# Allianz US Large Cap Growth
| Asset overview at 31/12/2020 |  |
| --- | --- |
| 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 | 101,779,229.17 | 97.05 |  | 1. Equities | 101,779,229.17 | 97.05 |
| Ireland | 2,408,356.32 | 2.30 |  | USD | 101,779,229.17 | 97.05 |
| UK | 1,459,675.96 | 1.39 |  | 2. Bank deposits, money market | 3,168,746.09 | 3.03 |
| USA | 97,641,353.84 | 93.10 |  | instruments, money market funds and |  |  |
| Cayman Islands | 269,843.05 | 0.26 |  | money market-related funds |  |  |
| 2. Bank deposits, money market | 3,168,746.09 | 3.03 |  | 3. Other assets | 49,649.53 | 0.05 |
| instruments, money market funds and |  |  |  | II. Liabilities | -142,222.63 | -0.13 |

| money market-related funds |  |
| --- | --- |
| 3. Other assets | 49,649.53 | 0.05 |
| II. Liabilities | -142,222.63 | -0.13 |
| III. Fund assets | 104,855,402.16 | 100.00 |

III. Fund assets	104,855,402.16	100.00
*) 
Minor rounding differences may be the result of percentage rounding during the calculation.
Investment portfolio at 31/12/2020
ISIN	Securities	Market	Shares/	Balance  Purchases  Redemptions	Price	Market value	% of net
Units/	31/12/2020	EUR	assets
Currency	in the period under review
| Exchange-traded securities	101,779,229.17	97.05 |
| --- |
| Equities |  |  |  |  |  |  | 101,779,229.17 | 97.05 |
| Ireland |  |  |  |  |  |  | 2,408,356.32 | 2.30 |
| IE00BQPVQZ61 | Horizon Therapeutics PLC Reg.Shares | SHS | 42,260 | 51,115 | 8,855 USD | 69.860 | 2,408,356.32 | 2.30 |
| UK |  |  |  |  |  |  | 1,459,675.96 | 1.39 |
| US0463531089 | Astrazeneca PLC Reg.Shares (Spons.ADRs) | SHS | 35,855 | 0 | 11,485 USD | 49.905 | 1,459,675.96 | 1.39 |
| USA |  |  |  |  |  |  | 97,641,353.84 | 93.10 |
| US0162551016 | Align Technology Inc. Reg.Shares | SHS | 4,585 | 4,585 | 0 USD | 520.450 | 1,946,619.28 | 1.86 |
| US02079K3059 | Alphabet Inc. Reg.Shares Cl.A | SHS | 2,410 | 1,155 | 490 USD | 1,757.760 | 3,455,725.90 | 3.30 |
| US0231351067 | Amazon.com Inc. Reg.Shares | SHS | 2,554 | 885 | 0 USD | 3,322.000 | 6,921,228.54 | 6.60 |
| US03027X1000 | American Tower Corp. Reg.Shares | SHS | 4,145 | 0 | 2,495 USD | 220.480 | 745,515.03 | 0.71 |
| US0367521038 | Anthem Inc. Reg.Shares | SHS | 4,295 | 1,570 | 3,030 USD | 314.330 | 1,101,315.29 | 1.05 |
| US0378331005 | Apple Inc. Reg.Shares | SHS | 96,420 | 83,245 | 0 USD | 134.870 | 10,608,284.37 | 10.11 |
| US05352A1007 | Avantor Inc. Reg.Shares | SHS | 85,145 | 85,145 | 0 USD | 26.780 | 1,860,083.29 | 1.77 |
| US0970231058 | Boeing Co. Reg.Shares | SHS | 2,920 | 0 | 0 USD | 216.250 | 515,111.96 | 0.49 |
| US1101221083 | Bristol-Myers Squibb Co. Reg.Shares | SHS | 23,945 | 19,675 | 17,560 USD | 61.420 | 1,199,740.51 | 1.14 |
| US1220171060 | Burlington Stores Inc. Reg.Shares | SHS | 10,635 | 3,920 | 2,350 USD | 259.150 | 2,248,285.07 | 2.14 |
| US1696561059 | Chipotle Mexican Grill Inc. Reg.Shares | SHS | 1,020 | 0 | 230 USD | 1,392.210 | 1,158,424.11 | 1.10 |
| US20030N1019 | Comcast Corp. Reg.Shares Cl.A | SHS | 25,960 | 0 | 40,430 USD | 51.550 | 1,091,681.69 | 1.04 |
| US22788C1053 | Crowdstrike Holdings Inc Reg.Shares Cl.A | SHS | 9,570 | 9,570 | 0 USD | 205.930 | 1,607,660.07 | 1.53 |
| US2566771059 | Dollar General Corp. (New) Reg.Shares | SHS | 12,035 | 8,920 | 1,145 USD | 211.340 | 2,074,867.97 | 1.98 |
| US29355A1079 | Enphase Energy Inc. Reg.Shares | SHS | 8,660 | 8,660 | 0 USD | 170.200 | 1,202,375.49 | 1.15 |
| US29414B1044 | EPAM Systems Inc. Reg.Shares | SHS | 7,765 | 0 | 835 USD | 351.750 | 2,228,118.24 | 2.12 |
| US30303M1027 | Facebook Inc. Reg.Shares Cl.A | SHS | 20,280 | 2,850 | 7,995 USD | 276.780 | 4,578,943.92 | 4.37 |
| US5024311095 | L3Harris Technologies Inc. Reg.Shares | SHS | 6,985 | 2,145 | 1,265 USD | 186.290 | 1,061,496.63 | 1.01 |
| US5128071082 | Lam Research Corp. Reg.Shares | SHS | 6,755 | 2,845 | 2,170 USD | 473.220 | 2,607,660.89 | 2.49 |
| US5178341070 | Las Vegas Sands Corp. Reg.Shares | SHS | 31,200 | 35,615 | 4,415 USD | 58.110 | 1,478,999.88 | 1.41 |
| US56600D1072 | Maravai LifeSciences Hldgs Inc Reg.Shares Cl.A | SHS | 42,760 | 42,760 | 0 USD | 27.000 | 941,811.80 | 0.90 |
| US57636Q1040 | Mastercard Inc. Reg.Shares A | SHS | 7,150 | 0 | 2,960 USD | 346.660 | 2,021,959.46 | 1.93 |
| US5949181045 | Microsoft Corp. Reg.Shares | SHS | 41,416 | 0 | 14,665 USD | 224.150 | 7,573,028.02 | 7.22 |
| US55354G1004 | MSCI Inc. Reg.Shares A | SHS | 3,300 | 0 | 1,505 USD | 434.570 | 1,169,866.62 | 1.12 |
| US67066G1040 | NVIDIA Corp. Reg.Shares | SHS | 4,375 | 4,375 | 0 USD | 517.730 | 1,847,753.60 | 1.76 |
| US6792951054 | Okta Inc. Reg.Shares Cl.A | SHS | 6,230 | 4,825 | 2,370 USD | 261.750 | 1,330,262.67 | 1.27 |
| US70432V1026 | Paycom Software Inc. Reg.Shares | SHS | 3,575 | 3,575 | 0 USD | 447.590 | 1,305,326.30 | 1.24 |
| US70450Y1038 | PayPal Holdings Inc. Reg.Shares | SHS | 18,915 | 3,535 | 1,460 USD | 231.030 | 3,564,818.25 | 3.40 |
| US72352L1061 | Pinterest Inc. Reg.Shares | SHS | 17,615 | 17,615 | 0 USD | 68.290 | 981,301.42 | 0.94 |
| US77543R1023 | Roku Inc. Reg.Shares Cl.A | SHS | 1,810 | 1,810 | 9,250 USD | 339.570 | 501,384.10 | 0.48 |
| US78409V1044 | S&P Global Inc. Reg.Shares | SHS | 5,620 | 625 | 1,180 USD | 321.490 | 1,473,894.69 | 1.41 |
| US79466L3024 | salesforce.com Inc. Reg.Shares | SHS | 11,080 | 7,450 | 6,060 USD | 222.460 | 2,010,732.80 | 1.92 |
| US81762P1021 | ServiceNow Inc. Reg.Shares | SHS | 3,330 | 1,880 | 2,660 USD | 545.980 | 1,483,145.08 | 1.41 |
| US83088M1027 | Skyworks Solutions Inc. Reg.Shares | SHS | 11,480 | 11,480 | 0 USD | 150.410 | 1,408,579.19 | 1.34 |
| US8447411088 | Southwest Airlines Co. Reg.Shares | SHS | 47,340 | 57,775 | 10,435 USD | 46.150 | 1,782,225.39 | 1.70 |
| US8522341036 | Square Inc. Reg.Shs Cl.A | SHS | 11,755 | 14,205 | 2,450 USD | 214.000 | 2,052,102.62 | 1.96 |
| US88160R1014 | Tesla Inc. Reg.Shares | SHS | 5,070 | 12,925 | 7,855 USD | 665.990 | 2,754,471.84 | 2.63 |
| US5184391044 | The Estée Lauder Compan. Inc. Reg.Shares Cl.A | SHS | 4,800 | 1,670 | 1,425 USD | 262.750 | 1,028,837.13 | 0.98 |
| US90138F1021 | Twilio Inc. Reg.Shares | SHS | 4,400 | 4,400 | 8,370 USD | 350.500 | 1,258,065.83 | 1.20 |
| US9078181081 | Union Pacific Corp. Reg.Shares | SHS | 14,995 | 3,745 | 1,790 USD | 204.420 | 2,500,532.61 | 2.38 |
| US9113631090 | United Rentals Inc. Reg.Shares | SHS | 4,605 | 0 | 0 USD | 226.430 | 850,601.75 | 0.81 |
| US92826C8394 | VISA Inc. Reg.Shares Cl.A | SHS | 23,625 | 0 | 6,430 USD | 214.370 | 4,131,411.88 | 3.94 |
| US9837931008 | XPO Logistics Inc. Reg.Shares | SHS | 17,865 | 17,865 | 0 USD | 117.220 | 1,708,312.84 | 1.63 |
| US98978V1035 | Zoetis Inc. Reg.Shares Cl.A | SHS | 17,050 | 3,255 | 2,445 USD | 163.120 | 2,268,789.82 | 2.16 |
| Cayman Islands |  |  |  |  |  |  | 269,843.05 | 0.26 |
| US88032Q1094 | Tencent Holdings Ltd. Reg.Shs (unsp.ADRs) | SHS | 4,735 | 14,715 | 30,800 USD | 69.860 | 269,843.05 | 0.26 |
| Total securities |  |  |  |  | EUR |  | 101,779,229.17 | 97.05 |
| 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	3,163,067.90 | % | 100.000 | 3,163,067.90 | 3.02 |
| Deposits in non EU/EEA currencies |
| State Street Bank International GmbH | USD | 6,960.61 | % | 100.000 | 5,678.19 | 0.01 |

| Total bank deposits | EUR | 3,168,746.09 | 3.03 |
| --- | --- | --- | --- |
| Total of bank deposits, money market instruments, money market funds and money market-related funds  30) | EUR | 3,168,746.09 | 3.03 |
| Other assets |  |  |  |  |  |
|  | Accrued dividends | EUR | 16,184.25 | 16,184.25 | 0.02 |
|  | Receivables from unit transactions | EUR | 33,465.28 | 33,465.28 | 0.03 |

Investment portfolio at 31/12/2020
| ISIN | Securities | Market | Shares/ Units/ Currency | Balance Purchases Redemptions 31/12/2020 in the period under review | Price | Market value EUR | % of net assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Total other assets |  |  |  | EUR |  | 49,649.53 | 0.05 |
| Other payables |  |  |  |  |  |  |  |
|  | Liabilities from unit transactions |  | EUR | -1,682.89 |  | -1,682.89 | 0.00 |
|  | Accruals |  | EUR | -140,539.74 |  | -140,539.74 | -0.13 |
| Total other payables |  |  |  | EUR |  | -142,222.63 | -0.13 |
| Fund assets |  |  |  | EUR |  | 104,855,402.16 | 100.00 |
|  | Units in circulation |  | SHS |  |  | 789,004 |  |
|  | Unit value |  | EUR |  |  | 132.90 |  |

30) 
Cash initial margins may be included in bank deposits.
Securities prices/market rates
Fund assets were valued on the basis of the following prices/market rates:
North and South American equities: prices as at 29/12/2020 or last known All other assets: prices/market rates as at 30/12/2020 or last known
Exchange rate(s) and/or conversion factor(s) (indirect quotation) as at 30/12/2020
USA, Dollar	(USD)	1 Euro = USD	1.22585
Capital measures
All sales resulting from capital measures (technical sales) are reported as inflows or outflows.
Voting
To the extent that it was deemed necessary in the interests of our investors, we have either exercised voting rights from the shares in the fund ourselves or have them exercised by agents 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
USA
| US00846U1016 | Agilent Technologies Inc. Reg.Shares | SHS | 95 | 18,520 |
| --- | --- | --- | --- | --- |
| US1011371077 | Boston Scientific Corp. Reg.Shares | SHS | 0 | 40,770 |
| US1091941005 | Bright Horizons Family Sol.Inc Reg.Shares | SHS | 6,220 | 6,220 |
| US11135F1012 | Broadcom Inc. Reg.Shares | SHS | 0 | 6,850 |
| US2166484020 | Cooper Companies Inc. Reg.Shares | SHS | 3,775 | 3,775 |
| US2521311074 | DexCom Inc. Reg.Shares | SHS | 0 | 9,545 |
| US3696041033 | General Electric Co. Reg.Shares | SHS | 0 | 182,555 |
| US46120E6023 | Intuitive Surgical Inc. Reg.Shares | SHS | 0 | 1,510 |
| US5486611073 | Lowe’s Companies Inc. Reg.Shares | SHS | 3,785 | 19,370 |
| US5951121038 | Micron Technology Inc. Reg.Shares | SHS | 24,910 | 24,910 |
| US6174464486 | Morgan Stanley Reg.Shares | SHS | 20,895 | 20,895 |
| US6821891057 | ON Semiconductor Corp. Reg.Shares | SHS | 0 | 57,820 |
| US67103H1077 | O’Reilly Automotive Inc.[New] Reg.Shares | SHS | 0 | 3,285 |
| US7433151039 | Progressive Corp. Reg.Shares | SHS | 0 | 15,785 |
| US8753722037 | Tandem Diabetes Care Inc. Reg.Shares New | SHS | 3,995 | 16,380 |
| US92532F1003 | Vertex Pharmaceuticals Inc. Reg.Shares | SHS | 1,365 | 5,355 |
| US9291601097 Unlisted securities Equities USA US4529071080 | Vulcan Materials Co. Reg.Shares Immunomedics Inc. Reg.Shares | SHS SHS | 0 34,435 | 13,515 34,435 |

Statement of Operations
for the period from 01/01/2020 to 31/12/2020 (including income equalisation)
EUR	EUR
Statement of Changes in Net Assets 2020
I. Value of the fund at beginning of financial
EUR	EUR
80,820,457.76
I. Income
1. Dividends from German issuers (gross of
| a) Negative interest on deposits | -7,756.04 |  |  | b) Redemptions | -7,755,563.50 |  |
| --- | --- | --- | --- | --- | --- | --- |
| b) Positive interest on deposits | 8.38 |  |  | 4. Income equalisation/Expense equalisation |  | 30,261.52 |
| 6. Interest from liquid investments abroad (gross |  |  |  | 5. Result for the financial year |  | 24,979,681.48 |
| of withholding tax) |  | 0.00 |  | of which net change in unrealised gains | 15,508,056.05 |  |
| 7. Income from fund units |  | 0.00 |  | of which net change in unrealised losses | -587,582.35 |  |
| 8. Income from securities lending and |  |  |  | II. Value of the fund at end of financial year |  | 104,855,402.16 |
| repurchase agreements |  | 0.00 |  |  |  |  |
| 9a. Deduction of domestic corporate income tax |  | 0.00 |  |  |  |  |
| 9b. Deduction of foreign withholding tax a) from dividends from domestic issuers | -159,520.83 | -159,520.83 |  | Allocation of the fund’s income |  |  |
| 10. Other income |  | 26,511.76 |  |  |  |  |
| Total income |  | 434,422.70 |  | Calculation of distribution | total EUR | per unit EUR *) |
| II. Expenses |  |  |  | I. Available for distribution |  |  |

corporation tax)	0.00
| 2. Dividends from foreign issuers (gross of |  |
| --- | --- |
| withholding tax) |  | 575,179.43 |
| 3. Interest from German securities |  | 0.00 |
| 4. Interest from foreign securities (gross of |  |  |
| withholding tax) |  | 0.00 |
| 5. Interest from liquid investments in Germany |  | -7,747.66 |

| 1. Interest from loans |  | 0.00 |
| --- | --- | --- |
| 2. All-in fee 1) |  | -1,471,901.68 |
| 3. Custodians’ fee |  | 0.00 |
| 4. Auditing and publication costs |  | 0.00 |
| 5. Other expenses |  | -1,323.89 |
| Total expenses |  | -1,473,225.57 |
| III. Ordinary net income |  | -1,038,802.87 |

| IV. Sales transactions |  |  | III. Gross distribution | 0.00 | 0.00 |
| --- | --- | --- | --- | --- | --- |
| 1. Realised gains | 13,145,035.40 |  | 1. Interim distribution | 0.00 | 0.00 |
| 2. Realised losses | -2,047,024.75 |  | 2. Final distribution | 0.00 | 0.00 |
| Result from sales transactions | 11,098,010.65 |  | Units in circulation as at 31/12/2020: Units 789,004 |  |  |
| V. Realised result for the financial year 1. Net change in unrealised gains | 10,059,207.78 15,508,056.05 |  | *) Unit values may be subject to rounding differences. |  |  |
| 2. Net change in unrealised losses | -587,582.35 |  |  |  |  |
| VI. Unrealised result for the financial year | 14,920,473.70 |  |  |  |  |
| VII. Result for the financial year | 24,979,681.48 |  |  |  |  |

1) 
Under the Terms and Conditions, an all-in fee of up to 1.65% p.a. (in the financial year 1.65% p.a.) is payable to the investment management company on behalf of the fund. The expenses met by the investment management company from this fee included the expenses for portfolio management and the custodian charges (in the financial year 0.008% p.a.) as well as other third party payments (e.g. printing and publication expenses, audit fees, etc.).
year	
1. Distribution or tax allowance for the previous
year	-39,842.25
| 2. Interim distributions |  | 0.00 |
| --- | --- | --- |
| 3. Inflows (net) |  | -935,156.35 |
| a) Subscriptions | 6,820,407.15 |  |
| of which from unit certificate sales | 6,820,407.15 |  |
| of which from merger | 0.00 |  |

| 1. Balance carried forward from previous year | 11,971,224.27 | 15.17 |
| --- | --- | --- |
| 2. Realised result for the financial year | 10,059,207.78 | 12.75 |
| 3. Transfers from the fund | 0.00 | 0.00 |
| II. Not used for distribution |  |  |
| 1. Retained for reinvestment | -6,302,121.73 | -7.99 |
| 2. Balance carried forward | -15,728,310.32 | -19.93 |

Translation (ENDE, 2020-12-31):
# Allianz US Large Cap Growth
Vermögensübersicht zum 31.12.2020
Gliederung nach Anlagenart - Land	Kurswert in EUR  % des Fonds- vermögens 
*)
- Vermögensgegenstände
- Aktien	101.779.229,17	97,05Irland	2.408.356,32	2,30Gliederung nach Anlagenart - Währung	Kurswert in EUR	% des Fonds-vermögens *)
- Vermögensgegenstände
- Aktien	101.779.229,17	97,05USD	101.779.229,17	97,05Großbritannien	1.459.675,96	1,39USA	97.641.353,84	93,10
- Bankguthaben, Geldmarktpapiere, Geldmarkt- und geldmarktnahe Fonds3.168.746,09	3,03Kaiman-Inseln	269.843,05	0,26
- Sonstige Vermögensgegenstände	49.649,53	0,05
- Bankguthaben, Geldmarktpapiere, Geldmarkt- und geldmarktnahe Fonds3.168.746,09	3,03
- Verbindlichkeiten	-142.222,63	-0,13
- Fondsvermögen	104.855.402,16	100,00
- Sonstige Vermögensgegenstände	49.649,53	0,05
- Verbindlichkeiten	-142.222,63	-0,13
- Fondsvermögen	104.855.402,16	100,00*) Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Run- dungsdifferenzen entstanden sein.

| Vermögensaufstellung zum 31.12.2020 |
| --- |
| ISIN | Gattungsbezeichnung | Markt | Stück bzw. | Bestand | Käufe/	Verkäufe/ | Kurs | Kurswert | % des |
| Börsengehandelte | Wertpapiere |  | Anteile bzw. Währung | 31.12.2020 | Zugänge	Abgänge im Berichtszeitraum |  | in EUR 101.779.229,17 | Fondsver- mögens 97,05 |
| Aktien |  |  |  |  |  |  | 101.779.229,17 | 97,05 |
| Irland |  |  |  |  |  |  | 2.408.356,32 | 2,30 |
| IE00BQPVQZ61 | Horizon Therapeutics PLC Reg.Shares | STK | 42.260 | 51.115 | 8.855 USD | 69,860 | 2.408.356,32 | 2,30 |
| Großbritannien |  |  |  |  |  |  | 1.459.675,96 | 1,39 |
| US0463531089 | Astrazeneca PLC Reg.Shares (Spons.ADRs) | STK | 35.855 | 0 | 11.485 USD | 49,905 | 1.459.675,96 | 1,39 |
| USA |  |  |  |  |  |  | 97.641.353,84 | 93,10 |
| US0162551016 | Align Technology Inc. Reg.Shares | STK | 4.585 | 4.585 | 0 USD | 520,450 | 1.946.619,28 | 1,86 |
| US02079K3059 | Alphabet Inc. Reg.Shares Cl.A | STK | 2.410 | 1.155 | 490 USD | 1.757,760 | 3.455.725,90 | 3,30 |
| US0231351067 | Amazon.com Inc. Reg.Shares | STK | 2.554 | 885 | 0 USD | 3.322,000 | 6.921.228,54 | 6,60 |
| US03027X1000 | American Tower Corp. Reg.Shares | STK | 4.145 | 0 | 2.495 USD | 220,480 | 745.515,03 | 0,71 |
| US0367521038 | Anthem Inc. Reg.Shares | STK | 4.295 | 1.570 | 3.030 USD | 314,330 | 1.101.315,29 | 1,05 |
| US0378331005 | Apple Inc. Reg.Shares | STK | 96.420 | 83.245 | 0 USD | 134,870 | 10.608.284,37 | 10,11 |
| US05352A1007 | Avantor Inc. Reg.Shares | STK | 85.145 | 85.145 | 0 USD | 26,780 | 1.860.083,29 | 1,77 |
| US0970231058 | Boeing Co. Reg.Shares | STK | 2.920 | 0 | 0 USD | 216,250 | 515.111,96 | 0,49 |
| US1101221083 | Bristol-Myers Squibb Co. Reg.Shares | STK | 23.945 | 19.675 | 17.560 USD | 61,420 | 1.199.740,51 | 1,14 |
| US1220171060 | Burlington Stores Inc. Reg.Shares | STK | 10.635 | 3.920 | 2.350 USD | 259,150 | 2.248.285,07 | 2,14 |
| US1696561059 | Chipotle Mexican Grill Inc. Reg.Shares | STK | 1.020 | 0 | 230 USD | 1.392,210 | 1.158.424,11 | 1,10 |
| US20030N1019 | Comcast Corp. Reg.Shares Cl.A | STK | 25.960 | 0 | 40.430 USD | 51,550 | 1.091.681,69 | 1,04 |
| US22788C1053 | Crowdstrike Holdings Inc Reg.Shares Cl.A | STK | 9.570 | 9.570 | 0 USD | 205,930 | 1.607.660,07 | 1,53 |
| US2566771059 | Dollar General Corp. (New) Reg.Shares | STK | 12.035 | 8.920 | 1.145 USD | 211,340 | 2.074.867,97 | 1,98 |
| US29355A1079 | Enphase Energy Inc. Reg.Shares | STK | 8.660 | 8.660 | 0 USD | 170,200 | 1.202.375,49 | 1,15 |
| US29414B1044 | EPAM Systems Inc. Reg.Shares | STK | 7.765 | 0 | 835 USD | 351,750 | 2.228.118,24 | 2,12 |
| US30303M1027 | Facebook Inc. Reg.Shares Cl.A | STK | 20.280 | 2.850 | 7.995 USD | 276,780 | 4.578.943,92 | 4,37 |
| US5024311095 | L3Harris Technologies Inc. Reg.Shares | STK | 6.985 | 2.145 | 1.265 USD | 186,290 | 1.061.496,63 | 1,01 |
| US5128071082 | Lam Research Corp. Reg.Shares | STK | 6.755 | 2.845 | 2.170 USD | 473,220 | 2.607.660,89 | 2,49 |
| US5178341070 | Las Vegas Sands Corp. Reg.Shares | STK | 31.200 | 35.615 | 4.415 USD | 58,110 | 1.478.999,88 | 1,41 |
| US56600D1072 | Maravai LifeSciences Hldgs Inc Reg.Shares Cl.A | STK | 42.760 | 42.760 | 0 USD | 27,000 | 941.811,80 | 0,90 |
| US57636Q1040 | Mastercard Inc. Reg.Shares A | STK | 7.150 | 0 | 2.960 USD | 346,660 | 2.021.959,46 | 1,93 |
| US5949181045 | Microsoft Corp. Reg.Shares | STK | 41.416 | 0 | 14.665 USD | 224,150 | 7.573.028,02 | 7,22 |
| US55354G1004 | MSCI Inc. Reg.Shares A | STK | 3.300 | 0 | 1.505 USD | 434,570 | 1.169.866,62 | 1,12 |
| US67066G1040 | NVIDIA Corp. Reg.Shares | STK | 4.375 | 4.375 | 0 USD | 517,730 | 1.847.753,60 | 1,76 |
| US6792951054 | Okta Inc. Reg.Shares Cl.A | STK | 6.230 | 4.825 | 2.370 USD | 261,750 | 1.330.262,67 | 1,27 |
| US70432V1026 | Paycom Software Inc. Reg.Shares | STK | 3.575 | 3.575 | 0 USD | 447,590 | 1.305.326,30 | 1,24 |
| US70450Y1038 | PayPal Holdings Inc. Reg.Shares | STK | 18.915 | 3.535 | 1.460 USD | 231,030 | 3.564.818,25 | 3,40 |
| US72352L1061 | Pinterest Inc. Reg.Shares | STK | 17.615 | 17.615 | 0 USD | 68,290 | 981.301,42 | 0,94 |
| US77543R1023 | Roku Inc. Reg.Shares Cl.A | STK | 1.810 | 1.810 | 9.250 USD | 339,570 | 501.384,10 | 0,48 |
| US78409V1044 | S&P Global Inc. Reg.Shares | STK | 5.620 | 625 | 1.180 USD | 321,490 | 1.473.894,69 | 1,41 |
| US79466L3024 | salesforce.com Inc. Reg.Shares | STK | 11.080 | 7.450 | 6.060 USD | 222,460 | 2.010.732,80 | 1,92 |
| US81762P1021 | ServiceNow Inc. Reg.Shares | STK | 3.330 | 1.880 | 2.660 USD | 545,980 | 1.483.145,08 | 1,41 |
| US83088M1027 | Skyworks Solutions Inc. Reg.Shares | STK | 11.480 | 11.480 | 0 USD | 150,410 | 1.408.579,19 | 1,34 |
| US8447411088 | Southwest Airlines Co. Reg.Shares | STK | 47.340 | 57.775 | 10.435 USD | 46,150 | 1.782.225,39 | 1,70 |
| US8522341036 | Square Inc. Reg.Shs Cl.A | STK | 11.755 | 14.205 | 2.450 USD | 214,000 | 2.052.102,62 | 1,96 |
| US88160R1014 | Tesla Inc. Reg.Shares | STK | 5.070 | 12.925 | 7.855 USD | 665,990 | 2.754.471,84 | 2,63 |
| US5184391044 | The Estée Lauder Compan. Inc. Reg.Shares Cl.A | STK | 4.800 | 1.670 | 1.425 USD | 262,750 | 1.028.837,13 | 0,98 |
| US90138F1021 | Twilio Inc. Reg.Shares | STK | 4.400 | 4.400 | 8.370 USD | 350,500 | 1.258.065,83 | 1,20 |
| US9078181081 | Union Pacific Corp. Reg.Shares | STK | 14.995 | 3.745 | 1.790 USD | 204,420 | 2.500.532,61 | 2,38 |
| US9113631090 | United Rentals Inc. Reg.Shares | STK | 4.605 | 0 | 0 USD | 226,430 | 850.601,75 | 0,81 |
| US92826C8394 | VISA Inc. Reg.Shares Cl.A | STK | 23.625 | 0 | 6.430 USD | 214,370 | 4.131.411,88 | 3,94 |
| US9837931008 | XPO Logistics Inc. Reg.Shares | STK | 17.865 | 17.865 | 0 USD | 117,220 | 1.708.312,84 | 1,63 |
| US98978V1035 | Zoetis Inc. Reg.Shares Cl.A | STK | 17.050 | 3.255 | 2.445 USD | 163,120 | 2.268.789,82 | 2,16 |
| Kaiman-Inseln |  |  |  |  |  |  | 269.843,05 | 0,26 |
| US88032Q1094 | Tencent Holdings Ltd. Reg.Shs (unsp.ADRs) | STK | 4.735 | 14.715 | 30.800 USD | 69,860 | 269.843,05 | 0,26 |
| Summe Wertpapiervermögen |  |  | EUR |  | 101.779.229,17 | 97,05 |
| Bankguthaben, Geldmarktpapiere, Geldmarkt- und geldmarktnahe Fonds |  |  |  |  |  |  |
| Bankguthaben |  |  |  |  |  |  |
| EUR-Guthaben bei der Verwahrstelle |  |  |  |  |  |  |
| State Street Bank International GmbH | EUR | 3.163.067,90 | % | 100,000 | 3.163.067,90 | 3,02 |
| Guthaben in Nicht-EU/EWR-Währungen |
| State Street Bank International GmbH | USD | 6.960,61 | % | 100,000 | 5.678,19 | 0,01 |

| Summe Bankguthaben |  | EUR | 3.168.746,09 | 3,03 |
| --- | --- | --- | --- | --- |
| Summe der Bankguthaben, Geldmarktpapiere, Geldmarkt- und geldmarktnahe Fonds  30) |  | EUR | 3.168.746,09 | 3,03 |
| Sonstige Vermögensgegenstände |  |  |  |  |
| Dividendenansprüche	EUR | 16.184,25 |  | 16.184,25 | 0,02 |
| Forderungen aus Anteilscheingeschäften	EUR | 33.465,28 |  | 33.465,28 | 0,03 |

Vermögensaufstellung zum 31.12.2020
| ISIN | Gattungsbezeichnung | Markt | Stück bzw. | Bestand | Käufe/	Verkäufe/ | Kurs | Kurswert | % des |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Anteile bzw. | 31.12.2020 | Zugänge	Abgänge |  | in EUR | Fondsver- |
|  | Währung |  | im Berichtszeitraum |  |  | mögens |
| Summe Sonstige Vermögensgegenstände |  |  |  | EUR | 49.649,53 | 0,05 |
| Sonstige Verbindlichkeiten |  |  |  |  |  |  |
| Verbindlichkeiten aus Anteilscheingeschäften | EUR | -1.682,89 |  |  | -1.682,89 | 0,00 |
| Kostenabgrenzung | EUR | -140.539,74 |  |  | -140.539,74 | -0,13 |
| Summe Sonstige Verbindlichkeiten |  |  |  | EUR | -142.222,63 | -0,13 |
| Fondsvermögen |  |  |  | EUR | 104.855.402,16 | 100,00 |

Umlaufende Anteile	STK	789.004
Anteilwert	EUR	132,90
30) 
Im Bankguthaben können Cash Initial Margin enthalten sein.
Wertpapierkurse bzw. Marktsätze
Die Vermögensgegenstände des Sondervermögens sind auf der Grundlage nachstehender Kurse/Marktsätze bewertet:
Aktien Nord- und Südamerika: Kurse per 29.12.2020 oder letztbekannte
Alle anderen Vermögenswerte: Kurse bzw. Marktsätze per 30.12.2020 oder letztbekannte
Devisenkurs(e) bzw. Konversionsfaktor(en) (in Mengennotiz) per 30.12.2020
USA, Dollar	(USD)	1 Euro = USD	1,22585
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
USA
| US00846U1016 | Agilent Technologies Inc. Reg.Shares | STK | 95 | 18.520 |
| --- | --- | --- | --- | --- |
| US1011371077 | Boston Scientific Corp. Reg.Shares | STK | 0 | 40.770 |
| US1091941005 | Bright Horizons Family Sol.Inc Reg.Shares | STK | 6.220 | 6.220 |
| US11135F1012 | Broadcom Inc. Reg.Shares | STK | 0 | 6.850 |
| US2166484020 | Cooper Companies Inc. Reg.Shares | STK | 3.775 | 3.775 |
| US2521311074 | DexCom Inc. Reg.Shares | STK | 0 | 9.545 |
| US3696041033 | General Electric Co. Reg.Shares | STK | 0 | 182.555 |
| US46120E6023 | Intuitive Surgical Inc. Reg.Shares | STK | 0 | 1.510 |
| US5486611073 | Lowe‘s Companies Inc. Reg.Shares | STK | 3.785 | 19.370 |
| US5951121038 | Micron Technology Inc. Reg.Shares | STK | 24.910 | 24.910 |
| US6174464486 | Morgan Stanley Reg.Shares | STK | 20.895 | 20.895 |
| US6821891057 | ON Semiconductor Corp. Reg.Shares | STK | 0 | 57.820 |
| US67103H1077 | O‘Reilly Automotive Inc.[New] Reg.Shares | STK | 0 | 3.285 |
| US7433151039 | Progressive Corp. Reg.Shares | STK | 0 | 15.785 |
| US8753722037 | Tandem Diabetes Care Inc. Reg.Shares New | STK | 3.995 | 16.380 |
| US92532F1003 | Vertex Pharmaceuticals Inc. Reg.Shares | STK | 1.365 | 5.355 |
| US9291601097 | Vulcan Materials Co. Reg.Shares | STK | 0 | 13.515 |

Nichtnotierte Wertpapiere Aktien
USA
US4529071080	Immunomedics Inc. Reg.Shares	STK	34.435	34.435
| Ertrags- und Aufwandsrechnung für den Zeitraum vom 01.01.2020 - 31.12.2020 |  |
| --- | --- |
| (einschließlich Ertragsausgleich) |
|  | EUR | EUR |
| I. Erträge 1. Dividenden inländischer Aussteller (vor |  |  |
| Körperschaftsteuer) |  | 0,00 |
| 2. Dividenden ausländischer Aussteller (vor |  |  |
| Quellensteuer) |  | 575.179,43 |

Entwicklung des Sondervermögens 2020
I. Wert des Sondervermögens am Beginn des
EUR	EUR
80.820.457,76
- Zinsen aus inländischen Wertpapieren	0,00
- Zinsen aus ausländischen Wertpapieren (vorGeschäftsjahres	
- Ausschüttung bzw. Steuerabschlag für dasVorjahr	-39.842,25
- Zwischenausschüttung(en)	0,00
- Mittelzufluss (netto)	-935.156,35
	- Mittelzuflüsse aus Anteilschein-Verkäufen	6.820.407,15


| Quellensteuer) |  | 0,00 |  | davon aus Anteilschein-Verkäufen	6.820.407,15 |  |
| --- | --- | --- | --- | --- | --- |
| 5. Zinsen aus Liquiditätsanlagen im Inland |  | -7.747,66 |  | davon aus Verschmelzung	0,00 |
| a) Negative Einlagezinsen | -7.756,04 |  |  | b) Mittelabflüsse aus Anteilschein-Rücknahmen	-7.755.563,50 |
| b) Positive Einlagezinsen | 8,38 |  |  | 4. Ertragsausgleich/Aufwandsausgleich | 30.261,52 |
| 6. Zinsen aus Liquiditätsanlagen im Ausland (vor |  |  |  | 5. Ergebnis des Geschäftsjahres | 24.979.681,48 |
| Quellensteuer) |  | 0,00 |  | davon Nettoveränderung der nicht realisierten |  |
| 7. Erträge aus Investmentanteilen 8. Erträge aus Wertpapier-Darlehen- und -Pensionsgeschäften |  | 0,00 0,00 |  | Gewinne	15.508.056,05 davon Nettoveränderung der nicht realisierten Verluste	-587.582,35 |  |
| 9a. Abzug inländischer Körperschaftsteuer |  | 0,00 |  | II. Wert des Sondervermögens am Ende des | 104.855.402,16 |
| 9b. Abzug ausländischer Quellensteuer |  | -159.520,83 |  | Geschäftsjahres |  |
| a) aus Dividenden ausländischer Aussteller | -159.520,83 |  |  |  |  |
| 10. Sonstige Erträge |  | 26.511,76 |  |  |  |
| Summe der Erträge |  | 434.422,70 |  | Verwendung der Erträge des Sondervermögens |  |
| II. Aufwendungen |  |  |  |  |  |
| 1. Zinsen aus Kreditaufnahmen |  | 0,00 |  | Berechnung der Ausschüttung	insgesamt EUR | je Anteil EUR *) |

| Summe der Aufwendungen | -1.473.225,57 |  | 3. Zuführung aus dem Sondervermögen | 0,00 | 0,00 |
| --- | --- | --- | --- | --- | --- |
| III. Ordentlicher Nettoertrag | -1.038.802,87 |  | II. Nicht für die Ausschüttung verwendet |  |  |
| IV. Veräußerungsgeschäfte |  |  | 1. Der Wiederanlage zugeführt | -6.302.121,73 | -7,99 |
| 1. Realisierte Gewinne | 13.145.035,40 |  | 2. Vortrag auf neue Rechnung | -15.728.310,32 | -19,93 |
| 2. Realisierte Verluste | -2.047.024,75 |  | III. Gesamtausschüttung | 0,00 | 0,00 |

| I. Für die Ausschüttung verfügbar |  |
| --- | --- |
| 1. Vortrag aus dem Vorjahr | 11.971.224,27 | 15,17 |
| 2. Realisiertes Ergebnis des Geschäftsjahres | 10.059.207,78 | 12,75 |

| 2. Pauschalvergütung 1) |  | -1.471.901,68 |
| --- | --- | --- |
| 3. Verwahrstellenvergütung |  | 0,00 |
| 4. Prüfungs- und Veröffentlichungskosten |  | 0,00 |
| 5. Sonstige Aufwendungen |  | -1.323,89 |

Ergebnis aus Veräußerungsgeschäften	11.098.010,65
- Realisiertes Ergebnis des Geschäftsjahres	10.059.207,78
	- Nettoveränderung der nicht realisiertenGewinne	15.508.056,05

- Nettoveränderung der nicht realisiertenVerluste	-587.582,35

| 1. Zwischenausschüttung | 0,00 | 0,00 |
| --- | --- | --- |
| 2. Endausschüttung | 0,00 | 0,00 |

Umlaufende Anteile per 31.12.2020: Stück 789.004
*) Rundungsbedingte Differenzen bei den je Anteil-Werten sind möglich.
- Nicht realisiertes Ergebnis des Geschäfts- jahres14.920.473,70
- Ergebnis des Geschäftsjahres	24.979.681,481) Gemäß den Vertragsbedingungen ist für das Sondervermögen eine an die Kapi- talverwaltungsgesellschaft abzuführende Pauschalvergütung („All-In-Fee“) in der Höhe von 1,65 % p.a. (im Geschäftsjahr 1,65 % p.a.) vereinbart. Hieraus bestritt die Kapitalverwaltungsgesellschaft die Kosten für das Portfoliomanagement sowie un- ter anderem die Aufwendungen für die Verwahrstelle (im Geschäftsjahr 0,008 % p.a.) und für Sonstige Dritte (z.B. Druck- und Veröffentlichungskosten, Abschlussprü- fung, etc.).