BNP Paribas All In Fund is an open-ended investment fund, managed by BNP Paribas Fund II NV. The objective of the Fund is to combine different asset classes with a view to realizing the highest possible result consisting of both direct income and capital growth. The Fund invests internationally, directly or indirectly (via investment institutions managed by BNPP IP or other asset managers), in equities, bonds, property funds and cash instruments. As of December 31, 2009, the Fund's portfolio consisted of equity (20.5 % of total portfolio value), bonds (53.7 %), real-estate investments (10.5 %) and Cash (7.7 %) among others. The equity investments included BNP Paribas Global High Income Property Fund and BNP Paribas Global High Income Equity Fund.