# Allianz Vermögenskonzept SRI Ausgewogen
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 |  |  |  |  | 173,792,364.43 | 94.14 |
| Equities |  |  |  |  | 68,317,862.82 | 37.01 |
| Australia |  |  |  |  | 339,794.54 | 0.18 |
| AU000000BXB1  Brambles | STK | 20,012 | AUD | 10.490 | 127,585.24 | 0.07 |
| AU000000FMG4  Fortescue Metals Group | STK | 16,645 | AUD | 16.300 | 164,894.38 | 0.09 |
| AU000000WOW2 Woolworths Group | STK | 2,137 | AUD | 36.430 | 47,314.92 | 0.02 |
| Belgium |  |  |  |  | 799,722.10 | 0.43 |
| BE0974264930	Ageas | STK | 5,482 | EUR | 34.800 | 190,773.60 | 0.10 |
| BE0974259880	D’ieteren | STK | 1,703 | EUR | 53.700 | 91,451.10 | 0.05 |
| BE0003565737	KBC Group | STK | 2,601 | EUR | 42.940 | 111,686.94 | 0.06 |
| BE0003739530	UCB | STK | 4,169 | EUR | 97.340 | 405,810.46 | 0.22 |
| Denmark |  |  |  |  | 2,501,473.92 | 1.36 |
| DK0010181759	Carlsberg -B- | STK | 504 | DKK | 853.200 | 57,747.48 | 0.03 |
| DK0060448595	Coloplast -B- | STK | 1,157 | DKK | 1,023.000 | 158,950.05 | 0.09 |
| DK0060534915	Novo Nordisk -B- | STK | 24,408 | DKK | 441.950 | 1,448,628.46 | 0.79 |
| DK0060094928	Orsted | STK | 910 | DKK | 882.000 | 107,785.83 | 0.06 |
| DK0010268606	Vestas Wind Systems | STK | 5,370 | DKK | 1,010.000 | 728,362.10 | 0.39 |
| Germany |  |  |  |  | 4,922,245.72 | 2.67 |
| DE000A1EWWW0 adidas | STK | 2,455 | EUR | 278.100 | 682,735.50 | 0.37 |
| DE000BASF111  BASF | STK | 4,099 | EUR | 52.090 | 213,516.91 | 0.12 |
| DE0005158703	Bechtle | STK | 673 | EUR | 169.800 | 114,275.40 | 0.06 |
| DE0005419105	CANCOM | STK | 1,255 | EUR | 44.060 | 55,295.30 | 0.03 |
| DE0005810055	Deutsche Boerse | STK | 2,335 | EUR | 150.650 | 351,767.75 | 0.19 |
| DE0005552004	Deutsche Post | STK | 3,237 | EUR | 38.990 | 126,210.63 | 0.07 |
| DE0005557508	Deutsche Telekom | STK | 4,476 | EUR | 14.405 | 64,476.78 | 0.04 |
| DE000ENAG999  E,ON | STK | 7,470 | EUR | 9.508 | 71,024.76 | 0.04 |
| DE0005785604	Fresenius | STK | 3,832 | EUR | 38.460 | 147,378.72 | 0.08 |
| DE0006047004	HeidelbergCement | STK | 823 | EUR | 52.300 | 43,042.90 | 0.02 |
| DE0008430026	Münchener Rückversicherungs-Gesellschaft | STK | 2,871 | EUR | 219.000 | 628,749.00 | 0.34 |
| DE000PSM7770  ProSiebenSat,1 Media | STK | 4,524 | EUR | 11.120 | 50,306.88 | 0.03 |
| DE0007164600	SAP | STK | 11,400 | EUR | 132.520 | 1,510,728.00 | 0.82 |
| DE0007165631	Sartorius | STK | 176 | EUR | 347.400 | 61,142.40 | 0.03 |
| DE0007236101	Siemens | STK | 6,731 | EUR | 108.120 | 727,755.72 | 0.39 |
| DE000ENER1T1  Siemens Energy | STK | 3,366 | EUR | 21.940 | 73,839.07 | 0.04 |
| Finland |  |  |  |  | 1,206,593.49 | 0.65 |
| FI0009007884	Elisa | STK | 3,207 | EUR | 50.420 | 161,696.94 | 0.09 |
| FI0009000202	Kesko -B- | STK | 6,092 | EUR | 21.600 | 131,587.20 | 0.07 |
| FI0009000665	Metsa Board | STK | 5,527 | EUR | 7.025 | 38,827.18 | 0.02 |
| FI0009013296	Neste | STK | 12,290 | EUR | 46.300 | 569,027.00 | 0.31 |
| FI0009005961	Stora Enso -R- | STK | 4,213 | EUR | 13.495 | 56,854.44 | 0.03 |
| FI0009005987	UPM-Kymmene | STK | 4,775 | EUR | 25.990 | 124,102.25 | 0.06 |
| FI4000074984	Valmet | STK | 5,906 | EUR | 21.080 | 124,498.48 | 0.07 |
| France |  |  |  |  | 8,019,624.58 | 4.34 |
| FR0000120073	Air Liquide | STK | 2,758 | EUR | 136.300 | 375,915.40 | 0.20 |
| FR0000051732	Atos | STK | 2,824 | EUR | 68.860 | 194,460.64 | 0.11 |
| FR0000120628	AXA | STK | 38,318 | EUR | 15.786 | 604,887.95 | 0.33 |
| FR0000131104	BNP Paribas | STK | 16,651 | EUR | 30.975 | 515,764.73 | 0.28 |
| FR0000120503	Bouygues | STK | 8,960 | EUR | 29.550 | 264,768.00 | 0.14 |
| FR0000120172	Carrefour | STK | 18,148 | EUR | 13.805 | 250,533.14 | 0.14 |
| FR0000120222	CNP Assurances | STK | 3,663 | EUR | 10.690 | 39,157.47 | 0.02 |
| FR0000125007	Compagnie de Saint-Gobain | STK | 4,701 | EUR | 36.020 | 169,330.02 | 0.09 |
| FR0000045072	Crédit Agricole | STK | 25,197 | EUR | 7.432 | 187,264.10 | 0.10 |
| FR0000120644	Danone | STK | 2,597 | EUR | 55.240 | 143,458.28 | 0.08 |
| FR0010208488	Engie | STK | 11,227 | EUR | 11.480 | 128,885.96 | 0.07 |
| FR0000121667	EssilorLuxottica | STK | 1,518 | EUR | 114.950 | 174,494.10 | 0.09 |
| FR0010221234	Eutelsat Communications | STK | 5,690 | EUR | 8.206 | 46,692.14 | 0.02 |
| FR0000121147	Faurecia | STK | 2,945 | EUR | 36.250 | 106,756.25 | 0.06 |

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 |
| --- | --- | --- | --- | --- | --- | --- |
| FR0000052292 | Hermes International | STK | 342  EUR | 736.400 | 251,848.80 | 0.14 |
| FR0000120859 | Imerys | STK | 2,644  EUR | 31.320 | 82,810.08 | 0.04 |
| FR0010259150 | Ipsen | STK | 1,451  EUR | 88.700 | 128,703.70 | 0.07 |
| FR0000121485 | Kering | STK | 766  EUR | 572.300 | 438,381.80 | 0.24 |
| FR0000120321 | L’Oréal | STK | 1,863  EUR | 280.000 | 521,640.00 | 0.28 |
| FR0000121014 | LVMH Louis Vuitton Moët Hennessy | STK | 405  EUR | 405.550 | 164,247.75 | 0.09 |
| FR0000120685 | Natixis | STK | 35,056  EUR | 1.888 | 66,168.20 | 0.04 |
| FR0000133308 | Orange | STK | 29,008  EUR | 8.862 | 257,068.90 | 0.14 |
| FR0000121501 | Peugeot | STK | 23,923  EUR | 15.365 | 367,576.90 | 0.20 |
| FR0000130577 | Publicis Groupe | STK | 1,885  EUR | 27.290 | 51,441.65 | 0.03 |
| FR0010451203 | Rexel | STK | 7,198  EUR | 10.660 | 76,730.68 | 0.04 |
| FR0000120578 | Sanofi | STK | 5,650  EUR | 86.020 | 486,013.00 | 0.26 |
| FR0000121972 | Schneider Electric | STK | 10,249  EUR | 107.500 | 1,101,767.50 | 0.60 |
| FR0000130809 | Société Générale | STK | 10,816  EUR | 11.136 | 120,446.98 | 0.06 |
| FR0000051807 | Teleperformance | STK | 1,146  EUR | 262.100 | 300,366.60 | 0.16 |
| FR0000120271 | TOTAL | STK | 13,989  EUR | 28.740 | 402,043.86 | 0.22 |
| Ireland |  |  |  |  | 438,114.29 | 0.24 |
| JE00B783TY65 | Aptiv | STK | 2,099 USD | 91.920 | 164,786.26 | 0.09 |
| IE0001827041 | CRH | STK | 1,117 GBP | 28.210 | 34,497.87 | 0.02 |
| GB00B19NLV48 | Experian | STK | 1,742 GBP | 29.501 | 56,262.20 | 0.03 |
| IE0004927939 | Kingspan Group | STK | 1,366  EUR | 76.950 | 105,113.70 | 0.06 |
| IE00B1RR8406 | Smurfit Kappa Group | STK | 2,312 GBP | 30.600 | 77,454.26 | 0.04 |
| Italy |  |  |  |  | 1,128,151.78 | 0.61 |
| IT0001233417 | A2A | STK | 52,646  EUR | 1.254 | 66,018.08 | 0.04 |
| IT0001207098 | ACEA | STK | 4,511  EUR | 18.360 | 82,821.96 | 0.04 |
| IT0000062072 | Assicurazioni Generali | STK | 4,314  EUR | 12.010 | 51,811.14 | 0.03 |
| IT0003128367 | Enel | STK | 29,101  EUR | 7.497 | 218,170.20 | 0.12 |
| IT0000072618 | Intesa Sanpaolo | STK | 102,941  EUR | 1.612 | 165,940.89 | 0.09 |
| IT0003027817 | Iren | STK | 57,820  EUR | 2.234 | 129,169.88 | 0.07 |
| IT0003153415 | Snam | STK | 11,089  EUR | 4.462 | 49,479.12 | 0.03 |
| IT0003497168 | Telecom Italia | STK | 189,817  EUR | 0.340 | 64,575.74 | 0.03 |
| IT0003242622 | Terna Rete Elettrica Nazionale | STK | 17,791  EUR | 6.024 | 107,172.98 | 0.06 |
| IT0004810054 | Unipol Gruppo | STK | 51,685  EUR | 3.734 | 192,991.79 | 0.10 |
| Japan |  |  |  |  | 2,340,830.74 | 1.27 |
| JP3128800004 | Anritsu | STK | 2,900  JPY | 2,393.000 | 56,098.23 | 0.03 |
| JP3218900003 | Capcom | STK | 1,200  JPY | 5,860.000 | 56,844.36 | 0.03 |
| JP3505000004 | Daiwa House Industry | STK | 6,800  JPY | 2,697.500 | 148,278.73 | 0.08 |
| JP3818000006 | Fujitsu | STK | 1,800  JPY 14,340.000 | 208,655.65 | 0.11 |
| JP3210200006 | Kajima | STK | 11,800  JPY | 1,262.000 | 120,378.76 | 0.07 |
| JP3496400007 | KDDI | STK | 11,100  JPY | 2,656.000 | 238,319.48 | 0.13 |
| JP3733000008 | NEC | STK | 400  JPY | 6,140.000 | 19,853.49 | 0.01 |
| JP3735400008 | Nippon Telegraph & Telephone | STK | 6,800  JPY | 2,150.000 | 118,183.23 | 0.07 |
| JP3165650007 | NTT DOCOMO | STK | 9,500  JPY | 3,885.000 | 298,348.00 | 0.16 |
| JP3190000004 | Obayashi | STK | 21,700  JPY | 955.000 | 167,521.91 | 0.09 |
| JP3421800008 | Secom | STK | 1,100  JPY | 9,606.000 | 85,416.89 | 0.05 |
| JP3420600003 | Sekisui House | STK | 11,200  JPY | 1,857.500 | 168,172.64 | 0.09 |
| JP3435000009 | Sony | STK | 5,800  JPY | 8,032.000 | 376,582.55 | 0.20 |
| JP3409800004 | Sumitomo Forestry | STK | 9,700  JPY | 1,670.000 | 130,947.35 | 0.07 |
| JP3890350006 | Sumitomo Mitsui Financial Group | STK | 800  JPY | 2,917.500 | 18,867.28 | 0.01 |
| JP3443600006 | Taisei | STK | 900  JPY | 3,550.000 | 25,827.32 | 0.01 |
| JP3629000005 | Toppan Printing | STK | 4,800  JPY | 1,478.000 | 57,348.78 | 0.03 |
| JP3635000007 | Toyota Tsusho | STK | 1,900  JPY | 2,942.000 | 45,186.09 | 0.03 |
| Jersey |  |  |  |  | 83,324.23 | 0.05 |
| JE00B5TT1872 | Centamin | STK | 37,715 GBP | 2.018 | 83,324.23 | 0.05 |
| Jordan |  |  |  |  | 183,430.39 | 0.10 |
| GB00B0LCW083 | Hikma Pharmaceuticals | STK | 6,459 GBP | 25.940 | 183,430.39 | 0.10 |
| Canada |  |  |  |  | 876,364.73 | 0.48 |

Investment Portfolio as at 30/09/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| CA00762V1094 | Aecon Group | STK | 1,952 CAD | 13.820 | 17,187.77 | 0.01 |
| CA0084741085 | Agnico Eagle Mines | STK | 4 CAD | 106.810 | 272.21 | 0.00 |
| CA11777Q2099 | B2Gold | STK | 10,073 CAD | 8.880 | 56,990.64 | 0.03 |
| CA19239C1068 | Cogeco Communications | STK | 1,697 CAD | 110.310 | 119,269.24 | 0.07 |
| CA3748252069 | Gibson Energy | STK | 3,645 CAD | 21.870 | 50,789.98 | 0.03 |
| CA45075E1043 | iA Financial | STK | 26 CAD | 46.540 | 770.96 | 0.00 |
| CA45823T1066 | Intact Financial | STK | 3 CAD | 141.770 | 270.98 | 0.00 |
| CA5592224011 | Magna International | STK | 2,674 CAD | 61.280 | 104,402.74 | 0.06 |
| CA56501R1064 | Manulife Financial | STK | 111 CAD | 18.640 | 1,318.26 | 0.00 |
| CA6330671034 | National Bank of Canada | STK | 3,471 CAD | 66.540 | 147,153.01 | 0.08 |
| CA7481932084 | Quebecor -B- | STK | 876 CAD | 33.610 | 18,758.77 | 0.01 |
| CA7800871021 | Royal Bank of Canada | STK | 2,289 CAD | 93.910 | 136,958.62 | 0.07 |
| CA85472N1096 | Stantec | STK | 4,047 CAD | 41.430 | 106,826.71 | 0.06 |
| CA87807B1076 | TC Energy | STK | 13 CAD | 57.900 | 479.57 | 0.00 |
| CA8849037095 | Thomson Reuters | STK | 1,685 CAD | 107.040 | 114,915.27 | 0.06 |
| Luxembourg |  |  |  |  | 114,552.67 | 0.06 |
| LU0569974404 | Aperam | STK | 2,732  EUR | 23.790 | 64,994.28 | 0.03 |
| LU1673108939 | Aroundtown | STK | 11,766  EUR | 4.212 | 49,558.39 | 0.03 |
| The Netherlands |  |  |  |  | 4,322,675.12 | 2.34 |
| NL0011794037 | Ahold Delhaize | STK | 16,824  EUR | 25.490 | 428,843.76 | 0.23 |
| NL0000334118 | ASM International | STK | 3,314  EUR | 123.050 | 407,787.70 | 0.22 |
| NL0010273215 | ASML Holding | STK | 4,642  EUR | 313.850 | 1,456,891.70 | 0.79 |
| NL0000009827 | DSM | STK | 1,131  EUR | 140.450 | 158,848.95 | 0.09 |
| NL0011821202 | ING Groep | STK | 59,931  EUR | 6.044 | 362,222.96 | 0.20 |
| NL0013654783 | Prosus | STK | 2,236  EUR | 78.240 | 174,944.64 | 0.09 |
| GB00B03MLX29 | Royal Dutch Shell -A- | STK | 6,534  EUR | 11.014 | 71,965.48 | 0.04 |
| NL0011821392 | Signify | STK | 16,381  EUR | 31.810 | 521,079.61 | 0.28 |
| NL0009432491 | Vopak | STK | 2,067  EUR | 48.440 | 100,125.48 | 0.05 |
| NL0000395903 | Wolters Kluwer | STK | 8,726  EUR | 73.340 | 639,964.84 | 0.35 |
| Norway |  |  |  |  | 395,242.67 | 0.21 |
| NO0003733800 | Orkla | STK | 21,157 NOK | 94.440 | 180,399.71 | 0.10 |
| NO0010063308 | Telenor | STK | 8,357 NOK | 154.550 | 116,612.52 | 0.06 |
| NO0010208051 | Yara International | STK | 3,045 NOK | 357.300 | 98,230.44 | 0.05 |
| Austria |  |  |  |  | 24,213.66 | 0.01 |
| AT0000743059 | OMV | STK | 1,041  EUR | 23.260 | 24,213.66 | 0.01 |
| Portugal |  |  |  |  | 59,493.06 | 0.03 |
| PTSON0AM0001 | Sonae | STK | 103,918  EUR | 0.573 | 59,493.06 | 0.03 |
| Sweden |  |  |  |  | 2,009,740.95 | 1.09 |
| SE0000695876 | Alfa Laval | STK | 5,460  SEK | 200.000 | 103,631.83 | 0.06 |
| SE0007100581 | Assa Abloy -B- | STK | 19,066  SEK | 211.700 | 383,046.03 | 0.21 |
| SE0011166610 | Atlas Copco -A- | STK | 19,583  SEK | 432.600 | 803,963.36 | 0.44 |
| SE0011166933 | Epiroc -A- | STK | 12,537  SEK | 132.400 | 157,525.96 | 0.08 |
| SE0009922164 | Essity -B- | STK | 11,759  SEK | 303.900 | 339,134.22 | 0.18 |
| SE0011090018 | Holmen -B- | STK | 1,736  SEK | 333.600 | 54,959.94 | 0.03 |
| SE0000107419 | Investor -B- | STK | 2,371  SEK | 586.800 | 132,035.95 | 0.07 |
| SE0000872095 | Swedish Orphan Biovitrum | STK | 1,714  SEK | 217.900 | 35,443.66 | 0.02 |
| Switzerland |  |  |  |  | 8,149,849.05 | 4.42 |
| CH0012221716 | ABB | STK | 23,266 CHF | 23.550 | 506,919.40 | 0.28 |
| CH0432492467 | Alcon | STK | 827  CHF | 52.240 | 39,970.07 | 0.02 |
| CH0360674466 | Galenica | STK | 1,578 CHF | 64.550 | 94,238.75 | 0.05 |
| CH0010645932 | Givaudan | STK | 97  CHF | 3,990.000 | 358,072.45 | 0.19 |
| CH0013841017 | Lonza Group | STK | 677  CHF | 564.600 | 353,635.47 | 0.19 |
| CH0038863350 | Nestlé | STK | 23,613 CHF | 109.980 | 2,402,653.60 | 1.30 |
| CH0012005267 | Novartis | STK | 3,853 CHF | 80.060 | 285,391.39 | 0.16 |
| CH0018294154 | PSP Swiss Property | STK | 1,928 CHF | 111.300 | 198,531.06 | 0.11 |
| CH0012032048 | Roche Holding | STK | 6,841 CHF | 318.900 | 2,018,368.17 | 1.09 |
| CH0418792922 | Sika | STK | 1,189 CHF | 226.100 | 248,718.85 | 0.14 |

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 |
| --- | --- | --- | --- | --- | --- | --- |
| CH0012549785 | Sonova Holding | STK | 1,576 CHF | 231.900 | 338,129.64 | 0.18 |
| CH0126881561 | Swiss Re | STK | 1,562 CHF | 68.840 | 99,482.84 | 0.05 |
| CH0008742519 | Swisscom | STK | 535  CHF | 491.700 | 243,377.41 | 0.13 |
| CH0244767585 | UBS Group | STK | 46,334 CHF | 10.180 | 436,389.06 | 0.24 |
| CH0011075394 | Zurich Insurance Group | STK | 1,765 CHF | 322.100 | 525,970.89 | 0.29 |
| Singapore |  |  |  |  | 115,611.74 | 0.06 |
| SG1L01001701 | DBS Group Holdings | STK | 9,300 SGD | 19.940 | 115,611.74 | 0.06 |
| Spain |  |  |  |  | 1,262,606.29 | 0.68 |
| ES0167050915 | ACS Actividades de Construcción y Servicios | STK | 4,327  EUR | 19.080 | 82,559.16 | 0.04 |
| ES0118900010 | Ferrovial | STK | 1,342  EUR | 21.070 | 28,275.94 | 0.02 |
| ES0171996095 | Grifols -B- | STK | 4,655  EUR | 14.420 | 67,125.10 | 0.04 |
| ES0144580Y14 | Iberdrola | STK | 6,092  EUR | 10.650 | 64,879.80 | 0.03 |
| ES0148396007 | Industria de Diseño Textil | STK | 13,136  EUR | 23.560 | 309,484.16 | 0.17 |
| ES0124244E34 | Mapfre | STK | 37,580  EUR | 1.330 | 49,981.40 | 0.03 |
| ES0116870314 | Naturgy Energy Group | STK | 3,944  EUR | 17.350 | 68,428.40 | 0.04 |
| ES0173093024 | Red Electrica | STK | 10,778  EUR | 16.270 | 175,358.06 | 0.09 |
| ES0173516115 | Repsol | STK | 36,118  EUR | 5.738 | 207,245.08 | 0.11 |
| ES0143416115 | Siemens Gamesa Renewable Energy | STK | 7,235  EUR | 23.210 | 167,924.35 | 0.09 |
| ES0178430E18 | Telefónica | STK | 14,326  EUR | 2.886 | 41,344.84 | 0.02 |
| South Africa |  |  |  |  | 58,800.93 | 0.03 |
| GB00B17BBQ50 | Investec | STK | 38,268 GBP | 1.404 | 58,800.93 | 0.03 |
| USA |  |  |  |  | 21,960,063.25 | 11.90 |
| US00287Y1091 | AbbVie | STK | 4,034 USD | 86.890 | 299,367.22 | 0.16 |
| US00507V1098 | Activision Blizzard | STK | 1,357 USD | 80.780 | 93,622.93 | 0.05 |
| US00724F1012 | Adobe | STK | 518  USD | 489.330 | 216,486.17 | 0.12 |
| US0010551028 | Aflac | STK | 5,522 USD | 36.020 | 169,878.60 | 0.09 |
| US0200021014 | Allstate | STK | 2,352 USD | 93.440 | 187,701.91 | 0.10 |
| US02079K3059 | Alphabet -A- | STK | 513  USD | 1,466.020 | 642,326.46 | 0.35 |
| US02079K1079 | Alphabet -C- | STK | 652  USD | 1,469.330 | 818,211.34 | 0.44 |
| US0231351067 | Amazon,com | STK | 677  USD | 3,144.880 | 1,818,407.86 | 0.98 |
| US0258161092 | American Express | STK | 2,381 USD | 97.750 | 198,780.93 | 0.11 |
| US0311621009 | Amgen | STK | 1,657 USD | 248.300 | 351,396.78 | 0.19 |
| US0378331005 | Apple | STK | 4,628 USD | 114.090 | 450,961.52 | 0.24 |
| US04316A1088 | Artisan Partners Asset Management -A- | STK | 2,066 USD | 38.700 | 68,287.28 | 0.04 |
| US00206R1023 | AT&T | STK | 8,132 USD | 28.300 | 196,554.21 | 0.11 |
| US0865161014 | Best Buy | STK | 1,529 USD | 110.080 | 143,752.19 | 0.08 |
| US0893021032 | Big Lots | STK | 570  USD | 47.070 | 22,914.88 | 0.01 |
| US09062X1037 | Biogen | STK | 72  USD | 282.350 | 17,362.76 | 0.01 |
| US0997241064 | BorgWarner | STK | 964  USD | 38.030 | 31,311.36 | 0.02 |
| US1101221083 | Bristol-Myers Squibb | STK | 7,546 USD | 59.900 | 386,048.77 | 0.21 |
| US1273871087 | Cadence Design Systems | STK | 2,981 USD | 105.780 | 269,317.20 | 0.15 |
| US1255231003 | Cigna | STK | 283  USD | 164.310 | 39,714.49 | 0.02 |
| US17275R1023 | Cisco Systems | STK | 11,609 USD | 39.060 | 387,280.47 | 0.21 |
| US1729674242 | Citigroup | STK | 7,101 USD | 42.420 | 257,269.75 | 0.14 |
| US1890541097 | Clorox | STK | 1,174 USD | 210.410 | 210,975.99 | 0.11 |
| US12621E1038 | CNO Financial Group | STK | 1,960 USD | 15.970 | 26,733.73 | 0.01 |
| US1912161007 | Coca-Cola | STK | 1,259 USD | 48.920 | 52,603.03 | 0.03 |
| US1941621039 | Colgate-Palmolive | STK | 4,407 USD | 76.220 | 286,886.79 | 0.16 |
| US2310211063 | Cummins | STK | 103  USD | 212.900 | 18,728.86 | 0.01 |
| US1266501006 | CVS Health | STK | 3,232 USD | 57.540 | 158,832.64 | 0.09 |
| US23918K1088 | DaVita | STK | 245  USD | 84.140 | 17,606.26 | 0.01 |
| US2435371073 | Deckers Outdoor | STK | 460  USD | 217.910 | 85,611.78 | 0.05 |
| US2655041000 | Dunkin’ Brands Group | STK | 534  USD | 80.860 | 36,878.53 | 0.02 |
| US28176E1082 | Edwards Lifesciences | STK | 272  USD | 78.310 | 18,192.18 | 0.01 |
| US2855121099 | Electronic Arts | STK | 2,249 USD | 130.020 | 249,745.79 | 0.14 |
| US5324571083 | Eli Lilly | STK | 648  USD | 146.260 | 80,946.70 | 0.04 |

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 |
| --- | --- | --- | --- | --- | --- | --- |
| US2925541029 | Encore Capital | STK | 1,129 USD | 38.660 | 37,278.15 | 0.02 |
| US3021301094 | Expeditors International of Washington | STK | 723  USD | 91.630 | 56,581.51 | 0.03 |
| US3119001044 | Fastenal | STK | 907  USD | 45.330 | 35,114.91 | 0.02 |
| US3755581036 | Gilead Sciences | STK | 3,227 USD | 62.100 | 171,154.81 | 0.09 |
| US38141G1040 | Goldman Sachs Group | STK | 618  USD | 196.790 | 103,869.98 | 0.06 |
| US4103451021 | Hanesbrands | STK | 1,706 USD | 15.440 | 22,497.01 | 0.01 |
| US42824C1099 | Hewlett Packard Enterprise | STK | 17,520 USD | 9.380 | 140,357.46 | 0.08 |
| US4314751029 | Hill-Rom Holdings | STK | 751  USD | 81.940 | 52,557.47 | 0.03 |
| US4370761029 | Home Depot | STK | 1,719 USD | 272.110 | 399,501.98 | 0.22 |
| US40434L1052 | HP | STK | 4,454 USD | 18.920 | 71,973.05 | 0.04 |
| US4448591028 | Humana | STK | 421  USD | 401.500 | 144,366.42 | 0.08 |
| US4581401001 | Intel | STK | 11,151 USD | 51.190 | 487,525.68 | 0.26 |
| US45866F1049 | Intercontinental Exchange | STK | 2,086 USD | 99.170 | 176,682.35 | 0.10 |
| US4592001014 | International Business Machines | STK | 3,128 USD | 120.940 | 323,098.74 | 0.17 |
| US4612021034 | Intuit | STK | 760  USD | 323.640 | 210,074.98 | 0.11 |
| US4781601046 | Johnson & Johnson | STK | 4,880 USD | 147.060 | 612,932.90 | 0.33 |
| US48020Q1076 | Jones Lang LaSalle | STK | 338  USD | 96.120 | 27,747.83 | 0.01 |
| US46625H1005 | JPMorgan Chase | STK | 2,288 USD | 95.350 | 186,326.78 | 0.10 |
| US48666K1097 | KB Home | STK | 4,599 USD | 37.690 | 148,043.08 | 0.08 |
| US4943681035 | Kimberly-Clark | STK | 2,439 USD | 146.340 | 304,841.02 | 0.17 |
| US5128071082 | Lam Research | STK | 296  USD | 337.710 | 85,375.68 | 0.05 |
| US5486611073 | Lowe’s Companies | STK | 2,648 USD | 162.260 | 366,967.84 | 0.20 |
| US57636Q1040 | Mastercard -A- | STK | 1,135 USD | 336.230 | 325,934.91 | 0.18 |
| US58933Y1055 | Merck | STK | 7,120 USD | 81.900 | 498,037.96 | 0.27 |
| US5951121038 | Micron Technology | STK | 3,264 USD | 50.710 | 141,365.14 | 0.08 |
| US5949181045 | Microsoft | STK | 9,472 USD | 207.260 | 1,676,701.43 | 0.91 |
| US6092071058 | Mondelez International -A- | STK | 3,387 USD | 56.480 | 163,383.59 | 0.09 |
| US6153691059 | Moody’s | STK | 1,156 USD | 285.730 | 282,105.94 | 0.15 |
| US6174464486 | Morgan Stanley | STK | 5,942 USD | 47.240 | 239,740.32 | 0.13 |
| US6516391066 | Newmont | STK | 4,201 USD | 62.770 | 225,218.14 | 0.12 |
| US6541061031 | NIKE -B- | STK | 4,167 USD | 126.350 | 449,673.50 | 0.24 |
| US67066G1040 | NVIDIA | STK | 1,597 USD | 529.030 | 721,578.81 | 0.39 |
| US70450Y1038 | PayPal Holdings | STK | 1,617 USD | 194.500 | 268,613.71 | 0.15 |
| US7170811035 | Pfizer | STK | 9,304 USD | 36.170 | 287,419.85 | 0.16 |
| US7427181091 | Procter & Gamble | STK | 5,904 USD | 137.260 | 692,131.95 | 0.37 |
| US7433151039 | Progressive | STK | 3,052 USD | 94.150 | 245,416.30 | 0.13 |
| US7458671010 | PulteGroup | STK | 550  USD | 45.270 | 21,265.31 | 0.01 |
| US74834L1008 | Quest Diagnostics | STK | 1,720 USD | 113.650 | 166,953.85 | 0.09 |
| US78409V1044 | S&P Global | STK | 1,191 USD | 356.980 | 363,123.37 | 0.20 |
| IE00B58JVZ52 | Seagate Technology | STK | 2,641 USD | 50.070 | 112,939.16 | 0.06 |
| US8552441094 | Starbucks | STK | 1,881 USD | 84.800 | 136,233.28 | 0.07 |
| US8581552036 | Steelcase -A- | STK | 1,592 USD | 10.040 | 13,651.34 | 0.01 |
| US74144T1088 | T Rowe Price Group | STK | 2,250 USD | 127.490 | 244,994.98 | 0.13 |
| US87612E1064 | Target | STK | 779  USD | 156.940 | 104,416.63 | 0.06 |
| US8835561023 | Thermo Fisher Scientific | STK | 818  USD | 434.340 | 303,446.19 | 0.16 |
| US8873891043 | Timken | STK | 3,447 USD | 54.540 | 160,566.51 | 0.09 |
| US91324P1021 | UnitedHealth Group | STK | 1,096 USD | 304.150 | 284,706.20 | 0.15 |
| US92343V1044 | Verizon Communications | STK | 5,061 USD | 59.240 | 256,064.83 | 0.14 |
| US92532F1003 | Vertex Pharmaceuticals | STK | 417  USD | 270.310 | 96,271.27 | 0.05 |
| US92826C8394 | Visa -A- | STK | 3,944 USD | 199.440 | 671,811.95 | 0.36 |
| US2546871060 | Walt Disney | STK | 3,088 USD | 125.400 | 330,729.84 | 0.18 |
| United Kingdom |  |  |  |  | 7,005,342.92 | 3.80 |
| GB00B1YW4409 | 3i Group | STK | 901 GBP | 9.818 | 9,684.65 | 0.01 |
| GB0009895292 | AstraZeneca | STK | 11,658 GBP | 85.270 | 1,088,319.32 | 0.59 |
| GB0002162385 | Aviva | STK | 101,537 GBP | 2.879 | 320,038.34 | 0.17 |
| GB0000811801 | Barratt Developments | STK | 48,590 GBP | 4.848 | 257,896.55 | 0.14 |

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 |
| --- | --- | --- | --- | --- | --- | --- |
| GB0000904986 | Bellway | STK | 2,418 GBP | 23.530 | 62,289.41 | 0.03 |
| GB00B02L3W35 | Berkeley Group Holdings | STK | 1,099 GBP | 42.510 | 51,147.55 | 0.03 |
| GB0007980591 | BP | STK | 102,344 GBP | 2.304 | 258,099.18 | 0.14 |
| GB0030913577 | BT Group | STK | 229,192 GBP | 0.979 | 245,751.16 | 0.13 |
| GB00BD6K4575 | Compass Group | STK | 2,584 GBP | 11.560 | 32,702.91 | 0.02 |
| GB0002318888 | Cranswick | STK | 1,149 GBP | 36.500 | 45,914.40 | 0.03 |
| GB0059822006 | Dialog Semiconductor | STK | 1,134  EUR | 37.350 | 42,354.90 | 0.02 |
| JE00BJVNSS43 | Ferguson | STK | 1,532 GBP | 78.360 | 131,428.40 | 0.07 |
| GB0009252882 | GlaxoSmithKline | STK | 50,303 GBP | 14.641 | 806,305.76 | 0.44 |
| GB0004052071 | Halma | STK | 18 GBP | 23.400 | 461.13 | 0.00 |
| GB00BYYTFB60 | HomeServe | STK | 9,789 GBP | 12.300 | 131,819.44 | 0.07 |
| GB00B06QFB75 | IG Group Holdings | STK | 5,546 GBP | 7.875 | 47,815.25 | 0.03 |
| BMG475671050 | IHS Markit | STK | 1,190 USD | 77.420 | 78,686.22 | 0.04 |
| GB00BMJ6DW54 | Informa | STK | 9,380 GBP | 3.757 | 38,581.58 | 0.02 |
| GB0033986497 | ITV | STK | 61,647 GBP | 0.661 | 44,638.77 | 0.02 |
| GB00B019KW72 | J Sainsbury | STK | 62,143 GBP | 1.951 | 132,735.01 | 0.07 |
| GB00BYX91H57 | JD Sports Fashion | STK | 9,508 GBP | 7.926 | 82,504.81 | 0.04 |
| GB0033195214 | Kingfisher | STK | 17,982 GBP | 2.973 | 58,528.71 | 0.03 |
| GB0005603997 | Legal & General Group | STK | 15,339 GBP | 1.870 | 31,394.86 | 0.02 |
| GB00B0SWJX34 | London Stock Exchange | STK | 2,470 GBP | 89.280 | 241,427.74 | 0.13 |
| GB00BKFB1C65 | M&G | STK | 16,901 GBP | 1.573 | 29,105.64 | 0.02 |
| GB00B1CRLC47 | Mondi | STK | 3,075 GBP | 16.480 | 55,480.24 | 0.03 |
| GB00BDR05C01 | National Grid | STK | 47,485 GBP | 8.914 | 463,409.68 | 0.25 |
| GB00B18V8630 | Pennon Group | STK | 5,534 GBP | 10.505 | 63,646.02 | 0.03 |
| GB0006825383 | Persimmon | STK | 5,173 GBP | 24.970 | 141,415.51 | 0.08 |
| GB0007099541 | Prudential | STK | 6,020 GBP | 11.330 | 74,672.80 | 0.04 |
| GB00BG11K365 | Redrow | STK | 31,191 GBP | 4.048 | 138,231.12 | 0.08 |
| GB00B2B0DG97 | RELX | STK | 17,502 GBP | 17.208 | 329,729.56 | 0.18 |
| GB00B082RF11 | Rentokil Initial | STK | 16,207 GBP | 5.466 | 96,985.83 | 0.05 |
| GB00BYZDVK82 | Softcat | STK | 2,671 GBP | 11.970 | 35,002.90 | 0.02 |
| GB0004726096 | Spirent Communications | STK | 24,235 GBP | 2.855 | 75,750.45 | 0.04 |
| GB0007908733 | SSE | STK | 11,047 GBP | 12.245 | 148,094.59 | 0.08 |
| GB0008782301 | Taylor Wimpey | STK | 39,528 GBP | 1.076 | 46,564.31 | 0.03 |
| GB0007739609 | Travis Perkins | STK | 4,160 GBP | 11.030 | 50,234.82 | 0.03 |
| NL0000388619 | Unilever | STK | 6,849  EUR | 51.820 | 354,915.18 | 0.19 |
| GB00B10RZP78 | Unilever | STK | 66 GBP | 48.150 | 3,479.17 | 0.00 |
| GB00B39J2M42 | United Utilities Group | STK | 5,212 GBP | 8.782 | 50,111.09 | 0.03 |
| GB0001859296 | Vistry Group | STK | 461 GBP | 5.640 | 2,846.53 | 0.00 |
| GB00BH4HKS39 | Vodafone Group | STK | 362,014 GBP | 1.030 | 408,224.08 | 0.22 |
| GB0006043169 | Wm Morrison Supermarkets | STK | 48,867 GBP | 1.719 | 91,966.06 | 0.05 |
| JE00B8KF9B49 | WPP | STK | 15,940 GBP | 6.014 | 104,951.29 | 0.06 |
| Bonds |  |  |  |  | 105,305,498.62 | 57.04 |
| Australia |  |  |  |  | 739,577.47 | 0.40 |
| XS1811023735 | 0.3750 | % | Commonwealth Bank of |  |  |  |  |  |
|  |  |  | Australia EUR MTN 18/23 | EUR | 100.0	% | 102.080 | 102,079.79 | 0.05 |
| XS1942618023 | 0.7500 | % | National Australia Bank EUR MTN 19/26 | EUR | 400.0	% | 105.721 | 422,882.84 | 0.23 |
| XS1676933853 | 1.1250 | % | Westpac Banking EUR MTN 17/27 | EUR | 200.0	% | 107.307 | 214,614.84 | 0.12 |
| Belgium |  |  |  |  |  |  | 1,794,561.84 | 0.97 |
| BE0000291972 | 5.5000 | % | Belgium Government EUR Bonds 98/28 S.31 | EUR | 100.0	% | 145.716 | 145,716.00 | 0.08 |
| BE0000326356 | 4.0000 | % | Belgium Government EUR Bonds 12/32 S.66 | EUR | 120.0	% | 149.459 | 179,350.80 | 0.10 |
| BE0000336454 | 1.9000 | % | Belgium Government EUR Bonds 15/38 S.76 | EUR | 270.0	% | 132.433 | 357,569.07 | 0.19 |
| BE0000338476 | 1.6000 | % | Belgium Government EUR Bonds 16/47 S.78 | EUR | 300.0	% | 132.949 | 398,846.97 | 0.21 |
| BE0000342510 | 0.5000 | % | Belgium Government EUR Bonds 17/24 S.82 | EUR | 100.0	% | 104.773 | 104,773.00 | 0.06 |
| BE0000341504 | 0.8000 | % | Belgium Government EUR Bonds 17/27 S.81 | EUR | 200.0	% | 109.035 | 218,070.00 | 0.12 |
| BE0000347568 | 0.9000 | % | Belgium Government EUR Bonds 19/29 S.87 | EUR | 350.0	% | 111.496 | 390,236.00 | 0.21 |
| Denmark |  |  |  |  |  |  | 102,362.66 | 0.06 |
| XS1424730973 | 0.7500 | % | Danske Bank EUR MTN 16/23 | EUR | 100.0	% | 102.363 | 102,362.66 | 0.06 |

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 |
| --- | --- | --- | --- | --- | --- | --- |
| Germany |  |  |  |  |  |  |  | 11,063,763.46 | 5.99 |
| DE000CZ40MC5 | 1.1250 | % | Commerzbank EUR MTN 17/25 | EUR | 200.0 | % | 101.948 | 203,895.08 | 0.11 |
| DE000CZ40NG4 | 1.2500 | % | Commerzbank EUR MTN 18/23 | EUR | 200.0 | % | 102.428 | 204,856.02 | 0.11 |
| DE000DL19UC0 | 1.1250 | % | Deutsche Bank EUR MTN 18/23 | EUR | 100.0 | % | 103.181 | 103,180.90 | 0.06 |
| DE000DL19U31 | 0.1250 | % | Deutsche Bank EUR Notes 20/30 | EUR | 150.0 | % | 103.265 | 154,897.37 | 0.08 |
| DE000A2GSLC6 | 0.6250 | % | Deutsche Pfandbriefbank EUR MTN 18/22 | EUR | 200.0 | % | 99.817 | 199,634.58 | 0.11 |
| XS2084497705 | 0.6250 | % | Fresenius Medical Care EUR MTN 19/26 | EUR | 50.0 | % | 100.974 | 50,487.05 | 0.03 |
| DE0001135044 | 6.5000 | % | Germany Government EUR |  |  |  |  |  |  |
|  |  |  | Bonds 97/27 S.97 | EUR | 100.0 | % | 150.115 | 150,115.00 | 0.08 |
| DE0001135226 | 4.7500 | % | Germany Government EUR Bonds 03/34 S.3 | EUR | 370.0 | % | 174.276 | 644,819.35 | 0.35 |
| DE0001135325 | 4.2500 | % | Germany Government EUR |  |  |  |  |  |  |
|  |  |  | Bonds 07/39 S.2007 | EUR | 400.0 | % | 189.160 | 756,638.00 | 0.41 |
| DE0001135424 | 2.5000 | % | Germany Government EUR Bonds 10/21 | EUR | 4,800.0 | % | 100.860 | 4,841,280.00 | 2.62 |
| DE0001102341 | 2.5000 | % | Germany Government EUR Bonds 14/46 | EUR | 490.0 | % | 171.465 | 840,178.50 | 0.45 |
| DE0001102416 | 0.2500 | % | Germany Government EUR Bonds 17/27 | EUR | 200.0 | % | 106.367 | 212,734.00 | 0.12 |
| DE0001102473 | 0.0000 | % | Germany Government EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 15.08.2029 | EUR | 1,140.0 | % | 105.584 | 1,203,657.49 | 0.65 |
| XS1387174375 | 2.2500 | % | HeidelbergCement EUR MTN 16/23 | EUR | 200.0 | % | 104.343 | 208,686.90 | 0.11 |
| XS2047479469 | 0.5000 | % | Hella EUR Notes 19/27 | EUR | 200.0 | % | 97.767 | 195,533.92 | 0.11 |
| DE000A2TSTR0 | 0.8750 | % | Kreditanstalt für Wiederaufbau |  |  |  |  |  |  |
| XS1957349332 | 0.5000 | % | EUR MTN 19/39 Landwirtschaftliche Rentenbank | EUR | 410.0 | % | 115.999 | 475,595.78 | 0.26 |
|  |  |  | EUR MTN 19/29 | EUR | 300.0 | % | 107.614 | 322,842.90 | 0.17 |
| DE000A2YB699 | 1.1250 | % | Schaeffler EUR MTN 19/22 | EUR | 300.0 | % | 98.244 | 294,730.62 | 0.16 |
| Finland |  |  |  |  |  |  |  | 100,458.60 | 0.05 |
| FI4000197959 | 0.5000 | % | Finland Government EUR Bonds 16/26 | EUR | 50.0 | % | 106.245 | 53,122.50 | 0.03 |
| FI4000306758 | 1.1250 | % | Finland Government EUR Bonds 18/34 | EUR | 40.0 | % | 118.340 | 47,336.10 | 0.02 |
| France |  |  |  |  |  |  |  | 26,111,917.01 | 14.14 |
| FR0011530492 | 2.3750 | % | Arkea Home Loans EUR MTN 13/23 | EUR | 200.0 | % | 107.980 | 215,960.74 | 0.12 |
| FR0013336229 | 1.5000 | % | Arkea Home Loans EUR MTN 18/33 | EUR | 200.0 | % | 119.964 | 239,928.62 | 0.13 |
| XS0819130302 | 3.2500 | % | Banque Fédérative du Crédit |  |  |  |  |  |  |
| XS1856833543 | 0.5000 | % | Mutuel EUR MTN 12/22 Banque Fédérative du Crédit | EUR | 200.0 | % | 106.592 | 213,183.56 | 0.12 |
|  |  |  | Mutuel EUR MTN 18/22 | EUR | 400.0 | % | 101.442 | 405,766.04 | 0.22 |
| XS1748456974 | 1.1250 | % | BNP Paribas EUR MTN 18/26 | EUR | 200.0 | % | 103.881 | 207,762.94 | 0.11 |
| FR0012688208 | 0.2000 | % | Caisse Française de Financement |  |  |  |  |  |  |
|  |  |  | Local EUR Bonds 15/23 S.6 | EUR | 200.0 | % | 101.758 | 203,516.24 | 0.11 |
| FR0013419736 | 1.0000 | % | Carrefour EUR MTN 19/27 | EUR | 200.0 | % | 104.774 | 209,547.92 | 0.11 |
| XS1962554785 | 0.6250 | % | Compagnie de Saint-Gobain |  |  |  |  |  |  |
|  |  |  | EUR Notes 19/24 | EUR | 300.0 | % | 102.219 | 306,657.66 | 0.17 |
| FR0000571150 | 6.0000 | % | France Government EUR Bonds 94/25 | EUR | 200.0 | % | 134.288 | 268,576.00 | 0.15 |
| FR0013131877 | 0.5000 | % | France Government EUR Bonds 16/26 | EUR | 50.0 | % | 106.188 | 53,094.00 | 0.03 |
| FR0013250560 | 1.0000 | % | France Government EUR Bonds 17/27 | EUR | 200.0 | % | 110.269 | 220,538.00 | 0.12 |
| FR0013286192 | 0.7500 | % | France Government EUR Bonds 17/28 | EUR | 780.0 | % | 109.371 | 853,093.72 | 0.46 |
| FR0013234333 | 1.7500 | % | France Government EUR Bonds 17/39 | EUR | 1,870.0 | % | 131.458 | 2,458,264.41 | 1.33 |
| FR0013257524 | 2.0000 | % | France Government EUR Bonds 17/48 | EUR | 600.0 | % | 145.062 | 870,371.94 | 0.47 |
| FR0013313582 | 1.2500 | % | France Government EUR Bonds 18/34 | EUR | 300.0 | % | 118.719 | 356,156.97 | 0.19 |
| FR0013407236 | 0.5000 | % | France Government EUR Bonds 19/29 | EUR | 320.0 | % | 107.872 | 345,190.37 | 0.19 |
| FR0125848673 | 0.0000 | % | France Government EUR Zero- |  |  |  |  |  |  |
| FR0125848681 | 0.0000 | % | Coupon Bonds 27.01.2021 France Government EUR Zero- | EUR | 8,400.0 | % | 100.203 | 8,417,025.96 | 4.56 |
|  |  |  | Coupon Bonds 24.02.2021 | EUR | 8,400.0 | % | 100.241 | 8,420,224.68 | 4.56 |
| FR0013153707 | 2.3750 | % | Peugeot EUR MTN 16/23 | EUR | 200.0 | % | 103.699 | 207,398.62 | 0.11 |
| FR0012759744 | 1.2500 | % | RCI Banque EUR MTN 15/22 | EUR | 400.0 | % | 100.313 | 401,252.80 | 0.22 |
| XS1538867760 | 1.0000 | % | Société Générale EUR MTN 16/22 | EUR | 200.0 | % | 101.410 | 202,819.46 | 0.11 |
| FR0013403441 | 1.2500 | % | Société Générale EUR MTN 19/24 | EUR | 200.0 | % | 102.712 | 205,424.60 | 0.11 |
| FR0013230943 | 0.6250 | % | Valeo EUR MTN 17/23 | EUR | 100.0 | % | 99.037 | 99,036.50 | 0.05 |
| FR0013342334 | 1.5000 | % | Valeo EUR MTN 18/25 | EUR | 400.0 | % | 99.126 | 396,504.72 | 0.21 |
| FR0010033381 | 6.1250 | % | Veolia Environnement EUR MTN 03/33 | EUR | 200.0 | % | 167.310 | 334,620.54 | 0.18 |

Investment Portfolio as at 30/09/2020
| ISIN | Securities | Shares/ Currency (in 1,000)/ Contracts | Holdings 30/09/2020 | Price | Market Value in EUR | % of Subfund assets |
| --- | --- | --- | --- | --- | --- | --- |
| Ireland |  |  |  |  |  |  |  | 551,937.80 | 0.30 |
| IE00BV8C9186 | 2.0000 | % | Ireland Government EUR Bonds 15/45 | EUR | 100.0 | % | 140.732 | 140,732.00 | 0.08 |
| IE00BV8C9418 | 1.0000 | % | Ireland Government EUR Bonds 16/26 | EUR | 250.0 | % | 108.536 | 271,340.00 | 0.15 |
| IE00BFZRPZ02 | 1.3000 | % | Ireland Government EUR Bonds 18/33 | EUR | 100.0 | % | 117.431 | 117,431.00 | 0.06 |
| IE00BH3SQ895 | 1.1000 | % | Ireland Government EUR Bonds 19/29 | EUR | 20.0 | % | 112.174 | 22,434.80 | 0.01 |
| Iceland |  |  |  |  |  |  |  | 501,608.75 | 0.27 |
| XS2015295814 | 0.1000 | % | Iceland Government EUR Bonds 19/24 | EUR | 500.0 | % | 100.322 | 501,608.75 | 0.27 |
| Italy |  |  |  |  |  |  |  | 24,205,814.15 | 13.11 |
| XS0986194883 | 4.0000 | % | Intesa Sanpaolo EUR MTN 13/23 | EUR | 200.0 | % | 111.013 | 222,025.62 | 0.12 |
| XS1197351577 | 1.1250 | % | Intesa Sanpaolo EUR MTN 15/22 | EUR | 200.0 | % | 101.460 | 202,920.54 | 0.11 |
| 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 | 7,900.0 | % | 100.151 | 7,911,922.68 | 4.29 |
| IT0000366655 | 9.0000 | % | Zero-Coupon Bonds 12.03.2021 Italy Buoni Poliennali Del | EUR | 7,900.0 | % | 100.186 | 7,914,722.44 | 4.29 |
| IT0003535157 | 5.0000 | % | Tesoro EUR Bonds 93/23 Italy Buoni Poliennali Del | EUR | 480.0 | % | 127.995 | 614,376.00 | 0.33 |
| IT0004286966 | 5.0000 | % | Tesoro EUR Bonds 03/34 Italy Buoni Poliennali Del | EUR | 440.0 | % | 149.351 | 657,144.36 | 0.36 |
| IT0004356843 | 4.7500 | % | Tesoro EUR Bonds 07/39 Italy Buoni Poliennali Del | EUR | 520.0 | % | 159.728 | 830,585.55 | 0.45 |
| IT0004513641 | 5.0000 | % | Tesoro EUR Bonds 08/23 Italy Buoni Poliennali Del | EUR | 350.0 | % | 113.744 | 398,104.00 | 0.21 |
| IT0004532559 | 5.0000 | % | Tesoro EUR Bonds 09/25 Italy Buoni Poliennali Del | EUR | 230.0 | % | 121.316 | 279,026.80 | 0.15 |
| IT0005028003 | 2.1500 | % | Tesoro EUR Bonds 09/40 Italy Buoni Poliennali Del | EUR | 620.0 | % | 160.869 | 997,387.74 | 0.54 |
| IT0005135840 | 1.4500 | % | Tesoro EUR Bonds 14/21 Italy Buoni Poliennali Del | EUR | 1,300.0 | % | 102.952 | 1,338,376.00 | 0.72 |
| IT0005370306 | 2.1000 | % | Tesoro EUR Bonds 15/22 Italy Buoni Poliennali Del | EUR | 100.0 | % | 103.253 | 103,253.00 | 0.06 |
| IT0005365165 | 3.0000 | % | Tesoro EUR Bonds 19/26 Italy Buoni Poliennali Del | EUR | 400.0 | % | 109.888 | 439,551.96 | 0.24 |
| IT0005408502 | 1.8500 | % | Tesoro EUR Bonds 19/29 Italy Buoni Poliennali Del | EUR | 510.0 | % | 119.782 | 610,888.15 | 0.33 |
| IT0005403396 | 0.9500 | % | Tesoro EUR Bonds 20/25 Italy Buoni Poliennali Del | EUR | 450.0 | % | 107.621 | 484,292.25 | 0.26 |
| - | 2.0500 | % | Tesoro EUR Bonds 20/30 Italy Buoni Poliennali Del | EUR | 450.0 | % | 101.436 | 456,460.88 | 0.25 |
| XS1689739347 | 0.6250 | % | Tesoro EUR Notes 17/28 Mediobanca Banca di Credito | EUR | 400.0 | % | 110.379 | 441,515.96 | 0.24 |
|  |  |  | Finanziario EUR MTN 17/22 | EUR | 300.0 | % | 101.087 | 303,260.22 | 0.16 |
| Japan |  |  |  |  |  |  |  | 613,792.20 | 0.33 |
| XS1843449049 | 1.1250 | % | Takeda Pharmaceutical EUR Notes 18/22 | EUR | 600.0 | % | 102.299 | 613,792.20 | 0.33 |
| Canada |  |  |  |  |  |  |  | 510,529.54 | 0.28 |
| XS2104915207 | 0.0100 | % | Royal Bank of Canada EUR MTN 20/27 | EUR | 300.0 | % | 102.083 | 306,249.90 | 0.17 |
| XS1401105587 | 0.3750 | % | Toronto-Dominion Bank EUR MTN 16/23 | EUR | 200.0 | % | 102.140 | 204,279.64 | 0.11 |
| Luxembourg |  |  |  |  |  |  |  | 2,318,269.77 | 1.26 |
| EU000A1G0AB4 | 3.3750 | % | European Financial Stability |  |  |  |  |  |  |
| EU000A1G0DH5 | 0.4000 | % | Facility EUR MTN 11/21 European Financial Stability | EUR | 200.0 | % | 103.088 | 206,176.06 | 0.11 |
| EU000A1G0DW4 | 1.8000 | % | Facility EUR MTN 16/26 European Financial Stability | EUR | 300.0 | % | 105.278 | 315,834.12 | 0.17 |
| EU000A1G0D96 | 1.7500 | % | Facility EUR MTN 17/48 European Financial Stability | EUR | 170.0 | % | 142.814 | 242,783.12 | 0.13 |
| XS1002933072 | 3.2500 | % | Facility EUR Notes 18/53 HeidelbergCement Finance | EUR | 150.0 | % | 144.621 | 216,931.49 | 0.12 |
| XS1589806907 | 1.6250 | % | Luxembourg EUR MTN 13/21 HeidelbergCement Finance | EUR | 200.0 | % | 103.264 | 206,528.28 | 0.11 |
| XS1629387462 | 1.5000 | % | Luxembourg EUR MTN 17/26 HeidelbergCement Finance | EUR | 400.0 | % | 104.712 | 418,848.08 | 0.23 |
|  |  |  | Luxembourg EUR MTN 17/27 | EUR | 200.0 | % | 104.559 | 209,118.20 | 0.11 |

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 |
| --- | --- | --- | --- | --- | --- | --- |
| XS1863994981 | 0.5000 | % | HeidelbergCement Finance |  |  |  |  |  |  |
| XS1960678099 | 0.3750 | % | Luxembourg EUR MTN 18/22 Medtronic Global Holdings | EUR | 400.0 | % | 100.250 | 400,999.56 | 0.22 |
|  |  |  | EUR Notes 19/23 S.0000 | EUR | 100.0 | % | 101.051 | 101,050.86 | 0.06 |
| New Zealand |  |  |  |  |  |  |  | 210,971.92 | 0.11 |
| XS1887485032 | 0.7500 | % | ASB Finance EUR MTN 18/25 | EUR | 200.0 | % | 105.486 | 210,971.92 | 0.11 |
| The Netherlands |  |  |  |  |  |  |  | 2,369,316.95 | 1.28 |
| XS1548493946 | 1.3750 | % | ABN AMRO Bank EUR Notes 17/37 | EUR | 300.0 | % | 123.015 | 369,043.65 | 0.20 |
| XS1227748214 | 0.2500 | % | BNG Bank EUR MTN 15/25 | EUR | 300.0 | % | 103.260 | 309,781.02 | 0.17 |
| DE000A190ND6 | 0.2500 | % | Daimler International Finance |  |  |  |  |  |  |
|  |  |  | EUR MTN 18/22 | EUR | 200.0 | % | 100.564 | 201,128.52 | 0.11 |
| XS1576220484 | 0.7500 | % | ING Groep EUR MTN 17/22 | EUR | 200.0 | % | 101.195 | 202,389.20 | 0.11 |
| XS1882544973 | 2.0000 | % | ING Groep EUR MTN 18/28 | EUR | 200.0 | % | 113.930 | 227,859.18 | 0.12 |
| XS1933820372 | 2.1250 | % | ING Groep EUR MTN 19/26 | EUR | 100.0 | % | 110.299 | 110,299.34 | 0.06 |
| XS1907155235 | 1.5000 | % | Nederlandse Waterschapsbank |  |  |  |  |  |  |
|  |  |  | EUR Notes 18/39 | EUR | 400.0 | % | 125.267 | 501,069.52 | 0.27 |
| NL0000102234 | 4.0000 | % | Netherlands Government EUR Bonds 05/37 | EUR | 40.0 | % | 170.838 | 68,335.20 | 0.04 |
| NL0009446418 | 3.7500 | % | Netherlands Government EUR Bonds 10/42 | EUR | 80.0 | % | 185.380 | 148,303.99 | 0.08 |
| NL0010071189 | 2.5000 | % | Netherlands Government EUR Bonds 12/33 | EUR | 20.0 | % | 135.898 | 27,179.60 | 0.01 |
| NL0013332430 | 0.2500 | % | Netherlands Government EUR Bonds 19/29 | EUR | 90.0 | % | 106.704 | 96,033.60 | 0.05 |
| XS1991126431 | 1.1250 | % | Rabobank EUR MTN 19/31 | EUR | 100.0 | % | 107.894 | 107,894.13 | 0.06 |
| Norway |  |  |  |  |  |  |  | 414,445.74 | 0.23 |
| XS0881369770 | 2.1250 | % | Eika Boligkreditt EUR MTN 13/23 | EUR | 200.0 | % | 106.123 | 212,246.00 | 0.12 |
| XS1936784831 | 0.8750 | % | Santander Consumer Bank EUR MTN 19/22 | EUR | 200.0 | % | 101.100 | 202,199.74 | 0.11 |
| Austria |  |  |  |  |  |  |  | 1,174,667.41 | 0.64 |
| AT0000A04967 | 4.1500 | % | Austria Government EUR Bonds 07/37 | EUR | 340.0 | % | 171.414 | 582,807.94 | 0.32 |
| AT0000A269M8 | 0.5000 | % | Austria Government EUR Bonds 19/29 | EUR | 70.0 | % | 108.236 | 75,765.00 | 0.04 |
| AT0000A2CQD2 | 0.0000 | % | Austria Government EUR Zero- |  |  |  |  |  |  |
|  |  |  | Coupon Bonds 20.02.2030 | EUR | 300.0 | % | 103.653 | 310,959.63 | 0.17 |
| XS1917590876 | 0.7500 | % | OMV EUR MTN 18/23 | EUR | 200.0 | % | 102.567 | 205,134.84 | 0.11 |
| Poland |  |  |  |  |  |  |  | 985,534.29 | 0.53 |
| XS0794399674 | 3.7500 | % | Poland Government EUR MTN 12/23 | EUR | 900.0 | % | 109.504 | 985,534.29 | 0.53 |
| Portugal |  |  |  |  |  |  |  | 1,689,787.50 | 0.92 |
| PTOTE5OE0007 | 4.1000 | % | Portugal Obrigações do |  |  |  |  |  |  |
| PTOTEAOE0021 | 4.9500 | % | Tesouro EUR Bonds 06/37 Portugal Obrigações do | EUR | 120.0 | % | 154.777 | 185,732.40 | 0.10 |
| PTOTESOE0013 | 2.2000 | % | Tesouro EUR Bonds 08/23 Portugal Obrigações do | EUR | 100.0 | % | 116.616 | 116,616.00 | 0.06 |
| PTOTETOE0012 | 2.8750 | % | Tesouro EUR Bonds 15/22 Portugal Obrigações do | EUR | 200.0 | % | 105.745 | 211,490.00 | 0.12 |
| PTOTEWOE0017 | 2.2500 | % | Tesouro EUR Bonds 16/26 Portugal Obrigações do | EUR | 830.0 | % | 117.721 | 977,084.30 | 0.53 |
| PTOTEXOE0024 | 1.9500 | % | Tesouro EUR Bonds 18/34 Portugal Obrigações do | EUR | 20.0 | % | 123.394 | 24,678.80 | 0.01 |
|  |  |  | Tesouro EUR Bonds 19/29 | EUR | 150.0 | % | 116.124 | 174,186.00 | 0.10 |
| Romania |  |  |  |  |  |  |  | 442,211.40 | 0.24 |
| XS1060842975 | 3.6250 | % | Romania Government EUR MTN 14/24 | EUR | 400.0 | % | 110.553 | 442,211.40 | 0.24 |
| Sweden |  |  |  |  |  |  |  | 1,496,576.73 | 0.81 |
| XS1108679645 | 1.3750 | % | Alfa Laval Treasury International |  |  |  |  |  |  |
| XS2007244614 | 0.3750 | % | EUR MTN 14/22 Sveriges Sakerstallda Obligationer | EUR | 400.0 | % | 102.187 | 408,747.64 | 0.22 |
|  |  |  | EUR MTN 19/29 | EUR | 600.0 | % | 105.770 | 634,619.82 | 0.34 |
| XS1711933033 | 0.2500 | % | Swedbank EUR MTN 17/22 | EUR | 450.0 | % | 100.713 | 453,209.27 | 0.25 |
| Slovakia |  |  |  |  |  |  |  | 106,573.92 | 0.06 |
| SK4120012220 | 0.6250 | % | Slovakia Government EUR |  |  |  |  |  |  |
|  |  |  | Bonds 16/26 S.231 | EUR | 100.0 | % | 106.574 | 106,573.92 | 0.06 |
| Slovenia |  |  |  |  |  |  |  | 130,501.37 | 0.07 |
| SI0002103164 | 5.1250 | % | Slovenia Government EUR Bonds 11/26 | EUR | 100.0 | % | 130.501 | 130,501.37 | 0.07 |
| Spain |  |  |  |  |  |  |  | 17,567,082.21 | 9.52 |
| XS1878191052 | 0.8750 | % | Amadeus IT Group EUR MTN 18/23 | EUR | 200.0 | % | 100.013 | 200,025.14 | 0.11 |

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 |
| --- | --- | --- | --- | --- | --- | --- |
| XS2058729653 | 0.3750 | % | Banco Bilbao Vizcaya Argentaria |  |  |  |  |  |  |
| XS1678372472 | 0.7500 | % | EUR MTN 19/24 Banco Bilbao Vizcaya Argentaria | EUR | 200.0 | % | 98.838 | 197,676.94 | 0.11 |
|  |  |  | EUR MTN 17/22 | EUR | 200.0 | % | 101.338 | 202,675.14 | 0.11 |
| XS1557268221 | 1.3750 | % | Banco Santander EUR Notes 17/22 | EUR | 200.0 | % | 102.017 | 204,033.58 | 0.11 |
| ES0413307101 | 1.1250 | % | Bankia EUR Notes 15/22 | EUR | 600.0 | % | 102.847 | 617,081.64 | 0.33 |
| XS1968846532 | 1.1250 | % | CaixaBank EUR MTN 19/26 | EUR | 200.0 | % | 103.785 | 207,570.74 | 0.11 |
| XS2102931594 | 0.3750 | % | CaixaBank EUR MTN 20/25 | EUR | 400.0 | % | 100.193 | 400,772.52 | 0.22 |
| XS1956025651 | 1.0000 | % | Santander Consumer Finance |  |  |  |  |  |  |
| XS2100690036 | 0.3750 | % | EUR MTN 19/24 Santander Consumer Finance | EUR | 100.0 | % | 102.838 | 102,838.13 | 0.06 |
|  |  |  | EUR MTN 20/25 | EUR | 400.0 | % | 100.427 | 401,707.88 | 0.22 |
| ES0000012932 | 4.2000 | % | Spain Government EUR Bonds 05/37 | EUR | 530.0 | % | 156.895 | 831,543.50 | 0.45 |
| ES00000122E5 | 4.6500 | % | Spain Government EUR Bonds 10/25 | EUR | 500.0 | % | 124.065 | 620,325.00 | 0.34 |
| ES00000123C7 | 5.9000 | % | Spain Government EUR Bonds 11/26 | EUR | 510.0 | % | 135.849 | 692,829.90 | 0.37 |
| ES00000124H4 | 5.1500 | % | Spain Government EUR Bonds 13/44 | EUR | 260.0 | % | 193.358 | 502,730.80 | 0.27 |
| ES00000124W3 | 3.8000 | % | Spain Government EUR Bonds 14/24 | EUR | 60.0 | % | 115.151 | 69,090.60 | 0.04 |
| ES00000127G9 | 2.1500 | % | Spain Government EUR Bonds 15/25 | EUR | 400.0 | % | 112.465 | 449,860.00 | 0.24 |
| ES00000127A2 | 1.9500 | % | Spain Government EUR Bonds 15/30 | EUR | 450.0 | % | 117.339 | 528,025.50 | 0.29 |
| ES0000012A89 | 1.4500 | % | Spain Government EUR Bonds 17/27 | EUR | 510.0 | % | 110.730 | 564,723.00 | 0.31 |
| ES00000128Q6 | 2.3500 | % | Spain Government EUR Bonds 17/33 | EUR | 300.0 | % | 124.378 | 373,134.00 | 0.20 |
| ES0000012B62 | 0.3500 | % | Spain Government EUR Bonds 18/23 | EUR | 600.0 | % | 102.237 | 613,422.00 | 0.33 |
| ES0000012G26 | 0.8000 | % | Spain Government EUR Bonds 20/27 | EUR | 350.0 | % | 106.009 | 371,031.50 | 0.20 |
| ES0L02101159 | 0.0000 | % | Spain Letras del Tesoro EUR Zero- |  |  |  |  |  |  |
| ES0L02102124 | 0.0000 | % | Coupon Bonds 15.01.2021 Spain Letras del Tesoro EUR Zero- | EUR | 4,700.0 | % | 100.156 | 4,707,343.28 | 2.55 |
|  |  |  | Coupon Bonds 12.02.2021 | EUR | 4,700.0 | % | 100.184 | 4,708,641.42 | 2.55 |
| Supranational |  |  |  |  |  |  |  | 3,796,495.74 | 2.06 |
| XS1966120096 | 0.5000 | % | African Development Bank |  |  |  |  |  |  |
| XS2081543204 | 0.6250 | % | EUR Notes 19/29 Corporación Andina de | EUR | 590.0 | % | 105.987 | 625,324.01 | 0.34 |
|  |  |  | Fomento EUR MTN 19/26 | EUR | 250.0 | % | 99.107 | 247,768.08 | 0.14 |
| XS0807336077 | 2.7500 | % | European Investment Bank EUR MTN 12/25 | EUR | 600.0 | % | 116.853 | 701,116.20 | 0.38 |
| XS1207449684 | 0.1250 | % | European Investment Bank EUR MTN 15/25 | EUR | 400.0 | % | 103.400 | 413,600.92 | 0.22 |
| XS1503043694 | 0.2500 | % | European Investment Bank EUR MTN 16/29 | EUR | 300.0 | % | 105.963 | 317,888.70 | 0.17 |
| XS1850111789 | 0.3750 | % | European Investment Bank EUR MTN 18/25 | EUR | 300.0 | % | 104.764 | 314,293.05 | 0.17 |
| EU000A1Z99D5 | 1.2000 | % | European Stability Mechanism |  |  |  |  |  |  |
| EU000A1Z99H6 | 0.5000 | % | EUR MTN 18/33 European Stability Mechanism | EUR | 650.0 | % | 116.585 | 757,805.23 | 0.41 |
|  |  |  | EUR MTN 19/29 | EUR | 390.0 | % | 107.359 | 418,699.55 | 0.23 |
| USA |  |  |  |  |  |  |  | 3,811,001.80 | 2.06 |
| XS2055646918 | 0.7500 | % | AbbVie EUR Notes 19/27 | EUR | 200.0 | % | 102.439 | 204,878.46 | 0.11 |
| XS1619312686 | 1.3750 | % | Apple EUR Notes 17/29 | EUR | 200.0 | % | 110.963 | 221,925.06 | 0.12 |
| XS1144086110 | 1.4500 | % | AT&T EUR Notes 14/22 | EUR | 400.0 | % | 102.229 | 408,915.12 | 0.22 |
| XS1079726334 | 2.3750 | % | Bank of America EUR MTN 14/24 | EUR | 400.0 | % | 108.238 | 432,951.72 | 0.23 |
| XS1998215559 | 1.3000 | % | Baxter International EUR Notes 19/29 | EUR | 300.0 | % | 107.562 | 322,685.64 | 0.18 |
| XS1822506272 | 1.4010 | % | Becton Dickinson EUR Notes 18/23 | EUR | 100.0 | % | 102.883 | 102,882.88 | 0.06 |
| XS1937060884 | 0.7000 | % | FedEx EUR Notes 19/22 | EUR | 200.0 | % | 101.257 | 202,513.66 | 0.11 |
| XS2034626460 | 0.4500 | % | FedEx EUR Notes 19/25 | EUR | 200.0 | % | 101.080 | 202,160.60 | 0.11 |
| XS1509006380 | 1.2500 | % | Goldman Sachs Group EUR MTN 16/25 | EUR | 200.0 | % | 103.215 | 206,429.56 | 0.11 |
| XS1458408561 | 1.6250 | % | Goldman Sachs Group EUR MTN 16/26 | EUR | 200.0 | % | 106.695 | 213,390.62 | 0.12 |
| XS2107332640 | 0.8750 | % | Goldman Sachs Group EUR MTN 20/30 | EUR | 200.0 | % | 102.454 | 204,907.74 | 0.11 |
| XS1617845679 | 1.5000 | % | International Business Machines |  |  |  |  |  |  |
|  |  |  | EUR Notes 17/29 | EUR | 200.0 | % | 110.192 | 220,383.82 | 0.12 |
| XS1034975406 | 3.0000 | % | JPMorgan Chase EUR MTN 14/26 | EUR | 200.0 | % | 115.097 | 230,193.64 | 0.12 |
| XS1603892149 | 1.8750 | % | Morgan Stanley EUR MTN 17/27 | EUR | 200.0 | % | 109.594 | 219,187.10 | 0.12 |
| XS1250034276 | 2.1500 | % | Thermo Fisher Scientific EUR Notes 15/22 | EUR | 200.0 | % | 103.488 | 206,975.50 | 0.11 |
| XS1979280937 | 1.2500 | % | Verizon Communications EUR Notes 19/30 | EUR | 200.0 | % | 105.310 | 210,620.68 | 0.11 |
| United Kingdom |  |  |  |  |  |  |  | 1,850,099.81 | 1.00 |

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 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| XS1992927902 | 1.2310 % | BP Capital Markets EUR MTN 19/31 | EUR | 370.0 | %	104.215 | 385,594.09 | 0.21 |
| XS2059885058 | 0.2500 % | Lloyds Bank Corporate |  |  |  |  |  |
|  |  | Markets EUR MTN 19/22 | EUR | 400.0 | %	100.342 | 401,369.00 | 0.22 |
| XS1228153661 | 1.3750 % | Pearson Funding EUR Notes 15/25 | EUR | 400.0 | %	101.728 | 406,911.20 | 0.22 |
| XS0995643003 | 3.0000 % | WPP Finance 2013 EUR MTN 13/23 | EUR | 600.0 | %	109.371 | 656,225.52 | 0.35 |
| Cyprus |  |  |  |  |  | 645,638.58 | 0.35 |
| XS1457553367 | 3.7500 % | Cyprus Government EUR MTN 16/23 | EUR | 200.0 | %	110.664 | 221,327.00 | 0.12 |
| XS1637276848 | 2.7500 % | Cyprus Government EUR MTN 17/24 | EUR | 200.0 | %	109.956 | 219,912.16 | 0.12 |
| XS1989405425 | 0.6250 % | Cyprus Government EUR MTN 19/24 | EUR | 200.0 | %	102.200 | 204,399.42 | 0.11 |
| Participating Shares |  |  |  | 110,642.35 | 0.06 |
| The Netherlands |  |  |  | 110,642.35 | 0.06 |
| NL0011540547	ABN AMRO Bank (CVA’s) | STK | 15,779 | EUR	7.012 | 110,642.35 | 0.06 |
| REITs (Real Estate Investment Trusts) |  |  |  | 58,360.64 | 0.03 |
| France |  |  |  | 58,360.64 | 0.03 |
| FR0000121964	Klepierre Real Estate Investment Trust FR0013326246	Unibail-Rodamco-Westfield Real | STK | 2,062 | EUR	11.400 | 23,506.80 | 0.01 |
| Estate Investment Trust | STK | 1,142 | EUR	30.520 | 34,853.84 | 0.02 |
| Other securities and money-market instruments |  |  |  | 0.06 | 0.00 |
| Warrants |  |  |  | 0.06 | 0.00 |
| Singapore |  |  |  | 0.06 | 0.00 |
| SG5HB4000006   Ezion Holdings -Warrants- * | STK | 8,640 | SGD	0.000 | 0.06 | 0.00 |
| Total securities and money-market instruments |  |  |  | 173,792,364.49 | 94.14 |
| Deposits at financial institutions |  |  |  | 10,094,699.19 | 5.46 |
| Sight deposits |  |  |  | 10,094,699.19 | 5.46 |
| State Street Bank International |  |  |  |  |  |
| GmbH. Luxembourg Branch | EUR |  |  | 4,382,315.40 | 2.37 |
| Deposits used for collateralisation of derivatives | EUR |  |  | 5,712,383.79 | 3.09 |
| Total deposits at financial institutions |  |  |  | 10,094,699.19 | 5.46 |
|  |  |  |  |  |  |
| 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 |  |  |  | 409,524.56 | 0.22 |
| Financial futures transactions |  |  |  | 409,524.56 | 0.22 |
| Bought currency forward contracts |  |  |  | -343,390.57 | -0.19 |
| EUR AUD Currency Futures 12/20 | Ktr | 12 | AUD	1.649 | 16,044.95 | 0.01 |
| EUR CAD Currency Futures 12/20 | Ktr | 7 | CAD	1.573 | 4,348.45 | 0.00 |
| EUR CHF Currency Futures 12/20 | Ktr | 56 | CHF	1.079 | 11,657.27 | 0.00 |
| EUR USD Currency Futures 12/20 | Ktr | 142 | USD	1.176 | -225,882.81 | -0.12 |
| EUR GBP Currency Futures 12/20 | Ktr | 81 | GBP	0.914 | -107,523.35 | -0.06 |
| EUR JPY Currency Futures 12/20 | Ktr | 20 | JPY	124.130 | -42,035.08 | -0.02 |
| Short bond futures |  |  |  | -113,960.00 | -0.06 |
| 2-Year German Government Bond (Schatz) Futures 12/20 | Ktr | -14 | EUR	112.315 | -280.00 | 0.00 |
| 30-Year German Government Bond (Buxl) Futures 12/20 | Ktr | -6 | EUR	224.160 | -32,160.00 | -0.02 |
| 5-Year German Government Bond (Bobl) Futures 12/20 | Ktr | -35 | EUR	135.310 | -7,000.00 | 0.00 |
| Euro BTP Futures 12/20 | Ktr | -13 | EUR	147.990 | -38,220.00 | -0.02 |
| Euro BTP Futures 12/20 | Ktr | -13 | EUR	113.350 | -6,500.00 | 0.00 |
| Euro OAT Futures 12/20 | Ktr | -20 | EUR	169.030 | -29,800.00 | -0.02 |
| Sold index futures |  |  |  | 866,875.13 | 0.47 |
| DJ EURO STOXX 50 Index Futures 12/20 | Ktr | -519 | EUR 3,188.000 | 585,562.50 | 0.32 |
| FTSE 100 Index Futures 12/20 | Ktr | -153 | GBP 5,867.500 | 205,204.42 | 0.11 |
| S&P 500 E-mini Index Futures 12/20 | Ktr | -126 | USD 3,333.700 | -55,152.22 | -0.03 |
| S&P/TSX 60 Index Futures 12/20 | Ktr | -7 | CAD	967.800 | -2,399.45 | 0.00 |
| SPI 200 Index Futures 12/20 | Ktr | -17 | AUD 5,802.000 | 21,180.55 | 0.01 |
| Swiss Market Index Futures 12/20 | Ktr | -75 | CHF 10,182.000 | 160,981.34 | 0.09 |
| Topix Index Futures 12/20 | Ktr | -20 | JPY 1,625.500 | -48,502.01 | -0.03 |
| Total derivatives |  |  |  | 409,524.56 | 0.22 |

| 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 |
| Other assets/liabilities	EUR |  |  | 317,031.59 | 0.18 |
| Net assets of the Subfund	EUR |  |  | 184,613,619.83 | 100.00 |
|  |  |  |  |  |
| Aktienwert - Class A (EUR) (distributing)	EUR |  |  | 100.76 |  |
| - Class Allianz Avenir 50 AT2 (EUR) (accumulating)	EUR |  |  | 91.07 |  |
| - Class C (EUR) (distributing)	EUR |  |  | 111.22 |  |
| - Class IT2 (EUR) (accumulating)	EUR |  |  | 993.66 |  |
| - Class P (EUR) (distributing)	EUR |  |  | 1,029.26 |  |
| - Class W20 (EUR) (distributing)	EURShares in circulation
- Class A (EUR) (distributing)	STK
 |  |  | 842.09 4,346 |  |
| - Class Allianz Avenir 50 AT2 (EUR) (accumulating)	STK |  |  | 1,654 |  |
| - Class C (EUR) (distributing)	STK |  |  | 1,499,638 |  |
| - Class IT2 (EUR) (accumulating)	STK |  |  | 8,909 |  |
| - Class P (EUR) (distributing)	STK |  |  | 343 |  |
| - Class W20 (EUR) (distributing)	STK |  |  | 9,531 |  |
| * The market value was determined on the basis of the latest available price factor on the reporting date. |  |  |  |  |

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 | 1,319,016.51 |
| Interest on the liquidity portfolio |  |
| - Positive deposit rates | 4,616.16 |
| - Negative deposit rates | -41,174.93 |
| Dividends | 1,507,064.17 |
| Income from |  |
| - Securities lending | 8,188.04 |
| Total income | 2,797,709.95 |
| Expenses from |  |
| - Securities lending | -2,456.42 |
| Taxe d’Abonnement | -86,284.51 |
| All-in fee | -2,883,331.86 |
| Other expenses | -7,251.86 |
| Total expenses | -2,979,324.65 |
| Net income/loss Realised gain/loss on | -181,614.70 |
| - securities transactions | -8,294,585.72 |
| - financial futures transactions | -15,070,286.20 |
| - forward foreign exchange transactions | -892.60 |
| - foreign exchange | -145,244.07 |
| Net realised gain/loss | -23,692,623.29 |
| Changes in unrealised appreciation/depreciation on |  |
| - securities transactions | -4,844,820.90 |
| - financial futures transactions | 414,897.09 |
| - foreign exchange | -15,035.32 |
| Result of operations | -28,137,582.42 |

| Statement of Net Assets of the Subfund |  |  | Statement of Changes in Net Assets of the | Subfund |
| --- | --- | --- | --- | --- |
| 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 of the Subfund at the beginning of the |  |
| (Cost Price EUR 172,084,132.13) | 173,792,364.49 |  | reporting period | 145,590,696.71 |
| Bank deposits | 10,094,699.19 |  | Subscriptions | 85,827,720.79 |
| Interest receivable on |  |  | Redemptions | -16,834,431.39 |
| - bonds | 464,687.90 |  |  | 214,583,986.11 |
| Accrued dividends | 113,559.07 |  | Distribution | -1,832,783.86 |
| Receivable on |  |  | Result of operations | -28,137,582.42 |
| - Securities lending Unrealised gain on | 1,168.01 |  | Net assets of the Subfund at the end of the reporting 184,613,619.83 period |
| - financial futures transactions | 1,004,979.48 |  |  |
| Total assets | 185,471,458.14 |  |  |
| Payable on |  |  |  |
| - Rücknahme von Fondsanteilen | -7,611.68 |  |  |
| Other payables | -254,771.71 |  |  |
| Unrealised loss on |  |  |  |
| - financial futures transactions | -595,454.92 |  |  |
| Total liabilities and equity | -857,838.31 |  |  |
| Net assets of the Subfund | 184,613,619.83 |  |  |

| Statement of Changes in Shares |  |
| --- | --- |
|  | 2019/2020 | 2018/2019 |
| Number of shares in issue at the beginning of the reporting period | 1,080,016 | 995,500 |
| - issued | 518,548 | 137,098 |
| - redeemed | -74,143 | -52,582 |

Number of shares in issue at the end of the reporting
period
1,524,421	1,080,016

Translation (ENDE, 2020-09-30):
# Allianz Vermögenskonzept SRI Ausgewogen
Der Teilfonds strebt das Profil eines Portfolios aus 50 % chan- cenreicheren Anlagen (z.B. Aktien, Rohstoffe) und 50 % wert- stabileren Anlagen (EUR-Anleihen) an. Je nach Markteinschät- zung kann er bis zu 70 % in chancenreichere Produkte investie- ren. Mindestens 30 % investiert er in wertstabilere Anlagen. Die Aktien- und Anleihenemittenten werden einer Nachhaltigkeits- analyse unterzogen. Dabei werden insbesondere die Kriterien Umwelt, Soziales und Corporate Governance (Unternehmens- führung) berücksichtigt. Damit soll auf lange Sicht Kapitalzu- wachs erzielt werden. Gleichzeitig wird angestrebt, mögliche Verluste zum Ende des Kalenderjahrs gegenüber dem Aktien- preis zu Jahresbeginn zu begrenzen (keine Garantie).
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 aus entwickelten Län- dern. Unternehmenspapiere guter Qualität (Investment Grade- Rating) erzielten ebenfalls im Schnitt ein leichtes Plus, wozu auch die ausgeweiteten Kaufprogramme der Notenbanken beitrugen.
Im Teilfonds entfiel zunächst weiterhin rund die Hälfte des Wertpapierbestands auf verzinsliche Anlagen. Angesichts der stark negativen Auswirkungen der Corona-Krise auf die Aktien- märkte wurde der Anleihenteil ab Mitte März auf zeitweilig mehr als 60 % angehoben. Dabei blieb der Schwerpunkt auf öffentlich-rechtlichen Emissionen aus dem Euroraum, wenn- gleich sich ihr Gewicht per saldo merklich verringerte. Neben Staatspapieren hoher Bonität blieben insbesondere Anleihen von Euro-Peripherieländern wie Italien und Spanien vertreten. Deutlich ausgebaut wurde die Beimischung hochwertiger Bank- und Unternehmensanleihen. In etwas verstärktem Um- fang wurden außerdem einige erstklassige gedeckte Schuld-
verschreibungen gehalten. Das durchschnittliche Bonitätsra- ting der verzinslichen Anlagen stieg bis Ende September auf AA-. Auf der Laufzeitebene wurde das Engagement im Kurz- läufersegment ausgebaut. Die Duration (mittlere Kapitalbin- dungsdauer) des Gesamtportfolios einschließlich Derivaten verkürzte sich dadurch auf zuletzt etwas über drei Jahre
1)
.
Der übrige Teil des Wertpapiervermögens entfiel auf ein breit gestreutes Portfolio an Standardwerten aus entwickelten Län- dern. Dabei dominierten weiterhin Aktien aus den USA. Dane- ben blieben vor allem britische und französische Titel vertre- ten; ihr Anteil sank aber zugunsten des Engagement in schwei- zerischen Aktien. Auf der Branchenebene gewannen Gesundheitstitel sowie Aktien aus den Bereichen Informations- technik und Konsum merklich an Gewicht. Dagegen ging der Anteil von Finanztiteln deutlich zurück.
Zur Feinsteuerung der effektiven Engagements an den Aktien- und Anleihenmärkten wurden entsprechende Derivate einge- setzt. Auf Rohstoffanlagen wurde weiterhin ganz verzichtet.
Mit seiner Anlagepolitik gab der Teilfonds stark 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 Teilfonds fin- den sich in den Wesentlichen Anlegerinformationen sowie im Verkaufsprospekt.
25 
|  |  | 13,96 |  | 13,72 |  |  |  |  |  |  |  |  |  |  | 14,13 |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  | 10,20 |  | 8,66 |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  | 4,80 |  | 4,42 |  | 3,68 |  |  | 5,86 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

20 18,51
15
10
5
0
Frankreich	USA	Italien	Spanien	Deutsch-
land
Vereinigtes Königreich
Schweiz	Nieder- lande
Supranati- onal
Sonstige Länder
Barre- serve, Sonstiges
| Der Teilfonds in Zahlen |  |
| --- | --- |
|  |  | 30.09.2020 | 30.09.2019 | 30.09.2018 |
| Teilfondsvermögen in Mio. EUR Aktienumlauf in Stück 2) - Klasse A (EUR) (ausschüttend) | WKN: A0M 2S1/ISIN: LU0324636496 | 184,6 4.346 | 145,6 4.414 | 131,4 4.232 |
| - Klasse Allianz Avenir 50 AT2 | WKN: A2N 6DY/ISIN: LU1885500964 | 1.654 | 108 | -- |

| (EUR) (thesaurierend) |  |
| --- | --- |
| - Klasse C (EUR) (ausschüttend) | WKN: A0M 2S3/ISIN: LU0324636652 | 1.499.638 | 1.069.184 | 987.591 |
| - Klasse IT2 (EUR) (thesaurierend) | WKN: A2A RPZ/ISIN: LU1490969653 | 8.909 | 5.537 | 2.529 |
| - Klasse P (EUR) (ausschüttend) | WKN: A1X B8S/ISIN: LU1017863587 | 343 | 772 | 1.148 |
| - Klasse W20 (EUR) (ausschüttend) | WKN: A2P W6N/ISIN: LU2095488016 | 9.531 | -- | -- |
| Aktienwert in EUR |  |  |  |  |
| - Klasse A (EUR) (ausschüttend) | WKN: A0M 2S1/ISIN: LU0324636496 | 100,76 | 116,84 | 116,29 |
| - Klasse Allianz Avenir 50 AT2 | WKN: A2N 6DY/ISIN: LU1885500964 | 91,07 | 104,39 | -- |

| (EUR) (thesaurierend) |  |
| --- | --- |
| - Klasse C (EUR) (ausschüttend) | WKN: A0M 2S3/ISIN: LU0324636652 | 111,22 | 128,96 | 128,36 |
| - Klasse IT2 (EUR) (thesaurierend) | WKN: A2A RPZ/ISIN: LU1490969653 | 993,66 | 1.129,75 | 1.104,19 |
| - Klasse P (EUR) (ausschüttend) | WKN: A1X B8S/ISIN: LU1017863587 | 1.029,26 | 1.192,85 | 1.187,68 |
| - Klasse W20 (EUR) (ausschüttend) | WKN: A2P W6N/ISIN: LU2095488016 | 842,09 | -- | -- |

1) 
Floating Rate Notes sind mit dem Termin der nächsten Zinsanpassung berücksichtigt.
2) 
Kumulierte Zahlen für alle am Berichtsstichtag geöffneten Aktienklassen.
Weitere Informationen über Auflegungs- und Auflösungstermine finden Sie in den Tabellen zur Wertentwicklung auf den Seiten 2 bis 3.