VermögensManagement Substanz

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1 Unaudited Semi-Annual Report as at 30 June 2017 VermögensManagement Substanz Allianz Global Investors GmbH

2 General Information The Fund is authorised as a Fonds Commun de Placement whose prospectus and management regulations fall within the scope of Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment, as amended (UCITS as defined in Directive 2014/91/EU of 23 July 2014). The Fund was established on 18 October The information that is included in this report refers to the period under review from 1 January 2017 to 30 June 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 Depositary 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 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 Note for investors in the Federal Republic of Germany Directory

4 Investment Policy and Fund Assets The fund invests in various asset classes, especially equities and bonds. The equity component must always amount to between 0% and 30%, while the bond component must be between 0% as a minimum and 100% as a maximum. Investments in money market securities and alternative assets are also possible. The weighting of individual asset classes may vary and will be adjusted depending on the fund management s assessment of the capital markets. The fund structure is return-oriented over the medium term. The investment objective is to generate a combination of returns and long-term capital growth. Global economic growth noticeably accelerated in the half-year under review to the end of June Equity markets in almost all regions reacted with strong price growth. While the money-market interest rate in developed countries continued to be almost zero, yields in the longer-term bond market segment started to increase. This was particularly noticeable in the decreasing yields of topquality government securities. This development was triggered by the increased rate of inflation, the prospect of accelerated economic growth and the expectation of a somewhat stricter monetary policy in the future. This rate increase was less pronounced, but still noticeable in the yields of top-quality corporate bonds. In contrast, high-yield and emerging country bonds achieved good results. The effective scope of exposure to individual equity or bond market segments was managed using derivatives. Furthermore, the fund invested in products that track alternative strategies on the equities and bonds markets and, at the same time, seek to generate a return that is uncorrelated to the general trend (absolute return fund). A fund with an infrastructure focus was newly acquired for the portfolio. Only a very small portion was invested in the real estate sector. With this investment policy the fund obtained a slightly positive result. 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. In this environment, on average two-thirds of fund assets were invested in interest-bearing securities. Positions continued to be mainly held in classic funds for international securities with good credit ratings. In order to limit interest rate risks, short-term funds were held in addition to mid-term and long-term products. In addition to investments on the corporate and high-yield bond markets, the fund also invested in inflation-indexed securities and convertible bonds to a limited degree. The equity investments added concentrated mainly on target funds with broad coverage of the stock markets in leading industrial countries and an emphasis on different segments. Regionally, the main focus was on the United States and Europe. As before, only small positions were held in emerging countries. Among the new acquisitions were products specialising in the new growth topic, robotics. 2

5 Breakdown of Net Assets in % Fund units Luxembourg Fund units Ireland Fund units Germany Fund units France Fund units United Kingdom Cash reserves, other assets The Fund in figures 30/06/ /12/ /12/ /12/2014 Fund assets in millions of EUR 5, , , ,964.7 Units in circulation 47,685,967 51,911,806 53,983,478 42,486,610 Net asset value per unit in EUR - Class A (EUR) (distributing) WKN: A0M 16R/ISIN: LU

6 Financial Statements Investment Portfolio as at 30/06/2017 ISIN Securities Shares/ Holdings Price Market Value % of Currency (in 1,000)/ 30/06/2017 in EUR net Contracts assets Fund units 5,416,206, (Ongoing Charges (including management fee) resp. Management Fee or All-in-fee of the target fund in % p.a.) Germany 283,076, DE Allianz Euro Rentenfonds -P- EUR - (0.510%) STK 134, EUR 1, ,558, DE Allianz Rentenfonds -A- EUR - (1.010%) STK 982, EUR ,124, DE000A0NEKQ8 Aramea Rendite Plus EUR - (1.300%) STK 170, EUR ,728, DE000A0CARS0 KanAm SPEZIAL grundinvest Fonds EUR - (0.830%) STK 11, EUR , DE SEB ImmoPortfolio Target Return Fund EUR - (1.020%) STK 10, EUR , France 153,818, FR Lutetia Patrimoine -F- EUR - (1.250%) STK 290, EUR ,848, FR Multi Units France - Lyxor UCITS ETF EuroMTS 3-5Y Investment Grade EUR - (0.165%) STK 810, EUR ,970, Ireland 794,513, IE00B6TLWG59 GAM Star Fund plc - Cat Bond -Inst- EUR - (1.610%) STK 1,554, EUR ,635, IE00B8H6X308 Hermes Investment Funds plc - Hermes Asia Ex-Japan Equity Fund -F- USD - (0.850%) STK 27,000, USD ,172, IE00B5BMR087 ishares VII plc - ishares Core S&P 500 UCITS ETF EUR - (0.070%) STK 266, EUR ,523, IE00B5BMR087 ishares VII plc - ishares Core S&P 500 UCITS ETF USD - (0.070%) STK 470, USD ,997, IE J O Hambro Capital Management Umbrella Fund plc - European Select Values Fund -Ret- EUR - (1.310%) STK 32,517, EUR ,473, IE00B6TYL671 Kames Capital Investment Company (Ireland) Plc - Kames Absolute Return Bond Fund -C- EUR (hedged) - (0.660%) STK 8,135, EUR ,048, IE00BHBFD143 Legg Mason Global Funds plc - Legg Mason Western Asset Macro Opportunities Bond Fund -A- EUR (hedged) - (1.750%) STK 255, EUR ,107, IE00BLP5S791 Old Mutual Global Investors Series plc - Old Mutual Global Equity Absolute Return Fund -I- EUR (hedged) - (0.840%) STK 55,326, EUR ,686, IE00B6VHBN16 PIMCO Global Investors Series plc - Capital Securities Fund -Inst- EUR (hedged) - (0.790%) STK 5,500, EUR ,435, IE PIMCO Global Investors Series plc - Euro Bond Fund -Inst- EUR - (0.460%) STK 4,081, EUR ,884, IE00B3XXRP09 Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF USD - (0.070%) STK 1,152, USD ,426, IE00B3XXRP09 Vanguard Funds PLC - Vanguard S&P 500 UCITS ETF USD - (0.070%) STK 1,169, USD ,122, Luxembourg 4,072,799, LU Allianz Global Investors Fund - Advanced Fixed Income Short Duration -W- EUR - (0.370%) STK 290, EUR ,542, LU Allianz Global Investors Fund - Allianz Advanced Fixed Income Euro -W9- EUR - (0.270%) STK 7, EUR 100, ,580, LU Allianz Global Investors Fund - Allianz Best Styles Europe Equity -I- EUR - (0.710%) STK 30, EUR 1, ,749, LU Allianz Global Investors Fund - Allianz Best Styles US Equity -WT- USD - (0.510%) STK 141, USD 1, ,025, LU Allianz Global Investors Fund - Allianz Discovery Europe Strategy -WT- EUR - (2.710%) STK 13, EUR 1, ,131, LU Allianz Global Investors Fund - Allianz Enhanced Short Term Euro -W- EUR - (0.190%) STK 190, EUR ,150, LU Allianz Global Investors Fund - Allianz Europe Equity Growth -W- EUR - (0.660%) STK 45, EUR 2, ,461, LU Allianz Global Investors Fund - Allianz Floating Rate Notes Plus -WT- EUR - (0.200%) STK 98, EUR 1, ,694, LU Allianz Global Investors Fund - Allianz Global High Yield -WT9 H2- EUR (hedged) - (0.530%) STK EUR 102, ,184, LU Allianz Global Investors Fund - Allianz Global Multi- Asset Credit -WT H2- EUR (hedged) - (0.430%) STK 15, EUR 1, ,250, LU Allianz global Investors Fund - Allianz Multi Asset Opportunities -W9 (H2-EUR)- EUR (hedged) - (0.520%) STK EUR 101, ,572, LU Allianz Global Investors Fund - Allianz Selective Global High Yield -WT H2- EUR (hedged) - (0.530%) STK 20, EUR 1, ,517, LU Allianz Global Investors Fund - Allianz US Short Duration High Income Bond -P2-H2- EUR (hedged) - (0.480%) STK 58, EUR 1, ,274, LU Allianz Volatility Strategy -I- EUR - (0.700%) STK 23, EUR 1, ,578, LU AXA IM Fixed Income Investment Strategies - US Short Duration High Yield -A- EUR (hedged) - (0.580%) STK 191, EUR ,248, The accompanying notes form an integral part of these financial statements. 4

7 Investment Portfolio as at 30/06/2017 ISIN Securities Shares/ Holdings Price Market Value % of Currency (in 1,000)/ 30/06/2017 in EUR net Contracts assets LU AXA World Funds - Framlington Global Convertibles -I- EUR - (0.580%) STK 645, EUR ,000, LU AXA World Funds - Framlington Robotech -G- USD - (0.460%) STK 90, USD ,497, LU AXA World Funds - Global Inflation Bonds -I- EUR - (0.420%) STK 566, EUR ,558, LU AXA World Funds - Global Inflation Short Duration Bonds -I- EUR (hedged) - (0.410%) STK 570, EUR ,547, LU AZ Fund 1 - Hybrid Bonds -A Institutional- EUR - (1.200%) STK 10,250, EUR ,978, LU BlackRock Global Funds - BGF Euro Bond Fund -A2- EUR - (0.970%) STK 8,443, EUR ,138, LU BlackRock Global Funds - BGF European Value Fund -A2- EUR - (1.820%) STK 1,150, EUR ,527, LU BlackRock Strategic Funds - BlackRock Fixed Income Strategies Fund -A2- EUR - (1.250%) STK 621, EUR ,337, LU BlueBay Funds - BlueBay Investment Grade Euro Aggregate Bond Fund -I- EUR - (0.570%) STK 899, EUR ,452, LU Candriam Bonds - Candriam Bonds Credit Opportunities -S- EUR - (0.390%) STK 278, EUR ,750, LU Deutsche Invest I - Invest Euro-Gov Bonds -LC- EUR - (0.680%) STK 758, EUR ,394, LU F&C Portfolio Fund - F&C Global Convertible Bond -A- EUR (hedged) - (1.250%) STK 3,450, EUR ,997, LU Fidelity Funds - Euro Bond Fund -A- EUR - (1.050%) STK 8,343, EUR ,220, LU Helium Fund SICAV - Helium Fund -I- EUR - (1.640%) STK 27, EUR 1, ,095, LU Invesco Funds - Invesco Pan European Structured Equity Fund -A- EUR - (1.570%) STK 3,665, EUR ,136, LU Julius Baer Multistock - Absolute Return Europe Equity Fund -C- EUR - (0.750%) STK 547, EUR ,021, LU LFIS Vision UCITS - Premia -EB- EUR - (1.070%) STK 42, EUR 1, ,802, LU LFIS Vision UCITS - Premia -IS- EUR - (1.500%) STK 12, EUR 1, ,212, LU MFS Meridian Funds - European Value Fund -I1- EUR - (0.920%) STK 41, EUR ,536, LU Multi Units Luxembourg - Lyxor EUROMTS 5-7Y Investment Grade (DR) UCITS ETF -C- EUR - (0.165%) STK 770, EUR ,327, LU Multi Units Luxembourg - Lyxor S&P 500 UCITS ETF -D- USD - (0.150%) STK 3,800, USD ,490, LU Nordea 1 - Flexible Fixed Income Fund -BP- EUR - (1,110%) STK 716, EUR ,125, LU PARVEST - Equity Russia -I- EUR - (1.110%) STK 165, EUR ,014, LU Pictet - Japanese Equity Opportunities -P- JPY - (1.590%) STK 495, JPY 10, ,072, LU Pictet - Robotics -P- USD - (2.110%) STK 210, USD ,059, LU Schroder GAIA SICAV - Cat Bond -IF- EUR (hedged) - (1.310%) STK 45, EUR 1, ,230, LU Schroder International Selection Fund - Euro Bond -A- EUR - (0.950%) STK 6,692, EUR ,534, LU The Jupiter Global Fund - Jupiter Dynamic Bond -I- EUR - (0.640%) STK 8,629, EUR ,775, United Kingdom 111,999, GB Baring Europe Select Trust -GBP Income- GBP - (1.550%) STK 805, GBP ,442, GB00B2PDRL73 First State Investments - First State Global Listed Infrastructure Fund -B- EUR - (0.770%) STK 18,750, EUR ,596, GB00B0LLB757 J O Hambro Capital Management UK Umbrella Fund - UK Opportunities Fund -Ret- GBP - (1.320%) STK 14,147, GBP ,960, Total fund units 5,416,206, Deposits at financial institutions 187,128, Sight deposits 187,128, State Street Bank GmbH, Luxembourg Branch EUR 130,298, Deposits used for collateralisation of derivatives EUR 56,829, Total deposits at financial institutions 187,128,

8 Investment Portfolio as at 30/06/2017 Securities Shares/ Holdings Price Unrealised % of Currency (in 1,000)/ 30/06/2017 gain/loss net Contracts assets Derivatives Holdings marked with a minus are short positions. Listed derivatives -6,971, Financial futures transactions -5,361, Long bond futures -16,495, Year German Government Bond (Bund) Futures 09/17 Ktr 3,750 EUR ,412, Year German Government Bond (Bobl) Futures 09/17 Ktr 1,305 EUR ,787, Euro BTP Futures 09/17 Ktr 1,360 EUR ,183, Euro OAT Futures 09/17 Ktr 800 EUR ,112, Purchased index futures -464, Hang Seng Index Futures 07/17 Ktr 130 HKD 25, , MSCI Emerging Markets E-mini Index Futures 09/17 Ktr 600 USD 1, , NIKKEI 225 (OSE) Index Futures 09/17 Ktr 479 JPY 20, , S&P 500 E-mini Index Futures 09/17 Ktr 175 USD 2, , S&P/TSX 60 Index Futures 09/17 Ktr 255 CAD , SPI 200 Futures 09/17 Ktr 480 AUD 5, , Short bond futures 7,613, Year German Government Bond (Bund) Futures 09/17 Ktr -254 EUR , Year German Government Bond (Schatz) Futures 09/17 Ktr -1,485 EUR , Year German Government Bond (Buxl) Futures 09/17 Ktr -2,091 EUR ,137, Year German Government Bond (Bobl) Futures 09/17 Ktr -1,131 EUR , Euro BTP Futures 09/17 Ktr -413 EUR , Euro OAT Futures 09/17 Ktr -257 EUR , Sold index futures 3,985, DJ EURO STOXX 50 Index Futures 09/17 Ktr -3,695 EUR 3, ,928, FTSE 100 Index Futures 09/17 Ktr -638 GBP 7, , S&P/TSX 60 Index Futures 09/17 Ktr -46 CAD , S&P 500 E-mini Index Futures 09/17 Ktr -726 USD 2, , SPI 200 Future 09/17 Ktr -54 AUD 5, , Swiss Market Index Futures 09/17 Ktr -63 CHF 8, , Topix Index Futures 09/17 Ktr -91 JPY 1, , Options transactions -1,610, Long put options on indices -1,610, Put 2250 S&P 500 Index 12/17 Ktr 690 USD ,493, Put 3300 DJ EURO STOXX 50 Index 12/17 Ktr 2,500 EUR , OTC-dealt derivatives -1,334, Forward exchange deals 532, Sold AUD / Bought EUR 14 Sep 2017 AUD -12,500, , Sold CAD / Bought EUR 14 Sep 2017 CAD -13,000, , Sold CHF / Bought EUR 14 Sep 2017 CHF -8,500, , Sold EUR / Bought AUD 14 Sep 2017 EUR -31,818, , Sold EUR / Bought CAD 14 Sep 2017 EUR -44,927, , Sold EUR / Bought CHF 14 Sep 2017 EUR -2,306, , Sold EUR / Bought GBP 14 Sep 2017 EUR -3,963, , Sold EUR / Bought JPY 14 Sep 2017 EUR -4,359, , Sold EUR / Bought USD 14 Sep 2017 EUR -53,461, ,040, Sold GBP / Bought EUR 14 Sep 2017 GBP -22,500, , Sold GBP / Bought USD 14 Sep 2017 GBP -110,000, ,978, Sold JPY / Bought EUR 14 Sep 2017 JPY-2,900,000, , Sold USD / Bought EUR 14 Sep 2017 USD -130,000, ,734, Swap transactions -1,867, Credit default swaps -1,867, Protection buyer -555, Markit itraxx Europe % 21 Dec 2021 EUR 25,500, , Markit itraxx Europe % 21 Dec 2021 EUR -313, Protection seller -1,312, Markit CDX Emerging Markets Index % 20 Dec 2021 USD 60,000, , Markit CDX Emerging Markets Index % 20 Jun 2022 USD 30,000, ,351, Markit CDX Emerging Markets Index % 20 Jun 2022 USD 30,000, , Markit CDX Emerging Markets Index % 20 Jun 2022 USD 30,000, , Markit CDX Emerging Markets Index % 20 Jun 2022 USD 30,000, , Total derivatives -8,306, Other assets/liabilities EUR -7,050, Fund assets EUR 5,587,978, The accompanying notes form an integral part of these financial statements. 6

9 Net asset value per unit - Class A (EUR) (distributing) EUR Units in circulation - Class A (EUR) (distributing) STK 47,685,967 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. 7

10 Statement of Net Assets as at 30/06/2017 EUR Fund units (Cost Price EUR 4,982,744,966.23) 5,416,206, Bank deposits 187,128, Premiums paid on purchase of options 6,293, Upfront-payments paid on swap transactions 1,134, Interest receivable on - swap transactions 49, Claims resulting from income from investment units 428, Receivable on - securities transactions 36,623, Other receivables 219, Unrealised gain on - futures transactions 12,540, swap transactions 1,040, forward foreign exchange transactions 3,876, Total assets 5,665,541, Upfront-payments received on swap transactions -7,323, Interest liabilities on swap transactions -18, Payable on - securities transactions -36,464, Other payables -7,992, Unrealised loss on - options transactions -1,610, futures transactions -17,901, swap transactions -2,907, forward foreign exchange transactions -3,343, Total liabilities and equity -77,562, Fund assets 5,587,978, The accompanying notes form an integral part of these financial statements. 8

11 Statement of Changes in Net Assets for the period from 01/01/2017 to 30/06/2017 EUR Net assets at the beginning of the reporting period 6,093,796, Subscriptions 138,387, Redemptions -635,762, ,596,420, Distribution -29,124, Income equalisation 3,338, Result of operations 17,343, Net assets at the end of the reporting period 5,587,978, Class A (EUR) (distributing) Units Number of units in issue at the beginning of the reporting period 51,911,806 Number of units - issued 1,175,705 - redeemed -5,401,544 Number of units in issue at the end of the reporting period 47,685,967 Performance of the Fund Class A (EUR) (distributing) Current financial year (31/12/ /06/2017) year (31/12/ /12/2016) years (31/12/ /12/2016) years (31/12/ /12/2016) years (31/12/ /12/2016) Since launch 2) (27/11/ /12/2016) ) The calculation is based on the net asset value per unit (excluding sales charge), assuming distributions, if any, were reinvested. The performance is calculated according to the method recommended by the German BVI (Bundesverband Investment und Asset Management e.v.). 2) Class A (EUR) (distributing): Launch date: 27 November 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. 9

12 Notes to the Financial Statements Accounting Policies Basis of Accounting The financial statements are prepared in accordance with the Luxembourg regulations relating to Undertakings for Collective Investment. The base currency of the VermögensManagement Substanz is the Euro (EUR). Valuation of Assets Assets that are officially listed on a stock exchange are valued at the latest available price paid. Cash and time deposits are valued at their nominal value plus accrued interest. Assets not denominated in the currency specified for the Fund ( base currency of the Fund ) are converted into the base currency of the Fund at the most current middle-market rate of exchange. Security Prices 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. Assets that are not officially listed on a stock exchange, but are traded on 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. 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. 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. Foreign Currencies Assets and liabilities in foreign currencies have been converted at the exchange rates stated below: Australian Dollar (AUD) 1 EUR = AUD Pound Sterling (GBP) 1 EUR = GBP Hong Kong Dollar (HKD) 1 EUR = HKD Japanese Yen (JPY) 1 EUR = JPY Canadian Dollar (CAD) 1 EUR = CAD Swiss Franc (CHF) 1 EUR = CHF US Dollar (USD) 1 EUR = USD Taxation 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 price of the stock exchange in question. If there is no stock exchange listing, in particular with regard to all OTC transactions, valuation is made at the probable realisation value to be determined prudently and in good faith. Interest-rate swaps are valued at their market value by reference to the applicable yield curve. Swaps tied to indices and to financial instruments are valued at their market value, which is determined by reference to the index or the financial instrument concerned. Units in UCITS and UCI are valued at the latest redemption price determined and obtainable. 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. VermögensManagement Substanz - Class A (EUR) (distributing)

13 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. 11

14 Annex according to Regulation (EU) 2015/2365 with regards to Securities Financing Transactions and Total Return Swaps This Fund was not invested in any securities financing transactions pursuant to Regulation (EU) 2015/2365 during the reporting period, therefore the following contains no information on this type of transaction. 12

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 www. allianzglobalinvestors.de. 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 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: 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 www. allianzglobalinvestors.de. 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. Neither the Management Company, the Depositary, the Registrar and Transfer Agent, the Distributor nor the Paying and Information Agents are liable for errors or omissions in the published prices. 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. 13

16 Directory Management Company and Central Administration Agent Allianz Global Investors GmbH Bockenheimer Landstraße D Frankfurt/Main Customer Service Centre Hof Telephone: Fax: In order to carry out its function as Central Administration Agent Allianz Global Investors GmbH acts through its Luxembourg branch: Michael Peters Dr. Wolfram Peters Tobias C. Pross Andreas Utermann 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 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 VermögensManagement Substanz in Germany. The rights resulting from the notification have not lapsed. 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 Alexandra Auer Business Division Head Asset Management and US Life Insurance Allianz Asset Management AG Munich Dr. Bettina Corves-Wunderer Chief Financial Officer Allianz S.p.A. Trieste 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 Dated: 30 June 2017 Managing Directors George McKay (Chairman) Thorsten Heymann Dr. Markus Kobler Dr. Walter Ohms Auditor KPMG Luxembourg, Société coopérative Cabinet de révision agréé 39, Avenue J. F. Kennedy L-1855 Luxembourg 14

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