# Allianz Strategy 50
Investment Portfolio as at 30/09/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| Securities and money-market instruments admitted to an official stock exchange listing	3,675,148,823.74	93.56 |
| Bonds |  |  |  |  |  |  |  | 3,675,148,823.74 | 93.56 |
| Australia |  |  |  |  |  |  |  | 44,820,577.82 | 1.14 |
| XS1371532547 | 0.3750 | % | Macquarie Bank EUR MTN 16/21 | EUR | 10,000.0 | % | 100.380 | 10,038,028.00 | 0.25 |
| XS1978200555 | 0.0000 | % | Toyota Finance Australia EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon MTN 09.04.2021 | EUR | 1,900.0 | % | 100.148 | 1,902,811.05 | 0.05 |
| XS1047122665 | 1.5000 | % | Westpac Banking EUR MTN 14/21 | EUR | 10,000.0 | % | 100.987 | 10,098,705.00 | 0.26 |
| XS1263878818 | 0.7500 | % | Westpac Banking EUR MTN 15/21 | EUR | 22,550.0 | % | 101.025 | 22,781,033.77 | 0.58 |
| Austria |  |  |  |  |  |  |  | 91,384,124.48 | 2.33 |
| AT0000A04967 | 4.1500 | % | Austria Government EUR Bonds 07/37 | EUR | 2,500.0 | % | 171.414 | 4,285,352.50 | 0.11 |
| AT0000A0DXC2 | 4.8500 | % | Austria Government EUR Bonds 09/26 | EUR | 8,600.0 | % | 130.640 | 11,235,023.66 | 0.29 |
| AT0000A0U3T4 | 3.4000 | % | Austria Government EUR Bonds 12/22 | EUR | 6,300.0 | % | 108.834 | 6,856,533.81 | 0.17 |
| AT0000A0VRQ6 | 3.1500 | % | Austria Government EUR Bonds 12/44 | EUR | 3,900.0 | % | 174.606 | 6,809,643.75 | 0.17 |
| AT0000A0U299 | 3.8000 | % | Austria Government EUR Bonds 12/62 | EUR | 3,200.0 | % | 242.058 | 7,745,847.04 | 0.20 |
| AT0000A10683 | 2.4000 | % | Austria Government EUR Bonds 13/34 | EUR | 4,700.0 | % | 136.259 | 6,404,173.00 | 0.16 |
| AT0000A185T1 | 1.6500 | % | Austria Government EUR Bonds 14/24 S.1 | EUR | 750.0 | % | 109.579 | 821,844.23 | 0.02 |
| AT0000A1VGK0 | 0.5000 | % | Austria Government EUR Bonds 17/27 | EUR | 2,800.0 | % | 107.050 | 2,997,410.08 | 0.08 |
| AT0000A269M8 | 0.5000 | % | Austria Government EUR Bonds 19/29 | EUR | 8,400.0 | % | 108.236 | 9,091,800.48 | 0.23 |
| AT0000A2HLC4 | 0.8500 | % | Austria Government EUR Bonds 20/20 | EUR | 400.0 | % | 125.283 | 501,130.92 | 0.01 |
| XS1033673440 | 1.6250 | % | KA Finanz EUR MTN 14/21 | EUR | 18,900.0 | % | 100.801 | 19,051,455.15 | 0.49 |
| AT000B048988 | 4.1250 | % | UniCredit Bank Austria EUR MTN 11/21 | EUR | 15,300.0 | % | 101.856 | 15,583,909.86 | 0.40 |
| Belgium |  |  |  |  |  |  |  | 113,325,413.40 | 2.89 |
| BE0000320292 | 4.2500 | % | Belgium Government EUR Bonds 10/41 S.60 | EUR | 2,800.0 | % | 182.178 | 5,100,983.72 | 0.13 |
| BE0000324336 | 4.5000 | % | Belgium Government EUR Bonds 11/26 S.64 | EUR | 4,300.0 | % | 128.444 | 5,523,092.00 | 0.14 |
| BE0000325341 | 4.2500 | % | Belgium Government EUR Bonds 12/22 S.65 | EUR | 50.0 | % | 109.921 | 54,960.50 | 0.00 |
| BE0000328378 | 2.2500 | % | Belgium Government EUR Bonds 13/23 S.68 | EUR | 9,150.0 | % | 108.092 | 9,890,418.00 | 0.25 |
| BE0000331406 | 3.7500 | % | Belgium Government EUR Bonds 13/45 S.71 | EUR | 3,200.0 | % | 183.442 | 5,870,143.68 | 0.15 |
| BE0000332412 | 2.6000 | % | Belgium Government EUR Bonds 14/24 S.72 | EUR | 5,000.0 | % | 112.343 | 5,617,150.00 | 0.14 |
| BE0000333428 | 3.0000 | % | Belgium Government EUR Bonds 14/34 S.73 | EUR | 7,000.0 | % | 143.361 | 10,035,270.00 | 0.26 |
| BE0000334434 | 0.8000 | % | Belgium Government EUR Bonds 15/25 S.74 | EUR | 6,650.0 | % | 106.893 | 7,108,384.50 | 0.18 |
| BE0000338476 | 1.6000 | % | Belgium Government EUR Bonds 16/47 S.78 | EUR | 2,300.0 | % | 132.949 | 3,057,826.77 | 0.08 |
| BE0000341504 | 0.8000 | % | Belgium Government EUR Bonds 17/27 S.81 | EUR | 4,500.0 | % | 109.035 | 4,906,575.00 | 0.13 |
| BE0000344532 | 1.4500 | % | Belgium Government EUR Bonds 17/37 S.84 | EUR | 9,300.0 | % | 123.882 | 11,521,025.07 | 0.30 |
| BE0000343526 | 2.2500 | % | Belgium Government EUR Bonds 17/57 S.83 | EUR | 3,450.0 | % | 162.889 | 5,619,670.16 | 0.14 |
| BE0000345547 | 0.8000 | % | Belgium Government EUR Bonds 18/28 S.85 | EUR | 9,000.0 | % | 110.005 | 9,900,450.00 | 0.25 |
| BE0000291972 | 5.5000 | % | Belgium Government EUR Bonds 98/28 S.31 | EUR | 6,200.0 | % | 145.716 | 9,034,392.00 | 0.23 |
| BE0002489640 | 0.1250 | % | KBC Bank EUR MTN 15/21 | EUR | 20,000.0 | % | 100.425 | 20,085,072.00 | 0.51 |
| Canada |  |  |  |  |  |  |  | 10,013,487.00 | 0.26 |
| XS1324916151 | 0.3750 | % | Federation des Caisses Desjardins |  |  |  |  |  |  |
|  |  |  | du Quebec EUR MTN 15/20 | EUR | 10,000.0 | % | 100.135 | 10,013,487.00 | 0.26 |
| Denmark |  |  |  |  |  |  |  | 11,140,367.70 | 0.28 |
| XS1071388117 | 1.2500 | % | Danske Bank EUR MTN 14/21 | EUR | 11,000.0 | % | 101.276 | 11,140,367.70 | 0.28 |
| Finland |  |  |  |  |  |  |  | 147,156,627.51 | 3.75 |
| XS1325648761 | 0.2500 | % | Danske Kiinnitysluottopankki |  |  |  |  |  |  |
|  |  |  | EUR Notes 15/20 | EUR | 25,400.0 | % | 100.136 | 25,434,594.80 | 0.65 |
| FI4000020961 | 3.5000 | % | Finland Government EUR Bonds 11/21 | EUR | 68,850.0 | % | 102.220 | 70,378,297.88 | 1.79 |
| FI4000047089 | 1.6250 | % | Finland Government EUR Bonds 12/22 | EUR | 2,100.0 | % | 104.552 | 2,195,592.00 | 0.06 |
| FI4000037635 | 2.7500 | % | Finland Government EUR Bonds 12/28 | EUR | 3,200.0 | % | 125.671 | 4,021,466.88 | 0.10 |
| FI4000046545 | 2.6250 | % | Finland Government EUR Bonds 12/42 | EUR | 2,700.0 | % | 158.335 | 4,275,031.50 | 0.11 |
| FI4000062625 | 1.5000 | % | Finland Government EUR Bonds 13/23 | EUR | 1,000.0 | % | 105.606 | 1,056,060.20 | 0.03 |
| FI4000079041 | 2.0000 | % | Finland Government EUR Bonds 14/24 | EUR | 4,000.0 | % | 109.618 | 4,384,704.00 | 0.11 |
| FI4000167317 | 0.8750 | % | Finland Government EUR Bonds 15/25 | EUR | 4,000.0 | % | 107.641 | 4,305,630.00 | 0.11 |
| FI4000306758 | 1.1250 | % | Finland Government EUR Bonds 18/34 | EUR | 2,000.0 | % | 118.340 | 2,366,805.00 | 0.06 |
| FI4000242862 | 0.0000 | % | Finland Government EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 15.04.2022 | EUR | 200.0 | % | 101.033 | 202,065.00 | 0.00 |
| XS1324085569 | 0.2500 | % | OP Mortgage Bank EUR Notes 15/20 | EUR | 28,500.0 | % | 100.128 | 28,536,380.25 | 0.73 |

Investment Portfolio as at 30/09/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| France |  |  |  |  |  |  |  | 674,006,840.98 | 17.16 |
| XS0972513633 | 2.1250 | % | Agence Française de Développement |  |  |  |  |  |  |
|  |  |  | EUR MTN 13/21 | EUR | 20,000.0 | % | 100.978 | 20,195,640.00 | 0.51 |
| XS0562852375 | 3.7500 | % | BNP Paribas EUR MTN 10/20 | EUR | 17,200.0 | % | 100.659 | 17,313,430.56 | 0.44 |
| XS1014704586 | 2.2500 | % | BNP Paribas EUR MTN 14/21 | EUR | 6,200.0 | % | 100.754 | 6,246,735.60 | 0.16 |
| FR0011781764 | 2.1250 | % | BPCE EUR MTN 14/21 | EUR | 5,000.0 | % | 101.199 | 5,059,936.00 | 0.13 |
| FR0013063930 | 0.1250 | % | Bpifrance Financement EUR Bonds 15/20 | EUR | 20,000.0 | % | 100.083 | 20,016,598.00 | 0.51 |
| FR0010989889 | 3.9000 | % | Caisse de Refinancement de |  |  |  |  |  |  |
| FR0010327007 | 5.0000 | % | l’Habitat EUR Notes 11/21 Compagnie Financière et Industrielle | EUR | 7,000.0 | % | 101.344 | 7,094,051.30 | 0.18 |
|  |  |  | des Autoroutes EUR Notes 06/21 | EUR | 2,650.0 | % | 103.267 | 2,736,577.09 | 0.07 |
| FR0000187635 | 5.7500 | % | France Government EUR Bonds 01/32 | EUR | 12,000.0 | % | 173.272 | 20,792,640.00 | 0.53 |
| FR0010070060 | 4.7500 | % | France Government EUR Bonds 04/35 | EUR | 15,600.0 | % | 171.456 | 26,747,134.44 | 0.68 |
| FR0010192997 | 3.7500 | % | France Government EUR Bonds 05/21 | EUR | 68,900.0 | % | 102.461 | 70,595,629.00 | 1.80 |
| FR0010171975 | 4.0000 | % | France Government EUR Bonds 05/55 | EUR | 9,700.0 | % | 216.237 | 20,974,989.00 | 0.53 |
| FR0010371401 | 4.0000 | % | France Government EUR Bonds 06/38 | EUR | 13,150.0 | % | 171.802 | 22,591,961.69 | 0.57 |
| FR0010466938 | 4.2500 | % | France Government EUR Bonds 07/23 | EUR | 33,500.0 | % | 115.314 | 38,630,190.00 | 0.98 |
| FR0010773192 | 4.5000 | % | France Government EUR Bonds 09/41 | EUR | 9,600.0 | % | 189.088 | 18,152,447.04 | 0.46 |
| FR0010916924 | 3.5000 | % | France Government EUR Bonds 10/26 | EUR | 24,200.0 | % | 123.238 | 29,823,596.00 | 0.76 |
| FR0011317783 | 2.7500 | % | France Government EUR Bonds 12/27 | EUR | 22,500.0 | % | 123.500 | 27,787,497.75 | 0.71 |
| FR0011486067 | 1.7500 | % | France Government EUR Bonds 13/23 | EUR | 19,800.0 | % | 106.524 | 21,091,752.00 | 0.54 |
| FR0011461037 | 3.2500 | % | France Government EUR Bonds 13/45 | EUR | 13,800.0 | % | 172.002 | 23,736,274.62 | 0.60 |
| FR0011962398 | 1.7500 | % | France Government EUR Bonds 14/24 | EUR | 12,500.0 | % | 110.076 | 13,759,500.00 | 0.35 |
| FR0011883966 | 2.5000 | % | France Government EUR Bonds 14/30 | EUR | 7,500.0 | % | 127.854 | 9,589,049.25 | 0.24 |
| FR0012968337 | 0.2500 | % | France Government EUR Bonds 15/20 | EUR | 30,250.0 | % | 100.130 | 30,289,325.00 | 0.77 |
| FR0012517027 | 0.5000 | % | France Government EUR Bonds 15/25 | EUR | 7,000.0 | % | 105.316 | 7,372,119.30 | 0.19 |
| FR0012938116 | 1.0000 | % | France Government EUR Bonds 15/25 | EUR | 22,700.0 | % | 108.437 | 24,615,196.73 | 0.63 |
| FR0013154028 | 1.7500 | % | France Government EUR Bonds 16/66 | EUR | 3,500.0 | % | 152.382 | 5,333,370.00 | 0.14 |
| FR0013250560 | 1.0000 | % | France Government EUR Bonds 17/27 | EUR | 5,000.0 | % | 110.269 | 5,513,450.00 | 0.14 |
| FR0013341682 | 0.7500 | % | France Government EUR Bonds 18/28 | EUR | 18,200.0 | % | 109.761 | 19,976,500.18 | 0.51 |
| FR0013313582 | 1.2500 | % | France Government EUR Bonds 18/34 | EUR | 4,500.0 | % | 118.719 | 5,342,354.55 | 0.14 |
| FR0000571218 | 5.5000 | % | France Government EUR Bonds 98/29 | EUR | 14,700.0 | % | 151.704 | 22,300,488.00 | 0.57 |
| FR0126001801 | 0.0000 | % | France Government EUR Zero- |  |  |  |  |  |  |
| FR0013311016 | 0.0000 | % | Coupon Bonds 16.06.2021 France Government EUR Zero- | EUR | 25,000.0 | % | 100.436 | 25,109,102.50 | 0.64 |
| FR0013283686 | 0.0000 | % | Coupon Bonds 25.02.2021 France Government EUR Zero- | EUR | 51,100.0 | % | 100.251 | 51,228,261.00 | 1.30 |
|  |  |  | Coupon Bonds 25.03.2023 | EUR | 25,850.0 | % | 101.673 | 26,282,470.50 | 0.67 |
| XS1324923520 | 0.7500 | % | Société Générale EUR MTN 15/20 | EUR | 21,100.0 | % | 100.195 | 21,141,128.12 | 0.54 |
| FR0011048966 | 4.0780 | % | Suez EUR MTN 11/21 | EUR | 6,400.0 | % | 102.616 | 6,567,445.76 | 0.17 |
| Germany |  |  |  |  |  |  |  | 460,381,311.91 | 11.72 |
| DE000BLB7L64 | 0.0000 | % | Bayerische Landesbank EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Notes 06.08.2021 | EUR | 20,000.0 | % | 100.620 | 20,123,918.00 | 0.51 |
| DE000DL19T18 | 0.3750 | % | Deutsche Bank EUR MTN 18/21 | EUR | 9,800.0 | % | 100.093 | 9,809,101.26 | 0.25 |
| DE000DKB0291 | 1.3750 | % | Deutsche Kreditbank EUR MTN 14/21 | EUR | 3,700.0 | % | 100.796 | 3,729,444.60 | 0.09 |
| DE000A13SWB2 | 0.1250 | % | Deutsche Pfandbriefbank EUR MTN 15/20 | EUR | 14,500.0 | % | 100.104 | 14,515,149.60 | 0.37 |
| DE000A2DASD4 | 0.8750 | % | Deutsche Pfandbriefbank EUR MTN 17/21 | EUR | 10,000.0 | % | 100.343 | 10,034,273.00 | 0.26 |
| DE000A12T606 | 0.2500 | % | DZ HYP EUR MTN 15/21 | EUR | 8,200.0 | % | 100.263 | 8,221,529.10 | 0.21 |
| XS1616411036 | 0.3750 | % | E.ON EUR MTN 17/21 | EUR | 1,000.0 | % | 100.349 | 1,003,489.10 | 0.03 |
| DE0001135176 | 5.5000 | % | Germany Government EUR |  |  |  |  |  |  |
|  |  |  | Bonds 00/31 S.00 | EUR | 2,500.0 | % | 164.323 | 4,108,074.75 | 0.10 |
| DE0001135226 | 4.7500 | % | Germany Government EUR Bonds 03/34 S.3 | EUR | 7,800.0 | % | 174.276 | 13,593,489.00 | 0.35 |
| DE0001135275 | 4.0000 | % | Germany Government EUR Bonds 05/37 S.5 | EUR | 3,800.0 | % | 173.793 | 6,604,134.00 | 0.17 |
| DE0001135325 | 4.2500 | % | Germany Government EUR |  |  |  |  |  |  |
|  |  |  | Bonds 07/39 S.2007 | EUR | 4,500.0 | % | 189.160 | 8,512,177.50 | 0.22 |
| DE0001135366 | 4.7500 | % | Germany Government EUR Bonds 08/40 S.8 | EUR | 6,000.0 | % | 203.649 | 12,218,940.00 | 0.31 |
| DE0001135424 | 2.5000 | % | Germany Government EUR Bonds 10/21 | EUR | 25,000.0 | % | 100.860 | 25,215,000.00 | 0.64 |
| DE0001135481 | 2.5000 | % | Germany Government EUR Bonds 12/44 | EUR | 9,200.0 | % | 167.043 | 15,367,955.08 | 0.39 |
| DE0001102309 | 1.5000 | % | Germany Government EUR Bonds 13/23 | EUR | 16,000.0 | % | 105.396 | 16,863,360.00 | 0.43 |

Investment Portfolio as at 30/09/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| DE0001102317 | 1.5000 | % | Germany Government EUR Bonds 13/23 | EUR | 8,050.0 | % | 105.949 | 8,528,894.50 | 0.22 |
| DE0001102325 | 2.0000 | % | Germany Government EUR Bonds 13/23 | EUR | 14,000.0 | % | 108.008 | 15,121,120.00 | 0.38 |
| DE0001102366 | 1.0000 | % | Germany Government EUR Bonds 14/24 | EUR | 20,400.0 | % | 106.908 | 21,809,232.00 | 0.56 |
| DE0001102341 | 2.5000 | % | Germany Government EUR Bonds 14/46 | EUR | 4,000.0 | % | 171.465 | 6,858,600.00 | 0.17 |
| DE0001102382 | 1.0000 | % | Germany Government EUR Bonds 15/25 | EUR | 5,000.0 | % | 108.692 | 5,434,600.00 | 0.14 |
| DE0001102432 | 1.2500 | % | Germany Government EUR Bonds 17/48 | EUR | 4,200.0 | % | 139.977 | 5,879,013.00 | 0.15 |
| DE0001102440 | 0.5000 | % | Germany Government EUR Bonds 18/28 | EUR | 10,400.0 | % | 108.956 | 11,331,424.00 | 0.29 |
| DE0001134922 | 6.2500 | % | Germany Government EUR |  |  |  |  |  |  |
| DE0001135085 | 4.7500 | % | Bonds 94/24 S.94 Germany Government EUR | EUR | 12,800.0 | % | 123.208 | 15,770,624.00 | 0.40 |
| DE0001141737 | 0.0000 | % | Bonds 98/28 S.98 Germany Government EUR Zero- | EUR | 15,500.0 | % | 143.386 | 22,224,830.00 | 0.57 |
| DE0001102408 | 0.0000 | % | Coupon Bonds 09.04.2021 S.173 Germany Government EUR Zero- | EUR | 60,000.0 | % | 100.330 | 60,198,000.00 | 1.53 |
| DE0001102473 | 0.0000 | % | Coupon Bonds 15.08.2026 Germany Government EUR Zero- | EUR | 27,000.0 | % | 104.417 | 28,192,590.00 | 0.72 |
| DE0001102481 | 0.0000 | % | Coupon Bonds 15.08.2029 Germany Government EUR Zero- | EUR | 10,200.0 | % | 105.584 | 10,769,566.98 | 0.27 |
| DE000A1R07V3 | 1.6250 | % | Coupon Bonds 15.08.2050 Kreditanstalt für Wiederaufbau | EUR | 3,150.0 | % | 103.904 | 3,272,975.69 | 0.08 |
| XS1071847245 | 1.1250 | % | EUR Notes 14/21 Landesbank Hessen-Thüringen | EUR | 15,000.0 | % | 100.657 | 15,098,505.00 | 0.38 |
| DE000NLB2DX9 | 3.2500 | % | Girozentrale EUR MTN 14/21 Norddeutsche Landesbank- | EUR | 15,000.0 | % | 101.094 | 15,164,172.00 | 0.39 |
| DE000NRW2228 | 1.5000 | % | Girozentrale EUR MTN 11/21 State of Nordrhein-Westfalen | EUR | 19,500.0 | % | 101.114 | 19,717,278.75 | 0.50 |
|  |  |  | EUR Notes 13/20 S.1279 | EUR | 5,000.0 | % | 100.411 | 5,020,551.00 | 0.13 |
| DE000HV2AMG3 | 0.1250 | % | UniCredit Bank EUR MTN 15/21 | EUR | 20,000.0 | % | 100.347 | 20,069,300.00 | 0.51 |
| Ireland |  |  |  |  |  |  |  | 55,418,881.05 | 1.41 |
| IE00B4TV0D44 | 5.4000 | % | Ireland Government EUR Bonds 09/25 | EUR | 5,700.0 | % | 126.897 | 7,233,129.00 | 0.19 |
| IE00B60Z6194 | 5.0000 | % | Ireland Government EUR Bonds 10/20 | EUR | 24,800.0 | % | 100.250 | 24,862,000.00 | 0.63 |
| IE00B6X95T99 | 3.4000 | % | Ireland Government EUR Bonds 14/24 | EUR | 4,550.0 | % | 114.028 | 5,188,274.00 | 0.13 |
| IE00BJ38CR43 | 2.4000 | % | Ireland Government EUR Bonds 14/30 | EUR | 3,400.0 | % | 125.743 | 4,275,262.00 | 0.11 |
| IE00BV8C9186 | 2.0000 | % | Ireland Government EUR Bonds 15/45 | EUR | 1,700.0 | % | 140.732 | 2,392,444.00 | 0.06 |
| IE00BV8C9B83 | 1.7000 | % | Ireland Government EUR Bonds 17/37 | EUR | 1,900.0 | % | 126.218 | 2,398,142.00 | 0.06 |
| IE00BFZRPZ02 | 1.3000 | % | Ireland Government EUR Bonds 18/33 | EUR | 1,000.0 | % | 117.431 | 1,174,310.00 | 0.03 |
| IE00BH3SQ895 | 1.1000 | % | Ireland Government EUR Bonds 19/29 | EUR | 3,000.0 | % | 112.174 | 3,365,220.00 | 0.09 |
| IE00BH3SQB22 | 1.5000 | % | Ireland Government EUR Bonds 19/50 | EUR | 1,600.0 | % | 130.419 | 2,086,704.00 | 0.05 |
| IE00BKFVC568 | 0.2000 | % | Ireland Government EUR Bonds 20/27 | EUR | 2,350.0 | % | 103.974 | 2,443,396.05 | 0.06 |
| Italy |  |  |  |  |  |  |  | 786,174,333.76 | 20.01 |
| XS1077772538 | 2.0000 | % | Intesa Sanpaolo EUR MTN 14/21 | EUR | 4,300.0 | % | 101.560 | 4,367,071.83 | 0.11 |
| IT0004839046 | 5.0000 | % | Intesa Sanpaolo EUR Notes 12/21 S.11 | EUR | 5,000.0 | % | 101.690 | 5,084,512.50 | 0.13 |
| 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 | % | 100.151 | 31,847,992.56 | 0.81 |
| IT0005389561 | 0.0000 | % | Zero-Coupon Bonds 12.03.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 46,850.0 | % | 100.186 | 46,937,309.66 | 1.19 |
| IT0005406720 | 0.0000 | % | Zero-Coupon Bonds 13.11.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 28,600.0 | % | 100.059 | 28,616,982.68 | 0.73 |
| IT0005410920 | 0.0000 | % | Zero-Coupon Bonds 14.04.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 65,000.0 | % | 100.219 | 65,142,083.50 | 1.66 |
| IT0005412579 | 0.0000 | % | Zero-Coupon Bonds 14.05.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 52,450.0 | % | 100.259 | 52,586,008.10 | 1.34 |
| IT0005415945 | 0.0000 | % | Zero-Coupon Bonds 14.06.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 35,000.0 | % | 100.371 | 35,129,902.50 | 0.89 |
| IT0005387078 | 0.0000 | % | Zero-Coupon Bonds 14.07.2021 Italy Buoni Ordinari Del Tesoro EUR | EUR | 59,150.0 | % | 100.281 | 59,315,921.67 | 1.51 |
| IT0005394421 | 0.0000 | % | Zero-Coupon Bonds 14.10.2020 Italy Buoni Ordinari Del Tesoro EUR | EUR | 36,100.0 | % | 100.017 | 36,106,053.97 | 0.92 |
| IT0001444378 | 6.0000 | % | Zero-Coupon Bonds 14.12.2020 Italy Buoni Poliennali Del | EUR | 27,400.0 | % | 100.098 | 27,426,813.64 | 0.70 |
|  |  |  | Tesoro EUR Bonds 00/31 | EUR | 15,500.0 | % | 151.556 | 23,491,178.45 | 0.60 |

Investment Portfolio as at 30/09/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| IT0003256820 | 5.7500 | % | Italy Buoni Poliennali Del |  |  |  |  |  |  |
| IT0004356843 | 4.7500 | % | Tesoro EUR Bonds 02/33 Italy Buoni Poliennali Del | EUR | 13,700.0 | % | 154.669 | 21,189,651.63 | 0.54 |
| IT0004532559 | 5.0000 | % | Tesoro EUR Bonds 08/23 Italy Buoni Poliennali Del | EUR | 14,750.0 | % | 113.744 | 16,777,240.00 | 0.43 |
| IT0004644735 | 4.5000 | % | Tesoro EUR Bonds 09/40 Italy Buoni Poliennali Del | EUR | 1,050.0 | % | 160.869 | 1,689,124.40 | 0.04 |
| IT0004695075 | 4.7500 | % | Tesoro EUR Bonds 10/26 Italy Buoni Poliennali Del | EUR | 16,550.0 | % | 122.368 | 20,251,902.35 | 0.52 |
| IT0004801541 | 5.5000 | % | Tesoro EUR Bonds 11/21 Italy Buoni Poliennali Del | EUR | 53,600.0 | % | 104.661 | 56,098,296.00 | 1.43 |
| IT0004923998 | 4.7500 | % | Tesoro EUR Bonds 12/22 Italy Buoni Poliennali Del | EUR | 350.0 | % | 111.003 | 388,510.50 | 0.01 |
| IT0005001547 | 3.7500 | % | Tesoro EUR Bonds 13/44 Italy Buoni Poliennali Del | EUR | 12,800.0 | % | 162.415 | 20,789,120.00 | 0.53 |
| IT0005083057 | 3.2500 | % | Tesoro EUR Bonds 14/24 Italy Buoni Poliennali Del | EUR | 16,200.0 | % | 114.265 | 18,510,930.00 | 0.47 |
| IT0005215246 | 0.6500 | % | Tesoro EUR Bonds 15/46 Italy Buoni Poliennali Del | EUR | 3,400.0 | % | 133.922 | 4,553,347.66 | 0.12 |
| IT0005177909 | 2.2500 | % | Tesoro EUR Bonds 16/23 Italy Buoni Poliennali Del | EUR | 14,600.0 | % | 102.214 | 14,923,244.00 | 0.38 |
| IT0005162828 | 2.7000 | % | Tesoro EUR Bonds 16/36 Italy Buoni Poliennali Del | EUR | 24,800.0 | % | 114.880 | 28,490,237.52 | 0.72 |
| IT0005217390 | 2.8000 | % | Tesoro EUR Bonds 16/47 Italy Buoni Poliennali Del | EUR | 4,700.0 | % | 122.521 | 5,758,486.53 | 0.15 |
| IT0005282527 | 1.4500 | % | Tesoro EUR Bonds 16/67 Italy Buoni Poliennali Del | EUR | 3,800.0 | % | 125.245 | 4,759,309.62 | 0.12 |
| IT0005240830 | 2.2000 | % | Tesoro EUR Bonds 17/24 Italy Buoni Poliennali Del | EUR | 30,600.0 | % | 105.575 | 32,305,950.00 | 0.82 |
| IT0005325946 | 0.9500 | % | Tesoro EUR Bonds 17/27 Italy Buoni Poliennali Del | EUR | 20,000.0 | % | 111.259 | 22,251,798.00 | 0.57 |
| IT0005345183 | 2.5000 | % | Tesoro EUR Bonds 18/23 Italy Buoni Poliennali Del | EUR | 34,900.0 | % | 102.653 | 35,825,897.00 | 0.91 |
| IT0005358806 | 3.3500 | % | Tesoro EUR Bonds 18/25 Italy Buoni Poliennali Del | EUR | 2,300.0 | % | 111.357 | 2,561,211.00 | 0.06 |
| IT0001174611 | 6.5000 | % | Tesoro EUR Bonds 19/35 Italy Buoni Poliennali Del | EUR | 3,000.0 | % | 128.969 | 3,869,069.70 | 0.10 |
| IT0001278511 | 5.2500 | % | Tesoro EUR Bonds 97/27 Italy Buoni Poliennali Del | EUR | 20,100.0 | % | 141.101 | 28,361,298.99 | 0.72 |
|  |  |  | Tesoro EUR Bonds 98/29 | EUR | 22,000.0 | % | 139.854 | 30,767,877.80 | 0.78 |
| Jersey |  |  |  |  |  |  |  | 4,000,000.00 | 0.10 |
| XS0974877150 | 3.3750 | % | Glencore Finance Europe EUR MTN 13/20 | EUR | 4,000.0 | % | 100.000 | 4,000,000.00 | 0.10 |
| Luxembourg |  |  |  |  |  |  |  | 66,133,073.54 | 1.68 |
| EU000A1G0BK3 | 1.7500 | % | European Financial Stability |  |  |  |  |  |  |
| EU000A1G0DG7 | 0.1000 | % | Facility EUR MTN 13/20 European Financial Stability | EUR | 29,700.0 | % | 100.188 | 29,755,925.10 | 0.76 |
| XS1549372420 | 0.5000 | % | Facility EUR Notes 16/21 HeidelbergCement Finance | EUR | 24,200.0 | % | 100.269 | 24,265,199.64 | 0.62 |
| XS1960676127 | 0.0000 | % | Luxembourg EUR MTN 17/21 Medtronic Global Holdings EUR | EUR | 6,500.0 | % | 100.150 | 6,509,776.00 | 0.16 |
|  |  |  | Zero-Coupon Notes 07.03.2021 | EUR | 5,600.0 | % | 100.039 | 5,602,172.80 | 0.14 |
| New Zealand |  |  |  |  |  |  |  | 32,452,262.20 | 0.83 |
| XS1434582703 | 0.1250 | % | BNZ International Funding |  |  |  |  |  |  |
|  |  |  | EUR Notes 16/21 | EUR | 32,300.0 | % | 100.471 | 32,452,262.20 | 0.83 |
| Norway |  |  |  |  |  |  |  | 47,312,633.65 | 1.20 |
| XS0637846725 | 3.8750 | % | DNB Boligkreditt EUR MTN 11/21 | EUR | 10,000.0 | % | 103.188 | 10,318,834.00 | 0.26 |
| XS1308759718 | 0.3750 | % | DNB Boligkreditt EUR MTN 15/20 | EUR | 31,900.0 | % | 100.050 | 31,915,902.15 | 0.81 |
| XS0587952085 | 4.0000 | % | SpareBank 1 Boligkreditt EUR MTN 11/21 | EUR | 5,000.0 | % | 101.558 | 5,077,897.50 | 0.13 |
| Portugal |  |  |  |  |  |  |  | 228,449,190.56 | 5.82 |
| PTPBTEGE0045 | 0.0000 | % | Portugal Government EUR Zero- |  |  |  |  |  |  |
| PTPBTIGE0033 | 0.0000 | % | Coupon Bonds 16.07.2021 Portugal Government EUR Zero- | EUR | 55,100.0 | % | 100.916 | 55,604,682.94 | 1.41 |
|  |  |  | Coupon Bonds 19.03.2021 | EUR | 60,850.0 | % | 100.490 | 61,147,994.62 | 1.56 |

Investment Portfolio as at 30/09/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| PTOTEYOE0007 | 3.8500 | % | Portugal Obrigações do |  |  |  |  |  |  |
| PTOTE5OE0007 | 4.1000 | % | Tesouro EUR Bonds 05/21 Portugal Obrigações do | EUR | 75,000.0 | % | 102.427 | 76,820,250.00 | 1.96 |
| PTOTEQOE0015 | 5.6500 | % | Tesouro EUR Bonds 06/37 Portugal Obrigações do | EUR | 5,500.0 | % | 154.777 | 8,512,735.00 | 0.22 |
| PTOTEROE0014 | 3.8750 | % | Tesouro EUR Bonds 13/24 Portugal Obrigações do | EUR | 4,000.0 | % | 120.584 | 4,823,360.00 | 0.12 |
| PTOTESOE0013 | 2.2000 | % | Tesouro EUR Bonds 14/30 Portugal Obrigações do | EUR | 2,350.0 | % | 134.466 | 3,159,951.00 | 0.08 |
| PTOTEKOE0011 | 2.8750 | % | Tesouro EUR Bonds 15/22 Portugal Obrigações do | EUR | 1,000.0 | % | 105.745 | 1,057,450.00 | 0.03 |
| PTOTEBOE0020 | 4.1000 | % | Tesouro EUR Bonds 15/25 Portugal Obrigações do | EUR | 9,400.0 | % | 115.790 | 10,884,260.00 | 0.28 |
| PTOTEVOE0018 | 2.1250 | % | Tesouro EUR Bonds 15/45 Portugal Obrigações do | EUR | 700.0 | % | 168.621 | 1,180,347.00 | 0.03 |
|  |  |  | Tesouro EUR Bonds 18/28 | EUR | 4,500.0 | % | 116.848 | 5,258,160.00 | 0.13 |
| Spain |  |  |  |  |  |  |  | 568,191,960.94 | 14.46 |
| ES0413211105 | 3.5000 | % | Banco Bilbao Vizcaya Argentaria |  |  |  |  |  |  |
| ES0413211865 | 0.6250 | % | EUR Notes 05/20 Banco Bilbao Vizcaya Argentaria | EUR | 6,000.0 | % | 100.054 | 6,003,211.80 | 0.15 |
|  |  |  | EUR Notes 15/21 | EUR | 3,600.0 | % | 100.664 | 3,623,896.80 | 0.09 |
| ES0413860505 | 0.6250 | % | Banco de Sabadell EUR Notes 15/20 | EUR | 5,000.0 | % | 100.088 | 5,004,376.00 | 0.13 |
| ES0413307119 | 0.8750 | % | Bankia EUR Notes 16/21 | EUR | 30,000.0 | % | 100.423 | 30,126,888.00 | 0.77 |
| ES0422714040 | 1.0000 | % | Cajamar Caja Rural EUR MTN 15/20 | EUR | 6,500.0 | % | 100.058 | 6,503,795.35 | 0.17 |
| ES0443307048 | 1.7500 | % | Kutxabank EUR Notes 14/21 | EUR | 9,000.0 | % | 101.423 | 9,128,033.10 | 0.23 |
| XS1413580579 | 1.0000 | % | Santander Consumer Finance |  |  |  |  |  |  |
|  |  |  | EUR MTN 16/21 | EUR | 4,000.0 | % | 100.865 | 4,034,588.80 | 0.10 |
| ES0000012411 | 5.7500 | % | Spain Government EUR Bonds 01/32 | EUR | 14,800.0 | % | 163.312 | 24,170,176.00 | 0.62 |
| ES0000012932 | 4.2000 | % | Spain Government EUR Bonds 05/37 | EUR | 5,000.0 | % | 156.895 | 7,844,750.00 | 0.20 |
| ES00000121G2 | 4.8000 | % | Spain Government EUR Bonds 08/24 | EUR | 12,500.0 | % | 117.480 | 14,685,000.00 | 0.37 |
| ES00000121S7 | 4.7000 | % | Spain Government EUR Bonds 09/41 | EUR | 13,000.0 | % | 175.643 | 22,833,590.00 | 0.58 |
| ES00000122E5 | 4.6500 | % | Spain Government EUR Bonds 10/25 | EUR | 9,600.0 | % | 124.065 | 11,910,240.00 | 0.30 |
| ES00000123C7 | 5.9000 | % | Spain Government EUR Bonds 11/26 | EUR | 4,000.0 | % | 135.849 | 5,433,960.00 | 0.14 |
| ES00000123X3 | 4.4000 | % | Spain Government EUR Bonds 13/23 | EUR | 8,200.0 | % | 114.999 | 9,429,918.00 | 0.24 |
| ES00000124C5 | 5.1500 | % | Spain Government EUR Bonds 13/28 | EUR | 9,400.0 | % | 141.357 | 13,287,558.00 | 0.34 |
| ES00000124H4 | 5.1500 | % | Spain Government EUR Bonds 13/44 | EUR | 3,000.0 | % | 193.358 | 5,800,740.00 | 0.15 |
| ES00000126Z1 | 1.6000 | % | Spain Government EUR Bonds 15/25 | EUR | 4,000.0 | % | 108.853 | 4,354,120.00 | 0.11 |
| ES00000127A2 | 1.9500 | % | Spain Government EUR Bonds 15/30 | EUR | 2,000.0 | % | 117.339 | 2,346,780.00 | 0.06 |
| ES00000128H5 | 1.3000 | % | Spain Government EUR Bonds 16/26 | EUR | 22,800.0 | % | 109.117 | 24,878,676.00 | 0.63 |
| ES00000128C6 | 2.9000 | % | Spain Government EUR Bonds 16/46 | EUR | 4,700.0 | % | 145.848 | 6,854,856.00 | 0.18 |
| ES00000128E2 | 3.4500 | % | Spain Government EUR Bonds 16/66 | EUR | 4,100.0 | % | 175.759 | 7,206,098.50 | 0.18 |
| ES0000012A97 | 0.4500 | % | Spain Government EUR Bonds 17/22 | EUR | 10,000.0 | % | 101.985 | 10,198,500.00 | 0.26 |
| ES0000012A89 | 1.4500 | % | Spain Government EUR Bonds 17/27 | EUR | 16,700.0 | % | 110.730 | 18,491,910.00 | 0.47 |
| ES0000012B62 | 0.3500 | % | Spain Government EUR Bonds 18/23 | EUR | 12,000.0 | % | 102.237 | 12,268,440.00 | 0.31 |
| ES0000011868 | 6.0000 | % | Spain Government EUR Bonds 98/29 | EUR | 14,800.0 | % | 149.539 | 22,131,772.00 | 0.56 |
| 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 | % | 100.094 | 41,238,657.96 | 1.05 |
| ES0L02107099 | 0.0000 | % | Coupon Bonds 05.03.2021 Spain Letras del Tesoro EUR Zero- | EUR | 44,400.0 | % | 100.202 | 44,489,825.64 | 1.13 |
| ES0L02109103 | 0.0000 | % | Coupon Bonds 09.07.2021 Spain Letras del Tesoro EUR Zero- | EUR | 25,150.0 | % | 100.384 | 25,246,576.00 | 0.64 |
| ES0L02102124 | 0.0000 | % | Coupon Bonds 10.09.2021 Spain Letras del Tesoro EUR Zero- | EUR | 11,500.0 | % | 100.481 | 11,555,257.50 | 0.29 |
| ES0L02011135 | 0.0000 | % | Coupon Bonds 12.02.2021 Spain Letras del Tesoro EUR Zero- | EUR | 33,900.0 | % | 100.184 | 33,962,328.54 | 0.87 |
| ES0L02104161 | 0.0000 | % | Coupon Bonds 13.11.2020 Spain Letras del Tesoro EUR Zero- | EUR | 39,750.0 | % | 100.065 | 39,775,992.53 | 1.01 |
|  |  |  | Coupon Bonds 16.04.2021 | EUR | 73,020.0 | % | 100.474 | 73,366,202.42 | 1.87 |
| XS1505554698 | 0.3180 | % | Telefónica Emisiones EUR MTN 16/20 | EUR | 10,000.0 | % | 100.052 | 10,005,246.00 | 0.26 |

Investment Portfolio as at 30/09/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| Supranational |  |  |  |  |  |  |  | 49,747,766.00 | 1.27 |
| XS0605958791 | 3.6250 | % | European Investment Bank EUR MTN 11/21 | EUR | 5,000.0 | % | 101.235 | 5,061,756.00 | 0.13 |
| EU000A2SB9Q6 | 0.0000 | % | European Stability Mechanism EUR |  |  |  |  |  |  |
|  |  |  | Zero-Coupon Notes 10.06.2021 | EUR | 44,500.0 | % | 100.418 | 44,686,010.00 | 1.14 |
| Sweden |  |  |  |  |  |  |  | 13,132,767.40 | 0.33 |
| XS1419636862 | 0.5000 | % | Essity EUR MTN 16/21 | EUR | 1,100.0 | % | 100.433 | 1,104,763.00 | 0.03 |
| XS0988357090 | 1.6250 | % | Skandinaviska Enskilda |  |  |  |  |  |  |
|  |  |  | Banken EUR MTN 13/20 | EUR | 12,000.0 | % | 100.233 | 12,028,004.40 | 0.30 |
| Switzerland |  |  |  |  |  |  |  | 28,588,618.60 | 0.73 |
| XS1015884833 | 1.7500 | % | Crédit Suisse EUR MTN 14/21 | EUR | 28,400.0 | % | 100.664 | 28,588,618.60 | 0.73 |
| The Netherlands |  |  |  |  |  |  |  | 164,000,396.94 | 4.18 |
| DE000A194DC1 | 0.2500 | % | Daimler International Finance |  |  |  |  |  |  |
| NL0015031527 | 0.0000 | % | EUR MTN 18/21 Dutch Treasury Certificate EUR | EUR | 10,472.0 | % | 100.400 | 10,513,835.64 | 0.27 |
| NL0015285826 | 0.0000 | % | Zero-Coupon Bonds 28.05.2021 Dutch Treasury Certificate EUR | EUR | 25,000.0 | % | 100.389 | 25,097,125.00 | 0.64 |
| DE000A185QC1 | 0.0000 | % | Zero-Coupon Bonds 29.06.2021 Evonik Finance EUR Zero- | EUR | 39,000.0 | % | 100.455 | 39,177,348.60 | 1.00 |
|  |  |  | Coupon MTN 08.03.2021 | EUR | 5,000.0 | % | 99.975 | 4,998,767.50 | 0.13 |
| XS0911691003 | 2.0000 | % | Heineken EUR MTN 13/21 | EUR | 5,000.0 | % | 101.133 | 5,056,642.50 | 0.13 |
| XS1492457236 | 1.2500 | % | Mylan EUR Notes 16/20 | EUR | 6,000.0 | % | 100.106 | 6,006,364.20 | 0.15 |
| NL0000102234 | 4.0000 | % | Netherlands Government EUR Bonds 05/37 | EUR | 5,100.0 | % | 170.838 | 8,712,738.00 | 0.22 |
| NL0000102275 | 3.7500 | % | Netherlands Government EUR Bonds 06/23 | EUR | 5,300.0 | % | 110.276 | 5,844,628.00 | 0.15 |
| NL0009446418 | 3.7500 | % | Netherlands Government EUR Bonds 10/42 | EUR | 5,000.0 | % | 185.380 | 9,268,999.50 | 0.24 |
| NL0010071189 | 2.5000 | % | Netherlands Government EUR Bonds 12/33 | EUR | 3,000.0 | % | 135.898 | 4,076,939.70 | 0.10 |
| NL0010418810 | 1.7500 | % | Netherlands Government EUR Bonds 13/23 | EUR | 9,400.0 | % | 106.888 | 10,047,472.00 | 0.26 |
| NL0010721999 | 2.7500 | % | Netherlands Government EUR Bonds 14/47 | EUR | 2,030.0 | % | 176.625 | 3,585,487.30 | 0.09 |
| NL0011220108 | 0.2500 | % | Netherlands Government EUR Bonds 15/25 | EUR | 6,300.0 | % | 104.493 | 6,583,059.00 | 0.17 |
| NL0011819040 | 0.5000 | % | Netherlands Government EUR Bonds 16/26 | EUR | 8,500.0 | % | 106.726 | 9,071,710.00 | 0.23 |
| NL0013332430 | 0.2500 | % | Netherlands Government EUR Bonds 19/29 | EUR | 1,900.0 | % | 106.704 | 2,027,376.00 | 0.05 |
| NL0000102317 | 5.5000 | % | Netherlands Government EUR Bonds 98/28 | EUR | 9,600.0 | % | 145.124 | 13,931,904.00 | 0.35 |
| United Kingdom |  |  |  |  |  |  |  | 62,264,677.40 | 1.58 |
| XS1057478023 | 1.3750 | % | Lloyds Bank EUR MTN 14/21 | EUR | 6,500.0 | % | 101.013 | 6,565,861.90 | 0.17 |
| XS1346089359 | 0.3750 | % | Lloyds Bank EUR MTN 16/21 | EUR | 10,000.0 | % | 100.265 | 10,026,483.00 | 0.25 |
| XS0551478844 | 3.8750 | % | National Westminster Bank EUR MTN 10/20 | EUR | 20,000.0 | % | 100.208 | 20,041,500.00 | 0.51 |
| XS0250729109 | 4.2500 | % | Santander UK EUR MTN 06/21 | EUR | 25,000.0 | % | 102.523 | 25,630,832.50 | 0.65 |
| USA |  |  |  |  |  |  |  | 17,053,510.90 | 0.43 |
| XS0991090175 | 1.8750 | % | International Business Machines |  |  |  |  |  |  |
|  |  |  | EUR Notes 13/20 | EUR | 15,000.0 | % | 100.264 | 15,039,562.50 | 0.38 |
| XS1567173809 | 0.6250 | % | McKesson EUR Notes 17/21 | EUR | 2,000.0 | % | 100.697 | 2,013,948.40 | 0.05 |
| Investments in securities and money-market instruments |  |  |  |  | 3,675,148,823.74 | 93.56 |
| Deposits at financial institutions |  |  |  |  | 239,563,486.73 | 6.10 |
| Sight deposits |  |  |  |  | 239,563,486.73 | 6.10 |
| State Street Bank International |  |  |  |  |  |  |
| GmbH, Luxembourg Branch Cash at Broker and Deposits for | EUR |  |  |  | 72,614,846.50 | 1.85 |
| collateralisation of derivatives | EUR |  |  |  | 166,948,640.23 | 4.25 |
| Investments in deposits at financial institutions |  |  |  |  | 239,563,486.73 | 6.10 |
|  |  |  |  |  |  |  |
| Securities | Shares/ | Holdings |  | Price | Unrealised | % of |
|  | Currency (in 1,000)/ Contracts | 30/09/2020 |  |  | gain/loss in EUR | Subfund assets |
| Derivatives |  |  |  |  |  |  |
| Holdings marked with a minus are short positions. |  |  |  |  |  |  |
| Listed Derivatives |  |  |  |  | -9,829,335.39 | -0.25 |
| Futures Transactions |  |  |  |  | -9,829,335.39 | -0.25 |
| Purchased Index Futures |  |  |  |  | -5,320,825.39 | -0.14 |
| DJ EURO STOXX 50 Index Futures 12/20 | Ctr | 8,113 | EUR | 3,188.000 | -8,464,302.50 | -0.22 |
| FTSE 100 Index Futures 12/20 | Ctr | 1,446 | GBP | 5,867.500 | -1,695,565.39 | -0.04 |
| S&P 500 E-mini Index Futures 12/20 | Ctr | 8,250 | USD | 3,333.700 | 3,440,125.34 | 0.09 |

| Investment Portfolio as at 30/09/2020 |  |
| --- | --- |
| Securities | Shares/ | Holdings |  | Price | Unrealised | % of |
|  | Currency (in 1,000)/ Contracts | 30/09/2020 |  |  | gain/loss in EUR | Subfund assets |
| S&P/TSX 60 Index Futures 12/20 | Ctr | 452 | CAD | 967.800 | 151,707.04 | 0.00 |
| SPI 200 Index Futures 12/20 | Ctr | 1,235 | AUD | 5,802.000 | -1,618,899.02 | -0.04 |
| Topix Index Futures 12/20 | Ctr | 1,248 | JPY | 1,625.500 | 2,866,109.14 | 0.07 |
| Sold Bond Futures |  |  |  |  | -4,508,510.00 | -0.11 |
| 10-Year German Government Bond (Bund) Futures 12/20 | Ctr | -246 | EUR | 174.910 | -206,360.00 | 0.00 |
| 2-Year German Government Bond (Schatz) Futures 12/20 | Ctr | -670 | EUR | 112.315 | -4,010.00 | 0.00 |
| 30-Year German Government Bond (Buxl) Futures 12/20 | Ctr | -385 | EUR | 224.160 | -1,401,700.00 | -0.04 |
| 5-Year German Government Bond (Bobl) Futures 12/20 | Ctr | -1,072 | EUR | 135.310 | -124,990.00 | 0.00 |
| Euro BTP Futures 12/20 | Ctr | -1,270 | EUR | 147.990 | -2,771,450.00 | -0.07 |
| OTC-Dealt Derivatives |  |  |  |  | 2,214,319.44 | 0.05 |
| Forward Foreign Exchange Transactions |  |  |  |  | 114.20 | 0.00 |
| Sold EUR / Bought USD - 13 Nov 2020 | EUR | -21,529.80 |  |  | 131.25 | 0.00 |
| Sold USD / Bought EUR - 13 Nov 2020 | USD | -3,010.77 |  |  | -17.05 | 0.00 |
| Swap Transactions |  |  |  |  | 2,214,205.24 | 0.05 |
| Total Return Swaps |  |  |  |  | 2,214,205.24 | 0.05 |
| Total Return Swap on Index - Fund receives iBoxx Euro Sovereigns |  |  |  |  |  |  |
| Eurozone Performance Index - pays 1.00% - 06.11.2020 | EUR | 1,530,203.60 |  |  | 2,214,205.24 | 0.05 |
| Investments in derivatives |  |  |  |  | -7,615,015.95 | -0.20 |
| Net current assets/liabilities | EUR |  |  |  | 21,071,757.40 | 0.54 |
| Net assets of the Subfund | EUR |  |  |  | 3,928,169,051.92 | 100.00 |

Details of the changes in portfolio composition during the period under review can be obtained free of charge from Allianz Global Investors GmbH - Luxembourg Branch.
| Statement of Operations |  |
| --- | --- |
| for the period from 01/10/2019 to 30/09/2020 |
|  | EUR |
| Interest on |  |
| - bonds | 60,140,520.19 |
| - swap transactions | 916,061.08 |
| Interest on credit balances |  |
| - positive interest rate | 1,073,044.94 |
| - negative interest rate | -1,350,931.16 |
| Income from |  |
| - securities lending | 911,906.95 |
| Other income | 23,612.11 |
| Total income | 61,714,214.11 |
| Expenses from |  |
| - securities lending | -273,572.05 |
| Taxe d’Abonnement | -1,198,379.03 |
| All-in-fee | -42,786,478.44 |
| Other expenses | -624.68 |
| Total expenses | -44,259,054.20 |
| Net income/loss Realised gain/loss on | 17,455,159.91 |
| - securities transactions | -24,215,228.78 |
| - financial futures transactions | -88,244,716.22 |
| - forward foreign exchange transactions | 73,654.78 |
| - foreign exchange | -10,918,975.09 |
| - swap transactions | 14,960,044.27 |
| Net realised gain/loss | -90,890,061.13 |
| Changes in unrealised appreciation/depreciation on |  |
| - securities transactions | -27,904,253.02 |
| - financial futures transactions | -5,405,774.84 |
| - forward foreign exchange transactions | 114.20 |
| - foreign exchange | -19,150.29 |
| - swap transactions | -3,288,179.51 |
| Result of operations | -127,507,304.59 |

| Statement of Net Assets |  |  | Statement of Changes in Net Assets |  |
| --- | --- | --- | --- | --- |
| as at 30/09/2020 |  |  | for the period from 01/10/2019 to 30/09/2020 |
|  | EUR |  |  | EUR |
| Securities and money-market instruments |  |  | Net Assets at the beginning of the period | 3,849,423,827.04 |
| (Cost Price EUR 3,611,310,542.69) | 3,675,148,823.74 |  | Subscriptions | 1,486,854,183.91 |
| Cash at banks | 239,563,486.73 |  | Redemptions | -1,280,443,249.19 |
| Interest receivable on |  |  | Distribution | -158,405.25 |
| - bonds | 28,663,241.79 |  | Result of operations | -127,507,304.59 |
| - swap transactions | 278,098.50 |  | Net Assets at the end of the period | 3,928,169,051.92 |
| Receivable on |  |  |
| - subscriptions of fund shares | 28,947,937.19 |
| - securities lending | 138,992.84 |
| Unrealised gain on |  |
| - futures transactions | 6,457,941.52 |
| - swap transactions | 2,214,205.24 |
| - forward foreign exchange transactions | 131.25 |
| Total Assets | 3,981,412,858.80 |
| Liabilities to banks | -2,381,383.86 |
| Payable on |  |
| - redemptions of fund shares | -30,870,144.16 |
| Other payables | -3,704,984.90 |
| Unrealised loss on |  |
| - futures transactions | -16,287,276.91 |
| - forward foreign exchange transactions | -17.05 |
| Total Liabilities | -53,243,806.88 |
| Net Assets | 3,928,169,051.92 |

| 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 | 1,818,487 | 1,782,955 |
| - Number of shares redeemed | -1,838,734 | -1,628,760 |
| Number of shares in issue at the end of the period | 8,606,253 | 8,626,500 |

Translation (ENDE, 2020-09-30):
# 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 Berichtszeitraum sorgten an den Aktienmärkten die staatli- chen Maßnahmen zur Eindämmung des Coronavirus im Früh- jahr 2020 zunächst für einen Kurssturz, von dem alle Sektoren und Regionen betroffen waren. Später kehrte die nicht zuletzt durch die Notenbanken erhöhte Liquidität an die Börsen zu- rück und sorgte in regional unterschiedlichem Maß für eine Er- holung der Notierungen. An den Anleihenmärkten kam es in diesem Umfeld zu einem Nachfrageschub bei Wertpapieren, die als besonders sicher und liquide gelten. Hiervon profitierten vor allem erstklassige Staatsanleihen. Unternehmenspapiere guter Qualität (Investment Grade-Rating) erzielten ebenfalls im Schnitt ein leichtes Plus, wozu auch die ausgeweiteten Kauf- programme der Notenbanken beitrugen.
Die Wertpapierbestände des Teilfonds konzentrierten sich wei- terhin auf Euro-Staatsanleihen, allerdings ging ihr Anteil merk- lich zurück. Gehalten wurden zum einen Schuldverschreibun- gen von Ländern hoher Bonität wie Frankreich, Deutschland und den Niederlanden. Zum anderen bestanden umfangrei-
che Positionen in öffentlich-rechtlichen Papieren aus Euro-Peri- pheriestaaten, insbesondere aus Italien und Spanien. Das ef- fektive Länderrisiko wurde gegebenenfalls mittels entspre- chender Derivate gesteuert. In verstärktem Umfang waren zum Berichtsstichtag gedeckte Papiere und Unternehmensan- leihen vertreten. Im Schnitt verfügten die verzinslichen Anlagen Ende September über eine Bonitätsnote von AA-. Die Gesamt- duration (mittlere Kapitalbindungsdauer) der Anleihenenga- gements einschließlich Derivaten sank auf zuletzt zweieinhalb Jahre. Die Aktienengagements des Teilfonds wurden über De- rivate auf etablierte Börsenindizes realisiert. Dies erlaubte eine rasche Anpassung der Aktienquote an die Volatilität.
Mit seiner Anlagepolitik gab der Teilfonds etwas im Wert nach. Das genaue Ergebnis im Berichtszeitraum ist in der Tabelle
„Wertentwicklung der Teilfonds“ auf den Seiten 2 und 3 ausge-
wiesen. Weitergehende Informationen über den Fonds finden sich im Verkaufsprospekt sowie in den Wesentlichen Anleger- informationen.
Struktur des Teilfondsvermögens in %	
25
20
15
10
5
0
Obligatio- nen Italien
Obligatio- nen Frank- reich
Obligatio- nen Spa- nien
Obligatio- nen Deutsch- land
Obligatio- nen Portugal
Obligatio- nen Nie- derlande
Obligatio- nen Finn- land
Obligatio- nen Bel- gien
Obligatio- nen Öster- reich
Obligatio- nen sonsti- ger Länder
Sonstige Vermö- genswerte
| Der Teilfonds in Zahlen |  |
| --- | --- |
|  |  | 30.09.2020 | 30.09.2019 | 30.09.2018 |
| Teilfondsvermögen in Mio. EUR |  | 3.928,2 | 3.849,4 | 3.580,4 |
| Aktienumlauf in Stück 1) |  |  |  |  |
| - Klasse A (EUR) (ausschüttend) | WKN: A1W 8XH/ISIN: LU0995865168 | 138.399 | 139.633 | 136.424 |
| - Klasse CT (EUR) (thesaurierend) | WKN: A0N GAA/ISIN: LU0352312184 | 6.495.177 | 6.802.342 | 6.833.737 |
| - Klasse C2 (EUR) (ausschüttend) | WKN: A2P S88/ISIN: LU2064238384 | 646 | -- | -- |
| - Klasse IT (EUR) (thesaurierend) | WKN: A0N GAC/ISIN: LU0352312341 | 867.324 | 884.187 | 948.016 |
| - Klasse NT (EUR) (thesaurierend) | WKN: A1C XU3/ISIN: LU0535372949 | 172.914 | 307.226 | 317.339 |
| - Klasse P (EUR) (ausschüttend) | WKN: A2A H7P/ISIN: LU1405890556 | 7.856 | 7.023 | 12.745 |
| - Klasse PT (EUR) (thesaurierend) | WKN: A14 VR6/ISIN: LU1250163679 | 3.352 | 3.039 | 1.952 |
| - Klasse RT (EUR) (thesaurierend) | WKN: A2D WPS/ISIN: LU1673099179 | 66.601 | 129.819 | 88.507 |
| - Klasse W (EUR) (ausschüttend) | WKN: A0N GAD/ISIN: LU0352312424 | -- | 1 | 1 |
| - Klasse WT (EUR) (thesaurierend) | WKN: A0N GAE/ISIN: LU0352312697 | 813.821 | 316.509 | 79.002 |
| - Klasse AT (H-USD) (thesaurierend) | WKN: A2P YKA/ISIN: LU2105731942 | 115 | -- | -- |
| - Klasse I (USD) (ausschüttend) | WKN: A12 E9Q/ISIN: LU1138502304 | 1 | 341 | 345 |
| - Klasse PT (USD) (thesaurierend) | WKN: A14 VR7/ISIN: LU1250163752 | 39.931 | 36.381 | 54.237 |
| - Klasse RT (H-USD) (thesaurierend) | WKN: A2P YKB/ISIN: LU2105732080 | 115 | -- | -- |
| Aktienwert in EUR |  |  |  |  |
| - Klasse A (EUR) (ausschüttend) | WKN: A1W 8XH/ISIN: LU0995865168 | 137,48 | 142,63 | 137,41 |
| - Klasse CT (EUR) (thesaurierend) | WKN: A0N GAA/ISIN: LU0352312184 | 198,78 | 205,56 | 198,05 |
| - Klasse C2 (EUR) (ausschüttend) | WKN: A2P S88/ISIN: LU2064238384 | 97,65 | -- | -- |
| - Klasse IT (EUR) (thesaurierend) | WKN: A0N GAC/ISIN: LU0352312341 | 1.492,77 | 1.543,75 | 1.487,28 |
| - Klasse NT (EUR) (thesaurierend) | WKN: A1C XU3/ISIN: LU0535372949 | 2.020,94 | 2.071,18 | 1.977,42 |
| - Klasse P (EUR) (ausschüttend) | WKN: A2A H7P/ISIN: LU1405890556 | 1.190,91 | 1.234,88 | 1.188,12 |
| - Klasse PT (EUR) (thesaurierend) | WKN: A14 VR6/ISIN: LU1250163679 | 1.184,71 | 1.216,62 | 1.163,91 |
| - Klasse RT (EUR) (thesaurierend) | WKN: A2D WPS/ISIN: LU1673099179 | 106,15 | 109,00 | 104,28 |
| - Klasse W (EUR) (ausschüttend) | WKN: A0N GAD/ISIN: LU0352312424 | -- | 1.144,08 | 1.101,01 |
| - Klasse WT (EUR) (thesaurierend) | WKN: A0N GAE/ISIN: LU0352312697 | 1.118,54 | 1.145,91 | 1.093,60 |
| - Klasse AT (H-USD) (thesaurierend) | WKN: A2P YKA/ISIN: LU2105731942 | 100,50 | -- | -- |
| - Klasse I (USD) (ausschüttend) | WKN: A12 E9Q/ISIN: LU1138502304 | 1.212,55 | 1.174,13 | 1.200,39 |
| - Klasse PT (USD) (thesaurierend) | WKN: A14 VR7/ISIN: LU1250163752 | 1.264,03 | 1.212,04 | 1.229,47 |
| - Klasse RT (H-USD) (thesaurierend) | WKN: A2P YKB/ISIN: LU2105732080 | 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.