# Focused SICAV – High Grade Bond USD
| Most important figures |  |
| --- | --- |
| Date | ISIN | 30.4.2020 | 31.10.2019 | 31.10.2018 |
| Net assets in USD |  | 3 329 019 591.33 | 3 242 882 467.48 | 4 832 927 397.98 |
| Class F-acc | LU0224580786 |  |  |  |
| Shares outstanding |  | 7 941 398.1990 | 7 324 921.0680 | 11 366 285.8300 |
| Net asset value per share in USD |  | 157.43 | 151.85 | 143.08 |
| Issue and redemption price per share in USD 1 |  | 157.43 | 151.85 | 143.08 |
| Class (CHF hedged) F-acc | LU1339538412 |  |  |  |
| Shares outstanding |  | 7 272 647.4670 | 8 153 056.8350 | 15 507 140.2380 |
| Net asset value per share in CHF |  | 99.50 | 97.38 | 95.04 |
| Issue and redemption price per share in CHF 1 |  | 99.50 | 97.38 | 95.04 |
| Class (EUR hedged) F-acc | LU1132652998 |  |  |  |
| Shares outstanding |  | 7 832 601.1550 | 10 446 336.9250 | 14 416 312.4940 |
| Net asset value per share in EUR |  | 102.53 | 100.09 | 97.16 |
| Issue and redemption price per share in EUR 1 |  | 102.53 | 100.09 | 97.16 |
| Class (GBP hedged) F-acc | LU1339538503 |  |  |  |
| Shares outstanding |  | 2 297 396.3480 | 291 623.2030 | 529 155.9620 |
| Net asset value per share in GBP |  | 106.61 | 103.42 | 99.04 |
| Issue and redemption price per share in GBP 1 |  | 106.61 | 103.42 | 99.04 |
| Class (JPY hedged) F-acc 2 | LU1786948718 |  |  |  |
| Shares outstanding |  | 95 970.0000 | 192 476.0000 | - |
| Net asset value per share in JPY |  | 10 358 | 10 110 | - |
| Issue and redemption price per share in JPY 1 |  | 10 358 | 10 110 | - |
| Class (SGD hedged) F-acc | LU1344159089 |  |  |  |
| Shares outstanding |  | 19 628.6730 | 62 480.6770 | 49 383.0000 |
| Net asset value per share in SGD |  | 109.79 | 106.05 | 100.55 |
| Issue and redemption price per share in SGD 1 |  | 109.79 | 106.05 | 100.55 |
| Class F-UKdist | LU0721134624 |  |  |  |
| Shares outstanding |  | 1 144 916.0000 | 815 779.0000 | 457 092.0000 |
| Net asset value per share in USD |  | 103.45 | 102.32 | 98.42 |
| Issue and redemption price per share in USD 1 |  | 103.45 | 102.32 | 98.42 |
| Class (CHF hedged) F-UKdist | LU1554453867 |  |  |  |
| Shares outstanding |  | 29 701.0620 | 82 046.4110 | 104 323.9350 |
| Net asset value per share in CHF |  | 94.57 | 95.23 | 95.31 |
| Issue and redemption price per share in CHF 1 |  | 94.57 | 95.23 | 95.31 |
| Class (EUR hedged) F-UKdist | LU1554452620 |  |  |  |
| Shares outstanding |  | 71 900.0000 | 50 650.0000 | 206 076.1720 |
| Net asset value per share in EUR |  | 95.98 | 96.51 | 95.74 |
| Issue and redemption price per share in EUR 1 |  | 95.98 | 96.51 | 95.74 |
| Class (GBP hedged) F-UKdist | LU1554454329 |  |  |  |
| Shares outstanding |  | 5 439.3010 | 6 263.7580 | 52 127.8390 |
| Net asset value per share in GBP |  | 100.22 | 99.45 | 97.45 |
| Issue and redemption price per share in GBP 1 |  | 100.22 | 99.45 | 97.45 |
| 1  See note 1 2  First NAV: 24.5.2019 |  |  |  |  |

Focused SICAV – High Grade Bond USD Semi-Annual Report as of 30 April 2020

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	77.19
Canada	4.06
Australia	2.02
The Netherlands	1.86
France	1.46
Singapore	1.42
South Korea	1.29
Finland	1.29
Sweden	1.12
Norway	1.06
Supranationals	1.06
United Kingdom	0.92
Jersey	0.81
Ivory Coast	0.75
Germany	0.70
United Arab Emirates	0.33
Japan	0.32
China	0.32
Qatar	0.25
Philippines	0.16
Kuwait	0.15
Austria	0.08
Economic Breakdown as a % of net assets	
Countries & central governments	59.18
Banks & credit institutions	17.22
Mortgage & funding institutions	9.65
Supranational organisations	4.72
Finance & holding companies	3.98
Public, non-profit institutions	1.45
Pharmaceuticals, cosmetics & medical products	0.49
Miscellaneous services	0.42
Cantons, federal states	0.38
Vehicles	0.32
Miscellaneous consumer goods	0.24
Internet, software & IT services	0.22
Petroleum	0.14
Traffic & transportation	0.07
Retail trade, department stores	0.06
Environmental services & recycling	0.06
Computer hardware & network equipment providers	0.02
Total	98.62
Total	98.62
Focused SICAV – High Grade Bond USD Semi-Annual Report as of 30 April 2020

## Statement of Net Assets
Assets	30.4.2020
USD
Investments in securities, cost	3 232 446 302.10
| Investments in securities, unrealized appreciation (depreciation) | 	50 553 154.60	 |
| --- | --- |
| Total investments in securities (Note 1) | 3 282 999 456.70 |
| Cash at banks, deposits on demand and deposit accounts | 24 205 542.25 |
| Receivable on securities sales (Note 1) | 30 479 434.55 |
| Receivable on subscriptions | 4 677 256.38 |
| Interest receivable on securities | 16 804 004.95 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | -12 186 777.93 |
| Total Assets | 3 346 978 916.90 |
|  |  |
| Liabilities |  |
| Payable on securities purchases (Note 1) | -2 658 607.34 |
| Payable on redemptions | -14 975 473.55 |
| Provisions for flat fee (Note 2) | -174 394.56 |
| Provisions for taxe d’abonnement (Note 3) | -27 437.00 |
| Provisions for other commissions and fees (Note 2) | 	-123 413.12	 |
| Total provisions | -325 244.68 |
| Total Liabilities | -17 959 325.57 |
|  |  |
| Net assets at the end of the period | 3 329 019 591.33 |
| Statement of Operations | USD |
| Income | 1.11.2019-30.4.2020 |
| Interest on liquid assets | 59 110.00 |
| Interest on securities | 29 773 122.24 |
| Dividends | 143 748.22 |
| Income on securities lending (Note 11) | 728 770.40 |
| Other income (Note 4) | 4 082 737.87 |
| Total income | 34 787 488.73 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -1 522 437.55 |
| Taxe d’abonnement (Note 3) | -119 382.54 |
| Cost on securities lending (Note 11) | -291 508.16 |
| Other commissions and fees (Note 2) | -57 117.19 |
| Interest on cash and bank overdraft | -2 021.98 |
| Total expenses | -1 992 467.42 |
|  |  |
| Net income (loss) on investments | 32 795 021.31 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 29 653 261.68 |
| Realized gain (loss) on financial futures | -45 722.10 |
| Realized gain (loss) on forward foreign exchange contracts | 11 413 286.02 |
| Realized gain (loss) on foreign exchange | -19 408 764.22 |
| Total realized gain (loss) | 21 612 061.38 |
|  |  |
| Net realized gain (loss) of the period | 54 407 082.69 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 7 773 280.62 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | -53 300 922.43 |
| Total changes in unrealized appreciation (depreciation) | -45 527 641.81 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 8 879 440.88 |
| Statement of Changes in Net Assets | USD |
|  | 1.11.2019-30.4.2020 |
| Net assets at the beginning of the period | 3 242 882 467.48 |
| Subscriptions | 3 448 906 109.84 |
| Redemptions | 	-3 369 186 888.96	 |
| Total net subscriptions (redemptions) | 79 719 220.88 |
| Dividend paid | -2 461 537.91 |
| Net income (loss) on investments | 32 795 021.31 |
| Total realized gain (loss) | 21 612 061.38 |
| Total changes in unrealized appreciation (depreciation) | 	-45 527 641.81	 |
| Net increase (decrease) in net assets as a result of operations | 8 879 440.88 |
| Net assets at the end of the period | 3 329 019 591.33 |

Focused SICAV – High Grade Bond USD Semi-Annual Report as of 30 April 2020
| 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 | 7 324 921.0680 |
| Number of shares issued | 8 636 532.9530 |
| Number of shares redeemed | -8 020 055.8220 |
| Number of shares outstanding at the end of the period | 7 941 398.1990 |
| Class | (CHF hedged) F-acc |
| Number of shares outstanding at the beginning of the period | 8 153 056.8350 |
| Number of shares issued | 7 454 206.8630 |
| Number of shares redeemed | -8 334 616.2310 |
| Number of shares outstanding at the end of the period | 7 272 647.4670 |
| Class | (EUR hedged) F-acc |
| Number of shares outstanding at the beginning of the period | 10 446 336.9250 |
| Number of shares issued | 7 674 690.8730 |
| Number of shares redeemed | -10 288 426.6430 |
| Number of shares outstanding at the end of the period | 7 832 601.1550 |
| Class | (GBP hedged) F-acc |
| Number of shares outstanding at the beginning of the period | 291 623.2030 |
| Number of shares issued | 2 479 437.0000 |
| Number of shares redeemed | -473 663.8550 |
| Number of shares outstanding at the end of the period | 2 297 396.3480 |
| Class | (JPY hedged) F-acc |
| Number of shares outstanding at the beginning of the period | 192 476.0000 |
| Number of shares issued | 21 437.0000 |
| Number of shares redeemed | -117 943.0000 |
| Number of shares outstanding at the end of the period | 95 970.0000 |
| Class | (SGD hedged) F-acc |
| Number of shares outstanding at the beginning of the period | 62 480.6770 |
| Number of shares issued | 43 935.6610 |
| Number of shares redeemed | -86 787.6650 |
| Number of shares outstanding at the end of the period | 19 628.6730 |
| Class | F-UKdist |
| Number of shares outstanding at the beginning of the period | 815 779.0000 |
| Number of shares issued | 524 967.0000 |
| Number of shares redeemed | -195 830.0000 |
| Number of shares outstanding at the end of the period | 1 144 916.0000 |
| Class | (CHF hedged) F-UKdist |
| Number of shares outstanding at the beginning of the period | 82 046.4110 |
| Number of shares issued | 39 042.4620 |
| Number of shares redeemed | -91 387.8110 |
| Number of shares outstanding at the end of the period | 29 701.0620 |
| Class | (EUR hedged) F-UKdist |
| Number of shares outstanding at the beginning of the period | 50 650.0000 |
| Number of shares issued | 79 855.0000 |
| Number of shares redeemed | -58 605.0000 |
| Number of shares outstanding at the end of the period | 71 900.0000 |
| Class | (GBP hedged) F-UKdist |
| Number of shares outstanding at the beginning of the period | 6 263.7580 |
| Number of shares issued | 349 625.5370 |
| Number of shares redeemed | -350 449.9940 |
| Number of shares outstanding at the end of the period | 5 439.3010 |

| Annual Distribution 1 |  |
| --- | --- |
| Focused SICAV – High Grade Bond USD | Ex-Date | Pay-Date | Currency | Amount per share |
| F-UKdist | 15.11.2019 | 20.11.2019 | USD | 2.28 |
| F-UKdist | 14.2.2020 | 19.2.2020 | USD | 0.26 |
| (CHF hedged) F-UKdist | 15.11.2019 | 20.11.2019 | CHF | 2.14 |
| (CHF hedged) F-UKdist | 14.2.2020 | 19.2.2020 | CHF | 0.53 |
| (EUR hedged) F-UKdist | 15.11.2019 | 20.11.2019 | EUR | 2.20 |
| (EUR hedged) F-UKdist | 14.2.2020 | 19.2.2020 | EUR | 0.61 |
| (GBP hedged) F-UKdist | 15.11.2019 | 20.11.2019 | GBP | 2.20 |
| (GBP hedged) F-UKdist | 14.2.2020 | 19.2.2020 | GBP | 0.02 |
| 1  See note 5 |  |  |  |  |

Focused SICAV – High Grade 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 |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AFRICAN DEVELOPMENT BANK 1.25000% 16-26.07.21 | 7 000 000.00 | 7 068 097.40 | 0.21 |
| USD	AFRICAN DEVELOPMENT BANK 3.00000% 18-20.09.23 | 7 000 000.00 | 7 568 876.70 | 0.23 |
| USD	ALPHABET INC 3.62500% 16-19.05.21 | 2 500 000.00 | 2 577 823.75 | 0.08 |
| USD	ANZ NEW ZEALAND INT’L LTD/LDN-REG-S 2.87500% 17-25.01.22 | 7 000 000.00 | 7 135 800.00 | 0.21 |
| USD	APPLE INC 2.25000% 16-23.02.21 | 500 000.00 | 505 826.15 | 0.01 |
| USD	ASIAN DEVELOPMENT BANK 2.62500% 19-30.01.24 | 5 000 000.00 | 5 402 200.00 | 0.16 |
| USD	BANK OF ENGLAND-REG-S 0.50000% 20-28.04.23 | 7 500 000.00 | 7 518 000.00 | 0.23 |
| USD	BERKSHIRE HATHAWAY FINANCE CORP 3.00000% 12-15.05.22 | 4 000 000.00 | 4 199 920.40 | 0.13 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 2.75000% 17-10.03.22 | 10 000 000.00 | 10 281 900.00 | 0.31 |
| USD	COUNCIL OF EUROPE DEVELOPMENT BANK 1.62500% 16-16.03.21 | 3 000 000.00 | 3 030 420.30 | 0.09 |
| USD	CPPIB CAPITAL INC-REG-S 1.25000% 20-04.03.25 | 7 500 000.00 | 7 653 339.00 | 0.23 |
| USD	EQUINOR ASA 2.45000% 12-17.01.23 | 4 400 000.00 | 4 515 510.12 | 0.14 |
| USD	EXPORT-IMPORT BANK OF KOREA 2.75000% 17-25.01.22 | 6 855 000.00 | 7 013 521.88 | 0.21 |
| USD	FANNIE MAE 2.87500% 18-12.09.23 | 15 161 000.00 | 16 415 942.68 | 0.49 |
| USD	HSBC BANK PLC-REG-S 4.75000% 11-19.01.21 | 15 500 000.00 | 15 870 896.40 | 0.48 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.87500% 15-07.10.22 | 7 000 000.00 | 7 225 890.00 | 0.22 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.00000% 17-26.01.22 | 12 500 000.00 | 12 855 875.00 | 0.39 |
| USD	JOHNSON & JOHNSON 1.65000% 16-01.03.21 | 3 000 000.00 | 3 029 078.10 | 0.09 |
| USD	JOHNSON & JOHNSON 2.05000% 16-01.03.23 | 2 000 000.00 | 2 058 438.80 | 0.06 |
| USD	JOHNSON & JOHNSON 2.25000% 17-03.03.22 | 10 000 000.00 | 10 290 414.00 | 0.31 |
| USD	KOREA DEVELOPMENT BANK 3.00000% 12-14.09.22 | 15 000 000.00 | 15 581 250.00 | 0.47 |
| USD	KOREA DEVELOPMENT BANK 2.62500% 17-27.02.22 | 16 000 000.00 | 16 365 000.00 | 0.49 |
| USD	MICROSOFT CORP 4.00000% 11-08.02.21 | 565 000.00 | 579 893.79 | 0.02 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 1.87500% 16-12.07.21 | 2 000 000.00 | 2 019 212.79 | 0.06 |
| USD	NBK SPC LTD-REG-S 2.75000% 17-30.05.22 | 11 000 000.00 | 11 000 000.00 | 0.33 |
| USD	NORDEA BANK ABP-REG-S 4.87500% 11-14.01.21 | 10 000 000.00 | 10 266 265.00 | 0.31 |
| USD	NORDIC INVESTMENT BANK 2.87500% 18-19.07.23 | 10 000 000.00 | 10 759 319.00 | 0.32 |
| USD	NORDIC INVESTMENT BANK 2.25000% 19-21.05.24 | 8 000 000.00 | 8 539 402.40 | 0.26 |
| USD	NOVARTIS CAPITAL CORP 2.40000% 12-21.09.22 | 2 000 000.00 | 2 066 077.80 | 0.06 |
| USD	NOVARTIS CAPITAL CORP 2.40000% 17-17.05.22 | 3 000 000.00 | 3 097 047.60 | 0.09 |
| USD	OESTERREICHISCHE KONTROLLBANK AG 1.50000% 15-21.10.20 | 2 500 000.00 | 2 510 327.50 | 0.07 |
| USD	PROCTER & GAMBLE CO 1.70000% 16-03.11.21 | 2 700 000.00 | 2 751 607.26 | 0.08 |
| USD	PROCTER & GAMBLE CO 2.15000% 17-11.08.22 | 5 000 000.00 | 5 178 920.50 | 0.16 |
| USD	QATAR, STATE OF-REG-S 3.87500% 18-23.04.23 | 5 000 000.00 | 5 306 250.00 | 0.16 |
| USD	QATAR, STATE OF-REG-S 3.40000% 20-16.04.25 | 3 000 000.00 | 3 188 437.50 | 0.10 |
| USD	QUEBEC, PROVINCE OF 2.62500% 13-13.02.23 | 4 000 000.00 | 4 211 491.20 | 0.13 |
| USD	RABOBANK NEDERLAND NV 4.50000% 11-11.01.21 | 20 000 000.00 | 20 489 560.00 | 0.61 |
| USD	ROYAL BANK OF CANADA 2.75000% 17-01.02.22 | 11 500 000.00 | 11 835 078.95 | 0.36 |
| USD	SHELL INTERNATIONAL FINANCE BV 2.25000% 12-06.01.23 | 5 000 000.00 | 5 092 109.00 | 0.15 |
| USD	SHELL INTERNATIONAL FINANCE BV 3.50000% 18-13.11.23 | 5 000 000.00 | 5 322 599.50 | 0.16 |
| USD	TEMASEK FINANCIAL I LTD-REG-S 2.37500% 12-23.01.23 | 6 000 000.00 | 6 199 020.00 | 0.19 |
| USD	TENNESSEE VALLEY AUTHORITY 1.87500% 12-15.08.22 | 30 000 000.00 | 30 940 563.00 | 0.93 |
| USD	TOTAL CAPITAL 4.45000% 10-24.06.20 | 9 557 000.00 | 9 601 153.34 | 0.29 |
| USD	WALMART INC 2.85000% 19-08.07.24 | 2 000 000.00 | 2 149 260.80 | 0.06 |
| USD	WESTPAC BANKING CORP 2.80000% 17-11.01.22 | 7 000 000.00 | 7 172 760.00 | 0.21 |
| Total USD |  | 344 440 377.61 | 10.35 |
| Total Notes, fixed rate |  | 344 440 377.61 | 10.35 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AFRICAN DEVELOPMENT BANK 2.37500% 14-23.09.21 | 3 000 000.00 | 3 079 395.90 | 0.09 |
| USD	AFRICAN DEVELOPMENT BANK 3.00000% 18-06.12.21 | 10 000 000.00 | 10 410 000.00 | 0.31 |
| USD	COMMONWEALTH BANK OF AUSTRALIA 2.55000% 16-15.03.21 | 2 200 000.00 | 2 221 670.00 | 0.07 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 2.00000% 16-06.09.21 | 2 000 000.00 | 2 015 700.00 | 0.06 |
| USD	EUROPEAN BANK FOR RECONSTR & DEVT 2.12500% 17-07.03.22 | 5 000 000.00 | 5 154 750.00 | 0.16 |
| USD	FREDDIE MAC 2.75000% 18-19.06.23 | 30 000 000.00 | 32 238 963.00 | 0.97 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 1.75000% 20-14.03.25 | 10 000 000.00 | 10 568 500.00 | 0.32 |
| USD	INTERNATIONAL FINANCE CORP 1.12500% 16-20.07.21 | 5 000 000.00 | 5 042 550.00 | 0.15 |
| USD	INTERNATIONAL FINANCE CORP 2.87500% 18-31.07.23 | 5 000 000.00 | 5 385 698.00 | 0.16 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.12500% 15-03.03.25 | 6 000 000.00 | 6 446 826.60 | 0.19 |
| USD	KOMMUNALBANKEN AS-REG-S 2.25000% 17-25.01.22 | 7 000 000.00 | 7 213 360.00 | 0.22 |
| USD	KOMMUNALBANKEN AS-REG-S 3.12500% 18-18.10.21 | 5 000 000.00 | 5 192 899.00 | 0.16 |
| USD	LANDESBANK BADEN-WUERTTEMBERG-REG-S 2.37500% 19-31.05.22 | 3 150 000.00 | 3 252 082.05 | 0.10 |
| USD	LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 2.37500% 14-24.03.21 | 5 000 000.00 | 5 086 150.00 | 0.15 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 2.62500% 16-14.01.21 | 2 000 000.00 | 2 018 520.00 | 0.06 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 2.50000% 17-22.05.22 | 11 950 000.00 | 12 236 287.34 | 0.37 |
| USD	NEDERLANDSE WATERSCHAPSBANK-REG-S 2.25000% 17-02.03.22 | 4 000 000.00 | 4 127 328.00 | 0.12 |
| USD	NESTLE HOLDINGS INC-REG-S 1.37500% 16-13.07.21 | 5 000 000.00 | 5 016 250.00 | 0.15 |
| USD	NESTLE HOLDINGS INC-REG-S 2.37500% 17-17.11.22 | 10 000 000.00 | 10 310 500.00 | 0.31 |
| USD	NRW BANK-REG-S 0.50000% 20-22.04.22 | 10 000 000.00 | 9 993 500.00 | 0.30 |
| USD	PSA INTERNATIONAL PTE LTD 3.87500% 10-11.02.21 | 2 155 000.00 | 2 195 104.55 | 0.07 |
| USD	SKANDINAVISKA ENSKILDA BANKEN AB-REG-S 2.45000% 15-27.05.20 | 9 118 000.00 | 9 123 288.44 | 0.27 |
| USD	SNCF RESEAU-REG-S 2.00000% 17-13.10.20 | 10 000 000.00 | 10 049 000.00 | 0.30 |
| USD	SP POWERASSETS LTD-REG-S 2.70000% 12-14.09.22 | 3 000 000.00 | 3 089 730.00 | 0.09 |
| USD	SVENSK EXPORTKREDIT AB 2.00000% 17-30.08.22 | 10 000 000.00 | 10 305 451.00 | 0.31 |
| USD	SVENSKA HANDELSBANKEN AB 2.45000% 16-30.03.21 | 750 000.00 | 759 999.23 | 0.02 |
| USD	SVENSKA HANDELSBANKEN AB 1.87500% 16-07.09.21 | 10 000 000.00 | 10 075 470.00 | 0.30 |
| USD	TORONTO-DOMINION BANK 2.50000% 15-14.12.20 | 4 320 000.00 | 4 364 925.84 | 0.13 |
| USD	TORONTO-DOMINION BANK 3.25000% 18-11.06.21 | 5 988 000.00 | 6 139 368.86 | 0.19 |
| USD	UNITED OVERSEAS BANK LTD-REG-S 1.62500% 19-05.09.22 | 9 700 000.00 | 9 913 400.00 | 0.30 |
| Total USD |  | 213 026 667.81 | 6.40 |
| Total Medium term notes, fixed rate |  | 213 026 667.81 | 6.40 |

Focused SICAV – High Grade 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) |  |

Bonds, fixed rate
| USD |  |
| --- | --- |
| USD | AFRICAN DEVELOPMENT BANK 7.37500% 93-06.04.23 | 7 475 000.00 | 8 934 667.17 | 0.27 |
| USD | ALBERTA, PROVINCE OF 2.95000% 19-23.01.24 | 5 000 000.00 | 5 372 658.00 | 0.16 |
| USD | ASIAN INFRASTRUCTURE INVESTMENT BNK/THE 2.25000% 19-16.05.24 | 10 000 000.00 | 10 680 177.00 | 0.32 |
| USD | AUSTRALIA & NEW ZEALAND BANKING GRP/NY 2.62500% 17-19.05.22 | 12 500 000.00 | 12 819 330.00 | 0.39 |
| USD | BANK OF MONTREAL-REG-S 2.10000% 19-15.06.22 | 30 000 000.00 | 30 757 203.00 | 0.92 |
| USD | CANADIAN IMPERIAL BANK OF COM/CAN-REG-S 2.35000% 17-27.07.22 | 15 000 000.00 | 15 476 859.00 | 0.47 |
| USD | DBS BANK LTD-REG-S 3.30000% 18-27.11.21 | 25 000 000.00 | 25 944 245.00 | 0.78 |
| USD | DEXIA CREDIT LOCAL DE FRANCE-REG-S 1.87500% 16-15.09.21 | 15 300 000.00 | 15 561 415.80 | 0.47 |
| USD | DNB BOLIGKREDITT AS-REG-S 2.50000% 17-28.03.22 | 7 000 000.00 | 7 223 804.00 | 0.22 |
| USD | EXPORT-IMPORT BANK OF KOREA 5.12500% 10-29.06.20 | 3 910 000.00 | 3 932 013.30 | 0.12 |
| USD | FEDERAL HOME LOAN BANK SYSTEM 1.87500% 16-29.11.21 | 30 000 000.00 | 30 769 188.00 | 0.92 |
| USD | FEDERAL HOME LOAN BANK SYSTEM 1.37500% 20-17.02.23 | 30 000 000.00 | 30 875 175.00 | 0.93 |
| USD | IDB TRUST SERVICES LTD-REG-S 2.84300% 19-25.04.24 | 25 000 000.00 | 26 982 075.00 | 0.81 |
| USD | ING BANK NV-REG-S 2.62500% 12-05.12.22 | 25 850 000.00 | 26 956 483.40 | 0.81 |
| USD | INTERNATIONAL FINANCE CORP 0.50000% 20-20.03.23 | 5 000 000.00 | 5 005 420.50 | 0.15 |
| USD | INTL BK FOR RECONSTR & DEVT WORLD BANK 2.50000% 14-25.11.24 | 2 000 000.00 | 2 178 380.00 | 0.07 |
| USD | INTL BK FOR RECONSTR & DEVT WORLD BANK 0.62500% 20-22.04.25 | 7 000 000.00 | 7 006 274.80 | 0.21 |
| USD | JOHNSON & JOHNSON 3.55000% 11-15.05.21 | 1 010 000.00 | 1 041 638.25 | 0.03 |
| USD | KOMMUNALBANKEN AS-REG-S 1.62500% 16-10.02.21 | 4 000 000.00 | 4 034 280.00 | 0.12 |
| USD | KUWAIT INTERNATIONAL GOVT BOND-REG-S 2.75000% 17-20.03.22 | 5 000 000.00 | 5 118 750.00 | 0.15 |
| USD | LANDWIRTSCHAFTLICHE RENTENBANK 2.00000% 16-06.12.21 | 5 000 000.00 | 5 128 750.00 | 0.15 |
| USD | MICROSOFT CORP 2.00000% 16-08.08.23 | 4 126 000.00 | 4 304 443.73 | 0.13 |
| USD | ONTARIO, PROVINCE OF 1.75000% 20-24.01.23 | 3 000 000.00 | 3 081 217.80 | 0.09 |
| USD | ROYAL BANK OF CANADA 2.30000% 16-22.03.21 | 10 000 000.00 | 10 149 484.00 | 0.30 |
| USD | ROYAL BANK OF CANADA-REG-S 3.35000% 18-22.10.21 | 15 000 000.00 | 15 547 266.00 | 0.47 |
| USD | ROYAL BANK OF CANADA-REG-S 1.90000% 19-23.09.22 | 10 000 000.00 | 10 188 041.00 | 0.31 |
| USD | STADSHYPOTEK AB-REG-S 2.50000% 17-05.04.22 | 4 000 000.00 | 4 121 883.20 | 0.12 |
| USD | TORONTO-DOMINION BANK-REG-S 3.35000% 18-22.10.21 | 10 000 000.00 | 10 355 413.00 | 0.31 |
| USD | TOTAL CAPITAL SA 4.12500% 11-28.01.21 | 10 000 000.00 | 10 207 492.00 | 0.31 |
| USD | TOYOTA MOTOR CORP 3.41900% 18-20.07.23 | 10 000 000.00 | 10 694 831.00 | 0.32 |
| USD | WESTPAC BANKING CORP-REG-S 3.15000% 19-16.01.24 | 20 000 000.00 | 21 581 800.00 | 0.65 |
| Total USD |  |  | 382 030 658.95 | 11.48 |
| Total Bonds, fixed rate |  | 382 030 658.95 | 11.48 |
| Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 7.25000% 92-15.08.22 | 2 629 000.00 | 3 053 953.14 | 0.09 |
| USD	AMERICA, UNITED STATES OF 7.12500% 93-15.02.23 | 1 701 000.00 | 2 028 907.56 | 0.06 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-31.08.21 | 15 000 000.00 | 15 188 671.50 | 0.46 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-31.07.24 | 15 000 000.00 | 16 136 131.50 | 0.48 |
| USD	AMERICA, UNITED STATES OF 1.87500% 17-31.08.24 | 20 000 000.00 | 21 328 906.00 | 0.64 |
| USD	AMERICA, UNITED STATES OF 1.87500% 17-30.09.22 | 15 000 000.00 | 15 596 484.00 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-30.09.24 | 15 000 000.00 | 16 176 562.50 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.00000% 17-31.10.22 | 15 000 000.00 | 15 661 522.50 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-31.10.24 | 30 000 000.00 | 32 560 545.00 | 0.98 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-30.11.24 | 20 000 000.00 | 21 625 000.00 | 0.65 |
| USD	AMERICA, UNITED STATES OF 2.25000% 18-31.12.24 | 30 000 000.00 | 32 648 436.00 | 0.98 |
| USD	AMERICA, UNITED STATES OF 2.50000% 18-31.01.25 | 15 000 000.00 | 16 522 264.50 | 0.50 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-28.02.25 | 15 000 000.00 | 16 725 000.00 | 0.50 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-28.02.23 | 15 000 000.00 | 16 008 397.50 | 0.48 |
| USD	AMERICA, UNITED STATES OF 2.50000% 18-31.03.23 | 15 000 000.00 | 15 983 202.00 | 0.48 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-30.04.23 | 15 000 000.00 | 16 119 726.00 | 0.48 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-15.05.21 | 15 000 000.00 | 15 384 375.00 | 0.46 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.05.23 | 15 000 000.00 | 16 146 679.50 | 0.48 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-15.06.21 | 15 000 000.00 | 15 416 014.51 | 0.46 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-30.06.23 | 15 000 000.00 | 16 118 554.50 | 0.48 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-15.08.21 | 15 000 000.00 | 15 498 046.50 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.08.23 | 15 000 000.00 | 16 232 226.00 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-15.09.21 | 15 000 000.00 | 15 527 929.50 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.09.23 | 20 000 000.00 | 21 766 406.01 | 0.65 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-15.10.21 | 15 000 000.00 | 15 590 625.00 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.10.23 | 15 000 000.00 | 16 351 171.50 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.11.23 | 10 000 000.00 | 10 921 093.00 | 0.33 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-15.12.21 | 15 000 000.00 | 15 590 625.00 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-31.12.23 | 15 000 000.00 | 16 272 655.50 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-15.01.22 | 15 000 000.00 | 15 585 351.00 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-31.01.24 | 15 000 000.00 | 16 230 468.00 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-15.02.22 | 15 000 000.00 | 15 614 647.50 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-29.02.24 | 15 000 000.00 | 16 181 835.00 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-15.03.22 | 15 000 000.00 | 15 608 202.00 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.25000% 19-15.04.22 | 15 000 000.00 | 15 598 242.00 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.25000% 19-30.04.24 | 15 000 000.00 | 16 156 054.50 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.12500% 19-15.05.22 | 15 000 000.00 | 15 583 006.50 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.12500% 19-31.05.21 | 15 000 000.00 | 15 318 750.00 | 0.46 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-30.06.24 | 15 000 000.00 | 15 888 280.50 | 0.48 |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-30.06.21 | 15 000 000.00 | 15 256 639.50 | 0.46 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-31.07.21 | 15 000 000.00 | 15 296 484.00 | 0.46 |
| USD	AMERICA, UNITED STATES OF 2.37500% 14-15.08.24 | 15 000 000.00 | 16 306 639.50 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.00000% 14-31.08.21 | 15 000 000.00 | 15 367 968.00 | 0.46 |
| USD	AMERICA, UNITED STATES OF 2.12500% 14-30.09.21 | 15 000 000.00 | 15 414 843.00 | 0.46 |
| USD	AMERICA, UNITED STATES OF 2.25000% 14-15.11.24 | 15 000 000.00 | 16 286 718.00 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.00000% 14-30.11.21 | 15 000 000.00 | 15 399 022.50 | 0.46 |
| USD	AMERICA, UNITED STATES OF 2.00000% 15-15.02.25 | 15 000 000.00 | 16 171 288.50 | 0.49 |
| USD	AMERICA, UNITED STATES OF 1.75000% 15-28.02.22 | 15 000 000.00 | 15 424 218.00 | 0.46 |
| USD	AMERICA, UNITED STATES OF 1.87500% 15-31.08.22 | 15 000 000.00 | 15 578 319.00 | 0.47 |
| USD	AMERICA, UNITED STATES OF 1.75000% 15-30.09.22 | 15 000 000.00 | 15 552 538.50 | 0.47 |
| USD	AMERICA, UNITED STATES OF 1.87500% 15-31.10.22 | 15 000 000.00 | 15 614 647.50 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.00000% 15-30.11.22 | 15 000 000.00 | 15 681 444.00 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.12500% 15-31.12.22 | 15 000 000.00 | 15 753 514.50 | 0.47 |
| USD	AMERICA, UNITED STATES OF 1.75000% 16-31.01.23 | 30 000 000.00 | 31 243 359.00 | 0.94 |

Focused SICAV – High Grade 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 1.50000% 16-31.03.23 | 15 000 000.00 | 15 550 780.50 | 0.47 |
| --- | --- | --- | --- | --- |
| USD | AMERICA, UNITED STATES OF 1.37500% 16-30.04.21 | 15 000 000.00 | 15 181 639.50 | 0.46 |
| USD | AMERICA, UNITED STATES OF 3.12500% 11-15.05.21 | 14 000 000.00 | 14 432 030.20 | 0.43 |
| USD | AMERICA, UNITED STATES OF 1.62500% 16-30.04.23 | 15 000 000.00 | 15 616 405.50 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.62500% 16-31.05.23 | 15 000 000.00 | 15 628 125.00 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.37500% 16-31.05.21 | 15 000 000.00 | 15 195 701.99 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.12500% 11-15.08.21 | 15 000 000.00 | 15 375 585.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.00000% 11-15.11.21 | 15 000 000.00 | 15 423 046.49 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.12500% 16-30.06.21 | 15 000 000.00 | 15 167 577.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.37500% 16-30.06.23 | 15 000 000.00 | 15 530 859.01 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.12500% 16-31.07.21 | 15 000 000.00 | 15 180 468.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.25000% 16-31.07.23 | 13 000 000.00 | 13 415 390.30 | 0.40 |
| USD | AMERICA, UNITED STATES OF 2.00000% 12-15.02.22 | 15 000 000.00 | 15 483 397.51 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.75000% 12-15.05.22 | 15 000 000.00 | 15 471 679.50 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.37500% 16-30.09.23 | 15 000 000.00 | 15 561 327.01 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.25000% 16-31.10.21 | 15 000 000.00 | 15 239 647.50 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.62500% 16-31.10.23 | 15 000 000.00 | 15 702 538.50 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.62500% 12-15.08.22 | 15 000 000.00 | 15 485 742.00 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.62500% 12-15.11.22 | 15 000 000.00 | 15 528 514.51 | 0.47 |
| USD | AMERICA, UNITED STATES OF 2.12500% 16-30.11.23 | 15 000 000.00 | 15 983 202.00 | 0.48 |
| USD | AMERICA, UNITED STATES OF 1.75000% 16-30.11.21 | 15 000 000.00 | 15 364 452.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.00000% 17-31.12.21 | 15 000 000.00 | 15 446 484.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.00000% 13-15.02.23 | 30 000 000.00 | 31 470 702.00 | 0.95 |
| USD | AMERICA, UNITED STATES OF 2.25000% 17-31.12.23 | 10 000 000.00 | 10 712 500.00 | 0.32 |
| USD | AMERICA, UNITED STATES OF 1.87500% 17-31.01.22 | 15 000 000.00 | 15 437 109.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.25000% 31.01.17-31.01.24 | 20 000 000.00 | 21 457 812.00 | 0.64 |
| USD | AMERICA, UNITED STATES OF 1.75000% 13-15.05.23 | 15 000 000.00 | 15 678 514.50 | 0.47 |
| USD | AMERICA, UNITED STATES OF 2.50000% 13-15.08.23 | 15 000 000.00 | 16 096 875.00 | 0.48 |
| USD | AMERICA, UNITED STATES OF 2.25000% 17-29.02.24 | 15 000 000.00 | 16 036 522.50 | 0.48 |
| USD | AMERICA, UNITED STATES OF 1.87500% 17-28.02.22 | 15 000 000.00 | 15 457 617.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.12500% 17-31.03.24 | 30 000 000.00 | 32 125 779.00 | 0.96 |
| USD | AMERICA, UNITED STATES OF 1.87500% 17-31.03.22 | 15 000 000.00 | 15 478 125.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.75000% 13-15.11.23 | 15 000 000.00 | 16 295 506.50 | 0.49 |
| USD | AMERICA, UNITED STATES OF 2.25000% 14-30.04.21 | 15 000 000.00 | 15 314 062.50 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.50000% 14-15.05.24 | 15 000 000.00 | 16 315 429.50 | 0.49 |
| USD | AMERICA, UNITED STATES OF 2.00000% 14-31.05.21 | 15 000 000.00 | 15 298 242.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.12500% 14-30.06.21 | 15 000 000.00 | 15 343 359.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.25000% 14-31.07.21 | 15 000 000.00 | 15 386 718.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.75000% 15-30.04.22 | 15 000 000.00 | 15 464 062.50 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.87500% 17-30.04.22 | 15 000 000.00 | 15 496 875.00 | 0.47 |
| USD | AMERICA, UNITED STATES OF 2.00000% 17-30.04.24 | 15 000 000.00 | 16 007 812.50 | 0.48 |
| USD | AMERICA, UNITED STATES OF 1.87500% 15-31.05.22 | 15 000 000.00 | 15 520 312.50 | 0.47 |
| USD | AMERICA, UNITED STATES OF 2.12500% 15-30.06.22 | 15 000 000.00 | 15 622 264.50 | 0.47 |
| USD | AMERICA, UNITED STATES OF 2.00000% 15-31.07.22 | 15 000 000.00 | 15 603 514.50 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.75000% 17-31.05.22 | 15 000 000.00 | 15 478 709.99 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.00000% 17-31.05.24 | 15 000 000.00 | 16 025 389.50 | 0.48 |
| USD | AMERICA, UNITED STATES OF 1.75000% 17-30.06.22 | 15 000 000.00 | 15 499 217.99 | 0.47 |
| USD | AMERICA, UNITED STATES OF 2.62500% 18-15.07.21 | 15 000 000.00 | 15 442 968.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.75000% 18-31.07.23 | 15 000 000.00 | 16 205 272.50 | 0.49 |
| USD | AMERICA, UNITED STATES OF 1.75000% 19-31.07.24 | 15 000 000.00 | 15 902 343.00 | 0.48 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-15.08.22 | 15 000 000.00 | 15 441 210.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.25000% 19-31.08.24 | 15 000 000.00 | 15 596 484.00 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-15.09.22 | 15 000 000.00 | 15 457 030.50 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-30.09.24 | 15 000 000.00 | 15 767 577.00 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-30.09.21 | 15 000 000.00 | 15 280 663.50 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-31.10.24 | 15 000 000.00 | 15 777 538.50 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-31.10.21 | 15 000 000.00 | 15 294 726.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-30.11.21 | 15 000 000.00 | 15 309 960.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-30.11.24 | 15 000 000.00 | 15 798 631.50 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.62500% 19-15.12.22 | 15 000 000.00 | 15 547 851.01 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.75000% 19-31.12.24 | 15 000 000.00 | 15 977 343.00 | 0.48 |
| USD | AMERICA, UNITED STATES OF 1.62500% 19-31.12.21 | 15 000 000.00 | 15 355 077.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.50000% 20-15.01.23 | 15 000 000.00 | 15 510 937.50 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.37500% 20-31.01.25 | 15 000 000.00 | 15 725 389.50 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.37500% 20-31.01.22 | 15 000 000.00 | 15 306 444.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.37500% 20-15.02.23 | 15 000 000.00 | 15 476 952.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.12500% 20-28.02.25 | 15 000 000.00 | 15 568 359.00 | 0.47 |
| Total USD |  |  | 1 961 622 974.73 | 58.92 |
| Total Treasury notes, fixed rate |  | 1 961 622 974.73 | 58.92 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 2 901 120 679.10 | 87.15 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AUSTRALIA & NEW ZEALAND BANKING GRP/NY 2.55000% 16-23.11.21 | 2 000 000.00 | 2 037 480.00 | 0.06 |
| USD	FANNIE MAE 1.37500% 19-06.09.22 | 30 000 000.00 | 30 776 142.00 | 0.92 |
| USD	FANNIE MAE 1.62500% 20-07.01.25 | 30 000 000.00 | 31 513 899.00 | 0.95 |
| USD	FANNIE MAE 2.00000% 17-05.10.22 | 30 000 000.00 | 31 211 202.00 | 0.94 |
| USD	FANNIE MAE 2.37500% 18-19.01.23 | 30 000 000.00 | 31 655 367.00 | 0.95 |
| USD	FANNIE MAE 2.62500% 19-11.01.22 | 19 552 000.00 | 20 330 969.27 | 0.61 |
| USD	FREDDIE MAC 1.12500% 16-12.08.21 | 30 000 000.00 | 30 335 844.00 | 0.91 |
| USD	FREDDIE MAC 1.50000% 20-12.02.25 | 30 000 000.00 | 31 330 668.00 | 0.94 |
| USD	MASSMUTUAL GLOBAL FUNDING II-REG-S 2.00000% 16-15.04.21 | 3 000 000.00 | 3 028 169.10 | 0.09 |
| USD	MASSMUTUAL GLOBAL FUNDING II-REG-S 2.50000% 17-13.04.22 | 10 000 000.00 | 10 265 222.00 | 0.31 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 3.70000% 18-04.11.21 | 9 148 000.00 | 9 458 666.08 | 0.28 |
| USD	NEW YORK LIFE GLOBAL FUNDING-REG-S 2.95000% 19-28.01.21 | 5 000 000.00 | 5 073 157.00 | 0.15 |
| USD	NORDEA BANK ABP-REG-S 2.12500% 17-29.05.20 | 7 500 000.00 | 7 508 400.00 | 0.23 |
| Total USD |  | 244 525 185.45 | 7.34 |
| Total Notes, fixed rate |  | 244 525 185.45 | 7.34 |

Focused SICAV – High Grade 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) |  |

Medium term notes, fixed rate
| USD |  |
| --- | --- |
| USD | AUSTRALIA & NEW ZEALAND BANKING-REG-S 4.87500% 11-12.01.21 | 7 000 000.00 | 7 171 570.00 | 0.22 |
| USD | FREDDIE MAC 2.37500% 12-13.01.22 | 30 000 000.00 | 31 064 070.00 | 0.93 |
| USD | INTER-AMERICAN DEVELOPMENT BANK 0.50000% 03-17.04.23 | 6 000 000.00 | 5 942 066.16 | 0.18 |
| USD | NEW YORK LIFE GLOBAL FUNDING-REG-S 1.70000% 16-14.09.21 | 970 000.00 | 977 803.65 | 0.03 |
| USD | NORDEA BANK ABP-REG-S 2.50000% 15-17.09.20 | 5 700 000.00 | 5 726 760.36 | 0.17 |
| Total USD |  |  | 50 882 270.17 | 1.53 |
| Total Medium term notes, fixed rate |  | 50 882 270.17 | 1.53 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	FANNIE MAE 1.37500% 16-07.10.21 | 30 000 000.00 | 30 493 218.00 | 0.92 |
| USD	FEDERAL HOME LOAN BANK SYSTEM 1.50000% 19-15.08.24 | 30 000 000.00 | 31 332 924.00 | 0.94 |
| USD	NATIONAL AUSTRALIA BANK LTD-REG-S 2.40000% 16-07.12.21 | 4 000 000.00 | 4 080 644.40 | 0.12 |
| Total USD |  | 65 906 786.40 | 1.98 |
| Total Bonds, fixed rate |  | 65 906 786.40 | 1.98 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 361 314 242.02 | 10.85 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Notes, fixed rate
| USD |  |
| --- | --- |
| USD | KOMMUNALBANKEN AS-REG-S 0.87500% 20-12.03.25 | 7 000 000.00 | 7 075 880.00 | 0.21 |
| USD | SVENSKA HANDELSBANKEN AB 1.95000% 17-08.09.20 | 2 750 000.00 | 2 758 796.98 | 0.09 |
| Total USD |  |  | 9 834 676.98 | 0.30 |
| Total Notes, fixed rate |  | 9 834 676.98 | 0.30 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.48000% 19-28.05.24 | 8 000 000.00 | 8 683 174.40 | 0.26 |
| USD	METROPOLITAN LIFE GLOBAL FUNDING-REG-S 2.40000% 19-17.06.22 | 2 000 000.00 | 2 046 684.20 | 0.06 |
| Total USD |  | 10 729 858.60 | 0.32 |
| Total Medium term notes, fixed rate |  | 10 729 858.60 | 0.32 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market |  | 20 564 535.58 | 0.62 |
| Total investments in securities |  | 3 282 999 456.70 | 98.62 |
| Forward Foreign Exchange contracts |  |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |  |

| JPY | 1 051 373 500.00 | USD | 9 791 385.34 | 7.5.2020 | 41 099.63 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| SGD | 2 422 600.00 | USD | 1 700 907.02 | 4.5.2020 | 20 056.25 | 0.00 |
| GBP | 245 723 200.00 | USD | 304 513 704.22 | 4.5.2020 | 5 429 254.11 | 0.16 |
| CHF | 740 936 700.00 | USD | 776 707 986.31 | 4.5.2020 | -9 017 264.66 | -0.27 |
| EUR | 802 903 300.00 | USD | 890 178 888.71 | 4.5.2020 | -10 758 904.25 | -0.32 |
| EUR | 8 667 000.00 | USD | 9 558 901.90 | 4.5.2020 | -65 936.80 | 0.00 |
| CHF | 3 162 400.00 | USD | 3 298 895.08 | 4.5.2020 | -22 305.95 | 0.00 |
| SGD | 47 200.00 | USD | 33 142.90 | 4.5.2020 | 386.97 | 0.00 |
| USD | 12 895 382.82 | CHF | 12 400 400.00 | 4.5.2020 | 47 224.50 | 0.00 |
| USD | 1 180 430.48 | GBP | 947 200.00 | 4.5.2020 | -14 320.24 | 0.00 |
| SGD | 53 800.00 | USD | 37 503.57 | 4.5.2020 | 714.80 | 0.00 |
| GBP | 667 000.00 | USD | 825 706.98 | 4.5.2020 | 15 613.47 | 0.00 |
| USD | 44 385.31 | JPY | 4 755 700.00 | 7.5.2020 | -90.18 | 0.00 |
| EUR | 11 649 800.00 | USD | 12 600 561.15 | 4.5.2020 | 159 464.79 | 0.00 |
| USD | 3 887 608.39 | EUR | 3 601 300.00 | 4.5.2020 | -56 895.50 | 0.00 |
| USD | 5 373.86 | SGD | 7 700.00 | 4.5.2020 | -96.06 | 0.00 |
| EUR | 1 449 400.00 | USD | 1 578 287.90 | 4.5.2020 | 9 239.92 | 0.00 |
| GBP | 426 100.00 | USD | 525 042.38 | 4.5.2020 | 12 418.86 | 0.00 |
| SGD | 27 300.00 | USD | 19 165.76 | 4.5.2020 | 227.58 | 0.00 |
| USD | 2 180 132.21 | EUR | 2 002 700.00 | 4.5.2020 | -13 425.10 | 0.00 |
| JPY | 8 920 300.00 | USD | 82 090.18 | 7.5.2020 | 1 332.80 | 0.00 |
| USD | 932 700.26 | JPY | 101 057 700.00 | 7.5.2020 | -12 395.19 | 0.00 |
| JPY | 30 748 000.00 | USD | 286 070.88 | 7.5.2020 | 1 485.59 | 0.00 |
| USD | 1 259 611.70 | CHF | 1 217 600.00 | 4.5.2020 | -1 953.86 | 0.00 |
| EUR | 23 885 200.00 | USD | 25 966 238.65 | 4.5.2020 | 195 220.91 | 0.01 |
| CHF | 10 221 300.00 | USD | 10 559 576.02 | 4.5.2020 | 30 798.53 | 0.00 |
| GBP | 672 000.00 | USD | 828 309.89 | 4.5.2020 | 19 317.31 | 0.00 |
| SGD | 978 600.00 | USD | 684 407.93 | 4.5.2020 | 10 768.60 | 0.00 |
| USD | 6 942.83 | SGD | 9 900.00 | 4.5.2020 | -89.92 | 0.00 |
| USD | 47 165.45 | JPY | 5 085 100.00 | 7.5.2020 | -390.60 | 0.00 |
| USD | 24 219 249.43 | EUR | 22 439 900.00 | 4.5.2020 | -359 173.04 | -0.01 |
| USD | 11 506 650.99 | CHF | 11 212 900.00 | 4.5.2020 | -111 128.63 | 0.00 |
| USD | 2 194 046.29 | GBP | 1 779 400.00 | 4.5.2020 | -50 399.90 | 0.00 |
| USD | 25 040 593.86 | EUR | 23 103 800.00 | 4.5.2020 | -264 998.28 | -0.01 |
| USD | 11 528 502.83 | CHF | 11 248 600.00 | 4.5.2020 | -126 265.86 | 0.00 |
| USD | 954 175.07 | SGD | 1 354 000.00 | 4.5.2020 | -7 677.60 | 0.00 |
| EUR | 5 643 400.00 | USD | 6 120 194.50 | 4.5.2020 | 61 021.52 | 0.00 |
| CHF | 1 428 800.00 | USD | 1 466 921.17 | 4.5.2020 | 13 470.48 | 0.00 |

Focused SICAV – High Grade 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) |  |

Forward Foreign Exchange contracts (Continued)
Forward Foreign Exchange contracts (Purchase/Sale)
| USD | 512 773.57 | GBP | 411 500.00 | 4.5.2020 | -6 271.96 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 26 179.17 | SGD | 37 100.00 | 4.5.2020 | -175.88 | 0.00 |
| USD | 1 499 900.99 | SGD | 2 120 800.00 | 4.5.2020 | -6 670.01 | 0.00 |
| SGD | 2 120 800.00 | USD | 1 499 977.16 | 2.6.2020 | 6 763.47 | 0.00 |
| EUR | 803 050 400.00 | USD | 873 199 261.59 | 2.6.2020 | 6 893 689.42 | 0.21 |
| USD | 872 674 869.68 | EUR | 803 050 400.00 | 4.5.2020 | -6 906 233.41 | -0.21 |
| USD | 740 461 869.29 | CHF | 719 669 700.00 | 4.5.2020 | -5 193 935.51 | -0.16 |
| CHF | 719 669 700.00 | USD | 741 071 855.18 | 2.6.2020 | 5 180 655.88 | 0.15 |
| USD | 4 412 161.27 | EUR | 4 062 700.00 | 2.6.2020 | -40 303.52 | 0.00 |
| GBP | 708 300.00 | USD | 880 279.84 | 4.5.2020 | 13 134.37 | 0.00 |
| GBP | 245 058 500.00 | USD | 306 425 706.49 | 2.6.2020 | 2 714 205.87 | 0.08 |
| USD | 9 191 141.22 | JPY | 980 143 300.00 | 7.5.2020 | 24 803.79 | 0.00 |
| JPY | 980 143 300.00 | USD | 9 194 210.56 | 2.6.2020 | -24 779.92 | 0.00 |
| USD | 3 201 603.11 | GBP | 2 559 400.00 | 2.6.2020 | -27 065.52 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | -12 186 777.93 | -0.37 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 24 205 542.25 | 0.73 |
| Other assets and liabilities | 34 001 370.31 | 1.02 |
| Total net assets | 3 329 019 591.33 | 100.00 |

Focused SICAV – High Grade Bond USD Semi-Annual Report as of 30 April 2020

Translation (ENDE, 2020-04-30):
# Focused SICAV – High Grade Bond USD
| Wichtigste Daten |  |
| --- | --- |
| Datum | ISIN | 30.4.2020 | 31.10.2019 | 31.10.2018 |
| Nettovermögen in USD |  | 3 329 019 591.33 | 3 242 882 467.48 | 4 832 927 397.98 |
| Klasse F-acc | LU0224580786 |  |  |  |
| Aktien im Umlauf |  | 7 941 398.1990 | 7 324 921.0680 | 11 366 285.8300 |
| Nettoinventarwert pro Aktie in USD |  | 157.43 | 151.85 | 143.08 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 157.43 | 151.85 | 143.08 |
| Klasse (CHF hedged) F-acc | LU1339538412 |  |  |  |
| Aktien im Umlauf |  | 7 272 647.4670 | 8 153 056.8350 | 15 507 140.2380 |
| Nettoinventarwert pro Aktie in CHF |  | 99.50 | 97.38 | 95.04 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 99.50 | 97.38 | 95.04 |
| Klasse (EUR hedged) F-acc | LU1132652998 |  |  |  |
| Aktien im Umlauf |  | 7 832 601.1550 | 10 446 336.9250 | 14 416 312.4940 |
| Nettoinventarwert pro Aktie in EUR |  | 102.53 | 100.09 | 97.16 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 102.53 | 100.09 | 97.16 |
| Klasse (GBP hedged) F-acc | LU1339538503 |  |  |  |
| Aktien im Umlauf |  | 2 297 396.3480 | 291 623.2030 | 529 155.9620 |
| Nettoinventarwert pro Aktie in GBP |  | 106.61 | 103.42 | 99.04 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 1 |  | 106.61 | 103.42 | 99.04 |
| Klasse (JPY hedged) F-acc 2 | LU1786948718 |  |  |  |
| Aktien im Umlauf |  | 95 970.0000 | 192 476.0000 | - |
| Nettoinventarwert pro Aktie in JPY |  | 10 358 | 10 110 | - |
| Ausgabe- und Rücknahmepreis pro Aktie in JPY 1 |  | 10 358 | 10 110 | - |
| Klasse (SGD hedged) F-acc | LU1344159089 |  |  |  |
| Aktien im Umlauf |  | 19 628.6730 | 62 480.6770 | 49 383.0000 |
| Nettoinventarwert pro Aktie in SGD |  | 109.79 | 106.05 | 100.55 |
| Ausgabe- und Rücknahmepreis pro Aktie in SGD 1 |  | 109.79 | 106.05 | 100.55 |
| Klasse F-UKdist | LU0721134624 |  |  |  |
| Aktien im Umlauf |  | 1 144 916.0000 | 815 779.0000 | 457 092.0000 |
| Nettoinventarwert pro Aktie in USD |  | 103.45 | 102.32 | 98.42 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 103.45 | 102.32 | 98.42 |
| Klasse (CHF hedged) F-UKdist | LU1554453867 |  |  |  |
| Aktien im Umlauf |  | 29 701.0620 | 82 046.4110 | 104 323.9350 |
| Nettoinventarwert pro Aktie in CHF |  | 94.57 | 95.23 | 95.31 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 94.57 | 95.23 | 95.31 |
| Klasse (EUR hedged) F-UKdist | LU1554452620 |  |  |  |
| Aktien im Umlauf |  | 71 900.0000 | 50 650.0000 | 206 076.1720 |
| Nettoinventarwert pro Aktie in EUR |  | 95.98 | 96.51 | 95.74 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 95.98 | 96.51 | 95.74 |
| Klasse (GBP hedged) F-UKdist | LU1554454329 |  |  |  |
| Aktien im Umlauf |  | 5 439.3010 | 6 263.7580 | 52 127.8390 |
| Nettoinventarwert pro Aktie in GBP |  | 100.22 | 99.45 | 97.45 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 1 |  | 100.22 | 99.45 | 97.45 |
| 1  Siehe Erläuterung 1 2  Erste NAV 24.5.2019 |  |  |  |  |

Focused SICAV – High Grade Bond USD Halbjahresbericht per 30. April 2020

## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Vereinigte Staaten	77.19
Kanada	4.06
Australien	2.02
Niederlande	1.86
Frankreich	1.46
Singapur	1.42
Südkorea	1.29
Finnland	1.29
Schweden	1.12
Norwegen	1.06
Supranational	1.06
Grossbritannien	0.92
Jersey	0.81
Elfenbeinküste	0.75
Deutschland	0.70
Vereinigte Arabische Emirate	0.33
Japan	0.32
China	0.32
Katar	0.25
Philippinen	0.16
Kuwait	0.15
Österreich	0.08
Wirtschaftliche Aufteilung in % des Nettovermögens	
Länder- & Zentralregierungen	59.18
Banken & Kreditinstitute	17.22
Pfandbriefinstitute & Refinanzierungsgesellschaften	9.65
Supranationale Organisationen	4.72
Finanz- & Beteiligungsgesellschaften	3.98
Öffentlich-rechtliche Körperschaften	1.45
Pharmazeutik, Kosmetik & medizinische Produkte	0.49
Diverse Dienstleistungen	0.42
Kantone, Bundesstaaten	0.38
Fahrzeuge	0.32
Diverse Konsumgüter	0.24
Internet, Software & IT-Dienste	0.22
Erdöl	0.14
Verkehr & Transport	0.07
Detailhandel, Warenhäuser	0.06
Umwelt & Recycling	0.06
Computer & Netzwerkausrüster	0.02
Total	98.62
Total	98.62
Focused SICAV – High Grade Bond USD Halbjahresbericht per 30. April 2020

## Nettovermögensaufstellung
Aktiva	30.4.2020
USD
Wertpapierbestand, Einstandswert	3 232 446 302.10
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	50 553 154.60	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 3 282 999 456.70 |
| Bankguthaben, Sicht- und Fristgelder | 24 205 542.25 |
| Forderungen aus Wertpapierverkäufen (Erläuterung 1) | 30 479 434.55 |
| Forderungen aus Zeichnungen | 4 677 256.38 |
| Zinsforderungen aus Wertpapieren | 16 804 004.95 |
| Nicht realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten (Erläuterung 1) | -12 186 777.93 |
| Total Aktiva | 3 346 978 916.90 |
|  |  |
| Passiva |  |
| Verbindlichkeiten aus Wertpapierkäufen (Erläuterung 1) | -2 658 607.34 |
| Verbindlichkeiten aus Rücknahmen | -14 975 473.55 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -174 394.56 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -27 437.00 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-123 413.12	 |
| Total Rückstellungen für Aufwendungen | -325 244.68 |
| Total Passiva | -17 959 325.57 |
|  |  |
| Nettovermögen am Ende der Berichtsperiode | 3 329 019 591.33 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.11.2019-30.4.2020 |
| Zinsertrag auf liquide Mittel | 59 110.00 |
| Zinsen auf Wertpapiere | 29 773 122.24 |
| Dividenden | 143 748.22 |
| Erträge aus Securities Lending (Erläuterung 11) | 728 770.40 |
| Sonstige Erträge (Erläuterung 4) | 4 082 737.87 |
| Total Erträge | 34 787 488.73 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -1 522 437.55 |
| Abonnementsabgabe (Erläuterung 3) | -119 382.54 |
| Kosten aus Securities Lending (Erläuterung 11) | -291 508.16 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -57 117.19 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -2 021.98 |
| Total Aufwendungen | -1 992 467.42 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 32 795 021.31 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | 29 653 261.68 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | -45 722.10 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | 11 413 286.02 |
| Realisierter Währungsgewinn (-verlust) | -19 408 764.22 |
| Total der realisierten Gewinne (Verluste) | 21 612 061.38 |
|  |  |
| Realisierter Nettogewinn (-verlust) der Berichtsperiode | 54 407 082.69 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | 7 773 280.62 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | -53 300 922.43 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | -45 527 641.81 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 8 879 440.88 |
| Veränderungen des Nettovermögens | USD |
|  | 1.11.2019-30.4.2020 |
| Nettovermögen zu Beginn der Berichtsperiode | 3 242 882 467.48 |
| Zeichnungen | 3 448 906 109.84 |
| Rücknahmen | 	-3 369 186 888.96	 |
| Total Mittelzufluss (-abfluss) | 79 719 220.88 |
| Ausbezahlte Dividende | -2 461 537.91 |
| Nettoerträge (-verluste) aus Anlagen | 32 795 021.31 |
| Total der realisierten Gewinne (Verluste) | 21 612 061.38 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	-45 527 641.81	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 8 879 440.88 |
| Nettovermögen am Ende der Berichtsperiode | 3 329 019 591.33 |

Focused SICAV – High Grade Bond USD Halbjahresbericht per 30. April 2020
| Entwicklung der Aktien im Umlauf |  |
| --- | --- |
|  | 1.11.2019-30.4.2020 |
| Klasse | F-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 7 324 921.0680 |
| Anzahl der ausgegebenen Aktien | 8 636 532.9530 |
| Anzahl der zurückgegebenen Aktien | -8 020 055.8220 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 7 941 398.1990 |
| Klasse | (CHF hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 8 153 056.8350 |
| Anzahl der ausgegebenen Aktien | 7 454 206.8630 |
| Anzahl der zurückgegebenen Aktien | -8 334 616.2310 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 7 272 647.4670 |
| Klasse | (EUR hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 10 446 336.9250 |
| Anzahl der ausgegebenen Aktien | 7 674 690.8730 |
| Anzahl der zurückgegebenen Aktien | -10 288 426.6430 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 7 832 601.1550 |
| Klasse | (GBP hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 291 623.2030 |
| Anzahl der ausgegebenen Aktien | 2 479 437.0000 |
| Anzahl der zurückgegebenen Aktien | -473 663.8550 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 2 297 396.3480 |
| Klasse | (JPY hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 192 476.0000 |
| Anzahl der ausgegebenen Aktien | 21 437.0000 |
| Anzahl der zurückgegebenen Aktien | -117 943.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 95 970.0000 |
| Klasse | (SGD hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 62 480.6770 |
| Anzahl der ausgegebenen Aktien | 43 935.6610 |
| Anzahl der zurückgegebenen Aktien | -86 787.6650 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 19 628.6730 |
| Klasse | F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 815 779.0000 |
| Anzahl der ausgegebenen Aktien | 524 967.0000 |
| Anzahl der zurückgegebenen Aktien | -195 830.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 1 144 916.0000 |
| Klasse | (CHF hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 82 046.4110 |
| Anzahl der ausgegebenen Aktien | 39 042.4620 |
| Anzahl der zurückgegebenen Aktien | -91 387.8110 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 29 701.0620 |
| Klasse | (EUR hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 50 650.0000 |
| Anzahl der ausgegebenen Aktien | 79 855.0000 |
| Anzahl der zurückgegebenen Aktien | -58 605.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 71 900.0000 |
| Klasse | (GBP hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 6 263.7580 |
| Anzahl der ausgegebenen Aktien | 349 625.5370 |
| Anzahl der zurückgegebenen Aktien | -350 449.9940 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 5 439.3010 |

| Jährliche Ausschüttung 1 |  |
| --- | --- |
| Focused SICAV – High Grade Bond USD | Ex-Date | Pay-Date | Währung | Betrag pro Aktie |
| F-UKdist | 15.11.2019 | 20.11.2019 | USD | 2.28 |
| F-UKdist | 14.2.2020 | 19.2.2020 | USD | 0.26 |
| (CHF hedged) F-UKdist | 15.11.2019 | 20.11.2019 | CHF | 2.14 |
| (CHF hedged) F-UKdist | 14.2.2020 | 19.2.2020 | CHF | 0.53 |
| (EUR hedged) F-UKdist | 15.11.2019 | 20.11.2019 | EUR | 2.20 |
| (EUR hedged) F-UKdist | 14.2.2020 | 19.2.2020 | EUR | 0.61 |
| (GBP hedged) F-UKdist | 15.11.2019 | 20.11.2019 | GBP | 2.20 |
| (GBP hedged) F-UKdist | 14.2.2020 | 19.2.2020 | GBP | 0.02 |
| 1  Siehe Erläuterung 5 |  |  |  |  |

Focused SICAV – High Grade 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 |  |  |  |
| Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AFRICAN DEVELOPMENT BANK 1.25000% 16-26.07.21 | 7 000 000.00 | 7 068 097.40 | 0.21 |
| USD	AFRICAN DEVELOPMENT BANK 3.00000% 18-20.09.23 | 7 000 000.00 | 7 568 876.70 | 0.23 |
| USD	ALPHABET INC 3.62500% 16-19.05.21 | 2 500 000.00 | 2 577 823.75 | 0.08 |
| USD	ANZ NEW ZEALAND INT’L LTD/LDN-REG-S 2.87500% 17-25.01.22 | 7 000 000.00 | 7 135 800.00 | 0.21 |
| USD	APPLE INC 2.25000% 16-23.02.21 | 500 000.00 | 505 826.15 | 0.01 |
| USD	ASIAN DEVELOPMENT BANK 2.62500% 19-30.01.24 | 5 000 000.00 | 5 402 200.00 | 0.16 |
| USD	BANK OF ENGLAND-REG-S 0.50000% 20-28.04.23 | 7 500 000.00 | 7 518 000.00 | 0.23 |
| USD	BERKSHIRE HATHAWAY FINANCE CORP 3.00000% 12-15.05.22 | 4 000 000.00 | 4 199 920.40 | 0.13 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 2.75000% 17-10.03.22 | 10 000 000.00 | 10 281 900.00 | 0.31 |
| USD	COUNCIL OF EUROPE DEVELOPMENT BANK 1.62500% 16-16.03.21 | 3 000 000.00 | 3 030 420.30 | 0.09 |
| USD	CPPIB CAPITAL INC-REG-S 1.25000% 20-04.03.25 | 7 500 000.00 | 7 653 339.00 | 0.23 |
| USD	EQUINOR ASA 2.45000% 12-17.01.23 | 4 400 000.00 | 4 515 510.12 | 0.14 |
| USD	EXPORT-IMPORT BANK OF KOREA 2.75000% 17-25.01.22 | 6 855 000.00 | 7 013 521.88 | 0.21 |
| USD	FANNIE MAE 2.87500% 18-12.09.23 | 15 161 000.00 | 16 415 942.68 | 0.49 |
| USD	HSBC BANK PLC-REG-S 4.75000% 11-19.01.21 | 15 500 000.00 | 15 870 896.40 | 0.48 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.87500% 15-07.10.22 | 7 000 000.00 | 7 225 890.00 | 0.22 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.00000% 17-26.01.22 | 12 500 000.00 | 12 855 875.00 | 0.39 |
| USD	JOHNSON & JOHNSON 1.65000% 16-01.03.21 | 3 000 000.00 | 3 029 078.10 | 0.09 |
| USD	JOHNSON & JOHNSON 2.05000% 16-01.03.23 | 2 000 000.00 | 2 058 438.80 | 0.06 |
| USD	JOHNSON & JOHNSON 2.25000% 17-03.03.22 | 10 000 000.00 | 10 290 414.00 | 0.31 |
| USD	KOREA DEVELOPMENT BANK 3.00000% 12-14.09.22 | 15 000 000.00 | 15 581 250.00 | 0.47 |
| USD	KOREA DEVELOPMENT BANK 2.62500% 17-27.02.22 | 16 000 000.00 | 16 365 000.00 | 0.49 |
| USD	MICROSOFT CORP 4.00000% 11-08.02.21 | 565 000.00 | 579 893.79 | 0.02 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 1.87500% 16-12.07.21 | 2 000 000.00 | 2 019 212.79 | 0.06 |
| USD	NBK SPC LTD-REG-S 2.75000% 17-30.05.22 | 11 000 000.00 | 11 000 000.00 | 0.33 |
| USD	NORDEA BANK ABP-REG-S 4.87500% 11-14.01.21 | 10 000 000.00 | 10 266 265.00 | 0.31 |
| USD	NORDIC INVESTMENT BANK 2.87500% 18-19.07.23 | 10 000 000.00 | 10 759 319.00 | 0.32 |
| USD	NORDIC INVESTMENT BANK 2.25000% 19-21.05.24 | 8 000 000.00 | 8 539 402.40 | 0.26 |
| USD	NOVARTIS CAPITAL CORP 2.40000% 12-21.09.22 | 2 000 000.00 | 2 066 077.80 | 0.06 |
| USD	NOVARTIS CAPITAL CORP 2.40000% 17-17.05.22 | 3 000 000.00 | 3 097 047.60 | 0.09 |
| USD	OESTERREICHISCHE KONTROLLBANK AG 1.50000% 15-21.10.20 | 2 500 000.00 | 2 510 327.50 | 0.07 |
| USD	PROCTER & GAMBLE CO 1.70000% 16-03.11.21 | 2 700 000.00 | 2 751 607.26 | 0.08 |
| USD	PROCTER & GAMBLE CO 2.15000% 17-11.08.22 | 5 000 000.00 | 5 178 920.50 | 0.16 |
| USD	QATAR, STATE OF-REG-S 3.87500% 18-23.04.23 | 5 000 000.00 | 5 306 250.00 | 0.16 |
| USD	QATAR, STATE OF-REG-S 3.40000% 20-16.04.25 | 3 000 000.00 | 3 188 437.50 | 0.10 |
| USD	QUEBEC, PROVINCE OF 2.62500% 13-13.02.23 | 4 000 000.00 | 4 211 491.20 | 0.13 |
| USD	RABOBANK NEDERLAND NV 4.50000% 11-11.01.21 | 20 000 000.00 | 20 489 560.00 | 0.61 |
| USD	ROYAL BANK OF CANADA 2.75000% 17-01.02.22 | 11 500 000.00 | 11 835 078.95 | 0.36 |
| USD	SHELL INTERNATIONAL FINANCE BV 2.25000% 12-06.01.23 | 5 000 000.00 | 5 092 109.00 | 0.15 |
| USD	SHELL INTERNATIONAL FINANCE BV 3.50000% 18-13.11.23 | 5 000 000.00 | 5 322 599.50 | 0.16 |
| USD	TEMASEK FINANCIAL I LTD-REG-S 2.37500% 12-23.01.23 | 6 000 000.00 | 6 199 020.00 | 0.19 |
| USD	TENNESSEE VALLEY AUTHORITY 1.87500% 12-15.08.22 | 30 000 000.00 | 30 940 563.00 | 0.93 |
| USD	TOTAL CAPITAL 4.45000% 10-24.06.20 | 9 557 000.00 | 9 601 153.34 | 0.29 |
| USD	WALMART INC 2.85000% 19-08.07.24 | 2 000 000.00 | 2 149 260.80 | 0.06 |
| USD	WESTPAC BANKING CORP 2.80000% 17-11.01.22 | 7 000 000.00 | 7 172 760.00 | 0.21 |
| Total USD |  | 344 440 377.61 | 10.35 |
| Total Notes, fester Zins |  | 344 440 377.61 | 10.35 |
| Medium-Term Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AFRICAN DEVELOPMENT BANK 2.37500% 14-23.09.21 | 3 000 000.00 | 3 079 395.90 | 0.09 |
| USD	AFRICAN DEVELOPMENT BANK 3.00000% 18-06.12.21 | 10 000 000.00 | 10 410 000.00 | 0.31 |
| USD	COMMONWEALTH BANK OF AUSTRALIA 2.55000% 16-15.03.21 | 2 200 000.00 | 2 221 670.00 | 0.07 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 2.00000% 16-06.09.21 | 2 000 000.00 | 2 015 700.00 | 0.06 |
| USD	EUROPEAN BANK FOR RECONSTR & DEVT 2.12500% 17-07.03.22 | 5 000 000.00 | 5 154 750.00 | 0.16 |
| USD	FREDDIE MAC 2.75000% 18-19.06.23 | 30 000 000.00 | 32 238 963.00 | 0.97 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 1.75000% 20-14.03.25 | 10 000 000.00 | 10 568 500.00 | 0.32 |
| USD	INTERNATIONAL FINANCE CORP 1.12500% 16-20.07.21 | 5 000 000.00 | 5 042 550.00 | 0.15 |
| USD	INTERNATIONAL FINANCE CORP 2.87500% 18-31.07.23 | 5 000 000.00 | 5 385 698.00 | 0.16 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.12500% 15-03.03.25 | 6 000 000.00 | 6 446 826.60 | 0.19 |
| USD	KOMMUNALBANKEN AS-REG-S 2.25000% 17-25.01.22 | 7 000 000.00 | 7 213 360.00 | 0.22 |
| USD	KOMMUNALBANKEN AS-REG-S 3.12500% 18-18.10.21 | 5 000 000.00 | 5 192 899.00 | 0.16 |
| USD	LANDESBANK BADEN-WUERTTEMBERG-REG-S 2.37500% 19-31.05.22 | 3 150 000.00 | 3 252 082.05 | 0.10 |
| USD	LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 2.37500% 14-24.03.21 | 5 000 000.00 | 5 086 150.00 | 0.15 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 2.62500% 16-14.01.21 | 2 000 000.00 | 2 018 520.00 | 0.06 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 2.50000% 17-22.05.22 | 11 950 000.00 | 12 236 287.34 | 0.37 |
| USD	NEDERLANDSE WATERSCHAPSBANK-REG-S 2.25000% 17-02.03.22 | 4 000 000.00 | 4 127 328.00 | 0.12 |
| USD	NESTLE HOLDINGS INC-REG-S 1.37500% 16-13.07.21 | 5 000 000.00 | 5 016 250.00 | 0.15 |
| USD	NESTLE HOLDINGS INC-REG-S 2.37500% 17-17.11.22 | 10 000 000.00 | 10 310 500.00 | 0.31 |
| USD	NRW BANK-REG-S 0.50000% 20-22.04.22 | 10 000 000.00 | 9 993 500.00 | 0.30 |
| USD	PSA INTERNATIONAL PTE LTD 3.87500% 10-11.02.21 | 2 155 000.00 | 2 195 104.55 | 0.07 |
| USD	SKANDINAVISKA ENSKILDA BANKEN AB-REG-S 2.45000% 15-27.05.20 | 9 118 000.00 | 9 123 288.44 | 0.27 |
| USD	SNCF RESEAU-REG-S 2.00000% 17-13.10.20 | 10 000 000.00 | 10 049 000.00 | 0.30 |
| USD	SP POWERASSETS LTD-REG-S 2.70000% 12-14.09.22 | 3 000 000.00 | 3 089 730.00 | 0.09 |
| USD	SVENSK EXPORTKREDIT AB 2.00000% 17-30.08.22 | 10 000 000.00 | 10 305 451.00 | 0.31 |
| USD	SVENSKA HANDELSBANKEN AB 2.45000% 16-30.03.21 | 750 000.00 | 759 999.23 | 0.02 |
| USD	SVENSKA HANDELSBANKEN AB 1.87500% 16-07.09.21 | 10 000 000.00 | 10 075 470.00 | 0.30 |
| USD	TORONTO-DOMINION BANK 2.50000% 15-14.12.20 | 4 320 000.00 | 4 364 925.84 | 0.13 |
| USD	TORONTO-DOMINION BANK 3.25000% 18-11.06.21 | 5 988 000.00 | 6 139 368.86 | 0.19 |
| USD	UNITED OVERSEAS BANK LTD-REG-S 1.62500% 19-05.09.22 | 9 700 000.00 | 9 913 400.00 | 0.30 |
| Total USD |  | 213 026 667.81 | 6.40 |
| Total Medium-Term Notes, fester Zins |  | 213 026 667.81 | 6.40 |

Focused SICAV – High Grade 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) |  |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AFRICAN DEVELOPMENT BANK 7.37500% 93-06.04.23 | 7 475 000.00 | 8 934 667.17 | 0.27 |
| USD	ALBERTA, PROVINCE OF 2.95000% 19-23.01.24 | 5 000 000.00 | 5 372 658.00 | 0.16 |
| USD	ASIAN INFRASTRUCTURE INVESTMENT BNK/THE 2.25000% 19-16.05.24 | 10 000 000.00 | 10 680 177.00 | 0.32 |
| USD	AUSTRALIA & NEW ZEALAND BANKING GRP/NY 2.62500% 17-19.05.22 | 12 500 000.00 | 12 819 330.00 | 0.39 |
| USD	BANK OF MONTREAL-REG-S 2.10000% 19-15.06.22 | 30 000 000.00 | 30 757 203.00 | 0.92 |
| USD	CANADIAN IMPERIAL BANK OF COM/CAN-REG-S 2.35000% 17-27.07.22 | 15 000 000.00 | 15 476 859.00 | 0.47 |
| USD	DBS BANK LTD-REG-S 3.30000% 18-27.11.21 | 25 000 000.00 | 25 944 245.00 | 0.78 |
| USD	DEXIA CREDIT LOCAL DE FRANCE-REG-S 1.87500% 16-15.09.21 | 15 300 000.00 | 15 561 415.80 | 0.47 |
| USD	DNB BOLIGKREDITT AS-REG-S 2.50000% 17-28.03.22 | 7 000 000.00 | 7 223 804.00 | 0.22 |
| USD	EXPORT-IMPORT BANK OF KOREA 5.12500% 10-29.06.20 | 3 910 000.00 | 3 932 013.30 | 0.12 |
| USD	FEDERAL HOME LOAN BANK SYSTEM 1.87500% 16-29.11.21 | 30 000 000.00 | 30 769 188.00 | 0.92 |
| USD	FEDERAL HOME LOAN BANK SYSTEM 1.37500% 20-17.02.23 | 30 000 000.00 | 30 875 175.00 | 0.93 |
| USD	IDB TRUST SERVICES LTD-REG-S 2.84300% 19-25.04.24 | 25 000 000.00 | 26 982 075.00 | 0.81 |
| USD	ING BANK NV-REG-S 2.62500% 12-05.12.22 | 25 850 000.00 | 26 956 483.40 | 0.81 |
| USD	INTERNATIONAL FINANCE CORP 0.50000% 20-20.03.23 | 5 000 000.00 | 5 005 420.50 | 0.15 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.50000% 14-25.11.24 | 2 000 000.00 | 2 178 380.00 | 0.07 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 0.62500% 20-22.04.25 | 7 000 000.00 | 7 006 274.80 | 0.21 |
| USD	JOHNSON & JOHNSON 3.55000% 11-15.05.21 | 1 010 000.00 | 1 041 638.25 | 0.03 |
| USD	KOMMUNALBANKEN AS-REG-S 1.62500% 16-10.02.21 | 4 000 000.00 | 4 034 280.00 | 0.12 |
| USD	KUWAIT INTERNATIONAL GOVT BOND-REG-S 2.75000% 17-20.03.22 | 5 000 000.00 | 5 118 750.00 | 0.15 |
| USD	LANDWIRTSCHAFTLICHE RENTENBANK 2.00000% 16-06.12.21 | 5 000 000.00 | 5 128 750.00 | 0.15 |
| USD	MICROSOFT CORP 2.00000% 16-08.08.23 | 4 126 000.00 | 4 304 443.73 | 0.13 |
| USD	ONTARIO, PROVINCE OF 1.75000% 20-24.01.23 | 3 000 000.00 | 3 081 217.80 | 0.09 |
| USD	ROYAL BANK OF CANADA 2.30000% 16-22.03.21 | 10 000 000.00 | 10 149 484.00 | 0.30 |
| USD	ROYAL BANK OF CANADA-REG-S 3.35000% 18-22.10.21 | 15 000 000.00 | 15 547 266.00 | 0.47 |
| USD	ROYAL BANK OF CANADA-REG-S 1.90000% 19-23.09.22 | 10 000 000.00 | 10 188 041.00 | 0.31 |
| USD	STADSHYPOTEK AB-REG-S 2.50000% 17-05.04.22 | 4 000 000.00 | 4 121 883.20 | 0.12 |
| USD	TORONTO-DOMINION BANK-REG-S 3.35000% 18-22.10.21 | 10 000 000.00 | 10 355 413.00 | 0.31 |
| USD	TOTAL CAPITAL SA 4.12500% 11-28.01.21 | 10 000 000.00 | 10 207 492.00 | 0.31 |
| USD	TOYOTA MOTOR CORP 3.41900% 18-20.07.23 | 10 000 000.00 | 10 694 831.00 | 0.32 |
| USD	WESTPAC BANKING CORP-REG-S 3.15000% 19-16.01.24 | 20 000 000.00 | 21 581 800.00 | 0.65 |
| Total USD |  | 382 030 658.95 | 11.48 |
| Total Anleihen, fester Zins |  | 382 030 658.95 | 11.48 |
| Treasury-Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 7.25000% 92-15.08.22 | 2 629 000.00 | 3 053 953.14 | 0.09 |
| USD	AMERICA, UNITED STATES OF 7.12500% 93-15.02.23 | 1 701 000.00 | 2 028 907.56 | 0.06 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-31.08.21 | 15 000 000.00 | 15 188 671.50 | 0.46 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-31.07.24 | 15 000 000.00 | 16 136 131.50 | 0.48 |
| USD	AMERICA, UNITED STATES OF 1.87500% 17-31.08.24 | 20 000 000.00 | 21 328 906.00 | 0.64 |
| USD	AMERICA, UNITED STATES OF 1.87500% 17-30.09.22 | 15 000 000.00 | 15 596 484.00 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-30.09.24 | 15 000 000.00 | 16 176 562.50 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.00000% 17-31.10.22 | 15 000 000.00 | 15 661 522.50 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-31.10.24 | 30 000 000.00 | 32 560 545.00 | 0.98 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-30.11.24 | 20 000 000.00 | 21 625 000.00 | 0.65 |
| USD	AMERICA, UNITED STATES OF 2.25000% 18-31.12.24 | 30 000 000.00 | 32 648 436.00 | 0.98 |
| USD	AMERICA, UNITED STATES OF 2.50000% 18-31.01.25 | 15 000 000.00 | 16 522 264.50 | 0.50 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-28.02.25 | 15 000 000.00 | 16 725 000.00 | 0.50 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-28.02.23 | 15 000 000.00 | 16 008 397.50 | 0.48 |
| USD	AMERICA, UNITED STATES OF 2.50000% 18-31.03.23 | 15 000 000.00 | 15 983 202.00 | 0.48 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-30.04.23 | 15 000 000.00 | 16 119 726.00 | 0.48 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-15.05.21 | 15 000 000.00 | 15 384 375.00 | 0.46 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.05.23 | 15 000 000.00 | 16 146 679.50 | 0.48 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-15.06.21 | 15 000 000.00 | 15 416 014.51 | 0.46 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-30.06.23 | 15 000 000.00 | 16 118 554.50 | 0.48 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-15.08.21 | 15 000 000.00 | 15 498 046.50 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.08.23 | 15 000 000.00 | 16 232 226.00 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-15.09.21 | 15 000 000.00 | 15 527 929.50 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.09.23 | 20 000 000.00 | 21 766 406.01 | 0.65 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-15.10.21 | 15 000 000.00 | 15 590 625.00 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.10.23 | 15 000 000.00 | 16 351 171.50 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.11.23 | 10 000 000.00 | 10 921 093.00 | 0.33 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-15.12.21 | 15 000 000.00 | 15 590 625.00 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-31.12.23 | 15 000 000.00 | 16 272 655.50 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-15.01.22 | 15 000 000.00 | 15 585 351.00 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-31.01.24 | 15 000 000.00 | 16 230 468.00 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-15.02.22 | 15 000 000.00 | 15 614 647.50 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-29.02.24 | 15 000 000.00 | 16 181 835.00 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-15.03.22 | 15 000 000.00 | 15 608 202.00 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.25000% 19-15.04.22 | 15 000 000.00 | 15 598 242.00 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.25000% 19-30.04.24 | 15 000 000.00 | 16 156 054.50 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.12500% 19-15.05.22 | 15 000 000.00 | 15 583 006.50 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.12500% 19-31.05.21 | 15 000 000.00 | 15 318 750.00 | 0.46 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-30.06.24 | 15 000 000.00 | 15 888 280.50 | 0.48 |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-30.06.21 | 15 000 000.00 | 15 256 639.50 | 0.46 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-31.07.21 | 15 000 000.00 | 15 296 484.00 | 0.46 |
| USD	AMERICA, UNITED STATES OF 2.37500% 14-15.08.24 | 15 000 000.00 | 16 306 639.50 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.00000% 14-31.08.21 | 15 000 000.00 | 15 367 968.00 | 0.46 |
| USD	AMERICA, UNITED STATES OF 2.12500% 14-30.09.21 | 15 000 000.00 | 15 414 843.00 | 0.46 |
| USD	AMERICA, UNITED STATES OF 2.25000% 14-15.11.24 | 15 000 000.00 | 16 286 718.00 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.00000% 14-30.11.21 | 15 000 000.00 | 15 399 022.50 | 0.46 |
| USD	AMERICA, UNITED STATES OF 2.00000% 15-15.02.25 | 15 000 000.00 | 16 171 288.50 | 0.49 |
| USD	AMERICA, UNITED STATES OF 1.75000% 15-28.02.22 | 15 000 000.00 | 15 424 218.00 | 0.46 |
| USD	AMERICA, UNITED STATES OF 1.87500% 15-31.08.22 | 15 000 000.00 | 15 578 319.00 | 0.47 |
| USD	AMERICA, UNITED STATES OF 1.75000% 15-30.09.22 | 15 000 000.00 | 15 552 538.50 | 0.47 |
| USD	AMERICA, UNITED STATES OF 1.87500% 15-31.10.22 | 15 000 000.00 | 15 614 647.50 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.00000% 15-30.11.22 | 15 000 000.00 | 15 681 444.00 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.12500% 15-31.12.22 | 15 000 000.00 | 15 753 514.50 | 0.47 |
| USD	AMERICA, UNITED STATES OF 1.75000% 16-31.01.23 | 30 000 000.00 | 31 243 359.00 | 0.94 |

Focused SICAV – High Grade 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 1.50000% 16-31.03.23 | 15 000 000.00 | 15 550 780.50 | 0.47 |
| --- | --- | --- | --- | --- |
| USD | AMERICA, UNITED STATES OF 1.37500% 16-30.04.21 | 15 000 000.00 | 15 181 639.50 | 0.46 |
| USD | AMERICA, UNITED STATES OF 3.12500% 11-15.05.21 | 14 000 000.00 | 14 432 030.20 | 0.43 |
| USD | AMERICA, UNITED STATES OF 1.62500% 16-30.04.23 | 15 000 000.00 | 15 616 405.50 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.62500% 16-31.05.23 | 15 000 000.00 | 15 628 125.00 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.37500% 16-31.05.21 | 15 000 000.00 | 15 195 701.99 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.12500% 11-15.08.21 | 15 000 000.00 | 15 375 585.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.00000% 11-15.11.21 | 15 000 000.00 | 15 423 046.49 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.12500% 16-30.06.21 | 15 000 000.00 | 15 167 577.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.37500% 16-30.06.23 | 15 000 000.00 | 15 530 859.01 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.12500% 16-31.07.21 | 15 000 000.00 | 15 180 468.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.25000% 16-31.07.23 | 13 000 000.00 | 13 415 390.30 | 0.40 |
| USD | AMERICA, UNITED STATES OF 2.00000% 12-15.02.22 | 15 000 000.00 | 15 483 397.51 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.75000% 12-15.05.22 | 15 000 000.00 | 15 471 679.50 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.37500% 16-30.09.23 | 15 000 000.00 | 15 561 327.01 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.25000% 16-31.10.21 | 15 000 000.00 | 15 239 647.50 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.62500% 16-31.10.23 | 15 000 000.00 | 15 702 538.50 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.62500% 12-15.08.22 | 15 000 000.00 | 15 485 742.00 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.62500% 12-15.11.22 | 15 000 000.00 | 15 528 514.51 | 0.47 |
| USD | AMERICA, UNITED STATES OF 2.12500% 16-30.11.23 | 15 000 000.00 | 15 983 202.00 | 0.48 |
| USD | AMERICA, UNITED STATES OF 1.75000% 16-30.11.21 | 15 000 000.00 | 15 364 452.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.00000% 17-31.12.21 | 15 000 000.00 | 15 446 484.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.00000% 13-15.02.23 | 30 000 000.00 | 31 470 702.00 | 0.95 |
| USD | AMERICA, UNITED STATES OF 2.25000% 17-31.12.23 | 10 000 000.00 | 10 712 500.00 | 0.32 |
| USD | AMERICA, UNITED STATES OF 1.87500% 17-31.01.22 | 15 000 000.00 | 15 437 109.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.25000% 31.01.17-31.01.24 | 20 000 000.00 | 21 457 812.00 | 0.64 |
| USD | AMERICA, UNITED STATES OF 1.75000% 13-15.05.23 | 15 000 000.00 | 15 678 514.50 | 0.47 |
| USD | AMERICA, UNITED STATES OF 2.50000% 13-15.08.23 | 15 000 000.00 | 16 096 875.00 | 0.48 |
| USD | AMERICA, UNITED STATES OF 2.25000% 17-29.02.24 | 15 000 000.00 | 16 036 522.50 | 0.48 |
| USD | AMERICA, UNITED STATES OF 1.87500% 17-28.02.22 | 15 000 000.00 | 15 457 617.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.12500% 17-31.03.24 | 30 000 000.00 | 32 125 779.00 | 0.96 |
| USD | AMERICA, UNITED STATES OF 1.87500% 17-31.03.22 | 15 000 000.00 | 15 478 125.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.75000% 13-15.11.23 | 15 000 000.00 | 16 295 506.50 | 0.49 |
| USD | AMERICA, UNITED STATES OF 2.25000% 14-30.04.21 | 15 000 000.00 | 15 314 062.50 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.50000% 14-15.05.24 | 15 000 000.00 | 16 315 429.50 | 0.49 |
| USD | AMERICA, UNITED STATES OF 2.00000% 14-31.05.21 | 15 000 000.00 | 15 298 242.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.12500% 14-30.06.21 | 15 000 000.00 | 15 343 359.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.25000% 14-31.07.21 | 15 000 000.00 | 15 386 718.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.75000% 15-30.04.22 | 15 000 000.00 | 15 464 062.50 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.87500% 17-30.04.22 | 15 000 000.00 | 15 496 875.00 | 0.47 |
| USD | AMERICA, UNITED STATES OF 2.00000% 17-30.04.24 | 15 000 000.00 | 16 007 812.50 | 0.48 |
| USD | AMERICA, UNITED STATES OF 1.87500% 15-31.05.22 | 15 000 000.00 | 15 520 312.50 | 0.47 |
| USD | AMERICA, UNITED STATES OF 2.12500% 15-30.06.22 | 15 000 000.00 | 15 622 264.50 | 0.47 |
| USD | AMERICA, UNITED STATES OF 2.00000% 15-31.07.22 | 15 000 000.00 | 15 603 514.50 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.75000% 17-31.05.22 | 15 000 000.00 | 15 478 709.99 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.00000% 17-31.05.24 | 15 000 000.00 | 16 025 389.50 | 0.48 |
| USD | AMERICA, UNITED STATES OF 1.75000% 17-30.06.22 | 15 000 000.00 | 15 499 217.99 | 0.47 |
| USD | AMERICA, UNITED STATES OF 2.62500% 18-15.07.21 | 15 000 000.00 | 15 442 968.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 2.75000% 18-31.07.23 | 15 000 000.00 | 16 205 272.50 | 0.49 |
| USD | AMERICA, UNITED STATES OF 1.75000% 19-31.07.24 | 15 000 000.00 | 15 902 343.00 | 0.48 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-15.08.22 | 15 000 000.00 | 15 441 210.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.25000% 19-31.08.24 | 15 000 000.00 | 15 596 484.00 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-15.09.22 | 15 000 000.00 | 15 457 030.50 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-30.09.24 | 15 000 000.00 | 15 767 577.00 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-30.09.21 | 15 000 000.00 | 15 280 663.50 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-31.10.24 | 15 000 000.00 | 15 777 538.50 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-31.10.21 | 15 000 000.00 | 15 294 726.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-30.11.21 | 15 000 000.00 | 15 309 960.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.50000% 19-30.11.24 | 15 000 000.00 | 15 798 631.50 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.62500% 19-15.12.22 | 15 000 000.00 | 15 547 851.01 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.75000% 19-31.12.24 | 15 000 000.00 | 15 977 343.00 | 0.48 |
| USD | AMERICA, UNITED STATES OF 1.62500% 19-31.12.21 | 15 000 000.00 | 15 355 077.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.50000% 20-15.01.23 | 15 000 000.00 | 15 510 937.50 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.37500% 20-31.01.25 | 15 000 000.00 | 15 725 389.50 | 0.47 |
| USD | AMERICA, UNITED STATES OF 1.37500% 20-31.01.22 | 15 000 000.00 | 15 306 444.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.37500% 20-15.02.23 | 15 000 000.00 | 15 476 952.00 | 0.46 |
| USD | AMERICA, UNITED STATES OF 1.12500% 20-28.02.25 | 15 000 000.00 | 15 568 359.00 | 0.47 |
| Total USD |  |  | 1 961 622 974.73 | 58.92 |
| Total Treasury-Notes, fester Zins | 1 961 622 974.73 | 58.92 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 2 901 120 679.10 | 87.15 |
| Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  |  |
| Notes, fester Zins |  |  |
| USD |  |  |
| USD	AUSTRALIA & NEW ZEALAND BANKING GRP/NY 2.55000% 16-23.11.21	2 000 000.00 | 2 037 480.00 | 0.06 |
| USD	FANNIE MAE 1.37500% 19-06.09.22	30 000 000.00 | 30 776 142.00 | 0.92 |
| USD	FANNIE MAE 1.62500% 20-07.01.25	30 000 000.00 | 31 513 899.00 | 0.95 |
| USD	FANNIE MAE 2.00000% 17-05.10.22	30 000 000.00 | 31 211 202.00 | 0.94 |
| USD	FANNIE MAE 2.37500% 18-19.01.23	30 000 000.00 | 31 655 367.00 | 0.95 |
| USD	FANNIE MAE 2.62500% 19-11.01.22	19 552 000.00 | 20 330 969.27 | 0.61 |
| USD	FREDDIE MAC 1.12500% 16-12.08.21	30 000 000.00 | 30 335 844.00 | 0.91 |
| USD	FREDDIE MAC 1.50000% 20-12.02.25	30 000 000.00 | 31 330 668.00 | 0.94 |
| USD	MASSMUTUAL GLOBAL FUNDING II-REG-S 2.00000% 16-15.04.21	3 000 000.00 | 3 028 169.10 | 0.09 |
| USD	MASSMUTUAL GLOBAL FUNDING II-REG-S 2.50000% 17-13.04.22	10 000 000.00 | 10 265 222.00 | 0.31 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 3.70000% 18-04.11.21	9 148 000.00 | 9 458 666.08 | 0.28 |
| USD	NEW YORK LIFE GLOBAL FUNDING-REG-S 2.95000% 19-28.01.21	5 000 000.00 | 5 073 157.00 | 0.15 |
| USD	NORDEA BANK ABP-REG-S 2.12500% 17-29.05.20	7 500 000.00 | 7 508 400.00 | 0.23 |
| Total USD | 244 525 185.45 | 7.34 |
| Total Notes, fester Zins | 244 525 185.45 | 7.34 |

Focused SICAV – High Grade 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) |  |

Medium-Term Notes, fester Zins
| USD |  |
| --- | --- |
| USD | AUSTRALIA & NEW ZEALAND BANKING-REG-S 4.87500% 11-12.01.21 | 7 000 000.00 | 7 171 570.00 | 0.22 |
| USD | FREDDIE MAC 2.37500% 12-13.01.22 | 30 000 000.00 | 31 064 070.00 | 0.93 |
| USD | INTER-AMERICAN DEVELOPMENT BANK 0.50000% 03-17.04.23 | 6 000 000.00 | 5 942 066.16 | 0.18 |
| USD | NEW YORK LIFE GLOBAL FUNDING-REG-S 1.70000% 16-14.09.21 | 970 000.00 | 977 803.65 | 0.03 |
| USD | NORDEA BANK ABP-REG-S 2.50000% 15-17.09.20 | 5 700 000.00 | 5 726 760.36 | 0.17 |
| Total USD |  |  | 50 882 270.17 | 1.53 |
| Total Medium-Term Notes, fester Zins |  | 50 882 270.17 | 1.53 |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	FANNIE MAE 1.37500% 16-07.10.21 | 30 000 000.00 | 30 493 218.00 | 0.92 |
| USD	FEDERAL HOME LOAN BANK SYSTEM 1.50000% 19-15.08.24 | 30 000 000.00 | 31 332 924.00 | 0.94 |
| USD	NATIONAL AUSTRALIA BANK LTD-REG-S 2.40000% 16-07.12.21 | 4 000 000.00 | 4 080 644.40 | 0.12 |
| Total USD |  | 65 906 786.40 | 1.98 |
| Total Anleihen, fester Zins |  | 65 906 786.40 | 1.98 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  | 361 314 242.02 | 10.85 |

Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
Notes, fester Zins
| USD |  |
| --- | --- |
| USD | KOMMUNALBANKEN AS-REG-S 0.87500% 20-12.03.25 | 7 000 000.00 | 7 075 880.00 | 0.21 |
| USD | SVENSKA HANDELSBANKEN AB 1.95000% 17-08.09.20 | 2 750 000.00 | 2 758 796.98 | 0.09 |
| Total USD |  |  | 9 834 676.98 | 0.30 |
| Total Notes, fester Zins |  | 9 834 676.98 | 0.30 |
| Medium-Term Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.48000% 19-28.05.24 | 8 000 000.00 | 8 683 174.40 | 0.26 |
| USD	METROPOLITAN LIFE GLOBAL FUNDING-REG-S 2.40000% 19-17.06.22 | 2 000 000.00 | 2 046 684.20 | 0.06 |
| Total USD |  | 10 729 858.60 | 0.32 |
| Total Medium-Term Notes, fester Zins |  | 10 729 858.60 | 0.32 |
| Total Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden |  | 20 564 535.58 | 0.62 |
| Total des Wertpapierbestandes |  | 3 282 999 456.70 | 98.62 |
| Devisenterminkontrakte |  |  |  |
| Devisenterminkontrakte (Kauf/Verkauf) |  |  |  |

| JPY | 1 051 373 500.00 | USD | 9 791 385.34 | 7.5.2020 | 41 099.63 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| SGD | 2 422 600.00 | USD | 1 700 907.02 | 4.5.2020 | 20 056.25 | 0.00 |
| GBP | 245 723 200.00 | USD | 304 513 704.22 | 4.5.2020 | 5 429 254.11 | 0.16 |
| CHF | 740 936 700.00 | USD | 776 707 986.31 | 4.5.2020 | -9 017 264.66 | -0.27 |
| EUR | 802 903 300.00 | USD | 890 178 888.71 | 4.5.2020 | -10 758 904.25 | -0.32 |
| EUR | 8 667 000.00 | USD | 9 558 901.90 | 4.5.2020 | -65 936.80 | 0.00 |
| CHF | 3 162 400.00 | USD | 3 298 895.08 | 4.5.2020 | -22 305.95 | 0.00 |
| SGD | 47 200.00 | USD | 33 142.90 | 4.5.2020 | 386.97 | 0.00 |
| USD | 12 895 382.82 | CHF | 12 400 400.00 | 4.5.2020 | 47 224.50 | 0.00 |
| USD | 1 180 430.48 | GBP | 947 200.00 | 4.5.2020 | -14 320.24 | 0.00 |
| SGD | 53 800.00 | USD | 37 503.57 | 4.5.2020 | 714.80 | 0.00 |
| GBP | 667 000.00 | USD | 825 706.98 | 4.5.2020 | 15 613.47 | 0.00 |
| USD | 44 385.31 | JPY | 4 755 700.00 | 7.5.2020 | -90.18 | 0.00 |
| EUR | 11 649 800.00 | USD | 12 600 561.15 | 4.5.2020 | 159 464.79 | 0.00 |
| USD | 3 887 608.39 | EUR | 3 601 300.00 | 4.5.2020 | -56 895.50 | 0.00 |
| USD | 5 373.86 | SGD | 7 700.00 | 4.5.2020 | -96.06 | 0.00 |
| EUR | 1 449 400.00 | USD | 1 578 287.90 | 4.5.2020 | 9 239.92 | 0.00 |
| GBP | 426 100.00 | USD | 525 042.38 | 4.5.2020 | 12 418.86 | 0.00 |
| SGD | 27 300.00 | USD | 19 165.76 | 4.5.2020 | 227.58 | 0.00 |
| USD | 2 180 132.21 | EUR | 2 002 700.00 | 4.5.2020 | -13 425.10 | 0.00 |
| JPY | 8 920 300.00 | USD | 82 090.18 | 7.5.2020 | 1 332.80 | 0.00 |
| USD | 932 700.26 | JPY | 101 057 700.00 | 7.5.2020 | -12 395.19 | 0.00 |
| JPY | 30 748 000.00 | USD | 286 070.88 | 7.5.2020 | 1 485.59 | 0.00 |
| USD | 1 259 611.70 | CHF | 1 217 600.00 | 4.5.2020 | -1 953.86 | 0.00 |
| EUR | 23 885 200.00 | USD | 25 966 238.65 | 4.5.2020 | 195 220.91 | 0.01 |
| CHF | 10 221 300.00 | USD | 10 559 576.02 | 4.5.2020 | 30 798.53 | 0.00 |
| GBP | 672 000.00 | USD | 828 309.89 | 4.5.2020 | 19 317.31 | 0.00 |
| SGD | 978 600.00 | USD | 684 407.93 | 4.5.2020 | 10 768.60 | 0.00 |
| USD | 6 942.83 | SGD | 9 900.00 | 4.5.2020 | -89.92 | 0.00 |
| USD | 47 165.45 | JPY | 5 085 100.00 | 7.5.2020 | -390.60 | 0.00 |
| USD | 24 219 249.43 | EUR | 22 439 900.00 | 4.5.2020 | -359 173.04 | -0.01 |
| USD | 11 506 650.99 | CHF | 11 212 900.00 | 4.5.2020 | -111 128.63 | 0.00 |
| USD | 2 194 046.29 | GBP | 1 779 400.00 | 4.5.2020 | -50 399.90 | 0.00 |
| USD | 25 040 593.86 | EUR | 23 103 800.00 | 4.5.2020 | -264 998.28 | -0.01 |
| USD | 11 528 502.83 | CHF | 11 248 600.00 | 4.5.2020 | -126 265.86 | 0.00 |
| USD | 954 175.07 | SGD | 1 354 000.00 | 4.5.2020 | -7 677.60 | 0.00 |
| EUR | 5 643 400.00 | USD | 6 120 194.50 | 4.5.2020 | 61 021.52 | 0.00 |
| CHF | 1 428 800.00 | USD | 1 466 921.17 | 4.5.2020 | 13 470.48 | 0.00 |

Focused SICAV – High Grade 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) |  |

Devisenterminkontrakte (Fortsetzung)
Devisenterminkontrakte (Kauf/Verkauf)
| USD | 512 773.57 | GBP | 411 500.00 | 4.5.2020 | -6 271.96 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 26 179.17 | SGD | 37 100.00 | 4.5.2020 | -175.88 | 0.00 |
| USD | 1 499 900.99 | SGD | 2 120 800.00 | 4.5.2020 | -6 670.01 | 0.00 |
| SGD | 2 120 800.00 | USD | 1 499 977.16 | 2.6.2020 | 6 763.47 | 0.00 |
| EUR | 803 050 400.00 | USD | 873 199 261.59 | 2.6.2020 | 6 893 689.42 | 0.21 |
| USD | 872 674 869.68 | EUR | 803 050 400.00 | 4.5.2020 | -6 906 233.41 | -0.21 |
| USD | 740 461 869.29 | CHF | 719 669 700.00 | 4.5.2020 | -5 193 935.51 | -0.16 |
| CHF | 719 669 700.00 | USD | 741 071 855.18 | 2.6.2020 | 5 180 655.88 | 0.15 |
| USD | 4 412 161.27 | EUR | 4 062 700.00 | 2.6.2020 | -40 303.52 | 0.00 |
| GBP | 708 300.00 | USD | 880 279.84 | 4.5.2020 | 13 134.37 | 0.00 |
| GBP | 245 058 500.00 | USD | 306 425 706.49 | 2.6.2020 | 2 714 205.87 | 0.08 |
| USD | 9 191 141.22 | JPY | 980 143 300.00 | 7.5.2020 | 24 803.79 | 0.00 |
| JPY | 980 143 300.00 | USD | 9 194 210.56 | 2.6.2020 | -24 779.92 | 0.00 |
| USD | 3 201 603.11 | GBP | 2 559 400.00 | 2.6.2020 | -27 065.52 | 0.00 |
| Total Devisenterminkontrakte (Kauf/Verkauf) | -12 186 777.93 | -0.37 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 24 205 542.25 | 0.73 |
| Andere Aktiva und Passiva | 34 001 370.31 | 1.02 |
| Total des Nettovermögens | 3 329 019 591.33 | 100.00 |

Focused SICAV – High Grade Bond USD Halbjahresbericht per 30. April 2020