# Focused SICAV – High Grade Bond GBP
| Most important figures |  |
| --- | --- |
| Date | ISIN | 30.4.2020 | 31.10.2019 | 31.10.2018 |
| Net assets in GBP |  | 96 753 912.54 | 78 608 214.99 | 128 031 832.43 |
| Class F-acc | LU0270448243 |  |  |  |
| Shares outstanding |  | 88 032.5770 | 187 893.8680 | 215 599.1720 |
| Net asset value per share in GBP |  | 144.80 | 143.26 | 140.77 |
| Issue and redemption price per share in GBP 1 |  | 144.80 | 143.26 | 140.77 |
| Class F-UKdist | LU0526609556 |  |  |  |
| Shares outstanding |  | 729 354.6770 | 443 695.7260 | 831 759.0790 |
| Net asset value per share in GBP |  | 115.18 | 116.50 | 117.44 |
| Issue and redemption price per share in GBP 1 |  | 115.18 | 116.50 | 117.44 |
| 1  See note 1 |  |  |  |  |


## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United Kingdom	62.46
Germany	8.48
United States	5.14
Canada	3.97
Australia	3.87
France	3.02
Finland	1.89
Sweden	1.77
Luxembourg	1.60
Supranationals	1.59
Austria	1.58
Norway	1.48
The Netherlands	1.30
Philippines	0.21
Economic Breakdown as a % of net assets	
Countries & central governments	57.27
Banks & credit institutions	23.96
Supranational organisations	8.12
Finance & holding companies	5.43
Public, non-profit institutions	1.88
Cantons, federal states	1.06
Mortgage & funding institutions	0.64
Total	98.36
Total	98.36
Focused SICAV – High Grade Bond GBP Semi-Annual Report as of 30 April 2020

## Statement of Net Assets
Assets	30.4.2020
GBP
Investments in securities, cost	95 860 811.34
| Investments in securities, unrealized appreciation (depreciation) | 	-696 291.54	 |
| --- | --- |
| Total investments in securities (Note 1) | 95 164 519.80 |
| Cash at banks, deposits on demand and deposit accounts | 1 167 815.42 |
| Receivable on subscriptions | 237 636.76 |
| Interest receivable on securities | 540 476.50 |
| Other receivables | 8 641.92 |
| Total Assets | 97 119 090.40 |
|  |  |
| Liabilities |  |
| Payable on redemptions | -355 130.05 |
| Provisions for flat fee (Note 2) | -5 547.34 |
| Provisions for taxe d’abonnement (Note 3) | -797.42 |
| Provisions for other commissions and fees (Note 2) | 	-3 703.05	 |
| Total provisions | -10 047.81 |
| Total Liabilities | -365 177.86 |
|  |  |
| Net assets at the end of the period | 96 753 912.54 |
| Statement of Operations | GBP |
| Income | 1.11.2019-30.4.2020 |
| Interest on liquid assets | 276.43 |
| Interest on securities | 1 359 200.79 |
| Income on securities lending (Note 11) | 31 815.38 |
| Other income (Note 4) | 153 195.21 |
| Total income | 1 544 487.81 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -91 747.48 |
| Taxe d’abonnement (Note 3) | -6 430.75 |
| Cost on securities lending (Note 11) | -12 726.15 |
| Other commissions and fees (Note 2) | -3 642.55 |
| Total expenses | -114 546.93 |
|  |  |
| Net income (loss) on investments | 1 429 940.88 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -373 729.92 |
| Realized gain (loss) on foreign exchange | 56.76 |
| Total realized gain (loss) | -373 673.16 |
|  |  |
| Net realized gain (loss) of the period | 1 056 267.72 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 504 085.89 |
| Total changes in unrealized appreciation (depreciation) | 504 085.89 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 1 560 353.61 |

Focused SICAV – High Grade Bond GBP Semi-Annual Report as of 30 April 2020
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | GBP |
|  | 1.11.2019-30.4.2020 |
| Net assets at the beginning of the period | 78 608 214.99 |
| Subscriptions | 135 669 986.53 |
| Redemptions | 	-117 974 590.04	 |
| Total net subscriptions (redemptions) | 17 695 396.49 |
| Dividend paid | -1 110 052.55 |
| Net income (loss) on investments | 1 429 940.88 |
| Total realized gain (loss) | -373 673.16 |
| Total changes in unrealized appreciation (depreciation) | 	504 085.89	 |
| Net increase (decrease) in net assets as a result of operations | 1 560 353.61 |
| Net assets at the end of the period | 96 753 912.54 |

| 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 | 187 893.8680 |
| Number of shares issued | 44 295.8430 |
| Number of shares redeemed | -144 157.1340 |
| Number of shares outstanding at the end of the period | 88 032.5770 |
| Class | F-UKdist |
| Number of shares outstanding at the beginning of the period | 443 695.7260 |
| Number of shares issued | 1 136 588.5960 |
| Number of shares redeemed | -850 929.6450 |
| Number of shares outstanding at the end of the period | 729 354.6770 |

| Annual Distribution 1 |  |
| --- | --- |
| Focused SICAV – High Grade Bond GBP | Ex-Date | Pay-Date | Currency | Amount per share |
| F-UKdist 1  See note 5 | 15.11.2019 | 20.11.2019 | GBP | 2.55 |

Focused SICAV – High Grade Bond GBP 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 GBP | 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 |  |  |  |
| GBP |  |  |  |
| GBP	AAREAL BANK AG-REG-S 1.50000% 18-16.06.22 | 1 300 000.00 | 1 319 156.28 | 1.36 |
| GBP	EUROPEAN INVESTMENT BANK 5.37500% 98-07.06.21 | 200 000.00 | 210 897.60 | 0.22 |
| GBP	INTERNATIONAL DEVELOPMENT ASSOC-REG-S 0.75000% 20-12.12.24 | 1 000 000.00 | 1 008 265.70 | 1.04 |
| GBP	INTL BK FOR RECONSTR & DEVT WORLD BANK 0.87500% 19-13.12.24 | 500 000.00 | 507 317.10 | 0.53 |
| Total GBP |  | 3 045 636.68 | 3.15 |
| Total Notes, fixed rate |  | 3 045 636.68 | 3.15 |
| Medium term notes, fixed rate |  |  |  |
| GBP |  |  |  |
| GBP	ASIAN DEVELOPMENT BANK 1.00000% 18-15.12.22 | 200 000.00 | 202 624.40 | 0.21 |
| GBP	BANK OF NOVA SCOTIA 0.75000% 16-14.09.21 | 500 000.00 | 500 240.00 | 0.52 |
| GBP	BANK OF SCOTLAND PLC 4.87500% 04-20.12.24 | 100 000.00 | 117 776.34 | 0.12 |
| GBP	BARCLAYS BANK UK PLC-REG-S 4.25000% 12-12.01.22 | 500 000.00 | 530 968.00 | 0.55 |
| GBP	BAYERISCHE LANDESBANK-REG-S 1.25000% 17-20.12.21 | 900 000.00 | 908 510.04 | 0.94 |
| GBP	BNG BANK NV-REG-S 1.00000% 18-17.06.22 | 500 000.00 | 504 861.00 | 0.52 |
| GBP	BNP PARIBAS 1.12500% 16-16.08.22 | 800 000.00 | 795 771.20 | 0.82 |
| GBP	COMMONWEALTH BANK OF AUSTRALIA-REG-S 1.12500% 17-22.12.21 | 800 000.00 | 806 513.60 | 0.83 |
| GBP	COUNCIL OF EUROPE DEVELOPMENT BK-REG-S 0.62500% 17-15.06.22 | 500 000.00 | 501 550.00 | 0.52 |
| GBP	DEXIA CREDIT LOCAL SA-REG-S 1.12500% 17-15.06.22 | 600 000.00 | 606 575.40 | 0.63 |
| GBP	DEXIA CREDIT LOCAL SA-REG-S 1.37500% 19-07.12.22 | 1 000 000.00 | 1 018 943.10 | 1.05 |
| GBP	DNB BANK ASA-REG-S 1.62500% 19-15.12.23 | 300 000.00 | 297 321.00 | 0.31 |
| GBP	EUROPEAN INVESTMENT BANK 2.50000% 12-31.10.22 | 500 000.00 | 525 639.00 | 0.54 |
| GBP	EUROPEAN INVESTMENT BANK-REG-S 1.12500% 16-07.09.21 | 500 000.00 | 504 967.00 | 0.52 |
| GBP	EUROPEAN INVESTMENT BANK-REG-S 0.87500% 17-15.12.23 | 300 000.00 | 304 459.21 | 0.31 |
| GBP	EXPORT DEVELOPMENT CANADA-REG-S 0.87500% 17-07.12.21 | 800 000.00 | 805 134.40 | 0.83 |
| GBP	FMS WERTMANAGEMENT-REG-S 0.87500% 16-14.05.21 | 300 000.00 | 301 566.00 | 0.31 |
| GBP	INTERNATIONAL FINANCE CORP 1.25000% 18-15.12.23 | 1 000 000.00 | 1 026 098.00 | 1.06 |
| GBP	INTL BK FOR RECONSTR & DEVT WORLD BANK 5.40000% 98-07.06.21 | 500 000.00 | 527 108.00 | 0.55 |
| GBP	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.00000% 18-19.12.22 | 200 000.00 | 202 836.00 | 0.21 |
| GBP	KOMMUNALBANKEN AS-REG-S 1.50000% 18-15.12.23 | 500 000.00 | 516 040.00 | 0.53 |
| GBP	KREDITANSTALT FUER WIEDERAUFBAU 5.00000% 04-10.09.24 | 500 000.00 | 595 300.00 | 0.62 |
| GBP	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.87500% 17-15.03.22 | 500 000.00 | 504 297.00 | 0.52 |
| GBP	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 1.25000% 18-29.12.23 | 500 000.00 | 513 837.00 | 0.53 |
| GBP	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 1.12500% 19-07.12.21 | 500 000.00 | 505 876.20 | 0.52 |
| GBP	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 1.37500% 19-09.12.24 | 500 000.00 | 518 911.00 | 0.54 |
| GBP	LANDESKREDITBANK B-WUERTT FOERDBK-REG-S 0.87500% 17-07.03.22 | 200 000.00 | 201 292.80 | 0.21 |
| GBP	LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 1.37500% 16-15.12.20 | 500 000.00 | 503 153.00 | 0.52 |
| GBP	LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 1.12500% 16-12.05.21 | 400 000.00 | 402 817.60 | 0.42 |
| GBP	METROPOLITAN LIFE GLOBAL FUNDING-REG-S 2.87500% 13-11.01.23 | 700 000.00 | 720 934.20 | 0.75 |
| GBP	METROPOLITAN LIFE GLOBAL FUNDING-REG-S 1.12500% 17-15.12.21 | 500 000.00 | 496 478.00 | 0.51 |
| GBP	NATIONAL AUSTRALIA BANK LTD 5.12500% 09-09.12.21 | 400 000.00 | 420 676.80 | 0.43 |
| GBP	NATIONAL AUSTRALIA BANK LTD-REG-S 1.12500% 16-10.11.21 | 500 000.00 | 503 112.00 | 0.52 |
| GBP	NETWORK RAIL MTN FINANCE PLC 4.62500% 05-21.07.20 | 1 500 000.00 | 1 513 809.00 | 1.56 |
| GBP	NORDEA BANK ABP-REG-S 2.37500% 15-02.06.22 | 500 000.00 | 506 864.00 | 0.52 |
| GBP	NORDIC INVESTMENT BANK-REG-S 1.12500% 18-15.12.23 | 500 000.00 | 510 441.00 | 0.53 |
| GBP	NORDIC INVESTMENT BANK-REG-S 1.12500% 19-16.03.22 | 1 000 000.00 | 1 012 080.00 | 1.05 |
| GBP	OESTERREICHISCHE KONTROLLBANK AG 1.12500% 18-15.12.22 | 500 000.00 | 507 981.00 | 0.54 |
| GBP	OESTERREICHISCHE KONTROLLBANK AG-REG-S 1.25000% 19-15.12.23 | 1 000 000.00 | 1 023 740.00 | 1.06 |
| GBP	OP CORPORATE BANK PLC-REG-S 2.50000% 15-20.05.22 | 300 000.00 | 306 850.80 | 0.32 |
| GBP	RABOBANK NEDERLAND NV 4.87500% 06-10.01.23 | 500 000.00 | 543 614.00 | 0.56 |
| GBP	RABOBANK NEDERLAND NV 4.62500% 11-13.01.21 | 200 000.00 | 204 828.00 | 0.21 |
| GBP	SANTANDER UK PLC-REG-S 5.12500% 11-14.04.21 | 500 000.00 | 521 113.00 | 0.54 |
| GBP	SKANDINAVISKA ENSKILDA BANKEN AB-REG-S 1.25000% 16-05.08.22 | 500 000.00 | 495 015.00 | 0.51 |
| GBP	SPAREBANKEN 1 BOLIGKREDITT-REG-S 1.75000% 18-18.12.23 | 600 000.00 | 619 237.20 | 0.64 |
| GBP	SVENSK EXPORTKREDIT AB-REG-S 1.37500% 19-15.12.23 | 500 000.00 | 514 113.00 | 0.53 |
| GBP	SVENSKA HANDELSBANKEN AB-REG-S 3.00000% 13-20.11.20 | 300 000.00 | 303 000.60 | 0.31 |
| GBP	SVENSKA HANDELSBANKEN AB-REG-S 1.62500% 19-15.12.23 | 400 000.00 | 400 080.00 | 0.41 |
| GBP	TOYOTA MOTOR CREDIT CORP 1.12500% 17-07.09.21 | 400 000.00 | 396 920.00 | 0.41 |
| GBP	WESTPAC BANKING CORP-REG-S 2.62500% 15-14.12.22 | 500 000.00 | 509 976.00 | 0.53 |
| GBP	WESTPAC BANKING CORP-REG-S 1.00000% 17-30.06.22 | 1 500 000.00 | 1 507 740.00 | 1.56 |
| Total GBP |  | 28 789 589.89 | 29.76 |
| Total Medium term notes, fixed rate |  | 28 789 589.89 | 29.76 |
| Bonds, fixed rate |  |  |  |
| GBP |  |  |  |
| GBP	ALBERTA, PROVINCE OF-REG-S 1.50000% 19-15.12.22 | 1 000 000.00 | 1 022 464.00 | 1.06 |
| GBP	CANADIAN IMPERIAL BANK OF COM/CAN-REG-S 1.12500% 17-30.06.22 | 500 000.00 | 504 864.00 | 0.52 |
| GBP	CPPIB CAPITAL INC-REG-S 0.87500% 20-17.12.24 | 500 000.00 | 504 103.75 | 0.52 |
| GBP	FMS WERTMANAGEMENT-REG-S 0.87500% 17-14.02.22 | 500 000.00 | 503 825.00 | 0.52 |
| GBP	FMS WERTMANAGEMENT-REG-S 1.00000% 18-07.09.22 | 500 000.00 | 505 736.00 | 0.52 |
| GBP	FMS WERTMANAGEMENT-REG-S 1.12500% 19-20.03.23 | 500 000.00 | 508 282.00 | 0.53 |
| GBP	INTER-AMERICAN DEVELOPMENT BANK 1.25000% 18-15.12.23 | 500 000.00 | 512 418.05 | 0.53 |
| GBP	INTL BANK FOR RECONSTRUCTION & DEVT 0.75000% 17-07.12.21 | 300 000.00 | 301 657.20 | 0.31 |
| GBP	LLOYDS BANK PLC-REG-S 1.75000% 15-31.03.22 | 1 500 000.00 | 1 530 009.00 | 1.58 |
| GBP	NATIONAL WESTMINSTER BANK PLC-REG-S 5.12500% 12-13.01.24 | 700 000.00 | 810 859.00 | 0.84 |
| GBP	NEW YORK LIFE GLOBAL FUNDING-REG-S 1.62500% 19-15.12.23 | 300 000.00 | 300 180.00 | 0.31 |
| GBP	NRW BANK-REG-S 1.37500% 18-15.12.23 | 400 000.00 | 411 032.00 | 0.42 |
| GBP	TORONTO DOMINION BANK-REG-S 1.00000% 17-13.12.21 | 500 000.00 | 501 642.00 | 0.52 |
| GBP	UNITED KINGDOM OF GREAT BRITAIN & N IRL 5.00000% 01-07.03.25 | 7 500 000.00 | 9 280 654.50 | 9.59 |
| GBP	UNITED KINGDOM OF GREAT BRITAIN & N IRL 4.00000% 09-07.03.22 | 8 950 000.00 | 9 611 136.50 | 9.93 |
| GBP	UNITED KINGDOM OF GREAT BRITAIN & N IRL 3.75000% 11-07.09.21 | 4 400 000.00 | 4 620 334.40 | 4.78 |
| GBP	UNITED KINGDOM OF GREAT BRITAIN-REG-S 1.75000% 12-07.09.22 | 1 050 000.00 | 1 092 705.60 | 1.13 |
| GBP	UNITED KINGDOM OF GREAT BRITAIN-REG-S 2.25000% 13-07.09.23 | 5 250 000.00 | 5 639 499.60 | 5.83 |

Focused SICAV – High Grade Bond GBP Semi-Annual Report as of 30 April 2020
|  | Description | Quantity/ | Valuation in GBP | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| GBP | UNITED KINGDOM OF GREAT BRITAIN-REG-S 0.50000% 16-22.07.22 | 5 950 000.00 | 6 016 563.85 | 6.22 |
| GBP | UNITED KINGDOM OF GREAT BRITAIN-REG-S 0.75000% 17-22.07.23 | 5 292 000.00 | 5 413 381.54 | 5.59 |
| GBP | UNITED KINGDOM OF GRT BRI & N IRL-REG-S 1.00000% 18-22.04.24 | 6 300 000.00 | 6 536 006.82 | 6.76 |
| GBP | UNITED KINGDOM OF GREAT BRITAIN-REG-S 2.75000% 14-07.09.24 | 6 450 000.00 | 7 201 938.42 | 7.44 |
| Total GBP |  |  | 63 329 293.23 | 65.45 |
| Total Bonds, fixed rate | 63 329 293.23 | 65.45 |
| Total Transferable securities and money market instruments listed on an official stock exchange | 95 164 519.80 | 98.36 |
| Total investments in securities | 95 164 519.80 | 98.36 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 1 167 815.42 | 1.21 |
| Other assets and liabilities | 421 577.32 | 0.43 |
| Total net assets | 96 753 912.54 | 100.00 |

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

Translation (ENDE, 2020-04-30):
# Focused SICAV – High Grade Bond GBP
| Wichtigste Daten |  |
| --- | --- |
| Datum | ISIN | 30.4.2020 | 31.10.2019 | 31.10.2018 |
| Nettovermögen in GBP |  | 96 753 912.54 | 78 608 214.99 | 128 031 832.43 |
| Klasse F-acc | LU0270448243 |  |  |  |
| Aktien im Umlauf |  | 88 032.5770 | 187 893.8680 | 215 599.1720 |
| Nettoinventarwert pro Aktie in GBP |  | 144.80 | 143.26 | 140.77 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 1 |  | 144.80 | 143.26 | 140.77 |
| Klasse F-UKdist | LU0526609556 |  |  |  |
| Aktien im Umlauf |  | 729 354.6770 | 443 695.7260 | 831 759.0790 |
| Nettoinventarwert pro Aktie in GBP |  | 115.18 | 116.50 | 117.44 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 1 |  | 115.18 | 116.50 | 117.44 |
| 1  Siehe Erläuterung 1 |  |  |  |  |


## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Grossbritannien	62.46
Deutschland	8.48
Vereinigte Staaten	5.14
Kanada	3.97
Australien	3.87
Frankreich	3.02
Finnland	1.89
Schweden	1.77
Luxemburg	1.60
Supranational	1.59
Österreich	1.58
Norwegen	1.48
Niederlande	1.30
Philippinen	0.21
Wirtschaftliche Aufteilung in % des Nettovermögens	
Länder- & Zentralregierungen	57.27
Banken & Kreditinstitute	23.96
Supranationale Organisationen	8.12
Finanz- & Beteiligungsgesellschaften	5.43
Öffentlich-rechtliche Körperschaften	1.88
Kantone, Bundesstaaten	1.06
Pfandbriefinstitute & Refinanzierungsgesellschaften	0.64
Total	98.36
Total	98.36
Focused SICAV – High Grade Bond GBP Halbjahresbericht per 30. April 2020

## Nettovermögensaufstellung
Aktiva	30.4.2020
GBP
Wertpapierbestand, Einstandswert	95 860 811.34
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	-696 291.54	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 95 164 519.80 |
| Bankguthaben, Sicht- und Fristgelder | 1 167 815.42 |
| Forderungen aus Zeichnungen | 237 636.76 |
| Zinsforderungen aus Wertpapieren | 540 476.50 |
| Sonstige Forderungen | 8 641.92 |
| Total Aktiva | 97 119 090.40 |
|  |  |
| Passiva |  |
| Verbindlichkeiten aus Rücknahmen | -355 130.05 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -5 547.34 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -797.42 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-3 703.05	 |
| Total Rückstellungen für Aufwendungen | -10 047.81 |
| Total Passiva | -365 177.86 |
|  |  |
| Nettovermögen am Ende der Berichtsperiode | 96 753 912.54 |
| Ertrags- und Aufwandsrechnung | GBP |
| Erträge | 1.11.2019-30.4.2020 |
| Zinsertrag auf liquide Mittel | 276.43 |
| Zinsen auf Wertpapiere | 1 359 200.79 |
| Erträge aus Securities Lending (Erläuterung 11) | 31 815.38 |
| Sonstige Erträge (Erläuterung 4) | 153 195.21 |
| Total Erträge | 1 544 487.81 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -91 747.48 |
| Abonnementsabgabe (Erläuterung 3) | -6 430.75 |
| Kosten aus Securities Lending (Erläuterung 11) | -12 726.15 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -3 642.55 |
| Total Aufwendungen | -114 546.93 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 1 429 940.88 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | -373 729.92 |
| Realisierter Währungsgewinn (-verlust) | 56.76 |
| Total der realisierten Gewinne (Verluste) | -373 673.16 |
|  |  |
| Realisierter Nettogewinn (-verlust) der Berichtsperiode | 1 056 267.72 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | 504 085.89 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 504 085.89 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 1 560 353.61 |

Focused SICAV – High Grade Bond GBP Halbjahresbericht per 30. April 2020
| Veränderungen des Nettovermögens |  |
| --- | --- |
|  | GBP |
|  | 1.11.2019-30.4.2020 |
| Nettovermögen zu Beginn der Berichtsperiode | 78 608 214.99 |
| Zeichnungen | 135 669 986.53 |
| Rücknahmen | 	-117 974 590.04	 |
| Total Mittelzufluss (-abfluss) | 17 695 396.49 |
| Ausbezahlte Dividende | -1 110 052.55 |
| Nettoerträge (-verluste) aus Anlagen | 1 429 940.88 |
| Total der realisierten Gewinne (Verluste) | -373 673.16 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	504 085.89	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 1 560 353.61 |
| Nettovermögen am Ende der Berichtsperiode | 96 753 912.54 |

| Entwicklung der Aktien im Umlauf |  |
| --- | --- |
|  | 1.11.2019-30.4.2020 |
| Klasse | F-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 187 893.8680 |
| Anzahl der ausgegebenen Aktien | 44 295.8430 |
| Anzahl der zurückgegebenen Aktien | -144 157.1340 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 88 032.5770 |
| Klasse | F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 443 695.7260 |
| Anzahl der ausgegebenen Aktien | 1 136 588.5960 |
| Anzahl der zurückgegebenen Aktien | -850 929.6450 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 729 354.6770 |

| Jährliche Ausschüttung 1 |  |
| --- | --- |
| Focused SICAV – High Grade Bond GBP | Ex-Date | Pay-Date | Währung | Betrag pro Aktie |
| F-UKdist 1  Siehe Erläuterung 5 | 15.11.2019 | 20.11.2019 | GBP | 2.55 |

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

## Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 30. April 2020
| Bezeichnung | Anzahl/ | Bewertung in GBP | 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 |  |  |  |
| GBP |  |  |  |
| GBP	AAREAL BANK AG-REG-S 1.50000% 18-16.06.22 | 1 300 000.00 | 1 319 156.28 | 1.36 |
| GBP	EUROPEAN INVESTMENT BANK 5.37500% 98-07.06.21 | 200 000.00 | 210 897.60 | 0.22 |
| GBP	INTERNATIONAL DEVELOPMENT ASSOC-REG-S 0.75000% 20-12.12.24 | 1 000 000.00 | 1 008 265.70 | 1.04 |
| GBP	INTL BK FOR RECONSTR & DEVT WORLD BANK 0.87500% 19-13.12.24 | 500 000.00 | 507 317.10 | 0.53 |
| Total GBP |  | 3 045 636.68 | 3.15 |
| Total Notes, fester Zins |  | 3 045 636.68 | 3.15 |
| Medium-Term Notes, fester Zins |  |  |  |
| GBP |  |  |  |
| GBP	ASIAN DEVELOPMENT BANK 1.00000% 18-15.12.22 | 200 000.00 | 202 624.40 | 0.21 |
| GBP	BANK OF NOVA SCOTIA 0.75000% 16-14.09.21 | 500 000.00 | 500 240.00 | 0.52 |
| GBP	BANK OF SCOTLAND PLC 4.87500% 04-20.12.24 | 100 000.00 | 117 776.34 | 0.12 |
| GBP	BARCLAYS BANK UK PLC-REG-S 4.25000% 12-12.01.22 | 500 000.00 | 530 968.00 | 0.55 |
| GBP	BAYERISCHE LANDESBANK-REG-S 1.25000% 17-20.12.21 | 900 000.00 | 908 510.04 | 0.94 |
| GBP	BNG BANK NV-REG-S 1.00000% 18-17.06.22 | 500 000.00 | 504 861.00 | 0.52 |
| GBP	BNP PARIBAS 1.12500% 16-16.08.22 | 800 000.00 | 795 771.20 | 0.82 |
| GBP	COMMONWEALTH BANK OF AUSTRALIA-REG-S 1.12500% 17-22.12.21 | 800 000.00 | 806 513.60 | 0.83 |
| GBP	COUNCIL OF EUROPE DEVELOPMENT BK-REG-S 0.62500% 17-15.06.22 | 500 000.00 | 501 550.00 | 0.52 |
| GBP	DEXIA CREDIT LOCAL SA-REG-S 1.12500% 17-15.06.22 | 600 000.00 | 606 575.40 | 0.63 |
| GBP	DEXIA CREDIT LOCAL SA-REG-S 1.37500% 19-07.12.22 | 1 000 000.00 | 1 018 943.10 | 1.05 |
| GBP	DNB BANK ASA-REG-S 1.62500% 19-15.12.23 | 300 000.00 | 297 321.00 | 0.31 |
| GBP	EUROPEAN INVESTMENT BANK 2.50000% 12-31.10.22 | 500 000.00 | 525 639.00 | 0.54 |
| GBP	EUROPEAN INVESTMENT BANK-REG-S 1.12500% 16-07.09.21 | 500 000.00 | 504 967.00 | 0.52 |
| GBP	EUROPEAN INVESTMENT BANK-REG-S 0.87500% 17-15.12.23 | 300 000.00 | 304 459.21 | 0.31 |
| GBP	EXPORT DEVELOPMENT CANADA-REG-S 0.87500% 17-07.12.21 | 800 000.00 | 805 134.40 | 0.83 |
| GBP	FMS WERTMANAGEMENT-REG-S 0.87500% 16-14.05.21 | 300 000.00 | 301 566.00 | 0.31 |
| GBP	INTERNATIONAL FINANCE CORP 1.25000% 18-15.12.23 | 1 000 000.00 | 1 026 098.00 | 1.06 |
| GBP	INTL BK FOR RECONSTR & DEVT WORLD BANK 5.40000% 98-07.06.21 | 500 000.00 | 527 108.00 | 0.55 |
| GBP	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.00000% 18-19.12.22 | 200 000.00 | 202 836.00 | 0.21 |
| GBP	KOMMUNALBANKEN AS-REG-S 1.50000% 18-15.12.23 | 500 000.00 | 516 040.00 | 0.53 |
| GBP	KREDITANSTALT FUER WIEDERAUFBAU 5.00000% 04-10.09.24 | 500 000.00 | 595 300.00 | 0.62 |
| GBP	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.87500% 17-15.03.22 | 500 000.00 | 504 297.00 | 0.52 |
| GBP	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 1.25000% 18-29.12.23 | 500 000.00 | 513 837.00 | 0.53 |
| GBP	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 1.12500% 19-07.12.21 | 500 000.00 | 505 876.20 | 0.52 |
| GBP	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 1.37500% 19-09.12.24 | 500 000.00 | 518 911.00 | 0.54 |
| GBP	LANDESKREDITBANK B-WUERTT FOERDBK-REG-S 0.87500% 17-07.03.22 | 200 000.00 | 201 292.80 | 0.21 |
| GBP	LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 1.37500% 16-15.12.20 | 500 000.00 | 503 153.00 | 0.52 |
| GBP	LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 1.12500% 16-12.05.21 | 400 000.00 | 402 817.60 | 0.42 |
| GBP	METROPOLITAN LIFE GLOBAL FUNDING-REG-S 2.87500% 13-11.01.23 | 700 000.00 | 720 934.20 | 0.75 |
| GBP	METROPOLITAN LIFE GLOBAL FUNDING-REG-S 1.12500% 17-15.12.21 | 500 000.00 | 496 478.00 | 0.51 |
| GBP	NATIONAL AUSTRALIA BANK LTD 5.12500% 09-09.12.21 | 400 000.00 | 420 676.80 | 0.43 |
| GBP	NATIONAL AUSTRALIA BANK LTD-REG-S 1.12500% 16-10.11.21 | 500 000.00 | 503 112.00 | 0.52 |
| GBP	NETWORK RAIL MTN FINANCE PLC 4.62500% 05-21.07.20 | 1 500 000.00 | 1 513 809.00 | 1.56 |
| GBP	NORDEA BANK ABP-REG-S 2.37500% 15-02.06.22 | 500 000.00 | 506 864.00 | 0.52 |
| GBP	NORDIC INVESTMENT BANK-REG-S 1.12500% 18-15.12.23 | 500 000.00 | 510 441.00 | 0.53 |
| GBP	NORDIC INVESTMENT BANK-REG-S 1.12500% 19-16.03.22 | 1 000 000.00 | 1 012 080.00 | 1.05 |
| GBP	OESTERREICHISCHE KONTROLLBANK AG 1.12500% 18-15.12.22 | 500 000.00 | 507 981.00 | 0.54 |
| GBP	OESTERREICHISCHE KONTROLLBANK AG-REG-S 1.25000% 19-15.12.23 | 1 000 000.00 | 1 023 740.00 | 1.06 |
| GBP	OP CORPORATE BANK PLC-REG-S 2.50000% 15-20.05.22 | 300 000.00 | 306 850.80 | 0.32 |
| GBP	RABOBANK NEDERLAND NV 4.87500% 06-10.01.23 | 500 000.00 | 543 614.00 | 0.56 |
| GBP	RABOBANK NEDERLAND NV 4.62500% 11-13.01.21 | 200 000.00 | 204 828.00 | 0.21 |
| GBP	SANTANDER UK PLC-REG-S 5.12500% 11-14.04.21 | 500 000.00 | 521 113.00 | 0.54 |
| GBP	SKANDINAVISKA ENSKILDA BANKEN AB-REG-S 1.25000% 16-05.08.22 | 500 000.00 | 495 015.00 | 0.51 |
| GBP	SPAREBANKEN 1 BOLIGKREDITT-REG-S 1.75000% 18-18.12.23 | 600 000.00 | 619 237.20 | 0.64 |
| GBP	SVENSK EXPORTKREDIT AB-REG-S 1.37500% 19-15.12.23 | 500 000.00 | 514 113.00 | 0.53 |
| GBP	SVENSKA HANDELSBANKEN AB-REG-S 3.00000% 13-20.11.20 | 300 000.00 | 303 000.60 | 0.31 |
| GBP	SVENSKA HANDELSBANKEN AB-REG-S 1.62500% 19-15.12.23 | 400 000.00 | 400 080.00 | 0.41 |
| GBP	TOYOTA MOTOR CREDIT CORP 1.12500% 17-07.09.21 | 400 000.00 | 396 920.00 | 0.41 |
| GBP	WESTPAC BANKING CORP-REG-S 2.62500% 15-14.12.22 | 500 000.00 | 509 976.00 | 0.53 |
| GBP	WESTPAC BANKING CORP-REG-S 1.00000% 17-30.06.22 | 1 500 000.00 | 1 507 740.00 | 1.56 |
| Total GBP |  | 28 789 589.89 | 29.76 |
| Total Medium-Term Notes, fester Zins |  | 28 789 589.89 | 29.76 |
| Anleihen, fester Zins |  |  |  |
| GBP |  |  |  |
| GBP	ALBERTA, PROVINCE OF-REG-S 1.50000% 19-15.12.22 | 1 000 000.00 | 1 022 464.00 | 1.06 |
| GBP	CANADIAN IMPERIAL BANK OF COM/CAN-REG-S 1.12500% 17-30.06.22 | 500 000.00 | 504 864.00 | 0.52 |
| GBP	CPPIB CAPITAL INC-REG-S 0.87500% 20-17.12.24 | 500 000.00 | 504 103.75 | 0.52 |
| GBP	FMS WERTMANAGEMENT-REG-S 0.87500% 17-14.02.22 | 500 000.00 | 503 825.00 | 0.52 |
| GBP	FMS WERTMANAGEMENT-REG-S 1.00000% 18-07.09.22 | 500 000.00 | 505 736.00 | 0.52 |
| GBP	FMS WERTMANAGEMENT-REG-S 1.12500% 19-20.03.23 | 500 000.00 | 508 282.00 | 0.53 |
| GBP	INTER-AMERICAN DEVELOPMENT BANK 1.25000% 18-15.12.23 | 500 000.00 | 512 418.05 | 0.53 |
| GBP	INTL BANK FOR RECONSTRUCTION & DEVT 0.75000% 17-07.12.21 | 300 000.00 | 301 657.20 | 0.31 |
| GBP	LLOYDS BANK PLC-REG-S 1.75000% 15-31.03.22 | 1 500 000.00 | 1 530 009.00 | 1.58 |
| GBP	NATIONAL WESTMINSTER BANK PLC-REG-S 5.12500% 12-13.01.24 | 700 000.00 | 810 859.00 | 0.84 |
| GBP	NEW YORK LIFE GLOBAL FUNDING-REG-S 1.62500% 19-15.12.23 | 300 000.00 | 300 180.00 | 0.31 |
| GBP	NRW BANK-REG-S 1.37500% 18-15.12.23 | 400 000.00 | 411 032.00 | 0.42 |
| GBP	TORONTO DOMINION BANK-REG-S 1.00000% 17-13.12.21 | 500 000.00 | 501 642.00 | 0.52 |
| GBP	UNITED KINGDOM OF GREAT BRITAIN & N IRL 5.00000% 01-07.03.25 | 7 500 000.00 | 9 280 654.50 | 9.59 |
| GBP	UNITED KINGDOM OF GREAT BRITAIN & N IRL 4.00000% 09-07.03.22 | 8 950 000.00 | 9 611 136.50 | 9.93 |
| GBP	UNITED KINGDOM OF GREAT BRITAIN & N IRL 3.75000% 11-07.09.21 | 4 400 000.00 | 4 620 334.40 | 4.78 |
| GBP	UNITED KINGDOM OF GREAT BRITAIN-REG-S 1.75000% 12-07.09.22 | 1 050 000.00 | 1 092 705.60 | 1.13 |
| GBP	UNITED KINGDOM OF GREAT BRITAIN-REG-S 2.25000% 13-07.09.23 | 5 250 000.00 | 5 639 499.60 | 5.83 |

Focused SICAV – High Grade Bond GBP Halbjahresbericht per 30. April 2020
|  | Bezeichnung | Anzahl/ | Bewertung in GBP | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| GBP | UNITED KINGDOM OF GREAT BRITAIN-REG-S 0.50000% 16-22.07.22 | 5 950 000.00 | 6 016 563.85 | 6.22 |
| GBP | UNITED KINGDOM OF GREAT BRITAIN-REG-S 0.75000% 17-22.07.23 | 5 292 000.00 | 5 413 381.54 | 5.59 |
| GBP | UNITED KINGDOM OF GRT BRI & N IRL-REG-S 1.00000% 18-22.04.24 | 6 300 000.00 | 6 536 006.82 | 6.76 |
| GBP | UNITED KINGDOM OF GREAT BRITAIN-REG-S 2.75000% 14-07.09.24 | 6 450 000.00 | 7 201 938.42 | 7.44 |
| Total GBP |  |  | 63 329 293.23 | 65.45 |
| Total Anleihen, fester Zins | 63 329 293.23 | 65.45 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 95 164 519.80 | 98.36 |
| Total des Wertpapierbestandes | 95 164 519.80 | 98.36 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 1 167 815.42 | 1.21 |
| Andere Aktiva und Passiva | 421 577.32 | 0.43 |
| Total des Nettovermögens | 96 753 912.54 | 100.00 |

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