# Focused SICAV – High Grade Long Term Bond USD
| Most important figures |  |
| --- | --- |
| Date | ISIN | 30.4.2020 | 31.10.2019 | 31.10.2018 |
| Net assets in USD |  | 3 899 584 154.32 | 2 638 075 974.65 | 5 858 491 823.92 |
| Class F-acc | LU0270450066 |  |  |  |
| Shares outstanding |  | 6 980 484.3920 | 2 987 138.1260 | 9 372 718.8790 |
| Net asset value per share in USD |  | 206.52 | 193.13 | 170.50 |
| Issue and redemption price per share in USD 1 |  | 206.52 | 193.13 | 170.50 |
| Class (CHF hedged) F-acc | LU1140787604 |  |  |  |
| Shares outstanding |  | 6 277 162.5910 | 5 129 743.5360 | 19 150 106.8640 |
| Net asset value per share in CHF |  | 110.12 | 104.64 | 95.74 |
| Issue and redemption price per share in CHF 1 |  | 110.12 | 104.64 | 95.74 |
| Class (EUR hedged) F-acc | LU1140787190 |  |  |  |
| Shares outstanding |  | 10 723 289.9120 | 9 749 552.0820 | 17 063 986.2990 |
| Net asset value per share in EUR |  | 115.11 | 109.14 | 99.26 |
| Issue and redemption price per share in EUR 1 |  | 115.11 | 109.14 | 99.26 |
| Class (GBP hedged) F-acc | LU1339538339 |  |  |  |
| Shares outstanding |  | 1 030 281.3670 | 119 239.2410 | 656 912.5350 |
| Net asset value per share in GBP |  | 116.64 | 109.94 | 98.59 |
| Issue and redemption price per share in GBP 1 |  | 116.64 | 109.94 | 98.59 |
| Class (JPY hedged) F-acc 2 | LU1786951779 |  |  |  |
| Shares outstanding |  | 207 460.0000 | 176 489.0000 | - |
| Net asset value per share in JPY |  | 10 933 | 10 380 | - |
| Issue and redemption price per share in JPY 1 |  | 10 933 | 10 380 | - |
| Class (SGD hedged) F-acc | LU1002056536 |  |  |  |
| Shares outstanding |  | 42 906.5890 | 117 370.3790 | 101 837.0000 |
| Net asset value per share in SGD |  | 135.56 | 126.99 | 112.81 |
| Issue and redemption price per share in SGD 1 |  | 135.56 | 126.99 | 112.81 |
| Class F-UKdist | LU0723399837 |  |  |  |
| Shares outstanding |  | 1 555 366.4020 | 1 512 674.0000 | 1 964 789.0000 |
| Net asset value per share in USD |  | 115.66 | 110.94 | 100.81 |
| Issue and redemption price per share in USD 1 |  | 115.66 | 110.94 | 100.81 |
| Class (CHF hedged) F-UKdist | LU1140787786 |  |  |  |
| Shares outstanding |  | 186 201.2830 | 444 132.0080 | 753 733.8890 |
| Net asset value per share in CHF |  | 95.89 | 93.47 | 88.75 |
| Issue and redemption price per share in CHF 1 |  | 95.89 | 93.47 | 88.75 |
| Class (EUR hedged) F-UKdist | LU1140787356 |  |  |  |
| Shares outstanding |  | 91 062.0000 | 133 955.0000 | 237 400.9980 |
| Net asset value per share in EUR |  | 97.32 | 94.70 | 88.88 |
| Issue and redemption price per share in EUR 1 |  | 97.32 | 94.70 | 88.88 |
| Class (GBP hedged) F-UKdist | LU1545517606 |  |  |  |
| Shares outstanding |  | 35 177.3180 | 452 100.5570 | 1 126 093.1350 |
| Net asset value per share in GBP |  | 107.14 | 104.55 | 96.59 |
| Issue and redemption price per share in GBP 1 |  | 107.14 | 104.55 | 96.59 |
| 1  See note 1 2  First NAV: 24.5.2019 |  |  |  |  |

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

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	79.11
The Netherlands	2.19
South Korea	2.16
Australia	2.09
Philippines	2.01
Canada	1.65
Qatar	1.48
Germany	1.40
Kuwait	1.12
Norway	1.11
United Arab Emirates	1.08
Supranationals	0.83
Singapore	0.73
Luxembourg	0.61
China	0.39
Japan	0.28
Hong Kong	0.05
Economic Breakdown as a % of net assets	
Countries & central governments	51.89
Supranational organisations	9.37
Mortgage & funding institutions	7.91
Banks & credit institutions	7.90
Finance & holding companies	5.52
Internet, software & IT services	3.35
Cantons, federal states	2.80
Petroleum	2.65
Pharmaceuticals, cosmetics & medical products	2.62
Computer hardware & network equipment providers	1.84
Biotechnology	0.73
Public, non-profit institutions	0.42
Miscellaneous services	0.40
Energy & water supply	0.34
Vehicles	0.28
Investment funds	0.18
Retail trade, department stores	0.09
Total	98.29
Total	98.29
Focused SICAV – High Grade Long Term Bond USD Semi-Annual Report as of 30 April 2020

## Statement of Net Assets
Assets	30.4.2020
USD
Investments in securities, cost	3 656 568 185.03
| Investments in securities, unrealized appreciation (depreciation) | 	176 171 995.30	 |
| --- | --- |
| Total investments in securities (Note 1) | 3 832 740 180.33 |
| Cash at banks, deposits on demand and deposit accounts | 45 709 593.86 |
| Receivable on securities sales (Note 1) | 22 710 989.01 |
| Receivable on subscriptions | 10 379 950.37 |
| Interest receivable on securities | 26 530 414.93 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | -18 840 911.08 |
| Total Assets | 3 919 230 217.42 |
|  |  |
| Liabilities |  |
| Payable on securities purchases (Note 1) | -1 290 869.30 |
| Payable on redemptions | -17 964 902.32 |
| Provisions for flat fee (Note 2) | -238 450.25 |
| Provisions for taxe d’abonnement (Note 3) | -32 139.43 |
| Provisions for other commissions and fees (Note 2) | 	-119 701.80	 |
| Total provisions | -390 291.48 |
| Total Liabilities | -19 646 063.10 |
|  |  |
| Net assets at the end of the period | 3 899 584 154.32 |
| Statement of Operations | USD |
| Income | 1.11.2019-30.4.2020 |
| Interest on liquid assets | 38 737.22 |
| Interest on securities | 39 126 262.97 |
| Dividends | 62 904.92 |
| Income on securities lending (Note 11) | 981 721.75 |
| Other income (Note 4) | 10 932 139.21 |
| Total income | 51 141 766.07 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -2 149 627.38 |
| Taxe d’abonnement (Note 3) | -155 227.91 |
| Cost on securities lending (Note 11) | -392 688.70 |
| Other commissions and fees (Note 2) | -72 861.01 |
| Interest on cash and bank overdraft | -7 046.56 |
| Total expenses | -2 777 451.56 |
|  |  |
| Net income (loss) on investments | 48 364 314.51 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 44 405 548.93 |
| Realized gain (loss) on financial futures | 231 429.50 |
| Realized gain (loss) on forward foreign exchange contracts | 52 880 801.87 |
| Realized gain (loss) on foreign exchange | -12 700 707.99 |
| Total realized gain (loss) | 84 817 072.31 |
|  |  |
| Net realized gain (loss) of the period | 133 181 386.82 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 122 322 250.26 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | 5 609.68 |
| Unrealized appreciation (depreciation) on financial futures | -152 343.75 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | -70 638 627.20 |
| Total changes in unrealized appreciation (depreciation) | 51 536 888.99 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 184 718 275.81 |
| Statement of Changes in Net Assets | USD |
|  | 1.11.2019-30.4.2020 |
| Net assets at the beginning of the period | 2 638 075 974.65 |
| Subscriptions | 5 056 916 666.20 |
| Redemptions | 	-3 973 132 804.84	 |
| Total net subscriptions (redemptions) | 1 083 783 861.36 |
| Dividend paid | -6 993 957.50 |
| Net income (loss) on investments | 48 364 314.51 |
| Total realized gain (loss) | 84 817 072.31 |
| Total changes in unrealized appreciation (depreciation) | 	51 536 888.99	 |
| Net increase (decrease) in net assets as a result of operations | 184 718 275.81 |
| Net assets at the end of the period | 3 899 584 154.32 |

Focused SICAV – High Grade Long Term 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 | 2 987 138.1260 |
| Number of shares issued | 9 946 300.3690 |
| Number of shares redeemed | -5 952 954.1030 |
| Number of shares outstanding at the end of the period | 6 980 484.3920 |
| Class | (CHF hedged) F-acc |
| Number of shares outstanding at the beginning of the period | 5 129 743.5360 |
| Number of shares issued | 7 145 279.6000 |
| Number of shares redeemed | -5 997 860.5450 |
| Number of shares outstanding at the end of the period | 6 277 162.5910 |
| Class | (EUR hedged) F-acc |
| Number of shares outstanding at the beginning of the period | 9 749 552.0820 |
| Number of shares issued | 13 036 740.7280 |
| Number of shares redeemed | -12 063 002.8980 |
| Number of shares outstanding at the end of the period | 10 723 289.9120 |
| Class | (GBP hedged) F-acc |
| Number of shares outstanding at the beginning of the period | 119 239.2410 |
| Number of shares issued | 1 124 846.0190 |
| Number of shares redeemed | -213 803.8930 |
| Number of shares outstanding at the end of the period | 1 030 281.3670 |
| Class | (JPY hedged) F-acc |
| Number of shares outstanding at the beginning of the period | 176 489.0000 |
| Number of shares issued | 81 749.0000 |
| Number of shares redeemed | -50 778.0000 |
| Number of shares outstanding at the end of the period | 207 460.0000 |
| Class | (SGD hedged) F-acc |
| Number of shares outstanding at the beginning of the period | 117 370.3790 |
| Number of shares issued | 136 855.1870 |
| Number of shares redeemed | -211 318.9770 |
| Number of shares outstanding at the end of the period | 42 906.5890 |
| Class | F-UKdist |
| Number of shares outstanding at the beginning of the period | 1 512 674.0000 |
| Number of shares issued | 2 011 338.0820 |
| Number of shares redeemed | -1 968 645.6800 |
| Number of shares outstanding at the end of the period | 1 555 366.4020 |
| Class | (CHF hedged) F-UKdist |
| Number of shares outstanding at the beginning of the period | 444 132.0080 |
| Number of shares issued | 1 014 013.7410 |
| Number of shares redeemed | -1 271 944.4660 |
| Number of shares outstanding at the end of the period | 186 201.2830 |
| Class | (EUR hedged) F-UKdist |
| Number of shares outstanding at the beginning of the period | 133 955.0000 |
| Number of shares issued | 95 717.0000 |
| Number of shares redeemed | -138 610.0000 |
| Number of shares outstanding at the end of the period | 91 062.0000 |
| Class | (GBP hedged) F-UKdist |
| Number of shares outstanding at the beginning of the period | 452 100.5570 |
| Number of shares issued | 976 373.6430 |
| Number of shares redeemed | -1 393 296.8820 |
| Number of shares outstanding at the end of the period | 35 177.3180 |

| Annual Distribution 1 |  |
| --- | --- |
| Focused SICAV – High Grade Long Term Bond USD | Ex-Date | Pay-Date | Currency | Amount per share |
| F-UKdist | 15.11.2019 | 20.11.2019 | USD | 2.76 |
| (CHF hedged) F-UKdist | 15.11.2019 | 20.11.2019 | CHF | 2.35 |
| (EUR hedged) F-UKdist | 15.11.2019 | 20.11.2019 | EUR | 2.41 |
| (GBP hedged) F-UKdist | 15.11.2019 | 20.11.2019 | GBP | 2.58 |
| (GBP hedged) F-UKdist | 14.2.2020 | 19.2.2020 | GBP | 0.96 |
| 1  See note 5 |  |  |  |  |

Focused SICAV – High Grade Long Term 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	ABU DHABI,GOVERNMENT OF-REG-S 3.12500% 16-03.05.26 | 20 000 000.00 | 21 218 750.01 | 0.54 |
| USD	ABU DHABI,GOVERNMENT OF-REG-S 3.12500% 17-11.10.27 | 10 000 000.00 | 10 625 000.00 | 0.27 |
| USD	ALBERTA, PROVINCE OF 3.30000% 18-15.03.28 | 5 000 000.00 | 5 750 250.49 | 0.15 |
| USD	ALBERTA, PROVINCE OF-REG-S 2.05000% 16-17.08.26 | 3 000 000.00 | 3 148 575.90 | 0.08 |
| USD	ALPHABET INC 1.99800% 16-15.08.26 | 50 000 000.00 | 53 153 545.00 | 1.36 |
| USD	APPLE INC 2.45000% 16-04.08.26 | 15 000 000.00 | 16 114 056.00 | 0.41 |
| USD	APPLE INC 2.90000% 17-12.09.27 | 15 000 000.00 | 16 375 324.50 | 0.42 |
| USD	APPLE INC 3.25000% 16-23.02.26 | 15 000 000.00 | 16 666 114.50 | 0.43 |
| USD	APPLE INC 3.35000% 17-09.02.27 | 20 000 000.00 | 22 417 166.00 | 0.57 |
| USD	BERKSHIRE HATHAWAY INC 3.12500% 16-15.03.26 | 25 000 000.00 | 27 470 960.00 | 0.70 |
| USD	CHEVRON CORP 2.95400% 16-16.05.26 | 30 000 000.00 | 32 439 723.00 | 0.83 |
| USD	CPPIB CAPITAL INC-REG-S 2.00000% 19-01.11.29 | 12 500 000.00 | 13 386 183.75 | 0.34 |
| USD	EQUINOR ASA 3.62500% 18-10.09.28 | 25 000 000.00 | 27 295 582.50 | 0.70 |
| USD	EXPORT-IMPORT BANK OF KOREA 3.25000% 14-12.08.26 | 10 000 000.00 | 10 934 375.00 | 0.28 |
| USD	EXPORT-IMPORT BANK OF KOREA 2.87500% 15-21.01.25 | 5 000 000.00 | 5 290 625.00 | 0.14 |
| USD	EXPORT-IMPORT BANK OF KOREA 3.25000% 15-10.11.25 | 5 000 000.00 | 5 429 687.51 | 0.14 |
| USD	EXXON MOBIL CORP 2.70900% 15-06.03.25 | 10 000 000.00 | 10 487 856.00 | 0.27 |
| USD	EXXON MOBIL CORP 3.04300% 16-01.03.26 | 10 000 000.00 | 10 714 855.00 | 0.27 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.37500% 17-07.07.27 | 5 000 000.00 | 5 535 354.00 | 0.14 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.25000% 19-18.06.29 | 20 000 000.00 | 22 313 316.00 | 0.57 |
| USD	INTL BK FOR RECONS & DEV WORLD BK 1.75000% 19-23.10.29 | 25 000 000.00 | 26 946 455.00 | 0.69 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.62500% 20-15.01.25 | 8 000 000.00 | 8 381 204.00 | 0.22 |
| USD	JOHNSON & JOHNSON 2.45000% 16-01.03.26 | 40 000 000.00 | 43 146 656.00 | 1.11 |
| USD	JOHNSON & JOHNSON 2.95000% 17-03.03.27 | 25 000 000.00 | 27 796 935.00 | 0.71 |
| USD	KOREA GAS CORP-REG-S 3.50000% 14-02.07.26 | 12 000 000.00 | 13 177 500.00 | 0.34 |
| USD	KOREA NATIONAL OIL CORP-REG-S 3.37500% 17-27.03.27 | 15 000 000.00 | 16 059 375.00 | 0.41 |
| USD	KOREA, REPUBLIC OF 2.75000% 17-19.01.27 | 10 000 000.00 | 10 840 625.00 | 0.28 |
| USD	KOREA, REPUBLIC OF 2.50000% 19-19.06.29 | 5 000 000.00 | 5 431 250.00 | 0.14 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 2.87500% 18-03.04.28 | 15 000 000.00 | 17 400 583.50 | 0.45 |
| USD	KUWAIT INTERNATIONAL GOVT BOND-REG-S 3.50000% 17-20.03.27 | 40 000 000.00 | 43 850 000.00 | 1.12 |
| USD	MICROSOFT CORP 2.70000% 15-12.02.25 | 10 000 000.00 | 10 822 524.00 | 0.28 |
| USD	MICROSOFT CORP 3.12500% 15-03.11.25 | 10 000 000.00 | 11 145 678.00 | 0.29 |
| USD	MICROSOFT CORP 3.30000% 17-06.02.27 | 35 000 000.00 | 39 495 092.00 | 1.01 |
| USD	NATIONAL AUSTRALIA BANK LTD-REG-S 3.50000% 17-10.01.27 | 10 000 000.00 | 10 795 900.00 | 0.28 |
| USD	NESTLE HOLDINGS INC-REG-S 3.62500% 18-24.09.28 | 10 000 000.00 | 11 515 986.00 | 0.30 |
| USD	NEW YORK LIFE GLOBAL FUNDING-REG-S 2.35000% 16-14.07.26 | 15 000 000.00 | 15 443 587.50 | 0.40 |
| USD	NOVARTIS CAPITAL CORP 3.00000% 15-20.11.25 | 15 000 000.00 | 16 433 863.50 | 0.42 |
| USD	NOVARTIS CAPITAL CORP 3.10000% 17-17.05.27 | 15 000 000.00 | 16 769 838.00 | 0.43 |
| USD	ONTARIO, PROVINCE OF 2.00000% 19-02.10.29 | 5 000 000.00 | 5 301 977.00 | 0.14 |
| USD	QATAR, STATE OF-REG-S 4.50000% 18-23.04.28 | 10 000 000.00 | 11 450 000.00 | 0.29 |
| USD	QATAR, STATE OF-REG-S 4.00000% 19-14.03.29 | 10 000 000.00 | 11 125 000.00 | 0.29 |
| USD	QATAR, STATE OF-REG-S 3.75000% 20-16.04.30 | 3 000 000.00 | 3 277 500.00 | 0.08 |
| USD	QUEBEC, PROVINCE OF 2.75000% 17-12.04.27 | 5 000 000.00 | 5 518 560.99 | 0.14 |
| USD	RABOBANK NEDERLAND NV/NY 3.37500% 15-21.05.25 | 8 300 000.00 | 8 903 995.98 | 0.23 |
| USD	ROCHE HOLDINGS INC-REG-S 2.62500% 16-15.05.26 | 30 000 000.00 | 31 209 216.00 | 0.80 |
| USD	ROCHE HOLDINGS INC-REG-S 2.37500% 16-28.01.27 | 5 000 000.00 | 5 319 211.50 | 0.14 |
| USD	ROCHE HOLDINGS INC-REG-S 3.62500% 18-17.09.28 | 20 000 000.00 | 23 232 926.00 | 0.60 |
| USD	SHELL INTERNATIONAL FINANCE BV 2.87500% 16-10.05.26 | 20 000 000.00 | 21 190 838.00 | 0.54 |
| USD	SHELL INTERNATIONAL FINANCE 3.87500% 18-13.11.28 | 20 000 000.00 | 22 402 600.00 | 0.57 |
| USD	TOYOTA MOTOR CORP 2.76000% 19-02.07.29 | 5 000 000.00 | 5 241 630.50 | 0.13 |
| USD	WALMART INC 3.05000% 19-08.07.26 | 3 000 000.00 | 3 316 856.10 | 0.09 |
| USD	WESTPAC BANKING CORP 2.70000% 16-19.08.26 | 11 500 000.00 | 12 005 195.00 | 0.31 |
| USD	WESTPAC BANKING CORP 3.35000% 17-08.03.27 | 15 000 000.00 | 16 417 920.00 | 0.42 |
| USD	WESTPAC BANKING CORP 3.40000% 18-25.01.28 | 5 000 000.00 | 5 400 700.00 | 0.14 |
| Total USD |  | 873 534 479.73 | 22.40 |
| Total Notes, fixed rate |  | 873 534 479.73 | 22.40 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ASIAN DEVELOPMENT BANK 2.00000% 16-24.04.26 | 8 000 000.00 | 8 621 040.00 | 0.22 |
| USD	ASIAN DEVELOPMENT BANK 2.62500% 17-12.01.27 | 9 000 000.00 | 10 095 845.40 | 0.26 |
| USD	ASIAN DEVELOPMENT BANK 1.75000% 19-19.09.29 | 30 000 000.00 | 32 329 386.00 | 0.83 |
| USD	ASIAN DEVELOPMENT BANK 1.87500% 20-24.01.30 | 25 000 000.00 | 27 240 305.00 | 0.70 |
| USD	AUSTRALIA & NEW ZEALAND BANKING GRP/NY 3.70000% 15-16.11.25 | 10 000 000.00 | 10 867 300.00 | 0.28 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.00000% 16-02.06.26 | 20 000 000.00 | 21 633 168.00 | 0.56 |
| USD	INTERNATIONAL FINANCE CORP 2.12500% 16-07.04.26 | 25 000 000.00 | 27 135 500.00 | 0.70 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.87500% 16-27.10.26 | 48 000 000.00 | 51 598 272.00 | 1.32 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.50000% 17-22.11.27 | 10 000 000.00 | 11 263 799.00 | 0.29 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 3.12500% 18-20.11.25 | 10 000 000.00 | 11 356 090.00 | 0.29 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.12500% 15-03.03.25 | 31 000 000.00 | 33 308 604.10 | 0.85 |
| USD	LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 1.75000% 20-14.01.27 | 20 000 000.00 | 21 228 400.00 | 0.54 |
| USD	MDGH - GMTN BV-REG-S 3.75000% 17-19.04.29 | 5 000 000.00 | 5 342 187.50 | 0.14 |
| USD	NORDRHEIN-WESTFALEN, STATE OF-REG-S 2.25000% 15-16.04.25 | 15 000 000.00 | 16 139 700.00 | 0.41 |
| USD	PSA TREASURY PTE LTD-REG-S 2.50000% 16-12.04.26 | 6 650 000.00 | 6 874 161.53 | 0.18 |
| USD	SP POWERASSETS LTD-REG-S 3.25000% 15-24.11.25 | 14 550 000.00 | 15 687 664.50 | 0.40 |
| USD	TEMASEK FINANCIAL I LTD-REG-S 3.62500% 18-01.08.28 | 5 000 000.00 | 5 753 350.00 | 0.15 |
| Total USD |  | 316 474 773.03 | 8.12 |
| Total Medium term notes, fixed rate |  | 316 474 773.03 | 8.12 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABU DHABI,GOVERNMENT OF-REG-S 2.50000% 19-30.09.29 | 10 000 000.00 | 10 125 000.00 | 0.26 |
| USD	ASIAN INFRASTRUCTURE INVESTMENT BNK/THE 2.25000% 19-16.05.24 | 14 100 000.00 | 15 059 049.57 | 0.39 |
| USD	BNG BANK NV-REG-S 2.37500% 16-16.03.26 | 10 000 000.00 | 10 886 779.99 | 0.28 |
| USD	BRITISH COLUMBIA, PROVINCE OF 2.25000% 16-02.06.26 | 15 000 000.00 | 16 066 200.00 | 0.41 |

Focused SICAV – High Grade Long Term 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 | EUROPEAN INVESTMENT BANK 1.62500% 19-09.10.29 | 20 000 000.00 | 21 344 584.01 | 0.55 |
| USD | FANNIE MAE 2.62500% 14-06.09.24 | 75 000 000.00 | 81 985 950.00 | 2.10 |
| USD | FANNIE MAE 6.25000% 99-15.05.29 | 90 000 000.00 | 130 305 501.00 | 3.34 |
| USD | HONG KONG SUKUK 2017 LTD-REG-S 3.13200% 17-28.02.27 | 2 000 000.00 | 2 183 125.00 | 0.06 |
| USD | INTER-AMERICAN DEVELOPMENT BANK 2.12500% 15-15.01.25 | 5 000 000.00 | 5 364 700.00 | 0.14 |
| USD | KOMMUNALBANKEN AS-REG-S 2.12500% 15-23.04.25 | 15 000 000.00 | 16 041 660.00 | 0.41 |
| USD | KOREA DEVELOPMENT BANK 3.00000% 16-13.01.26 | 10 000 000.00 | 10 706 250.00 | 0.27 |
| USD | KOREA NATIONAL OIL CORP-REG-S 3.25000% 14-10.07.24 | 6 000 000.00 | 6 318 750.00 | 0.16 |
| USD | MICROSOFT CORP 2.40000% 16-08.08.26 | 15 000 000.00 | 16 189 545.00 | 0.42 |
| USD | NATIONAL AUSTRALIA BANK LTD/NY 3.37500% 16-14.01.26 | 17 060 000.00 | 18 341 206.00 | 0.47 |
| USD | ONTARIO, PROVINCE OF 2.50000% 16-27.04.26 | 4 000 000.00 | 4 352 760.00 | 0.11 |
| USD | ONTARIO, PROVINCE OF 2.30000% 19-15.06.26 | 10 000 000.00 | 10 751 600.00 | 0.28 |
| USD | QATAR, STATE OF-REG-S 3.25000% 16-02.06.26 | 30 000 000.00 | 31 762 500.00 | 0.81 |
| USD | SHELL INTERNATIONAL FINANCE BV 3.25000% 15-11.05.25 | 15 623 000.00 | 16 720 078.31 | 0.43 |
| USD | TOYOTA MOTOR 3.66900% 18-20.07.28 | 5 000 000.00 | 5 558 333.50 | 0.14 |
| Total USD |  |  | 430 063 572.38 | 11.03 |
| Total Bonds, fixed rate |  | 430 063 572.38 | 11.03 |
| Bonds, zero coupon |  |  |  |
| USD |  |  |  |
| USD	EUROPEAN INVESTMENT BANK 0.00000% 96-06.11.26 | 2 500 000.00 | 2 366 845.00 | 0.06 |
| Total USD |  | 2 366 845.00 | 0.06 |
| Total Bonds, zero coupon |  | 2 366 845.00 | 0.06 |
| Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 6.00000% 96-15.02.26 | 40 000 000.00 | 52 807 812.00 | 1.35 |
| USD	AMERICA, UNITED STATES OF 6.62500% 97-15.02.27 | 40 000 000.00 | 56 479 683.99 | 1.45 |
| USD	AMERICA, UNITED STATES OF 6.37500% 97-15.08.27 | 40 000 000.00 | 56 871 872.00 | 1.46 |
| USD	AMERICA, UNITED STATES OF 6.12500% 97-15.11.27 | 30 000 000.00 | 42 517 968.00 | 1.09 |
| USD	AMERICA, UNITED STATES OF 5.50000% 98-15.08.28 | 50 000 000.00 | 70 091 795.00 | 1.80 |
| USD	AMERICA, UNITED STATES OF 5.25000% 98-15.11.28 | 40 000 000.00 | 55 704 684.00 | 1.43 |
| USD	AMERICA, UNITED STATES OF 5.25000% 99-15.02.29 | 30 000 000.00 | 42 082 029.00 | 1.08 |
| USD	AMERICA, UNITED STATES OF 6.12500% 99-15.08.29 | 30 000 000.00 | 45 131 250.00 | 1.16 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.08.27 | 40 000 000.00 | 44 953 124.00 | 1.15 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.11.27 | 50 000 000.00 | 56 355 465.00 | 1.45 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-15.02.28 | 50 000 000.00 | 58 396 480.00 | 1.50 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-15.05.28 | 40 000 000.00 | 47 276 560.00 | 1.21 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-15.08.28 | 50 000 000.00 | 59 328 125.00 | 1.52 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.08.25 | 40 000 000.00 | 44 962 500.01 | 1.15 |
| USD	AMERICA, UNITED STATES OF 3.00000% 18-31.10.25 | 40 000 000.00 | 45 614 060.00 | 1.17 |
| USD	AMERICA, UNITED STATES OF 3.12500% 18-15.11.28 | 40 000 000.00 | 48 481 248.00 | 1.24 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.11.25 | 30 000 000.00 | 34 058 202.00 | 0.87 |
| USD	AMERICA, UNITED STATES OF 2.62500% 19-31.01.26 | 40 000 000.00 | 44 970 312.00 | 1.15 |
| USD	AMERICA, UNITED STATES OF 2.62500% 19-15.02.29 | 30 000 000.00 | 35 230 077.00 | 0.90 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-28.02.26 | 20 000 000.00 | 22 367 186.00 | 0.57 |
| USD	AMERICA, UNITED STATES OF 2.25000% 19-31.03.26 | 40 000 000.00 | 44 204 684.00 | 1.13 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-30.04.26 | 40 000 000.00 | 44 539 060.00 | 1.14 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-15.05.29 | 30 000 000.00 | 34 689 843.00 | 0.89 |
| USD	AMERICA, UNITED STATES OF 2.12500% 19-31.05.26 | 60 000 000.00 | 65 974 217.99 | 1.69 |
| USD	AMERICA, UNITED STATES OF 2.00000% 15-15.08.25 | 30 000 000.00 | 32 513 670.00 | 0.83 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-15.02.26 | 30 000 000.00 | 32 021 484.00 | 0.82 |
| USD	AMERICA, UNITED STATES OF 2.00000% 16-15.11.26 | 40 000 000.00 | 43 876 560.00 | 1.13 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.02.27 | 40 000 000.00 | 44 676 560.00 | 1.15 |
| USD	AMERICA, UNITED STATES OF 2.37500% 17-15.05.27 | 50 000 000.00 | 56 458 980.00 | 1.45 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.07.25 | 20 000 000.00 | 22 581 250.00 | 0.58 |
| USD	AMERICA, UNITED STATES OF 1.87500% 19-31.07.26 | 30 000 000.00 | 32 585 154.00 | 0.84 |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-15.08.29 | 80 000 000.00 | 87 409 368.00 | 2.24 |
| USD	AMERICA, UNITED STATES OF 1.37500% 19-31.08.26 | 30 000 000.00 | 31 671 093.00 | 0.81 |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-30.09.26 | 30 000 000.00 | 32 159 763.00 | 0.82 |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-31.10.26 | 35 000 000.00 | 37 541 598.50 | 0.96 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-15.11.29 | 50 000 000.00 | 55 287 105.00 | 1.42 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-31.12.26 | 50 000 000.00 | 54 103 515.00 | 1.39 |
| USD	AMERICA, UNITED STATES OF 1.50000% 20-31.01.27 | 40 000 000.00 | 42 651 560.00 | 1.09 |
| USD	AMERICA, UNITED STATES OF 1.50000% 20-15.02.30 | 60 000 000.00 | 64 982 808.00 | 1.67 |
| USD	AMERICA, UNITED STATES OF 1.12500% 20-28.02.27 | 50 000 000.00 | 52 087 890.00 | 1.34 |
| USD	AMERICA, UNITED STATES OF 0.62500% 20-31.03.27 | 30 000 000.00 | 30 236 718.00 | 0.78 |
| Total USD |  | 1 905 933 314.49 | 48.87 |
| Total Treasury notes, fixed rate |  | 1 905 933 314.49 | 48.87 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 3 528 372 984.63 | 90.48 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 2.85000% 16-18.05.26 | 35 000 000.00 | 36 885 884.00 | 0.95 |
| USD	METROPOLITAN LIFE GLOBAL FUNDING-144A 3.45000% 16-18.12.26 | 30 000 000.00 | 33 235 695.00 | 0.85 |
| USD	TENNESSEE VALLEY AUTHORITY 2.87500% 14-15.09.24 | 15 000 000.00 | 16 361 566.50 | 0.42 |
| Total USD |  | 86 483 145.50 | 2.22 |
| Total Notes, fixed rate |  | 86 483 145.50 | 2.22 |

Focused SICAV – High Grade Long Term 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 | FANNIE MAE 1.87500% 16-24.09.26 | 75 000 000.00 | 80 052 997.50 | 2.05 |
| USD | FEDERAL HOME LOAN BANK SYSTEM 3.25000% 18-16.11.28 | 90 000 000.00 | 106 721 172.00 | 2.74 |
| Total USD |  |  | 186 774 169.50 | 4.79 |
| Total Bonds, fixed rate | 186 774 169.50 | 4.79 |
| Total Transferable securities and money market instruments traded on another regulated market | 273 257 315.00 | 7.01 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Medium term notes, fixed rate
| USD |  |
| --- | --- |
| USD | INTL BK FOR RECONSTR & DEVT WORLD BANK 2.77850% 19-13.09.29 | 20 000 000.00 | 23 541 648.00 | 0.60 |
| USD | METROPOLITAN LIFE GLOBAL FUNDING-REG-S 3.05000% 19-17.06.29 | 7 000 000.00 | 7 568 232.70 | 0.20 |
| Total USD |  |  | 31 109 880.70 | 0.80 |
| Total Medium term notes, fixed rate | 31 109 880.70 | 0.80 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 31 109 880.70 | 0.80 |
| Total investments in securities | 3 832 740 180.33 | 98.29 |
| Forward Foreign Exchange contracts |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |

| JPY | 2 447 000 000.00 | USD | 22 788 780.51 | 7.5.2020 | 95 656.58 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| SGD | 6 713 300.00 | USD | 4 713 406.72 | 4.5.2020 | 55 578.15 | 0.00 |
| GBP | 122 046 700.00 | USD | 151 246 983.21 | 4.5.2020 | 2 696 621.84 | 0.07 |
| CHF | 687 526 000.00 | USD | 720 718 699.72 | 4.5.2020 | -8 367 251.76 | -0.21 |
| EUR | 1 063 683 000.00 | USD | 1 179 305 342.10 | 4.5.2020 | -14 253 352.24 | -0.37 |
| EUR | 43 962 300.00 | USD | 48 486 363.58 | 4.5.2020 | -334 456.39 | -0.01 |
| SGD | 660 400.00 | USD | 463 763.07 | 4.5.2020 | 5 370.98 | 0.00 |
| CHF | 16 747 200.00 | USD | 17 471 589.58 | 4.5.2020 | -119 675.37 | 0.00 |
| USD | 14 678 423.96 | CHF | 14 115 000.00 | 4.5.2020 | 53 754.22 | 0.00 |
| GBP | 1 223 100.00 | USD | 1 524 265.75 | 4.5.2020 | 18 491.44 | 0.00 |
| EUR | 37 851 500.00 | USD | 41 392 208.80 | 4.5.2020 | 66 539.15 | 0.00 |
| SGD | 217 900.00 | USD | 152 002.51 | 4.5.2020 | 2 788.99 | 0.00 |
| CHF | 3 576 000.00 | USD | 3 703 745.90 | 4.5.2020 | 1 377.66 | 0.00 |
| JPY | 30 700 000.00 | USD | 287 144.26 | 7.5.2020 | -36.69 | 0.00 |
| CHF | 10 108 700.00 | USD | 10 413 102.05 | 4.5.2020 | 60 606.70 | 0.00 |
| GBP | 408 000.00 | USD | 505 255.37 | 4.5.2020 | 9 375.43 | 0.00 |
| USD | 87 730.92 | JPY | 9 400 000.00 | 7.5.2020 | -178.24 | 0.00 |
| EUR | 54 957 700.00 | USD | 59 442 896.82 | 4.5.2020 | 752 271.99 | 0.02 |
| USD | 294 413.37 | GBP | 240 500.00 | 4.5.2020 | -8 941.31 | 0.00 |
| USD | 20 519.28 | SGD | 29 400.00 | 4.5.2020 | -365.85 | 0.00 |
| USD | 2 579 269.52 | EUR | 2 389 000.00 | 4.5.2020 | -37 402.18 | 0.00 |
| EUR | 12 646 200.00 | USD | 13 767 639.72 | 4.5.2020 | 83 743.14 | 0.00 |
| SGD | 107 100.00 | USD | 75 180.69 | 4.5.2020 | 900.86 | 0.00 |
| CHF | 1 926 100.00 | USD | 1 984 730.94 | 4.5.2020 | 10 917.40 | 0.00 |
| GBP | 195 100.00 | USD | 241 826.84 | 4.5.2020 | 4 262.55 | 0.00 |
| JPY | 17 700 000.00 | USD | 162 886.47 | 7.5.2020 | 2 644.60 | 0.00 |
| USD | 2 942 571.41 | JPY | 318 900 000.00 | 7.5.2020 | -39 793.52 | 0.00 |
| EUR | 5 264 800.00 | USD | 5 776 564.88 | 4.5.2020 | -10 029.44 | 0.00 |
| JPY | 56 400 000.00 | USD | 525 009.59 | 7.5.2020 | 2 445.36 | 0.00 |
| EUR | 92 678 900.00 | USD | 100 753 706.72 | 4.5.2020 | 757 492.45 | 0.02 |
| CHF | 38 870 900.00 | USD | 40 157 340.40 | 4.5.2020 | 117 124.71 | 0.00 |
| SGD | 3 532 400.00 | USD | 2 469 403.35 | 4.5.2020 | 39 938.13 | 0.00 |
| GBP | 687 600.00 | USD | 847 632.71 | 4.5.2020 | 19 671.55 | 0.00 |
| USD | 29 031.61 | SGD | 41 400.00 | 4.5.2020 | -378.07 | 0.00 |
| USD | 74 201.80 | JPY | 8 000 000.00 | 7.5.2020 | -614.50 | 0.00 |
| USD | 20 972 517.22 | EUR | 19 431 700.00 | 4.5.2020 | -311 023.79 | -0.01 |
| USD | 2 364 857.19 | GBP | 1 917 600.00 | 4.5.2020 | -53 907.57 | 0.00 |
| USD | 11 518 144.40 | CHF | 11 224 100.00 | 4.5.2020 | -111 239.63 | 0.00 |
| USD | 97 714 436.79 | EUR | 90 156 600.00 | 4.5.2020 | -1 034 087.19 | -0.03 |
| USD | 43 751 142.74 | CHF | 42 688 900.00 | 4.5.2020 | -479 184.15 | -0.01 |
| USD | 3 774 530.32 | SGD | 5 355 900.00 | 4.5.2020 | -30 186.59 | 0.00 |
| USD | 820 653.59 | GBP | 661 500.00 | 4.5.2020 | -13 729.44 | 0.00 |
| EUR | 18 991 300.00 | USD | 20 595 819.86 | 4.5.2020 | 205 351.03 | 0.01 |
| USD | 57 358.04 | SGD | 81 300.00 | 4.5.2020 | -395.74 | 0.00 |
| CHF | 3 158 500.00 | USD | 3 245 038.69 | 4.5.2020 | 27 509.62 | 0.00 |
| USD | 4 047 625.78 | SGD | 5 723 100.00 | 4.5.2020 | -17 942.17 | 0.00 |
| SGD | 5 723 100.00 | USD | 4 047 866.26 | 2.6.2020 | 18 159.44 | 0.00 |
| EUR | 1 218 058 400.00 | USD | 1 324 459 455.42 | 2.6.2020 | 10 456 275.59 | 0.27 |
| USD | 1 323 664 063.28 | EUR | 1 218 058 400.00 | 4.5.2020 | -10 475 302.20 | -0.27 |
| USD | 713 932 628.20 | CHF | 693 885 400.00 | 4.5.2020 | -5 007 847.37 | -0.13 |
| CHF | 693 885 400.00 | USD | 714 520 759.54 | 2.6.2020 | 4 995 043.52 | 0.13 |
| USD | 5 821 529.97 | EUR | 5 360 900.00 | 2.6.2020 | -53 680.73 | 0.00 |
| GBP | 272 400.00 | USD | 338 549.34 | 4.5.2020 | 5 042.40 | 0.00 |
| GBP | 122 013 300.00 | USD | 152 567 699.77 | 2.6.2020 | 1 351 388.40 | 0.04 |

Focused SICAV – High Grade Long Term 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 | 20 775 506.38 | JPY | 2 215 500 000.00 | 7.5.2020 | 56 066.10 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| JPY | 2 215 500 000.00 | USD | 20 782 444.25 | 2.6.2020 | -56 012.11 | 0.00 |
| USD | 3 477 927.04 | EUR | 3 199 300.00 | 5.5.2020 | -26 266.25 | 0.00 |
| EUR | 3 199 300.00 | USD | 3 479 808.23 | 2.6.2020 | 26 424.23 | 0.00 |
| GBP | 334 300.00 | USD | 418 182.36 | 2.6.2020 | 3 535.20 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | -18 840 911.08 | -0.48 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 45 709 593.86 | 1.17 |
| Other assets and liabilities | 39 975 291.21 | 1.02 |
| Total net assets | 3 899 584 154.32 | 100.00 |

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

Translation (ENDE, 2020-04-30):
# Focused SICAV – High Grade Long Term Bond USD
| Wichtigste Daten |  |
| --- | --- |
| Datum | ISIN | 30.4.2020 | 31.10.2019 | 31.10.2018 |
| Nettovermögen in USD |  | 3 899 584 154.32 | 2 638 075 974.65 | 5 858 491 823.92 |
| Klasse F-acc | LU0270450066 |  |  |  |
| Aktien im Umlauf |  | 6 980 484.3920 | 2 987 138.1260 | 9 372 718.8790 |
| Nettoinventarwert pro Aktie in USD |  | 206.52 | 193.13 | 170.50 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 206.52 | 193.13 | 170.50 |
| Klasse (CHF hedged) F-acc | LU1140787604 |  |  |  |
| Aktien im Umlauf |  | 6 277 162.5910 | 5 129 743.5360 | 19 150 106.8640 |
| Nettoinventarwert pro Aktie in CHF |  | 110.12 | 104.64 | 95.74 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 110.12 | 104.64 | 95.74 |
| Klasse (EUR hedged) F-acc | LU1140787190 |  |  |  |
| Aktien im Umlauf |  | 10 723 289.9120 | 9 749 552.0820 | 17 063 986.2990 |
| Nettoinventarwert pro Aktie in EUR |  | 115.11 | 109.14 | 99.26 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 115.11 | 109.14 | 99.26 |
| Klasse (GBP hedged) F-acc | LU1339538339 |  |  |  |
| Aktien im Umlauf |  | 1 030 281.3670 | 119 239.2410 | 656 912.5350 |
| Nettoinventarwert pro Aktie in GBP |  | 116.64 | 109.94 | 98.59 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 1 |  | 116.64 | 109.94 | 98.59 |
| Klasse (JPY hedged) F-acc 2 | LU1786951779 |  |  |  |
| Aktien im Umlauf |  | 207 460.0000 | 176 489.0000 | - |
| Nettoinventarwert pro Aktie in JPY |  | 10 933 | 10 380 | - |
| Ausgabe- und Rücknahmepreis pro Aktie in JPY 1 |  | 10 933 | 10 380 | - |
| Klasse (SGD hedged) F-acc | LU1002056536 |  |  |  |
| Aktien im Umlauf |  | 42 906.5890 | 117 370.3790 | 101 837.0000 |
| Nettoinventarwert pro Aktie in SGD |  | 135.56 | 126.99 | 112.81 |
| Ausgabe- und Rücknahmepreis pro Aktie in SGD 1 |  | 135.56 | 126.99 | 112.81 |
| Klasse F-UKdist | LU0723399837 |  |  |  |
| Aktien im Umlauf |  | 1 555 366.4020 | 1 512 674.0000 | 1 964 789.0000 |
| Nettoinventarwert pro Aktie in USD |  | 115.66 | 110.94 | 100.81 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 115.66 | 110.94 | 100.81 |
| Klasse (CHF hedged) F-UKdist | LU1140787786 |  |  |  |
| Aktien im Umlauf |  | 186 201.2830 | 444 132.0080 | 753 733.8890 |
| Nettoinventarwert pro Aktie in CHF |  | 95.89 | 93.47 | 88.75 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 95.89 | 93.47 | 88.75 |
| Klasse (EUR hedged) F-UKdist | LU1140787356 |  |  |  |
| Aktien im Umlauf |  | 91 062.0000 | 133 955.0000 | 237 400.9980 |
| Nettoinventarwert pro Aktie in EUR |  | 97.32 | 94.70 | 88.88 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 97.32 | 94.70 | 88.88 |
| Klasse (GBP hedged) F-UKdist | LU1545517606 |  |  |  |
| Aktien im Umlauf |  | 35 177.3180 | 452 100.5570 | 1 126 093.1350 |
| Nettoinventarwert pro Aktie in GBP |  | 107.14 | 104.55 | 96.59 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 1 |  | 107.14 | 104.55 | 96.59 |
| 1  Siehe Erläuterung 1 2  Erste NAV 24.5.2019 |  |  |  |  |

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

## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Vereinigte Staaten	79.11
Niederlande	2.19
Südkorea	2.16
Australien	2.09
Philippinen	2.01
Kanada	1.65
Katar	1.48
Deutschland	1.40
Kuwait	1.12
Norwegen	1.11
Vereinigte Arabische Emirate	1.08
Supranational	0.83
Singapur	0.73
Luxemburg	0.61
China	0.39
Japan	0.28
Hongkong	0.05
Wirtschaftliche Aufteilung in % des Nettovermögens	
Länder- & Zentralregierungen	51.89
Supranationale Organisationen	9.37
Pfandbriefinstitute & Refinanzierungsgesellschaften	7.91
Banken & Kreditinstitute	7.90
Finanz- & Beteiligungsgesellschaften	5.52
Internet, Software & IT-Dienste	3.35
Kantone, Bundesstaaten	2.80
Erdöl	2.65
Pharmazeutik, Kosmetik & medizinische Produkte	2.62
Computer & Netzwerkausrüster	1.84
Biotechnologie	0.73
Öffentlich-rechtliche Körperschaften	0.42
Diverse Dienstleistungen	0.40
Energie- & Wasserversorgung	0.34
Fahrzeuge	0.28
Anlagefonds	0.18
Detailhandel, Warenhäuser	0.09
Total	98.29
Total	98.29
Focused SICAV – High Grade Long Term Bond USD Halbjahresbericht per 30. April 2020

## Nettovermögensaufstellung
Aktiva	30.4.2020
USD
Wertpapierbestand, Einstandswert	3 656 568 185.03
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	176 171 995.30	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 3 832 740 180.33 |
| Bankguthaben, Sicht- und Fristgelder | 45 709 593.86 |
| Forderungen aus Wertpapierverkäufen (Erläuterung 1) | 22 710 989.01 |
| Forderungen aus Zeichnungen | 10 379 950.37 |
| Zinsforderungen aus Wertpapieren | 26 530 414.93 |
| Nicht realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten (Erläuterung 1) | -18 840 911.08 |
| Total Aktiva | 3 919 230 217.42 |
|  |  |
| Passiva |  |
| Verbindlichkeiten aus Wertpapierkäufen (Erläuterung 1) | -1 290 869.30 |
| Verbindlichkeiten aus Rücknahmen | -17 964 902.32 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -238 450.25 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -32 139.43 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-119 701.80	 |
| Total Rückstellungen für Aufwendungen | -390 291.48 |
| Total Passiva | -19 646 063.10 |
|  |  |
| Nettovermögen am Ende der Berichtsperiode | 3 899 584 154.32 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.11.2019-30.4.2020 |
| Zinsertrag auf liquide Mittel | 38 737.22 |
| Zinsen auf Wertpapiere | 39 126 262.97 |
| Dividenden | 62 904.92 |
| Erträge aus Securities Lending (Erläuterung 11) | 981 721.75 |
| Sonstige Erträge (Erläuterung 4) | 10 932 139.21 |
| Total Erträge | 51 141 766.07 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -2 149 627.38 |
| Abonnementsabgabe (Erläuterung 3) | -155 227.91 |
| Kosten aus Securities Lending (Erläuterung 11) | -392 688.70 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -72 861.01 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -7 046.56 |
| Total Aufwendungen | -2 777 451.56 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 48 364 314.51 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | 44 405 548.93 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | 231 429.50 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | 52 880 801.87 |
| Realisierter Währungsgewinn (-verlust) | -12 700 707.99 |
| Total der realisierten Gewinne (Verluste) | 84 817 072.31 |
|  |  |
| Realisierter Nettogewinn (-verlust) der Berichtsperiode | 133 181 386.82 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | 122 322 250.26 |
| Nicht realisierte Werterhöhung (-minderung) renditebewerteter Wertpapiere und Geldmarktinstrumente | 5 609.68 |
| Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten | -152 343.75 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | -70 638 627.20 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 51 536 888.99 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 184 718 275.81 |
| Veränderungen des Nettovermögens | USD |
|  | 1.11.2019-30.4.2020 |
| Nettovermögen zu Beginn der Berichtsperiode | 2 638 075 974.65 |
| Zeichnungen | 5 056 916 666.20 |
| Rücknahmen | 	-3 973 132 804.84	 |
| Total Mittelzufluss (-abfluss) | 1 083 783 861.36 |
| Ausbezahlte Dividende | -6 993 957.50 |
| Nettoerträge (-verluste) aus Anlagen | 48 364 314.51 |
| Total der realisierten Gewinne (Verluste) | 84 817 072.31 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	51 536 888.99	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 184 718 275.81 |
| Nettovermögen am Ende der Berichtsperiode | 3 899 584 154.32 |

Focused SICAV – High Grade Long Term 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 | 2 987 138.1260 |
| Anzahl der ausgegebenen Aktien | 9 946 300.3690 |
| Anzahl der zurückgegebenen Aktien | -5 952 954.1030 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 6 980 484.3920 |
| Klasse | (CHF hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 5 129 743.5360 |
| Anzahl der ausgegebenen Aktien | 7 145 279.6000 |
| Anzahl der zurückgegebenen Aktien | -5 997 860.5450 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 6 277 162.5910 |
| Klasse | (EUR hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 9 749 552.0820 |
| Anzahl der ausgegebenen Aktien | 13 036 740.7280 |
| Anzahl der zurückgegebenen Aktien | -12 063 002.8980 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 10 723 289.9120 |
| Klasse | (GBP hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 119 239.2410 |
| Anzahl der ausgegebenen Aktien | 1 124 846.0190 |
| Anzahl der zurückgegebenen Aktien | -213 803.8930 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 1 030 281.3670 |
| Klasse | (JPY hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 176 489.0000 |
| Anzahl der ausgegebenen Aktien | 81 749.0000 |
| Anzahl der zurückgegebenen Aktien | -50 778.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 207 460.0000 |
| Klasse | (SGD hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 117 370.3790 |
| Anzahl der ausgegebenen Aktien | 136 855.1870 |
| Anzahl der zurückgegebenen Aktien | -211 318.9770 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 42 906.5890 |
| Klasse | F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 1 512 674.0000 |
| Anzahl der ausgegebenen Aktien | 2 011 338.0820 |
| Anzahl der zurückgegebenen Aktien | -1 968 645.6800 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 1 555 366.4020 |
| Klasse | (CHF hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 444 132.0080 |
| Anzahl der ausgegebenen Aktien | 1 014 013.7410 |
| Anzahl der zurückgegebenen Aktien | -1 271 944.4660 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 186 201.2830 |
| Klasse | (EUR hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 133 955.0000 |
| Anzahl der ausgegebenen Aktien | 95 717.0000 |
| Anzahl der zurückgegebenen Aktien | -138 610.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 91 062.0000 |
| Klasse | (GBP hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 452 100.5570 |
| Anzahl der ausgegebenen Aktien | 976 373.6430 |
| Anzahl der zurückgegebenen Aktien | -1 393 296.8820 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 35 177.3180 |

| Jährliche Ausschüttung 1 |  |
| --- | --- |
| Focused SICAV – High Grade Long Term Bond USD | Ex-Date | Pay-Date | Währung | Betrag pro Aktie |
| F-UKdist | 15.11.2019 | 20.11.2019 | USD | 2.76 |
| (CHF hedged) F-UKdist | 15.11.2019 | 20.11.2019 | CHF | 2.35 |
| (EUR hedged) F-UKdist | 15.11.2019 | 20.11.2019 | EUR | 2.41 |
| (GBP hedged) F-UKdist | 15.11.2019 | 20.11.2019 | GBP | 2.58 |
| (GBP hedged) F-UKdist | 14.2.2020 | 19.2.2020 | GBP | 0.96 |
| 1  Siehe Erläuterung 5 |  |  |  |  |

Focused SICAV – High Grade Long Term 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	ABU DHABI,GOVERNMENT OF-REG-S 3.12500% 16-03.05.26 | 20 000 000.00 | 21 218 750.01 | 0.54 |
| USD	ABU DHABI,GOVERNMENT OF-REG-S 3.12500% 17-11.10.27 | 10 000 000.00 | 10 625 000.00 | 0.27 |
| USD	ALBERTA, PROVINCE OF 3.30000% 18-15.03.28 | 5 000 000.00 | 5 750 250.49 | 0.15 |
| USD	ALBERTA, PROVINCE OF-REG-S 2.05000% 16-17.08.26 | 3 000 000.00 | 3 148 575.90 | 0.08 |
| USD	ALPHABET INC 1.99800% 16-15.08.26 | 50 000 000.00 | 53 153 545.00 | 1.36 |
| USD	APPLE INC 2.45000% 16-04.08.26 | 15 000 000.00 | 16 114 056.00 | 0.41 |
| USD	APPLE INC 2.90000% 17-12.09.27 | 15 000 000.00 | 16 375 324.50 | 0.42 |
| USD	APPLE INC 3.25000% 16-23.02.26 | 15 000 000.00 | 16 666 114.50 | 0.43 |
| USD	APPLE INC 3.35000% 17-09.02.27 | 20 000 000.00 | 22 417 166.00 | 0.57 |
| USD	BERKSHIRE HATHAWAY INC 3.12500% 16-15.03.26 | 25 000 000.00 | 27 470 960.00 | 0.70 |
| USD	CHEVRON CORP 2.95400% 16-16.05.26 | 30 000 000.00 | 32 439 723.00 | 0.83 |
| USD	CPPIB CAPITAL INC-REG-S 2.00000% 19-01.11.29 | 12 500 000.00 | 13 386 183.75 | 0.34 |
| USD	EQUINOR ASA 3.62500% 18-10.09.28 | 25 000 000.00 | 27 295 582.50 | 0.70 |
| USD	EXPORT-IMPORT BANK OF KOREA 3.25000% 14-12.08.26 | 10 000 000.00 | 10 934 375.00 | 0.28 |
| USD	EXPORT-IMPORT BANK OF KOREA 2.87500% 15-21.01.25 | 5 000 000.00 | 5 290 625.00 | 0.14 |
| USD	EXPORT-IMPORT BANK OF KOREA 3.25000% 15-10.11.25 | 5 000 000.00 | 5 429 687.51 | 0.14 |
| USD	EXXON MOBIL CORP 2.70900% 15-06.03.25 | 10 000 000.00 | 10 487 856.00 | 0.27 |
| USD	EXXON MOBIL CORP 3.04300% 16-01.03.26 | 10 000 000.00 | 10 714 855.00 | 0.27 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.37500% 17-07.07.27 | 5 000 000.00 | 5 535 354.00 | 0.14 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.25000% 19-18.06.29 | 20 000 000.00 | 22 313 316.00 | 0.57 |
| USD	INTL BK FOR RECONS & DEV WORLD BK 1.75000% 19-23.10.29 | 25 000 000.00 | 26 946 455.00 | 0.69 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.62500% 20-15.01.25 | 8 000 000.00 | 8 381 204.00 | 0.22 |
| USD	JOHNSON & JOHNSON 2.45000% 16-01.03.26 | 40 000 000.00 | 43 146 656.00 | 1.11 |
| USD	JOHNSON & JOHNSON 2.95000% 17-03.03.27 | 25 000 000.00 | 27 796 935.00 | 0.71 |
| USD	KOREA GAS CORP-REG-S 3.50000% 14-02.07.26 | 12 000 000.00 | 13 177 500.00 | 0.34 |
| USD	KOREA NATIONAL OIL CORP-REG-S 3.37500% 17-27.03.27 | 15 000 000.00 | 16 059 375.00 | 0.41 |
| USD	KOREA, REPUBLIC OF 2.75000% 17-19.01.27 | 10 000 000.00 | 10 840 625.00 | 0.28 |
| USD	KOREA, REPUBLIC OF 2.50000% 19-19.06.29 | 5 000 000.00 | 5 431 250.00 | 0.14 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 2.87500% 18-03.04.28 | 15 000 000.00 | 17 400 583.50 | 0.45 |
| USD	KUWAIT INTERNATIONAL GOVT BOND-REG-S 3.50000% 17-20.03.27 | 40 000 000.00 | 43 850 000.00 | 1.12 |
| USD	MICROSOFT CORP 2.70000% 15-12.02.25 | 10 000 000.00 | 10 822 524.00 | 0.28 |
| USD	MICROSOFT CORP 3.12500% 15-03.11.25 | 10 000 000.00 | 11 145 678.00 | 0.29 |
| USD	MICROSOFT CORP 3.30000% 17-06.02.27 | 35 000 000.00 | 39 495 092.00 | 1.01 |
| USD	NATIONAL AUSTRALIA BANK LTD-REG-S 3.50000% 17-10.01.27 | 10 000 000.00 | 10 795 900.00 | 0.28 |
| USD	NESTLE HOLDINGS INC-REG-S 3.62500% 18-24.09.28 | 10 000 000.00 | 11 515 986.00 | 0.30 |
| USD	NEW YORK LIFE GLOBAL FUNDING-REG-S 2.35000% 16-14.07.26 | 15 000 000.00 | 15 443 587.50 | 0.40 |
| USD	NOVARTIS CAPITAL CORP 3.00000% 15-20.11.25 | 15 000 000.00 | 16 433 863.50 | 0.42 |
| USD	NOVARTIS CAPITAL CORP 3.10000% 17-17.05.27 | 15 000 000.00 | 16 769 838.00 | 0.43 |
| USD	ONTARIO, PROVINCE OF 2.00000% 19-02.10.29 | 5 000 000.00 | 5 301 977.00 | 0.14 |
| USD	QATAR, STATE OF-REG-S 4.50000% 18-23.04.28 | 10 000 000.00 | 11 450 000.00 | 0.29 |
| USD	QATAR, STATE OF-REG-S 4.00000% 19-14.03.29 | 10 000 000.00 | 11 125 000.00 | 0.29 |
| USD	QATAR, STATE OF-REG-S 3.75000% 20-16.04.30 | 3 000 000.00 | 3 277 500.00 | 0.08 |
| USD	QUEBEC, PROVINCE OF 2.75000% 17-12.04.27 | 5 000 000.00 | 5 518 560.99 | 0.14 |
| USD	RABOBANK NEDERLAND NV/NY 3.37500% 15-21.05.25 | 8 300 000.00 | 8 903 995.98 | 0.23 |
| USD	ROCHE HOLDINGS INC-REG-S 2.62500% 16-15.05.26 | 30 000 000.00 | 31 209 216.00 | 0.80 |
| USD	ROCHE HOLDINGS INC-REG-S 2.37500% 16-28.01.27 | 5 000 000.00 | 5 319 211.50 | 0.14 |
| USD	ROCHE HOLDINGS INC-REG-S 3.62500% 18-17.09.28 | 20 000 000.00 | 23 232 926.00 | 0.60 |
| USD	SHELL INTERNATIONAL FINANCE BV 2.87500% 16-10.05.26 | 20 000 000.00 | 21 190 838.00 | 0.54 |
| USD	SHELL INTERNATIONAL FINANCE 3.87500% 18-13.11.28 | 20 000 000.00 | 22 402 600.00 | 0.57 |
| USD	TOYOTA MOTOR CORP 2.76000% 19-02.07.29 | 5 000 000.00 | 5 241 630.50 | 0.13 |
| USD	WALMART INC 3.05000% 19-08.07.26 | 3 000 000.00 | 3 316 856.10 | 0.09 |
| USD	WESTPAC BANKING CORP 2.70000% 16-19.08.26 | 11 500 000.00 | 12 005 195.00 | 0.31 |
| USD	WESTPAC BANKING CORP 3.35000% 17-08.03.27 | 15 000 000.00 | 16 417 920.00 | 0.42 |
| USD	WESTPAC BANKING CORP 3.40000% 18-25.01.28 | 5 000 000.00 | 5 400 700.00 | 0.14 |
| Total USD |  | 873 534 479.73 | 22.40 |
| Total Notes, fester Zins |  | 873 534 479.73 | 22.40 |
| Medium-Term Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	ASIAN DEVELOPMENT BANK 2.00000% 16-24.04.26 | 8 000 000.00 | 8 621 040.00 | 0.22 |
| USD	ASIAN DEVELOPMENT BANK 2.62500% 17-12.01.27 | 9 000 000.00 | 10 095 845.40 | 0.26 |
| USD	ASIAN DEVELOPMENT BANK 1.75000% 19-19.09.29 | 30 000 000.00 | 32 329 386.00 | 0.83 |
| USD	ASIAN DEVELOPMENT BANK 1.87500% 20-24.01.30 | 25 000 000.00 | 27 240 305.00 | 0.70 |
| USD	AUSTRALIA & NEW ZEALAND BANKING GRP/NY 3.70000% 15-16.11.25 | 10 000 000.00 | 10 867 300.00 | 0.28 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.00000% 16-02.06.26 | 20 000 000.00 | 21 633 168.00 | 0.56 |
| USD	INTERNATIONAL FINANCE CORP 2.12500% 16-07.04.26 | 25 000 000.00 | 27 135 500.00 | 0.70 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.87500% 16-27.10.26 | 48 000 000.00 | 51 598 272.00 | 1.32 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.50000% 17-22.11.27 | 10 000 000.00 | 11 263 799.00 | 0.29 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 3.12500% 18-20.11.25 | 10 000 000.00 | 11 356 090.00 | 0.29 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.12500% 15-03.03.25 | 31 000 000.00 | 33 308 604.10 | 0.85 |
| USD	LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 1.75000% 20-14.01.27 | 20 000 000.00 | 21 228 400.00 | 0.54 |
| USD	MDGH - GMTN BV-REG-S 3.75000% 17-19.04.29 | 5 000 000.00 | 5 342 187.50 | 0.14 |
| USD	NORDRHEIN-WESTFALEN, STATE OF-REG-S 2.25000% 15-16.04.25 | 15 000 000.00 | 16 139 700.00 | 0.41 |
| USD	PSA TREASURY PTE LTD-REG-S 2.50000% 16-12.04.26 | 6 650 000.00 | 6 874 161.53 | 0.18 |
| USD	SP POWERASSETS LTD-REG-S 3.25000% 15-24.11.25 | 14 550 000.00 | 15 687 664.50 | 0.40 |
| USD	TEMASEK FINANCIAL I LTD-REG-S 3.62500% 18-01.08.28 | 5 000 000.00 | 5 753 350.00 | 0.15 |
| Total USD |  | 316 474 773.03 | 8.12 |
| Total Medium-Term Notes, fester Zins |  | 316 474 773.03 | 8.12 |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	ABU DHABI,GOVERNMENT OF-REG-S 2.50000% 19-30.09.29 | 10 000 000.00 | 10 125 000.00 | 0.26 |
| USD	ASIAN INFRASTRUCTURE INVESTMENT BNK/THE 2.25000% 19-16.05.24 | 14 100 000.00 | 15 059 049.57 | 0.39 |
| USD	BNG BANK NV-REG-S 2.37500% 16-16.03.26 | 10 000 000.00 | 10 886 779.99 | 0.28 |
| USD	BRITISH COLUMBIA, PROVINCE OF 2.25000% 16-02.06.26 | 15 000 000.00 | 16 066 200.00 | 0.41 |

Focused SICAV – High Grade Long Term 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 | EUROPEAN INVESTMENT BANK 1.62500% 19-09.10.29 | 20 000 000.00 | 21 344 584.01 | 0.55 |
| USD | FANNIE MAE 2.62500% 14-06.09.24 | 75 000 000.00 | 81 985 950.00 | 2.10 |
| USD | FANNIE MAE 6.25000% 99-15.05.29 | 90 000 000.00 | 130 305 501.00 | 3.34 |
| USD | HONG KONG SUKUK 2017 LTD-REG-S 3.13200% 17-28.02.27 | 2 000 000.00 | 2 183 125.00 | 0.06 |
| USD | INTER-AMERICAN DEVELOPMENT BANK 2.12500% 15-15.01.25 | 5 000 000.00 | 5 364 700.00 | 0.14 |
| USD | KOMMUNALBANKEN AS-REG-S 2.12500% 15-23.04.25 | 15 000 000.00 | 16 041 660.00 | 0.41 |
| USD | KOREA DEVELOPMENT BANK 3.00000% 16-13.01.26 | 10 000 000.00 | 10 706 250.00 | 0.27 |
| USD | KOREA NATIONAL OIL CORP-REG-S 3.25000% 14-10.07.24 | 6 000 000.00 | 6 318 750.00 | 0.16 |
| USD | MICROSOFT CORP 2.40000% 16-08.08.26 | 15 000 000.00 | 16 189 545.00 | 0.42 |
| USD | NATIONAL AUSTRALIA BANK LTD/NY 3.37500% 16-14.01.26 | 17 060 000.00 | 18 341 206.00 | 0.47 |
| USD | ONTARIO, PROVINCE OF 2.50000% 16-27.04.26 | 4 000 000.00 | 4 352 760.00 | 0.11 |
| USD | ONTARIO, PROVINCE OF 2.30000% 19-15.06.26 | 10 000 000.00 | 10 751 600.00 | 0.28 |
| USD | QATAR, STATE OF-REG-S 3.25000% 16-02.06.26 | 30 000 000.00 | 31 762 500.00 | 0.81 |
| USD | SHELL INTERNATIONAL FINANCE BV 3.25000% 15-11.05.25 | 15 623 000.00 | 16 720 078.31 | 0.43 |
| USD | TOYOTA MOTOR 3.66900% 18-20.07.28 | 5 000 000.00 | 5 558 333.50 | 0.14 |
| Total USD |  |  | 430 063 572.38 | 11.03 |
| Total Anleihen, fester Zins |  | 430 063 572.38 | 11.03 |
| Anleihen, Nullcoupon |  |  |  |
| USD |  |  |  |
| USD	EUROPEAN INVESTMENT BANK 0.00000% 96-06.11.26 | 2 500 000.00 | 2 366 845.00 | 0.06 |
| Total USD |  | 2 366 845.00 | 0.06 |
| Total Anleihen, Nullcoupon |  | 2 366 845.00 | 0.06 |
| Treasury-Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 6.00000% 96-15.02.26 | 40 000 000.00 | 52 807 812.00 | 1.35 |
| USD	AMERICA, UNITED STATES OF 6.62500% 97-15.02.27 | 40 000 000.00 | 56 479 683.99 | 1.45 |
| USD	AMERICA, UNITED STATES OF 6.37500% 97-15.08.27 | 40 000 000.00 | 56 871 872.00 | 1.46 |
| USD	AMERICA, UNITED STATES OF 6.12500% 97-15.11.27 | 30 000 000.00 | 42 517 968.00 | 1.09 |
| USD	AMERICA, UNITED STATES OF 5.50000% 98-15.08.28 | 50 000 000.00 | 70 091 795.00 | 1.80 |
| USD	AMERICA, UNITED STATES OF 5.25000% 98-15.11.28 | 40 000 000.00 | 55 704 684.00 | 1.43 |
| USD	AMERICA, UNITED STATES OF 5.25000% 99-15.02.29 | 30 000 000.00 | 42 082 029.00 | 1.08 |
| USD	AMERICA, UNITED STATES OF 6.12500% 99-15.08.29 | 30 000 000.00 | 45 131 250.00 | 1.16 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.08.27 | 40 000 000.00 | 44 953 124.00 | 1.15 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.11.27 | 50 000 000.00 | 56 355 465.00 | 1.45 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-15.02.28 | 50 000 000.00 | 58 396 480.00 | 1.50 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-15.05.28 | 40 000 000.00 | 47 276 560.00 | 1.21 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-15.08.28 | 50 000 000.00 | 59 328 125.00 | 1.52 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.08.25 | 40 000 000.00 | 44 962 500.01 | 1.15 |
| USD	AMERICA, UNITED STATES OF 3.00000% 18-31.10.25 | 40 000 000.00 | 45 614 060.00 | 1.17 |
| USD	AMERICA, UNITED STATES OF 3.12500% 18-15.11.28 | 40 000 000.00 | 48 481 248.00 | 1.24 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.11.25 | 30 000 000.00 | 34 058 202.00 | 0.87 |
| USD	AMERICA, UNITED STATES OF 2.62500% 19-31.01.26 | 40 000 000.00 | 44 970 312.00 | 1.15 |
| USD	AMERICA, UNITED STATES OF 2.62500% 19-15.02.29 | 30 000 000.00 | 35 230 077.00 | 0.90 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-28.02.26 | 20 000 000.00 | 22 367 186.00 | 0.57 |
| USD	AMERICA, UNITED STATES OF 2.25000% 19-31.03.26 | 40 000 000.00 | 44 204 684.00 | 1.13 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-30.04.26 | 40 000 000.00 | 44 539 060.00 | 1.14 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-15.05.29 | 30 000 000.00 | 34 689 843.00 | 0.89 |
| USD	AMERICA, UNITED STATES OF 2.12500% 19-31.05.26 | 60 000 000.00 | 65 974 217.99 | 1.69 |
| USD	AMERICA, UNITED STATES OF 2.00000% 15-15.08.25 | 30 000 000.00 | 32 513 670.00 | 0.83 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-15.02.26 | 30 000 000.00 | 32 021 484.00 | 0.82 |
| USD	AMERICA, UNITED STATES OF 2.00000% 16-15.11.26 | 40 000 000.00 | 43 876 560.00 | 1.13 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.02.27 | 40 000 000.00 | 44 676 560.00 | 1.15 |
| USD	AMERICA, UNITED STATES OF 2.37500% 17-15.05.27 | 50 000 000.00 | 56 458 980.00 | 1.45 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.07.25 | 20 000 000.00 | 22 581 250.00 | 0.58 |
| USD	AMERICA, UNITED STATES OF 1.87500% 19-31.07.26 | 30 000 000.00 | 32 585 154.00 | 0.84 |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-15.08.29 | 80 000 000.00 | 87 409 368.00 | 2.24 |
| USD	AMERICA, UNITED STATES OF 1.37500% 19-31.08.26 | 30 000 000.00 | 31 671 093.00 | 0.81 |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-30.09.26 | 30 000 000.00 | 32 159 763.00 | 0.82 |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-31.10.26 | 35 000 000.00 | 37 541 598.50 | 0.96 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-15.11.29 | 50 000 000.00 | 55 287 105.00 | 1.42 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-31.12.26 | 50 000 000.00 | 54 103 515.00 | 1.39 |
| USD	AMERICA, UNITED STATES OF 1.50000% 20-31.01.27 | 40 000 000.00 | 42 651 560.00 | 1.09 |
| USD	AMERICA, UNITED STATES OF 1.50000% 20-15.02.30 | 60 000 000.00 | 64 982 808.00 | 1.67 |
| USD	AMERICA, UNITED STATES OF 1.12500% 20-28.02.27 | 50 000 000.00 | 52 087 890.00 | 1.34 |
| USD	AMERICA, UNITED STATES OF 0.62500% 20-31.03.27 | 30 000 000.00 | 30 236 718.00 | 0.78 |
| Total USD |  | 1 905 933 314.49 | 48.87 |
| Total Treasury-Notes, fester Zins | 1 905 933 314.49 | 48.87 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 3 528 372 984.63 | 90.48 |
| Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  |  |
| Notes, fester Zins |  |  |
| USD |  |  |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 2.85000% 16-18.05.26	35 000 000.00 | 36 885 884.00 | 0.95 |
| USD	METROPOLITAN LIFE GLOBAL FUNDING-144A 3.45000% 16-18.12.26	30 000 000.00 | 33 235 695.00 | 0.85 |
| USD	TENNESSEE VALLEY AUTHORITY 2.87500% 14-15.09.24	15 000 000.00 | 16 361 566.50 | 0.42 |
| Total USD | 86 483 145.50 | 2.22 |
| Total Notes, fester Zins | 86 483 145.50 | 2.22 |

Focused SICAV – High Grade Long Term 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	FANNIE MAE 1.87500% 16-24.09.26 | 75 000 000.00 | 80 052 997.50 | 2.05 |
| USD	FEDERAL HOME LOAN BANK SYSTEM 3.25000% 18-16.11.28 | 90 000 000.00 | 106 721 172.00 | 2.74 |
| Total USD |  | 186 774 169.50 | 4.79 |
| Total Anleihen, fester Zins |  | 186 774 169.50 | 4.79 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  | 273 257 315.00 | 7.01 |

Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
Medium-Term Notes, fester Zins
| USD |  |
| --- | --- |
| USD | INTL BK FOR RECONSTR & DEVT WORLD BANK 2.77850% 19-13.09.29 | 20 000 000.00 | 23 541 648.00 | 0.60 |
| USD | METROPOLITAN LIFE GLOBAL FUNDING-REG-S 3.05000% 19-17.06.29 | 7 000 000.00 | 7 568 232.70 | 0.20 |
| Total USD |  |  | 31 109 880.70 | 0.80 |
| Total Medium-Term Notes, fester Zins | 31 109 880.70 | 0.80 |
| Total Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden | 31 109 880.70 | 0.80 |
| Total des Wertpapierbestandes | 3 832 740 180.33 | 98.29 |
| Devisenterminkontrakte |  |  |
| Devisenterminkontrakte (Kauf/Verkauf) |  |  |

| JPY | 2 447 000 000.00 | USD | 22 788 780.51 | 7.5.2020 | 95 656.58 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| SGD | 6 713 300.00 | USD | 4 713 406.72 | 4.5.2020 | 55 578.15 | 0.00 |
| GBP | 122 046 700.00 | USD | 151 246 983.21 | 4.5.2020 | 2 696 621.84 | 0.07 |
| CHF | 687 526 000.00 | USD | 720 718 699.72 | 4.5.2020 | -8 367 251.76 | -0.21 |
| EUR | 1 063 683 000.00 | USD | 1 179 305 342.10 | 4.5.2020 | -14 253 352.24 | -0.37 |
| EUR | 43 962 300.00 | USD | 48 486 363.58 | 4.5.2020 | -334 456.39 | -0.01 |
| SGD | 660 400.00 | USD | 463 763.07 | 4.5.2020 | 5 370.98 | 0.00 |
| CHF | 16 747 200.00 | USD | 17 471 589.58 | 4.5.2020 | -119 675.37 | 0.00 |
| USD | 14 678 423.96 | CHF | 14 115 000.00 | 4.5.2020 | 53 754.22 | 0.00 |
| GBP | 1 223 100.00 | USD | 1 524 265.75 | 4.5.2020 | 18 491.44 | 0.00 |
| EUR | 37 851 500.00 | USD | 41 392 208.80 | 4.5.2020 | 66 539.15 | 0.00 |
| SGD | 217 900.00 | USD | 152 002.51 | 4.5.2020 | 2 788.99 | 0.00 |
| CHF | 3 576 000.00 | USD | 3 703 745.90 | 4.5.2020 | 1 377.66 | 0.00 |
| JPY | 30 700 000.00 | USD | 287 144.26 | 7.5.2020 | -36.69 | 0.00 |
| CHF | 10 108 700.00 | USD | 10 413 102.05 | 4.5.2020 | 60 606.70 | 0.00 |
| GBP | 408 000.00 | USD | 505 255.37 | 4.5.2020 | 9 375.43 | 0.00 |
| USD | 87 730.92 | JPY | 9 400 000.00 | 7.5.2020 | -178.24 | 0.00 |
| EUR | 54 957 700.00 | USD | 59 442 896.82 | 4.5.2020 | 752 271.99 | 0.02 |
| USD | 294 413.37 | GBP | 240 500.00 | 4.5.2020 | -8 941.31 | 0.00 |
| USD | 20 519.28 | SGD | 29 400.00 | 4.5.2020 | -365.85 | 0.00 |
| USD | 2 579 269.52 | EUR | 2 389 000.00 | 4.5.2020 | -37 402.18 | 0.00 |
| EUR | 12 646 200.00 | USD | 13 767 639.72 | 4.5.2020 | 83 743.14 | 0.00 |
| SGD | 107 100.00 | USD | 75 180.69 | 4.5.2020 | 900.86 | 0.00 |
| CHF | 1 926 100.00 | USD | 1 984 730.94 | 4.5.2020 | 10 917.40 | 0.00 |
| GBP | 195 100.00 | USD | 241 826.84 | 4.5.2020 | 4 262.55 | 0.00 |
| JPY | 17 700 000.00 | USD | 162 886.47 | 7.5.2020 | 2 644.60 | 0.00 |
| USD | 2 942 571.41 | JPY | 318 900 000.00 | 7.5.2020 | -39 793.52 | 0.00 |
| EUR | 5 264 800.00 | USD | 5 776 564.88 | 4.5.2020 | -10 029.44 | 0.00 |
| JPY | 56 400 000.00 | USD | 525 009.59 | 7.5.2020 | 2 445.36 | 0.00 |
| EUR | 92 678 900.00 | USD | 100 753 706.72 | 4.5.2020 | 757 492.45 | 0.02 |
| CHF | 38 870 900.00 | USD | 40 157 340.40 | 4.5.2020 | 117 124.71 | 0.00 |
| SGD | 3 532 400.00 | USD | 2 469 403.35 | 4.5.2020 | 39 938.13 | 0.00 |
| GBP | 687 600.00 | USD | 847 632.71 | 4.5.2020 | 19 671.55 | 0.00 |
| USD | 29 031.61 | SGD | 41 400.00 | 4.5.2020 | -378.07 | 0.00 |
| USD | 74 201.80 | JPY | 8 000 000.00 | 7.5.2020 | -614.50 | 0.00 |
| USD | 20 972 517.22 | EUR | 19 431 700.00 | 4.5.2020 | -311 023.79 | -0.01 |
| USD | 2 364 857.19 | GBP | 1 917 600.00 | 4.5.2020 | -53 907.57 | 0.00 |
| USD | 11 518 144.40 | CHF | 11 224 100.00 | 4.5.2020 | -111 239.63 | 0.00 |
| USD | 97 714 436.79 | EUR | 90 156 600.00 | 4.5.2020 | -1 034 087.19 | -0.03 |
| USD | 43 751 142.74 | CHF | 42 688 900.00 | 4.5.2020 | -479 184.15 | -0.01 |
| USD | 3 774 530.32 | SGD | 5 355 900.00 | 4.5.2020 | -30 186.59 | 0.00 |
| USD | 820 653.59 | GBP | 661 500.00 | 4.5.2020 | -13 729.44 | 0.00 |
| EUR | 18 991 300.00 | USD | 20 595 819.86 | 4.5.2020 | 205 351.03 | 0.01 |
| USD | 57 358.04 | SGD | 81 300.00 | 4.5.2020 | -395.74 | 0.00 |
| CHF | 3 158 500.00 | USD | 3 245 038.69 | 4.5.2020 | 27 509.62 | 0.00 |
| USD | 4 047 625.78 | SGD | 5 723 100.00 | 4.5.2020 | -17 942.17 | 0.00 |
| SGD | 5 723 100.00 | USD | 4 047 866.26 | 2.6.2020 | 18 159.44 | 0.00 |
| EUR | 1 218 058 400.00 | USD | 1 324 459 455.42 | 2.6.2020 | 10 456 275.59 | 0.27 |
| USD | 1 323 664 063.28 | EUR | 1 218 058 400.00 | 4.5.2020 | -10 475 302.20 | -0.27 |
| USD | 713 932 628.20 | CHF | 693 885 400.00 | 4.5.2020 | -5 007 847.37 | -0.13 |
| CHF | 693 885 400.00 | USD | 714 520 759.54 | 2.6.2020 | 4 995 043.52 | 0.13 |
| USD | 5 821 529.97 | EUR | 5 360 900.00 | 2.6.2020 | -53 680.73 | 0.00 |
| GBP | 272 400.00 | USD | 338 549.34 | 4.5.2020 | 5 042.40 | 0.00 |
| GBP | 122 013 300.00 | USD | 152 567 699.77 | 2.6.2020 | 1 351 388.40 | 0.04 |

Focused SICAV – High Grade Long Term 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 | 20 775 506.38 | JPY | 2 215 500 000.00 | 7.5.2020 | 56 066.10 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| JPY | 2 215 500 000.00 | USD | 20 782 444.25 | 2.6.2020 | -56 012.11 | 0.00 |
| USD | 3 477 927.04 | EUR | 3 199 300.00 | 5.5.2020 | -26 266.25 | 0.00 |
| EUR | 3 199 300.00 | USD | 3 479 808.23 | 2.6.2020 | 26 424.23 | 0.00 |
| GBP | 334 300.00 | USD | 418 182.36 | 2.6.2020 | 3 535.20 | 0.00 |
| Total Devisenterminkontrakte (Kauf/Verkauf) | -18 840 911.08 | -0.48 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 45 709 593.86 | 1.17 |
| Andere Aktiva und Passiva | 39 975 291.21 | 1.02 |
| Total des Nettovermögens | 3 899 584 154.32 | 100.00 |

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