# Focused SICAV – US Treasury Bond USD
| Most important figures |  |
| --- | --- |
| Date | ISIN | 30.4.2020 | 31.10.2019 |
| Net assets in USD |  | 6 302 504 868.76 | 265 642 943.51 |
| Class F-acc 1 | LU1936847935 |  |  |
| Shares outstanding |  | 23 455 131.4330 | 1 159 533.0000 |
| Net asset value per share in USD |  | 105.25 | 101.25 |
| Issue and redemption price per share in USD 2 |  | 105.25 | 101.25 |
| Class (CHF hedged) F-acc 1 | LU1936848156 |  |  |
| Shares outstanding |  | 18 662 300.9710 | 670 034.0000 |
| Net asset value per share in CHF |  | 102.99 | 100.46 |
| Issue and redemption price per share in CHF 2 |  | 102.99 | 100.46 |
| Class (EUR hedged) F-acc 1 | LU1936848230 |  |  |
| Shares outstanding |  | 16 292 849.4610 | 713 531.1580 |
| Net asset value per share in EUR |  | 103.25 | 100.54 |
| Issue and redemption price per share in EUR 2 |  | 103.25 | 100.54 |
| 1  First NAV: 17.7.2019 2  See note 1 |  |  |  |


## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
Total	98.68
United States	98.68
Economic Breakdown as a % of net assets	
Countries & central governments	98.68
Total	98.68
Focused SICAV – US Treasury Bond USD Semi-Annual Report as of 30 April 2020

## Statement of Net Assets
Assets	30.4.2020
USD
Investments in securities, cost	6 167 635 534.22
| Investments in securities, unrealized appreciation (depreciation) | 	51 783 067.80	 |
| --- | --- |
| Total investments in securities (Note 1) | 6 219 418 602.02 |
| Cash at banks, deposits on demand and deposit accounts | 31 903 244.97 |
| Receivable on securities sales (Note 1) | 68 127 996.42 |
| Receivable on subscriptions | 5 229 219.58 |
| Interest receivable on securities | 31 615 411.35 |
| Other receivables | 46 815.73 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | -46 828 482.60 |
| Total Assets | 6 309 512 807.47 |
|  |  |
| Liabilities |  |
| Payable on redemptions | -6 799 270.59 |
| Provisions for flat fee (Note 2) | -170 672.87 |
| Provisions for other commissions and fees (Note 2) | 	-37 995.25	 |
| Total provisions | -208 668.12 |
| Total Liabilities | -7 007 938.71 |
|  |  |
| Net assets at the end of the period | 6 302 504 868.76 |
| Statement of Operations | USD |
| Income | 1.11.2019-30.4.2020 |
| Interest on liquid assets | 11 461.78 |
| Interest on securities | 21 049 762.04 |
| Income on securities lending (Note 11) | 231 464.03 |
| Other income (Note 4) | 2 900 091.72 |
| Total income | 24 192 779.57 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -688 878.00 |
| Cost on securities lending (Note 11) | -92 585.61 |
| Other commissions and fees (Note 2) | -37 976.19 |
| Interest on cash and bank overdraft | -1 530.63 |
| Total expenses | -820 970.43 |
|  |  |
| Net income (loss) on investments | 23 371 809.14 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 2 100 069.12 |
| Realized gain (loss) on financial futures | -27 445.40 |
| Realized gain (loss) on forward foreign exchange contracts | -112 071 192.12 |
| Realized gain (loss) on foreign exchange | 36 320 865.07 |
| Total realized gain (loss) | -73 677 703.33 |
|  |  |
| Net realized gain (loss) of the period | -50 305 894.19 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 52 447 424.51 |
| Unrealized appreciation (depreciation) on financial futures | -11 953.08 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | -56 678 975.54 |
| Total changes in unrealized appreciation (depreciation) | -4 243 504.11 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -54 549 398.30 |

Focused SICAV – US Treasury Bond USD Semi-Annual Report as of 30 April 2020
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.11.2019-30.4.2020 |
| Net assets at the beginning of the period | 265 642 943.51 |
| Subscriptions | 6 682 821 930.55 |
| Redemptions | 	-591 410 607.00	 |
| Total net subscriptions (redemptions) | 6 091 411 323.55 |
| Net income (loss) on investments | 23 371 809.14 |
| Total realized gain (loss) | -73 677 703.33 |
| Total changes in unrealized appreciation (depreciation) | 	-4 243 504.11	 |
| Net increase (decrease) in net assets as a result of operations | -54 549 398.30 |
| Net assets at the end of the period | 6 302 504 868.76 |
| Changes in the Number of Shares outstanding |  |
|  | 1.11.2019-30.4.2020 |
| Class | F-acc |
| Number of shares outstanding at the beginning of the period | 1 159 533.0000 |
| Number of shares issued | 24 967 948.6010 |
| Number of shares redeemed | -2 672 350.1680 |
| Number of shares outstanding at the end of the period | 23 455 131.4330 |
| Class | (CHF hedged) F-acc |
| Number of shares outstanding at the beginning of the period | 670 034.0000 |
| Number of shares issued | 19 289 746.3040 |
| Number of shares redeemed | -1 297 479.3330 |
| Number of shares outstanding at the end of the period | 18 662 300.9710 |
| Class | (EUR hedged) F-acc |
| Number of shares outstanding at the beginning of the period | 713 531.1580 |
| Number of shares issued | 17 136 146.3240 |
| Number of shares redeemed | -1 556 828.0210 |
| Number of shares outstanding at the end of the period | 16 292 849.4610 |

Focused SICAV – US Treasury Bond USD Semi-Annual Report as of 30 April 2020

## Statement of Investments in Securities and other Net Assets as of 30 April 2020
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 8.12500% 91-15.05.21 | 9 500 000.00 | 10 289 316.05 | 0.16 |
| USD	AMERICA, UNITED STATES OF 8.12500% 91-15.08.21 | 43 500 000.00 | 47 980 839.30 | 0.76 |
| USD	AMERICA, UNITED STATES OF 8.00000% 91-15.11.21 | 9 500 000.00 | 10 642 597.30 | 0.17 |
| USD	AMERICA, UNITED STATES OF 7.25000% 92-15.08.22 | 15 871 000.00 | 18 436 397.97 | 0.29 |
| USD	AMERICA, UNITED STATES OF 7.62500% 92-15.11.22 | 43 000 000.00 | 51 099 449.90 | 0.81 |
| USD	AMERICA, UNITED STATES OF 7.12500% 93-15.02.23 | 13 799 000.00 | 16 459 080.15 | 0.26 |
| USD	AMERICA, UNITED STATES OF 6.25000% 93-15.08.23 | 3 750 000.00 | 4 489 746.00 | 0.07 |
| USD	AMERICA, UNITED STATES OF 7.50000% 94-15.11.24 | 9 500 000.00 | 12 576 366.95 | 0.20 |
| USD	AMERICA, UNITED STATES OF 7.62500% 95-15.02.25 | 9 500 000.00 | 12 800 136.60 | 0.20 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-31.08.23 | 50 000 000.00 | 51 837 890.00 | 0.82 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-31.08.21 | 40 000 000.00 | 40 503 124.00 | 0.64 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-31.07.24 | 43 000 000.00 | 46 256 910.30 | 0.73 |
| USD	AMERICA, UNITED STATES OF 1.87500% 17-31.07.22 | 34 500 000.00 | 35 788 357.65 | 0.57 |
| USD	AMERICA, UNITED STATES OF 1.62500% 17-31.08.22 | 43 000 000.00 | 44 404 216.60 | 0.70 |
| USD	AMERICA, UNITED STATES OF 1.87500% 17-31.08.24 | 55 000 000.00 | 58 654 491.50 | 0.93 |
| USD	AMERICA, UNITED STATES OF 1.87500% 17-30.09.22 | 44 000 000.00 | 45 749 686.40 | 0.73 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-30.09.24 | 36 500 000.00 | 39 362 968.75 | 0.62 |
| USD	AMERICA, UNITED STATES OF 2.00000% 17-31.10.22 | 43 000 000.00 | 44 896 364.50 | 0.71 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-31.10.24 | 59 500 000.00 | 64 578 414.25 | 1.02 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-30.11.24 | 50 000 000.00 | 54 062 500.00 | 0.86 |
| USD	AMERICA, UNITED STATES OF 2.25000% 18-31.12.24 | 59 500 000.00 | 64 752 731.40 | 1.03 |
| USD	AMERICA, UNITED STATES OF 2.37500% 18-31.01.23 | 38 963 000.00 | 41 247 509.78 | 0.65 |
| USD	AMERICA, UNITED STATES OF 2.50000% 18-31.01.25 | 41 000 000.00 | 45 160 856.30 | 0.72 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-28.02.25 | 63 500 000.00 | 70 802 500.00 | 1.12 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-28.02.23 | 43 000 000.00 | 45 890 739.50 | 0.73 |
| USD	AMERICA, UNITED STATES OF 2.50000% 18-31.03.23 | 43 000 000.00 | 45 818 512.40 | 0.73 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-30.04.23 | 42 250 000.00 | 45 403 894.90 | 0.72 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-15.05.21 | 38 500 000.00 | 39 486 562.50 | 0.63 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.05.23 | 43 000 000.00 | 46 287 147.90 | 0.73 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-15.06.21 | 43 500 000.00 | 44 706 442.05 | 0.71 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-30.06.23 | 43 000 000.00 | 46 206 522.90 | 0.73 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-15.08.21 | 43 000 000.00 | 44 427 733.30 | 0.71 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.08.23 | 43 000 000.00 | 46 532 381.20 | 0.74 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-15.09.21 | 37 250 000.00 | 38 561 024.92 | 0.61 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.09.23 | 43 000 000.00 | 46 797 772.90 | 0.74 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-15.10.21 | 43 500 000.00 | 45 212 812.50 | 0.72 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.10.23 | 37 250 000.00 | 40 605 409.23 | 0.64 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-15.11.21 | 50 000 000.00 | 52 044 920.00 | 0.83 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.11.23 | 43 000 000.00 | 46 960 699.90 | 0.75 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-15.12.21 | 43 000 000.00 | 44 693 125.00 | 0.71 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-31.12.23 | 48 500 000.00 | 52 614 919.45 | 0.83 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-15.01.22 | 43 000 000.00 | 44 678 006.20 | 0.71 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-31.01.24 | 43 500 000.00 | 47 068 357.20 | 0.75 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-15.02.22 | 37 250 000.00 | 38 776 374.63 | 0.62 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-29.02.24 | 39 500 000.00 | 42 612 165.50 | 0.68 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-15.03.22 | 50 000 000.00 | 52 027 340.00 | 0.83 |
| USD	AMERICA, UNITED STATES OF 2.25000% 19-15.04.22 | 43 500 000.00 | 45 234 901.80 | 0.72 |
| USD	AMERICA, UNITED STATES OF 2.25000% 19-30.04.24 | 43 000 000.00 | 46 314 022.90 | 0.73 |
| USD	AMERICA, UNITED STATES OF 2.12500% 19-15.05.22 | 43 000 000.00 | 44 671 285.30 | 0.71 |
| USD	AMERICA, UNITED STATES OF 2.12500% 19-31.05.21 | 43 500 000.00 | 44 424 375.00 | 0.71 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-15.06.22 | 43 000 000.00 | 44 412 614.50 | 0.70 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-30.06.24 | 43 500 000.00 | 46 076 013.45 | 0.73 |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-30.06.21 | 43 500 000.00 | 44 244 254.55 | 0.70 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-15.07.22 | 43 000 000.00 | 44 457 966.60 | 0.71 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-31.07.21 | 43 000 000.00 | 43 849 920.80 | 0.70 |
| USD	AMERICA, UNITED STATES OF 2.75000% 14-15.02.24 | 43 500 000.00 | 47 508 455.40 | 0.75 |
| USD	AMERICA, UNITED STATES OF 2.37500% 14-15.08.24 | 43 000 000.00 | 46 745 699.90 | 0.74 |
| USD	AMERICA, UNITED STATES OF 2.00000% 14-31.08.21 | 43 000 000.00 | 44 054 841.60 | 0.70 |
| USD	AMERICA, UNITED STATES OF 2.12500% 14-30.09.21 | 43 000 000.00 | 44 189 216.59 | 0.70 |
| USD	AMERICA, UNITED STATES OF 2.00000% 14-31.10.21 | 43 000 000.00 | 44 150 585.40 | 0.70 |
| USD	AMERICA, UNITED STATES OF 2.25000% 14-15.11.24 | 75 500 000.00 | 81 976 480.59 | 1.30 |
| USD	AMERICA, UNITED STATES OF 2.00000% 14-30.11.21 | 43 000 000.00 | 44 143 864.50 | 0.70 |
| USD	AMERICA, UNITED STATES OF 2.12500% 14-31.12.21 | 43 000 000.00 | 44 375 660.30 | 0.70 |
| USD	AMERICA, UNITED STATES OF 1.50000% 15-31.01.22 | 43 500 000.00 | 44 483 843.85 | 0.71 |
| USD	AMERICA, UNITED STATES OF 2.00000% 15-15.02.25 | 40 000 000.00 | 43 123 436.00 | 0.68 |
| USD	AMERICA, UNITED STATES OF 1.75000% 15-28.02.22 | 43 000 000.00 | 44 216 091.60 | 0.70 |
| USD	AMERICA, UNITED STATES OF 1.75000% 15-31.03.22 | 43 000 000.00 | 44 268 160.30 | 0.70 |
| USD	AMERICA, UNITED STATES OF 1.87500% 15-31.08.22 | 35 500 000.00 | 36 868 688.30 | 0.59 |
| USD	AMERICA, UNITED STATES OF 1.75000% 15-30.09.22 | 43 000 000.00 | 44 583 943.70 | 0.71 |
| USD	AMERICA, UNITED STATES OF 1.87500% 15-31.10.22 | 43 500 000.00 | 45 282 477.75 | 0.72 |
| USD	AMERICA, UNITED STATES OF 2.00000% 15-30.11.22 | 43 000 000.00 | 44 953 472.80 | 0.71 |
| USD	AMERICA, UNITED STATES OF 2.12500% 15-31.12.22 | 38 500 000.00 | 40 434 020.55 | 0.64 |
| USD	AMERICA, UNITED STATES OF 1.75000% 16-31.01.23 | 43 000 000.00 | 44 782 147.90 | 0.71 |
| USD	AMERICA, UNITED STATES OF 1.50000% 16-28.02.23 | 43 000 000.00 | 44 533 552.00 | 0.71 |
| USD	AMERICA, UNITED STATES OF 1.50000% 16-31.03.23 | 37 250 000.00 | 38 617 771.58 | 0.61 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-30.04.23 | 43 000 000.00 | 44 767 029.10 | 0.71 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-31.05.23 | 37 250 000.00 | 38 809 843.75 | 0.62 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-31.05.21 | 43 000 000.00 | 43 561 012.40 | 0.69 |
| USD	AMERICA, UNITED STATES OF 2.12500% 11-15.08.21 | 43 000 000.00 | 44 076 677.00 | 0.70 |
| USD	AMERICA, UNITED STATES OF 2.00000% 11-15.11.21 | 43 000 000.00 | 44 212 733.30 | 0.70 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-30.06.21 | 43 000 000.00 | 43 480 387.41 | 0.69 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.06.23 | 43 000 000.00 | 44 521 795.80 | 0.71 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-31.07.21 | 43 000 000.00 | 43 517 341.60 | 0.69 |
| USD	AMERICA, UNITED STATES OF 1.25000% 16-31.07.23 | 43 000 000.00 | 44 373 983.30 | 0.70 |
| USD	AMERICA, UNITED STATES OF 2.00000% 12-15.02.22 | 43 000 000.00 | 44 385 739.50 | 0.70 |
| USD	AMERICA, UNITED STATES OF 1.75000% 12-15.05.22 | 43 500 000.00 | 44 867 870.55 | 0.71 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.09.23 | 43 500 000.00 | 45 127 848.30 | 0.72 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-30.09.21 | 43 000 000.00 | 43 584 529.10 | 0.69 |
| USD	AMERICA, UNITED STATES OF 1.25000% 16-31.10.21 | 43 000 000.00 | 43 686 989.50 | 0.69 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-31.10.23 | 43 000 000.00 | 45 013 943.70 | 0.71 |

Focused SICAV – US Treasury Bond USD Semi-Annual Report as of 30 April 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | AMERICA, UNITED STATES OF 1.62500% 12-15.08.22 | 43 000 000.00 | 44 392 460.40 | 0.70 |
| USD | AMERICA, UNITED STATES OF 1.62500% 12-15.11.22 | 43 500 000.00 | 45 032 692.05 | 0.71 |
| USD | AMERICA, UNITED STATES OF 2.12500% 16-30.11.23 | 37 250 000.00 | 39 691 618.30 | 0.63 |
| USD | AMERICA, UNITED STATES OF 1.75000% 16-30.11.21 | 30 000 000.00 | 30 728 904.00 | 0.49 |
| USD | AMERICA, UNITED STATES OF 2.00000% 17-31.12.21 | 43 000 000.00 | 44 279 920.80 | 0.70 |
| USD | AMERICA, UNITED STATES OF 2.00000% 13-15.02.23 | 43 000 000.00 | 45 108 006.20 | 0.72 |
| USD | AMERICA, UNITED STATES OF 2.25000% 17-31.12.23 | 43 000 000.00 | 46 063 750.00 | 0.73 |
| USD | AMERICA, UNITED STATES OF 1.87500% 17-31.01.22 | 8 500 000.00 | 8 747 695.11 | 0.14 |
| USD | AMERICA, UNITED STATES OF 2.25000% 17-31.01.24 | 43 000 000.00 | 46 134 295.80 | 0.73 |
| USD | AMERICA, UNITED STATES OF 1.75000% 13-15.05.23 | 43 000 000.00 | 44 945 074.90 | 0.71 |
| USD | AMERICA, UNITED STATES OF 2.50000% 13-15.08.23 | 43 000 000.00 | 46 144 375.00 | 0.73 |
| USD | AMERICA, UNITED STATES OF 2.25000% 17-29.02.24 | 43 000 000.00 | 45 971 364.50 | 0.73 |
| USD | AMERICA, UNITED STATES OF 1.87500% 17-28.02.22 | 43 000 000.00 | 44 311 835.40 | 0.70 |
| USD | AMERICA, UNITED STATES OF 2.12500% 17-31.03.24 | 43 000 000.00 | 46 046 949.91 | 0.73 |
| USD | AMERICA, UNITED STATES OF 1.87500% 17-31.03.22 | 43 000 000.00 | 44 370 625.00 | 0.70 |
| USD | AMERICA, UNITED STATES OF 2.75000% 13-15.11.23 | 43 000 000.00 | 46 713 785.30 | 0.74 |
| USD | AMERICA, UNITED STATES OF 2.50000% 14-15.05.24 | 43 000 000.00 | 46 770 897.90 | 0.74 |
| USD | AMERICA, UNITED STATES OF 2.00000% 14-31.05.21 | 43 000 000.00 | 43 854 960.40 | 0.70 |
| USD | AMERICA, UNITED STATES OF 2.12500% 14-30.06.21 | 43 000 000.00 | 43 984 295.80 | 0.70 |
| USD | AMERICA, UNITED STATES OF 2.25000% 14-31.07.21 | 43 500 000.00 | 44 621 482.20 | 0.71 |
| USD | AMERICA, UNITED STATES OF 1.75000% 15-30.04.22 | 43 000 000.00 | 44 330 312.50 | 0.70 |
| USD | AMERICA, UNITED STATES OF 1.87500% 17-30.04.22 | 43 000 000.00 | 44 424 375.00 | 0.71 |
| USD | AMERICA, UNITED STATES OF 2.00000% 17-30.04.24 | 36 500 000.00 | 38 952 343.75 | 0.62 |
| USD | AMERICA, UNITED STATES OF 1.87500% 15-31.05.22 | 43 500 000.00 | 45 008 906.25 | 0.71 |
| USD | AMERICA, UNITED STATES OF 2.12500% 15-30.06.22 | 43 500 000.00 | 45 304 567.05 | 0.72 |
| USD | AMERICA, UNITED STATES OF 2.00000% 15-31.07.22 | 43 000 000.00 | 44 730 074.90 | 0.71 |
| USD | AMERICA, UNITED STATES OF 1.75000% 17-31.05.22 | 43 000 000.00 | 44 372 302.00 | 0.70 |
| USD | AMERICA, UNITED STATES OF 2.00000% 17-31.05.24 | 43 000 000.00 | 45 939 449.90 | 0.73 |
| USD | AMERICA, UNITED STATES OF 1.75000% 17-30.06.22 | 43 000 000.00 | 44 431 091.60 | 0.71 |
| USD | AMERICA, UNITED STATES OF 2.00000% 17-30.06.24 | 38 250 000.00 | 40 903 593.75 | 0.65 |
| USD | AMERICA, UNITED STATES OF 2.62500% 18-15.07.21 | 43 000 000.00 | 44 269 841.60 | 0.70 |
| USD | AMERICA, UNITED STATES OF 2.75000% 18-31.07.23 | 43 000 000.00 | 46 455 114.50 | 0.74 |
| USD | AMERICA, UNITED STATES OF 1.75000% 19-31.07.24 | 36 500 000.00 | 38 695 701.30 | 0.61 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-15.08.22 | 50 000 000.00 | 51 470 700.00 | 0.82 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-31.08.21 | 43 000 000.00 | 43 769 295.80 | 0.69 |
| USD | AMERICA, UNITED STATES OF 1.25000% 19-31.08.24 | 43 000 000.00 | 44 709 920.80 | 0.71 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-15.09.22 | 43 000 000.00 | 44 310 154.10 | 0.70 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-30.09.24 | 43 000 000.00 | 45 200 387.40 | 0.72 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-30.09.21 | 43 000 000.00 | 43 804 568.70 | 0.70 |
| USD | AMERICA, UNITED STATES OF 1.37500% 19-15.10.22 | 43 000 000.00 | 44 209 375.00 | 0.70 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-31.10.24 | 60 000 000.00 | 63 110 154.00 | 1.00 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-31.10.21 | 43 000 000.00 | 43 844 881.20 | 0.70 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-30.11.21 | 43 000 000.00 | 43 888 552.00 | 0.70 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-30.11.24 | 43 500 000.00 | 45 816 031.35 | 0.73 |
| USD | AMERICA, UNITED STATES OF 1.62500% 19-15.12.22 | 43 000 000.00 | 44 570 506.20 | 0.71 |
| USD | AMERICA, UNITED STATES OF 1.75000% 19-31.12.24 | 44 750 000.00 | 47 665 739.95 | 0.76 |
| USD | AMERICA, UNITED STATES OF 1.62500% 19-31.12.21 | 43 000 000.00 | 44 017 887.40 | 0.70 |
| USD | AMERICA, UNITED STATES OF 1.50000% 20-15.01.23 | 43 000 000.00 | 44 464 687.50 | 0.71 |
| USD | AMERICA, UNITED STATES OF 1.37500% 20-31.01.25 | 43 000 000.00 | 45 079 449.90 | 0.72 |
| USD | AMERICA, UNITED STATES OF 1.37500% 20-31.01.22 | 43 000 000.00 | 43 878 472.80 | 0.70 |
| USD | AMERICA, UNITED STATES OF 1.37500% 20-15.02.23 | 26 000 000.00 | 26 826 716.80 | 0.43 |
| USD | AMERICA, UNITED STATES OF 1.12500% 20-28.02.22 | 43 000 000.00 | 43 727 302.00 | 0.69 |
| USD | AMERICA, UNITED STATES OF 1.12500% 20-28.02.25 | 42 500 000.00 | 44 110 350.50 | 0.70 |
| Total USD |  |  | 6 219 418 602.02 | 98.68 |
| Total Treasury notes, fixed rate | 6 219 418 602.02 | 98.68 |
| Total Transferable securities and money market instruments listed on an official stock exchange | 6 219 418 602.02 | 98.68 |
| Total investments in securities | 6 219 418 602.02 | 98.68 |
| Forward Foreign Exchange contracts |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |

| CHF | 1 957 975 200.00 | USD | 2 052 503 236.56 | 4.5.2020 | -23 828 730.01 | -0.38 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 1 707 390 400.00 | USD | 1 892 983 736.48 | 4.5.2020 | -22 879 031.42 | -0.36 |
| USD | 4 326 031.44 | CHF | 4 145 000.00 | 4.5.2020 | 31 362.22 | 0.00 |
| USD | 39 191 963.94 | CHF | 37 687 600.00 | 4.5.2020 | 143 525.87 | 0.00 |
| USD | 18 494 572.44 | EUR | 16 771 000.00 | 4.5.2020 | 125 296.14 | 0.00 |
| USD | 3 524 532.64 | EUR | 3 240 300.00 | 4.5.2020 | -24 567.95 | 0.00 |
| USD | 16 257 294.03 | EUR | 15 054 200.00 | 4.5.2020 | -231 571.23 | 0.00 |
| USD | 3 003 112.95 | CHF | 2 936 600.00 | 4.5.2020 | -39 522.91 | 0.00 |
| USD | 4 977 689.92 | EUR | 4 536 700.00 | 4.5.2020 | 8 642.41 | 0.00 |
| USD | 3 254 544.39 | CHF | 3 154 900.00 | 4.5.2020 | -14 273.93 | 0.00 |
| USD | 3 424 540.73 | CHF | 3 313 500.00 | 4.5.2020 | -8 604.38 | 0.00 |
| USD | 3 961 545.92 | EUR | 3 645 600.00 | 4.5.2020 | -31 479.76 | 0.00 |
| USD | 1 808 423 763.42 | EUR | 1 664 142 600.00 | 4.5.2020 | -14 311 626.30 | -0.23 |
| EUR | 1 664 142 600.00 | USD | 1 809 510 448.54 | 2.6.2020 | 14 285 631.67 | 0.23 |
| USD | 1 961 825 664.66 | CHF | 1 906 737 600.00 | 4.5.2020 | -13 761 135.32 | -0.22 |
| CHF | 1 906 737 600.00 | USD | 1 963 441 799.16 | 2.6.2020 | 13 725 951.45 | 0.22 |
| USD | 3 051 089.59 | CHF | 2 960 100.00 | 2.6.2020 | -18 349.15 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | -46 828 482.60 | -0.74 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 31 903 244.97 | 0.51 |
| Other assets and liabilities | 98 011 504.37 | 1.55 |
| Total net assets | 6 302 504 868.76 | 100.00 |

Focused SICAV – US Treasury Bond USD Semi-Annual Report as of 30 April 2020

Translation (ENDE, 2020-04-30):
# Focused SICAV – US Treasury Bond USD
| Wichtigste Daten |  |
| --- | --- |
| Datum | ISIN | 30.4.2020 | 31.10.2019 |
| Nettovermögen in USD |  | 6 302 504 868.76 | 265 642 943.51 |
| Klasse F-acc 1 | LU1936847935 |  |  |
| Aktien im Umlauf |  | 23 455 131.4330 | 1 159 533.0000 |
| Nettoinventarwert pro Aktie in USD |  | 105.25 | 101.25 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 105.25 | 101.25 |
| Klasse (CHF hedged) F-acc 1 | LU1936848156 |  |  |
| Aktien im Umlauf |  | 18 662 300.9710 | 670 034.0000 |
| Nettoinventarwert pro Aktie in CHF |  | 102.99 | 100.46 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 2 |  | 102.99 | 100.46 |
| Klasse (EUR hedged) F-acc 1 | LU1936848230 |  |  |
| Aktien im Umlauf |  | 16 292 849.4610 | 713 531.1580 |
| Nettoinventarwert pro Aktie in EUR |  | 103.25 | 100.54 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | 103.25 | 100.54 |
| 1  Erste NAV 17.7.2019 2  Siehe Erläuterung 1 |  |  |  |


## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Total	98.68
Vereinigte Staaten	98.68
Wirtschaftliche Aufteilung in % des Nettovermögens	
Länder- & Zentralregierungen	98.68
Total	98.68
Focused SICAV – US Treasury Bond USD Halbjahresbericht per 30. April 2020

## Nettovermögensaufstellung
Aktiva	30.4.2020
USD
Wertpapierbestand, Einstandswert	6 167 635 534.22
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	51 783 067.80	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 6 219 418 602.02 |
| Bankguthaben, Sicht- und Fristgelder | 31 903 244.97 |
| Forderungen aus Wertpapierverkäufen (Erläuterung 1) | 681 27 996.42 |
| Forderungen aus Zeichnungen | 5 229 219.58 |
| Zinsforderungen aus Wertpapieren | 31 615 411.35 |
| Sonstige Forderungen | 46 815.73 |
| Nicht realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten (Erläuterung 1) | -46 828 482.60 |
| Total Aktiva | 6 309 512 807.47 |
|  |  |
| Passiva |  |
| Verbindlichkeiten aus Rücknahmen | -6 799 270.59 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -170 672.87 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-37 995.25	 |
| Total Rückstellungen für Aufwendungen | -208 668.12 |
| Total Passiva | -7 007 938.71 |
|  |  |
| Nettovermögen am Ende der Berichtsperiode | 6 302 504 868.76 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.11.2019-30.4.2020 |
| Zinsertrag auf liquide Mittel | 11 461.78 |
| Zinsen auf Wertpapiere | 21 049 762.04 |
| Erträge aus Securities Lending (Erläuterung 11) | 231 464.03 |
| Sonstige Erträge (Erläuterung 4) | 2 900 091.72 |
| Total Erträge | 24 192 779.57 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -688 878.00 |
| Kosten aus Securities Lending (Erläuterung 11) | -92 585.61 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -37 976.19 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -1 530.63 |
| Total Aufwendungen | -820 970.43 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 23 371 809.14 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | 2 100 069.12 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | -27 445.40 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | -112 071 192.12 |
| Realisierter Währungsgewinn (-verlust) | 36 320 865.07 |
| Total der realisierten Gewinne (Verluste) | -73 677 703.33 |
|  |  |
| Realisierter Nettogewinn (-verlust) der Berichtsperiode | -50 305 894.19 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | 52 447 424.51 |
| Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten | -11 953.08 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | -56 678 975.54 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | -4 243 504.11 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | -54 549 398.30 |

Focused SICAV – US Treasury Bond USD Halbjahresbericht per 30. April 2020
| Veränderungen des Nettovermögens |  |
| --- | --- |
|  | USD |
|  | 1.11.2019-30.4.2020 |
| Nettovermögen zu Beginn der Berichtsperiode | 265 642 943.51 |
| Zeichnungen | 6 682 821 930.55 |
| Rücknahmen | 	-591 410 607.00	 |
| Total Mittelzufluss (-abfluss) | 6 091 411 323.55 |
| Nettoerträge (-verluste) aus Anlagen | 23 371 809.14 |
| Total der realisierten Gewinne (Verluste) | -73 677 703.33 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	-4 243 504.11	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | -54 549 398.30 |
| Nettovermögen am Ende der Berichtsperiode | 6 302 504 868.76 |
| Entwicklung der Aktien im Umlauf |  |
|  | 1.11.2019-30.4.2020 |
| Klasse | F-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 1 159 533.0000 |
| Anzahl der ausgegebenen Aktien | 24 967 948.6010 |
| Anzahl der zurückgegebenen Aktien | -2 672 350.1680 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 23 455 131.4330 |
| Klasse | (CHF hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 670 034.0000 |
| Anzahl der ausgegebenen Aktien | 19 289 746.3040 |
| Anzahl der zurückgegebenen Aktien | -1 297 479.3330 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 18 662 300.9710 |
| Klasse | (EUR hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 713 531.1580 |
| Anzahl der ausgegebenen Aktien | 17 136 146.3240 |
| Anzahl der zurückgegebenen Aktien | -1 556 828.0210 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 16 292 849.4610 |

Focused SICAV – US Treasury Bond USD Halbjahresbericht per 30. April 2020

## Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 30. April 2020
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden Treasury-Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 8.12500% 91-15.05.21 | 9 500 000.00 | 10 289 316.05 | 0.16 |
| USD	AMERICA, UNITED STATES OF 8.12500% 91-15.08.21 | 43 500 000.00 | 47 980 839.30 | 0.76 |
| USD	AMERICA, UNITED STATES OF 8.00000% 91-15.11.21 | 9 500 000.00 | 10 642 597.30 | 0.17 |
| USD	AMERICA, UNITED STATES OF 7.25000% 92-15.08.22 | 15 871 000.00 | 18 436 397.97 | 0.29 |
| USD	AMERICA, UNITED STATES OF 7.62500% 92-15.11.22 | 43 000 000.00 | 51 099 449.90 | 0.81 |
| USD	AMERICA, UNITED STATES OF 7.12500% 93-15.02.23 | 13 799 000.00 | 16 459 080.15 | 0.26 |
| USD	AMERICA, UNITED STATES OF 6.25000% 93-15.08.23 | 3 750 000.00 | 4 489 746.00 | 0.07 |
| USD	AMERICA, UNITED STATES OF 7.50000% 94-15.11.24 | 9 500 000.00 | 12 576 366.95 | 0.20 |
| USD	AMERICA, UNITED STATES OF 7.62500% 95-15.02.25 | 9 500 000.00 | 12 800 136.60 | 0.20 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-31.08.23 | 50 000 000.00 | 51 837 890.00 | 0.82 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-31.08.21 | 40 000 000.00 | 40 503 124.00 | 0.64 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-31.07.24 | 43 000 000.00 | 46 256 910.30 | 0.73 |
| USD	AMERICA, UNITED STATES OF 1.87500% 17-31.07.22 | 34 500 000.00 | 35 788 357.65 | 0.57 |
| USD	AMERICA, UNITED STATES OF 1.62500% 17-31.08.22 | 43 000 000.00 | 44 404 216.60 | 0.70 |
| USD	AMERICA, UNITED STATES OF 1.87500% 17-31.08.24 | 55 000 000.00 | 58 654 491.50 | 0.93 |
| USD	AMERICA, UNITED STATES OF 1.87500% 17-30.09.22 | 44 000 000.00 | 45 749 686.40 | 0.73 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-30.09.24 | 36 500 000.00 | 39 362 968.75 | 0.62 |
| USD	AMERICA, UNITED STATES OF 2.00000% 17-31.10.22 | 43 000 000.00 | 44 896 364.50 | 0.71 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-31.10.24 | 59 500 000.00 | 64 578 414.25 | 1.02 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-30.11.24 | 50 000 000.00 | 54 062 500.00 | 0.86 |
| USD	AMERICA, UNITED STATES OF 2.25000% 18-31.12.24 | 59 500 000.00 | 64 752 731.40 | 1.03 |
| USD	AMERICA, UNITED STATES OF 2.37500% 18-31.01.23 | 38 963 000.00 | 41 247 509.78 | 0.65 |
| USD	AMERICA, UNITED STATES OF 2.50000% 18-31.01.25 | 41 000 000.00 | 45 160 856.30 | 0.72 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-28.02.25 | 63 500 000.00 | 70 802 500.00 | 1.12 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-28.02.23 | 43 000 000.00 | 45 890 739.50 | 0.73 |
| USD	AMERICA, UNITED STATES OF 2.50000% 18-31.03.23 | 43 000 000.00 | 45 818 512.40 | 0.73 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-30.04.23 | 42 250 000.00 | 45 403 894.90 | 0.72 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-15.05.21 | 38 500 000.00 | 39 486 562.50 | 0.63 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.05.23 | 43 000 000.00 | 46 287 147.90 | 0.73 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-15.06.21 | 43 500 000.00 | 44 706 442.05 | 0.71 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-30.06.23 | 43 000 000.00 | 46 206 522.90 | 0.73 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-15.08.21 | 43 000 000.00 | 44 427 733.30 | 0.71 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.08.23 | 43 000 000.00 | 46 532 381.20 | 0.74 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-15.09.21 | 37 250 000.00 | 38 561 024.92 | 0.61 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.09.23 | 43 000 000.00 | 46 797 772.90 | 0.74 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-15.10.21 | 43 500 000.00 | 45 212 812.50 | 0.72 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.10.23 | 37 250 000.00 | 40 605 409.23 | 0.64 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-15.11.21 | 50 000 000.00 | 52 044 920.00 | 0.83 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.11.23 | 43 000 000.00 | 46 960 699.90 | 0.75 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-15.12.21 | 43 000 000.00 | 44 693 125.00 | 0.71 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-31.12.23 | 48 500 000.00 | 52 614 919.45 | 0.83 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-15.01.22 | 43 000 000.00 | 44 678 006.20 | 0.71 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-31.01.24 | 43 500 000.00 | 47 068 357.20 | 0.75 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-15.02.22 | 37 250 000.00 | 38 776 374.63 | 0.62 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-29.02.24 | 39 500 000.00 | 42 612 165.50 | 0.68 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-15.03.22 | 50 000 000.00 | 52 027 340.00 | 0.83 |
| USD	AMERICA, UNITED STATES OF 2.25000% 19-15.04.22 | 43 500 000.00 | 45 234 901.80 | 0.72 |
| USD	AMERICA, UNITED STATES OF 2.25000% 19-30.04.24 | 43 000 000.00 | 46 314 022.90 | 0.73 |
| USD	AMERICA, UNITED STATES OF 2.12500% 19-15.05.22 | 43 000 000.00 | 44 671 285.30 | 0.71 |
| USD	AMERICA, UNITED STATES OF 2.12500% 19-31.05.21 | 43 500 000.00 | 44 424 375.00 | 0.71 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-15.06.22 | 43 000 000.00 | 44 412 614.50 | 0.70 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-30.06.24 | 43 500 000.00 | 46 076 013.45 | 0.73 |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-30.06.21 | 43 500 000.00 | 44 244 254.55 | 0.70 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-15.07.22 | 43 000 000.00 | 44 457 966.60 | 0.71 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-31.07.21 | 43 000 000.00 | 43 849 920.80 | 0.70 |
| USD	AMERICA, UNITED STATES OF 2.75000% 14-15.02.24 | 43 500 000.00 | 47 508 455.40 | 0.75 |
| USD	AMERICA, UNITED STATES OF 2.37500% 14-15.08.24 | 43 000 000.00 | 46 745 699.90 | 0.74 |
| USD	AMERICA, UNITED STATES OF 2.00000% 14-31.08.21 | 43 000 000.00 | 44 054 841.60 | 0.70 |
| USD	AMERICA, UNITED STATES OF 2.12500% 14-30.09.21 | 43 000 000.00 | 44 189 216.59 | 0.70 |
| USD	AMERICA, UNITED STATES OF 2.00000% 14-31.10.21 | 43 000 000.00 | 44 150 585.40 | 0.70 |
| USD	AMERICA, UNITED STATES OF 2.25000% 14-15.11.24 | 75 500 000.00 | 81 976 480.59 | 1.30 |
| USD	AMERICA, UNITED STATES OF 2.00000% 14-30.11.21 | 43 000 000.00 | 44 143 864.50 | 0.70 |
| USD	AMERICA, UNITED STATES OF 2.12500% 14-31.12.21 | 43 000 000.00 | 44 375 660.30 | 0.70 |
| USD	AMERICA, UNITED STATES OF 1.50000% 15-31.01.22 | 43 500 000.00 | 44 483 843.85 | 0.71 |
| USD	AMERICA, UNITED STATES OF 2.00000% 15-15.02.25 | 40 000 000.00 | 43 123 436.00 | 0.68 |
| USD	AMERICA, UNITED STATES OF 1.75000% 15-28.02.22 | 43 000 000.00 | 44 216 091.60 | 0.70 |
| USD	AMERICA, UNITED STATES OF 1.75000% 15-31.03.22 | 43 000 000.00 | 44 268 160.30 | 0.70 |
| USD	AMERICA, UNITED STATES OF 1.87500% 15-31.08.22 | 35 500 000.00 | 36 868 688.30 | 0.59 |
| USD	AMERICA, UNITED STATES OF 1.75000% 15-30.09.22 | 43 000 000.00 | 44 583 943.70 | 0.71 |
| USD	AMERICA, UNITED STATES OF 1.87500% 15-31.10.22 | 43 500 000.00 | 45 282 477.75 | 0.72 |
| USD	AMERICA, UNITED STATES OF 2.00000% 15-30.11.22 | 43 000 000.00 | 44 953 472.80 | 0.71 |
| USD	AMERICA, UNITED STATES OF 2.12500% 15-31.12.22 | 38 500 000.00 | 40 434 020.55 | 0.64 |
| USD	AMERICA, UNITED STATES OF 1.75000% 16-31.01.23 | 43 000 000.00 | 44 782 147.90 | 0.71 |
| USD	AMERICA, UNITED STATES OF 1.50000% 16-28.02.23 | 43 000 000.00 | 44 533 552.00 | 0.71 |
| USD	AMERICA, UNITED STATES OF 1.50000% 16-31.03.23 | 37 250 000.00 | 38 617 771.58 | 0.61 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-30.04.23 | 43 000 000.00 | 44 767 029.10 | 0.71 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-31.05.23 | 37 250 000.00 | 38 809 843.75 | 0.62 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-31.05.21 | 43 000 000.00 | 43 561 012.40 | 0.69 |
| USD	AMERICA, UNITED STATES OF 2.12500% 11-15.08.21 | 43 000 000.00 | 44 076 677.00 | 0.70 |
| USD	AMERICA, UNITED STATES OF 2.00000% 11-15.11.21 | 43 000 000.00 | 44 212 733.30 | 0.70 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-30.06.21 | 43 000 000.00 | 43 480 387.41 | 0.69 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.06.23 | 43 000 000.00 | 44 521 795.80 | 0.71 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-31.07.21 | 43 000 000.00 | 43 517 341.60 | 0.69 |
| USD	AMERICA, UNITED STATES OF 1.25000% 16-31.07.23 | 43 000 000.00 | 44 373 983.30 | 0.70 |
| USD	AMERICA, UNITED STATES OF 2.00000% 12-15.02.22 | 43 000 000.00 | 44 385 739.50 | 0.70 |
| USD	AMERICA, UNITED STATES OF 1.75000% 12-15.05.22 | 43 500 000.00 | 44 867 870.55 | 0.71 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.09.23 | 43 500 000.00 | 45 127 848.30 | 0.72 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-30.09.21 | 43 000 000.00 | 43 584 529.10 | 0.69 |
| USD	AMERICA, UNITED STATES OF 1.25000% 16-31.10.21 | 43 000 000.00 | 43 686 989.50 | 0.69 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-31.10.23 | 43 000 000.00 | 45 013 943.70 | 0.71 |

Focused SICAV – US Treasury Bond USD Halbjahresbericht per 30. April 2020
|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| USD | AMERICA, UNITED STATES OF 1.62500% 12-15.08.22 | 43 000 000.00 | 44 392 460.40 | 0.70 |
| USD | AMERICA, UNITED STATES OF 1.62500% 12-15.11.22 | 43 500 000.00 | 45 032 692.05 | 0.71 |
| USD | AMERICA, UNITED STATES OF 2.12500% 16-30.11.23 | 37 250 000.00 | 39 691 618.30 | 0.63 |
| USD | AMERICA, UNITED STATES OF 1.75000% 16-30.11.21 | 30 000 000.00 | 30 728 904.00 | 0.49 |
| USD | AMERICA, UNITED STATES OF 2.00000% 17-31.12.21 | 43 000 000.00 | 44 279 920.80 | 0.70 |
| USD | AMERICA, UNITED STATES OF 2.00000% 13-15.02.23 | 43 000 000.00 | 45 108 006.20 | 0.72 |
| USD | AMERICA, UNITED STATES OF 2.25000% 17-31.12.23 | 43 000 000.00 | 46 063 750.00 | 0.73 |
| USD | AMERICA, UNITED STATES OF 1.87500% 17-31.01.22 | 8 500 000.00 | 8 747 695.11 | 0.14 |
| USD | AMERICA, UNITED STATES OF 2.25000% 17-31.01.24 | 43 000 000.00 | 46 134 295.80 | 0.73 |
| USD | AMERICA, UNITED STATES OF 1.75000% 13-15.05.23 | 43 000 000.00 | 44 945 074.90 | 0.71 |
| USD | AMERICA, UNITED STATES OF 2.50000% 13-15.08.23 | 43 000 000.00 | 46 144 375.00 | 0.73 |
| USD | AMERICA, UNITED STATES OF 2.25000% 17-29.02.24 | 43 000 000.00 | 45 971 364.50 | 0.73 |
| USD | AMERICA, UNITED STATES OF 1.87500% 17-28.02.22 | 43 000 000.00 | 44 311 835.40 | 0.70 |
| USD | AMERICA, UNITED STATES OF 2.12500% 17-31.03.24 | 43 000 000.00 | 46 046 949.91 | 0.73 |
| USD | AMERICA, UNITED STATES OF 1.87500% 17-31.03.22 | 43 000 000.00 | 44 370 625.00 | 0.70 |
| USD | AMERICA, UNITED STATES OF 2.75000% 13-15.11.23 | 43 000 000.00 | 46 713 785.30 | 0.74 |
| USD | AMERICA, UNITED STATES OF 2.50000% 14-15.05.24 | 43 000 000.00 | 46 770 897.90 | 0.74 |
| USD | AMERICA, UNITED STATES OF 2.00000% 14-31.05.21 | 43 000 000.00 | 43 854 960.40 | 0.70 |
| USD | AMERICA, UNITED STATES OF 2.12500% 14-30.06.21 | 43 000 000.00 | 43 984 295.80 | 0.70 |
| USD | AMERICA, UNITED STATES OF 2.25000% 14-31.07.21 | 43 500 000.00 | 44 621 482.20 | 0.71 |
| USD | AMERICA, UNITED STATES OF 1.75000% 15-30.04.22 | 43 000 000.00 | 44 330 312.50 | 0.70 |
| USD | AMERICA, UNITED STATES OF 1.87500% 17-30.04.22 | 43 000 000.00 | 44 424 375.00 | 0.71 |
| USD | AMERICA, UNITED STATES OF 2.00000% 17-30.04.24 | 36 500 000.00 | 38 952 343.75 | 0.62 |
| USD | AMERICA, UNITED STATES OF 1.87500% 15-31.05.22 | 43 500 000.00 | 45 008 906.25 | 0.71 |
| USD | AMERICA, UNITED STATES OF 2.12500% 15-30.06.22 | 43 500 000.00 | 45 304 567.05 | 0.72 |
| USD | AMERICA, UNITED STATES OF 2.00000% 15-31.07.22 | 43 000 000.00 | 44 730 074.90 | 0.71 |
| USD | AMERICA, UNITED STATES OF 1.75000% 17-31.05.22 | 43 000 000.00 | 44 372 302.00 | 0.70 |
| USD | AMERICA, UNITED STATES OF 2.00000% 17-31.05.24 | 43 000 000.00 | 45 939 449.90 | 0.73 |
| USD | AMERICA, UNITED STATES OF 1.75000% 17-30.06.22 | 43 000 000.00 | 44 431 091.60 | 0.71 |
| USD | AMERICA, UNITED STATES OF 2.00000% 17-30.06.24 | 38 250 000.00 | 40 903 593.75 | 0.65 |
| USD | AMERICA, UNITED STATES OF 2.62500% 18-15.07.21 | 43 000 000.00 | 44 269 841.60 | 0.70 |
| USD | AMERICA, UNITED STATES OF 2.75000% 18-31.07.23 | 43 000 000.00 | 46 455 114.50 | 0.74 |
| USD | AMERICA, UNITED STATES OF 1.75000% 19-31.07.24 | 36 500 000.00 | 38 695 701.30 | 0.61 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-15.08.22 | 50 000 000.00 | 51 470 700.00 | 0.82 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-31.08.21 | 43 000 000.00 | 43 769 295.80 | 0.69 |
| USD | AMERICA, UNITED STATES OF 1.25000% 19-31.08.24 | 43 000 000.00 | 44 709 920.80 | 0.71 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-15.09.22 | 43 000 000.00 | 44 310 154.10 | 0.70 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-30.09.24 | 43 000 000.00 | 45 200 387.40 | 0.72 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-30.09.21 | 43 000 000.00 | 43 804 568.70 | 0.70 |
| USD | AMERICA, UNITED STATES OF 1.37500% 19-15.10.22 | 43 000 000.00 | 44 209 375.00 | 0.70 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-31.10.24 | 60 000 000.00 | 63 110 154.00 | 1.00 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-31.10.21 | 43 000 000.00 | 43 844 881.20 | 0.70 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-30.11.21 | 43 000 000.00 | 43 888 552.00 | 0.70 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-30.11.24 | 43 500 000.00 | 45 816 031.35 | 0.73 |
| USD | AMERICA, UNITED STATES OF 1.62500% 19-15.12.22 | 43 000 000.00 | 44 570 506.20 | 0.71 |
| USD | AMERICA, UNITED STATES OF 1.75000% 19-31.12.24 | 44 750 000.00 | 47 665 739.95 | 0.76 |
| USD | AMERICA, UNITED STATES OF 1.62500% 19-31.12.21 | 43 000 000.00 | 44 017 887.40 | 0.70 |
| USD | AMERICA, UNITED STATES OF 1.50000% 20-15.01.23 | 43 000 000.00 | 44 464 687.50 | 0.71 |
| USD | AMERICA, UNITED STATES OF 1.37500% 20-31.01.25 | 43 000 000.00 | 45 079 449.90 | 0.72 |
| USD | AMERICA, UNITED STATES OF 1.37500% 20-31.01.22 | 43 000 000.00 | 43 878 472.80 | 0.70 |
| USD | AMERICA, UNITED STATES OF 1.37500% 20-15.02.23 | 26 000 000.00 | 26 826 716.80 | 0.43 |
| USD | AMERICA, UNITED STATES OF 1.12500% 20-28.02.22 | 43 000 000.00 | 43 727 302.00 | 0.69 |
| USD | AMERICA, UNITED STATES OF 1.12500% 20-28.02.25 | 42 500 000.00 | 44 110 350.50 | 0.70 |
| Total USD |  |  | 6 219 418 602.02 | 98.68 |
| Total Treasury-Notes, fester Zins | 6 219 418 602.02 | 98.68 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 6 219 418 602.02 | 98.68 |
| Total des Wertpapierbestandes | 6 219 418 602.02 | 98.68 |
| Devisenterminkontrakte |  |  |
| Devisenterminkontrakte (Kauf/Verkauf) |  |  |

| CHF | 1 957 975 200.00 | USD | 2 052 503 236.56 | 4.5.2020 | -23 828 730.01 | -0.38 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 1 707 390 400.00 | USD | 1 892 983 736.48 | 4.5.2020 | -22 879 031.42 | -0.36 |
| USD | 4 326 031.44 | CHF | 4 145 000.00 | 4.5.2020 | 31 362.22 | 0.00 |
| USD | 39 191 963.94 | CHF | 37 687 600.00 | 4.5.2020 | 143 525.87 | 0.00 |
| USD | 18 494 572.44 | EUR | 16 771 000.00 | 4.5.2020 | 125 296.14 | 0.00 |
| USD | 3 524 532.64 | EUR | 3 240 300.00 | 4.5.2020 | -24 567.95 | 0.00 |
| USD | 16 257 294.03 | EUR | 15 054 200.00 | 4.5.2020 | -231 571.23 | 0.00 |
| USD | 3 003 112.95 | CHF | 2 936 600.00 | 4.5.2020 | -39 522.91 | 0.00 |
| USD | 4 977 689.92 | EUR | 4 536 700.00 | 4.5.2020 | 8 642.41 | 0.00 |
| USD | 3 254 544.39 | CHF | 3 154 900.00 | 4.5.2020 | -14 273.93 | 0.00 |
| USD | 3 424 540.73 | CHF | 3 313 500.00 | 4.5.2020 | -8 604.38 | 0.00 |
| USD | 3 961 545.92 | EUR | 3 645 600.00 | 4.5.2020 | -31 479.76 | 0.00 |
| USD | 1 808 423 763.42 | EUR | 1 664 142 600.00 | 4.5.2020 | -14 311 626.30 | -0.23 |
| EUR | 1 664 142 600.00 | USD | 1 809 510 448.54 | 2.6.2020 | 14 285 631.67 | 0.23 |
| USD | 1 961 825 664.66 | CHF | 1 906 737 600.00 | 4.5.2020 | -13 761 135.32 | -0.22 |
| CHF | 1 906 737 600.00 | USD | 1 963 441 799.16 | 2.6.2020 | 13 725 951.45 | 0.22 |
| USD | 3 051 089.59 | CHF | 2 960 100.00 | 2.6.2020 | -18 349.15 | 0.00 |
| Total Devisenterminkontrakte (Kauf/Verkauf) | -46 828 482.60 | -0.74 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 31 903 244.97 | 0.51 |
| Andere Aktiva und Passiva | 98 011 504.37 | 1.55 |
| Total des Nettovermögens | 6 302 504 868.76 | 100.00 |

Focused SICAV – US Treasury Bond USD Halbjahresbericht per 30. April 2020