# Allianz Strategy 50
Investment Portfolio as at 31/03/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| Securities and money-market instruments admitted to an official stock exchange listing	3,394,828,048.95	94.57 |
| Bonds |  |  |  |  |  |  |  | 3,394,828,048.95 | 94.57 |
| Australia |  |  |  |  |  |  |  | 49,004,492.90 | 1.36 |
| XS1072516427 | 1.3750 | % | National Australia Bank EUR MTN 14/21 | EUR | 11,500.0 | % | 100.291 | 11,533,431.65 | 0.32 |
| XS1978200555 | 0.0000 | % | Toyota Finance Australia EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon MTN 09.04.2021 | EUR | 4,800.0 | % | 100.039 | 4,801,856.64 | 0.13 |
| XS1263878818 | 0.7500 | % | Westpac Banking EUR MTN 15/21 | EUR | 32,550.0 | % | 100.366 | 32,669,204.61 | 0.91 |
| Austria |  |  |  |  |  |  |  | 86,450,188.24 | 2.41 |
| AT0000A001X2 | 3.5000 | % | Austria Government EUR Bonds 06/21 | EUR | 40,000.0 | % | 101.855 | 40,742,120.00 | 1.14 |
| AT0000A04967 | 4.1500 | % | Austria Government EUR Bonds 07/37 | EUR | 2,500.0 | % | 162.206 | 4,055,158.25 | 0.11 |
| AT0000A0DXC2 | 4.8500 | % | Austria Government EUR Bonds 09/26 | EUR | 5,600.0 | % | 127.082 | 7,116,595.36 | 0.20 |
| AT0000A0U3T4 | 3.4000 | % | Austria Government EUR Bonds 12/22 | EUR | 8,300.0 | % | 106.649 | 8,851,882.77 | 0.25 |
| AT0000A0VRQ6 | 3.1500 | % | Austria Government EUR Bonds 12/44 | EUR | 1,650.0 | % | 161.415 | 2,663,347.34 | 0.07 |
| AT0000A0U299 | 3.8000 | % | Austria Government EUR Bonds 12/62 | EUR | 3,200.0 | % | 213.801 | 6,841,621.44 | 0.19 |
| AT0000A10683 | 2.4000 | % | Austria Government EUR Bonds 13/34 | EUR | 1,700.0 | % | 130.166 | 2,212,818.94 | 0.06 |
| AT0000A185T1 | 1.6500 | % | Austria Government EUR Bonds 14/24 S.1 | EUR | 3,930.0 | % | 108.164 | 4,250,828.30 | 0.12 |
| AT0000A1VGK0 | 0.5000 | % | Austria Government EUR Bonds 17/27 | EUR | 2,900.0 | % | 105.856 | 3,069,823.13 | 0.09 |
| AT0000A269M8 | 0.5000 | % | Austria Government EUR Bonds 19/29 | EUR | 4,200.0 | % | 106.045 | 4,453,900.50 | 0.12 |
| AT0000A2HLC4 | 0.8500 | % | Austria Government EUR Bonds 20/20 | EUR | 700.0 | % | 96.118 | 672,828.31 | 0.02 |
| AT0000A2CQD2 | 0.0000 | % | Austria Government EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 20.02.2030 | EUR | 1,500.0 | % | 101.284 | 1,519,263.90 | 0.04 |
| Belgium |  |  |  |  |  |  |  | 127,056,237.75 | 3.54 |
| BE0000291972 | 5.5000 | % | Belgium Government EUR Bonds 98/28 S.31 | EUR | 2,700.0 | % | 141.448 | 3,819,096.00 | 0.11 |
| BE0000320292 | 4.2500 | % | Belgium Government EUR Bonds 10/41 S.60 | EUR | 2,800.0 | % | 170.795 | 4,782,259.72 | 0.13 |
| BE0000321308 | 4.2500 | % | Belgium Government EUR Bonds 11/21 S.61 | EUR | 34,650.0 | % | 102.345 | 35,462,542.50 | 0.99 |
| BE0000324336 | 4.5000 | % | Belgium Government EUR Bonds 11/26 S.64 | EUR | 2,200.0 | % | 125.339 | 2,757,458.00 | 0.08 |
| BE0000325341 | 4.2500 | % | Belgium Government EUR Bonds 12/22 S.65 | EUR | 50.0 | % | 107.363 | 53,681.50 | 0.00 |
| BE0000326356 | 4.0000 | % | Belgium Government EUR Bonds 12/32 S.66 | EUR | 4,500.0 | % | 144.047 | 6,482,115.00 | 0.18 |
| BE0000328378 | 2.2500 | % | Belgium Government EUR Bonds 13/23 S.68 | EUR | 5,100.0 | % | 106.525 | 5,432,775.00 | 0.15 |
| BE0000331406 | 3.7500 | % | Belgium Government EUR Bonds 13/45 S.71 | EUR | 2,000.0 | % | 168.959 | 3,379,179.80 | 0.09 |
| BE0000332412 | 2.6000 | % | Belgium Government EUR Bonds 14/24 S.72 | EUR | 3,250.0 | % | 110.513 | 3,591,672.50 | 0.10 |
| BE0000333428 | 3.0000 | % | Belgium Government EUR Bonds 14/34 S.73 | EUR | 6,500.0 | % | 136.896 | 8,898,240.00 | 0.25 |
| BE0000334434 | 0.8000 | % | Belgium Government EUR Bonds 15/25 S.74 | EUR | 5,150.0 | % | 105.823 | 5,449,884.50 | 0.15 |
| BE0000338476 | 1.6000 | % | Belgium Government EUR Bonds 16/47 S.78 | EUR | 2,300.0 | % | 120.313 | 2,767,198.77 | 0.08 |
| BE0000341504 | 0.8000 | % | Belgium Government EUR Bonds 17/27 S.81 | EUR | 5,600.0 | % | 107.571 | 6,023,976.00 | 0.17 |
| BE0000344532 | 1.4500 | % | Belgium Government EUR Bonds 17/37 S.84 | EUR | 4,450.0 | % | 116.890 | 5,201,604.56 | 0.14 |
| BE0000343526 | 2.2500 | % | Belgium Government EUR Bonds 17/57 S.83 | EUR | 3,050.0 | % | 142.956 | 4,360,157.70 | 0.12 |
| BE0000345547 | 0.8000 | % | Belgium Government EUR Bonds 18/28 S.85 | EUR | 7,000.0 | % | 108.100 | 7,567,000.00 | 0.21 |
| BE0000349580 | 0.1000 | % | Belgium Government EUR Bonds 20/30 | EUR | 1,000.0 | % | 101.914 | 1,019,138.20 | 0.03 |
| BE0002489640 | 0.1250 | % | KBC Bank EUR MTN 15/21 | EUR | 20,000.0 | % | 100.041 | 20,008,258.00 | 0.56 |
| Denmark |  |  |  |  |  |  |  | 11,037,560.60 | 0.31 |
| XS1071388117 | 1.2500 | % | Danske Bank EUR MTN 14/21 | EUR | 11,000.0 | % | 100.341 | 11,037,560.60 | 0.31 |
| Finland |  |  |  |  |  |  |  | 67,867,163.43 | 1.89 |
| FI4000020961 | 3.5000 | % | Finland Government EUR Bonds 11/21 | EUR | 48,850.0 | % | 100.141 | 48,919,039.71 | 1.36 |
| FI4000047089 | 1.6250 | % | Finland Government EUR Bonds 12/22 | EUR | 2,800.0 | % | 103.373 | 2,894,446.80 | 0.08 |
| FI4000037635 | 2.7500 | % | Finland Government EUR Bonds 12/28 | EUR | 4,000.0 | % | 122.891 | 4,915,634.00 | 0.14 |
| FI4000046545 | 2.6250 | % | Finland Government EUR Bonds 12/42 | EUR | 2,100.0 | % | 146.752 | 3,081,792.21 | 0.09 |
| FI4000062625 | 1.5000 | % | Finland Government EUR Bonds 13/23 | EUR | 1,000.0 | % | 104.449 | 1,044,490.20 | 0.03 |
| FI4000079041 | 2.0000 | % | Finland Government EUR Bonds 14/24 | EUR | 500.0 | % | 108.157 | 540,786.05 | 0.01 |
| FI4000167317 | 0.8750 | % | Finland Government EUR Bonds 15/25 | EUR | 500.0 | % | 106.466 | 532,327.80 | 0.01 |
| FI4000278551 | 0.5000 | % | Finland Government EUR Bonds 17/27 | EUR | 2,000.0 | % | 106.037 | 2,120,746.40 | 0.06 |
| FI4000306758 | 1.1250 | % | Finland Government EUR Bonds 18/34 | EUR | 2,300.0 | % | 113.272 | 2,605,247.72 | 0.07 |
| FI4000242862 | 0.0000 | % | Finland Government EUR Zero- |  |  |  |  |  |  |
| FI4000441878 | 0.0000 | % | Coupon Bonds 15.04.2022 Finland Government EUR Zero- | EUR | 200.0 | % | 100.699 | 201,398.24 | 0.01 |
|  |  |  | Coupon Bonds 15.09.2030 | EUR | 1,000.0 | % | 101.125 | 1,011,254.30 | 0.03 |
| France |  |  |  |  |  |  |  | 615,079,520.40 | 17.13 |

Investment Portfolio as at 31/03/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| XS1548802914 | 0.3750 | % | Banque Fédérative du Crédit |  |  |  |  |  |  |
| XS1871106297 | 0.1250 | % | Mutuel EUR MTN 17/22 Banque Fédérative du Crédit | EUR | 4,900.0 | % | 100.677 | 4,933,180.35 | 0.14 |
|  |  |  | Mutuel EUR MTN 18/21 | EUR | 13,000.0 | % | 100.269 | 13,035,029.80 | 0.36 |
| FR0011109321 | 3.7500 | % | BPCE EUR MTN 11/21 | EUR | 28,900.0 | % | 101.916 | 29,453,683.54 | 0.82 |
| FR0010762039 | 4.8750 | % | Caisse Française de Financement |  |  |  |  |  |  |
| FR0010850982 | 4.2500 | % | Local EUR MTN 09/21 Caisse Française de Financement | EUR | 7,100.0 | % | 100.854 | 7,160,665.24 | 0.20 |
| FR0010758599 | 4.8750 | % | Local EUR MTN 10/22 Compagnie de Financement | EUR | 10,500.0 | % | 103.892 | 10,908,662.10 | 0.30 |
| FR0010327007 | 5.0000 | % | Foncier EUR MTN 09/21 Compagnie Financière et Industrielle | EUR | 10,100.0 | % | 100.734 | 10,174,113.80 | 0.28 |
|  |  |  | des Autoroutes EUR Notes 06/21 | EUR | 2,650.0 | % | 100.801 | 2,671,234.45 | 0.07 |
| FR0000571218 | 5.5000 | % | France Government EUR Bonds 98/29 | EUR | 14,700.0 | % | 146.666 | 21,559,900.53 | 0.60 |
| FR0000187635 | 5.7500 | % | France Government EUR Bonds 01/32 | EUR | 6,500.0 | % | 165.898 | 10,783,370.00 | 0.30 |
| FR0010070060 | 4.7500 | % | France Government EUR Bonds 04/35 | EUR | 12,400.0 | % | 163.003 | 20,212,372.00 | 0.56 |
| FR0010192997 | 3.7500 | % | France Government EUR Bonds 05/21 | EUR | 39,250.0 | % | 100.230 | 39,340,275.00 | 1.10 |
| FR0010171975 | 4.0000 | % | France Government EUR Bonds 05/55 | EUR | 10,000.0 | % | 193.983 | 19,398,299.00 | 0.54 |
| FR0010371401 | 4.0000 | % | France Government EUR Bonds 06/38 | EUR | 13,000.0 | % | 161.391 | 20,980,828.70 | 0.58 |
| FR0010466938 | 4.2500 | % | France Government EUR Bonds 07/23 | EUR | 13,000.0 | % | 112.655 | 14,645,150.00 | 0.41 |
| FR0010773192 | 4.5000 | % | France Government EUR Bonds 09/41 | EUR | 2,050.0 | % | 176.708 | 3,622,513.80 | 0.10 |
| FR0010916924 | 3.5000 | % | France Government EUR Bonds 10/26 | EUR | 14,400.0 | % | 120.420 | 17,340,480.00 | 0.48 |
| FR0011059088 | 3.2500 | % | France Government EUR Bonds 11/21 | EUR | 50,000.0 | % | 102.157 | 51,078,500.00 | 1.42 |
| FR0011317783 | 2.7500 | % | France Government EUR Bonds 12/27 | EUR | 8,000.0 | % | 120.631 | 9,650,480.00 | 0.27 |
| FR0011486067 | 1.7500 | % | France Government EUR Bonds 13/23 | EUR | 11,800.0 | % | 105.188 | 12,412,184.00 | 0.35 |
| FR0011461037 | 3.2500 | % | France Government EUR Bonds 13/45 | EUR | 16,800.0 | % | 158.525 | 26,632,198.32 | 0.74 |
| FR0011962398 | 1.7500 | % | France Government EUR Bonds 14/24 | EUR | 6,650.0 | % | 108.620 | 7,223,230.00 | 0.20 |
| FR0011883966 | 2.5000 | % | France Government EUR Bonds 14/30 | EUR | 8,650.0 | % | 123.955 | 10,722,106.64 | 0.30 |
| FR0012517027 | 0.5000 | % | France Government EUR Bonds 15/25 | EUR | 19,000.0 | % | 104.407 | 19,837,330.00 | 0.55 |
| FR0012938116 | 1.0000 | % | France Government EUR Bonds 15/25 | EUR | 14,700.0 | % | 107.104 | 15,744,286.53 | 0.44 |
| FR0013200813 | 0.2500 | % | France Government EUR Bonds 16/26 | EUR | 7,000.0 | % | 103.829 | 7,268,029.30 | 0.20 |
| FR0013154044 | 1.2500 | % | France Government EUR Bonds 16/36 | EUR | 2,500.0 | % | 113.727 | 2,843,174.75 | 0.08 |
| FR0013154028 | 1.7500 | % | France Government EUR Bonds 16/66 | EUR | 2,050.0 | % | 130.474 | 2,674,717.00 | 0.07 |
| FR0013250560 | 1.0000 | % | France Government EUR Bonds 17/27 | EUR | 8,500.0 | % | 108.536 | 9,225,560.00 | 0.26 |
| FR0013286192 | 0.7500 | % | France Government EUR Bonds 17/28 | EUR | 5,000.0 | % | 107.420 | 5,371,000.00 | 0.15 |
| FR0013341682 | 0.7500 | % | France Government EUR Bonds 18/28 | EUR | 18,900.0 | % | 107.568 | 20,330,350.11 | 0.57 |
| FR0013313582 | 1.2500 | % | France Government EUR Bonds 18/34 | EUR | 1,500.0 | % | 113.507 | 1,702,604.85 | 0.05 |
| FR0126001801 | 0.0000 | % | France Government EUR Zero- |  |  |  |  |  |  |
| FR0126310301 | 0.0000 | % | Coupon Bonds 16.06.2021 France Government EUR Zero- | EUR | 25,000.0 | % | 100.127 | 25,031,782.50 | 0.70 |
| FR0013398583 | 0.0000 | % | Coupon Bonds 08.09.2021 France Government EUR Zero- | EUR | 31,350.0 | % | 100.281 | 31,438,018.26 | 0.88 |
| FR0013219177 | 0.0000 | % | Coupon Bonds 25.02.2022 France Government EUR Zero- | EUR | 30,000.0 | % | 100.575 | 30,172,500.00 | 0.84 |
| FR0013283686 | 0.0000 | % | Coupon Bonds 25.05.2022 France Government EUR Zero- | EUR | 4,900.0 | % | 100.754 | 4,936,946.00 | 0.14 |
| FR0013344751 | 0.0000 | % | Coupon Bonds 25.03.2023 France Government EUR Zero- | EUR | 11,350.0 | % | 101.309 | 11,498,571.50 | 0.32 |
|  |  |  | Coupon Bonds 25.03.2024 | EUR | 5,450.0 | % | 101.854 | 5,551,043.00 | 0.16 |
| FR0012384634 | 1.1250 | % | Publicis Groupe EUR Notes 14/21 | EUR | 8,600.0 | % | 100.668 | 8,657,427.36 | 0.24 |
| FR0013322120 | 0.2500 | % | RCI Banque EUR MTN 18/21 | EUR | 17,300.0 | % | 100.053 | 17,309,099.80 | 0.48 |
| FR0013365491 | 0.2500 | % | Société Générale EUR MTN 18/22 | EUR | 17,600.0 | % | 100.566 | 17,699,621.28 | 0.49 |
| FR0011048966 | 4.0780 | % | Suez EUR MTN 11/21 | EUR | 6,400.0 | % | 100.501 | 6,432,071.68 | 0.18 |
| XS0994990280 | 2.1250 | % | Total Capital International EUR MTN 13/21 | EUR | 7,300.0 | % | 101.602 | 7,416,929.21 | 0.21 |
| Germany |  |  |  |  |  |  |  | 425,358,959.31 | 11.85 |
| DE000BLB7L64 | 0.0000 | % | Bayerische Landesbank EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Notes 06.08.2021 | EUR | 20,000.0 | % | 100.186 | 20,037,270.00 | 0.56 |
| XS1088129660 | 1.7500 | % | CRH Finance Germany EUR MTN 14/21 | EUR | 13,500.0 | % | 100.335 | 13,545,185.85 | 0.38 |
| DE000DL19TA6 | 1.5000 | % | Deutsche Bank EUR MTN 17/22 | EUR | 20,000.0 | % | 101.327 | 20,265,380.00 | 0.56 |
| XS1616411036 | 0.3750 | % | E.ON EUR MTN 17/21 | EUR | 16,000.0 | % | 100.099 | 16,015,832.00 | 0.45 |

Investment Portfolio as at 31/03/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| DE0001134922 | 6.2500 | % | Germany Government EUR |  |  |  |  |  |  |
| DE0001135085 | 4.7500 | % | Bonds 94/24 S.94 Germany Government EUR | EUR | 8,300.0 | % | 119.397 | 9,909,951.00 | 0.28 |
|  |  |  | Bonds 98/28 S.98 | EUR | 11,600.0 | % | 139.130 | 16,139,080.00 | 0.45 |
| DE0001135176 | 5.5000 | % | Germany Government EUR Bonds 00/31 | EUR | 4,800.0 | % | 158.066 | 7,587,167.52 | 0.21 |
| DE0001135226 | 4.7500 | % | Germany Government EUR Bonds 03/34 S.3 | EUR | 7,050.0 | % | 165.971 | 11,700,955.50 | 0.33 |
| DE0001135275 | 4.0000 | % | Germany Government EUR Bonds 05/37 S.5 | EUR | 2,300.0 | % | 164.144 | 3,775,312.00 | 0.10 |
| DE0001135325 | 4.2500 | % | Germany Government EUR |  |  |  |  |  |  |
|  |  |  | Bonds 07/39 S.2007 | EUR | 2,200.0 | % | 177.544 | 3,905,968.00 | 0.11 |
| DE0001135366 | 4.7500 | % | Germany Government EUR Bonds 08/40 S.8 | EUR | 4,000.0 | % | 190.868 | 7,634,719.60 | 0.21 |
| DE0001135499 | 1.5000 | % | Germany Government EUR Bonds 12/22 | EUR | 3,850.0 | % | 103.118 | 3,970,043.00 | 0.11 |
| DE0001135481 | 2.5000 | % | Germany Government EUR Bonds 12/44 | EUR | 4,800.0 | % | 154.349 | 7,408,751.52 | 0.21 |
| DE0001102309 | 1.5000 | % | Germany Government EUR Bonds 13/23 | EUR | 7,000.0 | % | 104.138 | 7,289,660.00 | 0.20 |
| DE0001102317 | 1.5000 | % | Germany Government EUR Bonds 13/23 | EUR | 3,100.0 | % | 104.715 | 3,246,165.00 | 0.09 |
| DE0001102325 | 2.0000 | % | Germany Government EUR Bonds 13/23 | EUR | 11,050.0 | % | 106.494 | 11,767,587.00 | 0.33 |
| DE0001102366 | 1.0000 | % | Germany Government EUR Bonds 14/24 | EUR | 25,550.0 | % | 105.846 | 27,043,653.00 | 0.75 |
| DE0001102341 | 2.5000 | % | Germany Government EUR Bonds 14/46 | EUR | 6,300.0 | % | 157.682 | 9,933,966.00 | 0.28 |
| DE0001102382 | 1.0000 | % | Germany Government EUR Bonds 15/25 | EUR | 7,500.0 | % | 107.405 | 8,055,375.00 | 0.22 |
| DE0001102424 | 0.5000 | % | Germany Government EUR Bonds 17/27 | EUR | 6,500.0 | % | 106.837 | 6,944,405.00 | 0.19 |
| DE0001102432 | 1.2500 | % | Germany Government EUR Bonds 17/48 | EUR | 4,200.0 | % | 126.911 | 5,330,262.00 | 0.15 |
| DE0001102440 | 0.5000 | % | Germany Government EUR Bonds 18/28 | EUR | 7,900.0 | % | 107.092 | 8,460,268.00 | 0.23 |
| DE0001141745 | 0.0000 | % | Germany Government EUR Zero- |  |  |  |  |  |  |
| DE0001141737 | 0.0000 | % | Coupon Bonds 08.10.2021 S.174 Germany Government EUR Zero- | EUR | 55,000.0 | % | 100.319 | 55,175,450.00 | 1.54 |
| DE0001104784 | 0.0000 | % | Coupon Bonds 09.04.2021 S.173 Germany Government EUR Zero- | EUR | 30,000.0 | % | 100.000 | 29,999,997.00 | 0.84 |
| DE0001102408 | 0.0000 | % | Coupon Bonds 10.12.2021 Germany Government EUR Zero- | EUR | 25,000.0 | % | 100.441 | 25,110,365.00 | 0.70 |
| DE0001102473 | 0.0000 | % | Coupon Bonds 15.08.2026 Germany Government EUR Zero- | EUR | 11,500.0 | % | 103.352 | 11,885,480.00 | 0.33 |
| DE0001102507 | 0.0000 | % | Coupon Bonds 15.08.2029 Germany Government EUR Zero- | EUR | 9,350.0 | % | 103.361 | 9,664,252.57 | 0.27 |
| DE0001102481 | 0.0000 | % | Coupon Bonds 15.08.2030 Germany Government EUR Zero- | EUR | 2,500.0 | % | 102.987 | 2,574,674.75 | 0.07 |
| XS1071847245 | 1.1250 | % | Coupon Bonds 15.08.2050 Landesbank Hessen-Thüringen | EUR | 3,050.0 | % | 92.212 | 2,812,465.70 | 0.08 |
|  |  |  | Girozentrale EUR MTN 14/21 | EUR | 15,000.0 | % | 100.237 | 15,035,610.00 | 0.42 |
| DE000HV2AMG3 | 0.1250 | % | UniCredit Bank EUR MTN 15/21 | EUR | 20,000.0 | % | 100.004 | 20,000,880.00 | 0.56 |
| XS1216647716 | 0.7500 | % | Volkswagen Financial Services |  |  |  |  |  |  |
|  |  |  | EUR MTN 15/21 | EUR | 23,000.0 | % | 100.578 | 23,132,827.30 | 0.64 |
| Ireland |  |  |  |  |  |  |  | 68,280,151.94 | 1.90 |
| IE00B4TV0D44 | 5.4000 | % | Ireland Government EUR Bonds 09/25 | EUR | 4,300.0 | % | 123.610 | 5,315,230.00 | 0.15 |
| IE00B6X95T99 | 3.4000 | % | Ireland Government EUR Bonds 14/24 | EUR | 1,550.0 | % | 111.830 | 1,733,365.00 | 0.05 |
| IE00BJ38CR43 | 2.4000 | % | Ireland Government EUR Bonds 14/30 | EUR | 4,500.0 | % | 122.750 | 5,523,750.00 | 0.15 |
| IE00BJ38CQ36 | 0.8000 | % | Ireland Government EUR Bonds 15/22 | EUR | 43,050.0 | % | 101.350 | 43,631,175.00 | 1.21 |
| IE00BV8C9186 | 2.0000 | % | Ireland Government EUR Bonds 15/45 | EUR | 550.0 | % | 130.930 | 720,115.00 | 0.02 |
| IE00BV8C9B83 | 1.7000 | % | Ireland Government EUR Bonds 17/37 | EUR | 1,100.0 | % | 121.010 | 1,331,110.00 | 0.04 |
| IE00BFZRPZ02 | 1.3000 | % | Ireland Government EUR Bonds 18/33 | EUR | 3,450.0 | % | 113.780 | 3,925,410.00 | 0.11 |
| IE00BH3SQ895 | 1.1000 | % | Ireland Government EUR Bonds 19/29 | EUR | 1,600.0 | % | 110.230 | 1,763,680.00 | 0.05 |
| IE00BH3SQB22 | 1.5000 | % | Ireland Government EUR Bonds 19/50 | EUR | 1,600.0 | % | 119.010 | 1,904,160.00 | 0.05 |
| IE00BKFVC568 | 0.2000 | % | Ireland Government EUR Bonds 20/27 | EUR | 2,350.0 | % | 103.496 | 2,432,156.94 | 0.07 |
| Italy |  |  |  |  |  |  |  | 780,498,349.97 | 21.74 |
| XS1077772538 | 2.0000 | % | Intesa Sanpaolo EUR MTN 14/21 | EUR | 14,400.0 | % | 100.488 | 14,470,260.48 | 0.40 |
| IT0005406720 | 0.0000 | % | Italy Buoni Ordinari Del Tesoro EUR |  |  |  |  |  |  |
| IT0005410920 | 0.0000 | % | Zero-Coupon Bonds 14.04.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 46,800.0 | % | 100.018 | 46,808,639.28 | 1.31 |
| IT0005412579 | 0.0000 | % | Zero-Coupon Bonds 14.05.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 42,450.0 | % | 100.060 | 42,475,448.78 | 1.18 |
|  |  |  | Zero-Coupon Bonds 14.06.2021 | EUR | 35,000.0 | % | 100.108 | 35,037,964.50 | 0.98 |

Investment Portfolio as at 31/03/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| IT0005415945 | 0.0000 | % | Italy Buoni Ordinari Del Tesoro EUR |  |  |  |  |  |  |
| IT0005423147 | 0.0000 | % | Zero-Coupon Bonds 14.07.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 49,150.0 | % | 100.148 | 49,222,692.85 | 1.37 |
| IT0005429342 | 0.0000 | % | Zero-Coupon Bonds 14.10.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 51,000.0 | % | 100.266 | 51,135,573.30 | 1.43 |
| IT0005433146 | 0.0000 | % | Zero-Coupon Bonds 14.12.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 40,400.0 | % | 100.345 | 40,539,404.24 | 1.13 |
| IT0005434953 | 0.0000 | % | Zero-Coupon Bonds 14.01.2022 Italy Buoni Ordinari Del Tesoro EUR | EUR | 58,550.0 | % | 100.365 | 58,763,707.50 | 1.64 |
| IT0001174611 | 6.5000 | % | Zero-Coupon Bonds 14.02.2022 Italy Buoni Poliennali Del | EUR | 57,950.0 | % | 100.396 | 58,179,470.41 | 1.62 |
| IT0001278511 | 5.2500 | % | Tesoro EUR Bonds 97/27 Italy Buoni Poliennali Del | EUR | 12,100.0 | % | 140.488 | 16,999,046.79 | 0.47 |
| IT0001444378 | 6.0000 | % | Tesoro EUR Bonds 98/29 Italy Buoni Poliennali Del | EUR | 14,900.0 | % | 139.887 | 20,843,161.51 | 0.58 |
| IT0003256820 | 5.7500 | % | Tesoro EUR Bonds 00/31 Italy Buoni Poliennali Del | EUR | 9,500.0 | % | 151.805 | 14,421,474.05 | 0.40 |
| IT0004356843 | 4.7500 | % | Tesoro EUR Bonds 02/33 Italy Buoni Poliennali Del | EUR | 9,500.0 | % | 155.104 | 14,734,879.05 | 0.41 |
| IT0004532559 | 5.0000 | % | Tesoro EUR Bonds 08/23 Italy Buoni Poliennali Del | EUR | 14,750.0 | % | 111.927 | 16,509,232.50 | 0.46 |
| IT0004644735 | 4.5000 | % | Tesoro EUR Bonds 09/40 Italy Buoni Poliennali Del | EUR | 1,800.0 | % | 162.530 | 2,925,539.82 | 0.08 |
| IT0004695075 | 4.7500 | % | Tesoro EUR Bonds 10/26 Italy Buoni Poliennali Del | EUR | 3,550.0 | % | 121.961 | 4,329,615.15 | 0.12 |
| IT0004801541 | 5.5000 | % | Tesoro EUR Bonds 11/21 Italy Buoni Poliennali Del | EUR | 51,350.0 | % | 102.108 | 52,432,458.00 | 1.46 |
| IT0004923998 | 4.7500 | % | Tesoro EUR Bonds 12/22 Italy Buoni Poliennali Del | EUR | 4,350.0 | % | 108.272 | 4,709,832.00 | 0.13 |
| IT0005001547 | 3.7500 | % | Tesoro EUR Bonds 13/44 Italy Buoni Poliennali Del | EUR | 7,300.0 | % | 164.170 | 11,984,409.27 | 0.34 |
| IT0005083057 | 3.2500 | % | Tesoro EUR Bonds 14/24 Italy Buoni Poliennali Del | EUR | 14,000.0 | % | 113.431 | 15,880,340.00 | 0.44 |
| IT0005216491 | 0.3500 | % | Tesoro EUR Bonds 15/46 Italy Buoni Poliennali Del | EUR | 5,200.0 | % | 135.359 | 7,038,667.48 | 0.20 |
| IT0005215246 | 0.6500 | % | Tesoro EUR Bonds 16/21 Italy Buoni Poliennali Del | EUR | 56,750.0 | % | 100.497 | 57,032,047.50 | 1.59 |
| IT0005177909 | 2.2500 | % | Tesoro EUR Bonds 16/23 Italy Buoni Poliennali Del | EUR | 5,600.0 | % | 102.426 | 5,735,856.00 | 0.16 |
| IT0005162828 | 2.7000 | % | Tesoro EUR Bonds 16/36 Italy Buoni Poliennali Del | EUR | 21,900.0 | % | 116.320 | 25,474,077.81 | 0.71 |
| IT0005217390 | 2.8000 | % | Tesoro EUR Bonds 16/47 Italy Buoni Poliennali Del | EUR | 4,450.0 | % | 123.865 | 5,511,992.06 | 0.15 |
| IT0005282527 | 1.4500 | % | Tesoro EUR Bonds 16/67 Italy Buoni Poliennali Del | EUR | 3,200.0 | % | 124.499 | 3,983,967.68 | 0.11 |
| IT0005240830 | 2.2000 | % | Tesoro EUR Bonds 17/24 Italy Buoni Poliennali Del | EUR | 20,400.0 | % | 105.810 | 21,585,240.00 | 0.60 |
| IT0005325946 | 0.9500 | % | Tesoro EUR Bonds 17/27 Italy Buoni Poliennali Del | EUR | 12,950.0 | % | 112.216 | 14,531,970.71 | 0.41 |
| IT0005345183 | 2.5000 | % | Tesoro EUR Bonds 18/23 Italy Buoni Poliennali Del | EUR | 20,330.0 | % | 102.490 | 20,836,217.00 | 0.58 |
| IT0005340929 | 2.8000 | % | Tesoro EUR Bonds 18/25 Italy Buoni Poliennali Del | EUR | 2,300.0 | % | 111.644 | 2,567,812.00 | 0.07 |
| IT0005321325 | 2.9500 | % | Tesoro EUR Bonds 18/28 Italy Buoni Poliennali Del | EUR | 14,000.0 | % | 118.027 | 16,523,778.60 | 0.46 |
| IT0005370306 | 2.1000 | % | Tesoro EUR Bonds 18/38 Italy Buoni Poliennali Del | EUR | 3,500.0 | % | 126.817 | 4,438,594.65 | 0.12 |
| IT0005358806 | 3.3500 | % | Tesoro EUR Bonds 19/26 Italy Buoni Poliennali Del | EUR | 4,000.0 | % | 110.611 | 4,424,439.60 | 0.12 |
| IT0005408502 | 1.8500 | % | Tesoro EUR Bonds 19/35 Italy Buoni Poliennali Del | EUR | 5,000.0 | % | 130.161 | 6,508,049.50 | 0.18 |
| IT0005413171 | 1.6500 | % | Tesoro EUR Bonds 20/25 Italy Buoni Poliennali Del | EUR | 10,000.0 | % | 108.087 | 10,808,700.00 | 0.30 |
|  |  |  | Tesoro EUR Bonds 20/30 | EUR | 1,000.0 | % | 109.379 | 1,093,789.90 | 0.03 |
| Luxembourg |  |  |  |  |  |  |  | 18,238,533.75 | 0.51 |

Investment Portfolio as at 31/03/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| XS1002933072 | 3.2500 | % | HeidelbergCement Finance |  |  |  |  |  |  |
|  |  |  | Luxembourg EUR MTN 13/21 | EUR | 17,900.0 | % | 101.891 | 18,238,533.75 | 0.51 |
| New Zealand |  |  |  |  |  |  |  | 39,419,797.88 | 1.10 |
| XS1171526772 | 0.6250 | % | ANZ New Zealand Int’l (London) |  |  |  |  |  |  |
| XS1434582703 | 0.1250 | % | EUR Notes 15/22 BNZ International Funding | EUR | 7,000.0 | % | 101.071 | 7,074,978.40 | 0.20 |
|  |  |  | EUR Notes 16/21 | EUR | 32,300.0 | % | 100.139 | 32,344,819.48 | 0.90 |
| Norway |  |  |  |  |  |  |  | 65,100,075.11 | 1.81 |
| XS0637846725 | 3.8750 | % | DNB Boligkreditt EUR MTN 11/21 | EUR | 35,500.0 | % | 100.872 | 35,809,595.50 | 1.00 |
| XS1312011684 | 0.6250 | % | Eika Boligkreditt EUR MTN 15/21 | EUR | 15,000.0 | % | 100.664 | 15,099,604.50 | 0.42 |
| XS1429577791 | 0.1250 | % | SR-Boligkreditt EUR MTN 16/21 | EUR | 14,150.0 | % | 100.289 | 14,190,875.11 | 0.39 |
| Portugal |  |  |  |  |  |  |  | 158,236,091.36 | 4.41 |
| PTPBTEGE0045 | 0.0000 | % | Portugal Government EUR Zero- |  |  |  |  |  |  |
| PTPBTAGE0056 | 0.0000 | % | Coupon Bonds 16.07.2021 Portugal Government EUR Zero- | EUR | 40,850.0 | % | 100.669 | 41,123,208.89 | 1.15 |
| PTOTEYOE0007 | 3.8500 | % | Coupon Bonds 17.09.2021 Portugal Obrigações do | EUR | 47,650.0 | % | 100.765 | 48,014,431.97 | 1.34 |
| PTOTE5OE0007 | 4.1000 | % | Tesouro EUR Bonds 05/21 Portugal Obrigações do | EUR | 40,000.0 | % | 100.110 | 40,044,000.00 | 1.12 |
| PTOTEAOE0021 | 4.9500 | % | Tesouro EUR Bonds 06/37 Portugal Obrigações do | EUR | 2,800.0 | % | 151.636 | 4,245,808.00 | 0.12 |
| PTOTEQOE0015 | 5.6500 | % | Tesouro EUR Bonds 08/23 Portugal Obrigações do | EUR | 2,000.0 | % | 114.221 | 2,284,420.00 | 0.06 |
| PTOTEROE0014 | 3.8750 | % | Tesouro EUR Bonds 13/24 Portugal Obrigações do | EUR | 1,900.0 | % | 117.691 | 2,236,129.00 | 0.06 |
| PTOTEKOE0011 | 2.8750 | % | Tesouro EUR Bonds 14/30 Portugal Obrigações do | EUR | 2,350.0 | % | 132.703 | 3,118,520.50 | 0.09 |
| PTOTEBOE0020 | 4.1000 | % | Tesouro EUR Bonds 15/25 Portugal Obrigações do | EUR | 4,000.0 | % | 114.787 | 4,591,480.00 | 0.13 |
| PTOTETOE0012 | 2.8750 | % | Tesouro EUR Bonds 15/45 Portugal Obrigações do | EUR | 700.0 | % | 164.049 | 1,148,343.00 | 0.03 |
| PTOTEVOE0018 | 2.1250 | % | Tesouro EUR Bonds 16/26 Portugal Obrigações do | EUR | 3,900.0 | % | 116.854 | 4,557,306.00 | 0.13 |
| PTOTEMOE0035 | 0.7000 | % | Tesouro EUR Bonds 18/28 Portugal Obrigações do | EUR | 3,500.0 | % | 116.143 | 4,065,005.00 | 0.11 |
| PTOTELOE0028 | 0.4750 | % | Tesouro EUR Bonds 20/27 Portugal Obrigações do | EUR | 1,500.0 | % | 105.341 | 1,580,115.00 | 0.04 |
|  |  |  | Tesouro EUR Bonds 20/30 | EUR | 1,200.0 | % | 102.277 | 1,227,324.00 | 0.03 |
| Spain |  |  |  |  |  |  |  | 487,749,102.16 | 13.59 |
| ES0413211865 | 0.6250 | % | Banco Bilbao Vizcaya Argentaria |  |  |  |  |  |  |
|  |  |  | EUR Notes 15/21 | EUR | 3,600.0 | % | 100.127 | 3,604,577.04 | 0.10 |
| XS1557268221 | 1.3750 | % | Banco Santander EUR Notes 17/22 | EUR | 5,100.0 | % | 101.522 | 5,177,633.73 | 0.14 |
| ES0414970303 | 4.5000 | % | CaixaBank EUR Notes 06/22 | EUR | 9,900.0 | % | 104.047 | 10,300,629.24 | 0.29 |
| ES0443307048 | 1.7500 | % | Kutxabank EUR Notes 14/21 | EUR | 14,000.0 | % | 100.332 | 14,046,547.20 | 0.39 |
| XS0876289652 | 3.8750 | % | Red Eléctrica Financiaciones |  |  |  |  |  |  |
| XS1413580579 | 1.0000 | % | EUR MTN 13/22 Santander Consumer Finance | EUR | 1,900.0 | % | 103.444 | 1,965,436.57 | 0.05 |
| XS1550951641 | 0.8750 | % | EUR MTN 16/21 Santander Consumer Finance | EUR | 10,900.0 | % | 100.200 | 10,921,815.26 | 0.30 |
|  |  |  | EUR Notes 17/22 | EUR | 11,000.0 | % | 101.032 | 11,113,465.00 | 0.31 |
| ES0000011868 | 6.0000 | % | Spain Government EUR Bonds 98/29 | EUR | 14,800.0 | % | 146.198 | 21,637,304.00 | 0.60 |
| ES0000012411 | 5.7500 | % | Spain Government EUR Bonds 01/32 | EUR | 12,300.0 | % | 159.009 | 19,558,107.00 | 0.55 |
| ES0000012932 | 4.2000 | % | Spain Government EUR Bonds 05/37 | EUR | 8,000.0 | % | 151.612 | 12,128,960.00 | 0.34 |
| ES00000121G2 | 4.8000 | % | Spain Government EUR Bonds 08/24 | EUR | 5,400.0 | % | 114.958 | 6,207,732.00 | 0.17 |
| ES00000121S7 | 4.7000 | % | Spain Government EUR Bonds 09/41 | EUR | 5,200.0 | % | 168.567 | 8,765,484.00 | 0.24 |
| ES00000122E5 | 4.6500 | % | Spain Government EUR Bonds 10/25 | EUR | 20,000.0 | % | 121.719 | 24,343,800.00 | 0.68 |
| ES00000123K0 | 5.8500 | % | Spain Government EUR Bonds 11/22 | EUR | 28,000.0 | % | 105.251 | 29,470,280.00 | 0.82 |
| ES00000123C7 | 5.9000 | % | Spain Government EUR Bonds 11/26 | EUR | 600.0 | % | 132.794 | 796,764.00 | 0.02 |
| ES00000123X3 | 4.4000 | % | Spain Government EUR Bonds 13/23 | EUR | 8,200.0 | % | 112.672 | 9,239,104.00 | 0.26 |
| ES00000124C5 | 5.1500 | % | Spain Government EUR Bonds 13/28 | EUR | 5,000.0 | % | 138.525 | 6,926,250.00 | 0.19 |
| ES00000124H4 | 5.1500 | % | Spain Government EUR Bonds 13/44 | EUR | 2,100.0 | % | 184.374 | 3,871,854.00 | 0.11 |
| ES00000126Z1 | 1.6000 | % | Spain Government EUR Bonds 15/25 | EUR | 2,000.0 | % | 108.045 | 2,160,900.00 | 0.06 |

Investment Portfolio as at 31/03/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| ES00000127A2 | 1.9500 | % | Spain Government EUR Bonds 15/30 | EUR | 10,000.0 | % | 115.697 | 11,569,700.00 | 0.32 |
| ES00000128H5 | 1.3000 | % | Spain Government EUR Bonds 16/26 | EUR | 5,350.0 | % | 108.519 | 5,805,766.50 | 0.16 |
| ES00000128C6 | 2.9000 | % | Spain Government EUR Bonds 16/46 | EUR | 4,700.0 | % | 138.362 | 6,503,014.00 | 0.18 |
| ES00000128E2 | 3.4500 | % | Spain Government EUR Bonds 16/66 | EUR | 2,400.0 | % | 159.361 | 3,824,664.00 | 0.11 |
| ES0000012A97 | 0.4500 | % | Spain Government EUR Bonds 17/22 | EUR | 1,000.0 | % | 101.574 | 1,015,740.00 | 0.03 |
| ES0000012A89 | 1.4500 | % | Spain Government EUR Bonds 17/27 | EUR | 13,000.0 | % | 110.018 | 14,302,340.00 | 0.40 |
| ES00000128Q6 | 2.3500 | % | Spain Government EUR Bonds 17/33 | EUR | 800.0 | % | 121.632 | 973,056.00 | 0.03 |
| ES0000012C46 | 0.0500 | % | Spain Government EUR Bonds 18/21 | EUR | 51,850.0 | % | 100.344 | 52,028,364.00 | 1.45 |
| ES0000012B62 | 0.3500 | % | Spain Government EUR Bonds 18/23 | EUR | 5,450.0 | % | 101.947 | 5,556,111.50 | 0.16 |
| ES0000012G26 | 0.8000 | % | Spain Government EUR Bonds 20/27 | EUR | 2,000.0 | % | 105.642 | 2,112,840.00 | 0.06 |
| ES0000012G42 | 1.2000 | % | Spain Government EUR Bonds 20/40 | EUR | 500.0 | % | 103.773 | 518,865.00 | 0.01 |
| ES0000012G00 | 1.0000 | % | Spain Government EUR Bonds 20/50 | EUR | 2,900.0 | % | 93.001 | 2,697,038.28 | 0.08 |
| ES0L02104161 | 0.0000 | % | Spain Letras del Tesoro EUR Zero- |  |  |  |  |  |  |
| ES0L02107099 | 0.0000 | % | Coupon Bonds 16.04.2021 Spain Letras del Tesoro EUR Zero- | EUR | 53,020.0 | % | 100.044 | 53,043,127.32 | 1.48 |
| ES0L02109103 | 0.0000 | % | Coupon Bonds 09.07.2021 Spain Letras del Tesoro EUR Zero- | EUR | 41,350.0 | % | 100.178 | 41,423,652.62 | 1.15 |
| ES0L02202114 | 0.0000 | % | Coupon Bonds 10.09.2021 Spain Letras del Tesoro EUR Zero- | EUR | 49,950.0 | % | 100.272 | 50,085,968.90 | 1.40 |
|  |  |  | Coupon Bonds 11.02.2022 | EUR | 33,900.0 | % | 100.449 | 34,052,211.00 | 0.95 |
| Supranational |  |  |  |  |  |  |  | 55,753,500.04 | 1.55 |
| XS0671138377 | 2.8750 | % | Council Of Europe Development |  |  |  |  |  |  |
|  |  |  | Bank EUR MTN 11/21 | EUR | 10,800.0 | % | 101.425 | 10,953,860.04 | 0.30 |
| XS0460357550 | 4.0000 | % | EUROFIMA EUR MTN 09/21 | EUR | 10,000.0 | % | 102.610 | 10,261,000.00 | 0.29 |
| EU000A2SB9Q6 | 0.0000 | % | European Stability Mechanism EUR |  |  |  |  |  |  |
|  |  |  | Zero-Coupon Notes 10.06.2021 | EUR | 34,500.0 | % | 100.112 | 34,538,640.00 | 0.96 |
| Sweden |  |  |  |  |  |  |  | 41,319,905.21 | 1.15 |
| XS1419636862 | 0.5000 | % | Essity EUR MTN 16/21 | EUR | 2,300.0 | % | 100.051 | 2,301,184.27 | 0.06 |
| XS0693812355 | 4.3750 | % | Svenska Handelsbanken EUR MTN 11/21 | EUR | 11,000.0 | % | 102.647 | 11,291,122.70 | 0.32 |
| XS1117542412 | 0.6250 | % | Sveriges Sakerstallda Obligationer |  |  |  |  |  |  |
|  |  |  | EUR MTN 14/21 | EUR | 17,600.0 | % | 100.604 | 17,706,390.24 | 0.49 |
| XS1069674825 | 1.1250 | % | Swedbank Hypotek EUR MTN 14/21 | EUR | 10,000.0 | % | 100.212 | 10,021,208.00 | 0.28 |
| Switzerland |  |  |  |  |  |  |  | 25,312,976.37 | 0.71 |
| XS1057841980 | 1.3750 | % | UBS EUR MTN 14/21 | EUR | 25,300.0 | % | 100.051 | 25,312,976.37 | 0.71 |
| The Netherlands |  |  |  |  |  |  |  | 199,469,702.53 | 5.56 |
| DE000A194DC1 | 0.2500 | % | Daimler International Finance |  |  |  |  |  |  |
| NL0015031527 | 0.0000 | % | EUR MTN 18/21 Dutch Treasury Certificate EUR | EUR | 10,472.0 | % | 100.220 | 10,495,082.38 | 0.29 |
| NL0015285826 | 0.0000 | % | Zero-Coupon Bonds 28.05.2021 Dutch Treasury Certificate EUR | EUR | 25,000.0 | % | 100.101 | 25,025,247.50 | 0.70 |
|  |  |  | Zero-Coupon Bonds 29.06.2021 | EUR | 30,000.0 | % | 100.156 | 30,046,683.00 | 0.84 |
| XS0911691003 | 2.0000 | % | Heineken EUR MTN 13/21 | EUR | 5,000.0 | % | 100.000 | 5,000,000.00 | 0.14 |
| XS0728783373 | 3.3750 | % | ING Bank EUR MTN 12/22 | EUR | 27,200.0 | % | 103.015 | 28,020,148.00 | 0.78 |
| NL0000102317 | 5.5000 | % | Netherlands Government EUR Bonds 98/28 | EUR | 4,300.0 | % | 140.748 | 6,052,164.00 | 0.17 |
| NL0000102234 | 4.0000 | % | Netherlands Government EUR Bonds 05/37 | EUR | 3,900.0 | % | 161.752 | 6,308,327.61 | 0.18 |
| NL0000102275 | 3.7500 | % | Netherlands Government EUR Bonds 06/23 | EUR | 4,800.0 | % | 107.974 | 5,182,752.00 | 0.15 |
| NL0009446418 | 3.7500 | % | Netherlands Government EUR Bonds 10/42 | EUR | 3,400.0 | % | 172.619 | 5,869,045.66 | 0.16 |
| NL0010071189 | 2.5000 | % | Netherlands Government EUR Bonds 12/33 | EUR | 2,000.0 | % | 130.502 | 2,610,039.80 | 0.07 |
| NL0010418810 | 1.7500 | % | Netherlands Government EUR Bonds 13/23 | EUR | 4,400.0 | % | 105.620 | 4,647,280.00 | 0.13 |
| NL0010721999 | 2.7500 | % | Netherlands Government EUR Bonds 14/47 | EUR | 2,500.0 | % | 162.197 | 4,054,924.75 | 0.11 |
| NL0011220108 | 0.2500 | % | Netherlands Government EUR Bonds 15/25 | EUR | 4,900.0 | % | 103.732 | 5,082,868.00 | 0.14 |
| NL0011819040 | 0.5000 | % | Netherlands Government EUR Bonds 16/26 | EUR | 6,400.0 | % | 105.603 | 6,758,592.00 | 0.19 |
| NL0013332430 | 0.2500 | % | Netherlands Government EUR Bonds 19/29 | EUR | 5,900.0 | % | 104.577 | 6,170,043.00 | 0.17 |
| NL0011896857 | 0.0000 | % | Netherlands Government EUR Zero- |  |  |  |  |  |  |
| NL0015614579 | 0.0000 | % | Coupon Bonds 15.01.2022 Netherlands Government EUR Zero- | EUR | 25,500.0 | % | 100.505 | 25,628,775.00 | 0.71 |
|  |  |  | Coupon Bonds 15.01.2052 | EUR | 1,000.0 | % | 89.735 | 897,349.90 | 0.03 |
| XS1554112281 | 1.5000 | % | NIBC Bank EUR MTN 17/22 | EUR | 10,400.0 | % | 101.456 | 10,551,447.92 | 0.29 |
| DE000A1HRVD5 | 3.6250 | % | Vonovia Finance EUR Notes 13/21 | EUR | 10,849.0 | % | 102.027 | 11,068,932.01 | 0.31 |
| United Kingdom |  |  |  |  |  |  |  | 38,827,580.66 | 1.08 |

Investment Portfolio as at 31/03/2021
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 31/03/2021 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| XS1057478023 | 1.3750 % Lloyds Bank EUR MTN 14/21 | EUR | 13,800.0	% | 100.057 | 13,807,875.66 | 0.38 |
| XS0250729109 | 4.2500 %  Santander UK EUR MTN 06/21 | EUR | 25,000.0	% | 100.079 | 25,019,705.00 | 0.70 |
| USA |  |  |  |  | 34,768,159.34 | 0.97 |
| XS0993145084 | 2.6500 %  AT&T EUR Notes 13/21 | EUR | 10,800.0	% | 101.392 | 10,950,373.80 | 0.31 |
| XS1939355753 | 0.5000 % Citigroup EUR MTN 19/22 | EUR | 10,000.0	% | 100.759 | 10,075,943.00 | 0.28 |
| XS1567173809 | 0.6250 % McKesson EUR Notes 17/21 | EUR | 13,700.0	% | 100.305 | 13,741,842.54 | 0.38 |
| Investments in securities and money-market instruments |  |  |  | 3,394,828,048.95 | 94.57 |
| Deposits at financial institutions |  |  |  | 181,888,899.44 | 5.07 |
| Sight deposits |  |  |  | 181,888,899.44 | 5.07 |
| State Street Bank International |  |  |  |  |  |
| GmbH, Luxembourg Branch Cash at Broker and Deposits for | EUR |  |  | 45,273,693.22 | 1.26 |
| collateralisation of derivatives | EUR |  |  | 136,615,206.22 | 3.81 |
| Investments in deposits at financial institutions |  |  |  | 181,888,899.44 | 5.07 |
|  |  |  |  |  |  |
| Securities | Shares/ | Holdings | Price | Unrealised | % of |
|  | Currency (in 1,000)/ Contracts | 31/03/2021 |  | gain/loss in EUR | Subfund assets |
| Derivatives |  |  |  |  |  |
| Holdings marked with a minus are short positions. |  |  |  |  |  |
| Listed Derivatives |  |  |  | 8,014,347.92 | 0.22 |
| Futures Transactions |  |  |  | 8,014,347.92 | 0.22 |
| Purchased Index Futures |  |  |  | 7,794,247.92 | 0.22 |
| DJ EURO STOXX 50 Index Futures 06/21 | Ctr | 8,011  EUR | 3,864.000 | 5,349,680.00 | 0.15 |
| FTSE 100 Index Futures 06/21 | Ctr | 1,404 GBP | 6,700.500 | -365,789.54 | -0.01 |
| S&P 500 E-Mini Index Futures 06/21 | Ctr | 8,246 USD | 3,947.700 | -2,085,303.65 | -0.06 |
| S&P/TSX 60 Index Futures 06/21 | Ctr | 440 CAD | 1,113.000 | 383,070.05 | 0.01 |
| SPI 200 Index Futures 06/21 | Ctr | 1,168 AUD | 6,766.000 | 634,774.42 | 0.02 |
| Topix Index Futures 06/21 | Ctr | 1,260  JPY | 1,954.000 | 3,877,816.64 | 0.11 |
| Sold Bond Futures |  |  |  | 220,100.00 | 0.00 |
| 10-Year German Government Bond (Bund) Futures 06/21 | Ctr | -74  EUR | 171.010 | 32,820.00 | 0.00 |
| 2-Year German Government Bond (Schatz) Futures 06/21 | Ctr | -197  EUR | 112.090 | 6,240.00 | 0.00 |
| 30-Year German Government Bond (Buxl) Futures 06/21 | Ctr | -123  EUR | 205.260 | 221,420.00 | 0.00 |
| 5-Year German Government Bond (Bobl) Futures 06/21 | Ctr | -316  EUR | 135.000 | 36,210.00 | 0.00 |
| Euro BTP Futures 06/21 | Ctr | -371  EUR | 149.140 | -76,590.00 | 0.00 |
| OTC-Dealt Derivatives |  |  |  | -3,246,751.46 | -0.09 |
| Forward Foreign Exchange Transactions |  |  |  | 4,089.23 | 0.00 |
| Sold AUD / Bought USD - 14 May 2021 | AUD | -872.52 |  | 6.08 | 0.00 |
| Sold CAD / Bought USD - 14 May 2021 | CAD | -204.44 |  | -1.31 | 0.00 |
| Sold EUR / Bought USD - 14 May 2021 | EUR | -242,568.22 |  | 5,021.66 | 0.00 |
| Sold GBP / Bought USD - 14 May 2021 | GBP | -506.41 |  | 1.84 | 0.00 |
| Sold JPY / Bought USD - 14 May 2021 | JPY | -44,758.00 |  | 10.08 | 0.00 |
| Sold USD / Bought AUD - 14 May 2021 | USD | -47.83 |  | -0.75 | 0.00 |
| Sold USD / Bought CAD - 14 May 2021 | USD | -8.73 |  | 0.05 | 0.00 |
| Sold USD / Bought EUR - 14 May 2021 | USD | -39,296.06 |  | -934.80 | 0.00 |
| Sold USD / Bought GBP - 14 May 2021 | USD | -84.84 |  | -0.68 | 0.00 |
| Sold USD / Bought JPY - 14 May 2021 | USD | -333.94 |  | -12.94 | 0.00 |
| Swap Transactions |  |  |  | -3,250,840.69 | -0.09 |
| Total Return Swaps |  |  |  | -3,250,840.69 | -0.09 |
| Total Return Swap on Index - Fund receives iBoxx Euro Sovereigns |  |  |  |  |  |
| Eurozone Performance Index - pays 1.00% - 05.11.2021 | EUR | 839,598.38 |  | -3,250,840.69 | -0.09 |
| Investments in derivatives |  |  |  | 4,767,596.46 | 0.13 |
| Net current assets/liabilities | EUR |  |  | 8,439,513.20 | 0.23 |
| Net Assets of the Subfund | EUR |  |  | 3,589,924,058.05 | 100.00 |
|  |  |  |  |  |  |
| Net asset value per share |  |  |  |  |  |
| - Class A (EUR) (distributing) | EUR |  |  | 147.31 |  |
| - Class C2 (EUR) (distributing) | EUR |  |  | 104.38 |  |

| Investment Portfolio as at 31/03/2021 |  |
| --- | --- |
| Securities | Shares/ | Holdings | Price | Unrealised | % of |
|  | Currency (in 1,000)/ Contracts | 31/03/2021 |  | gain/loss in EUR | Subfund assets |
| - Class CT (EUR) (accumulating) | EUR |  |  | 213.29 |  |
| - Class IT (EUR) (accumulating) | EUR |  |  | 1,601.79 |  |
| - Class NT (EUR) (accumulating) | EUR |  |  | 2,178.27 |  |
| - Class P (EUR) (distributing) | EUR |  |  | 1,271.83 |  |
| - Class PT (EUR) (accumulating) | EUR |  |  | 1,275.66 |  |
| - Class RT (EUR) (accumulating) | EUR |  |  | 114.31 |  |
| - Class WT (EUR) (accumulating) | EUR |  |  | 1,205.86 |  |
| - Class AT (H-USD) (accumulating) | USD |  |  | 108.26 |  |
| - Class I (USD) (distributing) | USD |  |  | 1,300.72 |  |
| - Class PT (USD) (accumulating) | USD |  |  | 1,365.17 |  |
| - Class RT (H-USD) (accumulating) Shares in circulation | USD |  |  | 109.17 |  |
| - Class A (EUR) (distributing) | Shs |  |  | 128,603 |  |
| - Class C2 (EUR) (distributing) | Shs |  |  | 1,802 |  |
| - Class CT (EUR) (accumulating) | Shs |  |  | 6,345,262 |  |
| - Class IT (EUR) (accumulating) | Shs |  |  | 837,925 |  |
| - Class NT (EUR) (accumulating) | Shs |  |  | 58,121 |  |
| - Class P (EUR) (distributing) | Shs |  |  | 6,341 |  |
| - Class PT (EUR) (accumulating) | Shs |  |  | 4,093 |  |
| - Class RT (EUR) (accumulating) | Shs |  |  | 35,007 |  |
| - Class WT (EUR) (accumulating) | Shs |  |  | 572,500 |  |
| - Class AT (H-USD) (accumulating) | Shs |  |  | 2,308 |  |
| - Class I (USD) (distributing) | Shs |  |  | 1 |  |
| - Class PT (USD) (accumulating) | Shs |  |  | 35,041 |  |
| - Class RT (H-USD) (accumulating) | Shs |  |  | 115 |  |

Details of the changes in portfolio composition during the period under review can be obtained free of charge from Allianz Global Investors GmbH - Luxembourg Branch.
| Statement of Operations |  |
| --- | --- |
| for the period from 01/10/2020 to 31/03/2021 |
|  | EUR |
| Interest on |  |
| - bonds | 26,464,596.84 |
| - swap transactions | 907,021.49 |
| Interest on credit balances |  |
| - positive interest rate | 40,369.82 |
| - negative interest rate | -486,865.73 |
| Income from |  |
| - securities lending | 74,306.52 |
| Total income | 26,999,428.94 |
|  | Expenses from |
| - securities lending | -22,292.05 |
| Taxe d’Abonnement | -498,360.33 |
| All-in-fee | -20,912,424.81 |
| Total expenses | -21,433,077.19 |
| Net income/loss Realised gain/loss on | 5,566,351.75 |
| - securities transactions | 12,771,547.86 |
| - financial futures transactions | 303,984,125.07 |
| - forward foreign exchange transactions | -474.33 |
| - foreign exchange | -143,457.61 |
| - swap transactions | 2,578,279.41 |
| Net realised gain/loss | 324,756,372.15 |
| Changes in unrealised appreciation/depreciation on |  |
| - securities transactions | -60,244,373.40 |
| - financial futures transactions | 17,843,683.31 |
| - forward foreign exchange transactions | 3,975.03 |
| - foreign exchange | 1,106,170.02 |
| - swap transactions | -5,465,045.93 |
| Result of operations | 278,000,781.18 |

| Statement of Net Assets |  |  | Statement of Changes in Net Assets |  |
| --- | --- | --- | --- | --- |
| as at 31/03/2021 |  |  | for the period from 01/10/2020 to 31/03/2021 |
|  | EUR |  |  | EUR |
| Securities and money-market instruments |  |  | Net assets at the beginning of the period | 3,928,169,051.92 |
| (Cost Price EUR 3,391,234,141.30) | 3,394,828,048.95 |  | Subscriptions | 395,676,888.21 |
| Cash at banks | 181,888,899.44 |  | Redemptions | -1,011,818,912.58 |
| Upfront-payments paid on swap transactions | 1.56 |  | Distribution | -103,750.68 |
| Interest receivable on |  |  | Result of operations | 278,000,781.18 |
| - bonds | 27,040,766.79 |  | Net assets at the end of the period | 3,589,924,058.05 |
| - swap transactions | 177,405.44 |  |
| Receivable on |  |
| - subscriptions of fund shares | 856,391.97 |
| Unrealised gain on |  |
| - futures transactions | 10,542,031.11 |
| - forward foreign exchange transactions | 5,039.71 |
| Total Assets Payable on | 3,615,338,584.97 |
| - redemptions of fund shares | -15,889,223.43 |
| Other payables | -3,745,829.13 |
| Unrealised loss on |  |
| - futures transactions | -2,527,683.19 |
| - swap transactions | -3,250,840.69 |
| - forward foreign exchange transactions | -950.48 |
| Total Liabilities | -25,414,526.92 |
| Net assets | 3,589,924,058.05 |

| Statement of Changes in Shares |  |
| --- | --- |
|  | 2020/2021 | 2019/2020 |
| Number of shares in issue at the beginning of the period | 8,606,253 | 8,626,500 |
| - Number of shares issued | 531,861 | 1,818,487 |
| - Number of shares redeemed | -1,110,995 | -1,838,734 |
| Number of shares in issue at the end of the period | 8,027,119 | 8,606,253 |

Translation (ENDE, 2021-03-31):
# Allianz Strategy 50
Der Teilfonds engagiert sich in variablem Umfang am interna- tionalen Aktienmarkt bzw. am Markt für Euro-Anleihen. Im Rahmen eines quantitativen Ansatzes senkt das Fondsma- nagement das Aktienengagement in Phasen hoher Markt- schwankungsintensität (Volatilität) und erhöht es in Phasen niedriger Volatilität. Insgesamt wird ein Ergebnis angestrebt, das mit der Rendite eines Mischportfolios aus 50 % internatio- nalen Aktien und 50 % mittelfristigen EUR-Anleihen vergleich- bar ist.
Im Berichtshalbjahr erholte sich die Weltwirtschaft weiter, nachdem die staatlichen Maßnahmen zur Eindämmung der Coronavirus-Pandemie in vielen Ländern zunächst einen Kon- junktureinbruch ausgelöst hatten. Die Notenbanken der westli- chen Volkswirtschaften behielten angesichts der enorm stei- genden Staatsverschuldung ihre annähernde Nullzinspolitik bei. In diesem Umfeld setzte sich an den meisten internationa- len Börsen der Kursaufschwung fort, der nach dem Rückschlag im Frühjahr 2020 begonnen hatte. Angesichts anhaltenden Konjunkturoptimismus und der Erwartung höherer Inflation zog die Verzinsung erstklassiger Staatsanleihen in den entwi- ckelten Ländern etwas an. Gleichzeitig gingen bei Unterneh- menspapieren mit Investment Grade-Rating sowie Hochzins- papieren die Zinsaufschläge infolge verstärkter Nachfrage überwiegend zurück, sodass sie meist noch einen positiven Er- trag abwarfen.
Die Wertpapierbestände des Teilfonds konzentrierten sich wei- terhin auf Euro-Staatsanleihen. Gehalten wurden zum einen Schuldverschreibungen von Ländern hoher Bonität wie Frank-
reich und Deutschland. Zum anderen bestanden umfangrei- che Positionen in öffentlich-rechtlichen Papieren aus Euro-Peri- pheriestaaten, in erster Linie solche aus Italien und Spanien. In deutlich geringerem Umfang vertreten blieben Unternehmens- anleihen und gedeckte Papiere. Im Schnitt verfügten die ver- zinslichen Anlagen Ende März 2021 über eine Bonitätsnote von A+. Die Duration (mittlere Kapitalbindungsdauer) der An- leihenengagements einschließlich Derivaten stieg etwas auf knapp drei Jahre. Die Aktienanlagen des Teilfonds wurden über Derivate auf gängige Börsenindizes realisiert. Dies er- laubte eine rasche Anpassung der Aktienquote an die Volatili- tät.
Mit seiner Anlagepolitik erzielte der Teilfonds einen deutlichen Wertzuwachs.
Das genaue Ergebnis im Berichtszeitraum ist in der Tabelle
„Wertentwicklung der Teilfonds“ auf den Seiten 2 und 3 ausge- wiesen. Weitergehende Informationen über den Fonds finden sich im Verkaufsprospekt sowie in den Wesentlichen Anleger- informationen.
Struktur des Teilfondsvermögens in %	
25 21,74
|  |  |  |
| --- | --- | --- |
|  |  | 17,13 |
|  |  |  | 13,59 |  |  |  |  |  |  |  |  |  | 14,34 |  |  |  |
|  |  |  |  |  |  |  |  |  |
|  |  |  |
|  |  |  |  |  |  |  |  |  | 5,56 |  | 4,41 |  | 3,54 | 2,41 |  | 5,43 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

20
15
10
5
0
| Obligatio- nen Italien | Obligatio- nen Frank- reich | Obligatio- nen Spanien | Obligatio- nen Deutschland | Obligatio- nen Nieder- lande | Obligatio- nen Portu- gal | Obligatio- nen Belgien | Obligatio- nen Öster- reich | Obligatio- nen sonsti- ger Länder | Sonstige Vermögens- werte |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Der Teilfonds in Zahlen |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  | 31.03.2021 | 30.09.2020 | 30.09.2019 |
| Teilfondsvermögen in Mio. EUR |  | 3.589,9 | 3.928,2 | 3.853,2 |
| Aktienumlauf in Stück |  |  |  |  |
| - Klasse A (EUR) (ausschüttend) | WKN: A1W 8XH/ISIN: LU0995865168 | 128.603 | 138.399 | 139.633 |
| - Klasse CT (EUR) (thesaurierend) | WKN: A0N GAA/ISIN: LU0352312184 | 6.345.262 | 6.495.177 | 6.802.342 |
| - Klasse C2 (EUR) (ausschüttend) | WKN: A2P S88/ISIN: LU2064238384 | 1.802 | 646 | -- |
| - Klasse IT (EUR) (thesaurierend) | WKN: A0N GAC/ISIN: LU0352312341 | 837.925 | 867.324 | 884.187 |
| - Klasse NT (EUR) (thesaurierend) | WKN: A1C XU3/ISIN: LU0535372949 | 58.121 | 172.914 | 307.226 |
| - Klasse P (EUR) (ausschüttend) | WKN: A2A H7P/ISIN: LU1405890556 | 6.341 | 7.856 | 7.023 |
| - Klasse PT (EUR) (thesaurierend) | WKN: A14 VR6/ISIN: LU1250163679 | 4.093 | 3.352 | 3.039 |
| - Klasse RT (EUR) (thesaurierend) | WKN: A2D WPS/ISIN: LU1673099179 | 35.007 | 66.601 | 129.819 |
| - Klasse WT (EUR) (thesaurierend) | WKN: A0N GAE/ISIN: LU0352312697 | 572.500 | 813.821 | 316.509 |
| - Klasse AT (H-USD) (thesaurierend) | WKN: A2P YKA/ISIN: LU2105731942 | 2.308 | 115 | -- |
| - Klasse I (USD) (ausschüttend) | WKN: A12 E9Q/ISIN: LU1138502304 | 1 | 1 | 341 |
| - Klasse PT (USD) (thesaurierend) | WKN: A14 VR7/ISIN: LU1250163752 | 35.041 | 39.931 | 36.381 |
| - Klasse RT (H-USD) (thesaurierend) | WKN: A2P YKB/ISIN: LU2105732080 | 115 | 115 | -- |
| Aktienwert in EUR |  |  |  |  |
| - Klasse A (EUR) (ausschüttend) | WKN: A1W 8XH/ISIN: LU0995865168 | 147,31 | 137,48 | 142,63 |
| - Klasse CT (EUR) (thesaurierend) | WKN: A0N GAA/ISIN: LU0352312184 | 213,29 | 198,78 | 205,56 |
| - Klasse C2 (EUR) (ausschüttend) | WKN: A2P S88/ISIN: LU2064238384 | 104,38 | 97,65 | -- |
| - Klasse IT (EUR) (thesaurierend) | WKN: A0N GAC/ISIN: LU0352312341 | 1.601,79 | 1.492,77 | 1.543,75 |
| - Klasse NT (EUR) (thesaurierend) | WKN: A1C XU3/ISIN: LU0535372949 | 2.178,27 | 2.020,94 | 2.071,18 |
| - Klasse P (EUR) (ausschüttend) | WKN: A2A H7P/ISIN: LU1405890556 | 1.271,83 | 1.190,91 | 1.234,88 |
| - Klasse PT (EUR) (thesaurierend) | WKN: A14 VR6/ISIN: LU1250163679 | 1.275,66 | 1.184,71 | 1.216,62 |
| - Klasse RT (EUR) (thesaurierend) | WKN: A2D WPS/ISIN: LU1673099179 | 114,31 | 106,15 | 109,00 |
| - Klasse WT (EUR) (thesaurierend) | WKN: A0N GAE/ISIN: LU0352312697 | 1.205,86 | 1.118,54 | 1.145,91 |
| - Klasse AT (H-USD) (thesaurierend) | WKN: A2P YKA/ISIN: LU2105731942 | 108,26 | 100,50 | -- |
| - Klasse I (USD) (ausschüttend) | WKN: A12 E9Q/ISIN: LU1138502304 | 1.300,72 | 1.212,55 | 1.174,13 |
| - Klasse PT (USD) (thesaurierend) | WKN: A14 VR7/ISIN: LU1250163752 | 1.365,17 | 1.264,03 | 1.212,04 |
| - Klasse RT (H-USD) (thesaurierend) | WKN: A2P YKB/ISIN: LU2105732080 | 109,17 | 100,89 | -- |
| 1)  Kumulierte Zahlen für alle am Berichtsstichtag geöffneten Anteilsklassen. |  |  |
| Weitere Informationen über Auflegungs- und Auflösungstermine finden Sie in den Tabellen zur Wertentwicklung auf den Seiten 2 bis 3. |  |  |