Allianz Dynamic Commodities - A (H2-EUR) - EUR/  LU0542493225  /

Risk adjusted returns through all market cycles by investing in the international equity, commodity and bond markets while participating in the performance of the Dynamic Commodities Strategy. Min. 70% of Sub-Fund assets are invested in bonds, Equities and/or other asset classes as described in the investment objective. Max. 30% of Sub-Fund assets may be invested in Equities and/or bonds and/or asset classes other than described in the investment objective. Sub-Fund assets may be invested in Emerging Markets. Max. 10% of Sub-Fund assets may be invested in High-Yield bonds bearing a typically higher risk and higher potential of gains. Sub-Fund assets may not be invested in ABS and/or MBS Max. 100% Sub-Fund assets may be held in deposits and/or may be invested directly in money market instruments and/or (up to 10% of Sub-Fund assets) in money market funds on a temporary basis for liquidity management and/or defensive purpose. All bonds and money market instruments (with the expection of High-Yield bonds the Sub-Fund is eventually invested in) must have at the time of acquisition a rating of at least B- or a comparable rating from a recognised rating agency. Sub-Fund participates in the Dynamic Commodities Strategy (the "Strategy") which is implementing a derivate structure, in particular swaps , on a cash component and the positive or negative performance resulting from the investment in securities. The Strategy focuses on exchange traded certificates ("ETC") which replicate the exposure of single commodities. The Strategy covers three commodity sectors (Energy, Industrial Metals, Precious Metals) whereby the maxiumum weights of each single commodity sector is limited as follows: Energy 60%, Industrial Metals 50%, and Precious Metals 40%.

Risk adjusted returns through all market cycles by investing in the international equity, commodity and bond markets while participating in the performance of the Dynamic Commodities Strategy. Min. 70% of Sub-Fund assets are invested in bonds, Equities and/or other asset classes as described in the investment objective. Max. 30% of Sub-Fund assets may be invested in Equities and/or bonds and/or asset classes other than described in the investment objective. Sub-Fund assets may be invested in Emerging Markets. Max. 10% of Sub-Fund assets may be invested in High-Yield bonds bearing a typically higher risk and higher potential of gains. Sub-Fund assets may not be invested in ABS and/or MBS