# Allianz Strategy 15
Investment Portfolio as at 30/09/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| Securities and money-market instruments admitted to an official stock exchange listing	682,377,480.33	96.28 |
| Bonds |  |  |  |  |  |  |  | 682,377,480.33 | 96.28 |
| Austria |  |  |  |  |  |  |  | 33,739,572.26 | 4.76 |
| AT0000383864 | 6.2500 | % | Austria Government EUR Bonds 97/27 | EUR | 1,350.0 | % | 147.176 | 1,986,876.14 | 0.28 |
| AT0000A04967 | 4.1500 | % | Austria Government EUR Bonds 07/37 | EUR | 1,600.0 | % | 171.414 | 2,742,625.60 | 0.39 |
| AT0000A0DXC2 | 4.8500 | % | Austria Government EUR Bonds 09/26 | EUR | 3,100.0 | % | 130.640 | 4,049,834.11 | 0.57 |
| AT0000A0U3T4 | 3.4000 | % | Austria Government EUR Bonds 12/22 | EUR | 3,000.0 | % | 108.834 | 3,265,016.10 | 0.46 |
| AT0000A0VRQ6 | 3.1500 | % | Austria Government EUR Bonds 12/44 | EUR | 550.0 | % | 174.606 | 960,334.38 | 0.14 |
| AT0000A0U299 | 3.8000 | % | Austria Government EUR Bonds 12/62 | EUR | 1,200.0 | % | 242.058 | 2,904,692.64 | 0.41 |
| AT0000A10683 | 2.4000 | % | Austria Government EUR Bonds 13/34 | EUR | 800.0 | % | 136.259 | 1,090,072.00 | 0.15 |
| AT0000A1FAP5 | 1.2000 | % | Austria Government EUR Bonds 15/25 | EUR | 200.0 | % | 109.559 | 219,117.30 | 0.03 |
| AT0000A2HLC4 | 0.8500 | % | Austria Government EUR Bonds 20/20 | EUR | 600.0 | % | 125.283 | 751,696.38 | 0.11 |
| AT0000A1PE50 | 0.0000 | % | Austria Government EUR Zero- |  |  |  |  |  |  |
| AT0000A28KX7 | 0.0000 | % | Coupon Bonds 15.07.2023 Austria Government EUR Zero- | EUR | 5,100.0 | % | 101.892 | 5,196,475.68 | 0.73 |
| AT0000A2CQD2 | 0.0000 | % | Coupon Bonds 15.07.2024 Austria Government EUR Zero- | EUR | 3,000.0 | % | 102.518 | 3,075,551.70 | 0.43 |
|  |  |  | Coupon Bonds 20.02.2030 | EUR | 2,600.0 | % | 103.653 | 2,694,983.46 | 0.38 |
| XS1033673440 | 1.6250 | % | KA Finanz EUR MTN 14/21 | EUR | 3,400.0 | % | 100.801 | 3,427,245.90 | 0.48 |
| AT000B048988 | 4.1250 | % | UniCredit Bank Austria EUR MTN 11/21 | EUR | 1,350.0 | % | 101.856 | 1,375,050.87 | 0.20 |
| Belgium |  |  |  |  |  |  |  | 42,691,214.88 | 6.02 |
| BE0000291972 | 5.5000 | % | Belgium Government EUR Bonds 98/28 S.31 | EUR | 6,200.0 | % | 145.716 | 9,034,392.00 | 1.27 |
| BE0000320292 | 4.2500 | % | Belgium Government EUR Bonds 10/41 S.60 | EUR | 200.0 | % | 182.178 | 364,355.98 | 0.05 |
| BE0000324336 | 4.5000 | % | Belgium Government EUR Bonds 11/26 S.64 | EUR | 7,000.0 | % | 128.444 | 8,991,080.00 | 1.27 |
| BE0000326356 | 4.0000 | % | Belgium Government EUR Bonds 12/32 S.66 | EUR | 6,200.0 | % | 149.459 | 9,266,458.00 | 1.31 |
| BE0000328378 | 2.2500 | % | Belgium Government EUR Bonds 13/23 S.68 | EUR | 5,100.0 | % | 108.092 | 5,512,692.00 | 0.78 |
| BE0000331406 | 3.7500 | % | Belgium Government EUR Bonds 13/45 S.71 | EUR | 1,000.0 | % | 183.442 | 1,834,419.90 | 0.26 |
| BE0000334434 | 0.8000 | % | Belgium Government EUR Bonds 15/25 S.74 | EUR | 750.0 | % | 106.893 | 801,697.50 | 0.11 |
| BE0000338476 | 1.6000 | % | Belgium Government EUR Bonds 16/47 S.78 | EUR | 2,900.0 | % | 132.949 | 3,855,520.71 | 0.54 |
| BE0000344532 | 1.4500 | % | Belgium Government EUR Bonds 17/37 S.84 | EUR | 1,000.0 | % | 123.882 | 1,238,819.90 | 0.18 |
| BE0000343526 | 2.2500 | % | Belgium Government EUR Bonds 17/57 S.83 | EUR | 1,100.0 | % | 162.889 | 1,791,778.89 | 0.25 |
| Finland |  |  |  |  |  |  |  | 17,301,976.77 | 2.44 |
| XS0640463062 | 3.8750 | % | Danske Kiinnitysluottopankki |  |  |  |  |  |  |
|  |  |  | EUR Notes 11/21 | EUR | 5,000.0 | % | 103.219 | 5,160,953.50 | 0.73 |
| FI4000047089 | 1.6250 | % | Finland Government EUR Bonds 12/22 | EUR | 3,000.0 | % | 104.552 | 3,136,560.00 | 0.44 |
| FI4000046545 | 2.6250 | % | Finland Government EUR Bonds 12/42 | EUR | 600.0 | % | 158.335 | 950,007.00 | 0.13 |
| FI4000079041 | 2.0000 | % | Finland Government EUR Bonds 14/24 | EUR | 700.0 | % | 109.618 | 767,323.20 | 0.11 |
| FI4000167317 | 0.8750 | % | Finland Government EUR Bonds 15/25 | EUR | 2,100.0 | % | 107.641 | 2,260,455.75 | 0.32 |
| FI4000148630 | 0.7500 | % | Finland Government EUR Bonds 15/31 | EUR | 2,100.0 | % | 111.668 | 2,345,021.07 | 0.33 |
| FI4000278551 | 0.5000 | % | Finland Government EUR Bonds 17/27 | EUR | 2,500.0 | % | 107.266 | 2,681,656.25 | 0.38 |
| France |  |  |  |  |  |  |  | 179,138,458.40 | 25.28 |
| XS1871106297 | 0.1250 | % | Banque Fédérative du Crédit |  |  |  |  |  |  |
| FR0010758599 | 4.8750 | % | Mutuel EUR MTN 18/21 Compagnie de Financement | EUR | 1,500.0 | % | 100.483 | 1,507,249.20 | 0.21 |
| XS0791007734 | 3.6250 | % | Foncier EUR MTN 09/21 Compagnie de Saint-Gobain | EUR | 1,000.0 | % | 103.486 | 1,034,864.00 | 0.15 |
|  |  |  | EUR MTN 12/21 | EUR | 1,600.0 | % | 102.720 | 1,643,518.08 | 0.23 |
| FR0000571218 | 5.5000 | % | France Government EUR Bonds 98/29 | EUR | 9,780.0 | % | 151.704 | 14,836,651.20 | 2.09 |
| FR0000187635 | 5.7500 | % | France Government EUR Bonds 01/32 | EUR | 10,900.0 | % | 173.272 | 18,886,648.00 | 2.67 |
| FR0010070060 | 4.7500 | % | France Government EUR Bonds 04/35 | EUR | 400.0 | % | 171.456 | 685,823.96 | 0.10 |
| FR0010171975 | 4.0000 | % | France Government EUR Bonds 05/55 | EUR | 4,800.0 | % | 216.237 | 10,379,376.00 | 1.46 |
| FR0010371401 | 4.0000 | % | France Government EUR Bonds 06/38 | EUR | 8,500.0 | % | 171.802 | 14,603,169.15 | 2.06 |
| FR0010916924 | 3.5000 | % | France Government EUR Bonds 10/26 | EUR | 12,800.0 | % | 123.238 | 15,774,464.00 | 2.23 |
| FR0011337880 | 2.2500 | % | France Government EUR Bonds 12/22 | EUR | 15,500.0 | % | 106.093 | 16,444,415.00 | 2.32 |
| FR0011486067 | 1.7500 | % | France Government EUR Bonds 13/23 | EUR | 6,050.0 | % | 106.524 | 6,444,702.00 | 0.91 |
| FR0011619436 | 2.2500 | % | France Government EUR Bonds 13/24 | EUR | 11,400.0 | % | 110.735 | 12,623,790.00 | 1.78 |
| FR0011461037 | 3.2500 | % | France Government EUR Bonds 13/45 | EUR | 6,800.0 | % | 172.002 | 11,696,135.32 | 1.65 |
| FR0011883966 | 2.5000 | % | France Government EUR Bonds 14/30 | EUR | 1,000.0 | % | 127.854 | 1,278,539.90 | 0.18 |

Investment Portfolio as at 30/09/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| FR0012517027 | 0.5000 | % | France Government EUR Bonds 15/25 | EUR | 14,300.0 | % | 105.316 | 15,060,186.57 | 2.13 |
| FR0012938116 | 1.0000 | % | France Government EUR Bonds 15/25 | EUR | 3,500.0 | % | 108.437 | 3,795,294.65 | 0.54 |
| FR0013250560 | 1.0000 | % | France Government EUR Bonds 17/27 | EUR | 3,900.0 | % | 110.269 | 4,300,491.00 | 0.61 |
| FR0013286192 | 0.7500 | % | France Government EUR Bonds 17/28 | EUR | 14,000.0 | % | 109.371 | 15,311,938.60 | 2.16 |
| FR0013257524 | 2.0000 | % | France Government EUR Bonds 17/48 | EUR | 2,350.0 | % | 145.062 | 3,408,956.77 | 0.48 |
| FR0013311016 | 0.0000 | % | France Government EUR Zero- |  |  |  |  |  |  |
| FR0013219177 | 0.0000 | % | Coupon Bonds 25.02.2021 France Government EUR Zero- | EUR | 3,000.0 | % | 100.251 | 3,007,530.00 | 0.42 |
|  |  |  | Coupon Bonds 25.05.2022 | EUR | 5,350.0 | % | 101.112 | 5,409,492.00 | 0.76 |
| FR0013176302 | 0.7500 | % | Vivendi EUR Notes 16/21 | EUR | 1,000.0 | % | 100.522 | 1,005,223.00 | 0.14 |
| Germany |  |  |  |  |  |  |  | 80,505,084.72 | 11.36 |
| XS1088129660 | 1.7500 | % | CRH Finance Germany EUR MTN 14/21 | EUR | 2,600.0 | % | 101.030 | 2,626,785.98 | 0.37 |
| DE000DB7XJB9 | 1.2500 | % | Deutsche Bank EUR MTN 14/21 | EUR | 2,500.0 | % | 100.926 | 2,523,158.00 | 0.36 |
| DE0001134922 | 6.2500 | % | Germany Government EUR |  |  |  |  |  |  |
| DE0001135085 | 4.7500 | % | Bonds 94/24 S.94 Germany Government EUR | EUR | 2,900.0 | % | 123.208 | 3,573,032.00 | 0.50 |
| DE0001135176 | 5.5000 | % | Bonds 98/28 S.98 Germany Government EUR | EUR | 5,300.0 | % | 143.386 | 7,599,458.00 | 1.07 |
|  |  |  | Bonds 00/31 S.00 | EUR | 950.0 | % | 164.323 | 1,561,068.41 | 0.22 |
| DE0001135226 | 4.7500 | % | Germany Government EUR Bonds 03/34 S.3 | EUR | 3,300.0 | % | 174.276 | 5,751,091.50 | 0.81 |
| DE0001135275 | 4.0000 | % | Germany Government EUR Bonds 05/37 S.5 | EUR | 4,300.0 | % | 173.793 | 7,473,099.00 | 1.05 |
| DE0001135481 | 2.5000 | % | Germany Government EUR Bonds 12/44 | EUR | 4,100.0 | % | 167.043 | 6,848,762.59 | 0.97 |
| DE0001102325 | 2.0000 | % | Germany Government EUR Bonds 13/23 | EUR | 3,200.0 | % | 108.008 | 3,456,256.00 | 0.49 |
| DE0001102341 | 2.5000 | % | Germany Government EUR Bonds 14/46 | EUR | 2,500.0 | % | 171.465 | 4,286,625.00 | 0.61 |
| DE0001102374 | 0.5000 | % | Germany Government EUR Bonds 15/25 | EUR | 6,100.0 | % | 105.598 | 6,441,478.00 | 0.91 |
| DE0001102432 | 1.2500 | % | Germany Government EUR Bonds 17/48 | EUR | 2,300.0 | % | 139.977 | 3,219,459.50 | 0.45 |
| DE0001102440 | 0.5000 | % | Germany Government EUR Bonds 18/28 | EUR | 2,200.0 | % | 108.956 | 2,397,032.00 | 0.34 |
| DE0001141778 | 0.0000 | % | Germany Government EUR Zero- |  |  |  |  |  |  |
| DE0001102408 | 0.0000 | % | Coupon Bonds 14.04.2023 S.177 Germany Government EUR Zero- | EUR | 1,400.0 | % | 101.909 | 1,426,726.00 | 0.20 |
| DE0001102499 | 0.0000 | % | Coupon Bonds 15.08.2026 Germany Government EUR Zero- | EUR | 3,350.0 | % | 104.417 | 3,497,969.50 | 0.49 |
| DE0001102481 | 0.0000 | % | Coupon Bonds 15.02.2030 Germany Government EUR Zero- | EUR | 5,200.0 | % | 105.624 | 5,492,447.48 | 0.78 |
| XS1071847245 | 1.1250 | % | Coupon Bonds 15.08.2050 Landesbank Hessen-Thüringen | EUR | 1,600.0 | % | 103.904 | 1,662,463.84 | 0.24 |
|  |  |  | Girozentrale EUR MTN 14/21 | EUR | 6,200.0 | % | 101.094 | 6,267,857.76 | 0.88 |
| XS1692348847 | 0.2500 | % | Volkswagen Leasing EUR MTN 17/20 | EUR | 4,400.0 | % | 100.007 | 4,400,314.16 | 0.62 |
| Ireland |  |  |  |  |  |  |  | 16,538,673.00 | 2.33 |
| IE00B4TV0D44 | 5.4000 | % | Ireland Government EUR Bonds 09/25 | EUR | 2,200.0 | % | 126.897 | 2,791,734.00 | 0.39 |
| IE00B60Z6194 | 5.0000 | % | Ireland Government EUR Bonds 10/20 | EUR | 2,250.0 | % | 100.250 | 2,255,625.00 | 0.32 |
| IE00B6X95T99 | 3.4000 | % | Ireland Government EUR Bonds 14/24 | EUR | 800.0 | % | 114.028 | 912,224.00 | 0.13 |
| IE00BJ38CR43 | 2.4000 | % | Ireland Government EUR Bonds 14/30 | EUR | 1,700.0 | % | 125.743 | 2,137,631.00 | 0.30 |
| IE00BJ38CQ36 | 0.8000 | % | Ireland Government EUR Bonds 15/22 | EUR | 1,400.0 | % | 102.019 | 1,428,266.00 | 0.20 |
| IE00BV8C9186 | 2.0000 | % | Ireland Government EUR Bonds 15/45 | EUR | 1,100.0 | % | 140.732 | 1,548,052.00 | 0.22 |
| IE00BV8C9418 | 1.0000 | % | Ireland Government EUR Bonds 16/26 | EUR | 1,400.0 | % | 108.536 | 1,519,504.00 | 0.21 |
| IE00BV8C9B83 | 1.7000 | % | Ireland Government EUR Bonds 17/37 | EUR | 1,900.0 | % | 126.218 | 2,398,142.00 | 0.34 |
| IE00BDHDPR44 | 0.9000 | % | Ireland Government EUR Bonds 18/28 | EUR | 900.0 | % | 109.625 | 986,625.00 | 0.14 |
| IE00BH3SQ895 | 1.1000 | % | Ireland Government EUR Bonds 19/29 | EUR | 500.0 | % | 112.174 | 560,870.00 | 0.08 |
| Italy |  |  |  |  |  |  |  | 108,773,116.41 | 15.35 |
| IT0001174611 | 6.5000 | % | Italy Buoni Poliennali Del |  |  |  |  |  |  |
| IT0001444378 | 6.0000 | % | Tesoro EUR Bonds 97/27 Italy Buoni Poliennali Del | EUR | 3,900.0 | % | 141.101 | 5,502,938.61 | 0.78 |
| IT0003535157 | 5.0000 | % | Tesoro EUR Bonds 00/31 Italy Buoni Poliennali Del | EUR | 3,600.0 | % | 151.556 | 5,456,015.64 | 0.77 |
| IT0003934657 | 4.0000 | % | Tesoro EUR Bonds 03/34 Italy Buoni Poliennali Del | EUR | 5,000.0 | % | 149.351 | 7,467,549.50 | 1.05 |
| IT0004513641 | 5.0000 | % | Tesoro EUR Bonds 05/37 Italy Buoni Poliennali Del | EUR | 7,500.0 | % | 139.573 | 10,467,974.25 | 1.48 |
|  |  |  | Tesoro EUR Bonds 09/25 | EUR | 2,800.0 | % | 121.316 | 3,396,848.00 | 0.48 |

Investment Portfolio as at 30/09/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| IT0004644735 | 4.5000 | % | Italy Buoni Poliennali Del |  |  |  |  |  |  |
| IT0004898034 | 4.5000 | % | Tesoro EUR Bonds 10/26 Italy Buoni Poliennali Del | EUR | 11,750.0 | % | 122.368 | 14,378,238.83 | 2.03 |
| IT0004923998 | 4.7500 | % | Tesoro EUR Bonds 13/23 Italy Buoni Poliennali Del | EUR | 7,200.0 | % | 111.974 | 8,062,128.00 | 1.14 |
| IT0005024234 | 3.5000 | % | Tesoro EUR Bonds 13/44 Italy Buoni Poliennali Del | EUR | 4,400.0 | % | 162.415 | 7,146,260.00 | 1.01 |
| IT0005135840 | 1.4500 | % | Tesoro EUR Bonds 14/30 Italy Buoni Poliennali Del | EUR | 10,600.0 | % | 124.983 | 13,248,196.94 | 1.87 |
| IT0005094088 | 1.6500 | % | Tesoro EUR Bonds 15/22 Italy Buoni Poliennali Del | EUR | 6,000.0 | % | 103.253 | 6,195,180.00 | 0.87 |
| IT0005083057 | 3.2500 | % | Tesoro EUR Bonds 15/32 Italy Buoni Poliennali Del | EUR | 3,600.0 | % | 107.814 | 3,881,303.64 | 0.55 |
| IT0005162828 | 2.7000 | % | Tesoro EUR Bonds 15/46 Italy Buoni Poliennali Del | EUR | 2,300.0 | % | 133.922 | 3,080,205.77 | 0.43 |
| IT0005217390 | 2.8000 | % | Tesoro EUR Bonds 16/47 Italy Buoni Poliennali Del | EUR | 2,300.0 | % | 122.521 | 2,817,982.77 | 0.40 |
| IT0005282527 | 1.4500 | % | Tesoro EUR Bonds 16/67 Italy Buoni Poliennali Del | EUR | 2,250.0 | % | 125.245 | 2,818,012.28 | 0.40 |
| IT0005240830 | 2.2000 | % | Tesoro EUR Bonds 17/24 Italy Buoni Poliennali Del | EUR | 5,100.0 | % | 105.575 | 5,384,325.00 | 0.76 |
| IT0005340929 | 2.8000 | % | Tesoro EUR Bonds 17/27 Italy Buoni Poliennali Del | EUR | 4,200.0 | % | 111.259 | 4,672,877.58 | 0.66 |
| IT0005377152 | 3.1000 | % | Tesoro EUR Bonds 18/28 Italy Buoni Poliennali Del | EUR | 3,000.0 | % | 117.271 | 3,518,129.70 | 0.49 |
|  |  |  | Tesoro EUR Bonds 19/40 | EUR | 1,000.0 | % | 127.895 | 1,278,949.90 | 0.18 |
| Jersey |  |  |  |  |  |  |  | 1,000,000.00 | 0.14 |
| XS0974877150 | 3.3750 | % | Glencore Finance Europe EUR MTN 13/20 | EUR | 1,000.0 | % | 100.000 | 1,000,000.00 | 0.14 |
| Portugal |  |  |  |  |  |  |  | 24,597,012.52 | 3.47 |
| PTPBTIGE0033 | 0.0000 | % | Portugal Government EUR Zero- |  |  |  |  |  |  |
| PTPBTDGE0046 | 0.0000 | % | Coupon Bonds 19.03.2021 Portugal Government EUR Zero- | EUR | 1,000.0 | % | 100.490 | 1,004,897.20 | 0.14 |
| PTPBTEGE0045 | 0.0000 | % | Coupon Bonds 21.05.2021 Portugal Government EUR Zero- | EUR | 1,000.0 | % | 100.874 | 1,008,736.90 | 0.14 |
| PTOTE5OE0007 | 4.1000 | % | Coupon Bonds 16.07.2021 Portugal Obrigações do | EUR | 6,800.0 | % | 100.916 | 6,862,283.92 | 0.97 |
| PTOTEQOE0015 | 5.6500 | % | Tesouro EUR Bonds 06/37 Portugal Obrigações do | EUR | 300.0 | % | 154.777 | 464,331.00 | 0.07 |
| PTOTEROE0014 | 3.8750 | % | Tesouro EUR Bonds 13/24 Portugal Obrigações do | EUR | 400.0 | % | 120.584 | 482,336.00 | 0.07 |
| PTOTESOE0013 | 2.2000 | % | Tesouro EUR Bonds 14/30 Portugal Obrigações do | EUR | 1,250.0 | % | 134.466 | 1,680,825.00 | 0.24 |
| PTOTEKOE0011 | 2.8750 | % | Tesouro EUR Bonds 15/22 Portugal Obrigações do | EUR | 2,100.0 | % | 105.745 | 2,220,645.00 | 0.31 |
| PTOTEBOE0020 | 4.1000 | % | Tesouro EUR Bonds 15/25 Portugal Obrigações do | EUR | 6,000.0 | % | 115.790 | 6,947,400.00 | 0.98 |
| PTOTEVOE0018 | 2.1250 | % | Tesouro EUR Bonds 15/45 Portugal Obrigações do | EUR | 1,150.0 | % | 168.621 | 1,939,141.50 | 0.27 |
|  |  |  | Tesouro EUR Bonds 18/28 | EUR | 1,700.0 | % | 116.848 | 1,986,416.00 | 0.28 |
| Spain |  |  |  |  |  |  |  | 129,639,375.05 | 18.29 |
| ES0413211121 | 3.5000 | % | Banco Bilbao Vizcaya Argentaria |  |  |  |  |  |  |
| ES0413211865 | 0.6250 | % | EUR Notes 06/21 Banco Bilbao Vizcaya Argentaria | EUR | 1,000.0 | % | 101.234 | 1,012,335.00 | 0.14 |
|  |  |  | EUR Notes 15/21 | EUR | 700.0 | % | 100.664 | 704,646.60 | 0.10 |
| ES0000011868 | 6.0000 | % | Spain Government EUR Bonds 98/29 | EUR | 5,900.0 | % | 149.539 | 8,822,801.00 | 1.25 |
| ES0000012411 | 5.7500 | % | Spain Government EUR Bonds 01/32 | EUR | 7,300.0 | % | 163.312 | 11,921,776.00 | 1.68 |
| ES0000012932 | 4.2000 | % | Spain Government EUR Bonds 05/37 | EUR | 4,800.0 | % | 156.895 | 7,530,960.00 | 1.06 |
| ES00000122E5 | 4.6500 | % | Spain Government EUR Bonds 10/25 | EUR | 15,100.0 | % | 124.065 | 18,733,815.00 | 2.64 |
| ES00000123U9 | 5.4000 | % | Spain Government EUR Bonds 13/23 | EUR | 11,550.0 | % | 113.767 | 13,140,088.50 | 1.85 |
| ES00000124H4 | 5.1500 | % | Spain Government EUR Bonds 13/44 | EUR | 900.0 | % | 193.358 | 1,740,222.00 | 0.25 |
| ES00000124W3 | 3.8000 | % | Spain Government EUR Bonds 14/24 | EUR | 11,800.0 | % | 115.151 | 13,587,818.00 | 1.92 |
| ES00000128C6 | 2.9000 | % | Spain Government EUR Bonds 16/46 | EUR | 4,900.0 | % | 145.848 | 7,146,552.00 | 1.01 |
| ES00000128E2 | 3.4500 | % | Spain Government EUR Bonds 16/66 | EUR | 900.0 | % | 175.759 | 1,581,826.50 | 0.22 |

Investment Portfolio as at 30/09/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| ES00000128O1 | 0.4000 | % | Spain Government EUR Bonds 17/22 | EUR | 5,430.0 | % | 101.464 | 5,509,495.20 | 0.78 |
| ES00000128P8 | 1.5000 | % | Spain Government EUR Bonds 17/27 | EUR | 10,500.0 | % | 110.839 | 11,638,095.00 | 1.64 |
| ES0000012B39 | 1.4000 | % | Spain Government EUR Bonds 18/28 | EUR | 10,750.0 | % | 110.842 | 11,915,515.00 | 1.68 |
| ES0L02103056 | 0.0000 | % | Spain Letras del Tesoro EUR Zero- |  |  |  |  |  |  |
| ES0L02104161 | 0.0000 | % | Coupon Bonds 05.03.2021 Spain Letras del Tesoro EUR Zero- | EUR | 3,500.0 | % | 100.202 | 3,507,080.85 | 0.50 |
| ES0L02107099 | 0.0000 | % | Coupon Bonds 16.04.2021 Spain Letras del Tesoro EUR Zero- | EUR | 2,000.0 | % | 100.474 | 2,009,482.40 | 0.28 |
|  |  |  | Coupon Bonds 09.07.2021 | EUR | 7,070.0 | % | 100.384 | 7,097,148.80 | 1.00 |
| XS0907289978 | 3.9610 | % | Telefónica Emisiones EUR MTN 13/21 | EUR | 2,000.0 | % | 101.986 | 2,039,717.20 | 0.29 |
| Supranational |  |  |  |  |  |  |  | 3,037,053.60 | 0.43 |
| XS0605958791 | 3.6250 | % | European Investment Bank EUR MTN 11/21 | EUR | 3,000.0 | % | 101.235 | 3,037,053.60 | 0.43 |
| Sweden |  |  |  |  |  |  |  | 2,006,246.80 | 0.28 |
| XS0988357090 | 1.6250 | % | Skandinaviska Enskilda |  |  |  |  |  |  |
|  |  |  | Banken EUR MTN 13/20 | EUR | 1,000.0 | % | 100.233 | 1,002,333.70 | 0.14 |
| XS1324397964 | 0.3750 | % | Stadshypotek EUR Notes 15/21 S.58 | EUR | 1,000.0 | % | 100.391 | 1,003,913.10 | 0.14 |
| The Netherlands |  |  |  |  |  |  |  | 33,928,367.35 | 4.79 |
| XS0632659933 | 3.8750 | % | Linde Finance EUR MTN 11/21 | EUR | 2,400.0 | % | 102.708 | 2,464,982.16 | 0.35 |
| NL0000102317 | 5.5000 | % | Netherlands Government EUR Bonds 98/28 | EUR | 5,100.0 | % | 145.124 | 7,401,324.00 | 1.05 |
| NL0000102234 | 4.0000 | % | Netherlands Government EUR Bonds 05/37 | EUR | 2,850.0 | % | 170.838 | 4,868,883.00 | 0.69 |
| NL0000102275 | 3.7500 | % | Netherlands Government EUR Bonds 06/23 | EUR | 3,100.0 | % | 110.276 | 3,418,556.00 | 0.48 |
| NL0010060257 | 2.2500 | % | Netherlands Government EUR Bonds 12/22 | EUR | 1,550.0 | % | 105.265 | 1,631,607.50 | 0.23 |
| NL0010071189 | 2.5000 | % | Netherlands Government EUR Bonds 12/33 | EUR | 800.0 | % | 135.898 | 1,087,183.92 | 0.15 |
| NL0010733424 | 2.0000 | % | Netherlands Government EUR Bonds 14/24 | EUR | 3,700.0 | % | 110.380 | 4,084,060.00 | 0.58 |
| NL0010721999 | 2.7500 | % | Netherlands Government EUR Bonds 14/47 | EUR | 2,300.0 | % | 176.625 | 4,062,374.77 | 0.57 |
| NL0011819040 | 0.5000 | % | Netherlands Government EUR Bonds 16/26 | EUR | 4,600.0 | % | 106.726 | 4,909,396.00 | 0.69 |
| United Kingdom |  |  |  |  |  |  |  | 7,596,553.18 | 1.07 |
| XS1434582703 | 0.1250 | % | BNZ International Funding |  |  |  |  |  |  |
|  |  |  | EUR Notes 16/21 | EUR | 3,950.0 | % | 100.471 | 3,968,620.30 | 0.56 |
| XS1077631635 | 1.6250 | % | Standard Chartered EUR MTN 14/21 | EUR | 2,000.0 | % | 101.290 | 2,025,790.00 | 0.28 |
| XS1323028479 | 0.8750 | % | Vodafone Group EUR MTN 15/20 | EUR | 1,600.0 | % | 100.134 | 1,602,142.88 | 0.23 |
| USA |  |  |  |  |  |  |  | 1,884,775.39 | 0.27 |
| XS1720639779 | 0.0000 | % | Toyota Motor Credit EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon MTN 21.07.2021 | EUR | 1,880.0 | % | 100.254 | 1,884,775.39 | 0.27 |
| Investments in securities and money-market instruments |  |  |  |  | 682,377,480.33 | 96.28 |
| Deposits at financial institutions |  |  |  |  | 21,545,184.29 | 3.04 |
| Sight deposits |  |  |  |  | 21,545,184.29 | 3.04 |
| State Street Bank International |  |  |  |  |  |  |
| GmbH, Luxembourg Branch Cash at Broker and Deposits for | EUR |  |  |  | 7,876,212.00 | 1.11 |
| collateralisation of derivatives | EUR |  |  |  | 13,668,972.29 | 1.93 |
| Investments in deposits at financial institutions |  |  |  |  | 21,545,184.29 | 3.04 |
|  |  |  |  |  |  |  |
| Securities | Shares/ | Holdings |  | Price | Unrealised | % of |
|  | Currency (in 1,000)/ Contracts | 30/09/2020 |  |  | gain/loss in EUR | Subfund assets |
| Derivatives |  |  |  |  |  |  |
| Holdings marked with a minus are short positions. |  |  |  |  |  |  |
| Listed Derivatives |  |  |  |  | -1,415,848.68 | -0.20 |
| Futures Transactions |  |  |  |  | -1,415,848.68 | -0.20 |
| Purchased Index Futures |  |  |  |  | -443,023.68 | -0.06 |
| DJ EURO STOXX 50 Index Futures 12/20 | Ctr | 599 | EUR | 3,188.000 | -609,710.00 | -0.08 |
| FTSE 100 Index Futures 12/20 | Ctr | 107 | GBP | 5,867.500 | -124,539.33 | -0.02 |
| S&P 500 E-mini Index Futures 12/20 | Ctr | 609 | USD | 3,333.700 | 199,609.17 | 0.03 |
| S&P/TSX 60 Index Futures 12/20 | Ctr | 33 | CAD | 967.800 | 10,269.35 | 0.00 |
| SPI 200 Index Futures 12/20 | Ctr | 89 | AUD | 5,802.000 | -117,131.18 | -0.02 |
| Topix Index Futures 12/20 | Ctr | 90 | JPY | 1,625.500 | 198,478.31 | 0.03 |
| Sold Bond Futures |  |  |  |  | -972,825.00 | -0.14 |
| 10-Year German Government Bond (Bund) Futures 12/20 | Ctr | -50 | EUR | 174.910 | -43,280.00 | -0.01 |
| 2-Year German Government Bond (Schatz) Futures 12/20 | Ctr | -135 | EUR | 112.315 | -875.00 | 0.00 |
| 30-Year German Government Bond (Buxl) Futures 12/20 | Ctr | -78 | EUR | 224.160 | -299,520.00 | -0.04 |

| Investment Portfolio as at 30/09/2020 |  |
| --- | --- |
| Securities | Shares/ | Holdings |  | Price | Unrealised | % of |
|  | Currency (in 1,000)/ Contracts | 30/09/2020 |  |  | gain/loss in EUR | Subfund assets |
| 5-Year German Government Bond (Bobl) Futures 12/20 | Ctr | -217 | EUR | 135.310 | -28,160.00 | 0.00 |
| Euro BTP Futures 12/20 | Ctr | -257 | EUR | 147.990 | -600,990.00 | -0.09 |
| OTC-Dealt Derivatives |  |  |  |  | 508.53 | 0.00 |
| Forward Foreign Exchange Transactions |  |  |  |  | 508.53 | 0.00 |
| Sold AUD / Bought USD - 13 Nov 2020 | AUD | -95.21 |  |  | 0.53 | 0.00 |
| Sold CAD / Bought USD - 13 Nov 2020 | CAD | -43.27 |  |  | 0.24 | 0.00 |
| Sold EUR / Bought USD - 13 Nov 2020 | EUR | -98,938.67 |  |  | 517.75 | 0.00 |
| Sold GBP / Bought USD - 13 Nov 2020 | GBP | -60.75 |  |  | 0.38 | 0.00 |
| Sold JPY / Bought USD - 13 Nov 2020 | JPY | -5,453.00 |  |  | -0.03 | 0.00 |
| Sold USD / Bought EUR - 13 Nov 2020 | USD | -2,539.50 |  |  | -10.34 | 0.00 |
| Investments in derivatives |  |  |  |  | -1,415,340.15 | -0.20 |
| Net current assets/liabilities | EUR |  |  |  | 6,264,814.24 | 0.88 |
| Net assets of the Subfund | EUR |  |  |  | 708,772,138.71 | 100.00 |

Details of the changes in portfolio composition during the period under review can be obtained free of charge from Allianz Global Investors GmbH - Luxembourg Branch.
| Statement of Operations |  |
| --- | --- |
| for the period from 01/10/2019 to 30/09/2020 |
|  | EUR |
| Interest on |  |
| - bonds | 14,922,031.52 |
| Interest on credit balances |  |
| - positive interest rate | 63,235.08 |
| - negative interest rate | -170,031.38 |
| Income from |  |
| - securities lending | 134,530.03 |
| Total income | 14,949,765.25 |
| Expenses from |  |
| - securities lending | -40,359.03 |
| Taxe d’Abonnement | -197,480.44 |
| All-in-fee | -6,127,670.59 |
| Other expenses | -624.68 |
| Total expenses | -6,366,134.74 |
| Net income/loss Realised gain/loss on | 8,583,630.51 |
| - securities transactions | 779,357.29 |
| - financial futures transactions | -14,633,159.94 |
| - forward foreign exchange transactions | -1,197.06 |
| - foreign exchange | -862,063.17 |
| Net realised gain/loss | -6,133,432.37 |
| Changes in unrealised appreciation/depreciation on |  |
| - securities transactions | -6,997,300.64 |
| - financial futures transactions | -1,423,272.55 |
| - forward foreign exchange transactions | 508.53 |
| - foreign exchange | 5,585.52 |
| Result of operations | -14,547,911.51 |

| Statement of Net Assets |  |  | Statement of Changes in Net Assets |  |
| --- | --- | --- | --- | --- |
| as at 30/09/2020 |  |  | for the period from 01/10/2019 to 30/09/2020 |
|  | EUR |  |  | EUR |
| Securities and money-market instruments |  |  | Net assets at the beginning of the period | 621,099,906.48 |
| (Cost Price EUR 662,342,644.97) | 682,377,480.33 |  | Subscriptions | 679,041,560.50 |
| Cash at banks | 21,545,184.29 |  | Redemptions | -576,091,633.54 |
| Interest receivable on |  |  | Distribution | -729,783.22 |
| - bonds | 7,107,030.76 |  | Result of operations | -14,547,911.51 |
| Receivable on |  |  | Net assets at the end of the period | 708,772,138.71 |
| - subscriptions of fund shares | 147,389.62 |  |
| - securities lending | 27,204.13 |
| Unrealised gain on |  |
| - futures transactions | 408,356.83 |
| - forward foreign exchange transactions | 518.90 |
| Total Assets | 711,613,164.86 |
| Liabilities to banks | -171,713.17 |
| Payable on |  |
| - redemptions of fund shares | -274,875.74 |
| Other payables | -570,221.36 |
| Unrealised loss on |  |
| - futures transactions | -1,824,205.51 |
| - forward foreign exchange transactions | -10.37 |
| Total Liabilities | -2,841,026.15 |
| Net assets | 708,772,138.71 |

| Statement of Changes in Shares |  |
| --- | --- |
|  | 2019/2020 | 2018/2019 |
| Number of shares in issue at the beginning of the period | 2,013,357 | 1,692,170 |
| - Number of shares issued | 1,405,723 | 902,722 |
| - Number of shares redeemed | -1,023,168 | -581,535 |
| Number of shares in issue at the end of the period | 2,395,912 | 2,013,357 |

Translation (ENDE, 2020-09-30):
# 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 Berichtszeitraum sorgten an den Aktienmärkten die staatli- chen Maßnahmen zur Eindämmung des Coronavirus im Früh- jahr 2020 zunächst für einen Kurssturz, von dem alle Sektoren und Regionen betroffen waren. Später kehrte die nicht zuletzt durch die Notenbanken erhöhte Liquidität an die Börsen zu- rück und sorgte in regional unterschiedlichem Maß für eine Er- holung der Notierungen. An den Anleihenmärkten kam es in diesem Umfeld zu einem Nachfrageschub bei Wertpapieren, die als besonders sicher und liquide gelten. Hiervon profitierten vor allem erstklassige Staatsanleihen. Unternehmenspapiere guter Qualität (Investment Grade-Rating) erzielten ebenfalls im Schnitt ein leichtes Plus, wozu auch die ausgeweiteten Kauf- programme der Notenbanken beitrugen.
Die Wertpapierbestände des Teilfonds konzentrierten sich wei- terhin auf Euro-Staatsanleihen. Gehalten wurden zum einen Schuldverschreibungen von Ländern hoher Bonität wie Frank- reich, Deutschland und den Niederlanden. Zum anderen be- standen umfangreiche Positionen in öffentlich-rechtlichen Pa- pieren aus Euro-Peripheriestaaten, vor allem aus Italien und
Spanien. Das effektive Länderrisiko wurde gegebenenfalls mit- tels entsprechender Derivate gesteuert. Nach wie vor nur in geringem Umfang waren Unternehmensanleihen und gedeck- te Papiere vertreten. Im Schnitt verfügten die verzinslichen An- lagen Ende September über eine Bonitätsnote von AA-. Auf der Laufzeitebene blieben alle Fälligkeitsbereiche in ähnlicher Größenordnung vertreten. Die Gesamtduration (mittlere Kapi- talbindungsdauer) der Anleihenengagements einschließlich Derivaten änderte sich trotz zwischenzeitlicher Anpassungen unter dem Strich nur geringfügig und betrug zuletzt etwas mehr als sechs Jahre
1)
. Die Aktienengagements des Teilfonds wurden über Derivate auf etablierte Börsenindizes realisiert.
Dies erlaubte eine rasche Anpassung der Aktienquote an die Volatilität.
Mit seiner Anlagepolitik gab der Teilfonds etwas im Wert nach. Das genaue Ergebnis im Berichtszeitraum ist in der Tabelle
„Wertentwicklung der Teilfonds“ auf den Seiten 2 und 3 ausge-
wiesen. Weitergehende Informationen über den Fonds finden sich im Verkaufsprospekt sowie in den Wesentlichen Anleger- informationen.
Struktur des Teilfondsvermögens in %	
50 
40 
30 25,28
20
10
0
Obliga- tionen Frank- reich
Obligati- onen Spanien
Obligati- onen Ita- lien
Obligati- onen Deutsch- land
Obligati- onen Bel- gien
Obligati- onen Nie- derlande
Obligati- onen Ös- terreich
Obligati- onen Portugal
Obligati- onen Finnland
Obligati- onen Ir- land
Obligati- onen sonstiger Länder
Sonstige Vermö- gens- werte
| Der Teilfonds in Zahlen |  |
| --- | --- |
|  |  | 30.09.2020 | 30.09.2019 | 30.09.2018 |
| Teilfondsvermögen in Mio. EUR |  | 708,8 | 621,1 | 452,5 |
| Aktienumlauf in Stück 1) |  |  |  |  |
| - Klasse CT (EUR) (thesaurierend) | WKN: A0R CVJ/ISIN: LU0398560267 | 1.947.078 | 1.653.139 | 1.440.985 |
| - Klasse C2 (EUR) (ausschüttend) | WKN: A2P S87/ISIN: LU2064238111 | 824 | -- | -- |
| - Klasse IT (EUR) (thesaurierend) | WKN: A1H 9GU/ISIN: LU0882150443 | 78.372 | 71.966 | 67.763 |
| - Klasse RT (EUR) (thesaurierend) | WKN: A2D WPR/ISIN: LU1673098791 | 114.233 | 66.326 | 35.319 |
| - Klasse W (EUR) (ausschüttend) | WKN: A0R CVK/ISIN: LU0398560341 | 8.375 | 37.857 | 83.720 |
| - Klasse WT (EUR) (thesaurierend) | WKN: A0R CVL/ISIN: LU0398560424 | 245.872 | 184.069 | 64.383 |

| WKN: A2P YJ8/ISIN: LU2105731785 | 1.043 | -- | -- |
| --- | --- | --- | --- |
| WKN: A2P YJ9/ISIN: LU2105731868 | 115 | -- | -- |

- Klasse AT (H-USD) (thesaurie- rend)
- Klasse RT (H-USD) (thesaurie-

| rend) |  |
| --- | --- |
| Aktienwert in EUR |
| - Klasse CT (EUR) (thesaurierend) | WKN: A0R CVJ/ISIN: LU0398560267 | 163,65 | 167,83 | 156,24 |
| - Klasse C2 (EUR) (ausschüttend) | WKN: A2P S87/ISIN: LU2064238111 | 98,69 | -- | -- |
| - Klasse IT (EUR) (thesaurierend) | WKN: A1H 9GU/ISIN: LU0882150443 | 1.103,67 | 1.131,81 | 1.053,67 |
| - Klasse RT (EUR) (thesaurierend) | WKN: A2D WPR/ISIN: LU1673098791 | 106,95 | 108,97 | 100,79 |
| - Klasse W (EUR) (ausschüttend) | WKN: A0R CVK/ISIN: LU0398560341 | 1.018,22 | 1.053,57 | 990,84 |
| - Klasse WT (EUR) (thesaurierend) | WKN: A0R CVL/ISIN: LU0398560424 | 1.149,79 | 1.168,55 | 1.078,09 |

| - Klasse AT (H-USD) (thesaurie-	WKN: A2P YJ8/ISIN: LU2105731785 | 99,65 | -- | -- |
| --- | --- | --- | --- |
| - Klasse RT (H-USD) (thesaurie-	WKN: A2P YJ9/ISIN: LU2105731868 | 100,01 | -- | -- |

rend) rend)
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 5.