Allianz Indonesia Equity In the six month period ending 31 March 2016 ( the period ), Indonesia was the strongest performing market in the Asia region. The recovery in the equity market ran parallel to an improving domestic economy and a steadier currency. Government stimulus packages, 10 in total till the end of the period, also began to show a positive effect on the overall economy. Indonesia, being a resourceheavy economy, was also aided by a recovery in commodity prices towards the end of the period. Growth will likely gain traction in 2016, supported by the series of government stimulus measures and accommodative monetary policies. Recently, the March manufacturing PMI came in at 50.6, indicating an expansion in manufacturing activities. This is the first positive signal on the PMI since September 2014. In addition, the topical tax amnesty bill, if successfully implemented, will be a boost to government revenue and in turn provide support to the currency. The Subfund outperformed the benchmark in terms for the six months ending March 2016. Stock selection was very strong as holdings in financials, consumer discretionary and industrials outperformed on the back of a broader economic recovery. The only sector that detracted was consumer staples, due to stock specific factors. inflation has come down, creating room for Bank Indonesia to take action. Three rate cuts have been delivered in the first quarter. In addition, the topical tax amnesty bill, if implemented successfully, will also benefit the country through increasing government revenue and a stronger fiscal position. Given our long term constructive view on the market, we have had a structural bias to areas well-positioned for an economic recovery, such as financials, consumer discretionary and industrials. With the recent improvement in macro situation and acceleration in infrastructure activities, we expect these positions to support performance going forward. More recently, we have added exposure to crude palm oil ( CPO ) names as we expect the CPO price to stay firm on the back of low stock and weak production under bad weather conditions. 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. Since late last year, we have become increasingly positive on the outlook for the Indonesian economy. So far in 2016 we are seeing the economic recovery gaining traction supported by accommodative monetary policies and a series of government stimulus measures. The currency has been stabilizing and Breakdown of Net Assets in % 50 40 30 20 10 0 29.35 19.97 15.84 15.67 8.77 2.44 7.96 Financial Consumer, Non-cyclical Communications Consumer, Cyclical Industrial Other sectors Other net assets 192
The Subfund in figures 31/03/2016 30/09/2015 30/09/2014 30/09/2013 Net asset value per share in () (distributing) WKN A0Q09Y/LU0348744763 5.18 3.89 6.28 5.46 Net asset value per share in EUR (EUR) (distributing) WKN A0Q09X/LU0348744680 330.80 249.90 358.51 292.05 in circulation 1) 15,223,596 13,302,409 17,769,857 16,512,029 Subfund assets in millions of 105.3 55.8 120.6 98.6 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 34. 193
Allianz Indonesia Equity 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 96,924,778.25 92.04 Equities 96,924,778.25 92.04 Indonesia 95,892,615.48 91.06 ID1000125503 Ace Hardware Indonesia Shs 18,781,100 IDR 895.000 1,267,653.43 1.20 ID1000106701 AKR Corporindo Shs 4,677,800 IDR 6,950.000 2,451,788.08 2.33 ID1000128309 Arwana Citramulia Shs 39,311,100 IDR 625.000 1,852,898.76 1.76 ID1000066004 Astra Agro Lestari Shs 1,556,800 IDR 18,200.000 2,136,784.31 2.03 ID1000122807 Astra International Shs 11,758,400 IDR 7,250.000 6,428,989.44 6.10 ID1000109507 Bank Central Asia Shs 7,005,300 IDR 13,300.000 7,026,432.13 6.68 ID1000095003 Bank Mandiri Shs 7,772,297 IDR 10,300.000 6,037,304.61 5.73 ID1000096605 Bank Negara Indonesia Shs 8,297,630 IDR 5,200.000 3,253,972.55 3.09 ID1000118201 Bank Rakyat Indonesia Shs 4,558,300 IDR 11,425.000 3,927,494.53 3.73 ID1000113707 Bank Tabungan Negara Shs 18,147,100 IDR 1,745.000 2,388,136.46 2.27 ID1000099906 Berlian Laju Tanker Shs 110,821,000 IDR 50.000 417,877.07 0.40 ID1000068604 Gudang Garam Shs 276,700 IDR 65,300.000 1,362,632.73 1.29 ID1000074008 Hanjaya Mandala Sampoerna Shs 943,400 IDR 98,400.000 7,000,796.38 6.65 ID1000108509 Indo Tambangraya Megah Shs 2,381,600 IDR 6,625.000 1,189,901.96 1.13 ID1000108103 Jasa Marga Shs 9,034,300 IDR 5,400.000 3,679,126.70 3.49 ID1000072507 Kawasan Industri Jababeka Shs 165,196,596 IDR 260.000 3,239,148.94 3.08 ID1000136500 Kino Indonesia Shs 2,665,100 IDR 4,470.000 898,416.06 0.85 ID1000113301 Matahari Department Store Shs 2,014,600 IDR 18,350.000 2,787,926.85 2.65 ID1000106206 Media Nusantara Citra Shs 13,458,600 IDR 2,180.000 2,212,650.68 2.10 ID1000099807 Mitra Adiperkasa Shs 7,384,300 IDR 4,800.000 2,673,049.77 2.54 ID1000123300 Modern Internasional Shs 47,383,500 IDR 127.000 453,823.87 0.43 ID1000124605 Nirvana Development Shs 67,512,100 IDR 131.000 666,974.74 0.63 ID1000122500 Pakuwon Jati Shs 86,069,100 IDR 484.000 3,141,587.06 2.98 ID1000106800 Semen Indonesia Shs 949,200 IDR 10,175.000 728,364.25 0.69 ID1000092406 Summarecon Agung Shs 10,232,800 IDR 1,585.000 1,223,151.43 1.16 ID1000125305 Surya Citra Media Shs 15,853,350 IDR 3,140.000 3,754,111.54 3.56 ID1000129000 Telekomunikasi Indonesia Shs 32,005,400 IDR 3,325.000 8,025,486.80 7.63 ID1000087901 Tiga Pilar Sejahtera Food Shs 16,513,700 IDR 1,185.000 1,475,771.83 1.40 ID1000104003 Total Bangun Persada Shs 42,991,200 IDR 700.000 2,269,520.36 2.16 ID1000095706 Unilever Indonesia Shs 1,344,800 IDR 42,925.000 4,353,358.97 4.13 ID1000109309 Vale Indonesia Shs 10,419,500 IDR 1,750.000 1,375,122.55 1.31 ID1000107600 Wijaya Karya Shs 9,038,200 IDR 2,610.000 1,779,012.22 1.69 ID1000131105 Wijaya Karya Beton Shs 22,890,200 IDR 1,000.000 1,726,259.43 1.64 ID1000102502 XL Axiata Shs 8,907,700 IDR 4,000.000 2,687,088.99 2.55 Singapore 1,032,162.77 0.98 SG1W35938974 First Resources Shs 688,100 SGD 2.020 1,032,162.77 0.98 Investments in securities and money-market instruments 96,924,778.25 92.04 Deposits at financial institutions 4,276,071.38 4.06 Sight deposits 4,276,071.38 4.06 State Street Bank GmbH, Luxembourg Branch 4,276,071.38 4.06 Investments in deposits at financial institutions 4,276,071.38 4.06 Net current assets/liabilities 4,108,999.82 3.90 Net assets of the Subfund 105,309,849.45 100.00 Net asset value per share - () (distributing) 5.18 - (EUR) (distributing) EUR 330.80 in circulation - () (distributing) Shs 15,152,319 - (EUR) (distributing) Shs 71,277 The accompanying notes form an integral part of these financial statements. 788
Statement of Operations for the period from 01/10 resp. launch date to 31/03 resp. liquidation date (if any) 2015/2016 2014/2015 Interest on - bonds 0.00 0.00 - cash at banks 0.00 70.36 - time deposits 0.00 0.00 Dividend income 268,623.50 1,304,937.28 Income from - investment funds 0.00 0.00 Other income 0.00 0.00 Total income 268,623.50 1,305,007.64 Interest paid on - bank liabilities -214.95-276.87 - contracts for difference 0.00 0.00 Other interest paid 0.00 0.00 Performance fee 0.00 0.00 Taxe d Abonnement -21,208.97-42,318.38 All-in-fee -865,020.77-2,099,410.38 Other expenses 0.00 0.00 Total expenses -886,444.69-2,142,005.63 Equalisation on net income/loss -177,922.49 158,231.56 Net income/loss -795,743.68-678,766.43 Realised gain/loss on - financial futures transactions 0.00 0.00 - foreign exchange -1,199,587.72-8,483,490.07 - forward foreign exchange transactions 0.00-11.46 - securities transactions 993,256.84 6,164,323.35 - CFD transactions 0.00 0.00 Equalisation on net realised gain/loss -89,866.36 340,858.86 Net realised gain/loss -1,091,940.92-2,657,085.75 Changes in unrealised appreciation/depreciation on - financial futures transactions 0.00 0.00 - foreign exchange 1,586.17-2,406.94 - forward foreign exchange transactions 0.00 0.00 - securities transactions 22,200,260.81-33,170,373.65 - CFD transactions 0.00 0.00 - TBA transactions 0.00 0.00 Result of operations 21,109,906.06-35,829,866.34 789
Statement of Net Assets as at 31/03/2016 resp. liquidation date (if any) 31/03/2016 30/09/2015 Securities and money-market instruments (Cost price 92,963,662.62) 96,924,778.25 54,455,459.92 Time deposits 0.00 0.00 Cash at banks 4,276,071.38 1,996,468.88 Premiums paid on purchase of options 0.00 0.00 Upfront-payments paid on swap transactions 0.00 0.00 Interest receivable on - bonds 0.00 0.00 - time deposits 0.00 0.00 Dividend receivable 183,939.92 24,200.65 Income from investment units receivable 0.00 0.00 Receivable on - subscriptions of fund shares 5,729,572.35 11,855.58 - securities transactions 99,600.20 53,469.46 Other receivables 0.00 0.00 Unrealised gain on - futures transactions 0.00 0.00 - contract for difference transaction 0.00 0.00 - TBA transactions 0.00 0.00 - forward foreign exchange transactions 0.00 0.00 Total Assets 107,213,962.10 56,541,454.49 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 -1,602,918.29-34,725.08 - securities transactions -99,591.30-598,855.20 Capital gain tax payable 0.00 0.00 Other payables -201,603.06-115,585.44 Unrealised loss on - futures transactions 0.00 0.00 - contract for difference transaction 0.00 0.00 - TBA transactions 0.00 0.00 - forward foreign exchange transactions 0.00 0.00 Total Liabilities -1,904,112.65-749,165.72 Net assets of the Subfund 105,309,849.45 55,792,288.77 For additional information please refer to the section Notes to the Financial Statements. The accompanying notes form an integral part of these financial statements. 790
Statement of Changes in Net Assets for the period from 01/10 resp. launch date to 31/03 resp. liquidation date (if any) 2015/2016 2014/2015 Net assets of the Subfund at the beginning of the reporting period 55,792,288.77 120,602,413.52 Subscriptions 50,023,591.86 21,066,666.39 Redemptions -21,249,031.30-40,242,257.37 Distribution -634,694.79-49,338.14 Equalization 267,788.85-376,392.08 Result of operations 21,109,906.06-2,126,353.34 Net assets of the Subfund at the end of the reporting period 105,309,849.45 98,874,738.98 Statement of Changes in for the period from 01/10 resp. launch date to 31/03 resp. liquidation date (if any) 2015/2016 2014/2015 at the beginning of the reporting period 13,287,675 17,749,889 Number of shares -issued 4,510,814 3,187,014 -redeemed -2,646,170-6,075,384 at the end of the reporting period 15,152,319 14,861,519 EUR 2015/2016 2014/2015 at the beginning of the reporting period 14,734 19,968 Number of shares -issued 81,546 3,069 -redeemed -25,003-6,594 at the end of the reporting period 71,277 16,443 For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 5 to 34. 791