# Allianz Strategy 15
Investment Portfolio as at 30/09/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| Securities and money-market instruments admitted to an official stock exchange listing	832,749,851.78	97.12 |
| Bonds |  |  |  |  |  |  |  | 832,749,851.78 | 97.12 |
| Australia |  |  |  |  |  |  |  | 7,083,256.26 | 0.83 |
| XS0813400305 | 2.7500 | % | National Australia Bank EUR MTN 12/22 | EUR | 1,000.0 | % | 102.778 | 1,027,776.80 | 0.12 |
| XS0810622935 | 2.7500 | % | Wesfarmers EUR MTN 12/22 | EUR | 2,967.0 | % | 102.642 | 3,045,394.96 | 0.36 |
| XS1167295804 | 0.6250 | % | Westpac Banking EUR MTN 15/22 | EUR | 3,000.0 | % | 100.336 | 3,010,084.50 | 0.35 |
| Austria |  |  |  |  |  |  |  | 27,884,592.09 | 3.25 |
| AT0000A04967 | 4.1500 | % | Austria Government EUR Bonds 07/37 | EUR | 1,450.0 | % | 159.359 | 2,310,699.56 | 0.27 |
| AT0000A0DXC2 | 4.8500 | % | Austria Government EUR Bonds 09/26 | EUR | 2,500.0 | % | 124.650 | 3,116,259.50 | 0.36 |
| AT0000A0VRQ6 | 3.1500 | % | Austria Government EUR Bonds 12/44 | EUR | 1,220.0 | % | 158.800 | 1,937,355.61 | 0.23 |
| AT0000A0U299 | 3.8000 | % | Austria Government EUR Bonds 12/62 | EUR | 1,200.0 | % | 208.455 | 2,501,462.52 | 0.29 |
| AT0000A10683 | 2.4000 | % | Austria Government EUR Bonds 13/34 | EUR | 830.0 | % | 128.117 | 1,063,368.44 | 0.12 |
| AT0000A1FAP5 | 1.2000 | % | Austria Government EUR Bonds 15/25 | EUR | 210.0 | % | 107.393 | 225,526.01 | 0.03 |
| AT0000A2HLC4 | 0.8500 | % | Austria Government EUR Bonds 20/20 | EUR | 680.0 | % | 91.033 | 619,027.39 | 0.07 |
| AT0000383864 | 6.2500 | % | Austria Government EUR Bonds 97/27 | EUR | 2,590.0 | % | 139.224 | 3,605,914.03 | 0.42 |
| AT0000A1PE50 | 0.0000 | % | Austria Government EUR Zero- |  |  |  |  |  |  |
| AT0000A28KX7 | 0.0000 | % | Coupon Bonds 15.07.2023 Austria Government EUR Zero- | EUR | 5,070.0 | % | 101.372 | 5,139,563.44 | 0.60 |
| AT0000A2CQD2 | 0.0000 | % | Coupon Bonds 15.07.2024 Austria Government EUR Zero- | EUR | 1,000.0 | % | 101.910 | 1,019,096.30 | 0.12 |
| XS0999667263 | 3.1250 | % | Coupon Bonds 20.02.2030 Telekom Finanzmanagement | EUR | 2,500.0 | % | 100.723 | 2,518,087.25 | 0.29 |
|  |  |  | EUR MTN 13/21 | EUR | 2,800.0 | % | 100.587 | 2,816,445.24 | 0.33 |
| AT000B049598 | 0.7500 | % | UniCredit Bank Austria EUR MTN 15/22 | EUR | 1,000.0 | % | 101.179 | 1,011,786.80 | 0.12 |
| Belgium |  |  |  |  |  |  |  | 37,441,661.68 | 4.37 |
| BE0000320292 | 4.2500 | % | Belgium Government EUR Bonds 10/41 S.60 | EUR | 210.0 | % | 167.430 | 351,602.98 | 0.04 |
| BE0000324336 | 4.5000 | % | Belgium Government EUR Bonds 11/26 S.64 | EUR | 2,630.0 | % | 123.000 | 3,234,900.00 | 0.38 |
| BE0000326356 | 4.0000 | % | Belgium Government EUR Bonds 12/32 S.66 | EUR | 5,700.0 | % | 141.261 | 8,051,877.00 | 0.94 |
| BE0000328378 | 2.2500 | % | Belgium Government EUR Bonds 13/23 S.68 | EUR | 5,070.0 | % | 105.118 | 5,329,482.60 | 0.62 |
| BE0000331406 | 3.7500 | % | Belgium Government EUR Bonds 13/45 S.71 | EUR | 150.0 | % | 166.032 | 249,047.99 | 0.03 |
| BE0000334434 | 0.8000 | % | Belgium Government EUR Bonds 15/25 S.74 | EUR | 1,070.0 | % | 105.232 | 1,125,982.40 | 0.13 |
| BE0000335449 | 1.0000 | % | Belgium Government EUR Bonds 15/31 S.75 | EUR | 500.0 | % | 109.436 | 547,180.00 | 0.06 |
| BE0000338476 | 1.6000 | % | Belgium Government EUR Bonds 16/47 S.78 | EUR | 2,750.0 | % | 118.437 | 3,257,017.23 | 0.38 |
| BE0000344532 | 1.4500 | % | Belgium Government EUR Bonds 17/37 S.84 | EUR | 2,630.0 | % | 115.447 | 3,036,255.84 | 0.36 |
| BE0000343526 | 2.2500 | % | Belgium Government EUR Bonds 17/57 S.83 | EUR | 1,590.0 | % | 139.962 | 2,225,395.64 | 0.26 |
| BE0000347568 | 0.9000 | % | Belgium Government EUR Bonds 19/29 S.87 | EUR | 3,500.0 | % | 108.352 | 3,792,320.00 | 0.44 |
| BE0000291972 | 5.5000 | % | Belgium Government EUR Bonds 98/28 S.31 | EUR | 4,500.0 | % | 138.680 | 6,240,600.00 | 0.73 |
| Finland |  |  |  |  |  |  |  | 13,432,976.91 | 1.57 |
| FI4000047089 | 1.6250 | % | Finland Government EUR Bonds 12/22 | EUR | 2,000.0 | % | 102.263 | 2,045,258.20 | 0.24 |
| FI4000046545 | 2.6250 | % | Finland Government EUR Bonds 12/42 | EUR | 300.0 | % | 145.235 | 435,704.43 | 0.05 |
| FI4000079041 | 2.0000 | % | Finland Government EUR Bonds 14/24 | EUR | 1,420.0 | % | 106.947 | 1,518,640.30 | 0.18 |
| FI4000167317 | 0.8750 | % | Finland Government EUR Bonds 15/25 | EUR | 1,370.0 | % | 105.779 | 1,449,167.37 | 0.17 |
| FI4000148630 | 0.7500 | % | Finland Government EUR Bonds 15/31 | EUR | 950.0 | % | 107.671 | 1,022,870.70 | 0.12 |
| FI4000278551 | 0.5000 | % | Finland Government EUR Bonds 17/27 | EUR | 1,030.0 | % | 105.326 | 1,084,852.65 | 0.13 |
| FI4000415153 | 0.1250 | % | Finland Government EUR Bonds 20/36 | EUR | 1,200.0 | % | 97.820 | 1,173,834.00 | 0.14 |
| FI4000440557 | 0.2500 | % | Finland Government EUR Bonds 20/40 | EUR | 600.0 | % | 97.419 | 584,514.06 | 0.07 |
| FI4000480488 | 0.1250 | % | Finland Government EUR Bonds 21/52 | EUR | 500.0 | % | 88.220 | 441,099.30 | 0.05 |
| FI4000219787 | 0.0000 | % | Finland Government EUR Zero- |  |  |  |  |  |  |
| FI4000441878 | 0.0000 | % | Coupon Bonds 15.09.2023 Finland Government EUR Zero- | EUR | 3,000.0 | % | 101.424 | 3,042,728.40 | 0.35 |
|  |  |  | Coupon Bonds 15.09.2030 | EUR | 630.0 | % | 100.684 | 634,307.50 | 0.07 |
| France |  |  |  |  |  |  |  | 207,574,442.95 | 24.21 |
| XS1086835979 | 1.7500 | % | Carrefour EUR MTN 14/22 | EUR | 1,000.0 | % | 101.188 | 1,011,878.40 | 0.12 |
| FR0013368370 | 0.0500 | % | Crédit Agricole Home Loan EUR MTN 18/22 | EUR | 3,000.0 | % | 100.539 | 3,016,157.40 | 0.35 |
| FR0012452217 | 0.5000 | % | Crédit Mutuel - CIC Home |  |  |  |  |  |  |
|  |  |  | Loan EUR Notes 15/22 | EUR | 4,000.0 | % | 100.328 | 4,013,139.60 | 0.47 |
| XS1169977896 | 0.6250 | % | Dexia Crédit Local EUR MTN 15/22 | EUR | 3,000.0 | % | 100.381 | 3,011,439.30 | 0.35 |
| FR0000187635 | 5.7500 | % | France Government EUR Bonds 01/32 | EUR | 7,180.0 | % | 161.892 | 11,623,845.60 | 1.36 |
| FR0010070060 | 4.7500 | % | France Government EUR Bonds 04/35 | EUR | 4,960.0 | % | 159.495 | 7,910,952.00 | 0.92 |

Investment Portfolio as at 30/09/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| FR0010171975 | 4.0000 | % | France Government EUR Bonds 05/55 | EUR | 4,060.0 | % | 189.894 | 7,709,695.99 | 0.90 |
| FR0010371401 | 4.0000 | % | France Government EUR Bonds 06/38 | EUR | 6,200.0 | % | 158.349 | 9,817,637.38 | 1.14 |
| FR0010916924 | 3.5000 | % | France Government EUR Bonds 10/26 | EUR | 3,650.0 | % | 118.295 | 4,317,767.50 | 0.50 |
| FR0011059088 | 3.2500 | % | France Government EUR Bonds 11/21 | EUR | 16,500.0 | % | 100.231 | 16,538,115.00 | 1.93 |
| FR0011486067 | 1.7500 | % | France Government EUR Bonds 13/23 | EUR | 17,050.0 | % | 104.032 | 17,737,456.00 | 2.07 |
| FR0011619436 | 2.2500 | % | France Government EUR Bonds 13/24 | EUR | 3,670.0 | % | 107.722 | 3,953,397.40 | 0.46 |
| FR0011461037 | 3.2500 | % | France Government EUR Bonds 13/45 | EUR | 5,700.0 | % | 156.297 | 8,908,928.43 | 1.04 |
| FR0011883966 | 2.5000 | % | France Government EUR Bonds 14/30 | EUR | 9,700.0 | % | 122.190 | 11,852,429.03 | 1.38 |
| FR0012517027 | 0.5000 | % | France Government EUR Bonds 15/25 | EUR | 11,470.0 | % | 103.890 | 11,916,183.00 | 1.39 |
| FR0012938116 | 1.0000 | % | France Government EUR Bonds 15/25 | EUR | 8,710.0 | % | 106.341 | 9,262,301.10 | 1.08 |
| FR0012993103 | 1.5000 | % | France Government EUR Bonds 15/31 | EUR | 3,900.0 | % | 113.901 | 4,442,138.61 | 0.52 |
| FR0013154028 | 1.7500 | % | France Government EUR Bonds 16/66 | EUR | 2,200.0 | % | 127.259 | 2,799,698.00 | 0.33 |
| FR0013250560 | 1.0000 | % | France Government EUR Bonds 17/27 | EUR | 7,630.0 | % | 107.710 | 8,218,273.00 | 0.96 |
| FR0013286192 | 0.7500 | % | France Government EUR Bonds 17/28 | EUR | 9,830.0 | % | 106.699 | 10,488,511.70 | 1.22 |
| FR0013234333 | 1.7500 | % | France Government EUR Bonds 17/39 | EUR | 3,500.0 | % | 121.710 | 4,259,849.65 | 0.50 |
| FR0013257524 | 2.0000 | % | France Government EUR Bonds 17/48 | EUR | 1,700.0 | % | 129.415 | 2,200,054.83 | 0.26 |
| FR0000571218 | 5.5000 | % | France Government EUR Bonds 98/29 | EUR | 9,300.0 | % | 143.205 | 13,318,064.07 | 1.55 |
| FR0126461682 | 0.0000 | % | France Government EUR Zero- |  |  |  |  |  |  |
| FR0013398583 | 0.0000 | % | Coupon Bonds 06.10.2021 France Government EUR Zero- | EUR | 5,000.0 | % | 100.011 | 5,000,542.50 | 0.58 |
| FR0013283686 | 0.0000 | % | Coupon Bonds 25.02.2022 France Government EUR Zero- | EUR | 3,000.0 | % | 100.287 | 3,008,610.00 | 0.35 |
| FR0013451507 | 0.0000 | % | Coupon Bonds 25.03.2023 France Government EUR Zero- | EUR | 10,200.0 | % | 101.038 | 10,305,876.00 | 1.20 |
|  |  |  | Coupon Bonds 25.11.2029 | EUR | 3,900.0 | % | 100.602 | 3,923,477.61 | 0.46 |
| FR0012384634 | 1.1250 | % | Publicis Groupe EUR Notes 14/21 | EUR | 3,000.0 | % | 100.117 | 3,003,506.70 | 0.35 |
| XS1500337644 | 0.1250 | % | Societe Generale EUR MTN 16/21 | EUR | 2,300.0 | % | 100.002 | 2,300,052.44 | 0.27 |
| FR0013246725 | 0.6720 | % | Veolia Environnement EUR MTN 17/22 | EUR | 1,700.0 | % | 100.263 | 1,704,464.71 | 0.20 |
| Germany |  |  |  |  |  |  |  | 122,968,362.35 | 14.34 |
| XS0811690550 | 2.6250 | % | Bertelsmann EUR MTN 12/22 | EUR | 1,500.0 | % | 102.552 | 1,538,283.60 | 0.18 |
| DE000DL19TA6 | 1.5000 | % | Deutsche Bank EUR MTN 17/22 | EUR | 2,600.0 | % | 100.584 | 2,615,186.08 | 0.30 |
| DE000DL19UR8 | 1.8750 | % | Deutsche Bank EUR MTN 19/22 | EUR | 1,400.0 | % | 100.829 | 1,411,611.18 | 0.16 |
| DE000DHY4457 | 0.1250 | % | Deutsche Hypothekenbank EUR MTN 15/22 | EUR | 4,000.0 | % | 100.366 | 4,014,658.40 | 0.47 |
| DE000DHY5066 | 0.0100 | % | Deutsche Hypothekenbank |  |  |  |  |  |  |
|  |  |  | EUR Notes 19/22 S.506 | EUR | 6,800.0 | % | 100.522 | 6,835,529.32 | 0.80 |
| DE0001135176 | 5.5000 | % | Germany Government EUR Bonds 00/31 | EUR | 1,300.0 | % | 155.189 | 2,017,456.87 | 0.23 |
| DE0001135226 | 4.7500 | % | Germany Government EUR Bonds 03/34 S.3 | EUR | 3,410.0 | % | 163.772 | 5,584,625.20 | 0.65 |
| DE0001135275 | 4.0000 | % | Germany Government EUR Bonds 05/37 S.5 | EUR | 5,240.0 | % | 162.351 | 8,507,192.40 | 0.99 |
| DE0001135465 | 2.0000 | % | Germany Government EUR Bonds 11/22 | EUR | 2,300.0 | % | 100.703 | 2,316,169.00 | 0.27 |
| DE0001135499 | 1.5000 | % | Germany Government EUR Bonds 12/22 | EUR | 900.0 | % | 102.061 | 918,549.00 | 0.11 |
| DE0001135481 | 2.5000 | % | Germany Government EUR Bonds 12/44 | EUR | 3,700.0 | % | 154.280 | 5,708,359.63 | 0.67 |
| DE0001102325 | 2.0000 | % | Germany Government EUR Bonds 13/23 | EUR | 2,000.0 | % | 105.194 | 2,103,880.00 | 0.25 |
| DE0001102341 | 2.5000 | % | Germany Government EUR Bonds 14/46 | EUR | 2,580.0 | % | 157.755 | 4,070,079.00 | 0.47 |
| DE0001102374 | 0.5000 | % | Germany Government EUR Bonds 15/25 | EUR | 10,500.0 | % | 104.103 | 10,930,815.00 | 1.27 |
| DE0001102432 | 1.2500 | % | Germany Government EUR Bonds 17/48 | EUR | 3,080.0 | % | 127.412 | 3,924,289.60 | 0.46 |
| DE0001102440 | 0.5000 | % | Germany Government EUR Bonds 18/28 | EUR | 8,270.0 | % | 106.362 | 8,796,137.40 | 1.03 |
| DE0001134922 | 6.2500 | % | Germany Government EUR |  |  |  |  |  |  |
| DE0001135085 | 4.7500 | % | Bonds 94/24 S.94 Germany Government EUR | EUR | 3,000.0 | % | 115.901 | 3,477,030.00 | 0.41 |
| DE0001141745 | 0.0000 | % | Bonds 98/28 S.98 Germany Government EUR Zero- | EUR | 5,470.0 | % | 136.026 | 7,440,622.20 | 0.87 |
| DE0001141828 | 0.0000 | % | Coupon Bonds 08.10.2021 S.174 Germany Government EUR Zero- | EUR | 16,550.0 | % | 100.010 | 16,551,653.35 | 1.93 |
| DE0001102499 | 0.0000 | % | Coupon Bonds 10.10.2025 S.182 Germany Government EUR Zero- | EUR | 1,400.0 | % | 102.650 | 1,437,100.00 | 0.17 |
| DE0001102408 | 0.0000 | % | Coupon Bonds 15.02.2030 Germany Government EUR Zero- | EUR | 7,240.0 | % | 102.945 | 7,453,217.28 | 0.87 |
|  |  |  | Coupon Bonds 15.08.2026 | EUR | 7,460.0 | % | 102.936 | 7,679,025.60 | 0.90 |

Investment Portfolio as at 30/09/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| DE0001102481 | 0.0000 | % | Germany Government EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 15.08.2050 | EUR | 1,150.0 | % | 93.176 | 1,071,523.89 | 0.12 |
| DE000A2TSTD0 | 0.2500 | % | SAP EUR Notes 18/22 | EUR | 3,000.0 | % | 100.269 | 3,008,083.20 | 0.35 |
| XS0823975585 | 2.3750 | % | Volkswagen Leasing EUR MTN 12/22 | EUR | 1,000.0 | % | 102.528 | 1,025,281.90 | 0.12 |
| XS1050917373 | 2.1250 | % | Volkswagen Leasing EUR MTN 14/22 | EUR | 2,500.0 | % | 101.280 | 2,532,003.25 | 0.29 |
| Ireland |  |  |  |  |  |  |  | 19,810,841.42 | 2.31 |
| XS1228148158 | 0.3750 | % | Bank of Ireland Mortgage |  |  |  |  |  |  |
|  |  |  | Bank EUR MTN 15/22 | EUR | 1,600.0 | % | 100.568 | 1,609,085.92 | 0.19 |
| IE00B4TV0D44 | 5.4000 | % | Ireland Government EUR Bonds 09/25 | EUR | 270.0 | % | 120.693 | 325,871.10 | 0.04 |
| IE00B4S3JD47 | 3.9000 | % | Ireland Government EUR Bonds 13/23 | EUR | 2,580.0 | % | 106.735 | 2,753,763.00 | 0.32 |
| IE00B6X95T99 | 3.4000 | % | Ireland Government EUR Bonds 14/24 | EUR | 3,380.0 | % | 109.952 | 3,716,377.60 | 0.43 |
| IE00BJ38CR43 | 2.4000 | % | Ireland Government EUR Bonds 14/30 | EUR | 2,260.0 | % | 121.113 | 2,737,153.80 | 0.32 |
| IE00BJ38CQ36 | 0.8000 | % | Ireland Government EUR Bonds 15/22 | EUR | 1,350.0 | % | 100.667 | 1,359,004.50 | 0.16 |
| IE00BV8C9186 | 2.0000 | % | Ireland Government EUR Bonds 15/45 | EUR | 1,200.0 | % | 128.255 | 1,539,060.00 | 0.18 |
| IE00BV8C9418 | 1.0000 | % | Ireland Government EUR Bonds 16/26 | EUR | 1,450.0 | % | 106.747 | 1,547,831.50 | 0.18 |
| IE00BV8C9B83 | 1.7000 | % | Ireland Government EUR Bonds 17/37 | EUR | 300.0 | % | 118.642 | 355,926.00 | 0.04 |
| IE00BDHDPR44 | 0.9000 | % | Ireland Government EUR Bonds 18/28 | EUR | 100.0 | % | 107.600 | 107,600.00 | 0.01 |
| IE00BH3SQ895 | 1.1000 | % | Ireland Government EUR Bonds 19/29 | EUR | 1,100.0 | % | 109.368 | 1,203,048.00 | 0.14 |
| IE00BKFVC345 | 0.4000 | % | Ireland Government EUR Bonds 20/35 | EUR | 2,550.0 | % | 100.240 | 2,556,120.00 | 0.30 |
| Italy |  |  |  |  |  |  |  | 144,588,332.43 | 16.86 |
| IT0005066763 | 0.8750 | % | Credito Emiliano EUR Notes 14/21 | EUR | 1,900.0 | % | 100.118 | 1,902,246.18 | 0.22 |
| XS0996354956 | 2.6250 | % | Eni EUR MTN 13/21 | EUR | 2,190.0 | % | 100.414 | 2,199,063.75 | 0.26 |
| IT0005433146 | 0.0000 | % | Italy Buoni Ordinari Del Tesoro EUR |  |  |  |  |  |  |
| IT0001444378 | 6.0000 | % | Zero-Coupon Bonds 14.01.2022 Italy Buoni Poliennali Del | EUR | 3,000.0 | % | 100.187 | 3,005,620.80 | 0.35 |
| IT0003535157 | 5.0000 | % | Tesoro EUR Bonds 00/31 Italy Buoni Poliennali Del | EUR | 3,820.0 | % | 148.800 | 5,684,159.62 | 0.66 |
| IT0003934657 | 4.0000 | % | Tesoro EUR Bonds 03/34 Italy Buoni Poliennali Del | EUR | 5,910.0 | % | 146.896 | 8,681,553.01 | 1.01 |
| IT0004513641 | 5.0000 | % | Tesoro EUR Bonds 05/37 Italy Buoni Poliennali Del | EUR | 7,750.0 | % | 137.987 | 10,693,991.73 | 1.25 |
| IT0004644735 | 4.5000 | % | Tesoro EUR Bonds 09/25 Italy Buoni Poliennali Del | EUR | 2,890.0 | % | 117.715 | 3,401,963.50 | 0.40 |
| IT0004898034 | 4.5000 | % | Tesoro EUR Bonds 10/26 Italy Buoni Poliennali Del | EUR | 12,140.0 | % | 119.854 | 14,550,275.60 | 1.70 |
| IT0004923998 | 4.7500 | % | Tesoro EUR Bonds 13/23 Italy Buoni Poliennali Del | EUR | 13,240.0 | % | 107.879 | 14,283,179.60 | 1.66 |
| IT0005024234 | 3.5000 | % | Tesoro EUR Bonds 13/44 Italy Buoni Poliennali Del | EUR | 2,440.0 | % | 160.991 | 3,928,180.16 | 0.46 |
| IT0005094088 | 1.6500 | % | Tesoro EUR Bonds 14/30 Italy Buoni Poliennali Del | EUR | 13,650.0 | % | 123.738 | 16,890,235.64 | 1.97 |
| IT0005083057 | 3.2500 | % | Tesoro EUR Bonds 15/32 Italy Buoni Poliennali Del | EUR | 3,720.0 | % | 107.767 | 4,008,932.03 | 0.47 |
| IT0005216491 | 0.3500 | % | Tesoro EUR Bonds 15/46 Italy Buoni Poliennali Del | EUR | 2,380.0 | % | 132.673 | 3,157,617.16 | 0.37 |
| IT0005162828 | 2.7000 | % | Tesoro EUR Bonds 16/21 Italy Buoni Poliennali Del | EUR | 20,000.0 | % | 100.071 | 20,014,200.00 | 2.33 |
| IT0005217390 | 2.8000 | % | Tesoro EUR Bonds 16/47 Italy Buoni Poliennali Del | EUR | 2,380.0 | % | 121.336 | 2,887,796.56 | 0.34 |
| IT0005282527 | 1.4500 | % | Tesoro EUR Bonds 16/67 Italy Buoni Poliennali Del | EUR | 1,370.0 | % | 119.186 | 1,632,848.06 | 0.19 |
| IT0005240830 | 2.2000 | % | Tesoro EUR Bonds 17/24 Italy Buoni Poliennali Del | EUR | 5,270.0 | % | 105.215 | 5,544,830.50 | 0.65 |
| IT0005340929 | 2.8000 | % | Tesoro EUR Bonds 17/27 Italy Buoni Poliennali Del | EUR | 4,340.0 | % | 111.182 | 4,825,298.37 | 0.56 |
| IT0005377152 | 3.1000 | % | Tesoro EUR Bonds 18/28 Italy Buoni Poliennali Del | EUR | 3,100.0 | % | 116.551 | 3,613,080.69 | 0.42 |
| IT0005363111 | 3.8500 | % | Tesoro EUR Bonds 19/40 Italy Buoni Poliennali Del Tesoro | EUR | 4,330.0 | % | 126.997 | 5,498,969.67 | 0.64 |
| IT0001174611 | 6.5000 | % | EUR Bonds 19/undefined Italy Buoni Poliennali Del | EUR | 1,800.0 | % | 147.252 | 2,650,536.00 | 0.31 |
|  |  |  | Tesoro EUR Bonds 97/27 | EUR | 4,030.0 | % | 137.314 | 5,533,753.80 | 0.64 |

Investment Portfolio as at 30/09/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| Portugal |  |  |  |  |  |  |  | 26,090,105.20 | 3.04 |
| PTPBTGGE0043 | 0.0000 | % | Portugal Government EUR Zero- |  |  |  |  |  |  |
| PTPBTHGE0042 | 0.0000 | % | Coupon Bonds 20.05.2022 Portugal Government EUR Zero- | EUR | 2,800.0 | % | 100.465 | 2,813,013.00 | 0.33 |
| PTOTE5OE0007 | 4.1000 | % | Coupon Bonds 22.07.2022 Portugal Obrigações do | EUR | 4,250.0 | % | 100.562 | 4,273,888.40 | 0.50 |
| PTOTEQOE0015 | 5.6500 | % | Tesouro EUR Bonds 06/37 Portugal Obrigações do | EUR | 810.0 | % | 150.832 | 1,221,739.20 | 0.14 |
| PTOTEROE0014 | 3.8750 | % | Tesouro EUR Bonds 13/24 Portugal Obrigações do | EUR | 6,460.0 | % | 115.060 | 7,432,876.00 | 0.87 |
| PTOTEKOE0011 | 2.8750 | % | Tesouro EUR Bonds 14/30 Portugal Obrigações do | EUR | 1,490.0 | % | 131.708 | 1,962,449.20 | 0.23 |
| PTOTEBOE0020 | 4.1000 | % | Tesouro EUR Bonds 15/25 Portugal Obrigações do | EUR | 1,000.0 | % | 113.848 | 1,138,480.00 | 0.13 |
| PTOTEVOE0018 | 2.1250 | % | Tesouro EUR Bonds 15/45 Portugal Obrigações do | EUR | 290.0 | % | 165.208 | 479,103.20 | 0.05 |
| PTOTEMOE0035 | 0.7000 | % | Tesouro EUR Bonds 18/28 Portugal Obrigações do | EUR | 1,760.0 | % | 115.787 | 2,037,851.20 | 0.24 |
| PTOTENOE0034 | 0.9000 | % | Tesouro EUR Bonds 20/27 Portugal Obrigações do | EUR | 3,500.0 | % | 105.573 | 3,695,055.00 | 0.43 |
|  |  |  | Tesouro EUR Bonds 20/35 | EUR | 1,000.0 | % | 103.565 | 1,035,650.00 | 0.12 |
| Spain |  |  |  |  |  |  |  | 162,912,356.78 | 19.00 |
| ES0413790439 | 1.0000 | % | Banco Santander EUR Notes 16/22 | EUR | 2,000.0 | % | 100.652 | 2,013,041.40 | 0.24 |
| ES0414970303 | 4.5000 | % | CaixaBank EUR Notes 06/22 | EUR | 3,250.0 | % | 101.575 | 3,301,185.23 | 0.39 |
| ES0000012411 | 5.7500 | % | Spain Government EUR Bonds 01/32 | EUR | 3,440.0 | % | 156.397 | 5,380,056.80 | 0.63 |
| ES0000012932 | 4.2000 | % | Spain Government EUR Bonds 05/37 | EUR | 4,360.0 | % | 150.202 | 6,548,807.20 | 0.76 |
| ES00000120N0 | 4.9000 | % | Spain Government EUR Bonds 07/40 | EUR | 1,600.0 | % | 169.498 | 2,711,968.00 | 0.32 |
| ES00000122E5 | 4.6500 | % | Spain Government EUR Bonds 10/25 | EUR | 13,000.0 | % | 119.569 | 15,543,970.00 | 1.81 |
| ES00000123U9 | 5.4000 | % | Spain Government EUR Bonds 13/23 | EUR | 4,470.0 | % | 108.001 | 4,827,644.70 | 0.56 |
| ES00000123X3 | 4.4000 | % | Spain Government EUR Bonds 13/23 | EUR | 9,100.0 | % | 110.379 | 10,044,489.00 | 1.17 |
| ES00000124H4 | 5.1500 | % | Spain Government EUR Bonds 13/44 | EUR | 1,920.0 | % | 183.314 | 3,519,628.80 | 0.41 |
| ES00000124W3 | 3.8000 | % | Spain Government EUR Bonds 14/24 | EUR | 5,560.0 | % | 111.174 | 6,181,274.40 | 0.72 |
| ES00000127G9 | 2.1500 | % | Spain Government EUR Bonds 15/25 | EUR | 2,600.0 | % | 110.400 | 2,870,400.00 | 0.34 |
| ES00000127A2 | 1.9500 | % | Spain Government EUR Bonds 15/30 | EUR | 3,200.0 | % | 114.996 | 3,679,872.00 | 0.43 |
| ES00000128H5 | 1.3000 | % | Spain Government EUR Bonds 16/26 | EUR | 100.0 | % | 107.993 | 107,992.99 | 0.01 |
| ES00000128C6 | 2.9000 | % | Spain Government EUR Bonds 16/46 | EUR | 3,660.0 | % | 137.772 | 5,042,455.20 | 0.59 |
| ES00000128E2 | 3.4500 | % | Spain Government EUR Bonds 16/66 | EUR | 1,400.0 | % | 155.215 | 2,173,010.00 | 0.25 |
| ES00000128O1 | 0.4000 | % | Spain Government EUR Bonds 17/22 | EUR | 5,150.0 | % | 100.593 | 5,180,539.50 | 0.60 |
| ES00000128P8 | 1.5000 | % | Spain Government EUR Bonds 17/27 | EUR | 6,140.0 | % | 109.465 | 6,721,151.00 | 0.78 |
| ES0000012C46 | 0.0500 | % | Spain Government EUR Bonds 18/21 | EUR | 19,850.0 | % | 100.052 | 19,860,322.00 | 2.32 |
| ES0000012B39 | 1.4000 | % | Spain Government EUR Bonds 18/28 | EUR | 7,900.0 | % | 109.409 | 8,643,311.00 | 1.01 |
| ES0000012E69 | 1.8500 | % | Spain Government EUR Bonds 19/35 | EUR | 2,500.0 | % | 115.045 | 2,876,125.00 | 0.34 |
| ES0000011868 | 6.0000 | % | Spain Government EUR Bonds 98/29 | EUR | 11,690.0 | % | 143.870 | 16,818,403.00 | 1.96 |
| ES0L02203047 | 0.0000 | % | Spain Letras del Tesoro EUR Zero- |  |  |  |  |  |  |
| ES0L02206107 | 0.0000 | % | Coupon Bonds 04.03.2022 Spain Letras del Tesoro EUR Zero- | EUR | 7,200.0 | % | 100.266 | 7,219,185.12 | 0.84 |
| ES0L02112107 | 0.0000 | % | Coupon Bonds 10.06.2022 Spain Letras del Tesoro EUR Zero- | EUR | 6,600.0 | % | 100.414 | 6,627,313.44 | 0.77 |
|  |  |  | Coupon Bonds 10.12.2021 | EUR | 15,000.0 | % | 100.135 | 15,020,211.00 | 1.75 |
| Sweden |  |  |  |  |  |  |  | 4,248,285.60 | 0.50 |
| XS1222454032 | 0.2500 | % | Lansforsakringar Hypotek EUR MTN 15/22 | EUR | 2,400.0 | % | 100.468 | 2,411,230.08 | 0.28 |
| XS0680904827 | 4.0000 | % | Telia EUR MTN 11/22 | EUR | 1,800.0 | % | 102.059 | 1,837,055.52 | 0.22 |
| Switzerland |  |  |  |  |  |  |  | 2,558,002.50 | 0.30 |
| XS0500331557 | 4.0000 | % | UBS (London) EUR Notes 10/22 | EUR | 2,500.0 | % | 102.320 | 2,558,002.50 | 0.30 |
| The Netherlands |  |  |  |  |  |  |  | 39,298,094.88 | 4.58 |
| XS1917577931 | 0.2500 | % | ABN AMRO Bank EUR MTN 18/21 | EUR | 1,900.0 | % | 100.132 | 1,902,512.18 | 0.22 |
| XS1363560977 | 1.0000 | % | BMW Finance EUR MTN 16/22 | EUR | 1,100.0 | % | 100.559 | 1,106,153.40 | 0.13 |
| XS1873143561 | 0.1250 | % | BMW Finance EUR MTN 18/21 | EUR | 2,000.0 | % | 100.105 | 2,002,106.00 | 0.23 |
| XS0990109240 | 3.0000 | % | Iberdrola International EUR MTN 13/22 | EUR | 3,400.0 | % | 101.149 | 3,439,051.72 | 0.40 |
| NL0000102234 | 4.0000 | % | Netherlands Government EUR Bonds 05/37 | EUR | 2,340.0 | % | 159.318 | 3,728,040.97 | 0.43 |

Investment Portfolio as at 30/09/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| NL0010071189 | 2.5000 | % | Netherlands Government EUR Bonds 12/33 | EUR | 1,230.0 | % | 128.814 | 1,584,412.08 | 0.18 |
| NL0010733424 | 2.0000 | % | Netherlands Government EUR Bonds 14/24 | EUR | 6,720.0 | % | 107.577 | 7,229,174.40 | 0.84 |
| NL0010721999 | 2.7500 | % | Netherlands Government EUR Bonds 14/47 | EUR | 2,550.0 | % | 162.001 | 4,131,025.25 | 0.48 |
| NL0011819040 | 0.5000 | % | Netherlands Government EUR Bonds 16/26 | EUR | 2,250.0 | % | 105.082 | 2,364,345.00 | 0.28 |
| NL0013552060 | 0.5000 | % | Netherlands Government EUR Bonds 19/40 | EUR | 700.0 | % | 105.986 | 741,901.93 | 0.09 |
| NL0000102317 | 5.5000 | % | Netherlands Government EUR Bonds 98/28 | EUR | 3,470.0 | % | 137.634 | 4,775,899.80 | 0.56 |
| NL0015614579 | 0.0000 | % | Netherlands Government EUR Zero- |  |  |  |  |  |  |
| NL0014555419 | 0.0000 | % | Coupon Bonds 15.01.2052 Netherlands Government EUR Zero- | EUR | 700.0 | % | 90.512 | 633,583.93 | 0.07 |
|  |  |  | Coupon Bonds 15.07.2030 | EUR | 3,000.0 | % | 101.560 | 3,046,800.00 | 0.36 |
| XS1222431097 | 0.2500 | % | NIBC Bank EUR MTN 15/22 | EUR | 1,500.0 | % | 100.428 | 1,506,424.20 | 0.18 |
| XS1613140489 | 0.5000 | % | Repsol International Finance |  |  |  |  |  |  |
|  |  |  | EUR MTN 17/22 | EUR | 1,100.0 | % | 100.606 | 1,106,664.02 | 0.13 |
| United Kingdom |  |  |  |  |  |  |  | 4,501,236.50 | 0.52 |
| XS1637332856 | 0.5000 | % | British Telecommunications EUR MTN 17/22 | EUR | 2,460.0 | % | 100.426 | 2,470,467.30 | 0.29 |
| XS0479869744 | 4.6500 | % | Vodafone Group EUR MTN 10/22 | EUR | 2,000.0 | % | 101.538 | 2,030,769.20 | 0.23 |
| USA |  |  |  |  |  |  |  | 12,357,304.23 | 1.44 |
| XS1369278251 | 1.2500 | % | Amgen EUR Notes 16/22 | EUR | 2,200.0 | % | 100.257 | 2,205,658.18 | 0.26 |
| XS1144086110 | 1.4500 | % | AT&T EUR Notes 14/22 | EUR | 2,500.0 | % | 100.758 | 2,518,944.50 | 0.29 |
| XS2049548444 | 0.2000 | % | General Motors Financial EUR MTN 19/22 | EUR | 1,800.0 | % | 100.433 | 1,807,785.00 | 0.21 |
| XS1196817156 | 1.5000 | % | Kinder Morgan EUR Notes 15/22 | EUR | 1,600.0 | % | 100.857 | 1,613,713.12 | 0.19 |
| XS1574157357 | 0.2500 | % | Pfizer EUR Notes 17/22 | EUR | 3,500.0 | % | 100.267 | 3,509,334.15 | 0.41 |
| XS1202212137 | 0.8750 | % | PPG Industries EUR Notes 15/22 | EUR | 700.0 | % | 100.267 | 701,869.28 | 0.08 |
| Investments in securities and money-market instruments |  |  |  |  | 832,749,851.78 | 97.12 |
| Deposits at financial institutions |  |  |  |  | 22,450,313.02 | 2.62 |
| Sight deposits |  |  |  |  | 22,450,313.02 | 2.62 |
| State Street Bank International |  |  |  |  |  |  |
| GmbH, Luxembourg Branch Cash at Broker and Deposits for | EUR |  |  |  | 91,201.28 | 0.01 |
| collateralisation of derivatives | EUR |  |  |  | 22,359,111.74 | 2.61 |
| Investments in deposits at financial institutions |  |  |  |  | 22,450,313.02 | 2.62 |
|  |  |  |  |  |  |  |
| Securities | Shares/ | Holdings |  | Price | Unrealised | % of |
|  | Currency (in 1,000)/ Contracts | 30/09/2021 |  |  | gain/loss in EUR | Subfund assets |
| Derivatives |  |  |  |  |  |  |
| Holdings marked with a minus are short positions. |  |  |  |  |  |  |
| Listed Derivatives |  |  |  |  | -4,262,492.19 | -0.50 |
| Futures Transactions |  |  |  |  | -4,262,492.19 | -0.50 |
| Purchased Bond Futures |  |  |  |  | -1,141,495.00 | -0.13 |
| 10-Year German Government Bond (Bund) Futures 12/21 | Ctr | 48 | EUR | 170.140 | -113,640.00 | -0.01 |
| 2-Year German Government Bond (Schatz) Futures 12/21 | Ctr | 127 | EUR | 112.210 | -9,475.00 | 0.00 |
| 30-Year German Government Bond (Buxl) Futures 12/21 | Ctr | 80 | EUR | 204.700 | -440,080.00 | -0.05 |
| 5-Year German Government Bond (Bobl) Futures 12/21 | Ctr | 204 | EUR | 135.000 | -167,280.00 | -0.02 |
| Euro BTP Futures 12/21 | Ctr | 234 | EUR | 152.550 | -411,020.00 | -0.05 |
| Purchased Index Futures |  |  |  |  | -3,120,997.19 | -0.37 |
| DJ EURO STOXX 50 Index Futures 12/21 | Ctr | 669 | EUR | 4,084.500 | -498,302.50 | -0.06 |
| FTSE 100 Index Futures 12/21 | Ctr | 119 | GBP | 7,124.000 | 112,462.66 | 0.01 |
| S&P 500 E-mini Index Futures 12/21 | Ctr | 655 | USD | 4,349.750 | -2,798,340.56 | -0.33 |
| S&P/TSX 60 Index Futures 12/21 | Ctr | 36 | CAD | 1,202.100 | -116,097.05 | -0.01 |
| SPI 200 Index Futures 12/21 | Ctr | 125 | AUD | 7,293.000 | -221,908.90 | -0.03 |
| Topix Index Futures 12/21 | Ctr | 133 | JPY | 2,030.500 | 401,189.16 | 0.05 |
| OTC-Dealt Derivatives |  |  |  |  | 27,772.17 | 0.00 |
| Forward Foreign Exchange Transactions |  |  |  |  | 27,772.17 | 0.00 |
| Sold AUD / Bought USD - 15 Nov 2021 | AUD | -1,997.85 |  |  | 32.22 | 0.00 |
| Sold CAD / Bought USD - 15 Nov 2021 | CAD | -674.85 |  |  | 7.34 | 0.00 |
| Sold CHF / Bought USD - 15 Nov 2021 | CHF | -0.01 |  |  | 0.00 | 0.00 |
| Sold EUR / Bought USD - 15 Nov 2021 | EUR | -1,402,851.39 |  |  | 28,145.69 | 0.00 |
| Sold GBP / Bought USD - 15 Nov 2021 | GBP | -1,377.08 |  |  | 55.58 | 0.00 |

| Investment Portfolio as at 30/09/2021 |  |
| --- | --- |
| Securities | Shares/ | Holdings | Price | Unrealised | % of |
|  | Currency (in 1,000)/ Contracts | 30/09/2021 |  | gain/loss in EUR | Subfund assets |
| Sold JPY / Bought USD - 15 Nov 2021 | JPY | -142,722.00 |  | 21.97 | 0.00 |
| Sold USD / Bought AUD - 15 Nov 2021 | USD | -23.86 |  | -0.32 | 0.00 |
| Sold USD / Bought CAD - 15 Nov 2021 | USD | -3.82 |  | -0.03 | 0.00 |
| Sold USD / Bought CHF - 15 Nov 2021 | USD | -0.09 |  | 0.00 | 0.00 |
| Sold USD / Bought EUR - 15 Nov 2021 | USD | -68,405.53 |  | -489.11 | 0.00 |
| Sold USD / Bought GBP - 15 Nov 2021 | USD | -28.14 |  | -0.57 | 0.00 |
| Sold USD / Bought JPY - 15 Nov 2021 | USD | -37.14 |  | -0.60 | 0.00 |
| Investments in derivatives |  |  |  | -4,234,720.02 | -0.50 |
| Net current assets/liabilities | EUR |  |  | 6,491,249.20 | 0.76 |
| Net assets of the Subfund | EUR |  |  | 857,456,693.98 | 100.00 |
| Net asset value per share - Class C2 (EUR) (distributing) | EUR |  |  | 100.61 |  |
| - Class CT (EUR) (accumulating) | EUR |  |  | 168.15 |  |
| - Class IT (EUR) (accumulating) | EUR |  |  | 1,133.98 |  |
| - Class RT (EUR) (accumulating) | EUR |  |  | 110.61 |  |
| - Class W (EUR) (distributing) | EUR |  |  | 1,037.49 |  |
| - Class WT (EUR) (accumulating) | EUR |  |  | 1,192.05 |  |
| - Class AT (H-USD) (accumulating) | USD |  |  | 103.25 |  |
| - Class RT (H-USD) (accumulating) Shares in circulation
- Class C2 (EUR) (distributing)
 | USD Shs |  |  | 104.33 8,846 |  |
| - Class CT (EUR) (accumulating) | Shs |  |  | 2,817,967 |  |
| - Class IT (EUR) (accumulating) | Shs |  |  | 79,320 |  |
| - Class RT (EUR) (accumulating) | Shs |  |  | 47,805 |  |
| - Class W (EUR) (distributing) | Shs |  |  | 12,310 |  |
| - Class WT (EUR) (accumulating) | Shs |  |  | 229,290 |  |
| - Class AT (H-USD) (accumulating) | Shs |  |  | 15,522 |  |
| - Class RT (H-USD) (accumulating) | Shs |  |  | 115 |  |

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 |  |  | Statement of Net Assets |  |
| --- | --- | --- | --- | --- |
| for the period from 01/10/2020 to 30/09/2021 |  |  | as at 30/09/2021 |
|  | EUR |  |  | EUR |
| Interest on |  |  | Securities and money-market instruments |  |
| - bonds | 15,796,489.93 |  | (Cost Price EUR 841,291,072.71) | 832,749,851.78 |
| Interest on credit balances |  |  | Cash at banks | 22,450,313.02 |
| - positive interest rate | 5,596.35 |  | Interest receivable on |  |
| - negative interest rate | -145,940.61 |  | - bonds | 7,386,446.07 |
| Income from |  |  | Receivable on |  |
| - securities lending | 18,293.07 |  | - subscriptions of fund shares | 113,652.19 |
| Total income | 15,674,438.74 |  | Unrealised gain on |  |
|  | Expenses from |  | - futures transactions | 513,651.82 |
| - securities lending | -5,487.95 |  | - forward foreign exchange transactions | 28,262.80 |
| Taxe d’Abonnement | -265,640.82 |  | Total Assets | 863,242,177.68 |
| All-in-fee | -7,893,951.00 |  | Liabilities to banks | -192.94 |
| Other expenses | -336.15 |  | Payable on |  |
| Total expenses | -8,165,415.92 |  | - redemptions of fund shares | -246,202.51 |
| Net income/loss Realised gain/loss on - securities transactions | 7,509,022.82 209,821.87 |  | Other payables Unrealised loss on - futures transactions | -762,453.61 -4,776,144.01 |
| - financial futures transactions | 45,532,230.27 |  | - forward foreign exchange transactions | -490.63 |
| - forward foreign exchange transactions | 21,279.46 |  | Total Liabilities | -5,785,483.70 |
| - foreign exchange | 3,557.77 |  | Net assets | 857,456,693.98 |
| Net realised gain/loss | 53,275,912.19 |  |  |  |
| Changes in unrealised appreciation/depreciation on |  |  |  |  |
| - securities transactions | -28,576,056.29 |  |  |  |
| - financial futures transactions | -2,846,643.51 |  |  |  |
| - forward foreign exchange transactions | 27,263.64 |  |  |  |
| - foreign exchange | 108,888.97 |  |  |  |
| Result of operations | 21,989,365.00 |  |  |  |

| Statement of Changes in Net Assets |  |  |
| --- | --- | --- |
| for the period from 01/10/2020 to 30/09/2021 |  |
|  | EUR |
| Net assets at the beginning of the period | 708,772,138.71 |
| Subscriptions | 743,257,772.57 |
| Redemptions | -616,407,387.95 |
| Distribution | -155,194.35 |
| Result of operations | 21,989,365.00 |
| Net assets at the end of the period | 857,456,693.98 |
| Statement of Changes in Shares |  |
|  | 2020/2021 | 2019/2020 |
| Number of shares in issue at the beginning of the period | 2,395,912 | 2,013,357 |
| - Number of shares issued | 2,017,835 | 1,405,723 |
| - Number of shares redeemed | -1,202,572 | -1,023,168 |
| Number of shares in issue at the end of the period | 3,211,175 | 2,395,912 |

Translation (ENDE, 2021-09-30):
# Allianz Strategy 15
Der Teilfonds engagiert sich in variablem Umfang am interna- tionalen Aktienmarkt bzw. am Markt für Euro-Anleihen. Im Rahmen eines quantitativen Ansatzes senkt das Fondsma- nagement das Aktienengagement in Phasen hoher Markt- schwankungsintensität (Volatilität) und erhöht es in Phasen niedriger Volatilität. Insgesamt wird ein Ergebnis angestrebt, das mit der Rendite eines Mischportfolios aus 15 % internatio- nalen Aktien und 85 % mittelfristigen EUR-Anleihen vergleich- bar ist.
Im Berichtsjahr erholte sich die Weltwirtschaft vom Konjunktur- einbruch im Zuge der Coronavirus-Pandemie. Die Notenban- ken der westlichen Volkswirtschaften behielten angesichts der gestiegenen Staatsverschuldung ihre annähernde Nullzinspo- litik bei. In diesem Umfeld setzte sich an den meisten internati- onalen Börsen der kräftige Kursaufschwung fort, der nach dem Rückschlag im Frühjahr 2020 begonnen hatte. Angesichts anhaltenden Konjunkturoptimismus und beschleunigter Inflati- on zog die Verzinsung erstklassiger Staatsanleihen in den ent- wickelten Ländern jedoch etwas an, was vor allem bei länge- ren Laufzeiten Kursrückgänge mit sich brachte. Gleichzeitig gingen bei Unternehmenspapieren die Zinsaufschläge infolge verstärkter Nachfrage überwiegend zurück, sodass sie meist einen positiven Ertrag abwarfen.
Die Wertpapierbestände des Teilfonds konzentrierten sich wei- terhin auf Euro-Staatsanleihen. Gehalten wurden zum einen Schuldverschreibungen von Ländern hoher Bonität wie Frank-
reich und Deutschland. Zum anderen bestanden umfangrei- che Positionen in öffentlich-rechtlichen Papieren aus Euro-Peri- pheriestaaten. Nach wie vor nur in geringem Umfang vertreten waren Unternehmensanleihen und gedeckte Papiere. Im Schnitt verfügten die verzinslichen Anlagen Ende September 2021 über eine Bonitätsnote von A+. Die Duration (mittlere Ka- pitalbindungsdauer) der Anleihenengagements einschließlich Derivaten stieg auf zuletzt gut sieben Jahre. Die Aktienanlagen des Teilfonds wurden über Derivate auf gängige Börsenindizes realisiert. Dies erlaubte eine rasche Anpassung der Aktienquo- te an die Volatilität.
Mit seiner Anlagepolitik erzielte der Teilfonds einen soliden Wertzuwachs.
Das genaue Ergebnis im Berichtszeitraum ist in der Tabelle
„Wertentwicklung der Teilfonds“ auf den Seiten 2 und 3 ausge- wiesen. Weitergehende Informationen über den Fonds finden sich im Verkaufsprospekt sowie in den Wesentlichen Anleger- informationen.
Struktur des Teilfondsvermögens in %	
50 
40 
30 24,21
20
10
0
Obligatio- nen Frank- reich
Obligatio- nen Spa- nien
Obligatio- nen Italien
Obligatio- nen Deutsch- land
Obligatio- nen Nie- derlande
Obligatio- nen Bel- gien
Obligatio- nen Öster- reich
Obligatio- nen Portu- gal
Obligatio- nen Irland
Obligatio- nen sonsti- ger Länder
Sonstige Vermö- genswerte
| Der Teilfonds in Zahlen |  |
| --- | --- |
|  |  | 30.09.2021 | 30.09.2020 | 30.09.2019 |
| Teilfondsvermögen in Mio. EUR |  | 857,7 | 708,8 | 621,1 |
| Aktienumlauf in Stück  1) |  |  |  |  |
| - Klasse CT (EUR) (thesaurierend) | WKN: A0R CVJ/ISIN: LU0398560267 | 2.817.967 | 1.947.078 | 1.653.139 |
| - Klasse C2 (EUR) (ausschüttend) | WKN: A2P S87/ISIN: LU2064238111 | 8.846 | 824 | -- |
| - Klasse IT (EUR) (thesaurierend) | WKN: A1H 9GU/ISIN: LU0882150443 | 79.320 | 78.372 | 71.966 |
| - Klasse RT (EUR) (thesaurierend) | WKN: A2D WPR/ISIN: LU1673098791 | 47.805 | 114.233 | 66.326 |
| - Klasse W (EUR) (ausschüttend) | WKN: A0R CVK/ISIN: LU0398560341 | 12.310 | 8.375 | 37.857 |
| - Klasse WT (EUR) (thesaurierend) | WKN: A0R CVL/ISIN: LU0398560424 | 229.290 | 245.872 | 184.069 |
| - Klasse AT (H-USD) (thesaurierend) | WKN: A2P YJ8/ISIN: LU2105731785 | 15.522 | 1.043 | -- |
| - Klasse RT (H-USD) (thesaurierend) | WKN: A2P YJ9/ISIN: LU2105731868 | 115 | 115 | -- |
| Aktienwert in EUR |  |  |  |  |
| - Klasse CT (EUR) (thesaurierend) | WKN: A0R CVJ/ISIN: LU0398560267 | 168,15 | 163,65 | 167,83 |
| - Klasse C2 (EUR) (ausschüttend) | WKN: A2P S87/ISIN: LU2064238111 | 100,61 | 98,69 | -- |
| - Klasse IT (EUR) (thesaurierend) | WKN: A1H 9GU/ISIN: LU0882150443 | 1.133,98 | 1.103,67 | 1.131,81 |
| - Klasse RT (EUR) (thesaurierend) | WKN: A2D WPR/ISIN: LU1673098791 | 110,61 | 106,95 | 108,97 |
| - Klasse W (EUR) (ausschüttend) | WKN: A0R CVK/ISIN: LU0398560341 | 1.037,49 | 1.018,22 | 1.053,57 |
| - Klasse WT (EUR) (thesaurierend) | WKN: A0R CVL/ISIN: LU0398560424 | 1.192,05 | 1.149,79 | 1.168,55 |
| - Klasse AT (H-USD) (thesaurierend) | WKN: A2P YJ8/ISIN: LU2105731785 | 103,25 | 99,65 | -- |
| - Klasse RT (H-USD) (thesaurierend) | WKN: A2P YJ9/ISIN: LU2105731868 | 104,33 | 100,01 | -- |

1) 
Kumulierte Zahlen für alle am Berichtsstichtag geöffneten Anteilsklassen.
Weitere Informationen über Auflegungs- und Auflösungstermine finden Sie in den Tabellen zur Wertentwicklung auf den Seiten 2 bis 3.