# Contents
Allianz Wachstum Euroland
Fund Assets in %
| 50 |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| 40 30 |  |  |  | 33.3 | 31.8 |
| 20 10 0 | 17.6 | 16.7 |  |  |  |  | 15.2 | 17.4 |  | 7.7 | 7.5 |  | 13.1 | 14.0 | 3.7 | 3.1 | 4.0  3.8 | 5.2  5.3 | 0.2  0.4 |
| Industrials | Information	Consumer | Basic | Healthcare | Basic | Financial | Communi- | Cash reserves, |
|  | technology | cyclical | consumer goods |  | commodities | services provider | cations services | other assets |

Development of net assets and unit value in a 3-year comparison
|  | 31/05/2021 | 30/11/2020 | 30/11/2019 | 30/11/2018 |
| --- | --- | --- | --- | --- |
| Net assets in EUR m |  |  |  |  |  |
| - Unit class A (EUR) | WKN: 978 984/ISIN: DE0009789842 | 447.3 | 408.3 | 377.6 | 327.7 |
| - Unit class A20 (EUR) | WKN: A2A TB8/ISIN: DE000A2ATB81 | 21.8 | 19.1 | 16.9 | 13.7 |
| - Unit class IT2 (EUR) | WKN: A2A MPN/ISIN: DE000A2AMPN0 | 1.1 | 0.9 | 0.6 | 0.3 |
| - Unit class IT20 (EUR) | WKN: A2A TB9/ISIN: DE000A2ATB99 | 1.6 | 1.2 | 0.5 | 0.2 |
| - Unit class WT (EUR)  2) | WKN: 979 760/ISIN: DE0009797605 | -- | 4,786.26  1) | 4,182.34  1) | 3,418.56  1) |
| Unit value in EUR |  |  |  |  |  |
| - Unit class A (EUR) | WKN: 978 984/ISIN: DE0009789842 | 161.88 | 143.85 | 128.00 | 106.57 |
| - Unit class A20 (EUR) | WKN: A2A TB8/ISIN: DE000A2ATB81 | 139.52 | 123.97 | 109.82 | 91.38 |
| - Unit class IT2 (EUR) | WKN: A2A MPN/ISIN: DE000A2AMPN0 | 1,725.26 | 1,525.96 | 1,337.35 | 1,096.34 |
| - Unit class IT20 (EUR) | WKN: A2A TB9/ISIN: DE000A2ATB99 | 1,452.08 | 1,284.23 | 1,124.90 | 921.60 |
| - Unit class WT (EUR)  2) | WKN: 979 760/ISIN: DE0009797605 | -- | 1,959.17 | 1,711.97 | 1,399.33 |

1) 
Not shown in EUR million due to the fund’s low volume.
2) 
Liquidation date: 03/05/2021. Liquidation proceeds: EUR 2,165.10.
| Asset overview at 31/05/2021 |  |
| --- | --- |
| 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 | 469,619,951.60 | 99.55 |  | 1. Equities | 469,619,951.60 | 99.55 |
| Germany | 179,072,698.57 | 37.95 |  | EUR | 468,330,025.00 | 99.28 |
| France | 111,558,820.89 | 23.64 |  | GBP | 1,289,926.60 | 0.27 |
| The Netherlands | 65,274,480.52 | 13.84 |  | 2. Bank deposits, money market | 2,484,087.09 | 0.52 |
| Italy | 26,184,699.76 | 5.55 |  | instruments, money market funds and |  |  |
| Ireland | 38,871,358.45 | 8.24 |  | money market-related funds |  |  |
| Spain | 32,295,200.86 | 6.86 |  | 3. Other assets | 590,361.04 | 0.12 |

*) 
Minor rounding differences may be the result of percentage rounding during the calculation.
II. Liabilities	-870,518.03	-0.19
| Luxembourg | 16,362,692.55 | 3.47 |
| --- | --- | --- |
| 2. Bank deposits, money market instruments, money market funds and | 2,484,087.09 | 0.52 |
| money market-related funds |  |  |
| 3. Other assets | 590,361.04 | 0.12 |
| II. Liabilities | -870,518.03 | -0.19 |
| III. Fund assets | 471,823,881.70 | 100.00 |

III. Fund assets	471,823,881.70	100.00
Investment portfolio at 31/05/2021
ISIN	Securities	Market	Shares/	Balance  Purchases  Redemptions	Price	Market value	% of net
Units/	31/05/2021	EUR	assets
Currency	in the period under review
| Exchange-traded securities |  |  |  |  |  | 469,619,951.60 | 99.55 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equities |  |  |  |  |  | 469,619,951.60 | 99.55 |
| Germany |  |  |  |  |  | 179,072,698.57 | 37.95 |
| DE000A1EWWW0  adidas AG Namens-Aktien | SHS | 57,684 | 19,614 | 1,124 EUR | 301.450 | 17,388,841.80 | 3.69 |
| DE0005158703	Bechtle AG Inhaber-Aktien | SHS | 63,485 | 0 | 2,064 EUR | 158.950 | 10,090,940.75 | 2.14 |
| DE0005200000	Beiersdorf AG Inhaber-Aktien | SHS | 31,773 | 0 | 1,031 EUR | 97.280 | 3,090,877.44 | 0.66 |
| DE0005419105	CANCOM SE Inhaber-Aktien | SHS | 163,580 | 0 | 5,321 EUR | 49.000 | 8,015,420.00 | 1.70 |
| DE0005313704	Carl Zeiss Meditec AG Inhaber-Aktien | SHS | 58,032 | 0 | 1,887 EUR | 152.850 | 8,870,191.20 | 1.88 |
| DE0005785604	Fresenius SE & Co. KGaA Inhaber-Stammaktien | SHS | 205,230 | 0 | 6,675 EUR | 44.250 | 9,081,427.50 | 1.92 |
| DE000A161N30	GRENKE AG Namens-Aktien | SHS | 166,831 | 30,123 | 4,891 EUR | 38.200 | 6,372,944.20 | 1.35 |
| DE0006231004	Infineon Technologies AG Namens-Aktien | SHS | 440,381 | 0 | 14,328 EUR | 33.235 | 14,636,062.54 | 3.10 |
| DE000KBX1006	Knorr-Bremse AG Inhaber-Aktien | SHS | 63,383 | 63,383 | 0 EUR | 101.950 | 6,461,896.85 | 1.37 |
| DE000A0D9PT0	MTU Aero Engines AG Namens-Aktien | SHS | 45,940 | 0 | 1,493 EUR | 212.900 | 9,780,626.00 | 2.07 |
| DE0006452907	Nemetschek SE Inhaber-Aktien | SHS | 174,029 | 0 | 5,660 EUR | 61.200 | 10,650,574.80 | 2.26 |
| DE000A1H8BV3	NORMA Group SE Namens-Aktien | SHS | 126,583 | 0 | 4,117 EUR | 47.600 | 6,025,350.80 | 1.28 |
| DE0007010803	RATIONAL AG Inhaber-Aktien | SHS | 3,594 | 0 | 115 EUR | 740.400 | 2,660,997.60 | 0.56 |
| DE0007164600	SAP SE Inhaber-Aktien | SHS | 106,891 | 0 | 95,631 EUR | 114.260 | 12,213,365.66 | 2.59 |
| DE0007165631	Sartorius AG Vorzugsaktien | SHS | 19,836 | 5,120 | 476 EUR | 411.400 | 8,160,530.40 | 1.73 |
| DE000A12DM80	Scout24 AG Namens-Aktien | SHS | 140,118 | 55,567 | 4,267 EUR | 67.060 | 9,396,313.08 | 1.99 |
| DE000STRA555	STRATEC SE Namens-Aktien | SHS | 59,684 | 0 | 1,939 EUR | 119.400 | 7,126,269.60 | 1.51 |
| DE0007493991	Ströer SE & Co. KGaA Inhaber-Aktien | SHS | 99,805 | 0 | 3,245 EUR | 67.250 | 6,711,886.25 | 1.42 |
| DE000SYM9999	Symrise AG Inhaber-Aktien | SHS | 67,655 | 0 | 2,199 EUR | 109.600 | 7,414,988.00 | 1.57 |
| DE000ZAL1111	Zalando SE Inhaber-Aktien | SHS | 170,395 | 0 | 5,542 EUR | 87.580 | 14,923,194.10 | 3.16 |
| France |  |  |  |  |  | 111,558,820.89 | 23.64 |
| FR0000071946	Alten S.A. Actions au Porteur | SHS | 42,682 | 0 | 1,388 EUR | 101.400 | 4,327,954.80 | 0.92 |
| FR0000130650	Dassault Systemes SE Actions Port. | SHS | 64,785 | 0 | 2,106 EUR | 190.100 | 12,315,628.50 | 2.61 |
| FR0000052292	Hermes International S.C.A. Actions au Porteur | SHS | 2,486 | 0 | 63 EUR | 1,156.500 | 2,875,059.00 | 0.61 |
| FR0010307819	Legrand S.A. Actions au Porteur | SHS | 85,489 | 0 | 2,779 EUR | 86.320 | 7,379,410.48 | 1.56 |
| FR0000120321	L’Oréal S.A. Actions Port. FR0000121014	LVMH Moët Henn. L. Vuitton | SHS | 47,247 | 0 | 1,536 EUR | 371.200 | 17,538,086.40 | 3.72 |
| SE Action Port.(C.R.) | SHS | 50,721 | 0 | 1,648 EUR | 657.100 | 33,328,769.10 | 7.06 |
| FR0010411983	SCOR SE Actions au Porteur | SHS | 255,449 | 0 | 8,309 EUR | 26.530 | 6,777,061.97 | 1.44 |
| FR0000054470	Ubisoft Entertainment S.A. Actions Port. | SHS | 147,507 | 44,428 | 3,315 EUR | 60.580 | 8,935,974.06 | 1.89 |
| FR0011981968	Worldline S.A. Actions Port. | SHS | 229,511 | 0 | 5,908 EUR | 78.780 | 18,080,876.58 | 3.83 |
| The Netherlands |  |  |  |  |  | 65,274,480.52 | 13.84 |
| NL0012969182	Adyen N.V. Aandelen op naam | SHS | 2,987 | 3,003 | 16 EUR | 1,902.400 | 5,682,468.80 | 1.20 |
| NL0010273215	ASML Holding N.V. Aandelen op naam | SHS | 82,636 | 0 | 16,583 EUR | 554.100 | 45,788,607.60 | 9.71 |
| NL0000009165	Heineken N.V. Aandelen aan toonder | SHS | 85,927 | 0 | 2,794 EUR | 98.120 | 8,431,157.24 | 1.79 |
| NL0000852523	TKH Group N.V. Cert.v.Aandelen | SHS | 122,991 | 0 | 4,000 EUR | 43.680 | 5,372,246.88 | 1.14 |
| Italy |  |  |  |  |  | 26,184,699.76 | 5.55 |
| IT0004056880	Amplifon S.p.A. Azioni nom. | SHS | 329,076 | 0 | 10,706 EUR | 39.210 | 12,903,069.96 | 2.73 |
| IT0001031084	Banca Generali S.p.A. Azioni nom. B | SHS | 143,289 | 0 | 4,661 EUR | 33.500 | 4,800,181.50 | 1.02 |
| IT0003097257	Biesse S.p.A. Azioni nom. | SHS | 136,436 | 0 | 4,438 EUR | 30.400 | 4,147,654.40 | 0.88 |
| IT0003115950	De’ Longhi S.p.A. Azioni nom. | SHS | 118,345 | 0 | 3,848 EUR | 36.620 | 4,333,793.90 | 0.92 |
| Ireland |  |  |  |  |  | 38,871,358.45 | 8.24 |
| IE0002424939	DCC PLC Reg.Shares | SHS | 18,526 | 0 | 111,847 GBP | 59.880 | 1,289,926.60 | 0.27 |
| IE0004906560	Kerry Group PLC Reg.Shares A | SHS | 58,512 | 0 | 1,902 EUR | 111.750 | 6,538,716.00 | 1.39 |
| IE0004927939	Kingspan Group PLC Reg.Shares | SHS | 229,436 | 43,711 | 7,174 EUR | 78.300 | 17,964,838.80 | 3.81 |
| IE00BYTBXV33	Ryanair Holdings PLC Reg.Shares | SHS | 775,215 | 0 | 25,224 EUR | 16.870 | 13,077,877.05 | 2.77 |
| Spain |  |  |  |  |  | 32,295,200.86 | 6.86 |
| ES0109067019	Amadeus IT Group S.A. Acciones Port. | SHS | 134,429 | 0 | 4,372 EUR | 62.080 | 8,345,352.32 | 1.77 |
| ES0171996087	Grifols S.A. Acciones Port. Cl.A | SHS | 339,738 | 0 | 11,052 EUR | 22.990 | 7,810,576.62 | 1.66 |
| ES0148396007	Industria de Diseño Textil SA Acciones Port. | SHS | 283,944 | 0 | 9,238 EUR | 31.830 | 9,037,937.52 | 1.92 |
| ES0183746314	Vidrala S.A. Acciones Port. | SHS | 75,226 | 0 | 2,446 EUR | 94.400 | 7,101,334.40 | 1.51 |
| Luxembourg |  |  |  |  |  | 16,362,692.55 | 3.47 |
| FR0014000MR3	Eurofins Scientific S.E. Actions Port. | SHS | 134,095 | 15,797 | 4,189 EUR | 88.890 | 11,919,704.55 | 2.53 |
| LU1066226637	Stabilus S.A. Actions au Porteur | SHS | 64,020 | 0 | 2,081 EUR | 69.400 | 4,442,988.00 | 0.94 |
| Total securities |  |  |  | EUR |  | 469,619,951.60 | 99.55 |
| 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	2,371,166.81 | % | 100.000 | 2,371,166.81 | 0.50 |
| Deposits in other EU/EEA currencies |  |  |  |  |  |  |  |
| State Street Bank International GmbH | NOK | 751,593.00 | % | 100.000 | 73,642.27 | 0.02 |
| State Street Bank International GmbH | SEK | 232,256.00 | % | 100.000 | 22,946.23 | 0.00 |

Investment portfolio at 31/05/2021
| ISIN | Securities | Market | Shares/ Units/ Currency | Balance Purchases Redemptions 31/05/2021 in the period under review | Price | Market value EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Deposits in non EU/EEA currencies State Street Bank International GmbH | USD | 19,910.89 | % | 100.000 | 16,331.78 | 0.00 |
| Total bank deposits | EUR | 2,484,087.09 | 0.52 |
| Total of bank deposits, money market instruments, money market funds and money market-related funds  30) | EUR | 2,484,087.09 | 0.52 |
| Other assets |  |  |  |  |  |  |
|  | Accrued dividends | EUR | 205,570.49 |  | 205,570.49 | 0.04 |
|  | Receivables from unit transactions | EUR | 3,211.27 |  | 3,211.27 | 0.00 |
|  | Receivables from withholding tax refunds | EUR | 381,579.28 |  | 381,579.28 | 0.08 |
| Total other assets |  |  |  | EUR | 590,361.04 | 0.12 |
| Other payables |  |  |  |  |  |  |
|  | Liabilities from unit transactions | EUR | -171,544.37 |  | -171,544.37 | -0.04 |
|  | Accruals | EUR | -698,973.66 |  | -698,973.66 | -0.15 |
| Total other payables |  |  |  | EUR | -870,518.03 | -0.19 |
| Fund assets |  |  |  | EUR | 471,823,881.70 | 100.00 |
|  | Total units in circulation of all unit classes |  |  | SHS | 2,921,331 |  |

30) 
Cash initial margins may be included in bank deposits.
Allianz Wachstum Euroland A (EUR)
| ISIN | DE0009789842 |
| --- | --- |
| Fund assets | 447,324,775.35 |
| Units in circulation | 2,763,390.593 |
| Unit value | 161.88 |

Allianz Wachstum Euroland A20 (EUR)
| ISIN | DE000A2ATB81 |
| --- | --- |
| Fund assets | 21,792,747.21 |
| Units in circulation | 156,199.822 |
| Unit value | 139.52 |

Allianz Wachstum Euroland IT2 (EUR)
| ISIN | DE000A2AMPN0 |
| --- | --- |
| Fund assets | 1,130,515.99 |
| Units in circulation | 655.272 |
| Unit value | 1,725.26 |

Allianz Wachstum Euroland IT20 (EUR)
| ISIN | DE000A2ATB99 |
| --- | --- |
| Fund assets | 1,575,843.15 |
| Units in circulation | 1,085.235 |
| Unit value | 1,452.08 |

Allianz Wachstum Euroland WT (EUR)
| ISIN | DE0009797605 |
| --- | --- |
| Fund assets | 0.00 |
| Units in circulation | 0.000 |
| Unit value | 0.00 |

Securities prices/market rates
Fund assets were valued on the basis of the following prices/market rates:
All assets: prices/market rates as at 31/05/2021 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. 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 99.55% 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 0.45% of fund assets consists of other assets, other liabilities and cash.
Exchange rate(s) and/or conversion factor(s) (indirect quotation) as at 31/05/2021
| UK, Pound Sterling | (GBP) | 1 Euro = GBP | 0.86000 |
| --- | --- | --- | --- |
| Norway, Krone | (NOK) | 1 Euro = NOK | 10.20600 |
| Sweden, Krona | (SEK) | 1 Euro = SEK | 10.12175 |
| USA, Dollar | (USD) | 1 Euro = USD | 1.21915 |
| 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
Germany
| DE0005790430 | FUCHS PETROLUB SE Inhaber-Vorzugsaktien | SHS | 0 | 27,238 |
| --- | --- | --- | --- | --- |
| Finland |  |  |  |  |
| FI0009003727 | Wärtsilä Corp. Reg.Shares | SHS | 0 | 237,379 |
| France |  |  |  |  |
| FR0006174348 | Bureau Veritas SA Actions au Porteur | SHS | 0 | 174,477 |
| Unlisted securities |  |  |  |  |
| Other securities |  |  |  |  |
| Germany |  |  |  |  |
| DE000A3H3LR9 | Scout24 AG Inhaber-Andienungsrrechte | SHS | 140,118 | 140,118 |

Translation (ENDE, 2021-05-31):
# Inhalt
Allianz Wachstum Euroland
Entwicklung von Fondsvermögen und Anteilwert im
Struktur des Fondsvermögens in %
| 50 |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| 40 30 |  |  |  | 33,3 | 31,8 |
| 20 10 0 | 17,6 | 16,7 |  |  |  |  | 15,2 | 17,4 |  | 7,7 | 7,5 |  | 13,1 | 14,0 | 3,7 | 3,1 | 4,0  3,8 | 5,2  5,3 | 0,2  0,4 |
| 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
|  | 31.05.2021 | 30.11.2020 | 30.11.2019 | 30.11.2018 |
| --- | --- | --- | --- | --- |
| Fondsvermögen in Mio. EUR |  |  |  |  |  |
| - Anteilklasse A (EUR) | WKN: 978 984/ISIN: DE0009789842 | 447,3 | 408,3 | 377,6 | 327,7 |
| - Anteilklasse A20 (EUR) | WKN: A2A TB8/ISIN: DE000A2ATB81 | 21,8 | 19,1 | 16,9 | 13,7 |
| - Anteilklasse IT2 (EUR) | WKN: A2A MPN/ISIN: DE000A2AMPN0 | 1,1 | 0,9 | 0,6 | 0,3 |
| - Anteilklasse IT20 (EUR) | WKN: A2A TB9/ISIN: DE000A2ATB99 | 1,6 | 1,2 | 0,5 | 0,2 |
| - Anteilklasse WT (EUR)  2) | WKN: 979 760/ISIN: DE0009797605 | -- | 4.786,26  1) | 4.182,34  1) | 3.418,56  1) |
| Anteilwert in EUR |  |  |  |  |  |
| - Anteilklasse A (EUR) | WKN: 978 984/ISIN: DE0009789842 | 161,88 | 143,85 | 128,00 | 106,57 |
| - Anteilklasse A20 (EUR) | WKN: A2A TB8/ISIN: DE000A2ATB81 | 139,52 | 123,97 | 109,82 | 91,38 |
| - Anteilklasse IT2 (EUR) | WKN: A2A MPN/ISIN: DE000A2AMPN0 | 1.725,26 | 1.525,96 | 1.337,35 | 1.096,34 |
| - Anteilklasse IT20 (EUR) | WKN: A2A TB9/ISIN: DE000A2ATB99 | 1.452,08 | 1.284,23 | 1.124,90 | 921,60 |
| - Anteilklasse WT (EUR)  2) | WKN: 979 760/ISIN: DE0009797605 | -- | 1.959,17 | 1.711,97 | 1.399,33 |

1) 
Darstellungsweise nicht in Mio. EUR, aufgrund des geringen Fondsvermögens.
2) 
Tag der Auflösung: 03.05.2021. Liquidationserlös: EUR 2.165,10.
| Vermögensübersicht zum 31.05.2021 |  |
| --- | --- |
| 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 | 469.619.951,60 | 99,55 |  | 1. Aktien | 469.619.951,60 | 99,55 |
| Deutschland | 179.072.698,57 | 37,95 |  | EUR | 468.330.025,00 | 99,28 |
| Frankreich | 111.558.820,89 | 23,64 |  | GBP | 1.289.926,60 | 0,27 |
| Niederlande | 65.274.480,52 | 13,84 |  | 2. Bankguthaben, Geldmarktpapiere, | 2.484.087,09 | 0,52 |
| Italien | 26.184.699,76 | 5,55 |  | Geldmarkt- und geldmarktnahe Fonds |  |  |
| Irland | 38.871.358,45 | 8,24 |  | 3. Sonstige Vermögensgegenstände | 590.361,04 | 0,12 |

| Spanien | 32.295.200,86 | 6,86 |
| --- | --- | --- |
| Luxemburg | 16.362.692,55 | 3,47 |
| 2. Bankguthaben, Geldmarktpapiere, Geldmarkt- und geldmarktnahe Fonds | 2.484.087,09 | 0,52 |
| 3. Sonstige Vermögensgegenstände | 590.361,04 | 0,12 |
| II. Verbindlichkeiten | -870.518,03 | -0,19 |
| III. Fondsvermögen | 471.823.881,70 | 100,00 |

*) 
Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Run- dungsdifferenzen entstanden sein.
II. Verbindlichkeiten	-870.518,03	-0,19
III. Fondsvermögen	471.823.881,70	100,00
Vermögensaufstellung zum 31.05.2021
| ISIN | Gattungsbezeichnung | Markt | Stück bzw. Anteile bzw. | Bestand 31.05.2021 | Käufe/	Verkäufe/ Zugänge	Abgänge | Kurs | Kurswert in EUR | % des Fondsver- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Währung	im Berichtszeitraum	mögens Börsengehandelte Wertpapiere	469.619.951,60	99,55 |
| Aktien |  |  |  |  |  |  | 469.619.951,60 | 99,55 |
| Deutschland |  |  |  |  |  |  | 179.072.698,57 | 37,95 |
| DE000A1EWWW0 | adidas AG Namens-Aktien | STK | 57.684 | 19.614 | 1.124 EUR | 301,450 | 17.388.841,80 | 3,69 |
| DE0005158703 | Bechtle AG Inhaber-Aktien | STK | 63.485 | 0 | 2.064 EUR | 158,950 | 10.090.940,75 | 2,14 |
| DE0005200000 | Beiersdorf AG Inhaber-Aktien | STK | 31.773 | 0 | 1.031 EUR | 97,280 | 3.090.877,44 | 0,66 |
| DE0005419105 | CANCOM SE Inhaber-Aktien | STK | 163.580 | 0 | 5.321 EUR | 49,000 | 8.015.420,00 | 1,70 |
| DE0005313704 | Carl Zeiss Meditec AG Inhaber-Aktien | STK | 58.032 | 0 | 1.887 EUR | 152,850 | 8.870.191,20 | 1,88 |
| DE0005785604 | Fresenius SE & Co. KGaA Inhaber-Stammaktien | STK | 205.230 | 0 | 6.675 EUR | 44,250 | 9.081.427,50 | 1,92 |
| DE000A161N30 | GRENKE AG Namens-Aktien | STK | 166.831 | 30.123 | 4.891 EUR | 38,200 | 6.372.944,20 | 1,35 |
| DE0006231004 | Infineon Technologies AG Namens-Aktien | STK | 440.381 | 0 | 14.328 EUR | 33,235 | 14.636.062,54 | 3,10 |
| DE000KBX1006 | Knorr-Bremse AG Inhaber-Aktien | STK | 63.383 | 63.383 | 0 EUR | 101,950 | 6.461.896,85 | 1,37 |
| DE000A0D9PT0 | MTU Aero Engines AG Namens-Aktien | STK | 45.940 | 0 | 1.493 EUR | 212,900 | 9.780.626,00 | 2,07 |
| DE0006452907 | Nemetschek SE Inhaber-Aktien | STK | 174.029 | 0 | 5.660 EUR | 61,200 | 10.650.574,80 | 2,26 |
| DE000A1H8BV3 | NORMA Group SE Namens-Aktien | STK | 126.583 | 0 | 4.117 EUR | 47,600 | 6.025.350,80 | 1,28 |
| DE0007010803 | RATIONAL AG Inhaber-Aktien | STK | 3.594 | 0 | 115 EUR | 740,400 | 2.660.997,60 | 0,56 |
| DE0007164600 | SAP SE Inhaber-Aktien | STK | 106.891 | 0 | 95.631 EUR | 114,260 | 12.213.365,66 | 2,59 |
| DE0007165631 | Sartorius AG Vorzugsaktien | STK | 19.836 | 5.120 | 476 EUR | 411,400 | 8.160.530,40 | 1,73 |
| DE000A12DM80 | Scout24 AG Namens-Aktien | STK | 140.118 | 55.567 | 4.267 EUR | 67,060 | 9.396.313,08 | 1,99 |
| DE000STRA555 | STRATEC SE Namens-Aktien | STK | 59.684 | 0 | 1.939 EUR | 119,400 | 7.126.269,60 | 1,51 |
| DE0007493991 | Ströer SE & Co. KGaA Inhaber-Aktien | STK | 99.805 | 0 | 3.245 EUR | 67,250 | 6.711.886,25 | 1,42 |
| DE000SYM9999 | Symrise AG Inhaber-Aktien | STK | 67.655 | 0 | 2.199 EUR | 109,600 | 7.414.988,00 | 1,57 |
| DE000ZAL1111 | Zalando SE Inhaber-Aktien | STK | 170.395 | 0 | 5.542 EUR | 87,580 | 14.923.194,10 | 3,16 |
| Frankreich |  |  |  |  |  |  | 111.558.820,89 | 23,64 |
| FR0000071946 | Alten S.A. Actions au Porteur | STK | 42.682 | 0 | 1.388 EUR | 101,400 | 4.327.954,80 | 0,92 |
| FR0000130650 | Dassault Systemes SE Actions Port. | STK | 64.785 | 0 | 2.106 EUR | 190,100 | 12.315.628,50 | 2,61 |
| FR0000052292 | Hermes International S.C.A. Actions au Porteur | STK | 2.486 | 0 | 63 EUR | 1.156,500 | 2.875.059,00 | 0,61 |
| FR0010307819 | Legrand S.A. Actions au Porteur | STK | 85.489 | 0 | 2.779 EUR | 86,320 | 7.379.410,48 | 1,56 |
| FR0000120321 FR0000121014 | L‘Oréal S.A. Actions Port. LVMH Moët Henn. L. Vuit- | STK | 47.247 | 0 | 1.536 EUR | 371,200 | 17.538.086,40 | 3,72 |
|  | ton SE Action Port.(C.R.) | STK | 50.721 | 0 | 1.648 EUR | 657,100 | 33.328.769,10 | 7,06 |
| FR0010411983 | SCOR SE Actions au Porteur | STK | 255.449 | 0 | 8.309 EUR | 26,530 | 6.777.061,97 | 1,44 |
| FR0000054470 | Ubisoft Entertainment S.A. Actions Port. | STK | 147.507 | 44.428 | 3.315 EUR | 60,580 | 8.935.974,06 | 1,89 |
| FR0011981968 | Worldline S.A. Actions Port. | STK | 229.511 | 0 | 5.908 EUR | 78,780 | 18.080.876,58 | 3,83 |
| Niederlande |  |  |  |  |  |  | 65.274.480,52 | 13,84 |
| NL0012969182 | Adyen N.V. Aandelen op naam | STK | 2.987 | 3.003 | 16 EUR | 1.902,400 | 5.682.468,80 | 1,20 |
| NL0010273215 | ASML Holding N.V. Aandelen op naam | STK | 82.636 | 0 | 16.583 EUR | 554,100 | 45.788.607,60 | 9,71 |
| NL0000009165 | Heineken N.V. Aandelen aan toonder | STK | 85.927 | 0 | 2.794 EUR | 98,120 | 8.431.157,24 | 1,79 |
| NL0000852523 | TKH Group N.V. Cert.v.Aandelen | STK | 122.991 | 0 | 4.000 EUR | 43,680 | 5.372.246,88 | 1,14 |
| Italien |  |  |  |  |  |  | 26.184.699,76 | 5,55 |
| IT0004056880 | Amplifon S.p.A. Azioni nom. | STK | 329.076 | 0 | 10.706 EUR | 39,210 | 12.903.069,96 | 2,73 |
| IT0001031084 | Banca Generali S.p.A. Azioni nom. B | STK | 143.289 | 0 | 4.661 EUR | 33,500 | 4.800.181,50 | 1,02 |
| IT0003097257 | Biesse S.p.A. Azioni nom. | STK | 136.436 | 0 | 4.438 EUR | 30,400 | 4.147.654,40 | 0,88 |
| IT0003115950 | De‘ Longhi S.p.A. Azioni nom. | STK | 118.345 | 0 | 3.848 EUR | 36,620 | 4.333.793,90 | 0,92 |
| Irland |  |  |  |  |  |  | 38.871.358,45 | 8,24 |
| IE0002424939 | DCC PLC Reg.Shares | STK | 18.526 | 0 | 111.847 GBP | 59,880 | 1.289.926,60 | 0,27 |
| IE0004906560 | Kerry Group PLC Reg.Shares A | STK | 58.512 | 0 | 1.902 EUR | 111,750 | 6.538.716,00 | 1,39 |
| IE0004927939 | Kingspan Group PLC Reg.Shares | STK | 229.436 | 43.711 | 7.174 EUR | 78,300 | 17.964.838,80 | 3,81 |
| IE00BYTBXV33 | Ryanair Holdings PLC Reg.Shares | STK | 775.215 | 0 | 25.224 EUR | 16,870 | 13.077.877,05 | 2,77 |
| Spanien |  |  |  |  |  |  | 32.295.200,86 | 6,86 |
| ES0109067019 | Amadeus IT Group S.A. Acciones Port. | STK | 134.429 | 0 | 4.372 EUR | 62,080 | 8.345.352,32 | 1,77 |
| ES0171996087 | Grifols S.A. Acciones Port. Cl.A | STK | 339.738 | 0 | 11.052 EUR | 22,990 | 7.810.576,62 | 1,66 |
| ES0148396007 | Industria de Diseño Textil SA Acciones Port. | STK | 283.944 | 0 | 9.238 EUR | 31,830 | 9.037.937,52 | 1,92 |
| ES0183746314 | Vidrala S.A. Acciones Port. | STK | 75.226 | 0 | 2.446 EUR | 94,400 | 7.101.334,40 | 1,51 |
| Luxemburg |  |  |  |  |  |  | 16.362.692,55 | 3,47 |
| FR0014000MR3 | Eurofins Scientific S.E. Actions Port. | STK | 134.095 | 15.797 | 4.189 EUR | 88,890 | 11.919.704,55 | 2,53 |
| LU1066226637 | Stabilus S.A. Actions au Porteur | STK | 64.020 | 0 | 2.081 EUR | 69,400 | 4.442.988,00 | 0,94 |
| Summe Wertpapiervermögen |  |  | EUR |  | 469.619.951,60 | 99,55 |
| Bankguthaben, Geldmarktpapiere, Geldmarkt- und geldmarktnahe Fonds |  |  |  |  |  |  |
| Bankguthaben |  |  |  |  |  |  |
| EUR-Guthaben bei der Verwahrstelle |  |  |  |  |  |  |
| State Street Bank International GmbH | EUR | 2.371.166,81 | % | 100,000 | 2.371.166,81 | 0,50 |
| Guthaben in sonstigen EU/EWR-Währungen |
| State Street Bank International GmbH | NOK | 751.593,00 | % | 100,000 | 73.642,27 | 0,02 |
| State Street Bank International GmbH | SEK | 232.256,00 | % | 100,000 | 22.946,23 | 0,00 |

Vermögensaufstellung zum 31.05.2021
| ISIN | Gattungsbezeichnung | Markt	Stück bzw. | Bestand | Käufe/	Verkäufe/ |  | Kurs | Kurswert | % des |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Anteile bzw. Währung | 31.05.2021 | Zugänge	Abgänge im Berichtszeitraum |  |  | in EUR | Fondsver- mögens |
| Guthaben in | Nicht-EU/EWR-Währungen |  |  |  |  |  |  |  |
|  | State Street Bank International GmbH | USD | 19.910,89 |  | % | 100,000 | 16.331,78 | 0,00 |
| Summe Bankguthaben |  | EUR | 2.484.087,09 | 0,52 |
| Summe der Bankguthaben, Geldmarktpapiere, Geldmarkt- und geldmarktnahe Fonds  30) |  | EUR | 2.484.087,09 | 0,52 |
| Sonstige Vermögensgegenstände |  |  |  |  |
| Dividendenansprüche	EUR | 205.570,49 |  | 205.570,49 | 0,04 |
| Forderungen aus Anteilscheingeschäften	EUR | 3.211,27 |  | 3.211,27 | 0,00 |
| Forderungen aus Quellensteuerrückerstattung	EUR | 381.579,28 |  | 381.579,28 | 0,08 |
| Summe Sonstige Vermögensgegenstände |  | EUR | 590.361,04 | 0,12 |
| Sonstige Verbindlichkeiten |  |  |  |  |
| Verbindlichkeiten aus Anteilscheingeschäften	EUR | -171.544,37 |  | -171.544,37 | -0,04 |
| Kostenabgrenzung	EUR | -698.973,66 |  | -698.973,66 | -0,15 |
| Summe Sonstige Verbindlichkeiten |  | EUR | -870.518,03 | -0,19 |
| Fondsvermögen |  | EUR | 471.823.881,70 | 100,00 |
| Summe der umlaufenden Anteile aller Anteilklassen |  | STK | 2.921.331 |  |

30) 
Im Bankguthaben können Cash Initial Margin enthalten sein.
Allianz Wachstum Euroland A (EUR)
| ISIN | DE0009789842 |
| --- | --- |
| Fondsvermögen | 447.324.775,35 |
| Umlaufende Anteile | 2.763.390,593 |
| Anteilwert | 161,88 |

Allianz Wachstum Euroland A20 (EUR)
| ISIN | DE000A2ATB81 |
| --- | --- |
| Fondsvermögen | 21.792.747,21 |
| Umlaufende Anteile | 156.199,822 |
| Anteilwert | 139,52 |

Allianz Wachstum Euroland IT2 (EUR)
| ISIN | DE000A2AMPN0 |
| --- | --- |
| Fondsvermögen | 1.130.515,99 |
| Umlaufende Anteile | 655,272 |
| Anteilwert | 1.725,26 |

Allianz Wachstum Euroland IT20 (EUR)
| ISIN | DE000A2ATB99 |
| --- | --- |
| Fondsvermögen | 1.575.843,15 |
| Umlaufende Anteile | 1.085,235 |
| Anteilwert | 1.452,08 |

Allianz Wachstum Euroland WT (EUR)
| ISIN | DE0009797605 |
| --- | --- |
| Fondsvermögen | 0,00 |
| Umlaufende Anteile | 0,000 |
| Anteilwert | 0,00 |

Wertpapierkurse bzw. Marktsätze
Die Vermögensgegenstände des Sondervermögens sind auf der Grundlage nachstehender Kurse/Marktsätze bewertet:
Alle Vermögenswerte: Kurse bzw. Marktsätze per 31.05.2021 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 herrührenden Marktauswirkungen ab. Darüber hi- nausgehende Anpassungen waren zum Zeitpunkt der Aufstellung des Halbjahresberichts nicht erforderlich.
Die in diesem Halbjahresbericht ausgewiesenen Anlagen werden i.H.v. 99,55% des Fondsvermögens mit handelbaren Börsenkursen oder Marktpreisen und 0,00% zu abgeleiteten Verkehrswerten bzw. validierten Kursstellungen von Brokern bewertet. Die verbleibenden 0,45% des Fondsvermögens bestehen aus Sonstigen Vermögensgegenständen, Sonstigen Verbindlichkeiten sowie Barvermögen.
Devisenkurs(e) bzw. Konversionsfaktor(en) (in Mengennotiz) per 31.05.2021
| Großbritannien, Pfund | (GBP) | 1 Euro = GBP | 0,86000 |
| --- | --- | --- | --- |
| Norwegen, Kronen | (NOK) | 1 Euro = NOK | 10,20600 |
| Schweden, Kronen | (SEK) | 1 Euro = SEK | 10,12175 |
| USA, Dollar | (USD) | 1 Euro = USD | 1,21915 |
| 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
Deutschland
DE0005790430	FUCHS PETROLUB SE Inhaber-Vorzugsaktien	STK	0	27.238
Finnland
FI0009003727	Wärtsilä Corp. Reg.Shares	STK	0	237.379
Frankreich
FR0006174348	Bureau Veritas SA Actions au Porteur	STK	0	174.477
Nichtnotierte Wertpapiere Andere Wertpapiere Deutschland
DE000A3H3LR9	Scout24 AG Inhaber-Andienungsrrechte	STK	140.118	140.118