Allianz Defensive Mix FCP-FIS/  LU1899053786  /

The investment objective is geared toward generating long term capital growth and income by investing in a broad range of asset classes, in particular in the bond-, equity- and markets for alternative assets. To achieve this investment objective the Fund invests in particular in investment funds with different regional focuses from a global investment universe. Fund assets may be invested by us on an unlimited basis in UCITS and/or UCI which are invested in the different asset classes as described in the investment objective. We may invest max. 40% of Fund assets in one UCITS or UCI, if it is ensured that the principles of risk diversification are observed and complied with at all times. Max. 30% of Fund assets may be invested by us in equity funds and Equities. We may invest Fund assets on an unlimited basis in bond funds and bonds whereas max. 20 % of Fund assets may be invested in ABS and/or MBS. Max. 20% of Fund assets may be invested by us in Emerging Market (including Emerging Market funds). Max. 20% of Fund assets may be invested by us in High- Yield investments (including High-Yield funds) bearing a typically higher risk and higher potential of gains. Max. 30% of Sub-Fund assets may be invested by us in both, Emerging Markets and High-Yield investments. Max. 30% of Fund assets may be invested in alternative investments which aim to have a low correlation to Equities or bonds. Typical alternative asset classes are (i) real estate, (ii) commodities, (iii) private equity and/or private debt or (iv) alternative markets related assets. Max. 100% Sub-Fund assets may be held in deposits and be invested in Money Market Instruments and (up to 100% of Sub-Fund assets) may be invested in Money Market funds for liquidity management and/or defensive purpose. This Fund is not managed by us in reference to a Benchmark. We follow an active management approach.

The investment objective is geared toward generating long term capital growth and income by investing in a broad range of asset classes, in particular in the bond-, equity- and markets for alternative assets. To achieve this investment objective the Fund invests in particular in investment funds with different regional focuses from a global investment universe.