Notification of changes to the underlying funds of various Allianz ILP sub-funds

27 Jul 2022

Notification of changes to the underlying funds of:

• R215 Allianz Emerging Asia Equity (the “Affected ILP sub-fund 1”)
• R213 Allianz GEM Equity High Dividend (the “Affected ILP sub-fund 2”)
• R147 Allianz Total Return Asian Equity (the “Affected ILP sub-fund 3”)
• R174 Allianz Japan Equity (the “Affected ILP sub-fund 4”)

(together the “Affected ILP sub-funds”)

We have been notified by the Board of Directors of Allianz Global Investors Fund (the “Company”) of the following changes to the underlying funds of the above above investment-linked policy sub-funds ("ILP sub-funds). These changes will take effect from 31 August 2022 (the “Effective Date”).

Change of principles and limits

The Company has advised that from the Effective Date the principles and limits applicable to the underlying funds of the above Affected ILP sub-funds 1-4 (as detailed in Appendix 1, Part B of the underlying fund's Luxembourg prospectus), unless otherwise stated in each underlying fund's individual investment restrictions, will be increased in respect of the amount that the underlying funds may hold directly in deposits:

• a maximum of 25% of the respective underlying fund's assets may be held directly in time deposits and/or, (up to 20% of the respective underlying fund's assets) in deposits at sight and/or, invest in money market instruments and/or, (up to 10% of the respective underlying fund's assets) in money market funds for liquidity management.

Disclosures with regard to Total Return Swaps (“TRS”)

The Company has advised that relevant disclosures with regard to TRS have been introduced to Appendix 7 of the underlying funds' Luxembourg prospectus to provide more clarity to investors in case the underlying funds of the Affected ILP sub-funds 1-4 enter into TRS or into financial instruments with similar characteristics to a total return swap (so called “contract for differences” or “CFD”). The Company has advised that such disclosures will not change the investment strategy currently pursued by the underlying funds of the Affected ILP sub-funds.

Clarification of sustainability related disclosures

The Company has advised that from the Effective Date the underlying fund of the Affected ILP sub-fund 4, which is managed in accordance with the Regulation (EU) 2019/2088 on sustainability related disclosures, will clarify in Appendix 11 of the underlying fund's Luxembourg prospectus the underlying fund’s level of commitment to; 

1. sustainable investments,
2. taxonomy aligned investments, and
3. the considerations of principal adverse impacts.

The changes will be available to view in the updated Luxembourg prospectus after the Effective Date.

Please contact the Investment Marketing team if you have any queries regarding the above.