# Allianz Vermögenskonzept SRI Ausgewogen
Investment Portfolio as at 30/09/2019
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2019 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| Securities and money-market instruments admitted to an official stock exchange listing |  |  |  |  | 139,574,062.07 | 95.86 |
| Equities |  |  |  |  | 71,968,916.20 | 49.44 |
| Australia |  |  |  |  | 591,350.64 | 0.40 |
| AU000000AWC3  Alumina | STK | 71,570 | AUD | 2.370 | 104,747.88 | 0.07 |
| AU000000TGR4  Tassal Group | STK | 29,627 | AUD | 4.280 | 78,306.41 | 0.05 |
| AU000000TLS2	Telstra | STK | 188,366 | AUD | 3.510 | 408,296.35 | 0.28 |
| Belgium |  |  |  |  | 177,206.72 | 0.12 |
| BE0003565737	KBC Group | STK | 1,421 | EUR | 59.520 | 84,577.92 | 0.06 |
| BE0003739530	UCB | STK | 1,385 | EUR | 66.880 | 92,628.80 | 0.06 |
| Germany |  |  |  |  | 4,035,046.66 | 2.75 |
| DE000A1EWWW0 adidas | STK | 363 | EUR | 283.150 | 102,783.45 | 0.07 |
| DE0005190003	Bayerische Motoren Werke | STK | 3,487 | EUR | 64.340 | 224,353.58 | 0.15 |
| DE0006062144	Covestro | STK | 1,600 | EUR | 45.830 | 73,328.00 | 0.05 |
| DE0007100000	Daimler | STK | 8,152 | EUR | 45.550 | 371,323.60 | 0.26 |
| DE0005552004	Deutsche Post | STK | 11,807 | EUR | 30.375 | 358,637.63 | 0.25 |
| DE0005557508	Deutsche Telekom | STK | 46,714 | EUR | 15.342 | 716,686.19 | 0.48 |
| DE000LEG1110	LEG Immobilien | STK | 3,370 | EUR | 104.650 | 352,670.50 | 0.24 |
| DE0006599905	Merck | STK | 5,140 | EUR | 103.300 | 530,962.00 | 0.36 |
| DE0008430026	Münchener Rückversicherungs-Gesellschaft | STK | 2,109 | EUR | 236.800 | 499,411.20 | 0.34 |
| DE000PAH0038  Porsche Automobil Holding | STK | 3,301 | EUR | 59.000 | 194,759.00 | 0.13 |
| DE0007164600	SAP | STK | 3,471 | EUR | 107.560 | 373,340.76 | 0.26 |
| DE0007236101	Siemens | STK | 2,415 | EUR | 98.050 | 236,790.75 | 0.16 |
| Denmark |  |  |  |  | 1,257,561.23 | 0.85 |
| DK0010181759	Carlsberg -B- | STK | 2,847 | DKK | 1,010.500 | 385,342.98 | 0.26 |
| DK0060534915	Novo Nordisk -B- | STK | 9,379 | DKK | 353.150 | 443,648.91 | 0.30 |
| DK0010268606	Vestas Wind Systems | STK | 5,934 | DKK | 539.200 | 428,569.34 | 0.29 |
| Finland |  |  |  |  | 1,294,414.24 | 0.89 |
| FI0009013296	Neste | STK | 3,697 | EUR | 30.020 | 110,983.94 | 0.08 |
| FI0009000681	Nokia | STK | 34,922 | EUR | 4.623 | 161,444.41 | 0.11 |
| FI0009005961	Stora Enso -R- | STK | 16,241 | EUR | 11.095 | 180,193.90 | 0.12 |
| FI0009000277	Tieto | STK | 3,259 | EUR | 23.220 | 75,673.98 | 0.05 |
| FI0009005987	UPM-Kymmene | STK | 17,770 | EUR | 27.030 | 480,323.10 | 0.33 |
| FI4000074984	Valmet | STK | 16,083 | EUR | 17.770 | 285,794.91 | 0.20 |
| France |  |  |  |  | 9,371,404.09 | 6.44 |
| FR0000051732	Atos | STK | 946 | EUR | 64.860 | 61,357.56 | 0.04 |
| FR0000120628	AXA | STK | 11,120 | EUR | 23.210 | 258,095.20 | 0.18 |
| FR0000131104	BNP Paribas | STK | 7,170 | EUR | 44.845 | 321,538.65 | 0.22 |
| FR0000120503	Bouygues | STK | 7,656 | EUR | 36.420 | 278,831.52 | 0.19 |
| FR0000125338	Capgemini | STK | 2,652 | EUR | 108.700 | 288,272.40 | 0.20 |
| FR0000130403	Christian Dior | STK | 307 | EUR | 430.800 | 132,255.60 | 0.09 |
| FR0000121261	Compagnie Générale des Établissements Michelin | STK | 4,857 | EUR | 102.200 | 496,385.40 | 0.34 |
| FR0000045072	Crédit Agricole | STK | 6,967 | EUR | 11.220 | 78,169.74 | 0.05 |
| FR0000130452	Eiffage | STK | 5,279 | EUR | 94.640 | 499,604.56 | 0.34 |
| FR0010242511	Électricité de France | STK | 20,245 | EUR | 10.325 | 209,029.63 | 0.14 |
| FR0010208488	Engie | STK | 41,253 | EUR | 14.690 | 606,006.57 | 0.42 |
| FR0010221234	Eutelsat Communications | STK | 10,337 | EUR | 17.055 | 176,297.54 | 0.12 |
| FR0000121147	Faurecia | STK | 1,785 | EUR | 43.920 | 78,397.20 | 0.05 |
| FR0010259150	Ipsen | STK | 656 | EUR | 86.950 | 57,039.20 | 0.04 |
| FR0000121485	Kering | STK | 372 | EUR | 464.750 | 172,887.00 | 0.12 |
| FR0000120321	L’Oréal | STK | 3,099 | EUR | 253.200 | 784,666.80 | 0.54 |
| FR0000121014	LVMH Louis Vuitton Moët Hennessy | STK | 2,289 | EUR | 361.900 | 828,389.10 | 0.57 |
| FR0000133308	Orange | STK | 21,805 | EUR | 14.335 | 312,574.68 | 0.21 |
| FR0000121501	Peugeot | STK | 21,070 | EUR | 23.020 | 485,031.40 | 0.33 |
| FR0000131906	Renault | STK | 3,262 | EUR | 53.050 | 173,049.10 | 0.12 |
| FR0000120578	Sanofi | STK | 10,813 | EUR | 84.400 | 912,617.20 | 0.63 |
| FR0010411983	SCOR | STK | 7,063 | EUR | 37.840 | 267,263.92 | 0.18 |
| FR0000130809	Société Générale | STK | 3,778 | EUR | 25.220 | 95,281.16 | 0.07 |

Investment Portfolio as at 30/09/2019
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2019 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| FR0000120271 | TOTAL | STK | 13,046  EUR | 47.570 | 620,598.22 | 0.43 |
| FR0013176526 | Valeo | STK | 6,063  EUR | 30.060 | 182,253.78 | 0.13 |
| FR0000124141 | Veolia Environnement | STK | 11,106  EUR | 23.110 | 256,659.66 | 0.18 |
| FR0000125486 | Vinci | STK | 7,547  EUR | 97.900 | 738,851.30 | 0.51 |
| Hong Kong |  |  |  |  | 66,816.63 | 0.05 |
| HK1883037637 | CITIC Telecom International Holdings | STK | 201,000 HKD | 2.850 | 66,816.63 | 0.05 |
| Ireland |  |  |  |  | 1,339,597.34 | 0.93 |
| IE00B4BNMY34 | Accenture -A- | STK | 630  USD | 191.380 | 110,265.18 | 0.08 |
| IE0001827041 | CRH | STK | 14,338 GBP | 27.860 | 450,345.93 | 0.31 |
| IE00BTN1Y115 | Medtronic | STK | 6,214 USD | 107.320 | 609,892.36 | 0.42 |
| IE00B1RR8406 | Smurfit Kappa Group | STK | 6,097 GBP | 24.600 | 169,093.87 | 0.12 |
| Italy |  |  |  |  | 2,746,065.65 | 1.89 |
| IT0001233417 | A2A | STK | 180,138  EUR | 1.672 | 301,100.67 | 0.21 |
| IT0000062072 | Assicurazioni Generali | STK | 19,564  EUR | 17.830 | 348,826.12 | 0.24 |
| IT0003128367 | Enel | STK | 113,413  EUR | 6.759 | 766,558.47 | 0.53 |
| IT0003132476 | Eni | STK | 38,631  EUR | 14.022 | 541,683.88 | 0.37 |
| IT0003027817 | Iren | STK | 68,599  EUR | 2.652 | 181,924.55 | 0.12 |
| IT0003153415 | Snam | STK | 43,244  EUR | 4.610 | 199,354.84 | 0.14 |
| IT0004810054 | Unipol Gruppo | STK | 83,460  EUR | 4.872 | 406,617.12 | 0.28 |
| Japan |  |  |  |  | 2,573,512.10 | 1.77 |
| JP3814000000 | FUJIFILM Holdings | STK | 8,700  JPY | 4,740.000 | 349,524.34 | 0.24 |
| JP3854600008 | Honda Motor | STK | 3,700  JPY | 2,798.500 | 87,762.07 | 0.06 |
| JP3143600009 | ITOCHU | STK | 25,700  JPY | 2,231.000 | 485,973.43 | 0.33 |
| JP3902900004 | Mitsubishi UFJ Financial Group | STK | 35,600  JPY | 548.400 | 165,473.05 | 0.11 |
| JP3735400008 | Nippon Telegraph & Telephone | STK | 8,200  JPY | 5,156.000 | 358,349.33 | 0.25 |
| JP3200450009 | ORIX | STK | 24,800  JPY | 1,611.000 | 338,631.27 | 0.23 |
| JP3347200002 | Shionogi & Co | STK | 7,600  JPY | 5,999.000 | 386,431.29 | 0.27 |
| JP3435000009 | Sony | STK | 2,600  JPY | 6,347.000 | 139,869.07 | 0.10 |
| JP3544000007 | Teijin | STK | 9,300  JPY | 2,076.000 | 163,640.25 | 0.11 |
| JP3633400001 | Toyota Motor | STK | 1,600  JPY | 7,216.000 | 97,858.00 | 0.07 |
| Jordan |  |  |  |  | 447,937.31 | 0.31 |
| GB00B0LCW083 | Hikma Pharmaceuticals | STK | 18,276 GBP | 21.740 | 447,937.31 | 0.31 |
| Canada |  |  |  |  | 1,609,533.26 | 1.09 |
| CA5054401073 | Labrador Iron Ore Royalty | STK | 5,421 CAD | 24.010 | 89,912.00 | 0.06 |
| CA5592224011 | Magna International | STK | 4,320 CAD | 69.320 | 206,865.66 | 0.14 |
| CA56501R1064 | Manulife Financial | STK | 26,521 CAD | 24.160 | 442,621.93 | 0.30 |
| CA59162N1096 | Metro | STK | 5,426 CAD | 57.910 | 217,059.83 | 0.15 |
| CA7751092007 | Rogers Communications -B- | STK | 6,631 CAD | 64.810 | 296,870.57 | 0.20 |
| CA87807B1076 | TC Energy | STK | 1,617 CAD | 68.460 | 76,470.34 | 0.05 |
| CA87241L1094 | TFI International | STK | 10,257 CAD | 39.480 | 279,732.93 | 0.19 |
| The Netherlands |  |  |  |  | 1,351,424.25 | 0.93 |
| NL0011794037 | Ahold Delhaize | STK | 6,579  EUR | 22.985 | 151,218.32 | 0.10 |
| NL0011872643 | ASR Nederland | STK | 7,679  EUR | 33.710 | 258,859.09 | 0.18 |
| NL0000009827 | DSM | STK | 4,872  EUR | 109.600 | 533,971.20 | 0.37 |
| NL0011821202 | ING Groep | STK | 28,078  EUR | 9.630 | 270,391.14 | 0.19 |
| NL0010773842 | NN Group | STK | 4,170  EUR | 32.850 | 136,984.50 | 0.09 |
| Norway |  |  |  |  | 1,032,068.40 | 0.72 |
| NO0010031479 | DNB | STK | 29,554 NOK | 160.250 | 477,156.99 | 0.33 |
| NO0003921009 | DNO | STK | 200,734 NOK | 12.865 | 260,182.28 | 0.18 |
| NO0010716418 | Entra | STK | 7,803 NOK | 140.200 | 110,219.04 | 0.08 |
| NO0003053605 | Storebrand | STK | 17,935 NOK | 56.840 | 102,707.57 | 0.07 |
| NO0010063308 | Telenor | STK | 4,438 NOK | 182.950 | 81,802.52 | 0.06 |
| Portugal |  |  |  |  | 181,483.46 | 0.12 |
| PTZON0AM0006 | NOS SGPS | STK | 36,827  EUR | 4.928 | 181,483.46 | 0.12 |
| Russia |  |  |  |  | 67,976.07 | 0.05 |
| GB00B71N6K86 | Evraz | STK | 12,796 GBP | 4.712 | 67,976.07 | 0.05 |
| Sweden |  |  |  |  | 1,731,436.30 | 1.20 |

Investment Portfolio as at 30/09/2019
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2019 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| SE0000695876 | Alfa Laval | STK | 4,591  SEK | 194.550 | 83,250.89 | 0.06 |
| SE0012455673 | Boliden | STK | 4,382  SEK | 228.150 | 93,184.40 | 0.06 |
| SE0007491303 | Bravida Holding | STK | 17,601  SEK | 85.300 | 139,938.35 | 0.10 |
| SE0000107401 | Investor -A- | STK | 9,137  SEK | 472.000 | 401,972.19 | 0.28 |
| SE0001852419 | Lindab International | STK | 9,529  SEK | 98.700 | 87,662.70 | 0.06 |
| SE0002683557 | Loomis -B- | STK | 8,545  SEK | 343.600 | 273,662.70 | 0.19 |
| SE0000667891 | Sandvik | STK | 26,125  SEK | 154.600 | 376,457.69 | 0.26 |
| SE0000148884 | Skandinaviska Enskilda Banken -A- | STK | 17,020  SEK | 90.920 | 144,234.57 | 0.10 |
| SE0000108656 | Telefonaktiebolaget LM Ericsson -B- | STK | 17,914  SEK | 78.500 | 131,072.81 | 0.09 |
| Switzerland |  |  |  |  | 6,350,028.87 | 4.36 |
| GB00B1XH2C03 | Ferrexpo | STK | 32,133 GBP | 1.623 | 58,777.69 | 0.04 |
| CH0001752309 | Georg Fischer | STK | 109  CHF | 867.500 | 87,077.16 | 0.06 |
| CH0025751329 | Logitech International | STK | 3,885 CHF | 40.130 | 143,571.58 | 0.10 |
| CH0038863350 | Nestlé | STK | 21,555 CHF | 106.940 | 2,122,738.54 | 1.46 |
| CH0012005267 | Novartis | STK | 13,680 CHF | 86.080 | 1,084,417.84 | 0.74 |
| CH0024608827 | Partners Group Holding | STK | 129  CHF | 768.800 | 91,329.56 | 0.06 |
| CH0012032048 | Roche Holding | STK | 5,580 CHF | 289.550 | 1,487,873.70 | 1.02 |
| NL0000226223 | STMicroelectronics | STK | 6,770  EUR | 17.605 | 119,185.85 | 0.08 |
| CH0126881561 | Swiss Re | STK | 4,805 CHF | 103.650 | 458,639.02 | 0.32 |
| CH0102993182 | TE Connectivity | STK | 3,378 USD | 92.710 | 286,409.56 | 0.20 |
| CH0011075394 | Zurich Insurance Group | STK | 1,164 CHF | 382.500 | 410,008.37 | 0.28 |
| Singapore |  |  |  |  | 226,095.08 | 0.16 |
| SG1V61937297 | Singapore Airlines | STK | 37,400 SGD | 9.140 | 226,095.08 | 0.16 |
| Spain |  |  |  |  | 1,896,306.07 | 1.30 |
| ES0167050915 | ACS Actividades de Construcción y Servicios | STK | 13,340  EUR | 36.400 | 485,576.00 | 0.33 |
| ES0113211835 | Banco Bilbao Vizcaya Argentaria | STK | 123,597  EUR | 4.800 | 593,265.60 | 0.41 |
| ES0113900J37 | Banco Santander | STK | 109,529  EUR | 3.746 | 410,295.63 | 0.28 |
| ES0178430E18 | Telefónica | STK | 58,084  EUR | 7.010 | 407,168.84 | 0.28 |
| USA |  |  |  |  | 23,817,510.05 | 16.36 |
| US00287Y1091 | AbbVie | STK | 2,811 USD | 74.850 | 192,421.65 | 0.13 |
| US02005N1000 | Ally Financial | STK | 14,212 USD | 33.550 | 436,062.76 | 0.30 |
| US02079K3059 | Alphabet -A- | STK | 289  USD | 1,225.950 | 324,020.05 | 0.22 |
| US02079K1079 | Alphabet -C- | STK | 581  USD | 1,225.090 | 650,946.67 | 0.45 |
| US0231351067 | Amazon,com | STK | 657  USD | 1,725.450 | 1,036,738.03 | 0.71 |
| US0258161092 | American Express | STK | 1,282 USD | 118.590 | 139,039.24 | 0.10 |
| US03076C1062 | Ameriprise Financial | STK | 3,432 USD | 147.540 | 463,082.47 | 0.32 |
| US0311621009 | Amgen | STK | 2,952 USD | 194.940 | 526,282.10 | 0.36 |
| US0367521038 | Anthem | STK | 1,352 USD | 237.690 | 293,892.76 | 0.20 |
| US0382221051 | Applied Materials | STK | 2,007 USD | 49.430 | 90,727.57 | 0.06 |
| US00206R1023 | AT&T | STK | 7,171 USD | 37.430 | 245,471.36 | 0.17 |
| US0533321024 | AutoZone | STK | 106  USD | 1,085.650 | 105,243.91 | 0.07 |
| US0545611057 | AXA Equitable Holdings | STK | 18,763 USD | 22.650 | 388,661.72 | 0.27 |
| US0640581007 | Bank of New York Mellon | STK | 2,334 USD | 44.530 | 95,050.59 | 0.07 |
| US1011371077 | Boston Scientific | STK | 12,577 USD | 40.310 | 463,650.93 | 0.32 |
| US1046741062 | Brady -A- | STK | 1,634 USD | 53.030 | 79,245.56 | 0.05 |
| US11135F1012 | Broadcom | STK | 366  USD | 274.140 | 91,760.29 | 0.06 |
| US14040H1059 | Capital One Financial | STK | 1,252 USD | 91.340 | 104,584.33 | 0.07 |
| US14149Y1082 | Cardinal Health | STK | 2,049 USD | 47.570 | 89,140.77 | 0.06 |
| US1423391002 | Carlisle Cos | STK | 567  USD | 143.010 | 74,156.76 | 0.05 |
| US1248572026 | CBS -B- | STK | 1,749 USD | 40.320 | 64,492.86 | 0.04 |
| US1510201049 | Celgene | STK | 1,020 USD | 98.850 | 92,210.02 | 0.06 |
| US1255231003 | Cigna | STK | 1,393 USD | 149.480 | 190,430.05 | 0.13 |
| US17275R1023 | Cisco Systems | STK | 13,055 USD | 48.840 | 583,114.46 | 0.40 |
| US20030N1019 | Comcast -A- | STK | 15,983 USD | 44.810 | 654,989.78 | 0.45 |
| US2193501051 | Corning | STK | 5,037 USD | 28.380 | 130,733.12 | 0.09 |
| US2310211063 | Cummins | STK | 2,677 USD | 161.300 | 394,897.17 | 0.27 |

Investment Portfolio as at 30/09/2019
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2019 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| US2473617023 | Delta Air Lines | STK | 8,368 USD | 58.280 | 446,007.84 | 0.31 |
| US2547091080 | Discover Financial Services | STK | 5,797 USD | 81.510 | 432,131.05 | 0.30 |
| US2692464017 | E*TRADE Financial | STK | 2,303 USD | 43.265 | 91,123.83 | 0.06 |
| US5324571083 | Eli Lilly | STK | 1,280 USD | 112.370 | 131,541.15 | 0.09 |
| BMG3198U1027 | Essent Group | STK | 8,505 USD | 48.460 | 376,928.53 | 0.26 |
| US30161N1019 | Exelon | STK | 10,124 USD | 48.580 | 449,791.17 | 0.31 |
| US3167731005 | Fifth Third Bancorp | STK | 7,149 USD | 27.480 | 179,664.93 | 0.12 |
| US31847R1023 | First American Financial | STK | 7,496 USD | 58.980 | 404,329.68 | 0.28 |
| US3029411093 | FTI Consulting | STK | 1,622 USD | 104.920 | 155,636.13 | 0.11 |
| US37045V1008 | General Motors | STK | 8,581 USD | 37.420 | 293,658.76 | 0.20 |
| US3755581036 | Gilead Sciences | STK | 3,233 USD | 62.900 | 185,976.31 | 0.13 |
| US42824C1099 | Hewlett Packard Enterprise | STK | 7,060 USD | 15.000 | 96,849.47 | 0.07 |
| US40434L1052 | HP | STK | 17,981 USD | 18.530 | 304,712.69 | 0.21 |
| US4435106079 | Hubbell | STK | 801  USD | 132.140 | 96,798.38 | 0.07 |
| US4448591028 | Humana | STK | 1,234 USD | 257.590 | 290,700.27 | 0.20 |
| IE00B6330302 | Ingersoll-Rand | STK | 1,434 USD | 123.560 | 162,042.27 | 0.11 |
| US4581401001 | Intel | STK | 11,446 USD | 50.780 | 531,554.40 | 0.37 |
| US4592001014 | International Business Machines | STK | 1,606 USD | 143.240 | 210,383.24 | 0.14 |
| US4781601046 | Johnson & Johnson | STK | 5,272 USD | 128.600 | 620,037.06 | 0.43 |
| US4932671088 | KeyCorp | STK | 5,084 USD | 17.860 | 83,040.18 | 0.06 |
| US4943681035 | Kimberly-Clark | STK | 1,600 USD | 142.060 | 207,870.60 | 0.14 |
| US49456B1017 | Kinder Morgan | STK | 8,135 USD | 20.670 | 153,779.81 | 0.11 |
| US5128071082 | Lam Research | STK | 2,464 USD | 230.080 | 518,466.68 | 0.36 |
| US5341871094 | Lincoln National | STK | 5,123 USD | 60.910 | 285,373.89 | 0.20 |
| NL0009434992 | LyondellBasell Industries -A- | STK | 2,737 USD | 88.700 | 222,023.89 | 0.15 |
| US57636Q1040 | Mastercard -A- | STK | 858  USD | 269.130 | 211,178.98 | 0.15 |
| US57665R1068 | Match Group | STK | 1,173 USD | 72.410 | 77,677.97 | 0.05 |
| US58933Y1055 | Merck | STK | 2,438 USD | 82.910 | 184,859.55 | 0.13 |
| US5949181045 | Microsoft | STK | 10,563 USD | 137.730 | 1,330,506.83 | 0.91 |
| US60871R2094 | Molson Coors Brewing -B- | STK | 3,018 USD | 57.470 | 158,621.38 | 0.11 |
| US6558441084 | Norfolk Southern | STK | 771  USD | 180.870 | 127,532.89 | 0.09 |
| US6821891057 | ON Semiconductor | STK | 4,016 USD | 18.680 | 68,607.54 | 0.05 |
| US68389X1054 | Oracle | STK | 8,663 USD | 54.090 | 428,535.27 | 0.29 |
| US6937181088 | PACCAR | STK | 6,395 USD | 69.010 | 403,602.51 | 0.28 |
| US70450Y1038 | PayPal Holdings | STK | 1,091 USD | 102.200 | 101,971.06 | 0.07 |
| US7427181091 | Procter & Gamble | STK | 6,768 USD | 124.570 | 771,036.78 | 0.53 |
| US78573M1045 | Sabre | STK | 20,967 USD | 22.180 | 425,303.66 | 0.29 |
| US8581552036 | Steelcase -A- | STK | 18,983 USD | 18.410 | 319,609.67 | 0.22 |
| US87165B1035 | Synchrony Financial | STK | 12,885 USD | 33.620 | 396,171.67 | 0.27 |
| US87612E1064 | Target | STK | 4,561 USD | 106.120 | 442,648.09 | 0.30 |
| US8835561023 | Thermo Fisher Scientific | STK | 1,948 USD | 287.400 | 512,008.30 | 0.35 |
| US8725401090 | TJX Companies | STK | 1,828 USD | 54.830 | 91,663.35 | 0.06 |
| US9024941034 | Tyson Foods -A- | STK | 5,593 USD | 85.200 | 435,798.46 | 0.30 |
| US9078181081 | Union Pacific | STK | 799  USD | 162.690 | 118,880.03 | 0.08 |
| US9113631090 | United Rentals | STK | 616  USD | 124.790 | 70,301.04 | 0.05 |
| US91324P1021 | UnitedHealth Group | STK | 2,100 USD | 215.260 | 413,412.79 | 0.28 |
| US92343V1044 | Verizon Communications | STK | 3,920 USD | 60.300 | 216,174.60 | 0.15 |
| US92826C8394 | Visa -A- | STK | 1,845 USD | 174.000 | 293,593.81 | 0.20 |
| US2546871060 | Walt Disney | STK | 1,733 USD | 129.960 | 205,972.65 | 0.14 |
| US94106L1098 | Waste Management | STK | 4,572 USD | 113.590 | 474,949.68 | 0.33 |
| US94946T1060 | WellCare Health Plans | STK | 638  USD | 259.290 | 151,289.13 | 0.10 |
| US9839191015 | Xilinx | STK | 4,225 USD | 95.950 | 370,743.01 | 0.25 |
| US9884981013 | Yum! Brands | STK | 807  USD | 112.990 | 83,390.16 | 0.06 |
| United Kingdom |  |  |  |  | 9,371,046.64 | 6.45 |
| GB00B1YW4409 | 3i Group | STK | 27,121 GBP | 11.820 | 361,409.63 | 0.25 |
| GB0009895292 | AstraZeneca | STK | 9,468 GBP | 71.860 | 767,047.07 | 0.53 |

Investment Portfolio as at 30/09/2019
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2019 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| GB00BVYVFW23 | Auto Trader Group | STK | 11,681 GBP | 5.100 | 67,162.48 | 0.05 |
| GB0002162385 | Aviva | STK | 67,763 GBP | 3.987 | 304,589.84 | 0.21 |
| GB0031348658 | Barclays | STK | 110,192 GBP | 1.514 | 188,109.13 | 0.13 |
| GB0000811801 | Barratt Developments | STK | 25,821 GBP | 6.422 | 186,947.60 | 0.13 |
| GB0000904986 | Bellway | STK | 2,789 GBP | 32.880 | 103,384.84 | 0.07 |
| GB00B02L3W35 | Berkeley Group Holdings | STK | 4,138 GBP | 41.800 | 195,003.91 | 0.13 |
| GB00BDCPN049 | Coca-Cola European Partners | STK | 8,937 USD | 55.040 | 449,853.87 | 0.31 |
| GB00BD6K4575 | Compass Group | STK | 10,424 GBP | 20.950 | 246,203.93 | 0.17 |
| GB00BV9FP302 | Computacenter | STK | 14,111 GBP | 12.880 | 204,903.89 | 0.14 |
| GB0008220112 | DS Smith | STK | 21,373 GBP | 3.600 | 86,745.02 | 0.06 |
| GB0009252882 | GlaxoSmithKline | STK | 41,898 GBP | 17.452 | 824,356.47 | 0.57 |
| GB00B0HZP136 | Greene King | STK | 884 GBP | 8.456 | 8,427.40 | 0.01 |
| GB00B63QSB39 | Greggs | STK | 3,845 GBP | 20.830 | 90,294.68 | 0.06 |
| GB00BYYTFB60 | HomeServe | STK | 7,534 GBP | 11.950 | 101,500.94 | 0.07 |
| GB0005405286 | HSBC Holdings | STK | 52,583 GBP | 6.282 | 372,408.73 | 0.26 |
| GB00BYX91H57 | JD Sports Fashion | STK | 16,910 GBP | 7.404 | 141,151.85 | 0.10 |
| GB0005603997 | Legal & General Group | STK | 150,542 GBP | 2.494 | 423,282.86 | 0.29 |
| GB0008706128 | Lloyds Banking Group | STK | 536,236 GBP | 0.548 | 331,051.80 | 0.23 |
| GB00B012BV22 | Marshalls | STK | 13,259 GBP | 6.650 | 99,405.17 | 0.07 |
| GB00BJ1F4N75 | Micro Focus International | STK | 11,832 GBP | 11.386 | 151,881.85 | 0.10 |
| GB00B1CRLC47 | Mondi | STK | 16,856 GBP | 15.535 | 295,217.66 | 0.20 |
| GB0006215205 | National Express Group | STK | 31,328 GBP | 4.326 | 152,790.29 | 0.10 |
| GB00BDR05C01 | National Grid | STK | 18,964 GBP | 8.823 | 188,635.22 | 0.13 |
| GB0006825383 | Persimmon | STK | 7,305 GBP | 21.610 | 177,971.94 | 0.12 |
| GB00B2B0DG97 | RELX | STK | 30,633 GBP | 19.320 | 667,226.37 | 0.46 |
| AU000000RIO1 | Rio Tinto | STK | 47  AUD | 92.670 | 2,689.69 | 0.00 |
| GB00B7T77214 | Royal Bank of Scotland Group | STK | 93,312 GBP | 2.096 | 220,498.34 | 0.15 |
| NL0000388619 | Unilever | STK | 5,045  EUR | 54.760 | 276,264.20 | 0.19 |
| GB00B10RZP78 | Unilever | STK | 11,403 GBP | 48.790 | 627,229.53 | 0.43 |
| GB00B39J2M42 | United Utilities Group | STK | 53,724 GBP | 8.192 | 496,174.95 | 0.34 |
| GB00BH4HKS39 | Vodafone Group | STK | 219,738 GBP | 1.628 | 403,356.88 | 0.28 |
| JE00B8KF9B49 | WPP | STK | 13,796 GBP | 10.150 | 157,868.61 | 0.11 |
| Austria |  |  |  |  | 433,095.14 | 0.30 |
| AT0000743059 | OMV | STK | 7,343  EUR | 49.640 | 364,506.52 | 0.25 |
| NL0012650360 | Rhi Magnesita | STK | 1,497 GBP | 40.640 | 68,588.62 | 0.05 |
| Bonds |  |  |  |  | 67,154,509.35 | 46.11 |
| Australia |  |  |  |  | 102,679.81 | 0.07 |
| XS1811023735 | 0.3750 | % | Commonwealth Bank of |  |  |  |  |  |
|  |  |  | Australia EUR MTN 18/23 | EUR | 100.0	% | 102.680 | 102,679.81 | 0.07 |
| Belgium |  |  |  |  |  |  | 2,512,593.10 | 1.72 |
| BE0002620012 | 0.3750 | % | Belfius Bank EUR MTN 18/23 | EUR | 200.0	% | 103.357 | 206,713.10 | 0.14 |
| BE0000332412 | 2.6000 | % | Belgium Government EUR Bonds 14/24 S.72 | EUR | 2,000.0	% | 115.294 | 2,305,880.00 | 1.58 |
| China |  |  |  |  |  |  | 310,285.71 | 0.21 |
| XS1553210672 | 0.8750 | % | China Development Bank EUR Notes 17/24 | EUR | 300.0	% | 103.429 | 310,285.71 | 0.21 |
| Germany |  |  |  |  |  |  | 9,289,669.66 | 6.38 |
| DE0001102309 | 1.5000 | % | Germany Government EUR Bonds 13/23 | EUR | 3,000.0	% | 107.957 | 3,238,710.00 | 2.22 |
| DE0001102325 | 2.0000 | % | Germany Government EUR Bonds 13/23 | EUR | 2,500.0	% | 111.100 | 2,777,500.00 | 1.91 |
| DE0001102358 | 1.5000 | % | Germany Government EUR Bonds 14/24 | EUR | 2,300.0	% | 110.800 | 2,548,400.00 | 1.75 |
| XS1387174375 | 2.2500 | % | HeidelbergCement EUR MTN 16/23 | EUR | 200.0	% | 106.799 | 213,598.86 | 0.15 |
| DE000RLP0736 | 0.1250 | % | Land Rheinland-Pfalz EUR Bonds 16/23 | EUR | 500.0	% | 102.292 | 511,460.80 | 0.35 |
| Denmark |  |  |  |  |  |  | 102,493.25 | 0.07 |
| XS1424730973 | 0.7500 | % | Danske Bank EUR MTN 16/23 | EUR | 100.0	% | 102.493 | 102,493.25 | 0.07 |
| Finland |  |  |  |  |  |  | 992,899.20 | 0.69 |
| FI4000062625 | 1.5000 | % | Finland Government EUR Bonds 13/23 | EUR | 400.0	% | 107.922 | 431,686.00 | 0.30 |
| FI4000079041 | 2.0000 | % | Finland Government EUR Bonds 14/24 | EUR | 500.0	% | 112.243 | 561,213.20 | 0.39 |
| France |  |  |  |  |  |  | 12,761,776.45 | 8.77 |
| FR0011530492 | 2.3750 | % | Arkea Home Loans EUR MTN 13/23 | EUR | 200.0	% | 110.700 | 221,400.96 | 0.15 |

Investment Portfolio as at 30/09/2019
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2019 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| XS1962554785 | 0.6250 | % | Compagnie de Saint-Gobain |  |  |  |  |  |  |
|  |  |  | EUR Notes 19/24 | EUR | 300.0 | % | 102.334 | 307,002.18 | 0.21 |
| FR0010466938 | 4.2500 | % | France Government EUR Bonds 07/23 | EUR | 4,000.0 | % | 120.442 | 4,817,680.00 | 3.31 |
| FR0011486067 | 1.7500 | % | France Government EUR Bonds 13/23 | EUR | 1,000.0 | % | 109.075 | 1,090,750.00 | 0.75 |
| FR0011619436 | 2.2500 | % | France Government EUR Bonds 13/24 | EUR | 4,300.0 | % | 113.620 | 4,885,660.00 | 3.36 |
| FR0011962398 | 1.7500 | % | France Government EUR Bonds 14/24 | EUR | 1,000.0 | % | 112.238 | 1,122,380.00 | 0.77 |
| FR0013153707 | 2.3750 | % | Peugeot EUR MTN 16/23 | EUR | 200.0 | % | 107.609 | 215,218.82 | 0.15 |
| FR0013230943 | 0.6250 | % | Valeo EUR MTN 17/23 | EUR | 100.0 | % | 101.684 | 101,684.49 | 0.07 |
| Ireland |  |  |  |  |  |  |  | 1,383,748.91 | 0.95 |
| XS1883354620 | 0.8750 | % | Abbott Ireland Financing EUR Notes 18/23 | EUR | 100.0 | % | 103.227 | 103,226.91 | 0.07 |
| IE00B4S3JD47 | 3.9000 | % | Ireland Government EUR Bonds 13/23 | EUR | 600.0 | % | 115.552 | 693,312.00 | 0.48 |
| IE00B6X95T99 | 3.4000 | % | Ireland Government EUR Bonds 14/24 | EUR | 500.0 | % | 117.442 | 587,210.00 | 0.40 |
| Iceland |  |  |  |  |  |  |  | 101,557.35 | 0.07 |
| XS2015295814 | 0.1000 | % | Iceland Government EUR Bonds 19/24 | EUR | 100.0 | % | 101.557 | 101,557.35 | 0.07 |
| Italy |  |  |  |  |  |  |  | 16,124,627.80 | 11.07 |
| IT0004356843 | 4.7500 | % | Italy Buoni Poliennali Del |  |  |  |  |  |  |
| IT0004898034 | 4.5000 | % | Tesoro EUR Bonds 08/23 Italy Buoni Poliennali Del | EUR | 2,100.0 | % | 117.912 | 2,476,152.00 | 1.70 |
| IT0005001547 | 3.7500 | % | Tesoro EUR Bonds 13/23 Italy Buoni Poliennali Del | EUR | 4,600.0 | % | 115.992 | 5,335,632.00 | 3.66 |
| IT0005172322 | 0.9500 | % | Tesoro EUR Bonds 14/24 Italy Buoni Poliennali Del | EUR | 800.0 | % | 117.080 | 936,640.00 | 0.64 |
| IT0005246340 | 1.8500 | % | Tesoro EUR Bonds 16/23 Italy Buoni Poliennali Del | EUR | 2,100.0 | % | 103.293 | 2,169,153.00 | 1.49 |
| IT0000366655 | 9.0000 | % | Tesoro EUR Bonds 17/24 Italy Buoni Poliennali Del | EUR | 2,280.0 | % | 107.711 | 2,455,810.80 | 1.69 |
|  |  |  | Tesoro EUR Bonds 93/23 | EUR | 2,020.0 | % | 136.200 | 2,751,240.00 | 1.89 |
| Japan |  |  |  |  |  |  |  | 206,381.80 | 0.14 |
| XS1843449049 | 1.1250 | % | Takeda Pharmaceutical EUR Notes 18/22 | EUR | 200.0 | % | 103.191 | 206,381.80 | 0.14 |
| Canada |  |  |  |  |  |  |  | 716,487.91 | 0.49 |
| XS1897129950 | 0.3750 | % | Bank of Nova Scotia EUR MTN 18/23 | EUR | 300.0 | % | 103.119 | 309,355.77 | 0.21 |
| XS1989375412 | 0.2500 | % | Royal Bank of Canada EUR MTN 19/24 | EUR | 200.0 | % | 100.760 | 201,519.90 | 0.14 |
| XS1401105587 | 0.3750 | % | Toronto-Dominion Bank EUR MTN 16/23 | EUR | 200.0 | % | 102.806 | 205,612.24 | 0.14 |
| Luxembourg |  |  |  |  |  |  |  | 206,657.19 | 0.14 |
| XS1936308391 | 2.2500 | % | ArcelorMittal EUR MTN 19/24 | EUR | 100.0 | % | 105.418 | 105,418.03 | 0.07 |
| XS1960678099 | 0.3750 | % | Medtronic Global Holdings |  |  |  |  |  |  |
|  |  |  | EUR Notes 19/23 | EUR | 100.0 | % | 101.239 | 101,239.16 | 0.07 |
| New Zealand |  |  |  |  |  |  |  | 155,191.01 | 0.11 |
| XS1935204641 | 0.5000 | % | ANZ New Zealand Int’l |  |  |  |  |  |  |
|  |  |  | (London) EUR MTN 19/24 | EUR | 150.0 | % | 103.461 | 155,191.01 | 0.11 |
| The Netherlands |  |  |  |  |  |  |  | 3,668,639.75 | 2.52 |
| XS1823246712 | 0.5000 | % | BMW Finance EUR MTN 18/22 | EUR | 300.0 | % | 101.560 | 304,679.85 | 0.21 |
| XS1385395121 | 2.3750 | % | EDP Finance EUR MTN 16/23 | EUR | 200.0 | % | 108.088 | 216,176.44 | 0.15 |
| NL0000102077 | 7.5000 | % | Netherlands Government EUR Bonds 93/23 | EUR | 1,900.0 | % | 127.746 | 2,427,174.00 | 1.67 |
| NL0012650469 | 0.0000 | % | Netherlands Government EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 15.01.2024 | EUR | 500.0 | % | 103.120 | 515,600.00 | 0.35 |
| XS1956955980 | 0.6250 | % | Rabobank EUR MTN 19/24 | EUR | 200.0 | % | 102.505 | 205,009.46 | 0.14 |
| Poland |  |  |  |  |  |  |  | 1,252,727.12 | 0.86 |
| XS0794399674 | 3.7500 | % | Poland Government EUR MTN 12/23 | EUR | 900.0 | % | 113.768 | 1,023,915.78 | 0.70 |
| XS1015428821 | 3.0000 | % | Poland Government EUR MTN 14/24 | EUR | 200.0 | % | 114.406 | 228,811.34 | 0.16 |
| Portugal |  |  |  |  |  |  |  | 3,277,669.00 | 2.25 |
| PTOTEAOE0021 | 4.9500 | % | Portugal Obrigações do |  |  |  |  |  |  |
| PTOTEQOE0015 | 5.6500 | % | Tesouro EUR Bonds 08/23 Portugal Obrigações do | EUR | 1,450.0 | % | 121.570 | 1,762,765.00 | 1.21 |
|  |  |  | Tesouro EUR Bonds 13/24 | EUR | 1,200.0 | % | 126.242 | 1,514,904.00 | 1.04 |
| Romania |  |  |  |  |  |  |  | 231,418.94 | 0.16 |
| XS1060842975 | 3.6250 | % | Romania Government EUR MTN 14/24 | EUR | 200.0 | % | 115.709 | 231,418.94 | 0.16 |
| Sweden |  |  |  |  |  |  |  | 453,922.43 | 0.31 |
| XS1711933033 | 0.2500 | % | Swedbank EUR MTN 17/22 | EUR | 450.0 | % | 100.872 | 453,922.43 | 0.31 |
| Switzerland |  |  |  |  |  |  |  | 103,812.75 | 0.07 |
| XS1428769738 | 1.0000 | % | Crédit Suisse (London) EUR MTN 16/23 | EUR | 100.0 | % | 103.813 | 103,812.75 | 0.07 |

Investment Portfolio as at 30/09/2019
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2019 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| Slovenia |  |  |  |  |  |  |  | 250,565.60 | 0.17 |
| SI0002102984 | 4.6250 | % | Slovenia Government EUR Bonds 09/24 | EUR | 200.0 | % | 125.283 | 250,565.60 | 0.17 |
| Spain |  |  |  |  |  |  |  | 10,415,851.86 | 7.14 |
| XS1878191052 | 0.8750 | % | Amadeus IT Group EUR MTN 18/23 | EUR | 100.0 | % | 103.275 | 103,274.68 | 0.07 |
| ES0444251047 | 0.2500 | % | Ibercaja Banco EUR MTN 16/23 | EUR | 200.0 | % | 102.255 | 204,509.96 | 0.14 |
| XS1956025651 | 1.0000 | % | Santander Consumer Finance |  |  |  |  |  |  |
|  |  |  | EUR MTN 19/24 | EUR | 100.0 | % | 103.518 | 103,517.96 | 0.07 |
| ES00000121G2 | 4.8000 | % | Spain Government EUR Bonds 08/24 | EUR | 850.0 | % | 122.348 | 1,039,958.00 | 0.71 |
| ES00000123U9 | 5.4000 | % | Spain Government EUR Bonds 13/23 | EUR | 1,350.0 | % | 119.492 | 1,613,142.00 | 1.11 |
| ES00000123X3 | 4.4000 | % | Spain Government EUR Bonds 13/23 | EUR | 200.0 | % | 119.461 | 238,922.00 | 0.16 |
| ES00000124W3 | 3.8000 | % | Spain Government EUR Bonds 14/24 | EUR | 2,570.0 | % | 118.870 | 3,054,959.00 | 2.10 |
| ES0000012A97 | 0.4500 | % | Spain Government EUR Bonds 17/22 | EUR | 2,600.0 | % | 102.734 | 2,671,077.76 | 1.83 |
| ES0000012B62 | 0.3500 | % | Spain Government EUR Bonds 18/23 | EUR | 1,350.0 | % | 102.703 | 1,386,490.50 | 0.95 |
| Supranational |  |  |  |  |  |  |  | 206,328.00 | 0.14 |
| XS1594302868 | 0.1250 | % | Council Of Europe Development |  |  |  |  |  |  |
|  |  |  | Bank EUR MTN 17/24 | EUR | 200.0 | % | 103.164 | 206,328.00 | 0.14 |
| South Korea |  |  |  |  |  |  |  | 512,191.25 | 0.35 |
| XS1967003747 | 0.3750 | % | Export Import Bank Korea EUR MTN 19/24 | EUR | 200.0 | % | 102.522 | 205,044.44 | 0.14 |
| XS1857091166 | 0.6250 | % | Korea Development Bank EUR Notes 18/23 | EUR | 200.0 | % | 103.238 | 206,476.16 | 0.14 |
| XS2022179159 | 0.0000 | % | Korea Development Bank EUR |  |  |  |  |  |  |
|  |  |  | Zero-Coupon Bonds 10.07.2024 | EUR | 100.0 | % | 100.671 | 100,670.65 | 0.07 |
| USA |  |  |  |  |  |  |  | 526,261.61 | 0.36 |
| XS1079726334 | 2.3750 | % | Bank of America EUR MTN 14/24 | EUR | 200.0 | % | 110.644 | 221,288.66 | 0.15 |
| XS1822506272 | 1.4010 | % | Becton Dickinson EUR Notes 18/23 | EUR | 100.0 | % | 103.888 | 103,887.81 | 0.07 |
| XS1979259220 | 0.3750 | % | Metropolitan Life Global |  |  |  |  |  |  |
|  |  |  | Funding EUR Notes 19/24 | EUR | 100.0 | % | 101.362 | 101,362.34 | 0.07 |
| XS2058556296 | 0.1250 | % | Thermo Fisher Scientific EUR Notes 19/25 | EUR | 100.0 | % | 99.723 | 99,722.80 | 0.07 |
| Cyprus |  |  |  |  |  |  |  | 506,475.64 | 0.36 |
| XS1457553367 | 3.7500 | % | Cyprus Government EUR MTN 16/23 | EUR | 200.0 | % | 114.472 | 228,943.32 | 0.16 |
| XS1637276848 | 2.7500 | % | Cyprus Government EUR MTN 17/24 | EUR | 200.0 | % | 113.000 | 226,000.82 | 0.16 |
| XS1989405425 | 0.6250 | % | Cyprus Government EUR MTN 19/24 | EUR | 50.0 | % | 103.063 | 51,531.50 | 0.04 |
| Austria |  |  |  |  |  |  |  | 781,596.25 | 0.54 |
| AT0000A0U3T4 | 3.4000 | % | Austria Government EUR Bonds 12/22 | EUR | 600.0 | % | 113.046 | 678,277.26 | 0.47 |
| XS1917590876 | 0.7500 | % | OMV EUR MTN 18/23 | EUR | 100.0 | % | 103.319 | 103,318.99 | 0.07 |
| REITs (Real Estate Investment Trusts) |  |  |  |  | 450,636.52 | 0.31 |
| France |  |  |  |  | 450,636.52 | 0.31 |
| FR0010040865	Gecina Real Estate Investment Trust | STK | 655 | EUR | 142.600 | 93,403.00 | 0.06 |
| FR0000121964	Klepierre Real Estate Investment Trust | STK | 11,494 | EUR | 31.080 | 357,233.52 | 0.25 |
| Other securities and money-market instruments |  |  |  |  | 0.06 | 0.00 |
| Warrants |  |  |  |  | 0.06 | 0.00 |
| Singapore |  |  |  |  | 0.06 | 0.00 |
| SG5HB4000006  Ezion Holdings -Warrants-* | STK | 8,640 | SGD | 0.000 | 0.06 | 0.00 |
| Fund units |  |  |  |  | 1,758,322.53 | 1.21 |
| (Ongoing Charges (including management fee) resp. Management Fee or All-in-fee of the target fund in % p.a.) |  |  |  |  |  |  |
| Luxembourg |  |  |  |  | 1,758,322.53 | 1.21 |
| LU1766616152	Allianz Global Investors Fund - Allianz Global |  |  |  |  |  |  |
| Sustainability -WT- EUR - (0.660%) | STK | 1,413.488 | EUR | 1,243.960 | 1,758,322.53 | 1.21 |
| Total securities and money-market instruments |  |  |  |  | 141,332,384.66 | 97.07 |
| Deposits at financial institutions |  |  |  |  | 3,499,143.27 | 2.41 |
| Sight deposits |  |  |  |  | 3,499,143.27 | 2.41 |
| State Street Bank Luxembourg S.C.A, | EUR |  |  |  | 3,256,057.90 | 2.24 |
| Deposits used for collateralisation of derivatives | EUR |  |  |  | 243,085.37 | 0.17 |
| Total deposits at financial institutions |  |  |  |  | 3,499,143.27 | 2.41 |

| Investment Portfolio as at 30/09/2019 |  |
| --- | --- |
| Securities | Shares/ | Holdings |  | Price | Unrealised | % of |
|  | Currency (in 1,000)/ Contracts | 30/09/2019 |  |  | gain/loss | Subfund assets |
| Derivatives |  |  |  |  |  |  |
| Holdings marked with a minus are short positions. |  |  |  |  |  |  |
| Listed derivatives |  |  |  |  | -5,372.53 | -0.01 |
| Financial futures transactions |  |  |  |  | -5,372.53 | -0.01 |
| Long bond futures |  |  |  |  | -6,710.00 | -0.01 |
| 5-Year German Government Bond (Bobl) Futures 12/19 | Ktr | 10 | EUR | 135.590 | -7,300.00 | -0.01 |
| Euro BTP Futures 12/19 | Ktr | 12 | EUR | 112.670 | 590.00 | 0.00 |
| Purchased index futures |  |  |  |  | -9,262.53 | -0.01 |
| DJ EURO STOXX 50 Index Futures 12/19 | Ktr | 44 | EUR | 3,227.000 | 19,310.00 | 0.01 |
| S&P 500 E-mini Index Futures 12/19 | Ktr | 19 | USD | 2,963.800 | -38,300.81 | -0.03 |
| S&P/TSX 60 Index Futures 12/19 | Ktr | 2 | CAD | 996.800 | -1,970.13 | 0.00 |
| SPI 200 Index Futures 12/19 | Ktr | 1 | AUD | 6,682.000 | 154.39 | 0.00 |
| Topix Index Futures 12/19 | Ktr | 3 | JPY | 1,588.000 | 11,544.02 | 0.01 |
| Short bond futures |  |  |  |  | 10,600.00 | 0.01 |
| 2-Year German Government Bond (Schatz) Futures 12/19 | Ktr | -40 | EUR | 112.325 | 10,600.00 | 0.01 |
| Total derivatives |  |  |  |  | -5,372.53 | -0.01 |
| Other assets/liabilities | EUR |  |  |  | 764,541.31 | 0.53 |
| Net assets of the Subfund | EUR |  |  |  | 145,590,696.71 | 100.00 |
|  |  |  |  |  |  |  |
| Aktienwert - Class A (EUR) (distributing) | EUR |  |  |  | 116.84 |  |
| - Class Allianz Avenir 50 AT2 (EUR) (accumulating) | EUR |  |  |  | 104.39 |  |
| - Class C (EUR) (distributing) | EUR |  |  |  | 128.96 |  |
| - Class IT2 (EUR) (accumulating) | EUR |  |  |  | 1,129.75 |  |
| - Class P (EUR) (distributing) Shares in circulation
- Class A (EUR) (distributing)
 | EUR STK |  |  |  | 1,192.85 4,414 |  |
| - Class Allianz Avenir 50 AT2 (EUR) (accumulating) | STK |  |  |  | 108 |  |
| - Class C (EUR) (distributing) | STK |  |  |  | 1,069,185 |  |
| - Class IT2 (EUR) (accumulating) | STK |  |  |  | 5,537 |  |
| - Class P (EUR) (distributing) * The market value was determined on the basis of the | STK |  |  |  | 772 |  |
| 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 01/10/2018 to 30/09/2019 |
|  | EUR |
| Interest on |  |
| - bonds | 1,690,699.46 |
| Interest on the liquidity portfolio |  |
| - Positive deposit rates | 8,169.54 |
| - Negative deposit rates | -16,882.41 |
| Dividends | 1,982,959.23 |
| Income from |  |
| - Securities lending | 501.93 |
| Total income | 3,665,447.75 |
| Expenses from |  |
| - Securities lending | -150.58 |
| Taxe d’Abonnement | -66,374.98 |
| All-in fee | -2,182,296.63 |
| Other expenses | -7,318.72 |
| Total expenses | -2,256,140.91 |
| Net income/loss Realised gain/loss on | 1,409,306.84 |
| - securities transactions | 1,418,496.83 |
| - financial futures transactions | -1,911,376.65 |
| - forward foreign exchange transactions | -2,192.29 |
| - foreign exchange | 153,051.10 |
| Net realised gain/loss | 1,067,285.83 |
| Changes in unrealised appreciation/depreciation on |  |
| - securities transactions | 1,394,064.73 |
| - financial futures transactions | -307,494.55 |
| - foreign exchange | -686.78 |
| Result of operations | 2,153,169.23 |

| Statement of Net Assets of the Subfund |  |  | Statement of Changes in Net Assets of the | Subfund |
| --- | --- | --- | --- | --- |
| as at 30/09/2019 |  |  | for the period from 01/10/2018 to 30/09/2019 |  |
|  | EUR |  |  | EUR |
| Securities and money-market instruments |  |  | Net assets of the Subfund at the beginning of the |  |
| (Cost Price EUR 134,779,331.40) | 141,332,384.66 |  | reporting period | 131,414,186.65 |
| Bank deposits | 3,499,143.27 |  | Subscriptions | 20,150,014.80 |
| Interest receivable on |  |  | Redemptions | -7,137,096.70 |
| - bonds | 928,760.66 |  |  | 144,427,104.75 |
| Accrued dividends | 109,182.57 |  | Distribution | -989,577.27 |
| Receivable on |  |  | Result of operations | 2,153,169.23 |
| -Securities lending | 135.34 |  | Net assets of the Subfund at the end of the reporting 145,590,696.71 |
| - securities transactions | 316,850.62 |  | period |
| Unrealised gain on |  |  |  |
| - futures transactions | 42,198.41 |  |  |
| Total assets | 146,228,655.53 |  |  |
| Liabilities to banks | -5,896.11 |  |  |
| Payable on |  |  |  |
| - redemptions of fund units | -130,976.83 |  |  |
| - securities transactions | -245,828.56 |  |  |
| Other payables | -207,686.38 |  |  |
| Unrealised loss on |  |  |  |
| - futures transactions | -47,570.94 |  |  |
| Total liabilities and equity | -637,958.82 |  |  |
| Net assets of the Subfund | 145,590,696.71 |  |  |

| Statement of Changes in Shares |  |
| --- | --- |
|  | 2018/2019 | 2017/2018 |
| Number of shares in issue at the beginning of the reporting period | 995,500 | 873,511 |
| - issued | 137,098 | 162,306 |
| - redeemed | -52,582 | -40,317 |

Number of shares in issue at the end of the reporting
period
1,080,016	995,500
Any inconsistencies regarding the total number of shares in circulation must be attributable to rounding differences.

Translation (ENDE, 2019-09-30):
# Allianz Vermögenskonzept SRI Ausgewogen
Der Teilfonds strebt das Profil eines Portfolios aus 50 % chon- cenreicheren Anlagen (z.B. Aktien, Rohstoffe) und 50 % wert- stabileren Anlagen (EUR-Anleihen) an. Je nach Markteinschöt- zung kann er bis zu 70 % in chancenreichere Produkte investie- ren. Mindestens 30 % 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 Kapitolzu- wachs erzielt werden. Gleichzeitig wird angestrebt, mögliche Verluste zum Ende des Kolenderjahrs gegenüber dem Aktien- preis zu Jahresbeginn zu begrenzen (keine Garantie).
Im Berichtsjahr per Ende September 2019 verlangsamte sich das Wachstum der Zeitwirtschaft. Vergleichsweise robust blieb die Konjunktur in den USA. Im Schnitt nur moderat positiv war das Wachstum dagegen in den meisten europÖischen Löndern. Stark exportabhÖ ngige Volkswirtschaften wie 
Deutschland stognierten angesichts obflouenden Welthandels sogar. Dos Börsengeschehen war von zunehmender Nervosi- töt geprögt und in einigen Regionen bzw. Sektoren kom es zu 
Korrekturen. Unter dem Strich positiv schnitten Aktien aus den 
USA ob, ouch in Europa waren insgesamt noch solide Zuwöch- 
se zu verzeichnen. Bei deutschen und japanischen Börsentiteln 
überzogen jedoch die abwÖrtsgerichteten Tendenzen. Die 
Notenbanken reagierten auf die EintrÜbung des Konjunktu- rumfelds mit einer Lockerung ihrer Geldpolitik. Der resultieren- 
de Zinsrückgang spiegelte sich an den Anleihenmörkten in 
Kursgewinnen wider. Vor allem die Notierungen langlaufen- 
der Staatsanleihen hoher Bonitöt zogen kröftig an. Ebenfalls 
positiv, wenn ouch weniger dyna misch, entwickelten sich solide 
Unternehmenspopiere, hochverzinsliche Anleihen und Wertpa- piere aus Schwellenlöndern.
Im Teilfonds entfiel im Schnitt rund die Hölfte des Wertpopier- bestonds auf verzinsliche Anlagen. Dabei lag der Schwerpunkt nach wie vor auf öffentlich-rechtlichen Emissionen aus dem Eu- roraum. Hierzu zÖhlten neben Papieren hoher BonitÖt auch Anleihen von Peripheriestaaten wie Italien und Spanien. Die Beimischung internationaler Bank- und Unternehmensanlei- hen mit Investment-Grade-Ratings sowie erstklassiger gedeck- ter Schuldverschreibungen wurde etwas reduziert. Das durch- schnittliche Bonitötsroting der verzinslichen Anlagen log Ende September bei A+. Auf der Laufzeitebene stand weiterhin dos drei- bis fünfjöhrige Segment im Fokus. Die Duration (mittlere
Kopitalbindungsdauer) des Gesomtportfolios einschließlich Derivaten betrug zuletzt etwas mehr als dreieinhalb Jahre :.
Die andere Hölfte des Wertpapiervermögens entfiel auf ein breit gestreutes Portfolio an Standardwerten aus entwickelten Löndern. Dabei dominierten weiterhin Aktien aus den USA. Ausgebaut wurde daneben der Anteil französischer Titel, wöh- rend dos Engagement in britischen und deutschen Aktien sank. Auf der Bronchenebene standen noch wie vor Finanz- und Ge- sundheitstitel im Vordergrund. Daneben wurde mit Blick auf die relativen Bewertungen der Anteil von Industriewerten er- höht, was insbesondere zulasten des Bereichs Informations- technik ging.

#### Zur Feinsteuerunp der Aktien-/Anleihenquote wurden Derivate eingesetzt. Auf Rohstoffanlapen wurde weiterhin verzichtet.
Mit seiner Anlagepolitik erzielte der Teilfonds einen moderaten Wertzuwochs.
Dos 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.
25 _
USA	Frankreich	Italien	Deutsch-	Spanien	Vereinigtes	Schweiz	Nieder-	Portugal	Sonstige	Borre- fand		 Königreich			lande			LÖnder	 serve,
Sonstiges
| Der Teilfonds in Zohlen |  |
| --- | --- |
|  |  | 30.09.2019 | 30.09.2018 | 30.09.2017 |
| Teiffondsvermogen in Mia. EUR |  | 145,ó | 131,4 | 112,5 |
| Aktienumfauf in Stück ** - Kfosse A (EUR) (ausschüttend} | WKN: AOM 251/ISIN: LU0324ó3ô49ó | 4.414 | 4.232 | 4.250 |
| - Kfosse Affionz Avenir 50 AT2 (EUR} (thesaurie-wrN:A2N ôDY/ISIN: LU18855009ó4	108 rend) |

| - Klasse C (EUR) (ausschüttend) | WKN: AOM 253/ISIN: LU0324ó3ôô52 | 10d9.184 | 987.591 | 8ó8.304 |
| --- | --- | --- | --- | --- |
| - Klasse IT2 (EUR) (thesaurierend) | WKN: A2A RPZ/ISIN: LU14909ó9ô53 | 5.537 | 2.529 | 4S5 |
| - Klasse P (EUR) (ausschüttend) | WKN: AUX B8S/ISIN: LU10I78ô3587 | 772 | 1.148 | 502 |
| Aktienwert in EUR - Klasse A (EUR) (ausschüüend) | WKN: AOM 251/ISIN: LU0324ó3ô49ó | 11ó,84 | 11ó,29 | 115 73 |

- Klasse Affianz Avenir 50 AT2 (EUR) (thesaurie-	N: AzN óDY/ISIN: LU18855009ó4 rend}104,39
- Kfosse C (EUR) (ousschüttend)
- Kfosse IT2 (EUR) (thesaurierend)
- Kfosse P (EUR) (ousschüttend)WKN: AOM 253/ISIN: LU0324ó3óó52 WKN: A2A RPZ/ISIN: LU14909ó9ó53 WKN: AIX B8S/ISIN: LU10178ó3587128,961.129,751.192,85128,3ó1.104,191.187,ó8127Ç51.076,801.181,8óFloatinp Rote Notes sind mit dem Termin der nÖchsten Zinsonpassunp berücksichtigt.

** Kumulierte Zahlen für alle am Berichtsstichtap geöffneten Aktienklassen.
Weitere Informationen über Auflepungs- und Auflösunpstermine finden Sie in den Tabellen zur Wertentwicklung auf den Seiten 2 bis 3.