# Allianz Strategy 75
Investment Portfolio as at 30/09/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| Securities and money-market instruments admitted to an official stock exchange listing	332,604,678.24	90.28 |
| Bonds |  |  |  |  |  |  |  | 332,604,678.24 | 90.28 |
| Australia |  |  |  |  |  |  |  | 3,023,920.40 | 0.82 |
| XS1357027496 | 0.3750 | % | Commonwealth Bank of |  |  |  |  |  |  |
|  |  |  | Australia EUR MTN 16/21 | EUR | 1,000.0 | % | 100.343 | 1,003,429.60 | 0.27 |
| XS1263878818 | 0.7500 | % | Westpac Banking EUR MTN 15/21 | EUR | 2,000.0 | % | 101.025 | 2,020,490.80 | 0.55 |
| Austria |  |  |  |  |  |  |  | 12,103,794.96 | 3.29 |
| AT0000383864 | 6.2500 | % | Austria Government EUR Bonds 97/27 | EUR | 300.0 | % | 147.176 | 441,528.03 | 0.12 |
| AT0000A001X2 | 3.5000 | % | Austria Government EUR Bonds 06/21 | EUR | 1,450.0 | % | 103.946 | 1,507,220.19 | 0.41 |
| AT0000A04967 | 4.1500 | % | Austria Government EUR Bonds 07/37 | EUR | 200.0 | % | 171.414 | 342,828.20 | 0.09 |
| AT0000A0DXC2 | 4.8500 | % | Austria Government EUR Bonds 09/26 | EUR | 430.0 | % | 130.640 | 561,751.18 | 0.15 |
| AT0000A0N9A0 | 3.6500 | % | Austria Government EUR Bonds 11/22 | EUR | 100.0 | % | 106.752 | 106,752.49 | 0.03 |
| AT0000A0VRQ6 | 3.1500 | % | Austria Government EUR Bonds 12/44 | EUR | 120.0 | % | 174.606 | 209,527.50 | 0.06 |
| AT0000A0U299 | 3.8000 | % | Austria Government EUR Bonds 12/62 | EUR | 200.0 | % | 242.058 | 484,115.44 | 0.13 |
| AT0000A105W3 | 1.7500 | % | Austria Government EUR Bonds 13/23 | EUR | 50.0 | % | 107.499 | 53,749.69 | 0.02 |
| AT0000A10683 | 2.4000 | % | Austria Government EUR Bonds 13/34 | EUR | 250.0 | % | 136.259 | 340,647.50 | 0.09 |
| AT0000A185T1 | 1.6500 | % | Austria Government EUR Bonds 14/24 S.1 | EUR | 300.0 | % | 109.579 | 328,737.69 | 0.09 |
| AT0000A2HLC4 | 0.8500 | % | Austria Government EUR Bonds 20/20 | EUR | 60.0 | % | 125.283 | 75,169.64 | 0.02 |
| AT0000A1PE50 | 0.0000 | % | Austria Government EUR Zero- |  |  |  |  |  |  |
| AT0000A2CQD2 | 0.0000 | % | Coupon Bonds 15.07.2023 Austria Government EUR Zero- | EUR | 300.0 | % | 101.892 | 305,675.04 | 0.08 |
|  |  |  | Coupon Bonds 20.02.2030 | EUR | 300.0 | % | 103.653 | 310,959.63 | 0.09 |
| XS0580561545 | 4.0000 | % | Erste Group Bank EUR MTN 11/21 | EUR | 2,500.0 | % | 101.367 | 2,534,185.75 | 0.69 |
| XS1033673440 | 1.6250 | % | KA Finanz EUR MTN 14/21 | EUR | 3,000.0 | % | 100.801 | 3,024,040.50 | 0.82 |
| AT000B048988 | 4.1250 | % | UniCredit Bank Austria EUR MTN 11/21 | EUR | 1,450.0 | % | 101.856 | 1,476,906.49 | 0.40 |
| Belgium |  |  |  |  |  |  |  | 6,867,736.86 | 1.86 |
| BE0000291972 | 5.5000 | % | Belgium Government EUR Bonds 98/28 S.31 | EUR | 800.0 | % | 145.716 | 1,165,728.00 | 0.32 |
| BE0000304130 | 5.0000 | % | Belgium Government EUR Bonds 04/35 S.44 | EUR | 390.0 | % | 174.653 | 681,146.70 | 0.19 |
| BE0000320292 | 4.2500 | % | Belgium Government EUR Bonds 10/41 S.60 | EUR | 300.0 | % | 182.178 | 546,533.97 | 0.15 |
| BE0000324336 | 4.5000 | % | Belgium Government EUR Bonds 11/26 S.64 | EUR | 490.0 | % | 128.444 | 629,375.60 | 0.17 |
| BE0000325341 | 4.2500 | % | Belgium Government EUR Bonds 12/22 S.65 | EUR | 180.0 | % | 109.921 | 197,857.80 | 0.05 |
| BE0000326356 | 4.0000 | % | Belgium Government EUR Bonds 12/32 S.66 | EUR | 230.0 | % | 149.459 | 343,755.70 | 0.09 |
| BE0000328378 | 2.2500 | % | Belgium Government EUR Bonds 13/23 S.68 | EUR | 300.0 | % | 108.092 | 324,276.00 | 0.09 |
| BE0000331406 | 3.7500 | % | Belgium Government EUR Bonds 13/45 S.71 | EUR | 230.0 | % | 183.442 | 421,916.58 | 0.11 |
| BE0000332412 | 2.6000 | % | Belgium Government EUR Bonds 14/24 S.72 | EUR | 800.0 | % | 112.343 | 898,744.00 | 0.24 |
| BE0000338476 | 1.6000 | % | Belgium Government EUR Bonds 16/47 S.78 | EUR | 30.0 | % | 132.949 | 39,884.70 | 0.01 |
| BE0000344532 | 1.4500 | % | Belgium Government EUR Bonds 17/37 S.84 | EUR | 200.0 | % | 123.882 | 247,763.98 | 0.07 |
| BE0000343526 | 2.2500 | % | Belgium Government EUR Bonds 17/57 S.83 | EUR | 225.0 | % | 162.889 | 366,500.23 | 0.10 |
| BE0002489640 | 0.1250 | % | KBC Bank EUR MTN 15/21 | EUR | 1,000.0 | % | 100.425 | 1,004,253.60 | 0.27 |
| Denmark |  |  |  |  |  |  |  | 3,038,282.10 | 0.82 |
| XS1071388117 | 1.2500 | % | Danske Bank EUR MTN 14/21 | EUR | 3,000.0 | % | 101.276 | 3,038,282.10 | 0.82 |
| Finland |  |  |  |  |  |  |  | 11,717,333.92 | 3.18 |
| XS1325648761 | 0.2500 | % | Danske Kiinnitysluottopankki |  |  |  |  |  |  |
|  |  |  | EUR Notes 15/20 | EUR | 3,000.0 | % | 100.136 | 3,004,086.00 | 0.81 |
| FI4000006176 | 4.0000 | % | Finland Government EUR Bonds 09/25 | EUR | 300.0 | % | 122.559 | 367,677.45 | 0.10 |
| FI4000020961 | 3.5000 | % | Finland Government EUR Bonds 11/21 | EUR | 3,100.0 | % | 102.220 | 3,168,812.25 | 0.86 |
| FI4000047089 | 1.6250 | % | Finland Government EUR Bonds 12/22 | EUR | 100.0 | % | 104.552 | 104,552.00 | 0.03 |
| FI4000037635 | 2.7500 | % | Finland Government EUR Bonds 12/28 | EUR | 200.0 | % | 125.671 | 251,341.68 | 0.07 |
| FI4000046545 | 2.6250 | % | Finland Government EUR Bonds 12/42 | EUR | 125.0 | % | 158.335 | 197,918.13 | 0.05 |
| FI4000079041 | 2.0000 | % | Finland Government EUR Bonds 14/24 | EUR | 100.0 | % | 109.618 | 109,617.60 | 0.03 |
| FI4000148630 | 0.7500 | % | Finland Government EUR Bonds 15/31 | EUR | 200.0 | % | 111.668 | 223,335.34 | 0.06 |
| FI4000197959 | 0.5000 | % | Finland Government EUR Bonds 16/26 | EUR | 120.0 | % | 106.245 | 127,494.00 | 0.03 |
| FI4000242870 | 1.3750 | % | Finland Government EUR Bonds 17/47 | EUR | 20.0 | % | 136.159 | 27,231.70 | 0.01 |
| FI4000219787 | 0.0000 | % | Finland Government EUR Zero- |  |  |  |  |  |  |
| XS0591428445 | 4.0000 | % | Coupon Bonds 15.09.2023 Nordea Kiinnitysluottopankki | EUR | 100.0 | % | 102.038 | 102,037.67 | 0.03 |
|  |  |  | EUR MTN 11/21 | EUR | 1,000.0 | % | 101.672 | 1,016,721.40 | 0.28 |
| XS1045726699 | 1.5000 | % | OP Mortgage Bank EUR MTN 14/21 | EUR | 1,500.0 | % | 100.973 | 1,514,593.95 | 0.41 |

Investment Portfolio as at 30/09/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| XS1324085569 | 0.2500 | % | OP Mortgage Bank EUR Notes 15/20 | EUR | 1,500.0 | % | 100.128 | 1,501,914.75 | 0.41 |
| France |  |  |  |  |  |  |  | 51,059,654.33 | 13.86 |
| XS1871106297 | 0.1250 | % | Banque Fédérative du Crédit |  |  |  |  |  |  |
|  |  |  | Mutuel EUR MTN 18/21 | EUR | 1,000.0 | % | 100.483 | 1,004,832.80 | 0.27 |
| XS0562852375 | 3.7500 | % | BNP Paribas EUR MTN 10/20 | EUR | 2,000.0 | % | 100.659 | 2,013,189.60 | 0.55 |
| FR0010198036 | 3.7500 | % | Caisse d’Amortissement de la Dette |  |  |  |  |  |  |
| FR0010989889 | 3.9000 | % | Sociale EUR Bonds 05/20 Caisse de Refinancement de | EUR | 1,500.0 | % | 100.276 | 1,504,137.60 | 0.41 |
| FR0010758599 | 4.8750 | % | l’Habitat EUR Notes 11/21 Compagnie de Financement | EUR | 1,000.0 | % | 101.344 | 1,013,435.90 | 0.28 |
| FR0013031614 | 0.3750 | % | Foncier EUR MTN 09/21 Compagnie de Financement | EUR | 2,500.0 | % | 103.486 | 2,587,160.00 | 0.70 |
|  |  |  | Foncier EUR Notes 15/20 | EUR | 2,000.0 | % | 100.085 | 2,001,691.80 | 0.54 |
| XS0997520258 | 2.3750 | % | Crédit Agricole (London) EUR MTN 13/20 | EUR | 2,000.0 | % | 100.448 | 2,008,961.80 | 0.55 |
| FR0010989087 | 3.8750 | % | Crédit Agricole Home Loan EUR MTN 11/21 | EUR | 1,000.0 | % | 101.241 | 1,012,408.00 | 0.27 |
| FR0000571218 | 5.5000 | % | France Government EUR Bonds 98/29 | EUR | 1,800.0 | % | 151.704 | 2,730,672.00 | 0.74 |
| FR0000187635 | 5.7500 | % | France Government EUR Bonds 01/32 | EUR | 1,720.0 | % | 173.272 | 2,980,278.40 | 0.81 |
| FR0010070060 | 4.7500 | % | France Government EUR Bonds 04/35 | EUR | 70.0 | % | 171.456 | 120,019.19 | 0.03 |
| FR0010171975 | 4.0000 | % | France Government EUR Bonds 05/55 | EUR | 540.0 | % | 216.237 | 1,167,679.80 | 0.32 |
| FR0010371401 | 4.0000 | % | France Government EUR Bonds 06/38 | EUR | 980.0 | % | 171.802 | 1,683,659.50 | 0.46 |
| FR0010773192 | 4.5000 | % | France Government EUR Bonds 09/41 | EUR | 770.0 | % | 189.088 | 1,455,977.52 | 0.40 |
| FR0010949651 | 2.5000 | % | France Government EUR Bonds 10/20 | EUR | 3,050.0 | % | 100.200 | 3,056,100.00 | 0.83 |
| FR0010916924 | 3.5000 | % | France Government EUR Bonds 10/26 | EUR | 1,890.0 | % | 123.238 | 2,329,198.20 | 0.63 |
| FR0011486067 | 1.7500 | % | France Government EUR Bonds 13/23 | EUR | 2,490.0 | % | 106.524 | 2,652,447.60 | 0.72 |
| FR0011619436 | 2.2500 | % | France Government EUR Bonds 13/24 | EUR | 1,400.0 | % | 110.735 | 1,550,290.00 | 0.42 |
| FR0011883966 | 2.5000 | % | France Government EUR Bonds 14/30 | EUR | 1,360.0 | % | 127.854 | 1,738,814.26 | 0.47 |
| FR0012968337 | 0.2500 | % | France Government EUR Bonds 15/20 | EUR | 2,500.0 | % | 100.130 | 2,503,250.00 | 0.68 |
| FR0012517027 | 0.5000 | % | France Government EUR Bonds 15/25 | EUR | 1,300.0 | % | 105.316 | 1,369,107.87 | 0.37 |
| FR0013154044 | 1.2500 | % | France Government EUR Bonds 16/36 | EUR | 50.0 | % | 119.992 | 59,996.00 | 0.02 |
| FR0013154028 | 1.7500 | % | France Government EUR Bonds 16/66 | EUR | 200.0 | % | 152.382 | 304,764.00 | 0.08 |
| FR0013250560 | 1.0000 | % | France Government EUR Bonds 17/27 | EUR | 920.0 | % | 110.269 | 1,014,474.80 | 0.28 |
| FR0013257524 | 2.0000 | % | France Government EUR Bonds 17/48 | EUR | 740.0 | % | 145.062 | 1,073,458.73 | 0.29 |
| FR0125848467 | 0.0000 | % | France Government EUR Zero- |  |  |  |  |  |  |
| FR0013311016 | 0.0000 | % | Coupon Bonds 07.10.2020 France Government EUR Zero- | EUR | 2,000.0 | % | 100.013 | 2,000,250.80 | 0.54 |
|  |  |  | Coupon Bonds 25.02.2021 | EUR | 2,000.0 | % | 100.251 | 2,005,020.00 | 0.54 |
| FR0011644392 | 1.6250 | % | Société Générale EUR MTN 13/21 | EUR | 2,200.0 | % | 100.581 | 2,212,771.88 | 0.60 |
| XS1324923520 | 0.7500 | % | Société Générale EUR MTN 15/20 | EUR | 2,900.0 | % | 100.195 | 2,905,652.68 | 0.79 |
| FR0013298387 | 0.0000 | % | Veolia Environnement EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon MTN 23.11.2020 | EUR | 1,000.0 | % | 99.995 | 999,953.60 | 0.27 |
| Germany |  |  |  |  |  |  |  | 48,511,715.76 | 13.17 |
| DE000BLB7L64 | 0.0000 | % | Bayerische Landesbank EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Notes 06.08.2021 | EUR | 2,000.0 | % | 100.620 | 2,012,391.80 | 0.55 |
| XS1619283218 | 0.2500 | % | Bertelsmann EUR MTN 17/21 | EUR | 2,800.0 | % | 100.277 | 2,807,765.80 | 0.76 |
| DE000A1C9558 | 3.6250 | % | Deutsche Bank EUR MTN 11/21 | EUR | 950.0 | % | 101.563 | 964,846.13 | 0.26 |
| DE000DL19T18 | 0.3750 | % | Deutsche Bank EUR MTN 18/21 | EUR | 1,000.0 | % | 100.093 | 1,000,928.70 | 0.27 |
| XS1616411036 | 0.3750 | % | E.ON EUR MTN 17/21 | EUR | 1,000.0 | % | 100.349 | 1,003,489.10 | 0.27 |
| DE0001102515 | 0.0000 | % | German Government EUR Zero- |  |  |  |  |  |  |
| DE0001135044 | 6.5000 | % | Coupon Bonds 15.05.2035 Germany Government EUR | EUR | 50.0 | % | 105.171 | 52,585.75 | 0.01 |
| DE0001135176 | 5.5000 | % | Bonds 97/27 S.97 Germany Government EUR | EUR | 710.0 | % | 150.115 | 1,065,816.50 | 0.29 |
|  |  |  | Bonds 00/31 S.00 | EUR | 800.0 | % | 164.323 | 1,314,583.92 | 0.36 |
| DE0001135275 | 4.0000 | % | Germany Government EUR Bonds 05/37 S.5 | EUR | 500.0 | % | 173.793 | 868,965.00 | 0.24 |
| DE0001135325 | 4.2500 | % | Germany Government EUR |  |  |  |  |  |  |
|  |  |  | Bonds 07/39 S.2007 | EUR | 250.0 | % | 189.160 | 472,898.75 | 0.13 |
| DE0001135424 | 2.5000 | % | Germany Government EUR Bonds 10/21 | EUR | 3,030.0 | % | 100.860 | 3,056,058.00 | 0.83 |
| DE0001135440 | 3.2500 | % | Germany Government EUR Bonds 11/21 | EUR | 3,700.0 | % | 102.960 | 3,809,520.00 | 1.03 |
| DE0001135473 | 1.7500 | % | Germany Government EUR Bonds 12/22 | EUR | 590.0 | % | 104.349 | 615,659.10 | 0.17 |
| DE0001135481 | 2.5000 | % | Germany Government EUR Bonds 12/44 | EUR | 850.0 | % | 167.043 | 1,419,865.42 | 0.39 |

Investment Portfolio as at 30/09/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| DE0001102309 | 1.5000 | % | Germany Government EUR Bonds 13/23 | EUR | 600.0 | % | 105.396 | 632,376.00 | 0.17 |
| DE0001102325 | 2.0000 | % | Germany Government EUR Bonds 13/23 | EUR | 880.0 | % | 108.008 | 950,470.40 | 0.26 |
| DE0001102341 | 2.5000 | % | Germany Government EUR Bonds 14/46 | EUR | 400.0 | % | 171.465 | 685,860.00 | 0.19 |
| DE0001102374 | 0.5000 | % | Germany Government EUR Bonds 15/25 | EUR | 2,200.0 | % | 105.598 | 2,323,156.00 | 0.63 |
| DE0001102432 | 1.2500 | % | Germany Government EUR Bonds 17/48 | EUR | 70.0 | % | 139.977 | 97,983.55 | 0.03 |
| DE0001141737 | 0.0000 | % | Germany Government EUR Zero- |  |  |  |  |  |  |
| DE0001104776 | 0.0000 | % | Coupon Bonds 09.04.2021 S.173 Germany Government EUR Zero- | EUR | 2,000.0 | % | 100.330 | 2,006,600.00 | 0.54 |
| DE0001102408 | 0.0000 | % | Coupon Bonds 10.09.2021 Germany Government EUR Zero- | EUR | 4,000.0 | % | 100.626 | 4,025,047.20 | 1.09 |
| DE0001102473 | 0.0000 | % | Coupon Bonds 15.08.2026 Germany Government EUR Zero- | EUR | 700.0 | % | 104.417 | 730,919.00 | 0.20 |
| DE0001102499 | 0.0000 | % | Coupon Bonds 15.08.2029 Germany Government EUR Zero- | EUR | 1,900.0 | % | 105.584 | 2,006,095.81 | 0.54 |
| DE0001102481 | 0.0000 | % | Coupon Bonds 15.02.2030 Germany Government EUR Zero- | EUR | 400.0 | % | 105.624 | 422,495.96 | 0.12 |
| DE0002760980 | 3.5000 | % | Coupon Bonds 15.08.2050 Kreditanstalt für Wiederaufbau | EUR | 60.0 | % | 103.904 | 62,342.39 | 0.02 |
| XS1071847245 | 1.1250 | % | EUR Notes 06/21 Landesbank Hessen-Thüringen | EUR | 2,000.0 | % | 103.140 | 2,062,792.60 | 0.56 |
| DE000HLB1AR7 | 0.7500 | % | Girozentrale EUR MTN 14/21 Landesbank Hessen-Thüringen | EUR | 2,100.0 | % | 101.094 | 2,122,984.08 | 0.58 |
| XS1369280315 | 0.0000 | % | Girozentrale EUR Notes 15/20 Landesbank Hessen-Thüringen Girozentrale | EUR | 1,000.0 | % | 100.051 | 1,000,511.90 | 0.27 |
| DE000A13R9G3 | 0.1250 | % | EUR Zero-Coupon MTN 23.11.2020 Landeskreditbank Baden-Württemberg | EUR | 2,000.0 | % | 100.239 | 2,004,787.20 | 0.54 |
| XS0994797529 | 1.3750 | % | Förderbank EUR MTN 15/20 Landwirtschaftliche Rentenbank | EUR | 2,000.0 | % | 100.061 | 2,001,219.80 | 0.54 |
| XS1806453814 | 0.3750 | % | EUR MTN 13/20 Volkswagen Financial Services | EUR | 2,900.0 | % | 100.276 | 2,908,009.80 | 0.79 |
|  |  |  | EUR MTN 18/21 | EUR | 1,000.0 | % | 100.262 | 1,002,618.70 | 0.27 |
| XS1692348847 | 0.2500 | % | Volkswagen Leasing EUR MTN 17/20 | EUR | 1,000.0 | % | 100.007 | 1,000,071.40 | 0.27 |
| Ireland |  |  |  |  |  |  |  | 4,626,712.40 | 1.26 |
| IE00B60Z6194 | 5.0000 | % | Ireland Government EUR Bonds 10/20 | EUR | 2,850.0 | % | 100.250 | 2,857,125.00 | 0.78 |
| IE00B6X95T99 | 3.4000 | % | Ireland Government EUR Bonds 14/24 | EUR | 200.0 | % | 114.028 | 228,056.00 | 0.06 |
| IE00BJ38CR43 | 2.4000 | % | Ireland Government EUR Bonds 14/30 | EUR | 150.0 | % | 125.743 | 188,614.50 | 0.05 |
| IE00BV8C9186 | 2.0000 | % | Ireland Government EUR Bonds 15/45 | EUR | 130.0 | % | 140.732 | 182,951.60 | 0.05 |
| IE00BV8C9418 | 1.0000 | % | Ireland Government EUR Bonds 16/26 | EUR | 300.0 | % | 108.536 | 325,608.00 | 0.09 |
| IE00BV8C9B83 | 1.7000 | % | Ireland Government EUR Bonds 17/37 | EUR | 150.0 | % | 126.218 | 189,327.00 | 0.05 |
| IE00BDHDPR44 | 0.9000 | % | Ireland Government EUR Bonds 18/28 | EUR | 300.0 | % | 109.625 | 328,875.00 | 0.09 |
| IE00BFZRPZ02 | 1.3000 | % | Ireland Government EUR Bonds 18/33 | EUR | 200.0 | % | 117.431 | 234,862.00 | 0.06 |
| IE00BH3SQB22 | 1.5000 | % | Ireland Government EUR Bonds 19/50 | EUR | 70.0 | % | 130.419 | 91,293.30 | 0.03 |
| Italy |  |  |  |  |  |  |  | 65,617,754.24 | 17.81 |
| XS1077772538 | 2.0000 | % | Intesa Sanpaolo EUR MTN 14/21 | EUR | 1,500.0 | % | 101.560 | 1,523,397.15 | 0.41 |
| IT0005387078 | 0.0000 | % | Italy Buoni Ordinari Del Tesoro EUR |  |  |  |  |  |  |
| IT0005389561 | 0.0000 | % | Zero-Coupon Bonds 14.10.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 2,600.0 | % | 100.017 | 2,600,436.02 | 0.71 |
| IT0005394421 | 0.0000 | % | Zero-Coupon Bonds 13.11.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 3,000.0 | % | 100.059 | 3,001,781.40 | 0.81 |
| IT0005397655 | 0.0000 | % | Zero-Coupon Bonds 14.12.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 3,000.0 | % | 100.098 | 3,002,935.80 | 0.82 |
| IT0005399560 | 0.0000 | % | Zero-Coupon Bonds 14.01.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 3,000.0 | % | 100.132 | 3,003,971.10 | 0.82 |
| IT0005406720 | 0.0000 | % | Zero-Coupon Bonds 12.02.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 3,000.0 | % | 100.151 | 3,004,527.60 | 0.82 |
| IT0005410920 | 0.0000 | % | Zero-Coupon Bonds 14.04.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 3,750.0 | % | 100.219 | 3,758,197.13 | 1.02 |
| IT0005415945 | 0.0000 | % | Zero-Coupon Bonds 14.05.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 3,900.0 | % | 100.259 | 3,910,113.09 | 1.06 |
| IT0005419038 | 0.0000 | % | Zero-Coupon Bonds 14.07.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 4,750.0 | % | 100.281 | 4,763,324.23 | 1.29 |
|  |  |  | Zero-Coupon Bonds 13.08.2021 | EUR | 4,600.0 | % | 100.302 | 4,613,869.00 | 1.25 |

Investment Portfolio as at 30/09/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| IT0001086567 | 7.2500 | % | Italy Buoni Poliennali Del |  |  |  |  |  |  |
| IT0001174611 | 6.5000 | % | Tesoro EUR Bonds 97/26 Italy Buoni Poliennali Del | EUR | 1,750.0 | % | 141.069 | 2,468,707.33 | 0.67 |
| IT0001278511 | 5.2500 | % | Tesoro EUR Bonds 97/27 Italy Buoni Poliennali Del | EUR | 1,040.0 | % | 141.101 | 1,467,450.30 | 0.40 |
| IT0001444378 | 6.0000 | % | Tesoro EUR Bonds 98/29 Italy Buoni Poliennali Del | EUR | 960.0 | % | 139.854 | 1,342,598.30 | 0.36 |
| IT0003535157 | 5.0000 | % | Tesoro EUR Bonds 00/31 Italy Buoni Poliennali Del | EUR | 500.0 | % | 151.556 | 757,779.95 | 0.21 |
| IT0003934657 | 4.0000 | % | Tesoro EUR Bonds 03/34 Italy Buoni Poliennali Del | EUR | 1,200.0 | % | 149.351 | 1,792,211.88 | 0.49 |
| IT0004356843 | 4.7500 | % | Tesoro EUR Bonds 05/37 Italy Buoni Poliennali Del | EUR | 1,750.0 | % | 139.573 | 2,442,527.33 | 0.66 |
| IT0004695075 | 4.7500 | % | Tesoro EUR Bonds 08/23 Italy Buoni Poliennali Del | EUR | 470.0 | % | 113.744 | 534,596.80 | 0.15 |
| IT0004923998 | 4.7500 | % | Tesoro EUR Bonds 11/21 Italy Buoni Poliennali Del | EUR | 4,000.0 | % | 104.661 | 4,186,440.00 | 1.14 |
| IT0005045270 | 2.5000 | % | Tesoro EUR Bonds 13/44 Italy Buoni Poliennali Del | EUR | 250.0 | % | 162.415 | 406,037.50 | 0.11 |
| IT0005024234 | 3.5000 | % | Tesoro EUR Bonds 14/24 Italy Buoni Poliennali Del | EUR | 2,750.0 | % | 109.866 | 3,021,315.00 | 0.82 |
| IT0005135840 | 1.4500 | % | Tesoro EUR Bonds 14/30 Italy Buoni Poliennali Del | EUR | 240.0 | % | 124.983 | 299,959.18 | 0.08 |
| IT0005083057 | 3.2500 | % | Tesoro EUR Bonds 15/22 Italy Buoni Poliennali Del | EUR | 400.0 | % | 103.253 | 413,012.00 | 0.11 |
| IT0005175598 | 0.4500 | % | Tesoro EUR Bonds 15/46 Italy Buoni Poliennali Del | EUR | 790.0 | % | 133.922 | 1,057,983.72 | 0.29 |
| IT0005162828 | 2.7000 | % | Tesoro EUR Bonds 16/21 Italy Buoni Poliennali Del | EUR | 4,330.0 | % | 100.541 | 4,353,425.30 | 1.18 |
| IT0005217390 | 2.8000 | % | Tesoro EUR Bonds 16/47 Italy Buoni Poliennali Del | EUR | 300.0 | % | 122.521 | 367,562.97 | 0.10 |
| IT0005330961 | 0.0500 | % | Tesoro EUR Bonds 16/67 Italy Buoni Poliennali Del | EUR | 130.0 | % | 125.245 | 162,818.49 | 0.04 |
| IT0005344335 | 2.4500 | % | Tesoro EUR Bonds 18/21 Italy Buoni Poliennali Del | EUR | 4,050.0 | % | 100.221 | 4,058,950.50 | 1.10 |
| IT0005345183 | 2.5000 | % | Tesoro EUR Bonds 18/23 Italy Buoni Poliennali Del | EUR | 1,060.0 | % | 107.554 | 1,140,072.40 | 0.31 |
| IT0005340929 | 2.8000 | % | Tesoro EUR Bonds 18/25 Italy Buoni Poliennali Del | EUR | 300.0 | % | 111.357 | 334,071.00 | 0.09 |
| IT0005384497 | 0.0500 | % | Tesoro EUR Bonds 18/28 Italy Buoni Poliennali Del | EUR | 350.0 | % | 117.271 | 410,448.47 | 0.11 |
|  |  |  | Tesoro EUR Bonds 19/23 | EUR | 1,410.0 | % | 100.513 | 1,417,233.30 | 0.38 |
| Luxembourg |  |  |  |  |  |  |  | 6,039,738.90 | 1.64 |
| EU000A1G0AB4 | 3.3750 | % | European Financial Stability |  |  |  |  |  |  |
| EU000A1G0DG7 | 0.1000 | % | Facility EUR MTN 11/21 European Financial Stability | EUR | 1,000.0 | % | 103.088 | 1,030,880.30 | 0.28 |
| XS1960676127 | 0.0000 | % | Facility EUR Bonds 16/21 Medtronic Global Holdings EUR | EUR | 3,000.0 | % | 100.269 | 3,008,082.60 | 0.82 |
|  |  |  | Zero-Coupon Notes 07.03.2021 | EUR | 2,000.0 | % | 100.039 | 2,000,776.00 | 0.54 |
| Norway |  |  |  |  |  |  |  | 5,646,911.65 | 1.53 |
| XS0637846725 | 3.8750 | % | DNB Boligkreditt EUR MTN 11/21 | EUR | 2,800.0 | % | 103.188 | 2,889,273.52 | 0.78 |
| XS1344745481 | 0.3750 | % | DNB Boligkreditt EUR MTN 16/21 | EUR | 2,750.0 | % | 100.278 | 2,757,638.13 | 0.75 |
| Portugal |  |  |  |  |  |  |  | 18,222,511.31 | 4.95 |
| PTPBTHGE0034 | 0.0000 | % | Portugal Government EUR Zero- |  |  |  |  |  |  |
| PTPBTIGE0033 | 0.0000 | % | Coupon Bonds 15.01.2021 Portugal Government EUR Zero- | EUR | 2,950.0 | % | 100.406 | 2,961,987.03 | 0.80 |
| PTPBTDGE0046 | 0.0000 | % | Coupon Bonds 19.03.2021 Portugal Government EUR Zero- | EUR | 2,750.0 | % | 100.490 | 2,763,467.30 | 0.75 |
| PTPBTEGE0045 | 0.0000 | % | Coupon Bonds 21.05.2021 Portugal Government EUR Zero- | EUR | 3,750.0 | % | 100.874 | 3,782,763.38 | 1.03 |
| PTOTEYOE0007 | 3.8500 | % | Coupon Bonds 16.07.2021 Portugal Obrigações do | EUR | 3,500.0 | % | 100.916 | 3,532,057.90 | 0.96 |
|  |  |  | Tesouro EUR Bonds 05/21 | EUR | 3,000.0 | % | 102.427 | 3,072,810.00 | 0.83 |

Investment Portfolio as at 30/09/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| PTOTE5OE0007 | 4.1000 | % | Portugal Obrigações do |  |  |  |  |  |  |
| PTOTEQOE0015 | 5.6500 | % | Tesouro EUR Bonds 06/37 Portugal Obrigações do | EUR | 70.0 | % | 154.777 | 108,343.90 | 0.03 |
| PTOTEROE0014 | 3.8750 | % | Tesouro EUR Bonds 13/24 Portugal Obrigações do | EUR | 250.0 | % | 120.584 | 301,460.00 | 0.08 |
| PTOTEBOE0020 | 4.1000 | % | Tesouro EUR Bonds 14/30 Portugal Obrigações do | EUR | 150.0 | % | 134.466 | 201,699.00 | 0.06 |
| PTOTETOE0012 | 2.8750 | % | Tesouro EUR Bonds 15/45 Portugal Obrigações do | EUR | 90.0 | % | 168.621 | 151,758.90 | 0.04 |
| PTOTEVOE0018 | 2.1250 | % | Tesouro EUR Bonds 16/26 Portugal Obrigações do | EUR | 490.0 | % | 117.721 | 576,832.90 | 0.16 |
| PTOTEWOE0017 | 2.2500 | % | Tesouro EUR Bonds 18/28 Portugal Obrigações do | EUR | 500.0 | % | 116.848 | 584,240.00 | 0.16 |
|  |  |  | Tesouro EUR Bonds 18/34 | EUR | 150.0 | % | 123.394 | 185,091.00 | 0.05 |
| Spain |  |  |  |  |  |  |  | 45,575,142.91 | 12.37 |
| ES0413211121 | 3.5000 | % | Banco Bilbao Vizcaya Argentaria |  |  |  |  |  |  |
|  |  |  | EUR Notes 06/21 | EUR | 1,500.0 | % | 101.234 | 1,518,502.50 | 0.41 |
| ES0440609305 | 0.6250 | % | CaixaBank EUR Notes 15/20 | EUR | 3,000.0 | % | 100.128 | 3,003,837.00 | 0.81 |
| ES0443307048 | 1.7500 | % | Kutxabank EUR Notes 14/21 | EUR | 3,000.0 | % | 101.423 | 3,042,677.70 | 0.83 |
| XS1316037545 | 1.5000 | % | Santander Consumer Finance |  |  |  |  |  |  |
|  |  |  | EUR MTN 15/20 | EUR | 2,900.0 | % | 100.234 | 2,906,791.51 | 0.79 |
| ES0000011868 | 6.0000 | % | Spain Government EUR Bonds 98/29 | EUR | 1,050.0 | % | 149.539 | 1,570,159.50 | 0.43 |
| ES0000012411 | 5.7500 | % | Spain Government EUR Bonds 01/32 | EUR | 475.0 | % | 163.312 | 775,732.00 | 0.21 |
| ES0000012932 | 4.2000 | % | Spain Government EUR Bonds 05/37 | EUR | 600.0 | % | 156.895 | 941,370.00 | 0.26 |
| ES00000121S7 | 4.7000 | % | Spain Government EUR Bonds 09/41 | EUR | 450.0 | % | 175.643 | 790,393.50 | 0.21 |
| ES00000123X3 | 4.4000 | % | Spain Government EUR Bonds 13/23 | EUR | 1,160.0 | % | 114.999 | 1,333,988.40 | 0.36 |
| ES00000126Z1 | 1.6000 | % | Spain Government EUR Bonds 15/25 | EUR | 1,100.0 | % | 108.853 | 1,197,383.00 | 0.32 |
| ES00000127A2 | 1.9500 | % | Spain Government EUR Bonds 15/30 | EUR | 300.0 | % | 117.339 | 352,017.00 | 0.10 |
| ES00000128B8 | 0.7500 | % | Spain Government EUR Bonds 16/21 | EUR | 4,500.0 | % | 101.022 | 4,545,990.00 | 1.23 |
| ES00000127Z9 | 1.9500 | % | Spain Government EUR Bonds 16/26 | EUR | 1,800.0 | % | 112.286 | 2,021,148.00 | 0.55 |
| ES00000128C6 | 2.9000 | % | Spain Government EUR Bonds 16/46 | EUR | 550.0 | % | 145.848 | 802,164.00 | 0.22 |
| ES00000128E2 | 3.4500 | % | Spain Government EUR Bonds 16/66 | EUR | 210.0 | % | 175.759 | 369,092.85 | 0.10 |
| ES00000128O1 | 0.4000 | % | Spain Government EUR Bonds 17/22 | EUR | 100.0 | % | 101.464 | 101,464.00 | 0.03 |
| ES0000012A97 | 0.4500 | % | Spain Government EUR Bonds 17/22 | EUR | 330.0 | % | 101.985 | 336,550.50 | 0.09 |
| ES00000128Q6 | 2.3500 | % | Spain Government EUR Bonds 17/33 | EUR | 550.0 | % | 124.378 | 684,079.00 | 0.19 |
| ES0000012B62 | 0.3500 | % | Spain Government EUR Bonds 18/23 | EUR | 1,200.0 | % | 102.237 | 1,226,844.00 | 0.33 |
| ES0000012B39 | 1.4000 | % | Spain Government EUR Bonds 18/28 | EUR | 1,000.0 | % | 110.842 | 1,108,420.00 | 0.30 |
| ES0L02011135 | 0.0000 | % | Spain Letras del Tesoro EUR Zero- |  |  |  |  |  |  |
| ES0L02012042 | 0.0000 | % | Coupon Bonds 13.11.2020 Spain Letras del Tesoro EUR Zero- | EUR | 3,500.0 | % | 100.065 | 3,502,288.65 | 0.95 |
| ES0L02103056 | 0.0000 | % | Coupon Bonds 04.12.2020 Spain Letras del Tesoro EUR Zero- | EUR | 3,000.0 | % | 100.094 | 3,002,814.90 | 0.81 |
| ES0L02104161 | 0.0000 | % | Coupon Bonds 05.03.2021 Spain Letras del Tesoro EUR Zero- | EUR | 3,000.0 | % | 100.202 | 3,006,069.30 | 0.82 |
| ES0L02109103 | 0.0000 | % | Coupon Bonds 16.04.2021 Spain Letras del Tesoro EUR Zero- | EUR | 3,000.0 | % | 100.474 | 3,014,223.60 | 0.82 |
|  |  |  | Coupon Bonds 10.09.2021 | EUR | 4,400.0 | % | 100.481 | 4,421,142.00 | 1.20 |
| Supranational |  |  |  |  |  |  |  | 4,009,300.00 | 1.09 |
| EU000A2SB9Q6 | 0.0000 | % | European Stability Mechanism EUR |  |  |  |  |  |  |
| XS1310647729 | 0.1250 | % | Zero-Coupon Bonds 10.06.2021 International Bank for Reconstruction | EUR | 2,000.0 | % | 100.418 | 2,008,360.00 | 0.55 |
|  |  |  | & Development EUR Bonds 15/20 | EUR | 2,000.0 | % | 100.047 | 2,000,940.00 | 0.54 |
| Sweden |  |  |  |  |  |  |  | 7,031,555.40 | 1.91 |
| XS1419636862 | 0.5000 | % | Essity EUR MTN 16/21 | EUR | 1,000.0 | % | 100.433 | 1,004,330.00 | 0.27 |
| XS0988357090 | 1.6250 | % | Skandinaviska Enskilda |  |  |  |  |  |  |
| XS1300812077 | 0.3750 | % | Banken EUR MTN 13/20 Sveriges Sakerstallda Obligationer | EUR | 2,000.0 | % | 100.233 | 2,004,667.40 | 0.55 |
|  |  |  | EUR MTN 15/20 | EUR | 2,000.0 | % | 100.013 | 2,000,269.80 | 0.54 |
| XS1069674825 | 1.1250 | % | Swedbank Hypotek EUR MTN 14/21 | EUR | 2,000.0 | % | 101.114 | 2,022,288.20 | 0.55 |

Investment Portfolio as at 30/09/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| Switzerland |  |  |  |  |  |  |  | 1,514,380.20 | 0.41 |
| XS1015884833 | 1.7500 | % | Crédit Suisse (Guernsey) EUR MTN 14/21 | EUR | 1,000.0 | % | 100.664 | 1,006,641.50 | 0.27 |
| XS1105680703 | 1.2500 | % | UBS (London) EUR MTN 14/21 | EUR | 500.0 | % | 101.548 | 507,738.70 | 0.14 |
| The Netherlands |  |  |  |  |  |  |  | 19,934,336.20 | 5.41 |
| DE000A194DC1 | 0.2500 | % | Daimler International Finance |  |  |  |  |  |  |
| DE000A19NY87 | 0.2000 | % | EUR MTN 18/21 Daimler International Finance | EUR | 1,000.0 | % | 100.400 | 1,003,995.00 | 0.27 |
|  |  |  | EUR Notes 17/21 | EUR | 1,000.0 | % | 100.349 | 1,003,488.80 | 0.27 |
| XS0647298883 | 5.0000 | % | Enel Finance International EUR MTN 11/21 | EUR | 2,540.0 | % | 104.073 | 2,643,451.91 | 0.72 |
| XS0940711947 | 2.8750 | % | Iberdrola International EUR MTN 13/20 | EUR | 2,000.0 | % | 100.359 | 2,007,183.60 | 0.54 |
| XS1324217733 | 0.7500 | % | ING Bank EUR MTN 15/20 | EUR | 1,000.0 | % | 100.166 | 1,001,655.40 | 0.27 |
| XS0412842857 | 6.5000 | % | innogy Finance EUR MTN 09/21 | EUR | 1,000.0 | % | 105.737 | 1,057,368.60 | 0.29 |
| NL0000102317 | 5.5000 | % | Netherlands Government EUR Bonds 98/28 | EUR | 450.0 | % | 145.124 | 653,058.00 | 0.18 |
| NL0000102234 | 4.0000 | % | Netherlands Government EUR Bonds 05/37 | EUR | 400.0 | % | 170.838 | 683,352.00 | 0.19 |
| NL0009446418 | 3.7500 | % | Netherlands Government EUR Bonds 10/42 | EUR | 300.0 | % | 185.380 | 556,139.97 | 0.15 |
| NL0009712470 | 3.2500 | % | Netherlands Government EUR Bonds 11/21 | EUR | 2,500.0 | % | 103.040 | 2,576,000.00 | 0.70 |
| NL0010060257 | 2.2500 | % | Netherlands Government EUR Bonds 12/22 | EUR | 790.0 | % | 105.265 | 831,593.50 | 0.23 |
| NL0010071189 | 2.5000 | % | Netherlands Government EUR Bonds 12/33 | EUR | 50.0 | % | 135.898 | 67,949.00 | 0.02 |
| NL0010733424 | 2.0000 | % | Netherlands Government EUR Bonds 14/24 | EUR | 740.0 | % | 110.380 | 816,812.00 | 0.22 |
| NL0010721999 | 2.7500 | % | Netherlands Government EUR Bonds 14/47 | EUR | 130.0 | % | 176.625 | 229,612.49 | 0.06 |
| NL0011819040 | 0.5000 | % | Netherlands Government EUR Bonds 16/26 | EUR | 580.0 | % | 106.726 | 619,010.80 | 0.17 |
| NL0013332430 | 0.2500 | % | Netherlands Government EUR Bonds 19/29 | EUR | 250.0 | % | 106.704 | 266,760.00 | 0.07 |
| XS1334225361 | 2.1250 | % | Repsol International Finance |  |  |  |  |  |  |
|  |  |  | EUR MTN 15/20 | EUR | 1,900.0 | % | 100.513 | 1,909,748.33 | 0.52 |
| DE000A18V138 | 1.6250 | % | Vonovia Finance EUR MTN 15/20 | EUR | 2,000.0 | % | 100.358 | 2,007,156.80 | 0.54 |
| United Kingdom |  |  |  |  |  |  |  | 13,519,443.60 | 3.67 |
| XS1434582703 | 0.1250 | % | BNZ International Funding |  |  |  |  |  |  |
|  |  |  | (London) EUR Notes 16/21 | EUR | 3,000.0 | % | 100.471 | 3,014,142.00 | 0.82 |
| XS0250729109 | 4.2500 | % | Santander UK EUR MTN 06/21 | EUR | 1,500.0 | % | 102.523 | 1,537,849.95 | 0.42 |
| XS1360443979 | 0.2500 | % | Santander UK EUR Notes 16/21 | EUR | 2,000.0 | % | 100.663 | 2,013,255.00 | 0.55 |
| XS1077631635 | 1.6250 | % | Standard Chartered EUR MTN 14/21 | EUR | 2,400.0 | % | 101.290 | 2,430,948.00 | 0.66 |
| XS1323028479 | 0.8750 | % | Vodafone Group EUR MTN 15/20 | EUR | 3,000.0 | % | 100.134 | 3,004,017.90 | 0.81 |
| XS1372838240 | 1.2500 | % | Vodafone Group EUR MTN 16/21 | EUR | 1,000.0 | % | 101.318 | 1,013,183.00 | 0.27 |
| XS1076256400 | 1.2500 | % | Yorkshire Building Society EUR MTN 14/21 | EUR | 500.0 | % | 101.210 | 506,047.75 | 0.14 |
| USA |  |  |  |  |  |  |  | 3,543,540.70 | 0.96 |
| XS1107731702 | 1.3750 | % | Bank of America EUR MTN 14/21 | EUR | 2,000.0 | % | 101.654 | 2,033,079.40 | 0.55 |
| XS1567173809 | 0.6250 | % | McKesson EUR Notes 17/21 | EUR | 1,500.0 | % | 100.697 | 1,510,461.30 | 0.41 |
| Venezuela |  |  |  |  |  |  |  | 1,000,912.40 | 0.27 |
| XS1317969944 | 1.0000 | % | Corporación Andina de |  |  |  |  |  |  |
|  |  |  | Fomento EUR MTN 15/20 | EUR | 1,000.0 | % | 100.091 | 1,000,912.40 | 0.27 |
| Investments in securities and money-market instruments |  |  |  |  | 332,604,678.24 | 90.28 |
| Deposits at financial institutions |  |  |  |  | 37,671,936.10 | 10.22 |
| Sight deposits |  |  |  |  | 37,671,936.10 | 10.22 |
| State Street Bank International |  |  |  |  |  |  |
| GmbH, Luxembourg Branch Cash at Broker and Deposits for | EUR |  |  |  | 12,564,969.26 | 3.41 |
| collateralisation of derivatives | EUR |  |  |  | 25,106,966.84 | 6.81 |
| Investments in deposits at financial institutions |  |  |  |  | 37,671,936.10 | 10.22 |
|  |  |  |  |  |  |  |
| Securities | Shares/ | Holdings |  | Price | Unrealised | % of |
|  | Currency (in 1,000)/ Contracts | 30/09/2020 |  |  | gain/loss in EUR | Subfund assets |
| Derivatives |  |  |  |  |  |  |
| Holdings marked with a minus are short positions. |  |  |  |  |  |  |
| Listed Derivatives |  |  |  |  | -1,318,799.52 | -0.36 |
| Futures Transactions |  |  |  |  | -1,318,799.52 | -0.36 |
| Purchased Index Futures |  |  |  |  | -1,027,684.52 | -0.28 |
| DJ EURO STOXX 50 Index Futures 12/20 | Ctr | 1,161 | EUR | 3,188.000 | -1,331,427.50 | -0.36 |
| FTSE 100 Index Futures 12/20 | Ctr | 207 | GBP | 5,867.500 | -270,252.15 | -0.07 |

| Investment Portfolio as at 30/09/2020 |  |
| --- | --- |
| Securities | Shares/ | Holdings |  | Price | Unrealised | % of |
|  | Currency (in 1,000)/ Contracts | 30/09/2020 |  |  | gain/loss in EUR | Subfund assets |
| S&P 500 E-mini Index Futures 12/20 | Ctr | 1,181 | USD | 3,333.700 | 364,000.36 | 0.10 |
| S&P/TSX 60 Index Futures 12/20 | Ctr | 65 | CAD | 967.800 | 16,959.27 | 0.00 |
| SPI 200 Index Futures 12/20 | Ctr | 191 | AUD | 5,802.000 | -265,546.97 | -0.07 |
| Topix Index Futures 12/20 | Ctr | 193 | JPY | 1,625.500 | 458,582.47 | 0.12 |
| Sold Bond Futures |  |  |  |  | -291,115.00 | -0.08 |
| 10-Year German Government Bond (Bund) Futures 12/20 | Ctr | -15 | EUR | 174.910 | -11,980.00 | 0.00 |
| 2-Year German Government Bond (Schatz) Futures 12/20 | Ctr | -41 | EUR | 112.315 | -225.00 | 0.00 |
| 30-Year German Government Bond (Buxl) Futures 12/20 | Ctr | -24 | EUR | 224.160 | -87,640.00 | -0.03 |
| 5-Year German Government Bond (Bobl) Futures 12/20 | Ctr | -66 | EUR | 135.310 | -7,360.00 | 0.00 |
| Euro BTP Futures 12/20 | Ctr | -78 | EUR | 147.990 | -183,910.00 | -0.05 |
| OTC-Dealt Derivatives |  |  |  |  | 302.27 | 0.00 |
| Forward Foreign Exchange Transactions |  |  |  |  | 302.27 | 0.00 |
| Sold AUD / Bought USD - 13 Nov 2020 | AUD | -83.54 |  |  | 1.20 | 0.00 |
| Sold CAD / Bought USD - 13 Nov 2020 | CAD | -43.31 |  |  | 0.50 | 0.00 |
| Sold EUR / Bought USD - 13 Nov 2020 | EUR | -38,474.61 |  |  | 319.09 | 0.00 |
| Sold GBP / Bought USD - 13 Nov 2020 | GBP | -165.62 |  |  | 3.20 | 0.00 |
| Sold JPY / Bought USD - 13 Nov 2020 | JPY | -4,428.00 |  |  | -0.15 | 0.00 |
| Sold USD / Bought EUR - 13 Nov 2020 | USD | -4,820.46 |  |  | -21.57 | 0.00 |
| Investments in derivatives |  |  |  |  | -1,318,497.25 | -0.36 |
| Net current assets/liabilities | EUR |  |  |  | -538,971.08 | -0.14 |
| Net assets of the Subfund | EUR |  |  |  | 368,419,146.01 | 100.00 |

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 |  |
| --- | --- |
| for the period from 01/10/2019 to 30/09/2020 |
|  | EUR |
| Interest on |  |
| - bonds | 5,558,773.11 |
| Interest on credit balances |  |
| - positive interest rate | 162,999.16 |
| - negative interest rate | -180,745.16 |
| Income from |  |
| - securities lending | 21,402.57 |
| Total income | 5,562,429.68 |
| Expenses from |  |
| - securities lending | -6,420.76 |
| Taxe d’Abonnement | -138,454.24 |
| All-in-fee | -4,555,201.61 |
| Other expenses | -624.68 |
| Total expenses | -4,700,701.29 |
| Net income/loss Realised gain/loss on | 861,728.39 |
| - securities transactions | -3,404,522.01 |
| - financial futures transactions | -18,111,756.70 |
| - forward foreign exchange transactions | 11,673.54 |
| - foreign exchange | -1,613,688.85 |
| Net realised gain/loss | -22,256,565.63 |
| Changes in unrealised appreciation/depreciation on |  |
| - securities transactions | -1,866,357.57 |
| - financial futures transactions | -460,429.43 |
| - forward foreign exchange transactions | 302.27 |
| - foreign exchange | -33,230.82 |
| Result of operations | -24,616,281.18 |

| Statement of Net Assets |  |  | Statement of Changes in Net Assets |  |
| --- | --- | --- | --- | --- |
| as at 30/09/2020 |  |  | for the period from 01/10/2019 to 30/09/2020 |
|  | EUR |  |  | EUR |
| Securities and money-market instruments |  |  | Net assets at the beginning of the period | 395,588,513.31 |
| (Cost Price EUR 331,782,477.07) | 332,604,678.24 |  | Subscriptions | 289,860,806.89 |
| Cash at banks | 37,671,936.10 |  | Redemptions | -292,413,654.56 |
| Interest receivable on |  |  | Distribution | -238.45 |
| - bonds | 2,440,438.42 |  | Result of operations | -24,616,281.18 |
| Receivable on |  |  | Net Assets at the end of the period | 368,419,146.01 |
| - subscriptions of fund shares | 58,145.44 |  |
| - securities lending | 2,859.26 |
| - securities transactions | 29,781,578.03 |
| Unrealised gain on |  |
| - futures transactions | 839,542.10 |
| - forward foreign exchange transactions | 323.99 |
| Total Assets | 403,399,501.58 |
| Liabilities to banks | -368,260.07 |
| Payable on |  |
| - redemptions of fund shares | -31,369,979.65 |
| - securities transactions | -663,463.98 |
| Other payables | -420,288.53 |
| Unrealised loss on |  |
| - futures transactions | -2,158,341.62 |
| - forward foreign exchange transactions | -21.72 |
| Total Liabilities | -34,980,355.57 |
| Net Assets | 368,419,146.01 |

| Statement of Changes in Shares |  |
| --- | --- |
|  | 2019/2020 | 2018/2019 |
| Number of shares in issue at the beginning of the period | 1,071,250 | 851,493 |
| - Number of shares issued | 427,852 | 529,814 |
| - Number of shares redeemed | -358,495 | -310,057 |
| Number of shares in issue at the end of the period | 1,140,607 | 1,071,250 |

Translation (ENFR, 2020-09-30):
# Allianz Strategy 75
Portefeuille d’investissement au 30.09.2020
| ISIN | Description | Actions/ devise (en milliers)/ contrats | Positions 30.09.2020 | Prix | Valeur de marché en EUR | % de l’actif du Compartiment |
| --- | --- | --- | --- | --- | --- | --- |
| Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse de valeurs	332.604.678,24	90,28 |
| Obligations |  |  |  |  |  |  |  | 332.604.678,24 | 90,28 |
| Australie |  |  |  |  |  |  |  | 3.023.920,40 | 0,82 |
| XS1357027496 | 0,3750 | % | Commonwealth Bank of |  |  |  |  |  |  |
|  |  |  | Australia EUR MTN 16/21 | EUR | 1.000,0 | % | 100,343 | 1.003.429,60 | 0,27 |
| XS1263878818 | 0,7500 | % | Westpac Banking EUR MTN 15/21 | EUR | 2.000,0 | % | 101,025 | 2.020.490,80 | 0,55 |
| Autriche |  |  |  |  |  |  |  | 12.103.794,96 | 3,29 |
| AT0000383864 | 6,2500 | % | Austria Government EUR Bonds 97/27 | EUR | 300,0 | % | 147,176 | 441.528,03 | 0,12 |
| AT0000A001X2 | 3,5000 | % | Austria Government EUR Bonds 06/21 | EUR | 1.450,0 | % | 103,946 | 1.507.220,19 | 0,41 |
| AT0000A04967 | 4,1500 | % | Austria Government EUR Bonds 07/37 | EUR | 200,0 | % | 171,414 | 342.828,20 | 0,09 |
| AT0000A0DXC2 | 4,8500 | % | Austria Government EUR Bonds 09/26 | EUR | 430,0 | % | 130,640 | 561.751,18 | 0,15 |
| AT0000A0N9A0 | 3,6500 | % | Austria Government EUR Bonds 11/22 | EUR | 100,0 | % | 106,752 | 106.752,49 | 0,03 |
| AT0000A0VRQ6 | 3,1500 | % | Austria Government EUR Bonds 12/44 | EUR | 120,0 | % | 174,606 | 209.527,50 | 0,06 |
| AT0000A0U299 | 3,8000 | % | Austria Government EUR Bonds 12/62 | EUR | 200,0 | % | 242,058 | 484.115,44 | 0,13 |
| AT0000A105W3 | 1,7500 | % | Austria Government EUR Bonds 13/23 | EUR | 50,0 | % | 107,499 | 53.749,69 | 0,02 |
| AT0000A10683 | 2,4000 | % | Austria Government EUR Bonds 13/34 | EUR | 250,0 | % | 136,259 | 340.647,50 | 0,09 |
| AT0000A185T1 | 1,6500 | % | Austria Government EUR Bonds 14/24 S.1 | EUR | 300,0 | % | 109,579 | 328.737,69 | 0,09 |
| AT0000A2HLC4 | 0,8500 | % | Austria Government EUR Bonds 20/20 | EUR | 60,0 | % | 125,283 | 75.169,64 | 0,02 |
| AT0000A1PE50 | 0,0000 | % | Austria Government EUR Zero- |  |  |  |  |  |  |
| AT0000A2CQD2 | 0,0000 | % | Coupon Bonds 15.07.2023 Austria Government EUR Zero- | EUR | 300,0 | % | 101,892 | 305.675,04 | 0,08 |
|  |  |  | Coupon Bonds 20.02.2030 | EUR | 300,0 | % | 103,653 | 310.959,63 | 0,09 |
| XS0580561545 | 4,0000 | % | Erste Group Bank EUR MTN 11/21 | EUR | 2.500,0 | % | 101,367 | 2.534.185,75 | 0,69 |
| XS1033673440 | 1,6250 | % | KA Finanz EUR MTN 14/21 | EUR | 3.000,0 | % | 100,801 | 3.024.040,50 | 0,82 |
| AT000B048988 | 4,1250 | % | UniCredit Bank Austria EUR MTN 11/21 | EUR | 1.450,0 | % | 101,856 | 1.476.906,49 | 0,40 |
| Belgique |  |  |  |  |  |  |  | 6.867.736,86 | 1,86 |
| BE0000291972 | 5,5000 | % | Belgium Government EUR Bonds 98/28 S.31 | EUR | 800,0 | % | 145,716 | 1.165.728,00 | 0,32 |
| BE0000304130 | 5,0000 | % | Belgium Government EUR Bonds 04/35 S.44 | EUR | 390,0 | % | 174,653 | 681.146,70 | 0,19 |
| BE0000320292 | 4,2500 | % | Belgium Government EUR Bonds 10/41 S.60 | EUR | 300,0 | % | 182,178 | 546.533,97 | 0,15 |
| BE0000324336 | 4,5000 | % | Belgium Government EUR Bonds 11/26 S.64 | EUR | 490,0 | % | 128,444 | 629.375,60 | 0,17 |
| BE0000325341 | 4,2500 | % | Belgium Government EUR Bonds 12/22 S.65 | EUR | 180,0 | % | 109,921 | 197.857,80 | 0,05 |
| BE0000326356 | 4,0000 | % | Belgium Government EUR Bonds 12/32 S.66 | EUR | 230,0 | % | 149,459 | 343.755,70 | 0,09 |
| BE0000328378 | 2,2500 | % | Belgium Government EUR Bonds 13/23 S.68 | EUR | 300,0 | % | 108,092 | 324.276,00 | 0,09 |
| BE0000331406 | 3,7500 | % | Belgium Government EUR Bonds 13/45 S.71 | EUR | 230,0 | % | 183,442 | 421.916,58 | 0,11 |
| BE0000332412 | 2,6000 | % | Belgium Government EUR Bonds 14/24 S.72 | EUR | 800,0 | % | 112,343 | 898.744,00 | 0,24 |
| BE0000338476 | 1,6000 | % | Belgium Government EUR Bonds 16/47 S.78 | EUR | 30,0 | % | 132,949 | 39.884,70 | 0,01 |
| BE0000344532 | 1,4500 | % | Belgium Government EUR Bonds 17/37 S.84 | EUR | 200,0 | % | 123,882 | 247.763,98 | 0,07 |
| BE0000343526 | 2,2500 | % | Belgium Government EUR Bonds 17/57 S.83 | EUR | 225,0 | % | 162,889 | 366.500,23 | 0,10 |
| BE0002489640 | 0,1250 | % | KBC Bank EUR MTN 15/21 | EUR | 1.000,0 | % | 100,425 | 1.004.253,60 | 0,27 |
| Danemark |  |  |  |  |  |  |  | 3.038.282,10 | 0,82 |
| XS1071388117 | 1,2500 | % | Danske Bank EUR MTN 14/21 | EUR | 3.000,0 | % | 101,276 | 3.038.282,10 | 0,82 |
| Finlande |  |  |  |  |  |  |  | 11.717.333,92 | 3,18 |
| XS1325648761 | 0,2500 | % | Danske Kiinnitysluottopankki |  |  |  |  |  |  |
|  |  |  | EUR Notes 15/20 | EUR | 3.000,0 | % | 100,136 | 3.004.086,00 | 0,81 |
| FI4000006176 | 4,0000 | % | Finland Government EUR Bonds 09/25 | EUR | 300,0 | % | 122,559 | 367.677,45 | 0,10 |
| FI4000020961 | 3,5000 | % | Finland Government EUR Bonds 11/21 | EUR | 3.100,0 | % | 102,220 | 3.168.812,25 | 0,86 |
| FI4000047089 | 1,6250 | % | Finland Government EUR Bonds 12/22 | EUR | 100,0 | % | 104,552 | 104.552,00 | 0,03 |
| FI4000037635 | 2,7500 | % | Finland Government EUR Bonds 12/28 | EUR | 200,0 | % | 125,671 | 251.341,68 | 0,07 |
| FI4000046545 | 2,6250 | % | Finland Government EUR Bonds 12/42 | EUR | 125,0 | % | 158,335 | 197.918,13 | 0,05 |
| FI4000079041 | 2,0000 | % | Finland Government EUR Bonds 14/24 | EUR | 100,0 | % | 109,618 | 109.617,60 | 0,03 |
| FI4000148630 | 0,7500 | % | Finland Government EUR Bonds 15/31 | EUR | 200,0 | % | 111,668 | 223.335,34 | 0,06 |
| FI4000197959 | 0,5000 | % | Finland Government EUR Bonds 16/26 | EUR | 120,0 | % | 106,245 | 127.494,00 | 0,03 |
| FI4000242870 | 1,3750 | % | Finland Government EUR Bonds 17/47 | EUR | 20,0 | % | 136,159 | 27.231,70 | 0,01 |
| FI4000219787 | 0,0000 | % | Finland Government EUR Zero- |  |  |  |  |  |  |
| XS0591428445 | 4,0000 | % | Coupon Bonds 15.09.2023 Nordea Kiinnitysluottopankki | EUR | 100,0 | % | 102,038 | 102.037,67 | 0,03 |
|  |  |  | EUR MTN 11/21 | EUR | 1.000,0 | % | 101,672 | 1.016.721,40 | 0,28 |
| XS1045726699 | 1,5000 | % | OP Mortgage Bank EUR MTN 14/21 | EUR | 1.500,0 | % | 100,973 | 1.514.593,95 | 0,41 |

Portefeuille d’investissement au 30.09.2020
| ISIN | Description | Actions/ devise (en milliers)/ contrats | Positions 30.09.2020 | Prix | Valeur de marché en EUR | % de l’actif du Compartiment |
| --- | --- | --- | --- | --- | --- | --- |
| XS1324085569 | 0,2500 | % | OP Mortgage Bank EUR Notes 15/20 | EUR | 1.500,0 | % | 100,128 | 1.501.914,75 | 0,41 |
| France |  |  |  |  |  |  |  | 51.059.654,33 | 13,86 |
| XS1871106297 | 0,1250 | % | Banque Fédérative du Crédit |  |  |  |  |  |  |
|  |  |  | Mutuel EUR MTN 18/21 | EUR | 1.000,0 | % | 100,483 | 1.004.832,80 | 0,27 |
| XS0562852375 | 3,7500 | % | BNP Paribas EUR MTN 10/20 | EUR | 2.000,0 | % | 100,659 | 2.013.189,60 | 0,55 |
| FR0010198036 | 3,7500 | % | Caisse d’Amortissement de la Dette |  |  |  |  |  |  |
| FR0010989889 | 3,9000 | % | Sociale EUR Bonds 05/20 Caisse de Refinancement de | EUR | 1.500,0 | % | 100,276 | 1.504.137,60 | 0,41 |
| FR0010758599 | 4,8750 | % | l’Habitat EUR Notes 11/21 Compagnie de Financement | EUR | 1.000,0 | % | 101,344 | 1.013.435,90 | 0,28 |
| FR0013031614 | 0,3750 | % | Foncier EUR MTN 09/21 Compagnie de Financement | EUR | 2.500,0 | % | 103,486 | 2.587.160,00 | 0,70 |
|  |  |  | Foncier EUR Notes 15/20 | EUR | 2.000,0 | % | 100,085 | 2.001.691,80 | 0,54 |
| XS0997520258 | 2,3750 | % | Crédit Agricole (London) EUR MTN 13/20 | EUR | 2.000,0 | % | 100,448 | 2.008.961,80 | 0,55 |
| FR0010989087 | 3,8750 | % | Crédit Agricole Home Loan EUR MTN 11/21 | EUR | 1.000,0 | % | 101,241 | 1.012.408,00 | 0,27 |
| FR0000571218 | 5,5000 | % | France Government EUR Bonds 98/29 | EUR | 1.800,0 | % | 151,704 | 2.730.672,00 | 0,74 |
| FR0000187635 | 5,7500 | % | France Government EUR Bonds 01/32 | EUR | 1.720,0 | % | 173,272 | 2.980.278,40 | 0,81 |
| FR0010070060 | 4,7500 | % | France Government EUR Bonds 04/35 | EUR | 70,0 | % | 171,456 | 120.019,19 | 0,03 |
| FR0010171975 | 4,0000 | % | France Government EUR Bonds 05/55 | EUR | 540,0 | % | 216,237 | 1.167.679,80 | 0,32 |
| FR0010371401 | 4,0000 | % | France Government EUR Bonds 06/38 | EUR | 980,0 | % | 171,802 | 1.683.659,50 | 0,46 |
| FR0010773192 | 4,5000 | % | France Government EUR Bonds 09/41 | EUR | 770,0 | % | 189,088 | 1.455.977,52 | 0,40 |
| FR0010949651 | 2,5000 | % | France Government EUR Bonds 10/20 | EUR | 3.050,0 | % | 100,200 | 3.056.100,00 | 0,83 |
| FR0010916924 | 3,5000 | % | France Government EUR Bonds 10/26 | EUR | 1.890,0 | % | 123,238 | 2.329.198,20 | 0,63 |
| FR0011486067 | 1,7500 | % | France Government EUR Bonds 13/23 | EUR | 2.490,0 | % | 106,524 | 2.652.447,60 | 0,72 |
| FR0011619436 | 2,2500 | % | France Government EUR Bonds 13/24 | EUR | 1.400,0 | % | 110,735 | 1.550.290,00 | 0,42 |
| FR0011883966 | 2,5000 | % | France Government EUR Bonds 14/30 | EUR | 1.360,0 | % | 127,854 | 1.738.814,26 | 0,47 |
| FR0012968337 | 0,2500 | % | France Government EUR Bonds 15/20 | EUR | 2.500,0 | % | 100,130 | 2.503.250,00 | 0,68 |
| FR0012517027 | 0,5000 | % | France Government EUR Bonds 15/25 | EUR | 1.300,0 | % | 105,316 | 1.369.107,87 | 0,37 |
| FR0013154044 | 1,2500 | % | France Government EUR Bonds 16/36 | EUR | 50,0 | % | 119,992 | 59.996,00 | 0,02 |
| FR0013154028 | 1,7500 | % | France Government EUR Bonds 16/66 | EUR | 200,0 | % | 152,382 | 304.764,00 | 0,08 |
| FR0013250560 | 1,0000 | % | France Government EUR Bonds 17/27 | EUR | 920,0 | % | 110,269 | 1.014.474,80 | 0,28 |
| FR0013257524 | 2,0000 | % | France Government EUR Bonds 17/48 | EUR | 740,0 | % | 145,062 | 1.073.458,73 | 0,29 |
| FR0125848467 | 0,0000 | % | France Government EUR Zero- |  |  |  |  |  |  |
| FR0013311016 | 0,0000 | % | Coupon Bonds 07.10.2020 France Government EUR Zero- | EUR | 2.000,0 | % | 100,013 | 2.000.250,80 | 0,54 |
|  |  |  | Coupon Bonds 25.02.2021 | EUR | 2.000,0 | % | 100,251 | 2.005.020,00 | 0,54 |
| FR0011644392 | 1,6250 | % | Société Générale EUR MTN 13/21 | EUR | 2.200,0 | % | 100,581 | 2.212.771,88 | 0,60 |
| XS1324923520 | 0,7500 | % | Société Générale EUR MTN 15/20 | EUR | 2.900,0 | % | 100,195 | 2.905.652,68 | 0,79 |
| FR0013298387 | 0,0000 | % | Veolia Environnement EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon MTN 23.11.2020 | EUR | 1.000,0 | % | 99,995 | 999.953,60 | 0,27 |
| Allemagne |  |  |  |  |  |  |  | 48.511.715,76 | 13,17 |
| DE000BLB7L64 | 0,0000 | % | Bayerische Landesbank EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Notes 06.08.2021 | EUR | 2.000,0 | % | 100,620 | 2.012.391,80 | 0,55 |
| XS1619283218 | 0,2500 | % | Bertelsmann EUR MTN 17/21 | EUR | 2.800,0 | % | 100,277 | 2.807.765,80 | 0,76 |
| DE000A1C9558 | 3,6250 | % | Deutsche Bank EUR MTN 11/21 | EUR | 950,0 | % | 101,563 | 964.846,13 | 0,26 |
| DE000DL19T18 | 0,3750 | % | Deutsche Bank EUR MTN 18/21 | EUR | 1.000,0 | % | 100,093 | 1.000.928,70 | 0,27 |
| XS1616411036 | 0,3750 | % | E.ON EUR MTN 17/21 | EUR | 1.000,0 | % | 100,349 | 1.003.489,10 | 0,27 |
| DE0001102515 | 0,0000 | % | German Government EUR Zero- |  |  |  |  |  |  |
| DE0001135044 | 6,5000 | % | Coupon Bonds 15.05.2035 Germany Government EUR | EUR | 50,0 | % | 105,171 | 52.585,75 | 0,01 |
| DE0001135176 | 5,5000 | % | Bonds 97/27 S.97 Germany Government EUR | EUR | 710,0 | % | 150,115 | 1.065.816,50 | 0,29 |
|  |  |  | Bonds 00/31 S.00 | EUR | 800,0 | % | 164,323 | 1.314.583,92 | 0,36 |
| DE0001135275 | 4,0000 | % | Germany Government EUR Bonds 05/37 S.5 | EUR | 500,0 | % | 173,793 | 868.965,00 | 0,24 |
| DE0001135325 | 4,2500 | % | Germany Government EUR |  |  |  |  |  |  |
|  |  |  | Bonds 07/39 S.2007 | EUR | 250,0 | % | 189,160 | 472.898,75 | 0,13 |
| DE0001135424 | 2,5000 | % | Germany Government EUR Bonds 10/21 | EUR | 3.030,0 | % | 100,860 | 3.056.058,00 | 0,83 |
| DE0001135440 | 3,2500 | % | Germany Government EUR Bonds 11/21 | EUR | 3.700,0 | % | 102,960 | 3.809.520,00 | 1,03 |
| DE0001135473 | 1,7500 | % | Germany Government EUR Bonds 12/22 | EUR | 590,0 | % | 104,349 | 615.659,10 | 0,17 |
| DE0001135481 | 2,5000 | % | Germany Government EUR Bonds 12/44 | EUR | 850,0 | % | 167,043 | 1.419.865,42 | 0,39 |

Portefeuille d’investissement au 30.09.2020
| ISIN | Description | Actions/ devise (en milliers)/ contrats | Positions 30.09.2020 | Prix | Valeur de marché en EUR | % de l’actif du Compartiment |
| --- | --- | --- | --- | --- | --- | --- |
| DE0001102309 | 1,5000 | % | Germany Government EUR Bonds 13/23 | EUR | 600,0 | % | 105,396 | 632.376,00 | 0,17 |
| DE0001102325 | 2,0000 | % | Germany Government EUR Bonds 13/23 | EUR | 880,0 | % | 108,008 | 950.470,40 | 0,26 |
| DE0001102341 | 2,5000 | % | Germany Government EUR Bonds 14/46 | EUR | 400,0 | % | 171,465 | 685.860,00 | 0,19 |
| DE0001102374 | 0,5000 | % | Germany Government EUR Bonds 15/25 | EUR | 2.200,0 | % | 105,598 | 2.323.156,00 | 0,63 |
| DE0001102432 | 1,2500 | % | Germany Government EUR Bonds 17/48 | EUR | 70,0 | % | 139,977 | 97.983,55 | 0,03 |
| DE0001141737 | 0,0000 | % | Germany Government EUR Zero- |  |  |  |  |  |  |
| DE0001104776 | 0,0000 | % | Coupon Bonds 09.04.2021 S.173 Germany Government EUR Zero- | EUR | 2.000,0 | % | 100,330 | 2.006.600,00 | 0,54 |
| DE0001102408 | 0,0000 | % | Coupon Bonds 10.09.2021 Germany Government EUR Zero- | EUR | 4.000,0 | % | 100,626 | 4.025.047,20 | 1,09 |
| DE0001102473 | 0,0000 | % | Coupon Bonds 15.08.2026 Germany Government EUR Zero- | EUR | 700,0 | % | 104,417 | 730.919,00 | 0,20 |
| DE0001102499 | 0,0000 | % | Coupon Bonds 15.08.2029 Germany Government EUR Zero- | EUR | 1.900,0 | % | 105,584 | 2.006.095,81 | 0,54 |
| DE0001102481 | 0,0000 | % | Coupon Bonds 15.02.2030 Germany Government EUR Zero- | EUR | 400,0 | % | 105,624 | 422.495,96 | 0,12 |
| DE0002760980 | 3,5000 | % | Coupon Bonds 15.08.2050 Kreditanstalt für Wiederaufbau | EUR | 60,0 | % | 103,904 | 62.342,39 | 0,02 |
| XS1071847245 | 1,1250 | % | EUR Notes 06/21 Landesbank Hessen-Thüringen | EUR | 2.000,0 | % | 103,140 | 2.062.792,60 | 0,56 |
| DE000HLB1AR7 | 0,7500 | % | Girozentrale EUR MTN 14/21 Landesbank Hessen-Thüringen | EUR | 2.100,0 | % | 101,094 | 2.122.984,08 | 0,58 |
| XS1369280315 | 0,0000 | % | Girozentrale EUR Notes 15/20 Landesbank Hessen-Thüringen Girozentrale | EUR | 1.000,0 | % | 100,051 | 1.000.511,90 | 0,27 |
| DE000A13R9G3 | 0,1250 | % | EUR Zero-Coupon MTN 23.11.2020 Landeskreditbank Baden-Württemberg | EUR | 2.000,0 | % | 100,239 | 2.004.787,20 | 0,54 |
| XS0994797529 | 1,3750 | % | Förderbank EUR MTN 15/20 Landwirtschaftliche Rentenbank | EUR | 2.000,0 | % | 100,061 | 2.001.219,80 | 0,54 |
| XS1806453814 | 0,3750 | % | EUR MTN 13/20 Volkswagen Financial Services | EUR | 2.900,0 | % | 100,276 | 2.908.009,80 | 0,79 |
|  |  |  | EUR MTN 18/21 | EUR | 1.000,0 | % | 100,262 | 1.002.618,70 | 0,27 |
| XS1692348847 | 0,2500 | % | Volkswagen Leasing EUR MTN 17/20 | EUR | 1.000,0 | % | 100,007 | 1.000.071,40 | 0,27 |
| Irlande |  |  |  |  |  |  |  | 4.626.712,40 | 1,26 |
| IE00B60Z6194 | 5,0000 | % | Ireland Government EUR Bonds 10/20 | EUR | 2.850,0 | % | 100,250 | 2.857.125,00 | 0,78 |
| IE00B6X95T99 | 3,4000 | % | Ireland Government EUR Bonds 14/24 | EUR | 200,0 | % | 114,028 | 228.056,00 | 0,06 |
| IE00BJ38CR43 | 2,4000 | % | Ireland Government EUR Bonds 14/30 | EUR | 150,0 | % | 125,743 | 188.614,50 | 0,05 |
| IE00BV8C9186 | 2,0000 | % | Ireland Government EUR Bonds 15/45 | EUR | 130,0 | % | 140,732 | 182.951,60 | 0,05 |
| IE00BV8C9418 | 1,0000 | % | Ireland Government EUR Bonds 16/26 | EUR | 300,0 | % | 108,536 | 325.608,00 | 0,09 |
| IE00BV8C9B83 | 1,7000 | % | Ireland Government EUR Bonds 17/37 | EUR | 150,0 | % | 126,218 | 189.327,00 | 0,05 |
| IE00BDHDPR44 | 0,9000 | % | Ireland Government EUR Bonds 18/28 | EUR | 300,0 | % | 109,625 | 328.875,00 | 0,09 |
| IE00BFZRPZ02 | 1,3000 | % | Ireland Government EUR Bonds 18/33 | EUR | 200,0 | % | 117,431 | 234.862,00 | 0,06 |
| IE00BH3SQB22 | 1,5000 | % | Ireland Government EUR Bonds 19/50 | EUR | 70,0 | % | 130,419 | 91.293,30 | 0,03 |
| Italie |  |  |  |  |  |  |  | 65.617.754,24 | 17,81 |
| XS1077772538 | 2,0000 | % | Intesa Sanpaolo EUR MTN 14/21 | EUR | 1.500,0 | % | 101,560 | 1.523.397,15 | 0,41 |
| IT0005387078 | 0,0000 | % | Italy Buoni Ordinari Del Tesoro EUR |  |  |  |  |  |  |
| IT0005389561 | 0,0000 | % | Zero-Coupon Bonds 14.10.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 2.600,0 | % | 100,017 | 2.600.436,02 | 0,71 |
| IT0005394421 | 0,0000 | % | Zero-Coupon Bonds 13.11.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 3.000,0 | % | 100,059 | 3.001.781,40 | 0,81 |
| IT0005397655 | 0,0000 | % | Zero-Coupon Bonds 14.12.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 3.000,0 | % | 100,098 | 3.002.935,80 | 0,82 |
| IT0005399560 | 0,0000 | % | Zero-Coupon Bonds 14.01.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 3.000,0 | % | 100,132 | 3.003.971,10 | 0,82 |
| IT0005406720 | 0,0000 | % | Zero-Coupon Bonds 12.02.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 3.000,0 | % | 100,151 | 3.004.527,60 | 0,82 |
| IT0005410920 | 0,0000 | % | Zero-Coupon Bonds 14.04.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 3.750,0 | % | 100,219 | 3.758.197,13 | 1,02 |
| IT0005415945 | 0,0000 | % | Zero-Coupon Bonds 14.05.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 3.900,0 | % | 100,259 | 3.910.113,09 | 1,06 |
| IT0005419038 | 0,0000 | % | Zero-Coupon Bonds 14.07.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 4.750,0 | % | 100,281 | 4.763.324,23 | 1,29 |
|  |  |  | Zero-Coupon Bonds 13.08.2021 | EUR | 4.600,0 | % | 100,302 | 4.613.869,00 | 1,25 |

Portefeuille d’investissement au 30.09.2020
| ISIN | Description | Actions/ devise (en milliers)/ contrats | Positions 30.09.2020 | Prix | Valeur	% de de marché	l’actif du en EUR  Compartiment |
| --- | --- | --- | --- | --- | --- |
| IT0001086567 | 7,2500 | % | Italy Buoni Poliennali Del |  |  |  |  |  |  |
| IT0001174611 | 6,5000 | % | Tesoro EUR Bonds 97/26 Italy Buoni Poliennali Del | EUR | 1.750,0 | % | 141,069 | 2.468.707,33 | 0,67 |
| IT0001278511 | 5,2500 | % | Tesoro EUR Bonds 97/27 Italy Buoni Poliennali Del | EUR | 1.040,0 | % | 141,101 | 1.467.450,30 | 0,40 |
| IT0001444378 | 6,0000 | % | Tesoro EUR Bonds 98/29 Italy Buoni Poliennali Del | EUR | 960,0 | % | 139,854 | 1.342.598,30 | 0,36 |
| IT0003535157 | 5,0000 | % | Tesoro EUR Bonds 00/31 Italy Buoni Poliennali Del | EUR | 500,0 | % | 151,556 | 757.779,95 | 0,21 |
| IT0003934657 | 4,0000 | % | Tesoro EUR Bonds 03/34 Italy Buoni Poliennali Del | EUR | 1.200,0 | % | 149,351 | 1.792.211,88 | 0,49 |
| IT0004356843 | 4,7500 | % | Tesoro EUR Bonds 05/37 Italy Buoni Poliennali Del | EUR | 1.750,0 | % | 139,573 | 2.442.527,33 | 0,66 |
| IT0004695075 | 4,7500 | % | Tesoro EUR Bonds 08/23 Italy Buoni Poliennali Del | EUR | 470,0 | % | 113,744 | 534.596,80 | 0,15 |
| IT0004923998 | 4,7500 | % | Tesoro EUR Bonds 11/21 Italy Buoni Poliennali Del | EUR | 4.000,0 | % | 104,661 | 4.186.440,00 | 1,14 |
| IT0005045270 | 2,5000 | % | Tesoro EUR Bonds 13/44 Italy Buoni Poliennali Del | EUR | 250,0 | % | 162,415 | 406.037,50 | 0,11 |
| IT0005024234 | 3,5000 | % | Tesoro EUR Bonds 14/24 Italy Buoni Poliennali Del | EUR | 2.750,0 | % | 109,866 | 3.021.315,00 | 0,82 |
| IT0005135840 | 1,4500 | % | Tesoro EUR Bonds 14/30 Italy Buoni Poliennali Del | EUR | 240,0 | % | 124,983 | 299.959,18 | 0,08 |
| IT0005083057 | 3,2500 | % | Tesoro EUR Bonds 15/22 Italy Buoni Poliennali Del | EUR | 400,0 | % | 103,253 | 413.012,00 | 0,11 |
| IT0005175598 | 0,4500 | % | Tesoro EUR Bonds 15/46 Italy Buoni Poliennali Del | EUR | 790,0 | % | 133,922 | 1.057.983,72 | 0,29 |
| IT0005162828 | 2,7000 | % | Tesoro EUR Bonds 16/21 Italy Buoni Poliennali Del | EUR | 4.330,0 | % | 100,541 | 4.353.425,30 | 1,18 |
| IT0005217390 | 2,8000 | % | Tesoro EUR Bonds 16/47 Italy Buoni Poliennali Del | EUR | 300,0 | % | 122,521 | 367.562,97 | 0,10 |
| IT0005330961 | 0,0500 | % | Tesoro EUR Bonds 16/67 Italy Buoni Poliennali Del | EUR | 130,0 | % | 125,245 | 162.818,49 | 0,04 |
| IT0005344335 | 2,4500 | % | Tesoro EUR Bonds 18/21 Italy Buoni Poliennali Del | EUR | 4.050,0 | % | 100,221 | 4.058.950,50 | 1,10 |
| IT0005345183 | 2,5000 | % | Tesoro EUR Bonds 18/23 Italy Buoni Poliennali Del | EUR | 1.060,0 | % | 107,554 | 1.140.072,40 | 0,31 |
| IT0005340929 | 2,8000 | % | Tesoro EUR Bonds 18/25 Italy Buoni Poliennali Del | EUR | 300,0 | % | 111,357 | 334.071,00 | 0,09 |
| IT0005384497 | 0,0500 | % | Tesoro EUR Bonds 18/28 Italy Buoni Poliennali Del | EUR | 350,0 | % | 117,271 | 410.448,47 | 0,11 |
|  |  |  | Tesoro EUR Bonds 19/23 | EUR | 1.410,0 | % | 100,513 | 1.417.233,30 | 0,38 |
| Luxembourg |  |  |  |  |  |  |  | 6.039.738,90 | 1,64 |
| EU000A1G0AB4 | 3,3750 | % | European Financial Stability |  |  |  |  |  |  |
| EU000A1G0DG7 | 0,1000 | % | Facility EUR MTN 11/21 European Financial Stability | EUR | 1.000,0 | % | 103,088 | 1.030.880,30 | 0,28 |
| XS1960676127 | 0,0000 | % | Facility EUR Bonds 16/21 Medtronic Global Holdings EUR | EUR | 3.000,0 | % | 100,269 | 3.008.082,60 | 0,82 |
|  |  |  | Zero-Coupon Notes 07.03.2021 | EUR | 2.000,0 | % | 100,039 | 2.000.776,00 | 0,54 |
| Norvège |  |  |  |  |  |  |  | 5.646.911,65 | 1,53 |
| XS0637846725 | 3,8750 | % | DNB Boligkreditt EUR MTN 11/21 | EUR | 2.800,0 | % | 103,188 | 2.889.273,52 | 0,78 |
| XS1344745481 | 0,3750 | % | DNB Boligkreditt EUR MTN 16/21 | EUR | 2.750,0 | % | 100,278 | 2.757.638,13 | 0,75 |
| Portugal |  |  |  |  |  |  |  | 18.222.511,31 | 4,95 |
| PTPBTHGE0034 | 0,0000 | % | Portugal Government EUR Zero- |  |  |  |  |  |  |
| PTPBTIGE0033 | 0,0000 | % | Coupon Bonds 15.01.2021 Portugal Government EUR Zero- | EUR | 2.950,0 | % | 100,406 | 2.961.987,03 | 0,80 |
| PTPBTDGE0046 | 0,0000 | % | Coupon Bonds 19.03.2021 Portugal Government EUR Zero- | EUR | 2.750,0 | % | 100,490 | 2.763.467,30 | 0,75 |
| PTPBTEGE0045 | 0,0000 | % | Coupon Bonds 21.05.2021 Portugal Government EUR Zero- | EUR | 3.750,0 | % | 100,874 | 3.782.763,38 | 1,03 |
| PTOTEYOE0007 | 3,8500 | % | Coupon Bonds 16.07.2021 Portugal Obrigações do | EUR | 3.500,0 | % | 100,916 | 3.532.057,90 | 0,96 |
|  |  |  | Tesouro EUR Bonds 05/21 | EUR | 3.000,0 | % | 102,427 | 3.072.810,00 | 0,83 |

Portefeuille d’investissement au 30.09.2020
| ISIN | Description | Actions/ devise (en milliers)/ contrats | Positions 30.09.2020 | Prix | Valeur	% de de marché	l’actif du en EUR  Compartiment |
| --- | --- | --- | --- | --- | --- |
| PTOTE5OE0007 | 4,1000 | % | Portugal Obrigações do |  |  |  |  |  |  |
| PTOTEQOE0015 | 5,6500 | % | Tesouro EUR Bonds 06/37 Portugal Obrigações do | EUR | 70,0 | % | 154,777 | 108.343,90 | 0,03 |
| PTOTEROE0014 | 3,8750 | % | Tesouro EUR Bonds 13/24 Portugal Obrigações do | EUR | 250,0 | % | 120,584 | 301.460,00 | 0,08 |
| PTOTEBOE0020 | 4,1000 | % | Tesouro EUR Bonds 14/30 Portugal Obrigações do | EUR | 150,0 | % | 134,466 | 201.699,00 | 0,06 |
| PTOTETOE0012 | 2,8750 | % | Tesouro EUR Bonds 15/45 Portugal Obrigações do | EUR | 90,0 | % | 168,621 | 151.758,90 | 0,04 |
| PTOTEVOE0018 | 2,1250 | % | Tesouro EUR Bonds 16/26 Portugal Obrigações do | EUR | 490,0 | % | 117,721 | 576.832,90 | 0,16 |
| PTOTEWOE0017 | 2,2500 | % | Tesouro EUR Bonds 18/28 Portugal Obrigações do | EUR | 500,0 | % | 116,848 | 584.240,00 | 0,16 |
|  |  |  | Tesouro EUR Bonds 18/34 | EUR | 150,0 | % | 123,394 | 185.091,00 | 0,05 |
| Espagne |  |  |  |  |  |  |  | 45.575.142,91 | 12,37 |
| ES0413211121 | 3,5000 | % | Banco Bilbao Vizcaya Argentaria |  |  |  |  |  |  |
|  |  |  | EUR Notes 06/21 | EUR | 1.500,0 | % | 101,234 | 1.518.502,50 | 0,41 |
| ES0440609305 | 0,6250 | % | CaixaBank EUR Notes 15/20 | EUR | 3.000,0 | % | 100,128 | 3.003.837,00 | 0,81 |
| ES0443307048 | 1,7500 | % | Kutxabank EUR Notes 14/21 | EUR | 3.000,0 | % | 101,423 | 3.042.677,70 | 0,83 |
| XS1316037545 | 1,5000 | % | Santander Consumer Finance |  |  |  |  |  |  |
|  |  |  | EUR MTN 15/20 | EUR | 2.900,0 | % | 100,234 | 2.906.791,51 | 0,79 |
| ES0000011868 | 6,0000 | % | Spain Government EUR Bonds 98/29 | EUR | 1.050,0 | % | 149,539 | 1.570.159,50 | 0,43 |
| ES0000012411 | 5,7500 | % | Spain Government EUR Bonds 01/32 | EUR | 475,0 | % | 163,312 | 775.732,00 | 0,21 |
| ES0000012932 | 4,2000 | % | Spain Government EUR Bonds 05/37 | EUR | 600,0 | % | 156,895 | 941.370,00 | 0,26 |
| ES00000121S7 | 4,7000 | % | Spain Government EUR Bonds 09/41 | EUR | 450,0 | % | 175,643 | 790.393,50 | 0,21 |
| ES00000123X3 | 4,4000 | % | Spain Government EUR Bonds 13/23 | EUR | 1.160,0 | % | 114,999 | 1.333.988,40 | 0,36 |
| ES00000126Z1 | 1,6000 | % | Spain Government EUR Bonds 15/25 | EUR | 1.100,0 | % | 108,853 | 1.197.383,00 | 0,32 |
| ES00000127A2 | 1,9500 | % | Spain Government EUR Bonds 15/30 | EUR | 300,0 | % | 117,339 | 352.017,00 | 0,10 |
| ES00000128B8 | 0,7500 | % | Spain Government EUR Bonds 16/21 | EUR | 4.500,0 | % | 101,022 | 4.545.990,00 | 1,23 |
| ES00000127Z9 | 1,9500 | % | Spain Government EUR Bonds 16/26 | EUR | 1.800,0 | % | 112,286 | 2.021.148,00 | 0,55 |
| ES00000128C6 | 2,9000 | % | Spain Government EUR Bonds 16/46 | EUR | 550,0 | % | 145,848 | 802.164,00 | 0,22 |
| ES00000128E2 | 3,4500 | % | Spain Government EUR Bonds 16/66 | EUR | 210,0 | % | 175,759 | 369.092,85 | 0,10 |
| ES00000128O1 | 0,4000 | % | Spain Government EUR Bonds 17/22 | EUR | 100,0 | % | 101,464 | 101.464,00 | 0,03 |
| ES0000012A97 | 0,4500 | % | Spain Government EUR Bonds 17/22 | EUR | 330,0 | % | 101,985 | 336.550,50 | 0,09 |
| ES00000128Q6 | 2,3500 | % | Spain Government EUR Bonds 17/33 | EUR | 550,0 | % | 124,378 | 684.079,00 | 0,19 |
| ES0000012B62 | 0,3500 | % | Spain Government EUR Bonds 18/23 | EUR | 1.200,0 | % | 102,237 | 1.226.844,00 | 0,33 |
| ES0000012B39 | 1,4000 | % | Spain Government EUR Bonds 18/28 | EUR | 1.000,0 | % | 110,842 | 1.108.420,00 | 0,30 |
| ES0L02011135 | 0,0000 | % | Spain Letras del Tesoro EUR Zero- |  |  |  |  |  |  |
| ES0L02012042 | 0,0000 | % | Coupon Bonds 13.11.2020 Spain Letras del Tesoro EUR Zero- | EUR | 3.500,0 | % | 100,065 | 3.502.288,65 | 0,95 |
| ES0L02103056 | 0,0000 | % | Coupon Bonds 04.12.2020 Spain Letras del Tesoro EUR Zero- | EUR | 3.000,0 | % | 100,094 | 3.002.814,90 | 0,81 |
| ES0L02104161 | 0,0000 | % | Coupon Bonds 05.03.2021 Spain Letras del Tesoro EUR Zero- | EUR | 3.000,0 | % | 100,202 | 3.006.069,30 | 0,82 |
| ES0L02109103 | 0,0000 | % | Coupon Bonds 16.04.2021 Spain Letras del Tesoro EUR Zero- | EUR | 3.000,0 | % | 100,474 | 3.014.223,60 | 0,82 |
|  |  |  | Coupon Bonds 10.09.2021 | EUR | 4.400,0 | % | 100,481 | 4.421.142,00 | 1,20 |
| Supranational |  |  |  |  |  |  |  | 4.009.300,00 | 1,09 |
| EU000A2SB9Q6 | 0,0000 | % | European Stability Mechanism EUR |  |  |  |  |  |  |
| XS1310647729 | 0,1250 | % | Zero-Coupon Bonds 10.06.2021 International Bank for Reconstruction | EUR | 2.000,0 | % | 100,418 | 2.008.360,00 | 0,55 |
|  |  |  | & Development EUR Bonds 15/20 | EUR | 2.000,0 | % | 100,047 | 2.000.940,00 | 0,54 |
| Suède |  |  |  |  |  |  |  | 7.031.555,40 | 1,91 |
| XS1419636862 | 0,5000 | % | Essity EUR MTN 16/21 | EUR | 1.000,0 | % | 100,433 | 1.004.330,00 | 0,27 |
| XS0988357090 | 1,6250 | % | Skandinaviska Enskilda |  |  |  |  |  |  |
| XS1300812077 | 0,3750 | % | Banken EUR MTN 13/20 Sveriges Sakerstallda Obligationer | EUR | 2.000,0 | % | 100,233 | 2.004.667,40 | 0,55 |
|  |  |  | EUR MTN 15/20 | EUR | 2.000,0 | % | 100,013 | 2.000.269,80 | 0,54 |
| XS1069674825 | 1,1250 | % | Swedbank Hypotek EUR MTN 14/21 | EUR | 2.000,0 | % | 101,114 | 2.022.288,20 | 0,55 |
| Suisse |  |  |  |  |  |  |  | 1.514.380,20 | 0,41 |
| XS1015884833 | 1,7500 | % | Crédit Suisse (Guernsey) EUR MTN 14/21 | EUR | 1.000,0 | % | 100,664 | 1.006.641,50 | 0,27 |

Portefeuille d’investissement au 30.09.2020
| ISIN | Description | Actions/ devise (en milliers)/ contrats | Positions 30.09.2020 | Prix | Valeur de marché en EUR | % de l’actif du Compartiment |
| --- | --- | --- | --- | --- | --- | --- |
| XS1105680703 | 1,2500 | % | UBS (London) EUR MTN 14/21 | EUR | 500,0 | % | 101,548 | 507.738,70 | 0,14 |
| Pays-Bas |  |  |  |  |  |  |  | 19.934.336,20 | 5,41 |
| DE000A194DC1 | 0,2500 | % | Daimler International Finance |  |  |  |  |  |  |
| DE000A19NY87 | 0,2000 | % | EUR MTN 18/21 Daimler International Finance | EUR | 1.000,0 | % | 100,400 | 1.003.995,00 | 0,27 |
|  |  |  | EUR Notes 17/21 | EUR | 1.000,0 | % | 100,349 | 1.003.488,80 | 0,27 |
| XS0647298883 | 5,0000 | % | Enel Finance International EUR MTN 11/21 | EUR | 2.540,0 | % | 104,073 | 2.643.451,91 | 0,72 |
| XS0940711947 | 2,8750 | % | Iberdrola International EUR MTN 13/20 | EUR | 2.000,0 | % | 100,359 | 2.007.183,60 | 0,54 |
| XS1324217733 | 0,7500 | % | ING Bank EUR MTN 15/20 | EUR | 1.000,0 | % | 100,166 | 1.001.655,40 | 0,27 |
| XS0412842857 | 6,5000 | % | innogy Finance EUR MTN 09/21 | EUR | 1.000,0 | % | 105,737 | 1.057.368,60 | 0,29 |
| NL0000102317 | 5,5000 | % | Netherlands Government EUR Bonds 98/28 | EUR | 450,0 | % | 145,124 | 653.058,00 | 0,18 |
| NL0000102234 | 4,0000 | % | Netherlands Government EUR Bonds 05/37 | EUR | 400,0 | % | 170,838 | 683.352,00 | 0,19 |
| NL0009446418 | 3,7500 | % | Netherlands Government EUR Bonds 10/42 | EUR | 300,0 | % | 185,380 | 556.139,97 | 0,15 |
| NL0009712470 | 3,2500 | % | Netherlands Government EUR Bonds 11/21 | EUR | 2.500,0 | % | 103,040 | 2.576.000,00 | 0,70 |
| NL0010060257 | 2,2500 | % | Netherlands Government EUR Bonds 12/22 | EUR | 790,0 | % | 105,265 | 831.593,50 | 0,23 |
| NL0010071189 | 2,5000 | % | Netherlands Government EUR Bonds 12/33 | EUR | 50,0 | % | 135,898 | 67.949,00 | 0,02 |
| NL0010733424 | 2,0000 | % | Netherlands Government EUR Bonds 14/24 | EUR | 740,0 | % | 110,380 | 816.812,00 | 0,22 |
| NL0010721999 | 2,7500 | % | Netherlands Government EUR Bonds 14/47 | EUR | 130,0 | % | 176,625 | 229.612,49 | 0,06 |
| NL0011819040 | 0,5000 | % | Netherlands Government EUR Bonds 16/26 | EUR | 580,0 | % | 106,726 | 619.010,80 | 0,17 |
| NL0013332430 | 0,2500 | % | Netherlands Government EUR Bonds 19/29 | EUR | 250,0 | % | 106,704 | 266.760,00 | 0,07 |
| XS1334225361 | 2,1250 | % | Repsol International Finance |  |  |  |  |  |  |
|  |  |  | EUR MTN 15/20 | EUR | 1.900,0 | % | 100,513 | 1.909.748,33 | 0,52 |
| DE000A18V138 | 1,6250 | % | Vonovia Finance EUR MTN 15/20 | EUR | 2.000,0 | % | 100,358 | 2.007.156,80 | 0,54 |
| Royaume-Uni |  |  |  |  |  |  |  | 13.519.443,60 | 3,67 |
| XS1434582703 | 0,1250 | % | BNZ International Funding |  |  |  |  |  |  |
|  |  |  | (London) EUR Notes 16/21 | EUR | 3.000,0 | % | 100,471 | 3.014.142,00 | 0,82 |
| XS0250729109 | 4,2500 | % | Santander UK EUR MTN 06/21 | EUR | 1.500,0 | % | 102,523 | 1.537.849,95 | 0,42 |
| XS1360443979 | 0,2500 | % | Santander UK EUR Notes 16/21 | EUR | 2.000,0 | % | 100,663 | 2.013.255,00 | 0,55 |
| XS1077631635 | 1,6250 | % | Standard Chartered EUR MTN 14/21 | EUR | 2.400,0 | % | 101,290 | 2.430.948,00 | 0,66 |
| XS1323028479 | 0,8750 | % | Vodafone Group EUR MTN 15/20 | EUR | 3.000,0 | % | 100,134 | 3.004.017,90 | 0,81 |
| XS1372838240 | 1,2500 | % | Vodafone Group EUR MTN 16/21 | EUR | 1.000,0 | % | 101,318 | 1.013.183,00 | 0,27 |
| XS1076256400 | 1,2500 | % | Yorkshire Building Society EUR MTN 14/21 | EUR | 500,0 | % | 101,210 | 506.047,75 | 0,14 |
| États-Unis |  |  |  |  |  |  |  | 3.543.540,70 | 0,96 |
| XS1107731702 | 1,3750 | % | Bank of America EUR MTN 14/21 | EUR | 2.000,0 | % | 101,654 | 2.033.079,40 | 0,55 |
| XS1567173809 | 0,6250 | % | McKesson EUR Notes 17/21 | EUR | 1.500,0 | % | 100,697 | 1.510.461,30 | 0,41 |
| Venezuela |  |  |  |  |  |  |  | 1.000.912,40 | 0,27 |
| XS1317969944 | 1,0000 | % | Corporación Andina de |  |  |  |  |  |  |
|  |  |  | Fomento EUR MTN 15/20 | EUR | 1.000,0 | % | 100,091 | 1.000.912,40 | 0,27 |
| Investissements en valeurs mobilières et instruments du marché monétaire |  |  |  |  | 332.604.678,24 | 90,28 |
| Dépôts auprès d’établissements financiers |  |  |  |  | 37.671.936,10 | 10,22 |
| Dépôts à vue |  |  |  |  | 37.671.936,10 | 10,22 |
| State Street Bank International |  |  |  |  |  |  |
| GmbH. Luxembourg Branch | EUR |  |  |  | 12.564.969,26 | 3,41 |
| Dépôts utilisés pour la couverture de produits dérivés | EUR |  |  |  | 25.106.966,84 | 6,81 |
| Investissements en dépôts auprès d’établissements financiers |  |  |  |  | 37.671.936,10 | 10,22 |
|  |  |  |  |  |  |  |
| Description | Actions/ | Positions |  | Prix | Plus-/ | % de |
|  | devise (en milliers)/ contrats | 30.09.2020 |  |  | moins-value latente | l’actif du Compartiment |
| Produits dérivés |  |  |  |  |  |  |
| Les positions marquées d’un signe moins sont des positions courtes |  |  |  |  |  |  |
| Dérivés négociés en Bourse |  |  |  |  | -1.318.799,52 | -0,36 |
| Opérations à terme |  |  |  |  | -1.318.799,52 | -0,36 |
| Contrats à terme sur indice achetés |  |  |  |  | -1.027.684,52 | -0,28 |
| DJ EURO STOXX 50 Index Futures 12/20 | Ctr | 1.161 | EUR | 3.188,000 | -1.331.427,50 | -0,36 |
| FTSE 100 Index Futures 12/20 | Ctr | 207 | GBP | 5.867,500 | -270.252,15 | -0,07 |
| S&P 500 E-mini Index Futures 12/20 | Ctr | 1.181 | USD | 3.333,700 | 364.000,36 | 0,10 |
| S&P/TSX 60 Index Futures 12/20 | Ctr | 65 | CAD | 967,800 | 16.959,27 | 0,00 |
| SPI 200 Index Futures 12/20 | Ctr | 191 | AUD | 5.802,000 | -265.546,97 | -0,07 |

| Portefeuille d’investissement au 30.09.2020 |  |
| --- | --- |
| Description | Actions/ | Positions |  | Prix | Valeur | % de |
|  | devise (en milliers)/ contrats | 30.09.2020 |  |  | de marché en EUR | l’actif du Compartiment |
| Topix Index Futures 12/20 | Ctr | 193 | JPY | 1.625,500 | 458.582,47 | 0,12 |
| Vente de contrats à terme obligataires |  |  |  |  | -291.115,00 | -0,08 |
| 10-Year German Government Bond (Bund) Futures 12/20 | Ctr | -15 | EUR | 174,910 | -11.980,00 | 0,00 |
| 2-Year German Government Bond (Schatz) Futures 12/20 | Ctr | -41 | EUR | 112,315 | -225,00 | 0,00 |
| 30-Year German Government Bond (Buxl) Futures 12/20 | Ctr | -24 | EUR | 224,160 | -87.640,00 | -0,03 |
| 5-Year German Government Bond (Bobl) Futures 12/20 | Ctr | -66 | EUR | 135,310 | -7.360,00 | 0,00 |
| Euro BTP Futures 12/20 | Ctr | -78 | EUR | 147,990 | -183.910,00 | -0,05 |
| Produits dérivés négociés de gré à gré |  |  |  |  | 302,27 | 0,00 |
| Opérations de change à terme |  |  |  |  | 302,27 | 0,00 |
| Vente AUD / achat USD - 13 nov. 2020 | AUD | -83,54 |  |  | 1,20 | 0,00 |
| Vente CAD / achat USD - 13 nov. 2020 | CAD | -43,31 |  |  | 0,50 | 0,00 |
| Vente EUR / achat USD - 13 nov. 2020 | EUR | -38.474,61 |  |  | 319,09 | 0,00 |
| Vente GBP / achat USD - 13 nov. 2020 | GBP | -165,62 |  |  | 3,20 | 0,00 |
| Vente JPY / achat USD - 13 nov. 2020 | JPY | -4.428,00 |  |  | -0,15 | 0,00 |
| Vente USD / achat EUR - 13 nov. 2020 | USD | -4.820,46 |  |  | -21,57 | 0,00 |
| Investissements en produits dérivés |  |  |  |  | -1.318.497,25 | -0,36 |
| Actif/passif net circulant | EUR |  |  |  | -538.971,08 | -0,14 |
| Actif net du Compartiment | EUR |  |  |  | 368.419.146,01 | 100,00 |

Les indications relatives aux modifications apportées à la composition du portefeuille-titres au cours de la période considérée peuvent être demandées gratuitement auprès d’Allianz Global Investors GmbH - filiale au Luxemburg.
| État des opérations |  |
| --- | --- |
| pour la période du 01.10.2019 au 30.09.2020 |
|  | EUR |
| Intérêts sur |  |
| - obligations | 5.558.773,11 |
| Intérêts sur soldes créditeurs |  |
| - taux d’intérêt positif | 162.999,16 |
| - taux d’intérêt négatif | -180.745,16 |
| Produit des |  |
| - prêt de titres | 21.402,57 |
| Total des produits | 5.562.429,68 |
| Dépenses à partir de - prêt de titres | -6.420,76 |
| Taxe d’abonnement | -138.454,24 |
| Commission forfaitaire | -4.555.201,61 |
| Autres frais | -624,68 |
| Total des dépenses | -4.700.701,29 |
| Résultat net/perte nette Plus-/moins-value réalisée sur | 861.728,39 |
| - opérations sur valeurs mobilières | -3.404.522,01 |
| - opérations à terme sur instruments financiers | -18.111.756,70 |
| - opérations de change à terme | 11.673,54 |
| - opérations de change | -1.613.688,85 |
| Plus-/moins-values nettes réalisées | -22.256.565,63 |
| Variations de l’appréciation/la dépréciation latente sur |  |
| - opérations sur valeurs mobilières | -1.866.357,57 |
| - opérations à terme sur instruments financiers | -460.429,43 |
| - opérations de change à terme | 302,27 |
| - opérations de change | -33.230,82 |
| Produit total | -24.616.281,18 |

| État de l’actif net du Fonds |  |  | État des variations de l’actif net du Fonds |  |
| --- | --- | --- | --- | --- |
| au 30.09.2020 |  |  | pour la période du 01.10.2019 au 30.09.2020 |
|  | EUR |  |  | EUR |
| Valeurs mobilières et instruments du marché monétaire |  |  | Actif net au début de la période | 395.588.513,31 |
| (Valeur d’acquisition EUR 331.782.477,07) | 332.604.678,24 |  | Souscriptions | 289.860.806,89 |
| Avoirs bancaires | 37.671.936,10 |  | Rachats | -292.413.654,56 |
| Intérêts à recevoir sur |  |  | Distribution | -238,45 |
| - obligations | 2.440.438,42 |  | Produit total | -24.616.281,18 |
| À recevoir sur |  |  | Actifs nets en fin de période | 368.419.146,01 |
| - souscriptions d’actions de la SICAV | 58.145,44 |  |
| - prêt de titres | 2.859,26 |
| - opérations sur valeurs mobilières | 29.781.578,03 |
| Plus-value latente sur |  |
| - opérations à terme | 839.542,10 |
| - opérations de change à terme | 323,99 |
| Total actif | 403.399.501,58 |
| Dettes bancaires | -368.260,07 |
| À payer sur |  |
| - rachats d’actions de la SICAV | -31.369.979,65 |
| - opérations sur valeurs mobilières | -663.463,98 |
| À payer (autres) | -420.288,53 |
| Moins-value latente sur |  |
| - opérations à terme | -2.158.341,62 |
| - opérations de change à terme | -21,72 |
| Total passif | -34.980.355,57 |
| Actif net | 368.419.146,01 |

| État des variations du nombre d’actions |  |
| --- | --- |
|  | 2019/2020 | 2018/2019 |
| Nombre d’actions en circulation au début de la période | 1.071.250,00 | 851.493 |
| - émises | 427.852,00 | 529.814 |
| - rachetées | -358.495,00 | -310.057 |
| Nombre d’actions en circulation à la fin de la période | 1.140.607,00 | 1.071.250 |