# Contents
Allianz Wachstum Euroland
|  |  |  |  |
| --- | --- | --- | --- |
|  |  |  | 17.6 18.3	14.9 14.8 |
| 14.0 14.3 |  |  |  |  |  |  |
|  |  |  |  | 7.2  7.6 |  |  | 3.0  3.3	4.4  2.5	4.4  5.3 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.7 |
|  |  |  |

Fund Assets in %
| 50 |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 40 |  |  |  | 33.8 | 34.0 |  |  |  |  |  |  |
| 30 |  |  |  |  |  |  |  |  |  |  |  |
| 20 |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |
| 10 |  |  |  |  |  |  |  |  |  |  |  |
| 0 -10 |  |  |  |  |  |  |  |  |  |  |  | -0.1 |  |
| Industrials | Information | Consumer | Basic | Healthcar | e	Basic | Financial | Communications | Cash reserves, |
|  | technology | cyclical | consumer goods |  | commodities | services provider | services | other assets |

| Development of net assets and | unit value in a 3-year comparison |  |
| --- | --- | --- |
|  |  | 31/05/2022 | 30/11/2021 | 30/11/2020 | 30/11/2019 |
| Net assets in EUR m |  |  |  |  |  |
| - Unit class A (EUR) | WKN: 978 984/ISIN: DE0009789842 | 365.3 | 473.8 | 408.3 | 377.6 |
| - Unit class A20 (EUR) | WKN: A2A TB8/ISIN: DE000A2ATB81 | 18.3 | 23.2 | 19.1 | 16.9 |
| - Unit class IT2 (EUR) | WKN: A2A MPN/ISIN: DE000A2AMPN0 | 1.6 | 1.8 | 0.9 | 0.6 |
| - Unit class IT20 (EUR) | WKN: A2A TB9/ISIN: DE000A2ATB99 | 1.8 | 1.9 | 1.2 | 0.5 |
| Unit value in EUR |  |  |  |  |  |
| - Unit class A (EUR) | WKN: 978 984/ISIN: DE0009789842 | 134.35 | 171.74 | 143.85 | 128.00 |
| - Unit class A20 (EUR) | WKN: A2A TB8/ISIN: DE000A2ATB81 | 115.88 | 148.09 | 123.97 | 109.82 |
| - Unit class IT2 (EUR) | WKN: A2A MPN/ISIN: DE000A2AMPN0 | 1,444.22 | 1,838.20 | 1,525.96 | 1,337.35 |
| - Unit class IT20 (EUR) | WKN: A2A TB9/ISIN: DE000A2ATB99 | 1,216.36 | 1,547.82 | 1,284.23 | 1,124.90 |

| Asset overview at 31/05/2022 |  |
| --- | --- |
| Breakdown by asset category – country | Market value in EUR | % of net assets  *) |  | Breakdown by asset category – currency | Market value in EUR | % of net assets  *) |
| I. Assets |  |  |  | I. Assets |  |  |
| 1. Equities | 385,224,274.40 | 99.54 |  | 1. Equities | 385,224,274.40 | 99.54 |
| Germany | 134,297,472.32 | 34.70 |  | EUR | 384,021,390.17 | 99.23 |
| France | 97,726,091.17 | 25.24 |  | GBP | 1,202,884.23 | 0.31 |
| The Netherlands | 61,576,426.92 | 15.91 |  | 2. Bank deposits, money market | 1,823,811.61 | 0.47 |
| Italy | 15,358,930.56 | 3.97 |  | instruments, money market funds and |  |  |
| Ireland | 29,854,364.95 | 7.72 |  | money market-related funds |  |  |
| Spain | 28,504,612.30 | 7.37 |  | 3. Other assets | 750,095.79 | 0.19 |

*) 
Minor rounding differences may be the result of percentage rounding during the calculation.
II. Liabilities	-772,243.04	-0.20
| Luxembourg | 17,906,376.18 | 4.63 |
| --- | --- | --- |
| 2. Bank deposits, money market instruments, money market funds and | 1,823,811.61 | 0.47 |
| money market-related funds |  |  |
| 3. Other assets | 750,095.79 | 0.19 |
| II. Liabilities | -772,243.04 | -0.20 |
| III. Fund assets | 387,025,938.76 | 100.00 |

III. Fund assets	387,025,938.76	100.00

#### Investment portfolio at 31/05/2022
ISIN	Securities	Market	Shares/	Balance  Purchases  Redemptions	Price	Market value	% of net
Units/	31/05/2022	EUR	assets
Currency	in the period under review
| Exchange-traded securities |  |  |  |  |  | 385,224,274.40 | 99.54 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equities |  |  |  |  |  | 385,224,274.40 | 99.54 |
| Germany |  |  |  |  |  | 134,297,472.32 | 34.70 |
| DE000A1EWWW0  adidas AG Namens-Aktien | SHS | 56,902 | 0 | 977 EUR | 186.260 | 10,598,566.52 | 2.74 |
| DE0005158703	Bechtle AG Inhaber-Aktien | SHS | 197,376 | 0 | 3,395 EUR | 42.150 | 8,319,398.40 | 2.15 |
| DE0005200000	Beiersdorf AG Inhaber-Aktien | SHS | 32,429 | 10,299 | 9,750 EUR | 95.940 | 3,111,238.26 | 0.80 |
| DE0005419105	CANCOM SE Inhaber-Aktien | SHS | 160,940 | 0 | 2,640 EUR | 37.400 | 6,019,156.00 | 1.56 |
| DE0005313704	Carl Zeiss Meditec AG Inhaber-Aktien | SHS | 71,203 | 10,539 | 1,198 EUR | 125.450 | 8,932,416.35 | 2.31 |
| DE000A161N30	GRENKE AG Namens-Aktien | SHS | 164,562 | 0 | 2,831 EUR | 27.100 | 4,459,630.20 | 1.15 |
| DE0005493365	Hypoport SE Namens-Aktien | SHS | 20,138 | 9,976 | 109 EUR | 256.800 | 5,171,438.40 | 1.34 |
| DE0006231004	Infineon Technologies AG Namens-Aktien | SHS | 437,659 | 0 | 4,204 EUR | 29.585 | 12,948,141.52 | 3.35 |
| DE000KBX1006	Knorr-Bremse AG Inhaber-Aktien | SHS | 93,870 | 0 | 1,614 EUR | 64.880 | 6,090,285.60 | 1.57 |
| DE0006452907	Nemetschek SE Inhaber-Aktien | SHS | 171,663 | 0 | 2,953 EUR | 67.280 | 11,549,486.64 | 2.98 |
| DE000A1H8BV3	NORMA Group SE Namens-Aktien | SHS | 55,176 | 0 | 47,674 EUR | 24.700 | 1,362,847.20 | 0.35 |
| DE0007010803	RATIONAL AG Inhaber-Aktien | SHS | 4,171 | 608 | 44 EUR | 617.000 | 2,573,507.00 | 0.66 |
| DE0007164600	SAP SE Inhaber-Aktien | SHS | 92,779 | 0 | 14,473 EUR | 94.310 | 8,749,987.49 | 2.26 |
| DE0007165631	Sartorius AG Vorzugsaktien | SHS | 27,657 | 2,539 | 474 EUR | 370.500 | 10,246,918.50 | 2.65 |
| DE000A12DM80	Scout24 SE Namens-Aktien | SHS | 138,212 | 0 | 2,377 EUR | 58.120 | 8,032,881.44 | 2.08 |
| DE000STRA555	STRATEC SE Namens-Aktien | SHS | 58,873 | 0 | 1,012 EUR | 103.600 | 6,099,242.80 | 1.58 |
| DE0007493991	Ströer SE & Co. KGaA Inhaber-Aktien | SHS | 98,448 | 0 | 1,693 EUR | 52.000 | 5,119,296.00 | 1.32 |
| DE000SYM9999	Symrise AG Inhaber-Aktien | SHS | 66,736 | 0 | 1,147 EUR | 104.000 | 6,940,544.00 | 1.79 |
| DE000ZAL1111	Zalando SE Inhaber-Aktien | SHS | 203,900 | 21,515 | 3,508 EUR | 39.100 | 7,972,490.00 | 2.06 |
| France |  |  |  |  |  | 97,726,091.17 | 25.24 |
| FR0000071946	Alten S.A. Actions au Porteur | SHS | 42,103 | 0 | 723 EUR | 123.500 | 5,199,720.50 | 1.34 |
| FR0014003TT8	Dassault Systemes SE Actions Port. | SHS | 319,518 | 0 | 5,497 EUR | 39.835 | 12,727,999.53 | 3.29 |
| FR0000052292	Hermes International S.C.A. Actions au Porteur | SHS | 9,310 | 2,183 | 149 EUR | 1,126.500 | 10,487,715.00 | 2.71 |
| FR0010307819	Legrand S.A. Actions au Porteur | SHS | 84,327 | 0 | 1,450 EUR | 81.220 | 6,849,038.94 | 1.77 |
| FR0000120321	L’Oréal S.A. Actions Port. FR0000121014	LVMH Moët Henn. L. Vuitton | SHS | 46,605 | 0 | 802 EUR | 330.700 | 15,412,273.50 | 3.98 |
| SE Action Port.(C.R.) | SHS | 50,032 | 0 | 860 EUR | 608.400 | 30,439,468.80 | 7.86 |
| FR0000054470	Ubisoft Entertainment S.A. Actions Port. | SHS | 145,502 | 0 | 2,502 EUR | 48.800 | 7,100,497.60 | 1.83 |
| FR0011981968	Worldline S.A. Actions Port. | SHS | 244,457 | 18,380 | 4,206 EUR | 38.900 | 9,509,377.30 | 2.46 |
| The Netherlands |  |  |  |  |  | 61,576,426.92 | 15.91 |
| NL0012969182	Adyen N.V. Aandelen op naam | SHS | 7,418 | 4,211 | 126 EUR | 1,472.200 | 10,920,779.60 | 2.82 |
| NL0010273215	ASML Holding N.V. Aandelen op naam | SHS | 67,512 | 6,769 | 6,635 EUR | 549.900 | 37,124,848.80 | 9.59 |
| NL0000009165	Heineken N.V. Aandelen aan toonder | SHS | 84,760 | 0 | 1,457 EUR | 94.540 | 8,013,210.40 | 2.07 |
| NL0000852523	TKH Group N.V. Cert.v.Aandelen | SHS | 121,319 | 0 | 2,086 EUR | 45.480 | 5,517,588.12 | 1.43 |
| Italy |  |  |  |  |  | 15,358,930.56 | 3.97 |
| IT0004056880	Amplifon S.p.A. Azioni nom. | SHS | 324,600 | 0 | 5,584 EUR | 32.260 | 10,471,596.00 | 2.71 |
| IT0003097257	Biesse S.p.A. Azioni nom. | SHS | 134,581 | 0 | 2,315 EUR | 16.660 | 2,242,119.46 | 0.58 |
| IT0003115950	De’ Longhi S.p.A. Azioni nom. | SHS | 116,735 | 0 | 2,009 EUR | 22.660 | 2,645,215.10 | 0.68 |
| Ireland |  |  |  |  |  | 29,854,364.95 | 7.72 |
| IE0002424939	DCC PLC Reg.Shares | SHS | 18,275 | 0 | 314 GBP | 56.060 | 1,202,884.23 | 0.31 |
| IE0004906560	Kerry Group PLC Reg.Shares A | SHS | 26,732 | 0 | 31,978 EUR | 98.140 | 2,623,478.48 | 0.68 |
| IE0004927939	Kingspan Group PLC Reg.Shares | SHS | 226,315 | 0 | 3,894 EUR | 77.620 | 17,566,570.30 | 4.54 |
| IE00BYTBXV33	Ryanair Holdings PLC Reg.Shares | SHS | 584,959 | 0 | 126,582 EUR | 14.465 | 8,461,431.94 | 2.19 |
| Spain |  |  |  |  |  | 28,504,612.30 | 7.37 |
| ES0109067019	Amadeus IT Group S.A. Acciones Port. | SHS | 132,600 | 0 | 2,281 EUR | 59.640 | 7,908,264.00 | 2.04 |
| ES0171996087	Grifols S.A. Acciones Port. Cl.A | SHS | 335,115 | 0 | 5,766 EUR | 19.740 | 6,615,170.10 | 1.71 |
| ES0148396007	Industria de Diseño Textil SA Acciones Port. | SHS | 361,672 | 81,591 | 4,818 EUR | 22.650 | 8,191,870.80 | 2.12 |
| ES0183746314	Vidrala S.A. Acciones Port. | SHS | 77,918 | 3,779 | 1,340 EUR | 74.300 | 5,789,307.40 | 1.50 |
| Luxembourg |  |  |  |  |  | 17,906,376.18 | 4.63 |
| FR0014000MR3	Eurofins Scientific S.E. Actions Port. | SHS | 167,801 | 0 | 2,887 EUR | 87.180 | 14,628,891.18 | 3.78 |
| LU1066226637	Stabilus SE Actions au Porteur | SHS | 63,150 | 0 | 1,086 EUR | 51.900 | 3,277,485.00 | 0.85 |
| Total securities |  |  |  | EUR |  | 385,224,274.40 | 99.54 |
| Bank deposits, money market instruments, money market funds and money market-related funds |  |  |  |  |
| Bank deposits |  |  |  |  |
| EUR deposits with custodial office |  |  |  |  |
| State Street Bank International GmbH	EUR	1,709,147.21 | % | 100.000 | 1,709,147.21 | 0.44 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |
| State Street Bank International GmbH | NOK | 751,593.00 | % | 100.000 | 74,085.07 | 0.02 |
| State Street Bank International GmbH | SEK | 232,256.00 | % | 100.000 | 22,035.15 | 0.01 |
| Deposits in non EU/EEA currencies |  |  |  |  |  |  |  |
| State Street Bank International GmbH | USD | 19,910.89 | % | 100.000 | 18,544.18 | 0.00 |
| Total bank deposits |  |  | EUR |  | 1,823,811.61 | 0.47 |
| Explanations can be found in the footnotes below the table. |  |  |  |  |  |  |


#### Investment portfolio at 31/05/2022
| ISIN | Securities | Market | Shares/ Units/ Currency | Balance Purchases Redemptions 31/05/2022 in the period under review | Price | Market value EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Total of bank deposits | , money market instruments, money mar | ket funds and money mark | et-related funds  30) | EUR | 1,823,811.61 | 0.47 |
| Other assets |  |  |  |  |  |  |
|  | Accrued dividends | EUR | 236,210.67 |  | 236,210.67 | 0.06 |
|  | Receivables from unit transactions | EUR | 162,357.73 |  | 162,357.73 | 0.04 |
|  | Receivables from withholding tax refunds | EUR | 351,527.39 |  | 351,527.39 | 0.09 |
| Total other assets |  |  |  | EUR | 750,095.79 | 0.19 |
| Other payables |  |  |  |  |  |  |
|  | Liabilities from unit transactions | EUR | -181,259.30 |  | -181,259.30 | -0.05 |
|  | Accruals | EUR | -590,983.74 |  | -590,983.74 | -0.15 |
| Total other payables |  |  |  | EUR | -772,243.04 | -0.20 |
| Fund assets |  |  |  | EUR | 387,025,938.76 | 100.00 |
|  | Total units in circulation of all unit classes |  |  | SHS | 2,879,855 |  |

30) 
Cash initial margins may be included in bank deposits.
Allianz Wachstum Euroland A (EUR)
| ISIN | DE0009789842 |
| --- | --- |
| Fund assets | 365,298,073.50 |
| Units in circulation | 2,718,934.727 |
| Unit value | 134.35 |

Allianz Wachstum Euroland A20 (EUR)
| ISIN | DE000A2ATB81 |
| --- | --- |
| Fund assets | 18,349,510.80 |
| Units in circulation | 158,350.179 |
| Unit value | 115.88 |

Allianz Wachstum Euroland IT2 (EUR)
| ISIN | DE000A2AMPN0 |
| --- | --- |
| Fund assets | 1,595,829.80 |
| Units in circulation | 1,104.978 |
| Unit value | 1,444.22 |

Allianz Wachstum Euroland IT20 (EUR)
| ISIN | DE000A2ATB99 |
| --- | --- |
| Fund assets | 1,782,524.66 |
| Units in circulation | 1,465.462 |
| Unit value | 1,216.36 |


### Securities prices/market rates
Fund assets were valued on the basis of the following prices/market rates:
All assets: prices/market rates as at 31/05/2022 or last known

### Additional information on valuations
The valuation is conducted by the Custodian in cooperation with the Company.
Equities, subscription rights, exchange-traded funds (ETFs), participation certificates, bonds and exchange-traded derivatives are valued at their market price, provided that a market price is available.
Bonds for which no market price is available are valued at validated broker prices or with the help of regularly reviewed models and on the basis of relevant market information.
Participation certificates for which no market prices are available are valued at the mean of the bid-ask-spread.
Derivatives and subscription rights which are not traded on the market are valued with the help of regularly reviewed models and on the basis of relevant market information.
Investment fund units are valued at the redemption price published by the relevant investment company.
Bank deposits and other assets are valued at their nominal value, term deposits at their current value and liabilities at the repayment value.
Unlisted equities and shareholdings are valued at the current value, which is carefully determined with the help of suitable valuation models, taking account of the current market situation.
The methods used to value the Fund factor in the market effects resulting from the COVID-19 pandemic and from the Russia-Ukraine war. No further adjustments were necessary at the time of preparation of the semi-annual report.
The investments reported in this semi-annual report, amounting to 99.54% of fund assets, are valued at stock market trading prices or market prices and 0.00% at imputed current market values and/or verified brokers’ quotations. The remaining 0.46% of fund assets consists of other assets, other liabilities and cash.
Exchange rate(s) and/or conversion factor(s) (indirect quotation) as at 31/05/2022
| UK, Pound Sterling | (GBP) | 1 Euro = GBP | 0.85170 |
| --- | --- | --- | --- |
| Norway, Krone | (NOK) | 1 Euro = NOK | 10.14500 |
| Sweden, Krona | (SEK) | 1 Euro = SEK | 10.54025 |
| USA, Dollar | (USD) | 1 Euro = USD | 1.07370 |


### Capital measures
All sales revenues resulting from capital measures (technical revenues) are reported as additions or disposals.

### Voting
To the extent deemed necessary in the interests of our investors, we either exercised voting rights from the shares included in the Fund ourselves or had them exercised by authorised representatives in accordance with our instructions.

#### Transactions carried out during the reporting period no longer listed in the investment portfolio
– purchases and redemptions of securities, fund units and borrower’s note loans (market allocations as per reporting date):
ISIN	Securities	Shares/	Purchases	Redemptions Units/
Currency
Exchange-traded securities Equities
France
FR0010411983	SCOR SE Actions au Porteur	Shs	0	256,309
Italy
IT0001031084	Banca Generali S.p.A. Azioni nom. B	Shs	0	143,772
Unlisted securities (unlisted securities may also include listed securities due to their final maturity date)
Equities Spain
ES0183746074	Vidrala S.A.Acciones Port. 11/21	Shs	0	3,779

Translation (ENDE, 2022-05-31):
# Inhalt
Allianz Wachstum Euroland
Entwicklung von Fondsvermögen und Anteilwert
Struktur des Fondsvermögens in %
50
40
|  |  |  |  |
| --- | --- | --- | --- |
|  |  |  | 17,6 18,3	14,9 14,8 |
| 14,0 14,3 |  |  |  |  |  |  |
|  |  |  |  | 7,2  7,6 |  |  | 3,0  3,3	4,4  2,5	4,4  5,3 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0,7 |
|  |  |  |

30
20
10
0
-10
33,8 34,0
-0,1
Industrie	Informations- technologie
Konsum zyk- lisch
Basiskonsum- güter
Gesundheits- wesen
Grundstoffe	Finanzdienst-
leister
Kommunikati- onsdienste
Barreserve, Sonstiges
| Entwicklung von Fondsvermögen und Anteilwert im 3-Jahresvergleich |  |
| --- | --- |
|  | 31.05.2022 | 30.11.2021 | 30.11.2020 | 30.11.2019 |
| Fondsvermögen in Mio. EUR |  |  |  |  |
| - Anteilklasse A (EUR)	WKN: 978 984/ISIN: DE0009789842 | 365,3 | 473,8 | 408,3 | 377,6 |
| - Anteilklasse A20 (EUR)	WKN: A2A TB8/ISIN: DE000A2ATB81 | 18,3 | 23,2 | 19,1 | 16,9 |
| - Anteilklasse IT2 (EUR)	WKN: A2A MPN/ISIN: DE000A2AMPN0 | 1,6 | 1,8 | 0,9 | 0,6 |
| - Anteilklasse IT20 (EUR)	WKN: A2A TB9/ISIN: DE000A2ATB99 | 1,8 | 1,9 | 1,2 | 0,5 |
| Anteilwert in EUR |  |  |  |  |
| - Anteilklasse A (EUR)	WKN: 978 984/ISIN: DE0009789842 | 134,35 | 171,74 | 143,85 | 128,00 |
| - Anteilklasse A20 (EUR)	WKN: A2A TB8/ISIN: DE000A2ATB81 | 115,88 | 148,09 | 123,97 | 109,82 |
| - Anteilklasse IT2 (EUR)	WKN: A2A MPN/ISIN: DE000A2AMPN0 | 1.444,22 | 1.838,20 | 1.525,96 | 1.337,35 |
| - Anteilklasse IT20 (EUR)	WKN: A2A TB9/ISIN: DE000A2ATB99 | 1.216,36 | 1.547,82 | 1.284,23 | 1.124,90 |

| Vermögensübersicht zum 31.05.2022 |  |
| --- | --- |
| Gliederung nach Anlagenart - Land | Kurswert in EUR | % des Fonds- vermögens  *) |  | Gliederung nach Anlagenart - Währung | Kurswert in EUR | % des Fonds- vermögens  *) |
| I. Vermögensgegenstände |  |  |  | I. Vermögensgegenstände |  |  |
| 1. Aktien | 385.224.274,40 | 99,54 |  | 1. Aktien | 385.224.274,40 | 99,54 |
| Deutschland | 134.297.472,32 | 34,70 |  | EUR | 384.021.390,17 | 99,23 |
| Frankreich | 97.726.091,17 | 25,24 |  | GBP | 1.202.884,23 | 0,31 |
| Niederlande | 61.576.426,92 | 15,91 |  | 2. Bankguthaben, Geldmarktpapiere, | 1.823.811,61 | 0,47 |
| Italien | 15.358.930,56 | 3,97 |  | Geldmarkt- und geldmarktnahe Fonds |  |  |
| Irland | 29.854.364,95 | 7,72 |  | 3. Sonstige Vermögensgegenstände | 750.095,79 | 0,19 |

| Spanien | 28.504.612,30 | 7,37 |
| --- | --- | --- |
| Luxemburg | 17.906.376,18 | 4,63 |
| 2. Bankguthaben, Geldmarktpapiere, Geldmarkt- und geldmarktnahe Fonds | 1.823.811,61 | 0,47 |
| 3. Sonstige Vermögensgegenstände | 750.095,79 | 0,19 |
| II. Verbindlichkeiten | -772.243,04 | -0,20 |
| III. Fondsvermögen | 387.025.938,76 | 100,00 |

*) 
Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Run- dungsdifferenzen entstanden sein.
II. Verbindlichkeiten	-772.243,04	-0,20
III. Fondsvermögen	387.025.938,76	100,00

#### Vermögensaufstellung zum 31.05.2022
| ISIN | Gattungsbezeichnung | Markt | Stück bzw. Anteile bzw. | Bestand 31.05.2022 | Käufe/	Verkäufe/ Zugänge	Abgänge | Kurs | Kurswert in EUR | % des Fondsver- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	im Berichtszeitraum	mögens Börsengehandelte Wertpapiere	385.224.274,40	99,54 |
| Aktien |  |  |  |  |  |  | 385.224.274,40 | 99,54 |
| Deutschland |  |  |  |  |  |  | 134.297.472,32 | 34,70 |
| DE000A1EWWW0 | adidas AG Namens-Aktien | STK | 56.902 | 0 | 977 EUR | 186,260 | 10.598.566,52 | 2,74 |
| DE0005158703 | Bechtle AG Inhaber-Aktien | STK | 197.376 | 0 | 3.395 EUR | 42,150 | 8.319.398,40 | 2,15 |
| DE0005200000 | Beiersdorf AG Inhaber-Aktien | STK | 32.429 | 10.299 | 9.750 EUR | 95,940 | 3.111.238,26 | 0,80 |
| DE0005419105 | CANCOM SE Inhaber-Aktien | STK | 160.940 | 0 | 2.640 EUR | 37,400 | 6.019.156,00 | 1,56 |
| DE0005313704 | Carl Zeiss Meditec AG Inhaber-Aktien | STK | 71.203 | 10.539 | 1.198 EUR | 125,450 | 8.932.416,35 | 2,31 |
| DE000A161N30 | GRENKE AG Namens-Aktien | STK | 164.562 | 0 | 2.831 EUR | 27,100 | 4.459.630,20 | 1,15 |
| DE0005493365 | Hypoport SE Namens-Aktien | STK | 20.138 | 9.976 | 109 EUR | 256,800 | 5.171.438,40 | 1,34 |
| DE0006231004 | Infineon Technologies AG Namens-Aktien | STK | 437.659 | 0 | 4.204 EUR | 29,585 | 12.948.141,52 | 3,35 |
| DE000KBX1006 | Knorr-Bremse AG Inhaber-Aktien | STK | 93.870 | 0 | 1.614 EUR | 64,880 | 6.090.285,60 | 1,57 |
| DE0006452907 | Nemetschek SE Inhaber-Aktien | STK | 171.663 | 0 | 2.953 EUR | 67,280 | 11.549.486,64 | 2,98 |
| DE000A1H8BV3 | NORMA Group SE Namens-Aktien | STK | 55.176 | 0 | 47.674 EUR | 24,700 | 1.362.847,20 | 0,35 |
| DE0007010803 | RATIONAL AG Inhaber-Aktien | STK | 4.171 | 608 | 44 EUR | 617,000 | 2.573.507,00 | 0,66 |
| DE0007164600 | SAP SE Inhaber-Aktien | STK | 92.779 | 0 | 14.473 EUR | 94,310 | 8.749.987,49 | 2,26 |
| DE0007165631 | Sartorius AG Vorzugsaktien | STK | 27.657 | 2.539 | 474 EUR | 370,500 | 10.246.918,50 | 2,65 |
| DE000A12DM80 | Scout24 SE Namens-Aktien | STK | 138.212 | 0 | 2.377 EUR | 58,120 | 8.032.881,44 | 2,08 |
| DE000STRA555 | STRATEC SE Namens-Aktien | STK | 58.873 | 0 | 1.012 EUR | 103,600 | 6.099.242,80 | 1,58 |
| DE0007493991 | Ströer SE & Co. KGaA Inhaber-Aktien | STK | 98.448 | 0 | 1.693 EUR | 52,000 | 5.119.296,00 | 1,32 |
| DE000SYM9999 | Symrise AG Inhaber-Aktien | STK | 66.736 | 0 | 1.147 EUR | 104,000 | 6.940.544,00 | 1,79 |
| DE000ZAL1111 | Zalando SE Inhaber-Aktien | STK | 203.900 | 21.515 | 3.508 EUR | 39,100 | 7.972.490,00 | 2,06 |
| Frankreich |  |  |  |  |  |  | 97.726.091,17 | 25,24 |
| FR0000071946 | Alten S.A. Actions au Porteur | STK | 42.103 | 0 | 723 EUR | 123,500 | 5.199.720,50 | 1,34 |
| FR0014003TT8 | Dassault Systemes SE Actions Port. | STK | 319.518 | 0 | 5.497 EUR | 39,835 | 12.727.999,53 | 3,29 |
| FR0000052292 | Hermes International S.C.A. Actions au Porteur | STK | 9.310 | 2.183 | 149 EUR | 1.126,500 | 10.487.715,00 | 2,71 |
| FR0010307819 | Legrand S.A. Actions au Porteur | STK | 84.327 | 0 | 1.450 EUR | 81,220 | 6.849.038,94 | 1,77 |
| FR0000120321 FR0000121014 | L‘Oréal S.A. Actions Port. LVMH Moët Henn. L. Vuit- | STK | 46.605 | 0 | 802 EUR | 330,700 | 15.412.273,50 | 3,98 |
|  | ton SE Action Port.(C.R.) | STK | 50.032 | 0 | 860 EUR | 608,400 | 30.439.468,80 | 7,86 |
| FR0000054470 | Ubisoft Entertainment S.A. Actions Port. | STK | 145.502 | 0 | 2.502 EUR | 48,800 | 7.100.497,60 | 1,83 |
| FR0011981968 | Worldline S.A. Actions Port. | STK | 244.457 | 18.380 | 4.206 EUR | 38,900 | 9.509.377,30 | 2,46 |
| Niederlande |  |  |  |  |  |  | 61.576.426,92 | 15,91 |
| NL0012969182 | Adyen N.V. Aandelen op naam | STK | 7.418 | 4.211 | 126 EUR | 1.472,200 | 10.920.779,60 | 2,82 |
| NL0010273215 | ASML Holding N.V. Aandelen op naam | STK | 67.512 | 6.769 | 6.635 EUR | 549,900 | 37.124.848,80 | 9,59 |
| NL0000009165 | Heineken N.V. Aandelen aan toonder | STK | 84.760 | 0 | 1.457 EUR | 94,540 | 8.013.210,40 | 2,07 |
| NL0000852523 | TKH Group N.V. Cert.v.Aandelen | STK | 121.319 | 0 | 2.086 EUR | 45,480 | 5.517.588,12 | 1,43 |
| Italien |  |  |  |  |  |  | 15.358.930,56 | 3,97 |
| IT0004056880 | Amplifon S.p.A. Azioni nom. | STK | 324.600 | 0 | 5.584 EUR | 32,260 | 10.471.596,00 | 2,71 |
| IT0003097257 | Biesse S.p.A. Azioni nom. | STK | 134.581 | 0 | 2.315 EUR | 16,660 | 2.242.119,46 | 0,58 |
| IT0003115950 | De‘ Longhi S.p.A. Azioni nom. | STK | 116.735 | 0 | 2.009 EUR | 22,660 | 2.645.215,10 | 0,68 |
| Irland |  |  |  |  |  |  | 29.854.364,95 | 7,72 |
| IE0002424939 | DCC PLC Reg.Shares | STK | 18.275 | 0 | 314 GBP | 56,060 | 1.202.884,23 | 0,31 |
| IE0004906560 | Kerry Group PLC Reg.Shares A | STK | 26.732 | 0 | 31.978 EUR | 98,140 | 2.623.478,48 | 0,68 |
| IE0004927939 | Kingspan Group PLC Reg.Shares | STK | 226.315 | 0 | 3.894 EUR | 77,620 | 17.566.570,30 | 4,54 |
| IE00BYTBXV33 | Ryanair Holdings PLC Reg.Shares | STK | 584.959 | 0 | 126.582 EUR | 14,465 | 8.461.431,94 | 2,19 |
| Spanien |  |  |  |  |  |  | 28.504.612,30 | 7,37 |
| ES0109067019 | Amadeus IT Group S.A. Acciones Port. | STK | 132.600 | 0 | 2.281 EUR | 59,640 | 7.908.264,00 | 2,04 |
| ES0171996087 | Grifols S.A. Acciones Port. Cl.A | STK | 335.115 | 0 | 5.766 EUR | 19,740 | 6.615.170,10 | 1,71 |
| ES0148396007 | Industria de Diseño Textil SA Acciones Port. | STK | 361.672 | 81.591 | 4.818 EUR | 22,650 | 8.191.870,80 | 2,12 |
| ES0183746314 | Vidrala S.A. Acciones Port. | STK | 77.918 | 3.779 | 1.340 EUR | 74,300 | 5.789.307,40 | 1,50 |
| Luxemburg |  |  |  |  |  |  | 17.906.376,18 | 4,63 |
| FR0014000MR3 | Eurofins Scientific S.E. Actions Port. | STK | 167.801 | 0 | 2.887 EUR | 87,180 | 14.628.891,18 | 3,78 |
| LU1066226637 | Stabilus SE Actions au Porteur | STK | 63.150 | 0 | 1.086 EUR | 51,900 | 3.277.485,00 | 0,85 |
| Summe Wertpapiervermögen |  |  | EUR |  | 385.224.274,40 | 99,54 |
| Bankguthaben, Geldmarktpapiere, Geldmarkt- und geldmarktnahe Fonds |  |  |  |  |  |  |
| Bankguthaben |  |  |  |  |  |  |
| EUR-Guthaben bei der Verwahrstelle |  |  |  |  |  |  |
| State Street Bank International GmbH | EUR | 1.709.147,21 | % | 100,000 | 1.709.147,21 | 0,44 |
| Guthaben in sonstigen EU/EWR-Währungen |
| State Street Bank International GmbH | NOK | 751.593,00 | % | 100,000 | 74.085,07 | 0,02 |
| State Street Bank International GmbH | SEK | 232.256,00 | % | 100,000 | 22.035,15 | 0,01 |
| Guthaben in Nicht-EU/EWR-Währungen |
| State Street Bank International GmbH | USD | 19.910,89 | % | 100,000 | 18.544,18 | 0,00 |
| Summe Bankguthaben |  |  | EUR |  | 1.823.811,61 | 0,47 |
| Die Fußnotenerklärungen befinden sich am Ende der Tabelle. |  |  |  |  |  |  |

Vermögensaufstellung zum 31.05.2022
| ISIN | Gattungsbezeichnung | Markt	Stück bzw. | Bestand | Käufe/	Verkäufe/ | Kurs | Kurswert | % des |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Anteile bzw. | 31.05.2022 | Zugänge	Abgänge |  | in EUR | Fondsver- |
| Währung |  | im Berichtszeitraum |  |  | mögens |
| Summe der Bankguthaben, Geldmarktpapiere, Geldmarkt- und geldmarktnahe Fonds  30) |  |  | EUR | 1.823.811,61 | 0,47 |
| Sonstige Vermögensgegenstände |  |  |  |  |  |
| Dividendenansprüche	EUR | 236.210,67 |  |  | 236.210,67 | 0,06 |
| Forderungen aus Anteilscheingeschäften	EUR | 162.357,73 |  |  | 162.357,73 | 0,04 |
| Forderungen aus Quellensteuerrückerstattung	EUR | 351.527,39 |  |  | 351.527,39 | 0,09 |
| Summe Sonstige Vermögensgegenstände |  |  | EUR | 750.095,79 | 0,19 |
| Sonstige Verbindlichkeiten |  |  |  |  |  |
| Verbindlichkeiten aus Anteilscheingeschäften	EUR | -181.259,30 |  |  | -181.259,30 | -0,05 |
| Kostenabgrenzung	EUR | -590.983,74 |  |  | -590.983,74 | -0,15 |
| Summe Sonstige Verbindlichkeiten |  |  | EUR | -772.243,04 | -0,20 |
| Fondsvermögen |  |  | EUR | 387.025.938,76 | 100,00 |
| Summe der umlaufenden Anteile aller Anteilklassen |  |  | STK | 2.879.855 |  |

30) 
Im Bankguthaben können Cash Initial Margin enthalten sein.
Allianz Wachstum Euroland A (EUR)
| ISIN | DE0009789842 |
| --- | --- |
| Fondsvermögen | 365.298.073,50 |
| Umlaufende Anteile | 2.718.934,727 |
| Anteilwert | 134,35 |

Allianz Wachstum Euroland A20 (EUR)
| ISIN | DE000A2ATB81 |
| --- | --- |
| Fondsvermögen | 18.349.510,80 |
| Umlaufende Anteile | 158.350,179 |
| Anteilwert | 115,88 |

Allianz Wachstum Euroland IT2 (EUR)
| ISIN | DE000A2AMPN0 |
| --- | --- |
| Fondsvermögen | 1.595.829,80 |
| Umlaufende Anteile | 1.104,978 |
| Anteilwert | 1.444,22 |

Allianz Wachstum Euroland IT20 (EUR)
| ISIN | DE000A2ATB99 |
| --- | --- |
| Fondsvermögen | 1.782.524,66 |
| Umlaufende Anteile | 1.465,462 |
| Anteilwert | 1.216,36 |


### Wertpapierkurse bzw. Marktsätze
Die Vermögensgegenstände des Sondervermögens sind auf der Grundlage nachstehender Kurse/Marktsätze bewertet:
Alle Vermögenswerte: Kurse bzw. Marktsätze per 31.05.2022 oder letztbekannte

### Ergänzende Anmerkung zur Bewertung
Die Bewertung erfolgt durch die Kapitalverwaltungsgesellschaft (KVG).
Aktien, Bezugsrechte, Börsennotierte Fonds (ETFs), Genussscheine, Rentenpapiere und börsengehandelte Derivate werden, sofern vorhanden, grundsätz- lich mit handelbaren Börsenkursen bewertet.
Rentenpapiere, für die keine handelbaren Börsenkurse vorliegen, werden mit validierten Kursstellungen von Brokern oder unter Einbeziehung der relevan- ten Marktinformationen im Rahmen von regelmäßig überprüften Modellen bewertet.
Genussscheine, für die keine handelbaren Börsenkurse vorliegen, werden mit dem Mittelwert von Bid- und Ask-Kurs bewertet.
Nicht börsengehandelte Derivate und Bezugsrechte werden unter Einbeziehung der relevanten Marktinformationen im Rahmen von regelmäßig über- prüften Modellen bewertet.
Investmentfondsanteile werden mit dem von der Investmentgesellschaft veröffentlichten Rücknahmepreis bewertet.
Bankguthaben und Sonstige Vermögensgegenstände werden zum Nennwert, Festgelder zum Verkehrswert und Verbindlichkeiten zum Rückzahlungsbe- trag bewertet.
Nicht notierte Aktien und Beteiligungen werden zu dem aktuellen Verkehrswert bewertet, der bei sorgfältiger Einschätzung nach geeigneten Bewertungs- modellen unter Berücksichtigung der aktuellen Marktgegebenheiten angemessen ist.
Die angewandten Verfahren zur Bewertung des Sondervermögens decken die aus der Covid-Pandemie und aus dem Russland-Ukraine-Krieg herrühren- den Marktauswirkungen ab. Darüber hinausgehende Anpassungen waren zum Zeitpunkt der Aufstellung des Halbjahresberichts nicht erforderlich.
Die in diesem Halbjahresbericht ausgewiesenen Anlagen werden i.H.v. 99,54% des Fondsvermögens mit handelbaren Börsenkursen oder Marktpreisen und 0,00% zu abgeleiteten Verkehrswerten bzw. validierten Kursstellungen von Brokern bewertet. Die verbleibenden 0,46% des Fondsvermögens bestehen aus Sonstigen Vermögensgegenständen, Sonstigen Verbindlichkeiten sowie Barvermögen.

#### Devisenkurs(e) bzw. Konversionsfaktor(en) (in Mengennotiz) per 31.05.2022
| Großbritannien, Pfund | (GBP) | 1 Euro = GBP | 0,85170 |
| --- | --- | --- | --- |
| Norwegen, Kronen | (NOK) | 1 Euro = NOK | 10,14500 |
| Schweden, Kronen | (SEK) | 1 Euro = SEK | 10,54025 |
| USA, Dollar | (USD) | 1 Euro = USD | 1,07370 |
| Kapitalmaßnahmen |  |  |  |

Alle Umsätze, die aus Kapitalmaßnahmen hervorgehen (technische Umsätze), werden als Zu- oder Abgang ausgewiesen.

### Stimmrechtsausübung
Stimmrechte aus den im Fonds enthaltenen Aktien haben wir, soweit es im Interesse unserer Anleger geboten erschien, entweder selbst wahrgenommen oder durch Beauftragte nach unseren Weisungen ausüben lassen.

#### Während des Berichtszeitraumes abgeschlossene Geschäfte, soweit sie nicht mehr in der Vermögensaufstellung erscheinen
- Käufe und Verkäufe in Wertpapieren, Investmentanteilen und Schuldscheindarlehen (Marktzuordnung zum Berichtsstichtag):
| ISIN | Gattungsbezeichnung | Stück bzw. | Käufe/ | Verkäufe/ |
| --- | --- | --- | --- | --- |
|  |  | Anteile bzw. Währung | Zugänge | Abgänge |

Börsengehandelte Wertpapiere Aktien
Frankreich
FR0010411983	SCOR SE Actions au Porteur	STK	0	256.309
Italien
IT0001031084	Banca Generali S.p.A. Azioni nom. B	STK	0	143.772
Nichtnotierte Wertpapiere (Unter den nicht notierten Wertpapieren können auch notierte Wertpapiere aufgrund ihrer Endfälligkeit ausgewiesen sein) Aktien
Spanien
ES0183746074	Vidrala S.A.Acciones Port. 11/21	STK	0	3.779