# Focused SICAV – High Grade Bond EUR
| Three-year comparison |  |
| --- | --- |
| Date | ISIN | 31.10.2019 | 31.10.2018 | 31.10.2017 |
| Net assets in EUR |  | 492 137 232.71 | 274 745 330.74 | 522 424 694.75 |
| Class F-acc | LU0224580430 |  |  |  |
| Shares outstanding |  | 3 597 839.9530 | 1 976 825.2650 | 3 791 643.4020 |
| Net asset value per share in EUR |  | 135.27 | 134.27 | 134.74 |
| Issue and redemption price per share in EUR 1 |  | 135.27 | 134.27 | 134.74 |
| Class F-UKdist | LU0526609473 |  |  |  |
| Shares outstanding |  | 46 213.5880 | 78 641.0610 | 95 660.0610 |
| Net asset value per share in EUR |  | 117.78 | 118.40 | 120.66 |
| Issue and redemption price per share in EUR 1 |  | 117.78 | 118.40 | 120.66 |
| 1  See note 1 |  |  |  |  |
| Performance |  |  |  |  |
|  | Currency | 2018/2019 | 2017/2018 | 2016/2017 |
| Class F-acc | EUR | 0.7% | -0.3% | 0.1% |
| Class F-UKdist | EUR | 0.7% | -0.3% | 0.1% |

Historical performance is no indicator of current or future performance.
The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares. The performance data were not audited.
The subfund has no benchmark.

## Report of the Portfolio Manager
During the financial year from 1 November 2018 to 31 October 2019, European fixed income markets were mainly driven by a slowing, but still positive macro picture, political challenges, mainly in the UK and Italy as well as a change in course from the ECB. After indicating the willingness to normalize its interest rate policy, the ECB reacted to the changing global environment to indicate even more easing. This led to lower interest rates and mostly flatter term structures.
The subfund generated a positive performance during the financial year. The portfolio had a preference for Covered as well as Corporate bonds versus Bonds from European Governments. Towards the middle of the financial year, the allocation was slightly changed and exposure was shifted from the Covered Bonds towards the SSA Sector.

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| France | 31.62 |
| --- | --- |
| Germany | 22.67 |
| Luxembourg | 7.76 |
| The Netherlands | 5.48 |
| Finland | 4.00 |
| Supranationals | 3.64 |
| United Kingdom | 3.44 |
| Belgium | 3.22 |
| Australia | 2.86 |
| Canada | 2.65 |
| Austria | 2.45 |
| United States | 2.34 |
| Norway | 2.05 |
| Sweden | 0.97 |
| Japan | 0.83 |
| Singapore | 0.75 |
| South Korea | 0.74 |
| New Zealand | 0.39 |
| Guernsey | 0.27 |
| Total | 98.13 |

Economic Breakdown as a % of net assets	
| Countries & central governments | 38.44 |
| --- | --- |
| Banks & credit institutions | 31.40 |
| Supranational organisations | 9.65 |
| Finance & holding companies | 6.29 |
| Cantons, federal states | 4.15 |
| Mortgage & funding institutions | 2.39 |
| Public, non-profit institutions | 2.00 |
| Petroleum | 0.79 |
| Miscellaneous services | 0.67 |
| Miscellaneous consumer goods | 0.48 |
| Insurance | 0.44 |
| Miscellaneous unclassified companies | 0.42 |
| Pharmaceuticals, cosmetics & medical products | 0.31 |
| Traffic & transportation | 0.24 |
| Retail trade, department stores | 0.21 |
| Computer hardware & network equipment providers | 0.13 |
| Energy & water supply | 0.12 |
| Total | 98.13 |

Focused SICAV – High Grade Bond EUR Annual Report as of 31 October 2019

## Statement of Net Assets
Assets	31.10.2019
EUR
Investments in securities, cost	486 253 536.35
| Investments in securities, unrealized appreciation (depreciation) | 	-3 304 207.70	 |
| --- | --- |
| Total investments in securities (Note 1) | 482 949 328.65 |
| Cash at banks, deposits on demand and deposit accounts | 7 207 343.00 |
| Receivable on securities sales (Note 1) | 15 234 520.75 |
| Receivable on subscriptions | 2 521 781.39 |
| Interest receivable on securities | 1 967 690.13 |
| Unrealized gain (loss) on financial futures (Note 1) | 91 750.00 |
| Total Assets | 509 972 413.92 |
|  |  |
| Liabilities |  |
| Other short-term liabilities (Margins) | -107 000.00 |
| Payable on securities purchases (Note 1) | -5 180 321.97 |
| Payable on redemptions | -12 512 206.55 |
| Provisions for flat fee (Note 2) | -30 812.91 |
| Provisions for taxe d’abonnement (Note 3) | -4 145.72 |
| Provisions for other commissions and fees (Note 2) | 	-694.06	 |
| Total provisions | -35 652.69 |
| Total Liabilities | -17 835 181.21 |
|  |  |
| Net assets at the end of the financial year | 492 137 232.71 |
| Statement of Operations | EUR |
| Income | 1.11.2018-31.10.2019 |
| Interest on securities | 4 485 896.92 |
| Income on securities lending (Note 12) | 142 636.85 |
| Other income (Note 4) | 530 362.96 |
| Total income | 5 158 896.73 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -492 060.17 |
| Taxe d’abonnement (Note 3) | -39 510.26 |
| Cost on securities lending (Note 12) | -57 054.74 |
| Other commissions and fees (Note 2) | -17 416.61 |
| Interest on cash and bank overdraft | -23 774.31 |
| Total expenses | -629 816.09 |
|  |  |
| Net income (loss) on investments | 4 529 080.64 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -2 196 772.47 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | -173 620.84 |
| Realized gain (loss) on financial futures | -155 143.90 |
| Total realized gain (loss) | -2 525 537.21 |
|  |  |
| Net realized gain (loss) of the financial year | 2 003 543.43 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -568 430.90 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | -225 178.45 |
| Unrealized appreciation (depreciation) on financial futures | 79 270.00 |
| Total changes in unrealized appreciation (depreciation) | -714 339.35 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 1 289 204.08 |

Focused SICAV – High Grade Bond EUR Annual Report as of 31 October 2019
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | EUR |
|  | 1.11.2018-31.10.2019 |
| Net assets at the beginning of the financial year | 274 745 330.74 |
| Subscriptions | 757 905 312.15 |
| Redemptions | 	-541 711 070.06	 |
| Total net subscriptions (redemptions) | 216 194 242.09 |
| Dividend paid | -91 544.20 |
| Net income (loss) on investments | 4 529 080.64 |
| Total realized gain (loss) | -2 525 537.21 |
| Total changes in unrealized appreciation (depreciation) | 	-714 339.35	 |
| Net increase (decrease) in net assets as a result of operations | 1 289 204.08 |
| Net assets at the end of the financial year | 492 137 232.71 |

| Changes in the Number of Shares outstanding |  |
| --- | --- |
|  | 1.11.2018-31.10.2019 |
| Class | F-acc |
| Number of shares outstanding at the beginning of the financial year | 1 976 825.2650 |
| Number of shares issued | 5 539 763.7900 |
| Number of shares redeemed | -3 918 749.1020 |
| Number of shares outstanding at the end of the financial year | 3 597 839.9530 |
| Class | F-UKdist |
| Number of shares outstanding at the beginning of the financial year | 78 641.0610 |
| Number of shares issued | 74 580.0000 |
| Number of shares redeemed | -107 007.4730 |
| Number of shares outstanding at the end of the financial year | 46 213.5880 |

| Annual Distribution 1 |  |
| --- | --- |
| Focused SICAV – High Grade Bond EUR | Ex-Date | Pay-Date | Currency | Amount per share |
| F-UKdist 1  See note 5 | 15.11.2018 | 20.11.2018 | EUR | 1.49 |

Focused SICAV – High Grade Bond EUR Annual Report as of 31 October 2019

## Statement of Investments in Securities and other Net Assets as of 31 October 2019
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange Notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	BELGIUM, KINGDOM OF 4.25000% 12-28.09.22 | 602 000.00 | 687 757.31 | 0.14 |
| EUR	BERKSHIRE HATHAWAY INC 0.50000% 16-13.03.20 | 772 000.00 | 773 605.76 | 0.16 |
| EUR	BERLIN, STATE OF-REG-S 1.87500% 13-12.06.23 | 1 500 000.00 | 1 623 546.00 | 0.33 |
| EUR	PROCTER & GAMBLE CO-REG-S 2.00000% 12-16.08.22 | 1 500 000.00 | 1 593 843.00 | 0.32 |
| EUR	WALMART INC 1.90000% 14-08.04.22 | 1 000 000.00 | 1 047 220.00 | 0.21 |
| Total EUR |  | 5 725 972.07 | 1.16 |
| Total Notes, fixed rate |  | 5 725 972.07 | 1.16 |
| Medium term notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ABN AMRO BANK NV-REG-S 3.50000% 12-18.01.22 | 1 000 000.00 | 1 086 018.00 | 0.22 |
| EUR	ABN AMRO BANK NV-REG-S 2.50000% 13-05.09.23 | 700 000.00 | 776 925.80 | 0.16 |
| EUR	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 0.37500% 16-30.04.24 | 1 000 000.00 | 1 027 550.00 | 0.21 |
| EUR	ALLIANDER NV 2.87500% 12-14.06.24 | 500 000.00 | 567 230.00 | 0.11 |
| EUR	ALLIANZ FINANCE II BV 3.50000% 12-14.02.22 | 2 000 000.00 | 2 167 768.00 | 0.44 |
| EUR	ANZ NEW ZEALAND INT’L LTD/LDN-REG-S 0.62500% 16-01.06.21 | 1 902 000.00 | 1 924 461.85 | 0.39 |
| EUR	ANZ NEW ZEALAND INT’L LTD/LDN-REG-S 0.12500% 16-22.09.23 | 1 000 000.00 | 1 012 344.00 | 0.21 |
| EUR	ANZ NEW ZEALAND INT’L LTD/LDN-REG-S 0.50000% 19-17.01.24 | 1 000 000.00 | 1 027 514.00 | 0.21 |
| EUR	APPLE INC 1.00000% 14-10.11.22 | 637 000.00 | 660 300.19 | 0.13 |
| EUR	AUSTRALIA & NEW ZEALAND BANKING-REG-S 3.62500% 12-18.07.22 | 1 900 000.00 | 2 102 851.60 | 0.43 |
| EUR	AUSTRLIA & NEW ZELAND BNKING GRUP-REG-S 0.62500% 18-21.02.23 | 800 000.00 | 818 083.20 | 0.17 |
| EUR	BANK NEDERLANDSE GEMEENTEN NV-REG-S 0.37500% 15-14.01.22 | 2 830 000.00 | 2 881 245.64 | 0.59 |
| EUR	BANK NEDERLANDSE GEMEENTEN NV-REG-S 0.25000% 16-22.02.23 | 1 500 000.00 | 1 533 759.00 | 0.31 |
| EUR	BARCLAYS BANK UK PLC-REG-S 4.00000% 11-12.01.21 | 1 400 000.00 | 1 472 289.84 | 0.30 |
| EUR	BERLIN, STATE OF 1.62500% 14-03.06.24 | 1 500 000.00 | 1 636 548.00 | 0.33 |
| EUR	BNP PARIBAS HOME LOAN COVERED SFH 3.12500% 12-22.03.22 | 1 000 000.00 | 1 083 620.00 | 0.22 |
| EUR	BNP PARIBAS HOME LOAN SFH-REG-S 0.25000% 16-02.09.21 | 500 000.00 | 505 721.00 | 0.10 |
| EUR	BNZ INTERNATIONAL FUND LTD/LONDON-REG-S 0.50000% 17-13.05.23 | 1 500 000.00 | 1 525 455.00 | 0.31 |
| EUR	BPCE SFH SA-REG-S 4.00000% 11-23.03.22 | 1 000 000.00 | 1 104 704.00 | 0.22 |
| EUR	BPCE SOCIETE DE FINANCEMENT DE LHABITAT 3.75000% 11-13.09.21 | 800 000.00 | 861 694.40 | 0.17 |
| EUR	CAISSE D’AMORTIS DE LA DETTE SOCIALE 4.12500% 11-25.04.23 | 1 000 000.00 | 1 160 219.00 | 0.24 |
| EUR	CAISSE DE REFINANCEMENT DE L’HABITAT 4.00000% 11-10.01.22 | 1 221 183.00 | 1 338 453.21 | 0.27 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL 4.87500% 09-02.06.21 | 278 000.00 | 301 171.30 | 0.06 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL 4.25000% 10-26.01.22 | 1 517 000.00 | 1 674 737.66 | 0.34 |
| EUR	CANADIAN IMPERIAL BANK-REG-S 0.25000% 18-24.01.23 | 1 700 000.00 | 1 728 294.80 | 0.35 |
| EUR	COMMERZBANK AG 0.12500% 16-23.02.23 | 1 000 000.00 | 1 015 612.00 | 0.21 |
| EUR	COMMONWEALTH BANK OF AUSTRALIA 3.00000% 12-03.05.22 | 1 000 000.00 | 1 082 700.00 | 0.22 |
| EUR	COMMONWEALTH BANK OF AUSTRALIA-REG-S 0.50000% 17-11.07.22 | 995 000.00 | 1 011 606.55 | 0.21 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER 4.87500% 09-25.05.21 | 2 990 000.00 | 3 235 652.42 | 0.66 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER 2.00000% 14-07.05.24 | 1 000 000.00 | 1 103 120.00 | 0.22 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.62500% 14-12.11.21 | 1 000 000.00 | 1 019 998.00 | 0.21 |
| EUR	CORPORACION ANDINA DE FOMENTO-REG-S 1.87500% 14-29.05.21 | 550 000.00 | 566 071.00 | 0.11 |
| EUR	CPPIB CAPITAL INC-REG-S 0.37500% 17-20.06.24 | 3 500 000.00 | 3 598 893.55 | 0.73 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA-REG-S 0.37500% 16-24.03.23 | 1 000 000.00 | 1 024 658.00 | 0.21 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA-REG-S 0.05000% 18-29.08.22 | 1 500 000.00 | 1 517 586.00 | 0.31 |
| EUR	CREDIT AGRICOLE PUBLIC SECTOR SCF SA 1.87500% 13-07.06.23 | 3 000 000.00 | 3 240 420.00 | 0.66 |
| EUR	DEXIA CREDIT LOCAL DE FRANCE-REG-S 0.20000% 16-16.03.21 | 1 500 000.00 | 1 511 649.00 | 0.31 |
| EUR	DNB BOLIGKREDITT AS 3.87500% 11-16.06.21 | 551 000.00 | 588 828.36 | 0.12 |
| EUR	DNB BOLIGKREDITT AS-REG-S 0.25000% 16-18.04.23 | 1 000 000.00 | 1 019 020.00 | 0.21 |
| EUR	DNB BOLIGKREDITT AS-REG-S 0.05000% 17-11.01.22 | 507 000.00 | 511 365.27 | 0.10 |
| EUR	EQUINOR ASA-REG-S 0.87500% 15-17.02.23 | 1 700 000.00 | 1 750 048.00 | 0.36 |
| EUR	EUROCLEAR BANK-REG-S 0.25000% 18-07.09.22 | 1 000 000.00 | 1 008 500.00 | 0.20 |
| EUR	EUROFIMA EURO RAILROADMAT FIN CO-REG-S 0.25000% 16-25.04.23 | 1 000 000.00 | 1 020 280.00 | 0.21 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 2.25000% 12-05.09.22 | 3 500 000.00 | 3 774 155.00 | 0.77 |
| EUR	EUROPEAN INVESTMENT BANK 2.25000% 12-14.10.22 | 2 260 000.00 | 2 443 812.13 | 0.50 |
| EUR	EUROPEAN INVESTMENT BANK 1.37500% 13-15.09.21 | 5 000 000.00 | 5 175 630.00 | 1.05 |
| EUR	EUROPEAN INVESTMENT BANK 2.12500% 14-15.01.24 | 1 500 000.00 | 1 661 778.00 | 0.34 |
| EUR	EUROPEAN STABILITY MECHANISM-REG-S 0.12500% 16-22.04.24 | 1 000 000.00 | 1 022 564.00 | 0.21 |
| EUR	EUROPEAN STABILITY MECHANISM-REG-S 0.10000% 18-31.07.23 | 5 500 000.00 | 5 603 730.00 | 1.14 |
| EUR	EUROPEAN UNION 2.75000% 11-21.09.21 | 1 558 000.00 | 1 653 835.70 | 0.34 |
| EUR	EXPORT-IMPORT BANK OF KOREA-REG-S 2.00000% 13-30.04.20 | 1 098 000.00 | 1 110 695.63 | 0.23 |
| EUR	EXPORT-IMPORT BANK OF KOREA-REG-S 0.37500% 19-26.03.24 | 1 500 000.00 | 1 519 024.35 | 0.31 |
| EUR	FMS WERTMANAGEMENT 3.00000% 11-08.09.21 | 2 200 000.00 | 2 342 018.80 | 0.48 |
| EUR	HSBC BANK PLC 4.00000% 10-15.01.21 | 1 154 000.00 | 1 211 741.55 | 0.25 |
| EUR	HSBC FRANCE SA-REG-S 0.60000% 18-20.03.23 | 1 000 000.00 | 1 019 716.00 | 0.21 |
| EUR	ING BANK NV 3.37500% 12-10.01.22 | 1 000 000.00 | 1 082 488.00 | 0.22 |
| EUR	ING BANK NV-REG-S 3.62500% 11-31.08.21 | 1 831 000.00 | 1 965 413.71 | 0.40 |
| EUR	KBC BANK NV-REG-S 0.37500% 16-01.09.22 | 1 500 000.00 | 1 530 798.00 | 0.31 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 1.50000% 14-11.06.24 | 3 000 000.00 | 3 266 760.00 | 0.66 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 1.62500% 14-15.01.21 | 1 700 000.00 | 1 743 494.50 | 0.35 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 0.12500% 18-07.11.23 | 4 150 000.00 | 4 244 105.40 | 0.86 |
| EUR	LANDESBANK BADEN-WUERTTEMBERG-REG-S 0.50000% 15-04.08.22 | 1 500 000.00 | 1 536 225.00 | 0.31 |
| EUR	LANDESBANK HESSEN-THUERINGEN GZ-REG-S 1.12500% 14-27.05.21 | 1 500 000.00 | 1 535 526.00 | 0.31 |
| EUR	LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 1.25000% 14-20.05.22 | 1 010 000.00 | 1 054 852.08 | 0.21 |
| EUR	LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 0.05000% 18-12.06.23 | 1 000 000.00 | 1 018 112.00 | 0.21 |
| EUR	LLOYDS BANK PLC-REG-S 0.50000% 16-11.04.23 | 2 000 000.00 | 2 046 816.00 | 0.42 |
| EUR	MUENCHENER HYPOTHEKENBANK EG-REG-S 0.01000% 19-05.09.23 | 2 000 000.00 | 2 025 460.00 | 0.41 |
| EUR	NATIONAL AUSTRALIA BANK LTD 2.75000% 12-08.08.22 | 2 000 000.00 | 2 159 292.00 | 0.44 |
| EUR	NATIONAL AUSTRALIA BANK LTD 1.87500% 12-13.01.23 | 1 500 000.00 | 1 602 141.90 | 0.33 |
| EUR	NATIONAL AUSTRALIA BANK LTD-REG-S 0.87500% 15-16.11.22 | 1 500 000.00 | 1 552 074.00 | 0.32 |
| EUR	NATIONWIDE BUILDING SOCIETY-REG-S 0.75000% 15-26.10.22 | 1 070 000.00 | 1 100 869.50 | 0.22 |
| EUR	NATIONWIDE BUILDING SOCIETY-REG-S 0.05000% 19-03.06.24 | 1 000 000.00 | 1 007 635.40 | 0.20 |
| EUR	NEDERLANDSE WATERSCHAPSBANK NV-REG-S 0.12500% 19-17.01.24 | 1 000 000.00 | 1 022 200.00 | 0.21 |
| EUR	NESTLE FINANCE INTERNATIONAL LTD-REG-S 1.75000% 12-12.09.22 | 1 000 000.00 | 1 056 302.00 | 0.21 |
| EUR	NESTLE FINANCE INTERNATIONAL LTD-REG-S 0.75000% 15-16.05.23 | 250 000.00 | 257 950.00 | 0.05 |
| EUR	NESTLE FINANCE INTL LIMITED-REG-S-2.12500% 13-10.09.21 | 707 000.00 | 737 313.33 | 0.15 |

Focused SICAV – High Grade Bond EUR Annual Report as of 31 October 2019
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | NORDEA BANK ABP-REG-S 2.00000% 14-17.02.21 | 575 000.00 | 591 378.30 | 0.12 |
| EUR | NORDEA BANK ABP-REG-S 1.00000% 16-22.02.23 | 3 700 000.00 | 3 826 443.80 | 0.78 |
| EUR | NORDEA BANK ABP-REG-S 0.30000% 17-30.06.22 | 2 500 000.00 | 2 528 270.00 | 0.51 |
| EUR | NORDEA MORTGAGE BANK PLC-REG-S 4.00000% 11-10.02.21 | 1 500 000.00 | 1 583 535.00 | 0.32 |
| EUR | NRW BANK-REG-S 0.25000% 17-16.05.24 | 2 000 000.00 | 2 053 072.00 | 0.42 |
| EUR | OP CORPORATE BANK PLC-REG-S 0.75000% 15-03.03.22 | 193 000.00 | 197 042.96 | 0.04 |
| EUR | OP CORPORATE BANK PLC-REG-S 0.37500% 18-29.08.23 | 750 000.00 | 761 932.50 | 0.15 |
| EUR | OVERSEA-CHINESE BANKING CORP-REG-S 0.25000% 17-21.03.22 | 1 000 000.00 | 1 012 680.00 | 0.21 |
| EUR | OVERSEA-CHINESE BANKING CORP-REG-S 0.25000% 17-05.10.22 | 1 102 000.00 | 1 117 956.96 | 0.23 |
| EUR | RABOBANK INTERNATIONAL 4.00000% 12-11.01.22 | 1 643 000.00 | 1 792 421.00 | 0.36 |
| EUR | RABOBANK NEDERLAND NV 4.12500% 11-12.01.21 | 2 000 000.00 | 2 103 000.00 | 0.43 |
| EUR | RABOBANK NEDERLAND NV 2.37500% 13-22.05.23 | 1 000 000.00 | 1 085 890.00 | 0.22 |
| EUR | RABOBANK NEDERLAND NV-REG-S 0.12500% 16-11.10.21 | 3 000 000.00 | 3 017 418.00 | 0.61 |
| EUR | RABOBANK NEDERLAND NV-REG-S 0.25000% 17-31.05.24 | 2 000 000.00 | 2 051 660.00 | 0.42 |
| EUR | ROBERT BOSCH INVESTMENT NEDERLAND BV 1.62500% 13-24.05.21 | 2 000 000.00 | 2 056 356.00 | 0.42 |
| EUR | ROCHE HOLDINGS INC 6.50000% 09-04.03.21 | 500 000.00 | 545 850.00 | 0.11 |
| EUR | ROYAL BANK OF CANADA-REG-S 0.50000% 15-16.12.20 | 3 955 000.00 | 3 991 662.85 | 0.81 |
| EUR | ROYAL BANK OF CANADA-REG-S 0.25000% 19-29.01.24 | 1 000 000.00 | 1 020 664.00 | 0.21 |
| EUR | SANTANDER UK PLC-REG-S 1.62500% 13-26.11.20 | 1 300 000.00 | 1 326 361.53 | 0.27 |
| EUR | SANTANDER UK PLC-REG-S 1.25000% 14-18.09.24 | 1 000 000.00 | 1 067 880.00 | 0.22 |
| EUR | SFIL SA-REG-S 0.12500% 16-18.10.24 | 3 000 000.00 | 3 043 680.00 | 0.62 |
| EUR | SHELL INTERNATIONAL FINANCE BV 1.62500% 14-24.03.21 | 687 000.00 | 704 951.31 | 0.14 |
| EUR | SKANDINAVISKA ENSKILDA BANKEN AB 0.62500% 15-30.01.23 | 1 000 000.00 | 1 030 873.80 | 0.21 |
| EUR | SOCIETE GENERALE SFH 2.00000% 14-29.04.24 | 1 000 000.00 | 1 102 650.00 | 0.22 |
| EUR | SOCIETE GENERALE SFH-REG-S 0.25000% 18-11.09.23 | 1 000 000.00 | 1 021 248.00 | 0.21 |
| EUR | SPAREBANKEN 1 BOLIGKREDITT-REG-S 0.05000% 17-25.01.22 | 3 000 000.00 | 3 025 860.00 | 0.61 |
| EUR | SPAREBANKEN 1 BOLIGKREDITT-REG-S 0.37500% 18-19.06.23 | 1 000 000.00 | 1 024 330.00 | 0.21 |
| EUR | SPAREBANKEN VEST BOLIGKREDITT AS-REG-S 0.25000% 15-29.04.22 | 1 140 000.00 | 1 156 188.00 | 0.23 |
| EUR | STADSHYPOTEK AB-REG-S 0.37500% 16-22.02.23 | 1 500 000.00 | 1 534 524.00 | 0.31 |
| EUR | SUMITOMO MITSI BNKG CORP-REG-S 0.55000% 18-06.11.23 | 4 000 000.00 | 4 103 760.00 | 0.83 |
| EUR | SVENSKA HANDELSBANKEN AB-REG-S 1.12500% 15-14.12.22 | 1 285 000.00 | 1 332 123.52 | 0.27 |
| EUR | SWEDBANK HYPOTEK AB-REG-S 0.45000% 18-23.08.23 | 850 000.00 | 873 990.40 | 0.18 |
| EUR | TEMASEK FINANCIAL I LTD-REG-S 0.50000% 16-01.03.22 | 1 550 000.00 | 1 574 387.70 | 0.32 |
| EUR | TORONTO-DOMINION BANK-REG-S 0.62500% 16-08.03.21 | 600 000.00 | 606 676.80 | 0.12 |
| EUR | TOTAL CAPITAL 5.12500% 09-26.03.24 | 500 000.00 | 615 289.90 | 0.12 |
| EUR | TOTAL CAPITAL INTERNATIONAL SA-REG-S 2.12500% 13-19.11.21 | 1 000 000.00 | 1 047 942.00 | 0.21 |
| EUR | TOYOTA MOTOR CREDIT CORP-REG-S 1.80000% 13-23.07.20 | 1 119 000.00 | 1 135 449.30 | 0.23 |
| EUR | TOYOTA MOTOR CREDIT CORP-REG-S 1.00000% 14-10.09.21 | 2 000 000.00 | 2 041 160.00 | 0.41 |
| EUR | TOYOTA MOTOR CREDIT CORP-REG-S 1.00000% 15-09.03.21 | 1 870 000.00 | 1 898 502.54 | 0.39 |
| EUR | UBS AG LONDON-REG-S 1.37500% 14-16.04.21 | 1 000 000.00 | 1 024 810.00 | 0.21 |
| EUR | UNEDIC ASSEO 2.25000% 13-05.04.23 | 3 000 000.00 | 3 273 000.00 | 0.66 |
| EUR | UNEDIC ASSEO-REG-S 0.30000% 15-04.11.21 | 1 500 000.00 | 1 521 285.00 | 0.31 |
| EUR | UNICREDIT BANK AG-REG-S 0.01000% 19-10.09.24 | 1 500 000.00 | 1 518 027.00 | 0.31 |
| EUR | WESTPAC BANKING CORP-REG-S 0.87500% 15-16.02.21 | 544 000.00 | 551 218.88 | 0.11 |
| EUR | WESTPAC BANKING CORP-REG-S 0.50000% 17-17.05.24 | 1 000 000.00 | 1 029 560.00 | 0.21 |
| EUR | WESTPAC SECURITIES NZ LTD/LONDON-REG-S 0.50000% 19-17.01.24 | 1 000 000.00 | 1 028 422.00 | 0.21 |
| Total EUR |  |  | 192 440 882.67 | 39.10 |
| Total Medium term notes, fixed rate |  | 192 440 882.67 | 39.10 |
| Medium term notes, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	DEXIA CREDIT LOCAL SA-REG-S 0.00000% 19-29.05.24 | 1 000 000.00 | 1 009 724.30 | 0.21 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.00000% 17-29.03.21 | 3 000 000.00 | 3 019 320.00 | 0.61 |
| EUR	EUROPEAN STABILITY MECHANISM-REG-S 0.00000% 16-18.10.22 | 4 700 000.00 | 4 760 141.20 | 0.97 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.00000% 18-25.05.21 | 4 000 000.00 | 4 030 952.00 | 0.82 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.00000% 19-02.04.24 | 1 000 000.00 | 1 018 416.00 | 0.21 |
| EUR	LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.00000% 19-18.07.22 | 1 000 000.00 | 1 009 684.00 | 0.20 |
| EUR	SANOFI-REG-S 0.00000% 16-13.09.22 | 500 000.00 | 502 863.00 | 0.10 |
| EUR	SFIL SA-REG-S 0.00000% 19-24.05.24 | 1 700 000.00 | 1 717 476.68 | 0.35 |
| Total EUR |  | 17 068 577.18 | 3.47 |
| Total Medium term notes, zero coupon |  | 17 068 577.18 | 3.47 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRALIA & NEW ZEALAND BANKING-REG-S 2.50000% 14-16.01.24 | 1 000 000.00 | 1 112 560.00 | 0.23 |
| EUR	AUSTRIA, REPUBLIC OF 3.65000% 11-20.04.22 | 5 000 000.00 | 5 529 550.00 | 1.12 |
| EUR	AUSTRIA, REPUBLIC OF-REG-S 1.75000% 13-20.10.23 | 3 000 000.00 | 3 277 440.00 | 0.67 |
| EUR	AUTOBAHNEN- & SCHNELLSTRASSEN AG-REG-S 0.62500% 15-15.09.22 | 1 150 000.00 | 1 186 563.10 | 0.24 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.20000% 16-22.10.23 | 10 250 000.00 | 10 547 803.50 | 2.14 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.50000% 17-22.10.24 | 2 000 000.00 | 2 094 508.00 | 0.43 |
| EUR	BNP PARIBAS HOME LOAN COVERED BONDS SFH 3.87500% 11-12.07.21 | 2 000 000.00 | 2 144 608.00 | 0.44 |
| EUR	BPIFRANCE FINANCEMENT SA-REG-S 0.12500% 17-25.11.23 | 2 000 000.00 | 2 031 720.00 | 0.41 |
| EUR	BUNDESLAENDER BUNDESREPUBLI DEUTS-REG-S 0.12500% 16-14.04.23 | 600 000.00 | 610 790.40 | 0.12 |
| EUR	BUNDESLAENDER BUNDESREPUBLIK DEUTSCHLD 0.25000% 17-18.03.24 | 2 500 000.00 | 2 566 186.50 | 0.52 |
| EUR	CAISSE D’AMORTIS DE LA DETTE SOCIALE 4.37500% 06-25.10.21 | 3 000 000.00 | 3 289 770.00 | 0.67 |
| EUR	CAISSE D’AMORTIS DE LA DETTE SOC-REG-S 0.50000% 15-25.05.23 | 1 000 000.00 | 1 033 380.00 | 0.21 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 0.20000% 15-27.04.23 | 1 000 000.00 | 1 019 092.30 | 0.21 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 0.37500% 17-11.05.24 | 1 500 000.00 | 1 545 812.70 | 0.31 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.62500% 15-10.02.23 | 1 500 000.00 | 1 546 800.00 | 0.31 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.50000% 16-04.09.24 | 1 000 000.00 | 1 036 954.00 | 0.21 |
| EUR	CREDIT SUISSE GUERNSEY LTD-REG-S 0.75000% 14-17.09.21 | 1 317 000.00 | 1 343 054.08 | 0.27 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 1.37500% 14-07.06.21 | 5 948 000.00 | 6 124 477.16 | 1.24 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.12500% 17-17.10.23 | 3 000 000.00 | 3 062 220.00 | 0.62 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.10000% 16-19.01.21 | 4 000 000.00 | 4 027 360.00 | 0.82 |
| EUR	FINLAND, REPUBLIC OF-144A-REG-S 1.62500% 12-15.09.22 | 2 500 000.00 | 2 661 810.00 | 0.54 |
| EUR	FRANCE, REPUBLIC OF OAT 2.25000% 12-25.10.22 | 11 570 000.00 | 12 572 563.64 | 2.56 |
| EUR	FRANCE, REPUBLIC OF-OAT 4.25000% 07-25.10.23 | 9 500 000.00 | 11 351 683.00 | 2.31 |
| EUR	FRANCE, REPUBLIC OF-OAT 3.25000% 11-25.10.21 | 5 637 000.00 | 6 072 785.20 | 1.23 |
| EUR	FRANCE, REPUBLIC OF-OAT 1.75000% 13-25.05.23 | 5 000 000.00 | 5 423 780.00 | 1.10 |
| EUR	FRANCE, REPUBLIC OF-OAT 2.25000% 13-25.05.24 | 8 000 000.00 | 9 028 320.00 | 1.84 |

Focused SICAV – High Grade Bond EUR Annual Report as of 31 October 2019
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.25000% 15-25.11.20 | 1 600 000.00 | 1 614 752.00 | 0.33 |
| EUR | GERMANY, REPUBLIC OF 1.50000% 13-15.05.23 | 5 659 000.00 | 6 101 931.62 | 1.24 |
| EUR | GERMANY, REPUBLIC OF 1.75000% 14-15.02.24 | 3 000 000.00 | 3 314 064.00 | 0.67 |
| EUR | GERMANY, REPUBLIC OF 1.50000% 14-15.05.24 | 2 000 000.00 | 2 198 360.00 | 0.45 |
| EUR | GERMANY, REPUBLIC OF 2.25000% 11-04.09.21 | 2 943 000.00 | 3 101 957.32 | 0.63 |
| EUR | GERMANY, REPUBLIC OF-REG-S 1.75000% 12-04.07.22 | 5 000 000.00 | 5 330 470.00 | 1.08 |
| EUR | HESSEN, STATE OF-REG-S 0.37500% 15-10.03.23 | 1 500 000.00 | 1 538 775.00 | 0.31 |
| EUR | HESSEN, STATE OF-REG-S 0.37500% 15-04.07.22 | 1 500 000.00 | 1 531 560.00 | 0.31 |
| EUR | JOHNSON & JOHNSON 0.65000% 16-20.05.24 | 1 000 000.00 | 1 032 216.00 | 0.21 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU 0.62500% 15-04.07.22 | 1 000 000.00 | 1 030 170.00 | 0.21 |
| EUR | LFA FOERDERBANK BAYERN 2.00000% 12-30.08.22 | 1 192 000.00 | 1 272 698.40 | 0.26 |
| EUR | LLOYDS BANK PLC-REG-S 0.37500% 16-18.01.21 | 1 474 000.00 | 1 485 659.34 | 0.30 |
| EUR | NETHERLANDS, KINGDOM OF THE 3.25000% 11-15.07.21 | 162 000.00 | 172 801.83 | 0.04 |
| EUR | NETHERLANDS, KINGDOM OF THE 2.25000% 12-15.07.22 | 854 000.00 | 922 312.31 | 0.19 |
| EUR | NIEDERSACHSEN, STATE OF-REG-S 0.37500% 16-19.01.23 | 1 600 000.00 | 1 640 211.20 | 0.33 |
| EUR | NORDEA MORTGAGE BANK PLC 0.02500% 17-24.01.22 | 1 406 000.00 | 1 418 260.32 | 0.29 |
| EUR | NORDRHEIN-WESTFALEN, STATE OF 4.37500% 07-29.04.22 | 4 572 000.00 | 5 120 146.23 | 1.04 |
| EUR | NOVARTIS FINANCE SA-REG-S 0.75000% 14-09.11.21 | 3 500 000.00 | 3 572 485.00 | 0.73 |
| EUR | NOVARTIS FINANCE SA-REG-S 0.12500% 16-20.09.23 | 468 000.00 | 472 961.93 | 0.10 |
| EUR | NRW BANK 0.25000% 17-02.02.24 | 3 000 000.00 | 3 076 590.00 | 0.63 |
| EUR | OP MORTGAGE BANK 0.25000% 17-13.03.24 | 1 000 000.00 | 1 024 448.00 | 0.21 |
| EUR | OP MORTGAGE BANK-REG-S 0.05000% 17-22.02.23 | 1 000 000.00 | 1 013 430.00 | 0.21 |
| EUR | PROCTER & GAMBLE CO 1.12500% 15-02.11.23 | 750 000.00 | 787 410.00 | 0.16 |
| EUR | QUEBEC, PROVINCE OF-REG-S 2.25000% 13-17.07.23 | 1 000 000.00 | 1 096 786.00 | 0.22 |
| EUR | SA DE GESTION DES STOCKS DE SECURITE 3.12500% 10-21.10.22 | 1 000 000.00 | 1 103 698.70 | 0.22 |
| EUR | SA DE GESTION DES STOCKS DE SEC-REG-S 0.62500% 16-25.05.23 | 1 000 000.00 | 1 035 642.70 | 0.21 |
| EUR | SANTANDER UK PLC-REG-S 0.25000% 15-21.04.22 | 596 000.00 | 603 304.58 | 0.12 |
| EUR | SCHLESWIG-HOLSTEIN,STATE OF-REG-S 0.12500% 18-24.05.23 | 1 500 000.00 | 1 527 456.00 | 0.31 |
| EUR | SNCF RESEAU-REG-S 0.10000% 16-27.05.21 | 500 000.00 | 503 751.00 | 0.10 |
| EUR | SPAREBANKEN VEST BOLIGKREDITT AS-REG-S 0.37500% 17-14.02.24 | 1 000 000.00 | 1 026 500.00 | 0.21 |
| EUR | WESTPAC BANKING CORP-REG-S 0.50000% 18-04.12.23 | 1 000 000.00 | 1 028 990.00 | 0.21 |
| Total EUR |  |  | 158 941 391.06 | 32.30 |
| Total Bonds, fixed rate |  | 158 941 391.06 | 32.30 |
| Bonds, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.00000% 16-15.07.23 | 500 000.00 | 510 425.00 | 0.10 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.00000% 19-15.07.24 | 1 500 000.00 | 1 534 590.00 | 0.31 |
| EUR	CANADIAN IMPERIAL BANK OF COM/CAN-REG-S 0.00000% 16-25.07.22 | 1 000 000.00 | 1 007 982.00 | 0.21 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.00000% 19-19.04.24 | 3 500 000.00 | 3 557 155.00 | 0.72 |
| EUR	FINLAND, REPUBLIC OF-144A-REG-S 0.00000% 17-15.04.22 | 4 000 000.00 | 4 061 272.00 | 0.83 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 16-25.05.21 | 6 000 000.00 | 6 058 776.00 | 1.23 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 16-25.05.22 | 13 306 000.00 | 13 523 047.47 | 2.75 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 17-25.03.23 | 9 512 000.00 | 9 711 847.12 | 1.97 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 18-25.02.21 | 5 000 000.00 | 5 041 230.00 | 1.02 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 18-25.03.24 | 6 000 000.00 | 6 141 600.00 | 1.25 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.02.22 | 15 000 000.00 | 15 205 000.50 | 3.09 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 17-08.04.22 | 11 000 000.00 | 11 184 250.00 | 2.27 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 17-07.10.22 | 7 843 000.00 | 8 004 361.88 | 1.63 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 18-14.04.23 | 5 000 000.00 | 5 120 936.00 | 1.04 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 18-13.10.23 | 3 000 000.00 | 3 081 619.20 | 0.63 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 19-05.04.24 | 7 750 000.00 | 7 975 292.50 | 1.62 |
| EUR	KOREA DEVELOPMENT BANK-REG-S 0.00000% 19-10.07.24 | 1 000 000.00 | 998 390.00 | 0.20 |
| EUR	NIEDERSACHSEN, STATE OF-REG-S 0.00000% 16-02.08.24 | 1 500 000.00 | 1 524 162.00 | 0.31 |
| EUR	NOVARTIS FINANCE SA-REG-S 0.00000% 17-31.03.21 | 2 500 000.00 | 2 510 325.00 | 0.51 |
| EUR	NRW BANK 0.00000% 17-01.02.22 | 2 000 000.00 | 2 020 244.00 | 0.41 |
| Total EUR |  | 108 772 505.67 | 22.10 |
| Total Bonds, zero coupon |  | 108 772 505.67 | 22.10 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 482 949 328.65 | 98.13 |
| Total investments in securities |  | 482 949 328.65 | 98.13 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange |
| Financial Futures on bonds |
|  |  |  |  |
| EUR	EURO-BOBL FUTURE 06.12.19 | -50.00 | 84 500.00 | 0.02 |
| EUR	EURO-SCHATZ FUTURE 06.12.19 | -50.00 | 7 250.00 | 0.00 |
| Total Financial Futures on bonds |  | 91 750.00 | 0.02 |
| Total Derivative instruments listed on an official stock exchange |  | 91 750.00 | 0.02 |
| Total Derivative instruments |  | 91 750.00 | 0.02 |
|  |  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets |  | 7 207 343.00 | 1.46 |
| Bank overdraft and other short-term liabilities |  | -107 000.00 | -0.02 |
| Other assets and liabilities |  | 1 995 811.06 | 0.41 |
| Total net assets |  | 492 137 232.71 | 100.00 |

Focused SICAV – High Grade Bond EUR Annual Report as of 31 October 2019

Translation (ENDE, 2019-10-31):
# Focused SICAV – High Grade Bond EUR
| Dreijahresvergleich |  |
| --- | --- |
| Datum | ISIN | 31.10.2019 | 31.10.2018 | 31.10.2017 |
| Nettovermögen in EUR |  | 492 137 232.71 | 274 745 330.74 | 522 424 694.75 |
| Klasse F-acc | LU0224580430 |  |  |  |
| Aktien im Umlauf |  | 3 597 839.9530 | 1 976 825.2650 | 3 791 643.4020 |
| Nettoinventarwert pro Aktie in EUR |  | 135.27 | 134.27 | 134.74 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 135.27 | 134.27 | 134.74 |
| Klasse F-UKdist | LU0526609473 |  |  |  |
| Aktien im Umlauf |  | 46 213.5880 | 78 641.0610 | 95 660.0610 |
| Nettoinventarwert pro Aktie in EUR |  | 117.78 | 118.40 | 120.66 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 117.78 | 118.40 | 120.66 |
| 1  Siehe Erläuterung 1 |  |  |  |  |
| Performance |  |  |  |  |
|  | Währung | 2018/2019 | 2017/2018 | 2016/2017 |
| Klasse F-acc | EUR | 0.7% | -0.3% | 0.1% |
| Klasse F-UKdist | EUR | 0.7% | -0.3% | 0.1% |

Die historische Performance stellt keinen Indikator für die laufende oder zukünftige Performance dar.
Die Performancedaten lassen die bei der Ausgabe und Rücknahme der Aktien erhobenen Kommissionen und Kosten unberücksichtigt. Die Performancedaten sind ungeprüft.
Der Subfonds verfügt über keine Benchmark.

## Bericht des Portfolio Managers
Im Geschäftsjahr vom 1. November 2018 bis zum
31. Oktober 2019 wurden die europäischen Anleihen- märkte hauptsächlich von der nachlassenden, aber immer noch positiven Konjunktur, politischen Turbu- lenzen, vor allem in Grossbritannien und Italien sowie vom geldpolitischen Richtungswechsel der Europäischen Zentralbank (EZB) getragen. Nachdem die EZB zunächst Bereitschaft zur Normalisierung der Geldpolitik angedeu- tet hatte, reagierte sie auf die Veränderung des globalen Umfelds mit einer Andeutung weiterer Lockerungsmass- nahmen. Dies resultierte in niedrigeren Zinssätzen und grösstenteils flacheren Terminstrukturen.
Der Subfonds erzielte im Geschäftsjahr eine positive Performance. Das Portfolio bevorzugte Covered Bonds sowie Unternehmensanleihen gegenüber europäischen Staatsanleihen. Zur Mitte des Geschäftsjahres hin wurde die Allokation etwas verändert und das Engagement von Covered Bonds in Anleihen staatlicher oder staatsnaher Organisationen (SSA) umgeschichtet.

## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Frankreich	31.62
| Deutschland | 22.67 |
| --- | --- |
| Luxemburg | 7.76 |
| Niederlande | 5.48 |
| Finnland | 4.00 |
| Supranational | 3.64 |
| Grossbritannien | 3.44 |
| Belgien | 3.22 |
| Australien | 2.86 |
| Kanada | 2.65 |
| Österreich | 2.45 |
| Vereinigte Staaten | 2.34 |
| Norwegen | 2.05 |
| Schweden | 0.97 |
| Japan | 0.83 |
| Singapur | 0.75 |
| Südkorea | 0.74 |
| Neuseeland | 0.39 |
| Guernsey | 0.27 |
| Total | 98.13 |

Wirtschaftliche Aufteilung in % des Nettovermögens	
| Länder- & Zentralregierungen | 38.44 |
| --- | --- |
| Banken & Kreditinstitute | 31.40 |
| Supranationale Organisationen | 9.65 |
| Finanz- & Beteiligungsgesellschaften | 6.29 |
| Kantone, Bundesstaaten | 4.15 |
| Pfandbriefinstitute & Refinanzierungsgesellschaften | 2.39 |
| Öffentlich-rechtliche Körperschaften | 2.00 |
| Erdöl | 0.79 |
| Diverse Dienstleistungen | 0.67 |
| Diverse Konsumgüter | 0.48 |
| Versicherungen | 0.44 |
| Diverse nicht klassierte Gesellschaften | 0.42 |
| Pharmazeutik, Kosmetik & medizinische Produkte | 0.31 |
| Verkehr & Transport | 0.24 |
| Detailhandel, Warenhäuser | 0.21 |
| Computer & Netzwerkausrüster | 0.13 |
| Energie- & Wasserversorgung | 0.12 |
| Total | 98.13 |

Focused SICAV – High Grade Bond EUR Jahresbericht per 31. Oktober 2019

## Nettovermögensaufstellung
Aktiva	31.10.2019
EUR
Wertpapierbestand, Einstandswert	486 253 536.35
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	-3 304 207.70	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 482 949 328.65 |
| Bankguthaben, Sicht- und Fristgelder | 7 207 343.00 |
| Forderungen aus Wertpapierverkäufen (Erläuterung 1) | 15 234 520.75 |
| Forderungen aus Zeichnungen | 2 521 781.39 |
| Zinsforderungen aus Wertpapieren | 1 967 690.13 |
| Nicht realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten (Erläuterung 1) | 91 750.00 |
| Total Aktiva | 509 972 413.92 |
|  |  |
| Passiva |  |
| Andere kurzfristige Verbindlichkeiten (Margins) | -107 000.00 |
| Verbindlichkeiten aus Wertpapierkäufen (Erläuterung 1) | -5 180 321.97 |
| Verbindlichkeiten aus Rücknahmen | -12 512 206.55 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -30 812.91 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -4 145.72 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-694.06	 |
| Total Rückstellungen für Aufwendungen | -35 652.69 |
| Total Passiva | -17 835 181.21 |
|  |  |
| Nettovermögen am Ende des Geschäftsjahres | 492 137 232.71 |
| Ertrags- und Aufwandsrechnung | EUR |
| Erträge | 1.11.2018-31.10.2019 |
| Zinsen auf Wertpapiere | 4 485 896.92 |
| Erträge aus Securities Lending (Erläuterung 12) | 142 636.85 |
| Sonstige Erträge (Erläuterung 4) | 530 362.96 |
| Total Erträge | 5 158 896.73 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -492 060.17 |
| Abonnementsabgabe (Erläuterung 3) | -39 510.26 |
| Kosten aus Securities Lending (Erläuterung 12) | -57 054.74 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -17 416.61 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -23 774.31 |
| Total Aufwendungen | -629 816.09 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 4 529 080.64 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | -2 196 772.47 |
| Realisierter Kursgewinn (-verlust) aus renditebewerteten Wertpapieren und Geldmarktinstrumenten | -173 620.84 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | -155 143.90 |
| Total der realisierten Gewinne (Verluste) | -2 525 537.21 |
|  |  |
| Realisierter Nettogewinn (-verlust) des Geschäftsjahres | 2 003 543.43 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | -568 430.90 |
| Nicht realisierte Werterhöhung (-minderung) renditebewerteter Wertpapiere und Geldmarktinstrumente | -225 178.45 |
| Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten | 79 270.00 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | -714 339.35 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 1 289 204.08 |

Focused SICAV – High Grade Bond EUR Jahresbericht per 31. Oktober 2019
| Veränderungen des Nettovermögens |  |
| --- | --- |
|  | EUR |
|  | 1.11.2018-31.10.2019 |
| Nettovermögen zu Beginn des Geschäftsjahres | 274 745 330.74 |
| Zeichnungen | 757 905 312.15 |
| Rücknahmen | 	-541 711 070.06	 |
| Total Mittelzufluss (-abfluss) | 216 194 242.09 |
| Ausbezahlte Dividende | -91 544.20 |
| Nettoerträge (-verluste) aus Anlagen | 4 529 080.64 |
| Total der realisierten Gewinne (Verluste) | -2 525 537.21 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	-714 339.35	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 1 289 204.08 |
| Nettovermögen am Ende des Geschäftsjahres | 492 137 232.71 |

| Entwicklung der Aktien im Umlauf |  |
| --- | --- |
|  | 1.11.2018-31.10.2019 |
| Klasse | F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 1 976 825.2650 |
| Anzahl der ausgegebenen Aktien | 5 539 763.7900 |
| Anzahl der zurückgegebenen Aktien | -3 918 749.1020 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 3 597 839.9530 |
| Klasse | F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 78 641.0610 |
| Anzahl der ausgegebenen Aktien | 74 580.0000 |
| Anzahl der zurückgegebenen Aktien | -107 007.4730 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 46 213.5880 |

| Jährliche Ausschüttung 1 |  |
| --- | --- |
| Focused SICAV – High Grade Bond EUR | Ex-Date | Pay-Date | Währung | Betrag pro Aktie |
| F-UKdist 1  Siehe Erläuterung 5 | 15.11.2018 | 20.11.2018 | EUR | 1.49 |

Focused SICAV – High Grade Bond EUR Jahresbericht per 31. Oktober 2019

## Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 31. Oktober 2019
| Bezeichnung | Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden Notes, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	BELGIUM, KINGDOM OF 4.25000% 12-28.09.22 | 602 000.00 | 687 757.31 | 0.14 |
| EUR	BERKSHIRE HATHAWAY INC 0.50000% 16-13.03.20 | 772 000.00 | 773 605.76 | 0.16 |
| EUR	BERLIN, STATE OF-REG-S 1.87500% 13-12.06.23 | 1 500 000.00 | 1 623 546.00 | 0.33 |
| EUR	PROCTER & GAMBLE CO-REG-S 2.00000% 12-16.08.22 | 1 500 000.00 | 1 593 843.00 | 0.32 |
| EUR	WALMART INC 1.90000% 14-08.04.22 | 1 000 000.00 | 1 047 220.00 | 0.21 |
| Total EUR |  | 5 725 972.07 | 1.16 |
| Total Notes, fester Zins |  | 5 725 972.07 | 1.16 |
| Medium-Term Notes, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	ABN AMRO BANK NV-REG-S 3.50000% 12-18.01.22 | 1 000 000.00 | 1 086 018.00 | 0.22 |
| EUR	ABN AMRO BANK NV-REG-S 2.50000% 13-05.09.23 | 700 000.00 | 776 925.80 | 0.16 |
| EUR	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 0.37500% 16-30.04.24 | 1 000 000.00 | 1 027 550.00 | 0.21 |
| EUR	ALLIANDER NV 2.87500% 12-14.06.24 | 500 000.00 | 567 230.00 | 0.11 |
| EUR	ALLIANZ FINANCE II BV 3.50000% 12-14.02.22 | 2 000 000.00 | 2 167 768.00 | 0.44 |
| EUR	ANZ NEW ZEALAND INT’L LTD/LDN-REG-S 0.62500% 16-01.06.21 | 1 902 000.00 | 1 924 461.85 | 0.39 |
| EUR	ANZ NEW ZEALAND INT’L LTD/LDN-REG-S 0.12500% 16-22.09.23 | 1 000 000.00 | 1 012 344.00 | 0.21 |
| EUR	ANZ NEW ZEALAND INT’L LTD/LDN-REG-S 0.50000% 19-17.01.24 | 1 000 000.00 | 1 027 514.00 | 0.21 |
| EUR	APPLE INC 1.00000% 14-10.11.22 | 637 000.00 | 660 300.19 | 0.13 |
| EUR	AUSTRALIA & NEW ZEALAND BANKING-REG-S 3.62500% 12-18.07.22 | 1 900 000.00 | 2 102 851.60 | 0.43 |
| EUR	AUSTRLIA & NEW ZELAND BNKING GRUP-REG-S 0.62500% 18-21.02.23 | 800 000.00 | 818 083.20 | 0.17 |
| EUR	BANK NEDERLANDSE GEMEENTEN NV-REG-S 0.37500% 15-14.01.22 | 2 830 000.00 | 2 881 245.64 | 0.59 |
| EUR	BANK NEDERLANDSE GEMEENTEN NV-REG-S 0.25000% 16-22.02.23 | 1 500 000.00 | 1 533 759.00 | 0.31 |
| EUR	BARCLAYS BANK UK PLC-REG-S 4.00000% 11-12.01.21 | 1 400 000.00 | 1 472 289.84 | 0.30 |
| EUR	BERLIN, STATE OF 1.62500% 14-03.06.24 | 1 500 000.00 | 1 636 548.00 | 0.33 |
| EUR	BNP PARIBAS HOME LOAN COVERED SFH 3.12500% 12-22.03.22 | 1 000 000.00 | 1 083 620.00 | 0.22 |
| EUR	BNP PARIBAS HOME LOAN SFH-REG-S 0.25000% 16-02.09.21 | 500 000.00 | 505 721.00 | 0.10 |
| EUR	BNZ INTERNATIONAL FUND LTD/LONDON-REG-S 0.50000% 17-13.05.23 | 1 500 000.00 | 1 525 455.00 | 0.31 |
| EUR	BPCE SFH SA-REG-S 4.00000% 11-23.03.22 | 1 000 000.00 | 1 104 704.00 | 0.22 |
| EUR	BPCE SOCIETE DE FINANCEMENT DE LHABITAT 3.75000% 11-13.09.21 | 800 000.00 | 861 694.40 | 0.17 |
| EUR	CAISSE D’AMORTIS DE LA DETTE SOCIALE 4.12500% 11-25.04.23 | 1 000 000.00 | 1 160 219.00 | 0.24 |
| EUR	CAISSE DE REFINANCEMENT DE L’HABITAT 4.00000% 11-10.01.22 | 1 221 183.00 | 1 338 453.21 | 0.27 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL 4.87500% 09-02.06.21 | 278 000.00 | 301 171.30 | 0.06 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL 4.25000% 10-26.01.22 | 1 517 000.00 | 1 674 737.66 | 0.34 |
| EUR	CANADIAN IMPERIAL BANK-REG-S 0.25000% 18-24.01.23 | 1 700 000.00 | 1 728 294.80 | 0.35 |
| EUR	COMMERZBANK AG 0.12500% 16-23.02.23 | 1 000 000.00 | 1 015 612.00 | 0.21 |
| EUR	COMMONWEALTH BANK OF AUSTRALIA 3.00000% 12-03.05.22 | 1 000 000.00 | 1 082 700.00 | 0.22 |
| EUR	COMMONWEALTH BANK OF AUSTRALIA-REG-S 0.50000% 17-11.07.22 | 995 000.00 | 1 011 606.55 | 0.21 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER 4.87500% 09-25.05.21 | 2 990 000.00 | 3 235 652.42 | 0.66 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER 2.00000% 14-07.05.24 | 1 000 000.00 | 1 103 120.00 | 0.22 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.62500% 14-12.11.21 | 1 000 000.00 | 1 019 998.00 | 0.21 |
| EUR	CORPORACION ANDINA DE FOMENTO-REG-S 1.87500% 14-29.05.21 | 550 000.00 | 566 071.00 | 0.11 |
| EUR	CPPIB CAPITAL INC-REG-S 0.37500% 17-20.06.24 | 3 500 000.00 | 3 598 893.55 | 0.73 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA-REG-S 0.37500% 16-24.03.23 | 1 000 000.00 | 1 024 658.00 | 0.21 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA-REG-S 0.05000% 18-29.08.22 | 1 500 000.00 | 1 517 586.00 | 0.31 |
| EUR	CREDIT AGRICOLE PUBLIC SECTOR SCF SA 1.87500% 13-07.06.23 | 3 000 000.00 | 3 240 420.00 | 0.66 |
| EUR	DEXIA CREDIT LOCAL DE FRANCE-REG-S 0.20000% 16-16.03.21 | 1 500 000.00 | 1 511 649.00 | 0.31 |
| EUR	DNB BOLIGKREDITT AS 3.87500% 11-16.06.21 | 551 000.00 | 588 828.36 | 0.12 |
| EUR	DNB BOLIGKREDITT AS-REG-S 0.25000% 16-18.04.23 | 1 000 000.00 | 1 019 020.00 | 0.21 |
| EUR	DNB BOLIGKREDITT AS-REG-S 0.05000% 17-11.01.22 | 507 000.00 | 511 365.27 | 0.10 |
| EUR	EQUINOR ASA-REG-S 0.87500% 15-17.02.23 | 1 700 000.00 | 1 750 048.00 | 0.36 |
| EUR	EUROCLEAR BANK-REG-S 0.25000% 18-07.09.22 | 1 000 000.00 | 1 008 500.00 | 0.20 |
| EUR	EUROFIMA EURO RAILROADMAT FIN CO-REG-S 0.25000% 16-25.04.23 | 1 000 000.00 | 1 020 280.00 | 0.21 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 2.25000% 12-05.09.22 | 3 500 000.00 | 3 774 155.00 | 0.77 |
| EUR	EUROPEAN INVESTMENT BANK 2.25000% 12-14.10.22 | 2 260 000.00 | 2 443 812.13 | 0.50 |
| EUR	EUROPEAN INVESTMENT BANK 1.37500% 13-15.09.21 | 5 000 000.00 | 5 175 630.00 | 1.05 |
| EUR	EUROPEAN INVESTMENT BANK 2.12500% 14-15.01.24 | 1 500 000.00 | 1 661 778.00 | 0.34 |
| EUR	EUROPEAN STABILITY MECHANISM-REG-S 0.12500% 16-22.04.24 | 1 000 000.00 | 1 022 564.00 | 0.21 |
| EUR	EUROPEAN STABILITY MECHANISM-REG-S 0.10000% 18-31.07.23 | 5 500 000.00 | 5 603 730.00 | 1.14 |
| EUR	EUROPEAN UNION 2.75000% 11-21.09.21 | 1 558 000.00 | 1 653 835.70 | 0.34 |
| EUR	EXPORT-IMPORT BANK OF KOREA-REG-S 2.00000% 13-30.04.20 | 1 098 000.00 | 1 110 695.63 | 0.23 |
| EUR	EXPORT-IMPORT BANK OF KOREA-REG-S 0.37500% 19-26.03.24 | 1 500 000.00 | 1 519 024.35 | 0.31 |
| EUR	FMS WERTMANAGEMENT 3.00000% 11-08.09.21 | 2 200 000.00 | 2 342 018.80 | 0.48 |
| EUR	HSBC BANK PLC 4.00000% 10-15.01.21 | 1 154 000.00 | 1 211 741.55 | 0.25 |
| EUR	HSBC FRANCE SA-REG-S 0.60000% 18-20.03.23 | 1 000 000.00 | 1 019 716.00 | 0.21 |
| EUR	ING BANK NV 3.37500% 12-10.01.22 | 1 000 000.00 | 1 082 488.00 | 0.22 |
| EUR	ING BANK NV-REG-S 3.62500% 11-31.08.21 | 1 831 000.00 | 1 965 413.71 | 0.40 |
| EUR	KBC BANK NV-REG-S 0.37500% 16-01.09.22 | 1 500 000.00 | 1 530 798.00 | 0.31 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 1.50000% 14-11.06.24 | 3 000 000.00 | 3 266 760.00 | 0.66 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 1.62500% 14-15.01.21 | 1 700 000.00 | 1 743 494.50 | 0.35 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 0.12500% 18-07.11.23 | 4 150 000.00 | 4 244 105.40 | 0.86 |
| EUR	LANDESBANK BADEN-WUERTTEMBERG-REG-S 0.50000% 15-04.08.22 | 1 500 000.00 | 1 536 225.00 | 0.31 |
| EUR	LANDESBANK HESSEN-THUERINGEN GZ-REG-S 1.12500% 14-27.05.21 | 1 500 000.00 | 1 535 526.00 | 0.31 |
| EUR	LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 1.25000% 14-20.05.22 | 1 010 000.00 | 1 054 852.08 | 0.21 |
| EUR	LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 0.05000% 18-12.06.23 | 1 000 000.00 | 1 018 112.00 | 0.21 |
| EUR	LLOYDS BANK PLC-REG-S 0.50000% 16-11.04.23 | 2 000 000.00 | 2 046 816.00 | 0.42 |
| EUR	MUENCHENER HYPOTHEKENBANK EG-REG-S 0.01000% 19-05.09.23 | 2 000 000.00 | 2 025 460.00 | 0.41 |
| EUR	NATIONAL AUSTRALIA BANK LTD 2.75000% 12-08.08.22 | 2 000 000.00 | 2 159 292.00 | 0.44 |
| EUR	NATIONAL AUSTRALIA BANK LTD 1.87500% 12-13.01.23 | 1 500 000.00 | 1 602 141.90 | 0.33 |
| EUR	NATIONAL AUSTRALIA BANK LTD-REG-S 0.87500% 15-16.11.22 | 1 500 000.00 | 1 552 074.00 | 0.32 |
| EUR	NATIONWIDE BUILDING SOCIETY-REG-S 0.75000% 15-26.10.22 | 1 070 000.00 | 1 100 869.50 | 0.22 |
| EUR	NATIONWIDE BUILDING SOCIETY-REG-S 0.05000% 19-03.06.24 | 1 000 000.00 | 1 007 635.40 | 0.20 |
| EUR	NEDERLANDSE WATERSCHAPSBANK NV-REG-S 0.12500% 19-17.01.24 | 1 000 000.00 | 1 022 200.00 | 0.21 |
| EUR	NESTLE FINANCE INTERNATIONAL LTD-REG-S 1.75000% 12-12.09.22 | 1 000 000.00 | 1 056 302.00 | 0.21 |
| EUR	NESTLE FINANCE INTERNATIONAL LTD-REG-S 0.75000% 15-16.05.23 | 250 000.00 | 257 950.00 | 0.05 |
| EUR	NESTLE FINANCE INTL LIMITED-REG-S-2.12500% 13-10.09.21 | 707 000.00 | 737 313.33 | 0.15 |

Focused SICAV – High Grade Bond EUR Jahresbericht per 31. Oktober 2019
|  | Bezeichnung | Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| EUR | NORDEA BANK ABP-REG-S 2.00000% 14-17.02.21 | 575 000.00 | 591 378.30 | 0.12 |
| EUR | NORDEA BANK ABP-REG-S 1.00000% 16-22.02.23 | 3 700 000.00 | 3 826 443.80 | 0.78 |
| EUR | NORDEA BANK ABP-REG-S 0.30000% 17-30.06.22 | 2 500 000.00 | 2 528 270.00 | 0.51 |
| EUR | NORDEA MORTGAGE BANK PLC-REG-S 4.00000% 11-10.02.21 | 1 500 000.00 | 1 583 535.00 | 0.32 |
| EUR | NRW BANK-REG-S 0.25000% 17-16.05.24 | 2 000 000.00 | 2 053 072.00 | 0.42 |
| EUR | OP CORPORATE BANK PLC-REG-S 0.75000% 15-03.03.22 | 193 000.00 | 197 042.96 | 0.04 |
| EUR | OP CORPORATE BANK PLC-REG-S 0.37500% 18-29.08.23 | 750 000.00 | 761 932.50 | 0.15 |
| EUR | OVERSEA-CHINESE BANKING CORP-REG-S 0.25000% 17-21.03.22 | 1 000 000.00 | 1 012 680.00 | 0.21 |
| EUR | OVERSEA-CHINESE BANKING CORP-REG-S 0.25000% 17-05.10.22 | 1 102 000.00 | 1 117 956.96 | 0.23 |
| EUR | RABOBANK INTERNATIONAL 4.00000% 12-11.01.22 | 1 643 000.00 | 1 792 421.00 | 0.36 |
| EUR | RABOBANK NEDERLAND NV 4.12500% 11-12.01.21 | 2 000 000.00 | 2 103 000.00 | 0.43 |
| EUR | RABOBANK NEDERLAND NV 2.37500% 13-22.05.23 | 1 000 000.00 | 1 085 890.00 | 0.22 |
| EUR | RABOBANK NEDERLAND NV-REG-S 0.12500% 16-11.10.21 | 3 000 000.00 | 3 017 418.00 | 0.61 |
| EUR | RABOBANK NEDERLAND NV-REG-S 0.25000% 17-31.05.24 | 2 000 000.00 | 2 051 660.00 | 0.42 |
| EUR | ROBERT BOSCH INVESTMENT NEDERLAND BV 1.62500% 13-24.05.21 | 2 000 000.00 | 2 056 356.00 | 0.42 |
| EUR | ROCHE HOLDINGS INC 6.50000% 09-04.03.21 | 500 000.00 | 545 850.00 | 0.11 |
| EUR | ROYAL BANK OF CANADA-REG-S 0.50000% 15-16.12.20 | 3 955 000.00 | 3 991 662.85 | 0.81 |
| EUR | ROYAL BANK OF CANADA-REG-S 0.25000% 19-29.01.24 | 1 000 000.00 | 1 020 664.00 | 0.21 |
| EUR | SANTANDER UK PLC-REG-S 1.62500% 13-26.11.20 | 1 300 000.00 | 1 326 361.53 | 0.27 |
| EUR | SANTANDER UK PLC-REG-S 1.25000% 14-18.09.24 | 1 000 000.00 | 1 067 880.00 | 0.22 |
| EUR | SFIL SA-REG-S 0.12500% 16-18.10.24 | 3 000 000.00 | 3 043 680.00 | 0.62 |
| EUR | SHELL INTERNATIONAL FINANCE BV 1.62500% 14-24.03.21 | 687 000.00 | 704 951.31 | 0.14 |
| EUR | SKANDINAVISKA ENSKILDA BANKEN AB 0.62500% 15-30.01.23 | 1 000 000.00 | 1 030 873.80 | 0.21 |
| EUR | SOCIETE GENERALE SFH 2.00000% 14-29.04.24 | 1 000 000.00 | 1 102 650.00 | 0.22 |
| EUR | SOCIETE GENERALE SFH-REG-S 0.25000% 18-11.09.23 | 1 000 000.00 | 1 021 248.00 | 0.21 |
| EUR | SPAREBANKEN 1 BOLIGKREDITT-REG-S 0.05000% 17-25.01.22 | 3 000 000.00 | 3 025 860.00 | 0.61 |
| EUR | SPAREBANKEN 1 BOLIGKREDITT-REG-S 0.37500% 18-19.06.23 | 1 000 000.00 | 1 024 330.00 | 0.21 |
| EUR | SPAREBANKEN VEST BOLIGKREDITT AS-REG-S 0.25000% 15-29.04.22 | 1 140 000.00 | 1 156 188.00 | 0.23 |
| EUR | STADSHYPOTEK AB-REG-S 0.37500% 16-22.02.23 | 1 500 000.00 | 1 534 524.00 | 0.31 |
| EUR | SUMITOMO MITSI BNKG CORP-REG-S 0.55000% 18-06.11.23 | 4 000 000.00 | 4 103 760.00 | 0.83 |
| EUR | SVENSKA HANDELSBANKEN AB-REG-S 1.12500% 15-14.12.22 | 1 285 000.00 | 1 332 123.52 | 0.27 |
| EUR | SWEDBANK HYPOTEK AB-REG-S 0.45000% 18-23.08.23 | 850 000.00 | 873 990.40 | 0.18 |
| EUR | TEMASEK FINANCIAL I LTD-REG-S 0.50000% 16-01.03.22 | 1 550 000.00 | 1 574 387.70 | 0.32 |
| EUR | TORONTO-DOMINION BANK-REG-S 0.62500% 16-08.03.21 | 600 000.00 | 606 676.80 | 0.12 |
| EUR | TOTAL CAPITAL 5.12500% 09-26.03.24 | 500 000.00 | 615 289.90 | 0.12 |
| EUR | TOTAL CAPITAL INTERNATIONAL SA-REG-S 2.12500% 13-19.11.21 | 1 000 000.00 | 1 047 942.00 | 0.21 |
| EUR | TOYOTA MOTOR CREDIT CORP-REG-S 1.80000% 13-23.07.20 | 1 119 000.00 | 1 135 449.30 | 0.23 |
| EUR | TOYOTA MOTOR CREDIT CORP-REG-S 1.00000% 14-10.09.21 | 2 000 000.00 | 2 041 160.00 | 0.41 |
| EUR | TOYOTA MOTOR CREDIT CORP-REG-S 1.00000% 15-09.03.21 | 1 870 000.00 | 1 898 502.54 | 0.39 |
| EUR | UBS AG LONDON-REG-S 1.37500% 14-16.04.21 | 1 000 000.00 | 1 024 810.00 | 0.21 |
| EUR | UNEDIC ASSEO 2.25000% 13-05.04.23 | 3 000 000.00 | 3 273 000.00 | 0.66 |
| EUR | UNEDIC ASSEO-REG-S 0.30000% 15-04.11.21 | 1 500 000.00 | 1 521 285.00 | 0.31 |
| EUR | UNICREDIT BANK AG-REG-S 0.01000% 19-10.09.24 | 1 500 000.00 | 1 518 027.00 | 0.31 |
| EUR | WESTPAC BANKING CORP-REG-S 0.87500% 15-16.02.21 | 544 000.00 | 551 218.88 | 0.11 |
| EUR | WESTPAC BANKING CORP-REG-S 0.50000% 17-17.05.24 | 1 000 000.00 | 1 029 560.00 | 0.21 |
| EUR | WESTPAC SECURITIES NZ LTD/LONDON-REG-S 0.50000% 19-17.01.24 | 1 000 000.00 | 1 028 422.00 | 0.21 |
| Total EUR |  |  | 192 440 882.67 | 39.10 |
| Total Medium-Term Notes, fester Zins |  | 192 440 882.67 | 39.10 |
| Medium-Term Notes, Nullcoupon |  |  |  |
| EUR |  |  |  |
| EUR	DEXIA CREDIT LOCAL SA-REG-S 0.00000% 19-29.05.24 | 1 000 000.00 | 1 009 724.30 | 0.21 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.00000% 17-29.03.21 | 3 000 000.00 | 3 019 320.00 | 0.61 |
| EUR	EUROPEAN STABILITY MECHANISM-REG-S 0.00000% 16-18.10.22 | 4 700 000.00 | 4 760 141.20 | 0.97 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.00000% 18-25.05.21 | 4 000 000.00 | 4 030 952.00 | 0.82 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.00000% 19-02.04.24 | 1 000 000.00 | 1 018 416.00 | 0.21 |
| EUR	LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.00000% 19-18.07.22 | 1 000 000.00 | 1 009 684.00 | 0.20 |
| EUR	SANOFI-REG-S 0.00000% 16-13.09.22 | 500 000.00 | 502 863.00 | 0.10 |
| EUR	SFIL SA-REG-S 0.00000% 19-24.05.24 | 1 700 000.00 | 1 717 476.68 | 0.35 |
| Total EUR |  | 17 068 577.18 | 3.47 |
| Total Medium-Term Notes, Nullcoupon |  | 17 068 577.18 | 3.47 |
| Anleihen, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRALIA & NEW ZEALAND BANKING-REG-S 2.50000% 14-16.01.24 | 1 000 000.00 | 1 112 560.00 | 0.23 |
| EUR	AUSTRIA, REPUBLIC OF 3.65000% 11-20.04.22 | 5 000 000.00 | 5 529 550.00 | 1.12 |
| EUR	AUSTRIA, REPUBLIC OF-REG-S 1.75000% 13-20.10.23 | 3 000 000.00 | 3 277 440.00 | 0.67 |
| EUR	AUTOBAHNEN- & SCHNELLSTRASSEN AG-REG-S 0.62500% 15-15.09.22 | 1 150 000.00 | 1 186 563.10 | 0.24 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.20000% 16-22.10.23 | 10 250 000.00 | 10 547 803.50 | 2.14 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.50000% 17-22.10.24 | 2 000 000.00 | 2 094 508.00 | 0.43 |
| EUR	BNP PARIBAS HOME LOAN COVERED BONDS SFH 3.87500% 11-12.07.21 | 2 000 000.00 | 2 144 608.00 | 0.44 |
| EUR	BPIFRANCE FINANCEMENT SA-REG-S 0.12500% 17-25.11.23 | 2 000 000.00 | 2 031 720.00 | 0.41 |
| EUR	BUNDESLAENDER BUNDESREPUBLI DEUTS-REG-S 0.12500% 16-14.04.23 | 600 000.00 | 610 790.40 | 0.12 |
| EUR	BUNDESLAENDER BUNDESREPUBLIK DEUTSCHLD 0.25000% 17-18.03.24 | 2 500 000.00 | 2 566 186.50 | 0.52 |
| EUR	CAISSE D’AMORTIS DE LA DETTE SOCIALE 4.37500% 06-25.10.21 | 3 000 000.00 | 3 289 770.00 | 0.67 |
| EUR	CAISSE D’AMORTIS DE LA DETTE SOC-REG-S 0.50000% 15-25.05.23 | 1 000 000.00 | 1 033 380.00 | 0.21 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 0.20000% 15-27.04.23 | 1 000 000.00 | 1 019 092.30 | 0.21 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 0.37500% 17-11.05.24 | 1 500 000.00 | 1 545 812.70 | 0.31 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.62500% 15-10.02.23 | 1 500 000.00 | 1 546 800.00 | 0.31 |
| EUR	COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.50000% 16-04.09.24 | 1 000 000.00 | 1 036 954.00 | 0.21 |
| EUR	CREDIT SUISSE GUERNSEY LTD-REG-S 0.75000% 14-17.09.21 | 1 317 000.00 | 1 343 054.08 | 0.27 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 1.37500% 14-07.06.21 | 5 948 000.00 | 6 124 477.16 | 1.24 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.12500% 17-17.10.23 | 3 000 000.00 | 3 062 220.00 | 0.62 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.10000% 16-19.01.21 | 4 000 000.00 | 4 027 360.00 | 0.82 |
| EUR	FINLAND, REPUBLIC OF-144A-REG-S 1.62500% 12-15.09.22 | 2 500 000.00 | 2 661 810.00 | 0.54 |
| EUR	FRANCE, REPUBLIC OF OAT 2.25000% 12-25.10.22 | 11 570 000.00 | 12 572 563.64 | 2.56 |
| EUR	FRANCE, REPUBLIC OF-OAT 4.25000% 07-25.10.23 | 9 500 000.00 | 11 351 683.00 | 2.31 |
| EUR	FRANCE, REPUBLIC OF-OAT 3.25000% 11-25.10.21 | 5 637 000.00 | 6 072 785.20 | 1.23 |
| EUR	FRANCE, REPUBLIC OF-OAT 1.75000% 13-25.05.23 | 5 000 000.00 | 5 423 780.00 | 1.10 |
| EUR	FRANCE, REPUBLIC OF-OAT 2.25000% 13-25.05.24 | 8 000 000.00 | 9 028 320.00 | 1.84 |

Focused SICAV – High Grade Bond EUR Jahresbericht per 31. Oktober 2019
|  | Bezeichnung | Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.25000% 15-25.11.20 | 1 600 000.00 | 1 614 752.00 | 0.33 |
| EUR | GERMANY, REPUBLIC OF 1.50000% 13-15.05.23 | 5 659 000.00 | 6 101 931.62 | 1.24 |
| EUR | GERMANY, REPUBLIC OF 1.75000% 14-15.02.24 | 3 000 000.00 | 3 314 064.00 | 0.67 |
| EUR | GERMANY, REPUBLIC OF 1.50000% 14-15.05.24 | 2 000 000.00 | 2 198 360.00 | 0.45 |
| EUR | GERMANY, REPUBLIC OF 2.25000% 11-04.09.21 | 2 943 000.00 | 3 101 957.32 | 0.63 |
| EUR | GERMANY, REPUBLIC OF-REG-S 1.75000% 12-04.07.22 | 5 000 000.00 | 5 330 470.00 | 1.08 |
| EUR | HESSEN, STATE OF-REG-S 0.37500% 15-10.03.23 | 1 500 000.00 | 1 538 775.00 | 0.31 |
| EUR | HESSEN, STATE OF-REG-S 0.37500% 15-04.07.22 | 1 500 000.00 | 1 531 560.00 | 0.31 |
| EUR | JOHNSON & JOHNSON 0.65000% 16-20.05.24 | 1 000 000.00 | 1 032 216.00 | 0.21 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU 0.62500% 15-04.07.22 | 1 000 000.00 | 1 030 170.00 | 0.21 |
| EUR | LFA FOERDERBANK BAYERN 2.00000% 12-30.08.22 | 1 192 000.00 | 1 272 698.40 | 0.26 |
| EUR | LLOYDS BANK PLC-REG-S 0.37500% 16-18.01.21 | 1 474 000.00 | 1 485 659.34 | 0.30 |
| EUR | NETHERLANDS, KINGDOM OF THE 3.25000% 11-15.07.21 | 162 000.00 | 172 801.83 | 0.04 |
| EUR | NETHERLANDS, KINGDOM OF THE 2.25000% 12-15.07.22 | 854 000.00 | 922 312.31 | 0.19 |
| EUR | NIEDERSACHSEN, STATE OF-REG-S 0.37500% 16-19.01.23 | 1 600 000.00 | 1 640 211.20 | 0.33 |
| EUR | NORDEA MORTGAGE BANK PLC 0.02500% 17-24.01.22 | 1 406 000.00 | 1 418 260.32 | 0.29 |
| EUR | NORDRHEIN-WESTFALEN, STATE OF 4.37500% 07-29.04.22 | 4 572 000.00 | 5 120 146.23 | 1.04 |
| EUR | NOVARTIS FINANCE SA-REG-S 0.75000% 14-09.11.21 | 3 500 000.00 | 3 572 485.00 | 0.73 |
| EUR | NOVARTIS FINANCE SA-REG-S 0.12500% 16-20.09.23 | 468 000.00 | 472 961.93 | 0.10 |
| EUR | NRW BANK 0.25000% 17-02.02.24 | 3 000 000.00 | 3 076 590.00 | 0.63 |
| EUR | OP MORTGAGE BANK 0.25000% 17-13.03.24 | 1 000 000.00 | 1 024 448.00 | 0.21 |
| EUR | OP MORTGAGE BANK-REG-S 0.05000% 17-22.02.23 | 1 000 000.00 | 1 013 430.00 | 0.21 |
| EUR | PROCTER & GAMBLE CO 1.12500% 15-02.11.23 | 750 000.00 | 787 410.00 | 0.16 |
| EUR | QUEBEC, PROVINCE OF-REG-S 2.25000% 13-17.07.23 | 1 000 000.00 | 1 096 786.00 | 0.22 |
| EUR | SA DE GESTION DES STOCKS DE SECURITE 3.12500% 10-21.10.22 | 1 000 000.00 | 1 103 698.70 | 0.22 |
| EUR | SA DE GESTION DES STOCKS DE SEC-REG-S 0.62500% 16-25.05.23 | 1 000 000.00 | 1 035 642.70 | 0.21 |
| EUR | SANTANDER UK PLC-REG-S 0.25000% 15-21.04.22 | 596 000.00 | 603 304.58 | 0.12 |
| EUR | SCHLESWIG-HOLSTEIN,STATE OF-REG-S 0.12500% 18-24.05.23 | 1 500 000.00 | 1 527 456.00 | 0.31 |
| EUR | SNCF RESEAU-REG-S 0.10000% 16-27.05.21 | 500 000.00 | 503 751.00 | 0.10 |
| EUR | SPAREBANKEN VEST BOLIGKREDITT AS-REG-S 0.37500% 17-14.02.24 | 1 000 000.00 | 1 026 500.00 | 0.21 |
| EUR | WESTPAC BANKING CORP-REG-S 0.50000% 18-04.12.23 | 1 000 000.00 | 1 028 990.00 | 0.21 |
| Total EUR |  |  | 158 941 391.06 | 32.30 |
| Total Anleihen, fester Zins |  | 158 941 391.06 | 32.30 |
| Anleihen, Nullcoupon |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.00000% 16-15.07.23 | 500 000.00 | 510 425.00 | 0.10 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.00000% 19-15.07.24 | 1 500 000.00 | 1 534 590.00 | 0.31 |
| EUR	CANADIAN IMPERIAL BANK OF COM/CAN-REG-S 0.00000% 16-25.07.22 | 1 000 000.00 | 1 007 982.00 | 0.21 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.00000% 19-19.04.24 | 3 500 000.00 | 3 557 155.00 | 0.72 |
| EUR	FINLAND, REPUBLIC OF-144A-REG-S 0.00000% 17-15.04.22 | 4 000 000.00 | 4 061 272.00 | 0.83 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 16-25.05.21 | 6 000 000.00 | 6 058 776.00 | 1.23 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 16-25.05.22 | 13 306 000.00 | 13 523 047.47 | 2.75 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 17-25.03.23 | 9 512 000.00 | 9 711 847.12 | 1.97 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 18-25.02.21 | 5 000 000.00 | 5 041 230.00 | 1.02 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 18-25.03.24 | 6 000 000.00 | 6 141 600.00 | 1.25 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.02.22 | 15 000 000.00 | 15 205 000.50 | 3.09 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 17-08.04.22 | 11 000 000.00 | 11 184 250.00 | 2.27 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 17-07.10.22 | 7 843 000.00 | 8 004 361.88 | 1.63 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 18-14.04.23 | 5 000 000.00 | 5 120 936.00 | 1.04 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 18-13.10.23 | 3 000 000.00 | 3 081 619.20 | 0.63 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 19-05.04.24 | 7 750 000.00 | 7 975 292.50 | 1.62 |
| EUR	KOREA DEVELOPMENT BANK-REG-S 0.00000% 19-10.07.24 | 1 000 000.00 | 998 390.00 | 0.20 |
| EUR	NIEDERSACHSEN, STATE OF-REG-S 0.00000% 16-02.08.24 | 1 500 000.00 | 1 524 162.00 | 0.31 |
| EUR	NOVARTIS FINANCE SA-REG-S 0.00000% 17-31.03.21 | 2 500 000.00 | 2 510 325.00 | 0.51 |
| EUR	NRW BANK 0.00000% 17-01.02.22 | 2 000 000.00 | 2 020 244.00 | 0.41 |
| Total EUR |  | 108 772 505.67 | 22.10 |
| Total Anleihen, Nullcoupon |  | 108 772 505.67 | 22.10 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden |  | 482 949 328.65 | 98.13 |
| Total des Wertpapierbestandes |  | 482 949 328.65 | 98.13 |

| Derivative Instrumente |  |
| --- | --- |
| Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |
| Finanzterminkontrakte auf Anleihen |
|  |  |  |  |
| EUR	EURO-BOBL FUTURE 06.12.19 | -50.00 | 84 500.00 | 0.02 |
| EUR	EURO-SCHATZ FUTURE 06.12.19 | -50.00 | 7 250.00 | 0.00 |
| Total Finanzterminkontrakte auf Anleihen |  | 91 750.00 | 0.02 |
| Total Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  | 91 750.00 | 0.02 |
| Total Derivative Instrumente |  | 91 750.00 | 0.02 |
|  |  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel |  | 7 207 343.00 | 1.46 |
| Kontokorrentkredit und andere kurzfristige Verbindlichkeiten |  | -107 000.00 | -0.02 |
| Andere Aktiva und Passiva |  | 1 995 811.06 | 0.41 |
| Total des Nettovermögens |  | 492 137 232.71 | 100.00 |

Focused SICAV – High Grade Bond EUR Jahresbericht per 31. Oktober 2019