# Contents
Allianz Biotechnologie
Fund Assets in %
125
100
75
50
25
0
USD	JPY	Cash reserves, other assets
Development of net assets and unit value in a 3-year comparison
|  | 30/06/2020 | 31/12/2019 | 31/12/2018 | 31/12/2017 |
| --- | --- | --- | --- | --- |
| Net assets in EUR m |  |  |  |  |  |
| - Unit class A (EUR) | WKN: 848 186/ISIN: DE0008481862 | 320.7 | 296.0 | 201.8 | 235.4 |
| - Unit class R (EUR)  1) | WKN: A2A MPU/ISIN: DE000A2AMPU5 | 1.0 | 0.1 | 0.0 | 0.0 |
| Unit value in EUR |  |  |  |  |  |
| - Unit class A (EUR) | WKN: 848 186/ISIN: DE0008481862 | 195.52 | 174.90 | 131.66 | 145.80 |
| - Unit class R (EUR)  1) | WKN: A2A MPU/ISIN: DE000A2AMPU5 | 141.22 | 125.76 | 93.85 | 102.63 |
| 1)  Inception date: 16/11/2017 |  |  |  |  |  |

| Asset overview at 30/06/2020 |  |
| --- | --- |
| 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 | 317,268,414.19 | 98.62 |  | 1. Equities | 317,268,414.19 | 98.62 |
| Germany | 1,532,646.02 | 0.48 |  | USD | 317,268,414.19 | 98.62 |
| France | 2,898,440.10 | 0.90 |  | 2. Derivatives | 1,200,717.92 | 0.37 |
| The Netherlands | 2,760,975.89 | 0.86 |  | 3. Bank deposits, money market | 3,552,446.24 | 1.10 |
| Ireland | 18,981,888.53 | 5.90 |  | instruments, money market funds and |  |  |
| Denmark | 4,042,201.29 | 1.26 |  | money market-related funds |  |  |
| UK | 11,242,501.62 | 3.49 |  | 4. Other assets | 303,336.57 | 0.10 |

*) 
Minor rounding differences may be the result of percentage rounding during the calculation.
II. Liabilities	-604,065.13	-0.19
| USA | 273,584,648.69 | 85.04 |
| --- | --- | --- |
| Canada | 2,225,112.05 | 0.69 |
| 2. Derivatives | 1,200,717.92 | 0.37 |
| 3. Bank deposits, money market instruments, money market funds and | 3,552,446.24 | 1.10 |
| money market-related funds |  |  |
| 4. Other assets | 303,336.57 | 0.10 |
| II. Liabilities | -604,065.13 | -0.19 |
| III. Fund assets | 321,720,849.79 | 100.00 |

III. Fund assets	321,720,849.79	100.00
Investment portfolio at 30/06/2020
ISIN	Securities	Market	Shares/	Balance   Purchases Redemptions	Price	Market value	% of net
Units/	30/06/2020	EUR	assets
Currency	in the period under review
| Exchange-traded | securities |  |  |  |  |  | 317,268,414.19 | 98.62 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equities |  |  |  |  |  |  | 317,268,414.19 | 98.62 |
| Biotechnology |  |  |  |  |  |  | 251,480,848.61 | 78.18 |
| US0042251084 | Acadia Pharmaceuticals Inc. Reg.Shares | SHS | 175,790 | 59,660 | 18,510 USD | 48.160 | 7,543,815.01 | 2.34 |
| US00434H1086 | Acceleron Pharma Inc. Reg.Shares | SHS | 14,380 | 1,890 | 9,005 USD | 96.150 | 1,232,022.28 | 0.38 |
| US00773U1088 | Adverum Biotechnologies Inc. Reg.Shares | SHS | 143,070 | 38,905 | 45,995 USD | 20.690 | 2,637,663.89 | 0.82 |
| US00847X1046 | Agios Pharmaceuticals Inc. Reg.Shares | SHS | 66,755 | 27,530 | 7,515 USD | 53.020 | 3,153,798.26 | 0.98 |
| US0144421072 | Alector Inc. Reg.Shares | SHS | 63,415 | 41,200 | 7,140 USD | 23.500 | 1,327,914.90 | 0.41 |
| US0153511094 | Alexion Pharmaceuticals Inc. Reg.Shares | SHS | 74,485 | 19,045 | 36,160 USD | 111.220 | 7,381,797.01 | 2.29 |
| US01671P1003 | Allakos Inc. Reg.Shares | SHS | 39,530 | 33,845 | 3,260 USD | 72.780 | 2,563,594.03 | 0.80 |
| US0197701065 | Allogene Therapeutics Inc. Reg.Shares | SHS | 13,895 | 21,070 | 7,175 USD | 41.860 | 518,284.43 | 0.16 |
| US02043Q1076 | Alnylam Pharmaceuticals Inc Reg.Shares | SHS | 27,610 | 3,535 | 15,985 USD | 147.910 | 3,638,935.26 | 1.13 |
| US0231112063 | Amarin Corp. PLC Reg.Shs (Sp.ADRs) | SHS | 26,498 | 11,250 | 112,035 USD | 6.720 | 158,669.24 | 0.05 |
| US0311621009 | Amgen Inc. Reg.Shares | SHS | 104,710 | 33,335 | 41,230 USD | 231.560 | 21,605,388.82 | 6.73 |
| US03753U1060 | Apellis Pharmaceuticals Inc. Reg.Shares | SHS | 18,820 | 1,695 | 2,110 USD | 30.770 | 516,009.27 | 0.16 |
| US03969T1097 | Arcturus Therapeutics Hlgs Inc Reg.Shares | SHS | 30,900 | 30,900 | 0 USD | 46.980 | 1,293,546.00 | 0.40 |
| US03969F1093 | Arcus Biosciences Inc. Reg.Shares | SHS | 78,170 | 86,980 | 8,810 USD | 23.630 | 1,645,940.83 | 0.51 |
| US0396971071 | Ardelyx Inc. Reg.Shares | SHS | 147,340 | 159,860 | 12,520 USD | 6.580 | 863,887.01 | 0.27 |
| US0400476075 | Arena Pharmaceuticals Inc. Reg.Shares New | SHS | 71,610 | 23,835 | 8,210 USD | 62.770 | 4,005,310.49 | 1.24 |
| US04016X1019 | argenx SE Reg.Shares (Sp.ADRs) | SHS | 4,125 | 2,425 | 13,990 USD | 223.290 | 820,736.24 | 0.26 |
| US04351P1012 | Ascendis Pharma A/S Nav.-Akt. (Spons.ADRs) | SHS | 31,240 | 7,400 | 2,940 USD | 145.210 | 4,042,201.29 | 1.26 |
| US0453961080 | Assembly Biosciences Inc. Reg.Shares | SHS | 24,865 | 3,975 | 24,115 USD | 23.450 | 519,567.16 | 0.16 |
| CA05156V1022 | Aurinia Pharmaceuticals Inc. Reg.Shares | SHS | 164,285 | 57,195 | 52,740 USD | 15.200 | 2,225,112.05 | 0.69 |
| US09062X1037 | Biogen Inc. Reg.Shares | SHS | 41,755 | 20,085 | 36,955 USD | 260.350 | 9,686,713.52 | 3.01 |
| US09061G1013 | Biomarin Pharmaceutical Inc. Reg.Shares | SHS | 115,575 | 33,055 | 10,215 USD | 122.180 | 12,582,716.42 | 3.91 |
| US09075V1026 | BioNTech SE Nam.-Akt. (sp.ADRs) | SHS | 26,140 | 26,140 | 0 USD | 65.800 | 1,532,646.02 | 0.48 |
| US09609G1004 | Bluebird Bio Inc. Reg.Shares | SHS | 15,475 | 20,700 | 16,380 USD | 60.090 | 828,596.79 | 0.26 |
| US09627Y1091 | Blueprint Medicines Corp. Reg.Shares | SHS | 5,450 | 1,560 | 13,825 USD | 76.550 | 371,750.95 | 0.12 |
| US10806X1028 | BridgeBio Pharma Inc. Reg.Shares | SHS | 23,560 | 17,870 | 55,060 USD | 32.590 | 684,179.46 | 0.21 |
| US16383L1061 | ChemoCentryx Inc. Reg.Shares | SHS | 70,330 | 26,425 | 16,875 USD | 54.720 | 3,429,233.77 | 1.07 |
| US24344T1016 | Deciphera Pharmaceuticals Inc. Reg.Shares | SHS | 55,460 | 27,060 | 5,910 USD | 58.530 | 2,892,469.41 | 0.90 |
| US28249H1041 | Eidos Therapeutics Inc. Reg.Shares | SHS | 16,333 | 4,603 | 1,830 USD | 44.870 | 653,028.92 | 0.20 |
| US29428V1044 | Epizyme Inc. Reg.Shares | SHS | 162,360 | 90,075 | 18,085 USD | 16.250 | 2,350,946.76 | 0.73 |
| US29664W1053 | Esperion Therapeutic.Inc.(New) Reg.Shares | SHS | 48,825 | 49,225 | 25,250 USD | 47.640 | 2,072,642.46 | 0.64 |
| US30161Q1040 | Exelixis Inc. Reg.Shares | SHS | 87,845 | 58,170 | 7,855 USD | 22.730 | 1,779,208.60 | 0.55 |
| US3621LQ1099 | G1 Therapeutics Inc. Reg.Shares | SHS | 15,695 | 21,190 | 19,330 USD | 24.170 | 338,024.64 | 0.11 |
| US3755581036 | Gilead Sciences Inc. Reg.Shares | SHS | 339,005 | 163,920 | 129,235 USD | 74.560 | 22,522,800.45 | 7.01 |
| US37890U1088 | Global Blood Therapeutics Inc. Reg.Shares | SHS | 10,040 | 1,365 | 6,835 USD | 66.500 | 594,929.83 | 0.18 |
| US4380831077 | Homology Medicines Inc. Reg.Shares | SHS | 35,505 | 3,205 | 3,990 USD | 15.010 | 474,876.41 | 0.15 |
| US4495851085 | IGM Biosciences Inc. Reg.Shares | SHS | 11,290 | 11,290 | 0 USD | 67.940 | 683,486.39 | 0.21 |
| US45253H1014 | ImmunoGen Inc. Reg.Shares | SHS | 505,970 | 535,125 | 29,155 USD | 4.375 | 1,972,482.74 | 0.61 |
| US4529071080 | Immunomedics Inc. Reg.Shares | SHS | 260,505 | 255,775 | 65,515 USD | 34.230 | 7,945,721.68 | 2.47 |
| US45337C1027 | Incyte Corp. Reg.Shares | SHS | 59,985 | 13,345 | 16,875 USD | 102.480 | 5,477,623.35 | 1.70 |
| US45773H2013 | Inovio Pharmaceuticals Inc. Reg.Shares | SHS | 34,920 | 34,920 | 0 USD | 31.690 | 986,067.99 | 0.31 |
| US4576693075 | Insmed Inc. Reg.Shares | SHS | 22,290 | 3,175 | 16,925 USD | 26.860 | 533,490.22 | 0.17 |
| US45845P1084 | Intercept Pharmaceuticals Inc. Reg.Shares | SHS | 2,990 | 2,485 | 10,790 USD | 46.700 | 124,422.37 | 0.04 |
| US4622601007 | Iovance Biotherapeutics Inc. Reg.Shares | SHS | 115,695 | 47,360 | 53,350 USD | 27.210 | 2,805,133.39 | 0.87 |
| US48576A1007 | Karuna Therapeutics Inc Reg.Shares | SHS | 25,740 | 28,060 | 2,320 USD | 106.260 | 2,437,186.37 | 0.76 |
| US48576U1060 | Karyopharm Therapeutics Inc. Reg.Shares | SHS | 115,600 | 94,200 | 2,640 USD | 18.000 | 1,854,132.32 | 0.58 |
| US50015M1099 | Kodiak Sciences Inc. Reg.Shares | SHS | 40,235 | 43,920 | 3,685 USD | 53.690 | 1,924,898.33 | 0.60 |
| US5560991094 | MacroGenics Inc. Reg.Shares | SHS | 19,340 | 19,710 | 370 USD | 28.280 | 487,355.94 | 0.15 |
| US59045L1061 | Mersana Therapeutics Inc. Reg.Shares | SHS | 70,420 | 70,420 | 0 USD | 22.280 | 1,398,046.42 | 0.43 |
| US60468T1051 | Mirati Therapeutics Inc. Reg.Shares | SHS | 16,530 | 12,970 | 25,795 USD | 114.700 | 1,689,455.11 | 0.53 |
| US60770K1079 | Moderna Inc. Reg.Shares | SHS | 137,000 | 194,720 | 57,720 USD | 62.080 | 7,578,489.64 | 2.36 |
| US6085501095 | Molecular Templates Inc. Reg.Shares | SHS | 57,005 | 57,840 | 835 USD | 14.140 | 718,245.22 | 0.22 |
| US60877T1007 | Momenta Pharmaceuticals Inc. Reg.Shares | SHS | 130,905 | 74,165 | 48,830 USD | 35.930 | 4,191,059.61 | 1.30 |
| US64125C1099 | Neurocrine Biosciences Inc. Reg.Shares | SHS | 29,390 | 3,245 | 10,645 USD | 125.500 | 3,286,651.82 | 1.02 |
| US74140Y1010 | Prevail Therapeutics Inc. Reg.Shares | SHS | 36,000 | 51,225 | 15,225 USD | 14.660 | 470,269.55 | 0.15 |
| US74257L1089 | Principia Biopharma Inc. Reg.Conv.Shares | SHS | 43,235 | 22,700 | 4,190 USD | 56.280 | 2,168,202.99 | 0.67 |
| US74366E1029 | Protagonist Therapeutics Inc. Reg.Shares | SHS | 58,160 | 72,535 | 68,725 USD | 17.390 | 901,227.36 | 0.28 |
| US69366J2006 | PTC Therapeutics Inc. Reg.Shares | SHS | 11,695 | 4,685 | 46,015 USD | 50.640 | 527,720.92 | 0.16 |
| US75886F1075 | Regeneron Pharmaceuticals Inc. Reg.Shares | SHS | 36,590 | 17,910 | 7,685 USD | 610.870 | 19,916,893.12 | 6.19 |
| US77313F1066 | Rocket Pharmaceuticals Inc. Reg.Shares | SHS | 71,925 | 54,460 | 2,145 USD | 21.090 | 1,351,658.05 | 0.42 |
| US8036071004 | Sarepta Therapeutics Inc. Reg.Shares | SHS | 22,340 | 8,520 | 20,315 USD | 162.710 | 3,238,976.52 | 1.01 |
| US8125781026 | Seattle Genetics Inc. Reg.Shares | SHS | 77,565 | 39,310 | 27,355 USD | 164.370 | 11,360,533.79 | 3.53 |
| US88322Q1085 | TG Therapeutics Inc. Reg.Shares | SHS | 100,685 | 125,110 | 68,335 USD | 18.580 | 1,666,943.46 | 0.52 |

Investment portfolio at 30/06/2020
ISIN	Securities	Market	Shares/	Balance   Purchases Redemptions	Price	Market value	% of net
Units/	30/06/2020	EUR	assets
Currency	in the period under review
| US89374L1044 | Translate Bio Inc. Reg.Shares | SHS | 87,215 | 93,575 | 6,360 USD | 18.800 | 1,461,030.96 | 0.45 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| US90041T1088 | Turning Point Therap. Inc. Reg.Shares | SHS | 35,595 | 10,230 | 16,075 USD | 63.960 | 2,028,653.33 | 0.63 |
| US90184D1000 | Twist Bioscience Corp. Reg.Shares | SHS | 14,850 | 15,135 | 285 USD | 42.010 | 555,890.84 | 0.17 |
| NL0010696654 | uniQure N.V. Aandelen op naam | SHS | 47,615 | 12,465 | 4,630 USD | 45.730 | 1,940,239.65 | 0.60 |
| US91307C1027 | United Therapeutics Corp.(Del.) Reg.Shares | SHS | 16,490 | 18,335 | 1,845 USD | 119.960 | 1,762,655.74 | 0.55 |
| US92532F1003 | Vertex Pharmaceuticals Inc. Reg.Shares | SHS | 93,440 | 10,065 | 30,460 USD | 285.180 | 23,744,459.08 | 7.39 |
| US9842411095 | Y-Mabs Therapeutics Inc. Reg.Shares | SHS | 44,295 | 60,360 | 16,065 USD | 45.670 | 1,802,586.46 | 0.56 |
| Biosciences: materials and services |  |  |  |  |  | 11,217,609.94 | 3.49 |
| US4523271090	Illumina Inc. Reg.Shares | SHS | 30,995 | 3,765 | 15,435 USD | 362.310 | 10,006,503.41 | 3.11 |
| US55027E1029	Luminex Corp. Del Reg.Shares | SHS | 45,110 | 59,000 | 13,890 USD | 30.130 | 1,211,106.53 | 0.38 |
| Healthcare: equipment and products |  |  |  |  |  | 10,468,614.89 | 3.26 |
| US05465P1012	Axonics Modulation Tech. Inc. Reg.Shares | SHS | 13,500 | 60,795 | 47,295 USD | 34.500 | 415,014.48 | 0.13 |
| US2074101013	CONMED Corp. Reg.Shares | SHS | 12,995 | 18,095 | 5,100 USD | 69.410 | 803,727.29 | 0.25 |
| US2166484020	Cooper Companies Inc. Reg.Shares | SHS | 10,645 | 22,180 | 11,535 USD | 270.930 | 2,569,881.80 | 0.80 |
| US2521311074	DexCom Inc. Reg.Shares | SHS | 2,085 | 4,100 | 2,015 USD | 398.200 | 739,805.75 | 0.23 |
| US45784P1012	Insulet Corporation Reg.Shares | SHS | 4,175 | 4,635 | 460 USD | 186.970 | 695,566.72 | 0.22 |
| JE00BYSS4X48	Novocure Ltd. Reg.Shares | SHS | 62,580 | 10,340 | 6,465 USD | 57.700 | 3,217,523.72 | 1.00 |
| JE00BLG2ZQ72	Quotient Ltd. Reg.Shares | SHS | 113,495 | 64,605 | 143,585 USD | 7.000 | 707,921.59 | 0.22 |
| US82489T1043	Shockwave Medical Inc. Reg.Shares | SHS | 31,975 | 32,285 | 310 USD | 46.300 | 1,319,173.54 | 0.41 |
| Healthcare: Institutions & Services |  |  |  |  |  | 1,575,762.98 | 0.49 |
| US40131M1099	Guardant Health Inc. Reg.Shares Cl.A | SHS | 22,105 | 10,320 | 2,485 USD | 80.000 | 1,575,762.98 | 0.49 |
| Healthcare: Technology |  |  |  |  |  | 575.113,17 | 0,18 |
| US87918A1051	Teladoc Health Inc. Reg.Shares | SHS | 3,445 | 3,690 | 245 USD | 187.350 | 575,113.17 | 0.18 |
| Pharmaceuticals |  |  |  |  |  | 41,950,464.60 | 13.02 |
| US00771V1089	Aerie Pharmaceuticals Inc. Reg.Shares | SHS | 111,830 | 87,350 | 5,950 USD | 14.910 | 1,485,752.11 | 0.46 |
| US0463531089	Astrazeneca PLC Reg.Shares (Spons.ADRs) | SHS | 144,690 | 36,780 | 54,550 USD | 52.910 | 6,821,606.50 | 2.12 |
| US1101221083	Bristol-Myers Squibb Co. Reg.Shares | SHS | 81,505 | 28,545 | 87,910 USD | 57.800 | 4,197,807.08 | 1.30 |
| US36197T1034	GW Pharmaceuticals PLC Reg.Shs (Sp.ADRs) | SHS | 3,100 | 3,320 | 220 USD | 121.920 | 336,780.57 | 0.10 |
| IE00BQPVQZ61	Horizon Therapeutics PLC Reg.Shares | SHS | 385,355 | 131,970 | 69,765 USD | 55.280 | 18,981,888.53 | 5.90 |
| US62857M1053	Myokardia Inc. Reg.Shares | SHS | 39,260 | 35,615 | 2,460 USD | 96.760 | 3,384,983.38 | 1.05 |
| US6402681083	Nektar Therapeutics Reg.Shares | SHS | 21,115 | 19,490 | 36,930 USD | 22.420 | 421,829.63 | 0.13 |
| US75615P1030	Reata Pharmaceuticals Inc. Reg.Shares | SHS | 21,675 | 9,475 | 1,900 USD | 153.930 | 2,972,985.30 | 0.92 |
| US80105N1054	Sanofi S.A. Act.Nom. (Sp. ADRs) | SHS | 63,680 | 86,880 | 23,200 USD | 51.080 | 2,898,440.10 | 0.90 |
| US89610F1012	Tricida Inc. Reg.Shares | SHS | 19,695 | 21,905 | 2,210 USD | 25.550 | 448,391.40 | 0.14 |
| Total securities |  |  |  | EUR |  | 317,268,414.19 | 98.62 |
| Derivatives |  |  |  |  |  |  |  |
| (The positions marked with a minus sign have been sold) |  |  |  |  |  |  |  |
| Derivatives on individual securities |  |  |  |  |  |  |  |
| Warrants |  |  |  |  |  | 1,200,717.92 | 0.37 |
| Equity warrants |  |  |  |  |  | 1,200,717.92 | 0.37 |
| Advanced Inhalation WTS |  |  |  |  |  |  |  |
| (Foreign) 16/29.12.21	X Advanced Inhalation WTS | SHS | 333,334 | 0 | 0 USD | 2.597 | 771,368.59 | 0.24 |
| (Foreign) 18/01.02.21	X | SHS | 227,389 | 0 | 0 USD | 2.119 | 429,349.33 | 0.13 |
| Total derivatives on individual securities | EUR |  | 1,200,717.92 | 0.37 |
| 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	3,473,918.36 | % | 100.000 | 3,473,918.36 | 1.08 |
| Deposits in non EU/EEA currencies |
| State Street Bank International GmbH | USD | 88,127.91 | % | 100.000 | 78,527.88 | 0.02 |
| Total bank deposits | EUR | 3,552,446.24 | 1.10 |
| Total bank deposits, money market instruments, money market funds and money market-related funds 30) | EUR | 3,552,446.24 | 1.10 |
| Other assets |  |  |  |  |  |  |
|  | Accrued dividends | EUR | 122,482.29 |  | 122,482.29 | 0.04 |
|  | Receivables from unit transactions | EUR | 180,854.28 |  | 180,854.28 | 0.06 |
| Total other assets |  |  |  | EUR | 303,336.57 | 0.10 |
| Other payables |  |  |  |  |  |  |
|  | Liabilities from unit transactions | EUR | -26,339.41 |  | -26,339.41 | -0.01 |
|  | Accruals | EUR | -577,725.72 |  | -577,725.72 | -0.18 |
| Total other payables |  |  |  | EUR | -604,065.13 | -0.19 |
| Fund assets |  |  |  | EUR | 321,720,849.79 | 100.00 |
|  | Total units in circulation of all unit classes |  |  | STK | 1,647,417 |  |

Allianz Biotechnologie A (EUR)
| ISIN | DE0008481862 |
| --- | --- |
| Fund assets | 320,745,490.24 |
| Units in circulation | 1,640,510.168 |
| Unit value | 195.52 |

Allianz Biotechnologie R (EUR)
| ISIN | DE000A2AMPU5 |
| --- | --- |
| Fund assets | 975,359.55 |
| Units in circulation | 6,906.816 |
| Unit value | 141.22 |

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 29/06/2020 or last known All other assets: prices/market rates as at 30/06/2020 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 98.99% 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 1.01% of fund assets consists of other assets, other liabilities and cash.
Exchange rate(s) and/or conversion factor(s) (indirect quotation) as at 30/06/2020
USA, Dollar	(USD)	1 Euro = USD	1.12225
Market key
Securities trading
X	=	Unlisted securities
Capital measures
All sales revenues resulting from capital measures (technical revenues) are reported as additions or disposals.
Voting
To the extent it was deemed to be in our investors’ interest, we either exercised ourselves or had our agents exercise, in accordance with our instructions, voting rights for equities held by the Fund.
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
| Biotechnology |  |
| --- | --- |
| US00900T1079 | Aimmune Therapeutics Inc. Reg.Shares | SHS | 10,795 | 10,795 |
| US00972D1054 | Akebia Therapeutics Inc. Reg.Shares | SHS | 3,460 | 42,680 |
| US03152W1099 | Amicus Therapeutics Inc. Reg.Shares | SHS | 3,715 | 45,770 |
| US0327241065 | Anaptysbio Inc. Reg.Shares | SHS | 0 | 9,685 |
| US04280A1007 | Arrowhead Pharmaceuticals Inc. Reg.Shares | SHS | 2,000 | 24,745 |
| US05455M1009 | Avrobio Inc. Reg.Shares | SHS | 13,910 | 13,910 |
| US07725L1026 | BeiGene Ltd. Reg.Shares (Sp.ADRs) | SHS | 80 | 2,965 |
| VGG111961055 | Biohaven Pharmac.Hldg Co.Ltd. Reg.Shares | SHS | 410 | 5,165 |
| CH0334081137 | CRISPR Therapeutics AG Nam.-Aktien | SHS | 1,050 | 13,020 |
| US23282W6057 | Cytokinetics Inc. Reg.Shares | SHS | 26,885 | 26,885 |
| US23284F1057 | Cytomx Therapeutics Inc. Reg.Shares | SHS | 51,340 | 88,085 |
| US23306J1016 | DBV technologies Act.Port. (Sp.ADRs) | SHS | 83,515 | 83,515 |
| US24823R1059 | Denali Therapeutics Inc. Reg.Shares | SHS | 1,595 | 19,715 |
| US2530311081 | Dicerna Pharmaceuticals Inc. Reg.Shares | SHS | 5,980 | 73,715 |
| US30063P1057 | Exact Sciences Corp. Reg.Shares | SHS | 1,835 | 22,675 |
| US31572Q8087 | FibroGen Inc. Reg.Shares | SHS | 1,475 | 18,220 |
| US40637H1095 | Halozyme Therapeutics Inc. Reg.Shares | SHS | 4,530 | 109,560 |
| US4277461020 | Heron Therapeutics Inc. Reg.Shares | SHS | 2,615 | 32,280 |
| US4945771099 | Kindred Biosciences Inc. Reg.Shares | SHS | 0 | 51,310 |
| US5011471027 | Krystal Biotech Inc. Reg.Shares | SHS | 865 | 10,745 |
| KYG596651029 | MeiraGTx Holdings PLC Reg.Shares | SHS | 29,080 | 57,695 |
| US6323071042 | Natera Inc. Reg.Shares | SHS | 1,205 | 14,930 |
| US68570P1012 | Orchard Therapeutics PLC Reg.Shs (Sp.ADRs) | SHS | 52,905 | 75,530 |
| US7172241090 | Phasebio Pharmaceuticals Inc. Reg.Shares | SHS | 108,055 | 108,055 |
| NL0010872495 | ProQR Therapeutics N.V. Aandelen op naam | SHS | 8,050 | 99,120 |
| IE00B91XRN20 | Prothena Corp. PLC Reg.Shares | SHS | 16,515 | 16,515 |
| US7504692077 | Radius Health Inc. Reg.Shares | SHS | 20,020 | 20,020 |
| US75901B1070 | Regenxbio Inc. Reg.Shares | SHS | 1,280 | 15,835 |
| US78667J1088 | Sage Therapeutics Inc. Reg.Shares | SHS | 1,130 | 13,955 |
| US8006771062 | Sangamo Therapeutics Inc. Reg.Shares | SHS | 9,985 | 122,965 |
| US86150R1077 | Stoke Therapeutics Inc. Reg.Shares | SHS | 14,060 | 14,060 |
| US90400D1081 | Ultragenyx Pharmaceutical Inc. Reg.Shares | SHS | 16,310 | 16,310 |
| Healthcare: equipment and products |
| US08862L1035 | Beyond Air Inc. Reg.Shares | SHS | 0 | 394,056 |
| Pharmaceuticals |  |  |  |  |
| US04335A1051 | Arvinas Inc. Reg.Shares | SHS | 12,430 | 12,430 |
| US05464T1043 | Axsome Therapeutics Inc. Reg.Shares | SHS | 14,930 | 14,930 |
| JP3475350009 | Daiichi Sankyo Co. Ltd. Reg.Shares | SHS | 0 | 38,100 |
| US24983L1044 | Dermira Inc. Reg.Shares | SHS | 12,725 | 185,470 |
| US46116X1019 | Intra-Cellular Therapies Inc. Reg.Shares | SHS | 38,040 | 59,875 |
| NL0011031208 | Mylan N.V. Aandelen aan toonder | SHS | 325 | 11,955 |
| US6760791060 | Odonate Therapeutics Inc. Reg.Shares | SHS | 2,065 | 25,495 |
| US68404V1008 | Optinose Inc. Reg.Shares | SHS | 21,365 | 21,365 |
| SG9999014716 | Wave Life Sciences Ltd. Reg.Shares | SHS | 0 | 11,715 |
| US98978L2043 | Zogenix Inc. Reg.Shares | SHS | 6,560 | 6,560 |
| Unlisted securities |  |  |  |  |
| Equities |  |  |  |  |
| Biotechnology |  |  |  |  |
| US34983P1049 | Forty Seven Inc. Reg.Shares | SHS | 6,570 | 80,930 |

Translation (ENDE, 2020-06-30):
# Inhalt
Allianz Biotechnologie
Entwicklung von Fondsvermögen und Anteilwert im
Struktur des Fondsvermögens in %
125
100
75
50
25
0
USD	JPY	Barreserve, Sonstiges
Entwicklung von Fondsvermögen und Anteilwert im 3-Jahresvergleich
|  | 30.06.2020 | 31.12.2019 | 31.12.2018 | 31.12.2017 |
| --- | --- | --- | --- | --- |
| Fondsvermögen in Mio. EUR |  |  |  |  |  |
| - Anteilklasse A (EUR) | WKN: 848 186/ISIN: DE0008481862 | 320,7 | 296,0 | 201,8 | 235,4 |
| - Anteilklasse R (EUR)  1) | WKN: A2A MPU/ISIN: DE000A2AMPU5 | 1,0 | 0,1 | 0,0 | 0,0 |
| Anteilwert in EUR |  |  |  |  |  |
| - Anteilklasse A (EUR) | WKN: 848 186/ISIN: DE0008481862 | 195,52 | 174,90 | 131,66 | 145,80 |
| - Anteilklasse R (EUR)  1) | WKN: A2A MPU/ISIN: DE000A2AMPU5 | 141,22 | 125,76 | 93,85 | 102,63 |
| 1)  Auflegungsdatum: 16.11.2017 |  |  |  |  |  |

| Vermögensübersicht zum 30.06.2020 |  |
| --- | --- |
| 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 | 317.268.414,19 | 98,62 |  | 1. Aktien | 317.268.414,19 | 98,62 |
| Deutschland | 1.532.646,02 | 0,48 |  | USD | 317.268.414,19 | 98,62 |
| Frankreich | 2.898.440,10 | 0,90 |  | 2. Derivate | 1.200.717,92 | 0,37 |
| Niederlande | 2.760.975,89 | 0,86 |  | 3. Bankguthaben, Geldmarktpapiere, | 3.552.446,24 | 1,10 |
| Irland | 18.981.888,53 | 5,90 |  | Geldmarkt- und geldmarktnahe Fonds |  |  |
| Dänemark | 4.042.201,29 | 1,26 |  | 4. Sonstige Vermögensgegenstände | 303.336,57 | 0,10 |

| Großbritannien | 11.242.501,62 | 3,49 |
| --- | --- | --- |
| USA | 273.584.648,69 | 85,04 |
| Kanada | 2.225.112,05 | 0,69 |
| 2. Derivate | 1.200.717,92 | 0,37 |
| 3. Bankguthaben, Geldmarktpapiere, Geldmarkt- und geldmarktnahe Fonds | 3.552.446,24 | 1,10 |
| 4. Sonstige Vermögensgegenstände | 303.336,57 | 0,10 |
| II. Verbindlichkeiten | -604.065,13 | -0,19 |
| III. Fondsvermögen | 321.720.849,79 | 100,00 |

*) 
Durch Rundung der Prozentanteile bei der Berechnung können geringfügige Run- dungsdifferenzen entstanden sein.
II. Verbindlichkeiten	-604.065,13	-0,19
III. Fondsvermögen	321.720.849,79	100,00
Vermögensaufstellung zum 30.06.2020
| ISIN | Gattungsbezeichnung | Markt | Stück bzw. | Bestand | Käufe/	Verkäufe/ | Kurs | Kurswert | % des |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | Anteile bzw. | 30.06.2020 | Zugänge	Abgänge |  | in EUR | Fondsver- |
| Währung	im Berichtszeitraum	mögens Börsengehandelte Wertpapiere	317.268.414,19	98,62 |
| Aktien |  |  |  |  |  |  | 317.268.414,19 | 98,62 |
| Biotechnologie |  |  |  |  |  |  | 251.480.848,61 | 78,18 |
| US0042251084 | Acadia Pharmaceuticals Inc. Reg.Shares | STK | 175.790 | 59.660 | 18.510 USD | 48,160 | 7.543.815,01 | 2,34 |
| US00434H1086 | Acceleron Pharma Inc. Reg.Shares | STK | 14.380 | 1.890 | 9.005 USD | 96,150 | 1.232.022,28 | 0,38 |
| US00773U1088 | Adverum Biotechnologies Inc. Reg.Shares | STK | 143.070 | 38.905 | 45.995 USD | 20,690 | 2.637.663,89 | 0,82 |
| US00847X1046 | Agios Pharmaceuticals Inc. Reg.Shares | STK | 66.755 | 27.530 | 7.515 USD | 53,020 | 3.153.798,26 | 0,98 |
| US0144421072 | Alector Inc. Reg.Shares | STK | 63.415 | 41.200 | 7.140 USD | 23,500 | 1.327.914,90 | 0,41 |
| US0153511094 | Alexion Pharmaceuticals Inc. Reg.Shares | STK | 74.485 | 19.045 | 36.160 USD | 111,220 | 7.381.797,01 | 2,29 |
| US01671P1003 | Allakos Inc. Reg.Shares | STK | 39.530 | 33.845 | 3.260 USD | 72,780 | 2.563.594,03 | 0,80 |
| US0197701065 | Allogene Therapeutics Inc. Reg.Shares | STK | 13.895 | 21.070 | 7.175 USD | 41,860 | 518.284,43 | 0,16 |
| US02043Q1076 | Alnylam Pharmaceuticals Inc Reg.Shares | STK | 27.610 | 3.535 | 15.985 USD | 147,910 | 3.638.935,26 | 1,13 |
| US0231112063 | Amarin Corp. PLC Reg.Shs (Sp.ADRs) | STK | 26.498 | 11.250 | 112.035 USD | 6,720 | 158.669,24 | 0,05 |
| US0311621009 | Amgen Inc. Reg.Shares | STK | 104.710 | 33.335 | 41.230 USD | 231,560 | 21.605.388,82 | 6,73 |
| US03753U1060 | Apellis Pharmaceuticals Inc. Reg.Shares | STK | 18.820 | 1.695 | 2.110 USD | 30,770 | 516.009,27 | 0,16 |
| US03969T1097 | Arcturus Therapeutics Hlgs Inc Reg.Shares | STK | 30.900 | 30.900 | 0 USD | 46,980 | 1.293.546,00 | 0,40 |
| US03969F1093 | Arcus Biosciences Inc. Reg.Shares | STK | 78.170 | 86.980 | 8.810 USD | 23,630 | 1.645.940,83 | 0,51 |
| US0396971071 | Ardelyx Inc. Reg.Shares | STK | 147.340 | 159.860 | 12.520 USD | 6,580 | 863.887,01 | 0,27 |
| US0400476075 | Arena Pharmaceuticals Inc. Reg.Shares New | STK | 71.610 | 23.835 | 8.210 USD | 62,770 | 4.005.310,49 | 1,24 |
| US04016X1019 | argenx SE Reg.Shares (Sp.ADRs) | STK | 4.125 | 2.425 | 13.990 USD | 223,290 | 820.736,24 | 0,26 |
| US04351P1012 | Ascendis Pharma A/S Nav.-Akt. (Spons.ADRs) | STK | 31.240 | 7.400 | 2.940 USD | 145,210 | 4.042.201,29 | 1,26 |
| US0453961080 | Assembly Biosciences Inc. Reg.Shares | STK | 24.865 | 3.975 | 24.115 USD | 23,450 | 519.567,16 | 0,16 |
| CA05156V1022 | Aurinia Pharmaceuticals Inc. Reg.Shares | STK | 164.285 | 57.195 | 52.740 USD | 15,200 | 2.225.112,05 | 0,69 |
| US09062X1037 | Biogen Inc. Reg.Shares | STK | 41.755 | 20.085 | 36.955 USD | 260,350 | 9.686.713,52 | 3,01 |
| US09061G1013 | Biomarin Pharmaceutical Inc. Reg.Shares | STK | 115.575 | 33.055 | 10.215 USD | 122,180 | 12.582.716,42 | 3,91 |
| US09075V1026 | BioNTech SE Nam.-Akt. (sp.ADRs) | STK | 26.140 | 26.140 | 0 USD | 65,800 | 1.532.646,02 | 0,48 |
| US09609G1004 | Bluebird Bio Inc. Reg.Shares | STK | 15.475 | 20.700 | 16.380 USD | 60,090 | 828.596,79 | 0,26 |
| US09627Y1091 | Blueprint Medicines Corp. Reg.Shares | STK | 5.450 | 1.560 | 13.825 USD | 76,550 | 371.750,95 | 0,12 |
| US10806X1028 | BridgeBio Pharma Inc. Reg.Shares | STK | 23.560 | 17.870 | 55.060 USD | 32,590 | 684.179,46 | 0,21 |
| US16383L1061 | ChemoCentryx Inc. Reg.Shares | STK | 70.330 | 26.425 | 16.875 USD | 54,720 | 3.429.233,77 | 1,07 |
| US24344T1016 | Deciphera Pharmaceuticals Inc. Reg.Shares | STK | 55.460 | 27.060 | 5.910 USD | 58,530 | 2.892.469,41 | 0,90 |
| US28249H1041 | Eidos Therapeutics Inc. Reg.Shares | STK | 16.333 | 4.603 | 1.830 USD | 44,870 | 653.028,92 | 0,20 |
| US29428V1044 | Epizyme Inc. Reg.Shares | STK | 162.360 | 90.075 | 18.085 USD | 16,250 | 2.350.946,76 | 0,73 |
| US29664W1053 | Esperion Therapeutic.Inc.(New) Reg.Shares | STK | 48.825 | 49.225 | 25.250 USD | 47,640 | 2.072.642,46 | 0,64 |
| US30161Q1040 | Exelixis Inc. Reg.Shares | STK | 87.845 | 58.170 | 7.855 USD | 22,730 | 1.779.208,60 | 0,55 |
| US3621LQ1099 | G1 Therapeutics Inc. Reg.Shares | STK | 15.695 | 21.190 | 19.330 USD | 24,170 | 338.024,64 | 0,11 |
| US3755581036 | Gilead Sciences Inc. Reg.Shares | STK | 339.005 | 163.920 | 129.235 USD | 74,560 | 22.522.800,45 | 7,01 |
| US37890U1088 | Global Blood Therapeutics Inc. Reg.Shares | STK | 10.040 | 1.365 | 6.835 USD | 66,500 | 594.929,83 | 0,18 |
| US4380831077 | Homology Medicines Inc. Reg.Shares | STK | 35.505 | 3.205 | 3.990 USD | 15,010 | 474.876,41 | 0,15 |
| US4495851085 | IGM Biosciences Inc. Reg.Shares | STK | 11.290 | 11.290 | 0 USD | 67,940 | 683.486,39 | 0,21 |
| US45253H1014 | ImmunoGen Inc. Reg.Shares | STK | 505.970 | 535.125 | 29.155 USD | 4,375 | 1.972.482,74 | 0,61 |
| US4529071080 | Immunomedics Inc. Reg.Shares | STK | 260.505 | 255.775 | 65.515 USD | 34,230 | 7.945.721,68 | 2,47 |
| US45337C1027 | Incyte Corp. Reg.Shares | STK | 59.985 | 13.345 | 16.875 USD | 102,480 | 5.477.623,35 | 1,70 |
| US45773H2013 | Inovio Pharmaceuticals Inc. Reg.Shares | STK | 34.920 | 34.920 | 0 USD | 31,690 | 986.067,99 | 0,31 |
| US4576693075 | Insmed Inc. Reg.Shares | STK | 22.290 | 3.175 | 16.925 USD | 26,860 | 533.490,22 | 0,17 |
| US45845P1084 | Intercept Pharmaceuticals Inc. Reg.Shares | STK | 2.990 | 2.485 | 10.790 USD | 46,700 | 124.422,37 | 0,04 |
| US4622601007 | Iovance Biotherapeutics Inc. Reg.Shares | STK | 115.695 | 47.360 | 53.350 USD | 27,210 | 2.805.133,39 | 0,87 |
| US48576A1007 | Karuna Therapeutics Inc Reg.Shares | STK | 25.740 | 28.060 | 2.320 USD | 106,260 | 2.437.186,37 | 0,76 |
| US48576U1060 | Karyopharm Therapeutics Inc. Reg.Shares | STK | 115.600 | 94.200 | 2.640 USD | 18,000 | 1.854.132,32 | 0,58 |
| US50015M1099 | Kodiak Sciences Inc. Reg.Shares | STK | 40.235 | 43.920 | 3.685 USD | 53,690 | 1.924.898,33 | 0,60 |
| US5560991094 | MacroGenics Inc. Reg.Shares | STK | 19.340 | 19.710 | 370 USD | 28,280 | 487.355,94 | 0,15 |
| US59045L1061 | Mersana Therapeutics Inc. Reg.Shares | STK | 70.420 | 70.420 | 0 USD | 22,280 | 1.398.046,42 | 0,43 |
| US60468T1051 | Mirati Therapeutics Inc. Reg.Shares | STK | 16.530 | 12.970 | 25.795 USD | 114,700 | 1.689.455,11 | 0,53 |
| US60770K1079 | Moderna Inc. Reg.Shares | STK | 137.000 | 194.720 | 57.720 USD | 62,080 | 7.578.489,64 | 2,36 |
| US6085501095 | Molecular Templates Inc. Reg.Shares | STK | 57.005 | 57.840 | 835 USD | 14,140 | 718.245,22 | 0,22 |
| US60877T1007 | Momenta Pharmaceuticals Inc. Reg.Shares | STK | 130.905 | 74.165 | 48.830 USD | 35,930 | 4.191.059,61 | 1,30 |
| US64125C1099 | Neurocrine Biosciences Inc. Reg.Shares | STK | 29.390 | 3.245 | 10.645 USD | 125,500 | 3.286.651,82 | 1,02 |
| US74140Y1010 | Prevail Therapeutics Inc. Reg.Shares | STK | 36.000 | 51.225 | 15.225 USD | 14,660 | 470.269,55 | 0,15 |
| US74257L1089 | Principia Biopharma Inc. Reg.Conv.Shares | STK | 43.235 | 22.700 | 4.190 USD | 56,280 | 2.168.202,99 | 0,67 |
| US74366E1029 | Protagonist Therapeutics Inc. Reg.Shares | STK | 58.160 | 72.535 | 68.725 USD | 17,390 | 901.227,36 | 0,28 |
| US69366J2006 | PTC Therapeutics Inc. Reg.Shares | STK | 11.695 | 4.685 | 46.015 USD | 50,640 | 527.720,92 | 0,16 |
| US75886F1075 | Regeneron Pharmaceuticals Inc. Reg.Shares | STK | 36.590 | 17.910 | 7.685 USD | 610,870 | 19.916.893,12 | 6,19 |
| US77313F1066 | Rocket Pharmaceuticals Inc. Reg.Shares | STK | 71.925 | 54.460 | 2.145 USD | 21,090 | 1.351.658,05 | 0,42 |
| US8036071004 | Sarepta Therapeutics Inc. Reg.Shares | STK | 22.340 | 8.520 | 20.315 USD | 162,710 | 3.238.976,52 | 1,01 |
| US8125781026 | Seattle Genetics Inc. Reg.Shares | STK | 77.565 | 39.310 | 27.355 USD | 164,370 | 11.360.533,79 | 3,53 |
| US88322Q1085 | TG Therapeutics Inc. Reg.Shares | STK | 100.685 | 125.110 | 68.335 USD | 18,580 | 1.666.943,46 | 0,52 |

Vermögensaufstellung zum 30.06.2020
| ISIN | Gattungsbezeichnung | Markt | Stück bzw. Anteile bzw. Währung | Bestand 30.06.2020 | Käufe/	Verkäufe/ Zugänge	Abgänge im Berichtszeitraum | Kurs | Kurswert in EUR | % des Fondsver- mögens |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| US89374L1044 | Translate Bio Inc. Reg.Shares | STK | 87.215 | 93.575 | 6.360 USD | 18,800 | 1.461.030,96 | 0,45 |
| US90041T1088 | Turning Point Therap. Inc. Reg.Shares | STK | 35.595 | 10.230 | 16.075 USD | 63,960 | 2.028.653,33 | 0,63 |
| US90184D1000 | Twist Bioscience Corp. Reg.Shares | STK | 14.850 | 15.135 | 285 USD | 42,010 | 555.890,84 | 0,17 |
| NL0010696654 | uniQure N.V. Aandelen op naam | STK | 47.615 | 12.465 | 4.630 USD | 45,730 | 1.940.239,65 | 0,60 |
| US91307C1027 | United Therapeutics Corp.(Del.) Reg.Shares | STK | 16.490 | 18.335 | 1.845 USD | 119,960 | 1.762.655,74 | 0,55 |
| US92532F1003 | Vertex Pharmaceuticals Inc. Reg.Shares | STK | 93.440 | 10.065 | 30.460 USD | 285,180 | 23.744.459,08 | 7,39 |
| US9842411095 | Y-Mabs Therapeutics Inc. Reg.Shares | STK | 44.295 | 60.360 | 16.065 USD | 45,670 | 1.802.586,46 | 0,56 |
| Biowissenschaften Hilfsmittel & Dienstleistungen |  |  |  |  |  | 11.217.609,94 | 3,49 |
| US4523271090	Illumina Inc. Reg.Shares | STK | 30.995 | 3.765 | 15.435 USD | 362,310 | 10.006.503,41 | 3,11 |
| US55027E1029	Luminex Corp. Del Reg.Shares | STK | 45.110 | 59.000 | 13.890 USD | 30,130 | 1.211.106,53 | 0,38 |
| Gesundheitswesen: Ausstattung & Produkte |  |  |  |  |  | 10.468.614,89 | 3,26 |
| US05465P1012	Axonics Modulation Tech. Inc. Reg.Shares | STK | 13.500 | 60.795 | 47.295 USD | 34,500 | 415.014,48 | 0,13 |
| US2074101013	CONMED Corp. Reg.Shares | STK | 12.995 | 18.095 | 5.100 USD | 69,410 | 803.727,29 | 0,25 |
| US2166484020	Cooper Companies Inc. Reg.Shares | STK | 10.645 | 22.180 | 11.535 USD | 270,930 | 2.569.881,80 | 0,80 |
| US2521311074	DexCom Inc. Reg.Shares | STK | 2.085 | 4.100 | 2.015 USD | 398,200 | 739.805,75 | 0,23 |
| US45784P1012	Insulet Corporation Reg.Shares | STK | 4.175 | 4.635 | 460 USD | 186,970 | 695.566,72 | 0,22 |
| JE00BYSS4X48	Novocure Ltd. Reg.Shares | STK | 62.580 | 10.340 | 6.465 USD | 57,700 | 3.217.523,72 | 1,00 |
| JE00BLG2ZQ72	Quotient Ltd. Reg.Shares | STK | 113.495 | 64.605 | 143.585 USD | 7,000 | 707.921,59 | 0,22 |
| US82489T1043	Shockwave Medical Inc. Reg.Shares | STK | 31.975 | 32.285 | 310 USD | 46,300 | 1.319.173,54 | 0,41 |
| Gesundheitswesen: Einrichtungen & Dienste |  |  |  |  |  | 1.575.762,98 | 0,49 |
| US40131M1099	Guardant Health Inc. Reg.Shares Cl.A | STK | 22.105 | 10.320 | 2.485 USD | 80,000 | 1.575.762,98 | 0,49 |
| Gesundheitswesen: Technologie |  |  |  |  |  | 575.113,17 | 0,18 |
| US87918A1051	Teladoc Health Inc. Reg.Shares | STK | 3.445 | 3.690 | 245 USD | 187,350 | 575.113,17 | 0,18 |
| Pharmazeutika |  |  |  |  |  | 41.950.464,60 | 13,02 |
| US00771V1089	Aerie Pharmaceuticals Inc. Reg.Shares | STK | 111.830 | 87.350 | 5.950 USD | 14,910 | 1.485.752,11 | 0,46 |
| US0463531089	Astrazeneca PLC Reg.Shares (Spons.ADRs) | STK | 144.690 | 36.780 | 54.550 USD | 52,910 | 6.821.606,50 | 2,12 |
| US1101221083	Bristol-Myers Squibb Co. Reg.Shares | STK | 81.505 | 28.545 | 87.910 USD | 57,800 | 4.197.807,08 | 1,30 |
| US36197T1034	GW Pharmaceuticals PLC Reg.Shs (Sp.ADRs) | STK | 3.100 | 3.320 | 220 USD | 121,920 | 336.780,57 | 0,10 |
| IE00BQPVQZ61	Horizon Therapeutics PLC Reg.Shares | STK | 385.355 | 131.970 | 69.765 USD | 55,280 | 18.981.888,53 | 5,90 |
| US62857M1053	Myokardia Inc. Reg.Shares | STK | 39.260 | 35.615 | 2.460 USD | 96,760 | 3.384.983,38 | 1,05 |
| US6402681083	Nektar Therapeutics Reg.Shares | STK | 21.115 | 19.490 | 36.930 USD | 22,420 | 421.829,63 | 0,13 |
| US75615P1030	Reata Pharmaceuticals Inc. Reg.Shares | STK | 21.675 | 9.475 | 1.900 USD | 153,930 | 2.972.985,30 | 0,92 |
| US80105N1054	Sanofi S.A. Act.Nom. (Sp. ADRs) | STK | 63.680 | 86.880 | 23.200 USD | 51,080 | 2.898.440,10 | 0,90 |
| US89610F1012	Tricida Inc. Reg.Shares | STK | 19.695 | 21.905 | 2.210 USD | 25,550 | 448.391,40 | 0,14 |
| Summe Wertpapiervermögen |  |  |  | EUR |  | 317.268.414,19 | 98,62 |
| Derivate |  |  |  |  |  |  |  |
| (Bei den mit Minus gekennzeichneten Beständen handelt es sich um verkaufte Positionen) |
| Derivate auf einzelne Wertpapiere |  |  |  |  |  |  |  |  |
| Optionsscheine |  |  |  |  |  |  | 1.200.717,92 | 0,37 |
| Optionsscheine auf Aktien |  |  |  |  |  |  | 1.200.717,92 | 0,37 |
| Advanced Inhalation WTS |  |  |  |  |  |  |  |  |
| (Foreign) 16/29.12.21	X Advanced Inhalation WTS | STK | 333.334 | 0 | 0 USD | 2,597 | 771.368,59 | 0,24 |
| (Foreign) 18/01.02.21	X | STK | 227.389 | 0 | 0 USD | 2,119 | 429.349,33 | 0,13 |
| Summe Derivate auf einzelne Wertpapiere	EUR	1.200.717,92	0,37 |
| Bankguthaben, Geldmarktpapiere, Geldmarkt- und geldmarktnahe Fonds |  |  |  |  |  |  |
| Bankguthaben |  |  |  |  |  |  |
| EUR-Guthaben bei der Verwahrstelle |  |  |  |  |  |  |
| State Street Bank International GmbH | EUR | 3.473.918,36 | % | 100,000 | 3.473.918,36 | 1,08 |
| Guthaben in Nicht-EU/EWR-Währungen |
| State Street Bank International GmbH | USD | 88.127,91 | % | 100,000 | 78.527,88 | 0,02 |
| Summe Bankguthaben |  | EUR | 3.552.446,24 | 1,10 |
| Summe der Bankguthaben, Geldmarktpapiere, Geldmarkt- und geldmarktnahe Fonds 30) |  | EUR | 3.552.446,24 | 1,10 |
| Sonstige Vermögensgegenstände |  |  |  |  |
| Dividendenansprüche	EUR | 122.482,29 |  | 122.482,29 | 0,04 |
| Forderungen aus Anteilscheingeschäften	EUR | 180.854,28 |  | 180.854,28 | 0,06 |
| Summe Sonstige Vermögensgegenstände |  | EUR | 303.336,57 | 0,10 |
| Sonstige Verbindlichkeiten |  |  |  |  |
| Verbindlichkeiten aus Anteilscheingeschäften	EUR | -26.339,41 |  | -26.339,41 | -0,01 |
| Kostenabgrenzung	EUR | -577.725,72 |  | -577.725,72 | -0,18 |
| Summe Sonstige Verbindlichkeiten |  | EUR | -604.065,13 | -0,19 |
| Fondsvermögen |  | EUR | 321.720.849,79 | 100,00 |
| Summe der umlaufenden Anteile aller Anteilklassen |  | STK | 1.647.417 |  |

Allianz Biotechnologie A (EUR)
| ISIN | DE0008481862 |
| --- | --- |
| Fondsvermögen | 320.745.490,24 |
| Umlaufende Anteile | 1.640.510,168 |
| Anteilwert | 195,52 |

Allianz Biotechnologie R (EUR)
| ISIN | DE000A2AMPU5 |
| --- | --- |
| Fondsvermögen | 975.359,55 |
| Umlaufende Anteile | 6.906,816 |
| Anteilwert | 141,22 |

Wertpapierkurse bzw. Marktsätze
Die Vermögensgegenstände des Sondervermögens sind auf der Grundlage nachstehender Kurse/Marktsätze bewertet:
Aktien Nord- und Südamerika: Kurse per 29.06.2020 oder letztbekannte
Alle anderen Vermögenswerte: Kurse bzw. Marktsätze per 30.06.2020 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. 98,99% des Fondsvermögens mit handelbaren Börsenkursen oder Marktpreisen und 0,00% zu abgeleiteten Verkehrswerten bzw. validierten Kursstellungen von Brokern bewertet. Die verbleibenden 1,01% des Fondsvermögens bestehen aus Sonstigen Vermögensgegenständen, Sonstigen Verbindlichkeiten sowie Barvermögen.
Devisenkurs(e) bzw. Konversionsfaktor(en) (in Mengennotiz) per 30.06.2020
USA, Dollar	(USD)	1 Euro = USD	1,12225
Marktschlüssel
Wertpapierhandel
X	=	Nichtnotierte Wertpapiere
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. Währung | Zugänge | Abgänge |

Börsengehandelte Wertpapiere Aktien
Biotechnologie
| US00900T1079 | Aimmune Therapeutics Inc. Reg.Shares | STK | 10.795 | 10.795 |
| --- | --- | --- | --- | --- |
| US00972D1054 | Akebia Therapeutics Inc. Reg.Shares | STK | 3.460 | 42.680 |
| US03152W1099 | Amicus Therapeutics Inc. Reg.Shares | STK | 3.715 | 45.770 |
| US0327241065 | Anaptysbio Inc. Reg.Shares | STK | 0 | 9.685 |
| US04280A1007 | Arrowhead Pharmaceuticals Inc. Reg.Shares | STK | 2.000 | 24.745 |
| US05455M1009 | Avrobio Inc. Reg.Shares | STK | 13.910 | 13.910 |
| US07725L1026 | BeiGene Ltd. Reg.Shares (Sp.ADRs) | STK | 80 | 2.965 |
| VGG111961055 | Biohaven Pharmac.Hldg Co.Ltd. Reg.Shares | STK | 410 | 5.165 |
| CH0334081137 | CRISPR Therapeutics AG Nam.-Aktien | STK | 1.050 | 13.020 |
| US23282W6057 | Cytokinetics Inc. Reg.Shares | STK | 26.885 | 26.885 |
| US23284F1057 | Cytomx Therapeutics Inc. Reg.Shares | STK | 51.340 | 88.085 |
| US23306J1016 | DBV technologies Act.Port. (Sp.ADRs) | STK | 83.515 | 83.515 |
| US24823R1059 | Denali Therapeutics Inc. Reg.Shares | STK | 1.595 | 19.715 |
| US2530311081 | Dicerna Pharmaceuticals Inc. Reg.Shares | STK | 5.980 | 73.715 |
| US30063P1057 | Exact Sciences Corp. Reg.Shares | STK | 1.835 | 22.675 |
| US31572Q8087 | FibroGen Inc. Reg.Shares | STK | 1.475 | 18.220 |
| US40637H1095 | Halozyme Therapeutics Inc. Reg.Shares | STK | 4.530 | 109.560 |
| US4277461020 | Heron Therapeutics Inc. Reg.Shares | STK | 2.615 | 32.280 |
| US4945771099 | Kindred Biosciences Inc. Reg.Shares | STK | 0 | 51.310 |
| US5011471027 | Krystal Biotech Inc. Reg.Shares | STK | 865 | 10.745 |
| KYG596651029 | MeiraGTx Holdings PLC Reg.Shares | STK | 29.080 | 57.695 |
| US6323071042 | Natera Inc. Reg.Shares | STK | 1.205 | 14.930 |
| US68570P1012 | Orchard Therapeutics PLC Reg.Shs (Sp.ADRs) | STK | 52.905 | 75.530 |
| US7172241090 | Phasebio Pharmaceuticals Inc. Reg.Shares | STK | 108.055 | 108.055 |
| NL0010872495 | ProQR Therapeutics N.V. Aandelen op naam | STK | 8.050 | 99.120 |
| IE00B91XRN20 | Prothena Corp. PLC Reg.Shares | STK | 16.515 | 16.515 |
| US7504692077 | Radius Health Inc. Reg.Shares | STK | 20.020 | 20.020 |
| US75901B1070 | Regenxbio Inc. Reg.Shares | STK | 1.280 | 15.835 |
| US78667J1088 | Sage Therapeutics Inc. Reg.Shares | STK | 1.130 | 13.955 |
| US8006771062 | Sangamo Therapeutics Inc. Reg.Shares | STK | 9.985 | 122.965 |
| US86150R1077 | Stoke Therapeutics Inc. Reg.Shares | STK | 14.060 | 14.060 |
| US90400D1081 | Ultragenyx Pharmaceutical Inc. Reg.Shares | STK | 16.310 | 16.310 |
| Gesundheitswesen: Ausstattung & Produkte |
| US08862L1035 | Beyond Air Inc. Reg.Shares | STK | 0 | 394.056 |
| Pharmazeutika |  |  |  |  |
| US04335A1051 | Arvinas Inc. Reg.Shares | STK | 12.430 | 12.430 |
| US05464T1043 | Axsome Therapeutics Inc. Reg.Shares | STK | 14.930 | 14.930 |
| JP3475350009 | Daiichi Sankyo Co. Ltd. Reg.Shares | STK | 0 | 38.100 |
| US24983L1044 | Dermira Inc. Reg.Shares | STK | 12.725 | 185.470 |
| US46116X1019 | Intra-Cellular Therapies Inc. Reg.Shares | STK | 38.040 | 59.875 |
| NL0011031208 | Mylan N.V. Aandelen aan toonder | STK | 325 | 11.955 |
| US6760791060 | Odonate Therapeutics Inc. Reg.Shares | STK | 2.065 | 25.495 |
| US68404V1008 | Optinose Inc. Reg.Shares | STK | 21.365 | 21.365 |
| SG9999014716 | Wave Life Sciences Ltd. Reg.Shares | STK | 0 | 11.715 |
| US98978L2043 | Zogenix Inc. Reg.Shares | STK | 6.560 | 6.560 |

Nichtnotierte Wertpapiere Aktien
Biotechnologie
US34983P1049	Forty Seven Inc. Reg.Shares	STK	6.570	80.930