A N N U A L R E P O R T as of September 30_ 2009

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					                O PE N - E N D E D   R E A L   ES TAT E   F U N D   FO R   I N S T I T U T I O N A L   I N V E S TO R S




                                                                A N N U A L                 R E P O R T
                                                                     as of September 30, 2009




KanAm Grund
Spezialfondsgesellschaft mbH
PULSAR:
New acquisition
in a top downtown
location




KanAm SPEZIAL grundinvest Fonds
has further expanded its presence
on Europe’s largest office property
market with its acquisition of the
PULSAR office and retail building
in Paris. A key advantage offered by
the recently modernized property is
its location in the French city’s central
business district. The Gare Saint-
Lazare, the second most important
train station in France, is situated in
the immediate vicinity. The location’s
heavy footfall makes the building
attractive for retailers and catering
outlets, among others. The main
retail tenant is Starbucks Coffee
France S.A.S.
Annual Report as of September 30, 2009                         ....................................   At a Glance


                                                                                                        As of September 30, 2009   As of September 30, 2008
 Fund assets                                                                                                  EUR 416,053,728.73         EUR 352,709,543.38

 Total real estate assets                                                                                     EUR 545,068,150.77         EUR 473,470,017.45
      thereof held directly                                                                                   EUR 521,090,157.33         EUR 449,492,024.01
      thereof held via real estate companies                                                                   EUR 23,977,993.44          EUR 23,977,993.44

 Number of properties                                                                                                        13                         10
      thereof held directly                                                                                                  12                          9
      thereof held via real estate companies                                                                                  1                          1

 Property acquisitions                                                                                                        2                          2
      thereof held directly                                                                                                   2                          2

 Transfer of risks and rewards of ownership for properties
 under prior-year purchase obligations                                                                                        1                          1
      thereof for direct acquisitions                                                                                         1                          1

 Purchase obligations for properties (no transfer
 of risks and rewards of ownership)                                                                                           0                          1
      thereof for direct acquisitions                                                                                         0                          1

 Foreign holdings*                                                                                                        100%                       100%

 Cash inflow                                                                                                   EUR 62,339,461.40         EUR 139,644,295.57

 Investment performance p.a.1)                                                                                             5.0%                       6.0%

 Investment performance over 4 years1)                                                                                    25.3%                           –

 Tax-free portion of the distribution2)                                                                                   79.6%                      62.7%

 Leased rate3)                                                                                                            100%                       100%

 Liquidity ratio                                                                                                          21.7%                      18.7%

 Total expense ratio (TER)4)
      excluding performance-based remuneration                                                                            0.75%                      0.96%
      including performance-based remuneration                                                                            0.75%                      0.96%

 Units in circulation                                                                                                  3,751,788                  3,185,953

 Unit value                                                                                                          EUR 110.89                 EUR 110.70

 Redemption price                                                                                                    EUR 106.45                 EUR 106.27

 Distribution per unit                                                                                                 EUR 5.15                   EUR 5.15

 Date of distribution                                                                                          December 18, 2009          December 19, 2008

 * Foreign holdings comprise all properties outside of Germany.
 1)
    Calculated according to the BVI method. Basis of calculation: unit value (excluding redemption discount); distribution reinvested.
 2)
    Information for units held as business assets. Tax treatment depends on the investor‘s circumstances and may change in the future.
 3)
    Calculation based on gross target rental income.
 4)
    In accordance with section 12(2) of the Special Fund Rules, a performance fee is charged for returns in excess of 7.0% p.a.




KanAm Spezial grundinvest Fonds

 WKN: A0CARS

 ISIN: DE000A0CARS0
                                    Annual Report

KanAm SPEZIAL grundinvest Fonds
                  as of September 30, 2009




5.0%*               p.a.
                                                 ONE­YEAR	PERFORMANCE	 	
                                                 AS	OF	SEPTEMBER	30,	2009




25.3%*                                           FOUR­YEAR	PERFORMANCE		
                                                 AS	OF	SEPTEMBER	30,	2009




31.4%*                                           PERFORMANCE	SINCE	LAUNCH		
                                                 AS	OF	SEPTEMBER	30,	2009




   KanAm S pezial grundinvest Fonds,	 which	 was	 launched	 in	
   J
   	 anuary	2005	and	is	tailored	to	the	wishes	of	institutional	investors,	
   again	achieved	an	above­average	investment	performance	of	
   5.0%*	p.a.	This	means	that	it	continues	to	be	one	of	the	leading	
   products	of	its	kind	in	its	fifth	fiscal	year.



   This Annual Report must be provided to investors in KanAm Spezial grund‑
   invest Fonds units together with the current Sales Prospectus. If more than
   eight months have elapsed since the reporting date of this Annual Report,
   investors must also be provided with the most recent semi-annual report.

   *	 Calculated	according	to	the	BVI	method.	Basis	of	calculation:	unit	value	(excluding	redemption	discount);	distribu­
      tion	reinvested.	The	investment	performance	over	the	four­year	period	ended	September	30,	2009	amounted	to	
      25.3%.
Annual Report as of September 30, 2009                  ....................................   Contents




         IN THE YEAR UNDER REVIEW, KanAm S pezial grundinvest Fonds’
         MANAGEMENT INCREASED THE FUND’S PRESENCE IN TRADITIONAL
         LOCATIONS SUCH AS PARIS AS WELL AS INVESTING IN PROPERTIES
         IN OTHER ECONOMICALLY ATTRACTIVE LOCATIONS. THE FUND
         CONTINUES TO FOCUS ON LOCATIONS IN EUROZONE COUNTRIES.



                       20


                       15


                       10


                        5


                        0


                       – 5


                      – 10
                             2001    2002      2003        2004                      2005          2006          2007    2008    3. Q.  
                                                                                                                                 2009




          53 Paris                                                          14 Market Analysis                                               44 Rotterdam


         Fund Management Report                                                                           Background


         [04]     Fund Management Report                                                                  [10]     Review: Five years of KanAm Spezial grundinvest Fonds
         [14]     Market Analysis                                                                         [36]     Location analysis: The Paris office real estate market
         [24]     Investor Structure                                                                      [38]     Location analysis: The Zurich hotel market
         [26]     Real Estate Portfolio Structure                                                         [40]     Location analysis: Lille as a financial center
         [28]     Loans and Exchange Rate Risks
         [30]     Leasing and Tenant Creditworthiness
         [32]     New Acquisitions
         [42]     Portfolio Properties
         [54]     Outlook




    The “Investmentgesetz” (InvG – German Investment Act) was amended by the “Investmentänderungsgesetz” (InvÄndG – Act Amending the German
    Investment Act), which entered into force on December 28, 2007. We have opted to make use of the transitional provision pursuant to section 145(2)
    of the InvG and will apply the version of the Act in force before December 28, 2007 to the KanAm S pezial grund­invest Fond­s real estate investment
    fund until the Fund Rules are revised. Accordingly, we have prepared the present Annual Report in accordance with the provisions of section 44(1) in
    conjunction with section 79 of the InvG in the version valid until December 27, 2007.




         KanAm Spezial grundinvest Fonds
                                                                              51 Amsterdam




32 New Acquisitions                                                           38 Zurich


     Zahlen und Fakten
     Facts and Figures


     [57]   Return, Valuation, and Leasing                 [87]   Information on Bases of Taxation to be
     [62]   Statement of Changes in Fund Assets                   Disclosed to Investors
     [64]   Statement of Assets                            [90]   Interim Profits Subject to Income Tax
     [68]   Property Record                                [91]   Gains from Real Estate and Equities
     [72]   Record of Acquisitions                         [92]   Certification in Accordance with Section 5(1)
     [73]   Hedging Transactions and Liquidity Portfolio          Sentence 1 No. 3 of the InvStG
     [74]   Income Statement                               [93]   Income Tax Treatment of the Distribution, Income
     [76]   Calculation of the Distribution                       Subject to Investment Income Tax, Investment
     [77]   Auditors’ Report                                      Performance
     [78]   Tax Information                                [94]   Executive Bodies




                                                                                 KanAm Spezial grundinvest Fonds     
Annual Report as of September 30, 2009              ....................................                           Fund Management Report




THE FUND’S MANAGEMENT IS CONTINUING ITS SELECTIVE
INVESTMENT STRATEGY. THE EFFECTIVENESS OF THIS STRATEGY
WAS AGAIN CONFIRMED BY AN ABOVE-AVERAGE INVESTMENT PER-
FORMANCE IN A FAR MORE CHALLENGING MARKET ENVIRONMENT.




                                                                                                                                                         Hans-Joachim Kleinert,
                                                                                                                                                         Olivier Catusse,
                                                                                                                                                         Carmen Reschke,
                                                                                                                                                         Matti Kreutzer (from left to right)




                                          Fund Management Report
                                          � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




                                          Dear Investors:                                                                                                                                                                                                               hitting the market. However, there has
                                                                                                                                                                                                                                                                        been no sign of such a development
                                          It has been five years since KanAm                                                                                                                                                                                            in recent months. On the contrary:
                                          Spezial grundinvest Fonds was                                                                                                                                                                                                 Most investors are looking for new
                                          launched. In this Annual Report, we                                                                                                                                                                                           ways to retain properties, for example
                                          would like to revisit its development                                                                                                                                                                                         using mezzanine financing. This is
                                          and highlights with you. Quality and                                                                                                                                                                                          because the vast majority of investors
5�0% p�a�*                             ensuring and enhancing sustainable                                                                                                                                                                                            are not willing to sell properties at
The fund again recorded an                income through strategic invest-                                                                                                                                                                                              present, as this type of investment
above -average investment
per formance in what was a                ments – these are the features that                                                                                                                                                                                           backed by material assets is precisely
difficult market environment.
                                          continue to drive KanAm S p e z i a l                                                                                                                                                                                         what is needed to ensure stability in
Consistency and stability                 grundinvest Fonds’ success in its fifth                                                                                                                                                                                       times of crisis. In par ticular, the
                                          fiscal year.                                                                                                                                                                                                                  medium-sized, high-quality, prime-
                                                                                                                                                                                                                                                                        location properties that make up the
                                          Until recently, many observers still                                                                                                                                                                                          bulk of KanAm S pezial grundinvest
                                          subsc ribe d to the view that the                                                                                                                                                                                             Fonds’ portfolio are rarely put on the
                                          economic crisis would lead to a glut                                                                                                                                                                                          market.
                                          of attractive commercial properties


       KanAm Spezial grundinvest Fonds
The situation has been stabilizing               Despite this extremely challenging
since late summer 2009 and forecasts             e c o n o m i c e nv i r o n m e n t , K a n A m
are now cautiously optimistic for the             Spezial grundinvest Fonds succeeded

first time in several months. Even in            in further strengthening its position.                                 Quality
recent months, however, the fund’s                                                                                      We make no compromises as
                                                                                                                        regards quality: Every potential
management has remained true to its               Fund assets increased by approxi-                                     acquisition is examined in detail.
investment philosophy in order to                mately EUR 63.4 million (18%) to
                                                                                                                        Thoroughness
maintain the fund’s successful track             approximately EUR 416 million during
record.                                          the period under review from Octo-
                                                 ber 1, 2008, to September 30, 2009.
We are therefore delighted to report             During the same period, real estate
another encouraging investment per-              assets increased by approximately
formance of 5.0% p.a.* at the end of             EUR 71.6 million (15%) to roughly
the fiscal year as of September 30,              EUR 545 million.
2009. This is in spite of the fact that
the global markets in 2008 and 2009
                                                 *	 Calculated	 according	 to	 the	 BVI	 method.	 Basis	 of	
were overshadowed by the financial                  calculation:	 unit	 value	 (excluding	 redemption	
                                                    	 iscount);	 distribution	 reinvested.	 The	 investment	
                                                    d
c risis a nd the at te nda nt dr a stic
                                                    performance	 over	 the	 four-year	 period	 ended	
economic slowdown.                                  	 eptember	30,	2009	was	25.3%.
                                                    S




La Madeleine, Lille [Property Record page 68 / no. 3]


                                                                                                               KanAm Spezial grundinvest Fonds          
Annual Report as of September 30, 2009             ....................................   Fund Management Report




A striking historical facade: The PULSAR office and retail property in Paris [Property Record page 68 / no. 4]


       KanAm Spezial grundinvest Fonds
                                                                                                                                     FAC T S

                                                                                                        	 Investment	performance	
                                                                                                           as	of	September	30,	2009:	
                                                                                                           5.0%	p.a.*
                                                                                                        	 Fund	assets	as	of	Septem-
                                                                                                           ber	30,	2009:	approximately	
                                                                                                           EUR	416	million
                                                                                                        	 Real	estate	assets	as	of	
                                                                                                           September	30,	2009:	ap-
                                                                                                           proximately	EUR	545	million
                                                                                                        	 Portfolio	optimized	through	
                                                                                                           new	type	of	use
                                                                                                        	 Increased	presence	in	Paris




A modern interior: An office floor in the PULSAR building




The fund’s management continued to              provided in the Semi-Annual Report
expand the portfolio, diversifying it           as of March 31, 2009. The second was
with new locations and types of use             the PULSAR building in the central
while of course maintaining a selec-            business district of Paris, a report on
tive, prudent approach. Decisions in            which will be given on the following
favor of or against a property do not           pages. The PULSAR office and retail
depend on market conditions alone.              property is particularly attractive due
Particularly in a challenging economic          to its excellent mix of tenants and
environment with tougher markets, it            sectors. The main tenants are Star-
is essential to remain consistent to            bucks Coffee France S.A.S. and con-
the quality criteria that have applied
ever since the fund was launched.


One of the most important of these is
                                                     Top Location: Paris
the leasing situation. The value of             sulting firm Krauthammer Internation-                   KanAm S pezial grundinvest Fonds
long-term leases with creditworthy              al S.A. The leases run until 2019 in the                acquired an office and retail building
                                                                                                        in a prime location with a solid mix of
tenants is particularly evident in times        case of Starbucks and until 2017 for                    tenants.
of economic crisis. In the fiscal year,         the office space.                                       New acquisition
the Holiday Inn Zurich Messe hotel
                                                                                                        in Europe’s top
was added to KanAm S pezial grund­              These new acquisitions allowed the
                                                                                                        location
invest Fonds. The fund’s management             fund’s management to increase its
also acquired two properties in fiscal          presence in France while fur ther
year 2008/2009 with a view to diversify-        diversifying the portfolio by adding a
                                                                                           *	 Calculated	 according	 to	 the	 BVI	 method.	 Basis	 	
ing the real estate portfolio. The first of     hotel property. However, the main                                                                  	
                                                                                              of	 calculation:	 unit	 value	 (excluding	 redemption	
                                                                                              discount);	distribution	reinvested.	As	of	September	
these was the La Madeleine office               fo cu s of future inve stme nts will
                                                                                              30,	 2009,	 the	 investment	 performance	 over	 four	
building in Lille, details of which were        continue to be on office properties.          years	was	25.3%.



                                                                                                KanAm Spezial grundinvest Fonds                  
Annual Report as of September 30, 2009                ....................................   Fund Management Report




                                                   With the three new acquisitions in                                   Another key factor in the constant
                                                   fiscal year 2008/2009, we expanded                                   development of KanAm Spezial grund-
                                                   our portfolio while adhering to our                                  invest Fonds that we mentioned ear-
                                                   tried-and-tested principles of acquir-                               lier is that we have enjoyed a 100%


Strong credit quality
                                                                                                                        l e a s e d r ate s i n c e th e f u n d wa s
                                                                                                                        launched. Thanks to long-term leases
                                                                                                                        and creditworthy tenants from a broad
                                                                                                                        cross section of sectors – and to a
KanAm S pezial grundinvest Fonds’
properties are leased for the long                 ing medium-sized properties in mar-                                  high proportion of public sector or
term to financially sound partners.                kets offering potential for the future.                              near-public sector tenants with virtu-
                                                                                                                        ally zero default risk – we have been
Tenant default risk                                                                                                     able to offer our investors a stable in-
reduced further                                                                                                         vestment performance that is above
                                                                                                                        the average for comparable open-
                                                                                                                        ended real estate funds for the past
                                                                                                                        five years.




                                Development of KanAm Spezial grundinvest Fonds

                                                                                                        Sept. 30,       Sept. 30,        Sept. 30,       Sept. 30,
                                                                                                         2009 in         2008 in          2007 in         2006 in
                                  Launch date: January 25, 2005                                       EUR million     EUR million      EUR million     EUR million

                                  Properties                                                                521.1           449.5            291.8            242.1

                                  Equity interests in real estate companies                                  16.3            16.5             16.3             14.1

                                  Bank deposits                                                              90.3            66.0             20.0             26.4

                                  Other assets                                                               12.6            14.1               9.7            10.8

                                  Less liabilities and provisions                                           224.2           193.4            129.4            127.4

                                  Fund assets                                                               416.1           352.7            208.4            166.0


                                  Units in circulation                                                  3,751,788       3,185,953        1,901,912       1,534,212

                                  Unit value in EUR                                                        110.89          110.70           109.56          108.22

                                  Redemption price in EUR                                                  106.45          106.27           105.18          103.89


                                  Distribution per unit in EUR                                                5.15            5.15             5.15            5.00

                                  Date of distribution                                               Dec. 18, 2009   Dec. 19, 2008    Dec. 18, 2007   Dec. 20, 2006

                                  Investment performance p.a*                                                5.0%            6.0%             6.1%            6.1%
Conference room:                * Calculated according to the BVI method. Basis of calculation: unit value (excluding redemption discount); distribution reinvested.
Holiday Inn Zurich Messe          As of September 30, 2009, the investment performance over four years was 25.3%.



       KanAm Spezial grundinvest Fonds
Ending the working day on a relaxed note: The bar at the Holiday Inn Zurich Messe trade fair hotel [Property Record page 70 / no. 12]




Carefully selected commercial prop-             Five years since the launch of KanAm
erties in prime locations remain high-          Spezial grundinvest Fonds, it is safe to
ly-demanded investments. This is be-            say that our fund and its underlying
cause the inflationary pressures that
are expected by many economists in
                                                strategy have proven their worth dur-
                                                ing a variety of economic cycles. This
                                                                                                               Tangible
the coming months and years clearly             also extends to the crisis-ridden fiscal                       assets
demonstrate the advantages of tangi-            year 2008/2009, on which we report                             High-quality properties contin-
ble assets such as real estate. Small           on the following pages.                                        ue to be attractive investment
                                                                                                               options, especially where the
wonder, then, that institutional inves-                                                                        risk of inflation is rising.
tors are continuing to increase their           We hope that you will find our report a
                                                                                                               Commercial properties
exposure to real estate investments.            stimulating and interesting read and                           in demand
                                                thank you most sincerely for the confi-
                                                dence that you have shown in us.


                                                                                                     KanAm Spezial grundinvest Fonds         
Annual Report as of September 30, 2009       ....................................   Fund Management Report




                                                                                                                                EUR 86.7 million




5
                                                                                                                                        Fund assets




                      years
                                                                                                                                        September 30, 2005


                                                                                                                                4.9%* (7.2%** p.a.)
                                                                                                                                        Investment
                                                                                                                                        performance
                                                                                                                                        September 30, 2005
                                                                                                                                        (short fiscal year)




                       KanAm Spezial grundinvest Fonds –
                       The highlights at a glance
                                                                                                              September 30, 2005
                                                                                Short fiscal year 2005                          Fiscal year 2005/2006




                                                                                      AVIVA C,     Margriet           Nieuwe     Cloche d’Or S.A.    Le Lumion,
                                                                                         Paris       Toren,            Vaart,          real estate   Geneva
                                                                                                 Amsterdam         Amsterdam            company,
                                                                                                                                     Luxembourg



     2005 KanAm Grund Spezialfonds­        The fund’s real estate assets at the
gesellschaft mbH, which was founded        reporting date September 30, 2005
in Frankfurt am Main in 2003, launches     total EUR 113.5 million. In less than nine
open­ended real estate fund KanAm          months, the fund achieves an invest­
Spezial grundinvest Fonds. Unlike the      ment performance of 4.9%* as of Sep­
two funds operated by sister company       tember 30, 2005, the equivalent of an
KanAm Grund Kapitalanlagegesell­           annualized return of 7.2% p.a.**
schaft mbH (KanAm grundinvest Fonds
and KanAm US-grundinvest Fonds),             2005/2006 In its first full fiscal year
KanAm Spezial grundinvest Fonds is not     from October 1, 2005, to September 30,
distributed to the general public. In­     2006, KanAm Spezial grundinvest Fonds
stead, it is designed to meet the spe­     acquires a stake in real estate company                             With an investment performance of
cific wishes of institutional investors.   Cloche d’Or S.A. The fund’s first­ever                              6.1% p.a.* as of September 30, 2006,
This tailor­made concept met with keen     property in Switzerland – and therefore                             the earnings generated by KanAm
interest from the outset. The investors    its first­ever property outside the euro­                           Spezial grundinvest Fonds are well

are for the most part banks, pension       zone – is added to the portfolio with the                           above those of comparable funds.
funds, foundations, and funds of           acquisition of the high­quality Le Lu­
funds.                                     mion office building in the immediate vi­                             2006/2007 The fund’s manage­
                                           cinity of Geneva International Airport. In                          ment diversifies the fund in fiscal year
In 2005, the fund’s management             March 2006, the fund’s management                                   2006/2007, adding a property outside
acquires the AVIVA C office building       acquires the Zilveren Toren property in                             the traditional European markets: In
near Paris and the Margriet Toren and      The Hague.                                                          May 2007, the Helex Building B in
Nieuwe Vaart properties in Amsterdam.                                                                          Athens is acquired. The Greek capital
                                           As of September 30, 2006, fund assets                               is regarded as a growth market. The
The short fiscal year from January 25 to   increase to EUR 166 million. Real estate                            property in question is based in the
September 30, 2005 sees a net cash in­     assets increase to EUR 263 million.
flow into the fund of EUR 84.4 million.


10       KanAm Spezial grundinvest Fonds
                                                                                                                                                                                                                                            EUR 166 million                                                                                                                                                                                                                                                                                                                                           EUR 208 million
                                                                                                                                                                                                                                                                            Fund assets                                                                                                                                                                                                                                                                                                                                                                   Fund assets
                                                                                                                                                                                                                                                                            September 30, 2006                                                                                                                                                                                                                                                                                                                                                            September 30, 2007


                                                                                                                                                                                                                                            6.1%* p.a.                                                                                                                                                                                                                                                                                                                                                6.1%* p.a.
                                                                                                                                                                                                                                                                              Investment                                                                                                                                                                                                                                                                                                                                                                   Investment
                                                                                                                                                                                                                                                                              performance                                                                                                                                                                                                                                                                                                                                                                  performance
                                                                                                                                                                                                                                                                              September 30, 2006                                                                                                                                                                                                                                                                                                                                                           September 30, 2007




                                                                                                                                             September 30, 2006                                                                                                                                                                                                                                                                                                                                       September 30, 2007
                                                                                                                                                                                                                                             Fiscal year 2006/2007                                                                                                                                                                                                                                                                                                                                  Fiscal year 2007/2008
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




                                                Zilveren                                                                                                                                                                                                                                                                                                                                                                                                      Helex Building B,                                                                                                                                                                                                                                                                              Le Dion
                                                Toren,                                                                                                                                                                                                                                                                                                                                                                                                        Athens                                                                                                                                                                                                                                                                                              P
                                                The Hague




                                                           city’s new financial center, where its                                                                                                                                                                                        in the city center of Saint-Denis, near                                                                                                                                                                                       EUR 473 million. Despite a difficult
                                                           neighbors include the Athens Stock                                                                                                                                                                                            the French capital, Paris. The proper-                                                                                                                                                                                        economic environment brought about
                                                           Exchange and the Bank of Greece.                                                                                                                                                                                              ty is leased to a public sector social                                                                                                                                                                                        by the onset of the financial and eco-
                                                                                                                                                                                                                                                                                         insurance institution. In July 2008, the                                                                                                                                                                                      nomic crisis, KanAm ­Spezial ­grundin-
                                                           Fund assets exceed the EUR 200 mil-                                                                                                                                                                                           fund buys the Ruby Point property in                                                                                                                                                                                          vest ­Fonds records an investment per-
                                                           lion mark in fiscal year 2006/2007,                                                                                                                                                                                           Amsterdam’s Zuidoost submarket.                                                                                                                                                                                               f o r m a n c e o f 6 . 0% p . a .* a s o f
                                                           amounting to over EUR 208 million as                                                                                                                                                                                          The Laan op Zuid office building in                                                                                                                                                                                           September 30, 2008.
                                                           of September 30, 2007. The fund’s in-                                                                                                                                                                                         Rotterdam, a certified green building
                                                           vestment performance is 6.1% p.a.*                                                                                                                                                                                            that is regarded as being exception-
                                                           as of September 30, 2007, once again                                                                                                                                                                                          ally sustainable, is added to the fund
                                                           well above the average recorded by                                                                                                                                                                                            portfolio on completion.
                                                           comparable funds.
                                                                                                                                                                                                                                                                                         Fund assets increase significantly to
                                                                             2 0 0 7/ 2 0 0 8 I n f i s c a l y e a r                                                                                                                                                                    just under EUR 353 million as of Sep-
                                                           2007/2008, the fund’s management                                                                                                                                                                                              tember 30, 2008. On the same report-
                                                           acquires the Le Dionys office building                                                                                                                                                                                        ing date, real estate assets amount to


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          KanAm Spezial grundinvest Fonds                                                                                                                                                11
                                                                                                                                                                   EUR 353 million                                                                                                                                                                                                                                                                                                                                         EUR 416 million
                                                                                                                                                                                                     Fund assets                                                                                                                                                                                                                                                                                                                                   Fund assets
                                                                                                                                                                                                     September 30, 2008                                                                                                                                                                                                                                                                                                                            September 30, 2009


                                                                                                                                                                   6.0%* p.a.                                                                                                                                                                                                                                                                                                                                              5.0%* p.a.
                                                                                                                                                                                                       Investment                                                                                                                                                                                                                                                                                                                                    Investment
                                                                                                                                                                                                       performance                                                                                                                                                                                                                                                                                                                                   performance
                                                                                                                                                                                                       September 30, 2008                                                                                                                                                                                                                                                                                                                            September 30, 2009




                                                                   September 30, 2008                                                                                                                                                                                                                                                                                                                                     September 30, 2009
                                                                                                                                                                    Fiscal year 2008/2009
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




 nys,                                              Ruby Point, Laan op Zuid, La Madeleine,                                                                                                                                                                                                                        Holiday Inn                                                                   PULSAR,
Paris                                              Amsterdam     Rotterdam Lille                                                                                                                                                                                                                                  Zurich Messe,                                                                 Paris
                                                                                                                                                                                                                                                                                                                  Zurich




                                                       2 0 0 8 / 2 0 0 9 I n f i s c a l ye a r                                                                                                                                                         property, an office and retail build-                                                                                                                                                                            Fund assets increase to approxi-
                                      2008/2009, the fund’s management                                                                                                                                                                                  ing in an attractive location in Par-                                                                                                                                                                            mately EUR 416 million at the re-
                                      continues its systematic expansion                                                                                                                                                                                is with excellent transpor tation                                                                                                                                                                                por ting date of Se pte mbe r 30,
                                      of the portfolio. In October 2008,                                                                                                                                                                                links. The of fice and retail units                                                                                                                                                                              2009.
                                      it acquires La Madeleine, a high-                                                                                                                                                                                 are leased to tenants from a vari-
                                      quality office building in the French                                                                                                                                                                             ety of sectors. Proactive leasing                                                                                                                                                                                KanAm ­ S pezial  ­ grundinvest ­ Fonds
                                      city of Lille. In March 2009, the first                                                                                                                                                                           management also leads to an ex-                                                                                                                                                                                  generates an above -average
                                      hotel property is transferred to the                                                                                                                                                                              tension of the Amsterdam Traffic                                                                                                                                                                                 investment performance of 5.0%
                                      fund portfolio: The Holiday Inn Zu-                                                                                                                                                                               and Transport Authority’s lease for                                                                                                                                                                              p.a.* for its investors as of Sep-
                                      rich Me s se with its compelling                                                                                                                                                                                  the Nieuwe Vaart office building in                                                                                                                                                                              tember 30, 2009.
                                      concept is located in the direct vi-                                                                                                                                                                              A msterdam. This maintains the
                                      cinity of the Swiss city’s trade fair,                                                                                                                                                                            high proportion of public sector or                                                                                                                                                                              * Calculated according to the BVI method. Basis
                                      roughly halfway between Zurich                                                                                                                                                                                    near-public sector tenants.                                                                                                                                                                                         of calculation: unit value (excluding redemption
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            discount); distribution reinvested.
                                      city center and Zurich-Kloten In-                                                                                                                                                                                                                                                                                                                                                                                                  ** Short fiscal year from January 25, 2005, to Sep-
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            tember 30, 2005; annualized return as of Septem-
                                      ternational Airport. This is followed
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            ber 30, 2005: 7.2%.
                                      by the acquisition of the PULSAR                                                                                                                                                                                                                                                                                                                                                                                                      Transfer of risks and rewards of ownership



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       KanAm Spezial grundinvest Fonds                                                                                                                                                12
KanAm Spezial grundinvest Fonds –
The facts at a glance



5.0% 
                                         THE FISCAL YEAR AS OF SEPTEMBER 30, 2009
                                         CLOSES WITH A ONE-YEAR INVESTMENT PERFOR-
                                   p.a.* MANCE OF 5.0%




416
                         MILLION
                                              FUND ASSETS AS OF THE REPORTING DATE
                                 EUR          OF SEPTEMBER 30, 2009




100%                                          FULLY LEASED: THIS ENSURES STABILITY AND VAL-
                                              UE PRESERVATION.




25.3%                                         WITH AN INVESTMENT PERFORMANCE OVER A FOUR-
                                              YEAR PERIOD ENDED SEPTEMBER 30, 2009 OF 25.3%



Portfolio                                                             THROUGH NEW TYPE OF USE AND
DiVErsifiCatioN                                                       NEW LOCATIONS




Paris                                         INCREASED PRESENCE IN PARIS




             	according	to	the	BVI	method.	Basis	of	calculation:	unit	value	(excluding	redemption	discount);	distribution	reinvested.		
*	 	Calculated
   As	of	September	30,	2009,	the	investment	performance	over	four	years	was	25.3%.




                                                                                                         KanAm Spezial grundinvest Fonds   13
Annual Report as of September 30, 2009                  ....................................                           Fund Management Report




                                    “Fear has turned to hope. Thankfully, we can see light at the end
                                    of the tunnel […] and the growth engine seems to be starting up
                                    again. [...] I contend that this was no mere accident. It was not
                                    just good luck. Rather, it came from the bold decisions taken by
                                    policymakers the world over.”

                                    Dominique Strauss-Kahn, Managing Director, International Monetary Fund, October 23, 2009




                                              Market Analysis
                                              � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




                                              The economic environment                                                                                                                                                                                                      However, the IMF stresses that the
                                                                                                                                                                                                                                                                            economy is recovering at a slow pace
                                              The outlook for the global economy                                                                                                                                                                                            and that economic activity will falling
                                              has improved noticeably with every                                                                                                                                                                                            well short of pre-crisis levels. Labor
                                              month since spring 2009. In line with                                                                                                                                                                                         markets continue to be depressed by
                                              this, the International Monetary Fund                                                                                                                                                                                         extensive job losses. Up until the sec-
                                              (IMF) raised its economic forecasts for                                                                                                                                                                                       ond quarter of 2009, consumer spend-
                                              many countries again in its recent                                                                                                                                                                                            ing in Europe and the USA was weak or
                                              autumn forecast. Although 2009 will                                                                                                                                                                                           even declining, investments were neg-
                           FAC T S
                                              remain the year of the worldwide re-                                                                                                                                                                                          ative, and the only boost for the econ-
                                              cession, the economy will shrink by on-                                                                                                                                                                                       omy came in the form of massive gov-
     Economic recovery programs
                                              ly 1.1% – less than expected by the IMF                                                                                                                                                                                       ernment economic stimulus packages.
     are proving successful.
                                              in the spring of this year. In 2010, glob-                                                                                                                                                                                    The active role played by the state can-
     The US economy is growing
                                              al gross domestic product is expected                                                                                                                                                                                         not be faulted in principle, as the de-
     again.
                                              to increase again by 3.1%. The im-                                                                                                                                                                                            clared aim of the economic stimulus
     The economic climate in
                                              proved outlook for the global economy                                                                                                                                                                                         packages was to stop the free fall in
     Europe has improved.
                                              has rekindled optimism and confidence                                                                                                                                                                                         the global economy. As can be seen
     High unemployment
                                              among many economic players. This                                                                                                                                                                                             from current forecasts by leading
     Rising national debts
                                              can also be seen from the price rally on                                                                                                                                                                                      economic institutes, the governments
     Increasing risk of inflation
                                              the financial markets. For instance, the                                                                                                                                                                                      succeeded in their efforts. In the com-
                                              price of crude oil climbed from around                                                                                                                                                                                        ing months, the public sector will there-
                                              USD 40 per barrel at the beginning of                                                                                                                                                                                         fore continue to stimulate domestic
IMPROVED ECONOMIC                             the year to over USD 77 at the end of                                                                                                                                                                                         demand significantly, and so contribute
                                              October 2009, while stock markets al-                                                                                                                                                                                         to the economic recovery.
CLIMATE THANKS TO
                                              so rallied sharply between March and
MASSIVE ECONOMIC                              September 2009.                                                                                                                                                                                                               Nevertheless, the million-dollar ques-
STIMULUS PACKAGES                                                                                                                                                                                                                                                           tion remains as to how long this fledg-
                                                                                                                                                                                                                                                                            ling economic recovery can be financed


14      KanAm Spezial grundinvest Fonds
by greater public sector ex-                                                          forecast by the European                           European Commission estimated that
penditure, and whether this                                                           Commission, economic out-                          general government gross debt in the
will have the intended effect                                                         put in the eurozone and the                        eurozone will increase from 66% of
of kick-starting investment,                                                          EU is set to pick up again in                      GDP in 2007 to 84% in 2010. Gross
consumer spending, and ex-                                                            the third quarter of 2009.                         debt in the USA is expected to climb
ports in the coming quar-                                                             However, GDP growth rates                          even further, with the IMF expecting it
                                                     Positive
ters. The first positive sig-                        signal:                          in the eurozone and the EU                         to increase from 62% in 2007 to ap-
nals come from the recently                          GDP                              can be expected to be lower                        proximately 94% at the end of 2010.
published GDP figures for                            in the                           than in the USA owing to the                       These higher levels of debt reduce the
the USA in the third quarter                         USA                              more moderate use of eco-                          financial cushion available to govern-
of 2009. These show that,                                                             nomic stimulus packages.                           ments and therefore their ability to re-
unlike in the previous quar-                                                                                                             spond flexibly to difficult economic sit-
ter, consumer spending, construction                                   Even though the economic stimulus                                 uations in the future. In addition, the
investment, and exports made a posi-                                   and stabilization measures undertaken                             increase in debt has come at an ex-
tive contribution to economic output in                                by governments and central banks                                  tremely awkward time. Over the next
addition to state measures. This im-                                   have had a positive effect in the short                           few years, governments will already be
proved overall development is attribut-                                and medium term, it still remains to be                           faced with rising expenditure and fall-
able not only to government support                                    seen what effects this massive public                             ing income as a result of demographic
programs, but also to the recovery in                                  spending will have on the economy in                              change. This will make it all the more
world trade. According to the interim                                  the long term. In its spring forecast, the                        difficult to repay the massive debts.




Change in real gross domestic product (GDP) growth in selected countries


  in %

    6 

   4

   2

   0
          0.7




                      – 0.7




                                  – 0.8




  – 2
                                            – 1.1




                                                        – 2.0




                                                                         – 2.4




                                                                                   – 2.5




                                                                                             – 2.7




  – 4
                                                                                                     – 3.2




                                                                                                                             – 4.2
                                                                                                               – 4.2




                                                                                                                                              – 4.3




                                                                                                                                                               – 4.4




                                                                                                                                                                                – 4.8




  – 6
                                                                                                                                                                                             – 5.3




  – 8 
                                                                                                                                                                                                        – 7.3




 – 10
          Australia



                        Brazil



                                   Greece



                                             World



                                                         Switzerland



                                                                          France



                                                                                    Canada



                                                                                              USA



                                                                                                     Belgium



                                                                                                               Netherlands



                                                                                                                              Eurozone



                                                                                                                                              Czech Republic



                                                                                                                                                               United Kingdom



                                                                                                                                                                                Luxembourg



                                                                                                                                                                                              Germany



                                                                                                                                                                                                         Mexico




  2008        2009      2010      2011

Source: International Monetary Fund (IMF), October 2009




The economy is recovering thanks to the massive economic stimulus packages, but the effects of the economic downturn in the 
first half of the year mean that 2009 as a whole will still definitely be the year of the global recession. The IMF revised its forecasts 
for the decline in global GDP in 2009 from –1.4% to –1.1%. As of 2010, the IMF is predicting a return to economic growth for most 
countries. With +1.5% in the USA and +2.1% in Canada, the expectations for North America are better than in the eurozone (+0.3%).



                                                                                                                                            KanAm Spezial grundinvest Fonds                                       15
Annual Report as of September 30, 2009                           ....................................   Fund Management Report




Development of take-up and gross domestic product
(GDP) changes in Europe
Aggregate take-up in 15 European office real estate markets*


in thousands of sqm                                                                                                                                                             in %
 12,000                                                                                                                                                                           6



  8,000                                                                                                                                                                           4



  4,000                                                                                                                                                                           2



      0                                                                                                                                                                           0



 – 4,000                                                                                                                                                                         – 2



 – 8,000                                                                                                                                                                         – 4
                     Take-up in thousands of sqm
                      Annual changes in the eurozone’s real gross domestic product (GDP) in %
– 12,000                                                                                                                                                                         – 6
               1992    1993    1994    1995    1996     1997     1998                 1999              2000   2001   2002   2003   2004   2005   2006   2007   2008   Q1–Q3 
                                                                                                                                                                        2009
              V
           *    ienna, Brussels, Paris, Frankfurt, Munich, Hamburg, Berlin, Dublin, Amsterdam, Barcelona, Madrid, London and UK M25 (M25 North, South and Thames Valley)
           Source: CB Richard Ellis and International Monetary Fund (IMF), October 2009




Because of this, exit strategies are                           economic growth again, in contrast to                                 of an improvement since May 2009,
currently being developed to help the                          the previous quarter. In spite of the                                 with a reduction in the number of job
central banks remove the excess                                positive results in the third and –                                   losses per month. This trend reversal
liquidity from the financial markets                           according to current projections – in                                 on US labor markets can be attributed
when the economy picks up again and                            the fourth quarter of 2009, the IMF                                   to two main reasons. The first of these
to enable governments to consolidate                           expects a 2.7% decline in GDP for the                                 is that the growing optimism and the
their finances.                                                year as a whole. However, its outlook                                 improvement in the financial markets
                                                               for 2010 is more upbeat, leading it to                                have bolstered the job market. The
US economy growing again                                       almost double its growth predictions                                  second is that the first positive effects
                                                               for the USA from 0.8% to 1.5%.                                        of the multi-billion dollar economic
With an annualized growth rate of                                                                                                    stimulus package introduced by the
3.5%, GDP in the USA rose in Q3 2009                           Since the recession officially began in                               Obama administration are also starting
for the first time in four successive                          December 2007, unemployment figures                                   to be felt here.
quarters. As expected, government                              in the USA have increased to a total of
spending made a positive contribution                          15.1 million. In September 2009, the                                  In February 2009, US President Obama
to economic growth. Thanks to the                              unemployment rate in the USA was                                      signed a USD 787 billion stimulus pack-
government-sponsored automobile                                9.8%, the highest level since 1984.                                   age. This includes a wide range of
scrappage program – colloquially                               Most redundancies occurred following                                  measures designed to kick-start the
known as “cash for clunkers” – con-                            the failure of investment bank Lehman                                 economy, such as tax relief, grants,
sumer spending was also boosted by                             Brothers, when the situation on the                                   state loans, and increased entitlements
3.4%. Exports and construction invest-                         financial markets came to a head. More                                to social benefits. Other projects, such
ment also recorded positive growth                             than 4 million Americans lost their jobs                              as the construction of roads and
rates in the third quarter. Changes in                         between October 2008 and April 2009                                   schools, are designed to boost US
inventory investment contributed to                            alone. However, there have been signs                                 economic growth in the long term.


16          KanAm Spezial grundinvest Fonds
However,­of­the­overall­package,­only­          i
                                                ­ncreased­by­0.2%­in­the­third­quarter­
                                                                                                Laan op Zuid, Rotterdam
USD­207­billion­has­been­paid­out­to­           of­2009,­after­having­shrunk­by­0.1%­in­
                                                                                                [Property Record page 68 / no. 9]
date.­Every­month,­the­US­government­           the­ previous­ quarter.­ In­ spite­ of­ the­
publishes­the­number­of­jobs­created­           positive­ expectations­ –­ including­ for­
in­the­individual­states­as­a­result­of­the­    the­fourth­quarter­–­the­IMF­expects­
economic­stimulus­measures.­These­              GDP­to­fall­by­4.2%­in­2009­as­a­whole.­
figures­indicate­that­a­total­of­640,329­       Given­the­more­encouraging­forecasts­
jobs­have­been­created­or­retained­in­          for­ 2010,­ the­ IMF­ raised­ its­ negative­
the­USA­between­February­and­Octo-                                                  ­
                                                growth­forecasts­for­the­eurozone­of­
ber­ inclusive­ with­ the­ aid­ of­ these­      –0.3%­to­the­positive­level­of­0.3%.
funds.­The­target­is­to­create­or­retain­
a­total­of­3.5­million­jobs­in­the­first­two­   Unemployment­in­the­eurozone­was­at­
years­with­these­employment­promo-              9.7%­in­September­2009,­2.8­percent-
tion­programs.                                  age­ points­ above­ its­ last­ low­ in­ July­
                                                2007.­The­number­of­jobs­lost­was­es-
Annual­consumer­price­inflation­in­the­         pecially­high­between­September­2008­
USA­was­a­negative­-­1.3%­in­Septem-            and­May­2009.­In­this­period,­the­un-
ber­2009.­This­drop­was­primarily­at-           employment­rate­increased­from­7.5%­
tributable­to­the­energy­index,­as­en-          to­9.5%.­Since­then,­rates­indicate­that­
ergy­costs­fell­dramatically­in­the­final­      European­labor­markets­have­settled­
months­of­2008,­pushing­the­annual­in-          somewhat.­ Here,­ too,­ the­ easing­
flation­rate­down­to­its­current­negative­      p
                                                ­ rimarily­reflects­the­positive­effects­of­
level.­However,­energy­costs­have­been­         government­stabilization­measures.
rising­again­since­the­beginning­of­the­
year.­This­indicates­that­the­annual­in-        In­September­2009,­the­annual­inflation­
flation­rate­in­2010­will­be­well­above­        rate­in­the­eurozone­was­–0.3%,­well­
zero­again.­At­present,­core­inflation­–­       below­ the­ European­ Central­ Bank’s­
which­ excludes­ volatile­ components­          t
                                                ­ arget­reference­rate­of­2.0%.­However,­
such­ as­ energy­ and­ food­ –­ is­ at­         there­is­no­danger­of­lasting­deflation­
+1.5%.                                          given­that­energy­costs,­which­are­an­
                                                important­component­of­inflation,­have­
Improved economic climate in                    been­rising­again­since­the­beginning­
Europe                                          of­2009.­Previously,­energy­costs­in­the­
                                                fourth­ quarter­ of­ 2008­ had­ fallen­ so­
According­to­EU­Commissar­Joaquín­              dramatically­that­they­pushed­annual­
Almunia­in­the­September­2009­interim­          inflation­to­its­current­negative­level.­
forecast,­the­economic­climate­in­the­          However,­as­of­January­2010­at­the­lat-
EU­ and­ the­ eurozone­ has­ improved­          est,­this­effect­will­no­longer­be­includ-
tangibly­ compared­ with­ the­ second­          ed­in­the­calculations,­and­inflation­will­
quarter­ of­ 2009.­ He­ attributes­ this­       start­to­rise­again.­As­early­as­Septem-
above­all­to­the­unparalleled­volumes­          ber­ 2009,­ core­ inflation­ –­ which­ ex-
of­liquidity­pumped­into­the­economy­           cludes­energy­and­food,­components­
by­ the­ European­ central­ banks­ and­         that­ are­ subject­ to­ fluctuation­ –­ was­
governments.­In­addition,­the­outlook­          +1.2%,­only­slightly­below­the­ECB­ref-
for­foreign­trade­has­improved­consid-          erence­rate­of­2.0%.
erably­in­the­course­of­2009.­Accord-
ingly,­ the­ European­ Commission­
e
­ stimates­ that­ GDP­ in­ the­ eurozone­


                                                                                                KanAm Spezial grundinvest Fonds     17
Annual Report as of September 30, 2009                             ....................................   Fund Management Report




INCREASING	VACANCY	RATES	AND	FALLING	RENTS	ARE	                                                                                                                                             INFO
THE	EFFECTS	OF	THE	CURRENT	ECONOMIC	CLIMATE	ON	
THE	REAL	ESTATE	MARKETS

EU 15 weighted average vacancy rate

 in	%

  10

     9

     8

     7

     6

     5

     4

     3

     2

     1

     0
              Q1      Q2       Q3      Q4      Q1      Q2      Q3            Q4                 Q1           Q2       Q3        Q4         Q1         Q2     Q3           Q4       Q1       Q2         Q3
             2005    2005     2005    2005    2006    2006    2006          2006               2007         2007     2007      2007       2008       2008   2008         2008     2009     2009       2009


         	          EU	15:	Weighted	average	vacancy	rate	                                                                   Source:	CB	Richard	Ellis




European office market rent cycles in the third quarter of 2009
Rents	in	Europe	are	falling:	Properties	with	long	leases	currently	enable	stable	rental	income.



  Accelerated                                   Slow-down in                                                 Falling                                        Rents
  rental growth                                 rental growth                                  Athens
                                                                                                             rents                                          bottom out
                                                                                       Manchester
                                                                                                   Lyon                                  Edinburgh           Frankfurt
                                                                                               Geneva                                    Copenhagen          Zurich
                                                                                                               Lisbon
                                                                                                                                         Prague              Vienna
                                                                                                                Rome
                                                                                                                                         Munich              Birmingham
                                                                                                                Milan
                                                                                                                                                             Paris
                                                                                                            Amsterdam
                                                                                                                                        Helsinki             Warsaw
                                                                                                             Hamburg
                                                                                                                                      Stockholm              Moscow
                                                                                                            Düsseldorf
                                                                                                                                       Budapest              Dublin
                                                                                                                                      Bucharest              Brussels
                                                                                                                                      Barcelona
                                                                                                                                                                           Oslo
                                                                                                                                        Madrid
                                                                                                                                         Berlin                                     London West End


                                                                                                                                                                                  London City




EMEA	(Europe,	Middle	East,	Africa	Region)	office	market	rent	cycles
The	markets	do	not	necessarily	move	along	the	curve	in	the	same	direction	and	at	the	same	speed.

Source:	CB	Richard	Ellis




18             KanAm Spezial grundinvest Fonds
Office real estate market trends              finance. This means in turn that there        admirable opportunity to secure long-
                                              has been a sharp drop in the number of        term rental space at attractive con-
Needless to say, the current state of         representative property sales used as         ditions. Accordingly, we also expect
the global economy is also taking its         a basis for determining market returns.       demand for space in London to contin-
toll on the commercial real estate mar-       In Europe alone, the number of individ-       ue to increase in the coming quarters.
kets. Demand for rental space is falling      ual properties valued at over EUR 50
in virtually all real estate markets, while   million that were sold in the first six       The level of vacancies is increasing
vacancy levels are rising. Downward           months of 2009 fell by 81% compared           again on account of the weaker de-
pressure on rents is growing. Owners          with the same period in 2007. For in-         mand for space across Europe. In the
who need to prolong or renew the leas-        stance, only 103 such transactions            core markets of the EU 15 countries,
es on their properties in these times         were registered by real estate service        the average vacancy rate as at the third
are often forced to accept lower rents.       provider CB Richard Ellis in the first        quarter of 2009 is 8.75%, which is 1.4
Properties with long leases permit            half of 2009. This scant data can hard-       percentage points higher than in the
stable rental income in the current           ly be used as a reliable basis for deter-     previous year. Even if vacancy rates
environment, in principle offering pro-       mining returns for a large number of          can be expected to continue rising in
tection against falling values. On            real estate markets. In order to arrive at    coming quarters, the future vacancy
account of this, there has been in-           approximate quarterly values notwith-         risk remains limited due to the moder-
creased demand among investors for            standing, some real estate service pro-       ate level of construction activity. Con-
properties with long leases, particular-      viders determined returns based on            sequently, real estate service providers
ly since the turbulent fall of 2008. More     their own expertise. Since then, the          therefore expect a sharp fall in new
and more risk-averse investors are            term “synthetic returns” has been used        builds in the next 24 months.
looking once more to good locations           to describe the market returns current-
and to properties with strong funda-          ly published by real estate service pro-      CB Richard Ellis reported that, com-
mental values. “Flight to quality” is the     viders.                                       pared with the previous quarter, prime
term used by real estate specialists to                                                     rents remained stable in 24 out of a to-
describe this behavior among investors        The rental market situation                   tal of 47 European office real estate
and financial backers. It also explains                                                     markets in the third quarter of 2009. By
why real estate market returns in             Demand for office space in European           contrast, prime rents continued to fall
second-class locations have increased         real estate markets is weak as a result       in 23 real estate markets. As a result,
at a faster rate than those in top loca-      of the economic situation. In the third       the EU 15 rental index based on these
tions in the course of the last two years.    quarter of 2009, a total of 1.4 million       figures declined in the fourth quarter in
However, real estate service providers        sqm of office space was leased across         a row. However, the 1.3% drop was
have also revised prime yields sharply        Europe. This is down a marginal 1%            less severe than in the previous quar-
upwards in some cases in the last two         quarter-on-quarter, but a substantial         ters. Year-on-year, the EU 15 rental in-
years. This was initially due to the irra-    34% on the third quarter of 2008. These       dex fell by 10.1%.
tionally low level of prime yields during     figures illustrate that, although the level
the peak of the last property boom in         of leasing is currently low, it appears to
mid-2007. In some cases, real estate          be bottoming out. In certain real estate
market returns at the time were lower         markets, there were even indications                                          FAC T S
than returns for risk-free ten-year gov-      that demand for space was recovering
ernment bonds. This excessive state of        – albeit marginally – in the third quarter.            	 Low	demand	for	space.
affairs was largely corrected at the          These markets include London, for                      	 First	signs	of	bottoming		
beginning of the subprime crisis in the       example, where take-up increased by                     out	becoming	visible.
third quarter of 2007. Nonetheless,           52% in the second quarter of 2009 and                  	 Vacancies	are	rising.
transaction volumes have fallen steadi-       again by 61% in the third quarter. Com-                	 Rents	are	falling.
ly since the beginning of 2008 owing to       pared with mid-2007 levels, rents in                   	 Improved	outlook		
the high level of uncertainty in the world    London have declined substantially.                     as	of	2011/2012.
and to the difficulty of obtaining debt       For many companies, this presents an


                                                                                               KanAm Spezial grundinvest Fonds      19
Annual Report as of September 30, 2009          ....................................   Fund Management Report




Given the economic situation, most Eu-        Although falling demand for space is                              Investment markets for office
ropean real estate markets can expect         taking its toll on the US rental markets,                         real estate
to experience rising vacancies and            there is no additional pressure from
falling rents up until the end of 2010. As    construction activity in the vast major-                          According to CB Richard Ellis, trans-
of 2011, a combination of more encour-        ity of office real estate markets. Many                           action volumes in Europe increased by
aging economic forecasts and a                construction projects were cancelled                              34% to EUR 17.3 billion in the third
marked reduction in the volume of new         owing to more difficult financing and to                          quar ter of 2009. This quar ter-on-
builds will have a stabilizing effect on      the weak economic climate. CoStar                                 quarter growth is due in particular to
rental levels, giving rise to new growth      estimates that some 127 million sq. ft.                           the increase in real estate deals in the
potential as of 2011/2012.                    (11.8 million sqm) of new space will be                           UK and Germany. The real estate
                                              completed in 2009 and 2010. This                                  service provider estimates that the
According to research firm CoStar, the        corresponds to just 1.5% of the current                           higher level of activity reflects the
average vacancy rate for high-grade           total office space – an extremely mod-                            improved sentiment among investors,
Class A office properties in the USA          erate figure. Most of the new space                               a few of whom now believe that the
was 15.0% in the third quarter of 2009,       relates to the two largest US office real                         real estate markets have bottomed out.
3.6 percentage points higher than the         estate markets: New York City and                                 Euphoria notwithstanding, however,
last low at the end of 2007. CoStar           Washington, D.C. However, the volume                              real estate service providers are also
expects the vacancy rate to climb fur-        of completions is moderate in relation                            well aware that the enormous percent-
ther to 17.8% by the end of 2010. This        to the size of these two markets. Of the                          age increase in the third quarter of
is mainly attributable to declining           63 office real estate markets examined,                           2009 was primarily due to the extreme-
demand for space owing to the                 only Charlotte and Miami exhibit a                                ly low transaction volumes in the first
economic climate.                             significantly higher level of construc-                           and second quarter of the year.
                                              tion activity and therefore an additional
Total net take-up – the net change in         vacancy risk.                                                     US markets also saw a 15% increase in
the volume of space leased – in the                                                                             the volume of real estate deals in the
USA is negative again in 2009 for the         According to CoStar, rents in the USA                             third quarter of 2009. However, trans-
first time in seven years. In the first       have been falling again since the third                           action volumes for the first nine months
three quarters of 2009, the relevant          quarter of 2008. In the third quarter, the                        of the year amounted to a mere USD 14
figure was –47.0 million sq. ft. (–4.4 mil-   average rent in the USA fell by 5.2%                              billion. By comparison, transaction vol-
lion sqm). By comparison, between             year-on-year, or by 6.2% in the case of                           umes for full-year 2008 were USD 58
2004 and the end of 2008, net take-up         Class A properties. To date, the con-                             billion, while in the previous year, they
in the USA averaged +23.3 million             tinuing job losses in the USA are push-                           were as high as USD 130 billion. Owing
sq. ft. (+2.2 million sqm) per quarter.       ing down demand for space and, in                                 to the strained situation among US
                                              turn, putting downward pressure on                                banks, debt financing volumes contin-
                                              rent levels. Thanks to the improved                               ue to be very low. The US Federal Re-
                                              economic forecasts as of 2010 and the                             serve is contributing to the improve-
                            FAC T S           multi-billion dollar economic stimulus                            ment in the refinancing of commercial
                                              package introduced by the Obama                                   real estate by buying up not only
     	 Low	transaction	volumes	               administration, the US labor market                               government bonds but also mortgage-
      for	the	year	as	a	whole.                could stabilize again as soon as mid-                             backed securities. This is expected to
     	 Slight	improvement	in	                 2010, which could have a positive                                 ease the situation again in the USA as
      third	quarter	of	2009.                  impact on rental trends.                                          well as of 2010 and to boost real estate
     	 Fundamental	quality	of	                                                                                  deals.
      properties	is	decisive.
     	 Expectations	of	inflation	
      make	real	estate	invest-
      ments	more	attractive.



20        KanAm Spezial grundinvest Fonds
                                                                                                        Ruby Point, Amsterdam
                                                                                                        [Property Record page 68 / no. 8]
Net take-up and completions in the US


 in thousands of sq.ft.*


 200,000


 150,000


 100,000


   50,000


           0


 – 50,000


– 100,000
                2001       2002      2003     2004   2005   2006   2007     2008          Q1–Q3
                                                                                          2009


 Completions        Net take-up

Source: CoStar

* 1 sq.ft. = 0.092903 sqm




Vacancy rates and changes in the average rent of
Class A office properties in the USA
 in %


 20


 15


 10


  5


  0


 –5


– 10
        2001        2002          2003      2004     2005   2006     2007          2008           Q3
                                                                                                 2009

        Source: CoStar                                                        Vacancy rate
                                                                              Rental growth




                                                                                                        KanAm Spezial grundinvest Fonds     21
Annual Report as of September 30, 2009        ....................................   Fund Management Report




In spite of the improvement                                              Banks only provided debt             Secondly, the fall in transaction
                                    Financing
in the third quarter, 2009 is       opportu­                             capital subject to very strin-       volumes can be attributed to the con-
seeing a low level of real          nities                               gent collateral requirements         flicting price expectations of real estate
estate deals worldwide in           in Europe                            and, in some cases, were             buyers and sellers. Although real
historical terms. According         continue                             not willing to finance loans         estate service providers endeavor to
to Real Capital Analytics           to improve                           of over EUR 50 million. This         depict prices in the form of market
(RCA), global transaction                                                explains why, for example,           returns, the low number of representa-
volumes in the fir st six                                                the number of individual             tive property sales means that the
months of 2009 were 60%                                                  transactions valued at over          indicative ability of these returns is
lower than during the first six months of   EUR 50 million that were realized in Eu-                          questionable. In the USA, for example,
2008 and as much as 82% lower than          rope in the first six months of 2009 was                          only 37 individual office properties
the same period in 2007. This drop in       81% lower than in the same period in                              worth over USD 50 million were sold in
transaction volumes can be attributed       2007. By contrast, the sale of proper-                            the first nine months of the year, com-
to two main reasons:                        ties up to EUR 50 million only fell by                            pared with 184 in 2008 and as many as
                                            45%. However, financing options in Eu-                            412 in 2007. The same goes for Europe,
Firstly, the difficulty in obtaining debt   rope have improved again since the                                where the number of individual trans-
finance in the wake of the financial        second half of 2009, boosting the                                 actions worth over EUR 50 million fell
market crisis made it virtually impos-      volume of transactions in Europe                                  from 1,093 in 2007 to 518 in 2008 and
sible to finance large-scale properties.    again.                                                            then to 103 in the first half of 2009.




                                                                                                                 Le Dionys, Paris
                                                                                                                 [Property Record page 68 / no. 2]




22      KanAm Spezial grundinvest Fonds
Based on these meager data, real                          key drivers of the                                                                                                                             m ove m e nt s o n
                                                                                         Transaction                                              Transaction
estate service providers and research                     economy – i.e.,                volumes for                                              volumes                                                the real estate
firms are currently determining returns                   consumer spend­                commercial                                               for office                                             markets will be
for 63 office real estate markets in the                  ing, investments,              real estate                                              properties                                             lower than during
USA and 47 in Europe, among others.                       and exports – will             in Europe                                                in the USA                                             the boom years
Accordingly, there is a risk that the re­                 r e t u r n to s u s ­                                                                                                                         2006 and 2007. In
turns determined in this way have over­                   tainable growth.                                                                                                                               the current envi­
stated the market correction. This in                     Should this be the                                                                                                                             ronment, inves­
turn leads to differences between the                     case, it will also                                                                                                                             tors are also
price expectations of property buyers                     noticeably im­                                                                                                                                 focusing more
and those of sellers, and to a reduction                  prove the outlook                                                                                                                              strongly again on
in transaction volumes. In the mean­                      for the labor mar­                                                                                                                             the fundamental
time, buyers are differentiating be­                      kets and, in turn,                                                                                                                             qualit y of their
tween investments to a far greater de­                    the real estate                                                                                                                                investments – i.e.,




                                                                                                                                                     USD 130 billion
                                                                                             EUR 246 billion


                                                                                                               EUR 117 billion




                                                                                                                                                                       USD 58 billion
                                                                                                                                 EUR 42 billion




                                                                                                                                                                                        USD 14 billion
gree than before based on their                           markets. On the                                                                                                                                on good locations,
individual quality. A prime example of                    strength              of                                                                                                                       high     building
this is London’s Docklands submarket.                     current economic                                                                                                                               q u a l i t y, a n d –
In September 2009, a building that was                    forecasts, rents               
                                                                                             2007              2008 Q1–Q3
                                                                                                                     2009
                                                                                                                                                   2007               2008 Q1–Q3
                                                                                                                                                                             2009
                                                                                                                                                                                                         above all – the
leased for 25 years was sold for a 5.8%                   can be expected                                                                                                                                property’s leas­
return even though the published prime                    to continue falling                                                                                                                            ing situation.
yield was 6.5%.                                           in 2009 and 2010.             Source: CB Richard Ellis                                  Source: CoStar                                         Solid investments
                                                          In 2010, the eco­                                                                                                                              are those with a
Outlook                                                   nomic forecasts for individual countries                                                minimum of leases expiring in the crisis
                                                          span a wider spectrum. While the IMF                                                    years 2009 and 2010. In the medium to
All in all, it is safe to say at present that             predicts substantial economic growth                                                    long term, the attractiveness of real
the outlook for commercial real estate                    of 1.5% for the USA as early as 2010,                                                   estate investments is expected to
markets has improved. However, be­                        only 0.3% is expected for the euro­                                                     increase on account of the growing risk
fore a marked recovery can take place,                    zone. This suggests that, on the whole,                                                 of inflation. This is because some prop­
the economy as a whole must regain                        US real estate markets will recover                                                     erties have leases that are linked to an
momentum. This is only partially the                      more quickly than their European                                                        inflation index, thus ensuring an infla­
case at present, as economic growth is                    counterparts.                                                                           tion­proof income.
driven primarily by the public sector.
The coming quarters will show whether                     Given the developments seen on the
the efforts of governments and central                    global real estate markets, it can be
banks have paid off and whether the                       expected in the short term that capital




 The views and forecasts contained in this market analysis are based on careful research. Although all information has been taken from sources considered to be reliable,
 no assurance can be given that it is accurate, complete, and adequate.
 Date of analysis: October 31, 2009




                                                                                                                                                            KanAm Spezial grundinvest Fonds                                 23
Annual Report as of September 30, 2009               ....................................                           Fund Management Report




KanAm Spezial grundinvest Fonds’ CONCEPT HAS PROVEN ITSELF:
FOR FIVE YEARS, THE FUND HAS PROVIDED INSTITUTIONAL
INVESTORS A MEDIUM- TO LONG-TERM ALTERNATIVE INVESTMENT
OFFERING HIGH STABILITY AND STEADY GROWTH.




                                           Investor Structure
                                           � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




                                           KanAm Spezial grundinvest Fonds was                                                                                                                                                                                           m i n i m u m c o m m i t m e n t s . Ka n A m
                                           founded some five years ago with the                                                                                                                                                                                          Spezial grundinvest Fonds has also set
                                           aim of serving institutional investors’                                                                                                                                                                                       an upper investment limit of EUR 40
                                           wishes, while also permitting them to                                                                                                                                                                                         million, thus preventing individual
                                           commit only medium-sized investment                                                                                                                                                                                           investors from exerting too great an
                                           volumes. Consequently, it takes the                                                                                                                                                                                           influence on the fund’s strategy.
                                           form of an open-ended real estate
                                           fund, although it is not distributed to                                                                                                                                                                                       As of the reporting date of September
                                           the public. The fund’s management                                                                                                                                                                                             30, 2009, the largest stake in the fund
                                           focuses on these customers’ desire for                                                                                                                                                                                        held by an individual investor was
                                           a stable, high-yield medium- to long-                                                                                                                                                                                         9.6%. 77.1% was distributed among
                                           term investment that also offers the                                                                                                                                                                                          investors holding less than 5% of the
                                           security of material assets. The fund                                                                                                                                                                                         fund assets. 98.2% of fund assets
                                           was designed in line with this and the                                                                                                                                                                                        were held by investors who have
                                                                                                                                                                                                                                                                         invested more than EUR 1 million.


A clear profile                                                                                                                                                                                                                                                          At the moment Funds of funds hold the
                                                                                                                                                                                                                                                                         largest proportion of fund assets, ac-

KanAm Spezial grundinvest Fonds is
                                           positive response from investors clear-                                                                                                                                                                                       counting for 52.8% in total. They are
designed to meet the wishes of insti-      ly shows that expectations are being                                                                                                                                                                                          followed by banks (39.5%) and pen-
tutional investors but requires only
medium-sized minimum investment            met. The minimum investment amount                                                                                                                                                                                            sion funds (5.0%). Foundations ac-
volumes.
                                           for KanAm S pezial grundinvest Fonds                                                                                                                                                                                          count for 0.9%, family offices for
Tailor-made                                is EUR 500,000. This is what makes                                                                                                                                                                                            0.8%, ecclesiastical institutions for
                                           this fund different from most compa-                                                                                                                                                                                          0.7%, and other institutional investors
                                           rable funds that require much higher                                                                                                                                                                                          for 0.3%.




24       KanAm Spezial grundinvest Fonds
                                                                                                                                                                         INFO




                                                                                                                                          AVIVA C, Paris
                                                                                                                                          [Property Record page 68 /
                                                                                                                                          no. 1]




Investor structure                                        Investor structure as a                                                         Investor structure by
by sector                                                 percentage of fund assets                                                       investment volume

                       Family offices
                       0.8%                                                                                                                          Investors with an
        Ecclesiastical                                                                                                                             investment volume
          institutions Foundations                                                                                                                 up to EUR 1 million
                0.7% 0.9%                                                                                                                                       1.8%
                 Other
institutional investors      Pension funds      Re
                                                     m
                  0.3%       5.0%                        ai
                                                                                                         %




                                                              nd
                                                                                                        9.6




                                                                   er
                                                                      <
                                                                        2
                                        Banks                             .   0%
                                                                                                                                 %
                                        39.5%                                                                              7.0


                                                                                                                                 6.3%


                                                                                                                                 3.9%

                                                                                                                                3.9
                                                                                                                                      %
                                                                                                                           3.
                                                                              2.                                                0%
                                                                       0%                                            2.
                                                                                                                          9%
                                                                               2 .1
                                                                                  2 .1




                                                                                                                2.
                                                                                   %


                                                                                     2.2




                                                                                                                    6%
                                                                                                             2 .6




                                                                                                                                                              Investors with an
                                                                                      %




  Funds of
                                                                                      2 .4%



                                                                                                     2 .5%
                                                                                              2.4%
                                                                                                     2.4%
                                                                                         %




                                                                                                              %




    funds                                                                                                                                                     investment volume
   52.8 %                                                                                                                                                     > EUR 1 million
                                                                                                                                                              98.2 %




                                                                                                                                            KanAm Spezial grundinvest Fonds       25
Annual Report as of September 30, 2009                                                                                                                                                                                                  ....................................                           Fund Management Report




Real Estate Portfolio Structure
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




Geographical distribution                                                                                                                                                                                                     Based on the market values, the Nether­                                                                                                                                                                                       Geographical distribution of
                                                                                                                                                                                                                              lands accounted for 38.5% of the                                                                                                                                                                                              properties by market value
The KanAm Spezial grund­invest Fond­s                                                                                                                                                                                         KanAm Spezial grund­invest Fond­s port­
portfolio was further expanded during                                                                                                                                                                                         folio at the end of the period under
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Luxembourg                                                                 Netherlands
the period under review. The fund’s                                                                                                                                                                                           review. This was followed by France                                                                                                                                                                                                                                                        4.4 %                                                                 38.5 %

management strengthened its pres­                                                                                                                                                                                             (34.6%), Switzerland (12.2%), Greece                                                                                                                                                                                                                                           Greece
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             10.3 %
ence in the French capital – whose real                                                                                                                                                                                       (10.3%), and Luxembourg (4.4%).
                                                                                                                                                                                                                                                                                                                                                                                                                                                           Switzerland
estate market is still considered to be                                                                                                                                                                                                                                                                                                                                                                                                                        12.2 %

one of the most attractive in the world –                                                                                                                                                                                     Types of use
with the acquisition of an office and
retail building in downtown Paris. Prior                                                                                                                                                                                      As of the reporting date, KanAm Spezial
to this, the fund already expanded its                                                                                                                                                                                        grund­invest Fond­s was invested mainly
portfolio to include a hotel property in                                                                                                                                                                                      in office properties as well as in one
Zurich and an office property in Lille,                                                                                                                                                                                       hotel property. Our goal is to generate
France.                                                                                                                                                                                                                       stable, long­term income for investors.
                                                                                                                                                                                                                              We therefore continued to diversify the                                                                                                                                                                                                                                                                                                                       France
As of the reporting date of September                                                                                                                                                                                         fund portfolio with regard to both the                                                                                                                                                                                                                                                                                                                        34.6 %

30, 2009, KanAm Spezial grund­invest                                                                                                                                                                                          properties’ locations and their types of
Fond­s’ portfolio consisted of 13 prop­                                                                                                                                                                                       use, particularly in the period under
erties. Eleven of these were in euro­                                                                                                                                                                                         review. Further potential investments
zone countries: five in the Netherlands,                                                                                                                                                                                      are currently being examined.
four in France, one in Greece, and one
in Luxembourg. In addition, the port­
folio contains two properties in the
Swiss cities of Zurich and Geneva.




Expiring leases
(based on annual rental income)


 between October 1, 2009 and December 31, 2009                                                                                                                                                                                                5.1%

 between January 1, 2010 and December 31, 2010                                                                                                                                                                     0.4%

 between January 1, 2011 and December 31, 2011 0.0%

 between January 1, 2012 and December 31, 2012                                                                                                                                                                                                                                                              16.2%

 between January 1, 2013 and December 31, 2013 0.0%

 between January 1, 2014 and December 31, 2014                                                                                                                                                                                                                     9.0%

 between January 1, 2015 and December 31, 2015                                                                                                                                                                                                                                                             15.0%

 between January 1, 2016 and December 31, 2016                                                                                                                                                                                                                                                                          19.0%

 between January 1, 2017 and December 31, 2017                                                                                                                                                                                                                                                              16.8%

 between January 1, 2018 and December 31, 2018                                                                                                                                                                                                                                                14.0%

                                                                                                                    after January 1, 2019                                                                                                 4.5%



26                                      KanAm Spezial grundinvest Fonds
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




                                                               Type of use of properties based                                                                                                                                                                                               Economic age structure* of                                                                                                                                                                                                    Properties by investment volume
                                                               on annual rental income                                                                                                                                                                                                       properties by market value                                                                                                                                                                                                    (market value)


                                                                                                        Retail/catering Other                                                                                                                                                                                             > 15 to 20 years                                                                         up to 5 years                                                                                                                                                                                                                    up to EUR 25 million
                                                                                                                 1.3% 0.5%                                                                                                                                                                                                           3.3%                                                                          68.9%                                                                                                                                                                                                                            22.6%
                                                                                        Parking Hotel                                                                                                                                                                                        > 10 to 15 years
                                                                                          7.4% 3.6%                                                                                                                                                                                                     6.9%

                                                                                                                                                                                                                                                                        > 5 to 10 years
                                                                                                                                                                                                                                                                                20.9%




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      > EUR 50 million                                                                          > EUR 25 million
                                                                                                                                        Office                                                                                                                                                                                                                                                                                                                                                                                           to 100 million                                                                             to 50 million
                                                                                                                                       87.2%                                                                                                                                                                                                                                                                                                                                                                                                   64.8%                                                                                     12.6%


                                                                                                                                                                                                                                                                                             * The age of a property is determined based on the
                                                                                                                                                                                                                                                                                               remaining useful life stated in the expert appraisal.




                                                           Economic age structure                                                                                                                                                                                                        together with the fungibility of the prop-                                                                                                                                                                                    of leases extend for longer than Janu-
                                                                                                                                                                                                                                                                                         erty, is a key decision criterion. Proper-                                                                                                                                                                                    ary 1, 2017. In the period under review,
                                                           KanAm S pe zia l grundinvest Fonds                                                                                                                                                                                            ties with a market value of between                                                                                                                                                                                           the fund’s asset management team
                                                           invests primarily in newly constructed                                                                                                                                                                                        EUR 50 million and EUR 100 million ac-                                                                                                                                                                                        successfully negotiated five-year ex-
                                                           and young properties. 89.8% of the                                                                                                                                                                                            count for the largest proportion of the                                                                                                                                                                                       tensions of the leases for the Nieuwe
                                                           buildings are ten years old or younger                                                                                                                                                                                        portfolio (64.8%). 12.6% of the proper-                                                                                                                                                                                       Vaart property with the Amsterdam
                                                           and a sizeable 68.9% are no more than                                                                                                                                                                                         ties have a market value of over EUR 25                                                                                                                                                                                       Traffic and Transport Authority. New
                                                           five years old. 6.9% of properties were                                                                                                                                                                                       million and up to EUR 50 million. Prop-                                                                                                                                                                                       leases were also signed for the Le
                                                           between 10 and 15 years old as of the                                                                                                                                                                                         erties worth up to EUR 25 million make                                                                                                                                                                                        Lumion property in Geneva.
                                                           reporting date. 3.3% of properties are                                                                                                                                                                                        up 22.6% of the real estate portfolio.
                                                           between 15 and 20 years old. This
                                                           means that the remaining useful lives                                                                                                                                                                                         Lease terms
                                                           of the properties are high, while mod-
                                                           ernization costs are low. This proves to                                                                                                                                                                                      When making new acquisitions, we
                                                           be an advantage when it comes to                                                                                                                                                                                              focus on the existence of long-term
                                                           leasing and potentially disposing of the                                                                                                                                                                                      leases with financially sound tenants.
                                                           properties.                                                                                                                                                                                                                   This factor has been a quality feature at
                                                                                                                                                                                                                                                                                         KanAm Spezial grundinvest Fonds ever
                                                           Properties by investment volume                                                                                                                                                                                               since it was launched, as it is ultimate-
                                                                                                                                                                                                                                                                                         ly instrumental in ensuring reliable rent-
                                                           Before any potential acquisition, we                                                                                                                                                                                          al payments and income. 94.5% of
                                                           assess whether the property’s size is                                                                                                                                                                                         leases have terms extending beyond
                                                           appropriate to the fund volume. This,                                                                                                                                                                                         2011, and 78.3% beyond 2013. 35.3%



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          KanAm Spezial grundinvest Fonds                                                                                                                                                27
Annual Report as of September 30, 2009                                                                                                                                                                                                  ....................................                           Fund Management Report




Loans and Exchange Rate Risks
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




Ratio of loans to total real estate assets as of September 30, 2009

                                                                                                                                                                                                                                                                                                                                                        Loan volume                                                                                                                                                                                                                                    Share
                                                                                                                                                                                                                                                                                                                                                          (indirect via                                                                                                                                                                                                                               of total
                                                                                                                                                                                                                                           Loan volume                                                                                                      real estate                                                                                                  Total loan                                                                                                               real estate
                                                                                                                                                                                                                                                (direct)                                                                                                  companies)                                                                                                       volume                                                                                                                     assets
                                                                                                                                                                                                                                          in EUR million                                                                                               in EUR million                                                                                                in EUR million                                                                                                                      in %
       EUR-denominated loans                                                                                                                                                                                                                                                        135.3                                                                                                                    0.0                                                                                              135.3                                                                                                              24.8

       CHF-denominated loans                                                                                                                                                                                                                                                              51.0                                                                                                               0.0                                                                                                    51.0                                                                                                               9.4

       Total                                                                                                                                                                                                                                                                        186.3                                                                                                                   0.0                                                                                               186.3                                                                                                              34.2

For information on the foreign currency and the exchange rate as of the reporting date of September 30, 2009, please see page 57.




Loan management                                                                                                                                                                                                               Breakdown of loan volumes by                                                                                                                                                                                                  Breakdown of loan volumes by
                                                                                                                                                                                                                              remaining fixed-rate period                                                                                                                                                                                                   maturity of loan agreements
The interest rates for the entire loan
volume are largely fixed over the
                                                                                                                                                                                                                                                                      5 to 10 years1)                                                    Less than 1 year1)
medium and long term.                                                                                                                                                                                                                                                        22.7%                                                       5.9%                                                                                                                                                                                     2019                                     2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  4.8%                                     6.0%
                                                                                                                                                                                                                                                                                                                                                                 1 to 2 years                                  1)

                                                                                                                                                                                                                                                                                                                                                                 6.0%                                                                                                                  2017                                                                                                                 2012
To the extent that the fund’s manage-                                                                                                                                                                                                                                                                                                                                                                                                                                                 15.1%                                                                                                                 29.0%
ment considers taking out debt finance
in the course of new acquisitions to be
sensible, a tendering procedure is car-
ried out with independent banks. The
resulting lender competition enables
KanAm S pezial grundinvest Fonds to
                                                                                                                                                                                                                                                                                                                                                                                                                                                              2016
negotiate the best possible loan condi-                                                                                                                                                                                                                                                                                                                                                                                                                     11.4 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          2014
tions.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    4.0%

                                                                                                                                                                                                                                                                                                                                                       2 to 5 years1)                                                                                                                                                             2015
                                                                                                                                                                                                                                                                                                                                                       65.4%                                                                                                                                                                     29.7%

                                                                                                                                                                                                                              1)
                                                                                                                                                                                                                                        Loan volume (direct)




28                                      KanAm Spezial grundinvest Fonds
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




                                                           Overview of assets belonging to KanAm Spezial grundinvest Fonds denominated in foreign currencies


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   CHF
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          in EUR million
                                                                Real estate and equity interests in real estate companies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 66.3

                                                                Other assets and bank deposits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 1.3

                                                                Less loans                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                51.0

                                                                Less other liabilities and provisions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          2.0

                                                                Fund assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               14.6

                                                                Forward exchange transactions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             14.5

                                                                Open foreign currency positions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                0.1


                                                                Open foreign currency positions as a proportion of fund assets in %                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       0.03

                                                                Open foreign currency positions as a proportion of total assets in %                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      0.02

                                                           For information on the foreign currency and the exchange rate as of the reporting date of September 30, 2009, please see page 57.




                                                           Assets in CHF




                                                                                      Bank deposits Other assets
                                                                                  1.4 million (1.4%) 0.5 million (0.5%)




                                                                      Real estate
                                                           100.1 million (98.1%)




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          KanAm Spezial grundinvest Fonds                                                                                                                                                29
Annual Report as of September 30, 2009                                                                                                                                                                                                  ....................................                           Fund Management Report




EVER SINCE THE FUND WAS LAUNCHED, ITS MANAGEMENT HAS
PAID PARTICULAR ATTENTION TO TENANT CREDITWORTHINESS
AND LONG LEASE TERMS. THIS QUALITY CRITERION ENSURES
STABILITY AND VALUE, PARTICULARLY IN TIMES OF CRISIS.
PUBLIC SECTOR OR NEAR-PUBLIC SECTOR TENANTS WITH
PRACTICALLY NO DEFAULT RISK ACCOUNTED FOR ROUGHLY ONE
THIRD OF TOTAL SPACE IN THE FISCAL YEAR.




Leasing and Tenant Creditworthiness
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




Leased rate: 100%                                                                                                                                                                                                             agencies. The remaining 32.6% of                                                                                                                                                                                                                                                                                                                                                        FAC T S
                                                                                                                                                                                                                              tenants are companies that are unrated
Since its launch, KanAm Spezial grund-                                                                                                                                                                                        due to the sector in which they operate.                                                                                                                                                                                                                                                Leased rate: 100%
invest Fonds has had a leased rate of                                                                                                                                                                                         At the end of the period under review,                                                                                                                                                                                                                                                  High proportion of public
100%. This success lays the founda-                                                                                                                                                                                           98.5% of tenants who were either rated                                                                                                                                                                                                                                                  sector or near-public
tion for sustainable performance. As of                                                                                                                                                                                       or classified as such had high credit                                                                                                                                                                                                                                                   sector tenants
the reporting date of September 30,                                                                                                                                                                                           ratings.                                                                                                                                                                                                                                                                                Low tenant default risk
2009, all properties contained in the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 as a result
portfolio were fully leased. In the period
under review we were also able to
maintain the number of public sector                                                                                                                                                                                          Creditworthiness of all tenants                                                                                                                                                                                               Creditworthiness of rated tenants
and near-public sector tenants at a                                                                                                                                                                                           in % of total space leased                                                                                                                                                                                                    in % of total space leased
constant level, specifically minimizing
the tenant default risk. The remaining                                                                                                                                                                                                                                                                                                                                                                                                                                        Tenants with                                                                                Tenants with
                                                                                                                                                                                                                                                          Unrated tenants                                                                   Rated tenants                                                                                                              medium credit ratings                                                                              high credit ratings
space is leased to companies with                                                                                                                                                                                                                                                                                                           36.1%                                                                                                                                     1.5%                                                                                52.0%
                                                                                                                                                                                                                                                                   32.6%
predominantly high credit scores.


Tenants with high credit ratings


As of the reporting date of September
30, 2009, 31.3% of the space in the
KanAm Spezial grundinvest Fonds was
leased to public sector institutions, for
which the tenant default risk is virtually
zero. 36.1% of the tenants have been                                                                                                                                                                                             Public sector tenants                                                                                                                                                                                                     Public sector tenants
                                                                                                                                                                                                                                                31.3%                                                                                                                                                                                                                     46.5%
rated by well-known independent


30                                      KanAm Spezial grundinvest Fonds
1. PULSAR, Paris
Top location: The PULSAR office and retail building is located in the
central business district, one of the French capital’s most frequented
quarters. The main retail tenant is Starbucks Coffee France S.A.S.




2. Laan op Zuid, Rotterdam
Green building: This property, in the Kop van Zuid office district, was
certified as a green building in accordance with the strict Dutch certifica-
tion system. Environmentally friendly heating and cooling using a geo-
thermal power plant were two of the key factors leading to this.




3. Helex Building B, Athens
Helex Building B is located in the Greek capital’s up-and-coming
financial center. Its neighbors include public sector institutions such
as the Interior Ministry as well as banks and the Stock Exchange.




4. Nieuwe Vaart, Amsterdam
The Amsterdam Traffic and Transport Authority is the property’s sole
tenant. The lease was recently extended to 2014. The property enjoys
an excellent city location in the immediate vicinity of the Central Station
and the pedestrian zone.




5. Le Dionys, Paris/Saint-Denis
The building – located on Avenue du Président Wilson in the south
of downtown Saint-Denis, not far from Paris – boasts an elegant
architectural design, modern appointments, and ideal transportation
links. It is leased to a social insurance institution that is responsible
for pension and health insurance for the self-employed.




6. La Madeleine, Lille
This modern office building in the Euralille submarket is fully leased
to financial services provider FINAREF. The tenant has signed a long-
term lease. The two TGV stations Lille Europe and Lille Flandres are in
the immediate vicinity.




                                                                               KanAm Spezial grundinvest Fonds   31
Annual Report as of September 30, 2009        ....................................   Fund Management Report




      New Acquisitions
                     34      PAris:
                             PULsAr




                     38      ZUrich:
                             hotel holiday inn Zurich Messe
                             Transfer of a completed project to the
                             portfolio



                     40      LiLLe:
                             La Madeleine




       KanAm SPEZIAL grundinvest Fonds acquired a fully
       modernized property in a top location in Paris, Eu-
       rope’s largest office property market. The PULSAR
       office and retail building is located in the French cap-
       ital’s central business district. France’s second most
       important train station is also located in the
       immediate vicinity. Another advantage: Long-term
       leases were agreed with both the office and retail
       tenants.




32    KanAm Spezial grundinvest Fonds
KanAm Spezial grundinvest Fonds   33
Annual Report as of September 30, 2009                                                                                                                                                                                                  ....................................                           Fund Management Report




PULSAR, Paris
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




The PULSAR office and retail building                                                                                                                                                                                         space of approximately 1,810 sqm
                                                                                                                                                                                                                                                                                                                                                                                                                                                                 FAC T S
acquired by KanAm Spezial grund­invest                                                                                                                                                                                        on seven stories above ground and one
Fond­s in Paris is located in the east of                                                                                                                                                                                     below. The move represents the first
the 8th arrondissement, on the square                                                                                                                                                                                         time that the fund’s management has                                                                                                                                                                           	 Very	good	location	in	Paris’	
directly in front of France’s second                                                                                                                                                                                          acquired a property that is used as a                                                                                                                                                                          central	business	district
most important train station, the Gare                                                                                                                                                                                        retail and office property. The main                                                                                                                                                                          	 Property	was	extensively	
Saint Lazare. The retailers and the                                                                                                                                                                                           office tenant is the consulting firm                                                                                                                                                                           renovated,	ending	in	2007
Starbucks coffee shop located in the                                                                                                                                                                                          Krauthammer International S.A. All                                                                                                                                                                            	 Attractive	tenant	and	
property benefit from this very popular                                                                                                                                                                                       office space is leased until 2017. The                                                                                                                                                                         i
                                                                                                                                                                                                                                                                                                                                                                                                                                             	ndustry	mix
location. For many people who arrive at                                                                                                                                                                                       main retail tenant is Starbucks Coffee                                                                                                                                                                        	 Long-term	leases
the Saint-Lazare train station, their first                                                                                                                                                                                   France S.A.S., which has signed a                                                                                                                                                                             	 Excellent	public	transpor-
port of call is at Starbucks for a quick                                                                                                                                                                                      long-term lease that runs until 2019.                                                                                                                                                                          tation	links
coffee.


The property was built in 1868 and was
extensively renovated between 1997
and 2007. It comprises total floor




                                                                                                                                  The 19 th century
                                                                                                                                                            property’s
                                                                                                                                                 architectural
                                                                                                                                  charm has been
                                                                                                                                        combined with
                                                                                                                             a modern interior


34                                      KanAm Spezial grundinvest Fonds
KanAm Spezial grundinvest Fonds   35
Annual Report as of September 30, 2009                  ....................................   Fund Management Report




                          Location analysis
                          Paris is the largest office real estate                                           were only 6.5% in the third quarter
                          market in Europe and one of the                                                   of 2009, significantly below the aver-
                          most attractive in the world. The                                                 age figure for comparable major EU
                          French capital has even proven it-                                                cities. One of the reasons for this is
                          self to be remarkably resistant to                                                undoubtedly that many of the coun-
                          the effects of the financial and eco-                                             try’s most important companies
                          nomic crisis. In the first quarter of                                             and leading institutions have their
                          2009, as growth in all the industrial-                                            headquarters in the city on the
                          ized nations slumped, the Paris of-                                               Seine. Demand will therefore
                          fice real estate market was award-                                                remain high, while the volume of
                          ed a “B” (above-average potential,                                                expected completions will decline
                          below-average investment risk) by                                                 significantly in the coming three
                          independent rating agency Feri.                                                   years.


                          The figures confirm this: Vacancy
                          rates in the Paris real estate market




                                                                                                    Saint-Quen          N1
                                                                                                             Boulevard Périphérique
                                             Courbevoie
                                                                        Levallois-
                                                                         Perret                                                                                   N3
                                                                                                                                                       Le Pré-
                                                                                                8. Arrondissement                                   Saint-Gervais
                                                      Neuilly-sur-Seine
                                             e




                                                                                                PULSAR
                                             in




                                                                                                 Pulsar
                                          Se




                                                                                                                     PULSAR, Paris
                                                                                                  Champs-
                                                                                                   Elysées
                                                                                                   Élyseés                                           Gare
                                                                                                                      Ru




                                                                                                                                                  Saint Lazare
                                                                                                                                        Rue
                                                                                                                       e
                                                                                                                        du




                                                                                                                                         de R




                                                                                                                                                              Rue re
                                                                                                                            Ro




                                                                                                                                                                   eu
                                                                                                                                                            Intéri
                                                                                                                             ch
                                                                          e




                                                                                                                                          ome
                                                                       in




                                                                                                                               er
                                                                    Se




                                      A13
                               Saint-Cloud                                                                                   PULSAR                             Rue
                                                                                   PARIS                                               nière             Saint-
                                                                                                                                                               Laza
                                                                                                                                                                    re

                                        Boulogne-                                                                     Rue   de la Pépi
                                                                                                                                              Rue
                                                                                                                                              Pasquier
                                                                                                                                    u




                                        Billancourt
                                                                                                                              d’Anjo




                                                                     Bo
                                                                       u
                                                                  N189 levard                                               Boule
                                                                                               Pé ri                               vard H
                                                                                                    phé                             aussm
                                                                                                       ri
                                                                                                       que
                                                                                                                             Rue




                                                                                                                                          ann
                                                                                               Montrouge                   8. Arrondissement
                                                                                                              A6a




36    KanAm Spezial grundinvest Fonds
International companies and top hotels        location is its very convenient public         PULSAR, PARiS
are located in the immediate vicinity of      transportation links. A metro and an           2, RUe de LA PéPinièRe

the building. For example, its neighbors      urban rail (RER) station, the Saint­           Location
include the Royal Bank of Scotland,           Lazare train station, and a bus stop            	 8th	arrondissement,	opposite	
                                                                                                the	Saint-Lazare	train	station
UBS France, and the British consulate.        servicing 15 routes are all located in
Another advantage of the property’s           the direct vicinity.                           Transportation links
                                                                                              	 Very	good,	metro	and	urban	rail	
                                                                                                (RER)	stations,	train	station	
                                                                                                	 earby,	a	bus	stop	servicing	
                                                                                                n
                                                                                                15	routes

                                                                                             Use
                                                                                              	 Office	and	retail	property

                                                                                             Floor space
                                                                                              	 1,810	sqm

                                                                                             Tenants
                                                                                              	 Starbucks	Coffee	France	
                                                                                                S.A.S.,	Krauthammer	
                                                                                                I
                                                                                                	nternational	S.A.,	etc.

                                                                                             Lease terms
                                                                                              	 Office	space	until	2017,		
                                                                                                retail	space	until	2019

                                                                                             Year constructed
                                                                                              	 1868,	renovated	in	the	period	
                                                                                                up	to	2007

                                                                                             Special features
                                                                                              	 Superior	location,	attractive	
                                                                                                sector	and	tenant	mix




                                The main
                       retail tenant in the
                        PULSAR building
                      is Starbucks Coffee
                           France S.A.S.
                         The office floors
                                also have
                                a modern
                             atmosphere


                                                                                       KanAm Spezial grundinvest Fonds           37
Annual Report as of September 30, 2009               ....................................                           Fund Management Report




                                           Transfer of a completed project to the
                                           portfolio


                                           Holiday Inn Zurich Messe, Zurich
                                           � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




                                           The new Holiday Inn Zurich Messe                                                                                                                                                                                              OC Oerlikon, one of the world’s lead-
                                           trade fair cente r hotel in Zurich                                                                                                                                                                                            ing high-tech industrial groups, and
                                           opened in spring 2009. The three-star                                                                                                                                                                                         Swiss television company Schweizer
                                           hotel, located in the immediate vicinity                                                                                                                                                                                      Fernsehen are located in the imme-
                                           of the trade fair and halfway between                                                                                                                                                                                         diate vicinity.
                                           the city center and the international
                                           a i r p o r t, i s o p e r ate d by Tu r i c u m                                                                                                                                                                              The hotel’s location is particularly
                                           S ys te m s H ote l s Zü r i c h AG . T he                                                                                                                                                                                    interesting as there were previously
                                           franchiser is the InterContinental                                                                                                                                                                                            no other dedicated trade fair hotels in
                                           Hotels Group with the Holiday Inn                                                                                                                                                                                             Zurich with such good transportation
                                           brand. The lease runs for 20 years.                                                                                                                                                                                           links. In addition, the sophisticated
HoLIdAy Inn                                                                                                                                                                                                                                                              restaurant concept is intended to
ZURIcH MeSSe
                                           A number of well-known major com-                                                                                                                                                                                             te m pt n o n - r e s i d e nt s a s we l l a s
Location
                                           panies, such as Crédit Suisse, con-                                                                                                                                                                                           guests.
	 In	the	direct	vicinity	of	the	           sulting firm PricewaterhouseCoopers,
  Messe	Zurich	trade	fair	center,	
  Zurich-Oerlikon

Transportation links
	 Excellent	links	to	international	
  transportation	networks;	down-
  town	Zurich	and	Kloten	Airport	
  can	be	reached	in	minutes

Use                                                          Location analysis
	 Hotel	property

Floor space                                                  The Zurich hotel market is dominated                                                                                                                                                                                 proximity of the international airport
	 164	guest	bedrooms,	97	un-                                 by a large number of privately owned                                                                                                                                                                                 has a positive effect. The fast trans-
  derground	parking	spaces                                   hotels. The large international hotel                                                                                                                                                                                portation links to downtown Zurich
Lessee                                                       chains, on the other hand, have only                                                                                                                                                                                 and the airpor t are yet another
	 The	franchiser	is	the	InterConti-                          a small presence. The same is true of                                                                                                                                                                                benefit of this microlocation.
  nental	Hotels	Group	with	the	                              modern, mid-range hotels in good
  Holiday	Inn	brand.
                                                             locations. It is precisely this potential                                                                                                                                                                            Independent experts also give a very
Lease                                                        that the new Holiday Inn Zurich                                                                                                                                                                                      upbeat assessment of the Holiday
	 20-year	lease	with	extension	                              Messe is targeting at a location that                                                                                                                                                                                Inn Zurich Messe’s location and con-
  options
                                                             offers three advantages: Firstly, of                                                                                                                                                                                 cept. For example, the hotel has the
completion                                                   course, the hotel is likely to benefit                                                                                                                                                                               qualities necessary “to compete
	 March	2009                                                 considerably from activities at the                                                                                                                                                                                  successfully with the generally high-
Special features                                             trade fair center. Secondly, numerous                                                                                                                                                                                er-priced, but much older hotels at
	 Very	good	location,	benefits	                              well-known companies have settled                                                                                                                                                                                    the location”, according to an analy-
  from	the	trade	fair	center,	its	                           in the Oerlikon district, resulting in                                                                                                                                                                               sis by Hotour, a consultant to the
  proximity	to	the	airport,	and	the	
  dynamic	economy	in	Oerlikon,	                              increasing demand for overnight                                                                                                                                                                                      hotel and tourism sector based in
  home	to	many	national	and	                                 accommodation. And lastly, the                                                                                                                                                                                       Frankfurt am Main.
  	nternational	companies.
  i



38       KanAm Spezial grundinvest Fonds
                                                                                         KLOTEN
                                               RÜMLANG
                                                             ZURICH-KLOTEN
                                                                AIRPORT
      W AT T


                         A F F O LT E R N
                                                                              OPTIKON
ORF
                                                                   OBERHUSEN


                     U N T E R - A F F O LT E R N       SEEBACH                                        DIETLIKON
                                                                                             RIEDEN

                                                          OERLIKON                       WALLISELLEN




                     HÖNGG


                                         WIPKINGEN                       Messe trade
                                                                          fair center/
                                                                        indoor stadium
                                                    UNTERSTRASS
                     INDUSTRIAL DISTRICT                                                 OERLIKON

A LT S T E T T E N



                                       AUSSERSIHL




GG
TIKON                                                                 HIRSLANDEN




                                                                                                                   KanAm Spezial grundinvest Fonds   39
Annual Report as of September 30, 2009       ....................................   Fund Management Report




     Location analysis
     Lille is the third most impor tant              important transportation hubs is                        by KanAm S p e z i a l grundinvest
     financial center in France and tradi-           likely the reason why a large num-                      Fonds is also adjacent to Lille’s
     tionally a major location for the               ber of international companies have                     second largest submarket, the
     insur a nce indu str y. It be nef its           chosen to establish themselves in                       Grand Boulevard, which has
     greatly from its good transportation            Lille.                                                  approximately 440,0 0 0 sqm of
     links and easy access to the high-                                                                      office space.
     speed train network. The cities of              The Euralille submarket has under-
     Brussels, London, and Paris, for                gone extremely dynamic growth in
     example, can each be reached in                 recent years. Once completed, it
     just an hour. This advantageous                 will offer around 320,000 sqm of
     location at one of Europe’s most                office space. The building acquired




40    KanAm Spezial grundinvest Fonds
La Madeleine office building, Lille
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




The northern French city of Lille is                                                                                                                                                                                          subsidiary of Crédit Agricole, which is
regarded as countr y’s third most                                                                                                                                                                                             currently rated Aa1 (equivalent to AA+)
important financial center. Many lead-                                                                                                                                                                                        by rating agency Moody’s. FINAREF
ing insurance companies are also                                                                                                                                                                                              has been located in Lille for some
headquartered here. KanAm S pezial                                                                                                                                                                                            35 years.
grundinvest Fonds acquired the La
Madeleine of fice building in the
Euralille submarket, in the vicinity of
the two TGV stations Lille Europe and
Lille Flandres. The property has total
floor space of 6,513 sqm on eight
stories above ground, as well as
185 parking spaces, 27 of which are
outside. The property boasts a sophis-
ticated architectural design and excel-
lent transportation links. The Euralille
submarket has undergone extremely
dynamic growth in recent years. It will
soon offer around 320,000 sqm of
office space.                                                                                                                                                                                                                                                                                                                                                                                                                                     La MadeLeine

                                                                                                                                                                                                                                                                                                                                                                                                                                                  Location
The La Madeleine office building, which                                                                                                                                                                                                                                                                                                                                                                                                            	 99,	Avenue	de	la	République,	
was completed in 2004, is leased to                                                                                                                                                                                                                                                                                                                                                                                                                  Lille,	France,	Euralille	submarket
financial services provider FINAREF.                                                                                                                                                                                                                                                                                                                                                                                                              Transportation links
The lease runs until 2016. FINAREF is a                                                                                                                                                                                                                                                                                                                                                                                                            	 Excellent	links	to	local	public	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     transportation	and	to	the	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     h
                                                                                                                                                                                                                                                                                                                                                                                                                                                     	 ighway	and	road	network;	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     a	network	hub	for	French		
                                                                                                                                                                                                                                                                                                                                                                                                                                                     high-speed	trains

                                                                                                                                                                                                                                                                                                                                                                                                                                                  Use
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 Office	building

                                                                                                                                                                                                                                                                                                                                                                                                                                                  Floor space
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 6,513	sqm,	plus	185	parking	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     spaces,	27	of	them	outside

                                                                                                                                                                                                                                                                                                                                                                                                                                                  Tenants
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 Fully	leased	to	FINAREF

                                                                                                                                                                                                                                                                                                                                                                                                                                                  Lease term
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 Leased	until	2016

                                                                                                                                                                                                                                                                                                                                                                                                                                                  Completion
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 2004

                                                                                                                                                                                                                                                                                                                                                                                                                                                  Special features
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 Very	good	position	in	an	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     e
                                                                                                                                                                                                                                                                                                                                                                                                                                                     	 stablished	office	location	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     with	excellent	transportation	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     links;	highly	creditworthy	
                                                                                                                                                                                                                                                                                                  Lille-Lesquin
                                                                                                                                                                                                                                                                                                  airport                                                                                                                                            t
                                                                                                                                                                                                                                                                                                                                                                                                                                                     	enant;	long-term	lease



                                                                                                                                                                                                                                                                                                                                                                                                                                            KanAm Spezial grundinvest Fonds             41
Annual Report as of September 30, 2009          ....................................   Fund Management Report




           44       RotteRdam:
                    Laan op Zuid
                    Laan op Zuid 391–469




           45       amsteRdam:
                    Ruby Point
                    Hullenbergweg 1–3




           46       PaRis/saint-denis:
                    Le dionys
                    260–264, avenue du Président Wilson /
                    Rue Francis de Pressensé



           47       atHens:
                    Helex Building B
                    110 athinon avenue




           48       tHe HaGUe:
                    Zilveren toren
                    Prinses Beatrixlaan 13–17




           49       GeneVa:
                    Le Lumion
                    Rue François Peyrot 10–14




           50       LUXemBoURG:
                    Centre Cloche d’or
                    10, Rue Henri schnadt




           51       amsteRdam:
                    nieuwe Vaart
                    nieuwe Vaart 5–9




           52       amsteRdam:
                    margriet toren
                    Haaksbergweg 75




           53       PaRis/Bois-CoLomBes:
                    aViVa C
                    70, avenue de l’europe




42    KanAm Spezial grundinvest Fonds
Portfolio Properties
Ever since the fund was launched, its manage-
ment has invested in high-quality properties in
leading European locations. Although the focus
clearly continues to be on office properties, retail
space in Paris and a hotel building in Zurich were
added in the year under review. In addition, the
period under review saw a number of leasing
successes, despite the difficult economic climate.




                                                       KanAm Spezial grundinvest Fonds   43
Annual Report as of September 30, 2009                          ....................................                           Fund Management Report




LAAn op Zuid                                          Laan op Zuid, Rotterdam
                                                      � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �



Location
                                                      This property is located in the Kop van                                                                                                                                                                                       The Laan op Zuid property was com-
	 Kop	van	Zuid	office	district,	not	
  far	from	Rotterdam	city	center                      Zuid office district, close to Rotterdam                                                                                                                                                                                      pleted in 2008 and has been part of
                                                      city center and is leased to two public                                                                                                                                                                                       KanAm S pezial grundinvest Fonds’
Transportation links
                                                      sector institutions, both of which pose                                                                                                                                                                                       portfolio ever since. What is so special
	 Excellent:	accessible	by	car		
  via	the	A16	highway.	Subway	                        practically no default risk. The main                                                                                                                                                                                         about this 19-story building: It is one of
  station	just	100	meters	from	                       tenant, UW V (Uitvoeringsinstituut                                                                                                                                                                                            the ten most sustainable office proper-
  the	property
                                                      Werknemers Verzekeringen), is a public                                                                                                                                                                                        ties in the Netherlands. Important crite-
use                                                   sector employee insurance agency.                                                                                                                                                                                             ria for this award are the environmen-
	 Office	building                                     The remaining space has been leased                                                                                                                                                                                           tally friendly heating and cooling of the
Floor space                                           to Dutch government building agency                                                                                                                                                                                           property using a geothermal power
	 24,270	sqm	on	19	stories	                           RGD (Rjiksgebouwendienst) on behalf                                                                                                                                                                                           plant. As a result, the building was cer-
  	 bove	ground;	277	under-
  a                                                   of the Rotterdam tax office. Both leases                                                                                                                                                                                      tified as a Green Building in accor-
  ground	parking	spaces
                                                      run until 2018. There are also extension                                                                                                                                                                                      dance with GreenCalc+, the strict
Tenants
                                                      options.                                                                                                                                                                                                                      Dutch certification system.
	 Public	sector	tenants:		
  employee	insurance	agency	
  UWV	and	Dutch	government	
  building	agency	RGD

Lease terms
	 Both	leases	run	until	2018

Year constructed
	 2008

Special features
	 New,	attractive	office	building	
  with	public	sector	tenants,	
  Green	Building




                             The Laan op Zuid
                                 office building
                                         is located
                                       not far from
                                        downtown
                                       Rotterdam.
                             Two public sector
                                 tenants share
                                     the property


44       KanAm Spezial grundinvest Fonds
                                                                                                                                                                                                                                                                                                                                                                                                                                            The Ruby Point
                                                                                                                                                                                                                                                                                                                                                                                                                                            in Amsterdam
                                                                                                                                                                                                                                                                                                                                                                                                                                            is located in
                                                                                                                                                                                                                                                                                                                                                                                                                                            the Zuidoost
                                                                                                                                                                                                                                                                                                                                                                                                                                            submarket




                                                                                                                                                                                                                                                                                                                                                                                                                                                        Ruby Point

                                                                                                                                                                                                                                                                                                                                                                                                                                                        Location
                                                                                                                                                                                                                                                                                                                                                                                                                                                            	 Amsterdam	Zuidoost

                                                                                                                                                                                                                                                                                                                                                                                                                                                        transportation links
                                                                                                                                                                                                                                                                                                                                                                                                                                                            	 Very	good,	Holendrecht	free-
                                                                                                                                                                                                                                                                                                                                                                                                                                                              way	intersection	approximately	
                                                                                                                                                                                                                                                                                                                                                                                                                                                              150	meters	away;	city	center	
                                                                                                                                                                                                                                                                                                                                                                                                                                                              and	airport	accessible	by	car		
Ruby Point, Amsterdam
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
                                                                                                                                                                                                                                                                                                                                                                                                                                                              in	15	minutes;	good	public	
                                                                                                                                                                                                                                                                                                                                                                                                                                                              transportation	links

KanAm S pe zia l grundinvest Fonds                                                                                                                                                                                            The Ruby Point office building is locat­                                                                                                                                                                                  use
acquired the Ruby Point property in                                                                                                                                                                                           ed in Amsterdam’s Zuidoost submarket                                                                                                                                                                                          	 Office	building
Amsterdam, which boasts an unusual,                                                                                                                                                                                           and has excellent transportation links.
                                                                                                                                                                                                                                                                                                                                                                                                                                                        Floor space
modern architectural design, as part of                                                                                                                                                                                       The Holendrecht freeway interchange
a sale and leaseback transaction.                                                                                                                                                                                             is located in the immediate vicinity,                                                                                                                                                                                         	 5,217	sqm	on	five	floors,	
                                                                                                                                                                                                                                                                                                                                                                                                                                                              90	outside	parking	spaces
Unlimited Sports Group B.V. (USG) sold                                                                                                                                                                                        while the Dutch capital’s city center
the building to the fund and sub­                                                                                                                                                                                             and the airport are also accessible by                                                                                                                                                                                    tenant

sequently leased it again in its entirety.                                                                                                                                                                                    car in 15 minutes. The property has                                                                                                                                                                                           	 Unlimited	Sports	Group	B.V.
The lease runs until 2018. USG is the                                                                                                                                                                                         5,217 sqm of floor space. It was                                                                                                                                                                                          Lease terms
largest independent company in the                                                                                                                                                                                            completed in 1987 and completely                                                                                                                                                                                              	 Until	2018
sport and lifestyle sector in the Bene­                                                                                                                                                                                       renovated in 2004.
lux countries. It is also the owner of                                                                                                                                                                                                                                                                                                                                                                                                                  year constructed

numerous brands and licenses. USG                                                                                                                                                                                                                                                                                                                                                                                                                           	 1987	(technical	facilities	
                                                                                                                                                                                                                                                                                                                                                                                                                                                              	 odernized	in	2004)
                                                                                                                                                                                                                                                                                                                                                                                                                                                              m
now operates a large number of
branches in Germany.                                                                                                                                                                                                                                                                                                                                                                                                                                    Special features
                                                                                                                                                                                                                                                                                                                                                                                                                                                            	 Medium-sized	property	at	
                                                                                                                                                                                                                                                                                                                                                                                                                                                              a	dynamic	location



                                                                                                                                                                                                                                                                                                                                                                                                                                                KanAm Spezial grundinvest Fonds             45
Annual Report as of September 30, 2009                       ....................................                           Fund Management Report




Le DionyS                                          Le Dionys, Paris/Saint-Denis
                                                   � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




Location
                                                   The modern office building is leased to                                                                                                                                                                                       The Le Dionys property is located in
	 In	the	south	of	central		
                                                   RSI (Régime Social des Indépendants),                                                                                                                                                                                         the south of central Saint-Denis,
  Saint-Denis,	between	Paris	
  city	center	and	Charles	de	                      a social insurance institution that is                                                                                                                                                                                        between Paris city center and Charles
  Gaulle	airport                                   responsible for pension and health                                                                                                                                                                                            de Gaulle airport. The building was
Transportation links                               insurance for the self-employed. As                                                                                                                                                                                           completed in 2005 and has 14,311 sqm
	 Very	good,	access	to	two	key	                    RSI performs a public service, it has                                                                                                                                                                                         of floor space on seven floors. The Le
  highways	(A1	and	A86)	within	                    allowed us to further minimize potential                                                                                                                                                                                      Jade and Le Stadium properties, which
  a	radius	of	approximately	
                                                   tenant default risk in a targeted manner.                                                                                                                                                                                     were acquired for the KanAm grund­
  250	meters
                                                   The lease runs until 2016.                                                                                                                                                                                                    invest Fonds mutual fund, are both
Use                                                                                                                                                                                                                                                                              located nearby.
	 Office	building

Floor space
	 14,311	sqm	on	seven	floors,	
  270	underground	parking	
  spaces

Tenant
	 RSI,	a	near-public	sector	social	
  insurance	institution

Lease terms
	 Until	2016

year constructed
	 2005

Special features
	 Modern	office	building	in	an	
  e
  	 stablished	location




                                  The Le Dionys
                            office building in
                           Paris/Saint-Denis
                                        offers a
                                  sophisticated
                                  entrance area


46       KanAm Spezial grundinvest Fonds
                                                                                                                                                                                                                                                                                                                                                                                                                                                  Helex Building B

                                                                                                                                                                                                                                                                                                                                                                                                                                                  location
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 On	Athinon	Avenue,	one	of	the	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     most	important	arteries	in	Ath-
                                                                                                                                                                                                                                                                                                                                                                                                                                                     ens,	in	the	immediate	vicinity	of	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     the	Stock	Exchange	and	lead-
                                                                                                                                                                                                                                                                                                                                                                                                                                                     ing	financial	services	providers

                                                                                                                                                                                                                                                                                                                                                                                                                                                  Transportation links
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 The	submarket	is	scheduled	to	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     be	linked	to	the	Athens	subway	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     network,	giving	it	very	good	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     connections	to	the	city	center

                                                                                                                                                                                                                                                                                                                                                                                                                                                  use
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 Office	building

                                                                                                                                                                                                                                                                                                                                                                                                                                                  Floor space
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 12,315	sqm	on	eight	floors,	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     243	underground	parking	spaces	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     in	four	stories	below	ground

                                                                                                                                                                                                                                                                                                                                                                                                                                                  Tenant
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 Babis	Vovos	International	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     	 onstruction	S.A.
                                                                                                                                                                                                                                                                                                                                                                                                                                                     C

                                                                                                                                                                                                                                                                                                                                                                                                                                                  lease terms
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 Until	2015

                                                                                                                                                                                                                                                                                                                                                                                                                                                  Year constructed
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 2007

                                                                                                                                                                                                                                                                                                                                                                                                                                                  Special features
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 Up-and-coming	microlocation,	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     excellent	address	for	financial	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     services	providers




Helex Building B, Athens
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




KanAm S pezial grundinvest Fonds’                                                                                                                                                                                             the financial sector, including the Bank
acquisition of this property marked its                                                                                                                                                                                       of Greece, the Athens Stock Exchange,
first ever investment outside the classic                                                                                                                                                                                     Allianz, and the Greek Interior Ministry
European markets. The fund decided                                                                                                                                                                                            are to be found in the neighborhood.
to invest in a promising submarket in
the Greek capital in order to further                                                                                                                                                                                         The property, which has total floor
diversify the por tfolio. The Helex                                                                                                                                                                                           space of 12,315 sqm on eight stories, is
Building B office property is located in                                                                                                                                                                                      leased to Babis Vovos International
Athens’s up-and-coming financial                                                                                                                                                                                              Construction S.A. This listed company
center on Athinon Avenue and was                                                                                                                                                                                              has leased the unusual building until
completed in 2007. Leading names in                                                                                                                                                                                           2015.


                                                                                                                                                                                                                                                                                                                                                                                                                                            KanAm Spezial grundinvest Fonds         47
Annual Report as of September 30, 2009               ....................................                           Fund Management Report




                                           Zilveren Toren, The Hague
                                           � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




                                           This freestanding landmark building in                                                                                                                                                                                        The Zilveren Toren building was
                                           one of The Hague’s top locations is                                                                                                                                                                                           constructed in 1969 and extensively
                                           also the largest property in KanAm                                                                                                                                                                                            renovated in 2000. Its extremely good
                                           Spezial grundinvest Fonds’ portfolio. It                                                                                                                                                                                      transportation links are one of its
                                           offers total floor space of 27,216 sqm                                                                                                                                                                                        advantages. A highway on-ramp is
                                           on 19 stories above ground. The prop-                                                                                                                                                                                         located directly next to the property
                                           erty also boasts partial ownership of a                                                                                                                                                                                       and Schiphol Airport is 40 km away.
                                           neighboring parking garage. It has                                                                                                                                                                                            Even more valuable is access to the
                                           been leased to Nationale-Nederlanden                                                                                                                                                                                          “Randstad Rail”, which connects the
                                           Nederland B.V., an insurance company                                                                                                                                                                                          Beatrix Quar ter to downtown The
                                           belonging to the ING Group, one of the                                                                                                                                                                                        Hague, the western parts of the city,
                                           world’s leading financial ser vices                                                                                                                                                                                           and Rotterdam.
ZILVeRen ToRen                             providers. The lease runs until the end
Location                                   of 2012.
	 Freestanding	landmark	building	
  in	the	Beatrix	Quarter,	one	of	
  the	best	locations	in	The	
  Hague

Transportation links
	 Excellent	transportation	links	
  thanks	to	direct	highway	access	
  as	well	as	public	transportation	
  stops	within	walking	distance;	
  Schiphol	Airport	40	km	away

Use
	 Office	building

Floor space
	 27,216	sqm,	comprising	
  1
  	 9	stories	above	ground	and	
  partial	ownership	of	a	neigh-
  boring	parking	garage	with	
  211	parking	spaces,	as	well	as	
  an	additional	22	parking	spaces

Tenant
	 Nationale-Nederlanden		
  Nederland	B.V.	(ING	Group)

Lease terms
	 Until	the	end	of	2012

Year constructed
	 1969,	renovated	in	2000

Special features
	 Access	to	the	“Randstad	Rail”,	
  which	connects	the	Beatrix	
  Quarter	to	the	city	center	and	
  the	western	part	of	The	Hague,	
  as	well	as	to	Rotterdam



48       KanAm Spezial grundinvest Fonds
Le Lumion, Geneva
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




Transportation links don’t get any                                                                                                                                                                                            the world’s large st provide r s of
better than this: Geneva International                                                                                                                                                                                        software and IT services.
Airport can be reached from this build-
ing via a pedestrian bridge. The light-                                                                                                                                                                                       In the period under review, Sungard
flooded building with its striking glass                                                                                                                                                                                      S.A. leased the space originally leased
facade offers total floor space of                                                                                                                                                                                            by Gesrep S.A. The same rental terms
5,498 sqm on four stories above                                                                                                                                                                                               were agreed. In addition, SOS Assis-
ground. The highly solvent tenants                                                                                                                                                                                            tance S.A. took over parts of Zurich
                                                                                                                                                                                                                                                                                                                                                                                                                                                  Le Lumion
sharing the space include Zurich                                                                                                                                                                                              Versicherungs-Gesellschaft’s space.
Versicherungs-Gesellschaft, trading                                                                                                                                                                                           Most of the leases run until 2015, which                                                                                                                                                                            Location
company INVISTA, Stryker Trauma                                                                                                                                                                                               is long in Swiss terms and testifies to                                                                                                                                                                              	 In	Geneva’s	Grand-Saconnex	
S.A., a medical device manufacturer,                                                                                                                                                                                          the proper ty’s attractiveness and                                                                                                                                                                                     suburb	across	from	Geneva	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     I
                                                                                                                                                                                                                                                                                                                                                                                                                                                     	nternational	Airport
and Sungard (Switzerland) S.A., one of                                                                                                                                                                                        outstanding location.
                                                                                                                                                                                                                                                                                                                                                                                                                                                  Transportation links
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 Excellent	transportation	links	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     via	its	own	highway	on-	and	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     off-ramp,	as	well	as	a	pedes-
                                                                                                                                                                                                                                                                                                                                                                                                                                                     trian	bridge	linking	the	property	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     directly	to	the	airport	and	the	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     long-distance	railway

                                                                                                                                                                                                                                                                                                                                                                                                                                                  use
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 Office	building

                                                                                                                                                                                                                                                                                                                                                                                                                                                  Floor space
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 5,498	sqm,	comprising	four	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     stories	above	ground	and	one	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     story	below	ground,	85	parking	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     spaces	in	the	basement	and	a	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     further	66	outside

                                                                                                                                                                                                                                                                                                                                                                                                                                                  Tenant
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 Zürich	Versicherungs-Gesell-
                                                                                                                                                                                                                                                                                                                                                                                                                                                     schaft,	a	listed	Swiss	insurance	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     company
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 Sungard	(Switzerland)	S.A.,	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     one	of	the	world’s	largest	pro-
                                                                                                                                                                                                                                                                                                                                                                                                                                                     viders	of	software	and	IT	ser-
                                                                                                                                                                                                                                                                                                                                                                                                                                                     vices
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 INVISTA,	a	textiles	trading	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     company
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 Stryker	Trauma	S.A.,	a	listed	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     medical	device	manufacturer
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 SOS	Assistance	S.A.

                                                                                                                                                                                                                                                                                                                                                                                                                                                  Lease terms
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 Most	leases	run	until	2015

                                                                                                                                                                                                                                                                                                                                                                                                                                                  Year constructed
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 2004

                                                                                                                                                                                                                                                                                                                                                                                                                                                  Special features
                                                                                                                                                                                                                                                                                                                                                                                                                                                   	 Remarkably	long	lease	terms,	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     since	these	usually	only	run	for	
                                                                                                                                                                                                                                                                                                                                                                                                                                                     five	years	in	Switzerland



                                                                                                                                                                                                                                                                                                                                                                                                                                            KanAm Spezial grundinvest Fonds         49
Annual Report as of September 30, 2009                                                                                                                                                                                                  ....................................                           Fund Management Report




Centre Cloche d’Or, Luxembourg
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �              CentRe CLOChe d’OR

                                                                                                                                                                                                                                                                                                                                                                                                                                                       Location
This modern office property was com-                                                                                                                                                                                          to any further expansion of its busi-
                                                                                                                                                                                                                                                                                                                                                                                                                                                        	 On	the	southern	edge	of	
pleted in 2005 and is located in the                                                                                                                                                                                          ness. This does not affect the 100%
                                                                                                                                                                                                                                                                                                                                                                                                                                                          L
                                                                                                                                                                                                                                                                                                                                                                                                                                                          	 uxembourg	City,	in	the	estab-
Gasperich office district in the south of                                                                                                                                                                                     leased rate.                                                                                                                                                                                                                lished	Gasperich	office	district
Luxembourg City. The property com-
                                                                                                                                                                                                                                                                                                                                                                                                                                                       transportation links
prises total floor space of 4,326 sqm on                                                                                                                                                                                      The Centre Cloche d’Or building
                                                                                                                                                                                                                                                                                                                                                                                                                                                        	 Excellent	transportation	links	
four stories above ground level, 34 un-                                                                                                                                                                                       appeals to tenants not just due to its                                                                                                                                                                                      including	public	transportation	
derground parking spaces, and eight                                                                                                                                                                                           excellent transportation links: It is also                                                                                                                                                                                  stops	within	walking	distance,	
                                                                                                                                                                                                                                                                                                                                                                                                                                                          as	well	as	the	peripheral	
outside parking spaces. All leases run                                                                                                                                                                                        in a very good and prestigious location
                                                                                                                                                                                                                                                                                                                                                                                                                                                          	 xpressway	200	meters	south	
                                                                                                                                                                                                                                                                                                                                                                                                                                                          e
until 2014. The main tenant is account-                                                                                                                                                                                       for office properties. Its neighbors                                                                                                                                                                                        of	the	property
ing firm Mazars S.A. with 88% of the                                                                                                                                                                                          include European Union institutions,
                                                                                                                                                                                                                                                                                                                                                                                                                                                       Use
total floor space. Mazars S.A. has an                                                                                                                                                                                         ING Bank, and consulting firm
                                                                                                                                                                                                                                                                                                                                                                                                                                                        	 Office	building
option to lease the remaining space as                                                                                                                                                                                        PricewaterhouseCoopers.
of January 1, 2012, allowing it to react                                                                                                                                                                                                                                                                                                                                                                                                               Floor space
                                                                                                                                                                                                                                                                                                                                                                                                                                                        	 4,326	sqm,	comprising	four	
                                                                                                                                                                                                                                                                                                                                                                                                                                                          stories	above	ground,	34	un-
                                                                                                                                                                                                                                                                                                                                                                                                                                                          derground	parking	spaces	and	
                                                                                                                                                                                                                                                                                                                                                                                                                                                          eight	outside	parking	spaces

                                                                                                                                                                                                                                                                                                                                                                                                                                                       tenants
                                                                                                                                                                                                                                                                                                                                                                                                                                                        	 Mazars	S.A.,	an	accounting	
                                                                                                                                                                                                                                                                                                                                                                                                                                                          firm
                                                                                                                                                                                                                                                                                                                                                                                                                                                        	 Grossfeld	PAP	S.A.,	a	project	
                                                                                                                                                                                                                                                                                                                                                                                                                                                          developer

                                                                                                                                                                                                                                                                                                                                                                                                                                                       Lease terms
                                                                                                                                                                                                                                                                                                                                                                                                                                                        	 Leased	until	2014

                                                                                                                                                                                                                                                                                                                                                                                                                                                       Year constructed
                                                                                                                                                                                                                                                                                                                                                                                                                                                        	 2005

                                                                                                                                                                                                                                                                                                                                                                                                                                                       Special features
                                                                                                                                                                                                                                                                                                                                                                                                                                                        	 European	Union	institutions,	
                                                                                                                                                                                                                                                                                                                                                                                                                                                          ING	Bank,	PwC,	etc.,	in	the	
                                                                                                                                                                                                                                                                                                                                                                                                                                                          	mmediate	neighborhood
                                                                                                                                                                                                                                                                                                                                                                                                                                                          i




                                                                                                                                                                                                                                                                                                                                                                                                                                            The Centre Cloche
                                                                                                                                                                                                                                                                                                                                                                                                                                            d’Or office property
                                                                                                                                                                                                                                                                                                                                                                                                                                            in Luxembourg
                                                                                                                                                                                                                                                                                                                                                                                                                                            offers transparent,
                                                                                                                                                                                                                                                                                                                                                                                                                                            light-flooded offices


50                                      KanAm Spezial grundinvest Fonds
                                                                                                                                                                                                                                                                                                                                                                                                                                            The Nieuwe Vaart
                                                                                                                                                                                                                                                                                                                                                                                                                                            property, which
                                                                                                                                                                                                                                                                                                                                                                                                                                            is leased to the
                                                                                                                                                                                                                                                                                                                                                                                                                                            Amsterdam Traffic
                                                                                                                                                                                                                                                                                                                                                                                                                                            and Transport
                                                                                                                                                                                                                                                                                                                                                                                                                                            Authority, is located
                                                                                                                                                                                                                                                                                                                                                                                                                                            in the immediate
                                                                                                                                                                                                                                                                                                                                                                                                                                            vicinity of the
                                                                                                                                                                                                                                                                                                                                                                                                                                            Dutch capital’s
                                                                                                                                                                                                                                                                                                                                                                                                                                            Central Station




                                                                                                                                                                                                                                                                                                                                                                                                                                                        Nieuwe VAArt

                                                                                                                                                                                                                                                                                                                                                                                                                                                        Location
                                                                                                                                                                                                                                                                                                                                                                                                                                                         	 On	the	eastern	edge	of	
                                                                                                                                                                                                                                                                                                                                                                                                                                                           	 msterdam	city	center,	across	
                                                                                                                                                                                                                                                                                                                                                                                                                                                           A
                                                                                                                                                                                                                                                                                                                                                                                                                                                           from	the	Shipping	Museum	
                                                                                                                                                                                                                                                                                                                                                                                                                                                           and	in	the	immediate	vicinity		
                                                                                                                                                                                                                                                                                                                                                                                                                                                           of	the	Central	Station	and	the	
                                                                                                                                                                                                                                                                                                                                                                                                                                                           pedestrian	zone

                                                                                                                                                                                                                                                                                                                                                                                                                                                        transportation links
                                                                                                                                                                                                                                                                                                                                                                                                                                                         	 Excellent,	with	direct	access		
                                                                                                                                                                                                                                                                                                                                                                                                                                                           to	the	public	transportation	
                                                                                                                                                                                                                                                                                                                                                                                                                                                           n
                                                                                                                                                                                                                                                                                                                                                                                                                                                           	 etwork	and	the	highway

                                                                                                                                                                                                                                                                                                                                                                                                                                                        use
                                                                                                                                                                                                                                                                                                                                                                                                                                                         	 Office	building

                                                                                                                                                                                                                                                                                                                                                                                                                                                        Floor space
                                                                                                                                                                                                                                                                                                                                                                                                                                                         	 6,112	sqm,	comprising	five	
                                                                                                                                                                                                                                                                                                                                                                                                                                                           	 tories	above	ground;		
                                                                                                                                                                                                                                                                                                                                                                                                                                                           s
                                                                                                                                                                                                                                                                                                                                                                                                                                                           28	parking	spaces	in	front		
                                                                                                                                                                                                                                                                                                                                                                                                                                                           of	the	building
Nieuwe Vaart, Amsterdam
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
                                                                                                                                                                                                                                                                                                                                                                                                                                                        tenant

The Nieuwe Vaart property, which was                                                                                                                                                                                          The location also boasts excellent links                                                                                                                                                                                   	 Amsterdam	Traffic	and	Trans­
                                                                                                                                                                                                                                                                                                                                                                                                                                                           port	Authority	(Dienst	Infra­
built in 1879 and was last extensively                                                                                                                                                                                        to the public transportation network                                                                                                                                                                                         structuur	Verkeer	en	Vervoer)
renovated in 1999, profits from its                                                                                                                                                                                           and the highway.
                                                                                                                                                                                                                                                                                                                                                                                                                                                        Lease terms
central location in the Dutch capital. It
                                                                                                                                                                                                                                                                                                                                                                                                                                                         	 Until	2014
is situated in Amsterdam’s city center,                                                                                                                                                                                       The property has been leased to the
across from the Shipping Museum and                                                                                                                                                                                           Amsterdam Traf fic and Transpor t                                                                                                                                                                                         Year constructed
in the immediate vicinity of the Central                                                                                                                                                                                      Authority (Dienst Infrastructuur Verkeer                                                                                                                                                                                   	 1879,	extensively	renovated	
Station and the pedestrian zone. Its                                                                                                                                                                                          en Vervoer). As the latter is a public                                                                                                                                                                                       most	recently	in	1999

five stories provide 6,112 sqm of floor                                                                                                                                                                                       sector tenant, there is virtually no                                                                                                                                                                                      Special features
space. The property also has 28 parking                                                                                                                                                                                       default risk. Thanks to proactive asset                                                                                                                                                                                    	 Tenant	is	a	public	service	
spaces directly in front of the building.                                                                                                                                                                                     management, the lease was success-                                                                                                                                                                                           	 rovider,	practically	no	default	
                                                                                                                                                                                                                                                                                                                                                                                                                                                           p
                                                                                                                                                                                                                                                                                                                                                                                                                                                           risk
                                                                                                                                                                                                                              fully extended until 2014.


                                                                                                                                                                                                                                                                                                                                                                                                                                                KanAm Spezial grundinvest Fonds              51
Annual Report as of September 30, 2009                                                                                                                                                                                                  ....................................                           Fund Management Report




                                                                                                                                                                                                                                                                                                                                                                                                                                            The Margriet Toren
                                                                                                                                                                                                                                                                                                                                                                                                                                            property is located
                                                                                                                                                                                                                                                                                                                                                                                                                                            in Amsterdam’s
                                                                                                                                                                                                                                                                                                                                                                                                                                            Zuidoost submarket.
                                                                                                                                                                                                                                                                                                                                                                                                                                            Its good
                                                                                                                                                                                                                                                                                                                                                                                                                                            transportation
                                                                                                                                                                                                                                                                                                                                                                                                                                            links are just one
                                                                                                                                                                                                                                                                                                                                                                                                                                            of its advantages




                                                                                                                                                                                                                                                                                                                                                                                                                                                       MARgRieT ToRen

                                                                                                                                                                                                                                                                                                                                                                                                                                                       Location
                                                                                                                                                                                                                                                                                                                                                                                                                                                        	 In	Amsterdam	Zuidoost,		
                                                                                                                                                                                                                                                                                                                                                                                                                                                          the	city‘s	largest	submarket,		
                                                                                                                                                                                                                                                                                                                                                                                                                                                          in	the	direct	vicinity	of	the	
                                                                                                                                                                                                                                                                                                                                                                                                                                                          ArenA	and	the	Arena	Boule-
                                                                                                                                                                                                                                                                                                                                                                                                                                                          vard	shopping	street

                                                                                                                                                                                                                                                                                                                                                                                                                                                       Transportation links
                                                                                                                                                                                                                                                                                                                                                                                                                                                        	 Very	good	and	fast	connections	
                                                                                                                                                                                                                                                                                                                                                                                                                                                          to	the	center	of	Amsterdam,	
                                                                                                                                                                                                                                                                                                                                                                                                                                                          both	by	public	transportation	
                                                                                                                                                                                                                                                                                                                                                                                                                                                          and	via	the	nearby	Holendrecht	
                                                                                                                                                                                                                                                                                                                                                                                                                                                          freeway	intersection

                                                                                                                                                                                                                                                                                                                                                                                                                                                       Use
                                                                                                                                                                                                                                                                                                                                                                                                                                                        	 Office	building

                                                                                                                                                                                                                                                                                                                                                                                                                                                       Floor space
                                                                                                                                                                                                                                                                                                                                                                                                                                                        	 9,082	sqm,	comprising	
                                                                                                                                                                                                                                                                                                                                                                                                                                                          16	stories	above	ground	
                                                                                                                                                                                                                                                                                                                                                                                                                                                          and	91	parking	spaces	in	a	
                                                                                                                                                                                                                                                                                                                                                                                                                                                          separate	parking	deck	next		
                                                                                                                                                                                                                                                                                                                                                                                                                                                          to	the	building

                                                                                                                                                                                                                                                                                                                                                                                                                                                       Tenant
Margriet Toren, Amsterdam
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �               	 Sanoma	Uitgevers	B.V.,	
                                                                                                                                                                                                                                                                                                                                                                                                                                                          the	Dutch	subsidiary	of	an	
The Margriet Toren property in the                                                                                                                                                                                            to the building. The A msterdam                                                                                                                                                                                             internationally	active	Finnish	
                                                                                                                                                                                                                                                                                                                                                                                                                                                          publishing	company
south of the Dutch capital (Amsterdam                                                                                                                                                                                         Zuidoost location is the city’s largest
Zu i d o o s t) i s l e a s e d to S a n o m a                                                                                                                                                                                submarket.                                                                                                                                                                                                               Lease terms
Uitgevers B.V., the Dutch subsidiary of                                                                                                                                                                                                                                                                                                                                                                                                                 	 Until	the	end	of	November	2009
an inte rnationally active Finnish                                                                                                                                                                                            The property was completed in 1994
                                                                                                                                                                                                                                                                                                                                                                                                                                                       Year constructed
publishing company. The building                                                                                                                                                                                              and its location allows Amsterdam city
                                                                                                                                                                                                                                                                                                                                                                                                                                                        	 1994,	renovated	2005
c o m p r i s e s to t a l f l o o r s p a c e o f                                                                                                                                                                            center to be reached quickly and easily
9,082 sqm on 16 stories above ground                                                                                                                                                                                          using public transportation. It is also in                                                                                                                                                                               Special features
level. The property also has 91 parking                                                                                                                                                                                       the immediate vicinity of the Holen­                                                                                                                                                                                      	 Separate	parking	deck	next	
                                                                                                                                                                                                                                                                                                                                                                                                                                                          to	the	building
spaces in a separate parking deck next                                                                                                                                                                                        drecht freeway intersection.


52                                      KanAm Spezial grundinvest Fonds
AVIVA C, Paris/Bois-Colombes
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
                                                                                                                                                                                                                                                                                                                                                                                                                                                          AVIVA C

                                                                                                                                                                                                                                                                                                                                                                                                                                                          Location
The AVIVA C office building in Bois-Co-                                                                                                                                                                                       Sections A and B are part of the port-
                                                                                                                                                                                                                                                                                                                                                                                                                                                          	 Northwest	of	Paris,	on	the	
lombe s nea r Pa ris is lease d to                                                                                                                                                                                            folio belonging to KanAm grundinvest
                                                                                                                                                                                                                                                                                                                                                                                                                                                            b
                                                                                                                                                                                                                                                                                                                                                                                                                                                            	 order	of	Bois-Colombes	and	
AVIVA France S.A., the French sub-                                                                                                                                                                                            Fonds.                                                                                                                                                                                                                        Courbevoie,	in	the	immediate	
sidiary of AVIVA, one of the world’s larg-                                                                                                                                                                                                                                                                                                                                                                                                                  vicinity	of	La	Défense

est insurance groups until 2017. This                                                                                                                                                                                         Another advantage of this property is                                                                                                                                                                                       Transportation links
building, acquired by KanAm Spezial                                                                                                                                                                                           its good location, which offers excel-                                                                                                                                                                                      	 Excellent	transportation	links		
grundinvest Fonds in 2005, has 13,081                                                                                                                                                                                         lent transportation links to Paris city                                                                                                                                                                                       to	the	center	of	Paris	and	all	
                                                                                                                                                                                                                                                                                                                                                                                                                                                            major	expressways	and	high-
sqm of floor space and is part of a three-                                                                                                                                                                                    center and all major highways in the
                                                                                                                                                                                                                                                                                                                                                                                                                                                            ways	in	the	region
building ensemble boasting an elegant                                                                                                                                                                                         region.
architectural design. Bois-Colombes is                                                                                                                                                                                                                                                                                                                                                                                                                    Use

located not far from the well-known Paris                                                                                                                                                                                                                                                                                                                                                                                                                 	 Office	building
office market of La Défense.                                                                                                                                                                                                                                                                                                                                                                                                                              Floor space
                                                                                                                                                                                                                                                                                                                                                                                                                                                          	 13,081	sqm	and		
                                                                                                                                                                                                                                                                                                                                                                                                                                                            251	parking	spaces

                                                                                                                                                                                                                                                                                                                                                                                                                                                          Tenant
                                                                                                                                                                                                                                                                                                                                                                                                                                                          	 AVIVA	France	S.A.,		
                                                                                                                                                                                                                                                                                                                                                                                                                                                            the	French	subsidiary	of	AVIVA,	
                                                                                                                                                                                                                                                                                                                                                                                                                                                            one	of	the	world’s	largest	
                                                                                                                                                                                                                                                                                                                                                                                                                                                            i
                                                                                                                                                                                                                                                                                                                                                                                                                                                            	nsurance	groups

                                                                                                                                                                                                                                                                                                                                                                                                                                                          Lease terms
                                                                                                                                                                                                                                                                                                                                                                                                                                                          	 Until	2017

                                                                                                                                                                                                                                                                                                                                                                                                                                                          Year constructed
                                                                                                                                                                                                                                                                                                                                                                                                                                                          	 2005

                                                                                                                                                                                                                                                                                                                                                                                                                                                          Special features
                                                                                                                                                                                                                                                                                                                                                                                                                                                          	 Excellent	transportation	links;	
                                                                                                                                                                                                                                                                                                                                                                                                                                                            flexible	use	and	space	
                                                                                                                                                                                                                                                                                                                                                                                                                                                            a
                                                                                                                                                                                                                                                                                                                                                                                                                                                            	 llocation	thanks	to	high	
                                                                                                                                                                                                                                                                                                                                                                                                                                                            t
                                                                                                                                                                                                                                                                                                                                                                                                                                                            	echnical	standards




                                                                                                                                                                                                                                                                                                                                                                                                                                            Architecture for
                                                                                                                                                                                                                                                                                                                                                                                                                                            the discerning:
                                                                                                                                                                                                                                                                                                                                                                                                                                            The AVIVA C office
                                                                                                                                                                                                                                                                                                                                                                                                                                            building in
                                                                                                                                                                                                                                                                                                                                                                                                                                            Bois-Colombes
                                                                                                                                                                                                                                                                                                                                                                                                                                            near Paris
                                                                                                                                                                                                                                                                                                                                                                                                                                            with its
                                                                                                                                                                                                                                                                                                                                                                                                                                            aesthetically
                                                                                                                                                                                                                                                                                                                                                                                                                                            pleasing design


                                                                                                                                                                                                                                                                                                                                                                                                                                                KanAm Spezial grundinvest Fonds            53
Annual Report as of September 30, 2009                                                                                                                                                                                                  ....................................                           Fund Management Report




Outlook
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




Thanks to its quality-oriented invest-                                                                                                                                                                                        possible to acquire properties in prime                                                                                                                                                                                       This investment strategy and quality
ment strategy, KanAm Spezial grund­                                                                                                                                                                                           locations at reasonable prices. With                                                                                                                                                                                          philosophy are designed to enable us
invest Fonds has been a success ever                                                                                                                                                                                          this in mind, we are currently looking                                                                                                                                                                                        to continue enhancing your investment
since it was launched. We will continue                                                                                                                                                                                       into the possible acquisition of addi-                                                                                                                                                                                        performance.
to systematically pursue this course                                                                                                                                                                                          tional interesting properties. Although
while retaining the flexibility required to                                                                                                                                                                                   our focus is on eurozone countries, we                                                                                                                                                                                        Even though we expect the global
respond to changing market oppor-                                                                                                                                                                                             are also considering increasing our                                                                                                                                                                                           economy to continue stabilizing in the
tunities. For example, the fund is                                                                                                                                                                                            exposure to the Swiss market.                                                                                                                                                                                                 coming months, we feel that there still
currently benefitting from its position                                                                                                                                                                                                                                                                                                                                                                                                                     will be long-term effects to contend
as an equity-rich investor. In the wake                                                                                                                                                                                       As always, we intend above all to                                                                                                                                                                                             with, not least the risk of rising inflation.
of the global economic turbulence seen                                                                                                                                                                                        acquire properties with financially                                                                                                                                                                                           In view of this, there is likely to be
in recent months, banks are still reluc-                                                                                                                                                                                      sound tenants and long-term leases,                                                                                                                                                                                           growing interest in material assets such
tant to provide loan capital, meaning                                                                                                                                                                                         and are aiming to further increase the                                                                                                                                                                                        as real estate among institutional
that it is almost impossible to finance                                                                                                                                                                                       proportion of public sector and near-                                                                                                                                                                                         investors over the next years.
highly leveraged acquisitions. The                                                                                                                                                                                            public sector tenants. Needless to say,
objective of such leveraged acquisi-                                                                                                                                                                                          we will keep you, our valued investors,                                                                                                                                                                                       As KanAm Spezial grundinvest Fonds’
tions – to acquire as many properties                                                                                                                                                                                         duly informed about any new acqui-                                                                                                                                                                                            fifth fiscal year draws to a close, we
as possible with a minimum of equity                                                                                                                                                                                          sitions. As a general principle, all                                                                                                                                                                                          would like to thank you once again for
capital – had previously pushed up                                                                                                                                                                                            investments must contribute towards                                                                                                                                                                                           the confidence that you have shown in
prices significantly in some cases on                                                                                                                                                                                         maintaining and further improving the                                                                                                                                                                                         us during the various economic cycles.
the key real estate markets.                                                                                                                                                                                                  sustainable income generated by                                                                                                                                                                                               We would also like to extend our thanks
                                                                                                                                                                                                                              KanAm S pezial grundinvest Fonds.                                                                                                                                                                                             to our dedicated sales partners and
Nevertheless, the fund’s management                                                                                                                                                                                           Wherever leases are due to expire in                                                                                                                                                                                          skilled employees, all of whom have
will expand the portfolio carefully and                                                                                                                                                                                       the medium term, our proactive asset                                                                                                                                                                                          played an important part in our fund’s
with due regard for our proven quality                                                                                                                                                                                        management activities are designed to                                                                                                                                                                                         five-year success story. With their help,
philosophy. In other words, we will                                                                                                                                                                                           seek out attractive follow-up solu-                                                                                                                                                                                           we will continue our activities with the
seize opportunities if and when it is                                                                                                                                                                                         tions.                                                                                                                                                                                                                        aim of fully meeting our investors’
                                                                                                                                                                                                                                                                                                                                                                                                                                                            wishes and expectations.




Frankfurt am Main, November 2009
Sincerely,




Olivier Catusse                                                                                                                                        Hans-Joachim Kleinert                                                                                                                                                                 Matti Kreutzer                                                                                                                                      Carmen Reschke
                                                                                                                                       M a n a g i n g D i r e c to r s , K a n A m G r u n d S p e z i a l f o n d s g e s e l l s c h a f t m b H



54                                      KanAm Spezial grundinvest Fonds
                            FACTS AND FIGURES

[57]	 Return,	Valuation,	and	Leasing

[62]	 Statement	of	Changes	in	Fund	Assets

[64]	 Statement	of	Assets

[68]	 Property	Record

[72]	 Record	of	Acquisitions

[73]	 Hedging	Transactions	and	Liquidity	Portfolio

[74]	 Income	Statement

[76]	 Calculation	of	the	Distribution

[77]	 Auditors’	Report

[78]	 Tax	Information

[87]	 Information	on	Bases	of	Taxation	to	be	Disclosed	to	Investors

[90]	 Interim	Profits	Subject	to	Income	Tax

[91]	 Gains	from	Real	Estate	and	Equities

                                                               	
[92]	 	Certification	in	Accordance	with	Section	5(1)	Sentence	1	
      No.	3	of	the	InvStG

[93]	 	Income	Tax	Treatment	of	the	Distribution,	Income	Subject	to	
      Investment	Income	Tax,	Investment	Performance
[94]	 Executive	Bodies




                                                KanAm Spezial grundinvest Fonds   55
Annual Report as of September 30, 2009   ....................................   Facts and Figures




56    KanAm Spezial grundinvest Fonds
Return, Valuation, and Leasing
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




Statement of recognized income

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       EUR                                                                                                      EUR
       Net income from investment
       (see Income Statement on page 74)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            19,103,828.90

       +                 Remeasurement gains/losses – real estate*
                         Changes in value of unrealized gains on properties                                                                                                                                                                                                                                                                                                                                                                                                     7,003,322.56
                         Changes in value of unrealized losses on properties                                                                                                                                                                                                                                                                                                                                                                                             – 7,346,721.59

                         Changes in value of unrealized losses on equity interests
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  – 234,736.78                                                                                             – 578,135.81
                         in real estate companies

       +                 Remeasurement gains/losses – financial assets*
                         Realized losses on forward exchange transactions                                                                                                                                                                                                                                                                                                                                                                                                         – 126,985.06
                         Changes in value of unrealized losses on forward exchange transactions                                                                                                                                                                                                                                                                                                                                                                                         – 61,176.25                                                                                        – 188,161.31

       +                 Remeasurement gains/losses – foreign currency positions*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 274,568.37

       Total recognized income for KanAm Spezial grundinvest Fonds                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  18,612,100.15

* cf. breakdown contained in the Statement of Changes in Fund Assets on page 62
For information on foreign currencies and exchange rates as of the reporting date of September 30, 2009, please see below.




The individual earnings components                                                                                                                                                                                            to a return of 5.0% p.a. (after deduc-                                                                                                                                                                                        The overall return can be derived in
presented in condensed form here led                                                                                                                                                                                          tion of fund costs). The BVI method                                                                                                                                                                                           detail from the following breakdown of
to changes in the unit value in the                                                                                                                                                                                           facilitates comparison between funds                                                                                                                                                                                          return ratios.
course of the fiscal year due to their                                                                                                                                                                                        with different distribution amounts by
expression in relation to the number of                                                                                                                                                                                       assuming that the distribution amount
units in circulation. Overall, the unit                                                                                                                                                                                       is reinvested at the applicable unit
value rose by EUR 0.19 in the fiscal                                                                                                                                                                                          price in each case, and that conse-                                                                                                                                                                                           The foreign currencies relate to the
year, from EUR 110.70 to EUR 110.89,                                                                                                                                                                                          quently investors participate in the                                                                                                                                                                                          following currencies at the following
plus the distribution of EUR 5.15 paid                                                                                                                                                                                        performance of the fund between the                                                                                                                                                                                           exchange rate as of the reporting date of
for the previous fiscal year; according                                                                                                                                                                                       date of distribution and the close of the                                                                                                                                                                                     September 30, 2009:
to the BVI definition, this corresponds                                                                                                                                                                                       fiscal year via the distribution amount.                                                                                                                                                                                         EUR 1.00 = CHF 1.50889 (Swiss francs)




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   KanAm Spezial grundinvest Fonds                                                                                                                                           57
Annual Report as of September 30, 2009                          ....................................   Facts and Figures




Return ratios as of September 30, 2009

                                                                                                                     Other              Total
                                                                                                                 excluding             direct            Equity
                                                            France                    Netherlands                 Germany *      investments          interests**       Total
                                                              in %                           in %                     in %              in %               in %         in %
  I. Properties
       Gross return                                               7.0                                     6.7          5.7                6.5 1)            6.1 2)        6.5
       Management costs                                        – 0.4                                    – 0.5         – 0.6             – 0.4   1)
                                                                                                                                                          – 0.1 2)      – 0.4
       Net return                                                 6.6                                     6.2          5.1                6.1 1)            6.0 2)        6.1
       Changes in value                                           7.5                                   – 1.7         – 1.3               1.5   1)
                                                                                                                                                          – 0.1 2)        1.5
       Foreign income taxes                                       0.0                                   – 0.4         – 0.2             – 0.2   1)
                                                                                                                                                            0.0   2)
                                                                                                                                                                        – 0.2
       Foreign deferred taxes                                  – 4.0                                    – 0.2         – 0.6             –1.6 1)           – 0.9 2)      – 1.6
       Return before borrowing costs                            10.1                                      3.9          3.0                5.8   1)
                                                                                                                                                            5.0   2)
                                                                                                                                                                          5.8
       Return after borrowing costs                             11.9                                      2.9          2.8                6.7 3)            4.9 4)        6.6
       Exchange rate differences                                  0.0                                     0.0          0.1                0.0   3)
                                                                                                                                                            0.0   4)
                                                                                                                                                                          0.0
       Overall return                                           11.9                                      2.9          2.9                6.7 3)            4.9 4)        6.6

  II. Liquidity                                                                                                                                                           1.7 5)

  III. Total fund return before fund costs                                                                                                                                5.7 6)

  Total fund return after fund costs (BVI method)                                                                                                                         5.0

* Switzerland and Greece
** Luxembourg
1)
   based on the average real estate assets
2)
   based on the average real estate assets of the real estate companies in proportion to the equity interest held
3)
   based on the average equity-financed real estate assets
4)
   based on the average equity-financed real estate assets of the real estate companies
5)
   generated with the average proportion of fund assets invested in the liquidity portfolio during the fiscal year
6)
   based on the average fund assets




Changes in return ratios
                                                                                                                  September          September        September September
                                                                                                                    30, 2009           30, 2008         30, 2007   30, 2006
                                                                                                                   Total in %         Total in %       Total in % Total in %
  I.   Properties
       Gross return                                                                                                        6.5                  6.6               6.3    6.1
       Management costs                                                                                                 – 0.4               – 0.4             – 0.5     – 0.4
       Net return                                                                                                          6.1                  6.2               5.8    5.7
       Changes in value                                                                                                    1.5                  2.5               1.5    0.9
       Foreign income taxes                                                                                             – 0.2               – 0.5             – 0.2     – 0.3
       Foreign deferred taxes                                                                                           – 1.6               – 1.9             – 1.3     – 0.3
       Return before borrowing costs                                                                                       5.8                  6.3               5.8    6.0
       Return after borrowing costs                                                                                        6.6                  7.3               7.4    8.1
       Exchange rate differences                                                                                           0.0                  0.0               0.0    0.1
       Overall return                                                                                                      6.6                  7.3               7.4    8.2

  II. Liquidity                                                                                                            1.7                  4.6               3.7    2.3

  III. Total fund return before fund costs                                                                                 5.7                  7.0               7.0    7.2

  Total fund return after fund costs (BVI method)                                                                          5.0                  6.0               6.1    6.1


58         KanAm Spezial grundinvest Fonds
Notes to the return ratios for             in the current fiscal year; these reduce    equity­financed real estate assets only.
KanAm Spezial grund­invest Fond­s          the net return by a total of 0.2 percent­   This ratio thus has a different basis –
as of September 30, 2009                   age points.                                 the capital employed by the fund rather
                                                                                       than total real estate assets. The rele­
A gross return of 6.5% was generated       Where properties are sold abroad,           vant figure as of September 30, 2009
in the past fiscal year. This figure       taxes are incurred on the disposal          was 6.6%.
represents the ratio of income from        gains realized (capital gains tax).
properties and other income to aver­       Adequate provisions have been cre­          The return on the fund’s liquidity port­
age real estate assets. After deduction    ated for these foreign deferred taxes.      folio amounted to 1.7% in the fiscal
of management costs, ground rent,          The provisions item amounts to 1.6%.        year. This figure represents the ratio of
and other expenses, the net return                                                     interest income to the average invest­
amounted to 6.1%.                          The above­mentioned income and              ments in the liquidity portfolio.
                                           expense items are expressed in rela­
In addition to this ongoing income, the    tion to the average real estate assets.     Together, the return from property and
net return for the year is influenced by   After offsetting the items against each     the return from the liquidity portfolio
changes in the value of the proper­        other, the return before borrowing          comprise the total fund return before
ties. The proportion of the return         costs amounted to 5.8%.                     fund costs. A return before fund costs
attributable to changes in value in the                                                of 5.7% and a return after fund costs of
fiscal year amounted to 1.5%.              The return after borrowing costs is         5.0% were generated, expressed as a
                                           arrived at by deducting the borrowing       percentage of the total average fund
The foreign income taxes item com­         costs from the return before borrowing      assets in each case.
prises both taxes already paid and         costs and expressing the resulting
provisions for anticipated income taxes    figure as a proportion of the total




                                                                                           KanAm Spezial grundinvest Fonds   59
Annual Report as of September 30, 2009                            ....................................   Facts and Figures




Net asset information as of September 30, 2009
(average figures1))


                                                                                                                                                                      in EUR million
     Directly held properties 2)                                                                                                                                              283.6
     Properties held via equity interests      2)
                                                                                                                                                                               23.2
     Total properties 2)                                                                                                                                                      306.8
     Liquidity                                                                                                                                                                 90.3
     Loan volume                                                                                                                                                              182.1

1)
     The average figures are calculated on the basis of 13 end-of month values in the period from September 30, 2008 to September 30, 2009.
2)
     equity-financed real estate assets




Information on changes in the value of the portfolio properties in the fiscal year

                                                                                                                    Other exclud­         Total direct      Equity
                                                                 France                      Netherlands             ing Germany 1) 2)   investments     interests 3)          Total
                                                                 in EUR                          in EUR                    in EUR             in EUR       in EUR            in EUR
     Valuation information                                        million                         million                   million            million      million           million

     Real estate assets
     Market values (expert opinions)                                188.9                                  209.9             122.3              521.1         24.0             545.1

     Sustainable annual gross rental return
     Rental values (expert opinions)                                   12.0                                 14.1               7.7               33.8          1.4              35.2

     Positive changes in value according
     to expert opinions                                                11.2                                  1.2               0.0               12.4          0.0              12.4
     Other positive changes in value 4)                                    0.8                               0.4               0.5                1.7          0.0               1.7
     Negative changes in value according
     to expert opinions                                                    0.0                              –2.1              –1.9               – 4.0         0.0              – 4.0
     Other negative changes in value      4)
                                                                       – 6.4                                – 3.3             – 0.7             –10.4         – 0.2            – 10.6
     Total changes in value according
     to expert opinions                                                11.2                                 – 0.9             – 1.9               8.4          0.0               8.4
     Total other changes in value                                      – 5.6                                – 2.9             – 0.2              – 8.7        – 0.2             – 8.9
     Total changes in value                                                5.6                              – 3.8             – 2.1              – 0.3        – 0.2             – 0.5

1)
     Switzerland and Greece
2)
     excluding exchange rate changes
3)
     The value of the real estate company is recognized in proportion to the equity interest held.
4)
     including provisions for capital gains tax




60           KanAm Spezial grundinvest Fonds
Leasing information as of September 30, 2009
(based on the annual rental income)
                                                                     Other
                                                                 excluding      Total direct              Equity
                                         France    Netherlands    Germany 1)   investments             interests             Total
     Annual rental income                  in %           in %        in %             in %                in %              in %
     Office                                 89.3          91.2        73.8             86.8                95.0                  87.2
     Parking                                 7.0           8.2         7.3              7.6                  5.0                  7.4
     Retail/catering                         3.6           0.0         0.0              1.4                  0.0                  1.3
     Hotel                                   0.0           0.0        17.9              3.7                  0.0                  3.6
     Other                                   0.1           0.6         1.0              0.5                  0.0                  0.5
     Total                                 100.0         100.0       100.0            100.0               100.0              100.0




Vacancy rate information as of September 30, 2009
(based on the gross target rental income p.a.)

                                                                     Other
                                                                 excluding      Total direct              Equity
                                         France    Netherlands    Germany 1)   investments             interests             Total
     Vacancy rate                          in %           in %        in %             in %                 in %             in %
     Office                                  0.0           0.0         0.0              0.0                  0.0                  0.0
     Parking                                 0.0           0.0         0.0              0.0                  0.0                  0.0
     Retail/catering                         0.0           0.0         0.0              0.0                  0.0                  0.0
     Hotel                                   0.0           0.0         0.0              0.0                  0.0                  0.0
     Other                                   0.0           0.0         0.0              0.0                  0.0                  0.0
     Leased rate                           100.0         100.0       100.0            100.0               100.0              100.0




Expiring leases (as of September 30, 2009)
(based on the annual rental income)
                                                                     Other
                                                                 excluding      Total direct              Equity
                                         France    Netherlands    Germany 1)   investments             interests             Total
                                           in %           in %        in %             in %                in %              in %
     up to the end of 2009                   0.0          12.9         0.0              5.3                  0.0                  5.1
     2010                                    0.0           0.0         2.0              0.4                  0.0                  0.4
     2011                                    0.0           0.0         0.0              0.0                  0.0                  0.0
     2012                                    0.0          40.9         0.0             16.9                  0.0                 16.2
     2013                                    0.0           0.0         0.0              0.0                  0.0                  0.0
     2014                                    0.6          11.5         0.0              5.0               100.0                   9.0
     2015                                    0.0           0.0        75.0             15.7                  0.0                 15.0
     2016                                   49.9           0.0         5.0             19.9                  0.0                 19.0
     2017                                   46.5           0.0         0.0             17.5                  0.0                 16.8
     2018                                    0.5          34.7         0.0             14.6                  0.0                 14.0
     2019 and longer                         2.5           0.0        18.0              4.7                  0.0                  4.5
                                           100.0         100.0       100.0            100.0               100.0              100.0

1)
     Switzerland and Greece



                                                                                               KanAm Spezial grundinvest Fonds          61
Annual Report as of September 30, 2009                                                                                                                                                                                                  ....................................                           Facts and Figures




Statement of Changes in Fund Assets
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   EUR                                                                                                          EUR
       Fund assets as of October 1, 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      352,709,543.38

       Distribution for the previous year1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  – 16,407,657.95

       Equalization item for units issued/redeemed
       up to the distribution date                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 – 1,199,718.25

       Cash inflow from sale of units                                                                                                                                                                                                                                                                                                                                                                                                                                 96,851,416.00

       Cash outflow from redemption of units                                                                                                                                                                                                                                                                                                                                                                                                                    – 34,511,954.60

       Cash inflow (net)2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          62,339,461.40

       Net income from investment3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 19,103,828.90

       Realized losses less unrealized changes in value in previous years4)
                         on forward exchange transactions
                                           realized losses                                                                                                                                                                                                                                                                                                                                                                                                                    – 153,406.10
                                           unrealized changes in value in previous years                                                                                                                                                                                                                                                                                                                                                                                                  26,421.04                                                                                        – 126,985.06

       Changes in value of unrealized gains5)
                         on properties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   7,003,322.56
                         (of which denominated in foreign currency: EUR 140,009.27)

       Changes in value of unrealized losses6)
                         on properties                                                                                                                                                                                                                                                                                                                                                                                                                                – 7,346,721.59
                         (of which denominated in foreign currency: EUR – 256,578.03)
                         on equity interests in real estate companies                                                                                                                                                                                                                                                                                                                                                                                                         – 234,736.78
                         on forward exchange transactions                                                                                                                                                                                                                                                                                                                                                                                                                           – 61,176.25                                                                                    – 7,642,634.62

       Changes in exchange rates7)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                274,568.37

       Fund assets as of September 30, 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   416,053,728.73

For information on foreign currencies and exchange rates as of the reporting date of September 30, 2009, please see page 57.
For the footnotes, please refer to the Notes to the Statement of Changes in Fund Assets on page 63.




62                                      KanAm Spezial grundinvest Fonds
Notes to the Statement of Changes in Fund Assets
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




The Statement of Changes in Fund                                                                                                                                                                                              the respective issuing or redemption                                                                                                                                                                                          6) Changes                                                         in value of unrealized
Assets reconciles the fund assets for                                                                                                                                                                                         price by the number of units sold or re­                                                                                                                                                                                                 losses on properties, equity
the previous year with the fund assets                                                                                                                                                                                        deemed.                                                                                                                                                                                                                                  interests in real estate compa-
at the end of the year under review – in                                                                                                                                                                                                                                                                                                                                                                                                                               nies, and forward exchange
other words, it explains the changes in                                                                                                                                                                                       3) Net                             income from investment                                                                                                                                                                                transactions
investors’ equity. KanAm Spezial grund­
invest Fonds’ assets rose to EUR 416.1                                                                                                                                                                                        The net income from investment is                                                                                                                                                                                             The net changes in the value of unreal­
million in the fiscal year. The net                                                                                                                                                                                           given in the Income Statement on                                                                                                                                                                                              ized losses on properties and equity
income of EUR 18.6 million generated                                                                                                                                                                                          page 74 f.                                                                                                                                                                                                                    interests in real estate companies are
is presented in the table on page 57.                                                                                                                                                                                                                                                                                                                                                                                                                       the result of changes in market values
                                                                                                                                                                                                                              4) Realized                                                        losses on forward                                                                                                                                          and adjustments in book values during
1) Distribution                                                                        for the previous                                                                                                                                 exchange transactions                                                                                                                                                                                               the fiscal year, the change to provi­
          year                                                                                                                                                                                                                                                                                                                                                                                                                                              sions for anticipated taxes on future
                                                                                                                                                                                                                              Realized losses are the result of hedg­                                                                                                                                                                                       disposal gains on properties or equity
An aggregate amount of EUR 17.6 mil­                                                                                                                                                                                          ing transactions in Swiss francs (CHF)                                                                                                                                                                                        interests in real estate companies, and
lion was distributed for all units in exis­                                                                                                                                                                                   closed out in the year under review,                                                                                                                                                                                          the change to provisions for mainte­
tence on the distribution date (Decem­                                                                                                                                                                                        taking into account the unrealized                                                                                                                                                                                            nance.
ber 19, 2008). The distribution therefore                                                                                                                                                                                     changes in value in previous years.
comprises the amount of EUR 16.4                                                                                                                                                                                                                                                                                                                                                                                                                            The changes in the value of unrealized
million reported in the previous fiscal                                                                                                                                                                                       5) Changes                                                         in value of unrealized                                                                                                                                     losses on forward exchange trans­
year, based on the number of units as                                                                                                                                                                                                   gains on properties                                                                                                                                                                                                 actions relate to open hedging trans­
of September 30, 2008, plus the                                                                                                                                                                                                                                                                                                                                                                                                                             actions denominated in Swiss francs
amount due to the change in the num­                                                                                                                                                                                          The net changes in the value of unreal­                                                                                                                                                                                       (CHF).
ber of units in the period up to the dis­                                                                                                                                                                                     ized gains on properties are the result
tribution date (December 19, 2008)                                                                                                                                                                                            of changes in market values and                                                                                                                                                                                               7) Changes                                                         in exchange rates
(EUR 1.2 million).                                                                                                                                                                                                            adjustments in book values during the
                                                                                                                                                                                                                              fiscal year and the change to provi­                                                                                                                                                                                          The changes in exchange rates relate
2) Cash                                     inflow (net)                                                                                                                                                                      sions for anticipated taxes on future                                                                                                                                                                                         to gains resulting from changes in
                                                                                                                                                                                                                              disposal gains on properties.                                                                                                                                                                                                 exchange rates during the fiscal year.
The cash inflow from the sale of units
and the cash outflow from the redemp­
tion of units are calculated by multiplying




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   KanAm Spezial grundinvest Fonds                                                                                                                                           63
Annual Report as of September 30, 2009                                                                                                                                                                                                  ....................................                           Facts and Figures




Statement of Assets as of September 30, 2009
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Share of
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              fund assets
       Assets                                                                                                                                                                                                                                                                                                                                                                                                           EUR                                                                                            EUR                                                                           in %
       I.                Properties
                         1. Commercial properties                                                                                                                                                                                                                                                                                                                                                                                                                   521,090,157.33                                                                                                                                         125.3

                         (total in foreign currency: EUR 66,340,157.33)


       II. Equity interests in real estate companies
                         1. Majority interests                                                                                                                                                                                                                                                                                                                                                                                                                            16,295,106.13                                                                                                                                               3.9

       III. Liquidity portfolio
                         1. Bank deposits                                                                                                                                                                                                                                                                                                                                                                                                                                 90,243,571.53                                                                                                                                          21.7

                         (total in foreign currency: EUR 902,769.25)


       IV. Other assets
                         1. Receivables from real estate management                                                                                                                                                                                                                                                                                                              3,016,227.65
                                      (of which denominated in foreign currency: EUR 291,658.83)
                         2. Receivables from real estate companies                                                                                                                                                                                                                                                                                                               8,000,000.00
                         3. Interest receivables                                                                                                                                                                                                                                                                                                                                          321,903.32
                         4. Miscellaneous assets                                                                                                                                                                                                                                                                                                                                 1,257,482.11                                                                             12,595,613.08                                                                                                                                               3.0
                                      (of which denominated in foreign currency: EUR 45,190.69)


                         (total in foreign currency: EUR 336,849.52)

       Total assets                                                                                                                                                                                                                                                                                                                                                                                                                                                 640,224,448.07                                                                                                                                         153.9

Continued on page 66

For information on foreign currencies and exchange rates as of the reporting date of September 30, 2009, please see page 57.




64                                      KanAm Spezial grundinvest Fonds
Notes to the Statement of Assets
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




Properties                                                                                                                                                                                                                    Equity interests in real estate                                                                                                                                                                                               Other assets
                                                                                                                                                                                                                              companies
The value of KanAm Spezial grund­                                                                                                                                                                                                                                                                                                                                                                                                                           Receivables from real estate man-
invest Fonds’ directly held properties                                                                                                                                                                                        KanAm                                             Spezial                                        grundinvest                                                               Fonds                                              agement amount to EUR 3.0 million
rose to EUR 521.1 million, primarily due                                                                                                                                                                                      continues to hold 99.9% of the shares                                                                                                                                                                                         and mainly consist of prepaid allocable
to the acquisition of two properties                                                                                                                                                                                          in a real estate company in Luxem-                                                                                                                                                                                            service charges. The service charges
(PULSAR in Paris and La Madeleine in                                                                                                                                                                                          bourg. The value of the equity interest                                                                                                                                                                                       for calendar year 2009 will be invoiced
Lille, both in France) and the transfer of                                                                                                                                                                                    fell slightly by EUR 0.2 million year-on-                                                                                                                                                                                     in the second half of 2010.
the risks and rewards of ownership of                                                                                                                                                                                         year to EUR 16.3 million.
the Holiday Inn Zurich Messe in Zurich-                                                                                                                                                                                                                                                                                                                                                                                                                     Receivables from real estate com-
Oerlikon,                                                   Switzerland,                                                                  which                                       was                                     The real estate assets held by equity                                                                                                                                                                                         panies amounting to EUR 8.0 million
acquired in the previous fiscal year.                                                                                                                                                                                         interests account for 3.9% of fund                                                                                                                                                                                            comprise shareholder loans to the
                                                                                                                                                                                                                              assets.                                                                                                                                                                                                                       Luxembourg-based real estate com-
As of the reporting date of September                                                                                                                                                                                                                                                                                                                                                                                                                       pany.
30, 2009, the property portfolio com-                                                                                                                                                                                         Liquidity portfolio
prised a total of twelve directly held                                                                                                                                                                                                                                                                                                                                                                                                                      Interest receivables of EUR 0.3 mil-
commercial properties, five of which                                                                                                                                                                                          The bank deposits (EUR 90.2 million)                                                                                                                                                                                          lion resulted primarily from sharehold-
are in the Netherlands, four in France,                                                                                                                                                                                       are mainly invested in overnight money                                                                                                                                                                                        er loans.
two in Switzerland, and one in Greece.                                                                                                                                                                                        and fixed-term deposits (EUR 86.2 mil-
                                                                                                                                                                                                                              lion) and amount to a total of 21.7% of                                                                                                                                                                                       The                              miscellaneous                                                                                   assets                                              item
The composition of the real estate                                                                                                                                                                                            the fund assets.                                                                                                                                                                                                              (EUR 1.3 million) includes prepayments
portfolio and information on the indi-                                                                                                                                                                                                                                                                                                                                                                                                                      to property managers for which the
vidual properties is disclosed in KanAm                                                                                                                                                                                       At a total of EUR 69.4 million, cash                                                                                                                                                                                          final accounts still have to be prepared
Spezial grundinvest Fonds’ Property                                                                                                                                                                                           funds exceed the statutory minimum                                                                                                                                                                                            totaling EUR 0.6 million, and re-
Record (see page 68 f.).                                                                                                                                                                                                      liquidity requirement of 5% of fund                                                                                                                                                                                           ceivables from third parties including
                                                                                                                                                                                                                              assets (= EUR 20.8 million). They are                                                                                                                                                                                         taxes (EUR 0.7 million).
                                                                                                                                                                                                                              required to guarantee orderly ongoing
                                                                                                                                                                                                                              management of the business, as well
                                                                                                                                                                                                                              as for the proposed distribution and
                                                                                                                                                                                                                              potential investments.




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   KanAm Spezial grundinvest Fonds                                                                                                                                           65
Annual Report as of September 30, 2009                                                                                                                                                                                                  ....................................                           Facts and Figures




Statement of Assets as of September 30, 2009
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




       Continued from page 64                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Share of
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              fund assets
       Liabilities and provisions                                                                                                                                                                                                                                                                                                                                                                                       EUR                                                                                            EUR                                                                           in %
       V.                Liabilities
                         1. from loans                                                                                                                                                                                                                                                                                                                                186,256,700.29
                                      (of which denominated in foreign currency: EUR 51,006,700.29)
                         2. from real estate purchases and construction projects                                                                                                                                                                                                                                                                                                          665,100.91
                         3. from real estate management                                                                                                                                                                                                                                                                                                                          6,593,784.10
                                      (of which denominated in foreign currency: EUR 243,034.58)
                         4. Tenant deposits                                                                                                                                                                                                                                                                                                                                      1,006,437.80
                         5. Miscellaneous liabilities                                                                                                                                                                                                                                                                                                                            1,447,444.11                                                                       195,969,467.21                                                                                                                                               47.1
                                      (of which denominated in foreign currency: EUR 220,409.35)


                         (total in foreign currency: EUR 51,470,144.22)

       VI. Provisions                                                                                                                                                                                                                                                                                                                                                                                                                                                     28,201,252.13                                                                                                                                                6.8
                         (of which denominated in foreign currency: EUR 1,518,527.74)

       Total liabilities and provisions                                                                                                                                                                                                                                                                                                                                                                                                                             224,170,719.34                                                                                                                                               53.9

       Total assets (from page 64)                                                                                                                                                                                                                                                                                                                                                                                                                                  640,224,448.07                                                                                                                                          153.9

       VII. Fund assets                                                                                                                                                                                                                                                                                                                                                                                                                                             416,053,728.73                                                                                                                                          100.0



       Unit value in EUR                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              110.89

       Units in circulation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             3,751,788


For information on foreign currencies and exchange rates as of the reporting date of September 30, 2009, please see page 57.




66                                      KanAm Spezial grundinvest Fonds
Notes to the Statement of Assets
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




Liabilities                                                                                                                                                                                                                   Disposal gains incurred outside of                                                                                                                                                                                            There are currently no binding statu-
                                                                                                                                                                                                                              Germany are only taxed if a taxable                                                                                                                                                                                           tory provisions on how to calculate and
Liabilities from loans resulted from                                                                                                                                                                                          book profit is actually realized. Such                                                                                                                                                                                        recognize deferred taxes for open-
the financing of the purchase prices of                                                                                                                                                                                       taxes are thus generally of uncertain                                                                                                                                                                                         ended real estate funds.
the                           properties.                                                             They                                    rose                                 from                                       timing and amount, as both the market
EUR 167.9 million at the beginning of                                                                                                                                                                                         situation and the bases for tax assess-                                                                                                                                                                                       Provisions for maintenance (including
the fiscal year to a total of EUR 186.3                                                                                                                                                                                       ment may change at any time.                                                                                                                                                                                                  improvements relating to changes of
million.                                                                                                                                                                                                                                                                                                                                                                                                                                                    tenants) amount to EUR 7.3 million. In
                                                                                                                                                                                                                              Taxes may be incurred either in the                                                                                                                                                                                           addition, provisions for income taxes
Liabilities from real estate pur­                                                                                                                                                                                             case of directly held properties or in                                                                                                                                                                                        exist in the amount of EUR 0.9 million.
chases (EUR 0.7 million) resulted from                                                                                                                                                                                        the case of properties held via real                                                                                                                                                                                          Provisions totaling EUR 0.4 million
payment obligations in connection with                                                                                                                                                                                        estate companies.                                                                                                                                                                                                             were set up for audit, tax advisory, and
the acquisition of the following proper-                                                                                                                                                                                                                                                                                                                                                                                                                    publication costs. In addition, provi-
ties: Helex Building B, Athens, Greece                                                                                                                                                                                        All properties were included in the                                                                                                                                                                                           sions for outstanding invoices exist in
(EUR 0.6 million) and PULSAR, Paris,                                                                                                                                                                                          calculation. The measurement basis                                                                                                                                                                                            the amount of EUR 1.0 million.
France (EUR 0.1 million).                                                                                                                                                                                                     for the deferred tax expense is the
                                                                                                                                                                                                                              difference between the market value                                                                                                                                                                                           Fund assets
Liabilities from real estate manage­                                                                                                                                                                                          and the carrying value of the property
ment comprise advance payments of                                                                                                                                                                                             for tax purposes in each case. The                                                                                                                                                                                            Fund assets amount to EUR 416.1 mil-
rent and service charges.                                                                                                                                                                                                     current country-specific tax rates are                                                                                                                                                                                        lion. 884,755 units have been issued
                                                                                                                                                                                                                              then applied to this amount. Since the                                                                                                                                                                                        and 318,920 units redeemed since
Liabilities                                                        from                                   tenant                                          deposits                                                            calendar year in which the disposal                                                                                                                                                                                           October 1, 2008. With 3,751,788 units
totaling EUR 1.0 million exist to French                                                                                                                                                                                      gain occurred has not yet ended, the                                                                                                                                                                                          in circulation, this results in a unit value
tenants (EUR 0.7 million) and a Greek                                                                                                                                                                                         actual tax expense will depend on                                                                                                                                                                                             of EUR 110.89 at the reporting date.
tenant (EUR 0.3 million).                                                                                                                                                                                                     other, future tax-relevant factors.
                                                                                                                                                                                                                                                                                                                                                                                                                                                            Performance
Miscellaneous liabilities amounting                                                                                                                                                                                           A risk provision of EUR 18.6 million
to EUR 1.4 million primarily relate to                                                                                                                                                                                        was set up as of the reporting date of                                                                                                                                                                                        The value of one KanAm Spezial grund-
accrued loan interest (EUR 0.6 million),                                                                                                                                                                                      September 30, 2009; this was based                                                                                                                                                                                            invest                                     Fonds                                        unit                            changed                                                    from
claims for remuneration by the invest-                                                                                                                                                                                        on the country-specific tax rates and                                                                                                                                                                                         EUR 110.70 to EUR 110.89 in the period
ment company (EUR 0.2 million) and                                                                                                                                                                                            was classified as a provision. It covers                                                                                                                                                                                      from September 30, 2008 to Septem-
the custodian bank (EUR 0.2 million),                                                                                                                                                                                         the expected taxes if directly held                                                                                                                                                                                           ber 30, 2009. Taking into account the
tax liabilities (EUR 0.2 million), and                                                                                                                                                                                        properties were to be sold based on                                                                                                                                                                                           distribution of EUR 5.15 on December
liabilities from open forward exchange                                                                                                                                                                                        current market values.                                                                                                                                                                                                        19, 2008, this produces net income of
transactions (EUR 0.1 million).                                                                                                                                                                                                                                                                                                                                                                                                                             EUR 5.34 per unit. This corresponds to
                                                                                                                                                                                                                              In the case of equity interests in real                                                                                                                                                                                       a performance of 5.0%, calculated in
Provisions                                                                                                                                                                                                                    estate companies, capital gains taxes                                                                                                                                                                                         accordance with the BVI method.
                                                                                                                                                                                                                              of EUR 0.8 million were recognized as
Provisions amounting to EUR 28.2                                                                                                                                                                                              other factors affecting the value of the
million were set up mainly for capital                                                                                                                                                                                        equity interest and therefore deducted
gains tax on the disposal of directly                                                                                                                                                                                         from it.
held properties.




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   KanAm Spezial grundinvest Fonds                                                                                                                                           67
Annual Report as of September 30, 2009                                                                                                                                                                                                  ....................................                           Facts and Figures




Property Record as of September 30, 2009
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




                                                                                                                                                                                                                                                                                                                                                         Transfer of                                                                                                                                                                                      Total
                                                                                                                                                                                                                                                                                                                                                         risks and                                                         Year con-                                                        Size of                                                       floor
                                                                                                                                                                                                                          Type of                                                          Type of                                                       rewards of                                                        structed/                                                        property                                                      space                                                     Appoint-
      No. Location of property                                                                                                                                                                                            property1)                                                       use2)                                                         ownership                                                         renovated                                                        (sqm)                                                         (sqm)                                                     ments3)
                                I. Directly held properties in eurozone countries

                                1. France

       1                        AVIVA C
                                92270 Paris /Bois-Colombes,                                                                                                                                                                                                                                O 95%,
                                70, Avenue de l’Europe, Building C                                                                                                                                                        C                                                                P 5%                                                          03 /2005                                                          2005                                                             6,226                                                         13,081                                                    A, E

       2                        Le Dionys
                                93200 Paris /Saint-Denis,
                                260 – 264, Avenue du Président Wilson /                                                                                                                                                                                                                    O 92%,
                                Rue Francis de Pressensé                                                                                                                                                                  C                                                                P 8%                                                          04 /2008                                                          2005                                                             4,176                                                         14,311                                                    A, E

       3                        La Madeleine
                                59110 Lille /La Madeleine,
                                99, Avenue de la République /Rue Paul                                                                                                                                                                                                                      O 86%,
                                Doumer                                                                                                                                                                                    C                                                                P 14%                                                         10 /2008                                                          2004                                                             2,950                                                         6,513                                                     A, E

       4                        PULSAR
                                75008 Paris,                                                                                                                                                                                                                                               O 60%,                                                                                                                          1868 /1997 –
                                2, Rue de la Pépinière                                                                                                                                                                   C                                                                 R/C 40%                                                       05 /2009                                                          2007         336                                                                                                               1,810                                                     A, E


                                2. Netherlands

       5                        Margriet Toren
                                1101 BR Amsterdam Zuidoost,                                                                                                                                                                                                                                O 94%,
                                Haaksbergweg 75                                                                                                                                                                           C, H                                                             P 6%                                                          05 /2005                                                          1994                                                             5,154                                                         9,082                                                     A, E

       6                        Nieuwe Vaart
                                1018 Amsterdam City,                                                                                                                                                                                                                                       O 95%,                                                                                                                          1879 /1975 /
                                Nieuwe Vaart 5 –9                                                                                                                                                                         C                                                                P 5%                                                          09 /2005                                                          1999                                                             2,296                                                         6,112                                                     A, E

       7                        Zilveren Toren
                                2595 AK The Hague,                                                                                                                                                                                                                                         O 93%,
                                Prinses Beatrixlaan 13–17                                                                                                                                                                 C                                                                P 7%                                                          03 /2006                                                          1969 /2000                                                       3,833                                                         27,2167)                                                  A, E

       8                        Ruby Point
                                1101 BW Amsterdam Zuidoost,                                                                                                                                                                                                                                O 91%,
                                Hullenbergweg 1– 3                                                                                                                                                                        C, E                                                             P 9%                                                          07 /2008                                                          1987 /2004                                                       3,965                                                         5,217                                                     A, E, At

       9                        Laan op Zuid                                                                                                                                                                                                                                               O 86%,
                                3072 AR Rotterdam,                                                                                                                                                                                                                                         P 12%,
                                Laan op Zuid 391– 469                                                                                                                                                                     C                                                                M 2%                                                          09 /2008                                                          2008                                                             3,200                                                         24,270                                                    A, E




1)
          C = Commercial property                                                                                                                                       3)
                                                                                                                                                                                   A                 =          Air conditioning                                                                                                             4)
                                                                                                                                                                                                                                                                                                                                                       Currency position translated at the closing-date rates as of September 30, 2009
          H = Heritable building right                                                                                                                                             E                 =          Freight/passenger elevator                                                                                                   5)
                                                                                                                                                                                                                                                                                                                                                       The information on the forecast rental income is not covered by the auditors’
          PO = Part-ownership of the property                                                                                                                                      OG                =          Open gallery                                                                                                                           report.
                                                                                                                                                                                   EL                =          External louvers                                                                                                             6)
                                                                                                                                                                                                                                                                                                                                                       Property acquired during the period under review or transfer of risks and rewards
2)
          O                  =          Office/archive                                                                                                                             At                =          Atrium                                                                                                                                 of ownership during the period under review.
          P                  =          Parking                                                                                                                                    F                 =          Fitness center/fitness room
          R/C                =          Retail/catering                                                                                                                            CC                =          Conference center
          M                  =          Miscellaneous
          Ho                 =          Hotel



68                                      KanAm Spezial grundinvest Fonds
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




                                                                                                                                                                                 Expiring leases
                                                                                                                                                                                   (measured in
                                                                                                                                                                                terms of current                                                                                                                                                                                                                Forecast                                                                                                   Appraised                                                                                                    Appraised
                                                                                                                                                                                  rental income)                                                                                            Rental income                                                                                                  rental income                                                                                                 rental value                                                                                                market value
                                                  Leased rate as of                                                                                                                 Oct. 1, 2009                                                                                              Oct. 1, 2008                                                                                                   Oct. 1, 2009                                                                                              (by the Expert                                                                                               (by the Expert
                                                September 30, 20099)                                                                                                            – Sept. 30, 20109)                                                                                        – Sept. 30, 20094) 9)                                                                                         – Sept. 30, 20104) 5) 9)                                                                                         Committee)4) 9)                                                                                              Committee)4) 9)
                                                              in %                                                                                                                          in %                                                                                         in EUR thousand                                                                                               in EUR thousand                                                                                              in EUR thousand                                                                                              in EUR thousand




                                                                                                                     100.0                                                                                                                    0.0                                                                                      5,192.3*                                                                                                     5,192.3*                                                                                                     5,192.3                                                                                                                     81.9




                                                                                                                     100.0                                                                                                                    0.0                                                                                      4,367.1*                                                                                                     4,367.1*                                                                                                     4,367.1                                                                                                                     69.3




                                                                                                                     100.0                                                                                                                    0.0                                                                                      1,296.86) *                                                                                                  1,380.0*                                                                                                     1,380.0                                                                                                                     19.9



                                                                                                                     100.0                                                                                                                    0.0                                                                                              377.46)                                                                                              1,084.1                                                                                                      1,080.0                                                                                                                     17.8




                                                                                                                     100.0                                                                                                        100.0                                                                                                1,617.7*                                                                                                     1,617.7*                                                                                                     1,617.7                                                                                                                     22.9



                                                                                                                     100.0                                                                                                                    0.0                                                                                      1,515.9*                                                                                                     1,515.9*                                                                                                     1,515.9                                                                                                                     25.9



                                                                                                                     100.0                                                                                                                    0.0                                                                                      5,380.3*                                                                                                     5,380.3*                                                                                                     5,380.3                                                                                                                     88.2



                                                                                                                     100.0                                                                                                                    0.0                                                                                      1,026.8 *                                                                                                    1,026.8*                                                                                                     1,026.8                                                                                                                     14.9



                                                                                                                     100.0                                                                                                                    0.0                                                                                      4,510.0 *                                                                                                    4,510.0*                                                                                                     4,510.0                                                                                                                     58.0




                                                           7)
                                                                      Plus part-ownership of a neighboring parking garage with 211 parking spaces;                                                                                                                                                                                                                                                      * Property with fewer than five tenants or for which 75% of the rental income is
                                                                      acquired 03/2006; constructed 2003                                                                                                                                                                                                                                                                                                  generated by a single tenant; the actual and forecast rental income has not been
                                                           8)
                                                                      Part-ownership of 4,689/10,000 of the property                                                                                                                                                                                                                                                                                      published to protect tenants’ interests. Instead, the appraised rental value estab-
                                                           9)
                                                                      The information on the individual properties is dependent on the size of the equity                                                                                                                                                                                                                                                 lished by the Expert Committee has been used.
                                                                      interest held.




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               KanAm Spezial grundinvest Fonds                                                                                                                                           69
Annual Report as of September 30, 2009                                                                                                                                                                                                  ....................................                           Facts and Figures




Property Record as of September 30, 2009
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




                                                                                                                                                                                                                                                                                                                                                         Transfer
                                                                                                                                                                                                                                                                                                                                                         of risks                                                                                                                                                                                         Total
                                                                                                                                                                                                                                                                                                                                                         and                                                               Year con-                                                        Size of                                                       floor
                                                                                                                                                                                                                          Type of                                                          Type of                                                       rewards of                                                        structed/                                                        property                                                      space                                                     Appoint-
      No. Location of property                                                                                                                                                                                            property1)                                                       use2)                                                         ownership                                                         renovated                                                        (sqm)                                                         (sqm)                                                     ments3)
                                3. Greece

       10                       Helex Building B
                                (O.T. 51 /75) Athens, 110 Athinon
                                Avenue /Pipinelies Street /Polykratous                                                                                                                                                                                                                     O 92%,
                                Street /Akademia Platonos                                                                                                                                                                 C, PO                                                            P 8%                                                          05 /2007                                                          2007                                                             7,9038)                                                       12,315                                                    A, E

                                II. Directly held properties in countries with other currencies

                                1. Switzerland

       11                       Le Lumion                                                                                                                                                                                                                                                  O 86%,
                                1218 Geneva /Grand-Saconnex                                                                                                                                                                                                                                P 11%,
                                Rue François Peyrot 10 –14                                                                                                                                                                C                                                                M 3%                                                          01 /2006                                                          2004                                                             8,442                                                         5,498                                                     A, E

       12                       Holiday Inn Zurich Messe
                                8050 Zurich-Oerlikon,
                                Wallisellenstrasse 48                                                                                                                                                                     C, H                                                             Ho 100%                                                       03 /2009                                                          2009                                                             3,700                                                         11,042                                                    A, E, F, CC


                                III. Properties in eurozone countries held via real estate companies

                                1. Luxembourg

       13                       Centre Cloche d’Or
                                2530 Luxembourg,                                                                                                                                                                                                                                           O 95%,                                                                                                                                                                                                                                                                                                                   A, E, EL,
                                10, Rue Henri Schnadt                                                                                                                                                                     C                                                                P 5%                                                          11 /2005                                                          2005                                                             3,033                                                         4,326                                                     OG
                                Cloche d’Or S.A., 5, Rue Guillaume Kroll, 1882 Luxembourg (99.908306% equity interest)
                                Company’s equity: EUR 1,867,627.34;        shareholder loan: EUR 8,000,000.00




1)
          C                  =          Commercial property                                                                                                             3)
                                                                                                                                                                                   A                 =          Air conditioning                                                                                                             4)
                                                                                                                                                                                                                                                                                                                                                       Currency position translated at the closing-date rates as of September 30, 2009
          H                  =          Heritable building right                                                                                                                   E                 =          Freight/passenger elevator                                                                                                   5)
                                                                                                                                                                                                                                                                                                                                                       The information on the forecast rental income is not covered by the auditors’
          PO                 =          Part-ownership of the property                                                                                                             OG                =          Open gallery                                                                                                                           report.
2)
          O                  =          Office/archive                                                                                                                             EL                =          External louvers                                                                                                             6)
                                                                                                                                                                                                                                                                                                                                                       Property acquired during the period under review or transfer of risks and rewards
          P                  =          Parking                                                                                                                                    At                =          Atrium                                                                                                                                 of ownership during the period under review.
          R/C                =          Retail/catering                                                                                                                            F                 =          Fitness center/fitness room
          M                  =          Miscellaneous                                                                                                                              CC                =          Conference center
          Ho                 =          Hotel



70                                      KanAm Spezial grundinvest Fonds
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




                                                                                                                                                                                 Expiring leases
                                                                                                                                                                                   (measured in
                                                                                                                                                                                terms of current                                                                                                                                                                                                                Forecast                                                                                                   Appraised                                                                                                    Appraised
                                                      Leased rate                                                                                                                 rental income)                                                                                            Rental income                                                                                                  rental income                                                                                                 rental value                                                                                                market value
                                                              as of                                                                                                                 Oct. 1, 2009                                                                                              Oct. 1, 2008                                                                                                   Oct. 1, 2009                                                                                              (by the Expert                                                                                               (by the Expert
                                                September 30, 2009 9)                                                                                                           – Sept. 30, 2010 9)                                                                                       – Sept. 30, 2009 4) 9)                                                                                        – Sept. 30, 2010 4) 5) 9)                                                                                        Committee) 4) 9)                                                                                             Committee)4) 9)
                                                              in %                                                                                                                          in %                                                                                         in EUR thousand                                                                                               in EUR thousand                                                                                              in EUR thousand                                                                                              in EUR thousand




                                                                                                                     100.0                                                                                                                    0.0                                                                                      3,986.1*                                                                                                     3,986.1*                                                                                                     3,986.1                                                                                                                     56.0




                                                                                                                     100.0                                                                                                                    0.0                                                                                      2,309.1                                                                                                      2,336.9                                                                                                      2,263.3                                                                                                                     42.7



                                                                                                                     100.0                                                                                                                    0.0                                                                                              792.66)*                                                                                             1,491.2*                                                                                                     1,491.2                                                                                                                     23.7




                                                                                                                     100.0                                                                                                                    0.0                                                                                      1,419.6*                                                                                                     1,419.6*                                                                                                     1,419.6                                                                                                                     24.0




                                                           7)
                                                                      Plus part-ownership of a neighboring parking garage with 211 parking spaces;                                                                                                                                                                                                                                                      * Property with fewer than five tenants or for which 75% of the rental income is
                                                                      acquired 03/2006; constructed 2003                                                                                                                                                                                                                                                                                                  generated by a single tenant; the actual and forecast rental income has not been
                                                           8)
                                                                      Part-ownership of 4,689/10,000 of the property                                                                                                                                                                                                                                                                                      published to protect tenants’ interests. Instead, the appraised rental value estab-
                                                           9)
                                                                      The information on the individual properties is dependent on the size of the equity                                                                                                                                                                                                                                                 lished by the Expert Committee has been used.
                                                                      interest held.




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               KanAm Spezial grundinvest Fonds                                                                                                                                           71
Annual Report as of September 30, 2009                                                                                                                                                                                                  ....................................                           Facts and Figures




Record of Acquisitions in the Period under Review
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




Acquisition in the period under review; transfer of risks and rewards of ownership by September 30, 2009



                                                                                                                                                                                                                                                                                                               Transfer of risks   Purchase                                                                                                                                              Total invest-
                                                                                                                                                                                                                                                  Date of                                                         and rewards          price                                                                                                                                              ment costs                                                                               Market value1)
                     Location of property                                                                                                                                                                                                      acquisition                                                        of ownership in EUR million                                                                                                                                          in EUR million                                                                             in EUR million

     I.              Directly held properties in eurozone countries

                     France

                     PULSAR
                     75008 Paris,
                     2, Rue de la Pépinière                                                                                                                                                                                                                 05 /2009                                                                               05 /2009                                                                                    16.2                                                                                 17.5                                                                                       17.8

                     La Madeleine
                     59110 Lille, La Madeleine, 99, Avenue de
                     la République /Rue Paul Doumer                                                                                                                                                                                                         10 /2008                                                                               10 /2008                                                                                    18.5                                                                                 19.4                                                                                       19.9




Acquisition before the period under review; transfer of risks and rewards of ownership by September 30, 2009


                                                                                                                                                                                                                                                                                                               Transfer of risks   Purchase                                                                                                                                                Total invest-
                                                                                                                                                                                                                                                  Date of                                                         and rewards          price                                                                                                                                                ment costs                                                                               Market value1)
                     Location of property                                                                                                                                                                                                      acquisition                                                        of ownership in EUR million                                                                                                                                            in EUR million                                                                             in EUR million

                     Directly held properties in countries with other currencies2)

                     Switzerland

                     Holiday Inn Zurich Messe,
                     8050 Zurich-Oerlikon,
                     Wallisellenstrasse 48                                                                                                                                                                                                                  04 /2008                                                                               03 /2009                                                                                    22.0                                                                                   22.7                                                                                       23.2

1)
          according to the expert opinion prepared at the time of the transfer of risks and rewards of ownership
2)
          The exchange rate on the date of the transfer to the portfolio is decisive for the exchange rate used.




72                                      KanAm Spezial grundinvest Fonds
Hedging Transactions and Liquidity Portfolio as of September 30, 2009
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




Currency hedging transactions
Investments in foreign currencies are hedged using forward currency sales.

                                                                                                                                                                                                                                                                                                                                                                                 Market price                                                                                                                              Market price1)                                                                                                                                                          Preliminary
                                                                                                                                                                                                                                                                                                                                                                                         Sale                                                                                                                            Reporting date                                                                                                                                                                  result
                                                                                                                                                                                                                                                                                                                                                                                        EUR                                                                                                                                        EUR                                                                                                                                                                    EUR

        Open positions                                                                                                                                                                                                      CHF 24.10 million                                                                                                                              16,076,585.51                                                                                                                                         16,140,042.04                                                                                                                                                         – 63,456.53

        Total                                                                                                                                                                                                                                                                                                                                                              16,076,585.51                                                                                                                                         16,140,042.04                                                                                                                                                         – 63,456.53



                                                                                                                                                                                                                                                                                                                                                                                 Market price                                                                                                                              Market price 1)                                                                                                                                                         Preliminary
                                                                                                                                                                                                                                                                                                                                                                                   Purchase                                                                                                                              Reporting date                                                                                                                                                                  result
                                                                                                                                                                                                                                                                                                                                                                                        EUR                                                                                                                                        EUR                                                                                                                                                                    EUR

        Open positions                                                                                                                                                                                                             CHF 2.30 million                                                                                                                               1,522,221.12                                                                                                                                         1,524,501.40                                                                                                                                                                  2,280.28

        Total                                                                                                                                                                                                                                                                                                                                                                     1,522,221.12                                                                                                                                         1,524,501.40                                                                                                                                                                  2,280.28



                                                                                                                                                                                                                                                                                                                                                                                 Market price                                                                                                                                         Market price                                                                                                                                                 Preliminary
                                                                                                                                                                                                                                                                                                                                                                                         Sale                                                                                                                                          at maturity                                                                                                                                                       result
                                                                                                                                                                                                                                                                                                                                                                                        EUR                                                                                                                                                  EUR                                                                                                                                                          EUR
        Open positions                                                                                                                                                                                                      CHF 12.90 million                                                                                                                                     8,313,052.60                                                                                                                                         8,466,458.70                                                                                                                                             – 153,406.10

        Total                                                                                                                                                                                                                                                                                                                                                                     8,313,052.60                                                                                                                                         8,466,458.70                                                                                                                                             – 153,406.10

1)
            currency forward rate as of September 30, 2009
            CHF = Swiss francs




Total liquidity in EUR



                                                                                                                                     Overnight money and
                                Bank deposits                                                                                        fixed-term deposits
                                    4.0 million                                                                                      86.2 million
                                       (4.4%)                                                                                        (95.6%)




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     KanAm Spezial grundinvest Fonds                                                                                                                                                                         73
Annual Report as of September 30, 2009                                                                                                                                                                                                  ....................................                           Facts and Figures




Income Statement
for the Period from October 1, 2008 to September 30, 2009
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   EUR                                                                                                          EUR
       I.              Income
                       1. Income from properties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   30,208,828.12
                          (of which denominated in foreign currency: EUR 2,908,021.46)
                       2. Income from equity interests in real estate companies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          1,431,226.32
                       3. Income from liquidity portfolio
                                         3.1 Income from bank deposits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   1,514,734.30
                                             (of which denominated in foreign currency: EUR 1,026.44)
                       4. Other income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            283,017.95
                          (of which denominated in foreign currency: EUR 7,746.61)

       Total income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                33,437,806.69

       II. Expenses
                       1. Management costs
                                         1.1 Operating costs                                                                                                                                                                                                                                                                                                                                                                                                                1,259,837.73
                                             (of which denominated in foreign currency: EUR 209,012.07)
                                         1.2 Maintenance costs                                                                                                                                                                                                                                                                                                                                                                                                                       284,451.92
                                             (of which denominated in foreign currency: EUR 4,148.24)
                                         1.3 Property management costs*                                                                                                                                                                                                                                                                                                                                                                                                              277,758.13
                                                            (of which denominated in foreign currency: EUR 29,326.19)
                                         1.4 Other costs                                                                                                                                                                                                                                                                                                                                                                                                                             148,373.88                                                                                          1,970,421.66
                                             (of which denominated in foreign currency: EUR 11,033.34)
                       2. Ground rent                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  34,075.21
                          (of which denominated in foreign currency: EUR 34,075.21)
                       3. Interest expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              7,984,412.03
                          (of which denominated in foreign currency: EUR 1,560,493.47)
                       4. Foreign taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  1,052,904.00
                       5. Costs of managing the investment fund
                                         5.1 Remuneration of the fund management                                                                                                                                                                                                                                                                                                                                                                                            2,336,978.59
                                         5.2 Custodian bank fee                                                                                                                                                                                                                                                                                                                                                                                                                      183,964.66
                                         5.3 Remuneration of experts                                                                                                                                                                                                                                                                                                                                                                                                                      83,146.27
                                         5.4 Other expenses in accordance with section 12 of the BVB (Special Fund Rules)                                                                                                                                                                                                                                                                                                                                                            688,075.37                                                                                          3,292,164.89

       Total expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              14,333,977.79

       III. Net income from investment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             19,103,828.90

       IV. Equalization paid                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      532,751.60

       V. Net income from investment plus equalization paid                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        19,636,580.50

       Total expense ratio (TER)
                       excl. performance-based remuneration = 0.75%
                       incl. performance-based remuneration = 0.75%


* No own expenses in accordance with section 12(7) of the Special Fund Rules were levied in the fiscal year.
For information on foreign currencies and exchange rates as of the reporting date of September 30, 2009, please see page 57.

Information on costs in accordance with section 41(5) and (6) of the “Investmentgesetz”:
The investment company does not receive any reimbursements of the fees and expenses paid to the custodian bank and third parties from the investment fund assets.
The investment company pays regular brokerage fees (“trail commission”) to selected brokers such as banks from the management fee paid to it.

KanAm Spezial grundinvest Fonds does not hold any investment units.




74                                      KanAm Spezial grundinvest Fonds
Notes to the Income Statement
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




Income                                                                                                                                                                                                                        Interest expenses totaling EUR 8.0 mil-                                                                                                                                                                                       Equalization paid
                                                                                                                                                                                                                              lion relate to the loans taken out for the
Income from properties (EUR 30.2 mil-                                                                                                                                                                                         directly held properties.                                                                                                                                                                                                     The equalization paid item amounted
lion) was generated by the directly held                                                                                                                                                                                                                                                                                                                                                                                                                    to EUR 0.5 million and consists of the
properties.                                                                                                                                                                                                                   Foreign taxes relate to income taxes                                                                                                                                                                                          distributable accrued income con-
                                                                                                                                                                                                                              on income generated abroad.                                                                                                                                                                                                   tained in the unit price on the acquisi-
Income from equity interests in real                                                                                                                                                                                                                                                                                                                                                                                                                        tion or selling date concerned; in the
estate companies (EUR 1.4 million) re-                                                                                                                                                                                        The costs of managing the invest-                                                                                                                                                                                             case of a cash inflow the income is
lates to interest on shareholder loans to                                                                                                                                                                                     ment fund totaling EUR 3.3 million                                                                                                                                                                                            added to this item, while in the case of
the Cloche d’Or S.A. real estate com-                                                                                                                                                                                         comprise the remuneration of the fund                                                                                                                                                                                         a cash outflow it is deducted.
pany.                                                                                                                                                                                                                         management (EUR 2.3 million), the cus-
                                                                                                                                                                                                                              todian bank fee (EUR 0.2 million), the                                                                                                                                                                                        Net income from investment plus
Income from the liquidity portfolio of                                                                                                                                                                                        remuneration of experts (EUR 0.1 million),                                                                                                                                                                                    equalization paid
EUR 1.5 million is attributable to over-                                                                                                                                                                                      and Annual Report, advisory, auditing,
night and fixed-term investments.                                                                                                                                                                                             and tax advisory costs as well as ac-                                                                                                                                                                                         The net income from investment of
                                                                                                                                                                                                                              count management costs (EUR 0.7 mil-                                                                                                                                                                                          EUR 19.1 million represents the net
Other income of EUR 0.3 million pri-                                                                                                                                                                                          lion in total).                                                                                                                                                                                                               amount of income and expenses gen-
marily consists of the reversal of provi-                                                                                                                                                                                                                                                                                                                                                                                                                   erated during the period under review.
sions.                                                                                                                                                                                                                        The fund management fee was paid in                                                                                                                                                                                           After adjustment for the equalization
                                                                                                                                                                                                                              the form of the contractually agreed re-                                                                                                                                                                                      paid item, the net income from in-
Expenses                                                                                                                                                                                                                      muneration of 0.4% per year of the av-                                                                                                                                                                                        vestment plus equalization paid
                                                                                                                                                                                                                              erage value of the fund assets, which is                                                                                                                                                                                      amounted to EUR 19.6 million (previous
Management costs amounting to                                                                                                                                                                                                 calculated using the values at the end                                                                                                                                                                                        year: EUR 17.6 million).
EUR 2.0 million include non-allocable                                                                                                                                                                                         of each month. Loans are not included
operating costs (EUR 1.3 million), main-                                                                                                                                                                                      when calculating the value of the in-                                                                                                                                                                                         Total expense ratio (TER)
tenance costs (EUR 0.3 million), man-                                                                                                                                                                                         vestment fund. In addition, the invest-
agement costs for local third-party                                                                                                                                                                                           ment company received income from                                                                                                                                                                                             The total expense ratio (TER) is the
property managers (EUR 0.3 million),                                                                                                                                                                                          construction and purchase fees total-                                                                                                                                                                                         ratio of total expenses to average fund
and                             non-deductible                                                                               input                                  tax                          of                           ing EUR 0.7 million, which are included                                                                                                                                                                                       assets, expressed in percent. It in-
EUR 0.1 million.                                                                                                                                                                                                              in the acquisition costs. The one-off                                                                                                                                                                                         cludes the following items: the remu-
                                                                                                                                                                                                                              fee of up to 2% of the value calculated                                                                                                                                                                                       neration of the fund management, the
Ground rent (EUR 34 thousand) re-                                                                                                                                                                                             by the Expert Committee payable on                                                                                                                                                                                            custodian bank fee, the remuneration
lates to the Holiday Inn Zurich Messe                                                                                                                                                                                         acquisition of a property or real estate                                                                                                                                                                                      of experts, and other expenses in ac-
property.                                                                                                                                                                                                                     company was not levied in full. Instead,                                                                                                                                                                                      cordance with section 12 of the BVB
                                                                                                                                                                                                                              only 1.10% was levied on average.                                                                                                                                                                                             (excluding transaction and finance
                                                                                                                                                                                                                                                                                                                                                                                                                                                            costs), and amounts to 0.75%.




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   KanAm Spezial grundinvest Fonds                                                                                                                                           75
Annual Report as of September 30, 2009                                                                                                                                                                                                  ....................................                           Facts and Figures




Calculation of the Distribution
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Total                                                                                            Per unit
                                                                                                                                                                                                                                                                                                                                                                                                      EUR                                                                                                       EUR                                                                                                 EUR
       Net income from investment                                                                                                                                                                                                                                                                                                                        19,103,828.90

       Equalization paid                                                                                                                                                                                                                                                                                                                                               532,751.60

       Net income from investment plus equalization paid                                                                                                                                                                                                                                                                                                                                                                                                              19,636,580.50                                                                                                                                              5.23

       Carried forward from previous year                                                                                                                                                                                                                                                                                                                      6,095,560.63

       Adjustment to profit carried forward1)                                                                                                                                                                                                                                                                                                                  1,082,522.63                                                                                                 7,178,083.26                                                                                                                                         1.92

       Amount available for distribution                                                                                                                                                                                                                                                                                                                                                                                                                              26,814,663.76                                                                                                                                              7.15

       Carried forward to new account                                                                                                                                                                                                                                                                                                                                                                                                                                       7,492,955.56                                                                                                                                         2.00


       Distribution                                                                                                                                                                                                                                                                                                                                                                                                                                                   19,321,708.20                                                                                                                                              5.15

1)
          The value of an existing profit brought forward would fall per unit if the number of units in circulation increased. The adjustment to profit carried forward counteracts this
          dilutive effect at the expense of existing investors.




EUR 7,492,955.56 will be carried                                                                                                                                                                                              EUR 5.15 per unit will be distributed.
forward to new account.                                                                                                                                                                                                       Given 3,751,788 units in circulation,
                                                                                                                                                                                                                              this                           results                                          in                    a                  distribution                                                            of
                                                                                                                                                                                                                              EUR 19,321,708.20.




76                                      KanAm Spezial grundinvest Fonds
Auditors’ Report
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




In accordance with section 44(5) of the                                                                                                                                                                                       system and the evidence supporting
“Investmentgesetz” (InvG – German                                                                                                                                                                                             the disclosures in the annual report are
Investment Act), we have audited the                                                                                                                                                                                          examined primarily on a test basis
annual report of KanAm Spezial grund-                                                                                                                                                                                         within the framework of the audit. The
invest  Fonds for the fiscal year from                                                                                                                                                                                        audit includes assessing the account-
October 1, 2008 to September 30,                                                                                                                                                                                              ing principles used for the annual
2009. The preparation of the annual                                                                                                                                                                                           report and significant estimates made
report in accordance with the InvG is                                                                                                                                                                                         by management. We believe that our
the responsibility of the management                                                                                                                                                                                          audit provides a reasonable basis for
of the investment company. Our respon-                                                                                                                                                                                        our opinion.
sibility is to express an opinion on this
annual report based on our audit.                                                                                                                                                                                             Our audit has not led to any reserva-
                                                                                                                                                                                                                              tions.
We have conducted our audit in accor-
dance with section 44(5) of the InvG                                                                                                                                                                                          In our opinion, based on the findings of
and generally accepted standards for                                                                                                                                                                                          our audit, the annual report complies
the audit of financial statements pro-                                                                                                                                                                                        with the legal requirements.
mulgated by the “Institut der Wirtschaft-
sprüfer” (IDW). Those standards re-                                                                                                                                                                                           Nuremberg, November 25, 2009
quire that we plan and perform the
audit such that misstatements materi-                                                                                                                                                                                         Deutsche Baurevision Aktiengesell-
ally affecting the annual report are                                                                                                                                                                                          schaft Wirtschaftsprüfungsgesellschaft
detected with reasonable assurance.
Knowledge of the management of the
investment fund and evaluations of
possible misstatements are taken into                                                                                                                                                                                         (Reiß)                                                                                                       (ppa. Dirnaichner)
account in the determination of audit                                                                                                                                                                                         Wirtschaftsprüfer                                                                                             Wirtschaftsprüfer
procedures. The effectiveness of the
accounting-related                                                                                                internal                                            control




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   KanAm Spezial grundinvest Fonds                                                                                                                                           77
Annual Report as of September 30, 2009                                                                                                                                                                                                  ....................................                           Facts and Figures




Tax Information
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




Summary of important tax regu-                                                                                                                                                                                                As the tax withheld is generally defini-                                                                                                                                                                                      Units held as business assets are
lations for investors (law appli-                                                                                                                                                                                             tive (flat tax), income from capital in-                                                                                                                                                                                      treated as operating income for tax
cable as of January 1, 2009)                                                                                                                                                                                                  vestments does not, as a rule, have to                                                                                                                                                                                        purposes. Tax legislation requires a
                                                                                                                                                                                                                              be disclosed in the investor’s income                                                                                                                                                                                         differentiated approach to the income
The following information on tax                                                                                                                                                                                              tax return. When withholding the tax,                                                                                                                                                                                         components in order to calculate the
regulations only applies to investors                                                                                                                                                                                         the custodian, as a matter of principle,                                                                                                                                                                                      amount of taxable income or income
with unlimited tax liability in Germany.                                                                                                                                                                                      offsets any losses and credits foreign                                                                                                                                                                                        subject to investment income tax.
Foreign investors are advised to                                                                                                                                                                                              withholding taxes.
contact their tax advisor prior to                                                                                                                                                                                                                                                                                                                                                                                                                          Units held as private assets
acquiring units in the investment fund                                                                                                                                                                                        However, the tax withheld is not                                                                                                                                                                                              (German tax residents)
described in the Sales Prospectus in                                                                                                                                                                                          definitive if, among other things, the
order to clarify the potential tax con-                                                                                                                                                                                       investor’s personal tax rate is lower                                                                                                                                                                                         Domestic rental income, interest
sequences of such an investment in                                                                                                                                                                                            than the 25% flat tax rate. In this case,                                                                                                                                                                                     and similar income, foreign divi-
their respective countries of resi-                                                                                                                                                                                           income from capital investments may                                                                                                                                                                                           dends (particularly from real estate
dence on an individual basis.                                                                                                                                                                                                 be disclosed in the income tax return.                                                                                                                                                                                        corporations), and gains from the
                                                                                                                                                                                                                              The tax office will then apply the low-                                                                                                                                                                                       sale of domestic real estate within
As a special purpose fund, the invest-                                                                                                                                                                                        er personal tax rate and count the tax                                                                                                                                                                                        ten years of acquisition
ment fund is exempt from corporation                                                                                                                                                                                          withheld towards the investor’s tax
tax and trade tax. For units held as                                                                                                                                                                                          liability (“Günstigerprüfung” – most                                                                                                                                                                                          25% tax is withheld on domestic rent-
private assets, however, the taxable                                                                                                                                                                                          favorable tax treatment).                                                                                                                                                                                                     al income, interest and similar in-
income from the investment fund is                                                                                                                                                                                                                                                                                                                                                                                                                          come, foreign dividends and gains
treated as income from capital invest-                                                                                                                                                                                        If no tax has been withheld on income                                                                                                                                                                                         from the sale of domestic real estate
ments and is subject to income tax if                                                                                                                                                                                         from capital investments (for example                                                                                                                                                                                         within ten years of acquisition that are
this income, together with the inves-                                                                                                                                                                                         because a gain on the sale of fund                                                                                                                                                                                            distributed or retained by the invest-
tor’s other investment income, ex-                                                                                                                                                                                            units is generated in a foreign securi-                                                                                                                                                                                       ment fund in the case of domestic
ceeds the annual lump-sum savings                                                                                                                                                                                             ties account), this income must be                                                                                                                                                                                            custody (plus the solidarity surcharge
allowance of EUR 801 (for single per-                                                                                                                                                                                         disclosed in the tax return. This in-                                                                                                                                                                                         and church tax, if applicable).
sons or married couples assessed                                                                                                                                                                                              come from capital investments is then
separately) or EUR 1,602 (for married                                                                                                                                                                                         also subject to the 25% flat tax rate or                                                                                                                                                                                      No tax needs to be withheld if the
couples assessed jointly).                                                                                                                                                                                                    to the lower personal tax rate in the                                                                                                                                                                                         investor is a German tax resident and
                                                                                                                                                                                                                              course of the assessment.                                                                                                                                                                                                     submits an exemption instruction,
25% tax is withheld on income from                                                                                                                                                                                                                                                                                                                                                                                                                          provided that the taxable income
capital investments (plus the solidar-                                                                                                                                                                                        Even if tax has been withheld and the                                                                                                                                                                                         components do not exceed EUR 801
ity surcharge and church tax, if appli-                                                                                                                                                                                       investor has a higher personal tax                                                                                                                                                                                            for single persons or EUR 1,602 for
cable). Income from capital invest-                                                                                                                                                                                           rate, disclosures on income from                                                                                                                                                                                              married couples assessed jointly.
ments also includes the income                                                                                                                                                                                                capital investments may have to be
distributed by the investment fund,                                                                                                                                                                                           made if, for example, extraordinary                                                                                                                                                                                           The same also applies if a non-
distribution-equivalent income, and                                                                                                                                                                                           personal expenses or special person-                                                                                                                                                                                          assessment certificate is submitted
interim profits, as well as gains from                                                                                                                                                                                        al deductions (e.g., donations) are                                                                                                                                                                                           or if foreign investors furnish proof of
the purchase and sale of fund units if                                                                                                                                                                                        claimed in the investor’s income tax                                                                                                                                                                                          their                               nonresident                                                                   status                                       for                         tax
these were or are acquired after                                                                                                                                                                                              return.                                                                                                                                                                                                                       purposes.
December 31, 2008.1)



1)
   	 Gains	on	the	disposal	of	fund	units	held	by	private	investors	that	were	acquired	prior	to	January	1,	2009	are	tax-free,	provided	that	the	period	between	acquisition	and	
     d
     	 isposal	exceeds	one	year.



78                                      KanAm Spezial grundinvest Fonds
If domestic investors hold the units of     Gains from the sale of domestic            Gains from the sale of securi-
an investment fund that has been            and foreign real estate acquired           ties, gains from forward trans-
classified for tax purposes as a dis-       more than ten years previously             actions, and income from option
tributing fund in a German securities                                                  premiums
account at the investment company           Gains from the sale of domestic and
or a credit institution (custody), the      foreign real estate not falling within     Gains from the sale of shares, equity-
respective custodian, as the paying         the ten-year holding period that are       equivalent profit participation rights
agent, will not withhold any tax pro-       generated at the investment fund           and investment units, gains from for-
vided that, prior to the specified dis-     level are always tax-free for the inves-   ward transactions, and income from
tribution date, it receives either an       tor.                                       option premiums generated at the
official exemption instruction for a                                                   investment fund level are not recog-
sufficient amount or a non-assessment       Foreign rental income and gains            nized at the level of the investor un-
certificate issued by the tax office for    from the sale of foreign real              less they are distributed. Moreover,
a maximum of three years. In this           estate within ten years of acqui-          gains from the sale of the capital
case, the entire distribution is credit-    sition                                     claims listed in section 1(3) sentence 3
ed to the investor without deduction.                                                  number 1 letters a) to f) of the InvStG
                                            Foreign rental income and gains from       are not recognized at the level of the
If investors fail to submit an exemp-       the sale of foreign real estate in re-     investor if they are not distributed.
tion instruction or non-assessment          spect of which Germany has waived
certificate, or fail to submit it in good   taxation under a double taxation           These include the following capital
time, on application they will receive      agreement (exemption method) are           claims:
a tax certificate from their custodian      also tax-free (general rule). The tax-
showing the tax withheld and remit-         free income also has no effect on the      a) capital claims that have an issue
ted and the solidarity surcharge.           applicable tax rate (no “Progressions-       yield,
Investors can then offset the tax with-     vorbehalt” – application of the pro-
held against their tax liability in the     gression clause).                          b) “normal” bonds and unsecuritized
course of their personal income tax                                                      receivables with a fixed coupon as
assessment.                                 If, exceptionally, the tax credit method     well as down-rating bonds, float-
                                            has been agreed in the relevant double       ers, and reverse floaters,
If units in distributing investment         taxation agreement or no double taxa-
funds are not held in a custody             tion agreement has been concluded,         c) risk certificates that track a share
account and the investor presents           the information on the treatment of          price or a published index for a
coupons to a German credit institu-         gains from the sale of domestic real         large number of shares 1:1,
tion (self-custody), tax is withheld at     estate within ten years of acquisition
25%    plus   the   German    solidarity    applies mutatis mutandis. The taxes        d) equity-linked bonds, exchangeable
surcharge.                                  paid in the relevant countries of origin     bonds, and convertible bonds,
                                            may be offset against German income
Subject to certain conditions, divi-        tax where appropriate, insofar as the      e) flat income bonds and profit par-
dends paid by foreign real estate           taxes paid have not already been             ticipation rights classified as debt
corporations may be fully tax-free, as      claimed as income-related expenses           instruments, and
qualifying intercompany dividends.          at the level of the investment fund.
                                                                                       f) bonds cum warrants.




                                                                                           KanAm Spezial grundinvest Fonds     79
Annual Report as of September 30, 2009          ....................................   Facts and Figures




If gains from the sale of the above-          Investors are immediately reimbursed                         the assessment period (tax year) in
mentioned securities/capital claims,          the 25% tax withheld (plus the soli-                         which the investment fund’s fiscal
gains from forward transactions, and          darity surcharge) if the units are held                      year ends, or in which the distribution
income from option premiums are               in custody by the investment compa-                          for the investment fund’s fiscal year
distributed, they are taxable; 25% tax        ny or a German credit institution and                        for which the negative taxable income
is withheld if the units are held in a        an exemption instruction for a suffi-                        has been offset at investment fund
domestic custody account (plus the            cient amount or a non-assessment                             level takes place. It is not possible for
solidarity surcharge and church tax, if       certificate has been submitted there.                        the negative income to be taken into
applicable).     However,       distributed   Otherwise, investors can offset the                          account in earlier income tax assess-
gains from the sale of securities and         25% tax withheld (plus the solidarity                        ments for investors.
gains from forward transactions are           surcharge) against their personal in-
tax-free if the securities – at the in-       come tax liability by supplying a tax                        Return of capital distributions
vestment fund level – were acquired           certificate from their custodian.
before January 1, 2009 or the forward                                                                      Return of capital distributions (e.g., in
transactions were entered into before         Income from equity interests in                              the form of development project in-
January 1, 2009.                              domestic and foreign real es-                                terest) are not taxable.
                                              tate partnerships
Gains from the sale of capital claims                                                                      However, return of capital distribu-
that are not included in the above list       Income from equity interests in do-                          tions that investors receive during
must be treated in the same way as            mestic and foreign real estate part-                         their period of ownership must be
interest for tax purposes (see page           nerships must be reported for tax                            added to the taxable net income from
78).                                          purposes at investment fund level at                         the sale of fund units, i.e., they in-
                                              the end of the fiscal year of the part-                      crease the taxable profit.
Domestic dividends (particular-               nership concerned. It must be mea-
ly from real estate corpora-                  sured in accordance with general tax                         Disposal gains at investor level
tions)                                        principles.
                                                                                                           If units in an investment fund that
Domestic dividends paid by the (real          Negative taxable income                                      were acquired after December 31,
estate) corporations that are distrib-                                                                     2008 are sold by a private investor,
uted or reinvested by the investment          If, after negative income has been                           the disposal gain is subject to the
fund are taxable at the investor level.       offset against similar positive income                       25% flat tax. If the units are held in a
                                              at investment fund level, a negative                         domestic securities account, the cus-
25% tax (plus the solidarity surcharge)       overall amount is produced, this is                          todian withholds the 25% tax. The
is withheld by the investment com-            carried forward at investment fund                           25% tax (plus the solidarity surcharge
pany on domestic dividends on distri-         level. It can be offset against similar                      and church tax, if applicable) need
bution or retention. Moreover, the            future positive taxable income at in-                        not be withheld if a sufficient exemp-
custodian concerned takes any appli-          vestment fund level in subsequent                            tion instruction or a non-assessment
cations for the retention of church tax       periods. Negative taxable income                             certificate is submitted.
that have been received into account          may not be allocated directly to in-
when making distributions.                    vestors. This means that such nega-                          If units in an investment fund that
                                              tive amounts will only be reflected in                       were acquired before January 1, 2009
                                              investors’ income tax assessments in                         are resold by a private investor within




80       KanAm Spezial grundinvest Fonds
twelve months of purchase (taxable                           The investment company publishes                              paid have not already been claimed as
period), any disposal gains are tax-                         the gains from real estate on each                            income-related expenses at the level of
able as income from private dispos-                          valuation date as a percentage of the                         the investment fund.
als. If the total gains from private dis-                    value of the investment unit.
posals during a calendar year amount                                                                                       Gains from the sale of domestic
to less than EUR 600, these gains are                        Units held as business assets                                 and foreign real estate
tax-free (exemption limit). If the ex-                       (German tax residents)
emption limit is exceeded, the total                                                                                       Retained gains at fund level from the
private disposal gains are taxable.                          Domestic rental income, inter-                                disposal of domestic and foreign real
                                                             est and similar income                                        estate sold more than ten years after
Disposal gains realized outside the                                                                                        acquisition of the property are of no
taxable period for units acquired be-                        Domestic rental income and interest                           significance for tax purposes at the in-
fore January 1, 2009 are tax-free for                        and similar income are generally tax-                         vestor level. Gains only become tax-
private investors.                                           able for investors . This applies regard-
                                                                                      1)
                                                                                                                           able upon distribution, whereby Ger-
                                                             less of whether this income is reinvest-                      many generally does not tax foreign
In calculating the disposal gains, the                       ed or distributed.                                            gains (exemption due to a double taxa-
interim profits at the time of acquisi-                                                                                    tion agreement).
tion must be deducted from the ac-                           Tax need only not be withheld, or with-
quisition costs, and the interim profits                     held tax can only be refunded, upon                           Gains from the sale of domestic and
at the time of disposal must be de-                          presentation of a corresponding non-                          foreign real estate within the ten-year
ducted from the disposal price, so                           assessment certificate. Otherwise, the                        holding period, whether retained or
that interim profits not taxed twice                         investor receives a tax certificate docu-                     distributed, are taxable at the investor
(see page 85). The retained income                           menting the tax withheld.                                     level. Gains from the sale of domestic
that the investor has already taxed                                                                                        real estate are fully taxable.
must also be deducted from the dis-                          Foreign rental income
posal price, so that double taxation is                                                                                    Germany generally exempts gains from
also avoided in this respect.                                Germany generally exempts rental in-                          the sale of foreign real estate from tax-
                                                             come from foreign real estate from                            ation (exemption due to a double taxa-
Gains from the sale of fund units ac-                        taxation (exemption due to a double                           tion agreement). However, investors
quired after December 31, 2008 are                           taxation agreement). However, inves-                          that are not incorporated entities are
tax-free insofar as they relate to in-                       tors that are not incorporated entities                       subject to the progression clause.
come that is tax-free under double                           are subject to the progression clause.
taxation agreements, that accrued to                                                                                       If, exceptionally, the tax credit method
the fund during the holding period,                          If, exceptionally, the tax credit method                      has been agreed in the relevant double
and that has not yet been recorded at                        has been agreed in the relevant double                        taxation agreement or no double taxa-
the investor level (gain from real es-                       taxation agreement or no double taxa-                         tion agreement has been concluded,
tate for the proportionate period of                         tion agreement has been concluded,                            income tax paid in the relevant coun-
ownership).                                                  income tax paid in the relevant coun-                         tries of origin may be offset against
                                                             tries of origin may be offset against                         German income tax or corporation tax
                                                             German income tax or corporation tax                          where appropriate, insofar as the taxes
                                                             where appropriate, insofar as the taxes




 	 Pursuant	to	section	2(2a)	of	the	InvStG,	the	taxable	interest	must	be	taken	into	account	in	relation	to	the	earnings	stripping	rule	in	accordance	with	section	4h	of	the	EStG.
1)




                                                                                                                                 KanAm Spezial grundinvest Fonds                    81
Annual Report as of September 30, 2009                           ....................................   Facts and Figures




paid have not already been claimed as                          e) flat income bonds and profit par-                              Domestic and foreign dividends
income-related expenses at the level of                            ticipation rights classified as debt                          (particularly from real estate
the investment fund.                                               instruments, and                                              corporations)


Tax need only not be withheld, or with-                        f) bonds cum warrants.                                            Dividends paid by domestic and for-
held can only be refunded, upon pre-                                                                                             eign real estate corporations that are
sentation of a corresponding non-                              If these gains are distributed, they are                          distributed or retained on units held as
assessment certificate. Otherwise, the                         taxable at the investor level. Gains                              business assets are tax-free 2) for incor-
investor receives a tax certificate docu-                      from the sale of shares are fully tax-                       1)
                                                                                                                                 porated entities with the exception
menting the tax withheld.                                      free for investors that are incorporat-                           of dividends in accordance with the
                                                               ed entities, or 40% tax-free for other                            “REIT-Gesetz” (German REIT Act). In
Gains from the sale of securities,                             business investors such as sole pro-                              the case of investors subject to income
gains from forward transactions,                               prietorships (partial income method).                             tax, 40% of this income is tax-free (par-
and income from option premiums                                By contrast, disposal gains from                                  tial income method).
                                                               bonds/capital claims, gains from for-
Gains from the sale of shares, equity-                         ward transactions, and income from                                Domestic dividends are subject to
equivalent profit participation rights                         option premiums are fully taxable.                                withholding tax (25% investment in-
and investment units, gains from for-                                                                                            come tax plus the solidarity sur-
ward transactions, and income from                             Income from the sale of capital claims                            charge).
option premiums are of no signifi-                             that are not included in the previous list
cance for tax purposes to investors if                         must be treated in the same way as in-                            Foreign dividends are generally subject
they are retained. Moreover, gains                             terest for tax purposes (see page 81).                            to withholding tax (25% investment in-
from the sale of the capital claims                                                                                              come tax plus the solidarity surcharge).
listed below are not recognized at the                         Distributed disposal gains on securi-                             However, the paying agent does not
level of the investor if they are not dis-                     ties, distributed gains on forward                                withhold any tax in particular if the in-
tributed:                                                      transactions, and distributed income                              vestor is a corporation with unlimited
                                                               from option premiums are subject to                               tax liability (whereby corporations as
a) capital claims that have an issue                           withholding tax (25% investment in-                               defined by section 1(1) no. 4 and 5 of
       yield,                                                  come tax plus the solidarity sur-                                 the “Körperschaftsteuergesetz” (KStG
                                                               charge). This does not apply to gains                             – German Corporation Tax Act) must
b) “normal” bonds and unsecuritized                            from the sale of securities purchased                             submit a certificate from their tax office
       receivables with a fixed coupon as                      before January 1, 2009 and to gains                               to the paying agent) or the foreign divi-
       well as down-rating bonds, float-                       from forward transactions entered into                            dends represent income of a domestic
       ers, and reverse floaters,                              before January 1, 2009. However, the                              business and this is declared to the
                                                               paying agent does not withhold any                                paying agent by the creditor of the in-
c) risk certificates that track a share                        tax in particular if the investor is a cor-                       vestment income in an official form.
       price or a published index for a                        poration with unlimited tax liability or if
       large number of shares 1:1,                             the investment income represents op-                              Subject to certain conditions, divi-
                                                               erating income of a domestic business                             dends paid by foreign (real estate) cor-
d) equity-linked bonds, exchangeable                           and this is declared to the paying                                porations may be fully tax-free, as
       bonds, and convertible bonds,                           agent by the creditor of the investment                           qualifying intercompany dividends. In
                                                               income in an official form.                                       this case, investors subject to income
                                                                                                                                 tax are subject only to the progression
                                                                                                                                 clause.




 	 5%	of	the	disposal	gains	from	shares	are	considered	as	non-deductible	business	expenses	for	incorporated	entities	and	are	therefore	taxable.
1)

2)
     	 5%	of	the	dividends	are	considered	as	non-deductible	business	expenses	for	incorporated	entities	and	are	therefore	taxable.



82            KanAm Spezial grundinvest Fonds
Income from equity interests in                               Return of capital distributions                             The investment company publishes the
domestic and foreign real estate                                                                                          gains from shares on each valuation
partnerships                                                  Return of capital distributions (e.g., in                   date as a percentage of the value of the
                                                              the form of development project inter-                      investment unit.
Income from equity interests in domes-                        est) are not taxable. For investors re-
tic and foreign real estate partnerships                      quired to prepare financial statements,                     Non-residents for tax purposes
must be reported for tax purposes at                          this means that the return of capital
investment fund level at the end of the                       distributions must be recognized in in-                     If a non-resident for tax purposes holds
fiscal year of the partnership con-                           come in the financial accounts and an                       units in a distributing investment fund
cerned. It must be measured in accor-                         offsetting liability must be expensed in                    in a securities account at a German
dance with general tax principles.                            the tax accounts, thus effectively re-                      custodian (custody), no tax is withheld
                                                              ducing the historical acquisition cost                      on interest and similar income, dispos-
Negative taxable income                                       without affecting tax.                                      al gains on securities, gains on forward
                                                                                                                          transactions, and foreign dividends if
If, after negative income has been off-                       Disposal gains at investor level                            the investor furnishes proof of his or
set against similar positive income at                                                                                    her non-resident status for tax purpos-
investment fund level, a negative over-                       Gains from the sale of units held as                        es. The extent to which tax withheld on
all amount is produced, this is carried                       business assets are tax-free for busi-                      domestic dividends may be offset or
forward at investment fund level. It can                      ness investors, provided that these                         reimbursed for a foreign investor de-
be offset against similar future positive                     consist of foreign rental income that                       pends on the double taxation agree-
taxable income at investment fund level                       has not yet accrued or been deemed to                       ment between the investor’s country of
in subsequent periods. Negative tax-                          have accrued, and realized or unreal-                       residence and the Federal Republic of
able income may not be allocated di-                          ized investment fund gains from foreign                     Germany. If the custodian concerned is
rectly to investors. This means that                          real estate, insofar as Germany has                         unaware of the investor’s non-resident
such negative amounts will only be re-                        waived taxation (gains from real es-                        status or if proof of this status is not
flected in investors’ income or corpora-                      tate).                                                      furnished in good time, the foreign in-
tion tax assessments in the assess-                                                                                       vestor is required to apply for reim-
ment period (tax year) in which the                           The investment company publishes the                        bursement of the tax withheld in accor-
investment fund’s fiscal year ends, or in                     gains from real estate on each valua-                       dance       with        section   37(2)   of   the
which the distribution for the invest-                        tion date as a percentage of the value                      “Abgabenordnung” (AO – German Tax
ment fund’s fiscal year for which the                         of the investment unit.                                     Code) to the tax office at the place of
negative taxable income has been off-                                                                                     business of the custodian.
set at investment fund level takes place.                     Furthermore, gains from the sale of
It is not possible for the negative in-                       units held as business assets are tax-                      Solidarity surcharge
come to be taken into account in earlier                      free 1) for incorporated entities if they
income or corporation tax assess-                             consist of dividends that have not yet ac-                  A 5.5% solidarity surcharge is levied on
ments for investors.                                          crued or been deemed to have accrued,                       the withheld tax to be remitted when
                                                              and realized or unrealized investment                       the investment fund distributes or re-
                                                              fund gains from domestic and foreign                        invests income. The solidarity surcharge
                                                              real estate corporations (gains from                        can be offset against the investor’s in-
                                                              shares). 40% of these gains on dispos-                      come tax or corporation tax liability.
                                                              al are tax-free for sole proprietorships.




1)	
      5%	of	the	tax-free	disposal	gains	are	considered	as	non-deductible	business	expenses	for	incorporated	entities	and	are	therefore	taxable.




                                                                                                                                KanAm Spezial grundinvest Fonds           83
Annual Report as of September 30, 2009          ....................................   Facts and Figures




If no tax is withheld – for example, be-      The investment company may deduct                            year in which the amended statement
cause a sufficient exemption instruc-         the creditable withholding tax in the                        became non-contestable. The amend-
tion, a non-assessment certificate, or        same way as an income-related ex-                            ed statement is then allocated to inves-
proof of non-resident status for tax          pense at the level of the investment                         tors for tax purposes at the end of this
purposes has been submitted – no sol-         fund. In this case, the foreign withhold-                    fiscal year or on the date on which the
idarity surcharge need be remitted.           ing tax cannot be offset or deducted at                      distribution for this fiscal year is made.
                                              investor level.
Church tax                                                                                                 This means that the financial effects –
                                              If the investment company does not ex-                       which may be either positive or nega-
If income tax is already levied via the       ercise its option to deduct the foreign                      tive – of correcting errors impact those
tax withheld by a German custodian            withholding tax at investment fund lev-                      investors holding units in the invest-
(withholding agent), the church tax pay-      el, the creditable withholding tax will be                   ment fund at the time at which the
able on this is levied as a surcharge to      recognized as reducing the tax to be                         errors are corrected.
the tax withheld in accordance with the       withheld.
church tax rate for the religious com-                                                                     Taxation of interim profits
munity to which the person subject to         Equalization paid
church tax belongs. To this end, per-                                                                      Interim profits consist of income con-
sons subject to church tax must inform        Those portions of the issuing price at-                      tained in the issuing or redemption
the withholding agent in a written ap-        tributable to income for issued units                        price for interest received or accrued
plication that they are a member of a         that are eligible for inclusion in the dis-                  as well as gains from the sale of capital
particular religion. In the application,      tribution (equalization paid procedure)                      claims not listed in section 1(3) sen-
married couples must also declare the         are to be treated in the same way for                        tence 3 number 1 letters a) to f) of the
proportion of the spouses’ entire in-         taxation purposes as the income to                           InvStG that have not yet been distrib-
vestment income constituted by the            which these portions of the issuing                          uted or retained by the fund and are
investment income attributable to each        price are attributable.                                      therefore not yet taxable for the inves-
spouse, so that the church tax can be                                                                      tor (roughly comparable to accrued
allocated, withheld, and remitted on          Separate determination of profits,                           profits on fixed-income securities). In-
this basis. If no allocation ratio is indi-   external audits                                              terim profits generated by the invest-
cated, the allocation is made on a per                                                                     ment fund are subject to income tax
capita basis.                                 The bases for tax assessment calcu-                          when units are redeemed or sold by
                                              lated at investment fund level must be                       German tax residents. 25% tax is with-
The deductibility of church tax as a          determined separately in each case.                          held on interim profits (plus solidarity
special personal deduction is already         For this purpose, the investment com-                        surcharge and church tax, if applica-
recognized as reducing the tax burden         pany must submit a statement illustrat-                      ble).
when the tax is withheld.                     ing the determination of the bases
                                              for tax assessment (“Feststellungs-                          Interim profits paid on the purchase of
Foreign withholding tax                       erklärung”) to the responsible tax of-                       units can be deducted as negative in-
                                              fice. Changes to the statements – for                        come for income tax purposes in the
Withholding tax on the investment             example, as a result of an external tax                      year of payment. They are already rec-
fund’s foreign income is retained in          audit (section 11(3) of the InvStG) by the                   ognized as reducing the tax burden
some cases in the country of origin.          tax authorities – take effect in the fiscal                  when the tax is withheld. If the interim




84      KanAm Spezial grundinvest Fonds
profits are not published, 6% of the         The investment company endeavors to         Directive with a number of third-party
payment made in connection with the          disclose all information available to it    states (and in particular with Switzer-
redemption or sale of the investment         about the bases for tax assessment.         land, Liechtenstein, the Channel Is-
unit must be recognized as interim                                                       lands, Monaco, and Andorra).
profits per annum.                           However, no guarantee can be given
                                             that the notification requirement will be   Under these agreements, interest in-
Interim profits may also be ascertained      fulfilled, especially if the investment     come that is credited by a German
regularly from the account and income        fund has acquired target funds and          credit institution (which to this extent
statements issued by the banks.              these do not fulfill the notification re-   acts as a paying agent) to a natural per-
                                             quirements for tax purposes. In this        son living in another country in Europe
Effects of the merging of invest-            case, the distributions and the interim     or in certain third-party states is re-
ment funds                                   profits of the relevant target fund and     ported by the German credit institution
                                             70% of the increase in value of the rel-    as   a   matter    of   principle      to   the
The transfer of all assets of an invest-     evant target fund in the most recent        Bundeszentralamt für Steuern (Federal
ment fund to another investment fund         calendar year (but at least 6% of the       Central Office of Taxation) and by the
in accordance with section 40 of the         redemption price) are classified as tax-    latter ultimately to the foreign tax of-
InvG does not result in the realization of   able income at the level of the invest-     fices in the person’s country of resi-
hidden reserves either at investor level     ment fund.                                  dence.
or at the level of the investment funds
concerned, i.e., this process is tax-        Furthermore, the investment company         Correspondingly, interest income re-
neutral.                                     endeavors to disclose all information       ceived by natural persons in Germany
                                             regarding the bases for tax assessment      from foreign credit institutions located
Classification       as   transparent,       not covered by section 5(1) InvStG          in other European countries or certain
semi-transparent,          and      non-     (such as, in particular, gains from         third-party states is ultimately reported
transparent funds for tax purpos-            shares, gains from real estate, and in-     by the foreign credit institutions to the
es                                           terim profits).                             German tax office at the person’s place
                                                                                         of residence. Alternatively, certain for-
The taxation principles outlined above       EU Savings Tax Directive/­                  eign states retain withholding taxes
(transparent taxation) only apply if all     German Interest Information                 that can be offset in Germany.
bases for tax assessment within the          Regulation
meaning of section 5(1) of the InvStG                                                    In concrete terms, therefore, this af-
are disclosed (notification requirement      The “Zinsinformationsverordnung” (ZIV       fects private investors resident in the
for tax purposes). This also applies to      – German Interest Information Regula-       European Union and in the third-party
the extent that the investment fund has      tion), which implements Council Direc-      countries that have acceded to the Di-
acquired units in other funds within         tive 2003 48/EC of June 3, 2003, OJ EU      rective who maintain securities ac-
Germany and in investment stock cor-         no. L 157 p. 38, is designed to ensure      counts or current accounts in another
porations with variable capital, units in    the effective cross-border taxation of      EU country and generate interest in-
EU investment funds, and units in for-       interest income accruing to natural         come.
eign investment funds that are not EU        persons within the territory of the Euro-
investment fund units (target funds          pean Union. The European Union has          Among other places, Luxembourg and
within the meaning of section 10 of the      concluded agreements that largely           Switzerland have undertaken to retain
InvStG) and that these comply with           correspond to the EU Savings Tax            a withholding tax of 20% on interest in-
their tax notification requirements.                                                     come (from July 1, 2011: 35%). Inves-
                                                                                         tors receive a certificate as part of the




                                                                                              KanAm Spezial grundinvest Fonds         85
Annual Report as of September 30, 2009         ....................................   Facts and Figures




tax documentation that they can use to       Property purchase tax                                        a return with or inform the French tax
offset the withholding tax deducted                                                                       authorities yourself, if you held less
when filing their income tax returns.        The sale of units in the investment fund                     than 5% of the Fund on January 1, and
                                             does not give rise to any property pur­                      this is the only investment you have in
Alternatively, private investors can elect   chase tax.                                                   French property.
to be exempted from having the tax
withheld abroad by issuing a voluntary       French 3% tax                                                If, on January 1, 2009, your equity in­
disclosure authorization for their inter­                                                                 terest amounted to or exceeded 5% or
est income to the foreign credit institu­    Since January 1, 2008, real estate                           if you held additional properties in
tions; this permits the institution con­     funds have been subject to a special                         France either directly or indirectly, you
cerned to refrain from withholding tax       French tax (known as the “French 3%                          may be liable for tax in your own right
and instead to report the income to the      tax”), which is levied annually on the                       on account of your investment in French
tax authorities specified in the legisla­    market value of properties located in                        real estate and you must ensure that
tion.                                        France. The French law provides for the                      you are exempted from taxation by
                                             exemption from the 3% tax for French                         providing the French tax authorities
According to the ZIV, the investment         real estate funds and comparable for­                        with your own return.
company must specify for each do­            eign funds. In the opinion of the French
mestic and foreign fund whether it is        tax authorities, German real estate                          However, various groups of investors
subject to the ZIV (“in scope”) or not       funds are not comparable in principle                        may be covered by general exemp­
(“out of scope”).                            with French real estate funds, meaning                       tions; for example, natural persons and
                                             that they are not exempt in principle                        listed companies are exempted from
The ZIV contains two material invest­        from the 3% tax.                                             the 3% tax. In these cases, no separate
ment thresholds to assist in this as­                                                                     return need be submitted.
sessment.                                    In order to be exempt from this tax, the
                                             French tax authorities are of the opin­                      For more information on the potential
If a maximum of 15% of the fund assets       ion that the fund must issue an annual                       obligation to submit a return, we rec­
consist of receivables as defined by the     return specifying its French properties                      ommend that you contact a French tax
ZIV, the paying agents, which ultimately     on January 1 of each year and disclos­                       advisor.
refer to the data reported by the invest­    ing the names of those unit holders
ment company, do not have to submit          who held 1% or more of the fund as of                        Notice:
reports to the Bundeszentralamt für          January 1 of each year. Thus, investors
Steuern. Otherwise, exceeding the            who held at least 35,206 units in KanAm                      The information concerning taxation
15% threshold triggers a requirement         Spezial grundinvest Fonds as of Jan­                         is based on the legal position as it is
on the part of the paying agents to dis­     uary 1, 2009 must be named.                                  known to stand at present. It is in-
close the interest portion of the divi­                                                                   tended for those persons with un-
dend to the Bundeszentralamt für             So that the fund can comply with its                         limited liability regarding for Ger-
Steuern.                                     obligation to submit a return and thus                       man income or corporation tax.
                                             avoid the French 3% tax being levied,                        However, no assurance can be given
If the 40% threshold is exceeded, the        we ask that you send us a written dec­                       that the tax treatment will not change
interest portion contained in the re­        laration consenting to the disclosure of                     as a result of legislation, court rul-
demption or sale of the fund units must      your name, address, and the size of                          ings, or decrees issued by the tax
be disclosed. If the fund is a distribut­    your interest to the French tax authori­                     authorities.
ing fund, the interest portion contained     ties if your interest in KanAm Spezial
in the dividend must also be reported        grundinvest Fonds amounted to or ex­
to the Bundeszentralamt für Steuern. If      ceeded 1% on January 1, 2009.
the fund is an accumulating fund, a dis­
closure is logically only made when          This disclosure has no financial reper­
fund units are redeemed or sold.             cussions, nor does it require you to file


86      KanAm Spezial grundinvest Fonds
Information on Bases of Taxation to be Disclosed to Investors
                                                                                                   Disclosures on       Corresponding disclosures
                                                                                               distributed income        on distribution-equivalent
Mandatory disclosure in accordance with section 5(1) of the InvStG                                           (no. 1)                 income (no. 2)             Total
(German Investment Tax Act)                                                                                    EUR                            EUR               EUR
  a)   Distribution amount incl. foreign withholding tax/amount retained 1)                            (Distribution)                    (Retention)
             for unit certificates held as private assets                                                    5.1500                         0.0839          5.2339
             for unit certificates held as business assets (section 3 no. 40 of the EStG)                    5.1500                         0.0839          5.2339
             for unit certificates held as business assets (section 8b of the KStG)                          5.1500                         0.0839          5.2339
             for unit certificates held as business assets (section 8b(7+8) of the KStG)                     5.1500                         0.0839          5.2339
       (cash distribution)                                                                                  (5.1500)
       plus distribution-equivalent income from previous years included in the distribution,
       broken down by fiscal year 2)                                                                        0.0377
  b)   Income distributed (to 4 decimal places) 3)                                                          3.47873a)                       0.1004          3.5791
  c)   Included in the distribution
       aa) repealed 2)
       bb) tax-free disposal gains as defined in section 2(3) no. 1 sentence 1 of the InvStG
             in the version applicable on December 31, 2008                                                 0.0000                          0.0000          0.0000
       cc) income as defined in section 3 no. 40 of the EStG (100%) 4)                                      0.0000                          0.0000          0.0000
       dd) income as defined in section 8b(1) of the KStG 5)                                                0.0000                          0.0000          0.0000
       ee) disposal gains as defined in section 3 no. 40 of the EStG (100%) 4)                              0.0000                          0.0000          0.0000
       ff)   disposal gains as defined in section 8b(2) of the KStG 6)                                      0.0000                          0.0000          0.0000
       gg) income as defined in section 2(3) no. 1 sentence 2 of the InvStG, in the version
             applicable on December 31, 2008 if not investment income as defined in section
             20 of the EStG                                                                                 0.0000                          0.0000          0.0000
       hh) tax-free disposal gains as defined in section 2(3) no. 2 of the InvStG                           0.0000                          0.0000          0.0000
       ii)   income as defined in section 4(1) of the InvStG
             for unit certificates held as private assets 7)                                                2.4470                          0.0803          2.5273
             for unit certificates held as business assets (section 3 no. 40 of the EStG) 7)                2.4470                          0.0803          2.5273
             for unit certificates held as business assets (section 8b of the KStG) 7)                      2.4470                          0.0803          2.5273
             for unit certificates held as business assets (section 8b(7+8) of the KStG) 7)                 2.4470                          0.0803          2.5273
             of which relating to income in accordance with section 3 no. 40 of the EStG
                                                                                                            0.0000                          0.0000          0.0000
             and section 8b of the KStG
             of which relating to income not regulated by section 3 no. 40 of the EStG and
                                                                                                            2.4470                          0.0803          2.5273
             section 8b of the KStG
       jj)   income as defined in section 4(2) of the InvStG for which no deduction
             under section 4(4) of the InvStG has been made
             for unit certificates held as private assets                                                   0.0000                          0.0000          0.0000
             for unit certificates held as business assets (section 3 no. 40 of the EStG)                   0.0000                          0.0000          0.0000
             for unit certificates held as business assets (section 8b of the KStG)                         0.0000                          0.0000          0.0000
             for unit certificates held as business assets (section 8b(7+8) of the KStG)                    0.0000                          0.0000          0.0000
             of which relating to income in accordance with section 3 no. 40 of the EStG and
                                                                                                            0.0000                          0.0000          0.0000
             section 8b of the KStG
             of which relating to income not regulated by section 3 no. 40 of the EStG and
                                                                                                            0.0000                          0.0000          0.0000
             section 8b of the KStG
       kk) income as defined in section 4(2) of the InvStG which is considered
             under a double taxation agreement as founding an entitlement to a tax credit                   0.0000                          0.0000          0.0000
             of which relating to income in accordance with section 3 no. 40 of the EStG and
                                                                                                            0.0000                          0.0000          0.0000
             section 8b of the KStG
             of which relating to income not regulated by section 3 no. 40 of the EStG and
                                                                                                            0.0000                          0.0000          0.0000
             section 8b of the KStG
       II)   income as defined in section 2(2a) of the InvStG                                               0.6906                          0.0112          0.7018




                                                                                                                              KanAm Spezial grundinvest Fonds           87
Annual Report as of September 30, 2009                                 ....................................   Facts and Figures




                                                                                                                          Disclosures on      Corresponding disclosures
                                                                                                                      distributed income       on distribution-equivalent
Mandatory disclosure in accordance with section 5(1) of the InvStG                                                                  (no. 1)                income (no. 2)    Total
(German Investment Tax Act)                                                                                                           EUR                           EUR      EUR
  d)   Portion of distribution founding an entitlement to the crediting or reimbursement
       of withholding tax on dividend income as defined in
             section 7(1 and 2) of the InvStG
             for unit certificates held as private assets 8)                                                                       1.0318                         0.0202    1.0520
             for unit certificates held as business assets (section 3 no. 40 of the EStG) 8)                                       1.0318                         0.0202    1.0520
             for unit certificates held as business assets (section 8b of the KStG) 8)                                             1.0318                         0.0202    1.0520
             for unit certificates held as business assets (section 8b(7+8) of the KStG) 8)                                        1.0318                         0.0202    1.0520
             section 7(3) of the InvStG
             for unit certificates held as private assets                                                                          0.0000                         0.0000    0.0000
             for unit certificates held as business assets (section 3 no. 40 of the EStG)                                          0.0000                         0.0000    0.0000
             for unit certificates held as business assets (section 8b of the KStG)                                                0.0000                         0.0000    0.0000
             for unit certificates held as business assets (section 8b(7+8) of the KStG)                                           0.0000                         0.0000    0.0000
  e)   Amount of withholding tax on dividend income to be credited or reimbursed as defined in
             section 7(1 and 2) of the InvStG
             for unit certificates held as private assets 9)                                                                       0.2579                         0.0050    0.2629
             for unit certificates held as business assets (section 3 no. 40 of the EStG) 9)                                       0.2579                         0.0050    0.2629
             for unit certificates held as business assets (section 8b of the KStG) 9)                                             0.2579                         0.0050    0.2629
             für Anteilscheine im Betriebsvermögen (§ 8b Abs. 7+8 KStG) 9)                                                         0.2579                         0.0050    0.2629
             section 7(3) of the InvStG
             for unit certificates held as private assets                                                                          0.0000                         0.0000    0.0000
             for unit certificates held as business assets (section 3 no. 40 of the EStG)                                          0.0000                         0.0000    0.0000
             for unit certificates held as business assets (section 8b of the KStG)                                                0.0000                         0.0000    0.0000
             for unit certificates held as business assets (section 8b(7+8) of the KStG)                                           0.0000                         0.0000    0.0000
  f)   Amount of foreign taxes payable on the income contained
       in the distributed income as defined in section 4(2) of the InvStG and
       aa) that is creditable in accordance with section 4(2) and (3) of the InvStG in
             conjunction with section 34c(1) of the EStG or a double taxation agreement, if no
             deduction was made in accordance with section 4(4) of the InvStG
             for unit certificates held as private assets                                                                          0.0000                         0.0000    0.0000
             for unit certificates held as business assets (section 3 no. 40 of the EStG)                                          0.0000                         0.0000    0.0000
             for unit certificates held as business assets (section 8b of the KStG)                                                0.0000                         0.0000    0.0000
             for unit certificates held as business assets (section 8b(7+8) of the KStG)                                           0.0000                         0.0000    0.0000
             of which relating to income in accordance with section 3 no. 40 of the EStG and
                                                                                                                                   0.0000                         0.0000    0.0000
             section 8b of the KStG
             of which relating to income not regulated by section 3 no. 40 of the EStG and
                                                                                                                                   0.0000                         0.0000    0.0000
             section 8b of the KStG
       bb) that is deductible in accordance with section 4(2) and (3) of the InvStG in
             conjunction with section 34c(3) of the EStG, if no deduction was made in
             accordance with section 4(4) of the InvStG
             for unit certificates held as private assets                                                                          0.0000                         0.0000    0.0000
             for unit certificates held as business assets (section 3 no. 40 of the EStG)                                          0.0000                         0.0000    0.0000
             for unit certificates held as business assets (section 8b of the KStG)                                                0.0000                         0.0000    0.0000
             for unit certificates held as business assets (section 8b(7+8) of the KStG)                                           0.0000                         0.0000    0.0000
             of which relating to income in accordance with section 3 no. 40 of the EStG and
                                                                                                                                   0.0000                         0.0000    0.0000
             section 8b of the KStG
             of which relating to income not regulated by section 3 no. 40 of the EStG and
                                                                                                                                   0.0000                         0.0000    0.0000
             section 8b of the KStG
       cc) that is deemed to have been paid under a double taxation agreement and is
             creditable in accordance with section 4(2) and (3) of the InvStG in conjunction
                                                                                                                                   0.0000                         0.0000    0.0000
             with this agreement.
             of which relating to income in accordance with section 3 no. 40 of the EStG and
                                                                                                                                   0.0000                         0.0000    0.0000
             section 8b of the KStG
             of which relating to income not regulated by section 3 no. 40 of the EStG and
                                                                                                                                   0.0000                         0.0000    0.0000
             section 8b of the KStG
  g)   Amount of depreciation or depletion as defined
       in section 3(3) sentence 1 of the InvStG 10)                                                                                1.8166                         0.0501    1.8667




88         KanAm Spezial grundinvest Fonds
Notes to the Bases for Taxation
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




1)              The distribution amount includes                                                                                                                                                                              4)              The stated amount corresponds to                                                                                                                                                                              6)              The stated amount corresponds to
                creditable and deductible foreign                                                                                                                                                                                             100% of the income subject to                                                                                                                                                                                                 the disposal gains (net amount) to
                withholding taxes.                                                                                                                                                                                                            section 3 no. 40 of the EStG minus                                                                                                                                                                                            be exempted in accordance with
                                                                                                                                                                                                                                              100% of the income-related or busi-                                                                                                                                                                                           section 8b(2) of the KStG. Section
2)              The amount disclosed is the income                                                                                                                                                                                            ness expenses attributable to sec-                                                                                                                                                                                            8b(3) of the KStG must be applied
                calculated in accordance with tax                                                                                                                                                                                             tion 3c(2) of the EStG. The amount                                                                                                                                                                                            to this amount. The amount in-
                provisions. The amount determined                                                                                                                                                                                             includes taxable income but not                                                                                                                                                                                               cludes taxable income but not tax-
                in line with investment law provi-                                                                                                                                                                                            tax-free income in accordance with                                                                                                                                                                                            free income in accordance with
                sions                                     is                     EUR                                  153,406.10,                                                                or                                           section 4(1) of the InvStG. Insofar as                                                                                                                                                                                        section 4(1) of the InvStG. Insofar as
                EUR 0.0409 per certificate. This                                                                                                                                                                                              income is already covered by sec-                                                                                                                                                                                             income is already covered by sec-
                income comes entirely from fiscal                                                                                                                                                                                             tion 4(1) of the InvStG, it is not                                                                                                                                                                                            tion 4(1) of the InvStG, it is not in-
                year 2007/2008.                                                                                                                                                                                                               included again under section 5(1)                                                                                                                                                                                             cluded again under section 5(1)
                                                                                                                                                                                                                                              sentence 1 no. 1 c), cc) to ff) of the                                                                                                                                                                                        sentence 1 no. 1 c), cc) to ff) of the
3)              The stated amount includes the                                                                                                                                                                                                InvStG to avoid the exemption at                                                                                                                                                                                              InvStG to avoid the exemption at
                taxable income of the investment                                                                                                                                                                                              the level of the investor being                                                                                                                                                                                               the level of the investor being
                fund calculated in accordance with                                                                                                                                                                                            applied twice.                                                                                                                                                                                                                applied twice.
                section 3 of the InvStG. This amount
                includes income that is fully taxable                                                                                                                                                                         5)              The stated amount corresponds to                                                                                                                                                                              7)              The amount stated is the amount of
                for investors as well as income that                                                                                                                                                                                          100% of the income subject to sec-                                                                                                                                                                                            income to be exempted from taxa-
                comes under section 2(2) and (3) of                                                                                                                                                                                           tion 8b(1) of the KStG minus 100%                                                                                                                                                                                             tion under section 4(1) of the
                the InvStG and under section 4(1)                                                                                                                                                                                             of the income-related or business                                                                                                                                                                                             InvStG.
                and (2) of the InvStG. However,                                                                                                                                                                                               expenses attributable to section
                distribution-equivalent income from                                                                                                                                                                                           3c(1) of the EStG. The prohibition                                                                                                                                                                            8)              The stated amounts correspond to
                previous years contained in the                                                                                                                                                                                               on the application of section 3c(1)                                                                                                                                                                                           the basis of calculation to be ap-
                distribution is not included.                                                                                                                                                                                                 of the EStG by section 8b(5) of the                                                                                                                                                                                           plied for investment income tax.
                                                                                                                                                                                                                                              KStG is overruled by section 3(3)                                                                                                                                                                                             Exceptions may apply to specific
3a) Non-deductible                                                                                     income-related ex-                                                                                                                     no. 4 of the InvStG. The amount                                                                                                                                                                                               investors in individual cases (for
                penses as defined in section 3(3)                                                                                                                                                                                             includes taxable income but not                                                                                                                                                                                               example due to non-assessment
                sentence 2 no. 2 of the InvStG                                                                                                                                                                                                tax-free income in accordance with                                                                                                                                                                                            certificates).
                (EUR 0.0202 per unit) are included                                                                                                                                                                                            section 4(1) of the InvStG. Insofar as
                in their entirety in the distribution-                                                                                                                                                                                        income is already covered by sec-                                                                                                                                                                             9)              When held in custody
                equivalent income. See also the                                                                                                                                                                                               tion 4(1) of the InvStG, it is not
                Circular from the Federal Ministry                                                                                                                                                                                            included again under section 5(1)                                                                                                                                                                             10) The                                     stated amount includes the
                of Finance (BMF) dated August 18,                                                                                                                                                                                             sentence 1 no. 1 c), cc) to ff) of the                                                                                                                                                                                        depreciation factored into the cal-
                2009, margin note 60.                                                                                                                                                                                                         InvStG to avoid the exemption at                                                                                                                                                                                              culation of taxable income held as
                                                                                                                                                                                                                                              the level of the investor being                                                                                                                                                                                               business assets, and the deprecia-
                                                                                                                                                                                                                                              applied twice.                                                                                                                                                                                                                tion factored into the calculation of
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            tax-free income subject to the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            progression clause.




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   KanAm Spezial grundinvest Fonds                                                                                                                                           89
Annual Report as of September 30, 2009                                                                                                                                                                                                  ....................................                           Facts and Figures




Interim Profits Subject to Income Tax
from October 1, 2008 to September 30, 2009
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




Pricing date                                                Per unit                                           Pricing date                                                Per unit                                           Pricing date                                                Per unit                                           Pricing date                                                Per unit                                           Pricing date                                                Per unit                                           Pricing date                                                Per unit
    as from                                                    EUR                                                 as from                                                    EUR                                                 as from                                                    EUR                                                 as from                                                    EUR                                                 as from                                                    EUR                                                 as from                                                    EUR
 10/01/2008	                                                             1.36                                   11/29/2008	                                                             1.60                                   02/04/2009	                                                             0.34                                   04/03/2009	                                                             0.43                                   06/09/2009	                                                             0.55                                   08/07/2009	                                                             0.64
 10/02/2008	                                                             1.37                                   12/02/2008	                                                             1.60                                   02/05/2009	                                                             0.34                                   04/04/2009	                                                             0.43                                   06/10/2009	                                                             0.55                                   08/08/2009	                                                             0.64
 10/03/2008	                                                             1.37                                   12/03/2008	                                                             1.61                                   02/06/2009	                                                             0.34                                   04/07/2009	                                                             0.43                                   06/11/2009	                                                             0.55                                   08/11/2009	                                                             0.64
 10/07/2008	                                                             1.37                                   12/04/2008	                                                             1.61                                   02/07/2009	                                                             0.34                                   04/08/2009	                                                             0.43                                   06/13/2009	                                                             0.55                                   08/12/2009	                                                             0.64
 10/08/2008	                                                             1.39                                   12/05/2008	                                                             1.62                                   02/10/2009	                                                             0.35                                   04/09/2009	                                                             0.43                                   06/16/2009	                                                             0.56                                   08/13/2009	                                                             0.64
 10/09/2008	                                                             1.39                                   12/06/2008	                                                             1.62                                   02/11/2009	                                                             0.35                                   04/10/2009	                                                             0.43                                   06/17/2009	                                                             0.56                                   08/14/2009	                                                             0.64
 10/10/2008	                                                             1.39                                   12/09/2008	                                                             1.62                                   02/12/2009	                                                             0.36                                   04/15/2009	                                                             0.43                                   06/18/2009	                                                             0.56                                   08/15/2009	                                                             0.64
 10/11/2008	                                                             1.42                                   12/10/2008	                                                             1.63                                   02/13/2009	                                                             0.36                                   04/16/2009	                                                             0.44                                   06/19/2009	                                                             0.56                                   08/18/2009	                                                             0.64
 10/14/2008	                                                             1.43                                   12/11/2008	                                                             1.64                                   02/14/2009	                                                             0.36                                   04/17/2009	                                                             0.44                                   06/20/2009	                                                             0.56                                   08/19/2009	                                                             0.65
 10/15/2008	                                                             1.44                                   12/12/2008	                                                             1.64                                   02/17/2009	                                                             0.36                                   04/18/2009	                                                             0.44                                   06/23/2009	                                                             0.57                                   08/20/2009	                                                             0.65
 10/16/2008	                                                             1.36                                   12/13/2008	                                                             1.64                                   02/18/2009	                                                             0.37                                   04/21/2009	                                                             0.44                                   06/24/2009	                                                             0.57                                   08/21/2009	                                                             0.65
 10/17/2008	                                                             1.44                                   12/16/2008	                                                             1.64                                   02/19/2009	                                                             0.37                                   04/22/2009	                                                             0.49                                   06/25/2009	                                                             0.57                                   08/22/2009	                                                             0.65
 10/18/2008	                                                             1.45                                   12/17/2008	                                                             1.65                                   02/20/2009	                                                             0.37                                   04/23/2009	                                                             0.49                                   06/26/2009	                                                             0.57                                   08/25/2009	                                                             0.65
 10/21/2008	                                                             1.45                                   12/18/2008	                                                             1.65                                   02/21/2009	                                                             0.37                                   04/24/2009	                                                             0.50                                   06/27/2009	                                                             0.57                                   08/26/2009	                                                             0.65
 10/22/2008	                                                             1.46                                   12/19/2008	                                                             0.25                                   02/24/2009	                                                             0.38                                   04/25/2009	                                                             0.50                                   06/30/2009	                                                             0.57                                   08/27/2009	                                                             0.66
 10/23/2008	                                                             1.46                                   12/20/2008	                                                             0.25                                   02/25/2009	                                                             0.38                                   04/28/2009	                                                             0.50                                   07/01/2009	                                                             0.58                                   08/28/2009	                                                             0.64
 10/24/2008	                                                             1.47                                   12/23/2008	                                                             0.26                                   02/26/2009	                                                             0.38                                   04/29/2009	                                                             0.50                                   07/02/2009	                                                             0.58                                   08/29/2009	                                                             0.65
 10/25/2008	                                                             1.47                                   12/24/2008	                                                             0.26                                   02/27/2009	                                                             0.39                                   04/30/2009	                                                             0.51                                   07/03/2009	                                                             0.58                                   09/01/2009	                                                             0.65
 10/28/2008	                                                             1.47                                   12/30/2008	                                                             0.26                                   02/28/2009	                                                             0.39                                   05/01/2009	                                                             0.51                                   07/04/2009	                                                             0.58                                   09/02/2009	                                                             0.65
 10/29/2008	                                                             1.48                                   12/31/2008	                                                             0.28                                   03/03/2009	                                                             0.39                                   05/05/2009	                                                             0.51                                   07/07/2009	                                                             0.58                                   09/03/2009	                                                             0.65
 10/30/2008	                                                             1.49                                   01/03/2009	                                                             0.28                                   03/04/2009	                                                             0.39                                   05/06/2009	                                                             0.51                                   07/08/2009	                                                             0.59                                   09/04/2009	                                                             0.65
 10/31/2008	                                                             1.49                                   01/06/2009	                                                             0.29                                   03/05/2009	                                                             0.40                                   05/07/2009	                                                             0.51                                   07/09/2009	                                                             0.59                                   09/05/2009	                                                             0.65
 11/01/2008	                                                             1.50                                   01/07/2009	                                                             0.30                                   03/06/2009	                                                             0.40                                   05/08/2009	                                                             0.52                                   07/10/2009	                                                             0.59                                   09/08/2009	                                                             0.65
 11/04/2008	                                                             1.50                                   01/08/2009	                                                             0.30                                   03/07/2009	                                                             0.40                                   05/09/2009	                                                             0.52                                   07/11/2009	                                                             0.59                                   09/09/2009	                                                             0.66
 11/05/2008	                                                             1.51                                   01/09/2009	                                                             0.30                                   03/10/2009	                                                             0.40                                   05/12/2009	                                                             0.52                                   07/14/2009	                                                             0.59                                   09/10/2009	                                                             0.66
 11/06/2008	                                                             1.52                                   01/10/2009	                                                             0.30                                   03/11/2009	                                                             0.41                                   05/13/2009	                                                             0.52                                   07/15/2009	                                                             0.60                                   09/11/2009	                                                             0.66
 11/07/2008	                                                             1.52                                   01/13/2009	                                                             0.31                                   03/12/2009	                                                             0.41                                   05/14/2009	                                                             0.52                                   07/16/2009	                                                             0.60                                   09/12/2009	                                                             0.66
 11/08/2008	                                                             1.52                                   01/14/2009	                                                             0.31                                   03/13/2009	                                                             0.40                                   05/15/2009	                                                             0.52                                   07/17/2009	                                                             0.60                                   09/15/2009	                                                             0.66
 11/11/2008	                                                             1.53                                   01/15/2009	                                                             0.32                                   03/14/2009	                                                             0.41                                   05/16/2009	                                                             0.52                                   07/18/2009	                                                             0.60                                   09/16/2009	                                                             0.66
 11/12/2008	                                                             1.54                                   01/16/2009	                                                             0.31                                   03/17/2009	                                                             0.41                                   05/19/2009	                                                             0.53                                   07/21/2009	                                                             0.60                                   09/17/2009	                                                             0.66
 11/13/2008	                                                             1.54                                   01/17/2009	                                                             0.32                                   03/18/2009	                                                             0.41                                   05/20/2009	                                                             0.53                                   07/22/2009	                                                             0.61                                   09/18/2009	                                                             0.66
 11/14/2008	                                                             1.55                                   01/20/2009	                                                             0.32                                   03/19/2009	                                                             0.42                                   05/21/2009	                                                             0.53                                   07/23/2009	                                                             0.61                                   09/19/2009	                                                             0.66
 11/15/2008	                                                             1.55                                   01/21/2009	                                                             0.33                                   03/20/2009	                                                             0.42                                   05/23/2009	                                                             0.53                                   07/24/2009	                                                             0.61                                   09/22/2009	                                                             0.67
 11/18/2008	                                                             1.55                                   01/22/2009	                                                             0.31                                   03/21/2009	                                                             0.42                                   05/26/2009	                                                             0.53                                   07/25/2009	                                                             0.61                                   09/23/2009	                                                             0.67
 11/19/2008	                                                             1.56                                   01/23/2009	                                                             0.32                                   03/24/2009	                                                             0.42                                   05/27/2009	                                                             0.54                                   07/28/2009	                                                             0.61                                   09/24/2009	                                                             0.67
 11/20/2008	                                                             1.57                                   01/24/2009	                                                             0.31                                   03/25/2009	                                                             0.42                                   05/28/2009	                                                             0.54                                   07/29/2009	                                                             0.61                                   09/25/2009	                                                             0.67
 11/21/2008	                                                             1.57                                   01/27/2009	                                                             0.31                                   03/26/2009	                                                             0.43                                   05/29/2009	                                                             0.54                                   07/30/2009	                                                             0.62                                   09/26/2009	                                                             0.67
 11/22/2008	                                                             1.57                                   01/28/2009	                                                             0.32                                   03/27/2009	                                                             0.42                                   05/30/2009	                                                             0.54                                   07/31/2009	                                                             0.62                                   09/29/2009	                                                             0.67
 11/25/2008	                                                             1.58                                   01/29/2009	                                                             0.32                                   03/28/2009	                                                             0.42                                   06/03/2009	                                                             0.54                                   08/01/2009	                                                             0.62                                   09/30/2009	                                                             0.68
 11/26/2008	                                                             1.59                                   01/30/2009	                                                             0.33                                   03/31/2009	                                                             0.42                                   06/04/2009	                                                             0.55                                   08/04/2009	                                                             0.62
 11/27/2008	                                                             1.59                                   01/31/2009	                                                             0.33                                   04/01/2009	                                                             0.43                                   06/05/2009	                                                             0.55                                   08/05/2009	                                                             0.63
 11/28/2008	                                                             1.59                                   02/03/2009	                                                             0.33                                   04/02/2009	                                                             0.43                                   06/06/2009	                                                             0.55                                   08/06/2009	                                                             0.63




90                                      KanAm Spezial grundinvest Fonds
Gains from Real Estate and Equities
from October 1, 2008 to September 30, 2009
........................................................................................................................................................................................................................




 	          Gain	from	 Gain	from	            	          Gain	from	 Gain	from	            	          Gain	from	 Gain	from	            	           Gain	from	 Gain	from	            	          Gain	from	 Gain	from	
 	         real	estate	 equities	            	         real	estate	 equities	            	         real	estate	 equities	            	          real	estate	 equities	            	         real	estate	 equities	
 Date		           in	%	     in	%             Date		           in	%	     in	%             Date		           in	%	     in	%             Date		            in	%	     in	%             Date		           in	%	     in	%
10/01/2008	         9.74	        1.48       12/12/2008	         10.52		      1.38	       02/28/2009	        10.17		       1.44	      05/15/2009	        10.65		       1.42	      07/30/2009	        11.46		       1.42	
10/02/2008	         9.74		       1.48	      12/13/2008	         10.53		      1.38	       03/03/2009	        10.18		       1.44	      05/16/2009	        10.66		       1.42	      07/31/2009	        11.47		       1.42	
10/03/2008	         9.75		       1.48	      12/16/2008	         10.54		      1.38	       03/04/2009	        10.21		       1.44	      05/19/2009	        10.67		       1.42	      08/01/2009	        11.48		       1.42	
10/07/2008	         9.76		       1.48	      12/17/2008	         10.54		      1.38	       03/05/2009	        10.22		       1.44	      05/20/2009	        10.70		       1.42	      08/04/2009	        11.49		       1.42	
10/08/2008	         9.80		       1.48	      12/18/2008	         10.53		      1.40	       03/06/2009	        10.23		       1.44	      05/21/2009	        10.71		       1.42	      08/05/2009	        11.53		       1.42	
10/09/2008	         9.80		       1.48	      12/19/2008	          9.37		      1.46	       03/07/2009	        10.24		       1.44	      05/23/2009	        10.71		       1.43	      08/06/2009	        11.54		       1.42	
10/10/2008	         9.81		       1.48	      12/20/2008	          9.38		      1.46	       03/10/2009	        10.25		       1.44	      05/26/2009	        10.73		       1.43	      08/07/2009	        11.55		       1.42	
10/11/2008	        10.08		       1.39	      12/23/2008	          9.40		      1.46	       03/11/2009	        10.28		       1.44	      05/27/2009	        10.76		       1.43	      08/08/2009	        11.56		       1.42	
10/14/2008	        10.07		       1.39	      12/24/2008	          9.45		      1.46	       03/12/2009	        10.29		       1.44	      05/28/2009	        10.78		       1.43	      08/11/2009	        11.57		       1.42	
10/15/2008	        10.10		       1.39	      12/30/2008	          9.47		      1.46	       03/13/2009	        10.30		       1.44	      05/29/2009	        10.79		       1.43	      08/12/2009	        11.60		       1.41	
10/16/2008	        10.11		       1.39	      12/31/2008	          9.47		      1.46	       03/14/2009	        10.31		       1.44	      05/30/2009	        10.80		       1.43	      08/13/2009	        11.61		       1.41	
10/17/2008	        10.12		       1.39	      01/03/2009	          9.48		      1.46	       03/17/2009	        10.32		       1.44	      06/03/2009	        10.81		       1.43	      08/14/2009	        11.62		       1.41	
10/18/2008	        10.13		       1.39	      01/06/2009	          9.52		      1.46	       03/18/2009	        10.35		       1.43	      06/04/2009	        10.85		       1.43	      08/15/2009	        11.64		       1.41	
10/21/2008	        10.09		       1.39	      01/07/2009	          9.55		      1.46	       03/19/2009	        10.36		       1.43	      06/05/2009	        10.86		       1.43	      08/18/2009	        11.65		       1.41	
10/22/2008	        10.12		       1.39	      01/08/2009	          9.56		      1.46	       03/20/2009	        10.37		       1.43	      06/06/2009	        10.87		       1.43	      08/19/2009	        11.68		       1.41	
10/23/2008	        10.12		       1.39	      01/09/2009	          9.57		      1.46	       03/21/2009	        10.38		       1.43	      06/09/2009	        10.89		       1.43	      08/20/2009	        11.69		       1.41	
10/24/2008	        10.13		       1.39	      01/10/2009	          9.58		      1.46	       03/24/2009	        10.39		       1.43	      06/10/2009	        10.92		       1.43	      08/21/2009	        11.70		       1.41	
10/25/2008	        10.15		       1.39	      01/13/2009	          9.59		      1.46	       03/25/2009	        10.42		       1.44	      06/11/2009	        10.93		       1.43	      08/22/2009	        11.71		       1.41	
10/28/2008	        10.15		       1.39	      01/14/2009	          9.61		      1.46	       03/26/2009	        10.43		       1.44	      06/13/2009	        10.94		       1.43	      08/25/2009	        11.72		       1.41	
10/29/2008	        10.18		       1.39	      01/15/2009	          9.62		      1.46	       03/27/2009	        10.44		       1.44	      06/16/2009	        10.96		       1.42	      08/26/2009	        11.75		       1.41	
10/30/2008	        10.13		       1.39	      01/16/2009	          9.63		      1.46	       03/28/2009	        10.46		       1.44	      06/17/2009	        10.99		       1.42	      08/27/2009	        11.76		       1.41	
10/31/2008	        10.14		       1.39	      01/17/2009	          9.64		      1.46	       03/31/2009	        10.27		       1.43	      06/18/2009	        11.00		       1.42	      08/28/2009	        11.77		       1.41	
11/01/2008	        10.15		       1.39	      01/20/2009	          9.65		      1.46	       04/01/2009	        10.26		       1.43	      06/19/2009	        11.01		       1.42	      08/29/2009	        11.78		       1.41	
11/04/2008	        10.16		       1.39	      01/21/2009	          9.68		      1.45	       04/02/2009	        10.25		       1.43	      06/20/2009	        11.02		       1.42	      09/01/2009	        11.79		       1.41	
11/05/2008	        10.20		       1.39	      01/22/2009	          9.69		      1.45	       04/03/2009	        10.26		       1.43	      06/23/2009	        11.03		       1.42	      09/02/2009	        11.81		       1.41	
11/06/2008	        10.21		       1.39	      01/23/2009	          9.70		      1.45	       04/04/2009	        10.27		       1.43	      06/24/2009	        11.06		       1.43	      09/03/2009	        11.82		       1.41	
11/07/2008	        10.22		       1.39	      01/24/2009	          9.79		      1.45	       04/07/2009	        10.28		       1.43	      06/25/2009	        11.07		       1.43	      09/04/2009	        11.83		       1.41	
11/08/2008	        10.23		       1.39	      01/27/2009	          9.80		      1.45	       04/08/2009	        10.31		       1.43	      06/26/2009	        11.08		       1.43	      09/05/2009	        11.84		       1.41	
11/11/2008	        10.24		       1.39	      01/28/2009	          9.84		      1.45	       04/09/2009	        10.32		       1.43	      06/27/2009	        11.09		       1.42	      09/08/2009	        11.85		       1.41	
11/12/2008	        10.28		       1.39	      01/29/2009	          9.85		      1.45	       04/10/2009	        10.33		       1.43	      06/30/2009	        11.10		       1.42	      09/09/2009	        11.88		       1.41	
11/13/2008	        10.23		       1.39	      01/30/2009	          9.86		      1.45	       04/15/2009	        10.34		       1.43	      07/01/2009	        11.12		       1.42	      09/10/2009	        11.89		       1.41	
11/14/2008	        10.24		       1.39	      01/31/2009	          9.87		      1.45	       04/16/2009	        10.39		       1.43	      07/02/2009	        11.14		       1.42	      09/11/2009	        11.90		       1.41	
11/15/2008	        10.25		       1.39	      02/03/2009	          9.88		      1.45	       04/17/2009	        10.40		       1.43	      07/03/2009	        11.14		       1.42	      09/12/2009	        11.91		       1.41	
11/18/2008	        10.26		       1.39	      02/04/2009	          9.91		      1.44	       04/18/2009	        10.41		       1.43	      07/04/2009	        11.15		       1.42	      09/15/2009	        11.92		       1.41	
11/19/2008	        10.27		       1.38	      02/05/2009	          9.92		      1.44	       04/21/2009	        10.42		       1.43	      07/07/2009	        11.16		       1.42	      09/16/2009	        11.95		       1.40	
11/20/2008	        10.28		       1.38	      02/06/2009	          9.93		      1.44	       04/22/2009	        10.44		       1.43	      07/08/2009	        11.19		       1.42	      09/17/2009	        11.97		       1.40	
11/21/2008	        10.29		       1.39	      02/07/2009	          9.94		      1.44	       04/23/2009	        10.45		       1.43	      07/09/2009	        11.22		       1.42	      09/18/2009	        11.98		       1.40	
11/22/2008	        10.30		       1.39	      02/10/2009	          9.95		      1.44	       04/24/2009	        10.46		       1.43	      07/10/2009	        11.23		       1.42	      09/19/2009	        11.99		       1.40	
11/25/2008	        10.31		       1.39	      02/11/2009	          9.99		      1.44	       04/25/2009	        10.47		       1.43	      07/11/2009	        11.24		       1.42	      09/22/2009	        12.00		       1.40	
11/26/2008	        10.35		       1.38	      02/12/2009	         10.00		      1.44	       04/28/2009	        10.48		       1.43	      07/14/2009	        11.25		       1.42	      09/23/2009	        12.00		       1.40	
11/27/2008	        10.36		       1.38	      02/13/2009	         10.01		      1.44	       04/29/2009	        10.50		       1.43	      07/15/2009	        11.29		       1.42	      09/24/2009	        11.95		       1.36	
11/28/2008	        10.37		       1.38	      02/14/2009	         10.02		      1.44	       04/30/2009	        10.51		       1.43	      07/16/2009	        11.30		       1.42	      09/25/2009	        11.96		       1.36	
11/29/2008	        10.39		       1.38	      02/17/2009	         10.03		      1.44	       05/01/2009	        10.52		       1.43	      07/17/2009	        11.31		       1.42	      09/26/2009	        12.13		       1.31	
12/02/2008	        10.40		       1.38	      02/18/2009	         10.06		      1.44	       05/05/2009	        10.53		       1.43	      07/18/2009	        11.32		       1.42	      09/29/2009	        12.14		       1.31
12/03/2008	        10.44		       1.38	      02/19/2009	         10.07		      1.44	       05/06/2009	        10.56		       1.42	      07/21/2009	        11.33		       1.42	      09/30/2009	        12.17	        1.31
12/04/2008	        10.45		       1.38	      02/20/2009	         10.09		      1.44	       05/07/2009	        10.57		       1.42	      07/22/2009	        11.37		       1.42	
12/05/2008	        10.46		       1.38	      02/21/2009	         10.10		      1.44	       05/08/2009	        10.58		       1.42	      07/23/2009	        11.38		       1.42	
12/06/2008	        10.47		       1.38	      02/24/2009	         10.11		      1.44	       05/09/2009	        10.59		       1.42	      07/24/2009	        11.39		       1.42	
12/09/2008	        10.48		       1.38	      02/25/2009	         10.14		      1.44	       05/12/2009	        10.60		       1.42	      07/25/2009	        11.40		       1.42	
12/10/2008	        10.50		       1.38	      02/26/2009	         10.15		      1.44	       05/13/2009	        10.63		       1.42	      07/28/2009	        11.41		       1.42	
12/11/2008	        10.51		       1.38	      02/27/2009	         10.16		      1.44	       05/14/2009	        10.64		       1.42	      07/29/2009	        11.45		       1.42	




                                                                                                                                                            KanAm Spezial grundinvest Fonds                         91
Annual Report as of September 30, 2009                                       ....................................   Facts and Figures




Certification in Accordance with Section 5(1) Sentence 1 No. 3
of the InvStG on the Audit of the Tax Information
........................................................................................................................................................................................................................




To the investment company KanAm                                           based on these documents and the infor-                                   Company. This applies in particular with
Grund Kapitalanlagegesellschaft mbH                                       mation intended for publication. Our audit                                regard to the allocation of interest income
(hereinafter referred to as the Company):                                 extends in particular to the tax classifica-                              to permanent establishments.
                                                                          tion of investments, income and expense,
The Company appointed us to establish,                                    including their classification as income-                                 We believe that our audit provides a rea-
in accordance with section 5(1) sentence                                  related expenses, and to other tax re-                                    sonable basis for our opinion.
1 no. 3 of the “Investmentsteuergesetz”                                   cords.
(InvStG – German Investment Tax Act),                                                                                                               On this basis, we certify to the Company
whether the information to be published                                   We conducted our audit in accordance                                      in accordance with section 5(1) sentence
by the Company for the KanAm Spezial                                      with the generally accepted standards for                                 1 no. 3 of the InvStG that the information
grundinvest Fonds fund in accordance                                      the audit of financial statements promul-                                 in accordance with section 5(1) sentence
with section 5(1) sentence 1 nos. 1 and 2                                 gated by the “Institut der Wirtschaft-                                    1 nos. 1 and 2 of the InvStG was deter-
of the InvStG for the period from October                                 sprüfer” (IDW), with the appropriate modi-                                mined in accordance with the provisions
1, 2008 to September 30, 2009 was deter-                                  fications. Those standards require that we                                of German tax law.
mined in line with the provisions of Ger-                                 plan and perform our audit such that we
man tax law.                                                              can assess with reasonable assurance                                      Nuremberg, November 25, 2009
                                                                          whether the information in accordance
The determination of the tax information                                  with section 5(1) sentence 1 nos. 1 and 2                                 Deutsche Baurevision Aktiengesell-
in accordance with section 5(1) sentence                                  of the InvStG is free of material misstate-                               schaft Wirtschaftsprüfungsgesellschaft
1 nos. 1 and 2 of the InvStG in conjunction                               ments. Knowledge of the management of
with the provisions of German tax law is                                  the investment fund and evaluations of                                    (Schulz)
the responsibility of the Company‘s legal                                 possible misstatements are taken into ac-                                 Rechtsanwalt /Steuerberater
representatives. Determination is based                                   count in the determination of audit proce-
on the accounts and the annual report in                                  dures. The effectiveness of the internal                                  (ppa. Dirnaichner)
accordance with section 44(1) of the “In-                                 control system for the determination of in-                               Wirtschaftsprüfer /Steuerberater
vestmentgesetz” (InvG – German Invest-                                    formation in accordance with section 5(1)
ment Act) for the relevant period. The tax                                sentence 1 nos. 1 and 2 of the InvStG and
information comprises a reconciliation as                                 the evidence supporting the tax informa-
required by the provisions of German tax                                  tion are examined primarily on a test basis
law and an overview of certain tax infor-                                 within the framework of the audit.
mation in accordance with section 5(1)
sentence 1 nos. 1 and 2 of the InvStG that                                The audit also includes assessing the
is required to be disclosed.                                              Company’s interpretation of the tax laws
                                                                          applied. No objection may be raised to
Our responsibility is to express an opin-                                 the interpretation selected by the Com-
ion, based on our audit, as to whether the                                pany if this interpretation could reason-
information the Company is required to                                    ably be supported in each case by ex-
publish in accordance with the provisions                                 planatory memoranda, court rulings,
of the InvStG was determined in accor-                                    relevant specialist literature, and pub-
dance with the provisions of German tax                                   lished opinions of the fiscal authorities.
law. Our audit was based on the books                                     Your attention is drawn to the fact that fu-
and records audited by an auditor in ac-                                  ture legal developments and in particular
cordance with section 44(5) of the InvG                                   new insights resulting from court rulings
and on the audited annual report. Our                                     could necessitate a different assessment
opinion extends to the reconciliation                                     of the interpretation adopted by the


92           KanAm Spezial grundinvest Fonds
Income Tax Treatment
of the Distribution
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




                                                                                                                                                                                                                                                    Units held as                                                                                       Units held as
                                                                                                                                                                                                                                                   private assets                                                                                     business assets
                                                                                                                                                                                                                                                          in EUR                                                                                              in EUR
       Distribution per unit                                                                                                                                                                                                                                                          5.1500                                                                                                       5.1500

       Taxable portion of the distribution                                                                                                                                                                                                                                            1.0520                                                                                                       1.0520

       Tax-free portion of the distribution1)                                                                                                                                                                                                                                         4.0980                                                                                                       4.0980

1)
          In particular tax-free income from immovable assets in the amount of EUR 2.5273 per unit for business investors
          subject to income tax that is subject to the progression clause in Germany (“Progressionsvorbehalt”) as a result
          of double taxation agreements.




Income Subject to Investment Income Tax
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




                                                                                                                                                                                                                                                    Units held as                                                                                       Units held as
                                                                                                                                                                                                                                                   private assets                                                                                     business assets
                                                                                                                                                                                                                                                          in EUR                                                                                              in EUR
       Basis of calculation per unit                                                                                                                                                                                                                                                       1.058                                                                                                        1.058

       Investment income tax on units held by custodian (25%)                                                                                                                                                                                                                        0.2629                                                                                                        0.2629
       Solidarity surcharge (5,5 %)                                                                                                                                                                                                                                                  0.0145                                                                                                        0.0145



On the instructions of the fiscal author-                                                                                                                                                                                     retained depending on the type of cus-
ities, the investment income tax appli-                                                                                                                                                                                       tody involved. The solidarity surcharge
cable to individual investors (section 7                                                                                                                                                                                      is initially levied on this amount. The
of the InvStG) is calculated as follows:                                                                                                                                                                                      amount is credited in full where a non-
The income subject to investment in-                                                                                                                                                                                          assessment certificate or proof of non-
come tax included in the distribution                                                                                                                                                                                         resident status has been submitted, or
(EUR 1.0520 per unit held as private or                                                                                                                                                                                       up to the resulting reduction in taxes
business assets) is first multiplied by                                                                                                                                                                                       upon submission of an exemption in-
the number of units held by the investor                                                                                                                                                                                      struction. Otherwise, the investor re-
at the distribution date (December 18,                                                                                                                                                                                        ceives a tax certificate for the amount
2009) to produce the amount to be                                                                                                                                                                                             retained.



Investment Performance
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




                                                                                                                                                                                                                                                                                                                                                                                                    Total
                                                                                                                                                                                                                                                                                                                                                                                                  in EUR
       Distribution from the previous year in the current fiscal year                                                                                                                                                                                                                                                                                                                                         5.15

       Return in the fiscal year                                                                                                                                                                                                                                                                                                                                                                              0.19

       Total income                                                                                                                                                                                                                                                                                                                                                                                           5.34




                                                                                                                                                                                                                                                                                                                                                                                                                                            KanAm Spezial grundinvest Fonds   93
Annual Report as of September 30, 2009                                                                                                                                                                                                  ....................................                           Executive Bodies




Executive Bodies
� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �




Investment company:                                                                                                                                                                                                           Management:                                                                                                                                                                                                                   der Immobilien-Investment-Sachver-
                                                                                                                                                                                                                                                                                                                                                                                                                                                            ständigen e.V. (BIIS – German Associ-
KanAm Grund                                                                                                                                                                                                                   Hans-Joachim Kleinert                                                                                                                                                                                                         ation of Real Estate Investment Ex-
Spezialfondsgesellschaft mbH                                                                                                                                                                                                  Matti Kreutzer                                                                                                                                                                                                                perts). The members of the Expert
MesseTurm                                                                                                                                                                                                                     Carmen Reschke                                                                                                                                                                                                                Committee of KanAm Spezial grundin-
60308 Frankfurt am Main                                                                                                                                                                                                       Olivier Catusse                                                                                                                                                                                                               vest Fonds are as follows:
Germany
                                                                                                                                                                                                                              also Managing Directors of                                                                                                                                                                                                    Dipl.-Ing. Carlos Nugent, Hamburg,
phone +49-69-710470-0                                                                                                                                                                                                         KanAm Grund                                                                                                                                                                                                                   Germany
fax                                   +49-69-710470-800                                                                                                                                                                       Kapitalanlagegesellschaft mbH                                                                                                                                                                                                 Expert for the valuation of developed
                                                                                                                                                                                                                                                                                                                                                                                                                                                            and undeveloped properties, as well
Subscribed and paid-in capital:                                                                                                                                                                                               Custodian bank:                                                                                                                                                                                                               as expert and appraiser at Hamburger
EUR 5.0 million                                                                                                                                                                                                                                                                                                                                                                                                                                             Feuerkasse
Liable capital as of December 31, 2008:                                                                                                                                                                                       M.M.Warburg & CO KGaA, Hamburg,                                                                                                                                                                                               – Chairman –
EUR 5.1 million                                                                                                                                                                                                               Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                            Dipl.-Ing. Eberhard Stoehr, Berlin,
Frankfurt am Main Commercial Register,                                                                                                                                                                                        Subscribed and paid-in capital:                                                                                                                                                                                               Germany
HRB 57056                                                                                                                                                                                                                     EUR 125.0 million                                                                                                                                                                                                             Publicly certified and sworn expert
Formed on June 25, 2003                                                                                                                                                                                                       Liable capital as of December 31, 2008:                                                                                                                                                                                       (Berlin Chamber of Industry and Com-
                                                                                                                                                                                                                              EUR 321.8 million                                                                                                                                                                                                             merce) for the valuation and rents of
Supervisory Board:                                                                                                                                                                                                                                                                                                                                                                                                                                          developed and undeveloped properties
                                                                                                                                                                                                                              Auditors:                                                                                                                                                                                                                     – Deputy Chairman –
Dietrich von Boetticher
Lawyer, Munich, Germany                                                                                                                                                                                                       Deutsche Baurevision Aktiengesellschaft                                                                                                                                                                                       Dr. Ing. AIV Klaus Keunecke, Berlin,
– Chairman –                                                                                                                                                                                                                  Wirtschaftsprüfungsgesellschaft,                                                                                                                                                                                              Germany
                                                                                                                                                                                                                              Nuremberg, Germany                                                                                                                                                                                                            Publicly certified and sworn expert
Alexander Mettenheimer                                                                                                                                                                                                                                                                                                                                                                                                                                      (Berlin Chamber of Industry and Com-
Personally liable partner,                                                                                                                                                                                                    Expert Committee:                                                                                                                                                                                                             merce) for the valuation and rents of
Merck Finck & CO Privatbankiers,                                                                                                                                                                                                                                                                                                                                                                                                                            developed and undeveloped properties
Munich, Germany                                                                                                                                                                                                               An Expert Committee comprising in-
                                                                                                                                                                                                                              dependent, reliable, and professionally                                                                                                                                                                                       Peter Haeffs, Düsseldorf, Germany
Klaus Hohmann                                                                                                                                                                                                                 suitable persons must be established                                                                                                                                                                                          Expert for the valuation of developed
Lawyer, Kelkheim, Germany                                                                                                                                                                                                     for the valuation of properties owned                                                                                                                                                                                         and undeveloped industrial and commer-
Fellow of the Royal Institution of                                                                                                                                                                                            by the Company in accordance with                                                                                                                                                                                             cial properties and commercial rents
Chartered Surveyors                                                                                                                                                                                                           the “Investmentgesetz” (InvG – Ger-
                                                                                                                                                                                                                              man Investment Act). All the experts
Shareholders:                                                                                                                                                                                                                 are members of the Bundesverband


KanAm GmbH & Co. KG,
Munich                                                                                                                                                                       (90%)
Hans-Joachim Kleinert                                                                                                                                                               (5%)
Matti Kreutzer                                                                                                                                                                      (5%)
                                                                                                                                                                                                                                     Notice:
                                                                                                                                                                                                                                     No conclusions about future performance can be drawn from past returns and
                                                                                                                                                                                                                                     tax-free portions. This English version of the Annual Report is a convenience trans-
                                                                                                                                                                                                                                     lation only. The original German version is the sole legally binding text.


94                                      KanAm Spezial grundinvest Fonds
KanAm Grund
Spezialfondsgesellschaft mbH
MesseTurm
60308 Frankfurt am Main
Germany
phone +49-69-710470-0
fax     +49-69-710470-800
www.kanam-grund-spezial.de
                               E800/12.2009

				
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