# Allianz Vermögenskonzept SRI Defensiv
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 |  |  |  |  | 380,215,573.52 | 97.58 |
| Equities |  |  |  |  | 117,513,017.95 | 30.17 |
| Australia |  |  |  |  | 965,932.64 | 0.24 |
| AU000000AWC3  Alumina | STK | 116,905 | AUD | 2.370 | 171,098.93 | 0.04 |
| AU000000TGR4  Tassal Group | STK | 48,395 | AUD | 4.280 | 127,911.66 | 0.03 |
| AU000000TLS2	Telstra | STK | 307,682 | AUD | 3.510 | 666,922.05 | 0.17 |
| Belgium |  |  |  |  | 280,454.72 | 0.07 |
| BE0003565737	KBC Group | STK | 2,259 | EUR | 59.520 | 134,455.68 | 0.03 |
| BE0003739530	UCB | STK | 2,183 | EUR | 66.880 | 145,999.04 | 0.04 |
| Germany |  |  |  |  | 6,602,918.43 | 1.69 |
| DE000A1EWWW0 adidas | STK | 583 | EUR | 283.150 | 165,076.45 | 0.04 |
| DE0005190003	Bayerische Motoren Werke | STK | 5,562 | EUR | 64.340 | 357,859.08 | 0.09 |
| DE0006062144	Covestro | STK | 2,351 | EUR | 45.830 | 107,746.33 | 0.03 |
| DE0007100000	Daimler | STK | 13,524 | EUR | 45.550 | 616,018.20 | 0.16 |
| DE0005552004	Deutsche Post | STK | 19,260 | EUR | 30.375 | 585,022.50 | 0.15 |
| DE0005557508	Deutsche Telekom | STK | 76,273 | EUR | 15.342 | 1,170,180.37 | 0.30 |
| DE000LEG1110	LEG Immobilien | STK | 5,626 | EUR | 104.650 | 588,760.90 | 0.15 |
| DE0006599905	Merck | STK | 8,397 | EUR | 103.300 | 867,410.10 | 0.22 |
| DE0008430026	Münchener Rückversicherungs-Gesellschaft | STK | 3,501 | EUR | 236.800 | 829,036.80 | 0.21 |
| DE000PAH0038  Porsche Automobil Holding | STK | 5,483 | EUR | 59.000 | 323,497.00 | 0.08 |
| DE0007164600	SAP | STK | 5,665 | EUR | 107.560 | 609,327.40 | 0.16 |
| DE0007236101	Siemens | STK | 3,906 | EUR | 98.050 | 382,983.30 | 0.10 |
| Denmark |  |  |  |  | 2,036,159.02 | 0.52 |
| DK0010181759	Carlsberg -B- | STK | 4,582 | DKK | 1,010.500 | 620,176.17 | 0.16 |
| DK0060534915	Novo Nordisk -B- | STK | 15,155 | DKK | 353.150 | 716,867.38 | 0.18 |
| DK0010268606	Vestas Wind Systems | STK | 9,680 | DKK | 539.200 | 699,115.47 | 0.18 |
| Finland |  |  |  |  | 2,115,621.74 | 0.55 |
| FI0009013296	Neste | STK | 6,169 | EUR | 30.020 | 185,193.38 | 0.05 |
| FI0009000681	Nokia | STK | 57,942 | EUR | 4.623 | 267,865.87 | 0.07 |
| FI0009005961	Stora Enso -R- | STK | 26,426 | EUR | 11.095 | 293,196.47 | 0.08 |
| FI0009000277	Tieto | STK | 5,188 | EUR | 23.220 | 120,465.36 | 0.03 |
| FI0009005987	UPM-Kymmene | STK | 28,949 | EUR | 27.030 | 782,491.47 | 0.20 |
| FI4000074984	Valmet | STK | 26,247 | EUR | 17.770 | 466,409.19 | 0.12 |
| France |  |  |  |  | 15,302,528.09 | 3.93 |
| FR0000051732	Atos | STK | 1,546 | EUR | 64.860 | 100,273.56 | 0.03 |
| FR0000120628	AXA | STK | 18,050 | EUR | 23.210 | 418,940.50 | 0.11 |
| FR0000131104	BNP Paribas | STK | 11,512 | EUR | 44.845 | 516,255.64 | 0.13 |
| FR0000120503	Bouygues | STK | 12,702 | EUR | 36.420 | 462,606.84 | 0.12 |
| FR0000125338	Capgemini | STK | 4,323 | EUR | 108.700 | 469,910.10 | 0.12 |
| FR0000130403	Christian Dior | STK | 503 | EUR | 430.800 | 216,692.40 | 0.06 |
| FR0000121261	Compagnie Générale des Etablissements Michelin | STK | 7,931 | EUR | 102.200 | 810,548.20 | 0.21 |
| FR0000045072	Crédit Agricole | STK | 10,477 | EUR | 11.220 | 117,551.94 | 0.03 |
| FR0000130452	Eiffage | STK | 8,625 | EUR | 94.640 | 816,270.00 | 0.21 |
| FR0010208488	Engie | STK | 67,285 | EUR | 14.690 | 988,416.65 | 0.25 |
| FR0010221234	Eutelsat Communications | STK | 16,921 | EUR | 17.055 | 288,587.66 | 0.07 |
| FR0000121147	Faurecia | STK | 2,912 | EUR | 43.920 | 127,895.04 | 0.03 |
| FR0010259150	Ipsen | STK | 1,148 | EUR | 86.950 | 99,818.60 | 0.03 |
| FR0000121485	Kering | STK | 611 | EUR | 464.750 | 283,962.25 | 0.07 |
| FR0000120321	L’Oréal | STK | 5,061 | EUR | 253.200 | 1,281,445.20 | 0.33 |
| FR0000121014	LVMH Louis Vuitton Moët Hennessy | STK | 3,740 | EUR | 361.900 | 1,353,506.00 | 0.35 |
| FR0000133308	Orange | STK | 36,525 | EUR | 14.335 | 523,585.88 | 0.13 |
| FR0000121501	Peugeot | STK | 34,409 | EUR | 23.020 | 792,095.18 | 0.20 |
| FR0000131906	Renault | STK | 5,227 | EUR | 53.050 | 277,292.35 | 0.07 |
| FR0000120578	Sanofi | STK | 17,713 | EUR | 84.400 | 1,494,977.20 | 0.38 |
| FR0010411983	SCOR | STK | 11,494 | EUR | 37.840 | 434,932.96 | 0.11 |
| FR0000130809	Société Générale | STK | 6,004 | EUR | 25.220 | 151,420.88 | 0.04 |
| FR0000120271	TOTAL | STK | 21,312 | EUR | 47.570 | 1,013,811.84 | 0.26 |

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 |
| --- | --- | --- | --- | --- | --- | --- |
| FR0013176526 | Valeo | STK | 10,027  EUR | 30.060 | 301,411.62 | 0.08 |
| FR0000124141 | Veolia Environnement | STK | 18,100  EUR | 23.110 | 418,291.00 | 0.11 |
| FR0000125486 | Vinci | STK | 12,334  EUR | 97.900 | 1,207,498.60 | 0.31 |
| FR0010242511 | Électricité de France | STK | 32,400  EUR | 10.325 | 334,530.00 | 0.09 |
| Hong Kong |  |  |  |  | 109,698.95 | 0.03 |
| HK1883037637 | CITIC Telecom International Holdings | STK | 330,000 HKD | 2.850 | 109,698.95 | 0.03 |
| Ireland |  |  |  |  | 2,184,604.47 | 0.57 |
| IE00B4BNMY34 | Accenture -A- | STK | 1,030 USD | 191.380 | 180,274.81 | 0.05 |
| IE0001827041 | CRH | STK | 23,396 GBP | 27.860 | 734,850.98 | 0.19 |
| IE00BTN1Y115 | Medtronic | STK | 10,149 USD | 107.320 | 996,105.18 | 0.26 |
| IE00B1RR8406 | Smurfit Kappa Group | STK | 9,857 GBP | 24.600 | 273,373.50 | 0.07 |
| Italy |  |  |  |  | 4,487,797.49 | 1.15 |
| IT0001233417 | A2A | STK | 301,391  EUR | 1.672 | 503,775.06 | 0.13 |
| IT0000062072 | Assicurazioni Generali | STK | 32,072  EUR | 17.830 | 571,843.76 | 0.15 |
| IT0003128367 | Enel | STK | 184,893  EUR | 6.759 | 1,249,691.79 | 0.32 |
| IT0003132476 | Eni | STK | 62,979  EUR | 14.022 | 883,091.54 | 0.23 |
| IT0003027817 | Iren | STK | 109,712  EUR | 2.652 | 290,956.22 | 0.07 |
| IT0003153415 | Snam | STK | 70,540  EUR | 4.610 | 325,189.40 | 0.08 |
| IT0004810054 | Unipol Gruppo | STK | 136,135  EUR | 4.872 | 663,249.72 | 0.17 |
| Japan |  |  |  |  | 4,177,264.21 | 1.08 |
| JP3814000000 | FUJIFILM Holdings | STK | 14,200  JPY | 4,740.000 | 570,488.01 | 0.15 |
| JP3854600008 | Honda Motor | STK | 5,900  JPY | 2,798.500 | 139,944.93 | 0.04 |
| JP3143600009 | ITOCHU | STK | 42,100  JPY | 2,231.000 | 796,088.78 | 0.20 |
| JP3902900004 | Mitsubishi UFJ Financial Group | STK | 57,600  JPY | 548.400 | 267,731.68 | 0.07 |
| JP3735400008 | Nippon Telegraph & Telephone | STK | 13,300  JPY | 5,156.000 | 581,225.13 | 0.15 |
| JP3200450009 | ORIX | STK | 39,200  JPY | 1,611.000 | 535,255.88 | 0.14 |
| JP3347200002 | Shionogi & Co | STK | 12,400  JPY | 5,999.000 | 630,493.17 | 0.16 |
| JP3435000009 | Sony | STK | 4,300  JPY | 6,347.000 | 231,321.92 | 0.06 |
| JP3544000007 | Teijin | STK | 15,100  JPY | 2,076.000 | 265,695.46 | 0.07 |
| JP3633400001 | Toyota Motor | STK | 2,600  JPY | 7,216.000 | 159,019.25 | 0.04 |
| Jordan |  |  |  |  | 733,621.12 | 0.19 |
| GB00B0LCW083 | Hikma Pharmaceuticals | STK | 29,932 GBP | 21.740 | 733,621.12 | 0.19 |
| Canada |  |  |  |  | 2,644,249.04 | 0.68 |
| CA5054401073 | Labrador Iron Ore Royalty | STK | 8,953 CAD | 24.010 | 148,493.29 | 0.04 |
| CA5592224011 | Magna International | STK | 7,174 CAD | 69.320 | 343,531.07 | 0.09 |
| CA56501R1064 | Manulife Financial | STK | 43,303 CAD | 24.160 | 722,704.92 | 0.19 |
| CA59162N1096 | Metro | STK | 8,870 CAD | 57.910 | 354,832.41 | 0.09 |
| CA7751092007 | Rogers Communications -B- | STK | 10,844 CAD | 64.810 | 485,487.03 | 0.12 |
| CA87807B1076 | TC Energy | STK | 2,646 CAD | 68.460 | 125,133.28 | 0.03 |
| CA87241L1094 | TFI International | STK | 17,016 CAD | 39.480 | 464,067.04 | 0.12 |
| The Netherlands |  |  |  |  | 2,209,241.74 | 0.56 |
| NL0011794037 | Ahold Delhaize | STK | 10,918  EUR | 22.985 | 250,950.23 | 0.06 |
| NL0011872643 | ASR Nederland | STK | 12,527  EUR | 33.710 | 422,285.17 | 0.11 |
| NL0000009827 | DSM | STK | 7,951  EUR | 109.600 | 871,429.60 | 0.22 |
| NL0011821202 | ING Groep | STK | 45,808  EUR | 9.630 | 441,131.04 | 0.11 |
| NL0010773842 | NN Group | STK | 6,802  EUR | 32.850 | 223,445.70 | 0.06 |
| Norway |  |  |  |  | 1,702,931.93 | 0.43 |
| NO0010031479 | DNB | STK | 48,237 NOK | 160.250 | 778,798.87 | 0.20 |
| NO0003921009 | DNO | STK | 328,248 NOK | 12.865 | 425,460.12 | 0.11 |
| NO0010716418 | Entra | STK | 13,321 NOK | 140.200 | 188,161.96 | 0.05 |
| NO0003053605 | Storebrand | STK | 30,613 NOK | 56.840 | 175,310.10 | 0.04 |
| NO0010063308 | Telenor | STK | 7,335 NOK | 182.950 | 135,200.88 | 0.03 |
| Portugal |  |  |  |  | 296,433.98 | 0.08 |
| PTZON0AM0006 | NOS SGPS | STK | 60,153  EUR | 4.928 | 296,433.98 | 0.08 |
| Russia |  |  |  |  | 116,631.34 | 0.03 |
| GB00B71N6K86 | Evraz | STK | 21,955 GBP | 4.712 | 116,631.34 | 0.03 |
| Sweden |  |  |  |  | 2,818,409.61 | 0.74 |

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 | 7,541  SEK | 194.550 | 136,744.72 | 0.04 |
| SE0012455673 | Boliden | STK | 6,971  SEK | 228.150 | 148,240.18 | 0.04 |
| SE0007491303 | Bravida Holding | STK | 28,721  SEK | 85.300 | 228,348.92 | 0.06 |
| SE0000107401 | Investor -A- | STK | 14,706  SEK | 472.000 | 646,974.17 | 0.17 |
| SE0001852419 | Lindab International | STK | 15,559  SEK | 98.700 | 143,136.11 | 0.04 |
| SE0002683557 | Loomis -B- | STK | 14,132  SEK | 343.600 | 452,592.30 | 0.12 |
| SE0000667891 | Sandvik | STK | 42,632  SEK | 154.600 | 614,321.31 | 0.16 |
| SE0000148884 | Skandinaviska Enskilda Banken -A- | STK | 27,628  SEK | 90.920 | 234,131.18 | 0.06 |
| SE0000108656 | Telefonaktiebolaget LM Ericsson -B- | STK | 29,237  SEK | 78.500 | 213,920.72 | 0.05 |
| Switzerland |  |  |  |  | 10,356,061.48 | 2.66 |
| GB00B1XH2C03 | Ferrexpo | STK | 49,698 GBP | 1.623 | 90,907.60 | 0.02 |
| CH0001752309 | Georg Fischer | STK | 178  CHF | 867.500 | 142,199.41 | 0.04 |
| CH0025751329 | Logitech International | STK | 6,283 CHF | 40.130 | 232,190.54 | 0.06 |
| CH0038863350 | Nestlé | STK | 35,181 CHF | 106.940 | 3,464,628.38 | 0.89 |
| CH0012005267 | Novartis | STK | 22,375 CHF | 86.080 | 1,773,673.19 | 0.46 |
| CH0024608827 | Partners Group Holding | STK | 201  CHF | 768.800 | 142,304.20 | 0.04 |
| CH0012032048 | Roche Holding | STK | 9,112 CHF | 289.550 | 2,429,660.42 | 0.62 |
| NL0000226223 | STMicroelectronics | STK | 11,029  EUR | 17.605 | 194,165.55 | 0.05 |
| CH0126881561 | Swiss Re | STK | 7,844 CHF | 103.650 | 748,712.68 | 0.19 |
| CH0102993182 | TE Connectivity | STK | 5,524 USD | 92.710 | 468,361.87 | 0.12 |
| CH0011075394 | Zurich Insurance Group | STK | 1,900 CHF | 382.500 | 669,257.64 | 0.17 |
| Singapore |  |  |  |  | 369,973.77 | 0.09 |
| SG1V61937297 | Singapore Airlines | STK | 61,200 SGD | 9.140 | 369,973.77 | 0.09 |
| Spain |  |  |  |  | 3,105,687.67 | 0.79 |
| ES0167050915 | ACS Actividades de Construcción y Servicios | STK | 21,785  EUR | 36.400 | 792,974.00 | 0.20 |
| ES0113211835 | Banco Bilbao Vizcaya Argentaria | STK | 201,678  EUR | 4.800 | 968,054.40 | 0.25 |
| ES0113900J37 | Banco Santander | STK | 178,774  EUR | 3.746 | 669,687.40 | 0.17 |
| ES0178430E18 | Telefónica | STK | 96,287  EUR | 7.010 | 674,971.87 | 0.17 |
| USA |  |  |  |  | 38,888,950.86 | 9.99 |
| US00287Y1091 | AbbVie | STK | 4,450 USD | 74.850 | 304,616.27 | 0.08 |
| US02005N1000 | Ally Financial | STK | 23,175 USD | 33.550 | 711,071.95 | 0.18 |
| US02079K3059 | Alphabet -A- | STK | 474  USD | 1,225.950 | 531,437.73 | 0.14 |
| US02079K1079 | Alphabet -C- | STK | 948  USD | 1,225.090 | 1,062,129.85 | 0.27 |
| US0231351067 | Amazon,com | STK | 1,075 USD | 1,725.450 | 1,696,336.96 | 0.44 |
| US0258161092 | American Express | STK | 2,129 USD | 118.590 | 230,900.57 | 0.06 |
| US03076C1062 | Ameriprise Financial | STK | 5,600 USD | 147.540 | 755,612.42 | 0.19 |
| US0311621009 | Amgen | STK | 4,792 USD | 194.940 | 854,317.01 | 0.22 |
| US0367521038 | Anthem | STK | 2,209 USD | 237.690 | 480,184.25 | 0.12 |
| US0382221051 | Applied Materials | STK | 3,272 USD | 49.430 | 147,912.61 | 0.04 |
| US00206R1023 | AT&T | STK | 11,386 USD | 37.430 | 389,755.53 | 0.10 |
| US0533321024 | AutoZone | STK | 176  USD | 1,085.650 | 174,744.61 | 0.04 |
| US0545611057 | AXA Equitable Holdings | STK | 30,651 USD | 22.650 | 634,912.88 | 0.16 |
| US0640581007 | Bank of New York Mellon | STK | 3,708 USD | 44.530 | 151,005.83 | 0.04 |
| US1011371077 | Boston Scientific | STK | 20,557 USD | 40.310 | 757,833.53 | 0.19 |
| US1046741062 | Brady -A- | STK | 2,666 USD | 53.030 | 129,295.39 | 0.03 |
| US11135F1012 | Broadcom | STK | 561  USD | 274.140 | 140,648.97 | 0.04 |
| US14040H1059 | Capital One Financial | STK | 2,051 USD | 91.340 | 171,327.84 | 0.04 |
| US14149Y1082 | Cardinal Health | STK | 3,357 USD | 47.570 | 146,044.69 | 0.04 |
| US1423391002 | Carlisle Companies | STK | 928  USD | 143.010 | 121,371.20 | 0.03 |
| US1248572026 | CBS -B- | STK | 2,738 USD | 40.320 | 100,961.37 | 0.03 |
| US1510201049 | Celgene | STK | 1,865 USD | 98.850 | 168,599.70 | 0.04 |
| US1255231003 | Cigna | STK | 2,251 USD | 149.480 | 307,722.93 | 0.08 |
| US17275R1023 | Cisco Systems | STK | 21,251 USD | 48.840 | 949,196.89 | 0.24 |
| US20030N1019 | Comcast -A- | STK | 26,127 USD | 44.810 | 1,070,694.99 | 0.27 |
| US2193501051 | Corning | STK | 8,361 USD | 28.380 | 217,006.08 | 0.06 |
| US2310211063 | Cummins | STK | 4,369 USD | 161.300 | 644,492.24 | 0.17 |

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 | 13,677 USD | 58.280 | 728,973.38 | 0.19 |
| US2547091080 | Discover Financial Services | STK | 9,455 USD | 81.510 | 704,812.68 | 0.18 |
| US2692464017 | E*TRADE Financial | STK | 3,770 USD | 43.265 | 149,169.26 | 0.04 |
| US5324571083 | Eli Lilly | STK | 2,230 USD | 112.370 | 229,169.35 | 0.06 |
| BMG3198U1027 | Essent Group | STK | 13,900 USD | 48.460 | 616,026.64 | 0.16 |
| US30161N1019 | Exelon | STK | 16,370 USD | 48.580 | 727,289.76 | 0.19 |
| US3167731005 | Fifth Third Bancorp | STK | 11,285 USD | 27.480 | 283,608.72 | 0.07 |
| US31847R1023 | First American Financial | STK | 12,217 USD | 58.980 | 658,977.56 | 0.17 |
| US3029411093 | FTI Consulting | STK | 2,693 USD | 104.920 | 258,402.03 | 0.07 |
| US37045V1008 | General Motors | STK | 14,014 USD | 37.420 | 479,586.75 | 0.12 |
| US3755581036 | Gilead Sciences | STK | 5,265 USD | 62.900 | 302,865.85 | 0.08 |
| US42824C1099 | Hewlett Packard Enterprise | STK | 11,453 USD | 15.000 | 157,112.88 | 0.04 |
| US40434L1052 | HP | STK | 29,190 USD | 18.530 | 494,664.56 | 0.13 |
| US4435106079 | Hubbell | STK | 1,307 USD | 132.140 | 157,946.92 | 0.04 |
| US4448591028 | Humana | STK | 2,048 USD | 257.590 | 482,458.80 | 0.12 |
| IE00B6330302 | Ingersoll-Rand | STK | 2,332 USD | 123.560 | 263,516.45 | 0.07 |
| US4581401001 | Intel | STK | 18,704 USD | 50.780 | 868,617.29 | 0.22 |
| US4592001014 | International Business Machines | STK | 2,695 USD | 143.240 | 353,040.36 | 0.09 |
| US4781601046 | Johnson & Johnson | STK | 8,605 USD | 128.600 | 1,012,029.39 | 0.26 |
| US4932671088 | KeyCorp | STK | 7,852 USD | 17.860 | 128,251.67 | 0.03 |
| US4943681035 | Kimberly-Clark | STK | 2,613 USD | 142.060 | 339,478.68 | 0.09 |
| US49456B1017 | Kinder Morgan | STK | 13,507 USD | 20.670 | 255,329.30 | 0.07 |
| US5128071082 | Lam Research | STK | 4,019 USD | 230.080 | 845,664.61 | 0.22 |
| US5341871094 | Lincoln National | STK | 8,351 USD | 60.910 | 465,187.85 | 0.12 |
| NL0009434992 | LyondellBasell Industries -A- | STK | 4,486 USD | 88.700 | 363,901.77 | 0.09 |
| US57636Q1040 | Mastercard -A- | STK | 1,405 USD | 269.130 | 345,811.73 | 0.09 |
| US57665R1068 | Match Group | STK | 1,913 USD | 72.410 | 126,681.97 | 0.03 |
| US58933Y1055 | Merck | STK | 3,974 USD | 82.910 | 301,325.62 | 0.08 |
| US5949181045 | Microsoft | STK | 17,248 USD | 137.730 | 2,172,543.95 | 0.56 |
| US60871R2094 | Molson Coors Brewing -B- | STK | 4,844 USD | 57.470 | 254,593.09 | 0.07 |
| US6558441084 | Norfolk Southern | STK | 1,240 USD | 180.870 | 205,111.26 | 0.05 |
| US6821891057 | ON Semiconductor | STK | 6,292 USD | 18.680 | 107,489.70 | 0.03 |
| US68389X1054 | Oracle | STK | 14,140 USD | 54.090 | 699,467.71 | 0.18 |
| US6937181088 | PACCAR | STK | 10,441 USD | 69.010 | 658,954.46 | 0.17 |
| US70450Y1038 | PayPal Holdings | STK | 1,781 USD | 102.200 | 166,462.38 | 0.04 |
| US7427181091 | Procter & Gamble | STK | 11,064 USD | 124.570 | 1,260,453.74 | 0.32 |
| US78573M1045 | Sabre | STK | 34,237 USD | 22.180 | 694,478.05 | 0.18 |
| US8581552036 | Steelcase -A- | STK | 30,848 USD | 18.410 | 519,376.24 | 0.13 |
| US87165B1035 | Synchrony Financial | STK | 20,998 USD | 33.620 | 645,619.92 | 0.17 |
| US87612E1064 | Target | STK | 7,460 USD | 106.120 | 723,997.97 | 0.19 |
| US8835561023 | Thermo Fisher Scientific | STK | 3,177 USD | 287.400 | 835,036.12 | 0.21 |
| US8725401090 | TJX Companies | STK | 3,280 USD | 54.830 | 164,472.53 | 0.04 |
| US9024941034 | Tyson Foods -A- | STK | 9,117 USD | 85.200 | 710,383.44 | 0.18 |
| US9078181081 | Union Pacific | STK | 1,283 USD | 162.690 | 190,892.47 | 0.05 |
| US9113631090 | United Rentals | STK | 990  USD | 124.790 | 112,983.82 | 0.03 |
| US91324P1021 | UnitedHealth Group | STK | 3,403 USD | 215.260 | 669,925.59 | 0.17 |
| US92343V1044 | Verizon Communications | STK | 6,396 USD | 60.300 | 352,717.53 | 0.09 |
| US92826C8394 | Visa -A- | STK | 3,032 USD | 174.000 | 482,480.46 | 0.12 |
| US2546871060 | Walt Disney | STK | 2,826 USD | 129.960 | 335,879.22 | 0.09 |
| US94106L1098 | Waste Management | STK | 7,476 USD | 113.590 | 776,623.76 | 0.20 |
| US94946T1060 | WellCare Health Plans | STK | 1,040 USD | 259.290 | 246,615.51 | 0.06 |
| US9839191015 | Xilinx | STK | 6,917 USD | 95.950 | 606,965.54 | 0.16 |
| US9884981013 | Yum! Brands | STK | 1,407 USD | 112.990 | 145,390.28 | 0.04 |
| United Kingdom |  |  |  |  | 15,305,892.21 | 3.92 |
| GB00B1YW4409 | 3i Group | STK | 44,187 GBP | 11.820 | 588,828.12 | 0.15 |
| GB0009895292 | AstraZeneca | STK | 15,476 GBP | 71.860 | 1,253,783.31 | 0.32 |

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 | 19,062 GBP | 5.100 | 109,601.17 | 0.03 |
| GB0002162385 | Aviva | STK | 110,258 GBP | 3.987 | 495,601.83 | 0.13 |
| GB0031348658 | Barclays | STK | 178,300 GBP | 1.514 | 304,376.51 | 0.08 |
| GB0000811801 | Barratt Developments | STK | 41,279 GBP | 6.422 | 298,865.66 | 0.08 |
| GB0000904986 | Bellway | STK | 4,481 GBP | 32.880 | 166,105.23 | 0.04 |
| GB00B02L3W35 | Berkeley Group Holdings | STK | 6,751 GBP | 41.800 | 318,141.95 | 0.08 |
| GB00BDCPN049 | Coca-Cola European Partners | STK | 14,617 USD | 55.040 | 735,763.01 | 0.19 |
| GB00BD6K4575 | Compass Group | STK | 16,937 GBP | 20.950 | 400,034.15 | 0.10 |
| GB00BV9FP302 | Computacenter | STK | 23,050 GBP | 12.880 | 334,705.88 | 0.09 |
| GB0008220112 | DS Smith | STK | 33,363 GBP | 3.600 | 135,407.95 | 0.03 |
| GB0009252882 | GlaxoSmithKline | STK | 68,770 GBP | 17.452 | 1,353,071.60 | 0.35 |
| GB00B0HZP136 | Greene King | STK | 1,443 GBP | 8.456 | 13,756.50 | 0.00 |
| GB00B63QSB39 | Greggs | STK | 6,266 GBP | 20.830 | 147,148.63 | 0.04 |
| GB00BYYTFB60 | HomeServe | STK | 12,308 GBP | 11.950 | 165,818.10 | 0.04 |
| GB0005405286 | HSBC Holdings | STK | 85,926 GBP | 6.282 | 608,553.94 | 0.16 |
| GB00BYX91H57 | JD Sports Fashion | STK | 27,596 GBP | 7.404 | 230,350.46 | 0.06 |
| GB0005603997 | Legal & General Group | STK | 245,290 GBP | 2.494 | 689,688.28 | 0.18 |
| GB0008706128 | Lloyds Banking Group | STK | 931,119 GBP | 0.548 | 574,837.61 | 0.15 |
| GB00B012BV22 | Marshalls | STK | 21,644 GBP | 6.650 | 162,269.06 | 0.04 |
| GB00BJ1F4N75 | Micro Focus International | STK | 19,275 GBP | 11.386 | 247,424.17 | 0.06 |
| GB00B1CRLC47 | Mondi | STK | 27,169 GBP | 15.535 | 475,840.57 | 0.12 |
| GB0006215205 | National Express Group | STK | 51,101 GBP | 4.326 | 249,225.50 | 0.06 |
| GB00BDR05C01 | National Grid | STK | 30,668 GBP | 8.823 | 305,055.09 | 0.08 |
| GB0006825383 | Persimmon | STK | 11,781 GBP | 21.610 | 287,020.87 | 0.07 |
| GB00B2B0DG97 | RELX | STK | 49,915 GBP | 19.320 | 1,087,213.28 | 0.28 |
| AU000000RIO1 | Rio Tinto | STK | 72  AUD | 92.670 | 4,120.38 | 0.00 |
| GB00B7T77214 | Royal Bank of Scotland Group | STK | 149,392 GBP | 2.096 | 353,016.63 | 0.09 |
| NL0000388619 | Unilever (traded in the Netherlands) | STK | 8,381  EUR | 54.760 | 458,943.56 | 0.12 |
| GB00B10RZP78 | Unilever (traded in the United Kingdom) | STK | 18,594 GBP | 48.790 | 1,022,775.22 | 0.26 |
| GB00B39J2M42 | United Utilities Group | STK | 87,693 GBP | 8.192 | 809,900.05 | 0.21 |
| GB00BH4HKS39 | Vodafone Group | STK | 363,858 GBP | 1.628 | 667,907.37 | 0.17 |
| JE00B8KF9B49 | WPP | STK | 21,912 GBP | 10.150 | 250,740.57 | 0.06 |
| Austria |  |  |  |  | 701,953.44 | 0.18 |
| AT0000743059 | OMV | STK | 12,006  EUR | 49.640 | 595,977.84 | 0.15 |
| NL0012650360 | Rhi Magnesita | STK | 2,313 GBP | 40.640 | 105,975.60 | 0.03 |
| Bonds |  |  |  |  | 261,935,083.45 | 67.22 |
| Australia |  |  |  |  | 1,437,517.34 | 0.37 |
| XS1811023735 | 0.3750 | % | Commonwealth Bank of |  |  |  |  |  |
|  |  |  | Australia EUR MTN 18/23 | EUR | 1,400.0	% | 102.680 | 1,437,517.34 | 0.37 |
| Belgium |  |  |  |  |  |  | 7,227,709.65 | 1.86 |
| BE0002620012 | 0.3750 | % | Belfius Bank EUR MTN 18/23 | EUR | 300.0	% | 103.357 | 310,069.65 | 0.08 |
| BE0000332412 | 2.6000 | % | Belgium Government EUR Bonds 14/24 S.72 | EUR | 6,000.0	% | 115.294 | 6,917,640.00 | 1.78 |
| Bulgaria |  |  |  |  |  |  | 4,821,357.15 | 1.24 |
| XS1382693452 | 1.8750 | % | Bulgaria Government EUR MTN 16/23 | EUR | 4,500.0	% | 107.141 | 4,821,357.15 | 1.24 |
| China |  |  |  |  |  |  | 620,571.42 | 0.16 |
| XS1553210672 | 0.8750 | % | China Development Bank EUR Notes 17/24 | EUR | 600.0	% | 103.429 | 620,571.42 | 0.16 |
| Germany |  |  |  |  |  |  | 34,940,732.59 | 8.97 |
| DE0001102309 | 1.5000 | % | Germany Government EUR Bonds 13/23 | EUR | 4,000.0	% | 107.957 | 4,318,280.00 | 1.11 |
| DE0001102325 | 2.0000 | % | Germany Government EUR Bonds 13/23 | EUR | 16,600.0	% | 111.100 | 18,442,600.00 | 4.73 |
| DE0001102358 | 1.5000 | % | Germany Government EUR Bonds 14/24 | EUR | 7,300.0	% | 110.800 | 8,088,400.00 | 2.08 |
| DE0001102333 | 1.7500 | % | Germany Government EUR Bonds 14/24 | EUR | 1,100.0	% | 111.333 | 1,224,663.00 | 0.31 |
| XS1387174375 | 2.2500 | % | HeidelbergCement EUR MTN 16/23 | EUR | 400.0	% | 106.799 | 427,197.72 | 0.11 |
| XS1564325550 | 0.2500 | % | Landwirtschaftliche Rentenbank |  |  |  |  |  |
|  |  |  | EUR MTN 17/24 | EUR | 2,350.0	% | 103.812 | 2,439,591.87 | 0.63 |
| Denmark |  |  |  |  |  |  | 819,946.00 | 0.21 |
| XS1424730973 | 0.7500 | % | Danske Bank EUR MTN 16/23 | EUR | 800.0	% | 102.493 | 819,946.00 | 0.21 |
| Finland |  |  |  |  |  |  | 6,173,238.20 | 1.58 |

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 |
| --- | --- | --- | --- | --- | --- | --- |
| FI4000062625 | 1.5000 | % | Finland Government EUR Bonds 13/23 | EUR | 2,600.0 | % | 107.922 | 2,805,959.00 | 0.72 |
| FI4000079041 | 2.0000 | % | Finland Government EUR Bonds 14/24 | EUR | 3,000.0 | % | 112.243 | 3,367,279.20 | 0.86 |
| France |  |  |  |  |  |  |  | 49,520,177.24 | 12.69 |
| XS0819130302 | 3.2500 | % | Banque Fédérative du Crédit |  |  |  |  |  |  |
| FR0013231081 | 0.3250 | % | Mutuel EUR MTN 12/22 Compagnie de Financement | EUR | 300.0 | % | 110.364 | 331,090.98 | 0.08 |
| XS1962554785 | 0.6250 | % | Foncier EUR MTN 17/23 Compagnie de Saint-Gobain | EUR | 1,100.0 | % | 103.104 | 1,134,148.62 | 0.29 |
|  |  |  | EUR Notes 19/24 | EUR | 900.0 | % | 102.334 | 921,006.54 | 0.24 |
| FR0010466938 | 4.2500 | % | France Government EUR Bonds 07/23 | EUR | 7,700.0 | % | 120.442 | 9,274,034.00 | 2.38 |
| FR0011337880 | 2.2500 | % | France Government EUR Bonds 12/22 | EUR | 7,900.0 | % | 109.217 | 8,628,143.00 | 2.21 |
| FR0011486067 | 1.7500 | % | France Government EUR Bonds 13/23 | EUR | 10,750.0 | % | 109.075 | 11,725,562.50 | 3.01 |
| FR0011619436 | 2.2500 | % | France Government EUR Bonds 13/24 | EUR | 4,300.0 | % | 113.620 | 4,885,660.00 | 1.25 |
| FR0011962398 | 1.7500 | % | France Government EUR Bonds 14/24 | EUR | 3,000.0 | % | 112.238 | 3,367,140.00 | 0.86 |
| FR0013344751 | 0.0000 | % | France Government EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 25.03.2024 | EUR | 8,500.0 | % | 102.882 | 8,744,969.15 | 2.24 |
| FR0013230943 | 0.6250 | % | Valeo EUR MTN 17/23 | EUR | 500.0 | % | 101.684 | 508,422.45 | 0.13 |
| Hong Kong |  |  |  |  |  |  |  | 519,174.05 | 0.13 |
| XS1391085740 | 1.2500 | % | CK Hutchison Finance 16 EUR Notes 16/23 | EUR | 500.0 | % | 103.835 | 519,174.05 | 0.13 |
| Ireland |  |  |  |  |  |  |  | 6,381,298.19 | 1.63 |
| XS1883354620 | 0.8750 | % | Abbott Ireland Financing EUR Notes 18/23 | EUR | 350.0 | % | 103.227 | 361,294.19 | 0.09 |
| IE00B4S3JD47 | 3.9000 | % | Ireland Government EUR Bonds 13/23 | EUR | 3,450.0 | % | 115.552 | 3,986,544.00 | 1.02 |
| IE00BDHDPQ37 | 0.0000 | % | Ireland Government EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 18.10.2022 | EUR | 2,000.0 | % | 101.673 | 2,033,460.00 | 0.52 |
| Iceland |  |  |  |  |  |  |  | 304,672.05 | 0.08 |
| XS2015295814 | 0.1000 | % | Iceland Government EUR Bonds 19/24 | EUR | 300.0 | % | 101.557 | 304,672.05 | 0.08 |
| Italy |  |  |  |  |  |  |  | 63,644,309.00 | 16.34 |
| IT0004356843 | 4.7500 | % | Italy Buoni Poliennali Del |  |  |  |  |  |  |
| IT0004898034 | 4.5000 | % | Tesoro EUR Bonds 08/23 Italy Buoni Poliennali Del | EUR | 15,750.0 | % | 117.912 | 18,571,140.00 | 4.77 |
| IT0005001547 | 3.7500 | % | Tesoro EUR Bonds 13/23 Italy Buoni Poliennali Del | EUR | 6,200.0 | % | 115.992 | 7,191,504.00 | 1.85 |
| IT0005135840 | 1.4500 | % | Tesoro EUR Bonds 14/24 Italy Buoni Poliennali Del | EUR | 3,000.0 | % | 117.080 | 3,512,400.00 | 0.90 |
| IT0005172322 | 0.9500 | % | Tesoro EUR Bonds 15/22 Italy Buoni Poliennali Del | EUR | 5,000.0 | % | 104.564 | 5,228,200.00 | 1.34 |
| IT0005246340 | 1.8500 | % | Tesoro EUR Bonds 16/23 Italy Buoni Poliennali Del | EUR | 8,300.0 | % | 103.293 | 8,573,319.00 | 2.20 |
| IT0000366655 | 9.0000 | % | Tesoro EUR Bonds 17/24 Italy Buoni Poliennali Del | EUR | 8,600.0 | % | 107.711 | 9,263,146.00 | 2.38 |
|  |  |  | Tesoro EUR Bonds 93/23 | EUR | 8,300.0 | % | 136.200 | 11,304,600.00 | 2.90 |
| Japan |  |  |  |  |  |  |  | 515,954.50 | 0.13 |
| XS1843449049 | 1.1250 | % | Takeda Pharmaceutical EUR Notes 18/22 | EUR | 500.0 | % | 103.191 | 515,954.50 | 0.13 |
| Canada |  |  |  |  |  |  |  | 1,336,479.56 | 0.34 |
| XS1401105587 | 0.3750 | % | Toronto-Dominion Bank EUR MTN 16/23 | EUR | 1,300.0 | % | 102.806 | 1,336,479.56 | 0.34 |
| Luxembourg |  |  |  |  |  |  |  | 1,686,585.77 | 0.43 |
| XS1909193150 | 1.5000 | % | Allergan Funding EUR Notes 18/23 | EUR | 500.0 | % | 105.506 | 527,530.00 | 0.14 |
| XS1936308391 | 2.2500 | % | ArcelorMittal EUR MTN 19/24 | EUR | 350.0 | % | 105.418 | 368,963.11 | 0.09 |
| EU000A1G0BC0 | 1.8750 | % | European Financial Stability |  |  |  |  |  |  |
| XS1960678099 | 0.3750 | % | Facility EUR MTN 13/23 Medtronic Global Holdings | EUR | 400.0 | % | 108.939 | 435,755.60 | 0.11 |
|  |  |  | EUR Notes 19/23 | EUR | 350.0 | % | 101.239 | 354,337.06 | 0.09 |
| New Zealand |  |  |  |  |  |  |  | 569,033.69 | 0.15 |
| XS1935204641 | 0.5000 | % | ANZ New Zealand Int’l |  |  |  |  |  |  |
|  |  |  | (London) EUR MTN 19/24 | EUR | 550.0 | % | 103.461 | 569,033.69 | 0.15 |
| The Netherlands |  |  |  |  |  |  |  | 12,522,777.88 | 3.22 |
| XS1823246712 | 0.5000 | % | BMW Finance EUR MTN 18/22 | EUR | 300.0 | % | 101.560 | 304,679.85 | 0.08 |
| NL0010733424 | 2.0000 | % | Netherlands Government EUR Bonds 14/24 | EUR | 4,700.0 | % | 113.168 | 5,318,896.00 | 1.37 |
| NL0000102077 | 7.5000 | % | Netherlands Government EUR Bonds 93/23 | EUR | 2,500.0 | % | 127.746 | 3,193,650.00 | 0.82 |
| NL0012650469 | 0.0000 | % | Netherlands Government EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 15.01.2024 | EUR | 2,500.0 | % | 103.120 | 2,578,000.00 | 0.66 |

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 |
| --- | --- | --- | --- | --- | --- | --- |
| XS1956955980 | 0.6250 | % | Rabobank EUR MTN 19/24 | EUR | 1,100.0 | % | 102.505 | 1,127,552.03 | 0.29 |
| Niger |  |  |  |  |  |  |  | 546,874.15 | 0.14 |
| XS1069836077 | 1.8750 | % | Linde Finance EUR MTN 14/24 | EUR | 500.0 | % | 109.375 | 546,874.15 | 0.14 |
| Poland |  |  |  |  |  |  |  | 1,766,278.14 | 0.45 |
| XS0794399674 | 3.7500 | % | Poland Government EUR MTN 12/23 | EUR | 1,100.0 | % | 113.768 | 1,251,452.62 | 0.32 |
| XS1015428821 | 3.0000 | % | Poland Government EUR MTN 14/24 | EUR | 450.0 | % | 114.406 | 514,825.52 | 0.13 |
| Portugal |  |  |  |  |  |  |  | 13,003,220.00 | 3.34 |
| PTOTEAOE0021 | 4.9500 | % | Portugal Obrigações do |  |  |  |  |  |  |
| PTOTEQOE0015 | 5.6500 | % | Tesouro EUR Bonds 08/23 Portugal Obrigações do | EUR | 8,100.0 | % | 121.570 | 9,847,170.00 | 2.53 |
|  |  |  | Tesouro EUR Bonds 13/24 | EUR | 2,500.0 | % | 126.242 | 3,156,050.00 | 0.81 |
| Romania |  |  |  |  |  |  |  | 809,966.29 | 0.21 |
| XS1060842975 | 3.6250 | % | Romania Government EUR MTN 14/24 | EUR | 700.0 | % | 115.709 | 809,966.29 | 0.21 |
| Sweden |  |  |  |  |  |  |  | 453,922.43 | 0.12 |
| XS1711933033 | 0.2500 | % | Swedbank EUR MTN 17/22 | EUR | 450.0 | % | 100.872 | 453,922.43 | 0.12 |
| Spain |  |  |  |  |  |  |  | 40,377,640.11 | 10.37 |
| XS1878191052 | 0.8750 | % | Amadeus IT Group EUR MTN 18/23 | EUR | 300.0 | % | 103.275 | 309,824.04 | 0.08 |
| ES0413679343 | 0.8750 | % | Bankinter EUR Notes 15/22 | EUR | 500.0 | % | 103.616 | 518,081.65 | 0.13 |
| ES0444251047 | 0.2500 | % | Ibercaja Banco EUR MTN 16/23 | EUR | 900.0 | % | 102.255 | 920,294.82 | 0.24 |
| XS1956025651 | 1.0000 | % | Santander Consumer Finance |  |  |  |  |  |  |
|  |  |  | EUR MTN 19/24 | EUR | 800.0 | % | 103.518 | 828,143.68 | 0.21 |
| ES00000121G2 | 4.8000 | % | Spain Government EUR Bonds 08/24 | EUR | 2,300.0 | % | 122.348 | 2,814,004.00 | 0.72 |
| ES00000123U9 | 5.4000 | % | Spain Government EUR Bonds 13/23 | EUR | 4,000.0 | % | 119.492 | 4,779,680.00 | 1.23 |
| ES00000123X3 | 4.4000 | % | Spain Government EUR Bonds 13/23 | EUR | 6,000.0 | % | 119.461 | 7,167,660.00 | 1.84 |
| ES00000124W3 | 3.8000 | % | Spain Government EUR Bonds 14/24 | EUR | 11,000.0 | % | 118.870 | 13,075,700.00 | 3.36 |
| ES0000012A97 | 0.4500 | % | Spain Government EUR Bonds 17/22 | EUR | 6,700.0 | % | 102.734 | 6,883,161.92 | 1.77 |
| ES0000012B62 | 0.3500 | % | Spain Government EUR Bonds 18/23 | EUR | 3,000.0 | % | 102.703 | 3,081,090.00 | 0.79 |
| South Korea |  |  |  |  |  |  |  | 1,742,334.05 | 0.45 |
| XS1967003747 | 0.3750 | % | Export Import Bank Korea EUR MTN 19/24 | EUR | 700.0 | % | 102.522 | 717,655.54 | 0.18 |
| XS2022179159 | 0.0000 | % | Korea Development Bank EUR |  |  |  |  |  |  |
|  |  |  | Zero-Coupon Notes 10.07.2024 | EUR | 300.0 | % | 100.671 | 302,011.95 | 0.08 |
| XS1857091166 | 0.6250 | % | Korea Development Bank EUR Notes 18/23 | EUR | 700.0 | % | 103.238 | 722,666.56 | 0.19 |
| USA |  |  |  |  |  |  |  | 1,366,665.74 | 0.35 |
| XS0882849507 | 3.2500 | % | Goldman Sachs Group EUR MTN 13/23 | EUR | 600.0 | % | 110.341 | 662,047.98 | 0.17 |
| XS1979259220 | 0.3750 | % | Metropolitan Life Global |  |  |  |  |  |  |
|  |  |  | Funding I EUR Notes 19/24 | EUR | 400.0 | % | 101.362 | 405,449.36 | 0.10 |
| XS2058556296 | 0.1250 | % | Thermo Fisher Scientific EUR Notes 19/25 | EUR | 300.0 | % | 99.723 | 299,168.40 | 0.08 |
| United Kingdom |  |  |  |  |  |  |  | 1,029,761.20 | 0.26 |
| XS1428769738 | 1.0000 | % | Crédit Suisse (London) EUR MTN 16/23 | EUR | 500.0 | % | 103.813 | 519,063.75 | 0.13 |
| XS1719154574 | 0.5000 | % | Diageo Finance EUR MTN 17/24 | EUR | 500.0 | % | 102.139 | 510,697.45 | 0.13 |
| Cyprus |  |  |  |  |  |  |  | 2,517,665.70 | 0.65 |
| XS1637276848 | 2.7500 | % | Cyprus Government EUR MTN 17/24 | EUR | 2,000.0 | % | 113.000 | 2,260,008.20 | 0.58 |
| XS1989405425 | 0.6250 | % | Cyprus Government EUR MTN 19/24 | EUR | 250.0 | % | 103.063 | 257,657.50 | 0.07 |
| Austria |  |  |  |  |  |  |  | 5,279,221.36 | 1.35 |
| AT0000A0U3T4 | 3.4000 | % | Austria Government EUR Bonds 12/22 | EUR | 3,600.0 | % | 113.046 | 4,069,663.56 | 1.04 |
| AT0000A105W3 | 1.7500 | % | Austria Government EUR Bonds 13/23 | EUR | 1,100.0 | % | 109.960 | 1,209,557.80 | 0.31 |
| REITs (Real Estate Investment Trusts) |  |  |  |  | 767,472.12 | 0.19 |
| France |  |  |  |  | 767,472.12 | 0.19 |
| FR0010040865	Gecina Real Estate Investment Trust | STK | 1,179 | EUR | 142.600 | 168,125.40 | 0.04 |
| FR0000121964	Klepierre Real Estate Investment Trust | STK | 19,284 | EUR | 31.080 | 599,346.72 | 0.15 |
| Other securities and money-market instruments |  |  |  |  | 0.08 | 0.00 |
| Warrants |  |  |  |  | 0.08 | 0.00 |
| Singapore |  |  |  |  | 0.08 | 0.00 |
| SG5HB4000006  Ezion Holdings -Warrants-* | STK | 11,520 | SGD | 0.000 | 0.08 | 0.00 |
| Fund units |  |  |  |  | 2,358,543.18 | 0.61 |
| (Ongoing Charges (including management fee) resp. Management Fee or All-in-fee of the target fund in % p.a.) |  |  |  |  |  |  |
| Luxembourg |  |  |  |  | 2,358,543.18 | 0.61 |
| LU1766616152	Allianz Global Investors Fund - Allianz Global |  |  |  |  |  |  |
| Sustainability -WT- EUR - (0.660%) | STK | 1,895.996 | EUR | 1,243.960 | 2,358,543.18 | 0.61 |
| Total securities and money-market instruments |  |  |  |  | 382,574,116.78 | 98.19 |

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 |
| --- | --- | --- | --- | --- | --- | --- |
| Deposits at financial institutions |  |  |  |  | 3,988,566.15 | 1.02 |
| Sight deposits |  |  |  |  | 3,988,566.15 | 1.02 |
| State Street Bank Luxembourg S.C.A, | EUR |  |  |  | 3,386,201.78 | 0.87 |
| Deposits used for collateralisation of derivatives | EUR |  |  |  | 602,364.37 | 0.15 |
| Total deposits at financial institutions |  |  |  |  | 3,988,566.15 | 1.02 |
|  |  |  |  |  |  |  |
| 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 |  |  |  |  | 2,732.10 | 0.00 |
| Financial futures transactions |  |  |  |  | 2,732.10 | 0.00 |
| Long bond futures |  |  |  |  | -9,390.00 | 0.00 |
| 5-Year German Government Bond (Bobl) Futures 12/19 | Ktr | 14 | EUR | 135.590 | -10,220.00 | 0.00 |
| Euro BTP Futures 12/19 | Ktr | 17 | EUR | 112.670 | 830.00 | 0.00 |
| Purchased index futures |  |  |  |  | -19,677.90 | -0.01 |
| DJ EURO STOXX 50 Index Futures 12/19 | Ktr | 120 | EUR | 3,227.000 | 52,800.00 | 0.01 |
| S&P 500 E-mini Index Futures 12/19 | Ktr | 51 | USD | 2,963.800 | -102,807.68 | -0.03 |
| S&P/TSX 60 Index Futures 12/19 | Ktr | 5 | CAD | 996.800 | -4,919.81 | 0.00 |
| SPI 200 Index Futures 12/19 | Ktr | 4 | AUD | 6,682.000 | 617.54 | 0.00 |
| Topix Index Futures 12/19 | Ktr | 9 | JPY | 1,588.000 | 34,632.05 | 0.01 |
| Short bond futures |  |  |  |  | 31,800.00 | 0.01 |
| 2-Year German Government Bond (Schatz) Futures 12/19 | Ktr | -120 | EUR | 112.325 | 31,800.00 | 0.01 |
| Total derivatives |  |  |  |  | 2,732.10 | 0.00 |
| Other assets/liabilities | EUR |  |  |  | 3,059,376.44 | 0.79 |
| Net assets of the Subfund | EUR |  |  |  | 389,624,791.47 | 100.00 |
|  |  |  |  |  |  |  |
| Aktienwert - Class A (EUR) (distributing) | EUR |  |  |  | 110.51 |  |
| - Class Allianz Avenir 30 AT (EUR) (accumulating) | EUR |  |  |  | 103.40 |  |
| - Class C (EUR) (distributing) | EUR |  |  |  | 116.98 |  |
| - Class IT2 (EUR) (accumulating) | EUR |  |  |  | 1,082.28 |  |
| - Class P (EUR) (distributing) Units in circulation
- Class A (EUR) (distributing)
 | EUR STK |  |  |  | 1,117.80 8,091 |  |
| - Class Allianz Avenir 30 AT (EUR) (accumulating) | STK |  |  |  | 34,921 |  |
| - Class C (EUR) (distributing) | STK |  |  |  | 1,268,564 |  |
| - Class IT2 (EUR) (accumulating) | STK |  |  |  | 910 |  |
| - Class P (EUR) (distributing) * The market value was determined on the basis of the | STK |  |  |  | 210,893 |  |
| 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 | 5,917,570.82 |
| Interest on the liquidity portfolio |  |
| - Positive deposit rates | 12,322.30 |
| - Negative deposit rates | -28,935.08 |
| Dividends | 3,516,898.20 |
| Income from |  |
| - Securities lending | 9,892.20 |
| Total income | 9,427,748.44 |
| Expenses from |  |
| - Securities lending | -2,967.67 |
| Taxe d’Abonnement | -189,071.49 |
| All-in fee | -3,396,426.03 |
| Other expenses | -7,318.72 |
| Total expenses | -3,595,783.91 |
| Net income/loss Realised gain/loss on | 5,831,964.53 |
| - securities transactions | 618,360.91 |
| - financial futures transactions | -4,436,777.42 |
| - forward foreign exchange transactions | -1,575.90 |
| - foreign exchange | 401,388.07 |
| Net realised gain/loss | 2,413,360.19 |
| Changes in unrealised appreciation/depreciation on |  |
| - securities transactions | 8,533,746.14 |
| - financial futures transactions | -399,662.87 |
| - foreign exchange | 1,188.62 |
| Result of operations | 10,548,632.08 |

| 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 371,051,060.55) | 382,574,116.78 |  | reporting period | 298,880,277.08 |
| Bank deposits | 3,988,566.15 |  | Subscriptions | 101,573,210.40 |
| Interest receivable on |  |  | Redemptions | -16,182,861.08 |
| - bonds | 3,138,478.44 |  |  | 384,270,626.40 |
| Accrued dividends | 176,117.01 |  | Distribution | -5,194,467.01 |
| Receivable on |  |  | Result of operations | 10,548,632.08 |
| - subscriptions of fund units | 15,617.97 |  | Net assets of the Subfund at the end of the reporting 389,624,791.47 |
| -Securities lending | 1,467.83 |  | period |
| - securities transactions | 510,798.62 |  |  |
| Other receivables | 2,029.54 |  |  |
| Unrealised gain on |  |  |  |
| - futures transactions | 120,679.59 |  |  |
| Total assets | 390,527,871.93 |  |  |
| Liabilities to banks | -14,977.71 |  |  |
| Payable on |  |  |  |
| - redemptions of fund units | -42,422.58 |  |  |
| - securities transactions | -386,505.03 |  |  |
| Other payables | -341,227.65 |  |  |
| Unrealised loss on |  |  |  |
| - futures transactions | -117,947.49 |  |  |
| Total liabilities and equity | -903,080.46 |  |  |
| Net assets of the Subfund | 389,624,791.47 |  |  |

| Statement of Changes in Shares |  |
| --- | --- |
|  | 2018/2019 | 2017/2018 |
| Number of shares in issue at the beginning of the reporting period | 1,462,518 | 1,365,562 |
| - issued | 202,491 | 181,708 |
| - redeemed | -141,630 | -84,752 |

Number of shares in issue at the end of the reporting
period
1,523,379	1,462,518
Any inconsistencies regarding the total number of shares in circulation must be attributable to rounding differences.

Translation (ENDE, 2019-09-30):
# Allianz Vermögenskonzept SRI Defensiv
Der Teilfonds strebt das Profil eines Portfolios aus 30 % chon- cenreicheren Anlagen (z.B. Aktien, Rohstoffe) und 70 % wert- stabileren Anlagen (EUR-Anleihen) an. Je nach Markteinschöt- 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 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 entfielen im Schnitt rund zwei Drittel des Wertpa- pierbestonds auf verzinsliche Anlagen. Dabei lag der Schwer- punkt nach wie vor auf öffentlich-rechtlichen Emissionen aus dem Euroraum. Hierzu zöhlten neben Papieren hoher BonitÖt auch Anleihen von Peripheriestaaten wie ltalien und Spanien. Die Beimischung internationaler Bank- und Unternehmensan- leihen mit Investment-Grade-Ratings sowie erstklassiger ge- deckter Schuldverschreibungen wurde etwas reduziert. Das durchschnittliche Bonitötsroting der verzinslichen Anlagen lag Ende September bei A+. Auf der Loufzeitebene stand weiterhin

#### dos drei- bis fünfjöhripe Segment im Fokus. Die Duration (mitt- lere Kapitalbindunpsdauer) des Gesamtportfolios einschließ- lich Derivaten betrup zuletzt etwas mehr als dreieinhalb Jah- re.›
Der verbleibende Teil des Wertpapiervermögens entfiel auf ein breit gestreutes Portfolio an Standardwerten aus entwi- ckelten Löndern. Dabei dominierten weiterhin Aktien aus den USA. Ausgebaut wurde daneben der Anteil französischer Titel, wöhrend das Engagement in britischen und deutschen Aktien sank. Auf der Bronchenebene standen noch wie vor Finanz- und Gesundheitstitel im Vordergrund. Daneben wurde mit Blick auf die relativen Bewertungen der Anteil von Industrie- werten erhöht, was insbesondere zulasten des Bereichs Infor- mationstechnik ging.
Zur Feinsteuerunp der Aktien-/Anleihenquote wurden Derivate eingesetzt. Auf Rohstoffanlapen wurde weiterhin verzichtet.
Mit seiner Anlopepolitik erzielte der Teilfonds einen soliden Wertzuwachs.
Dos penoue 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 _
ltalien	Frank-	Spanien	Deutsch-	USA	Vereinig-	Nieder-	Portugal	Schweiz	Irland	Finnland	Sonstige	Borre- reich			fand			tesKö-		lande						Lönder	 serve,
nigreich	Sonsti-
| Der Teilfonds in Zohlen |  |
| --- | --- |
|  |  | 30.09.2019 | 30.09.2018 | 30.09.2017 |
| Teiffondsvermogen in Mia. EUR |  | 389,ó | 298,9 | 24ó,9 |
| Aktienumfauf in Stück ** - Kfosse A (EUR) (ausschüttend} | VVKN:A0V2STjSIN:LU032463S332 | 8.091 | 8.740 | 8.284 |
| - Kfosse Affionz Avenir 30 AT (EUR) (thesau- WKN: A2N óDX/ISIN: LU1885500881	34.921 |

ges
| rierend) - Klasse C (EUR) (ausschüttend) | WKN: AOM 2SV/ISIN: LU0324ô35ó88 | 1.2ó8.5óS | 1.323.822 | 1.271.187 |
| --- | --- | --- | --- | --- |
| - Klasse IT2 (EUR) (thesaurierend) | WKN: A2A RP0/ISIN: LU14909ô9737 | 910 | 558 | 310 |
| - Klasse P (EUR) (ausschüttend) | WKN: AIX B8R/ISIN: LU1017857340 | 210.893 | 129.398 | 85.781 |
| Aktienwert in EUR |  |  |  |  |
| - Klasse A (EUR) (ausschüüend) | WKN: AOM 2ST/ISIN: LU0324ó35332 | 110,51 | 109,71 | 110.99 |
| - Klasse Affianz Avenir 30 AT (EUR)  (thesa " WKN: A2N óDX/ISIN: LU1885500881	103,40 |

| rierend) - Kfosse C (EUR) (ousschüttend) | VVKN:A0V2SV/SIN:LU0324635688 | 116,98 | 11ó,12 | 117,48 |
| --- | --- | --- | --- | --- |
| - Kfosse IT2 (EUR) (thesaurierend) | WKN: A2A RP0/ISIN: LU14909ó9737 | 1.082,28 | 1.055,óó | 1.047,81 |
| - Kfosse P (EUR) (ousschüttend) | WKN: AIX B8R/ISIN: LU1017857340 | 1.117,80 | 1.109,83 | 1.122,8/ |

Floatinp 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.