# Focused SICAV – High Grade Bond EUR
| Most important figures |  |
| --- | --- |
| Date | ISIN | 30.4.2020 | 31.10.2019 | 31.10.2018 |
| Net assets in EUR |  | 468 624 975.84 | 492 137 232.71 | 274 745 330.74 |
| Class F-acc | LU0224580430 |  |  |  |
| Shares outstanding |  | 3 449 065.3220 | 3 597 839.9530 | 1 976 825.2650 |
| Net asset value per share in EUR |  | 134.50 | 135.27 | 134.27 |
| Issue and redemption price per share in EUR 1 |  | 134.50 | 135.27 | 134.27 |
| Class F-UKdist | LU0526609473 |  |  |  |
| Shares outstanding |  | 40 830.0390 | 46 213.5880 | 78 641.0610 |
| Net asset value per share in EUR |  | 115.83 | 117.78 | 118.40 |
| Issue and redemption price per share in EUR 1 |  | 115.83 | 117.78 | 118.40 |
| 1  See note 1 |  |  |  |  |


## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
France	34.80
Germany	21.52
The Netherlands	6.65
Canada	3.81
Australia	3.57
United Kingdom	3.53
Finland	2.94
United States	2.83
Norway	2.82
Luxembourg	2.49
Belgium	1.83
Denmark	1.62
Austria	1.59
Sweden	1.55
Singapore	1.43
South Korea	1.06
Japan	0.87
Jersey	0.64
Supranationals	0.56
New Zealand	0.41
Guernsey	0.28
Economic Breakdown as a % of net assets	
Countries & central governments	37.26
Banks & credit institutions	32.71
Finance & holding companies	8.48
Cantons, federal states	5.19
Public, non-profit institutions	3.60
Mortgage & funding institutions	2.59
Supranational organisations	1.66
Insurance	1.13
Petroleum	0.82
Miscellaneous services	0.69
Miscellaneous unclassified companies	0.65
Miscellaneous consumer goods	0.50
Energy & water supply	0.48
Pharmaceuticals, cosmetics & medical products	0.32
Traffic & transportation	0.25
Computer hardware & network equipment providers	0.25
Retail trade, department stores	0.22
Total	96.80
Total	96.80
Focused SICAV – High Grade Bond EUR Semi-Annual Report as of 30 April 2020

## Statement of Net Assets
Assets	30.4.2020
EUR
Investments in securities, cost	459 248 671.47
| Investments in securities, unrealized appreciation (depreciation) | 	-5 626 088.07	 |
| --- | --- |
| Total investments in securities (Note 1) | 453 622 583.40 |
| Cash at banks, deposits on demand and deposit accounts | 14 096 016.84 |
| Receivable on subscriptions | 4 271 323.33 |
| Interest receivable on securities | 2 281 074.06 |
| Other receivables | 25 764.93 |
| Total Assets | 474 296 762.56 |
|  |  |
| Liabilities |  |
| Interest payable on bank overdraft | -5 564.36 |
| Payable on securities purchases (Note 1) | -3 084 912.62 |
| Payable on redemptions | -2 534 520.47 |
| Provisions for flat fee (Note 2) | -26 617.08 |
| Provisions for taxe d’abonnement (Note 3) | -3 862.30 |
| Provisions for other commissions and fees (Note 2) | 	-16 309.89	 |
| Total provisions | -46 789.27 |
| Total Liabilities | -5 671 786.72 |
|  |  |
| Net assets at the end of the period | 468 624 975.84 |
| Statement of Operations | EUR |
| Income | 1.11.2019-30.4.2020 |
| Interest on securities | 3 126 826.85 |
| Income on securities lending (Note 11) | 129 681.67 |
| Other income (Note 4) | 396 650.97 |
| Total income | 3 653 159.49 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -413 597.93 |
| Taxe d’abonnement (Note 3) | -29 319.40 |
| Cost on securities lending (Note 11) | -51 872.67 |
| Other commissions and fees (Note 2) | -16 309.89 |
| Interest on cash and bank overdraft | -25 818.45 |
| Total expenses | -536 918.34 |
|  |  |
| Net income (loss) on investments | 3 116 241.15 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -2 774 845.53 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | -373 334.45 |
| Realized gain (loss) on financial futures | 85 010.00 |
| Total realized gain (loss) | -3 063 169.98 |
|  |  |
| Net realized gain (loss) of the period | 53 071.17 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -2 196 766.52 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | -125 113.85 |
| Unrealized appreciation (depreciation) on financial futures | -91 750.00 |
| Total changes in unrealized appreciation (depreciation) | -2 413 630.37 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -2 360 559.20 |

Focused SICAV – High Grade Bond EUR Semi-Annual Report as of 30 April 2020
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | EUR |
|  | 1.11.2019-30.4.2020 |
| Net assets at the beginning of the period | 492 137 232.71 |
| Subscriptions | 463 242 088.91 |
| Redemptions | 	-484 334 633.19	 |
| Total net subscriptions (redemptions) | -21 092 544.28 |
| Dividend paid | -59 153.39 |
| Net income (loss) on investments | 3 116 241.15 |
| Total realized gain (loss) | -3 063 169.98 |
| Total changes in unrealized appreciation (depreciation) | 	-2 413 630.37	 |
| Net increase (decrease) in net assets as a result of operations | -2 360 559.20 |
| Net assets at the end of the period | 468 624 975.84 |

| 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 | 3 597 839.9530 |
| Number of shares issued | 3 389 476.1570 |
| Number of shares redeemed | -3 538 250.7880 |
| Number of shares outstanding at the end of the period | 3 449 065.3220 |
| Class | F-UKdist |
| Number of shares outstanding at the beginning of the period | 46 213.5880 |
| Number of shares issued | 49 836.4620 |
| Number of shares redeemed | -55 220.0110 |
| Number of shares outstanding at the end of the period | 40 830.0390 |

| Annual Distribution 1 |  |
| --- | --- |
| Focused SICAV – High Grade Bond EUR | Ex-Date | Pay-Date | Currency | Amount per share |
| F-UKdist 1  See note 5 | 15.11.2019 | 20.11.2019 | EUR | 1.28 |

Focused SICAV – High Grade Bond EUR 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 EUR | 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 |  |  |  |
| EUR |  |  |  |
| EUR	BELGIUM, KINGDOM OF 4.25000% 12-28.09.22 | 602 000.00 | 672 600.15 | 0.14 |
| EUR	BERLIN, STATE OF-REG-S 1.87500% 13-12.06.23 | 1 500 000.00 | 1 599 861.00 | 0.34 |
| EUR	EXPORT-IMPORT BANK OF KOREA-REG-S 0.82900% 20-27.04.25 | 1 500 000.00 | 1 508 955.00 | 0.32 |
| EUR	IDB TRUST SERVICES LTD-REG-S 0.03700% 04.12.19-04.12.24 | 3 000 000.00 | 2 999 272.17 | 0.64 |
| EUR	PROCTER & GAMBLE CO-REG-S 2.00000% 12-16.08.22 | 1 500 000.00 | 1 566 213.00 | 0.34 |
| EUR	WALMART INC 1.90000% 14-08.04.22 | 1 000 000.00 | 1 026 672.00 | 0.22 |
| Total EUR |  | 9 373 573.32 | 2.00 |
| Total Notes, fixed rate |  | 9 373 573.32 | 2.00 |
| Medium term notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ABN AMRO BANK NV-REG-S 3.50000% 12-18.01.22 | 1 000 000.00 | 1 062 932.00 | 0.23 |
| EUR	ABN AMRO BANK NV-REG-S 2.50000% 13-05.09.23 | 700 000.00 | 763 203.00 | 0.16 |
| EUR	ALLIANDER NV 2.87500% 12-14.06.24 | 500 000.00 | 555 275.00 | 0.12 |
| EUR	ALLIANDER NV-REG-S 2.25000% 12-14.11.22 | 1 600 000.00 | 1 689 955.20 | 0.36 |
| EUR	ALLIANZ FINANCE II BV 3.50000% 12-14.02.22 | 5 000 000.00 | 5 308 120.00 | 1.13 |
| EUR	ANZ NEW ZEALAND INT’L LTD/LDN-REG-S 0.62500% 16-01.06.21 | 1 902 000.00 | 1 901 965.76 | 0.41 |
| EUR	ANZ NEW ZEALAND INT’L LTD/LDN-REG-S 0.12500% 16-22.09.23 | 1 000 000.00 | 1 003 298.00 | 0.21 |
| EUR	ANZ NEW ZEALAND INT’L LTD/LDN-REG-S 0.50000% 19-17.01.24 | 1 000 000.00 | 1 016 478.00 | 0.22 |
| EUR	APPLE INC 1.00000% 14-10.11.22 | 1 137 000.00 | 1 168 208.38 | 0.25 |
| EUR	AUSTRALIA & NEW ZEALAND BANKING-REG-S 3.62500% 12-18.07.22 | 1 900 000.00 | 2 056 320.60 | 0.44 |
| EUR	AUSTRLIA & NEW ZELAND BNKING GRUP-REG-S 0.62500% 18-21.02.23 | 800 000.00 | 801 874.15 | 0.17 |
| EUR	BERLIN, STATE OF 1.62500% 14-03.06.24 | 1 500 000.00 | 1 615 266.00 | 0.34 |
| EUR	BNG BANK NV-REG-S 0.37500% 15-14.01.22 | 2 830 000.00 | 2 862 228.61 | 0.61 |
| EUR	BNG BANK NV-REG-S 1.12500% 14-04.09.24 | 2 000 000.00 | 2 116 720.00 | 0.45 |
| EUR	BNP PARIBAS HOME LOAN COVERED SFH 3.12500% 12-22.03.22 | 1 000 000.00 | 1 061 838.00 | 0.23 |
| EUR	BNP PARIBAS HOME LOAN SFH-REG-S 0.25000% 16-02.09.21 | 500 000.00 | 502 410.00 | 0.11 |
| EUR	BNZ INTERNATIONAL FUND LTD/LONDON-REG-S 0.50000% 17-13.05.23 | 1 500 000.00 | 1 491 879.00 | 0.32 |
| EUR	BPCE SFH SA-REG-S 4.00000% 11-23.03.22 | 1 000 000.00 | 1 077 774.00 | 0.23 |
| EUR	BPCE SOCIETE DE FINANCEMENT DE LHABITAT 3.75000% 11-13.09.21 | 800 000.00 | 842 169.60 | 0.18 |
| EUR	CAISSE D’AMORTIS DE LA DETTE SOCIALE 4.12500% 11-25.04.23 | 4 000 000.00 | 4 540 064.00 | 0.97 |
| EUR	CAISSE DE REFINANCEMENT DE L’HABITAT 4.00000% 11-10.01.22 | 1 221 183.00 | 1 307 264.19 | 0.28 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL 4.87500% 09-02.06.21 | 278 000.00 | 293 045.92 | 0.06 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL 4.25000% 10-26.01.22 | 1 517 000.00 | 1 633 338.73 | 0.35 |
| EUR	CANADIAN IMPERIAL BANK-REG-S 0.25000% 18-24.01.23 | 1 700 000.00 | 1 712 974.40 | 0.37 |
| EUR	COMMERZBANK AG 0.12500% 16-23.02.23 | 1 000 000.00 | 1 010 498.00 | 0.22 |
| EUR	COMMONWEALTH BANK OF AUSTRALIA 3.00000% 12-03.05.22 | 2 150 000.00 | 2 281 051.10 | 0.49 |
| EUR	COMMONWEALTH BANK OF AUSTRALIA-REG-S 0.50000% 17-11.07.22 | 995 000.00 | 992 910.50 | 0.21 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER 2.00000% 14-07.05.24 | 1 000 000.00 | 1 084 612.00 | 0.23 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.62500% 14-12.11.21 | 1 000 000.00 | 1 011 652.00 | 0.22 |
| EUR	CORPORACION ANDINA DE FOMENTO-REG-S 1.87500% 14-29.05.21 | 550 000.00 | 552 502.50 | 0.12 |
| EUR	CPPIB CAPITAL INC-REG-S 0.37500% 17-20.06.24 | 4 000 000.00 | 4 068 168.00 | 0.87 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA-REG-S 0.37500% 16-24.03.23 | 1 000 000.00 | 1 015 550.00 | 0.22 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA-REG-S 0.37500% 17-30.09.24 | 2 000 000.00 | 2 041 424.00 | 0.44 |
| EUR	CREDIT AGRICOLE PUBLIC SECTOR SCF SA 1.87500% 13-07.06.23 | 1 000 000.00 | 1 063 110.00 | 0.23 |
| EUR	DEXIA CREDIT LOCAL DE FRANCE-REG-S 0.20000% 16-16.03.21 | 1 500 000.00 | 1 504 236.00 | 0.32 |
| EUR	DNB BOLIGKREDITT AS 3.87500% 11-16.06.21 | 551 000.00 | 575 675.99 | 0.12 |
| EUR	DNB BOLIGKREDITT AS 2.75000% 12-21.03.22 | 3 000 000.00 | 3 165 354.00 | 0.68 |
| EUR	DNB BOLIGKREDITT AS-REG-S 0.25000% 16-18.04.23 | 1 000 000.00 | 1 011 528.00 | 0.22 |
| EUR	DNB BOLIGKREDITT AS-REG-S 0.05000% 17-11.01.22 | 507 000.00 | 509 160.83 | 0.11 |
| EUR	EQUINOR ASA-REG-S 0.87500% 15-17.02.23 | 1 700 000.00 | 1 717 979.20 | 0.37 |
| EUR	EUROCLEAR BANK-REG-S 0.25000% 18-07.09.22 | 1 000 000.00 | 995 338.00 | 0.21 |
| EUR	EUROFIMA EURO RAILROADMAT FIN CO-REG-S 0.25000% 16-25.04.23 | 1 000 000.00 | 1 015 940.00 | 0.22 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 2.25000% 12-05.09.22 | 1 000 000.00 | 1 064 120.00 | 0.23 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.40000% 18-17.02.25 | 3 000 000.00 | 3 106 248.00 | 0.66 |
| EUR	EUROPEAN INVESTMENT BANK 1.37500% 13-15.09.21 | 1 000 000.00 | 1 024 600.00 | 0.22 |
| EUR	EXPORT-IMPORT BANK OF KOREA-REG-S 0.62500% 18-11.07.23 | 1 000 000.00 | 1 005 312.50 | 0.21 |
| EUR	EXPORT-IMPORT BANK OF KOREA-REG-S 0.37500% 19-26.03.24 | 1 500 000.00 | 1 489 687.50 | 0.32 |
| EUR	HSBC BANK PLC 4.00000% 10-15.01.21 | 1 154 000.00 | 1 183 770.89 | 0.25 |
| EUR	HSBC FRANCE SA-REG-S 0.60000% 18-20.03.23 | 1 000 000.00 | 1 008 170.00 | 0.21 |
| EUR	ING BANK NV 3.37500% 12-10.01.22 | 1 000 000.00 | 1 059 807.00 | 0.23 |
| EUR	ING BANK NV-REG-S 3.62500% 11-31.08.21 | 1 831 000.00 | 1 922 714.79 | 0.41 |
| EUR	KBC BANK NV-REG-S 0.37500% 16-01.09.22 | 1 500 000.00 | 1 519 275.00 | 0.32 |
| EUR	KOMMUNEKREDIT-REG-S 0.25000% 17-16.02.24 | 4 500 000.00 | 4 589 379.00 | 0.98 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.62500% 15-15.01.25 | 3 000 000.00 | 3 145 968.00 | 0.67 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 1.50000% 14-11.06.24 | 3 000 000.00 | 3 236 754.00 | 0.69 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 0.12500% 18-07.11.23 | 2 150 000.00 | 2 190 768.30 | 0.47 |
| EUR	LANDESBANK BADEN-WUERTTEMBERG-REG-S 0.50000% 15-04.08.22 | 1 500 000.00 | 1 526 079.00 | 0.33 |
| EUR	LANDESBANK HESSEN-THUERINGEN GZ-REG-S 1.12500% 14-27.05.21 | 1 500 000.00 | 1 521 387.00 | 0.32 |
| EUR	LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 1.25000% 14-20.05.22 | 1 010 000.00 | 1 042 598.76 | 0.22 |
| EUR	LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 0.05000% 18-12.06.23 | 1 000 000.00 | 1 011 768.00 | 0.22 |
| EUR	LLOYDS BANK PLC-REG-S 1.37500% 14-16.04.21 | 2 500 000.00 | 2 531 835.00 | 0.54 |
| EUR	LLOYDS BANK PLC-REG-S 0.50000% 16-11.04.23 | 2 000 000.00 | 2 032 228.00 | 0.43 |
| EUR	MUENCHENER HYPOTHEKENBANK EG-REG-S 0.01000% 19-05.09.23 | 2 000 000.00 | 2 017 800.00 | 0.43 |
| EUR	MUNICIPALITY FINANCE PLC-REG-S 0.12500% 19-07.03.24 | 2 500 000.00 | 2 536 715.00 | 0.54 |
| EUR	NATIONAL AUSTRALIA BANK LTD 2.75000% 12-08.08.22 | 2 000 000.00 | 2 103 976.00 | 0.45 |
| EUR	NATIONAL AUSTRALIA BANK LTD 1.87500% 12-13.01.23 | 1 500 000.00 | 1 575 846.00 | 0.34 |
| EUR	NATIONAL AUSTRALIA BANK LTD-REG-S 0.87500% 15-16.11.22 | 4 000 000.00 | 4 095 984.00 | 0.87 |
| EUR	NATIONWIDE BUILDING SOCIETY-REG-S 0.75000% 15-26.10.22 | 1 070 000.00 | 1 092 412.22 | 0.23 |
| EUR	NATIONWIDE BUILDING SOCIETY-REG-S 0.05000% 19-03.06.24 | 1 000 000.00 | 1 001 950.00 | 0.21 |
| EUR	NEDERLANDSE WATERSCHAPSBANK NV-REG-S 0.12500% 19-17.01.24 | 1 000 000.00 | 1 015 792.00 | 0.22 |
| EUR	NESTLE FINANCE INTERNATIONAL LTD-REG-S 1.75000% 12-12.09.22 | 1 000 000.00 | 1 040 904.00 | 0.22 |
| EUR	NESTLE FINANCE INTERNATIONAL LTD-REG-S 0.75000% 14-08.11.21 | 1 000 000.00 | 1 009 814.00 | 0.22 |
| EUR	NESTLE FINANCE INTERNATIONAL LTD-REG-S 0.75000% 15-16.05.23 | 250 000.00 | 255 677.50 | 0.05 |
| EUR	NESTLE FINANCE INTL LIMITED-REG-S-2.12500% 13-10.09.21 | 707 000.00 | 725 755.29 | 0.15 |

Focused SICAV – High Grade Bond EUR Semi-Annual Report as of 30 April 2020
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | NORDEA BANK ABP-REG-S 2.00000% 14-17.02.21 | 575 000.00 | 583 298.40 | 0.12 |
| EUR | NORDEA BANK ABP-REG-S 1.00000% 16-22.02.23 | 1 200 000.00 | 1 223 580.00 | 0.26 |
| EUR | NORDEA BANK ABP-REG-S 0.30000% 17-30.06.22 | 2 500 000.00 | 2 501 960.00 | 0.53 |
| EUR | NORDEA MORTGAGE BANK PLC 0.25000% 16-21.11.23 | 2 500 000.00 | 2 543 515.00 | 0.54 |
| EUR | NORDRHEIN-WESTFALEN, STATE OF-REG-S 0.12500% 16-16.03.23 | 3 000 000.00 | 3 032 046.00 | 0.65 |
| EUR | NRW BANK-REG-S 0.25000% 17-16.05.24 | 1 215 000.00 | 1 239 560.01 | 0.26 |
| EUR | ONTARIO, PROVINCE OF-REG-S 1.87500% 14-21.05.24 | 5 000 000.00 | 5 374 250.00 | 1.15 |
| EUR | OP CORPORATE BANK PLC-REG-S 0.75000% 15-03.03.22 | 193 000.00 | 194 412.76 | 0.04 |
| EUR | OP CORPORATE BANK PLC-REG-S 0.37500% 18-29.08.23 | 750 000.00 | 752 569.50 | 0.16 |
| EUR | OVERSEA-CHINESE BANKING CORP-REG-S 0.25000% 17-21.03.22 | 1 000 000.00 | 1 007 480.00 | 0.21 |
| EUR | OVERSEA-CHINESE BANKING CORP-REG-S 0.25000% 17-05.10.22 | 1 102 000.00 | 1 110 849.06 | 0.24 |
| EUR | RABOBANK INTERNATIONAL 4.00000% 12-11.01.22 | 1 643 000.00 | 1 746 978.90 | 0.37 |
| EUR | RABOBANK NEDERLAND NV 4.75000% 07-06.06.22 | 1 000 000.00 | 1 093 702.20 | 0.23 |
| EUR | RABOBANK NEDERLAND NV-REG-S 0.12500% 16-11.10.21 | 1 000 000.00 | 999 430.00 | 0.21 |
| EUR | RABOBANK NEDERLAND NV-REG-S 0.25000% 17-31.05.24 | 2 000 000.00 | 2 036 284.00 | 0.43 |
| EUR | ROBERT BOSCH INVESTMENT NEDERLAND BV 1.62500% 13-24.05.21 | 3 000 000.00 | 3 039 804.00 | 0.65 |
| EUR | ROCHE HOLDINGS INC 6.50000% 09-04.03.21 | 500 000.00 | 526 098.00 | 0.11 |
| EUR | ROYAL BANK OF CANADA-REG-S 0.25000% 19-29.01.24 | 1 000 000.00 | 1 008 262.00 | 0.21 |
| EUR | SANTANDER UK PLC-REG-S 1.25000% 14-18.09.24 | 1 000 000.00 | 1 055 278.00 | 0.23 |
| EUR | SFIL SA-REG-S 0.12500% 16-18.10.24 | 3 000 000.00 | 3 041 070.00 | 0.65 |
| EUR | SHELL INTERNATIONAL FINANCE BV 1.62500% 14-24.03.21 | 687 000.00 | 695 862.30 | 0.15 |
| EUR | SKANDINAVISKA ENSKILDA BANKEN AB 0.62500% 15-30.01.23 | 1 000 000.00 | 1 020 970.00 | 0.22 |
| EUR | SOCIETE GENERALE SFH 2.00000% 14-29.04.24 | 1 000 000.00 | 1 085 584.00 | 0.23 |
| EUR | SOCIETE GENERALE SFH-REG-S 0.25000% 18-11.09.23 | 1 000 000.00 | 1 014 180.00 | 0.22 |
| EUR | SPAREBANKEN 1 BOLIGKREDITT-REG-S 0.05000% 17-25.01.22 | 1 500 000.00 | 1 506 600.00 | 0.32 |
| EUR | SPAREBANKEN 1 BOLIGKREDITT-REG-S 0.37500% 17-26.06.24 | 2 500 000.00 | 2 551 645.00 | 0.54 |
| EUR | SPAREBANKEN VEST BOLIGKREDITT AS-REG-S 0.25000% 15-29.04.22 | 1 140 000.00 | 1 149 765.24 | 0.25 |
| EUR | STADSHYPOTEK AB-REG-S 0.37500% 16-22.02.23 | 1 500 000.00 | 1 521 855.00 | 0.32 |
| EUR | SUMITOMO MITSI BNKG CORP-REG-S 0.55000% 18-06.11.23 | 4 000 000.00 | 4 070 200.00 | 0.87 |
| EUR | SVENSKA HANDELSBANKEN AB-REG-S 1.12500% 15-14.12.22 | 1 285 000.00 | 1 313 144.07 | 0.28 |
| EUR | SWEDBANK HYPOTEK AB-REG-S 0.45000% 18-23.08.23 | 850 000.00 | 867 073.10 | 0.18 |
| EUR | TEMASEK FINANCIAL I LTD-REG-S 0.50000% 16-01.03.22 | 4 550 000.00 | 4 577 427.40 | 0.98 |
| EUR | TORONTO-DOMINION BANK-REG-S 0.62500% 16-08.03.21 | 600 000.00 | 600 564.00 | 0.13 |
| EUR | TOTAL CAPITAL 5.12500% 09-26.03.24 | 500 000.00 | 591 006.00 | 0.13 |
| EUR | TOTAL CAPITAL INTERNATIONAL SA-REG-S 2.12500% 13-19.11.21 | 1 000 000.00 | 1 025 986.00 | 0.22 |
| EUR | TOTAL CAPITAL INTERNATIONAL SA-REG-S 0.25000% 16-12.07.23 | 1 000 000.00 | 994 750.00 | 0.21 |
| EUR | TOTAL CAPITAL INTERNATIONAL SA-REG-S 0.62500% 17-04.10.24 | 1 200 000.00 | 1 209 033.60 | 0.26 |
| EUR | TOYOTA MOTOR CREDIT CORP-REG-S 1.80000% 13-23.07.20 | 1 119 000.00 | 1 122 312.24 | 0.24 |
| EUR | TOYOTA MOTOR CREDIT CORP-REG-S 1.00000% 14-10.09.21 | 1 170 000.00 | 1 174 794.66 | 0.25 |
| EUR | TOYOTA MOTOR CREDIT CORP-REG-S 1.00000% 15-09.03.21 | 4 870 000.00 | 4 881 882.80 | 1.04 |
| EUR | TOYOTA MOTOR FINANCE NL BV-REG-S 0.62500% 18-26.09.23 | 1 000 000.00 | 998 214.00 | 0.21 |
| EUR | UNEDIC ASSEO 2.25000% 13-05.04.23 | 3 000 000.00 | 3 224 166.00 | 0.69 |
| EUR | UNICREDIT BANK AG-REG-S 0.01000% 19-10.09.24 | 1 500 000.00 | 1 515 822.00 | 0.32 |
| EUR | WESTPAC BANKING CORP-REG-S 0.62500% 15-14.01.22 | 1 200 000.00 | 1 212 583.20 | 0.26 |
| EUR | WESTPAC BANKING CORP-REG-S 0.87500% 15-16.02.21 | 544 000.00 | 545 816.96 | 0.12 |
| EUR | WESTPAC SECURITIES NZ LTD/LONDON-REG-S 0.50000% 19-17.01.24 | 1 000 000.00 | 1 016 656.00 | 0.22 |
| Total EUR |  |  | 195 284 710.81 | 41.67 |
| Total Medium term notes, fixed rate |  | 195 284 710.81 | 41.67 |
| Medium term notes, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 0.00000% 20-25.03.25 | 1 000 000.00 | 1 007 956.00 | 0.22 |
| EUR	DEXIA CREDIT LOCAL SA-REG-S 0.00000% 19-29.05.24 | 1 000 000.00 | 1 005 840.00 | 0.21 |
| EUR	KOMMUNEKREDIT-REG-S 0.00000% 17-08.09.22 | 3 000 000.00 | 3 019 050.00 | 0.64 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.00000% 19-02.04.24 | 1 000 000.00 | 1 015 928.00 | 0.22 |
| EUR	LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.00000% 19-18.07.22 | 1 000 000.00 | 1 005 454.00 | 0.21 |
| EUR	SANOFI-REG-S 0.00000% 16-13.09.22 | 500 000.00 | 500 530.00 | 0.11 |
| EUR	SFIL SA-REG-S 0.00000% 19-24.05.24 | 1 700 000.00 | 1 714 422.80 | 0.37 |
| Total EUR |  | 9 269 180.80 | 1.98 |
| Total Medium term notes, zero coupon |  | 9 269 180.80 | 1.98 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRALIA & NEW ZEALAND BANKING-REG-S 2.50000% 14-16.01.24 | 1 000 000.00 | 1 090 090.00 | 0.23 |
| EUR	AUSTRIA, REPUBLIC OF-REG-S 1.75000% 13-20.10.23 | 3 000 000.00 | 3 241 368.00 | 0.69 |
| EUR	AUTOBAHNEN- & SCHNELLSTRASSEN AG-REG-S 0.62500% 15-15.09.22 | 1 150 000.00 | 1 176 082.00 | 0.25 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.20000% 16-22.10.23 | 5 250 000.00 | 5 377 743.00 | 1.15 |
| EUR	BNP PARIBAS HOME LOAN COVERED BONDS SFH 3.87500% 11-12.07.21 | 2 000 000.00 | 2 095 228.00 | 0.45 |
| EUR	BPIFRANCE FINANCEMENT SA-REG-S 0.12500% 17-25.11.23 | 500 000.00 | 507 109.00 | 0.11 |
| EUR	BPIFRANCE FINANCEMENT SA-REG-S 0.25000% 18-14.02.23 | 2 000 000.00 | 2 029 520.00 | 0.43 |
| EUR	BUNDESLAENDER BUNDESREPUBLI DEUTS-REG-S 1.12500% 14-30.09.24 | 1 500 000.00 | 1 590 450.00 | 0.34 |
| EUR	BUNDESLAENDER BUNDESREPUBLI DEUTS-REG-S 0.12500% 16-14.04.23 | 600 000.00 | 606 510.00 | 0.13 |
| EUR	CAISSE D’AMORTIS DE LA DETTE SOCIALE 4.37500% 06-25.10.21 | 3 000 000.00 | 3 210 078.00 | 0.68 |
| EUR	CAISSE D’AMORTIS DE LA DETTE SOC-REG-S 0.50000% 15-25.05.23 | 1 000 000.00 | 1 026 956.00 | 0.22 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 0.20000% 15-27.04.23 | 1 000 000.00 | 1 011 606.00 | 0.22 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 0.62500% 15-26.01.23 | 2 500 000.00 | 2 555 265.00 | 0.54 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 0.37500% 17-11.05.24 | 500 000.00 | 511 364.00 | 0.11 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER 0.75000% 15-21.01.25 | 1 500 000.00 | 1 558 569.00 | 0.33 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.62500% 15-10.02.23 | 1 500 000.00 | 1 531 125.00 | 0.33 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.50000% 16-04.09.24 | 1 000 000.00 | 1 025 880.00 | 0.22 |
| EUR	CREDIT SUISSE GUERNSEY LTD-REG-S 0.75000% 14-17.09.21 | 1 317 000.00 | 1 333 199.10 | 0.28 |
| EUR	FRANCE, REPUBLIC OF OAT 2.25000% 12-25.10.22 | 4 070 000.00 | 4 361 688.76 | 0.93 |
| EUR	FRANCE, REPUBLIC OF-OAT 3.75000% 05-25.04.21 | 7 500 000.00 | 7 809 300.00 | 1.67 |
| EUR	FRANCE, REPUBLIC OF-OAT 4.25000% 07-25.10.23 | 9 500 000.00 | 11 115 817.00 | 2.37 |
| EUR	FRANCE, REPUBLIC OF-OAT 3.25000% 11-25.10.21 | 637 000.00 | 672 986.68 | 0.14 |
| EUR	FRANCE, REPUBLIC OF-OAT 1.75000% 13-25.05.23 | 11 000 000.00 | 11 797 522.00 | 2.52 |
| EUR	FRANCE, REPUBLIC OF-OAT 2.25000% 13-25.05.24 | 4 000 000.00 | 4 457 736.00 | 0.95 |
| EUR	FRANCE, REPUBLIC OF-OAT 1.75000% 14-25.11.24 | 10 000 000.00 | 11 040 120.00 | 2.36 |
| EUR	GERMANY, REPUBLIC OF 2.00000% 13-15.08.23 | 5 500 000.00 | 6 009 218.05 | 1.28 |
| EUR	GERMANY, REPUBLIC OF 1.50000% 14-15.05.24 | 2 000 000.00 | 2 187 160.00 | 0.47 |
| EUR	GERMANY, REPUBLIC OF 0.50000% 15-15.02.25 | 3 000 000.00 | 3 187 200.00 | 0.68 |

Focused SICAV – High Grade Bond EUR Semi-Annual Report as of 30 April 2020
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | GERMANY, REPUBLIC OF-REG-S 1.75000% 12-04.07.22 | 5 000 000.00 | 5 273 450.00 | 1.12 |
| EUR | HESSEN, STATE OF-REG-S 0.37500% 15-10.03.23 | 1 500 000.00 | 1 526 700.00 | 0.33 |
| EUR | HESSEN, STATE OF-REG-S 0.37500% 15-04.07.22 | 1 500 000.00 | 1 520 121.00 | 0.32 |
| EUR | JOHNSON & JOHNSON 0.25000% 16-20.01.22 | 1 000 000.00 | 1 008 244.00 | 0.21 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU 0.62500% 15-04.07.22 | 1 000 000.00 | 1 023 856.00 | 0.22 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU 0.12500% 17-15.01.24 | 3 000 000.00 | 3 058 734.00 | 0.65 |
| EUR | LFA FOERDERBANK BAYERN 2.00000% 12-30.08.22 | 1 192 000.00 | 1 253 593.03 | 0.27 |
| EUR | LLOYDS BANK PLC-REG-S 0.37500% 16-18.01.21 | 1 474 000.00 | 1 478 516.34 | 0.32 |
| EUR | NETHERLANDS, KINGDOM OF THE 3.25000% 11-15.07.21 | 162 000.00 | 169 513.16 | 0.04 |
| EUR | NETHERLANDS, KINGDOM OF THE 2.25000% 12-15.07.22 | 854 000.00 | 909 322.12 | 0.19 |
| EUR | NETHERLANDS, KINGDOM OF THE 2.00000% 14-15.07.24 | 1 000 000.00 | 1 112 555.00 | 0.24 |
| EUR | NIEDERSACHSEN, STATE OF-REG-S 0.37500% 16-19.01.23 | 1 600 000.00 | 1 627 811.20 | 0.35 |
| EUR | NORDEA MORTGAGE BANK PLC 0.02500% 17-24.01.22 | 1 406 000.00 | 1 413 224.03 | 0.30 |
| EUR | NORDRHEIN-WESTFALEN, STATE OF 4.37500% 07-29.04.22 | 1 572 000.00 | 1 717 410.00 | 0.37 |
| EUR | NOVARTIS FINANCE SA-REG-S 0.75000% 14-09.11.21 | 1 500 000.00 | 1 515 591.00 | 0.32 |
| EUR | NOVARTIS FINANCE SA-REG-S 0.12500% 16-20.09.23 | 468 000.00 | 471 084.12 | 0.10 |
| EUR | OP MORTGAGE BANK 0.25000% 17-13.03.24 | 1 000 000.00 | 1 018 018.00 | 0.22 |
| EUR | OP MORTGAGE BANK-REG-S 0.05000% 17-22.02.23 | 1 000 000.00 | 1 008 928.00 | 0.21 |
| EUR | PROCTER & GAMBLE CO 1.12500% 15-02.11.23 | 750 000.00 | 778 801.50 | 0.17 |
| EUR | QUEBEC, PROVINCE OF-REG-S 2.25000% 13-17.07.23 | 1 000 000.00 | 1 076 766.00 | 0.23 |
| EUR | SA DE GESTION DES STOCKS DE SECURITE 3.12500% 10-21.10.22 | 1 000 000.00 | 1 084 046.40 | 0.23 |
| EUR | SA DE GESTION DES STOCKS DE SEC-REG-S 0.62500% 16-25.05.23 | 1 000 000.00 | 1 026 303.70 | 0.22 |
| EUR | SANTANDER UK PLC-REG-S 0.25000% 15-21.04.22 | 596 000.00 | 599 758.38 | 0.13 |
| EUR | SANTANDER UK PLC-REG-S 0.50000% 18-10.01.25 | 1 000 000.00 | 1 023 000.00 | 0.22 |
| EUR | SCHLESWIG-HOLSTEIN,STATE OF-REG-S 0.12500% 18-24.05.23 | 1 500 000.00 | 1 517 319.00 | 0.32 |
| EUR | SNCF RESEAU-REG-S 0.10000% 16-27.05.21 | 500 000.00 | 501 612.00 | 0.11 |
| EUR | SOCIETE GENERALE SFH-REG-S 0.50000% 18-30.01.25 | 3 000 000.00 | 3 088 770.00 | 0.66 |
| EUR | SPAREBANKEN VEST BOLIGKREDITT AS-REG-S 0.37500% 17-14.02.24 | 1 000 000.00 | 1 019 500.00 | 0.22 |
| EUR | STADSHYPOTEK AB-REG-S 0.62500% 14-10.11.21 | 2 500 000.00 | 2 533 010.00 | 0.54 |
| Total EUR |  |  | 135 472 448.57 | 28.91 |
| Total Bonds, fixed rate |  | 135 472 448.57 | 28.91 |
| Bonds, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.00000% 16-15.07.23 | 1 500 000.00 | 1 527 217.50 | 0.33 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.00000% 19-15.07.24 | 1 500 000.00 | 1 531 155.00 | 0.33 |
| EUR	CANADIAN IMPERIAL BANK OF COM/CAN-REG-S 0.00000% 16-25.07.22 | 4 000 000.00 | 4 012 128.00 | 0.86 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.00000% 19-19.04.24 | 1 000 000.00 | 1 013 436.00 | 0.22 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 16-25.05.21 | 4 000 000.00 | 4 020 360.00 | 0.86 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 16-25.05.22 | 3 306 000.00 | 3 348 090.67 | 0.71 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 17-25.03.23 | 4 512 000.00 | 4 590 152.35 | 0.98 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 18-25.02.21 | 1 000 000.00 | 1 003 686.00 | 0.21 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 18-25.03.24 | 8 000 000.00 | 8 169 534.40 | 1.74 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.02.22 | 10 000 000.00 | 10 098 668.00 | 2.15 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.03.25 | 13 000 000.00 | 13 297 960.00 | 2.84 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 20-25.02.23 | 8 000 000.00 | 8 131 520.00 | 1.74 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 18-13.10.23 | 3 000 000.00 | 3 082 230.00 | 0.66 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 19-05.04.24 | 7 750 000.00 | 7 987 537.50 | 1.70 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 19-18.10.24 | 6 000 000.00 | 6 210 000.00 | 1.33 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 17-07.10.22 | 7 843 000.00 | 7 987 631.98 | 1.70 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 17-08.04.22 | 11 000 000.00 | 11 156 959.00 | 2.38 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 18-14.04.23 | 3 000 000.00 | 3 068 910.00 | 0.65 |
| EUR	KOREA DEVELOPMENT BANK-REG-S 0.00000% 19-10.07.24 | 1 000 000.00 | 972 812.50 | 0.21 |
| EUR	NIEDERSACHSEN, STATE OF-REG-S 0.00000% 16-02.08.24 | 1 500 000.00 | 1 515 306.00 | 0.32 |
| EUR	NOVARTIS FINANCE SA-REG-S 0.00000% 17-31.03.21 | 1 500 000.00 | 1 497 375.00 | 0.32 |
| Total EUR |  | 104 222 669.90 | 22.24 |
| Total Bonds, zero coupon |  | 104 222 669.90 | 22.24 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 453 622 583.40 | 96.80 |
| Total investments in securities |  | 453 622 583.40 | 96.80 |
|  |  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets |  | 14 096 016.84 | 3.01 |
| Other assets and liabilities |  | 906 375.60 | 0.19 |
| Total net assets |  | 468 624 975.84 | 100.00 |

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

Translation (ENDE, 2020-04-30):
# Focused SICAV – High Grade Bond EUR
| Wichtigste Daten |  |
| --- | --- |
| Datum | ISIN | 30.4.2020 | 31.10.2019 | 31.10.2018 |
| Nettovermögen in EUR |  | 468 624 975.84 | 492 137 232.71 | 274 745 330.74 |
| Klasse F-acc | LU0224580430 |  |  |  |
| Aktien im Umlauf |  | 3 449 065.3220 | 3 597 839.9530 | 1 976 825.2650 |
| Nettoinventarwert pro Aktie in EUR |  | 134.50 | 135.27 | 134.27 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 134.50 | 135.27 | 134.27 |
| Klasse F-UKdist | LU0526609473 |  |  |  |
| Aktien im Umlauf |  | 40 830.0390 | 46 213.5880 | 78 641.0610 |
| Nettoinventarwert pro Aktie in EUR |  | 115.83 | 117.78 | 118.40 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 115.83 | 117.78 | 118.40 |
| 1  Siehe Erläuterung 1 |  |  |  |  |


## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Frankreich	34.80
Deutschland	21.52
Niederlande	6.65
Kanada	3.81
Australien	3.57
Grossbritannien	3.53
Finnland	2.94
Vereinigte Staaten	2.83
Norwegen	2.82
Luxemburg	2.49
Belgien	1.83
Dänemark	1.62
Österreich	1.59
Schweden	1.55
Singapur	1.43
Südkorea	1.06
Japan	0.87
Jersey	0.64
Supranational	0.56
Neuseeland	0.41
Guernsey	0.28
Wirtschaftliche Aufteilung in % des Nettovermögens	
Länder- & Zentralregierungen	37.26
Banken & Kreditinstitute	32.71
Finanz- & Beteiligungsgesellschaften	8.48
Kantone, Bundesstaaten	5.19
Öffentlich-rechtliche Körperschaften	3.60
Pfandbriefinstitute & Refinanzierungsgesellschaften	2.59
Supranationale Organisationen	1.66
Versicherungen	1.13
Erdöl	0.82
Diverse Dienstleistungen	0.69
Diverse nicht klassierte Gesellschaften	0.65
Diverse Konsumgüter	0.50
Energie- & Wasserversorgung	0.48
Pharmazeutik, Kosmetik & medizinische Produkte	0.32
Verkehr & Transport	0.25
Computer & Netzwerkausrüster	0.25
Detailhandel, Warenhäuser	0.22
Total	96.80
Total	96.80
Focused SICAV – High Grade Bond EUR Halbjahresbericht per 30. April 2020

## Nettovermögensaufstellung
Aktiva	30.4.2020
EUR
Wertpapierbestand, Einstandswert	459 248 671.47
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	-5 626 088.07	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 453 622 583.40 |
| Bankguthaben, Sicht- und Fristgelder | 14 096 016.84 |
| Forderungen aus Zeichnungen | 4 271 323.33 |
| Zinsforderungen aus Wertpapieren | 2 281 074.06 |
| Sonstige Forderungen | 25 764.93 |
| Total Aktiva | 474 296 762.56 |
|  |  |
| Passiva |  |
| Zinsverbindlichkeiten aus Kontokorrentkredit | -5 564.36 |
| Verbindlichkeiten aus Wertpapierkäufen (Erläuterung 1) | -3 084 912.62 |
| Verbindlichkeiten aus Rücknahmen | -2 534 520.47 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -26 617.08 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -3 862.30 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-16 309.89	 |
| Total Rückstellungen für Aufwendungen | -46 789.27 |
| Total Passiva | -5 671 786.72 |
|  |  |
| Nettovermögen am Ende der Berichtsperiode | 468 624 975.84 |
| Ertrags- und Aufwandsrechnung | EUR |
| Erträge | 1.11.2019-30.4.2020 |
| Zinsen auf Wertpapiere | 3 126 826.85 |
| Erträge aus Securities Lending (Erläuterung 11) | 129 681.67 |
| Sonstige Erträge (Erläuterung 4) | 396 650.97 |
| Total Erträge | 3 653 159.49 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -413 597.93 |
| Abonnementsabgabe (Erläuterung 3) | -29 319.40 |
| Kosten aus Securities Lending (Erläuterung 11) | -51 872.67 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -16 309.89 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -25 818.45 |
| Total Aufwendungen | -536 918.34 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 3 116 241.15 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | -2 774 845.53 |
| Realisierter Kursgewinn (-verlust) aus renditebewerteten Wertpapieren und Geldmarktinstrumenten | -373 334.45 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | 85 010.00 |
| Total der realisierten Gewinne (Verluste) | -3 063 169.98 |
|  |  |
| Realisierter Nettogewinn (-verlust) der Berichtsperiode | 53 071.17 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | -2 196 766.52 |
| Nicht realisierte Werterhöhung (-minderung) renditebewerteter Wertpapiere und Geldmarktinstrumente | -125 113.85 |
| Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten | -91 750.00 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | -2 413 630.37 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | -2 360 559.20 |

Focused SICAV – High Grade Bond EUR Halbjahresbericht per 30. April 2020
| Veränderungen des Nettovermögens |  |
| --- | --- |
|  | EUR |
|  | 1.11.2019-30.4.2020 |
| Nettovermögen zu Beginn der Berichtsperiode | 492 137 232.71 |
| Zeichnungen | 463 242 088.91 |
| Rücknahmen | 	-484 334 633.19	 |
| Total Mittelzufluss (-abfluss) | -21 092 544.28 |
| Ausbezahlte Dividende | -59 153.39 |
| Nettoerträge (-verluste) aus Anlagen | 3 116 241.15 |
| Total der realisierten Gewinne (Verluste) | -3 063 169.98 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	-2 413 630.37	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | -2 360 559.20 |
| Nettovermögen am Ende der Berichtsperiode | 468 624 975.84 |

| Entwicklung der Aktien im Umlauf |  |
| --- | --- |
|  | 1.11.2019-30.4.2020 |
| Klasse | F-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 3 597 839.9530 |
| Anzahl der ausgegebenen Aktien | 3 389 476.1570 |
| Anzahl der zurückgegebenen Aktien | -3 538 250.7880 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 3 449 065.3220 |
| Klasse | F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 46 213.5880 |
| Anzahl der ausgegebenen Aktien | 49 836.4620 |
| Anzahl der zurückgegebenen Aktien | -55 220.0110 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 40 830.0390 |

| Jährliche Ausschüttung 1 |  |
| --- | --- |
| Focused SICAV – High Grade Bond EUR | Ex-Date | Pay-Date | Währung | Betrag pro Aktie |
| F-UKdist 1  Siehe Erläuterung 5 | 15.11.2019 | 20.11.2019 | EUR | 1.28 |

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

## Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 30. April 2020
| Bezeichnung | Anzahl/ | Bewertung in EUR | 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 |  |  |  |
| EUR |  |  |  |
| EUR	BELGIUM, KINGDOM OF 4.25000% 12-28.09.22 | 602 000.00 | 672 600.15 | 0.14 |
| EUR	BERLIN, STATE OF-REG-S 1.87500% 13-12.06.23 | 1 500 000.00 | 1 599 861.00 | 0.34 |
| EUR	EXPORT-IMPORT BANK OF KOREA-REG-S 0.82900% 20-27.04.25 | 1 500 000.00 | 1 508 955.00 | 0.32 |
| EUR	IDB TRUST SERVICES LTD-REG-S 0.03700% 04.12.19-04.12.24 | 3 000 000.00 | 2 999 272.17 | 0.64 |
| EUR	PROCTER & GAMBLE CO-REG-S 2.00000% 12-16.08.22 | 1 500 000.00 | 1 566 213.00 | 0.34 |
| EUR	WALMART INC 1.90000% 14-08.04.22 | 1 000 000.00 | 1 026 672.00 | 0.22 |
| Total EUR |  | 9 373 573.32 | 2.00 |
| Total Notes, fester Zins |  | 9 373 573.32 | 2.00 |
| Medium-Term Notes, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	ABN AMRO BANK NV-REG-S 3.50000% 12-18.01.22 | 1 000 000.00 | 1 062 932.00 | 0.23 |
| EUR	ABN AMRO BANK NV-REG-S 2.50000% 13-05.09.23 | 700 000.00 | 763 203.00 | 0.16 |
| EUR	ALLIANDER NV 2.87500% 12-14.06.24 | 500 000.00 | 555 275.00 | 0.12 |
| EUR	ALLIANDER NV-REG-S 2.25000% 12-14.11.22 | 1 600 000.00 | 1 689 955.20 | 0.36 |
| EUR	ALLIANZ FINANCE II BV 3.50000% 12-14.02.22 | 5 000 000.00 | 5 308 120.00 | 1.13 |
| EUR	ANZ NEW ZEALAND INT’L LTD/LDN-REG-S 0.62500% 16-01.06.21 | 1 902 000.00 | 1 901 965.76 | 0.41 |
| EUR	ANZ NEW ZEALAND INT’L LTD/LDN-REG-S 0.12500% 16-22.09.23 | 1 000 000.00 | 1 003 298.00 | 0.21 |
| EUR	ANZ NEW ZEALAND INT’L LTD/LDN-REG-S 0.50000% 19-17.01.24 | 1 000 000.00 | 1 016 478.00 | 0.22 |
| EUR	APPLE INC 1.00000% 14-10.11.22 | 1 137 000.00 | 1 168 208.38 | 0.25 |
| EUR	AUSTRALIA & NEW ZEALAND BANKING-REG-S 3.62500% 12-18.07.22 | 1 900 000.00 | 2 056 320.60 | 0.44 |
| EUR	AUSTRLIA & NEW ZELAND BNKING GRUP-REG-S 0.62500% 18-21.02.23 | 800 000.00 | 801 874.15 | 0.17 |
| EUR	BERLIN, STATE OF 1.62500% 14-03.06.24 | 1 500 000.00 | 1 615 266.00 | 0.34 |
| EUR	BNG BANK NV-REG-S 0.37500% 15-14.01.22 | 2 830 000.00 | 2 862 228.61 | 0.61 |
| EUR	BNG BANK NV-REG-S 1.12500% 14-04.09.24 | 2 000 000.00 | 2 116 720.00 | 0.45 |
| EUR	BNP PARIBAS HOME LOAN COVERED SFH 3.12500% 12-22.03.22 | 1 000 000.00 | 1 061 838.00 | 0.23 |
| EUR	BNP PARIBAS HOME LOAN SFH-REG-S 0.25000% 16-02.09.21 | 500 000.00 | 502 410.00 | 0.11 |
| EUR	BNZ INTERNATIONAL FUND LTD/LONDON-REG-S 0.50000% 17-13.05.23 | 1 500 000.00 | 1 491 879.00 | 0.32 |
| EUR	BPCE SFH SA-REG-S 4.00000% 11-23.03.22 | 1 000 000.00 | 1 077 774.00 | 0.23 |
| EUR	BPCE SOCIETE DE FINANCEMENT DE LHABITAT 3.75000% 11-13.09.21 | 800 000.00 | 842 169.60 | 0.18 |
| EUR	CAISSE D’AMORTIS DE LA DETTE SOCIALE 4.12500% 11-25.04.23 | 4 000 000.00 | 4 540 064.00 | 0.97 |
| EUR	CAISSE DE REFINANCEMENT DE L’HABITAT 4.00000% 11-10.01.22 | 1 221 183.00 | 1 307 264.19 | 0.28 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL 4.87500% 09-02.06.21 | 278 000.00 | 293 045.92 | 0.06 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL 4.25000% 10-26.01.22 | 1 517 000.00 | 1 633 338.73 | 0.35 |
| EUR	CANADIAN IMPERIAL BANK-REG-S 0.25000% 18-24.01.23 | 1 700 000.00 | 1 712 974.40 | 0.37 |
| EUR	COMMERZBANK AG 0.12500% 16-23.02.23 | 1 000 000.00 | 1 010 498.00 | 0.22 |
| EUR	COMMONWEALTH BANK OF AUSTRALIA 3.00000% 12-03.05.22 | 2 150 000.00 | 2 281 051.10 | 0.49 |
| EUR	COMMONWEALTH BANK OF AUSTRALIA-REG-S 0.50000% 17-11.07.22 | 995 000.00 | 992 910.50 | 0.21 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER 2.00000% 14-07.05.24 | 1 000 000.00 | 1 084 612.00 | 0.23 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.62500% 14-12.11.21 | 1 000 000.00 | 1 011 652.00 | 0.22 |
| EUR	CORPORACION ANDINA DE FOMENTO-REG-S 1.87500% 14-29.05.21 | 550 000.00 | 552 502.50 | 0.12 |
| EUR	CPPIB CAPITAL INC-REG-S 0.37500% 17-20.06.24 | 4 000 000.00 | 4 068 168.00 | 0.87 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA-REG-S 0.37500% 16-24.03.23 | 1 000 000.00 | 1 015 550.00 | 0.22 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA-REG-S 0.37500% 17-30.09.24 | 2 000 000.00 | 2 041 424.00 | 0.44 |
| EUR	CREDIT AGRICOLE PUBLIC SECTOR SCF SA 1.87500% 13-07.06.23 | 1 000 000.00 | 1 063 110.00 | 0.23 |
| EUR	DEXIA CREDIT LOCAL DE FRANCE-REG-S 0.20000% 16-16.03.21 | 1 500 000.00 | 1 504 236.00 | 0.32 |
| EUR	DNB BOLIGKREDITT AS 3.87500% 11-16.06.21 | 551 000.00 | 575 675.99 | 0.12 |
| EUR	DNB BOLIGKREDITT AS 2.75000% 12-21.03.22 | 3 000 000.00 | 3 165 354.00 | 0.68 |
| EUR	DNB BOLIGKREDITT AS-REG-S 0.25000% 16-18.04.23 | 1 000 000.00 | 1 011 528.00 | 0.22 |
| EUR	DNB BOLIGKREDITT AS-REG-S 0.05000% 17-11.01.22 | 507 000.00 | 509 160.83 | 0.11 |
| EUR	EQUINOR ASA-REG-S 0.87500% 15-17.02.23 | 1 700 000.00 | 1 717 979.20 | 0.37 |
| EUR	EUROCLEAR BANK-REG-S 0.25000% 18-07.09.22 | 1 000 000.00 | 995 338.00 | 0.21 |
| EUR	EUROFIMA EURO RAILROADMAT FIN CO-REG-S 0.25000% 16-25.04.23 | 1 000 000.00 | 1 015 940.00 | 0.22 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 2.25000% 12-05.09.22 | 1 000 000.00 | 1 064 120.00 | 0.23 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.40000% 18-17.02.25 | 3 000 000.00 | 3 106 248.00 | 0.66 |
| EUR	EUROPEAN INVESTMENT BANK 1.37500% 13-15.09.21 | 1 000 000.00 | 1 024 600.00 | 0.22 |
| EUR	EXPORT-IMPORT BANK OF KOREA-REG-S 0.62500% 18-11.07.23 | 1 000 000.00 | 1 005 312.50 | 0.21 |
| EUR	EXPORT-IMPORT BANK OF KOREA-REG-S 0.37500% 19-26.03.24 | 1 500 000.00 | 1 489 687.50 | 0.32 |
| EUR	HSBC BANK PLC 4.00000% 10-15.01.21 | 1 154 000.00 | 1 183 770.89 | 0.25 |
| EUR	HSBC FRANCE SA-REG-S 0.60000% 18-20.03.23 | 1 000 000.00 | 1 008 170.00 | 0.21 |
| EUR	ING BANK NV 3.37500% 12-10.01.22 | 1 000 000.00 | 1 059 807.00 | 0.23 |
| EUR	ING BANK NV-REG-S 3.62500% 11-31.08.21 | 1 831 000.00 | 1 922 714.79 | 0.41 |
| EUR	KBC BANK NV-REG-S 0.37500% 16-01.09.22 | 1 500 000.00 | 1 519 275.00 | 0.32 |
| EUR	KOMMUNEKREDIT-REG-S 0.25000% 17-16.02.24 | 4 500 000.00 | 4 589 379.00 | 0.98 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.62500% 15-15.01.25 | 3 000 000.00 | 3 145 968.00 | 0.67 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 1.50000% 14-11.06.24 | 3 000 000.00 | 3 236 754.00 | 0.69 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 0.12500% 18-07.11.23 | 2 150 000.00 | 2 190 768.30 | 0.47 |
| EUR	LANDESBANK BADEN-WUERTTEMBERG-REG-S 0.50000% 15-04.08.22 | 1 500 000.00 | 1 526 079.00 | 0.33 |
| EUR	LANDESBANK HESSEN-THUERINGEN GZ-REG-S 1.12500% 14-27.05.21 | 1 500 000.00 | 1 521 387.00 | 0.32 |
| EUR	LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 1.25000% 14-20.05.22 | 1 010 000.00 | 1 042 598.76 | 0.22 |
| EUR	LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 0.05000% 18-12.06.23 | 1 000 000.00 | 1 011 768.00 | 0.22 |
| EUR	LLOYDS BANK PLC-REG-S 1.37500% 14-16.04.21 | 2 500 000.00 | 2 531 835.00 | 0.54 |
| EUR	LLOYDS BANK PLC-REG-S 0.50000% 16-11.04.23 | 2 000 000.00 | 2 032 228.00 | 0.43 |
| EUR	MUENCHENER HYPOTHEKENBANK EG-REG-S 0.01000% 19-05.09.23 | 2 000 000.00 | 2 017 800.00 | 0.43 |
| EUR	MUNICIPALITY FINANCE PLC-REG-S 0.12500% 19-07.03.24 | 2 500 000.00 | 2 536 715.00 | 0.54 |
| EUR	NATIONAL AUSTRALIA BANK LTD 2.75000% 12-08.08.22 | 2 000 000.00 | 2 103 976.00 | 0.45 |
| EUR	NATIONAL AUSTRALIA BANK LTD 1.87500% 12-13.01.23 | 1 500 000.00 | 1 575 846.00 | 0.34 |
| EUR	NATIONAL AUSTRALIA BANK LTD-REG-S 0.87500% 15-16.11.22 | 4 000 000.00 | 4 095 984.00 | 0.87 |
| EUR	NATIONWIDE BUILDING SOCIETY-REG-S 0.75000% 15-26.10.22 | 1 070 000.00 | 1 092 412.22 | 0.23 |
| EUR	NATIONWIDE BUILDING SOCIETY-REG-S 0.05000% 19-03.06.24 | 1 000 000.00 | 1 001 950.00 | 0.21 |
| EUR	NEDERLANDSE WATERSCHAPSBANK NV-REG-S 0.12500% 19-17.01.24 | 1 000 000.00 | 1 015 792.00 | 0.22 |
| EUR	NESTLE FINANCE INTERNATIONAL LTD-REG-S 1.75000% 12-12.09.22 | 1 000 000.00 | 1 040 904.00 | 0.22 |
| EUR	NESTLE FINANCE INTERNATIONAL LTD-REG-S 0.75000% 14-08.11.21 | 1 000 000.00 | 1 009 814.00 | 0.22 |
| EUR	NESTLE FINANCE INTERNATIONAL LTD-REG-S 0.75000% 15-16.05.23 | 250 000.00 | 255 677.50 | 0.05 |
| EUR	NESTLE FINANCE INTL LIMITED-REG-S-2.12500% 13-10.09.21 | 707 000.00 | 725 755.29 | 0.15 |

Focused SICAV – High Grade Bond EUR Halbjahresbericht per 30. April 2020
|  | Bezeichnung | Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| EUR | NORDEA BANK ABP-REG-S 2.00000% 14-17.02.21 | 575 000.00 | 583 298.40 | 0.12 |
| EUR | NORDEA BANK ABP-REG-S 1.00000% 16-22.02.23 | 1 200 000.00 | 1 223 580.00 | 0.26 |
| EUR | NORDEA BANK ABP-REG-S 0.30000% 17-30.06.22 | 2 500 000.00 | 2 501 960.00 | 0.53 |
| EUR | NORDEA MORTGAGE BANK PLC 0.25000% 16-21.11.23 | 2 500 000.00 | 2 543 515.00 | 0.54 |
| EUR | NORDRHEIN-WESTFALEN, STATE OF-REG-S 0.12500% 16-16.03.23 | 3 000 000.00 | 3 032 046.00 | 0.65 |
| EUR | NRW BANK-REG-S 0.25000% 17-16.05.24 | 1 215 000.00 | 1 239 560.01 | 0.26 |
| EUR | ONTARIO, PROVINCE OF-REG-S 1.87500% 14-21.05.24 | 5 000 000.00 | 5 374 250.00 | 1.15 |
| EUR | OP CORPORATE BANK PLC-REG-S 0.75000% 15-03.03.22 | 193 000.00 | 194 412.76 | 0.04 |
| EUR | OP CORPORATE BANK PLC-REG-S 0.37500% 18-29.08.23 | 750 000.00 | 752 569.50 | 0.16 |
| EUR | OVERSEA-CHINESE BANKING CORP-REG-S 0.25000% 17-21.03.22 | 1 000 000.00 | 1 007 480.00 | 0.21 |
| EUR | OVERSEA-CHINESE BANKING CORP-REG-S 0.25000% 17-05.10.22 | 1 102 000.00 | 1 110 849.06 | 0.24 |
| EUR | RABOBANK INTERNATIONAL 4.00000% 12-11.01.22 | 1 643 000.00 | 1 746 978.90 | 0.37 |
| EUR | RABOBANK NEDERLAND NV 4.75000% 07-06.06.22 | 1 000 000.00 | 1 093 702.20 | 0.23 |
| EUR | RABOBANK NEDERLAND NV-REG-S 0.12500% 16-11.10.21 | 1 000 000.00 | 999 430.00 | 0.21 |
| EUR | RABOBANK NEDERLAND NV-REG-S 0.25000% 17-31.05.24 | 2 000 000.00 | 2 036 284.00 | 0.43 |
| EUR | ROBERT BOSCH INVESTMENT NEDERLAND BV 1.62500% 13-24.05.21 | 3 000 000.00 | 3 039 804.00 | 0.65 |
| EUR | ROCHE HOLDINGS INC 6.50000% 09-04.03.21 | 500 000.00 | 526 098.00 | 0.11 |
| EUR | ROYAL BANK OF CANADA-REG-S 0.25000% 19-29.01.24 | 1 000 000.00 | 1 008 262.00 | 0.21 |
| EUR | SANTANDER UK PLC-REG-S 1.25000% 14-18.09.24 | 1 000 000.00 | 1 055 278.00 | 0.23 |
| EUR | SFIL SA-REG-S 0.12500% 16-18.10.24 | 3 000 000.00 | 3 041 070.00 | 0.65 |
| EUR | SHELL INTERNATIONAL FINANCE BV 1.62500% 14-24.03.21 | 687 000.00 | 695 862.30 | 0.15 |
| EUR | SKANDINAVISKA ENSKILDA BANKEN AB 0.62500% 15-30.01.23 | 1 000 000.00 | 1 020 970.00 | 0.22 |
| EUR | SOCIETE GENERALE SFH 2.00000% 14-29.04.24 | 1 000 000.00 | 1 085 584.00 | 0.23 |
| EUR | SOCIETE GENERALE SFH-REG-S 0.25000% 18-11.09.23 | 1 000 000.00 | 1 014 180.00 | 0.22 |
| EUR | SPAREBANKEN 1 BOLIGKREDITT-REG-S 0.05000% 17-25.01.22 | 1 500 000.00 | 1 506 600.00 | 0.32 |
| EUR | SPAREBANKEN 1 BOLIGKREDITT-REG-S 0.37500% 17-26.06.24 | 2 500 000.00 | 2 551 645.00 | 0.54 |
| EUR | SPAREBANKEN VEST BOLIGKREDITT AS-REG-S 0.25000% 15-29.04.22 | 1 140 000.00 | 1 149 765.24 | 0.25 |
| EUR | STADSHYPOTEK AB-REG-S 0.37500% 16-22.02.23 | 1 500 000.00 | 1 521 855.00 | 0.32 |
| EUR | SUMITOMO MITSI BNKG CORP-REG-S 0.55000% 18-06.11.23 | 4 000 000.00 | 4 070 200.00 | 0.87 |
| EUR | SVENSKA HANDELSBANKEN AB-REG-S 1.12500% 15-14.12.22 | 1 285 000.00 | 1 313 144.07 | 0.28 |
| EUR | SWEDBANK HYPOTEK AB-REG-S 0.45000% 18-23.08.23 | 850 000.00 | 867 073.10 | 0.18 |
| EUR | TEMASEK FINANCIAL I LTD-REG-S 0.50000% 16-01.03.22 | 4 550 000.00 | 4 577 427.40 | 0.98 |
| EUR | TORONTO-DOMINION BANK-REG-S 0.62500% 16-08.03.21 | 600 000.00 | 600 564.00 | 0.13 |
| EUR | TOTAL CAPITAL 5.12500% 09-26.03.24 | 500 000.00 | 591 006.00 | 0.13 |
| EUR | TOTAL CAPITAL INTERNATIONAL SA-REG-S 2.12500% 13-19.11.21 | 1 000 000.00 | 1 025 986.00 | 0.22 |
| EUR | TOTAL CAPITAL INTERNATIONAL SA-REG-S 0.25000% 16-12.07.23 | 1 000 000.00 | 994 750.00 | 0.21 |
| EUR | TOTAL CAPITAL INTERNATIONAL SA-REG-S 0.62500% 17-04.10.24 | 1 200 000.00 | 1 209 033.60 | 0.26 |
| EUR | TOYOTA MOTOR CREDIT CORP-REG-S 1.80000% 13-23.07.20 | 1 119 000.00 | 1 122 312.24 | 0.24 |
| EUR | TOYOTA MOTOR CREDIT CORP-REG-S 1.00000% 14-10.09.21 | 1 170 000.00 | 1 174 794.66 | 0.25 |
| EUR | TOYOTA MOTOR CREDIT CORP-REG-S 1.00000% 15-09.03.21 | 4 870 000.00 | 4 881 882.80 | 1.04 |
| EUR | TOYOTA MOTOR FINANCE NL BV-REG-S 0.62500% 18-26.09.23 | 1 000 000.00 | 998 214.00 | 0.21 |
| EUR | UNEDIC ASSEO 2.25000% 13-05.04.23 | 3 000 000.00 | 3 224 166.00 | 0.69 |
| EUR | UNICREDIT BANK AG-REG-S 0.01000% 19-10.09.24 | 1 500 000.00 | 1 515 822.00 | 0.32 |
| EUR | WESTPAC BANKING CORP-REG-S 0.62500% 15-14.01.22 | 1 200 000.00 | 1 212 583.20 | 0.26 |
| EUR | WESTPAC BANKING CORP-REG-S 0.87500% 15-16.02.21 | 544 000.00 | 545 816.96 | 0.12 |
| EUR | WESTPAC SECURITIES NZ LTD/LONDON-REG-S 0.50000% 19-17.01.24 | 1 000 000.00 | 1 016 656.00 | 0.22 |
| Total EUR |  |  | 195 284 710.81 | 41.67 |
| Total Medium-Term Notes, fester Zins |  | 195 284 710.81 | 41.67 |
| Medium-Term Notes, Nullcoupon |  |  |  |
| EUR |  |  |  |
| EUR	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 0.00000% 20-25.03.25 | 1 000 000.00 | 1 007 956.00 | 0.22 |
| EUR	DEXIA CREDIT LOCAL SA-REG-S 0.00000% 19-29.05.24 | 1 000 000.00 | 1 005 840.00 | 0.21 |
| EUR	KOMMUNEKREDIT-REG-S 0.00000% 17-08.09.22 | 3 000 000.00 | 3 019 050.00 | 0.64 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.00000% 19-02.04.24 | 1 000 000.00 | 1 015 928.00 | 0.22 |
| EUR	LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.00000% 19-18.07.22 | 1 000 000.00 | 1 005 454.00 | 0.21 |
| EUR	SANOFI-REG-S 0.00000% 16-13.09.22 | 500 000.00 | 500 530.00 | 0.11 |
| EUR	SFIL SA-REG-S 0.00000% 19-24.05.24 | 1 700 000.00 | 1 714 422.80 | 0.37 |
| Total EUR |  | 9 269 180.80 | 1.98 |
| Total Medium-Term Notes, Nullcoupon |  | 9 269 180.80 | 1.98 |
| Anleihen, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRALIA & NEW ZEALAND BANKING-REG-S 2.50000% 14-16.01.24 | 1 000 000.00 | 1 090 090.00 | 0.23 |
| EUR	AUSTRIA, REPUBLIC OF-REG-S 1.75000% 13-20.10.23 | 3 000 000.00 | 3 241 368.00 | 0.69 |
| EUR	AUTOBAHNEN- & SCHNELLSTRASSEN AG-REG-S 0.62500% 15-15.09.22 | 1 150 000.00 | 1 176 082.00 | 0.25 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.20000% 16-22.10.23 | 5 250 000.00 | 5 377 743.00 | 1.15 |
| EUR	BNP PARIBAS HOME LOAN COVERED BONDS SFH 3.87500% 11-12.07.21 | 2 000 000.00 | 2 095 228.00 | 0.45 |
| EUR	BPIFRANCE FINANCEMENT SA-REG-S 0.12500% 17-25.11.23 | 500 000.00 | 507 109.00 | 0.11 |
| EUR	BPIFRANCE FINANCEMENT SA-REG-S 0.25000% 18-14.02.23 | 2 000 000.00 | 2 029 520.00 | 0.43 |
| EUR	BUNDESLAENDER BUNDESREPUBLI DEUTS-REG-S 1.12500% 14-30.09.24 | 1 500 000.00 | 1 590 450.00 | 0.34 |
| EUR	BUNDESLAENDER BUNDESREPUBLI DEUTS-REG-S 0.12500% 16-14.04.23 | 600 000.00 | 606 510.00 | 0.13 |
| EUR	CAISSE D’AMORTIS DE LA DETTE SOCIALE 4.37500% 06-25.10.21 | 3 000 000.00 | 3 210 078.00 | 0.68 |
| EUR	CAISSE D’AMORTIS DE LA DETTE SOC-REG-S 0.50000% 15-25.05.23 | 1 000 000.00 | 1 026 956.00 | 0.22 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 0.20000% 15-27.04.23 | 1 000 000.00 | 1 011 606.00 | 0.22 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 0.62500% 15-26.01.23 | 2 500 000.00 | 2 555 265.00 | 0.54 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 0.37500% 17-11.05.24 | 500 000.00 | 511 364.00 | 0.11 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER 0.75000% 15-21.01.25 | 1 500 000.00 | 1 558 569.00 | 0.33 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.62500% 15-10.02.23 | 1 500 000.00 | 1 531 125.00 | 0.33 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.50000% 16-04.09.24 | 1 000 000.00 | 1 025 880.00 | 0.22 |
| EUR	CREDIT SUISSE GUERNSEY LTD-REG-S 0.75000% 14-17.09.21 | 1 317 000.00 | 1 333 199.10 | 0.28 |
| EUR	FRANCE, REPUBLIC OF OAT 2.25000% 12-25.10.22 | 4 070 000.00 | 4 361 688.76 | 0.93 |
| EUR	FRANCE, REPUBLIC OF-OAT 3.75000% 05-25.04.21 | 7 500 000.00 | 7 809 300.00 | 1.67 |
| EUR	FRANCE, REPUBLIC OF-OAT 4.25000% 07-25.10.23 | 9 500 000.00 | 11 115 817.00 | 2.37 |
| EUR	FRANCE, REPUBLIC OF-OAT 3.25000% 11-25.10.21 | 637 000.00 | 672 986.68 | 0.14 |
| EUR	FRANCE, REPUBLIC OF-OAT 1.75000% 13-25.05.23 | 11 000 000.00 | 11 797 522.00 | 2.52 |
| EUR	FRANCE, REPUBLIC OF-OAT 2.25000% 13-25.05.24 | 4 000 000.00 | 4 457 736.00 | 0.95 |
| EUR	FRANCE, REPUBLIC OF-OAT 1.75000% 14-25.11.24 | 10 000 000.00 | 11 040 120.00 | 2.36 |
| EUR	GERMANY, REPUBLIC OF 2.00000% 13-15.08.23 | 5 500 000.00 | 6 009 218.05 | 1.28 |
| EUR	GERMANY, REPUBLIC OF 1.50000% 14-15.05.24 | 2 000 000.00 | 2 187 160.00 | 0.47 |
| EUR	GERMANY, REPUBLIC OF 0.50000% 15-15.02.25 | 3 000 000.00 | 3 187 200.00 | 0.68 |

Focused SICAV – High Grade Bond EUR Halbjahresbericht per 30. April 2020
|  | Bezeichnung | Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| EUR | GERMANY, REPUBLIC OF-REG-S 1.75000% 12-04.07.22 | 5 000 000.00 | 5 273 450.00 | 1.12 |
| EUR | HESSEN, STATE OF-REG-S 0.37500% 15-10.03.23 | 1 500 000.00 | 1 526 700.00 | 0.33 |
| EUR | HESSEN, STATE OF-REG-S 0.37500% 15-04.07.22 | 1 500 000.00 | 1 520 121.00 | 0.32 |
| EUR | JOHNSON & JOHNSON 0.25000% 16-20.01.22 | 1 000 000.00 | 1 008 244.00 | 0.21 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU 0.62500% 15-04.07.22 | 1 000 000.00 | 1 023 856.00 | 0.22 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU 0.12500% 17-15.01.24 | 3 000 000.00 | 3 058 734.00 | 0.65 |
| EUR | LFA FOERDERBANK BAYERN 2.00000% 12-30.08.22 | 1 192 000.00 | 1 253 593.03 | 0.27 |
| EUR | LLOYDS BANK PLC-REG-S 0.37500% 16-18.01.21 | 1 474 000.00 | 1 478 516.34 | 0.32 |
| EUR | NETHERLANDS, KINGDOM OF THE 3.25000% 11-15.07.21 | 162 000.00 | 169 513.16 | 0.04 |
| EUR | NETHERLANDS, KINGDOM OF THE 2.25000% 12-15.07.22 | 854 000.00 | 909 322.12 | 0.19 |
| EUR | NETHERLANDS, KINGDOM OF THE 2.00000% 14-15.07.24 | 1 000 000.00 | 1 112 555.00 | 0.24 |
| EUR | NIEDERSACHSEN, STATE OF-REG-S 0.37500% 16-19.01.23 | 1 600 000.00 | 1 627 811.20 | 0.35 |
| EUR | NORDEA MORTGAGE BANK PLC 0.02500% 17-24.01.22 | 1 406 000.00 | 1 413 224.03 | 0.30 |
| EUR | NORDRHEIN-WESTFALEN, STATE OF 4.37500% 07-29.04.22 | 1 572 000.00 | 1 717 410.00 | 0.37 |
| EUR | NOVARTIS FINANCE SA-REG-S 0.75000% 14-09.11.21 | 1 500 000.00 | 1 515 591.00 | 0.32 |
| EUR | NOVARTIS FINANCE SA-REG-S 0.12500% 16-20.09.23 | 468 000.00 | 471 084.12 | 0.10 |
| EUR | OP MORTGAGE BANK 0.25000% 17-13.03.24 | 1 000 000.00 | 1 018 018.00 | 0.22 |
| EUR | OP MORTGAGE BANK-REG-S 0.05000% 17-22.02.23 | 1 000 000.00 | 1 008 928.00 | 0.21 |
| EUR | PROCTER & GAMBLE CO 1.12500% 15-02.11.23 | 750 000.00 | 778 801.50 | 0.17 |
| EUR | QUEBEC, PROVINCE OF-REG-S 2.25000% 13-17.07.23 | 1 000 000.00 | 1 076 766.00 | 0.23 |
| EUR | SA DE GESTION DES STOCKS DE SECURITE 3.12500% 10-21.10.22 | 1 000 000.00 | 1 084 046.40 | 0.23 |
| EUR | SA DE GESTION DES STOCKS DE SEC-REG-S 0.62500% 16-25.05.23 | 1 000 000.00 | 1 026 303.70 | 0.22 |
| EUR | SANTANDER UK PLC-REG-S 0.25000% 15-21.04.22 | 596 000.00 | 599 758.38 | 0.13 |
| EUR | SANTANDER UK PLC-REG-S 0.50000% 18-10.01.25 | 1 000 000.00 | 1 023 000.00 | 0.22 |
| EUR | SCHLESWIG-HOLSTEIN,STATE OF-REG-S 0.12500% 18-24.05.23 | 1 500 000.00 | 1 517 319.00 | 0.32 |
| EUR | SNCF RESEAU-REG-S 0.10000% 16-27.05.21 | 500 000.00 | 501 612.00 | 0.11 |
| EUR | SOCIETE GENERALE SFH-REG-S 0.50000% 18-30.01.25 | 3 000 000.00 | 3 088 770.00 | 0.66 |
| EUR | SPAREBANKEN VEST BOLIGKREDITT AS-REG-S 0.37500% 17-14.02.24 | 1 000 000.00 | 1 019 500.00 | 0.22 |
| EUR | STADSHYPOTEK AB-REG-S 0.62500% 14-10.11.21 | 2 500 000.00 | 2 533 010.00 | 0.54 |
| Total EUR |  |  | 135 472 448.57 | 28.91 |
| Total Anleihen, fester Zins |  | 135 472 448.57 | 28.91 |
| Anleihen, Nullcoupon |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.00000% 16-15.07.23 | 1 500 000.00 | 1 527 217.50 | 0.33 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.00000% 19-15.07.24 | 1 500 000.00 | 1 531 155.00 | 0.33 |
| EUR	CANADIAN IMPERIAL BANK OF COM/CAN-REG-S 0.00000% 16-25.07.22 | 4 000 000.00 | 4 012 128.00 | 0.86 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.00000% 19-19.04.24 | 1 000 000.00 | 1 013 436.00 | 0.22 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 16-25.05.21 | 4 000 000.00 | 4 020 360.00 | 0.86 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 16-25.05.22 | 3 306 000.00 | 3 348 090.67 | 0.71 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 17-25.03.23 | 4 512 000.00 | 4 590 152.35 | 0.98 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 18-25.02.21 | 1 000 000.00 | 1 003 686.00 | 0.21 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 18-25.03.24 | 8 000 000.00 | 8 169 534.40 | 1.74 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.02.22 | 10 000 000.00 | 10 098 668.00 | 2.15 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.03.25 | 13 000 000.00 | 13 297 960.00 | 2.84 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 20-25.02.23 | 8 000 000.00 | 8 131 520.00 | 1.74 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 18-13.10.23 | 3 000 000.00 | 3 082 230.00 | 0.66 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 19-05.04.24 | 7 750 000.00 | 7 987 537.50 | 1.70 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 19-18.10.24 | 6 000 000.00 | 6 210 000.00 | 1.33 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 17-07.10.22 | 7 843 000.00 | 7 987 631.98 | 1.70 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 17-08.04.22 | 11 000 000.00 | 11 156 959.00 | 2.38 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 18-14.04.23 | 3 000 000.00 | 3 068 910.00 | 0.65 |
| EUR	KOREA DEVELOPMENT BANK-REG-S 0.00000% 19-10.07.24 | 1 000 000.00 | 972 812.50 | 0.21 |
| EUR	NIEDERSACHSEN, STATE OF-REG-S 0.00000% 16-02.08.24 | 1 500 000.00 | 1 515 306.00 | 0.32 |
| EUR	NOVARTIS FINANCE SA-REG-S 0.00000% 17-31.03.21 | 1 500 000.00 | 1 497 375.00 | 0.32 |
| Total EUR |  | 104 222 669.90 | 22.24 |
| Total Anleihen, Nullcoupon |  | 104 222 669.90 | 22.24 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden |  | 453 622 583.40 | 96.80 |
| Total des Wertpapierbestandes |  | 453 622 583.40 | 96.80 |
|  |  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel |  | 14 096 016.84 | 3.01 |
| Andere Aktiva und Passiva |  | 906 375.60 | 0.19 |
| Total des Nettovermögens |  | 468 624 975.84 | 100.00 |

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