# Focused SICAV – High Grade Long Term Bond EUR
| Most important figures |  |
| --- | --- |
| Date | ISIN | 30.4.2020 | 31.10.2019 | 31.10.2018 |
| Net assets in EUR |  | 2 075 868 007.76 | 466 741 409.75 | 175 502 351.49 |
| Class F-acc | LU0270448839 |  |  |  |
| Shares outstanding |  | 5 756 825.1890 | 2 035 055.8250 | 1 033 558.0910 |
| Net asset value per share in EUR |  | 175.25 | 175.32 | 165.49 |
| Issue and redemption price per share in EUR 1 |  | 175.25 | 175.32 | 165.49 |
| Class (CHF hedged) F-acc 2 | LU1272229672 |  |  |  |
| Shares outstanding |  | 5 493 534.4390 | 510 652.0000 | - |
| Net asset value per share in CHF |  | 100.15 | 100.41 | - |
| Issue and redemption price per share in CHF 1 |  | 100.15 | 100.41 | - |
| Class (USD hedged) F-acc 2 | LU1272229839 |  |  |  |
| Shares outstanding |  | 5 791 430.1240 | 654 117.0000 | - |
| Net asset value per share in USD |  | 102.48 | 101.23 | - |
| Issue and redemption price per share in USD 1 |  | 102.48 | 101.23 | - |
| Class F-UKdist | LU0526609630 |  |  |  |
| Shares outstanding |  | 30 691.8660 | 25 967.7550 | 30 036.7550 |
| Net asset value per share in EUR |  | 153.67 | 155.24 | 148.49 |
| Issue and redemption price per share in EUR 1 |  | 153.67 | 155.24 | 148.49 |
| 1  See note 1 2  First NAV: 17.7.2019 |  |  |  |  |


## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
France	37.37
Germany	24.87
The Netherlands	7.92
Belgium	5.66
Luxembourg	5.12
Austria	4.39
United States	2.75
Finland	2.42
Canada	1.96
Norway	1.92
Supranationals	1.27
Australia	0.84
United Kingdom	0.69
Sweden	0.55
Denmark	0.33
Japan	0.27
Philippines	0.27
Singapore	0.18
Ivory Coast	0.17
Italy	0.11
United Arab Emirates	0.08
New Zealand	0.03
Spain	0.03
Economic Breakdown as a % of net assets	
Countries & central governments	59.77
Banks & credit institutions	21.37
Supranational organisations	7.89
Cantons, federal states	3.05
Finance & holding companies	2.71
Mortgage & funding institutions	1.24
Public, non-profit institutions	1.16
Miscellaneous consumer goods	0.39
Traffic & transportation	0.38
Insurance	0.36
Petroleum	0.26
Retail trade, department stores	0.26
Computer hardware & network equipment providers	0.13
Telecommunications	0.08
Pharmaceuticals, cosmetics & medical products	0.05
Energy & water supply	0.05
Cities & municipal authorities	0.03
Internet, software & IT services	0.02
Total	99.20
Total	99.20
Focused SICAV – High Grade Long Term Bond EUR Semi-Annual Report as of 30 April 2020

## Statement of Net Assets
Assets	30.4.2020
EUR
Investments in securities, cost	2 084 129 106.19
| Investments in securities, unrealized appreciation (depreciation) | 	-24 877 730.02	 |
| --- | --- |
| Total investments in securities (Note 1) | 2 059 251 376.17 |
| Cash at banks, deposits on demand and deposit accounts | 12 851 516.49 |
| Receivable on securities sales (Note 1) | 4 590 906.45 |
| Receivable on subscriptions | 7 276 204.04 |
| Interest receivable on securities | 8 780 167.61 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | 2 328 497.55 |
| Total Assets | 2 095 078 668.31 |
|  |  |
| Liabilities |  |
| Payable on securities purchases (Note 1) | -13 123 306.76 |
| Payable on redemptions | -5 942 360.49 |
| Provisions for flat fee (Note 2) | -122 125.26 |
| Provisions for taxe d’abonnement (Note 3) | -22 679.80 |
| Provisions for other commissions and fees (Note 2) | 	-188.24	 |
| Total provisions | -144 993.30 |
| Total Liabilities | -19 210 660.55 |
|  |  |
| Net assets at the end of the period | 2 075 868 007.76 |
| Statement of Operations | EUR |
| Income | 1.11.2019-30.4.2020 |
| Interest on liquid assets | 524.77 |
| Interest on securities | 5 060 903.73 |
| Income on securities lending (Note 11) | 230 486.58 |
| Other income (Note 4) | 2 657 560.73 |
| Total income | 7 949 475.81 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -787 476.38 |
| Taxe d’abonnement (Note 3) | -80 334.76 |
| Cost on securities lending (Note 11) | -92 194.63 |
| Other commissions and fees (Note 2) | -24 891.34 |
| Interest on cash and bank overdraft | -27 729.94 |
| Total expenses | -1 012 627.05 |
|  |  |
| Net income (loss) on investments | 6 936 848.76 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -2 354 908.33 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | -194 844.10 |
| Realized gain (loss) on financial futures | 6 162.00 |
| Realized gain (loss) on forward foreign exchange contracts | 181 412.84 |
| Realized gain (loss) on foreign exchange | 7 157 192.21 |
| Total realized gain (loss) | 4 795 014.62 |
|  |  |
| Net realized gain (loss) of the period | 11 731 863.38 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -20 964 935.51 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | -176 826.54 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 14 086 079.22 |
| Total changes in unrealized appreciation (depreciation) | -7 055 682.83 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 4 676 180.55 |

Focused SICAV – High Grade Long Term 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 |  | 466 741 409.75 |
| Subscriptions |  | 2 050 531 317.28 |
| Redemptions |  | 	-446 042 277.41	 |
| Total net subscriptions (redemptions) |  | 1 604 489 039.87 |
| Dividend paid |  | -38 622.41 |
| Net income (loss) on investments |  | 6 936 848.76 |
| Total realized gain (loss) |  | 4 795 014.62 |
| Total changes in unrealized appreciation (depreciation) |  | 	-7 055 682.83	 |
| Net increase (decrease) in net assets as a result of operations |  | 4 676 180.55 |
| Net assets at the end of the period |  | 2 075 868 007.76 |
| Changes in the Number of Shares outstanding |  |  |
|  |  | 1.11.2019-30.4.2020 |
| Class |  | F-acc |
| Number of shares outstanding at the beginning of the period |  | 2 035 055.8250 |
| Number of shares issued |  | 5 723 272.2240 |
| Number of shares redeemed |  | -2 001 502.8600 |
| Number of shares outstanding at the end of the period |  | 5 756 825.1890 |
| Class |  | (CHF hedged) F-acc |
| Number of shares outstanding at the beginning of the period |  | 510 652.0000 |
| Number of shares issued |  | 5 268 478.9770 |
| Number of shares redeemed |  | -285 596.5380 |
| Number of shares outstanding at the end of the period |  | 5 493 534.4390 |
| Class |  | (USD hedged) F-acc |
| Number of shares outstanding at the beginning of the period |  | 654 117.0000 |
| Number of shares issued |  | 5 811 115.9740 |
| Number of shares redeemed |  | -673 802.8500 |
| Number of shares outstanding at the end of the period |  | 5 791 430.1240 |
| Class |  | F-UKdist |
| Number of shares outstanding at the beginning of the period |  | 25 967.7550 |
| Number of shares issued |  | 36 168.0550 |
| Number of shares redeemed |  | -31 443.9440 |
| Number of shares outstanding at the end of the period |  | 30 691.8660 |
| Annual Distribution 1 |  |  |
| Focused SICAV – High Grade Long Term Bond EUR	Ex-Date | Pay-Date | Currency	Amount per share |
| F-UKdist	15.11.2019 | 20.11.2019 | EUR	1.51 |
| 1  See note 5 |  |  |

Focused SICAV – High Grade Long Term 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	ASIAN DEVELOPMENT BANK 0.02500% 20-31.01.30 | 5 000 000.00 | 5 027 800.00 | 0.24 |
| EUR	BPIFRANCE FINANCEMENT SA-REG-S 0.05000% 19-26.09.29 | 1 000 000.00 | 992 120.00 | 0.05 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 0.75000% 18-28.06.28 | 8 000 000.00 | 8 648 864.00 | 0.42 |
| EUR	NEDERLANDSE WATERSCHAPSBANK NV-REG-S 0.05000% 20-28.01.30 | 2 000 000.00 | 2 021 316.00 | 0.10 |
| EUR	NIEDERSACHSEN, STATE OF 0.12500% 20-10.01.30 | 1 500 000.00 | 1 522 179.00 | 0.07 |
| EUR	PROCTER & GAMBLE CO 1.20000% 18-30.10.28 | 500 000.00 | 541 682.00 | 0.03 |
| EUR	RABOBANK NEDERLAND NV-REG-S 0.87500% 19-01.02.29 | 1 600 000.00 | 1 712 880.00 | 0.08 |
| Total EUR |  | 20 466 841.00 | 0.99 |
| Total Notes, fixed rate |  | 20 466 841.00 | 0.99 |
| Notes, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	BUNDESLAENDER BUNDESREPUBLI DEUT-REG-S 0.00000% 20-19.02.27 | 5 000 000.00 | 5 041 160.00 | 0.24 |
| Total EUR |  | 5 041 160.00 | 0.24 |
| Total Notes, zero coupon |  | 5 041 160.00 | 0.24 |
| Medium term notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	AFRICAN DEVELOPMENT BANK 0.12500% 16-07.10.26 | 1 000 000.00 | 1 016 300.00 | 0.05 |
| EUR	AFRICAN DEVELOPMENT BANK 0.87500% 18-24.05.28 | 350 000.00 | 376 993.09 | 0.02 |
| EUR	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 0.25000% 16-21.07.26 | 9 100 000.00 | 9 272 517.80 | 0.45 |
| EUR	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 1.00000% 18-31.01.28 | 2 200 000.00 | 2 356 486.00 | 0.11 |
| EUR	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 0.50000% 18-31.10.25 | 800 000.00 | 825 081.60 | 0.04 |
| EUR	AGENCE FRANCE LOCALE-REG-S 0.12500% 19-20.06.26 | 1 500 000.00 | 1 513 363.05 | 0.07 |
| EUR	ALLIANDER NV-REG-S 0.87500% 16-22.04.26 | 1 000 000.00 | 1 039 950.00 | 0.05 |
| EUR	ALLIANZ FINANCE II BV-REG-S 0.87500% 19-15.01.26 | 7 200 000.00 | 7 517 520.00 | 0.36 |
| EUR	ANZ NEW ZEALAND INT'L LTD/LDN-REG-S 0.37500% 19-17.09.29 | 2 000 000.00 | 1 894 784.00 | 0.09 |
| EUR	ASIAN DEVELOPMENT BANK 0.35000% 18-16.07.25 | 500 000.00 | 516 702.00 | 0.02 |
| EUR	AUCKLAND COUNCIL-REG-S 1.00000% 17-19.01.27 | 600 000.00 | 632 944.80 | 0.03 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.75000% 18-20.02.28 | 13 500 000.00 | 14 562 153.00 | 0.70 |
| EUR	AUTOBAHNEN- & SCHNELLSTRASSENFINANZ AG 3.37500% 10-22.09.25 | 597 000.00 | 714 655.57 | 0.03 |
| EUR	AXA BANK EUROPE SCF-REG-S 0.75000% 19-06.03.29 | 3 600 000.00 | 3 826 720.80 | 0.18 |
| EUR	AXA BANK EUROPE SCF-REG-S 0.01000% 20-22.01.27 | 500 000.00 | 501 610.00 | 0.02 |
| EUR	BAYERISCHE LANDESBANK-REG-S 0.75000% 19-05.02.29 | 1 500 000.00 | 1 607 080.65 | 0.08 |
| EUR	BERLIN, STATE OF-REG-S 0.10000% 19-18.01.30 | 4 000 000.00 | 4 039 274.40 | 0.19 |
| EUR	BNG BANK NV-REG-S 0.62500% 17-19.06.27 | 1 000 000.00 | 1 054 048.00 | 0.05 |
| EUR	BNG BANK NV-REG-S 0.75000% 18-11.01.28 | 5 000 000.00 | 5 325 060.00 | 0.26 |
| EUR	BNG BANK NV-REG-S 0.50000% 18-16.04.25 | 1 000 000.00 | 1 033 636.00 | 0.05 |
| EUR	BNG BANK NV-REG-S 0.75000% 19-24.01.29 | 3 000 000.00 | 3 210 960.00 | 0.15 |
| EUR	BNG BANK NV-REG-S 0.12500% 19-11.04.26 | 6 000 000.00 | 6 105 480.00 | 0.29 |
| EUR	BNG BANK NV-REG-S 1.00000% 16-12.01.26 | 1 643 000.00 | 1 752 522.38 | 0.08 |
| EUR	BNP PARIBAS FORTIS SA-REG-S 0.62500% 18-04.10.25 | 1 000 000.00 | 1 036 431.10 | 0.05 |
| EUR	BNP PARIBAS-REG-S 1.50000% 16-25.05.28 | 2 000 000.00 | 2 177 580.00 | 0.10 |
| EUR	BPCE SFH SA-REG-S 0.87500% 17-13.04.28 | 1 000 000.00 | 1 067 598.00 | 0.05 |
| EUR	BPCE SFH SA-REG-S 0.75000% 18-02.09.25 | 1 000 000.00 | 1 042 476.00 | 0.05 |
| EUR	BPCE SFH SA-REG-S 0.01000% 19-08.11.26 | 7 500 000.00 | 7 512 390.00 | 0.36 |
| EUR	BPIFRANCE FINANCEMENT SA-REG-S 0.50000% 15-25.05.25 | 4 000 000.00 | 4 131 224.00 | 0.20 |
| EUR	BRITISH COLUMBIA, PROVINCE OF-REG-S 0.87500% 15-08.10.25 | 1 000 000.00 | 1 051 888.00 | 0.05 |
| EUR	BUNDESLAENDER BUNDESREPUBLI DEUT-REG-S 0.50000% 15-05.02.25 | 1 662 000.00 | 1 718 348.78 | 0.08 |
| EUR	BUNDESLAENDER BUNDESREPUBLI DEUT-REG-S 0.10000% 16-07.10.26 | 1 000 000.00 | 1 016 636.00 | 0.05 |
| EUR	CAISSE DES DEPOTS ET CONSIGNATION-REG-S 0.75000% 18-18.09.28 | 1 000 000.00 | 1 063 240.00 | 0.05 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 3.00000% 13-02.10.28 | 700 000.00 | 875 988.40 | 0.04 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 0.75000% 17-11.01.27 | 5 000 000.00 | 5 269 990.00 | 0.25 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 0.50000% 19-19.02.27 | 1 000 000.00 | 1 035 462.00 | 0.05 |
| EUR	CAISSE FRANCAISE DE FINANCE LOCAL-REG-S 0.10000% 19-13.11.29 | 5 000 000.00 | 5 011 120.00 | 0.24 |
| EUR	CANADIAN IMPERIAL BK OF COM-REG-S 0.04000% 19-09.07.27 | 1 000 000.00 | 991 153.22 | 0.05 |
| EUR	COMMERZBANK AG 0.12500% 16-15.12.26 | 3 000 000.00 | 3 053 232.00 | 0.15 |
| EUR	COMMERZBANK AG-REG-S 0.87500% 15-08.09.25 | 500 000.00 | 529 079.00 | 0.03 |
| EUR	COMMERZBANK AG-REG-S 0.87500% 18-18.04.28 | 5 000 000.00 | 5 388 590.00 | 0.26 |
| EUR	COMMONWEALTH BANK OF AUSTRALIA-REG-S 0.50000% 16-27.07.26 | 1 255 000.00 | 1 276 412.81 | 0.06 |
| EUR	COMMONWEALTH BK OF AUSTRALIA-REG-S 0.87500% 19-19.02.29 | 6 000 000.00 | 6 301 248.00 | 0.30 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER 4.00000% 10-24.10.25 | 1 500 000.00 | 1 833 750.00 | 0.09 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 1.12500% 15-24.06.25 | 1 000 000.00 | 1 063 724.00 | 0.05 |
| EUR	COUNCIL OF EUROPE DEVELOPMENT BK-REG-S 0.37500% 16-08.06.26 | 2 000 000.00 | 2 078 020.00 | 0.10 |
| EUR	CPPIB CAPITAL INC-REG-S 0.87500% 19-06.02.29 | 6 500 000.00 | 6 893 575.00 | 0.33 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA-REG-S 0.75000% 17-05.05.27 | 500 000.00 | 527 045.00 | 0.03 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA 0.50000% 18-19.02.26 | 4 500 000.00 | 4 642 866.00 | 0.22 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA 1.00000% 19-16.01.29 | 1 500 000.00 | 1 622 127.00 | 0.08 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA-REG-S 0.05000% 19-06.12.29 | 11 000 000.00 | 10 939 368.00 | 0.53 |
| EUR	CREDIT AGRICOLE PLC SECTOR SCF SA-REG-S 0.50000% 18-10.10.25 | 1 000 000.00 | 1 031 894.00 | 0.05 |
| EUR	CREDIT AGRICOLE PUBLIC SECTOR SC-REG-S 0.25000% 16-31.10.26 | 2 000 000.00 | 2 033 988.00 | 0.10 |
| EUR	CREDIT AGRICOLE PUBLIC SECTOR SCFSA 0.62500% 19-29.03.29 | 1 000 000.00 | 1 046 930.00 | 0.05 |
| EUR	DEUTSCHE BAHN FINANCE BV-REG-S 1.25000% 15-23.10.25 | 1 000 000.00 | 1 062 178.00 | 0.05 |
| EUR	DEUTSCHE BAHN FINANCE GMBH-REG-S 1.12500% 19-18.12.28 | 5 000 000.00 | 5 364 038.50 | 0.26 |
| EUR	DEUTSCHE PFANDBRIEFBANK AG 0.62500% 18-30.08.27 | 1 500 000.00 | 1 582 140.00 | 0.08 |
| EUR	DEXIA CREDIT LOCAL DE FRANCE-REG-S 1.25000% 15-27.10.25 | 1 000 000.00 | 1 073 020.00 | 0.05 |
| EUR	DEXIA CREDIT LOCAL DE FRANCE-REG-S 1.00000% 17-18.10.27 | 5 500 000.00 | 5 902 248.00 | 0.28 |
| EUR	DEXIA CREDIT LOCAL SA-REG-S 0.50000% 18-17.01.25 | 1 000 000.00 | 1 028 536.00 | 0.05 |
| EUR	DNB BOLIGKREDITT AS-REG-S 0.25000% 16-07.09.26 | 5 000 000.00 | 5 077 490.00 | 0.24 |
| EUR	DNB BOLIGKREDITT AS-REG-S 0.62500% 18-19.06.25 | 1 000 000.00 | 1 037 028.00 | 0.05 |
| EUR	DZ HYP AG-REG-S 0.87500% 19-30.01.29 | 500 000.00 | 541 299.00 | 0.03 |
| EUR	EQUINOR ASA-REG-S 1.25000% 15-17.02.27 | 3 000 000.00 | 3 078 122.10 | 0.15 |
| EUR	EQUINOR ASA-REG-S 2.87500% 13-10.09.25 | 1 000 000.00 | 1 114 150.00 | 0.05 |
| EUR	ERSTE GROUP BANK AG-REG-S 0.10000% 20-15.01.30 | 3 000 000.00 | 3 015 774.00 | 0.15 |

Focused SICAV – High Grade Long Term 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 | EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.40000% 18-17.02.25 | 1 225 000.00 | 1 268 384.60 | 0.06 |
| EUR | EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.20000% 15-28.04.25 | 6 500 000.00 | 6 671 886.01 | 0.32 |
| EUR | EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.40000% 16-31.05.26 | 12 000 000.00 | 12 515 784.00 | 0.60 |
| EUR | EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.50000% 17-11.07.25 | 3 000 000.00 | 3 129 024.00 | 0.15 |
| EUR | EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.87500% 17-26.07.27 | 10 000 000.00 | 10 806 120.00 | 0.52 |
| EUR | EUROPEAN INVESTMENT BANK-REG-S 1.25000% 14-13.11.26 | 2 000 000.00 | 2 209 240.00 | 0.11 |
| EUR | EUROPEAN INVESTMENT BANK 0.50000% 17-15.01.27 | 1 176 000.00 | 1 240 609.44 | 0.06 |
| EUR | EUROPEAN INVESTMENT BANK-REG-S 0.87500% 18-14.01.28 | 20 750 000.00 | 22 610 735.50 | 1.09 |
| EUR | EUROPEAN INVESTMENT BANK 0.37500% 18-16.07.25 | 1 000 000.00 | 1 038 792.00 | 0.05 |
| EUR | EUROPEAN INVESTMENT BANK 0.10000% 19-15.10.26 | 2 500 000.00 | 2 569 750.00 | 0.12 |
| EUR | EUROPEAN STABILITY MECHANISM-REG-S 1.00000% 15-23.09.25 | 2 376 354.00 | 2 549 718.53 | 0.12 |
| EUR | EUROPEAN STABILITY MECHANISM-REG-S 0.50000% 16-02.03.26 | 10 000 000.00 | 10 491 760.00 | 0.51 |
| EUR | EUROPEAN STABILITY MECHANISM-REG-S 0.75000% 17-15.03.27 | 12 000 000.00 | 12 833 136.00 | 0.62 |
| EUR | EUROPEAN STABILITY MECHANISM-REG-S 0.50000% 19-05.03.29 | 1 000 000.00 | 1 058 544.00 | 0.05 |
| EUR | EUROPEAN UNION 2.87500% 12-04.04.28 | 1 050 000.00 | 1 308 631.80 | 0.06 |
| EUR | EUROPEAN UNION-REG-S 1.37500% 14-04.10.29 | 1 000 000.00 | 1 141 560.00 | 0.06 |
| EUR | EXPORT DEVELOPMENT CANADA-REG-S 0.25000% 19-07.03.26 | 5 000 000.00 | 5 119 700.00 | 0.25 |
| EUR | FINNVERA OYJ-REG-S 0.50000% 16-13.04.26 | 1 000 000.00 | 1 044 682.00 | 0.05 |
| EUR | HAMBURG, FREIE HANSESTADT 0.50000% 16-27.04.26 | 2 000 000.00 | 2 078 612.00 | 0.10 |
| EUR | HSBC FRANCE SA-REG-S 0.10000% 19-03.09.27 | 2 000 000.00 | 1 922 600.00 | 0.09 |
| EUR | ING BANK NV-REG-S 0.87500% 18-11.04.28 | 5 000 000.00 | 5 349 620.00 | 0.26 |
| EUR | ING BANK NV-REG-S 0.75000% 19-18.02.29 | 3 000 000.00 | 3 180 690.00 | 0.15 |
| EUR | INTL BK FOR RECONSTR & DEVT WORLD BANK 0.01000% 20-24.04.28 | 4 500 000.00 | 4 530 420.00 | 0.22 |
| EUR | KOMMUNALBANKEN AS-REG-S 0.62500% 16-20.04.26 | 10 000 000.00 | 10 448 660.00 | 0.50 |
| EUR | KOMMUNALBANKEN AS-REG-S 0.87500% 17-24.05.27 | 1 000 000.00 | 1 072 150.00 | 0.05 |
| EUR | KOMMUNEKREDIT-REG-S 0.62500% 16-11.05.26 | 2 500 000.00 | 2 622 925.00 | 0.13 |
| EUR | KOMMUNEKREDIT-REG-S 0.50000% 18-24.01.25 | 1 030 000.00 | 1 065 895.50 | 0.05 |
| EUR | KOMMUNEKREDIT-REG-S 0.75000% 18-05.07.28 | 1 500 000.00 | 1 603 350.00 | 0.08 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU 0.62500% 17-22.02.27 | 2 000 000.00 | 2 126 864.00 | 0.10 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.75000% 19-15.01.29 | 13 000 000.00 | 14 101 464.00 | 0.68 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.50000% 18-28.09.26 | 5 000 000.00 | 5 267 725.00 | 0.25 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.01000% 19-05.05.27 | 10 000 000.00 | 10 207 320.00 | 0.49 |
| EUR | LANDESBANK BADEN-WUERTTEMBERG-REG-S 0.87500% 15-15.09.25 | 500 000.00 | 529 177.00 | 0.03 |
| EUR | LANDESBANK BADEN-WUERTTEMBERG-REG-S 0.01000% 20-16.07.27 | 7 500 000.00 | 7 573 560.00 | 0.36 |
| EUR | LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.62500% 17-12.01.27 | 7 600 000.00 | 8 002 724.00 | 0.39 |
| EUR | LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.87500% 18-20.03.28 | 1 000 000.00 | 1 078 756.50 | 0.05 |
| EUR | LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.12500% 20-22.01.30 | 3 000 000.00 | 3 044 142.00 | 0.15 |
| EUR | LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 0.62500% 17-18.05.27 | 500 000.00 | 529 175.00 | 0.03 |
| EUR | LANSFORSAKRINGAR HYPOTEK AB-REG-S 0.62500% 18-27.03.25 | 579 000.00 | 599 640.19 | 0.03 |
| EUR | LLOYDS BANK PLC-REG-S 0.62500% 18-26.03.25 | 1 000 000.00 | 1 029 888.00 | 0.05 |
| EUR | MEDIOBANCA - BANCA DI CREDITO FIN-REG-S 0.50000% 19-01.10.26 | 500 000.00 | 507 494.00 | 0.02 |
| EUR | MUENCHENER HYPOTHEKENBANK EG-REG-S 0.50000% 15-14.03.25 | 1 000 000.00 | 1 035 440.00 | 0.05 |
| EUR | MUNICIPALITY FINANCE PLC-REG-S 0.62500% 17-26.11.26 | 2 000 000.00 | 2 104 560.00 | 0.10 |
| EUR | MUNICIPALITY FINANCE PLC-REG-S 0.05000% 19-06.09.29 | 1 000 000.00 | 1 010 266.00 | 0.05 |
| EUR | NATIONAL AUSTRALIA BANK LTD-REG-S 0.87500% 15-19.02.27 | 913 000.00 | 955 029.04 | 0.05 |
| EUR | NATIONAL AUSTRALIA BANK-REG-S 1.25000% 16-18.05.26 | 620 000.00 | 645 965.60 | 0.03 |
| EUR | NATIONAL AUSTRALIA BANK LTD-REG-S 0.75000% 19-30.01.26 | 1 000 000.00 | 1 032 424.00 | 0.05 |
| EUR | NATIONWIDE BUILDING SOCIETY-REG-S 2.25000% 14-25.06.29 | 1 000 000.00 | 1 186 912.00 | 0.06 |
| EUR | NATIONWIDE BUILDING SOCIETY-REG-S 1.12500% 18-31.05.28 | 700 000.00 | 753 302.20 | 0.04 |
| EUR | NEDERLANDSE WATERSCHAPSBANK NV-REG-S 0.62500% 17-18.01.27 | 5 000 000.00 | 5 265 600.00 | 0.25 |
| EUR | NEDERLANDSE WATERSCHAPSBK NV-REG-S 0.62500% 19-06.02.29 | 1 000 000.00 | 1 061 770.00 | 0.05 |
| EUR | NESTLE HOLDINGS INC-REG-S 0.87500% 17-18.07.25 | 2 500 000.00 | 2 617 757.00 | 0.13 |
| EUR | NIEDERSACHSEN, STATE OF-REG-S 0.62500% 17-06.07.27 | 1 000 000.00 | 1 053 614.00 | 0.05 |
| EUR | NORDEA BANK ABP-REG-S 1.12500% 15-12.02.25 | 2 000 000.00 | 2 070 344.00 | 0.10 |
| EUR | NORDEA BANK ABP-REG-S 1.12500% 17-27.09.27 | 217 000.00 | 226 281.09 | 0.01 |
| EUR | NORDEA MORTGAGE BANK PLC-REG-S 0.62500% 15-17.03.27 | 750 000.00 | 787 908.00 | 0.04 |
| EUR | NORDEA MORTGAGE BANK PLC-REG-S 0.25000% 19-18.03.26 | 2 500 000.00 | 2 557 240.00 | 0.12 |
| EUR | NORDEA MORTGAGE BANK PLC-REG-S 0.12500% 19-18.06.27 | 2 000 000.00 | 2 029 464.00 | 0.10 |
| EUR | NORDRHEIN-WESTFALEN, STATE OF-REG-S 0.50000% 17-16.02.27 | 1 750 000.00 | 1 824 025.00 | 0.09 |
| EUR | NORDRHEIN-WESTFALEN, STATE OF-REG-S 0.90000% 18-15.11.28 | 1 000 000.00 | 1 081 448.00 | 0.05 |
| EUR | NORDRHEIN-WESTFALEN, STATE OF-REG-S 0.25000% 19-13.03.26 | 1 000 000.00 | 1 024 196.00 | 0.05 |
| EUR | NRW BANK-REG-S 0.37500% 19-16.05.29 | 1 000 000.00 | 1 036 850.00 | 0.05 |
| EUR | ONTARIO, PROVINCE OF-REG-S 0.62500% 18-17.04.25 | 1 000 000.00 | 1 028 356.00 | 0.05 |
| EUR | OP CORPORATE BANK PLC-REG-S 1.00000% 18-22.05.25 | 750 000.00 | 771 751.20 | 0.04 |
| EUR | OP MORTGAGE BANK-REG-S 1.00000% 14-28.11.24 | 342 000.00 | 360 827.88 | 0.02 |
| EUR | OVERSEA-CHINESE BANKING CORP-REG-S 0.62500% 18-18.04.25 | 2 500 000.00 | 2 574 885.00 | 0.12 |
| EUR | RABOBANK NEDERLAND NV-REG-S 1.37500% 15-03.02.27 | 1 000 000.00 | 1 070 648.00 | 0.05 |
| EUR | RABOBANK NEDERLAND NV-REG-S 1.25000% 16-23.03.26 | 3 250 000.00 | 3 429 406.50 | 0.17 |
| EUR | RABOBANK NEDERLAND NV-REG-S 0.62500% 18-26.04.26 | 3 500 000.00 | 3 652 985.00 | 0.18 |
| EUR | REGIE AUTONOME DES TRANSPORTS PA-REG-S 0.35000% 19-20.06.29 | 2 000 000.00 | 2 024 564.00 | 0.10 |
| EUR | REGION OF ILE DE FRANCE-REG-S 2.37500% 14-24.04.26 | 1 100 000.00 | 1 261 031.20 | 0.06 |
| EUR | ROCHE FINANCE EUROPE BV-REG-S 0.87500% 15-25.02.25 | 500 000.00 | 520 010.00 | 0.03 |
| EUR | ROYAL BANK OF CANADA-REG-S 0.62500% 18-10.09.25 | 750 000.00 | 772 038.00 | 0.04 |
| EUR | ROYAL BANK OF CANADA-REG-S 0.01000% 20-21.01.27 | 5 000 000.00 | 4 966 540.00 | 0.24 |
| EUR | SACHSEN-ANHALT, STATE OF-REG-S 0.12500% 19-21.06.29 | 1 500 000.00 | 1 522 122.00 | 0.07 |
| EUR | SANTANDER UK PLC-REG-S 0.05000% 20-12.01.27 | 8 500 000.00 | 8 442 795.00 | 0.41 |
| EUR | SFIL SA-REG-S 0.12500% 16-18.10.24 | 1 000 000.00 | 1 013 690.00 | 0.05 |
| EUR | SHELL INTERNATIONAL FINANCE BV 2.50000% 14-24.03.26 | 2 000 000.00 | 2 217 664.00 | 0.11 |
| EUR | SHELL INTERNATIONAL FINANCE BV-REG-S 1.25000% 16-12.05.28 | 334 000.00 | 345 898.41 | 0.02 |
| EUR | SHELL INTERNATIONAL FINANCE BV-REG-S 0.37500% 16-15.02.25 | 2 000 000.00 | 1 986 895.01 | 0.10 |
| EUR | SHELL INTERNATIONAL FINANCE BV-REG-S 0.75000% 16-15.08.28 | 500 000.00 | 498 400.00 | 0.02 |
| EUR | SNCF RESEAU-REG-S 0.87500% 19-22.01.29 | 1 000 000.00 | 1 061 644.00 | 0.05 |
| EUR | SNCF RESEAU-REG-S 1.12500% 17-19.05.27 | 7 000 000.00 | 7 541 408.00 | 0.36 |
| EUR | SOCIETE GENERALE SFH-REG-S 0.50000% 17-02.06.25 | 1 000 000.00 | 1 030 259.80 | 0.05 |
| EUR | SOCIETE GENERALE SFH-REG-S 0.75000% 17-18.10.27 | 900 000.00 | 952 740.00 | 0.05 |
| EUR | SOCIETE GENERALE SFH-REG-S 0.50000% 18-28.01.26 | 5 000 000.00 | 5 166 130.00 | 0.25 |
| EUR | SOCIETE GENERALE SFH-REG-S 0.01000% 20-11.02.30 | 6 000 000.00 | 5 937 180.00 | 0.29 |
| EUR | SOCIETE NATIONALE SNCF SA-REG-S 0.62500% 20-17.04.30 | 5 000 000.00 | 5 056 110.00 | 0.24 |
| EUR | SPAREBANKEN 1 BOLIGKREDITT-REG-S 0.25000% 16-30.08.26 | 799 000.00 | 810 842.77 | 0.04 |
| EUR | SPAREBANKEN 1 BOLIGKREDITT-REG-S 1.00000% 19-30.01.29 | 6 500 000.00 | 7 019 883.00 | 0.34 |
| EUR | SPAREBANKEN 1 BOLIGKREDITT-REG-S 0.12500% 19-14.05.26 | 2 500 000.00 | 2 524 055.00 | 0.12 |
| EUR | STOCKHLMS LANS LANSTING-REGS 0.75000% 15-26.02.25 | 1 000 000.00 | 1 047 278.00 | 0.05 |
| EUR | SUMITOMO MITSUI BANKING CORP-REG-S 0.26700% 19-18.06.26 | 2 500 000.00 | 2 521 125.00 | 0.12 |
| EUR | SUMITOMO MITSUI BANKING CORP-REG-S 0.40900% 19-07.11.29 | 3 000 000.00 | 3 030 714.00 | 0.15 |
| EUR | SWEDBANK HYPOTEK AB-REG-S 0.50000% 19-05.02.26 | 1 000 000.00 | 1 031 408.00 | 0.05 |
| EUR | SWEDISH COVERED BOND CORP-REG-S 0.87500% 17-29.03.27 | 500 000.00 | 532 700.00 | 0.03 |

Focused SICAV – High Grade Long Term 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 | TEMASEK FINANCIAL I LTD-REG-S 1.50000% 16-01.03.28 | 1 000 000.00 | 1 093 350.00 | 0.05 |
| EUR | TORONTO-DOMINION BANK-REG-S 0.10000% 19-19.07.27 | 6 000 000.00 | 5 986 968.00 | 0.29 |
| EUR | TOTAL CAPITAL INTERNATIONAL SA-REG-S 2.87500% 13-19.11.25 | 1 000 000.00 | 1 128 474.00 | 0.05 |
| EUR | TOTAL CAPITAL INTERNATIONAL SA-REG-S 1.37500% 14-19.03.25 | 2 000 000.00 | 2 087 407.60 | 0.10 |
| EUR | TOTAL CAPITAL INTERNATIONAL SA-REG-S 0.75000% 16-12.07.28 | 1 000 000.00 | 1 004 822.00 | 0.05 |
| EUR | TOTAL CAPITAL INTERNATIONAL SA-REG-S 0.69600% 19-31.05.28 | 2 000 000.00 | 2 005 224.00 | 0.10 |
| EUR | TOYOTA MOTOR CREDIT CORP-REG-S 0.62500% 17-21.11.24 | 400 000.00 | 397 696.00 | 0.02 |
| EUR | TOYOTA MOTOR CREDIT CORP-REG-S 0.25000% 20-16.07.26 | 6 000 000.00 | 5 766 420.00 | 0.28 |
| EUR | UNEDIC ASSEO-REG-S 0.50000% 19-20.03.29 | 1 000 000.00 | 1 037 394.00 | 0.05 |
| EUR | UNEDIC ASSEO-REG-S 1.25000% 15-21.10.27 | 1 000 000.00 | 1 095 160.00 | 0.05 |
| EUR | UNICREDIT BANK AG 0.50000% 17-04.05.26 | 4 000 000.00 | 4 160 832.00 | 0.20 |
| EUR | UNICREDIT BANK AG-REG-S 0.62500% 18-20.11.25 | 2 500 000.00 | 2 614 530.00 | 0.13 |
| EUR | UNICREDIT BANK AUSTRIA AG-REG-S 0.62500% 19-20.03.29 | 1 300 000.00 | 1 369 843.80 | 0.07 |
| EUR | VOLKSBANK WIEN AG-REG-S 0.37500% 19-04.03.26 | 2 700 000.00 | 2 779 228.80 | 0.13 |
| EUR | WESTPAC BANKING CORP-REG-S 0.87500% 16-17.04.27 | 1 000 000.00 | 1 011 450.00 | 0.05 |
| EUR | WESTPAC BANKING CORP-REG-S 1.12500% 17-05.09.27 | 1 000 000.00 | 1 024 820.00 | 0.05 |
| EUR | WESTPAC BANKING CORP-REG-S 0.50000% 18-16.01.25 | 1 200 000.00 | 1 220 448.00 | 0.06 |
| EUR | WESTPAC BANKING CORP-REG-S 0.37500% 19-02.04.26 | 4 000 000.00 | 4 041 880.00 | 0.19 |
| Total EUR |  |  | 528 826 480.02 | 25.48 |
| Total Medium term notes, fixed rate |  | 528 826 480.02 | 25.48 |
| Medium term notes, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	INTL BK FOR RECONS & DEV WORLD BK 0.00000% 20-21.02.30 | 4 000 000.00 | 4 004 400.00 | 0.19 |
| EUR	INTL BK FOR RECONSTR & DEVT WORLD BANK 0.00000% 20-15.01.27 | 12 500 000.00 | 12 654 550.00 | 0.61 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.00000% 19-30.09.26 | 17 500 000.00 | 17 856 720.00 | 0.86 |
| EUR	NEDERLANDSE WATERSCHAPSBANK NV-REG-S 0.00000% 19-16.11.26 | 2 000 000.00 | 2 023 616.00 | 0.10 |
| EUR	NIEDERSACHSEN, STATE OF-REG-S 0.00000% 20-11.02.27 | 5 000 000.00 | 5 045 400.00 | 0.24 |
| EUR	NRW BANK 0.00000% 20-18.02.30 | 2 250 000.00 | 2 248 200.00 | 0.11 |
| EUR	QUEBEC, PROVINCE OF-REG-S 0.00000% 19-15.10.29 | 10 000 000.00 | 9 758 300.00 | 0.47 |
| EUR	UNEDIC ASSEO-REG-S 0.00000% 20-05.03.30 | 1 600 000.00 | 1 573 904.00 | 0.08 |
| Total EUR |  | 55 165 090.00 | 2.66 |
| Total Medium term notes, zero coupon |  | 55 165 090.00 | 2.66 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ABN AMRO BANK NV-REG-S 0.87500% 16-14.01.26 | 5 000 000.00 | 5 288 450.00 | 0.26 |
| EUR	AFRICAN DEVELOPMENT BANK 0.50000% 19-21.03.29 | 3 000 000.00 | 3 141 888.00 | 0.15 |
| EUR	ALBERTA, PROVINCE OF-REG-S 0.62500% 18-18.04.25 | 1 000 000.00 | 1 019 620.00 | 0.05 |
| EUR	APPLE INC 0.87500% 17-24.05.25 | 1 000 000.00 | 1 047 226.20 | 0.05 |
| EUR	APPLE INC 1.37500% 17-24.05.29 | 1 000 000.00 | 1 105 490.00 | 0.05 |
| EUR	APPLE INC 2.00000% 15-17.09.27 | 417 000.00 | 474 874.47 | 0.02 |
| EUR	AUSTRIA, REPUBLIC OF 6.25000% 97-15.07.27 | 7 143 000.00 | 10 517 496.06 | 0.51 |
| EUR	AUSTRIA, REPUBLIC OF-144A 4.85000% 09-15.03.26 | 10 000 000.00 | 13 113 700.00 | 0.63 |
| EUR	AUSTRIA, REPUBLIC OF-REG-S 1.20000% 15-20.10.25 | 10 000 000.00 | 10 898 175.00 | 0.53 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.75000% 16-20.10.26 | 16 882 000.00 | 18 109 152.58 | 0.87 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.50000% 17-20.04.27 | 6 500 000.00 | 6 866 470.00 | 0.33 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.50000% 19-20.02.29 | 6 750 000.00 | 7 176 870.00 | 0.35 |
| EUR	BANCO BILBAO VIZCAYA ARGENTARIA SA 4.00000% 05-25.02.25 | 500 000.00 | 598 305.00 | 0.03 |
| EUR	BANK OF NOVA SCOTIA-REG-S 0.01000% 20-14.01.27 | 2 000 000.00 | 1 983 316.00 | 0.10 |
| EUR	BELGIUM, KINGDOM OF 5.50000% 97-28.03.28 | 805 000.00 | 1 169 883.96 | 0.06 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.80000% 15-22.06.25 | 29 000 000.00 | 30 778 686.00 | 1.48 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 1.00000% 16-22.06.26 | 6 000 000.00 | 6 482 700.00 | 0.31 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.80000% 17-22.06.27 | 21 500 000.00 | 23 084 980.00 | 1.11 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.80000% 18-22.06.28 | 37 750 000.00 | 40 740 706.00 | 1.96 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.90000% 19-22.06.29 | 13 000 000.00 | 14 180 400.00 | 0.68 |
| EUR	BERKSHIRE HATHAWAY INC 1.12500% 15-16.03.27 | 300 000.00 | 312 665.55 | 0.02 |
| EUR	BERLIN HYP AG-REG-S 0.75000% 18-26.02.26 | 500 000.00 | 526 676.00 | 0.03 |
| EUR	BERLIN, STATE OF-REG-S 0.62500% 17-08.02.27 | 5 000 000.00 | 5 258 450.00 | 0.25 |
| EUR	BERLIN, STATE OF-REG-S 0.62500% 19-05.02.29 | 700 000.00 | 741 155.80 | 0.04 |
| EUR	BLACKROCK INC/NEW YORK 1.25000% 15-06.05.25 | 500 000.00 | 520 525.00 | 0.03 |
| EUR	BNG BANK NV-REG-S 0.10000% 20-15.01.30 | 4 500 000.00 | 4 547 493.00 | 0.22 |
| EUR	BNZ INTERNATIONAL FUND LTD/LONDON-REG-S 0.62500% 18-03.07.25 | 1 000 000.00 | 1 027 052.00 | 0.05 |
| EUR	BPCE SFH SA-REG-S 0.62500% 19-22.09.27 | 1 000 000.00 | 1 046 966.00 | 0.05 |
| EUR	BPCE SFH SA-REG-S 0.01000% 20-23.03.28 | 5 000 000.00 | 4 996 680.00 | 0.24 |
| EUR	BPIFRANCE FINANCEMENT SA-REG-S 0.62500% 18-25.05.26 | 1 500 000.00 | 1 562 949.00 | 0.08 |
| EUR	BUNDESLAENDER BUNDESREPUBLI DEUTS-REG-S 0.62500% 17-25.10.27 | 1 000 000.00 | 1 054 108.00 | 0.05 |
| EUR	CAISSE D'AMORTIS DE LA DETTE SOCIALE 4.00000% 12-15.12.25 | 3 914 000.00 | 4 848 898.04 | 0.23 |
| EUR	CAISSE DE REFINANCEMENT DE L'HABI-REG-S 0.01000% 19-08.10.29 | 500 000.00 | 496 419.40 | 0.02 |
| EUR	CAISSE DE REFINANCEMENT DE L'HAB-REG-S 0.01000% 20-07.02.28 | 5 000 000.00 | 4 999 950.00 | 0.24 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 0.37500% 16-23.06.25 | 800 000.00 | 820 108.80 | 0.04 |
| EUR	CAISSE FRANCISE DE FINCEMNT LOCAL-REG-S 0.50000% 18-19-01.26 | 2 500 000.00 | 2 581 265.00 | 0.12 |
| EUR	CIE DE FINANCEMENT FONCIER SA-REG-S 0.75000% 18-11.01.28 | 3 000 000.00 | 3 168 780.00 | 0.15 |
| EUR	CIE DE FINANCEMENT FONCIER SA-REG-S 0.75000% 18-29.05.26 | 5 000 000.00 | 5 235 450.00 | 0.25 |
| EUR	COLGATE-PALMOLIVE CO 0.50000% 19-06.03.26 | 1 050 000.00 | 1 060 742.76 | 0.05 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.22500% 16-14.09.26 | 1 000 000.00 | 1 014 558.00 | 0.05 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.01000% 19-10.11.27 | 3 000 000.00 | 2 995 350.00 | 0.14 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA 4.00000% 10-16.07.25 | 5 000 000.00 | 6 062 720.00 | 0.29 |
| EUR	CREDIT AGRICOLE ITALIA SPA-REG-S 0.25000% 20-17.01.28 | 500 000.00 | 497 373.00 | 0.02 |
| EUR	CREDIT MUTUEL HOME LOAN SFH SA-REG-S 0.12500% 20-28.01.30 | 800 000.00 | 797 404.80 | 0.04 |
| EUR	DANSKE KIINNITYSLUOTTOPANKKI OYJ-REG-S 0.01000% 20-14.01.28 | 6 500 000.00 | 6 518 473.00 | 0.31 |
| EUR	DNB BOLIGKREDITT AS-REG-S 0.62500% 19-14.01.26 | 7 500 000.00 | 7 776 585.00 | 0.37 |
| EUR	EMIRATES TELECOM CORP-REG-S 2.75000% 14-18.06.26 | 1 500 000.00 | 1 667 812.50 | 0.08 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.40000% 19-26.01.26 | 10 500 000.00 | 10 922 373.00 | 0.53 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.05000% 19-17.10.29 | 5 000 000.00 | 5 086 700.00 | 0.25 |
| EUR	EUROPEAN INVESTMENT BANK-REG-S 0.12500% 19-20.06.29 | 1 500 000.00 | 1 550 085.00 | 0.07 |
| EUR	EUROPEAN INVESTMENT BANK 0.05000% 20-16.01.30 | 10 000 000.00 | 10 248 220.00 | 0.49 |
| EUR	FINLAND, REPUBLIC OF 2.75000% 12-04.07.28 | 2 000 000.00 | 2 494 896.00 | 0.12 |
| EUR	FINLAND, REPUBLIC OF-144A-REG-S 0.87500% 15-15.09.25 | 1 000 000.00 | 1 071 626.00 | 0.05 |
| EUR	FINLAND, REPUBLIC OF-144A-REG-S 0.50000% 16-15.04.26 | 1 000 000.00 | 1 053 802.00 | 0.05 |
| EUR	FINLAND, REPUBLIC OF-144A-REG-S 0.50000% 17-15.09.27 | 8 000 000.00 | 8 464 240.00 | 0.41 |
| EUR	FINLAND, REPUBLIC OF-144A-REG-S 0.50000% 18-15.09.28 | 6 500 000.00 | 6 900 101.00 | 0.33 |

Focused SICAV – High Grade Long Term 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 | FINLAND, REPUBLIC OF-144A-REG-S 0.50000% 19-15.09.29 | 3 000 000.00 | 3 192 636.00 | 0.15 |
| EUR | FINNVERA OYJ-REG-S 0.37500% 19-09.04.29 | 500 000.00 | 522 522.00 | 0.03 |
| EUR | FRANCE, REPUBLIC OF-OAT 6.00000% 94-25.10.25 | 49 657 000.00 | 67 308 772.42 | 3.24 |
| EUR | FRANCE, REPUBLIC OF-OAT 5.50000% 98-25.04.29 | 35 000 000.00 | 52 941 350.00 | 2.55 |
| EUR | FRANCE, REPUBLIC OF-OAT 3.50000% 10-25.04.26 | 40 000 000.00 | 49 334 240.00 | 2.38 |
| EUR | FRANCE, REPUBLIC OF-OAT 2.75000% 12-25.10.27 | 27 393 000.00 | 33 664 353.42 | 1.62 |
| EUR | FRANCE, REPUBLIC OF-OAT 0.50000% 15-25.05.25 | 39 000 000.00 | 40 922 700.00 | 1.97 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 1.00000% 15-25.11.25 | 38 329 000.00 | 41 349 325.20 | 1.99 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.50000% 16-25.05.26 | 46 500 000.00 | 48 961 803.00 | 2.36 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.25000% 15-25.11.26 | 44 663 000.00 | 46 336 969.24 | 2.23 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 1.00000% 17-25.05.27 | 42 250 000.00 | 46 115 030.00 | 2.22 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.75000% 17-25.05.28 | 36 746 000.00 | 39 648 934.00 | 1.91 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.75000% 18-25.11.28 | 31 500 000.00 | 34 048 287.00 | 1.64 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.50000% 19-25.05.29 | 34 000 000.00 | 35 996 072.00 | 1.73 |
| EUR | GERMANY, REPUBLIC OF-REG-S 1.00000% 15-15.08.25 | 10 000 000.00 | 10 955 000.01 | 0.53 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.50000% 16-15.02.26 | 31 000 000.00 | 33 302 494.00 | 1.60 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.25000% 17-15.02.27 | 30 559 000.00 | 32 637 928.77 | 1.57 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.50000% 17-15.08.27 | 45 000 000.00 | 49 050 990.00 | 2.36 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.50000% 18-15.02.28 | 27 495 000.00 | 30 102 900.75 | 1.45 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.25000% 18-15.08.28 | 26 000 000.00 | 28 028 156.00 | 1.35 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.25000% 19-15.02.29 | 22 000 000.00 | 23 777 864.00 | 1.15 |
| EUR | GERMANY, REPUBLIC OF 6.50000% 97-04.07.27 | 5 000 000.00 | 7 638 560.00 | 0.37 |
| EUR | GERMANY, REPUBLIC OF 5.62500% 98-04.01.28 | 2 500 000.00 | 3 736 030.00 | 0.18 |
| EUR | GERMANY, REPUBLIC OF 4.75000% 98-04.07.28 | 11 000 000.00 | 15 952 068.00 | 0.77 |
| EUR | GERMANY, REPUBLIC OF 6.25000% 00-04.01.30 | 7 500 000.00 | 12 603 750.00 | 0.61 |
| EUR | HESSEN, STATE OF 0.37500% 16-06.07.26 | 2 000 000.00 | 2 067 040.00 | 0.10 |
| EUR | HESSEN, STATE OF-REG-S 0.62500% 18-02.08.28 | 3 000 000.00 | 3 170 700.00 | 0.15 |
| EUR | HESSEN, STATE OF-REG-S 0.25000% 15-10.06.25 | 1 500 000.00 | 1 534 920.00 | 0.07 |
| EUR | JOHNSON & JOHNSON 1.15000% 16-20.11.28 | 500 000.00 | 540 254.01 | 0.03 |
| EUR | JYSKE REALKREDIT A/S-REG-S 0.37500% 19-01.04.25 | 1 600 000.00 | 1 639 132.80 | 0.08 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU 0.37500% 16-09.03.26 | 7 000 000.00 | 7 294 224.00 | 0.35 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU 0.50000% 17-15.09.27 | 6 500 000.00 | 6 874 777.00 | 0.33 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU 0.25000% 18-15.09.25 | 5 000 000.00 | 5 162 320.00 | 0.25 |
| EUR | LA BANQUE POSTAL HOME LOAN SFH-REG-S 0.01000% 19-22.10.29 | 500 000.00 | 493 349.00 | 0.02 |
| EUR | LUXEMBOURG GOVERNMENT BOND-REG-S 0.62500% 17-01.02.27 | 623 000.00 | 663 103.26 | 0.03 |
| EUR | MICROSOFT CORP 3.12500% 13-06.12.28 | 350 000.00 | 433 815.90 | 0.02 |
| EUR | MUENCHENER HYPOTHEKENBANK EG-REG-S 0.62500% 18-10.11.27 | 1 000 000.00 | 1 058 014.00 | 0.05 |
| EUR | NETHERLANDS, KINGDOM OF THE 5.50000% 98-15.01.28 | 9 500 000.00 | 13 918 568.76 | 0.67 |
| EUR | NETHERLANDS, KINGDOM OF THE-144A-REG-S 0.50000% 16-15.07.26 | 12 000 000.00 | 12 797 808.00 | 0.62 |
| EUR | NETHERLANDS, KINGDOM OF THE-144A-REG-S 0.75000% 17-15.07.27 | 20 850 000.00 | 22 745 890.50 | 1.10 |
| EUR | NETHERLANDS, KINGDOM OF THE-144A-REG-S 0.75000% 18-15.07.28 | 13 000 000.00 | 14 280 961.50 | 0.69 |
| EUR | NETHERLANDS, KINGDOM OF THE 0.25000% 19-15.07.29 | 21 000 000.00 | 22 224 394.50 | 1.07 |
| EUR | NIEDERSACHSEN, STATE OF-REG-S 0.37500% 18-09.01.26 | 500 000.00 | 516 247.00 | 0.03 |
| EUR | NIEDERSACHSEN, STATE OF-REG-S 0.37500% 19-14.05.29 | 3 000 000.00 | 3 114 096.00 | 0.15 |
| EUR | NOVARTIS FINANCE SA-REG-S 1.62500% 14-09.11.26 | 3 250 000.00 | 3 590 340.00 | 0.17 |
| EUR | NOVARTIS FINANCE SA-REG-S 0.62500% 16-20.09.28 | 2 323 000.00 | 2 420 575.76 | 0.12 |
| EUR | NOVARTIS FINANCE SA-REG-S 1.12500% 17-30.09.27 | 1 500 000.00 | 1 614 277.50 | 0.08 |
| EUR | NRW BANK 0.25000% 16-28.09.26 | 5 000 000.00 | 5 135 500.00 | 0.25 |
| EUR | NRW BANK 0.62500% 16-11.02.26 | 6 000 000.00 | 6 292 620.00 | 0.30 |
| EUR | NRW BANK-REG-S 0.50000% 18-26.05.25 | 3 000 000.00 | 3 111 347.40 | 0.15 |
| EUR | OP MORTGAGE BANK 0.75000% 17-07.06.27 | 6 548 000.00 | 6 948 004.22 | 0.34 |
| EUR | PROCTER & GAMBLE CO 4.87500% 07-11.05.27 | 4 950 000.00 | 6 570 184.50 | 0.32 |
| EUR | QUEBEC, PROVINCE OF-REG-S 0.87500% 17-04.05.27 | 1 033 000.00 | 1 089 746.83 | 0.05 |
| EUR | RABOBANK NEDERLAND NV 4.12500% 10-14.07.25 | 1 000 000.00 | 1 197 320.00 | 0.06 |
| EUR | RHEINLAND-PFALZ, STATE OF-REG-S 0.10000% 16-18.08.26 | 1 000 000.00 | 1 014 950.00 | 0.05 |
| EUR | SA DE GESTION DE STOCKS DE SECURITE 2.62500% 13-06.03.25 | 1 000 000.00 | 1 133 081.80 | 0.05 |
| EUR | SA DE GESTION DES STOCKS DE SEC-REG-S 0.62500% 16-20.10.28 | 100 000.00 | 104 098.60 | 0.01 |
| EUR | SCHLESWIG-HOLSTEIN,STATE OF-REG-S 0.12500% 19-12.06.29 | 1 500 000.00 | 1 520 346.00 | 0.07 |
| EUR | SKANDINAVISKA ENSKILDA BANKEN AB-REG-S 0.37500% 19-09.02.26 | 2 000 000.00 | 2 050 112.00 | 0.10 |
| EUR | SOCIETE GENERALE SFH-REG-S 0.75000% 19-29.01.27 | 1 000 000.00 | 1 053 546.00 | 0.05 |
| EUR | STADSHYPOTEK AB-REG-S 0.12500% 16-05.10.26 | 5 100 000.00 | 5 150 235.00 | 0.25 |
| EUR | STADSHYPOTEK AB-REG-S 0.50000% 18-11.07.25 | 1 000 000.00 | 1 030 834.00 | 0.05 |
| EUR | UNEDIC ASSEO-REG-S 0.62500% 15-17.02.25 | 1 000 000.00 | 1 040 524.00 | 0.05 |
| EUR | UNEDIC ASSEO-REG-S 0.62500% 16-03.03.26 | 500 000.00 | 521 751.00 | 0.03 |
| EUR | UNICREDIT SPA-REG-S 0.75000% 15-30.04.25 | 1 273 000.00 | 1 311 141.63 | 0.06 |
| EUR | WALMART INC 2.55000% 14-08.04.26 | 3 000 000.00 | 3 355 200.00 | 0.16 |
| EUR | WALMART INC 4.87500% 09-21.09.29 | 1 500 000.00 | 2 047 795.95 | 0.10 |
| Total EUR |  |  | 1 285 668 927.15 | 61.93 |
| Total Bonds, fixed rate |  | 1 285 668 927.15 | 61.93 |
| Bonds, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.00000% 20-20.02.30 | 2 000 000.00 | 2 030 920.00 | 0.10 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.03.25 | 29 000 000.00 | 29 664 680.00 | 1.43 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.11.29 | 40 000 000.00 | 40 392 400.00 | 1.94 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 16-15.08.26 | 41 500 000.00 | 43 477 060.00 | 2.09 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 19-15.08.29 | 23 500 000.00 | 24 866 948.00 | 1.20 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 20-15.02.30 | 8 000 000.00 | 8 470 144.00 | 0.41 |
| EUR	INTERNATIONAL DEVELOPMENT ASSOC-REG-S 0.00000% 19-19.10.26 | 9 000 000.00 | 9 166 014.00 | 0.44 |
| EUR	RABOBANK NEDERLAND NV-REG-S 0.00000% 19-21.06.27 | 6 000 000.00 | 6 014 712.00 | 0.29 |
| Total EUR |  | 164 082 878.00 | 7.90 |
| Total Bonds, zero coupon |  | 164 082 878.00 | 7.90 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 2 059 251 376.17 | 99.20 |
| Total investments in securities |  | 2 059 251 376.17 | 99.20 |

Focused SICAV – High Grade Long Term 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) |  |

Forward Foreign Exchange contracts
Forward Foreign Exchange contracts (Purchase/Sale)
| USD | 581 606 300.00 | EUR | 524 584 017.32 | 4.5.2020 | 6 417 808.66 | 0.31 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 539 152 800.00 | EUR | 509 662 215.24 | 4.5.2020 | 353 974.41 | 0.02 |
| CHF | 8 675 800.00 | EUR | 8 186 868.74 | 4.5.2020 | 20 078.27 | 0.00 |
| USD | 11 203 100.00 | EUR | 10 147 047.09 | 4.5.2020 | 81 292.18 | 0.00 |
| EUR | 874 036.60 | USD | 956 800.00 | 4.5.2020 | 485.97 | 0.00 |
| EUR | 830 270.35 | USD | 903 100.00 | 4.5.2020 | 5 747.39 | 0.00 |
| EUR | 789 045.83 | CHF | 832 800.00 | 4.5.2020 | 1 251.57 | 0.00 |
| EUR | 2 536 309.41 | USD | 2 761 800.00 | 4.5.2020 | 14 808.45 | 0.00 |
| EUR | 6 004 724.14 | CHF | 6 348 500.00 | 4.5.2020 | -693.58 | 0.00 |
| EUR | 6 330 863.07 | USD | 6 920 400.00 | 4.5.2020 | 12 594.10 | 0.00 |
| USD | 3 487 900.00 | EUR | 3 205 852.32 | 4.5.2020 | -21 427.96 | 0.00 |
| EUR | 881 069.00 | CHF | 926 600.00 | 4.5.2020 | 4 543.83 | 0.00 |
| EUR | 1 341 075.68 | USD | 1 457 300.00 | 4.5.2020 | 10 572.62 | 0.00 |
| USD | 583 297 900.00 | EUR | 536 438 396.73 | 2.6.2020 | -4 201 879.29 | -0.20 |
| CHF | 539 720 700.00 | EUR | 511 047 365.47 | 2.6.2020 | -382 564.70 | -0.02 |
| EUR | 1 303 037.78 | USD | 1 415 000.00 | 2.6.2020 | 11 905.63 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | 2 328 497.55 | 0.11 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 12 851 516.49 | 0.62 |
| Other assets and liabilities | 1 436 617.55 | 0.07 |
| Total net assets | 2 075 868 007.76 | 100.00 |

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

Translation (ENDE, 2020-04-30):
# Focused SICAV – High Grade Long Term Bond EUR
| Wichtigste Daten |  |
| --- | --- |
| Datum | ISIN | 30.4.2020 | 31.10.2019 | 31.10.2018 |
| Nettovermögen in EUR |  | 2 075 868 007.76 | 466 741 409.75 | 175 502 351.49 |
| Klasse F-acc | LU0270448839 |  |  |  |
| Aktien im Umlauf |  | 5 756 825.1890 | 2 035 055.8250 | 1 033 558.0910 |
| Nettoinventarwert pro Aktie in EUR |  | 175.25 | 175.32 | 165.49 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 175.25 | 175.32 | 165.49 |
| Klasse (CHF hedged) F-acc 2 | LU1272229672 |  |  |  |
| Aktien im Umlauf |  | 5 493 534.4390 | 510 652.0000 | - |
| Nettoinventarwert pro Aktie in CHF |  | 100.15 | 100.41 | - |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 100.15 | 100.41 | - |
| Klasse (USD hedged) F-acc 2 | LU1272229839 |  |  |  |
| Aktien im Umlauf |  | 5 791 430.1240 | 654 117.0000 | - |
| Nettoinventarwert pro Aktie in USD |  | 102.48 | 101.23 | - |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 102.48 | 101.23 | - |
| Klasse F-UKdist | LU0526609630 |  |  |  |
| Aktien im Umlauf |  | 30 691.8660 | 25 967.7550 | 30 036.7550 |
| Nettoinventarwert pro Aktie in EUR |  | 153.67 | 155.24 | 148.49 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 153.67 | 155.24 | 148.49 |
| 1  Siehe Erläuterung 1 2  Erste NAV 17.7.2019 |  |  |  |  |


## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Frankreich	37.37
Deutschland	24.87
Niederlande	7.92
Belgien	5.66
Luxemburg	5.12
Österreich	4.39
Vereinigte Staaten	2.75
Finnland	2.42
Kanada	1.96
Norwegen	1.92
Supranational	1.27
Australien	0.84
Grossbritannien	0.69
Schweden	0.55
Dänemark	0.33
Japan	0.27
Philippinen	0.27
Singapur	0.18
Elfenbeinküste	0.17
Italien	0.11
Vereinigte Arabische Emirate	0.08
Neuseeland	0.03
Spanien	0.03
Wirtschaftliche Aufteilung in % des Nettovermögens	
Länder- & Zentralregierungen	59.77
Banken & Kreditinstitute	21.37
Supranationale Organisationen	7.89
Kantone, Bundesstaaten	3.05
Finanz- & Beteiligungsgesellschaften	2.71
Pfandbriefinstitute & Refinanzierungsgesellschaften	1.24
Öffentlich-rechtliche Körperschaften	1.16
Diverse Konsumgüter	0.39
Verkehr & Transport	0.38
Versicherungen	0.36
Erdöl	0.26
Detailhandel, Warenhäuser	0.26
Computer & Netzwerkausrüster	0.13
Telekommunikation	0.08
Pharmazeutik, Kosmetik & medizinische Produkte	0.05
Energie- & Wasserversorgung	0.05
Städte, Gemeinden	0.03
Internet, Software & IT-Dienste	0.02
Total	99.20
Total	99.20
Focused SICAV – High Grade Long Term Bond EUR Halbjahresbericht per 30. April 2020

## Nettovermögensaufstellung
Aktiva	30.4.2020
EUR
Wertpapierbestand, Einstandswert	2 084 129 106.19
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	-24 877 730.02	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 2 059 251 376.17 |
| Bankguthaben, Sicht- und Fristgelder | 12 851 516.49 |
| Forderungen aus Wertpapierverkäufen (Erläuterung 1) | 4 590 906.45 |
| Forderungen aus Zeichnungen | 7 276 204.04 |
| Zinsforderungen aus Wertpapieren | 8 780 167.61 |
| Nicht realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten (Erläuterung 1) | 2 328 497.55 |
| Total Aktiva | 2 095 078 668.31 |
|  |  |
| Passiva |  |
| Verbindlichkeiten aus Wertpapierkäufen (Erläuterung 1) | -13 123 306.76 |
| Verbindlichkeiten aus Rücknahmen | -5 942 360.49 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -122 125.26 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -22 679.80 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-188.24	 |
| Total Rückstellungen für Aufwendungen | -144 993.30 |
| Total Passiva | -19 210 660.55 |
|  |  |
| Nettovermögen am Ende der Berichtsperiode | 2 075 868 007.76 |
| Ertrags- und Aufwandsrechnung | EUR |
| Erträge | 1.11.2019-30.4.2020 |
| Zinsertrag auf liquide Mittel | 524.77 |
| Zinsen auf Wertpapiere | 5 060 903.73 |
| Erträge aus Securities Lending (Erläuterung 11) | 230 486.58 |
| Sonstige Erträge (Erläuterung 4) | 2 657 560.73 |
| Total Erträge | 7 949 475.81 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -787 476.38 |
| Abonnementsabgabe (Erläuterung 3) | -80 334.76 |
| Kosten aus Securities Lending (Erläuterung 11) | -92 194.63 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -24 891.34 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -27 729.94 |
| Total Aufwendungen | -1 012 627.05 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 6 936 848.76 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | -2 354 908.33 |
| Realisierter Kursgewinn (-verlust) aus renditebewerteten Wertpapieren und Geldmarktinstrumenten | -194 844.10 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | 6 162.00 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | 181 412.84 |
| Realisierter Währungsgewinn (-verlust) | 7 157 192.21 |
| Total der realisierten Gewinne (Verluste) | 4 795 014.62 |
|  |  |
| Realisierter Nettogewinn (-verlust) der Berichtsperiode | 11 731 863.38 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | -20 964 935.51 |
| Nicht realisierte Werterhöhung (-minderung) renditebewerteter Wertpapiere und Geldmarktinstrumente | -176 826.54 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | 14 086 079.22 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | -7 055 682.83 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 4 676 180.55 |

Focused SICAV – High Grade Long Term Bond EUR Halbjahresbericht per 30. April 2020
| Veränderungen des Nettovermögens |  |
| --- | --- |
|  |  | EUR |
|  |  | 1.11.2019-30.4.2020 |
| Nettovermögen zu Beginn der Berichtsperiode |  | 466 741 409.75 |
| Zeichnungen |  | 2 050 531 317.28 |
| Rücknahmen |  | 	-446 042 277.41	 |
| Total Mittelzufluss (-abfluss) |  | 1 604 489 039.87 |
| Ausbezahlte Dividende |  | -38 622.41 |
| Nettoerträge (-verluste) aus Anlagen |  | 6 936 848.76 |
| Total der realisierten Gewinne (Verluste) |  | 4 795 014.62 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) |  | 	-7 055 682.83	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit |  | 4 676 180.55 |
| Nettovermögen am Ende der Berichtsperiode |  | 2 075 868 007.76 |
| Entwicklung der Aktien im Umlauf |  |  |
|  |  | 1.11.2019-30.4.2020 |
| Klasse |  | F-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode |  | 2 035 055.8250 |
| Anzahl der ausgegebenen Aktien |  | 5 723 272.2240 |
| Anzahl der zurückgegebenen Aktien |  | -2 001 502.8600 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode |  | 5 756 825.1890 |
| Klasse |  | (CHF hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode |  | 510 652.0000 |
| Anzahl der ausgegebenen Aktien |  | 5 268 478.9770 |
| Anzahl der zurückgegebenen Aktien |  | -285 596.5380 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode |  | 5 493 534.4390 |
| Klasse |  | (USD hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode |  | 654 117.0000 |
| Anzahl der ausgegebenen Aktien |  | 5 811 115.9740 |
| Anzahl der zurückgegebenen Aktien |  | -673 802.8500 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode |  | 5 791 430.1240 |
| Klasse |  | F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode |  | 25 967.7550 |
| Anzahl der ausgegebenen Aktien |  | 36 168.0550 |
| Anzahl der zurückgegebenen Aktien |  | -31 443.9440 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode |  | 30 691.8660 |
| Jährliche Ausschüttung 1 |  |  |
| Focused SICAV – High Grade Long Term Bond EUR	Ex-Date | Pay-Date | Währung	Betrag pro Aktie |
| F-UKdist	15.11.2019 | 20.11.2019 | EUR	1.51 |
| 1  Siehe Erläuterung 5 |  |  |

Focused SICAV – High Grade Long Term 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	ASIAN DEVELOPMENT BANK 0.02500% 20-31.01.30 | 5 000 000.00 | 5 027 800.00 | 0.24 |
| EUR	BPIFRANCE FINANCEMENT SA-REG-S 0.05000% 19-26.09.29 | 1 000 000.00 | 992 120.00 | 0.05 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 0.75000% 18-28.06.28 | 8 000 000.00 | 8 648 864.00 | 0.42 |
| EUR	NEDERLANDSE WATERSCHAPSBANK NV-REG-S 0.05000% 20-28.01.30 | 2 000 000.00 | 2 021 316.00 | 0.10 |
| EUR	NIEDERSACHSEN, STATE OF 0.12500% 20-10.01.30 | 1 500 000.00 | 1 522 179.00 | 0.07 |
| EUR	PROCTER & GAMBLE CO 1.20000% 18-30.10.28 | 500 000.00 | 541 682.00 | 0.03 |
| EUR	RABOBANK NEDERLAND NV-REG-S 0.87500% 19-01.02.29 | 1 600 000.00 | 1 712 880.00 | 0.08 |
| Total EUR |  | 20 466 841.00 | 0.99 |
| Total Notes, fester Zins |  | 20 466 841.00 | 0.99 |
| Notes, Nullcoupon |  |  |  |
| EUR |  |  |  |
| EUR	BUNDESLAENDER BUNDESREPUBLI DEUT-REG-S 0.00000% 20-19.02.27 | 5 000 000.00 | 5 041 160.00 | 0.24 |
| Total EUR |  | 5 041 160.00 | 0.24 |
| Total Notes, Nullcoupon |  | 5 041 160.00 | 0.24 |
| Medium-Term Notes, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	AFRICAN DEVELOPMENT BANK 0.12500% 16-07.10.26 | 1 000 000.00 | 1 016 300.00 | 0.05 |
| EUR	AFRICAN DEVELOPMENT BANK 0.87500% 18-24.05.28 | 350 000.00 | 376 993.09 | 0.02 |
| EUR	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 0.25000% 16-21.07.26 | 9 100 000.00 | 9 272 517.80 | 0.45 |
| EUR	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 1.00000% 18-31.01.28 | 2 200 000.00 | 2 356 486.00 | 0.11 |
| EUR	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 0.50000% 18-31.10.25 | 800 000.00 | 825 081.60 | 0.04 |
| EUR	AGENCE FRANCE LOCALE-REG-S 0.12500% 19-20.06.26 | 1 500 000.00 | 1 513 363.05 | 0.07 |
| EUR	ALLIANDER NV-REG-S 0.87500% 16-22.04.26 | 1 000 000.00 | 1 039 950.00 | 0.05 |
| EUR	ALLIANZ FINANCE II BV-REG-S 0.87500% 19-15.01.26 | 7 200 000.00 | 7 517 520.00 | 0.36 |
| EUR	ANZ NEW ZEALAND INT'L LTD/LDN-REG-S 0.37500% 19-17.09.29 | 2 000 000.00 | 1 894 784.00 | 0.09 |
| EUR	ASIAN DEVELOPMENT BANK 0.35000% 18-16.07.25 | 500 000.00 | 516 702.00 | 0.02 |
| EUR	AUCKLAND COUNCIL-REG-S 1.00000% 17-19.01.27 | 600 000.00 | 632 944.80 | 0.03 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.75000% 18-20.02.28 | 13 500 000.00 | 14 562 153.00 | 0.70 |
| EUR	AUTOBAHNEN- & SCHNELLSTRASSENFINANZ AG 3.37500% 10-22.09.25 | 597 000.00 | 714 655.57 | 0.03 |
| EUR	AXA BANK EUROPE SCF-REG-S 0.75000% 19-06.03.29 | 3 600 000.00 | 3 826 720.80 | 0.18 |
| EUR	AXA BANK EUROPE SCF-REG-S 0.01000% 20-22.01.27 | 500 000.00 | 501 610.00 | 0.02 |
| EUR	BAYERISCHE LANDESBANK-REG-S 0.75000% 19-05.02.29 | 1 500 000.00 | 1 607 080.65 | 0.08 |
| EUR	BERLIN, STATE OF-REG-S 0.10000% 19-18.01.30 | 4 000 000.00 | 4 039 274.40 | 0.19 |
| EUR	BNG BANK NV-REG-S 0.62500% 17-19.06.27 | 1 000 000.00 | 1 054 048.00 | 0.05 |
| EUR	BNG BANK NV-REG-S 0.75000% 18-11.01.28 | 5 000 000.00 | 5 325 060.00 | 0.26 |
| EUR	BNG BANK NV-REG-S 0.50000% 18-16.04.25 | 1 000 000.00 | 1 033 636.00 | 0.05 |
| EUR	BNG BANK NV-REG-S 0.75000% 19-24.01.29 | 3 000 000.00 | 3 210 960.00 | 0.15 |
| EUR	BNG BANK NV-REG-S 0.12500% 19-11.04.26 | 6 000 000.00 | 6 105 480.00 | 0.29 |
| EUR	BNG BANK NV-REG-S 1.00000% 16-12.01.26 | 1 643 000.00 | 1 752 522.38 | 0.08 |
| EUR	BNP PARIBAS FORTIS SA-REG-S 0.62500% 18-04.10.25 | 1 000 000.00 | 1 036 431.10 | 0.05 |
| EUR	BNP PARIBAS-REG-S 1.50000% 16-25.05.28 | 2 000 000.00 | 2 177 580.00 | 0.10 |
| EUR	BPCE SFH SA-REG-S 0.87500% 17-13.04.28 | 1 000 000.00 | 1 067 598.00 | 0.05 |
| EUR	BPCE SFH SA-REG-S 0.75000% 18-02.09.25 | 1 000 000.00 | 1 042 476.00 | 0.05 |
| EUR	BPCE SFH SA-REG-S 0.01000% 19-08.11.26 | 7 500 000.00 | 7 512 390.00 | 0.36 |
| EUR	BPIFRANCE FINANCEMENT SA-REG-S 0.50000% 15-25.05.25 | 4 000 000.00 | 4 131 224.00 | 0.20 |
| EUR	BRITISH COLUMBIA, PROVINCE OF-REG-S 0.87500% 15-08.10.25 | 1 000 000.00 | 1 051 888.00 | 0.05 |
| EUR	BUNDESLAENDER BUNDESREPUBLI DEUT-REG-S 0.50000% 15-05.02.25 | 1 662 000.00 | 1 718 348.78 | 0.08 |
| EUR	BUNDESLAENDER BUNDESREPUBLI DEUT-REG-S 0.10000% 16-07.10.26 | 1 000 000.00 | 1 016 636.00 | 0.05 |
| EUR	CAISSE DES DEPOTS ET CONSIGNATION-REG-S 0.75000% 18-18.09.28 | 1 000 000.00 | 1 063 240.00 | 0.05 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 3.00000% 13-02.10.28 | 700 000.00 | 875 988.40 | 0.04 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 0.75000% 17-11.01.27 | 5 000 000.00 | 5 269 990.00 | 0.25 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 0.50000% 19-19.02.27 | 1 000 000.00 | 1 035 462.00 | 0.05 |
| EUR	CAISSE FRANCAISE DE FINANCE LOCAL-REG-S 0.10000% 19-13.11.29 | 5 000 000.00 | 5 011 120.00 | 0.24 |
| EUR	CANADIAN IMPERIAL BK OF COM-REG-S 0.04000% 19-09.07.27 | 1 000 000.00 | 991 153.22 | 0.05 |
| EUR	COMMERZBANK AG 0.12500% 16-15.12.26 | 3 000 000.00 | 3 053 232.00 | 0.15 |
| EUR	COMMERZBANK AG-REG-S 0.87500% 15-08.09.25 | 500 000.00 | 529 079.00 | 0.03 |
| EUR	COMMERZBANK AG-REG-S 0.87500% 18-18.04.28 | 5 000 000.00 | 5 388 590.00 | 0.26 |
| EUR	COMMONWEALTH BANK OF AUSTRALIA-REG-S 0.50000% 16-27.07.26 | 1 255 000.00 | 1 276 412.81 | 0.06 |
| EUR	COMMONWEALTH BK OF AUSTRALIA-REG-S 0.87500% 19-19.02.29 | 6 000 000.00 | 6 301 248.00 | 0.30 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER 4.00000% 10-24.10.25 | 1 500 000.00 | 1 833 750.00 | 0.09 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 1.12500% 15-24.06.25 | 1 000 000.00 | 1 063 724.00 | 0.05 |
| EUR	COUNCIL OF EUROPE DEVELOPMENT BK-REG-S 0.37500% 16-08.06.26 | 2 000 000.00 | 2 078 020.00 | 0.10 |
| EUR	CPPIB CAPITAL INC-REG-S 0.87500% 19-06.02.29 | 6 500 000.00 | 6 893 575.00 | 0.33 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA-REG-S 0.75000% 17-05.05.27 | 500 000.00 | 527 045.00 | 0.03 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA 0.50000% 18-19.02.26 | 4 500 000.00 | 4 642 866.00 | 0.22 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA 1.00000% 19-16.01.29 | 1 500 000.00 | 1 622 127.00 | 0.08 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA-REG-S 0.05000% 19-06.12.29 | 11 000 000.00 | 10 939 368.00 | 0.53 |
| EUR	CREDIT AGRICOLE PLC SECTOR SCF SA-REG-S 0.50000% 18-10.10.25 | 1 000 000.00 | 1 031 894.00 | 0.05 |
| EUR	CREDIT AGRICOLE PUBLIC SECTOR SC-REG-S 0.25000% 16-31.10.26 | 2 000 000.00 | 2 033 988.00 | 0.10 |
| EUR	CREDIT AGRICOLE PUBLIC SECTOR SCFSA 0.62500% 19-29.03.29 | 1 000 000.00 | 1 046 930.00 | 0.05 |
| EUR	DEUTSCHE BAHN FINANCE BV-REG-S 1.25000% 15-23.10.25 | 1 000 000.00 | 1 062 178.00 | 0.05 |
| EUR	DEUTSCHE BAHN FINANCE GMBH-REG-S 1.12500% 19-18.12.28 | 5 000 000.00 | 5 364 038.50 | 0.26 |
| EUR	DEUTSCHE PFANDBRIEFBANK AG 0.62500% 18-30.08.27 | 1 500 000.00 | 1 582 140.00 | 0.08 |
| EUR	DEXIA CREDIT LOCAL DE FRANCE-REG-S 1.25000% 15-27.10.25 | 1 000 000.00 | 1 073 020.00 | 0.05 |
| EUR	DEXIA CREDIT LOCAL DE FRANCE-REG-S 1.00000% 17-18.10.27 | 5 500 000.00 | 5 902 248.00 | 0.28 |
| EUR	DEXIA CREDIT LOCAL SA-REG-S 0.50000% 18-17.01.25 | 1 000 000.00 | 1 028 536.00 | 0.05 |
| EUR	DNB BOLIGKREDITT AS-REG-S 0.25000% 16-07.09.26 | 5 000 000.00 | 5 077 490.00 | 0.24 |
| EUR	DNB BOLIGKREDITT AS-REG-S 0.62500% 18-19.06.25 | 1 000 000.00 | 1 037 028.00 | 0.05 |
| EUR	DZ HYP AG-REG-S 0.87500% 19-30.01.29 | 500 000.00 | 541 299.00 | 0.03 |
| EUR	EQUINOR ASA-REG-S 1.25000% 15-17.02.27 | 3 000 000.00 | 3 078 122.10 | 0.15 |
| EUR	EQUINOR ASA-REG-S 2.87500% 13-10.09.25 | 1 000 000.00 | 1 114 150.00 | 0.05 |
| EUR	ERSTE GROUP BANK AG-REG-S 0.10000% 20-15.01.30 | 3 000 000.00 | 3 015 774.00 | 0.15 |

Focused SICAV – High Grade Long Term 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 | EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.40000% 18-17.02.25 | 1 225 000.00 | 1 268 384.60 | 0.06 |
| EUR | EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.20000% 15-28.04.25 | 6 500 000.00 | 6 671 886.01 | 0.32 |
| EUR | EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.40000% 16-31.05.26 | 12 000 000.00 | 12 515 784.00 | 0.60 |
| EUR | EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.50000% 17-11.07.25 | 3 000 000.00 | 3 129 024.00 | 0.15 |
| EUR | EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.87500% 17-26.07.27 | 10 000 000.00 | 10 806 120.00 | 0.52 |
| EUR | EUROPEAN INVESTMENT BANK-REG-S 1.25000% 14-13.11.26 | 2 000 000.00 | 2 209 240.00 | 0.11 |
| EUR | EUROPEAN INVESTMENT BANK 0.50000% 17-15.01.27 | 1 176 000.00 | 1 240 609.44 | 0.06 |
| EUR | EUROPEAN INVESTMENT BANK-REG-S 0.87500% 18-14.01.28 | 20 750 000.00 | 22 610 735.50 | 1.09 |
| EUR | EUROPEAN INVESTMENT BANK 0.37500% 18-16.07.25 | 1 000 000.00 | 1 038 792.00 | 0.05 |
| EUR | EUROPEAN INVESTMENT BANK 0.10000% 19-15.10.26 | 2 500 000.00 | 2 569 750.00 | 0.12 |
| EUR | EUROPEAN STABILITY MECHANISM-REG-S 1.00000% 15-23.09.25 | 2 376 354.00 | 2 549 718.53 | 0.12 |
| EUR | EUROPEAN STABILITY MECHANISM-REG-S 0.50000% 16-02.03.26 | 10 000 000.00 | 10 491 760.00 | 0.51 |
| EUR | EUROPEAN STABILITY MECHANISM-REG-S 0.75000% 17-15.03.27 | 12 000 000.00 | 12 833 136.00 | 0.62 |
| EUR | EUROPEAN STABILITY MECHANISM-REG-S 0.50000% 19-05.03.29 | 1 000 000.00 | 1 058 544.00 | 0.05 |
| EUR | EUROPEAN UNION 2.87500% 12-04.04.28 | 1 050 000.00 | 1 308 631.80 | 0.06 |
| EUR | EUROPEAN UNION-REG-S 1.37500% 14-04.10.29 | 1 000 000.00 | 1 141 560.00 | 0.06 |
| EUR | EXPORT DEVELOPMENT CANADA-REG-S 0.25000% 19-07.03.26 | 5 000 000.00 | 5 119 700.00 | 0.25 |
| EUR | FINNVERA OYJ-REG-S 0.50000% 16-13.04.26 | 1 000 000.00 | 1 044 682.00 | 0.05 |
| EUR | HAMBURG, FREIE HANSESTADT 0.50000% 16-27.04.26 | 2 000 000.00 | 2 078 612.00 | 0.10 |
| EUR | HSBC FRANCE SA-REG-S 0.10000% 19-03.09.27 | 2 000 000.00 | 1 922 600.00 | 0.09 |
| EUR | ING BANK NV-REG-S 0.87500% 18-11.04.28 | 5 000 000.00 | 5 349 620.00 | 0.26 |
| EUR | ING BANK NV-REG-S 0.75000% 19-18.02.29 | 3 000 000.00 | 3 180 690.00 | 0.15 |
| EUR | INTL BK FOR RECONSTR & DEVT WORLD BANK 0.01000% 20-24.04.28 | 4 500 000.00 | 4 530 420.00 | 0.22 |
| EUR | KOMMUNALBANKEN AS-REG-S 0.62500% 16-20.04.26 | 10 000 000.00 | 10 448 660.00 | 0.50 |
| EUR | KOMMUNALBANKEN AS-REG-S 0.87500% 17-24.05.27 | 1 000 000.00 | 1 072 150.00 | 0.05 |
| EUR | KOMMUNEKREDIT-REG-S 0.62500% 16-11.05.26 | 2 500 000.00 | 2 622 925.00 | 0.13 |
| EUR | KOMMUNEKREDIT-REG-S 0.50000% 18-24.01.25 | 1 030 000.00 | 1 065 895.50 | 0.05 |
| EUR | KOMMUNEKREDIT-REG-S 0.75000% 18-05.07.28 | 1 500 000.00 | 1 603 350.00 | 0.08 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU 0.62500% 17-22.02.27 | 2 000 000.00 | 2 126 864.00 | 0.10 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.75000% 19-15.01.29 | 13 000 000.00 | 14 101 464.00 | 0.68 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.50000% 18-28.09.26 | 5 000 000.00 | 5 267 725.00 | 0.25 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.01000% 19-05.05.27 | 10 000 000.00 | 10 207 320.00 | 0.49 |
| EUR | LANDESBANK BADEN-WUERTTEMBERG-REG-S 0.87500% 15-15.09.25 | 500 000.00 | 529 177.00 | 0.03 |
| EUR | LANDESBANK BADEN-WUERTTEMBERG-REG-S 0.01000% 20-16.07.27 | 7 500 000.00 | 7 573 560.00 | 0.36 |
| EUR | LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.62500% 17-12.01.27 | 7 600 000.00 | 8 002 724.00 | 0.39 |
| EUR | LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.87500% 18-20.03.28 | 1 000 000.00 | 1 078 756.50 | 0.05 |
| EUR | LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.12500% 20-22.01.30 | 3 000 000.00 | 3 044 142.00 | 0.15 |
| EUR | LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 0.62500% 17-18.05.27 | 500 000.00 | 529 175.00 | 0.03 |
| EUR | LANSFORSAKRINGAR HYPOTEK AB-REG-S 0.62500% 18-27.03.25 | 579 000.00 | 599 640.19 | 0.03 |
| EUR | LLOYDS BANK PLC-REG-S 0.62500% 18-26.03.25 | 1 000 000.00 | 1 029 888.00 | 0.05 |
| EUR | MEDIOBANCA - BANCA DI CREDITO FIN-REG-S 0.50000% 19-01.10.26 | 500 000.00 | 507 494.00 | 0.02 |
| EUR | MUENCHENER HYPOTHEKENBANK EG-REG-S 0.50000% 15-14.03.25 | 1 000 000.00 | 1 035 440.00 | 0.05 |
| EUR | MUNICIPALITY FINANCE PLC-REG-S 0.62500% 17-26.11.26 | 2 000 000.00 | 2 104 560.00 | 0.10 |
| EUR | MUNICIPALITY FINANCE PLC-REG-S 0.05000% 19-06.09.29 | 1 000 000.00 | 1 010 266.00 | 0.05 |
| EUR | NATIONAL AUSTRALIA BANK LTD-REG-S 0.87500% 15-19.02.27 | 913 000.00 | 955 029.04 | 0.05 |
| EUR | NATIONAL AUSTRALIA BANK-REG-S 1.25000% 16-18.05.26 | 620 000.00 | 645 965.60 | 0.03 |
| EUR | NATIONAL AUSTRALIA BANK LTD-REG-S 0.75000% 19-30.01.26 | 1 000 000.00 | 1 032 424.00 | 0.05 |
| EUR | NATIONWIDE BUILDING SOCIETY-REG-S 2.25000% 14-25.06.29 | 1 000 000.00 | 1 186 912.00 | 0.06 |
| EUR | NATIONWIDE BUILDING SOCIETY-REG-S 1.12500% 18-31.05.28 | 700 000.00 | 753 302.20 | 0.04 |
| EUR | NEDERLANDSE WATERSCHAPSBANK NV-REG-S 0.62500% 17-18.01.27 | 5 000 000.00 | 5 265 600.00 | 0.25 |
| EUR | NEDERLANDSE WATERSCHAPSBK NV-REG-S 0.62500% 19-06.02.29 | 1 000 000.00 | 1 061 770.00 | 0.05 |
| EUR | NESTLE HOLDINGS INC-REG-S 0.87500% 17-18.07.25 | 2 500 000.00 | 2 617 757.00 | 0.13 |
| EUR | NIEDERSACHSEN, STATE OF-REG-S 0.62500% 17-06.07.27 | 1 000 000.00 | 1 053 614.00 | 0.05 |
| EUR | NORDEA BANK ABP-REG-S 1.12500% 15-12.02.25 | 2 000 000.00 | 2 070 344.00 | 0.10 |
| EUR | NORDEA BANK ABP-REG-S 1.12500% 17-27.09.27 | 217 000.00 | 226 281.09 | 0.01 |
| EUR | NORDEA MORTGAGE BANK PLC-REG-S 0.62500% 15-17.03.27 | 750 000.00 | 787 908.00 | 0.04 |
| EUR | NORDEA MORTGAGE BANK PLC-REG-S 0.25000% 19-18.03.26 | 2 500 000.00 | 2 557 240.00 | 0.12 |
| EUR | NORDEA MORTGAGE BANK PLC-REG-S 0.12500% 19-18.06.27 | 2 000 000.00 | 2 029 464.00 | 0.10 |
| EUR | NORDRHEIN-WESTFALEN, STATE OF-REG-S 0.50000% 17-16.02.27 | 1 750 000.00 | 1 824 025.00 | 0.09 |
| EUR | NORDRHEIN-WESTFALEN, STATE OF-REG-S 0.90000% 18-15.11.28 | 1 000 000.00 | 1 081 448.00 | 0.05 |
| EUR | NORDRHEIN-WESTFALEN, STATE OF-REG-S 0.25000% 19-13.03.26 | 1 000 000.00 | 1 024 196.00 | 0.05 |
| EUR | NRW BANK-REG-S 0.37500% 19-16.05.29 | 1 000 000.00 | 1 036 850.00 | 0.05 |
| EUR | ONTARIO, PROVINCE OF-REG-S 0.62500% 18-17.04.25 | 1 000 000.00 | 1 028 356.00 | 0.05 |
| EUR | OP CORPORATE BANK PLC-REG-S 1.00000% 18-22.05.25 | 750 000.00 | 771 751.20 | 0.04 |
| EUR | OP MORTGAGE BANK-REG-S 1.00000% 14-28.11.24 | 342 000.00 | 360 827.88 | 0.02 |
| EUR | OVERSEA-CHINESE BANKING CORP-REG-S 0.62500% 18-18.04.25 | 2 500 000.00 | 2 574 885.00 | 0.12 |
| EUR | RABOBANK NEDERLAND NV-REG-S 1.37500% 15-03.02.27 | 1 000 000.00 | 1 070 648.00 | 0.05 |
| EUR | RABOBANK NEDERLAND NV-REG-S 1.25000% 16-23.03.26 | 3 250 000.00 | 3 429 406.50 | 0.17 |
| EUR | RABOBANK NEDERLAND NV-REG-S 0.62500% 18-26.04.26 | 3 500 000.00 | 3 652 985.00 | 0.18 |
| EUR | REGIE AUTONOME DES TRANSPORTS PA-REG-S 0.35000% 19-20.06.29 | 2 000 000.00 | 2 024 564.00 | 0.10 |
| EUR | REGION OF ILE DE FRANCE-REG-S 2.37500% 14-24.04.26 | 1 100 000.00 | 1 261 031.20 | 0.06 |
| EUR | ROCHE FINANCE EUROPE BV-REG-S 0.87500% 15-25.02.25 | 500 000.00 | 520 010.00 | 0.03 |
| EUR | ROYAL BANK OF CANADA-REG-S 0.62500% 18-10.09.25 | 750 000.00 | 772 038.00 | 0.04 |
| EUR | ROYAL BANK OF CANADA-REG-S 0.01000% 20-21.01.27 | 5 000 000.00 | 4 966 540.00 | 0.24 |
| EUR | SACHSEN-ANHALT, STATE OF-REG-S 0.12500% 19-21.06.29 | 1 500 000.00 | 1 522 122.00 | 0.07 |
| EUR | SANTANDER UK PLC-REG-S 0.05000% 20-12.01.27 | 8 500 000.00 | 8 442 795.00 | 0.41 |
| EUR | SFIL SA-REG-S 0.12500% 16-18.10.24 | 1 000 000.00 | 1 013 690.00 | 0.05 |
| EUR | SHELL INTERNATIONAL FINANCE BV 2.50000% 14-24.03.26 | 2 000 000.00 | 2 217 664.00 | 0.11 |
| EUR | SHELL INTERNATIONAL FINANCE BV-REG-S 1.25000% 16-12.05.28 | 334 000.00 | 345 898.41 | 0.02 |
| EUR | SHELL INTERNATIONAL FINANCE BV-REG-S 0.37500% 16-15.02.25 | 2 000 000.00 | 1 986 895.01 | 0.10 |
| EUR | SHELL INTERNATIONAL FINANCE BV-REG-S 0.75000% 16-15.08.28 | 500 000.00 | 498 400.00 | 0.02 |
| EUR | SNCF RESEAU-REG-S 0.87500% 19-22.01.29 | 1 000 000.00 | 1 061 644.00 | 0.05 |
| EUR | SNCF RESEAU-REG-S 1.12500% 17-19.05.27 | 7 000 000.00 | 7 541 408.00 | 0.36 |
| EUR | SOCIETE GENERALE SFH-REG-S 0.50000% 17-02.06.25 | 1 000 000.00 | 1 030 259.80 | 0.05 |
| EUR | SOCIETE GENERALE SFH-REG-S 0.75000% 17-18.10.27 | 900 000.00 | 952 740.00 | 0.05 |
| EUR | SOCIETE GENERALE SFH-REG-S 0.50000% 18-28.01.26 | 5 000 000.00 | 5 166 130.00 | 0.25 |
| EUR | SOCIETE GENERALE SFH-REG-S 0.01000% 20-11.02.30 | 6 000 000.00 | 5 937 180.00 | 0.29 |
| EUR | SOCIETE NATIONALE SNCF SA-REG-S 0.62500% 20-17.04.30 | 5 000 000.00 | 5 056 110.00 | 0.24 |
| EUR | SPAREBANKEN 1 BOLIGKREDITT-REG-S 0.25000% 16-30.08.26 | 799 000.00 | 810 842.77 | 0.04 |
| EUR | SPAREBANKEN 1 BOLIGKREDITT-REG-S 1.00000% 19-30.01.29 | 6 500 000.00 | 7 019 883.00 | 0.34 |
| EUR | SPAREBANKEN 1 BOLIGKREDITT-REG-S 0.12500% 19-14.05.26 | 2 500 000.00 | 2 524 055.00 | 0.12 |
| EUR | STOCKHLMS LANS LANSTING-REGS 0.75000% 15-26.02.25 | 1 000 000.00 | 1 047 278.00 | 0.05 |
| EUR | SUMITOMO MITSUI BANKING CORP-REG-S 0.26700% 19-18.06.26 | 2 500 000.00 | 2 521 125.00 | 0.12 |
| EUR | SUMITOMO MITSUI BANKING CORP-REG-S 0.40900% 19-07.11.29 | 3 000 000.00 | 3 030 714.00 | 0.15 |
| EUR | SWEDBANK HYPOTEK AB-REG-S 0.50000% 19-05.02.26 | 1 000 000.00 | 1 031 408.00 | 0.05 |
| EUR | SWEDISH COVERED BOND CORP-REG-S 0.87500% 17-29.03.27 | 500 000.00 | 532 700.00 | 0.03 |

Focused SICAV – High Grade Long Term 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 | TEMASEK FINANCIAL I LTD-REG-S 1.50000% 16-01.03.28 | 1 000 000.00 | 1 093 350.00 | 0.05 |
| EUR | TORONTO-DOMINION BANK-REG-S 0.10000% 19-19.07.27 | 6 000 000.00 | 5 986 968.00 | 0.29 |
| EUR | TOTAL CAPITAL INTERNATIONAL SA-REG-S 2.87500% 13-19.11.25 | 1 000 000.00 | 1 128 474.00 | 0.05 |
| EUR | TOTAL CAPITAL INTERNATIONAL SA-REG-S 1.37500% 14-19.03.25 | 2 000 000.00 | 2 087 407.60 | 0.10 |
| EUR | TOTAL CAPITAL INTERNATIONAL SA-REG-S 0.75000% 16-12.07.28 | 1 000 000.00 | 1 004 822.00 | 0.05 |
| EUR | TOTAL CAPITAL INTERNATIONAL SA-REG-S 0.69600% 19-31.05.28 | 2 000 000.00 | 2 005 224.00 | 0.10 |
| EUR | TOYOTA MOTOR CREDIT CORP-REG-S 0.62500% 17-21.11.24 | 400 000.00 | 397 696.00 | 0.02 |
| EUR | TOYOTA MOTOR CREDIT CORP-REG-S 0.25000% 20-16.07.26 | 6 000 000.00 | 5 766 420.00 | 0.28 |
| EUR | UNEDIC ASSEO-REG-S 0.50000% 19-20.03.29 | 1 000 000.00 | 1 037 394.00 | 0.05 |
| EUR | UNEDIC ASSEO-REG-S 1.25000% 15-21.10.27 | 1 000 000.00 | 1 095 160.00 | 0.05 |
| EUR | UNICREDIT BANK AG 0.50000% 17-04.05.26 | 4 000 000.00 | 4 160 832.00 | 0.20 |
| EUR | UNICREDIT BANK AG-REG-S 0.62500% 18-20.11.25 | 2 500 000.00 | 2 614 530.00 | 0.13 |
| EUR | UNICREDIT BANK AUSTRIA AG-REG-S 0.62500% 19-20.03.29 | 1 300 000.00 | 1 369 843.80 | 0.07 |
| EUR | VOLKSBANK WIEN AG-REG-S 0.37500% 19-04.03.26 | 2 700 000.00 | 2 779 228.80 | 0.13 |
| EUR | WESTPAC BANKING CORP-REG-S 0.87500% 16-17.04.27 | 1 000 000.00 | 1 011 450.00 | 0.05 |
| EUR | WESTPAC BANKING CORP-REG-S 1.12500% 17-05.09.27 | 1 000 000.00 | 1 024 820.00 | 0.05 |
| EUR | WESTPAC BANKING CORP-REG-S 0.50000% 18-16.01.25 | 1 200 000.00 | 1 220 448.00 | 0.06 |
| EUR | WESTPAC BANKING CORP-REG-S 0.37500% 19-02.04.26 | 4 000 000.00 | 4 041 880.00 | 0.19 |
| Total EUR |  |  | 528 826 480.02 | 25.48 |
| Total Medium-Term Notes, fester Zins |  | 528 826 480.02 | 25.48 |
| Medium-Term Notes, Nullcoupon |  |  |  |
| EUR |  |  |  |
| EUR	INTL BK FOR RECONS & DEV WORLD BK 0.00000% 20-21.02.30 | 4 000 000.00 | 4 004 400.00 | 0.19 |
| EUR	INTL BK FOR RECONSTR & DEVT WORLD BANK 0.00000% 20-15.01.27 | 12 500 000.00 | 12 654 550.00 | 0.61 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.00000% 19-30.09.26 | 17 500 000.00 | 17 856 720.00 | 0.86 |
| EUR	NEDERLANDSE WATERSCHAPSBANK NV-REG-S 0.00000% 19-16.11.26 | 2 000 000.00 | 2 023 616.00 | 0.10 |
| EUR	NIEDERSACHSEN, STATE OF-REG-S 0.00000% 20-11.02.27 | 5 000 000.00 | 5 045 400.00 | 0.24 |
| EUR	NRW BANK 0.00000% 20-18.02.30 | 2 250 000.00 | 2 248 200.00 | 0.11 |
| EUR	QUEBEC, PROVINCE OF-REG-S 0.00000% 19-15.10.29 | 10 000 000.00 | 9 758 300.00 | 0.47 |
| EUR	UNEDIC ASSEO-REG-S 0.00000% 20-05.03.30 | 1 600 000.00 | 1 573 904.00 | 0.08 |
| Total EUR |  | 55 165 090.00 | 2.66 |
| Total Medium-Term Notes, Nullcoupon |  | 55 165 090.00 | 2.66 |
| Anleihen, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	ABN AMRO BANK NV-REG-S 0.87500% 16-14.01.26 | 5 000 000.00 | 5 288 450.00 | 0.26 |
| EUR	AFRICAN DEVELOPMENT BANK 0.50000% 19-21.03.29 | 3 000 000.00 | 3 141 888.00 | 0.15 |
| EUR	ALBERTA, PROVINCE OF-REG-S 0.62500% 18-18.04.25 | 1 000 000.00 | 1 019 620.00 | 0.05 |
| EUR	APPLE INC 0.87500% 17-24.05.25 | 1 000 000.00 | 1 047 226.20 | 0.05 |
| EUR	APPLE INC 1.37500% 17-24.05.29 | 1 000 000.00 | 1 105 490.00 | 0.05 |
| EUR	APPLE INC 2.00000% 15-17.09.27 | 417 000.00 | 474 874.47 | 0.02 |
| EUR	AUSTRIA, REPUBLIC OF 6.25000% 97-15.07.27 | 7 143 000.00 | 10 517 496.06 | 0.51 |
| EUR	AUSTRIA, REPUBLIC OF-144A 4.85000% 09-15.03.26 | 10 000 000.00 | 13 113 700.00 | 0.63 |
| EUR	AUSTRIA, REPUBLIC OF-REG-S 1.20000% 15-20.10.25 | 10 000 000.00 | 10 898 175.00 | 0.53 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.75000% 16-20.10.26 | 16 882 000.00 | 18 109 152.58 | 0.87 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.50000% 17-20.04.27 | 6 500 000.00 | 6 866 470.00 | 0.33 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.50000% 19-20.02.29 | 6 750 000.00 | 7 176 870.00 | 0.35 |
| EUR	BANCO BILBAO VIZCAYA ARGENTARIA SA 4.00000% 05-25.02.25 | 500 000.00 | 598 305.00 | 0.03 |
| EUR	BANK OF NOVA SCOTIA-REG-S 0.01000% 20-14.01.27 | 2 000 000.00 | 1 983 316.00 | 0.10 |
| EUR	BELGIUM, KINGDOM OF 5.50000% 97-28.03.28 | 805 000.00 | 1 169 883.96 | 0.06 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.80000% 15-22.06.25 | 29 000 000.00 | 30 778 686.00 | 1.48 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 1.00000% 16-22.06.26 | 6 000 000.00 | 6 482 700.00 | 0.31 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.80000% 17-22.06.27 | 21 500 000.00 | 23 084 980.00 | 1.11 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.80000% 18-22.06.28 | 37 750 000.00 | 40 740 706.00 | 1.96 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.90000% 19-22.06.29 | 13 000 000.00 | 14 180 400.00 | 0.68 |
| EUR	BERKSHIRE HATHAWAY INC 1.12500% 15-16.03.27 | 300 000.00 | 312 665.55 | 0.02 |
| EUR	BERLIN HYP AG-REG-S 0.75000% 18-26.02.26 | 500 000.00 | 526 676.00 | 0.03 |
| EUR	BERLIN, STATE OF-REG-S 0.62500% 17-08.02.27 | 5 000 000.00 | 5 258 450.00 | 0.25 |
| EUR	BERLIN, STATE OF-REG-S 0.62500% 19-05.02.29 | 700 000.00 | 741 155.80 | 0.04 |
| EUR	BLACKROCK INC/NEW YORK 1.25000% 15-06.05.25 | 500 000.00 | 520 525.00 | 0.03 |
| EUR	BNG BANK NV-REG-S 0.10000% 20-15.01.30 | 4 500 000.00 | 4 547 493.00 | 0.22 |
| EUR	BNZ INTERNATIONAL FUND LTD/LONDON-REG-S 0.62500% 18-03.07.25 | 1 000 000.00 | 1 027 052.00 | 0.05 |
| EUR	BPCE SFH SA-REG-S 0.62500% 19-22.09.27 | 1 000 000.00 | 1 046 966.00 | 0.05 |
| EUR	BPCE SFH SA-REG-S 0.01000% 20-23.03.28 | 5 000 000.00 | 4 996 680.00 | 0.24 |
| EUR	BPIFRANCE FINANCEMENT SA-REG-S 0.62500% 18-25.05.26 | 1 500 000.00 | 1 562 949.00 | 0.08 |
| EUR	BUNDESLAENDER BUNDESREPUBLI DEUTS-REG-S 0.62500% 17-25.10.27 | 1 000 000.00 | 1 054 108.00 | 0.05 |
| EUR	CAISSE D'AMORTIS DE LA DETTE SOCIALE 4.00000% 12-15.12.25 | 3 914 000.00 | 4 848 898.04 | 0.23 |
| EUR	CAISSE DE REFINANCEMENT DE L'HABI-REG-S 0.01000% 19-08.10.29 | 500 000.00 | 496 419.40 | 0.02 |
| EUR	CAISSE DE REFINANCEMENT DE L'HAB-REG-S 0.01000% 20-07.02.28 | 5 000 000.00 | 4 999 950.00 | 0.24 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 0.37500% 16-23.06.25 | 800 000.00 | 820 108.80 | 0.04 |
| EUR	CAISSE FRANCISE DE FINCEMNT LOCAL-REG-S 0.50000% 18-19-01.26 | 2 500 000.00 | 2 581 265.00 | 0.12 |
| EUR	CIE DE FINANCEMENT FONCIER SA-REG-S 0.75000% 18-11.01.28 | 3 000 000.00 | 3 168 780.00 | 0.15 |
| EUR	CIE DE FINANCEMENT FONCIER SA-REG-S 0.75000% 18-29.05.26 | 5 000 000.00 | 5 235 450.00 | 0.25 |
| EUR	COLGATE-PALMOLIVE CO 0.50000% 19-06.03.26 | 1 050 000.00 | 1 060 742.76 | 0.05 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.22500% 16-14.09.26 | 1 000 000.00 | 1 014 558.00 | 0.05 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.01000% 19-10.11.27 | 3 000 000.00 | 2 995 350.00 | 0.14 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA 4.00000% 10-16.07.25 | 5 000 000.00 | 6 062 720.00 | 0.29 |
| EUR	CREDIT AGRICOLE ITALIA SPA-REG-S 0.25000% 20-17.01.28 | 500 000.00 | 497 373.00 | 0.02 |
| EUR	CREDIT MUTUEL HOME LOAN SFH SA-REG-S 0.12500% 20-28.01.30 | 800 000.00 | 797 404.80 | 0.04 |
| EUR	DANSKE KIINNITYSLUOTTOPANKKI OYJ-REG-S 0.01000% 20-14.01.28 | 6 500 000.00 | 6 518 473.00 | 0.31 |
| EUR	DNB BOLIGKREDITT AS-REG-S 0.62500% 19-14.01.26 | 7 500 000.00 | 7 776 585.00 | 0.37 |
| EUR	EMIRATES TELECOM CORP-REG-S 2.75000% 14-18.06.26 | 1 500 000.00 | 1 667 812.50 | 0.08 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.40000% 19-26.01.26 | 10 500 000.00 | 10 922 373.00 | 0.53 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.05000% 19-17.10.29 | 5 000 000.00 | 5 086 700.00 | 0.25 |
| EUR	EUROPEAN INVESTMENT BANK-REG-S 0.12500% 19-20.06.29 | 1 500 000.00 | 1 550 085.00 | 0.07 |
| EUR	EUROPEAN INVESTMENT BANK 0.05000% 20-16.01.30 | 10 000 000.00 | 10 248 220.00 | 0.49 |
| EUR	FINLAND, REPUBLIC OF 2.75000% 12-04.07.28 | 2 000 000.00 | 2 494 896.00 | 0.12 |
| EUR	FINLAND, REPUBLIC OF-144A-REG-S 0.87500% 15-15.09.25 | 1 000 000.00 | 1 071 626.00 | 0.05 |
| EUR	FINLAND, REPUBLIC OF-144A-REG-S 0.50000% 16-15.04.26 | 1 000 000.00 | 1 053 802.00 | 0.05 |
| EUR	FINLAND, REPUBLIC OF-144A-REG-S 0.50000% 17-15.09.27 | 8 000 000.00 | 8 464 240.00 | 0.41 |
| EUR	FINLAND, REPUBLIC OF-144A-REG-S 0.50000% 18-15.09.28 | 6 500 000.00 | 6 900 101.00 | 0.33 |

Focused SICAV – High Grade Long Term 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 | FINLAND, REPUBLIC OF-144A-REG-S 0.50000% 19-15.09.29 | 3 000 000.00 | 3 192 636.00 | 0.15 |
| EUR | FINNVERA OYJ-REG-S 0.37500% 19-09.04.29 | 500 000.00 | 522 522.00 | 0.03 |
| EUR | FRANCE, REPUBLIC OF-OAT 6.00000% 94-25.10.25 | 49 657 000.00 | 67 308 772.42 | 3.24 |
| EUR | FRANCE, REPUBLIC OF-OAT 5.50000% 98-25.04.29 | 35 000 000.00 | 52 941 350.00 | 2.55 |
| EUR | FRANCE, REPUBLIC OF-OAT 3.50000% 10-25.04.26 | 40 000 000.00 | 49 334 240.00 | 2.38 |
| EUR | FRANCE, REPUBLIC OF-OAT 2.75000% 12-25.10.27 | 27 393 000.00 | 33 664 353.42 | 1.62 |
| EUR | FRANCE, REPUBLIC OF-OAT 0.50000% 15-25.05.25 | 39 000 000.00 | 40 922 700.00 | 1.97 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 1.00000% 15-25.11.25 | 38 329 000.00 | 41 349 325.20 | 1.99 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.50000% 16-25.05.26 | 46 500 000.00 | 48 961 803.00 | 2.36 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.25000% 15-25.11.26 | 44 663 000.00 | 46 336 969.24 | 2.23 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 1.00000% 17-25.05.27 | 42 250 000.00 | 46 115 030.00 | 2.22 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.75000% 17-25.05.28 | 36 746 000.00 | 39 648 934.00 | 1.91 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.75000% 18-25.11.28 | 31 500 000.00 | 34 048 287.00 | 1.64 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.50000% 19-25.05.29 | 34 000 000.00 | 35 996 072.00 | 1.73 |
| EUR | GERMANY, REPUBLIC OF-REG-S 1.00000% 15-15.08.25 | 10 000 000.00 | 10 955 000.01 | 0.53 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.50000% 16-15.02.26 | 31 000 000.00 | 33 302 494.00 | 1.60 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.25000% 17-15.02.27 | 30 559 000.00 | 32 637 928.77 | 1.57 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.50000% 17-15.08.27 | 45 000 000.00 | 49 050 990.00 | 2.36 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.50000% 18-15.02.28 | 27 495 000.00 | 30 102 900.75 | 1.45 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.25000% 18-15.08.28 | 26 000 000.00 | 28 028 156.00 | 1.35 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.25000% 19-15.02.29 | 22 000 000.00 | 23 777 864.00 | 1.15 |
| EUR | GERMANY, REPUBLIC OF 6.50000% 97-04.07.27 | 5 000 000.00 | 7 638 560.00 | 0.37 |
| EUR | GERMANY, REPUBLIC OF 5.62500% 98-04.01.28 | 2 500 000.00 | 3 736 030.00 | 0.18 |
| EUR | GERMANY, REPUBLIC OF 4.75000% 98-04.07.28 | 11 000 000.00 | 15 952 068.00 | 0.77 |
| EUR | GERMANY, REPUBLIC OF 6.25000% 00-04.01.30 | 7 500 000.00 | 12 603 750.00 | 0.61 |
| EUR | HESSEN, STATE OF 0.37500% 16-06.07.26 | 2 000 000.00 | 2 067 040.00 | 0.10 |
| EUR | HESSEN, STATE OF-REG-S 0.62500% 18-02.08.28 | 3 000 000.00 | 3 170 700.00 | 0.15 |
| EUR | HESSEN, STATE OF-REG-S 0.25000% 15-10.06.25 | 1 500 000.00 | 1 534 920.00 | 0.07 |
| EUR | JOHNSON & JOHNSON 1.15000% 16-20.11.28 | 500 000.00 | 540 254.01 | 0.03 |
| EUR | JYSKE REALKREDIT A/S-REG-S 0.37500% 19-01.04.25 | 1 600 000.00 | 1 639 132.80 | 0.08 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU 0.37500% 16-09.03.26 | 7 000 000.00 | 7 294 224.00 | 0.35 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU 0.50000% 17-15.09.27 | 6 500 000.00 | 6 874 777.00 | 0.33 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU 0.25000% 18-15.09.25 | 5 000 000.00 | 5 162 320.00 | 0.25 |
| EUR | LA BANQUE POSTAL HOME LOAN SFH-REG-S 0.01000% 19-22.10.29 | 500 000.00 | 493 349.00 | 0.02 |
| EUR | LUXEMBOURG GOVERNMENT BOND-REG-S 0.62500% 17-01.02.27 | 623 000.00 | 663 103.26 | 0.03 |
| EUR | MICROSOFT CORP 3.12500% 13-06.12.28 | 350 000.00 | 433 815.90 | 0.02 |
| EUR | MUENCHENER HYPOTHEKENBANK EG-REG-S 0.62500% 18-10.11.27 | 1 000 000.00 | 1 058 014.00 | 0.05 |
| EUR | NETHERLANDS, KINGDOM OF THE 5.50000% 98-15.01.28 | 9 500 000.00 | 13 918 568.76 | 0.67 |
| EUR | NETHERLANDS, KINGDOM OF THE-144A-REG-S 0.50000% 16-15.07.26 | 12 000 000.00 | 12 797 808.00 | 0.62 |
| EUR | NETHERLANDS, KINGDOM OF THE-144A-REG-S 0.75000% 17-15.07.27 | 20 850 000.00 | 22 745 890.50 | 1.10 |
| EUR | NETHERLANDS, KINGDOM OF THE-144A-REG-S 0.75000% 18-15.07.28 | 13 000 000.00 | 14 280 961.50 | 0.69 |
| EUR | NETHERLANDS, KINGDOM OF THE 0.25000% 19-15.07.29 | 21 000 000.00 | 22 224 394.50 | 1.07 |
| EUR | NIEDERSACHSEN, STATE OF-REG-S 0.37500% 18-09.01.26 | 500 000.00 | 516 247.00 | 0.03 |
| EUR | NIEDERSACHSEN, STATE OF-REG-S 0.37500% 19-14.05.29 | 3 000 000.00 | 3 114 096.00 | 0.15 |
| EUR | NOVARTIS FINANCE SA-REG-S 1.62500% 14-09.11.26 | 3 250 000.00 | 3 590 340.00 | 0.17 |
| EUR | NOVARTIS FINANCE SA-REG-S 0.62500% 16-20.09.28 | 2 323 000.00 | 2 420 575.76 | 0.12 |
| EUR | NOVARTIS FINANCE SA-REG-S 1.12500% 17-30.09.27 | 1 500 000.00 | 1 614 277.50 | 0.08 |
| EUR | NRW BANK 0.25000% 16-28.09.26 | 5 000 000.00 | 5 135 500.00 | 0.25 |
| EUR | NRW BANK 0.62500% 16-11.02.26 | 6 000 000.00 | 6 292 620.00 | 0.30 |
| EUR | NRW BANK-REG-S 0.50000% 18-26.05.25 | 3 000 000.00 | 3 111 347.40 | 0.15 |
| EUR | OP MORTGAGE BANK 0.75000% 17-07.06.27 | 6 548 000.00 | 6 948 004.22 | 0.34 |
| EUR | PROCTER & GAMBLE CO 4.87500% 07-11.05.27 | 4 950 000.00 | 6 570 184.50 | 0.32 |
| EUR | QUEBEC, PROVINCE OF-REG-S 0.87500% 17-04.05.27 | 1 033 000.00 | 1 089 746.83 | 0.05 |
| EUR | RABOBANK NEDERLAND NV 4.12500% 10-14.07.25 | 1 000 000.00 | 1 197 320.00 | 0.06 |
| EUR | RHEINLAND-PFALZ, STATE OF-REG-S 0.10000% 16-18.08.26 | 1 000 000.00 | 1 014 950.00 | 0.05 |
| EUR | SA DE GESTION DE STOCKS DE SECURITE 2.62500% 13-06.03.25 | 1 000 000.00 | 1 133 081.80 | 0.05 |
| EUR | SA DE GESTION DES STOCKS DE SEC-REG-S 0.62500% 16-20.10.28 | 100 000.00 | 104 098.60 | 0.01 |
| EUR | SCHLESWIG-HOLSTEIN,STATE OF-REG-S 0.12500% 19-12.06.29 | 1 500 000.00 | 1 520 346.00 | 0.07 |
| EUR | SKANDINAVISKA ENSKILDA BANKEN AB-REG-S 0.37500% 19-09.02.26 | 2 000 000.00 | 2 050 112.00 | 0.10 |
| EUR | SOCIETE GENERALE SFH-REG-S 0.75000% 19-29.01.27 | 1 000 000.00 | 1 053 546.00 | 0.05 |
| EUR | STADSHYPOTEK AB-REG-S 0.12500% 16-05.10.26 | 5 100 000.00 | 5 150 235.00 | 0.25 |
| EUR | STADSHYPOTEK AB-REG-S 0.50000% 18-11.07.25 | 1 000 000.00 | 1 030 834.00 | 0.05 |
| EUR | UNEDIC ASSEO-REG-S 0.62500% 15-17.02.25 | 1 000 000.00 | 1 040 524.00 | 0.05 |
| EUR | UNEDIC ASSEO-REG-S 0.62500% 16-03.03.26 | 500 000.00 | 521 751.00 | 0.03 |
| EUR | UNICREDIT SPA-REG-S 0.75000% 15-30.04.25 | 1 273 000.00 | 1 311 141.63 | 0.06 |
| EUR | WALMART INC 2.55000% 14-08.04.26 | 3 000 000.00 | 3 355 200.00 | 0.16 |
| EUR | WALMART INC 4.87500% 09-21.09.29 | 1 500 000.00 | 2 047 795.95 | 0.10 |
| Total EUR |  |  | 1 285 668 927.15 | 61.93 |
| Total Anleihen, fester Zins |  | 1 285 668 927.15 | 61.93 |
| Anleihen, Nullcoupon |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.00000% 20-20.02.30 | 2 000 000.00 | 2 030 920.00 | 0.10 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.03.25 | 29 000 000.00 | 29 664 680.00 | 1.43 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.11.29 | 40 000 000.00 | 40 392 400.00 | 1.94 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 16-15.08.26 | 41 500 000.00 | 43 477 060.00 | 2.09 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 19-15.08.29 | 23 500 000.00 | 24 866 948.00 | 1.20 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 20-15.02.30 | 8 000 000.00 | 8 470 144.00 | 0.41 |
| EUR	INTERNATIONAL DEVELOPMENT ASSOC-REG-S 0.00000% 19-19.10.26 | 9 000 000.00 | 9 166 014.00 | 0.44 |
| EUR	RABOBANK NEDERLAND NV-REG-S 0.00000% 19-21.06.27 | 6 000 000.00 | 6 014 712.00 | 0.29 |
| Total EUR |  | 164 082 878.00 | 7.90 |
| Total Anleihen, Nullcoupon |  | 164 082 878.00 | 7.90 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden |  | 2 059 251 376.17 | 99.20 |
| Total des Wertpapierbestandes |  | 2 059 251 376.17 | 99.20 |

Focused SICAV – High Grade Long Term 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) |  |

Devisenterminkontrakte
Devisenterminkontrakte (Kauf/Verkauf)
| USD | 581 606 300.00 | EUR | 524 584 017.32 | 4.5.2020 | 6 417 808.66 | 0.31 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 539 152 800.00 | EUR | 509 662 215.24 | 4.5.2020 | 353 974.41 | 0.02 |
| CHF | 8 675 800.00 | EUR | 8 186 868.74 | 4.5.2020 | 20 078.27 | 0.00 |
| USD | 11 203 100.00 | EUR | 10 147 047.09 | 4.5.2020 | 81 292.18 | 0.00 |
| EUR | 874 036.60 | USD | 956 800.00 | 4.5.2020 | 485.97 | 0.00 |
| EUR | 830 270.35 | USD | 903 100.00 | 4.5.2020 | 5 747.39 | 0.00 |
| EUR | 789 045.83 | CHF | 832 800.00 | 4.5.2020 | 1 251.57 | 0.00 |
| EUR | 2 536 309.41 | USD | 2 761 800.00 | 4.5.2020 | 14 808.45 | 0.00 |
| EUR | 6 004 724.14 | CHF | 6 348 500.00 | 4.5.2020 | -693.58 | 0.00 |
| EUR | 6 330 863.07 | USD | 6 920 400.00 | 4.5.2020 | 12 594.10 | 0.00 |
| USD | 3 487 900.00 | EUR | 3 205 852.32 | 4.5.2020 | -21 427.96 | 0.00 |
| EUR | 881 069.00 | CHF | 926 600.00 | 4.5.2020 | 4 543.83 | 0.00 |
| EUR | 1 341 075.68 | USD | 1 457 300.00 | 4.5.2020 | 10 572.62 | 0.00 |
| USD | 583 297 900.00 | EUR | 536 438 396.73 | 2.6.2020 | -4 201 879.29 | -0.20 |
| CHF | 539 720 700.00 | EUR | 511 047 365.47 | 2.6.2020 | -382 564.70 | -0.02 |
| EUR | 1 303 037.78 | USD | 1 415 000.00 | 2.6.2020 | 11 905.63 | 0.00 |
| Total Devisenterminkontrakte (Kauf/Verkauf) | 2 328 497.55 | 0.11 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 12 851 516.49 | 0.62 |
| Andere Aktiva und Passiva | 1 436 617.55 | 0.07 |
| Total des Nettovermögens | 2 075 868 007.76 | 100.00 |

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