# Contents
Allianz Adiverba
Fund Assets in %
75
60
45
30
15
0
-15
3.5	3	8.8  8.5	2.8  2.6
22.4 21.6
0.0
2.1
49.1 49.7
1.6  2.2	0.3
4.0  3.6	2.2  2.5	3.2	3	2.1  1.9
-0.7
AUD	CAD	CHF	EUR	GBP	HKD	HUF	JPY	SGD	USD	Other
currencies
Cash reserves, other assets
Development of net assets and unit value in a 3-year comparison
|  | 31/12/2019 | 30/06/2019 | 30/06/2018 | 30/06/2017 |
| --- | --- | --- | --- | --- |
| Net assets in EUR m |  |  |  |  |  |
| - Unit class A (EUR) | WKN: 847106/ISIN: DE0008471061 | 346.4 | 321.5 | 314.6 | 371.1 |
| - Unit class P (EUR)  1) | WKN: A2DU1P/ISIN: DE000A2DU1P0 | 10,480.80  2) | 9,275.75  2) | 944.00  2) | -- |
| Unit value in EUR |  |  |  |  |  |
| - Unit class A (EUR) | WKN: 847106/ISIN: DE0008471061 | 170.56 | 155.20 | 150.86 | 149.67 |
| - Unit class P (EUR)  1) | WKN: A2DU1P/ISIN: DE000A2DU1P0 | 1,073.63 | 981.46 | 944.00 | -- |

1) 
Launch date: 22/05/2018
2) 
Not shown in EUR million due to the fund’s low volume.
| Asset overview at 31/12/2019 |  |
| --- | --- |
| Breakdown by asset category – country | Market value in EUR | % of net assets  *) |  | Breakdown by asset category – currency | Market value in EUR | % of net assets  *) |
| I. Assets |  |  |  | I. Assets |  |  |
| 1. Equities | 348,799,052.87 | 100.71 |  | 1. Equities | 348,799,052.87 | 100.71 |
| Germany | 24,803,540.00 | 7.16 |  | AUD | 10,251,661.41 | 2.96 |
| France | 14,876,283.22 | 4.29 |  | CAD | 29,675,309.16 | 8.57 |
| The Netherlands | 9,169,800.00 | 2.65 |  | CHF | 9,019,814.70 | 2.60 |
| Italy | 7,334,600.00 | 2.12 |  | EUR | 74,825,180.40 | 21.60 |
| Ireland | 9,190,157.64 | 2.65 |  | GBP | 7,228,763.52 | 2.09 |
| Spain | 6,558,997.18 | 1.89 |  | HKD | 12,584,428.17 | 3.63 |
| Belgium | 7,329,160.00 | 2.12 |  | HUF | 8,519,521.29 | 2.46 |
| Norway | 7,616,887.43 | 2.20 |  | JPY | 10,231,124.05 | 2.95 |
| Austria | 4,752,800.00 | 1.37 |  | NOK | 7,616,887.43 | 2.20 |
| Switzerland | 9,019,814.70 | 2.60 |  | SGD | 6,666,909.33 | 1.92 |
| Hungary | 8,519,521.29 | 2.46 |  | USD | 172,179,453.41 | 49.73 |
| UK | 7,228,763.52 | 2.09 |  | 2. Derivatives | -55,460.17 | -0.03 |
| USA | 162,989,295.77 | 47.08 |  | 3. Bank deposits, money market | 242,133.77 | 0.07 |
| Canada | 29,675,309.16 | 8.57 |  | instruments, money market funds and |  |  |
| Singapore | 6,666,909.33 | 1.92 |  | money market-related funds |  |  |
| Japan | 10,231,124.05 | 2.95 |  | 4. Other assets | 450,518.25 | 0.13 |

*) 
Minor rounding differences may be the result of percentage rounding during the calculation.
II. Liabilities	-3,049,387.48	-0.88
| Hong Kong | 12,584,428.17 | 3.63 |
| --- | --- | --- |
| Australia | 10,251,661.41 | 2.96 |
| 2. Derivatives | -55,460.17 | -0.03 |
| 3. Bank deposits, money market instruments, money market funds and | 242,133.77 | 0.07 |
| money market-related funds |  |  |
| 4. Other assets | 450,518.25 | 0.13 |
| II. Liabilities | -3,049,387.48 | -0.88 |
| III. Fund assets | 346,386,857.24 | 100.00 |

III. Fund assets	346,386,857.24	100.00
Investment portfolio at 31/12/2019
ISIN	Securities	Market	Shares/	Balance   Purchases Redemptions	Price	Market value	% of net
Units/	31/12/2019	EUR	assets
Currency	in the period under review
Exchange-traded securities	348,799,050.93	100.71
| Equities |  |  |  |  |  |  | 348,799,050.93 | 100.71 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Germany |  |  |  |  |  |  | 24,803,540.00 | 7.16 |
| DE0008404005 | Allianz SE vink.Namens-Aktien  1) | SHS | 55,800 | 0 | 3,200 EUR | 219.300 | 12,236,940.00 | 3.53 |
| DE000CBK1001 DE0008430026 | Commerzbank AG Inhaber-Aktien Münchener Rückvers.-Ges. AG | SHS | 530,000 | 0 | 0 EUR | 5.495 | 2,912,350.00 | 0.84 |
|  | vink.Namens-Aktien | SHS | 36,500 | 0 | 15,100 EUR | 264.500 | 9,654,250.00 | 2.79 |
| France |  |  |  |  |  |  | 14,876,283.22 | 4.29 |
| FR0000045072 | Crédit Agricole S.A. Actions Port. | SHS | 570,000 | 139,000 | 0 EUR | 13.030 | 7,427,100.00 | 2.14 |
| FR0010411983 | SCOR SE Actions au Porteur  1) | SHS | 198,857 | 0 | 19,000 EUR | 37.460 | 7,449,183.22 | 2.15 |
| The Netherlands |  |  |  |  |  |  | 9,169,800.00 | 2.65 |
| NL0011821202 | ING Groep N.V. Aandelen op naam | SHS | 850,000 | 170,000 | 0 EUR | 10.788 | 9,169,800.00 | 2.65 |
| Italy |  |  |  |  |  |  | 7,334,600.00 | 2.12 |
| IT0000072618 | Intesa Sanpaolo S.p.A. Azioni nom. | SHS | 3,100,000 | 600,000 | 0 EUR | 2.366 | 7,334,600.00 | 2.12 |
| Ireland |  |  |  |  |  |  | 9,190,157.64 | 2.65 |
| IE00BDB6Q211 | Willis Towers Watson PLC Reg.Shares | SHS | 51,000 | 0 | 0 USD | 201.760 | 9,190,157.64 | 2.65 |
| Spain |  |  |  |  |  |  | 6,558,995.24 | 1.89 |
| ES0113900J37 | Banco Santander S.A. Acciones Nom. | SHS | 1,745,342 | 0 | 0 EUR | 3.758 | 6,558,995.24 | 1.89 |
| Belgium |  |  |  |  |  |  | 7,329,160.00 | 2.12 |
| BE0003565737 | KBC Groep N.V. Parts Sociales au Port. | SHS | 109,000 | 0 | 0 EUR | 67.240 | 7,329,160.00 | 2.12 |
| Norway |  |  |  |  |  |  | 7,616,887.43 | 2.20 |
| NO0003053605 | Storebrand ASA Navne-Aksjer | SHS | 1,090,000 | 270,000 | 0 NOK | 68.980 | 7,616,887.43 | 2.20 |
| Austria |  |  |  |  |  |  | 4,752,800.00 | 1.37 |
| AT0000821103 | UNIQA Insurance Group AG |  |  |  |  |  |  |  |
|  | Inhaber-Stammaktien | SHS | 520,000 | 0 | 0 EUR | 9.140 | 4,752,800.00 | 1.37 |
| Switzerland |  |  |  |  |  |  | 9,019,814.70 | 2.60 |
| CH0126881561 | Swiss Re AG Namens-Aktien | SHS | 90,000 | 0 | 10,000 CHF | 109.250 | 9,019,814.70 | 2.60 |
| Hungary |  |  |  |  |  |  | 8,519,521.29 | 2.46 |
| HU0000061726 | OTP Bank Nyrt. Namens-Aktien | SHS | 184,000 | 0 | 21,000 HUF | 15,340.000 | 8,519,521.29 | 2.46 |
| UK |  |  |  |  |  |  | 7,228,763.52 | 2.09 |
| GB00B0SWJX34 | London Stock Exchange GroupPLC Reg.Shares | SHS | 80,000 | 80,000 | 0 GBP | 77.280 | 7,228,763.52 | 2.09 |
| USA |  |  |  |  |  |  | 162,989,295.77 | 47.08 |
| US0605051046 | Bank of America Corp. Reg.Shares | SHS | 856,000 | 40,000 | 34,000 USD | 35.350 | 27,025,945.61 | 7.81 |
| US0846707026 | Berkshire Hathaway Inc. Reg.Shares B New | SHS | 118,500 | 0 | 0 USD | 226.140 | 23,933,898.99 | 6.91 |
| US09247X1019 | Blackrock Inc. Reg.Shares | SHS | 23,500 | 0 | 0 USD | 503.010 | 10,557,526.91 | 3.05 |
| US12572Q1058 | CME Group Inc. Reg.Shares | SHS | 65,000 | 0 | 0 USD | 202.780 | 11,772,160.94 | 3.40 |
| US46625H1005 | JPMorgan Chase & Co. Reg.Shares | SHS | 260,000 | 0 | 36,000 USD | 139.140 | 32,310,454.16 | 9.34 |
| US6174464486 | Morgan Stanley Reg.Shares | SHS | 190,000 | 0 | 0 USD | 51.090 | 8,669,762.87 | 2.50 |
| US7433151039 | Progressive Corp. Reg.Shares | SHS | 120,000 | 0 | 0 USD | 72.150 | 7,732,773.63 | 2.23 |
| US78409V1044 | S&P Global Inc. Reg.Shares | SHS | 50,000 | 0 | 6,000 USD | 274.290 | 12,248,917.07 | 3.54 |
| US78486Q1013 | SVB Financial Group Reg.Shares | SHS | 25,000 | 0 | 0 USD | 250.310 | 5,589,023.36 | 1.61 |
| US9029733048 | U.S. Bancorp Reg.Shares | SHS | 231,000 | 33,000 | 0 USD | 59.730 | 12,323,163.49 | 3.56 |
| US92826C8394 | VISA Inc. Reg.Shares Cl.A  1) | SHS | 64,000 | 0 | 0 USD | 189.390 | 10,825,668.74 | 3.13 |
| Canada |  |  |  |  |  |  | 29,675,309.16 | 8.57 |
| CA0636711016 | Bank of Montreal Reg.Shares | SHS | 130,000 | 0 | 0 CAD | 101.010 | 8,971,305.60 | 2.59 |
| CA45823T1066 | Intact Financial Corp. Reg.Shares | SHS | 85,000 | 0 | 0 CAD | 140.670 | 8,168,989.55 | 2.36 |
| CA8911605092 | The Toronto-Dominion Bank Reg.Shares | SHS | 250,000 | 0 | 0 CAD | 73.390 | 12,535,014.01 | 3.62 |
| Singapore |  |  |  |  |  |  | 6,666,909.33 | 1.92 |
| SG1L01001701 | DBS Group Holdings Ltd. Reg.Shares | SHS | 390,000 | 0 | 0 SGD | 25.830 | 6,666,909.33 | 1.92 |
| Japan |  |  |  |  |  |  | 10,231,124.05 | 2.95 |
| JP3233250004 | Japan Post Insurance Co.Ltd Reg.Shares | SHS | 244,400 | 0 | 0 JPY | 1,862.000 | 3,723,018.98 | 1.07 |
| JP3165000005 | Sompo Holdings Inc. Reg.Shares | SHS | 185,000 | 0 | 0 JPY | 4,300.000 | 6,508,105.07 | 1.88 |
| Hong Kong |  |  |  |  |  |  | 12,584,428.17 | 3.63 |
| HK0000069689 | AIA Group Ltd Reg.Shares | SHS | 1,000,000 | 0 | 0HKD | 82.150 | 9,422,006.09 | 2.72 |
| HK2388011192 | Bank of China (Hongkong) Ltd. Reg.Shares | SHS | 1,010,000 | 0 | 0HKD | 27.300 | 3,162,422.08 | 0.91 |
| Australia |  |  |  |  |  |  | 10,251,661.41 | 2.96 |
| AU000000ANZ3 | Australia & N. Z. Bkg Grp Ltd. Reg.Shares | SHS | 340,000 | 0 | 0 AUD | 24.800 | 5,261,614.30 | 1.52 |
| AU000000IAG3 | Insurance Australia Group Ltd. Reg.Shares | SHS | 1,020,000 | 0 | 0 AUD | 7.840 | 4,990,047.11 | 1.44 |
| Unlisted securities |  |  |  |  |  |  | 1.94 | 0.00 |
| Equities |  |  |  |  |  |  | 1.94 | 0.00 |
| Spain |  |  |  |  |  |  | 1.94 | 0.00 |
| ES0161376019 | Martinsa-Fadesa S.A. Acciones Port. | SHS | 193,750 | 0 | 0 EUR | 0.00001 | 1.94 | 0.00 |
| Total securities |  |  |  |  | EUR |  | 348,799,052.87 | 100.71 |
| Derivatives |  |  |  |  |  |  |  |  |
|  | (The positions marked with a minus sign have been sold) |  |  |  |  |  |  |  |

Explanations can be found in the footnotes below the table.
Investment portfolio at 31/12/2019
| ISIN | Securities | Market | Shares/ | Balance | Purchases Redemptions | Price | Market value | % of net |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Units/ Currency | 31/12/2019 | in the period under review |  | EUR | assets |

Derivatives on individual securities
Securities options	-228,185.17	-0.07
Receivables/payables
| Equity options |  |  |  |  |  |  | -228,185.17 | -0.07 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Allianz SE (ALV) Call Feb. 20 225 Banco Santander S.A.(BSD2) | XEUR | SHS | -30,000 | EUR | 2.335 | -70,050.00 | -0.02 |
|  | Put März 20 3,2 Banco Santander S.A.(BSD2) | XEUR | SHS | -750,000 | EUR | 0.035 | -26,250.00 | -0.01 |
|  | Put März 20 3,4 | XEUR | SHS | 750,000 | EUR | 0.060 | 45,000.00 | 0.01 |
|  | Blackrock Inc. (BLQA) Call Feb. 20 520 Commerzbank AG (CBK) | XCBO | SHS | 10,000 | USD | 7.700 | 68,771.49 | 0.02 |
|  | Put Jan. 20 4,80 Münch. Rückvers.-Ges. AG | XEUR | SHS | -500,000 | EUR | 0.020 | -10,000.00 | 0.00 |
|  | (MUV2) Call Jan. 20 270 | XEUR | SHS | 70,000 | EUR | 0.970 | 67,900.00 | 0.02 |
|  | SCOR SE (SDRC) Call März 20 40 XPAR |  | SHS | -150,000 | EUR | 0.375 | -56,250.00 | -0.02 |
|  | SCOR SE (SDRC) Put März 20 35 XPAR |  | SHS | -150,000 | EUR | 0.440 | -66,000.00 | -0.02 |
|  | VISA Inc. (3V64) Call März 20 190 | XCBO | SHS | -25,000 | USD | 6.500 | -145,134.64 | -0.04 |
|  | VISA Inc. (3V64) Put März 20 170 | XCBO | SHS | -25,000 | USD | 1.620 | -36,172.02 | -0.01 |

Total derivatives on individual securities	EUR	-228,185.17	-0.07
Derivatives on equity index
Receivables/payables
| Options |  |
| --- | --- |
| Options on equity index |  |  |  |  |  | -73,275.00 | -0.03 |
| DJ Euro Stoxx50 Index (SX5E) |  |  |  |  |  |  |  |
| Call Jan. 20 3850 ESTX Bank Index (SX7E) | XEUR | Anzahl | 1,700 | EUR | 4.550 | 77,350.00 | 0.02 |
| Call Feb. 20 100 ESTX Bank Index (SX7E) | XEUR | Anzahl | -1,000 | EUR | 1.925 | -96,250.00 | -0.03 |
| Call Jan. 20 100 | XEUR | Anzahl | -1,500 | EUR | 0.725 | -54,375.00 | -0.02 |
| Total equity index derivatives |  |  |  | EUR |  | -73,275.00 | -0.03 |
| Other derivatives |  |  |  |  |  |  |  |
| Other futures contracts |  |  |  |  |  | 246,000.00 | 0.07 |
| Münchener Rückver. Dividend |  |  |  |  |  |  |  |
| Futures (MUV2) Dez. 21 | XEUR | EUR | 150,000 | EUR | 1.640 | 246,000.00 | 0.07 |
| Total other derivatives | EUR |  | 246,000.00 | 0.07 |
| Bank deposits, money market instruments, money market funds and money market-related funds |  |  |  |  |
| Deposits in non EU/EEA currencies |  |  |  |  |
| State Street Bank International GmbH	USD	271,105.07 | % | 100.000 | 242,133.77 | 0.07 |
| Total bank deposits | EUR |  | 242,133.77 | 0.07 |
| Total bank deposits, money market instruments, money market funds and money market-related funds  30) | EUR |  | 242,133.77 | 0.07 |
| Other assets |  |  |  |  |
| Accrued dividends	EUR	139,108.77 |  |  | 139,108.77 | 0.04 |
| Receivables from unit transactions	EUR	59,194.80 |  |  | 59,194.80 | 0.02 |
| Receivables from withholding tax refunds	EUR	252,214.68 |  |  | 252,214.68 | 0.07 |
| Total other assets | EUR |  | 450,518.25 | 0.13 |
| Short-term liabilities |  |  |  |  |
| EUR loans held with the depository |  |  |  |  |
| State Street Bank International GmbH	EUR	-2,468,570.63 |  |  | -2,468,570.63 | -0.71 |
| Total short-term liabilities | EUR |  | -2,468,570.63 | -0.71 |
| Other payables |  |  |  |  |
| Liabilities from unit transactions	EUR	-54,165.63 |  |  | -54,165.63 | -0.02 |
| Accruals	EUR	-526,651.22 |  |  | -526,651.22 | -0.15 |
| Total other payables | EUR |  | -580,816.85 | -0.17 |
| Fund assets | EUR |  | 346,386,857.24 | 100.00 |
| Total units in circulation of all unit classes | STK |  | 2,030,887 |  |

1) 
These securities are wholly or partially the subject of a short position in securities.
30) 
Cash initial margins may be included in bank deposits.
| Securities |  | total |
| --- | --- | --- |
| Total current value of securities that have been |  |  |
| pledged to third parties as margin collateral for |  |  |
| futures: | EUR | 21,891,190.00 |
| Total current value of securities subject to the |  |  |
| underlying option rights of third parties: | EUR | -205,000.00 |

| Allianz Adiverba A (EUR) |  |
| --- | --- |
| ISIN | DE0008471061 |
| Fund assets | 346,376,376.44 |
| Units in circulation | 2,030,877.441 |
| Unit value | 170.56 |
| Allianz Adiverba P (EUR) |  |
| ISIN | DE000A2DU1P0 |
| Fund assets | 10,480.80 |
| Units in circulation | 9.762 |
| Unit value | 1,073.63 |

Securities prices/market rates
Fund assets were valued on the basis of the following prices/market rates:
North and South American equities: prices as at 27/12/2019 or last known All other assets: prices/market rates as at 30/12/2019 or last known
Additional information on valuations
The valuation is conducted by the Custodian in cooperation with the Company.
Equities, subscription rights, exchange-traded funds (ETFs), participation certificates, bonds and exchange-traded derivatives are valued at their market price, provided that a market price is available.
Bonds for which no market price is available are valued at validated broker prices or with the help of regularly reviewed models and on the basis of relevant market information.
Participation certificates for which no market prices are available are valued at the mean of the bid-ask-spread.
Derivatives and subscription rights which are not traded on the market are valued with the help of regularly reviewed models and on the basis of relevant market information.
Investment fund units are valued at the redemption price published by the relevant investment company.
Bank deposits and other assets are valued at their nominal value, term deposits at their current value and liabilities at the repayment value.
Unlisted equities and shareholdings are valued at the current value, which is carefully determined with the help of suitable valuation models, taking account of the current market situation.
The investments reported in this semi-annual report, amounting to 100.68% of fund assets, are valued at stock market trading prices or market prices and 0.00% at imputed current market values and/or verified brokers’ quotations. The remaining -0.68% of fund assets consist of other assets, other liabilities and cash.
Exchange rate(s) and/or conversion factor(s) (indirect quotation) as at 30/12/2019
| UK, Pound Sterling | (GBP) | 1 Euro = GBP | 0.85525 |
| --- | --- | --- | --- |
| Norway, Krone | (NOK) | 1 Euro = NOK | 9.87125 |
| Switzerland, Franc | (CHF) | 1 Euro = CHF | 1.09010 |
| Hungary, Forint | (HUF) | 1 Euro = HUF | 331.30500 |
| USA, Dollar | (USD) | 1 Euro = USD | 1.11965 |
| Canada, Dollar | (CAD) | 1 Euro = CAD | 1.46370 |
| Singapore, Dollar | (SGD) | 1 Euro = SGD | 1.51100 |
| Japan, Yen | (JPY) | 1 Euro = JPY | 122.23220 |
| Hong Kong, Dollar | (HKD) | 1 Euro = HKD | 8.71895 |
| Australia, Dollar | (AUD) | 1 Euro = AUD | 1.60255 |

Market key
Financial futures exchanges
XCBO	=	Chicago - Chicago Board Options Exchange (CBOE)
XEUR	=	Eurex (Eurex Frankfurt/Eurex Zürich)
XPAR	=	Paris - Euronext Paris - Derivatives
Capital measures
All sales revenues resulting from capital measures (technical revenues) are reported as additions or disposals.
Voting
To the extent it was deemed to be in our investors’ interest, we either exercised ourselves or had our agents exercise, in accordance with our instructions, voting rights for equities held by the Fund.
Annex according to Regulation (EU) 2015/2365 with regards to Securities Financing Transactions and Total Return Swaps
This Fund was not invested in any securities financing transactions pursuant to Regulation (EU) 2015/2365 during the reporting period, therefore the following contains no information on this type of transaction.
Transactions carried out during the reporting period no longer listed in the investment portfolio:
– purchases and redemptions of securities, fund units and borrower’s note loans (market allocations as per reporting date):
ISIN	Securities	Shares/	Purchases	Redemptions Units/
Currency
Exchange-traded securities Equities
Germany
DE000A12B8Z4	TLG IMMOBILIEN AG Inhaber-Aktien	SHS	41,881	150,000
USA
US8085131055	Schwab Corp., Charles Reg.Shares	SHS	0	200,000
Derivatives
Options Securities options Equity options
Securities	Shares/	Volume
Units/	in ’000
Currency
(Option premiums and/or contract volumes pertaining to opening transactions; in the case of warrants, purchases and redemptions are indicated.)
Long call options purchased:	EUR	11,970 (Underlying(s): Deutsche Bank AG Namens-Aktien)
Short call options sold:	EUR	7,680 (Underlying(s): Commerzbank AG Inhaber-Aktien, Münchener Rückvers.-Ges. AG vink.Namens-Aktien)
| Short put options sold: (Underlying(s): Commerzbank AG Inhaber-Aktien, Deutsche Bank AG Namens-Aktien) | EUR | 13,595 |
| --- | --- | --- |
| Options on equity index derivatives Options on equity indices (Underlying(s): DAX Performance-Index) |  |  |
| Long call options purchased: | EUR | 54,775 |
| (Underlying(s): DAX Performance-Index) Long put options purchased: | EUR | 13,750 |
| (Underlying(s): ESTX Banks Index (Price) (EUR)) Short call options sold: | EUR | 15,263 |

Translation (ENDE, 2019-12-31):
# Inhalt
Allianz Adiverba
Entwicklung von Fondsvermögen und Anteilwert
Struktur des Fondsvermögens in %	
75
60
45
30
15
0
-15
3,5	3	8,8  8,5	2,8  2,6
22,4 21,6
0,0
2,1
49,1 49,7
1,6  2,2	0,3
4,0  3,6	2,2  2,5	3,2	3	2,1  1,9
-0,7
AUD	CAD	CHF	EUR	GBP	HKD	HUF	JPY	SGD	USD	Sonstige
Währun- gen
Barre- serve, Sonstiges
Entwicklung von Fondsvermögen und Anteilwert im 3-Jahresvergleich
|  | 31.12.2019 | 30.06.2019 | 30.06.2018 | 30.06.2017 |
| --- | --- | --- | --- | --- |
| Fondsvermögen in Mio. EUR |  |  |  |  |  |
| - Anteilklasse A (EUR) | WKN: 847 106/ISIN: DE0008471061 | 346,4 | 321,5 | 314,6 | 371,1 |
| - Anteilklasse P (EUR)  1) | WKN: A2D U1P/ISIN: DE000A2DU1P0 | 10.480,80  2) | 9.275,75  2) | 944,00  2) | -- |
| Anteilwert in EUR |  |  |  |  |  |
| - Anteilklasse A (EUR) | WKN: 847 106/ISIN: DE0008471061 | 170,56 | 155,20 | 150,86 | 149,67 |
| - Anteilklasse P (EUR)  1) | WKN: A2D U1P/ISIN: DE000A2DU1P0 | 1.073,63 | 981,46 | 944,00 | -- |

1) 
Auflegungsdatum: 22.05.2018
2) 
Darstellungsweise nicht in Mio. EUR, aufgrund des geringen Fondsvermögens.
| Vermögensübersicht zum 31.12.2019 |  |
| --- | --- |
| Gliederung nach Anlagenart - Land | Kurswert in EUR | % des Fonds- vermögens  *) |  | Gliederung nach Anlagenart - Währung | Kurswert in EUR | % des Fonds- vermögens  *) |
| I. Vermögensgegenstände |  |  |  | I. Vermögensgegenstände |  |  |
| 1. Aktien | 348.799.052,87 | 100,71 |  | 1. Aktien | 348.799.052,87 | 100,71 |
| Deutschland | 24.803.540,00 | 7,16 |  | AUD | 10.251.661,41 | 2,96 |
| Frankreich | 14.876.283,22 | 4,29 |  | CAD | 29.675.309,16 | 8,57 |
| Niederlande | 9.169.800,00 | 2,65 |  | CHF | 9.019.814,70 | 2,60 |
| Italien | 7.334.600,00 | 2,12 |  | EUR | 74.825.180,40 | 21,60 |
| Irland | 9.190.157,64 | 2,65 |  | GBP | 7.228.763,52 | 2,09 |
| Spanien | 6.558.997,18 | 1,89 |  | HKD | 12.584.428,17 | 3,63 |
| Belgien | 7.329.160,00 | 2,12 |  | HUF | 8.519.521,29 | 2,46 |
| Norwegen | 7.616.887,43 | 2,20 |  | JPY | 10.231.124,05 | 2,95 |
| Österreich | 4.752.800,00 | 1,37 |  | NOK | 7.616.887,43 | 2,20 |
| Schweiz | 9.019.814,70 | 2,60 |  | SGD | 6.666.909,33 | 1,92 |
| Ungarn | 8.519.521,29 | 2,46 |  | USD | 172.179.453,41 | 49,73 |
| Großbritannien | 7.228.763,52 | 2,09 |  | 2. Derivate | -55.460,17 | -0,03 |
| USA | 162.989.295,77 | 47,08 |  | 3. Bankguthaben, Geldmarktpapiere, | 242.133,77 | 0,07 |
| Kanada | 29.675.309,16 | 8,57 |  | Geldmarkt- und geldmarktnahe Fonds |  |  |
| Singapur | 6.666.909,33 | 1,92 |  | 4. Sonstige Vermögensgegenstände | 450.518,25 | 0,13 |

| Japan | 10.231.124,05 | 2,95 |
| --- | --- | --- |
| Hongkong | 12.584.428,17 | 3,63 |
| Australien | 10.251.661,41 | 2,96 |
| 2. Derivate | -55.460,17 | -0,03 |
| 3. Bankguthaben, Geldmarktpapiere, Geldmarkt- und geldmarktnahe Fonds | 242.133,77 | 0,07 |
| 4. Sonstige Vermögensgegenstände | 450.518,25 | 0,13 |
| II. Verbindlichkeiten | -3.049.387,48 | -0,88 |
| III. Fondsvermögen | 346.386.857,24 | 100,00 |

*) 
Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Run- dungsdifferenzen entstanden sein.
II. Verbindlichkeiten	-3.049.387,48	-0,88
III. Fondsvermögen	346.386.857,24	100,00
| Vermögensaufstellung zum 31.12.2019 |
| --- |
| ISIN | Gattungsbezeichnung | Markt | Stück bzw. | Bestand | Käufe/	Verkäufe/ | Kurs | Kurswert | % des |
| Börsengehandelte | Wertpapiere |  | Anteile bzw. Währung | 31.12.2019 | Zugänge	Abgänge im Berichtszeitraum |  | in EUR 348.799.050,93 | Fondsver- mögens 100,71 |
| Aktien |  |  |  |  |  |  | 348.799.050,93 | 100,71 |
| Deutschland |  |  |  |  |  |  | 24.803.540,00 | 7,16 |
| DE0008404005 | Allianz SE vink.Namens-Aktien  1) | STK | 55.800 | 0 | 3.200 EUR | 219,300 | 12.236.940,00 | 3,53 |
| DE000CBK1001 DE0008430026 | Commerzbank AG Inhaber-Aktien Münchener Rückvers.-Ges. AG | STK | 530.000 | 0 | 0 EUR | 5,495 | 2.912.350,00 | 0,84 |
|  | vink.Namens-Aktien | STK | 36.500 | 0 | 15.100 EUR | 264,500 | 9.654.250,00 | 2,79 |
| Frankreich |  |  |  |  |  |  | 14.876.283,22 | 4,29 |
| FR0000045072 | Crédit Agricole S.A. Actions Port. | STK | 570.000 | 139.000 | 0 EUR | 13,030 | 7.427.100,00 | 2,14 |
| FR0010411983 | SCOR SE Actions au Porteur  1) | STK | 198.857 | 0 | 19.000 EUR | 37,460 | 7.449.183,22 | 2,15 |
| Niederlande |  |  |  |  |  |  | 9.169.800,00 | 2,65 |
| NL0011821202 | ING Groep N.V. Aandelen op naam | STK | 850.000 | 170.000 | 0 EUR | 10,788 | 9.169.800,00 | 2,65 |
| Italien |  |  |  |  |  |  | 7.334.600,00 | 2,12 |
| IT0000072618 | Intesa Sanpaolo S.p.A. Azioni nom. | STK | 3.100.000 | 600.000 | 0 EUR | 2,366 | 7.334.600,00 | 2,12 |
| Irland |  |  |  |  |  |  | 9.190.157,64 | 2,65 |
| IE00BDB6Q211 | Willis Towers Watson PLC Reg.Shares | STK | 51.000 | 0 | 0 USD | 201,760 | 9.190.157,64 | 2,65 |
| Spanien |  |  |  |  |  |  | 6.558.995,24 | 1,89 |
| ES0113900J37 | Banco Santander S.A. Acciones Nom. | STK | 1.745.342 | 0 | 0 EUR | 3,758 | 6.558.995,24 | 1,89 |
| Belgien |  |  |  |  |  |  | 7.329.160,00 | 2,12 |
| BE0003565737 | KBC Groep N.V. Parts Sociales au Port. | STK | 109.000 | 0 | 0 EUR | 67,240 | 7.329.160,00 | 2,12 |
| Norwegen |  |  |  |  |  |  | 7.616.887,43 | 2,20 |
| NO0003053605 | Storebrand ASA Navne-Aksjer | STK | 1.090.000 | 270.000 | 0 NOK | 68,980 | 7.616.887,43 | 2,20 |
| Österreich |  |  |  |  |  |  | 4.752.800,00 | 1,37 |
| AT0000821103 | UNIQA Insurance Group AG |  |  |  |  |  |  |  |
|  | Inhaber-Stammaktien | STK | 520.000 | 0 | 0 EUR | 9,140 | 4.752.800,00 | 1,37 |
| Schweiz |  |  |  |  |  |  | 9.019.814,70 | 2,60 |
| CH0126881561 | Swiss Re AG Namens-Aktien | STK | 90.000 | 0 | 10.000 CHF | 109,250 | 9.019.814,70 | 2,60 |
| Ungarn |  |  |  |  |  |  | 8.519.521,29 | 2,46 |
| HU0000061726 | OTP Bank Nyrt. Namens-Aktien | STK | 184.000 | 0 | 21.000 HUF | 15.340,000 | 8.519.521,29 | 2,46 |
| Großbritannien |  |  |  |  |  |  | 7.228.763,52 | 2,09 |
| GB00B0SWJX34 | London Stock Exchange GroupPLC Reg.Shares | STK | 80.000 | 80.000 | 0 GBP | 77,280 | 7.228.763,52 | 2,09 |
| USA |  |  |  |  |  |  | 162.989.295,77 | 47,08 |
| US0605051046 | Bank of America Corp. Reg.Shares | STK | 856.000 | 40.000 | 34.000 USD | 35,350 | 27.025.945,61 | 7,81 |
| US0846707026 | Berkshire Hathaway Inc. Reg.Shares B New | STK | 118.500 | 0 | 0 USD | 226,140 | 23.933.898,99 | 6,91 |
| US09247X1019 | Blackrock Inc. Reg.Shares | STK | 23.500 | 0 | 0 USD | 503,010 | 10.557.526,91 | 3,05 |
| US12572Q1058 | CME Group Inc. Reg.Shares | STK | 65.000 | 0 | 0 USD | 202,780 | 11.772.160,94 | 3,40 |
| US46625H1005 | JPMorgan Chase & Co. Reg.Shares | STK | 260.000 | 0 | 36.000 USD | 139,140 | 32.310.454,16 | 9,34 |
| US6174464486 | Morgan Stanley Reg.Shares | STK | 190.000 | 0 | 0 USD | 51,090 | 8.669.762,87 | 2,50 |
| US7433151039 | Progressive Corp. Reg.Shares | STK | 120.000 | 0 | 0 USD | 72,150 | 7.732.773,63 | 2,23 |
| US78409V1044 | S&P Global Inc. Reg.Shares | STK | 50.000 | 0 | 6.000 USD | 274,290 | 12.248.917,07 | 3,54 |
| US78486Q1013 | SVB Financial Group Reg.Shares | STK | 25.000 | 0 | 0 USD | 250,310 | 5.589.023,36 | 1,61 |
| US9029733048 | U.S. Bancorp Reg.Shares | STK | 231.000 | 33.000 | 0 USD | 59,730 | 12.323.163,49 | 3,56 |
| US92826C8394 | VISA Inc. Reg.Shares Cl.A  1) | STK | 64.000 | 0 | 0 USD | 189,390 | 10.825.668,74 | 3,13 |
| Kanada |  |  |  |  |  |  | 29.675.309,16 | 8,57 |
| CA0636711016 | Bank of Montreal Reg.Shares | STK | 130.000 | 0 | 0 CAD | 101,010 | 8.971.305,60 | 2,59 |
| CA45823T1066 | Intact Financial Corp. Reg.Shares | STK | 85.000 | 0 | 0 CAD | 140,670 | 8.168.989,55 | 2,36 |
| CA8911605092 | The Toronto-Dominion Bank Reg.Shares | STK | 250.000 | 0 | 0 CAD | 73,390 | 12.535.014,01 | 3,62 |
| Singapur |  |  |  |  |  |  | 6.666.909,33 | 1,92 |
| SG1L01001701 | DBS Group Holdings Ltd. Reg.Shares | STK | 390.000 | 0 | 0 SGD | 25,830 | 6.666.909,33 | 1,92 |
| Japan |  |  |  |  |  |  | 10.231.124,05 | 2,95 |
| JP3233250004 | Japan Post Insurance Co.Ltd Reg.Shares | STK | 244.400 | 0 | 0 JPY | 1.862,000 | 3.723.018,98 | 1,07 |
| JP3165000005 | Sompo Holdings Inc. Reg.Shares | STK | 185.000 | 0 | 0 JPY | 4.300,000 | 6.508.105,07 | 1,88 |
| Hongkong |  |  |  |  |  |  | 12.584.428,17 | 3,63 |
| HK0000069689 | AIA Group Ltd Reg.Shares | STK | 1.000.000 | 0 | 0HKD | 82,150 | 9.422.006,09 | 2,72 |
| HK2388011192 | Bank of China (Hongkong) Ltd. Reg.Shares | STK | 1.010.000 | 0 | 0HKD | 27,300 | 3.162.422,08 | 0,91 |
| Australien |  |  |  |  |  |  | 10.251.661,41 | 2,96 |
| AU000000ANZ3 | Australia & N. Z. Bkg Grp Ltd. Reg.Shares | STK | 340.000 | 0 | 0 AUD | 24,800 | 5.261.614,30 | 1,52 |
| AU000000IAG3 | Insurance Australia Group Ltd. Reg.Shares | STK | 1.020.000 | 0 | 0 AUD | 7,840 | 4.990.047,11 | 1,44 |
| Nichtnotierte Wertpapiere |  |  |  |  |  | 1,94 | 0,00 |
| Aktien |  |  |  |  |  | 1,94 | 0,00 |
| Spanien |  |  |  |  |  | 1,94 | 0,00 |
| ES0161376019	Martinsa-Fadesa S.A. Acciones Port. | STK | 193.750 | 0 | 0 EUR | 0,00001 | 1,94 | 0,00 |
| Summe Wertpapiervermögen |  |  |  | EUR |  | 348.799.052,87 | 100,71 |
| Derivate |  |  |  |  |  |  |  |
| (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) Die Fußnotenerklärungen befinden sich am Ende der Tabelle. |

Vermögensaufstellung zum 31.12.2019
| ISIN | Gattungsbezeichnung | Markt | Stück bzw. | Bestand | Käufe/	Verkäufe/ | Kurs | Kurswert | % des |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Anteile bzw. | 31.12.2019 | Zugänge	Abgänge |  | in EUR | Fondsver- |

Währung	im Berichtszeitraum	mögens
Derivate auf einzelne Wertpapiere
Wertpapier-Optionsrechte	-228.185,17	-0,07
Forderungen/ Verbindlichkeiten
| Optionsrechte auf Aktien |  |  |  |  |  |  | -228.185,17 | -0,07 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Allianz SE (ALV) Call Feb. 20 225 Banco Santander S.A.(BSD2) | XEUR | STK |  | -30.000 | EUR | 2,335 | -70.050,00 | -0,02 |
| Put März 20 3,2 Banco Santander S.A.(BSD2) | XEUR | STK |  | -750.000 | EUR | 0,035 | -26.250,00 | -0,01 |
| Put März 20 3,4 | XEUR | STK |  | 750.000 | EUR | 0,060 | 45.000,00 | 0,01 |
| Blackrock Inc. (BLQA) Call Feb. 20 520 Commerzbank AG (CBK) | XCBO |  | STK | 10.000 | USD | 7,700 | 68.771,49 | 0,02 |
| Put Jan. 20 4,80 Münch. Rückvers.-Ges. AG | XEUR | STK |  | -500.000 | EUR | 0,020 | -10.000,00 | 0,00 |
| (MUV2) Call Jan. 20 270 | XEUR | STK |  | 70.000 | EUR | 0,970 | 67.900,00 | 0,02 |
| SCOR SE (SDRC) Call März 20 40 XPAR |  | STK |  | -150.000 | EUR | 0,375 | -56.250,00 | -0,02 |
| SCOR SE (SDRC) Put März 20 35 XPAR |  | STK |  | -150.000 | EUR | 0,440 | -66.000,00 | -0,02 |
| VISA Inc. (3V64) Call März 20 190 | XCBO |  | STK | -25.000 | USD | 6,500 | -145.134,64 | -0,04 |
| VISA Inc. (3V64) Put März 20 170 | XCBO |  | STK | -25.000 | USD | 1,620 | -36.172,02 | -0,01 |
| Summe Derivate auf einzelne Wertpapiere |  |  |  |  | EUR |  | -228.185,17 | -0,07 |
| Aktienindex-Derivate |  |  |  |  |  |  |  |  |
| Forderungen/ Verbindlichkeiten |  |  |  |  |  |  |  |  |
| Optionsrechte |  |  |  |  |  |  |  |
| Optionsrechte auf Aktienindex |  |  |  |  |  | -73.275,00 | -0,03 |
| DJ Euro Stoxx50 Index (SX5E) |  |  |  |  |  |  |  |
| Call Jan. 20 3850 ESTX Bank Index (SX7E) | XEUR | Anzahl | 1.700 | EUR | 4,550 | 77.350,00 | 0,02 |
| Call Feb. 20 100 ESTX Bank Index (SX7E) | XEUR | Anzahl | -1.000 | EUR | 1,925 | -96.250,00 | -0,03 |
| Call Jan. 20 100 | XEUR | Anzahl | -1.500 | EUR | 0,725 | -54.375,00 | -0,02 |
| Summe  Aktienindex-Derivate |  |  |  | EUR |  | -73.275,00 | -0,03 |
| Sonstige Derivate |  |  |  |  |  |  |  |
| Sonstige Terminkontrakte |  |  |  |  |  | 246.000,00 | 0,07 |
| Münchener Rückver. Dividend |  |  |  |  |  |  |  |
| Futures (MUV2) Dez. 21 | XEUR | EUR | 150.000 | EUR | 1,640 | 246.000,00 | 0,07 |
| Summe Sonstige Derivate |  |  |  | EUR |  | 246.000,00 | 0,07 |
| Bankguthaben, Geldmarktpapiere, Geldmarkt- und | geldmarktnahe Fonds |  |  |  |  |  |  |
| Guthaben in Nicht-EU/EWR-Währungen |  |  |  |  |  |  |  |
| State Street Bank International | GmbH | USD | 271.105,07 | % | 100,000 | 242.133,77 | 0,07 |
| Summe Bankguthaben |  | EUR | 242.133,77 | 0,07 |
| Summe der Bankguthaben, Geldmarktpapiere, Geldmarkt- und geldmarktnahe Fonds  30) |  | EUR | 242.133,77 | 0,07 |
| Sonstige Vermögensgegenstände |  |  |  |  |
| Dividendenansprüche	EUR | 139.108,77 |  | 139.108,77 | 0,04 |
| Forderungen aus Anteilscheingeschäften	EUR | 59.194,80 |  | 59.194,80 | 0,02 |
| Forderungen aus Quellensteuerrückerstattung	EUR | 252.214,68 |  | 252.214,68 | 0,07 |
| Summe Sonstige Vermögensgegenstände |  | EUR | 450.518,25 | 0,13 |
| Kurzfristige Verbindlichkeiten |  |  |  |  |
| EUR-Kredite bei der Verwahrstelle |  |  |  |  |
| State Street Bank International GmbH	EUR | -2.468.570,63 |  | -2.468.570,63 | -0,71 |
| Summe Kurzfristige Verbindlichkeiten |  | EUR | -2.468.570,63 | -0,71 |
| Sonstige Verbindlichkeiten |  |  |  |  |
| Verbindlichkeiten aus Anteilscheingeschäften	EUR | -54.165,63 |  | -54.165,63 | -0,02 |
| Kostenabgrenzung	EUR | -526.651,22 |  | -526.651,22 | -0,15 |
| Summe Sonstige Verbindlichkeiten |  | EUR | -580.816,85 | -0,17 |
| Fondsvermögen |  | EUR | 346.386.857,24 | 100,00 |
| Summe der umlaufenden Anteile aller Anteilklassen |  | STK | 2.030.887 |  |

1) 
Diese Wertpapiere sind ganz oder teilweise Gegenstand eines Stillhaltergeschäftes in Wertpapieren.
30) 
Im Bankguthaben können Cash Initial Margin enthalten sein.
| Gattungsbezeichnung |  | gesamt |
| --- | --- | --- |
| Gesamtbetrag der Kurswerte der Wertpapiere, die |  |  |
| Dritten als Marginsicherheiten für Termingeschäfte |  |  |
| dienen: | EUR | 21.891.190,00 |
| Gesamtbetrag der Kurswerte der Wertpapiere, die |  |  |
| Gegenstand von Optionsrechten Dritter sind: | EUR | -205.000,00 |

| Allianz Adiverba A (EUR) |  |
| --- | --- |
| ISIN | DE0008471061 |
| Fondsvermögen | 346.376.376,44 |
| Umlaufende Anteile | 2.030.877,441 |
| Anteilwert | 170,56 |
| Allianz Adiverba P (EUR) |  |
| ISIN | DE000A2DU1P0 |
| Fondsvermögen | 10.480,80 |
| Umlaufende Anteile | 9,762 |
| Anteilwert | 1.073,63 |

Wertpapierkurse bzw. Marktsätze
Die Vermögensgegenstände des Sondervermögens sind auf der Grundlage nachstehender Kurse/Marktsätze bewertet:
Aktien Nord- und Südamerika: Kurse per 27.12.2019 oder letztbekannte
Alle anderen Vermögenswerte: Kurse bzw. Marktsätze per 30.12.2019 oder letztbekannte
Ergänzende Anmerkung zur Bewertung
Die Bewertung erfolgt durch die Kapitalverwaltungsgesellschaft (KVG).
Aktien, Bezugsrechte, Börsennortierte Fonds (ETFs), Genussscheine, Rentenpapiere und börsengehandelte Derivate werden, sofern vorhanden, grundsätz- lich mit handelbaren Börsenkursen bewertet.
Rentenpapiere, für die keine handelbaren Börsenkurse vorliegen, werden mit validierten Kursstellungen von Brokern oder unter Einbeziehung der relevan- ten Marktinformationen im Rahmen von regelmäßig überprüften Modellen bewertet.
Genussscheine, für die keine handelbaren Börsenkurse vorliegen, werden mit dem Mittelwert von Bid- und Ask-Kurs bewertet.
Nicht börsengehandelte Derivate und Bezugsrechte werden unter Einbeziehung der relevanten Marktinformationen im Rahmen von regelmäßig über- prüften Modellen bewertet.
Investmentfondsanteile werden mit dem von der Investmentgesellschaft veröffentlichten Rücknahmepreis bewertet.
Bankguthaben und Sonstige Vermögensgegenstände werden zum Nennwert, Festgelder zum Verkehrswert und Verbindlichkeiten zum Rückzahlungsbe- trag bewertet.
Nicht notierte Aktien und Beteiligungen werden zu dem aktuellen Verkehrswert bewertet, der bei sorgfältiger Einschätzung nach geeigneten Bewertungs- modellen unter Berücksichtigung der aktuellen Marktgegebenheiten angemessen ist.
Die in diesem Halbjahresbericht ausgewiesenen Anlagen werden i.H.v. 100,68% des Fondsvermögens mit handelbaren Börsenkursen oder Marktpreisen und 0,00% zu abgeleiteten Verkehrswerten bzw. validierten Kursstellungen von Brokern bewertet. Die verbleibenden -0,68% des Fondsvermögens beste- hen aus Sonstigen Vermögensgegenständen, Sonstigen Verbindlichkeiten sowie Barvermögen.
Devisenkurs(e) bzw. Konversionsfaktor(en) (in Mengennotiz) per 30.12.2019
| Großbritannien, Pfund | (GBP) | 1 Euro = GBP | 0,85525 |
| --- | --- | --- | --- |
| Norwegen, Kronen | (NOK) | 1 Euro = NOK | 9,87125 |
| Schweiz, Franken | (CHF) | 1 Euro = CHF | 1,09010 |
| Ungarn, Forint | (HUF) | 1 Euro = HUF | 331,30500 |
| USA, Dollar | (USD) | 1 Euro = USD | 1,11965 |
| Kanada, Dollar | (CAD) | 1 Euro = CAD | 1,46370 |
| Singapur, Dollar | (SGD) | 1 Euro = SGD | 1,51100 |
| Japan, Yen | (JPY) | 1 Euro = JPY | 122,23220 |
| Hongkong, Dollar | (HKD) | 1 Euro = HKD | 8,71895 |
| Australien, Dollar | (AUD) | 1 Euro = AUD | 1,60255 |

| Marktschlüssel |  |
| --- | --- |
| Terminbörsen XCBO | = | Chicago - Chicago Board Options Exchange (CBOE) |
| XEUR | = | Eurex (Eurex Frankfurt/Eurex Zürich) |
| XPAR | = | Paris - Euronext Paris - Derivatives |
| Kapitalmaßnahmen |  |  |

Alle Umsätze, die aus Kapitalmaßnahmen hervorgehen (technische Umsätze), werden als Zu- oder Abgang ausgewiesen.
Stimmrechtsausübung
Stimmrechte aus den im Fonds enthaltenen Aktien haben wir, soweit es im Interesse unserer Anleger geboten erschien, entweder selbst wahrgenommen oder durch Beauftragte nach unseren Weisungen ausüben lassen.
Zusätzliche Anhangangaben gemäß der Verordnung (EU) 2015/2365 betreffend Wertpapierfinanzierungsgeschäfte
Der betrachtete Fonds war während des Berichtszeitraums in keinerlei Wertpapierfinanzierungsgeschäfte nach Verordnung (EU) 2015/2365 investiert, weshalb im Folgenden kein Ausweis zu dieser Art von Geschäften gemacht wird.
Während des Berichtszeitraumes abgeschlossene Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen:
- Käufe und Verkäufe in Wertpapieren, Investmentanteilen und Schuldscheindarlehen (Marktzuordnung zum Berichtsstichtag):
| ISIN | Gattungsbezeichnung | Stück bzw. | Käufe/ | Verkäufe/ |
| --- | --- | --- | --- | --- |
|  |  | Anteile bzw. Währung | Zugänge | Abgänge |

Börsengehandelte Wertpapiere Aktien
Deutschland
| DE000A12B8Z4 USA | TLG IMMOBILIEN AG Inhaber-Aktien | STK | 41.881 | 150.000 |
| --- | --- | --- | --- | --- |
| US8085131055 | Schwab Corp., Charles Reg.Shares | STK | 0 | 200.000 |
|  |  |  |  |  |
|  | Gattungsbezeichnung | Stück bzw. Anteile bzw. |  | Volumen in 1.000 |
|  |  | Währung |  |  |
| Derivate |  |  |  |  |

(In Opening-Transaktionen umgesetzte Optionsprämien bzw. Volumen der Optionsgeschäfte, bei Optionsscheinen Angabe der Käufe und Verkäufe.)
Optionsrechte
Wertpapier-Optionsrechte Optionsrechte auf Aktien
Gekaufte Kaufoptionen (Call):	EUR	11.970
(Basiswert(e): Deutsche Bank AG Namens-Aktien)
Verkaufte Kaufoptionen (Call):	EUR	7.680
(Basiswert(e): Commerzbank AG Inhaber-Aktien, Münchener Rückvers.-Ges. AG vink.Namens-Aktien)
Verkaufte Verkaufoptionen (Put):	EUR	13.595
(Basiswert(e): Commerzbank AG Inhaber-Aktien, Deutsche Bank AG Namens-Aktien)
Optionsrechte auf Aktienindex-Derivate Optionsrechte auf Aktienindizes
| (Basiswert(e): DAX Performance-Index) |  |
| --- | --- |
| Gekaufte Kaufoptionen (Call): | EUR | 54.775 |
| (Basiswert(e): DAX Performance-Index) |  |  |
| Gekaufte Verkaufoptionen (Put): | EUR | 13.750 |
| (Basiswert(e): ESTX Banks Index (Price) (EUR)) |  |  |
| Verkaufte Kaufoptionen (Call): | EUR | 15.263 |