Allianz HKD Income. pobrano z mojefundusze.pl 183. Allianz HKD Income

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1 Government bond yields remain low in the six-month period to 31 March 2016 while global monetary policies started to see divergence with US raising interest rates in December 2015.During Q4 2015, a strong labour market and Federal Reserve Chair Yellen s continuous guidance raised market expectations of an interest rate rise. The Federal Reserve finally started its interest rates normalization at the December Federal Open Market Committee ( FOMC ) meeting, removing the uncertainty in financial markets. US bonds were sold off as investors faced the prospect of the first rise in the fed funds rate since However, the sell-off in equity markets and general uncertainty over the economic backdrop in the beginning of 2016 had driven investors into safe haven assets. The yield on the 10-year Treasury bond fell back below 2.0%, while, in the two-year part of the curve, yields retreated well below 1.0%. The European Central Bank ( ECB ) continued its monetary easing programmes, lowering the deposit rate down to -0.4% and expanding the monthly asset purchase programme to 80 billion with inclusion of corporate bonds. In Japan, the Bank of Japan s ( BoJ ) decision to introduce a negative deposit rate has resulted in yields on Japanese government bonds dropping to all-time lows and investors searching for positive yields at the super long end of the Japanese Government Bond ( JGB ) curve. end of quarter in The Hong Kong yield curve bear flattened, with the 2-year part of the curve up 21 basis points, while the 10-year part of the curve down 28 basis points during the period. US Treasuries remain well supportive particularly under increasing uncertainties in global economic outlook. Thus, USD bond will likely remain as the preferred asset class in the fixed income universe. The space, with the pegged monetary regime, should move in sync with the US. The portfolio continues to favour quality spread products with strong focus in identifying yield enhancement opportunities. Please refer to the Prospectus as well as the Key Investor Information Document 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 of the Subfunds on pages 5 to 34. interest rate largely moved in tandem with the US counterpart over the past 6 months except there was a short period of time trading largely divergence against US back in Jan. Long end of the Hong Kong yield curve dropped to 1.5% by the end of December, but climbed up significantly due to fight of capital outflow together with the rumors speculation of de-peg in late January, the yield then generally trended down towards the Breakdown of Net Assets in % Bonds Hong Kong Bonds China Bonds British Virgin Islands Bonds Cayman Islands Bonds Japan Bonds other countries Other net assets 183

2 The Subfund in figures 31/03/ /09/ /09/ /09/2013 Net asset value per share in () (distributing) WKN A1J2QF/LU ,89 9,87 9,85 Class AT () (accumulating) WKN A1CWH0/LU ,18 10,01 Net asset value per share in USD (USD) (distributing) WKN A1J2QE/LU ,94 9,88 9,85 in circulation 1) 144,746, ,695, ,472,573 16,141 Subfund assets in millions of 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 5 to

3 Investment Portfolio as at 31/03/2016 ISIN Securities / Holdings Price Market Value % of Currency (in 1,000)/ 31/03/2016 in Subfund Contracts assets Securities and money-market instruments admitted to an official stock exchange listing 429,582, Bonds 429,582, Australia 7,836, US2027A1HR % Commonwealth Bank of Australia USD Notes 15/25 USD 1,000.0 % ,836, Bermuda 10,350, XS % Li & Fung USD FLR-Notes 12/undefined USD 1,300.0 % ,350, British Virgin Islands 115,797, XS % CCCI Treasure USD FLR-Notes 15/undefined USD % ,203, XS % Charming Light Investments USD MTN 14/19 USD 1,200.0 % ,563, XS % Chinalco Finance Holdings USD Notes 14/19 USD 1,000.0 % ,017, XS % Dianjian Haixing USD FLR-Notes 14/undefined USD 2,600.0 % ,651, XS % Fita International USD Notes 10/20 USD 1,700.0 % ,808, XS % Greenland Global Investment USD Notes 14/19 USD 1,500.0 % ,782, XS % HLP Finance USD MTN 14/21 USD 1,500.0 % ,219, XS % Huarong Finance II USD MTN 15/20 USD 1,200.0 % ,776, XS % Nan Fung Treasury USD MTN 12/22 USD 1,000.0 % ,183, XS % NWD USD MTN 14/21 USD % ,795, XS % NWD USD MTN 15/22 USD 1,100.0 % ,794, Cayman Islands 13,269, XS % China Overseas Finance Cayman VI USD Notes 14/19 USD 1,000.0 % ,138, XS % Tencent Holdings MTN 14/20 5,000.0 % ,131, China 8,786, USY39656AC % Industrial & Commercial Bank of China USD Notes 15/25 USD 1,100.0 % ,786, Hong Kong 179,178, XS % China CITIC Bank International USD FLR-MTN 12/22 USD 2,100.0 % ,403, XS % China Construction Bank Asia USD FLR-MTN 14/24 USD 1,500.0 % ,880, XS % CITIC USD FLR-Notes 11/undefined USD 1,000.0 % ,772, XS % CITIC USD FLR-Notes 13/undefined USD % ,475, XS % CRCC Yupeng USD FLR-Notes 14/undefined USD 1,300.0 % ,349, HK % Hong Kong Government Bonds 11/16 11,000.0 % ,061, HK % Hong Kong Government Bonds 13/18 15,000.0 % ,193, HK % Hong Kong Government Bonds 13/ % , HK % Hong Kong Government Bonds 14/17 40,000.0 % ,280, HK % Hong Kong Government Bonds 14/19 20,000.0 % ,354, HK % Hong Kong Government Bonds 15/20 10,000.0 % ,010, HK % Hong Kong Government Bonds 15/20 21,600.0 % ,812, HK % Hong Kong Government FLR-Bonds 13/16 S ,000.0 % ,032, Ireland 4,782, XS % Cloverie for Zurich Insurance USD FLR-Notes 16/46 USD % ,782, Japan 33,871, USJ54675AC % Nippon Life Insurance USD FLR-Notes 16/46 USD 1,500.0 % ,182, USJ7771XAB % Sumitomo Mitsui Financial Group USD Notes 14/24 USD 1,700.0 % ,802, US86562MAB % Sumitomo Mitsui Financial Group USD Notes 16/21 USD 1,000.0 % ,887, Singapore 16,050, US69033DAB % Oversea-Chinese Banking USD FLR-MTN 14/24 USD % ,451, XS % United Overseas Bank USD FLR-MTN 14/24 USD 1,200.0 % ,598, South Korea 10,963, US82460EAJ % Shinhan Bank USD MTN 16/26 USD 1,400.0 % ,963, United Kingdom 15,807, US404280AV % HSBC Holdings USD Notes 16/21 USD 2,000.0 % ,807, USA 12,887, USU75888AC % Reliance Holding USA USD Notes 12/22 USD 1,500.0 % ,887,

4 Investment Portfolio as at 31/03/2016 ISIN Securities / Holdings Price Market Value % of Currency (in 1,000)/ 31/03/2016 in Subfund Contracts assets Securities and money-market instruments dealt on another regulated market 902,208, Bonds 902,208, Australia 18,103, USQ0426RNB % Australia & New Zealand Banking Group USD MTN 14/24 USD 2,300.0 % ,103, British Virgin Islands 112,894, VGG2214PAG % CLP Power Hong Kong Financing MTN 07/17 25,000.0 % ,632, XS % HLP Finance MTN 13/18 15,000.0 % ,385, XS % HLP Finance MTN 14/21 4,000.0 % ,253, HK % HLP Finance MTN 12/22 5,000.0 % ,134, HK % Hongkong Electric Finance MTN 06/16 25,000.0 % ,449, HK % Hongkong Electric Finance MTN 12/17 4,000.0 % ,992, HK % K Wah International Financial Services MTN 14/21 17,000.0 % ,060, HK % NWD MTN 16/26 10,000.0 % ,000, % Starway Assets CNH Notes 14/17 CNH 5,000.0 % ,984, Cayman Islands 195,907, HK % Cathay Pacific Financing MTN 11/18 11,000.0 % ,150, KYG2R449AA % Cheung Kong Bond Finance Notes 06/16 19,500.0 % ,511, KYG21450AB % Cheung Kong Finance MTN 11/16 1,000.0 % ,005, HK % Cheung Kong Finance MTN 11/16 18,000.0 % ,095, XS % Cheung Kong Finance MTN 10/20 5,000.0 % ,347, % Cheung Kong Finance MTN 10/20 10,000.0 % ,566, HK % Cheung Kong Finance MTN 11/21 2,000.0 % ,079, XS % China Overseas Finance Cayman V USD Notes 12/22 USD 1,500.0 % ,975, HK % Link Finance Cayman 2009 MTN 10/17 35,000.0 % ,657, HK % Link Finance Cayman 2009 MTN 13/20 4,000.0 % ,193, % Link Finance Cayman 2009 Notes 10/20 1,000.0 % ,075, HK % MTR MTN 11/16 6,000.0 % ,055, HK % MTR MTN 12/17 27,500.0 % ,682, HK % Sun Hung Kai Properties Capital Market MTN 09/16 16,000.0 % ,192, % Sun Hung Kai Properties Capital Market MTN 10/17 2,000.0 % ,037, % Sun Hung Kai Properties Capital Market MTN 11/16 3,000.0 % ,012, % Swire Pacific MTN Financing MTN 08/18 5,000.0 % ,233, HK % Tencent Holdings MTN 15/18 15,000.0 % ,036, China 262,046, HK % Agricultural Bank of China Notes 13/16 10,000.0 % ,993, HK % Bank of China FLR-Notes 13/18 3,000.0 % ,004, HK % Bank of China Notes 11/16 6,000.0 % ,062, HK % Bank of China Notes 12/19 29,500.0 % ,247, HK % Bank of China Notes 13/16 3,000.0 % ,010, HK % Bank of China Notes 14/16 4,000.0 % ,010, HK % Bank of China Notes 14/17 2,000.0 % ,022, HK % Bank of China Notes 14/17 5,000.0 % ,034, HK % Bank of China Notes 14/17 16,000.0 % ,138, HK % Bank of China Notes 14/17 10,000.0 % ,076, HK % Bank of China Notes 14/17 12,000.0 % ,129, HK % Bank of China Notes 14/17 10,000.0 % ,095, HK % Bank of China Notes 15/18 10,000.0 % ,115, HK % Bank of Communications FLR-Notes 13/18 3,000.0 % ,006, HK % Bank of Communications FLR-Notes 15/18 15,000.0 % ,146, HK % Bank of Communications MTN 14/19 11,000.0 % ,348, HK % Bank of Communications Notes 13/18 4,000.0 % ,009, HK % Bank of Communications Notes 14/16 5,000.0 % ,017, HK % China Construction Bank FLR-Notes 13/16 5,000.0 % ,007, HK % China Construction Bank Notes 13/16 3,000.0 % ,005, HK % China Construction Bank Notes 14/17 33,000.0 % ,284, HK % China Development Bank FLR-Notes 12/17 2,000.0 % ,021, % China Development Bank Notes 10/20 15,000.0 % ,213, % China Development Bank Notes 11/18 6,000.0 % ,184, HK % China Development Bank Notes 12/17 5,000.0 % ,071, The accompanying notes form an integral part of these financial statements. 758

5 Investment Portfolio as at 31/03/2016 ISIN Securities / Holdings Price Market Value % of Currency (in 1,000)/ 31/03/2016 in Subfund Contracts assets HK % China Development Bank Notes 12/17 4,000.0 % ,068, % China Development Bank Notes 12/19 10,000.0 % ,366, HK % China Development Bank Notes 13/18 6,000.0 % ,232, HK % China Development Bank Notes 14/17 10,000.0 % ,121, Hong Kong 278,687, HK % Airport Authority Hong Kong MTN 13/16 8,000.0 % ,011, HK % Airport Authority Hong Kong Notes 06/16 11,000.0 % ,009, XS % Bank of East Asia MTN 14/19 5,000.0 % ,107, HK % Bank of East Asia Notes 11/16 1,000.0 % ,004, XS % Bank of East Asia Notes 13/16 2,000.0 % ,000, HK % Bank of Tokyo-Mitsubishi Notes 15/18 30,000.0 % ,032, HK % Cathay Pacific Financing MTN 12/17 3,000.0 % ,016, HK % China Construction Bank Asia Notes 14/16 25,000.0 % ,133, HK % China Construction Bank Asia Notes 14/17 8,000.0 % ,075, HK % Dah Sing Bank Notes 13/18 12,000.0 % ,142, HK % DBS Bank Hong Kong Notes 11/16 7,000.0 % ,022, HK % DBS Bank Hong Kong Notes 08/18 20,000.0 % ,056, % Hong Kong Mortgage MTN 11/16 1,000.0 % ,002, HK % Hong Kong Mortgage MTN 16/17 35,000.0 % ,149, HK % Hong Kong Mortgage Zero- Coupon Bonds S ,000.0 % ,968, HK % Swire Properties MTN Financing MTN 12/17 15,000.0 % ,131, HK % Urban Renewal Authority MTN 14/21 4,000.0 % ,204, % Wharf Finance MTN 11/16 12,000.0 % ,172, % Wharf Finance MTN 12/18 5,000.0 % ,071, HK % Wharf Finance MTN 12/22 6,000.0 % ,138, HK % Wharf Finance MTN 13/18 6,000.0 % ,101, HK % Wharf Finance MTN 13/18 1,500.0 % ,516, HK % Wharf Finance MTN 13/18 12,000.0 % ,186, HK % Wharf Finance MTN 13/18 11,000.0 % ,153, HK % Wheelock Finance MTN 12/17 5,000.0 % ,048, HK % Wheelock Finance MTN 12/17 12,000.0 % ,156, HK % Wheelock Finance MTN 12/17 5,000.0 % ,076, HK % Wheelock Finance MTN 13/18 2,000.0 % ,994, HK % Wheelock Finance MTN 14/19 5,000.0 % ,002, Japan 25,014, HK % Sumitomo Mitsui Banking Notes 15/18 25,000.0 % ,014, United Kingdom 9,554, US404280AW % HSBC Holdings USD Notes 16/26 USD 1,200.0 % ,554, Other securities and money-market instruments 23,607, Bonds 23,607, Hong Kong 23,607, % Hongkong Electric Finance Notes 06/16 15,000.0 % ,281, % Sinostrong International CNH Notes 15/28 CNH 4,000.0 % ,730, % Value Success International CNH Notes 13/16 CNH 3,000.0 % ,595, Investments in securities and money-market instruments 1,355,397, Deposits at financial institutions 119,454, Sight deposits 119,454, State Street Bank GmbH, Luxembourg Branch 119,454, Investments in deposits at financial institutions 119,454, Net current assets/liabilities -22,516, Net assets of the Subfund 1,452,335, Net asset value per share - () (distributing) Class AT () (accumulating) (USD) (distributing) USD 9.95 in circulation - () (distributing) Shs 137,232,431 - Class AT () (accumulating) Shs 7,314,348 - (USD) (distributing) Shs 199,

6 Statement of Net Assets as at 31/03/2016 resp. liquidation date (if any) 31/03/ /09/2015 Securities and money-market instruments (Cost price 1,341,368,209.96) 1,355,397, ,267,087, Time deposits Cash at banks 119,454, ,012, Premiums paid on purchase of options Upfront-payments paid on swap transactions Interest receivable on - bonds 11,108, ,704, time deposits swap transactions Dividend receivable Income from investment units receivable Receivable on - subscriptions of fund shares 7,437, , securities transactions Other receivables Unrealised gain on - options transactions futures transactions contract for difference transaction TBA transactions swap transactions forward foreign exchange transactions Total Assets 1,493,397, ,360,086, Liabilities to banks Premiums received on written options Upfront-payments received on swap transactions Interest liabilities on swap transactions Payable on - redemptions of fund shares -715, ,999, securities transactions -38,985, ,676, Capital gain tax payable Other payables -1,360, ,278, Unrealised loss on - options transactions futures transactions contract for difference transaction TBA transactions swap transactions forward foreign exchange transactions Total Liabilities -41,061, ,955, Net assets of the Subfund 1,452,335, ,340,131, For additional information please refer to the section Notes to the Financial Statements. The accompanying notes form an integral part of these financial statements. 760

7 Statement of Changes in Net Assets for the period from 01/10 resp. launch date to 31/03 resp. liquidation date (if any) 2015/ /2015 Net assets of the Subfund at the beginning of the reporting period 1,340,131, ,179,451, Subscriptions 354,617, ,645, Redemptions -247,030, ,225, Distribution -9,805, ,897, Equalization -427, , Result of operations 14,850, ,258, Net assets of the Subfund at the end of the reporting period 1,452,335, ,430,402, Statement of Changes in for the period from 01/10 resp. launch date to 31/03 resp. liquidation date (if any) 2015/ /2015 at the beginning of the reporting period 128,881,810 5,728, ,471,437 1,003 Number of shares -issued 31,334,350 2,361,000 55,082, redeemed -22,983, ,800-30,807,324 0 at the end of the reporting period 137,232,431 7,314, ,747,012 1,003 Class AT Class AT USD 2015/ /2015 at the beginning of the reporting period 85, Number of shares -issued 265,756 64,391 -redeemed -152,380-41,712 at the end of the reporting period 199,243 22,812 For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 5 to