Allianz Global Investors Fund. Audited Annual Report as at 30 September Allianz Global Investors Luxembourg S.A.

Transcription

1 Audited Annual Report as at 30 September 2010 Allianz Global Investors Fund Société d Investissement à Capital Variable R.C.S. Luxembourg No Allianz Global Investors Luxembourg S.A.

2 Allianz Global Investors Fund General Information Allianz Global Investors Fund (the Company ) is incorporated under the laws of the Grand Duchy of Luxembourg as an open-ended investment company with variable share capital. The Company is authorised by the Commission de Surveillance du Secteur Financier as a Société d Investissement à Capital Variable (SICAV) and registered pursuant to Part I of the Luxembourg Law of 20 December 2002 on Undertakings for Collective Investment. The Company was established on 9 August 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 30 September 2010: Allianz All Markets Dynamic 1) Allianz All Markets Opportunities 1) Allianz Asian Multi Income Plus Allianz Euro Bond Strategy 1) Allianz Euro High Yield Bond 1) Allianz NFJ US Large Cap Value Allianz PIMCO Euro Bond 1) Allianz PIMCO Treasury Euro Bond Plus ) Allianz PIMCO Treasury Euro Bond Plus ) Allianz PIMCO Treasury Euro Cash Plus 1) Allianz RCM Asia Pacific Allianz RCM Best Styles Euroland Allianz RCM BRIC Equity Allianz RCM China Allianz RCM Currencies Strategy 1) Allianz RCM Demographic Trends Allianz RCM Discovery Europe Strategy 1) Allianz RCM Enhanced Short Term Euro (formerly: Allianz RCM Enhanced Money Market) Allianz RCM Emerging Asia (formerly: Allianz RCM Philippines) Allianz RCM Euroland Equity Growth Allianz RCM Europe Equity Growth Allianz RCM Europe Small Cap Equity 1) Allianz RCM European Equity Allianz RCM European Equity Dividend Allianz RCM Global Agricultural Trends Allianz RCM Global EcoTrends (formerly: Allianz-dit Global EcoTrends) Allianz RCM Global Equity Allianz RCM Global Hi-Tech Growth Allianz RCM Global Sustainability Allianz RCM Global Unconstrained Allianz RCM Greater China Dynamic Allianz RCM Growing Markets Protect 1) Allianz RCM Hong Kong Allianz RCM India Allianz RCM Indonesia Allianz RCM Japan Allianz RCM Korea Allianz RCM Little Dragons Allianz RCM Oriental Income Allianz RCM Thailand Allianz RCM Tiger Allianz RCM Total Return Asian Equity Allianz RCM US Equity Fund (formerly: Allianz RCM US Equity Systematic) Allianz RCM USD Liquidity Allianz Real Estate Europe 1) Allianz Structured Alpha Strategy 1) Allianz US High Yield Protect Global Winner ) Allianz Global Investors Fund c/o Allianz Global Investors Luxembourg S.A. 6A, route de Trèves L-2633 Senningerberg Telephone: Fax: Internet: info@allianzgi.lu 1) Not authorized in Hong Kong and not available to Hong Kong Residents.

3 Allianz Global Investors Fund A separate pool of assets and separate accounting records are maintained for each Subfund. The figures presented in this report relate to the period from 1 October 2009 to 30 September 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.

4 Allianz Global Investors Fund Important Notice to our Shareholders Launch of new Subfunds The Company has launched the following new Subfunds: with effect from 2 October 2009 Allianz RCM Greater China Dynamic with effect from 20 October 2009 Allianz RCM Discovery Europe Strategy with effect from 9 February 2010 Allianz Euro Bond Strategy Allianz Euro High Yield Bond with effect from 2 August 2010 Allianz US High Yield with effect from 10 August 2010 Allianz Structured Alpha Strategy 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 November 2009 Allianz PIMCO Euro StocksPLUS Total Return A (EUR) and Allianz PIMCO Euro StocksPLUS Total Return I (EUR) of the Allianz Global Investors IndexPLUS into Allianz RCM European Equity A (EUR) of the Allianz Global Investors Fund and Allianz PIMCO Corporate Bond Global A (EUR) of the Allianz Global Investors Fund into Allianz PIMCO Euro Bond A (EUR) of the Allianz Global Investors Fund with effect from 8 June 2010 Allianz RCM Euro Equity Index A (EUR) and Allianz RCM Euro Equity Index I (EUR) of the Allianz Global Investors into Allianz RCM Best Styles Euroland A (EUR) and Allianz RCM Best Styles Euroland I (EUR) of the Allianz Global Investors Fund with effect from 16 July 2010 Allianz RCM Malaysia A (USD) as well as Allianz RCM Singapore A (USD) of the Allianz Global Investors Fund into Allianz RCM Emerging Asia A (USD) (formerly: Allianz RCM Philippines) of the Allianz Global Investors Fund and Allianz RCM Global Fund Selection AT (EUR) into Allianz RCM Global Equity AT (EUR) of Allianz Global Investors Fund with effect from 25 August 2010 cominvest Klima Aktien P (EUR) into Allianz RCM Global EcoTrends A (EUR) of the Allianz Global Investors Fund Conversion rates Sank fund Absorbing fund Conversion rate Allianz PIMCO Euro StocksPLUS Total Return A (EUR) Allianz RCM European Equity A (EUR) 1: Allianz PIMCO Euro StocksPLUS Total Return I (EUR) Allianz RCM European Equity A (EUR) 1: Allianz PIMCO Corporate Bond Global A (EUR) Allianz PIMCO Euro Bond A (EUR) 1: Allianz RCM Euro Equity Index A (EUR) Allianz RCM Best Styles Euroland A (EUR) 1: Allianz RCM Euro Equity Index I (EUR) Allianz RCM Best Styles Euroland I (EUR) 1: Allianz RCM Malaysia A (USD) Allianz RCM Emerging Asia A (USD) 1: (formerly: Allianz RCM Philippines) Allianz RCM Singapore A (USD) Allianz RCM Emerging Asia A (USD) 1: (formerly: Allianz RCM Philippines) Allianz RCM Global Fund Selection AT (EUR) Allianz RCM Global Equity AT (EUR) 1: cominvest Klima Aktien P (EUR) Allianz RCM Global EcoTrends A (EUR) 1:

5 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 2 March 2010 Allianz Tactical Asset Allocation Euroland with effect from 31 May 2010 Allianz RCM Enhanced Short Term US $ 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 January 2010: Change of the names of several Subfunds as follows: Previous Name of the Subfund Allianz RCM Enhanced Money Market Allianz-dit Global EcoTrends New Name of the Subfund Allianz RCM Enhanced Short Term Euro Allianz RCM Global EcoTrends Letter f) and i) of the investment principles of Allianz All Markets Dynamic will be amended by fund of hedgefunds. Implementation of a new holiday regulation for Allianz NFJ US Large Cap Value: Each day on which banks and exchanges in Luxembourg and the major stock exchange in the United States are open for business. The investment principles within the Information Sheets of Allianz RCM BRIC Equity and Allianz RCM Global Sustainability shall be amended as follows: Due to the Subfund being marketed in Taiwan and other foreign Jurisdictions, the Additional Investment Restrictions as described under No 16) of the Introduction apply. The investment principles of Allianz RCM Currencies Strategy and Allianz RCM Enhanced Money Market will be completed with the Limited Risk Diversification. The last paragraph of letter f) and i) under the subheading Investment Principles within the Information Sheet of the Subfund Allianz All Markets Dynamic shall be put in concrete term as follows: Only up to 10 % of the value of Subfund assets may be held in shares in real estate property funds together with other investments as defined in Appendix 1 No. 2 first indent and in particular investments in single hedge funds and funds of hedge funds. Only up to 10 % of value of Subfund assets may be held in single hedge funds and funds of hedge funds as defined in the third indent together with other investments as defined in Appendix 1 No. 2 first indent and in particular investments in real estate property funds. The investment principles of Allianz RCM Global Hi-Tech Growth will be amended as follows: b) Subject in particular to the provisions of letter e),up to 20 % of Subfund assets may be invested in Equities, as well as warrants to subscribe for Equities, of companies other than those detailed in letter a) above. Investments by the Subfund in equity index certificates and other certificates whose risk profiles typically correlate with Equities of companies other than detailed in a) above are also permitted and are together with investments in equity funds the investment objectives of which do not primarily aim at investments in the information technology sector attributed to this limit. The investment principles of Allianz RCM Global Unconstrained will be changed as follows: a) Subject in particular to the provisions of letter e), at least 51 % of the Subfund assets may be invested in Equities, as well as warrants to subscribe for Equities. Included in this limit, index certificates and other certificates whose risk profile typically correlates with the assets listed in the previous sentence or with the investment markets to which these assets can be allocated may also be acquired for the Subfund.

6 Allianz Global Investors Fund The investment principles of Allianz RCM Growing Markets Protect will be changed to that extent that UCITS and UCI in terms with Appendix 1 No. 3 g) sentence 2, may be acquired. The investment principles of Allianz RCM USD Liquidity will be changed to that extent that UCITS and UCI in terms with Appendix 1 No. 3 g) sentence 2, which are bond- or money market funds may be acquired. The investment principles of Allianz RCM Enhanced Money Market will be changed as follows: Letter b) will be inserted whereby up to 49 % of the Subfund assets may be invested in interest-bearing securities. The investment principles of Allianz RCM China will be changed as follows: The limit in letter a) regarding the investment in Equities of companies which are incorporated in the People s Republic of China or which derive a predominant portion of their revenues and/or profits from the People s Republic of China will be changed to 70 %. Furthermore, letter b) will be inserted whereby 20 % of the Subfund assets may be invested in Equities other than those detailed in a). Letter a) of the investment principles of Allianz RCM Oriental Income will be changed to that extent that at least 50 % of the Subfund assets are invested in Equities and warrants to subscribe for Equities. The definition of small caps and mid caps in letter a) of the investment principles of Allianz RCM Little Dragons will be changed as follows: [...] For this purpose small caps and mid caps are considered to be those public limited companies whose market capitalization is a maximum of the higher of 2-times the market capitalization of the largest security (in terms of total market capitalization) in the S&P Pan Asia ex Japan, Australia, New Zealand MidCap Net Total Return or 10 billion USD. [ ]. The investment principles of Allianz RCM Tiger will be changed as follows: a) Subject in particular to the provisions of letter e), at least 70 % of Subfund assets are invested in Equities of companies which are incorporated in the Peoples Republic of China, Hong Kong, Singapore, the Republic of Korea, Taiwan, Thailand, Malaysia or the Philippines or which derive a predominant portion of their revenue and/or profits from those countries. Investments by the Subfund in warrants to subscribe for Equities in companies of this type and in index certificates and other certificates whose risk profiles typically correlate with Equities of such companies are also permitted and are attributed to this limit. [ ] According to letter b) up to 20 % of the Subfunds assets may be invested in Equities and warrants to subscribe for Equities, of companies other than those detailed in letter a). The investment objective of Allianz RCM Greater China Dynamic will be concretized as follows: The limit of 70 % in letter a) for the investment in Equities as well as warrants to subscribe for Equities of companies whose registered offices are in a Greater China country or that generate a predominant share of their sales and/or profits in that region, will be deleted. Implementation of a new holiday regulation: Each day on which banks and exchanges in Luxembourg and the major stock exchanges in Hong Kong are open for business. Introduction of an administration fee at share class level of 0.50 % p.a. except for the following Subfunds: Allianz RCM BRIC Equity Allianz RCM China Allianz RCM Greater China Dynamic Allianz RCM India Allianz RCM Indonesia Allianz RCM Korea Allianz RCM Little Dragons Allianz RCM Malaysia

7 Allianz Global Investors Fund Allianz RCM Emerging Asia (formerly: Allianz RCM Philippines) Allianz RCM Singapore Allianz RCM Thailand Allianz RCM Tiger For these Subfunds the amount of the administration fee will be 0.75 % p.a. The Management Company may levy a lower fee at its own discretion. In return for the payment of the administration fee the Management Company releases the Company from the following, conclusive enumerated commissions and expenditures: the administration and custody fee of the Custodian; the fee of the Registrar and Transfer Agent; costs of the preparation (including translation) and dissemination of the Prospectus, Simplified Prospectus, Articles of Incorporation as well as annual, semi-annual and, if any, interim reports and other reports and notifications to Shareholders; costs of publishing the Prospectus, Simplified Prospectus, Articles of Incorporation, annual, semiannual and, if any, interim reports, other reports and notifications to Shareholders, tax information, as well as Subscription and Redemption Prices, and official announcements made to the Shareholders; costs of auditing the Company and its Sub-Funds by the auditor; costs of registering the for public distribution and/or the maintenance of such registration; costs of preparing share certificates and, if any, coupons and coupon renewals; paying agent and information agent fees; costs of assessing the Sub-Funds by nationally and internationally recognised rating agencies; expenses in connection with the establishment of a Sub-Fund; costs related to the use of index names, in particular licence fees; costs and fees incurred by the Company and by third parties authorised by the Company relating to the acquisition, use and maintenance of in-house or thirdparty computer systems used by Investment Managers and Investment Advisors; costs related to obtaining and maintaining a status authorising the direct investment in assets in a country or to act directly as a contracting partner in markets in a country; costs and expenses by the Company, the Custodian and third parties authorised by the Company or the Custodian in connection with monitoring of investment limits and restrictions; costs for calculating the risk and performance figures and the calculation of performance-related fees for the Management Company by third parties appointed to do so; costs related to obtaining information about general Shareholders meetings of companies or about other meetings of the owners of assets as well as costs related to direct participation or participation through authorised third parties in such meetings; postage, telephone, fax and telex fees. Increase of the Conversion Fee for the following Subfunds according to the standard of the Company Allianz RCM China Allianz RCM Global Hi-Tech Growth Allianz RCM Global Unconstrained Allianz RCM Hong Kong Allianz RCM India Allianz RCM Indonesia Allianz RCM Japan Allianz RCM Korea Allianz RCM Little Dragons Allianz RCM Malaysia Allianz RCM Oriental Income Allianz RCM Emerging Asia (formerly: Allianz RCM Philippines)

8 Allianz Global Investors Fund Allianz RCM Singapore Allianz RCM Thailand Allianz RCM Tiger Allianz RCM Total Return Asian Equity Allianz RCM USD Liquidity In addition, the Board of Directors of Allianz Global Investors Fund has decided the following changes to become effective on 16 July 2010: Name change of the the Subfund Allianz RCM Philippines into Allianz RCM Emerging Asia. Furthermore, the Board of Directors of Allianz Global Investors Fund 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 out-performance 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 (formerly: Allianz RCM Enhanced Money Market) 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 Invest ment 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. Furthermore the Investment Principles within the information sheet of the sub-fund Allianz RCM Enhanced Short Term Euro (formerly: Allianz RCM Enhanced Money Market) 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 which are qualified as asset-backed securities or mortgagebacked 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 January 1, 2010 with Supplement H

9 Allianz Global Investors Fund dated October 22, 2010 are accessible or available free of charge for the Shareholders at the registered office of the Company, the Custodian and the Information Agents. Subsequent Events Launch of new Subfunds The Company has launched the following new Subfunds: with effect from 26 October 2010 Allianz Euroland Equity SRI and Allianz RCM Commodities Merger of Subfunds With approval of the Luxembourg Supervisory Authority, the Management Company decided to merge the Subfunds Allianz All Markets Dynamic Allianz All Markets Opportunities into Allianz RCM Dynamic Multi Asset Plus effective 13 October 2010.

10 Allianz Global Investors Fund Contents Performance Investment Policy and Subfund Assets Allianz All Markets Dynamic Allianz All Markets Opportunities Allianz Asian Multi Income Plus Allianz Euro Bond Strategy Allianz Euro High Yield Bond Allianz NFJ US Large Cap Value Allianz PIMCO Euro Bond Allianz PIMCO Treasury Euro Bond Plus Allianz PIMCO Treasury Euro Bond Plus Allianz PIMCO Treasury Euro Cash Plus Allianz RCM Asia Pacific Allianz RCM Best Styles Euroland Allianz RCM BRIC Equity Allianz RCM China Allianz RCM Currencies Strategy Allianz RCM Demographic Trends Allianz RCM Discovery Europe Strategy Allianz RCM Emerging Asia (formerly: Allianz RCM Philippines) Allianz RCM Enhanced Short Term Euro (formerly: Allianz RCM Enhanced Money Market) 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 (formerly: Allianz-dit Global EcoTrends) Allianz RCM Global Equity Allianz RCM Global Hi-Tech Growth Allianz RCM Global Sustainability Allianz RCM Global Unconstrained Allianz RCM Greater China Dynamic Allianz RCM Growing Markets Protect Allianz RCM Hong Kong Allianz RCM India Allianz RCM Indonesia Allianz RCM Japan Allianz RCM Korea Allianz RCM Little Dragons Allianz RCM Oriental Income Allianz RCM Thailand Allianz RCM Tiger Allianz RCM Total Return Asian Equity Allianz RCM US Equity Fund (formerly: Allianz RCM US Equity Systematic) Allianz RCM USD Liquidity Allianz Real Estate Europe Allianz Structured Alpha Strategy Allianz US High Yield Protect Global Winner Liquidation Reports Allianz PIMCO Corporate Bond Global Allianz RCM Enhanced Short Term US $ Allianz RCM Euro Equity Index Allianz RCM Malaysia Allianz RCM Singapore Allianz Tactical Asset Allocation Euroland Combined Financial Statements of the Company Statement of Operations Statement of Net Assets Statement of Changes in Net Assets Allianz Global Investors Fund Financial Statements of the Subfunds Investment Portfolios Statement of Operations Statement of Net Assets Statement of Changes in Net Assets Statement of Changes in Allianz All Markets Dynamic Allianz All Markets Opportunities Allianz Asian Multi Income Plus Allianz Euro Bond Strategy Allianz Euro High Yield Bond Allianz NFJ US Large Cap Value Allianz PIMCO Euro Bond Allianz PIMCO Treasury Euro Bond Plus Allianz PIMCO Treasury Euro Bond Plus Allianz PIMCO Treasury Euro Cash Plus Allianz RCM Asia Pacific Allianz RCM Best Styles Euroland Allianz RCM BRIC Equity Allianz RCM China Allianz RCM Currencies Strategy

11 Allianz Global Investors Fund Allianz RCM Demographic Trends Allianz RCM Discovery Europe Strategy Allianz RCM Emerging Asia (formerly: Allianz RCM Philippines) Allianz RCM Enhanced Short Term Euro (formerly: Allianz RCM Enhanced Money Market) 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 (formerly: Allianz-dit Global EcoTrends) Allianz RCM Global Equity Allianz RCM Global Hi-Tech Growth Allianz RCM Global Sustainability Allianz RCM Global Unconstrained Allianz RCM Greater China Dynamic Allianz RCM Growing Markets Protect Allianz RCM Hong Kong Allianz RCM India Allianz RCM Indonesia Allianz RCM Japan Allianz RCM Korea Allianz RCM Little Dragons Allianz RCM Oriental Income Allianz RCM Thailand Allianz RCM Tiger Allianz RCM Total Return Asian Equity Allianz RCM US Equity Fund (formerly: Allianz RCM US Equity Systematic) Allianz RCM USD Liquidity Allianz Real Estate Europe Allianz Structured Alpha Strategy Allianz US High Yield Protect Global Winner Allianz PIMCO Corporate Bond Global Allianz RCM Enhanced Short Term US $ Allianz RCM Euro Equity Index Allianz RCM Malaysia Allianz RCM Singapore Allianz Tactical Asset Allocation Euroland Notes to the Financial Statements Note for Investors in the Federal Republic of Germany Note for Investors in the Republic of Austria Note for Investors in Switzerland Audit Report Further unaudited Information Value at Risk (VaR) Distribution Highest issue price/lowest redemption price Directory

12 Allianz Global Investors Fund Performance Name of the Subfund Share Class Launch date 1 year (30 September September 2010) Performance in % Allianz All Markets Dynamic A (EUR) 05/10/ Allianz All Markets Opportunities A (EUR) 05/10/ Allianz Asian Multi Income Plus AM (USD) 17/05/2010 IT (USD) 15/07/ Allianz Euro Bond Strategy C (EUR) 09/02/ CT (EUR) 09/02/ IT (EUR) 09/02/ Allianz Euro High Yield Bond A (EUR) 09/02/ AT (EUR) 09/02/ IT (EUR) 09/02/ Allianz NFJ US Large Cap Value AT (SGD) 11/08/ W (USD) 01/04/ Allianz PIMCO Corporate Bond Global A (EUR) 13/01/ ) Allianz PIMCO Euro Bond A (EUR) 02/01/ AT (EUR) 23/04/ CT (EUR) 31/07/ I (EUR) 23/04/ IT (EUR) 04/05/ Allianz PIMCO Treasury Euro Bond Plus 2011 I (EUR) 12/11/ Allianz PIMCO Treasury Euro Bond Plus 2013 I (EUR) 12/11/ Allianz PIMCO Treasury Euro Cash Plus CT (EUR) 31/07/ I (EUR) 12/11/ P (EUR) 12/08/ Allianz RCM Asia Pacific A (EUR) 11/01/ AT (EUR) 04/06/ CT (EUR) 04/06/ I (EUR) 11/01/ N (EUR) 12/12/ S (EUR) 12/12/ A (USD) 11/03/ I (USD) 11/01/ Allianz RCM Best Styles Euroland A (EUR) 31/05/2010 AT (EUR) 04/06/ CT (EUR) 04/06/ I (EUR) 12/07/ Allianz RCM BRIC Equity AT (EUR) 15/06/ CT (EUR) 29/05/ I (EUR) 29/05/ AT (HUF) 17/08/2010 AT (SGD) 17/02/2010 AT (USD) 25/02/ Allianz RCM China CT (EUR) 02/10/2009 A (GBP) 09/06/ AT (SGD) 11/08/ A (USD) 03/10/ IT (USD) 19/01/ Allianz RCM Currencies Strategy I (EUR) 30/06/ Allianz RCM Demographic Trends A (EUR) 19/12/ AT (USD) 19/12/

13 Allianz Global Investors Fund 2 years (30 September September 2010) Performance in % 3 years (30 September September 2010) Performance in % 4 years (30 September September 2010) Performance in % 5 years (30 September September 2010) Performance in % 10 years (30 September September 2010) Performance in % Launch date 30 September 2010 Performance in % ) )

14 Allianz Global Investors Fund Name of the Subfund Share Class Launch date 1 year (30 September September 2010) Performance in % Allianz RCM Discovery Europe Strategy A (EUR) 20/10/2009 CT (EUR) 10/11/2009 I (EUR) 20/10/2009 A (GBP) 20/10/2009 A (H-GBP) 09/02/2010 Allianz RCM Emerging Asia (formerly: Allianz RCM Philippines) A (USD) 03/10/ Allianz RCM Enhanced Short Term Euro AT (EUR) 01/10/ (formerly: Allianz RCM Enhanced Money Market) CT (EUR) 16/02/ I (EUR) 17/04/ IT (EUR) 16/02/ Allianz RCM Enhanced Short Term US $ IT (USD) 16/06/ ) Allianz RCM Euro Equity Index A (EUR) 24/02/ ) I (EUR) 24/02/ ) Allianz RCM Euroland Equity Growth A (EUR) 16/10/ AT (EUR) 16/10/ CT (EUR) 02/11/ I (EUR) 04/10/ IT (EUR) 04/10/ W (EUR) 02/10/ Allianz RCM Europe Equity Growth A (EUR) 16/10/ AT (EUR) 16/10/ CT (EUR) 02/11/ I (EUR) 04/10/ IT (EUR) 04/10/ W (EUR) 02/10/ WT (EUR) 09/08/2010 A (GBP) 03/08/ AT (HUF) 17/08/2010 Allianz RCM Europe Small Cap Equity AT (EUR) 15/09/ IT (EUR) 15/09/ A (GBP) 15/09/ Allianz RCM European Equity A (EUR) 07/11/ N (EUR) 12/12/ S (EUR) 12/12/ Allianz RCM European Equity Dividend AT (EUR) 10/03/ CT (EUR) 10/03/ IT (EUR) 10/03/ Allianz RCM Global Agricultural Trends A (EUR) 01/04/ AT (EUR) 24/06/ CT (EUR) 07/07/ IT (EUR) 07/07/ A (GBP) 25/08/ AT (USD) 01/04/ Allianz RCM Global EcoTrends (formerly: Allianz-dit Global EcoTrends) A (EUR) 03/05/ AT (EUR) 04/06/ CT (EUR) 04/06/ IT (EUR) 04/06/

15 Allianz Global Investors Fund 2 years (30 September September 2010) Performance in % 3 years (30 September September 2010) Performance in % 4 years (30 September September 2010) Performance in % 5 years (30 September September 2010) Performance in % 10 years (30 September September 2010) Performance in % Launch date 30 September 2010 Performance in % ) )

16 Allianz Global Investors Fund Name of the Subfund Share Class Launch date 1 year (30 September September 2010) Performance in % Allianz RCM Global Equity AT (EUR) 13/06/ CT (EUR) 04/06/ IT (EUR) 04/06/ IT (H-EUR) 06/05/ N (EUR) 12/12/ S (EUR) 12/12/ WT (EUR) 25/09/ AT (SGD) 11/08/ AT (USD) 13/06/ Allianz RCM Global Hi-Tech Growth AT (SGD) 11/08/ A (USD) 03/10/ AT (USD) 03/10/ IT (USD) 03/10/ Allianz RCM Global Sustainability A (EUR) 02/01/ CT (EUR) 31/07/ A (USD) 02/01/ Allianz RCM Global Unconstrained AT (USD) 03/10/ Allianz RCM Greater China Dynamic AT (USD) 02/10/2009 Allianz RCM Growing Markets Protect AT (EUR) 22/05/ Allianz RCM Hong Kong AT (SGD) 11/08/ A (USD) 03/10/ IT (USD) 03/10/ Allianz RCM India I (USD) 30/12/2009 IT (USD) 17/12/ ) Allianz RCM Indonesia A (EUR) 24/10/ A (USD) 03/10/ Allianz RCM Japan A (USD) 03/10/ IT (USD) 03/10/ Allianz RCM Korea A (USD) 03/10/ IT (USD) 03/10/ Allianz RCM Little Dragons A2 (EUR) 12/12/ CT2 (EUR) 12/12/ AT (SGD) 11/08/ A (USD) 03/10/ AT (USD) 03/10/ IT (USD) 03/10/ PT (USD) 03/10/ Allianz RCM Malaysia A (USD) 03/10/ ) Allianz RCM Oriental Income AT (EUR) 07/12/2009 AT (SGD) 11/08/ A (USD) 03/10/ AT (USD) 03/10/ I (USD) 03/10/ IT (USD) 03/10/ P (USD) 03/10/ Allianz RCM Singapore A (USD) 03/10/ ) 14

17 Allianz Global Investors Fund 2 years (30 September September 2010) Performance in % 3 years (30 September September 2010) Performance in % 4 years (30 September September 2010) Performance in % 5 years (30 September September 2010) Performance in % 10 years (30 September September 2010) Performance in % Launch date 30 September 2010 Performance in %

18 Allianz Global Investors Fund Name of the Subfund Share Class Launch date 1 year (30 September September 2010) Performance in % Allianz RCM Thailand A (EUR) 24/10/ A (USD) 03/10/ IT (USD) 03/10/ Allianz RCM Tiger A (EUR) 28/11/ A (USD) 03/10/ AT (USD) 03/10/ IT (USD) 03/10/ Allianz RCM Total Return Asian Equity A (USD) 03/10/ AT (USD) 03/10/ IT (USD) 03/10/ PT (USD) 03/10/ Allianz RCM US Equity Fund (formerly: Allianz RCM US Equity Systematic) A (EUR) 25/03/2010 A2 (USD) 07/06/2010 CT (EUR) 31/07/ N (EUR) 12/12/ S (EUR) 12/12/ W (H-EUR) 12/12/ A (GBP) 05/03/2010 AT (SGD) 11/08/ A (USD) 15/02/ Allianz RCM USD Liquidity A (USD) 03/10/ Allianz Real Estate Europe AT (EUR) 26/03/ Allianz Structured Alpha Strategy I (EUR) 10/08/2010 W (EUR) 10/08/2010 WT2 (EUR) 10/08/2010 Allianz Tactical Asset Allocation Euroland AT (EUR) 6) 26/03/ Allianz US High Yield AM (USD) 02/08/2010 IT (USD) 02/08/2010 Protect Global Winner 2014 AT (EUR) 24/04/ ) For the period from 30 September 2009 until 13 November 2009 (date of merger). 2) For the period from 30 September 2009 until 31 May 2010 (liquidation date). 3) For the period from 30 September 2009 until 8 June 2010 (date of merger). 4) For the period from 30 September 2009 until 8 February 2010 (liquidation date). 5) For the period from 30 September 2009 until 16 July 2010 (date of merger). 6) For the period from 30 September 2009 until 2 March 2010 (liquidation date). 7) For the period from 9 August 2010 (launch date) until 30 September ) For the period from 31 May 2010 (launch date) until 30 September ) For the period from 17 August 2010 (launch date) until 30 September 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. 16

19 Allianz Global Investors Fund 2 years (30 September September 2010) Performance in % 3 years (30 September September 2010) Performance in % 4 years (30 September September 2010) Performance in % 5 years (30 September September 2010) Performance in % 10 years (30 September September 2010) Performance in % Launch date 30 September 2010 Performance in %

20 Allianz All Markets Dynamic The Subfund invests in different segments of the capital market (e.g. on global markets for equities, bonds, property and commodities) with a flexible approach. Capital is allocated on the basis of a quantitative model for the most part, taking both cyclical and anti-cyclical aspects into account. The investment objective is to generate a return above the yield on bonds over the long term, while suffering lower losses than inflexible investments with a similar profile when markets are falling. In the period under review to the end of September 2010, prices on global equity markets increased sharply with high volatility. Although concerns about the heavy indebtedness of some Eurozone states had an adverse impact on investor sentiment at times, stabilisation of the global economy, and in particular the robust growth of the leading emerging markets, had a supportive effect. Most commodity prices also rose. On the bond market the current yields on government bonds from countries on the periphery of Europe rose sharply, due to high levels of public deficit. On the other hand, the securities of established nations were in demand as a safe haven, with the result that their yields fell and their prices rose significantly. Above-average gains were made by corporate and emerging-market bonds with attractive interest-rate advantages. In this environment extensive positions were held in the bond segment within the Subfund. On the one hand these comprised direct investments in government bonds or their corresponding derivatives. On the other hand we invested via funds mainly in sectors offering spreads over government bonds issued by industrialised countries, including emerging-market and high-yield bonds as well as convertible bonds. Positions were also held in target funds or derivatives focusing on promising asset classes such as blue chips, commodities, property-market equities, private equity investments and hedge funds. With this investment policy the Subfund obtained a significantly positive result. Please refer to the simplified and the full sales prospectuses for additional information on the Subfund. Information on the performance of the individual share classes of the Subfund in the reporting period can be found in the table Performance on pages 10 and 11. Breakdown of Net Assets by Germany Investment Units 3.40 % France Investment Units 3.84 % EUR Bonds 6.86 % USD Bonds 9.62 % Ireland Investment Units 9.88 % % Other net assets % Luxembourg Investment Units The Subfund in figures 30/09/ /09/ /09/2008 Launch date Net asset value per share in EUR Class A (EUR) (distributing) WKN A0MPCD/LU in circulation 62,177 75,160 92,729 Subfund assets in millions of EUR For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 10 to

21 Allianz All Markets Opportunities The Subfund invests in different segments of the capital market (e.g. on global markets for equities, bonds, property and commodities) with a flexible approach. Capital is allocated on the basis of a quantitative model for the most part, taking both cyclical and anti-cyclical aspects into account. The investment objective is to generate a return above the yield on bonds over the long term, while suffering lower losses than inflexible investments with a similar profile when markets are falling. In the period under review to the end of September 2010, prices on global equity markets increased sharply with high volatility. Although concerns about the heavy indebtedness of some Eurozone states had an adverse impact on investor sentiment at times, stabilisation of the global economy, and in particular the robust growth of the leading emerging markets, had a supportive effect. Most commodity prices also rose. On the bond market the current yields on government bonds from countries on the periphery of Europe rose sharply, due to high levels of public deficit. On the other hand, the securities of established nations were in demand as a safe haven, with the result that their yields fell and their prices rose significantly. Above-average gains were made by corporate and emerging-market bonds with attractive interest-rate advantages. In this environment extensive positions were held in the bond segment within the Subfund. On the one hand these comprised direct investments in government bonds or their corresponding derivatives. On the other hand we invested via funds mainly in sectors offering spreads over government bonds issued by industrialised countries, including emerging-market and high-yield bonds as well as convertible bonds. Positions were also held in target funds or derivatives focusing on promising asset classes such as blue chips, commodities, property-market equities, private equity investments and hedge funds. With this investment policy the Subfund obtained a significantly positive result. Please refer to the simplified and the full sales prospectuses for additional information on the Subfund. Information on the performance of the individual share classes of the Subfund in the reporting period can be found in the table Performance on pages 10 and 11. Breakdown of Net Assets by Germany Investment Units 2.40 % France Investment Units 4.91 % Ireland Investment Units % % Other net assets % Luxembourg Investment Units The Subfund in figures 30/09/ /09/ /09/2008 Launch date Net asset value per share in EUR Class A (EUR) (distributing) WKN A0MPBF/LU in circulation 129, , ,676 Subfund assets in millions of EUR For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 10 to

22 Allianz Asian Multi Income Plus The 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 longterm capital appreciation and income through investments in Asian currency denominated debt markets and Asian equity/business trust markets. Despite hiccups that were caused by heightened sovereign risk concerns and mixed economic data releases in the developed markets, Asian markets generally rode on the positive momentum as led by the (still) accommodative policy stance and massive liquidity in the global financial system. The benign inflationary environment has allowed Asian policy makers to delay or slow down the pace of rate normalization which in turn has raised consumer confidence and boosted investors sentiments. For the 12-month period ending 30 September 2010, the Subfund returned 18.5 %, outperforming its composite benchmark s 1) of 14.7 %. Allocation to selected Asian local currencies, REITs and convertible bonds contributed value to the Subfund. Rate normalization and withdrawal of stimuli by policymakers are likely to continue in select Asian economies though the timing and magnitude are highly unclear as they would vary according to each individual economy s circumstances. Policy risks (other than monetary stance) are expected to persist. Strategy for the Subfund ahead would be to gain exposure to sectors with sound fundamentals and to 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 10 and 11. Breakdown of Net Assets by Malaysia REITs 2.93 % SGD Bonds 2.97 % Hong Kong REITs % MYR Bonds % 8.89 % Other Net Assets % Singapore REITs % IDR Bonds The Subfund in figures 30/09/ /09/2009 Launch date Net asset value per share in USD Class AM (USD) (distributing) WKN A1CSH5/LU Class IT (USD) (accumulating) WKN A0Q84X/LU in circulation 2) 1,021,258 1,592,350 Subfund assets in millions of USD ) 50 % HSBC Asia Local Bond Overall Index 50 % Bloomberg Asia REIT Index. 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 10 to

23 Allianz Euro Bond Strategy Two main events affected euro area bond markets in the reporting period: the Greek crisis and bailout by European Union (EU) and the International Monetary Fund (IMF) and the move by the US Federal Reserve towards more monetary easing trough US Treasury purchases. Both factors contributed to a sharp fall in core countries (e.g. Germany and France) government yields. Portfolio investment strategy was unchanged from previous reporting period: cautious on risky assets with clear preference for German government issues and a long duration stance. US Federal Reserve hint of a new round of monetary expansion trough US Treasury purchases, in response to a weakening US growth profile and declining inflation rates, is a major event to take account of. Uncertainty around the effects of such a policy measure is huge. The main risk for bonds is an increase in inflation rates following the printing of several hundred billion of new dollars. These inflationary effects may well spill over to Europe and impact European markets materially. On the other side, should such a measure fail to generate a sustainable pick up in activity and inflation, markets may be terrified that even the boldest measure has been used and failed. In such an uncertain environment, portfolio investment strategy has adopted a more neutral approach and will carefully evaluate future information before assuming a more definite stance. Please refer to the simplified and the full sales prospectuses for additional information on the Subfund. Information on the performance of the individual share classes of the Subfund in the reporting period can be found in the table Performance on pages 10 and 11. Breakdown of Net Assets by Country Finland 2.28 % United Kingdom 2.56 % Belgium 2.71 % USA 3.14 % Supranational 4.42 % Spain 5.30 % The Netherlands 9.86 % 8.36 % Other countries 1.80 % Other net assets % Italy % Germany % France The Subfund in figures 30/09/2010 Launch date Net asset value per share in EUR Class C (EUR) (distributing) WKN A0RMYP/LU Class CT (EUR) (accumulating) WKN A0RMYD/LU Class IT (EUR) (accumulating) WKN A0RCK7/LU , , in circulation 1) 100,154 Subfund assets in millions of EUR ) 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 10 to