Final Short Report – 1 May 2006 to 30 April 2007

Dear Investor,
The short report below, as prescribed by the Financial Services Authority (FSA), aims to provide clearer, more concise
information and is designed to enable shareholders to make an informed judgement on the activities of their investment
Fund Information during the period covered by the report. We continually strive to enhance the information we send to you and we would
welcome any comments you may have on the new format. Audited Long-form report and accounts can still be viewed at
Fund manager Michael Konstantinov www.allianzgi.co.uk. Alternatively, call our Investor Services team on 0800 317 573 to request a copy.

Launch date 22 February 2006 Thank you for your continued investment with Allianz Global Investors.

Fund benchmark 25% MSCI Brazil,

25% MSCI Russia, 25% MSCI India,
25% MSCI China (total return net)

Annual charge
rebasing annually to 1 January)

1.75%
Allianz RCM BRIC Stars Fund
ISA Direct

Initial charge 3% 4% Investment Objective and Policy

Minimum investment
Additional investment
Regular savings plan
Ex dividend date
Payment date
Share classes and types
Please note: The information shown above is for the 'A' share
class of the Fund.
£1,000 £500 The Fund's objective is to achieve long-term capital growth by investing mainly in Brazil, Russia, India and China. The Fund
invests at least two thirds of its assets in equities and securities equivalent to equities issued by companies that have registered
£1,000 £500
offices in Brazil, Russia, India or China or generate a significant proportion of their sales and/or earnings in these countries.
£200 £50
Risk Profile
1 May
Equity Risk – Equities are generally more risky than fixed interest securities. Considerable fluctuations in equity prices may mean
30 June that you do not get all your money back.
A (Accumulation shares) Concentrated Portfolio – Lower diversification and active stock selection may give rise to more risk and substantially increase the
C (Accumulation shares) risk of loss.
Emerging Markets and Liquidity – Emerging markets tend to be more volatile and therefore your money may be at greater risk.
Risk factors such as political and economic conditions should be considered. Securities of many companies in emerging markets
are less liquid and their prices more volatile than securities of comparable companies in more sizeable markets. Issuers of Russian
securities may not be subject to the same stringent controls as in other more developed countries.

Total Expense Ratio

Fund Manager’s Comments
30 April 2007
Performance Summary
TER Share Class ‘A’ 2.01% Over the period under review, from 1 May 2006 to 30 April 2007, the Funds ‘A’ class shares produced a total return of +24.99%,
TER Share Class ‘C’ 1.28%
the ‘C’ class returned +25.61%. The Fund’s benchmark, a customised BRIC Index consisting of 25% MSCI Brazil, 25% MSCI
Russia, 25% MSCI India and 25% MSCI China, produced a total return of +13.78% over the period.
A Total Expense Ratio is a figure representing all operating The key reason for this strong outperformance was good stock selection in all four BRIC markets. In particular, stock selection in
charges and expenses as a percentage of a Fund’s value. It energy, transportation and consumer infrastructure sectors contributed positively to the overall performance.
includes the annual management fee as well as all the
administrative costs incurred by the Fund. Market Background
As a result of increasing inflationary fears in the US, and the expectation of aggressive rises in interest rates, BRIC equity markets
did experience a strong correction last year in May and June. Concerns that the potential monetary tightening could lead to a
significant slowdown in the US and therefore the world economy, resulted in selling pressure on higher-risk assets such as the
BRIC equity markets. However, these fears did not materialise over the following months. On the contrary, economic growth
Performance Record
numbers from China and India were better than expected and company fundamentals, measured by the earnings growth of
individual companies, improved. In addition, drivers such as commodity prices, domestic demand and global liquidity remained
Highest Lowest very supportive for the BRIC countries. As a result, markets recovered and continued their strong run until April 2007.
Price (p) Price (p)
Portfolio Review
‘A’ Class In terms of strategy, we have maintained a diversified portfolio among the four BRIC markets with a key focus on stock selection,
2006† 125.89 83.38 as we believe a clear sector or company focus is important in this environment of overall strong earnings growth and abundant
2007†† 138.08 119.55 liquidity. For instance, in China and India, we put our main focus on domestic-related sectors such as consumer and
infrastructure. Due to rising commodity prices, we have also focused on energy and commodity companies. Furthermore, we
‘C’ Class have built up exposure in some non-BRIC companies, which clearly benefit from the growth in BRIC economies.
2006† 126.53 83.55
2007†† 138.93 120.12 Outlook
Strong global economic activity, high commodity prices, increasing earnings growth, attractive valuations and a continuing
appetite for risk by global investors will remain the driving force behind this asset class. We are assuming a moderate slowdown
††
For the period 22 February 2006 to 31 December 2006
††
For the period to 30 April 2007
of the US economy, strong growth in the emerging markets and positive momentum in the European and Japanese economies.
We expect earnings growth to persist, which will result in attractive valuations. Commodity prices have also stayed high for longer
Investors are reminded that the value of shares within an than in earlier cycles, which further supports our positive outlook. Therefore, we believe that all these aspects will remain
OEIC fund, and the income from them, may go down as supportive for the BRIC markets.
well as up and is not guaranteed. An investor may not
As a result we continue to believe that the BRIC equity markets offer a unique risk/return combination, with substantial potential
get back the amount invested. The past is no guide to
growth in the foreseeable future.
future performance.

Source of performance figures: Allianz Global Investors. Performance is based on end of day, mid prices, net of fees and expenses, with income
reinvested in Sterling.

Investor Services: 0800 317 573, investor.services@allianzgi.co.uk. Broker Liaison: 0800 84 84 94, broker.liaison@allianzgi.co.uk. Website: www.allianzgi.co.uk
 Final Short Report – 1 May 2006 to 30 April 2007

Further Information Summary of Fund Performance

The information in this report is designed to enable ‘A’ Class ‘C’ Class
Net Asset Value £ £
shareholders to make an informed judgement on the
activities of the Fund during the period covered by the
Net asset value per Share as at 30 April 2007 1.35 1.36
report and the results of those activities at the end of
Net asset value per Share as at 31 April 2006 1.08 1.08
the period. For more information about the
Change 25.00% 25.93%
performance of the Fund during this and the previous
period, please contact us at the following address:
Summary of Distribution p
Authorised Corporate Director Net distribution
(ACD) Share class Payment date per share
Allianz Global Investors (UK) Limited, 155 Bishopsgate, ‘A’ Share 30 June 2007 0.00
London EC2M 3AD 30 June 2006 0.00
‘C’ Share 30 June 2007 0.00
Depositary 30 June 2006 0.00
J.P. Morgan Trustee and Depositary Company Limited,
Please note: Investors are reminded that the Fund has accumulation shares only.
Chaseside, Bournemouth BH7 7DA

Independent Auditors
PricewaterhouseCoopers LLP. Southwark Towers,
Classification of Investments
32 London Bridge Street, London SE1 9SY Ten Largest Holdings (as at 30 April 2007) Ten Largest Holdings (as at 30 April 2006)

Registrar of Shareholders Name % Name %

International Financial Data Services (UK) Limited,
IFDS House, St. Nicholas Lane, Basildon, Essex SS15 5FS JSC MMC Norilsk Nickel ADR Submarino 3.48
(Representing 1 ordinary share) 2.06 Reliance Industries 2.92
Aban Offshore 2.02 Infosys Technologies 2.45
Localiza Rent a Car 1.94 Cosan 2.43
Issued by Allianz Global Investors (UK) Ltd. Cia Vale Rio Doce 1.92 West siberian Reso 2.42
Registered in England No. 1963362. Authorised and Bharat Heavy Electrics 1.91 Tata Motors 2.42
regulated by the Financial Services Authority. Member Banco Itau Financeira ADR Kazakhmys 2.41
of the Investment Management Association. (Representing 50 ordinary shares) 1.91 Tenaris ADR (Each representing 10 ordinary shares) 2.40
Firm Registered No. 122218. China Mobile 1.88 ITC GDR (representing 1 ordinary share) 2.27
China Life Insurance 1.87 Jiangxi copper 2.18
Submarino 1.83
Sberbank of Russia 1.82

Total 19.16 Total 25.38

Geographical Breakdown (as at 30 April 2007) Geographical Breakdown (as at 30 April 2006)

Country % Country %

Brazil 16.27 Brazil 18.65

China 8.51 Canada 1.66
Germany 2.54 China 4.03
Hong Kong 10.77 Hong Kong 14.07
India 21.62 India 10.51
Israel 2.99 Japan 1.88
Kazakhstan 0.69 Sweden 2.42
Malaysia 1.08 United Kingdom 2.41
Pakistan 1.07 United States 42.10
Russia 12.99 Net other assets 2.27
Sweden 0.94
United Kingdom 0.82
United States 14.74
Net other assets 4.97

Net Assets 100.00 Net Assets 100.00

Investor Services: 0800 317 573, investor.services@allianzgi.co.uk. Broker Liaison: 0800 84 84 94, broker.liaison@allianzgi.co.uk. Website: www.allianzgi.co.uk 1894-06/07