# Allianz Strategy 75
The subfund invests in the international stock market and the Euro bond market on a variable basis. As part of a quantitative approach, the fund’s management reduces equity exposure during periods of high market volatility and increases it in phases of low volatility. Overall, the result is expected to be comparable to the return on a mixed portfolio consisting of 75% international equities and 25% medium-term EUR bonds.
The six months
1) 
under review as of the end of March 2020 saw a sharp turnaround in global equity markets. Strong sales pressure was caused by the extensive restrictions on economic activity in light of the spread of coronavirus in an increasing number of countries. In this highly uncertain environment, top- rated bonds from developed countries were in high demand and their returns continued to decline. On the other hand, riskier interest-bearing investments suffered from some high selling pressure.
Euro sovereign bonds continued to make up the majority the portfolio of the subfund. While some bonds were held by countries with high credit ratings, such as France, Germany and the Netherlands, there were also considerable positions in public securities from peripheral eurozone countries, mainly Italy and Spain. Where applicable, the effective country risk was managed by means of appropriate derivatives. The share
of high-quality corporate bonds and covered securities was noticeably increased. On average, the interest-bearing investments had a credit rating of AA- at the end of March. The duration (average maturity) of bond exposures including derivatives has fallen recently to less than one year
1)
. The subfund’s equity exposures were realised via derivatives on established stock market indices. This allowed a quick adjustment of the equity allocation to volatility.
The subfund’s investment policy meant it fell significantly in value.
The exact performance in the period under review is reported in the table “Performance of the Subfunds” on pages 2 and 3. Please refer to the Key Investor Information Document and sales prospectus for additional information on the Subfund.
Breakdown of Net Assets in %	
25 
20 18.23
15
10
5
0
Bonds France
Bonds Italy
Bonds Spain
Bonds Germany
Bonds The Nether- lands
Bonds Portugal
Bonds Finland
Bonds USA
Bonds Austria
Bonds Belgium
Bonds Supra- national
Bonds other countries
Other net assets
10
Allianz Strategy 75
| The Subfund in figures |  |
| --- | --- |
|  |  | 31/03/2020 | 30/09/2019 | 30/09/2018 |
| Subfund assets in millions of EUR |  | 298.4 | 395.6 | 316.7 |
| Shares in circulation |  |  |  |  |
| - Class A2 (EUR) (distributing) | WKN: A2N 8TA/ISIN: LU1906304982 | 198 | 115 | -- |
| - Class CT (EUR) (accumulating) | WKN: A0N GAG/ISIN: LU0352312853 | 953,576 | 939,967 | 780,246 |
| - Class IT (EUR) (accumulating) | WKN: A0N GAJ/ISIN: LU0352313075 | 24,781 | 13,589 | 11,111 |
| - Class NT (EUR) (accumulating) | WKN: A1C XU4/ISIN: LU0535373087 | 11,400 | 9,720 | 43,165 |
| - Class P (EUR) (distributing) | WKN: A2P GF1/ISIN: LU1971343642 | 119 | 24 | -- |
| - Class PT (EUR) (accumulating) | WKN: A2J PES/ISIN: LU1846575204 | 1 | 1 | 1 |
| - Class RT (EUR) (accumulating) | WKN: A2D WPT/ISIN: LU1673099500 | 7,241 | 2,813 | 4,727 |
| - Class WT (EUR) (accumulating) | WKN: A0N GAL/ISIN: LU0352313232 | 36,086 | 105,019 | 12,146 |
| - Class AT (H-USD) (accumulating) | WKN: A2P YKC/ISIN: LU2105732163 | 115 | -- | -- |
| - Class I (USD) (distributing) | WKN: A12 E9R/ISIN: LU1138502486 | 1 | 1 | 97 |
| - Class RT (H-USD) (accumulating) | WKN: A2P YKD/ISIN: LU2105732247 | 115 | -- | -- |
| Net asset value per share in EUR |  |  |  |  |
| - Class A2 (EUR) (distributing) | WKN: A2N 8TA/ISIN: LU1906304982 | 98.55 | 109.62 | -- |
| - Class CT (EUR) (accumulating) | WKN: A0N GAG/ISIN: LU0352312853 | 210.31 | 233.14 | 232.14 |
| - Class IT (EUR) (accumulating) | WKN: A0N GAJ/ISIN: LU0352313075 | 1,196.76 | 1,326.32 | 1,319.95 |
| - Class NT (EUR) (accumulating) | WKN: A1C XU4/ISIN: LU0535373087 | 2,237.76 | 2,468.10 | 2,432.26 |
| - Class P (EUR) (distributing) | WKN: A2P GF1/ISIN: LU1971343642 | 925.57 | 1,025.57 | -- |
| - Class PT (EUR) (accumulating) | WKN: A2J PES/ISIN: LU1846575204 | 959.16 | 1,058.66 | 1,045.37 |
| - Class RT (EUR) (accumulating) | WKN: A2D WPT/ISIN: LU1673099500 | 98.15 | 108.37 | 107.04 |
| - Class WT (EUR) (accumulating) | WKN: A0N GAL/ISIN: LU0352313232 | 1,157.85 | 1,276.77 | 1,257.78 |
| - Class AT (H-USD) (accumulating) | WKN: A2P YKC/ISIN: LU2105732163 | 94.24 | -- | -- |
| - Class I (USD) (distributing) | WKN: A12 E9R/ISIN: LU1138502486 | 1,146.33 | 1,269.36 | 1,335.93 |
| - Class RT (H-USD) (accumulating) | WKN: A2P YKD/ISIN: LU2105732247 | 94.28 | -- | -- |

1) 
Floating-rate notes are considered with the date of the next interest rate change.
2) 
Accumulated figures for open share classes on the reporting date.
For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 2 to 5.
11
Allianz European Pension Investments
Combined Financial Statements of the Company
Statement of Net Assets
 as at 31/03/2020	
	EUR
Statement of Changes in Net Assets
for the period from 01/10/2019 to 31/03/2020
EUR
Securities and money-market instruments
| (Cost Price EUR 4,418,686,142.01) | 4,426,942,868.81 |
| --- | --- |
| Time deposits | 95,086,046.65 |
| Cash at banks | 287,638,590.88 |
| Interest receivable on |  |
| -bonds | 39,919,425.01 |
| -swap transactions | 95,880.40 |
| Dividend receivable | 22,736.00 |
| Receivable on |  |
| -subscriptions of fund shares | 6,139,018.06 |
| -securities lending | 83,562.71 |
| Other receivables | 47,711.20 |
| Unrealised gain on |  |
| -futures transactions | 48,397,860.24 |
| -swap transactions | 31,394,772.63 |
| -forward foreign exchange transactions | 2,403.32 |
| Total Assets | 4,935,770,875.91 |
| Liabilities to banks | -2,625,399.85 |
| Upfront-payments received on swap transactions | -175,500.00 |
| Payable on |  |
| -redemptions of fund shares | -10,770,352.25 |
| Other payables | -4,889,224.87 |
| Unrealised loss on |  |
| -futures transactions | -12,259,766.43 |
| -swap transactions | -34,903,114.43 |
| -forward foreign exchange transactions | -132.72 |
| Total Liabilities | -65,623,490.55 |
| Net assets | 4,870,147,385.36 |

Net assets at the beginning of the period	4,866,112,246.83 Reevaluation difference		0
Subscriptions	1,425,235,827.59
Redemptions	-1,002,641,002.01
Distribution	-888,426.92
Result of operations	-417. 671.260,13
Net assets at the end of the period	4.870. 147.385,36
The Financial Statements of the Subfunds presented on pages 13 to 36 combine to form the Company’s Financial Statements, which are shown above. The accompanying notes form an integral part of these financial statements.
12
Allianz Neo ISR 2019
Allianz Neo ISR 2019
Investment Portfolio as at 31/03/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| Securities and money-market instruments admitted to an official stock exchange listing |  |  |  |  | 119,823,278.36 | 96.89 |
| Equities |  |  |  |  | 119,823,278.36 | 96.89 |
| Belgium |  |  |  |  | 9,837,540.56 | 7.95 |
| BE0003565737	KBC Group | Shs | 110,000 | EUR | 40.370 | 4,440,700.00 | 3.59 |
| BE0003470755	Solvay | Shs | 82,571 | EUR | 65.360 | 5,396,840.56 | 4.36 |
| France |  |  |  |  | 2,305,240.00 | 1.87 |
| FR0000052292	Hermès International | Shs | 1,000 | EUR | 639.800 | 639,800.00 | 0.52 |
| FR0000121220	Sodexo | Shs | 28,000 | EUR | 59.480 | 1,665,440.00 | 1.35 |
| Germany |  |  |  |  | 62,334,618.14 | 50.41 |
| DE000A1EWWW0 adidas | Shs | 25,157 | EUR | 206.800 | 5,202,467.60 | 4.21 |
| DE000BASF111  BASF | Shs | 116,353 | EUR | 42.455 | 4,939,766.62 | 3.99 |
| DE0008232125	Deutsche Lufthansa | Shs | 459,213 | EUR | 8.682 | 3,986,887.27 | 3.22 |
| DE0005552004	Deutsche Post | Shs | 220,990 | EUR | 24.560 | 5,427,514.40 | 4.39 |
| DE0005557508	Deutsche Telekom | Shs | 593,101 | EUR | 11.986 | 7,108,908.59 | 5.75 |
| DE000ENAG999  E.ON | Shs | 686,926 | EUR | 9.547 | 6,558,082.52 | 5.30 |
| DE0006969603	Puma | Shs | 91,542 | EUR | 54.150 | 4,956,999.30 | 4.01 |
| DE0007164600	SAP | Shs | 120,004 | EUR | 102.180 | 12,262,008.72 | 9.92 |
| DE0007236101	Siemens | Shs | 158,012 | EUR | 75.260 | 11,891,983.12 | 9.62 |
| Spain |  |  |  |  | 10,178,168.91 | 8.23 |
| ES0109067019	Amadeus IT Group | Shs | 109,352 | EUR | 43.630 | 4,771,027.76 | 3.86 |
| ES0178430E18	Telefónica | Shs | 1,306,704 | EUR | 4.138 | 5,407,141.15 | 4.37 |
| The Netherlands |  |  |  |  | 23,836,285.75 | 19.27 |
| NL0000009827	DSM | Shs | 66,029 | EUR | 103.800 | 6,853,810.20 | 5.54 |
| NL0000009538	Philips | Shs | 162,468 | EUR | 36.700 | 5,962,575.60 | 4.82 |
| NL0013654783	Prosus | Shs | 93,230 | EUR | 62.480 | 5,825,010.40 | 4.71 |
| GB00B03MLX29  Royal Dutch Shell -A- | Shs | 342,897 | EUR | 15.150 | 5,194,889.55 | 4.20 |
| United Kingdom |  |  |  |  | 11,331,425.00 | 9.16 |
| NL0000388619	Unilever | Shs | 259,004 | EUR | 43.750 | 11,331,425.00 | 9.16 |
| Investments in securities and money-market instruments |  |  |  |  | 119,823,278.36 | 96.89 |
| Deposits at financial institutions |  |  |  |  | 6,410,198.34 | 5.19 |
| Sight deposits |  |  |  |  | 6,410,198.34 | 5.19 |
| State Street Bank International |  |  |  |  |  |  |
| GmbH, Luxembourg Branch Cash at Broker and Deposits for | EUR |  |  |  | 6,030,198.34 | 4.88 |
| collateralisation of derivatives | EUR |  |  |  | 380,000.00 | 0.31 |
| Investments in deposits at financial institutions |  |  |  |  | 6,410,198.34 | 5.19 |
|  |  |  |  |  |  |  |
| Securities | Shares/ | Holdings |  | Price | Unrealised | % of |
|  | Currency (in 1,000)/ Contracts | 31/03/2020 |  |  | gain/loss | Subfund assets |
| Derivatives |  |  |  |  |  |  |
| Holdings marked with a minus are short positions. |  |  |  |  |  |  |
| OTC-Dealt Derivatives |  |  |  |  | -2,289,724.83 | -1.85 |
| Swap Transactions |  |  |  |  | -2,289,724.83 | -1.85 |
| Total Return Swaps |  |  |  |  | -2,289,724.83 | -1.85 |
| SX5E Index Volatility Swap | EUR | 162,000,000.00 |  |  | -33,684,497.46 | -27.24 |
| SX5E Index Volatility Swap | EUR | 155,520,000.00 |  |  | 31,394,772.63 | 25.39 |
| Investments in derivatives |  |  |  |  | -2,289,724.83 | -1.85 |
| Net current assets/liabilities | EUR |  |  |  | -287,509.92 | -0.23 |
| Net assets of the Fund | EUR |  |  |  | 123,656,241.95 | 100.00 |
|  |  |  |  |  |  |  |
| Net asset value per share - Class IT7 (EUR) (accumulating) | EUR |  |  |  | 763.31 |  |
| Shares in circulation |  |  |  |  |  |  |
| - Class IT7 (EUR) (accumulating) | Shs |  |  |  | 162,000 |  |

13
Allianz Neo ISR 2019
| Statement of Net Assets |  |  | Statement of Changes in Net Assets |  |
| --- | --- | --- | --- | --- |
| as at 31/03/2020 |  |  | for the period from 16/01/2020 (launch date) to | 31/03/2020 |
|  | EUR |  |  | EUR |
| Securities and money-market instruments |  |  | Net assets at the beginning of the period | 0.00 |
| (Cost Price EUR 152,736,762.27) | 119,823,278.36 |  | Subscriptions | 162,000,000.00 |
| Cash at banks | 6,410,198.34 |  | Redemptions | 0.00 |
| Dividend receivable | 22,736.00 |  | Result of operations | -38,343,758.05 |
| Unrealised gain on |  |  | Net assets at the end of the period | 123,656,241.95 |
| -swap transactions | 31,394,772.63 |  |
| Total Assets | 157,650,985.33 |
| Upfront-payments received on swap transactions | -175,500.00 |
| Other payables | -134,745.92 |
| Unrealised loss on |  |
| -swap transactions | -33,684,497.46 |
| Total Liabilities | -33,994,743.38 |
| Net assets | 123,656,241.95 |
| Statement of Changes in Shares |  |
|  | 2019/2020 |
| Number of shares in issue at the beginning of the period | 0 |
| Number of shares issued | 162.000 |
| Number of shares redeemed | 0 |
| Number of shares in issue at the end of the period | 162.000 |

The accompanying notes form an integral part of these financial statements.
14
Allianz Strategy 15
Allianz Strategy 15
Investment Portfolio as at 31/03/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| Securities and money-market instruments admitted to an official stock exchange listing	614,642,538.28	88.39 |
| Bonds |  |  |  |  |  |  |  | 614,642,538.28 | 88.39 |
| Austria |  |  |  |  |  |  |  | 24,429,371.94 | 3.51 |
| AT0000A04967 | 4.1500 | % | Austria Government EUR Bonds 07/37 | EUR | 2,600.0 | % | 165.421 | 4,300,942.10 | 0.62 |
| AT0000A0DXC2 | 4.8500 | % | Austria Government EUR Bonds 09/26 | EUR | 2,100.0 | % | 131.280 | 2,756,887.35 | 0.40 |
| AT0000A0U3T4 | 3.4000 | % | Austria Government EUR Bonds 12/22 | EUR | 3,800.0 | % | 110.666 | 4,205,324.34 | 0.60 |
| AT0000A0VRQ6 | 3.1500 | % | Austria Government EUR Bonds 12/44 | EUR | 350.0 | % | 164.857 | 576,998.94 | 0.08 |
| AT0000A0U299 | 3.8000 | % | Austria Government EUR Bonds 12/62 | EUR | 1,200.0 | % | 219.024 | 2,628,282.12 | 0.38 |
| AT0000A10683 | 2.4000 | % | Austria Government EUR Bonds 13/34 | EUR | 800.0 | % | 131.238 | 1,049,900.96 | 0.15 |
| AT0000A1FAP5 | 1.2000 | % | Austria Government EUR Bonds 15/25 | EUR | 200.0 | % | 108.589 | 217,178.58 | 0.03 |
| AT0000383864 | 6.2500 | % | Austria Government EUR Bonds 97/27 | EUR | 4,100.0 | % | 147.529 | 6,048,682.03 | 0.87 |
| AT0000A1PE50 | 0.0000 | % | Austria Government EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 15.07.2023 | EUR | 2,600.0 | % | 101.738 | 2,645,175.52 | 0.38 |
| Belgium |  |  |  |  |  |  |  | 37,835,031.28 | 5.44 |
| BE0000320292 | 4.2500 | % | Belgium Government EUR Bonds 10/41 S.60 | EUR | 1,000.0 | % | 172.521 | 1,725,210.00 | 0.25 |
| BE0000321308 | 4.2500 | % | Belgium Government EUR Bonds 11/21 S.61 | EUR | 3,460.0 | % | 107.169 | 3,708,047.40 | 0.53 |
| BE0000324336 | 4.5000 | % | Belgium Government EUR Bonds 11/26 S.64 | EUR | 5,200.0 | % | 128.518 | 6,682,936.00 | 0.97 |
| BE0000326356 | 4.0000 | % | Belgium Government EUR Bonds 12/32 S.66 | EUR | 3,000.0 | % | 146.006 | 4,380,180.00 | 0.63 |
| BE0000328378 | 2.2500 | % | Belgium Government EUR Bonds 13/23 S.68 | EUR | 5,000.0 | % | 108.815 | 5,440,750.00 | 0.78 |
| BE0000331406 | 3.7500 | % | Belgium Government EUR Bonds 13/45 S.71 | EUR | 600.0 | % | 172.249 | 1,033,493.94 | 0.15 |
| BE0000334434 | 0.8000 | % | Belgium Government EUR Bonds 15/25 S.74 | EUR | 750.0 | % | 105.619 | 792,142.50 | 0.11 |
| BE0000338476 | 1.6000 | % | Belgium Government EUR Bonds 16/47 S.78 | EUR | 2,000.0 | % | 122.298 | 2,445,959.80 | 0.35 |
| BE0000344532 | 1.4500 | % | Belgium Government EUR Bonds 17/37 S.84 | EUR | 2,000.0 | % | 116.754 | 2,335,079.80 | 0.34 |
| BE0000343526 | 2.2500 | % | Belgium Government EUR Bonds 17/57 S.83 | EUR | 1,600.0 | % | 144.988 | 2,319,807.84 | 0.33 |
| BE0000291972 | 5.5000 | % | Belgium Government EUR Bonds 98/28 S.31 | EUR | 4,800.0 | % | 145.238 | 6,971,424.00 | 1.00 |
| Finland |  |  |  |  |  |  |  | 13,849,015.50 | 2.00 |
| FI4000047089 | 1.6250 | % | Finland Government EUR Bonds 12/22 | EUR | 1,100.0 | % | 105.510 | 1,160,610.00 | 0.17 |
| FI4000046545 | 2.6250 | % | Finland Government EUR Bonds 12/42 | EUR | 600.0 | % | 150.796 | 904,777.50 | 0.13 |
| FI4000106117 | 0.3750 | % | Finland Government EUR Bonds 14/20 | EUR | 2,000.0 | % | 100.438 | 2,008,766.00 | 0.29 |
| FI4000079041 | 2.0000 | % | Finland Government EUR Bonds 14/24 | EUR | 4,600.0 | % | 110.170 | 5,067,820.00 | 0.74 |
| FI4000167317 | 0.8750 | % | Finland Government EUR Bonds 15/25 | EUR | 600.0 | % | 106.480 | 638,880.00 | 0.09 |
| FI4000148630 | 0.7500 | % | Finland Government EUR Bonds 15/31 | EUR | 2,000.0 | % | 108.756 | 2,175,120.00 | 0.31 |
| FI4000278551 | 0.5000 | % | Finland Government EUR Bonds 17/27 | EUR | 1,800.0 | % | 105.169 | 1,893,042.00 | 0.27 |
| France |  |  |  |  |  |  |  | 165,694,930.74 | 23.85 |
| FR0011470921 | 1.3750 | % | BNP Paribas Home Loan EUR MTN 13/20 | EUR | 3,000.0 | % | 100.354 | 3,010,620.90 | 0.43 |
| FR0010910620 | 3.5000 | % | CIF Euromortgage EUR Notes 10/20 | EUR | 2,300.0 | % | 100.748 | 2,317,211.13 | 0.33 |
| FR0000187635 | 5.7500 | % | France Government EUR Bonds 01/32 | EUR | 10,600.0 | % | 170.350 | 18,057,100.00 | 2.61 |
| FR0010070060 | 4.7500 | % | France Government EUR Bonds 04/35 | EUR | 1,000.0 | % | 166.653 | 1,666,529.90 | 0.24 |
| FR0010171975 | 4.0000 | % | France Government EUR Bonds 05/55 | EUR | 5,000.0 | % | 199.174 | 9,958,699.50 | 1.43 |
| FR0010371401 | 4.0000 | % | France Government EUR Bonds 06/38 | EUR | 7,300.0 | % | 164.183 | 11,985,358.27 | 1.72 |
| FR0010916924 | 3.5000 | % | France Government EUR Bonds 10/26 | EUR | 6,800.0 | % | 123.269 | 8,382,292.00 | 1.21 |
| FR0011059088 | 3.2500 | % | France Government EUR Bonds 11/21 | EUR | 4,880.0 | % | 106.096 | 5,177,484.80 | 0.74 |
| FR0011337880 | 2.2500 | % | France Government EUR Bonds 12/22 | EUR | 10,800.0 | % | 107.385 | 11,597,580.00 | 1.67 |
| FR0011486067 | 1.7500 | % | France Government EUR Bonds 13/23 | EUR | 9,050.0 | % | 107.292 | 9,709,926.00 | 1.40 |
| FR0011619436 | 2.2500 | % | France Government EUR Bonds 13/24 | EUR | 10,600.0 | % | 111.449 | 11,813,594.00 | 1.70 |
| FR0011461037 | 3.2500 | % | France Government EUR Bonds 13/45 | EUR | 6,200.0 | % | 161.032 | 9,983,983.38 | 1.44 |
| FR0012517027 | 0.5000 | % | France Government EUR Bonds 15/25 | EUR | 11,500.0 | % | 104.652 | 12,034,978.85 | 1.73 |
| FR0012938116 | 1.0000 | % | France Government EUR Bonds 15/25 | EUR | 3,950.0 | % | 107.589 | 4,249,765.50 | 0.61 |
| FR0013250560 | 1.0000 | % | France Government EUR Bonds 17/27 | EUR | 700.0 | % | 108.707 | 760,948.93 | 0.11 |
| FR0013286192 | 0.7500 | % | France Government EUR Bonds 17/28 | EUR | 6,000.0 | % | 107.477 | 6,448,619.40 | 0.93 |
| FR0013257524 | 2.0000 | % | France Government EUR Bonds 17/48 | EUR | 1,250.0 | % | 133.249 | 1,665,612.38 | 0.24 |
| FR0000571218 | 5.5000 | % | France Government EUR Bonds 98/29 | EUR | 13,580.0 | % | 151.133 | 20,523,861.40 | 2.96 |
| FR0013311016 | 0.0000 | % | France Government EUR Zero- |  |  |  |  |  |  |
| FR0012557957 | 0.0000 | % | Coupon Bonds 25.02.2021 France Government EUR Zero- | EUR | 4,000.0 | % | 100.482 | 4,019,280.00 | 0.58 |
| FR0013219177 | 0.0000 | % | Coupon Bonds 25.05.2020 France Government EUR Zero- | EUR | 1,400.0 | % | 100.067 | 1,400,938.00 | 0.20 |
|  |  |  | Coupon Bonds 25.05.2022 | EUR | 9,800.0 | % | 101.306 | 9,927,988.00 | 1.43 |

15
Allianz Strategy 15
Investment Portfolio as at 31/03/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| FR0011503101 | 1.2500 | % | UNEDIC ASSEO EUR MTN 13/20 | EUR | 1,000.0 | % | 100.256 | 1,002,558.40 | 0.14 |
| Germany |  |  |  |  |  |  |  | 70,005,750.15 | 10.06 |
| DE000CZ40KX5 | 0.2500 | % | Commerzbank EUR MTN 15/20 | EUR | 2,000.0 | % | 100.180 | 2,003,592.60 | 0.29 |
| DE000A1TNK86 | 2.0000 | % | Daimler EUR MTN 13/20 | EUR | 2,000.0 | % | 100.038 | 2,000,768.80 | 0.29 |
| DE000A161UU6 | 0.3750 | % | Gemeinsame Deutsche Bundesländer |  |  |  |  |  |  |
|  |  |  | EUR Bonds 15/20 S.48 | EUR | 750.0 | % | 100.148 | 751,111.65 | 0.11 |
| DE0001135176 | 5.5000 | % | Germany Government EUR Bonds 00/31 | EUR | 950.0 | % | 166.078 | 1,577,740.91 | 0.23 |
| DE0001135226 | 4.7500 | % | Germany Government EUR Bonds 03/34 S.3 | EUR | 2,700.0 | % | 175.091 | 4,727,457.00 | 0.68 |
| DE0001135275 | 4.0000 | % | Germany Government EUR Bonds 05/37 S.5 | EUR | 2,500.0 | % | 173.274 | 4,331,837.50 | 0.62 |
| DE0001135481 | 2.5000 | % | Germany Government EUR Bonds 12/44 | EUR | 4,300.0 | % | 163.931 | 7,049,032.57 | 1.01 |
| DE0001102325 | 2.0000 | % | Germany Government EUR Bonds 13/23 | EUR | 3,400.0 | % | 109.342 | 3,717,628.00 | 0.53 |
| DE0001102341 | 2.5000 | % | Germany Government EUR Bonds 14/46 | EUR | 2,800.0 | % | 168.235 | 4,710,566.00 | 0.68 |
| DE0001102374 | 0.5000 | % | Germany Government EUR Bonds 15/25 | EUR | 6,400.0 | % | 105.872 | 6,775,808.00 | 0.97 |
| DE0001102432 | 1.2500 | % | Germany Government EUR Bonds 17/48 | EUR | 2,400.0 | % | 136.772 | 3,282,528.00 | 0.47 |
| DE0001102440 | 0.5000 | % | Germany Government EUR Bonds 18/28 | EUR | 2,300.0 | % | 108.798 | 2,502,354.00 | 0.36 |
| DE0001134922 | 6.2500 | % | Germany Government EUR |  |  |  |  |  |  |
| DE0001135085 | 4.7500 | % | Bonds 94/24 S.94 Germany Government EUR | EUR | 3,000.0 | % | 126.504 | 3,795,120.00 | 0.55 |
| DE0001141752 | 0.0000 | % | Bonds 98/28 S.98 Germany Government EUR Zero- | EUR | 5,500.0 | % | 144.958 | 7,972,690.00 | 1.15 |
| DE0001141778 | 0.0000 | % | Coupon Bonds 08.04.2022 S.175 Germany Government EUR Zero- | EUR | 1,100.0 | % | 101.434 | 1,115,774.00 | 0.16 |
| DE0001102499 | 0.0000 | % | Coupon Bonds 14.04.2023 S.177 Germany Government EUR Zero- | EUR | 1,400.0 | % | 102.253 | 1,431,542.00 | 0.21 |
| DE0001102408 | 0.0000 | % | Coupon Bonds 15.02.2030 Germany Government EUR Zero- | EUR | 3,000.0 | % | 104.871 | 3,146,129.70 | 0.45 |
|  |  |  | Coupon Bonds 15.08.2026 | EUR | 3,550.0 | % | 104.157 | 3,697,573.50 | 0.53 |
| DE000A1REW10 | 1.6250 | % | State of Thüringen EUR Bonds 12/20 S.10 | EUR | 1,000.0 | % | 100.753 | 1,007,529.60 | 0.14 |
| XS1692348847 | 0.2500 | % | Volkswagen Leasing EUR MTN 17/20 | EUR | 4,400.0 | % | 100.204 | 4,408,966.32 | 0.63 |
| Ireland |  |  |  |  |  |  |  | 17,828,328.50 | 2.58 |
| IE00B4TV0D44 | 5.4000 | % | Ireland Government EUR Bonds 09/25 | EUR | 2,100.0 | % | 127.862 | 2,685,102.00 | 0.39 |
| IE00B60Z6194 | 5.0000 | % | Ireland Government EUR Bonds 10/20 | EUR | 1,150.0 | % | 102.895 | 1,183,292.50 | 0.17 |
| IE00B6X95T99 | 3.4000 | % | Ireland Government EUR Bonds 14/24 | EUR | 3,500.0 | % | 114.679 | 4,013,765.00 | 0.58 |
| IE00BJ38CR43 | 2.4000 | % | Ireland Government EUR Bonds 14/30 | EUR | 1,900.0 | % | 123.300 | 2,342,700.00 | 0.34 |
| IE00BJ38CQ36 | 0.8000 | % | Ireland Government EUR Bonds 15/22 | EUR | 2,600.0 | % | 102.549 | 2,666,274.00 | 0.38 |
| IE00BV8C9186 | 2.0000 | % | Ireland Government EUR Bonds 15/45 | EUR | 700.0 | % | 131.075 | 917,525.00 | 0.13 |
| IE00BV8C9418 | 1.0000 | % | Ireland Government EUR Bonds 16/26 | EUR | 1,400.0 | % | 107.107 | 1,499,498.00 | 0.22 |
| IE00BV8C9B83 | 1.7000 | % | Ireland Government EUR Bonds 17/37 | EUR | 1,200.0 | % | 120.115 | 1,441,380.00 | 0.21 |
| IE00BDHDPR44 | 0.9000 | % | Ireland Government EUR Bonds 18/28 | EUR | 900.0 | % | 107.684 | 969,156.00 | 0.14 |
| IE00BH3SQ895 | 1.1000 | % | Ireland Government EUR Bonds 19/29 | EUR | 100.0 | % | 109.636 | 109,636.00 | 0.02 |
| Italy |  |  |  |  |  |  |  | 93,568,055.26 | 13.44 |
| IT0001444378 | 6.0000 | % | Italy Buoni Poliennali Del |  |  |  |  |  |  |
| IT0003535157 | 5.0000 | % | Tesoro EUR Bonds 00/31 Italy Buoni Poliennali Del | EUR | 3,800.0 | % | 144.536 | 5,492,367.62 | 0.79 |
| IT0003934657 | 4.0000 | % | Tesoro EUR Bonds 03/34 Italy Buoni Poliennali Del | EUR | 3,500.0 | % | 139.213 | 4,872,454.65 | 0.70 |
| IT0004513641 | 5.0000 | % | Tesoro EUR Bonds 05/37 Italy Buoni Poliennali Del | EUR | 7,500.0 | % | 127.794 | 9,584,549.25 | 1.38 |
| IT0004644735 | 4.5000 | % | Tesoro EUR Bonds 09/25 Italy Buoni Poliennali Del | EUR | 2,600.0 | % | 119.583 | 3,109,158.00 | 0.45 |
| IT0004898034 | 4.5000 | % | Tesoro EUR Bonds 10/26 Italy Buoni Poliennali Del | EUR | 6,000.0 | % | 119.897 | 7,193,819.40 | 1.03 |
| IT0004923998 | 4.7500 | % | Tesoro EUR Bonds 13/23 Italy Buoni Poliennali Del | EUR | 7,500.0 | % | 112.107 | 8,408,025.00 | 1.21 |
| IT0005028003 | 2.1500 | % | Tesoro EUR Bonds 13/44 Italy Buoni Poliennali Del | EUR | 4,900.0 | % | 145.968 | 7,152,432.00 | 1.03 |
| IT0005024234 | 3.5000 | % | Tesoro EUR Bonds 14/21 Italy Buoni Poliennali Del | EUR | 9,100.0 | % | 103.092 | 9,381,372.00 | 1.35 |
| IT0005135840 | 1.4500 | % | Tesoro EUR Bonds 14/30 Italy Buoni Poliennali Del | EUR | 6,300.0 | % | 118.426 | 7,460,837.37 | 1.07 |
|  |  |  | Tesoro EUR Bonds 15/22 | EUR | 2,300.0 | % | 102.410 | 2,355,430.00 | 0.34 |

The accompanying notes form an integral part of these financial statements.
16
Allianz Strategy 15
Investment Portfolio as at 31/03/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| IT0005094088 | 1.6500 | % | Italy Buoni Poliennali Del |  |  |  |  |  |  |
| IT0005083057 | 3.2500 | % | Tesoro EUR Bonds 15/32 Italy Buoni Poliennali Del | EUR | 2,800.0 | % | 100.554 | 2,815,511.72 | 0.40 |
| IT0005162828 | 2.7000 | % | Tesoro EUR Bonds 15/46 Italy Buoni Poliennali Del | EUR | 1,550.0 | % | 117.898 | 1,827,418.85 | 0.26 |
| IT0005217390 | 2.8000 | % | Tesoro EUR Bonds 16/47 Italy Buoni Poliennali Del | EUR | 2,400.0 | % | 107.383 | 2,577,191.76 | 0.37 |
| IT0005282527 | 1.4500 | % | Tesoro EUR Bonds 16/67 Italy Buoni Poliennali Del | EUR | 2,500.0 | % | 106.489 | 2,662,224.75 | 0.38 |
| IT0005240830 | 2.2000 | % | Tesoro EUR Bonds 17/24 Italy Buoni Poliennali Del | EUR | 5,300.0 | % | 102.825 | 5,449,725.00 | 0.78 |
| IT0005340929 | 2.8000 | % | Tesoro EUR Bonds 17/27 Italy Buoni Poliennali Del | EUR | 4,200.0 | % | 107.074 | 4,497,107.58 | 0.65 |
| IT0001174611 | 6.5000 | % | Tesoro EUR Bonds 18/28 Italy Buoni Poliennali Del | EUR | 3,000.0 | % | 111.809 | 3,354,269.70 | 0.48 |
|  |  |  | Tesoro EUR Bonds 97/27 | EUR | 3,900.0 | % | 137.799 | 5,374,160.61 | 0.77 |
| Jersey |  |  |  |  |  |  |  | 1,004,191.10 | 0.14 |
| XS0974877150 | 3.3750 | % | Glencore Finance Europe EUR MTN 13/20 | EUR | 1,000.0 | % | 100.419 | 1,004,191.10 | 0.14 |
| Luxembourg |  |  |  |  |  |  |  | 2,415,688.58 | 0.34 |
| XS0478803355 | 7.5000 | % | HeidelbergCement Finance |  |  |  |  |  |  |
|  |  |  | Luxembourg EUR Notes 10/20 | EUR | 1,000.0 | % | 100.029 | 1,000,292.50 | 0.14 |
| XS0825829590 | 2.6250 | % | Holcim US Finance EUR MTN 12/20 | EUR | 1,400.0 | % | 101.100 | 1,415,396.08 | 0.20 |
| Portugal |  |  |  |  |  |  |  | 35,699,575.66 | 5.14 |
| PTPBTFGE0044 | 0.0000 | % | Portugal Government EUR Zero- |  |  |  |  |  |  |
| PTPBTGGE0035 | 0.0000 | % | Coupon Bonds 17.07.2020 Portugal Government EUR Zero- | EUR | 2,300.0 | % | 100.328 | 2,307,552.97 | 0.33 |
| PTPBTIGE0033 | 0.0000 | % | Coupon Bonds 18.09.2020 Portugal Government EUR Zero- | EUR | 1,700.0 | % | 100.370 | 1,706,282.69 | 0.25 |
| PTOTE5OE0007 | 4.1000 | % | Coupon Bonds 19.03.2021 Portugal Obrigações do | EUR | 3,000.0 | % | 100.236 | 3,007,065.00 | 0.43 |
| PTOTECOE0029 | 4.8000 | % | Tesouro EUR Bonds 06/37 Portugal Obrigações do | EUR | 400.0 | % | 146.382 | 585,528.00 | 0.08 |
| PTOTEQOE0015 | 5.6500 | % | Tesouro EUR Bonds 10/20 Portugal Obrigações do | EUR | 3,200.0 | % | 101.044 | 3,233,408.00 | 0.47 |
| PTOTEROE0014 | 3.8750 | % | Tesouro EUR Bonds 13/24 Portugal Obrigações do | EUR | 2,400.0 | % | 121.729 | 2,921,496.00 | 0.42 |
| PTOTESOE0013 | 2.2000 | % | Tesouro EUR Bonds 14/30 Portugal Obrigações do | EUR | 1,000.0 | % | 130.406 | 1,304,060.00 | 0.19 |
| PTOTEKOE0011 | 2.8750 | % | Tesouro EUR Bonds 15/22 Portugal Obrigações do | EUR | 9,500.0 | % | 105.941 | 10,064,395.00 | 1.45 |
| PTOTEBOE0020 | 4.1000 | % | Tesouro EUR Bonds 15/25 Portugal Obrigações do | EUR | 7,000.0 | % | 114.263 | 7,998,410.00 | 1.15 |
| PTOTEVOE0018 | 2.1250 | % | Tesouro EUR Bonds 15/45 Portugal Obrigações do | EUR | 1,000.0 | % | 155.436 | 1,554,360.00 | 0.22 |
|  |  |  | Tesouro EUR Bonds 18/28 | EUR | 900.0 | % | 113.002 | 1,017,018.00 | 0.15 |
| Spain |  |  |  |  |  |  |  | 110,021,362.40 | 15.82 |
| ES0000012411 | 5.7500 | % | Spain Government EUR Bonds 01/32 | EUR | 5,750.0 | % | 159.598 | 9,176,885.00 | 1.32 |
| ES0000012932 | 4.2000 | % | Spain Government EUR Bonds 05/37 | EUR | 2,450.0 | % | 150.243 | 3,680,953.50 | 0.53 |
| ES00000122E5 | 4.6500 | % | Spain Government EUR Bonds 10/25 | EUR | 15,400.0 | % | 123.955 | 19,089,070.00 | 2.75 |
| ES00000123K0 | 5.8500 | % | Spain Government EUR Bonds 11/22 | EUR | 5,280.0 | % | 111.241 | 5,873,524.80 | 0.84 |
| ES00000123U9 | 5.4000 | % | Spain Government EUR Bonds 13/23 | EUR | 8,450.0 | % | 115.429 | 9,753,750.50 | 1.40 |
| ES00000124H4 | 5.1500 | % | Spain Government EUR Bonds 13/44 | EUR | 2,900.0 | % | 181.199 | 5,254,771.00 | 0.76 |
| ES00000124W3 | 3.8000 | % | Spain Government EUR Bonds 14/24 | EUR | 10,800.0 | % | 115.268 | 12,448,944.00 | 1.79 |
| ES00000127H7 | 1.1500 | % | Spain Government EUR Bonds 15/20 | EUR | 2,500.0 | % | 100.494 | 2,512,350.00 | 0.36 |
| ES00000128C6 | 2.9000 | % | Spain Government EUR Bonds 16/46 | EUR | 3,600.0 | % | 134.363 | 4,837,068.00 | 0.70 |
| ES00000128E2 | 3.4500 | % | Spain Government EUR Bonds 16/66 | EUR | 1,100.0 | % | 158.643 | 1,745,067.50 | 0.25 |
| ES00000128O1 | 0.4000 | % | Spain Government EUR Bonds 17/22 | EUR | 6,330.0 | % | 101.339 | 6,414,758.70 | 0.92 |
| ES00000128P8 | 1.5000 | % | Spain Government EUR Bonds 17/27 | EUR | 13,800.0 | % | 107.830 | 14,880,540.00 | 2.14 |
| ES0000011868 | 6.0000 | % | Spain Government EUR Bonds 98/29 | EUR | 2,800.0 | % | 147.615 | 4,133,220.00 | 0.59 |
| ES0L02103056 | 0.0000 | % | Spain Letras del Tesoro EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 05.03.2021 | EUR | 4,000.0 | % | 100.277 | 4,011,080.00 | 0.58 |

17
Allianz Strategy 15
Investment Portfolio as at 31/03/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| ES0L02010095 | 0.0000 | % | Spain Letras del Tesoro EUR Zero- |  |  |  |  |  |  |
| ES0L02009113 | 0.0000 | % | Coupon Bonds 09.10.2020 Spain Letras del Tesoro EUR Zero- | EUR | 3,000.0 | % | 100.158 | 3,004,747.20 | 0.43 |
| ES0L02008149 | 0.0000 | % | Coupon Bonds 11.09.2020 Spain Letras Del Tesoro EUR Zero- | EUR | 1,200.0 | % | 100.196 | 1,202,346.60 | 0.17 |
|  |  |  | Coupon Bonds 14.08.2020 | EUR | 2,000.0 | % | 100.114 | 2,002,285.60 | 0.29 |
| Supranational |  |  |  |  |  |  |  | 2,063,395.20 | 0.30 |
| XS0605958791 | 3.6250 | % | European Investment Bank EUR MTN 11/21 | EUR | 2,000.0 | % | 103.170 | 2,063,395.20 | 0.30 |
| Sweden |  |  |  |  |  |  |  | 1,010,676.30 | 0.15 |
| XS0988357090 | 1.6250 | % | Skandinaviska Enskilda |  |  |  |  |  |  |
|  |  |  | Banken EUR MTN 13/20 | EUR | 1,000.0 | % | 101.068 | 1,010,676.30 | 0.15 |
| The Netherlands |  |  |  |  |  |  |  | 33,587,547.19 | 4.81 |
| NL0000102234 | 4.0000 | % | Netherlands Government EUR Bonds 05/37 | EUR | 2,650.0 | % | 168.409 | 4,462,838.50 | 0.64 |
| NL0000102275 | 3.7500 | % | Netherlands Government EUR Bonds 06/23 | EUR | 1,300.0 | % | 112.516 | 1,462,708.00 | 0.21 |
| NL0010060257 | 2.2500 | % | Netherlands Government EUR Bonds 12/22 | EUR | 9,200.0 | % | 106.805 | 9,826,060.00 | 1.41 |
| NL0010071189 | 2.5000 | % | Netherlands Government EUR Bonds 12/33 | EUR | 800.0 | % | 134.629 | 1,077,031.92 | 0.15 |
| NL0010733424 | 2.0000 | % | Netherlands Government EUR Bonds 14/24 | EUR | 3,700.0 | % | 111.313 | 4,118,581.00 | 0.59 |
| NL0010721999 | 2.7500 | % | Netherlands Government EUR Bonds 14/47 | EUR | 2,350.0 | % | 169.542 | 3,984,236.77 | 0.57 |
| NL0011819040 | 0.5000 | % | Netherlands Government EUR Bonds 16/26 | EUR | 2,500.0 | % | 106.105 | 2,652,625.00 | 0.38 |
| NL0000102317 | 5.5000 | % | Netherlands Government EUR Bonds 98/28 | EUR | 4,100.0 | % | 146.426 | 6,003,466.00 | 0.86 |
| United Kingdom |  |  |  |  |  |  |  | 1,605,498.88 | 0.23 |
| XS1323028479 | 0.8750 | % | Vodafone Group EUR MTN 15/20 | EUR | 1,600.0 | % | 100.344 | 1,605,498.88 | 0.23 |
| USA |  |  |  |  |  |  |  | 4,024,119.60 | 0.58 |
| XS0968433135 | 2.2500 | % | Wells Fargo EUR MTN 13/20 | EUR | 4,000.0 | % | 100.603 | 4,024,119.60 | 0.58 |
| Investments in securities and money-market instruments |  |  |  |  | 614,642,538.28 | 88.39 |
| Deposits at financial institutions |  |  |  |  | 65,061,230.52 | 9.35 |
| Sight deposits |  |  |  |  | 52,049,455.71 | 7.48 |
| State Street Bank International |  |  |  |  |  |  |
| GmbH, Luxembourg Branch Cash at Broker and Deposits for | EUR |  |  |  | 39,644,325.99 | 5.70 |
| collateralisation of derivatives | EUR |  |  |  | 12,405,129.72 | 1.78 |
| Time deposits |  |  |  |  | 13,011,774.81 | 1.87 |
| XS2028811144	0.0000 % Banque Federative du Credit |  |  |  |  |  |  |
| Mutuel (12.07.2019-10.07.2020) | EUR | 13,000.0 | % | 100.091 | 13,011,774.81 | 1.87 |
| Investments in deposits at financial institutions |  |  |  |  | 65,061,230.52 | 9.35 |
|  |  |  |  |  |  |  |
| Securities | Shares/ | Holdings |  | Price | Unrealised | % of |
|  | Currency (in 1,000)/ Contracts | 31/03/2020 |  |  | gain/loss | Subfund assets |
| Derivatives |  |  |  |  |  |  |
| Holdings marked with a minus are short positions. |  |  |  |  |  |  |
| Listed Derivatives |  |  |  |  | 4,948,972.88 | 0.72 |
| Futures Transactions |  |  |  |  | 4,948,972.88 | 0.72 |
| Purchased Index Futures |  |  |  |  | 686,582.88 | 0.11 |
| DJ EURO STOXX 50 Index Futures 06/20 | Ctr | 175 | EUR | 2,774.000 | 886,710.00 | 0.13 |
| FTSE 100 Index Futures 06/20 | Ctr | 28 | GBP | 5,671.000 | 188,658.05 | 0.03 |
| S&P 500 E-mini Index Futures 06/20 | Ctr | 188 | USD | 2,611.200 | -609,750.08 | -0.09 |
| S&P/TSX 60 Index Futures 06/20 | Ctr | 11 | CAD | 792.400 | -24,839.92 | 0.00 |
| SPI 200 Index Futures 06/20 | Ctr | 29 | AUD | 5,109.000 | 112,142.72 | 0.02 |
| Topix Index Futures 06/20 | Ctr | 25 | JPY | 1,403.000 | 133,662.11 | 0.02 |
| Sold Bond Futures |  |  |  |  | 4,262,390.00 | 0.61 |
| 10-Year German Government Bond (Bund) Futures 06/20 | Ctr | -195 | EUR | 172.720 | 457,240.00 | 0.07 |
| 2-Year German Government Bond (Schatz) Futures 06/20 | Ctr | -521 | EUR | 112.175 | 189,750.00 | 0.03 |
| 30-Year German Government Bond (Buxl) Futures 06/20 | Ctr | -316 | EUR | 211.960 | 3,283,340.00 | 0.47 |
| 5-Year German Government Bond (Bobl) Futures 06/20 | Ctr | -837 | EUR | 135.240 | 858,420.00 | 0.12 |
| Euro BTP Futures 06/20 | Ctr | -1,039 | EUR | 142.170 | -526,360.00 | -0.08 |
| OTC-Dealt Derivatives |  |  |  |  | 771.64 | 0.00 |
| Forward Foreign Exchange Transactions |  |  |  |  | 771.64 | 0.00 |
| Sold AUD / Bought USD - 15 May 2020 | AUD | -52.08 |  |  | 2.12 | 0.00 |
| The accompanying notes form an integral part of these financial statements. |  |  |  |  |  |  |
| 18 |  |  |  |  |  |  |

Allianz Strategy 15
| Investment Portfolio as at 31/03/2020 |  |
| --- | --- |
| Securities | Shares/ | Holdings | Price | Unrealised | % of |
|  | Currency (in 1,000)/ Contracts | 31/03/2020 |  | gain/loss | Subfund assets |
| Sold CAD / Bought USD - 15 May 2020 | CAD | -11.70 |  | 0.30 | 0.00 |
| Sold EUR / Bought USD - 15 May 2020 | EUR | -20,271.72 |  | 794.03 | 0.00 |
| Sold GBP / Bought USD - 15 May 2020 | GBP | -27.16 |  | 1.92 | 0.00 |
| Sold JPY / Bought USD - 15 May 2020 | JPY | -6,978.00 |  | 3.66 | 0.00 |
| Sold USD / Bought AUD - 15 May 2020 | USD | -29.70 |  | 0.00 | 0.00 |
| Sold USD / Bought CAD - 15 May 2020 | USD | -3.46 |  | 0.00 | 0.00 |
| Sold USD / Bought EUR - 15 May 2020 | USD | -1,174.32 |  | -29.95 | 0.00 |
| Sold USD / Bought GBP - 15 May 2020 | USD | -33.26 |  | -0.18 | 0.00 |
| Sold USD / Bought JPY - 15 May 2020 | USD | -62.10 |  | -0.26 | 0.00 |
| Investments in derivatives |  |  |  | 4,949,744.52 | 0.72 |
| Net current assets/liabilities | EUR |  |  | 10,690,275.65 | 1.54 |
| Net assets of the Subfund | EUR |  |  | 695,343,788.97 | 100.00 |

| Net asset value per share - Class C2 (EUR) (distributing) | EUR | 95.98 | 95.98 |
| --- | --- | --- | --- |
| - Class CT (EUR) (accumulating) | EUR | 159.56 | 159.56 |
| - Class IT (EUR) (accumulating) | EUR | 1,076.06 | 1,076.06 |
| - Class RT (EUR) (accumulating) | EUR | 103.94 | 103.94 |
| - Class W (EUR) (distributing) | EUR | 988.29 | 988.29 |
| - Class WT (EUR) (accumulating) | EUR | 1,116.00 | 1,116.00 |
| - Class AT (H-USD) (accumulating) | USD | 96.56 | 96.56 |
| - Class RT (H-USD) (accumulating) Shares in circulation | USD | 96.60 | 96.60 |
| - Class C2 (EUR) (distributing) | Shs | 203 | 203.00 |
| - Class CT (EUR) (accumulating) | Shs | 1,877,640 | 1,877,640.00 |
| - Class IT (EUR) (accumulating) | Shs | 77,811 | 77,811.00 |
| - Class RT (EUR) (accumulating) | Shs | 82,275 | 82,275.00 |
| - Class W (EUR) (distributing) | Shs | 8,375 | 8,375.00 |
| - Class WT (EUR) (accumulating) | Shs | 264,469 | 264,469.00 |
| - Class AT (H-USD) (accumulating) | Shs | 115 | 115.00 |
| - Class RT (H-USD) (accumulating) | Shs | 115 | 115.00 |

19
Allianz Strategy 15
| Statement of Net Assets |  |  | Statement of Changes in Net Assets |  |
| --- | --- | --- | --- | --- |
| as at 31/03/2020 |  |  | for the period from 01/10/2019 to 31/03/2020 |
|  | EUR |  |  | EUR |
| Securities and money-market instruments |  |  | Net assets at the beginning of the period | 621,099,906.48 |
| (Cost Price EUR 606,384,318.17) | 614,642,538.28 |  | Subscriptions | 426,675,517.63 |
| Time deposits | 13,011,774.81 |  | Redemptions | -318,443,740.30 |
| Cash at banks | 52,049,455.71 |  | Distribution | -729,783.22 |
| Interest receivable on |  |  | Result of operations | -33,258,111.62 |
| -bonds | 7,474,091.70 |  | Net assets at the end of the period | 695,343,788.97 |
| Receivable on |  |  |
| -subscriptions of fund shares | 3,997,739.55 |
| -securities lending | 5,992.06 |
| Unrealised gain on |  |
| -futures transactions | 6,109,922.88 |
| -forward foreign exchange transactions | 802.03 |
| Total Assets | 697,292,317.02 |
| Liabilities to banks | -142,684.83 |
| Payable on |  |
| -redemptions of fund shares | -82,233.18 |
| Other payables | -562,629.65 |
| Unrealised loss on |  |
| -futures transactions | -1,160,950.00 |
| -forward foreign exchange transactions | -30.39 |
| Total Liabilities | -1,948,528.05 |
| Net assets | 695,343,788.97 |

| 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 | 908,792 | 902,722 |
| Number of shares redeemed | -611,146 | -581,535 |
| Number of shares in issue at the end of the period | 2,311,003 | 2,013,357 |

The accompanying notes form an integral part of these financial statements.
20
Allianz Strategy 50
Allianz Strategy 50
Investment Portfolio as at 31/03/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| Securities and money-market instruments admitted to an official stock exchange listing	3,421,343,226.82	91.16 |
| Bonds |  |  |  |  |  |  |  | 3,421,343,226.82 | 91.16 |
| Australia |  |  |  |  |  |  |  | 62,053,463.60 | 1.65 |
| XS0928456218 | 1.1250 | % | Australia & New Zealand Banking |  |  |  |  |  |  |
|  |  |  | Group EUR MTN 13/20 | EUR | 15,000.0 | % | 100.152 | 15,022,782.00 | 0.40 |
| XS0918557124 | 1.3750 | % | Westpac Banking EUR MTN 13/20 | EUR | 47,000.0 | % | 100.065 | 47,030,681.60 | 1.25 |
| Austria |  |  |  |  |  |  |  | 74,437,457.01 | 1.99 |
| AT0000386115 | 3.9000 | % | Austria Government EUR Bonds 05/20 | EUR | 10,000.0 | % | 101.304 | 10,130,409.00 | 0.27 |
| AT0000A04967 | 4.1500 | % | Austria Government EUR Bonds 07/37 | EUR | 2,500.0 | % | 165.421 | 4,135,521.25 | 0.11 |
| AT0000A0DXC2 | 4.8500 | % | Austria Government EUR Bonds 09/26 | EUR | 8,500.0 | % | 131.280 | 11,158,829.75 | 0.30 |
| AT0000A0N9A0 | 3.6500 | % | Austria Government EUR Bonds 11/22 | EUR | 1,000.0 | % | 108.961 | 1,089,612.90 | 0.03 |
| AT0000A0U3T4 | 3.4000 | % | Austria Government EUR Bonds 12/22 | EUR | 9,200.0 | % | 110.666 | 10,181,311.56 | 0.27 |
| AT0000A0VRQ6 | 3.1500 | % | Austria Government EUR Bonds 12/44 | EUR | 3,200.0 | % | 164.857 | 5,275,418.88 | 0.14 |
| AT0000A0U299 | 3.8000 | % | Austria Government EUR Bonds 12/62 | EUR | 4,200.0 | % | 219.024 | 9,198,987.42 | 0.25 |
| AT0000A10683 | 2.4000 | % | Austria Government EUR Bonds 13/34 | EUR | 4,200.0 | % | 131.238 | 5,511,980.04 | 0.15 |
| AT0000A185T1 | 1.6500 | % | Austria Government EUR Bonds 14/24 S.1 | EUR | 3,050.0 | % | 109.696 | 3,345,717.33 | 0.09 |
| AT0000A1VGK0 | 0.5000 | % | Austria Government EUR Bonds 17/27 | EUR | 2,800.0 | % | 104.908 | 2,937,436.88 | 0.08 |
| AT0000A269M8 | 0.5000 | % | Austria Government EUR Bonds 19/29 | EUR | 8,000.0 | % | 105.251 | 8,420,106.40 | 0.22 |
| AT0000A1PE50 | 0.0000 | % | Austria Government EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 15.07.2023 | EUR | 3,000.0 | % | 101.738 | 3,052,125.60 | 0.08 |
| Belgium |  |  |  |  |  |  |  | 122,860,346.01 | 3.27 |
| BE0000318270 | 3.7500 | % | Belgium Government EUR Bonds 10/20 S.58 | EUR | 23,200.0 | % | 102.113 | 23,690,216.00 | 0.63 |
| BE0000320292 | 4.2500 | % | Belgium Government EUR Bonds 10/41 S.60 | EUR | 3,800.0 | % | 172.521 | 6,555,798.00 | 0.17 |
| BE0000324336 | 4.5000 | % | Belgium Government EUR Bonds 11/26 S.64 | EUR | 2,800.0 | % | 128.518 | 3,598,504.00 | 0.10 |
| BE0000325341 | 4.2500 | % | Belgium Government EUR Bonds 12/22 S.65 | EUR | 6,350.0 | % | 111.994 | 7,111,619.00 | 0.19 |
| BE0000328378 | 2.2500 | % | Belgium Government EUR Bonds 13/23 S.68 | EUR | 6,150.0 | % | 108.815 | 6,692,122.50 | 0.18 |
| BE0000331406 | 3.7500 | % | Belgium Government EUR Bonds 13/45 S.71 | EUR | 3,500.0 | % | 172.249 | 6,028,714.65 | 0.16 |
| BE0000332412 | 2.6000 | % | Belgium Government EUR Bonds 14/24 S.72 | EUR | 5,000.0 | % | 112.610 | 5,630,500.00 | 0.15 |
| BE0000333428 | 3.0000 | % | Belgium Government EUR Bonds 14/34 S.73 | EUR | 10,000.0 | % | 138.100 | 13,810,000.00 | 0.37 |
| BE0000334434 | 0.8000 | % | Belgium Government EUR Bonds 15/25 S.74 | EUR | 9,550.0 | % | 105.619 | 10,086,614.50 | 0.27 |
| BE0000338476 | 1.6000 | % | Belgium Government EUR Bonds 16/47 S.78 | EUR | 2,300.0 | % | 122.298 | 2,812,853.77 | 0.07 |
| BE0000344532 | 1.4500 | % | Belgium Government EUR Bonds 17/37 S.84 | EUR | 10,200.0 | % | 116.754 | 11,908,906.98 | 0.32 |
| BE0000343526 | 2.2500 | % | Belgium Government EUR Bonds 17/57 S.83 | EUR | 3,950.0 | % | 144.988 | 5,727,025.61 | 0.15 |
| BE0000345547 | 0.8000 | % | Belgium Government EUR Bonds 18/28 S.85 | EUR | 9,500.0 | % | 107.397 | 10,202,715.00 | 0.27 |
| BE0000291972 | 5.5000 | % | Belgium Government EUR Bonds 98/28 S.31 | EUR | 6,200.0 | % | 145.238 | 9,004,756.00 | 0.24 |
| Canada |  |  |  |  |  |  |  | 34,665,998.00 | 0.92 |
| XS1264790939 | 0.5000 | % | Bank of Nova Scotia EUR MTN 15/20 | EUR | 14,600.0 | % | 100.194 | 14,628,324.00 | 0.39 |
| XS1245943755 | 0.5000 | % | Toronto-Dominion Bank EUR Notes 15/20 | EUR | 20,000.0 | % | 100.188 | 20,037,674.00 | 0.53 |
| Denmark |  |  |  |  |  |  |  | 20,052,926.00 | 0.53 |
| XS1287931601 | 0.3750 | % | Danske Bank EUR Notes 15/20 | EUR | 20,000.0 | % | 100.265 | 20,052,926.00 | 0.53 |
| Finland |  |  |  |  |  |  |  | 166,793,841.77 | 4.45 |
| XS0981442931 | 2.7500 | % | CRH Finland Services EUR MTN 13/20 | EUR | 6,500.0 | % | 100.628 | 6,540,827.80 | 0.17 |
| XS1325648761 | 0.2500 | % | Danske Kiinnitysluottopankki |  |  |  |  |  |  |
|  |  |  | EUR Notes 15/20 | EUR | 25,400.0 | % | 100.370 | 25,494,053.66 | 0.68 |
| FI4000006176 | 4.0000 | % | Finland Government EUR Bonds 09/25 | EUR | 2,000.0 | % | 123.193 | 2,463,850.00 | 0.07 |
| FI4000010848 | 3.3750 | % | Finland Government EUR Bonds 10/20 | EUR | 28,000.0 | % | 100.141 | 28,039,480.00 | 0.75 |
| FI4000047089 | 1.6250 | % | Finland Government EUR Bonds 12/22 | EUR | 2,100.0 | % | 105.510 | 2,215,710.00 | 0.06 |
| FI4000037635 | 2.7500 | % | Finland Government EUR Bonds 12/28 | EUR | 4,200.0 | % | 124.581 | 5,232,394.86 | 0.14 |
| FI4000046545 | 2.6250 | % | Finland Government EUR Bonds 12/42 | EUR | 3,200.0 | % | 150.796 | 4,825,480.00 | 0.13 |
| FI4000062625 | 1.5000 | % | Finland Government EUR Bonds 13/23 | EUR | 1,000.0 | % | 106.230 | 1,062,300.00 | 0.03 |
| FI4000106117 | 0.3750 | % | Finland Government EUR Bonds 14/20 | EUR | 26,300.0 | % | 100.438 | 26,415,272.90 | 0.70 |
| FI4000079041 | 2.0000 | % | Finland Government EUR Bonds 14/24 | EUR | 4,000.0 | % | 110.170 | 4,406,800.00 | 0.12 |
| FI4000167317 | 0.8750 | % | Finland Government EUR Bonds 15/25 | EUR | 4,000.0 | % | 106.480 | 4,259,200.00 | 0.11 |
| FI4000242862 | 0.0000 | % | Finland Government EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 15.04.2022 | EUR | 2,200.0 | % | 101.362 | 2,229,969.50 | 0.06 |
| XS1204134909 | 0.1250 | % | Nordea Mortgage Bank EUR MTN 15/20 | EUR | 25,000.0 | % | 100.067 | 25,016,667.50 | 0.67 |
| XS1324085569 | 0.2500 | % | OP Mortgage Bank EUR Notes 15/20 | EUR | 28,500.0 | % | 100.322 | 28,591,835.55 | 0.76 |

21
Allianz Strategy 50
Investment Portfolio as at 31/03/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| France |  |  |  |  |  |  |  | 608,841,340.47 | 16.19 |
| XS0562852375 | 3.7500 | % | BNP Paribas EUR MTN 10/20 | EUR | 17,200.0 | % | 102.039 | 17,550,764.76 | 0.47 |
| XS1014704586 | 2.2500 | % | BNP Paribas EUR MTN 14/21 | EUR | 6,200.0 | % | 101.263 | 6,278,307.86 | 0.17 |
| FR0011470921 | 1.3750 | % | BNP Paribas Home Loan EUR MTN 13/20 | EUR | 10,000.0 | % | 100.354 | 10,035,403.00 | 0.27 |
| FR0013063930 | 0.1250 | % | Bpifrance Financement EUR Bonds 15/20 | EUR | 20,000.0 | % | 100.261 | 20,052,158.00 | 0.53 |
| FR0011473495 | 1.3750 | % | Crédit Mutuel - CIC Home |  |  |  |  |  |  |
|  |  |  | Loan EUR MTN 13/20 | EUR | 3,600.0 | % | 100.105 | 3,603,789.36 | 0.10 |
| FR0000187635 | 5.7500 | % | France Government EUR Bonds 01/32 | EUR | 27,500.0 | % | 170.350 | 46,846,250.00 | 1.24 |
| FR0010070060 | 4.7500 | % | France Government EUR Bonds 04/35 | EUR | 15,400.0 | % | 166.653 | 25,664,560.46 | 0.68 |
| FR0010171975 | 4.0000 | % | France Government EUR Bonds 05/55 | EUR | 13,700.0 | % | 199.174 | 27,286,836.63 | 0.73 |
| FR0010371401 | 4.0000 | % | France Government EUR Bonds 06/38 | EUR | 11,750.0 | % | 164.183 | 19,291,501.33 | 0.51 |
| FR0010466938 | 4.2500 | % | France Government EUR Bonds 07/23 | EUR | 39,600.0 | % | 117.289 | 46,446,444.00 | 1.23 |
| FR0010773192 | 4.5000 | % | France Government EUR Bonds 09/41 | EUR | 9,500.0 | % | 180.120 | 17,111,399.05 | 0.46 |
| FR0010854182 | 3.5000 | % | France Government EUR Bonds 10/20 | EUR | 25,500.0 | % | 100.259 | 25,566,045.00 | 0.68 |
| FR0010916924 | 3.5000 | % | France Government EUR Bonds 10/26 | EUR | 21,900.0 | % | 123.269 | 26,995,911.00 | 0.72 |
| FR0011337880 | 2.2500 | % | France Government EUR Bonds 12/22 | EUR | 5,000.0 | % | 107.385 | 5,369,250.00 | 0.14 |
| FR0011196856 | 3.0000 | % | France Government EUR Bonds 12/22 | EUR | 44,100.0 | % | 107.515 | 47,414,115.00 | 1.25 |
| FR0011317783 | 2.7500 | % | France Government EUR Bonds 12/27 | EUR | 23,700.0 | % | 122.546 | 29,043,399.63 | 0.77 |
| FR0011486067 | 1.7500 | % | France Government EUR Bonds 13/23 | EUR | 11,050.0 | % | 107.292 | 11,855,766.00 | 0.32 |
| FR0011461037 | 3.2500 | % | France Government EUR Bonds 13/45 | EUR | 13,500.0 | % | 161.032 | 21,739,318.65 | 0.58 |
| FR0011962398 | 1.7500 | % | France Government EUR Bonds 14/24 | EUR | 12,300.0 | % | 110.269 | 13,563,085.77 | 0.36 |
| FR0012968337 | 0.2500 | % | France Government EUR Bonds 15/20 | EUR | 30,250.0 | % | 100.487 | 30,397,317.50 | 0.81 |
| FR0012938116 | 1.0000 | % | France Government EUR Bonds 15/25 | EUR | 29,500.0 | % | 107.589 | 31,738,755.00 | 0.85 |
| FR0012517027 | 0.5000 | % | France Government EUR Bonds 15/25 | EUR | 14,000.0 | % | 104.652 | 14,651,278.60 | 0.39 |
| FR0013154028 | 1.7500 | % | France Government EUR Bonds 16/66 | EUR | 3,450.0 | % | 135.927 | 4,689,481.50 | 0.12 |
| FR0013341682 | 0.7500 | % | France Government EUR Bonds 18/28 | EUR | 14,000.0 | % | 107.626 | 15,067,638.60 | 0.40 |
| FR0013313582 | 1.2500 | % | France Government EUR Bonds 18/34 | EUR | 3,000.0 | % | 114.047 | 3,421,409.70 | 0.09 |
| FR0000571218 | 5.5000 | % | France Government EUR Bonds 98/29 | EUR | 21,300.0 | % | 151.133 | 32,191,329.00 | 0.86 |
| FR0013311016 | 0.0000 | % | France Government EUR Zero- |  |  |  |  |  |  |
| FR0012557957 | 0.0000 | % | Coupon Bonds 25.02.2021 France Government EUR Zero- | EUR | 28,700.0 | % | 100.482 | 28,838,334.00 | 0.77 |
|  |  |  | Coupon Bonds 25.05.2020 | EUR | 5,000.0 | % | 100.067 | 5,003,350.00 | 0.13 |
| XS1324923520 | 0.7500 | % | Société Générale EUR MTN 15/20 | EUR | 21,100.0 | % | 100.133 | 21,128,141.07 | 0.56 |
| Germany |  |  |  |  |  |  |  | 380,865,318.42 | 10.15 |
| DE000A169NA6 | 0.2500 | % | Daimler EUR MTN 16/20 | EUR | 1,000.0 | % | 99.951 | 999,511.00 | 0.03 |
| DE000DHY3988 | 1.3750 | % | Deutsche Hypothekenbank EUR MTN 13/20 | EUR | 9,000.0 | % | 100.315 | 9,028,305.90 | 0.24 |
| DE000A13SWB2 | 0.1250 | % | Deutsche Pfandbriefbank EUR MTN 15/20 | EUR | 14,500.0 | % | 100.267 | 14,538,672.95 | 0.39 |
| XS1310053936 | 1.2500 | % | DVB Bank EUR MTN 15/20 | EUR | 8,800.0 | % | 100.043 | 8,803,819.20 | 0.23 |
| DE000A12T606 | 0.2500 | % | DZ HYP EUR MTN 15/21 | EUR | 5,000.0 | % | 100.456 | 5,022,805.50 | 0.13 |
| XS0911405784 | 1.8750 | % | Evonik Industries EUR MTN 13/20 | EUR | 17,000.0 | % | 100.037 | 17,006,373.30 | 0.45 |
| DE0001135176 | 5.5000 | % | Germany Government EUR Bonds 00/31 | EUR | 1,000.0 | % | 166.078 | 1,660,779.90 | 0.04 |
| DE0001135226 | 4.7500 | % | Germany Government EUR Bonds 03/34 S.3 | EUR | 7,900.0 | % | 175.091 | 13,832,189.00 | 0.37 |
| DE0001135275 | 4.0000 | % | Germany Government EUR Bonds 05/37 S.5 | EUR | 3,800.0 | % | 173.274 | 6,584,393.00 | 0.18 |
| DE0001135325 | 4.2500 | % | Germany Government EUR |  |  |  |  |  |  |
|  |  |  | Bonds 07/39 S.2007 | EUR | 5,500.0 | % | 188.012 | 10,340,632.50 | 0.28 |
| DE0001135366 | 4.7500 | % | Germany Government EUR Bonds 08/40 S.8 | EUR | 7,800.0 | % | 202.579 | 15,801,123.00 | 0.42 |
| DE0001135465 | 2.0000 | % | Germany Government EUR Bonds 11/22 | EUR | 27,950.0 | % | 104.851 | 29,305,854.50 | 0.78 |
| DE0001135481 | 2.5000 | % | Germany Government EUR Bonds 12/44 | EUR | 13,900.0 | % | 163.931 | 22,786,407.61 | 0.61 |
| DE0001102325 | 2.0000 | % | Germany Government EUR Bonds 13/23 | EUR | 13,800.0 | % | 109.342 | 15,089,196.00 | 0.40 |
| DE0001102309 | 1.5000 | % | Germany Government EUR Bonds 13/23 | EUR | 11,000.0 | % | 106.465 | 11,711,150.00 | 0.31 |
| DE0001102366 | 1.0000 | % | Germany Government EUR Bonds 14/24 | EUR | 14,300.0 | % | 107.560 | 15,381,080.00 | 0.41 |
| DE0001102341 | 2.5000 | % | Germany Government EUR Bonds 14/46 | EUR | 4,700.0 | % | 168.235 | 7,907,021.50 | 0.21 |
| DE0001102382 | 1.0000 | % | Germany Government EUR Bonds 15/25 | EUR | 5,000.0 | % | 109.133 | 5,456,650.00 | 0.15 |
| DE0001102432 | 1.2500 | % | Germany Government EUR Bonds 17/48 | EUR | 1,500.0 | % | 136.772 | 2,051,580.00 | 0.05 |
| DE0001102440 | 0.5000 | % | Germany Government EUR Bonds 18/28 | EUR | 19,300.0 | % | 108.798 | 20,998,014.00 | 0.56 |
| DE0001134922 | 6.2500 | % | Germany Government EUR |  |  |  |  |  |  |
|  |  |  | Bonds 94/24 S.94 | EUR | 22,500.0 | % | 126.504 | 28,463,400.00 | 0.76 |

The accompanying notes form an integral part of these financial statements.
22
Allianz Strategy 50
Investment Portfolio as at 31/03/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| DE0001135085 | 4.7500 | % | Germany Government EUR |  |  |  |  |  |  |
| DE0001141752 | 0.0000 | % | Bonds 98/28 S.98 Germany Government EUR Zero- | EUR | 15,300.0 | % | 144.958 | 22,178,574.00 | 0.59 |
| DE0001104735 | 0.0000 | % | Coupon Bonds 08.04.2022 S.175 Germany Government EUR Zero- | EUR | 11,500.0 | % | 101.434 | 11,664,910.00 | 0.31 |
| DE0001102408 | 0.0000 | % | Coupon Bonds 11.09.2020 Germany Government EUR Zero- | EUR | 11,550.0 | % | 100.322 | 11,587,191.00 | 0.31 |
| DE0001102473 | 0.0000 | % | Coupon Bonds 15.08.2026 Germany Government EUR Zero- | EUR | 21,700.0 | % | 104.157 | 22,602,069.00 | 0.60 |
| DE0001102481 | 0.0000 | % | Coupon Bonds 15.08.2029 Germany Government EUR Zero- | EUR | 8,000.0 | % | 104.876 | 8,390,079.20 | 0.22 |
|  |  |  | Coupon Bonds 15.08.2050 | EUR | 1,400.0 | % | 100.404 | 1,405,655.86 | 0.04 |
| DE000HSH6KQ4 | 0.1000 | % | HSH Nordbank EUR MTN 17/20 | EUR | 25,000.0 | % | 100.090 | 25,022,567.50 | 0.67 |
| DE000A1R07V3 | 1.6250 | % | Kreditanstalt für Wiederaufbau |  |  |  |  |  |  |
|  |  |  | EUR Notes 14/21 | EUR | 15,000.0 | % | 101.635 | 15,245,313.00 | 0.41 |
| Ireland |  |  |  |  |  |  |  | 108,614,185.90 | 2.90 |
| XS1265810686 | 0.6250 | % | AIB Mortgage Bank EUR MTN 15/20 | EUR | 13,500.0 | % | 100.274 | 13,536,941.40 | 0.36 |
| IE0034074488 | 4.5000 | % | Ireland Government EUR Bonds 04/20 | EUR | 40,000.0 | % | 100.208 | 40,083,200.00 | 1.07 |
| IE00B4TV0D44 | 5.4000 | % | Ireland Government EUR Bonds 09/25 | EUR | 7,200.0 | % | 127.862 | 9,206,064.00 | 0.25 |
| IE00B60Z6194 | 5.0000 | % | Ireland Government EUR Bonds 10/20 | EUR | 24,800.0 | % | 102.895 | 25,517,960.00 | 0.68 |
| IE00B6X95T99 | 3.4000 | % | Ireland Government EUR Bonds 14/24 | EUR | 4,550.0 | % | 114.679 | 5,217,894.50 | 0.14 |
| IE00BJ38CR43 | 2.4000 | % | Ireland Government EUR Bonds 14/30 | EUR | 3,400.0 | % | 123.300 | 4,192,200.00 | 0.11 |
| IE00BV8C9186 | 2.0000 | % | Ireland Government EUR Bonds 15/45 | EUR | 2,400.0 | % | 131.075 | 3,145,800.00 | 0.08 |
| IE00BV8C9B83 | 1.7000 | % | Ireland Government EUR Bonds 17/37 | EUR | 1,800.0 | % | 120.115 | 2,162,070.00 | 0.06 |
| IE00BH3SQ895 | 1.1000 | % | Ireland Government EUR Bonds 19/29 | EUR | 3,000.0 | % | 109.636 | 3,289,080.00 | 0.09 |
| IE00BH3SQB22 | 1.5000 | % | Ireland Government EUR Bonds 19/50 | EUR | 1,900.0 | % | 119.104 | 2,262,976.00 | 0.06 |
| Italy |  |  |  |  |  |  |  | 736,562,258.86 | 19.63 |
| IT0005399560 | 0.0000 | % | Italy Buoni Ordinari Del Tesoro EUR |  |  |  |  |  |  |
| IT0005403586 | 0.0000 | % | Zero-Coupon Bonds 12.02.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 31,800.0 | % | 99.945 | 31,782,510.00 | 0.85 |
| IT0005374266 | 0.0000 | % | Zero-Coupon Bonds 12.03.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 27,800.0 | % | 99.925 | 27,779,011.00 | 0.74 |
| IT0005389561 | 0.0000 | % | Zero-Coupon Bonds 12.06.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 45,000.0 | % | 100.021 | 45,009,414.00 | 1.20 |
| IT0005367872 | 0.0000 | % | Zero-Coupon Bonds 13.11.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 28,600.0 | % | 99.971 | 28,591,774.64 | 0.76 |
| IT0005371890 | 0.0000 | % | Zero-Coupon Bonds 14.04.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 30,950.0 | % | 100.016 | 30,954,797.25 | 0.82 |
| IT0005381824 | 0.0000 | % | Zero-Coupon Bonds 14.05.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 42,000.0 | % | 100.019 | 42,007,786.80 | 1.12 |
| IT0005383523 | 0.0000 | % | Zero-Coupon Bonds 14.08.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 44,850.0 | % | 100.016 | 44,857,328.49 | 1.20 |
| IT0005387078 | 0.0000 | % | Zero-Coupon Bonds 14.09.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 25,400.0 | % | 99.995 | 25,398,818.90 | 0.68 |
| IT0005394421 | 0.0000 | % | Zero-Coupon Bonds 14.10.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 38,950.0 | % | 99.983 | 38,943,327.87 | 1.04 |
| IT0001444378 | 6.0000 | % | Zero-Coupon Bonds 14.12.2020 Italy Buoni Poliennali Del | EUR | 27,400.0 | % | 99.975 | 27,393,114.38 | 0.73 |
| IT0003256820 | 5.7500 | % | Tesoro EUR Bonds 00/31 Italy Buoni Poliennali Del | EUR | 21,300.0 | % | 144.536 | 30,786,165.87 | 0.82 |
| IT0004009673 | 3.7500 | % | Tesoro EUR Bonds 02/33 Italy Buoni Poliennali Del | EUR | 16,500.0 | % | 146.187 | 24,120,853.35 | 0.64 |
| IT0004532559 | 5.0000 | % | Tesoro EUR Bonds 06/21 Italy Buoni Poliennali Del | EUR | 14,500.0 | % | 104.648 | 15,173,960.00 | 0.40 |
| IT0004644735 | 4.5000 | % | Tesoro EUR Bonds 09/40 Italy Buoni Poliennali Del | EUR | 1,050.0 | % | 145.525 | 1,528,012.40 | 0.04 |
| IT0004759673 | 5.0000 | % | Tesoro EUR Bonds 10/26 Italy Buoni Poliennali Del | EUR | 22,850.0 | % | 119.897 | 27,396,462.22 | 0.73 |
| IT0004801541 | 5.5000 | % | Tesoro EUR Bonds 11/22 Italy Buoni Poliennali Del | EUR | 22,250.0 | % | 108.827 | 24,214,007.50 | 0.65 |
| IT0004923998 | 4.7500 | % | Tesoro EUR Bonds 12/22 Italy Buoni Poliennali Del | EUR | 17,200.0 | % | 112.098 | 19,280,856.00 | 0.51 |
|  |  |  | Tesoro EUR Bonds 13/44 | EUR | 17,000.0 | % | 145.968 | 24,814,560.00 | 0.66 |

23
Allianz Strategy 50
Investment Portfolio as at 31/03/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| IT0005001547 | 3.7500 | % | Italy Buoni Poliennali Del |  |  |  |  |  |  |
| IT0005086886 | 1.3500 | % | Tesoro EUR Bonds 14/24 Italy Buoni Poliennali Del | EUR | 16,000.0 | % | 112.665 | 18,026,400.00 | 0.48 |
| IT0005083057 | 3.2500 | % | Tesoro EUR Bonds 15/22 Italy Buoni Poliennali Del | EUR | 19,800.0 | % | 101.916 | 20,179,368.00 | 0.54 |
| IT0005215246 | 0.6500 | % | Tesoro EUR Bonds 15/46 Italy Buoni Poliennali Del | EUR | 3,400.0 | % | 117.898 | 4,008,531.66 | 0.11 |
| IT0005177909 | 2.2500 | % | Tesoro EUR Bonds 16/23 Italy Buoni Poliennali Del | EUR | 26,100.0 | % | 100.253 | 26,166,033.00 | 0.70 |
| IT0005162828 | 2.7000 | % | Tesoro EUR Bonds 16/36 Italy Buoni Poliennali Del | EUR | 28,500.0 | % | 104.607 | 29,812,992.15 | 0.79 |
| IT0005217390 | 2.8000 | % | Tesoro EUR Bonds 16/47 Italy Buoni Poliennali Del | EUR | 4,600.0 | % | 107.383 | 4,939,617.54 | 0.13 |
| IT0005282527 | 1.4500 | % | Tesoro EUR Bonds 16/67 Italy Buoni Poliennali Del | EUR | 4,100.0 | % | 106.489 | 4,366,048.59 | 0.12 |
| IT0005240830 | 2.2000 | % | Tesoro EUR Bonds 17/24 Italy Buoni Poliennali Del | EUR | 25,300.0 | % | 102.825 | 26,014,725.00 | 0.69 |
| IT0005325946 | 0.9500 | % | Tesoro EUR Bonds 17/27 Italy Buoni Poliennali Del | EUR | 25,700.0 | % | 107.074 | 27,518,015.43 | 0.73 |
| IT0005345183 | 2.5000 | % | Tesoro EUR Bonds 18/23 Italy Buoni Poliennali Del | EUR | 1,000.0 | % | 101.313 | 1,013,130.00 | 0.03 |
| IT0001174611 | 6.5000 | % | Tesoro EUR Bonds 18/25 Italy Buoni Poliennali Del | EUR | 22,000.0 | % | 108.207 | 23,805,537.80 | 0.63 |
| IT0001278511 | 5.2500 | % | Tesoro EUR Bonds 97/27 Italy Buoni Poliennali Del | EUR | 19,800.0 | % | 137.799 | 27,284,200.02 | 0.73 |
|  |  |  | Tesoro EUR Bonds 98/29 | EUR | 10,000.0 | % | 133.949 | 13,394,899.00 | 0.36 |
| Jersey |  |  |  |  |  |  |  | 4,016,764.40 | 0.11 |
| XS0974877150 | 3.3750 | % | Glencore Finance Europe EUR MTN 13/20 | EUR | 4,000.0 | % | 100.419 | 4,016,764.40 | 0.11 |
| Luxembourg |  |  |  |  |  |  |  | 68,410,509.51 | 1.83 |
| EU000A1G0BG1 | 1.6250 | % | European Financial Stability |  |  |  |  |  |  |
| EU000A1G0BK3 | 1.7500 | % | Facility EUR MTN 13/20 European Financial Stability | EUR | 10,000.0 | % | 100.647 | 10,064,693.00 | 0.27 |
| EU000A1G0DG7 | 0.1000 | % | Facility EUR MTN 13/20 European Financial Stability | EUR | 29,700.0 | % | 101.204 | 30,057,478.11 | 0.80 |
| XS0478803355 | 7.5000 | % | Facility EUR Notes 16/21 HeidelbergCement Finance | EUR | 24,200.0 | % | 100.360 | 24,287,168.40 | 0.65 |
|  |  |  | Luxembourg EUR Notes 10/20 | EUR | 4,000.0 | % | 100.029 | 4,001,170.00 | 0.11 |
| Norway |  |  |  |  |  |  |  | 37,036,060.18 | 0.98 |
| XS1308759718 | 0.3750 | % | DNB Boligkreditt EUR MTN 15/20 | EUR | 31,900.0 | % | 100.374 | 32,019,216.68 | 0.85 |
| XS0942804351 | 1.5000 | % | SpareBank 1 Boligkreditt EUR MTN 13/20 | EUR | 5,000.0 | % | 100.337 | 5,016,843.50 | 0.13 |
| Portugal |  |  |  |  |  |  |  | 148,060,593.08 | 3.94 |
| PTPBTCGE0047 | 0.0000 | % | Portugal Government EUR Zero- |  |  |  |  |  |  |
| PTPBTFGE0044 | 0.0000 | % | Coupon Bonds 15.05.2020 Portugal Government EUR Zero- | EUR | 40,000.0 | % | 100.274 | 40,109,540.00 | 1.07 |
| PTPBTGGE0035 | 0.0000 | % | Coupon Bonds 17.07.2020 Portugal Government EUR Zero- | EUR | 30,000.0 | % | 100.328 | 30,098,517.00 | 0.80 |
| PTOTE5OE0007 | 4.1000 | % | Coupon Bonds 18.09.2020 Portugal Obrigações do | EUR | 39,750.0 | % | 100.370 | 39,896,904.08 | 1.06 |
| PTOTEQOE0015 | 5.6500 | % | Tesouro EUR Bonds 06/37 Portugal Obrigações do | EUR | 4,850.0 | % | 146.382 | 7,099,527.00 | 0.19 |
| PTOTEROE0014 | 3.8750 | % | Tesouro EUR Bonds 13/24 Portugal Obrigações do | EUR | 6,800.0 | % | 121.729 | 8,277,572.00 | 0.22 |
| PTOTESOE0013 | 2.2000 | % | Tesouro EUR Bonds 14/30 Portugal Obrigações do | EUR | 2,350.0 | % | 130.406 | 3,064,541.00 | 0.08 |
| PTOTEKOE0011 | 2.8750 | % | Tesouro EUR Bonds 15/22 Portugal Obrigações do | EUR | 4,000.0 | % | 105.941 | 4,237,640.00 | 0.11 |
| PTOTEBOE0020 | 4.1000 | % | Tesouro EUR Bonds 15/25 Portugal Obrigações do | EUR | 5,000.0 | % | 114.263 | 5,713,150.00 | 0.15 |
| PTOTEVOE0018 | 2.1250 | % | Tesouro EUR Bonds 15/45 Portugal Obrigações do | EUR | 700.0 | % | 155.436 | 1,088,052.00 | 0.03 |
|  |  |  | Tesouro EUR Bonds 18/28 | EUR | 7,500.0 | % | 113.002 | 8,475,150.00 | 0.23 |
| Spain |  |  |  |  |  |  |  | 602,614,276.18 | 16.08 |
| ES0413211105 | 3.5000 | % | Banco Bilbao Vizcaya Argentaria |  |  |  |  |  |  |
|  |  |  | EUR Notes 05/20 | EUR | 6,000.0 | % | 101.777 | 6,106,615.80 | 0.16 |

The accompanying notes form an integral part of these financial statements.
24
Allianz Strategy 50
Investment Portfolio as at 31/03/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| ES0413790413 | 0.7500 | % | Banco Santander EUR Notes 15/20 | EUR | 8,000.0 | % | 100.349 | 8,027,944.00 | 0.21 |
| ES0413307119 | 0.8750 | % | Bankia EUR Notes 16/21 | EUR | 20,000.0 | % | 100.752 | 20,150,366.00 | 0.54 |
| ES0000012411 | 5.7500 | % | Spain Government EUR Bonds 01/32 | EUR | 16,600.0 | % | 159.598 | 26,493,268.00 | 0.71 |
| ES0000012932 | 4.2000 | % | Spain Government EUR Bonds 05/37 | EUR | 8,100.0 | % | 150.243 | 12,169,683.00 | 0.32 |
| ES00000121G2 | 4.8000 | % | Spain Government EUR Bonds 08/24 | EUR | 12,300.0 | % | 118.302 | 14,551,146.00 | 0.39 |
| ES00000121S7 | 4.7000 | % | Spain Government EUR Bonds 09/41 | EUR | 12,800.0 | % | 166.399 | 21,299,072.00 | 0.57 |
| ES00000122E5 | 4.6500 | % | Spain Government EUR Bonds 10/25 | EUR | 14,000.0 | % | 123.955 | 17,353,700.00 | 0.46 |
| ES00000123K0 | 5.8500 | % | Spain Government EUR Bonds 11/22 | EUR | 19,400.0 | % | 111.241 | 21,580,754.00 | 0.58 |
| ES00000123C7 | 5.9000 | % | Spain Government EUR Bonds 11/26 | EUR | 2,000.0 | % | 135.205 | 2,704,100.00 | 0.07 |
| ES00000123X3 | 4.4000 | % | Spain Government EUR Bonds 13/23 | EUR | 20,000.0 | % | 115.803 | 23,160,600.00 | 0.62 |
| ES00000124C5 | 5.1500 | % | Spain Government EUR Bonds 13/28 | EUR | 9,300.0 | % | 139.429 | 12,966,897.00 | 0.35 |
| ES00000124H4 | 5.1500 | % | Spain Government EUR Bonds 13/44 | EUR | 5,500.0 | % | 181.199 | 9,965,945.00 | 0.27 |
| ES00000127H7 | 1.1500 | % | Spain Government EUR Bonds 15/20 | EUR | 29,700.0 | % | 100.494 | 29,846,718.00 | 0.80 |
| ES00000126Z1 | 1.6000 | % | Spain Government EUR Bonds 15/25 | EUR | 1,000.0 | % | 107.441 | 1,074,409.90 | 0.03 |
| ES00000128H5 | 1.3000 | % | Spain Government EUR Bonds 16/26 | EUR | 14,600.0 | % | 106.481 | 15,546,226.00 | 0.41 |
| ES00000128C6 | 2.9000 | % | Spain Government EUR Bonds 16/46 | EUR | 3,300.0 | % | 134.363 | 4,433,979.00 | 0.12 |
| ES00000128E2 | 3.4500 | % | Spain Government EUR Bonds 16/66 | EUR | 2,900.0 | % | 158.643 | 4,600,632.50 | 0.12 |
| ES0000012A97 | 0.4500 | % | Spain Government EUR Bonds 17/22 | EUR | 17,600.0 | % | 101.522 | 17,867,924.80 | 0.48 |
| ES0000012A89 | 1.4500 | % | Spain Government EUR Bonds 17/27 | EUR | 15,000.0 | % | 107.640 | 16,146,000.00 | 0.43 |
| ES0000011868 | 6.0000 | % | Spain Government EUR Bonds 98/29 | EUR | 18,400.0 | % | 147.615 | 27,161,160.00 | 0.72 |
| ES0L02012042 | 0.0000 | % | Spain Letras del Tesoro EUR Zero- |  |  |  |  |  |  |
| ES0L02103056 | 0.0000 | % | Coupon Bonds 04.12.2020 Spain Letras del Tesoro EUR Zero- | EUR | 41,200.0 | % | 100.176 | 41,272,676.80 | 1.10 |
| ES0L02005087 | 0.0000 | % | Coupon Bonds 05.03.2021 Spain Letras del Tesoro EUR Zero- | EUR | 44,400.0 | % | 100.277 | 44,522,988.00 | 1.19 |
| ES0L02010095 | 0.0000 | % | Coupon Bonds 08.05.2020 Spain Letras del Tesoro EUR Zero- | EUR | 49,700.0 | % | 100.041 | 49,720,555.92 | 1.32 |
| ES0L02102124 | 0.0000 | % | Coupon Bonds 09.10.2020 Spain Letras del Tesoro EUR Zero- | EUR | 30,000.0 | % | 100.158 | 30,047,472.00 | 0.80 |
| ES0L02011135 | 0.0000 | % | Coupon Bonds 12.02.2021 Spain Letras del Tesoro EUR Zero- | EUR | 33,900.0 | % | 100.248 | 33,984,095.73 | 0.91 |
| ES0L02008149 | 0.0000 | % | Coupon Bonds 13.11.2020 Spain Letras Del Tesoro EUR Zero- | EUR | 39,750.0 | % | 100.164 | 39,815,074.73 | 1.06 |
|  |  |  | Coupon Bonds 14.08.2020 | EUR | 40,000.0 | % | 100.114 | 40,045,712.00 | 1.07 |
| XS1505554698 | 0.3180 | % | Telefónica Emisiones EUR MTN 16/20 | EUR | 10,000.0 | % | 99.986 | 9,998,560.00 | 0.27 |
| Supranational |  |  |  |  |  |  |  | 25,709,483.80 | 0.69 |
| XS0605958791 | 3.6250 | % | European Investment Bank EUR MTN 11/21 | EUR | 2,500.0 | % | 103.170 | 2,579,244.00 | 0.07 |
| XS0903345220 | 1.5000 | % | European Investment Bank |  |  |  |  |  |  |
|  |  |  | EUR MTN 13/20 S.2000 | EUR | 23,000.0 | % | 100.566 | 23,130,239.80 | 0.62 |
| Sweden |  |  |  |  |  |  |  | 12,128,115.60 | 0.32 |
| XS0988357090 | 1.6250 | % | Skandinaviska Enskilda |  |  |  |  |  |  |
|  |  |  | Banken EUR MTN 13/20 | EUR | 12,000.0 | % | 101.068 | 12,128,115.60 | 0.32 |
| Switzerland |  |  |  |  |  |  |  | 18,694,032.00 | 0.50 |
| XS1015884833 | 1.7500 | % | Crédit Suisse (Guernsey) EUR MTN 14/21 | EUR | 18,400.0 | % | 101.598 | 18,694,032.00 | 0.50 |
| The Netherlands |  |  |  |  |  |  |  | 167,748,823.69 | 4.47 |
| XS0537711144 | 2.6250 | % | BNG Bank EUR MTN 10/20 | EUR | 22,400.0 | % | 101.198 | 22,668,428.16 | 0.60 |
| XS0873878283 | 1.5000 | % | BNG Bank EUR MTN 13/20 | EUR | 10,000.0 | % | 100.099 | 10,009,852.00 | 0.27 |
| NL0000102234 | 4.0000 | % | Netherlands Government EUR Bonds 05/37 | EUR | 4,700.0 | % | 168.409 | 7,915,223.00 | 0.21 |
| NL0000102275 | 3.7500 | % | Netherlands Government EUR Bonds 06/23 | EUR | 5,300.0 | % | 112.516 | 5,963,348.00 | 0.16 |
| NL0009348242 | 3.5000 | % | Netherlands Government EUR Bonds 10/20 | EUR | 47,000.0 | % | 101.194 | 47,561,180.00 | 1.27 |
| NL0009446418 | 3.7500 | % | Netherlands Government EUR Bonds 10/42 | EUR | 7,000.0 | % | 180.367 | 12,625,689.30 | 0.34 |
| NL0010060257 | 2.2500 | % | Netherlands Government EUR Bonds 12/22 | EUR | 3,900.0 | % | 106.805 | 4,165,395.00 | 0.11 |
| NL0010071189 | 2.5000 | % | Netherlands Government EUR Bonds 12/33 | EUR | 4,200.0 | % | 134.629 | 5,654,417.58 | 0.15 |
| NL0010418810 | 1.7500 | % | Netherlands Government EUR Bonds 13/23 | EUR | 9,300.0 | % | 108.070 | 10,050,510.00 | 0.27 |
| NL0010721999 | 2.7500 | % | Netherlands Government EUR Bonds 14/47 | EUR | 1,530.0 | % | 169.542 | 2,593,992.45 | 0.07 |
| NL0011220108 | 0.2500 | % | Netherlands Government EUR Bonds 15/25 | EUR | 7,500.0 | % | 104.221 | 7,816,575.00 | 0.21 |
| NL0013332430 | 0.2500 | % | Netherlands Government EUR Bonds 19/29 | EUR | 1,900.0 | % | 105.121 | 1,997,299.00 | 0.05 |
| NL0000102317 | 5.5000 | % | Netherlands Government EUR Bonds 98/28 | EUR | 13,000.0 | % | 146.426 | 19,035,380.00 | 0.51 |

25
Allianz Strategy 50
Investment Portfolio as at 31/03/2020
| ISIN | Securities |  | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2020 |  | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NL0011896857 | 0.0000 % | Netherlands Government EUR Zero- |  |  |  |  |  |  |
|  |  | Coupon Bonds 15.01.2022 | EUR | 7,600.0 | % | 101.224 | 7,693,024.00 | 0.20 |
| XS1413583839 | 1.1680 % | Opel Finance International EUR MTN 16/20 | EUR | 2,000.0 | % | 99.926 | 1,998,510.20 | 0.05 |
| United Kingdom |  |  |  |  |  |  | 7,030,289.60 | 0.18 |
| XS0522407351 | 4.0000 % | BAT International Finance EUR MTN 10/20 | EUR | 2,000.0 | % | 101.146 | 2,022,910.60 | 0.05 |
| XS1248340587 | 0.5000 % | Yorkshire Building Society EUR MTN 15/20 | EUR | 5,000.0 | % | 100.148 | 5,007,379.00 | 0.13 |
| USA |  |  |  |  |  |  | 14,147,142.74 | 0.38 |
| XS0991090175 | 1.8750 % | International Business Machines |  |  |  |  |  |  |
|  |  | EUR Notes 13/20 | EUR | 9,250.0 | % | 100.787 | 9,322,819.70 | 0.25 |
| XS0954684972 | 1.8000 % | Toyota Motor Credit EUR MTN 13/20 | EUR | 4,800.0 | % | 100.507 | 4,824,323.04 | 0.13 |
| Investments in securities and money-market instruments |  |  |  |  | 3,421,343,226.82 | 91.16 |
| Deposits at financial institutions |  |  |  |  | 288,042,829.15 | 7.68 |
| Sight deposits |  |  |  |  | 205,968,557.31 | 5.49 |
| State Street Bank International |  |  |  |  |  |  |
| GmbH, Luxembourg Branch Cash at Broker and Deposits for | EUR |  |  |  | 110,952,095.05 | 2.96 |
| collateralisation of derivatives | EUR |  |  |  | 95,016,462.26 | 2.53 |
| Time deposits |  |  |  |  | 82,074,271.84 | 2.19 |
| XS2028811144	Banque Federative du Credit Mutuel |  |  |  |  |  |  |
| (12.07.2019-10.07.2020) | EUR | 82,000.0 | % | 100.091 | 82,074,271.84 | 2.19 |
| Investments in deposits at financial institutions |  |  |  |  | 288,042,829.15 | 7.68 |
|  |  |  |  |  |  |  |
| Securities | Shares/ | Holdings |  | Price | Unrealised | % of |
|  | Currency (in 1,000)/ Contracts | 31/03/2020 |  |  | gain/loss | Subfund assets |
| Derivatives |  |  |  |  |  |  |
| Holdings marked with a minus are short positions. |  |  |  |  |  |  |
| Listed Derivatives |  |  |  |  | 28,866,516.96 | 0.77 |
| Futures Transactions |  |  |  |  | 28,866,516.96 | 0.77 |
| Purchased Index Futures |  |  |  |  | 10,661,821.96 | 0.28 |
| DJ EURO STOXX 50 Index Futures 06/20 | Ctr | 2,683 | EUR | 2,774.000 | 13,594,200.00 | 0.36 |
| FTSE 100 Index Futures 06/20 | Ctr | 436 | GBP | 5,671.000 | 3,063,419.35 | 0.08 |
| S&P 500 E-mini Index Futures 06/20 | Ctr | 2,881 | USD | 2,611.200 | -9,344,439.14 | -0.25 |
| S&P/TSX 60 Index Futures 06/20 | Ctr | 162 | CAD | 792.400 | -477,800.79 | -0.01 |
| SPI 200 Index Futures 06/20 | Ctr | 448 | AUD | 5,109.000 | 1,768,046.03 | 0.05 |
| Topix Index Futures 06/20 | Ctr | 385 | JPY | 1,403.000 | 2,058,396.51 | 0.05 |
| Sold Bond Futures |  |  |  |  | 18,204,695.00 | 0.49 |
| 10-Year German Government Bond (Bund) Futures 06/20 | Ctr | -650 | EUR | 172.720 | 1,560,870.00 | 0.04 |
| 2-Year German Government Bond (Schatz) Futures 06/20 | Ctr | -1,732 | EUR | 112.175 | 587,745.00 | 0.02 |
| 30-Year German Government Bond (Buxl) Futures 06/20 | Ctr | -1,050 | EUR | 211.960 | 10,115,800.00 | 0.27 |
| 5-Year German Government Bond (Bobl) Futures 06/20 | Ctr | -2,784 | EUR | 135.240 | 2,976,600.00 | 0.08 |
| Euro BTP Futures 06/20 | Ctr | -3,458 | EUR | 142.170 | 2,963,680.00 | 0.08 |
| OTC-Dealt Derivatives |  |  |  |  | -1,217,851.13 | -0.03 |
| Forward Foreign Exchange Transactions |  |  |  |  | 765.84 | 0.00 |
| Sold AUD / Bought USD - 15 May 2020 | AUD | -108.62 |  |  | 4.40 | 0.00 |
| Sold CAD / Bought USD - 15 May 2020 | CAD | -22.00 |  |  | 0.56 | 0.00 |
| Sold EUR / Bought USD - 15 May 2020 | EUR | -21,550.04 |  |  | 785.35 | 0.00 |
| Sold GBP / Bought USD - 15 May 2020 | GBP | -54.94 |  |  | 3.90 | 0.00 |
| Sold JPY / Bought USD - 15 May 2020 | JPY | -14,026.00 |  |  | 7.34 | 0.00 |
| Sold USD / Bought AUD - 15 May 2020 | USD | -60.68 |  |  | 0.01 | 0.00 |
| Sold USD / Bought CAD - 15 May 2020 | USD | -2.48 |  |  | -0.01 | 0.00 |
| Sold USD / Bought EUR - 15 May 2020 | USD | -3,104.69 |  |  | -34.17 | 0.00 |
| Sold USD / Bought GBP - 15 May 2020 | USD | -67.66 |  |  | -0.36 | 0.00 |
| Sold USD / Bought JPY - 15 May 2020 | USD | -123.74 |  |  | -1.18 | 0.00 |

The accompanying notes form an integral part of these financial statements.
26
Allianz Strategy 50
| Investment Portfolio as at 31/03/2020 |  |
| --- | --- |
| Securities | Shares/ | Holdings | Price | Unrealised | % of |
|  | Currency (in 1,000)/ Contracts | 31/03/2020 |  | gain/loss | Subfund assets |
| Swap Transactions |  |  |  | -1,218,616.97 | -0.03 |
| Total Return Swaps |  |  |  | -1,218,616.97 | -0.03 |
| Total Return Swap on Index - Fund receives iBoxx Euro Sovereigns |  |  |  |  |  |
| Eurozone Performance Index - pays 1.00% - 06.11.2020 | EUR | 157,614,532.40 |  | -1,218,616.97 | -0.03 |
| Investments in derivatives |  |  |  | 27,648,665.83 | 0.74 |
| Net current assets/liabilities | EUR |  |  | 15,757,555.59 | 0.42 |
| Net assets of the Subfund | EUR |  |  | 3,752,792,277.39 | 100.00 |

| Net asset value per share - Class A (EUR) (distributing) | EUR | 131.70 | 131.70 |
| --- | --- | --- | --- |
| - Class C2 (EUR) (distributing) | EUR | 93.31 | 93.31 |
| - Class CT (EUR) (accumulating) | EUR | 190.43 | 190.43 |
| - Class IT (EUR) (accumulating) | EUR | 1,430.05 | 1,430.05 |
| - Class NT (EUR) (accumulating) | EUR | 1,927.31 | 1,927.31 |
| - Class P (EUR) (distributing) | EUR | 1,136.89 | 1,136.89 |
| - Class PT (EUR) (accumulating) | EUR | 1,130.97 | 1,130.97 |
| - Class RT (EUR) (accumulating) | EUR | 101.33 | 101.33 |
| - Class W (EUR) (distributing) | EUR | 1,053.13 | 1,053.13 |
| - Class WT (EUR) (accumulating) | EUR | 1,066.52 | 1,066.52 |
| - Class AT (H-USD) (accumulating) | USD | 95.61 | 95.61 |
| - Class I (USD) (distributing) | USD | 1,085.67 | 1,085.67 |
| - Class PT (USD) (accumulating) | USD | 1,131.62 | 1,131.62 |
| - Class RT (H-USD) (accumulating) Shares in circulation | USD | 95.65 | 95.65 |
| - Class A (EUR) (distributing) | Shs | 142,039 | 142,039.00 |
| - Class C2 (EUR) (distributing) | Shs | 10 | 10.00 |
| - Class CT (EUR) (accumulating) | Shs | 6,554,104 | 6,554,104.00 |
| - Class IT (EUR) (accumulating) | Shs | 880,370 | 880,370.00 |
| - Class NT (EUR) (accumulating) | Shs | 367,006 | 367,006.00 |
| - Class P (EUR) (distributing) | Shs | 7,572 | 7,572.00 |
| - Class PT (EUR) (accumulating) | Shs | 3,303 | 3,303.00 |
| - Class RT (EUR) (accumulating) | Shs | 140,905 | 140,905.00 |
| - Class W (EUR) (distributing) | Shs | 1 | 1.00 |
| - Class WT (EUR) (accumulating) | Shs | 426,841 | 426,841.00 |
| - Class AT (H-USD) (accumulating) | Shs | 115 | 115.00 |
| - Class I (USD) (distributing) | Shs | 341 | 341.00 |
| - Class PT (USD) (accumulating) | Shs | 36,381 | 36,381.00 |
| - Class RT (H-USD) (accumulating) | Shs | 115 | 115.00 |

27
Allianz Strategy 50
| Statement of Operations |  |
| --- | --- |
| for the period from 01/10/2019 to 31/03/2020 |
|  | EUR |
| Interest on |  |
| - bonds | 31,546,015.72 |
| - swap transactions | 95,880.40 |
| Interest on credit balances |  |
| - positive interest rate | 989,636.78 |
| - negative interest rate | -838,460.22 |
| Income from |  |
| - securities lending | 492,680.26 |
| Other income | 23,612.11 |
| Total income | 32,309,365.05 |
| Expenses from |  |
| - securities lending | -147,803.96 |
| Taxe d’Abonnement | -621,121.50 |
| All-in-fee | -22,002,222.01 |
| Other expenses | -321.70 |
| Total expenses | -22,771,469.17 |
| Net income/loss Realised gain/loss on | 9,537,895.88 |
| - securities transactions | -11,717,465.42 |
| - financial futures transactions | -260,819,349.93 |
| - forward foreign exchange transactions | -12,588.74 |
| - foreign exchange | -8,945,548.69 |
| - swap transactions | -4,000.89 |
| Net realised gain/loss | -271,961,057.79 |
| Changes in unrealised appreciation/depreciation on |  |
| - securities transactions | -57,277,412.16 |
| - financial futures transactions | 33,290,077.51 |
| - forward foreign exchange transactions | 765.84 |
| - foreign exchange | -281,259.51 |
| - swap transactions | -6,721,001.72 |
| Result of operations | -302,949,887.83 |

The accompanying notes form an integral part of these financial statements.
28
Allianz Strategy 50
| Statement of Net Assets |  |  | Statement of Changes in Net Assets |  |
| --- | --- | --- | --- | --- |
| as at 31/03/2020 |  |  | for the period from 01/10/2019 to 31/03/2020 |
|  | EUR |  |  | EUR |
| Securities and money-market instruments |  |  | Net assets at the beginning of the period | 3,849,423,827.04 |
| (Cost Price EUR 3,386,878,104.91) | 3,421,343,226.82 |  | Subscriptions | 685,797,721.16 |
| Time deposits | 82,074,271.84 |  | Redemptions | -479,320,977.73 |
| Cash at banks | 205,968,557.31 |  | Distribution | -158,405.25 |
| Interest receivable on |  |  | Result of operations | -302,949,887.83 |
| -bonds | 30,137,085.43 |  | Net assets at the end of the period | 3,752,792,277.39 |
| -swap transactions | 95,880.40 |  |
| Receivable on |  |
| -subscriptions of fund shares | 2,076,053.46 |
| -securities lending | 74,888.28 |
| Other receivables | 23,880.60 |
| Unrealised gain on |  |
| -futures transactions | 38,688,756.89 |
| -forward foreign exchange transactions | 801.56 |
| Total Assets | 3,780,483,402.59 |
| Liabilities to banks | -2,197,345.36 |
| Payable on |  |
| -redemptions of fund shares | -10,645,547.76 |
| Other payables | -3,807,339.46 |
| Unrealised loss on |  |
| -futures transactions | -9,822,239.93 |
| -swap transactions | -1,218,616.97 |
| -forward foreign exchange transactions | -35.72 |
| Total Liabilities | -27,691,125.20 |
| Net assets | 3,752,792,277.39 |

| Statement of Changes in Shares |  |
| --- | --- |
|  | 2019/2020 | 2018/2019 |
| Number of shares in issue at the beginning of the period | 8,626,500 | 8,472,305 |
| - Number of shares issued | 850,085 | 1,782,955 |
| - Number of shares redeemed | -917,482 | -1,628,760 |
| Number of shares in issue at the end of the period | 8,559,103 | 8,626,500 |

29
Allianz Strategy 75
Allianz Strategy 75
Investment Portfolio as at 31/03/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| Securities and money-market instruments admitted to an official stock exchange listing	271,133,825.35	90.85 |
| Bonds |  |  |  |  |  |  |  | 271,133,825.35 | 90.85 |
| Australia |  |  |  |  |  |  |  | 2,303,493.24 | 0.77 |
| XS0928456218 | 1.1250 | % | Australia & New Zealand Banking Group EUR MTN 13/20 | EUR | 2,300.0 | % | 100.152 | 2,303,493.24 | 0.77 |
| Austria |  |  |  |  |  |  |  | 7,769,581.43 | 2.62 |
| AT0000A04967 | 4.1500 | % | Austria Government EUR Bonds 07/37 | EUR | 130.0 | % | 165.421 | 215,047.11 | 0.07 |
| AT0000A0DXC2 | 4.8500 | % | Austria Government EUR Bonds 09/26 | EUR | 300.0 | % | 131.280 | 393,841.05 | 0.13 |
| AT0000A0N9A0 | 3.6500 | % | Austria Government EUR Bonds 11/22 | EUR | 540.0 | % | 108.961 | 588,390.97 | 0.20 |
| AT0000A0VRQ6 | 3.1500 | % | Austria Government EUR Bonds 12/44 | EUR | 140.0 | % | 164.857 | 230,799.58 | 0.08 |
| AT0000A0U299 | 3.8000 | % | Austria Government EUR Bonds 12/62 | EUR | 175.0 | % | 219.024 | 383,291.14 | 0.13 |
| AT0000A105W3 | 1.7500 | % | Austria Government EUR Bonds 13/23 | EUR | 50.0 | % | 108.052 | 54,025.78 | 0.02 |
| AT0000A10683 | 2.4000 | % | Austria Government EUR Bonds 13/34 | EUR | 80.0 | % | 131.238 | 104,990.10 | 0.04 |
| AT0000A185T1 | 1.6500 | % | Austria Government EUR Bonds 14/24 S.1 | EUR | 300.0 | % | 109.696 | 329,086.95 | 0.11 |
| AT0000A269M8 | 0.5000 | % | Austria Government EUR Bonds 19/29 | EUR | 50.0 | % | 105.251 | 52,625.67 | 0.02 |
| AT0000383864 | 6.2500 | % | Austria Government EUR Bonds 97/27 | EUR | 300.0 | % | 147.529 | 442,586.49 | 0.15 |
| XS0580561545 | 4.0000 | % | Erste Group Bank EUR MTN 11/21 | EUR | 1,900.0 | % | 103.486 | 1,966,226.59 | 0.66 |
| XS1270771006 | 0.3750 | % | KA Finanz EUR MTN 15/20 | EUR | 3,000.0 | % | 100.289 | 3,008,670.00 | 1.01 |
| Belgium |  |  |  |  |  |  |  | 6,453,125.36 | 2.15 |
| BE0000304130 | 5.0000 | % | Belgium Government EUR Bonds 04/35 S.44 | EUR | 360.0 | % | 168.518 | 606,664.80 | 0.20 |
| BE0000320292 | 4.2500 | % | Belgium Government EUR Bonds 10/41 S.60 | EUR | 300.0 | % | 172.521 | 517,563.00 | 0.17 |
| BE0000324336 | 4.5000 | % | Belgium Government EUR Bonds 11/26 S.64 | EUR | 350.0 | % | 128.518 | 449,813.00 | 0.15 |
| BE0000325341 | 4.2500 | % | Belgium Government EUR Bonds 12/22 S.65 | EUR | 400.0 | % | 111.994 | 447,976.00 | 0.15 |
| BE0000326356 | 4.0000 | % | Belgium Government EUR Bonds 12/32 S.66 | EUR | 400.0 | % | 146.006 | 584,024.00 | 0.20 |
| BE0000331406 | 3.7500 | % | Belgium Government EUR Bonds 13/45 S.71 | EUR | 60.0 | % | 172.249 | 103,349.39 | 0.03 |
| BE0000332412 | 2.6000 | % | Belgium Government EUR Bonds 14/24 S.72 | EUR | 500.0 | % | 112.610 | 563,050.00 | 0.19 |
| BE0000338476 | 1.6000 | % | Belgium Government EUR Bonds 16/47 S.78 | EUR | 60.0 | % | 122.298 | 73,378.79 | 0.02 |
| BE0000343526 | 2.2500 | % | Belgium Government EUR Bonds 17/57 S.83 | EUR | 180.0 | % | 144.988 | 260,978.38 | 0.09 |
| BE0000291972 | 5.5000 | % | Belgium Government EUR Bonds 98/28 S.31 | EUR | 580.0 | % | 145.238 | 842,380.40 | 0.28 |
| BE0002434091 | 1.2500 | % | KBC Bank EUR MTN 13/20 | EUR | 2,000.0 | % | 100.197 | 2,003,947.60 | 0.67 |
| Denmark |  |  |  |  |  |  |  | 2,506,615.75 | 0.84 |
| XS1287931601 | 0.3750 | % | Danske Bank EUR Notes 15/20 | EUR | 2,500.0 | % | 100.265 | 2,506,615.75 | 0.84 |
| Finland |  |  |  |  |  |  |  | 9,222,846.10 | 3.08 |
| XS0981442931 | 2.7500 | % | CRH Finland Services EUR MTN 13/20 | EUR | 1,000.0 | % | 100.628 | 1,006,281.20 | 0.34 |
| XS1325648761 | 0.2500 | % | Danske Kiinnitysluottopankki EUR Notes 15/20 | EUR | 2,000.0 | % | 100.370 | 2,007,405.80 | 0.67 |
| FI4000006176 | 4.0000 | % | Finland Government EUR Bonds 09/25 | EUR | 100.0 | % | 123.193 | 123,192.50 | 0.04 |
| FI4000010848 | 3.3750 | % | Finland Government EUR Bonds 10/20 | EUR | 500.0 | % | 100.141 | 500,705.00 | 0.17 |
| FI4000047089 | 1.6250 | % | Finland Government EUR Bonds 12/22 | EUR | 200.0 | % | 105.510 | 211,020.00 | 0.07 |
| FI4000037635 | 2.7500 | % | Finland Government EUR Bonds 12/28 | EUR | 150.0 | % | 124.581 | 186,871.25 | 0.06 |
| FI4000046545 | 2.6250 | % | Finland Government EUR Bonds 12/42 | EUR | 100.0 | % | 150.796 | 150,796.25 | 0.05 |
| FI4000106117 | 0.3750 | % | Finland Government EUR Bonds 14/20 | EUR | 3,000.0 | % | 100.438 | 3,013,149.00 | 1.01 |
| FI4000079041 | 2.0000 | % | Finland Government EUR Bonds 14/24 | EUR | 100.0 | % | 110.170 | 110,170.00 | 0.04 |
| FI4000148630 | 0.7500 | % | Finland Government EUR Bonds 15/31 | EUR | 50.0 | % | 108.756 | 54,378.00 | 0.02 |
| FI4000197959 | 0.5000 | % | Finland Government EUR Bonds 16/26 | EUR | 120.0 | % | 104.633 | 125,559.00 | 0.04 |
| FI4000242870 | 1.3750 | % | Finland Government EUR Bonds 17/47 | EUR | 20.0 | % | 126.657 | 25,331.40 | 0.01 |
| FI4000242862 | 0.0000 | % | Finland Government EUR Zero-Coupon Bonds 15.04.2022 | EUR | 100.0 | % | 101.362 | 101,362.25 | 0.03 |
| FI4000219787 | 0.0000 | % | Finland Government EUR Zero-Coupon Bonds 15.09.2023 | EUR | 100.0 | % | 101.791 | 101,791.00 | 0.03 |
| XS1324085569 | 0.2500 | % | OP Mortgage Bank EUR Notes 15/20 | EUR | 1,500.0 | % | 100.322 | 1,504,833.45 | 0.50 |
| France |  |  |  |  |  |  |  | 54,454,500.51 | 18.23 |
| XS0562852375 | 3.7500 | % | BNP Paribas EUR MTN 10/20 | EUR | 2,000.0 | % | 102.039 | 2,040,786.60 | 0.68 |
| FR0011470921 | 1.3750 | % | BNP Paribas Home Loan EUR MTN 13/20 | EUR | 3,000.0 | % | 100.354 | 3,010,620.90 | 1.01 |
| FR0011565985 | 2.1250 | % | BPCE EUR Notes 13/20 | EUR | 3,000.0 | % | 101.045 | 3,031,337.10 | 1.02 |
| FR0010945964 | 3.5000 | % | Caisse Française de Financement Local EUR MTN 10/20 | EUR | 3,000.0 | % | 101.748 | 3,052,429.80 | 1.01 |
| XS0499243300 | 4.0000 | % | Carrefour EUR MTN 10/20 | EUR | 2,000.0 | % | 100.059 | 2,001,180.80 | 0.67 |
| FR0010910620 | 3.5000 | % | CIF Euromortgage EUR Notes 10/20 | EUR | 3,000.0 | % | 100.748 | 3,022,449.30 | 1.01 |
| FR0013031614 | 0.3750 | % | Compagnie de Financement Foncier EUR Notes 15/20 | EUR | 2,000.0 | % | 100.350 | 2,007,004.80 | 0.67 |
| XS1493428426 | 0.0000 | % | Compagnie de Saint-Gobain EUR Zero-Coupon MTN 27.03.2020 | EUR | 1,000.0 | % | 100.000 | 1,000,000.00 | 0.34 |
| XS0997520258 | 2.3750 | % | Crédit Agricole (London) EUR MTN 13/20 | EUR | 2,000.0 | % | 101.172 | 2,023,432.40 | 0.68 |

The accompanying notes form an integral part of these financial statements.
30
Allianz Strategy 75
Investment Portfolio as at 31/03/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| FR0011473495 | 1.3750 | % | Crédit Mutuel - CIC Home Loan EUR MTN 13/20 | EUR | 2,000.0 | % | 100.105 | 2,002,105.20 | 0.67 |
| FR0000187635 | 5.7500 | % | France Government EUR Bonds 01/32 | EUR | 630.0 | % | 170.350 | 1,073,205.00 | 0.36 |
| FR0010070060 | 4.7500 | % | France Government EUR Bonds 04/35 | EUR | 70.0 | % | 166.653 | 116,657.09 | 0.04 |
| FR0010171975 | 4.0000 | % | France Government EUR Bonds 05/55 | EUR | 640.0 | % | 199.174 | 1,274,713.54 | 0.43 |
| FR0010371401 | 4.0000 | % | France Government EUR Bonds 06/38 | EUR | 920.0 | % | 164.183 | 1,510,483.51 | 0.51 |
| FR0010773192 | 4.5000 | % | France Government EUR Bonds 09/41 | EUR | 870.0 | % | 180.120 | 1,567,043.91 | 0.53 |
| FR0010949651 | 2.5000 | % | France Government EUR Bonds 10/20 | EUR | 3,050.0 | % | 101.698 | 3,101,789.00 | 1.03 |
| FR0010854182 | 3.5000 | % | France Government EUR Bonds 10/20 | EUR | 750.0 | % | 100.259 | 751,942.50 | 0.25 |
| FR0010916924 | 3.5000 | % | France Government EUR Bonds 10/26 | EUR | 1,500.0 | % | 123.269 | 1,849,035.00 | 0.62 |
| FR0011337880 | 2.2500 | % | France Government EUR Bonds 12/22 | EUR | 1,900.0 | % | 107.385 | 2,040,315.00 | 0.68 |
| FR0011486067 | 1.7500 | % | France Government EUR Bonds 13/23 | EUR | 1,370.0 | % | 107.292 | 1,469,900.40 | 0.49 |
| FR0011619436 | 2.2500 | % | France Government EUR Bonds 13/24 | EUR | 1,200.0 | % | 111.449 | 1,337,388.00 | 0.45 |
| FR0011883966 | 2.5000 | % | France Government EUR Bonds 14/30 | EUR | 850.0 | % | 125.785 | 1,069,172.42 | 0.36 |
| FR0012968337 | 0.2500 | % | France Government EUR Bonds 15/20 | EUR | 2,500.0 | % | 100.487 | 2,512,175.00 | 0.84 |
| FR0012517027 | 0.5000 | % | France Government EUR Bonds 15/25 | EUR | 950.0 | % | 104.652 | 994,193.91 | 0.33 |
| FR0013154028 | 1.7500 | % | France Government EUR Bonds 16/66 | EUR | 40.0 | % | 135.927 | 54,370.80 | 0.02 |
| FR0013250560 | 1.0000 | % | France Government EUR Bonds 17/27 | EUR | 1,350.0 | % | 108.707 | 1,467,544.37 | 0.49 |
| FR0013257524 | 2.0000 | % | France Government EUR Bonds 17/48 | EUR | 90.0 | % | 133.249 | 119,924.09 | 0.04 |
| FR0000571218 | 5.5000 | % | France Government EUR Bonds 98/29 | EUR | 1,200.0 | % | 151.133 | 1,813,596.00 | 0.61 |
| FR0125848467 | 0.0000 | % | France Government EUR Zero-Coupon Bonds 07.10.2020 | EUR | 2,000.0 | % | 100.265 | 2,005,305.40 | 0.67 |
| FR0011644392 | 1.6250 | % | Société Générale EUR MTN 13/21 | EUR | 2,200.0 | % | 101.388 | 2,230,530.94 | 0.75 |
| XS1324923520 | 0.7500 | % | Société Générale EUR MTN 15/20 | EUR | 2,900.0 | % | 100.133 | 2,903,867.73 | 0.97 |
| Germany |  |  |  |  |  |  |  | 34,662,052.60 | 11.62 |
| DE000CZ40KX5 | 0.2500 | % | Commerzbank EUR MTN 15/20 | EUR | 2,000.0 | % | 100.180 | 2,003,592.60 | 0.67 |
| DE000DHY3988 | 1.3750 | % | Deutsche Hypothekenbank EUR MTN 13/20 | EUR | 2,700.0 | % | 100.315 | 2,708,491.77 | 0.91 |
| XS1310053936 | 1.2500 | % | DVB Bank EUR MTN 15/20 | EUR | 1,000.0 | % | 100.043 | 1,000,434.00 | 0.34 |
| DE000A161UU6 | 0.3750 | % | Gemeinsame Deutsche Bundesländer EUR Bonds 15/20 S.48 | EUR | 1,000.0 | % | 100.148 | 1,001,482.20 | 0.34 |
| DE0001135176 | 5.5000 | % | Germany Government EUR Bonds 00/31 | EUR | 450.0 | % | 166.078 | 747,350.96 | 0.25 |
| DE0001135275 | 4.0000 | % | Germany Government EUR Bonds 05/37 S.5 | EUR | 420.0 | % | 173.274 | 727,748.70 | 0.24 |
| DE0001135465 | 2.0000 | % | Germany Government EUR Bonds 11/22 | EUR | 500.0 | % | 104.851 | 524,255.00 | 0.18 |
| DE0001135473 | 1.7500 | % | Germany Government EUR Bonds 12/22 | EUR | 240.0 | % | 105.605 | 253,452.00 | 0.08 |
| DE0001135481 | 2.5000 | % | Germany Government EUR Bonds 12/44 | EUR | 530.0 | % | 163.931 | 868,834.25 | 0.29 |
| DE0001102309 | 1.5000 | % | Germany Government EUR Bonds 13/23 | EUR | 1,060.0 | % | 106.465 | 1,128,529.00 | 0.38 |
| DE0001102325 | 2.0000 | % | Germany Government EUR Bonds 13/23 | EUR | 1,550.0 | % | 109.342 | 1,694,801.00 | 0.57 |
| DE0001102341 | 2.5000 | % | Germany Government EUR Bonds 14/46 | EUR | 420.0 | % | 168.235 | 706,584.90 | 0.24 |
| DE0001102374 | 0.5000 | % | Germany Government EUR Bonds 15/25 | EUR | 700.0 | % | 105.872 | 741,104.00 | 0.25 |
| DE0001102432 | 1.2500 | % | Germany Government EUR Bonds 17/48 | EUR | 150.0 | % | 136.772 | 205,158.00 | 0.07 |
| DE0001135044 | 6.5000 | % | Germany Government EUR Bonds 97/27 S.97 | EUR | 750.0 | % | 152.803 | 1,146,022.50 | 0.38 |
| DE0001102408 | 0.0000 | % | Germany Government EUR Zero-Coupon Bonds 15.08.2026 | EUR | 1,100.0 | % | 104.157 | 1,145,727.00 | 0.38 |
| DE0001102473 | 0.0000 | % | Germany Government EUR Zero-Coupon Bonds 15.08.2029 | EUR | 950.0 | % | 104.876 | 996,321.91 | 0.33 |
| DE0001102481 | 0.0000 | % | Germany Government EUR Zero-Coupon Bonds 15.08.2050 | EUR | 60.0 | % | 100.404 | 60,242.39 | 0.02 |
| DE000LB01ZE7 | 0.2500 | % | Landesbank Baden-Wuerttemberg EUR Notes 15/20 S.751 | EUR | 2,000.0 | % | 100.168 | 2,003,360.20 | 0.67 |
| DE000HLB1AR7 | 0.7500 | % | Landesbank Hessen-Thüringen Girozentrale EUR Notes 15/20 | EUR | 1,000.0 | % | 100.318 | 1,003,177.60 | 0.34 |
| XS1369280315 | 0.0000 | % | Landesbank Hessen-Thüringen Girozentrale |  |  |  |  |  |  |
| DE000A13R9G3 | 0.1250 | % | EUR Zero-Coupon MTN 23.11.2020 Landeskreditbank Baden-Württemberg | EUR | 2,000.0 | % | 100.198 | 2,003,957.20 | 0.67 |
|  |  |  | Förderbank EUR MTN 15/20 | EUR | 2,000.0 | % | 100.282 | 2,005,649.00 | 0.67 |
| XS0780331004 | 1.8750 | % | Landwirtschaftliche Rentenbank EUR MTN 12/20 | EUR | 3,000.0 | % | 100.258 | 3,007,746.60 | 1.01 |
| XS0994797529 | 1.3750 | % | Landwirtschaftliche Rentenbank EUR MTN 13/20 | EUR | 2,900.0 | % | 101.112 | 2,932,261.92 | 0.98 |
| DE000A0Z1QS1 | 2.7500 | % | State of Hesse EUR Bonds 10/20 S.1012 | EUR | 3,000.0 | % | 101.458 | 3,043,730.10 | 1.02 |
| XS1692348847 | 0.2500 | % | Volkswagen Leasing EUR MTN 17/20 | EUR | 1,000.0 | % | 100.204 | 1,002,037.80 | 0.34 |
| Ireland |  |  |  |  |  |  |  | 4,912,170.80 | 1.65 |
| IE0034074488 | 4.5000 | % | Ireland Government EUR Bonds 04/20 | EUR | 500.0 | % | 100.208 | 501,040.00 | 0.17 |
| IE00B60Z6194 | 5.0000 | % | Ireland Government EUR Bonds 10/20 | EUR | 2,850.0 | % | 102.895 | 2,932,507.50 | 0.98 |
| IE00B4S3JD47 | 3.9000 | % | Ireland Government EUR Bonds 13/23 | EUR | 360.0 | % | 112.797 | 406,069.20 | 0.14 |
| IE00BJ38CR43 | 2.4000 | % | Ireland Government EUR Bonds 14/30 | EUR | 150.0 | % | 123.300 | 184,950.00 | 0.06 |
| IE00BJ38CQ36 | 0.8000 | % | Ireland Government EUR Bonds 15/22 | EUR | 200.0 | % | 102.549 | 205,098.00 | 0.07 |

31
Allianz Strategy 75
Investment Portfolio as at 31/03/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| IE00BV8C9186 | 2.0000 | % | Ireland Government EUR Bonds 15/45 | EUR | 100.0 | % | 131.075 | 131,075.00 | 0.04 |
| IE00BV8C9418 | 1.0000 | % | Ireland Government EUR Bonds 16/26 | EUR | 100.0 | % | 107.107 | 107,107.00 | 0.04 |
| IE00BV8C9B83 | 1.7000 | % | Ireland Government EUR Bonds 17/37 | EUR | 150.0 | % | 120.115 | 180,172.50 | 0.06 |
| IE00BDHDPR44 | 0.9000 | % | Ireland Government EUR Bonds 18/28 | EUR | 190.0 | % | 107.684 | 204,599.60 | 0.07 |
| IE00BH3SQB22 | 1.5000 | % | Ireland Government EUR Bonds 19/50 | EUR | 50.0 | % | 119.104 | 59,552.00 | 0.02 |
| Italy |  |  |  |  |  |  |  | 40,786,703.04 | 13.65 |
| IT0005399560 | 0.0000 | % | Italy Buoni Ordinari Del Tesoro EUR Zero- |  |  |  |  |  |  |
| IT0005374266 | 0.0000 | % | Coupon Bonds 12.02.2021 Italy Buoni Ordinari Del Tesoro EUR Zero- | EUR | 2,300.0 | % | 99.945 | 2,298,735.00 | 0.77 |
| IT0005389561 | 0.0000 | % | Coupon Bonds 12.06.2020 Italy Buoni Ordinari Del Tesoro EUR Zero- | EUR | 2,000.0 | % | 100.021 | 2,000,418.40 | 0.67 |
| IT0005397655 | 0.0000 | % | Coupon Bonds 13.11.2020 Italy Buoni Ordinari Del Tesoro EUR Zero- | EUR | 3,000.0 | % | 99.971 | 2,999,137.20 | 1.01 |
| IT0005367872 | 0.0000 | % | Coupon Bonds 14.01.2021 Italy Buoni Ordinari Del Tesoro EUR Zero- | EUR | 3,000.0 | % | 99.948 | 2,998,435.80 | 1.00 |
| IT0005378788 | 0.0000 | % | Coupon Bonds 14.04.2020 Italy Buoni Ordinari Del Tesoro EUR Zero- | EUR | 1,000.0 | % | 100.016 | 1,000,155.00 | 0.34 |
| IT0005381824 | 0.0000 | % | Coupon Bonds 14.07.2020 Italy Buoni Ordinari Del Tesoro EUR Zero- | EUR | 2,000.0 | % | 100.019 | 2,000,370.80 | 0.67 |
| IT0005383523 | 0.0000 | % | Coupon Bonds 14.08.2020 Italy Buoni Ordinari Del Tesoro EUR Zero- | EUR | 2,000.0 | % | 100.016 | 2,000,326.80 | 0.67 |
| IT0005387078 | 0.0000 | % | Coupon Bonds 14.09.2020 Italy Buoni Ordinari Del Tesoro EUR Zero- | EUR | 3,950.0 | % | 99.995 | 3,949,816.33 | 1.31 |
| IT0005394421 | 0.0000 | % | Coupon Bonds 14.10.2020 Italy Buoni Ordinari Del Tesoro EUR Zero- | EUR | 4,000.0 | % | 99.983 | 3,999,314.80 | 1.33 |
|  |  |  | Coupon Bonds 14.12.2020 | EUR | 2,000.0 | % | 99.975 | 1,999,497.40 | 0.67 |
| IT0001444378 | 6.0000 | % | Italy Buoni Poliennali Del Tesoro EUR Bonds 00/31 | EUR | 800.0 | % | 144.536 | 1,156,287.92 | 0.39 |
| IT0003535157 | 5.0000 | % | Italy Buoni Poliennali Del Tesoro EUR Bonds 03/34 | EUR | 680.0 | % | 139.213 | 946,648.33 | 0.32 |
| IT0003934657 | 4.0000 | % | Italy Buoni Poliennali Del Tesoro EUR Bonds 05/37 | EUR | 1,050.0 | % | 127.794 | 1,341,836.90 | 0.45 |
| IT0004356843 | 4.7500 | % | Italy Buoni Poliennali Del Tesoro EUR Bonds 08/23 | EUR | 1,050.0 | % | 113.792 | 1,194,816.00 | 0.40 |
| IT0004923998 | 4.7500 | % | Italy Buoni Poliennali Del Tesoro EUR Bonds 13/44 | EUR | 110.0 | % | 145.968 | 160,564.80 | 0.05 |
| IT0005028003 | 2.1500 | % | Italy Buoni Poliennali Del Tesoro EUR Bonds 14/21 | EUR | 860.0 | % | 103.092 | 886,591.20 | 0.30 |
| IT0005045270 | 2.5000 | % | Italy Buoni Poliennali Del Tesoro EUR Bonds 14/24 | EUR | 1,210.0 | % | 107.383 | 1,299,334.30 | 0.44 |
| IT0005024234 | 3.5000 | % | Italy Buoni Poliennali Del Tesoro EUR Bonds 14/30 | EUR | 140.0 | % | 118.426 | 165,796.39 | 0.06 |
| IT0005135840 | 1.4500 | % | Italy Buoni Poliennali Del Tesoro EUR Bonds 15/22 | EUR | 1,450.0 | % | 102.410 | 1,484,945.00 | 0.50 |
| IT0005083057 | 3.2500 | % | Italy Buoni Poliennali Del Tesoro EUR Bonds 15/46 | EUR | 730.0 | % | 117.898 | 860,655.33 | 0.29 |
| IT0005162828 | 2.7000 | % | Italy Buoni Poliennali Del Tesoro EUR Bonds 16/47 | EUR | 200.0 | % | 107.383 | 214,765.98 | 0.07 |
| IT0005217390 | 2.8000 | % | Italy Buoni Poliennali Del Tesoro EUR Bonds 16/67 | EUR | 180.0 | % | 106.489 | 191,680.18 | 0.06 |
| IT0005344335 | 2.4500 | % | Italy Buoni Poliennali Del Tesoro EUR Bonds 18/23 | EUR | 400.0 | % | 106.302 | 425,208.00 | 0.14 |
| IT0005345183 | 2.5000 | % | Italy Buoni Poliennali Del Tesoro EUR Bonds 18/25 | EUR | 250.0 | % | 108.207 | 270,517.48 | 0.09 |
| IT0005340929 | 2.8000 | % | Italy Buoni Poliennali Del Tesoro EUR Bonds 18/28 | EUR | 450.0 | % | 111.809 | 503,140.46 | 0.17 |
| IT0005384497 | 0.0500 | % | Italy Buoni Poliennali Del Tesoro EUR Bonds 19/23 | EUR | 800.0 | % | 98.805 | 790,440.00 | 0.26 |
| IT0001086567 | 7.2500 | % | Italy Buoni Poliennali Del Tesoro EUR Bonds 97/26 | EUR | 1,150.0 | % | 138.755 | 1,595,682.39 | 0.53 |
| IT0001174611 | 6.5000 | % | Italy Buoni Poliennali Del Tesoro EUR Bonds 97/27 | EUR | 1,100.0 | % | 137.799 | 1,515,788.89 | 0.51 |
| IT0001278511 | 5.2500 | % | Italy Buoni Poliennali Del Tesoro EUR Bonds 98/29 | EUR | 400.0 | % | 133.949 | 535,795.96 | 0.18 |
| Luxembourg |  |  |  |  |  |  |  | 5,327,405.77 | 1.79 |
| EU000A1G0BG1 | 1.6250 | % | European Financial Stability Facility EUR MTN 13/20 | EUR | 2,900.0 | % | 100.647 | 2,918,760.97 | 0.98 |
| EU000A1G0DG7 | 0.1000 | % | European Financial Stability Facility EUR Bonds 16/21 | EUR | 2,400.0 | % | 100.360 | 2,408,644.80 | 0.81 |
| Norway |  |  |  |  |  |  |  | 2,762,271.60 | 0.93 |
| XS1344745481 | 0.3750 | % | DNB Boligkreditt EUR MTN 16/21 | EUR | 2,750.0 | % | 100.446 | 2,762,271.60 | 0.93 |
| Portugal |  |  |  |  |  |  |  | 15,581,782.20 | 5.23 |
| PTPBTHGE0034 | 0.0000 | % | Portugal Government EUR Zero-Coupon Bonds 15.01.2021 | EUR | 2,950.0 | % | 100.197 | 2,955,811.50 | 0.99 |
| PTPBTCGE0047 | 0.0000 | % | Portugal Government EUR Zero-Coupon Bonds 15.05.2020 | EUR | 3,000.0 | % | 100.274 | 3,008,215.50 | 1.01 |
| PTPBTFGE0044 | 0.0000 | % | Portugal Government EUR Zero-Coupon Bonds 17.07.2020 | EUR | 2,000.0 | % | 100.328 | 2,006,567.80 | 0.67 |
| PTPBTGGE0035 | 0.0000 | % | Portugal Government EUR Zero-Coupon Bonds 18.09.2020 | EUR | 3,000.0 | % | 100.370 | 3,011,087.10 | 1.01 |
| PTOTE5OE0007 | 4.1000 | % | Portugal Obrigações do Tesouro EUR Bonds 06/37 | EUR | 70.0 | % | 146.382 | 102,467.40 | 0.03 |
| PTOTECOE0029 | 4.8000 | % | Portugal Obrigações do Tesouro EUR Bonds 10/20 | EUR | 3,000.0 | % | 101.044 | 3,031,320.00 | 1.02 |
| PTOTEQOE0015 | 5.6500 | % | Portugal Obrigações do Tesouro EUR Bonds 13/24 | EUR | 350.0 | % | 121.729 | 426,051.50 | 0.14 |
| PTOTEROE0014 | 3.8750 | % | Portugal Obrigações do Tesouro EUR Bonds 14/30 | EUR | 150.0 | % | 130.406 | 195,609.00 | 0.07 |

The accompanying notes form an integral part of these financial statements.
32
Allianz Strategy 75
Investment Portfolio as at 31/03/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| PTOTESOE0013 | 2.2000 | % | Portugal Obrigações do Tesouro EUR Bonds 15/22 | EUR | 250.0 | % | 105.941 | 264,852.50 | 0.09 |
| PTOTEBOE0020 | 4.1000 | % | Portugal Obrigações do Tesouro EUR Bonds 15/45 | EUR | 40.0 | % | 155.436 | 62,174.40 | 0.02 |
| PTOTETOE0012 | 2.8750 | % | Portugal Obrigações do Tesouro EUR Bonds 16/26 | EUR | 100.0 | % | 115.640 | 115,640.00 | 0.04 |
| PTOTEVOE0018 | 2.1250 | % | Portugal Obrigações do Tesouro EUR Bonds 18/28 | EUR | 200.0 | % | 113.002 | 226,004.00 | 0.08 |
| PTOTEWOE0017 | 2.2500 | % | Portugal Obrigações do Tesouro EUR Bonds 18/34 | EUR | 150.0 | % | 117.321 | 175,981.50 | 0.06 |
| Spain |  |  |  |  |  |  |  | 39,408,668.36 | 13.18 |
| ES0440609305 | 0.6250 | % | CaixaBank EUR Notes 15/20 | EUR | 3,000.0 | % | 100.476 | 3,014,289.00 | 1.01 |
| XS1316037545 | 1.5000 | % | Santander Consumer Finance EUR MTN 15/20 | EUR | 2,900.0 | % | 101.108 | 2,932,124.46 | 0.98 |
| ES0000012411 | 5.7500 | % | Spain Government EUR Bonds 01/32 | EUR | 475.0 | % | 159.598 | 758,090.50 | 0.25 |
| ES0000012932 | 4.2000 | % | Spain Government EUR Bonds 05/37 | EUR | 320.0 | % | 150.243 | 480,777.60 | 0.16 |
| ES00000121S7 | 4.7000 | % | Spain Government EUR Bonds 09/41 | EUR | 470.0 | % | 166.399 | 782,075.30 | 0.26 |
| ES00000122D7 | 4.0000 | % | Spain Government EUR Bonds 10/20 | EUR | 2,000.0 | % | 100.338 | 2,006,760.00 | 0.67 |
| ES00000123X3 | 4.4000 | % | Spain Government EUR Bonds 13/23 | EUR | 1,400.0 | % | 115.803 | 1,621,242.00 | 0.54 |
| ES00000126Z1 | 1.6000 | % | Spain Government EUR Bonds 15/25 | EUR | 650.0 | % | 107.441 | 698,366.44 | 0.23 |
| ES00000127Z9 | 1.9500 | % | Spain Government EUR Bonds 16/26 | EUR | 850.0 | % | 110.389 | 938,306.50 | 0.31 |
| ES00000128C6 | 2.9000 | % | Spain Government EUR Bonds 16/46 | EUR | 450.0 | % | 134.363 | 604,633.50 | 0.20 |
| ES00000128E2 | 3.4500 | % | Spain Government EUR Bonds 16/66 | EUR | 120.0 | % | 158.643 | 190,371.00 | 0.06 |
| ES0000012A97 | 0.4500 | % | Spain Government EUR Bonds 17/22 | EUR | 330.0 | % | 101.522 | 335,023.59 | 0.11 |
| ES00000128O1 | 0.4000 | % | Spain Government EUR Bonds 17/22 | EUR | 900.0 | % | 101.339 | 912,051.00 | 0.31 |
| ES00000128Q6 | 2.3500 | % | Spain Government EUR Bonds 17/33 | EUR | 250.0 | % | 119.443 | 298,607.50 | 0.10 |
| ES0000012B39 | 1.4000 | % | Spain Government EUR Bonds 18/28 | EUR | 1,450.0 | % | 107.660 | 1,561,070.00 | 0.52 |
| ES0000011868 | 6.0000 | % | Spain Government EUR Bonds 98/29 | EUR | 400.0 | % | 147.615 | 590,460.00 | 0.20 |
| ES0L02012042 | 0.0000 | % | Spain Letras del Tesoro EUR Zero-Coupon Bonds 04.12.2020 | EUR | 3,000.0 | % | 100.176 | 3,005,292.00 | 1.01 |
| ES0L02103056 | 0.0000 | % | Spain Letras del Tesoro EUR Zero-Coupon Bonds 05.03.2021 | EUR | 2,000.0 | % | 100.277 | 2,005,540.00 | 0.67 |
| ES0L02010095 | 0.0000 | % | Spain Letras del Tesoro EUR Zero-Coupon Bonds 09.10.2020 | EUR | 5,500.0 | % | 100.158 | 5,508,703.20 | 1.84 |
| ES0L02009113 | 0.0000 | % | Spain Letras del Tesoro EUR Zero-Coupon Bonds 11.09.2020 | EUR | 3,000.0 | % | 100.196 | 3,005,866.50 | 1.01 |
| ES0L02011135 | 0.0000 | % | Spain Letras del Tesoro EUR Zero-Coupon Bonds 13.11.2020 | EUR | 3,500.0 | % | 100.164 | 3,505,729.85 | 1.18 |
| ES0L02008149 | 0.0000 | % | Spain Letras Del Tesoro EUR Zero-Coupon Bonds 14.08.2020 | EUR | 2,650.0 | % | 100.114 | 2,653,028.42 | 0.89 |
| ES0L02004171 | 0.0000 | % | Spain Letras del Tesoro EUR Zero-Coupon Bonds 17.04.2020 | EUR | 2,000.0 | % | 100.013 | 2,000,260.00 | 0.67 |
| Supranational |  |  |  |  |  |  |  | 6,045,783.70 | 2.04 |
| XS1317969944 | 1.0000 | % | Corporación Andina de Fomento EUR MTN 15/20 | EUR | 1,000.0 | % | 100.527 | 1,005,266.70 | 0.34 |
| XS0524597613 | 3.0000 | % | Council Of Europe Development Bank EUR MTN 10/20 | EUR | 2,000.0 | % | 100.938 | 2,018,751.80 | 0.68 |
| XS0858366098 | 1.3750 | % | European Investment Bank EUR MTN 12/20 | EUR | 2,000.0 | % | 100.805 | 2,016,102.60 | 0.68 |
| XS0903345220 | 1.5000 | % | European Investment Bank EUR MTN 13/20 S.2000 | EUR | 1,000.0 | % | 100.566 | 1,005,662.60 | 0.34 |
| Sweden |  |  |  |  |  |  |  | 5,032,746.50 | 1.69 |
| XS0988357090 | 1.6250 | % | Skandinaviska Enskilda Banken EUR MTN 13/20 | EUR | 2,000.0 | % | 101.068 | 2,021,352.60 | 0.68 |
| XS0965050197 | 2.2500 | % | Svenska Handelsbanken EUR MTN 13/20 | EUR | 1,000.0 | % | 100.682 | 1,006,820.50 | 0.34 |
| XS1300812077 | 0.3750 | % | Sveriges Sakerstallda Obligationer EUR MTN 15/20 | EUR | 2,000.0 | % | 100.229 | 2,004,573.40 | 0.67 |
| The Netherlands |  |  |  |  |  |  |  | 21,118,169.14 | 7.10 |
| XS0537711144 | 2.6250 | % | BNG Bank EUR MTN 10/20 | EUR | 2,000.0 | % | 101.198 | 2,023,966.80 | 0.68 |
| XS0873878283 | 1.5000 | % | BNG Bank EUR MTN 13/20 | EUR | 2,000.0 | % | 100.099 | 2,001,970.40 | 0.67 |
| XS0811554962 | 2.1250 | % | Heineken EUR MTN 12/20 | EUR | 1,000.0 | % | 100.593 | 1,005,928.30 | 0.34 |
| XS0940711947 | 2.8750 | % | Iberdrola International EUR MTN 13/20 | EUR | 2,000.0 | % | 101.645 | 2,032,890.40 | 0.68 |
| XS1324217733 | 0.7500 | % | ING Bank EUR MTN 15/20 | EUR | 1,000.0 | % | 100.165 | 1,001,653.30 | 0.34 |
| XS0828235225 | 1.7500 | % | Linde EUR MTN 12/20 | EUR | 1,200.0 | % | 100.716 | 1,208,590.56 | 0.41 |
| XS0951381523 | 1.7500 | % | Nederlandse Waterschapsbank EUR Notes 13/20 | EUR | 2,000.0 | % | 100.552 | 2,011,037.00 | 0.67 |
| NL0000102234 | 4.0000 | % | Netherlands Government EUR Bonds 05/37 | EUR | 210.0 | % | 168.409 | 353,658.90 | 0.12 |
| NL0009348242 | 3.5000 | % | Netherlands Government EUR Bonds 10/20 | EUR | 500.0 | % | 101.194 | 505,970.00 | 0.17 |
| NL0009446418 | 3.7500 | % | Netherlands Government EUR Bonds 10/42 | EUR | 260.0 | % | 180.367 | 468,954.17 | 0.16 |
| NL0010060257 | 2.2500 | % | Netherlands Government EUR Bonds 12/22 | EUR | 500.0 | % | 106.805 | 534,025.00 | 0.18 |
| NL0010071189 | 2.5000 | % | Netherlands Government EUR Bonds 12/33 | EUR | 140.0 | % | 134.629 | 188,480.59 | 0.06 |
| NL0010733424 | 2.0000 | % | Netherlands Government EUR Bonds 14/24 | EUR | 500.0 | % | 111.313 | 556,565.00 | 0.19 |
| NL0010721999 | 2.7500 | % | Netherlands Government EUR Bonds 14/47 | EUR | 100.0 | % | 169.542 | 169,541.99 | 0.06 |
| NL0011819040 | 0.5000 | % | Netherlands Government EUR Bonds 16/26 | EUR | 280.0 | % | 106.105 | 297,094.00 | 0.10 |
| NL0013332430 | 0.2500 | % | Netherlands Government EUR Bonds 19/29 | EUR | 100.0 | % | 105.121 | 105,121.00 | 0.04 |
| NL0000102317 | 5.5000 | % | Netherlands Government EUR Bonds 98/28 | EUR | 350.0 | % | 146.426 | 512,491.00 | 0.17 |

33
Allianz Strategy 75
Investment Portfolio as at 31/03/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| NL0011896857 | 0.0000 | % | Netherlands Government EUR Zero-Coupon Bonds 15.01.2022 | EUR | 200.0 | % | 101.224 | 202,448.00 | 0.07 |
| XS1413583839 | 1.1680 | % | Opel Finance International EUR MTN 16/20 | EUR | 2,000.0 | % | 99.926 | 1,998,510.20 | 0.67 |
| XS1334225361 | 2.1250 | % | Repsol International Finance EUR MTN 15/20 | EUR | 1,900.0 | % | 101.186 | 1,922,542.93 | 0.64 |
| DE000A18V138 | 1.6250 | % | Vonovia Finance EUR MTN 15/20 | EUR | 2,000.0 | % | 100.836 | 2,016,729.60 | 0.68 |
| United Kingdom |  |  |  |  |  |  |  | 4,744,875.65 | 1.59 |
| XS0542950810 | 4.0000 | % | Lloyds Bank EUR MTN 10/20 | EUR | 1,700.0 | % | 102.033 | 1,734,565.25 | 0.58 |
| XS1323028479 | 0.8750 | % | Vodafone Group EUR MTN 15/20 | EUR | 3,000.0 | % | 100.344 | 3,010,310.40 | 1.01 |
| USA |  |  |  |  |  |  |  | 8,041,033.60 | 2.69 |
| XS0954946926 | 2.5000 | % | Bank of America EUR MTN 13/20 | EUR | 2,000.0 | % | 100.522 | 2,010,444.60 | 0.67 |
| XS0963375232 | 2.6250 | % | Goldman Sachs Group EUR MTN 13/20 | EUR | 1,000.0 | % | 100.574 | 1,005,739.30 | 0.34 |
| XS1310647729 | 0.1250 | % | International Bank for Reconstruction & |  |  |  |  |  |  |
|  |  |  | Development EUR Bonds 15/20 | EUR | 2,000.0 | % | 100.338 | 2,006,760.00 | 0.67 |
| XS0968433135 | 2.2500 | % | Wells Fargo EUR MTN 13/20 | EUR | 3,000.0 | % | 100.603 | 3,018,089.70 | 1.01 |
| Investments in securities and money-market instruments |  |  |  |  | 271,133,825.35 | 90.85 |
| Deposits at financial institutions |  |  |  |  | 23,210,379.52 | 7.78 |
| Sight deposits |  |  |  |  | 23,210,379.52 | 7.78 |
| State Street Bank International GmbH, Luxembourg Branch | EUR |  |  |  | 14,027,735.81 | 4.70 |
| Cash at Broker and Deposits for collateralisation of derivatives | EUR |  |  |  | 9,182,643.71 | 3.08 |
| Investments in deposits at financial institutions |  |  |  |  | 23,210,379.52 | 7.78 |
|  |  |  |  |  |  |  |
| Securities | Shares/ | Holdings |  | Price | Unrealised | % of |
|  | Currency (in 1,000)/ Contracts | 31/03/2020 |  |  | gain/loss | Subfund assets |
| Derivatives |  |  |  |  |  |  |
| Holdings marked with a minus are short positions. |  |  |  |  |  |  |
| Listed Derivatives |  |  |  |  | 2,322,603.97 | 0.80 |
| Futures Transactions |  |  |  |  | 2,322,603.97 | 0.80 |
| Purchased Index Futures |  |  |  |  | 1,349,633.97 | 0.46 |
| DJ EURO STOXX 50 Index Futures 06/20 | Ctr | 347 | EUR | 2,774.000 | 1,756,630.00 | 0.59 |
| FTSE 100 Index Futures 06/20 | Ctr | 56 | GBP | 5,671.000 | 377,215.16 | 0.13 |
| S&P 500 E-mini Index Futures 06/20 | Ctr | 373 | USD | 2,611.200 | -1,210,883.78 | -0.41 |
| S&P/TSX 60 Index Futures 06/20 | Ctr | 21 | CAD | 792.400 | -65,692.72 | -0.02 |
| SPI 200 Index Futures 06/20 | Ctr | 58 | AUD | 5,109.000 | 225,041.09 | 0.08 |
| Topix Index Futures 06/20 | Ctr | 50 | JPY | 1,403.000 | 267,324.22 | 0.09 |
| Sold Bond Futures |  |  |  |  | 972,970.00 | 0.34 |
| 10-Year German Government Bond (Bund) Futures 06/20 | Ctr | -26 | EUR | 172.720 | 53,700.00 | 0.02 |
| 2-Year German Government Bond (Schatz) Futures 06/20 | Ctr | -69 | EUR | 112.175 | 19,040.00 | 0.01 |
| 30-Year German Government Bond (Buxl) Futures 06/20 | Ctr | -42 | EUR | 211.960 | 298,120.00 | 0.10 |
| 5-Year German Government Bond (Bobl) Futures 06/20 | Ctr | -110 | EUR | 135.240 | 106,110.00 | 0.04 |
| Euro BTP Futures 06/20 | Ctr | -137 | EUR | 142.170 | 496,000.00 | 0.17 |
| OTC-Dealt Derivatives |  |  |  |  | 733.12 | 0.00 |
| Forward Foreign Exchange Transactions |  |  |  |  | 733.12 | 0.00 |
| Sold AUD / Bought USD - 15 May 2020 | AUD | -158.94 |  |  | 6.44 | 0.00 |
| Sold CAD / Bought USD - 15 May 2020 | CAD | -37.15 |  |  | 0.92 | 0.00 |
| Sold EUR / Bought USD - 15 May 2020 | EUR | -22,078.09 |  |  | 775.87 | 0.00 |
| Sold GBP / Bought USD - 15 May 2020 | GBP | -79.90 |  |  | 5.66 | 0.00 |
| Sold JPY / Bought USD - 15 May 2020 | JPY | -20,700.00 |  |  | 10.82 | 0.00 |
| Sold USD / Bought AUD - 15 May 2020 | USD | -87.46 |  |  | 0.02 | 0.00 |
| Sold USD / Bought EUR - 15 May 2020 | USD | -4,304.08 |  |  | -64.40 | 0.00 |
| Sold USD / Bought GBP - 15 May 2020 | USD | -97.18 |  |  | -0.51 | 0.00 |
| Sold USD / Bought JPY - 15 May 2020 | USD | -181.42 |  |  | -1.70 | 0.00 |
| Investments in derivatives |  |  |  |  | 2,323,337.09 | 0.80 |
| Net current assets/liabilities | EUR |  |  |  | 1,687,535.09 | 0.57 |
| Net assets of the Subfund | EUR |  |  |  | 298,355,077.05 | 100.00 |

The accompanying notes form an integral part of these financial statements.
34
Allianz Strategy 75
| Net asset value per share - Class A2 (EUR) (distributing) | EUR | 98.55 | 98.55 |
| --- | --- | --- | --- |
| - Class CT (EUR) (accumulating) | EUR | 210.31 | 210.31 |
| - Class IT (EUR) (accumulating) | EUR | 1,196.76 | 1,196.76 |
| - Class NT (EUR) (accumulating) | EUR | 2,237.76 | 2,237.76 |
| - Class P (EUR) (distributing) | EUR | 925.57 | 925.57 |
| - Class PT (EUR) (accumulating) | EUR | 959.16 | 959.16 |
| - Class RT (EUR) (accumulating) | EUR | 98.15 | 98.15 |
| - Class WT (EUR) (accumulating) | EUR | 1,157.85 | 1,157.85 |
| - Class AT (H-USD) (accumulating) | USD | 94.24 | 94.24 |
| - Class I (USD) (distributing) | USD | 1,146.33 | 1,146.33 |
| - Class RT (H-USD) (accumulating) Shares in circulation | USD | 94.28 | 94.28 |
| - Class A2 (EUR) (distributing) | Shs | 198 | 198.00 |
| - Class CT (EUR) (accumulating) | Shs | 953,576 | 953,576.00 |
| - Class IT (EUR) (accumulating) | Shs | 24,781 | 24,781.00 |
| - Class NT (EUR) (accumulating) | Shs | 11,400 | 11,400.00 |
| - Class P (EUR) (distributing) | Shs | 119 | 119.00 |
| - Class PT (EUR) (accumulating) | Shs | 1 | 1.00 |
| - Class RT (EUR) (accumulating) | Shs | 7,241 | 7,241.00 |
| - Class WT (EUR) (accumulating) | Shs | 36,086 | 36,086.00 |
| - Class AT (H-USD) (accumulating) | Shs | 115 | 115.00 |
| - Class I (USD) (distributing) | Shs | 1 | 1.00 |
| - Class RT (H-USD) (accumulating) | Shs | 115 | 115.00 |

35
Allianz Strategy 75
| Statement of Net Assets |  |  | Statement of Changes in Net Assets |  |
| --- | --- | --- | --- | --- |
| as at 31/03/2020 |  |  | for the period from 01/10/2019 to 31/03/2020 |
|  | EUR |  |  | EUR |
| Securities and money-market instruments |  |  | Net assets at the beginning of the period | 395,588,513.31 |
| (Cost Price EUR 272,686,956.66) | 271,133,825.35 |  | Subscriptions | 150,762,588.80 |
| Cash at banks | 23,210,379.52 |  | Redemptions | -204,876,283.98 |
| Interest receivable on |  |  | Distribution | -238.45 |
| -bonds | 2,308,247.88 |  | Result of operations | -43,119,502.63 |
| Receivable on |  |  | Net assets at the end of the period | 298,355,077.05 |
| -subscriptions of fund shares | 65,225.05 |  |
| -securities lending | 2,682.37 |
| Other receivables | 23,830.60 |
| Unrealised gain on |  |
| -futures transactions | 3,599,180.47 |
| -forward foreign exchange transactions | 799.73 |
| Total Assets | 300,344,170.97 |
| Liabilities to banks | -285,369.66 |
| Payable on |  |
| -redemptions of fund shares | -42,571.31 |
| Other payables | -384,509.84 |
| Unrealised loss on |  |
| -futures transactions | -1,276,576.50 |
| -forward foreign exchange transactions | -66.61 |
| Total Liabilities | -1,989,093.92 |
| Net assets | 298,355,077.05 |

| Statement of Changes in Shares |  |
| --- | --- |
|  | 2019/2020 | 2018/2019 |
| Number of shares in issue at the beginning of the period | 1,071,250 | 851,493 |
| - Number of shares issued | 211,369 | 529,814 |
| - Number of shares redeemed | -248,986 | -310,057 |
| Number of shares in issue at the end of the period | 1,033,633 | 1,071,250 |

The accompanying notes form an integral part of these financial statements.
36

Translation (ENDE, 2020-03-31):
# Allianz Strategy 75
Vermögensaufstellung zum 31.03.2020
| ISIN | Gattungsbezeichnung | Stück bzw. Währung (in 1.000) bzw. Kontrakte | Bestand 31.03.2020 | Kurs | Kurswert in EUR | %-Anteil am Teilfonds- vermögen |
| --- | --- | --- | --- | --- | --- | --- |
| Wertpapiere und | Geldmarktinstrumente, die an einer Wertpapierbörse amtlich notiert sind |  |  |  | 271.133.825,35 | 90,85 |
| Obligationen |  |  |  |  |  |  |  | 271.133.825,35 | 90,85 |
| Australien |  |  |  |  |  |  |  | 2.303.493,24 | 0,77 |
| XS0928456218 | 1,1250 | % | Australia & New Zealand Ban- |  |  |  |  |  |  |
|  |  |  | king Group EUR MTN 13/20 | EUR | 2.300,0 | % | 100,152 | 2.303.493,24 | 0,77 |
| Österreich |  |  |  |  |  |  |  | 7.769.581,43 | 2,62 |
| AT0000A04967 | 4,1500 | % | Austria Government EUR Bonds 07/37 | EUR | 130,0 | % | 165,421 | 215.047,11 | 0,07 |
| AT0000A0DXC2 | 4,8500 | % | Austria Government EUR Bonds 09/26 | EUR | 300,0 | % | 131,280 | 393.841,05 | 0,13 |
| AT0000A0N9A0 | 3,6500 | % | Austria Government EUR Bonds 11/22 | EUR | 540,0 | % | 108,961 | 588.390,97 | 0,20 |
| AT0000A0VRQ6 | 3,1500 | % | Austria Government EUR Bonds 12/44 | EUR | 140,0 | % | 164,857 | 230.799,58 | 0,08 |
| AT0000A0U299 | 3,8000 | % | Austria Government EUR Bonds 12/62 | EUR | 175,0 | % | 219,024 | 383.291,14 | 0,13 |
| AT0000A105W3 | 1,7500 | % | Austria Government EUR Bonds 13/23 | EUR | 50,0 | % | 108,052 | 54.025,78 | 0,02 |
| AT0000A10683 | 2,4000 | % | Austria Government EUR Bonds 13/34 | EUR | 80,0 | % | 131,238 | 104.990,10 | 0,04 |
| AT0000A185T1 | 1,6500 | % | Austria Government EUR Bonds 14/24 S.1 | EUR | 300,0 | % | 109,696 | 329.086,95 | 0,11 |
| AT0000A269M8 | 0,5000 | % | Austria Government EUR Bonds 19/29 | EUR | 50,0 | % | 105,251 | 52.625,67 | 0,02 |
| AT0000383864 | 6,2500 | % | Austria Government EUR Bonds 97/27 | EUR | 300,0 | % | 147,529 | 442.586,49 | 0,15 |
| XS0580561545 | 4,0000 | % | Erste Group Bank EUR MTN 11/21 | EUR | 1.900,0 | % | 103,486 | 1.966.226,59 | 0,66 |
| XS1270771006 | 0,3750 | % | KA Finanz EUR MTN 15/20 | EUR | 3.000,0 | % | 100,289 | 3.008.670,00 | 1,01 |
| Belgien |  |  |  |  |  |  |  | 6.453.125,36 | 2,15 |
| BE0000304130 | 5,0000 | % | Belgium Government EUR Bonds 04/35 S.44 | EUR | 360,0 | % | 168,518 | 606.664,80 | 0,20 |
| BE0000320292 | 4,2500 | % | Belgium Government EUR Bonds 10/41 S.60 | EUR | 300,0 | % | 172,521 | 517.563,00 | 0,17 |
| BE0000324336 | 4,5000 | % | Belgium Government EUR Bonds 11/26 S.64 | EUR | 350,0 | % | 128,518 | 449.813,00 | 0,15 |
| BE0000325341 | 4,2500 | % | Belgium Government EUR Bonds 12/22 S.65 | EUR | 400,0 | % | 111,994 | 447.976,00 | 0,15 |
| BE0000326356 | 4,0000 | % | Belgium Government EUR Bonds 12/32 S.66 | EUR | 400,0 | % | 146,006 | 584.024,00 | 0,20 |
| BE0000331406 | 3,7500 | % | Belgium Government EUR Bonds 13/45 S.71 | EUR | 60,0 | % | 172,249 | 103.349,39 | 0,03 |
| BE0000332412 | 2,6000 | % | Belgium Government EUR Bonds 14/24 S.72 | EUR | 500,0 | % | 112,610 | 563.050,00 | 0,19 |
| BE0000338476 | 1,6000 | % | Belgium Government EUR Bonds 16/47 S.78 | EUR | 60,0 | % | 122,298 | 73.378,79 | 0,02 |
| BE0000343526 | 2,2500 | % | Belgium Government EUR Bonds 17/57 S.83 | EUR | 180,0 | % | 144,988 | 260.978,38 | 0,09 |
| BE0000291972 | 5,5000 | % | Belgium Government EUR Bonds 98/28 S.31 | EUR | 580,0 | % | 145,238 | 842.380,40 | 0,28 |
| BE0002434091 | 1,2500 | % | KBC Bank EUR MTN 13/20 | EUR | 2.000,0 | % | 100,197 | 2.003.947,60 | 0,67 |
| Dänemark |  |  |  |  |  |  |  | 2.506.615,75 | 0,84 |
| XS1287931601 | 0,3750 | % | Danske Bank EUR Notes 15/20 | EUR | 2.500,0 | % | 100,265 | 2.506.615,75 | 0,84 |
| Finnland |  |  |  |  |  |  |  | 9.222.846,10 | 3,08 |
| XS0981442931 | 2,7500 | % | CRH Finland Services EUR MTN 13/20 | EUR | 1.000,0 | % | 100,628 | 1.006.281,20 | 0,34 |
| XS1325648761 | 0,2500 | % | Danske Kiinnitysluotto- |  |  |  |  |  |  |
|  |  |  | pankki EUR Notes 15/20 | EUR | 2.000,0 | % | 100,370 | 2.007.405,80 | 0,67 |
| FI4000006176 | 4,0000 | % | Finland Government EUR Bonds 09/25 | EUR | 100,0 | % | 123,193 | 123.192,50 | 0,04 |
| FI4000010848 | 3,3750 | % | Finland Government EUR Bonds 10/20 | EUR | 500,0 | % | 100,141 | 500.705,00 | 0,17 |
| FI4000047089 | 1,6250 | % | Finland Government EUR Bonds 12/22 | EUR | 200,0 | % | 105,510 | 211.020,00 | 0,07 |
| FI4000037635 | 2,7500 | % | Finland Government EUR Bonds 12/28 | EUR | 150,0 | % | 124,581 | 186.871,25 | 0,06 |
| FI4000046545 | 2,6250 | % | Finland Government EUR Bonds 12/42 | EUR | 100,0 | % | 150,796 | 150.796,25 | 0,05 |
| FI4000106117 | 0,3750 | % | Finland Government EUR Bonds 14/20 | EUR | 3.000,0 | % | 100,438 | 3.013.149,00 | 1,01 |
| FI4000079041 | 2,0000 | % | Finland Government EUR Bonds 14/24 | EUR | 100,0 | % | 110,170 | 110.170,00 | 0,04 |
| FI4000148630 | 0,7500 | % | Finland Government EUR Bonds 15/31 | EUR | 50,0 | % | 108,756 | 54.378,00 | 0,02 |
| FI4000197959 | 0,5000 | % | Finland Government EUR Bonds 16/26 | EUR | 120,0 | % | 104,633 | 125.559,00 | 0,04 |
| FI4000242870 | 1,3750 | % | Finland Government EUR Bonds 17/47 | EUR | 20,0 | % | 126,657 | 25.331,40 | 0,01 |
| FI4000242862 | 0,0000 | % | Finland Government EUR Zero- |  |  |  |  |  |  |
| FI4000219787 | 0,0000 | % | Coupon Bonds 15.04.2022 Finland Government EUR Zero- | EUR | 100,0 | % | 101,362 | 101.362,25 | 0,03 |
|  |  |  | Coupon Bonds 15.09.2023 | EUR | 100,0 | % | 101,791 | 101.791,00 | 0,03 |
| XS1324085569 | 0,2500 | % | OP Mortgage Bank EUR Notes 15/20 | EUR | 1.500,0 | % | 100,322 | 1.504.833,45 | 0,50 |
| Frankreich |  |  |  |  |  |  |  | 54.454.500,51 | 18,23 |
| XS0562852375 | 3,7500 | % | BNP Paribas EUR MTN 10/20 | EUR | 2.000,0 | % | 102,039 | 2.040.786,60 | 0,68 |
| FR0011470921 | 1,3750 | % | BNP Paribas Home Loan EUR MTN 13/20 | EUR | 3.000,0 | % | 100,354 | 3.010.620,90 | 1,01 |
| FR0011565985 | 2,1250 | % | BPCE EUR Notes 13/20 | EUR | 3.000,0 | % | 101,045 | 3.031.337,10 | 1,02 |
| FR0010945964 | 3,5000 | % | Caisse Française de Finance- |  |  |  |  |  |  |
|  |  |  | ment Local EUR MTN 10/20 | EUR | 3.000,0 | % | 101,748 | 3.052.429,80 | 1,01 |
| XS0499243300 | 4,0000 | % | Carrefour EUR MTN 10/20 | EUR | 2.000,0 | % | 100,059 | 2.001.180,80 | 0,67 |

Vermögensaufstellung zum 31.03.2020
ISIN	Gattungsbezeichnung	Stück bzw.	Bestand	Kurs	Kurswert %-Anteil am
|  | Währung (in 1.000) bzw. Kontrakte | 31.03.2020 |  |  | in EUR | Teilfonds- vermögen |
| --- | --- | --- | --- | --- | --- | --- |
| FR0010910620 | 3,5000 | % | CIF Euromortgage EUR Notes 10/20 | EUR | 3.000,0 | % | 100,748 | 3.022.449,30 | 1,01 |
| FR0013031614 | 0,3750 | % | Compagnie de Financement |  |  |  |  |  |  |
| XS1493428426 | 0,0000 | % | Foncier EUR Notes 15/20 Compagnie de Saint-Gobain EUR | EUR | 2.000,0 | % | 100,350 | 2.007.004,80 | 0,67 |
|  |  |  | Zero-Coupon MTN 27.03.2020 | EUR | 1.000,0 | % | 100,000 | 1.000.000,00 | 0,34 |
| XS0997520258 | 2,3750 | % | Crédit Agricole (London) EUR MTN 13/20 | EUR | 2.000,0 | % | 101,172 | 2.023.432,40 | 0,68 |
| FR0011473495 | 1,3750 | % | Crédit Mutuel - CIC Home |  |  |  |  |  |  |
|  |  |  | Loan EUR MTN 13/20 | EUR | 2.000,0 | % | 100,105 | 2.002.105,20 | 0,67 |
| FR0000187635 | 5,7500 | % | France Government EUR Bonds 01/32 | EUR | 630,0 | % | 170,350 | 1.073.205,00 | 0,36 |
| FR0010070060 | 4,7500 | % | France Government EUR Bonds 04/35 | EUR | 70,0 | % | 166,653 | 116.657,09 | 0,04 |
| FR0010171975 | 4,0000 | % | France Government EUR Bonds 05/55 | EUR | 640,0 | % | 199,174 | 1.274.713,54 | 0,43 |
| FR0010371401 | 4,0000 | % | France Government EUR Bonds 06/38 | EUR | 920,0 | % | 164,183 | 1.510.483,51 | 0,51 |
| FR0010773192 | 4,5000 | % | France Government EUR Bonds 09/41 | EUR | 870,0 | % | 180,120 | 1.567.043,91 | 0,53 |
| FR0010949651 | 2,5000 | % | France Government EUR Bonds 10/20 | EUR | 3.050,0 | % | 101,698 | 3.101.789,00 | 1,03 |
| FR0010854182 | 3,5000 | % | France Government EUR Bonds 10/20 | EUR | 750,0 | % | 100,259 | 751.942,50 | 0,25 |
| FR0010916924 | 3,5000 | % | France Government EUR Bonds 10/26 | EUR | 1.500,0 | % | 123,269 | 1.849.035,00 | 0,62 |
| FR0011337880 | 2,2500 | % | France Government EUR Bonds 12/22 | EUR | 1.900,0 | % | 107,385 | 2.040.315,00 | 0,68 |
| FR0011486067 | 1,7500 | % | France Government EUR Bonds 13/23 | EUR | 1.370,0 | % | 107,292 | 1.469.900,40 | 0,49 |
| FR0011619436 | 2,2500 | % | France Government EUR Bonds 13/24 | EUR | 1.200,0 | % | 111,449 | 1.337.388,00 | 0,45 |
| FR0011883966 | 2,5000 | % | France Government EUR Bonds 14/30 | EUR | 850,0 | % | 125,785 | 1.069.172,42 | 0,36 |
| FR0012968337 | 0,2500 | % | France Government EUR Bonds 15/20 | EUR | 2.500,0 | % | 100,487 | 2.512.175,00 | 0,84 |
| FR0012517027 | 0,5000 | % | France Government EUR Bonds 15/25 | EUR | 950,0 | % | 104,652 | 994.193,91 | 0,33 |
| FR0013154028 | 1,7500 | % | France Government EUR Bonds 16/66 | EUR | 40,0 | % | 135,927 | 54.370,80 | 0,02 |
| FR0013250560 | 1,0000 | % | France Government EUR Bonds 17/27 | EUR | 1.350,0 | % | 108,707 | 1.467.544,37 | 0,49 |
| FR0013257524 | 2,0000 | % | France Government EUR Bonds 17/48 | EUR | 90,0 | % | 133,249 | 119.924,09 | 0,04 |
| FR0000571218 | 5,5000 | % | France Government EUR Bonds 98/29 | EUR | 1.200,0 | % | 151,133 | 1.813.596,00 | 0,61 |
| FR0125848467 | 0,0000 | % | France Government EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 07.10.2020 | EUR | 2.000,0 | % | 100,265 | 2.005.305,40 | 0,67 |
| FR0011644392 | 1,6250 | % | Société Générale EUR MTN 13/21 | EUR | 2.200,0 | % | 101,388 | 2.230.530,94 | 0,75 |
| XS1324923520 | 0,7500 | % | Société Générale EUR MTN 15/20 | EUR | 2.900,0 | % | 100,133 | 2.903.867,73 | 0,97 |
| Deutschland |  |  |  |  |  |  |  | 34.662.052,60 | 11,62 |
| DE000CZ40KX5 | 0,2500 | % | Commerzbank EUR MTN 15/20 | EUR | 2.000,0 | % | 100,180 | 2.003.592,60 | 0,67 |
| DE000DHY3988 | 1,3750 | % | Deutsche Hypothekenbank EUR MTN 13/20 | EUR | 2.700,0 | % | 100,315 | 2.708.491,77 | 0,91 |
| XS1310053936 | 1,2500 | % | DVB Bank EUR MTN 15/20 | EUR | 1.000,0 | % | 100,043 | 1.000.434,00 | 0,34 |
| DE000A161UU6 | 0,3750 | % | Gemeinsame Deutsche Bundes- |  |  |  |  |  |  |
|  |  |  | länder EUR Bonds 15/20 S.48 | EUR | 1.000,0 | % | 100,148 | 1.001.482,20 | 0,34 |
| DE0001135176 | 5,5000 | % | Germany Government EUR Bonds 00/31 | EUR | 450,0 | % | 166,078 | 747.350,96 | 0,25 |
| DE0001135275 | 4,0000 | % | Germany Government EUR Bonds 05/37 S.5 | EUR | 420,0 | % | 173,274 | 727.748,70 | 0,24 |
| DE0001135465 | 2,0000 | % | Germany Government EUR Bonds 11/22 | EUR | 500,0 | % | 104,851 | 524.255,00 | 0,18 |
| DE0001135473 | 1,7500 | % | Germany Government EUR Bonds 12/22 | EUR | 240,0 | % | 105,605 | 253.452,00 | 0,08 |
| DE0001135481 | 2,5000 | % | Germany Government EUR Bonds 12/44 | EUR | 530,0 | % | 163,931 | 868.834,25 | 0,29 |
| DE0001102309 | 1,5000 | % | Germany Government EUR Bonds 13/23 | EUR | 1.060,0 | % | 106,465 | 1.128.529,00 | 0,38 |
| DE0001102325 | 2,0000 | % | Germany Government EUR Bonds 13/23 | EUR | 1.550,0 | % | 109,342 | 1.694.801,00 | 0,57 |
| DE0001102341 | 2,5000 | % | Germany Government EUR Bonds 14/46 | EUR | 420,0 | % | 168,235 | 706.584,90 | 0,24 |
| DE0001102374 | 0,5000 | % | Germany Government EUR Bonds 15/25 | EUR | 700,0 | % | 105,872 | 741.104,00 | 0,25 |
| DE0001102432 | 1,2500 | % | Germany Government EUR Bonds 17/48 | EUR | 150,0 | % | 136,772 | 205.158,00 | 0,07 |
| DE0001135044 | 6,5000 | % | Germany Government EUR |  |  |  |  |  |  |
| DE0001102408 | 0,0000 | % | Bonds 97/27 S.97 Germany Government EUR Zero- | EUR | 750,0 | % | 152,803 | 1.146.022,50 | 0,38 |
| DE0001102473 | 0,0000 | % | Coupon Bonds 15.08.2026 Germany Government EUR Zero- | EUR | 1.100,0 | % | 104,157 | 1.145.727,00 | 0,38 |
| DE0001102481 | 0,0000 | % | Coupon Bonds 15.08.2029 Germany Government EUR Zero- | EUR | 950,0 | % | 104,876 | 996.321,91 | 0,33 |
| DE000LB01ZE7 | 0,2500 | % | Coupon Bonds 15.08.2050 Landesbank Baden-Wuerttem- | EUR | 60,0 | % | 100,404 | 60.242,39 | 0,02 |
| DE000HLB1AR7 | 0,7500 | % | berg EUR Notes 15/20 S.751 Landesbank Hessen-Thüringen Gi- | EUR | 2.000,0 | % | 100,168 | 2.003.360,20 | 0,67 |
|  |  |  | rozentrale EUR Notes 15/20 | EUR | 1.000,0 | % | 100,318 | 1.003.177,60 | 0,34 |

Vermögensaufstellung zum 31.03.2020
ISIN	Gattungsbezeichnung	Stück bzw.	Bestand	Kurs	Kurswert %-Anteil am
|  |  |  |  | Währung (in 1.000) bzw. Kontrakte | 31.03.2020 |  |  | in EUR | Teilfonds- vermögen |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| XS1369280315 | 0,0000 | % | Landesbank Hessen-Thüringen Girozent- |  |  |  |  |  |  |
| DE000A13R9G3 | 0,1250 | % | rale EUR Zero-Coupon MTN 23.11.2020 Landeskreditbank Baden-Württemberg | EUR | 2.000,0 | % | 100,198 | 2.003.957,20 | 0,67 |
| XS0780331004 | 1,8750 | % | Förderbank EUR MTN 15/20 Landwirtschaftliche Renten- | EUR | 2.000,0 | % | 100,282 | 2.005.649,00 | 0,67 |
| XS0994797529 | 1,3750 | % | bank EUR MTN 12/20 Landwirtschaftliche Renten- | EUR | 3.000,0 | % | 100,258 | 3.007.746,60 | 1,01 |
|  |  |  | bank EUR MTN 13/20 | EUR | 2.900,0 | % | 101,112 | 2.932.261,92 | 0,98 |
| DE000A0Z1QS1 | 2,7500 | % | State of Hesse EUR Bonds 10/20 S.1012 | EUR | 3.000,0 | % | 101,458 | 3.043.730,10 | 1,02 |
| XS1692348847 | 0,2500 | % | Volkswagen Leasing EUR MTN 17/20 | EUR | 1.000,0 | % | 100,204 | 1.002.037,80 | 0,34 |
| Irland |  |  |  |  |  |  |  | 4.912.170,80 | 1,65 |
| IE0034074488 | 4,5000 | % | Ireland Government EUR Bonds 04/20 | EUR | 500,0 | % | 100,208 | 501.040,00 | 0,17 |
| IE00B60Z6194 | 5,0000 | % | Ireland Government EUR Bonds 10/20 | EUR | 2.850,0 | % | 102,895 | 2.932.507,50 | 0,98 |
| IE00B4S3JD47 | 3,9000 | % | Ireland Government EUR Bonds 13/23 | EUR | 360,0 | % | 112,797 | 406.069,20 | 0,14 |
| IE00BJ38CR43 | 2,4000 | % | Ireland Government EUR Bonds 14/30 | EUR | 150,0 | % | 123,300 | 184.950,00 | 0,06 |
| IE00BJ38CQ36 | 0,8000 | % | Ireland Government EUR Bonds 15/22 | EUR | 200,0 | % | 102,549 | 205.098,00 | 0,07 |
| IE00BV8C9186 | 2,0000 | % | Ireland Government EUR Bonds 15/45 | EUR | 100,0 | % | 131,075 | 131.075,00 | 0,04 |
| IE00BV8C9418 | 1,0000 | % | Ireland Government EUR Bonds 16/26 | EUR | 100,0 | % | 107,107 | 107.107,00 | 0,04 |
| IE00BV8C9B83 | 1,7000 | % | Ireland Government EUR Bonds 17/37 | EUR | 150,0 | % | 120,115 | 180.172,50 | 0,06 |
| IE00BDHDPR44 | 0,9000 | % | Ireland Government EUR Bonds 18/28 | EUR | 190,0 | % | 107,684 | 204.599,60 | 0,07 |
| IE00BH3SQB22 | 1,5000 | % | Ireland Government EUR Bonds 19/50 | EUR | 50,0 | % | 119,104 | 59.552,00 | 0,02 |
| Italien |  |  |  |  |  |  |  | 40.786.703,04 | 13,65 |
| IT0005399560 | 0,0000 | % | Italy Buoni Ordinari Del Tesoro EUR |  |  |  |  |  |  |
| IT0005374266 | 0,0000 | % | Zero-Coupon Bonds 12.02.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 2.300,0 | % | 99,945 | 2.298.735,00 | 0,77 |
| IT0005389561 | 0,0000 | % | Zero-Coupon Bonds 12.06.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 2.000,0 | % | 100,021 | 2.000.418,40 | 0,67 |
| IT0005397655 | 0,0000 | % | Zero-Coupon Bonds 13.11.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 3.000,0 | % | 99,971 | 2.999.137,20 | 1,01 |
| IT0005367872 | 0,0000 | % | Zero-Coupon Bonds 14.01.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 3.000,0 | % | 99,948 | 2.998.435,80 | 1,00 |
| IT0005378788 | 0,0000 | % | Zero-Coupon Bonds 14.04.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 1.000,0 | % | 100,016 | 1.000.155,00 | 0,34 |
| IT0005381824 | 0,0000 | % | Zero-Coupon Bonds 14.07.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 2.000,0 | % | 100,019 | 2.000.370,80 | 0,67 |
| IT0005383523 | 0,0000 | % | Zero-Coupon Bonds 14.08.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 2.000,0 | % | 100,016 | 2.000.326,80 | 0,67 |
| IT0005387078 | 0,0000 | % | Zero-Coupon Bonds 14.09.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 3.950,0 | % | 99,995 | 3.949.816,33 | 1,31 |
| IT0005394421 | 0,0000 | % | Zero-Coupon Bonds 14.10.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 4.000,0 | % | 99,983 | 3.999.314,80 | 1,33 |
| IT0001444378 | 6,0000 | % | Zero-Coupon Bonds 14.12.2020 Italy Buoni Poliennali Del | EUR | 2.000,0 | % | 99,975 | 1.999.497,40 | 0,67 |
| IT0003535157 | 5,0000 | % | Tesoro EUR Bonds 00/31 Italy Buoni Poliennali Del | EUR | 800,0 | % | 144,536 | 1.156.287,92 | 0,39 |
| IT0003934657 | 4,0000 | % | Tesoro EUR Bonds 03/34 Italy Buoni Poliennali Del | EUR | 680,0 | % | 139,213 | 946.648,33 | 0,32 |
| IT0004356843 | 4,7500 | % | Tesoro EUR Bonds 05/37 Italy Buoni Poliennali Del | EUR | 1.050,0 | % | 127,794 | 1.341.836,90 | 0,45 |
| IT0004923998 | 4,7500 | % | Tesoro EUR Bonds 08/23 Italy Buoni Poliennali Del | EUR | 1.050,0 | % | 113,792 | 1.194.816,00 | 0,40 |
| IT0005028003 | 2,1500 | % | Tesoro EUR Bonds 13/44 Italy Buoni Poliennali Del | EUR | 110,0 | % | 145,968 | 160.564,80 | 0,05 |
| IT0005045270 | 2,5000 | % | Tesoro EUR Bonds 14/21 Italy Buoni Poliennali Del | EUR | 860,0 | % | 103,092 | 886.591,20 | 0,30 |
| IT0005024234 | 3,5000 | % | Tesoro EUR Bonds 14/24 Italy Buoni Poliennali Del | EUR | 1.210,0 | % | 107,383 | 1.299.334,30 | 0,44 |
| IT0005135840 | 1,4500 | % | Tesoro EUR Bonds 14/30 Italy Buoni Poliennali Del | EUR | 140,0 | % | 118,426 | 165.796,39 | 0,06 |
| IT0005083057 | 3,2500 | % | Tesoro EUR Bonds 15/22 Italy Buoni Poliennali Del | EUR | 1.450,0 | % | 102,410 | 1.484.945,00 | 0,50 |
|  |  |  | Tesoro EUR Bonds 15/46 | EUR | 730,0 | % | 117,898 | 860.655,33 | 0,29 |

Vermögensaufstellung zum 31.03.2020
ISIN	Gattungsbezeichnung	Stück bzw.	Bestand	Kurs	Kurswert %-Anteil am
|  |  |  |  | Währung (in 1.000) bzw. Kontrakte | 31.03.2020 |  |  | in EUR | Teilfonds- vermögen |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| IT0005162828 | 2,7000 | % | Italy Buoni Poliennali Del |  |  |  |  |  |  |
| IT0005217390 | 2,8000 | % | Tesoro EUR Bonds 16/47 Italy Buoni Poliennali Del | EUR | 200,0 | % | 107,383 | 214.765,98 | 0,07 |
| IT0005344335 | 2,4500 | % | Tesoro EUR Bonds 16/67 Italy Buoni Poliennali Del | EUR | 180,0 | % | 106,489 | 191.680,18 | 0,06 |
| IT0005345183 | 2,5000 | % | Tesoro EUR Bonds 18/23 Italy Buoni Poliennali Del | EUR | 400,0 | % | 106,302 | 425.208,00 | 0,14 |
| IT0005340929 | 2,8000 | % | Tesoro EUR Bonds 18/25 Italy Buoni Poliennali Del | EUR | 250,0 | % | 108,207 | 270.517,48 | 0,09 |
| IT0005384497 | 0,0500 | % | Tesoro EUR Bonds 18/28 Italy Buoni Poliennali Del | EUR | 450,0 | % | 111,809 | 503.140,46 | 0,17 |
| IT0001086567 | 7,2500 | % | Tesoro EUR Bonds 19/23 Italy Buoni Poliennali Del | EUR | 800,0 | % | 98,805 | 790.440,00 | 0,26 |
| IT0001174611 | 6,5000 | % | Tesoro EUR Bonds 97/26 Italy Buoni Poliennali Del | EUR | 1.150,0 | % | 138,755 | 1.595.682,39 | 0,53 |
| IT0001278511 | 5,2500 | % | Tesoro EUR Bonds 97/27 Italy Buoni Poliennali Del | EUR | 1.100,0 | % | 137,799 | 1.515.788,89 | 0,51 |
|  |  |  | Tesoro EUR Bonds 98/29 | EUR | 400,0 | % | 133,949 | 535.795,96 | 0,18 |
| Luxemburg |  |  |  |  |  |  |  | 5.327.405,77 | 1,79 |
| EU000A1G0BG1 | 1,6250 | % | European Financial Stability Fa- |  |  |  |  |  |  |
| EU000A1G0DG7 | 0,1000 | % | cility EUR MTN 13/20 European Financial Stability Fa- | EUR | 2.900,0 | % | 100,647 | 2.918.760,97 | 0,98 |
|  |  |  | cility EUR Bonds 16/21 | EUR | 2.400,0 | % | 100,360 | 2.408.644,80 | 0,81 |
| Norwegen |  |  |  |  |  |  |  | 2.762.271,60 | 0,93 |
| XS1344745481 | 0,3750 | % | DNB Boligkreditt EUR MTN 16/21 | EUR | 2.750,0 | % | 100,446 | 2.762.271,60 | 0,93 |
| Portugal |  |  |  |  |  |  |  | 15.581.782,20 | 5,23 |
| PTPBTHGE0034 | 0,0000 | % | Portugal Government EUR Zero- |  |  |  |  |  |  |
| PTPBTCGE0047 | 0,0000 | % | Coupon Bonds 15.01.2021 Portugal Government EUR Zero- | EUR | 2.950,0 | % | 100,197 | 2.955.811,50 | 0,99 |
| PTPBTFGE0044 | 0,0000 | % | Coupon Bonds 15.05.2020 Portugal Government EUR Zero- | EUR | 3.000,0 | % | 100,274 | 3.008.215,50 | 1,01 |
| PTPBTGGE0035 | 0,0000 | % | Coupon Bonds 17.07.2020 Portugal Government EUR Zero- | EUR | 2.000,0 | % | 100,328 | 2.006.567,80 | 0,67 |
| PTOTE5OE0007 | 4,1000 | % | Coupon Bonds 18.09.2020 Portugal Obrigações do | EUR | 3.000,0 | % | 100,370 | 3.011.087,10 | 1,01 |
| PTOTECOE0029 | 4,8000 | % | Tesouro EUR Bonds 06/37 Portugal Obrigações do | EUR | 70,0 | % | 146,382 | 102.467,40 | 0,03 |
| PTOTEQOE0015 | 5,6500 | % | Tesouro EUR Bonds 10/20 Portugal Obrigações do | EUR | 3.000,0 | % | 101,044 | 3.031.320,00 | 1,02 |
| PTOTEROE0014 | 3,8750 | % | Tesouro EUR Bonds 13/24 Portugal Obrigações do | EUR | 350,0 | % | 121,729 | 426.051,50 | 0,14 |
| PTOTESOE0013 | 2,2000 | % | Tesouro EUR Bonds 14/30 Portugal Obrigações do | EUR | 150,0 | % | 130,406 | 195.609,00 | 0,07 |
| PTOTEBOE0020 | 4,1000 | % | Tesouro EUR Bonds 15/22 Portugal Obrigações do | EUR | 250,0 | % | 105,941 | 264.852,50 | 0,09 |
| PTOTETOE0012 | 2,8750 | % | Tesouro EUR Bonds 15/45 Portugal Obrigações do | EUR | 40,0 | % | 155,436 | 62.174,40 | 0,02 |
| PTOTEVOE0018 | 2,1250 | % | Tesouro EUR Bonds 16/26 Portugal Obrigações do | EUR | 100,0 | % | 115,640 | 115.640,00 | 0,04 |
| PTOTEWOE0017 | 2,2500 | % | Tesouro EUR Bonds 18/28 Portugal Obrigações do | EUR | 200,0 | % | 113,002 | 226.004,00 | 0,08 |
|  |  |  | Tesouro EUR Bonds 18/34 | EUR | 150,0 | % | 117,321 | 175.981,50 | 0,06 |
| Spanien |  |  |  |  |  |  |  | 39.408.668,36 | 13,18 |
| ES0440609305 | 0,6250 | % | CaixaBank EUR Notes 15/20 | EUR | 3.000,0 | % | 100,476 | 3.014.289,00 | 1,01 |
| XS1316037545 | 1,5000 | % | Santander Consumer Fi- |  |  |  |  |  |  |
|  |  |  | nance EUR MTN 15/20 | EUR | 2.900,0 | % | 101,108 | 2.932.124,46 | 0,98 |
| ES0000012411 | 5,7500 | % | Spain Government EUR Bonds 01/32 | EUR | 475,0 | % | 159,598 | 758.090,50 | 0,25 |
| ES0000012932 | 4,2000 | % | Spain Government EUR Bonds 05/37 | EUR | 320,0 | % | 150,243 | 480.777,60 | 0,16 |
| ES00000121S7 | 4,7000 | % | Spain Government EUR Bonds 09/41 | EUR | 470,0 | % | 166,399 | 782.075,30 | 0,26 |
| ES00000122D7 | 4,0000 | % | Spain Government EUR Bonds 10/20 | EUR | 2.000,0 | % | 100,338 | 2.006.760,00 | 0,67 |
| ES00000123X3 | 4,4000 | % | Spain Government EUR Bonds 13/23 | EUR | 1.400,0 | % | 115,803 | 1.621.242,00 | 0,54 |
| ES00000126Z1 | 1,6000 | % | Spain Government EUR Bonds 15/25 | EUR | 650,0 | % | 107,441 | 698.366,44 | 0,23 |
| ES00000127Z9 | 1,9500 | % | Spain Government EUR Bonds 16/26 | EUR | 850,0 | % | 110,389 | 938.306,50 | 0,31 |

Vermögensaufstellung zum 31.03.2020
ISIN	Gattungsbezeichnung	Stück bzw.	Bestand	Kurs	Kurswert %-Anteil am
|  |  |  |  | Währung (in 1.000) bzw. Kontrakte | 31.03.2020 |  |  | in EUR | Teilfonds- vermögen |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ES00000128C6 | 2,9000 | % | Spain Government EUR Bonds 16/46 | EUR | 450,0 | % | 134,363 | 604.633,50 | 0,20 |
| ES00000128E2 | 3,4500 | % | Spain Government EUR Bonds 16/66 | EUR | 120,0 | % | 158,643 | 190.371,00 | 0,06 |
| ES0000012A97 | 0,4500 | % | Spain Government EUR Bonds 17/22 | EUR | 330,0 | % | 101,522 | 335.023,59 | 0,11 |
| ES00000128O1 | 0,4000 | % | Spain Government EUR Bonds 17/22 | EUR | 900,0 | % | 101,339 | 912.051,00 | 0,31 |
| ES00000128Q6 | 2,3500 | % | Spain Government EUR Bonds 17/33 | EUR | 250,0 | % | 119,443 | 298.607,50 | 0,10 |
| ES0000012B39 | 1,4000 | % | Spain Government EUR Bonds 18/28 | EUR | 1.450,0 | % | 107,660 | 1.561.070,00 | 0,52 |
| ES0000011868 | 6,0000 | % | Spain Government EUR Bonds 98/29 | EUR | 400,0 | % | 147,615 | 590.460,00 | 0,20 |
| ES0L02012042 | 0,0000 | % | Spain Letras del Tesoro EUR Zero- |  |  |  |  |  |  |
| ES0L02103056 | 0,0000 | % | Coupon Bonds 04.12.2020 Spain Letras del Tesoro EUR Zero- | EUR | 3.000,0 | % | 100,176 | 3.005.292,00 | 1,01 |
| ES0L02010095 | 0,0000 | % | Coupon Bonds 05.03.2021 Spain Letras del Tesoro EUR Zero- | EUR | 2.000,0 | % | 100,277 | 2.005.540,00 | 0,67 |
| ES0L02009113 | 0,0000 | % | Coupon Bonds 09.10.2020 Spain Letras del Tesoro EUR Zero- | EUR | 5.500,0 | % | 100,158 | 5.508.703,20 | 1,84 |
| ES0L02011135 | 0,0000 | % | Coupon Bonds 11.09.2020 Spain Letras del Tesoro EUR Zero- | EUR | 3.000,0 | % | 100,196 | 3.005.866,50 | 1,01 |
| ES0L02008149 | 0,0000 | % | Coupon Bonds 13.11.2020 Spain Letras Del Tesoro EUR Zero- | EUR | 3.500,0 | % | 100,164 | 3.505.729,85 | 1,18 |
| ES0L02004171 | 0,0000 | % | Coupon Bonds 14.08.2020 Spain Letras del Tesoro EUR Zero- | EUR | 2.650,0 | % | 100,114 | 2.653.028,42 | 0,89 |
|  |  |  | Coupon Bonds 17.04.2020 | EUR | 2.000,0 | % | 100,013 | 2.000.260,00 | 0,67 |
| Supranational |  |  |  |  |  |  |  | 6.045.783,70 | 2,04 |
| XS1317969944 | 1,0000 | % | Corporación Andina de Fo- |  |  |  |  |  |  |
| XS0524597613 | 3,0000 | % | mento EUR MTN 15/20 Council Of Europe Develop- | EUR | 1.000,0 | % | 100,527 | 1.005.266,70 | 0,34 |
|  |  |  | ment Bank EUR MTN 10/20 | EUR | 2.000,0 | % | 100,938 | 2.018.751,80 | 0,68 |
| XS0858366098 | 1,3750 | % | European Investment Bank EUR MTN 12/20 | EUR | 2.000,0 | % | 100,805 | 2.016.102,60 | 0,68 |
| XS0903345220 | 1,5000 | % | European Investment Bank |  |  |  |  |  |  |
|  |  |  | EUR MTN 13/20 S.2000 | EUR | 1.000,0 | % | 100,566 | 1.005.662,60 | 0,34 |
| Schweden |  |  |  |  |  |  |  | 5.032.746,50 | 1,69 |
| XS0988357090 | 1,6250 | % | Skandinaviska Enskilda Ban- |  |  |  |  |  |  |
|  |  |  | ken EUR MTN 13/20 | EUR | 2.000,0 | % | 101,068 | 2.021.352,60 | 0,68 |
| XS0965050197 | 2,2500 | % | Svenska Handelsbanken EUR MTN 13/20 | EUR | 1.000,0 | % | 100,682 | 1.006.820,50 | 0,34 |
| XS1300812077 | 0,3750 | % | Sveriges Sakerstallda Obliga- |  |  |  |  |  |  |
|  |  |  | tioner EUR MTN 15/20 | EUR | 2.000,0 | % | 100,229 | 2.004.573,40 | 0,67 |
| Niederlande |  |  |  |  |  |  |  | 21.118.169,14 | 7,10 |
| XS0537711144 | 2,6250 | % | BNG Bank EUR MTN 10/20 | EUR | 2.000,0 | % | 101,198 | 2.023.966,80 | 0,68 |
| XS0873878283 | 1,5000 | % | BNG Bank EUR MTN 13/20 | EUR | 2.000,0 | % | 100,099 | 2.001.970,40 | 0,67 |
| XS0811554962 | 2,1250 | % | Heineken EUR MTN 12/20 | EUR | 1.000,0 | % | 100,593 | 1.005.928,30 | 0,34 |
| XS0940711947 | 2,8750 | % | Iberdrola International EUR MTN 13/20 | EUR | 2.000,0 | % | 101,645 | 2.032.890,40 | 0,68 |
| XS1324217733 | 0,7500 | % | ING Bank EUR MTN 15/20 | EUR | 1.000,0 | % | 100,165 | 1.001.653,30 | 0,34 |
| XS0828235225 | 1,7500 | % | Linde EUR MTN 12/20 | EUR | 1.200,0 | % | 100,716 | 1.208.590,56 | 0,41 |
| XS0951381523 | 1,7500 | % | Nederlandse Waterschaps- |  |  |  |  |  |  |
|  |  |  | bank EUR Notes 13/20 | EUR | 2.000,0 | % | 100,552 | 2.011.037,00 | 0,67 |
| NL0000102234 | 4,0000 | % | Netherlands Government EUR Bonds 05/37 | EUR | 210,0 | % | 168,409 | 353.658,90 | 0,12 |
| NL0009348242 | 3,5000 | % | Netherlands Government EUR Bonds 10/20 | EUR | 500,0 | % | 101,194 | 505.970,00 | 0,17 |
| NL0009446418 | 3,7500 | % | Netherlands Government EUR Bonds 10/42 | EUR | 260,0 | % | 180,367 | 468.954,17 | 0,16 |
| NL0010060257 | 2,2500 | % | Netherlands Government EUR Bonds 12/22 | EUR | 500,0 | % | 106,805 | 534.025,00 | 0,18 |
| NL0010071189 | 2,5000 | % | Netherlands Government EUR Bonds 12/33 | EUR | 140,0 | % | 134,629 | 188.480,59 | 0,06 |
| NL0010733424 | 2,0000 | % | Netherlands Government EUR Bonds 14/24 | EUR | 500,0 | % | 111,313 | 556.565,00 | 0,19 |
| NL0010721999 | 2,7500 | % | Netherlands Government EUR Bonds 14/47 | EUR | 100,0 | % | 169,542 | 169.541,99 | 0,06 |
| NL0011819040 | 0,5000 | % | Netherlands Government EUR Bonds 16/26 | EUR | 280,0 | % | 106,105 | 297.094,00 | 0,10 |
| NL0013332430 | 0,2500 | % | Netherlands Government EUR Bonds 19/29 | EUR | 100,0 | % | 105,121 | 105.121,00 | 0,04 |
| NL0000102317 | 5,5000 | % | Netherlands Government EUR Bonds 98/28 | EUR | 350,0 | % | 146,426 | 512.491,00 | 0,17 |
| NL0011896857 | 0,0000 | % | Netherlands Government EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 15.01.2022 | EUR | 200,0 | % | 101,224 | 202.448,00 | 0,07 |
| XS1413583839 | 1,1680 | % | Opel Finance International EUR MTN 16/20 | EUR | 2.000,0 | % | 99,926 | 1.998.510,20 | 0,67 |
| XS1334225361 | 2,1250 | % | Repsol International Fi- |  |  |  |  |  |  |
|  |  |  | nance EUR MTN 15/20 | EUR | 1.900,0 | % | 101,186 | 1.922.542,93 | 0,64 |
| DE000A18V138 | 1,6250 | % | Vonovia Finance EUR MTN 15/20 | EUR | 2.000,0 | % | 100,836 | 2.016.729,60 | 0,68 |

Vermögensaufstellung zum 31.03.2020
| ISIN | Gattungsbezeichnung | Stück bzw. Währung (in 1.000) bzw. Kontrakte | Bestand 31.03.2020 | Kurs | Kurswert in EUR | %-Anteil am Teilfonds- vermögen |
| --- | --- | --- | --- | --- | --- | --- |
| Vereinigtes | Königreich |  |  |  | 4.744.875,65 | 1,59 |
| XS0542950810 | 4,0000 % | Lloyds Bank EUR MTN 10/20 | EUR | 1.700,0 | % | 102,033 | 1.734.565,25 | 0,58 |
| XS1323028479 | 0,8750 % | Vodafone Group EUR MTN 15/20 | EUR | 3.000,0 | % | 100,344 | 3.010.310,40 | 1,01 |
| USA |  |  |  |  |  |  | 8.041.033,60 | 2,69 |
| XS0954946926 | 2,5000 % | Bank of America EUR MTN 13/20 | EUR | 2.000,0 | % | 100,522 | 2.010.444,60 | 0,67 |
| XS0963375232 | 2,6250 % | Goldman Sachs Group EUR MTN 13/20 | EUR | 1.000,0 | % | 100,574 | 1.005.739,30 | 0,34 |
| XS1310647729 | 0,1250 % | International Bank for Reconstruction |  |  |  |  |  |  |
|  |  | & Development EUR Bonds 15/20 | EUR | 2.000,0 | % | 100,338 | 2.006.760,00 | 0,67 |
| XS0968433135 | 2,2500 % | Wells Fargo EUR MTN 13/20 | EUR | 3.000,0 | % | 100,603 | 3.018.089,70 | 1,01 |
| Anlagen in Wertpapiere und Geldmarktinstrumente |  | 271.133.825,35 | 90,85 |
| Einlagen bei Kreditinstituten |  | 23.210.379,52 | 7,78 |
| Täglich fällige Gelder |  | 23.210.379,52 | 7,78 |
| State Street Bank International |  |  |  |
| GmbH. Luxembourg Branch Barmittel bei Brokern und Einlagen | EUR | 14.027.735,81 | 4,70 |
| zur Besicherung von Derivaten | EUR | 9.182.643,71 | 3,08 |
| Summe Einlagen bei Kreditinstituten |  | 23.210.379,52 | 7,78 |

| Gattungsbezeichnung | Stück bzw. Währung (in 1.000) bzw. Kontrakte | Bestand 31.03.2020 |  | Kurs | Nicht- realisierter Gewinn/Verlust | %-Anteil am Teilfonds- vermögen |
| --- | --- | --- | --- | --- | --- | --- |
| Derivate |  |  |  |  |  |  |
| Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen. |  |  |  |  |  |  |
| Börsengehandelte Derivate |  |  |  |  | 2.322.603,97 | 0,80 |
| Futuresgeschäfte |  |  |  |  | 2.322.603,97 | 0,80 |
| Gekaufte Indexterminkontrakte |  |  |  |  | 1.349.633,97 | 0,46 |
| DJ EURO STOXX 50 Index Futures 06/20 | Ctr | 347 | EUR | 2.774,000 | 1.756.630,00 | 0,59 |
| FTSE 100 Index Futures 06/20 | Ctr | 56 | GBP | 5.671,000 | 377.215,16 | 0,13 |
| S&P 500 E-mini Index Futures 06/20 | Ctr | 373 | USD | 2.611,200 | -1.210.883,78 | -0,41 |
| S&P/TSX 60 Index Futures 06/20 | Ctr | 21 | CAD | 792,400 | -65.692,72 | -0,02 |
| SPI 200 Index Futures 06/20 | Ctr | 58 | AUD | 5.109,000 | 225.041,09 | 0,08 |
| Topix Index Futures 06/20 | Ctr | 50 | JPY | 1.403,000 | 267.324,22 | 0,09 |
| Verkaufte Bondterminkontrakte |  |  |  |  | 972.970,00 | 0,34 |
| 10-Year German Government Bond (Bund) Futures 06/20 | Ctr | -26 | EUR | 172,720 | 53.700,00 | 0,02 |
| 2-Year German Government Bond (Schatz) Futures 06/20 | Ctr | -69 | EUR | 112,175 | 19.040,00 | 0,01 |
| 30-Year German Government Bond (Buxl) Futures 06/20 | Ctr | -42 | EUR | 211,960 | 298.120,00 | 0,10 |
| 5-Year German Government Bond (Bobl) Futures 06/20 | Ctr | -110 | EUR | 135,240 | 106.110,00 | 0,04 |
| Euro BTP Futures 06/20 | Ctr | -137 | EUR | 142,170 | 496.000,00 | 0,17 |
| OTC-gehandelte Derivate |  |  |  |  | 733,12 | 0,00 |
| Devisentermingeschäfte |  |  |  |  | 733,12 | 0,00 |
| Verkauft AUD / Gekauft USD - 15. Mai 2020 | AUD | -158,94 |  |  | 6,44 | 0,00 |
| Verkauft CAD / Gekauft USD - 15. Mai 2020 | CAD | -37,15 |  |  | 0,92 | 0,00 |
| Verkauft EUR / Gekauft USD - 15. Mai 2020 | EUR | -22.078,09 |  |  | 775,87 | 0,00 |
| Verkauft GBP / Gekauft USD - 15. Mai 2020 | GBP | -79,90 |  |  | 5,66 | 0,00 |
| Verkauft JPY / Gekauft USD - 15. Mai 2020 | JPY | -20.700,00 |  |  | 10,82 | 0,00 |
| Verkauft USD / Gekauft AUD - 15. Mai 2020 | USD | -87,46 |  |  | 0,02 | 0,00 |
| Verkauft USD / Gekauft EUR - 15. Mai 2020 | USD | -4.304,08 |  |  | -64,40 | 0,00 |
| Verkauft USD / Gekauft GBP - 15. Mai 2020 | USD | -97,18 |  |  | -0,51 | 0,00 |
| Verkauft USD / Gekauft JPY - 15. Mai 2020 | USD | -181,42 |  |  | -1,70 | 0,00 |
| Anlage in Derivaten |  |  |  |  | 2.323.337,09 | 0,80 |
| Sonstige Vermögenswerte/Verbindlichkeiten | EUR |  |  |  | 1.687.535,09 | 0,57 |
| Teilfondsvermögen | EUR |  |  |  | 298.355.077,05 | 100,00 |

| Nettoinventarwert je Aktie |  |
| --- | --- |
| - Klasse A2 (EUR) (ausschüttend) | EUR | 98,55 | 98,55 |
| - Klasse CT (EUR) (thesaurierend) | EUR | 210,31 | 210,31 |
| - Klasse IT (EUR) (thesaurierend) | EUR | 1.196,76 | 1.196,76 |
| - Klasse NT (EUR) (thesaurierend) | EUR | 2.237,76 | 2.237,76 |

| - Klasse P (EUR) (ausschüttend) | EUR | 925,57 | 925,57 |
| --- | --- | --- | --- |
| - Klasse PT (EUR) (thesaurierend) | EUR | 959,16 | 959,16 |
| - Klasse RT (EUR) (thesaurierend) | EUR | 98,15 | 98,15 |
| - Klasse WT (EUR) (thesaurierend) | EUR | 1.157,85 | 1.157,85 |
| - Klasse AT (H-USD) (thesaurierend) | USD | 94,24 | 94,24 |
| - Klasse I (USD) (ausschüttend) | USD | 1.146,33 | 1.146,33 |
| - Klasse RT (H-USD) (thesaurierend) Aktien in Umlauf | USD | 94,28 | 94,28 |
| - Klasse A2 (EUR) (ausschüttend) | Shs | 198 | 198,00 |
| - Klasse CT (EUR) (thesaurierend) | Shs | 953.576 | 953.576,00 |
| - Klasse IT (EUR) (thesaurierend) | Shs | 24.781 | 24.781,00 |
| - Klasse NT (EUR) (thesaurierend) | Shs | 11.400 | 11.400,00 |
| - Klasse P (EUR) (ausschüttend) | Shs | 119 | 119,00 |
| - Klasse PT (EUR) (thesaurierend) | Shs | 1 | 1,00 |
| - Klasse RT (EUR) (thesaurierend) | Shs | 7.241 | 7.241,00 |
| - Klasse WT (EUR) (thesaurierend) | Shs | 36.086 | 36.086,00 |
| - Klasse AT (H-USD) (thesaurierend) | Shs | 115 | 115,00 |
| - Klasse I (USD) (ausschüttend) | Shs | 1 | 1,00 |
| - Klasse RT (H-USD) (thesaurierend) | Shs | 115 | 115,00 |

Die Angaben der Veränderungen in der Zusammensetzung des Wertpapierbestandes während des Berichtszeitraums können kostenlos bei der Allianz Global Investors GmbH - Zweigniederlassung Luxemburg - angefordert werden.
| Zusammensetzung des Fondsvermögens |  |  | Entwicklung des Fondsvermögens |  |
| --- | --- | --- | --- | --- |
| zum 31.03.2020 |  |  | für den Zeitraum vom 01.10.2019 bis zum 31.03.2020 |
|  | EUR |  |  | EUR |
| Wertpapiere und Geldmarktinstrumente |  |  | Fondsvermögen zu Beginn des Berichtszeitraums | 395.588.513,31 |
| (Anschaffungspreis EUR 272.686.956,66) | 271.133.825,35 |  | Mittelzuflüsse | 150.762.588,80 |
| Bankguthaben | 23.210.379,52 |  | Mittelrückflüsse | -204.876.283,98 |
| Zinsansprüche aus |  |  | Ausschüttung | -238,45 |
| - Rentenwerten | 2.308.247,88 |  | Betriebsergebnis | -43.119.502,63 |
| Forderungen aus |  |  | Vermögen am Ende des Berichtszeitraums | 298.355.077,05 |
| - Verkauf von Fondsanteilen | 65.225,05 |  |
| -Wertpapierleihgeschäfte | 2.682,37 |
| Sonstige Forderungen | 23.830,60 |
| Nicht realisierter Gewinn aus |  |
| - Finanztermingeschäften | 3.599.180,47 |
| - Devisentermingeschäften | 799,73 |
| Gesamtvermögen | 300.344.170,97 |
| Bankverbindlichkeiten | -285.369,66 |
| Verbindlichkeiten aus |  |
| - Rücknahme von Fondsanteilen | -42.571,31 |
| Sonstige Verbindlichkeiten | -384.509,84 |
| Nicht realisierter Verlust aus |  |
| - Finanztermingeschäften | -1.276.576,50 |
| - Devisentermingeschäften | -66,61 |
| Gesamtverbindlichkeiten | -1.989.093,92 |
| Fondsvermögen | 298.355.077,05 |

| Entwicklung der Anteile im Umlauf |  |
| --- | --- |
|  | 2019/2020 | 2018/2019 |
| Aktien im Umlauf zu Beginn des Berichtszeitraums | 1.071.250 | 851.493 |
| Im Berichtszeitraum ausgegebene Aktien | 211.369 | 529.814 |
| Im Berichtszeitraum zurückgenommene Aktien | -248.986 | -310.057 |
| Aktien im Umlauf am Ende des Berichtszeitraums | 1.033.633 | 1.071.250 |