# Allianz Vermögenskonzept SRI Defensiv
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 |  |  |  |  | 172,103,850.51 | 96.00 |
| Equities |  |  |  |  | 258.45 | 0.00 |
| Canada |  |  |  |  | 23.75 | 0.00 |
| CA56501R1064  Manulife Financial | STK | 2 | CAD | 18.640 | 23.75 | 0.00 |
| United Kingdom |  |  |  |  | 234.70 | 0.00 |
| GB0007980591  BP | STK | 74 | GBP | 2.304 | 186.62 | 0.00 |
| GB0009252882  GlaxoSmithKline | STK | 3 | GBP | 14.641 | 48.08 | 0.00 |
| Bonds |  |  |  |  |  |  |  | 172,103,592.06 | 96.00 |
| Australia |  |  |  |  |  |  |  | 365,240.76 | 0.20 |
| XS1942618023 | 0.7500 | % | National Australia Bank EUR MTN 19/26 | EUR | 100.0 | % | 105.721 | 105,720.71 | 0.06 |
| XS1978200472 | 0.3750 | % | Westpac Banking EUR MTN 19/26 | EUR | 250.0 | % | 103.808 | 259,520.05 | 0.14 |
| Belgium |  |  |  |  |  |  |  | 1,814,097.27 | 1.01 |
| BE0000325341 | 4.2500 | % | Belgium Government EUR Bonds 12/22 S.65 | EUR | 250.0 | % | 109.921 | 274,802.50 | 0.15 |
| BE0000326356 | 4.0000 | % | Belgium Government EUR Bonds 12/32 S.66 | EUR | 370.0 | % | 149.459 | 552,998.30 | 0.31 |
| BE0000336454 | 1.9000 | % | Belgium Government EUR Bonds 15/38 S.76 | EUR | 70.0 | % | 132.433 | 92,703.09 | 0.05 |
| BE0000338476 | 1.6000 | % | Belgium Government EUR Bonds 16/47 S.78 | EUR | 170.0 | % | 132.949 | 226,013.28 | 0.13 |
| BE0000342510 | 0.5000 | % | Belgium Government EUR Bonds 17/24 S.82 | EUR | 150.0 | % | 104.773 | 157,159.50 | 0.09 |
| BE0000341504 | 0.8000 | % | Belgium Government EUR Bonds 17/27 S.81 | EUR | 100.0 | % | 109.035 | 109,035.00 | 0.06 |
| BE0000347568 | 0.9000 | % | Belgium Government EUR Bonds 19/29 S.87 | EUR | 360.0 | % | 111.496 | 401,385.60 | 0.22 |
| Denmark |  |  |  |  |  |  |  | 818,901.28 | 0.46 |
| XS1424730973 | 0.7500 | % | Danske Bank EUR MTN 16/23 | EUR | 800.0 | % | 102.363 | 818,901.28 | 0.46 |
| Germany |  |  |  |  |  |  |  | 30,633,860.51 | 17.09 |
| DE000DL19U31 | 0.1250 | % | Deutsche Bank EUR Notes 20/30 | EUR | 50.0 | % | 103.265 | 51,632.46 | 0.03 |
| DE0001135325 | 4.2500 | % | Germany Government EUR |  |  |  |  |  |  |
|  |  |  | Bonds 07/39 S.2007 | EUR | 700.0 | % | 189.160 | 1,324,116.50 | 0.74 |
| DE0001135424 | 2.5000 | % | Germany Government EUR Bonds 10/21 | EUR | 12,500.0 | % | 100.860 | 12,607,500.00 | 7.03 |
| DE0001102341 | 2.5000 | % | Germany Government EUR Bonds 14/46 | EUR | 290.0 | % | 171.465 | 497,248.50 | 0.28 |
| DE0001141729 | 0.2500 | % | Germany Government EUR |  |  |  |  |  |  |
| DE0001135044 | 6.5000 | % | Bonds 15/20 S.172 Germany Government EUR | EUR | 12,500.0 | % | 100.040 | 12,505,000.00 | 6.98 |
| DE0001102473 | 0.0000 | % | Bonds 97/27 S.97 Germany Government EUR Zero- | EUR | 150.0 | % | 150.115 | 225,172.50 | 0.13 |
|  |  |  | Coupon Bonds 15.08.2029 | EUR | 910.0 | % | 105.584 | 960,814.31 | 0.54 |
| XS1387174375 | 2.2500 | % | HeidelbergCement EUR MTN 16/23 | EUR | 400.0 | % | 104.343 | 417,373.80 | 0.23 |
| XS1612940558 | 0.2500 | % | Kreditanstalt für Wiederaufbau |  |  |  |  |  |  |
| XS1999841445 | 0.0100 | % | EUR MTN 17/25 Kreditanstalt für Wiederaufbau | EUR | 400.0 | % | 104.092 | 416,366.00 | 0.23 |
| DE000A2TSTR0 | 0.8750 | % | EUR MTN 19/27 Kreditanstalt für Wiederaufbau | EUR | 400.0 | % | 103.523 | 414,091.60 | 0.23 |
| DE000A289RC9 | 0.0000 | % | EUR MTN 19/39 Kreditanstalt für Wiederaufbau EUR | EUR | 250.0 | % | 115.999 | 289,997.43 | 0.16 |
| XS1957349332 | 0.5000 | % | Zero-Coupon MTN 30.06.2023 Landwirtschaftliche Rentenbank | EUR | 200.0 | % | 101.766 | 203,531.60 | 0.11 |
|  |  |  | EUR MTN 19/29 | EUR | 670.0 | % | 107.614 | 721,015.81 | 0.40 |
| Finland |  |  |  |  |  |  |  | 59,170.13 | 0.03 |
| FI4000306758 | 1.1250 | % | Finland Government EUR Bonds 18/34 | EUR | 50.0 | % | 118.340 | 59,170.13 | 0.03 |
| France |  |  |  |  |  |  |  | 49,558,505.40 | 27.65 |
| FR0013336229 | 1.5000 | % | Arkea Home Loans EUR MTN 18/33 | EUR | 100.0 | % | 119.964 | 119,964.31 | 0.07 |
| FR0013312501 | 1.6250 | % | BPCE EUR MTN 18/28 | EUR | 400.0 | % | 108.261 | 433,045.56 | 0.24 |
| FR0012688208 | 0.2000 | % | Caisse Française de Financement |  |  |  |  |  |  |
|  |  |  | Local EUR Notes 15/23 S.6 | EUR | 400.0 | % | 101.758 | 407,032.48 | 0.23 |
| XS1623360028 | 0.2500 | % | Dexia Crédit Local EUR MTN 17/22 | EUR | 700.0 | % | 101.205 | 708,433.25 | 0.39 |
| FR0011883966 | 2.5000 | % | France Government EUR Bonds 14/30 | EUR | 1,050.0 | % | 127.854 | 1,342,466.90 | 0.75 |
| FR0013250560 | 1.0000 | % | France Government EUR Bonds 17/27 | EUR | 350.0 | % | 110.269 | 385,941.50 | 0.22 |
| FR0013234333 | 1.7500 | % | France Government EUR Bonds 17/39 | EUR | 1,090.0 | % | 131.458 | 1,432,892.09 | 0.80 |
| FR0013257524 | 2.0000 | % | France Government EUR Bonds 17/48 | EUR | 600.0 | % | 145.062 | 870,371.94 | 0.49 |
| FR0013313582 | 1.2500 | % | France Government EUR Bonds 18/34 | EUR | 340.0 | % | 118.719 | 403,644.57 | 0.22 |
| FR0125848681 | 0.0000 | % | France Government EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 24.02.2021 | EUR | 19,800.0 | % | 100.241 | 19,847,672.46 | 11.07 |

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 |
| --- | --- | --- | --- | --- | --- | --- |
| FR0125848673 | 0.0000 | % | France Government EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 27.01.2021 | EUR | 19,800.0 | % | 100.203 | 19,840,132.62 | 11.07 |
| FR0012759744 | 1.2500 | % | RCI Banque EUR MTN 15/22 | EUR | 500.0 | % | 100.313 | 501,566.00 | 0.28 |
| FR0013218153 | 0.6250 | % | RCI Banque EUR MTN 16/21 | EUR | 400.0 | % | 99.692 | 398,768.72 | 0.22 |
| XS1538867760 | 1.0000 | % | Société Générale EUR MTN 16/22 | EUR | 500.0 | % | 101.410 | 507,048.65 | 0.28 |
| XS1080163709 | 1.7500 | % | Sodexo EUR Notes 14/22 | EUR | 500.0 | % | 101.999 | 509,994.55 | 0.28 |
| XS1693818525 | 1.3750 | % | Total Capital International EUR MTN 17/29 | EUR | 400.0 | % | 110.110 | 440,440.72 | 0.25 |
| FR0013230943 | 0.6250 | % | Valeo EUR MTN 17/23 | EUR | 500.0 | % | 99.037 | 495,182.50 | 0.28 |
| FR0013342334 | 1.5000 | % | Valeo EUR MTN 18/25 | EUR | 500.0 | % | 99.126 | 495,630.90 | 0.28 |
| FR0010033381 | 6.1250 | % | Veolia Environnement EUR MTN 03/33 | EUR | 250.0 | % | 167.310 | 418,275.68 | 0.23 |
| Ireland |  |  |  |  |  |  |  | 501,180.80 | 0.28 |
| IE00BV8C9186 | 2.0000 | % | Ireland Government EUR Bonds 15/45 | EUR | 50.0 | % | 140.732 | 70,366.00 | 0.04 |
| IE00BFZRPZ02 | 1.3000 | % | Ireland Government EUR Bonds 18/33 | EUR | 300.0 | % | 117.431 | 352,293.00 | 0.20 |
| IE00BH3SQ895 | 1.1000 | % | Ireland Government EUR Bonds 19/29 | EUR | 70.0 | % | 112.174 | 78,521.80 | 0.04 |
| Iceland |  |  |  |  |  |  |  | 300,965.25 | 0.17 |
| XS2015295814 | 0.1000 | % | Iceland Government EUR Bonds 19/24 | EUR | 300.0 | % | 100.322 | 300,965.25 | 0.17 |
| Italy |  |  |  |  |  |  |  | 43,306,612.92 | 24.16 |
| XS0986194883 | 4.0000 | % | Intesa Sanpaolo EUR MTN 13/23 | EUR | 500.0 | % | 111.013 | 555,064.05 | 0.31 |
| IT0005399560 | 0.0000 | % | Italy Buoni Ordinari Del Tesoro EUR |  |  |  |  |  |  |
| IT0005403586 | 0.0000 | % | Zero-Coupon Bonds 12.02.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 18,100.0 | % | 100.151 | 18,127,316.52 | 10.11 |
| IT0003535157 | 5.0000 | % | Zero-Coupon Bonds 12.03.2021 Italy Buoni Poliennali Del | EUR | 18,100.0 | % | 100.186 | 18,133,731.16 | 10.12 |
| IT0004286966 | 5.0000 | % | Tesoro EUR Bonds 03/34 Italy Buoni Poliennali Del | EUR | 890.0 | % | 149.351 | 1,329,223.81 | 0.74 |
| IT0004356843 | 4.7500 | % | Tesoro EUR Bonds 07/39 Italy Buoni Poliennali Del | EUR | 280.0 | % | 159.728 | 447,238.37 | 0.25 |
| IT0004513641 | 5.0000 | % | Tesoro EUR Bonds 08/23 Italy Buoni Poliennali Del | EUR | 900.0 | % | 113.744 | 1,023,696.00 | 0.57 |
| IT0004532559 | 5.0000 | % | Tesoro EUR Bonds 09/25 Italy Buoni Poliennali Del | EUR | 400.0 | % | 121.316 | 485,264.00 | 0.27 |
| IT0005274805 | 2.0500 | % | Tesoro EUR Bonds 09/40 Italy Buoni Poliennali Del | EUR | 310.0 | % | 160.869 | 498,693.87 | 0.28 |
| IT0005370306 | 2.1000 | % | Tesoro EUR Bonds 17/27 Italy Buoni Poliennali Del | EUR | 300.0 | % | 110.379 | 331,136.97 | 0.18 |
| IT0005365165 | 3.0000 | % | Tesoro EUR Bonds 19/26 Italy Buoni Poliennali Del | EUR | 370.0 | % | 109.888 | 406,585.56 | 0.23 |
| IT0005408502 | 1.8500 | % | Tesoro EUR Bonds 19/29 Italy Buoni Poliennali Del | EUR | 730.0 | % | 119.782 | 874,408.53 | 0.49 |
| IT0005403396 | 0.9500 | % | Tesoro EUR Bonds 20/25 Italy Buoni Poliennali Del | EUR | 500.0 | % | 107.621 | 538,102.50 | 0.30 |
| XS1689739347 | 0.6250 | % | Tesoro EUR Bonds 20/30 Mediobanca Banca di Credito | EUR | 50.0 | % | 101.436 | 50,717.88 | 0.03 |
|  |  |  | Finanziario EUR MTN 17/22 | EUR | 500.0 | % | 101.087 | 505,433.70 | 0.28 |
| Japan |  |  |  |  |  |  |  | 511,493.50 | 0.28 |
| XS1843449049 | 1.1250 | % | Takeda Pharmaceutical EUR Notes 18/22 | EUR | 500.0 | % | 102.299 | 511,493.50 | 0.28 |
| Canada |  |  |  |  |  |  |  | 510,416.50 | 0.28 |
| XS2104915207 | 0.0100 | % | Royal Bank of Canada EUR MTN 20/27 | EUR | 500.0 | % | 102.083 | 510,416.50 | 0.28 |
| Luxembourg |  |  |  |  |  |  |  | 2,398,737.58 | 1.34 |
| EU000A1G0DW4 | 1.8000 | % | European Financial Stability |  |  |  |  |  |  |
| EU000A1G0D96 | 1.7500 | % | Facility EUR MTN 17/48 European Financial Stability | EUR | 230.0 | % | 142.814 | 328,471.28 | 0.18 |
| XS1589806907 | 1.6250 | % | Facility EUR Notes 18/53 HeidelbergCement Finance | EUR | 310.0 | % | 144.621 | 448,325.07 | 0.25 |
| XS1629387462 | 1.5000 | % | Luxembourg EUR MTN 17/26 HeidelbergCement Finance | EUR | 600.0 | % | 104.712 | 628,272.12 | 0.35 |
| XS1960678099 | 0.3750 | % | Luxembourg EUR MTN 17/27 Medtronic Global Holdings | EUR | 500.0 | % | 104.559 | 522,795.50 | 0.29 |
| XS1960678685 | 2.2500 | % | EUR Notes 19/23 Medtronic Global Holdings | EUR | 350.0 | % | 101.051 | 353,678.01 | 0.20 |
|  |  |  | EUR Notes 19/39 | EUR | 100.0 | % | 117.196 | 117,195.60 | 0.07 |
| New Zealand |  |  |  |  |  |  |  | 359,834.69 | 0.20 |

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 |
| --- | --- | --- | --- | --- | --- | --- |
| XS1935204641 | 0.5000 | % | ANZ New Zealand Int’l |  |  |  |  |  |  |
|  |  |  | (London) EUR MTN 19/24 | EUR | 350.0 | % | 102.810 | 359,834.69 | 0.20 |
| The Netherlands |  |  |  |  |  |  |  | 2,201,728.82 | 1.23 |
| NL0009446418 | 3.7500 | % | Netherlands Government EUR Bonds 10/42 | EUR | 80.0 | % | 185.380 | 148,303.99 | 0.08 |
| NL0010071189 | 2.5000 | % | Netherlands Government EUR Bonds 12/33 | EUR | 40.0 | % | 135.898 | 54,359.20 | 0.03 |
| NL0013332430 | 0.2500 | % | Netherlands Government EUR Bonds 19/29 | EUR | 980.0 | % | 106.704 | 1,045,699.20 | 0.59 |
| XS1423753463 | 0.6250 | % | NIBC Bank EUR MTN 16/26 | EUR | 700.0 | % | 105.368 | 737,578.17 | 0.41 |
| XS1991126431 | 1.1250 | % | Rabobank EUR MTN 19/31 | EUR | 200.0 | % | 107.894 | 215,788.26 | 0.12 |
| Norway |  |  |  |  |  |  |  | 828,891.48 | 0.46 |
| XS0881369770 | 2.1250 | % | Eika Boligkreditt EUR MTN 13/23 | EUR | 400.0 | % | 106.123 | 424,492.00 | 0.24 |
| XS1936784831 | 0.8750 | % | Santander Consumer Bank EUR MTN 19/22 | EUR | 400.0 | % | 101.100 | 404,399.48 | 0.22 |
| Austria |  |  |  |  |  |  |  | 398,818.03 | 0.22 |
| AT0000A0VRQ6 | 3.1500 | % | Austria Government EUR Bonds 12/44 | EUR | 80.0 | % | 174.606 | 139,685.00 | 0.08 |
| AT0000A2CQD2 | 0.0000 | % | Austria Government EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 20.02.2030 | EUR | 250.0 | % | 103.653 | 259,133.03 | 0.14 |
| Poland |  |  |  |  |  |  |  | 500,106.96 | 0.28 |
| XS1015428821 | 3.0000 | % | Poland Government EUR MTN 14/24 | EUR | 450.0 | % | 111.135 | 500,106.96 | 0.28 |
| Portugal |  |  |  |  |  |  |  | 1,539,106.70 | 0.86 |
| PTOTEQOE0015 | 5.6500 | % | Portugal Obrigações do |  |  |  |  |  |  |
| PTOTESOE0013 | 2.2000 | % | Tesouro EUR Bonds 13/24 Portugal Obrigações do | EUR | 150.0 | % | 120.584 | 180,876.00 | 0.10 |
| PTOTETOE0012 | 2.8750 | % | Tesouro EUR Bonds 15/22 Portugal Obrigações do | EUR | 300.0 | % | 105.745 | 317,235.00 | 0.18 |
| PTOTEWOE0017 | 2.2500 | % | Tesouro EUR Bonds 16/26 Portugal Obrigações do | EUR | 650.0 | % | 117.721 | 765,186.50 | 0.43 |
| PTOTEXOE0024 | 1.9500 | % | Tesouro EUR Bonds 18/34 Portugal Obrigações do | EUR | 120.0 | % | 123.394 | 148,072.80 | 0.08 |
|  |  |  | Tesouro EUR Bonds 19/29 | EUR | 110.0 | % | 116.124 | 127,736.40 | 0.07 |
| Sweden |  |  |  |  |  |  |  | 715,105.79 | 0.40 |
| XS2007244614 | 0.3750 | % | Sveriges Sakerstallda Obligationer |  |  |  |  |  |  |
|  |  |  | EUR MTN 19/29 | EUR | 200.0 | % | 105.770 | 211,539.94 | 0.12 |
| XS1711933033 | 0.2500 | % | Swedbank EUR MTN 17/22 | EUR | 500.0 | % | 100.713 | 503,565.85 | 0.28 |
| Slovakia |  |  |  |  |  |  |  | 426,295.68 | 0.24 |
| SK4120012220 | 0.6250 | % | Slovakia Government EUR |  |  |  |  |  |  |
|  |  |  | Bonds 16/26 S.231 | EUR | 400.0 | % | 106.574 | 426,295.68 | 0.24 |
| Slovenia |  |  |  |  |  |  |  | 120,130.43 | 0.07 |
| SI0002102984 | 4.6250 | % | Slovenia Government EUR Bonds 09/24 | EUR | 100.0 | % | 120.130 | 120,130.43 | 0.07 |
| Spain |  |  |  |  |  |  |  | 29,449,811.42 | 16.43 |
| XS1878191052 | 0.8750 | % | Amadeus IT Group EUR MTN 18/23 | EUR | 300.0 | % | 100.013 | 300,037.71 | 0.17 |
| XS1968846532 | 1.1250 | % | CaixaBank EUR MTN 19/26 | EUR | 700.0 | % | 103.785 | 726,497.59 | 0.40 |
| XS2102931594 | 0.3750 | % | CaixaBank EUR MTN 20/25 | EUR | 1,000.0 | % | 100.193 | 1,001,931.30 | 0.56 |
| XS1956025651 | 1.0000 | % | Santander Consumer Finance |  |  |  |  |  |  |
|  |  |  | EUR MTN 19/24 | EUR | 400.0 | % | 102.838 | 411,352.52 | 0.23 |
| ES0000012932 | 4.2000 | % | Spain Government EUR Bonds 05/37 | EUR | 400.0 | % | 156.895 | 627,580.00 | 0.35 |
| ES00000122E5 | 4.6500 | % | Spain Government EUR Bonds 10/25 | EUR | 500.0 | % | 124.065 | 620,325.00 | 0.35 |
| ES00000123C7 | 5.9000 | % | Spain Government EUR Bonds 11/26 | EUR | 300.0 | % | 135.849 | 407,547.00 | 0.23 |
| ES00000124H4 | 5.1500 | % | Spain Government EUR Bonds 13/44 | EUR | 220.0 | % | 193.358 | 425,387.60 | 0.24 |
| ES00000127A2 | 1.9500 | % | Spain Government EUR Bonds 15/30 | EUR | 350.0 | % | 117.339 | 410,686.50 | 0.23 |
| ES0000012A89 | 1.4500 | % | Spain Government EUR Bonds 17/27 | EUR | 410.0 | % | 110.730 | 453,993.00 | 0.25 |
| ES00000128Q6 | 2.3500 | % | Spain Government EUR Bonds 17/33 | EUR | 300.0 | % | 124.378 | 373,134.00 | 0.21 |
| ES0000012B62 | 0.3500 | % | Spain Government EUR Bonds 18/23 | EUR | 500.0 | % | 102.237 | 511,185.00 | 0.28 |
| ES0000012G26 | 0.8000 | % | Spain Government EUR Bonds 20/27 | EUR | 700.0 | % | 106.009 | 742,063.00 | 0.41 |
| ES0L02102124 | 0.0000 | % | Spain Letras del Tesoro EUR Zero- |  |  |  |  |  |  |
| ES0L02101159 | 0.0000 | % | Coupon Bonds 12.02.2021 Spain Letras del Tesoro EUR Zero- | EUR | 11,200.0 | % | 100.184 | 11,220,592.32 | 6.26 |
|  |  |  | Coupon Bonds 15.01.2021 | EUR | 11,200.0 | % | 100.156 | 11,217,498.88 | 6.26 |
| Supranational |  |  |  |  |  |  |  | 2,115,250.50 | 1.18 |
| XS1966120096 | 0.5000 | % | African Development Bank |  |  |  |  |  |  |
|  |  |  | EUR Notes 19/29 | EUR | 530.0 | % | 105.987 | 561,731.74 | 0.31 |
| XS0975634204 | 3.0000 | % | European Investment Bank EUR MTN 13/33 | EUR | 300.0 | % | 141.194 | 423,581.43 | 0.24 |

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 |
| --- | --- | --- | --- | --- | --- | --- |
| XS2120068403 | 0.0000 | % | European Investment Bank EUR |  |  |  |  |  |  |
| XS2168048564 | 0.0000 | % | Zero-Coupon MTN 25.03.2025 European Investment Bank EUR | EUR | 400.0 | % | 102.717 | 410,867.72 | 0.23 |
| XS2148404994 | 0.0000 | % | Zero-Coupon Notes 17.06.2027 European Investment Bank EUR | EUR | 400.0 | % | 103.461 | 413,845.32 | 0.23 |
|  |  |  | Zero-Coupon Notes 23.05.2023 | EUR | 300.0 | % | 101.741 | 305,224.29 | 0.17 |
| USA |  |  |  |  |  |  |  | 2,088,859.01 | 1.16 |
| XS1619312686 | 1.3750 | % | Apple EUR Notes 17/29 | EUR | 300.0 | % | 110.963 | 332,887.59 | 0.19 |
| XS1144086110 | 1.4500 | % | AT&T EUR Notes 14/22 | EUR | 500.0 | % | 102.229 | 511,143.90 | 0.28 |
| XS1937060884 | 0.7000 | % | FedEx EUR Notes 19/22 | EUR | 200.0 | % | 101.257 | 202,513.66 | 0.11 |
| XS2034626460 | 0.4500 | % | FedEx EUR Notes 19/25 | EUR | 300.0 | % | 101.080 | 303,240.90 | 0.17 |
| XS1603892149 | 1.8750 | % | Morgan Stanley EUR MTN 17/27 | EUR | 400.0 | % | 109.594 | 438,374.20 | 0.24 |
| XS2058556296 | 0.1250 | % | Thermo Fisher Scientific EUR Notes 19/25 | EUR | 300.0 | % | 100.233 | 300,698.76 | 0.17 |
| United Kingdom |  |  |  |  |  |  |  | 427,171.08 | 0.24 |
| XS1992927902 | 1.2310 | % | BP Capital Markets EUR MTN 19/31 | EUR | 200.0 | % | 104.215 | 208,429.24 | 0.12 |
| XS0995643003 | 3.0000 | % | WPP Finance 2013 EUR MTN 13/23 | EUR | 200.0 | % | 109.371 | 218,741.84 | 0.12 |
| Cyprus |  |  |  |  |  |  |  | 153,299.57 | 0.08 |
| XS1989405425 | 0.6250 | % | Cyprus Government EUR MTN 19/24 | EUR | 150.0 | % | 102.200 | 153,299.57 | 0.08 |
| Other securities and money-market instruments |  |  |  |  | 0.07 | 0.00 |
| Warrants |  |  |  |  | 0.07 | 0.00 |
| Singapore |  |  |  |  | 0.07 | 0.00 |
| SG5HB4000006  Ezion Holdings -Warrants-* | STK | 11,520 | SGD | 0.000 | 0.07 | 0.00 |
| Fund units |  |  |  |  | 4,589,673.44 | 2.56 |
| (Ongoing Charges (including management fee) resp. Management Fee or All-in-fee of the | target fund in % p.a.) |  |  |  |  |  |
| Luxembourg |  |  |  |  | 4,589,673.44 | 2.56 |
| LU2025541991	Allianz Global Investors Fund - Allianz Best Styles |  |  |  |  |  |  |
| Europe Equity SRI -WT9- EUR - (0,510%) LU1766616152	Allianz Global Investors Fund - Allianz Global | STK | 8.940 | EUR | 93,982.420 | 840,202.83 | 0.47 |
| Sustainability -WT- EUR - (0,660%) | STK | 2,751.057 | EUR | 1,362.920 | 3,749,470.61 | 2.09 |
| Total securities and money-market instruments |  |  |  |  | 176,693,524.02 | 98.56 |
| Deposits at financial institutions |  |  |  |  | 2,398,619.29 | 1.34 |
| Sight deposits |  |  |  |  | 2,398,619.29 | 1.34 |
| State Street Bank International |  |  |  |  |  |  |
| GmbH. Luxembourg Branch | EUR |  |  |  | 1,972,929.19 | 1.10 |
| Deposits used for collateralisation of derivatives | EUR |  |  |  | 425,690.10 | 0.24 |
| Total deposits at financial institutions |  |  |  |  | 2,398,619.29 | 1.34 |
|  |  |  |  |  |  |  |
| 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 |  |  |  |  | -148,860.00 | -0.08 |
| Financial futures transactions |  |  |  |  | -148,860.00 | -0.08 |
| Purchased index futures |  |  |  |  | -31,000.00 | -0.02 |
| DJ EURO STOXX 600 ESG-X IndexFutures 12/20 | Ktr | 100 | EUR | 134.000 | -31,000.00 | -0.02 |
| Short bond futures |  |  |  |  | -117,860.00 | -0.06 |
| 2-Year German Government Bond (Schatz) Futures 12/20 | Ktr | -15 | EUR | 112.315 | -300.00 | 0.00 |
| 30-Year German Government Bond (Buxl) Futures 12/20 | Ktr | -6 | EUR | 224.160 | -32,160.00 | -0.02 |
| 5-Year German Government Bond (Bobl) Futures 12/20 | Ktr | -37 | EUR | 135.310 | -7,400.00 | 0.00 |
| Euro BTP Futures 12/20 | Ktr | -13 | EUR | 147.990 | -38,220.00 | -0.02 |
| Euro BTP Futures 12/20 | Ktr | -14 | EUR | 113.350 | -7,000.00 | 0.00 |
| Euro OAT Futures 12/20 | Ktr | -22 | EUR | 169.030 | -32,780.00 | -0.02 |
| Total derivatives |  |  |  |  | -148,860.00 | -0.08 |
| Other assets/liabilities | EUR |  |  |  | 319,309.32 | 0.18 |
| Net assets of the Subfund | EUR |  |  |  | 179,262,592.63 | 100.00 |

| Aktienwert |  |
| --- | --- |
| - Class A (EUR) (distributing) | EUR | 101.36 |
| - Class Allianz Avenir 30 AT (EUR) (accumulating) | EUR | 96.08 |
| - Class Allianz Avenir 30 RT (EUR) (accumulating) | EUR | 100.85 |
| - Class C (EUR) (distributing) | EUR | 107.29 |
| - Class IT2 (EUR) (accumulating) | EUR | 1,011.54 |
| - Class P (EUR) (distributing) | EUR | 1,025.46 |
| Shares in circulation |  |  |
| - Class A (EUR) (distributing) | STK | 7,872 |
| - Class Allianz Avenir 30 AT (EUR) (accumulating) | STK | 1,301 |
| - Class Allianz Avenir 30 RT (EUR) (accumulating) | STK | 10 |
| - Class C (EUR) (distributing) | STK | 1,221,808 |
| - Class IT2 (EUR) (accumulating) | STK | 1,329 |
| - Class P (EUR) (distributing) | STK | 44,769 |
| * The market value was determined on the basis of the latest available price factor on the reporting date. |  |  |

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 | 2,640,866.41 |
| Interest on the liquidity portfolio |  |
| - Positive deposit rates | 5,386.81 |
| - Negative deposit rates | -33,022.72 |
| Dividends | 584,794.45 |
| Income from |  |
| - Securities lending | 30,976.48 |
| Total income | 3,229,001.43 |
| Expenses from |  |
| - Securities lending | -9,292.91 |
| Taxe d’Abonnement | -118,075.82 |
| All-in fee | -2,688,980.24 |
| Other expenses | -9,460.92 |
| Total expenses | -2,825,809.89 |
| Net income/loss Realised gain/loss on | 403,191.54 |
| - securities transactions | -14,737,815.28 |
| - financial futures transactions | 8,635,535.99 |
| - forward foreign exchange transactions | -45.51 |
| - foreign exchange | 1,469,754.04 |
| Net realised gain/loss | -4,229,379.22 |
| Changes in unrealised appreciation/depreciation on |  |
| - securities transactions | -10,999,459.49 |
| - financial futures transactions | -151,592.10 |
| - foreign exchange | -14,573.37 |
| Result of operations | -15,395,004.18 |

| Statement of Net Assets of the Subfund |  |  | Statement of Changes in Net Assets of the | Subfund |
| --- | --- | --- | --- | --- |
| 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 of the Subfund at the beginning of the |  |
| (Cost Price EUR 176,169,927.28) | 176,693,524.02 |  | reporting period | 389,624,791.47 |
| Bank deposits | 2,398,619.29 |  | Subscriptions | 9,307,872.70 |
| Interest receivable on |  |  | Redemptions | -198,811,574.09 |
| - bonds | 538,324.38 |  |  | 200,121,090.08 |
| Accrued dividends | 27,651.26 |  | Distribution | -5,463,493.27 |
| Receivable on |  |  | Result of operations | -15,395,004.18 |
| - Securities lending | 4,474.69 |  | Net assets of the Subfund at the end of the reporting 179,262,592.63 |
| Total assets | 179,662,593.64 |  | period |
| Liabilities to banks | -2,066.61 |  |  |
| Payable on |  |  |  |
| - Rücknahme von Fondsanteilen | -57,048.55 |  |  |
| Other payables | -192,025.85 |  |  |
| Unrealised loss on |  |  |  |
| - financial futures transactions | -148,860.00 |  |  |
| Total liabilities and equity | -400,001.01 |  |  |
| Net assets of the Subfund | 179,262,592.63 |  |  |

| Statement of Changes in Shares |  |
| --- | --- |
|  | 2019/2020 | 2018/2019 |
| Number of shares in issue at the beginning of the reporting period | 1,523,379 | 1,462,518 |
| - issued | 73,423 | 202,491 |
| - redeemed | -319,713 | -141,630 |

Number of shares in issue at the end of the reporting
period
1,277,089	1,523,379

Translation (ENDE, 2020-09-30):
# Allianz Vermögenskonzept SRI Defensiv
Der Teilfonds strebt das Profil eines Portfolios aus 30 % chan- cenreicheren Anlagen (z.B. Aktien, Rohstoffe) und 70 % wert- stabileren Anlagen (EUR-Anleihen) an. Je nach Markteinschät- zung kann er bis zu 50 % in chancenreichere Produkte investie- ren. Mindestens 50 % investiert er in wertstabilere Anlagen. Die Aktien- und Anleihenemittenten werden einer Nachhaltigkeits- analyse unterzogen. Dabei werden insbesondere die Kriterien Umwelt, Soziales und Corporate Governance (Unternehmens- führung) berücksichtigt. Damit soll auf lange Sicht Kapitalzu- wachs erzielt werden. Gleichzeitig wird angestrebt, mögliche Verluste zum Ende des Kalenderjahrs gegenüber dem Aktien- preis zu Jahresbeginn zu begrenzen (keine Garantie).
Im Berichtszeitraum sorgten an den Aktienmärkten die staatli- chen Maßnahmen zur Eindämmung des Coronavirus im Früh- jahr 2020 zunächst für einen Kurssturz, von dem alle Sektoren und Regionen betroffen waren. Später kehrte die nicht zuletzt durch die Notenbanken erhöhte Liquidität an die Börsen zu- rück und sorgte in regional unterschiedlichem Maß für eine Er- holung der Notierungen. An den Anleihenmärkten kam es in diesem Umfeld zu einem Nachfrageschub bei Wertpapieren, die als besonders sicher und liquide gelten. Hiervon profitierten vor allem erstklassige Staatsanleihen aus entwickelten Län- dern. Unternehmenspapiere guter Qualität (Investment Grade- Rating) erzielten ebenfalls im Schnitt ein leichtes Plus, wozu auch die ausgeweiteten Kaufprogramme der Notenbanken beitrugen.
Im Teilfonds entfielen zunächst weiterhin rund zwei Drittel des Wertpapierbestands auf verzinsliche Anlagen. Angesichts der stark negativen Auswirkungen der Corona-Krise auf die Aktien- märkte wurde der Anleihenteil ab Mitte März auf fast 100 % angehoben. Dabei blieb der Schwerpunkt nach wie vor auf öf- fentlich-rechtlichen Emissionen aus dem Euroraum. Neben Pa- pieren hoher Bonität blieben in beträchtlichem Umfang auch Anleihen von Peripheriestaaten wie Italien und Spanien vertre- ten. Etwas ausgebaut wurde die Beimischung hochwertiger Bank- und Unternehmensanleihen. Weiterhin in nur sehr gerin- gem Umfang wurden einige erstklassige gedeckte Schuldver-
schreibungen gehalten. Auf Papiere aus Schwellenländern wurd zuletzt fast ganz verzichtet. Das durchschnittliche Boni- tätsrating der verzinslichen Anlagen stieg bis Ende September auf AA-. Auf der Laufzeitebene verlagerte sich der Fokus auf das Kurzläufersegment. Die Duration (mittlere Kapitalbin- dungsdauer) des Gesamtportfolios einschließlich Derivaten verkürzte sich auf weniger als zwei Jahre
1)
.
Das Aktienportfolio wurde fast vollständig liquidiert, um Schwankungs- und Verlustrisiken für den Teilfonds zu begren- zen. Zum Berichtsstichtag bestand lediglich eine sehr geringfü- gige Beteiligung an zwei international bzw. europaweit anle- genden Aktienfonds, bei deren Titelauswahl Nachhaltigkeits- kriterien angewendet werden. Zur Feinsteuerung der effektiven Engagements an den Aktien- und Anleihenmärkten wurden entsprechende Derivate eingesetzt. Auf Rohstoffanla- gen wurde weiterhin verzichtet.
Mit seiner Anlagepolitik gab der Teilfonds deutlich im Wert nach.
Das genaue Ergebnis im Berichtszeitraum ist in der Tabelle
„Wertentwicklung der Teilfonds“ auf den Seiten 2 und 3 ausge- wiesen. Weitergehende Informationen über den Teilfonds fin- den sich in den Wesentlichen Anlegerinformationen sowie im Verkaufsprospekt.
50
40
30
20
10
0
Frankreich	Italien	Deutschland	Spanien	Luxemburg	Sonstige Länder	Barreserve,
Sonstiges
| Der Teilfonds in Zahlen |  |
| --- | --- |
|  |  | 30.09.2020 | 30.09.2019 | 30.09.2018 |
| Teilfondsvermögen in Mio. EUR Aktienumlauf in Stück 2) - Klasse A (EUR) (ausschüttend) | WKN: A0M 2ST/ISIN: LU0324635332 | 179,3 7.872 | 389,6 8.091 | 298,9 8.740 |

(thesaurierend)
| 1.301 | 34.921 | -- |
| --- | --- | --- |
| 10 | -- | -- |

- Klasse Allianz Avenir 30 AT (EUR) WKN: A2N 6DX/ISIN: LU1885500881(thesaurierend)
- Klasse Allianz Avenir 30 RT (EUR) WKN: A2P 27D/ISIN: LU2158812615

| - Klasse C (EUR) (ausschüttend) | WKN: A0M 2SV/ISIN: LU0324635688 | 1.221.809 | 1.268.565 | 1.323.822 |
| --- | --- | --- | --- | --- |
| - Klasse IT2 (EUR) (thesaurierend) | WKN: A2A RP0/ISIN: LU1490969737 | 1.329 | 910 | 558 |
| - Klasse P (EUR) (ausschüttend) | WKN: A1X B8R/ISIN: LU1017857340 | 44.769 | 210.893 | 129.398 |
| Aktienwert in EUR |  |  |  |  |
| - Klasse A (EUR) (ausschüttend) | WKN: A0M 2ST/ISIN: LU0324635332 | 101,36 | 110,51 | 109,71 |

(thesaurierend)
| 96,08 | 103,40 | -- |
| --- | --- | --- |
| 100,85 | -- | -- |

- Klasse Allianz Avenir 30 AT (EUR) WKN: A2N 6DX/ISIN: LU1885500881(thesaurierend)
- Klasse Allianz Avenir 30 RT (EUR) WKN: A2P 27D/ISIN: LU2158812615

| - Klasse C (EUR) (ausschüttend) | WKN: A0M 2SV/ISIN: LU0324635688 | 107,29 | 116,98 | 116,12 |
| --- | --- | --- | --- | --- |
| - Klasse IT2 (EUR) (thesaurierend) | WKN: A2A RP0/ISIN: LU1490969737 | 1.011,54 | 1.082,28 | 1.055,66 |
| - Klasse P (EUR) (ausschüttend) | WKN: A1X B8R/ISIN: LU1017857340 | 1.025,46 | 1.117,80 | 1.109,83 |

1) 
Floating Rate Notes sind mit dem Termin der nächsten Zinsanpassung berücksichtigt.
2) 
Kumulierte Zahlen für alle am Berichtsstichtag geöffneten Aktienklassen.
Weitere Informationen über Auflegungs- und Auflösungstermine finden Sie in den Tabellen zur Wertentwicklung auf den Seiten 2 bis 3.