€¦ · Allianz Global Investors Fund General Information Allianz Global Investors Fund c/o...

Unaudited Semi-Annual Report as at 31 March 2011

Allianz Global Investors Luxembourg S.A.

Allianz Global Investors FundSociété d’Investissement à Capital Variable

R.C.S. Luxembourg No. 71.182

Allianz Global Investors Fund

General Information

Allianz Global Investors Fundc/o Allianz Global Investors Luxembourg S.A.

6A, route de TrèvesL-2633 SenningerbergTelephone: +352 463 463-1Fax: +352 463 463-620Internet: www.allianzglobalinvestors.luE-mail: info@allianzgi.lu

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 2011:Allianz All Markets Dynamic1)

Allianz All Markets Opportunities1)

Allianz Asian Multi Income PlusAllianz Euro Bond Strategy1)

Allianz Euro High Yield Bond1)

Allianz Euroland Equity SRI1)

Allianz NFJ US Large Cap ValueAllianz PIMCO Euro Bond1)

Allianz PIMCO Treasury Euro Bond Plus 20111)

Allianz PIMCO Treasury Euro Bond Plus 20131)

Allianz PIMCO Treasury Euro Cash Plus1)

Allianz RCM Asia PacificAllianz RCM Best Styles EurolandAllianz RCM BrazilAllianz RCM BRIC EquityAllianz RCM ChinaAllianz RCM Commodities1) Allianz RCM Currencies Strategy1) Allianz RCM Demographic Trends

Allianz RCM Discovery Europe Strategy1)

Allianz RCM Dynamic Multi Asset Plus1)

Allianz RCM Enhanced Short Term EuroAllianz RCM Emerging AsiaAllianz RCM Euroland Equity GrowthAllianz RCM Europe Equity GrowthAllianz RCM Europe Small Cap Equity1)

Allianz RCM European EquityAllianz RCM European Equity DividendAllianz RCM Global Agricultural TrendsAllianz RCM Global EcoTrendsAllianz RCM Global EquityAllianz RCM Global Hi-Tech GrowthAllianz RCM Global Metals and Mining1)

Allianz RCM Global SustainabilityAllianz RCM Global UnconstrainedAllianz RCM Greater China DynamicAllianz RCM Growing Markets Protect1)

Allianz RCM Hong KongAllianz RCM IndiaAllianz RCM IndonesiaAllianz RCM JapanAllianz RCM KoreaAllianz RCM Little DragonsAllianz RCM Oriental IncomeAllianz RCM ThailandAllianz RCM TigerAllianz RCM Total Return Asian EquityAllianz RCM US Equity FundAllianz RCM USD LiquidityAllianz Real Estate Securities Europe1)

Allianz Structured Alpha Strategy1)

Allianz US High YieldProtect Global Winner 20141)

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 2010 to 31 March 2011. They should not necessarily be taken as an indication of the future development of the Subfunds.

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.

Launch of new Subfunds

The Company has launched the following new Subfunds:

with effect from 6 October 2010– Allianz RCM Brazil

with effect from 26 October 2010– Allianz RCM Commodities– Allianz Euroland Equity SRI

with effect from 13 December 2010– Allianz RCM Dynamic Multi Asset

with effect from 22 February 2011– Allianz RCM Global Metals and Mining

Merger of the Subfunds

With the approval of the Luxembourg Supervisory Authority, the Management Company decided to merge the following Subfunds:

with effect from 13 December 2010– Allianz All Markets Dynamic A (EUR) and Allianz All

Markets Opportunities A (EUR) of Allianz Global Investors Fund into Allianz RCM Dynamic Multi Asset Plus A (EUR) of Allianz Global Investors Fund

Liquidation of Subfunds

With the approval of the Luxembourg Supervisory Authority, the Management Company decided to close the following Subfunds:

with effect from 31 March 2011– Allianz PIMCO Treasury Bond Plus 2011

Important Notice to our Shareholders

Conversion rates

Sank fund Absorbing fund Conversion rate

Allianz All Markets Dynamic A (EUR) Allianz RCM Dynamic Multi Asset Plus A (H-EUR) 1:0.836626

Allianz All Markets Opportunities A (EUR) Allianz RCM Dynamic Multi Asset Plus A (H-EUR) 1:0.773668

Amendments to the Sales Prospectus

Furthermore, the Board of Directors of Allianz Global Investors Fund (“the Company”) has decided the following changes to become effective on 1 October 2010:

– The first sentence of the section headed “performance-related fee” within the information sheet of the Subfund “Allianz RCM Discovery Europe Strategy” shall be amended as follows:

A performance-related fee may incur for all Share Classes as follows: Up to 20 % of the outperformance vs. EONIA (Euro Overnight Index Average), according to method 3.

– The “Investment Objective” within the information sheet of the Subfund “Allianz RCM Enhanced Short Term Euro” shall be deleted and replaced in its entirety as follows:

The investment policy is geared towards generating a return above the market based on the Euro money market, in Euro (EUR) terms. With the objective of achieving additional returns, the Investment Manager may also assume separate risks related to bonds and money markets and may also assume separate currency positions, corresponding derivatives and foreign currencies, even if the Subfund does not include any assets denominated in these respective currencies.

Futhermore the “Investment Principles” within the information sheet of the Subfund “Allianz RCM Enhanced Short Term Euro” shall be deleted and replaced in its entirety as follows:

“c) Subject in particular to letter f), the following assets as defined in letters a) and b) that are High-Yield Investments and Interest Bearing Securities which are qualified as asset-backed securities or mortgage-backed securities may not be acquired.”

– The first sentence of letter a) of the “Investment Principles” within the information sheet of the Subfund “Allianz RCM Global Unconstrained” shall be amended as follows:

Subject in particular to the provisions of letter e), at least 51 % of the Subfund assets are invested in Equities, as well as warrants to subscribe for Equities.

– The “Investment Principles” within the information sheet of the sub-fund “Allianz RCM Hong Kong” 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 base currency of the Subfund “Allianz RCM Hong Kong” shall be changed from USD to HKD.

– The name of the Subfund “Allianz RCM US Equity Systematic” shall be changed into “Allianz RCM US Equity Fund”.

– The last paragraph under the sub-heading “Investment Objective of following phases (from 26 April 2014 onwards)” within the information sheet of the Subfund “Protect Global Winner 2014” shall be amended as follows:

The Management Company intends to provide the Shareholders of the Share Class AT (EUR) at the beginning of each new phase with a new guarantee the details of which shall be defined then.

– The name of the Investment Manager Nicholas Applegate Capital Management LLC changed into Allianz Global Investors Capital LLC.

The full sales prospectus and the simplified sales prospectus dated 27 January 2011 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Investment Policy and Subfund Assets

Allianz Asian Multi Income Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Allianz Euro Bond Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Allianz Euro High Yield Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Allianz Euroland Equity SRI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Allianz NFJ US Large Cap Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Allianz PIMCO Euro Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Allianz PIMCO Treasury Euro Bond Plus 2013 . . . . . . . . . . . . . . . . . . 22

Allianz PIMCO Treasury Euro Cash Plus . . . . . . . . . . . . . . . . . . . . . . . . 23

Allianz RCM Asia Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Allianz RCM Best Styles Euroland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Allianz RCM Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

Allianz RCM BRIC Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Allianz RCM China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Allianz RCM Commodities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

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

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

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

Allianz RCM Dynamic Multi Asset Plus . . . . . . . . . . . . . . . . . . . . . . . . . 33

Allianz RCM Emerging Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Allianz RCM Enhanced Short Term Euro . . . . . . . . . . . . . . . . . . . . . . . 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 Metals and Mining . . . . . . . . . . . . . . . . . . . . . . . . 45

Allianz RCM Global Sustainability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

Allianz RCM Global Unconstrained . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

Allianz RCM Greater China Dynamic . . . . . . . . . . . . . . . . . . . . . . . . . . 48

Allianz RCM Growing Markets Protect . . . . . . . . . . . . . . . . . . . . . . . . . 49

Allianz RCM Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

Allianz RCM India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

Allianz RCM Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

Allianz RCM Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

Allianz RCM Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

Allianz RCM Little Dragons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

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

Allianz RCM Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

Allianz RCM Tiger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Allianz RCM Total Return Asian Equity . . . . . . . . . . . . . . . . . . . . . . . . . 59

Allianz RCM US Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

Allianz RCM USD Liquidity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

Allianz Real Estate Securities Europe . . . . . . . . . . . . . . . . . . . . . . . . . . 62

Allianz Structured Alpha Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

Allianz US High Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

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

Liquidation Reports

Allianz All Markets Dynamic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

Allianz All Markets Opportunities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 Net Assets

Statement of Changes in Net Assets

Statement of Changes in Shares

Allianz Asian Multi Income Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

Allianz Euro Bond Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77

Allianz Euro High Yield Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85

Allianz Euroland Equity SRI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92

Allianz NFJ US Large Cap Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97

Allianz PIMCO Euro Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101

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

Allianz RCM Asia Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136

Allianz RCM Best Styles Euroland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142

Allianz RCM Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147

Allianz RCM BRIC Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152

Allianz RCM China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158

Allianz RCM Commodities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165

Allianz RCM Currencies Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169

Allianz RCM Demographic Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179

Allianz RCM Discovery Europe Strategy . . . . . . . . . . . . . . . . . . . . . . . . 184

Allianz RCM Dynamic Multi Asset Plus . . . . . . . . . . . . . . . . . . . . . . . . . 189

Allianz RCM Emerging Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194

Allianz RCM Enhanced Short Term Euro . . . . . . . . . . . . . . . . . . . . . . . 200

Allianz RCM Euroland Equity Growth . . . . . . . . . . . . . . . . . . . . . . . . . . 208

Allianz RCM Europe Equity Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213

Allianz RCM Europe Small Cap Equity . . . . . . . . . . . . . . . . . . . . . . . . . 219

Allianz RCM European Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225

Allianz RCM European Equity Dividend . . . . . . . . . . . . . . . . . . . . . . . . 230

Allianz RCM Global Agricultural Trends . . . . . . . . . . . . . . . . . . . . . . . . 235

Allianz RCM Global EcoTrends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241

Allianz RCM Global Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246

Allianz RCM Global Hi-Tech Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . 253

Allianz Global Metals and Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 258

Allianz RCM Global Sustainability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262

Allianz RCM Global Unconstrained . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267

Allianz RCM Greater China Dynamic . . . . . . . . . . . . . . . . . . . . . . . . . . 272

Allianz RCM Growing Markets Protect . . . . . . . . . . . . . . . . . . . . . . . . . 277

Allianz RCM Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280

Allianz RCM India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 286

Allianz RCM Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290

Allianz RCM Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 294

Allianz RCM Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299

Allianz RCM Little Dragons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 303

Allianz RCM Oriental Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310

Allianz RCM Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 318

Allianz RCM Tiger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 322

Allianz RCM Total Return Asian Equity . . . . . . . . . . . . . . . . . . . . . . . . . 327

Allianz RCM US Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 332

Allianz RCM USD Liquidity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338

Allianz Real Estate Securities Europe . . . . . . . . . . . . . . . . . . . . . . . . . . 341

Allianz Structured Alpha Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345

Allianz US High Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 368

Protect Global Winner 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375

Allianz All Markets Dynamic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378

Allianz All Markets Opportunities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 382

Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . 392

Note for Investors

in the Federal Republic of Germany . . . . . . . . . . . . . . . . . . . . . . . . . . 412

Note for Investors in the Republic of Austria . . . . . . . . . . . . . . . . . . 413

Note for Investors in Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . 414

Directory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 418

Performance

Allianz All Markets Dynamic A (EUR) 05/10/2007 2.471)

Allianz All Markets Opportunities A (EUR) 05/10/2007 3.321)

Allianz Asian Multi Income Plus AM (USD) 17/05/2010 3.87

IT (USD) 15/07/2009 4.29

Allianz Euro Bond Strategy C (EUR) 09/02/2010 – 4.80

CT (EUR) 09/02/2010 – 4.81

IT (EUR) 09/02/2010 – 4.53

Allianz Euro High Yield Bond A (EUR) 09/02/2010 3.56

AT (EUR) 09/02/2010 3.56

IT (EUR) 09/02/2010 3.87

Allianz Euroland Equity SRI A (EUR) 26/10/2010 6.742)

N (EUR) 26/10/2010 7.352)

Allianz NFJ US Large Cap Value AT (SGD) 11/08/2009 10.96

W (USD) 01/04/2009 16.57

Allianz PIMCO Euro Bond A (EUR) 02/01/2004 – 2.67

AT (EUR) 23/04/2003 – 2.62

CT (EUR) 31/07/2007 – 2.67

I (EUR) 23/04/2003 – 2.31

IT (EUR) 04/05/2005 – 2.19

Allianz PIMCO Treasury Euro Bond Plus 2011 I (EUR) 12/11/2003 1.003)

Allianz PIMCO Treasury Euro Bond Plus 2013 I (EUR) 12/11/2003 0.63

Allianz PIMCO Treasury Euro Cash Plus CT (EUR) 31/07/2007 0.95

I (EUR) 12/11/2003 1.33

P (EUR) 12/08/2005 1.18

Allianz RCM Asia Pacific A (EUR) 11/01/2005 3.19

AT (EUR) 04/06/2007 3.19

CT (EUR) 04/06/2007 2.80

I (EUR) 11/01/2005 3.72

N (EUR) 12/12/2008 3.80

S (EUR) 12/12/2008 3.63

A (USD) 11/03/2005 7.52

I (USD) 11/01/2005 8.03

Allianz RCM Best Styles Euroland A (EUR) 31/05/2010 8.50

AT (EUR) 04/06/2007 8.45

CT (EUR) 04/06/2007 8.29

I (EUR) 12/07/2005 8.86

XT (EUR) 27/10/2010 4.56

Allianz RCM Brazil AT (EUR) 06/10/2010 – 4.194)

A (GBP) 06/10/2010 – 3.054)

AT (USD) 06/10/2010 – 1.804)

Allianz RCM BRIC Equity AT (EUR) 15/06/2007 6.06

CT (EUR) 29/05/2007 5.66

I (EUR) 29/05/2007 6.59

AT (HUF) 17/08/2010 1.37

AT (SGD) 17/02/2010 6.16

AT (USD) 25/02/2008 10.59

Name of the Subfund Share Class Launch date current period(30 September 2010–

31 March 2011)Performance in %

11.87 10.35 – – – – 9.97

16.63 5.07 – – – – 19.42

– – – – – 8.27

18.48 – – – – 28.20

6.00 – – – – 5.00

5.99 – – – – 4.99

6.90 – – – – 5.40

18.19 – – – – 11.18

18.25 – – – – 11.24

18.90 – – – – 11.67

– – – – – –

– 1.07 – – – – 1.30

7.26 – – – – 48.57

12.10 15.45 11.71 8.53 – 22.38

12.11 15.40 11.81 8.53 – 25.90

11.96 15.18 11.41 – – 12.30

12.78 16.89 13.80 11.84 – 31.72

12.55 16.34 13.33 11.34 – 13.90

3.69 14.68 16.21 15.94 – 35.44

5.83 18.47 20.22 17.51 – 40.45

2.26 5.27 6.52 – – 8.10

2.80 6.35 8.16 14.37 – 20.04

2.72 6.18 7.91 13.95 – 14.24

22.70 46.95 – 14.54 50.30 – 89.52

22.68 46.94 – 14.42 – – 3.30

21.68 44.78 – 17.10 – – – 0.10

23.67 49.17 – 12.67 55.70 – 97.43

23.99 – – – – 79.41

23.49 – – – – 78.20

14.47 39.59 – 17.72 62.76 – 74.48

15.13 41.45 – 16.11 76.30 – 104.69

– – – – – 4.9313)

– 4.05 – 0.60 – 30.87 – – – 33.70

– 4.55 – 1.66 – 31.97 – – – 34.90

– 3.51 0.59 – 29.68 – 5.23 – 0.56

– – – – – –

21.28 39.58 – 23.13 – – – 10.36

20.39 37.51 – 24.90 – – – 8.35

22.48 42.23 – 20.97 – – – 2.99

– – – – – – 0.2414)

– – – – – 2.20

12.74 31.35 – – – – 29.20

1 year(30 September 2009–

30 September 2010)Performance in %

2 years(30 September 2008–

Launch date –30 September 2010

Performance in %

Allianz RCM China A (EUR) 13/01/2011 – 1.29

CT (EUR) 02/10/2009 – 0.70

A (GBP) 09/06/2009 2.21

A (HKD) 03/01/2011 4.01

AT (SGD) 11/08/2009 – 0.57

A (USD) 03/10/2008 3.80

AT (USD) 13/01/2011 3.88

IT (USD) 19/01/2009 4.32

N (USD) 16/12/2010 0.215)

W (USD) 03/03/2011 2.546)

Allianz RCM Commodities I (EUR) 26/10/2010 13.622)

Allianz RCM Currencies Strategy I (EUR) 30/06/2009 0.85

Allianz RCM Demographic Trends A (EUR) 19/12/2008 10.81

AT (USD) 19/12/2008 15.46

Allianz RCM Discovery Europe Strategy A (EUR) 20/10/2009 7.19

CT (EUR) 10/11/2009 6.81

I (EUR) 20/10/2009 7.53

A (GBP) 20/10/2009 11.06

A (H-GBP) 09/02/2010 7.13

Allianz RCM Dynamic Multi Asset Plus A (H-EUR) 13/10/2010 2.077)

Allianz RCM Emerging Asia A (USD) 03/10/2008 7.03

AT (HKD) 01/03/2011 4.408)

Allianz RCM Enhanced Short Term Euro AT (EUR) 01/10/2008 0.52

CT (EUR) 16/02/2009 0.50

I (EUR) 17/04/2007 0.60

IT (EUR) 16/02/2009 0.61

Allianz RCM Euroland Equity Growth A (EUR) 16/10/2006 9.90

AT (EUR) 16/10/2006 9.90

CT (EUR) 02/11/2006 9.49

I (EUR) 04/10/2006 10.39

IT (EUR) 04/10/2006 10.39

W (EUR) 02/10/2006 10.55

Allianz RCM Europe Equity Growth A (EUR) 16/10/2006 8.36

AT (EUR) 16/10/2006 8.36

CT (EUR) 02/11/2006 7.95

I (EUR) 04/10/2006 8.84

IT (EUR) 04/10/2006 8.84

W (EUR) 02/10/2006 10.55

WT (EUR) 09/08/2010 9.00

A (GBP) 03/08/2009 11.17

AT (HUF) 17/08/2010 3.58

Allianz RCM Europe Small Cap Equity AT (EUR) 15/09/2009 15.73

IT (EUR) 15/09/2009 16.31

A (GBP) 15/09/2009 18.84

– – – – – –

– – – – – 27.65

17.89 – – – – 35.21

– – – – – –

9.45 – – – – 5.40

16.77 – – – – 67.26

– – – – – –

17.91 – – – – 103.42

– – – – – –

1.65 – – – – 0.95

11.88 – – – – 45.02

4.31 – – – – 40.40

– – – – – – 7.93

– – – – – – 7.54

– – – – – – 7.37

– – – – – – 12.40

– – – – – – 6.95

– – – – – –

52.25 – – – – 68.56

– – – – – –

1.00 – – – – 5.58

0.95 – – – – 2.85

1.16 5.49 10.28 – – 11.98

1.10 – – – – 2.80

19.75 30.51 – 6.82 – – 3.68

19.75 30.43 – 6.88 – – 3.60

18.86 28.50 – 8.91 – – 2.34

20.79 32.60 – 4.56 – – 9.03

20.80 32.61 – 4.53 – – 9.04

21.16 33.49 – 5.27 – – 8.23

29.67 42.97 4.56 – – 19.04

29.67 43.00 4.58 – – 19.08

28.70 40.88 2.25 – – 15.42

30.79 45.38 7.16 – – 26.46

30.79 45.38 7.17 – – 26.46

31.19 46.25 8.19 – – 27.69

– – – – – 4.3815)

22.10 – – – – 42.27

– – – – – 4.4714)

17.75 – – – – 19.35

18.84 – – – – 20.50

11.04 – – – – 16.37

Performance in %

Allianz RCM European Equity A (EUR) 07/11/2008 3.05

N (EUR) 12/12/2008 3.72

S (EUR) 12/12/2008 3.45

Allianz RCM European Equity Dividend A (EUR) 10/01/2011 1.279)

AT (EUR) 10/03/2009 6.77

CT (EUR) 10/03/2009 6.37

IT (EUR) 10/03/2009 7.24

Allianz RCM Global Agricultural Trends A (EUR) 01/04/2008 15.73

AT (EUR) 24/06/2008 15.72

CT (EUR) 07/07/2008 15.44

IT (EUR) 07/07/2008 16.52

A (GBP) 25/08/2008 18.72

AT (USD) 01/04/2008 20.83

Allianz RCM Global EcoTrends A (EUR) 03/05/2006 11.56

AT (EUR) 04/06/2007 11.54

CT (EUR) 04/06/2007 11.15

IT (EUR) 04/06/2007 12.13

Allianz RCM Global Equity AT (EUR) 13/06/2000 8.01

CT (EUR) 04/06/2007 7.54

IT (EUR) 04/06/2007 8.44

IT (H-EUR) 06/05/2009 11.69

N (EUR) 12/12/2008 8.58

S (EUR) 12/12/2008 8.49

WT (EUR) 25/09/2007 8.60

AT (SGD) 11/08/2009 5.33

AT (USD) 13/06/2000 12.66

Allianz RCM Global Hi-Tech Growth AT (SGD) 11/08/2009 6.53

A (USD) 03/10/2008 11.04

AT (USD) 03/10/2008 11.11

IT (USD) 03/10/2008 11.62

Allianz RCM Global Metals and Mining A (EUR) 22/02/2011 – 1.3410)

I (EUR) 22/02/2011 – 1.2510)

Allianz RCM Global Sustainability A (EUR) 02/01/2003 8.08

CT (EUR) 31/07/2007 7.55

A (USD) 02/01/2003 12.68

Allianz RCM Global Unconstrained AT (USD) 03/10/2008 13.90

Allianz RCM Greater China Dynamic AT (USD) 02/10/2009 7.30

Allianz RCM Growing Markets Protect AT (EUR) 22/05/2007 2.32

Allianz RCM Hong Kong A (HKD) 04/10/2010 4.5011)

AT (SGD) 11/08/2009 1.14

A (USD) 03/10/2008 5.34

IT (USD) 03/10/2008 5.84

Allianz RCM India I (USD) 30/12/2009 – 1.44

IT (USD) 17/12/2008 –

Allianz RCM Indonesia A (EUR) 24/10/2008 1.84

A (USD) 03/10/2008 5.90

5.61 – – – – 19.30

6.63 – – – – 34.44

6.40 – – – – 33.81

– – – – – –

11.26 – – – – 59.32

10.43 – – – – 57.53

12.23 – – – – 61.42

33.29 29.08 – – – 6.89

32.72 28.21 – – – – 14.38

32.20 27.24 – – – – 5.37

34.13 31.13 – – – – 2.13

25.19 38.63 – – – 6.18

23.97 22.35 – – – – 6.40

– 6.49 – 24.43 – 43.74 – – – 25.35

– 6.48 – 24.42 – 43.73 – – – 39.26

– 7.18 – 25.55 – 45.03 – – – 40.80

– 5.58 – 22.98 – 42.14 – – – 37.34

11.59 – 2.31 – 29.43 – 10.88 – 50.36 – 45.10

10.88 – 3.03 – 29.98 – – – 29.70

12.79 – 0.28 – 27.99 – – – 27.70

3.84 – – – – 16.30

13.03 – – – – 27.05

12.53 – – – – 26.15

13.06 0.99 – 26.52 – – – 24.96

– 2.74 – – – – – 0.60

4.22 – 6.51 – 31.42 2.20 – 21.86 – 21.00

1.90 – – – – 7.20

8.96 – – – – 22.16

9.02 – – – – 22.14

10.10 – – – – 24.63

– – – – –

13.84 8.38 – 22.51 – 3.27 – 26.64

13.11 6.82 – 24.26 – – – 23.20

6.27 2.55 – 25.78 9.30 – 68.25

1.21 – 5.64 – – – – 4.97

– – – – – 20.50

2.31 7.62 0.37 – – 3.51

– – – – – –

14.53 – – – – 14.30

22.36 – – – – 71.92

23.57 – – – – 75.14

– – – – – 18.45

1.7612) – – – – –

52.30 – – – – 229.49

41.93 – – – – 98.25

Performance in %

Allianz RCM Japan A (USD) 03/10/2008 7.59

IT (USD) 03/10/2008 8.10

Allianz RCM Korea A (USD) 03/10/2008 16.56

IT (USD) 03/10/2008 17.23

Allianz RCM Little Dragons A2 (EUR) 12/12/2008 1.20

CT2 (EUR) 12/12/2008 0.78

AT (SGD) 11/08/2009 1.21

A (USD) 03/10/2008 4.96

AT (USD) 03/10/2008 4.95

IT (USD) 03/10/2008 6.05

PT (USD) 03/10/2008 5.92

Allianz RCM Oriental Income AT (EUR) 07/12/2009 6.94

AT (SGD) 11/08/2009 7.06

A (USD) 03/10/2008 11.77

AT (USD) 03/10/2008 11.77

I (USD) 03/10/2008 12.27

IT (USD) 03/10/2008 12.26

P (USD) 03/10/2008 12.25

Allianz RCM Thailand A (EUR) 24/10/2008 – 1.56

A (USD) 03/10/2008 2.77

IT (USD) 03/10/2008 3.25

Allianz RCM Tiger A (EUR) 28/11/2008 7.35

A (USD) 03/10/2008 11.97

AT (USD) 03/10/2008 11.93

IT (USD) 03/10/2008 12.52

Allianz RCM Total Return Asian Equity A (USD) 03/10/2008 10.76

AT (USD) 03/10/2008 10.83

IT (USD) 03/10/2008 11.20

PT (USD) 03/10/2008 11.34

Allianz RCM US Equity Fund A (EUR) 25/03/2010 12.81

CT (EUR) 31/07/2007 12.29

N (EUR) 12/12/2008 13.43

S (EUR) 12/12/2008 13.33

W (H-EUR) 12/12/2006 18.46

A (GBP) 05/03/2010 15.82

AT (SGD) 11/08/2009 12.62

N (USD) 04/10/2010 18.5611)

A2 (USD) 07/06/2010 17.61

A (USD) 15/02/2008 17.59

Allianz RCM USD Liquidity A (USD) 03/10/2008 – 0.53

Allianz Real Estate Securities Europe AT (EUR) 26/03/2008 8.31

Allianz Structured Alpha Strategy I (EUR) 10/08/2010 4.19

W (EUR) 10/08/2010 4.04

WT2 (EUR) 10/08/2010 4.26

– 0.14 – – – – 0.82

0.76 – – – – 3.01

14.09 – – – – 38.29

15.27 – – – – 40.97

30.57 – – – – 99.54

29.52 – – – – 96.76

13.44 – – – – 15.60

20.43 – – – – 58.43

20.43 – – – – 58.45

22.73 – – – – 64.48

22.89 – – – – 64.62

– – – – – 9.30

– 5.88 – – – – – 2.30

1.32 – – – – 24.99

2.19 – – – – 27.06

2.20 – – – – 26.78

2.15 – – – – 26.94

80.38 – – – – 208.18

67.77 – – – – 126.43

69.44 – – – – 130.73

23.72 – – – – 81.31

15.19 – – – – 47.43

15.16 – – – – 47.39

16.34 – – – – 50.27

18.31 – – – – 53.36

18.30 – – – – 53.24

19.49 – – – – 55.63

19.46 – – – – 56.07

– – – – – – 5.67

12.99 6.79 – 17.39 – – – 16.82

15.08 – – – – 43.53

14.80 – – – – 42.97

6.39 1.71 – 17.90 – – – 6.48

– – – – – – 5.03

– 0.58 – – – – 3.00

– – – – – –

– – – – – 7.30

6.23 3.18 – – – – 7.76

– 0.74 – – – – – 1.26

11.63 7.42 – – – – 17.43

– – – – – – 0.19

– – – – – – 0.08

– – – – – – 0.40

Performance in %

Allianz US High Yield AM (USD) 02/08/2010 8.30

IT (USD) 02/08/2010 8.67

Protect Global Winner 2014 AT (EUR) 24/04/2006 – 1.19 1) For the period from 30 September 2010 until 13 December 2010 (liquidation date).2) For the period from 26 October 2010 (launch date) until 31 March 2011.3) For the period from 30 September 2010 until 31 March 2011 (liquidation date).4) For the period from 6 October 2010 (launch date) until 31 March 2011.5) For the period from 16 December 2010 (launch date) until 31 March 2011.6) For the period from 3 March 2011 (launch date) until 31 March 2011.7) For the period from 13 October 2010 (launch date) until 31 March 2011.8) For the period from 1 March 2011 (launch date) until 31 March 2011.9) For the period from 10 January 2011 (launch date) until 31 March 2011.10) For the period from 22 February 2011 (launch date) until 31 March 2011.11) For the period from 4 October 2010 (launch date) until 31 March 2011.12) For the period from 30 September 2009 until 8 February 2010 (liquidation date).13) For the period from 9 August 2010 (launch date) until 30 September 2010.14) For the period from 31 May 2010 (launch date) until 30 September 2010.15) For the period from 17 August 2010 (launch date) until 30 September 2010.

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 indication of current or future performance.The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares.

– – – – – 2.87

– – – – – 2.95

2.93 9.09 – 9.09 –1.10 – 1.21

Performance in %

The Subfund in figures 31/03/2011 30/09/2010 30/09/2009 Launch dateNet asset value per share in USD– Class AM (USD) (distributing) WKN A1CSH5/LU0488056044 10.75 10.65 – –– Class IT (USD) (accumulating) WKN A0Q84X/LU0384039318 13.37 12.82 10.82 10.00Shares in circulation1) 971,426 1,021,258 1,592,350 –Subfund assets in millions of USD 12.9 13.1 17.2 –1) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

Breakdown of Net Assets by Securities

7.55 % Other Net Assets

24.10 % Singapore REITs

19.94 % Japan REITs

15.84 % IDR Bonds

Other securities 2.40 %

SGD Bonds 3.03 %

Hong Kong REITs 11.42 %

MYR Bonds 15.72 %

Allianz Asian Multi Income Plus

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 top-down 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.

Global financial markets – including Asian local foreign exchanges (FX) – enjoyed strong liquidity inflows, thanks to quantitative easing and accommodative fiscal measures. Against the backdrop of continued (global) economic recovery and rising oil prices amid the upheavals in the Middle East and North Africa region, some Asian policymakers have started to tighten monetary policy in an effort to avert rising inflationary concerns.

For the 6-month period ending 31 March 2011, the Allianz Asian Multi Income Plus Subfund returned 4.29 %, lagging behind its composite benchmark’s return of 5.29 %. Allocation to selected Asian REITs (in particular J-REITs) suffered as sentiments were shaken by the calamity in Japan after a major earthquake struck the north-eastern coast of the country in early March.

With stronger domestic demand, prudent fiscal policies and lower debt risk, growth in emerging Asia economies is expected to outpace that of developed nations. Policy risks will persist as Asian policymakers are likely to be highly vigilant on the inflationary front. 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 6 to 15.

The Subfund in figures 31/03/2011 30/09/2010 Launch dateNet asset value per share in EUR– Class C (EUR) (distributing) WKN A0RMYP/LU0484424121 98.37 105.00 100.00– Class CT (EUR) (accumulating) WKN A0RMYD/LU0484424394 99.94 104.99 100.00– Class IT (EUR) (accumulating) WKN A0RCK7/LU0482909578 1,006.30 1,054.03 1,000.00Shares in circulation1) 182,052 100,154 –Subfund assets in millions of EUR 99.4 76.3 –1) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

Breakdown of Net Assets by Country

7.33 % Other Countries

23.12 % Germany

19.63 % Italy

13.52 % France

United States 2.39 %

United Kingdom 2.53 %

Finland 2.60 %

Supranational 3.57 %

Belgium 3.72 %

Spain 6.74 %

Netherlands 8.59 %

Allianz Euro Bond Strategy

The Euro Area bond markets were quite volatile during the last semester. First, Ireland was forced to ask for a bail out package from European Union and International Monetary Fund in November 2010, which led to underperformance by all other “peripherals” euro government bonds; second, increasing inflation rate forced the European Central Bank to start preparing the market for a tighter monetary policy in the first quarter of 2011. Portfolio investment strategy was still cautious on risky assets, with clear preference for “core” government issues. The duration stance moved from “overweight” to a more balanced position.

The agreement reached among European Union leaders in the March Summit has alleviated market fears about the debt crisis widening to the big countries, like Spain and Italy. However, uncertainty on the future of some governments debt (e.g. Greece, Ireland and Portugal) still

remains high. The recent increase in the inflation rate, mainly linked to commodities rise, may keep the European Central Bank in tightening mode for the rest of the year, in order o avoid the emergence of any “second round” effect on wages. European and global growth appear still solid, but they will have to face higher commodity prices and the end of the US Federal Reserve expansionary policy in the next semester. Portfolio investment strategy has adopted a cautious approach to interest rate risk, but it is closely monitoring the increased risks to the sustainability of global growth.

The Subfund in figures 31/03/2011 30/09/2010 Launch dateNet asset value per share in EUR– Class A (EUR) (distributing) WKN A0X78X/LU0482909818 111.33 111.18 100.00– Class AT (EUR) (accumulating) WKN A0RCLA/LU0482909909 115.20 111.24 100.00– Class IT (EUR) (accumulating) WKN A0RCLB/LU0482910402 1,159.83 1,116.66 1,000.00Shares in circulation1) 320,974 58,751 –Subfund assets in millions of EUR 111.4 58.3 –1) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

21.51 % Luxembourg

18.31 % France

16.75 % Netherlands

Other Countries 9.87 %

Sweden 2.76 %

Germany 4.65 %

Ireland 5.64 %

Allianz Euro High Yield Bond

The first half has been favourable to the High Yield asset class even though we saw some volatility in November due to increasing concerns over sovereign risk in peripheral countries. Hence, under the pressures from both financial markets and European governments, Ireland has finally accepted to resort to the �85bn bailout plan which will help it fund its major banks. Sovereign spreads have reached record levels as fears have spread to peripherals such as Portugal and above all Spain. In this bear market context, Financials have particularly suffered with Banks down by 15 % and Insurance by 8 % in November. As a consequence to this market volatility, primary activity has been subdued but recovered in December and the favourable trend has gone on in the 1st quarter of 2011 with many new entrants coming from the loan market. A key market feature is that investors are more and more selective in their bond picking. Hence, the French producer of poultry Doux had to withdraw its bond offering even after having reviewed its terms in a way much more favourable to bondholders. This shows how HY investors are more and more watchful and demanding in terms of security package when they have to substitute to banks. On the microeconomic front, quarterly reports have brought some comfort with most of the results in line or even above our expectations. Thanks to

refinancings, issuers have kicked off 2011 with healthier financial profiles and adequate liquidity situations for most of them. As a consequence, the ratings momentum has really improved and there are now more upgrades than downgrades in the European High Yield bond market according to Moody’s whereas investment banks have revised downwards their expectations for default rates to 1 % to 4 %. As a conclusion, our investment policy has been very selective regarding primary issues and remains focused on issuers with a clear ability to deleverage and committed to it and/or geographically diversified and well positioned to take advantage of the economic recovery. Hence, we have changed our recommendation on Banks from Overweight to Underweight in September and our sector allocation is more defensive with an Overweight on Telecoms and Cable, Non Cyclical Consumer Goods and a selective approach on Industrials such as Packaging where we appreciate the leadership positions of our HY issuers.

The Subfund in figures 31/03/2011 Launch dateNet asset value per share in EUR– Class A (EUR) (distributing) WKN A1C5BQ/ISIN LU0542502157 103.06 100.00– Class N (EUR) (distributing) WKN A1C5BS/ISIN LU0542502660 1,035.65 1,000.00Shares in circulation2) 12,038 –Subfund assets in millions of EUR 12.3 –1) Investments in securities total 100.16 % of net assets. 2) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

2.03 % Finland

3.21 % Other countries

62.65 % France

Spain 3.39 %

Italy 4.52 %

Netherlands 8.94 %

Germany 15.42 %

Other net assets – 0.16 %1)

Allianz Euroland Equity SRI

The Subfund primarily invests in equities of companies headquartered in the Eurozone which, in the opinion of fund management, best meet the conditions of Socially Responsible Investment (SRI). An analysis of individual stocks indicates the extent to which companies take the following sustainability aspects into account in their business operations: social principles, observance of human rights, principles of good company management (Corporate Governance), environmental protection and ethical considerations. Its investment objective is to generate capital growth over the long term.

In the short half-year under review, from launch of the Subfund on 26 October 2010 to the end of March 2011, prices on European equity markets continued to increase with high volatility. Stabilisation of the US economy in particular had a supportive effect, together with the continued strong growth of the leading emerging markets. The stock market prices of sustainably operating companies also benefited from the general upward trend to a large extent.

In this environment financials and industrials in particular were strongly represented in the portfolio. In the opinion of fund management these companies were impressive not only from a fundamental viewpoint, but also with regard to social, ethical and ecological criteria. Another focus was on commodities and energy. In these sectors, companies were likewise identified that did particularly well in sustainability aspects when compared with their competitors. In terms of countries, there was a concentration of investment on leading European economies. French equities were significantly overweight relative to their stock market capitalisation.

With this investment policy, the Subfund obtained a positive result.

The Subfund in figures 31/03/2011 30/09/2010 30/09/2009 Launch date

Net asset value per share in USD

– Class W (USD) (accumulating) WKN A0MN88/LU0294431225 1,696.44 1,475.67 1,385.07 1,000.00

Net asset value per share in SGD

– Class AT (SGD) (distributing) WKN A0X8FM/LU0417517892 11.24 10.13 10.24 10.00

Shares in circulation1) 12,169 10,226 5,648 –

Subfund assets in millions of USD 14.3 12.1 7.4 –1) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

3.25 % Materials

22.10 % Financials

16.96 % Energy

12.39 % Health Care

Utilities 5.24 %

Consumer Discretionary 5.30 %

Information Technology 6.43 %

Telecommunication Services 6.71 %

Industrials 6.76 %

Consumer Staples 10.49 %

Breakdown of Net Assets by Sector

Allianz NFJ US Large Cap Value

The Allianz NFJ U.S. Large Cap Value Fund searches for dividend paying stocks with low valuation multiples by industry from among the top 300 U.S. market cap universe. The Fund normally holds 40–60 stocks and normally remains fully invested. Factors, which include price-to-earnings, 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.

We expect the past decade of heightened volatility to be characteristic going forward – in an environment of deleveraging, growth emanating from emerging markets, and increased regulation of the financial system. We believe investors will prefer dividend-paying stocks in such a market environment. Dividend-paying stocks have historically displayed considerably less volatility than non-dividend payers, and dividend payments have tended to be steadier than corporate profits. We have a

constructive outlook for dividend-paying equities for several reasons: interest rates are expected to rise, cash on corporate balance sheets is at an all-time-high, corporate earnings have continued to increase while payout ratios remain low, yield is scarce, and retirement trends and other demographic factors pressure for more income. Analysts at S&P forecast a 9 % increase in dividends this year, with two-thirds of firms that make payouts increasing their payout ratios. Even in a market that is defined by volatility and shaped by the latest event, we are finding plenty of compelling valuation opportunities in companies with a history of producing free cash flow and paying a stable dividend.

The Subfund in figures 31/03/2011 30/09/2010 30/09/2009 30/09/2008Net asset value per share in EUR– Class A (EUR) (distributing) WKN 263264/LU0165915215 9.73 10.09 9.19 9.01– Class AT (EUR) (accumulating) WKN 263262/LU0165915058 12.26 12.59 11.23 10.91– Class CT (EUR) (accumulating) WKN 263270/LU0165915488 10.93 11.23 10.03 9.75– Class I (EUR) (distributing) WKN 263279/LU0165915991 9.86 10.36 9.30 9.41– Class IT (EUR) (accumulating) WKN 263277/LU0165915728 11.14 11.39 10.12 9.79Shares in circulation1) 21,786,426 25,801,416 27,139,166 57,952,729Subfund assets in millions of EUR 228.4 280.4 263.0 514.51) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

22.47 % United Kingdom

18.64 % United States

9.01 % Netherlands

7.93 % Italy

Other Countries 6.75 %

Norway 2.25 %

Cayman Islands 2.35 %

Germany 3.05 %

Ireland 3.07 %

France 3.21 %

Sweden 3.38 %

Spain 6.64 %

Allianz PIMCO Euro Bond

The Subfund invests primarily in bonds with a good credit rating (investment grade rating). Corporate or emerging-market 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.

In the six months under review to the end of March 2011, the interest rates on top-rated government bonds rose in view of improved economic data and growing concerns about inflation. Although corporate and emerging market bonds also tended to be affected by this trend, they continued to offer return advantages in absolute terms.

In this environment an investment focus for the Subfund was on high-grade corporate bonds and top-rated secured notes. Exposure to public-sector securities was largely limited to issuers with investment grade ratings. We included some emerging-market bonds. We also invested to a limited extent in emerging-market currencies with the potential to appreciate.

In terms of maturities, the three- to five-year segment was weighted relatively highly, while the seven- to ten-year segment was largely avoided. The duration (average maturity) of the Subfund, including derivative financial instruments, was below the level of the broad Euro bond market at the most recent figure of 4.4 years.

With this investment policy the Subfund obtained a negative result, although outperforming the broad Euro bond market.

The Subfund in figures 31/03/2011 30/09/2010 30/09/2009 30/09/2008

Net asset value per share in EUR

– Class I (EUR) (distributing) WKN 592726/LU0178437884 1,059.00 1,096.47 1,073.62 993.95

Shares in circulation 39,669 41,895 26,826 78,845

Subfund assets in millions of EUR 42.0 45.9 28.8 78.41) Floating-rate notes are considered with the date of the next interest rate change.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

0.41 % 2017

3.41 % Other assets

23.92 % 2011

15.56 % 2012

2016 2.60 %

2015 4.43 %

2014 10.25 %

2013 39.42 %

Breakdown of Net Assets by Maturity1)

Allianz PIMCO Treasury Euro Bond Plus 2013

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 interest-bearing 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.

Although economic prospects did brighten in the core countries of the Eurozone in the six months under review to the end of March 2011, the European Central Bank left its key interest rate at the extremely low level of 1 % in view of the risk of setbacks in the countries on the periphery of the Euro. However, short-term interest rates increased recently, as the ECB raised the prospect of interest rate hikes in the near future.

Asset-backed securities with the highest credit ratings dominated in the portfolio, chiefly mortgage bonds and covered bonds. Short-term corporate and emerging-market bonds were included in particular. Exposure to public-sector securities was largely limited to German issues. The duration (average maturity) of the Subfund, including derivative financial instruments, was most recently 1.8 years. Foreign currency positions were largely hedged against the Euro.

– Class CT (EUR) (accumulating)2) WKN 592695/LU0178431689 – 1,080.97 1,057.13 1,026.89

– Class I (EUR) (distributing) WKN 592698/LU0178432067 997.86 1,009.26 999.99 1,004.87

– Class P (EUR) (distributing)3) WKN A0ETQC/LU0224305648 – 1,003.49 994.27 1,001.19

Shares in circulation4) 131,318 141,208 164,269 354,959

Subfund assets in millions of EUR 131.0 143.3 165.0 357.11) Floating-rate notes are considered with the date of the next interest rate change.2) Liquidation date: 25 March 2011. Liquidation proceeds: EUR 1091.24.3) Liquidation date: 25 March 2011. Liquidation proceeds: EUR 991.42.4) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

1.52 % Other net assets

60.47 % 2011

Other maturities 3.35 %

2014 3.19 %

2013 8.29 %

2012 23.18 %

Allianz PIMCO Treasury Euro Cash Plus

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 interest-bearing 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. A short-term duration is aimed at. The investment objective is to obtain an above-average return in comparison with conventional money-market positions, with volatility on a par with the benchmark.

One of the focuses in the portfolio was on top-rated short-term corporate bonds. We also held positions in first-class asset-backed securities in particular, especially mortgage bonds or comparable instruments (covered bonds). We included selected emerging-market bonds. Exposure to public-sector securities was largely limited to German issues. The duration (average maturity) of the Subfund, including derivative financial instruments, was most recently just under 4 months. Foreign currency positions were largely hedged against the Euro. To some extent we also invested in emerging-market currencies with the potential to appreciate.

The Subfund in figures 31/03/2011 30/09/2010 30/09/2009 30/09/2008Net asset value per share in EUR– Class A (EUR) (distributing) WKN A0DLLG/LU0204480833 18.49 18.01 14.90 12.57– Class AT (EUR) (accumulating) WKN A0DLLF/LU0204480676 10.66 10.33 8.42 7.03– Class CT (EUR) (accumulating) WKN A0DLLM/LU0204481138 10.27 9.99 8.21 6.90– Class I (EUR) (distributing) WKN A0DLLU/LU0204482706 18.53 18.08 14.92 12.64– Class N (EUR) (distributing) WKN A0RC34/LU0400425392 18.05 17.63 14.47 –– Class S (EUR) (distributing) WKN A0RC35/LU0400425632 17.99 17.55 14.43 –Net asset value per share in USD– Class A (USD) (distributing) WKN A0DLLJ/LU0204485717 17.68 16.53 14.66 12.16– Class I (USD) (distributing) WKN A0DLLW/LU0204486368 20.03 18.77 16.64 13.87Shares in circulation1) 5,912,849 7,688,731 7,245,079 7,371,936Subfund assets in millions of EUR 95.6 126.6 98.5 83.91) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

2.67 % Other sector

29.38 % Financials

18.56 % Materials

Energy 8.96 %

Industrials 10.47 %

Allianz RCM Asia Pacific

From 1 October 2010 to 31 March 2011, the MSCI AC Asia Pacific ex Japan Index continued its upward momentum past its pre-global financial crisis level in euro terms, gaining 5.59 % during this period. During the second half of the period, the index lost grounds due to a heightened euro sovereign debt crisis and a weak euro, as well as rising oil prices, political unrest in the Middle East, and the Japanese earthquake.

The Subfund underperformed the index by 2.40 % during this period. Our stock picks in industrials contributed to the performance. However, our stock picks in materials hurt the Subfund’s performance.

The long-term fundamental macroeconomic outlook for Asia is quite robust, although the catastrophic events in Japan and the Middle East are likely to cause near-term

distortions to the economy. Still, Asia is benefiting from strong supply-side growth prospects, relatively low leverage and a still-low, but rising, cost of capital. However, the risk of inflation from rising food prices, rising oil prices, and subsequent policy-tightening still remain present. While inflation dominates the concerns in Asia for the first half of 2011, there are risks we will see slower economic growth in the second half of 2011 as a result of higher oil prices, appreciating currencies, and continued tightening of monetary policies adopted by the regional authorities.

– Class A (EUR) (distributing) WKN 592729/LU0178439401 113.72 104.93 – –

– Class AT (EUR) (accumulating) WKN 592728/LU0178439310 7.19 6.63 6.91 6.67

– Class CT (EUR) (accumulating) WKN 592732/LU0178439666 7.05 6.51 6.82 6.62

– Class I (EUR) (distributing) WKN 592737/LU0178440839 9.16 8.96 9.60 9.58

– Class XT (EUR) (accumulating) WKN A0F6FG/LU0225099422 1,045.62 – – –

Shares in circulation1) 20,659,499 18,909,873 9,995,878 18,921,271

Subfund assets in millions of EUR 179.1 157.3 83.4 165.41) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

33.62 % France

30.15 % Germany

Other countries 3.42 %

Belgium 2.49 %

Netherlands 5.13 %

Italy 10.19 %

Spain 12.57 %

Allianz RCM Best Styles Euroland

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 generate capital growth over the long term.

In the six months under review to the end of March 2011, prices on the Eurozone equity market continued to rise, with high volatility. Stabilisation of the US economy in particular had a supportive effect, together with the continued strong growth of the leading emerging markets.

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 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 resulting portfolio consisted essentially of financial stocks and equities from the industrial, energy and telecommunications sectors. In terms of countries, investment focused on France and Germany.

With this approach, the Subfund obtained a significantly positive result.

The Subfund in figures 31/03/2011 Launch date

– Class AT (EUR) (accumulating) WKN A1C0Y9/LU0511871054 95.81 100.00

Net asset value per share in GBP

– Class A (GBP) (distributing) WKN A1C0Y8/LU0511870916 96.95 10.00

– Class AT (USD) (accumulating) WKN A1C0ZA/LU0511871138 9.82 100.00

Shares in circulation1) 467,482 –

Subfund assets in millions of USD 16.5 –1) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

1.96 % Information Technology

4.29 % Others Net Assets

22.88 % Financials

15.54 % Energy

14.65 % Materials

Health Care 3.72 %

Utilities 4.65 %

Industrials 10.95 %

Allianz RCM Brazil

The Subfund concentrates on the equities of companies with their registered office in Brazil. It may also invest in particular in equities from other Latin American countries or companies from other countries, provided they generate a predominant portion of their earnings in Brazil. Its investment objective is to generate capital growth over the long term.

In the short half-year under review, from launch of the Subfund on 6 October 2010 to the end of March 2011, the Brazilian economy remained on a path of growth. However, concerns about inflation and government steps to limit the inflow of foreign capital had an adverse effect on stock market sentiment in Brazil. Calculated in Euros, equity prices moved more or less laterally on average.

In this environment energy and financial stocks were strongly represented in the Subfund, although they were underweight relative to their market share. On the other hand a relatively high weighting was given to industrials and energy stocks, in view of the further stabilisation in the global economy.

With this investment policy the Subfund obtained a negative result calculated in Euros.

The Subfund in figures 31/03/2011 30/09/2010 30/09/2009 30/09/2008Net asset value per share in EUR– Class AT (EUR) (accumulating) WKN A0MPES/LU0293313325 95.07 89.64 73.91 64.22– Class CT (EUR) (accumulating) WKN A0MPEU/LU0293313671 96.84 91.65 76.13 66.65– Class I (EUR) (distributing) WKN A0MPEX/LU0293313911 1,028.12 967.33 792.06 682.11Net asset value per share in HUF– Class AT (HUF) (accumulating) WKN A1C2H1/LU0527935992 25,281.25 24,940.36 – –Net asset value per share in SGD– Class AT (SGD) (accumulating) WKN A0RPS8/LU0485429301 10.85 10.22 – –Net asset value per share in USD– Class AT (USD) (accumulating) WKN A0MPE0/LU0293314216 7.83 7.08 6.28 5.39Shares in circulation1) 13,866,146 17,693,392 6,714,779 2,459,243Subfund assets in millions of EUR 229.3 227.4 81.4 41.61) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

28.09 % Russia

24.78 % Brazil

Luxembourg 3.32 %

Hong Kong 7.02 %

China 16.52 %

India 19.18 %

Allianz RCM BRIC Equity

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 generate capital growth over the long term.

In the six months under review to the end of March 2011, prices on global equity markets continued to rise, with high volatility. Stabilisation of the US economy in particular had a supportive effect, together with the continued strong growth of the leading emerging markets. This also led to price gains on the stock markets of the BRIC countries on balance.

In this environment the focus was on Russian and Brazilian stocks that appeared relatively attractive. On the other hand, the markets in China (including Hong Kong) in particular, and in India, were weighted lower than their stock market capitalisation would suggest. At sector level, financial, energy and commodity stocks dominated in the Subfund. Relative to their market capitalisation, industrials were also comparatively strongly represented.

The Subfund in figures 31/03/2011 30/09/2010 30/09/2009 Launch dateNet asset value per share in USD– Class A (USD) (distributing) WKN A0Q1P2/LU0348825331 50.95 49.10 42.17 29.44– Class AT (USD) (accumulating) WKN A0Q1QA/LU0348827113 9.61 – – –– Class IT (USD) (accumulating) WKN A0Q1QW/LU0348831818 2,122.02 2,034.21 1,725.23 100.00– Class N (USD) (distributing) WKN A1CSGS/LU0567130009 1,002.12 – – –– Class W (USD) (distributing) WKN A0X8R6/IE00B4P77354 1,025.40 – – –Net asset value per share in EUR– Class A (EUR) (distributing) WKN A0Q1P1/LU0348825174 89.19 – – –– Class CT (EUR) (accumulating) WKN A0Q1QD/LU0348827899 126.76 127.65 – 100.00Net asset value per share in GBP– Class A (GBP) (distributing) WKN A0Q1P3/LU0348825687 137.76 134.92 114.69 29.44 Net asset value per share in HKD– Class A (HKD) (distributing) WKN A1CT92/LU0561508036 9.79 – – –Net asset value per share in SGD– Class AT (SGD) (accumulating) WKN A0X8FD/LU0417516902 10.48 10.54 9.63 29.44 Shares in circulation1) 12,825,858 6,840,882 5,127,493 –Subfund assets in millions of USD 686.5 426.5 267.4 –1) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

3.07 % Utilities

34.45 % Financials

17.34 % Energy

Materials 5.30 %

Industrials 13.29 %

Allianz RCM China

Equity markets were volatile during the review period. Markets first surged in the forth quarter of 2010, as a result of quantitative easing in the US and improving investor’s sentiment towards a global economic recovery. Markets were then undermined by the political unrest in the Middle East and the massive earthquake in north-eastern Japan in the first quarter of 2011. Chinese stocks were sluggish at the beginning of 2011 partly due to the weakness of the China A-share market. The H-shares and Red chips markets shrugged off the negative sentiment to post moderate gains for the review period. The People’s Bank of China continued to hike the required reserve ratio and the benchmark deposit and lending rates, in a continuous effort to absorb excess liquidity and ease inflationary pressure. Further policy action aimed at cooling off the property market was also taken with a series of measures targeting home purchases and mortgage loan financing. Meanwhile,

investors shifted their focus on corporate earnings results. This combined with management guidance on 2011 outlook became major share price drivers in the short term.

The market is expected to remain in a trading range in the short term, until CPI inflation shows signs of peaking out. Meanwhile, we would expect further increases in reserve requirement ratio to absorb excess liquidity. 2010 corporate earnings results were mixed, coupled with an expected moderation in economic growth in 2011, we do not expect significant earnings upgrade in the short term.

The Subfund in figures 31/03/2011 Launch dateNet asset value per share in EUR– Class I (EUR) (distributing) WKN A1C5GB/LU0542501423 1,136.18 1000.00Shares in circulation 68,649 –Subfund assets in millions of EUR 68.9 –For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

13.02 % Germany

7.18 % France

4.29 % Spain

4.26 % Italy

3.78 % Belgium

Other net assets 67.47 %

Allianz RCM Commodities

The Subfund aims to participate to a large extent in the performance of international commodity and commodity futures markets. To this end, it may use derivatives with reference to the RCM Active Commodity Index, which tracks the price performance of commodities from the energy sources, industrial metals, precious metals and agricultural commodities sectors. The weighting of the four commodities segments in the RCM Active Commodity Index is established on the basis of a model with both quantitative and qualitative aspects. Participation of the Subfund in the performance of the RCM Active Commodity Index is kept in a bandwidth between 50 and 150 % of the Subfund’s assets as part of the risk management procedure. Liquidity that is not needed for participation in the Allianz RCM Active Commodity Index is invested in a money market-oriented portfolio.

In the short half-year under review, from launch of the Subfund on 26 October 2010 to the end of March 2011, global demand for commodities remained at a high level due to stabilisation of the US economy and the continued strong

growth in leading emerging markets. The price of energy sources in particular came close to the peaks of 2008, while gold reached a historical record high, calculated in Dollars.

In this environment the Subfund was invested, in line with its investment concept, in a derivative construction that enables participation in the performance of the RCM Active Commodity Index. The liquidity that was made freely available as a result was invested in a portfolio comprising short-term Euro government bonds with high ratings.

With its investment policy, the Subfund obtained a significantly positive result.

– Class I (EUR) (distributing) WKN A0RN78/LU0431815132 1,013.23 1,009.46 993.12 1,000.00

Shares in circulation 62,808 62,015 47,905 –

Subfund assets in millions of EUR 63.6 62.6 47.58 –1) Investments in securities total 103.92 % of net assets. For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

3.13 % Ireland

27.40 % France

21.86 % Luxembourg

11.40 % Germany

Belgium 7.82 %

Netherlands 8.62 %

Austria 9.44 %

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 generate capital growth over the long term.

In the six months under review to the end of March 2011, there were strong exchange rate movements on global currency markets. The Euro, which had previously suffered at times from the debt crisis in European peripheral countries, appreciated significantly against the US Dollar. This also reflected the prospect of interest-rate hikes by the European Central Bank. The exchange rate for the Yen also increased recently to a notable extent. The reason for this was that, following the earthquake in Japan, there were inflows of capital that had previously been invested overseas.

In this environment, the Subfund used derivatives to pursue a variety of strategies on the global currency markets. On the one hand, positions were taken in currencies from industrialised nations. On the other, the Subfund also entered positions in currencies from emerging markets that were expected to appreciate, in line with the investment concept. The Subfund’s liquidity was also invested in Euro money-market instruments, partly in short-term bonds issued by international financial institutions with investment-grade ratings and partly in public-sector securities with very high ratings.

With its investment policy, the Subfund obtained a slightly positive result overall.

– Class A (EUR) (distributing) WKN A0Q0U0/LU0342677829 160.70 145.02 129.62 100.00

– Class AT (USD) (accumulating) WKN A0Q0U9/LU0342679015 16.21 14.04 13.46 10.00

Subfund assets in millions of EUR 13.2 14.9 18.5 –1) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

22.61 % Industrials

19.58 % Health Care

14.13 % Financials

Other Sectors 4.75 %

Materials 9.40 %

Energy 9.51 %

Allianz RCM Demographic Trends

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 generate capital growth over the long term.

In the six months under review to the end of March 2011, prices on global equity markets continued to rise, with high volatility. Stabilisation of the US economy in particular had a supportive effect, together with the continued strong growth of the leading emerging markets. The equities of companies geared towards demographic change also benefited from the upturn on stock markets.

In this environment healthcare stocks were heavily represented in the Subfund on the one hand, as one of the main beneficiaries of the changing age structure in

industrialised countries. On the other, we invested in selected companies from the industrial segment in particular as, in the opinion of fund management they should benefit from the growth in population and prosperity in emerging markets. In terms of countries, stock-picking produced a concentration on US equities and companies from Germany. Securities from emerging markets were included alongside those from developed countries.

With this investment policy, the Subfund obtained a significantly positive result.

The Subfund in figures 31/03/2011 30/09/2010 Launch dateNet asset value per share in EUR

– Class A (EUR) (distributing) WKN A0Q83F/LU0384022694 98.61 92.07 100.00

– Class CT (EUR) (accumulating) WKN A0Q83X/LU0384027578 98.69 92.46 100.00

– Class I (EUR) (distributing) WKN A0Q835/LU0384030010 994.97 926.29 1,000.00Net asset value per share in GBP

– Class A (GBP) (distributing) WKN A0Q83H/LU0384023239 95.76 87.60 100.00

– Class A (H-GBP) (distributing) WKN A0Q83M/LU0384024559 99.61 93.05 100.00

Shares in circulation2) 422,844 479,594 –Subfund assets in millions of EUR 60.7 70.1 –1) Investments in securities total 100.35 % of net assets. 2) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

3.28 % Netherlands

3.28 % Ireland

31.11 % Luxembourg

12.27 % France

Belgium 4.92 %

Austria 8.28 %

France 9.86 %

Germany 9.90 %

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.

In the year under review to the end of September 2010, prices on the European equity market increased sharply with high volatility. Although concerns about the heavy indebtedness of some Eurozone states had an adverse impact on investor sentiment at times, the stabilisation of the global economy, and in particular the robust growth of the leading emerging markets, recently had a supportive effect.

In line with the investment concept, the Subfund used a swap in this environment to pursue a long/short strategy oriented towards selected European equities. The sometimes 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 high-quality Euro money-market 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.

With this investment policy, the Subfund underperformed its benchmark, EONIA, and obtained a negative result overall.

The Subfund in figures 31/03/2011 Launch dateNet asset value per share in EUR– Class A (H-EUR) (distributing) WKN A0Q0WE/LU0342683553 102.07 100.00Shares in circulation 134,219 –Subfund assets in millions of EUR 19.5 –For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

33.59 % Germany

2.31 % Japan

2.82 % USA

Other net assets 8.96 %

Luxembourg 8.60 %

Ireland 31.43 %

France 7.76 %

Allianz RCM Dynamic Multi Asset Plus

The Subfund invests in a wide range of global asset classes, including equities, bonds, money-market instruments, commodities, hedge funds and property market-related positions. The investments in each of the asset classes may be implemented both through direct investment and through index-related derivatives and target funds. The weightings of the asset classes are based on a systematic approach. Its investment objective is to generate capital growth over the long term.

In the short half-year under review, from launch of the Subfund on 13 December 2010 to the end of March 2011, prices on global equity markets continued to increase with high volatility. Stabilisation of the US economy in particular had a supportive effect, together with the continued strong growth of emerging markets. Commodities also benefited for the most part from the sustained high level of demand. On the other hand, bonds suffered from the globally rising level of interest rates and fell in value.

In this environment, target funds or derivatives were used in the portfolio to implement equity positions in promising regions and segments. We also held positions in top-rated government bonds from industrial countries or their corresponding derivatives, as well as a fund specialising in high-quality emerging-market bonds. Funds investing in property companies were included in particular, as well as alternative products aiming for returns that are as independent as possible from conventional asset classes.

With its investment policy the Subfund obtained a moderately positive result.

– Class A (USD) (distributing) WKN A0Q1H6/LU0348788117 50.37 47.26 31.20 28.18

Net asset value per share in HKD

– Class AT (HKD) (accumulating) WKN A1H668/LU0589944569 10.44 – – –

Shares in circulation1) 2,515,557 1,429,562 663,519 –

18.05 % Financials

14.85 % Materials

Utilities 2.53 %

Energy 8.15 %

Industrials 9.29 %

Allianz RCM Emerging Asia

From 1 October 2010 to 31 March 2011, the MSCI Emerging Frontier Asia index was range-bound for most of the 6-month period and rallied in the second half of March after the Japanese earthquake. Overall, the index gained 8.59 % in USD terms despite rising oil prices, further tightening by central banks in the region, political unrest in the Middle East, and the Japanese earthquake.

The Subfund underperformed the index by 1.56 % during this period. Our stock picks in consumer staples, industrials and utilities contributed to the performance. However, our stock picks in financials hurt the Subfund’s performance.

The long-term fundamental macroeconomic outlook for Asia is quite robust, although the catastrophic events in Japan and the Middle East are likely to cause near-term distortions to the economy. Still, Asia is benefiting from

strong supply-side growth prospects, relatively low leverage and a still-low, but rising, cost of capital. However, the risk of inflation from rising food prices, event risk in the Middle East affecting oil prices, and subsequent policy-tightening still remain present risks. While inflation dominates the concerns in Asia for the first half of 2011, there are risks we will see slower economic growth in the second half of 2011 as a result of higher oil prices, appreciating currencies, and continued tightening of monetary policies adopted by the regional authorities.

– Class AT (EUR) (accumulating) WKN A0MPAK/LU0293294277 106.13 105.58 104.53 –

– Class CT (EUR) (accumulating) WKN A0MPAM/LU0293294434 103.36 102.85 101.88 –

– Class I (EUR) (distributing) WKN A0MN9X/LU0293295324 1,035.85 1,042.11 1,049.38 1,046.05

– Class IT (EUR) (accumulating) WKN A0MPAQ/LU0293295597 1,034.27 1,027.97 1,016.80 –

Shares in circulation2) 1,702,727 1,851,501 1,190,049 53,396

Subfund assets in millions of EUR 694.6 543.2 408.2 55.91) Floating-rate notes are considered with the date of the next interest rate change.2) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

57.45 % 2011

2013 3.04 %

2012 37.19 %

Allianz RCM Enhanced Short Term Euro

The Subfund aims to generate an above-average return oriented towards the Euro money market. With the aim of generating additional returns, it may enter into separate commitments in relation to bonds and foreign currencies or their corresponding derivatives, even if the Subfund does not hold any assets in the respective currencies. High-yield securities and asset/mortgage-backed securities (ABS/MBS) may not be acquired.

In this market environment the Subfund benefited from its special investment process. Its investments included a

money-market portfolio consisting of high-quality short-term paper issued by international financial institutions as well as bonds from public-sector issuers. 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 just under 5 months at the reporting date.

With this investment policy the Subfund obtained a slightly positive result above the level of the Euro money market.

The Subfund in figures 31/03/2011 30/09/2010 30/09/2009 30/09/2008Net asset value per share in EUR– Class A (EUR) (distributing) WKN A0KDND/LU0256839944 111.34 102.12 85.57 78.74– Class AT (EUR) (accumulating) WKN A0KDNE/LU0256840447 113.86 103.60 86.51 79.43– Class CT (EUR) (accumulating) WKN A0KDNG/LU0256840793 112.05 102.34 86.10 79.64– Class I (EUR) (distributing) WKN A0KDNH/LU0256883843 1,155.96 1,056.86 882.95 816.24– Class IT (EUR) (accumulating) WKN A0KDNJ/LU0256884064 1,203.62 1,090.36 902.62 822.24– Class W (EUR) (distributing) WKN A0KDNM/LU0256884577 1,162.00 1,062.62 887.68 806.01Shares in circulation1) 460,968 558,186 70,376 56,856Subfund assets in millions of EUR 280.4 237.8 39.0 23.91) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

40.65 % France

26.71 % Germany

Belgium 3.33 %

Finland 3.40 %

Italy 5.22 %

Spain 6.18 %

Netherlands 9.22 %

Allianz RCM Euroland Equity Growth

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 generate capital growth over the long term.

In the six months under review to the end of March 2011, prices on the Eurozone equity market continued to rise, with high volatility. Stabilisation of the US economy in particular had a supportive effect, together with the continued strong growth of the leading emerging markets. Stocks in high-growth companies gained significantly in value in this environment.

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 a high weighting in industrials, consumer goods and IT stocks, with financial companies only selectively represented. Stocks in telecommunication and utility companies were avoided altogether, since they have hardly any scope for growth. In terms of countries, this produced a relatively high weighting for the stock markets in Germany and France. On the other hand, equities from Spain and Italy were less strongly represented than their market capitalisation would suggest.

With this investment policy, the Subfund obtained a positive result significantly outperforming the general market for growth stocks in the Eurozone.

The Subfund in figures 31/03/2011 30/09/2010 30/09/2009 30/09/2008Net asset value per share in EUR– Class A (EUR) (distributing) WKN A0KDMT/LU0256839191 128.30 118.57 91.78 83.25– Class AT (EUR) (accumulating) WKN A0KDMU/LU0256839274 129.03 119.08 91.83 83.27– Class CT (EUR) (accumulating) WKN A0KDMW/LU0256839860 124.60 115.42 89.68 81.93– Class I (EUR) (distributing) WKN A0KDMX/LU0256880153 1,328.53 1,229.65 949.39 864.60– Class IT (EUR) (accumulating) WKN A0KDMY/LU0256881128 1,376.35 1,264.57 966.85 869.83– Class W (EUR) (distributing) WKN A0KDM1/LU0256881987 1,360.32 1,260.24 972.30 872.16– Class WT (EUR) (accumulating) WKN A0KDM2/LU0256883504 1,137.80 1,043.83 – –Net asset value per share in GBP– Class A (GBP) (distributing) WKN A0KFGW/LU0264555375 157.00 141.26 115.70 –Net asset value per share in HUF– Class AT (HUF) (accumulating) WKN A1C2H2/LU0527936024 27,051.84 26,116.50 115.70 –Shares in circulation1) 2,462,206 1,931,767 811,306 158,564Subfund assets in millions of EUR 1,022.5 783.5 230.9 77.41) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

19.79 % France

13.98 % Germany

Netherlands 2.23 %

Italy 2.82 %

Spain 3.21 %

Denmark 7.95 %

Switzerland 8.77 %

Sweden 10.92 %

Allianz RCM Europe Equity Growth

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 generate capital growth over the long term.

In the six months under review to the end of March 2011, prices on European equity markets continued to rise, with high volatility. Stabilisation of the US economy in particular had a supportive effect, together with the continued strong growth of the leading emerging markets. Equities in high-growth companies gained significantly in value in this environment.

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 a high weighting in industrials and consumer goods, with financials only selectively represented. Equities in telecommunication and utility companies were avoided altogether, since they have hardly any scope for growth. In terms of countries, this produced a relatively high weighting for the stock markets in Germany, France and Sweden. On the other hand, UK equities were less strongly represented than their market capitalisation would suggest.

With this investment policy, the Subfund obtained a positive result, outperforming the general market for growth stocks in Europe.

– Class AT (EUR) (accumulating) WKN A0MPE8/LU0293315296 138.12 119.35 101.36 100.00

– Class IT (EUR) (accumulating) WKN A0MPFE/LU0293315965 1,401.59 1,205.02 1,013.98 1,000.00

– Class A (GBP) (distributing) WKN A0X9HL/LU0442335922 138.29 116.37 104.80 100.00

2.59 % Consumer Staples

28.80 % Industrials

22.01 % Consumer Discretionary

Health Care 6.19 %

Materials 6.76 %

Financials 9.14 %

Energy 9.29 %

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 generate capital growth over the long term.

In the six months under review to the end of March, prices on European equity markets continued to rise, with high volatility. Stabilisation of the US economy in particular had a supportive effect, together with the continued strong growth of the leading emerging markets. Small caps made above-average gains.

In this environment, the Subfund invested chiefly in companies from relatively cyclical sectors such as industrials, consumer cyclicals and information technology. But it only invested to a comparatively low extent in market segments with rather low earnings such as healthcare and consumer classics. In terms of countries, stock-picking produced a concentration on the UK, Germany and Switzerland.

– Class A (EUR) (distributing) WKN A0M8SA/LU0327454749 121.28 118.63 112.96 100.00

– Class N (EUR) (distributing) WKN A0RC32/LU0400424155 1,351.38 1,324.74 1,260.82 1,000.00

– Class S (EUR) (distributing) WKN A0RC33/LU0400424742 1,347.83 1,321.49 1,257.63 1,000.00

Subfund assets in millions of EUR 30.0 31.8 19.6 –1) Investments in securities total 100.75 % of net assets. 2) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

2.07 % Jersey

14.99 % Germany

13.60 % Switzerland

Ireland 2.16 %

Portugal 2.45 %

Belgium 3.40 %

Denmark 3.80 %

Netherlands 6.04 %

France 6.43 %

Norway 7.63 %

Allianz RCM European Equity

The Subfund primarily invests in equities of companies headquartered in Europe (including Turkey and Russia). Its investment objective is to generate capital growth over the long term.

In the six months under review to the end of March 2011, prices on European equity markets continued to rise, with high volatility. Stabilisation of the US economy in particular had a supportive effect, together with the continued strong growth of the leading emerging markets.

In this environment, cyclical companies from the industrial and consumer goods sectors dominated in the Subfund. Financial stocks were also strongly represented in absolute terms, although the sector remained

underweight relative to its market capitalisation. In terms of countries, stock-picking produced a concentration on the UK, Germany and Switzerland.

– Class A (EUR) (distributing) WKN A0RF5F/LU0414045582 101.27 – – –

– Class AT (EUR) (accumulating) WKN A0RF5H/LU0414045822 170.11 159.32 143.20 100.00

– Class CT (EUR) (accumulating) WKN A0RF5K/LU0414046390 167.57 157.53 142.65 100.00

– Class IT (EUR) (accumulating) WKN A0RF5U/LU0414047281 1,731.05 1,614.17 1,438.33 1,000.00

12.58 % Spain

9.93 % Switzerland

9.03 % France

Poland 2.11 %

Norway 3.10 %

Austria 3.19 %

Germany 5.65 %

Italy 7.49 %

Netherlands 7.50 %

Allianz RCM European Equity Dividend

The Subfund focuses on equity investments in European companies from which reasonable dividend income is expected. Its investment objective is to generate capital growth over the long term.

In the short half-year under review, from launch of the Subfund on 10 January to the end of March 2011, prices on European equity markets continued to increase with high volatility. Stabilisation of the US economy in particular had a supportive effect, together with the continued strong growth of the leading emerging markets. Although equities from high-dividend companies were less in demand, they did also perform positively on average.

In this environment, dividend stocks from the financial and consumer goods sectors dominated in the Subfund, as well as from sectors with usually relatively stable returns, such as telecommunications and utilities. In terms of countries, stock-picking produced a concentration on the UK, Spain and Switzerland.

With this investment policy, the Subfund obtained a slightly positive result.

Net asset value per share in USD– Class AT (USD) (accumulating) WKN A0NFZD/LU0342689089 11.31 9.36 7.55 7.65Net asset value per share in EUR– Class A (EUR) (distributing) WKN A0NCGS/LU0342688198 123.68 106.87 80.18 82.81– Class AT (EUR) (accumulating) WKN A0Q0XS/LU0342688941 99.08 85.62 64.51 66.78– Class CT (EUR) (accumulating) WKN A0Q0XZ/LU0342689832 109.24 94.63 71.58 74.37– Class IT (EUR) (accumulating) WKN A0Q0YF/LU0342691812 1,140.40 978.68 729.64 746.35Net asset value per share in GBP– Class A (GBP) (distributing) WKN A0Q0XL/LU0342688354 126.02 106.15 84.80 76.59Shares in circulation1) 10,103,988 9,277,155 7,332,376 11,395,406Subfund assets in millions of USD 452.2 264.4 194.1 253.81) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

2.07 % Russia

12.40 % Canada

Norway 3.24 %

Singapore 4.19 %

Netherlands 4.38 %

Malaysia 4.43 %

Chile 4.48 %

Indonesia 5.24 %

Brazil 7.09 %

The Subfund concentrates in the global equity market on companies that profit directly or indirectly from developments in the following areas in particular: provision of agricultural production resources such as land and water; production, storage and transport of agricultural commodities; processing, transport and sale of foodstuffs and beverages as well as of non-food products (incl. wood and paper products).

Agricultural related stocks performed well over the period, with the custom benchmark outperforming the MSCI All Country World by 3.5 %. Driven by the strong performance of agricultural commodity prices, the Subfund outperformed the benchmark by approximately 5.9 %. Returns were helped by overweighting the upstream segment, with notable contributions from fertilizer and construction & farm machinery companies. Conversely, returns were hurt by exposure to select palm oil and emerging markets food processors and distributors.

At the stock level, the largest contributors came from U.S. irrigation equipment provider Lindsay Manufacturing and fertilizer producer CF Industries. Conversely, returns were hurt by holding Chinese food retailer Wumart Stores and Brazilian protein processor JBS S/A.

The Subfund’s current positioning reflects our positive view toward commodity prices, and the longer-term need for higher yields.

Allianz RCM Global Agricultural Trends

Net asset value per share in EUR– Class A (EUR) (distributing) WKN A0JJ35/LU0250028817 82.93 74.34 79.50 98.69– Class AT (EUR) (accumulating) WKN A0MKVC/LU0287146376 67.75 60.74 64.95 80.36– Class CT (EUR) (accumulating) WKN A0JMRH/LU0250034039 65.80 59.20 63.78 79.52– Class IT (EUR) (accumulating) WKN A0MR5Y/LU0301501127 70.26 62.66 66.36 81.36Shares in circulation2) 2,916,957 3,765,156 5,747,736 6,049,093Subfund assets in millions of EUR 233.6 271.5 446.7 583.21) Investments in securities total 100.44 % of net assets.2) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

3.14 % France

8.33 % Germany

8.28 % Denmark

Japan 3.22 %

Taiwan 3.62 %

Austria 3.81 %

China 4.07 %

Spain 6.30 %

Hong Kong 6.72 %

Allianz RCM Global EcoTrends

The atmosphere and expectations leading up to the UN climate talks in Cancun were among the headlines during Q4. As expected, the talks did not provide any legally binding agreement or commitments. However, there were some small steps in the right direction, including agreement on the rules for transparency and how countries measure and report their future emissions, which had proved a stumbling block previously at the Copenhagen talks. In the US, President Obama signed a tax package that extended a grant program which provides up to 30 % of the cost of clean power projects. Ecoenergy: Although the scope of the tragedy in Japan is still unfolding, the ramifications of the nuclear crisis have potentially significant longer term implications for companies in the environmental technology sector. We think there is an increased risk that development of new nuclear plants or even life extensions of existing plants will either be delayed or cancelled in the western world. In the longer term this is likely to increase natural gas, electricity and carbon prices which should improve wind

and solar fundamentals. Adoption rates of energy efficiency technologies are also likely to accelerate as payback periods decline. Wind and solar sectors were strong performers in the past six months. Pollution control: the fund performance benefited from strong earnings momentum of our holdings in the industrials. Water: In water too industrial companies were strong performers as the demand continued to surprise on the upside. These companies have strong proprietary technologies and an attractive cash return profile.

We continue to look to the emerging market sector, and especially in the Chinese solar, energy efficiency and Asia LED companies, for new investment opportunities.

The Subfund in figures 31/03/2011 30/09/2010 30/09/2009 30/09/2008Net asset value per share in USD– Class AT (USD) (accumulating) WKN 921893/LU0101244092 8.90 7.90 7.58 8.45Net asset value per share in EUR– Class AT (EUR) (accumulating) WKN 921896/LU0101257581 5.93 5.49 4.92 5.62– Class CT (EUR) (accumulating) WKN 921898/LU0101258399 7.56 7.03 6.34 7.25– Class IT (EUR) (accumulating) WKN 804573/LU0156497637 7.84 7.23 6.41 7.25– Class IT (H-EUR) (accumulating) WKN A0REN2/LU0407702835 12.99 11.63 11.20 –– Class N (EUR) (distributing) WKN A0RC30/LU0400422969 13.54 12.57 11.24 –– Class S (EUR) (distributing) WKN A0RC31/LU0400423694 13.51 12.51 11.21 –– Class WT (EUR) (accumulating) WKN A0MWNA/LU0318003745 814.89 750.36 663.67 743.03Net asset value per share in SGD

– Class AT (SGD) (accumulating) WKN A0X8E7/LU0417516225 – 9.94 10.22 –Shares in circulation1) 8,278,925 7,924,880 30,494,551 16,766,320Subfund assets in millions of USD 93.8 80.0 254.78 140.81) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

11.21 % Germany

Netherlands 2.53 %

Canada 3.40 %

Luxembourg 3.41 %

France 3.54 %

Hong Kong 4.38 %

Switzerland 4.57 %

Japan 5.63 %

Allianz RCM Global Equity

Despite higher oil prices and increasing inflationary concerns, global equity markets continued rise, supported by solid economic and corporate earnings growth. Energy was again the strongest sector, followed by telecommunications which was boosted by M&A activity. Utilities lagged due to nuclear power concerns in the aftermath of the earthquake in Japan and consumer staples underperformed on worries about higher food prices.

Over the period the Subfund rose in absolute terms but lagged the benchmark. Energy stock selection was positive although the sector underweight hurt. Stock selection within Consumer Staples and Materials also contributed, as did the underweight in both Utilities and Financials. Information Technology and Industrial stock selection was negative. On a country basis, the US and Canada helped while Japan and the United Kingdom detracted.

Looking forward, the outlook for global equities is mixed. While global growth remains positive, momentum is slowing and inflationary pressures are building in a number of areas. However, interest rates remain low, central banks are generally accomodative, emerging markets demand is strong and corporate balance sheets are strong. This implies a market environment where fundamental factors are the primary drivers of stock returns. We continue to look for companies that can grow organically, unlock value through restructuring and benefit from strong corporate spending.

– Class A (USD) (distributing) WKN A0Q048/LU0348723411 13.18 11.87 10.92 9.74

– Class AT (USD) (accumulating) WKN A0Q05G/LU0348724229 13.30 11.97 10.98 9.80

– Class IT (USD) (accumulating) WKN A0Q052/LU0348726513 14.12 12.65 11.49 10.15

– Class AT (SGD) (accumulating) WKN A0X8FF/LU0417517116 11.42 10.72 10.52 10.00

Shares in circulation1) 7,475,309 8,292,548 9,089,223 –

France 2.18 %

Bermuda 2.31 %

Japan 7.30 %

Allianz RCM Global Hi-Tech Growth

The Subfund concentrates on the stocks of Technology companies worldwide. Its investment objective is to attain capital growth over the long-term.

In the last six months, we saw good returns with the continuing recovery of the global economy, although a new set of concerns developed by the end of the period. Political instability in the Middle East, high fuel prices and the after-effects of the Japan earthquake and tsunami have become the new worries to be overcome. Generally speaking, technology businesses were strong during this period, although there are many instances of supply disruption and soft results from the Middle East and Japan problems, as the earnings results of the period are being reported.

The Subfund appreciated strongly in absolute terms during this period but slightly underperformed the benchmark. We had weak stock selection, driven in part by some of our companies’ exposure to Japan, but this was almost offset by strong allocation decisions, particularly

in Capital Goods, Health Care Equipment and Biotechnology, where we found better returns than in Technology.

We believe that these new worries are mostly transitory, which would imply that there is room for improved confidence as the year unfolds. Japan, for instance, will rebuild and likely be stronger as a result. We continue to believe that old worries – fiscal austerity and debt problems, as well as a lack of the easy credit seen prior to 2008, will constrain global growth. When we look for new ideas we seek innovative companies which should succeed in spite of slower growth, rather than companies who depend on high growth. These companies should command a premium going forward.

The Subfund in figures 31/03/2011 Launch dateNet asset value per share in EUR– Class A (EUR) (distributing) WKN A1H67A/LU0589944643 98.66 100.00– Class I (EUR) (distributing) WKN A1H67B/LU0589944726 987.49 1,000.00Shares in circulation1) 27,316 –Subfund assets in millions of EUR 17.4 –1) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

19.97 % Canada

South Africa 2.15 %

Luxembourg 4.71 %

Brazil 4.79 %

Australia 5.75 %

Switzerland 9.74 %

Allianz RCM Global Metals and Mining

The Subfund invests in global equity markets, primarily in the natural resources sector. Its investment objective is to generate capital growth over the long term.

In the six months under review to the end of March 2011, prices on global equity markets continued to rise, with high volatility. Stabilisation of the US economy in particular had a supportive effect, together with the continued strong growth of the leading emerging markets. In view of the continuing high demand for commodities, equities from the metals and mining segments benefited above-average.

In this environment the Subfund was invested chiefly in diversified mining companies that are among the world’s leading producers, especially in the areas of copper, coal and iron ore, which are in demand due to structural

scarcity. Equities in selected gold mines and steel producers were included in particular. The position in the uranium specialist Cameco was liquidated. In terms of countries, investment focused on the UK, the USA and Canada. In view of the economic setback caused by the earthquake, companies from Japan were significantly underweight.

With its investment policy, the Subfund obtained a significantly positive result.

– Class A (EUR) (distributing) WKN 157662/LU0158827195 13.38 12.40 10.95 11.54

– Class CT (EUR) (accumulating) WKN 164169/LU0158828326 8.26 7.68 6.79 7.19

– Class A (USD) (distributing) WKN 164168/LU0158827948 18.55 16.49 15.60 16.22

Shares in circulation1) 1,949,161 2,992,669 2,579,716 2,258,071

Subfund assets in millions of EUR 25.4 36.5 27.7 25.41) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

11.79 % Germany

Hong Kong 2.15 %

Denmark 2.53 %

Ireland 2.64 %

Brazil 2.81 %

Netherlands 3.23 %

Japan 4.49 %

France 5.14 %

Switzerland 6.70 %

Allianz RCM Global Sustainability

Over the reporting period, global equities continued to strengthen on the back of improving economic data and corporate fundamentals, and despite a more uncertain macroeconomic backdrop. A robust corporate reporting season anticipated for the last quarter of 2010 failed to extend its momentum into the first quarter 2011 as earnings forecasts proved more subdued. Overhanging the macroeconomic skyline were further uncertainties, namely major geopolitical changes in the Middle East and the unfortunate events of earthquake, tsunami and nuclear crisis in Japan. Successive interest rate hikes to cool inflation in some of the key emerging markets like China, India and Brazil, in addition to the continuing need to find a resolution to European sovereign issues, heightened risks to growth in global markets in the latter half of the reporting period.

Against this backdrop, the portfolio outperformed the benchmark, driven by stock selection in the Consumer Services, Health Care and Energy sectors.

However, some of the performance earned through good stock selection within Technology in the fourth quarter of 2010 for example, was given back in the first quarter of 2011.

In terms of regions, stock selection in United States and United Kingdom was particularly strong. But this was partially offset by the exposure to Japan, albeit an underweight one. Long-term contributor Canon and new addition Honda were two of the largest detractors to performance over the period. We continue to focus our investment ideas on opportunities that are seeing sustainable growth. Companies with the ability to grow organically, restructuring candidates and corporate spending beneficiaries are among them, as are Sustainability leaders who demonstrate best-in-class abilities at managing environmental, social and governance risk and opportunities.

– Class AT (USD) (accumulating) WKN A0Q06N/LU0348728998 7.62 6.69 6.61 7.04

Shares in circulation 1,967,900 2,272,154 2,189,094 –

Subfund assets in millions of USD 15.0 15.2 14.5 –For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

2.17 % Gibraltar

16.19 % Australia

7.01 % Japan

Bermuda 2.55 %

France 3.05 %

Finland 3.08 %

Germany 3.29 %

Netherlands 3.87 %

Canada 4.27 %

Allianz RCM Global Unconstrained

The Subfund invests in the global equity and money markets within a flexible asset structure, which may include being fully invested in cash and cash equivalent, depending on the assessment of fund management. Its investment objective is to generate capital growth over the long term.

In the six months under review to the end of March 2011, prices on global equity markets continued to rise, with high volatility. Stabilisation of the US economy in particular had a supportive effect, together with the continued strong growth of the leading emerging markets.

In this environment, equities from the financial sector and in particular cyclical companies from the energy and commodities sectors dominated in the Subfund. In terms of countries, stock-picking produced a concentration on the USA and Australia. The Subfund’s liquidity was actively adjusted to the prevailing market conditions and was temporarily raised, particularly following the earthquake in Japan. The liquidity element was most recently 9 % of the Subfund’s assets.

With this investment policy the Subfund obtained a significantly positive result.

The Subfund in figures 31/03/2011 30/09/2010 Launch dateNet asset value per share in USD– Class AT (USD) (accumulating) WKN A0RK19/LU0396098781 12.93 12.05 10.00Shares in circulation 335,517 388,355 –Subfund assets in millions of USD 4.3 4.7 –For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

41.34 % Hong-Kong

Other Net Assets 5.27 %

Taiwan 26.64 %

China 26.75 %

Allianz RCM Greater China Dynamic

Equity markets first surged in the fourth quarter of 2010 as a result of quantitative easing in the US. Markets were then weakened by the political unrest in the Middle East and the massive earthquake in north-eastern Japan in the first quarter of 2011. Yet, the Greater China markets shrugged off the negative sentiment to post moderate gains for the period. Market sentiment improved in anticipation of a potential policy shift by China’s government on the expectation of a peaking out of CPI inflation over the course of the year. In Taiwan, the market was mainly supported by the better-than expected macroeconomic data.

The Hong Kong and China markets will remain in a trading range in the short term, until CPI inflation shows signs of peaking out. Meanwhile, we would expect further increases in reserve requirement ratio to absorb excess liquidity. 2010 corporate earnings results were mixed, coupled with an expected moderation in economic growth in 2011, we do not expect significant earnings upgrade in the short term.

For Taiwan, the technology sector has been undermined by over the component supply issue post Japan’s earthquake, which may result in production disruption. We expect the sector to remain underpressure. Meanwhile, Japan’s chemical shortage will benefit the chemical supply related segment.

– Class AT (EUR) (accumulating) WKN A0MPAA/LU0293293113 105.91 103.51 101.17 96.18

Shares in circulation 770,873 1,070,873 2,100,853 3,580,485

Subfund assets in millions of EUR 81.6 110.8 212.6 344.41) Additional details can be found in the current simplified and full sales prospectuses.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

2.87 % Derivatives

2.37 % Sight depositsOther net assets 94.76 %

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.

In the six months under review to the end of March 2011, prices on global equity markets continued to rise, with high volatility. Stabilisation of the US economy in particular had a supportive effect, together with the continued strong growth of the leading emerging markets. Emerging-market equities as well as energy and commodity stocks benefited in particular. On the other hand, bonds from emerging markets suffered from the globally rising level of interest rates and fell somewhat in value.

In this environment the Subfund was invested, via a swap construction, in the fund basket as described above. In addition to participation in the performance of the fund basket, fulfilment of the guarantee applicable at the time was assured within the scope of the swap construction. A share price of not less than EUR 95.57 is guaranteed for 31 January 20121).

With its investment policy the Subfund obtained a moderately positive result.

Net asset value per share in HKD

– Class A (HKD) (accumulating) WKN A1C450/LU0540923850 10.45 11.43 9.98 10.00

– Class A (USD) (distributing) WKN A0Q07L/LU0348735423 240.42 229.10 191.69 136.43

– Class IT (USD) (accumulating) WKN A0Q08E/LU0348738526 268.44 253.64 205.26 144.82

– Class AT (SGD) (accumulating) WKN A0X8FB/LU0417516738 11.56 11.43 9.98 10.00

Shares in circulation1) 7,601,772 1,010,081 830,291 –

Subfund assets in millions of HKD 2,613.4 221.9 159.4 –1) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

48.44 % Financials

15.47 % Industrials

Consumer Discretionay 6.35 %

Energy 12.62 %

Allianz RCM Hong Kong

Equity markets were volatile during the review period. Markets first surged in the forth quarter of 2010, as a result of quantitative easing in the US and improving investor’s sentiment towards a global economic recovery. Markets were then undermined by the political unrest in the Middle East and the massive earthquake in north-eastern Japan in the first quarter of 2011. Yet, both Hong Kong and H-shares stocks went up in anticipation of a potential policy shift by China’s government on the expectation of a peaking out of CPI inflation over the course of the year. On the policy front however, the People’s Bank of China continued to hike the required reserve ratio and the benchmark deposit and lending rates, in a continuous effort to absorb excess liquidity and ease inflationary pressure. Further policy action aimed at cooling off the property market was also taken, with a series of measures targeting home purchases and mortgage loan financing. Meanwhile, investors shifted their focus on corporate earnings results. Whereas in Hong Kong, IPO pipeline was

strong during the fourth quarter of 2010, but investors turned more cautious and were selective in IPO participation.

The market is expected to remain in a trading range in the short term, until CPI inflation shows signs of peaking out. Meanwhile, we would expect further increases in the reserve requirement ratio to absorb excess liquidity. 2010 corporate earnings results were mixed, coupled with an expected moderation in economic growth in 2011, we do not expect a significant earnings upgrade in the short term.

– Class I (USD) (distributing) WKN A0Q09C/LU0348742635 1,167.29 1,184.53 – 1,000.00

– Class IT (USD) (accumulating) WKN A0Q09L/LU0348743443 – – 1,570.97 1,000.00

26.64 % Financials

13.83 % Energy

Utilities 4.41 %

Health Care 5.42 %

Industrials 11.47 %

Materials 12.91 %

Allianz RCM India

We saw strong outflows in the start of January with foreign institutions taking money out of India on the back of high inflationary pressures, rising oil prices and unfolding corruption scandals. While the Indian equity markets saw inflows of USD 10.99 billion from Oct-Dec 2010, 2011 started with outflows of USD 2.06 billion in the first two months leading to a strong correction in the market. However, this was relieved by inflows of USD 1.54 billion in March 2011. The MSCI India index fell by 3.06 % for period under review. As inflation is still above the comfortable zone with March WPI inflation coming in at 8.98 %, higher than the central bank’s target of 8 %, we expect the Reserve Bank of India to continue the tightening.

Our Subfund outperformed the MSCI India index. Stock selection in the financials, utilities and consumer discretionary sectors helped outperform the market. Our performance was hurt by going overweight on the industrials.

For the next six month, we are concern that non-food manufacturing inflation will continue to gain momentum. If this scenario does indeed play out, we would see margin pressure for consumer and manufacturer names alike. Interest will also remain at an elevated level which will erode investment appetite and loan growth. Longer term, we maintain our constructive stance on the market.

– Class A (USD) (distributing) WKN A0Q09Y/LU0348744763 6.56 6.21 4.40 3.15

– Class A (EUR) (distributing) WKN A0Q09X/LU0348744680 332.83 327.63 216.34 100.00

23.37 % Financials

16.63 % Consumer Staples

15.37 % Energy

Utilities 5.15 %

Materials 11.05 %

Industrials 11.75 %

Allianz RCM Indonesia

From October 2010 to March 2011, the Jakarta SE Composite rallied 7.69 % in USD terms, overcoming unforeseen external events such as political unrest in the Middle East and the Japan earthquake. The energy, consumer discretionary and financials sectors outperformed, while consumer staples and materials lagged.

During the period, the Subfund underperformed the benchmark Jakarta SE Composite. Our allocation to energy and industrials helped the performance during the period. However, allocation to health care hurt performance. For stock selection, our stock picks in materials helped our performance, but this was more than offset by our picks in energy, consumer discretionary and industrials. Overall, performance was helped by allocation and hurt by stock selection.

We are keeping a close eye on high crude oil price and its effects on Indonesia’s economy. So far the impacts are mitigated by the rupiah’s strength. However, economic growth will be negatively impacted if oil continues to stay high. We remain positive on the industrial/engineering and the commodity sectors. Coal prices should hold firm as demand for the thermal power should pick after the unfortunate nuclear disaster in Japan. As for the industrial sector, we are still waiting for the land acquisition law to be passed by the parliament. We are seeing progress, though it is very slow.

– Class A (USD) (distributing) WKN A0Q1A4/LU0348751388 13.46 12.53 12.58 12.46

– Class IT (USD) (accumulating) WKN A0Q1BY/LU0348755371 14.42 13.34 13.24 12.95

1.96 % Utilities

25.76 % Industrials

18.68 % Financials

Health Care 2.30 %

Materials 2.34 %

Energy 2.78 %

Allianz RCM Japan

From fourth quarter of 2010 to February of 2011, the Japanese economy bottomed out, driven by exports. In March however, the Tohoku Pacific earthquake hit the northern area of Japan, which was one of the most devastating natural disasters in the history of Japan. The total loss of capital caused by the earthquake and subsequent events is around 3–4 % of Japan’s GDP. The equity market fell sharply and problems at the Fukushima nuclear plant increased concerns among the people. The Bank of Japan eased monetary conditions aggressively and showed a strong stance to support the economy. In the Subfund, we focused on the stocks which have solid earnings prospects which includes commodities-related and machinery stocks. Also, we purchased low valuation stocks such as financials.

Although the earthquake will negatively affect the economy and corporate earnings, this is essentially a temporary phenomenon and in general, does not have any longer term impact on Japanese companies. Given near term uncertainty, upside of the equity market might be limited in the short term. But we expect corporate earnings to show a strong recovery towards 2012 and monetary policy to be supportive. We believe the current market has already discounted a lot of negative news and offers an attractive opportunity for long term investors.

– Class A (USD) (distributing) WKN A0Q1CA/LU0348756692 12.46 10.69 9.37 7.73

– Class IT (USD) (accumulating) WKN A0Q1C4/LU0348760025 13.27 11.32 9.82 8.03

22.55 % Consumer Discretionay

19.91 % Materials

Energy 2.26 %

Industrial 10.70 %

Financials 14.43 %

Allianz RCM Korea

From October 2010 to March 2011, the KOSPI continued its rally, recovering to pre-global financial crisis levels. During the period, the KOSPI rallied 16.93 %, in USD terms, albeit unforeseen external events such as political unrest in the Middle East and the earthquake in Japan. We believe continued strong earnings growth by Korean companies and ensuing expectations for CAPEX investment helped the fundamental strength of market.

During the period, the Subfund underperformed the benchmark by 0.37 %. Our stock picks in consumer discretionary hurt our performance the most and our stock picks in the industrials and the materials sectors contributed for the Subfund’s performance.

While the KOSPI is back to pre-crisis levels, we believe there is room for further upside for the Korean equity

market. We believe foreign buying will continue for some time, given strong corporate earnings expectation and continued attractive valuation. Exporters that showed strong performance for more than 12 months could continue to perform well, as production disruption in Japan may offer another leg of opportunity for Korean exporters. Also, any positive development in the Middle East and in the European periphery will be a further catalyst for Korean stocks.

The Subfund in figures 31/03/2011 30/09/2010 30/09/2009 Launch dateNet asset value per share in USD– Class A (USD) (distributing) WKN A0Q1EN/LU0348766576 105.87 100.87 83.79 63.79– Class AT (USD) (accumulating) WKN A0Q1EW/LU0348767384 105.98 100.98 83.85 63.73– Class IT (USD) (accumulating) WKN A0Q1FG/LU0348770172 117.55 110.84 90.31 67.39– Class PT (USD) (accumulating) WKN A0Q1FS/LU0348771493 11.09 10.47 8.52 6.36Net asset value per share in EUR– Class A2 (EUR) (distributing) WKN A0RK27/LU0396102641 200.48 198.11 152.82 100.00– Class CT2 (EUR) (accumulating) WKN A0RK28/LU0396102724 198.30 196.76 151.92 100.00Net asset value per share in SGD

– Class AT (SGD) (accumulating) WKN A0X8FH/LU0417517389 11.70 11.56 10.19 10.00 Shares in circulation1) 5,701,637 7,004,853 8,979,841 –Subfund assets in millions of USD 613.3 718.9 766.1 –1) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

20.49 % South Korea

20.14 % Hong Kong

14.65 % Taiwan

Australia 2.73 %

Philippines 2.86 %

Indonesia 3.79 %

Malaysia 4.72 %

Thailand 5.23 %

India 5.27 %

China 13.63 %

Allianz RCM Little Dragons

From 1 October 2010 to 31 March 2011, the MSCI AC Far East ex Japan Index recovered to its pre-global financial crisis level. The index rallied 9.47 % in USD terms during this period, despite rising oil prices, political unrest in the Middle East, and the Japanese earthquake.

The Subfund underperformed the index by 4.51 % during this period. Our stock picks in information technology and consumer staples contributed to the performance. However, our stock picks in financials, materials and consumer discretionary hurt the Subfund’s performance.

strong supply-side growth prospects, relatively low leverage and a still-low, but rising, cost of capital. However, the risk of inflation from rising food prices, event risk in the Middle East affecting oil prices, and subsequent policy-tightening still remain present. While inflation dominates the concerns in Asia for the first half of 2011, there are risks we will see slower economic growth in the second half of 2011 as a result of higher oil prices, appreciating currencies, and continued tightening of monetary policies adopted by the regional authorities.

– Class A (USD) (distributing) WKN A0Q1G0/LU0348783233 88.00 79.22 79.21 64.21

– Class AT (USD) (accumulating) WKN A0Q1G8/LU0348784397 92.86 83.08 82.00 66.47

– Class I (USD) (distributing) WKN A0Q1HL/LU0348785790 89.89 81.18 81.00 65.15

– Class IT (USD) (accumulating) WKN A0Q1HU/LU0348786764 96.94 86.35 84.49 68.11

– Class P (USD) (distributing) WKN A0Q1HW/LU0348786921 89.15 80.71 80.54 64.81

– Class AT (EUR) (accumulating) WKN A0Q1G7/LU0348784041 116.88 109.30 – 100.00

– Class AT (SGD) (accumulating) WKN A0X8E9/LU0417516571 10.46 9.77 10.38 64.21

28.70 % Japan

14.05 % Hong Kong

11.59 % Malaysia

British Virgin Islands 2.01 %

Taiwan 2.79 %

Thailand 4.88 %

Australia 6.39 %

Singapore 6.43 %

China 6.59 %

South Korea 9.61 %

Allianz RCM Oriental Income

From 1 October 2010 to 31 March 2011, markets in the Asia Pacific region generally ended up or flat, even for Japan, as she was struck by its strongest earthquake in at least a century, resulting in a devastating tsunami and the Fukushima Daiichi nuclear plant crisis. The risk of inflation from rising food prices, event risk in the Middle East affecting oil prices, and subsequent policy-tightening dotted the headlines.

The Subfund returned 12.25 % during this period. Our stock picks in energy and materials contributed to the performance. However, our stock picks in consumer discretionary and health care hurt the Subfund’s performance.

Our strategy in light of the tsunami was to invest further into Japan with a cap of 30 % invested in Japan. Expansionary monetary and expected fiscal policy

measures in Japan should lead to a weaker yen and provide growth stimulus in the medium term. In terms of sectors, we see better value in oil, materials (namely petrochemicals), and industrial names. We favour companies that have pricing power in an environment where raw material input prices run the risk of squeezing margins. Fixed interest shows little opportunity, so the asset allocation changes will continue to revolve around stocks and cash.

– Class A (USD) (distributing) WKN A0Q1LJ/LU0348798264 28.03 27.47 16.56 12.27

– Class IT (USD) (accumulating) WKN A0Q1MC/LU0348802470 31.09 30.11 17.77 13.05

– Class A (EUR) (distributing) WKN A0Q1LH/LU0348798009 297.85 304.67 170.85 100.00

0.80 % Utilities

34.44 % Financials

19.03 % Industrial

Materials 8.48 %

Energy 14.76 %

Allianz RCM Thailand

From October 2010 to March 2010, the Thailand Bangkok SET rallied 9.54 % in USD terms, overcoming unforeseen external events such as political unrest in the Middle East and the Japan earthquake. The energy, consumer discretionary and health care sectors outperformed, while industrials, financials and consumer staples lagged.

During the period, the Subfund strongly underperformed the benchmark Thailand Bangkok. While our stock selection in industrials provided a reasonable boost to the performance, our allocation in industrials and energy was the major detractor to performance.

Barring any substantial political risks, we expect GDP growth to remain strong, driven by robust demand. However, we continue to expect core and headline inflation to slowly grind higher in the coming months, prompting the Bank of Thailand to remain hawkish and raise the policy. We remain constructive on petrochemicals, as we are entering an up-cycle in terms of margins. In addition, we are positive on the engineering sector, as we expect order inflows to be strong leading up to the election.

– Class A (USD) (distributing) WKN A0Q1MQ/LU0348805143 77.21 69.11 60.50 47.27

– Class AT (USD) (accumulating) WKN A0Q1MY/LU0348807354 78.05 69.73 60.55 47.31

– Class IT (USD) (accumulating) WKN A0Q1NJ/LU0348812271 82.85 73.63 63.29 49.00

– Class A (EUR) (distributing) WKN A0Q1MP/LU0348804922 193.04 180.22 146.55 100.00

0.91 % Australia

25.63 % Hong Kong

21.39 % South Korea

Indonesia 3.79 %

Thailand 4.34 %

Malaysia 4.38 %

Singapore 4.80 %

Taiwan 14.58 %

China 19.40 %

The Subfund outperformed the index by 2.50 % during this period. Our stock picks in information technology contributed to the performance. However, our stock picks in consumer discretionary hurt the Subfund’s performance.

strong supply-side growth prospects, relatively low leverage and a still-low, but rising, cost of capital. However, the risk of inflation from rising food prices, event risk in the Middle East affecting oil prices, and subsequent policy-tightening remain present risks. While inflation dominates the concerns in Asia for the first half of 2011, there are risks we will see slower economic growth in the second half of 2011 as a result of higher oil prices, appreciating currencies, and continued tightening of monetary policies adopted by the regional authorities.

Allianz RCM Tiger

– Class A (USD) (distributing) WKN A0Q1NW/LU0348814723 23.37 21.15 17.98 13.87

– Class AT (USD) (accumulating) WKN A0Q1N4/LU0348816934 26.51 23.92 20.22 15.61

– Class IT (USD) (accumulating) WKN A0Q1PQ/LU0348822155 27.81 25.01 20.93 16.07

– Class PT (USD) (accumulating) WKN A0Q1P0/LU0348824870 27.89 25.05 20.97 16.05

0.80 % Australia

27.27 % Hong Kong

21.84 % South Korea

Thailand 3.12 %

Indonesia 3.47 %

Malaysia 3.55 %

Singapore 4.72 %

Taiwan 14.82 %

China 17.58 %

Allianz RCM Total Return Asian Equity

The Subfund outperformed the index by 1.29 % during this period. Our stock picks in information technology and industrials contributed to the performance. However, our stock picks in consumer discretionary hurt the Subfund’s performance.

strong supply-side growth prospects, relatively low leverage and a still-low, but rising, cost of capital. However, the risk of inflation from rising food prices, event risk in the Middle East affecting oil prices, and subsequent policy-tightening remain present risks. While inflation dominates the concerns in Asia for the first half of 2011, there are risks we will see slower economic growth in the second half of 2011 as a result of higher oil prices, appreciating currencies, and continued tightening of monetary policies adopted by the regional authorities.

Net asset value per share in USD– Class A (USD) (distributing) WKN A0KDQF/LU0256863811 10.82 9.21 8.67 8.94– Class A2 (USD) (distributing) WKN A1CZRQ/LU0511871641 12.62 10.73 – –– Class N (USD) (distributing) WKN A1CVZ1/LU0499289394 1,185.56 – – –Net asset value per share in EUR– Class A (EUR) (distributing) WKN A0KDQR/LU0256843979 106.37 94.33 – –– Class CT (EUR) (accumulating) WKN A0KDQU/LU0256844787 93.40 83.18 73.62 77.89– Class N (EUR) (distributing) WKN A0RC36/LU0400426366 1,612.09 1,429.21 1,247.30 –– Class S (EUR) (distributing) WKN A0RC37/LU0400426796 1,612.89 1,426.47 1,245.43 –– Class W (H-EUR) (distributing) WKN A0KFL3/LU0266027183 913.14 784.60 750.49 869.41

– Class A (GBP) (distributing) WKN A0KFG6/LU0264559369 109.99 94.97 – –

– Class AT (SGD) (accumulating) WKN A0X8FK/LU0417517546 11.60 10.30 10.36 –Shares in circulation1) 3,931,203 2,633,708 679,821 298,280Subfund assets in millions of USD 193.0 163.3 213.1 286.21) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

3.73 % Materials

16.67 % Energy

14.25 % Financials

Industrials 9.24 %

Health Care 12.50 %

Allianz RCM US Equity Fund

The Subfund concentrates on stocks of companies that are domiciled in the U.S.A. Its primary investment objective is capital appreciation with income as a secondary objective. The Subfund’s goal is to outperform the S&P 500 Index.

U.S. equities climbed higher over the past six-months amid continuing recovery of the global economy, although a new set of concerns developed by the end of the period. Political instability in the Middle East, high fuel prices and the after-effects of the Japan earthquake and tsunami have become the new worries to be overcome.

The Subfund appreciated in absolute terms during this period and also outperformed the benchmark driven mostly by sector allocation while stock selection was neutral.

We maintain our positive view on the equity market for the rest of the year. As we began the year, we anticipated some market volatility. However, the reasons for the volatility – the major shocks in the Middle East North Africa (MENA) region and Japan – were unexpected. While the equity market may continue to be volatile in the near-term, we remain optimistic about U.S. economic growth and expect U.S. stocks will continue to move higher in 2011. In the coming months, we will continue to adhere to our investment process and remain focused on identifying undervalued companies undergoing positive change.

– Class A (USD) (distributing) WKN A0Q1Q8/LU0348834911 9.32 9.37 9.44 9.49

Shares in circulation 292,238 624,983 1,174,471 –

Subfund assets in millions of USD 2.7 5.9 11.1 –1) Investments in securities total 105.56 % of net assets. For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

87.89 % Term deposits Sight deposits 17.67 %

Breakdown of Net Assets by Deposits

Allianz RCM USD Liquidity

US Treasury market started the period in a positive tone as the expectation of the second round of quantitative easing (QE2) drove US Treasury yield lower. All the market focus was on the QE2 expectation with mixed flows of data having little impact on the price movement of the market. The 10-year US Treasury yield reached the near term low level of 2.3 % in October 2010 in spite of economic data in the US, which turned out to be less pessimistic and alleviated the pressure of a double dip recession scenario. The Federal Reserve finally delivered the much anticipated QE2 at the November Federal Open Market Committee (FOMC) meeting by announcing an additional USD 600 billion in US Treasury purchases, which was somewhat in line with market consensus. On the other hand, better than expected economic data, together with the inflation concern over time, as a result of the quantitative easing, led to a sell-off in the US treasury market. In addition, President Obama announced the tax cut extension at the end of year 2010 which fuelled a further sell-off in US Treasuries, as the market was concerned that the policy would lead to an expansion in the US budget deficit. A deteriorated fiscal position, together with supply pressure, weighed on the market and sent the 10-year US Treasury yield higher and broke the 3 % technical support level. In addition, the tax compromise package is expected to boost US GDP growth and dashed the hope of a third

round of quantitative easing measures. US Treasuries performed poorly in the fourth quarter of 2010, with a massive sell-off as sentiment quickly reversed the trend after the QE2 announcement. However, the US Treasury market appeared to have stabilised as we began 2011 as a result of the investment focus shift from economic data to the geopolitical tension in the Middle East.

As we approached the end of the first quarter of 2011, the US Treasury yield climbed higher as a result of the rising concern of the end of QE2 by June this year. US Treasury yields rose across the entire curve with the 10-year US Treasury yield rising around 100 bps over the six month period, although most of the surge in yield happened in the fourth quarter of 2010. The US Treasury yield curve steepened as the 10-year US Treasury yield ended first quarter of 2011 at 3.48 %, whereas the short end of the curve rose around 40 bps to 0.80 %, almost doubling over the 6 month period.

The Subfund in figures 31/03/2011 30/09/2010 30/09/2009 30/09/2008Net asset value per share in EUR– Class AT (EUR) (accumulating) WKN A0NCGT/LU0342694162 89.43 82.57 73.97 76.87Shares in circulation 238,066 238,038 238,000 238,000Subfund assets in millions of EUR 21.3 19.7 17.6 18.3For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

2.38 % Germany

33.87 % France

Switzerland 2.40 %

Austria 3.21 %

Sweden 4.27 %

Finland 4.72 %

Netherlands 11.20 %

Allianz Real Estate Securities Europe

Once again the sector proved his defensive characteristics in these volatile geopolitical uncertainties. Real estate equities performed quite well since the last reporting date mainly due to the improving direct real estate market with investors looking for high yielding assets. This was reflected in companies’ net asset values, which have been stabilized or growing.

Long leases with rents indexed to inflation, solid financial profiles, and medium term projects are also clear supports for property companies in this environment.

We expect direct real estate markets to improve progressively with prime assets outperforming secondary ones. Property companies should be able to create and protect value on the medium term, offering a sustainable dividend.

The Subfund in figures 31/03/2011 30/09/2010 Launch dateNet asset value per share in EUR– Class I (EUR) (distributing) WKN A1C2H3/LU0527948110 1,050.92 998.10 1,000.00– Class W (EUR) (distributing) WKN A1C2H4/LU0527948201 1,050.31 999.23 1,000.00– Class WT2 (EUR) (accumulating) WKN A1C2H5/LU0527948383 1,049.80 996.02 1,000.00Shares in circulation1) 109,148 83,333 –Subfund assets in millions of EUR 114.6 83.1 –1) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

81.93 % EUR BondsOther Net Assets 18.07 %

Allianz Structured Alpha Strategy

The Subfund pursues a model-based absolute return approach through a broad range of call and put options that relate primarily to the US equity market. The Subfund’s cash is invested in a Euro-denominated money-market and bond portfolio. Its investment objective is to generate a superior risk-adjusted return over the course of a full economic cycle.

In the six months under review to the end of March 2011, prices on the US equity market continued to rise, with high volatility. Stabilisation of the economy through the continued expansive monetary and fiscal policy in particular, had a supportive effect, as well as the significant improvement in the earnings of many companies.

In this environment the Subfund applied a broadly diversified options strategy oriented towards the US equity

market, in line with the investment concept. This included call and put options in particular, by taking positions in a certain performance of the underlying indices or instruments. The liquidity that the options strategy made freely available was invested in a portfolio comprising German and French government bonds with the highest credit ratings. The duration (average maturity) of the bond position was most recently a good month.

With this investment policy the Subfund obtained a positive result significantly above the level of the benchmark index.

92.32 % USD BondsOther Net Assets 7.68 %

The Subfund in figures 31/03/2011 30/09/2010 Launch dateNet asset value per share in USD– Class AM (USD) (distributing) WKN A1C0LT/LU0516397667 10.58 10.15 10.00– Class IT (USD) (accumulating) WKN A1C0LU/LU0516398475 1,118.70 1,029.49 1,000.00Shares in circulation1) 2,974,106 190,506 –Subfund assets in millions of USD 65.4 26.9 –1) Accumulated figures for open share classes on the reporting date.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

Allianz US High Yield

The Subfund concentrates on high-yield bonds of companies that are domiciled in the USA. Up to 20 % of assets may be held in currencies other than the US Dollar. Its investment objective is to generate capital growth over the long term.

In the six months under review to the end of March 2011, the current yields on top-rated government bonds rose in view of improved economic data and growing concerns about inflation, while prices fell accordingly. High-yield bonds were hardly affected by the general rise in yields and they continued to perform positively on average. This reflected the prospect of improved earnings and corresponding credit rating of companies.

In this environment the Subfund focused on a broad selection of high-yield bonds from American industrial

companies. Smaller positions were held in securities from sectors such as financials, telecommunications and utilities. The duration (average maturity) of the Subfund, including derivative financial instruments, was most recently 4.2 years. The three- to seven-year segment was the focus of investment, while very long maturities were largely avoided. In terms of currencies, the Subfund limited itself to Dollar investments.

– Class AT (EUR) (accumulating) WKN 592753/LU0178450556 100.01 101.21 98.33 92.78

Subfund assets in millions of EUR 47.5 63.3 67.4 74.2For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

94.93 % Financials Other net assets 5.07 %

Protect Global Winner 2014

The Subfund seeks, by means of financial derivatives, a 115 % participation in the average performance of eight equity baskets with a total of 24 international stocks up until 25 April 2014. The performance of the best equity basket since launch is locked in on certain key dates. This equity basket is then ignored. 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 are placed in a money market-oriented investment for not more than 40 banking days. Then a new equity basket structure is built up with the aim of 100 % participation.

In the six months under review to the end of March 2011, prices on global equity markets continued to rise, with high volatility. Stabilisation of the US economy in particular had a supportive effect, together with the continued strong growth of the leading emerging markets. However, the recent earthquake in Japan was a setback.

The Subfund remained oriented towards participation in the performance of the equity baskets through a swap. In this respect the Subfund was invested in participation certificates on equity indices. In addition to pro rata participation in the performance of the index, the Subfund aimed at capital preservation in relation to the net asset value of the Subfund on launch, within the scope of the swap construction at final maturity.

With this investment policy the Subfund obtained a slightly negative result.

The Subfund in figures Liquidation date 30/09/2010 30/09/2009 30/09/2008

– Class A (EUR) (distributing) WKN A0MPCD/LU0293303524 83.66 86.23 78.21 81.58

4.44 % France Investment Units

34.00 % GBP Bonds

Germany Investment Units 8.93 %

EUR Bonds 9.89 %

USD Bonds 11.23 %

Ireland Investment Units 32.89 %

Liquidation reportAllianz All Markets Dynamic

With effect from 13 December 2010, we have merged thefollowing Subfunds:– Allianz All Markets Dynamic A (EUR) in– Allianz RCM Dynamic Multi Asset Plus A (EUR)

Shareholders in the dissolving Subfund, Allianz All Markets Dynamic A (EUR), receive shares in the absorbing Subfund, Allianz RCM Dynamic Multi Asset Plus A (EUR), on the reference date of 13 December 2010, 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 13 December 2010.

Shares in the dissolving Subfund, Allianz All Markets Dynamic A (EUR), ceased to be issued effective 5 November 2010. This will not affect the issue of shares in the Subfund Allianz RCM Dynamic Multi Asset Plus A (EUR).

Shares in Allianz All Markets Dynamic A (EUR) will cease to be redeemed effective 9 December 2010. This will not affect the redemption of shares in the Subfund Allianz RCM Dynamic Multi Asset Plus A (EUR). Prior to the merger it is possible to convert shares in Allianz All Markets Dynamic A (EUR) into shares of Allianz RCM Dynamic Multi Asset Plus A (EUR) free of charge.

The performance achieved by the Subfund in its last, abbreviated financial year, is illustrated in the overview “Performance” table pages 6 to 15.

– Class A (EUR) (distributing) WKN A0MPBF/LU0293300009 77.37 76.22 66.19 76.69

3.41 % United Kingdom Bonds

34.11 % Ireland Investment Units

16.76 % United States Bonds

Germany Bonds 9.18 %

France Investment Units 9.90 %

Germany Investment Units 10.73 %

Luxembourg Investment Units 12.27 %

Liquidation reportAllianz All Markets Opportunities

With effect from 13 December 2010, we have merged thefollowing Subfunds:– Allianz All Markets Opportunities in– Allianz RCM Dynamic Multi Asset Plus A (EUR)

Shareholders in the dissolving Subfund, Allianz All Markets Opportunities, receive shares in the absorbing Subfund, Allianz RCM Dynamic Multi Asset Plus A (EUR), on the reference date of 13 December 2010, 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 13 December 2010.

Shares in the dissolving Subfund, Allianz All Markets Opportunities, ceased to be issued effective 5 November 2010. This will not affect the issue of shares in the Subfund Allianz RCM Dynamic Multi Asset Plus A (EUR).

Shares in Allianz All Markets Opportunities will cease to be redeemed effective 9 December 2010. This will not affect the redemption of shares in the Subfund Allianz RCM Dynamic Multi Asset Plus A (EUR). Prior to the merger it is possible to convert shares in Allianz All Markets Opportunities into shares of Allianz RCM Dynamic Multi Asset Plus A (EUR) free of charge.

– Class I (EUR) (distributing) WKN 592717/LU0178435912 1,023.85 1,069.44 1,067.54 999.08

Subfund assets in millions of EUR 10.6 14.9 89.2 109.11) Floating-rate notes are considered with the date of the next interest rate change.2) Investments in securities total 100.03 % of net assets. For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

100.03 % Sight deposits

Liquidation reportAllianz PIMCO Treasury Euro Bond Plus 2011

With effect from 31 March 2011 we have liquidated thefollowing Subfund:– Allianz PIMCO Treasury Bond Plus 2011

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.

Statement of Net Assetsas at 31/03/2011

31/03/2011 30/09/2010 combined combined EUR EUR

Securities

(Cost price EUR 5,912,212,163.06) 6,665,342,080.85 5,828,459,508.50

Time deposits 1,683,527.47 3,688,972.22

(Other) cash at banks 237,403,510.53 216,825,222.12

Premiums paid on purchase of options 125,249,639.01 103,736,024.23

Upfront-payments paid on swap transactions 1,045,046.92 697,908.78

Interest receivable on

– bonds 15,361,500.1 15,077,219.61

– time deposits 21.96 46.38

– swap transactions 118,446.57 37,846.75

Dividend receivable 11,030,151.14 6,197,680.02

Receivable on

– subscriptions on fund shares 30,139,148.67 37,969,901.63

– securities transactions 137,063,871.34 88,681,326.90

Other receivables 16,630.54 26,807.52

Unrealised gain on

– options transactions 8,783,812.34 4,045,985.00

– futures transactions 1,916,330.97 1,909,197.30

– swap transactions 16,810,475.22 19,092,765.75

– forward foreign exchange transactions 10,323,100.72 11,514,299.50

Total Assets 7,262,287,294.35 6,337,960,712.21

Liabilities to banks – 6,936,410.57 – 23,264,168.63

Premiums received on written options – 9,579,526.64 – 6,924,217.12

Upfront-payments received on swap transactions – 13,468,605.78 – 17,935,328.98

Interest liabilities on swap transactions – 40,807.45 – 12,219.06

Payable on

– redemptions of fund shares – 36,200,322.40 – 31,316,285.20

– securities transactions – 147,825,771.49 – 97,791,200.44

Other payables – 10,445,460.47 – 10,555,317.63

Unrealised loss on

– options transactions – 6,959,964.64 – 3,224,571.10

– futures transactions – 415,057.82 – 299,832.47

– swap transactions – 1,372,936.89 – 711,094.71

– TBA transactions 0.00 – 38,015.03

– forward foreign exchange transactions – 6,224,319.5 – 9,012,208.02

Total Liabilities – 239,469,183.65 – 201,084,458.39

Net assets 7,022,818,110.7 6,136,876,253.82

Combined Financial Statements of the Company

The Financial Statements of the Subfunds which are set out on page 72–391 combine to form the Company’s financial statements, which are shown above.

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

Statement of Changes in Net Assetsfor the period from 01/10/2010 to 31/03/2011

01/10/2010–31/03/2011 01/10/2009–31/03/2010 combined combined EUR EUR

Net assets at the beginning of the reporting period 6,136,876,253.82 5,059,020,212.34

Reevaluation difference – 106,460,610.37 0.00

Subscriptions

– Class A (EUR) 207,035,949.00 184,591,661.42

– Class A (H-EUR) 18,672,225.79 0.00

– Class A2 (EUR) 3,287,019.53 1,972,125.91

– Class AT (EUR) 392,675,731.61 313,599,844.96

– Class C (EUR) 7,797,880.48 1,000.00

– Class CT (EUR) 95,628,021.67 60,144,237.48

– Class CT2 (EUR) 2,072,401.91 1,374,315.33

– Class I (EUR) 556,608,695.35 329,540,118.18

– Class IT (EUR) 584,481,715.41 480,035,117.11

– Class IT (H-EUR) 871,573.28 649,253.59

– Class RCM IT (EUR) 0.00 1,995,496.93

– Class N (EUR) 12,095,468.07 4,039,238.44

– Class P (EUR) 887,339.90 9,343.98

– Class S (EUR) 186,897.00 5,484.79

– Class W (EUR) 46,201,786.92 160,885,932.46

– Class W (H-EUR) 20,948,117.98 749,596.30

– Class WT (EUR) 89,689,483.26 0.00

– Class WT2 (EUR) 1,012,230.95 0.00

– Class XT (EUR) 650,000.00 0.00

– Class A (GBP) 14,580,003.88 2,273,681.35

– Class A (H-GBP) 0.00 2,291,564.63

– Class A (HKD) 6,041,347.59 0.00

– Class AT (HKD) 948.49 0.00

– Class AT (HUF) 1,040,539.58 0.00

– Class AT (SGD) 14,370,821.08 1,206,624.34

– Class A (USD) 870,750,516.97 552,683,450.20

– Class A2 (USD) 0.00 0.00

– Class AM (USD) 22,541,561.00 0.00

– Class AT (USD) 125,028,990.19 167,853,881.01

– Class I (USD) 7,078,397.53 14,606,213.89

– Class IT (USD) 145,218,403.40 131,764,937.94

– Class N (USD) 19,566,772.41 0.00

– Class P (USD) 764,894.97 1,960,072.07

– Class PT (USD) 1,789,177.65 674,655.11

– Class W (USD) 577,684.91 3,751,704.89

01/10/2010–31/03/2011 01/10/2009–31/03/2010 combined combined EUR EUR

Redemptions

– Class A (EUR) – 284,398,888.10 – 228,470,292.20

– Class A (H-EUR) – 1,432,925.99 0.00

– Class A2 (EUR) – 5,728,745.10 – 4,477,793.77

– Class AT (EUR) – 419,407,640.39 – 205,997,192.75

– Class C (EUR) – 188,566.74 0.00

– Class CT (EUR) – 76,061,801.17 – 37,308,414.68

– Class CT2 (EUR) – 756,195.41 – 572,345.49

– Class I (EUR) – 314,497,143.70 – 364,476,150.56

– Class IT (EUR) – 387,010,723.76 – 194,075,656.15

– Class IT (H-EUR) – 1,924,412.77 – 2,453,386.70

– Class RCM I (EUR) 0.00 0.00

– Class RCM IT (EUR) 0.00 – 2,393,611.71

– Class N (EUR) – 20,604,916.00 0.00

– Class P (EUR) – 1,895,720.39 – 96,296.77

– Class S (EUR) – 34,233.19 – 131.98

– Class W (EUR) – 82,241,919.97 – 6,330,051.54

– Class W (H-EUR) – 26,777,691.52 – 65,324,754.79

– Class WT (EUR) – 166,007.47 0.00

– Class WT2 (EUR) – 999.23 0.00

– Class XT (EUR) 0.00 0.00

– Class A (GBP) – 1,101,258.29 – 93,648.09

– Class A (HKD) – 94,540.40 0.00

– Class AT (HKD) 0.00 0.00

– Class AT (HUF) – 19,372.35 0.00

– Class AT (SGD) – 3,519,158.11 – 364,309.55

– Class A (USD) – 721,951,876.72 – 549,901,089.24

– Class A2 (USD) 0.00 0.00

– Class AM (USD) – 1,662,229.77 0.00

– Class AT (USD) – 161,752,816.27 – 200,448,837.82

– Class I (USD) – 2,817,647.25 – 7,687,986.34

– Class IT (USD) – 154,921,630.04 – 28,941,422.02

– Class N (USD) – 477,763.86 0.00

– Class P (USD) – 2,089,507.76 – 4,698,498.03

– Class PT (USD) – 1,682,261.43 – 32.35

– Class W (USD) – 290,233.64 0.00

Distribution – 30,895,747.18 – 17,825,691.92

Equalization 32,988,241.77 737,962.73

Result of operations 395,666,201.67 335,966,140.49

Net assets at the end of the reporting period 7,022,818,110.70 5,892,446,273.43

Securities and money-market instruments admitted to an official stock exchange listing 9,897,610.64 76.73REITs (Real Estate Investment Trusts) 7,463,117.52 57.86Australia 128,475.41 1.00Westfield Retail Real Estate Investment Trust Shs 47,424 47,424 AUD 2.620 128,475.41 1.00Hong Kong 1,473,856.53 11.42Champion Real Estate Investment Trust Shs 65,000.000 310,000.000 714,000.000 HKD 4.530 415,615.02 3.22GZI Real Estate Investment Trust Shs 294,000 HKD 4.050 153,002.02 1.19Link Real Estate Investment Trust Shs 203,000 HKD 24.400 636,474.03 4.93Regal Real Estate Investment Trust Shs 779,000 840,000 HKD 2.490 268,765.46 2.08Japan 2,571,461.86 19.94Advance Residence Investment Real Estate Investment Trust Shs 90 15 75 JPY 163,600.000 148,242.12 1.15Daiwa Office Investment Real Estate Investment Trust Shs 26 26 JPY 288,700.000 90,687.45 0.70Frontier Real Estate Investment Trust Shs 14 14 JPY 738,000.000 124,827.84 0.97Fukuoka Real Investment Trust Shs 10 10 JPY 594,000.000 71,765.13 0.56Japan Excellent Real Estate Investment Trust Shs 13 13 JPY 457,500.000 71,855.74 0.56Japan Prime Realty Real Estate Investment Trust Shs 46 46 JPY 224,600.000 124,823.00 0.97Japan Real Estate Investment Trust Shs 64 27 37 JPY 787,000.000 351,806.21 2.73Japan Retail Fund Investment Real Estate Investment Trust Shs 140 140 JPY 130,200.000 220,224.72 1.71Kenedix Realty Estate Investment Trust Shs 26 8 18 JPY 342,000.000 74,374.77 0.58MID Real Estate Investment Trust Shs 11 11 JPY 236,100.000 31,377.31 0.24Mori Hills Real Estate Investment Trust Shs 16 16 JPY 254,500.000 49,196.57 0.38Mori Trust Sogo Real Estate Investment Trust Shs 22 4 18 JPY 812,000.000 176,585.72 1.37Nippon Building Real Estate Investment Trust Shs 64 20 44 JPY 810,000.000 430,590.79 3.34Nomura Real Estate Investment Trust Shs 25 2 23 JPY 563,000.000 156,445.57 1.21Orix Real Esrtate Investment Trust Shs 24 4 20 JPY 457,000.000 110,426.48 0.86Premier Investment Real Estate Investment Trust Shs 10 10 JPY 377,000.000 45,547.90 0.35Tokyu Real Estate Investment Trust Shs 14 14 JPY 514,000.000 86,939.71 0.67Top Real Estate Investment Trust Shs 16 4 12 JPY 499,500.000 72,417.54 0.56United Urban Investment Real Estate Investment Trust Shs 166 61 105 JPY 105,100.000 133,327.29 1.03Malaysia 181,004.66 1.40Sunway Real Estate Investment Trust Shs 706,300 516,700 MYR 1.060 181,004.66 1.40Singapore 3,108,319.06 24.10Ascendas Real Estate Investment Trust Shs 24,000 198,000 SGD 2.040 320,558.71 2.49Ascott Residence Real Estate Investment Trust Shs 568,000 923,000 213,000 SGD 1.200 202,849.09 1.57Cache Logistics Real Investment Trust Shs 520,000 153,000 SGD 0.940 114,138.33 0.88Capita Commercial Real Estate Investment Trust Shs 88,000 88,000 SGD 1.390 97,075.51 0.75Capita Mall Real Estate Investment Trust Shs 36,000 281,000 SGD 1.880 419,253.20 3.25CDL Hospitality Real Estate Investment Trust Shs 103,000 180,000 SGD 2.010 287,131.46 2.23Cityspring Infrastructure Trust Shs 376,000 173,000 SGD 0.545 74,826.40 0.58Fortune Real Estate Investment Trust Shs 396,000 548,000 HKD 3.840 270,399.95 2.10Frasers Centrepoint Real Estate Investment Trust Shs 89,000 213,000 SGD 1.520 256,942.18 1.99K Real Esatae Inestment Trust Asia Shs 105,000 105,000 SGD 1.290 107,495.73 0.83K-Green Trust Shs 171,000 109,000 SGD 1.030 89,099.64 0.69Mapletree Logistics Real Estate Investment Trust Shs 70,000 520,000 427,000 SGD 0.905 306,682.27 2.38Parkway Life Real Estate Investment Trust Shs 245,000 144,000 SGD 1.710 195,420.82 1.52Starhill Global Real Estate Investment Trust Shs 89,000 89,000 SGD 0.620 43,791.91 0.34Suntec Real Estate Investment Trust Shs 55,000 264,000 SGD 1.540 322,653.86 2.50Bonds 2,434,493.12 18.87Indonesia 2,043,840.37 15.8410.6000 % Bank Danamon Indonesia IDR Notes 07/12 Cl.1B IDR 6,000,000.0 % 102.587 706,887.17 5.4810.3500 % Berlian Laju Tanker IDR Notes 07/12 S.3 IDR 8,000,000.0 % 95.769 879,875.97 6.8210.9500 % Surya Citra Televisi IDR Notes 07/12 S.2 IDR 4,000,000.0 % 99.500 457,077.23 3.54Singapore 390,652.75 3.033.2200 % Singapore Airlines SGD MTN 03/10 SGD 500.0 % 98.448 390,652.75 3.03Securities and money-market instruments dealt on another regulated market 2,027,595.09 15.72Bonds 2,027,595.09 15.72Malaysia 2,027,595.09 15.729.4000 % Perwaja Steel Sdn MYR MTN 06/14 MYR 3,000.0 % 104.040 1,031,494.76 8.004.7000 % Special Port Vehicle MYR Notes 03/11 S.5 MYR 3,000.0 % 100.470 996,100.33 7.72Investments in securities and money-market instruments 11,925,205.73 92.45

Investment Portfolio as at 31/03/2011Securities Shares resp.

Currency (in 1,000) resp.Contracts

Acquisitions Disposals Holdings 31/03/2011

Price Market Value in USD

% ofSubfund

assetsin the period under review

Deposits at financial institutions1) 911,440.50 7.07Sight deposits2) 911,440.50 7.070.0000 % State Street Bank Luxembourg S.A. USD 911,440.50 7.07Investments in deposits at financial institutions 911,440.50 7.07Net current assets/liabilities USD 61,493.97 0.48Net assets of the Subfund USD 12,898,140.20 100.00

Net asset values per share– Class AM (USD) (distributing) USD 10.75– Class IT (USD) (accumulating) USD 13.37Shares in circulation– Class AM (USD) (distributing) Shs 35,567– Class IT (USD) (accumulating) Shs 935,8591) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

Market Value in USD

% ofSubfund

assets

Securities and money-market instruments admitted to an official stock exchange listingBondsIndonesia10.0000 % Indonesia Government IDR Bonds 04/11 IDR 4,000,000.0REITs (Real Estate Investment Trusts)AustraliaWestfield Group Real Estate Investment Trust Shs 16,252 16,252SingaporeAscott Residence Real Estate Investment Trust - Rights- Shs 9,500Mapletree Industrial Trust Shs 106,000 106,000Mapletree Logistics -Rights- Shs 70,160ThailandCPN Retail Growth Leasehold Property Real Estate Investment Trust Shs 395,600Investment Units(Management fee of the target fund % p.a.)ThailandSamui Airport Property Fund Leasehold Shs 469,400.000

Securities Shares resp. Currency(in 1,000) resp. Contracts

Acquisitions Disposals

DerivativesHoldings marked with a minus are short positions.OTC-Dealt DerivativesForward Foreign Exchange TransactionsSold JPY / Bought SGD 18 Jan 2011 JPY – 128,323,000.00Sold SGD / Bought JPY 18 Jan 2011 SGD – 2,000,000.00

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 periodSecurities Shares resp. Currency

(in 1,000) resp. ContractsAcquisitions Disposals

31/03/2011 30/09/2010 USD USD

Securities

(Cost price USD 10,440,461.18) 11,925,205.73 12,225,163.38

Time deposits 0.00 0.00

(Other) cash at banks 911,440.50 1,234,343.75

Premiums paid on purchase of options 0.00 0.00

Upfront-payments paid on swap transactions 0.00 0.00

– bonds 50,889.46 65,915.88

– swap transactions 0.00 0.00

Dividend receivable 20,986.84 54,263.97

Receivable on

– subscriptions on fund shares 0.00 0.00

– securities transactions 0.00 0.00

Other receivables 0.00 0.00

Unrealised gain on

– options transactions 0.00 0.00

– futures transactions 0.00 0.00

– forward foreign exchange transactions 0.00 0.00

Total Assets 12,908,522.53 13,579,686.98

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

Interest liabilities on swap transactions 0.00 0.00

Payable on

– redemptions of fund shares 0.00 – 103,206.00

– securities transactions 0.00 – 369,615.13

Other payables – 10,382.33 – 11,688.42

Unrealised loss on

– TBA transactions 0.00 0.00

Total Liabilities – 10,382.33 – 484,509.55

Net assets 12,898,140.20 13,095,177.43

01/10/2010–31/03/2011 01/10/2009–31/03/2010 USD USD

Net assets of the Subfund

at the beginning of the reporting period 13,095,177.43 17,221,632.29

Subscriptions

– Class AM (USD) 878,021.06 0.00

– Class IT (USD) 218,740.31 7,060.90

Redemptions

– Class AM (USD) – 465,643.25 0.00

– Class IT (USD) – 1,333,816.00 – 6,755,369.32

Distribution – 3,893.38 0.00

Equalization – 12,450.86 96,223.32

Result of operations 522,004.89 1,294,623.62

at the end of the reporting period 12,898,140.20 11,864,170.81

Statement of Changes in Sharesfor the period from 01/10/2010 to 31/03/2011

USD Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class AM

SharesClass ITShares

Class ITShares

Number of shares in issue

at the beginning of the reporting period 101 1,021,157 1,592,350

Number of shares

– issued 80,630 16,902 633

– redeemed – 45,164 – 102,200 – 584,280

at the end of the reporting period 35,567 935,859 1,008,703

For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

Securities and money-market instruments admitted to an official stock exchange listing 93,162,147.93 93.74Bonds 93,162,147.93 93.74Australia 245,358.75 0.253.7500 % Australia & New Zealand Banking Group

EUR MTN 10/17 EUR 250.0 % 98.144 245,358.75 0.25Belgium 3,699,307.50 3.723.2500 % Belgium Government EUR Bonds 06/16 S.47 EUR 1,750.0 1,250.0 2,000.0 % 98.159 1,963,170.00 1.972.0000 % Belgium Government EUR Bonds 09/12 S.57 EUR 250.0 750.0 % 100.415 753,112.50 0.763.5000 % Belgium Government EUR Bonds 11/17 S.63 EUR 1,000.0 1,000.0 % 98.303 983,025.00 0.99Canada 413,658.00 0.424.5000 % Royal Bank of Canada EUR MTN 07/12 EUR 400.0 % 103.415 413,658.00 0.42Czech Republic 416,763.00 0.423.6250 % Czech Government EUR Bonds 10/21 EUR 450.0 % 92.614 416,763.00 0.42Denmark 1,093,408.50 1.103.3750 % Carlsberg Breweries EUR MTN 10/17 EUR 250.0 250.0 % 95.151 237,877.50 0.243.5000 % Danske Bank EUR Notes 10/18 EUR 500.0 % 98.078 490,390.00 0.497.7500 % DONG Energy EUR FLR-Notes 11/49 EUR 100.0 100.0 % 106.441 106,441.00 0.114.3750 % Kommunekredit EUR MTN 07/12 EUR 100.0 250.0 % 103.480 258,700.00 0.26Finland 2,586,565.00 2.604.3750 % Finland Government EUR Bonds 08/19 EUR 750.0 % 106.549 799,117.50 0.801.7500 % Finland Government EUR Bonds 10/16 EUR 1,000.0 1,500.0 % 94.928 1,423,912.50 1.434.6250 % Fortum EUR MTN 09/14 EUR 200.0 % 104.230 208,459.00 0.214.5000 % Pohjola Bank EUR MTN 09/14 EUR 150.0 % 103.384 155,076.00 0.16France 13,437,801.25 13.524.5000 % Alstom EUR MTN 10/20 EUR 200.0 % 97.922 195,843.00 0.204.0000 % Alstom EUR Notes 09/14 EUR 150.0 % 101.808 152,711.25 0.153.8750 % Areva EUR MTN 09/16 EUR 200.0 % 97.366 194,731.60 0.205.2500 % AXA EUR FLR-MTN 10/40 EUR 100.0 % 90.482 90,481.50 0.092.2500 % BNP Paribas Public Sector EUR MTN 10/15 EUR 250.0 250.0 % 95.640 239,100.00 0.243.6410 % Bouygues EUR Notes 10/19 EUR 200.0 200.0 % 94.830 189,660.00 0.192.6250 % Caisse d’Amortissement de la Dette Sociale

EUR Notes 09/15 EUR 600.0 % 99.256 595,533.00 0.603.5000 % Caisse Refinancement de l’Habitat EUR Notes 05/17 EUR 400.0 % 98.923 395,692.00 0.404.6250 % Compagnie de Financement Foncier

EUR MTN 07/17 EUR 400.0 % 103.845 415,380.00 0.424.1300 % Crédit Agricole EUR FLR-Notes 05/und. EUR 100.0 50.0 150.0 % 86.205 129,306.75 0.134.5000 % Dexia Municipal Agency EUR MTN 07/17 EUR 400.0 % 101.728 406,912.00 0.413.5000 % Dexia Municipal Agency EUR MTN 09/16 EUR 200.0 200.0 % 97.239 194,478.00 0.205.0000 % EDF EUR MTN 08/18 EUR 250.0 % 106.152 265,379.75 0.275.0000 % France Government EUR Bonds 01/16 EUR 1,700.0 % 109.915 1,868,555.00 1.882.5000 % France Government EUR Bonds 10/15 EUR 1,000.0 % 99.755 997,550.00 1.003.5000 % France Government EUR Bonds 10/20 EUR 500.0 2,000.0 % 99.203 1,984,050.00 2.003.5000 % France Government EUR Bonds 10/26 EUR 1,000.0 % 94.223 942,225.00 0.954.0000 % France Government EUR Bonds 10/60 EUR 100.0 1,000.0 % 96.527 965,270.00 0.977.2500 % France Telecom EUR MTN 03/13 EUR 150.0 % 108.358 162,537.00 0.164.7500 % France Telecom EUR MTN 07/17 EUR 150.0 150.0 % 105.296 157,944.45 0.163.3750 % HSBC Covered Bonds France EUR MTN 10/17 EUR 400.0 % 98.267 393,068.00 0.395.3750 % Italcementi Finance EUR MTN 10/20 EUR 100.0 200.0 % 95.245 190,490.00 0.192.3750 % Societe Financement de l’Economie Francaise

EUR MTN 09/12 EUR 1,000.0 1,000.0 % 100.760 1,007,600.00 1.014.0000 % Société Générale SCF EUR MTN 09/16 EUR 400.0 % 102.705 410,820.00 0.416.2500 % Suez Environnement EUR MTN 09/19 EUR 250.0 250.0 % 114.889 287,221.25 0.294.3750 % Thales EUR MTN 09/13 EUR 150.0 % 102.928 154,391.70 0.154.3750 % Veolia Environnement EUR MTN 06/17 EUR 250.0 % 102.250 255,625.00 0.264.0000 % Vivendi EUR MTN 10/17 EUR 200.0 % 97.623 195,245.00 0.20Germany 22,981,346.00 23.123.7500 % Bundesrepublik Deutschland EUR Bonds 03/13 S.3 EUR 2,000.0 2,000.0 % 104.144 2,082,880.00 2.104.2500 % Bundesrepublik Deutschland EUR Bonds 03/14 S.3 EUR 1,000.0 1,000.0 % 105.898 1,058,975.00 1.064.0000 % Bundesrepublik Deutschland EUR Bonds 05/37 S.5 EUR 1,000.0 % 102.448 1,024,475.00 1.034.0000 % Bundesrepublik Deutschland EUR Bonds 06/16 S.6 EUR 1,000.0 2,000.0 2,000.0 % 106.140 2,122,800.00 2.144.2500 % Bundesrepublik Deutschland EUR Bonds 07/17 S.7 EUR 500.0 % 107.450 537,250.00 0.543.5000 % Bundesrepublik Deutschland

EUR Bonds 08/13 S.152 EUR 1,000.0 % 103.408 1,034,075.00 1.043.7500 % Bundesrepublik Deutschland EUR Bonds 08/19 S.8 EUR 2,000.0 500.0 3,500.0 % 104.098 3,643,412.50 3.67

Price Market Value in EUR

% ofSubfund

4.7500 % Bundesrepublik Deutschland EUR Bonds 08/40 S.8 EUR 250.0 1,000.0 % 116.485 1,164,850.00 1.172.5000 % Bundesrepublik Deutschland

EUR Bonds 09/14 S.155 EUR 2,000.0 3,000.0 % 100.903 3,027,090.00 3.053.5000 % Bundesrepublik Deutschland EUR Bonds 09/19 S.9 EUR 2,000.0 1,000.0 1,000.0 % 102.113 1,021,125.00 1.033.0000 % Bundesrepublik Deutschland EUR Bonds 10/20 EUR 2,400.0 1,600.0 2,000.0 % 97.576 1,951,520.00 1.962.5000 % Bundesrepublik Deutschland EUR Bonds 10/21 EUR 2,000.0 2,000.0 % 93.108 1,862,150.00 1.874.7500 % Bundesrepublik Deutschland EUR Bonds 98/28 S.98 EUR 1,400.0 % 111.700 1,563,800.00 1.574.6250 % Kreditanstalt für Wiederaufbau EUR MTN 07/12 EUR 700.0 % 104.263 729,841.00 0.734.8750 % Merck Financial Services EUR MTN 09/13 EUR 150.0 % 104.735 157,102.50 0.16Guernsey 206,994.00 0.214.6250 % ABB International Finance EUR MTN 06/13 EUR 200.0 % 103.497 206,994.00 0.21Italy 19,505,870.58 19.634.5000 % ACEA EUR Notes 10/20 EUR 230.0 % 97.177 223,506.18 0.225.6250 % Atlantia EUR MTN 09/16 EUR 180.0 % 106.808 192,254.40 0.194.2500 % Banca Carige EUR Notes 11/15 EUR 150.0 150.0 % 99.504 149,256.45 0.152.5000 % Banca Monte dei Paschi di Siena EUR MTN 10/13 EUR 250.0 % 97.303 243,256.25 0.245.5000 % Banca Popolare di Milano EUR MTN 08/11 EUR 400.0 % 101.034 404,136.40 0.413.6250 % Banco Popolare EUR Notes 10/17 EUR 250.0 % 93.040 232,600.00 0.234.2500 % Edison EUR MTN 09/14 EUR 200.0 % 101.171 202,342.00 0.204.7500 % ENI EUR MTN 07/17 EUR 150.0 % 103.724 155,586.00 0.164.0000 % ENI EUR MTN 10/20 EUR 150.0 % 96.769 145,153.50 0.153.7500 % Intesa Sanpaolo EUR FLR-MTN 05/20 EUR 100.0 250.0 % 92.231 230,577.50 0.238.0470 % Intesa Sanpaolo EUR FLR-Notes 08/und. EUR 50.0 50.0 % 98.000 49,000.00 0.054.3750 % Intesa Sanpaolo EUR MTN 11/16 EUR 400.0 400.0 % 100.035 400,140.00 0.405.0000 % Italy Buoni Poliennali del Tesoro EUR Bonds 03/34 EUR 500.0 1,700.0 % 94.226 1,601,842.00 1.614.5000 % Italy Buoni Poliennali del Tesoro EUR Bonds 04/20 EUR 1,000.0 % 99.908 999,075.00 1.014.0000 % Italy Buoni Poliennali del Tesoro EUR Bonds 07/12 EUR 2,200.0 % 102.019 2,244,418.00 2.264.5000 % Italy Buoni Poliennali del Tesoro EUR Bonds 08/18 EUR 1,500.0 1,000.0 1,500.0 % 101.255 1,518,825.00 1.534.7500 % Italy Buoni Poliennali del Tesoro EUR Bonds 08/23 EUR 1,000.0 1,700.0 % 98.224 1,669,808.00 1.683.7500 % Italy Buoni Poliennali del Tesoro EUR Bonds 09/13 EUR 1,400.0 % 101.644 1,423,016.00 1.432.0000 % Italy Buoni Poliennali del Tesoro EUR Bonds 10/12 EUR 2,000.0 % 99.252 1,985,040.00 2.003.0000 % Italy Buoni Poliennali del Tesoro EUR Bonds 10/15 EUR 1,000.0 1,250.0 1,000.0 % 97.372 973,715.00 0.983.7500 % Italy Buoni Poliennali del Tesoro EUR Bonds 10/21 EUR 1,500.0 1,000.0 500.0 % 92.521 462,602.50 0.470 % Italy Certificati di Credito del Tesoro

EUR Zero-Coupon Bonds 11/12 EUR 2,000.0 2,000.0 % 95.650 1,912,990.00 1.921.2970 % Mediobanca EUR FLR-MTN 06/16 EUR 300.0 % 98.322 294,965.10 0.304.5000 % Societa Iniziative Autostradali e Servizi

EUR MTN 10/20 EUR 200.0 200.0 % 93.807 187,613.40 0.196.7500 % Telecom Italia EUR MTN 09/13 EUR 100.0 250.0 % 106.710 266,773.75 0.271.4700 % UniCredit Bank EUR FLR-MTN 06/16 EUR 300.0 300.0 % 98.784 296,352.90 0.304.2500 % UniCredit Bank EUR MTN 09/16 EUR 400.0 % 100.098 400,390.00 0.404.9390 % Unione di Banche Italiane EUR MTN 09/14 EUR 250.0 % 101.729 254,322.50 0.263.1250 % Unione di Banche Italiane EUR MTN 10/15 EUR 250.0 250.0 % 94.783 236,956.25 0.244.5000 % Unione di Banche Italiane EUR MTN 11/16 EUR 150.0 150.0 % 99.571 149,356.50 0.15Luxembourg 1,304,922.45 1.314.6250 % ArcelorMittal EUR MTN 10/17 EUR 100.0 100.0 % 99.318 99,318.00 0.102.7500 % European Financial Stability Facility EUR MTN 11/16 EUR 800.0 800.0 % 98.216 785,731.20 0.794.0000 % Enel Finance International EUR MTN 09/16 EUR 250.0 % 101.060 252,648.75 0.258.1250 % Finmeccanica Finance EUR MTN 08/13 EUR 150.0 % 111.483 167,224.50 0.17Netherlands 8,534,218.25 8.593.7500 % ABN Amro Bank EUR MTN 09/14 EUR 400.0 % 102.073 408,290.00 0.414.8750 % Alliander EUR FLR-Notes 10/49 EUR 250.0 250.0 % 99.322 248,303.75 0.252.8750 % Bank Nederlandse Gemeenten EUR MTN 09/15 EUR 250.0 500.0 % 99.858 499,289.50 0.504.8750 % Deutsche Bahn Finance EUR MTN 09/19 EUR 200.0 % 106.934 213,868.00 0.218.1250 % Deutsche Telekom International Finance

EUR MTN 02/12 EUR 150.0 % 106.718 160,077.00 0.165.7500 % Deutsche Telekom International Finance

EUR MTN 08/15 EUR 100.0 250.0 % 108.883 272,207.75 0.275.5000 % Diageo Capital EUR MTN 08/13 EUR 250.0 % 105.822 264,555.00 0.274.6250 % EADS Finance EUR MTN 09/16 EUR 130.0 % 103.868 135,027.75 0.144.0000 % Fortis Bank Nederland EUR MTN 10/15 EUR 250.0 500.0 % 100.599 502,995.00 0.515.3170 % Generali Finance EUR FLR-Notes 06/49 EUR 50.0 100.0 % 90.020 90,019.50 0.095.2500 % ING Bank EUR MTN 08/18 EUR 400.0 % 108.020 432,080.00 0.434.5000 % Koninklijke EUR MTN 06/13 EUR 150.0 % 103.237 154,855.50 0.16

% ofSubfund

3.2500 % LeasePlan EUR MTN 09/14 EUR 250.0 % 101.960 254,900.00 0.262.3750 % Nederlandse Waterschapsbank EUR Notes 10/15 EUR 500.0 % 97.461 487,305.00 0.493.7500 % Netherlands Government EUR Bonds 06/23 EUR 1,000.0 3,400.0 % 100.715 3,424,310.00 3.443.5000 % NIBC Bank EUR MTN 09/14 EUR 500.0 % 102.647 513,237.00 0.524.3750 % Cooperative Centrale

Raiffeisen-Boerenleenbank Netherlands EUR MTN 09/16 EUR 250.0 % 102.939 257,347.50 0.26

5.3750 % Volkswagen International Finance EUR MTN 03/18 EUR 200.0 % 107.775 215,550.00 0.22Norway 261,460.00 0.264.3750 % Statoil EUR MTN 09/15 EUR 250.0 % 104.584 261,460.00 0.26Poland 344,669.50 0.353.7500 % Poland Government International EUR Bonds 10/17 EUR 350.0 % 98.477 344,669.50 0.35Portugal 783,765.00 0.794.7500 % Banco Comercial Português EUR MTN 07/17 EUR 200.0 200.0 % 82.580 165,160.00 0.174.3750 % Portugal Obrigacoes do Tesouro EUR Bonds 03/14 EUR 100.0 100.0 % 88.580 88,580.00 0.094.1000 % Portugal Obrigacoes do Tesouro EUR Bonds 06/37 EUR 600.0 % 67.045 402,270.00 0.403.6000 % Portugal Obrigacoes do Tesouro EUR Bonds 09/14 EUR 100.0 150.0 % 85.170 127,755.00 0.13Slovakia 1,235,670.00 1.244.3750 % Slovak Government EUR Bonds 09/15 EUR 300.0 1,200.0 % 102.973 1,235,670.00 1.24Slovenia 491,955.00 0.492.7500 % Slovenia Government EUR Bonds 10/15 EUR 500.0 % 98.391 491,955.00 0.49Spain 6,698,503.20 6.744.3750 % Banco Bilbao Vizcaya Argentaria

EUR FLR-Notes 04/19 EUR 200.0 % 92.035 184,070.00 0.194.7500 % Banco Bilbao Vizcaya Argentaria EUR Notes 11/16 EUR 350.0 350.0 % 100.851 352,978.50 0.363.8750 % Banco Santander EUR Notes 09/14 EUR 200.0 200.0 400.0 % 99.537 398,148.00 0.403.2500 % Enagas EUR Notes 09/12 EUR 150.0 % 100.895 151,342.95 0.154.5000 % Fund for Ordered Bank Restructuring

EUR Notes 11/14 EUR 400.0 400.0 % 101.006 404,022.00 0.414.7500 % Red Electrica Financiaciones EUR MTN 11/18 EUR 100.0 100.0 % 100.808 100,808.00 0.103.1500 % Spain Government EUR Bonds 05/16 EUR 1,500.0 2,000.0 % 95.598 1,911,950.00 1.924.2500 % Spain Government EUR Bonds 08/14 EUR 1,000.0 500.0 2,000.0 % 102.125 2,042,500.00 2.054.7000 % Spain Government EUR Bonds 09/41 EUR 500.0 500.0 % 83.088 415,437.50 0.424.8500 % Spain Government EUR Bonds 10/20 EUR 500.0 1,000.0 500.0 % 98.343 491,712.50 0.493.4060 % Telefonica Emisiones EUR MTN 10/15 EUR 100.0 250.0 % 98.214 245,533.75 0.25Supranational 3,547,750.00 3.573.6250 % European Investment Bank EUR Notes 03/13 EUR 1,000.0 500.0 1,000.0 % 103.373 1,033,725.00 1.043.1250 % European Union EUR MTN 09/14 EUR 1,000.0 1,500.0 % 101.690 1,525,350.00 1.533.3750 % European Union EUR MTN 10/19 EUR 250.0 500.0 % 98.860 494,300.00 0.503.2500 % European Union EUR MTN 11/18 EUR 500.0 500.0 % 98.875 494,375.00 0.50Sweden 340,878.00 0.343.7500 % Nordea Bank EUR MTN 10/17 EUR 250.0 % 98.257 245,642.00 0.254.1940 % Svenska Handelsbanken EUR FLR-MTN 05/49 EUR 100.0 100.0 % 95.236 95,236.00 0.09Switzerland 149,322.00 0.153.5000 % UBS (London) EUR MTN 10/15 EUR 150.0 % 99.548 149,322.00 0.15United Kingdom 2,510,483.70 2.533.6250 % Abbey National Treasury Services/London

EUR MTN 09/16 EUR 300.0 300.0 % 96.090 288,270.00 0.294.7500 % Barclays Bank EUR FLR-MTN 05/und. EUR 100.0 50.0 150.0 % 73.000 109,499.25 0.113.1250 % Barclays Bank EUR MTN 10/15 EUR 400.0 % 99.018 396,072.00 0.403.3750 % BG Energy Capital EUR MTN 09/13 EUR 250.0 % 101.308 253,270.00 0.266.1250 % British Telecommunications EUR MTN 09/14 EUR 100.0 240.0 % 108.263 259,830.00 0.264.3750 % Imperial Tobacco Finance EUR MTN 06/13 EUR 200.0 % 102.754 205,508.00 0.214.5000 % Lloyds TSB Bank EUR Notes 11/14 EUR 350.0 350.0 % 99.989 349,959.75 0.353.8750 % Royal Bank of Scotland EUR MTN 10/20 EUR 250.0 150.0 100.0 % 92.290 92,290.20 0.094.0000 % Royal Bank of Scotland EUR MTN 11/16 EUR 300.0 300.0 % 99.289 297,867.00 0.304.5000 % SABMiller EUR MTN 09/15 EUR 100.0 250.0 % 103.167 257,917.50 0.26United States 2,371,478.25 2.396.1250 % AT&T EUR Notes 08/15 EUR 250.0 % 109.970 274,925.50 0.285.0000 % BMW US Capital EUR MTN 08/15 EUR 150.0 % 106.289 159,433.50 0.166.6250 % International Business Machines EUR MTN 08/14 EUR 250.0 % 109.829 274,571.25 0.284.3750 % JPMorgan Chase & Co. EUR FLR-MTN 04/19 EUR 150.0 % 97.746 146,618.25 0.153.6250 % Pfizer EUR Notes 09/13 EUR 150.0 % 102.110 153,164.25 0.155.8750 % Philip Morris International EUR MTN 08/15 EUR 100.0 250.0 % 109.676 274,188.75 0.28

% ofSubfund

5.1250 % Procter & Gamble EUR Notes 07/17 EUR 250.0 % 108.571 271,426.25 0.274.6250 % Roche Holdings EUR MTN 09/13 EUR 250.0 % 103.885 259,712.50 0.267.0000 % Swiss Re Treasury US EUR MTN 09/14 EUR 100.0 250.0 % 110.330 275,825.00 0.284.0280 % Unicredito Italiano Capital Trust III

EUR FLR-Notes 05/und. EUR 100.0 % 80.766 80,766.00 0.084.5000 % Zurich Finance USA EUR FLR-MTN 05/25 EUR 200.0 % 100.424 200,847.00 0.20Investments in securities and money-market instruments 93,162,147.93 93.74Deposits at financial institutions1) 4,703,849.10 4.73Sight deposits2) 4,703,849.10 4.730.5420 % State Street Bank Luxembourg S.A. EUR 4,583,206.56 4.610.5420 % Deposits for collateralisation of derivatives EUR 120,642.54 0.12Investments in deposits at financial institutions 4,703,849.10 4.73

Securities Shares resp.Currency (in 1,000) resp.

Contracts

Price Unrealisedgain/loss

% ofSubfund

assetsin the period under reviewDerivatives Holdings marked with a minus are short positions. Listed Derivatives – 23,360.00 – 0.02Futures Transactions – 16,660.00 – 0.02Sold Bond Futures – 16,660.00 – 0.0210-Year German Government Bond (Bund) Futures 06/11 Ctr 12 – 12 EUR 121.440 1,340.00 0.002-Year German Government Bond (Schatz) Futures 06/11 Ctr 180 – 180 EUR 107.195 – 18,000.00 – 0.02Options Transactions – 6,700.00 0.00Long Call Options on Bond – 7,300.00 – 0.01Euro-Bund Options Futures - Call 123.5 OGBL 04/11 Ctr 100 100 EUR 0.010 – 6,500.00 – 0.01Euro-Bund Options Futures - Call 124.5 OGBL 05/11 Ctr 160 160 EUR 0.070 – 800.00 0.00Long Put Options on Bond – 1,800.00 0.00Euro-Bund Options Futures - Put 114.5 OGBM 06/11 Ctr 100 100 EUR 0.600 10,000.00 0.01Euro-Bund Options Futures - Put 120 OGBL 05/11 Ctr 120 120 EUR 0.220 – 9,600.00 – 0.01Euro-Bund Options Futures - Put 121 OGBL 05/11 Ctr 110 110 EUR 0.520 – 2,200.00 0.00Short Put Options on Bond 2,400.00 0.01Euro-Bund Options Futures - Put 113 OGBM 06/11 Ctr 100 – 100 EUR 0.145 – 2,500.00 0.00Euro-Bund Options Futures - Put 119 OGBL 05/11 Ctr 230 – 230 EUR 0.100 4,900.00 0.01Investments in derivatives – 23,360.00 – 0.02Net current assets/liabilities EUR 1,538,814.49 1.55Net assets of the Subfund EUR 99,381,451.52 100.00

Net asset value per share– Class C (EUR) (distributing) EUR 98.37– Class CT (EUR) (accumulating) EUR 99.94– Class IT (EUR) (accumulating) EUR 1,006.30Shares in circulation– Class C (EUR) (distributing) Shs 75,498– Class CT (EUR) (accumulating) Shs 16,848– Class IT (EUR) (accumulating) Shs 89,7061) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listingBondsFrance5.2500 % BNP Paribas EUR MTN 02/12 EUR 150.08.1250 % RCI Banque EUR MTN 09/12 EUR 150.0Germany4.1250 % Commerzbank EUR FLR-MTN 06/16 EUR 100.03.7500 % Kreditanstalt für Wiederaufbau EUR Notes 06/11 EUR 500.0Hungary6.7500 % Hungary Government EUR Bonds 09/14 EUR 100.0Italy4.2500 % Italy Buoni Poliennali del Tesoro EUR Bonds 08/11 EUR 1,000.04.0000 % Italy Buoni Poliennali del Tesoro EUR Bonds 10/20 EUR 900.04.0000 % Luxottica Luxembourg EUR Notes 10/15 EUR 100.0 100.03.6250 % Unione di Banche Italiane EUR MTN 09/16 EUR 150.0Netherlands4.0000 % Alliander Finance EUR MTN 09/12 EUR 200.05.8750 % Daimler International Finance EUR MTN 08/11 EUR 150.0Supranational3.6250 % European Investment Bank EUR MTN 06/11 EUR 2,000.0Switzerland5.1250 % Credit Suisse (London) EUR MTN 09/12 EUR 250.04.6250 % UBS (London) EUR MTN 09/12 EUR 150.0United Kingdom5.3750 % HSBC Holdings EUR MTN 02/12 EUR 250.06.9340 % Royal Bank of Scotland EUR MTN 08/18 EUR 150.03.0000 % Royal Bank of Scotland EUR MTN 10/15 EUR 250.0United States5.2500 % Toyota Motor Credit EUR MTN 09/12 EUR 150.0

DerivativesHoldings marked with a minus are short positions.Listed DerivativesFutures TransactionsPurchased Bond Futures10-Year German Government Bond (Bund) Futures 03/11 Ctr 38 3810-Year German Government Bond (Bund) Futures 06/11 Ctr 38 385-Year German Government Bond (Bobl) Futures 12/10 Ctr 55 115Sold Bond Futures2-Year German Government Bond (Schatz) Futures 03/11 Ctr 180 1802-Year German Government Bond (Schatz) Futures 12/10 Ctr 190 Options TransactionsLong Call Options on BondEuro-Bund Options Futures - Call 109.30 OGBS 10/10 Ctr 110Euro-Bund Options Futures - Call 124 OGBL 04/11 Ctr 100 100Euro-Bund Options Futures - Call 125 OGBL 03/11 Ctr 80 80Euro-Bund Options Futures - Call 125 OGBL 04/11 Ctr 100 100Euro-Bund Options Futures - Call 126.5 OGBL 02/11 Ctr 130 130Euro-Bund Options Futures - Call 126.5 OGBL 03/11 Ctr 160 160Euro-Bund Options Futures - Call 127 OGBL 01/11 Ctr 100 100Euro-Bund Options Futures - Call 128 OGBL 02/11 Ctr 160 160Euro-Bund Options Futures - Call 128.5 OGBL 03/11 Ctr 160 160Euro-Bund Options Futures - Call 128.5 OGBL 12/10 Ctr 120 120Euro-Bund Options Futures - Call 129 OGBL 01/11 Ctr 100 100Euro-Bund Options Futures - Call 129 OGBL 12/10 Ctr 120 120Euro-Bund Options Futures - Call 130.5 OGBL 12/10 Ctr 220 220Euro-Bund Options Futures - Call 131 OGBL 01/11 Ctr 100 100Euro-Bund Options Futures - Call 131 OGBL 10/10 Ctr 110Euro-Bund Options Futures - Call 131 OGBL 11/10 Ctr 130 130Euro-Bund Options Futures - Call 131.5 OGBL 12/10 Ctr 100 100Euro-Bund Options Futures - Call 132.5 OGBL 12/10 Ctr 100 100

Euro-Bund Options Futures - Call 132.50 OGBL 11/10 Ctr 30 100Euro-Bund Options Futures - Call 139 OGBL 12/10 Ctr 200 200Long Call Options on Bond FuturesCall 122 CBOT US Treasury Bond Future 11/10 Ctr 60 60Call 129 10-Year US Treasury Bond Future (CBT) 12/10 Ctr 100 100Long Put Options on BondEuro-Bund Options Futures - Put 107.7 OGBL 03/11 Ctr 140 140Euro-Bund Options Futures - Put 113 OGBM 06/11 Ctr 80 80Euro-Bund Options Futures - Put 114.75 OGBM 04/11 Ctr 35 35Euro-Bund Options Futures - Put 119.75 OGBL 12/10 Ctr 80 80Euro-Bund Options Futures - Put 120 OGBM 10/10 Ctr 70Euro-Bund Options Futures - Put 120.25 OGBL 11/10 Ctr 80 80Euro-Bund Options Futures - Put 121 OGBL 04/11 Ctr 110 110Euro-Bund Options Futures - Put 122 OGBL 03/11 Ctr 140 140Euro-Bund Options Futures - Put 122 OGBL 04/11 Ctr 110 110Euro-Bund Options Futures - Put 123 OGBL 02/11 Ctr 130 130Euro-Bund Options Futures - Put 123 OGBL 03/11 Ctr 130 130Euro-Bund Options Futures - Put 124.5 OGBL 02/11 Ctr 130 130Euro-Bund Options Futures - Put 125 OGBL 01/11 Ctr 130 130Euro-Bund Options Futures - Put 126.5 OGBL 12/10 Ctr 120 120Euro-Bund Options Futures - Put 127 OGBL 01/11 Ctr 40 40Euro-Bund Options Futures - Put 129 OGBL 11/10 Ctr 80Euro-Bund Options Futures - Put 129 OGBL 11/10 Ctr 100 100Euro-Bund Options Futures - Put 129.5 OGBL 10/10 Ctr 110Euro-Bund Options Futures - Put 130.5 OGBL 11/10 Ctr 80 80Long Put Options on Bond FuturesPut 117 10-Year US Treasury Bond Futures (CBT) 04/11 Ctr 40 40Put 119 10-Year US Treasury Bond Futures 03/11 Ctr 55 55Short Call Options on BondEuro-Bund Options Futures - Call 129.5 OGBL 12/10 Ctr 120 120Euro-Bund Options Futures - Call 130 OGBL 02/11 Ctr 160 160Euro-Bund Options Futures - Call 130 OGBL 11/10 Ctr 120 120Euro-Bund Options Futures - Call 131.5 OGBL 11/10 Ctr 130 130Euro-Bund Options Futures - Call 132 OGBL 10/10 Ctr 110 Euro-Bund Options Futures - Call 132 OGBL 11/10 Ctr 130 130Euro-Bund Options Futures - Call 133 OGBL 01/11 Ctr 100 100Euro-Bund Options Futures - Call 133 OGBL 10/10 Ctr 55 Euro-Bund Options Futures - Call 134.5 OGBL 12/10 Ctr 100 100Euro-Bund Options Futures - Call 134.50 OGBL 11/10 Ctr 100 30Short Call Options on Bond FuturesCall 124 CBOT US Treasury Bond Future 11/10 Ctr 60 60Short Put Options on BondEuro-Bund Options Futures - Put 118.75 OGBL 12/10 Ctr 80 80Euro-Bund Options Futures - Put 120 OGBL 03/11 Ctr 140 140Euro-Bund Options Futures - Put 122.5 OGBL 02/11 Ctr 130 130Euro-Bund Options Futures - Put 123 OGBL 01/11 Ctr 130 130Euro-Bund Options Futures - Put 125 OGBL 01/11 Ctr 40 40Euro-Bund Options Futures - Put 126 OGBL 12/10 Ctr 80 80Euro-Bund Options Futures - Put 127 OGBL 11/10 Ctr 80

31/03/2011 30/09/2010 EUR EUR

Securities and money-market instruments

(Cost price EUR 95,328,475.15) 93,162,147.93 74,960,515.65

Cash at banks 4,703,849.10 101,249.32

– bonds 1,571,275.97 1,276,488.97

Dividend receivable 0.00 0.00

Receivable on

– subscriptions on fund shares 18,051.10 0.00

Unrealised gain on

– options transactions 14,900.00 73,050.00

– futures transactions 1,340.00 128,950.00

Total Assets 99,471,564.10 76,540,253.95

Liabilities to banks 0.00 – 62,786.91

Payable on

Other payables – 50,512.58 – 38,410.82

Unrealised loss on

– options transactions – 21,600.00 – 96,550.00

– futures transactions – 18,000.00 0.00

Net assets 99,381,451.52 76,334,456.61

01/10/2010–31/03/2011 Launch date–31/03/2010 EUR EUR

at the beginning of the reporting period 76,334,456.61 0.00

Subscriptions

– Class C (EUR) 7,797,880.48 1,000.00

– Class CT (EUR) 2,405,810.67 1,000.00

– Class IT (EUR) 45,814,446.80 67,972,193.75

Redemptions

– Class C (EUR) – 188,566.74 0.00

– Class CT (EUR) – 3,777,250.69 0.00

– Class IT (EUR) – 25,108,961.87 – 14,480,811.74

Equalization 63,721.98 4,639.68

Result of operations – 3,911,441.26 620,685.24

EUR Shares 01/10/2010–31/03/2011 Launch date–31/03/2010Class C Shares

Class CT Shares

Class IT Shares

Class C Shares

Class CT Shares

Class IT Shares

at the beginning of the reporting period 10 30,791 69,353 0 0 0

Number of shares

– issued 77,389 23,626 44,923 10 10 67,887

– redeemed – 1,901 – 37,569 – 24,570 0 0 – 14,383

at the end of the reporting period 75,498 16,848 89,706 10 10 53,504

Securities and money-market instruments admitted to an official stock exchange listing 99,635,529.05 89.46Bonds 99,635,529.05 89.46Austria 686,868.00 0.6211.7500 % PE Paper Escrow EUR Notes 09/14 EUR 600.0 % 114.478 686,868.00 0.62Belgium 1,369,012.50 1.237.5000 % ONTEX IV EUR Notes 11/18 EUR 450.0 450.0 % 101.500 456,750.00 0.419.0000 % ONTEX IV EUR Notes 11/19 EUR 900.0 900.0 % 101.363 912,262.50 0.82Cayman Islands 904,252.00 0.817.6250 % UPCB Finance EUR Notes 10/20 EUR 500.0 500.0 % 103.750 518,750.00 0.466.3750 % UPCB Finance II EUR Notes 11/20 EUR 400.0 400.0 % 96.376 385,502.00 0.35Croatia 1,296,000.00 1.1610.0000 % Agrokor EUR MTN 09/16 EUR 500.0 300.0 1,200.0 % 108.000 1,296,000.00 1.16France 20,396,300.20 18.316.1170 % BPCE EUR FLR-MTN 07/49 EUR 1,500.0 % 88.876 1,333,132.50 1.204.7500 % CNP Assurances EUR FLR-Notes 06/und. EUR 600.0 600.0 % 84.042 504,249.00 0.457.1250 % Crown European Holdings EUR Notes 10/18 EUR 950.0 1,050.0 % 104.209 1,094,194.50 0.985.8750 % La Mondiale Vie EUR FLR-Notes 03/49 EUR 300.0 300.0 % 87.022 261,064.50 0.235.5000 % Lafarge EUR MTN 09/19 EUR 1,800.0 1,800.0 % 98.681 1,776,258.00 1.596.3070 % Natixis EUR FLR-Notes 07/49 EUR 350.0 350.0 % 85.582 299,535.25 0.275.7500 % Nexans EUR MTN 07/17 EUR 1,000.0 1,250.0 % 100.746 1,259,327.50 1.139.0000 % Picard Bondco EUR Notes 10/18 EUR 300.0 % 106.498 319,494.00 0.297.6250 % Rallye EUR Notes 09/16 EUR 1,100.0 2,100.0 % 107.921 2,266,349.40 2.045.1800 % Remy Cointreau EUR Notes 10/16 EUR 400.0 600.0 % 100.122 600,733.80 0.548.2500 % Rexel EUR Notes 09/16 EUR 700.0 1,650.0 % 109.008 1,798,632.00 1.617.0000 % Rhodia EUR Notes 10/18 EUR 1,700.0 2,700.0 % 104.153 2,812,131.00 2.536.3750 % Tereos Europe EUR Notes 07/14 EUR 860.0 1,495.0 % 103.469 1,546,861.55 1.394.3750 % Wendel EUR Notes 05/17 EUR 1,200.0 1,200.0 % 90.301 1,083,606.00 0.974.8750 % Wendel EUR Notes 06/16 EUR 2,100.0 3,100.0 % 95.253 2,952,833.70 2.654.8750 % Wendel EUR Notes 07/15 EUR 200.0 350.0 500.0 % 97.580 487,897.50 0.44Germany 5,179,836.30 4.656.3520 % HT1 Funding EUR Notes 06/49 EUR 1,050.0 1,050.0 % 80.641 846,725.25 0.765.3909 % Kabel BW Erste Beteiligung EUR FLR-Notes 11/18 EUR 1,400.0 1,400.0 % 101.318 1,418,445.00 1.277.5000 % Kabel BW Erste Beteiligung EUR Notes 11/19 EUR 800.0 800.0 % 102.188 817,500.00 0.739.5000 % Musketeer EUR Notes 11/21 EUR 150.0 150.0 % 104.563 156,843.75 0.142.3430 % SGL Carbon EUR FLR-MTN 07/15 EUR 300.0 300.0 % 98.718 296,154.30 0.279.6250 % Unitymedia EUR Notes 09/19 EUR 1,500.0 % 109.611 1,644,168.00 1.48Ireland 6,280,725.60 5.649.2500 % Ardagh Glass Finance EUR MTN 09/16 EUR 400.0 % 109.162 436,648.00 0.397.3750 % Ardagh Packaging Finance EUR Notes 10/17 EUR 2,550.0 2,550.0 % 102.533 2,614,581.30 2.358.8750 % Nara Cable Funding EUR Notes 10/18 EUR 1,400.0 1,400.0 % 102.900 1,440,600.00 1.2911.1250 % Ono Finance II EUR Notes 11/19 EUR 200.0 200.0 % 107.152 214,303.00 0.197.2500 % Smurfit Kappa Acquisitions EUR Notes 09/17 EUR 400.0 700.0 % 104.442 731,093.30 0.667.7500 % Smurfit Kappa Acquisitions EUR Notes 09/19 EUR 1,200.0 400.0 800.0 % 105.438 843,500.00 0.76Italy 1,481,034.00 1.336.1560 % Banco Popolare EUR FLR-Notes 07/und. EUR 1,500.0 % 78.136 1,172,034.00 1.058.2500 % Lottomatica EUR FLR-Notes 06/66 EUR 300.0 300.0 % 103.000 309,000.00 0.28Jersey 998,601.70 0.905.2940 % Erste Capital Finance Jersey Tier 1

EUR FLR-MTN 06/und. EUR 700.0 % 79.690 557,832.10 0.506.0000 % Hybrid Capital Funding II EUR Notes 05/49 EUR 400.0 400.0 % 32.638 130,550.00 0.125.1690 % RZB Finance Jersey IV EUR FLR-Notes 06/und. EUR 300.0 400.0 % 77.555 310,219.60 0.28Kazahkstan 449,272.57 0.407.7500 % Halyk Savings Bank of Kazakhstan JSC

USD Notes 06/13 USD 600.0 600.0 % 106.429 449,272.57 0.40Luxembourg 22,565,598.33 20.265.1250 % Ageas Hybrid Financing EUR FLR-Notes 06/und. EUR 1,000.0 % 75.388 753,875.00 0.688.7500 % Cirsa Funding Luxembourg EUR Notes 10/18 EUR 1,900.0 1,900.0 % 103.125 1,959,375.00 1.768.2500 % Codere Finance Luxembourg EUR Notes 05/15 EUR 750.0 1,500.0 % 102.250 1,533,750.00 1.384.8920 % Dexia Funding EUR FLR-Notes 06/49 EUR 400.0 1,100.0 % 65.352 718,866.50 0.647.6250 % Fiat Finance & Trade EUR MTN 09/14 EUR 1,050.0 1,000.0 1,050.0 % 104.819 1,100,601.60 0.996.3750 % Fiat Finance & Trade EUR MTN 11/16 EUR 2,000.0 2,000.0 % 99.461 1,989,210.00 1.795.2500 % Fiat Industrial Finance Europe EUR MTN 11/15 EUR 1,000.0 1,000.0 % 99.623 996,230.00 0.896.2500 % Fiat Industrial Finance Europe EUR MTN 11/18 EUR 1,750.0 1,750.0 % 99.481 1,740,908.75 1.569.6250 % Promsvyazbank Via PSB Finance USD Notes 06/12 USD 1,200.0 1,200.0 % 105.760 892,892.77 0.80

% ofSubfund

8.5000 % Sunrise Communications Holdings EUR MTN 10/18 EUR 1,750.0 1,750.0 % 106.179 1,858,132.50 1.677.0000 % Sunrise Communications International

EUR MTN 10/17 EUR 650.0 650.0 % 104.307 677,992.90 0.615.0000 % Swiss Life Via JP Morgan Bank Luxembourg

EUR FLR-Notes 05/49 EUR 350.0 1,100.0 % 86.311 949,421.00 0.856.3750 % Telenet Finance Luxembourg EUR Notes 10/20 EUR 2,250.0 2,250.0 % 98.008 2,205,168.75 1.986.4650 % VTB Bank Via VTB Capital USD Notes 10/15 USD 1,000.0 1,000.0 % 107.246 754,533.56 0.6811.7500 % Wind Acquisition Finance EUR Notes 09/17 EUR 200.0 1,100.0 400.0 % 115.597 462,386.00 0.417.3750 % Wind Acquisition Finance EUR Notes 10/18 EUR 3,800.0 3,800.0 % 104.533 3,972,254.00 3.57Netherlands 18,648,334.35 16.754.3100 % ABN Amro Bank EUR FLR-Notes 06/und. EUR 600.0 % 79.157 474,942.00 0.434.7500 % Cemex Finance Europe EUR Notes 07/14 EUR 750.0 % 94.043 705,322.50 0.636.5000 % Conti-Gummi Finance EUR MTN 10/16 EUR 400.0 400.0 % 103.341 413,362.00 0.377.5000 % Conti-Gummi Finance EUR MTN 10/17 EUR 1,950.0 2,200.0 % 105.175 2,313,839.00 2.087.1250 % Conti-Gummi Finance EUR Notes 10/18 EUR 500.0 1,300.0 % 104.224 1,354,912.00 1.225.1250 % Eureko EUR FLR-Notes 05/49 EUR 800.0 800.0 % 86.251 690,008.00 0.627.5000 % GMAC International Finance EUR Notes 10/15 EUR 1,000.0 500.0 % 105.657 528,282.50 0.477.5000 % HeidelbergCement Finance EUR Notes 09/14 EUR 1,000.0 1,500.0 % 108.948 1,634,214.00 1.478.5000 % HeidelbergCement Finance EUR Notes 09/19 EUR 500.0 % 113.201 566,004.50 0.516.5000 % HeidelbergCement Finance EUR Notes 10/15 EUR 500.0 500.0 % 105.974 529,868.50 0.487.5000 % HeidelbergCement Finance EUR Notes 10/20 EUR 700.0 1,200.0 % 106.290 1,275,474.00 1.148.5000 % Hertz Holdings Netherlands EUR Notes 10/15 EUR 350.0 1,100.0 % 108.441 1,192,845.50 1.074.1760 % ING Groep EUR FLR-MTN 05/und. EUR 1,100.0 % 85.750 943,244.50 0.857.3750 % New World Resources EUR Notes 07/15 EUR 750.0 % 103.604 777,026.25 0.707.8750 % New World Resources EUR Notes 10/18 EUR 600.0 975.0 % 105.858 1,032,111.60 0.936.8750 % OI European Group EUR Notes 07/17 EUR 200.0 200.0 % 102.563 205,125.00 0.186.7500 % OI European Group EUR Notes 10/20 EUR 700.0 1,050.0 % 101.625 1,067,062.50 0.966.2580 % SNS REAAL EUR FLR-MTN 07/49 EUR 1,000.0 % 75.209 752,085.00 0.678.0000 % UPC Holding EUR Notes 06/16 EUR 550.0 % 104.875 576,812.50 0.529.7500 % UPC Holding EUR Notes 09/18 EUR 1,000.0 1,500.0 % 107.720 1,615,792.50 1.45Russia 289,845.37 0.265.3260 % Novatek Finance USD Notes 11/16 USD 400.0 400.0 % 102.993 289,845.37 0.26South Africa 1,870,191.50 1.687.6250 % Consol Glass EUR MTN 07/14 EUR 700.0 900.0 % 100.809 907,276.50 0.819.5000 % Edcon Pty EUR Notes 11/18 EUR 1,000.0 1,000.0 % 96.292 962,915.00 0.87Spain 1,651,526.40 1.488.2500 % Campofrio Food Group EUR Notes 09/16 EUR 1,400.0 600.0 1,600.0 % 103.220 1,651,526.40 1.48Sweden 3,071,653.05 2.766.1250 % Stena EUR Notes 07/17 EUR 350.0 350.0 % 95.271 333,448.50 0.307.8750 % TVN Finance III EUR MTN 10/18 EUR 1,200.0 1,200.0 % 102.472 1,229,659.20 1.1010.7500 % TVN Finance II EUR Notes 09/17 EUR 350.0 1,350.0 % 111.744 1,508,545.35 1.36United Kingdom 10,381,297.38 9.324.7291 % Aviva EUR FLR-Notes 04/und. EUR 700.0 700.0 % 88.462 619,235.40 0.567.0000 % Crown Newco 3 GBP Notes 11/18 GBP 600.0 100.0 500.0 % 102.312 580,480.79 0.529.7500 % EC Finance EUR Notes 10/17 EUR 500.0 % 111.878 559,390.50 0.507.1250 % FCE Bank EUR MTN 07/13 EUR 1,800.0 2,250.0 % 105.250 2,368,125.00 2.139.2500 % Ineos Finance EUR Notes 10/15 EUR 500.0 700.0 1,000.0 % 108.505 1,085,053.00 0.9711.0000 % ISS Financing EUR Notes 09/14 EUR 700.0 % 109.250 764,750.00 0.695.7500 % Mondi Finance EUR Notes 10/17 EUR 300.0 % 103.435 310,305.00 0.285.0000 % Old Mutual EUR FLR-MTN 05/und. EUR 1,000.0 1,000.0 % 83.789 837,890.00 0.755.3140 % Standard Life EUR FLR-Notes 04/49 EUR 300.0 300.0 % 90.928 272,784.00 0.249.5000 % Virgin Media Finance EUR Notes 09/16 EUR 510.0 1,560.0 % 113.750 1,774,500.00 1.597.0000 % Virgin Media Secured Finance GBP Notes 10/18 GBP 1,000.0 1,000.0 % 106.526 1,208,783.69 1.09United States 2,115,179.80 1.909.6250 % Cemex Finance EUR Notes 09/17 EUR 800.0 % 104.860 838,876.80 0.755.9830 % Deutsche Postbank Funding Trust IV

EUR FLR-Notes 07/und. EUR 700.0 700.0 % 85.247 596,729.00 0.545.6250 % Fiat Finance North America EUR MTN 07/17 EUR 700.0 % 97.082 679,574.00 0.61Securities and money-market instruments dealt on another regulated market 641,116.11 0.58Bonds 641,116.11 0.58Luxembourg 641,116.11 0.587.7500 % Aperam USD Notes 11/18 USD 500.0 500.0 % 100.563 353,757.10 0.326.7000 % Severstal OAO Via Steel Capital USD Notes 10/17 USD 400.0 400.0 % 102.110 287,359.01 0.26

% ofSubfund

Other securities and money-market instruments 2,501,106.00 2.24Bonds 2,501,106.00 2.24Luxembourg 748,125.70 0.678.8750 % Boardriders EUR Notes 10/17 EUR 700.0 700.0 % 106.875 748,125.70 0.67United States 1,752,980.30 1.576.8750 % Nalco EUR Notes 10/19 EUR 1,000.0 1,000.0 % 102.409 1,024,085.00 0.927.7500 % Reynolds Group Issuer / Reynolds Group Issuer /

Reynolds Group Issuer Luxembourg EUR Notes 09/16 EUR 700.0 % 104.128 728,895.30 0.65

Investments in securities and money-market instruments 102,777,751.16 92.28Deposits at financial institutions1) 8,532,314.74 7.66Sight deposits2) 8,532,314.74 7.660.5420 % State Street Bank Luxembourg S.A. EUR 8,532,314.74 7.66Investments in deposits at financial institutions 8,532,314.74 7.66

Contracts

Unrealisedgain/loss

% ofSubfund

assetsin the period under reviewDerivatives Holdings marked with a minus are short positions. OTC-Dealt Derivatives 139,483.11 0.12Forward Foreign Exchange Transactions 32,411.22 0.03Sold GBP / Bought EUR 05 May 2011 GBP – 1,650,000.00 1,273.44 0.00Sold USD / Bought EUR 05 May 2011 USD – 4,450,000.00 31,137.78 0.03Swap Transactions 107,071.89 0.09Credit Default Swaps 107,071.89 0.09Protection Seller 107,071.89 0.09DJ ITRAXX 16 Europe Series Version 2 Credit Default Swap Cp 5.00 EUR 5,000,000.00 5,000,000.00 107,071.89 0.09Investments in derivatives 139,483.11 0.12Net current assets/liabilities EUR – 74,112.04 – 0.06Net assets of the Subfund EUR 111,375,436.97 100.00

Net asset value per share– Class A (EUR) (distributing) EUR 111.33– Class AT (EUR) (accumulating) EUR 115.20– Class IT (EUR) (accumulating) EUR 1,159.83Shares in circulation– Class A (EUR) (distributing) Shs 97,487 – Class AT (EUR) (accumulating) Shs 151,905 – Class IT (EUR) (accumulating) Shs 71,5821) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listingBondsCayman Islands6.0930 % ERC Ireland Finance EUR FLR-Notes 06/16 EUR 300.0Croatia10.0000 % Agrokor EUR Notes 11/16 EUR 500.0 500.0Denmark5.8750 % TDC EUR Notes 09/15 EUR 300.0France9.3750 % Europcar Groupe EUR Notes 10/18 EUR 1,000.0 1,000.04.5000 % Gecina EUR MTN 10/14 EUR 1,200.04.3750 % Groupe des Assurances Mutuelles Agricoles EUR FLR-Notes 05/49 EUR 300.0 300.08.5000 % Labco EUR Notes 11/18 EUR 200.0 200.04.8750 % Pernod-Ricard EUR Notes 10/16 EUR 1,950.0 1,950.05.0000 % Pernod-Ricard EUR Notes 11/17 EUR 1,500.0 1,500.03.7480 % Rhodia EUR FLR-Notes 06/13 EUR 358.04.8750 % Wendel EUR Notes 10/16 EUR 850.0 850.0Germany6.7500 % Franz Haniel & Cie EUR MTN 09/14 EUR 1,200.0 1,400.09.0000 % Hapag-Lloyd EUR MTN 10/15 EUR 900.0 900.09.0000 % Hapag-Lloyd EUR MTN 10/15 EUR 300.0 300.0Ireland12.5000 % Allied Irish Banks EUR 09/19 EUR 700.04.6250 % Governor & Co of the Bank of Ireland EUR MTN 09/13 EUR 400.0 400.0Italy10.5000 % Seat Pagine Gialle EUR Notes 10/17 EUR 500.0Luxembourg8.7500 % Cirsa Funding Luxembourg EUR Notes 11/18 EUR 1,700.0 1,700.0Netherlands6.8130 % Carlson Wagonlit EUR FLR-Notes 06/15 EUR 400.08.5000 % Conti-Gummi Finance EUR Notes 10/15 EUR 700.05.8490 % ELM BV for Swiss Life Insurance & Pension Group EUR FLR-MTN 07/49 EUR 500.09.5000 % Magyar Telecom EUR Notes 09/16 EUR 700.08.0000 % Ziggo EUR Notes 10/18 EUR 400.0 2,100.06.1250 % Ziggo Finance EUR Notes 10/17 EUR 500.0 500.0South Africa6.6730 % Edcon Holdings Pty EUR FLR-Notes 07/15 EUR 500.0 800.0Spain7.3750 % Obrascon Huarte Lain EUR MTN 10/15 EUR 500.0United Kingdom7.1250 % FCE Bank EUR MTN 07/12 EUR 450.0 1,450.06.3850 % LBG Capital No.2 EUR Notes 09/20 S.1 EUR 300.0 800.06.3500 % Lloyds TSB Bank EUR FLR-Notes 02/und. EUR 200.09.5000 % Phones4u Finance GBP Notes 11/18 GBP 1,600.0 1,600.08.3750 % R&R Ice Cream EUR Notes 10/17 EUR 1,700.0 1,700.0United States8.8750 % CEDC Finance Corp International EUR Notes 09/16 EUR 300.0 300.08.8750 % CEDC Finance International EUR Notes 09/16 EUR 850.0 2,150.08.8750 % CEDC Finance International EUR Notes 10/16 EUR 300.0 300.0Securities and money-market instruments dealt on another regulated marketBondsLuxembourg7.8750 % Aguila 3 USD Notes 11/18 EUR 700.0 700.0Other securities and money-market instrumentsBondsFrance8.1250 % Europcar Groupe EUR Notes 06/14 EUR 400.0Germany1.0000 % Cognis EUR FLR-Notes 07/13 EUR 1,000.0Luxembourg8.2500 % Angel Lux Common EUR Notes 06/16 EUR 200.0 1,200.0

Netherlands1.0000 % Impress Holdings EUR FLR-Notes 06/13 EUR 1,100.0United Kingdom10.5000 % Ono Finance EUR Notes 04/14 EUR 300.0 300.0United States8.0000 % Lyondell Chemical EUR Notes 10/17 EUR 200.0

DerivativesHoldings marked with a minus are short positions.OTC-Dealt DerivativesForward Foreign Exchange TransactionsSold GBP / Bought EUR 28 Feb 2011 GBP – 1,650,000.00Sold GBP / Bought EUR 31 Jan 2011 GBP – 1,100,000.00Sold GBP / Bought EUR 31 Mar 2011 GBP – 1,650,000.00Sold USD / Bought EUR 28 Feb 2011 USD – 4,550,000.00Sold USD / Bought EUR 29 Dec 2010 USD – 1,070,000.00Sold USD / Bought EUR 31 Jan 2011 USD – 1,070,000.00Sold USD / Bought EUR 31 Mar 2011 USD – 4,650,000.00Swap TransactionsCredit Default SwapsProtection SellerDJ iTRAXX SPJ40 ALI Credit Default Swap Cp 5.00 3,000,000.00 3,000,000.00Societe Generale Credit Default Swap Cp 5.00 3,000,000.00 3,000,000.00Societe Generale Credit Default Swap Cp 5.00 1,000,000.00 1,000,000.00

31/03/2011 30/09/2010 EUR EUR

(Cost price EUR 100,619,265.61) 102,777,751.16 55,028,990.36

Cash at banks 8,532,314.74 2,896,531.30

Upfront-payments paid on swap transactions 111,748.11 0.00

– bonds 2,615,373.17 1,431,799.72

– swap transactions 70,833.33 0.00

Receivable on

– subscriptions on fund shares 197,645.56 117,276.88

– securities transactions 5,553,776.57 0.00

Unrealised gain on

– forward foreign exchange transactions 32,411.22 0.00

Total Assets 119,998,980.76 59,474,598.26

Liabilities to banks – 259,633.00 0.00

Payable on

– redemptions of fund shares – 115,350.00 0.00

Other payables – 91,615.97 – 36,590.10

Unrealised loss on

Net assets 111,375,436.97 58,344,040.16

Subscriptions

– Class A (EUR) 10,784,959.78 1,000.00

– Class AT (EUR) 17,814,933.60 1,000.00

– Class IT (EUR) 28,005,595.34 39,194,406.10

Redemptions

– Class A (EUR) – 56,691.68 0.00

– Class AT (EUR) – 1,171,734.25 0.00

– Class IT (EUR) – 5,335,671.12 0.00

Equalization – 907,606.31 – 107,075.02

EUR Shares 01/10/2010–31/03/2011 Launch date–31/03/2010Class A Shares

Class AT Shares

Class IT Shares

Class A Shares

Class AT Shares

Class IT Shares

at the beginning of the reporting period 1,057 6,165 51,529 0 0 0

Number of shares

– issued 96,937 155,958 24,688 10 10 38,497

– redeemed – 507 – 10,218 – 4,635 0 0 0

at the end of the reporting period 97,487 151,905 71,582 10 10 38,497

Securities and money-market instruments admitted to an official stock exchange listing 11,883,199.55 96.32Equities 11,883,199.55 96.32Belgium 209,833.50 1.70Umicore Shs 6,800 900 5,900 EUR 35.565 209,833.50 1.70Finland 251,006.25 2.03Nokia Shs 46,170 4,920 41,250 EUR 6.085 251,006.25 2.03France 7,254,989.95 58.81Air France-KLM Shs 6,450 6,450 EUR 11.855 76,464.75 0.62Alstom Shs 6,000 270 5,730 EUR 42.250 242,092.50 1.96AXA Shs 18,800 18,800 EUR 15.030 282,564.00 2.29BioMerieux Shs 2,000 400 1,600 EUR 74.300 118,880.00 0.96BNP Paribas Shs 9,160 960 8,200 EUR 52.890 433,698.00 3.52Bureau Veritas Shs 4,700 700 4,000 EUR 55.480 221,920.00 1.80Carrefour Shs 8,790 1,390 7,400 EUR 31.835 235,579.00 1.91Compagnie de Saint-Gobain Shs 8,440 2,440 6,000 EUR 43.640 261,840.00 2.12Compagnie Generale d’Optique Essilor International Shs 3,430 3,430 EUR 52.420 179,800.60 1.46Compagnie Générale de Géophysique - Veritas Shs 4,300 4,300 EUR 25.530 109,779.00 0.89Compagnie Générale des Etablissements Michelin -B- Shs 3,230 80 3,150 EUR 59.980 188,937.00 1.53EDF Energies Nouvelles Shs 3,100 3,100 EUR 37.105 115,025.50 0.93EDF Shs 6,250 6,250 EUR 29.440 184,000.00 1.49France Télécom Shs 19,480 480 19,000 EUR 15.840 300,960.00 2.44GDF Suez Shs 15,200 200 15,000 EUR 28.885 433,275.00 3.51Danone Shs 7,455 455 7,000 EUR 46.100 322,700.00 2.62Groupe Eurotunnel Shs 29,800 1,300 28,500 EUR 7.491 213,493.50 1.73Imerys Shs 2,500 2,500 EUR 52.000 130,000.00 1.05Lafarge Shs 2,660 1,460 1,200 EUR 44.390 53,268.00 0.43Nexans Shs 1,800 1,800 EUR 67.740 121,932.00 0.99Safran Shs 9,140 1,140 8,000 EUR 24.810 198,480.00 1.61Saft Groupe Shs 4,520 4,520 EUR 29.390 132,842.80 1.08Sanofi-Aventis Shs 11,700 1,000 10,700 EUR 49.790 532,753.00 4.32Société Générale Shs 6,900 6,900 EUR 46.855 323,299.50 2.62Suez Environnement Shs 9,000 3,200 5,800 EUR 14.605 84,709.00 0.69Thales Shs 5,730 5,730 EUR 28.150 161,299.50 1.31Total Shs 13,580 880 12,700 EUR 43.345 550,481.50 4.46Vallourec Shs 2,000 80 1,920 EUR 79.640 152,908.80 1.24Veolia Environnement Shs 11,700 300 11,400 EUR 22.040 251,256.00 2.04Vinci Shs 7,770 770 7,000 EUR 44.175 309,225.00 2.50Vivendi Shs 16,750 350 16,400 EUR 20.215 331,526.00 2.69Germany 1,901,989.05 15.42Allianz Shs 3,425 3,425 EUR 100.150 343,013.75 2.78Bayer Shs 5,000 5,000 EUR 55.180 275,900.00 2.24Deutsche Bank Shs 7,500 7,500 EUR 41.895 314,212.50 2.55Henkel Shs 3,760 3,760 EUR 43.680 164,236.80 1.33Infineon Technologies Shs 22,000 5,500 16,500 EUR 7.272 119,988.00 0.97K+S Shs 3,000 3,000 EUR 53.250 159,750.00 1.29Metro Shs 3,750 3,750 EUR 48.920 183,450.00 1.49SAP Shs 8,030 130 7,900 EUR 43.220 341,438.00 2.77Italy 557,134.60 4.52ENI Shs 22,970 7,270 15,700 EUR 17.520 275,064.00 2.23UniCredit Shs 158,200 158,200 EUR 1.783 282,070.60 2.29Netherlands 1,103,775.70 8.94Akzo Nobel Shs 5,090 640 4,450 EUR 48.450 215,602.50 1.75Heineken Shs 6,525 775 5,750 EUR 38.640 222,180.00 1.80ING Groep Shs 30,100 30,100 EUR 9.034 271,923.40 2.20Koninklijke Philips Electronics Shs 8,020 370 7,650 EUR 22.730 173,884.50 1.41Reed Elsevier Shs 14,400 14,400 EUR 9.107 131,140.80 1.06Royal Dutch Shell -A- Shs 4,230 780 3,450 EUR 25.810 89,044.50 0.72Spain 418,237.95 3.39Abengoa Shs 3,420 120 3,300 EUR 23.620 77,946.00 0.63Banco Santander Shs 23,932 5,182 18,750 EUR 8.333 156,243.75 1.27Repsol YPF Shs 7,560 7,560 EUR 24.345 184,048.20 1.49Sweden 186,232.55 1.51Telefonaktiebolaget LM Ericsson -B- Shs 20,600 20,600 SEK 80.700 186,232.55 1.51

% ofSubfund

Other securities and money-market instruments 474,183.30 3.84Equities 474,183.30 3.84France 474,183.30 3.84Air Liquide Shs 4,430 4,430 EUR 94.110 416,907.30 3.38Lafarge Shs 1,290 1,290 EUR 44.400 57,276.00 0.46Investments in securities and money-market instruments 12,357,382.85 100.16Deposits at financial institutions1) 18,708.83 0.15Sight deposits2) 18,708.83 0.150.5420 % State Street Bank Luxembourg S.A. EUR 18,708.83 0.15Investments in deposits at financial institutions 18,708.83 0.15Net current assets/liabilities EUR – 37,716.97 – 0.31Net assets of the Subfund EUR 12,338,374.71 100.00

Net asset value per share– Class A (EUR) (distributing) EUR 103.06– Class N (EUR) (distributing) EUR 1,035.65Shares in circulation– Class A (EUR) (distributing) Shs 138– Class N (EUR) (distributing) Shs 11,9001) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listingEquitiesFranceAir Liquide Shs 4,510 4,510Schneider Electric Shs 2,860 2,860GermanyDeutsche Post Shs 11,485 11,485SpainBanco Santander Shs 362 362Banco Santander -Rights- Shs 23,570 23,570

DerivativesHoldings marked with a minus are short positions.Listed DerivativesFutures TransactionsPurchased Index FuturesDJ EURO STOXX 50 Index Futures 12/10 Ctr 31 31

31/03/2011 EUR

(Cost price EUR 11,952,738.02) 12,357,382.85

Time deposits 0.00

Cash at banks 18,708.83

Premiums paid on purchase of options 0.00

Upfront-payments paid on swap transactions 0.00

– bonds 0.00

– time deposits 0.00

– swap transactions 0.00

Dividend receivable 714.42

Receivable on

– subscriptions on fund shares 0.00

– securities transactions 0.00

Other receivables 0.00

Unrealised gain on

– options transactions 0.00

– futures transactions 0.00

– forward foreign exchange transactions 0.00

Total Assets 12,376,806.10

Liabilities to banks 0.00

Premiums received on written options 0.00

Upfront-payments received on swap transactions 0.00

Interest liabilities on swap transactions 0.00

Payable on

– redemptions of fund shares 0.00

– securities transactions – 30,171.24

Other payables – 8,260.15

Unrealised loss on

– TBA transactions 0.00

Total Liabilities – 38,431.39

Net assets 12,338,374.71

Statement of Changes in Net Assetsfor the period from 26/10/2010 (launch date) to 31/03/2011

Launch date–31/03/2011 EUR

at the beginning of the reporting period 0.00

Subscriptions

– Class A (EUR) 13,967.47

– Class N (EUR) 11,891,591.00

Redemptions

– Class A (EUR) 0.00

– Class N (EUR) 0.00

Equalization 38.01

Result of operations 432,778.23

at the end of the reporting period 12,338,374.71

Statement of Changes in Sharesfor the period from 26/10/2010 (launch date) to 31/03/2011

EUR Shares Launch date–31/03/2011Class A Shares

Class N Shares

at the beginning of the reporting period 0 0

Number of shares

– issued 11,900 138

– redeemed 0 0

at the end of the reporting period 11,900 138

Securities and money-market instruments admitted to an official stock exchange listing 13,645,763.02 95.63Equities 13,128,627.26 92.00United States 13,128,627.26 92.00Abbott Laboratories Shs 400 2,700 USD 48.960 132,192.00 0.93Altria Group Shs 1,200 10,200 USD 26.110 266,322.00 1.87American Electric Power Shs 600 7,100 USD 35.500 252,050.00 1.77Apache Shs 400 2,200 USD 130.430 286,946.00 2.01AT&T Shs 600 1,700 13,200 USD 30.710 405,372.00 2.84Bank of America Shs 8,600 USD 13.450 115,670.00 0.81CBS -B- Shs 8,200 USD 26.120 214,184.00 1.50CenturyLink Shs 1,100 1,700 6,600 USD 41.730 275,418.00 1.93Chesapeake Energy Shs 1,500 8,200 USD 34.330 281,506.00 1.97Chevron Shs 700 5,200 USD 108.010 561,652.00 3.94CIGNA Shs 3,700 USD 43.520 161,024.00 1.13ConAgra Foods Shs 4,000 6,100 USD 23.850 145,485.00 1.02ConocoPhillips Shs 1,500 5,100 USD 80.690 411,519.00 2.88CVS Caremark Shs 1,000 7,800 USD 33.640 262,392.00 1.84Diamond Offshore Drilling Shs 300 3,500 USD 78.690 275,415.00 1.93Dominion Resources Shs 3,100 USD 45.170 140,027.00 0.98Edison International Shs 900 9,700 USD 36.610 355,117.00 2.49Eli Lilly & Co. Shs 600 7,400 USD 35.180 260,332.00 1.82FedEx Shs 1,400 USD 93.750 131,250.00 0.92Freeport-McMoRan Copper & Gold Shs 3,800 300 5,100 USD 55.240 281,724.00 1.97Gap Shs 6,200 USD 22.640 140,368.00 0.98General Electric Shs 14,200 14,200 USD 20.110 285,562.00 2.00Goldman Sachs Group Shs 800 1,600 USD 159.070 254,512.00 1.78Intel Shs 6,500 USD 20.460 132,990.00 0.93International Business Machines Shs 200 1,700 USD 163.600 278,120.00 1.95Johnson & Johnson Shs 600 300 6,400 USD 59.380 380,032.00 2.66JPMorgan Chase & Co. Shs 100 6,200 USD 46.450 287,990.00 2.02Kimberly-Clark Shs 400 300 4,100 USD 65.770 269,657.00 1.89Loew’s Shs 3,400 USD 43.030 146,302.00 1.03Marathon Oil Shs 1,900 5,200 USD 52.950 275,340.00 1.93Marsh & McLennan Shs 5,400 USD 29.840 161,136.00 1.13Mc Donald’s Shs 1,900 USD 75.810 144,039.00 1.01Medtronic Shs 3,700 USD 39.370 145,669.00 1.02Merck & Co. Shs 1,000 7,800 USD 33.300 259,740.00 1.82Metlife Shs 5,800 USD 44.850 260,130.00 1.82Microsoft Shs 1,000 10,000 USD 25.580 255,800.00 1.79Molson Coors Brewing -B- Shs 3,500 500 6,000 USD 46.960 281,760.00 1.97Morgan Stanley Shs 4,300 USD 27.230 117,089.00 0.82Northrop Grumman Shs 5,900 USD 68.590 404,681.00 2.84Parker Hannifin Shs 1,500 1,500 USD 94.650 141,975.00 1.00Peabody Energy Shs 2,000 2,000 USD 72.280 144,560.00 1.01Pfizer Shs 900 21,100 USD 20.340 429,174.00 3.01PNC Financial Services Shs 2,200 USD 62.930 138,446.00 0.97PPG Industries Shs 1,900 USD 95.930 182,267.00 1.28Prudential Financial Shs 3,800 USD 61.030 231,914.00 1.63Safeway Shs 1,100 11,500 USD 23.560 270,940.00 1.90State Street Shs 100 2,900 USD 45.070 130,703.00 0.92The Allstate Shs 800 600 8,300 USD 31.850 264,355.00 1.85Time Warner Shs 3,500 7,266 USD 35.610 258,742.26 1.81Travelers Cos Shs 300 4,400 USD 59.390 261,316.00 1.83Valero Energy Shs 6,000 USD 30.730 184,380.00 1.29Verizon Communications Shs 1,600 7,200 USD 38.460 276,912.00 1.94Wells Fargo Shs 4,100 8,300 USD 31.910 264,853.00 1.86Xerox Shs 2,500 5,800 23,600 USD 10.660 251,576.00 1.76REITs (Real Estate Investment Trusts) 517,135.76 3.63United States 517,135.76 3.63Annaly Capital Management Real Estate Investment Trust Shs 20,200 USD 17.510 353,702.00 2.48Simon Property Group Real Estate Investment Trust Shs 1,532 USD 106.680 163,433.76 1.15Investments in securities and money-market instruments 13,645,763.02 95.63

% ofSubfund

Deposits at financial institutions1) 611,463.22 4.28Sight deposits2) 611,463.22 4.280.0000 % State Street Bank Luxembourg S.A. USD 611,463.22 4.28Investments in deposits at financial institutions 611,463.22 4.28Net current assets/liabilities USD 13,508.61 0.09Net assets of the Subfund USD 14,270,734.85 100.00

Net asset value per share– Class W (USD) (accumulating) USD 1,696.44– Class AT (SGD) (distributing) SGD 11.24Shares in circulation– Class W (USD) (accumulating) Shs 8,392 – Class AT (SGD) (distributing) Shs 3,7771) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

Securities and money-market instruments admitted to an official stock exchange listing Equities United States 3M Shs 1,500Cardinal Health Shs 7,200Emerson Electric Shs 2,400Hewlett-Packard Shs 2,800Johnson Controls Shs 4,000

Market Value in USD

% ofSubfund

assets

31/03/2011 30/09/2010 USD USD

Securities

(Cost price USD 10,584,277.04) 13,645,763.02 12,248,896.81

(Other) cash at banks 611,463.22 150.42

– bonds 0.00 0.00

Receivable on

Unrealised gain on

Total Assets 14,281,748.64 12,264,391.05

Payable on

– redemptions of fund shares 0.00 0.00

Other payables – 11,013.79 – 9,842.53

Unrealised loss on

Net assets 14,270,734.85 12,054,891.02

01/10/2010–31/03/2011 01/10/2009–31/03/2010 USD USD

Subscriptions

– Class AT (SGD) 17,244.26 16,677.43

– Class W (USD) 820,093.00 5,046,982.73

Redemptions

– Class AT (SGD) – 2,360.76 – 4,336.15

– Class W (USD) – 412,523.87

Distribution – 173,101.03 – 52,764.51

Equalization – 24,707.45 – 30,956.81

Result of operations 1,991,199.68 854,361.98

USD Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class W

SharesClass W

Shares

at the beginning of the reporting period 8,158 5,352

Number of shares

– issued 502 3,442

– redeemed – 268 0

at the end of the reporting period 8,392 8,794

SGD Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class AT

SharesClass AT

Shares

at the beginning of the reporting period 2,068 296

Number of shares

– issued 1,995 2,214

– redeemed – 286 – 557

Securities and money-market instruments admitted to an official stock exchange listing 150,675,560.21 65.98Bonds 150,675,560.21 65.98Australia 2,024,470.00 0.893.6250 % Westfield Europe Finance EUR Notes 05/12 EUR 2,000.0 % 101.22 2,024,470.00 0.89Brazil 1,346,576.00 0.594.1250 % Banco Nacional de Desenvolvimento

Economico e Social EUR Notes 10/17 EUR 1,400.0 1,400.0 % 96.18 1,346,576.00 0.59Cayman Islands 5,096,000.00 2.234.6250 % Hutchison Whampoa Finance USD Notes 06/16 EUR 5,000.0 % 101.92 5,096,000.00 2.23Denmark 1,463,127.84 0.644.5000 % Danske Bank EUR MTN 09/16 EUR 1,400.0 % 104.51 1,463,098.00 0.642.4925 % Realkredit Danmark DKK FLR-Notes 05/38 DKK 0.2 % 94.70 29.84 0.00Finland 667,688.00 0.292.2500 % Nordea Bank Finland EUR Notes 10/15 EUR 700.0 700.0 % 95.38 667,688.00 0.29France 7,320,961.41 3.215.2500 % Banque Populaire Caisse d’Épargne

EUR FLR-MTN 03/49 EUR 200.0 200.0 % 90.99 181,983.00 0.084.6250 % Banque Populaire Caisse d’Épargne

EUR FLR-MTN 04/49 EUR 300.0 100.0 200.0 % 87.83 175,666.00 0.089.0000 % Banque Populaire Caisse d’Épargne

EUR FLR-Notes 10/und. EUR 100.0 100.0 % 103.25 103,254.10 0.059.2500 % Banque Populaire Caisse d’Épargne

EUR Notes 09/und. EUR 200.0 200.0 % 103.20 206,401.40 0.095.9540 % BNP Paribas GBP FLR-Notes 06/49 GBP 1,000.0 1,000.0 % 93.07 1,056,105.62 0.462.5000 % BNP Paribas Home Loan Covered Bonds

EUR MTN 10/11 EUR 2,500.0 % 96.91 2,422,825.00 1.060.4794 % BNP Paribas USD FLR-MTN 07/17 USD 400.0 400.0 % 98.37 276,838.03 0.125.1360 % Crédit Agricole GBP FLR-MTN 06/49 GBP 100.0 100.0 % 87.33 99,091.76 0.045.0000 % Crédit Agricole GBP FLR-MTN 03/49 GBP 100.0 100.0 % 86.36 97,989.82 0.047.5890 % Crédit Agricole GBP FLR-Notes 08/49 GBP 800.0 1,500.0 % 97.23 1,655,015.01 0.730.5140 % Société Générale USD FLR-MTN 06/16 USD 1,500.0 1,500.0 % 99.10 1,045,791.67 0.46Germany 3,923,415.97 1.723.5000 % Bundesrepublik Deutschland

EUR Bonds 06/11 S.148 EUR 30,009.0 29,759.0 250.0 % 100.03 250,065.00 0.111.5000 % Bundesrepublik Deutschland EUR Bonds 09/11 EUR 40,520.0 39,920.0 600.0 % 100.15 600,885.00 0.260 % Bundesrepublik Deutschland

EUR Zero-Coupon Bonds 10/11 S.1 EUR 350.0 170.0 180.0 % 99.92 179,856.00 0.084.0000 % Deutsche Pfandbriefbank EUR Notes 09/19 S.5039 EUR 1,900.0 % 99.43 1,889,208.00 0.839.6250 % Gazprom OAO Via Morgan Stanley Bank

USD Notes 03/13 USD 300.0 % 113.79 240,164.47 0.115.6250 % PERI EUR Notes 04/11 EUR 750.0 % 101.77 763,237.50 0.33India 889,155.00 0.394.5000 % State Bank of India (London) EUR MTN 10/15 EUR 900.0 900.0 % 98.80 889,155.00 0.39Ireland 6,863,941.35 3.015.3810 % AK Transneft OJSC Via TransCapitalInvest

EUR Notes 07/12 EUR 1,900.0 % 103.29 1,962,443.50 0.867.7000 % AK Transneft OJSC Via TransCapitalInvest

USD Notes 08/13 USD 2,100.0 % 111.91 1,653,426.60 0.723.2500 % DEPFA ACS Bank EUR MTN 05/12 EUR 2,800.0 2,800.0 % 100.09 2,802,380.00 1.233.8750 % DEPFA ACS Bank EUR Notes 03/13 EUR 450.0 450.0 % 99.04 445,691.25 0.20Italy 13,526,110.00 5.924.3750 % Intesa Sanpaolo EUR MTN 11/16 EUR 5,100.0 5,100.0 % 100.04 5,101,785.00 2.233.5000 % Italy Buoni Poliennali del Tesoro EUR Bonds 09/14 EUR 6,000.0 21,500.0 1,600.0 % 100.52 1,608,320.00 0.703.0000 % Italy Buoni Poliennali del Tesoro EUR Bonds 10/15 EUR 21,000.0 14,000.0 7,000.0 % 97.37 6,816,005.00 2.99Luxembourg 4,261,759.16 1.876.2500 % AON Financial Services Luxembourg

EUR Notes 09/14 EUR 650.0 % 106.20 690,287.65 0.306.6050 % Gazstream OAO Via Gazstream EUR MTN 07/18 EUR 200.0 200.0 % 107.92 215,837.00 0.095.6250 % Gazstream OAO Via Gazstream USD Notes 05/13 USD 80.2 326.5 % 104.24 239,408.32 0.117.8750 % TNK-BP Finance USD MTN 07/18 USD 3,000.0 3,000.0 % 114.47 2,416,007.79 1.061.5470 % Valhalla I EUR FLR-Notes 10/13 EUR 700.0 % 100.03 700,218.40 0.31Morocco 2,630,851.00 1.154.5000 % Marocco Government EUR Bonds 10/20 EUR 1,500.0 2,900.0 % 90.72 2,630,851.00 1.15

% ofSubfund

Netherlands 14,206,759.66 6.224.2500 % ABN Amro Bank EUR MTN 07/17 EUR 900.0 900.0 % 102.66 923,940.00 0.403.6250 % ABN Amro Bank EUR MTN 10/20 EUR 800.0 % 95.76 766,100.00 0.343.1250 % BNZ International Funding EUR MTN 10/17 EUR 1,100.0 1,100.0 % 95.31 1,048,454.00 0.4610.5000 % Gazprom OAO Via White Nights Finance

USD MTN 09/14 USD 2,300.0 % 120.51 1,950,083.45 0.857.6250 % HeidelbergCement Finance EUR MTN 08/12 EUR 1,000.0 % 103.90 1,039,039.00 0.463.3750 % ING Bank EUR MTN 10/17 EUR 1,900.0 1,900.0 % 97.80 1,858,143.00 0.813.2500 % ING Bank EUR MTN 11/16 EUR 2,600.0 2,600.0 % 98.30 2,555,748.00 1.123.7500 % LeasePlan USD MTN 11/13 EUR 2,500.0 2,500.0 % 100.61 2,515,350.00 1.101.0095 % Royal Bank of Scotland USD FLR-MTN 05/15 USD 2,500.0 % 88.12 1,549,902.21 0.68Norway 5,146,741.47 2.250.5405 % DnB NOR Bank USD FLR-MTN 06/16 USD 2,700.0 % 99.61 1,892,101.57 0.832.7500 % DnB NOR Boligkreditt EUR Notes 10/15 EUR 3,000.0 2,300.0 % 98.48 2,265,069.90 0.994.0000 % Sparebank 1 Boligkreditt EUR MTN 11/21 EUR 1,000.0 1,000.0 % 98.96 989,570.00 0.43Spain 13,522,563.30 5.924.3750 % Banco Santander EUR Notes 11/15 EUR 500.0 500.0 % 100.39 501,940.00 0.224.6250 % Banco Santander EUR Notes 11/16 EUR 1,500.0 500.0 1,000.0 % 100.80 1,007,980.00 0.442.9410 % Institut Credito Oficial EUR FLR-MTN 11/14 EUR 4,100.0 4,100.0 % 100.01 4,100,246.00 1.795.1250 % Instituto de Credito Oficial EUR MTN 11/16 EUR 4,400.0 4,400.0 % 100.78 4,434,496.00 1.944.7500 % La Caja de Ahorros y Pensiones de Barcelona

EUR Notes 11/15 EUR 700.0 700.0 % 100.09 700,608.30 0.315.0000 % La Caja de Ahorros y Pensiones de Barcelona

EUR Notes 11/16 EUR 1,000.0 1,000.0 % 100.19 1,001,868.00 0.444.2000 % Spain Government EUR Bonds 05/37 EUR 1,000.0 1,000.0 % 77.84 778,375.00 0.344.7000 % Spain Government EUR Bonds 09/41 EUR 1,200.0 1,200.0 1,200.0 % 83.09 997,050.00 0.44Supranational 107,772.50 0.054.7500 % European Investment Bank EUR MTN 07/17 EUR 1,500.0 3,200.0 100.0 % 107.77 107,772.50 0.05Sweden 7,716,697.40 3.383.5000 % Nordea Hypotek EUR MTN 10/17 EUR 2,500.0 % 99.53 2,488,337.50 1.091.3280 % Swedbank EUR FLR-MTN 06/16 EUR 700.0 % 98.75 691,250.00 0.303.6250 % Swedbank Hypotek EUR Notes 09/16 EUR 1,700.0 1,700.0 % 99.93 1,698,716.50 0.753.3750 % Swedbank Hypotek EUR Notes 10/17 EUR 800.0 800.0 % 98.06 784,480.00 0.343.2500 % Swedish Covered Bond EUR MTN 10/17 EUR 2,100.0 % 97.81 2,053,913.40 0.90United Kingdom 26,905,234.99 11.783.3750 % Abbey National Treasury EUR MTN 10/15 EUR 3,700.0 2,700.0 1,000.0 % 94.48 944,765.00 0.413.8750 % Bank of Scotland EUR MTN 06/14 EUR 400.0 % 101.08 404,336.00 0.184.7500 % Bank of Scotland EUR MTN 07/15 EUR 4,000.0 % 103.50 4,140,000.00 1.811.1870 % Barclays Bank EUR FLR-MTN 06/16 EUR 2,500.0 2,500.0 % 99.95 2,498,815.00 1.094.0000 % Barclays Bank EUR MTN 09/19 EUR 800.0 800.0 % 98.33 786,640.00 0.340.4840 % Barclays Bank USD FLR-MTN 07/17 USD 700.0 700.0 % 97.64 480,878.27 0.211.3700 % HBOS EUR FLR-MTN 07/17 EUR 2,200.0 % 88.86 1,954,876.00 0.866.5000 % HSBC Holdings GBP MTN 09/24 GBP 500.0 500.0 % 110.24 625,443.95 0.276.5000 % Lloyds TSB Bank EUR MTN 10/20 EUR 2,000.0 % 95.52 1,910,400.00 0.843.8750 % Nationwide Building Society EUR MTN 06/13 EUR 200.0 % 101.61 203,220.00 0.092.8750 % Nationwide Building Society EUR MTN 10/15 EUR 700.0 2,600.0 % 96.24 2,502,305.00 1.103.7500 % Nationwide Building Society EUR MTN 10/15 EUR 200.0 % 97.86 195,715.80 0.094.3500 % Royal Bank of Scotland EUR MTN 06/17 EUR 500.0 500.0 % 88.13 440,639.00 0.193.0000 % Royal Bank of Scotland EUR MTN 10/15 EUR 3,600.0 6,400.0 % 96.49 6,175,104.00 2.703.8750 % Royal Bank of Scotland EUR MTN 10/20 EUR 3,500.0 1,500.0 2,000.0 % 92.29 1,845,804.00 0.814.0000 % Royal Bank of Scotland EUR MTN 11/16 EUR 1,500.0 1,500.0 % 99.29 1,489,335.00 0.650.5831 % Royal Bank of Scotland USD FLR-MTN 04/16 USD 900.0 100.0 % 87.13 61,297.32 0.030.5031 % Royal Bank of Scotland USD FLR-MTN 06/16 USD 900.0 500.0 400.0 % 87.29 245,660.65 0.11United States 33,055,735.16 14.478.0000 % American International Group EUR FLR-Notes 08/38 EUR 2,000.0 % 100.86 2,017,250.00 0.884.1250 % BA Covered Bond Issuer EUR MTN 07/12 EUR 2,350.0 % 101.73 2,390,713.75 1.054.2500 % BA Covered Bond Issuer EUR MTN 07/17 EUR 800.0 3,800.0 % 99.13 3,766,750.00 1.657.0000 % Bank of America EUR MTN 09/16 EUR 3,200.0 % 109.85 3,515,072.00 1.546.1250 % Bank of America GBP MTN 09/21 GBP 1,600.0 1,600.0 % 102.82 1,866,768.89 0.821.2840 % Citigroup EUR FLR-MTN 06/16 EUR 200.0 200.0 % 95.05 190,102.00 0.084.0000 % Citigroup EUR MTN 10/15 EUR 700.0 200.0 500.0 % 98.46 492,277.00 0.211.4070 % Goldman Sachs Group EUR FLR-MTN 07/17 EUR 1,500.0 % 94.16 1,412,368.50 0.621.4290 % Goldman Sachs Group EUR FLR-Notes 06/16 EUR 1,700.0 3,200.0 % 95.01 3,040,256.00 1.335.2500 % JPMorgan Chase & Co. EUR MTN 08/13 EUR 100.0 % 104.65 104,649.00 0.05

% ofSubfund

9.1000 % KB Home USD Notes 09/17 USD 600.0 % 106.75 450,627.62 0.201.3880 % Merrill Lynch EUR FLR-MTN 07/14 EUR 1,000.0 1,000.0 % 97.03 970,310.00 0.421.3950 % Morgan Stanley EUR FLR-MTN 06/16 EUR 5,400.0 % 94.24 5,088,825.00 2.236.3750 % Pemex Project Funding Master Trust

EUR Bonds 04/16 EUR 1,500.0 1,500.0 % 108.29 1,624,312.50 0.716.2500 % Pemex Project Funding Master Trust

EUR Notes 03/13 EUR 800.0 % 106.98 855,834.40 0.376.4670 % RBS Capital Trust A EUR FLR-Notes 02/und. EUR 950.0 % 79.76 757,748.50 0.334.3750 % WM Covered Bond Program EUR MTN 07/14 EUR 2,800.0 4,400.0 % 102.54 4,511,870.00 1.98Securities and money-market instruments dealt on another regulated market 50,952,867.64 22.31Bonds 8,425,804.52 3.69Italy 2,804,592.46 1.236.5000 % Intesa Sanpaolo EUR Notes 11/21 USD 3,800.0 3,800.0 % 104.90 2,804,592.46 1.23Netherlands 551,460.14 0.2411.0000 % Cooperatieve Centrale

Raiffeisen-Boerenleenbank Netherland USD FLR-Notes 09/und. USD 600.0 % 130.64 551,460.14 0.24

Qatar 605,153.84 0.265.5000 % Ras Laffan Liquefied Natural Gas III

USD Notes 09/14 USD 800.0 % 107.52 605,153.84 0.26Spain 1,644,011.12 0.723.7240 % Banco Santander USD Notes 10/15 USD 2,400.0 2,400.0 % 97.36 1,644,011.12 0.72United Kingdom 2,820,586.96 1.245.8000 % Lloyds TSB Bank USD MTN 10/20 USD 4,000.0 % 100.23 2,820,586.96 1.24Asset-Backed Securities 4,741,559.40 2.08Jersey 1,309,167.77 0.573.0000 % Magnolia Funding ABS EUR Notes 10/17 Cl.1A A1 EUR 1,395.3 90.0 1,305.3 % 100.30 1,309,167.77 0.57Netherlands 363,613.53 0.164.0000 % Globaldrive ABS EUR Notes 08/16 Cl.A EUR 91.4 360.5 % 100.86 363,613.53 0.16United Kingdom 266,178.10 0.122.6700 % Bumper 2 ABS EUR FLR-Notes 09/22 Cl.A EUR 172.9 265.8 % 100.13 266,178.10 0.12United States 2,802,600.00 1.231.4430 % SLM Student Loan Trust

ABS EUR FLR-Notes 03/24 Cl.A5 EUR 3,000.0 3,000.0 % 93.42 2,802,600.00 1.23Mortgage-Backed Securities 37,785,503.72 16.54Cayman Islands 276,327.85 0.125.2650 % Petroleum Export MBS USD Notes 05/11 USD 819.7 393.1 % 99.91 276,327.85 0.12Germany 3,041,366.55 1.331.2260 % Opera Finance MBS EUR FLR-Notes 06/15 Cl.A EUR 3,190.7 % 95.32 3,041,366.55 1.33Ireland 147,579.33 0.061.3620 % German Residential Asset Note Distributor

MBS EUR FLR-Notes 06/16 Cl.B1 EUR 5.5 165.9 % 88.94 147,579.33 0.06Italy 1,780,960.92 0.781.3590 % Cordusio MBS EUR FLR-Notes 06/35 Cl.A2 EUR 285.5 285.5 % 95.77 273,397.07 0.121.3790 % Cordusio MBS EUR FLR-Notes 06/42 Cl.A2 EUR 592.1 592.1 % 93.72 554,963.85 0.241.1970 % Intesa Sec MBS EUR FLR-Notes 07/33 Cl.A3 EUR 1,000.0 1,000.0 % 95.26 952,600.00 0.42Jersey 109,120.40 0.051.0256 % Real Estate Capital MBS GBP FLR-Notes 05/14 Cl.A1 GBP 100.0 % 96.16 109,120.40 0.05Netherlands 5,445,487.67 2.391.9750 % Dutch Mortgage Portfolio Loans

MBS EUR FLR-Notes 10/47 Cl.A1 EUR 2,800.0 217.9 2,582.1 % 100.00 2,581,982.71 1.131.2780 % Leo-Mesdag MBS EUR FLR-Notes 06/19 Cl.A EUR 2,000.0 % 83.47 1,669,479.38 0.731.3220 % Storm MBS EUR FLR-Notes 04/46 Cl.A EUR 36.0 887.6 % 99.57 883,773.20 0.391.1640 % Storm MBS EUR FLR-Notes 04/46 Cl.A EUR 9.0 312.4 % 99.32 310,252.38 0.14United Kingdom 20,266,461.63 8.872.3400 % Arkle Master Issuer

MBS EUR FLR-Notes 10/60 Cl.3A1 EUR 2,700.0 % 99.53 2,687,390.92 1.181.2950 % Eurosail MBS EUR FLR-Notes 07/45 Cl. A2A EUR 640.0 76.7 563.3 % 92.50 521,019.96 0.232.4000 % Fosse Master Issuer

MBS GBP FLR-Notes 10/54 Cl.A2 GBP 2,400.0 % 100.80 2,745,141.57 1.200.4125 % Gracechurch Mortgage Financing

MBS USD FLR-Notes 06/56 Cl.A6 USD 2,400.0 % 97.91 1,653,159.65 0.721.3200 % Great Hall Mortgages

MBS EUR FLR-Notes 06/38 Cl.A2B EUR 12.0 259.8 % 88.41 229,661.89 0.10

% ofSubfund

1.0870 % Granite Master Issuer MBS EUR FLR-Notes 06/54 Cl.A6 EUR 12.2 104.6 % 95.44 99,795.68 0.04

0.9970 % Granite Master Issuer MBS EUR FLR-Notes 06/54 Cl.A7 EUR 153.4 1,307.0 % 94.59 1,236,327.37 0.54

0.9870 % Granite Master Issuer MBS EUR FLR-Notes 07/54 Cl.3A2 EUR 42.9 366.0 % 94.60 346,192.11 0.15

0.9870 % Granite Master Issuer MBS EUR FLR-Notes 07/54 Cl.3A2 EUR 153.4 1,307.0 % 94.94 1,240,897.00 0.54

3.4620 % Granite Mortgages MBS EUR FLR-Notes 03/44 Cl.2C EUR 258.0 % 76.00 196,092.02 0.09

1.5700 % Granite Mortgages MBS EUR FLR-Notes 04/44 Cl.2M EUR 398.6 % 80.00 318,868.81 0.14

2.4060 % Holmes Master Issuer MBS EUR FLR-Notes 10/54 Cl.A3 EUR 2,800.0 2,800.0 % 100.32 2,808,960.00 1.23

1.4556 % Mansard Mortgage MBS GBP FLR-Notes 07/49 Cl.A1 GBP 1,942.9 28.9 1,914.0 % 85.76 1,862,716.97 0.82

1.4056 % Newgate Funding MBS GBP FLR-Notes 07/50 Cl.A1 GBP 157.2 804.5 % 97.24 887,733.52 0.39

0.4130 % Permanent Master Issuer MBS EUR FLR-Notes 06/33 Cl.5A USD 1,700.0 % 97.72 1,168,715.57 0.51

2.7060 % Permanent Master Issuer MBS EUR FLR-Notes 09/42 Cl.A3 EUR 1,100.0 % 100.53 1,105,838.97 0.48

0.8700 % Permanent Master Issuer MBS GBP FLR-Notes 07/33 Cl. 5A GBP 200.0 % 97.72 221,781.86 0.10

3.3050 % Residential Mortgage Securities MBS GBP FLR-Notes 10/50 Cl.A1 GBP 600.0 600.0 % 97.00 660,413.52 0.29

1.3750 % RMAC MBS EUR FLR-Notes 04/36 Cl.A2C EUR 24.8 310.1 % 88.91 275,754.24 0.12United States 6,718,199.37 2.944.9007 % Adjustable Rate Mortgage Trust

MBS USD FLR-Notes 04/35 Cl.3A1 USD 101.3 418.3 % 98.30 289,271.28 0.135.0000 % Federal Home Loan Mortgage

MBS USD Notes 03/33 USD 36.1 1,466.0 % 102.49 1,057,095.60 0.465.3300 % Federal National Mortgage Association

MBS USD Pool 387729 Notes 05/15 USD 21.0 2,425.5 % 108.24 1,847,022.97 0.815.8200 % Federal National Mortgage Association

MBS USD Pool 873312 Notes 06/21 USD 14.8 1,928.2 % 105.00 1,424,402.22 0.626.0000 % HSBC Asset Loan Obligation

MBS USD-Notes 06/36 Cl.A3 USD 107.6 3,650.6 % 72.58 1,864,046.21 0.820.6400 % Washington Mutual Mortgage

Pass Through Certificates MBS USD FLR-Notes 04/44 Cl.A2A USD 22.3 395.5 % 84.93 236,361.09 0.10

Other securities and money-market instruments 1,051,536.91 0.46Bonds 1,051,536.91 0.46United Kingdom 1,051,536.91 0.460.5080 % Barclays Bank USD FLR-Notes 06/16 USD 1,500.0 1,500.0 % 99.64 1,051,536.91 0.46Investments in securities and money-market instruments 202,679,964.76 88.75Deposits at financial institutions1) 20,158,632.95 8.83Sight deposits2) 20,158,632.95 8.830.5420 % State Street Bank Luxembourg S.A. EUR 19,835,700.38 8.690.5420 % Deposits for collateralisation of derivatives EUR 322,932.57 0.14Investments in deposits at financial institutions 20,158,632.95 8.83

% ofSubfund

1) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

Derivatives Holdings marked with a minus are short positions. Listed Derivatives 34,963.25 0.02Futures Transactions 91,015.49 0.04Purchased Bond Futures – 100,458.08 – 0.053-Month Euribor Interest Rate Futures 06/12 Ctr 40 5 35 EUR 97.47 – 11,062.50 – 0.0190Day EURO$ Futures 12/11 Ctr 848 848 USD 99.35 – 89,395.58 – 0.04Purchased Equity Forwards 152,545.28 0.07DnB NOR Boligkreditt 04/11 Ctr 3,000,000 3,000,000 EUR 98.41 – 17,609.52 – 0.01Euro Inv Bank 04/11 Ctr 1,500,000 1,500,000 EUR 107.61 – 8,621.44 0.00Italy Buoni Poliennali del Tesoro 06/11 Ctr 4,000,000 4,000,000 EUR 97.04 35,356.04 0.02Italy Buoni Poliennali del Tesoro 06/11 Ctr 5,300,000 5,300,000 EUR 96.39 55,017.44 0.02Italy Buoni Poliennali del Tesoro 06/11 Ctr 8,800,000 8,800,000 EUR 92.03 107,505.73 0.05Kreditanstalt für Wiederaufbau 04/11 Ctr 3,500,000 3,500,000 EUR 95.44 – 19,102.97 – 0.01Sold Equity Forwards 38,928.29 0.02Euro Inv Bank 04/11 Ctr 1,500,000 – 1,500,000 EUR 107.61 12,935.85 0.01Kreditanstalt für Wiederaufbau 04/11 Ctr 3,500,000 – 3,500,000 EUR 95.44 25,992.44 0.01Options Transactions – 56,052.24 – 0.02Short Call Options on Bond – 56,052.24 – 0.02Call 0.001 Estrad 10/11 Ctr 5,500,000 – 5,500,000 USD 0.78 – 9,257.82 0.00Call 0.001 Estrad 11/11 Ctr 12,300,000 – 12,300,000 USD 1.66 – 46,794.42 – 0.02OTC-Dealt Derivatives 2,842,529.75 1.24Forward Foreign Exchange Transactions 2,124,925.49 0.93Sold AUD / Bought EUR 20 May 2011 AUD – 4,420,000.00 25,811.19 0.01Sold BRL / Bought USD 04 Apr 2011 BRL – 6,487,680.00 – 69,305.55 – 0.03Sold BRL / Bought USD 03 May 2011 BRL – 784,458.84 – 10,812.70 0.00Sold CNY / Bought USD 07 Apr 2011 CNY – 1,408,155.00 – 3,566.67 0.00Sold CNY / Bought USD 15 Jun 2011 CNY – 23,154,650.00 – 14,370.63 – 0.01Sold EUR / Bought AUD 20 May 2011 EUR – 8,313,267.87 – 67,192.97 – 0.03Sold EUR / Bought CAD 20 May 2011 EUR – 5,151,271.95 – 147,924.41 – 0.06Sold EUR / Bought GBP 20 May 2011 EUR – 3,283,924.24 – 83,053.21 – 0.04Sold EUR / Bought SGD 09 Sep 2011 EUR – 3,391,274.71 – 44,957.89 – 0.02Sold EUR / Bought USD 20 May 2011 EUR – 2,693,629.63 – 53,016.83 – 0.02Sold GBP / Bought EUR 20 May 2011 GBP – 13,513,514.00 599,142.55 0.26Sold GBP / Bought JPY 20 May 2011 GBP – 2,126,842.03 – 92,095.78 – 0.04Sold JPY / Bought EUR 20 May 2011 JPY – 416,570,015.00 66,231.62 0.03Sold JPY / Bought USD 20 May 2011 JPY – 570,885,000.00 77,622.66 0.03Sold KRW / Bought USD 09 May 2011 KRW – 4,195,290,000.00 – 61,233.44 – 0.03Sold SGD / Bought EUR 09 Sep 2011 SGD – 1,500,000.00 7,551.12 0.00Sold SGD / Bought USD 09 Sep 2011 SGD – 1,439,445.00 – 4,022.55 0.00Sold TWD / Bought USD 06 Apr 2011 TWD – 103,565,000.00 11,380.64 0.01Sold USD / Bought BRL 04 Apr 2011 USD – 3,720,000.00 186,916.17 0.08Sold USD / Bought BRL 05 Jul 2011 USD – 3,808,441.44 68,002.61 0.03Sold USD / Bought TWD 06 Apr 2011 USD – 3,500,000.00 15,467.58 0.01Sold USD / Bought CNY 07 Apr 2011 USD – 3,700,000.00 28,846.05 0.01Sold USD / Bought EUR 20 May 2011 USD – 51,763,686.38 1,530,604.91 0.67Sold USD / Bought KRW 09 May 2011 USD – 3,728,073.65 85,444.58 0.04Sold USD / Bought MXN 07 Jul 2011 USD – 3,585,668.95 43,826.16 0.02Sold USD / Bought MYR 11 Aug 2011 USD – 13,364.00 – 6.93 0.00Sold USD / Bought NOK 20 May 2011 USD – 6,010,556.79 29,891.12 0.01Sold USD / Bought TWD 11 Jan 2012 USD – 20,391.06 – 253.91 0.00Options Transactions – 274,415.53 – 0.12Sold Options on Interest Rate Swaps (Swaptions) – 274,415.53 – 0.12Call ECAL 3ML / 1.25% Strike 1.25% GBP – 9,900,000.00 14,174.47 0.01Call ECAL 3ML / 1.25% Strike 1.25% GBP – 20,000,000.00 28,029.97 0.01Put ECAL 6ML / 4.35% Strike 4.35% GBP 3,500,000.00 – 3,500,000.00 22,582.29 0.01Call ECAL 6ML / 3.55% Strike 3.55% GBP 3,500,000.00 – 3,500,000.00 6,504.70 0.00Put ECAL 6ME / 1.60% Strike 1.60% EUR 7,600,000.00 – 7,600,000.00 13,159.48 0.01Put ECAL 3ML / 2.25% Strike 2.25% USD 2,500,000.00 – 15,400,000.00 – 48,257.68 – 0.02Put ECAL 3ML / 2.25% Strike 2.25% USD – 1,000,000.00 – 3,971.49 0.00Put ECAL 3ML / 2.25% Strike 2.25% USD – 5,000,000.00 – 22,129.40 – 0.01Put ECAL 3ML / 2.25% Strike 2.25% USD 6,700,000.00 – 6,700,000.00 – 34,253.87 – 0.02Put ECAL 6ME / 2.50% Strike 2.50% EUR 17,300,000.00 – 17,300,000.00 – 188,448.90 – 0.08Put ECAL 6ME / 2.50% Strike 2.50% EUR 5,700,000.00 – 5,700,000.00 – 61,805.10 – 0.03

% ofSubfund

Swap Transactions 992,019.79 0.43Credit Default Swaps 877,534.05 0.38Protection Buyer 91,159.34 0.04Hutchison Whampoa Finance Credit Default Swap Cp 0.51 EUR 4,200,000.00 47,445.34 0.02KB Home Credit Default Swap Cp 5.00 USD 600,000.00 43,714.00 0.02Protection Seller 786,374.71 0.34Abu Dhabi Government Credit Default Swap Cp 1.00 USD 500,000.00 500,000.00 – 376.47 0.00Alcoa Credit Default Swap Cp 1.00 USD 1,100,000.00 1,100,000.00 6,317.91 0.00AON Corporation Credit Default Swap Cp 1.00 EUR 600,000.00 6,055.64 0.00ArcelorMittal Credit Default Swap Cp 1.00 EUR 1,100,000.00 1,100,000.00 – 4,585.18 0.00Australia Government Credit Default Swap Cp 1.00 USD 1,700,000.00 1,700,000.00 – 1,603.66 0.00Australia Government Credit Default Swap Cp 1.00 USD 3,800,000.00 3,800,000.00 – 4,454.09 0.00Australia Government Credit Default Swap Cp 1.00 USD 2,200,000.00 2,200,000.00 1,034.47 0.00BP Capital Markets America Credit Default Swap Cp 5.00 USD 400,000.00 59,994.02 0.03Bundesrepublik Deutschland Credit Default Swap Cp 0.25 USD 7,300,000.00 71,186.96 0.03Bundesrepublik Deutschland Credit Default Swap Cp 0.25 USD 1,600,000.00 15,491.21 0.01China Government Credit Default Swap Cp 1.00 USD 1,000,000.00 364.44 0.00China Government Credit Default Swap Cp 1.00 USD 900,000.00 1,740.73 0.00China Government Credit Default Swap Cp 1.00 USD 1,100,000.00 3,548.28 0.00Egypt Government Credit Default Swap Cp 1.00 USD 400,000.00 – 3,264.72 0.00Egypt Government Credit Default Swap Cp 1.00 USD 1,500,000.00 – 14,743.17 – 0.01Egypt Government Credit Default Swap Cp 1.00 USD 1,000,000.00 1,000,000.00 14,334.22 0.01Emirate of Abu Dhabi Credit Default Swap Cp 1.00 USD 1,800,000.00 50,338.37 0.02Emirate of Abu Dhabi Credit Default Swap Cp1.00 USD 1,600,000.00 38,128.63 0.02France Government Credit Default Swap Cp 0.25 USD 1,900,000.00 16,812.51 0.01France Government Credit Default Swap Cp 0.25 USD 3,100,000.00 3,100,000.00 33,491.85 0.01France Government Credit Default Swap Cp 0.25 USD 2,700,000.00 2,700,000.00 40,474.75 0.02France Government Credit Default Swap Cp 0.25 USD 1,900,000.00 36,089.86 0.02France Government Credit Default Swap Cp 0.25 USD 8,850,000.00 8,850,000.00 31,501.63 0.01France Government Credit Default Swap Cp 0.25 USD 500,000.00 500,000.00 275.84 0.00France Government Credit Default Swap Cp 0.25 USD 2,800,000.00 10,787.52 0.00Holcim Finance Luxembourg Credit Default Swap Cp 1.00 EUR 1,100,000.00 1,100,000.00 477.13 0.00ING Verzekeringen Credit Default Swap Cp 1.40 EUR 1,900,000.00 1,632.52 0.00Italy Government Credit Default Swap Cp 1.00 USD 7,300,000.00 7,300,000.00 38,721.39 0.02Italy Government Credit Default Swap Cp 1.00 USD 5,900,000.00 5,900,000.00 35,880.98 0.02Japan Government 20-Year Bond Credit Default Swap Cp 1.00 USD 2,200,000.00 2,200,000.00 – 18,899.68 – 0.01Japan Government 20-Year Bond Credit Default Swap Cp 1.00 USD 2,000,000.00 – 16,319.82 – 0.01Japan Government Twenty Year Bond Credit Default Swap Cp 1.00 USD 2,000,000.00 2,000,000.00 21,028.30 0.01Japan Government Twenty Year Bond Credit Default Swap Cp 1.00 USD 1,400,000.00 1,400,000.00 – 7,969.94 0.00Lafarge Credit Default Swap Cp 1.00 EUR 1,100,000.00 1,100,000.00 9,570.91 0.00Morgan Stanley Credit Default Swap Cp 1.00 EUR 1,240,000.00 – 5,601.62 0.00Quatar Government Credit Default Swap Cp 1.00 USD 700,000.00 700,000.00 – 1,870.20 0.00Quatar Government Credit Default Swap Cp 1.00 USD 300,000.00 300,000.00 1,164.89 0.00Republic of Korea Credit Default Swap Cp 1.00 USD 1,100,000.00 33,868.74 0.01Russia Government Credit Default Swap Cp 1.00 USD 1,900,000.00 1,900,000.00 – 287.12 0.00Spain Government Credit Default Swap Cp 1.00 USD 400,000.00 400,000.00 2,079.02 0.00Spain Government Credit Default Swap Cp 1.00 USD 3,300,000.00 3,300,000.00 10,854.04 0.00Spain Government Credit Default Swap Cp 1.00 USD 1,200,000.00 1,200,000.00 2,486.74 0.00Spain Government Credit Default Swap Cp 1.00 USD 1,700,000.00 1,700,000.00 – 7,148.00 0.00Spain Government Credit Default Swap Cp 1.00 USD 300,000.00 300,000.00 4,795.39 0.00Spain Government Credit Default Swap Cp 1.00 USD 3,500,000.00 3,500,000.00 52,888.97 0.02Spain Government Credit Default Swap Cp 1.00 USD 4,000,000.00 4,000,000.00 59,224.99 0.03Spain Government Credit Default Swap Cp 1.00 USD 4,000,000.00 4,000,000.00 53,790.68 0.02Telecom Italia Credit Default Swap Cp 1.00 EUR 1,100,000.00 1,100,000.00 18,583.11 0.01United Kingdom Government Credit Default Swap Cp 1.00 USD 1,700,000.00 1,700,000.00 – 354.81 0.00United Kingdom Government Credit Default Swap Cp 1.00 USD 2,200,000.00 20,081.87 0.01United Kingdom Government Credit Default Swap Cp 1.00 USD 2,800,000.00 2,800,000.00 12,819.79 0.01United Kingdom Government Credit Default Swap Cp 1.00 USD 1,900,000.00 16,475.00 0.01United Kingdom Government Credit Default Swap Cp 1.00 USD 3,000,000.00 3,000,000.00 – 755.92 0.00United Kingdom Government Credit Default Swap Cp 1.00 USD 1,600,000.00 10,371.68 0.00United Kingdom Government Credit Default Swap Cp 1.00 USD 4,700,000.00 4,700,000.00 – 4,430.17 0.00

Unrealisedgain/loss

% ofSubfund

United Kingdom Government Credit Default Swap Cp 1.00 USD 2,500,000.00 26,572 .09 0.01United Kingdom Government Credit Default Swap Cp 1.00 USD 800,000.00 7,702.21 0.00Interest Rate Swaps 114,485.74 0.05IRS BRL Fix Receiver 11.62% / Floating Payer 1M-Brazibor BRL 24,200,000.00 84,065.15 0.04IRS BRL Fix Receiver 11.82% / Floating Payer 24M-Brazibor BRL 27,800,000.00 50,392.22 0.02IRS BRL Fix Receiver 11.93% / Floating Payer 1M-Brazibor BRL 39,000,000.00 64,259.71 0.03IRS USD Fix Payer 3.75% / Floating Receiver 3M-Libor USD 13,500,000.00 13,500,000.00 – 84,231.34 – 0.04Investments in derivatives 2,877,493.00 1.26Net current assets/liabilities EUR 2,657,426.55 1.16Net assets of the Subfund EUR 228,373,517.26 100.00

Net asset values per share – Class A (EUR) (distributing) EUR 9.73– Class AT (EUR) (accumulating) EUR 12.26– Class CT (EUR) (accumulating) EUR 10.93– Class I (EUR) (distributing) EUR 9.86– Class IT (EUR) (accumulating) EUR 11.14Shares in circulation – Class A (EUR) (distributing) Shs 5,538,482 – Class AT (EUR) (accumulating) Shs 4,090,986 – Class CT (EUR) (accumulating) Shs 1,809,688 – Class I (EUR) (distributing) Shs 8,380,762 – Class IT (EUR) (accumulating) Shs 1,966,508

Unrealisedgain/loss

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listingBondsBelgium2.7500 % Belgium Government EUR Bonds 10/16 S.59 EUR 5,400.0 10,400.04.2500 % Belgium Government EUR Bonds 10/41 S.60 EUR 5,500.0 10,900.0Canada4.0000 % Province of Ontario Canada EUR MTN 09/19 EUR 6,200.05.0000 % Province of Quebec Canada EUR Notes 09/19 EUR 2,200.0Denmark1.2530 % Danske Bank EUR FLR-MTN 07/12 EUR 1,700.05.8750 % Danske Bank EUR MTN 08/11 EUR 1,500.03.7500 % Danske Bank EUR MTN 10/22 EUR 1,000.02.0000 % Nordea Kredit Realkreditaktieselskab DKK Notes 09/11 EUR 9,000.01.0000 % Nykredit Realkredit EUR FLR-Notes 09/11 EUR 11,000.02.0000 % Realkredit Danmark DKK Notes 09/11 DKK 109,900.0Finland3.1250 % OP Mortgage Bank EUR Notes 09/14 EUR 1,450.0France2.5000 % Credit Mutuel Arkea Covered Bonds EUR Notes 10/15 EUR 300.04.0000 % France Government EUR Bonds 10/60 EUR 1,200.0 1,800.00 % France Government EUR Zero-Coupon Bonds 10/11 EUR 660.03.2500 % RCI Banque EUR MTN 11/14 EUR 2,100.0 2,100.0Germany5.5000 % Bundesrepublik Deutschland EUR Bonds 00/31 EUR 2,880.0 2,880.05.0000 % Bundesrepublik Deutschland EUR Bonds 01/11 S.1 EUR 75,300.0 75,300.04.5000 % Bundesrepublik Deutschland EUR Bonds 03/13 S.3 EUR 16,500.0 16,500.04.7500 % Bundesrepublik Deutschland EUR Bonds 03/34 S.3 EUR 45,623.0 45,623.03.2500 % Bundesrepublik Deutschland EUR Bonds 05/15 S.5 EUR 5,450.0 5,450.03.5000 % Bundesrepublik Deutschland EUR Bonds 05/16 S.5 EUR 13,000.0 13,000.04.0000 % Bundesrepublik Deutschland EUR Bonds 05/37 S.5 EUR 18,078.0 18,078.04.2500 % Bundesrepublik Deutschland EUR Bonds 07/39 S.7 EUR 14,300.0 14,300.02.2500 % Bundesrepublik Deutschland EUR Bonds 08/10 S.1 EUR 1,290.0 1,290.03.5000 % Bundesrepublik Deutschland EUR Bonds 08/13 S.152 EUR 3,618.0 3,618.04.2500 % Bundesrepublik Deutschland EUR Bonds 08/18 S.8 EUR 5,200.0 5,200.03.7500 % Bundesrepublik Deutschland EUR Bonds 08/19 S.8 EUR 4,100.0 6,200.04.7500 % Bundesrepublik Deutschland EUR Bonds 08/40 S.8 EUR 35,090.0 35,090.01.2500 % Bundesrepublik Deutschland EUR Bonds 09/11 EUR 1,290.0 1,290.01.2500 % Bundesrepublik Deutschland EUR Bonds 09/11 S.2 EUR 14,800.0 14,800.02.2500 % Bundesrepublik Deutschland EUR Bonds 09/14 S.154 EUR 2,900.0 2,900.02.5000 % Bundesrepublik Deutschland EUR Bonds 09/14 S.155 EUR 9,489.0 9,489.03.5000 % Bundesrepublik Deutschland EUR Bonds 09/19 S.9 EUR 45,869.0 45,869.00.6560 % Bundesrepublik Deutschland EUR Bonds 10/11 EUR 11,270.0 11,270.00.7500 % Bundesrepublik Deutschland EUR Bonds 10/12 EUR 5,490.0 5,490.00.5000 % Bundesrepublik Deutschland EUR Bonds 10/12 EUR 2,000.0 2,000.01.0000 % Bundesrepublik Deutschland EUR Bonds 10/12 S.1 EUR 16,300.0 16,300.02.5000 % Bundesrepublik Deutschland EUR Bonds 10/15 S.156 EUR 5,790.0 5,790.02.2500 % Bundesrepublik Deutschland EUR Bonds 10/20 EUR 3,200.0 3,200.03.0000 % Bundesrepublik Deutschland EUR Bonds 10/20 EUR 4,300.02.5000 % Bundesrepublik Deutschland EUR Bonds 10/21 EUR 13,300.0 13,300.06.0000 % Bundesrepublik Deutschland EUR Bonds 86/16 S.86 EUR 13,557.0 13,557.06.2500 % Bundesrepublik Deutschland EUR Bonds 94/24 S.94 EUR 12,776.0 12,776.05.6250 % Bundesrepublik Deutschland EUR Bonds 98/28 S.98 EUR 7,337.0 7,337.04.7500 % Bundesrepublik Deutschland EUR Bonds 98/28 S.98 EUR 21,792.0 21,792.00.0000 % Bundesrepublik Deutschland EUR Zero-Coupon Bonds 23.02.2011 S.40 EUR 13,460.0 13,460.03.2500 % Deutsche Pfandbriefbank EUR Notes 05/12 S.5008 EUR 2,000.01.0120 % FMS Wertmanagement EUR FLR-Notes 11/14 EUR 2,500.0 2,500.01.8750 % Kreditanstalt für Wiederaufbau EUR Notes 10/15 EUR 7,000.0 7,000.02.0000 % Land Hessen EUR Notes 10/16 S.1010 EUR 3,300.01.0140 % Landeskreditbank Baden-Württemberg Förderbank EUR FLR-MTN 10/13 S.3099 EUR 1,400.01.7500 % SAP EUR MTN 10/12 EUR 2,730.0Ireland4.6250 % Bank of Ireland Mortgage Bank EUR MTN 09/14 EUR 200.02.3190 % Guaranteed Funding DK 2009-1 EUR Notes 10/13 EUR 700.0

Italy3.7500 % Italy Buoni Poliennali del Tesoro EUR Bonds 06/21 EUR 5,000.0 5,000.04.2500 % Italy Buoni Poliennali del Tesoro EUR Bonds 08/13 EUR 11,760.0 11,760.05.0000 % Italy Buoni Poliennali del Tesoro EUR Bonds 09/25 EUR 2,700.05.0000 % Italy Buoni Poliennali del Tesoro EUR Bonds 09/40 EUR 1,800.03.0000 % Italy Buoni Poliennali del Tesoro EUR Bonds 10/15 EUR 5,300.0 5,300.03.7500 % Italy Buoni Poliennali del Tesoro EUR Bonds 10/21 EUR 17,600.0 17,600.0Jersey7.6270 % HBOS Euro Finance EUR FLR-Notes 99/und. EUR 1,200.0Luxembourg0.5080 % Bundesrepublik Deutschland EUR Bonds 11/11 EUR 7,100.0 7,100.09.0000 % Fiat Finance & Trade EUR MTN 09/12 EUR 1,000.0Netherlands5.2500 % ING Bank EUR MTN 08/18 EUR 2,600.02.2500 % ING Bank EUR MTN 10/15 EUR 800.0 800.04.0000 % Netherlands Government EUR Bonds 09/19 EUR 5,800.0Norway2.5000 % Sparebanken 1 Boligkreditt EUR MTN 10/15 EUR 3,400.0 3,400.0Spain3.0000 % Spain Government EUR Bonds 10/15 EUR 6,300.0 6,300.0Supranational3.5000 % European Investment Bank EUR MTN 09/16 EUR 1,200.04.5000 % European Investment Bank EUR MTN 09/25 EUR 1,100.02.1250 % European Investment Bank EUR MTN 11/14 EUR 1,600.0 1,600.02.5000 % European Union EUR MTN 11/15 EUR 1,600.0 1,600.0Sweden3.7500 % Nordea Hypotek EUR MTN 06/11 EUR 1,100.03.0000 % Stadshypotek EUR Notes 09/14 EUR 2,300.0Switzerland1.0000 % UBS (Jersey) EUR FLR-MTN 05/15 EUR 3,500.0United Kingdom5.5000 % Bank of Scotland EUR MTN 02/12 EUR 2,500.0 2,500.06.0000 % Barclays Bank EUR MTN 10/21 EUR 2,200.010.0000 % Barclays Bank GBP MTN 09/21 EUR 1,700.0 1,700.03.8300 % BP Capital Markets EUR MTN 10/17 EUR 900.0 900.01.3920 % HBOS EUR FLR-MTN 04/16 EUR 3,000.03.8750 % HSBC Bank EUR MTN 06/11 EUR 3,000.04.0000 % HSBC Bank EUR MTN 10/21 EUR 500.01.0475 % Royal Bank of Scotland USD FLR-Notes 05/15 USD 900.0 900.05.6250 % Royal Bank of Scotland USD Notes 10/20 USD 1,000.04.7500 % United Kingdom Government GBP Bonds 03/15 GBP 13,000.0 23,400.0United States5.0000 % Citigroup EUR MTN 04/19 EUR 2,000.07.3750 % Citigroup EUR MTN 09/19 EUR 2,000.0 2,000.06.0000 % Citigroup EUR Notes 10/13 EUR 700.01.2890 % Goldman Sachs Group EUR FLR-MTN 06/11 EUR 1,700.03.8750 % WM Covered Bond Program EUR MTN 06/11 EUR 4,350.0Securities and money-market instruments dealt on another regulated marketBondsCayman Islands1.0000 % Kamp ABS USD FLR-Notes 05/10 EUR 829.3France8.3750 % Crédit Agricole USD FLR-Notes 09/49 EUR 5,200.0 6,500.0United States0.5805 % General Electric Capital USD FLR-MTN 06/18 EUR 3,000.0Asset-Backed SecuritiesItaly1.2760 % F-E Blue ABS EUR FLR-Notes 02/18 Cl.1A EUR 10.1Jersey3.0000 % Magnolia Funding ABS EUR Notes 10/17 Cl.1A EUR 1,583.3Netherlands1.8870 % Globaldrive ABS EUR FLR-Notes 08/16 Cl.A EUR 761.8

Mortgage-Backed SecuritiesUnited Kingdom1.3630 % Bauhaus Securities MBS EUR FLR-Notes 00/52 Cl.A2 EUR 31.2Other securities and money-market instrumentsBondsNetherlands1.0000 % Asset Repackaging Trust EUR FLR-Notes 05/14 EUR 3,500.0Investment Units(Management fee of the target fund % p.a.)United StatesJPMorgan Chase & Co. Bank - Short Term Investment Fund EUR (0.000%) Shs 290,000.000 290,000.000

DerivativesHoldings marked with a minus are short positions.Listed DerivativesFutures TransactionsPurchased Bond Futures10-Year German Government Bond (Bund) Futures 03/11 Ctr 255 25510-Year UK Long Gilt Futures 12/10 Ctr 3110-Year UK Long Gilt Futures 03/11 Ctr 31 3110-Year US Treasury Bond Futures (CBT) 12/10 Ctr 1063-Month Euribor Interest Rate Futures 12/11 Ctr 80 803-Month STERLING Interest Rate Futures 12/11 Ctr 664 6645-Year German Government Bond (Bobl) Futures 12/10 Ctr 206 5935-Year German Government Bond (Bobl) Futures 12/10 Ctr 2525-Year German Government Bond (Bobl) Futures 03/11 Ctr 5 55-Year US Treasury Bond Futures (CBT) 12/10 Ctr 149 1495-Year US Treasury Bond Futures (CBT) 03/11 Ctr 149 14990Day EURO$ Futures 09/11 Ctr 401 401United Kingdom Government 11/10 Ctr 4,000,000OTC-Dealt DerivativesEquity ForwardBelgium Government 17.01.2011 EUR 2,000,000.00 2,000,000.00Belgium Government 17.01.2011 EUR 1,500,000.00 1,500,000.00Belgium Government 17.01.2011 EUR 4,000,000.00 4,000,000.00Belgium Government 17.01.2011 EUR 800,000.00 800,000.00Bundesrepublik Deutschland 17.01.2011 EUR 6,800,000.00 6,800,000.00Bundesrepublik Deutschland 17.01.2011 EUR 6,800,000.00 6,800,000.00Credit Agricole 27.10.2010 EUR 1,300,000.00 1,300,000.00France Government 17.01.2011 EUR 600,000.00 600,000.00France Government 17.01.2011 EUR 600,000.00 600,000.00Italy Buoni Poliennali del Tesoro 08.03.2011 EUR 8,800,000.00 8,800,000.00Italy Buoni Poliennali del Tesoro 08.03.2011 EUR 1,600,000.00 1,600,000.00Italy Buoni Poliennali del Tesoro 17.01.2011 EUR 400,000.00 400,000.00Italy Buoni Poliennali del Tesoro 17.01.2011 EUR 2,000,000.00 2,000,000.00United Kingdom Government 18.02.2011 EUR 9,000,000.00 9,000,000.00Forward Foreign Exchange TransactionsSold AUD / Bought EUR 18 Feb 2011 AUD – 4,420,000.00Sold AUD / Bought USD 17 Dec 2010 AUD – 4,420,000.00Sold BRL / Bought USD 2 Dec 2010 BRL – 9,525,000.00Sold BRL / Bought USD 2 Mar 2011 BRL – 784,459.00Sold CNY / Bought USD 10 Jan 2011 CNY – 11,534,250.00Sold EUR / Bought AUD 18 Feb 2011 EUR – 3,259,229.00Sold EUR / Bought GBP 18 Feb 2011 EUR – 19,570,301.00Sold EUR / Bought GBP 19 Nov 2010 EUR – 12,547,486.00Sold EUR / Bought GBP 20 May 2011 EUR – 2,546,219.00Sold EUR / Bought USD 16 Nov 2010 EUR – 911,907.00Sold EUR / Bought USD 18 Feb 2011 EUR – 25,463,487.00Sold EUR / Bought USD 19 Nov 2010 EUR – 3,310,850.00Sold EUR / Bought USD 20 May 2011 EUR – 697,976.00Sold EUR / Bought USD 26 Oct 2010 EUR – 2,555,819.00

Sold GBP / Bought EUR 18 Feb 2011 GBP – 16,553,514.00Sold GBP / Bought EUR 19 Nov 2010 GBP – 5,150,000.00Sold GBP / Bought EUR 20 May 2011 GBP – 2,250,000.00Sold GBP / Bought EUR 26 Oct 2010 GBP – 4,569,667.00Sold GBP / Bought USD 20 Dec 2010 GBP – 608,438.00Sold JPY / Bought USD 20 May 2011 JPY – 133,785,000.00Sold KRW / Bought USD 12 Nov 2010 KRW – 9,723,700,000.00Sold KRW / Bought USD 19 Jan 2011 KRW – 8,343,900,000.00Sold MXN / Bought USD 22 Feb 2011 MXN – 43,725,440.00Sold MYR / Bought USD 12 Oct 2010 MYR – 5,753,700.00Sold MYR / Bought USD 7 Feb 2011 MYR – 11,474,240.00Sold PHP / Bought USD 15 Nov 2010 PHP – 166,860,000.00Sold SGD / Bought USD 9 Mar 2011 SGD – 9,660,848.00Sold TWD / Bought USD 14 Jan 2011 TWD – 227,620,000.00Sold TWD / Bought USD 6 Apr 2011 TWD – 102,981,000.00Sold USD / Bought AUD 18 Feb 2011 USD – 11,010,862.00Sold USD / Bought AUD 3 Dec 2010 USD – 5,905,838.00Sold USD / Bought BRL 2 Dec 2010 USD – 2,135,859.00Sold USD / Bought BRL 2 Mar 2011 USD – 469,174.00Sold USD / Bought CAD 18 Feb 2011 USD – 6,826,979.00Sold USD / Bought CNY 10 Jan 2011 USD – 3,487,409.00Sold USD / Bought EUR 16 Nov 2010 USD – 8,484,430.00Sold USD / Bought EUR 18 Feb 2011 USD – 34,657,835.00Sold USD / Bought EUR 19 Nov 2010 USD – 9,740,000.00Sold USD / Bought EUR 20 May 2011 USD – 31,383,686.00Sold USD / Bought EUR 26 Oct 2010 USD – 10,342,500.00Sold USD / Bought GBP 18 Feb 2011 USD – 2,473,993.00Sold USD / Bought GBP 19 Nov 2010 USD – 1,165,513.00Sold USD / Bought KRW 12 Nov 2010 USD – 4,928,789.00Sold USD / Bought KRW 19 Jan 2011 USD – 7,407,468.00Sold USD / Bought MXN 22 Feb 2011 USD – 3,520,000.00Sold USD / Bought MYR 7 Feb 2011 USD – 1,857,470.00Sold USD / Bought SGD 9 Mar 2011 USD – 7,460,000.00Sold USD / Bought TWD 14 Jan 2011 USD – 5,390,000.00Options TransactionsSold Options on Interest Rate Swaps (Swaptions)Call ECAL 3ML / 3.25% Strike 3.25% USD 3,800,000.00 Call ECAL 6ME / 2.25% Strike 2.25% EUR 1,400,000.00 Call ECAL 6ME / 2.50% Strike 2.50% EUR 8,000,000.00 8,000,000.00Call ECAL 6ME / 2.60% Strike 2.60% EUR 2,900,000.00 2,900,000.00Call ECAL 6ME / 1.435% Strike 1.435 EUR 2,200,000.00 2,200,000.00Put ECAL 3ML / 5.00% Strike 5.00% USD 3,800,000.00 Put ECAL 6ME / 1.30% Strike 1.30% EUR 10,300,000.00 10,300,000.00Put ECAL DJ ITRAXX14EU2 / 1.30% Strike 1.30% EUR 17,100,000.00 17,100,000.00Put ECAL 6ME / 3.10% Strike 3.10% EUR 8,000,000.00 8,000,000.00Swap TransactionsCredit Default SwapsProtection SellerAmerican International Group Credit Default Swap Cp 5.00 USD 1,100,000.00American International Group Credit Default Swap Cp 5.00 USD 1,800,000.00Australia Government Credit Default Swap Cp 1.00 USD 2,200,000.00Bank of Scotland Credit Default Swap Cp 3.00 EUR 2,500,000.00 2,500,000.00Belgium Government Credit Default Swap Cp 1.00 USD 700,000.00Belgium Government Credit Default Swap Cp 1.00 USD 1,700,000.00Belgium Government Credit Default Swap Cp 1.00 USD 2,000,000.00Belgium Government Credit Default Swap Cp 1.00 USD 1,500,000.00BNP Paribas Credit Default Swap Cp 3.00 EUR 3,100,000.00 3,100,000.00CDX IG 15 5 Year Credit Default Swap Cp 1.00 USD 27,000,000.00 27,000,000.00CDX IG 15 5 Year Credit Default Swap Cp 1.00 USD 26,200,000.00 26,200,000.00Citigroup Credit Default Swap Cp 1.00 USD 700,000.00Credit Agricole (London) Credit Default Swap Cp 3.00 EUR 1,100,000.00 1,100,000.00Italy Government Credit Default Swap Cp 1.00 USD 3,900,000.00 3,900,000.00Italy Government Credit Default Swap Cp 1.00 USD 2,300,000.00 2,300,000.00

Italy Government Credit Default Swap Cp 1.00 USD 1,800,000.00 1,800,000.00Italy Government Credit Default Swap Cp 1.00 USD 1,900,000.00 1,900,000.00Italy Government Credit Default Swap Cp 1.00 USD 1,300,000.00 1,300,000.00Italy Government Credit Default Swap Cp 1.00 USD 2,400,000.00 2,400,000.00Italy Government Credit Default Swap Cp 1.00 USD 5,500,000.00 5,500,000.00Italy Government Credit Default Swap Cp 1.00 USD 6,800,000.00Italy Government Credit Default Swap Cp 1.00 USD 700,000.00Italy Government Credit Default Swap Cp 1.00 USD 2,300,000.00Italy Government Credit Default Swap Cp 1.00 USD 3,100,000.00Italy Government Credit Default Swap Cp 1.00 USD 1,500,000.00Italy Government Credit Default Swap Cp 1.00 USD 1,700,000.00Japan Government 20-Year Bond Credit Default Swap Cp 0.64 USD 2,200,000.00Santander International Credit Default Swap Cp 1.00 USD 2,400,000.00 2,400,000.00Spain Government Credit Default Swap Cp 1.00 USD 6,500,000.00 6,500,000.00United Kingdom Government Credit Default Swap Cp 1.00 USD 1,700,000.00Interest Rate SwapsIRS EUR Fix Receiver 2.00% / Floating Payer 6M-Euribor EUR 12,400,000.00 12,400,000.00IRS EUR Fix Receiver 3.00% / Floating Payer 3M-Euribor EUR 27,400,000.00 27,400,000.00IRS EUR Fix Receiver 3.00% / Floating Payer 6M-Euribor EUR 12,300,000.00 12,300,000.00IRS EUR Fix Receiver 3.00% / Floating Payer 6M-Euribor EUR 4,400,000.00 4,400,000.00IRS EUR Fix Receiver 3.10% / Floating Payer 3M-Euribor EUR 8,000,000.00 8,000,000.00IRS EUR Fix Receiver 3.50% / Floating Payer 6M-Euribor EUR 22,900,000.00 22,900,000.00

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 205,871,197.55) 202,679,964.76 271,635,587.90

Upfront-payments paid on swap transactions 497,599.40 322,037.19

– bonds 2,476,405.33 3,050,287.48

Receivable on

– subscriptions on fund shares 2,969,724.00 83,620.42

Unrealised gain on

Total Assets 245,678,891.58 298,561,774.47

Liabilities to banks – 0.33 – 12,153,310.63

Premiums received on written options – 535,687.87 – 240,883.28

Upfront-payments received on swap transactions – 2,364,622.24 – 960,914.85

Payable on

– redemptions of fund shares – 213,203.53 – 838,444.73

Other payables – 236,977.25 – 450,221.70

Unrealised loss on

– swap transactions – 176,895.91 – 356,296.85

– forward foreign exchange transactions – 651,813.47 – 488,427.31

Net assets 228,373,517.26 280,434,858.56

01/10/2010–31/03/2011 01/10/2009–31/03/2010 EUR EUR

Subscriptions

– Class A (EUR) 484,335.77 11,730,525.76

– Class AT (EUR) 9,920,618.61 5,526,634.14

– Class CT (EUR) 2,777,590.29 2,085,736.25

– Class I (EUR) 3,785,443.29 15,706,836.12

– Class IT (EUR) 27,438,893.91 58,892,098.41

Redemptions

– Class A (EUR) – 21,871,723.50 – 19,962,585.51

– Class AT (EUR) – 33,448,659.65 – 2,177,866.57

– Class CT (EUR) – 6,064,178.90 – 5,119,827.52

– Class I (EUR) – 19,060,117.62 – 441,901.83

– Class IT (EUR) – 5,463,244.14 – 59,291,555.16

Distribution – 3,202,014.60 12,314,750.60

Equalization 42,738,946.91 93,118.61

Result of operations – 50,097,231.67 653,522.65

EUR Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class A Shares

Class AT Shares

Class CTShares

Class A Shares

Class AT Shares

Class CTShares

at the beginning of the reporting period 7,715,824 6,023,406 2,109,533 10,847,601 5,157,362 2,659,991

Number of shares

– issued 49,788 803,600 253,876 1,261,649 481,950 202,346

– redeemed – 2,227,130 – 2,736,020 – 553,721 – 2,127,072 – 190,635 – 499,293

at the end of the reporting period 5,538,482 4,090,986 1,809,688 9,982,178 5,448,677 2,363,044

EUR Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class I Shares

Class IT Shares

Class I Shares

Class IT Shares

at the beginning of the reporting period 9,952,558 95 8,474,111 100

Number of shares

– issued 375,080 2,457,271 1,664,787 5,688,912

– redeemed – 1,946,876 – 490,858 – 46,452 – 5,688,916

at the end of the reporting period 8,380,762 1,966,508 10,092,446 96

Securities and money-market instruments admitted to an official stock exchange listing 35,542,244.77 84.61Bonds 35,542,244.77 84.61Austria 1,027,161.00 2.454.1250 % Kommunalkredit Austria EUR MTN 07/14 EUR 1,000.0 1,000.0 % 102.716 1,027,161.00 2.45France 1,799,158.80 4.282.0700 % Caisse Centrale du Credit Immobilier de France

EUR FLR-Notes10/13 EUR 300.0 % 99.525 298,573.80 0.711.3360 % Crédit Agricole Covered Bonds EUR FLR-MTN 10/13 EUR 1,500.0 1,500.0 % 100.039 1,500,585.00 3.57Germany 311,002.30 0.743.5000 % Bundesrepublik Deutschland

EUR Bonds 06/11 S.148 EUR 4,157.0 4,052.0 105.0 % 100.026 105,027.30 0.250 % Bundesrepublik Deutschland

EUR Zero-Coupon Bonds 10/11 S.1 EUR 3,950.0 3,900.0 50.0 % 99.920 49,960.00 0.125.5000 % DEPFA Deutsche Pfandbriefbank

EUR Notes 98/13 S.473 EUR 1,400.0 100.0 % 105.133 105,132.50 0.255.6250 % PERI EUR Notes 04/11 EUR 50.0 % 101.765 50,882.50 0.12Ireland 10,387,003.00 24.735.3810 % AK Transneft OJSC Via TransCapitalInvest

EUR Notes 07/12 EUR 200.0 % 103.287 206,573.00 0.493.8750 % DEPFA ACS Bank EUR Notes 03/13 EUR 10,400.0 2,000.0 8,400.0 % 99.043 8,319,570.00 19.814.3750 % DEPFA ACS Bank EUR Notes 04/15 EUR 3,300.0 1,400.0 1,900.0 % 97.940 1,860,860.00 4.43Italy 1,090,589.50 2.604.7500 % Banco Poplare EUR MTN 11/16 EUR 2,200.0 1,100.0 1,100.0 % 99.145 1,090,589.50 2.60Luxembourg 443,183.52 1.056.8750 % TNK-BP Finance USD MTN 06/11 USD 200.0 % 101.691 143,089.92 0.341.5470 % Valhalla I EUR FLR-Notes 10/13 EUR 300.0 % 100.031 300,093.60 0.71Netherlands 4,509,524.30 10.731.9480 % ABN Amro Bank EUR FLR-MTN 10/13 EUR 500.0 500.0 % 100.685 503,425.00 1.204.7500 % Achmea Hypothekenbank EUR MTN 07/12 EUR 1,600.0 1,900.0 1,950.0 % 102.921 2,006,967.30 4.773.6250 % NIBC Bank EUR MTN 11/14 EUR 2,000.0 2,000.0 % 99.957 1,999,132.00 4.76Spain 4,766,735.10 11.352.6250 % Banco Español de Credito EUR MTN 09/13 EUR 2,000.0 400.0 1,600.0 % 98.013 1,568,200.00 3.734.8750 % Bankinter EUR Notes 11/13 EUR 2,100.0 1,000.0 1,100.0 % 101.240 1,113,641.10 2.653.5000 % Caja de Ahorros y Monte de Piedad de Madrid

EUR Notes 10/13 EUR 1,000.0 1,000.0 % 98.483 984,828.00 2.352.9410 % Institut Credito Oficial EUR FLR-MTN 11/14 EUR 1,100.0 1,100.0 % 100.006 1,100,066.00 2.62United Kingdom 8,276,610.25 19.703.1250 % Abbey National Treasury Services EUR MTN 11/14 EUR 1,300.0 1,300.0 % 98.318 1,278,127.50 3.043.2500 % Bank of Scotland EUR MTN 06/13 EUR 800.0 % 100.505 804,040.00 1.927.1250 % FCE Bank EUR MTN 07/12 EUR 50.0 % 103.202 51,600.75 0.124.1250 % Nationwide Building Society EUR MTN 07/12 EUR 2,700.0 600.0 2,700.0 % 101.935 2,752,245.00 6.553.6250 % Northern Rock Asset Management EUR MTN 06/13 EUR 3,000.0 3,000.0 % 99.708 2,991,225.00 7.123.6250 % Royal Bank of Scotland EUR MTN 10/13 EUR 400.0 400.0 % 99.843 399,372.00 0.95United States 2,931,277.00 6.984.0000 % American International Group EUR MTN 06/11 EUR 100.0 % 100.517 100,517.00 0.244.1250 % BA Covered Bond Issuer EUR MTN 07/12 EUR 1,500.0 2,000.0 1,500.0 % 101.733 1,525,987.50 3.631.3830 % Goldman Sachs Group EUR FLR-Notes 06/13 EUR 400.0 % 99.130 396,518.00 0.945.3750 % Goldman Sachs Group EUR MTN 08/13 EUR 100.0 100.0 % 104.063 104,063.00 0.251.4660 % Merrill Lynch EUR FLR-MTN 04/14 EUR 250.0 250.0 % 97.363 243,406.25 0.581.3880 % Morgan Stanley EUR FLR-MTN 06/13 EUR 300.0 % 97.779 293,337.00 0.706.2500 % Pemex Project Funding Master Trust

EUR Notes 03/13 EUR 250.0 % 106.979 267,448.25 0.64Securities and money-market instruments dealt on another regulated market 5,034,046.87 11.98Asset-Backed Securities 172,258.93 0.41Jersey 172,258.93 0.413.0000 % Magnolia Funding ABS EUR Notes 10/17 Cl.1A A1 EUR 183.6 11.9 171.7 % 100.298 172,258.93 1) 0.41Mortgage-Backed Securities 4,861,787.94 11.57Ireland 155,979.59 0.371.2520 % German Residential Asset Note Distributor

MBS EUR FLR-Notes 06/16 Cl.1A EUR 5.7 165.9 % 94.000 155,979.59 1) 0.37Netherlands 1,530,189.85 3.641.9750 % Dutch Mortgage Portfolio Loans

MBS EUR FLR-Notes 10/47 EUR 400.0 31.1 368.9 % 99.995 368,854.67 1) 0.88

% ofSubfund

1) The market value was determined on the basis of the last available pricing factor at closing NAV date.

1.2300 % Monastery MBS EUR FLR-Notes 06/44 EUR 15.9 319.5 % 80.282 256,470.29 1) 0.612.0720 % Storm MBS EUR FLR-Notes 10/52 Cl.A1 EUR 1,000.0 94.3 905.7 % 99.910 904,864.89 1) 2.15United Kingdom 3,175,618.50 7.562.3400 % Arkle Master Issuer MBS EUR FLR-Notes 10/60 EUR 100.0 % 99.533 99,533.00 1) 0.242.2910 % Arran Residential Mortgages Funding

MBS EUR FLR-Notes 10/47 EUR 32.5 417.5 % 99.990 417,424.70 1) 0.992.2060 % Fosse Master Issuer MBS EUR FLR-Notes 10/54 EUR 1,000.0 1,000.0 % 99.165 991,653.98 1) 2.362.2900 % Fosse Master Issuer MBS GBP FLR-Notes 10/54 GBP 500.0 500.0 % 100.615 570,856.00 1) 1.360.4125 % Gracechurch Mortgage Financing

MBS USD FLR-Notes 06/56 Cl.A6 USD 600.0 600.0 % 97.905 413,289.92 1) 0.980.9970 % Granite Master Issuer MBS EUR FLR-Notes 06/54 EUR 12.2 104.6 % 94.592 98,906.20 1) 0.240.9870 % Granite Master Issuer MBS EUR FLR-Notes 07/54 EUR 12.2 104.6 % 94.598 98,912.02 1) 0.240.9870 % Granite Master Issuer MBS EUR FLR-Notes 07/54 EUR 6.1 52.3 % 94.942 49,635.87 1) 0.121.3100 % Granite Mortgages MBS EUR FLR-Notes 04/44 EUR 4.7 35.6 % 95.925 34,126.81 1) 0.082.4060 % Holmes Master Issuer MBS EUR FLR-Notes 10/54 EUR 400.0 400.0 % 100.320 401,280.00 1) 0.95Investments in securities and money-market instruments 40,576,291.64 96.59Deposits at financial institutions2) 1,010,763.51 2.41Sight deposits3) 1,010,763.51 2.410.5420 % State Street Bank Luxembourg S.A. EUR 1,010,763.51 2.41Investments in deposits at financial institutions 1,010,763.51 2.41

Contracts

% ofSubfund

assetsin the period under reviewDerivatives Holdings marked with a minus are short positions. Listed Derivatives – 8,954.72 – 0.02Options Transactions – 8,954.72 – 0.02Short Call Options on Bond – 8,954.72 – 0.02Call 0.001 Estrad 10/11 Ctr 800,000 – 800,000 USD 0.780 – 1,346.59 0.00Call 0.001 Estrad 11/11 Ctr 2,000,000 – 2,000,000 USD 1.658 – 7,608.13 – 0.02OTC-Dealt Derivatives 2,278.73 0.00Forward Foreign Exchange Transactions 21,750.46 0.05Sold DKK / Bought EUR 01 Apr 2011 DKK – 1,270,000.00 63.74 0.00Sold EUR / Bought DKK 01 Apr 2011 EUR – 160,881.44 40.17 0.00Sold EUR / Bought GBP 20 May 2011 EUR – 769,689.85 – 31,900.43 – 0.08Sold EUR / Bought USD 20 May 2011 EUR – 586,117.15 – 27,703.83 – 0.07Sold GBP / Bought EUR 20 May 2011 GBP – 1,150,480.00 50,421.71 0.12Sold PHP / Bought USD 15 Jun 2011 PHP – 13,044,671.00 – 3,422.51 – 0.01Sold USD / Bought EUR 20 May 2011 USD – 270,000.00 8,203.06 0.02Sold USD / Bought INR 09 May 2011 USD – 601,000.00 14,599.18 0.04Sold USD / Bought KRW 09 May 2011 USD – 601,000.00 3,170.35 0.01Sold USD / Bought MXN 07 Jul 2011 USD – 594,120.30 7,261.68 0.02Sold USD / Bought PHP 15 Jun 2011 USD – 303,152.94 – 2,489.49 – 0.01Sold USD / Bought SGD 09 May 2011 USD – 329,714.58 2,548.32 0.01Sold USD / Bought SGD 09 Sep 2011 USD – 270,952.62 958.51 0.00Options Transactions – 18,765.70 – 0.05Sold Options on Interest Rate Swaps (Swaptions) – 18,765.70 – 0.05Put ECAL 3ML / 2.25% Strike 2.25% USD 500,000.00 – 2,700,000.00 – 8,539.99 – 0.02Put ECAL 3ML / 2.25% Strike 2.25% USD – 700,000.00 – 3,098.11 – 0.01Put ECAL 3ML / 2.25% Strike 2.25% USD 1,400,000.00 – 1,400,000.00 – 7,127.60 – 0.02Swap Transactions – 706.03 0.00Credit Default Swaps 15,270.91 0.04Protection Seller 15,270.91 0.04Arab Republic Of Egypt Credit Default Swap Cp 1.00 USD 200,000.00 – 1,632.35 0.00Emirate of Abu Dhabi Credit Default Swap Cp 1.00 USD 100,000.00 2,796.58 0.01Republic of Korea Credit Default Swap Cp 1.00 USD 200,000.00 2,875.24 0.01Republic of Korea Credit Default Swap Cp 1.00 USD 200,000.00 4,034.64 0.01Republic of Korea Credit Default Swap Cp 1.00 USD 200,000.00 6,448.13 0.01Russia Credit Default Swap Cp 1.68 USD 210,000.00 – 6,509.97 – 0.02United Kingdom Government Credit Default Swap Cp 1.00 USD 100,000.00 300,000.00 2,311.19 0.011) The market value was determined on the basis of the last available pricing factor at closing NAV date.2) Deposits at financial institutions are not subject to any deposit insurance. 3) The interest rate refers to the base currency of the Subfund.

% ofSubfund

United Kingdom Government Credit Default Swap Cp 1.00 USD 400,000.00 1,914.93 0.00United Kingdom Government Credit Default Swap Cp 1.00 USD 300,000.00 2,888.31 0.01United Kingdom Government Credit Default Swap Cp 1.00 USD 100,000.00 100,000.00 144.21 0.00Interest Rate Swaps – 15,976.94 – 0.04IRS BRL Fix Receiver 11.89% / Floating Payer 1M-Brazibor BRL 4,300,000.00 – 21,473.39 – 0.05IRS BRL Fix Receiver 12.24% / Floating Payer 1M-Brazibor BRL 3,400,000.00 5,496.45 0.01Investments in derivatives – 6,675.99 – 0.02Net current assets/liabilities EUR 428,744.31 1.02Net assets of the Subfund EUR 42,009,123.47 100.00

Net asset values per share – Class I (EUR) (distributing) EUR 1,059.00 Shares in circulation – Class I (EUR) (distributing) Shs 39,669

Unrealisedgain/loss

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listingBondsAustria4.0000 % Kommunalkredit Austria EUR MTN 08/12 EUR 1,000.0 1,000.0France3.2500 % CIF Euromortgage EUR MTN 11/16 EUR 1,500.0 1,500.02.6250 % Crédit Agricole EUR MTN 11/14 EUR 1,000.0 1,000.05.5000 % France Government EUR Bonds 00/15 EUR 600.0 600.02.7500 % GCE Covered Bonds EUR Notes 11/15 EUR 1,000.0 1,000.0Germany5.5000 % Bundesrepublik Deutschland EUR Bonds 00/31 EUR 9,603.0 9,603.05.0000 % Bundesrepublik Deutschland EUR Bonds 01/11 S.1 EUR 14,929.0 14,929.04.5000 % Bundesrepublik Deutschland EUR Bonds 03/13 S.3 EUR 5,310.0 5,310.04.7500 % Bundesrepublik Deutschland EUR Bonds 03/34 S.3 EUR 4,500.0 4,500.03.2500 % Bundesrepublik Deutschland EUR Bonds 05/15 S.5 EUR 2,300.0 2,300.04.0000 % Bundesrepublik Deutschland EUR Bonds 05/37 S.5 EUR 5,212.0 5,212.04.0000 % Bundesrepublik Deutschland EUR Bonds 07/12 S.150 EUR 3,800.0 3,800.04.2500 % Bundesrepublik Deutschland EUR Bonds 07/17 S.7 EUR 4,700.0 4,700.04.7500 % Bundesrepublik Deutschland EUR Bonds 08/40 S.8 EUR 2,567.0 2,567.01.2500 % Bundesrepublik Deutschland EUR Bonds 09/11 EUR 20,611.0 20,611.01.2500 % Bundesrepublik Deutschland EUR Bonds 09/11 S.2 EUR 3,814.0 3,814.02.2500 % Bundesrepublik Deutschland EUR Bonds 09/14 S.154 EUR 1,900.0 1,900.00.6560 % Bundesrepublik Deutschland EUR Bonds 10/11 EUR 4,850.0 4,850.02.5000 % Bundesrepublik Deutschland EUR Bonds 10/15 S.156 EUR 2,958.0 2,958.05.6250 % Bundesrepublik Deutschland EUR Bonds 98/28 S.98 EUR 6,375.0 6,375.04.7500 % Bundesrepublik Deutschland EUR Bonds 98/28 S.98 EUR 1,868.0 1,868.00 % Bundesrepublik Deutschland EUR Zero-Coupon Bonds 10/11 S.42 EUR 80.0 93.00 % Bundesrepublik Deutschland EUR Zero-Coupon Bonds 11/11 EUR 3,540.0 3,540.00 % Bundesrepublik Deutschland EUR Zero-Coupon Bonds 10/11 S.40 EUR 3,960.0 3,960.00 % Bundesrepublik Deutschland EUR Zero-Coupon Bonds 10/12 EUR 2,602.0 2,602.02.8750 % Eurohypo EUR Notes 11/16 EUR 1,700.0 1,700.03.7500 % Hypo Real Estate Bank International EUR Notes 05/15 S.1072 EUR 1,500.01.7500 % Landesbank Baden-Württemberg EUR Notes 11/14 S.16 EUR 2,250.0 2,250.04.8750 % Merck Financial Services EUR MTN 09/13 EUR 50.06.0000 % Nürnberger Hypothekenbank EUR Notes 00/15 S.392 EUR 700.0Ireland3.2500 % Depfa ACS Bank EUR MTN 05/12 EUR 4,200.0 5,200.03.5000 % Depfa ACS Bank EUR MTN 06/11 EUR 4,700.0 6,100.04.0000 % Erste Abwicklungsanstalt EUR Notes 04/14 EUR 2,750.0 2,750.02.7500 % German Postal Pensions Securitisation EUR Notes 05/11 S.1 EUR 300.0Italy2.5000 % Banca Monte dei Paschi di Siena EUR MTN 09/13 EUR 1,000.0 1,000.03.2500 % Banca Popolare di Milano EUR Notes 10/15 EUR 900.0 900.04.3750 % Intesa Sanpaolo EUR MTN 11/16 EUR 3,300.0 3,300.04.8750 % Monte Dei Pasche Siena EUR Notes 11/16 EUR 1,200.0 1,200.05.2500 % UniCredit Bank EUR MTN 11/23 EUR 1,600.0 1,600.04.5000 % Unione di Banche Italiane EUR MTN 11/16 EUR 1,200.0 1,200.0Netherlands3.7500 % ABN Amro Bank EUR MTN 09/14 EUR 2,500.0 2,500.02.7500 % ABN Amro Bank EUR MTN 10/13 EUR 850.0 850.03.5000 % ABN Amro Bank EUR MTN 11/18 EUR 1,700.0 1,700.04.2500 % Achmea Hypothekenbank EUR MTN 07/14 EUR 1,400.0 1,400.06.1250 % Bayerische Motoren Werke Finance EUR MTN 09/12 EUR 500.08.1250 % Deutsche Telekom International Finance EUR MTN 02/12 EUR 300.03.0000 % ING Bank EUR MTN 09/14 EUR 2,000.0 2,000.02.2500 % ING Bank EUR MTN 10/15 EUR 1,200.04.0000 % KBC Ifima EUR Notes 11/13 EUR 400.0 400.05.0000 % Koninklijke KPN EUR MTN 07/12 EUR 150.03.7500 % LeasePlan EUR MTN 11/13 EUR 600.0 600.05.6250 % Volkswagen International Finance EUR MTN 09/12 EUR 300.0Portugal4.7500 % Banco Santander Totta EUR MTN 08/11 EUR 2,400.0 2,400.04.6250 % Caixa Geral De Depositos Finance EUR Notes 07/12 EUR 800.0

South Korea4.1250 % Korea Housing Finance USD Notes 10/15 EUR 600.0 600.0Spain3.5000 % Ayt Cedulas Cajas Global EUR Notes 06/11 S.5 EUR 200.03.8750 % Banco Bilbao Vizcaya Argentaria EUR MTN 06/12 EUR 2,300.04.2500 % Banco Bilbao Vizcaya Argentaria EUR MTN 11/15 EUR 2,100.0 2,100.03.5000 % Banco Bilbao Vizcaya Argentaria EUR Notes 04/11 EUR 300.04.2500 % Banco Bilbao Vizcaya Argentaria EUR Notes 04/14 EUR 1,000.0 1,000.03.7500 % Banco Bilbao Vizcaya Argentaria EUR Notes 06/11 EUR 2,000.0 2,000.03.0000 % Banco Bilbao Vizcaya Argentaria EUR Notes 09/14 EUR 1,000.0 1,000.04.1250 % Banco Bilbao Vizcaya Argentaria EUR Notes 11/14 EUR 1,000.0 1,000.04.7500 % Banco Bilbao Vizcaya Argentaria EUR Notes 11/16 EUR 2,400.0 2,400.04.0000 % Banco Bilbao Vizcaya Argentaria Senior Finance EUR MTN 11/13 EUR 400.0 400.03.7500 % Banco de Credito Local de Espana EUR Notes 06/11 EUR 700.0 700.04.5000 % Banco de Sabadell EUR Notes 11/13 EUR 2,200.0 2,200.02.7500 % Banco Espanol de Credito EUR Notes 05/12 EUR 1,400.04.6250 % Banco Espanol de Credito EUR Notes 11/15 EUR 2,200.0 2,200.03.2500 % Banco Sabadell EUR Notes 10/12 EUR 1,900.0 3,300.04.5000 % Banco Santander EUR MTN 07/12 EUR 2,300.0 2,300.03.2500 % Banco Santander EUR Notes 05/12 S.7 EUR 2,300.0 3,800.04.3750 % Banco Santander EUR Notes 11/15 EUR 3,200.0 3,200.04.3750 % Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian EUR Notes 10/14 EUR 2,000.0 2,000.03.5000 % Caja de Ahorros y Monte de Piedad de Madrid EUR Notes 04/11 EUR 700.03.5000 % Caja de Ahorros y Monte de Piedad de Madrid EUR Notes 05/15 EUR 1,000.0 1,000.05.1250 % Instituto de Credito Oficial EUR Notes 11/16 EUR 2,000.0 2,000.04.5000 % La Caixa de Barcelona EUR Notes 02/12 EUR 700.03.7500 % La Caja de Ahorros y Pensiones de Barcelona EUR Notes 06/11 EUR 2,100.04.7500 % La Caja de Ahorros y Pensiones de Barcelona EUR Notes 11/15 EUR 2,100.0 2,100.05.0000 % La Caja de Ahorros y Pensiones de Barcelona EUR Notes 11/16 EUR 2,400.0 2,400.03.8750 % Santander Consumer Finance EUR Notes 06/16 EUR 1,000.0 1,000.0United Kingdom4.1250 % Abbey National Treasury Services EUR MTN 11/14 EUR 300.0 300.02.5000 % Abbey National Treasury Services London EUR Notes 10/13 EUR 1,500.0 1,500.03.8750 % Bank of Scotland EUR MTN 06/14 EUR 1,600.04.0000 % Barclays Bank EUR MTN 09/19 EUR 900.0 900.03.1250 % Barclays Bank EUR MTN 10/15 EUR 1,200.07.8750 % FCE Bank GBP MTN 07/11 GBP 600.05.0000 % Imperial Tobacco Finance EUR MTN 09/12 EUR 300.04.6250 % Nationwide Building Society EUR MTN 07/12 EUR 600.02.8750 % Nationwide Building Society EUR MTN 10/15 EUR 1,200.03.8750 % Northern Rock Asset Manegement EUR MTN 06/11 EUR 900.0 900.02.7500 % Royal Bank of Scotland EUR MTN 10/13 EUR 1,200.03.0000 % Royal Bank of Scotland EUR MTN 10/15 EUR 1,500.0 3,300.03.8750 % Royal Bank of Scotland EUR MTN 10/20 EUR 1,800.0 1,800.04.0000 % Royal Bank of Scotland EUR Notes 11/16 EUR 3,200.0 3,200.03.6250 % Vodafone EUR MTN 05/12 EUR 300.04.0000 % Yorkshire Building Society EUR MTN 06/11 EUR 2,100.03.2500 % Yorkshire Building Society EUR MTN 10/15 EUR 500.0United States4.2500 % BA Covered Bond Issuer EUR MTN 07/17 EUR 2,300.0 2,300.01.2890 % Goldman Sachs Group EUR FLR-MTN 06/11 EUR 100.04.3750 % WM Covered Bond Program EUR MTN 07/14 EUR 800.0 2,550.0Securities and money-market instruments dealt on another regulated marketAsset-Backed SecuritiesJersey3.0000 % Magnolia Funding ABS EUR Notes 10/17 Cl.1A EUR 208.3Mortgage-Backed SecuritiesItaly1.0000 % Claris Finance MBS EUR FLR-Notes 03/32 Cl.A EUR 30.81.1640 % Vela Home MBS EUR FLR-Notes 03/27 Cl.A1 EUR 0.7

DerivativesHoldings marked with a minus are short positions.Listed DerivativesFutures TransactionsPurchased Bond Futures10-Year German Government Bond (Bund) Futures 06/11 Ctr 56 5610-Year German Government Bond (Bund) Futures 03/11 Ctr 25 2510-Year US Treasury Bond Futures (CBT) 03/11 Ctr 20 2010-Year US Treasury Bond Futures (CBT) 12/10 Ctr 20 203-Month Euribor Interest Rate Futures 03/12 Ctr 67 673-Month Euribor Interest Rate Futures 06/11 Ctr 44 443-Month Euribor Interest Rate Futures 12/11 Ctr 155 1553-Month STERLING Interest Rate Futures 12/11 Ctr 45 455-Year German Government Bond (Bobl) Futures 03/11 Ctr 62 625-Year German Government Bond (Bobl) Futures 12/10 Ctr 16 2390Day EURO$ Futures 12/11 Ctr 176 17690Day EURO$ Futures 03/12 Ctr 129 129Sold Bond Futures10-Year German Government Bond (Bund) Futures 03/11 Ctr 20 203-Month Euribor Interest Rate Futures 03/12 Ctr 213 2133-Month Euribor Interest Rate Futures 12/11 Ctr 17 17Options TransactionsShort Call Options on BondEuro-Bund Options Futures - Call 123.5 OGBL 06/11 Ctr 40 40Euro-Bund Options Futures - Call 125 OGBL 06/11 Ctr 90 90Euro-Bund Options Futures - Call 125 OGBL 11/05 Ctr 40 40Euro-Bund Options Futures - Call 129 OGBL 03/11 Ctr 27 27Euro-Bund Options Futures - Call 131 OGBL 03/11 Ctr 54 54Euro-Bund Options Futures - Call 132 OGBL 03/11 Ctr 30 30Euro-Bund Options Futures - Call 132 OGBL 10/10 Ctr 24 Euro-Bund Options Futures - Call 134.5 OGBL 03/11 Ctr 45 45Euro-Bund Options Futures - Call 134.5 OGBL 12/10 Ctr 36 36Short Call Options on Bond FuturesCall 122 CBOT US Treasury Bond Futures 03/11 Ctr 30 30Call 129 10-Year US Treasury Bond Future (CBT) 12/10 Ctr 42 42Short Put Options on BondEuro-Bund Options Futures - Put 121 OGBL 03/11 Ctr 25 25Euro-Bund Options Futures - Put 125 OGBL 03/11 Ctr 50 50Euro-Bund Options Futures - Put 128 OGBL 12/10 Ctr 95 55Put 126 EUX Euro Bund Futures 03/11 Ctr 30 30Short Put Options on Bond FuturesPut 117 CBOT 10-Year US Treasury Bond Futures 03/11 Ctr 30 30Put 120 CBT 10-Year US Treasury Bond Futures 03/11 Ctr 32 32Put 121 CBOT 10-Year US Treasury Bond Futures 03/11 Ctr 35 35Derivatives dealt on another regulated marketTBAFederal National Mortgage Association MBS USD Pool 2654 TBAFederal National Mortgage Association MBS USD Pool 3655 TBA USD 3,500.0 3,500.0Federal National Mortgage Association MBS USD Pool 3655 TBA USD 3,500.0 3,500.0Federal National Mortgage Association MBS USD Pool 3655 TBA USD 3,500.0 3,500.0OTC-Dealt DerivativesForward Foreign Exchange TransactionsSold DKK / Bought EUR 1 Apr 2011 DKK – 630,000.00Sold DKK / Bought EUR 11 Jan 2011 DKK – 9,600,000.00Sold DKK / Bought EUR 18 Feb 2011 DKK – 640,000.00Sold EUR / Bought DKK 18 Feb 2011 EUR – 85,862.00Sold EUR / Bought DKK 4 Jan 2011 EUR – 1,287,909.00Sold EUR / Bought GBP 18 Feb 2011 EUR – 1,416,320.00Sold EUR / Bought GBP 19 Nov 2010 EUR – 298,506.00Sold EUR / Bought USD 18 Feb 2011 EUR – 2,383,453.00Sold EUR / Bought USD 19 Nov 2010 EUR – 555,661.00Sold EUR / Bought USD 20 May 2011 EUR – 197,342.00Sold GBP / Bought EUR 18 Feb 2011 GBP – 1,200,480.00

Sold GBP / Bought EUR 20 May 2011 GBP – 10,000.00Sold KRW / Bought USD 19 Jan 2011 KRW – 335,580,310.00Sold MXN / Bought USD 22 Feb 2011 MXN – 7,245,000.00Sold PHP / Bought USD 15 Nov 2010 PHP – 13,044,671.00Sold USD / Bought EUR 18 Feb 2011 USD – 2,715,000.00Sold USD / Bought EUR 19 Nov 2010 USD – 1,110,258.00Sold USD / Bought EUR 20 May 2011 USD – 130,000.00Sold USD / Bought KRW 19 Jan 2011 USD – 300,430.00Sold USD / Bought MXN 22 Feb 2011 USD – 586,063.00Sold USD / Bought PHP 15 Nov 2010 USD – 300,430.00Sold USD / Bought SGD 24 Feb 2011 USD – 321,320.00Sold USD / Bought SGD 9 Mar 2011 USD – 269,221.00Options TransactionsSold Options on Interest Rate Swaps (Swaptions)Call ECAL 3ML / 3.25% Strike 3.25% USD 300,000.00 Put ECAL 3ML / 5.00% Strike 5.00% USD 300,000.00 Swap TransactionsCredit Default SwapsProtection BuyerFCE Bank Credit Default Swap Cp 5.00 300,000.00Rhodia Credit Default Swap Cp 1.00 300,000.00 300,000.00Protection SellerBrazil Government Credit Default Swap Cp 1.00 100,000.00Brazil Government Credit Default Swap Cp 1.00 200,000.00Emirate of Abu Dhabi Credit Default Swap Cp 1.00 200,000.00Mexico Government Credit Default Swap Cp 1.00 300,000.00Republic of Korea Credit Default Swap Cp 1.00 300,000.00

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 40,583,037.46) 40,576,291.64 44,956,875.36

– bonds 498,705.08 655,979.40

Receivable on

– securities transactions 3,299,610.66 16,585.51

Unrealised gain on

– options transactions 0.00 36,064.13

– futures transactions 0.00 1,750.00

– forward foreign exchange transactions 87,266.72 190,934.48

Total Assets 45,523,337.39 47,314,307.22

Upfront-payments received on swap transactions – 24,035.40 – 33,644.85

Interest liabilities on swap transactions 0.00 – 560.50

Payable on

– securities transactions – 3,303,981.78 – 962,338.56

Other payables – 19,181.92 – 39,260.62

Unrealised loss on

– TBA transactions 0.00 – 38,015.03

Net assets 42,009,123.47 45,937,134.10

01/10/2010–31/03/2011 01/10/2009–31/03/2010 EUR EUR

Subscriptions

– Class I (EUR) 4,225,120.95 0.00

Redemptions

– Class I (EUR) – 6,611,403.44 – 2.15

Distribution – 1,799,019.08 – 1,019,406.81

Equalization 5,619.80 0.00

EUR Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class I Shares

Class I Shares

Number of shares

– issued 3,855 0

– redeemed – 6,081 0

Securities and money-market instruments admitted to an official stock exchange listing 106,334,485.50 81.15Bonds 106,334,485.50 81.15Australia 595,834.44 0.450.5375 % National Australia Bank USD FLR-MTN 06/16 USD 850.0 % 99.634 595,834.44 0.45Austria 1,118,562.50 0.854.0000 % Kommunalkredit Austria EUR MTN 08/12 EUR 1,100.0 1,100.0 % 101.688 1,118,562.50 0.85Belgium 1,190,084.50 0.917.3750 % Anheuser-Busch Inbev EUR MTN 09/13 EUR 1,100.0 1,100.0 % 108.190 1,190,084.50 0.91Canada 1,119,250.00 0.856.0000 % Ally Credit Canada EUR MTN 07/12 EUR 500.0 1,100.0 % 101.750 1,119,250.00 0.85France 6,296,810.86 4.813.2500 % Banque PSA Finance EUR MTN 10/12 EUR 1,000.0 1,000.0 % 100.422 1,004,219.00 0.773.8750 % Banque PSA Finance EUR MTN 10/13 EUR 200.0 % 101.124 202,248.60 0.150.4794 % BNP Paribas USD FLR-MTN 07/17 USD 850.0 % 98.371 588,280.81 0.452.0700 % Caisse Centrale du Credit Immobilier de France

EUR FLR-Notes 10/13 EUR 700.0 1,300.0 % 99.525 1,293,819.80 0.991.3360 % Crédit Agricole Covered Bonds EUR FLR-MTN 10/13 EUR 1,400.0 1,400.0 % 100.039 1,400,546.00 1.078.1250 % RCI Banque EUR MTN 09/12 EUR 800.0 800.0 % 105.806 846,444.00 0.654.0000 % RCI Banque EUR MTN 10/13 EUR 400.0 % 101.125 404,498.00 0.313.7480 % Rhodia EUR FLR-Notes 06/13 EUR 743.6 556.4 % 100.055 556,754.65 0.42Germany 16,162,353.51 12.341.3050 % Bayerische Landesbank EUR FLR-Notes 08/13 S.28 EUR 600.0 600.0 % 99.794 598,764.00 0.461.2500 % Bundesrepublik Deutschland EUR Bonds 09/11 S.1 EUR 10,000.0 9,975.0 25.0 % 100.145 25,036.25 0.021.2390 % Erste Abwicklungsanstalt EUR FLR-MTN 03/13 EUR 3,000.0 3,000.0 % 99.879 2,996,370.00 2.291.4050 % Erste Abwicklungsanstalt EUR FLR-MTN 04/15 EUR 400.0 % 99.430 397,719.20 0.301.1650 % Erste Abwicklungsanstalt EUR FLR-MTN 05/12 EUR 1,000.0 1,000.0 % 99.785 997,849.00 0.769.6250 % Gazprom OAO Via RBS USD Notes 03/13 USD 500.0 500.0 % 113.786 400,274.11 0.313.8730 % Grohe Holding EUR FLR-Notes 07/14 EUR 750.0 750.0 % 100.018 750,131.25 0.570.9950 % Land Berlin EUR FLR-Notes 10/12 S.294 EUR 2,000.0 % 100.031 2,000,626.00 1.531.3500 % Land Berlin EUR FLR-Notes 10/14 S.317 EUR 2,900.0 2,900.0 % 100.059 2,901,696.50 2.210.9970 % Land Bremen EUR FLR-Notes 10/13 S.172 EUR 1,400.0 % 99.941 1,399,167.00 1.071.0940 % Land Niedersachsen EUR FLR-Notes 09/12 S.529 EUR 3,700.0 800.0 % 100.064 800,512.00 0.611.2110 % Land Nordrhein-Westfalen

EUR FLR-Notes 10/14 S.1058 EUR 2,900.0 1,000.0 1,900.0 % 100.031 1,900,587.10 1.451.0700 % NRW.BANK EUR FLR-Notes 06/14 S.114 EUR 300.0 % 99.624 298,871.10 0.232.7500 % TUI EUR Notes 07/12 EUR 700.0 700.0 % 99.250 694,750.00 0.53Guernsey 824,984.00 0.636.5000 % ABB International Finance EUR MTN 03/11 EUR 800.0 % 103.123 824,984.00 0.63Ireland 4,483,485.87 3.435.3810 % AK Transneft OJSC Via TransCapitalInvest

EUR Notes 07/12 EUR 1,200.0 % 103.287 1,239,438.00 0.956.1030 % AK Transneft OJSC Via TransCapitalInvest

USD Notes 07/12 USD 700.0 % 105.264 518,411.37 0.405.1250 % Caterpillar International Finance EUR MTN 09/12 EUR 700.0 % 103.420 723,936.50 0.553.2500 % Depfa ACS Bank EUR MTN 05/12 EUR 2,000.0 2,000.0 % 100.085 2,001,700.00 1.53Jersey 1,212,772.80 0.933.9750 % BAA Funding EUR MTN 08/12 EUR 1,200.0 1,200.0 % 101.064 1,212,772.80 0.93Luxembourg 4,880,395.18 3.739.0000 % Fiat Finance & Trade EUR MTN 09/12 EUR 600.0 % 106.063 636,375.00 0.495.6250 % Gazstream OAO Via Gazstream USD Notes 05/13 USD 200.6 816.1 % 104.236 598,520.80 0.466.8750 % TNK-BP Finance USD MTN 06/11 USD 1,000.0 1,600.0 % 101.691 1,144,719.38 0.871.5470 % Valhalla I EUR FLR-Notes 10/13 EUR 2,500.0 % 100.031 2,500,780.00 1.91Netherlands 6,880,028.21 5.243.3750 % ABN Amro Bank EUR MTN 11/14 EUR 700.0 700.0 % 100.288 702,018.80 0.544.7500 % Achmea Hypothekenbank EUR MTN 07/12 EUR 1,250.0 1,250.0 % 102.921 1,286,517.50 0.987.7500 % Daimler International Finance EUR MTN 09/12 EUR 200.0 200.0 % 105.351 210,701.80 0.161.7870 % Fortis Bank Nederland EUR FLR-MTN 09/14 EUR 1,400.0 300.0 % 101.505 304,515.00 0.230.5045 % ING Bank USD FLR-MTN 07/17 USD 550.0 550.0 % 93.125 360,352.59 0.274.2500 % ING Bank EUR Notes 08/13 EUR 1,000.0 700.0 % 103.368 723,572.50 0.550.4875 % ING Bank USD FLR-MTN 06/16 USD 150.0 150.0 % 94.227 99,441.27 0.084.2500 % LeasePlan EUR MTN 09/11 EUR 1,300.0 % 101.114 1,314,482.00 1.003.7480 % NXP BV / NXP Funding EUR FLR-Notes 07/13 EUR 850.0 850.0 % 99.596 846,561.75 0.655.7500 % Südzucker International Finance EUR Notes 02/12 EUR 500.0 500.0 % 103.312 516,560.00 0.395.6250 % Volkswagen International Finance EUR MTN 09/12 EUR 700.0 500.0 % 103.061 515,305.00 0.39

% ofSubfund

Norway 2,255,266.80 1.720.5405 % DnB NOR Bank USD FLR-MTN 06/16 USD 1,650.0 % 99.605 1,156,284.30 0.881.4920 % DnB NOR Boligkreditt EUR FLR-MTN 11/16 EUR 1,100.0 1,100.0 % 99.908 1,098,982.50 0.84South Korea 1,380,620.40 1.051.4710 % Korea Development Bank EUR FLR-Notes 07/14 EUR 1,450.0 % 95.215 1,380,620.40 1.05Spain 14,752,708.00 11.263.8750 % Banco Bilbao Vizcaya Argentaria EUR MTN 06/12 EUR 1,200.0 % 101.540 1,218,480.00 0.934.6250 % Banco Bilbao Vizcaya Argentaria EUR Notes 07/12 EUR 600.0 600.0 % 102.438 614,625.00 0.472.7500 % Banco Espanol de Credito EUR Notes 05/12 EUR 600.0 600.0 % 99.763 598,575.00 0.462.6250 % Banco Español de Credito EUR MTN 09/13 EUR 600.0 600.0 % 98.013 588,075.00 0.454.5000 % Banco Santander EUR MTN 07/12 EUR 1,400.0 1,400.0 % 102.688 1,437,625.00 1.103.2500 % Banco Santander EUR Notes 05/12 S.7 EUR 1,100.0 % 101.033 1,111,357.50 0.852.9410 % Instituto de Credito Oficial EUR FLR-MTN 11/14 EUR 1,800.0 1,800.0 % 100.006 1,800,108.00 1.370.9570 % Spain Government EUR FLR-Bonds 09/12 EUR 7,500.0 7,500.0 % 98.452 7,383,862.50 5.63Tunisia 3,398,300.00 2.594.7500 % Banque Centrale de Tunisie EUR MTN 04/11 EUR 2,300.0 3,400.0 % 99.950 3,398,300.00 2.59United Kingdom 13,020,281.28 9.932.5000 % Abbey National Treasury Services EUR Notes 10/13 EUR 800.0 600.0 200.0 % 99.050 198,099.40 0.156.6250 % Allied Domecq Financial Services GBP MTN 01/11 GBP 1,100.0 1,100.0 % 100.133 1,249,860.62 0.952.7500 % BP Capital Markets CHF MTN 07/11 CHF 1,200.0 % 100.475 926,522.28 0.713.6250 % BP Capital Markets USD MTN 08/11 USD 350.0 % 100.433 247,310.35 0.192.3750 % BP Capital Markets USD MTN 09/11 USD 100.0 % 101.043 71,089.27 0.057.1250 % FCE Bank EUR MTN 07/12 EUR 1,150.0 % 103.202 1,186,817.25 0.910.5070 % HBOS USD FLR-MTN 06/16 USD 1,100.0 1,100.0 % 87.133 674,334.72 0.510.5095 % HBOS USD FLR-MTN 07/17 USD 1,050.0 1,050.0 % 86.965 642,438.37 0.495.0000 % Imperial Tobacco Finance EUR MTN 09/12 EUR 1,100.0 % 102.971 1,132,675.50 0.864.1250 % Nationwide Building Society EUR MTN 07/12 EUR 1,500.0 % 101.935 1,529,025.00 1.173.8750 % Northern Rock Asset Manegement EUR MTN 06/11 EUR 1,300.0 1,300.0 % 100.948 1,312,317.50 1.004.3750 % Rexam EUR MTN 06/13 EUR 1,200.0 1,200.0 % 102.440 1,229,280.00 0.945.0000 % Royal Bank of Scotland USD Notes 03/13 USD 1,400.0 1,400.0 % 101.780 1,002,511.02 0.774.0000 % Yorkshire Building Society EUR MTN 06/11 EUR 1,600.0 1,600.0 % 101.125 1,618,000.00 1.23United States 26,762,747.15 20.431.1790 % American International Group EUR FLR-MTN 06/11 EUR 1,000.0 % 99.893 998,930.00 0.761.1840 % American International Group EUR FLR-MTN 06/13 EUR 2,000.0 % 95.497 1,909,940.00 1.464.0000 % American International Group EUR MTN 06/11 EUR 1,600.0 3,050.0 % 100.517 3,065,768.50 2.344.1250 % BA Covered Bond Issuer EUR MTN 07/12 EUR 800.0 2,700.0 % 101.733 2,746,777.50 2.106.3750 % Bayerische Motoren Werke US Capital

EUR MTN 09/12 EUR 1,300.0 % 105.147 1,366,904.50 1.047.6250 % Cellco Partnership / Verizon Wireless Capital

EUR Notes 08/11 EUR 950.0 1,350.0 % 103.987 1,403,823.15 1.074.2500 % Daimler Finance North America EUR MTN 04/11 EUR 700.0 500.0 % 101.319 506,595.00 0.394.6250 % Dow Chemical EUR MTN 04/11 EUR 1,000.0 1,300.0 % 100.477 1,306,195.80 1.004.0000 % Fortune Brands EUR Notes 06/13 EUR 700.0 % 100.770 705,390.00 0.541.4290 % Goldman Sachs Group EUR FLR-Notes 06/16 EUR 400.0 400.0 % 95.008 380,032.00 0.295.3750 % Goldman Sachs Group EUR MTN 08/13 EUR 850.0 850.0 % 104.063 884,535.50 0.685.7500 % Kraft Foods EUR Notes 08/12 EUR 1,100.0 % 103.436 1,137,790.50 0.871.4660 % Merrill Lynch EUR FLR-MTN 04/14 EUR 1,350.0 1,350.0 % 97.363 1,314,393.75 1.001.4220 % Morgan Stanley EUR FLR-MTN 06/13 EUR 1,450.0 1,450.0 % 98.690 1,431,005.00 1.098.8750 % Qwest USD Notes 05/12 USD 1,300.0 % 107.250 980,932.95 0.755.2500 % Toyota Motor Credit EUR MTN 09/12 EUR 1,000.0 400.0 % 102.597 410,388.00 0.313.8750 % WM Covered Bond Program EUR MTN 06/11 EUR 2,350.0 6,150.0 % 101.030 6,213,345.00 4.74Securities and money-market instruments dealt on another regulated market 19,693,218.53 15.02Bonds 2,833,203.40 2.16Australia 808,737.62 0.625.2500 % Hanson Australia Funding USD Notes 03/13 USD 1,100.0 % 104.500 808,737.62 0.62France 499,497.32 0.381.7531 % Crédit Agricole (London) USD FLR-Notes 11/14 USD 700.0 700.0 % 101.423 499,497.32 0.38United States 1,524,968.46 1.160.5795 % Citigroup USD FLR-Notes 06/16 USD 2,300.0 2,300.0 % 94.240 1,524,968.46 1.16Asset-Backed Securities 4,775,555.77 3.63

% ofSubfund

1) The market value was determined on the basis of the last available pricing factor at closing NAV date.

France 976,232.25 0.741.1350 % AUTO ABS EUR FLR-Notes 06/17 Cl.A1 EUR 196.1 266.5 % 99.524 265,197.90 1) 0.201.0220 % Cars Alliance Funding

ABS EUR FLR-Notes 06/20 Cl.A1 EUR 284.5 715.5 % 99.376 711,034.35 1) 0.54Germany 881,860.61 0.671.5870 % Driver One ABS EUR FLR-Notes 11/17 Cl.A8 EUR 900.0 19.8 880.2 % 100.189 881,860.61 1) 0.67Italy 1,311,334.23 1.001.7870 % Asset-Backed European Securitisation Transaction

ABS EUR FLR-Notes 10/20 Cl.A5 EUR 591.8 53.5 538.3 % 100.232 539,544.16 1) 0.411.2070 % Lombarda Lease Finance

ABS EUR FLR-Notes 05/22 Cl.A4 EUR 219.0 793.7 % 97.239 771,790.07 1) 0.59Jersey 1,033,553.50 0.793.0000 % Magnolia Funding ABS EUR Notes 10/17 Cl.1A A1 EUR 1,075.5 45.0 1,030.5 % 100.298 1,033,553.50 1) 0.79Netherlands 572,575.18 0.432.4870 % Globaldrive ABS EUR FLR-Notes 10/18 Cl.A EUR 18.0 173.7 % 100.320 174,252.54 1) 0.134.0000 % Globaldrive ABS EUR Notes 08/16 Cl.A2 EUR 22.9 90.1 % 100.864 90,903.40 1) 0.073.0000 % Globaldrive ABS EUR Notes 09/15 Cl.A EUR 600.3 293.5 306.8 % 100.209 307,419.24 1) 0.23Mortgage-Backed Securities 12,084,459.36 9.23Italy 2,309,242.97 1.762.6270 % Claris Finance Ser.2011-1

MBS EUR FLR-Notes 11/60 Cl.A1 EUR 700.0 700.0 % 100.070 700,490.00 0.531.3590 % Cordusio MBS EUR FLR-Notes 06/35 Cl.A2 EUR 685.2 685.2 % 95.768 656,152.97 1) 0.501.1970 % Intesa Sec MBS EUR FLR-Notes 07/33 Cl.A3 EUR 1,000.0 1,000.0 % 95.260 952,600.00 0.73Netherlands 3,903,026.60 2.981.9750 % Dutch Mortgage Portfolio Loans

MBS EUR FLR-Notes 10/47 Cl.A1 EUR 1,000.0 77.8 922.2 % 99.995 922,136.68 1) 0.701.2300 % Monastery MBS EUR FLR-Notes 06/44 Cl.A2 EUR 83.8 1,677.2 % 80.282 1,346,468.86 1) 1.032.0720 % Storm MBS EUR FLR-Notes 10/52 Cl.A1 EUR 37.7 362.3 % 99.910 361,945.96 1) 0.281.2120 % Vesteda Residential Funding

MBS EUR FLR-Notes 05/17 Cl.A3 EUR 1,300.0 1,300.0 % 97.883 1,272,475.10 0.97United Kingdom 5,872,189.79 4.492.5900 % Arkle Master Issuer

MBS EUR FLR-Notes 10/60 Cl.A2 EUR 600.0 600.0 % 100.757 604,541.40 0.462.3400 % Arkle Master Issuer

MBS EUR FLR-Notes 10/60 Cl.3A1 EUR 600.0 % 99.533 597,197.98 0.462.2910 % Arran Residential Mortgages Funding

MBS EUR FLR-Notes 10/47 Cl.A1B EUR 65.1 834.9 % 99.990 834,849.40 0.642.4060 % Fosse Master Issuer

MBS EUR FLR-Notes 10/54 Cl.A2 EUR 400.0 % 100.378 401,512.00 0.311.1670 % Granite Master Issuer

MBS EUR FLR-Notes 05/54 Cl.A5 EUR 5.2 44.4 % 94.595 41,999.61 1) 0.031.0870 % Granite Master Issuer

MBS EUR FLR-Notes 07/54 Cl.3A2 EUR 55.2 470.6 % 94.598 445,104.14 1) 0.340.9870 % Granite Master Issuer

MBS EUR FLR-Notes 07/54 Cl.3A2 EUR 24.5 209.2 % 94.942 198,543.51 1) 0.151.3100 % Granite Mortgages

MBS EUR FLR-Notes 04/44 Cl.2A2 EUR 21.1 160.1 % 95.925 153,570.65 1) 0.122.4060 % Holmes Master Issuer

MBS EUR FLR-Notes 10/54 Cl.A3 EUR 1,300.0 1,300.0 % 100.320 1,304,160.00 1.001.3630 % Money Partners Securities

MBS EUR FLR-Notes 06/40 Cl.A1B EUR 744.1 24.5 719.5 % 90.745 652,921.55 1) 0.501.4056 % Newgate Funding MBS GBP FLR-Notes 07/50 Cl.A1 GBP 16.5 84.7 % 97.240 93,445.63 1) 0.07Other securities and money-market instruments 3,026,535.28 2.31Bonds 3,026,535.28 2.31Netherlands 569,880.36 0.430.5120 % ING Bank USD FLR-Notes 06/16 USD 900.0 900.0 % 90.000 569,880.36 0.43Spain 1,225,560.00 0.944.5000 % La Caixa de Barcelona EUR Notes 02/12 EUR 1,200.0 1,200.0 % 102.130 1,225,560.00 0.94

% ofSubfund

United States 1,231,094.92 0.941.4680 % International Lease Finance EUR FLR-Notes 05/11 EUR 100.0 % 97.998 97,997.80 0.070.8631 % Wells Fargo GBP FLR-MTN 07/12 GBP 1,200.0 200.0 1,000.0 % 99.856 1,133,097.12 0.87Investments in securities and money-market instruments 129,054,239.31 98.48Deposits at financial institutions2) 681,401.72 0.52Sight deposits3) 681,401.72 0.520.5420 % State Street Bank Luxembourg S.A. EUR 653,174.17 0.500.5420 % Deposits for collateralisation of derivatives EUR 28,227.55 0.02Investments in deposits at financial institutions 681,401.72 0.52

Contracts

Price Unrealised gain/loss

% ofSubfund

assetsin the period under reviewDerivatives Holdings marked with a minus are short positions. Listed Derivatives – 30,369.59 – 0.02Futures Transactions – 29,762.24 – 0.02Purchased Bond Futures 22,645.71 0.0290Day EURO$ Futures 09/11 Ctr 194 194 USD 99.505 22,645.71 0.02Sold Bond Futures – 52,407.95 – 0.0410-Year German Government Bond (Bund) Futures 06/11 Ctr 25 78 – 53 EUR 121.440 – 1,620.00 0.0030-Year US Treasury Bond Futures (CBT) 06/11 Ctr 28 83 – 55 USD 120.188 – 50,787.95 – 0.04Options Transactions – 607.35 0.00Short Call Options on Bond – 607.35 0.00Call 0.001 Estrad 10/11 Ctr 2,500,000 – 2,500,000 USD 0.780 – 4,208.11 0.00Call 0.001 Estrad 11/11 Ctr 6,400,000 – 6,400,000 USD 1.658 – 24,349.24 – 0.02Euro-Bund Options Futures - Call 124 OGBL 06/11 Ctr 43 – 43 EUR 0.330 27,950.00 0.02OTC-Dealt Derivatives 607,268.99 0.47Forward Foreign Exchange Transactions 480,321.68 0.37Sold CHF / Bought EUR 20 May 2011 CHF – 1,190,000.00 – 10,361.45 – 0.01Sold EUR / Bought GBP 20 May 2011 EUR – 3,473,751.14 – 148,023.44 – 0.11Sold EUR / Bought SGD 09 Sep 2011 EUR – 2,447,350.60 – 32,444.35 – 0.02Sold EUR / Bought USD 20 May 2011 EUR – 2,828,605.63 – 92,930.77 – 0.07Sold GBP / Bought EUR 20 May 2011 GBP – 5,121,098.00 225,547.29 0.17Sold KRW / Bought USD 09 May 2011 KRW – 1,426,934,353.00 – 33,633.15 – 0.03Sold MXN / Bought USD 07 Jul 2011 MXN – 4,490,000.00 – 1,182.84 0.00Sold PHP / Bought USD 15 Jun 2011 PHP – 79,475,040.00 246.70 0.00Sold SGD / Bought EUR 09 Sep 2011 SGD – 1,209,000.00 – 784.61 0.00Sold USD / Bought EUR 20 May 2011 USD – 24,077,094.43 522,773.78 0.40Sold USD / Bought KRW 09 May 2011 USD – 3,890,476.16 63,876.83 0.05Sold USD / Bought MXN 07 Jul 2011 USD – 2,196,252.82 26,843.90 0.02Sold USD / Bought PHP 15 Jun 2011 USD – 3,747,050.89 – 39,606.21 – 0.03Options Transactions – 52,948.25 – 0.04Sold Options on Interest Rate Swaps (Swaptions) – 52,948.25 – 0.04Call ECAL 6ME / 1.30% Strike 1.30% EUR 7,000,000.00 – 7,000,000.00 0.00 0.00Put ECAL 3ML / 2.25% Strike 2.25% USD 1,400,000.00 – 8,100,000.00 – 25,491.54 – 0.02Put ECAL 3ML / 2.25% Strike 2.25% USD – 500,000.00 – 1,985.74 0.00Put ECAL 3ML / 2.25% Strike 2.25% USD – 2,200,000.00 – 9,736.93 – 0.01Put ECAL 3ML / 2.25% Strike 2.25% USD 3,800,000.00 – 3,800,000.00 – 19,370.21 – 0.01Put ECAL 6ME / 1.60% Strike 1.60% EUR 2,100,000.00 – 2,100,000.00 3,636.17 0.00Swap Transactions 179,895.56 0.14Credit Default Swaps 307,747.59 0.23Protection Buyer – 45,946.57 – 0.03Ford Motor Credit Default Swap Cp 5.00 EUR 1,300,000.00 – 29,121.02 – 0.02Hanson Credit Default Swap Cp 1.00 USD 1,100,000.00 – 16,825.55 – 0.01Protection Seller 353,694.16 0.26Alcoa Credit Default Swap Cp 1.00 USD 1,900,000.00 1,900,000.00 2,622.56 0.00Arab Republic Of Egypt Credit Default Swap Cp 1.00 USD 800,000.00 – 6,529.42 0.00Australian Government Credit Default Swap Cp 1.00 USD 2,800,000.00 1,107.34 0.00Bundesrepublik Deutschland Credit Default Swap Cp 0.25 USD 700,000.00 3,207.82 0.00Bundesrepublik Deutschland Credit Default Swap Cp 0.25 USD 150,000.00 1,244.99 0.00

% ofSubfund

Bundesrepublik Deutschland Credit Default Swap Cp 0.25 USD 350,000.00 3,413.07 0.00Bundesrepublik Deutschland Credit Default Swap Cp 0.25 USD 150,000.00 1,381.16 0.00Bundesrepublik Deutschland Credit Default Swap Cp 0.25 USD 1,400,000.00 10,766.41 0.01California Credit Default Swap Cp 2.31 USD 1,900,000.00 1,900,000.00 15,437.60 0.01CDX Credit Default Swap Cp 1.00 USD 8,600,000.00 8,600,000.00 2,926.61 0.00China Government Credit Default Swap Cp 1.00 USD 2,100,000.00 25,335.37 0.02Continental Credit Default Swap Cp 5.00 EUR 700,000.00 700,000.00 – 3,941.13 0.00Egypt Government Credit Default Swap Cp 1.00 USD 100,000.00 100,000.00 1,513.39 0.00Emirate of Abu Dhabi Credit Default Swap Cp 1.00 USD 600,000.00 16,779.46 0.01Fortune Brands Credit Default Swap Cp 1.00 EUR 700,000.00 – 34,467.25 – 0.03France Government Credit Default Swap Cp 0.25 USD 700,000.00 2,821.46 0.00France Government Credit Default Swap Cp 0.25 USD 400,000.00 3,539.47 0.00France Government Credit Default Swap Cp 0.25 USD 1,400,000.00 11,674.84 0.01France Government Credit Default Swap Cp 0.25 USD 300,000.00 2,068.47 0.00France Government Credit Default Swap Cp 0.25 USD 1,400,000.00 18,156.53 0.01France Government Credit Default Swap Cp 0.25 USD 5,200,000.00 5,200,000.00 84,136.09 0.06ING Verzekeringen Credit Default Swap Cp 1.40 EUR 400,000.00 343.69 0.00Italy Government Credit Default Swap Cp 1.00 USD 4,200,000.00 55,419.89 0.04Italy Government Credit Default Swap Cp 1.00 USD 4,200,000.00 56,949.76 0.04Japan Government Twenty Year Bond Credit Default Swap Cp 1.00 USD 600,000.00 600,000.00 5,308.52 0.00Netherlands Government Credit Default Swap Cp 0.25 USD 3,100,000.00 3,100,000.00 33,435.38 0.03Petrobras International Finance Credit Default Swap Cp 1.00 USD 1,800,000.00 1,800,000.00 243.07 0.00Quatar Government Credit Default Swap Cp 1.00 USD 100,000.00 100,000.00 279.36 0.00Quatar Government Credit Default Swap Cp 1.00 USD 100,000.00 100,000.00 – 266.13 0.00Quatar Government Credit Default Swap Cp 1.00 USD 100,000.00 100,000.00 388.29 0.00Qwest Credit Default Swap Cp 1.00 USD 1,300,000.00 – 29,529.06 – 0.02Republic of Korea Credit Default Swap Cp 1.00 USD 800,000.00 11,500.96 0.01Republic of Korea Credit Default Swap Cp 1.00 USD 800,000.00 16,138.55 0.01Republic of Korea Credit Default Swap Cp 1.00 USD 800,000.00 25,792.52 0.02Republic of Korea Credit Default Swap Cp 1.00 USD 2,900,000.00 2,900,000.00 26,258.92 0.02Republic of Korea Credit Default Swap Cp 1.00 USD 200,000.00 – 240.78 0.00Rolls Royce Credit Default Swap Cp 1.00 EUR 700,000.00 700,000.00 5,916.80 0.01Russia Credit Default Swap Cp 1.68 USD 2,000,000.00 – 54,376.67 – 0.04United Kingdom Government Credit Default Swap Cp 1.00 USD 600,000.00 1,100,000.00 8,474.35 0.01United Kingdom Government Credit Default Swap Cp 1.00 USD 1,800,000.00 8,617.20 0.01United Kingdom Government Credit Default Swap Cp 1.00 USD 1,200,000.00 11,553.33 0.01United Kingdom Government Credit Default Swap Cp 1.00 USD 600,000.00 600,000.00 865.24 0.00Virgin Media Finance Credit Default Swap Cp 5.00 EUR 700,000.00 700,000.00 7,426.13 0.01Interest Rate Swaps – 127,852.03 – 0.09IRS BRL Fix Receiver 11.53% / Floating Payer 1M-Brazibor BRL 7,400,000.00 – 70,878.03 – 0.05IRS BRL Fix Receiver 11.89% / Floating Payer 1M-Brazibor BRL 16,200,000.00 – 80,899.73 – 0.06IRS BRL Fix Receiver 12.24% / Floating Payer 1M-Brazibor BRL 14,800,000.00 23,925.73 0.02Investments in derivatives 576,899.40 0.45Net current assets/liabilities EUR 725,117.80 0.55Net assets of the Subfund EUR 131,037,658.23 100.00

Net asset value per share– Class I (EUR) (distributing) EUR 997.86Shares in circulation– Class I (EUR) (distributing) Shs 131,318

Unrealised gain/loss

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listingBondsAustralia4.7500 % BHP Billiton Finance EUR MTN 09/12 EUR 800.06.3750 % Telstra EUR MTN 01/11 EUR 1,000.0Brazil9.5000 % Brazil Government EUR Bonds 01/11 EUR 800.0Canada5.8750 % Xstrata Canada Financial EUR MTN 08/11 EUR 800.0Denmark1.2530 % Danske Bank EUR FLR-MTN 07/12 EUR 900.02.1250 % FIH Erhvervsbank EUR MTN 10/13 USD 4,300.01.0000 % Nykredit Realkredit EUR Notes 10/12 EUR 4,700.0 4,700.06.5000 % TDC EUR MTN 02/12 EUR 600.0 600.0France1.4620 % Banque Populaire Caisse d’Épargne EUR FLR-MTN 11/12 EUR 500.0 500.03.7500 % Banque PSA Finance EUR MTN 09/11 EUR 200.04.7500 % CM-CIC Covered Bonds EUR MTN 07/12 EUR 1,700.03.8750 % Vivendi EUR Notes 05/12 EUR 1,100.0Germany3.5000 % Bundesrepublik Deutschland EUR Bonds 05/16 S.5 EUR 4,500.0 4,500.03.5000 % Bundesrepublik Deutschland EUR Bonds 06/11 S.148 EUR 500.0 500.04.2500 % Bundesrepublik Deutschland EUR Bonds 07/39 S.7 EUR 3,500.0 3,500.02.2500 % Bundesrepublik Deutschland EUR Bonds 08/10 S.1 EUR 3,300.0 3,300.01.2500 % Bundesrepublik Deutschland EUR Bonds 09/11 EUR 3,300.0 3,300.00.7500 % Bundesrepublik Deutschland EUR Bonds 10/12 EUR 12,400.0 12,400.01.0000 % Bundesrepublik Deutschland EUR Bonds 10/12 EUR 4,500.0 4,500.05.2500 % DEPFA Deutsche Pfandbriefbank EUR Notes 01/11 USD 850.03.2500 % Deutsche Pfandbriefbank EUR Notes 05/12 S.5008 EUR 2,150.01.0000 % Düsseldorfer Hypothekenbank EUR Notes 10/11 EUR 450.03.5000 % Eurohypo EUR Notes 04/11 S.2133 EUR 1,300.01.0120 % FMS Wertmanagement EUR FLR-Notes 11/14 EUR 700.0 700.03.7500 % Hypo Real Estate Bank International EUR Notes 04/11 S.539 EUR 900.01.4410 % Land Berlin EUR FLR-Notes 09/12 S.279 EUR 1,800.01.3060 % Land Berlin EUR FLR-Notes 09/13 S.282 EUR 700.00.9550 % Land Brandenburg EUR FLR-MTN 08/12 USD 1,100.01.0070 % Land Brandenburg EUR FLR-Notes 10/13 EUR 1,000.01.4950 % Land Bremen EUR FLR-Notes 09/11 S.159 EUR 3,800.01.0660 % Land Niedersachsen EUR FLR-Notes 09/12 S.531 EUR 900.0 1,800.01.0000 % Land Rheinland-Pfalz EUR FLR-Notes 09/11 EUR 1,800.01.3240 % Land Schleswig-Holstein EUR FLR-Notes 09/14 EUR 1,500.0 1,500.01.0140 % Landeskreditbank Baden-Württemberg Förderbank EUR FLR-MTN 10/13 S.3099 EUR 2,600.04.8750 % Merck Financial Services EUR MTN 09/13 EUR 200.00.9680 % NRW.BANK EUR FLR-MTN 06/11 EUR 3,500.01.0560 % NRW.BANK EUR FLR-Notes 10/12 USD 2,500.01.7500 % SAP EUR MTN 10/12 USD 1,400.0Ireland3.5000 % DEPFA ACS Bank EUR MTN 06/11 EUR 1,400.0 1,400.02.7500 % German Postal Pensions Securitisation EUR Notes 05/11 S.1 EUR 2,700.0Italy6.0000 % Italy Buoni Poliennali del Tesoro EUR Bonds 01/11 USD 2,500.0Japan4.1250 % Nippon Telegraph & Telephone EUR MTN 04/11 EUR 900.0 900.0Luxembourg6.6250 % Fiat Finance & Trade EUR Notes 06/13 EUR 450.08.2500 % VTB Bank Via VTB Capital EUR MTN 08/11 EUR 300.0 1,050.0Netherlands1.9480 % ABN Amro Bank EUR FLR-MTN 10/13 USD 1,400.03.7500 % ABN Amro Bank EUR MTN 06/12 Cl.A EUR 1,800.07.1250 % Deutsche Telekom International Finance EUR FLR-Notes 01/11 EUR 100.08.1250 % Deutsche Telekom International Finance EUR MTN 02/12 EUR 1,100.03.3750 % Fortis Bank Nederland EUR MTN 09/14 EUR 500.07.5000 % GMAC International Finance EUR Notes 10/15 USD 1,150.0

5.0000 % Koninklijke KPN EUR MTN 07/12 EUR 750.03.1250 % NIBC Bank EUR MTN 09/12 EUR 2,100.03.5000 % NIBC Bank EUR MTN 09/14 USD 300.03.5000 % SNS Bank EUR MTN 09/14 EUR 700.0Norway4.0000 % Sparebanken 1 Boligkreditt EUR MTN 08/11 EUR 1,300.0Spain2.8750 % Instituto de Credito Oficial EUR MTN 10/13 EUR 4,200.0 4,200.07.3000 % Santander Issuances Unipersonal GBP FLR-Notes 09/19 S.24 GBP 1,200.0 1,200.0Sweden0.5090 % Nordea Bank USD FLR-MTN 05/16 EUR 900.04.7500 % Skandinaviska Enskilda Banken EUR MTN 08/11 EUR 500.01.6070 % Swedbank EUR FLR-MTN 09/12 EUR 1,800.0United Kingdom2.5000 % Abbey National Treasury Services London EUR Notes 10/13 EUR 800.0 800.03.5000 % Bank of Scotland EUR MTN 08/11 EUR 1,400.07.8750 % FCE Bank GBP MTN 07/11 EUR 2,250.03.8750 % HSBC Bank EUR MTN 06/11 EUR 1,100.05.3750 % MAN Financial Services EUR Notes 03/10 EUR 500.03.7500 % Royal Bank of Scotland EUR MTN 08/11 EUR 400.01.3950 % Vodafone Group EUR FLR-MTN 06/12 EUR 1,500.0United States5.1250 % American Honda Finance EUR MTN 07/12 EUR 600.01.2890 % Goldman Sachs Group EUR FLR-MTN 06/11 EUR 600.01.3830 % Goldman Sachs Group EUR FLR-Notes 06/13 EUR 600.0 600.03.7500 % Morgan Stanley EUR MTN 06/13 EUR 1,450.0 1,450.05.6250 % Philip Morris International EUR MTN 08/11 EUR 500.01.1630 % Wells Fargo EUR FLR-MTN 06/11 EUR 900.01.2450 % Wells Fargo EUR FLR-MTN 06/11 Cl.D EUR 550.0Securities and money-market instruments dealt on another regulated marketAsset-Backed SecuritiesIreland0.9960 % SC Germany Auto ABS EUR FLR-Notes 07/15 Cl.A EUR 599.5Jersey3.0000 % Magnolia Funding ABS EUR Notes 10/17 Cl.1A EUR 791.7Mortgage-Backed SecuritiesItaly1.0000 % Claris Finance MBS EUR FLR-Notes 03/32 Cl.A EUR 30.81.3020 % Leasimpresa Finance MBS EUR FLR-Notes 06/25 Cl.A EUR 1,176.51.1640 % Vela Home MBS EUR FLR-Notes 03/27 Cl.A1 USD 0.7Netherlands1.2720 % Storm MBS EUR FLR-Notes 03/45 Cl.A1 EUR 563.2Other securities and money-market instrumentsBondsSwitzerland1.0000 % UBS (Jersey) EUR FLR-MTN 05/15 EUR 1,400.0United Kingdom7.5000 % Barclays Bank EUR FLR-Notes 00/und. EUR 1,300.0

DerivativesHoldings marked with a minus are short positions.Listed DerivativesFutures TransactionsPurchased Bond Futures10-Year German Government Bond (Bund) Futures 03/11 Ctr 13 133-Month Euribor Interest Rate Futures 06/11 Ctr 276 2763-Month Euribor Interest Rate Futures 06/12 Ctr 136 136Sold Bond Futures10-Year German Government Bond (Bund) Futures 03/11 Ctr 25 2510-Year US Treasury Bond Futures (CBT) 06/11 Ctr 25 252-Year German Government Bond (Schatz) Futures 03/11 Ctr 762 7622-Year German Government Bond (Schatz) Futures 06/11 Ctr 507 507Options TransactionsShort Call Options on BondEuro-Bund Options Futures - Call 133 OGBL 03/11 Ctr 47 47Short Call Options on Bond FuturesCall 122 10-Year US Treasury Bond Futures (CBT) 04/11 Ctr 25 25Short Put Options on BondEuro-Bund Options Futures - Put 125 OGBL 03/11 Ctr 13 13Put 126 EUX Euro Bund Futures 03/11 Ctr 34 34Short Put Options on Bond FuturesPut 121 10-Year US Treasury Bond Futures (CBT) 04/11 Ctr 25 25OTC-Dealt DerivativesEquity ForwardLand Niedersachsen 06.12.2010 EUR 900,000.00 900,000.00Forward Foreign Exchange TransactionsSold CHF / Bought EUR 18 Feb 2011 CHF – 1,190,000.00Sold DKK / Bought EUR 18 Feb 2011 DKK – 24,680,000.00Sold EUR / Bought CHF 18 Feb 2011 EUR – 903,425.00Sold EUR / Bought DKK 18 Feb 2011 EUR – 3,311,436.00Sold EUR / Bought GBP 18 Feb 2011 EUR – 6,025,817.00Sold EUR / Bought GBP 19 Nov 2010 EUR – 2,825,688.00Sold EUR / Bought GBP 20 May 2011 EUR – 596,295.00Sold EUR / Bought SGD 9 Mar 2011 EUR – 4,300,041.00Sold EUR / Bought USD 18 Feb 2011 EUR – 11,630,939.00Sold EUR / Bought USD 19 Nov 2010 EUR – 3,333,490.00Sold EUR / Bought USD 20 May 2011 EUR – 831,812.00Sold GBP / Bought EUR 18 Feb 2011 GBP – 5,111,098.00Sold GBP / Bought EUR 19 Nov 2010 GBP – 2,492,000.00Sold GBP / Bought EUR 20 May 2011 GBP – 10,000.00Sold KRW / Bought USD 19 Jan 2011 KRW – 4,376,396,637.00Sold KRW / Bought USD 9 May 2011 KRW – 782,835,353.00Sold MXN / Bought USD 14 Oct 2010 MXN – 26,782,205.00Sold MXN / Bought USD 22 Feb 2011 MXN – 26,782,205.00Sold PHP / Bought USD 15 Jun 2011 PHP – 29,615,040.00Sold PHP / Bought USD 15 Nov 2010 PHP – 82,921,000.00Sold SGD / Bought EUR 9 Mar 2011 SGD – 886,000.00Sold USD / Bought EUR 18 Feb 2011 USD – 15,832,964.00Sold USD / Bought EUR 19 Nov 2010 USD – 17,893,000.00Sold USD / Bought EUR 20 May 2011 USD – 9,875,370.00Sold USD / Bought GBP 18 Feb 2011 USD – 481,881.00Sold USD / Bought MXN 22 Feb 2011 USD – 2,114,486.00Sold USD / Bought PHP 15 Jun 2011 USD – 1,820,000.00Options TransactionsSold Options on Interest Rate Swaps (Swaptions)Call DJ ITRAXX14EU2 / 0.95% Strike 0.95% EUR 7,200,000.00 Call ECAL 3ML / 2.60% Strike 2.60% EUR 2,100,000.00 Call ECAL 3ML / 3.25% Strike 3.25% USD 1,700,000.00 Call ECAL 6ME / 0.90% Strike 0.90% EUR 7,200,000.00 7,200,000.00Call ECAL 6ME / 2.25% Strike 2.25% EUR 600,000.00 Call EWCO EUR vs USD EUR 1,400,000.00 1,400,000.00Call EWCO EUR vs USD EUR 1,440,000.00 1,440,000.00

Put ECAL 3ML / 5.00% Strike 5.00% USD 1,700,000.00 Put ECAL 6ME / 1.30% Strike 1.30% EUR 6,600,000.00 6,600,000.00Put ECAL 6ME / 1.40% Strike 1.40% EUR 7,200,000.00 7,200,000.00Put ECAL 6ME / 1.60% Strike 1.60% EUR 7,200,000.00 7,200,000.00Put ECAL 6ME / 2.50% Strike 2.50% EUR 8,000,000.00 8,000,000.00Put ECAL 6ME / 2.50% Strike 2.50% EUR 4,000,000.00 4,000,000.00Swap TransactionsCredit Default SwapsProtection BuyerAlly Financial Credit Default Swap Cp 5.00 300,000.00Bank of America Credit Default Swap Cp 5.00 150,000.00FCE Bank Credit Default Swap Cp 5.00 1,100,000.00Rhodia Credit Default Swap Cp 1.00 1,000,000.00Protection SellerBrazil Government Credit Default Swap Cp 1.00 300,000.00Brazil Government Credit Default Swap Cp 1.00 1,000,000.00Brazil Government Credit Default Swap Cp 1.01 200,000.00Emirate of Abu Dhabi Credit Default Swap Cp 1.00 1,000,000.00Emirate of Abu Dhabi Credit Default Swap Cp 1.00 300,000.00Mexico Government Credit Default Swap Cp 1.00 600,000.00Mexico Government Credit Default Swap Cp 1.00 1,000,000.00Republic of Korea Credit Default Swap Cp 1.00 1,200,000.00Interest Rate SwapsIRS EUR Fix Payer 2.50% / Floatimg Receiver 6M-Euribor 1,800,000.00 1,800,000.00IRS EUR Fix Payer 3.50% / Floatimg Receiver 6M-Euribor 1,700,000.00 1,700,000.00IRS EUR Fix Payer 3.50% / Floating Receiver 6M-Euribor 5,900,000.00 5,900,000.00IRS EUR Fix Payer 3.50% / Floating Receiver 6M-Euribor 3,900,000.00 3,900,000.00

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 129,540,123.06) 129,054,239.31 142,201,433.32

– bonds 1,475,181.50 1,746,914.58

Receivable on

– securities transactions 23,800.00 1,445,609.57

Unrealised gain on

– futures transactions 22,645.71 0.00

Total Assets 133,084,888.42 149,235,025.69

Liabilities to banks – 9,640.20 – 2,637.51

Upfront-payments received on swap transactions – 610,598.66 – 412,408.54

Payable on

– securities transactions – 378,511.17 – 4,109,216.73

Other payables – 51,989.55 – 133,706.44

Unrealised loss on

– futures transactions – 52,407.95 0.00

Net assets 131,037,658.23 143,263,656.81

01/10/2010–31/03/2011 01/10/2009–31/03/2010 EUR EUR

Subscriptions

– Class CT (EUR) 2,619,166.42 1,836,008.03

– Class I (EUR) 15,972,969.46 7,665,746.26

– Class P (EUR) 887,339.90 9,343.98

Redemptions

– Class CT (EUR) – 14,053,962.24 – 5,297,236.88

– Class I (EUR) – 14,298,209.26 – 44,263,831.58

– Class P (EUR) – 1,895,720.39 – 96,296.77

Distribution – 3,266,792.47 – 2,238,387.46

Equalization 95,172.26 184,104.48

EUR Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class CT

SharesClass I Shares

Class P Shares

Class CTShares

Class I Shares

Class P Shares

at the beginning of the reporting period 10,513 129,681 1,014 12,148 151,013 1,108

Number of shares

– issued 2,419 15,847 903 1,725 7,750 10

– redeemed – 12,932 – 14,210 – 1,917 – 4,989 – 44,268 – 98

at the end of the reporting period 0 131,318 0 8,884 114,495 1,020

Securities and money-market instruments admitted to an official stock exchange listing 95,082,525.78 99.50Equities 95,082,525.78 99.50Australia 21,652,315.30 22.66Amcor Shs 51,884 206,436 AUD 7.060 1,060,252.59 1.11Australia & New Zealand Banking Group Shs 101,080 140,146 AUD 23.810 2,427,500.38 2.54BHP Billiton Shs 35,685 141,985 AUD 46.560 4,809,219.97 5.03Boart Longyear Shs 246,562 450,761 AUD 4.680 1,534,657.24 1.61Commonwealth Bank of Australia Shs 39,884 52,893 AUD 52.400 2,016,270.02 2.11Incitec Pivot Shs 310,449 310,449 AUD 4.330 977,906.58 1.02MacArthur Coal Shs 69,988 44,120 175,547 AUD 11.600 1,481,394.08 1.55Newcrest Mining Shs 51,040 11,089 60,335 AUD 39.820 1,747,792.12 1.83OneSteel Shs 647,963 407,606 240,357 AUD 2.440 426,644.16 0.45Suncorp Group Shs 264,778 264,778 AUD 8.480 1,633,416.56 1.71Wesfarmers Shs 21,357 84,976 AUD 31.780 1,964,578.48 2.06Woodside Petroleum Shs 16,358 9,797 46,193 AUD 46.800 1,572,683.12 1.64China 10,021,007.70 10.49China Construction Bank -H- Shs 448,490 1,964,000 4,891,490 HKD 7.290 3,223,756.21 3.38China Oilfield Services -H- Shs 156,000 1,058,000 HKD 17.580 1,681,504.49 1.76China Petroleum & Chemical -H- Shs 1,134,000 1,134,000 HKD 7.810 800,677.42 0.84Ping An Insurance Group -H- Shs 121,000 241,500 HKD 78.900 1,722,612.65 1.80Sinopharm Group -H- Shs 81,600 324,800 HKD 27.650 811,903.94 0.85Tencent Holdings Shs 35,700 39,900 HKD 190.835 688,373.15 0.72Zhongsheng Group Holdings Shs 207,500 825,500 HKD 14.635 1,092,179.84 1.14Hong Kong 19,854,473.65 20.78AIA Group Shs 1,069,800 138,200 931,600 HKD 24.106 2,030,241.46 2.13ASM Pacific Technology Shs 182,900 16,600 166,300 HKD 98.135 1,475,399.25 1.54Beijing Enterprises Holdings Shs 51,000 202,500 HKD 44.790 819,969.56 0.86BOC Hong Kong Holdings Shs 564,500 591,000 HKD 25.515 1,363,258.23 1.43China Mobile Shs 28,000 110,000 HKD 72.117 717,169.10 0.75China Resources Gas Group Shs 220,000 872,000 HKD 10.689 842,662.52 0.88CNOOC Shs 1,147,000 874,000 HKD 19.768 1,561,944.48 1.63Cosco Pacific Shs 952,000 124,000 828,000 HKD 14.776 1,106,035.52 1.16Hong Kong Exchanges & Clearing Shs 13,700 54,800 HKD 169.799 841,217.57 0.88Huabao International Holdings Shs 821,000 164,000 657,000 HKD 12.078 717,396.55 0.75Hutchison Whampoa Shs 81,000 69,000 201,000 HKD 92.700 1,684,489.78 1.76Jardine Matheson Holdings Shs 19,200 30,800 USD 44.540 965,160.63 1.01Kunlun Energy Shs 974,000 100,000 874,000 HKD 12.481 986,156.37 1.03Li & Fung Shs 362,000 104,000 HKD 40.059 376,642.31 0.39Poly Hong Kong Investment Shs 409,000 1,522,000 HKD 7.348 1,010,997.69 1.06SJM Holdings Shs 1,324,000 856,000 HKD 13.809 1,068,662.47 1.12Sun Hung Kai Properties Shs 27,000 109,000 HKD 124.002 1,221,940.05 1.28Swire Pacific -A- Shs 26,000 102,500 HKD 114.944 1,065,130.11 1.12India 6,461,885.56 6.76Gujarat NRE Coke Shs 202,465 805,556 INR 49.800 633,756.31 0.66ICICI Bank Shs 106,736 93,284 INR 1,104.550 1,627,757.69 1.70ITC Shs 458,253 59,237 399,016 INR 181.250 1,142,524.55 1.20Lupin Shs 180,744 156,405 INR 414.850 1,025,035.58 1.07Reliance Industries Shs 14,852 59,096 INR 1,039.650 970,604.85 1.02Wipro Shs 142,543 142,543 INR 471.700 1,062,206.58 1.11Indonesia 1,846,035.42 1.93Bank Negara Indonesia Persero Shs 1,272,207 5,183,000 1,847,207 IDR 3,975.000 593,277.51 0.62Semen Gresik Persero Shs 878,500 1,355,500 1,011,500 IDR 9,100.000 743,725.15 0.78Tambang Batubara Bukit Asam Shs 300,000 300,000 IDR 21,000.000 509,032.76 0.53Malaysia 3,673,755.10 3.84CIMB Group Holdings Shs 484,000 889,000 MYR 8.200 1,694,961.01 1.77Genting Shs 399,700 399,700 MYR 11.040 1,025,999.91 1.07Petronas Chemicals Group Shs 999,800 433,800 566,000 MYR 7.240 952,794.18 1.00Singapore 3,229,417.24 3.38Keppel Shs 18,000 23,000 270,000 SGD 12.300 1,854,299.02 1.94United Overseas Bank Shs 32,000 131,000 SGD 18.800 1,375,118.22 1.44South Korea 15,285,857.42 16.00Hotel Shilla Shs 13,930 25,320 KRW 25,766.959 418,445.32 0.44Hyundai Heavy Industries Shs 361 1,982 4,582 KRW 522,398.631 1,535,214.11 1.61Hyundai Home Shopping Network Shs 1,738 3,243 12,909 KRW 122,531.725 1,014,502.19 1.06

% ofSubfund

Hyundai Steel Shs 18,235 6,448 11,787 KRW 141,188.819 1,067,371.07 1.12Kia Motors Shs 2,057 2,057 KRW 69,585.918 91,805.24 0.10KT&G Shs 5,615 22,345 KRW 57,584.868 825,278.59 0.86LG Shs 9,431 9,431 KRW 82,494.610 498,993.81 0.52LG Chem Shs 2,595 2,595 KRW 463,906.120 772,110.22 0.81LG Electronics Shs 20,643 2,668 17,975 KRW 105,891.614 1,220,793.78 1.28Lotte Shopping Shs 1,070 4,264 KRW 452,812.713 1,238,362.08 1.30NCSoft Shs 2,912 2,912 KRW 252,627.137 471,827.46 0.49Samsung Electronics Shs 5,523 KRW 939,914.138 3,329,469.68 3.48Samsung Fire & Marine Insurance Shs 2,121 1,893 9,659 KRW 244,559.204 1,515,053.67 1.58Samsung SDI Shs 9,480 12,568 7,016 KRW 169,426.583 762,400.15 0.80SFA Engineering Shs 11,849 11,849 KRW 68,980.823 524,230.05 0.55Taiwan 10,714,361.27 11.21Advanced Semiconductor Engineering Shs 2,261,000 1,029,000 1,232,000 TWD 31.900 940,278.97 0.98Catcher Technology Shs 646,000 163,000 483,000 TWD 145.500 1,681,378.38 1.76Delta Electronics Shs 134,000 334,000 TWD 116.500 930,952.94 0.97Formosa Chemicals & Fibre Shs 181,000 181,000 TWD 111.500 482,846.15 0.51Fubon Financial Holding Shs 313,000 473,000 1,997,639 TWD 39.050 1,866,351.24 1.95Hon Hai Precision Industry Shs 895,000 385,546 TWD 103.000 950,098.78 1.00Powertech Technology Shs 401,000 401,000 TWD 92.100 883,607.38 0.93President Chain Store Shs 309,000 309,000 TWD 130.500 964,771.19 1.01Siliconware Precision Industries Shs 1,317,000 1,317,000 TWD 36.800 1,159,548.52 1.21Synnex Technology International Shs 550,000 520,651 TWD 68.600 854,527.72 0.89Thailand 2,343,417.12 2.45PTT Chemical (Foreign) Shs 123,300 49,700 678,500 THB 148.500 2,343,417.12 2.45Investments in securities and money-market instruments 95,082,525.78 99.50Deposits at financial institutions1) 426,185.43 0.45Sight deposits2) 426,185.43 0.450.5420 % State Street Bank Luxembourg S.A. EUR 426,185.43 0.45Investments in deposits at financial institutions 426,185.43 0.45Net current assets/liabilities EUR 47,192.75 0.05Net assets of the Subfund EUR 95,555,903.96 100.00

Net asset value per share– Class A (USD) (distributing) USD 17.68– Class I (USD) (distributing) USD 20.03– Class A (EUR) (distributing) EUR 18.49– Class AT (EUR) (accumulating) EUR 10.66– Class CT (EUR) (accumulating) EUR 10.27– Class I (EUR) (distributing) EUR 18.53– Class N (EUR) (distributing) EUR 18.05– Class S (EUR) (distributing) EUR 17.99Shares in circulation– Class A (USD) (distributing) Shs 172,085– Class I (USD) (distributing) Shs 1,831,176– Class A (EUR) (distributing) Shs 2,936,238– Class AT (EUR) (accumulating) Shs 102,823– Class CT (EUR) (accumulating) Shs 474,491– Class I (EUR) (distributing) Shs 392,375– Class N (EUR) (distributing) Shs 103– Class S (EUR) (distributing) Shs 3,5581) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listing Equities Australia Challenger Financial Services Group Shs 388,859JB Hi-Fi Shs 123,947Seek Shs 355,106China China Construction Bank -Rights- Shs 448,490 448,490China Shenhua Energy -H- Shs 117,000 460,500Sany Heavy Equipment International Holdings Shs 1,087,000Shirble Department Stores Holdings China Shs 3,624,000 3,624,000Hong Kong Brilliance China Automotive Holdings Shs 3,828,000Hutchinson Port -Rights- Shs 24,800 24,800Yingde Gases Shs 658,000India Coal India Shs 29,195 29,195Oberoi Realty Shs 13,785 13,785Indonesia Bank Negara Indonesia Persero -Rights- Shs 1,272,207 1,272,207Malaysia Gamuda Shs 240,600 1,516,800Singapore Indofood Agri Resources Shs 1,709,000Neptune Orient Lines Shs 524,000South Korea Grand Korea Leisure Shs 40,640 118,760Honam Petrochemical Shs 12,338Kolon Industries Shs 3,781 36,809Kolon Industries -Rights- Shs 3,781 3,781Korea Exchange Bank Shs 145,760POSCO Shs 3,797Taiwan Acer Shs 614,000 614,000Far Eastern Textile Shs 1,704,460MStar Semiconductor Shs 29,000 29,000TSRC Shs 496,000 496,000Uni-President Enterprises Shs 2,483,703Participating Shares Australia Equinox Minerals (NPV’s) Shs 571,654

31/03/2011 30/09/2010 EUR EUR

(Cost price EUR 78,377,517.89) 95,082,525.78 120,169,906.97

– bonds 0.00 0.00

Receivable on

Unrealised gain on

Total Assets 97,263,258.97 126,951,840.51

Liabilities to banks – 1,026,665.59 0.00

Payable on

– securities transactions – 521,095.14 – 8,012.26

Other payables – 133,792.00 – 172,983.17

Unrealised loss on

Total Liabilities – 1,707,355.01 – 392,087.71

Net assets 95,555,903.96 126,559,752.80

01/10/2010–31/03/2011 01/10/2009–31/03/2010 EUR EUR

Subscriptions

– Class A (EUR) 6,238,487.95 7,231,185.44

– Class AT (EUR) 582,814.46 60,556.68

– Class CT (EUR) 1,304,977.32 642,650.21

– Class I (EUR) 21,338.28 1,484,459.99

– Class N (EUR) 26.44 25.91

– Class S (EUR) 36,988.55 1,679.15

– Class A (USD) 242,439.85 311,925.97

– Class I (USD) 6,017,891.76 7,577,554.37

Redemptions

– Class A (EUR) – 45,547,999.61 – 11,813,705.72

– Class AT (EUR) – 100,849.11 – 12,070.95

– Class CT (EUR) – 820,436.83 – 272,032.91

– Class I (EUR) – 588.90 0.00

– Class N (EUR) – 573.90 0.00

– Class S (EUR) – 3,149.92 – 81.91

– Class A (USD) – 723,249.65 – 65,862.57

– Class I (USD) – 2,816,207.08 – 6,631,532.62

Distribution – 850,817.86 – 1,656,172.67

Equalization 2,410,636.58 – 11,159.97

Class ATShares

Class CTShares

Class A Shares

Class ATShares

Class CTShares

at the beginning of the reporting period 4,991,446 59,156 428,685 4,623,852 42,708 353,071

Number of shares

– issued 326,865 53,073 124,323 471,106 7,019 74,810

– redeemed – 2,382,073 – 9,406 – 78,517 – 765,227 – 1,404 – 31,952

at the end of the reporting period 2,936,238 102,823 474,491 4,329,731 48,323 395,929

EUR Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class I

SharesClass NShares

Class SShares

Class I Shares

Class NShares

Class SShares

at the beginning of the reporting period 391,302 132 1,671 338,748 100 1,405

Number of shares

– issued 1,103 1 2,066 97,403 2 113

– redeemed – 30 – 30 – 179 0 0 – 5

at the end of the reporting period 392,375 103 3,558 436,151 102 1,513

USD Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class A Shares

Class I Shares

Class A Shares

Class I Shares

at the beginning of the reporting period 209,580 1,606,759 153,358 1,731,838

Number of shares

– issued 19,112 425,608 30,519 653,159

– redeemed – 56,607 – 201,191 – 6,521 – 574,601

at the end of the reporting period 172,085 1,831,176 177,356 1,810,396

Securities and money-market instruments admitted to an official stock exchange listing 174,477,566.72 97.40Equities 173,795,174.57 97.02Belgium 4,471,243.90 2.49Anheuser-Busch InBev Shs 11,370 3,940 93,310 EUR 40.480 3,777,188.80 2.11Delhaize Group Shs 1,710 12,170 EUR 57.030 694,055.10 0.38Finland 3,208,271.47 1.79Nokia Shs 32,450 13,100 310,269 EUR 6.085 1,887,986.87 1.05Stora Enso Shs 4,000 79,270 EUR 8.340 661,111.80 0.37UPM-Kymmene Shs 2,000 44,720 EUR 14.740 659,172.80 0.37France 59,534,607.01 33.24Air Liquide Shs 2,170 880 20,741 EUR 94.080 1,951,313.28 1.09AXA Shs 20,910 5,890 139,517 EUR 15.030 2,096,940.51 1.17BNP Paribas Shs 12,270 6,260 100,995 EUR 52.890 5,341,625.55 2.98Carrefour Shs 9,610 2,270 53,656 EUR 31.835 1,708,138.76 0.96Casino Guichard Perrachon Shs 9,732 EUR 67.580 657,688.56 0.37Compagnie de Saint-Gobain Shs 2,800 1,050 24,753 EUR 43.640 1,080,220.92 0.60Crédit Agricole Shs 51,823 EUR 11.865 614,879.90 0.35Danone Shs 5,250 2,120 50,236 EUR 46.100 2,315,879.60 1.29France Télécom Shs 31,970 11,080 262,213 EUR 15.840 4,153,453.92 2.32GDF Suez Shs 13,800 4,780 113,133 EUR 28.885 3,267,846.71 1.83L’Oréal Shs 800 560 13,228 EUR 82.930 1,096,998.04 0.61LVMH Moët Hennessy Louis Vuitton Shs 2,270 920 21,738 EUR 111.900 2,432,482.20 1.36Peugeot Shs 4,470 24,000 EUR 28.175 676,200.00 0.38Rhodia Shs 10,390 33,700 EUR 20.815 701,465.50 0.39Safran Shs 1,200 25,470 EUR 24.810 631,910.70 0.35Sanofi-Aventis Shs 15,480 7,860 126,981 EUR 49.790 6,322,383.99 3.53Schneider Electric Shs 4,490 2,441 36,830 EUR 120.650 4,443,539.50 2.48Société Générale Shs 10,820 6,973 103,320 EUR 46.855 4,841,058.60 2.70Total Shs 29,170 15,040 242,684 EUR 43.345 10,519,137.98 5.87Vinci Shs 8,840 1,240 31,284 EUR 44.175 1,381,970.70 0.77Vivendi Shs 19,630 7,000 163,219 EUR 20.215 3,299,472.09 1.84Germany 54,005,062.36 30.15Allianz Shs 2,040 48,358 EUR 100.150 4,843,053.70 2.70BASF Shs 10,530 5,350 86,339 EUR 60.960 5,263,225.44 2.94Bayer Shs 13,190 3,180 77,328 EUR 55.180 4,266,959.04 2.38Bayerische Motoren Werke Shs 4,120 1,660 39,340 EUR 58.520 2,302,176.80 1.29Daimler Shs 9,490 4,950 79,896 EUR 49.970 3,992,403.12 2.23Deutsche Bank Shs 18,230 3,540 83,835 EUR 41.895 3,512,267.33 1.96Deutsche Börse Shs 4,200 610 14,430 EUR 54.260 782,971.80 0.44Deutsche Telekom Shs 45,060 17,000 375,432 EUR 10.810 4,058,419.92 2.27E.ON Shs 22,560 11,680 188,565 EUR 21.610 4,074,889.65 2.27Infineon Technologies Shs 30,000 105,140 EUR 7.272 764,578.08 0.43Lanxess Shs 6,600 16,800 EUR 53.520 899,136.00 0.50Münchener Rückversicherungsgesellschaft Shs 3,230 4,012 26,510 EUR 111.300 2,950,563.00 1.65RWE Shs 1,680 1,350 31,920 EUR 45.345 1,447,412.40 0.81SAP Shs 15,730 3,540 86,374 EUR 43.220 3,733,084.28 2.08Siemens Shs 12,260 9,024 106,180 EUR 97.010 10,300,521.80 5.75Volkswagen Shs 600 1,503 7,000 EUR 116.200 813,400.00 0.45Ireland 907,758.36 0.51CRH (Traded in Ireland) Shs 4,000 19,620 EUR 16.485 323,435.70 0.18CRH (Traded in United Kingdom) Shs 35,478 EUR 16.470 584,322.66 0.33Italy 18,253,450.48 10.19Assicurazioni Generali Shs 4,790 3,850 91,115 EUR 15.460 1,408,637.90 0.79Enel Shs 113,020 78,689 926,870 EUR 4.478 4,150,523.86 2.32ENI Shs 38,140 19,370 312,843 EUR 17.520 5,481,009.36 3.06Intesa Sanpaolo Shs 183,370 63,520 1,503,851 EUR 2.136 3,212,225.74 1.79Telecom Italia Shs 66,090 60,000 1,250,469 EUR 1.089 1,361,760.74 0.76UniCredit Shs 154,800 62,520 1,480,254 EUR 1.783 2,639,292.88 1.47Luxembourg 1,700,440.23 0.95ArcelorMittal Shs 5,550 2,600 65,883 EUR 25.810 1,700,440.23 0.95Netherlands 9,195,356.73 5.13Aegon Shs 12,000 5,580 132,141 EUR 5.314 702,197.27 0.39ING Groep Shs 50,790 14,100 343,902 EUR 9.034 3,106,810.67 1.73DSM Shs 5,100 17,160 EUR 43.390 744,572.40 0.42

% ofSubfund

KPN Shs 2,500 47,090 EUR 12.020 566,021.80 0.32Philips Electronics Shs 3,030 2,440 57,677 EUR 22.730 1,310,998.21 0.73Unilever Shs 12,990 5,240 124,175 EUR 22.265 2,764,756.38 1.54Spain 22,518,984.03 12.57Banco Bilbao Vizcaya Argentaria Shs 46,320 16,040 379,862 EUR 8.686 3,299,481.33 1.84Banco Santander Shs 145,535 61,480 996,859 EUR 8.333 8,306,826.05 4.64Gas Natural Shs 2,490 58,932 EUR 13.340 786,152.88 0.44Iberdrola Shs 20,325 10,820 256,289 EUR 6.180 1,583,866.02 0.88Repsol YPF Shs 8,780 3,540 83,924 EUR 24.345 2,043,129.78 1.14Telefónica Shs 44,320 22,600 364,937 EUR 17.810 6,499,527.97 3.63REITs (Real Estate Investment Trusts) 682,392.15 0.38France 682,392.15 0.38Unibail Rodamco Real Estate Investment Trust Shs 4,447 EUR 153.450 682,392.15 0.38Investment Units 301,605.00 0.17(Management fee of the target fund in % p.a.) Luxembourg 301,605.00 0.17Allianz RCM IIS European Micro Cap -IT- EUR (0.880%) Shs 300.000 300.000 EUR 1,005.350 301,605.00 0.17Investments in securities and money-market instruments 174,779,171.72 97.57Deposits at financial institutions1) 4,181,861.84 2.33Sight deposits2) 4,181,861.84 2.330.5420 % State Street Bank Luxembourg S.A. EUR 4,181,861.84 2.33Investments in deposits at financial institutions 4,181,861.84 2.33

Contracts

% ofSubfund

assetsin the period under reviewDerivatives Holdings marked with a minus are short positions. Listed Derivatives 260,000.00 0.15Futures Transactions 260,000.00 0.15Purchased Index Futures 260,000.00 0.15DJ EURO STOXX 50 Index Futures 06/11 Ctr 130 130 EUR 2,859.000 260,000.00 0.15Investments in derivatives 260,000.00 0.15Net current assets/liabilities EUR – 97,694.95 – 0.05Net assets of the Subfund EUR 179,123,338.61 100.00

Net asset values per share– Class A (EUR) (distributing) EUR 113.72– Class AT (EUR) (accumulating) EUR 7.19– Class CT (EUR) (accumulating) EUR 7.05– Class I (EUR) (distributing) EUR 9.16– Class XT (EUR) (accumulating) EUR 1,045.62Shares in circulation– Class A (EUR) (distributing) Shs 36,814– Class AT (EUR) (accumulating) Shs 2,657,464– Class CT (EUR) (accumulating) Shs 4,424,406– Class I (EUR) (distributing) Shs 13,540,165– Class XT (EUR) (accumulating) Shs 6501) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listingEquitiesGermanyNordex Shs 12,000LuxembourgAperam (Traded in Luxembourg) Shs Aperam (Traded in The Netherlands) Shs 3,147 3,147SpainBanco Bilbao Vizcaya Argentaria -Rights- Shs 349,582 349,582Banco Santander (RFD) Shs 14,223 14,223Banco Santander Shs 11,702 11,702Banco Santander -Rights- Shs 1,837,310 1,837,310Iberdrola Bilbao Shs 6,855 6,855Iberdrola -Rights- Shs 246,784 246,784

DerivativesHoldings marked with a minus are short positions.Listed DerivativesFutures TransactionsPurchased Equity FuturesArcellorMittal Futures 01/11 Ctr 257 257BASF Futures 10/10 Ctr 91BASF Futures 01/11 Ctr 91 91Enel Futures 12/10 Ctr 156Voestalpine Futures 01/11 Ctr 326 326Purchased Index FuturesDJ EURO STOXX 50 Index Futures 03/11 Ctr 352 352DJ EURO STOXX 50 Index Futures 12/10 Ctr 157 300Sold Equity FuturesBayer Futures 10/10 Ctr 87 Bayer Futures 01/11 Ctr 87 87Iberdrola Finanzas Futures 12/10 Ctr 1,060 Salzgitter Futures 01/11 Ctr 88 88ThyssenKrupp Futures 01/11 Ctr 232 232

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 179,225,443.01) 174,779,171.72 153,144,106.24

– bonds 0.00 0.00

Receivable on

– securities transactions 0.00 742,180.96

Unrealised gain on

Total Assets 179,887,623.14 158,312,108.12

Payable on

Other payables – 155,277.22 – 147,430.28

Unrealised loss on

– futures transactions 0.00 – 105,904.41

Total Liabilities – 764,284.53 – 1,040,095.50

Net assets 179,123,338.61 157,272,012.62

01/10/2010–31/03/2011 01/10/2009–31/03/2010 EUR EUR

Subscriptions

– Class A (EUR) 178,808.08 0.00

– Class AT (EUR) 3,396,690.72 3,129,101.30

– Class CT (EUR) 626,976.07 1,309,086.26

– Class I (EUR) 33,461,319.44 58,218,890.13

– Class XT (EUR) 650,000.00 0.00

Redemptions

– Class A (EUR) – 578,779.77 0.00

– Class AT (EUR) – 470,006.19 – 3,052,543.99

– Class CT (EUR) – 347,630.04 – 92,022.92

– Class I (EUR) – 20,971,174.24 – 11,970,344.58

– Class XT (EUR) 0.00 0.00

Distribution – 7,228,042.77 – 2,051,023.71

Equalization – 108,478.27 – 103,204.78

EUR Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class AShares

Class ATShares

Class CTShares

Class I Shares

Class AShares

Class ATShares

Class CTShares

Class I Shares

at the beginning of the reporting period 40,390 2,248,742 4,384,621 12,236,120 0 437,433 4,082,985 5,475,460

Number of shares

– issued 1,639 477,406 88,809 3,627,480 0 455,735 197,396 6,231,968

– redeemed – 5,215 – 68,684 – 49,024 – 2,323,435 0 – 467,497 – 13,959 – 1,306,158

at the end of the reporting period 36,814 2,657,464 4,424,406 13,540,165 0 425,671 4,266,422 10,401,270

EUR Shares 01/10/2010–31/03/2011Class XT

Shares

at the beginning of the reporting period 0

Number of shares

– issued 650

– redeemed 0

at the end of the reporting period 650

Securities and money-market instruments admitted to an official stock exchange listing 15,827,310.51 95.71Equities 8,126,831.51 49.14Brazil 8,126,831.51 49.14Anhanguera Educacional Participacoes Shs 14,300 14,300 BRL 39.750 349,209.03 2.11Autometal Shs 23,410 23,410 BRL 16.700 240,176.32 1.45Banco do Brasil Shs 18,000 18,000 BRL 28.830 318,808.17 1.93BM&FBovespa Shs 79,200 12,900 66,300 BRL 11.860 483,070.50 2.92Bradespar Shs 21,300 9,100 12,200 BRL 41.990 314,715.40 1.90Brasil Insurance Participacoes e Administracao Shs 200 200 BRL 1,800.000 221,164.18 1.34CCR Shs 11,400 11,400 BRL 48.340 338,550.76 2.05Cia Brasileira de Distribuicao Grupo Pao de Acucar Shs 5,600 1,900 3,700 BRL 65.340 148,522.81 0.90Cia Energetica de Sao Paulo Shs 17,400 17,400 BRL 31.580 337,577.64 2.04Diagnosticos da America Shs 16,400 16,400 BRL 20.330 204,829.98 1.24Duratex Shs 36,900 11,400 25,500 BRL 16.950 265,535.25 1.61EcoRodovias Infraestrutura e Logistica Shs 35,100 35,100 BRL 13.160 283,775.76 1.72Fleury Shs 13,600 13,600 BRL 23.960 200,187.99 1.21Hypermarcas Shs 29,800 12,500 17,300 BRL 21.550 229,037.01 1.38Iochpe-Maxion Shs 15,000 15,000 BRL 21.550 198,587.01 1.20Localiza Rent a Car Shs 29,000 29,000 BRL 25.500 454,308.09 2.75Lojas Renner Shs 10,500 10,500 BRL 53.200 343,173.09 2.07Marcopolo Shs 37,000 7,600 29,400 BRL 6.830 123,361.70 0.75MRV Engenharia e Participacoes Shs 34,000 34,000 BRL 12.880 269,033.94 1.63Odontoprev Shs 13,000 13,000 BRL 26.390 210,763.32 1.27OGX Petroleo e Gas Participacoes Shs 54,000 54,000 BRL 19.760 655,530.64 3.96PDG Realty SA Empreendimentos e Participacoes Shs 55,400 55,400 BRL 9.070 308,694.82 1.87Raia Shs 12,200 12,200 BRL 25.510 191,197.67 1.16Randon Participacoes Shs 20,000 20,000 BRL 11.100 136,384.58 0.82Redecard Shs 23,000 12,000 11,000 BRL 23.650 159,821.84 0.97Tegma Gestao Logistica Shs 18,000 18,000 BRL 24.800 274,243.59 1.66Tim Participacoes Shs 70,800 70,800 BRL 8.270 359,708.80 2.17Totvs Shs 8,500 8,500 BRL 31.400 163,968.67 0.99Ultrapar Participacoes Shs 20,400 20,400 BRL 27.360 342,892.95 2.07Participating Shares 7,700,479.00 46.57Brazil 7,268,479.00 43.96Banco Bradesco (ADR’s) Shs 68,400 68,400 USD 20.160 1,378,944.00 8.34Banco Santander Brasil (ADR’s) Shs 38,000 14,000 24,000 USD 12.120 290,880.00 1.76Cia Bedibas das Americas (ADR’s) Shs 25,500 500 25,000 USD 28.170 704,250.00 4.26Gerdau (ADR’s) Shs 40,000 5,500 34,500 USD 12.380 427,110.00 2.58Itau Unibanco Holding (ADR’s) Shs 53,000 6,000 47,000 USD 23.200 1,090,400.00 6.59Petroleo Brasileiro (ADR’s) Shs 45,400 6,500 38,900 USD 40.410 1,571,949.00 9.51Vale (ADR’s) Shs 50,500 1,900 48,600 USD 29.110 1,414,746.00 8.56Vivo Participacoes (ADR’s) Shs 10,000 10,000 USD 39.020 390,200.00 2.36United States 432,000.00 2.61Cia Energetica de Minas Gerais (ADR’s) Shs 22,500 22,500 USD 19.200 432,000.00 2.61Investments in securities and money-market instruments 15,827,310.51 95.71Deposits at financial institutions1) 1,146,301.10 6.93Sight deposits2) 1,146,301.10 6.930.0000 % State Street Bank Luxembourg S.A. USD 1,146,301.10 6.93Investments in deposits at financial institutions 1,146,301.10 6.93Net current assets/liabilities USD – 436,527.67 – 2.64Net assets of the Subfund USD 16,537,083.94 100.00

Net asset value per share– Class AT (USD) (accumulating) USD 9.82– Class AT (EUR) (accumulating) EUR 95.81– Class A (GBP) (distributing) GBP 96.95Shares in circulation– Class AT (USD) (accumulating) Shs 372,973 – Class AT (EUR) (accumulating) Shs 94,359– Class A (GBP) (distributing) Shs 1501) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

Allianz RCM Brazil

% ofSubfund

Allianz RCM Brazil

Securities and money-market instruments admitted to an official stock exchange listing Equities Brazil Anhanguera Educacional Participacoes Shs 10,000 10,000Usinas Siderurgicas de Minas Gerais -A- Shs 21,000 21,000Weg Shs 11,000 11,000Participating Shares Brazil Centrais Electricas Brasileiras (ADR’s) Shs 9,000 9,000Gafisa (ADR’s) Shs 15,000 15,000Rights Hypermarcas -Rights- Shs 23 23

Allianz RCM Brazil

31/03/2011 EUR

(Cost price EUR 15,661,232.03) 15,827,310.51

Time deposits 0.00

Cash at banks 1,146,301.10

– bonds 0.00

Dividend receivable 24,757.57

Receivable on

Unrealised gain on

Liabilities to banks – 79.39

Payable on

– redemptions of fund shares – 134.70

– securities transactions – 430,236.36

Unrealised loss on

Net assets 16,537,083.94

Allianz RCM Brazil

Subscriptions

– Class AT (EUR) 13,181,305.00

– Class A (GBP) 23,141.11

– Class AT (USD) 6,610,985.00

Redemptions

– Class AT (EUR) – 190,411.09

– Class A (GBP) 0.00

– Class AT (USD) – 2,987,962.20

Equalization 27,700.21

Result of operations – 127,674.09

Allianz RCM Brazil

EUR Shares Launch date–31/03/2011Class AT

Shares

Number of shares

– issued 95,784

– redeemed – 1,425

at the end of the reporting period 94,359

GBP Shares Launch date–31/03/2011Class A Shares

Number of shares

– issued 150

– redeemed 0

USD Shares Launch date–31/03/2011Class AT

Shares

Number of shares

– issued 663,073

Securities and money-market instruments admitted to an official stock exchange listing 225,107,177.20 98.16Equities 125,284,766.28 54.63Brazil 23,807,041.71 10.38Anhanguera Educacional Participacoes Shs 173,170 25,000 148,170 BRL 39.750 2,545,706.79 1.11Banco Santander Brasil Shs 119,480 BRL 19.700 1,017,354.73 0.44Equatorial Energia Shs 330,400 BRL 12.750 1,820,795.58 0.79Fleury Shs 61,547 212,820 BRL 23.960 2,203,993.05 0.96Gerdau Shs 89,000 96,000 198,800 BRL 20.000 1,718,530.89 0.75JSL Shs 61,000 340,100 BRL 10.000 1,470,000.89 0.64Localiza Rent a Car Shs 116,000 232,000 BRL 25.500 2,557,049.48 1.12Metalfrio Solutions Shs 75,000 281,600 BRL 11.050 1,344,949.25 0.59MRV Engenharia e Participacoes Shs 48,000 405,000 BRL 12.880 2,254,664.12 0.98Odontoprev Shs 277,000 220,800 BRL 26.390 2,518,543.33 1.10OGX Petroleo e Gas Participacoes Shs 45,000 273,000 274,000 BRL 19.760 2,340,175.73 1.02Randon Participacoes Shs 250,660 420,050 BRL 11.100 2,015,277.87 0.88China 29,902,207.85 13.04China Construction Bank -H- Shs 2,433,000 8,917,000 HKD 7.290 5,876,784.80 2.56China National Building Material Shs 1,530,000 HKD 28.736 3,974,753.74 1.73China Petroleum & Chemical -H- Shs 2,990,000 2,990,000 HKD 7.810 2,111,133.59 0.92China Shenhua Energy -H- Shs 378,000 788,500 HKD 36.700 2,616,141.65 1.14Industrial & Commercial Bank of China -H- Shs 2,650,000 1,100,000 10,759,000 HKD 6.460 6,283,446.45 2.74Li Ning Shs 845,000 HKD 13.246 1,011,871.31 0.44PetroChina -H- Shs 3,118,000 3,118,000 HKD 11.840 3,337,500.24 1.46Shimao Property Holdings Shs 820,000 2,443,000 HKD 11.052 2,440,835.45 1.07Sohu.com Shs 5,300 67,000 36,700 USD 87.130 2,249,740.62 0.98Hong Kong 16,106,000.67 7.02AIA Group Shs 2,355,693 2,355,693 HKD 24.106 5,133,775.87 2.24China Mobile Shs 99,000 713,000 HKD 72.117 4,648,559.74 2.02China Overseas Land & Investment Shs 1,266,000 1,699,000 HKD 16.004 2,458,120.54 1.07CNOOC Shs 2,100,000 2,163,000 HKD 19.768 3,865,544.52 1.69India 43,985,047.21 19.18Grasim Industries Shs 66,764 INR 2,496.500 2,633,122.92 1.15Housing Development Finance Shs 44,000 343,500 INR 702.450 3,811,881.34 1.66ICICI Bank Shs 57,000 282,000 INR 1,104.550 4,920,754.55 2.14Infosys Technologies Shs 47,000 162,650 INR 3,231.500 8,303,390.11 3.62Larsen & Toubro Shs 59,500 37,000 132,500 INR 1,683.900 3,524,758.69 1.54Motherson Sumi Systems Shs 377,993 377,993 INR 214.250 1,279,386.61 0.56Opto Circuits India Shs 233,000 605,000 INR 277.100 2,648,433.76 1.15Reliance Industries Shs 124,000 358,300 INR 1,039.650 5,884,792.86 2.57State Bank of India Shs 9,100 7,000 68,400 INR 2,777.850 3,001,664.21 1.31Tata Motors Shs 181,000 181,000 INR 1,226.150 3,506,060.39 1.53Tata Steel Shs 78,000 220,000 INR 618.100 2,148,219.42 0.94Voltas Shs 626,448 817,000 INR 179.950 2,322,582.35 1.01Russia 11,393,849.21 4.97Pharmstandard Shs 21,716 USD 98.245 1,501,022.93 0.65Protek Shs 391,269 USD 1.453 399,854.70 0.17RBC Information Systems Shs 53,572 USD 1.563 58,921.81 0.03Sberbank of Russia Shs 688,000 1,080,000 3,567,862 USD 3.758 9,434,049.77 4.12United Kingdom 90,619.63 0.04Volga Gas Shs 66,000 GBP 1.210 90,619.63 0.04Participating Shares 99,822,410.92 43.53Brazil 33,032,802.77 14.40Banco Bradesco (ADR’s) Shs 65,000 49,000 209,292 USD 20.160 2,968,532.63 1.29Banco Santander Brasil (ADR’s) Shs 95,000 14,000 211,000 USD 12.120 1,799,217.83 0.78Itau Unibanco Holding (ADR’s) Shs 89,280 224,197 USD 23.200 3,659,455.35 1.60Petroleo Brasileiro (ADR’s) Shs 283,000 92,000 589,200 USD 35.410 14,678,691.26 6.40Vale (ADR’s) Shs 28,000 138,000 484,700 USD 29.110 9,926,905.70 4.33China 7,988,727.11 3.48Netease.com (ADR’s) Shs 72,500 15,000 132,500 USD 49.010 4,568,769.54 1.99Trina Solar (ADR’s) Shs 164,000 164,000 USD 29.640 3,419,957.57 1.49Luxembourg 4,440,070.15 1.94Evraz Group (GDR’s) Shs 13,000 80,000 USD 39.100 2,200,723.17 0.96MHP (GDR’s) Shs 67,000 171,400 USD 18.570 2,239,346.98 0.98

% ofSubfund

Russia 53,021,551.59 23.12Gazprom (ADR’s) Shs 820,000 455,000 942,000 USD 32.280 21,393,561.99 9.33Lukoil (ADR’s) Shs 33,000 129,000 114,150 USD 71.250 5,722,152.86 2.50Magnit (GDR’s) Shs 169,000 USD 30.500 3,626,479.40 1.58Mail.ru Group (GDR’s) (traded in USA) Shs 11,000 11,000 USD 30.000 232,173.48 0.10Mail.ru Group (GDR’s) (traded in United Kingdom) Shs 29,480 29,480 USD 29.890 619,943.43 0.27Mechel (ADR’s) Shs 166,000 166,000 USD 31.300 3,655,536.26 1.59MMC Norilsk Nickel (ADR’s) Shs 97,000 70,000 243,192 USD 26.450 4,525,573.59 1.97NovaTek OAO (GDR’s) Shs 20,000 50,200 USD 137.800 4,866,890.84 2.12Novolipetsk Steel (GDR’s) Shs 53,000 73,850 USD 44.090 2,290,811.05 1.00Pharmstandard (GDR’s) Shs 43,200 USD 27.850 846,462.29 0.37Rosneft Oil (GDR’s) Shs 149,000 570,000 806,350 USD 9.240 5,241,966.40 2.29Ukraine 1,339,259.30 0.59Avangardco Investments Public (GDR’s) Shs 117,142 USD 16.250 1,339,259.30 0.59Investment Units 3,170,645.47 1.38(Management fee of the target fund in % p.a.) Luxembourg 3,170,645.47 1.38Allianz Global Investors Opportunities - Allianz RCM China A-Shares - AT- USD (1.750%) Shs 348,000.000 USD 12.950 3,170,645.47 1.38Investments in securities and money-market instruments 228,277,822.67 99.54Deposits at financial institutions1) 2,248,825.43 0.98Sight deposits2) 2,248,825.43 0.980.5420 % State Street Bank Luxembourg S.A. EUR 2,235,070.32 0.970.5420 % Deposits for collateralisation of derivatives EUR 13,755.11 0.01Investments in deposits at financial institutions 2,248,825.43 0.98Net current assets/liabilities EUR – 1,186,061.73 – 0.52Net assets of the Subfund EUR 229,340,586.37 100.00

Net asset value per share– Class AT (EUR) (accumulating) EUR 95.07– Class CT (EUR) (accumulating) EUR 96.84– Class I (EUR) (distributing) EUR 1,028.12– Class AT (HUF) (accumulating) HUF 25,281.25– Class AT (SGD) (accumulating) SGD 10.85– Class AT (USD) (accumulating) USD 7.83Shares in circulation– Class AT (EUR) (accumulating) Shs 660,958– Class CT (EUR) (accumulating) Shs 819,314– Class I (EUR) (distributing) Shs 18,017– Class AT (HUF) (accumulating) Shs 5,110– Class AT (SGD) (accumulating) Shs 58,866– Class AT (USD) (accumulating) Shs 12,303,8811) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listingEquitiesBrazilAnhanguera Educacional Participacoes Shs 278,170ChinaChina Construction Bank -Rights- Shs 692,090 692,090China Railway Construction -H- Shs 2,255,000Industrial & Commercial Bank of China Asia -Rights- Shs 533,655 533,655Hong KongChaoda Modern Agriculture Holdings Shs 5,719,320China Resources Power Holdings Shs 1,300,000IndiaBGR Energy Systems Shs 196,000 196,000Bharti Airtel Shs 504,500DLF Shs 456,000Dr Reddys Laboratories Shs 41,046Piramal Healthcare Shs 205,132Sterlite Industries India Shs 180,065Ultratech Cement Shs 1 38,151RussiaMagnit Shs 14,374Participating SharesNetherlandsVimpelCom (ADR’s) Shs 208,900RussiaMobile Telesystems (ADR’s) Shs 72,000 239,250

DerivativesHoldings marked with a minus are short positions.Listed DerivativesOptions TransactionsLong Call Options on EquitiesCall 38 Petroleo Brasileiro 01/11 Ctr 8,000 8,000

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 195,946,328.98) 228,277,822.67 230,861,841.33

(Other) cash at banks 2,248,825.43 716,103.02

– bonds 0.00 0.00

Dividend receivable 147,941.48 0.00

Receivable on

Unrealised gain on

Total Assets 233,211,616.05 235,940,226.82

Liabilities to banks – 16,387.96 – 6,101,655.04

Payable on

Other payables – 491,082.32 – 680,234.47

Unrealised loss on

Net assets 229,340,586.37 227,398,884.60

01/10/2010–31/03/2011 01/10/2009–31/03/2010 EUR EUR

Subscriptions

– Class AT (EUR) 29,153,063.52 47,236,751.88

– Class CT (EUR) 11,473,608.66 25,457,754.05

– Class I (EUR) 3,793,190.43 21,862,821.48

– Class AT (HUF) 509,368.38

– Class AT (SGD) 291,900.50 2,552.12

– Class AT (USD) 27,014,873.21 117,884,081.54

Redemptions

– Class AT (EUR) – 20,219,445.36 – 14,081,086.58

– Class CT (EUR) – 13,348,888.67 – 9,657,854.96

– Class I (EUR) – 1,303,110.67 – 4,199,439.79

– Class AT (HUF) – 19,372.35

– Class AT (SGD) – 74,930.48 – 559.97

– Class AT (USD) – 48,203,466.52 – 59,714,503.64

Distribution – 51,624.39 – 23,838.91

Equalization 374,899.31 189,385.45

EUR Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class AT

SharesClass CT

SharesClass IShares

Class ATShares

Class CTShares

Class IShares

Number of shares

– issued 305,490 119,476 3,741 579,033 303,928 25,351

– redeemed – 212,283 – 139,617 – 1,297 – 169,259 – 115,734 – 4,576

at the end of the reporting period 660,958 819,314 18,017 535,077 767,414 23,638

HUF Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class AT

SharesClass AT

Shares

Number of shares

– issued 5,307 0

SharesClass AT

Shares

Number of shares

– issued 48,250 487

– redeemed – 12,317 – 100

USD Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class AT

SharesClass AT

Shares

at the beginning of the reporting period 16,247,670 6,007,393

Number of shares

– issued 4,943,377 25,302,234

– redeemed – 8,887,166 – 12,543,450

at the end of the reporting period 12,303,881 18,766,177

Securities and money-market instruments admitted to an official stock exchange listing 637,623,610.90 92.88Equities 637,623,610.90 92.88China 421,816,232.81 61.44Aluminum Corp of China -H- Shs 6,724,000 6,724,000 HKD 7.430 6,419,649.84 0.93Anhui Conch Cement -H- Shs 816,000 1,222,000 HKD 48.700 7,647,068.65 1.11Bank of China -H- Shs 30,660,600 64,159,600 HKD 4.330 35,698,039.51 5.20BBMG -H- Shs 4,019,000 9,232,000 HKD 12.780 15,160,777.41 2.21China Coal Energy -H- Shs 12,062,000 2,821,000 16,214,000 HKD 10.600 22,084,667.03 3.22China Construction Bank -H- Shs 21,975,450 2,973,000 43,346,450 HKD 7.290 40,604,660.67 5.91China Life Insurance -H- Shs 3,412,000 253,000 9,731,000 HKD 29.250 36,574,480.39 5.33China Minsheng Banking -H- Shs 8,250,000 8,250,000 HKD 7.170 7,600,950.88 1.11China National Materials -H- Shs 7,454,000 3,676,000 16,731,000 HKD 7.000 15,049,246.68 2.19China Oilfield Services -H- Shs 3,454,000 1,270,000 9,624,000 HKD 17.580 21,740,488.93 3.17China Petroleum & Chemical -H- Shs 17,876,000 3,600,000 21,324,000 HKD 7.810 21,400,037.26 3.12China Railway Group -H- Shs 10,849,000 HKD 5.010 6,984,289.89 1.02China Rongsheng Heavy Industry Group Shs 11,756,500 11,756,500 HKD 6.814 10,293,918.74 1.50China Shenhua Energy -H- Shs 1,469,000 1,469,000 HKD 36.700 6,927,598.06 1.01CSR -H- Shs 1,288,000 1,147,000 9,335,000 HKD 7.960 9,548,215.49 1.39Chongqing Rural Commercial Bank -H- Shs 17,132,000 1,200,000 15,932,000 HKD 5.340 10,932,170.00 1.59Huadian Power International -H- Shs 13,338,000 HKD 1.580 2,707,962.35 0.39Industrial & Commercial Bank of China -H- Shs 27,552,725 58,824,725 HKD 6.460 48,830,058.59 7.11Ping An Insurance Group -H- Shs 617,000 1,437,000 HKD 78.900 14,568,961.42 2.12Sino-Ocean Land Holdings Shs 21,134,000 21,134,000 HKD 4.872 13,229,426.41 1.93Sinopec Shanghai Petrochemical -H- Shs 13,532,000 13,532,000 HKD 3.670 6,381,501.49 0.93Tingyi Cayman Islands Holding Shs 2,120,000 3,766,000 HKD 19.224 9,303,100.36 1.35Yantai Changyu Pioneer Wine -B- Shs 1,182,262 HKD 76.310 11,592,844.39 1.69Zhongsheng Group Holdings Shs 846,000 453,500 4,546,500 HKD 14.635 8,549,793.08 1.25Zhuzhou CSR Times Electric -H- Shs 1,883,000 4,786,000 HKD 29.600 18,203,681.45 2.65ZTE -H- Shs 775,600 2,958,896 HKD 36.250 13,782,643.84 2.01Hong Kong 207,730,626.54 30.26Beijing Enterprises Holdings Shs 757,000 2,733,000 HKD 44.790 15,729,454.59 2.29China Everbright International Shs 11,988,000 35,205,000 HKD 3.815 17,256,690.52 2.51China Mobile Shs 986,500 2,607,500 HKD 72.117 24,163,204.69 3.52CNOOC Shs 4,092,000 14,092,000 HKD 19.768 35,795,474.49 5.21Comba Telecom Systems Holdings Shs 11,789,000 11,789,000 HKD 9.210 13,951,216.74 2.03Digital China Holdings Shs 2,240,000 12,615,000 HKD 14.896 24,146,989.55 3.52GZI Transportation Shs 3,082,000 11,138,000 HKD 4.429 6,338,315.96 0.92Kerry Properties Shs 1,672,000 1,672,000 HKD 39.254 8,433,636.97 1.23Kunlun Energy Shs 6,886,000 6,886,000 HKD 12.481 11,043,397.34 1.61Poly Hong Kong Investment Shs 6,920,000 13,147,000 HKD 7.348 12,412,621.23 1.81Pou Sheng International Holdings Shs 36,647,000 HKD 1.238 5,829,850.30 0.85SA SA International Holdings Shs 16,072,000 6,996,000 18,464,000 HKD 3.996 9,480,477.79 1.38Sinofert Holdings Shs 11,636,000 11,636,000 HKD 3.382 5,056,581.19 0.74Towngas China Shs 5,070,000 HKD 4.076 2,655,687.14 0.39Vinda International Holdings Shs 640,000 3,196,000 HKD 7.710 3,166,281.69 0.46Wasion Group Holdings Shs 11,652,000 2,334,000 16,448,000 HKD 4.207 8,892,079.73 1.30Yingde Gases Shs 4,019,000 HKD 6.542 3,378,666.62 0.49Macau 8,076,751.55 1.18Wynn Macau Shs 706,800 2,986,000 2,871,200 HKD 21.892 8,076,751.55 1.18Investment Units 7,593,747.72 1.11(Management fee of the target fund in % p.a.) Luxembourg 7,593,747.72 1.11Allianz Global Investors Opportunities - Allianz RCM China A-Shares -IT- USD (1.000%) Shs 1,798.000 5,889.000 USD 1,289.480 7,593,747.72 1.11Investments in securities and money-market instruments 645,217,358.62 93.99Deposits at financial institutions1) 36,543,234.87 5.32Sight deposits2) 36,543,234.87 5.320.0000 % State Street Bank Luxembourg S.A. USD 36,543,234.87 5.32Investments in deposits at financial institutions 36,543,234.87 5.32Net current assets/liabilities USD 4,722,256.51 0.69Net assets of the Subfund USD 686,482,850.00 100.00

Allianz RCM China

% ofSubfund

Allianz RCM China

Net asset value per share– Class A (USD) (distributing) USD 50.95– Class A (EUR) (distributing) EUR 89.19– Class A (GBP) (distributing) GBP 137.76– Class A (HKD) (distributing) HKD 9.79– Class AT (USD) (accumulating) USD 9.61– Class AT (SGD) (accumulating) SGD 10.48– Class CT (EUR) (accumulating) EUR 126.76– Class IT (USD) (accumulating) USD 2,122.02– Class N (USD) (distributing) USD 1,002.12– Class W (USD) (distributing) USD 1,025.40Shares in circulation– Class A (USD) (distributing) Shs 11,440,816– Class A (EUR) (distributing) Shs 590– Class A (GBP) (distributing) Shs 5,904– Class A (HKD) (distributing) Shs 920,731– Class AT (USD) (accumulating) Shs 90,306– Class AT (SGD) (accumulating) Shs 308,945– Class CT (EUR) (accumulating) Shs 9,974– Class IT (USD) (accumulating) Shs 42,106– Class N (USD) (distributing) Shs 6,485– Class W (USD) (distributing) Shs 1

Allianz RCM China

Securities and money-market instruments admitted to an official stock exchange listingEquitiesChinaAngang Steel -H- Shs 3,184,000Bank of China -Rights- Shs 4,151,600 4,151,600China Construction Bank -Rights- Shs 2,319,450 2,319,450China Telecom -H- Shs 10,546,000Industrial & Commercial Bank of China Asia -Rights- Shs 1,804,725 1,804,725Longfor Properties Shs 873,000 4,094,000Sinopec Yizheng Chemical Fibre -H- Shs 5,544,000 13,060,000Springland International Holdings Shs 970,000 970,000Wumart Stores -H- Shs 1,347,000Hong KongBrilliance China Automotive Holdings Shs 20,260,000China Foods Shs 6,364,000Hong Kong Exchanges and Clearing Shs 188,900 453,900Participating SharesChinaDaqo New Energy (ADR’s) Shs 259,700 259,700

DerivativesHoldings marked with a minus are short positions.OTC-Dealt DerivativesForward Foreign Exchange TransactionsSold EUR / Bought USD 28 Dec 2010 EUR – 1,939.00Sold USD / Bought SGD 10 Nov 2010 USD – 809

Allianz RCM China

31/03/2011 30/09/2010 USD USD

Securities

(Cost price USD 579,893,246.95) 645,217,358.62 406,586,321.00

– bonds 0.00 0.00

Dividend receivable 0.00 314,186.02

Receivable on

Unrealised gain on

Total Assets 690,528,097.94 437,972,733.53

Payable on

– securities transactions 0.00 – 4,217,685.10

Other payables – 1,590,542.64 – 771,088.97

Unrealised loss on

Net assets 686,482,850.00 426,481,458.80

Allianz RCM China

01/10/2010–31/03/2011 01/10/2009–31/03/2010 USD USD

Subscriptions

– Class A (USD) 473,416,063.45 342,461,888.81

– Class AT (USD) 851,000.00 0.00

– Class IT (USD) 34,379,517.15 31,871,530.77

– Class N (USD) 6,749,482.68 0.00

– Class W (USD) 1,000.00 0.00

– Class A (EUR) 74,160.55 0.00

– Class CT (EUR) 1,068,168.04 577,984.30

– Class A (GBP) 337,331.21 550,172.05

– Class A (HKD) 1,240,175.69 0.00

– Class AT (SGD) 2,893,662.45 1,065,984.13

Redemptions

– Class A (USD) – 224,117,596.51 – 193,543,061.62

– Class AT (USD) 0.00 0.00

– Class IT (USD) – 46,217,067.90 – 1,196,782.59

– Class N (USD) – 68,896.56 0.00

– Class W (USD) 0.00 0.00

– Class A (EUR) – 1,176.24 0.00

– Class CT (EUR) – 341,573.28 – 1,569.18

– Class A (GBP) – 155,745.84 0.00

– Class A (HKD) – 133,016.17 0.00

– Class AT (SGD) – 1,338,569.65 – 261,167.85

Distribution – 145,854.78 – 863,836.73

Equalization – 4,490,059.23 629,974.78

Allianz RCM China

USD Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class AShares

Class ATShares

Class ITShares

Class NShares

Class AShares

Class ITShares

at the beginning of the reporting period 6,654,220 0 47,488 0 5,095,940 30,373

Number of shares

– issued 9,142,677 90,306 15,987 6,556 7,696,538 17,294

– redeemed – 4,356,081 0 – 21,369 – 71 – 4,353,069 – 670

at the end of the reporting period 11,440,816 90,306 42,106 6,485 8,439,409 46,997

USD Shares 01/10/2010–31/03/2011Class W

Shares

Number of shares

– issued 1

– redeemed 0

EUR Shares 01/10/2010–31/03/2011Class AShares

Class CTShares

at the beginning of the reporting period 0 6,108

Number of shares

– issued 599 5,782

– redeemed – 9 – 1,916

at the end of the reporting period 590 9,974

GBP Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class AShares

Class AShares

Number of shares

– issued 1,464 2,860

Allianz RCM China

HKD Shares 01/10/2010–31/03/2011Class AShares

Number of shares

– issued 1,026,243

SharesClass AT

Shares

Number of shares

– issued 343,449 155,100

– redeemed – 162,429 – 36,460

Securities and money-market instruments admitted to an official stock exchange listing 22,420,318.50 32.53Bonds 22,420,318.50 32.53Belgium 2,604,937.50 3.784.2500 % Belgium Government EUR Bonds 03/13 S.41 EUR 2,500.0 2,500.0 % 104.198 2,604,937.50 3.78France 4,945,296.00 7.180.7500 % France Government EUR Bonds 10/12 EUR 3,000.0 3,000.0 % 98.725 2,961,750.00 4.300 % France Government EUR Zero-Coupon Bonds 10/11 EUR 2,000.0 2,000.0 % 99.177 1,983,546.00 2.88Germany 8,974,200.00 13.021.2500 % Bundesrepublik Deutschland EUR Bonds 09/11 S.1 EUR 3,000.0 3,000.0 % 100.145 3,004,350.00 4.361.2500 % Bundesrepublik Deutschland EUR Bonds 09/11 S.2 EUR 3,000.0 3,000.0 % 100.098 3,002,925.00 4.360.5000 % Bundesrepublik Deutschland EUR Bonds 10/12 EUR 3,000.0 3,000.0 % 98.898 2,966,925.00 4.30Italy 2,938,260.00 4.262.2500 % Italy Buoni Poliennali Del Tesoro EUR Bonds 10/13 EUR 3,000.0 3,000.0 % 97.942 2,938,260.00 4.26Spain 2,957,625.00 4.292.3000 % Spain Government EUR Bonds 09/13 EUR 3,000.0 3,000.0 % 98.588 2,957,625.00 4.29Investments in securities and money-market instruments 22,420,318.50 32.53Deposits at financial institutions1) 6,129,925.10 8.90Sight deposits2) 6,129,925.10 8.900.5420 % State Street Bank Luxembourg S.A. EUR 6,129,925.10 8.90Investments in deposits at financial institutions 6,129,925.10 8.90

Contracts

% ofSubfund

assetsin the period under reviewDerivatives Holdings marked with a minus are short positions. Listed Derivatives – 15,609.55 – 0.02Options Transactions – 15,609.55 – 0.02Long Call Options on Indices – 175,026.92 – 0.25Call 1000 DJ EURO STOXX 50 Index 06/12 Ctr 200 200 EUR 1,742.795 90,389.08 0.13Call 1000 DJ EURO STOXX 50 Index 09/11 Ctr 200 200 EUR 1,846.212 6,424.38 0.01Call 1000 DJ EURO STOXX 50 Index 12/11 Ctr 100 100 EUR 1,832.101 – 110,999.50 – 0.16Call 1000 DJ EURO STOXX 50 Index 12/12 Ctr 200 200 EUR 1,736.430 – 160,840.88 – 0.23Long Put Options on Indices 158,415.36 0.23Put 7000 DJ EURO STOXX 50 Index 06/12 Ctr 200 200 EUR 4,162.737 – 78,925.95 – 0.11Put 7000 DJ EURO STOXX 50 Index 09/11 Ctr 200 200 EUR 4,118.472 6,943.85 0.01Put 7000 DJ EURO STOXX 50 Index 12/11 Ctr 100 100 EUR 4,112.619 118,018.84 0.17Put 7000 DJ EURO STOXX 50 Index 12/12 Ctr 200 200 EUR 4,059.239 112,378.62 0.16Short Call Options on Indices 938.84 0.00Call 7000 DJ EURO STOXX 50 Index 06/12 Ctr 200 – 200 EUR 0.086 28.63 0.00Call 7000 DJ EURO STOXX 50 Index 09/11 Ctr 200 – 200 EUR 0.098 4.34 0.00Call 7000 DJ EURO STOXX 50 Index 12/11 Ctr 100 – 100 EUR 0.096 3.56 0.00Call 7000 DJ EURO STOXX 50 Index 12/12 Ctr 200 – 200 EUR 0.099 902.31 0.00Short Put Options on Indices 63.17 0.00Put 1000 DJ EURO STOXX 50 Index 06/12 Ctr 200 – 200 EUR 4.589 8,222.73 0.01Put 1000 DJ EURO STOXX 50 Index 09/11 Ctr 200 – 200 EUR 1.608 – 2,416.50 0.00Put 1000 DJ EURO STOXX 50 Index 12/11 Ctr 100 – 100 EUR 1.206 – 1,106.45 0.00Put 1000 DJ EURO STOXX 50 Index 12/12 Ctr 200 – 200 EUR 9.668 – 4,636.61 – 0.01OTC-Dealt Derivatives – 839,350.50 – 1.22Swap Transactions – 839,350.50 – 1.22Total Return Swaps – 839,350.50 – 1.22USD CSC US RCM Total Return Swap Cp 0.55 USD 286,823.80 286,823.80 – 833,786.45 – 1.21USD CSC US RCM Total Return Swap Cp 0.55 USD 19,318.02 19,318.02 – 5,564.05 – 0.01Investments in derivatives – 854,960.05 – 1.24Net current assets/liabilities EUR 41,213,044.07 59.81Net assets of the Subfund EUR 68,908,327.62 100.00

Net asset values per share– Class I (EUR) (distributing) EUR 1,136.18Share in circulation– Class I (EUR) (distributing) Shs 60,6491) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listingBondsGermany1.0000 % Bundesrepublik Deutschland EUR Bonds 10/12 EUR 3,000.0 3,000.00.7500 % Bundesrepublik Deutschland EUR Bonds 10/12 EUR 3,000.0 3,000.0

DerivativesHoldings marked with a minus are short positions.OTC-Dealt DerivativesSwap TransactionsTotal Return SwapsUSD CSC US RCM Total Return Swap Cp 0.55 72,173.07 72,173.07USD CSC US RCM Total Return Swap Cp 0.55 154,913.89 154,913.89USD CSC US RCM Total Return Swap Cp 0.55 220,059.91 220,059.91USD CSC US RCM Total Return Swap Cp 0.55 471,076.61 471,076.61USD CSC US RCM Total Return Swap Cp 0.55 251,169.82 251,169.82USD CSC US RCM Total Return Swap Cp 0.55 16,743.48 16,743.48USD CSC US RCM Total Return Swap Cp 0.55 25,216.69 25,216.69

31/03/2011 EUR

(Cost price EUR 22,600,223.76) 22,420,318.50

Time deposits 0.00

Cash at banks 6,129,925.10

Premiums paid on purchase of options 41,293,100.00

– bonds 201,786.90

Receivable on

– securities transactions 5,468,545.02

Unrealised gain on

– options transactions 343,316.34

Premiums received on written options – 34,600.00

Interest liabilities on swap transactions – 36,437.87

Payable on

– securities transactions – 5,628,448.00

Unrealised loss on

– options transactions – 358,925.89

– swap transactions – 839,350.50

Total Liabilities – 6,948,664.24

Net assets 68,908,327.62

Net assets at the beginning of the period 0.00

Subscriptions

– Class I (EUR) 73,609,837.47

Redemptions

– Class I (EUR) -10,010,378.06

Equalization -1,438,863.92

Result of operations 6,747,732.13

Net assets at the end of the period 68,908,327.62

EUR Shares Launch date–31/03/2011Class IShares

Number of shares

– issued 69,733

Securities and money-market instruments admitted to an official stock exchange listing 36,784,515.50 57.80Bonds 36,784,515.50 57.80Austria 6,007,275.00 9.442.2500 % Erste Group Bank EUR MTN 09/11 EUR 3,000.0 % 100.129 3,003,855.00 4.722.5000 % Raiffeisen Bank International EUR MTN 09/11 EUR 3,000.0 % 100.114 3,003,420.00 4.72Belgium 4,978,875.00 7.820 % Belgium Government

EUR Zero-Coupon Bonds 10/11 EUR 5,000.0 5,000.0 % 99.578 4,978,875.00 7.82France 9,480,062.50 14.904.7500 % BNP Paribas EUR MTN 08/11 EUR 2,500.0 % 100.029 2,500,712.50 3.930 % France Government EUR Zero-Coupon Bonds 10/11 EUR 7,000.0 7,000.0 % 99.705 6,979,350.00 10.97Germany 7,254,228.00 11.405.0000 % Bundesrepublik Deutschland EUR Bonds 01/11 S.1 EUR 7,000.0 2,300.0 4,700.0 % 101.012 4,747,540.50 7.462.2500 % Land Berlin EUR Notes 05/11 S.200 EUR 2,500.0 2,500.0 % 100.268 2,506,687.50 3.94Netherlands 3,989,000.00 6.270 % Netherlands Government

EUR Zero-Coupon Bonds 11/11 EUR 4,000.0 4,000.0 % 99.725 3,989,000.00 6.27United Kingdom 2,540,312.50 3.994.2500 % Barclays Bank EUR MTN 08/11 EUR 2,500.0 2,500.0 % 101.613 2,540,312.50 3.99USA 2,534,762.50 3.983.5000 % Goldman Sachs Group EUR MTN 08/11 EUR 2,500.0 2,500.0 % 101.391 2,534,762.50 3.98OTC-dealt money-market instruments (Investment Grade Rating) 29,352,790.00 46.12Money-Market Instruments 29,352,790.00 46.12France 7,958,318.50 12.500 % AXA EUR Zero-Coupon Notes 16.05.2011 EUR 2,000.0 2,000.0 % 99.896 1,997,910.00 3.140 % Charente Perigord

EUR Zero-Coupon Notes 28.03.2012 EUR 2,000.0 2,000.0 % 98.290 1,965,790.00 3.090 % Crédit Agricole EUR Zero-Coupon Notes 01.04.2011 EUR 1,500.0 1,500.0 % 99.998 1,499,976.00 2.350 % Skandinaviska Enskilada Banken

EUR Zero-Coupon Notes 16.06.2011 EUR 2,500.0 2,500.0 % 99.786 2,494,642.50 3.92Ireland 1,990,796.00 3.130 % Hewlett-Packard

EUR Zero-Coupon Notes 16.08.2011 EUR 2,000.0 2,000.0 % 99.540 1,990,796.00 3.13Luxembourg 13,912,678.00 21.860 % Allianz EUR Zero-Coupon Notes 14.09.2011 EUR 2,000.0 2,000.0 % 99.416 1,988,314.00 3.120 % DZ Bank EUR Zero-Coupon Notes 01.11.2011 EUR 2,000.0 % 99.473 1,989,456.00 3.130 % ING Bank EUR Zero-Coupon Notes 11.01.2012 EUR 2,000.0 2,000.0 % 98.737 1,974,736.00 3.100 % Pohjola Bank EUR Zero-Coupon Notes 21.04.2011 EUR 2,000.0 2,000.0 % 99.966 1,999,320.00 3.140 % Royal Bank of Scotland

EUR Zero-Coupon Notes 26.03.2012 EUR 2,000.0 2,000.0 % 98.304 1,966,072.00 3.090 % Suncorp Metway

EUR Zero-Coupon Notes 31.05.2011 EUR 2,000.0 2,000.0 % 99.844 1,996,870.00 3.140 % Undedic EUR Zero-Coupon Notes 16.05.2011 EUR 2,000.0 2,000.0 % 99.896 1,997,910.00 3.14Netherlands 1,495,603.50 2.350 % Rabobank Nederland

EUR Zero-Coupon Notes 06.07.2011 EUR 1,500.0 % 99.707 1,495,603.50 2.35United Kingdom 3,995,394.00 6.280 % Lloyds TSB Bank

EUR Zero-Coupon Notes 12.05.2011 EUR 2,000.0 2,000.0 % 99.908 1,998,166.00 3.140 % Société Générale EUR Zero-Coupon Notes 10/11 EUR 2,000.0 2,000.0 % 99.861 1,997,228.00 3.14Investments in securities and money-market instruments 66,137,305.50 103.92Deposits at financial institutions1) 5,070,200.69 7.97Sight deposits2) 5,070,200.69 7.970.5420 % State Street Bank Luxembourg S.A. EUR 5,070,200.69 7.97Investments in deposits at financial institutions 5,070,200.69 7.97

% ofSubfund

1) Deposits at financial institutions are not subject to any deposit insurance.2) The interest rate refers to the base currency of the Subfund.

Derivatives Holdings marked with a minus are short positions. OTC-Dealt Derivatives 424,027.84 0.67Forward Foreign Exchange Transactions 424,027.84 0.67Sold AUD / Bought CAD 18 Apr 2011 AUD – 4,000,000.00 – 35,232.57 – 0.06Sold AUD / Bought EUR 30 Jun 2011 AUD – 10,880,031.80 – 57,694.47 – 0.09Sold AUD / Bought EUR 14 Jul 2011 AUD – 5,390,820.00 – 30,515.54 – 0.05Sold AUD / Bought GBP 18 Apr 2011 AUD – 3,243,674.00 – 86,533.13 – 0.14Sold AUD / Bought NZD 18 Apr 2011 AUD – 10,100,000.00 52,685.18 0.08Sold AUD / Bought USD 30 Jun 2011 AUD – 18,850,000.00 – 409,136.69 – 0.64Sold AUD / Bought USD 14 Jul 2011 AUD – 5,150,000.00 – 124,542.97 – 0.20Sold BRL / Bought USD 30 Jun 2011 BRL – 4,877,300.00 – 62,879.78 – 0.10Sold CAD / Bought AUD 18 Apr 2011 CAD – 3,945,550.00 44,434.92 0.07Sold CAD / Bought EUR 30 Jun 2011 CAD – 10,620,343.50 100,226.70 0.16Sold CAD / Bought EUR 14 Jul 2011 CAD – 5,749,312.50 106,854.70 0.17Sold CAD / Bought USD 18 Apr 2011 CAD – 9,893,600.00 – 137,139.16 – 0.22Sold CAD / Bought USD 14 Jul 2011 CAD – 12,605,906.25 – 79,990.20 – 0.13Sold CHF / Bought EUR 18 Apr 2011 CHF – 2,556,440.00 34,835.76 0.05Sold CHF / Bought EUR 30 Jun 2011 CHF – 5,019,592.50 33,797.04 0.05Sold CHF / Bought GBP 18 Apr 2011 CHF – 2,999,050.00 – 35,721.12 – 0.06Sold CHF / Bought JPY 18 Apr 2011 CHF – 2,000,000.00 – 51,883.54 – 0.08Sold CHF / Bought SEK 18 Apr 2011 CHF – 2,000,000.00 – 43,741.78 – 0.07Sold CHF / Bought USD 18 Apr 2011 CHF – 1,916,280.00 – 65,593.58 – 0.10Sold CHF / Bought USD 14 Jul 2011 CHF – 4,131,322.00 – 46,264.63 – 0.07Sold EUR / Bought AUD 30 Jun 2011 EUR – 5,705,000.00 63,806.94 0.10Sold EUR / Bought AUD 14 Jul 2011 EUR – 3,850,000.00 47,040.49 0.07Sold EUR / Bought CAD 30 Jun 2011 EUR – 5,850,000.00 – 48,057.76 – 0.08Sold EUR / Bought CAD 14 Jul 2011 EUR – 4,275,000.00 – 69,785.38 – 0.11Sold EUR / Bought CHF 18 Apr 2011 EUR – 2,000,000.00 – 35,143.25 – 0.05Sold EUR / Bought CHF 30 Jun 2011 EUR – 3,900,000.00 – 15,548.54 – 0.02Sold EUR / Bought GBP 18 Apr 2011 EUR – 6,000,000.00 – 200,984.15 – 0.32Sold EUR / Bought GBP 30 Jun 2011 EUR – 8,320,000.00 – 75,896.38 – 0.12Sold EUR / Bought JPY 30 Jun 2011 EUR – 24,223,340.00 – 762,798.70 – 1.20Sold EUR / Bought NOK 18 Apr 2011 EUR – 4,400,000.00 26,905.60 0.04Sold EUR / Bought SEK 18 Apr 2011 EUR – 8,000,000.00 – 73,911.07 – 0.12Sold EUR / Bought USD 18 Apr 2011 EUR – 4,000,000.00 – 281,753.37 – 0.44Sold EUR / Bought USD 30 Jun 2011 EUR – 6,500,000.00 – 127,388.76 – 0.20Sold EUR / Bought USD 14 Jul 2011 EUR – 1,950,000.00 – 41,887.26 – 0.07Sold GBP / Bought AUD 18 Apr 2011 GBP – 2,000,000.00 55,389.32 0.09Sold GBP / Bought CHF 18 Apr 2011 GBP – 2,000,000.00 55,161.83 0.09Sold GBP / Bought EUR 18 Apr 2011 GBP – 5,134,590.00 173,055.70 0.27Sold GBP / Bought EUR 30 Jun 2011 GBP – 10,009,148.85 156,653.30 0.25Sold GBP / Bought JPY 30 Jun 2011 GBP – 8,790,000.00 – 77,814.23 – 0.12Sold GBP / Bought NZD 18 Apr 2011 GBP – 2,000,000.00 – 38,085.75 – 0.06Sold GBP / Bought SEK 18 Apr 2011 GBP – 4,000,000.00 82,266.44 0.13Sold GBP / Bought USD 30 Jun 2011 GBP – 14,300,000.00 5,011.53 0.01Sold GBP / Bought USD 14 Jul 2011 GBP – 1,950,000.00 17,749.54 0.03Sold HUF / Bought USD 30 Jun 2011 HUF – 378,575,000.00 – 71,695.18 – 0.11Sold HUF / Bought USD 14 Jul 2011 HUF – 242,350,000.00 – 20,556.61 – 0.03Sold IDR / Bought USD 30 Jun 2011 IDR – 16,999,300,000.00 – 16,604.53 – 0.03Sold INR / Bought USD 30 Jun 2011 INR – 87,970,000.00 – 30,750.89 – 0.05Sold JPY / Bought CHF 18 Apr 2011 JPY – 172,537,000.00 70,377.10 0.11Sold JPY / Bought EUR 30 Jun 2011 JPY – 2,757,545,416.00 730,732.52 1.15Sold JPY / Bought GBP 30 Jun 2011 JPY – 1,143,117,263.00 240,589.00 0.38Sold JPY / Bought USD 18 Apr 2011 JPY – 989,827,000.00 28,546.11 0.05Sold JPY / Bought USD 30 Jun 2011 JPY – 1,207,354,750.00 214,813.58 0.34Sold JPY / Bought USD 14 Jul 2011 JPY – 318,274,775.00 36,638.92 0.06Sold KRW / Bought USD 14 Jul 2011 KRW – 2,382,030,000.00 – 40,664.87 – 0.06Sold MXN / Bought USD 30 Jun 2011 MXN – 22,927,300.00 – 9,831.87 – 0.02Sold MYR / Bought USD 30 Jun 2011 MYR – 5,825,970.00 – 9,824.08 – 0.02Sold NOK / Bought EUR 18 Apr 2011 NOK – 15,651,700.00 8,463.03 0.01Sold NOK / Bought SEK 18 Apr 2011 NOK – 60,000,000.00 – 126,595.66 – 0.20Sold NOK / Bought USD 14 Jul 2011 NOK – 16,101,300.00 – 32,960.55 – 0.05Sold NZD / Bought AUD 18 Apr 2011 NZD – 9,487,520.00 5,092.42 0.01

Unrealisedgain/loss

% ofSubfund

Sold NZD / Bought GBP 18 Apr 2011 NZD – 4,204,720.00 18,425.43 0.03Sold NZD / Bought USD 18 Apr 2011 NZD – 14,000,000.00 – 158,893.77 – 0.25Sold PHP / Bought USD 30 Jun 2011 PHP – 83,267,500.00 – 8,070.56 – 0.01Sold RON / Bought USD 30 Jun 2011 RON – 5,797,470.00 – 61,978.88 – 0.10Sold RUB / Bought USD 30 Jun 2011 RUB – 55,047,750.00 – 17,169.29 – 0.03Sold SEK / Bought CHF 18 Apr 2011 SEK – 13,428,800.00 33,686.11 0.05Sold SEK / Bought EUR 18 Apr 2011 SEK – 70,581,400.00 96,403.08 0.15Sold SEK / Bought GBP 18 Apr 2011 SEK – 41,579,400.00 – 116,632.63 – 0.18Sold SEK / Bought NOK 18 Apr 2011 SEK – 66,759,960.00 158,778.28 0.25Sold SEK / Bought USD 14 Jul 2011 SEK – 7,980,000.00 – 9,776.51 – 0.02Sold TRY / Bought USD 30 Jun 2011 TRY – 3,049,690.00 – 34,313.26 – 0.05Sold USD / Bought ARS 30 Jun 2011 USD – 1,800,000.00 – 42.77 0.00Sold USD / Bought AUD 30 Jun 2011 USD – 14,865,991.40 299,691.78 0.47Sold USD / Bought AUD 14 Jul 2011 USD – 5,098,451.00 112,832.11 0.18Sold USD / Bought BRL 30 Jun 2011 USD – 3,800,000.00 58,690.12 0.09Sold USD / Bought CAD 18 Apr 2011 USD – 10,000,000.00 131,142.02 0.21Sold USD / Bought CAD 14 Jul 2011 USD – 12,850,000.00 62,528.84 0.10Sold USD / Bought CHF 18 Apr 2011 USD – 2,000,000.00 65,716.58 0.10Sold USD / Bought CHF 14 Jul 2011 USD – 4,450,000.00 56,600.20 0.09Sold USD / Bought EUR 18 Apr 2011 USD – 5,316,940.00 258,276.73 0.41Sold USD / Bought EUR 30 Jun 2011 USD – 16,249,641.50 148,102.52 0.23Sold USD / Bought EUR 14 Jul 2011 USD – 2,703,987.00 43,729.39 0.07Sold USD / Bought GBP 30 Jun 2011 USD – 23,001,712.50 24,328.88 0.04Sold USD / Bought GBP 14 Jul 2011 USD – 3,180,450.00 – 28,142.43 – 0.04Sold USD / Bought HUF 30 Jun 2011 USD – 3,800,000.00 93,510.83 0.15Sold USD / Bought HUF 14 Jul 2011 USD – 1,250,000.00 6,928.39 0.01Sold USD / Bought IDR 30 Jun 2011 USD – 3,800,000.00 – 5,352.10 – 0.01Sold USD / Bought INR 30 Jun 2011 USD – 3,800,000.00 32,360.83 0.05Sold USD / Bought JPY 18 Apr 2011 USD – 12,000,000.00 – 108,421.28 – 0.17Sold USD / Bought JPY 30 Jun 2011 USD – 14,900,000.00 – 47,964.73 – 0.08Sold USD / Bought JPY 14 Jul 2011 USD – 3,900,000.00 4,699.66 0.01Sold USD / Bought KRW 14 Jul 2011 USD – 1,050,000.00 24,757.85 0.04Sold USD / Bought MXN 30 Jun 2011 USD – 2,850,000.00 26,820.07 0.04Sold USD / Bought MYR 30 Jun 2011 USD – 2,850,000.00 – 4,311.25 – 0.01Sold USD / Bought NOK 14 Jul 2011 USD – 2,850,000.00 35,998.82 0.06Sold USD / Bought NZD 18 Apr 2011 USD – 10,464,460.00 131,546.56 0.21Sold USD / Bought PHP 30 Jun 2011 USD – 2,850,000.00 – 7,428.12 – 0.01Sold USD / Bought RON 30 Jun 2011 USD – 3,800,000.00 82,014.54 0.13Sold USD / Bought RUB 30 Jun 2011 USD – 3,800,000.00 – 6,268.72 – 0.01Sold USD / Bought SEK 14 Jul 2011 USD – 1,250,000.00 12,944.72 0.02Sold USD / Bought TRY 30 Jun 2011 USD – 3,800,000.00 72,990.09 0.12Sold USD / Bought ZAR 30 Jun 2011 USD – 3,800,000.00 54,345.49 0.09Sold ZAR / Bought USD 30 Jun 2011 ZAR – 13,294,870.00 – 24,775.45 – 0.04Investments in derivatives 424,027.84 0.67Net current assets/liabilities EUR – 7,992,106.47 – 12.56Net assets of the Subfund EUR 63,639,427.56 100.00

Net asset values per share– Class I (EUR) (distributting) EUR 1,013.23Shares in circulation– Class I (EUR) (distributing) Shs 62,808

Unrealisedgain/loss

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listingBondsBelgium3.5000 % Belgium Government EUR Bonds 08/11 S.53 EUR 8,500.0Finland5.7500 % Finland Government EUR Bonds 00/11 EUR 8,000.0France3.0000 % France Government EUR Bonds 06/11 EUR 1,500.0 2,500.00 % France Government EUR Zero-Coupon Bonds 10/11 EUR 3,000.0 3,000.0Germany4.5000 % Deutsche Bank EUR MTN 08/11 EUR 2,500.0Luxembourg1.0000 % Barclays Bank USD FLR-Notes 06/16 EUR 0 % Sweden Government EUR Zero-Coupon Bonds 10/11 EUR 2,000.0 2,000.0Netherlands2.7500 % Nederlandse Waterschapsbank EUR MTN 09/11 EUR 2,500.00 % Netherlands Government EUR Zero-Coupon Bonds 10/11 EUR 5,000.0 5,000.0Norway4.7500 % DnB NOR Bank EUR MTN 08/11 EUR 2,500.0OTC-dealt money-market instruments (Investment Grade Rating)Money-Market InstrumentsDenmark0 % Jyske Bank EUR Zero-Coupon Notes 31.03.2011 EUR 2,000.0 2,000.0France0 % Acoss EUR Zero-Coupon Notes 17.01.2011 EUR 2,000.0 2,000.00 % Air Liquide EUR Zero-Coupon Notes 14.12.2010 EUR 1,500.00 % AXA EUR Zero-Coupon Notes 17.02.2011 EUR 2,000.0 2,000.00 % Banque Federative du Crédit Mutuel EUR Zero-Coupon Notes 01.11.2010 EUR 2,000.00 % Caisse des Depots et Consignations EUR Zero-Coupon Notes 07.01.2011 EUR 1,500.00 % Crédit Agricole EUR Zero-Coupon Notes 01.11.2010 EUR 2,000.00 % La Poste EUR Zero-Coupon Notes 28.10.2010 EUR 2,000.00 % Société Générale EUR Zero-Coupon Notes 08.10.2010 EUR 1,500.00 % Unedic EUR Zero-Coupon Notes 17.01.2011 EUR 1,500.0Luxembourg0 % ABN Amro Bank EUR Zero-Coupon Notes 20.10.2010 EUR 1,500.00 % ABN Amro Bank EUR Zero-Coupon Notes 21.02.2011 EUR 2,500.0 2,500.00 % AXA EUR Zero-Coupon Notes 16.11.2010 EUR 2,000.00 % ING Bank Sydney EUR Zero-Coupon Notes 12.01.2011 EUR 1,500.00 % Lloyds TSB Bank EUR Zero-Coupon Notes 16.02.2011 EUR 2,000.00 % Santander Commercia EUR Zero-Coupon Notes 16.11.2010 EUR 2,500.0 2,500.00 % Suncorp Group EUR Zero-Coupon Notes 28.02.2011 EUR 2,500.0 2,500.00 % Unilever Finance International EUR Zero-Coupon Notes 07.03.2011 EUR 1,800.0 1,800.0Netherlands0 % Toyota Motor Finance EUR Zero-Coupon Notes 19.10.2010 EUR 2,000.0

DerivativesHoldings marked with a minus are short positions.OTC-Dealt DerivativesForward Foreign Exchange TransactionsSold ARS / Bought USD 17 Mar 2011 ARS – 7,263,000.00Sold ARS / Bought USD 24 Nov 2010 ARS – 7,543,000.00Sold AUD / Bought CAD 18 Apr 2011 AUD – 2,000,000.00Sold AUD / Bought CAD 18 Jan 2011 AUD – 4,000,000.00Sold AUD / Bought EUR 10 Mar 2011 AUD – 3,410,188.00Sold AUD / Bought EUR 14 Jul 2011 AUD – 3,509,663.00Sold AUD / Bought EUR 17 Mar 2011 AUD – 9,183,107.00Sold AUD / Bought EUR 30 Jun 2011 AUD – 8,518,629.00Sold AUD / Bought NOK 18 Jan 2011 AUD – 2,000,000.00Sold AUD / Bought NZD 17 Mar 2011 AUD – 5,980,000.00Sold AUD / Bought NZD 18 Apr 2011 AUD – 7,000,000.00Sold AUD / Bought NZD 18 Jan 2011 AUD – 2,000,000.00

Sold AUD / Bought NZD 24 Nov 2010 AUD – 7,520,000.00Sold AUD / Bought USD 10 Mar 2011 AUD – 3,250,000.00Sold AUD / Bought USD 14 Jul 2011 AUD – 3,200,000.00Sold AUD / Bought USD 17 Mar 2011 AUD – 19,810,000.00Sold AUD / Bought USD 24 Nov 2010 AUD – 28,750,000.00Sold AUD / Bought USD 30 Jun 2011 AUD – 14,950,000.00Sold BRL / Bought USD 17 Mar 2011 BRL – 7,876,750.00Sold BRL / Bought USD 24 Nov 2010 BRL – 6,498,950.00Sold BRL / Bought USD 30 Jun 2011 BRL – 3,258,500.00Sold CAD / Bought AUD 18 Apr 2011 CAD – 1,991,550.00Sold CAD / Bought AUD 18 Jan 2011 CAD – 3,985,690.00Sold CAD / Bought CHF 18 Jan 2011 CAD – 4,000,000.00Sold CAD / Bought EUR 14 Jul 2011 CAD – 3,132,101.00Sold CAD / Bought EUR 17 Mar 2011 CAD – 51,586,178.00Sold CAD / Bought EUR 24 Nov 2010 CAD – 4,749,452.00Sold CAD / Bought EUR 30 Jun 2011 CAD – 7,979,264.00Sold CAD / Bought JPY 18 Jan 2011 CAD – 2,000,000.00Sold CAD / Bought NOK 18 Jan 2011 CAD – 2,000,000.00Sold CAD / Bought USD 10 Mar 2011 CAD – 10,355,231.00Sold CAD / Bought USD 14 Jul 2011 CAD – 10,796,884.00Sold CAD / Bought USD 18 Apr 2011 CAD – 7,921,460.00Sold CAD / Bought USD 3 Dec 2010 CAD – 2,451,684.00Sold CHF / Bought CAD 18 Jan 2011 CHF – 3,808,650.00Sold CHF / Bought EUR 17 Mar 2011 CHF – 7,624,500.00Sold CHF / Bought EUR 18 Jan 2011 CHF – 2,690,500.00Sold CHF / Bought EUR 3 Dec 2010 CHF – 1,345,020.00Sold CHF / Bought EUR 30 Jun 2011 CHF – 2,496,195.00Sold CHF / Bought GBP 10 Mar 2011 CHF – 3,973,730.00Sold CHF / Bought GBP 18 Jan 2011 CHF – 3,119,420.00Sold CHF / Bought NOK 18 Jan 2011 CHF – 4,000,000.00Sold CHF / Bought USD 10 Mar 2011 CHF – 6,927,000.00Sold CHF / Bought USD 14 Jul 2011 CHF – 2,964,410.00Sold CHF / Bought USD 18 Jan 2011 CHF – 1,922,230.00Sold CHF / Bought USD 3 Dec 2010 CHF – 2,719,847.00Sold EUR / Bought AUD 10 Mar 2011 EUR – 2,500,000.00Sold EUR / Bought AUD 14 Jul 2011 EUR – 2,600,000.00Sold EUR / Bought AUD 17 Mar 2011 EUR – 6,745,603.00Sold EUR / Bought AUD 30 Jun 2011 EUR – 3,040,000.00Sold EUR / Bought CAD 14 Jul 2011 EUR – 2,925,000.00Sold EUR / Bought CAD 17 Mar 2011 EUR – 38,246,215.00Sold EUR / Bought CAD 24 Nov 2010 EUR – 3,331,000.00Sold EUR / Bought CAD 30 Jun 2011 EUR – 1,950,000.00Sold EUR / Bought CHF 17 Mar 2011 EUR – 5,850,000.00Sold EUR / Bought CHF 18 Jan 2011 EUR – 2,000,000.00Sold EUR / Bought CHF 3 Dec 2010 EUR – 2,000,000.00Sold EUR / Bought CHF 30 Jun 2011 EUR – 1,950,000.00Sold EUR / Bought GBP 17 Mar 2011 EUR – 5,231,335.00Sold EUR / Bought GBP 18 Apr 2011 EUR – 4,000,000.00Sold EUR / Bought GBP 18 Jan 2011 EUR – 12,000,000.00Sold EUR / Bought GBP 30 Jun 2011 EUR – 4,420,000.00Sold EUR / Bought HUF 17 Mar 2011 EUR – 38,498.00Sold EUR / Bought HUF 3 Dec 2010 EUR – 700,000.00Sold EUR / Bought JPY 17 Mar 2011 EUR – 31,865,584.00Sold EUR / Bought JPY 24 Nov 2010 EUR – 15,188,000.00Sold EUR / Bought JPY 30 Jun 2011 EUR – 22,013,340.00Sold EUR / Bought MXN 17 Mar 2011 EUR – 40,202.00Sold EUR / Bought NOK 18 Apr 2011 EUR – 2,000,000.00Sold EUR / Bought NOK 18 Jan 2011 EUR – 4,000,000.00Sold EUR / Bought NZD 10 Mar 2011 EUR – 12,700,000.00Sold EUR / Bought NZD 17 Mar 2011 EUR – 26,527.00Sold EUR / Bought NZD 18 Jan 2011 EUR – 2,000,000.00Sold EUR / Bought NZD 3 Dec 2010 EUR – 1,800,000.00Sold EUR / Bought RON 17 Mar 2011 EUR – 25,087.00

Sold EUR / Bought SEK 10 Mar 2011 EUR – 2,700,000.00Sold EUR / Bought SEK 17 Mar 2011 EUR – 16,137.00Sold EUR / Bought SEK 18 Apr 2011 EUR – 6,000,000.00Sold EUR / Bought SEK 18 Jan 2011 EUR – 6,000,000.00Sold EUR / Bought TRY 17 Mar 2011 EUR – 106,013.00Sold EUR / Bought USD 10 Mar 2011 EUR – 10,950,000.00Sold EUR / Bought USD 17 Mar 2011 EUR – 50,117,843.00Sold EUR / Bought USD 18 Apr 2011 EUR – 2,000,000.00Sold EUR / Bought USD 18 Jan 2011 EUR – 2,000,000.00Sold EUR / Bought USD 24 Nov 2010 EUR – 16,770,000.00Sold EUR / Bought USD 3 Dec 2010 EUR – 1,400,000.00Sold EUR / Bought USD 30 Jun 2011 EUR – 2,600,000.00Sold EUR / Bought ZAR 17 Mar 2011 EUR – 10,387.00Sold GBP / Bought CHF 10 Mar 2011 GBP – 2,600,000.00Sold GBP / Bought CHF 18 Jan 2011 GBP – 2,000,000.00Sold GBP / Bought EUR 17 Mar 2011 GBP – 4,423,362.00Sold GBP / Bought EUR 18 Apr 2011 GBP – 3,412,430.00Sold GBP / Bought EUR 18 Jan 2011 GBP – 10,268,880.00Sold GBP / Bought EUR 30 Jun 2011 GBP – 8,869,322.00Sold GBP / Bought JPY 17 Mar 2011 GBP – 30,800,000.00Sold GBP / Bought JPY 24 Nov 2010 GBP – 900,000.00Sold GBP / Bought JPY 30 Jun 2011 GBP – 7,100,000.00Sold GBP / Bought NOK 18 Jan 2011 GBP – 2,000,000.00Sold GBP / Bought SEK 18 Apr 2011 GBP – 2,000,000.00Sold GBP / Bought USD 17 Mar 2011 GBP – 16,960,000.00Sold GBP / Bought USD 24 Nov 2010 GBP – 1,200,000.00Sold GBP / Bought USD 30 Jun 2011 GBP – 13,000,000.00Sold HUF / Bought EUR 17 Mar 2011 HUF – 7,238,500.00Sold HUF / Bought EUR 3 Dec 2010 HUF – 193,025,000.00Sold HUF / Bought USD 17 Mar 2011 HUF – 2,528,162,500.00Sold HUF / Bought USD 24 Nov 2010 HUF – 751,364,500.00Sold IDR / Bought USD 17 Mar 2011 IDR – 15,804,000,000.00Sold IDR / Bought USD 24 Nov 2010 IDR – 25,550,250,000.00Sold INR / Bought USD 17 Mar 2011 INR – 213,422,000.00Sold INR / Bought USD 24 Nov 2010 INR – 128,069,500.00Sold JPY / Bought CAD 18 Jan 2011 JPY – 159,386,000.00Sold JPY / Bought EUR 17 Mar 2011 JPY – 3,529,507,536.00Sold JPY / Bought EUR 24 Nov 2010 JPY – 1,725,665,221.00Sold JPY / Bought EUR 30 Jun 2011 JPY – 2,309,205,316.00Sold JPY / Bought GBP 17 Mar 2011 JPY – 4,059,182,500.00Sold JPY / Bought GBP 24 Nov 2010 JPY – 118,145,700.00Sold JPY / Bought GBP 30 Jun 2011 JPY – 922,807,900.00Sold JPY / Bought USD 10 Mar 2011 JPY – 525,457,600.00Sold JPY / Bought USD 14 Jul 2011 JPY – 261,646,525.00Sold JPY / Bought USD 17 Mar 2011 JPY – 1,834,337,502.00Sold JPY / Bought USD 18 Apr 2011 JPY – 828,467,000.00Sold JPY / Bought USD 18 Jan 2011 JPY – 2,153,360,000.00Sold JPY / Bought USD 24 Nov 2010 JPY – 269,077,700.00Sold JPY / Bought USD 3 Dec 2010 JPY – 402,245,370.00Sold JPY / Bought USD 30 Jun 2011 JPY – 676,317,750.00Sold KRW / Bought USD 10 Mar 2011 KRW – 2,371,600,000.00Sold MXN / Bought EUR 17 Mar 2011 MXN – 133,285.00Sold MXN / Bought USD 17 Mar 2011 MXN – 122,700,075.00Sold MXN / Bought USD 24 Nov 2010 MXN – 46,923,635.00Sold MXN / Bought USD 3 Dec 2010 MXN – 9,942,960.00Sold MYR / Bought USD 17 Mar 2011 MYR – 5,642,680.00Sold MYR / Bought USD 24 Nov 2010 MYR – 2,982,050.00Sold MYR / Bought USD 30 Jun 2011 MYR – 2,928,850.00Sold NOK / Bought AUD 18 Jan 2011 NOK – 11,703,600.00Sold NOK / Bought CAD 18 Jan 2011 NOK – 11,505,000.00Sold NOK / Bought CHF 18 Jan 2011 NOK – 25,063,200.00Sold NOK / Bought EUR 18 Jan 2011 NOK – 32,729,600.00Sold NOK / Bought GBP 18 Jan 2011 NOK – 19,183,000.00

Sold NOK / Bought NZD 18 Jan 2011 NOK – 13,707,000.00Sold NOK / Bought SEK 17 Mar 2011 NOK – 13,000,000.00Sold NOK / Bought SEK 18 Apr 2011 NOK – 48,000,000.00Sold NOK / Bought SEK 18 Jan 2011 NOK – 30,000,000.00Sold NOK / Bought USD 14 Jul 2011 NOK – 10,996,050.00Sold NZD / Bought AUD 17 Mar 2011 NZD – 7,803,643.00Sold NZD / Bought AUD 18 Apr 2011 NZD – 6,787,700.00Sold NZD / Bought AUD 18 Jan 2011 NZD – 2,700,200.00Sold NZD / Bought AUD 24 Nov 2010 NZD – 9,739,634.00Sold NZD / Bought EUR 10 Mar 2011 NZD – 22,576,985.00Sold NZD / Bought EUR 18 Jan 2011 NZD – 3,528,200.00Sold NZD / Bought EUR 3 Dec 2010 NZD – 3,165,624.00Sold NZD / Bought NOK 18 Jan 2011 NZD – 3,000,000.00Sold NZD / Bought USD 10 Mar 2011 NZD – 6,350,000.00Sold NZD / Bought USD 18 Apr 2011 NZD – 11,000,000.00Sold NZD / Bought USD 18 Jan 2011 NZD – 12,000,000.00Sold PHP / Bought USD 17 Mar 2011 PHP – 39,132,000.00Sold PHP / Bought USD 24 Nov 2010 PHP – 41,325,000.00Sold PHP / Bought USD 30 Jun 2011 PHP – 41,914,000.00Sold RON / Bought EUR 17 Mar 2011 RON – 352,355.00Sold RON / Bought USD 17 Mar 2011 RON – 33,048,530.00Sold RON / Bought USD 24 Nov 2010 RON – 11,827,595.00Sold RUB / Bought USD 17 Mar 2011 RUB – 171,926,250.00Sold RUB / Bought USD 24 Nov 2010 RUB – 174,455,150.00Sold SEK / Bought EUR 10 Mar 2011 SEK – 23,677,920.00Sold SEK / Bought EUR 18 Apr 2011 SEK – 52,709,100.00Sold SEK / Bought EUR 18 Jan 2011 SEK – 55,742,240.00Sold SEK / Bought GBP 18 Apr 2011 SEK – 21,092,600.00Sold SEK / Bought NOK 17 Mar 2011 SEK – 14,983,930.00Sold SEK / Bought NOK 18 Apr 2011 SEK – 53,457,360.00Sold SEK / Bought NOK 18 Jan 2011 SEK – 34,328,850.00Sold SEK / Bought USD 18 Jan 2011 SEK – 13,878,000.00Sold TRY / Bought USD 10 Mar 2011 TRY – 1,442,528.00Sold TRY / Bought USD 17 Mar 2011 TRY – 16,238,408.00Sold TRY / Bought USD 24 Nov 2010 TRY – 5,440,793.00Sold USD / Bought ARS 17 Mar 2011 USD – 1,800,000.00Sold USD / Bought ARS 24 Nov 2010 USD – 1,900,000.00Sold USD / Bought AUD 10 Mar 2011 USD – 3,280,543.00Sold USD / Bought AUD 14 Jul 2011 USD – 3,146,989.00Sold USD / Bought AUD 17 Mar 2011 USD – 19,462,962.00Sold USD / Bought AUD 24 Nov 2010 USD – 28,138,835.00Sold USD / Bought AUD 30 Jun 2011 USD – 13,549,793.00Sold USD / Bought BRL 17 Mar 2011 USD – 4,650,000.00Sold USD / Bought BRL 24 Nov 2010 USD – 3,800,000.00Sold USD / Bought BRL 30 Jun 2011 USD – 2,850,000.00Sold USD / Bought CAD 10 Mar 2011 USD – 10,400,000.00Sold USD / Bought CAD 14 Jul 2011 USD – 11,000,000.00Sold USD / Bought CAD 18 Apr 2011 USD – 8,000,000.00Sold USD / Bought CAD 3 Dec 2010 USD – 2,400,000.00Sold USD / Bought CHF 10 Mar 2011 USD – 7,250,000.00Sold USD / Bought CHF 14 Jul 2011 USD – 3,200,000.00Sold USD / Bought CHF 18 Jan 2011 USD – 2,000,000.00Sold USD / Bought CHF 3 Dec 2010 USD – 2,800,000.00Sold USD / Bought EUR 10 Mar 2011 USD – 14,888,852.00Sold USD / Bought EUR 17 Mar 2011 USD – 67,703,893.00Sold USD / Bought EUR 18 Apr 2011 USD – 2,642,760.00Sold USD / Bought EUR 18 Jan 2011 USD – 2,649,000.00Sold USD / Bought EUR 24 Nov 2010 USD – 23,271,050.00Sold USD / Bought EUR 3 Dec 2010 USD – 1,937,840.00Sold USD / Bought EUR 30 Jun 2011 USD – 14,406,411.00Sold USD / Bought GBP 17 Mar 2011 USD – 27,241,995.00Sold USD / Bought GBP 24 Nov 2010 USD – 1,932,468.00Sold USD / Bought GBP 30 Jun 2011 USD – 20,926,100.00

Sold USD / Bought HUF 17 Mar 2011 USD – 12,250,000.00Sold USD / Bought HUF 24 Nov 2010 USD – 3,800,000.00Sold USD / Bought HUF 30 Jun 2011 USD – 2,850,000.00Sold USD / Bought IDR 17 Mar 2011 USD – 1,800,000.00Sold USD / Bought IDR 24 Nov 2010 USD – 2,850,000.00Sold USD / Bought IDR 30 Jun 2011 USD – 2,850,000.00Sold USD / Bought INR 17 Mar 2011 USD – 4,650,000.00Sold USD / Bought INR 24 Nov 2010 USD – 2,850,000.00Sold USD / Bought INR 30 Jun 2011 USD – 2,850,000.00Sold USD / Bought JPY 10 Mar 2011 USD – 6,350,000.00Sold USD / Bought JPY 14 Jul 2011 USD – 1,950,000.00Sold USD / Bought JPY 17 Mar 2011 USD – 22,208,000.00Sold USD / Bought JPY 18 Apr 2011 USD – 10,000,000.00Sold USD / Bought JPY 18 Jan 2011 USD – 26,000,000.00Sold USD / Bought JPY 24 Nov 2010 USD – 3,320,000.00Sold USD / Bought JPY 3 Dec 2010 USD – 4,900,000.00Sold USD / Bought JPY 30 Jun 2011 USD – 12,300,000.00Sold USD / Bought KRW 10 Mar 2011 USD – 2,100,000.00Sold USD / Bought MXN 17 Mar 2011 USD – 9,875,000.00Sold USD / Bought MXN 24 Nov 2010 USD – 3,800,000.00Sold USD / Bought MXN 3 Dec 2010 USD – 800,000.00Sold USD / Bought MXN 30 Jun 2011 USD – 1,900,000.00Sold USD / Bought MYR 17 Mar 2011 USD – 1,850,000.00Sold USD / Bought MYR 24 Nov 2010 USD – 950,000.00Sold USD / Bought MYR 30 Jun 2011 USD – 1,900,000.00Sold USD / Bought NOK 14 Jul 2011 USD – 900,000.00Sold USD / Bought NZD 10 Mar 2011 USD – 4,843,026.00Sold USD / Bought NZD 18 Apr 2011 USD – 5,987,260.00Sold USD / Bought NZD 18 Jan 2011 USD – 9,095,380.00Sold USD / Bought PHP 17 Mar 2011 USD – 900,000.00Sold USD / Bought PHP 24 Nov 2010 USD – 950,000.00Sold USD / Bought PHP 30 Jun 2011 USD – 1,900,000.00Sold USD / Bought RON 17 Mar 2011 USD – 10,350,000.00Sold USD / Bought RON 24 Nov 2010 USD – 3,800,000.00Sold USD / Bought RON 30 Jun 2011 USD – 2,850,000.00Sold USD / Bought RUB 17 Mar 2011 USD – 5,700,000.00Sold USD / Bought RUB 24 Nov 2010 USD – 5,700,000.00Sold USD / Bought RUB 30 Jun 2011 USD – 2,850,000.00Sold USD / Bought SEK 18 Jan 2011 USD – 2,000,000.00Sold USD / Bought TRY 10 Mar 2011 USD – 950,000.00Sold USD / Bought TRY 17 Mar 2011 USD – 10,350,000.00Sold USD / Bought TRY 24 Nov 2010 USD – 3,800,000.00Sold USD / Bought TRY 30 Jun 2011 USD – 2,850,000.00Sold USD / Bought ZAR 17 Mar 2011 USD – 13,200,000.00Sold USD / Bought ZAR 24 Nov 2010 USD – 3,800,000.00Sold USD / Bought ZAR 30 Jun 2011 USD – 2,850,000.00Sold ZAR / Bought EUR 17 Mar 2011 ZAR – 453,795.00Sold ZAR / Bought USD 17 Mar 2011 ZAR – 92,607,680.00Sold ZAR / Bought USD 24 Nov 2010 ZAR – 26,433,655

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 66,118,332.71) 66,137,305.50 58,428,209.00

– bonds 539,772.34 733,434.90

Receivable on

– subscriptions on fund shares 0.00 1,615,120.00

Unrealised gain on

Total Assets 76,286,256.12 69,316,292.20

Payable on

– securities transactions – 8,493,226.29 0.00

Other payables – 38,652.52 – 38,572.07

Unrealised loss on

– forward foreign exchange transactions – 4,114,949.75 – 6,676,579.40

Net assets 63,639,427.56 62,601,140.73

01/10/2010–31/03/2011 01/10/2009–31/03/2010 EUR EUR

Subscriptions

– Class I (EUR) 6,206,767.92 2,113,946.53

Redemptions

– Class I (EUR) – 5,417,295.32 – 6,493,059.27

Equalization 10,735.74 – 8,512.29

Result of operations 536,297.39 – 379,256.20

EUR Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class IShares

Class IShares

Number of shares

– issued 6,144 2,156

– redeemed – 5,351 – 6,621

Securities and money-market instruments admitted to an official stock exchange listing 13,166,762.98 99.43Equities 12,689,999.59 95.83Brazil 857,459.60 6.47Anhanguera Educacional Participacoes Shs 21,400 5,000 16,400 BRL 39.750 281,768.18 2.13Banco Santander Brasil Shs 900 7,200 26,300 BRL 19.700 223,940.65 1.69Localiza Rent a Car Shs 700 19,500 20,600 BRL 25.500 227,048.36 1.71MRV Engenharia e Participacoes Shs 800 14,700 22,400 BRL 12.880 124,702.41 0.94Canada 421,070.03 3.18Suncor Energy Shs 500 3,530 13,410 USD 44.630 421,070.03 3.18China 355,455.23 2.68China Oilfield Services -H- Shs 132,000 10,000 122,000 HKD 17.580 193,897.49 1.46Jiangsu Expressway -H- Shs 8,000 48,000 204,000 HKD 8.760 161,557.74 1.22Finland 294,256.80 2.22Outotec Shs 200 2,100 6,840 EUR 43.020 294,256.80 2.22France 624,925.60 4.72L’Oréal Shs 480 2,570 EUR 82.930 213,130.10 1.61Legrand Shs 7,200 910 6,290 EUR 29.510 185,617.90 1.40Vallourec Shs 630 2,840 EUR 79.640 226,177.60 1.71Germany 1,195,159.60 9.03Bayerische Motoren Werke Shs 200 1,070 4,480 EUR 58.520 262,169.60 1.98Fielmann Shs 2,900 200 2,700 EUR 66.700 180,090.00 1.36Fresenius Shs 5,310 1,240 4,070 EUR 65.820 267,887.40 2.03Rhoen Klinikum Shs 400 3,320 12,560 EUR 15.290 192,042.40 1.45Siemens Shs 100 1,590 3,020 EUR 97.010 292,970.20 2.21Hong Kong 424,699.84 3.21CNOOC Shs 5,000 93,000 150,000 HKD 19.768 268,068.27 2.03Guangdong Investment Shs 16,000 114,000 438,000 HKD 3.956 156,631.57 1.18Japan 832,718.92 6.29Benesse Holdings Shs 200 1,100 5,900 JPY 3,405.000 170,763.42 1.29Hitachi Construction Machinery Shs 400 5,300 12,000 JPY 2,083.000 212,469.32 1.61Inpex Shs 24 19 JPY 631,000.000 101,908.09 0.77Mitsui Shs 12,600 11,900 17,700 JPY 1,491.000 224,324.46 1.69Suzuki Motor Shs 9,100 1,300 7,800 JPY 1,859.000 123,253.63 0.93Mexico 624,618.92 4.72America Movil -L- Shs 4,300 32,500 123,450 MXN 34.240 250,202.39 1.89Grupo Financiero Banorte -O- Shs 1,700 13,400 50,400 MXN 54.990 164,051.75 1.24Urbi Desarrollos Urbanos Shs 4,400 34,100 128,300 MXN 27.700 210,364.78 1.59Netherlands 210,030.75 1.59Akzo Nobel Shs 5,200 865 4,335 EUR 48.450 210,030.75 1.59Singapore 139,075.22 1.05Oversea-Chinese Banking Shs 27,000 1,000 26,000 SGD 9.580 139,075.22 1.05South Africa 214,859.37 1.62African Bank Investments Shs 1,903 14,502 55,021 ZAR 37.650 214,859.37 1.62Spain 209,158.88 1.58Banco Bilbao Vizcaya Argentaria Shs 28,800 4,720 24,080 EUR 8.686 209,158.88 1.58Switzerland 326,092.93 2.46Bank Sarasin & Compagnie -B- Shs 200 1,910 7,089 CHF 39.850 217,085.05 1.64Sonova Holding Shs 300 230 1,706 CHF 83.150 109,007.88 0.82United Kingdom 253,512.54 1.91BHP Billiton Shs 300 8,460 9,014 GBP 24.785 253,512.54 1.91United States 5,706,905.36 43.10Abbott Laboratories Shs 200 1,200 4,810 USD 48.960 165,685.75 1.25Aetna Shs 300 2,260 8,300 USD 37.600 219,565.76 1.66Aflac Shs 200 1,640 6,150 USD 52.520 227,247.18 1.72Allergan Shs 200 1,420 5,461 USD 71.110 273,213.10 2.06Archer-Daniels-Midland Shs 400 4,340 10,565 USD 35.940 267,144.50 2.02Danaher Shs 300 2,270 8,304 USD 51.960 303,567.42 2.29Ecolab Shs 8,900 1,560 7,340 USD 50.300 259,754.28 1.96Flowserve 1 Shs 3,200 200 3,000 USD 128.050 270,271.04 2.04Freeport-McMoRan Copper & Gold Shs 3,690 3,044 6,186 USD 55.240 240,415.39 1.82Johnson & Johnson Shs 100 780 3,269 USD 59.380 136,569.52 1.03Lorillard Shs 100 1,150 3,378 USD 95.790 227,655.68 1.72Medco Health Solutions Shs 200 2,830 5,709 USD 55.320 222,198.38 1.68Nalco Holding Shs 4,400 7,900 14,807 USD 26.990 281,169.77 2.12

% ofSubfund

Northern Trust Shs 200 1,320 4,834 USD 51.120 173,858.59 1.31Philip Morris International Shs 200 1,750 6,186 USD 65.700 285,939.37 2.16Prudential Financial Shs 200 1,880 7,032 USD 61.030 301,940.18 2.28Roper Industries Shs 1,500 1,360 4,940 USD 85.730 297,960.33 2.25Schlumberger Shs 1,070 770 4,154 USD 93.650 273,698.83 2.07SPX Shs 200 1,420 5,360 USD 79.280 298,969.65 2.26St. Jude Medical Shs 200 1,640 6,180 USD 51.710 224,833.84 1.70Thermo Fisher Scientific Shs 200 1,820 6,676 USD 54.910 257,908.97 1.95UnitedHealth Group Shs 10,360 1,770 8,590 USD 45.400 274,376.99 2.07Western Union Shs 500 4,090 15,005 USD 21.120 222,960.84 1.68Participating Shares 476,763.39 3.60China 227,203.14 1.72New Oriental Education & Technology Group (ADR’s) Shs 100 670 3,230 USD 99.980 227,203.14 1.72Israel 249,560.25 1.88Teva Pharmaceutical Industries (ADR’s) Shs 200 1,910 7,090 USD 50.030 249,560.25 1.88Investments in securities and money-market instruments 13,166,762.98 99.43Deposits at financial institutions1) 123,456.92 0.93Sight deposits2) 123,456.92 0.930.5420 % State Street Bank Luxembourg S.A. EUR 123,456.92 0.93Investments in deposits at financial institutions 123,456.92 0.93Net current assets/liabilities EUR – 47,990.66 – 0.36Net assets of the Subfund EUR 13,242,229.24 100.00

Net asset value per share– Class A (EUR) (distributing) EUR 160.70– Class AT (USD) (accumulating) USD 16.21Shares in circulation– Class A (EUR) (distributing) Shs 82,319– Class AT (USD) (accumulating) Shs 1,2081) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listingEquitiesBrazilAnhanguera Educacional Participacoes Shs 21,800FranceAlstom Shs 5,720GermanyFresenius Shs 5,690IrelandIrish Life & Permanent Group Holdings Shs 33,900JapanTopcon Shs 28,400LuxembourgArcelorMittal (traded in Luxembourg) Shs 270 7,565ArcelorMittal (traded in Netherlands) Shs 270SwitzerlandTransocean Shs 4,500United StatesBucyrus International -A- Shs 6,500Celgene Shs 5,500Emdeon -A- Shs 18,290Fluor Shs 6,050

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 10,004,835.34) 13,166,762.98 14,810,932.53

(Other) cash at banks 123,456.92 60,516.76

– bonds 0.00 0.00

Receivable on

Unrealised gain on

Total Assets 13,316,632.18 14,903,620.08

Payable on

Other payables – 25,275.83 – 30,979.08

Unrealised loss on

Net assets 13,242,229.24 14,870,429.17

01/10/2010–31/03/2011 01/10/2009–31/03/2010 EUR EUR

Subscriptions

– Class A (EUR) 739,978.41 404,409.73

– Class AT (USD) 10,830.60 702.11

Redemptions

– Class A (EUR) – 3,949,594.09 – 3,496,663.86

– Class AT (USD) – 2,009.68 0.00

Distribution 11,669,634.41 0.00

Equalization 163,472.76 – 10,511.77

Class AShares

Number of shares

– issued 4,669 2,910

– redeemed – 24,859 – 25,381

SharesClass AT

Shares

Number of shares

– issued 926 66

Securities and money-market instruments admitted to an official stock exchange listing 28,611,714.25 47.11Bonds 28,611,714.25 47.11Austria 5,031,200.00 8.283.8750 % OeBB Infrastruktur EUR Notes 08/11 EUR 2,000.0 2,000.0 % 101.389 2,027,780.00 3.342.5000 % Raiffeisen Zentralbank Österreich EUR MTN 09/11 EUR 3,000.0 % 100.114 3,003,420.00 4.94Belgium 2,987,325.00 4.920 % Belgium Government

EUR Zero-Coupon Bonds 10/11 EUR 3,000.0 3,000.0 % 99.578 2,987,325.00 4.92France 5,990,970.00 9.864.7500 % BNP Paribas EUR MTN 08/11 EUR 2,000.0 % 100.029 2,000,570.00 3.290 % France Government EUR Zero-Coupon Bonds 11/11 EUR 4,000.0 4,000.0 % 99.760 3,990,400.00 6.57Germany 6,010,184.25 9.905.0000 % Bundesrepublik Deutschland EUR Bonds 01/11 S.1 EUR 9,000.0 3,050.0 5,950.0 % 101.012 6,010,184.25 9.90Netherlands 1,994,500.00 3.280 % Netherlands Government

EUR Zero-Coupon Bonds 11/11 EUR 2,000.0 2,000.0 % 99.725 1,994,500.00 3.28United Kingdom 2,032,250.00 3.354.2500 % Barclays Bank EUR MTN 08/11 EUR 2,000.0 2,000.0 % 101.613 2,032,250.00 3.35United States 4,565,285.00 7.523.5000 % Goldman Sachs Group EUR MTN 08/11 EUR 2,000.0 2,000.0 % 101.391 2,027,810.00 3.343.6250 % JPMorgan Chase & Co. EUR Notes 08/11 EUR 2,500.0 2,500.0 % 101.499 2,537,475.00 4.18OTC-dealt money-market instruments (Investment Grade Rating) 32,342,870.50 53.24Money-Market Instruments 32,342,870.50 53.24France 7,458,326.50 12.270 % AXA EUR Zero-Coupon Notes 16.05.2011 EUR 2,000.0 2,000.0 % 99.896 1,997,910.00 3.290 % Charente Perigord

EUR Zero-Coupon Notes 28.03.2012 EUR 2,000.0 2,000.0 % 98.290 1,965,790.00 3.230 % Crédit Agricole EUR Zero-Coupon Notes 01.04.2011 EUR 1,000.0 1,000.0 % 99.998 999,984.00 1.640 % Skandinaviska Enskilada Banken

EUR Zero-Coupon Notes 16.06.2011 EUR 2,500.0 2,500.0 % 99.786 2,494,642.50 4.11Ireland 1,990,796.00 3.280 % Hewlett-Packard

EUR Zero-Coupon Notes 16.08.2011 EUR 2,000.0 2,000.0 % 99.540 1,990,796.00 3.28Luxembourg 18,898,354.00 31.110 % Allianz EUR Zero-Coupon Notes 14.09.2011 EUR 2,000.0 2,000.0 % 99.416 1,988,314.00 3.270 % Bank of Sctoland

EUR Zero-Coupon Notes 18.08.2011 EUR 2,000.0 % 99.532 1,990,630.00 3.280 % ING Bank EUR Zero-Coupon Notes 11.01.2012 EUR 2,500.0 2,500.0 % 98.737 2,468,420.00 4.060 % KA Finanz EUR Zero-Coupon Notes 04.08.2011 EUR 2,000.0 % 99.589 1,991,778.00 3.280 % Pohjola Bank EUR Zero-Coupon Notes 21.04.2011 EUR 2,500.0 2,500.0 % 99.966 2,499,150.00 4.110 % Skandinaviska Enskilada Banken

EUR Zero-Coupon Notes 11.01.2012 EUR 2,000.0 2,000.0 % 98.737 1,974,736.00 3.250 % Suncorp Metway

EUR Zero-Coupon Notes 31.05.2011 EUR 2,000.0 2,000.0 % 99.844 1,996,870.00 3.290 % Swedbank EUR Zero-Coupon Notes 19.08.2011 EUR 2,000.0 % 99.527 1,990,546.00 3.280 % Undedic EUR Zero-Coupon Notes 16.05.2011 EUR 2,000.0 2,000.0 % 99.896 1,997,910.00 3.29United Kingdom 3,995,394.00 6.580 % Lloyds TSB Bank

EUR Zero-Coupon Notes 12.05.2011 EUR 2,000.0 2,000.0 % 99.908 1,998,166.00 3.290 % Société Générale

EUR Zero-Coupon Notes 16.06.2011 EUR 2,000.0 2,000.0 % 99.861 1,997,228.00 3.29Investments in securities and money-market instruments 60,954,584.75 100.35Deposits at financial institutions1) 1,829,286.78 3.01Sight deposits2) 1,829,286.78 3.010.5420 % State Street Bank Luxembourg S.A. EUR 1,829,286.78 3.01Investments in deposits at financial institutions 1,829,286.78 3.01

% ofSubfund

Derivatives Holdings marked with a minus are short positions. OTC-Dealt Derivatives 103,872.13 0.17Forward Foreign Exchange Transactions – 132,805.51 – 0.22Sold EUR / Bought GBP 12 May 2011 EUR – 3,793,225.12 – 132,805.51 – 0.22Swap Transactions 236,677.64 0.39Total Return Swaps 236,677.64 0.39EUR 9M-Libor Total Return Swap EUR 1,733,327,683.08 1,743,647,093.79 62,219,567.93 236,677.64 0.39Investments in derivatives 103,872.13 0.17Net current assets/liabilities EUR – 2,141,796.31 – 3.53Net assets of the Subfund EUR 60,745,947.35 100.00

Net asset value per share– Class A (EUR) (distributing) EUR 98.61– Class CT (EUR) (accumulating) EUR 98.69– Class I (EUR) (distributing) EUR 994.97– Class A (GBP) (distributing) GBP 95.76– Class A (H-GBP) (distributing) GBP 99.61Shares in circulation– Class A (EUR) (distributing) Shs 351,073– Class CT (EUR) (accumulating) Shs 18,323– Class I (EUR) (distributing) Shs 20,726– Class A (GBP) (distributing) Shs 192– Class A (H-GBP) (distributing) Shs 32,530

Unrealised gain/loss

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listingBondsAustria0 % Austria Government EUR Zero-Coupon Bonds 10/10 EUR 5,000.0Belgium3.5000 % Belgium Government EUR Bonds 08/11 S.53 EUR 6,000.0Finland5.7500 % Finland Government EUR Bonds 00/11 EUR 6,000.0France2.6250 % Dexia Credit Local EUR MTN 09/11 EUR 3,000.03.0000 % France Government EUR Bonds 06/11 EUR 5,000.0Germany4.5000 % Deutsche Bank EUR MTN 08/11 EUR 3,000.0Netherlands0 % Netherlands Government EUR Zero-Coupon Bonds 10/11 Shs 8,000.0 13,000.0OTC-dealt money-market instruments (Investment Grade Rating)Money-Market InstrumentsDanemark0 % Jyske Bank EUR Zero-Coupon Notes 31.03.2011 Shs 2,000.0 2,000.0France0 % Acoss EUR Zero-Coupon Notes 17.01.2011 Shs 2,000.0 2,000.00 % Air Liquide EUR Zero-Coupon Notes 14.12.2010 Shs 2,500.00 % Axa EUR Zero-Coupon Notes 16.11.2010 Shs 2,000.00 % AXA EUR Zero-Coupon Notes 17.02.2011 Shs 1,100.0 1,100.00 % Caisse des Depots et Consignations EUR Zero-Coupon Notes 07.01.2011 Shs 4,500.00 % Credit Agricole EUR Zero-Coupon Notes 04.02.2011 EUR 2,000.0 2,000.00 % La Poste EUR Zero-Coupon Notes 28.10.2010 Shs 1,500.00 % Société Générale EUR Zero-Coupon Notes 08.10.2010 Shs 3,000.0Germany0 % Allianz EUR Zero-Coupon Notes 05.11.2010 EUR 3,000.0Luxembourg0 % ABN Amro Bank EUR Zero-Coupon Notes 21.02.2011 Shs 2,500.0 2,500.00 % Lloyds TSB Bank EUR Zero-Coupon Notes 16.02.2011 Shs 2,000.00 % Sweden Government EUR Zero-Coupon Bonds 07.03.2011 Shs 2,000.0 2,000.00 % Unilever Finance International EUR Zero-Coupon Notes 07.03.2011 Shs 2,500.0 2,500.0Netherlands0 % Toyota Motor Finance EUR Zero-Coupon Notes 19.10.2010 Shs 2,500.0Spain0 % Santander Commercia EUR Zero-Coupon Notes 16.11.2010 Shs 2,500.0 2,500.0Sweden0 % Svenska Handelsbanken EUR Zero-Coupon Notes 20.10.2010 EUR 3,500.0

DerivativesHoldings marked with a minus are short positions.OTC-Dealt DerivativesForward Foreign Exchange TransactionsSold EUR / Bought GBP 11 Feb 2011 EUR – 3,632,008.00

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 60,962,469.37) 60,954,584.75 68,776,611.00

Cash at banks 1,829,286.78 703,500.41

– bonds 509,476.12 619,232.87

Receivable on

Unrealised gain on

– swap transactions 0.00 235,824.22

Total Assets 63,530,025.29 70,335,168.50

Payable on

Other payables – 85,290.92 – 94,920.21

Unrealised loss on

Net assets 60,745,947.35 70,130,965.14

Subscriptions

– Class A (EUR) 358,021.62 91,706,976.45

– Class CT (EUR) 1,439,758.23 64,004.01

– Class I (EUR) 3,598,553.98 38,072,428.57

– Class A (GBP) 3,299.90 1,640,610.95

– Class A (H-GBP) 0.00 2,291,564.63

Redemptions

– Class A (EUR) – 5,530,935.87 – 3,598,031.56

– Class CT (EUR) – 371,557.24 0.00

– Class I (EUR) – 12,799,911.68 – 148,809.96

– Class A (GBP) – 504,491.16 – 81,824.73

– Class A (H-GBP) 0.00 0.00

Equalization 460,764.22 166,360.52

Result of operations 3,967,216.55 – 1,491,329.61

EUR Shares 01/10/2010–31/03/2011 Launch date–31/03/2010Class A Shares

Class CT Shares

Class IShares

Class A Shares

Class CT Shares

Class IShares

Number of shares

– issued 3,741 14,941 3,701 918,669 645 38,288

– redeemed – 56,923 – 3,950 – 13,408 – 36,035 0 – 149

at the end of the reporting period 351,073 18,323 20,726 882,634 645 38,139

GBP Shares 01/10/2010–31/03/2011 Launch date–31/03/2010Class A Shares

Class A (H-GBP)Shares

Class A Shares

Class A (H-GBP)Shares

at the beginning of the reporting period 5,044 32,530 0 0

Number of shares

– issued 31 0 14,944 20,189

– redeemed – 4,883 0 – 742 0

at the end of the reporting period 192 32,530 14,202 20,189

Securities and money-market instruments admitted to an official stock exchange listing 3,583,643.67 18.40Bonds 3,583,643.67 18.40Germany 2,251,656.94 11.563.7500 % Bundesrepublik Deutschland EUR Bonds 06/17 S.6 EUR 1,250.0 980.0 270.0 % 104.778 402,099.12 2.061.2500 % Bundesrepublik Deutschland EUR Bonds 09/11 S.2 EUR 2,000.0 700.0 1,300.0 % 100.098 1,849,557.82 9.50Japan 449,883.41 2.311.8000 % Japan Government JPY Bonds 06/16 JPY 70,000.0 35,000.0 35,000.0 % 106.391 449,883.41 2.31United Kingdom 882,103.32 4.534.0000 % United Kingdom GBP Bonds 06/16 GBP 1,550.0 1,036.0 514.0 % 106.405 882,103.32 4.53Securities and money-market instruments dealt on another regulated market 548,340.34 2.82Bonds 548,340.34 2.82USA 548,340.34 2.823.1250 % United States Treasury Note USD Bond 10/17 USD 2,700.0 2,169.0 531.0 % 103.266 548,340.34 2.82Investment Units 13,595,256.08 69.82(Management fee of the target fund in % p.a.) France 1,511,502.03 7.76Magellan -C- EUR (1.750%) Shs 648.000 648.000 EUR 1,641.090 1,511,502.03 7.76Germany 4,289,971.52 22.03Allianz RCM Wachstum Europa -A- EUR - (1.500%) Shs 6,935.000 6,935.000 EUR 63.630 627,205.30 3.22db x-trackers - DBLCI-OY Balanced ETF -1C- EUR - (0.550%) Shs 79,055.000 5,700.000 73,355.000 EUR 35.130 3,662,766.22 18.81Ireland 6,119,523.91 31.43Allianz Global Investors Fund V - Allianz RCM US Equity -C2- USD - (1.500%) Shs 33,990.000 33,900.000 90.000 USD 37.040 3,333.60 0.02Allianz Global Investors Fund V - Allianz RCM US Equity -IT- USD - (0.750%) Shs 1,100.000 1,100.000 USD 1,195.780 1,315,358.00 6.76Allianz Global Investors Fund VII - Allianz Emerging Markets Bond Fund -I- EUR - (0.590%) Shs 12,228.838 4,101.000 8,127.838 EUR 111.010 1,282,444.18 6.59Allianz Global Investors Fund VI plc - Allianz RCM Korea Fund - A EUR - (1.750%) Shs 44,665.000 44,665.000 EUR 11.110 705,314.36 3.62iShares PLC - iShares FTSE 250 GBP - (0.400%) Shs 44,741.000 44,741.000 GBP 11.420 824,073.77 4.23iShares II PLC - iShares FTSE EPRA/NAREIT Developed Markets Property Yield Fund USD - (0.590%) Shs 100,000.000 100,000.000 USD 19.890 1,989,000.00 10.21Luxembourg 1,674,258.62 8.60Allianz RCM Systematic Multi Strategy -I- EUR - (0.880%) Shs 1,257.000 1,257.000 EUR 937.100 1,674,258.62 8.60Investments in securities and money-market instruments 17,727,240.09 91.04Deposits at financial institutions1) 1,390,456.68 7.14Sight deposits2) 1,390,456.68 7.140.5420 % State Street Bank Luxembourg S.A. USD 730,302.31 3.750.5420 % Deposits for collateralisation of derivatives USD 660,154.37 3.39Investments in deposits at financial institutions 1,390,456.68 7.14

% ofSubfund

Derivatives Holdings marked with a minus are short positions. Listed Derivatives 195,930.06 1.01Futures Transactions 195,930.06 1.01Purchased Index Futures 195,930.06 1.01DJ EURO STOXX 50 Index Futures 06/11 Ctr 44 44 EUR 2,859.000 111,590.26 0.57FTSE 100 Index Futures 06/11 Ctr 12 12 GBP 5,916.500 57,562.66 0.30MSCI Emerging Markets Emini Futures 06/11 Ctr 5 5 USD 1,159.600 21,525.00 0.11S&P Emini Index Futures 06/11 Ctr 34 34 USD 1,323.900 99,610.00 0.51Topix Index Futures 06/11 Ctr 11 11 JPY 866.000 – 94,357.86 – 0.48OTC-Dealt Derivatives 159,914.57 0.82Forward Foreign Exchange Transactions 159,914.57 0.82Sold JPY / Bought EUR 15 Jun 2011 JPY – 75,000,000.00 20,529.94 0.10Sold GBP / Bought EUR 15 Jun 2011 GBP – 1,175,000.00 48,551.08 0.25Sold USD / Bought EUR 15 Jun 2011 USD – 4,460,000.00 90,833.55 0.47Investments in derivatives 355,844.63 1.83Net current assets/liabilities USD – 1,938.33 – 0.01Net assets of the Subfund USD 19,471,603.07 100.00

Net asset values per share – Class A (H-EUR) (distributing) EUR 102.07 Shares in circulation – Class A (H-EUR) (distributing) Shs 134,219

% ofSubfund

Investment Units(Management fee of the target fund % p.a.)LuxembourgAllianz Global Investors Fund - Allianz RCM Commodities -I- EUR - (0.630%) Shs 540.000 540.000

DerivativesHoldings marked with a minus are short positions.Listed DerivativesFutures TransactionsPurchased Index FuturesDJ EURO STOXX 50 Index Futures 03/11 Ctr 31 31FTSE 100 Index Futures 03/11 Ctr 10 10MSCI Emerging Markets Emini Futures 03/11 Ctr 5 5S&P 500 Emini Index Futures 03/11 Ctr 8 8Topix Index Futures 03/11 Ctr 12 12OTC-Dealt DerivativesForward Foreign Exchange TransactionsSold EUR / Bought GBP 11 Mar 2011 EUR – 3,283,069.00Sold EUR / Bought JPY 11 Mar 2011 EUR – 651,721.00Sold EUR / Bought USD 11 Mar 2011 EUR – 7,558,905.00Sold GBP / Bought EUR 11 Mar 2011 GBP – 2,800,000.00Sold JPY / Bought EUR 11 Mar 2011 JPY – 75,000,000.00Sold USD / Bought EUR 11 Mar 2011 USD – 10,170,000.00Sold USD / Bought EUR 15 Jun 2011 USD – 500,000.00Sold USD / Bought JPY 24 Dec 2010 USD – 893,959.00

31/03/2011 USD

Securities

(Cost price USD 16,321,449.70) 17,727,240.09

Time deposits 0.00

(Other) cash at banks 1,390,456.68

– bonds 15,391.16

Receivable on

Other receivables

Unrealised gain on 0.00

– futures transactions 290,287.92

– forward foreign exchange transactions 159,914.57

Payable on

– redemptions of fund shares – 8,731.05

Unrealised loss on

– futures transactions – 94,357.86

Net assets 19,471,603.07

Launch date–31/03/2011 USD

Subscriptions

– Class A (H-EUR) 18,672,225.79

Redemptions

– Class A (H-EUR) – 1,432,925.99

Result of operations 2,224,915.72

USD Shares Launch date–31/03/2011Class A (H-EUR)

Shares

Number of shares

– issued 144,722

Securities and money-market instruments admitted to an official stock exchange listing 121,680,799.79 96.07Equities 111,507,899.79 88.04China 16,190,835.11 12.79China Construction Bank -H- Shs 2,700,000 600,000 2,100,000 HKD 7.290 1,967,168.88 1.55China Life Insurance -H- Shs 410,000 410,000 HKD 29.250 1,541,006.78 1.22China Milk Products Group Shs 250,000 SGD 0.000 0.00 0.00China Oilfield Services -H- Shs 150,000 170,000 980,000 HKD 17.580 2,213,807.06 1.75China Petroleum & Chemical -H- Shs 1,300,000 1,300,000 HKD 7.810 1,304,635.55 1.03China Rongsheng Heavy Industry Group Shs 1,490,000 1,490,000 HKD 6.814 1,304,634.79 1.03Chongqing Rural Commercial Bank -H- Shs 2,500,000 126,000 2,374,000 HKD 5.340 1,628,983.91 1.29Guangzhou Automobile Group -H- Shs 500,000 300,000 1,000,000 HKD 9.480 1,218,156.70 0.96Sichuan Expressway -H- Shs 2,700,000 2,700,000 HKD 5.070 1,759,002.86 1.39West China Cement Shs 5,600,000 1,800,000 3,800,000 HKD 3.493 1,705,402.99 1.35Zhuzhou CSR Times Electric -H- Shs 80,000 93,000 407,000 HKD 29.600 1,548,035.59 1.22Germany 388,590.00 0.31John Keells Holdings -Warrants- Shs 50,000 150,000 USD 2.591 388,590.00 0.31Hong Kong 22,673,177.61 17.91ASM Pacific Technology Shs 227,000 19,100 207,900 HKD 98.135 2,621,640.44 2.07Beijing Enterprises Holdings Shs 310,000 310,000 HKD 44.790 1,784,167.92 1.41China Insurance International Holdings Shs 170,000 430,000 HKD 23.049 1,273,555.71 1.01Cosco Pacific Shs 830,000 1,330,000 HKD 14.776 2,525,176.31 1.99Dah Chong Hong Holdings Shs 1,192,000 1,900,000 HKD 8.787 2,145,269.38 1.69Great Eagle Holdings Shs 500,000 500,000 HKD 26.220 1,684,580.42 1.33Kunlun Energy Shs 1,020,000 1,020,000 HKD 12.481 1,635,821.27 1.29Li & Fung Shs 300,000 94,000 206,000 HKD 40.059 1,060,386.80 0.84Luk Fook Holdings International Shs 564,000 564,000 HKD 23.200 1,681,372.91 1.33Poly Hong Kong Investment Shs 2,400,000 2,400,000 HKD 7.348 2,265,938.31 1.79Pou Sheng International Holdings Shs 1,300,000 1,200,000 7,700,000 HKD 1.238 1,224,925.57 0.97Sino Land Shs 1,000,000 1,000,000 HKD 13.950 1,792,574.64 1.42Sinofert Holdings Shs 2,250,000 2,250,000 HKD 3.382 977,767.93 0.77India 5,745,014.94 4.53Coal India Shs 240,000 86,000 154,000 INR 345.050 1,193,167.17 0.94Glenmark Pharmaceuticals Shs 270,000 270,000 INR 285.050 1,728,157.63 1.36ITC Shs 195,952 195,952 INR 181.250 797,491.86 0.63Persistent Systems Shs 105,968 105,968 INR 372.000 885,148.67 0.70Shree Cement Shs 26,100 942 25,158 INR 2,019.900 1,141,049.61 0.90Indonesia 4,686,936.55 3.70Gudang Garam Shs 170,000 100,000 270,000 IDR 41,850.000 1,297,674.42 1.03Semen Gresik Persero Shs 670,000 1,420,000 IDR 9,100.000 1,484,008.04 1.17Tambang Batubara Bukit Asam Shs 360,000 790,000 IDR 21,000.000 1,905,254.09 1.50Malaysia 6,059,354.24 4.78Genting Shs 213,700 570,000 MYR 11.040 2,079,645.73 1.64Petronas Chemicals Group Shs 1,130,000 1,130,000 MYR 7.240 2,703,724.51 2.13RHB Capital Shs 450,000 450,000 MYR 8.580 1,275,984.00 1.01Pakistan 993,677.64 0.78Lucky Cement Shs 480,000 PKR 68.030 382,773.41 0.30MCB Bank Shs 22,800 250,800 PKR 207.800 610,904.23 0.48Philippines 3,858,528.94 3.04Aboitiz Power Shs 2,011,500 2,400,000 2,057,500 PHP 30.000 1,422,235.02 1.12Alliance Global Group Shs 1,456,100 1,531,800 3,324,300 PHP 11.920 913,033.55 0.72DMCI Holdings Shs 1,267,700 1,770,000 PHP 37.350 1,523,260.37 1.20South Korea 28,682,746.39 22.64Cheil Industries Shs 16,000 16,000 KRW 117,489.267 1,713,686.38 1.35Hyundai Department Store Shs 13,000 13,000 KRW 143,205.802 1,697,137.91 1.34Hyundai Heavy Industries Shs 3,150 550 2,600 KRW 522,398.631 1,238,193.57 0.98Hyundai Home Shopping Networks Shs 24,000 24,000 KRW 122,531.725 2,680,852.73 2.12Hyundai Steel Shs 17,000 3,000 14,000 KRW 141,188.819 1,801,944.91 1.42Korea Petrochemical Shs 20,000 20,000 KRW 119,002.005 2,169,688.77 1.71LG Electronics Shs 16,000 16,000 KRW 105,891.614 1,544,524.21 1.22LG Household & Health Care Shs 5,700 5,700 KRW 414,994.279 2,156,404.02 1.70Neowiz Games Shs 40,000 40,000 KRW 50,727.126 1,849,751.61 1.46Samsung Electronics Shs 6,810 6,810 KRW 939,914.138 5,835,102.13 4.61Samsung Fire & Marine Shs 9,000 9,000 KRW 244,559.204 2,006,502.43 1.58

% ofSubfund

SFA Engineering Shs 60,554 30,000 30,554 KRW 68,980.823 1,921,363.84 1.52SKC Shs 43,500 43,500 KRW 52,139.014 2,067,593.88 1.63Taiwan 15,455,059.26 12.20Catcher Technology Shs 620,000 260,000 360,000 TWD 145.500 1,781,238.84 1.41Cathay Financial Holding Shs 184,500 62,000 700,000 TWD 48.550 1,155,696.87 0.91Chinatrust Financial Holding Shs 1,790,000 1,790,000 TWD 25.000 1,521,772.40 1.20Chipbond Technology Shs 1,060,000 230,000 830,000 TWD 42.850 1,209,443.49 0.95FLEXium Interconnect Shs 1,050,000 1,050,000 TWD 56.400 2,013,840.48 1.59Hon Hai Precision Industry Shs 50,000 286,000 TWD 103.000 1,001,751.31 0.79Powertech Technology Shs 352,000 352,000 TWD 92.100 1,102,450.14 0.87Taiwan Fertilizer Shs 259,000 575,000 TWD 86.500 1,691,377.76 1.34TXC Shs 920,000 920,000 TWD 54.600 1,708,193.77 1.35Uni-President Enterprises Shs 217,300 720,000 TWD 40.300 986,720.62 0.78WT Microelectronics Shs 960,000 120,000 840,000 TWD 44.900 1,282,573.58 1.01Thailand 4,996,274.38 3.95Big C Supercenter (Foreign) Shs 420,000 220,000 200,000 THB 79.500 525,619.83 0.42Kasikornbank (Foreign) Shs 110,000 460,000 THB 132.000 2,007,272.73 1.58PTT Chemical (Foreign) Shs 251,800 501,800 THB 148.500 2,463,381.82 1.95United Kingdom 1,777,704.73 1.41PetroVietnam Drilling and Well Services -Warrants- Shs 180,000 USD 2.387 429,714.00 0.34Saigon Thuong Tin Commercial JSB -Warrants- Shs 500,000 EUR 0.670 476,010.44 0.38Sri Lanka Telecom -Warrants- Shs 500,000 1,200,000 USD 0.516 619,560.00 0.49Viet Nam Dairy Products -Warrants- Shs 21,000 57,350 USD 4.401 252,420.29 0.20Participating Shares 10,172,900.00 8.03China 2,810,710.00 2.22Changyou (ADR’s) Shs 35,000 35,000 USD 31.650 1,107,750.00 0.87Focus Media Holdings (ADR’s) Shs 56,000 56,000 USD 30.410 1,702,960.00 1.35India 3,046,190.00 2.40ICICI Bank (ADR’s) Shs 58,000 30,000 28,000 USD 50.030 1,400,840.00 1.10Reliance Industries (GDR’s) Shs 49,000 42,000 35,000 USD 47.010 1,645,350.00 1.30Taiwan 4,316,000.00 3.41Siliconware Precision Industries (ADR’s) Shs 305,000 100,000 205,000 USD 5.990 1,227,950.00 0.97Taiwan Semiconductor Manufacturing (ADR’s) Shs 255,000 255,000 USD 12.110 3,088,050.00 2.44Investments in securities and money-market instruments 121,680,799.79 96.07Deposits at financial institutions1) 4,591,283.82 3.63Sight deposits2) 4,591,283.82 3.630.0000 % State Street Bank Luxembourg S.A. USD 4,591,283.82 3.63Investments in deposits at financial institutions 4,591,283.82 3.63Net current assets/liabilities USD 382,261.66 0.30Net assets of the Subfund USD 126,654,345.27 100.00

Net asset values per share– Class A (USD) (distributing) USD 50.37– Class AT (HKD) (accumulating) HKD 10.44Share in circulation– Class A (USD) (distributing) Shs 2,514,507 – Class AT (HKD) (accumulating) Shs 1,0501) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listingEquitiesChinaAluminum Corp. of China -H- Shs 900,000China Merchants Bank -H- Shs 720,000China Minsheng Bankingrp Shs 900,000 2,700,000China Pacific Insurance Group -H- Shs 337,000 437,000China Shenhua Energy -H- Shs 450,000China Shipping Development -H- Shs 200,000 818,000Chongqing Machinery & Electric Shs 4,038,000 4,038,000Evergreen International Holdings Shs 175,000 175,000Lianhua Supermarket Holdings Shs 128,000 316,000Maanshan Iron & Steel -H- Shs 2,300,000 3,586,000Parkson Retail Group Shs 880,000 1,250,000Shirble Department Stores Holdings China Shs 1,944,000 1,944,000Want Want China Holdings Shs 700,000Hong KongAIA Group Shs 630,000 630,000China Mobile Shs 40,000 160,000CNOOC Shs 600,000Embry Holdings Shs 610,000Noble Group Shs 450,000 1,300,000SJM Holdings Shs 550,000 1,950,000IndiaGujarat NRE Coke Shs 600,000 600,000Rolta India Shs 230,000 230,000Shriram Transport Finance Shs 81,000 81,000IndonesiaAstra Agro Lestari Shs 250,000Bank Negara Indonesia Persero Shs 1,552,365 3,052,365Bank Negara Indonesia Persero -Rights- Shs 552,365 552,365Perusahaan Gas Negara Shs 1,700,000Telekomunikasi Indonesia Shs 1,700,000MalaysiaAlliance Financial Shs 800,000 800,000Berjaya Sports Toto Shs 320,000Malayan Banking Shs 379,065Malaysian Airline System Shs 600,000PLUS Expressways Shs 500,300PhilippinesAyala Land Shs 1,773,600Banco de Oro Universal Bank Shs 648,500Energy Development Shs 2,000,000Megaworld Shs 35,164,000 35,164,000Philippine Long Distance Shs 15,000Semirara Mining Shs 350,780 350,780Universal Robina Shs 1,380,000 1,380,000SingaporeIndofood Agri Resources Shs 200,000 880,000OSIM International Shs 1,500,000 1,500,000Swiber Holdings Shs 1,350,000South KoreaHanjin Heavy Industries & Construction Shs 38,800 38,800Honam Petrochemical Shs 4,000Hyundai Engineering & Construction Shs 27,000 27,000Korean Reinsurance Shs 121,000 121,000Samsung Engineering Shs 3,000 8,000Samsung SDI Shs 2,000 10,000TaiwanAcer Shs 183,000Advanced Semiconductor Engineering Shs 1,500,000 1,500,000Giant Manufacturing Shs 100,000 250,000MStar Semiconductor Shs 178,000 178,000

Nan Ya Printed Circuit Board Shs 460,000 460,000Siliconware Precision Industries Shs 458,000Synnex Technology Shs 251,724Young Fast Optoelectronics Shs 46,347 116,347ThailandAdvanced Info Service (Foreign) Shs 150,000 450,000Asian Property Development (Foreign) Shs 1,300,000 5,000,000Thai Beverage Shs 1,000,000 5,000,000United KingdomDeutsche Bank -Warrants- Shs 16,963 16,963Participating SharesChinaMecox Lane (ADR’s) Shs 10,410 10,410Mindray Medical International (ADR’s) Shs 16,000Qihoo 360 Technologies (ADR’s) Shs 5,725 5,725Xueda Education Group (ADR’s) Shs 5,217 5,217ThailandBig C Supercenter (NVDR’s) Shs 100,000 550,000PTT Chemical (NVDR’s) Shs 251,800 251,800Other securities and money-market instrumentsEquitiesChinaSihuan Pharmaceutical Shs 298,000 298,000

DerivativesHoldings marked with a minus are short positions.OTC-Dealt DerivativesForward Foreign Exchange TransactionsSold SGD / Bought USD 10 Jan 2011 SGD – 294,145.00Sold SGD / Bought USD 28 Dec 2010 SGD – 289,159

31/03/2011 30/09/2010 USD USD

Securities

(Cost price USD 112,918,535.62) 121,680,799.79 62,306,580.21

– bonds 0.00 0.00

Receivable on

– securities transactions 532,762.16 358,191.82

Unrealised gain on

Total Assets 128,121,946.52 71,137,378.51

Liabilities to banks – 1,362.11 – 243.24

Payable on

– redemptions of fund shares – 633,690.54 – 1,025,394.89

Other payables – 258,773.61 – 133,409.68

Unrealised loss on

Net assets 126,654,345.27 67,554,685.75

01/10/2010–31/03/2011 01/10/2009–31/03/2010 USD USD

Subscriptions

– Class A (USD) 136,380,723.58 12,967,351.86

– Class AT (HKD) 1,348.14 0.00

Redemptions

– Class A (USD) – 81,940,135.26 – 13,030,458.13

– Class AT (HKD) 0.00 0.00

Distribution – 489,403.79 – 109,682.81

Equalization – 903,853.79 – 293.62

Class AShares

at the beginning of the reporting period 1,429,562 663,519

Number of shares

– issued 2,720,407 386,413

– redeemed – 1,635,462 – 392,234

at the end of the reporting period 2,514,507 657,698

HKD Shares 01/10/2010–31/03/2011Class AT

Shares

Number of shares

– issued 1,050

– redeemed 0

Securities and money-market instruments admitted to an official stock exchange listing 269,474,766.03 38.79Bonds 269,474,766.03 38.79Austria 25,032,125.00 3.602.2500 % Erste Group Bank EUR Notes 09/11 EUR 15,000.0 25,000.0 % 100.129 25,032,125.00 3.60Belgium 29,873,250.00 4.300 % Belgium Government

EUR Zero-Coupon Bonds 10/11 EUR 30,000.0 30,000.0 % 99.578 29,873,250.00 4.30France 28,263,900.00 4.073.1250 % Dexia Credit Local EUR Notes 09/11 EUR 28,000.0 % 100.943 28,263,900.00 4.07Ireland 24,985,000.00 3.604.0000 % Ireland Government EUR Bonds 08/11 EUR 15,000.0 20,000.0 % 99.938 19,987,500.00 2.880 % Ireland Government

EUR Zero-Coupon Bonds 10/11 S.245 EUR 15,000.0 5,000.0 % 99.950 4,997,500.00 0.72Italy 40,299,000.00 5.802.5000 % Italy Buoni Poliennali del Tesoro EUR Bonds 09/12 EUR 20,000.0 20,000.0 % 100.429 20,085,800.00 2.893.0000 % Italy Buoni Poliennali del Tesoro EUR Bonds 09/12 EUR 20,000.0 20,000.0 % 101.066 20,213,200.00 2.91Slovenia 30,296,430.00 4.363.2500 % Nova Ljubljanska Banka DD Ljubljana

EUR Notes 09/12 EUR 25,000.0 30,000.0 % 100.988 30,296,430.00 4.36Spain 75,483,186.03 10.873.0000 % Caja de Ahorros de Valencia Castellon y Alicante

EUR Notes 09/12 EUR 10,000.0 10,000.0 % 100.068 10,006,770.00 1.443.1250 % Ceami Guaranteed EUR Notes 09/12 EUR 17,000.0 17,000.0 % 99.960 16,993,200.00 2.455.4000 % Spain Government EUR Bonds 00/11 EUR 20,000.0 % 101.290 20,258,000.00 2.926.1500 % Spain Government EUR Bonds 97/13 EUR 20,000.0 20,000.0 % 105.695 21,139,000.00 3.043.3750 % Spain Government USD Bonds 08/11 USD 10,000.0 % 100.720 7,086,216.03 1.02United Kingdom 15,241,875.00 2.194.2500 % Barclays Bank EUR Notes 08/11 EUR 15,000.0 % 101.613 15,241,875.00 2.19Other securities and money-market instruments 41,797,533.00 6.02Bonds 41,797,533.00 6.02France 24,847,420.00 3.580.5700 % CRCAM Toulouse EUR Notes 11/11 EUR 15,000.0 15,000.0 % 99.872 14,980,770.00 2.161.0000 % Société Générale EUR FLR-Notes 11/12 EUR 10,000.0 10,000.0 % 98.667 9,866,650.00 1.42Luxembourg 5,970,888.00 0.861.0000 % Crédit Foncier de France EUR FLR-Notes 11/12 EUR 6,000.0 6,000.0 % 99.515 5,970,888.00 0.86United Kingdom 10,979,225.00 1.581.3000 % Barclays Bank EUR Notes 10/11 EUR 1,000.0 % 99.309 993,085.00 0.141.0000 % Société Générale EUR FLR-Notes 10/11 EUR 10,000.0 10,000.0 % 99.861 9,986,140.00 1.44OTC-dealt money-market instruments (Investment Grade Rating) 367,220,700.10 52.87Money-Market Instruments 367,220,700.10 52.87Austria 26,895,402.00 3.870 % KA Finanz EUR Zero-Coupon Notes 29.07.2011 EUR 27,000.0 % 99.613 26,895,402.00 3.87France 54,314,075.00 7.830 % Charente Perigord

EUR Zero-Coupon Notes 28.03.2012 EUR 10,000.0 10,000.0 % 98.290 9,828,950.00 1.420 % Crédit Foncier de France

EUR Zero-Coupon Notes 20.10.2011 EUR 20,000.0 20,000.0 % 99.246 19,849,200.00 2.860 % Intesa Sanpaolo

EUR Zero-Coupon Notes 20.02.2012 EUR 25,000.0 25,000.0 % 98.544 24,635,925.00 3.55Germany 24,990,450.00 3.600 % Deutsche Pfandbriefbank

EUR Zero-Coupon Notes 15.04.2011 EUR 25,000.0 % 99.962 24,990,450.00 3.60Ireland 19,964,380.00 2.870 % Ulster Bank Finance

EUR Zero-Coupon Notes 17.05.2011 EUR 20,000.0 % 99.822 19,964,380.00 2.87Luxembourg 183,340,973.10 26.390 % Allianz EUR Zero-Coupon Notes 14.09.2011 EUR 1,300.0 1,300.0 % 99.416 1,292,404.10 0.190 % Banque Federative du Credit

EUR Zero-Coupon Notes 23.01.2012 EUR 6,000.0 6,000.0 % 98.721 5,923,272.00 0.850 % DZ Bank EUR Zero-Coupon Notes 01.11.2011 EUR 10,000.0 % 99.473 9,947,280.00 1.430 % Export-Import Bank of Korea

EUR Zero-Coupons Notes 27.07.2011 EUR 27,000.0 % 99.621 26,897,697.00 3.870 % Institutode Credito Oficial

EUR Zero-Coupon Notes 16.02.2012 EUR 20,000.0 20,000.0 % 98.570 19,713,980.00 2.84

% ofSubfund

0 % Institutode Credito Oficial EUR Zero-Coupon Notes 26.03.2012 EUR 20,000.0 20,000.0 % 98.304 19,660,720.00 2.83

0 % KA Finanz EUR Zero-Coupon Notes 14.02.2012 EUR 20,000.0 20,000.0 % 98.583 19,716,600.00 2.840 % Korea Development Bank (London)

EUR Zero-Coupon Notes 25.01.2012 EUR 10,000.0 10,000.0 % 98.709 9,870,860.00 1.420 % Macquarie Bank

EUR Zero-Coupon Notes 01.07.2011 EUR 10,000.0 10,000.0 % 99.576 9,957,570.00 1.430 % Macquarie Bank

EUR Zero-Coupon Notes 12.08.2011 EUR 5,000.0 5,000.0 % 99.556 4,977,820.00 0.720 % Natixis EUR Zero-Coupon Notes 14.10.2011 EUR 10,000.0 10,000.0 % 99.276 9,927,560.00 1.430 % Natixis EUR Zero-Coupon Notes 19.01.2012 EUR 6,000.0 6,000.0 % 98.746 5,924,760.00 0.850 % Royal Bank of Scotland

EUR Zero-Coupon Notes 26.03.2012 EUR 10,000.0 10,000.0 % 98.304 9,830,360.00 1.420 % Skandinaviska Enskilada Banken

EUR Zero-Coupon Notes 11.01.2012 EUR 20,000.0 20,000.0 % 98.737 19,747,360.00 2.840 % Swedbank EUR Zero-Coupon Notes 19.08.2011 EUR 10,000.0 % 99.527 9,952,730.00 1.43Netherlands 14,967,210.00 2.150 % ING Bank EUR Zero-Coupon Notes 25.05.2011 EUR 15,000.0 % 99.781 14,967,210.00 2.15Spain 9,924,100.00 1.430 % Santander Consumer

EUR Zero-Coupon Notes 21.10.2011 EUR 10,000.0 10,000.0 % 99.241 9,924,100.00 1.43United Kingdom 32,824,110.00 4.730 % Landesbank Hessen Girozentrale (London)

EUR Zero-Coupon Notes 20.10.2011 EUR 20,000.0 20,000.0 % 99.246 19,849,200.00 2.860 % Lloyds TSB Bank

EUR Zero-Coupon Notes 20.05.2011 EUR 13,000.0 % 99.807 12,974,910.00 1.87Investments in securities and money-market instruments 678,492,999.13 97.68Deposits at financial institutions1) 9,640,050.70 1.38Sight deposits2) 9,640,050.70 1.380.5420 % State Street Bank Luxembourg S.A. EUR 8,122,300.67 1.160.5420 % Deposits for collateralisation of derivatives EUR 1,517,750.03 0.22Investments in deposits at financial institutions 9,640,050.70 1.38

Contracts

% ofSubfund

assetsin the period under reviewDerivatives Holdings marked with a minus are short positions. Listed Derivatives 1,000,749.84 0.13Futures Transactions 1,000,749.84 0.13Purchased Bond Futures – 98,680.00 – 0.0210-Year German Government Bond (Bund) Futures 06/11 Ctr 95 95 EUR 121.440 – 104,500.00 – 0.02Euro BTP Italian Government Bond Futures 06/11 Ctr 99 99 EUR 108.400 5,820.00 0.00Purchased Interest Rate Futures 308,849.84 0.043-Month STERLING Interest Rate Futures 06/11 Ctr 890 695 890 GBP 98.960 101,246.39 0.013-Month STERLING Interest Rate Futures 12/11 Ctr 892 892 GBP 98.520 168,465.02 0.02Sold Bond Futures 790,580.00 0.112-Year German Government Bond (Schatz) Futures 06/11 Ctr 1,850 – 1,850 EUR 107.195 687,270.00 0.105-Year German Government Bond (Bobl) Futures 06/11 Ctr 170 – 170 EUR 114.640 103,310.00 0.01Sold Interest Rate Futures 39,138.43 0.0130 Day Interest Rate Futures 12/11 Ctr 438 – 438 USD 99.680 39,138.43 0.01OTC-Dealt Derivatives 381,391.03 0.08Forward Foreign Exchange Transactions 381,391.03 0.08Sold AUD / Bought CAD 18 Apr 2011 AUD – 2,670,000.00 – 23,548.48 0.00Sold AUD / Bought GBP 18 Apr 2011 AUD – 2,189,479.95 – 58,409.86 – 0.01Sold AUD / Bought NZD 18 Apr 2011 AUD – 4,610,000.00 33,014.82 0.00Sold CAD / Bought AUD 18 Apr 2011 CAD – 2,633,748.50 29,592.23 0.00Sold CAD / Bought USD 18 Apr 2011 CAD – 6,111,362.20 – 82,661.63 – 0.01Sold CHF / Bought EUR 18 Apr 2011 CHF – 1,661,686.00 22,643.24 0.00Sold CHF / Bought GBP 18 Apr 2011 CHF – 1,994,368.25 – 23,754.55 0.00Sold CHF / Bought JPY 18 Apr 2011 CHF – 1,310,000.00 – 33,983.71 0.00Sold CHF / Bought SEK 18 Apr 2011 CHF – 1,260,000.00 – 27,557.32 0.00Sold CHF / Bought USD 18 Apr 2011 CHF – 1,236,000.60 – 42,307.86 – 0.011) Deposits at financial institutions are not subject to any deposit insurance.2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Sold EUR / Bought CHF 18 Apr 2011 EUR – 1,300,000.00 – 22,843.11 0.00Sold EUR / Bought GBP 18 Apr 2011 EUR – 3,880,000.00 – 128,910.41 – 0.02Sold EUR / Bought NOK 18 Apr 2011 EUR – 1,310,000.00 8,483.31 0.00Sold EUR / Bought SEK 18 Apr 2011 EUR – 5,240,000.00 – 50,193.52 – 0.01Sold EUR / Bought USD 18 Apr 2011 EUR – 2,380,000.00 – 167,215.24 – 0.02Sold GBP / Bought AUD 18 Apr 2011 GBP – 1,350,000.00 37,387.78 0.01Sold GBP / Bought CHF 18 Apr 2011 GBP – 1,330,000.00 36,682.62 0.01Sold GBP / Bought EUR 18 Apr 2011 GBP – 3,320,078.25 112,238.39 0.02Sold GBP / Bought NZD 18 Apr 2011 GBP – 1,310,000.00 – 24,946.17 0.00Sold GBP / Bought SEK 18 Apr 2011 GBP – 2,590,000.00 52,466.45 0.01Sold JPY / Bought CHF 18 Apr 2011 JPY – 113,011,735.00 46,097.00 0.01Sold JPY / Bought USD 18 Apr 2011 JPY – 627,642,175.00 18,724.64 0.00Sold NOK / Bought EUR 18 Apr 2011 NOK – 10,251,863.50 5,543.28 0.00Sold NOK / Bought SEK 18 Apr 2011 NOK – 9,500,000.00 – 11,976.49 0.00Sold NZD / Bought AUD 18 Apr 2011 NZD – 6,248,362.80 3,271.69 0.00Sold NZD / Bought GBP 18 Apr 2011 NZD – 2,754,091.60 12,068.66 0.00Sold NZD / Bought USD 18 Apr 2011 NZD – 5,340,000.00 – 30,760.13 0.00Sold SEK / Bought CHF 18 Apr 2011 SEK – 8,460,144.00 21,222.25 0.00Sold SEK / Bought EUR 18 Apr 2011 SEK – 46,212,661.00 65,177.10 0.01Sold SEK / Bought GBP 18 Apr 2011 SEK – 26,915,089.00 – 74,671.67 – 0.01Sold SEK / Bought NOK 18 Apr 2011 SEK – 10,531,225.00 29,518.48 0.00Sold USD / Bought CAD 18 Apr 2011 USD – 6,180,000.00 89,944.30 0.01Sold USD / Bought CHF 18 Apr 2011 USD – 1,290,000.00 42,387.19 0.01Sold USD / Bought EUR 18 Apr 2011 USD – 3,163,893.50 153,453.54 0.02Sold USD / Bought EUR 18 Jul 2011 USD – 10,330,000.00 386,096.92 0.06Sold USD / Bought JPY 18 Apr 2011 USD – 7,610,000.00 – 68,537.22 – 0.01Sold USD / Bought NZD 18 Apr 2011 USD – 3,995,026.50 47,654.51 0.01Investments in derivatives 1,382,140.87 0.21Net current assets/liabilities EUR 5,058,677.73 0.73Net assets of the Subfund EUR 694,573,868.43 100.00

Net asset values per share– Class AT (EUR) (accumulating) EUR 106.13– Class CT (EUR) (accumulating) EUR 103.36– Class I (EUR) (distributing) EUR 1,035.85– Class IT (EUR) (accumulating) EUR 1,034.27Shares in circulation– Class AT (EUR) (accumulating) Shs 1,051,539– Class CT (EUR) (accumulating) Shs 97,769– Class I (EUR) (distributing) Shs 306,581– Class IT (EUR) (accumulating) Shs 246,838

Unrealisedgain/loss

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listingBondsBelgium0 % Belgium Government EUR Zero-Coupon Bonds 10/11 EUR 10,000.0 10,000.0France2.6250 % Dexia Credit Local EUR MTN 09/11 EUR 15,000.0Ireland1.0000 % GE Capital European Funding EUR FLR-MTN 05/10 EUR 7,000.03.9000 % Ireland Government EUR Bonds 09/12 EUR 25,000.00 % Ireland Government EUR Zero-Coupon Bonds 10/11 S.273 EUR 20,000.0Italy0 % Italy Buoni Ordinari del Tesoro BOT EUR Zero-Coupon Bonds 10/11 EUR 10,000.0 10,000.03.7500 % Italy Buoni Poliennali del Tesoro EUR Bonds 06/11 EUR 10,000.0 10,000.0Portugal0 % Portugal Government EUR Zero-Coupon Bonds 10/11 EUR 8,000.0Other securities and money-market instrumentsBondsUnited Kingdom1.1000 % Barclays Bank Bishopsgate EUR Notes 09/10 EUR 15,000.0OTC-dealt money-market instruments (Investment Grade Rating)Money-Market InstrumentsAustralia0 % ING Bank (Australia) EUR Zero-Coupon Notes 12.01.2011 EUR 8,000.0Cyprus0 % Cyprus Government EUR Zero-Coupon Bonds 15.10.2010 EUR 20,000.0France0 % Société Générale EUR Zero-Coupon Notes 08.10.2010 EUR 500.0Germany0 % DZ Bank EUR Zero-Coupon Notes 03.12.2010 EUR 10,000.0 10,000.0Ireland0 % Hewlett-Packard EUR Zero-Coupon Notes 17.11.2010 EUR 5,000.0Luxembourg0 % Institutode Credito Oficial EUR Zero-Coupon Notes 10.03.2011 EUR 10,000.0 10,000.0Netherlands0 % ABN Amro Bank EUR Zero-Coupon Notes 07.02.2011 EUR 15,000.00 % Fortis Bank EUR Zero-Coupon Notes 21.02.2011 EUR 25,000.0Spain1.0000 % Santander Commercial EUR FLR-Notes 22.10.2010 EUR 20,000.0United Kingdom0 % Korea Development Bank EUR Zero-Coupon Notes 28.03.2011 EUR 15,000.00 % Lloyds TSB Bank EUR Zero-Coupon Notes 31.01.2011 EUR 10,000.0

DerivativesHoldings marked with a minus are short positions.Listed DerivativesFutures TransactionsPurchased Bond Futures10-Year German Government Bond (Bund) Futures 03/11 Ctr 87 8710-Year UK Long Gilt Futures 12/10 Ctr 1245-Year German Government Bond (Bobl) Futures 12/10 Ctr 172Sold Bond Futures2-Year German Government Bond (Schatz) Futures 03/11 Ctr 971 9712-Year German Government Bond (Schatz) Futures 12/10 Ctr 790 5-Year German Government Bond (Bobl) Futures 12/10 Ctr 270 OTC-Dealt DerivativesForward Foreign Exchange TransactionsSold AUD / Bought CAD 18 Apr 2011 AUD – 1,340,000.00Sold AUD / Bought CAD 18 Jan 2011 AUD – 2,360,000.00Sold AUD / Bought NOK 18 Jan 2011 AUD – 1,100,000.00Sold AUD / Bought NZD 18 Apr 2011 AUD – 3,310,000.00Sold AUD / Bought NZD 18 Jan 2011 AUD – 1,110,000.00

Sold CAD / Bought AUD 18 Apr 2011 CAD – 1,334,339.00Sold CAD / Bought AUD 18 Jan 2011 CAD – 2,351,528.00Sold CAD / Bought CHF 18 Jan 2011 CAD – 2,400,000.00Sold CAD / Bought JPY 18 Jan 2011 CAD – 1,170,000.00Sold CAD / Bought NOK 18 Jan 2011 CAD – 1,230,000.00Sold CAD / Bought USD 18 Apr 2011 CAD – 4,839,332.00Sold CHF / Bought CAD 18 Jan 2011 CHF – 2,285,190.00Sold CHF / Bought EUR 18 Jan 2011 CHF – 1,573,943.00Sold CHF / Bought EUR 3 Dec 2010 CHF – 2,152,032.00Sold CHF / Bought GBP 18 Jan 2011 CHF – 1,840,458.00Sold CHF / Bought NOK 18 Jan 2011 CHF – 2,220,000.00Sold CHF / Bought USD 18 Jan 2011 CHF – 1,057,227.00Sold EUR / Bought CHF 18 Jan 2011 EUR – 1,170,000.00Sold EUR / Bought CHF 3 Dec 2010 EUR – 3,300,000.00Sold EUR / Bought GBP 18 Apr 2011 EUR – 2,530,000.00Sold EUR / Bought GBP 18 Jan 2011 EUR – 6,930,000.00Sold EUR / Bought HUF 3 Dec 2010 EUR – 2,300,000.00Sold EUR / Bought NOK 18 Jan 2011 EUR – 2,390,000.00Sold EUR / Bought NZD 10 Mar 2011 EUR – 1,200,000.00Sold EUR / Bought NZD 18 Jan 2011 EUR – 1,150,000.00Sold EUR / Bought SEK 18 Apr 2011 EUR – 3,890,000.00Sold EUR / Bought SEK 18 Jan 2011 EUR – 3,540,000.00Sold EUR / Bought USD 18 Apr 2011 EUR – 1,170,000.00Sold EUR / Bought USD 18 Jan 2011 EUR – 1,110,000.00Sold EUR / Bought USD 3 Dec 2010 EUR – 1,600,000.00Sold GBP / Bought CHF 18 Jan 2011 GBP – 1,180,000.00Sold GBP / Bought EUR 18 Apr 2011 GBP – 2,166,231.00Sold GBP / Bought EUR 18 Jan 2011 GBP – 5,931,649.00Sold GBP / Bought NOK 18 Jan 2011 GBP – 1,240,000.00Sold GBP / Bought SEK 18 Apr 2011 GBP – 1,270,000.00Sold HUF / Bought EUR 3 Dec 2010 HUF – 634,225,000.00Sold JPY / Bought CAD 18 Jan 2011 JPY – 93,240,810.00Sold JPY / Bought USD 10 Mar 2011 JPY – 150,855,200.00Sold JPY / Bought USD 18 Apr 2011 JPY – 522,758,175.00Sold JPY / Bought USD 18 Jan 2011 JPY – 1,242,350,478.00Sold JPY / Bought USD 3 Dec 2010 JPY – 212,509,600.00Sold MXN / Bought USD 3 Dec 2010 MXN – 29,828,880.00Sold NOK / Bought AUD 18 Jan 2011 NOK – 6,436,980.00Sold NOK / Bought CAD 18 Jan 2011 NOK – 7,075,575.00Sold NOK / Bought CHF 18 Jan 2011 NOK – 13,910,076.00Sold NOK / Bought EUR 18 Jan 2011 NOK – 19,557,856.00Sold NOK / Bought GBP 18 Jan 2011 NOK – 11,893,460.00Sold NOK / Bought NZD 18 Jan 2011 NOK – 7,767,300.00Sold NOK / Bought SEK 18 Jan 2011 NOK – 15,420,000.00Sold NZD / Bought AUD 18 Apr 2011 NZD – 4,493,480.00Sold NZD / Bought AUD 18 Jan 2011 NZD – 1,498,611.00Sold NZD / Bought EUR 10 Mar 2011 NZD – 2,127,967.00Sold NZD / Bought EUR 18 Jan 2011 NZD – 2,028,715.00Sold NZD / Bought NOK 18 Jan 2011 NZD – 1,700,000.00Sold NZD / Bought USD 10 Mar 2011 NZD – 2,400,000.00Sold NZD / Bought USD 18 Apr 2011 NZD – 3,990,000.00Sold NZD / Bought USD 18 Jan 2011 NZD – 6,900,000.00Sold SEK / Bought EUR 18 Apr 2011 SEK – 34,314,166.00Sold SEK / Bought EUR 18 Jan 2011 SEK – 32,888,512.00Sold SEK / Bought GBP 18 Apr 2011 SEK – 13,393,801.00Sold SEK / Bought NOK 18 Jan 2011 SEK – 17,645,089.00Sold SEK / Bought USD 18 Jan 2011 SEK – 7,702,290.00Sold TRY / Bought USD 10 Mar 2011 TRY – 1,460,150.00Sold USD / Bought CAD 18 Apr 2011 USD – 3,595,000.00Sold USD / Bought CHF 18 Jan 2011 USD – 1,100,000.00Sold USD / Bought EUR 18 Apr 2011 USD – 1,546,015.00Sold USD / Bought EUR 18 Jan 2011 USD – 1,470,195.00Sold USD / Bought EUR 3 Dec 2010 USD – 2,215,420.00

Sold USD / Bought JPY 10 Mar 2011 USD – 1,800,000.00Sold USD / Bought JPY 18 Apr 2011 USD – 6,310,000.00Sold USD / Bought JPY 18 Jan 2011 USD – 15,002,326.00Sold USD / Bought JPY 3 Dec 2010 USD – 2,600,000.00Sold USD / Bought MXN 3 Dec 2010 USD – 2,400,000.00Sold USD / Bought NZD 10 Mar 2011 USD – 1,814,020.00Sold USD / Bought NZD 18 Apr 2011 USD – 3,005,443.00Sold USD / Bought NZD 18 Jan 2011 USD – 5,230,536.00Sold USD / Bought SEK 18 Jan 2011 USD – 1,110,000.00Sold USD / Bought TRY 10 Mar 2011 USD – 950,000

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 678,755,873.60) 678,492,999.13 527,226,575.19

– bonds 3,881,995.14 4,133,375.81

Receivable on

Unrealised gain on

– futures transactions 1,105,249.84 1,170,441.07

– forward foreign exchange transactions 1,253,668.40 502,951.30

Total Assets 697,824,514.43 544,537,309.12

Payable on

– redemptions of fund shares – 1,845,709.80 – 80,140.50

Other payables – 428,158.83 – 652,492.62

Unrealised loss on

Net assets 694,573,868.43 543,247,152.93

01/10/2010–31/03/2011 01/10/2009–31/03/2010 EUR EUR

Subscriptions

– Class AT (EUR) 62,356,527.67 109,257,105.72

– Class CT (EUR) 7,319,340.95 7,821,235.29

– Class I (EUR) 331,932,523.58 146,573,983.87

– Class IT (EUR) 149,716,255.36 132,590,042.01

Redemptions

– Class AT (EUR) – 99,114,892.80 – 51,290,422.72

– Class CT (EUR) – 5,337,941.05 – 6,056,482.99

– Class I (EUR) – 195,079,767.62 – 215,962,893.88

– Class IT (EUR) – 102,297,959.16 – 7,248,433.64

Distribution – 1,743,824.19 – 4,821,894.31

Equalization – 309,037.37 – 161,373.55

SharesClass CT

SharesClass IShares

Class ITShares

Class ATShares

Class CTShares

Class IShares

Class ITShares

at the beginning of the reporting period 1,398,339 78,559 173,655 200,948 783,759 103,878 250,667 51,746

Number of shares

– issued 590,120 71,043 320,720 145,272 1,043,307 76,628 141,126 130,015

– redeemed – 936,920 – 51,833 – 187,794 – 99,382 – 489,604 – 59,344 – 208,168 – 7,117

at the end of the reporting period 1,051,539 97,769 306,581 246,838 1,337,462 121,162 183,625 174,644

Securities and money-market instruments admitted to an official stock exchange listing 278,154,945.93 99.20Equities 278,154,945.93 99.20Austria 5,482,363.50 1.95Vienna Insurance Group Shs 65,334 14,324 135,367 EUR 40.500 5,482,363.50 1.95Belgium 9,328,130.24 3.33Anheuser-Busch InBev Shs 51,445 37,331 230,438 EUR 40.480 9,328,130.24 3.33Finland 9,526,474.11 3.40Kone -B- Shs 14,802 10,740 66,322 EUR 40.800 2,705,937.60 0.97Outotec Shs 26,907 34,524 120,543 EUR 43.020 5,185,759.86 1.85Vacon Shs 8,277 6,005 37,095 EUR 44.070 1,634,776.65 0.58France 113,968,388.07 40.65Audika Shs 12,459 9,040 55,821 EUR 20.430 1,140,423.03 0.41AXA Shs 70,023 50,813 313,653 EUR 15.030 4,714,204.59 1.68Bureau Veritas Shs 28,528 20,702 127,793 EUR 55.480 7,089,955.64 2.53Cap Gemini Shs 24,398 17,705 109,304 EUR 41.620 4,549,232.48 1.62Christian Dior Shs 8,871 6,435 39,750 EUR 100.150 3,980,962.50 1.42Cie Generale d’Optique Essilor International Shs 25,662 18,620 114,960 EUR 52.420 6,026,203.20 2.15Danone Shs 52,327 37,973 234,394 EUR 46.100 10,805,563.40 3.85Dassault Systèmes Shs 41,108 29,832 184,140 EUR 54.640 10,061,409.60 3.59Ingenico Shs 39,410 28,599 176,538 EUR 30.585 5,399,414.73 1.93Ipsen Shs 18,487 13,414 82,826 EUR 25.410 2,104,608.66 0.75L’Oréal Shs 25,374 14,399 90,633 EUR 82.930 7,516,194.69 2.68Legrand Shs 60,291 33,894 209,220 EUR 29.510 6,174,082.20 2.20LVMH Moët Hennessy Louis Vuitton Shs 23,100 16,761 103,487 EUR 111.900 11,580,195.30 4.13PPR Shs 9,669 7,015 43,330 EUR 108.050 4,681,806.50 1.67Schneider Electric Shs 46,725 13,585 83,883 EUR 120.650 10,120,483.95 3.61Sodexo Shs 43,218 31,363 193,597 EUR 51.720 10,012,836.84 3.57Technip Shs 23,818 17,283 106,697 EUR 75.080 8,010,810.76 2.86Germany 74,901,486.51 26.71Bauer Shs 14,650 26,630 65,637 EUR 35.800 2,349,804.60 0.84Bayer Shs 32,789 94,728 75,947 EUR 55.180 4,190,755.46 1.49CENIT Shs 2,085 3,811 27,223 EUR 5.300 144,281.90 0.05Fielmann Shs 29,827 1,960 27,867 EUR 66.700 1,858,728.90 0.66Fresenius Shs 97,129 9,914 87,215 EUR 65.820 5,740,491.30 2.05Fresenius Medical Care Shs 26,778 19,432 119,958 EUR 47.565 5,705,802.27 2.03Fuchs Petrolub Shs 31,551 2,574 28,977 EUR 106.250 3,078,806.25 1.10GEA Group Shs 38,752 54,620 173,586 EUR 23.180 4,023,723.48 1.44Henkel Shs 62,886 16,811 110,190 EUR 43.680 4,813,099.20 1.72Linde Shs 12,893 9,354 57,767 EUR 111.650 6,449,685.55 2.30Rational Shs 9,887 2,590 23,707 EUR 167.800 3,978,034.60 1.42Rhoen Klinikum Shs 33,637 24,406 150,680 EUR 15.290 2,303,897.20 0.82SAP Shs 107,648 51,310 328,230 EUR 43.220 14,186,100.60 5.06Siemens Shs 60,068 23,117 151,504 EUR 97.010 14,697,403.04 5.24Stratec Biomedical Systems Shs 10,656 7,730 47,748 EUR 28.920 1,380,872.16 0.49Ireland 2,230,482.17 0.79DCC (traded in Ireland) Shs 1,963 2,003 1,517 EUR 22.450 34,056.65 0.01DCC (traded in United Kingdom) Shs 20,199 14,079 97,771 EUR 22.465 2,196,425.52 0.78Italy 14,631,330.69 5.22MARR Shs 39,418 28,605 176,581 EUR 8.660 1,529,191.46 0.55Saipem Shs 66,536 48,284 298,036 EUR 37.670 11,227,016.12 4.00Trevi Finanziaria Shs 43,651 31,676 195,529 EUR 9.590 1,875,123.11 0.67Netherlands 25,852,158.24 9.22Akzo Nobel Shs 137,593 14,044 123,549 EUR 48.450 5,985,949.05 2.14ASML Holding Shs 38,793 28,150 173,769 EUR 31.325 5,443,313.93 1.94Fugro Shs 11,689 8,482 52,369 EUR 61.970 3,245,306.93 1.16Heineken Shs 48,991 35,550 219,445 EUR 38.640 8,479,354.80 3.02Imtech Shs 22,881 16,603 102,497 EUR 26.325 2,698,233.53 0.96Portugal 4,917,909.15 1.75Jeronimo Martins Shs 98,214 164,177 425,793 EUR 11.550 4,917,909.15 1.75Spain 17,316,223.25 6.18Inditex Shs 42,352 30,733 189,713 EUR 56.410 10,701,710.33 3.82Prosegur Cia de Seguridad Shs 21,431 15,552 96,010 EUR 42.220 4,053,542.20 1.45Tecnicas Reunidas Shs 13,392 9,716 60,004 EUR 42.680 2,560,970.72 0.91

% ofSubfund

Investments in securities and money-market instruments 278,154,945.93 99.20Deposits at financial institutions1) 2,248,892.52 0.80Sight deposits2) 2,248,892.52 0.800.5420 % State Street Bank Luxembourg S.A. EUR 2,248,892.52 0.80Investments in deposits at financial institutions 2,248,892.52 0.80Net current assets/liabilities EUR – 13,197.32 0.00Net assets of the Subfund EUR 280,390,641.13 100.00

Net asset value per share– Class A (EUR) (distributing) EUR 111.34– Class AT (EUR) (accumulating) EUR 113.86– Class CT (EUR) (accumulating) EUR 112.05– Class I (EUR) (distributing) EUR 1,155.96– Class IT (EUR) (accumulating) EUR 1,203.62– Class W (EUR) (distributing) EUR 1,162.00Shares in circulation– Class A (EUR) (distributing) Shs 71,544– Class AT (EUR) (accumulating) Shs 138,857– Class CT (EUR) (accumulating) Shs 37,850– Class I (EUR) (distributing) Shs 71,680– Class IT (EUR) (accumulating) Shs 135,256– Class W (EUR) (distributing) Shs 5,7811) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

Market Value in EUR

% ofSubfund

assets

Securities and money-market instruments admitted to an official stock exchange listing Equities France Alstom Shs 25,367 182,721AuFeminin.com Shs 847 16,752SeLoger.com Shs 11,153 58,069Germany Beiersdorf Shs 32,225 167,741Fresenius Shs 19,468 101,343Kontron Shs 10,625 199,019

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 225,483,793.62) 278,154,945.93 234,894,736.33

– bonds 0.00 0.00

Receivable on

Unrealised gain on

Total Assets 280,652,736.63 239,777,743.69

Payable on

Other payables – 260,213.04 – 215,576.05

Unrealised loss on

Total Liabilities – 262,095.50 – 1,936,258.94

Net assets 280,390,641.13 237,841,484.75

01/10/2010–31/03/2011 01/10/2009–31/03/2010 EUR EUR

Subscriptions

– Class A (EUR) 1,483,796.04 5,813,100.03

– Class AT (EUR) 10,711,003.26 16,486,769.49

– Class CT (EUR) 4,084,234.54 991,630.34

– Class I (EUR) 16,646,624.29 31,659,404.99

– Class IT (EUR) 71,917,291.16 79,980,707.37

– Class W (EUR) 94,781.71 7,352.08

Redemptions

– Class A (EUR) – 2,081,490.23 – 87,348.78

– Class AT (EUR) – 26,024,808.46 – 436,184.87

– Class CT (EUR) – 1,967,373.38 – 428,934.51

– Class I (EUR) – 9,466,898.88 0.00

– Class IT (EUR) – 48,548,395.64 – 8,016,468.02

– Class W (EUR) – 29,826.51 – 5,190,021.00

Distribution – 856,050.19 – 340,127.18

Equalization 296,347.15 168,260.69

Class ATShares

Class CTShares

Class AShares

Class ATShares

Class CTShares

Number of shares

– issued 13,781 96,786 37,104 62,120 183,578 10,907

– redeemed – 19,161 – 235,607 – 17,885 – 925 – 4,873 – 4,699

Class ITShares

Class WShares

Class IShares

Class ITShares

Class WShares

Number of shares

– issued 14,523 62,574 83 34,742 87,130 8

– redeemed – 8,371 – 41,017 – 28 0 – 8,484 – 5,700

Securities and money-market instruments admitted to an official stock exchange listing 1,010,289,643.20 98.80Equities 1,010,289,643.20 98.80Austria 9,942,912.00 0.97Vienna Insurance Group AG Wiener Versicherung Gruppe Shs 87,058 47,644 245,504 EUR 40.500 9,942,912.00 0.97Belgium 12,874,785.44 1.26Anheuser-Busch InBev Shs 112,790 61,725 318,053 EUR 40.480 12,874,785.44 1.26Denmark 81,292,632.96 7.95Carlsberg -B- Shs 174,172 95,320 491,115 DKK 567.000 37,342,156.14 3.65DSV Shs 335,647 183,690 946,406 DKK 130.400 16,549,626.97 1.62Novo-Nordisk -B- Shs 86,980 58,814 234,190 DKK 654.500 20,554,699.42 2.01SimCorp Shs 21,517 11,775 60,704 DKK 841.000 6,846,150.43 0.67Finland 15,276,358.98 1.49Outotec Shs 133,547 95,270 355,099 EUR 43.020 15,276,358.98 1.49France 202,341,263.23 19.79Bureau Veritas Shs 98,925 54,138 278,958 EUR 55.480 15,476,589.84 1.51Compagnie Generale d’Optique Essilor International Shs 130,086 52,991 302,472 EUR 52.420 15,855,582.24 1.55Danone Shs 194,964 106,700 549,748 EUR 46.100 25,343,382.80 2.48Dassault Systèmes Shs 114,659 62,749 323,320 EUR 54.640 17,666,204.80 1.73Ingenico Shs 199,787 109,338 563,342 EUR 30.585 17,229,815.07 1.68L’Oréal Shs 119,901 37,057 214,915 EUR 82.930 17,822,900.95 1.74Legrand Shs 727,430 91,178 636,252 EUR 29.510 18,775,796.52 1.84LVMH Moët Hennessy Louis Vuitton Shs 70,016 38,316 197,443 EUR 111.900 22,093,871.70 2.16Schneider Electric Shs 164,842 23,439 141,403 EUR 120.650 17,060,271.95 1.67Sodexo Shs 125,305 68,574 353,333 EUR 51.720 18,274,382.76 1.79Technip Shs 79,078 43,274 222,995 EUR 75.080 16,742,464.60 1.64Germany 142,936,644.26 13.98Fresenius Shs 229,609 14,008 215,601 EUR 65.820 14,190,857.82 1.39Fresenius Medical Care Shs 108,000 59,104 304,541 EUR 47.565 14,485,492.67 1.42Fuchs Petrolub Shs 62,478 8,793 53,685 EUR 106.250 5,704,031.25 0.56Linde Shs 82,022 44,886 231,302 EUR 111.650 25,824,868.30 2.53Rational Shs 21,351 7,635 48,259 EUR 167.800 8,097,860.20 0.79Rhoen Klinikum Shs 167,096 91,448 471,171 EUR 15.290 7,204,204.59 0.70SAP Shs 413,606 121,077 811,955 EUR 43.220 35,092,695.10 3.43Siemens Shs 153,456 78,690 333,333 EUR 97.010 32,336,634.33 3.16Ireland 14,447,367.11 1.41Shire Shs 248,098 135,778 699,559 GBP 18.200 14,447,367.11 1.41Italy 28,861,981.13 2.82MARR Shs 140,294 76,779 395,598 EUR 8.660 3,425,878.68 0.33Saipem Shs 246,374 154,531 675,235 EUR 37.670 25,436,102.45 2.49Netherlands 22,778,033.65 2.23Akzo Nobel Shs 286,727 32,734 253,993 EUR 48.450 12,305,960.85 1.20ASML Holding Shs 118,555 64,883 334,304 EUR 31.325 10,472,072.80 1.03Portugal 11,421,402.30 1.12Jeronimo Martins Shs 415,021 533,618 988,866 EUR 11.550 11,421,402.30 1.12Spain 32,806,149.90 3.21Inditex Shs 173,787 118,522 467,366 EUR 56.410 26,364,116.06 2.58Tecnicas Reunidas Shs 53,522 29,288 150,938 EUR 42.680 6,442,033.84 0.63Sweden 111,658,071.04 10.92Atlas Copco -A- Shs 437,852 369,627 1,108,708 SEK 167.000 20,741,897.13 2.03Elekta -B- Shs 250,829 172,468 673,182 SEK 249.600 18,823,132.52 1.84Hennes & Mauritz -B- Shs 339,381 185,733 956,930 SEK 208.000 22,297,610.70 2.18Hexagon -B- Shs 829,556 457,974 1,301,320 SEK 151.100 22,027,407.83 2.15RaySearch Laboratories Shs 238,457 130,501 672,377 SEK 35.900 2,704,096.10 0.27Sandvik Shs 732,874 595,111 1,878,549 SEK 119.100 25,063,926.76 2.45Switzerland 89,643,043.50 8.77ABB Shs 495,935 577,309 1,101,035 CHF 22.030 18,639,412.77 1.82Bank Sarasin & Compagnie -B- Shs 86,392 47,279 243,618 CHF 39.850 7,460,265.84 0.73Compagnie Financiere Richemont -A- Shs 250,420 211,847 633,683 CHF 53.400 26,003,386.87 2.54Lindt & Spruengli Shs 1,543 845 4,389 CHF 2,633.000 8,880,410.55 0.87Roche Holding Shs 70,171 38,401 197,881 CHF 131.500 19,996,153.10 1.96SGS Shs 2,441 1,332 6,908 CHF 1,632.000 8,663,414.37 0.85United Kingdom 234,008,997.70 22.88Aveva Group Shs 172,639 130,543 451,160 GBP 16.180 8,283,274.95 0.81British American Tobacco Shs 342,160 187,255 964,771 GBP 25.246 27,638,311.73 2.70

% ofSubfund

Bunzl Shs 462,790 253,274 1,304,889 GBP 7.415 10,979,377.00 1.07Capita Group Shs 810,116 268,614 1,582,082 GBP 7.485 13,437,354.24 1.31Compass Group Shs 701,146 383,719 1,976,949 GBP 5.623 12,612,985.66 1.23G4S Shs 1,552,692 849,752 4,377,930 GBP 2.556 12,697,629.04 1.24Homeserve Shs 698,275 299,050 1,540,738 GBP 4.429 7,743,324.26 0.76Imperial Tobacco Group Shs 225,177 123,235 634,936 GBP 19.410 13,984,548.82 1.37Mothercare Shs 412,058 225,509 1,161,848 GBP 4.054 5,344,733.20 0.52Prudential Shs 1,495,100 536,065 3,117,711 GBP 7.250 25,648,787.18 2.51Reckitt Benckiser Group Shs 356,145 130,777 757,820 GBP 31.840 27,379,914.90 2.68Rotork Shs 170,000 178,537 395,807 GBP 17.440 7,832,906.16 0.77SABMiller Shs 321,804 176,116 907,377 GBP 22.120 22,775,392.05 2.23Serco Group Shs 955,283 333,523 1,947,918 GBP 5.605 12,389,085.78 1.21Spirax-Sarco Engeneering Shs 213,449 213,449 GBP 19.460 4,713,352.63 0.46St James’s Place Shs 716,873 392,328 2,021,290 GBP 3.347 7,676,748.49 0.75Vedanta Resources Shs 170,235 93,164 480,026 GBP 23.630 12,871,271.61 1.26Investments in securities and money-market instruments 1,010,289,643.20 98.80Deposits at financial institutions1) 10,929,202.10 1.07Sight deposits2) 10,929,202.10 1.070.5420 % State Street Bank Luxembourg S.A. EUR 10,926,959.60 1.070.5420 % Deposits for collateralisation of derivatives EUR 2,242.50 0.00Investments in deposits at financial institutions 10,929,202.10 1.07Net current assets/liabilities EUR 1,326,979.28 0.13Net assets of the Subfund EUR 1,022,545,824.58 100.00

Net asset value per share– Class A (EUR) (distributing) EUR 128.30– Class AT (EUR) (accumulating) EUR 129.03– Class CT (EUR) (accumulating) EUR 124.60– Class I (EUR) (distributing) EUR 1,328.53– Class IT (EUR) (accumulating) EUR 1,376.35– Class W (EUR) (distributing) EUR 1,360.32– Class WT (EUR) (accumulating) EUR 1,137.80– Class A (GBP) (distributing) GBP 157.00– Class AT (HUF) (accumulating) HUF 27,051.84Shares in circulation– Class A (EUR) (distributing) Shs 169,775– Class AT (EUR) (accumulating) Shs 1,283,011– Class CT (EUR) (accumulating) Shs 405,881– Class I (EUR) (distributing) Shs 63,673– Class IT (EUR) (accumulating) Shs 238,279– Class W (EUR) (distributing) Shs 177,614– Class WT (EUR) (accumulating) Shs 113,381– Class A (GBP) (distributing) Shs 5,331– Class AT (HUF) (accumulating) Shs 5,2611) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listingEquitiesDenmarkFLSmidth & Co Shs 5,581 133,833GermanyBayer Shs 83,492 288,855Beiersdorf Shs 98,453 340,603Fresenius Shs 73,578 254,564Kontron Shs 39,148 429,272United KingdomWeir Group Shs 24,743 593,267Other securities and money-market instrumentsEquitiesSwedenHexagon Shs 433,409 433,409Hexagon -Rights- Shs 1,300,229 1,300,229

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 851,060,255.80) 1,010,289,643.20 767,817,488.68

– bonds 0.00 0.00

Dividend receivable 3,043,343.52 872,222.32

Receivable on

– subscriptions on fund shares 351,899.41 4,674,140.44

Unrealised gain on

Total Assets 1,024,622,565.23 798,423,270.83

Liabilities to banks – 142.84 0.00

Payable on

Other payables 0.00 – 653,967.77

Unrealised loss on – 967,583.34

Net assets 1,022,545,824.58 783,495,094.10

01/10/2010–31/03/2011 01/10/2009–31/03/2010 EUR EUR

Subscriptions

– Class A (EUR) 14,657,176.27 1,682,402.08

– Class AT (EUR) 127,892,538.79 58,613,773.63

– Class CT (EUR) 33,432,702.51 6,294,919.32

– Class I (EUR) 37,691,813.26 5,032,674.51

– Class IT (EUR) 220,102,004.58 52,504,103.42

– Class W (EUR) 29,390,587.91 160,878,580.38

– Class WT (EUR) 89,689,483.26 0.00

– Class A (GBP) 582,704.57 63,676.98

– Class AT (HUF) 531,171.20 0.00

Redemptions

– Class A (EUR) – 5,069,866.56 – 2,138,020.59

– Class AT (EUR) – 107,675,459.74 – 36,273,208.47

– Class CT (EUR) – 12,146,062.11 – 1,958,587.80

– Class I (EUR) – 14,894,298.22 – 8,916,641.34

– Class IT (EUR) – 177,169,966.74 – 52,200,259.91

– Class W (EUR) – 82,211,091.23 – 1,140,030.54

– Class WT (EUR) – 166,007.47 0.00

– Class A (GBP) 0.00 0.00

– Class AT (HUF) 0.00 0.00

Distribution – 3,762,698.17 – 1,076,118.42

Equalization 2,022,536.23 77,543.34

at the end of the reporting period 1,022,545,824.58 472,054,503.96

Class ATShares

Class CTShares

Class AShares

Class ATShares

Class CTShares

at the beginning of the reporting period 93,389 1,113,195 231,086 30,245 526,585 74,708

Number of shares

– issued 116,706 1,022,198 274,102 16,822 578,425 64,717

– redeemed – 40,320 – 852,382 – 99,307 – 23,725 – 378,088 – 20,621

at the end of the reporting period 169,775 1,283,011 405,881 23,342 726,922 118,804

Class ITShares

Class WShares

Class WTShares

Class IShares

Class ITShares

Class WShares

at the beginning of the reporting period 45,849 198,962 215,916 31,411 26,532 138,342 14,503

Number of shares

– issued 29,162 169,300 22,713 82,117 4,828 49,722 155,780

– redeemed – 11,338 – 129,983 – 61,015 – 147 – 8,735 – 51,933 – 1,089

at the end of the reporting period 63,673 238,279 177,614 113,381 22,625 136,131 169,194

Class AShares

Number of shares

– issued 3,382 457

– redeemed 0 0

HUF Shares 01/10/2010–31/03/2011Class AT

Shares

Number of shares

– issued 5,251

– redeemed 0

Securities and money-market instruments admitted to an official stock exchange listing 34,291,484.12 96.05Equities 33,460,629.57 93.72Austria 1,369,123.00 3.83Andritz Shs 1,800 1,000 6,400 EUR 67.200 430,080.00 1.20Conwert Immobilien Invest Shs 2,000 3,500 26,300 EUR 11.750 309,025.00 0.87Mayr Melnhof Karton Shs 600 450 2,150 EUR 82.220 176,773.00 0.49Schoeller-Bleckmann Oilfield Equipment Shs 2,000 2,000 6,500 EUR 69.730 453,245.00 1.27Denmark 1,041,227.51 2.92Christian Hansen Holding Shs 22,278 13,000 27,778 DKK 120.400 448,498.09 1.26DSV Shs 7,200 9,800 21,700 DKK 130.400 379,463.89 1.06SimCorp Shs 900 1,459 1,891 DKK 841.000 213,265.53 0.60Finland 2,715,625.00 7.61Konecranes Shs 2,000 2,800 10,000 EUR 32.820 328,200.00 0.92Nokian Renkaat Shs 6,500 5,200 19,000 EUR 30.510 579,690.00 1.62Outotec Shs 800 5,200 6,500 EUR 43.020 279,630.00 0.78Poyry Shs 12,500 13,000 23,000 EUR 10.870 250,010.00 0.70Ramirent Shs 22,000 8,500 47,500 EUR 12.000 570,000.00 1.60Talvivaara Mining Shs 12,500 13,100 50,000 EUR 6.670 333,500.00 0.94Vacon Shs 2,100 1,500 8,500 EUR 44.070 374,595.00 1.05France 2,901,908.50 8.13Assystem Shs 5,000 4,500 12,000 EUR 15.500 186,000.00 0.52Bourbon Shs 10,000 2,000 8,000 EUR 34.190 273,520.00 0.77Euler Hermes Shs 5,500 500 5,000 EUR 67.680 338,400.00 0.95Faiveley Transport Shs 2,800 2,800 EUR 70.850 198,380.00 0.56GameLoft Shs 3,000 4,000 40,600 EUR 4.550 184,730.00 0.52Laurent-Perrier Shs 2,379 250 2,600 EUR 79.000 205,400.00 0.57Orpea Shs 3,500 2,000 7,400 EUR 34.750 257,150.00 0.72Pierre & Vacances Shs 500 2,700 EUR 63.330 170,991.00 0.48Sartorius Stedim Biotech Shs 1,000 1,700 7,000 EUR 40.750 285,250.00 0.80Societe BIC Shs 950 450 3,000 EUR 63.040 189,120.00 0.53Teleperformance Shs 12,800 500 12,300 EUR 26.785 329,455.50 0.92Virbac Shs 200 500 2,400 EUR 118.130 283,512.00 0.79Germany 5,387,956.47 15.09Aixtron Shs 12,600 600 12,000 EUR 30.900 370,800.00 1.04Delticom Shs 1,000 1,500 8,500 EUR 64.000 544,000.00 1.52Deutsche Euroshop Shs 1,356 706 7,500 EUR 27.085 203,137.50 0.57Deutsche Wohnen Shs 19,159 2,500 32,000 EUR 10.450 334,400.00 0.94Dialog Semiconductor Shs 7,000 8,000 26,000 EUR 14.230 369,980.00 1.04Fuchs Petrolub Shs 1,850 1,250 3,950 EUR 106.250 419,687.50 1.17GEA Group Shs 5,000 2,200 22,000 EUR 23.180 509,960.00 1.43Hugo Boss Shs 1,000 1,300 4,000 EUR 54.430 217,720.00 0.61Joyou Shs 3,000 8,300 19,000 EUR 13.890 263,910.00 0.74MTU Aero Engines Holding Shs 8,500 1,500 7,000 EUR 47.430 332,010.00 0.93Nordex Shs 19,070 19,070 EUR 8.121 154,867.47 0.43Pfeiffer Vacuum Technology Shs 5,200 5,200 EUR 99.240 516,048.00 1.44Rheinmetall Shs 1,700 1,600 4,800 EUR 57.970 278,256.00 0.78Software Shs 1,400 1,200 4,200 EUR 117.100 491,820.00 1.38Tomorrow Focus Shs 4,000 12,600 43,000 EUR 4.470 192,210.00 0.54United Internet Shs 4,500 11,609 15,000 EUR 12.610 189,150.00 0.53Ireland 395,200.00 1.11Paddy Power Shs 1,500 2,100 13,000 EUR 30.400 395,200.00 1.11Italy 1,590,607.50 4.45DiaSorin Shs 4,300 2,500 10,500 EUR 30.990 325,395.00 0.91Pirelli Shs 13,073 7,000 52,500 EUR 6.210 326,025.00 0.91Prysmian Shs 22,500 28,700 15,000 EUR 15.250 228,750.00 0.64Tod’s Shs 4,200 4,200 EUR 82.500 346,500.00 0.97Yoox Shs 41,000 3,500 37,500 EUR 9.705 363,937.50 1.02Netherlands 2,449,100.00 6.86Arcadis Shs 1,000 2,000 14,500 EUR 16.920 245,340.00 0.69Fugro Shs 4,200 1,203 10,500 EUR 61.970 650,685.00 1.82Gemalto Shs 500 1,500 4,700 EUR 34.790 163,513.00 0.46Imtech Shs 2,000 1,700 15,760 EUR 26.325 414,882.00 1.16Nutreco Shs 1,000 1,000 8,000 EUR 52.130 417,040.00 1.17

% ofSubfund

Koninklijke Ten Cate Shs 1,000 2,000 6,900 EUR 29.100 200,790.00 0.56Unit 4 Shs 3,000 4,536 15,000 EUR 23.790 356,850.00 1.00Norway 1,653,296.77 4.63Ekornes Shs 2,000 2,000 14,500 NOK 151.000 278,721.12 0.78ProSafe Shs 22,800 11,000 88,000 NOK 42.170 472,401.42 1.32Schibsted Shs 9,700 3,000 24,000 NOK 162.800 497,382.57 1.39TGS Nopec Geophysical Shs 26,500 5,000 21,500 NOK 147.900 404,791.66 1.14Sweden 3,226,503.93 9.04Axis Communications Shs 14,500 9,500 37,000 SEK 133.750 554,383.55 1.55Betsson Shs 3,000 12,700 18,000 SEK 139.000 280,286.47 0.79Elekta -B- Shs 7,000 6,200 18,100 SEK 249.600 506,101.91 1.42Hufvudstaden -A- Shs 19,500 16,500 40,000 SEK 75.050 336,298.95 0.94JM Shs 4,000 12,000 30,000 SEK 166.000 557,884.33 1.56Lindab International Shs 13,000 11,500 31,500 SEK 82.050 289,536.93 0.81Micronic Mydata Shs 19,000 93,248 126,414 SEK 18.400 260,572.04 0.73RaySearch Laboratories Shs 17,619 19,681 SEK 35.900 79,151.01 0.22Wallenstam -B- Shs 6,500 4,500 16,500 SEK 196.000 362,288.74 1.02Switzerland 4,339,193.18 12.15Aryzta Shs 1,300 5,700 8,500 EUR 35.900 305,150.00 0.85Dufry Group Shs 1,200 2,319 5,400 CHF 103.600 429,902.65 1.20Galenica Shs 50 360 500 CHF 572.000 219,777.20 0.62Gategroup Holding Shs 1,250 1,600 4,650 CHF 48.750 174,198.41 0.49Georg Fischer Shs 450 410 550 CHF 519.500 219,565.88 0.62Huber & Suhner Shs 3,100 1,200 6,650 CHF 64.800 331,141.23 0.93Interroll Holding Shs 220 100 1,300 CHF 430.000 429,564.53 1.20Metall Zug -B- Shs 80 25 125 CHF 3,806.000 365,590.92 1.02Sika Shs 70 67 190 CHF 2,202.000 321,504.84 0.90Swiss Life Holding Shs 3,500 3,500 CHF 153.100 411,774.87 1.15Swissquote Group Holding Shs 4,200 10,600 CHF 55.700 453,709.28 1.27Temenos Group Shs 1,000 1,000 12,000 CHF 34.650 319,522.24 0.90Vetropack Holding Shs 50 25 240 CHF 1,940.000 357,791.13 1.00United Kingdom 6,390,887.71 17.90Ashtead Group Shs 140,000 140,000 GBP 2.037 323,602.63 0.91ASOS Shs 4,000 35,139 16,500 GBP 17.050 319,228.24 0.89Aveva Group Shs 5,200 3,900 19,000 GBP 16.180 348,839.05 0.98Burberry Group Shs 8,000 21,500 52,000 GBP 11.830 698,041.21 1.95Croda International Shs 6,000 14,800 19,000 GBP 16.580 357,463.00 1.00Domino’s Pizza UK & IRL Shs 34,500 23,000 75,000 GBP 4.308 366,631.63 1.03Hikma Pharmaceuticals Shs 14,700 16,400 30,000 GBP 7.465 254,123.04 0.71Homeserve Shs 29,500 8,500 68,000 GBP 4.429 341,749.25 0.96Hunting Shs 13,000 7,000 44,740 GBP 7.855 398,781.63 1.12Intertek Group Shs 7,800 2,500 19,000 GBP 20.370 439,174.99 1.23John Wood Group Shs 7,000 21,000 47,000 GBP 6.390 340,793.80 0.95Michael Page International Shs 10,000 18,120 73,000 GBP 5.210 431,572.29 1.21Restaurant Group Shs 21,500 28,400 117,000 GBP 3.000 398,290.63 1.12Rightmove Shs 24,500 24,500 GBP 9.565 265,915.73 0.74Rotork Shs 8,300 5,500 21,500 GBP 17.440 425,478.79 1.19Spirax-Sarco Engeneering Shs 5,200 2,700 16,000 GBP 19.460 353,309.89 0.99Weir Group Shs 5,000 9,900 16,800 GBP 17.200 327,891.91 0.92Participating Shares 322,176.90 0.90Russia 322,176.90 0.90Alliance Oil (SDR’s) Shs 24,127 24,127 SEK 119.200 322,176.90 0.90REITs (Real Estate Investment Trusts) 508,677.65 1.43Germany 176,400.00 0.50Hamborner Real Estate Investment Trust Shs 24,000 24,000 EUR 7.350 176,400.00 0.50United Kingdom 332,277.65 0.93Hammerson Real Estate Investment Trust Shs 65,000 65,000 GBP 4.505 332,277.65 0.93Investments in securities and money-market instruments 34,291,484.12 96.05

% ofSubfund

Deposits at financial institutions1) 1,088,617.71 3.05Sight deposits2) 1,088,617.71 3.050.5420 % State Street Bank Luxembourg S.A. EUR 1,088,617.71 3.05Investments in deposits at financial institutions 1,088,617.71 3.05Net current assets/liabilities EUR 322,042.90 0.90Net assets of the Subfund EUR 35,702,144.73 100.00

Net asset value per share– Class AT (EUR) (accumulating) EUR 138.12– Class IT (EUR) (accumulating) EUR 1,401.59– Class A (GBP) (distributing) GBP 138.29Shares in circulation– Class AT (EUR) (accumulating) Shs 1,228 – Class IT (EUR) (accumulating) Shs 25,335 – Class A (GBP) (distributing) Shs 1481) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

Market Value in EUR

% ofSubfund

assets

Securities and money-market instruments admitted to an official stock exchange listing Equities Belgium Devgen Shs 25,000 25,000Denmark Pandora Shs 10,059 10,059Topdanmark Shs 3,300France BioMerieux Shs 3,400Hi-Media Shs 67,500 67,500Greece Alpha Bank Shs 57,000 57,000Israel Vizrt Shs 7,000 68,500Italy Ansaldo Shs 15,960Bulgari Shs 25,000 25,000Prelios Shs 46,427 46,427Netherlands New World Resources -A- Shs 2,000 20,400Sligro Food Group Shs 2,500 9,400SNS REAAL Shs 25,335Portugal Brisa Auto-Estradas de Portugal Shs 63,529 63,529Spain Gategroup Holding -Rights- Shs 5,000 5,000Tecnicas Reunidas Shs 4,000Sweden Boliden Shs 35,800 35,800Switzerland BKW FMB Energie Shs 2,900Schmolz Bickenbach Shs 43,955 43,955United Kingdom African Barrick Gold Shs 27,000 27,000Babcock International Group Shs 4,500 41,500Investec Shs 3,500 46,400Petropavlovsk Shs 20,800Serco Group Shs 2,000 25,200Telecity Group Shs 6,000 44,860Participating Shares Russia Mail.ru Group (GDR’s) Shs 1,415 1,415Other securities and money-market instruments Rights Germany Deutsche Euroshop -Rights- Shs 6,850 6,850Switzerland Schmolz & Bickenbach -Rights- Shs 15,183 15,183

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 26,778,040.47) 34,291,484.12 27,394,297.92

– bonds 0.00 0.00

Receivable on

Unrealised gain on

Total Assets 35,735,451.00 27,985,692.66

Liabilities to banks – 42.24 – 243,980.03

Payable on

Other payables – 33,264.03 – 27,463.65

Unrealised loss on

Net assets 35,702,144.73 27,526,548.26

01/10/2010–31/03/2011 01/10/2009–31/03/2010 EUR EUR

Subscriptions

– Class AT (EUR) 0.00 162,722.34

– Class IT (EUR) 5,578,834.64 5,909,400.00

– Class A (GBP) 0.00 18,147.45

Redemptions

– Class AT (EUR) – 6,267.88 – 6,182.15

– Class IT (EUR) – 2,512,740.00 – 3,502,927.86

– Class A (GBP) 0.00 – 1,284.05

Equalization 3,745.77 – 370.56

Class ATShares

Class ITShares

at the beginning of the reporting period 1,278 22,700 10 20,066

Number of shares

– issued 0 4,435 1,508 6,000

– redeemed – 50 – 1,800 – 60 – 3,366

at the end of the reporting period 1,228 25,335 1,458 22,700

Class AShares

Number of shares

– issued 0 148

– redeemed 0 – 10

at the end of the reporting period 148 148

Securities and money-market instruments admitted to an official stock exchange listing 30,209,082.19 100.75Equities 29,939,049.07 100.59Austria 519,670.50 1.73Andritz Shs 2,600 2,600 EUR 67.200 174,720.00 0.58bwin Interactive Entertainment Shs 3,374 900 13,017 EUR 26.500 344,950.50 1.15Belgium 1,019,834.61 3.40Anheuser-Busch InBev Shs 786 1,200 17,052 EUR 40.480 690,264.96 2.30D`Ieteren Shs 5,189 200 4,989 EUR 48.120 240,070.68 0.80Hansen Transmissions International Shs 7,384 11,300 160,147 GBP 0.493 89,498.97 0.30Denmark 1,090,662.81 3.64Danske Bank Shs 34,908 1,200 33,708 DKK 117.100 529,325.74 1.77Pandora Shs 21,184 5,400 15,784 DKK 265.200 561,337.07 1.87Finland 161,954.28 0.54Kemira Shs 14,244 14,244 EUR 11.370 161,954.28 0.54France 1,928,709.76 6.43Air France Shs 29,786 1,800 27,986 EUR 11.855 331,774.03 1.11BNP Paribas Shs 5,816 200 5,616 EUR 52.890 297,030.24 0.99Cap Gemini Shs 6,729 6,729 EUR 41.620 280,060.98 0.93Safran Shs 12,366 400 11,966 EUR 24.810 296,876.46 0.99Vinci Shs 2,263 1,200 16,366 EUR 44.175 722,968.05 2.41Germany 4,494,459.45 14.99Bayer Shs 821 2,600 16,476 EUR 55.180 909,145.68 3.03Fresenius Shs 14,088 500 13,588 EUR 65.820 894,362.16 2.98Hochtief Shs 9,359 600 8,759 EUR 75.870 664,545.33 2.22Münchener Rückversicherungsgesellschaft Shs 359 3,193 5,145 EUR 111.300 572,638.50 1.91SAP Shs 7,200 7,200 EUR 43.220 311,184.00 1.04Siemens Shs 12,578 800 11,778 EUR 97.010 1,142,583.78 3.81Gibraltar 354,702.15 1.18PartyGaming Shs 7,391 11,300 160,301 GBP 1.950 354,702.15 1.18Ireland 648,405.38 2.16Irish Life & Permanent Group Holdings Shs 2,908 4,400 63,118 EUR 0.373 23,543.01 0.08Ryanair Holdings Shs 60,872 12,400 184,652 EUR 3.384 624,862.37 2.08Italy 321,968.20 1.08Enel Shs 71,900 71,900 EUR 4.478 321,968.20 1.08Jersey 619,471.15 2.07Randgold Resources Shs 542 800 11,796 GBP 46.280 619,471.15 2.07Netherlands 1,811,451.17 6.04ASM International Shs 8,449 300 8,149 EUR 27.880 227,194.12 0.76ING Groep Shs 14,463 13,500 93,270 EUR 9.034 842,601.18 2.81Reed Elsevier Shs 29,157 5,800 81,438 EUR 9.107 741,655.87 2.47Norway 2,288,272.01 7.63Marine Harvest Shs 273,000 9,300 263,700 NOK 6.900 231,624.31 0.77Statoil Shs 40,200 2,600 37,600 NOK 153.300 733,761.50 2.45Storebrand Shs 76,900 76,900 NOK 47.940 469,298.64 1.56Yara International Shs 3,229 1,600 24,499 NOK 273.700 853,587.56 2.85Portugal 735,030.26 2.45Galp Energia -B- Shs 9,361 15,200 48,262 EUR 15.230 735,030.26 2.45Spain 520,275.72 1.74EDP Renovaveis Shs 1,137 1,800 24,605 EUR 5.065 124,624.33 0.42Gamesa Corp Tecnologica Shs 2,470 3,800 53,546 EUR 7.389 395,651.39 1.32Sweden 168,373.53 0.56Atlas Copco -A- Shs 9,000 9,000 SEK 167.000 168,373.53 0.56Switzerland 4,077,206.18 13.60Compagnie Financiere Richemont -A- Shs 15,864 800 15,064 CHF 53.400 618,156.11 2.06Credit Suisse Group Shs 14,762 2,200 32,488 CHF 39.100 976,149.50 3.26Nestlé Shs 1,708 10,472 33,174 CHF 52.850 1,347,284.88 4.49Roche Holding Shs 561 1,800 11,238 CHF 131.500 1,135,615.69 3.79United Kingdom 9,178,601.91 30.61BG Group Shs 2,684 36,369 25,945 GBP 15.696 462,107.01 1.54BP Shs 111,500 111,500 GBP 4.576 578,903.80 1.93Carillion Shs 4,264 6,600 92,407 GBP 3.820 400,554.12 1.34HSBC Holdings Shs 30,121 28,422 194,920 GBP 6.499 1,437,460.47 4.79Imperial Tobacco Group Shs 1,904 3,000 41,209 GBP 19.410 907,633.64 3.03Inmarsat Shs 116,319 7,600 108,719 GBP 6.065 748,219.86 2.50

% ofSubfund

Johnson Matthey Shs 28,294 1,600 26,694 GBP 18.720 567,038.40 1.89QinetiQ Group Shs 9,485 14,500 205,713 GBP 1.218 284,316.45 0.95Reckitt Benckiser Group Shs 1,107 4,100 21,621 GBP 31.840 781,163.26 2.60Rio Tinto Shs 675 1,000 14,676 GBP 43.940 731,746.62 2.44Tesco Shs 41,707 6,600 228,542 GBP 3.895 1,009,975.19 3.37Vodafone Group Shs 151,752 44,300 626,752 GBP 1.785 1,269,483.09 4.23Participating Shares 221,666.04 0.74Russia 221,666.04 0.74Alliance Oil (SDR’s) Shs 16,600 16,600 SEK 119.200 221,666.04 0.74Rights 48,367.08 0.16Denmark 48,367.08 0.16Danske Bank -Rights- Shs 33,708 33,708 DKK 10.700 48,367.08 0.16Investments in securities and money-market instruments 30,209,082.19 100.75Net current assets/liabilities EUR – 225,500.87 – 0.75Net assets of the Subfund EUR 29,983,581.32 100.00

Net asset values per share– Class A (EUR) (distributing) EUR 121.28– Class N (EUR) (distributing) EUR 1,351.38– Class S (EUR) (distributing) EUR 1,347.83Shares in circulation– Class A (EUR) (distributing) Shs 246,900– Class N (EUR) (distributing) Shs 1– Class S (EUR) (distributing) Shs 28

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listing Equities Finland Metso Shs 406 9,436France Alstom Shs 15,470Sanofi-Aventis Shs 758 17,615Sodexo Shs 320 7,430Total Shs 1,158 26,903Germany Fresenius Shs 628 14,588K+S Shs 7,648United Internet Shs 1,121 54,148Volkswagen Shs 185 4,296Ireland WPP Shs 4,156 125,994Netherlands Gemalto Shs 355 8,255Spain Abengoa Shs 576 13,382Banco Santander Shs 35,024Switzerland Transocean Shs 6,000 6,000Zurich Financial Services Shs 129 4,882United Kingdom Inchcape Shs 3,563 82,732RSA Insurance Group Shs 409,931Serco Group Shs 2,806 65,156Tullow Oil Shs 1,059 24,601Participating Shares Luxembourg SES (FDR’s) Shs 22,879Rights Spain Banco Santander -Rights- Shs 35,024 35,024

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 28,647,992.79) 30,209,082.19 29,497,853.94

(Other) cash at banks 0.00 2,476,171.31

– bonds 0.00 0.00

Receivable on

Unrealised gain on

Total Assets 30,271,149.09 32,085,085.58

Payable on

Other payables – 64,812.07 – 70,306.72

Unrealised loss on

Net assets 29,983,581.32 31,826,308.01

01/10/2010–31/03/2011 01/10/2009–31/03/2010 EUR EUR

Subscriptions

– Class A (EUR) 2,074,062.51 14,497,829.89

– Class N (EUR) 23.52 18.93

– Class S (EUR) 36,450.77 16.01

Redemptions

– Class A (EUR) – 4,704,464.35 – 2,820,540.03

– Class N (EUR) 0.00 0.00

– Class S (EUR) 0.00 0.00

Distribution – 261,947.98 – 182,675.15

Equalization 56,915.88 8,045.40

Class NShares

Class SShares

Class AShares

Class NShares

Class SShares

at the beginning of the reporting period 268,267 1 1 173,330 1 1

Number of shares

– issued 16,884 0 27 126,635 0 0

– redeemed – 38,251 0 0 – 24,136 0 0

at the end of the reporting period 246,900 1 28 275,829 1 1

Securities and money-market instruments admitted to an official stock exchange listing 98,650,299.70 87.81Equities 98,650,299.70 87.81Austria 3,582,056.23 3.19Österreichische Post Shs 149,035 149,035 EUR 24.035 3,582,056.23 3.19Belgium 307,119.88 0.27EVS Broadcast Equipment Shs 18,056 38,411 6,914 EUR 44.420 307,119.88 0.27Bermuda 1,914,619.76 1.70Seadrill Shs 72,411 68,941 74,494 NOK 201.900 1,914,619.76 1.70Finland 1,090,144.23 0.97Kemira Shs 95,879 95,879 EUR 11.370 1,090,144.23 0.97France 10,139,786.47 9.03France Télécom Shs 125,641 98,604 140,578 EUR 15.840 2,226,755.52 1.98Metropole Television Shs 89,125 135,537 EUR 18.425 2,497,269.23 2.22Total Shs 23,080 57,934 EUR 43.345 2,511,149.23 2.24Vivendi Shs 143,686 143,686 EUR 20.215 2,904,612.49 2.59Germany 6,347,490.85 5.65Bijou Brigitte Shs 9,931 18,639 EUR 97.250 1,812,642.75 1.61Fielmann Shs 35,383 35,383 EUR 66.700 2,360,046.10 2.10Münchener Rückversicherungsgesellschaft Shs 7,784 19,540 EUR 111.300 2,174,802.00 1.94Italy 8,414,926.43 7.49Atlantia Shs 133,462 133,462 EUR 16.370 2,184,772.94 1.94Enel Shs 472,651 917,043 EUR 4.478 4,106,518.55 3.66Mediaset Shs 466,323 466,323 EUR 4.554 2,123,634.94 1.89Netherlands 8,428,380.97 7.50Koninklijke KPN Shs 224,697 352,347 EUR 12.020 4,235,210.94 3.77Royal Dutch Shell -A- Shs 83,764 22,438 162,463 EUR 25.810 4,193,170.03 3.73Norway 3,480,718.76 3.10Marine Harvest Shs 3,962,734 3,962,734 NOK 6.900 3,480,718.76 3.10Poland 2,370,449.88 2.11Telekomunikacja Polska Shs 533,054 533,054 PLN 17.840 2,370,449.88 2.11Portugal 2,185,389.48 1.95EDP - Energias de Portugal Shs 791,521 791,521 EUR 2.761 2,185,389.48 1.95Spain 14,131,127.75 12.58Banco Santander Shs 168,067 321,001 EUR 8.333 2,674,901.33 2.38Bolsas y Mercados Espanoles Shs 60,297 129,515 EUR 21.980 2,846,739.70 2.53Mapfre Shs 1,705,095 1,705,095 EUR 2.686 4,579,885.17 4.08Telefónica Shs 136,046 226,255 EUR 17.810 4,029,601.55 3.59Sweden 1,457,671.56 1.30Hennes & Mauritz -B- Shs 40,000 21,738 18,262 SEK 208.000 425,526.39 0.38KappAhl Shs 259,536 259,536 SEK 35.500 1,032,145.17 0.92Switzerland 11,160,241.68 9.93Baloise Holding Shs 9,047 22,710 CHF 91.750 1,601,178.73 1.43Banque Cantonale Vaudoise Shs 4,838 7,033 CHF 516.000 2,788,732.92 2.48Roche Holding Shs 26,687 36,948 CHF 131.500 3,733,647.32 3.32Zurich Financial Services Shs 8,367 15,287 CHF 258.500 3,036,682.71 2.70United Kingdom 23,640,175.77 21.04AstraZeneca Shs 88,558 111,673 GBP 28.955 3,669,143.74 3.27Aviva Shs 363,282 612,047 GBP 4.398 3,054,449.66 2.72British American Tobacco Shs 81,061 153,817 GBP 25.246 4,406,478.00 3.92Firstgroup Shs 603,019 603,019 GBP 3.280 2,244,625.47 2.00GlaxoSmithKline Shs 49,243 147,737 GBP 11.955 2,004,157.41 1.78Hays Shs 843,134 2,116,290 GBP 1.171 2,812,063.01 2.50National Grid Shs 94,918 316,083 GBP 5.950 2,134,081.87 1.90Scottish & Southern Energy Shs 141,556 141,556 GBP 12.690 2,038,369.33 1.81Vodafone Group Shs 630,718 276,918 630,368 GBP 1.785 1,276,807.28 1.14Investments in securities and money-market instruments 98,650,299.70 87.81

% ofSubfund

Deposits at financial institutions1) 12,865,263.00 11.45Sight deposits2) 12,865,263.00 11.450.5420 % State Street Bank Luxembourg S.A. EUR 12,743,952.84 11.340.5420 % Deposits for collateralisation of derivatives EUR 121,310.16 0.11Investments in deposits at financial institutions 12,865,263.00 11.45Net current assets/liabilities EUR 832,792.54 0.74Net assets of the Subfund EUR 112,348,355.24 100.00

Net asset value per share– Class AT (EUR) (accumulating) EUR 170.11 – Class CT (EUR) (accumulating) EUR 167.57 – Class IT (EUR) (accumulating) EUR 1,731.05 – Class A (EUR) (distributing) EUR 101.27 Shares in circulation– Class AT (EUR) (accumulating) Shs 196,310 – Class CT (EUR) (accumulating) Shs 15,780 – Class IT (EUR) (accumulating) Shs 36,588 – Class A (EUR) (distributing) Shs 128,1151) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

Market Valuein EUR

% ofSubfund

assets

Securities and money-market instruments admitted to an official stock exchange listingEquitiesDenmarkPandora Shs 7,694 7,694FinlandUPM-Kymmene Shs 27,500GermanyDrillisch Shs 116,897 116,897Freenet Shs 122,706ItalySnam Rete Gas Shs 108,790 299,578SpainAbertis Infraestructuras Shs 122,032 122,032Banco Santander Shs 3,388 3,388United KingdomBalfour Beatty Shs 135,548 358,912HSBC Holdings Shs 171,124 274,382RSA Insurance Group Shs 471,448 1,540,970Tate & Lyle Shs 58,301 207,520RightsSpainBanco Santander -Rights- Shs 220,245 220,245Banco Santander -Rights- Shs 152,934 152,934

DerivativesHoldings marked with a minus are short positions.Listed DerivativesFutures TransactionsPurchased Index FuturesDJ Euro Stoxx 50 Index 12/10 Ctr 50 50Options TransactionsLong Call Options on IndicesCall 190 DJ Euro Stoxx 50 Index 03/11 Ctr 90 90Call 570 DJ Euro Stoxx 600 Basic Resources Index 03/11 Ctr 30 30Long Put Options on IndicesPut 2700 DJ Euro Stoxx 50 Index 12/10 Ctr 20Put 2950 DJ Euro Stoxx 50 Index 04/11 Ctr 170 170Put 5900 FTSE 100 Index 04/11 Ctr 100 100Short Call Options on IndicesCall 160 DJ EuroStoxx 600 Index 12/10 Ctr 60 Call 180 DJ Euro Stoxx 600 Insurance Index 12/10 Ctr 294 Call 3000 DJ Euro Stoxx 50 Index 12/10 Ctr 341 Short Put Options on IndicesPut 145 DJ Euro Stoxx 600 Insurance Index 01/11 Ctr 120 120Put 2300 DJ Euro Stoxx 50 Index 03/11 Ctr 10 Put 2650 DJ Euro Stoxx 50 Index 09/11 Ctr 170 170Put 305 DJ Euro Stoxx 600 Oil & Gas Index 01/11 Ctr 54 54Put 5500 FTSE 100 Index 06/11 Ctr 100 100OTC-Dealt DerivativesSwap TransactionsVariance SwapsDAX 30 Index Volatility Swap – 50,000.00 50,000.00Ibex 35 Index Volatility Swap – 50,000.00 50,000.00

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 94,894,436.27) 98,650,299.70 37,535,069.05

Premiums paid on purchase of options 0.00 22,400.00

– bonds 0.00 0.00

Receivable on

Unrealised gain on

Total Assets 112,475,937.91 42,346,477.49

Premiums received on written options 0.00 – 358,346.00

Payable on

Other payables – 127,582.67 – 38,090.62

Unrealised loss on

– options transactions 0.00 – 144.04

Net assets 112,348,355.24 41,367,937.51

01/10/2010–31/03/2011 01/10/2009–31/03/2010 EUR EUR

Subscriptions

– Class A (EUR) 12,998,415.50 0.00

– Class AT (EUR) 28,973,687.73 1,637,149.72

– Class CT (EUR) 1,181,047.06 278,170.37

– Class IT (EUR) 34,371,035.83 7,112,682.58

Redemptions

– Class A (EUR) – 12,830.92 0.00

– Class AT (EUR) – 413,207.05 – 618,442.97

– Class CT (EUR) – 277,647.47 – 300,000.00

– Class IT (EUR) – 9,433,296.45 – 179,430.82

Equalization – 1,013,836.69 – 41,181.15

Class ATShares

Class CTShares

Class ITShares

Class ATShares

Class CTShares

Class ITShares

at the beginning of the reporting period 0 26,613 10,381 21,988 22,765 7,345 17,918

Number of shares

– issued 128,241 172,152 7,054 20,081 11,211 1,924 4,870

– redeemed – 126 – 2,455 – 1,655 – 5,481 – 4,289 – 2,143 – 125

at the end of the reporting period 128,115 196,310 15,780 36,588 29,687 7,126 22,663

Securities and money-market instruments admitted to an official stock exchange listing 448,734,395.72 99.23Equities 398,318,238.27 88.08Brazil 11,265,513.75 2.49Cosan SA Industria e Comercio Shs 654,400 79,300 724,800 BRL 25.300 11,265,513.75 2.49Canada 56,067,957.70 12.40Agrium Shs 142,510 57,045 183,700 USD 89.640 16,466,868.00 3.64Potash Corporation of Saskatchewan Shs 628,605 46,540 680,665 USD 58.180 39,601,089.70 8.76Germany 8,866,346.46 1.96K+S Shs 98,295 4,575 117,145 EUR 53.250 8,866,346.46 1.96Indonesia 23,672,932.39 5.24Astra Agro Lestari Shs 4,276,400 1,228,000 5,112,000 IDR 22,700.000 13,326,718.35 2.95Perusahaan Perkebunan London Sumatra Indonesia Shs 39,704,850 3,147,000 39,599,850 IDR 2,275.000 10,346,214.04 2.29Ireland 2,132,089.56 0.47Glanbia (Traded in Netherlands) Shs 425,073 147,222 EUR 4.300 899,792.77 0.20Glanbia (Traded in United Kingdom) Shs 204,950 34,547 199,308 EUR 4.350 1,232,296.79 0.27Israel 8,191,464.48 1.81Israel Chemicals Shs 422,200 74,712 496,588 ILS 57.660 8,191,464.48 1.81Malaysia 20,033,927.09 4.43Genting Plantations Shs 2,103,085 321,900 2,581,985 MYR 8.000 6,826,359.10 1.51IJM Plantations Shs 1,658,000 1,567,800 MYR 2.950 1,528,474.17 0.34IOI Shs 50,900 581,400 MYR 5.760 1,106,733.20 0.24Kuala Lumpur Kepong Shs 1,338,205 969,900 1,509,005 MYR 21.200 10,572,360.62 2.34Netherlands 19,805,568.41 4.38CNH Global Shs 213,840 157,027 389,900 USD 47.450 18,500,755.00 4.09Nutreco Shs 33,760 17,610 EUR 52.130 1,304,813.41 0.29Norway 14,636,925.25 3.24Marine Harvest Shs 2,372,330 705,980 9,617,665 NOK 6.900 12,007,289.66 2.66Yara International Shs 173,600 300,975 53,100 NOK 273.700 2,629,635.59 0.58Singapore 18,937,875.64 4.19First Resources Shs 8,997,735 1,324,000 10,049,735 SGD 1.320 10,527,876.04 2.33Golden Agri-Resources Shs 13,339,000 10,530,000 15,358,000 SGD 0.690 8,409,999.60 1.86United Kingdom 7,114,405.99 1.57Tate & Lyle Shs 1,552,380 791,850 760,530 GBP 5.800 7,114,405.99 1.57United States 207,593,231.55 45.90Archer-Daniels-Midland Shs 37,605 129,395 USD 35.940 4,650,456.30 1.03CF Industries Holdings Shs 127,195 15,985 221,100 USD 132.610 29,320,071.00 6.48Corn Products International Shs 285,435 63,130 318,650 USD 51.210 16,318,066.50 3.61Darling International Inc Shs 649,545 15,980 633,565 USD 15.150 9,598,509.75 2.12Deere & Co Shs 29,800 76,500 223,700 USD 94.450 21,128,465.00 4.67Intrepid Potash Shs 218,015 17,295 353,055 USD 34.300 12,109,786.50 2.68Lindsay Shs 119,535 57,565 175,005 USD 79.190 13,858,645.95 3.06Monsanto Shs 141,570 26,960 413,610 USD 70.790 29,279,451.90 6.47Mosaic Shs 383,360 17,865 487,195 USD 80.450 39,194,837.75 8.67Sanderson Farms Shs 99,060 85,500 183,100 USD 47.360 8,671,616.00 1.92Smithfield Foods Shs 124,325 330,910 283,415 USD 24.490 6,940,833.35 1.53Titan International Shs 221,400 6,160 215,240 USD 26.180 5,634,983.20 1.25Tyson Foods -A- Shs 378,800 420,415 552,385 USD 19.710 10,887,508.35 2.41Participating Shares 50,416,157.45 11.15Brazil 20,773,540.80 4.60BRF - Brasil Foods (ADR’s) Shs 1,074,325 183,605 1,093,920 USD 18.990 20,773,540.80 4.60Chile 20,266,652.90 4.48Sociedad Quimica y Minera de Chile (ADR’s) Shs 263,830 16,360 372,070 USD 54.470 20,266,652.90 4.48Russia 9,375,963.75 2.07Uralkali (GDR’s) (Traded in United Kingdom) Shs 54,929 57,871 USD 40.750 2,358,243.25 0.52Uralkali (GDR’s) (Traded in USA) Shs 353,730 247,526 172,214 USD 40.750 7,017,720.50 1.55Investments in securities and money-market instruments 448,734,395.72 99.23Deposits at financial institutions1) 11,793,381.10 2.61Sight deposits2) 11,793,381.10 2.610.0000 % State Street Bank Luxembourg S.A. USD 11,793,381.10 2.61Investments in deposits at financial institutions 11,793,381.10 2.61Net current assets/liabilities USD – 8,329,131.35 – 1.84Net assets of the Subfund USD 452,198,645.47 100.00

% ofSubfund

Net asset values per share– Class AT (USD) (accumulating) USD 11.31– Class A (EUR) (distributing) EUR 123.68– Class AT (EUR) (distributing) EUR 99.08– Class CT (EUR) (accumulating) EUR 109.24– Class IT (EUR) (accumulating) EUR 1,140.40– Class A (GBP) (distributing) GBP 126.02Shares in circulation– Class AT (USD) (accumulating) Shs 8,028,155 – Class A (EUR) (distributing) Shs 1,678,926 – Class AT (EUR) (distributing) Shs 227,744 – Class CT (EUR) (accumulating) Shs 69,875 – Class IT (EUR) (accumulating) Shs 2,247 – Class A (GBP) (distributing) Shs 97,041

Securities and money-market instruments admitted to an official stock exchange listing Equities Brazil JBS Shs 311,200 1,931,800China China Yurun Food Group Shs 341,000Wumart Stores -H- Shs 2,447,000France Groupe Danone Shs 109,800 109,800Pernod Ricard Shs 95,620 95,620Hong Kong China Agri-Industries Holdings Shs 3,184,000Sinofert Holdings Shs 4,538,000 12,686,000Singapore Indofood Agri Resources Shs 3,126,000 5,365,000Olam International Shs 1,969,000 3,860,000Wilmar International Shs 2,044,000 5,459,000United States Fresh Market Shs 24,524 24,524Whole Foods Market Shs 14,900 210,945Participating Shares Hong Kong Le Gaga Holdings (ADR’s) Shs 135,943 135,943

31/03/2011 30/09/2010 USD USD

Securities

(Cost price USD 380,856,919.06) 448,734,395.72 251,690,987.54

– bonds 0.00 0.00

Receivable on

– securities transactions 0.00 4,808,403.16

Unrealised gain on

Total Assets 463,748,034.72 267,363,727.51

Liabilities to banks – 223.60 0.00

Payable on

Other payables – 821,930.31 – 453,003.22

Unrealised loss on

Net assets 452,198,645.47 264,423,557.74

01/10/2010–31/03/2011 01/10/2009–31/03/2010 USD USD

Subscriptions

– Class AT (USD) 55,008,476.46 8,162,987.25

– Class A (EUR) 140,145,113.86 18,468,057.95

– Class AT (EUR) 63,375,939.37 6,080,936.21

– Class CT (EUR) 10,167,766.86 479,604.60

– Class IT (EUR) 1,932,654.91 10,406,116.16

– Class A (GBP) 19,453,442.21 189,888.24

Redemptions

– Class AT (USD) – 52,168,104.66 – 10,978,723.59

– Class A (EUR) – 60,295,633.87 – 49,894,680.98

– Class AT (EUR) – 37,989,696.47 – 4,413,494.64

– Class CT (EUR) – 1,284,182.83 – 394,259.75

– Class IT (EUR) – 4,775,323.95 – 2,221,541.94

– Class A (GBP) – 692,469.69 – 14,178.01

Distribution – 2.44

Equalization – 10,458,829.72 – 73,180.11

SharesClass AT

Shares

Number of shares

– issued 5,107,190 948,528

– redeemed – 5,079,567 – 1,295,940

Class ATShares

Class CTShares

Class ITShares

Class AShares

Class ATShares

Class CTShares

Class ITShares

at the beginning of the reporting period 1,215,994 42,423 9,757 4,076 1,219,334 17,631 122 3,217

Number of shares

– issued 830,992 463,557 68,735 1,255 137,397 56,312 3,997 8,792

– redeemed – 368,060 – 278,236 – 8,617 – 3,084 – 378,434 – 43,407 – 3,329 – 1,810

at the end of the reporting period 1,678,926 227,744 69,875 2,247 978,297 30,536 790 10,199

Class AShares

Number of shares

– issued 96,372 1,200

– redeemed – 3,704 – 90

Securities and money-market instruments admitted to an official stock exchange listing 234,609,595.86 100.44Equities 219,785,281.91 94.09Australia 4,034,672.27 1.73Sims Metal Management Shs 20,226 316,740 AUD 17.510 4,034,672.27 1.73Austria 8,905,276.80 3.81Andritz Shs 8,462 132,519 EUR 67.200 8,905,276.80 3.81Belgium 4,345,571.08 1.86Hansen Transmissions International Shs 2,398,909 258,856 7,775,846 GBP 0.493 4,345,571.08 1.86Canada 896,845.43 0.38Stantec Shs 96,767 42,218 CAD 29.293 896,845.43 0.38China 2,140,141.48 0.92China Datang Corp Renewable Power Shs 10,901,935 654,000 10,247,935 HKD 2.310 2,140,138.28 0.92Renesola Shs 1 538,649 1 GBP 2.815 3.20 0.00Denmark 19,336,858.67 8.28Novozymes -B- Shs 56,636 87,074 DKK 807.500 9,428,967.95 4.04Vestas Wind Systems Shs 43,546 336,182 322,495 DKK 229.100 9,907,890.72 4.24Finland 4,275,886.86 1.83Outotec Shs 6,346 99,393 EUR 43.020 4,275,886.86 1.83France 7,327,263.70 3.14Bureau Veritas Shs 4,877 76,398 EUR 55.480 4,238,561.04 1.82EDF Energies Nouvelles Shs 49,492 67,554 EUR 37.105 2,506,591.17 1.07Suez Environnement Shs 2,544 39,857 EUR 14.605 582,111.49 0.25Germany 19,455,633.38 8.33Aixtron Shs 62,321 184,962 293,131 EUR 30.900 9,057,747.90 3.88Rational Shs 1,205 18,896 EUR 167.800 3,170,748.80 1.36Siemens Shs 2,597 40,693 EUR 97.010 3,947,627.93 1.69SMA Solar Technology Shs 21,778 24,580 EUR 87.850 2,159,353.00 0.92Wacker Chemie Shs 27,987 7,065 EUR 158.550 1,120,155.75 0.48Hong Kong 15,696,861.18 6.72China Everbright International Shs 4,510,000 271,000 4,239,000 HKD 3.815 1,461,891.87 0.62China Water Affairs Group Shs 4,506,000 270,000 4,236,000 HKD 2.969 1,137,079.03 0.49Fook Woo Group Holdings Shs 2,940,000 176,000 2,764,000 HKD 2.677 669,009.52 0.29GCL Poly Energy Holdings Shs 3,490,000 955,000 15,585,000 HKD 4.821 6,792,896.49 2.91Guangdong Investment Shs 6,582,000 2,587,870 HKD 3.956 925,438.70 0.39Kunlun Energy Shs 682,000 24,000 658,000 HKD 12.481 742,438.09 0.32Nine Dragons Paper Holdings Shs 299,000 4,669,000 HKD 9.401 3,968,107.48 1.70India 1,567,000.01 0.67Jain Irrigation Systems Shs 580,407 20,639 559,768 INR 177.200 1,567,000.01 0.67Ireland 4,076,702.51 1.75Kingspan Group Shs 41,619 651,751 EUR 6.255 4,076,702.51 1.75Japan 7,528,624.18 3.22Horiba Shs 11,500 178,506 JPY 2,435.000 3,694,685.70 1.58Kurita Water Industries Shs 184,500 183,426 JPY 2,459.000 3,833,938.48 1.64Netherlands 2,413,147.32 1.03Arcadis Shs 98,252 142,621 EUR 16.920 2,413,147.32 1.03Philippines 4,121,164.12 1.76Energy Development Shs 1,101,000 42,299,623 PHP 6.010 4,121,164.12 1.76Spain 14,705,076.66 6.30EDP Renovaveis Shs 101,486 22,092 345,955 EUR 5.065 1,752,262.08 0.75Gamesa Corp Tecnologica Shs 315,151 1,123,062 EUR 7.389 8,298,305.12 3.55Iberdrola Renovables Shs 520,421 97,071 1,520,088 EUR 3.062 4,654,509.46 2.00Switzerland 2,240,569.03 0.96ABB Shs 8,450 132,351 CHF 22.030 2,240,569.03 0.96Taiwan 2,407,926.48 1.03Epistar Shs 27,000 725,000 TWD 108.000 1,873,342.11 0.80Tong Hsing Electronic Industries Shs 158,000 6,000 152,000 TWD 147.000 534,584.37 0.23United Kingdom 11,401,041.40 4.88Aveva Group Shs 53,687 204,598 GBP 16.180 3,756,409.01 1.61RPS Group Shs 80,300 1,257,459 GBP 2.162 3,084,909.98 1.32Spectris Shs 217,813 294,815 GBP 13.630 4,559,722.41 1.95United States 82,909,019.35 35.49Coherent Shs 29,832 18,584 11,248 USD 58.190 460,492.26 0.20Covanta Holding Shs 7,758 121,515 USD 17.030 1,455,939.10 0.62Cree Shs 72,329 217,526 USD 46.730 7,151,639.69 3.06

% ofSubfund

Danaher Shs 9,452 148,035 USD 51.960 5,411,681.41 2.32Donaldson Shs 39,589 4,644 72,734 USD 61.680 3,156,316.23 1.35Eaton Shs 52,477 41,855 99,800 USD 54.820 3,849,180.20 1.65EnerNOC Shs 3,504 54,889 USD 19.600 756,902.71 0.32ESCO Technologies Shs 1,086 17,022 USD 37.960 454,606.31 0.19First Solar Shs 76,283 47,236 USD 155.390 5,164,102.47 2.21Itron Shs 8,847 138,565 USD 55.730 5,433,019.45 2.33ITT Shs 33,881 84,651 USD 59.640 3,551,962.72 1.52Nalco Holding Shs 205,160 329,530 USD 26.990 6,257,437.40 2.68Ormat Technologies Shs 3,189 49,964 USD 25.650 901,660.91 0.39Pall Shs 60,380 9,160 143,468 USD 56.790 5,732,256.08 2.45Polypore International Shs 54,033 3,243 50,790 USD 58.010 2,072,906.67 0.89Range Resources Shs 10,244 160,443 USD 57.550 6,496,280.56 2.78Rubicon Technology Shs 40,054 2,403 37,651 USD 27.400 725,814.68 0.31Southwestern Energy Shs 10,753 168,392 USD 43.240 5,122,781.25 2.19Stericycle Shs 7,199 112,764 USD 88.180 6,995,829.85 3.00Tetra Tech Shs 137,433 105,467 USD 24.300 1,803,107.16 0.77Thermo Fisher Scientific Shs 46,159 46,226 USD 54.910 1,785,814.85 0.76Veeco Instruments Shs 88,073 55,078 226,476 USD 51.270 8,169,287.39 3.50Participating Shares 14,824,313.95 6.35China 7,366,101.73 3.15Suntech Power Holdings (ADR’s) Shs 488,679 117,026 USD 9.760 803,583.20 0.34Trina Solar (ADR’s) Shs 117,100 76,332 232,177 USD 29.640 4,841,679.81 2.07Yingli Green Energy Holding (ADR’s) Shs 206,629 190,938 USD 12.810 1,720,838.72 0.74Russia 1,414,564.12 0.61Gazprom OAO (ADR’s) Shs 62,286 62,286 USD 32.280 1,414,564.12 0.61Taiwan 6,043,648.10 2.59Epistar (GDR’s) Shs 207,609 467,789 USD 18.363 6,043,648.10 2.59Investments in securities and money-market instruments 234,609,595.86 100.44Deposits at financial institutions1) 103,477.61 0.04Sight deposits2) 103,477.61 0.040.5420 % State Street Bank Luxembourg S.A. EUR 103,477.61 0.04Investments in deposits at financial institutions 103,477.61 0.04Net current assets/liabilities EUR – 1,121,506.53 – 0.48Net assets of the Subfund EUR 233,591,566.94 100.00

Net asset values per share – Class A (EUR) (distributing) EUR 82.93– Class AT (EUR) (accumulating) EUR 67.75– Class CT (EUR) (accumulating) EUR 65.80– Class IT (EUR) (accumulating) EUR 70.26Shares in circulation – Class A (EUR) (distributing) Shs 2,396,078– Class AT (EUR) (accumulating) Shs 57,533– Class CT (EUR) (accumulating) Shs 351,775– Class IT (EUR) (accumulating) Shs 111,5711) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listing Equities Norway Renewable Energy Shs 931,587United Kingdom Ceres Power Holdings Shs 1,095,505eaga Shs 2,098,911Participating Shares China Renesola (ADR’s) Shs 148,720 148,720

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 237,233,208.78) 234,609,595.86 267,365,327.34

– bonds 0.00 0.00

Receivable on

Unrealised gain on

Total Assets 237,502,774.51 273,001,428.49

Liabilities to banks – 1,800,453.27 – 31.82

Payable on

Other payables – 444,766.85 – 608,176.36

Unrealised loss on

Net assets 233,591,566.94 271,473,873.56

01/10/2010–31/03/2011 01/10/2009–31/03/2010 EUR EUR

Subscriptions

– Class A (EUR) 7,072,768.25 9,019,619.17

– Class AT (EUR) 1,455,933.34 1,071,965.24

– Class CT (EUR) 16,603,591.70 11,036,391.78

– Class IT (EUR) 42.73 1,995,496.93

Redemptions

– Class A (EUR) – 65,962,185.00 – 105,938,456.56

– Class AT (EUR) – 1,159,429.56 – 856,422.15

– Class CT (EUR) – 15,254,151.96 – 6,637,543.78

– Class IT (EUR) – 7,780,780.82 – 2,393,611.71

Equalization – 2,482,494.89 – 440,316.66

Class ATShares

Class CTShares

Class ITShares

Class AShares

Class ATShares

Class CTShares

Class ITShares

at the beginning of the reporting period 3,150,454 52,286 336,174 226,242 5,052,522 56,977 389,327 248,910

Number of shares

– issued 88,721 23,079 259,266 1 115,981 16,982 171,541 30,495

– redeemed – 843,097 – 17,832 – 243,665 – 114,672 – 1,349,177 – 13,574 – 106,880 – 36,075

Securities and money-market instruments admitted to an official stock exchange listing 86,764,710.63 92.52Equities 85,863,870.45 91.56Australia 1,467,127.61 1.57Australia & New Zealand Banking Group Shs 1,524 59,592 AUD 23.810 1,467,127.61 1.57Bermuda 1,046,050.80 1.12Marvell Technology Group Shs 25,060 65,460 USD 15.980 1,046,050.80 1.12Canada 3,183,782.15 3.40Suncor Energy Shs 11,616 21,514 39,055 CAD 43.929 1,768,434.84 1.89Talisman Energy Shs 80,617 23,991 56,626 CAD 24.249 1,415,347.31 1.51France 3,321,056.61 3.54Air Liquide Shs 262 3,321 6,952 EUR 94.080 929,626.30 0.99BNP Paribas Shs 360 10,545 14,094 EUR 52.890 1,059,520.01 1.13Technip Shs 7,594 12,481 EUR 75.080 1,331,910.30 1.42Germany 10,515,223.90 11.21Adidas Shs 21,362 21,362 EUR 44.605 1,354,337.12 1.44Allianz Shs 261 10,206 EUR 100.150 1,452,806.74 1.55BASF Shs 4,033 3,277 21,008 EUR 60.960 1,820,249.82 1.94Bayer Shs 442 17,299 EUR 55.180 1,356,763.10 1.45Fresenius Shs 17,995 17,995 EUR 65.820 1,683,492.00 1.79Henkel Shs 625 24,452 EUR 43.680 1,518,092.89 1.62Münchener Rückversicherungsgesellschaft Shs 2,124 8,404 EUR 111.300 1,329,482.23 1.42Hong Kong 4,110,015.39 4.38AIA Group Shs 474,176 474,176 HKD 24.106 1,468,787.98 1.57BOC Hong Kong Holdings Shs 326,000 458,500 HKD 25.515 1,503,250.36 1.60CNOOC Shs 11,000 271,000 448,000 HKD 19.768 1,137,977.05 1.21Ireland 1,294,570.74 1.38WPP Shs 69,502 103,569 GBP 7.750 1,294,570.74 1.38Japan 5,278,353.26 5.63Canon Shs 13,700 19,000 20,900 JPY 3,620.000 914,075.15 0.97East Japan Railway Shs 6,800 16,300 1,600 JPY 4,625.000 89,404.37 0.10Itochu Shs 54,200 211,100 JPY 871.000 2,221,434.09 2.37Sony Shs 13,700 63,800 JPY 2,664.000 2,053,439.65 2.19Netherlands 2,376,280.56 2.53Philips Electronics Shs 762 13,367 29,806 EUR 22.730 962,951.61 1.02Royal Dutch Shell -A- Shs 38,526 38,526 EUR 25.810 1,413,328.95 1.51Sweden 960,703.62 1.02Skandinaviska Enskilda Banken -A- Shs 107,550 107,550 SEK 56.100 960,703.62 1.02Switzerland 4,284,686.64 4.57ABB Shs 1,064 41,615 CHF 22.030 1,001,341.76 1.07Nestlé Shs 4,465 12,164 28,788 CHF 52.850 1,661,783.41 1.77Tyco International Shs 923 36,123 USD 44.890 1,621,561.47 1.73United Kingdom 8,447,696.25 9.01BHP Billiton Shs 8,072 54,625 GBP 24.785 2,183,608.00 2.33Centrica Shs 7,084 50,562 276,992 GBP 3.329 1,487,220.36 1.58Compass Group Shs 2,610 60,286 102,076 GBP 5.623 925,651.29 0.99Inmarsat Shs 12,004 91,196 GBP 6.065 892,074.03 0.95Standard Chartered Shs 6,663 49,788 GBP 16.450 1,320,945.45 1.41Vodafone Group Shs 14,554 569,028 GBP 1.785 1,638,197.12 1.75United States 39,578,322.92 42.20Abbott Laboratories Shs 521 5,776 20,379 USD 48.960 997,755.84 1.06Allergan Shs 549 21,476 USD 71.110 1,527,158.36 1.63Amazon.com Shs 5,334 5,366 USD 179.420 962,767.72 1.03American Express Shs 556 6,324 21,754 USD 45.910 998,726.14 1.06Apple Shs 693 445 6,395 USD 348.780 2,230,448.10 2.38Celgene Shs 514 20,109 USD 56.770 1,141,587.93 1.22Cooper Industries Shs 505 19,775 USD 64.730 1,280,035.75 1.36Crown Castle International Shs 11,348 32,327 USD 42.190 1,363,876.13 1.45Eaton Shs 15,313 24,868 USD 54.820 1,363,263.76 1.45Estee Lauder -A- Shs 279 9,111 10,921 USD 95.870 1,046,996.27 1.12Express Scripts Shs 494 19,330 USD 54.910 1,061,410.30 1.13F5 Networks Shs 8,111 3,381 4,730 USD 100.700 476,311.00 0.51Flowserve Shs 3,525 3,525 USD 128.050 451,376.25 0.48Freeport-McMoRan Copper & Gold Shs 13,328 2,525 21,202 USD 55.240 1,171,198.48 1.25Google -A- Shs 3,074 3,074 USD 581.840 1,788,576.16 1.91

% ofSubfund

Honeywell International Shs 5,199 26,436 USD 59.590 1,575,321.24 1.68International Game Technology Shs 956 37,405 USD 16.490 616,808.45 0.66JPMorgan Chase & Co. Shs 39,105 52,963 USD 46.450 2,460,131.35 2.62Marathon Oil Shs 4,612 11,036 38,860 USD 52.950 2,057,637.00 2.19Microchip Technology Shs 833 32,604 USD 38.230 1,246,450.92 1.33National-Oilwell Shs 23,259 3,555 19,704 USD 79.900 1,574,349.60 1.68NetApp Shs 16,114 17,081 USD 48.000 819,888.00 0.87Oracle Shs 8,616 52,316 USD 33.040 1,728,520.64 1.84Philip Morris International Shs 557 9,489 21,794 USD 65.700 1,431,865.80 1.53Prudential Financial Shs 21,584 6,585 14,999 USD 61.030 915,388.97 0.98Starbucks Shs 719 29,982 28,116 USD 36.710 1,032,138.36 1.10Thermo Fisher Scientific Shs 753 10,391 19,049 USD 54.910 1,045,980.59 1.12UnitedHealth Group Shs 33,051 33,051 USD 45.400 1,500,515.40 1.60Walt Disney Shs 1,132 44,281 USD 43.350 1,919,581.35 2.05Wells Fargo Shs 17,051 17,130 56,166 USD 31.910 1,792,257.06 1.91Participating Shares 900,840.18 0.96Israel 900,840.18 0.96Teva Pharmaceutical Industries (ADR’s) Shs 460 5,861 18,006 USD 50.030 900,840.18 0.96Investment Units 3,200,000.00 3.41(Management fee of the target fund in % p.a.) Luxembourg 3,200,000.00 3.41Allianz RCM IIS Global Small Cap -IT- USD (0.880%) Shs 3,200.000 3,200.000 USD 1,000.000 3,200,000.00 3.41Investments in securities and money-market instruments 89,964,710.63 95.93Deposits at financial institutions1) 2,953,695.32 3.15Sight deposits2) 2,953,695.32 3.150.0000 % State Street Bank Luxembourg S.A. USD 2,953,695.32 3.15Investments in deposits at financial institutions 2,953,695.32 3.15

Contracts

Unrealisedgain/loss

% ofSubfund

assetsin the period under reviewDerivatives Holdings marked with a minus are short positions. OTC-Dealt Derivatives 210,051.20 0.22Forward Foreign Exchange Transactions 210,051.20 0.22Sold AUD / Bought USD 09 May 2011 AUD – 600,000.00 – 4,039.76 0.00Sold CAD / Bought USD 09 May 2011 CAD – 600,000.00 – 2,480.46 0.00Sold CHF / Bought USD 09 May 2011 CHF – 1,290,000.00 89.59 0.00Sold GBP / Bought USD 09 May 2011 GBP – 2,510,000.00 – 26,968.65 – 0.03Sold HKD / Bought USD 09 May 2011 HKD – 14,900,000.00 – 4,225.50 – 0.01Sold JPY / Bought USD 09 May 2011 JPY – 219,800,000.00 37,556.29 0.04Sold USD / Bought EUR 09 May 2011 USD – 28,401,369.50 210,119.69 0.22Investments in derivatives 210,051.20 0.22Net current assets/liabilities USD 658,278.89 0.70Net assets of the Subfund USD 93,786,736.04 100.00

Net asset values per share – Class AT (USD) (accumulating) USD 8.90– Class AT (EUR) (accumulating) EUR 5.93– Class CT (EUR) (accumulating) EUR 7.56– Class IT (EUR) (accumulating) EUR 7.84– Class IT (H-EUR) (accumulating) EUR 12.99– Class N (EUR) (distributing) EUR 13.54– Class S (EUR) (distributing) EUR 13.51– Class WT (EUR) (accumulating) EUR 814.89Shares in circulation – Class AT (USD) (accumulating) Shs 831,928– Class AT (EUR) (accumulating) Shs 4,219,636– Class CT (EUR) (accumulating) Shs 227,591– Class IT (EUR) (accumulating) Shs 962,036– Class IT (H-EUR) (accumulating) Shs 2,022,633– Class N (EUR) (distributing) Shs 102– Class S (EUR) (distributing) Shs 14,998– Class WT (EUR) (accumulating) Shs 11) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listing Equities China China Life Insurance -H- Shs 265,000France LVMH Moët Hennessy Louis Vuitton Shs 9,064Total Shs 15,207Vinci Shs 16,634Germany Fresenius Shs 17,535Hong Kong China Mobile Shs 67,500Japan Nidec Shs 2,900 14,100Netherlands TNT Shs 37,584United States Cisco Systems Shs 52,565Colgate-Palmolive Shs 12,982Intel Shs 18,140 38,830Mead Johnson Nutrition Shs 4,642 11,433SunTrust Banks Shs 35,883Participating Shares Brazil Itau Unibanco Holding (ADR’s) Shs 26,023Other securities and money-market instruments Equities United Kingdom Standard Chartered Shs 5,390 5,390Rights United Kingdom Standard Chartered -Rights- Shs 5,390 5,390

Derivatives Holdings marked with a minus are short positions. OTC-Dealt Derivatives Forward Foreign Exchange Transactions Sold AUD / Bought USD 13 Jan 2011 AUD – 600,000.00Sold AUD / Bought USD 17 Feb 2011 AUD – 600,000.00Sold AUD / Bought USD 29 Mar 2011 AUD – 600,000.00Sold AUD / Bought USD 9 Dec 2010 AUD – 600,000.00Sold CAD / Bought USD 13 Jan 2011 CAD – 600,000.00Sold CAD / Bought USD 17 Feb 2011 CAD – 600,000.00Sold CAD / Bought USD 29 Mar 2011 CAD – 600,000.00Sold CAD / Bought USD 9 Dec 2010 CAD – 600,000.00Sold CHF / Bought USD 13 Jan 2011 CHF – 1,290,000.00Sold CHF / Bought USD 17 Feb 2011 CHF – 1,290,000.00Sold CHF / Bought USD 29 Mar 2011 CHF – 1,290,000.00Sold CHF / Bought USD 9 Dec 2010 CHF – 1,290,000.00Sold EUR / Bought USD 17 Feb 2011 EUR – 1,350,000.00Sold EUR / Bought USD 29 Mar 2011 EUR – 2,700,000.00Sold GBP / Bought USD 13 Jan 2011 GBP – 2,510,000.00Sold GBP / Bought USD 17 Feb 2011 GBP – 2,510,000.00Sold GBP / Bought USD 29 Mar 2011 GBP – 2,510,000.00Sold GBP / Bought USD 9 Dec 2010 GBP – 2,510,000.00Sold HKD / Bought USD 13 Jan 2011 HKD – 14,900,000.00Sold HKD / Bought USD 17 Feb 2011 HKD – 14,900,000.00Sold HKD / Bought USD 29 Mar 2011 HKD – 14,900,000.00Sold HKD / Bought USD 8 Feb 2011 HKD – 5,145,413.00Sold HKD / Bought USD 9 Dec 2010 HKD – 14,900,000.00Sold JPY / Bought USD 13 Jan 2011 JPY – 219,800,000.00Sold JPY / Bought USD 17 Feb 2011 JPY – 219,800,000.00Sold JPY / Bought USD 29 Mar 2011 JPY – 219,800,000.00Sold JPY / Bought USD 9 Dec 2010 JPY – 219,800,000.00Sold USD / Bought EUR 13 Jan 2011 USD – 28,620,474.00Sold USD / Bought EUR 17 Feb 2011 USD – 31,591,620.00Sold USD / Bought EUR 2 Nov 2010 USD – 1,388,420.00Sold USD / Bought EUR 29 Mar 2011 USD – 30,827,064.00Sold USD / Bought EUR 9 Dec 2010 USD – 28,506,237

31/03/2011 30/09/2010 USD USD

Securities

(Cost price USD 74,150,361.25) 89,964,710.63 76,270,779.04

– bonds 0.00 0.00

Receivable on

– subscriptions on fund shares 16.75 29,800.15

Unrealised gain on

Total Assets 97,921,071.81 80,209,157.52

Payable on

Other payables – 115,206.96 – 88,103.04

Unrealised loss on

Net assets 93,786,736.04 80,025,825.18

01/10/2010–31/03/2011 01/10/2009–31/03/2010 USD USD

Subscriptions

– Class AT (USD) 3,975,101.04 688,041.55

– Class AT (EUR) 2,330,633.79 3,303,565.15

– Class CT (EUR) 263,730.04 132,194.14

– Class IT (EUR) 252,409.34 37,860,775.44

– Class IT (H-EUR) 1,238,811.52 873,408.69

– Class N (EUR) 14.96 18.02

– Class S (EUR) 1,140.64 3,204.17

– Class WT (EUR) 0.00 0.00

– Class AT (SGD) 8.01 8,269.29

Redemptions

– Class AT (USD) – 302,545.62 – 125,644,765.17

– Class AT (EUR) – 2,525,014.65 – 43,655,270.91

– Class CT (EUR) – 300,736.30 – 701,573.52

– Class IT (EUR) 0.00 – 63,905,278.87

– Class IT (H-EUR) – 2,735,265.95 – 3,300,419.58

– Class N (EUR) 0.00 0.00

– Class S (EUR) – 55.72 – 67.35

– Class WT (EUR) 0.00 0.00

– Class AT (SGD) – 9,181.78 – 753.92

Distribution – 1,276.69 – 2,126.69

Equalization – 23,130.50 – 219,929.86

SharesClass AT

Shares

at the beginning of the reporting period 384,988 16,326,121

Number of shares

– issued 465,158 89,236

– redeemed – 18,218 – 16,044,152

SharesClass CT

Class AT Shares

Class CTShares

Class ITShares

at the beginning of the reporting period 4,242,529 231,500 938,996 7,714,799 282,359 4,038,157

Number of shares

– issued 281,008 24,776 23,040 452,215 13,743 3,894,003

– redeemed – 303,901 – 28,685 0 – 5,871,523 – 73,181 – 6,715,680

at the end of the reporting period 4,219,636 227,591 962,036 2,295,491 222,921 1,216,480

EUR Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class NShares

Class SShares

Class WTShares

Class IT (H-EUR)Shares

Class NShares

Class SShares

Class WTShares

Class IT (H-EUR)Shares

at the beginning of the reporting period 101 14,939 1 2,110,729 100 14,715 1 2,118,200

Number of shares

– issued 1 62 0 72,305 1 193 0 51,916

– redeemed 0 – 3 0 – 160,401 0 – 4 0 – 214,502

at the end of the reporting period 102 14,998 1 2,022,633 101 14,904 1 1,955,614

SharesClass AT

Shares

Number of shares

– issued 0 0

– redeemed – 1,097 0

at the end of the reporting period 0 1,097

Securities and money-market instruments admitted to an official stock exchange listing 92,615,624.87 94.01Equities 91,148,603.22 92.52Bermuda 2,277,150.00 2.31Marvell Technology Group Shs 142,500 USD 15.980 2,277,150.00 2.31Canada 1,928,728.10 1.96Aeterna Zentaris Shs 395,460 USD 2.000 790,920.00 0.80RuggedCom Shs 52,019 CAD 21.220 1,137,808.10 1.16China 1,243,695.59 1.26ZTE -H- Shs 267,000 HKD 36.250 1,243,695.59 1.26Denmark 1,165,125.94 1.18Novozymes -B- Shs 1,823 7,570 DKK 807.500 1,165,125.94 1.18France 2,147,105.96 2.18Alcatel-Lucent Shs 375,680 375,680 EUR 4.021 2,147,105.96 2.18Japan 7,194,116.23 7.30Canon Shs 60,100 JPY 3,620.000 2,628,512.75 2.67NGK Insulators Shs 168,000 168,000 JPY 1,487.000 3,018,195.00 3.06Nintendo Shs 5,700 JPY 22,470.000 1,547,408.48 1.57Netherlands 880,188.64 0.90Gemalto Shs 17,800 EUR 34.790 880,188.64 0.90Singapore 1,593,394.00 1.62Avago Technologies Shs 50,600 USD 31.490 1,593,394.00 1.62South Korea 1,683,696.87 1.71Samsung Electronics Shs 1,965 KRW 939,914.138 1,683,696.87 1.71United Kingdom 3,773,321.31 3.83ARM Holdings Shs 154,175 168,825 GBP 5.685 1,547,966.40 1.57CSR Shs 51,095 GBP 3.690 304,087.85 0.31Smiths Group Shs 92,200 GBP 12.920 1,921,267.06 1.95United States 67,262,080.58 68.27American Superconductor Shs 49,200 USD 25.070 1,233,444.00 1.25Apple Shs 10,675 22,380 USD 348.780 7,805,696.40 7.92Brocade Communications Systems Shs 166,300 USD 6.170 1,026,071.00 1.04Citrix Systems Shs 28,165 7,820 45,745 USD 72.240 3,304,618.80 3.35EnerNOC Shs 34,200 USD 19.600 670,320.00 0.68F5 Networks Shs 16,845 26,885 USD 100.700 2,707,319.50 2.75First Solar Shs 2,960 6,040 USD 155.390 938,555.60 0.95Geron Shs 124,120 USD 4.930 611,911.60 0.62Google -A- Shs 1,910 13,290 USD 581.840 7,732,653.60 7.85Illumina Shs 12,890 USD 69.920 901,268.80 0.91Intel Shs 146,305 160,195 USD 20.460 3,277,589.70 3.33Intuitive Surgical Shs 2,215 USD 338.210 749,135.15 0.76Lam Research Shs 17,715 27,285 USD 56.950 1,553,880.75 1.58MAKO Surgical Shs 78,800 USD 21.440 1,689,472.00 1.71Maxwell Technologies Shs 60,660 60,660 USD 17.210 1,043,958.60 1.06Medivation Shs 30,260 30,260 USD 18.630 563,743.80 0.57Microchip Technology Shs 60,900 USD 38.230 2,328,207.00 2.36Microsoft Shs 9,900 73,200 USD 25.580 1,872,456.00 1.90NetApp Shs 20,550 19,240 48,610 USD 48.000 2,333,280.00 2.37Nuance Communications Shs 18,585 50,140 117,045 USD 19.530 2,285,888.85 2.32Oracle Shs 34,465 181,635 USD 33.040 6,001,220.40 6.09Polycom Shs 12,735 16,765 USD 51.590 864,906.35 0.88QLogic Shs 38,400 USD 18.440 708,096.00 0.72Salesforce.com Shs 20,080 9,150 37,630 USD 134.490 5,060,858.70 5.14Sangamo Biosciences Shs 63,275 63,275 USD 7.940 502,403.50 0.51Seattle Genetics Shs 48,721 48,721 USD 15.280 744,456.88 0.76Sequenom Shs 70,705 70,705 USD 6.380 451,097.90 0.46Sunesis Pharmaceuticals Shs 351,400 351,400 USD 1.920 674,688.00 0.68Tesla Motors Shs 101,557 37,550 98,850 USD 23.780 2,350,653.00 2.39Texas Instruments Shs 75,900 USD 34.740 2,636,766.00 2.68Vitesse Semiconductor Shs 126,045 USD 4.860 612,578.70 0.62Vmware -A- Shs 18,760 5,700 24,550 USD 82.480 2,024,884.00 2.06Participating Shares 1,467,021.65 1.49Hong Kong 1,467,021.65 1.49Longtop Financial Technologies (ADR’s) Shs 16,235 47,035 USD 31.190 1,467,021.65 1.49

% ofSubfund

Other securities and money-market instruments 252,807.87 0.25Equities 252,807.87 0.25United States 252,807.87 0.25Sunesis Pharmaceuticals Shs 1,417,900 1,054,200 363,700 USD 0.695 252,807.87 0.25Investments in securities and money-market instruments 92,868,432.74 94.26Deposits at financial institutions1) 4,680,997.01 4.75Sight deposits2) 4,680,997.01 4.750.0000 % State Street Bank Luxembourg S.A. USD 4,680,986.13 4.750.0000 % Deposits for collateralisation of derivatives USD 10.88 0.00Investments in deposits at financial institutions 4,680,997.01 4.75Net current assets/liabilities USD 970,662.72 0.99Net assets of the Subfund USD 98,520,092.47 100.00

Net asset values per share – Class A (USD) (distributing) USD 13.18– Class AT (SGD) (accumulating) SGD 11.42– Class AT (USD) (accumulating) USD 13.30– Class IT (USD) (accumulating) USD 14.12Shares in circulation – Class A (USD) (distributing) Shs 7,412,784– Class AT (SGD) (accumulating) Shs 2,101– Class AT (USD) (accumulating) Shs 59,953– Class IT (USD) (accumulating) Shs 4711) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listing Equities Canada Research In Motion Shs 13,500Denmark Vestas Wind Systems Shs 15,500Germany Aixtron Shs 28,800Japan Sony Shs 36,700United States Activision Blizzard Shs 171,800Akamai Technologies Shs 48,600Amazon.com Shs 8,040Athenahealth Shs 40,300Cisco Systems Shs 299,600Echelon Shs 58,100Finisar Shs 86,305General Dynamics Shs 13,500Human Genome Sciences Shs 16,330Itron Shs 7,235Keryx Biopharmaceuticals Shs 72,495Pharmasset Shs 16,600Sunesis Pharmaceuticals Shs 2,108,400 2,108,400

31/03/2011 30/09/2010 USD USD

Securities

(Cost price USD 75,091,968.96) 92,868,432.74 98,942,020.86

– bonds 0.00 0.00

Receivable on

Unrealised gain on

Total Assets 99,137,056.28 99,265,426.73

Payable on

Other payables – 180,609.64 – 191,932.93

Unrealised loss on

Net assets 98,520,092.47 98,434,967.43

01/10/2010–31/03/2011 01/10/2009–31/03/2010 USD USD

Subscriptions

– Class A (USD) 2,642,743.21 4,854,972.08

– Class AT (USD) 511,889.74 1,743,170.42

– Class IT (USD) 4,544,302.85 0.00

– Class AT (SGD) 0.00 8,401.94

Redemptions

– Class A (USD) – 13,293,122.89 – 9,226,140.49

– Class AT (USD) – 356,940.97 – 1,783,137.18

– Class IT (USD) – 4,577,594.45 0.00

– Class AT (SGD) 0.00 – 4,891.00

Distribution 0.00 – 236,242.70

Equalization 229,639.99 – 15,717.72

Class ATShares

Class ITShares

Class AShares

Class ATShares

Class ITShares

at the beginning of the reporting period 8,242,170 47,806 471 9,018,675 69,977 471

Number of shares

– issued 204,044 39,252 332,916 431,718 148,867 0

– redeemed – 1,033,430 – 27,105 – 332,916 – 819,032 – 151,916 0

at the end of the reporting period 7,412,784 59,953 471 8,631,361 66,928 471

SharesClass AT

Shares

Number of shares

– issued 0 1,063

Allianz Global Metals and Mining

Securities and money-market instruments admitted to an official stock exchange listing 16,556,623.88 95.05Equities 15,565,663.14 89.36Australia 1,001,267.93 5.75BHP Billiton Shs 3,300 3,300 AUD 46.560 111,775.37 0.64Iluka Resources Shs 24,000 24,000 AUD 13.300 232,210.63 1.33Newcrest Mining Shs 21,200 21,200 AUD 39.820 614,124.36 3.53Rio Tinto Shs 700 700 AUD 84.750 43,157.57 0.25Canada 3,478,018.06 19.97Agnico-Eagle Mines Shs 9,700 9,700 CAD 63.934 449,738.83 2.58Barrick Gold Shs 22,200 1,100 21,100 CAD 50.725 776,190.70 4.46First Quantum Minerals Shs 9,400 1,300 8,100 CAD 123.937 728,024.77 4.18Goldcorp Shs 20,000 20,000 CAD 48.710 706,490.68 4.06Teck Resources -B- Shs 22,000 900 21,100 CAD 53.430 817,573.08 4.69France 159,280.00 0.91Vallourec Shs 2,000 2,000 EUR 79.640 159,280.00 0.91Japan 20,689.32 0.12JFE Holdings Shs 1,000 1,000 JPY 2,434.000 20,689.32 0.12Luxembourg 819,686.50 4.71ArcelorMittal (traded in Luxembourg) Shs 32,000 1,700 30,300 EUR 25.945 786,133.50 4.52ArcelorMittal (traded in Netherlands) Shs 1,300 1,300 EUR 25.810 33,553.00 0.19South Africa 374,130.09 2.15Impala Platinum Holdings Shs 18,500 18,500 ZAR 194.980 374,130.09 2.15Switzerland 1,697,543.60 9.74Xstrata Shs 107,500 5,000 102,500 GBP 14.595 1,697,543.60 9.74United Kingdom 5,274,504.94 30.28Anglo American Shs 23,600 1,000 22,600 GBP 32.405 831,023.75 4.77Antofagasta Shs 33,000 33,000 GBP 13.920 521,250.10 2.99BHP Billiton Shs 60,000 3,000 57,000 GBP 24.785 1,603,085.74 9.20Eurasian Natural Resources Shs 31,000 31,000 GBP 9.465 332,947.14 1.91Kazakhmys Shs 4,500 4,500 GBP 14.020 71,590.19 0.41Lonmin Shs 4,000 4,000 GBP 17.020 77,252.50 0.45Rio Tinto Shs 35,000 1,000 34,000 GBP 43.940 1,695,242.93 9.73Vedanta Resources Shs 7,000 1,700 5,300 GBP 23.630 142,112.59 0.82United States 2,740,542.70 15.73Alcoa Shs 16,000 16,000 USD 17.640 198,571.65 1.14Alpha Natural Resources Shs 9,300 9,300 USD 59.590 389,901.59 2.24Freeport-McMoRan Copper & Gold Shs 22,000 22,000 USD 55.240 855,017.54 4.91Newmont Mining Shs 7,500 7,500 USD 54.120 285,573.38 1.64Nucor Shs 7,000 7,000 USD 46.630 229,647.71 1.32Peabody Energy Shs 11,400 700 10,700 USD 72.280 544,127.40 3.12United States Steel Shs 6,000 6,000 USD 56.310 237,703.43 1.36Participating Shares 990,960.74 5.69Brazil 833,798.29 4.79Vale (ADR’s) Shs 36,000 36,000 USD 32.920 833,798.29 4.79South Korea 157,162.45 0.90POSCO (ADR’s) Shs 2,100 200 1,900 USD 117.570 157,162.45 0.90Investments in securities and money-market instruments 16,556,623.88 95.05Deposits at financial institutions1) 829,693.80 4.76Sight deposits2) 829,693.80 4.760.5420 % State Street Bank Luxembourg S.A. EUR 829,693.80 4.76Investments in deposits at financial institutions 829,693.80 4.76Net current assets/liabilities EUR 33,021.34 0.19Net assets of the Subfund EUR 17,419,339.02 100.00

Net asset value per share– Class A (EUR) (distributing) EUR 98.66– Class I (EUR) (distributing) EUR 987.49Shares in circulation– Class A (EUR) (distributing) Shs 10,750 – Class I (EUR) (distributing) Shs 16,5661) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listing Equities Canada Cameco Shs 12,000 12,000

Derivatives Holdings marked with a minus are short positions. OTC-Dealt Derivatives Forward Foreign Exchange Transactions Sold EUR / Bought ZAR 23 Mar 2011 EUR – 28,830.00

31/03/2011 EUR

Securities

(Cost price EUR 16,874,110.86) 16,556,623.88

Time deposits 0.00

(Other) cash at banks 829,693.80

– bonds 0.00

Dividend receivable 48,312.58

Receivable on

Other receivables

Unrealised gain on 0.00

Payable on

Unrealised loss on

Net assets 17,419,339.02

Net assets at the beginning of the period 0.00

Subscriptions

– Class A (EUR) 1,075,000.00

– Class I (EUR) 17,100,000.00

Redemptions

– Class I (EUR) – 495,813.66

Result of operations – 263,915.79

Net assets at the end of the period 17,419,339.02

EUR Shares Launch date–31/03/2011Class AShares

Class IShares

Number of shares

– issued 10,750 17,100

Securities and money-market instruments admitted to an official stock exchange listing 24,503,267.89 96.36Equities 23,384,922.29 91.96Australia 406,892.89 1.60Australia & New Zealand Banking Group Shs 2,331 18,772 23,491 AUD 23.810 406,892.89 1.60Canada 467,320.26 1.84Bank of Nova Scotia Shs 548 4,417 5,528 CAD 60.318 241,808.44 0.95Talisman Energy Shs 13,335 511 12,824 CAD 24.249 225,511.82 0.89Denmark 642,794.08 2.53Novo Nordisk -B- Shs 721 7,005 6,064 DKK 654.500 532,233.22 2.09Novozymes -B- Shs 97 745 1,021 DKK 807.500 110,560.86 0.44France 1,306,868.23 5.14BNP Paribas Shs 892 7,188 8,996 EUR 52.890 475,798.44 1.87Eutelsat Communications Shs 2,915 8,457 12,296 EUR 28.175 346,439.80 1.36Legrand Shs 8,921 342 8,579 EUR 29.510 253,166.29 1.00Société Générale Shs 490 3,947 4,940 EUR 46.855 231,463.70 0.91Germany 2,998,945.76 11.79Allianz Shs 3,033 3,759 EUR 100.150 376,463.85 1.48BASF Shs 1,714 6,594 9,147 EUR 60.960 557,601.12 2.19Bayer Shs 643 5,176 6,480 EUR 55.180 357,566.40 1.41Deutsche Bank Shs 5,288 7,240 6,702 EUR 41.895 280,780.29 1.10Fresenius Medical Care Shs 716 5,764 7,216 EUR 47.565 343,229.04 1.35Henkel Shs 753 6,067 7,592 EUR 43.680 331,618.56 1.30Münchener Rückversicherungsgesellschaft Shs 197 1,586 1,986 EUR 111.300 221,041.80 0.87Siemens Shs 1,069 3,946 5,470 EUR 97.010 530,644.70 2.09Hong Kong 548,132.29 2.15BOC Hong Kong Holdings Shs 88,500 3,500 85,000 HKD 25.515 196,069.29 0.77CNOOC Shs 20,000 157,000 197,000 HKD 19.768 352,063.00 1.38Ireland 671,171.05 2.64Shire Shs 1,567 12,618 15,790 GBP 18.200 326,096.76 1.28WPP Shs 3,894 31,358 39,239 GBP 7.750 345,074.29 1.36Japan 1,143,501.63 4.49Canon Shs 4,700 3,900 9,500 JPY 3,620.000 292,319.57 1.15Hitachi Construction Machinery Shs 4,900 5,700 11,900 JPY 2,083.000 210,698.74 0.83Honda Motor Shs 9,400 400 9,000 JPY 3,125.000 239,066.24 0.94Nidec Shs 1,200 2,600 2,600 JPY 7,200.000 159,122.49 0.62Sony Shs 6,200 3,700 10,700 JPY 2,664.000 242,294.59 0.95Netherlands 820,553.12 3.23Koninklijke DSM Shs 593 4,779 5,982 EUR 43.390 259,558.98 1.02Koninklijke Philips Electronics Shs 1,606 12,937 16,188 EUR 22.730 367,953.24 1.45TNT Shs 9,313 10,595 EUR 18.220 193,040.90 0.76Sweden 484,920.56 1.91Atlas Copco -A- Shs 1,567 12,617 15,789 SEK 167.000 295,383.29 1.16Skandinaviska Enskilda Banken -A- Shs 30,159 30,159 SEK 56.100 189,537.27 0.75Switzerland 1,703,229.26 6.70Nestlé Shs 21,508 19,421 CHF 52.850 788,738.76 3.10Noble Shs 753 6,063 7,590 USD 46.120 246,280.34 0.97Novartis Shs 3,735 7,233 11,655 CHF 50.100 448,710.89 1.77Tyco International Shs 881 9,029 6,950 USD 44.890 219,499.27 0.86United Kingdom 3,979,964.13 15.65BG Group Shs 25,965 29,532 GBP 15.696 525,995.16 2.07BHP Billiton Shs 2,743 22,091 27,642 GBP 24.785 777,412.21 3.06Centrica Shs 6,082 48,972 61,281 GBP 3.329 231,490.20 0.91Compass Group Shs 3,641 29,321 36,689 GBP 5.623 234,076.76 0.92HSBC Holdings Shs 6,851 55,164 69,029 GBP 6.499 509,062.48 2.00Inmarsat Shs 16,561 15,107 32,386 GBP 6.065 222,885.13 0.88Prudential Shs 1,382 10,574 14,483 GBP 7.250 119,148.76 0.47Reckitt Benckiser Group Shs 846 6,811 8,524 GBP 31.840 307,970.75 1.21Tesco Shs 4,656 37,486 46,908 GBP 3.895 207,296.33 0.81Tullow Oil Shs 1,026 7,851 10,754 GBP 14.630 178,528.41 0.70Unilever Shs 9,305 357 8,948 GBP 19.080 193,730.20 0.76Vodafone Group Shs 81,652 139,153 233,211 GBP 1.785 472,367.74 1.86United States 8,210,629.03 32.29Abbott Laboratories Shs 737 5,937 7,430 USD 48.960 255,934.54 1.01Air Products & Chemicals Shs 297 2,391 2,993 USD 90.190 189,916.97 0.75

% ofSubfund

Allergan Shs 431 3,474 4,348 USD 71.110 217,529.86 0.86Amazon.com Shs 270 2,801 2,728 USD 179.420 344,360.94 1.35American Express Shs 831 6,691 8,373 USD 45.910 270,450.04 1.06Apple Shs 165 1,735 1,259 USD 348.780 308,941.30 1.21Cisco Systems Shs 2,852 37,513 14,195 USD 17.320 172,974.45 0.68Cooper Industries Shs 614 4,942 6,187 USD 64.730 281,763.28 1.11Deere & Co Shs 338 2,723 3,408 USD 94.450 226,464.55 0.89Eaton Shs 4,035 2,972 7,086 USD 54.820 273,299.51 1.07Estee Lauder -A- Shs 496 4,645 4,348 USD 95.870 293,272.22 1.15F5 Networks Shs 3,059 117 2,942 USD 100.700 208,435.08 0.82Freeport-McMoRan Copper & Gold Shs 3,483 2,565 6,116 USD 55.240 237,694.87 0.93Google -A- Shs 264 303 590 USD 581.840 241,520.64 0.95Hewlett-Packard Shs 7,645 5,221 USD 41.300 151,705.88 0.60Intel Shs 3,159 35,312 21,956 USD 20.460 316,051.26 1.24International Business Machines Shs 336 2,709 3,391 USD 163.600 390,310.07 1.54JPMorgan Chase & Co. Shs 4,222 2,895 7,169 USD 46.450 234,284.18 0.92Mead Johnson Nutrition Shs 4,521 173 4,348 USD 58.400 178,649.19 0.70Nalco Holding Shs 3,707 6,891 11,242 USD 26.990 213,474.07 0.84NetApp Shs 1,001 8,060 10,087 USD 48.000 340,644.93 1.34Oracle Shs 1,444 11,628 14,553 USD 33.040 338,291.62 1.33Prudential Financial Shs 2,131 3,588 6,039 USD 61.030 259,302.72 1.02Roper Industries Shs 1,353 3,232 4,919 USD 85.730 296,693.70 1.17Schlumberger Shs 1,015 9,154 9,254 USD 93.650 609,727.73 2.40Starbucks Shs 1,531 12,327 15,428 USD 36.710 398,467.30 1.57U.S. Bancorp Shs 10,444 400 10,044 USD 26.680 188,534.66 0.74UnitedHealth Group Shs 4,993 4,993 USD 45.400 159,483.62 0.63Walt Disney Shs 1,088 8,762 10,965 USD 43.350 334,423.21 1.32Wells Fargo Shs 3,258 8,259 12,384 USD 31.910 278,026.64 1.09Participating Shares 1,118,345.60 4.40Brazil 714,343.16 2.81Itau Unibanco Holding (ADR’s) Shs 1,614 12,997 16,265 USD 23.200 265,485.45 1.05Petroleo Brasileiro (ADR’s) Shs 898 7,230 9,049 USD 40.410 257,269.39 1.01Vale (ADR’s) Shs 821 6,609 8,272 USD 32.920 191,588.32 0.75Israel 203,238.49 0.80Teva Pharmaceutical Industries (ADR’s) Shs 573 4,613 5,774 USD 50.030 203,238.49 0.80Russia 200,763.95 0.79Gazprom OAO (ADR’s) (traded in United Kingdom) Shs 6,680 8,277 USD 32.440 188,908.92 0.74Gazprom OAO (ADR’s) (traded in United States) Shs 873 351 522 USD 32.280 11,855.03 0.05Investments in securities and money-market instruments 24,503,267.89 96.36Deposits at financial institutions1) 956,699.29 3.76Sight deposits2) 956,699.29 3.760.5420 % State Street Bank Luxembourg S.A. EUR 956,699.29 3.76Investments in deposits at financial institutions 956,699.29 3.76Net current assets/liabilities EUR – 30,904.44 – 0.12Net assets of the Subfund EUR 25,429,062.74 100.00

Net asset values per share – Class A (EUR) (distributing) EUR 13.38 – Class CT (EUR) (accumulating) EUR 8.26 – Class A (USD) (distributing) USD 18.55 Shares in circulation – Class A (EUR) (distributing) Shs 1,744,274 – Class CT (EUR) (accumulating) Shs 121,590 – Class A (USD) (distributing) Shs 83,2971) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listing Equities France Vinci Shs 6,692Germany Deutsche Bank -Rights- Shs 8,654Hong Kong China Mobile Shs 1,500 23,500Japan East Japan Railway Shs 3,800Portugal EDP - Energias de Portugal Shs 79,973Switzerland ABB Shs 29,177United States Colgate-Palmolive Shs 6,152Target Shs 1,604 9,156

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 21,073,309.56) 24,503,267.89 36,030,368.97

– bonds 0.00 0.00

Receivable on

Unrealised gain on

Total Assets 25,503,278.05 37,038,264.33

Payable on

Other payables – 46,976.00 – 69,433.47

Unrealised loss on

Net assets 25,429,062.74 36,505,651.70

01/10/2010–31/03/2011 01/10/2009–31/03/2010 EUR EUR

Subscriptions

– Class A (EUR) 5,479,198.48 10,703,356.01

– Class CT (EUR) 128,753.59 86,610.45

– Class A (USD) 851,054.18 54,605.51

Redemptions

– Class A (EUR) – 18,441,038.02 – 3,435,867.51

– Class CT (EUR) – 136,934.28 – 69,908.55

– Class A (USD) – 626,705.15 – 17,059.83

Distribution – 41,028.02 – 163,444.76

Equalization – 199,082.11 6,463.20

Class CTShares

Class A Shares

Class CTShares

at the beginning of the reporting period 2,802,071 123,055 2,379,805 131,729

Number of shares

– issued 411,194 15,108 – 4,793,390 11,667

– redeemed – 1,468,991 – 16,573 2,485,212 – 9,568

at the end of the reporting period 1,744,274 121,590 71,627 133,828

USD Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class A Shares

Class A Shares

Number of shares

– issued 63,921 5,714,371

– redeemed – 48,167 – 2,782,360

at the end of the reporting period 83,297 3,000,193

Securities and money-market instruments admitted to an official stock exchange listing 13,597,686.70 90.67Equities 13,597,686.70 90.67Australia 2,428,035.80 16.19Australia & New Zealand Banking Group Shs 6,396 10,026 18,657 AUD 23.810 459,326.75 3.06Fortescue Metals Group Shs 58,151 64,748 58,151 AUD 6.410 385,421.33 2.57Mesoblast Shs 7,525 19,136 58,675 AUD 7.250 439,857.13 2.93Starpharma Holdings Shs 217,690 217,690 AUD 1.240 279,113.41 1.86Telstra Shs 190,040 190,040 AUD 2.820 554,133.83 3.70White Energy Shs 29,326 96,769 AUD 3.100 310,183.35 2.07Bermuda 382,097.78 2.55Marvell Technology Group Shs 23,911 23,911 USD 15.980 382,097.78 2.55Canada 640,972.29 4.27Romarco Minerals Shs 140,303 140,303 CAD 2.330 336,912.89 2.24Suncor Energy Shs 569 6,130 6,715 CAD 43.929 304,059.40 2.03Finland 461,120.96 3.08Fortum Shs 13,597 13,597 EUR 23.860 461,120.96 3.08France 456,812.83 3.05Legrand Shs 10,891 10,891 EUR 29.510 456,812.83 3.05Germany 492,866.62 3.29Adidas Shs 7,774 7,774 EUR 44.605 492,866.62 3.29Gibraltar 325,919.41 2.17PartyGaming Shs 103,629 103,629 GBP 1.950 325,919.41 2.17Japan 1,052,603.60 7.01Hitachi Construction Machinery Shs 12,400 12,400 JPY 2,083.000 312,059.93 2.08Nintendo Shs 1,400 1,400 JPY 22,470.000 380,065.24 2.53Sony Shs 11,200 11,200 JPY 2,664.000 360,478.43 2.40Netherlands 580,458.49 3.87Akzo Nobel Shs 8,429 8,429 EUR 48.450 580,458.49 3.87United Kingdom 463,224.70 3.09BHP Billiton Shs 2,758 11,588 GBP 24.785 463,224.70 3.09United States 6,313,574.22 42.10Abbott Laboratories Shs 4,730 3,416 9,234 USD 48.960 452,096.64 3.01Alpha Natural Resources Shs 3,101 5,454 USD 59.590 325,003.86 2.17Anadarko Petroleum Shs 1,763 3,771 USD 82.410 310,768.11 2.07Citigroup Shs 98,517 98,517 USD 4.450 438,400.65 2.92Estee Lauder -A- Shs 6,385 3,947 USD 95.870 378,398.89 2.52Flowserve Shs 630 630 USD 128.050 80,671.50 0.54Freeport-McMoRan Copper & Gold Shs 3,221 1,207 5,942 USD 55.240 328,236.08 2.19Google -A- Shs 762 762 USD 581.840 443,362.08 2.96Health Net Shs 9,408 9,408 USD 32.820 308,770.56 2.06Marathon Oil Shs 6,004 8,275 USD 52.950 438,161.25 2.92National Oilwell Varco Shs 6,973 3,153 3,820 USD 79.900 305,218.00 2.03Pfizer Shs 19,177 19,177 USD 20.340 390,060.18 2.60Roper Industries Shs 6,103 6,103 USD 85.730 523,210.19 3.49Southwestern Energy Shs 605 2,711 8,735 USD 43.240 377,701.40 2.52U.S. Bancorp Shs 21,902 21,902 USD 26.680 584,345.36 3.90Wells Fargo Shs 7,399 2,000 19,717 USD 31.910 629,169.47 4.20Investments in securities and money-market instruments 13,597,686.70 90.67Deposits at financial institutions1) 1,349,446.05 9.00Sight deposits2) 1,349,446.05 9.000.0000 % State Street Bank Luxembourg S.A. USD 1,349,446.05 9.00Investments in deposits at financial institutions 1,349,446.05 9.00

% ofSubfund

Derivatives Holdings marked with a minus are short positions. OTC-Dealt Derivatives – 2,069.70 – 0.01Forward Foreign Exchange Transactions – 2,069.70 – 0.01Sold JPY / Bought USD 04 Apr 2011 JPY – 35,619,555.00 – 2,069.70 – 0.01Investments in derivatives – 2,069.70 – 0.01Net current assets/liabilities USD 50,398.31 0.34Net assets of the Subfund USD 14,995,461.36 100.00

Net asset values per share – Class AT (USD) (accumulating) USD 7.62Shares in circulation – Class AT (USD) (accumulating) Shs 1,967,900

Unrealisedgain/loss

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listingEquitiesAustraliaDart Energy Shs 198,330CanadaPotash Corp of Saskatchewan Shs 162 1,887Romarco Minerals Shs 31,841 115,829Trican Well Service Shs 17,576 17,576ChinaChina Merchants Bank -H- Shs 143,500Dongfeng Motor -H- Shs 32,000 214,000Sihuan Pharmaceutical Holdings Group Shs 500,000 500,000Xinjiang Goldwind Science & Technology Shs 175,000 175,000FranceBNP Paribas Shs 6,207LVMH Moët Hennessy Louis Vuitton Shs 525 2,885JapanAll Nippon Airways Shs 86,000 86,000Canon Shs 9,900Nidec Shs 4,800MongoliaMongolian Mining Shs 326,258 326,258NetherlandsKoninklijke Philips Electronics Shs 17,898TNT Shs 2,756 20,748SpainBanco Bilbao Vizcaya Argentaria Shs 35,216 35,216Banco Santander Shs 361 28,534Banco Santander Shs 361 361Banco Santander -Rights- Shs 28,173 28,173Inditex Shs 5,200SwitzerlandTyco International Shs 13,200United KingdomBarclays Shs 57,072 57,072British Airways Shs 93,628TUI Travel Shs 99,270United StatesAnatolia Minerals Development Shs 20,591Cameron International Shs 7,619Cisco Systems Shs 3,968 23,272Fifth Third Bancorp Shs 32,390 32,390HCA Holdings Shs 4,577 4,577Human Genome Sciences Shs 7,965Pride International Shs 10,288Prudential Financial Shs 995 6,986Vertex Pharmaceuticals Shs 12,370Zions Bancorporation Shs 4,404 18,923Participating SharesBrazilBanco Santander Brasil (ADR’s) Shs 30,416 30,416ChinaBitauto Holdings (ADR’s) Shs 18,579 18,579

31/03/2011 30/09/2010 USD USD

Securities

(Cost price USD 12,027,286.82) 13,597,686.70 14,187,266.68

– bonds 0.00 0.00

Receivable on

– securities transactions 582,609.85 0.00

Unrealised gain on

Total Assets 15,554,638.84 15,242,926.27

Payable on

– securities transactions – 381,149.76 0.00

Other payables – 27,702.70 – 26,949.62

Unrealised loss on

– forward foreign exchange transactions – 2,069.70 0.00

Net assets 14,995,461.36 15,204,230.96

01/10/2010–31/03/2011 01/10/2009–31/03/2010 USD USD

Subscriptions

– Class AT (USD) 96,680.12 4,600,719.74

Redemptions

– Class AT (USD) – 2,329,178.57 – 2,952,831.08

Equalization 107,544.11 1,573.14

SharesClass AT

Shares

Number of shares

– issued 13,579 684,972

– redeemed – 317,833 – 443,867

Securities and money-market instruments admitted to an official stock exchange listing 4,108,555.33 94.73Equities 4,000,285.87 92.23China 1,160,469.31 26.75China Coal Energy -H- Shs 63,000 63,000 HKD 10.600 85,810.66 1.98China Construction Bank -H- Shs 88,280 214,000 134,280 HKD 7.290 125,786.40 2.90China Life Insurance -H- Shs 8,000 10,000 34,000 HKD 29.250 127,790.81 2.94China National Materials -H- Shs 50,000 50,000 HKD 7.000 44,974.14 1.04China Oilfield Services -H- Shs 44,000 52,000 HKD 17.580 117,467.31 2.71China Petroleum & Chemical -H- Shs 70,000 20,000 50,000 HKD 7.810 50,178.29 1.16China Rongsheng Heavy Industry Group Shs 110,500 34,500 76,000 HKD 6.814 66,545.13 1.53Chongqing Rural Commercial Bank -H- Shs 109,000 8,000 101,000 HKD 5.340 69,303.86 1.60Industrial & Commercial Bank of China -H- Shs 265,000 265,000 HKD 6.460 219,974.94 5.07Ping An Insurance Group -H- Shs 5,500 5,500 HKD 78.900 55,761.51 1.28Tingyi Cayman Islands Holding Shs 16,000 16,000 HKD 19.224 39,524.59 0.91Zhuzhou CSR Times Electric -H- Shs 17,000 23,000 HKD 29.600 87,481.13 2.02ZTE -H- Shs 15,000 15,000 HKD 36.250 69,870.54 1.61Hong Kong 1,684,433.57 38.84AIA Group Shs 58,600 28,000 30,600 HKD 24.106 94,785.30 2.19ASM Pacific Technology Shs 3,300 3,300 HKD 98.135 41,613.34 0.96BOC Hong Kong Holdings Shs 26,500 26,500 HKD 25.515 86,883.61 2.00China Everbright International Shs 199,000 35,000 164,000 HKD 3.815 80,389.07 1.85China Mobile Shs 10,000 13,000 13,000 HKD 72.117 120,468.52 2.78CNOOC Shs 29,000 51,000 HKD 19.768 129,546.49 2.99Comba Telecom Systems Holdings Shs 91,000 91,000 HKD 9.210 107,690.28 2.48Cosco Pacific Shs 34,000 36,000 34,000 HKD 14.776 64,553.38 1.49Dah Chong Hong Holdings Shs 25,000 45,000 HKD 8.787 50,809.01 1.17DAH Sing Financial Holdings Shs 6,000 6,000 HKD 48.464 37,364.71 0.86Digital China Holdings Shs 45,000 45,000 HKD 14.896 86,136.70 1.99Hutchison Whampoa Shs 13,000 4,000 9,000 HKD 92.700 107,205.28 2.47Kerry Properties Shs 17,000 17,000 HKD 39.254 85,748.70 1.98Kunlun Energy Shs 46,000 46,000 HKD 12.481 73,772.33 1.70Li & Fung Shs 6,000 6,000 HKD 40.059 30,885.05 0.71Natural Beauty Bio-Technology Shs 200,000 200,000 HKD 1.963 50,440.40 1.16Poly Hong Kong Investment Shs 56,000 42,000 70,000 HKD 7.348 66,089.87 1.52SA SA International Holdings Shs 104,000 136,000 54,000 HKD 3.996 27,726.70 0.64Sinofert Holdings Shs 72,000 72,000 HKD 3.382 31,288.57 0.72Sun Hung Kai Properties Shs 1,000 5,000 4,000 HKD 124.002 63,735.99 1.47Swire Pacific -A- Shs 1,000 7,500 8,500 HKD 114.944 125,544.89 2.90Varitronix International Shs 180,000 180,000 HKD 5.264 121,755.38 2.81Taiwan 1,155,382.99 26.64Catcher Technology Shs 34,000 6,000 28,000 TWD 145.500 138,540.80 3.19Cathay Financial Holding Shs 35,000 73,000 39,400 TWD 48.550 65,049.22 1.50Chinatrust Financial Holding Shs 99,000 99,000 TWD 25.000 84,165.07 1.94Compal Communications Shs 73,000 73,000 TWD 26.800 66,529.51 1.53Coretronic Shs 45,000 45,000 TWD 47.500 72,688.01 1.68FLEXium Interconnect Shs 37,000 37,000 TWD 56.400 70,963.90 1.64Formosa Chemicals & Fibre Shs 32,000 32,000 TWD 111.500 121,333.72 2.80HTC Shs 1,000 3,000 2,000 TWD 1,150.000 78,214.00 1.80Hon Hai Precision Industry Shs 20,000 11,520 TWD 103.000 40,350.26 0.93Powertech Technology Shs 16,000 16,000 TWD 92.100 50,111.37 1.16Siliconware Precision Industries Shs 72,000 125,000 72,000 TWD 36.800 90,102.53 2.08Taiwan Fertilizer Shs 53,000 12,000 TWD 86.500 35,298.32 0.81Taiwan Semiconductor Manufacturing Shs 77,000 15,000 62,000 TWD 70.600 148,851.44 3.43Uni-President Enterprises Shs 19,000 32,000 36,800 TWD 40.300 50,432.39 1.16WT Microelectronics Shs 28,000 28,000 TWD 44.900 42,752.45 0.99

% ofSubfund

REITs (Real Estate Investment Trusts) 108,269.46 2.50Hong Kong 108,269.46 2.50Champion Real Estate Investment Trust Shs 186,000 186,000 HKD 4.530 108,269.46 2.50Investments in securities and money-market instruments 4,108,555.33 94.73Deposits at financial institutions1) 237,385.42 5.47Sight deposits2) 237,385.42 5.470.0000 % State Street Bank Luxembourg S.A. USD 213,475.14 4.920.0000 % Deposits for collateralisation of derivatives USD 23,910.28 0.55Investments in deposits at financial institutions 237,385.42 5.47Net current assets/liabilities USD – 8,482.39 – 0.20Net assets of the Subfund USD 4,337,458.36 100.00

Net asset value per share– Class AT (USD) (accumulating) USD 12.93Shares in circulation– Class AT (USD) (accumulating) Shs 335,5171) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listing Equities China Aluminum Corp. of China -H- Shs 60,000China Construction Bank -Rights- Shs 21,280 21,280China Merchants Bank -H- Shs 128,000China Shenhua Energy -H- Shs 52,000China Shipping Development -H- Shs 40,000Guangzhou Automobile Group -H- Shs 58,000Lianhua Supermarket Holdings -H- Shs 18,000Maanshan Iron & Steel -H- Shs 80,000Peak Sport Products Shs 65,000Springland International Holdings Shs 11,000 11,000Uni-President China Holdings Shs 80,000Want Want China Holdings Shs 60,000Hong Kong AMVIG Holdings Shs 76,000China Insurance International Holdings Shs 50,400CLP Holdings Shs 7,500 7,500Embry Holdings Shs 50,000Hong Kong Exchanges & Clearing Shs 4,000Huabao International Holdings Shs 50,000Hutchinson Port -Rights- Shs 900 900SJM Holdings Shs 200,000Wasion Group Holdings Shs 74,000 74,000Taiwan Acer Shs 7,000 39,000Advanced Semiconductor Engineering Shs 211,000 211,000Giant Manufacturing Shs 8,000 34,000MStar Semiconductor Shs 1,000 1,000Nan Ya Printed Circuit Board Shs 16,000 16,000Synnex Technology International Shs 25,572Young Fast Optoelectronics Shs 382 10,382Participating Shares China Mindray Medical International (ADR’s) Shs 2,000

Derivatives Holdings marked with a minus are short positions. Listed Derivatives Futures Transactions Sold Index Futures Hang Seng Index Futures 10/10 Ctr 1

31/03/2011 30/09/2010 USD USD

Securities

(Cost price USD 3,842,921.75) 4,108,555.33 4,429,785.29

– bonds 0.00 0.00

Dividend receivable 0.00 10,256.11

Receivable on

Unrealised gain on

Total Assets 4,345,940.75 4,752,396.06

Payable on

Other payables – 8,482.39 – 9,720.11

Unrealised loss on

Total Assets – 8,482.39 – 72,147.26

Net assets 4,337,458.36 4,680,248.80

01/10/2010–31/03/2011 Launch date–31/03/2010 USD USD

Subscriptions

– Class AT (USD) 2,079,099.07 9,518,820.75

Redemptions

– Class AT (USD) – 2,740,770.74 – 3,314,862.15

Equalization – 21,551.22 12,945.81

Result of operations 340,432.45 546,014.62

USD Shares 01/10/2010–31/03/2011 Launch date–31/03/2010Class AT

SharesClass AT

Shares

Number of shares

– issued 158,347 919,865

– redeemed – 211,185 – 306,157

Deposits at financial institutions1) 1,933,875.32 2.37Sight deposits2) 1,933,875.32 2.370.5420 % State Street Bank Luxembourg S.A. EUR 1,933,875.32 2.37Investments in deposits at financial institutions 1,933,875.32 2.37

Contracts

% ofSubfund

assetsin the period under reviewDerivatives Holdings marked with a minus are short positions. Listed Derivatives 335,691.58 0.41Options Transactions 335,691.58 0.41Long Call Options on Indices 1,631,326.68 2.00Call 2000 DJ EURO STOXX 50 Index 06/11 Ctr 440 1,560 EUR 858.672 1,631,326.68 2.00Long Put Options on Indices – 2,728,108.61 – 3.34Put 7000 DJ EURO STOXX 50 Index 06/11 Ctr 440 1,560 EUR 4,132.721 – 2,728,108.61 – 3.34Short Call Options on Indices 25.46 0.00Call 7000 DJ EURO STOXX 50 Index 06/11 Ctr 440 – 1,560 EUR 0.098 25.46 0.00Short Put Options on Indices 1,432,448.05 1.75Put 2000 DJ EURO STOXX 50 Index 06/11 Ctr 440 – 1,560 EUR 3.276 1,432,448.05 1.75OTC-Dealt Derivatives 2,008,146.14 2.46Swap Transactions 2,008,146.14 2.46Total Return Swaps 2,008,146.14 2.46EUR Synthetic Portfolio Total Return Swap EUR 170,000,000.00 202,000,000.00 77,000,000.00 2,008,146.14 2.46Investments in derivatives 2,343,837.72 2.87Net current assets/liabilities EUR 77,363,626.21 94.76Net assets of the Subfund EUR 81,641,339.25 100.00

Net asset value per share – Class AT (EUR) (accumulating) EUR 105.91Shares in circulation – Class AT (EUR) (accumulating) Shs 770,8731) Deposits at financial institutions are not subject to any deposit insurance.2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 0.00) 0.00 0.00

– bonds 0.00 0.00

Receivable on

Unrealised gain on

– options transactions 3,063,800.19 1,024,579.58

– swap transactions 2,008,146.14 0.00

Total Assets 86,029,041.98 114,325,360.60

Payable on

Other payables – 113,773.77 – 238,156.76

Unrealised loss on

– options transactions – 2,728,108.61 – 934,974.44

– swap transactions 0.00 – 111,845.99

Net assets 81,641,339.25 110,849,380.02

01/10/2010–31/03/2011 01/10/2009–31/03/2010 EUR EUR

Subscriptions

– Class AT (EUR) 30,165,011.11 38,496,984.64

Redemptions

– Class AT (EUR) – 61,719,011.05 – 38,494,936.14

Equalization – 97,559.94 1.15

SharesClass AT

Shares

Number of shares

– issued 285,785 370,522

– redeemed – 585,785 – 370,502

Securities and money-market instruments admitted to an official stock exchange listing 2,515,657,479.56 96.26Equities 2,415,890,494.55 92.44China 964,731,859.74 36.92Bank of China -H- Shs 10,466,600 1,051,000 26,623,600 HKD 4.330 115,280,188.00 4.41China Coal Energy -H- Shs 6,404,000 6,404,000 HKD 10.600 67,882,400.00 2.60China Construction Bank -H- Shs 10,232,670 1,790,000 17,876,670 HKD 7.290 130,320,924.30 4.99China Life Insurance -H- Shs 1,301,000 301,000 3,339,000 HKD 29.250 97,665,750.00 3.74China Minsheng Banking -H- Shs 5,595,000 2,353,500 3,241,500 HKD 7.170 23,241,555.00 0.89China National Materials -H- Shs 838,000 4,032,000 5,579,000 HKD 7.000 39,053,000.00 1.49China Petroleum & Chemical -H- Shs 5,982,000 5,982,000 HKD 7.810 46,719,420.00 1.79China Rongsheng Heavy Industry Group Shs 6,456,000 6,456,000 HKD 6.814 43,991,765.04 1.68Chongqing Rural Commercial Bank -H- Shs 6,625,000 355,000 6,270,000 HKD 5.340 33,481,800.00 1.28Industrial & Commercial Bank of China -H- Shs 11,921,215 2,073,000 23,459,215 HKD 6.460 151,546,528.90 5.80Ping An Insurance Group -H- Shs 59,500 404,000 HKD 78.900 31,875,600.00 1.22Sino-Ocean Land Holdings Shs 6,066,500 11,075,000 HKD 4.872 53,952,084.00 2.06Yanzhou Coal Mining -H- Shs 984,000 984,000 HKD 28.150 27,699,600.00 1.06Zhongsheng Group Holdings Shs 389,000 230,500 2,388,000 HKD 14.635 34,947,644.50 1.34Zhuzhou CSR Times Electric -H- Shs 440,000 307,000 2,266,000 HKD 29.600 67,073,600.00 2.57Hong Kong 1,313,352,450.18 50.25ASM Pacific Technology Shs 281,900 281,900 HKD 98.135 27,664,249.45 1.06Beijing Enterprises Holdings Shs 184,000 74,500 784,500 HKD 44.790 35,137,605.16 1.34BOC Hong Kong Holdings Shs 1,459,500 598,500 2,183,000 HKD 25.515 55,699,448.02 2.13China Everbright International Shs 4,292,000 3,116,000 13,359,000 HKD 3.815 50,960,336.84 1.95CNOOC Shs 3,213,000 317,000 7,909,000 HKD 19.768 156,344,368.55 5.98Comba Telecom Systems Holdings Shs 6,475,500 6,475,500 HKD 9.210 59,636,700.05 2.28Dah Sing Financial Holdings Shs 480,400 480,400 HKD 48.464 23,281,903.83 0.89Digital China Holdings Shs 1,340,000 6,415,000 HKD 14.896 95,560,316.19 3.66Great Eagle Holdings Shs 689,000 1,924,000 HKD 26.220 50,446,610.45 1.93GZI Transport Shs 1,202,000 5,790,000 HKD 4.429 25,641,912.45 0.98Hang Seng Bank Shs 472,800 472,800 HKD 126.418 59,770,420.00 2.29Hong Kong Exchanges and Clearing Shs 56,200 167,800 HKD 169.799 28,492,216.83 1.09Hutchison Whampoa Shs 201,000 260,000 1,262,000 HKD 92.700 116,987,156.43 4.48Jardine Matheson Holdings Shs 63,200 27,600 174,800 USD 44.540 60,589,423.57 2.32Kerry Properties Shs 1,266,000 1,266,000 HKD 39.254 49,695,551.34 1.90Kunlun Energy Shs 2,498,000 2,498,000 HKD 12.481 31,176,925.99 1.19Li & Fung Shs 328,000 1,134,000 HKD 40.059 45,427,132.80 1.74Natural Beauty Bio-Technology Shs 9,450,000 11,430,000 HKD 1.963 22,433,649.57 0.86PCCW Shs 7,420,000 1,779,000 19,732,000 HKD 3.251 64,149,422.62 2.45Pou Sheng International Holdings Shs 8,013,000 22,061,000 HKD 1.238 27,311,738.61 1.04Sa Sa International Holdings Shs 6,868,000 5,936,000 8,266,000 HKD 3.996 33,029,729.16 1.26Sinofert Holdings Shs 5,178,000 5,178,000 HKD 3.382 17,511,385.00 0.67Sun Hung Kai Properties Shs 133,000 44,000 524,000 HKD 124.002 64,977,230.35 2.49Swire Pacific -A- Shs 273,000 80,500 729,000 HKD 114.944 83,793,982.82 3.21Wasion Group Holdings Shs 2,716,000 542,000 6,568,000 HKD 4.207 27,633,034.10 1.06Macau 25,306,745.09 0.97Wynn Macau Shs 1,087,600 1,156,000 HKD 21.892 25,306,745.09 0.97United Kingdom 112,499,439.54 4.30HSBC Holdings Shs 1,660,400 294,000 1,366,400 HKD 82.333 112,499,439.54 4.30REITs (Real Estate Investment Trusts) 99,766,985.01 3.82Hong Kong 99,766,985.01 3.82Champion Real Estate Investment Trust Shs 7,815,000 22,023,617 HKD 4.530 99,766,985.01 3.82Investments in securities and money-market instruments 2,515,657,479.56 96.26Deposits at financial institutions1) 140,329,245.55 5.37Sight deposits2) 140,329,245.55 5.370.0000 % State Street Bank Luxembourg S.A. HKD 140,329,245.55 5.37Investments in deposits at financial institutions 140,329,245.55 5.37Net current assets/liabilities HKD – 42,605,769.36 – 1.63Net assets of the Subfund HKD 2,613,380,955.75 100.00

Price Market Value in HKD

% ofSubfund

Net asset value per share– Class A (HKD) (accumulating) HKD 10.45– Class AT (SGD) (accumulating) SGD 11.56– Class A (USD) (distributing) USD 240.42– Class IT (USD) (accumulating) USD 268.44Shares in circulation– Class A (HKD) (accumulating) Shs 5,450,287– Class AT (SGD) (accumulating) Shs 846,868– Class A (USD) (distributing) Shs 1,052,449– Class IT (USD) (accumulating) Shs 252,168

Securities and money-market instruments admitted to an official stock exchange listing Equities China Bank of China -Rights- Shs 1,842,600 1,842,600China Construction Bank -Rights- Shs 831,670 831,670China Shenhua Energy -H- Shs 1,379,500 1,379,500China South Locomotive and Rolling Stock -H- Shs 64,000 2,359,000Huadian Power International -H- Shs 0 6,185,000Industrial & Commercial Bank of China Asia -Rights- Shs 703,215 703,215Springland International Holdings Shs 511,000 511,000ZTE -H- Shs 1,404,684 1,404,684Hong Kong AIA Group Shs 3,133,600 3,133,600Brilliance China Automotive Holdings Shs 0 10,846,000China Foods Shs 3,100,000 3,100,000China Mobile Shs 245,000 811,000CLP Holdings Shs 750,500 750,500Giordano International Shs 0 3,880,000Hutchinson Port -Rights- Shs 126,200 126,200Shui On Construction and Materials Shs 0 1,792,000Vinda International Holdings Shs 0 1,734,000Participating Shares China Daqo New Energy (ADR’s) Shs 135,000 135,000

31/03/2011 30/09/2010 HKD HKD

Securities

(Cost price HKD 2,123,203,213.10) 2,515,657,479.56 209,731,650.86

– bonds 0.00 0.00

Dividend receivable 2,432,326.68 733,007.44

Receivable on

Unrealised gain on

Total Assets 2,689,523,852.68 225,345,532.28

Payable on

Other payables – 4,229,002.08 – 353,259.51

Unrealised loss on

Net assets 2,613,380,955.75 221,857,290.18

01/10/2010–31/03/2011 01/10/2009–31/03/2010 USD USD

at the beginning of the reporting period 1,721,612,576.88 159,423,190.46

Subscriptions

– Class A (HKD) 57,173,852.52 0.00

– Class A (USD) 1,305,199,298.21 52,706,577.36

– Class IT (USD) 572,963,763.83 11,525,768.97

– Class AT (SGD) 70,757,679.33 293,429.12

Redemptions

– Class A (HKD) – 10,575.50 0.00

– Class A (USD) – 657,769,417.20 – 60,812,119.24

– Class IT (USD) – 527,107,424.07 – 678,180.60

– Class AT (SGD) – 13,890,455.32 – 203,652.47

Distribution – 5,842,607.70 – 3,558,581.06

Equalization – 33,048,667.29 – 240.78

at the end of the reporting period 2,613,380,955.75 171,833,974.32

HKD Shares 01/10/2010–31/03/2011Class AShares

Number of shares

– issued 5,451,297

at the end of the reporting period 5,450,287

Class ITShares

Class AShares

Class ITShares

at the beginning of the reporting period 710,896 230,225 809,185 21,006

Number of shares

– issued 689,924 275,227 265,344 53,064

– redeemed – 348,371 – 253,284 – 303,187 – 3,209

SharesClass AT

Shares

Number of shares

– issued 971,129 38,753

– redeemed – 193,221 – 26,936

Allianz RCM India

Securities and money-market instruments admitted to an official stock exchange listing 8,835,703.31 98.51Equities 8,835,703.31 98.51India 8,835,703.31 98.51Aban Offshore Shs 6,579 6,579 INR 613.400 90,615.44 1.01Aurobindo Pharma Shs 39,508 43,822 INR 192.250 189,172.10 2.11Axis Bank Shs 2,159 12,857 INR 1,397.600 403,479.13 4.50Bharat Heavy Electricals Shs 1,476 1,759 INR 2,082.600 82,256.50 0.92Cairn India Shs 4,345 38,967 INR 350.350 306,547.40 3.42Crompton Greaves Shs 7,489 34,519 INR 272.250 211,020.50 2.35Development Credit Bank Shs 101,823 INR 45.550 104,143.65 1.16Federal Bank Shs 15,105 15,105 INR 410.000 139,060.29 1.55Gail India Shs 38,053 INR 462.800 395,440.18 4.41Grasim Industries Shs 1,423 4,223 INR 2,496.500 236,728.85 2.64Gujarat NRE Coke Shs 43,367 29,964 148,435 INR 49.800 165,983.23 1.85HDFC Bank Shs 890 6,281 INR 2,334.000 329,176.02 3.67ICICI Bank Shs 1,145 36,342 INR 1,104.550 901,348.51 10.05Infosys Technologies Shs 881 11,546 INR 3,231.500 837,788.23 9.34ITC Shs 6,967 21,659 69,148 INR 181.250 281,420.79 3.14Jammu & Kashmir Bank Shs 2,552 3,726 7,991 INR 860.000 154,311.44 1.72Jindal Steel & Power Shs 5,168 3,008 19,989 INR 697.650 313,131.83 3.49Larsen & Toubro Shs 1,670 12,424 INR 1,683.900 469,760.27 5.24Lupin Shs 4,749 5,345 31,886 INR 414.850 297,022.73 3.31Mahindra & Mahindra Financial Services Shs 7,357 5,857 INR 773.900 101,779.10 1.13Motherson Sumi Systems Shs 31,620 INR 214.250 152,118.22 1.70Persistent Systems Shs 14,102 14,102 INR 372.000 117,793.74 1.31Reliance Industries Shs 4,094 36,131 INR 1,039.650 843,462.31 9.40Shree Cement Shs 3,076 3,076 INR 2,019.900 139,513.02 1.56Shree Renuka Sugars Shs 20,392 91,262 INR 70.050 143,547.84 1.60Shriram Transport Finance Shs 1,101 3,920 4,639 INR 790.900 82,384.31 0.92State Bank of India Shs 2,794 2,794 INR 2,777.850 174,274.46 1.94Tata Consultancy Services Shs 17,376 INR 1,189.750 464,198.85 5.17Tata Motors Shs 11,177 11,177 INR 703.300 176,508.01 1.97Tata Steel Shs 5,582 21,785 INR 618.100 302,353.40 3.37Titan Industries Shs 1,641 1,641 INR 3,817.000 140,646.62 1.57Voltas Shs 3,742 15,424 21,956 INR 179.950 88,716.34 0.99Investments in securities and money-market instruments 8,835,703.31 98.51Deposits at financial institutions1) 195,351.31 2.18Sight deposits2) 195,351.31 2.180.0000 % State Street Bank Luxembourg S.A. USD 195,351.31 2.18Investments in deposits at financial institutions 195,351.31 2.18Net current assets/liabilities USD – 61,451.49 – 0.69Net assets of the Subfund USD 8,969,603.13 100.00

Net asset value per share – Class I (USD) USD 1,167.29Shares in circulation – Class I (USD) Shs 7,6841) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Allianz RCM India

Securities and money-market instruments admitted to an official stock exchange listing Equities India Adani Enterises Shs 1,847 14,067Bajaj Auto Shs 5,716Bharat Petroleum Shs 11,704 11,704Bharti Airtel Shs 16,027Coal India Shs 13,807 13,807IVRCL Infrastructures & Projects Shs 37,075Oberoi Realty Shs 16,120 16,120Oil & Natural Gas Shs 9,113Power Finance Shs 17,587Reliance Infrastructure Shs 7,503Rolta India Shs 23,119Samruddhi Cement Shs 1 1SKS Microfinance Shs 3,062 3,062Ultratech Cement Shs 1,284Unitech Shs 111,493

Allianz RCM India

31/03/2011 30/09/2010 USD USD

Securities

(Cost price USD 6,418,150.61) 8,835,703.31 9,049,672.52

Interest receivable on 0.00 0.00

– bonds 0.00 0.00

Receivable on 0.00 0.00

Unrealised gain on

Total Assets 9,031,054.62 9,269,131.16

Payable on 0.00 0.00

Other payables – 61,451.49 – 166,135.78

Unrealised loss on

Net assets 8,969,603.13 9,102,995.38

Allianz RCM India

01/10/2010–31/03/2011 01/10/2009–31/03/2010 USD USD

Subscriptions

– Class I (USD) 0.00 2,482.80

– Class IT (USD) 0.00 6,667,141.17

Redemptions

– Class I (USD) – 875.46 – 5,997,484.21

– Class IT (USD) 0.00 – 673,188.85

Equalization 41.05 – 14,605.25

Result of operations – 108,477.03 872,665.69

USD Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class IShares

Class IShares

Class ITShares

at the beginning of the reporting period 7,685 3,750 0

Number of shares

– issued 0 1 7,066

– redeemed – 1 – 3,751 – 643

at the end of the reporting period 7,684 0 6,423

Securities and money-market instruments admitted to an official stock exchange listing 167,734,492.86 97.39Equities 167,734,492.86 97.39Australia 2,663,118.98 1.55Intrepid Mines Shs 2,126,201 869,835 1,256,366 AUD 2.050 2,663,118.98 1.55Indonesia 161,293,142.86 93.65Adaro Energy Shs 6,678,500 9,737,500 24,493,000 IDR 2,200.000 6,188,297.44 3.59Adhi Karya Shs 7,774,000 19,404,000 IDR 840.000 1,871,875.97 1.09AKR Corporindo Shs 4,124,000 5,033,000 12,101,000 IDR 1,470.000 2,042,890.61 1.19Alam Sutera Realty Shs 70,969,000 IDR 285.000 2,322,844.10 1.35Astra Agro Lestari Shs 685,500 434,500 2,099,500 IDR 22,700.000 5,473,287.40 3.18Astra International Shs 881,500 99,500 2,171,500 IDR 57,000.000 14,214,814.81 8.25Bank Central Asia Shs 2,276,000 648,500 8,656,000 IDR 6,950.000 6,908,894.63 4.01Bank Mandiri Shs 7,394,697 17,825,197 IDR 6,800.000 13,920,337.59 8.08Bank Negara Indonesia Persero Shs 5,492,830 1,294,500 17,782,330 IDR 3,975.000 8,117,687.25 4.71Bank Rakyat Indonesia Persero Shs 5,301,500 1,698,500 8,904,500 IDR 5,750.000 5,880,089.00 3.41Bank Tabungan Negara Shs 5,957,500 16,119,000 IDR 1,680.000 3,109,953.49 1.81Berlian Laju Tanker Shs 23,889,000 7,397,000 94,409,500 IDR 370.000 4,011,658.34 2.33Borneo Lumbung Energi & Metal Shs 17,507,000 17,507,000 IDR 1,650.000 3,317,433.25 1.93Bumi Resources Shs 10,182,000 3,928,000 20,046,000 IDR 3,350.000 7,712,213.61 4.48Bumi Resources Minerals -Warrants- Shs 20,666,666 20,666,666 IDR 103.000 244,463.58 0.14Gudang Garam Shs 490,000 72,500 1,669,000 IDR 41,850.000 8,021,550.39 4.66Hexindo Adiperkaska Shs 1,011,000 469,000 3,934,500 IDR 6,200.000 2,801,481.48 1.63Indo Tambangraya Megah Shs 136,000 68,000 907,500 IDR 46,200.000 4,814,987.08 2.80Indocement Tunggal Prakarsa Shs 306,000 1,838,000 IDR 16,350.000 3,451,197.24 2.00Indofood Sukses Makmur Shs 2,534,000 11,066,500 IDR 5,400.000 6,862,945.74 3.98Indosat Shs 2,303,500 IDR 5,300.000 1,402,072.93 0.81Jasa Marga Shs 3,419,500 1,692,500 8,694,000 IDR 3,400.000 3,394,728.68 1.97Perusahaan Gas Negara Shs 6,253,500 2,282,000 19,817,500 IDR 3,900.000 8,876,055.12 5.15Perusahaan Perkebunan London Sumatra Indonesia Shs 15,443,000 1,926,000 16,725,000 IDR 2,275.000 4,369,724.38 2.54Semen Gresik Persero Shs 2,156,500 690,000 6,273,000 IDR 9,100.000 6,555,762.27 3.81Tambang Batubara Bukit Asam Shs 511,000 2,393,000 IDR 21,000.000 5,771,231.70 3.35Timah Shs 1,391,500 9,487,500 IDR 2,775.000 3,023,578.81 1.76Unilever Indonesia Shs 656,000 2,221,000 IDR 15,300.000 3,902,532.30 2.27United Tractors Shs 464,500 643,000 665,083 IDR 21,700.000 1,657,456.34 0.96Wijaya Karya Shs 19,109,500 57,814,000 IDR 670.000 4,448,507.61 2.58XL Axiata Shs 1,930,000 10,549,000 IDR 5,450.000 6,602,589.72 3.83Singapore 3,778,231.02 2.19Jardine Cycle & Carriage Shs 15,000 59,000 70,000 SGD 36.600 2,033,252.65 1.18Straits Asia Resources Shs 194,000 597,000 876,000 SGD 2.510 1,744,978.37 1.01Investments in securities and money-market instruments 167,734,492.86 97.39Deposits at financial institutions1) 4,490,932.38 2.61Sight deposits2) 4,490,932.38 2.610.0000 % State Street Bank Luxembourg S.A. USD 4,490,932.38 2.61Investments in deposits at financial institutions 4,490,932.38 2.61Net current assets/liabilities USD – 2,783.23 0.00Net assets of the Subfund USD 172,222,642.01 100.00

Net asset value per share– Class A (USD) (distributing) USD 6.56– Class A (EUR) (distributing) EUR 332.83Shares in circulation– Class A (USD) (distributing) Shs 22,639,211 – Class A (EUR) (distributing) Shs 49,8931) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listing Equities Indonesia Bank Mandiri -Rights- Shs 1,785,197 1,785,197Bank Negara Indonesia Persero -Rights- Shs 3,001,330 3,001,330Barito Pacific Shs 8,988,500Bumi Resources Minerals Shs 31,000,000 31,000,000Ciputra Property Shs 19,592,000Delta Dunia Makmur Shs 16,508,500Nippon Indosari Corpindo Shs 2,613,500Sarana Menara Nusantara Shs 1,382,500 1,382,500Telekomunikasi Indonesia Shs 740,500 8,676,000

31/03/2011 30/09/2010 USD USD

Securities

(Cost price USD 122,518,366.27) 167,734,492.86 137,226,760.02

– bonds 0.00 0.00

Receivable on

Unrealised gain on

Total Assets 176,181,738.98 156,693,162.94

Payable on

Other payables – 344,705.36 – 258,161.54

Unrealised loss on

Net assets 172,222,642.01 150,552,000.87

01/10/2010–31/03/2011 01/10/2009–31/03/2010 USD USD

Subscriptions

– Class A (USD) 177,917,420.61 13,199,809.36

– Class A (EUR) 20,680,216.44 84,571,440.06

Redemptions

– Class A (USD) – 162,507,319.43 – 3,285,547.10

– Class A (EUR) – 23,119,309.60 – 104,025,303.24

Distribution – 425,482.17 – 471,255.23

Equalization 12,211.79 – 10,945.40

Class AShares

Number of shares

– issued 28,316,504 18,585,979

– redeemed – 25,839,128 – 22,722,779

Class AShares

Number of shares

– issued 45,249 39,627

– redeemed – 52,297 – 10,242

Securities and money-market instruments admitted to an official stock exchange listing 19,502,380.11 97.91Equities 19,502,380.11 97.91Japan 19,502,380.11 97.91Ajinomoto Shs 15,000 22,000 30,000 JPY 867.000 314,244.29 1.58Amada Shs 5,000 32,000 14,000 JPY 694.000 117,385.53 0.59Aozora Bank Shs 203,000 22,000 181,000 JPY 188.000 411,115.14 2.06Asahi Breweries Shs 5,000 4,000 12,000 JPY 1,383.000 200,507.43 1.01Benesse Holdings Shs 8,000 4,700 9,400 JPY 3,405.000 386,698.08 1.94Canon Shs 11,500 2,200 18,500 JPY 3,620.000 809,109.58 4.06Dai-ichi Life Insurance Shs 420 420 JPY 125,500.000 636,824.94 3.20Daiwa House Industry Shs 13,000 13,000 JPY 1,022.000 160,517.10 0.81East Japan Railway Shs 800 4,300 4,800 JPY 4,625.000 268,213.12 1.35Fanuc Shs 2,900 4,300 JPY 12,590.000 654,065.48 3.28FujiFilm Holdings Shs 8,500 16,500 JPY 2,576.000 513,519.39 2.58Hitachi Shs 74,000 74,000 JPY 433.000 387,120.94 1.94Hitachi Metals Shs 15,000 18,000 JPY 1,048.000 227,908.66 1.14Honda Motor Shs 4,500 26,900 JPY 3,125.000 1,015,615.56 5.10Itochu Shs 48,000 17,000 80,000 JPY 871.000 841,850.91 4.23JX Holdings Shs 72,000 16,000 82,000 JPY 560.000 554,790.38 2.78K’s Holdings Shs 3,000 3,000 10,800 JPY 2,400.000 313,156.94 1.57KDDI Shs 32 90 32 JPY 515,000.000 199,105.96 1.00Lawson Shs 4,200 JPY 4,010.000 203,479.52 1.02Makino Milling Machine Shs 57,000 57,000 JPY 706.000 486,190.65 2.44Mitsubishi Shs 2,000 5,000 10,000 JPY 2,309.000 278,965.81 1.40Mitsubishi UFJ Financial Group Shs 37,000 41,000 107,000 JPY 384.000 496,411.74 2.49Mitsui & Co. Shs 37,000 7,200 29,800 JPY 1,491.000 536,810.44 2.69Mitsui Fudosan Shs 34,000 7,000 27,000 JPY 1,373.000 447,879.67 2.25Mitsui OSK Lines Shs 3,000 32,000 JPY 479.000 185,187.87 0.93Mizuho Financial Group Shs 88,000 40,000 234,000 JPY 138.000 390,141.36 1.96Murata Manufacturing Shs 3,100 6,700 JPY 5,990.000 484,873.75 2.43Nidec Shs 3,600 7,900 JPY 7,200.000 687,205.51 3.45Nihon Unisys Shs 24,000 16,000 37,000 JPY 546.000 244,073.94 1.23Nikon Shs 21,000 21,000 JPY 1,715.000 435,121.42 2.18Nintendo Shs 1,300 1,600 900 JPY 22,470.000 244,327.65 1.23Nippon Electric Glass Shs 16,000 16,000 JPY 1,178.000 227,715.36 1.14Nippon Sheet Glass Shs 65,000 30,000 171,000 JPY 240.000 495,831.82 2.49Nippon Shokubai Shs 44,000 25,000 19,000 JPY 1,042.000 239,192.94 1.20Nippon Telegraph & Telephone Shs 5,300 15,700 JPY 3,735.000 708,463.21 3.56ORIX Shs 4,900 3,200 5,500 JPY 7,790.000 517,639.24 2.60Pigeon Shs 4,000 7,800 JPY 2,604.000 245,393.26 1.23Pioneer Shs 50,000 50,000 JPY 346.000 209,012.93 1.05Ryohin Keikaku Shs 1,500 6,800 JPY 3,415.000 280,560.59 1.41SMC Shs 3,100 1,000 3,500 JPY 13,690.000 578,893.32 2.91Sony Shs 13,200 8,100 13,100 JPY 2,664.000 421,631.03 2.12Sumitomo Mitsui Financial Group Shs 4,200 5,200 21,100 JPY 2,586.000 659,231.61 3.31Tokyo Gas Shs 85,000 85,000 JPY 380.000 390,238.01 1.96Toyota Motor Shs 15,500 20,700 7,500 JPY 3,350.000 303,552.01 1.52Tsumura & Co. Shs 16,500 2,000 14,500 JPY 2,610.000 457,230.88 2.30U-Shin Shs 30,000 30,000 JPY 645.000 233,780.36 1.17Unipres Shs 27,000 7,000 20,000 JPY 1,662.000 401,594.78 2.02Investments in securities and money-market instruments 19,502,380.11 97.91Deposits at financial institutions1) 1,260,696.73 6.33Sight deposits2) 1,260,696.73 6.330.0000 % State Street Bank Luxembourg S.A. USD 1,260,696.73 6.33Investments in deposits at financial institutions 1,260,696.73 6.33Net current assets/liabilities USD – 843,927.17 – 4.24Net assets of the Subfund USD 19,919,149.67 100.00

Allianz RCM Japan

% ofSubfund

Allianz RCM Japan

Net asset value per share– Class A (USD) (distributing) USD 13.46– Class IT (USD) (accumulating) USD 14.42Shares in circulation– Class A (USD) (distributing) Shs 1,321,648 – Class IT (USD) (accumulating) Shs 148,160

Allianz RCM Japan

Securities and money-market instruments admitted to an official stock exchange listing Equities Japan Aisin Seiki Shs 800 8,700Asahi Kasei Shs 57,600Chiba Bank Shs 59,000Chiyoda Shs 53,000 53,000Culture Convenience Club Shs 61,000Fuji Oil Shs 23,000Hitachi Construction Machinery Shs 16,000 16,000JFE Holdings Shs 8,500 8,500Kao Shs 5,000Keihin Shs 13,000Kubota Shs 7,000 26,000Kuraray Shs 1,700 18,700Mitsubishi Estate Shs 20,000 30,000Mitsubishi Heavy Industries Shs 36,000Mitsubishi Materials Shs 61,000 133,000Mitsui Sumitomo Insurance Group Shs 24,000 24,000NEC Shs 96,000Nichi-Iko Pharmaceutical Shs 4,500Nippon Television Network Shs 100 2,900Nissan Motor Shs 37,000 55,000NKSJ Holdings Shs 24,000Osaka Gas Shs 8,000 96,000Panasonic Shs 16,000Ricoh Shs 14,000Rohm Shs 3,100Sanyo Special Steel Shs 41,000Secom Shs 3,000Shin-Etsu Chemical Shs 4,000Shionogi & Co. Shs 19,000Sumitomo Electric Industries Shs 19,000Sumitomo Forestry Shs 31,000Sumitomo Metal Industries Shs 41,000T&D Holdings Shs 5,000 18,000Taikisha Shs 16,000Takeda Pharmaceutical Shs 8,600Tokyo Electric Power Shs 14,200 26,000Tokyo Tatemono Shs 56,000Toshiba Shs 78,000 113,000Toyo Tire & Rubber Shs 63,000Uny Shs 51,000

Allianz RCM Japan

31/03/2011 30/09/2010 USD USD

Securities

(Cost price USD 19,151,280.04) 19,502,380.11 18,807,970.74

– bonds 0.00 0.00

Receivable on

Unrealised gain on

Total Assets 21,003,570.31 19,638,332.54

Payable on

Other payables – 32,902.65 – 30,712.76

Unrealised loss on

Net assets 19,919,149.67 19,227,585.27

Allianz RCM Japan

01/10/2010–31/03/2011 01/10/2009–31/03/2010 USD USD

Subscriptions

– Class A (USD) 2,369,093.32 3,277,362.29

– Class IT (USD) 2,091,466.42 0.00

Redemptions

– Class A (USD) – 5,054,261.15 – 15,390,041.31

– Class IT (USD) 0.00 0.00

Distribution – 30,363.97 – 49,422.47

Equalization 33,457.87 – 18,416.54

Class ITShares

Class AShares

Class ITShares

at the beginning of the reporting period 1,534,481 285 2,594,634 285

Number of shares

– issued 167,839 147,875 256,759 0

– redeemed – 380,672 0 – 1,260,174 0

at the end of the reporting period 1,321,648 148,160 1,591,219 285

Allianz RCM Korea

Securities and money-market instruments admitted to an official stock exchange listing 45,746,949.06 94.77Equities 45,746,949.06 94.77South Korea 45,746,949.06 94.77Daegu Bank Shs 15,440 24,877 KRW 18,152.848 411,676.38 0.85Daewoo Securities Shs 16,250 27,370 23,320 KRW 22,590.211 480,244.06 0.99Daewoo Shipbuilding & Marine Engineering Shs 43,450 27,180 16,270 KRW 34,339.138 509,319.27 1.06Dong-A Pharmaceutical Shs 440 5,450 3,547 KRW 112,951.055 365,228.49 0.76Duksan Hi-Metal Shs 15,986 22,949 KRW 25,514.837 533,789.13 1.11Fila Korea Shs 5,736 8,736 KRW 76,544.510 609,592.81 1.26Gamevil Shs 17,946 7,706 KRW 26,725.026 187,741.51 0.39GS Holdings Shs 3,710 13,251 12,709 KRW 94,193.112 1,091,298.84 2.26Honam Petrochemical Shs 2,030 462 4,688 KRW 390,790.481 1,670,108.73 3.46Hotel Shilla Shs 39,600 32,400 KRW 25,766.959 761,064.30 1.58Hyundai Engineering & Construction Shs 18,590 4,885 KRW 79,872.532 355,692.89 0.74Hyundai Greenfood Shs 35,910 39,340 KRW 12,303.597 441,244.82 0.91Hyundai Heavy Industries Shs 640 3,150 5,270 KRW 522,398.631 2,509,723.13 5.20Hyundai Home Shopping Networks Shs 2,670 8,834 KRW 122,531.725 986,777.21 2.04Hyundai Mobis Shs 1,620 1,620 KRW 330,280.987 487,766.26 1.01Hyundai Motor Shs 2,250 1,050 13,203 KRW 204,723.788 2,464,076.00 5.10Hyundai Steel Shs 2,520 510 7,890 KRW 141,188.819 1,015,524.67 2.10Interflex Shs 17,508 17,508 KRW 31,868.333 508,638.30 1.05KB Financial Group Shs 24,290 1,850 33,612 KRW 57,988.265 1,776,837.20 3.68Kia Motors Shs 38,870 38,870 KRW 69,585.918 2,465,750.15 5.11Korea Electric Power Shs 20,600 15,500 KRW 27,128.423 383,327.00 0.79Korea Zinc Shs 860 1,220 1,790 KRW 402,388.134 656,615.85 1.36KT Shs 8,744 13,266 KRW 39,230.322 474,433.16 0.98KT&G Shs 11,990 11,990 KRW 57,584.868 629,420.28 1.30LG Shs 16,068 16,068 KRW 82,494.610 1,208,371.75 2.50LG Chem Shs 2,346 290 4,726 KRW 463,906.120 1,998,651.10 4.14LG Electronics Shs 16,177 16,177 KRW 105,891.614 1,561,610.51 3.24LG Household & Health Care Shs 700 1,030 2,980 KRW 414,994.279 1,127,383.15 2.34Lotte Confectionery Shs 181 181 KRW 1,511,728.855 249,439.74 0.52Lotte Shopping Shs 4,810 1,220 KRW 452,812.713 503,606.83 1.04Modetour Network Shs 19,108 KRW 34,843.384 606,944.14 1.26Neowiz Games Shs 2,580 8,530 29,756 KRW 50,727.126 1,376,030.22 2.85OCI Shs 4,180 4,180 KRW 498,194.833 1,898,404.12 3.93POSCO Shs 1,270 2,729 KRW 509,288.240 1,267,010.90 2.62Samsung C&T Shs 7,160 3,640 KRW 72,409.694 240,276.48 0.50Samsung Electronics Shs 820 870 5,299 KRW 939,914.138 4,540,412.07 9.41Samsung Engineering Shs 6,620 1,750 KRW 210,774.737 336,255.79 0.70Samsung Fire & Marine Insurance Shs 4,080 440 5,550 KRW 244,559.204 1,237,343.16 2.56Samsung Life Insurance Shs 2,480 2,850 16,205 KRW 103,874.631 1,534,516.98 3.18Samsung SDI Shs 290 5,210 4,610 KRW 169,426.583 712,025.66 1.48Shinhan Financial Group Shs 11,100 2,790 33,336 KRW 50,273.305 1,527,791.49 3.17Silicon Works Shs 17,479 10,447 16,455 KRW 38,221.830 573,353.59 1.19SK Telecom Shs 620 2,410 KRW 164,888.371 362,259.88 0.75SKC Shs 23,340 23,340 KRW 52,139.014 1,109,371.06 2.30Investments in securities and money-market instruments 45,746,949.06 94.77Deposits at financial institutions1) 2,058,362.84 4.26Sight deposits2) 2,058,362.84 4.260.0000 % State Street Bank Luxembourg S.A. USD 2,058,362.84 4.26Investments in deposits at financial institutions 2,058,362.84 4.26Net current assets/liabilities USD 469,478.06 0.97Net assets of the Subfund USD 48,274,789.96 100.00

Net asset value per share– Class A (USD) (distributing) USD 12.46– Class IT (USD) (accumulating) USD 13.27Shares in circulation– Class A (USD) (distributing) Shs 3,872,543 – Class IT (USD) (accumulating) Shs 5971) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Allianz RCM Korea

Securities and money-market instruments admitted to an official stock exchange listing Equities South Korea Amorepacific Shs 254Binggrae Shs 5,971Grand Korea Leisure Shs 24,170Hyundai Department Store Shs 13,844Hyundai Marine & Fire Insurance Shs 25,690Hyundai Securities Shs 17,560Jinro Distillers Shs 36,660Kolon Industries Shs 2,572 26,556Kolon Industries -Rights- Shs 2,572 2,572Korea Exchange Bank Shs 101,510Korea Plant Service & Engineering Shs 850 20,899Orion Shs 3,643YES24 Shs 41,541

Allianz RCM Korea

31/03/2011 30/09/2010 USD USD

Securities

(Cost price USD 33,792,988.13) 45,746,949.06 46,303,831.28

– bonds 0.00 0.00

Dividend receivable 312,918.70 0.00

Receivable on

Unrealised gain on

Total Assets 49,849,032.29 47,752,888.31

Payable on

Other payables – 87,588.28 – 98,629.87

Unrealised loss on

Net assets 48,274,789.96 47,170,888.91

Allianz RCM Korea

01/10/2010–31/03/2011 01/10/2009–31/03/2010 USD USD

Subscriptions

– Class A (USD) 11,840,404.37 10,400,467.66

– Class IT (USD) 0.00 213,075.00

Redemptions

– Class A (USD) – 17,651,535.89 – 11,986,682.47

– Class IT (USD) 0.00 – 978,900.00

Equalization 133,689.21 – 9,487.58

Class ITShares

Class AShares

Class ITShares

at the beginning of the reporting period 4,412,587 597 4,979,649 75,597

Number of shares

– issued 1,045,377 0 1,140,481 22,500

– redeemed – 1,585,421 0 – 1,310,768 – 97,500

at the end of the reporting period 3,872,543 597 4,809,362 597

Securities and money-market instruments admitted to an official stock exchange listing 584,578,065.89 95.31Equities 578,767,765.89 94.37Australia 16,712,235.49 2.73OneSteel Shs 2,362,000 710,646 1,651,354 AUD 2.440 4,166,300.04 0.68Perseus Mining Shs 1,100,000 1,100,000 AUD 3.090 3,514,565.96 0.58Suncorp Group Shs 1,030,000 1,030,000 AUD 8.480 9,031,369.49 1.47China 83,616,796.61 13.63China National Materials -H- Shs 5,842,000 3,000,000 10,000,000 HKD 7.000 8,994,827.97 1.47China Oilfield Services -H- Shs 6,600,000 5,400,000 HKD 17.580 12,198,528.70 1.99China Railway Construction -H- Shs 1,500,000 7,000,000 HKD 8.120 7,303,800.31 1.19China Rongsheng Heavy Industry Group Shs 9,061,000 1,131,000 7,930,000 HKD 6.814 6,943,458.99 1.13Chongqing Rural Commercial Bank -H- Shs 10,000,000 323,000 9,677,000 HKD 5.340 6,640,133.64 1.08Guangzhou Automobile Group -H- Shs 5,000,000 5,000,000 HKD 9.480 6,090,783.51 0.99International Mining Machinery Holdings Shs 9,232,500 9,232,500 HKD 6.864 8,143,623.18 1.33Parkson Retail Group Shs 5,149,500 4,350,500 HKD 10.770 6,020,560.92 0.98Shenzen Expressway -H- Shs 8,500,000 8,500,000 HKD 5.100 5,570,368.47 0.91Zhongsheng Group Holdings Shs 4,107,000 HKD 14.635 7,723,303.68 1.26Zhuzhou CSR Times Electric -H- Shs 2,072,000 2,100,000 HKD 29.600 7,987,407.24 1.30Hong Kong 123,532,372.92 20.14ASM Pacific Technology Shs 1,110,900 50,900 1,060,000 HKD 98.135 13,366,709.31 2.18Beijing Enterprises Holdings Shs 575,000 1,400,000 HKD 44.790 8,057,532.54 1.31China Everbright International Shs 11,215,000 11,215,000 HKD 3.815 5,497,338.00 0.90Cosco Pacific Shs 1,800,000 1,500,000 6,500,000 HKD 14.776 12,341,087.22 2.01Fook Woo Group Holdings Shs 9,430,000 10,132,000 16,700,000 HKD 2.677 5,745,291.41 0.94Hengdeli Holdings Shs 2,372,000 7,972,000 20,400,000 HKD 4.127 10,817,527.12 1.76Kunlun Energy Shs 6,200,000 6,200,000 HKD 12.481 9,943,227.34 1.62Li & Fung Shs 1,150,000 344,000 806,000 HKD 40.059 4,148,892.06 0.68Luk Fook Holdings International Shs 2,218,000 2,218,000 HKD 23.200 6,612,207.63 1.08Noble Group Shs 1,100,000 2,100,000 5,000,000 SGD 2.140 8,491,726.52 1.38Poly Hong Kong Investment Shs 2,700,000 15,000,000 HKD 7.348 14,162,114.43 2.31Pou Sheng International Holdings Shs 23,000,000 7,264,000 42,736,000 HKD 1.238 6,798,495.98 1.11Sino Land Shs 3,700,000 3,700,000 HKD 13.950 6,632,526.17 1.08Sinofert Holdings Shs 11,028,000 11,028,000 HKD 3.382 4,792,366.56 0.78SJM Holdings Shs 18,782,000 3,052,000 HKD 13.809 5,415,675.71 0.88Tungda Innovative Lighting Holdings Shs 31,000,000 HKD 0.178 709,654.92 0.12India 32,298,430.97 5.27Crompton Greaves Shs 200,000 2,100,000 INR 272.250 12,837,655.78 2.09Glenmark Pharmaceuticals Shs 1,300,000 1,300,000 INR 285.050 8,320,758.95 1.36Gujarat NRE Coke Shs 1,100,000 4,483,135 INR 49.800 5,013,138.50 0.82Shriram Transport Finance Shs 164,140 506,000 345,000 INR 790.900 6,126,877.74 1.00Indonesia 23,230,835.48 3.79Perusahaan Gas Negara Shs 7,000,000 14,000,000 IDR 3,900.000 6,270,456.50 1.02Semen Gresik Persero Shs 2,000,000 4,500,000 9,000,000 IDR 9,100.000 9,405,684.75 1.54Tambang Batubara Bukit Asam Shs 500,000 3,132,500 IDR 21,000.000 7,554,694.23 1.23Malaysia 28,961,961.73 4.72Genting Shs 400,000 1,509,700 4,200,000 MYR 11.040 15,323,705.34 2.50Petronas Chemicals Group Shs 5,700,000 5,700,000 MYR 7.240 13,638,256.39 2.22Philippines 17,535,403.13 2.86Aboitiz Power Shs 5,346,000 15,646,000 9,700,000 PHP 30.000 6,705,069.12 1.09Alliance Global Group Shs 1,368,300 4,754,500 26,113,800 PHP 11.920 7,172,269.49 1.17Semirara Mining Shs 1,200,000 500,000 700,000 PHP 226.800 3,658,064.52 0.60Singapore 11,026,038.65 1.80SembCorp Marine Shs 2,379,000 2,379,000 SGD 5.840 11,026,038.65 1.80South Korea 125,662,117.66 20.49Cheil Industries Shs 84,000 84,000 KRW 117,489.267 8,996,853.51 1.47Daegu Department Store Shs 1 KRW 12,101.899 11.03 0.00Dongbu Insurance Shs 145,000 222,000 145,000 KRW 50,525.427 6,678,688.15 1.09Duksan Hi-Metal Shs 110,000 260,000 KRW 25,514.837 6,047,547.76 0.99Hotel Shilla Shs 56,000 560,000 150,000 KRW 25,766.959 3,523,445.85 0.57Hyundai Home Shopping Network Shs 39,000 107,000 KRW 122,531.725 11,952,135.09 1.95Hyundai Steel Shs 63,000 14,000 49,000 KRW 141,188.819 6,306,807.18 1.03Korea Petrochemical Shs 86,000 86,000 KRW 119,002.005 9,329,661.69 1.52Korean Reinsurance Shs 690,040 690,040 KRW 12,908.692 8,120,255.11 1.32LG Shs 120,000 120,000 KRW 82,494.610 9,024,434.29 1.47

% ofSubfund

LG Household & Health Care Shs 28,000 28,000 KRW 414,994.279 10,592,861.85 1.73Lotte Shopping Shs 3,400 35,400 KRW 452,812.713 14,612,853.84 2.38Neowiz Games Shs 180,000 180,000 KRW 50,727.126 8,323,882.24 1.36S&T Dynamics Shs 140,420 355,000 KRW 17,850.301 5,776,796.34 0.94SFA Engineering Shs 307,849 185,000 122,849 KRW 68,980.823 7,725,261.07 1.26SKC Shs 182,000 182,000 KRW 52,139.014 8,650,622.66 1.41Taiwan 84,089,912.10 13.71Advanced Semiconductor Engineering Shs 4,100,000 5,300,000 TWD 31.900 5,749,409.14 0.94Catcher Technology Shs 3,000,000 1,150,000 1,850,000 TWD 145.500 9,153,588.49 1.49Chinatrust Financial Holdings Shs 7,600,000 7,600,000 TWD 25.000 6,461,156.55 1.05Chipbond Technology Shs 5,000,000 5,000,000 TWD 42.850 7,285,804.16 1.19FLEXium Interconnect Shs 6,201,000 1,401,000 4,800,000 TWD 56.400 9,206,127.90 1.50HTC Shs 200,000 250,000 TWD 1,150.000 9,776,750.04 1.59Powertech Technology Shs 1,800,000 1,800,000 TWD 92.100 5,637,529.12 0.92Taiwan Fertilizer Shs 600,000 500,000 3,730,000 TWD 86.500 10,971,893.97 1.79Taiwan Hon Chuan Enterprise Shs 3,100,000 2,300,000 TWD 73.800 5,772,193.22 0.94Uni-President Enterprises Shs 7,600,000 4,700,000 TWD 40.300 6,441,092.96 1.05WT Microelectronics Shs 3,585,000 1,000,000 5,000,000 TWD 44.900 7,634,366.55 1.25Thailand 32,101,661.15 5.23BEC World (Foreign) Shs 3,022,900 722,900 10,000,000 THB 33.750 11,157,024.79 1.82PTT Chemical (Foreign) Shs 566,500 4,266,500 THB 148.500 20,944,636.36 3.41Participating Shares 5,810,300.00 0.94Taiwan 5,810,300.00 0.94Siliconware Precision Industries (ADR’s) Shs 1,500,000 530,000 970,000 USD 5.990 5,810,300.00 0.94Investment Units 4,771,076.00 0.78(Management fee of the target fund in % p.a.) Luxembourg 4,771,076.00 0.78Allianz Global Investors Opportunities - Allianz RCM China A-Shares -IT- USD (1.000%) Shs 3,899.000 3,700.000 USD 1,289.480 4,771,076.00 0.78Investments in securities and money-market instruments 589,349,141.89 96.09Deposits at financial institutions1) 20,896,879.18 3.41Sight deposits2) 20,896,879.18 3.410.0000 % State Street Bank Luxembourg S.A. USD 20,896,879.18 3.41Investments in deposits at financial institutions 20,896,879.18 3.41Net current assets/liabilities USD 3,053,115.81 0.50Net assets of the Subfund USD 613,299,136.88 100.00

Net asset value per share– Class A (USD) (distributing) USD 105.87– Class AT (USD) (accumulating) USD 105.98– Class IT (USD) (accumulating) USD 117.55– Class PT (USD) (accumulating) USD 11.09– Class A2 (EUR) (distributing) EUR 200.48– Class CT2 (EUR) (accumulating) EUR 198.30– Class AT (SGD) (accumulating) SGD 11.70Shares in circulation– Class A (USD) (distributing) Shs 5,457,824– Class AT (USD) (accumulating) Shs 40,642– Class IT (USD) (accumulating) Shs 6,733– Class PT (USD) (accumulating) Shs 52,383– Class A2 (EUR) (distributing) Shs 77,979– Class CT2 (EUR) (accumulating) Shs 25,613– Class AT (SGD) (accumulating) Shs 40,4631) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listing Equities Australia Qantas Airways Shs 3,100,000China Anta Sports Products Shs 2,510,000 2,510,000Boer Power Holdings Shs 963,000 963,000China Merchants Bank -H- Shs 3,500,000China Shipping Development -H- Shs 250,000China Suntien Green Energy Shs 5,343,000 5,343,000Evergreen International Holdings Shs 1,395,000 1,395,000Foxconn International Holdings Shs 5,000,000 5,000,000Maanshan Iron & Steel -H- Shs 6,100,000 21,888,000Peak Sport Products Shs 10,000,000Shirble Department Stores Holdings China Shs 13,494,000 13,494,000Sinopec Shanghai Petrochemical -H- Shs 15,000,000 15,000,000Springland International Holdings Shs 813,000 813,000Sun King Power Electronics Group Shs 476,000 476,000Trony Solar Holdings Shs 1,136,000 1,136,000Hong Kong China Dongxiang Group Shs 15,000,000New World Department Store China Shs 8,000,000Yingde Gases Shs 7,368,500India IVRCL Infrastructures & Projects Shs 1,325,754Lupin Shs 1,450,000Oberoi Realty Shs 57,535 57,535Rolta India Shs 1,396,017Unitech Shs 4,000,000Indonesia Bank Negara Indonesia Persero Shs 2,891,962 15,980,962Bank Negara Indonesia Persero -Rights- Shs 2,891,962 2,891,962Macau Wynn Macau Shs 4,000,000Philippines Energy Development Shs 37,000,000Megaworld Shs 84,401,000 84,401,000Singapore Indofood Agri Resources Shs 7,700,000SMRT Shs 7,200,000Swiber Holdings Shs 10,000,000South Korea Amorepacific Shs Daewoo Shipbuilding & Marine Engineering Shs 380,000 380,000Hansol Paper Shs 720,000Honam Petrochemical Shs 20,925Hyundai Greenfood Shs 1,250,000Hyundai Engineering & Construction Shs 62,000Kolon Industries Shs 46,386 359,589Kolon Industries -Rights- Shs 46,386 46,386Korea Life Insurance Shs 970,000Orion Shs 29,000Samsung Engineering Shs 12,000 79,000Silicon Works Shs 60,278 149,342Taiwan Acer Shs 1,930,327Career Technology Shs 6,783,000Hon Hai Precision Industry Shs 2,000,000Hung Poo Real Estat Development Shs 3,300,000MStar Semiconductor Shs 571,000 571,000Synnex Technology International Shs 1,800,467Taishin Financial Holding Shs 8,700,000

TPK Holding Shs 22,000 22,000Yuanta Financial Holding Shs 5,219,000Thailand Asian Property Development (Foreign) Shs 11,379,000 35,379,000Quality House (Foreign) Shs 70,000,000Participating Shares China Daqo New Energy (ADR’s) Shs 221,300 221,300Mecox Lane (ADR’s) Shs 55,925 55,925Mindray Medical International (ADR’s) Shs 250,000Qihoo 360 Technologies (ADR’s) Shs 27,721 27,721Xueda Education Group (ADR’s) Shs 39,602 39,602India ICICI Bank (ADR’s) Shs 284,000Thailand PTT Chemical (NVDR’s) Shs 566,500 566,500Other securities and money-market instruments Equities China Sihuan Pharmaceutical Shs 2,476,000 2,476,000

31/03/2011 30/09/2010 USD USD

Securities

(Cost price USD 507,917,058.05) 589,349,141.89 694,941,235.23

– bonds 0.00 0.00

Dividend receivable 1,851,318.65 659.71

Receivable on

Unrealised gain on

Total Assets 620,211,102.63 731,584,145.07

Payable on

Other payables – 1,689,733.18 – 3,024,561.64

Unrealised loss on

Net assets 613,299,136.88 718,903,095.69

01/10/2010–31/03/2011 01/10/2009–31/03/2010 USD USD

Subscriptions

– Class A (USD) 63,614,959.36 69,173,478.52

– Class AT (USD) 842,623.94 111,644.63

– Class IT (USD) 509,928.95 20,395,863.75

– Class PT (USD) 0.00 21.78

– Class A2 (EUR) 4,672,008.39 2,653,003.29

– Class CT2 (EUR) 2,945,610.45 1,848,798.33

– Class AT (SGD) 74,100.77 109,037.38

Redemptions

– Class A (USD) – 176,190,549.45 – 146,647,051.73

– Class AT (USD) – 891,580.20 – 606,822.06

– Class IT (USD) – 25,890,735.15 0.00

– Class PT (USD) 0.00 0.00

– Class A2 (EUR) – 8,142,557.38 – 6,023,754.13

– Class CT2 (EUR) – 1,074,819.08 – 769,948.03

– Class AT (SGD) – 84,816.86 – 2,497.68

Distribution – 297,433.30 – 460,677.12

Equalization 6,476,442.70 – 382,626.39

Class ATShares

Class ITShares

Class PTShares

Class AShares

Class ATShares

Class ITShares

Class PTShares

at the beginning of the reporting period 6,525,625 41,122 234,444 52,383 8,742,034 58,392 92 52,380

Number of shares

– issued 605,696 7,795 4,484 0 798,085 1,263 212,921 2

– redeemed – 1,673,497 – 8,275 – 232,195 0 – 1,670,449 – 6,940 0 0

EUR Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class A2

SharesClass CT2

SharesClass A2

SharesClass CT2

Shares

at the beginning of the reporting period 90,824 18,967 115,930 10,714

Number of shares

– issued 16,293 10,544 11,181 8,088

– redeemed – 29,138 – 3,898 – 26,398 – 3,328

at the end of the reporting period 77,979 25,613 100,713 15,474

SharesClass AT

Shares

Number of shares

– issued 8,180 14,427

– redeemed – 9,205 – 335

Securities and money-market instruments admitted to an official stock exchange listing 534,073,606.12 97.49Equities 468,348,879.80 85.49Australia 35,028,699.19 6.39Goodman Fielder Shs 6,412,600 2,156,100 AUD 1.230 2,742,171.07 0.50Newcrest Mining Shs 127,900 142,300 559,955 AUD 39.820 23,055,519.70 4.21Woodside Petroleum Shs 190,758 190,758 AUD 46.800 9,231,008.42 1.68China 27,386,620.99 5.00China Oilfield Services -H- Shs 538,000 10,145,000 HKD 17.580 22,917,421.05 4.18China Rongsheng Heavy Industry Group Shs 4,479,000 1,799,000 2,680,000 HKD 6.814 2,346,591.44 0.43Sinopec Shanghai Petrochemical -H- Shs 4,501,000 4,501,000 HKD 3.670 2,122,608.50 0.39Hong Kong 62,746,845.33 11.45AIA Group Shs 3,547,200 1,246,000 2,301,200 HKD 24.106 7,128,102.02 1.30Beijing Enterprises Water Group Shs 9,214,000 5,081,000 21,174,000 HKD 2.748 7,476,176.24 1.36Cheung Kong Infrastructure Holdings Shs 166,000 2,485,000 HKD 36.989 11,811,301.35 2.16CNOOC Shs 573,000 6,308,000 HKD 19.768 16,023,123.27 2.93Hong Kong Exchanges and Clearing Shs 130,000 337,000 HKD 169.799 7,352,905.88 1.34Noble Group Shs 2,260,000 2,260,000 SGD 2.140 3,838,260.39 0.70PCCW Shs 10,533,000 21,824,000 HKD 3.251 9,116,976.18 1.66Japan 157,234,726.35 28.70Disco Shs 63,000 63,000 JPY 5,680.000 4,323,305.55 0.79Hitachi Shs 300,000 738,000 5,420,000 JPY 433.000 28,353,992.99 5.17Inpex Shs 796 792 796 JPY 631,000.000 6,068,333.94 1.11JX Holdings Shs 608,100 608,100 JPY 560.000 4,114,244.29 0.75Mitsui Shs 9,600 1,861,500 JPY 1,491.000 33,532,638.64 6.12Mitsui Fudosan Shs 447,000 117,000 669,000 JPY 1,373.000 11,097,462.85 2.03Mizuho Financial Group Shs 1,820,900 4,901,100 3,806,600 JPY 138.000 6,346,632.84 1.16Mori Seiki Shs 267,100 963,700 JPY 993.000 11,561,605.65 2.11Nifco Shs 14,400 115,700 JPY 1,992.000 2,784,516.13 0.51Nissan Motor Shs 466,500 466,500 JPY 738.000 4,159,441.83 0.76OSAKA Titanium Technologies Shs 76,300 76,300 JPY 5,740.000 5,291,313.28 0.97Sega Sammy Holdings Shs 158,600 158,600 JPY 1,446.000 2,770,757.52 0.51Shinsei Bank Shs 5,235,000 1,024,000 4,211,000 JPY 98.000 4,985,840.28 0.91Simplex Holdings Shs 2,673 12,481 JPY 35,400.000 5,338,013.77 0.97Sumitomo Metal Industries Shs 2,147,000 2,574,000 3,475,000 JPY 186.000 7,808,988.76 1.42Toyo Tanso Shs 24,600 75,500 206,300 JPY 4,505.000 11,228,482.54 2.05Yaskawa Electric Shs 627,000 627,000 JPY 986.000 7,469,155.49 1.36Malaysia 42,309,219.08 7.72Gamuda Shs 506,000 3,185,800 MYR 3.860 4,063,977.00 0.74Kuala Lumpur Kepong Shs 87,000 1,849,000 MYR 21.200 12,954,426.78 2.36MMC Shs 7,036,000 715,000 6,321,000 MYR 2.770 5,786,433.79 1.06Petronas Chemicals Group Shs 8,151,700 8,151,700 MYR 7.240 19,504,381.51 3.56Mongolia 5,816,623.60 1.06Mongolian Mining Shs 12,082,500 7,558,000 4,524,500 HKD 10.005 5,816,623.60 1.06New Zealand 10,337,962.97 1.89Mainfreight Shs 1,518,545 NZD 8.940 10,337,962.97 1.89Pakistan 6,333,778.28 1.16HUB Power Shs 14,313,500 PKR 37.750 6,333,778.28 1.16Singapore 26,501,170.58 4.84Goodpack Shs 1,853,000 1,853,000 SGD 1.940 2,852,918.53 0.52Keppel Shs 327,000 2,422,600 SGD 12.300 23,648,252.05 4.32South Korea 52,658,632.11 9.61CrucialTec Shs 260,000 10,000 250,000 KRW 24,909.742 5,677,045.82 1.04Duksan Hi-Metal Shs 53,580 193,810 KRW 25,514.837 4,507,981.66 0.82Huneed Technologies Shs 376,480 KRW 3,716.291 1,275,454.12 0.23Koh Young Technology Shs 235,000 37,410 197,590 KRW 27,733.518 4,995,547.50 0.91Korea Kumho Petrochemical Shs 52,180 3,190 48,990 KRW 150,769.489 6,733,394.65 1.23Korea Petrochemical Shs 55,698 55,698 KRW 119,002.005 6,042,366.24 1.10KP Chemical Shs 226,550 307,730 KRW 27,279.697 7,652,838.42 1.40Melfas Shs 106,590 106,590 KRW 45,331.696 4,404,854.79 0.81S&T Dynamics Shs 84,020 54,000 536,180 KRW 17,850.301 8,725,077.92 1.59Samsung Techwin Shs 10,160 36,040 KRW 80,477.627 2,644,070.99 0.48Taiwan 15,271,827.66 2.79Largan Precision Shs 29,000 37,000 366,000 TWD 796.000 9,907,197.39 1.81TPK Holding Shs 195,000 195,000 TWD 809.000 5,364,630.27 0.98

% ofSubfund

Thailand 26,722,773.66 4.88Berli Jucker (Foreign) Shs 13,188,000 13,188,000 THB 17.400 7,585,824.79 1.39CH Karnchang (Foreign) Shs 5,541,000 7,002,000 28,479,571 THB 8.850 8,332,039.78 1.52PTT Chemical (Foreign) Shs 872,000 2,201,000 THB 148.500 10,804,909.09 1.97Bonds 56,452,012.38 10.31Bermuda 6,099,870.00 1.115.2500 % Li & Fung USD Notes 10/20 USD 6,000.0 % 101.665 6,099,870.00 1.11British Virgin Islands 11,013,161.00 2.017.0000 % Hysan USD MTN 02/12 USD 5,600.0 % 104.681 5,862,136.00 1.076.3750 % Jardine Strategic Finance USD Notes 01/11 USD 5,000.0 % 103.021 5,151,025.00 0.94Cayman Islands 8,124,680.80 1.484.6250 % Hutchison Whampoa International

USD Notes 09/15 USD 3,700.0 % 106.028 3,923,032.30 0.717.6250 % Hutchison Whampoa International

USD Notes 09/19 USD 3,500.0 % 120.047 4,201,648.50 0.77China 5,417,043.55 0.990 % China Petroleum & Chemicals

HKD Zero-Coupon Notes 07/14 HKD 36,300.0 % 116.134 5,417,043.55 0.99Hong Kong 7,630,770.80 1.400.8290 % Bank of East Asia USD FLR-Notes 07/17 USD 4,900.0 % 98.123 4,808,012.30 0.880.5531 % Standard Chatered Bank Hong Kong

USD FLR-MTN 07/17 USD 2,900.0 % 97.337 2,822,758.50 0.52Malaysia 9,457,248.50 1.732.0000 % Cherating Capital USD FLR-Notes 07/12 USD 2,000.0 % 131.680 2,633,600.00 0.487.5000 % Malaysia Government USD Bonds 01/11 USD 6,700.0 % 101.846 6,823,648.50 1.25Singapore 8,709,237.73 1.593.1250 % CapitaLand SGD Notes 08/18 SGD 10,500.0 % 104.515 8,709,237.73 1.59Participating Shares 9,272,713.94 1.69China 2,702,945.91 0.49Daqo New Energy (ADR’s) Shs 493,800 351,491 142,309 USD 12.990 1,848,593.91 0.34Qihoo 360 Technologies (ADR’s) Shs 25,128 25,128 USD 34.000 854,352.00 0.15Hong Kong 6,569,768.03 1.20Longtop Financial Technologies (ADR’s) Shs 288,000 210,637 USD 31.190 6,569,768.03 1.20Securities and money-market instruments dealt on another regulated market 11,691,845.00 2.14Bonds 11,691,845.00 2.14Malaysia 11,691,845.00 2.147.0000 % Petronas Capital USD Notes 02/12 USD 11,000.0 % 106.290 11,691,845.00 2.14Other securities and money-market instruments 612,318.15 0.11Bonds 612,318.15 0.11China 612,318.15 0.111.9500 % China Development Bank CNY Notes 05/15 CNY 4,000.0 4,000.0 % 100.300 612,318.15 0.11Investments in securities and money-market instruments 546,377,769.27 99.74Deposits at financial institutions1) 2,479,239.87 0.45Sight deposits2) 2,479,239.87 0.450.0000 % State Street Bank Luxembourg S.A. USD 2,137,344.88 0.390.0000 % Deposits for collateralisation of derivatives USD 341,894.99 0.06Investments in deposits at financial institutions 2,479,239.87 0.45Net current assets/liabilities USD – 1,027,253.12 – 0.19Net assets of the Subfund USD 547,829,756.02 100.00

% ofSubfund

Net asset value per share – Class AT (EUR) (accumulating) EUR 116.88– Class AT (SGD) (accumulating) SGD 10.46– Class A (USD) (distributing) USD 88.00– Class AT (USD) (accumulating) USD 92.86– Class I (USD) (distributing) USD 89.89– Class IT (USD) (accumulating) USD 96.94– Class P (USD) (distributing) USD 89.15Shares in circulation – Class AT (EUR) (accumulating) Shs 82,939– Class AT (SGD) (accumulating) Shs 733,016– Class A (USD) (distributing) Shs 3,462,184– Class AT (USD) (accumulating) Shs 758,786– Class I (USD) (distributing) Shs 547,597– Class IT (USD) (accumulating) Shs 794,855– Class P (USD) (distributing) Shs 297,943

Securities and money-market instruments admitted to an official stock exchange listingEquitiesAustraliaPaladin Energy Shs 1,330,900ChinaBoer Power Holdings Shs 757,000 757,000China Suntien Green Energy Shs 4,068,000 4,068,000Goodbaby International Holdings Shs 862,000 862,000Microport Scientific Shs 598,000Shirble Department Stores Holdings China Shs 10,680,000 10,680,000Trony Solar Holdings Shs 2,623,000 2,623,000Hong KongBeijing Water -Rights- Shs 7,058,000 7,058,000China Power New Energy Development Shs 11,412,000Henderson Land Development Shs 788,000 788,000Sinofert Holdings Shs 5,035,000 16,349,000Skyworth Digital Holdings Shs 6,175,000Yingde Gases Shs 5,723,000IndiaCoal India Shs 90,099 90,099JapanCanon Shs 121,500Chiyoda Shs 458,000 458,000Daiseki Shs 217,500Hitachi Metals Shs 625,000Kawasaki Kisen Kaisha Shs 5,370,000Nidec Shs 91,400Shinko Electric Industries Shs 53,800 1,033,600Start Today Shs 348Toda Kogyo Shs 254,000 254,000MalaysiaMalaysia Marine and Heavy Engineering Holdings Shs 65,000 65,000Maxis Shs 3,944,800MISC Shs 2,052,600Supermax Corp Shs 1,763,000 1,763,000Top Glove Shs 1,669,000 1,669,000SingaporeSingapore Post Shs 6,000,000South KoreaSamsung Electronics Shs 8,381Suprema Shs 244,800TaiwanD-Link Shs 32,000 4,390,000Eva Airways Shs 7,625,000Hon Hai Precision Industry Shs 1,212,608MStar Semiconductor Shs 289,000 289,000BondsBritish Virgin Islands7.0000 % Hutchison Whampoa International USD Notes 01/11 USD 7,700.03.3000 % Joyous King Group HKD Notes 09/14 HKD 35,000.0Malaysia0 % IOI Resources USD Zero-Coupon Notes 08/13 USD 3,000.0Participating SharesChinaBitauto Holdings (ADR’s) Shs 31,158 31,158ChinaCache International Holdings (ADR’s) Shs 37,131 37,131Mecox Lane (ADR’s) Shs 21,816 21,816Mindray Medical International (ADR’s) Shs 198,400Perfect World (ADR’s) Shs 82,600 82,600ShangPharma (ADR’s) Shs 88,600 88,600Xueda Education Group (ADR’s) Shs 31,104 31,104RussiaMail.ru Group (GDR’s) Shs 31,800 31,800

REITs (Real Estate Investment Trusts)AustraliaWestfield Group Real Estate Investment Trust Shs 624,587Westfield Retail Real Estate Investment Trust Shs 341,187 341,187Securities and money-market instruments dealt on another regulated marketBondsUnited States2.3750 % United States Government USD Inflation-Ind. Bonds 07/17 USD 0.0 4,324.2

DerivativesHoldings marked with a minus are short positions.OTC-Dealt DerivativesForward Foreign Exchange TransactionsSold MYR / Bought USD 8 Nov 2010 MYR – 288,953

31/03/2011 30/09/2010 USD USD

Securities

(Cost price USD 427,493,083.98) 546,377,769.27 558,987,671.64

– bonds 885,322.76 1,020,049.18

Dividend receivable 2,671,296.67 2,334,790.49

Receivable on

Unrealised gain on

Total Assets 553,711,821.50 565,067,973.89

Liabilities to banks – 3,147,943.32 – 4,723,869.89

Payable on

Other payables – 781,004.71 – 846,470.74

Unrealised loss on

Net assets 547,829,756.02 551,472,287.82

01/10/2010–31/03/2011 01/10/2009–31/03/2010 USD USD

Subscriptions

– Class A (USD) 25,290,964.90 59,463,245.57

– Class AT (USD) 12,587,106.75 16,859,592.64

– Class I (USD) 1,507,350.90 2,788,166.27

– Class IT (USD) 68,434,790.95 55,848,231.24

– Class P (USD) 1,087,184.20 2,636,787.85

– Class AT (EUR) 13,638,159.22 23,173,884.40

– Class AT (SGD) 6,266,731.65 92,223.15

Redemptions

– Class A (USD) – 76,266,307.14 – 77,868,711.48

– Class AT (USD) – 31,057,008.48 – 14,066,822.98

– Class I (USD) – 1,171.52 – 748,006.00

– Class IT (USD) – 50,300,019.40 – 2,630,950.37

– Class P (USD) – 2,969,923.87 – 6,320,656.63

– Class AT (EUR) – 27,141,055.69 – 4,801.84

– Class AT (SGD) – 1,294,233.65 – 906.28

Distribution – 2,996,832.07 – 6,206,125.29

Equalization – 58,860.32 – 266.53

Class ATShares

Class IShares

Class ITShares

Class AShares

Class ATShares

Class IShares

Class ITShares

at the beginning of the reporting period 4,073,765 970,561 530,419 609,926 4,739,947 970,422 525,261 171,635

Number of shares

– issued 299,774 139,521 17,192 734,672 735,562 200,220 33,534 661,695

– redeemed – 911,355 – 351,296 – 14 – 549,743 – 968,197 – 166,053 – 7,600 – 30,590

at the end of the reporting period 3,462,184 758,786 547,597 794,855 4,507,312 1,004,589 551,195 802,740

USD Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class PShares

Class PShares

Number of shares

– issued 12,789 32,613

– redeemed – 34,742 – 79,558

SharesClass AT

Shares

Number of shares

– issued 85,268 155,387

– redeemed – 175,084 – 33

SharesClass AT

Shares

Number of shares

– issued 788,633 12,708

– redeemed – 163,850 – 124

Securities and money-market instruments admitted to an official stock exchange listing 94,768,631.10 91.25Equities 86,994,569.94 83.77Thailand 86,994,569.94 83.77Advanced Info Service (Foreign) Shs 673,000 574,000 1,092,500 THB 89.750 3,241,384.30 3.12Bangkok Life Assurance (Foreign) Shs 1,909,000 THB 35.500 2,240,314.05 2.16Banpu (Foreign) Shs 26,000 163,000 THB 764.000 4,116,760.33 3.96Berli Jucker (Foreign) Shs 7,454,000 516,000 6,938,000 THB 17.400 3,990,783.47 3.84CH Karnchang (Foreign) Shs 4,931,000 4,057,000 14,291,842 THB 8.850 4,181,249.64 4.03CP ALL (Foreign) Shs 995,600 1,076,400 THB 39.500 1,405,547.11 1.35Electricity Generating (Foreign) Shs 126,000 264,500 THB 94.750 828,475.21 0.80Home Product Center (Foreign) Shs 1,283,733 819,000 8,167,133 THB 9.150 2,470,388.99 2.38IRPC (Foreign) Shs 22,252,000 22,252,000 THB 5.850 4,303,279.34 4.14Italian-Thai Development (Foreign) Shs 13,036,000 10,679,000 35,128,000 THB 4.200 4,877,276.03 4.70Kasikornbank (Foreign) Shs 279,000 231,000 1,221,200 THB 132.000 5,328,872.73 5.13Krung Thai Bank (Foreign) Shs 8,477,000 4,096,000 13,540,000 THB 18.400 8,235,900.83 7.93LPN Development (Foreign) Shs 11,420,000 3,128,000 20,432,000 THB 10.400 7,024,555.37 6.76Minor International (Foreign) Shs 820,000 2,673,790 THB 12.000 1,060,677.02 1.02Minor International -Warrants- Shs 320,879 THB 2.860 30,337.65 0.03PTT (Foreign) Shs 71,000 200,000 163,000 THB 352.000 1,896,727.27 1.83PTT Chemical (Foreign) Shs 313,900 659,000 911,800 THB 148.500 4,476,109.09 4.31PTT Exploration & Production (Foreign) Shs 484,000 150,000 835,400 THB 181.500 5,012,400.00 4.83Quality Houses (Foreign) Shs 23,563,000 3,461,000 20,102,000 THB 2.220 1,475,254.21 1.42Samart (Foreign) Shs 6,173,000 6,173,000 THB 8.850 1,805,985.12 1.74Sino Thai Engineering & Construction (Foreign) Shs 5,182,000 9,002,500 THB 13.300 3,958,123.97 3.81Tata Steel Thailand (Foreign) Shs 5,855,000 24,390,600 THB 1.580 1,273,955.31 1.23Thai Union Frozen Products (Foreign) Shs 494,000 366,000 1,098,300 THB 46.250 1,679,219.01 1.62Ticon Industrial Connection (Foreign) Shs 1,162,000 447,000 3,970,000 THB 13.800 1,811,107.44 1.74Ticon Industrial Connection -Warrants- Shs 2,893,800 4,213,000 THB 4.980 693,578.18 0.67Tisco Financial (Foreign) Shs 404,000 3,781,400 THB 39.250 4,906,444.63 4.72Total Access Communication (Foreign) Shs 502,100 THB 47.500 788,421.49 0.76Toyo-Thai (Foreign) Shs 2,397,000 9,495,000 THB 8.750 2,746,487.60 2.65Univanich Palm Oil (Foreign) Shs 14,300 22,000 430,500 THB 79.750 1,134,954.55 1.09Participating Shares 7,774,061.16 7.48Thailand 7,774,061.16 7.48Bangkok Life Assurance (NVDR’s) Shs 197,000 222,000 3,460,700 THB 35.500 4,061,317.36 3.91Siam Cement (NVDR’s) Shs 43,000 88,000 263,000 THB 351.000 3,051,669.42 2.94Total Access Communication (NVDR’s) Shs 190,000 252,000 421,000 THB 47.500 661,074.38 0.63Investments in securities and money-market instruments 94,768,631.10 91.25Deposits at financial institutions1) 7,403,110.80 7.13Sight deposits2) 7,403,110.80 7.130.0000 % State Street Bank Luxembourg S.A. USD 7,403,110.80 7.13Investments in deposits at financial institutions 7,403,110.80 7.13Net current assets/liabilities USD 1,682,133.55 1.62Net assets of the Subfund USD 103,853,875.45 100.00

Net asset value per share– Class A (EUR) (distributing) EUR 297.85– Class A (USD) (distributing) USD 28.03– Class IT (USD) (accumulating) USD 31.09Shares in circulation– Class A (EUR) (distributing) Shs 69,796– Class A (USD) (distributing) Shs 2,645,545– Class IT (USD) (accumulating) Shs 4,5841) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listing Equities Thailand Indorama Ventures (Foreign) Shs 1,895,700 6,017,800IVL -Rights- Shs 535,756 535,756Siam City Cement (Foreign) Shs 50,000 154,600Siam Commercial Bank (Foreign) Shs 140,000 713,800Sri Trang Agro-Industry (Foreign) Shs 1,247,000Thai Airways International (Foreign) Shs 1,719,000 1,719,000Thai Union Frozen Production -Rights- Shs 35,915Participating Shares Thailand PTT Chemical (NVDR’s) Shs 125,900 125,900

Derivatives Holdings marked with a minus are short positions. OTC-Dealt Derivatives Forward Foreign Exchange Transactions Sold EUR / Bought USD 4 Jan 2011 EUR – 49,927.00Sold EUR / Bought USD 5 Jan 2011 EUR – 62,291.00Sold USD / Bought EUR 4 Jan 2011 USD – 86,324.00Sold USD / Bought EUR 5 Jan 2011 USD – 129,817

31/03/2011 30/09/2010 USD USD

Securities

(Cost price USD 73,940,981.65) 94,768,631.10 90,302,824.35

– bonds 0.00 0.00

Receivable on

Unrealised gain on

Total Assets 105,771,402.37 114,700,518.81

Payable on

Other payables – 190,167.25 – 170,511.19

Unrealised loss on

Net assets 103,853,875.45 108,690,257.62

01/10/2010–31/03/2011 01/10/2009–31/03/2010 USD USD

Subscriptions

– Class A (USD) 87,625,440.47 43,053,125.11

– Class IT (USD) 52,082.40 0.00

– Class A (EUR) 33,965,930.67 1,530,978.94

Redemptions

– Class A (USD) – 88,425,781.87 – 44,623,397.10

– Class IT (USD) – 1,873,381.36 0.00

– Class A (EUR) – 37,280,734.13 – 2,304,245.21

Distribution – 930,353.97 – 501,440.04

Equalization 939,060.41 – 42,294.69

Class ITShares

Class AShares

Class ITShares

at the beginning of the reporting period 2,679,013 64,158 1,848,849 384

Number of shares

– issued 3,178,963 1,710 2,589,404 0

– redeemed – 3,212,431 – 61,284 – 2,659,492 0

at the end of the reporting period 2,645,545 4,584 1,778,761 384

Class AShares

Number of shares

– issued 80,867 5,857

– redeemed – 90,898 – 9,165

Securities and money-market instruments admitted to an official stock exchange listing 173,059,697.22 99.22Equities 169,884,794.30 97.40Australia 1,589,211.61 0.91Incitec Pivot Shs 354,955 354,955 AUD 4.330 1,589,211.61 0.91China 33,837,218.94 19.40China Construction Bank -H- Shs 1,636,670 1,563,000 8,581,670 HKD 7.290 8,038,854.35 4.61China Oilfield Services -H- Shs 728,000 2,414,000 HKD 17.580 5,453,194.13 3.12China Petroleum & Chemical -H- Shs 1,906,000 1,636,000 1,906,000 HKD 7.810 1,912,796.43 1.09China Railway Construction -H- Shs 1,182,000 HKD 8.120 1,233,298.85 0.71Industrial & Commercial Bank of China -H- Shs 1,110,710 2,342,000 7,772,710 HKD 6.460 6,452,080.90 3.70Ping An Insurance Group -H- Shs 287,000 237,500 514,000 HKD 78.900 5,211,166.44 2.99Shenzen Expressway -H- Shs 246,000 1,908,000 HKD 5.100 1,250,383.89 0.72Zhongsheng Group Holdings Shs 312,500 391,000 1,530,500 HKD 14.635 2,878,138.86 1.65Zhuzhou CSR Times Electric Shs 433,000 63,000 370,000 HKD 29.600 1,407,305.09 0.81Hong Kong 44,706,766.31 25.63AIA Group Shs 1,702,000 466,800 1,235,200 HKD 24.106 3,826,104.48 2.19ASM Pacific Technology Shs 159,700 33,300 126,400 HKD 98.135 1,593,917.03 0.91Beijing Enterprises Holdings Shs 435,000 HKD 44.790 2,503,590.47 1.44BOC Hong Kong Holdings Shs 653,000 1,242,000 HKD 25.515 4,072,054.42 2.34China Mobile Shs 271,000 HKD 72.117 2,511,305.26 1.44China Resources Gas Group Shs 1,208,000 HKD 10.689 1,659,225.66 0.95CNOOC Shs 175,000 1,074,000 1,925,000 HKD 19.768 4,889,745.13 2.80Digital China Holdings Shs 692,000 421,000 1,327,000 HKD 14.896 2,540,075.71 1.46Hong Kong Exchanges & Clearing Shs 128,000 128,000 HKD 169.799 2,792,795.11 1.60Hutchison Whampoa Shs 127,000 233,000 HKD 92.700 2,775,425.49 1.59Jardine Matheson Holdings Shs 20,800 80,800 USD 44.540 3,598,832.00 2.06Kerry Properties Shs 404,500 404,500 HKD 39.254 2,040,314.69 1.17Kunlun Energy Shs 1,384,000 1,384,000 HKD 12.481 2,219,584.94 1.27Li & Fung Shs 354,000 340,000 HKD 40.059 1,750,152.98 1.00PCCW Shs 2,799,000 1,997,000 HKD 3.251 834,246.77 0.48Poly Hong Kong Investments Shs 655,000 2,155,000 HKD 7.348 2,034,623.77 1.17Swire Pacific -A- Shs 207,500 207,500 HKD 114.944 3,064,772.40 1.76Indonesia 6,609,238.48 3.79Bank Mandiri Shs 281,580 300,000 2,511,580 IDR 6,800.000 1,961,383.18 1.12Semen Gresik Persero Shs 2,232,000 IDR 9,100.000 2,332,609.82 1.34Tambang Batubara Bukit Asam Shs 137,000 960,000 IDR 21,000.000 2,315,245.48 1.33Malaysia 7,646,350.50 4.38CIMB Group Holdings Shs 892,700 892,700 MYR 8.200 2,419,161.24 1.38Genting Shs 529,400 MYR 11.040 1,931,516.57 1.11Petronas Chemicals Group Shs 1,377,400 1,377,400 MYR 7.240 3,295,672.69 1.89Singapore 8,371,509.07 4.80Keppel Shs 100,000 339,000 SGD 12.300 3,309,154.40 1.90Singapore Telecommunications Shs 531,000 SGD 3.020 1,272,663.78 0.73United Overseas Bank Shs 123,000 254,000 SGD 18.800 3,789,690.89 2.17South Korea 37,302,861.34 21.39Dongbu Insurance Shs 25,700 54,290 KRW 50,525.427 2,500,592.97 1.43Grand Korea Leisure Shs 32,260 94,650 18,850 KRW 16,690.535 286,810.33 0.17Hyundai Heavy Industries Shs 12,194 4,639 7,555 KRW 522,398.631 3,597,904.78 2.06Hyundai Home Shopping Networks Shs 893 4,196 16,019 KRW 122,531.725 1,789,357.50 1.03Hyundai Steel Shs 30,863 12,733 18,130 KRW 141,188.819 2,333,518.66 1.34LG Chem Shs 4,215 4,215 KRW 463,906.120 1,782,546.42 1.02LG Electronics Shs 19,605 9,957 9,648 KRW 105,891.614 931,348.10 0.53Lotte Shopping Shs 9,111 KRW 452,812.713 3,760,952.30 2.16S&T Dynamics Shs 117,890 117,890 KRW 17,850.301 1,918,384.56 1.10Samsung Electronics Shs 3,046 4,273 9,925 KRW 939,914.138 8,504,168.67 4.88Samsung Fire & Marine Insurance Shs 13,636 KRW 244,559.204 3,040,074.12 1.74Samsung SDI Shs 8,145 8,037 11,473 KRW 169,426.583 1,772,032.62 1.02SFA Engineering Shs 58,535 29,621 28,914 KRW 68,980.823 1,818,233.75 1.04Shinhan Financial Group Shs 13,800 52,651 KRW 50,273.305 2,412,999.46 1.38Woongjin Coway Shs 24,540 KRW 38,171.406 853,937.10 0.49Taiwan 22,248,732.26 12.76Catcher Technology Shs 847,000 113,000 734,000 TWD 145.500 3,631,748.08 2.08Delta Electronics Shs 412,000 412,000 TWD 116.500 1,632,224.17 0.94FLEXium Interconnect Shs 765,000 TWD 56.400 1,467,226.63 0.84

Allianz RCM Tiger

% ofSubfund

Allianz RCM Tiger

Formosa Chemicals & Fibre Shs 983,000 983,000 TWD 111.500 3,727,220.17 2.14Fubon Financial Holding Shs 746,000 2,106,704 TWD 39.050 2,797,571.67 1.60Hon Hai Precision Industry Shs 893,000 608,920 TWD 103.000 2,132,819.61 1.22Powertech Technology Shs 732,000 161,000 571,000 TWD 92.100 1,788,349.51 1.03Siliconware Precision Industries Shs 2,272,000 2,272,000 TWD 36.800 2,843,235.34 1.63Synnex Technology International Shs 1,069,000 528,184 TWD 68.600 1,232,156.92 0.71Taiwan Hon Chuan Enterprise Shs 518,000 396,940 TWD 73.800 996,180.16 0.57Thailand 7,572,905.79 4.34PTT Chemical (Foreign) Shs 130,200 1,141,800 THB 148.500 5,605,200.00 3.21Siam Commercial Bank (Foreign) Shs 548,600 THB 108.500 1,967,705.79 1.13Participating Shares 3,174,902.92 1.82Taiwan 3,174,902.92 1.82Taiwan Semiconductor Manufacturing (ADR’s) Shs 71,354 58,651 262,172 USD 12.110 3,174,902.92 1.82Investments in securities and money-market instruments 173,059,697.22 99.22Deposits at financial institutions1) 166,208.43 0.10Sight deposits2) 166,208.43 0.100.0000 % State Street Bank Luxembourg S.A. USD 161,881.39 0.090.0000 % Deposits for collateralisation of derivatives USD 4,327.04 0.00Investments in deposits at financial institutions 166,208.43 0.10

Contracts

Unrealisedgain/loss

% ofSubfund

assetsin the period under reviewDerivatives Holdings marked with a minus are short positions. OTC-Dealt Derivatives 385,045.91 0.22Swap Transactions 385,045.91 0.22Equity Swaps 385,045.91 0.22Basket USD Equity Swaps USD 1,231,481,938.11 1,225,182,795.29 44,274,893.16 385,045.91 0.22Investments in derivatives 385,045.91 0.22Net current assets/liabilities USD 795,342.13 0.46Net assets of the Subfund USD 174,406,293.69 100.00

Net asset value per share– Class A (USD) (distributing) USD 77.21– Class AT (USD) (accumulating) USD 78.05– Class IT (USD) (accumulating) USD 82.85– Class A (EUR) (distributing) EUR 193.04Shares in circulation– Class A (USD) (distributing) Shs 1,093,294 – Class AT (USD) (accumulating) Shs 10,273 – Class IT (USD) (accumulating) Shs 112 – Class A (EUR) (distributing) Shs 325,0181) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Allianz RCM Tiger

Securities and money-market instruments admitted to an official stock exchange listing Equities China China Coal Energy -H- Shs 1,205,000China Construction Bank -Rights- Shs 663,670 663,670Industrial & Commercial Bank of China Asia -Rights- Shs 334,710 334,710Shirble Department Stores Holdings China Shs 3,882,000 3,882,000Hong Kong Brilliance China Automotive Holdings Shs 2,804,000China High Speed Transmission Equipment Group Shs 668,000Hutchinson Port -Rights- Shs 23,300 23,300SJM Holdings Shs 3,679,000Sun Hung Kai Properties Shs 21,000 340,000Yingde Gases Shs 762,000Indonesia Bank Mandiri -Rights- Shs 281,580 281,580Malaysia IOI Shs 778,053Public Bank Shs 9,589Public Bank (Foreign) Shs 652,100Singapore Indofood Agri Resources Shs 978,000Singapore Exchange Shs 203,000South Korea Amorepacific Shs 1,036CJ Cheiljedang Shs 4,998Honam Petrochemical Shs 2,453 24,125Hyundai Engineering & Construction Shs 36,750Orion Shs 7,252POSCO Shs 5,428Taiwan Acer Shs 870,369Advanced Semiconductor Engineering Shs 2,021,000 2,021,000Far Eastern New Century Shs 1,440,438MStar Semiconductor Shs 125,000 125,000TPK Holding Shs 5,000 5,000TSRC Shs 1,105,000Uni-President Enterprises Shs 1,481,700WT Microelectronics Shs 187,000 187,000Participating Shares China Daqo New Energy (ADR’s) Shs 53,400 53,400

Allianz RCM Tiger

31/03/2011 30/09/2010 USD USD

Securities

(Cost price USD 136,572,165.47) 173,059,697.22 173,839,498.23

– bonds 0.00 0.00

Receivable on

Unrealised gain on

Total Assets 277,380,101.67 256,227,801.76

Liabilities to banks – 1,688,847.50 0.00

Payable on

Other payables – 351,405.77 – 336,709.48

Unrealised loss on

Net assets 174,406,293.69 175,524,987.76

Allianz RCM Tiger

01/10/2010–31/03/2011 01/10/2009–31/03/2010 USD USD

Subscriptions

– Class A (USD) 17,676,894.66 13,218,682.25

– Class AT (USD) 15,518,460.51 3,242,706.72

– Class IT (USD) 3,347,703.56 0.00

– Class A (EUR) 8,881,440.83 4,465,870.17

Redemptions

– Class A (USD) – 26,940,758.76 – 15,630,271.21

– Class AT (USD) – 15,074,262.79 – 3,140.20

– Class IT (USD) – 9,224,631.12 0.00

– Class A (EUR) – 14,781,940.43 – 20,075,348.97

Distribution – 388,939.57 – 1,161,236.95

Equalization 3,116,042.40 – 26,479.07

Class ATShares

Class ITShares

Class AShares

Class ATShares

Class ITShares

at the beginning of the reporting period 1,218,687 4,414 73,862 1,397,477 3,768 111

Number of shares

– issued 237,200 203,574 42,247 217,927 52,554 0

– redeemed – 362,593 – 197,715 – 115,997 – 255,659 – 53 0

at the end of the reporting period 1,093,294 10,273 112 1,359,745 56,269 111

Class AShares

Number of shares

– issued 33,235 20,658

– redeemed – 56,420 – 91,353

Securities and money-market instruments admitted to an official stock exchange listing 362,761,280.68 97.17Equities 355,603,592.52 95.25Australia 2,994,396.04 0.80Incitec Pivot Shs 668,807 668,807 AUD 4.330 2,994,396.04 0.80China 65,610,759.35 17.58China Construction Bank -H- Shs 1,294,230 867,000 18,916,230 HKD 7.290 17,719,723.31 4.75China Oilfield Services -H- Shs 904,000 4,544,000 HKD 17.580 10,264,836.01 2.75China Petroleum & Chemical -H- Shs 3,596,000 3,596,000 HKD 7.810 3,608,822.64 0.97Industrial & Commercial Bank of China -H- Shs 628,380 4,725,000 14,592,380 HKD 6.460 12,113,048.90 3.24Ping An Insurance Group -H- Shs 392,000 1,056,000 HKD 78.900 10,706,209.64 2.87Shenzen Expressway -H- Shs 884,000 3,956,000 HKD 5.100 2,592,515.02 0.69Zhongsheng Group Holdings -H- Shs 616,500 3,172,500 HKD 14.635 5,965,955.91 1.60Zhuzhou CSR Times Electric Shs 896,000 202,000 694,000 HKD 29.600 2,639,647.92 0.71Hong Kong 101,837,440.42 27.27Aeon Stores Hong-Kong Shs 950,000 HKD 15.621 1,906,906.26 0.51AIA Group Shs 2,710,800 2,710,800 HKD 24.106 8,396,862.06 2.25ASM Pacific Technology Shs 300,400 300,400 HKD 98.135 3,788,074.98 1.02Beijing Enterprises Holdings Shs 871,000 HKD 44.790 5,012,936.32 1.34BOC Hong Kong Holdings Shs 404,000 2,553,000 HKD 25.515 8,370,334.08 2.24China Mobile Shs 443,000 HKD 72.117 4,105,196.43 1.10China Resources Gas Group Shs 2,425,000 HKD 10.689 3,330,813.10 0.89CNOOC Shs 2,526,000 3,783,000 HKD 19.768 9,609,301.73 2.57Kunlun Energy Shs 2,852,000 2,852,000 HKD 12.481 4,573,884.58 1.23Digital China Holdings Shs 1,431,000 3,772,000 HKD 14.896 7,220,170.00 1.93Hong Kong Exchanges & Clearing Shs 309,700 HKD 169.799 6,757,255.05 1.81Hutchison Whampoa Finance Shs 85,000 646,000 HKD 92.700 7,694,956.51 2.06Jardine Matheson Holdings Shs 155,200 USD 44.540 6,912,608.00 1.85Kerry Properties Shs 847,000 847,000 HKD 39.254 4,272,302.94 1.14Li & Fung Shs 728,000 708,000 HKD 40.059 3,644,436.20 0.98Poly Hong Kong Investment Shs 4,440,000 4,440,000 HKD 7.348 4,191,985.87 1.12SJM Holdings Shs 3,190,000 2,424,000 HKD 13.809 4,301,309.94 1.15Swire Pacific -A- Shs 434,000 434,000 HKD 114.944 6,410,174.56 1.72Yingde Gases Shs 1,591,500 HKD 6.542 1,337,931.81 0.36Indonesia 12,966,399.81 3.47Bank Mandiri Shs 745,798 2,259,000 5,187,798 IDR 6,800.000 4,051,338.09 1.09Semen Gresik Persero Shs 3,944,000 IDR 9,100.000 4,121,780.07 1.10Tambang Batubara Bukit Asam Shs 331,000 1,987,500 IDR 21,000.000 4,793,281.65 1.28Malaysia 13,240,237.94 3.55CIMB Group Holdings Shs 1,258,700 1,258,700 MYR 8.200 3,410,998.38 0.92Genting Shs 818,600 MYR 11.040 2,986,663.14 0.80Petronas Chemicals Group Shs 2,859,800 2,859,800 MYR 7.240 6,842,576.42 1.83Singapore 17,608,388.56 4.72Keppel Shs 185,000 639,000 SGD 12.300 6,237,609.62 1.67Singapore Exchange Shs 164,000 599,000 SGD 7.850 3,731,717.00 1.00United Overseas Bank Shs 246,000 512,000 SGD 18.800 7,639,061.94 2.05South Korea 81,531,050.11 21.84Dongbu Insurance Shs 114,650 KRW 50,525.427 5,280,769.63 1.41Grand Korea Leisure Shs 61,730 191,330 39,750 KRW 16,690.535 604,812.24 0.16Hyundai Heavy Industries Shs 9,575 6,705 16,031 KRW 522,398.631 7,634,415.83 2.05Hyundai Home Shopping Networks Shs 10,151 7,968 33,995 KRW 122,531.725 3,797,316.19 1.02Hyundai Steel Shs 57,765 20,123 37,642 KRW 141,188.819 4,844,915.02 1.30LG Chem Shs 8,947 8,947 KRW 463,906.120 3,783,734.95 1.01LG Electronics Shs 36,602 36,602 KRW 105,891.614 3,533,292.19 0.95Lotte Shopping Shs 17,160 KRW 452,812.713 7,083,518.98 1.90Orion Shs 3,830 10,825 KRW 397,849.922 3,926,090.90 1.05S&T Dynamics Shs 67,960 198,090 KRW 17,850.301 3,223,452.36 0.86Samsung Electronics Shs 3,501 11,342 22,606 KRW 939,914.138 19,369,797.17 5.19Samsung Fire & Marine Insurance Shs 29,038 KRW 244,559.204 6,473,868.62 1.73Samsung SDI Shs 39,418 15,068 24,350 KRW 169,426.583 3,760,916.44 1.01SFA Engineering Shs 116,820 62,128 54,692 KRW 68,980.823 3,439,262.66 0.92Shinhan Financial Group Shs 90,210 KRW 50,273.305 4,134,331.37 1.11Shinsegae Food Shs 17,329 8,130 KRW 86,427.727 640,555.56 0.17

% ofSubfund

Taiwan 48,176,938.47 12.90Career Technology Shs 2,841,000 TWD 51.400 4,965,820.48 1.33Catcher Technology Shs 1,575,000 1,575,000 TWD 145.500 7,792,919.93 2.09Delta Electronics Shs 763,551 TWD 116.500 3,024,966.98 0.81Formosa Chemicals & Fibre Shs 2,026,000 2,026,000 TWD 111.500 7,681,941.07 2.06Fubon Financial Holding Shs 4,234,433 TWD 39.050 5,623,063.22 1.50Hon Hai Precision Industry Shs 2,016,000 1,138,316 TWD 103.000 3,987,096.32 1.07Powertech Technology Shs 1,521,000 341,000 1,180,000 TWD 92.100 3,695,713.53 0.99Siliconware Precision Industries Shs 4,324,000 4,324,000 TWD 36.800 5,411,157.40 1.45Synnex Technology International Shs 1,876,000 1,316,169 TWD 68.600 3,070,382.17 0.82Taiwan Fertilizer Shs 994,000 TWD 86.500 2,923,877.37 0.78Thailand 11,637,981.82 3.12PTT Chemical (Foreign) Shs 465,100 2,370,700 THB 148.500 11,637,981.82 3.12Participating Shares 7,157,688.16 1.92Taiwan 7,157,688.16 1.92Taiwan Semiconductor Manufacturing (ADR’s) Shs 139,244 56,959 591,056 USD 12.110 7,157,688.16 1.92Investments in securities and money-market instruments 362,761,280.68 97.17Deposits at financial institutions1) 7,399,355.46 1.98Sight deposits2) 7,399,355.46 1.980.0000 % State Street Bank Luxembourg S.A. USD 7,399,355.46 1.98Investments in deposits at financial institutions 7,399,355.46 1.98Net current assets/liabilities USD 3,182,351.81 0.85Net assets of the Subfund USD 373,342,987.95 100.00

Net asset values per share– Class A (USD) (distributing) USD 23.37– Class AT (USD) (accumulating) USD 26.51– Class IT (USD) (accumulating) USD 27.81– Class PT (USD) (accumulating) USD 27.89Shares in circulation– Class A (USD) (distributing) Shs 5,612,765 – Class AT (USD) (accumulating) Shs 8,963,078 – Class IT (USD) (accumulating) Shs 393 – Class PT (USD) (accumulating) Shs 161,9961) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listing Equities China Angang Steel -H- Shs 1,244,000China Coal Energy -H- Shs 2,198,000China Construction Bank -Rights- Shs 1,294,230 1,294,230Dalian Port PDA -H- Shs 7,394,000Industrial & Commercial Bank of China Asia -Rights- Shs 628,380 628,380Shirble Department Stores Holdings China Shs 7,460,000 7,460,000Hong Kong Brilliance China Automotive Holdings Shs 5,694,000China Resources Land Shs 1,532,000Hutchinson Port -Rights- Shs 64,600 64,600Sun Hung Kai Properties Shs 670,000Indonesia Bank Mandiri -Rights- Shs 745,798 745,798Malaysia Public Bank Shs 574,659Singapore Indofood Agri Resources Shs 2,916,000South Korea CJ Cheiljedang Shs 14,395Honam Petrochemical Shs 46,087Hyundai Engineering & Construction Shs 63,486Taiwan Acer Shs 1,792,821Advanced Semiconductor Engineering Shs 3,202,000 3,202,000Eva Airways Shs 2,493,000MStar Semiconductor Shs 236,000 236,000TPK Holding Shs 10,000 10,000TSRC Shs 2,242,000WT Microelectronics Shs 403,000 403,000Participating Shares China Daqo New Energy (ADR’s) Shs 107,800 107,800

31/03/2011 30/09/2010 USD USD

Securities

(Cost price USD 265,193,737.22) 362,761,280.68 351,038,355.52

– bonds 0.00 0.00

Receivable on

Unrealised gain on

Total Assets 378,557,987.35 357,602,918.65

Payable on

Other payables – 676,278.95 – 655,077.76

Unrealised loss on

Net assets 373,342,987.95 355,083,101.68

01/10/2010–31/03/2011 01/10/2009–31/03/2010 USD USD

Subscriptions

– Class A (USD) 27,201,430.51 12,190,999.70

– Class AT (USD) 41,215,643.14 22,293,267.46

– Class IT (USD) 11,143,154.03 0.00

– Class PT (USD) 2,543,049.38 907,558.34

Redemptions

– Class A (USD) – 33,976,756.17 – 18,577,503.50

– Class AT (USD) – 53,482,267.27 – 29,971,823.24

– Class IT (USD) – 11,668,754.50 0.00

– Class PT (USD) – 2,391,083.91 – 43.52

Distribution – 312,317.26 – 730,439.87

Equalization 1,450,371.90 – 70,570.54

Class ATShares

Class ITShares

Class PTShares

Class AShares

Class ATShares

Class ITShares

Class PTShares

at the beginning of the reporting period 5,912,896 9,449,749 393 158,238 6,960,716 10,679,433 393 185,816

Number of shares

– issued 1,199,719 1,600,196 436,358 92,929 665,992 1,087,034 0 42,765

– redeemed – 1,499,850 – 2,086,867 – 436,358 – 89,171 – 1,012,751 – 1,446,512 0 – 2

at the end of the reporting period 5,612,765 8,963,078 393 161,996 6,613,957 10,319,955 393 228,579

Securities and money-market instruments admitted to an official stock exchange listing 188,358,135.80 97.62Equities 188,358,135.80 97.62United States 188,358,135.80 97.62Abbott Laboratories Shs 91,800 12,900 78,900 USD 48.960 3,862,944.00 2.00Activision Blizzard Shs 35,000 41,000 165,000 USD 10.970 1,810,050.00 0.94Adobe Systems Shs 86,800 30,900 130,900 USD 32.950 4,313,155.00 2.24Air Products & Chemicals Shs 8,400 12,000 34,300 USD 90.190 3,093,517.00 1.60Amgen Shs 33,900 17,100 86,600 USD 53.900 4,667,740.00 2.42Apple Shs 2,400 3,600 9,640 USD 348.780 3,362,239.20 1.74Archer-Daniels-Midland Shs 69,800 40,400 152,900 USD 35.940 5,495,226.00 2.85AT&T Shs 79,900 36,200 181,900 USD 30.710 5,586,149.00 2.90Autodesk Shs 25,100 21,900 70,500 USD 43.600 3,073,800.00 1.59Boeing Shs 42,500 23,100 111,050 USD 73.800 8,195,490.00 4.25Cameron International Shs 21,400 40,350 58,900 USD 57.840 3,406,776.00 1.77Caterpillar Shs 3,400 8,700 11,450 USD 111.530 1,277,018.50 0.66Chevron Shs 16,400 21,600 54,000 USD 108.010 5,832,540.00 3.02Chubb Shs 6,700 9,600 30,400 USD 60.960 1,853,184.00 0.96Cisco Systems Shs 115,300 76,200 243,200 USD 17.320 4,212,224.00 2.18Corning Shs 67,000 51,400 215,800 USD 20.800 4,488,640.00 2.33eBay Shs 19,700 40,200 108,700 USD 31.630 3,438,181.00 1.78Electronic Arts Shs 137,500 28,500 109,000 USD 19.680 2,145,120.00 1.11EMC Shs 59,700 35,000 144,100 USD 26.930 3,880,613.00 2.01Exxon Mobil Shs 26,600 28,500 103,700 USD 84.490 8,761,613.00 4.54Flir Systems Shs 48,300 24,100 102,600 USD 34.450 3,534,570.00 1.83Freeport-McMoRan Copper & Gold Shs 58,270 36,630 74,540 USD 55.240 4,117,589.60 2.13General Electric Shs 194,700 98,700 415,600 USD 20.110 8,357,716.00 4.33Intel Shs 98,500 56,800 228,800 USD 20.460 4,681,248.00 2.43Intuit Shs 4,800 5,700 23,100 USD 52.180 1,205,358.00 0.62Johnson & Johnson Shs 30,600 62,300 89,600 USD 59.380 5,320,448.00 2.76JPMorgan Chase & Co. Shs 48,600 24,800 110,000 USD 46.450 5,109,500.00 2.65Mc Donald’s Shs 23,700 12,300 29,400 USD 75.810 2,228,814.00 1.16Medtronic Shs 39,500 27,700 103,450 USD 39.370 4,072,826.50 2.11Metlife Shs 43,750 20,000 87,000 USD 44.850 3,901,950.00 2.02Morgan Stanley Shs 19,700 15,800 64,700 USD 27.230 1,761,781.00 0.91National Oilwell Varco Shs 18,700 49,000 57,950 USD 79.900 4,630,205.00 2.40Northern Trust Shs 44,300 15,900 75,800 USD 51.120 3,874,896.00 2.01Nuance Communications Shs 53,800 53,800 USD 19.530 1,050,714.00 0.54PepsiCo Shs 43,300 20,600 82,900 USD 65.050 5,392,645.00 2.79Pfizer Shs 49,500 45,800 184,500 USD 20.340 3,752,730.00 1.95PNC Financial Services Group Shs 47,300 9,300 38,000 USD 62.930 2,391,340.00 1.24Procter & Gamble Shs 14,100 18,900 66,500 USD 61.970 4,121,005.00 2.14QUALCOMM Shs 15,500 41,600 59,300 USD 54.510 3,232,443.00 1.68Schlumberger Shs 25,250 23,300 70,900 USD 93.650 6,639,785.00 3.44SEI Investments Shs 31,100 25,300 102,300 USD 23.610 2,415,303.00 1.25Starbucks Shs 10,600 10,400 42,600 USD 36.710 1,563,846.00 0.81Texas Instruments Shs 15,700 57,700 71,600 USD 34.740 2,487,384.00 1.29U.S. Bancorp Shs 24,600 20,700 83,600 USD 26.680 2,230,448.00 1.16Varian Medical Systems Shs 9,400 9,500 36,600 USD 67.180 2,458,788.00 1.27Verizon Communications Shs 54,600 56,500 99,000 USD 38.460 3,807,540.00 1.97Wal-Mart Stores Shs 20,100 23,300 84,300 USD 52.360 4,413,948.00 2.29Wells Fargo Shs 62,700 28,100 124,000 USD 31.910 3,956,840.00 2.05Williams Shs 73,600 21,900 91,900 USD 31.450 2,890,255.00 1.50Investments in securities and money-market instruments 188,358,135.80 97.62Deposits at financial institutions1) 4,066,389.09 2.11Sight deposits2) 4,066,389.09 2.110.0000 % State Street Bank Luxembourg S.A. USD 4,066,389.09 2.11Investments in deposits at financial institutions 4,066,389.09 2.11

% ofSubfund

Derivatives Holdings marked with a minus are short positions. OTC-Dealt Derivatives 654,557.43 0.34Forward Foreign Exchange Transactions 654,557.43 0.34Sold USD / Bought EUR 29 Apr 2011 USD – 78,147,047.66 654,557.43 0.34Investments in derivatives 654,557.43 0.34Net current assets/liabilities USD – 127,042.33 – 0.07Net assets of the Subfund USD 192,952,039.99 100.00

Net asset values per share– Class A (EUR) (distributing) EUR 106.37– Class A (GBP) (distributing) GBP 109.99– Class A (USD) (distributing) USD 10.82– Class A2 (USD) (distributing) USD 12.62– Class N (USD) (distributing) USD 1,185.56– Class AT (SGD) (accumulating) SGD 11.60– Class CT (EUR) (accumulating) EUR 93.40– Class N (EUR) (distributing) EUR 1,612.09– Class S (EUR) (distributing) EUR 1,612.89– Class W (H-EUR) (distributing) EUR 913.14Shares in circulation– Class A (EUR) (distributing) Shs 10 – Class A (GBP) (distributing) Shs 3,385 – Class A (USD) (distributing) Shs 3,545,495 – Class A2 (USD) (distributing) Shs 100 – Class N (USD) (distributing) Shs 18,737 – Class AT (SGD) (accumulating) Shs 164,139 – Class CT (EUR) (accumulating) Shs 122,377 – Class N (EUR) (distributing) Shs 14,098 – Class S (EUR) (distributing) Shs 125 – Class W (H-EUR) (distributing) Shs 62,737

Unrealisedgain/loss

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listing Equities United States Bank of America Shs 9,000 190,250Baxter International Shs 2,300 42,000Frontier Communications Corporation Shs 1Genzyme Shs 10,550 35,200Lockheed Martin Shs 2,300 57,650Raytheon Shs 1,700 44,000Walgreen Shs 38,100

Derivatives Holdings marked with a minus are short positions. OTC-Dealt Derivatives Forward Foreign Exchange Transactions Sold EUR / Bought USD 31 Jan 2011 EUR – 25,000,000.00Sold SGD / Bought USD 7 Feb 2011 SGD – 4,913.00Sold USD / Bought EUR 28 Feb 2011 USD – 75,884,006.00Sold USD / Bought EUR 29 Oct 2010 USD – 35,750,000.00Sold USD / Bought EUR 30 Dec 2010 USD – 101,629,916.00Sold USD / Bought EUR 30 Nov 2010 USD – 107,893,981.00Sold USD / Bought EUR 31 Jan 2011 USD – 105,903,319.00Sold USD / Bought EUR 31 Mar 2011 USD – 76,128,059.00Sold USD / Bought SGD 7 Feb 2011 USD – 41,343

31/03/2011 30/09/2010 USD USD

Securities

(Cost price USD 163,145,615.77) 188,358,135.80 156,522,927.68

– bonds 0.00 0.00

Receivable on

Unrealised gain on

Total Assets 195,287,122.78 163,487,181.34

Liabilities to banks – 33.44 – 180.36

Payable on

Other payables – 239,931.48 – 174,955.08

Unrealised loss on

Net assets 192,952,039.99 163,254,244.58

01/10/2010–31/03/2011 01/10/2009–31/03/2010 USD USD

Subscriptions

– Class A (USD) 38,669,886.01 12,755,369.72

– Class A2 (USD) 0.00

– Class N (USD) 21,061,768.18 0.00

– Class A (EUR) 0.51 1,333.90

– Class CT (EUR) 3,041,414.47 1,822,288.05

– Class N (EUR) 289,694.90 5,433,709.03

– Class S (EUR) 160,122.55 1,893.83

– Class W (H-EUR) 29,774,627.73 1,008,394.77

– Class A (GBP) 76,470.05 1,503.60

– Class AT (SGD) 1,667,152.32 25,756.26

Redemptions

– Class A (USD) – 26,509,071.10 – 908,980.08

– Class A2 (USD) 0.00

– Class N (USD) – 610,173.57 0.00

– Class CT (EUR) – 1,140,479.24 – 810,138.30

– Class N (EUR) – 29,286,001.55 0.00

– Class S (EUR) – 44,124.52 0.00

– Class W (H-EUR) – 38,060,497.71 – 87,878,156.36

– Class A (GBP) 0.00

– Class AT (SGD) – 381,404.19 – 11,128.94

Distribution – 2,017,060.27 – 2,050,298.51

Equalization – 705,842.62 87,171.00

Class A2Shares

Class NShares

Class AShares

at the beginning of the reporting period 2,409,159 100 0 420,289

Number of shares

– issued 3,663,112 0 19,287 1,383,014

– redeemed – 2,526,776 0 – 550 – 101,338

at the end of the reporting period 3,545,495 100 18,737 1,701,965

Class CTShares

Class NShares

Class A Shares

Class CTShares

Class NShares

at the beginning of the reporting period 10 107,379 28,994 78,776 3,873 57

Number of shares

– issued 0 23,971 135 16,107 2,885 1

– redeemed 0 – 8,973 – 15,031 – 7,347 0 0

at the end of the reporting period 10 122,377 14,098 87,536 6,758 58

EUR Shares 01/10/2010–31/03/2011 01/10/2009–31/03/2010Class SShares

Class W (H-EUR)Shares

Class SShares

Class W (H-EUR)Shares

at the beginning of the reporting period 70 67,012 0 176,531

Number of shares

– issued 75 27,837 10 915

– redeemed – 20 – 32,112 0 – 75,948

at the end of the reporting period 125 62,737 10 101,498

Class AShares

Number of shares

– issued 450 10

– redeemed 0 0

SharesClass AT

Shares

Number of shares

– issued 190,274 3,349

– redeemed – 44,184 – 1,441

Deposits at financial institutions1) 2,874,031.82 105.56Sight deposits2) 481,148.43 17.670.0000 % State Street Bank Luxembourg S.A. USD 481,148.43 17.67Term deposits 2,392,883.39 87.890.1000 % Citibank Hong Kong (25.03.2011 - 01.04.2011) USD 17,066.4 17,616.0 444.8 % 100.000 444,801.20 16.340.2000 % Commerzbank Hong Kong

(28.03.2011 - 04.04.2011) USD 19,798.2 20,397.4 492.6 % 100.000 492,613.80 18.090.3000 % DAH Sing Bank Hong Kong

(31.03.2011 - 07.04.2011) USD 20,003.3 20,522.1 481.4 % 100.000 481,418.96 17.680.1900 % DBS Bank Hong Kong (29.03.2011 - 06.04.2011) USD 20,556.4 21,005.6 530.2 % 100.000 530,224.47 19.480.1300 % National Australia Bank Hong Kong

(30.03.2011 - 06.04.2011) USD 19,831.6 20,350.9 443.8 % 100.000 443,824.96 16.30Investments in deposits at financial institutions 2,874,031.82 105.56Net current assets/liabilities USD – 151,437.94 – 5.56Net assets of the Subfund USD 2,722,593.88 100.00

Net asset values per share– Class A (USD) (distributing) USD 9.32Shares in circulation– Class A (USD) (distributing) Shs 292,2381) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

31/03/2011 30/09/2010 USD USD

Securities

(Cost price USD ) 0.00 0.00

Time deposits 2,392,883.39 5,028,992.55

– bonds 0.00 0.00

Receivable on

Unrealised gain on

Total Assets 2,907,223.30 5,977,461.39

Payable on

Other payables – 1,252.71 – 2,939.09

Unrealised loss on

Net assets 2,722,593.88 5,853,123.38

01/10/2010–31/03/2011 01/10/2009–31/03/2010 USD USD

Subscriptions

– Class A (USD) 3,726,922.89 17,455,961.59

Redemptions

– Class A (USD) – 6,833,288.56 – 18,556,850.54

Equalization – 9,893.17 – 1,213.72

Result of operations – 14,270.66 – 35,506.88

Class AShares

at the beginning of the reporting period 624,983 1,174,471

Number of shares

– issued 399,021 1,854,011

– redeemed – 731,766 – 1,970,780

Securities and money-market instruments admitted to an official stock exchange listing 20,650,618.92 96.99Equities 3,922,836.28 18.43Austria 683,850.00 3.21Conwert Immobilien Invest Shs 58,200 EUR 11.750 683,850.00 3.21Finland 1,005,205.50 4.72Citycon Shs 160,800 EUR 3.210 516,168.00 2.42Sponda Shs 10,000 120,750 EUR 4.050 489,037.50 2.30Germany 505,546.81 2.38Deutsche Euroshop Shs 750 1,000 17,833 EUR 27.085 483,006.81 2.27DIC Asset Shs 2,450 2,450 EUR 9.200 22,540.00 0.11Sweden 908,120.31 4.27Castellum Shs 52,000 SEK 92.100 536,509.97 2.52Hufvudstaden -A- Shs 5,000 5,000 44,200 SEK 75.050 371,610.34 1.75Switzerland 510,889.78 2.40PSP Swiss Property Shs 1,500 8,900 CHF 74.700 510,889.78 2.40United Kingdom 309,223.88 1.45Capital & Counties Properties Shs 67,000 67,000 GBP 1.688 128,333.55 0.60Helical Bar Shs 58,500 GBP 2.725 180,890.33 0.85REITs (Real Estate Investment Trusts) 16,727,782.64 78.56France 7,211,315.45 33.87Affine Real Estate Investment Trust Shs 20,500 EUR 23.040 472,320.00 2.22Foncière des Régions Real Estate Investment Trust Shs 1,500 6,867 EUR 75.240 516,673.08 2.43Gecina Real Estate Investment Trust Shs 1,000 8,600 EUR 97.570 839,102.00 3.94ICADE Real Estate Investment Trust Shs 1,500 9,600 EUR 87.590 840,864.00 3.95Klepierre Real Estate Investment Trust Shs 45,318 EUR 28.910 1,310,143.38 6.15Mercialys Real Estate Investment Trust Shs 3,000 28,371 EUR 28.085 796,799.54 3.74Société de la Tour Eiffel Real Estate Investment Trust Shs 202 5,374 EUR 64.300 345,548.20 1.62Société Immobilière de Location pour l’Industrie et le Commerce Real Estate Investment Trust Shs 1,000 900 7,400 EUR 99.000 732,600.00 3.44Unibail-Rodamco Real Estate Investment Trust Shs 1,000 200 8,845 EUR 153.450 1,357,265.25 6.38Netherlands 2,385,429.17 11.20Corio Real Estate Investment Trust Shs 2,200 1,000 17,729 EUR 49.385 875,546.67 4.11Eurocommercial Properties Real Estate Investment Trust Shs 2,000 2,000 24,700 EUR 34.975 863,882.50 4.06Wereldhave Real Estate Investment Trust Shs 1,300.000 8,500.000 EUR 76.000 646,000.00 3.03United Kingdom 7,131,038.02 33.49Big Yellow Group Real Estate Investment Trust Shs 7,000 104,600 GBP 3.356 398,333.30 1.87British Land Real Estate Investment Trust Shs 11,000 12,000 226,064 GBP 5.600 1,436,522.42 6.75Derwent London Real Estate Investment Trust Shs 1,000 48,300 GBP 16.580 908,708.58 4.27Great Portland Estates Real Estate Investment Trust Shs 14,000 206,090 GBP 3.864 903,622.44 4.24Hammerson Real Estate Investment Trust Shs 3,000 185,080 GBP 4.505 946,122.26 4.44Land Securities Group Real Estate Investment Trust Shs 9,000 10,000 166,600 GBP 7.365 1,392,325.32 6.54Segro Real Estate Investment Trust Shs 12,000 30,000 191,809 GBP 3.286 715,203.30 3.36Shaftesbury Real Estate Investment Trust Shs 25,000 79,000 GBP 4.799 430,200.40 2.02Investments in securities and money-market instruments 20,650,618.92 96.99Deposits at financial institutions1) 571,702.74 2.69Sight deposits2) 571,702.74 2.690.5420 % State Street Bank Luxembourg S.A. EUR 571,702.74 2.69Investments in deposits at financial institutions 571,702.74 2.69Net current assets/liabilities EUR 68,465.91 0.32Net assets of the Subfund EUR 21,290,787.57 100.00

Net asset value per share– Class AT (EUR) (accumulating) EUR 89.43Shares in circulation– Class AT (EUR) (accumulating) Shs 238,066 1) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listing Equities France Foncière Des Regions -Warrants- Shs 13Germany DIC Asset -Rights- Shs 2,100 2,100Other securities and money-market instruments Equities Germany Deutsche Euroshop -Rights- Shs 18,083 18,083

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 20,009,994.99) 20,650,618.92 18,819,312.90

– bonds 0.00 0.00

Receivable on

– securities transactions 42,706.57 0.00

Unrealised gain on

Total Assets 21,332,927.60 19,695,781.95

Payable on

Other payables – 39,340.03 – 40,566.37

Unrealised loss on

Net assets 21,290,787.57 19,655,215.58

01/10/2010–31/03/2011 01/10/2009–31/03/2010 EUR EUR

Subscriptions

– Class AT (EUR) 3,385.60 0.00

Redemptions

– Class AT (EUR) – 1,009.36 0.00

Equalization 0.56 0.00

SharesClass AT

Shares

Number of shares

– issued 40 0

Securities and money-market instruments admitted to an official stock exchange listing 93,914,050.00 81.93Bonds 93,914,050.00 81.93France 46,957,450.00 40.970 % France Government EUR Zero-Coupon Bonds 10/11 EUR 10,000.0 10,000.0 % 99.830 9,983,000.00 8.710 % France Government EUR Zero-Coupon Bonds 10/11 EUR 12,000.0 12,000.0 % 99.965 11,995,800.00 10.470 % France Government EUR Zero-Coupon Bonds 10/11 EUR 16,000.0 16,000.0 % 99.898 15,983,600.00 13.940 % France Government EUR Zero-Coupon Bonds 11/11 EUR 9,000.0 9,000.0 % 99.945 8,995,050.00 7.85Germany 46,956,600.00 40.960 % Bundesrepublik Deutschland

EUR Zero-Coupon Bonds 10/11 EUR 10,000.0 10,000.0 % 99.870 9,986,950.00 8.710 % Bundesrepublik Deutschland

EUR Zero-Coupon Bonds 10/11 EUR 13,000.0 13,000.0 % 99.970 12,996,100.00 11.340 % Bundesrepublik Deutschland

EUR Zero-Coupon Bonds 10/11 S.1 EUR 14,000.0 14,000.0 % 99.920 13,988,800.00 12.200 % Bundesrepublik Deutschland

EUR Zero-Coupon Bonds 10/11 S.1 EUR 10,000.0 10,000.0 % 99.848 9,984,750.00 8.71Investments in securities and money-market instruments 93,914,050.00 81.93Deposits at financial institutions1) 31,727,286.24 27.68Sight deposits2) 31,727,286.24 27.680.5420 % State Street Bank Luxembourg S.A. EUR 11,247,634.71 9.810.5420 % Deposits for collateralisation of derivatives EUR 20,479,651.53 17.87Investments in deposits at financial institutions 31,727,286.24 27.68

Contracts

% ofSubfund

assetsin the period under reviewDerivatives Holdings marked with a minus are short positions. Listed Derivatives 1,922,209.46 1.68Options Transactions 1,922,209.46 1.68Long Call Options on Indices 168,892.71 0.15Call 1275 S&P 500 Index 05/11 Ctr 12 12 USD 66.350 19,747.42 0.02Call 1315 S&P 500 Index 05/11 Ctr 12 12 USD 35.136 8,175.52 0.01Call 1325 S&P 500 Index 05/11 Ctr 25 25 USD 29.645 8,240.42 0.01Call 1350 S&P 500 Index 05/11 Ctr 24 24 USD 18.250 6,397.89 0.01Call 1360 S&P 500 Index 05/11 Ctr 25 25 USD 8.858 – 15,180.88 – 0.01Call 2250 Nasdaq 100 Index 04/11 Ctr 7 7 USD 97.050 18,699.45 0.02Call 2250 Nasdaq 100 Index 04/11 Ctr 7 7 USD 112.051 25,718.57 0.02Call 2290 Nasdaq 100 Index 05/11 Ctr 7 7 USD 88.271 20,540.11 0.02Call 2300 Nasdaq 100 Index 04/11 Ctr 15 15 USD 90.909 33,311.81 0.03Call 2300 Nasdaq 100 Index 05/11 Ctr 7 7 USD 87.300 14,000.67 0.01Call 2350 Nasdaq 100 Index 05/11 Ctr 15 15 USD 70.523 9,089.19 0.01Call 2365 Nasdaq 100 Index 04/11 Ctr 14 14 USD 38.736 4,431.10 0.00Call 2380 Nasdaq 100 Index 03/11 Ctr 15 15 USD 0.215 – 39,124.01 – 0.03Call 2385 Nasdaq 100 Index 04/11 Ctr 14 14 USD 11.450 – 1,976.94 0.00Call 2400 Nasdaq 100 Index 04/11 Ctr 15 15 USD 15.880 – 29,710.43 – 0.03Call 2400 Nasdaq 100 Index 05/11 Ctr 14 14 USD 30.255 6,558.78 0.01Call 2410 Nasdaq 100 Index 05/11 Ctr 15 15 USD 26.217 – 27,113.44 – 0.02Call 2425 Nasdaq 100 Index 05/11 Ctr 14 14 USD 24.250 1,255.32 0.00Call 2450 Nasdaq 100 Index 04/11 Ctr 15 15 USD 6.753 – 29,088.29 – 0.03Call 2450 Nasdaq 100 Index 04/11 Ctr 15 15 USD 10.619 – 33,047.11 – 0.03Call 790 Russell 2000 Index 04/11 Ctr 43 21 22 USD 50.356 44,051.91 0.04Call 805 Russell 2000 Index 04/11 Ctr 43 43 USD 36.558 34,001.99 0.03Call 810 Russell 2000 Index 04/11 Ctr 12 12 USD 36.824 13,287.18 0.01Call 810 Russell 2000 Index 05/11 Ctr 43 43 USD 46.800 56,693.50 0.05Call 820 Russell 2000 Index 04/11 Ctr 18 18 USD 31.755 17,433.21 0.01Call 820 Russell 2000 Index 04/11 Ctr 43 43 USD 31.403 19,993.42 0.02Call 825 Russell 2000 Index 04/11 Ctr 43 43 USD 21.595 – 4,081.19 0.00Call 825 Russell 2000 Index 05/11 Ctr 18 18 USD 29.573 16,035.96 0.01Call 830 Russell 2000 Index 05/11 Ctr 43 43 USD 32.511 31,526.38 0.03Call 830 Rut 05/11 Ctr 43 43 USD 28.576 766.82 0.00Call 845 Russell 2000 Index 05/11 Ctr 43 43 USD 19.390 – 8,643.71 – 0.01

% ofSubfund

Call 850 Russell 2000 Index 04/11 Ctr 43 18 25 USD 9.437 – 16,948.60 – 0.02Call 850 Russell 2000 Index 05/11 Ctr 18 18 USD 19.369 3,787.73 0.00Call 855 Russell 2000 Index 04/11 Ctr 36 36 USD 10.826 4,142.29 0.00Call 860 Russell 2000 Index 04/11 Ctr 64 64 USD 0.168 – 42,764.26 – 0.04Call 863 Russell 2000 Index 05/11 Ctr 36 36 USD 9.162 – 1,315.07 0.00Long Put Options on Indices – 2,483,630.90 – 2.17Put 1150 S&P 500 Index 04/11 Ctr 1,473 1,473 USD 0.025 – 20,916.89 – 0.02Put 1175 S&P 500 Index 04/11 Ctr 967 967 USD 0.025 – 12,390.26 – 0.01Put 1215 S&P 500 Index 03/11 Ctr 49 49 USD 0.050 – 44,990.09 – 0.04Put 1240 S&P 500 Index 04/11 Ctr 17 17 USD 0.000 – 30,164.62 – 0.03Put 1240 S&P 500 Index 05/11 Ctr 18 18 USD 10.550 – 21,337.88 – 0.02Put 1247 S&P 500 Index 04/11 Ctr 32 32 USD 6.179 – 69,767.92 – 0.06Put 1250 S&P 500 Index 04/11 Ctr 18 18 USD 1.774 – 24,688.26 – 0.02Put 1250 S&P 500 Index 05/11 Ctr 18 18 USD 14.897 – 29,091.22 – 0.03Put 1260 S&P 500 Index 06/11 Ctr 18 18 USD 20.180 – 4,672.77 0.00Put 1265 S&P 500 Index 04/11 Ctr 18 18 USD 5.597 – 16,345.56 – 0.01Put 1265 S&P 500 Index 04/11 Ctr 33 33 USD 7.206 – 48,431.90 – 0.04Put 1275 S&P 500 Index 04/11 Ctr 32 32 USD 6.736 – 40,354.55 – 0.04Put 1280 S&P 500 Index 04/11 Ctr 33 33 USD 6.644 – 38,416.93 – 0.03Put 1285 S&P 500 Index 05/11 Ctr 12 12 USD 17.204 – 19,885.59 – 0.02Put 1285 S&P 500 Index 05/11 Ctr 18 18 USD 12.618 – 14,145.27 – 0.01Put 130 S&P 500 Index 03/11 Ctr 49 49 USD 0.325 – 70,204.18 – 0.06Put 1300 S&P 500 Index 04/11 Ctr 17 17 USD 13.026 – 19,065.12 – 0.02Put 1300 S&P 500 Index 04/11 Ctr 16 16 USD 14.294 – 18,934.98 – 0.02Put 1300 S&P 500 Index 05/11 Ctr 9 9 USD 21.850 – 4,601.92 0.00Put 1310 S&P 500 Index 05/11 Ctr 12 12 USD 18.077 – 10,356.54 – 0.01Put 1310 S&P 500 Index 05/11 Ctr 18 18 USD 22.439 – 18,010.22 – 0.02Put 1375 Nasdaq 100 Index 05/11 Ctr 126 126 USD 0.375 – 12,003.35 – 0.01Put 1375 Nasdaq 100 Index 05/11 Ctr 63 63 USD 0.051 – 4,348.03 0.00Put 1375 Nasdaq 100 Index 05/11 Ctr 63 63 USD 0.184 – 1,428.77 0.00Put 1400 Nasdaq 100 Index 04/11 Ctr 63 63 USD 0.008 – 6,842.01 – 0.01Put 1425 Nasdaq 100 Index 05/11 Ctr 237 237 USD 0.450 – 9,735.11 – 0.01Put 1450 Nasdaq 100 Index 05/11 Ctr 237 237 USD 0.500 – 8,150.26 – 0.01Put 1465 Nasdaq 100 Index 05/11 Ctr 63 63 USD 0.080 – 3,712.02 0.00Put 1475 Nasdaq 100 Index 04/11 Ctr 126 126 USD 0.050 – 13,649.50 – 0.01Put 1475 Nasdaq 100 Index 04/11 Ctr 237 237 USD 0.025 – 11,113.20 – 0.01Put 1475 Nasdaq 100 Index 04/11 Ctr 62 62 USD 0.000 – 6,771.89 – 0.01Put 1475 Nasdaq 100 Index 05/11 Ctr 63 63 USD 0.033 – 2,155.91 0.00Put 1475 Nasdaq 100 Index 05/11 Ctr 63 63 USD 0.052 – 2,066.11 0.00Put 1475 Nasdaq 100 Index 05/11 Ctr 63 63 USD 0.328 – 7,822.01 – 0.01Put 1500 Nasdaq 100 Index 03/11 Ctr 215 215 USD 0.000 – 13,856.15 – 0.01Put 1500 Nasdaq 100 Index 04/11 Ctr 62 62 USD 0.000 – 9,112.29 – 0.01Put 1500 Nasdaq 100 Index 05/11 Ctr 126 126 USD 0.500 – 21,927.63 – 0.02Put 1500 Nasdaq 100 Index 05/11 Ctr 237 237 USD 0.651 19.71 0.00Put 1500 Nasdaq 100 Index 05/11 Ctr 63 63 USD 0.651 – 271.34 0.00Put 1520 Nasdaq 100 Index 03/11 Ctr 62 62 USD 0.000 – 4,552.65 0.00Put 1525 Nasdaq 100 Index 04/11 Ctr 300 300 USD 0.025 – 15,334.95 – 0.01Put 1525 Nasdaq 100 Index 04/11 Ctr 63 63 USD 0.002 – 2,118.61 0.00Put 1525 Nasdaq 100 Index 05/11 Ctr 237 237 USD 0.790 – 4,845.17 0.00Put 1540 Nasdaq 100 Index 03/11 Ctr 215 215 USD 0.000 – 20,794.86 – 0.02Put 1550 Nasdaq 100 Index 04/11 Ctr 63 63 USD 0.025 – 1,955.60 0.00Put 1550 Nasdaq 100 Index 04/11 Ctr 63 63 USD 0.000 – 4,191.70 0.00Put 1550 Nasdaq 100 Index 04/11 Ctr 63 63 USD 0.020 – 2,254.70 0.00Put 1550 Nasdaq 100 Index 05/11 Ctr 126 126 USD 0.550 – 15,687.08 – 0.01Put 1575 Nasdaq 100 Index 04/11 Ctr 124 124 USD 0.025 – 11,652.93 – 0.01Put 1600 Nasdaq 100 Index 04/11 Ctr 237 237 USD 0.025 – 22,314.66 – 0.02Put 1600 Nasdaq 100 Index 05/11 Ctr 126 126 USD 0.750 – 70.34 0.00Put 2000 Nasdaq 100 Index 04/11 Ctr 610 610 USD 0.025 – 7,452.42 – 0.01Put 2125 Nasdaq 100 Index 03/11 Ctr 25 25 USD 0.000 – 36,720.97 – 0.03Put 2140 Nasdaq 100 Index 04/11 Ctr 14 14 USD 4.893 – 45,830.53 – 0.04Put 2175 Nasdaq 100 Index 04/11 Ctr 15 15 USD 12.095 – 55,687.02 – 0.05Put 2180 Nasdaq 100 Index 05/11 Ctr 15 15 USD 35.663 – 25,633.76 – 0.02Put 2210 Nasdaq 100 Index 04/11 Ctr 14 14 USD 1.015 – 44,066.92 – 0.04Put 2215 Nasdaq 100 Index 05/11 Ctr 15 15 USD 32.565 – 36,109.28 – 0.03

% ofSubfund

Put 2225 Nasdaq 100 Index 04/11 Ctr 6 6 USD 8.150 – 12,979.67 – 0.01Put 2225 Nasdaq 100 Index 05/11 Ctr 7 7 USD 36.342 – 23,895.45 – 0.02Put 2250 Nasdaq 100 Index 04/11 Ctr 9 9 USD 11.050 – 21,812.52 – 0.02Put 2250 Nasdaq 100 Index 05/11 Ctr 15 15 USD 31.794 – 18,553.85 – 0.02Put 2275 Nasdaq 100 Index 04/11 Ctr 12 12 USD 15.200 – 28,147.06 – 0.02Put 2275 Nasdaq 100 Index 04/11 Ctr 12 12 USD 23.867 – 24,771.19 – 0.02Put 2290 Nasdaq 100 Index 03/11 Ctr 18 18 USD 0.260 – 51,867.11 – 0.05Put 2290 Nasdaq 100 Index 05/11 Ctr 7 7 USD 63.634 – 545.10 0.00Put 2300 Nasdaq 100 Index 04/11 Ctr 15 15 USD 36.146 – 9,377.75 – 0.01Put 2300 Nasdaq 100 Index 04/11 Ctr 7 7 USD 27.293 – 12,314.97 – 0.01Put 2335 Nasdaq 100 Index 03/11 Ctr 7 7 USD 0.097 – 24,478.78 – 0.02Put 2335 Nasdaq 100 Index 04/11 Ctr 7 7 USD 40.523 – 4,819.96 0.00Put 2345 Nasdaq 100 Index 05/11 Ctr 7 7 USD 62.963 – 1,502.33 0.00Put 2370 Nasdaq 100 Index 04/11 Ctr 7 7 USD 66.487 4,274.36 0.00Put 450 Russell 2000 Index 05/11 Ctr 672 672 USD 0.125 – 17,808.74 – 0.02Put 500 Russell 2000 Index 05/11 Ctr 531 531 USD 0.175 – 19,813.36 – 0.02Put 510 Russell 2000 Index 04/11 Ctr 620 620 USD 0.025 – 21,921.36 – 0.02Put 510 Russell 2000 Index 04/11 Ctr 174 174 USD 0.000 – 6,458.17 – 0.01Put 520 Russell 2000 Index 03/11 Ctr 399 399 USD 0.000 – 20,497.80 – 0.02Put 530 Russell 2000 Index 04/11 Ctr 421 421 USD 0.025 – 16,537.85 – 0.01Put 540 Russell 2000 Index 04/11 Ctr 443 443 USD 0.000 – 32,946.06 – 0.03Put 540 Russell 2000 Index 05/11 Ctr 317 317 USD 0.118 – 8,745.68 – 0.01Put 570 Russell 2000 Index 05/11 Ctr 317 317 USD 0.200 – 18,379.66 – 0.02Put 580 Russell 2000 Index 04/11 Ctr 634 634 USD 0.025 – 51,952.56 – 0.05Put 750 Russell 2000 Index 04/11 Ctr 37 37 USD 0.091 – 58,812.29 – 0.05Put 765 Russell 2000 Index 04/11 Ctr 21 21 USD 0.025 – 36,915.26 – 0.03Put 770 Russell 2000 Index 04/11 Ctr 24 24 USD 3.671 – 34,038.74 – 0.03Put 770 Russell 2000 Index 05/11 Ctr 38 38 USD 9.650 – 62,978.93 – 0.06Put 775 Russell 2000 Index 04/11 Ctr 38 38 USD 2.672 – 52,637.78 – 0.05Put 785 Russell 2000 Index 04/11 Ctr 21 18 3 USD 0.627 – 6,095.65 – 0.01Put 790 Russell 2000 Index 03/11 Ctr 37 37 USD 0.000 – 38,836.70 – 0.03Put 790 Russell 2000 Index 04/11 Ctr 24 24 USD 2.650 – 29,086.38 – 0.03Put 790 Russell 2000 Index 05/11 Ctr 21 21 USD 13.786 – 27,010.74 – 0.02Put 795 Russell 2000 Index 04/11 Ctr 38 38 USD 7.605 – 30,075.12 – 0.03Put 795 Russell 2000 Index 04/11 Ctr 21 21 USD 3.168 – 34,610.36 – 0.03Put 800 Russell 2000 Index 04/11 Ctr 21 21 USD 8.144 – 38,761.28 – 0.03Put 800 Russell 2000 Index 05/11 Ctr 21 21 USD 15.219 – 22,016.45 – 0.02Put 800 Russell 2000 Index 06/11 Ctr 38 38 USD 18.286 – 18,222.64 – 0.02Put 800 S&P 500 Index 03/11 Ctr 107 107 USD 0.025 – 2,205.89 0.00Put 800 S&P 500 Index 05/11 Ctr 109 109 USD 0.100 – 3,987.46 0.00Put 805 Russell 2000 Index 04/11 Ctr 21 21 USD 6.670 – 24,516.27 – 0.02Put 805 Russell 2000 Index 05/11 Ctr 38 38 USD 12.752 – 52,360.59 – 0.05Put 805 Rut 04/11 Ctr 24 24 USD 5.961 – 26,300.94 – 0.02Put 810 Russell 2000 Index 04/11 Ctr 18 18 USD 0.809 – 24,577.00 – 0.02Put 810 Rut 05/11 Ctr 21 21 USD 13.952 – 25,755.58 – 0.02Put 810 S&P 500 Index 05/11 Ctr 398 398 USD 0.125 – 29,249.41 – 0.03Put 820 Russell 2000 Index 05/11 Ctr 21 21 USD 16.352 – 24,278.99 – 0.02Put 825 S&P 500 Index 03/11 Ctr 107 107 USD 0.025 – 2,969.06 0.00Put 825 S&P 500 Index 04/11 Ctr 109 109 USD 0.000 – 12,787.45 – 0.01Put 827 Russell 2000 Index 04/11 Ctr 9 9 USD 3.932 – 12,712.21 – 0.01Put 830 Russell 2000 Index 04/11 Ctr 10 10 USD 8.008 – 15,744.69 – 0.01Put 840 Russell 2000 Index 05/11 Ctr 15 15 USD 21.133 – 1,637.74 0.00Put 840 S&P 500 Index 05/11 Ctr 109 109 USD 0.000 – 6,498.38 – 0.01Put 845 S&P 500 Index 05/11 Ctr 109 109 USD 0.020 – 5,098.05 0.00Put 850 S&P 500 Index 03/11 Ctr 106 106 USD 0.025 – 2,937.33 0.00Put 850 S&P 500 Index 04/11 Ctr 399 399 USD 0.000 – 14,867.02 – 0.01Put 850 S&P 500 Index 04/11 Ctr 109 109 USD 0.000 – 5,661.67 – 0.01Put 850 S&P 500 Index 04/11 Ctr 109 109 USD 0.000 – 3,193.91 0.00Put 850 S&P 500 Index 05/11 Ctr 398 398 USD 0.150 – 13,087.34 – 0.01Put 850 S&P 500 Index 05/11 Ctr 109 109 USD 0.033 – 2,097.09 0.00Put 850 SPX Index 05/11 Ctr 109 109 USD 0.002 – 8,553.72 – 0.01Put 850 SPX Index 05/11 Ctr 109 109 USD 0.004 – 7,039.73 – 0.01Put 860 S&P 500 Index 05/11 Ctr 109 109 USD 0.001 – 5,496.61 – 0.01Put 865 S&P 500 Index 05/11 Ctr 109 109 USD 0.069 – 3,365.43 0.00

% ofSubfund

Put 870 S&P 500 Index 04/11 Ctr 218 218 USD 0.025 – 7,757.51 – 0.01Put 870 S&P 500 Index 05/11 Ctr 398 398 USD 0.150 – 12,725.81 – 0.01Put 875 S&P 500 Index 04/11 Ctr 790 790 USD 0.025 – 37,382.84 – 0.03Put 875 S&P 500 Index 04/11 Ctr 109 109 USD 0.000 – 4,055.29 0.00Put 875 S&P 500 Index 05/11 Ctr 218 218 USD 0.175 – 13,190.29 – 0.01Put 900 S&P 500 Index 04/11 Ctr 218 218 USD 0.025 – 10,912.31 – 0.01Put 900 S&P 500 Index 05/11 Ctr 725 725 USD 0.275 – 29,506.16 – 0.03Put 925 S&P 500 Index 03/11 Ctr 359 359 USD 0.025 – 26,177.50 – 0.02Short Call Options on Indices – 51,082.47 – 0.04Call 1335 S&P 500 Index 05/11 Ctr 36 – 36 USD 25.800 – 29,606.62 – 0.03Call 1360 S&P 500 Index 05/11 Ctr 36 – 36 USD 11.391 – 9,540.11 – 0.01Call 1382 S&P 500 Index 05/11 Ctr 100 – 100 USD 5.851 1,796.68 0.00Call 1390 S&P 500 Index 05/11 Ctr 48 – 48 USD 5.350 – 5,201.54 0.00Call 1405 S&P 500 Index 05/11 Ctr 100 – 100 USD 1.387 22,040.03 0.02Call 2340 Nasdaq 100 Index 04/11 Ctr 21 – 21 USD 31.200 – 19,503.83 – 0.02Call 2340 Nasdaq 100 Index 04/11 Ctr 21 – 21 USD 51.119 – 45,698.57 – 0.04Call 2375 Nasdaq 100 Index 05/11 Ctr 21 – 21 USD 40.072 – 37,069.28 – 0.03Call 2400 Nasdaq 100 Index 05/11 Ctr 21 – 21 USD 33.150 – 19,994.32 – 0.02Call 2431 Nasdaq 100 Index 05/11 Ctr 60 – 60 USD 27.761 – 53,731.51 – 0.05Call 2440 Nasdaq 100 Index 04/11 Ctr 42 – 42 USD 14.704 – 16,172.31 – 0.01Call 2475 Nasdaq 100 Index 05/11 Ctr 60 – 60 USD 23.340 – 34,761.23 – 0.03Call 2480 Nasdaq 100 Index 03/11 Ctr 60 – 60 USD 0.000 38,337.04 0.03Call 2500 Nasdaq 100 Index 05/11 Ctr 42 – 42 USD 7.350 – 393.49 0.00Call 2500 Nasdaq 100 Index 05/11 Ctr 42 – 42 USD 8.773 – 16,593.92 – 0.01Call 2510 Nasdaq 100 Index 04/11 Ctr 60 – 60 USD 2.323 29,873.62 0.03Call 2520 Nasdaq 100 Index 05/11 Ctr 60 – 60 USD 6.541 27,574.47 0.02Call 2540 Nasdaq 100 Index 04/11 Ctr 60 – 60 USD 1.361 33,005.26 0.03Call 2550 Nasdaq 100 Index 04/11 Ctr 60 – 60 USD 2.346 34,453.54 0.03Call 840 Russell 2000 Index 04/11 Ctr 18 – 18 USD 14.733 – 9,764.83 – 0.01Call 840 Russell 2000 Index 04/11 Ctr 86 172 – 86 USD 5.876 – 4,062.04 0.00Call 849 Russell 2000 Index 04/11 Ctr 54 – 54 USD 13.587 – 28,862.50 – 0.03Call 855 Russell 2000 Index 04/11 Ctr 172 – 172 USD 1.358 58,405.40 0.05Call 855 Russell 2000 Index 05/11 Ctr 54 – 54 USD 12.362 – 25,576.75 – 0.02Call 865 Russell 2000 Index 05/11 Ctr 172 – 172 USD 15.199 – 99,105.93 – 0.09Call 870 Russell 2000 Index 04/11 Ctr 172 – 172 USD 5.277 22,766.44 0.02Call 875 Russell 2000 Index 04/11 Ctr 172 – 172 USD 0.320 62,936.45 0.06Call 876 Russell 2000 Index 05/11 Ctr 172 – 172 USD 10.350 – 60,923.62 – 0.05Call 882 Russell 2000 Index 05/11 Ctr 54 – 54 USD 7.152 – 6,457.63 – 0.01Call 885 Russell 2000 Index 04/11 Ctr 108 – 108 USD 2.562 – 3,865.54 0.00Call 885 Russell 2000 Index 04/11 Ctr 128 – 128 USD 0.000 31,801.46 0.03Call 885 Russell 2000 Index 05/11 Ctr 72 – 72 USD 3.424 – 1,540.73 0.00Call 885 Rut 05/11 Ctr 172 – 172 USD 4.929 27,966.15 0.02Call 895 Russell 2000 Index 04/11 Ctr 172 – 172 USD 0.438 51,684.28 0.05Call 895 Russell 2000 Index 05/11 Ctr 172 – 172 USD 3.004 34,703.01 0.03Short Put Options on Indices 4,288,030.12 3.74Put 1050 S&P 500 Index 05/11 Ctr 266 – 266 USD 1.075 42,808.16 0.04Put 1060 S&P 500 Index 04/11 Ctr 262 – 262 USD 0.150 62,169.15 0.05Put 1060 S&P 500 Index 05/11 Ctr 266 – 266 USD 1.500 29,798.90 0.03Put 1060 S&P 500 Index 05/11 Ctr 73 – 73 USD 0.980 25,992.12 0.02Put 1065 S&P 500 Index 05/11 Ctr 266 – 266 USD 2.215 20,599.88 0.02Put 1075 S&P 500 Index 03/11 Ctr 179 – 179 USD 0.025 44,840.80 0.04Put 1075 S&P 500 Index 05/11 Ctr 145 – 145 USD 1.575 41,033.10 0.04Put 1080 S&P 500 Index 04/11 Ctr 266 – 266 USD 0.289 46,503.53 0.04Put 1085 S&P 500 Index 05/11 Ctr 73 – 73 USD 1.725 28,355.09 0.02Put 1090 S&P 500 Index 04/11 Ctr 266 – 266 USD 0.200 49,831.43 0.04Put 1100 S&P 500 Index 03/11 Ctr 192 – 192 USD 0.025 63,923.67 0.06Put 1105 SPX Index 05/11 Ctr 73 – 73 USD 1.646 23,254.40 0.02Put 1110 S&P 500 Index 05/11 Ctr 145 – 145 USD 2.275 41,747.07 0.04Put 1115 S&P 500 Index 05/11 Ctr 73 – 73 USD 3.160 13,559.50 0.01Put 1125 SPX Index 05/11 Ctr 73 – 73 USD 1.858 21,823.39 0.02Put 1130 S&P 500 Index 04/11 Ctr 71 – 71 USD 0.000 27,441.98 0.02Put 1130 S&P 500 Index 04/11 Ctr 145 – 145 USD 0.848 40,078.76 0.03Put 1135 S&P 500 Index 04/11 Ctr 73 – 73 USD 1.015 24,344.92 0.02Put 1140 S&P 500 Index 04/11 Ctr 71 – 71 USD 0.001 26,060.76 0.02

% ofSubfund

Put 1140 S&P 500 Index 04/11 Ctr 71 – 71 USD 0.012 25,955.60 0.02Put 1140 S&P 500 Index 04/11 Ctr 73 – 73 USD 0.846 23,057.46 0.02Put 1140 S&P 500 Index 05/11 Ctr 73 – 73 USD 4.694 612.14 0.00Put 1140 S&P 500 Index 05/11 Ctr 73 – 73 USD 5.281 717.98 0.00Put 1140 S&P 500 Index 05/11 Ctr 73 – 73 USD 1.492 23,023.22 0.02Put 1140 S&P 500 Index 05/11 Ctr 73 – 73 USD 1.830 19,861.23 0.02Put 1150 S&P 500 Index 04/11 Ctr 145 – 145 USD 0.475 46,254.89 0.04Put 1160 S&P 500 Index 03/11 Ctr 98 – 98 USD 0.025 37,215.03 0.03Put 1165 S&P 500 Index 04/11 Ctr 73 – 73 USD 0.653 31,683.68 0.03Put 1175 S&P 500 Index 04/11 Ctr 34 – 34 USD 0.000 30,145.98 0.03Put 1175 S&P 500 Index 04/11 Ctr 73 – 73 USD 0.999 21,463.37 0.02Put 1175 S&P 500 Index 05/11 Ctr 36 – 36 USD 4.850 24,220.64 0.02Put 1175 S&P 500 Index 05/11 Ctr 36 – 36 USD 6.733 31,524.16 0.03Put 1190 S&P 500 Index 04/11 Ctr 36 – 36 USD 0.356 26,721.45 0.02Put 1200 S&P 500 Index 06/11 Ctr 36 – 36 USD 11.226 4,004.16 0.00Put 1205 S&P 500 Index 04/11 Ctr 36 – 36 USD 1.783 19,164.70 0.02Put 1205 S&P 500 Index 04/11 Ctr 66 – 66 USD 2.601 50,801.94 0.04Put 1220 S&P 500 Index 05/11 Ctr 36 – 36 USD 4.857 18,452.46 0.02Put 1220 S&P 500 Index 05/11 Ctr 24 – 24 USD 7.886 21,227.35 0.02Put 1221 S&P 500 Index 04/11 Ctr 64 – 64 USD 2.431 44,539.66 0.04Put 1225 S&P 500 Index 04/11 Ctr 66 – 66 USD 2.235 42,380.69 0.04Put 1242 S&P 500 Index 05/11 Ctr 36 – 36 USD 9.528 22,274.36 0.02Put 1247 S&P 500 Index 04/11 Ctr 64 – 64 USD 6.179 56,968.55 0.05Put 1250 S&P 500 Index 03/11 Ctr 98 – 98 USD 0.075 67,527.58 0.06Put 1250 S&P 500 Index 04/11 Ctr 32 – 32 USD 6.480 21,945.51 0.02Put 1250 S&P 500 Index 04/11 Ctr 34 – 34 USD 5.613 20,180.34 0.02Put 1250 S&P 500 Index 05/11 Ctr 18 – 18 USD 11.800 5,391.27 0.00Put 1250 S&P 500 Index 05/11 Ctr 24 – 24 USD 7.309 13,698.12 0.01Put 1750 Nasdaq 100 Index 05/11 Ctr 153 – 153 USD 1.650 37,576.70 0.03Put 1775 Nasdaq 100 Index 05/11 Ctr 163 – 163 USD 1.925 55,405.60 0.05Put 1800 Nasdaq 100 Index 05/11 Ctr 84 – 84 USD 2.200 54,397.63 0.05Put 1800 Nasdaq 100 Index 05/11 Ctr 42 – 42 USD 3.168 29,342.10 0.03Put 1845 Nasdaq 100 Index 05/11 Ctr 158 – 158 USD 6.451 – 12,794.04 – 0.01Put 1855 Nasdaq 100 Index 04/11 Ctr 158 – 158 USD 0.973 40,179.61 0.03Put 1860 Nasdaq 100 Index 03/11 Ctr 286 – 286 USD 0.000 127,762.60 0.11Put 1860 Nasdaq 100 Index 05/11 Ctr 158 – 158 USD 6.978 – 26,083.01 – 0.02Put 1865 Nasdaq 100 Index 05/11 Ctr 42 – 42 USD 6.127 8,555.86 0.01Put 1875 Nasdaq 100 Index 04/11 Ctr 79 – 79 USD 0.275 22,082.65 0.02Put 1875 Nasdaq 100 Index 05/11 Ctr 84 – 84 USD 3.650 41,282.20 0.04Put 1885 Nasdaq 100 Index 05/11 Ctr 42 – 42 USD 6.129 14,799.98 0.01Put 1885 Nasdaq 100 Index 05/11 Ctr 42 – 42 USD 3.660 21,012.96 0.02Put 1900 Nasdaq 100 Index 04/11 Ctr 79 – 79 USD 0.225 25,439.01 0.02Put 1900 Nasdaq 100 Index 04/11 Ctr 42 – 42 USD 1.454 25,535.63 0.02Put 1910 Nasdaq 100 Index 05/11 Ctr 42 – 42 USD 5.242 18,806.73 0.02Put 1920 Nasdaq 100 Index 04/11 Ctr 42 – 42 USD 0.000 29,786.37 0.03Put 1925 Nasdaq 100 Index 04/11 Ctr 158 – 158 USD 0.425 60,247.70 0.05Put 1935 Nasdaq 100 Index 05/11 Ctr 84 – 84 USD 10.224 – 12,987.40 – 0.01Put 1950 Nasdaq 100 Index 04/11 Ctr 83 – 83 USD 0.350 45,418.67 0.04Put 1960 Nasdaq 100 Index 04/11 Ctr 42 – 42 USD 0.016 28,833.59 0.02Put 1960 Nasdaq 100 Index 05/11 Ctr 42 – 42 USD 11.592 – 5,447.01 – 0.01Put 1970 Nasdaq 100 Index 05/11 Ctr 42 – 42 USD 5.350 16,515.17 0.01Put 1980 Nasdaq 100 Index 05/11 Ctr 42 – 42 USD 3.776 14,292.73 0.01Put 1980 Nasdaq 100 Index 05/11 Ctr 42 – 42 USD 4.585 13,655.85 0.01Put 2000 Nasdaq 100 Index 04/11 Ctr 30 – 30 USD 2.814 49,924.05 0.04Put 2010 Nasdaq 100 Index 03/11 Ctr 41 – 41 USD 0.000 26,256.90 0.02Put 2020 Nasdaq 100 Index 04/11 Ctr 28 – 28 USD 1.470 48,040.18 0.04Put 2025 Nasdaq 100 Index 03/11 Ctr 50 – 50 USD 0.000 26,128.20 0.02Put 2025 Nasdaq 100 Index 04/11 Ctr 84 – 84 USD 1.050 45,640.23 0.04Put 2025 Nasdaq 100 Index 04/11 Ctr 43 – 43 USD 0.368 24,796.16 0.02Put 2030 Nasdaq 100 Index 04/11 Ctr 43 – 43 USD 0.866 24,144.68 0.02Put 2030 Nasdaq 100 Index 04/11 Ctr 42 – 42 USD 3.322 12,385.10 0.01Put 2043 Nasdaq 100 Index 05/11 Ctr 30 – 30 USD 17.636 26,029.94 0.02Put 2050 Nasdaq 100 Index 04/11 Ctr 42 – 42 USD 1.250 18,023.01 0.02Put 2060 Nasdaq 100 Index 04/11 Ctr 43 – 43 USD 2.182 19,123.99 0.02

% ofSubfund

Put 2065 Nasdaq 100 Index 05/11 Ctr 14 – 14 USD 14.411 26,444.81 0.02Put 2073 Nasdaq 100 Index 05/11 Ctr 30 – 30 USD 14.021 40,865.95 0.04Put 2100 Nasdaq 100 Index 04/11 Ctr 28 – 28 USD 0.064 47,400.35 0.04Put 2120 Nasdaq 100 Index 05/11 Ctr 30 – 30 USD 12.660 25,369.43 0.02Put 2125 Nasdaq 100 Index 04/11 Ctr 30 – 30 USD 2.700 39,802.43 0.03Put 2150 Nasdaq 100 Index 04/11 Ctr 24 – 24 USD 3.350 30,536.76 0.03Put 2160 Nasdaq 100 Index 04/11 Ctr 24 – 24 USD 7.715 31,578.91 0.03Put 2165 Nasdaq 100 Index 05/11 Ctr 14 – 14 USD 32.991 – 892.61 0.00Put 2180 Nasdaq 100 Index 03/11 Ctr 14 – 14 USD 0.000 25,004.93 0.02Put 2180 Nasdaq 100 Index 04/11 Ctr 30 – 30 USD 12.625 19,971.42 0.02Put 2195 Nasdaq 100 Index 03/11 Ctr 36 – 36 USD 0.000 50,649.28 0.04Put 2200 Nasdaq 100 Index 04/11 Ctr 14 – 14 USD 9.188 19,704.84 0.02Put 2225 Nasdaq 100 Index 05/11 Ctr 14 – 14 USD 25.807 8,270.59 0.01Put 2235 Nasdaq 100 Index 04/11 Ctr 14 – 14 USD 13.338 12,239.57 0.01Put 2265 Nasdaq 100 Index 04/11 Ctr 14 – 14 USD 25.493 6,374.35 0.01Put 600 Russell 2000 Index 05/11 Ctr 295 – 295 USD 0.350 61,072.63 0.05Put 610 Russell 2000 Index 03/11 Ctr 266 – 266 USD 0.000 60,461.21 0.05Put 610 Russell 2000 Index 05/11 Ctr 295 – 295 USD 0.425 53,942.93 0.05Put 620 Russell 2000 Index 05/11 Ctr 211 – 211 USD 0.550 50,706.62 0.04Put 640 Russell 2000 Index 04/11 Ctr 295 – 295 USD 0.075 55,249.05 0.05Put 650 Russell 2000 Index 04/11 Ctr 281 – 281 USD 0.100 51,945.59 0.05Put 652 Russell 2000 Index 04/11 Ctr 295 – 295 USD 0.072 71,332.79 0.06Put 660 Russell 2000 Index 04/11 Ctr 116 – 116 USD 0.000 30,904.89 0.03Put 670 Russell 2000 Index 04/11 Ctr 346 – 346 USD 0.175 90,782.36 0.08Put 670 Russell 2000 Index 05/11 Ctr 120 – 120 USD 1.375 21,499.71 0.02Put 675 Russell 2000 Index 05/11 Ctr 211 – 211 USD 2.490 12,472.79 0.01Put 680 Russell 2000 Index 04/11 Ctr 195 – 195 USD 0.125 67,357.31 0.06Put 680 Russell 2000 Index 05/11 Ctr 92 – 92 USD 1.675 18,938.87 0.02Put 700 Russell 2000 Index 04/11 Ctr 74 – 74 USD 0.000 57,120.30 0.05Put 715 Russell 2000 Index 04/11 Ctr 42 – 42 USD 0.000 36,929.29 0.03Put 715 Russell 2000 Index 05/11 Ctr 76 – 76 USD 3.950 70,355.92 0.06Put 725 Russell 2000 Index 04/11 Ctr 76 – 76 USD 0.361 57,531.30 0.05Put 725 Russell 2000 Index 04/11 Ctr 48 – 48 USD 0.930 35,947.27 0.03Put 735 Russell 2000 Index 04/11 Ctr 42 – 42 USD 0.012 42,043.04 0.04Put 740 Russell 2000 Index 04/11 Ctr 42 – 42 USD 1.797 41,121.10 0.04Put 747 Russell 2000 Index 05/11 Ctr 42 – 42 USD 7.049 26,527.89 0.02Put 750 Russell 2000 Index 03/11 Ctr 74 – 74 USD 0.000 34,780.35 0.03Put 750 Russell 2000 Index 04/11 Ctr 48 – 48 USD 0.900 30,752.62 0.03Put 750 Russell 2000 Index 04/11 Ctr 42 – 42 USD 0.537 38,450.74 0.03Put 750 Russell 2000 Index 04/11 Ctr 76 – 76 USD 2.559 36,683.36 0.03Put 750 Russell 2000 Index 05/11 Ctr 42 – 42 USD 6.823 23,429.50 0.02Put 750 Russell 2000 Index 05/11 Ctr 76 – 76 USD 4.441 61,373.63 0.05Put 750 Russell 2000 Index 06/11 Ctr 76 – 76 USD 8.900 19,479.75 0.02Put 755 Rut 05/11 Ctr 42 – 42 USD 4.915 30,690.97 0.03Put 760 Russell 2000 Index 04/11 Ctr 42 – 42 USD 1.933 29,255.54 0.03Put 760 Rut 04/11 Ctr 48 – 48 USD 1.612 29,000.38 0.03Put 765 Russell 2000 Index 05/11 Ctr 42 – 42 USD 5.799 30,009.54 0.03Put 774 Russell 2000 Index 04/11 Ctr 36 – 36 USD 0.061 24,975.53 0.02Put 780 Russell 2000 Index 04/11 Ctr 20 – 20 USD 1.972 16,382.55 0.01Put 785 Russell 2000 Index 05/11 Ctr 30 – 30 USD 7.109 941.05 0.00Put 990 S&P 500 Index 05/11 Ctr 266 – 266 USD 0.675 64,970.29 0.06Investments in derivatives 1,922,209.46 1.68Net current assets/liabilities EUR – 12,945,820.17 – 11.29Net assets of the Subfund EUR 114,617,725.53 100.00

Net asset value per share– Class I (EUR) (distributing) EUR 1,050.92– Class W (EUR) (distributing) EUR 1,050.31– Class WT2 (EUR) (accumulating) EUR 1,049.80Shares in circulation– Class I (EUR) (distributing) Shs 16,031 – Class W (EUR) (distributing) Shs 31,870 – Class WT2 (EUR) (accumulating) Shs 60,977

% ofSubfund

Securities and money-market instruments admitted to an official stock exchange listingBondsFrance0 % France Government EUR Zero-Coupon Bonds 10/10 EUR 10,000.00 % France Government EUR Zero-Coupon Bonds 10/10 EUR 10,000.00 % France Government EUR Zero-Coupon Bonds 10/10 EUR 7,500.00 % France Government EUR Zero-Coupon Bonds 10/11 EUR 16,000.0 16,000.00 % France Government EUR Zero-Coupon Bonds 10/11 EUR 10,000.0 10,000.00 % France Government EUR Zero-Coupon Bonds 10/11 EUR 16,000.0 16,000.0Germany0 % Bundesrepublik Deutschland EUR Zero-Coupon Bonds 10/10 EUR 10,000.00 % Bundesrepublik Deutschland EUR Zero-Coupon Bonds 10/10 EUR 7,500.00 % Bundesrepublik Deutschland EUR Zero-Coupon Bonds 10/10 S.35 EUR 10,000.00 % Bundesrepublik Deutschland EUR Zero-Coupon Bonds 10/11 S.38 EUR 8,000.0 8,000.00 % Bundesrepublik Deutschland EUR Zero-Coupon Bonds 10/11 S.40 EUR 10,000.0 10,000.00 % Bundesrepublik Deutschland EUR Zero-Coupon Bonds 10/11 S.42 EUR 14,000.0 14,000.00 % Bundesrepublik Deutschland EUR Zero-Coupon Bonds 10/11 S.42 EUR 10,000.0 10,000.0

DerivativesHoldings marked with a minus are short positions.Listed DerivativesOptions TransactionsLong Call Options on IndicesCall 1160 S&P 500 Index 10/10 Ctr 44 44Call 1190 S&P 500 Index 11/10 Ctr 23 23Call 1200 S&P 500 Index 10/10 Ctr 390Call 1205 S&P 500 Index 12/10 Ctr 16 16Call 1220 S&P 500 Index 01/11 Ctr 19 19Call 1230 S&P 500 Index 11/10 Ctr 28 28Call 1235 S&P 500 Index 01/11 Ctr 21 21Call 1240 S&P 500 Index 01/11 Ctr 21 21Call 1245 S&P 500 Index 11/10 Ctr 30 30Call 1275 S&P 500 Index 02/11 Ctr 21 21Call 1290 S&P 500 Index 01/11 Ctr 63 63Call 1300 S&P 500 Index 03/11 Ctr 21 21Call 1305 S&P 500 Index 01/11 Ctr 63 63Call 1305 S&P 500 Index 03/11 Ctr 23 23Call 1320 S&P 500 Index 03/11 Ctr 23 23Call 1350 S&P 500 Index 02/11 Ctr 63 63Call 1360 S&P 500 Index 03/11 Ctr 63 63Call 1385 S&P 500 Index 03/11 Ctr 69 69Call 1390 S&P 500 Index 03/11 Ctr 63 63Call 1825 Nasdaq 100 Index 10/10 Ctr 3Call 1900 Nasdaq 100 Index 10/10 Ctr 4Call 1950 Nasdaq 100 Index 10/10 Ctr 4Call 1965 Nasdaq 100 Index 10/10 Ctr 7Call 1970 Nasdaq 100 Index 10/10 Ctr 7Call 2000 Nasdaq 100 Index 11/10 Ctr 12Call 2050 Nasdaq 100 Index 11/10 Ctr 8Call 2065 Nasdaq 100 Index 10/10 Ctr 14Call 2075 Nasdaq 100 Index 10/10 Ctr 7Call 2075 Nasdaq 100 Index 11/10 Ctr 13 13Call 2075 Nasdaq 100 Index 11/10 Ctr 44 48Call 2090 Nasdaq 100 Index 10/10 Ctr 8Call 2100 Nasdaq 100 Index 11/10 Ctr 13Call 2125 Nasdaq 100 Index 10/10 Ctr 48Call 2165 Nasdaq 100 Index 12/10 Ctr 9 9Call 2175 Nasdaq 100 Index 12/10 Ctr 10 10Call 2190 Nasdaq 100 Index 12/10 Ctr 10 10Call 2195 Nasdaq 100 Index 01/11 Ctr 12 12Call 2200 Nasdaq 100 Index 01/11 Ctr 12 12

Call 2200 Nasdaq 100 Index 11/10 Ctr 26 26Call 2200 Nasdaq 100 Index 12/10 Ctr 10 10Call 2215 Nasdaq 100 Index 01/11 Ctr 12 12Call 2230 Nasdaq 100 Index 11/10 Ctr 26 26Call 2235 Nasdaq 100 Index 12/10 Ctr 18 18Call 2250 Nasdaq 100 Index 02/11 Ctr 12 12Call 2255 Nasdaq 100 Index 02/11 Ctr 12 12Call 2275 Nasdaq 100 Index 02/11 Ctr 12 12Call 2300 Nasdaq 100 Index 11/10 Ctr 220 220Call 2305 Nasdaq 100 Index 03/11 Ctr 14 14Call 2310 Nasdaq 100 Index 12/10 Ctr 9 9Call 2315 Nasdaq 100 Index 03/11 Ctr 13 13Call 2330 Nasdaq 100 Index 01/11 Ctr 36 36Call 2357 Nasdaq 100 Index 01/11 Ctr 36 36Call 2405 Nasdaq 100 Index 02/11 Ctr 36 36Call 610 Russell 2000 Index 10/10 Ctr 19Call 620 Russell 2000 Index 10/10 Ctr 19Call 645 Russell 2000 Index 10/10 Ctr 20Call 650 Russell 2000 Index 10/10 Ctr 19Call 665 Russell 2000 Index 10/10 Ctr 20Call 670 Russell 2000 Index 10/10 Ctr 38Call 670 Russell 2000 Index 11/10 Ctr 40Call 680 Russell 2000 Index 11/10 Ctr 42Call 690 Russell 2000 Index 10/10 Ctr 38Call 700 Russell 2000 Index 10/10 Ctr 40Call 705 Russell 2000 Index 10/10 Ctr 30 30Call 710 Russell 2000 Index 10/10 Ctr 11Call 710 Russell 2000 Index 10/10 Ctr 32 32Call 720 Russell 2000 Index 12/10 Ctr 27 27Call 720 Russell 2000 Index 12/10 Ctr 44 44Call 726 Russell 2000 Index 12/10 Ctr 44 44Call 730 Russell 2000 Index 11/10 Ctr 118 80Call 730 Russell 2000 Index 12/10 Ctr 44 44Call 735 Russell 2000 Index 01/11 Ctr 36 36Call 735 Russell 2000 Index 11/10 Ctr 84 84Call 740 Russell 2000 Index 01/11 Ctr 36 36Call 740 Russell 2000 Index 12/10 Ctr 27 27Call 745 Russell 2000 Index 01/11 Ctr 36 36Call 780 Russell 2000 Index 01/11 Ctr 18 18Call 795 Russell 2000 Index 02/11 Ctr 35 35Call 795 Russell 2000 Index 03/11 Ctr 29 29Call 800 Russell 2000 Index 12/10 Ctr 44 44Call 805 Russell 2000 Index 02/11 Ctr 35 35Call 805 Russell 2000 Index 03/11 Ctr 35 35Call 805 Russell 2000 Index 12/10 Ctr 54 54Call 815 Russell 2000 Index 04/11 Ctr 18 18Call 830 Russell 2000 Index 03/11 Ctr 39 39Call 840 Russell 2000 Index 04/11 Ctr Call 855 Russell 2000 Index 03/11 Ctr 117 117Long Put Options on IndicesPut 1000 S&P 500 Index 10/10 Ctr Put 1000 S&P 500 Index 10/10 Ctr 400Put 1000 S&P 500 Index 10/10 Ctr 440 440Put 1000 S&P 500 Index 10/10 Ctr 360 360Put 1000 S&P 500 Index 10/10 Ctr 2,500 2,500Put 1000 S&P 500 Index 11/10 Ctr 2,000 2,000Put 1025 S&P 500 Index 10/10 Ctr 1,022 1,000Put 1025 S&P 500 Index 11/10 Ctr 1,600 1,600Put 1025 S&P 500 Index 12/10 Ctr 1,600 1,600Put 1045 S&P 500 Index 10/10 Ctr 11Put 1050 S&P 500 Index 05/11 Ctr 1,600 1,600Put 1050 S&P 500 Index 11/10 Ctr 1,000 1,000Put 1050 S&P 500 Index 11/10 Ctr 1,500 1,500

Put 1050 S&P 500 Index 12/10 Ctr 1,600 1,600Put 1050 S&P 750 Index 12/10 Ctr 507 507Put 1050 S&P 800 Index 02/11 Ctr 320 320Put 1060 S&P 500 Index 11/10 Ctr 8Put 1070 S&P 500 Index 10/10 Ctr 8Put 1075 Nasdaq 100 Index 10/10 Ctr 188Put 1075 S&P 500 Index 03/11 Ctr 305 305Put 1075 S&P 500 Index 10/10 Ctr 11Put 1080 S&P 500 Index 12/10 Ctr 1,600 1,600Put 1085 S&P 500 Index 10/10 Ctr 11Put 1090 S&P 500 Index 11/10 Ctr 32Put 1090 S&P 500 Index 11/10 Ctr 7Put 1100 Nasdaq 100 Index 11/10 Ctr 196Put 1100 S&P 500 Index 02/11 Ctr 600 600Put 1100 S&P 500 Index 02/11 Ctr Put 1100 S&P 500 Index 03/11 Ctr 800 800Put 1100 S&P 500 Index 10/10 Ctr 12Put 1100 S&P 500 Index 11/10 Ctr 32Put 1100 S&P 500 Index 12/10 Ctr 1,500 1,500Put 1105 S&P 500 Index 10/10 Ctr 12Put 1110 S&P 500 Index 11/10 Ctr 8Put 1115 S&P 500 Index 11/10 Ctr 32Put 1125 Nasdaq 100 Index 10/10 Ctr 188Put 1125 Nasdaq 100 Index 10/10 Ctr 188Put 1125 Nasdaq 100 Index 11/10 Ctr 196Put 1125 S&P 500 Index 01/11 Ctr 495 495Put 1125 S&P 500 Index 01/11 Ctr 1,000 1,000Put 1125 S&P 500 Index 01/11 Ctr 1,100 1,100Put 1125 S&P 500 Index 02/11 Ctr 1,020 1,020Put 1125 S&P 500 Index 02/11 Ctr 900 900Put 1125 S&P 500 Index 03/11 Ctr 235 235Put 1135 S&P 500 Index 01/11 Ctr 1,100 1,100Put 1135 S&P 500 Index 11/10 Ctr 8Put 1135 S&P 500 Index 11/10 Ctr 8Put 1135 S&P 500 Index 12/10 Ctr 9 9Put 1150 Nasdaq 100 Index 10/10 Ctr 188Put 1150 Nasdaq 100 Index 11/10 Ctr 78Put 1150 Nasdaq 100 Index 12/10 Ctr 242 242Put 1150 S&P 500 Index 01/11 Ctr 495 495Put 1150 S&P 500 Index 02/11 Ctr 600 600Put 1150 S&P 500 Index 02/11 Ctr 397 397Put 1150 S&P 500 Index 02/11 Ctr 1,525 1,525Put 1150 S&P 500 Index 03/11 Ctr 565 565Put 1150 S&P 500 Index 03/11 Ctr 1,000 1,000Put 1150 S&P 500 Index 03/11 Ctr 1,525 1,525Put 1150 S&P 500 Index 03/11 Ctr 1,525 1,525Put 1155 S&P 500 Index 12/10 Ctr 9 9Put 1155 S&P 500 Index 12/10 Ctr 26 26Put 1160 S&P 500 Index 01/11 Ctr 9 9Put 1160 S&P 500 Index 01/11 Ctr 27 27Put 1160 S&P 500 Index 12/10 Ctr 16 16Put 1165 S&P 500 Index 10/10 Ctr 33 33Put 1170 S&P 500 Index 01/11 Ctr 10 10Put 1175 Nasdaq 100 Index 11/10 Ctr 205Put 1175 S&P 500 Index 03/11 Ctr 45 45Put 1175 S&P 500 Index 12/10 Ctr 26 26Put 1180 S&P 500 Index 12/10 Ctr 300 300Put 1195 S&P 500 Index 02/11 Ctr 10 10Put 1195 S&P 500 Index 12/10 Ctr 75 75Put 1200 Nasdaq 100 Index 10/10 Ctr 75Put 1200 Nasdaq 100 Index 11/10 Ctr 205Put 1200 Nasdaq 100 Index 11/10 Ctr 392Put 1200 S&P 500 Index 01/11 Ctr 10 10

Put 1200 S&P 500 Index 12/10 Ctr 10 10Put 1210 S&P 500 Index 01/11 Ctr 550 550Put 1215 S&P 500 Index 12/10 Ctr 250 250Put 1220 S&P 500 Index 02/11 Ctr 10 10Put 1225 Nasdaq 100 Index 11/10 Ctr 104Put 1230 S&P 500 Index 12/10 Ctr 250 250Put 1235 S&P 500 Index 03/11 Ctr 17 17Put 1245 S&P 500 Index 03/11 Ctr 10 10Put 1250 Nasdaq 100 Index 10/10 Ctr 75Put 1250 Nasdaq 100 Index 12/10 Ctr 215 215Put 1260 S&P 500 Index 02/11 Ctr 610 610Put 1260 S&P 500 Index 03/11 Ctr 12 12Put 1270 S&P 500 Index 03/11 Ctr 11 11Put 1275 Nasdaq 100 Index 12/10 Ctr 215 215Put 1275 S&P 500 Index 02/11 Ctr Put 1275 S&P 500 Index 02/11 Ctr 307 307Put 1280 S&P 500 Index 02/11 Ctr 5 5Put 1285 S&P 500 Index 03/11 Ctr 49 49Put 1300 Nasdaq 100 Index 11/10 Ctr 82Put 1300 Nasdaq 100 Index 11/10 Ctr 164Put 1300 Nasdaq 100 Index 12/10 Ctr 102 102Put 1310 S&P 500 Index 03/11 Ctr 5 5Put 1320 S&P 500 Index 03/11 Ctr 6 6Put 1325 Nasdaq 100 Index 11/10 Ctr 19Put 1325 Nasdaq 100 Index 12/10 Ctr 120 120Put 1325 S&P 500 Index 03/11 Ctr 8 8Put 1340 Nasdaq 100 Index 02/11 Ctr 53 53Put 1340 S&P 500 Index 03/11 Ctr 8 8Put 1350 Nasdaq 100 Index 11/10 Ctr 68Put 1350 Nasdaq 100 Index 12/10 Ctr 99 99Put 1375 Nasdaq 100 Index 02/11 Ctr 53 53Put 1390 Nasdaq 100 Index 03/11 Ctr 53 53Put 1400 Nasdaq 100 Index 03/11 Ctr 53 53Put 1400 Nasdaq 100 Index 12/10 Ctr 178 178Put 1425 Nasdaq 100 Index 01/11 Ctr 64 64Put 1425 Nasdaq 100 Index 02/11 Ctr 60 60Put 1425 Nasdaq 100 Index 03/11 Ctr 62 62Put 1450 Nasdaq 100 Index 01/11 Ctr 208 208Put 1450 Nasdaq 100 Index 02/11 Ctr 53 53Put 1450 Nasdaq 100 Index 02/11 Ctr 60 60Put 1450 Nasdaq 100 Index 03/11 Ctr 57 57Put 1450 Nasdaq 100 Index 03/11 Ctr 57 57Put 1450 Nasdaq 100 Index 12/10 Ctr 96 96Put 1470 Nasdaq 100 Index 02/11 Ctr 68 68Put 1475 Nasdaq 100 Index 01/11 Ctr 52 52Put 1475 Nasdaq 100 Index 01/11 Ctr 388 388Put 1475 Nasdaq 100 Index 02/11 Ctr 102 102Put 1475 Nasdaq 100 Index 02/11 Ctr 60 60Put 1480 Nasdaq 100 Index 01/11 Ctr 194 194Put 1500 Nasdaq 100 Index 01/11 Ctr 90 90Put 1500 Nasdaq 100 Index 01/11 Ctr 90 90Put 1500 Nasdaq 100 Index 01/11 Ctr 73 73Put 1500 Nasdaq 100 Index 01/11 Ctr 372 372Put 1500 Nasdaq 100 Index 02/11 Ctr 190 190Put 1500 Nasdaq 100 Index 02/11 Ctr 190 190Put 1500 Nasdaq 100 Index 03/11 Ctr 190 190Put 1525 Nasdaq 100 Index 01/11 Ctr 298 298Put 1525 Nasdaq 100 Index 02/11 Ctr 190 190Put 1525 Nasdaq 100 Index 02/11 Ctr 190 190Put 1525 Nasdaq 100 Index 03/11 Ctr 213 213Put 1550 Nasdaq 100 Index 03/11 Ctr 57 57Put 1575 Nasdaq 100 Index 03/11 Ctr 213 213Put 1600 Nasdaq 100 Index 01/11 Ctr 208 208

Put 1600 Nasdaq 100 Index 03/11 Ctr 57 57Put 1650 Nasdaq 100 Index 03/11 Ctr 447 447Put 1675 Nasdaq 100 Index 10/10 Ctr 91Put 1675 Nasdaq 100 Index 10/10 Ctr 500 500Put 1700 Nasdaq 100 Index 03/11 Ctr 116 116Put 1725 Nasdaq 100 Index 10/10 Ctr 120 120Put 1725 Nasdaq 100 Index 12/10 Ctr Put 1750 Nasdaq 100 Index 10/10 Ctr 6Put 1775 Nasdaq 100 Index 10/10 Ctr 6Put 1785 Nasdaq 100 Index 10/10 Ctr 8Put 1800 Nasdaq 100 Index 11/10 Ctr 88 88Put 1825 Nasdaq 100 Index 10/10 Ctr 5Put 1825 Nasdaq 100 Index 11/10 Ctr 4Put 1850 Nasdaq 100 Index 11/10 Ctr 300 280Put 1850 Nasdaq 100 Index 11/10 Ctr 100 100Put 1865 Nasdaq 100 Index 10/10 Ctr 3Put 1875 Nasdaq 100 Index 10/10 Ctr 7Put 1885 Nasdaq 100 Index 11/10 Ctr 5Put 1890 Nasdaq 100 Index 10/10 Ctr 3Put 1900 Nasdaq 100 Index 10/10 Ctr 7Put 1900 Nasdaq 100 Index 11/10 Ctr 20Put 1925 Nasdaq 100 Index 11/10 Ctr 5Put 1925 Nasdaq 100 Index 11/10 Ctr 10Put 1950 Nasdaq 100 Index 10/10 Ctr 7Put 1950 Nasdaq 100 Index 11/10 Ctr 10Put 1960 Nasdaq 100 Index 10/10 Ctr 9Put 1965 Nasdaq 100 Index 11/10 Ctr 22 22Put 1975 Nasdaq 100 Index 10/10 Ctr 11Put 1975 Nasdaq 100 Index 11/10 Ctr 5Put 1975 Nasdaq 100 Index 11/10 Ctr 22 22Put 1995 Nasdaq 100 Index 12/10 Ctr 5 5Put 2000 Nasdaq 100 Index 12/10 Ctr 5 5Put 2050 Nasdaq 100 Index 11/10 Ctr 22 22Put 2050 Nasdaq 100 Index 12/10 Ctr 15 15Put 2050 Nasdaq 100 Index 12/10 Ctr 5 5Put 2050 Nasdaq 100 Index 12/10 Ctr 15 15Put 2065 Nasdaq 100 Index 12/10 Ctr 15 15Put 2070 Nasdaq 100 Index 11/10 Ctr 11 11Put 2075 Nasdaq 100 Index 01/11 Ctr 22 22Put 2075 Nasdaq 100 Index 11/10 Ctr 18 18Put 2085 Nasdaq 100 Index 12/10 Ctr 6 6Put 2090 Nasdaq 100 Index 01/11 Ctr 6 6Put 2090 Nasdaq 100 Index 12/10 Ctr 9 9Put 2100 Nasdaq 100 Index 01/11 Ctr 6 6Put 2115 Nasdaq 100 Index 11/11 Ctr 7 7Put 2125 Nasdaq 100 Index 01/11 Ctr 6 6Put 2125 Nasdaq 100 Index 01/11 Ctr 6 6Put 2125 Nasdaq 100 Index 02/11 Ctr 6 6Put 2125 Nasdaq 100 Index 03/11 Ctr 14 14Put 2125 Nasdaq 100 Index 11/10 Ctr 49 49Put 2125 Nasdaq 100 Index 12/10 Ctr 150 150Put 2135 Nasdaq 100 Index 12/10 Ctr 48 48Put 2175 Nasdaq 100 Index 02/11 Ctr 6 6Put 2175 Nasdaq 100 Index 02/11 Ctr 6 6Put 2175 Nasdaq 100 Index 12/10 Ctr 5 5Put 2180 Nasdaq 100 Index 12/10 Ctr 5 5Put 2200 Nasdaq 100 Index 03/11 Ctr 14 14Put 2205 Nasdaq 100 Index 12/10 Ctr 5 5Put 2250 Nasdaq 100 Index 03/11 Ctr 7 7Put 2250 Nasdaq 100 Index 03/11 Ctr 7 7Put 2275 Nasdaq 100 Index 03/11 Ctr 24 24Put 2335 Nasdaq 100 Index 03/11 Ctr 7 7Put 2350 Nasdaq 100 Index 02/11 Ctr 5 5

Put 360 Russell 2000 Index 12/10 Ctr 198 198Put 380 Russell 2000 Index 12/10 Ctr 220 220Put 400 Russell 2000 Index 11/10 Ctr 252Put 400 Russell 2000 Index 11/10 Ctr 257Put 400 Russell 2000 Index 12/10 Ctr 195 195Put 410 Russell 2000 Index 11/10 Ctr 355Put 420 Russell 2000 Index 11/10 Ctr 201 201Put 450 Russell 2000 Index 01/11 Ctr 308 308Put 450 Russell 2000 Index 01/11 Ctr 308 308Put 470 Russell 2000 Index 01/11 Ctr 308 308Put 470 Russell 2000 Index 12/10 Ctr 331 331Put 480 Russell 2000 Index 01/11 Ctr 652 652Put 490 Russell 2000 Index 02/11 Ctr 256 256Put 490 Russell 2000 Index 02/11 Ctr 150 150Put 490 Russell 2000 Index 12/10 Ctr 178 178Put 500 Russell 2000 Index 10/10 Ctr 125Put 510 Russell 2000 Index 12/10 Ctr 336 336Put 550 Russell 2000 Index 03/11 Ctr 285 285Put 560 Russell 2000 Index 01/11 Ctr 243 243Put 560 Russell 2000 Index 01/11 Ctr 132 132Put 560 Russell 2000 Index 03/11 Ctr 680 680Put 570 Russell 2000 Index 03/11 Ctr 285 285Put 590 Russell 2000 Index 10/10 Ctr 19Put 600 Russell 2000 Index 10/10 Ctr 19Put 600 Russell 2000 Index 10/10 Ctr 19Put 610 Russell 2000 Index 02/11 Ctr 19 19Put 625 S&P 500 Index 10/10 Ctr 646Put 630 Russell 2000 Index 10/10 Ctr 20Put 640 Russell 2000 Index 10/10 Ctr 19Put 640 Russell 2000 Index 10/10 Ctr 10Put 645 Russell 2000 Index 10/10 Ctr 20Put 650 Russell 2000 Index 10/10 Ctr 10Put 650 Russell 2000 Index 11/10 Ctr 40Put 650 Russell 2000 Index 11/10 Ctr 42Put 650 S&P 500 Index 10/10 Ctr 325Put 655 Russell 2000 Index 11/10 Ctr 44 44Put 660 Russell 2000 Index 10/10 Ctr 9Put 660 Russell 2000 Index 10/10 Ctr 10Put 670 Russell 2000 Index 11/10 Ctr 44 44Put 670 S&P 500 Index 10/10 Ctr 130Put 675 S&P 500 Index 10/10 Ctr 325Put 680 Russell 2000 Index 03/11 Ctr Put 690 Russell 2000 Index 11/10 Ctr 12 12Put 690 Russell 2000 Index 12/10 Ctr 44 44Put 690 Russell 2000 Index 12/10 Ctr 44 44Put 693 Russell 2000 Index 12/10 Ctr 44 44Put 695 S&P 500 Index 10/10 Ctr 130Put 700 Russell 2000 Index 11/10 Ctr 18 18Put 700 Russell 2000 Index 11/10 Ctr 18 18Put 700 Russell 2000 Index 11/10 Ctr 12 12Put 700 Russell 2000 Index 12/10 Ctr 14 14Put 700 Russell 2000 Index 12/10 Ctr 27 27Put 700 S&P 500 Index 11/10 Ctr 205Put 700 S&P 500 Index 11/10 Ctr 689Put 700 S&P 500 Index 12/10 Ctr 314 314Put 705 Russell 2000 Index 11/10 Ctr 17 17Put 705 Russell 2000 Index 11/10 Ctr 17 17Put 705 S&P 500 Index 11/10 Ctr 252Put 710 Russell 2000 Index 01/11 Ctr 17 17Put 710 Russell 2000 Index 01/11 Ctr 17 17Put 710 Russell 2000 Index 01/11 Ctr 64 64Put 710 Russell 2000 Index 01/11 Ctr 17 17Put 710 Russell 2000 Index 01/11 Ctr 17 17

Put 710 Russell 2000 Index 01/11 Ctr 64 64Put 720 S&P 500 Index 11/10 Ctr 225Put 725 S&P 500 Index 11/10 Ctr 421Put 730 Russell 2000 Index 12/10 Ctr 81 81Put 730 S&P 500 Index 11/10 Ctr 141Put 735 Russell 2000 Index 12/10 Ctr 11 11Put 740 Russell 2000 Index 02/11 Ctr 17 17Put 740 Russell 2000 Index 12/10 Ctr 11 11Put 740 Russell 2000 Index 12/10 Ctr 22 22Put 740 S&P 500 Index 11/10 Ctr 141Put 750 S&P 500 Index 01/11 Ctr 89 89Put 750 S&P 500 Index 01/11 Ctr 89 89Put 750 S&P 500 Index 01/11 Ctr 89 89Put 750 S&P 500 Index 11/10 Ctr 114Put 750 S&P 500 Index 12/10 Ctr 1,010 1,010Put 760 Russell 2000 Index 12/10 Ctr 13 13Put 765 Russell 2000 Index 01/11 Ctr 36 36Put 765 Russell 2000 Index 03/11 Ctr 34 34Put 770 Russell 2000 Index 02/11 Ctr 17 17Put 770 Russell 2000 Index 03/11 Ctr 19 19Put 775 Russell 2000 Index 03/11 Ctr 17 17Put 775 S&P 500 Index 01/11 Ctr 328 328Put 775 S&P 500 Index 11/10 Ctr 227Put 775 S&P 500 Index 12/10 Ctr 370 370Put 775 S&P 500 Index 12/10 Ctr 251 251Put 780 Russell 2000 Index 01/11 Ctr 16 16Put 780 S&P 500 Index 12/10 Ctr 147 147Put 785 Russell 2000 Index 01/11 Ctr 19 19Put 785 S&P 500 Index 01/11 Ctr 328 328Put 790 Russell 2000 Index 03/11 Ctr 37 37Put 800 S&P 500 Index 01/11 Ctr 89 89Put 800 S&P 500 Index 02/11 Ctr 90 90Put 800 S&P 500 Index 03/11 Ctr 98 98Put 800 S&P 500 Index 12/10 Ctr 148 148Put 810 Russell 2000 Index 03/11 Ctr 13 13Put 820 S&P 500 Index 01/11 Ctr 328 328Put 820 S&P 500 Index 12/10 Ctr 177 177Put 825 Russell 2000 Index 03/11 Ctr 9 9Put 825 Russell 2000 Index 03/11 Ctr 9 9Put 825 S&P 500 Index 01/11 Ctr 179 179Put 825 S&P 500 Index 01/11 Ctr 656 656Put 825 S&P 500 Index 02/11 Ctr 495 495Put 825 S&P 500 Index 02/11 Ctr 320 320Put 825 S&P 500 Index 02/11 Ctr 89 89Put 825 S&P 500 Index 03/11 Ctr 90 90Put 825 S&P 500 Index 03/11 Ctr 98 98Put 825 S&P 500 Index 03/11 Ctr 485 485Put 825 S&P 500 Index 12/10 Ctr 148 148Put 825 S&P 500 Index 12/10 Ctr 120 120Put 830 S&P 500 Index 01/11 Ctr 89 89Put 840 S&P 500 Index 03/11 Ctr 98 98Put 850 S&P 500 Index 02/11 Ctr 175 175Put 850 S&P 500 Index 02/11 Ctr 143 143Put 850 S&P 500 Index 03/11 Ctr 86 86Put 850 S&P 500 Index 03/11 Ctr 293 293Put 875 S&P 500 Index 01/11 Ctr 357 357Put 875 S&P 500 Index 02/11 Ctr 90 90Put 875 S&P 500 Index 02/11 Ctr 98 98Put 875 S&P 500 Index 03/11 Ctr 98 98Put 875 S&P 500 Index 03/11 Ctr 492 492Put 885 S&P 500 Index 03/11 Ctr 359 359Put 900 S&P 500 Index 02/11 Ctr 173 173Put 900 S&P 500 Index 03/11 Ctr 196 196

Put 950 S&P 500 Index 10/10 Ctr 261Put 950 S&P 500 Index 10/10 Ctr 800 800Put 950 S&P 500 Index 10/10 Ctr 1,000 1,000Put 975 S&P 500 Index 10/10 Ctr 279Put 975 S&P 500 Index 10/10 Ctr 1,420 1,420Put 995 S&P 500 Index 03/11 Ctr 196 196Short Call Options on IndicesCall 1200 S&P 500 Index 11/10 Ctr 13 Call 1205 S&P 500 Index 11/10 Ctr 26 Call 1210 S&P 500 Index 10/10 Ctr 66 66Call 1210 S&P 500 Index 11/10 Ctr 26 Call 1210 S&P 500 Index 11/10 Ctr 183 Call 1215 S&P 500 Index 11/10 Ctr 28 Call 1220 S&P 500 Index 11/10 Ctr 13 13Call 1225 S&P 500 Index 11/10 Ctr 28 Call 1235 S&P 500 Index 11/10 Ctr 30 Call 1245 S&P 500 Index 12/10 Ctr 48 48Call 1250 S&P 500 Index 11/10 Ctr 30 30Call 1260 S&P 500 Index 11/10 Ctr 56 56Call 1265 S&P 500 Index 12/10 Ctr 112 112Call 1270 S&P 500 Index 11/10 Ctr 60 60Call 1280 S&P 500 Index 01/11 Ctr 76 76Call 1280 S&P 500 Index 01/11 Ctr 84 84Call 1290 S&P 500 Index 01/11 Ctr 84 84Call 1290 S&P 500 Index 12/10 Ctr 60 60Call 1300 S&P 500 Index 12/10 Ctr 60 60Call 1310 S&P 500 Index 01/11 Ctr 63 63Call 1330 S&P 500 Index 02/11 Ctr 84 84Call 1355 S&P 500 Index 03/11 Ctr 84 84Call 1355 S&P 500 Index 03/11 Ctr 92 92Call 1370 S&P 500 Index 03/11 Ctr 92 92Call 1380 S&P 500 Index 03/11 Ctr 63 63Call 1940 Nasdaq 100 Index 10/10 Ctr 9 Call 2025 Nasdaq 100 Index 10/10 Ctr 12 Call 2050 Nasdaq 100 Index 10/10 Ctr 12 Call 2050 Nasdaq 100 Index 11/10 Ctr 21 Call 2100 Nasdaq 100 Index 11/10 Ctr 36 Call 2120 Nasdaq 100 Index 11/10 Ctr 17 Call 2125 Nasdaq 100 Index 11/10 Ctr 11 Call 2140 Nasdaq 100 Index 11/10 Ctr 18 Call 2150 Nasdaq 100 Index 11/10 Ctr 59 Call 2175 Nasdaq 100 Index 11/10 Ctr 39 39Call 2175 Nasdaq 100 Index 11/10 Ctr 186 105Call 2200 Nasdaq 100 Index 11/10 Ctr 39 Call 2200 Nasdaq 100 Index 11/10 Ctr 41 41Call 2225 Nasdaq 100 Index 11/10 Ctr 48 48Call 2225 Nasdaq 100 Index 12/10 Ctr 18 18Call 2245 Nasdaq 100 Index 12/10 Ctr 27 27Call 2275 Nasdaq 100 Index 11/10 Ctr 78 78Call 2275 Nasdaq 100 Index 11/10 Ctr 48 48Call 2275 Nasdaq 100 Index 12/10 Ctr 48 48Call 2275 Nasdaq 100 Index 12/10 Ctr 30 30Call 2290 Nasdaq 100 Index 12/10 Ctr 30 30Call 2295 Nasdaq 100 Index 11/10 Ctr 78 78Call 2300 Nasdaq 100 Index 01/11 Ctr 48 48Call 2300 Nasdaq 100 Index 12/10 Ctr 74 74Call 2300 Nasdaq 100 Index 12/10 Ctr 54 54Call 2325 Nasdaq 100 Index 01/11 Ctr 48 48Call 2325 Nasdaq 100 Index 01/11 Ctr 48 48Call 2325 Nasdaq 100 Index 12/10 Ctr 48 48Call 2350 Nasdaq 100 Index 12/10 Ctr 44 44Call 2365 Nasdaq 100 Index 02/11 Ctr 48 48Call 2365 Nasdaq 100 Index 02/11 Ctr 48 48

Call 2375 Nasdaq 100 Index 02/11 Ctr 48 48Call 2400 Nasdaq 100 Index 02/11 Ctr 24 24Call 2420 Nasdaq 100 Index 03/11 Ctr 56 56Call 2430 Nasdaq 100 Index 03/11 Ctr 52 52Call 2490 Nasdaq 100 Index 03/11 Ctr 14 14Call 650 Russell 2000 Index 10/10 Ctr 28 Call 660 Russell 2000 Index 10/10 Ctr 29 Call 670 Russell 2000 Index 10/10 Ctr 57 Call 685 Russell 2000 Index 10/10 Ctr 60 Call 695 Russell 2000 Index 10/10 Ctr 57 Call 700 Russell 2000 Index 10/10 Ctr 60 Call 700 Russell 2000 Index 10/10 Ctr 114 Call 710 Russell 2000 Index 11/10 Ctr 60 Call 720 Russell 2000 Index 10/10 Ctr 76 Call 720 Russell 2000 Index 11/10 Ctr 126 Call 720 Russell 2000 Index 11/10 Ctr 60 Call 725 Russell 2000 Index 10/10 Ctr 120 Call 730 Russell 2000 Index 10/10 Ctr 33 Call 730 Russell 2000 Index 11/10 Ctr 38 Call 735 Russell 2000 Index 10/10 Ctr 96 96Call 740 Russell 2000 Index 11/10 Ctr 106 56Call 750 Russell 2000 Index 11/10 Ctr 228 228Call 760 Russell 2000 Index 11/10 Ctr Call 760 Russell 2000 Index 11/10 Ctr 149 149Call 760 Russell 2000 Index 12/10 Ctr 81 81Call 762.5 Russell 2000 Index 11/10 Ctr 168 168Call 765 Russell 2000 Index 12/10 Ctr 132 132Call 770 Russell 2000 Index 12/10 Ctr 132 132Call 770 Russell 2000 Index 12/10 Ctr 132 132Call 780 Russell 2000 Index 01/11 Ctr 144 144Call 780 Russell 2000 Index 11/10 Ctr 168 168Call 780 Russell 2000 Index 12/10 Ctr 77 77Call 780 Russell 2000 Index 12/10 Ctr 81 81Call 785 Russell 2000 Index 01/11 Ctr 144 144Call 790 Russell 2000 Index 12/10 Ctr 77 77Call 795 Russell 2000 Index 12/10 Ctr 88 88Call 798 Russell 2000 Index 01/11 Ctr 144 144Call 800 Russell 2000 Index 12/10 Ctr 44 44Call 800 Russell 2000 Index 12/10 Ctr 27 27Call 810 Russell 2000 Index 01/11 Ctr 89 89Call 820 Russell 2000 Index 01/11 Ctr 72 72Call 830 Russell 2000 Index 01/11 Ctr 89 89Call 837 Russell 2000 Index 02/11 Ctr 140 140Call 840 Russell 2000 Index 01/11 Ctr 72 72Call 840 Russell 2000 Index 03/11 Ctr 156 156Call 840 Russell 2000 Index 04/11 Ctr 54 54Call 845 Russell 2000 Index 02/11 Ctr 140 140Call 855 Russell 2000 Index 03/11 Ctr 140 140Call 865 Russell 2000 Index 03/11 Ctr 117 117Call 875 Russell 2000 Index 03/11 Ctr 156 156Put 1235 S&P 500 Index 11/10 Ctr 133 133Short Put Options on IndicesPut 1000 S&P 500 Index 01/11 Ctr 59 59Put 1000 S&P 500 Index 01/11 Ctr 330 330Put 1000 S&P 500 Index 02/11 Ctr 214 214Put 1000 S&P 500 Index 10/10 Ctr 16 Put 1000 S&P 500 Index 12/10 Ctr 24 24Put 1000 S&P 500 Index 12/10 Ctr 98 98Put 1005 S&P 500 Index 11/10 Ctr 24 Put 1005 S&P 500 Index 12/10 Ctr 25 25Put 1010 S&P 500 Index 11/10 Ctr 24 Put 1010 S&P 500 Index 12/10 Ctr 99 99Put 1015 S&P 500 Index 01/11 Ctr 59 59

Put 1015 S&P 500 Index 10/10 Ctr 22 Put 1015 S&P 500 Index 12/10 Ctr 25 25Put 1015 S&P 500 Index 12/10 Ctr 25 25Put 1020 S&P 500 Index 01/11 Ctr 119 119Put 1020 S&P 500 Index 01/11 Ctr 59 59Put 1020 S&P 500 Index 01/11 Ctr 219 219Put 1025 S&P 500 Index 03/11 Ctr 240 240Put 1025 S&P 500 Index 10/10 Ctr 22 Put 1025 S&P 500 Index 12/10 Ctr 25 25Put 1025 S&P 500 Index 12/10 Ctr 25 25Put 1030 S&P 500 Index 02/11 Ctr 213 213Put 1030 S&P 500 Index 03/11 Ctr 214 214Put 1032 S&P 500 Index 11/10 Ctr 14 Put 1040 S&P 500 Index 01/11 Ctr 119 119Put 1040 S&P 500 Index 02/11 Ctr 30 30Put 1040 S&P 500 Index 10/10 Ctr 24 Put 1040 S&P 500 Index 10/10 Ctr 24 Put 1040 S&P 500 Index 11/10 Ctr 64 Put 1040 S&P 500 Index 11/10 Ctr 64 Put 1050 S&P 500 Index 01/11 Ctr 59 59Put 1050 S&P 500 Index 01/11 Ctr 119 119Put 1050 S&P 500 Index 02/11 Ctr 112 112Put 1050 S&P 500 Index 02/11 Ctr 117 117Put 1050 S&P 500 Index 02/11 Ctr 214 214Put 1050 S&P 500 Index 02/11 Ctr 95 95Put 1050 S&P 500 Index 11/10 Ctr 16 Put 1050 S&P 500 Index 12/10 Ctr 80 80Put 1055 S&P 500 Index 01/11 Ctr 30 30Put 1055 S&P 500 Index 02/11 Ctr 65 65Put 1060 S&P 500 Index 11/10 Ctr 64 Put 1065 S&P 500 Index 01/11 Ctr 59 59Put 1065 S&P 500 Index 01/11 Ctr 30 30Put 1070 S&P 500 Index 11/10 Ctr 16 Put 1070 S&P 500 Index 11/10 Ctr 16 Put 1075 S&P 500 Index 02/11 Ctr 60 60Put 1075 S&P 500 Index 12/10 Ctr 18 18Put 1085 S&P 500 Index 03/11 Ctr 240 240Put 1090 S&P 500 Index 02/11 Ctr 59 59Put 1090 S&P 500 Index 02/11 Ctr 60 60Put 1090 S&P 500 Index 03/11 Ctr 132 132Put 1090 S&P 500 Index 03/11 Ctr 57 57Put 1095 S&P 500 Index 02/11 Ctr 115 115Put 1095 S&P 500 Index 12/10 Ctr 18 18Put 1100 S&P 500 Index 03/11 Ctr 60 60Put 1100 S&P 500 Index 12/10 Ctr 52 52Put 1105 S&P 500 Index 03/11 Ctr 65 65Put 1105 S&P 500 Index 01/11 Ctr 18 18Put 1105 S&P 500 Index 12/10 Ctr 32 32Put 1110 S&P 500 Index 01/11 Ctr 54 54Put 1110 S&P 500 Index 03/11 Ctr 131 131Put 1110 S&P 500 Index 03/11 Ctr 65 65Put 1120 S&P 500 Index 01/11 Ctr 20 20Put 1120 S&P 500 Index 03/11 Ctr 65 65Put 1125 S&P 500 Index 03/11 Ctr 65 65Put 1125 S&P 500 Index 03/11 Ctr 65 65Put 1125 S&P 500 Index 12/10 Ctr 52 52Put 1130 S&P 500 Index 03/11 Ctr 65 65Put 1130 S&P 500 Index 10/10 Ctr 66 66Put 1135 S&P 500 Index 02/11 Ctr 20 20Put 1145 S&P 500 Index 01/11 Ctr 20 20Put 1150 S&P 500 Index 12/10 Ctr 20 20Put 1155 S&P 500 Index 03/11 Ctr 131 131Put 1160 S&P 500 Index 12/10 Ctr 150 150

Put 1170 S&P 500 Index 03/11 Ctr 34 34Put 1175 S&P 500 Index 02/11 Ctr 20 20Put 1185 S&P 500 Index 03/11 Ctr 20 20Put 1200 S&P 500 Index 03/11 Ctr 24 24Put 1215 S&P 500 Index 03/11 Ctr 22 22Put 1230 S&P 500 Index 02/11 Ctr 10 10Put 1245 S&P 500 Index 03/11 Ctr 98 98Put 1250 S&P 500 Index 03/11 Ctr 10 10Put 1280 S&P 500 Index 03/11 Ctr 16 16Put 1285 S&P 500 Index 03/11 Ctr 16 16Put 1335 Nasdaq 100 Index 10/10 Ctr 125 Put 1375 Nasdaq 100 Index 10/10 Ctr 75 Put 1400 Nasdaq 100 Index 10/10 Ctr 125 Put 1400 Nasdaq 100 Index 10/10 Ctr 50 Put 1400 Nasdaq 100 Index 11/10 Ctr 90 Put 1425 Nasdaq 100 Index 10/10 Ctr 125 Put 1425 Nasdaq 100 Index 11/10 Ctr 40 Put 1450 Nasdaq 100 Index 11/10 Ctr 130 Put 1500 Nasdaq 100 Index 10/10 Ctr 13 Put 1500 Nasdaq 100 Index 10/10 Ctr 50 Put 1500 Nasdaq 100 Index 12/10 Ctr 143 143Put 1510 Nasdaq 100 Index 11/10 Ctr 13 Put 1520 Nasdaq 100 Index 10/10 Ctr 13 Put 1525 Nasdaq 100 Index 11/10 Ctr 137 Put 1525 Nasdaq 100 Index 11/10 Ctr 12 Put 1525 Nasdaq 100 Index 11/10 Ctr 198 Put 1545 Nasdaq 100 Index 10/10 Ctr 13 Put 1550 Nasdaq 100 Index 10/10 Ctr 50 Put 1550 Nasdaq 100 Index 11/10 Ctr 120 Put 1575 Nasdaq 100 Index 11/10 Ctr 30 Put 1575 Nasdaq 100 Index 12/10 Ctr 143 143Put 1600 Nasdaq 100 Index 11/10 Ctr 127 Put 1600 Nasdaq 100 Index 12/10 Ctr 143 143Put 1605 Nasdaq 100 Index 11/10 Ctr 12 Put 1625 Nasdaq 100 Index 11/10 Ctr 120 Put 1635 Nasdaq 100 Index 10/10 Ctr 12 Put 1650 Nasdaq 100 Index 11/10 Ctr 13 Put 1650 Nasdaq 100 Index 11/10 Ctr 40 Put 1650 Nasdaq 100 Index 12/10 Ctr 64 64Put 1660 Nasdaq 100 Index 10/10 Ctr 12 Put 1665 Nasdaq 100 Index 10/10 Ctr 16 Put 1670 Nasdaq 100 Index 11/10 Ctr 13 Put 1675 Nasdaq 100 Index 11/10 Ctr 27 Put 1675 Nasdaq 100 Index 12/10 Ctr 66 66Put 1680 Nasdaq 100 Index 11/10 Ctr 55 Put 1696 Nasdaq 100 Index 10/10 Ctr 10 Put 1700 Nasdaq 100 Index 11/10 Ctr 14 Put 1700 Nasdaq 100 Index 11/10 Ctr 14 Put 1700 Nasdaq 100 Index 12/10 Ctr 80 80Put 1710 Nasdaq 100 Index 11/10 Ctr 14 Put 1710 Nasdaq 100 Index 11/10 Ctr 8 Put 1715 Nasdaq 100 Index 12/10 Ctr 15 15Put 1720 Nasdaq 100 Index 01/11 Ctr 130 130Put 1725 Nasdaq 100 Index 01/11 Ctr 130 130Put 1725 Nasdaq 100 Index 11/10 Ctr 14 Put 1725 Nasdaq 100 Index 12/10 Ctr 57 57Put 1730 Nasdaq 100 Index 12/10 Ctr 14 14Put 1735 Nasdaq 100 Index 12/10 Ctr 15 15Put 1750 Nasdaq 100 Index 12/10 Ctr 57 57Put 1750 Nasdaq 100 Index 12/10 Ctr 64 64Put 1755 Nasdaq 100 Index 01/11 Ctr 130 130Put 1760 Nasdaq 100 Index 01/11 Ctr 130 130Put 1775 Nasdaq 100 Index 01/11 Ctr 249 249

Put 1775 Nasdaq 100 Index 02/11 Ctr 127 127Put 1775 Nasdaq 100 Index 10/10 Ctr 14 Put 1775 Nasdaq 100 Index 10/10 Ctr 6 Put 1775 Nasdaq 100 Index 10/10 Ctr 14 Put 1775 Nasdaq 100 Index 11/10 Ctr 80 80Put 1775 Nasdaq 100 Index 11/10 Ctr 10 Put 1775 Nasdaq 100 Index 12/10 Ctr 18 18Put 1800 Nasdaq 100 Index 01/11 Ctr 49 49Put 1800 Nasdaq 100 Index 01/11 Ctr 200 200Put 1800 Nasdaq 100 Index 03/11 Ctr 64 64Put 1800 Nasdaq 100 Index 10/10 Ctr 6 Put 1800 Nasdaq 100 Index 11/10 Ctr 40 Put 1800 Nasdaq 100 Index 12/10 Ctr 15 15Put 1800 Nasdaq 100 Index 12/10 Ctr 16 16Put 1810 Nasdaq 100 Index 11/10 Ctr 10 Put 1810 Nasdaq 100 Index 12/10 Ctr 15 15Put 1825 Nasdaq 100 Index 01/11 Ctr 35 35Put 1825 Nasdaq 100 Index 02/11 Ctr 127 127Put 1825 Nasdaq 100 Index 02/11 Ctr 127 127Put 1825 Nasdaq 100 Index 03/11 Ctr 63 63Put 1825 Nasdaq 100 Index 10/10 Ctr 80 Put 1825 Nasdaq 100 Index 11/10 Ctr 20 Put 1830 Nasdaq 100 Index 02/11 Ctr 127 127Put 1835 Nasdaq 100 Index 01/11 Ctr 49 49Put 1840 Nasdaq 100 Index 01/11 Ctr 17 17Put 1840 Nasdaq 100 Index 03/11 Ctr 142 142Put 1845 Nasdaq 100 Index 11/10 Ctr 10 Put 1850 Nasdaq 100 Index 01/11 Ctr 49 49Put 1850 Nasdaq 100 Index 01/11 Ctr 32 32Put 1850 Nasdaq 100 Index 01/11 Ctr 70 70Put 1850 Nasdaq 100 Index 02/11 Ctr 68 68Put 1850 Nasdaq 100 Index 02/11 Ctr 40 40Put 1850 Nasdaq 100 Index 11/10 Ctr 100 80Put 1865 Nasdaq 100 Index 11/10 Ctr 44 44Put 1870 Nasdaq 100 Index 01/11 Ctr 17 17Put 1870 Nasdaq 100 Index 10/10 Ctr 14 Put 1875 Nasdaq 100 Index 01/11 Ctr 16 16Put 1875 Nasdaq 100 Index 01/11 Ctr 70 70Put 1875 Nasdaq 100 Index 02/11 Ctr 35 35Put 1875 Nasdaq 100 Index 02/11 Ctr 40 40Put 1875 Nasdaq 100 Index 03/11 Ctr 142 142Put 1875 Nasdaq 100 Index 10/10 Ctr 18 Put 1875 Nasdaq 100 Index 11/10 Ctr 44 44Put 1875 Nasdaq 100 Index 12/10 Ctr 10 10Put 1875 Nasdaq 100 Index 12/10 Ctr 10 10Put 1885 Nasdaq 100 Index 02/11 Ctr 45 45Put 1885 Nasdaq 100 Index 03/11 Ctr 35 35Put 1890 Nasdaq 100 Index 10/10 Ctr 22 Put 1895 Nasdaq 100 Index 02/11 Ctr 17 17Put 1900 Nasdaq 100 Index 02/11 Ctr 35 35Put 1905 Nasdaq 100 Index 02/11 Ctr 35 35Put 1910 Nasdaq 100 Index 02/11 Ctr 40 40Put 1925 Nasdaq 100 Index 03/11 Ctr 35 35Put 1925 Nasdaq 100 Index 03/11 Ctr 38 38Put 1940 Nasdaq 100 Index 12/10 Ctr 10 10Put 1950 Nasdaq 100 Index 03/11 Ctr 220 220Put 1950 Nasdaq 100 Index 03/11 Ctr 41 41Put 1950 Nasdaq 100 Index 11/10 Ctr 34 44Put 1950 Nasdaq 100 Index 12/10 Ctr 30 30Put 1950 Nasdaq 100 Index 12/10 Ctr 30 30Put 1955 Nasdaq 100 Index 12/10 Ctr 30 30Put 1970 Nasdaq 100 Index 12/10 Ctr 12 12Put 1975 Nasdaq 100 Index 01/11 Ctr 44 44

Put 1975 Nasdaq 100 Index 03/11 Ctr 77 77Put 1975 Nasdaq 100 Index 11/10 Ctr 36 36Put 1980 Nasdaq 100 Index 03/11 Ctr 38 38Put 1980 Nasdaq 100 Index 03/11 Ctr 38 38Put 1985 Nasdaq 100 Index 11/10 Ctr 22 22Put 1990 Nasdaq 100 Index 12/10 Ctr 18 18Put 1995 Nasdaq 100 Index 03/11 Ctr 39 39Put 2000 Nasdaq 100 Index 03/11 Ctr 77 77Put 2005 Nasdaq 100 Index 01/11 Ctr 12 12Put 2010 Nasdaq 100 Index 01/11 Ctr 12 12Put 2010 Nasdaq 100 Index 01/11 Ctr 12 12Put 2010 Nasdaq 100 Index 03/11 Ctr 19 19Put 2025 Nasdaq 100 Index 01/11 Ctr 12 12Put 2025 Nasdaq 100 Index 02/11 Ctr 12 12Put 2025 Nasdaq 100 Index 11/10 Ctr 98 98Put 2050 Nasdaq 100 Index 03/11 Ctr 28 28Put 2070 Nasdaq 100 Index 02/11 Ctr 12 12Put 2075 Nasdaq 100 Index 02/11 Ctr 12 12Put 2075 Nasdaq 100 Index 03/11 Ctr 28 28Put 2075 Nasdaq 100 Index 12/10 Ctr 10 10Put 2075 Nasdaq 100 Index 12/10 Ctr 321 321Put 2095 Nasdaq 100 Index 12/10 Ctr 10 10Put 2125 Nasdaq 100 Index 12/10 Ctr 10 10Put 2130 Nasdaq 100 Index 03/11 Ctr 14 14Put 2150 Nasdaq 100 Index 03/11 Ctr 14 14Put 2175 Nasdaq 100 Index 03/11 Ctr 24 24Put 2220 Nasdaq 100 Index 03/11 Ctr 24 24Put 2250 Nasdaq 100 Index 02/11 Ctr 10 10Put 2250 Nasdaq 100 Index 03/11 Ctr 14 14Put 510 Russell 2000 Index 11/10 Ctr 84 Put 520 Russell 2000 Index 11/10 Ctr 84 Put 520 Russell 2000 Index 12/10 Ctr 132 132Put 530 Russell 2000 Index 11/10 Ctr 168 Put 530 Russell 2000 Index 11/10 Ctr 76 Put 540 Russell 2000 Index 10/10 Ctr 38 Put 540 Russell 2000 Index 11/10 Ctr 95 Put 540 Russell 2000 Index 12/10 Ctr 132 132Put 550 Russell 2000 Index 11/10 Ctr 68 Put 555 Russell 2000 Index 10/10 Ctr 38 Put 555 Russell 2000 Index 10/10 Ctr 38 Put 560 Russell 2000 Index 12/10 Ctr 130 130Put 560 Russell 2000 Index 12/10 Ctr 221 221Put 570 Russell 2000 Index 01/11 Ctr 81 81Put 570 Russell 2000 Index 11/10 Ctr 60 60Put 575 Russell 2000 Index 01/11 Ctr 194 194Put 580 Russell 2000 Index 01/11 Ctr 113 113Put 580 Russell 2000 Index 10/10 Ctr 40 Put 590 Russell 2000 Index 01/11 Ctr 541 541Put 590 Russell 2000 Index 10/10 Ctr 83 Put 595 Russell 2000 Index 10/10 Ctr 38 Put 600 Russell 2000 Index 01/11 Ctr 98 98Put 600 Russell 2000 Index 10/10 Ctr 40 Put 600 Russell 2000 Index 10/10 Ctr 30 Put 600 Russell 2000 Index 11/10 Ctr 134 134Put 605 Russell 2000 Index 11/10 Ctr 84 Put 610 Russell 2000 Index 02/11 Ctr 171 171Put 610 Russell 2000 Index 02/11 Ctr 224 224Put 610 Russell 2000 Index 10/10 Ctr 20 Put 610 Russell 2000 Index 11/10 Ctr 80 Put 610 Russell 2000 Index 11/10 Ctr 88 88Put 610 Russell 2000 Index 12/10 Ctr 119 119Put 620 Russell 2000 Index 10/10 Ctr 20 Put 622 Russell 2000 Index 11/10 Ctr 88 88

Put 630 Russell 2000 Index 10/10 Ctr 18 Put 640 Russell 2000 Index 03/11 Ctr 110 110Put 645 Russell 2000 Index 02/11 Ctr 100 100Put 645 Russell 2000 Index 02/11 Ctr 54 54Put 647 Russell 2000 Index 11/10 Ctr 51 51Put 647 Russell 2000 Index 11/10 Ctr 51 51Put 650 Russell 2000 Index 01/11 Ctr 162 162Put 650 Russell 2000 Index 03/11 Ctr 343 343Put 650 Russell 2000 Index 11/10 Ctr 54 96Put 650 Russell 2000 Index 11/10 Ctr 24 24Put 650 Russell 2000 Index 12/10 Ctr 28 28Put 650 Russell 2000 Index 12/10 Ctr 88 88Put 650 Russell 2000 Index 12/10 Ctr 88 88Put 650 Russell 2000 Index 12/10 Ctr 88 88Put 660 Russell 2000 Index 01/11 Ctr 64 64Put 660 Russell 2000 Index 03/11 Ctr 190 190Put 660 Russell 2000 Index 11/10 Ctr 24 24Put 662 Russell 2000 Index 11/10 Ctr Put 665 Russell 2000 Index 12/10 Ctr 54 54Put 668 Russell 2000 Index 01/11 Ctr 128 128Put 670 Russell 2000 Index 01/11 Ctr 34 34Put 670 Russell 2000 Index 01/11 Ctr 34 34Put 670 Russell 2000 Index 01/11 Ctr 34 34Put 670 Russell 2000 Index 01/11 Ctr 152 152Put 670 Russell 2000 Index 03/11 Ctr 163 163Put 673 Russell 2000 Index 01/11 Ctr 34 34Put 680 Russell 2000 Index 03/11 Ctr 28 28Put 695 Russell 2000 Index 02/11 Ctr 34 34Put 695 Russell 2000 Index 12/10 Ctr 22 22Put 700 Russell 2000 Index 12/10 Ctr 22 22Put 700 Russell 2000 Index 12/10 Ctr 44 44Put 705 Russell 2000 Index 12/10 Ctr 162 162Put 710 Russell 2000 Index 03/11 Ctr 68 68Put 720 Russell 2000 Index 12/10 Ctr 26 26Put 730 Russell 2000 Index 01/11 Ctr 72 72Put 730 Russell 2000 Index 02/11 Ctr 34 34Put 730 Russell 2000 Index 03/11 Ctr 34 34Put 730 Russell 2000 Index 03/11 Ctr 38 38Put 740 Russell 2000 Index 03/11 Ctr 38 38Put 750 Russell 2000 Index 01/11 Ctr 32 32Put 755 Russell 2000 Index 03/11 Ctr 74 74Put 760 Russell 2000 Index 01/11 Ctr 38 38Put 775 Russell 2000 Index 03/11 Ctr 18 18Put 780 Russell 2000 Index 03/11 Ctr 38 38Put 785 Russell 2000 Index 03/11 Ctr 18 18Put 795 S&P 500 Index 10/10 Ctr 216 Put 800 S&P 500 Index 10/10 Ctr 216 Put 825 S&P 500 Index 10/10 Ctr 215 Put 840 S&P 500 Index 11/10 Ctr 224 Put 845 S&P 500 Index 10/10 Ctr 215 Put 875 S&P 500 Index 11/10 Ctr 235 Put 875 S&P 500 Index 12/10 Ctr 209 209Put 880 S&P 500 Index 10/10 Ctr 22 Put 885 S&P 500 Index 10/10 Ctr 86 Put 890 S&P 500 Index 10/10 Ctr 22 Put 890 S&P 500 Index 11/10 Ctr 22 Put 895 S&P 500 Index 10/10 Ctr 86 Put 900 S&P 500 Index 11/10 Ctr 168 Put 900 S&P 500 Index 11/10 Ctr 235 Put 905 S&P 500 Index 10/10 Ctr 22 Put 920 S&P 500 Index 11/10 Ctr 46 Put 925 S&P 500 Index 11/10 Ctr 137 Put 925 S&P 500 Index 12/10 Ctr 374 374

Put 930 S&P 500 Index 11/10 Ctr 180 Put 935 S&P 500 Index 11/10 Ctr 94 Put 935 S&P 500 Index 12/10 Ctr 198 198Put 940 S&P 500 Index 11/10 Ctr 46 Put 940 S&P 500 Index 12/10 Ctr 246 246Put 945 S&P 500 Index 11/10 Ctr 59 Put 950 S&P 500 Index 11/10 Ctr 58 Put 950 S&P 500 Index 12/10 Ctr 51 51Put 950 S&P 500 Index 12/10 Ctr 259 259Put 960 S&P 500 Index 01/11 Ctr 219 219Put 960 S&P 500 Index 11/10 Ctr 21 Put 960 S&P 500 Index 11/10 Ctr 18 Put 960 S&P 500 Index 12/10 Ctr 51 51Put 965 S&P 500 Index 11/10 Ctr 21 Put 965 S&P 500 Index 11/10 Ctr 94 Put 970 S&P 500 Index 11/10 Ctr 22 Put 970 S&P 500 Index 12/10 Ctr 99 99Put 975 S&P 500 Index 12/10 Ctr 217 217Put 975 S&P 500 Index 12/10 Ctr 149 149Put 9750 S&P 500 Index 01/11 Ctr 219 219Put 985 S&P 500 Index 10/10 Ctr 22 Put 990 S&P 500 Index 01/11 Ctr 108 108Put 990 S&P 500 Index 11/10 Ctr 24 Put 990 S&P 500 Index 11/10 Ctr 22 Put 990 S&P 500 Index 11/10 Ctr 22 Put 995 S&P 500 Index 11/10 Ctr 16

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 93,896,404.15) 93,914,050.00 54,977,012.50

– bonds 0.00 0.00

Receivable on

Unrealised gain on

– options transactions 0.00 2,539,651.28

– swap transactions 5,245,758.73 0.00

Total Assets 135,881,113.98 89,410,388.38

Payable on

Other payables – 645,825.01 – 181,424.40

Unrealised loss on

– options transactions – 3,323,549.27 – 1,899,464.02

Net assets 114,617,725.53 83,067,053.67

Subscriptions

– Class I (EUR) 8,563,193.00 8,013,080.00

– Class W (EUR) 16,716,417.30 15,331,000.00

– Class WT2 (EUR) 1,012,230.95 60,001,000.00

Redemptions

– Class I (EUR) 0.00 0.00

– Class W (EUR) – 1,002.23 0.00

– Class WT2 (EUR) – 999.23 0.00

Equalization – 184,525.95 12,080.00

Result of operations 5,445,358.02 – 290,106.33

EUR Shares 01/10/2010–31/03/2011 Launch date–30/09/2010Class IShares

Class WShares

Class WT2Shares

Class IShares

Class WShares

Class WT2Shares

Number of shares

– issued 8,300 16,540 977 8,001 15,331 60,001

– redeemed 0 – 1 – 1 0 0 0

Securities and money-market instruments admitted to an official stock exchange listing 17,566,687.50 26.85Bonds 17,566,687.50 26.85United States 17,566,687.50 26.858.1250 % Advanced Micro Devices USD Notes 10/17 USD 250.0 750.0 % 104.750 785,625.00 1.209.7500 % Aircastle USD Notes 10/18 USD 750.0 750.0 % 111.375 835,312.50 1.287.8750 % American Axle & Manufacturing USD Notes 07/17 USD 750.0 750.0 % 102.000 765,000.00 1.178.6250 % Cablevision Systems USD Notes 10/17 USD 500.0 500.0 % 111.875 559,375.00 0.858.8750 % Cenveo USD Notes 10/18 USD 750.0 750.0 % 100.750 755,625.00 1.158.7500 % Cincinnati Bell USD Notes 10/18 USD 250.0 750.0 % 94.500 708,750.00 1.087.0000 % CIT Group USD Notes 09/16 USD 500.0 % 100.125 500,625.00 0.767.0000 % CIT Group USD Notes 09/17 USD 250.0 250.0 % 100.188 250,470.00 0.387.0000 % Concho Resources USD Notes 10/21 USD 500.0 500.0 % 105.750 528,750.00 0.819.0000 % Crown Castle International USD Notes 09/15 USD 750.0 750.0 % 110.750 830,625.00 1.277.0000 % Edison Mission Energy USD Notes 07/17 USD 250.0 750.0 % 80.750 605,625.00 0.937.5000 % Energy Transfer Equity USD Notes 10/20 USD 150.0 365.0 % 109.500 399,675.00 0.617.1250 % Hanger Orthopedic Group USD Notes 10/18 USD 750.0 750.0 % 102.000 765,000.00 1.179.2500 % HCA USD Notes 07/16 USD 500.0 % 107.500 537,500.00 0.828.7500 % KAR Auction Services USD Notes 08/14 USD 750.0 750.0 % 103.500 776,250.00 1.1910.5000 % Kemet USD Notes 11/18 USD 500.0 500.0 % 113.750 568,750.00 0.876.6250 % MetroPCS Wireless USD Notes 10/20 USD 750.0 750.0 % 100.000 750,000.00 1.158.2500 % Navistar International USD Notes 09/21 USD 250.0 750.0 % 111.250 834,375.00 1.287.3750 % Nextel Communications USD Notes 05/15 S.D USD 500.0 % 100.438 502,190.00 0.778.2500 % Patriot Coal USD Notes 10/18 USD 750.0 750.0 % 107.250 804,375.00 1.237.2500 % Petrohawk Energy USD Notes 10/18 USD 500.0 500.0 % 102.875 514,375.00 0.798.6250 % Rite Aid USD Notes 07/15 USD 500.0 500.0 % 92.500 462,500.00 0.719.5000 % RSC Equipment Rental / RSC Holdings III

USD Notes 07/14 USD 500.0 94.0 406.0 % 104.750 425,285.00 0.658.4500 % SLM USD Notes 08/18 USD 500.0 % 111.876 559,380.00 0.856.9000 % Springleaf Finance USD MTN 07/17 USD 250.0 750.0 % 91.750 688,125.00 1.058.3750 % Standard Pacific USD Notes 10/18 USD 500.0 % 104.500 522,500.00 0.808.0000 % Triumph Group USD Notes 10/17 USD 750.0 750.0 % 107.250 804,375.00 1.238.3750 % United Rentals North America USD Notes 10/20 USD 500.0 500.0 % 105.250 526,250.00 0.80Securities and money-market instruments dealt on another regulated market 42,296,150.00 64.64Bonds 42,296,150.00 64.64Bermuda 1,896,875.00 2.9012.0000 % Global Crossing USD Notes 10/15 USD 500.0 500.0 % 114.250 571,250.00 0.879.5000 % Intelsat Jackson Holdings USD Notes 09/16 USD 500.0 % 105.750 528,750.00 0.819.5000 % NCL USD Notes 10/18 USD 750.0 750.0 % 106.250 796,875.00 1.22Canada 838,125.00 1.2810.3750 % National Money Mart USD Notes 10/16 USD 250.0 750.0 % 111.750 838,125.00 1.28Luxembourg 755,625.00 1.167.2500 % Intelsat Jackson Holdings USD Notes 11/19 USD 750.0 750.0 % 100.750 755,625.00 1.16Netherlands 848,437.50 1.309.7500 % NXP / NXP Funding USD Notes 10/18 USD 750.0 750.0 % 113.125 848,437.50 1.30United States 37,957,087.50 58.0011.0000 % ACE Cash Express USD Notes 11/19 USD 1,250.0 500.0 750.0 % 102.000 765,000.00 1.1711.5000 % Affinion Group USD Notes 06/15 USD 750.0 750.0 % 104.250 781,875.00 1.199.0000 % Allis-Chalmers Energy USD Notes 07/14 USD 500.0 % 101.375 506,875.00 0.777.7500 % Avis Budget Car Rental / Avis Budget Finance

USD Notes 07/16 USD 250.0 750.0 % 103.750 778,125.00 1.197.7500 % Basic Energy Services USD Notes 11/19 USD 750.0 750.0 % 103.750 778,125.00 1.198.5000 % BE Aerospace USD Notes 08/18 USD 500.0 500.0 % 111.250 556,250.00 0.859.1250 % Beazer Homes USA USD Notes 10/19 USD 500.0 500.0 % 101.750 508,750.00 0.788.6250 % BreitBurn Energy Partners USD Notes 10/20 USD 750.0 750.0 % 105.250 789,375.00 1.2111.2500 % Caesars Entertainment Operating USD Notes 10/17 USD 500.0 500.0 % 113.750 568,750.00 0.8712.7500 % Caesars Entertainment Operating USD Notes 10/18 USD 500.0 % 101.500 507,500.00 0.789.7500 % Cambium Learning USD Notes 11/17 USD 750.0 750.0 % 101.750 763,125.00 1.178.2500 % Cardtronics USD Notes 10/18 USD 500.0 % 109.250 546,250.00 0.838.6250 % Carrizo Oil & Gas USD Notes 10/18 USD 760.0 760.0 % 106.750 811,300.00 1.247.0000 % CCO Holdings / CCO Holdings Capital

USD Notes 11/19 USD 750.0 750.0 % 102.375 767,812.50 1.1710.5000 % Cenveo USD Notes 08/16 USD 500.0 % 99.500 497,500.00 0.769.2500 % Clear Channel Worldwide Holdings

USD Notes 10/17 USD 750.0 750.0 % 109.250 819,375.00 1.25

% ofSubfund

8.5000 % Cooper-Standard Automotive USD Notes 11/18 USD 750.0 750.0 % 107.500 806,250.00 1.237.0000 % Deluxe USD Notes 11/19 USD 750.0 750.0 % 100.000 750,000.00 1.159.5000 % DineEquity USD Notes 10/18 USD 750.0 750.0 % 108.500 813,750.00 1.247.1250 % DISH DBS USD Notes 06/16 USD 500.0 500.0 500.0 % 106.500 532,500.00 0.817.1250 % Dycom Investments USD Notes 11/21 USD 500.0 500.0 % 102.000 510,000.00 0.787.0000 % Endo Pharmaceuticals Holdings USD Notes 10/20 USD 500.0 500.0 % 103.750 518,750.00 0.799.2500 % Energy XXI Gulf Coast USD Notes 10/17 USD 920.0 170.0 750.0 % 107.000 802,500.00 1.238.1250 % Equinix USD Notes 10/18 USD 750.0 750.0 % 109.000 817,500.00 1.258.0000 % EV Energy Partners / EV Energy Finance

USD Notes 11/19 USD 750.0 750.0 % 102.125 765,937.50 1.179.8750 % First Data USD Notes 08/15 USD 250.0 750.0 % 103.000 772,500.00 1.187.1250 % Frac Tech Services / Frac Tech Finance

USD Notes 10/18 USD 750.0 750.0 % 102.500 768,750.00 1.178.8750 % Freescale Semiconductor USD Notes 07/14 USD 500.0 % 103.563 517,815.00 0.7910.1250 % Freescale Semiconductor USD Notes 10/18 USD 250.0 250.0 % 112.500 281,250.00 0.436.7500 % Hertz USD Notes 11/19 USD 840.0 90.0 750.0 % 99.250 744,375.00 1.149.5000 % Hughes Network Systems / HNS Finance

USD Notes 09/14 USD 250.0 250.0 % 103.250 258,125.00 0.397.1250 % Huntington Ingalls Industrie USD Notes 11/21 USD 750.0 750.0 % 103.875 779,062.50 1.198.6250 % Huntsman International USD Notes 10/20 USD 200.0 300.0 % 109.500 328,500.00 0.506.8750 % Inergy LP / Inergy Finance USD Notes 11/21 USD 280.0 280.0 % 103.250 289,100.00 0.4410.2500 % Interactive Data USD Notes 10/18 USD 500.0 % 112.750 563,750.00 0.868.2500 % International Lease Finance USD Notes 10/20 USD 260.0 260.0 % 110.000 286,000.00 0.4410.5000 % ITC Deltacom USD Notes 10/16 USD 500.0 % 109.500 547,500.00 0.8410.0000 % Libbey Glass USD Notes 11/15 USD 500.0 50.0 450.0 % 109.500 492,750.00 0.758.5000 % Mediacom Broadband USD Notes 06/15 USD 500.0 % 104.125 520,625.00 0.807.7500 % MEMC Electronics Materials USD Notes 11/19 USD 750.0 750.0 % 103.000 772,500.00 1.1811.5000 % Momentive Performance Materials

USD Notes 08/16 USD 215.0 215.0 % 107.250 230,587.50 0.3510.3700 % Neiman Marcus Group USD Notes 06/15 USD 500.0 500.0 % 106.000 530,000.00 0.818.8750 % NII Capital USD Notes 10/19 USD 500.0 500.0 % 111.250 556,250.00 0.859.8750 % Pioneer Drilling USD Notes 10/18 USD 750.0 750.0 % 107.875 809,062.50 1.247.5000 % Polypore International USD Notes 10/17 USD 220.0 220.0 % 104.375 229,625.00 0.359.8750 % Quality Distribution / QD Capital USD Notes 10/18 USD 750.0 750.0 % 105.000 787,500.00 1.209.7500 % Revlon Consumer Products USD Notes 10/15 USD 250.0 750.0 % 108.875 816,562.50 1.2510.5000 % Rotech Healthcare USD Notes 11/18 USD 500.0 500.0 % 100.000 500,000.00 0.768.2500 % RSC Equipment Rental / RSC Holdings III

USD Notes 11/21 USD 500.0 500.0 % 104.500 522,500.00 0.808.1250 % Sanmina-SCI USD Notes 06/16 USD 750.0 750.0 % 103.875 779,062.50 1.198.1250 % Scientific Games USD Notes 10/18 USD 500.0 % 105.750 528,750.00 0.818.3750 % Standard Pacific USD Notes 10/18 USD 750.0 500.0 250.0 % 104.500 261,250.00 0.4010.0000 % Swift Services Holdings USD Notes 10/18 USD 750.0 750.0 % 108.625 814,687.50 1.2515.0000 % Texas Competitive Electric Holdings / TCEH Finance

USD Notes 10/21 USD 500.0 500.0 % 82.000 410,000.00 0.637.8750 % Titan International USD Notes 10/17 USD 500.0 % 106.750 533,750.00 0.827.7500 % TransDigm USD Notes 10/18 USD 500.0 500.0 % 107.750 538,750.00 0.8210.5000 % United Refining USD Notes 11/18 USD 855.0 105.0 750.0 % 100.188 751,410.00 1.158.8750 % Venoco USD Notes 11/19 USD 750.0 750.0 % 100.375 752,812.50 1.158.7500 % Verso Paper Holdings USD Notes 11/19 USD 750.0 750.0 % 105.250 789,375.00 1.2111.0000 % West USD Notes 07/16 USD 250.0 750.0 % 107.750 808,125.00 1.2312.5000 % Western Express USD Notes 10/15 USD 500.0 500.0 % 97.750 488,750.00 0.758.6250 % Windstream USD Notes 06/16 USD 500.0 % 106.500 532,500.00 0.81Other securities and money-market instruments 545,625.00 0.83Bonds 545,625.00 0.83United States 545,625.00 0.839.2500 % PHH USD Notes 11/16 USD 500.0 500.0 % 109.125 545,625.00 0.83Investments in securities and money-market instruments 60,408,462.50 92.32

% ofSubfund

Deposits at financial institutions1) 3,857,002.96 5.89Sight deposits2) 3,857,002.96 5.890.0000 % State Street Bank Luxembourg S.A. USD 3,857,002.96 5.89Investments in deposits at financial institutions 3,857,002.96 5.89Net current assets/liabilities USD 1,172,956.29 1.79Net assets of the Subfund USD 65,438,421.75 100.00

Net asset value per share– Class AM (USD) (distributing) USD 10.58– Class IT (USD) (accumulating) USD 1,118.70Shares in circulation– Class AM (USD) (distributing) Shs 2,943,446– Class IT (USD) (accumulating) Shs 30,6601) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

Market Value in USD

% ofSubfund

assets

Securities and money-market instruments admitted to an official stock exchange listingBondsUnited States7.2500 % Arch Coal USD Notes 10/20 USD 250.08.8750 % CHS / Community Health Systems USD Notes 07/15 USD 500.07.7500 % Comstock Resources USD Notes 11/19 USD 355.0 355.06.3750 % Denbury Resources USD Notes 11/21 USD 195.0 195.08.1250 % Ford Motor Credit USD Notes 09/20 USD 500.010.6250 % K Hovnanian Enterprises USD Notes 09/16 USD 115.011.5000 % McClatchy USD Notes 10/17 USD 750.011.7500 % Media General USD Notes 10/17 USD 500.011.3750 % MGM Resorts International USD Notes 10/18 USD 500.09.1250 % Regal Entertainment Group USD Notes 10/18 USD 1,000.0 1,000.0Securities and money-market instruments dealt on another regulated marketBondsBermuda9.7500 % Aircastle USD Notes 10/18 USD 500.0Canada8.7500 % Novelis USD Notes 10/20 USD 500.0 500.08.2500 % OPTI Canada USD Notes 07/14 USD 500.06.6250 % Precision Drilling USD Notes 10/20 USD 305.0 305.0Cayman Islands7.7500 % CIF Euromortgage EUR Notes 11/16 USD 340.0 340.0Luxembourg10.0000 % Millicom International Cellular USD Notes 04/13 USD 500.0New Zealand6.8750 % Reynolds Group Holdings USD Notes 11/21 USD 185.0 185.0United States6.7500 % Ally Financial USD Notes 08/14 S.8 USD 250.0 750.011.0000 % AMC Entertainment USD Notes 06/16 USD 500.09.2500 % AMGH Merger Sub USD Notes 10/18 USD 750.0 750.09.2500 % Amkor Technology USD Notes 06/16 USD 500.08.5000 % ARAMARK USD Notes 07/15 USD 500.09.1250 % Buccaneer Merger Sub USD Notes 10/19 USD 250.0 250.09.0000 % Bumble Bee Acquisition USD Notes 17/17 USD 500.0 500.07.5000 % Calpine USD Notes 10/21 USD 500.0 500.07.8750 % CCO Holdings LLC / CCO Holdings Capital USD MTN 10/18 USD 500.07.8750 % CCO Holdings LLC / CCO Holdings Capital USD Notes 10/18 USD 500.0 500.08.2500 % Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance USD Notes 10/17 USD 410.0 410.07.8750 % Columbus Mc Kinnon USD Notes 11/19 USD 500.0 500.08.5000 % Cooper-Standard Automotive USD Notes 10/18 USD 500.08.5000 % Darling International USD Notes 10/18 USD 500.0 500.010.5000 % DigitalGlobe USD Notes 10/14 USD 400.07.3750 % Elizabeth Arden USD Notes 11/21 USD 500.0 500.07.7500 % Energy XXI Gulf Coast USD Notes 11/19 USD 500.0 500.08.6250 % Exide Technologies USD Notes 11/18 USD 500.0 500.07.2500 % Exterran Holdings USD Notes 10/18 USD 770.0 770.08.6250 % GeoEye USD Notes 10/16 USD 500.0 500.07.1250 % Hanger Orthopedic Group USD Notes 10/18 USD 310.0 310.010.5000 % Hertz USD Notes 07/16 USD 500.0 500.08.2500 % Inergy / Inergy Finance USD Notes 06/16 USD 500.07.6250 % Interface USD Notes 10/18 USD 1,000.0 1,000.010.5000 % Kemet USD Notes 10/18 USD 500.0 500.010.0000 % Libbey Glass USD Notes 10/15 USD 500.08.6250 % M/I Homes USD Notes 10/18 USD 1,000.0 1,000.08.7500 % Packaging Dynamics USD Notes 11/16 USD 500.0 500.07.8750 % Perry Ellis International USD Notes 11/19 USD 1,000.0 1,000.07.2500 % Petrohawk Energy USD Notes 10/18 USD 500.09.2500 % PHH USD Notes 10/16 USD 500.08.2500 % Prestige Brands USD Notes 10/18 USD 500.0 500.06.8750 % Regency Energy Partners / Regency Energy Finance Corp USD Notes 10/18 USD 500.0 500.08.2500 % Reynolds Group Holdings USD Notes 11/21 USD 185.0 185.07.1250 % Reynolds Group Issuer USD Notes 10/19 USD 200.0 200.0

9.0000 % Reynolds Group Issuer USD Notes 10/19 USD 200.0 200.07.7500 % Seminole Indian Tribe of Florida USD Notes 10/17 USD 1,000.0 1,000.08.8750 % Star Gas Partners / Star Gas Finance USD Notes 10/17 USD 175.0 175.08.2500 % TPC Group USD Notes 10/17 USD 250.0 250.09.8750 % Travelport USD Notes 07/14 USD 310.0 810.07.6250 % Tutor Perini USD Notes 10/18 USD 175.0 175.08.6250 % Uncle Acquisition USD Notes 11/19 USD 1,000.00 1,000.00

31/03/2011 30/09/2010 USD USD

(Cost price USD 58,931,187.42) 60,408,462.50 25,616,930.00

Cash at banks 3,857,002.96 730,857.68

– bonds 1,302,699.24 553,171.32

Receivable on

– securities transactions 502,954.86 1,010,000.00

Unrealised gain on

Total Assets 67,776,997.67 28,449,540.75

Payable on

– redemptions of fund shares – 695.75 0.00

Other payables – 53,925.30 – 17,290.43

Unrealised loss on

Net assets 65,438,421.75 26,932,250.32

01/10/2010–31/03/2011 Launch date–30/09/2010 USD USD

Subscriptions

– Class AM (USD) 31,161,448.44 1,692,267.81

– Class IT (USD) 8,060,195.74 24,544,000.00

Redemptions

– Class AM (USD) – 1,896,968.64 – 34,286.68

– Class IT (USD) – 1,380,000.00 0.00

Distribution – 370,192.20 – 14,073.63

Equalization – 1,164,794.05 – 24,625.18

USD Shares 01/10/2010–31/03/2011 Launch date–30/09/2010Class AM

Class AMShares

Class ITShares

at the beginning of the reporting period 165,981 24,525 0 0

Number of shares

– issued 2,957,203 7,439 169,384 24,525

– redeemed – 179,738 – 1,304 – 3,403 0

Securities and money-market instruments admitted to an official stock exchange listing 45,097,731.36 94.93Bonds 45,097,731.36 94.93Germany 45,097,731.36 94.930 % Bayerische Landesbank

EUR Zero-Coupon Notes 05/15 EUR 4,235.0 7,336.0 % 153.695 11,275,065.20 23.730 % HSH Nordbank EUR Zero-Coupon Notes 05/15 EUR 2,125.0 3,681.0 % 153.148 5,637,377.88 11.860 % HSH Nordbank EUR Zero-Coupon Notes 05/15 EUR 2,125.0 3,681.0 % 153.148 5,637,377.88 11.870 % Landesbank Baden-Württemberg

EUR Zero-Coupon Notes 05/15 EUR 2,125.0 3,681.0 % 153.148 5,637,377.88 11.870 % Landesbank Baden-Württemberg

EUR Zero-Coupon Notes 05/15 S.478 EUR 2,125.0 3,681.0 % 153.148 5,637,377.88 11.870 % Norddeutsche Landesbank Girozentrale

EUR Zero-Coupon Notes 05/15 EUR 4,244.0 7,348.0 % 153.418 11,273,154.64 23.73Investments in securities and money-market instruments 45,097,731.36 94.93Deposits at financial institutions1) 620,340.98 1.31Sight deposits2) 620,340.98 1.310.5420 % State Street Bank Luxembourg S.A. EUR 620,340.98 1.31Investments in deposits at financial institutions 620,340.98 1.31

Contracts

Unrealisedgain/loss

% ofSubfund

assetsin the period under reviewDerivatives Holdings marked with a minus are short positions. OTC-Dealt Derivatives 12,482,882.48 26.28Swap Transactions 12,482,882.48 26.28Equity Swaps 12,482,882.48 26.28Basket EUR Equity Swaps EUR 5,535.00 7,561.00 3,509.00 12,482,882.48 26.28Investments in derivatives 12,482,882.48 26.28Net current assets/liabilities EUR – 10,697,382.81 – 22.52Net assets of the Subfund EUR 47,503,572.01 100.00

Net asset values per share– Class AT (EUR) (accumulating) EUR 100.01Shares in circulation– Class AT (EUR) (accumulating) Shs 475,0001) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 37,735,413.44) 45,097,731.36 62,810,993.14

– bonds 0.00 0.00

Receivable on

Unrealised gain on

Total Assets 73,155,033.57 79,898,520.88

Upfront-payments received on swap transactions – 10,469,349.48 – 16,514,063.65

Payable on

Other payables – 100,858.29 – 99,931.74

Unrealised loss on

Net assets 47,503,572.01 63,254,257.93

01/10/2010–31/03/2011 01/10/2009–31/03/2010 EUR EUR

Subscriptions

– Class AT (EUR) 5,152,274.46 4,992,463.54

Redemptions

– Class AT (EUR) – 20,149,274.40 – 10,903,663.54

Equalization – 2,240,859.35 – 2,649.00

SharesClass AT

Shares

Number of shares

– issued 51,144 50,623

– redeemed – 201,144 – 110,623

Allianz All Markets Dynamic

Investment Portfolio as at 13/12/2010 (liquidation date)Securities Shares resp.

% ofSubfund

assetsin the period under reviewSecurities and money-market instruments admitted to an official stock exchange listing 2,149,993.42 43.89Bonds 2,149,993.42 43.89Germany 484,256.25 9.893.7500 % Bundesrepublik Deutschland EUR Bonds 06/17 S.6 EUR 450.0 450.0 % 107.613 484,256.25 9.89United Kingdom 1,665,737.17 34.004.0000 % United Kingdom Government GBP Bonds 06/16 GBP 1,300.0 1,300.0 % 107.650 1,665,737.17 34.00Securities and money-market instruments dealt on another regulated market 550,101.77 11.23Bonds 550,101.77 11.23United States 550,101.77 11.233.1250 % United States Government USD Bonds 10/17 USD 700.0 700.0 % 103.891 550,101.77 11.23Investment Units 2,266,585.42 46.26(Management fee of the target fund in % p.a.) France 217,459.08 4.44Magellan -C- EUR (1.750%) Shs 123.000 EUR 1,767.960 217,459.08 4.44Germany 437,875.90 8.93Allianz RCM Wachstum Europa -A- EUR (1.500%) Shs 6,935.000 6,935.000 EUR 63.140 437,875.90 8.93Ireland 1,611,250.44 32.89Allianz Global Investors Fund V - Allianz RCM US Equity -C2- USD (1.500%) Shs 33,990.000 33,990.000 USD 34.380 883,946.09 18.04Allianz Global Investors Fund VI plc - Allianz RCM Korea Fund - A EUR - (1.750%) Shs 13,172.000 EUR 10.460 137,779.12 2.81ishares - iShares FTSE 250 (0.400%) Shs 44,741.000 44,741.000 GBP 11.070 589,525.23 12.04Investments in securities and money-market instruments 4,966,680.61 101.38Deposits at financial institutions1) 52,526.83 1.07Sight deposits2) 52,526.83 1.070.5420 % State Street Bank Luxembourg S.A. EUR 52,526.83 1.07Investments in deposits at financial institutions 52,526.83 1.07Net current assets/liabilities EUR – 120,150.53 – 2.45Net assets of the Subfund EUR 4,899,056.91 100.00

Net asset values per share – Class A (EUR) (distributing) EUR 83.66Shares in circulation – Class A (EUR) (distributing) Shs 58,5571) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

Securities and money-market instruments admitted to an official stock exchange listingBondsFrance3.0000 % France Government EUR Bonds 01/12 EUR 0.3 70.93.1500 % France Government EUR Bonds 02/32 EUR 0.2 46.31.6000 % France Government EUR Bonds 04/15 EUR 0.3 67.2Italy2.1500 % Italy Buoni Poliennali Del Tesoro EUR Bonds 04/14 EUR 0.2 45.72.3500 % Italy Buoni Poliennali Del Tesoro EUR Bonds 04/35 EUR 0.2 44.82.1000 % Italy Buoni Poliennali Del Tesoro EUR Bonds 06/17 EUR 0.3 65.3United States3.5000 % U.S. Treasury USD Inflation-Ind. Bonds 01/11 USD 0.2 87.93.3750 % U.S. Treasury USD Inflation-Ind. Bonds 01/32 USD 0.1 49.23.3750 % U.S. Treasury USD Inflation-Ind. Bonds 02/12 USD 0.1 49.2Securities and money-market instruments dealt on another regulated marketBondsUnited States1.8750 % U.S. Treasury USD Inflation-Ind. Bonds 03/13 USD 0.3 119.01.6250 % U.S. Treasury USD Inflation-Ind. Bonds 05/15 USD 0.2 114.42.5000 % U.S. Treasury USD Inflation-Ind. Bonds 06/16 USD 0.2 108.22.3750 % U.S. Treasury USD Inflation-Ind. Bonds 07/27 USD 0.2 108.3Investment Units(Management fee of the target fund % p.a.)GermanyAllianz PIMCO Euro Rentenfonds -A- EUR (0.650%) Shs 3,382.471IrelandAllianz Global Investors Fund VII - Allianz Emerging Markets Bond Fund -A- EUR (1.250%) Shs 6,335.440LuxembourgAllianz RCM Systematic Multi Strategy - AT - EUR (1.750%) Shs 7,235.000AXA World Funds - Global Inflation Bonds - B - EUR (0.300%) Shs 1,970.000BNPP L1 - Convertible Bond World - C - EUR (1.250%) Shs 2,523.000db x-trackers - db Hedge Fund Index ETF -1C- EUR (0.700%) Shs 53,484.000db x-trackers - LPX MM PRIVATE EQUITY ETF -A- EUR (0.700%) Shs 12,560.000Easy ETF FTSE EPRA Europe -A- EUR (0.450%) Shs 1,375.000Julius Baer Multibond - Global High Yield Bond Fund -A- EUR (1.100%) Shs 4,872.332

DerivativesHoldings marked with a minus are short positions.Listed DerivativesFutures TransactionsPurchased Bond Futures2-Year German Government Bond (Schatz) Futures 12/10 Ctr 430-Year German Government Bond (Buxl) Futures 12/10 Ctr 25-Year German Government Bond (Bobl) Futures 12/10 Ctr 4Euro BTP Italian Government Bond Futures 12/10 Ctr 4Purchased Index FuturesDJ Euro Stoxx 50 Index Future 12/10 Ctr 5 29DJ UBS Commodity Index Future 12/10 Ctr 3 43S&P 500 Index Future 12/10 Ctr 4Sold Bond Futures5-Year German Government Bond (Bobl) Futures 12/10 Ctr 2

Statement of Net Assetsas at 13/12/2010 (liquidation date)

13/12/2010 30/09/2010 EUR EUR

Securities

(Cost price EUR 4,831,122.45) 4,966,680.61 4,603,742.21

– bonds 38,775.26 3,764.17

Receivable on

Other receivables 0.00 4,882.20

Unrealised gain on

Total Assets 5,057,982.70 5,400,658.24

Payable on

Other payables – 158,925.79 – 5,933.97

Unrealised loss on

Net assets 4,899,056.91 5,361,312.12

Statement of Changes in Net Assetsfor the period from 01/10/2010 to 13/12/2010 (liquidation date)

01/10/2010–Liquidation date 01/10/2009–31/03/2010 EUR EUR

Subscriptions

– Class A (EUR) 1,913.62 56,375.69

Redemptions

– Class A (EUR) – 320,725.50 – 585,535.76

Distribution – 276,322.57 – 85,073.82

Equalization 5,217.62 2,463.79

Result of operations 127,661.62 507,500.11

Statement of Changes in Sharesfor the period from 01/10/2010 to 13/12/2010 (liquidation date)

EUR Shares 01/10/2010–Liquidation date 01/10/2009–31/03/2010Class AShares

Class AShares

Number of shares

– issued 22 704

– redeemed – 3,642 – 7,271

Allianz All Markets Opportunities

Securities and money-market instruments admitted to an official stock exchange listing 1,181,234.07 12.59Bonds 1,181,234.07 12.59Germany 860,900.00 9.183.7500 % Bundesrepublik Deutschland EUR Bonds 06/17 S.6 EUR 800.0 800.0 % 107.613 860,900.00 9.18United Kingdom 320,334.07 3.414.0000 % United Kingdom GBP Bonds 06/16 GBP 250.0 250.0 % 107.650 320,334.07 3.41Securities and money-market instruments dealt on another regulated market 1,571,719.33 16.76Bonds 1,571,719.33 16.76United States 1,571,719.33 16.763.1250 % United States Treasury Note USD Bond 10/17 USD 2,000.0 2,000.0 % 103.891 1,571,719.33 16.76Investment Units 6,283,948.57 67.01(Management fee of the target fund in % p.a.) France 928,179.00 9.90Magellan -C- EUR (1.750%) Shs 236.000 525.000 EUR 1,767.960 928,179.00 9.90Germany 1,006,158.00 10.73db x-trackers - DBLCI-OY Balanced ETF -1C- EUR (0.550%) Shs 31,740.000 31,740.000 EUR 31.700 1,006,158.00 10.73Ireland 3,199,092.04 34.11Allianz Global Investors Fund VII - Allianz Emerging Markets Bond Fund -I- EUR (0.590%) Shs 4,500.000 12,228.838 EUR 117.880 1,441,535.42 15.37Allianz Global Investors Fund VI plc - Allianz RCM Korea Fund - A EUR - (1.750%) Shs 31,493.000 EUR 10.460 329,416.78 3.51iShares II PLC - iShares FTSE EPRA/NAREIT Developed Markets Property Yield Fund USD - (0.590%) Shs 100,000.000 100,000.000 USD 18.880 1,428,139.84 15.23Luxembourg 1,150,519.53 12.27Allianz RCM Systematic Multi Strategy -I- EUR (0.880%) Shs 444.000 1,257.000 EUR 915.290 1,150,519.53 12.27Investments in securities and money-market instruments 9,036,901.97 96.36Deposits at financial institutions1) 1,835,927.78 19.58Sight deposits2) 1,835,927.78 19.580.5420 % State Street Bank Luxembourg S.A. EUR 1,835,927.78 19.58Investments in deposits at financial institutions 1,835,927.78 19.58Net current assets/liabilities EUR – 1,494,600.44 – 15.94Net assets of the Subfund EUR 9,378,229.31 100.00

Net asset values per share– Class A (EUR) (distributing) EUR 77.37Shares in circulation– Class A (EUR) (distributing) Shs 121,2181) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

% ofSubfund

Investment Units(Management fee of the target fund % p.a.)GermanyAllianz PIMCO Euro Rentenfonds -A- EUR (0.650%) Shs 4,394.463LuxembourgAXA World Funds - Global Inflation Bonds - B - EUR (0.300%) Shs 3,954.000BNP Paribas L1 Convertible Bond World -I- EUR (0.600%) Shs 5,507.000db x-trackers - db Hedge Fund Index ETF -1C- EUR (0.700%) Shs 116,504.000db x-trackers - LPX MM PRIVATE EQUITY ETF -A- EUR (0.700%) Shs 29,446.000Easy ETF FTSE EPRA Europe -A- EUR (0.450%) Shs 2,370.000Julius Baer Multibond - Global High Yield Bond Fund -A- EUR (1.100%) Shs 11,208.846

DerivativesHoldings marked with a minus are short positions.Listed DerivativesFutures TransactionsPurchased Bond Futures2-Year German Government Bond (Schatz) Futures 12/10 Ctr 1230-Year German Government Bond (Buxl) Futures 12/10 Ctr 85-Year German Government Bond (Bobl) Futures 12/10 Ctr 15Euro BTP Italian Government Bond Futures 12/10 Ctr 12Purchased Index FuturesASX SPI 200 Index Futures 12/10 Ctr 5DJ Euro Stoxx 50 Index Future 12/10 Ctr 10 78DJ UBS Commodity Index Future 12/10 Ctr 5 113S&P 500 Index Future 12/10 Ctr 11Sold Bond Futures5-Year German Government Bond (Bobl) Futures 12/10 Ctr 9

13/12/2010 30/09/2010 EUR EUR

Securities

(Cost price EUR 8,821,530.80) 9,036,901.97 8,125,637.00

(other) cash at banks 1,835,927.78 1,672,835.19

– bonds 48,968.16 0.00

Receivable on

Other receivables 0.00 8,318.05

Unrealised gain on

Total Assets 10,921,797.91 9,918,333.43

Payable on

Other payables – 102,863.07 – 15,294.05

Unrealised loss on

Net assets 9,378,229.31 9,842,823.51

Subscriptions

– Class A (EUR) 47,731.44 595,412.24

Redemptions

– Class A (EUR) – 676,358.22 – 1,813,629.40

Distribution – 167,494.81 – 127,186.23

Equalization 6,228.19 2,666.28

EUR Shares 01/10/2010–Liquidation date 01/10/2009–31/03/2010Class AShares

Class AShares

Number of shares

– issued 611 8,670

– redeemed – 8,526 – 26,258

Deposits at financial institutions1) 10,569,526.13 100.03Sight deposits2) 10,569,526.13 100.030.5420 % State Street Bank Luxembourg S.A. EUR 10,569,526.13 100.03Investments in deposits at financial institutions 10,569,526.13 100.03Net current assets/liabilities EUR – 3,362.52 – 0.03Net assets of the Subfund EUR 10,566,163.61 100.00

Net asset values per share– Class I (EUR) (distributing) EUR 1,023.85 Shares in circulation– Class I (EUR) (distributing) Shs 10,1431) Deposits at financial institutions are not subject to any deposit insurance. 2) The interest rate refers to the base currency of the Subfund.

Market Value in EUR

% ofSubfund

assets

Securities and money-market instruments admitted to an official stock exchange listingBondsFrance6.3750 % Banque PSA Finance EUR MTN 09/10 EUR 100.03.7500 % Banque PSA Finance EUR MTN 09/11 EUR 50.05.5000 % France Government EUR Bonds 00/15 EUR 500.0 500.04.0000 % RCI Banque EUR MTN 09/11 EUR 150.0Germany3.2500 % Bundesrepublik Deutschland EUR Bonds 05/15 S.5 EUR 100.0 100.03.5000 % Bundesrepublik Deutschland EUR Bonds 06/11 S.148 EUR 10,100.0 10,100.01.2500 % Bundesrepublik Deutschland EUR Bonds 09/11 S.2 EUR 11,122.0 11,122.00 % Bundesrepublik Deutschland EUR Zero-Coupon Bonds 10/11 EUR 120.0 120.00 % Bundesrepublik Deutschland EUR Zero-Coupon Bonds 10/11 S.42 EUR 20.0 40.03.1250 % Hypo Real Estate Bank Interantional EUR Notes 06/11 S.5015 EUR 700.01.7500 % Landesbank Baden-Württemberg EUR Notes 11/14 S.16 EUR 650.0 650.04.5000 % Münchener Hyp.Bank EUR MTN 08/11 EUR 2,500.0 2,500.04.2500 % Münchener Hyp.Bank EUR Notes 99/11 S.560 EUR 100.05.0000 % UniCredit Bank EUR Notes 01/11 S.962 EUR 700.0 700.0Ireland5.3810 % AK Transneft OJSC Via TransCapitalInvest EUR Notes 07/12 EUR 100.03.5000 % Depfa ACS Bank EUR MTN 06/11 EUR 200.0 1,100.03.8750 % Depfa ACS Bank EUR Notes 03/13 EUR 800.0 800.02.7500 % German Postal Pensions Securitisation EUR Notes 05/11 S.1 EUR 200.0Jersey5.5000 % ASIF III Jersey EUR MTN 01/11 EUR 300.0Luxembourg6.8750 % TNK-BP Finance USD Notes 06/11 USD 150.0Netherlands3.2500 % ABN Amro Bank EUR MTN 06/13 EUR 700.0 1,300.02.7500 % ABN Amro Bank EUR MTN 10/13 EUR 100.0 100.04.7500 % Achmea Hypothekenbank EUR MTN 07/12 EUR 200.0 1,000.02.2500 % ING Bank EUR MTN 10/15 EUR 400.0Portugal4.7500 % Banco Santander Totta EUR MTN 08/11 EUR 1,050.0 1,050.04.6250 % Caixa Geral De Depositos Finance EUR Notes 07/12 EUR 200.0Spain3.5000 % Ayt Cedulas Cajas Global EUR Notes 06/11 S.5 EUR 400.03.8750 % Banco Bilbao Vizcaya Argentaria EUR MTN 06/12 EUR 300.0 700.03.5000 % Banco Bilbao Vizcaya Argentaria EUR Notes 04/11 EUR 200.0 600.03.7500 % Banco Bilbao Vizcaya Argentaria EUR Notes 06/11 EUR 700.0 700.02.7500 % Banco Espanol de Credito EUR Notes 05/12 EUR 800.03.2500 % Banco Sabadell EUR Notes 10/12 EUR 300.0 700.03.5000 % Caja de Ahorros y Monte de Piedad de Madrid EUR Notes 04/11 EUR 600.0 1,000.03.7500 % La Caja de Ahorros y Pensiones de Barcelona EUR Notes 06/11 EUR 200.0 1,000.0Sweden1.6070 % Swedbank EUR FLR-MTN 09/12 EUR 250.0Tunisia6.2500 % Banque Centrale de Tunisie EUR MTN 03/13 EUR 40.0United Kingdom3.2500 % Bank of Scotland EUR MTN 06/13 EUR 400.0 1,100.04.7500 % Bank of Scotland EUR MTN 07/15 EUR 100.07.8750 % FCE Bank GBP MTN 07/11 EUR 300.04.1250 % Nationwide Building Society EUR MTN 07/12 EUR 700.04.6250 % Nationwide Building Society EUR MTN 07/12 EUR 200.0 200.03.8750 % Northern Rock Asset Manegement EUR MTN 06/11 EUR 900.0 900.02.7500 % Royal Bank of Scotland EUR MTN 10/13 EUR 760.04.0000 % Yorkshire Building Society EUR MTN 06/11 EUR 200.0 900.0United States1.1790 % American International Group EUR FLR-MTN 06/11 EUR 200.04.1250 % BA Covered Bond Issuer EUR MTN 07/12 EUR 800.06.2500 % Pemex Project Funding Master Trust EUR Notes 03/13 EUR 150.01.2450 % Wells Fargo Bank EUR FLR-MTN 06/11 Cl.D EUR 200.03.8750 % WM Covered Bond Program EUR MTN 06/11 EUR 900.0 900.0

Securities and money-market instruments dealt on another regulated marketAsset-Backed SecuritiesJersey3.0000 % Magnolia Funding ABS EUR Notes 10/17 Cl.1A EUR 125.03.0000 % Magnolia Funding ABS EUR Notes 10/17 Cl.1A A1 EUR 110.2 110.2Netherlands1.8870 % Globaldrive ABS EUR FLR-Notes 08/16 Cl.A EUR 14.1Mortgage-Backed SecuritiesItaly1.1640 % Vela Home MBS EUR FLR-Notes 03/27 Cl.A1 USD 0.7Netherlands1.9670 % Dutch MBS MBS EUR FLR-Notes 10/42 Cl.A1 EUR 86.8United Kingdom2.3400 % Arkle Master Issuer MBS EUR FLR-Notes 10/60 Cl.3A1 EUR 100.02.2910 % Arran Residential Mortgages Funding MBS EUR FLR-Notes 10/47 Cl.A1B EUR 150.01.7730 % Newgate Funding MBS EUR FLR-Notes 07/50 Cl.A2B USD 100.01.4050 % Newgate Funding MBS GBP FLR-Notes 07/50 Cl.A1 USD 50.6

DerivativesHoldings marked with a minus are short positions.Listed DerivativesOptions TransactionsShort Call Options on BondCall 0.001 Estrad 11/11 Ctr Euro-Bund Options Futures - Call 131 OGBL 03/11 Ctr 6 6Euro-Bund Options Futures - Call 132 OGBL 10/10 Ctr 8 Euro-Bund Options Futures - Call 134.5 OGBL 12/10 Ctr 12 12Short Call Options on Bond FuturesCall 129 10-Year US Treasury Bond Future (CBT) 12/10 Ctr 14 14Short Put Options on BondEuro-Bund Options Futures - Put 128 OGBL 12/10 Ctr 10 Short Put Options on Bond FuturesPut 120 CBT 10-Year US Treasury Bond Futures 03/11 Ctr 8 8OTC-Dealt DerivativesForward Foreign Exchange TransactionsSold DKK / Bought EUR 11 Jan 2011 DKK – 20,400,000.00Sold DKK / Bought EUR 18 Feb 2011 DKK – 650,000.00Sold EUR / Bought DKK 18 Feb 2011 EUR – 89,897.00Sold EUR / Bought DKK 4 Jan 2011 EUR – 2,736,736.00Sold EUR / Bought GBP 18 Feb 2011 EUR – 871,796.00Sold EUR / Bought GBP 19 Nov 2010 EUR – 243,561.00Sold EUR / Bought GBP 25 Mar 2011 EUR – 493,000.00Sold EUR / Bought USD 18 Feb 2011 EUR – 578,522.00Sold EUR / Bought USD 25 Mar 2011 EUR – 373,735.00Sold GBP / Bought EUR 18 Feb 2011 GBP – 739,807.00Sold GBP / Bought EUR 25 Mar 2011 GBP – 419,807.00Sold KRW / Bought USD 19 Jan 2011 KRW – 111,219,690.00Sold USD / Bought EUR 18 Feb 2011 USD – 270,000.00Sold USD / Bought EUR 19 Nov 2010 USD – 326,792.00Sold USD / Bought EUR 25 Mar 2011 USD – 210,000.00Sold USD / Bought KRW 19 Jan 2011 USD – 99,570.00Sold USD / Bought MXN 22 Feb 2011 USD – 103,014.00Sold USD / Bought PHP 15 Nov 2010 USD – 99,570.00Sold USD / Bought SGD 24 Feb 2011 USD – 107,107.00Options TransactionsSold Options on Interest Rate Swaps (Swaptions)Put ECAL 3ML / 5.00% Strike 5.00% USD 200,000.00 Call ECAL 3ML / 3.25% Strike 3.25% USD 200,000.00 Swap TransactionsCredit Default SwapsProtection BuyerFCE Bank Credit Default Swap Cp 5.00 200,000.00Protection SellerBrazil Credit Default Swap Cp 1.15 500,000.00Emirate of Abu Dhabi Credit Default Swap Cp 1.00 300,000.00Mexico Government Credit Default Swap Cp 1.00 300,000.00Republic of Korea Credit Default Swap Cp 1.00 200,000.00United Kingdom Government Credit Default Swap Cp 1.00 100,000.00United Kingdom Government Credit Default Swap Cp 1.00 100,000.00United Kingdom Government Credit Default Swap Cp 1.00 500,000.00

31/03/2011 30/09/2010 EUR EUR

Securities

(Cost price EUR 0.00) 0.00 14,089,118.22

Upfront-payments paid on swap transactions 0.00 6,194.97

– bonds 937.80 223,567.97

Receivable on

Unrealised gain on

– swap transactions 0.00 16,879.28

– forward foreign exchange transactions 0.00 157,673.23

Total Assets 10,570,463.93 15,170,986.92

Premiums received on written options 0.00 – 2,102.93

Upfront-payments received on swap transactions 0.00 – 14,297.09

Interest liabilities on swap transactions 0.00 – 323.67

Payable on

Other payables – 4,300.32 – 30,722.03

Unrealised loss on

– options transactions 0.00 – 8,170.86

– swap transactions 0.00 – 231.30

– forward foreign exchange transactions 0.00 – 192,577.20

Net assets 10,566,163.61 14,922,561.84

Subscriptions

– Class I (EUR) 0.00 404,420.62

Redemptions

– Class I (EUR) – 4,088,176.13 – 70,929,491.26

Distribution – 387,486.82 – 2,939,092.08

Equalization – 5,639.90 864,721.31

EUR Shares 01/10/2010–Liquidation date 01/10/2009–31/03/2010Class I Shares

Class I Shares

Number of shares

– issued 0 390

– redeemed – 3,811 – 67,259

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 All Markets Opportunities EUR

Allianz Asian Multi Income Plus USD

Allianz Euro Bond Strategy EUR

Allianz Euro High Yield Bond EUR

Allianz Euroland Equity SRI EUR

Allianz NFJ US Large Cap Value USD

Allianz PIMCO Euro Bond EUR

Allianz PIMCO Treasury Euro Bond Plus 2011 EUR

Allianz PIMCO Treasury Euro Bond Plus 2013 EUR

Allianz PIMCO Treasury Euro Cash Plus EUR

Allianz RCM Asia Pacific EUR

Allianz RCM Best Styles Euroland EUR

Allianz RCM Brazil EUR

Allianz RCM BRIC Equity EUR

Allianz RCM China USD

Allianz RCM Commodities EUR

Allianz RCM Currencies Strategy EUR

Allianz RCM Demographic Trends EUR

Allianz RCM Discovery Europe Strategy EUR

Allianz RCM Dynamic Multi Asset Plus EUR

Allianz RCM Emerging Asia USD

Allianz RCM Enhanced Short Term Euro EUR

Allianz RCM Euroland Equity Growth EUR

Allianz RCM Europe Equity Growth EUR

Allianz RCM Europe Small Cap Equity EUR

Allianz RCM European Equity EUR

Allianz RCM European Equity Dividend EUR

Allianz RCM Global Agricultural Trends USD

Allianz RCM Global EcoTrends EUR

Allianz RCM Global Equity USD

Allianz RCM Global Hi-Tech Growth USD

Allianz RCM Global Metals and Mining EUR

Allianz RCM Global Sustainability EUR

Allianz RCM Global Unconstrained USD

Allianz RCM Greater China Dynamic USD

Allianz RCM Growing Markets Protect EUR

Allianz RCM Hong Kong USD

Allianz RCM India USD

Allianz RCM Indonesia USD

Allianz RCM Japan USD

Allianz RCM Korea USD

Allianz RCM Little Dragons USD

Allianz RCM Oriental Income USD

Allianz RCM Thailand USD

Allianz RCM Tiger USD

Allianz RCM Total Return Asian Equity USD

Allianz RCM US Equity Fund USD

Allianz RCM USD Liquidity USD

Allianz Real Estate Securities Europe EUR

Allianz Structured Alpha Strategy EUR

Allianz US High Yield USD

Protect Global Winner 2014 EUR

Valuation of AssetsThe 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

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.

Foreign CurrenciesAssets and liabilities have been converted at the exchange rates as stated below:Australian Dollar (AUD) 1 EUR = AUD 1.374614

Brazilian Real (BRL) 1 EUR = BRL 2.313604

Canadian Dollar (CAD) 1 EUR = CAD 1.378924

Chinese Yuan (CNY) 1 EUR = CNY 9.305714

Danish Krone (DKK) 1 EUR = DKK 7.457047

EURO (EUR) 1 EUR = EUR 1.000000

Hong Kong Dollar (HKD) 1 EUR = HKD 11.061309

Hungarian Forint (HUF) 1 EUR = HUF 265.760153

Indian Rupiah (INR) 1 EUR = INR 64.222390

Indonesian Rupiah (IDR) 1 EUR = IDR 12,376.413534

Japanese Yen (JPY) 1 EUR = JPY 117.645219

Korean Won (KRW) 1 EUR = KRW 1,559.150942

Malaysian Ringgit (MYR) 1 EUR = MYR 4.300866

Mexican Peso (MXN) 1 EUR = MXN 16.894035

New Zealand Dollar (NZD) 1 EUR = NZD 1.867721

Norwegian Krone (NOK) 1 EUR = NOK 7.855523

Philippine Peso (PHP) 1 EUR = PHP 61.686632

Polish Zloty (PLN) 1 EUR = PLN 4.011763

Pound Sterling (GBP) 1 EUR = GBP 0.881266

Singapore Dollar (SGD) 1 EUR = SGD 1.790973

South African Rand (ZAR) 1 EUR = ZAR 9.641379

Swedish Krona (SEK) 1 EUR = SEK 8.926582

Swiss Franc (CHF) 1 EUR = CHF 1.301318

Taiwan Dollar (TWD) 1 EUR = TWD 41.796957

Thai Baht (THB) 1 EUR = THB 42.995867

US-Dollar (USD) 1 EUR = USD 1.421351

Australian Dollar (AUD) 1 USD = AUD 0.967118

Brazilian Real (BRL) 1 USD = BRL 1.627750

Canadian Dollar (CAD) 1 USD = CAD 0.970150

Chinese Yuan (CNY) 1 USD = CNY 6.548500

Danish Krone (DKK) 1 USD = DKK 5.246450

Euro (EUR) 1 USD = EUR 0.703556

Hong Kong Dollar (HKD) 1 USD = HKD 7.782250

Indian Rupiah (INR) 1 USD = INR 44.535000

Indonesian Rupiah (IDR) 1 USD = IDR 8,707.500000

Israeli Shekel (ILS) 1 USD = ILS 3.495500

Japanese Yen (JPY) 1 USD = JPY 82.734741

Korean Won (KRW) 1 USD = KRW 1,096.950000

Malaysian Ringgit (MYR) 1 USD = MYR 3.025900

New Zealand Dollar (NZD) 1 USD = NZD 1.313198

Norwegian Krone (NOK) 1 USD = NOK 5.526800

Pakistan Rupie (PKR) 1 USD = PKR 85.310000

Philippine Peso (PHP) 1 USD = PHP 43.400000

Pound Sterling (GBP) 1 USD = GBP 0.620020

Singapore Dollar (SGD) 1 USD = SGD 1.260050

Swedish Krona (SEK) 1 USD = SEK 6.280350

Swiss Franc (CHF) 1 USD = CHF 0.915550

Taiwan Dollar (TWD) 1 USD = TWD 29.406500

Thai Baht (THB) 1 USD = THB 30.250000

Singapore Dollar (SGD) 1 HKD = SGD 0.161913

US-Dollar (USD) 1 HKD = USD 0.128498

The consolidated financial statements of the Company have been converted at the exchange rate as stated below:US-Dollar (USD) 1 EUR = USD 1.421351

This page is left blank intentionally.

1) Plus a performance-related fee in accordance with the sales prospectus.2) Actual Management Fee for Share Class AT (SGD): 1.50 %.3) Actual Management Fee for Share Class AT (SGD): 1.35 %.

Fee Structure

Management fee in % p.a. Class A Class A2 Class AT Class AM Class C Class CT Class CT2 Class I Class ITShares Shares Shares Shares Shares Shares Shares Shares Shares

Allianz Asian Multi Income Plus – – – 1.25 – – – – 0.70Allianz Euro Bond Strategy – – – – 0.80 0.80 – – 0.40Allianz Euro High Yield Bond 1.10 – 1.10 – – – – – 0.60Allianz Euroland Equity SRI 1.50 – – – – – – – –Allianz NFJ US Large Cap Value – – 1.50 – – – – – –Allianz PIMCO Euro Bond 1.15 – 1.15 – – 1.15 – 0.60 0.60Allianz 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 – – 1.00 – 0.50 –Allianz RCM Brazil 1.75 – 1.75 – – – – – –Allianz RCM BRIC Equity – – 1.75 – – 1.75 – 0.88 –Allianz RCM China 1.75 – 1.35 – – 1.75 – – 0.88Allianz RCM Commodities – – – – – – – 0.63 –Allianz RCM Currencies Strategy – – – – – – – 0.50 –Allianz RCM Demographic Trends 1.75 – 1.75 – – – – – –Allianz RCM Discovery Europe Strategy1) 1.50 1.50 – – – 1.50 – 1.00 –Allianz RCM Dynamic Multi Asset Plus 1.25 – – – – – – – –Allianz RCM Emerging Asia 1.75 – 1.75 – – – – – –Allianz RCM Enhanced Short Term Euro1) – – 0.35 – – 0.30 – 0.15 0.15Allianz RCM Euroland Equity Growth 1.50 – 1.50 – – 1.50 – 0.75 0.75Allianz RCM Europe Equity Growth 1.50 – 1.50 – – 1.50 – 0.75 0.75Allianz RCM Europe Small Cap Equity 1.75 – 1.75 – – – – – 0.88Allianz RCM European Equity 1.50 – – – – – – – –Allianz RCM European Equity Dividend 1.50 – 1.50 – – 1.50 – – 0.75Allianz RCM Global Agricultural Trends 1.75 – 1.75 – – 1.75 – – 0.88Allianz RCM Global EcoTrends 1.75 – 1.75 – – 1.75 – – 0.88Allianz RCM Global Equity – – 1.50 – – 1.50 – – 0.75Allianz RCM Global Hi-Tech Growth 1.75 – 1.752) – – – – – 0.88Allianz RCM Global Metals and Mining 1.50 – 1.50 – – – – 0.75 0.75Allianz 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 – – – – – 0.88Allianz RCM India – – – – – – – 0.88 0.88Allianz RCM Indonesia 1.75 – – – – – – – –Allianz RCM Japan 1.50 – – – – – – – 0.75Allianz RCM Korea 1.75 – – – – – – – 0.88Allianz RCM Little Dragons 2.75 1.75 2.753) – – – 1.75 – 0.88Allianz RCM Oriental Income 1.50 – 1.50 – – – – 0.75 0.75Allianz RCM Thailand 1.75 – – – – – – – 0.88Allianz RCM Tiger 1.75 – 1.75 – – – – – 0.88Allianz RCM Total Return Asian Equity 1.75 – 1.75 – – – – – 0.88Allianz RCM US Equity Fund 1.50 1.50 1.50 – – 1.50 – – –Allianz RCM USD Liquidity 0.35 – – – – – – – –Allianz Real Estate Securities Europe – – 1.75 – – – – – –Allianz Structured Alpha Strategy – – – – – – – 1.00 –Allianz US High Yield – – – 1.20 – – – – 0.60Protect Global Winner 2014 – – 1.00 – – – – – –

Management fee in % p.a.Class IT (H-EUR) Class N Class P Class PT Class S Class W Class WT Class WT2 Class W (H-EUR) Class XT

Shares Shares Shares Shares Shares Shares Shares Shares Shares Shares

– – – – – – – – – –– – – – – – – – – –– – – – – – – – – –– 0.45 – – – – – – – –– – – – – 0.45 – – – –– – – – – – – – – –– – – – – – – – – –– – – – – – – – – –– – 0.38 – – – – – – –– 0.45 – – 0.75 – – – – –– – – – – – – – – 0.00– – – – – – – – – –– – – – – – – – – –– 0.53 – – – 0.53 – – – –– – – – – – – – – –– – – – – – – – – –– – – – – – – – – –– – – – – – – – – –– – – – – – – – – –– – – – – – – – – –– – – – – – – – – –– – – – – 0.45 – – – –– – – – – 0.45 0.45 – – –– – – – – – – – – –– 0.45 – – 0.75 – – – – –– – – – – – – – – –– – – – – – – – – –– – – – – – – – – –

0.75 0.45 – – 0.75 – 0.45 – – –– – – – – – – – – –– – – – – – – – – –– – – – – – – – – –– – – – – – – – – –– – – – – – – – – –– – – – – – – – – –– – – – – – – – – –– – – – – – – – – –– – – – – – – – – –– – – – – – – – – –– – – – – – – – – –– – – 0.88 – – – – – –– – 0.75 – – – – – – –– – – – – – – – – –– – – – – – – – – –– – – 0.88 – – – – – –– 0.45 – – 0.75 – – – 0.45 –– – – – – – – – – –– – – – – – – – – –– – – – – 0.00 – 2.50 – –– – – – – – – – – –– – – – – – – – – –

Administration Fee

On January 1st, 2010 an Administration Fee at share class level was introduced. Up until January 1st, 2010 all costs were booked according to the old cost category. With effect from January 1st, 2010 the below listed costs fall under the Administration Fee.

An administration fee at share class level of 0.50 % p.a. was introduced except for the following Subfunds:

– Allianz RCM BRIC Equity– Allianz RCM China– Allianz RCM Greater China Dynamic– Allianz RCM India– Allianz RCM Indonesia– Allianz RCM Korea– Allianz RCM Little Dragons– Allianz RCM Malaysia– Allianz RCM Emerging Asia– 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, semi-annual 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.

Income Equalisation

The methodology of disclosure of the Income Equalisation changed from the fiscal year ended September 30, 2009 to the fiscal year ended September 30, 2010.

In the financial year ended September 30, 2009 the Income Equalisation was allocated to the respective position in the Statement of Operations.

Since October 1st, 2009 the Income Equalisation has been reclassified under two specific captions “Equalisation on net income/loss” and “Equalisation on net realised gain/loss”.

Merger of Subfunds

For Subfunds concerned by mergers that happened during the period (absorbing Subfunds), shareholders, while recomputing the average price of subscriptions/redemptions, might not obtain a figure that fit with the highest issue price and lowest redemption price disclosed in the notes to the financial statements. This is due to the specific tax neutral treatment of the assets transferred to the absorbing Subfund.

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.

Soft Commission Agreements/Commission Sharing Arrangements

“Soft Commission Agreements/Commission Sharing Arrangements have been undertaken in respect of the Company.

The Company may pay, or be responsible for payment of, soft commissions only insofar as:

a) the Management Company and/or the Investment Managers, as the case may be, act at all times in the best interest of the Company and the shareholders when entering into soft commission arrangements;

b) the goods and/or services provided by the broker-dealers relate directly to the activities of the Management Company and/or the Investment Managers, as the case may be, and such activities are of demonstrable benefits to the Shareholders; and

c) any such soft commission is paid by the Management Company and/or the Investment Managers, as the case may be, to broker-dealers which are corporate entities and not individuals.

During the Fund’s fiscal year, services which are paid for through or by soft commissions were in majority limited to research, market analysis as well as data and quotation services.”

Transactions with Connected Parties

The Company has entered into agreements with the Management Company Allianz Global Investors Luxembourg S.A. under which management and performance fees are payable.

Information on the management fee rates charged to the funds is shown in the table on page 396–397. Further details on fees payable by the Company can be found in the current prospectus.

As at 30 September 2010, the Company held investments into other funds that were managed by the Management Company or other companies belonging to the same group as the Management Company. There were no transactions with connected brokers during the fiscal year.

Distribution

Funds with monthly/quarterly distributions 01/10/2010 – 31/03/2011Distribution

for sharesex-date pay-date in USD in EUR

Allianz Asian Multi Income Plus AM 15/10/2010 19/10/2010 0.05300 –

Allianz US High Yield AM 15/10/2010 19/10/2010 0.06670 –

Allianz PIMCO Euro Bond A 15/03/2011 17/03/2011 – 0.04473

– Class AM (USD) Shares LU0488056044 11.11/10.31 10.65/9.54 –

– Class IT (USD) Shares LU0384039318 13.65/12.80 12.82/10.74 10.85/10.00

– Class AT (SGD) Shares LU0417517892 11.27/10.11 11.24/9.66 10.41/9.76

– Class W (USD) Shares LU0294431225 1,696.44/1,473.44 1,555.19/1,326.76 1,404.96/1,044.34

– Class A (EUR) Shares LU0204480833 20.38/17.28 18.24/14.02 14.90/9.33

– Class AT (EUR) Shares LU0204480676 11.74/9.96 10.46/7.92 8.42/5.22

– Class CT (EUR) Shares LU0204481138 11.34/9.61 10.12/7.71 8.21/5.12

– Class I (EUR) Shares LU0204482706 20.38/17.31 18.31/14.04 14.92/9.39

– Class N (EUR) Shares LU0400425392 19.84/16.86 17.84/13.62 14.47/9.33

– Class S (EUR) Shares LU0400425632 19.79/16.81 17.77/13.58 14.43/9.32

– Class A (USD) Shares LU0204485717 18.12/16.19 16.53/12.67 14.67/7.81

– Class I (USD) Shares LU0204486368 20.57/18.33 18.77/14.37 16.65/8.91

– Class A (EUR) Shares LU0178439401 118.72/103.44 108.68/95.14 –

– Class I (EUR) Shares LU0178440839 9.55/8.56 9.75/8.05 9.96/5.84

– Class XT (EUR) Shares LU0225099422 1,090.06/946.16 – –

– Class I (EUR) Shares LU0293313911 1,089.06/969.79 1,003.10/780.76 792.06/395.60

– Class AT (HUF) Shares LU0527935992 27,863.71/24,534.21 26,504.69/24,848.15 –

– Class AT (SGD) Shares LU0485429301 10.98/10.08 10.96/9.00 –

– Class AT (USD) Shares LU0293314216 7.83/7.15 7.26/5.77 6.30/2.70

Allianz RCM China

– Class A (EUR) Shares LU0348825174 100.00/85.89 – –

– Class CT (EUR) Shares LU0348827899 144.08/122.20 130.16/100.00 –

– Class A (GBP) Shares LU0348825687 149.44/128.61 135.22/112.16 117.14/98.45

– Class A (HKD) Shares LU0561508036 10.20/9.19 – –

– Class AT (USD) Shares LU0348827113 10.00/9.00 – –

– Class IT (USD) Shares LU0348831818 2,284.72/1,987.07 2,034.21/1,607.93 1,794.46/930.93

– Class N (USD) Shares LU0567130009 1,041.26/938.13 – –

– Class W (USD) Shares LU0594168121 1,026.55/969.31 – –

Highest issue price/lowest redemption priceISIN 31/03/2011 30/09/2010 30/09/2009

– – – – – – –

25.00/12.57 22.89/14.38 16.33/11.59 13.24/9.96 – – –

13.85/7.03 12.67/9.25 – – – – –

13.42/6.90 12.29/9.24 – – – – –

23.96/12.64 21.92/14.46 15.59/11.66 12.68/9.96 – – –

– – – – – – –

24.23/12.16 21.83/12.70 14.62/9.95 11.26/9.23 – – –

26.33/13.87 23.72/13.99 15.10/10.77 11.61/9.96 – – –

– – – – – – –

10.31/6.67 10.56/8.90 – – – – –

10.00/6.62 10.26/8.90 – – – – –

14.31/9.58 14.64/12.32 12.37/9.97 10.61/9.91 – – –

– – – – – – –

139.42/64.22 122.45/71.36 – – – – –

76.13/38.61 124.47/74.04 – – – – –

1,398.59/682.11 1,227.54/728.83 – – – – –

– – – – – – –

11.00/5.39 – – – – – –

– – – – – – –

30/09/2008 30/09/2007 30/09/2006 30/09/2005 30/09/2004 30/09/2003 30/09/2002

– Class AT (HKD) Shares LU0589944569 10.44/9.71 – –

– Class I (EUR) Shares LU0293295324 1,043.80/1,029.35 1,051.83/1,031.41 1,063.79/1,022.75

– Class IT (EUR) Shares LU0293295597 1,034.78/1,026.29 1,028.04/1,016.86 1,016.92/998.99

– Class I (EUR) Shares LU0256883843 1,159.76/1,051.01 1,057.15/845.00 890.94/574.90

– Class IT (EUR) Shares LU0256884064 1,207.58/1,084.32 1,090.66/863.83 910.79/587.69

– Class W (EUR) Shares LU0256884577 1,165.42/1,056.77 1,062.83/849.76 895.66/576.59

– Class I (EUR) Shares LU0256880153 1,353.51/1,219.58 1,240.77/911.96 954.39/598.87

– Class IT (EUR) Shares LU0256881128 1,402.23/1,254.21 1,276.00/928.72 971.94/609.87

– Class W (EUR) Shares LU0256881987 1,384.80/1,249.96 1,271.59/934.00 977.36/612.29

– Class WT (EUR) Shares LU0256883504 1,158.26/1,035.32 1,053.24/967.00 –

– Class AT (HUF) Shares LU0527936024 29,054.02/25,561.94 26,691.28/24,648.60 –

– Class N (EUR) Shares LU0400424155 1,416.26/1,277.46 1,383.65/1,204.20 1,268.37/874.74

– Class S (EUR) Shares LU0400424742 1,412.71/1,274.34 1,382.19/1,202.57 1,265.23/874.07

– Class A (EUR) Shares LU0414045582 104.50/96.65 – –

– Class IT (EUR) Shares LU0414047281 1,784.45/1,596.46 1,652.99/1,386.94 1,440.84/1,000.00

– Class IT (EUR) Shares LU0342691812 1,234.39/956.64 1,032.85/707.19 765.24/545.44

– – – – – – –

1,046.05/1,006.99 1,015.50/1,000.00 – – – – –

– – – – – – –

119.67/78.74 121.51/97.84 106.52/81.91 – – – –

119.67/79.43 121.53/97.84 106.52/81.91 – – – –

117.36/79.64 119.39/99.61 105.36/83.40 – – – –

1,170.56/816.24 1,186.32/1,000.00 1,033.67/830.94 – – – –

1,170.21/822.24 1,185.97/1,000.00 1,033.67/830.94 – – – –

1,170.71/806.01 1,186.08/997.87 1,026.63/823.84 – – – –

123.17/83.25 122.93/96.07 108.06/80.26 – – – –

123.21/83.27 122.93/96.07 108.06/80.26 – – – –

118.62/81.93 118.58/95.75 104.62/80.00 – – – –

1,216.5/864.60 1,211.49/996.26 1,067.86/829.20 – – – –

1,216.37/869.83 1,211.36/996.26 1,067.86/829.20 – – – –

1,215.81/872.16 1,211.17/994.04 1,053.13/816.34 – – – –

– – – – – – –

132.34/82.81 – – – – – –

105.00/66.78 – – – – – –

104.22/74.37 – – – – – –

1,011.74/746.35 – – – – – –

106.83/76.59 – – – – – –

13.18/7.65 – – – – – –

30/09/2008 30/09/2007 30/09/2006 30/09/2005 30/09/2004 30/09/2003 30/09/2002

– Class IT (EUR) Shares LU0301501127 72.12/61.45 72.42/60.09 82.68/48.90

– Class IT (EUR) Shares LU0156497637 8.36/7.17 7.80/6.14 7.56/5.01

– Class IT (H-EUR) Shares LU0407702835 13.36/11.60 12.73/10.70 11.36/9.52

– Class N (EUR) Shares LU0400422969 14.42/12.46 13.54/10.77 11.31/8.75

– Class S (EUR) Shares LU0400423694 14.40/12.41 13.51/10.74 11.28/8.75

– Class WT (EUR) Shares LU0318003745 867.90/743.73 808.73/636.51 774.32/516.61

– Class AT (USD) Shares LU0396098781 13.63/12.10 12.05/9.70 –

– Class A (HKD) Shares LU0540923850 11.15/9.94 – –

Allianz RCM India

– Class I (USD) Shares LU0348742635 1,285.13/1,042.28 1,187.19/928.12 –

– Class A (EUR) Shares LU0348744680 362.05/304.87 332.65/202.81 216.34/79.15 For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

30/09/2008 30/09/2007 30/09/2006 30/09/2005 30/09/2004 30/09/2003 30/09/2002

160.18/98.69 140.14/85.29 107.29/79.54 – – – –

130.43/80.36 114.08/91.83 – – – – –

126.08/79.52 110.74/91.70 – – – – –

124.90/81.36 108.97/92.02 – – – – –

8.49/5.62 8.23/6.72 7.46/5.86 6.47/4.76 5.72/4.70 5.47/4.04 7.69/4.86

10.69/7.25 10.33/9.14 – – – – –

10.44/7.25 10.10/9.12 – – – – –

– – – – – – –

1,055.76/743.03 1,021.11/1,000.00 – – – – –

– – – – – – –

12.77/8.45 12.10/8.89 9.91/7.33 8.13/6.36 7.17/5.72 6.18/4.62 7.10/5.02

– – – – – – –

17.42/11.54 17.44/14.25 16.18/12.33 13.68/10.30 12.04/10.08 11.45/8.44 –

10.62/7.19 10.35/9.39 – – – – –

24.31/16.22 23.56/17.79 20.37/14.50 16.10/12.79 14.48/11.42 12.38/8.96 –

– – – – – – –

Allianz RCM Japan

Allianz RCM Korea

– Class A2 (EUR) Shares LU0396102641 223.92/188.22 202.46/146.57 154.24/96.08

– Class CT2 (EUR) Shares LU0396102724 221.83/186.25 201.03/145.61 153.50/95.95

– Class PT (USD) Shares LU0348771493 11.50/10.18 10.47/7.91 8.59/4.18

– Class AT (EUR) Shares LU0348784041 126.80/107.53 116.27/99.64 –

– Class I (USD) Shares LU0348785790 89.89/80.69 84.02/71.40 81.29/48.81

– Class P (USD) Shares LU0348786921 89.15/80.02 83.56/71.00 80.83/48.55

Allianz RCM Tiger

– Class PT (USD) Shares LU0348824870 28.51/25.18 25.05/19.43 21.27/10.37

– – – – – – –

30/09/2008 30/09/2007 30/09/2006 30/09/2005 30/09/2004 30/09/2003 30/09/2002

– Class A (EUR) Shares LU0256843979 112.76/93.06 104.85/91.44 –

– Class N (EUR) Shares LU0400426366 1,706.64/1,410.01 1,582.35/1,199.36 1,247.30/864.06

– Class S (EUR) Shares LU0400426796 1,707.71/1,407.25 1,580.86/1,197.22 1,245.43/863.65

– Class W (H-EUR) Shares LU0266027183 923.41/784.76 843.44/701.44 878.29/451.32

– Class A (GBP) Shares LU0264559369 110.97/94.60 105.51/89.32 –

– Class A2 (USD) Shares LU0511871641 12.77/10.70 10.78/9.59 –

– Class N (USD) Shares LU0499289394 1,198.60/999.54 – –

– Class AM (USD) Shares LU0516397667 10.67/10.17 10.15/9.88 –

– Class IT (USD) Shares LU0516398475 1,120.31/1,031.65 1,029.49/994.86 – For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

– – – – – – –

105.04/73.05 103.64/96.13 – – – – –

– – – – – – –

1,166.52/869.41 1,139.13/972.80 – – – – –

– – – – – – –

11.18/8.94 – – – – – –

– – – – – – –

30/09/2008 30/09/2007 30/09/2006 30/09/2005 30/09/2004 30/09/2003 30/09/2002

All payments to Shareholders (proceeds for redemption, any distributions and other payments) can be made through the German Paying Agent listed in the “Directory”. Applications for redemption and conversion can be submitted to the German Paying Agent.

With respect to the distribution in the Federal Republic of Germany, the Subscription and Redemption Prices are published in the internet on the web page www.allianzglobalinvestors.de. Any notices to the 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 as well as the further documents referred to in “Available Documentation” may be obtained at the Information Agent listed in the Directory without charge.

Note for Investors in the Federal Republic of Germany

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, 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 Fund in the Republic of Austria were notified to the Finanzmarktaufsicht (Vienna) in accordance with § 36 InvFG.

Paying and Information Agents

Allianz Investmentbank AGHietzinger Kai 101–105A-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:

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 on www.fundinfo.com. In Switzerland, Subscription and Redemption Prices together and/or the Net Asset Value (with the indication “commissions excluded”) of the Shares are published daily on www.fundinfo.com.

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.

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.

Note for Investors 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 289.21Allianz All Markets Opportunities 233.35Allianz Euro High Yield Bond 220.76Allianz Euroland Equity SRI 31.50Allianz RCM Asia Pacific 218.89Allianz RCM Best Styles Euroland 18.37Allianz RCM Brazil 30.48Allianz RCM BRIC Equity 150.19Allianz RCM China 87.97Allianz RCM Discovery Europe Strategy 17.93Allianz RCM Dynamic Multi Asset Plus 98.21Allianz RCM Euroland Equity Growth – 6.77Allianz RCM Europe Equity Growth 122.07Allianz RCM European Equity Dividend 130.07Allianz RCM Global Agricultural Trends 270.00Allianz RCM Global EcoTrends 144.50Allianz RCM Global Equity – 2.74Allianz RCM Global Unconstrained 315.71Allianz RCM Hong Kong 114.96Allianz RCM Japan 245.41Allianz RCM Oriental Income 196.93Allianz RCM Total Return Asian Equity 148.711) The Portfolio Turnover Rate expresses the total purchases and sales of securities less the total subscriptions and redemptions (in each case for example in EUR million) as a

percentage of the average net fund volume in a year.For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 6 to 15.

Allianz Euro High Yield Bond A (EUR) 1.43 0.00 1.43 AT (EUR) 1.40 0.00 1.40 IT (EUR) 0.72 0.00 0.72Allianz Euroland Equity SRI A (EUR) 1.86 0.00 1.86 N (EUR) 0.70 0.00 0.70Allianz RCM Asia Pacific A (USD) 1.70 0.00 1.70 I (USD) 0.87 0.00 0.87 I (EUR) 0.87 0.00 0.87 CT (EUR) 2.46 0.00 2.46 A (EUR) 1.70 0.00 1.70 AT (EUR) 1.73 0.00 1.73 N (EUR) 0.59 0.00 0.59 S (EUR) 1.01 0.00 1.01Allianz RCM Best Styles Euroland A (EUR) 1.22 0.00 1.22 AT (EUR) 1.23 0.00 1.23 CT (EUR) 1.71 0.00 1.71 I (EUR) 0.62 0.00 0.62 XT (EUR) 0.13 0.00 0.13Allianz RCM Brazil AT (EUR) 2.29 0.00 2.29 A (GBP) 2.29 0.00 2.29 AT (USD) 2.29 0.00 2.29Allianz RCM BRIC Equity AT (EUR) 2.05 0.00 2.05 CT (EUR) 2.79 0.00 2.79 I (EUR) 1.08 0.00 1.08 AT (HUF) 2.27 0.00 2.27 AT (SGD) 2.18 0.00 2.18 AT (USD) 2.00 0.00 2.00Allianz RCM China A (EUR) 2.30 0.00 2.30 CT (EUR) 2.85 0.00 2.85 A (GBP) 2.09 0.00 2.09 A (HKD) 2.31 0.00 2.31 AT (SGD) 1.72 0.00 1.72 A (USD) 2.08 0.00 2.08 AT (USD) 2.37 0.00 2.37 IT (USD) 1.11 0.00 1.11 N (USD) 0.97 0.00 0.97 W (USD) 0.86 0.00 0.86Allianz RCM Discovery Europe Strategy A (EUR) 1.68 0.00 1.68 CT (EUR) 2.50 0.00 2.50 I (EUR) 1.09 0.00 1.09 A (GBP) 1.59 0.00 1.59 A (H-GBP) 1.70 0.00 1.70Allianz RCM Dynamic Multi Asset Plus A (H-EUR) 1.20 0.00 1.20Allianz RCM Euroland Equity Growth A (EUR) 1.72 0.00 1.72 AT (EUR) 1.71 0.00 1.71 CT (EUR) 2.48 0.00 2.48 I (EUR) 0.87 0.00 0.87 IT (EUR) 0.88 0.00 0.88 W (EUR) 0.57 0.00 0.57Allianz RCM Europe Equity Growth A (EUR) 1.78 0.00 1.78 AT (EUR) 1.75 0.00 1.75 CT (EUR) 2.51 0.00 2.51 I (EUR) 0.90 0.00 0.90 IT (EUR) 0.89 0.00 0.89 W (EUR) 0.57 0.00 0.57 WT (EUR) 0.65 0.00 0.65 A (GBP) 1.78 0.00 1.78 AT (HUF) 1.86 0.00 1.86Allianz RCM European Equity Dividend A (EUR) 1.86 0.00 1.86 AT (EUR) 1.79 0.00 1.79 CT (EUR) 2.47 0.00 2.47 IT (EUR) 0.88 0.00 0.88

7. Total Expense Ratio (TER)Name of the Subfund Class TER in % p.a.

(excl. performance-related fee)Performance-related

fee in % p.a.TER

in % p.a.

Name of the Subfund Class TER in % p.a.(excl. performance-related fee)

Performance-related fee in % p.a.

TERin % p.a.

Name of the Subfund Class synthetic TER in %(excl. performance-

related fee)

Performance-related fee in %

synthetic TERin %p.a.

Allianz All Markets Dynamic A (EUR) 0.23 0.10 0.33Allianz All Markets Opportunities A (EUR) 0.34 0.07 0.41

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).

Allianz RCM Global Agricultural Trends A (EUR) 2.00 0.00 2.00 AT (EUR) 2.04 0.00 2.04 CT (EUR) 2.83 0.00 2.83 IT (EUR) 0.99 0.00 0.99 A (GBP) 2.08 0.00 2.08 AT (USD) 1.98 0.00 1.98Allianz RCM Global EcoTrends A (EUR) 1.93 0.00 1.93 AT (EUR) 1.95 0.00 1.95 CT (EUR) 2.70 0.00 2.70 IT (EUR) 0.96 0.00 0.96Allianz RCM Global Equity AT (EUR) 1.72 0.00 1.72 CT (EUR) 2.47 0.00 2.47 IT (EUR) 0.86 0.00 0.86 IT (H-EUR) 0.87 0.00 0.87 N (EUR) 0.57 0.00 0.57 S (EUR) 0.96 0.00 0.96 WT (EUR) 0.56 0.00 0.56 AT (SGD) 1.67 0.00 1.67 AT (USD) 1.73 0.00 1.73Allianz RCM Global Unconstrained AT (USD) 1.96 0.00 1.96Allianz RCM Hong Kong A (HKD) 2.11 0.00 2.11 AT (SGD) 1.86 0.00 1.86 A (USD) 2.13 0.00 2.13 IT (USD) 1.10 0.00 1.10Allianz RCM Japan A (USD) 1.71 0.00 1.71 IT (USD) 0.96 0.00 0.96Allianz RCM Oriental Income A (USD) 1.69 0.00 1.69 AT (USD) 1.69 0.00 1.69 I (USD) 0.86 0.00 0.86 IT (USD) 0.86 0.00 0.86 P (USD) 0.89 0.00 0.89 AT (EUR) 1.66 0.00 1.66 AT (SGD) 1.82 0.00 1.82Allianz RCM Total Return Asian Equity A (USD) 1.96 0.00 1.96 AT (USD) 1.96 0.00 1.96 IT (USD) 1.08 0.00 1.08 PT (USD) 1.03 0.00 1.03

€¦ · Allianz Global Investors Fund General Information Allianz Global Investors Fund c/o...

Documents

Volume 8, Issue 12 Allianz Global Investors Insights · Volume 8, Issue 12 Allianz Global Investors Insights December 2016 12 Neil Dwane Global Strategist 2 Perspective on Asia Pacific

Allianz Global Investors Application Form

Allianz Global Investors Asia Fund - Bank of China

Income and Growth Strategy - Allianz Global Investors

Allianz Global Investors · Allianz Global Investors (AllianzGI) ... that may arise in relation to our stewardship activities. 3 ... • Exhibit essential diversity attributes determined

Allianz Global Investors Fund - Inversis · Allianz RCM Currencies Strategy 1) Allianz RCM Demographic Trends Allianz RCM Discovery Europe Strategy1) Allianz RCM Discovery Germany

Allianz Global Investors Fund Annual Report

HK AGIF KFS | AllianzGI - Allianz Global Investors Fund

Allianz Global Investors Fund - Aviva · Allianz Global Investors Fund has appointed Allianz Global Investors Singapore Limited (whose details appear in the Directory of this Singapore

Allianz Global Investors Fund - oficinadirecta.com, su ... · Allianz Global Investors Fund Para cada Subfondo se gestiona un grupo independiente de activos, así como unos registros

Allianz Global Artificial Intelligence · Source: Allianz Global Investors, as at September 2017. †GrassrootsSM Research is a division of Allianz Global Investors that commissions

Exploring new ideas Allianz Global Investors Insights

Allianz Global Investors Risk Monitor #4

Allianz Global Investors Fund · Allianz Global Investors Fund - Allianz Target Return Bond1) ... c/o Allianz Global Investors GmbH, ... Allianz Euro Bond Strategy

Achieving positive impact - Allianz Global Investors

Allianz Global Investors Fund - AllianzGI | Other Investors · Allianz Global Investors Fund Société d’Investissement à Capital Variable ... Allianz Global Fundamental Strategy

RiskMonitor - Allianz Global Investors · Institutional investors report their primary investment goal ... towards equities suggests their ... Allianz Global Investors RiskMonitor

Allianz Global Investors Fund - priips.predica.com

Update Magazine - Allianz Global Investors · 2018-08-31 · Dr. Steffen Hörter, Global Head of ESG, Allianz Global Investors Dear Readers, In keeping with our new branding, “Active

Allianz Global Investors Fund - Standard CharteredProspectus dated November 2019, for the Allianz Global Investors Fund (the “Luxembourg Prospectus”). Unless the context otherwise