR 750.0 


0 % France Treasury Bill EUR Zero-Coupon Bonds 09/09 EUR 1,000.0 

0 % France Treasury Bill EUR Zero-Coupon Bonds 09/09 EUR 1,000.0 


0 % France Treasury Bill EUR Zero-Coupon Bonds 09/10 EUR 750.0 750.0 







Germany 





0 % German Treausry Bill EUR Zero-Coupon Bonds 09/10 EUR 1,250.0 1,250.0 




Derivatives 











S&P Emini Future Mar10 Ctr 20 20 

S&P Emini Future Dec09 Ctr 4 14 

Volatility Index Future Feb10 Ctr 1 1 


346 





01/10/2009–31/03/2010 01/10/2008–31/03/2009 

EUR EUR 



Subscriptions 

9,550,973.59 9,129,215.73 

– Class AT (EUR) 1) Redemptions 

2,724,395.24 0.00 

– Class AT (EUR) 1) – 12,058,386.90 0.00 

Equalization 0.30 0.00 



– 216,982.23 – 1,054,505.69 

at the end of the reporting period 0.00 8,074,710.04 



EUR Shares 01/10/2009–31/03/2010 01/10/2008–31/03/2009 

Class AT 1) 

Shares 

Class AT 1) 

Shares 




100,000 100,000 

– issued 30,001 0 

– redeemed 


– 130,001 0 



0 100,000 

347

This page is left blank intentionally.

Notes to the Financial Statements 

Accounting Policies 

Basis of Accounting 

The financial statements are prepared in accordance with 

the Luxembourg regulations relating to undertakings for 

collective investment. 


The base currency of the Allianz Global Investors Fund is 

the Euro (EUR). The base currencies of the Subfunds are 

listed below: 

Base currency Base currency 

Allianz All Markets Dynamic EUR Allianz RCM Global Agricultural Trends USD 

Allianz All Markets Opportunities EUR Allianz RCM Global EcoTrends EUR 

Allianz Asian Multi Income Plus USD Allianz RCM Global Equity USD 

Allianz Euro Bond Strategy EUR Allianz RCM Global Hi-Tech Growth USD 

Allianz Euro High Yield Bond EUR Allianz RCM Global Sustainability EUR 

Allianz NFJ US Large Cap Value USD Allianz RCM Global Unconstrained USD 

Allianz PIMCO Corporate Bond Global EUR Allianz RCM Greater China Dynamic USD 

Allianz PIMCO Euro Bond EUR Allianz RCM Growing Markets Protect EUR 

Allianz PIMCO Treasury Euro Bond Plus 2011 EUR Allianz RCM Hong Kong USD 

Allianz PIMCO Treasury Euro Bond Plus 2013 EUR Allianz RCM India USD 

Allianz PIMCO Treasury Euro Cash Plus EUR Allianz RCM Indonesia USD 

Allianz RCM Asia Pacific EUR Allianz RCM Japan USD 

Allianz RCM Best Styles Euroland EUR Allianz RCM Korea USD 

Allianz RCM BRIC Equity EUR Allianz RCM Little Dragons USD 

Allianz RCM China USD Allianz RCM Malaysia USD 

Allianz RCM Currencies Strategy EUR Allianz RCM Oriental Income USD 

Allianz RCM Demographic Trends EUR Allianz RCM Philippines USD 

Allianz RCM Discovery Europe Strategy EUR Allianz RCM Singapore USD 

Allianz RCM Enhanced Short Term Euro EUR Allianz RCM Thailand USD 

Allianz RCM Enhanced Short Term US $ USD Allianz RCM Tiger USD 

Allianz RCM Euro Equity Index EUR Allianz RCM Total Return Asian Equity USD 

Allianz RCM Euroland Equity Growth EUR Allianz RCM US Equity Systematic USD 

Allianz RCM Europe Equity Growth EUR Allianz RCM USD Liquidity USD 

Allianz RCM Europe Small Cap Equity EUR Allianz Real Estate Securities Europe EUR 

Allianz RCM European Equity EUR Allianz Tactical Asset Allocation Euroland EUR 

Allianz RCM European Equity Dividend EUR Protect Global Winner 2014 EUR 

Valuation of Assets 

The value of the assets held by the Subfunds is 

determined as follows: 

a) Cash, term deposits and similar assets are valued at 

their face value plus interest. If there are significant 

changes in market conditions, the valuation may be 

made at the realisation price if the Company can 

cancel the investment, the cash or similar assets at 

any time; the realisation price in this sense 

corresponds to the sales price or the value that must 

be paid upon cancellation to the Company. 

b) Investments that are listed or traded on an exchange 

are valued based on the latest available trade price on 

the stock exchange which constitutes in principle the 

principal market for this investment. 

c) Investments traded on another regulated market are 

valued at the latest available trade price. 

d) Securities and money-market instruments whose 

latest available trade prices do not correspond to 

appropriate market prices, as well as securities and 

money-market instruments not officially listed or 

traded on an exchange or on another regulated 

349


market, and all other assets, are valued on the basis of 

their probable sales price, determined prudently and 

in good faith. 

e) Claims for reimbursement from securities lending are 

valued at the respective market value of the securities 

and money-market instruments lent. 

f) The liquidation proceeds of futures, forward or options 

contracts not traded on exchanges or on other 

regulated markets means their net liquidating value 

determined, pursuant to the policies established by 

the Board of Directors, on the basis of calculations 

consistently applied for all types of contracts. The 

liquidation proceeds of futures, forward or options 

contracts, which are traded on exchanges or on other 

regulated markets, are determined based upon the 

latest available trade price of these contracts on 

exchanges and regulated markets on which the 

particular futures, forward or options contracts are 

traded by the Company. If futures, forward or options 

contracts cannot be liquidated on the day with 

respect to which net assets are being determined, the 

basis for determining the liquidating value of such 

contracts is such a value as the Board of Directors 

deems fair and reasonable. 

g) Interest-rate swaps are valued at their market value by 

reference to the applicable interest rate curve. 

h) Index and financial instruments-related swaps are 

valued at their market value established by reference 

to the applicable index or financial instrument. The 

valuation of the index or financial instrument-related 

swap agreement is based upon the market value of 

such a swap transaction established in good faith 

pursuant to procedures established by the Board of 

Directors. 

i) Target fund units in undertakings for collective 

investment in transferable securities (“UCITS”) or 

undertakings for collective investment (“UCI”) are 

valued at the latest redemption price determined and 

obtainable. 

350 

Foreign Currencies 

Assets and liabilities have been converted at the 

exchange rates as stated below: 

Argentine Peso (ARS) 1 EUR = ARS 5.210828 

Australian Dollar (AUD) 1 EUR = AUD 1.468134 

Brazilian Real (BRL) 1 EUR = BRL 2.406720 

Canadian Dollar (CAD) 1 EUR = CAD 1.366707 

Swiss Franc (CHF) 1 EUR = CHF 1.430741 

Chinese Yuan (CNY) 1 EUR = CNY 9.183218 

Colombian Peso (COP) 1 EUR = COP 2597.275061 

Danish Krone (DKK) 1 EUR = DKK 7.445356 

Pound Sterling (GBP) 1 EUR = GBP 0.888188 

Hong Kong Dollar (HKD) 1 EUR = HKD 10.444188 

Hungarian Forint (HUF) 1 EUR = HUF 266.405060 

Indonesian Rupiah (IDR) 1 EUR = IDR 12241.106549 

Indian Rupiah (INR) 1 EUR = INR 60.553086 

Japanese Yen (JPY) 1 EUR = JPY 125.377343 

Korean Won (KRW) 1 EUR = KRW 1522.083632 

Mexican Peso (MXN) 1 EUR = MXN 16.619426 

Malaysian Ringgit (MYR) 1 EUR = MYR 4.388880 

Norwegian Krone (NOK) 1 EUR = NOK 8.022267 

New Zealand Dollar (NZD) 1 EUR = NZD 1.895653 

Philippine Peso (PHP) 1 EUR = PHP 60.791868 

Polish Zloty (PLN) 1 EUR = PLN 3.862685 

Romanian Lei (RON) 1 EUR = RON 4.090503 

Russian Ruble (RUB) 1 EUR = RUB 39.668006 

Swedish Krona (SEK) 1 EUR = SEK 9.713986 

Singapore Dollar (SGD) 1 EUR = SGD 1.883351 

Thai Baht (THB) 1 EUR = THB 43.498674 

New Turkish Lira (TRY) 1 EUR = TRY 2.047740 

Taiwan Dollar (TWD) 1 EUR = TWD 42.722464 

US Dollar (USD) 1 EUR = USD 1.345250 

South African Rand (ZAR) 1 EUR = ZAR 9.853758

Australian Dollar (AUD) 1 USD = AUD 1.091346 

Brazilian Real (BRL) 1 USD = BRL 1.789050 

Canadian Dollar (CAD) 1 USD = CAD 1.015950 

Swiss Franc (CHF) 1 USD = CHF 1.063550 

Chinese Yuan (CNY) 1 USD = CNY 6.826400 

Danish Krone (DKK) 1 USD = DKK 5.534550 

Euro (EUR) 1 USD = EUR 0.743356 

Pound Sterling (GBP) 1 USD = GBP 0.660240 

Hong Kong Dollar (HKD) 1 USD = HKD 7.763750 

Indonesian Dollar (IDR) 1 USD = IDR 9099.500000 

New Israel Shekel (ILS) 1 USD = ILS 3.707250 

Indian Rupiah (INR) 1 USD = INR 45.012500 

Japanese Yen (JPY) 1 USD = JPY 93.200000 

Korean Won (KRW) 1 USD = KRW 1131.450000 

Mexican Peso (MXN) 1 USD = MXN 12.354150 

Malaysian Ringgit (MYR) 1 USD = MYR 3.262500 

Norwegian Krone (NOK) 1 USD = NOK 5.963400 

New Zealand Dollar (NZD) 1 USD = NZD 1.409145 

Philippine Peso (PHP) 1 USD = PHP 45.190000 

Pakistan Rupie (PKR) 1 USD = PKR 84.050000 

Polish Zloty (PLN) 1 USD = PLN 2.871350 

Swedish Krona (SEK) 1 USD = SEK 7.220950 

Singapore Dollar (SGD) 1 USD = SGD 1.400000 

Thai Baht (THB) 1 USD = THB 32.335000 

Taiwan Dollar (TWD) 1 USD = TWD 31.758000 

South African Rand (ZAR) 1 USD = ZAR 7.324850 

The consolidated financial statements of the Company 

have been converted at the exchange rate as stated 

below: 

US Dollar (USD) 1 EUR = USD 1.345250 


351


Fee Structure 

Class A Class A2 Class AT Class C Class CT Class CT2 Class I 

Shares Shares Shares Shares Shares Shares Shares 

Allianz All Markets Dynamic 1.25 – – – – – – 

Allianz All Markets Opportunities 1.75 – – – – – – 

Allianz Asian Multi Income Plus – – – – – – – 

Allianz Euro Bond Strategy – – – 0.80 0.80 – – 

Allianz Euro High Yield Bond 1.10 – 1.10 – – – – 

Allianz NFJ US Large Cap Value – – 1.50 – – – – 

Allianz PIMCO Corporate Bond Global1) 1.15 – – – – – – 

Allianz PIMCO Euro Bond 1.15 – 1.15 – 1.15 – 0.60 

Allianz PIMCO Treasury Euro Bond Plus 2011 – – – – – – 0.30 

Allianz PIMCO Treasury Euro Bond Plus 2013 – – – – – – 0.35 

Allianz PIMCO Treasury Euro Cash Plus – – – – 0.60 – 0.30 

Allianz RCM Asia Pacific 1.50 – 1.50 – 1.50 – 0.75 

Allianz RCM Best Styles Euroland – – 1.00 – 1.00 – 0.50 

Allianz RCM BRIC Equity – – 1.75 – 1.75 – 0.88 

Allianz RCM China 1.75 – 1.35 – 1.75 – – 

Allianz RCM Currencies Strategy – – – – – – 0.50 

Allianz RCM Demographic Trends 1.75 – 1.75 – – – – 

Allianz RCM Discovery Europe Strategy2) 1.50 – – – 1.50 – 1.00 

Allianz RCM Enhanced Short Term Euro2) – – 0.35 – 0.30 – 0.15 

Allianz RCM Enhanced Short Term US $ 2) – – – – – – – 

Allianz RCM Euro Equity Index 0.60 – – – – – 0.25 

Allianz RCM Euroland Equity Growth 1.50 – 1.50 – 1.50 – 0.75 

Allianz RCM Europe Equity Growth 1.50 – 1.50 – 1.50 – 0.75 

Allianz RCM Europe Small Cap Equity 1.75 – 1.75 – – – – 

Allianz RCM European Equity 1.50 – – – – – – 

Allianz RCM European Equity Dividend – – 1.50 – 1.50 – – 

Allianz RCM Global Agricultural Trends 1.75 – 1.75 – 1.75 – – 

Allianz RCM Global EcoTrends 1.75 – 1.75 – 1.75 – – 

Allianz RCM Global Equity – – 1.50 – 1.50 – – 

Allianz RCM Global Hi-Tech Growth 1.75 – 1.755) – – – – 

Allianz RCM Global Sustainability 1.50 – – – 1.50 – – 

Allianz RCM Global Unconstrained – – 1.75 – – – – 

Allianz RCM Greater China Dynamic – – 1.75 – – – – 

Allianz RCM Growing Markets Protect – – 1.25 – – – – 

Allianz RCM Hong Kong 1.75 – 1.50 – – – – 

Allianz RCM India – – – – – – 0.88 

Allianz RCM Indonesia 1.75 – – – – – – 

Allianz RCM Japan 1.50 – – – – – – 

Allianz RCM Korea 1.75 – – – – – – 

Allianz RCM Little Dragons 2.75 1.75 2.756) – – 1.75 – 

Allianz RCM Malaysia 1.75 – – – – – – 

Allianz RCM Oriental Income 1.50 – 1.50 – – – 0.75 

Allianz RCM Philippines 1.75 – – – – – – 

Allianz RCM Singapore 1.75 – – – – – – 

Allianz RCM Thailand 1.75 – – – – – – 

Allianz RCM Tiger 1.75 – 1.75 – – – – 

Allianz RCM Total Return Asian Equity 1.75 – 1.75 – – – – 

Allianz RCM US Equity Systematic 1.50 – 1.50 – 1.50 – – 

Allianz RCM USD Liquidity 0.35 – – – – – – 

Allianz Real Estate Securities Europe – – 1.75 – – – – 

Allianz Tactical Asset Allocation Euroland3) – – 1.25 – – – – 

Protect Global Winner 2014 – – 1.00 – – – – 


2) Plus a performance-related fee in accordance with the sales prospectus. 



5) Actual Management Fee for Share Class AT (SGD): 1.50 %. 

6) Actual Management Fee for Share Class AT (SGD): 1.35 %. 

352


Management fee in % p.a. 

Class IT Class IT (H-EUR) Class RCM IT Class N Class P Class PT Class S Class W Class WT Class W (H-EUR) 

Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares 

– – – – – – – – – – 

– – – – – – – – – – 

0.70 – – – – – – – – – 

0.40 – – – – – – – – – 

0.60 – – – – – – – – – 

– – – – – – – 0.45 – – 

– – – – – – – – – – 

0.60 – – – – – – – – – 

– – – – – – – – – – 

– – – – – – – – – – 

– – – – 0.38 – – – – – 

– – – 0.45 – – 0.75 – – – 

– – – – – – – – – – 

– – – – – – – – – – 

0.88 – – – – – – – – – 

– – – – – – – – – – 

– – – – – – – – – – 

– – – – – – – – – – 

0.15 – – – – – – – – – 

0.15 – – – – – – – – – 

– – – – – – – – – – 

0.75 – – – – – – 0.45 – – 

0.75 – – – – – – 0.45 – – 

0.88 – – – – – – – – – 

– – – 0.45 – – 0.75 – – – 

0.75 – – – – – – – – – 

0.88 – – – – – – – – – 

– – 0.88 – – – – – – – 

0.75 0.75 – 0.45 – – 0.75 – 0.45 – 

0.88 – – – – – – – – – 

– – – – – – – – – – 

– – – – – – – – – – 

– – – – – – – – – – 

– – – – – – – – – – 

0.88 – – – – – – – – – 

0.884) – – – – – – – – – 

– – – – – – – – – – 

0.75 – – – – – – – – – 

0.88 – – – – – – – – – 

0.88 – – – – 0.88 – – – – 

– – – – – – – – – – 

0.75 – – – 0.75 – – – – – 

– – – – – – – – – – 

– – – – – – – – – – 

0.88 – – – – – – – – – 

0.88 – – – – – – – – – 

0.88 – – – – 0.88 – – – – 

– – – 0.45 – – 0.75 – – 0.45 

– – – – – – – – – – 

– – – – – – – – – – 

– – – – – – – – – – 

– – – – – – – – – – 

353


Retrocession of Management Fees 

The investment management fees of certain underlying 

funds, in which some Subfunds invest, are partially or 

totally rebated by the investment managers of such 

underlying funds who have entered into agreements with 

Allianz Global Investors Luxembourg S.A. Those amounts 

have been classified under caption other Income. 

Taxation 

The Company is not liable to any Luxembourg tax on 

profits or income, nor is any income earned by any 

Subfund of the Company liable to any Luxembourg 

withholding tax. 

The Company is, however, liable in Luxembourg to a tax 

of 0.05 % p.a. of its net asset value on equity, balanced and 

bond funds and of 0.01 % p.a. on money-market funds and 

their institutional share classes and the institutional 

share classes of equity, balanced and bond funds. This 

tax is payable quarterly based on the net asset value of 

the Subfunds at the end of the relevant quarter. 

Securities Prices 

In accordance with the sales prospectuses the net asset 

values have been calculated by reference to the valuation 

day. 

The financial statements presented in this report have 

been prepared on the basis of the latest calculated and 

published net asset values in the period. 

Additional note on valuation 

The Subfunds are invested in some products for which, as 

at the reporting date, a liquid market for their valuation 

did not exist, or only to a limited extent, as a result of 

the crisis on the financial markets. Consequently the 

valuation was carried out using estimated market values 

based on indicative broker pricing or the products’ 

valuation models and cash flows as adjusted to the 

current market information. 

Due to the present levels of liquidity in some market 

segments, it is possible that transaction prices may be 

subject to relatively large fluctuations. 

354

This page is left blank intentionally.


Highest issue price/lowest redemption price 

ISIN Launch date 31/03/2010 30/09/2009 30/09/2008 


– Class A (EUR) Shares 


LU0293303524 05/10/2007 84.18/77.95 80.02/60.41 104.48/81.58 



LU0293300009 05/10/2007 73.44/65.91 75.28/48.31 105.59/76.69 

– Class IT (USD) Shares 


LU0384039318 15/07/2009 11.81/10.74 10.85/10.00 – 

– Class C (EUR) Shares LU0484424121 09/02/2010 101.12/99.75 – – 

– Class CT (EUR) Shares LU0484424394 09/02/2010 101.12/99.75 – – 

– Class IT (EUR) Shares 


LU0482909578 09/02/2010 1,011.87/997.62 – – 

– Class A (EUR) Shares LU0482909818 09/02/2010 105.29/99.04 – – 

– Class AT (EUR) Shares LU0482909909 09/02/2010 105.32/99.04 – – 



LU0482910402 09/02/2010 1,054.13/990.59 – – 

– Class AT (SGD) Shares LU0417517892 11/08/2009 11.08/9.91 10.41/9.76 – 

– Class W (USD) Shares 


LU0294431225 01/04/2009 1,505.23/1,340.38 1,404.96/1,044.34 – 

1) 



LU0178458708 13/01/2004 10.08/9.75 9.86/8.26 10.04/8.96 

– Class A (EUR) Shares LU0165915215 02/01/2004 9.57/9.21 9.19/8.25 10.29/8.95 

– Class AT (EUR) Shares LU0165915058 23/04/2003 11.84/11.26 11.23/10.07 12.11/10.83 

– Class CT (EUR) Shares LU0165915488 31/07/2007 10.57/10.05 10.03/9.00 10.73/9.68 

– Class I (EUR) Shares LU0165915991 23/04/2003 9.71/9.32 9.49/8.31 10.43/9.34 

– Class IT (EUR) Shares LU0165915728 04/05/2005 10.68/10.14 10.12/9.07 10.73/9.72 


– Class I (EUR) Shares LU0178435912 12/11/2003 1,076.14/1,038.70 1,068.07/992.99 1,056.79/983.98 


– Class I (EUR) Shares 


LU0178437884 12/11/2003 1,086.27/1,044.67 1,074.74/986.22 1,054.44/971.68 

– Class CT (EUR) Shares LU0178431689 31/07/2007 1,076.30/1,057.63 1,057.60/1,000.22 1,044.27/1,012.24 

– Class I (EUR) Shares LU0178432067 12/11/2003 1,004.15/984.15 1,009.71/943.65 1,029.58/988.63 

– Class P (EUR) Shares 


LU0224305648 12/08/2005 998.25/979.15 1,005.91/938.66 1,025.56/985.55 


– Class A (USD) Shares LU0204485717 11/03/2005 15.69/13.44 14.67/7.81 24.23/12.16 



– Class I (EUR) Shares LU0204482706 11/01/2005 16.94/14.04 14.92/9.39 23.96/12.64 

– Class I (USD) Shares LU0204486368 11/01/2005 17.76/15.22 16.65/8.91 26.33/13.87 

– Class N (EUR) Shares LU0400425392 12/12/2008 16.49/13.62 14.47/9.33 – 

– Class S (EUR) Shares 


LU0400425632 12/12/2008 16.46/13.58 14.43/9.32 – 





LU0178440839 12/07/2005 9.75/8.47 9.96/5.84 14.31/9.58 

356


30/09/2007 30/09/2006 30/09/2005 30/09/2004 30/09/2003 30/09/2002 30/09/2001 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

10.36/9.45 10.82/9.63 10.92/10.17 10.61/9.77 – – – 

10.57/9.47 10.95/9.95 11.03/10.21 10.62/9.97 – – – 

11.87/10.94 11.95/11.13 12.04/10.72 11.05/10.06 10.70/9.93 – – 

10.33/9.97 – – – – – – 

10.80/9.77 11.34/10.27 11.42/10.44 10.61/9.94 10.40/9.96 – – 

10.43/9.75 10.43/9.86 10.52/9.98 – – – – 

1,076.18/995.54 1,130.06/1,030.96 1,140.46/1,039.24 1,097.49/999.76 – – – 

1,091.74/993.02 1,152.36/1,039.32 1,164.55/1,042.69 1,102.90/999.69 – – – 

1,015.05/999.74 – – – – – – 

1,025.98/990.00 1,030.94/1,000.98 1,031.53/1,005.31 1,019.03/997.48 – – – 

1,022.08/986.90 1,017.25/997.55 1,003.93/1,000.00 – – – – 

22.89/14.38 16.33/11.59 13.24/9.96 – – – – 

21.83/12.70 14.62/9.95 11.26/9.23 – – – – 

12.67/9.25 – – – – – – 

12.29/9.24 – – – – – – 

21.92/14.46 15.59/11.66 12.68/9.96 – – – – 

23.72/13.99 15.10/10.77 11.61/9.96 – – – – 

– – – – – – – 

– – – – – – – 

10.56/8.90 – – – – – – 

10.26/8.90 – – – – – – 

14.64/12.32 12.37/9.97 10.61/9.91 – – – – 

357






– Class AT (USD) Shares LU0293314216 25/02/2008 7.26/6.17 6.30/2.70 11.00/5.39 

– Class AT (SGD) Shares 10.66/9.91 – – 




LU0293313911 29/05/2007 955.84/780.76 792.06/395.60 1,398.59/682.11 

– Class A (GBP) Shares LU0348825687 09/06/2009 131.70/112.16 117.14/98.45 – 


– Class A (USD) Shares LU0348825331 03/10/2008 47.24/40.67 43.88/18.61 – 




LU0348831818 19/01/2009 1,942.94/1,674.05 1,794.46/930.93 – 



LU0431815132 30/06/2009 997.44/975.55 1,000.45/989.80 – 

– Class A (EUR) Shares LU0342677829 19/12/2008 150.82/124.76 131.19/96.41 – 

– Class AT (USD) Shares 


LU0342679015 19/12/2008 14.71/12.94 13.72/8.62 – 


– Class A (GBP) Shares LU0384023239 06/10/2009 100.26/95.44 – – 

– Class A (H-GBP) Shares LU0384024559 06/10/2009 100.50/99.26 – – 




LU0384030010 06/10/2009 1,010.03/986.35 – – 

– Class AT (EUR) Shares LU0293294277 01/10/2008 105.04/104.52 104.55/100.00 – 

– Class CT (EUR) Shares LU0293294434 16/02/2009 102.36/101.87 101.90/99.89 – 

– Class I (EUR) Shares LU0293295324 17/04/2007 1,051.83/1,031.41 1,063.79/1,022.75 1,046.05/1,006.99 



LU0293295597 16/02/2009 1,022.28/1,016.86 1,016.92/998.99 – 



LU0431817260 16/06/2009 1,013.58/1,008.58 1,008.64/1,000.00 – 




LU0158783802 24/02/2003 145.58/127.03 151.71/85.77 215.23/145.53 




– Class I (EUR) Shares LU0256883843 04/10/2006 1,003.01/845.00 890.94/574.90 1,170.56/816.24 

– Class IT (EUR) Shares LU0256884064 04/10/2006 1,034.80/863.83 910.79/587.69 1,170.21/822.24 

– Class W (EUR) Shares LU0256884577 02/10/2006 1,006.95/849.76 895.66/576.59 1,170.71/806.01 

358


30/09/2007 30/09/2006 30/09/2005 30/09/2004 30/09/2003 30/09/2002 30/09/2001 

122.45/71.36 – – – – – – 

– – – – – – – 

– – – – – – – 

124.47/74.04 – – – – – – 

1,227.54/728.83 – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

1,015.50/1,000.00 – – – – – – 

– – – – – – – 

– – – – – – – 

227.69/182.55 194.36/152.01 170.39/128.44 142.31/110.73 128.76/86.58 – – 

217.74/183.50 186.41/153.17 163.47/128.98 135.76/110.98 122.87/86.60 – – 

121.51/97.84 106.52/81.91 – – – – – 

121.53/97.84 106.52/81.91 – – – – – 

119.39/99.61 105.36/83.40 – – – – – 

1,186.32/1,000.00 1,033.67/830.94 – – – – – 

1,185.97/1,000.00 1,033.67/830.94 – – – – – 

1,186.08/997.87 1,026.63/823.84 – – – – – 

359



360 







– Class I (EUR) Shares LU0256880153 04/10/2006 1,123.69/911.96 954.39/598.87 1,216.5/864.60 

– Class IT (EUR) Shares LU0256881128 04/10/2006 1,155.60/928.72 971.94/609.87 1,216.37/869.83 

– Class W (EUR) Shares 


LU0256881987 02/10/2006 1,149.92/934.00 977.36/612.29 1,215.81/872.16 





LU0293315965 15/09/2009 1,136.32/954.91 1,026.21/986.22 – 


– Class N (EUR) Shares LU0400424155 12/12/2008 1,359.12/1,207.26 1,268.37/874.74 – 

– Class S (EUR) Shares 


LU0400424742 12/12/2008 1,357.86/1,203.83 1,265.23/874.07 – 


– Class CT (EUR) Shares LU0414046390 10/03/2009 150.44/137.35 142.95/100.00 – 



LU0414047281 10/03/2009 1,528.96/1,386.94 1,440.84/1,000.00 – 


– Class A (GBP) Shares LU0342688354 25/08/2008 107.04/81.50 85.86/59.08 106.83/76.59 






LU0342691812 07/07/2008 940.49/707.19 765.24/545.44 1,011.74/746.35 




– Class RCM IT (EUR) Shares 


LU0301501127 04/06/2007 69.75/61.59 82.68/48.90 124.90/81.36 





– Class IT (H-EUR) Shares LU0407702835 03/02/2009 12.42/10.75 11.36/9.52 – 

– Class IT (EUR) Shares LU0156497637 04/06/2007 7.59/6.14 7.56/5.01 10.44/7.25 

– Class N (EUR) Shares LU0400422969 12/12/2008 13.16/10.77 11.31/8.75 – 

– Class S (EUR) Shares LU0400423694 12/12/2008 13.14/10.74 11.28/8.75 – 

– Class WT (EUR) Shares LU0318003745 25/09/2007 785.95/636.51 774.32/516.61 1,055.76/743.03


30/09/2007 30/09/2006 30/09/2005 30/09/2004 30/09/2003 30/09/2002 30/09/2001 

– – – – – – – 

122.93/96.07 108.06/80.26 – – – – – 

122.93/96.07 108.06/80.26 – – – – – 

118.58/95.75 104.62/80.00 – – – – – 

1,211.49/996.26 1,067.86/829.20 – – – – – 

1,211.36/996.26 1,067.86/829.20 – – – – – 

1,211.17/994.04 1,053.13/816.34 – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

140.14/85.29 107.29/79.54 – – – – – 

114.08/91.83 – – – – – – 

110.74/91.70 – – – – – – 

108.97/92.02 – – – – – – 

8.23/6.72 7.46/5.86 6.47/4.76 5.72/4.70 5.47/4.04 7.69/4.86 11.77/6.06 

– – – – – – – 

12.10/8.89 9.91/7.33 8.13/6.36 7.17/5.72 6.18/4.62 7.10/5.02 10.62/5.81 

10.33/9.14 – – – – – – 

– – – – – – – 

10.10/9.12 – – – – – – 

– – – – – – – 

– – – – – – – 

1,021.11/1,000.00 – – – – – – 

361







– Class AT (USD) Shares LU0348724229 03/10/2008 11.97/10.47 11.08/6.86 – 



LU0348726513 03/10/2008 12.56/10.96 11.59/7.14 – 



– Class CT (EUR) Shares 


LU0158828326 31/07/2007 7.86/6.53 7.50/4.89 10.62/7.19 



LU0348728998 03/10/2008 6.95/6.15 7.04/4.30 – 



LU0396098781 02/10/2009 11.54/10.00 – – 

– Class AT (EUR) Shares 


LU0293293113 22/05/2007 106.86/100.30 101.72/94.33 111.72/96.18 





LU0348738526 03/10/2008 226.96/199.77 210.89/92.10 – 

– Class I (USD) Shares LU0348742635 30/12/2009 1,057.61/932.17 – – 

– Class IT (USD) Shares2) Allianz RCM Indonesia 

LU0348743443 17/12/2008 1,804.74/1,472.38 1,570.97/783.50 – 




LU0348744680 03/10/2008 267.19/202.81 216.34/79.15 – 




LU0348755371 03/10/2008 14.41/12.35 13.49/8.88 – 




LU0348760025 03/10/2008 10.17/8.67 9.82/4.67 – 


– Class A2 (EUR) Shares LU0396102641 12/12/2008 179.04/146.57 154.24/96.08 – 



– Class CT2 (EUR) Shares LU0396102724 12/12/2008 178.61/145.61 153.50/95.95 – 

– Class IT (USD) Shares LU0348770172 03/10/2008 101.66/86.94 91.01/44.28 – 

– Class PT (USD) Shares 


LU0348771493 03/10/2008 9.59/8.20 8.59/4.18 – 

– Class A (USD) Shares 


LU0348771659 03/10/2008 19.15/16.46 16.85/10.44 – 

362


30/09/2007 30/09/2006 30/09/2005 30/09/2004 30/09/2003 30/09/2002 30/09/2001 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

17.44/14.25 16.18/12.33 13.68/10.30 12.04/10.08 11.45/8.44 – – 

23.56/17.79 20.37/14.50 16.10/12.79 14.48/11.42 12.38/8.96 – – 

10.35/9.39 – – – – – – 

– – – – – – – 

– – – – – – – 

108.32/95.29 – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

363



364 



– Class AT (EUR) Shares LU0348784041 07/12/2009 112.61/99.64 – – 




– Class I (USD) Shares LU0348785790 03/10/2008 84.02/75.28 81.29/48.81 – 


– Class P (USD) Shares 


LU0348786921 03/10/2008 83.56/74.86 80.83/48.55 – 



LU0348788117 03/10/2008 37.55/30.99 31.51/17.65 – 



LU0348792903 03/10/2008 44.12/36.71 38.43/18.15 – 





LU0348802470 03/10/2008 20.41/16.67 18.00/7.94 – 






LU0348812271 03/10/2008 67.81/58.79 64.16/31.62 – 




– Class PT (USD) Shares 


LU0348824870 03/10/2008 22.80/19.75 21.27/10.37 – 





– Class N (EUR) Shares LU0400426366 12/12/2008 1,507.38/1,199.36 1,247.30/864.06 – 

– Class S (EUR) Shares LU0400426796 12/12/2008 1,505.80/1,197.22 1,245.43/863.65 – 

– Class A (GBP) Shares LU0264559369 05/03/2010 104.83/100.00 – – 

– Class W (H-EUR) Shares 


LU0266027183 12/12/2006 818.62/724.14 878.29/451.32 1,166.52/869.41 



LU0348834911 03/10/2008 9.44/9.40 9.50/9.44 – 


Allianz Tactical Asset Allocation Euroland3) – Class AT (EUR) Shares 


LU0342715850 26/03/2008 99.15/90.81 95.51/76.43 117.60/91.29 

– Class AT (EUR) Shares 


LU0178450556 24/04/2006 99.87/97.37 101.46/88.50 117.87/91.88


30/09/2007 30/09/2006 30/09/2005 30/09/2004 30/09/2003 30/09/2002 30/09/2001 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

103.64/96.13 – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

1,139.13/972.80 – – – – – – 

– – – – – – – 

– – – – – – – 

– – – – – – – 

117.46/101.67 106.43/98.74 – – – – – 

365


Note for Investors 

in the Federal Republic of Germany 

All payments to shareholders (proceeds from 

redemption, any distributions and other payments) can 

be made through the German Paying Agent listed in the 

“Directory”. Redemption orders may be submitted 

through the German Paying Agent. 

With respect to sales in the Federal Republic of Germany, 

the subscription and redemption prices are published in 

the Internet at the website www.allianzglobalinvestors.de. 

Any notices to investor are published in the Börsen- 

Zeitung (published in Frankfurt/Main). 

The Prospectus, the Simplified Prospectus, the Articles of 

Incorporation, the current annual and semi-annual 

reports, the subscription, redemption, and conversion 

prices may be obtained without charge at the 

Information Agent listed in the “Directory”. 

366

Note for Investors in the Republic of Austria 

Distribution of shares of the Subfunds Allianz NFJ US 

Large Cap Value, Allianz RCM Asia Pacific, Allianz RCM 

BRIC Equity, Allianz RCM China, Allianz RCM Discovery 

Europe Strategy, Allianz RCM Euroland Equity Growth, 

Allianz RCM Europe Equity Growth, Allianz RCM Europe 

Small Cap Equity, Allianz RCM European Equity Dividend, 

Allianz RCM Global Agricultural Trends, Allianz RCM 

Global EcoTrends, Allianz RCM Global Equity, Allianz 

RCM Global Sustainability, Allianz RCM Global 

Unconstrained, Allianz RCM Growing Markets Protect, 

Allianz RCM Hong Kong, Allianz RCM Oriental Income, 

Allianz RCM Tiger, Allianz RCM Total Return Asian Equity 

and Allianz RCM US Equity Systematic in the Republic of 

Austria were notified to the Finanzmarktaufsicht (Vienna) 

in accordance with § 36 InvFG. 

Paying and Information Agents 

Allianz Investmentbank AG 

Hietzinger Kai 101–105 

A-1130 Vienna 

Redemption applications for Shares of the above 

Subfunds can be submitted to the Austrian Paying and 

Information Agents, who can pay out redemption 

proceeds, distributions, if any, and other payments in 

cash in Euro to the shareholders at their request. 

In addition, all necessary investor information can be 

obtained without charge at the Austrian Paying and 

Information Agent, such as: 

– the Prospectus and Simplified Prospectus, 

– the Articles of Incorporation, 

– the annual and semi-annual reports, 

– the subscription, redemption and conversion prices. 

Appointment of Austrian Representative to the Tax 

Authorities in the Republic of Austria 

The following financial institution has been appointed 

the Austrian representative to the tax authorities for 

certification of distribution-like income as defined in 

InvFG 1993 § 40 Para. 2 line 2: 



A-1130 Vienna 


367


Note for Investors in Switzerland 

1. Representative and Paying Agent in Switzerland 

BNP Paribas Securities Services, Paris, Succursale de 

Zurich, Selnaustrasse 16, CH-8002 Zurich, is 

Representative and Paying Agent in Switzerland for the 

Shares distributed in Switzerland. 

2. Place where the relevant documents may be obtained 

The Prospectus, the Simplified Prospectus, the Articles of 

Incorporation as well as the annual and semi-annual 

reports may be obtained without charge from the 

Representative in Switzerland. 

3. Publications 

Publications in Switzerland are made in the 

“Schweizerisches Handelsamtsblatt” and in the 

“Handelszeitung”. 

In Switzerland, Subscription and Redemption Prices 

together and/or the Net Asset Value (with the indication 

“commissions excluded”) of the Shares are published 

daily in the “Neue Zürcher Zeitung”. 

4. Payment of remunerations and distribution remuneration 

Out of the annual management fee trailer fees may be 

paid to distributors and reimbursements may be made to 

investors in accordance with Luxembourg law or the 

regulations in the respective jurisdictions where the 

Shares are distributed. 

368 

In connection with distribution in Switzerland, the 

Management Company may pay reimbursements to the 

following qualified investors who, from the commercial 

perspective, hold the Shares of collective investment 

schemes for third parties: 

– life insurance companies 

– pension funds and other retirement provision 

institutions 

– investment foundations 

– Swiss fund management companies 

– foreign fund management companies and providers 

– investment companies. 

In connection with distribution in Switzerland, the 

Management Company may pay distribution 

remunerations to the following distributors and sales 

partners: 

– distributors subject to the duty to obtain authorisation 

pursuant to Art. 19.1 CISA 

– distributors exempt from the duty to obtain 

authorisation pursuant to Art. 19.4 CISA and Art. 8 CISO 

– sales partners who place units in collective investment 

schemes exclusively with institutional investors with 

professional treasury facilities 

– sales partners who place units in collective investment 

schemes exclusively on the basis of a written asset 

management mandate. 

5. Place of performance and jurisdiction 

The place of performance and jurisdiction for Shares 

distributed in Switzerland is at the registered office of the 

Representative in Switzerland.

6. Portfolio Turnover Rate (PTR) 

The Portfolio Turnover Rate (PTR) is an indicator of the 

level of incidental expenses incurred by the Subfunds 

when buying and selling investments. The PTR must be 

calculated for the same reference period as the TER. 

Portfolio Turnover Rate (PTR) 


PTR 

in % p.a. 1) 

Allianz All Markets Dynamic 226.12 

Allianz All Markets Opportunities 269.51 

Allianz RCM Asia Pacific 146.15 

Allianz RCM Best Styles Euroland 0.75 

Allianz RCM BRIC Equity – 115.42 

Allianz RCM China – 151.82 

Allianz RCM Discovery Europe Strategy 2) 76.49 

Allianz RCM Euroland Equity Growth – 99.71 

Allianz RCM Europe Equity Growth – 47.00 

Allianz RCM European Equity Dividend 123.33 

Allianz RCM Global EcoTrends 52.35 

Allianz RCM Global Equity 76.67 

Allianz RCM Global Unconstrained 339.27 

Allianz RCM Hong Kong – 41.66 

Allianz RCM Japan 188.45 

Allianz RCM Oriental Income 77.60 

Allianz RCM Total Return Asian Equity 100.28 

1) The Portfolio Turnover Rate expresses the total purchases and sales of securities less the net income (in each case for example in EUR million) as a percentage of the average net 

fund volume in a year. 

2) For the period from 20/10/2009 (launch date) to 31/03/2010. 

369


7. Total Expense Ratio (TER) 

Name of the Subfund Class TER in % p.a. 

(excl. performance-related fee) 

Allianz RCM Asia Pacific A USD1) 1.68 0.00 1.68 

I USD1) 0.93 0.00 0.93 

I EUR1) 0.90 0.00 0.90 

CT EUR2) 2.43 0.00 2.43 

A EUR1) 1.68 0.00 1.68 

AT EUR1) 1.66 0.00 1.66 

N EUR1) 0.68 0.00 0.68 

S EUR1) 0.99 0.00 0.99 

Allianz RCM Best Styles Euroland CT EUR1) 1.73 0.00 1.73 

AT EUR1) 1.20 0.00 1.20 

I EUR1) 0.66 0.00 0.66 

Allianz RCM BRIC Equity CT EUR1) 3.36 0.00 3.36 

AT EUR1) 2.59 0.00 2.59 

I EUR1) 1.42 0.00 1.42 

AT USD1) 2.50 0.00 2.50 

AT SGD5) 2.15 0.00 2.15 

Allianz RCM China A GBP3) 2.11 0.00 2.11 

A USD1) 2.02 0.00 2.02 

AT SGD4) 1.93 0.00 1.93 

IT USD1) 1.02 0.00 1.02 

CT EUR6) 3.06 0.00 3.06 

Allianz RCM Euroland Equity Growth W-EUR1) 0.84 0.00 0.84 

I EUR1) 1.02 0.00 1.02 

AT EUR1) 1.81 0.00 1.81 

A EUR1) 1.74 0.00 1.74 

CT EUR1) 2.58 0.00 2.58 

IT EUR1) 0.95 0.00 0.95 

Allianz RCM Europe Equity Growth AT EUR1) 1.75 0.00 1.75 

CT EUR1) 2.51 0.00 2.51 

A EUR1) 1.74 0.00 1.74 

I EUR1) 0.93 0.00 0.93 

W EUR1) 0.62 0.00 0.62 

IT EUR1) 0.93 0.00 0.93 

A GBP1) 1.74 0.00 1.74 

Allianz RCM European Equity Dividend AT EUR1) 1.90 0.00 1.90 

CT EUR1) 2.66 0.00 2.66 

IT EUR1) 1.10 0.00 1.10 

Allianz RCM Global EcoTrends CT EUR1) 2.72 0.00 2.72 

RCM IT EUR1) 1.03 0.00 1.03 

AT EUR1) 1.97 0.00 1.97 

A EUR1) 1.96 0.00 1.96 

Allianz RCM Global Equity IT EUR1) 0.92 0.00 0.92 

AT USD1) 1.74 0.00 1.74 

AT EUR1) 1.75 0.00 1.75 

WT EUR1) 0.50 0.00 0.50 

CT EUR1) 2.49 0.00 2.49 

AT SGD4) 1.75 0.00 1.75 

IT (H-EUR) 7) 0.83 0.00 0.83 

N EUR1) 0.60 0.00 0.60 

S EUR1) 1.00 0.00 1.00 

Allianz RCM Global Unconstrained AT USD1) 2.25 0.00 2.25 

Allianz RCM Hong Kong A USD1) 1.95 0.00 1.95 

AT SGD4) 1.76 0.00 1.76 

IT USD1) 1.02 0.00 1.02 

Allianz RCM Japan A USD1) 1.85 0.00 1.85 

IT USD1) 0.97 0.00 0.97 

370 

Performance-related 

fee in % p.a. 

TER 

in % p.a.

Name of the Subfund Class TER in % p.a. 

(excl. performance-related fee) 

Name of the Subfund Class synthetic TER in % 

(excl. performancerelated 

fee) 


fee in % p.a. 


fee in % 


TER 

in % p.a. 

Allianz RCM Oriental Income A USD1) 1.74 0.00 1.74 

AT USD1) 1.74 0.00 1.74 

I USD1) 0.93 0.00 0.93 

IT USD1) 0.93 0.00 0.93 

P USD1) 0.97 0.00 0.97 

AT EUR8) 1.82 0.00 1.82 

AT SGD4) 1.78 0.00 1.78 

Allianz RCM Total Return Asian Equity A USD1) 1.98 0.00 1.98 

AT USD1) 1.98 0.00 1.98 

IT USD1) 1.03 0.00 1.03 

PT USD1) 1) For the period from 01/04/2009 to 31/03/2010. 








1.09 0.00 1.09 

As the following Subfunds hold other investment units 

(“target funds”), additional costs, charges and fees 

accrue at the level of the target fund. As the target funds 

publish a TER, this was taken into account at the level of 

the Subfunds (synthetic TER). 

synthetic TER 

in % 

p.a. 

Allianz All Markets Dynamic A (EUR) 1) 2.42 0.00 2.42 

Allianz All Markets Opportunities A (EUR) 1) 1) For the period from 01/04/2009 to 31/03/2010. 

3.03 0.00 3.03 

371


Directory 

Board of Directors 

Chairman 

Horst Eich (until 31/12/2009) 

Chief Executive Officer 

Allianz Global Investors Product Solutions GmbH, 

Munich 

Members of the Board of Directors 

Martyn Cuff 

Managing Director 

Allianz Global Investors Luxembourg S.A., 

Senningerberg 

George McKay 

Chief Operating Officer Asia Pacific 

Allianz Global Investors Asia Pacific GmbH 

Wilfried Siegmund (until 09/11/2009) 

Managing Director and Chief Executive Officer 

Allianz Global Investors Luxembourg S.A., 

Senningerberg 

Michael Peters 

(since 10/11/2009 until 13/05/2010) 


Head of AZ Insurance Asset Management (AIAM) 

Allianz Global Investors Europe Holding GmbH, 

Munich 

Daniel Lehmann (since 14/05/2010) 


Allianz Global Investors Product Solutions GmbH, 

Munich 

Registered Office of the Company 



Management Company and 

Central Administration Agent 

Allianz Global Investors 

Luxembourg S.A. 



Shareholders’ equity as at 31 December 2009: 

EUR 70 million 

372 

Fund Manager/ 

Sub-Investment Manager 

Allianz Global Investors France SA 

(“AllianzGI France”) 

20, rue Le Peletier 

75444 Paris, Cedex 09 

France 


Hong Kong Limited 

(“AllianzGI HK”) 

21 st Floor, Cheung Kong Center 

2 Queen’s Road Central 



Kapitalanlagegesellschaft mbH 

(“AllianzGI KAG”) 

Mainzer Landstraße 11–13 

D-60329 Frankfurt/Main 

AllianzGI KAG is part of the Allianz Global Investors 

Group, a company of the Allianz Group. AllianzGI 

KAG was established in 1955 as a capital investment 

company named DEUTSCHER INVESTMENT-TRUST 

Gesellschaft für Wertpapieranlagen mbH; as of 

31 December 2009 AllianzGI KAG managed assets 

worth approximately EUR 19.8 billion. AllianzGI KAG 

is also the parent company of the Management 

Company. 


Singapore Limited 

(“AllianzGI Singapore”) 

3 Temasek Avenue, # 07–05 Centennial Tower 

Singapore 039190 

Commerzbank AG 

Kaiserplatz 


NFJ Investment Group LLC 

(“NFJ Investment Group”) 

2100 Ross Avenue, Suite 700 

Dallas, Texas 75201 

USA 

Nicholas Applegate Capital 

Management LLC (“NACM”) 

600 West Broadway, 31 st Floor 

San Diego, CA 92101 

USA 

Oppenheimer Capital LLC (“OpCap”) 

1345 Avenue of the Americas 

New York, NY 10105 

USA 

Pacific Investment Management 

Company LLC (“PIMCO”) 

840 Newport Center Drive, Suite 300 

Newport Beach, CA 92660 

USA 

RCM Asia Pacific Limited (“RCM AP”) 

21/F, Cheung Kong Center 



RCM Capital Management LLC 

(“RCM USA”) 

4 Embarcadero Center 

San Francisco, CA 94111 

USA 

RCM Japan Co., Ltd. (“RCM Japan”) 

(previously Allianz Global Investors Japan Co., Ltd.) 

14th Floor, Izumi Garden Tower 

1-6-1 Roppongi, Minato-ku 

Tokyo 

106-6014 

RCM (UK) Ltd. (“RCM UK”) 

PO Box 191 

155 Bishopsgate 

GB-London EC2M 3AD 

Custodian, Subsequent 

Monitoring of Investment Limits 

and Restrictions, Fund Accounting 

and NAV Calculation 

State Street Bank Luxembourg S.A. 

49, Avenue J.F. Kennedy 

L-1855 Luxembourg 

Registrar and Transfer Agent 

RBC Dexia Investors Services Bank S.A. 

14, Porte de France 

L-4360 Esch-sur-Alzette

Distributors 

Main Distributor Europe 

(with the exception of Germany) 

Allianz Global Investors Europe GmbH 

Nymphenburger Straße 112–116 

D-80636 Munich 

in Luxembourg 


Luxembourg S.A. 



in the Federal Republic of Germany 


Kaiserplatz 


in France 

Allianz Global Investors France SA 

20, rue le Peletier 

F-75444 Paris 

Cedex 09, France 

in Greece 

Allianz Mutual Fund Management 

Hellas S.A. 

110 Athinon Ave, Building C 

GR-10442 Athens 

in Hungary 

Citibank Europe plc 

Hungarian Branch Office 

7 Szabadság tér 

HU-1051 Budapest 

in Italy 

Allianz Bank Financial Advisors S.p.A. 

Piazzale Lodi 3 

I-20122 Milan 

in the Netherlands 

Allianz Global Investors Europe 

NewCo GmbH 

Nymphenburger Straße 112–116 

D-80636 Munich 

in Portugal 

Banco Electrónico de Serviço Total S.A. 

Rua Alexandre Herculano, 38–4° 

P-1250-011 Lisbon 

in Spain 

Allianz Global Investors Europe GmbH 

Sucursal en España 

Edificio Torre Europa – Planta 16 

Paseo de la Castellana, 39 

E-28046 Madrid 

in the United Kingdom 

Allianz Global Investors (UK) Ltd. 




GmbH UK Branch 



RCM (UK) Ltd. 



Main Distributor Asia 


Hong Kong Limited 

21 st Floor, Cheung Kong Center 



Main Distributor Switzerland 

(only for Allianz All Markets Dynamic, Allianz All 

Markets Opportunities, Allianz RCM Asia Pacific, 

Allianz RCM Best Styles Euroland, Allianz RCM BRIC 

Equity, Allianz RCM China, Allianz RCM Discovery 

Europe Strategy, Allianz RCM Euroland Equity 

Growth, Allianz RCM Europe Equity Growth, Allianz 

RCM European Equity Dividend, Allianz RCM Global 

EcoTrends, Allianz RCM Global Equity, Allianz RCM 

Global Unconstrained, Allianz RCM Hong Kong, 

Allianz RCM Japan, Allianz RCM Oriental Income 

and Allianz RCM Total Return Asian Equity) 

Dresdner Bank (Schweiz) AG 

Dresdner Private Banking 

(until 31/03/2010) 

Utoquai 55 

CH-8034 Zurich 


GmbH (since 01/04/2010) 

Zurich Branch 

Bleicherweg 19 

Postfach 



Information Agent in the 

Federal Republic of Germany 


Kapitalanlagegesellschaft mbH 

(“AllianzGI KAG”) 

Mainzer Landstraße 11–13 


Sales & Product Services 

Telephone: +49 69 263-140 

available from 8.00 a.m. to 6.00 p.m. 

Fax: +49 69 263-14186 

Internet: www.allianzglobalinvestors.de 

E-mail: info@allianzgi.de 

Paying Agent in the 

Federal Republic of Germany 


Kaiserplatz 


Paying and Information Agents 

in Luxembourg 

State Street Bank Luxembourg S.A. 

49, Avenue J.F. Kennedy 


in Austria 

(only for Allianz NFJ US Large Cap Value, Allianz 

RCM Asia Pacific, Allianz RCM BRIC Equity, Allianz 

RCM China, Allianz RCM Discovery Europe Strategy, 

Allianz RCM Euroland Equity Growth, Allianz RCM 

Europe Equity Growth, Allianz RCM Europe Small 

Cap Equity, Allianz RCM European Equity Dividend, 

Allianz RCM Global Agricultural Trends, Allianz 

RCM Global EcoTrends, Allianz RCM Global Equity, 

Allianz RCM Global Sustainability, Allianz RCM 

Global Unconstrained, Allianz RCM Growing 

Markets Protect, Allianz RCM Hong Kong, Allianz 

RCM Oriental Income, Allianz RCM Tiger, Allianz 

RCM Total Return Asian Equity and Allianz RCM US 

Equity Systematic) 



A-1130 Vienna 

in France 

Société Générale 

29, boulevard Haussmann 

F-75009 Paris 

in Ireland 


Ireland Limited 

15/16 Fitzwilliam Place 

IRE-Dublin 2 

373


in Italy 

BNP PARIBAS Securities Services 

Via Ansperto no. 5 

I-20123 Milan 

Allianz Bank Financial Advisors S.p.A. 

Piazzale Lodi 3 

I-20122 Milan 

in Portugal 

Banco Electrónico de Serviço Total S.A. 

Rua Alexandre Herculano, 38–4° 

P-1250-011 Lisbon 

in Spain 

Banco Popular Español, S.A. 

Calle Velázquez, 34 

E-28001 Madrid 

in Sweden 

Skandinaviska Enskilda Banken AB 

(publ) 

Kungsträdgårdsg 8 

SE-10640 Stockholm 

in Switzerland 

(only for Allianz All Markets Dynamic, Allianz All 

Markets Opportunities, Allianz RCM Asia Pacific, 

Allianz RCM Best Styles Euroland, Allianz RCM BRIC 

Equity, Allianz RCM China, Allianz RCM Discovery 

Europe Strategy, Allianz RCM Euroland Equity 

Growth, Allianz RCM Europe Equity Growth, Allianz 

RCM European Equity Dividend, Allianz RCM Global 

EcoTrends, Allianz RCM Global Equity, Allianz RCM 

Global Unconstrained, Allianz RCM Hong Kong, 

Allianz RCM Japan, Allianz RCM Oriental Income 

and Allianz RCM Total Return Asian Equity) 

Dresdner Bank (Schweiz) AG 

(until 31/01/2010) 

Utoquai 55 


BNP Paribas Securities Services, Paris 

(since 01/02/2010) 

Succursale de Zurich 

Selnaustrasse 16 


374 

Appointment of Austrian 

Representative to the Tax 

Authorities in the Republic 

of Austria 

The following financial institution 

has been appointed the Austrian 

representative to the tax authorities 

for certification of distribution-like 

income as defined in InvFG 1993 § 40 

Para. 2 line 2: 



A-1130 Vienna 

UK Facilities Agent 

Allianz Global Investors (UK) Ltd. 

PO Box 191 



The Full Prospectus, the Simplified Prospectus, the 

Articles of Incorporation, the Annual and Semi- 

Annual reports, the Subscription Price and the 

Redemption Price as well as information about the 

redemption of shares can be obtained free of 

charge from the the UK Distributor and Facilities 

Agent before or after subscription. 

Any complaints may be sent to The Complaints 

Officer at the address of the UK Distributor and 

Facilities Agent. A copy of the complaints process 

leaflet of the UK Distributor and Facilities Agent is 

available on request. Eligible complainants may 

also refer their complaint to the Financial 

Ombudsman Service if they are not satisfied with 

the final response from the UK Distributor and 

Facilities Agent. 

Independent Auditor 

PricewaterhouseCoopers S.à r.l. 

Réviseur d’entreprises 

400, route d’Esch 

B.P. 1443 


The Management Company is, in its 

country of incorporation, subject to 

public supervision with regard to the 

investment business. 

The Management Company notified 

the Bundesanstalt für Finanzdienstleistungsaufsicht 

(BaFin) of its 

intention to market shares of all 

Subfunds in Germany. The rights 

resulting from this notification have 

not lapsed.

Allianz Global Investors Fund Unaudited Semi ... - DBS Hong Kong

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