# Allianz Vermögenskonzept SRI Defensiv
Investment Portfolio as at 30/09/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| Securities and money-market instruments admitted to an official stock exchange listing |  |  |  |  | 161,257,784.59 | 92.37 |
| Equities |  |  |  |  | 59,437,268.57 | 34.05 |
| Australia |  |  |  |  | 217,435.14 | 0.12 |
| AU000000ANN9  Ansell | Shs | 4,828 | AUD | 34.200 | 102,492.49 | 0.06 |
| AU000000NCM7 Newcrest Mining | Shs | 5,270 | AUD | 22.640 | 74,060.34 | 0.04 |
| AU0000009789	Pendal Group | Shs | 7,964 | AUD | 8.270 | 40,882.31 | 0.02 |
| Belgium |  |  |  |  | 309,642.75 | 0.18 |
| BE0974293251	Anheuser-Busch InBev | Shs | 1,372 | EUR | 49.865 | 68,414.78 | 0.04 |
| BE0974258874	Bekaert | Shs | 749 | EUR | 35.980 | 26,949.02 | 0.02 |
| BE0974268972	bpost | Shs | 1,439 | EUR | 7.700 | 11,080.30 | 0.01 |
| BE0003797140	Groupe Bruxelles Lambert | Shs | 946 | EUR | 95.340 | 90,191.64 | 0.05 |
| BE0003810273	Proximus | Shs | 4,133 | EUR | 17.170 | 70,963.61 | 0.04 |
| BE0974320526	Umicore | Shs | 826 | EUR | 50.900 | 42,043.40 | 0.02 |
| Denmark |  |  |  |  | 2,720,725.89 | 1.56 |
| DK0010244508	AP Møller - Maersk -B- | Shs | 73 | DKK | 18,125.000 | 177,930.50 | 0.10 |
| DK0010181759	Carlsberg -B- | Shs | 2,193 | DKK | 1,050.500 | 309,802.00 | 0.18 |
| DK0060448595	Coloplast -B- | Shs | 1,581 | DKK | 1,023.500 | 217,605.19 | 0.12 |
| DK0060079531	DSV Panalpina | Shs | 664 | DKK | 1,552.500 | 138,627.44 | 0.08 |
| DK0060534915	Novo Nordisk -B- | Shs | 12,613 | DKK | 624.800 | 1,059,763.46 | 0.61 |
| DK0060094928	Orsted | Shs | 3,544 | DKK | 863.200 | 411,390.89 | 0.24 |
| DK0060252690	Pandora | Shs | 1,549 | DKK | 805.200 | 167,727.67 | 0.10 |
| DK0010219153	ROCKWOOL International -B- | Shs | 59 | DKK | 2,758.000 | 21,882.44 | 0.01 |
| DK0060636678	Tryg | Shs | 2,246 | DKK | 145.650 | 43,991.60 | 0.02 |
| DK0061539921	Vestas Wind Systems | Shs | 4,823 | DKK | 265.200 | 172,004.70 | 0.10 |
| Germany |  |  |  |  | 5,327,986.27 | 3.05 |
| DE000A1EWWW0 adidas | Shs | 1,138 | EUR | 274.700 | 312,608.60 | 0.18 |
| DE0006766504	Aurubis | Shs | 1,354 | EUR | 64.860 | 87,820.44 | 0.05 |
| DE000BASF111  BASF | Shs | 4,037 | EUR | 66.220 | 267,330.14 | 0.15 |
| DE0005190003	Bayerische Motoren Werke | Shs | 6,416 | EUR | 84.150 | 539,906.40 | 0.31 |
| DE0005158703	Bechtle | Shs | 390 | EUR | 59.780 | 23,314.20 | 0.01 |
| DE000A1DAHH0  Brenntag | Shs | 1,027 | EUR | 80.320 | 82,488.64 | 0.05 |
| DE0005419105	CANCOM | Shs | 1,103 | EUR | 51.780 | 57,113.34 | 0.03 |
| DE0006062144	Covestro | Shs | 4,232 | EUR | 60.060 | 254,173.92 | 0.15 |
| DE0007100000	Daimler | Shs | 5,250 | EUR | 77.580 | 407,295.00 | 0.23 |
| DE0005810055	Deutsche Börse | Shs | 1,499 | EUR | 141.050 | 211,433.95 | 0.12 |
| DE0008232125	Deutsche Lufthansa | Shs | 6,929 | EUR | 5.997 | 41,553.21 | 0.02 |
| DE0008019001	Deutsche Pfandbriefbank | Shs | 2,735 | EUR | 9.786 | 26,764.71 | 0.02 |
| DE0005552004	Deutsche Post | Shs | 9,015 | EUR | 54.640 | 492,579.60 | 0.28 |
| DE0005557508	Deutsche Telekom | Shs | 3,045 | EUR | 17.526 | 53,366.67 | 0.03 |
| DE000ENAG999  E.ON | Shs | 14,152 | EUR | 10.620 | 150,294.24 | 0.09 |
| DE0005773303	Fraport Frankfurt Airport Services Worldwide | Shs | 1,311 | EUR | 60.660 | 79,525.26 | 0.05 |
| DE0005785604	Fresenius | Shs | 446 | EUR | 41.685 | 18,591.51 | 0.01 |
| DE0006047004	HeidelbergCement | Shs | 2,173 | EUR | 65.320 | 141,940.36 | 0.08 |
| DE000A161408	HelloFresh | Shs | 1,433 | EUR | 80.380 | 115,184.54 | 0.07 |
| DE0006231004	Infineon Technologies | Shs | 6,076 | EUR | 35.575 | 216,153.70 | 0.12 |
| DE000LEG1110	LEG Immobilien | Shs | 1,072 | EUR | 125.000 | 134,000.00 | 0.08 |
| DE0006599905	Merck | Shs | 1,514 | EUR | 188.100 | 284,783.40 | 0.16 |
| DE0008430026	Münchener Rückversicherungs-Gesellschaft | Shs | 287 | EUR | 239.200 | 68,650.40 | 0.04 |
| DE0007164600	SAP | Shs | 5,730 | EUR | 118.380 | 678,317.40 | 0.39 |
| DE0007165631	Sartorius | Shs | 239 | EUR | 550.000 | 131,450.00 | 0.08 |
| DE0007236101	Siemens | Shs | 2,013 | EUR | 143.320 | 288,503.16 | 0.16 |
| DE0007664005	Volkswagen | Shs | 441 | EUR | 272.200 | 120,040.20 | 0.07 |
| DE000ZAL1111	Zalando | Shs | 538 | EUR | 79.560 | 42,803.28 | 0.02 |
| Finland |  |  |  |  | 467,696.93 | 0.27 |
| FI0009000202	Kesko -B- | Shs | 9,000 | EUR | 30.110 | 270,990.00 | 0.15 |
| FI0009013296	Neste | Shs | 2,071 | EUR | 49.180 | 101,851.78 | 0.06 |
| FI0009000681	Nokia | Shs | 3,281 | EUR | 4.804 | 15,760.28 | 0.01 |

Investment Portfolio as at 30/09/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| FI4000297767 | Nordea Bank | Shs | 2,721  SEK | 113.920 | 30,396.47 | 0.02 |
| FI0009005987 | UPM-Kymmene | Shs | 1,576  EUR | 30.900 | 48,698.40 | 0.03 |
| France |  |  |  |  | 6,088,393.92 | 3.49 |
| FR0000120404 | Accor | Shs | 1,089  EUR | 31.890 | 34,728.21 | 0.02 |
| FR0000120073 | Air Liquide | Shs | 1,969  EUR | 139.720 | 275,108.68 | 0.16 |
| FR0000051732 | Atos | Shs | 650  EUR | 45.720 | 29,718.00 | 0.02 |
| FR0000120628 | AXA | Shs | 14,660  EUR | 24.170 | 354,332.20 | 0.20 |
| FR0000131104 | BNP Paribas | Shs | 9,729  EUR | 55.660 | 541,516.14 | 0.31 |
| FR0000120503 | Bouygues | Shs | 1,630  EUR | 36.400 | 59,332.00 | 0.03 |
| FR0000120172 | Carrefour | Shs | 7,744  EUR | 15.840 | 122,664.96 | 0.07 |
| FR0000120222 | CNP Assurances | Shs | 11,549  EUR | 13.750 | 158,798.75 | 0.09 |
| FR0000125007 | Compagnie de Saint-Gobain | Shs | 4,072  EUR | 59.570 | 242,569.04 | 0.14 |
| FR0000121261 | Compagnie Générale des Etablissements Michelin | Shs | 2,450  EUR | 133.500 | 327,075.00 | 0.19 |
| FR0000045072 | Crédit Agricole | Shs | 3,852  EUR | 11.994 | 46,200.89 | 0.03 |
| FR0000120644 | Danone | Shs | 1,372  EUR | 59.850 | 82,114.20 | 0.05 |
| FR0014003TT8 | Dassault Systèmes | Shs | 550  EUR | 45.965 | 25,280.75 | 0.01 |
| FR0000053381 | Derichebourg | Shs | 1,269  EUR | 10.150 | 12,880.35 | 0.01 |
| FR0000130452 | Eiffage | Shs | 533  EUR | 88.380 | 47,106.54 | 0.03 |
| FR0000121667 | EssilorLuxottica | Shs | 703  EUR | 169.320 | 119,031.96 | 0.07 |
| FR0010221234 | Eutelsat Communications | Shs | 9,772  EUR | 11.780 | 115,114.16 | 0.07 |
| FR0000052292 | Hermès International | Shs | 100  EUR | 1,216.000 | 121,600.00 | 0.07 |
| FR0000121485 | Kering | Shs | 405  EUR | 622.100 | 251,950.50 | 0.14 |
| FR0010386334 | Korian | Shs | 1,148  EUR | 30.360 | 34,853.28 | 0.02 |
| FR0000120321 | L’Oréal | Shs | 2,125  EUR | 364.250 | 774,031.25 | 0.44 |
| FR0000121014 | LVMH Louis Vuitton Moët Hennessy | Shs | 314  EUR | 630.300 | 197,914.20 | 0.11 |
| FR0010112524 | Nexity | Shs | 467  EUR | 41.420 | 19,343.14 | 0.01 |
| FR0000133308 | Orange | Shs | 2,342  EUR | 9.363 | 21,928.15 | 0.01 |
| FR0000130577 | Publicis Groupe | Shs | 2,348  EUR | 58.960 | 138,438.08 | 0.08 |
| FR0000131906 | Renault | Shs | 1,219  EUR | 31.170 | 37,996.23 | 0.02 |
| FR0010451203 | Rexel | Shs | 2,376  EUR | 16.890 | 40,130.64 | 0.02 |
| FR0000120578 | Sanofi | Shs | 2,215  EUR | 84.460 | 187,078.90 | 0.11 |
| FR0013154002 | Sartorius Stedim Biotech | Shs | 167  EUR | 487.500 | 81,412.50 | 0.05 |
| FR0000121972 | Schneider Electric | Shs | 4,724  EUR | 144.020 | 680,350.48 | 0.39 |
| FR0000130809 | Société Générale | Shs | 14,432  EUR | 27.370 | 395,003.84 | 0.23 |
| FR0010613471 | Suez | Shs | 775  EUR | 19.680 | 15,252.00 | 0.01 |
| FR0000051807 | Teleperformance | Shs | 655  EUR | 344.300 | 225,516.50 | 0.13 |
| FR0000120271 | TotalEnergies | Shs | 6,539  EUR | 41.600 | 272,022.40 | 0.15 |
| Ireland |  |  |  |  | 529,690.35 | 0.30 |
| IE00B4BNMY34 | Accenture -A- | Shs | 1,351 USD | 323.530 | 376,638.74 | 0.21 |
| IE0001827041 | CRH | Shs | 1,311 GBP | 35.510 | 53,910.75 | 0.03 |
| IE0004927939 | Kingspan Group | Shs | 1,159  EUR | 85.540 | 99,140.86 | 0.06 |
| Italy |  |  |  |  | 1,383,317.72 | 0.79 |
| IT0001233417 | A2A | Shs | 65,677  EUR | 1.803 | 118,382.79 | 0.07 |
| IT0001207098 | ACEA | Shs | 1,003  EUR | 18.570 | 18,625.71 | 0.01 |
| IT0000062072 | Assicurazioni Generali | Shs | 14,057  EUR | 18.580 | 261,179.06 | 0.15 |
| IT0003115950 | De’ Longhi | Shs | 502  EUR | 31.540 | 15,833.08 | 0.01 |
| IT0003128367 | Enel | Shs | 29,373  EUR | 6.754 | 198,385.24 | 0.11 |
| IT0000072170 | FinecoBank Banca Fineco | Shs | 1,944  EUR | 15.765 | 30,647.16 | 0.02 |
| IT0000072618 | Intesa Sanpaolo | Shs | 126,912  EUR | 2.461 | 312,330.43 | 0.18 |
| IT0003027817 | Iren | Shs | 16,881  EUR | 2.582 | 43,586.74 | 0.03 |
| IT0005211237 | Italgas | Shs | 20,839  EUR | 5.574 | 116,156.59 | 0.07 |
| IT0004965148 | Moncler | Shs | 971  EUR | 53.280 | 51,734.88 | 0.03 |
| IT0005278236 | Pirelli | Shs | 11,587  EUR | 5.072 | 58,769.26 | 0.03 |
| IT0003153415 | Snam | Shs | 26  EUR | 4.794 | 124.64 | 0.00 |
| IT0003497168 | Telecom Italia (Milano) | Shs | 71,046  EUR | 0.343 | 24,361.67 | 0.01 |
| IT0004810054 | Unipol Gruppo | Shs | 18,386  EUR | 5.034 | 92,555.12 | 0.05 |

Investment Portfolio as at 30/09/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| IT0004827447 | UnipolSai Assicurazioni | Shs | 16,429 | EUR	2.474 | 40,645.35 | 0.02 |
| Japan |  |  |  |  | 2,331,993.50 | 1.34 |
| JP3429800000 | ANA Holdings | Shs | 4,600 | JPY 2,905.500 | 102,884.15 | 0.06 |
| JP3116000005 | Asahi Group Holdings | Shs | 3,500 | JPY 5,421.000 | 146,055.27 | 0.08 |
| JP3218900003 | Capcom | Shs | 500 | JPY 3,105.000 | 11,950.92 | 0.01 |
| JP3818000006 | Fujitsu | Shs | 1,100 | JPY 20,310.000 | 171,977.80 | 0.10 |
| JP3822000000 | H.U. Group Holdings | Shs | 1,900 | JPY 3,035.000 | 44,389.69 | 0.03 |
| JP3854600008 | Honda Motor | Shs | 2,800 | JPY 3,455.000 | 74,469.06 | 0.04 |
| JP3143600009 | ITOCHU | Shs | 5,400 | JPY 3,277.000 | 136,219.72 | 0.08 |
| JP3496400007 | KDDI | Shs | 7,400 | JPY 3,691.000 | 210,254.62 | 0.12 |
| JP3262900008 | Kintetsu World Express | Shs | 1,400 | JPY 2,847.000 | 30,682.11 | 0.02 |
| JP3266800006 | Kumagai Gumi | Shs | 2,000 | JPY 2,903.000 | 44,693.75 | 0.03 |
| JP3868400007 | Mazda Motor | Shs | 14,500 | JPY	976.000 | 108,940.06 | 0.06 |
| JP3898400001 | Mitsubishi | Shs | 2,500 | JPY 3,536.000 | 68,049.05 | 0.04 |
| JP3733000008 | NEC | Shs | 2,800 | JPY 6,070.000 | 130,832.76 | 0.07 |
| JP3734800000 | Nidec | Shs | 1,500 | JPY 12,420.000 | 143,411.06 | 0.08 |
| JP3756600007 | Nintendo | Shs | 200 | JPY 54,310.000 | 83,614.11 | 0.05 |
| JP3735400008 | Nippon Telegraph & Telephone | Shs | 5,200 | JPY 3,085.000 | 123,489.01 | 0.07 |
| JP3762900003 | Nomura Real Estate Holdings | Shs | 600 | JPY 2,918.000 | 13,477.41 | 0.01 |
| JP3420600003 | Sekisui House | Shs | 5,300 | JPY 2,351.500 | 95,937.99 | 0.06 |
| JP3435000009 | Sony Group | Shs | 3,300 | JPY 12,455.000 | 316,393.43 | 0.18 |
| JP3407400005 | Sumitomo Electric Industries | Shs | 5,100 | JPY 1,496.000 | 58,731.56 | 0.03 |
| JP3633400001 | Toyota Motor | Shs | 14,000 | JPY 2,000.000 | 215,539.97 | 0.12 |
| Jersey |  |  |  |  | 8,709.21 | 0.01 |
| JE00B5TT1872 | Centamin | Shs | 8,085 | GBP	0.930 | 8,709.21 | 0.01 |
| Jordan |  |  |  |  | 82,649.38 | 0.05 |
| GB00B0LCW083 | Hikma Pharmaceuticals | Shs | 2,893 | GBP	24.670 | 82,649.38 | 0.05 |
| Canada |  |  |  |  | 396,133.41 | 0.23 |
| CA0084741085 | Agnico Eagle Mines | Shs | 2 | CAD	65.220 | 88.36 | 0.00 |
| CA11777Q2099 | B2Gold | Shs | 43,101 | CAD	4.220 | 123,211.35 | 0.07 |
| CA2652692096 | Dundee Precious Metals | Shs | 4,742 | CAD	7.400 | 23,770.82 | 0.01 |
| CA3518581051 | Franco-Nevada | Shs | 321 | CAD	164.210 | 35,707.18 | 0.02 |
| CA4488112083 | Hydro One | Shs | 3,722 | CAD	30.190 | 76,118.53 | 0.04 |
| CA45075E1043 | iA Financial | Shs | 19 | CAD	71.800 | 924.12 | 0.00 |
| CA45823T1066 | Intact Financial | Shs | 237 | CAD	169.530 | 27,217.35 | 0.02 |
| CA5592224011 | Magna International | Shs | 10 | CAD	96.830 | 655.94 | 0.00 |
| CA56501R1064 | Manulife Financial | Shs | 83 | CAD	24.750 | 1,391.57 | 0.00 |
| CA76131D1033 | Restaurant Brands International | Shs | 557 | CAD	78.630 | 29,668.42 | 0.02 |
| CA8667961053 | Sun Life Financial | Shs | 1,721 | CAD	65.910 | 76,839.24 | 0.05 |
| CA87807B1076 | TransCanada | Shs | 13 | CAD	61.380 | 540.53 | 0.00 |
| Luxembourg |  |  |  |  | 52,801.68 | 0.03 |
| LU1598757687 | ArcelorMittal | Shs | 2,005 | EUR	26.335 | 52,801.68 | 0.03 |
| New Zealand |  |  |  |  | 16,446.61 | 0.01 |
| NZFAPE0001S2 | Fisher & Paykel Healthcare | Shs | 868 | NZD	32.000 | 16,446.61 | 0.01 |
| The Netherlands |  |  |  |  | 4,669,929.14 | 2.67 |
| NL0011794037 | Ahold Delhaize | Shs | 8,631 | EUR	29.025 | 250,514.78 | 0.14 |
| NL0000334118 | ASM International | Shs | 362 | EUR	343.300 | 124,274.60 | 0.07 |
| NL0010273215 | ASML Holding | Shs | 2,997 | EUR	665.000 | 1,993,005.00 | 1.14 |
| NL0011872643 | ASR Nederland | Shs | 3,613 | EUR	39.630 | 143,183.19 | 0.08 |
| NL0000009827 | DSM | Shs | 1,367 | EUR	174.100 | 237,994.70 | 0.14 |
| NL0011821202 | ING Groep | Shs | 59,186 | EUR	12.780 | 756,397.08 | 0.43 |
| NL0010773842 | NN Group | Shs | 5,564 | EUR	45.510 | 253,217.64 | 0.14 |
| NL0000009538 | Philips | Shs | 1,128 | EUR	39.000 | 43,992.00 | 0.03 |
| NL0009739416 | PostNL | Shs | 18,586 | EUR	4.184 | 77,763.82 | 0.04 |
| NL0013654783 | Prosus | Shs | 3,240 | EUR	69.200 | 224,208.00 | 0.13 |
| GB00B03MM408 | Royal Dutch Shell -B- | Shs | 11,491 | GBP	16.646 | 221,505.37 | 0.13 |
| NL0011821392 | Signify | Shs | 3,552 | EUR	43.550 | 154,689.60 | 0.09 |

Investment Portfolio as at 30/09/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| NL00150001Q9 | Stellantis | Shs | 10,200  EUR | 16.776 | 171,115.20 | 0.10 |
| NL0009432491 | Vopak | Shs | 528  EUR | 34.220 | 18,068.16 | 0.01 |
| Norway |  |  |  |  | 375,115.72 | 0.21 |
| NO0010582521 | Gjensidige Forsikring | Shs | 2,206 NOK | 194.450 | 41,956.81 | 0.02 |
| NO0005052605 | Norsk Hydro | Shs | 41,896 NOK | 65.500 | 268,412.60 | 0.15 |
| NO0003733800 | Orkla | Shs | 5,655 NOK | 80.180 | 44,349.39 | 0.03 |
| NO0003053605 | Storebrand | Shs | 2,501 NOK | 83.380 | 20,396.92 | 0.01 |
| Austria |  |  |  |  | 65,096.42 | 0.04 |
| AT0000743059 | OMV | Shs | 493  EUR | 51.440 | 25,359.92 | 0.02 |
| AT0000831706 | Wienerberger | Shs | 1,347  EUR | 29.500 | 39,736.50 | 0.02 |
| Portugal |  |  |  |  | 40,595.28 | 0.02 |
| PTEDP0AM0009 | EDP - Energias de Portugal | Shs | 8,924  EUR | 4.549 | 40,595.28 | 0.02 |
| Sweden |  |  |  |  | 1,642,756.45 | 0.94 |
| SE0007100581 | Assa Abloy -B- | Shs | 3,056  SEK | 256.200 | 76,776.30 | 0.04 |
| SE0011166610 | Atlas Copco -A- | Shs | 7,942  SEK | 530.600 | 413,229.98 | 0.24 |
| SE0015811559 | Boliden | Shs | 2,105  SEK | 281.900 | 58,189.13 | 0.03 |
| SE0008091581 | Bonava -B- | Shs | 2,192  SEK | 79.700 | 17,131.43 | 0.01 |
| SE0015811955 | Investor -A- | Shs | 3,616  SEK | 191.080 | 67,754.53 | 0.04 |
| SE0015810247 | Kinnevik -B- | Shs | 3,564  SEK | 309.400 | 108,131.62 | 0.06 |
| SE0000825820 | Lundin Energy | Shs | 2,880  SEK | 324.400 | 91,615.30 | 0.05 |
| SE0000667891 | Sandvik | Shs | 663  SEK | 200.600 | 13,041.85 | 0.01 |
| SE0000113250 | Skanska -B- | Shs | 3,659  SEK | 222.100 | 79,690.34 | 0.05 |
| SE0000120669 | SSAB -B- | Shs | 13,586  SEK | 37.710 | 50,239.21 | 0.03 |
| SE0000112724 | Svenska Cellulosa -B- | Shs | 1,509  SEK | 137.800 | 20,390.75 | 0.01 |
| SE0000242455 | Swedbank -A- | Shs | 9,880  SEK | 176.280 | 170,786.95 | 0.10 |
| SE0000108656 | Telefonaktiebolaget LM Ericsson -B- | Shs | 24,667  SEK | 99.320 | 240,241.34 | 0.14 |
| SE0006422390 | Thule Group | Shs | 5,459  SEK | 440.000 | 235,537.72 | 0.13 |
| Switzerland |  |  |  |  | 4,885,462.38 | 2.80 |
| CH0012221716 | ABB | Shs | 5,965 CHF | 31.690 | 174,295.12 | 0.10 |
| CH0210483332 | Compagnie Financière Richemont | Shs | 2,041 CHF | 98.480 | 185,329.09 | 0.11 |
| CH0030170408 | Geberit | Shs | 307  CHF | 695.400 | 196,845.55 | 0.11 |
| CH0010645932 | Givaudan | Shs | 44  CHF | 4,257.000 | 172,706.57 | 0.10 |
| CH0025238863 | Kuehne & Nagel International | Shs | 819  CHF | 324.400 | 244,972.48 | 0.14 |
| CH0025751329 | Logitech International | Shs | 1,347 CHF | 84.040 | 104,377.33 | 0.06 |
| CH0013841017 | Lonza Group | Shs | 164  CHF | 706.200 | 106,788.41 | 0.06 |
| CH0038863350 | Nestlé | Shs | 14,136 CHF | 113.600 | 1,480,667.05 | 0.85 |
| CH0012005267 | Novartis | Shs | 659  CHF | 77.590 | 47,145.88 | 0.03 |
| CH0012032048 | Roche Holding | Shs | 4,019 CHF | 343.900 | 1,274,391.09 | 0.73 |
| CH0418792922 | Sika | Shs | 450  CHF | 298.000 | 123,646.36 | 0.07 |
| CH0012549785 | Sonova Holding | Shs | 1,007 CHF | 360.600 | 334,817.18 | 0.19 |
| CH0012100191 | Tecan Group | Shs | 181  CHF | 531.000 | 88,618.75 | 0.05 |
| CH0011075394 | Zurich Insurance Group | Shs | 982  CHF | 387.500 | 350,861.52 | 0.20 |
| Singapore |  |  |  |  | 180,055.72 | 0.10 |
| SG1S04926220 | Oversea-Chinese Banking | Shs | 16,500 SGD | 11.500 | 120,168.45 | 0.07 |
| SG1V61937297 | Singapore Airlines | Shs | 18,800 SGD | 5.030 | 59,887.27 | 0.03 |
| Spain |  |  |  |  | 1,217,957.28 | 0.70 |
| ES0125220311 | Acciona | Shs | 191  EUR | 144.400 | 27,580.40 | 0.02 |
| ES0105046009 | Aena | Shs | 569  EUR | 148.250 | 84,354.25 | 0.05 |
| ES0113211835 | Banco Bilbao Vizcaya Argentaria | Shs | 55,945  EUR | 5.787 | 323,753.72 | 0.19 |
| ES0113900J37 | Banco Santander | Shs | 30,957  EUR | 3.169 | 98,102.73 | 0.06 |
| ES0127797019 | EDP Renovaveis | Shs | 6,217  EUR | 21.040 | 130,805.68 | 0.07 |
| ES0171996095 | Grifols -B- | Shs | 1,131  EUR | 12.900 | 14,589.90 | 0.01 |
| ES0144580Y14 | Iberdrola | Shs | 17,306  EUR | 8.930 | 154,542.58 | 0.09 |
| ES0148396007 | Industria de Diseño Textil | Shs | 1,858  EUR | 32.360 | 60,124.88 | 0.03 |
| ES0173093024 | Red Electrica | Shs | 8,293  EUR | 17.310 | 143,551.83 | 0.08 |
| ES0173516115 | Repsol | Shs | 16,012  EUR | 11.276 | 180,551.31 | 0.10 |
| South Africa |  |  |  |  | 64,015.80 | 0.04 |

Investment Portfolio as at 30/09/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| GB00B17BBQ50 | Investec | Shs | 17,389 GBP | 3.179 | 64,015.80 | 0.04 |
| USA |  |  |  |  | 19,926,351.22 | 11.41 |
| US88579Y1010 | 3M | Shs | 854  USD | 180.880 | 133,107.80 | 0.08 |
| US0028241000 | Abbott Laboratories | Shs | 814  USD | 119.460 | 83,791.89 | 0.05 |
| US00287Y1091 | AbbVie | Shs | 3,755 USD | 108.840 | 352,170.97 | 0.20 |
| US00507V1098 | Activision Blizzard | Shs | 4,800 USD | 77.380 | 320,055.32 | 0.18 |
| US00724F1012 | Adobe | Shs | 812  USD | 577.700 | 404,215.98 | 0.23 |
| US00846U1016 | Agilent Technologies | Shs | 1,518 USD | 160.000 | 209,289.21 | 0.12 |
| US0091581068 | Air Products & Chemicals | Shs | 229  USD | 260.220 | 51,348.91 | 0.03 |
| US0231351067 | Amazon.com | Shs | 388  USD | 3,301.120 | 1,103,692.58 | 0.63 |
| US0311621009 | Amgen | Shs | 498  USD | 214.900 | 92,219.09 | 0.05 |
| US0378331005 | Apple | Shs | 1,370 USD | 142.830 | 168,614.57 | 0.10 |
| US0382221051 | Applied Materials | Shs | 2,197 USD | 128.270 | 242,834.42 | 0.14 |
| US04316A1088 | Artisan Partners Asset Management -A- | Shs | 2,538 USD | 49.920 | 109,174.52 | 0.06 |
| US0530151036 | Automatic Data Processing | Shs | 1,630 USD | 199.580 | 280,323.63 | 0.16 |
| US0605051046 | Bank of America | Shs | 5,187 USD | 43.070 | 192,506.86 | 0.11 |
| US0865161014 | Best Buy | Shs | 204  USD | 109.430 | 19,236.30 | 0.01 |
| US09062X1037 | Biogen | Shs | 373  USD | 285.560 | 91,782.80 | 0.05 |
| US09857L1089 | Booking Holdings | Shs | 46  USD | 2,377.820 | 94,252.29 | 0.05 |
| US1101221083 | Bristol-Myers Squibb | Shs | 2,000 USD | 60.620 | 104,472.27 | 0.06 |
| US1170431092 | Brunswick | Shs | 317  USD | 98.960 | 27,031.74 | 0.02 |
| US1273871087 | Cadence Design Systems | Shs | 763  USD | 152.250 | 100,100.66 | 0.06 |
| US1696561059 | Chipotle Mexican Grill | Shs | 97  USD | 1,846.540 | 154,342.50 | 0.09 |
| US1255231003 | Cigna | Shs | 513  USD | 203.930 | 90,147.48 | 0.05 |
| US17275R1023 | Cisco Systems (Delaware) | Shs | 8,766 USD | 55.480 | 419,076.21 | 0.24 |
| US1729674242 | Citigroup | Shs | 5,805 USD | 71.530 | 357,804.28 | 0.20 |
| US1912161007 | Coca-Cola | Shs | 7,889 USD | 52.960 | 360,018.67 | 0.21 |
| US19239V3024 | Cogent Communications Holdings | Shs | 3,159 USD | 71.440 | 194,467.11 | 0.11 |
| US1941621039 | Colgate-Palmolive | Shs | 3,668 USD | 77.080 | 243,627.39 | 0.14 |
| US2310211063 | Cummins | Shs | 942  USD | 230.670 | 187,239.34 | 0.11 |
| US2371941053 | Darden Restaurants | Shs | 937  USD | 153.680 | 124,082.93 | 0.07 |
| US2435371073 | Deckers Outdoor | Shs | 250  USD | 372.310 | 80,204.70 | 0.05 |
| US2441991054 | Deere | Shs | 161  USD | 350.870 | 48,677.38 | 0.03 |
| US2473617023 | Delta Air Lines | Shs | 2,778 USD | 43.360 | 103,795.04 | 0.06 |
| US2605571031 | Dow | Shs | 1,888 USD | 58.820 | 95,693.42 | 0.05 |
| US2786421030 | eBay | Shs | 2,760 USD | 69.970 | 166,408.71 | 0.10 |
| US2855121099 | Electronic Arts | Shs | 3,220 USD | 137.940 | 382,737.64 | 0.22 |
| US5324571083 | Eli Lilly | Shs | 2,076 USD | 230.360 | 412,087.56 | 0.24 |
| US3021301094 | Expeditors International of Washington | Shs | 1,931 USD | 121.060 | 201,436.44 | 0.12 |
| US3364331070 | First Solar | Shs | 1,927 USD | 94.070 | 156,202.49 | 0.09 |
| US3453708600 | Ford Motor | Shs | 9,122 USD | 14.300 | 112,403.85 | 0.06 |
| US37045V1008 | General Motors | Shs | 932  USD | 52.930 | 42,508.22 | 0.02 |
| US38141G1040 | Goldman Sachs Group | Shs | 802  USD | 384.890 | 265,990.47 | 0.15 |
| US40412C1018 | HCA Healthcare | Shs | 118  USD | 252.210 | 25,644.80 | 0.01 |
| US43300A2033 | Hilton Worldwide Holdings | Shs | 1,509 USD | 135.160 | 175,748.86 | 0.10 |
| US4364401012 | Hologic | Shs | 1,623 USD | 73.990 | 103,477.67 | 0.06 |
| US4370761029 | Home Depot | Shs | 1,083 USD | 336.930 | 314,429.46 | 0.18 |
| US40434L1052 | HP | Shs | 8,363 USD | 27.310 | 196,806.25 | 0.11 |
| US45168D1046 | IDEXX Laboratories | Shs | 502  USD | 629.550 | 272,325.95 | 0.16 |
| US4581401001 | Intel | Shs | 6,217 USD | 53.490 | 286,555.37 | 0.16 |
| US4612021034 | Intuit | Shs | 611  USD | 546.930 | 287,957.27 | 0.16 |
| US47233W1099 | Jefferies Financial Group | Shs | 957  USD | 37.710 | 31,097.36 | 0.02 |
| US4781601046 | Johnson & Johnson | Shs | 4,286 USD | 164.020 | 605,764.84 | 0.35 |
| IE00BY7QL619 | Johnson Controls International | Shs | 1,014 USD | 70.490 | 61,591.47 | 0.04 |
| US46625H1005 | JPMorgan Chase | Shs | 1,794 USD | 165.950 | 256,539.82 | 0.15 |
| US49338L1035 | Keysight Technologies | Shs | 113  USD | 166.890 | 16,250.39 | 0.01 |

Investment Portfolio as at 30/09/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| US5128071082 | Lam Research | Shs | 304  USD | 567.510 | 148,662.76 | 0.09 |
| US5486611073 | Lowe’s Companies | Shs | 139  USD | 207.100 | 24,805.61 | 0.01 |
| US5719032022 | Marriott International -A- | Shs | 1,291 USD | 151.910 | 168,992.60 | 0.10 |
| US58933Y1055 | Merck | Shs | 4,677 USD | 75.090 | 302,624.83 | 0.17 |
| US5895841014 | Meridian Bioscience | Shs | 1,629 USD | 19.460 | 27,316.12 | 0.02 |
| US5949181045 | Microsoft | Shs | 7,447 USD | 284.000 | 1,822,446.46 | 1.04 |
| US60871R2094 | Molson Coors Beverage -B- | Shs | 2,838 USD | 47.320 | 115,721.01 | 0.07 |
| US6174464486 | Morgan Stanley | Shs | 4,472 USD | 99.550 | 383,617.26 | 0.22 |
| US64110L1061 | Netflix | Shs | 575  USD | 599.060 | 296,820.06 | 0.17 |
| US6516391066 | Newmont | Shs | 4,408 USD | 53.710 | 204,010.17 | 0.12 |
| US6541061031 | NIKE -B- | Shs | 2,442 USD | 146.020 | 307,265.00 | 0.18 |
| US6687711084 | NortonLifeLock | Shs | 2,490 USD | 25.550 | 54,820.80 | 0.03 |
| US67066G1040 | NVIDIA | Shs | 2,924 USD | 205.170 | 516,947.35 | 0.30 |
| US68389X1054 | Oracle | Shs | 666  USD | 91.250 | 52,367.54 | 0.03 |
| US70450Y1038 | PayPal Holdings | Shs | 1,591 USD | 259.000 | 355,079.03 | 0.20 |
| US7170811035 | Pfizer | Shs | 4,424 USD | 43.530 | 165,942.97 | 0.09 |
| US7427181091 | Procter & Gamble | Shs | 1,489 USD | 142.020 | 182,221.36 | 0.10 |
| US7433151039 | Progressive | Shs | 2,894 USD | 91.140 | 227,280.74 | 0.13 |
| US74834L1008 | Quest Diagnostics | Shs | 525  USD | 147.680 | 66,809.17 | 0.04 |
| US74838J1016 | Quidel | Shs | 82  USD | 140.010 | 9,893.00 | 0.01 |
| US75886F1075 | Regeneron Pharmaceuticals | Shs | 132  USD | 606.700 | 69,008.57 | 0.04 |
| US7591EP1005 | Regions Financial | Shs | 1,853 USD | 21.690 | 34,633.00 | 0.02 |
| LR0008862868 | Royal Caribbean Cruises | Shs | 892  USD | 90.670 | 69,692.10 | 0.04 |
| US78409V1044 | S&P Global | Shs | 345  USD | 426.620 | 126,828.07 | 0.07 |
| US8552441094 | Starbucks | Shs | 1,759 USD | 112.170 | 170,019.07 | 0.10 |
| US78486Q1013 | SVB Financial Group | Shs | 256  USD | 655.990 | 144,707.91 | 0.08 |
| US8716071076 | Synopsys | Shs | 211  USD | 302.620 | 55,021.85 | 0.03 |
| US74144T1088 | T Rowe Price Group | Shs | 546  USD | 201.900 | 94,991.35 | 0.05 |
| US8740541094 | Take-Two Interactive Software | Shs | 2,503 USD | 151.600 | 326,975.44 | 0.19 |
| US8753722037 | Tandem Diabetes Care | Shs | 173  USD | 119.920 | 17,876.92 | 0.01 |
| US87612E1064 | Target | Shs | 371  USD | 235.850 | 75,398.88 | 0.04 |
| US88160R1014 | Tesla | Shs | 210  USD | 781.310 | 141,383.19 | 0.08 |
| US8825081040 | Texas Instruments | Shs | 2,077 USD | 193.070 | 345,546.40 | 0.20 |
| US8835561023 | Thermo Fisher Scientific | Shs | 558  USD | 579.600 | 278,687.61 | 0.16 |
| US91879Q1094 | Vail Resorts | Shs | 119  USD | 342.590 | 35,129.89 | 0.02 |
| US92343V1044 | Verizon Communications | Shs | 9,738 USD | 54.380 | 456,314.28 | 0.26 |
| US92532F1003 | Vertex Pharmaceuticals | Shs | 136  USD | 182.220 | 21,354.53 | 0.01 |
| US92826C8394 | Visa -A- | Shs | 706  USD | 226.680 | 137,902.77 | 0.08 |
| US2546871060 | Walt Disney | Shs | 1,070 USD | 172.680 | 159,213.87 | 0.09 |
| US95058W1009 | Wendy’s | Shs | 1,649 USD | 21.870 | 31,075.96 | 0.02 |
| US9553061055 | West Pharmaceutical Services | Shs | 760  USD | 432.410 | 283,181.19 | 0.16 |
| US98311A1051 | Wyndham Hotels & Resorts | Shs | 1,804 USD | 78.260 | 121,655.42 | 0.07 |
| US98390M1036 | XRAY-TWOLF HoldCo | Shs | 1,373 USD | 19.000 | 22,479.12 | 0.01 |
| US98978V1035 | Zoetis | Shs | 1,549 USD | 194.990 | 260,266.84 | 0.15 |
| United Kingdom |  |  |  |  | 6,436,310.40 | 3.69 |
| GB00B1YW4409 | 3i Group | Shs | 3,883 GBP | 12.805 | 57,579.65 | 0.03 |
| GB00B02J6398 | Admiral Group | Shs | 2,527 GBP | 31.090 | 90,980.43 | 0.05 |
| GB00B1XZS820 | Anglo American | Shs | 5,177 GBP | 26.255 | 157,402.72 | 0.09 |
| GB0000536739 | Ashtead Group | Shs | 553 GBP | 57.180 | 36,617.72 | 0.02 |
| GB0009895292 | AstraZeneca | Shs | 7,768 GBP | 89.560 | 805,648.00 | 0.46 |
| GB0002162385 | Aviva | Shs | 46,843 GBP | 3.986 | 216,224.07 | 0.12 |
| GB0000961622 | Balfour Beatty | Shs | 70 GBP | 2.728 | 221.17 | 0.00 |
| GB0000811801 | Barratt Developments | Shs | 12,980 GBP | 6.530 | 98,154.43 | 0.06 |
| GB00BLJNXL82 | Berkeley Group Holdings | Shs | 721 GBP | 43.630 | 36,428.60 | 0.02 |
| GB0007980591 | BP | Shs | 6,516 GBP | 3.416 | 25,772.55 | 0.02 |
| GB0030913577 | BT Group | Shs | 150,685 GBP | 1.631 | 284,520.03 | 0.16 |

Investment Portfolio as at 30/09/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| NL0010545661 | CNH Industrial | Shs | 8,574  EUR | 14.745 | 126,423.63 | 0.07 |
| GB00BD6K4575 | Compass Group | Shs | 11,890 GBP | 15.572 | 214,411.60 | 0.12 |
| GB00BJFFLV09 | Croda International | Shs | 507 GBP | 84.980 | 49,893.82 | 0.03 |
| GB00B1VNSX38 | Drax Group | Shs | 9,319 GBP | 4.914 | 53,030.60 | 0.03 |
| JE00BJVNSS43 | Ferguson | Shs | 1,496 GBP | 105.050 | 181,990.90 | 0.11 |
| GB0009252882 | GlaxoSmithKline | Shs | 41,532 GBP | 14.166 | 681,321.53 | 0.39 |
| GB0004052071 | Halma | Shs | 13 GBP | 28.803 | 433.61 | 0.00 |
| GB00B1VZ0M25 | Hargreaves Lansdown | Shs | 1,721 GBP | 14.380 | 28,659.05 | 0.02 |
| GB00B06QFB75 | IG Group Holdings | Shs | 11,097 GBP | 8.115 | 104,283.64 | 0.06 |
| GB0031638363 | Intertek Group | Shs | 196 GBP | 49.810 | 11,305.63 | 0.01 |
| GB00B019KW72 | J Sainsbury | Shs | 117,770 GBP | 2.871 | 391,552.41 | 0.23 |
| JE00BYPZJM29 | Janus Henderson Group | Shs | 4,788 USD | 41.790 | 172,417.60 | 0.10 |
| GB00BZ4BQC70 | Johnson Matthey | Shs | 1,122 GBP | 26.770 | 34,782.70 | 0.02 |
| GB0033195214 | Kingfisher | Shs | 40,701 GBP | 3.479 | 163,976.47 | 0.09 |
| IE00BZ12WP82 | Linde | Shs | 996  USD | 299.140 | 256,737.27 | 0.15 |
| GB0008706128 | Lloyds Banking Group | Shs | 507,563 GBP | 0.467 | 274,315.14 | 0.16 |
| GB00B1CRLC47 | Mondi | Shs | 1,854 GBP | 18.270 | 39,225.66 | 0.02 |
| GB0006215205 | National Express Group | Shs | 7,268 GBP | 2.440 | 20,536.52 | 0.01 |
| GB00BDR05C01 | National Grid | Shs | 27,233 GBP | 8.953 | 282,364.04 | 0.16 |
| GB00B24CGK77 | Reckitt Benckiser Group | Shs | 2,442 GBP | 58.850 | 166,423.31 | 0.10 |
| GB00B2B0DG97 | RELX | Shs | 5,232 GBP | 21.840 | 132,325.15 | 0.08 |
| GB00BDVZYZ77 | Royal Mail | Shs | 42,976 GBP | 4.329 | 215,444.59 | 0.12 |
| GB0003308607 | Spectris | Shs | 19 GBP | 39.140 | 861.18 | 0.00 |
| GB00BWFGQN14 | Spirax-Sarco Engineering | Shs | 1,263 GBP | 151.450 | 221,510.67 | 0.13 |
| GB0008754136 | Tate & Lyle | Shs | 11,510 GBP | 7.000 | 93,302.95 | 0.05 |
| GB00B39J2M42 | United Utilities Group | Shs | 3,602 GBP | 9.826 | 40,986.65 | 0.02 |
| GB0001859296 | Vistry Group | Shs | 5,521 GBP | 12.019 | 76,840.79 | 0.04 |
| GB00BH4HKS39 | Vodafone Group | Shs | 306,937 GBP | 1.149 | 408,334.15 | 0.23 |
| GB00B1KJJ408 | Whitbread | Shs | 1,267 GBP | 34.030 | 49,929.89 | 0.03 |
| GB0006043169 | Wm Morrison Supermarkets | Shs | 39,079 GBP | 2.942 | 133,139.88 | 0.08 |
| Bonds |  |  |  |  |  |  | 101,576,363.18 | 58.18 |
| Australia |  |  |  |  |  |  | 674,946.28 | 0.39 |
| XS2082818951 | 1.1250 | % | Australia & New Zealand Banking |  |  |  |  |  |
|  |  |  | Group EUR FLR-MTN 19/29 | EUR | 100.0	% | 102.463 | 102,463.11 | 0.06 |
| XS1412417617 | 1.2500 | % | National Australia Bank EUR MTN 16/26 | EUR | 200.0	% | 105.956 | 211,912.22 | 0.12 |
| XS1942618023 | 0.7500 | % | National Australia Bank EUR MTN 19/26 | EUR | 100.0	% | 104.159 | 104,158.50 | 0.06 |
| XS1978200472 | 0.3750 | % | Westpac Banking EUR MTN 19/26 | EUR | 250.0	% | 102.565 | 256,412.45 | 0.15 |
| Belgium |  |  |  |  |  |  | 2,902,802.73 | 1.66 |
| BE0000326356 | 4.0000 | % | Belgium Government EUR Bonds 12/32 S.66 | EUR | 520.0	% | 141.261 | 734,557.20 | 0.42 |
| BE0000336454 | 1.9000 | % | Belgium Government EUR Bonds 15/38 S.76 | EUR | 220.0	% | 122.900 | 270,379.98 | 0.15 |
| BE0000338476 | 1.6000 | % | Belgium Government EUR Bonds 16/47 S.78 | EUR | 350.0	% | 118.437 | 414,529.47 | 0.24 |
| BE0000342510 | 0.5000 | % | Belgium Government EUR Bonds 17/24 S.82 | EUR | 150.0	% | 103.527 | 155,290.50 | 0.09 |
| BE0000341504 | 0.8000 | % | Belgium Government EUR Bonds 17/27 S.81 | EUR | 300.0	% | 106.937 | 320,811.00 | 0.18 |
| BE0000343526 | 2.2500 | % | Belgium Government EUR Bonds 17/57 S.83 | EUR | 170.0	% | 139.962 | 237,935.38 | 0.14 |
| BE0000347568 | 0.9000 | % | Belgium Government EUR Bonds 19/29 S.87 | EUR | 710.0	% | 108.352 | 769,299.20 | 0.44 |
| Denmark |  |  |  |  |  |  | 1,422,380.06 | 0.82 |
| XS1677902162 | 0.5000 | % | Carlsberg Breweries EUR MTN 17/23 | EUR | 300.0	% | 101.339 | 304,017.42 | 0.17 |
| XS2078761785 | 1.3750 | % | Danske Bank EUR FLR-MTN 19/30 | EUR | 100.0	% | 102.170 | 102,170.48 | 0.06 |
| XS2046595836 | 0.5000 | % | Danske Bank EUR FLR-Notes 19/25 | EUR | 200.0	% | 101.126 | 202,251.36 | 0.12 |
| XS1424730973 | 0.7500 | % | Danske Bank EUR MTN 16/23 | EUR | 800.0	% | 101.743 | 813,940.80 | 0.47 |
| Germany |  |  |  |  |  |  | 13,964,759.45 | 8.00 |
| XS2149280948 | 2.0000 | % | Bertelsmann EUR MTN 20/28 | EUR | 200.0	% | 110.978 | 221,956.78 | 0.13 |
| DE000CZ40LR5 | 0.5000 | % | Commerzbank EUR MTN 16/23 | EUR | 300.0	% | 101.288 | 303,865.11 | 0.17 |
| DE000DL19U31 | 0.1250 | % | Deutsche Bank EUR Notes 20/30 | EUR | 250.0	% | 100.661 | 251,651.68 | 0.14 |
| DE000A2NBKK3 | 0.1250 | % | Deutsche Pfandbriefbank EUR MTN 19/24 | EUR | 200.0	% | 100.370 | 200,740.02 | 0.12 |
| XS2024716099 | 1.3750 | % | Deutsche Telekom EUR MTN 19/34 | EUR | 100.0	% | 106.934 | 106,934.09 | 0.06 |
| XS2178769159 | 1.5000 | % | Fresenius Medical Care EUR MTN 20/30 | EUR | 100.0	% | 106.034 | 106,034.49 | 0.06 |

Investment Portfolio as at 30/09/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| DE0001135044 | 6.5000 | % | Germany Government EUR |  |  |  |  |  |  |
| DE0001102499 | 0.0000 | % | Bonds 97/27 S.97 Germany Government EUR Zero- | EUR | 450.0 | % | 141.328 | 635,976.00 | 0.36 |
| DE0001102515 | 0.0000 | % | Coupon Bonds 15.02.2030 Germany Government EUR Zero- | EUR | 1,000.0 | % | 102.945 | 1,029,449.90 | 0.59 |
| DE0001135325 | 4.2500 | % | Coupon Bonds 15.05.2035 Germany Government EUR | EUR | 600.0 | % | 100.344 | 602,064.00 | 0.35 |
|  |  |  | Bonds 07/39 S.2007 | EUR | 780.0 | % | 175.832 | 1,371,489.60 | 0.79 |
| DE0001102341 | 2.5000 | % | Germany Government EUR Bonds 14/46 | EUR | 890.0 | % | 157.755 | 1,404,019.50 | 0.80 |
| DE0001102473 | 0.0000 | % | Germany Government EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 15.08.2029 | EUR | 910.0 | % | 102.999 | 937,290.90 | 0.54 |
| XS1387174375 | 2.2500 | % | HeidelbergCement EUR MTN 16/23 | EUR | 400.0 | % | 103.128 | 412,512.32 | 0.24 |
| DE000A289F29 | 0.0000 | % | Kreditanstalt für Wiederaufbau EUR |  |  |  |  |  |  |
| DE000A2TSTR0 | 0.8750 | % | Zero-Coupon MTN 15/12/2027 Kreditanstalt für Wiederaufbau | EUR | 2,200.0 | % | 101.643 | 2,236,155.68 | 1.28 |
| XS1999841445 | 0.0100 | % | EUR MTN 19/39 Kreditanstalt für Wiederaufbau | EUR | 1,220.0 | % | 108.548 | 1,324,281.70 | 0.76 |
| DE000A289RK2 | 0.0000 | % | EUR MTN 19/27 Kreditanstalt für Wiederaufbau EUR | EUR | 400.0 | % | 101.780 | 407,120.52 | 0.23 |
| XS1957349332 | 0.5000 | % | Zero-Coupon MTN 17/09/2030 Landwirtschaftliche Rentenbank | EUR | 1,500.0 | % | 100.542 | 1,508,133.30 | 0.86 |
|  |  |  | EUR MTN 19/29 | EUR | 670.0 | % | 104.744 | 701,783.06 | 0.40 |
| XS1865186321 | 1.0000 | % | Volkswagen Leasing EUR MTN 18/23 | EUR | 200.0 | % | 101.650 | 203,300.80 | 0.12 |
| Finland |  |  |  |  |  |  |  | 530,701.19 | 0.30 |
| FI4000167317 | 0.8750 | % | Finland Government EUR Bonds 15/25 | EUR | 200.0 | % | 105.779 | 211,557.28 | 0.12 |
| FI4000306758 | 1.1250 | % | Finland Government EUR Bonds 18/34 | EUR | 150.0 | % | 112.079 | 168,118.31 | 0.09 |
| FI4000441878 | 0.0000 | % | Finland Government EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 15.09.2030 | EUR | 150.0 | % | 100.684 | 151,025.60 | 0.09 |
| France |  |  |  |  |  |  |  | 17,523,312.15 | 10.04 |
| FR0013336229 | 1.5000 | % | Arkea Home Loans EUR MTN 18/33 | EUR | 100.0 | % | 114.181 | 114,181.47 | 0.07 |
| XS1750122225 | 0.7500 | % | Banque Fédérative du Crédit |  |  |  |  |  |  |
| FR00140003P3 | 0.1000 | % | Mutuel EUR MTN 18/25 Banque Fédérative du Crédit | EUR | 200.0 | % | 103.121 | 206,242.70 | 0.12 |
| FR0013476553 | 0.7500 | % | Mutuel EUR MTN 20/27 Banque Fédérative du Crédit | EUR | 400.0 | % | 99.587 | 398,349.36 | 0.23 |
|  |  |  | Mutuel EUR Notes 20/30 | EUR | 100.0 | % | 100.983 | 100,983.07 | 0.06 |
| FR0013476611 | 1.1250 | % | BNP Paribas EUR FLR-MTN 20/32 | EUR | 200.0 | % | 101.575 | 203,150.00 | 0.12 |
| XS1614416193 | 1.5000 | % | BNP Paribas EUR MTN 17/25 | EUR | 200.0 | % | 105.823 | 211,645.90 | 0.12 |
| FR0013312501 | 1.6250 | % | BPCE EUR MTN 18/28 | EUR | 400.0 | % | 107.301 | 429,205.68 | 0.25 |
| FR0013516101 | 0.2500 | % | Bpifrance EUR MTN 20/30 | EUR | 200.0 | % | 101.420 | 202,840.40 | 0.12 |
| FR0012688208 | 0.2000 | % | Caisse Française de Financement |  |  |  |  |  |  |
|  |  |  | Local EUR Notes 15/23 S.6 | EUR | 400.0 | % | 101.080 | 404,318.92 | 0.23 |
| FR0013505260 | 2.6250 | % | Carrefour EUR MTN 20/27 | EUR | 400.0 | % | 114.275 | 457,101.40 | 0.26 |
| FR0013286788 | 1.1250 | % | Compagnie Financière et Industrielle |  |  |  |  |  |  |
| FR0013357845 | 0.8750 | % | des Autoroutes EUR MTN 17/27 Compagnie Générale des Etablissements | EUR | 600.0 | % | 106.676 | 640,057.86 | 0.37 |
|  |  |  | Michelin EUR Notes 18/25 | EUR | 200.0 | % | 103.906 | 207,811.16 | 0.12 |
| XS0617251995 | 5.1250 | % | Crédit Agricole (London) EUR MTN 11/23 | EUR | 100.0 | % | 108.748 | 108,747.52 | 0.06 |
| FR0013505575 | 0.1250 | % | Crédit Agricole Home Loan EUR MTN 20/24 | EUR | 200.0 | % | 101.618 | 203,235.10 | 0.12 |
| FR0010920900 | 4.0000 | % | Crédit Agricole Home Loan |  |  |  |  |  |  |
|  |  |  | EUR Notes 10/25 | EUR | 200.0 | % | 116.468 | 232,935.10 | 0.13 |
| FR0013506870 | 0.1250 | % | Crédit Mutuel Home Loan EUR MTN 20/25 | EUR | 200.0 | % | 101.612 | 203,223.30 | 0.12 |
| FR0013465424 | 2.0000 | % | Électricité de France EUR MTN 19/49 | EUR | 100.0 | % | 107.036 | 107,035.60 | 0.06 |
| FR0011619436 | 2.2500 | % | France Government EUR Bonds 13/24 | EUR | 230.0 | % | 107.722 | 247,760.60 | 0.14 |
| FR0011883966 | 2.5000 | % | France Government EUR Bonds 14/30 | EUR | 2,490.0 | % | 122.190 | 3,042,530.75 | 1.74 |
| FR0012938116 | 1.0000 | % | France Government EUR Bonds 15/25 | EUR | 300.0 | % | 106.341 | 319,023.00 | 0.18 |
| FR0013234333 | 1.7500 | % | France Government EUR Bonds 17/39 | EUR | 1,190.0 | % | 121.710 | 1,448,348.88 | 0.83 |
| FR0013257524 | 2.0000 | % | France Government EUR Bonds 17/48 | EUR | 1,180.0 | % | 129.415 | 1,527,096.88 | 0.87 |
| FR0013313582 | 1.2500 | % | France Government EUR Bonds 18/34 | EUR | 1,430.0 | % | 111.794 | 1,598,654.06 | 0.92 |
| FR0013480613 | 0.7500 | % | France Government EUR Bonds 20/52 | EUR | 880.0 | % | 96.192 | 846,489.51 | 0.48 |
| FR0012674661 | 1.0000 | % | Klepierre EUR MTN 15/23 | EUR | 300.0 | % | 101.703 | 305,109.39 | 0.17 |

Investment Portfolio as at 30/09/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| FR0013518057 | 1.2500 | % | Société Générale EUR Notes 20/30 | EUR | 200.0 | % | 103.222 | 206,443.82 | 0.12 |
| FR0012949923 | 1.7500 | % | Suez EUR MTN 15/25 | EUR | 200.0 | % | 106.906 | 213,812.22 | 0.12 |
| XS1693818525 | 1.3750 | % | TotalEnergies Capital International |  |  |  |  |  |  |
|  |  |  | EUR MTN 17/29 | EUR | 700.0 | % | 108.413 | 758,891.21 | 0.43 |
| FR0013518487 | 0.2500 | % | UNEDIC ASSEO EUR MTN 20/29 | EUR | 100.0 | % | 101.818 | 101,817.50 | 0.06 |
| FR0013405040 | 1.7500 | % | Unibail-Rodamco-Westfield |  |  |  |  |  |  |
|  |  |  | EUR MTN 19/34 | EUR | 200.0 | % | 106.494 | 212,988.56 | 0.12 |
| FR0013230943 | 0.6250 | % | Valeo EUR MTN 17/23 | EUR | 500.0 | % | 100.829 | 504,144.85 | 0.29 |
| FR0013342334 | 1.5000 | % | Valeo EUR MTN 18/25 | EUR | 500.0 | % | 103.824 | 519,121.35 | 0.30 |
| FR0010033381 | 6.1250 | % | Veolia Environnement EUR MTN 03/33 | EUR | 250.0 | % | 161.509 | 403,772.23 | 0.23 |
| FR0013367620 | 1.0000 | % | Vinci EUR MTN 18/25 | EUR | 800.0 | % | 104.530 | 836,242.80 | 0.48 |
| Ireland |  |  |  |  |  |  |  | 1,477,167.50 | 0.85 |
| XS1883354620 | 0.8750 | % | Abbott Ireland Financing EUR Notes 18/23 | EUR | 300.0 | % | 102.363 | 307,087.92 | 0.18 |
| IE00BV8C9186 | 2.0000 | % | Ireland Government EUR Bonds 15/45 | EUR | 50.0 | % | 128.255 | 64,127.50 | 0.04 |
| IE00BFZRPZ02 | 1.3000 | % | Ireland Government EUR Bonds 18/33 | EUR | 400.0 | % | 112.324 | 449,296.00 | 0.26 |
| IE00BH3SQ895 | 1.1000 | % | Ireland Government EUR Bonds 19/29 | EUR | 320.0 | % | 109.368 | 349,977.60 | 0.20 |
| XS1580476759 | 1.0000 | % | Johnson Controls International |  |  |  |  |  |  |
|  |  |  | EUR Notes 17/23 | EUR | 300.0 | % | 102.226 | 306,678.48 | 0.17 |
| Iceland |  |  |  |  |  |  |  | 301,395.00 | 0.17 |
| XS2015295814 | 0.1000 | % | Iceland Government EUR Bonds 19/24 | EUR | 300.0 | % | 100.465 | 301,395.00 | 0.17 |
| Italy |  |  |  |  |  |  |  | 16,354,323.05 | 9.37 |
| XS0986194883 | 4.0000 | % | Intesa Sanpaolo EUR MTN 13/23 | EUR | 500.0 | % | 108.891 | 544,452.70 | 0.31 |
| XS1873219304 | 2.1250 | % | Intesa Sanpaolo EUR MTN 18/23 | EUR | 300.0 | % | 104.608 | 313,823.61 | 0.18 |
| IT0001444378 | 6.0000 | % | Italy Buoni Poliennali Del |  |  |  |  |  |  |
| IT0003535157 | 5.0000 | % | Tesoro EUR Bonds 00/31 Italy Buoni Poliennali Del | EUR | 500.0 | % | 148.800 | 743,999.95 | 0.43 |
| IT0004286966 | 5.0000 | % | Tesoro EUR Bonds 03/34 Italy Buoni Poliennali Del | EUR | 1,250.0 | % | 146.896 | 1,836,199.88 | 1.05 |
| IT0004356843 | 4.7500 | % | Tesoro EUR Bonds 07/39 Italy Buoni Poliennali Del | EUR | 370.0 | % | 157.215 | 581,695.46 | 0.33 |
| IT0004513641 | 5.0000 | % | Tesoro EUR Bonds 08/23 Italy Buoni Poliennali Del | EUR | 900.0 | % | 109.564 | 986,076.00 | 0.56 |
| IT0004532559 | 5.0000 | % | Tesoro EUR Bonds 09/25 Italy Buoni Poliennali Del | EUR | 400.0 | % | 117.715 | 470,860.00 | 0.27 |
| IT0004644735 | 4.5000 | % | Tesoro EUR Bonds 09/40 Italy Buoni Poliennali Del | EUR | 500.0 | % | 159.155 | 795,774.95 | 0.46 |
| IT0004953417 | 4.5000 | % | Tesoro EUR Bonds 10/26 Italy Buoni Poliennali Del | EUR | 400.0 | % | 119.854 | 479,416.00 | 0.27 |
| IT0005045270 | 2.5000 | % | Tesoro EUR Bonds 13/24 Italy Buoni Poliennali Del | EUR | 700.0 | % | 111.645 | 781,515.00 | 0.45 |
| IT0005274805 | 2.0500 | % | Tesoro EUR Bonds 14/24 Italy Buoni Poliennali Del | EUR | 1,600.0 | % | 108.587 | 1,737,392.00 | 1.00 |
| IT0005344335 | 2.4500 | % | Tesoro EUR Bonds 17/27 Italy Buoni Poliennali Del | EUR | 830.0 | % | 110.375 | 916,112.42 | 0.52 |
| IT0005370306 | 2.1000 | % | Tesoro EUR Bonds 18/23 Italy Buoni Poliennali Del | EUR | 300.0 | % | 105.726 | 317,178.00 | 0.18 |
| IT0005408502 | 1.8500 | % | Tesoro EUR Bonds 19/26 Italy Buoni Poliennali Del | EUR | 1,670.0 | % | 109.686 | 1,831,756.03 | 1.05 |
| IT0005403396 | 0.9500 | % | Tesoro EUR Bonds 20/25 Italy Buoni Poliennali Del | EUR | 850.0 | % | 107.277 | 911,854.50 | 0.52 |
| IT0005398406 | 2.4500 | % | Tesoro EUR Bonds 20/30 Italy Buoni Poliennali Del | EUR | 850.0 | % | 102.228 | 868,937.92 | 0.50 |
| IT0005425233 | 1.7000 | % | Tesoro EUR Bonds 20/50 Italy Buoni Poliennali Del | EUR | 850.0 | % | 116.023 | 986,195.42 | 0.57 |
| IT0005433690 | 0.2500 | % | Tesoro EUR Bonds 20/51 Italy Buoni Poliennali Del | EUR | 350.0 | % | 98.703 | 345,460.47 | 0.20 |
| XS1689739347 | 0.6250 | % | Tesoro EUR Bonds 21/28 Mediobanca Banca di Credito | EUR | 500.0 | % | 99.197 | 495,983.75 | 0.28 |
| XS2227196404 | 1.0000 | % | Finanziario EUR MTN 17/22 Mediobanca Banca di Credito | EUR | 100.0 | % | 100.982 | 100,981.89 | 0.06 |
|  |  |  | Finanziario EUR MTN 20/27 | EUR | 300.0 | % | 102.886 | 308,657.10 | 0.18 |

Investment Portfolio as at 30/09/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| Japan |  |  |  |  |  |  |  | 945,842.36 | 0.54 |
| XS2242747181 | 0.1550 | % | Asahi Group Holdings EUR Notes 20/24 | EUR | 100.0 | % | 100.697 | 100,697.26 | 0.06 |
| XS2241387252 | 0.2140 | % | Mizuho Financial Group EUR MTN 20/25 | EUR | 400.0 | % | 100.590 | 402,361.04 | 0.23 |
| XS2098350965 | 0.7970 | % | Mizuho Financial Group EUR MTN 20/30 | EUR | 200.0 | % | 101.626 | 203,252.46 | 0.11 |
| XS1843449395 | 3.0000 | % | Takeda Pharmaceutical EUR Notes 18/30 | EUR | 200.0 | % | 119.766 | 239,531.60 | 0.14 |
| Canada |  |  |  |  |  |  |  | 503,764.55 | 0.29 |
| XS2104915207 | 0.0100 | % | Royal Bank of Canada EUR MTN 20/27 | EUR | 500.0 | % | 100.753 | 503,764.55 | 0.29 |
| Luxembourg |  |  |  |  |  |  |  | 3,689,429.85 | 2.11 |
| XS1678966935 | 1.7500 | % | CNH Industrial Finance |  |  |  |  |  |  |
| EU000A1G0DW4 | 1.8000 | % | Europe EUR MTN 17/25 European Financial Stability | EUR | 200.0 | % | 105.992 | 211,983.44 | 0.12 |
| EU000A1G0D96 | 1.7500 | % | Facility EUR MTN 17/48 European Financial Stability | EUR | 900.0 | % | 130.144 | 1,171,298.97 | 0.67 |
| XS1589806907 | 1.6250 | % | Facility EUR Notes 18/53 HeidelbergCement Finance | EUR | 420.0 | % | 131.671 | 553,018.49 | 0.32 |
| XS1629387462 | 1.5000 | % | Luxembourg EUR MTN 17/26 HeidelbergCement Finance | EUR | 600.0 | % | 106.491 | 638,943.66 | 0.36 |
| XS1960678099 | 0.3750 | % | Luxembourg EUR MTN 17/27 Medtronic Global Holdings | EUR | 500.0 | % | 106.906 | 534,531.80 | 0.31 |
| XS1960678685 | 2.2500 | % | EUR Notes 19/23 Medtronic Global Holdings | EUR | 350.0 | % | 101.000 | 353,500.49 | 0.20 |
| XS1789752182 | 1.5000 | % | EUR Notes 19/39 Richemont International | EUR | 100.0 | % | 116.597 | 116,596.94 | 0.07 |
|  |  |  | Holding EUR Notes 18/30 | EUR | 100.0 | % | 109.556 | 109,556.06 | 0.06 |
| New Zealand |  |  |  |  |  |  |  | 356,898.29 | 0.20 |
| XS1935204641 | 0.5000 | % | ANZ New Zealand Int’l |  |  |  |  |  |  |
|  |  |  | (London) EUR MTN 19/24 | EUR | 350.0 | % | 101.971 | 356,898.29 | 0.20 |
| The Netherlands |  |  |  |  |  |  |  | 7,212,777.48 | 4.13 |
| XS0968926757 | 2.5000 | % | ABN AMRO Bank EUR MTN 13/23 | EUR | 150.0 | % | 105.754 | 158,630.70 | 0.09 |
| XS1747670922 | 1.2500 | % | ABN AMRO Bank EUR MTN 18/33 | EUR | 200.0 | % | 111.383 | 222,765.90 | 0.13 |
| XS1982037696 | 0.5000 | % | ABN AMRO Bank EUR MTN 19/26 | EUR | 200.0 | % | 102.579 | 205,157.36 | 0.12 |
| XS2101336316 | 0.3750 | % | ABN AMRO Bank EUR Notes 20/35 | EUR | 200.0 | % | 100.494 | 200,987.38 | 0.11 |
| XS1685798370 | 0.8750 | % | Ahold Delhaize EUR Notes 17/24 | EUR | 100.0 | % | 102.770 | 102,770.12 | 0.06 |
| DE000A2RWAX4 | 0.8750 | % | Allianz Finance II EUR MTN 19/26 | EUR | 200.0 | % | 104.392 | 208,784.48 | 0.12 |
| XS1948612905 | 0.6250 | % | BMW Finance EUR MTN 19/23 | EUR | 300.0 | % | 101.887 | 305,659.71 | 0.17 |
| XS1689523840 | 1.1250 | % | Brenntag Finance EUR Notes 17/25 | EUR | 800.0 | % | 104.144 | 833,151.04 | 0.48 |
| XS2178585423 | 2.1250 | % | Conti-Gummi Finance EUR MTN 20/23 | EUR | 200.0 | % | 104.650 | 209,300.78 | 0.12 |
| XS1558083652 | 1.8750 | % | EDP Finance EUR MTN 17/23 | EUR | 300.0 | % | 104.352 | 313,057.41 | 0.18 |
| XS1952576475 | 0.7500 | % | ING Bank EUR MTN 19/29 | EUR | 200.0 | % | 105.898 | 211,796.06 | 0.12 |
| XS2049154078 | 0.1000 | % | ING Groep EUR FLR-MTN 19/25 | EUR | 200.0 | % | 100.355 | 200,709.30 | 0.11 |
| XS1796079488 | 2.0000 | % | ING Groep EUR FLR-Notes 18/30 | EUR | 200.0 | % | 105.319 | 210,637.34 | 0.12 |
| XS1882544627 | 1.0000 | % | ING Groep EUR MTN 18/23 | EUR | 300.0 | % | 102.586 | 307,756.62 | 0.18 |
| NL0009446418 | 3.7500 | % | Netherlands Government EUR Bonds 10/42 | EUR | 220.0 | % | 171.054 | 376,318.78 | 0.22 |
| NL0010071189 | 2.5000 | % | Netherlands Government EUR Bonds 12/33 | EUR | 440.0 | % | 128.814 | 566,781.56 | 0.32 |
| NL0013332430 | 0.2500 | % | Netherlands Government EUR Bonds 19/29 | EUR | 240.0 | % | 103.981 | 249,554.40 | 0.14 |
| XS1423753463 | 0.6250 | % | NIBC Bank EUR MTN 16/26 | EUR | 700.0 | % | 103.723 | 726,062.54 | 0.42 |
| XS1991126431 | 1.1250 | % | Rabobank EUR MTN 19/31 | EUR | 200.0 | % | 106.651 | 213,301.22 | 0.12 |
| XS1874127902 | 1.3750 | % | Siemens Financieringsmaatschappij |  |  |  |  |  |  |
| XS1910948162 | 2.6250 | % | EUR MTN 18/30 Volkswagen International | EUR | 200.0 | % | 109.977 | 219,953.16 | 0.13 |
|  |  |  | Finance EUR Notes 18/27 | EUR | 400.0 | % | 113.443 | 453,773.60 | 0.26 |
| DE000A19NS93 | 1.1250 | % | Vonovia Finance EUR MTN 17/25 | EUR | 200.0 | % | 104.425 | 208,850.04 | 0.12 |
| DE000A2R8NC5 | 0.1250 | % | Vonovia Finance EUR MTN 19/23 | EUR | 300.0 | % | 100.557 | 301,669.68 | 0.17 |
| DE000A28ZQQ5 | 1.0000 | % | Vonovia Finance EUR MTN 20/30 | EUR | 200.0 | % | 102.674 | 205,348.30 | 0.12 |
| Norway |  |  |  |  |  |  |  | 413,930.08 | 0.24 |
| XS0881369770 | 2.1250 | % | Eika Boligkreditt EUR MTN 13/23 | EUR | 400.0 | % | 103.483 | 413,930.08 | 0.24 |
| Austria |  |  |  |  |  |  |  | 1,209,391.79 | 0.69 |
| AT0000A04967 | 4.1500 | % | Austria Government EUR Bonds 07/37 | EUR | 100.0 | % | 159.359 | 159,358.59 | 0.09 |
| AT0000A0VRQ6 | 3.1500 | % | Austria Government EUR Bonds 12/44 | EUR | 220.0 | % | 158.800 | 349,359.21 | 0.20 |

Investment Portfolio as at 30/09/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| AT0000A2NW83 | 0.0000 | % | Austria Government EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 20.02.2031 | EUR | 500.0 | % | 99.935 | 499,675.65 | 0.29 |
| AT0000A2JAF6 | 0.0500 | % | Erste Group Bank EUR MTN 20/25 | EUR | 200.0 | % | 100.499 | 200,998.34 | 0.11 |
| Poland |  |  |  |  |  |  |  | 485,978.85 | 0.28 |
| XS1015428821 | 3.0000 | % | Poland Government EUR MTN 14/24 | EUR | 450.0 | % | 107.995 | 485,978.85 | 0.28 |
| Portugal |  |  |  |  |  |  |  | 2,244,737.10 | 1.29 |
| PTOTE5OE0007 | 4.1000 | % | Portugal Obrigações do |  |  |  |  |  |  |
| PTOTEQOE0015 | 5.6500 | % | Tesouro EUR Bonds 06/37 Portugal Obrigações do | EUR | 50.0 | % | 150.832 | 75,416.00 | 0.04 |
| PTOTEBOE0020 | 4.1000 | % | Tesouro EUR Bonds 13/24 Portugal Obrigações do | EUR | 150.0 | % | 115.060 | 172,590.00 | 0.10 |
| PTOTETOE0012 | 2.8750 | % | Tesouro EUR Bonds 15/45 Portugal Obrigações do | EUR | 50.0 | % | 165.208 | 82,604.00 | 0.05 |
| PTOTEWOE0017 | 2.2500 | % | Tesouro EUR Bonds 16/26 Portugal Obrigações do | EUR | 650.0 | % | 115.904 | 753,376.00 | 0.43 |
| PTOTEXOE0024 | 1.9500 | % | Tesouro EUR Bonds 18/34 Portugal Obrigações do | EUR | 120.0 | % | 121.095 | 145,314.00 | 0.09 |
| PTOTEMOE0035 | 0.7000 | % | Tesouro EUR Bonds 19/29 Portugal Obrigações do | EUR | 110.0 | % | 115.166 | 126,682.60 | 0.07 |
| PTOTELOE0028 | 0.4750 | % | Tesouro EUR Bonds 20/27 Portugal Obrigações do | EUR | 550.0 | % | 105.573 | 580,651.50 | 0.33 |
|  |  |  | Tesouro EUR Bonds 20/30 | EUR | 300.0 | % | 102.701 | 308,103.00 | 0.18 |
| Romania |  |  |  |  |  |  |  | 109,973.88 | 0.06 |
| XS2178857285 | 2.7500 | % | Romania Government EUR Bonds 20/26 | EUR | 100.0 | % | 109.974 | 109,973.88 | 0.06 |
| Sweden |  |  |  |  |  |  |  | 1,820,324.73 | 1.04 |
| XS1108679645 | 1.3750 | % | Alfa Laval Treasury International |  |  |  |  |  |  |
|  |  |  | EUR MTN 14/22 | EUR | 500.0 | % | 101.193 | 505,965.90 | 0.29 |
| XS2236283383 | 0.5000 | % | Scania EUR MTN 20/23 | EUR | 300.0 | % | 101.207 | 303,622.02 | 0.17 |
| XS1711933033 | 0.2500 | % | Swedbank EUR MTN 17/22 | EUR | 500.0 | % | 100.808 | 504,040.45 | 0.29 |
| XS1870225338 | 0.4000 | % | Swedbank EUR MTN 18/23 | EUR | 300.0 | % | 101.541 | 304,622.22 | 0.17 |
| XS2063261155 | 0.2500 | % | Swedbank EUR MTN 19/24 | EUR | 200.0 | % | 101.037 | 202,074.14 | 0.12 |
| Singapore |  |  |  |  |  |  |  | 407,818.18 | 0.23 |
| XS1877520194 | 0.2500 | % | United Overseas Bank EUR MTN 18/23 | EUR | 200.0 | % | 101.268 | 202,536.12 | 0.11 |
| XS1750083229 | 0.5000 | % | United Overseas Bank EUR MTN 18/25 | EUR | 200.0 | % | 102.641 | 205,282.06 | 0.12 |
| Slovakia |  |  |  |  |  |  |  | 421,415.80 | 0.24 |
| SK4120012220 | 0.6250 | % | Slovakia Government EUR |  |  |  |  |  |  |
|  |  |  | Bonds 16/26 S.231 | EUR | 400.0 | % | 105.354 | 421,415.80 | 0.24 |
| Spain |  |  |  |  |  |  |  | 13,813,524.51 | 7.91 |
| XS2025466413 | 0.6250 | % | Abertis Infraestructuras EUR MTN 19/25 | EUR | 200.0 | % | 101.969 | 203,937.12 | 0.12 |
| XS1878191052 | 0.8750 | % | Amadeus IT Group EUR MTN 18/23 | EUR | 300.0 | % | 101.730 | 305,190.99 | 0.17 |
| XS2104051433 | 1.0000 | % | Banco Bilbao Vizcaya Argentaria |  |  |  |  |  |  |
| XS2058729653 | 0.3750 | % | EUR FLR-MTN 20/30 Banco Bilbao Vizcaya Argentaria | EUR | 100.0 | % | 101.257 | 101,257.25 | 0.06 |
| ES0413211071 | 4.0000 | % | EUR MTN 19/24 Banco Bilbao Vizcaya Argentaria | EUR | 200.0 | % | 101.449 | 202,897.22 | 0.12 |
|  |  |  | EUR Notes 05/25 | EUR | 200.0 | % | 114.796 | 229,592.70 | 0.13 |
| ES0413900574 | 0.1250 | % | Banco Santander EUR Notes 19/30 | EUR | 300.0 | % | 100.375 | 301,125.39 | 0.17 |
| ES0414950628 | 4.0000 | % | Bankia EUR Notes 05/25 | EUR | 200.0 | % | 114.468 | 228,936.56 | 0.13 |
| XS1752476538 | 0.7500 | % | CaixaBank EUR MTN 18/23 | EUR | 300.0 | % | 101.632 | 304,895.22 | 0.17 |
| XS1897489578 | 1.7500 | % | CaixaBank EUR MTN 18/23 | EUR | 300.0 | % | 103.939 | 311,818.05 | 0.18 |
| XS1968846532 | 1.1250 | % | CaixaBank EUR MTN 19/26 | EUR | 700.0 | % | 104.471 | 731,299.52 | 0.42 |
| XS2102931594 | 0.3750 | % | CaixaBank EUR MTN 20/25 | EUR | 1,000.0 | % | 101.392 | 1,013,923.10 | 0.58 |
| ES0414970204 | 3.8750 | % | CaixaBank EUR Notes 05/25 | EUR | 200.0 | % | 114.179 | 228,358.00 | 0.13 |
| XS1956025651 | 1.0000 | % | Santander Consumer Finance |  |  |  |  |  |  |
|  |  |  | EUR MTN 19/24 | EUR | 400.0 | % | 102.835 | 411,341.12 | 0.24 |
| ES0000012932 | 4.2000 | % | Spain Government EUR Bonds 05/37 | EUR | 400.0 | % | 150.202 | 600,808.00 | 0.34 |
| ES00000122E5 | 4.6500 | % | Spain Government EUR Bonds 10/25 | EUR | 1,100.0 | % | 119.569 | 1,315,259.00 | 0.75 |
| ES00000123C7 | 5.9000 | % | Spain Government EUR Bonds 11/26 | EUR | 300.0 | % | 130.071 | 390,213.00 | 0.22 |
| ES00000123U9 | 5.4000 | % | Spain Government EUR Bonds 13/23 | EUR | 700.0 | % | 108.001 | 756,007.00 | 0.43 |
| ES00000124H4 | 5.1500 | % | Spain Government EUR Bonds 13/44 | EUR | 560.0 | % | 183.314 | 1,026,558.40 | 0.59 |
| ES00000127A2 | 1.9500 | % | Spain Government EUR Bonds 15/30 | EUR | 1,270.0 | % | 114.996 | 1,460,449.20 | 0.84 |

Investment Portfolio as at 30/09/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| ES0000012A89 | 1.4500 | % | Spain Government EUR Bonds 17/27 | EUR | 1,230.0 | % | 109.477 | 1,346,567.10 | 0.77 |
| ES00000128Q6 | 2.3500 | % | Spain Government EUR Bonds 17/33 | EUR | 530.0 | % | 120.701 | 639,715.30 | 0.37 |
| ES0000012B62 | 0.3500 | % | Spain Government EUR Bonds 18/23 | EUR | 500.0 | % | 101.691 | 508,455.00 | 0.29 |
| ES0000012B47 | 2.7000 | % | Spain Government EUR Bonds 18/48 | EUR | 300.0 | % | 134.017 | 402,051.00 | 0.23 |
| ES0000012G26 | 0.8000 | % | Spain Government EUR Bonds 20/27 | EUR | 310.0 | % | 105.338 | 326,547.77 | 0.19 |
| ES0000012F43 | 0.6000 | % | Spain Government EUR Bonds 19/29 | EUR | 450.0 | % | 103.627 | 466,321.50 | 0.27 |
| Supranational |  |  |  |  |  |  |  | 4,634,398.09 | 2.66 |
| XS1966120096 | 0.5000 | % | African Development Bank |  |  |  |  |  |  |
|  |  |  | EUR Notes 19/29 | EUR | 530.0 | % | 103.614 | 549,155.21 | 0.32 |
| XS0427291751 | 4.5000 | % | European Investment Bank EUR MTN 09/25 | EUR | 660.0 | % | 120.157 | 793,033.82 | 0.45 |
| XS0975634204 | 3.0000 | % | European Investment Bank EUR MTN 13/33 | EUR | 1,400.0 | % | 133.331 | 1,866,627.42 | 1.07 |
| XS2168048564 | 0.0000 | % | European Investment Bank EUR |  |  |  |  |  |  |
|  |  |  | Zero-Coupon Notes 17/06/2027 | EUR | 1,400.0 | % | 101.827 | 1,425,581.64 | 0.82 |
| USA |  |  |  |  |  |  |  | 6,026,513.51 | 3.45 |
| XS2125913942 | 1.5000 | % | AbbVie EUR Notes 20/23 | EUR | 200.0 | % | 103.529 | 207,058.20 | 0.12 |
| XS1627602201 | 1.8750 | % | American International Group |  |  |  |  |  |  |
|  |  |  | EUR Notes 17/27 | EUR | 300.0 | % | 107.631 | 322,891.65 | 0.18 |
| XS1619312686 | 1.3750 | % | Apple EUR Notes 17/29 | EUR | 300.0 | % | 109.142 | 327,427.14 | 0.19 |
| XS1877836079 | 1.0000 | % | Archer-Daniels-Midland EUR Notes 18/25 | EUR | 400.0 | % | 104.357 | 417,426.84 | 0.24 |
| XS1998902479 | 1.9500 | % | AT&T EUR Notes 19/23 | EUR | 300.0 | % | 103.789 | 311,368.14 | 0.18 |
| XS2180009081 | 2.6000 | % | AT&T EUR Notes 20/38 | EUR | 100.0 | % | 114.376 | 114,376.49 | 0.07 |
| XS1991265395 | 1.3810 | % | Bank of America EUR FLR-MTN 19/30 | EUR | 100.0 | % | 106.256 | 106,255.65 | 0.06 |
| XS1079726334 | 2.3750 | % | Bank of America EUR MTN 14/24 | EUR | 200.0 | % | 106.943 | 213,885.70 | 0.12 |
| XS1457608013 | 0.7500 | % | Citigroup EUR MTN 16/23 | EUR | 300.0 | % | 101.839 | 305,516.73 | 0.17 |
| XS1197833137 | 1.6250 | % | Coca-Cola EUR Notes 15/35 | EUR | 100.0 | % | 110.071 | 110,071.35 | 0.06 |
| XS2147995372 | 2.5000 | % | Danaher EUR Notes 20/30 | EUR | 200.0 | % | 115.818 | 231,636.80 | 0.13 |
| XS2034626460 | 0.4500 | % | FedEx EUR Notes 19/25 | EUR | 300.0 | % | 101.709 | 305,127.06 | 0.17 |
| XS1485748393 | 0.9550 | % | General Motors Financial EUR MTN 16/23 | EUR | 300.0 | % | 101.869 | 305,606.70 | 0.18 |
| XS2107332640 | 0.8750 | % | Goldman Sachs Group EUR MTN 20/30 | EUR | 100.0 | % | 102.297 | 102,297.26 | 0.06 |
| XS2149207354 | 3.3750 | % | Goldman Sachs Group EUR Notes 20/25 | EUR | 200.0 | % | 111.568 | 223,136.08 | 0.13 |
| XS1412266907 | 1.6500 | % | Johnson & Johnson EUR Notes 16/35 | EUR | 100.0 | % | 113.731 | 113,731.01 | 0.07 |
| XS1034975406 | 3.0000 | % | JPMorgan Chase EUR MTN 14/26 | EUR | 200.0 | % | 113.288 | 226,576.36 | 0.13 |
| XS1174469137 | 1.5000 | % | JPMorgan Chase EUR MTN 15/25 | EUR | 200.0 | % | 105.401 | 210,802.82 | 0.12 |
| XS1979259220 | 0.3750 | % | Metropolitan Life Global |  |  |  |  |  |  |
|  |  |  | Funding I EUR Notes 19/24 | EUR | 200.0 | % | 101.674 | 203,347.34 | 0.12 |
| XS1197273755 | 2.3750 | % | Mondelez International EUR Notes 15/35 | EUR | 100.0 | % | 114.343 | 114,342.91 | 0.07 |
| XS1603892149 | 1.8750 | % | Morgan Stanley EUR MTN 17/27 | EUR | 400.0 | % | 108.943 | 435,772.00 | 0.25 |
| XS1115208107 | 1.8750 | % | Morgan Stanley EUR Notes 14/23 | EUR | 300.0 | % | 103.355 | 310,065.78 | 0.18 |
| XS1864037541 | 0.7500 | % | National Grid North America |  |  |  |  |  |  |
|  |  |  | EUR MTN 18/23 | EUR | 300.0 | % | 101.749 | 305,246.76 | 0.17 |
| XS2049582625 | 0.2500 | % | Prologis Euro Finance EUR Notes 19/27 | EUR | 200.0 | % | 100.267 | 200,533.74 | 0.11 |
| XS2058556296 | 0.1250 | % | Thermo Fisher Scientific EUR Notes 19/25 | EUR | 300.0 | % | 100.671 | 302,013.00 | 0.17 |
| United Kingdom |  |  |  |  |  |  |  | 1,973,174.65 | 1.13 |
| XS1873982745 | 1.5000 | % | Barclays EUR Notes 18/23 | EUR | 300.0 | % | 103.423 | 310,269.06 | 0.18 |
| XS1992927902 | 1.2310 | % | BP Capital Markets EUR MTN 19/31 | EUR | 200.0 | % | 104.492 | 208,984.62 | 0.12 |
| XS2081016763 | 1.1040 | % | BP Capital Markets EUR Notes 19/34 | EUR | 100.0 | % | 100.177 | 100,176.74 | 0.06 |
| XS1886402814 | 0.8750 | % | British Telecommunications EUR MTN 18/23 | EUR | 300.0 | % | 101.873 | 305,618.79 | 0.17 |
| XS1722897623 | 0.9500 | % | Rentokil Initial EUR MTN 17/24 | EUR | 200.0 | % | 102.970 | 205,939.84 | 0.12 |
| XS1880870602 | 0.3750 | % | Santander UK EUR Notes 18/23 | EUR | 200.0 | % | 101.552 | 203,103.44 | 0.12 |
| XS1693281534 | 0.7500 | % | Standard Chartered EUR FLR-MTN 17/23 | EUR | 300.0 | % | 100.911 | 302,731.80 | 0.17 |
| XS1721422902 | 2.8750 | % | Vodafone Group EUR MTN 17/37 | EUR | 100.0 | % | 122.445 | 122,445.26 | 0.07 |
| XS0995643003 | 3.0000 | % | WPP Finance 2013 EUR MTN 13/23 | EUR | 200.0 | % | 106.953 | 213,905.10 | 0.12 |
| Cyprus |  |  |  |  |  |  |  | 154,682.07 | 0.09 |
| XS1989405425 | 0.6250 | % | Cyprus Government EUR MTN 19/24 | EUR | 150.0 | % | 103.121 | 154,682.07 | 0.09 |
| REITs (Real Estate | Investment Trusts) |  |  |  |  | 229,123.84 | 0.13 |
| USA |  |  |  |  |  | 150,785.43 | 0.09 |
| US44107P1049 | Host Hotels & Resorts Real Estate Investment Trust | Shs | 4,258 | USD | 16.660 | 61,127.37 | 0.04 |
| US7005171050 | Park Hotels & Resorts Real Estate Investment Trust | Shs | 5,314 | USD | 19.580 | 89,658.06 | 0.05 |

Investment Portfolio as at 30/09/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| United Kingdom |  |  |  |  | 78,338.41 | 0.04 |
| GB00B5ZN1N88 | Segro Real Estate Investment Trust | Shs | 5,570 | GBP	12.145 | 78,338.41 | 0.04 |
| Rights |  |  |  |  | 15,029.00 | 0.01 |
| Germany |  |  |  |  | 15,029.00 | 0.01 |
| DE000A3E5B58 | Deutsche Lufthansa -Rights- | Shs | 6,929 | EUR	2.169 | 15,029.00 | 0.01 |
| Fund units |  |  |  |  | 10,604,129.14 | 6.07 |
| (Ongoing costs [incl. management fee] or management fee or flat-rate |  |  |  |  |  |
| all-in fee for the target fund as a % p.a.) |  |  |  |  |  |
| Germany |  |  |  | 3,492,445.59 | 2.00 |
| DE000A2DU1P0  Allianz Adiverba -P- EUR - (0.950%) | Shs | 2,897.742 | EUR 1,205.230 | 3,492,445.59 | 2.00 |
| Ireland |  |  |  | 2,111,622.92 | 1.21 |
| IE00BGDQ0T50  iShares IV plc - iShares MSCI EM SRI |  |  |  |  |  |
| UCITS ETF USD - EUR - (0.250%) | Shs | 379,720.000 | EUR	5.561 | 2,111,622.92 | 1.21 |
| Luxembourg |  |  |  | 5,000,060.63 | 2.86 |
| LU2025541991	Allianz Global Investors Fund - Allianz Best Styles |  |  |  |  |  |
| Europe Equity SRI -WT9- EUR - (0.500%) LU1560902550	Allianz Global Investors Fund - Allianz Europe | Shs | 23.876 | EUR  120,362.410 | 2,873,772.90 | 1.64 |
| Equity Value -W9- EUR - (0.650%) | Shs | 20.448 | EUR  103,985.120 | 2,126,287.73 | 1.22 |
| Total securities and money-market instruments |  |  |  | 171,861,913.73 | 98.44 |
| Deposits at financial institutions |  |  |  | 2,210,631.82 | 1.27 |
| Sight deposits |  |  |  | 2,210,631.82 | 1.27 |
| State Street Bank International GmbH, |  |  |  |  |  |
| Zweigniederlassung Luxemburg | EUR |  |  | 2,037,455.02 | 1.17 |
| Deposits used for collateralisation of derivatives | EUR |  |  | 173,176.80 | 0.10 |
| Total deposits at financial institutions |  |  |  | 2,210,631.82 | 1.27 |
|  |  |  |  |  |  |
| Securities | Shares/ | Holdings | Price | Unrealised | % of |
|  | Currency (in 1,000)/ Contracts | 30/09/2021 |  | gain/loss in EUR | Subfund assets |
| Derivatives |  |  |  |  |  |
| Holdings marked with a minus are short positions. |  |  |  |  |  |
| Listed derivatives |  |  |  | -28,960.00 | -0.02 |
| Financial futures transactions |  |  |  | -28,960.00 | -0.02 |
| Purchased index futures |  |  |  | -36,960.00 | -0.02 |
| DJ EURO STOXX 600 ESG-X Index Futures 12/21 | Ctr | 100 | EUR	170.200 | -36,960.00 | -0.02 |
| Short bond futures |  |  |  | 8,000.00 | 0.00 |
| 5-Year German Government Bond (Bobl) Futures 12/21 | Ctr | -10 | EUR	135.000 | 8,000.00 | 0.00 |
| Total derivatives |  |  |  | -28,960.00 | -0.02 |
| Other assets/liabilities | EUR |  |  | 542,967.71 | 0.31 |
| Net assets of the Subfund | EUR |  |  | 174,586,553.26 | 100.00 |
|  |  |  |  |  |  |
| Net asset value per share - Class A (EUR) (distributing) | EUR |  |  | 106.15 |  |
| - Class Allianz Avenir 30 AT (EUR) (accumulating) | EUR |  |  | 100.61 |  |
| - Class C (EUR) (distributing) | EUR |  |  | 112.13 |  |
| - Class IT2 (EUR) (accumulating) | EUR |  |  | 1,065.19 |  |
| - Class P (EUR) (distributing) Shares in circulation
- Class A (EUR) (distributing)
 | EUR Shs |  |  | 1,074.55 4,386 |  |
| - Class Allianz Avenir 30 AT (EUR) (accumulating) | Shs |  |  | 1,376 |  |
| - Class C (EUR) (distributing) | Shs |  |  | 1,104,356 |  |
| - Class IT2 (EUR) (accumulating) | Shs |  |  | 1,557 |  |
| - Class P (EUR) (distributing) | Shs |  |  | 45,129 |  |

Details of the changes in portfolio composition during the period under review can be obtained free of charge from Allianz Global Investors GmbH - Luxembourg Branch.
| Statement of Operations |  |  | Composition of the Subfund assets |  |
| --- | --- | --- | --- | --- |
| For the period from 01/10/2020 to 30/09/2021 |  |  | as at 30/09/2021 |
|  | EUR |  |  | EUR |
| Interest on |  |  | Securities and money-market instruments |  |
| - bonds | 1,419,270.28 |  | (Cost Price EUR 166,897,294.56) | 171,861,913.73 |
| Interest on the liquidity portfolio |  |  | Bank deposits | 2,210,631.82 |
| - Positive deposit rates | 10.60 |  | Interest receivable on |  |
| - Negative deposit rates | -18,550.06 |  | - bonds | 633,182.20 |
| Dividends | 994,475.13 |  | Accrued dividends | 122,005.65 |
| Income from |  |  | Receivable on |  |
| - investment units | 96,822.39 |  | - sale of fund shares | 2,888.28 |
| - securities lending | 581.30 |  | Unrealised gain on |  |
| Other income | 369.75 |  | - financial futures transactions | 8,000.00 |
| Total income | 2,492,979.39 |  | Total assets | 174,838,621.68 |
| Expenses from - securities lending | -174.42 |  | Liabilities to banks Payable on | -297.16 |
| Taxe d’Abonnement | -83,745.74 |  | - redemption of fund units | -18,343.08 |
| All-in fee | -2,012,853.43 |  | - securities transactions | -11,980.06 |
| Other expenses | -336.15 |  | Other payables | -184,488.12 |
| Total expenses | -2,097,109.74 |  | Unrealised loss on |  |
| Net income/loss | 395,869.65 |  | - financial futures transactions | -36,960.00 |
| Realised gain/loss on |  |  | Total liabilities and equity | -252,068.42 |
| - securities transactions | 2,803,462.72 |  | Net assets of the Subfund | 174,586,553.26 |
| - financial futures transactions | 124,352.06 |  |  |  |
| - foreign exchange | 246,675.28 |  |  |  |
| Net realised gain/loss | 3,570,359.71 |  |  |  |
| Changes in unrealised appreciation/depreciation on |  |  |  |  |
| - securities transactions | 4,441,022.43 |  |  |  |
| - financial futures transactions | 119,900.00 |  |  |  |
| - foreign exchange | 9,594.66 |  |  |  |
| Result of operations | 8,140,876.80 |  |  |  |

| Performance of the Subfund assets for the period from 01/10/2020 to 30/09/2021 |  |
| --- | --- |
|  | EUR |
| Net assets of the Subfund at the beginning of the reporting period | 179,262,592.63 |
| Subscriptions | 4,757,846.77 |
| Redemptions | -17,370,947.65 |
| Distribution | -203,815.29 |
| Result of operations | 8,140,876.80 |

Net assets of the Subfund at the end of the reporting
period
174,586,553.26
| Statement of Changes in Shares |  |
| --- | --- |
|  | 2020/2021 | 2019/2020 |
| Number of shares in issue at the beginning of the reporting period | 1,277,089 | 1,523,379 |
| - issued | 37,997 | 73,423 |
| - redeemed | -158,282 | -319,713 |

Number of shares in issue at the end of the reporting
period
1,156,804	1,277,089

Translation (ENFR, 2021-09-30):
# Allianz Vermögenskonzept SRI Defensiv
Le compartiment vise un profil de portefeuille constitué à 30 % d’actifs à rendement plus optimisé (p. ex. actions, matières premières) et 70 % d’actifs plus stables (obligations en euros). Selon l’évaluation du marché, il peut investir jusqu’à 50 % dans des produits à rendement plus optimisé. Il investit au moins
50 % dans des actifs plus stables. Les émetteurs d’actions et d’obligations sont soumis à une analyse de leur caractère durable. Dans ce cadre, les critères environnementaux, sociaux et de gouvernance d’entreprise seront particulièrement pris en compte. Cela doit permettre au compartiment d’accroître son capital à long terme. Le compartiment s’efforce également de limiter les pertes éventuelles à la fin de l’exercice par rapport au prix des actions au début de l’année (aucune garantie).
Au cours de l’année de référence, l’économie mondiale s’est remise du marasme qui a suivi la pandémie de coronavirus. Les banques centrales des économies occidentales ont maintenu leur politique de taux d’intérêt proches de zéro face à l’augmentation considérable de la dette publique. Dans ce contexte, la reprise des cours, amorcée après le recul du printemps 2020, s’est poursuivie sur la plupart des marchés boursiers internationaux. Toutefois, compte tenu de l’optimisme conjoncturel persistant et de l’accélération de l’inflation, la rémunération des obligations d’États de premier ordre dans les pays développés a légèrement progressé, ce qui a entraîné une baisse des cours, surtout à long terme. Dans le même temps, les écarts des taux d’intérêt ont largement reculé dans le domaine des titres de société, ce qui a pour la plupart donné lieu à un rendement positif.
Dans le compartiment, la composante obligataire était encore initialement de près de 100 %. Les émissions du secteur public en provenance de la zone euro y étaient principalement représentées. Après le tournant de l’année, les titres à revenu fixe ont été fortement réduits en faveur des actions, mais ils représentaient encore la majeure partie du portefeuille de titres. Dans le cadre de l’exposition aux obligations, les titres d’État ont principalement été remplacés par des obligations d’entreprises aux rémunérations plus attrayantes. Dans le même temps, la duration (durée moyenne de l’immobilisation
du capital) des titres à revenu fixe a augmenté de manière significative pour atteindre dernièrement sept ans et demi. La notation de crédit moyenne des positions obligataires a légèrement diminué pour atteindre A+ à la fin du mois de mars 2021.
Au niveau sectoriel, le portefeuille d’actions nouvellement constitué s’est récemment concentré sur les secteurs de la finance, des technologies de l’information, de la santé et de la consommation cyclique. Du point de vue des pays, l’accent a été mis sur les titres américains, les valeurs boursières des principales économies européennes étant également représentées. L’exposition aux fonds d’actions couvrant différents segments de marché a été étendue. Des instruments dérivés appropriés ont été utilisés pour contrôler de manière plus précise l’exposition effective aux marchés des actions et des obligations. Le portefeuille a continué de faire l’impasse sur les placements en matières premières.
Avec sa politique de placement, le compartiment a connu une
forte augmentation de valeur.
La performance exacte générée par le Compartiment au cours de la période est indiquée dans le tableau
« Performance des Compartiments » en pages 2 et 3. Veuillez vous reporter aux Informations clés pour les investisseurs ainsi qu’au Prospectus pour de plus amples renseignements sur le Compartiment.
25
20
15
10
5
0
États- Unis
France	Allemagne	Italie	Espagne	Pays-
Bas
Luxem- bourg
Royaume-
Uni
Suisse  Suprana-
tional
Dane-
mark
Irlande	Autres pays
Réserve de liquidités, autres
| Le Compartiment en chiffres |  |
| --- | --- |
|  |  | 30.09.2021 | 30.09.2020 | 30.09.2019 |
| Actifs du Compartiment en millions d’EUR Actions en circulation  1) - Catégorie A (EUR) (distribution) | WKN: A0M 2ST/ISIN: LU0324635332 | 174,6 4.386 | 179,3 7.872 | 389,6 8.091 |

| WKN: A2N 6DX/ISIN: LU1885500881 | 1.376 | 1.301 | 34.921 |
| --- | --- | --- | --- |
| WKN: A2P 27D/ISIN: LU2158812615 | -- | 10 | -- |

- Catégorie Allianz Avenir 30 AT (EUR) (capitalisation)

| (capitalisation) - Catégorie C (EUR) (distribution) | WKN: A0M 2SV/ISIN: LU0324635688 | 1.104.356 | 1.221.809 | 1.268.565 |
| --- | --- | --- | --- | --- |
| - Catégorie IT2 (EUR) (capitalisation) | WKN: A2A RP0/ISIN: LU1490969737 | 1.557 | 1.329 | 910 |
| - Catégorie P (EUR) (distribution) | WKN: A1X B8R/ISIN: LU1017857340 | 45.129 | 44.769 | 210.893 |
| Valeur nette d’inventaire en EUR par action |
| - Catégorie A (EUR) (distribution)	WKN: A0M 2ST/ISIN: LU0324635332 | 106,15 | 101,36 | 110,51 |
| - Catégorie Allianz Avenir 30 AT (EUR)	WKN: A2N 6DX/ISIN: LU1885500881 | 100,61 | 96,08 | 103,40 |
| - Catégorie Allianz Avenir 30 RT (EUR)	WKN: A2P 27D/ISIN: LU2158812615 | -- | 100,85 | -- |
| - Catégorie C (EUR) (distribution)	WKN: A0M 2SV/ISIN: LU0324635688 | 112,13 | 107,29 | 116,98 |
| - Catégorie IT2 (EUR) (capitalisation)	WKN: A2A RP0/ISIN: LU1490969737 | 1.065,19 | 1.011,54 | 1.082,28 |
| - Catégorie P (EUR) (distribution)	WKN: A1X B8R/ISIN: LU1017857340 | 1.074,55 | 1.025,46 | 1.117,80 |

- Catégorie Allianz Avenir 30 RT (EUR)(capitalisation) (capitalisation)1) Données consolidées relatives à toutes les catégories d’actions ouvertes à la date du rapport.

Pour de plus amples renseignements sur les dates de lancement et de liquidation, veuillez vous reporter au tableau intitulé « Performance » en pages 2 à 3.