pobrano z mojefundusze.pl 157 Allianz Global EcoTrends

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1 The investment strategy of the Subfund is to generate positive performance by constructing a concentrated portfolio based on fundamental stock selection within the clean technology sector. Over the period, despite periodic bouts of concern over the pace and sustainability of global economic growth, equity markets continued to move higher, supported by the European Central Bank s quantitative easing programme and steady, although muted, improvement in the US economy. The Subfund gained 0.8% on a total return, gross of fees basis. Stock selection in Consumer Discretionary contributed strongly as did selection in Materials. Stock selection in Industrials and Information Technology detracted. Not owning large benchmark constituent Tesla was the top relative contributor as the stock fell on concerns surrounding the valuation in light of production cuts and negative reviews of the model X. The position in non-benchmark American Water Works contributed strongly as the stock rose as investors likely appreciated the above-sector growth coupled with the relative defensiveness of the business. Regional correlations and sector dispersion have risen as investors confidence in the global growth outlook and central banks ability to support major economies has waxed and waned. Over the near term this has muted the impact of active stock selection as sentiment has overwhelmed company fundamentals. High correlation markets are typically associated with extremes in investors risk appetite and tend to compress the outperformance opportunity from active stock picking as sentiment overwhelms company fundamentals. With that said, the portfolio has navigated the current market environment reasonably well. When correlations subside, we anticipate that the portfolio s performance will more closely reflect the attractive structural growth and high return prospects of the companies we invest in. 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. Vestas was the top detractor as the name rallied post continued order inflow and financial results which demonstrated margin improvement. Brammer also detracted and suffered a sharp fall on a weak gross margin print and concerns over the balance sheet. We continue to own Brammer given the excellent positioning within the growing, fragmented MRO space and potential to improve financial returns. Breakdown of Net Assets in % USA United Kingdom France Hong Kong Spain China Germany Other countries Other net assets 157

2 The Subfund in figures 31/03/ /09/ /09/ /09/2013 Net asset value per share in Class A () (distributing) WKN A0JJ35/LU ,47 93, Class CT () (accumulating) WKN A0JMRH/LU ,91 72,63 68,04 Net asset value per share in GBP Class I (GBP) (distributing) WKN A1JPGP/LU , , , , in circulation 1) 1,214,025 1,267,726 1,510,299 1,584,824 Subfund assets in millions of ) 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 106,893, Equities 106,893, Austria 632, AT0000A18XM4 ams Shs 21,415 CHF , Belgium 1,570, BE Umicore Shs 35, ,570, China 4,641, CNE100000HD4 China Longyuan Power Group -H- Shs 4,142,000 HKD ,710, CNE100000WS1 Huaneng Renewables -H- Shs 7,086,699 HKD ,931, France 8,229, FR Bureau Veritas Shs 195, ,831, FR Schneider Electric Shs 31, ,734, FR Suez Environnement Shs 165, ,664, Germany 4,428, DE000A0WMPJ6 Aixtron Shs 123, , DE000A1DAHH0 Brenntag Shs 30, ,500, DE000LED4000 OSRAM Licht Shs 53, ,417, Hong Kong 5,041, BMG0957L1090 Beijing Enterprises Water Group Shs 3,758,000 HKD ,074, HK China Everbright International Shs 1,887,000 HKD ,862, KYG3774X1088 GCL-Poly Energy Holdings Shs 7,596,000 HKD ,104, Spain 4,980, ES EDP Renovaveis Shs 488, ,286, ES Gamesa Corp Tecnologica Shs 96, ,693, Switzerland 1,107, CH Geberit Shs 3,371 CHF ,107, United Kingdom 21,073, GB Brammer Shs 905,630 GBP ,975, GB Intertek Group Shs 77,702 GBP ,125, GB00BZ4BQC70 Johnson Matthey Shs 59,078 GBP ,053, GB00BZ1G4322 Melrose Industries Shs 137,688 GBP , IE00BLS09M33 Pentair Shs 19,566 USD , GB Senior Shs 372,606 GBP ,093, GB Spectris Shs 110,484 GBP ,578, GB00BWFGQN14 Spirax-Sarco Engineering Shs 107,760 GBP ,958, GB00B39J2M42 United Utilities Group Shs 319,104 GBP ,725, USA 55,186, US00508Y1029 Acuity Brands Shs 18,004 USD ,430, US American Water Works Shs 62,417 USD ,771, US AMETEK Shs 46,652 USD ,067, US03836W1036 Aqua America Shs 78,467 USD ,208, US BorgWarner Shs 32,343 USD ,080, US Danaher Shs 27,126 USD ,270, US Donaldson Shs 63,017 USD ,781, US First Solar Shs 63,547 USD ,860, US34354P1057 Flowserve Shs 35,324 USD ,370, US Hexcel Shs 76,083 USD ,951, US45167R1041 IDEX Shs 27,984 USD ,055, US LKQ Shs 70,417 USD ,930, US Roper Technologies Shs 8,907 USD ,427, NL Sensata Technologies Holding Shs 35,701 USD ,223, US83416T1007 SolarCity Shs 29,948 USD , US Stericycle Shs 19,667 USD ,176, US SunPower Shs 122,630 USD ,430, US Tenneco Shs 73,242 USD ,320, US Trimble Navigation Shs 129,149 USD ,818, US Veeco Instruments Shs 108,220 USD ,798, US WW Grainger Shs 10,560 USD ,171, US Woodward Shs 47,447 USD ,198, US98419M1009 Xylem Shs 172,321 USD ,228, Investments in securities and money-market instruments 106,893, Deposits at financial institutions 4,043, Sight deposits 4,043, State Street Bank GmbH, Luxembourg Branch 4,043, Investments in deposits at financial institutions 4,043,

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 Net current assets/liabilities -164, Net assets of the Subfund 110,772, Net asset values per share - Class A () (distributing) Class CT () (accumulating) Class I (GBP) (distributing) GBP 1, in circulation - Class A () (distributing) Shs 1,089,969 - Class CT () (accumulating) Shs 123,902 - Class I (GBP) (distributing) Shs 154 The accompanying notes form an integral part of these financial statements. 690

5 Statement of Operations for the period from 01/10 resp. launch date to 31/03 resp. liquidation date (if any) 2015/ /2015 Interest on - bonds cash at banks , time deposits Dividend income 602, , Income from - investment funds Other income Total income 602, , Interest paid on - bank liabilities contracts for difference Other interest paid Performance fee Taxe d Abonnement -28, , All-in-fee -1,192, ,466, Other expenses Total expenses -1,222, ,502, Equalisation on net income/loss 2, , Net income/loss -617, , Realised gain/loss on - financial futures transactions foreign exchange 4,059, ,092, securities transactions -3,759, ,806, CFD transactions Equalisation on net realised gain/loss -81, , Net realised gain/loss -397, ,879, Changes in unrealised appreciation/depreciation on - financial futures transactions foreign exchange 16, , securities transactions 1,888, ,503, CFD transactions TBA transactions Result of operations 1,506, ,652,

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 94,385,131.02) 106,893, ,853, Time deposits Cash at banks 4,043, ,225, Premiums paid on purchase of options Upfront-payments paid on swap transactions Interest receivable on - bonds time deposits Dividend receivable 57, , Income from investment units receivable Receivable on - subscriptions of fund shares 15, , securities transactions , Other receivables Unrealised gain on - futures transactions contract for difference transaction TBA transactions Total Assets 111,009, ,161, 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 -25, , securities transactions Capital gain tax payable Other payables -211, , Unrealised loss on - futures transactions contract for difference transaction TBA transactions Total Liabilities -237, , Net assets of the Subfund 110,772, ,876, For additional information please refer to the section Notes to the Financial Statements. The accompanying notes form an integral part of these financial statements. 692

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 121,876, ,095, Subscriptions 2,476, ,431, Redemptions -15,165, ,046, Distribution Equalization 78, , Result of operations 1,506, ,652, Net assets of the Subfund at the end of the reporting period 110,772, ,140, Statement of Changes in for the period from 01/10 resp. launch date to 31/03 resp. liquidation date (if any) 2015/ /2015 Class A at the beginning of the reporting period 1,131, ,405 1,258, ,815 Number of shares -issued 21,468 5, ,552 9,884 -redeemed -63,214-13, , ,639 at the end of the reporting period 1,089, ,902 1,258, ,060 Class CT Class A Class CT GBP 2015/ /2015 at the beginning of the reporting period 4,606 4,539 Number of shares -issued redeemed -4,484 0 at the end of the reporting period 154 4,662 For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 5 to 34. Class I Class I 693