# Contents
Allianz Wachstum Euroland
Fund Assets in %
50
40
30
20
10
0
Industrials	Information technology
Consumer cyclical
Basic consumer goods
Healthcare		Basic commodities
Financial services provider
Communi- cations services
Cash reserves, other assets
Development of net assets and unit value in a 3-year comparison
|  | 31/05/2020 | 30/11/2019 | 30/11/2018 | 30/11/2017 |
| --- | --- | --- | --- | --- |
| Net assets in EUR m |  |  |  |  |  |
| - Unit class A (EUR) | WKN: 978 984/ISIN: DE0009789842 | 358.0 | 377.6 | 327.7 | 400.6 |
| - Unit class A20 (EUR) | WKN: A2A TB8/ISIN: DE000A2ATB81 | 16.4 | 16.9 | 13.7 | 1,015.18  1) |
| - Unit class IT2 (EUR) | WKN: A2A MPN/ISIN: DE000A2AMPN0 | 0.7 | 0.6 | 0.3 | 76,109.09  1) |
| - Unit class IT20 (EUR) | WKN: A2A TB9/ISIN: DE000A2ATB99 | 0.8 | 0.5 | 0.2 | 1,015.48  1) |
| - Unit class WT (EUR) | WKN: 979 760/ISIN: DE0009797605 | 4,092.17  1) | 4,182.34  1) | 3,418.56  1) | 1,546.03  1) |
| Unit value in EUR |  |  |  |  |  |
| - Unit class A (EUR) | WKN: 978 984/ISIN: DE0009789842 | 123.92 | 128.00 | 106.57 | 119.17 |
| - Unit class A20 (EUR) | WKN: A2A TB8/ISIN: DE000A2ATB81 | 106.56 | 109.82 | 91.38 | 101.52 |
| - Unit class IT2 (EUR) | WKN: A2A MPN/ISIN: DE000A2AMPN0 | 1,306.57 | 1,337.35 | 1,096.34 | 1,214.35 |
| - Unit class IT20 (EUR) | WKN: A2A TB9/ISIN: DE000A2ATB99 | 1,099.13 | 1,124.90 | 921.60 | 1,015.48 |
| - Unit class WT (EUR) | WKN: 979 760/ISIN: DE0009797605 | 1,675.06 | 1,711.97 | 1,399.33 | 1,546.03 |

1) 
Not shown in EUR million due to the fund’s low volume.
| Asset overview at 31/05/2020 |  |
| --- | --- |
| 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 | 374,701,742.48 | 99.66 |  | 1. Equities | 374,701,742.48 | 99.66 |
| Germany | 146,270,577.57 | 38.91 |  | EUR | 363,639,442.60 | 96.72 |
| France | 83,269,880.35 | 22.16 |  | GBP | 11,062,299.88 | 2.94 |
| The Netherlands | 43,025,079.30 | 11.43 |  | 2. Bank deposits, money market | 1,234,817.49 | 0.33 |
| Italy | 23,712,520.02 | 6.32 |  | instruments, money market funds and |  |  |
| Ireland | 38,606,184.02 | 10.26 |  | money market-related funds |  |  |
| Spain | 28,765,486.60 | 7.64 |  | 3. Other assets | 1,260,553.57 | 0.34 |

*) 
Minor rounding differences may be the result of percentage rounding during the calculation.
II. Liabilities	-1,224,823.84	-0.33
| Luxembourg | 9,364,938.20 | 2.49 |
| --- | --- | --- |
| Finland | 1,687,076.42 | 0.45 |
| 2. Bank deposits, money market instruments, money market funds and | 1,234,817.49 | 0.33 |
| money market-related funds |  |  |
| 3. Other assets | 1,260,553.57 | 0.34 |
| II. Liabilities | -1,224,823.84 | -0.33 |
| III. Fund assets | 375,972,289.70 | 100.00 |

III. Fund assets	375,972,289.70	100.00
Investment portfolio at 31/05/2020
ISIN	Securities	Market	Shares/	Balance   Purchases Redemptions	Price	Market value	% of net
Units/	31/05/2020	EUR	assets
Currency	in the period under review
| Exchange-traded securities |  |  |  |  |  | 374,701,742.48 | 99.66 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equities |  |  |  |  |  | 374,701,742.48 | 99.66 |
| Germany |  |  |  |  |  | 146,270,577.57 | 38.91 |
| DE000A1EWWW0  adidas AG Namens-Aktien | SHS | 34,452 | 34,452 | 0 EUR | 235.000 | 8,096,220.00 | 2.15 |
| DE0005158703	Bechtle AG Inhaber-Aktien | SHS | 66,047 | 835 | 9,663 EUR | 155.200 | 10,250,494.40 | 2.73 |
| DE0005419105	CANCOM SE Inhaber-Aktien | SHS | 78,256 | 78,256 | 0 EUR | 56.050 | 4,386,248.80 | 1.17 |
| DE0005313704	Carl Zeiss Meditec AG Inhaber-Aktien | SHS | 48,941 | 48,941 | 0 EUR | 90.300 | 4,419,372.30 | 1.18 |
| DE0005785604	Fresenius SE & Co. KGaA Inhaber-Stammaktien | SHS | 216,833 | 0 | 5,425 EUR | 42.580 | 9,232,749.14 | 2.46 |
| DE0005790430	FUCHS PETROLUB SE Inhaber-Vorzugsaktien | SHS | 46,446 | 0 | 1,160 EUR | 35.600 | 1,653,477.60 | 0.44 |
| DE000A161N30	GRENKE AG Namens-Aktien | SHS | 90,430 | 38,448 | 326 EUR | 72.750 | 6,578,782.50 | 1.75 |
| DE0006231004	Infineon Technologies AG Namens-Aktien | SHS | 677,993 | 0 | 54,937 EUR | 19.008 | 12,887,290.94 | 3.43 |
| DE000A0D9PT0	MTU Aero Engines AG Namens-Aktien | SHS | 29,535 | 20,034 | 59 EUR | 147.550 | 4,357,889.25 | 1.16 |
| DE0006452907	Nemetschek SE Inhaber-Aktien | SHS | 196,683 | 0 | 4,920 EUR | 70.700 | 13,905,488.10 | 3.70 |
| DE000A1H8BV3	NORMA Group SE Namens-Aktien | SHS | 131,377 | 0 | 2,504 EUR | 26.980 | 3,544,551.46 | 0.94 |
| DE0007010803	RATIONAL AG Inhaber-Aktien | SHS | 3,596 | 0 | 88 EUR | 483.600 | 1,739,025.60 | 0.46 |
| DE0007164600	SAP SE Inhaber-Aktien | SHS | 206,922 | 0 | 9,545 EUR | 112.120 | 23,200,094.64 | 6.16 |
| DE0007165631	Sartorius AG Vorzugsaktien | SHS | 14,812 | 0 | 266 EUR | 317.600 | 4,704,291.20 | 1.25 |
| DE000A12DM80	Scout24 AG Namens-Aktien | SHS | 87,314 | 0 | 1,625 EUR | 69.600 | 6,077,054.40 | 1.62 |
| DE000STRA555	STRATEC SE Namens-Aktien | SHS | 59,433 | 7,614 | 674 EUR | 79.500 | 4,724,923.50 | 1.26 |
| DE0007493991	Ströer SE & Co. KGaA Inhaber-Aktien | SHS | 103,548 | 103,548 | 0 EUR | 65.850 | 6,818,635.80 | 1.81 |
| DE000SYM9999	Symrise AG Inhaber-Aktien | SHS | 71,370 | 0 | 10,990 EUR | 97.500 | 6,958,575.00 | 1.85 |
| DE000ZAL1111	Zalando SE Inhaber-Aktien | SHS | 208,027 | 0 | 5,203 EUR | 61.220 | 12,735,412.94 | 3.39 |
| France |  |  |  |  |  | 83,269,880.35 | 22.16 |
| FR0000071946	Alten S.A. Actions au Porteur | SHS | 32,991 | 19,654 | 258 EUR | 71.750 | 2,367,104.25 | 0.63 |
| FR0006174348	Bureau Veritas SA Actions au Porteur | SHS | 228,328 | 0 | 5,712 EUR | 18.505 | 4,225,209.64 | 1.12 |
| FR0000130650	Dassault Systemes SE Actions Port. | SHS | 67,559 | 4,353 | 1,599 EUR | 151.750 | 10,252,078.25 | 2.73 |
| FR0000052292	Hermes International S.C.A. Actions au Porteur | SHS | 1,307 | 1,307 | 0 EUR | 737.000 | 963,259.00 | 0.26 |
| FR0000125346	Ingenico Group S.A. Actions Port. | SHS | 47,899 | 0 | 1,197 EUR | 123.750 | 5,927,501.25 | 1.58 |
| FR0010307819	Legrand S.A. Actions au Porteur | SHS | 89,755 | 16,987 | 2,137 EUR | 61.020 | 5,476,850.10 | 1.46 |
| FR0000120321	L’Oréal S.A. Actions Port. FR0000121014	LVMH Moët Henn. L. Vuitton | SHS | 38,135 | 8,277 | 873 EUR | 258.400 | 9,854,084.00 | 2.62 |
| SE Action Port.(C.R.) | SHS | 52,951 | 2,334 | 1,266 EUR | 378.900 | 20,063,133.90 | 5.34 |
| FR0010411983	SCOR SE Actions au Porteur | SHS | 253,658 | 23,789 | 6,196 EUR | 22.760 | 5,773,256.08 | 1.54 |
| FR0000054470	Ubisoft Entertainment S.A. Actions Port. | SHS | 107,905 | 0 | 37,678 EUR | 69.480 | 7,497,239.40 | 1.99 |
| FR0011981968	Worldline S.A. Actions Port. | SHS | 166,516 | 29,882 | 3,977 EUR | 65.280 | 10,870,164.48 | 2.89 |
| The Netherlands |  |  |  |  |  | 43,025,079.30 | 11.43 |
| NL0010273215	ASML Holding N.V. Aandelen op naam | SHS | 98,945 | 0 | 2,474 EUR | 291.650 | 28,857,309.25 | 7.67 |
| NL0000009165	Heineken N.V. Aandelen aan toonder | SHS | 87,823 | 9,277 | 1,963 EUR | 82.660 | 7,259,449.18 | 1.93 |
| NL0000852523	TKH Group N.V. Cert.v.Aandelen | SHS | 119,741 | 3,645 | 2,947 EUR | 31.520 | 3,774,236.32 | 1.00 |
| NL0000388619	Unilever N.V. Aandelen op naam | SHS | 68,385 | 50,355 | 210,286 EUR | 45.830 | 3,134,084.55 | 0.83 |
| Italy |  |  |  |  |  | 23,712,520.02 | 6.32 |
| IT0004056880	Amplifon S.p.A. Azioni nom. | SHS | 361,661 | 16,980 | 6,571 EUR | 24.210 | 8,755,812.81 | 2.33 |
| IT0001031084	Banca Generali S.p.A. Azioni nom. B | SHS | 151,075 | 0 | 59,049 EUR | 24.300 | 3,671,122.50 | 0.98 |
| IT0003097257	Biesse S.p.A. Azioni nom. | SHS | 133,384 | 0 | 2,549 EUR | 9.455 | 1,261,145.72 | 0.34 |
| IT0003115950	De’ Longhi S.p.A. Azioni nom. | SHS | 230,671 | 0 | 5,770 EUR | 18.890 | 4,357,375.19 | 1.16 |
| IT0001049623	I.M.A.Industria Macch.Auto.SpA Azioni nom. | SHS | 79,376 | 0 | 1,985 EUR | 55.050 | 4,369,648.80 | 1.16 |
| IT0003428445	Marr S.p.A. Azioni nom. | SHS | 97,550 | 0 | 132,053 EUR | 13.300 | 1,297,415.00 | 0.35 |
| Ireland |  |  |  |  |  | 38,606,184.02 | 10.26 |
| IE0002424939	DCC PLC Reg.Shares | SHS | 147,850 | 0 | 3,698 GBP | 67.440 | 11,062,299.88 | 2.94 |
| IE0004906560	Kerry Group PLC Reg.Shares | SHS | 61,552 | 0 | 1,538 EUR | 108.300 | 6,666,081.60 | 1.77 |
| IE0004927939	Kingspan Group PLC Reg.Shares | SHS | 202,078 | 0 | 69,722 EUR | 55.450 | 11,205,225.10 | 2.98 |
| IE00BYTBXV33	Ryanair Holdings PLC Reg.Shares | SHS | 857,498 | 89,002 | 14,651 EUR | 11.280 | 9,672,577.44 | 2.57 |
| Spain |  |  |  |  |  | 28,765,486.60 | 7.64 |
| ES0109067019	Amadeus IT Group S.A. Acciones Port. | SHS | 188,997 | 0 | 40,644 EUR | 47.590 | 8,994,367.23 | 2.39 |
| ES0171996087	Grifols S.A. Acciones Port. Cl.A | SHS | 204,869 | 0 | 5,125 EUR | 27.530 | 5,640,043.57 | 1.50 |
| ES0148396007	Industria de Diseño Textil SA Acciones Port. | SHS | 300,828 | 0 | 7,528 EUR | 25.050 | 7,535,741.40 | 2.00 |
| ES0183746314	Vidrala S.A. Acciones Port. | SHS | 76,512 | 3,520 | 1,913 EUR | 86.200 | 6,595,334.40 | 1.75 |
| Luxembourg |  |  |  |  |  | 9,364,938.20 | 2.49 |
| FR0000038259	Eurofins Scientific S.A. Actions Port. | SHS | 10,573 | 0 | 262 EUR | 601.800 | 6,362,831.40 | 1.69 |
| LU1066226637	Stabilus S.A. Actions au Porteur | SHS | 62,027 | 2,218 | 1,138 EUR | 48.400 | 3,002,106.80 | 0.80 |
| Finland |  |  |  |  |  | 1,687,076.42 | 0.45 |
| FI0009003727	Wärtsilä Corp. Reg.Shares | SHS | 236,683 | 0 | 5,922 EUR | 7.128 | 1,687,076.42 | 0.45 |
| Total securities |  |  |  | EUR |  | 374,701,742.48 | 99.66 |

Bank deposits, money market instruments, money market funds and money market-related funds Bank deposits
Investment portfolio at 31/05/2020
| ISIN | Securities | Market | Shares/ Units/ Currency | Balance Purchases Redemptions 31/05/2020 in the period under review | Price | Market value EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EUR deposits with custodial office State Street Bank International GmbH | EUR | 1,125,406.03 | % | 100.000 | 1,125,406.03 | 0.30 |
| Deposits in other EU/EEA currencies |
| State Street Bank International GmbH | NOK | 751,593.00 | % | 100.000 | 69,387.96 | 0.02 |
| State Street Bank International GmbH | SEK | 232,256.00 | % | 100.000 | 22,093.84 | 0.01 |
| Deposits in non EU/EEA currencies |
| State Street Bank International GmbH | USD | 19,910.89 | % | 100.000 | 17,929.66 | 0.00 |

| Total bank deposits | EUR | 1,234,817.49 | 0.33 |
| --- | --- | --- | --- |
| Total of bank deposits, money market instruments, money market funds and money market-related funds  30) | EUR | 1,234,817.49 | 0.33 |
| Other assets |  |  |  |  |  |  |
|  | Accrued dividends | EUR | 286,108.97 |  | 286,108.97 | 0.08 |
|  | Receivables from unit transactions | EUR | 129,970.62 |  | 129,970.62 | 0.03 |
|  | Receivables from securities transactions | EUR | 330,246.20 |  | 330,246.20 | 0.09 |
|  | Receivables from withholding tax refunds | EUR | 514,227.78 |  | 514,227.78 | 0.14 |
| Total other assets |  |  |  | EUR | 1,260,553.57 | 0.34 |
| Other payables |  |  |  |  |  |  |
|  | Liabilities from unit transactions | EUR | -25,353.25 |  | -25,353.25 | -0.01 |
|  | Accruals | EUR | -1,199,470.59 |  | -1,199,470.59 | -0.32 |
| Total other payables |  |  |  | EUR | -1,224,823.84 | -0.33 |
| Fund assets |  |  |  | EUR | 375,972,289.70 | 100.00 |
|  | Total units in circulation of all unit classes |  |  | STK | 3,044,987 |  |

30) 
Bank balances may include Cash Initial Margin.
Allianz Wachstum Euroland A (EUR)
| ISIN | DE0009789842 |
| --- | --- |
| Fund assets | 358,041,064.30 |
| Units in circulation | 2,889,391.546 |
| Unit value | 123.92 |

Allianz Wachstum Euroland A20 (EUR)
| ISIN | DE000A2ATB81 |
| --- | --- |
| Fund assets | 16,446,469.27 |
| Units in circulation | 154,341.383 |
| Unit value | 106.56 |

Allianz Wachstum Euroland IT2 (EUR)
| ISIN | DE000A2AMPN0 |
| --- | --- |
| Fund assets | 661,096.68 |
| Units in circulation | 505.978 |
| Unit value | 1,306.57 |

Allianz Wachstum Euroland IT20 (EUR)
| ISIN | DE000A2ATB99 |
| --- | --- |
| Fund assets | 819,567.28 |
| Units in circulation | 745.654 |
| Unit value | 1,099.13 |

Allianz Wachstum Euroland WT (EUR)
| ISIN | DE0009797605 |
| --- | --- |
| Fund assets | 4,092.17 |
| Units in circulation | 2.443 |
| Unit value | 1,675.06 |

Securities prices/market rates
Fund assets were valued on the basis of the following prices/market rates:
All assets: prices/market rates as at 29/05/2020 or last known
Additional information on valuations
The valuation is conducted by the investment management company (IMC).
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 investments reported in this semi-annual report, amounting to 99.66% 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 0.34% of fund assets consists of other assets, other liabilities and cash.
Exchange rate(s) and/or conversion factor(s) (indirect quotation) as at 29/05/2020
| UK, Pound Sterling | (GBP) | 1 Euro = GBP | 0.90135 |
| --- | --- | --- | --- |
| Norway, Krone | (NOK) | 1 Euro = NOK | 10.83175 |
| Sweden, Krona | (SEK) | 1 Euro = SEK | 10.51225 |
| USA, Dollar | (USD) | 1 Euro = USD | 1.11050 |
| 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.
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.
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
Germany
| DE0006048432 | Henkel AG & Co. KGaA Inhaber-Vorzugsaktien | SHS | 0 | 61,472 |
| --- | --- | --- | --- | --- |
| DE0005089031 | United Internet AG Namens-Aktien | SHS | 0 | 421,797 |
| Unlisted securities |  |  |  |  |
| Equities |  |  |  |  |
| Spain |  |  |  |  |
| ES0183746058 | Vidrala S.A. Acciones Port. Em.10/19 | SHS | 0 | 3,520 |

Translation (ENDE, 2020-05-31):
# Inhalt
Allianz Wachstum Euroland
Entwicklung von Fondsvermögen und Anteilwert im
Struktur des Fondsvermögens in %
50 
40 
30
20
10
0
| Industrie | Informations- | Konsum zyk-	Basiskonsum-	Gesundheits- | Grundstoffe | Finanzdienst- | Kommunikati- | Barreserve, |
| --- | --- | --- | --- | --- | --- | --- |
|  | technologie | lisch	güter	wesen |  | leister | onsdienste | Sonstiges |

Entwicklung von Fondsvermögen und Anteilwert im 3-Jahresvergleich
|  | 31.05.2020 | 30.11.2019 | 30.11.2018 | 30.11.2017 |
| --- | --- | --- | --- | --- |
| Fondsvermögen in Mio. EUR |  |  |  |  |  |
| - Anteilklasse A (EUR) | WKN: 978 984/ISIN: DE0009789842 | 358,0 | 377,6 | 327,7 | 400,6 |
| - Anteilklasse A20 (EUR) | WKN: A2A TB8/ISIN: DE000A2ATB81 | 16,4 | 16,9 | 13,7 | 1.015,18  1) |
| - Anteilklasse IT2 (EUR) | WKN: A2A MPN/ISIN: DE000A2AMPN0 | 0,7 | 0,6 | 0,3 | 76.109,09  1) |
| - Anteilklasse IT20 (EUR) | WKN: A2A TB9/ISIN: DE000A2ATB99 | 0,8 | 0,5 | 0,2 | 1.015,48  1) |
| - Anteilklasse WT (EUR) | WKN: 979 760/ISIN: DE0009797605 | 4.092,17  1) | 4.182,34  1) | 3.418,56  1) | 1.546,03  1) |
| Anteilwert in EUR |  |  |  |  |  |
| - Anteilklasse A (EUR) | WKN: 978 984/ISIN: DE0009789842 | 123,92 | 128,00 | 106,57 | 119,17 |
| - Anteilklasse A20 (EUR) | WKN: A2A TB8/ISIN: DE000A2ATB81 | 106,56 | 109,82 | 91,38 | 101,52 |
| - Anteilklasse IT2 (EUR) | WKN: A2A MPN/ISIN: DE000A2AMPN0 | 1.306,57 | 1.337,35 | 1.096,34 | 1.214,35 |
| - Anteilklasse IT20 (EUR) | WKN: A2A TB9/ISIN: DE000A2ATB99 | 1.099,13 | 1.124,90 | 921,60 | 1.015,48 |
| - Anteilklasse WT (EUR) | WKN: 979 760/ISIN: DE0009797605 | 1.675,06 | 1.711,97 | 1.399,33 | 1.546,03 |

1) 
Darstellungsweise nicht in Mio. EUR, aufgrund des geringen Fondsvermögens.
| Vermögensübersicht zum 31.05.2020 |  |
| --- | --- |
| 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 | 374.701.742,48 | 99,66 |  | 1. Aktien | 374.701.742,48 | 99,66 |
| Deutschland | 146.270.577,57 | 38,91 |  | EUR | 363.639.442,60 | 96,72 |
| Frankreich | 83.269.880,35 | 22,16 |  | GBP | 11.062.299,88 | 2,94 |
| Niederlande | 43.025.079,30 | 11,43 |  | 2. Bankguthaben, Geldmarktpapiere, | 1.234.817,49 | 0,33 |
| Italien | 23.712.520,02 | 6,32 |  | Geldmarkt- und geldmarktnahe Fonds |  |  |
| Irland | 38.606.184,02 | 10,26 |  | 3. Sonstige Vermögensgegenstände | 1.260.553,57 | 0,34 |

| Spanien | 28.765.486,60 | 7,64 |
| --- | --- | --- |
| Luxemburg | 9.364.938,20 | 2,49 |
| Finnland | 1.687.076,42 | 0,45 |
| 2. Bankguthaben, Geldmarktpapiere, Geldmarkt- und geldmarktnahe Fonds | 1.234.817,49 | 0,33 |
| 3. Sonstige Vermögensgegenstände | 1.260.553,57 | 0,34 |
| II. Verbindlichkeiten | -1.224.823,84 | -0,33 |
| III. Fondsvermögen | 375.972.289,70 | 100,00 |

*) 
Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Run- dungsdifferenzen entstanden sein.
II. Verbindlichkeiten	-1.224.823,84	-0,33
III. Fondsvermögen	375.972.289,70	100,00
Vermögensaufstellung zum 31.05.2020
| ISIN | Gattungsbezeichnung | Markt | Stück bzw. | Bestand | Käufe/	Verkäufe/ | Kurs | Kurswert | % des |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Anteile bzw. | 31.05.2020 | Zugänge	Abgänge |  | in EUR | Fondsver- |
| Währung	im Berichtszeitraum	mögens Börsengehandelte Wertpapiere	374.701.742,48	99,66 |
| Aktien |  |  |  |  |  |  | 374.701.742,48 | 99,66 |
| Deutschland |  |  |  |  |  |  | 146.270.577,57 | 38,91 |
| DE000A1EWWW0 | adidas AG Namens-Aktien | STK | 34.452 | 34.452 | 0 EUR | 235,000 | 8.096.220,00 | 2,15 |
| DE0005158703 | Bechtle AG Inhaber-Aktien | STK | 66.047 | 835 | 9.663 EUR | 155,200 | 10.250.494,40 | 2,73 |
| DE0005419105 | CANCOM SE Inhaber-Aktien | STK | 78.256 | 78.256 | 0 EUR | 56,050 | 4.386.248,80 | 1,17 |
| DE0005313704 | Carl Zeiss Meditec AG Inhaber-Aktien | STK | 48.941 | 48.941 | 0 EUR | 90,300 | 4.419.372,30 | 1,18 |
| DE0005785604 | Fresenius SE & Co. KGaA Inhaber-Stammaktien | STK | 216.833 | 0 | 5.425 EUR | 42,580 | 9.232.749,14 | 2,46 |
| DE0005790430 | FUCHS PETROLUB SE Inhaber-Vorzugsaktien | STK | 46.446 | 0 | 1.160 EUR | 35,600 | 1.653.477,60 | 0,44 |
| DE000A161N30 | GRENKE AG Namens-Aktien | STK | 90.430 | 38.448 | 326 EUR | 72,750 | 6.578.782,50 | 1,75 |
| DE0006231004 | Infineon Technologies AG Namens-Aktien | STK | 677.993 | 0 | 54.937 EUR | 19,008 | 12.887.290,94 | 3,43 |
| DE000A0D9PT0 | MTU Aero Engines AG Namens-Aktien | STK | 29.535 | 20.034 | 59 EUR | 147,550 | 4.357.889,25 | 1,16 |
| DE0006452907 | Nemetschek SE Inhaber-Aktien | STK | 196.683 | 0 | 4.920 EUR | 70,700 | 13.905.488,10 | 3,70 |
| DE000A1H8BV3 | NORMA Group SE Namens-Aktien | STK | 131.377 | 0 | 2.504 EUR | 26,980 | 3.544.551,46 | 0,94 |
| DE0007010803 | RATIONAL AG Inhaber-Aktien | STK | 3.596 | 0 | 88 EUR | 483,600 | 1.739.025,60 | 0,46 |
| DE0007164600 | SAP SE Inhaber-Aktien | STK | 206.922 | 0 | 9.545 EUR | 112,120 | 23.200.094,64 | 6,16 |
| DE0007165631 | Sartorius AG Vorzugsaktien | STK | 14.812 | 0 | 266 EUR | 317,600 | 4.704.291,20 | 1,25 |
| DE000A12DM80 | Scout24 AG Namens-Aktien | STK | 87.314 | 0 | 1.625 EUR | 69,600 | 6.077.054,40 | 1,62 |
| DE000STRA555 | STRATEC SE Namens-Aktien | STK | 59.433 | 7.614 | 674 EUR | 79,500 | 4.724.923,50 | 1,26 |
| DE0007493991 | Ströer SE & Co. KGaA Inhaber-Aktien | STK | 103.548 | 103.548 | 0 EUR | 65,850 | 6.818.635,80 | 1,81 |
| DE000SYM9999 | Symrise AG Inhaber-Aktien | STK | 71.370 | 0 | 10.990 EUR | 97,500 | 6.958.575,00 | 1,85 |
| DE000ZAL1111 | Zalando SE Inhaber-Aktien | STK | 208.027 | 0 | 5.203 EUR | 61,220 | 12.735.412,94 | 3,39 |
| Frankreich |  |  |  |  |  |  | 83.269.880,35 | 22,16 |
| FR0000071946 | Alten S.A. Actions au Porteur | STK | 32.991 | 19.654 | 258 EUR | 71,750 | 2.367.104,25 | 0,63 |
| FR0006174348 | Bureau Veritas SA Actions au Porteur | STK | 228.328 | 0 | 5.712 EUR | 18,505 | 4.225.209,64 | 1,12 |
| FR0000130650 | Dassault Systemes SE Actions Port. | STK | 67.559 | 4.353 | 1.599 EUR | 151,750 | 10.252.078,25 | 2,73 |
| FR0000052292 | Hermes International S.C.A. Actions au Porteur | STK | 1.307 | 1.307 | 0 EUR | 737,000 | 963.259,00 | 0,26 |
| FR0000125346 | Ingenico Group S.A. Actions Port. | STK | 47.899 | 0 | 1.197 EUR | 123,750 | 5.927.501,25 | 1,58 |
| FR0010307819 | Legrand S.A. Actions au Porteur | STK | 89.755 | 16.987 | 2.137 EUR | 61,020 | 5.476.850,10 | 1,46 |
| FR0000120321 FR0000121014 | L‘Oréal S.A. Actions Port. LVMH Moët Henn. L. Vuit- | STK | 38.135 | 8.277 | 873 EUR | 258,400 | 9.854.084,00 | 2,62 |
|  | ton SE Action Port.(C.R.) | STK | 52.951 | 2.334 | 1.266 EUR | 378,900 | 20.063.133,90 | 5,34 |
| FR0010411983 | SCOR SE Actions au Porteur | STK | 253.658 | 23.789 | 6.196 EUR | 22,760 | 5.773.256,08 | 1,54 |
| FR0000054470 | Ubisoft Entertainment S.A. Actions Port. | STK | 107.905 | 0 | 37.678 EUR | 69,480 | 7.497.239,40 | 1,99 |
| FR0011981968 | Worldline S.A. Actions Port. | STK | 166.516 | 29.882 | 3.977 EUR | 65,280 | 10.870.164,48 | 2,89 |
| Niederlande |  |  |  |  |  |  | 43.025.079,30 | 11,43 |
| NL0010273215 | ASML Holding N.V. Aandelen op naam | STK | 98.945 | 0 | 2.474 EUR | 291,650 | 28.857.309,25 | 7,67 |
| NL0000009165 | Heineken N.V. Aandelen aan toonder | STK | 87.823 | 9.277 | 1.963 EUR | 82,660 | 7.259.449,18 | 1,93 |
| NL0000852523 | TKH Group N.V. Cert.v.Aandelen | STK | 119.741 | 3.645 | 2.947 EUR | 31,520 | 3.774.236,32 | 1,00 |
| NL0000388619 | Unilever N.V. Aandelen op naam | STK | 68.385 | 50.355 | 210.286 EUR | 45,830 | 3.134.084,55 | 0,83 |
| Italien |  |  |  |  |  |  | 23.712.520,02 | 6,32 |
| IT0004056880 | Amplifon S.p.A. Azioni nom. | STK | 361.661 | 16.980 | 6.571 EUR | 24,210 | 8.755.812,81 | 2,33 |
| IT0001031084 | Banca Generali S.p.A. Azioni nom. B | STK | 151.075 | 0 | 59.049 EUR | 24,300 | 3.671.122,50 | 0,98 |
| IT0003097257 | Biesse S.p.A. Azioni nom. | STK | 133.384 | 0 | 2.549 EUR | 9,455 | 1.261.145,72 | 0,34 |
| IT0003115950 | De‘ Longhi S.p.A. Azioni nom. | STK | 230.671 | 0 | 5.770 EUR | 18,890 | 4.357.375,19 | 1,16 |
| IT0001049623 | I.M.A.Industria Macch.Auto.SpA Azioni nom. | STK | 79.376 | 0 | 1.985 EUR | 55,050 | 4.369.648,80 | 1,16 |
| IT0003428445 | Marr S.p.A. Azioni nom. | STK | 97.550 | 0 | 132.053 EUR | 13,300 | 1.297.415,00 | 0,35 |
| Irland |  |  |  |  |  |  | 38.606.184,02 | 10,26 |
| IE0002424939 | DCC PLC Reg.Shares | STK | 147.850 | 0 | 3.698 GBP | 67,440 | 11.062.299,88 | 2,94 |
| IE0004906560 | Kerry Group PLC Reg.Shares | STK | 61.552 | 0 | 1.538 EUR | 108,300 | 6.666.081,60 | 1,77 |
| IE0004927939 | Kingspan Group PLC Reg.Shares | STK | 202.078 | 0 | 69.722 EUR | 55,450 | 11.205.225,10 | 2,98 |
| IE00BYTBXV33 | Ryanair Holdings PLC Reg.Shares | STK | 857.498 | 89.002 | 14.651 EUR | 11,280 | 9.672.577,44 | 2,57 |
| Spanien |  |  |  |  |  |  | 28.765.486,60 | 7,64 |
| ES0109067019 | Amadeus IT Group S.A. Acciones Port. | STK | 188.997 | 0 | 40.644 EUR | 47,590 | 8.994.367,23 | 2,39 |
| ES0171996087 | Grifols S.A. Acciones Port. Cl.A | STK | 204.869 | 0 | 5.125 EUR | 27,530 | 5.640.043,57 | 1,50 |
| ES0148396007 | Industria de Diseño Textil SA Acciones Port. | STK | 300.828 | 0 | 7.528 EUR | 25,050 | 7.535.741,40 | 2,00 |
| ES0183746314 | Vidrala S.A. Acciones Port. | STK | 76.512 | 3.520 | 1.913 EUR | 86,200 | 6.595.334,40 | 1,75 |
| Luxemburg |  |  |  |  |  |  | 9.364.938,20 | 2,49 |
| FR0000038259 | Eurofins Scientific S.A. Actions Port. | STK | 10.573 | 0 | 262 EUR | 601,800 | 6.362.831,40 | 1,69 |
| LU1066226637 | Stabilus S.A. Actions au Porteur | STK | 62.027 | 2.218 | 1.138 EUR | 48,400 | 3.002.106,80 | 0,80 |
| Finnland |  |  |  |  |  |  | 1.687.076,42 | 0,45 |
| FI0009003727 | Wärtsilä Corp. Reg.Shares | STK | 236.683 | 0 | 5.922 EUR | 7,128 | 1.687.076,42 | 0,45 |
| Summe Wertpapier | vermögen |  |  |  | EUR |  | 374.701.742,48 | 99,66 |

Bankguthaben, Geldmarktpapiere, Geldmarkt- und geldmarktnahe Fonds Bankguthaben
Vermögensaufstellung zum 31.05.2020
| ISIN | Gattungsbezeichnung | Markt | Stück bzw. | Bestand | Käufe/	Verkäufe/ |  | Kurs | Kurswert | % des |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Anteile bzw. Währung | 31.05.2020 | Zugänge	Abgänge im Berichtszeitraum |  |  | in EUR | Fondsver- mögens |
| EUR-Guthaben bei | der Verwahrstelle |  |  |  |  |  |  |  |  |
|  | State Street Bank International GmbH |  | EUR | 1.125.406,03 |  | % | 100,000 | 1.125.406,03 | 0,30 |
| Guthaben in sonstigen EU/EWR-Währungen |
| State Street Bank International GmbH | NOK | 751.593,00 | % | 100,000 | 69.387,96 | 0,02 |
| State Street Bank International GmbH | SEK | 232.256,00 | % | 100,000 | 22.093,84 | 0,01 |
| Guthaben in Nicht-EU/EWR-Währungen |
| State Street Bank International GmbH | USD | 19.910,89 | % | 100,000 | 17.929,66 | 0,00 |

| Summe Bankguthaben |  | EUR | 1.234.817,49 | 0,33 |
| --- | --- | --- | --- | --- |
| Summe der Bankguthaben, Geldmarktpapiere, Geldmarkt- und geldmarktnahe Fonds  30) |  | EUR | 1.234.817,49 | 0,33 |
| Sonstige Vermögensgegenstände |  |  |  |  |
| Dividendenansprüche	EUR | 286.108,97 |  | 286.108,97 | 0,08 |
| Forderungen aus Anteilscheingeschäften	EUR | 129.970,62 |  | 129.970,62 | 0,03 |
| Forderungen aus Wertpapiergeschäften	EUR | 330.246,20 |  | 330.246,20 | 0,09 |
| Forderungen aus Quellensteuerrückerstattung	EUR | 514.227,78 |  | 514.227,78 | 0,14 |
| Summe Sonstige Vermögensgegenstände |  | EUR | 1.260.553,57 | 0,34 |
| Sonstige Verbindlichkeiten |  |  |  |  |
| Verbindlichkeiten aus Anteilscheingeschäften	EUR | -25.353,25 |  | -25.353,25 | -0,01 |
| Kostenabgrenzung	EUR | -1.199.470,59 |  | -1.199.470,59 | -0,32 |
| Summe Sonstige Verbindlichkeiten |  | EUR | -1.224.823,84 | -0,33 |
| Fondsvermögen |  | EUR | 375.972.289,70 | 100,00 |
| Summe der umlaufenden Anteile aller Anteilklassen |  | STK | 3.044.987 |  |

30) 
Im Bankguthaben können Cash Initial Margin enthalten sein.
Allianz Wachstum Euroland A (EUR)
| ISIN | DE0009789842 |
| --- | --- |
| Fondsvermögen | 358.041.064,30 |
| Umlaufende Anteile | 2.889.391,546 |
| Anteilwert | 123,92 |

Allianz Wachstum Euroland A20 (EUR)
| ISIN | DE000A2ATB81 |
| --- | --- |
| Fondsvermögen | 16.446.469,27 |
| Umlaufende Anteile | 154.341,383 |
| Anteilwert | 106,56 |

Allianz Wachstum Euroland IT2 (EUR)
| ISIN | DE000A2AMPN0 |
| --- | --- |
| Fondsvermögen | 661.096,68 |
| Umlaufende Anteile | 505,978 |
| Anteilwert | 1.306,57 |

Allianz Wachstum Euroland IT20 (EUR)
| ISIN | DE000A2ATB99 |
| --- | --- |
| Fondsvermögen | 819.567,28 |
| Umlaufende Anteile | 745,654 |
| Anteilwert | 1.099,13 |

Allianz Wachstum Euroland WT (EUR)
| ISIN | DE0009797605 |
| --- | --- |
| Fondsvermögen | 4.092,17 |
| Umlaufende Anteile | 2,443 |
| Anteilwert | 1.675,06 |

Wertpapierkurse bzw. Marktsätze
Die Vermögensgegenstände des Sondervermögens sind auf der Grundlage nachstehender Kurse/Marktsätze bewertet:
Alle Vermögenswerte: Kurse bzw. Marktsätze per 29.05.2020 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 in diesem Halbjahresbericht ausgewiesenen Anlagen werden i.H.v. 99,66% des Fondsvermögens mit handelbaren Börsenkursen oder Marktpreisen und 0,00% zu abgeleiteten Verkehrswerten bzw. validierten Kursstellungen von Brokern bewertet. Die verbleibenden 0,34% des Fondsvermögens bestehen aus Sonstigen Vermögensgegenständen, Sonstigen Verbindlichkeiten sowie Barvermögen.
Devisenkurs(e) bzw. Konversionsfaktor(en) (in Mengennotiz) per 29.05.2020
| Großbritannien, Pfund | (GBP) | 1 Euro = GBP | 0,90135 |
| --- | --- | --- | --- |
| Norwegen, Kronen | (NOK) | 1 Euro = NOK | 10,83175 |
| Schweden, Kronen | (SEK) | 1 Euro = SEK | 10,51225 |
| USA, Dollar | (USD) | 1 Euro = USD | 1,11050 |
| 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.
Zusätzliche Anhangangaben gemäß der Verordnung (EU) 2015/2365 betreffend Wertpapierfinanzierungsgeschäfte
Der betrachtete Fonds war während des Berichtszeitraums in keinerlei Wertpapierfinanzierungsgeschäfte nach Verordnung (EU) 2015/2365 investiert, weshalb im Folgenden kein Ausweis zu dieser Art von Geschäften gemacht wird.
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.	Zugänge		Abgänge
Währung
Börsengehandelte Wertpapiere Aktien
Deutschland
DE0006048432	Henkel AG & Co. KGaA Inhaber-Vorzugsaktien	STK	0	61.472
DE0005089031	United Internet AG Namens-Aktien	STK	0	421.797
Nichtnotierte Wertpapiere Aktien
Spanien
ES0183746058	Vidrala S.A. Acciones Port. Em.10/19	STK	0	3.520