Allianz Pfandbrieffonds

Transcription

1 Unaudited Semi-Annual Report as at 31 July 2016 Allianz Pfandbrieffonds Allianz Global Investors GmbH

2 General Information The Fund is authorised as a Fonds Commun de Placement whose prospectus and management regulations fell within the scope of Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment (UCITS as defined by Directive 2009/65/EC) until 30 July Since then the Fund has been subject to Part I of the Law of 23 July 2014 (UCITS as defined in Directive 2014/91/EU of 23 July 2014). The Fund was established on 25 September The information that is included in this report refers to the period under review from 1 February 2016 to 31 July This should not be taken as an indication of the future development of the Fund. This report does not constitute an offer or an invitation to purchase units of the Fund. Subscriptions are only valid if made on the basis of the current prospectus, the Key Investor Information and the management regulations, supplemented by the latest available audited annual report. If the latest annual report was published more than eight months ago, then the semi-annual report must also be made available. The prospectus, the management regulations, the Key Investor Information, as well as the respective annual and semi-annual reports, can be obtained without charge from the Management Company, the Custodian or from any Paying and Information Agent. Allianz Global Investors GmbH Bockenheimer Landstraße D Frankfurt/Main Internet: info@allianzgi.de Allianz Global Investors GmbH acts through its Luxembourg branch in order to carry out its function as Central Administration Agent: 6A, route de Trèves L-2633 Senningerberg Internet: info-lux@allianzgi.com

3 Important Notice to our Unitholders Realignment with the Law of 23 July 2014 and Amendment of the Management Regulations With the consent of the Custodian and the approval of the Luxembourg Supervisory Authority, the Management Company decided to adapt the Fund to meet the requirements of the Law of 23 July 2014 (UCITS as defined in Directive 2014/91/EU of 23 July 2014) with effect from 31 July The sales prospectus (as at July 2016) and the Key Investor Information (as at February 2016) are available without charge from the Management Company, the Custodian and any Paying and Information Agent.

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5 Contents Investment Policy and Fund Assets... 2 Financial Statements... 4 Investment Portfolio Statement of Net Assets Statement of Changes in Net Assets Performance of the Fund Notes to the Financial Statements... 9 Note for investors in the Federal Republic of Germany Note for investors in the Republic of Austria Directory Note: This document is a translation of the original German text. Should there be any divergence please refer to the latter.

6 Investment Policy and Fund Assets The Fund primarily invests in the bond market. The investment objective is to generate an adequate return in Euro terms. Although the Eurozone economy stabilised in the six months under review to the end of July 2016, the general rate of inflation remained below the target level set by the European Central Bank (ECB). For this reason the ECB cut its key interest rate to zero percent, continued to charge negative interest on the balances that commercial banks hold with it, and expanded its bond-buying programme. As a consequence, yields on Euro bonds fell again, accompanied by rising prices for the securities. This trend was especially evident in the case of government and corporate bonds. Mortgage bonds and comparable covered bonds also benefited to a lesser extent from this trend. The Fund s securities positions continued to be limited to mortgage bonds and/or covered bonds from international issuers. In terms of countries, the orientation of the portfolio remained almost stable. Issues from Spanish and French banks still dominated. German and Italian securities in particular remained included. However, the weighting of covered bonds from British institutions was reduced somewhat. Outside Europe, we continued to hold positions in covered bonds from Australian and Canadian issuers. All the securities positions were denominated in Euro. In terms of maturities, the focus remained on the three to sevenyear segment. In addition, however, we increased our position in the longer-term segment. As a result, the duration (average maturity) of the Fund, including derivatives on government bonds, rose moderately to just under five years 1). The average credit rating of the securities in the portfolio remained unchanged on balance. As at end of July it was AA+ (based on Standard & Poor s classification). With this investment policy the Fund obtained a solid increase in value. The exact performance in the period under review is reported in the table Performance of the Fund at the end of the financial statements. Please refer to the Key Investor Information Document and Prospectus for additional information on the Fund. Breakdown of Net Assets in % Spain France Germany Italy Australia Norway United Kingdom Canada Austria The Netherlands Portugal Ireland other countries Cash reserves, other assets 2

7 The Fund in figures 31/07/ /01/ /01/ /01/2014 Fund assets in millions of EUR Units in circulation 2) 1,434,986 1,453,384 1,818,830 2,618,778 Net asset value per unit in EUR - Class AT (EUR) (accumulating) WKN: /ISIN: LU Class P2 (EUR) (distributing) 3) WKN: A11 35L/ISIN: LU , , , ) Floating-rate notes are considered with the date of the next interest rate change. 2) Accumulated figures for open unit classes on the reporting date. 3) Launch date: 3 June

8 Financial Statements Investment Portfolio as at 31/07/2016 ISIN Securities Shares/ Holdings Price Market Value % of Currency (in 1,000)/ 31/07/2016 in EUR net Contracts assets Securities and money-market instruments admitted to an official stock exchange listing 239,646, ,646, Australia 15,804, XS % Australia & New Zealand Banking Group EUR MTN 12/22 EUR 1,000.0 % ,214, XS % Australia & New Zealand Banking Group EUR MTN 14/19 EUR 2,500.0 % ,549, XS % Commonwealth Bank of Australia EUR MTN 16/21 EUR 2,000.0 % ,045, XS % Macquarie Bank EUR MTN 16/21 EUR 1,400.0 % ,429, XS % National Australia Bank EUR MTN 15/22 EUR 2,500.0 % ,632, XS % National Australia Bank EUR MTN 15/27 EUR % , XS % Westpac Banking EUR MTN 15/21 EUR 4,500.0 % ,687, XS % Westpac Banking EUR MTN 15/22 EUR % , Belgium 4,413, BE % ING Belgium EUR MTN 15/21 EUR 2,500.0 % ,583, BE % KBC Bank EUR MTN 15/21 EUR 1,800.0 % ,829, Germany 21,545, DE000BHY0BC % Berlin Hyp EUR MTN 16/23 EUR 2,150.0 % ,207, DE000A13SWZ % Deutsche Genossenschafts- Hypothekenbank EUR MTN 15/24 EUR 2,000.0 % ,098, DE000DXA1NV % Dexia Kommunalbank Deutschland EUR MTN 14/19 EUR 1,200.0 % ,241, DE000HSH5W % HSH Nordbank EUR MTN 15/20 EUR 2,600.0 % ,633, DE000LB06G % Landesbank Baden-Württemberg EUR Notes 16/22 EUR 1,300.0 % ,323, DE000MHB16J % Münchener Hypothekenbank EUR MTN 15/21 EUR 2,000.0 % ,064, XS % Norddeutsche Landesbank Girozentrale EUR MTN 14/19 EUR 2,000.0 % ,062, DE000SK003B % Sparkasse KölnBonn EUR MTN 14/24 EUR 1,000.0 % ,087, DE000SK003C % Sparkasse KölnBonn EUR MTN 15/22 EUR 1,000.0 % ,032, DE000HV2AMD % UniCredit Bank EUR MTN 16/22 EUR 2,600.0 % ,644, DE000A161ZL % WL BANK EUR MTN 15/23 EUR 3,000.0 % ,150, Denmark 2,036, XS % Danske Bank EUR Notes 15/20 EUR 2,000.0 % ,036, France 46,789, FR % Arkea Home Loans EUR MTN 11/21 EUR 2,900.0 % ,554, FR % BNP Paribas Home Loan EUR MTN 16/21 EUR 2,500.0 % ,567, FR % Caisse de Refinancement de l Habitat EUR MTN 11/23 EUR 2,000.0 % ,571, FR % Caisse de Refinancement de l Habitat EUR MTN 12/24 EUR 2,000.0 % ,551, FR % Caisse Française de Financement Local EUR MTN 10/22 EUR 3,000.0 % ,738, FR % Caisse Française de Financement Local EUR Notes 15/23 S.6 EUR 2,600.0 % ,655, FR % CIF Euromortgage EUR MTN 11/22 EUR 3,000.0 % ,699, FR % CIF Euromortgage EUR Notes 10/20 EUR 3,000.0 % ,440, FR % Compagnie de Financement Foncier EUR MTN 10/25 EUR 1,000.0 % ,343, FR % Compagnie de Financement Foncier EUR Notes 15/20 EUR 3,000.0 % ,085, FR % Compagnie de Financement Foncier EUR Notes 15/25 EUR 2,500.0 % ,645, FR % Crédit Agricole Home Loan EUR MTN 12/22 EUR 2,000.0 % ,466, FR % Crédit Agricole Home Loan EUR MTN 15/21 EUR 2,100.0 % ,170, FR % Crédit Agricole Home Loan EUR MTN 16/20 EUR 1,000.0 % ,018, FR % Crédit Agricole Home Loan EUR MTN 16/31 EUR 1,200.0 % ,311, FR % Crédit Agricole Public Sector EUR MTN 13/23 EUR 3,000.0 % ,407, FR % Crédit Mutuel - CIC Home Loan EUR Notes 15/22 EUR 1,450.0 % ,508, FR % La Banque Postale Home Loan EUR MTN 15/22 EUR % , FR % La Banque Postale Home Loan EUR Notes 16/23 EUR 1,000.0 % ,040, FR % Société Générale SFH EUR MTN 16/23 EUR 1,000.0 % ,041, Ireland 7,394, XS % Bank of Ireland Mortgage Bank EUR Notes 14/19 EUR 2,400.0 % ,519, The accompanying notes form an integral part of these financial statements. 4

9 Investment Portfolio as at 31/07/2016 ISIN Securities Shares/ Holdings Price Market Value % of Currency (in 1,000)/ 31/07/2016 in EUR net Contracts assets XS % Bank of Ireland Mortgage Bank EUR Notes 15/20 S.47 EUR 2,100.0 % ,145, XS % Bank of Ireland Mortgage Bank EUR Notes 15/21 EUR 2,650.0 % ,729, Italy 20,907, IT % Banca Popolare dell Emilia Romagna EUR MTN 15/20 EUR 2,600.0 % ,662, IT % Credito Emiliano EUR MTN 14/19 EUR 2,300.0 % ,421, IT % Credito Emiliano EUR Notes 14/21 EUR 1,000.0 % ,044, IT % Intesa Sanpaolo EUR MTN 14/26 EUR 2,500.0 % ,150, IT % Intesa Sanpaolo EUR Notes 13/18 EUR 2,000.0 % ,104, IT % Mediobanca EUR MTN 13/23 EUR 1,000.0 % ,249, IT % Mediobanca EUR MTN 14/19 EUR 2,500.0 % ,590, IT % Unione di Banche Italiane EUR MTN 11/21 EUR 2,000.0 % ,489, IT % Unione di Banche Italiane EUR Notes 15/23 EUR 3,000.0 % ,194, Canada 9,815, XS % Bank of Montreal EUR Notes 15/22 EUR 4,000.0 % ,193, XS % Canadian Imperial Bank of Commerce EUR MTN 15/20 EUR 2,500.0 % ,541, XS % Toronto-Dominion Bank EUR Notes 15/20 EUR 3,000.0 % ,079, The Netherlands 8,668, XS % ABN AMRO Bank EUR MTN 11/21 EUR 2,000.0 % ,424, XS % ING Bank EUR MTN 12/22 EUR 2,000.0 % ,395, XS % NIBC Bank EUR MTN 16/26 EUR 1,500.0 % ,536, XS % SNS Bank EUR MTN 10/20 EUR 2,000.0 % ,311, Norway 14,882, XS % DNB Boligkreditt EUR MTN 15/20 EUR 4,200.0 % ,305, XS % Sparebanken Vest Boligkreditt EUR MTN 15/20 EUR 4,150.0 % ,246, XS % SR-Boligkreditt EUR MTN 16/21 EUR 2,000.0 % ,019, XS % SR-Boligkreditt EUR Notes 15/20 EUR 4,200.0 % ,311, Portugal 8,348, PTBSQEOE % Banco Santander Totta EUR MTN 14/19 EUR 4,000.0 % ,202, PTBSRBOE % Banco Santander Totta EUR MTN 15/20 EUR 4,000.0 % ,145, Sweden 3,954, XS % Stadshypotek EUR MTN 16/23 EUR 2,350.0 % ,415, XS % Sveriges Sakerstallda Obligationer EUR MTN 15/20 EUR 1,500.0 % ,539, Switzerland 1,751, XS % Crédit Suisse EUR MTN 14/19 EUR 1,700.0 % ,751, Spain 50,563, ES % AyT Cedulas Cajas Global EUR MTN 07/17 EUR 2,000.0 % ,051, ES % AyT Cedulas Cajas V Fondo de Titulizacion de Activos EUR Notes 03/18 EUR 8,000.0 % ,921, ES % Banco de Sabadell EUR Notes 15/20 EUR 2,000.0 % ,035, ES % Banco de Sabadell EUR Notes 15/20 EUR 2,000.0 % ,059, ES % Banco de Sabadell EUR Notes 16/24 EUR 2,000.0 % ,056, ES % Banco Popular Español EUR Notes 15/20 EUR 3,000.0 % ,108, ES % Banco Popular Español EUR Notes 15/25 EUR 1,000.0 % ,046, ES % Bankia EUR Notes 06/36 EUR 2,000.0 % ,841, ES % Bankia EUR Notes 15/22 EUR 2,000.0 % ,134, ES % Bankia EUR Notes 16/21 EUR 1,800.0 % ,878, ES % Bankinter EUR Notes 15/20 EUR 3,000.0 % ,095, ES % Bankinter EUR Notes 15/22 EUR 2,000.0 % ,104, ES % Bankinter EUR Notes 15/25 EUR % , ES % CaixaBank EUR Notes 16/23 EUR 1,900.0 % ,014, ES % Caja Rural de Navarra EUR Notes 15/22 EUR 3,400.0 % ,493, ES % Cedulas TDA 6 Fondo de Titulizacion de Activos EUR Notes 05/25 EUR 2,500.0 % ,180, ES % IM Cedulas 10 Fondo de Titulazion de Activos EUR Notes 07/22 EUR 3,000.0 % ,704, ES % Kutxabank EUR Notes 14/21 EUR 1,000.0 % ,089, ES % Kutxabank EUR Notes 15/25 EUR 3,000.0 % ,219, United Kingdom 14,072, XS % Lloyds Bank EUR Notes 15/20 EUR 1,000.0 % ,023, XS % Nationwide Building Society EUR MTN 14/19 EUR % , XS % Nationwide Building Society EUR MTN 14/29 EUR 1,000.0 % ,192,

10 Investment Portfolio as at 31/07/2016 ISIN Securities Shares/ Holdings Price Market Value % of Currency (in 1,000)/ 31/07/2016 in EUR net Contracts assets XS % Nationwide Building Society EUR MTN 15/20 EUR 1,850.0 % ,885, XS % Nationwide Building Society EUR MTN 15/22 EUR 1,000.0 % ,041, XS % Santander UK EUR Notes 15/22 EUR 50.0 % , XS % Santander UK EUR Notes 16/21 EUR 2,200.0 % ,229, XS % Yorkshire Building Society EUR MTN 14/21 EUR 3,000.0 % ,176, XS % Yorkshire Building Society EUR MTN 15/20 EUR 2,900.0 % ,960, Austria 8,700, XS % BAWAG EUR MTN 16/22 EUR 2,200.0 % ,257, XS % KA Finanz EUR MTN 14/21 EUR 2,600.0 % ,797, AT000B % UniCredit Bank Austria EUR MTN 14/19 EUR 2,600.0 % ,723, AT000B % UniCredit Bank Austria EUR MTN 14/20 EUR % , Total securities and money-market instruments 239,646, Deposits at financial institutions 4,920, Sight deposits 4,920, State Street Bank GmbH. Luxembourg Branch EUR 4,613, Deposits used for collateralisation of derivatives EUR 307, Total deposits at financial institutions 4,920, Securities Shares/ Holdings Price Unrealised % of Currency (in 1,000)/ 31/07/2016 gain/loss net Contracts assets Derivatives Holdings marked with a minus are short positions. Listed derivatives -173, Financial futures transactions -173, Short bond futures -173, Year German Government Bond (Bund) Futures 09/16 Ktr -14 EUR , Year German Government Bond (Bobl) Futures 09/16 Ktr -50 EUR , Euro OAT Futures 09/16 Ktr -7 EUR , Total derivatives -173, Other assets/liabilities EUR 1,409, Fund assets EUR 245,802, Net asset value per unit - Class AT (EUR) (accumulating) EUR Class P2 (EUR) (distributing) EUR 1, Units in circulation - Class AT (EUR) (accumulating) STK 1,396,766 - Class P2 (EUR) (distributing) STK 38,220 Details of the changes in the composition of the securities portfolio in the period under review can be requested free of charge at the Luxembourg branch of Allianz Global Investors GmbH. The accompanying notes form an integral part of these financial statements. 6

11 Statement of Net Assets as at 31/07/2016 EUR Securities and money-market instruments (Cost Price EUR 228,046,709.24) 239,646, Bank deposits 4,920, Interest receivable on - bonds 1,559, Receivable on - subscriptions of fund units 43, Total assets 246,169, Payable on - redemptions of fund units -20, Other payables -172, Unrealised loss on - futures transactions -173, Total liabilities and equity -366, Fund assets 245,802,

12 Statement of Changes in Net Assets for the period from 01/02/2016 to 31/07/2016 EUR Net assets at the beginning of the reporting period 243,147, Subscriptions 9,065, Redemptions -11,473, ,740, Distribution -547, Income equalisation 1, Result of operations 5,608, Net assets at the end of the reporting period 245,802, Class AT (EUR) (accumulating) Units Class P2 (EUR) (distributing) Units Number of units in issue at the beginning of the reporting period 1,415,389 37,995 Number of units - issued 54, redeemed -73, Number of units in issue at the end of the reporting period 1,396,766 38,220 Performance of the Fund Class AT (EUR) Class P2 (EUR) (accumulating) (distributing) % 1) % 2) Current financial year (31/01/ /07/2016) year (31/01/ /01/2016) years (31/01/ /01/2016) years (31/01/ /01/2016) years (31/01/ /01/2016) years (31/01/ /01/2016) Since launch 3) (22/10/ /01/2016) (03/06/ /01/2016) ) The calculation is based on the net asset value per unit (excluding sales charge). The performance is calculated according to the method recommended by the German BVI (Bundesverband Investment und Asset Management e.v.). 2) Basis for calculation: net asset value per unit (excluding front-end load), with any distributions reinvested. The performance is calculated according to the method recommended by the German BVI (Bundesverband Investment und Asset Management e.v.). 3) Class AT (EUR) (accumulating): Launch date: 22 October Initial NAV per unit: EUR Class P2 (EUR) (distributing): Launch date: 3 June Initial NAV per unit: EUR 1, Historical performance is not an indicator of current or future performance. Performance data ignores the commission and expenses incurred in issuing and redeeming the units. The accompanying notes form an integral part of these financial statements. 8

13 Notes to the Financial Statements Accounting Policies Basis of Accounting Assets whose trade prices are not fair market prices, as well as all other assets, are valued at the probable realisation value, determined prudently and in good faith. The financial statements are prepared in accordance with the Luxembourg regulations relating to Undertakings for Collective Investment. At its discretion, the Management Company may authorise other valuation methods if, in its consideration, such other methods better represent the fair value of the assets. The base currency of the Allianz Pfandbrieffonds is the Euro (EUR). Security Prices Valuation of Assets Assets that are not officially listed on a stock exchange are valued at the latest available price paid. Assets that are not officially listed on a stock exchange, but are traded in a regulated market or on other organised markets, are also valued at the latest available price paid, provided that, at the time of valuation, the Custodian considers that price to be the best possible price at which the assets can be sold. Financial futures transactions relating to currencies, securities, financial indices, interest rates and other permissible financial instruments and options thereon and corresponding warrants are, if they are listed on a stock exchange, valued at the most recent prices on the stock exchange in question. If there is no stock market listing, in particular for all OTC transactions, the valuation shall be made based on the likely realisable value, which will be determined prudently and in good faith. Interest-rate swaps are valued at their market value in relation to the applicable interest rate curve. Swaps tied to indices and financial instruments are valued at their market value, which is determined by reference to the index or the financial instrument concerned. In accordance with the sales prospectus, the net asset value is calculated by reference to the valuation day. The Financial Statements presented in this report have been prepared on the basis of the latest calculated and published net asset value in the period under review. Taxation The Fund is subject to a Taxe d Abonnement in the Grand Duchy of Luxembourg, calculated and payable on the total net assets of the Fund at the end of each quarter unless the assets are invested in Luxembourg funds which are themselves subject to a Taxe d Abonnement. The income of the Fund is not taxable in Luxembourg. Distribution and accumulation of income on units are currently not subject to withholding tax in Luxembourg. Fee Structure All-in-Fee Taxe d Abonnement in % p.a. in % p.a. Allianz Pfandbrieffonds - Class AT (EUR) (accumulating) Class P2 (EUR) (distributing) Units in UCITS or UCIs are valued at the latest determined and obtainable redemption price. Cash and time deposits are valued at their nominal value plus accrued interest. Assets not denominated in the base currency of the Fund are converted into the base currency of the Fund at the latest middle rate. Trail Commissions The Company pays agents (e.g. financial institutions) periodically recurring brokerage fees as trail commissions. The level of these fees is generally calculated on the basis of the fund volume brokered. Trail commissions are paid from the all-in-fee. 9

14 Investment portfolio Please note that the abbreviation STK in the column headed Shares / Currency (in 1,000) / Contracts corresponds to the original German table and has not been translated and should be understood to mean amount. Please note that the abbreviation Ktr in the column headed Shares / Currency (in 1,000) / Contracts corresponds to the original German table and has not been translated and should be understood to mean contract. 10

15 Note for investors in the Federal Republic of Germany All payments to unitholders (proceeds from redemptions, any distributions and other payments) can be made through the German Paying Agent listed in the Directory. Redemption orders may be submitted through the German Paying Agent. With respect to the distribution in the Federal Republic of Germany, the issue and redemption prices are published on the internet on the website Any notices to the investors are published in the Börsen-Zeitung (published in Frankfurt/Main) as well as on the webpage For selected unit classes (e.g. unit classes exclusively for institutional investors or unit classes whose bases of taxation are not published in the Federal Republic of Germany) publication can be performed on one of the websites or The Prospectus, the Management Regulations for the Fund, the current annual and semi-annual reports, the key investor information as well as the issue and redemption prices may be obtained as hard copy without charge at the Information Agent listed in the Directory and without charge on the website For selected unit classes (e.g. unit classes exclusively for institutional investors or unit classes whose bases of taxation are not published in the Federal Republic of Germany) publication can be performed on one of the websites or The custodian agreement is available for inspection without charge at the offices of the Information Agent. Under Section 298 (2) of the German Capital Investment Code (KAGB), investors in the Federal Republic of Germany are also informed in the following cases by means of permanent data carrier as defined in Section 167 KAGB: Suspension of redemption of units in the Fund, Notice of termination of Fund management or liquidation of the Fund by the Management Company, Amendments to the Management Regulations that are not compatible with the existing investment principles, that affect key investor rights or involve fees and reimbursement of charges that can be withdrawn from the Fund, including the background to the amendments and the rights of the investors, In the event of a merger of the Fund with another fund, the merger information required under Art. 43 of Directive 2009/65/EC, In the event of conversion of the Fund into a feeder fund or the changes to a master fund in the form of information that must be prepared pursuant to Article 64 of Directive 2009/65/EC. 11

16 Note for investors in the Republic of Austria The public sale of the units of the Fund Allianz Pfandbrieffonds in the Republic of Austria was reported to the financial market authority (Finanzmarktaufsicht, Vienna) in accordance with 140 InvFG. The Allianz Investmentbank AG operates as the Paying and Information Agent in Austria in accordance with 141 (1) InvFG. Requests for redemption of units in the aforementioned Fund can be submitted to the Austrian Paying and Information Agent. In addition, all necessary investor information can be obtained free of charge at the Austrian Paying and Information Agent, such as the prospectus, the management regulations, the annual and semi-annual reports as well as the subscription and redemption prices. It is recommended that, before purchasing units of the Fund, investors ascertain whether the income data required for tax purposes is published via the Österreichische Kontrollbank AG for the respective unit class. 12

17 Directory Management Company and Central Administration Agent Allianz Global Investors GmbH Bockenheimer Landstraße D Frankfurt/Main Kundenservice Hof Telephone: Fax: In order to carry out its function as Central Administration Agent Allianz Global Investors GmbH acts through its Luxembourg branch: 6A, route de Trèves L-2633 Senningerberg Internet: Supervisory Board Dr. Christian Finckh Chief HR Officer Allianz SE Munich Stefan Baumjohann Member of the works council Allianz Global Investors GmbH Frankfurt/Main Prof. Dr. Michael Hüther Director and Member of the Board Institut der deutschen Wirtschaft Cologne Laure Poussin Member of the works council Allianz Global Investors GmbH Succursale Française Paris Wolfgang Pütz Member of the Supervisory Board of Allianz Global Investors GmbH Frankfurt/Main Dr. Bettina Corves-Wunderer Chief Financial Officer Allianz S.p.A. Trieste Managing Directors George McKay (Chairman) Thorsten Heymann Dr. Markus Kobler Dr. Walter Ohms Michael Peters Dr. Wolfram Peters Tobias C. Pross Andreas Uterman Fund Manager Allianz Global Investors U.S. LLC 1633 Broadway, 43rd Floor New York, NY USA 600 West Broadway, 31st Floor San Diego, CA USA 555 Mission Street, Suite 1700 San Francisco, CA USA Custodian, NAV Calculation, Fund Accounting, Subsequent Monitoring of Investment Limits and Restrictions State Street Bank Luxembourg S.C.A. 49, Avenue J.F. Kennedy L-1855 Luxembourg Registrar and Transfer Agent RBC Investor Services Bank S.A. 14, Porte de France L-4360 Esch-sur-Alzette Information Agent in the Federal Republic of Germany Allianz Global Investors GmbH Bockenheimer Landstraße D Frankfurt/Main Sales & Product Services Internet: Paying Agent in the Federal Republic of Germany Commerzbank AG Kaiserplatz D Frankfurt/Main Paying and Information Agent in Luxembourg State Street Bank Luxembourg S.C.A. 49, Avenue J.F. Kennedy L-1855 Luxembourg in Austria Allianz Investmentbank AG Hietzinger Kai A-1130 Vienna Appointment of the Austrian Representative to the Tax Authorities in the Republic of Austria The following financial institution has been appointed the Austrian Representative to the tax authorities for certification of distribution-like income as defined in Section 186, Para. 2, line 2 InvFG: Allianz Investmentbank AG Hietzinger Kai A-1130 Vienna Auditor KPMG Luxembourg, Société coopérative Cabinet de révision agréé 39, Avenue J. F. Kennedy L-1855 Luxembourg The Management Company is, in its country of incorporation, subject to public supervision with regard to the investment business. The Management Company has notified the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) of its intention to market units of Allianz Pfandbrieffonds in Germany. The rights resulting from the notification have not lapsed. Dated: 31 July

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