# Focused SICAV – Global Bond
| Three-year comparison |  |
| --- | --- |
| Date | ISIN | 31.10.2019 | 31.10.2018 | 31.10.2017 |
| Net assets in USD |  | 465 025 062.52 | 486 541 478.18 | 474 003 829.67 |
| Class (USD) F-acc | LU0326808440 |  |  |  |
| Shares outstanding |  | 1 072 073.8280 | 1 367 663.0760 | 1 359 953.9890 |
| Net asset value per share in USD |  | 155.85 | 140.92 | 140.42 |
| Issue and redemption price per share in USD 1 |  | 155.85 | 140.92 | 140.42 |
| Class (CHF hedged) F-acc | LU0326809257 |  |  |  |
| Shares outstanding |  | 546 545.2370 | 493 535.6310 | 444 221.4280 |
| Net asset value per share in CHF |  | 133.85 | 125.26 | 128.56 |
| Issue and redemption price per share in CHF 1 |  | 133.85 | 125.26 | 128.56 |
| Class (EUR hedged) F-acc | LU0326809505 |  |  |  |
| Shares outstanding |  | 922 955.1180 | 985 905.6440 | 969 448.4030 |
| Net asset value per share in EUR |  | 144.31 | 134.41 | 137.39 |
| Issue and redemption price per share in EUR 1 |  | 144.31 | 134.41 | 137.39 |
| Class (GBP hedged) F-acc | LU0326809844 |  |  |  |
| Shares outstanding |  | 41 510.6800 | 51 154.6040 | 51 892.3930 |
| Net asset value per share in GBP |  | 156.36 | 143.86 | 145.46 |
| Issue and redemption price per share in GBP 1 |  | 156.36 | 143.86 | 145.46 |
| Class (JPY hedged) F-acc | LU1490620330 |  |  |  |
| Shares outstanding |  | 346 762.5710 | 456 905.0000 | 291 010.0000 |
| Net asset value per share in JPY |  | 10 732 | 9 992 | 10 184 |
| Issue and redemption price per share in JPY 1 |  | 10 732 | 9 992 | 10 184 |
| Class F-UKdist | LU1164771658 |  |  |  |
| Shares outstanding |  | 59 628.0030 | 74 665.2760 | 65 794.6240 |
| Net asset value per share in USD |  | 110.13 | 101.72 | 103.35 |
| Issue and redemption price per share in USD 1 |  | 110.13 | 101.72 | 103.35 |
| Class (CHF hedged) F-UKdist | LU1311286220 |  |  |  |
| Shares outstanding |  | 60 461.8360 | 50 434.1050 | 50 145.5190 |
| Net asset value per share in CHF |  | 101.16 | 96.80 | 101.33 |
| Issue and redemption price per share in CHF 1 |  | 101.16 | 96.80 | 101.33 |
| Class (EUR hedged) F-UKdist | LU0526609390 |  |  |  |
| Shares outstanding |  | 69 253.9800 | 74 543.9800 | 75 656.5280 |
| Net asset value per share in EUR |  | 80.11 | 76.32 | 79.48 |
| Issue and redemption price per share in EUR 1 |  | 80.11 | 76.32 | 79.48 |
| Class (GBP hedged) F-UKdist | LU0326810180 |  |  |  |
| Shares outstanding |  | 96 113.5180 | 103 661.4020 | 112 136.6580 |
| Net asset value per share in GBP |  | 107.93 | 101.57 | 104.64 |
| Issue and redemption price per share in GBP 1 |  | 107.93 | 101.57 | 104.64 |
| 1  See note 1 |  |  |  |  |
| Performance |  |  |  |  |
|  | Currency | 2018/2019 | 2017/2018 | 2016/2017 |
| Class (USD) F-acc | USD | 10.6% | 0.4% | 1.5% |
| Class (CHF hedged) F-acc | CHF | 6.9% | -2.6% | -0.8% |
| Class (EUR hedged) F-acc | EUR | 7.4% | -2.2% | -0.4% |
| Class (GBP hedged) F-acc | GBP | 8.7% | -1.1% | 0.3% |
| Class (JPY hedged) F-acc | JPY | 7.4% | -1.9% | - |
| Class F-UKdist | USD | 10.6% | 0.4% | 1.5% |
| Class (CHF hedged) F-UKdist | CHF | 6.9% | -2.6% | -0.8% |
| Class (EUR hedged) F-UKdist | EUR | 7.4% | -2.2% | -0.4% |
| Class (GBP hedged) F-UKdist | GBP | 8.7% | -1.1% | 0.4% |
| 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.
Focused SICAV – Global Bond Annual Report as of 31 October 2019

## Report of the Portfolio Manager
The main theme over the financial year from 1 November 2018 to 31 October 2019 was the turning of sentiment as global economic growth softened and inflation expec- tations fell. Rotation in sentiment from previously very strong levels was driven partly by concerns over interna- tional trade, particularly between the US and China. In the US, concerns were building up over overtightening in 2018 and the Fed reluctantly started “insurance cuts“ in 2019 to boost growth. Political uncertainty increased in Europe as discussions over the UK’s exit from the European Union intensified and a populist coalition government was elected in Italy. There were also issues in several emerg- ing markets such as Argentina and Turkey that weighed on sentiment. The financial year has been characterized by strongly rallying government bond markets across the globe, tightening credit spreads and EM recovery from the Q4 2018 sell off. However, the financial year ended on a weaker note as positive developments on Brexit and the US-China trade war increased risk appetite, with government bonds paring some of the gains and credit spreads tightening further.
The subfund produced a positive return over the financial year (including hedged share classes). We maintained our exposure to higher yielding developed market government bonds, such as US, New Zealand, Spain, Italy and France for much of the financial year. We continue to maintain our exposure to corporate bonds, believing there is still value in the corporate bond market.
Focused SICAV – Global Bond
Annual Report as of 31 October 2019

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	41.59
| Japan | 9.56 |
| --- | --- |
| United Kingdom | 9.17 |
| Canada | 4.03 |
| France | 3.56 |
| China | 3.02 |
| The Netherlands | 2.77 |
| Spain | 2.42 |
| New Zealand | 2.39 |
| Australia | 2.39 |
| Ireland | 2.33 |
| Italy | 1.75 |
| Germany | 1.61 |
| Belgium | 1.39 |
| Luxembourg | 1.32 |
| South Korea | 0.98 |
| Supranationals | 0.66 |
| Saudi Arabia | 0.64 |
| Slovenia | 0.56 |
| Poland | 0.51 |
| Hong Kong | 0.48 |
| Sweden | 0.43 |
| Mexico | 0.41 |
| Singapore | 0.35 |
| British Virgin Islands | 0.35 |
| Jersey | 0.27 |
| Denmark | 0.26 |
| Chile | 0.25 |
| Brazil | 0.18 |
| Cayman Islands | 0.17 |
| Romania | 0.16 |
| Colombia | 0.14 |
| Switzerland | 0.10 |
| Indonesia | 0.09 |
| Ecuador | 0.08 |
| Bermuda | 0.04 |
| Total | 96.41 |

Economic Breakdown as a % of net assets	
Countries & central governments	52.38
| Mortgage & funding institutions | 11.77 |
| --- | --- |
| Banks & credit institutions | 11.57 |
| Finance & holding companies | 6.60 |
| Petroleum | 1.79 |
| Insurance | 1.32 |
| Energy & water supply | 1.08 |
| Pharmaceuticals, cosmetics & medical products | 0.99 |
| Supranational organisations | 0.98 |
| Telecommunications | 0.93 |
| Real Estate | 0.80 |
| Investment funds | 0.77 |
| Computer hardware & network equipment providers | 0.74 |
| Traffic & transportation | 0.64 |
| Miscellaneous unclassified companies | 0.54 |
| Internet, software & IT services | 0.54 |
| Chemicals | 0.53 |
| Tobacco & alcohol | 0.39 |
| Electrical devices & components | 0.39 |
| Healthcare & social services | 0.29 |
| Miscellaneous services | 0.26 |
| Miscellaneous consumer goods | 0.22 |
| Graphic design, publishing & media | 0.22 |
| Mining, coal & steel | 0.16 |
| Agriculture & fishery | 0.12 |
| Food & soft drinks | 0.10 |
| Mechanical engineering & industrial equipment | 0.09 |
| Biotechnology | 0.09 |
| Aerospace industry | 0.08 |
| Vehicles | 0.03 |
| Total | 96.41 |


## Statement of Net Assets
Assets	31.10.2019
USD
Investments in securities, cost	431 454 518.66
| Investments in securities, unrealized appreciation (depreciation) | 	16 867 172.93	 |
| --- | --- |
| Total investments in securities (Note 1) | 448 321 691.59 |
| Cash at banks, deposits on demand and deposit accounts | 13 595 662.54 |
| Receivable on securities sales (Note 1) | 1 076 554.85 |
| Receivable on subscriptions | 487 826.61 |
| Interest receivable on securities | 2 634 083.83 |
| Receivable on dividends | 3 072.58 |
| Unrealized gain (loss) on financial futures (Note 1) | 520 678.87 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | 417 978.88 |
| Unrealized gain (loss) on swaps (Note 1) | 2 258.08 |
| Total Assets | 467 059 807.83 |
|  |  |
| Liabilities |  |
| Other short-term liabilities (Margins) | -663 618.57 |
| Payable on securities purchases (Note 1) | -834 944.72 |
| Payable on redemptions | -472 224.97 |
| Provisions for flat fee (Note 2) | -41 714.41 |
| Provisions for taxe d’abonnement (Note 3) | -3 916.99 |
| Provisions for other commissions and fees (Note 2) | 	-18 325.65	 |
| Total provisions | -63 957.05 |
| Total Liabilities | -2 034 745.31 |
|  |  |
| Net assets at the end of the financial year | 465 025 062.52 |
| Statement of Operations | USD |
| Income | 1.11.2018-31.10.2019 |
| Interest on liquid assets | 92 799.46 |
| Interest on securities | 10 834 682.03 |
| Dividends | 79 653.07 |
| Interest received on swaps (Note 1) | 2 585.42 |
| Income on securities lending (Note 12) | 265 630.88 |
| Other income (Note 4) | 16 699.91 |
| Total income | 11 292 050.77 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -941 776.27 |
| Taxe d’abonnement (Note 3) | -46 726.66 |
| Cost on securities lending (Note 12) | -106 252.35 |
| Other commissions and fees (Note 2) | -22 496.21 |
| Interest on cash and bank overdraft | -8 659.19 |
| Total expenses | -1 125 910.68 |
|  |  |
| Net income (loss) on investments | 10 166 140.09 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -129 525.64 |
| Realized gain (loss) on options | -124 689.60 |
| Realized gain (loss) on financial futures | -2 828 021.81 |
| Realized gain (loss) on forward foreign exchange contracts | -3 677 781.98 |
| Realized gain (loss) on foreign exchange | -635 631.36 |
| Total realized gain (loss) | -7 395 650.39 |
|  |  |
| Net realized gain (loss) of the financial year | 2 770 489.70 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 34 604 583.56 |
| Unrealized appreciation (depreciation) on financial futures | 508 573.52 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 1 883 608.28 |
| Unrealized appreciation (depreciation) on swaps | -913.79 |
| Total changes in unrealized appreciation (depreciation) | 36 995 851.57 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 39 766 341.27 |

Focused SICAV – Global Bond Annual Report as of 31 October 2019
| Statement of Changes in Net Assets |  |
| --- | --- |
|  |  | USD |
|  |  | 1.11.2018-31.10.2019 |
| Net assets at the beginning of the financial year |  | 486 541 478.18 |
| Subscriptions |  | 85 125 589.61 |
| Redemptions |  | 	-145 705 414.68	 |
| Total net subscriptions (redemptions) |  | -60 579 825.07 |
| Dividend paid |  | -702 931.86 |
| Net income (loss) on investments |  | 10 166 140.09 |
| Total realized gain (loss) |  | -7 395 650.39 |
| Total changes in unrealized appreciation (depreciation) |  | 	36 995 851.57	 |
| Net increase (decrease) in net assets as a result of operations |  | 39 766 341.27 |
| Net assets at the end of the financial year |  | 465 025 062.52 |
| Changes in the Number of Shares outstanding |  |  |
|  |  | 1.11.2018-31.10.2019 |
| Class |  | (USD) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 1 367 663.0760 |
| Number of shares issued |  | 220 464.9290 |
| Number of shares redeemed |  | -516 054.1770 |
| Number of shares outstanding at the end of the financial year |  | 1 072 073.8280 |
| Class |  | (CHF hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 493 535.6310 |
| Number of shares issued |  | 142 702.2250 |
| Number of shares redeemed |  | -89 692.6190 |
| Number of shares outstanding at the end of the financial year |  | 546 545.2370 |
| Class |  | (EUR hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 985 905.6440 |
| Number of shares issued |  | 121 667.6300 |
| Number of shares redeemed |  | -184 618.1560 |
| Number of shares outstanding at the end of the financial year |  | 922 955.1180 |
| Class |  | (GBP hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 51 154.6040 |
| Number of shares issued |  | 1 621.7320 |
| Number of shares redeemed |  | -11 265.6560 |
| Number of shares outstanding at the end of the financial year |  | 41 510.6800 |
| Class |  | (JPY hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 456 905.0000 |
| Number of shares issued |  | 113 426.1680 |
| Number of shares redeemed |  | -223 568.5970 |
| Number of shares outstanding at the end of the financial year |  | 346 762.5710 |
| Class |  | F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 74 665.2760 |
| Number of shares issued |  | 8 040.3490 |
| Number of shares redeemed |  | -23 077.6220 |
| Number of shares outstanding at the end of the financial year |  | 59 628.0030 |
| Class |  | (CHF hedged) F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 50 434.1050 |
| Number of shares issued |  | 14 124.2830 |
| Number of shares redeemed |  | -4 096.5520 |
| Number of shares outstanding at the end of the financial year |  | 60 461.8360 |
| Class |  | (EUR hedged) F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 74 543.9800 |
| Number of shares issued |  | 3 554.9670 |
| Number of shares redeemed |  | -8 844.9670 |
| Number of shares outstanding at the end of the financial year |  | 69 253.9800 |
| Class |  | (GBP hedged) F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 103 661.4020 |
| Number of shares issued |  | 8 344.3180 |
| Number of shares redeemed |  | -15 892.2020 |
| Number of shares outstanding at the end of the financial year |  | 96 113.5180 |
| Annual Distribution 1 |  |  |
| Focused SICAV – Global Bond	Ex-Date | Pay-Date | Currency	Amount per share |
| F-UKdist	15.11.2018 | 20.11.2018 | USD	2.14 |
| (CHF hedged) F-UKdist	15.11.2018 | 20.11.2018 | CHF	2.13 |
| (EUR hedged) F-UKdist	15.11.2018 | 20.11.2018 | EUR	1.70 |
| (GBP hedged) F-UKdist	15.11.2018 | 20.11.2018 | GBP	2.26 |
| 1  See note 5 |  |  |

Focused SICAV – Global Bond
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 USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |  |
| Mortgage Backed Securities, fixed rate |  |  |  |
| USD |  |  |  |
| USD	FANNIE MAE 4.00000% 15-01.11.45 | 1 250 000.00 | 822 726.63 | 0.18 |
| USD	FREDDIE MAC 3.50000% 17-01.09.47 | 2 125 000.00 | 1 769 002.92 | 0.38 |
| Total USD |  | 2 591 729.55 | 0.56 |
| Total Mortgage Backed Securities, fixed rate |  | 2 591 729.55 | 0.56 |
| Notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ALTICE LUXEMBOURG SA-REG-S 8.00000% 19-15.05.27 | 280 000.00 | 342 489.38 | 0.07 |
| EUR	BACARDI LTD-REG-S 2.75000% 13-03.07.23 | 150 000.00 | 180 634.89 | 0.04 |
| EUR	DREAM GLOBAL FUNDING 1 SARL-REG-S 1.37500% 17-21.12.21 | 600 000.00 | 681 862.07 | 0.15 |
| EUR	FISERV INC 1.62500% 19-01.07.30 | 625 000.00 | 740 886.43 | 0.16 |
| EUR	FORD MOTOR CREDIT CO LLC 1.51400% 19-17.02.23 | 310 000.00 | 345 066.41 | 0.07 |
| EUR	MEDTRONIC GLOBAL HOLDINGS SCA 1.12500% 19-07.03.27 | 100 000.00 | 118 171.88 | 0.03 |
| EUR	TEVA PHARMACEUTICAL FINANCE II BV 4.50000% 18-01.03.25 | 100 000.00 | 103 302.22 | 0.02 |
| Total EUR |  | 2 512 413.28 | 0.54 |
| USD |  |  |  |
| USD	ABBOTT LABORATORIES 4.90000% 16-30.11.46 | 160 000.00 | 204 471.16 | 0.04 |
| USD	ABBVIE INC 4.25000% 18-14.11.28 | 200 000.00 | 217 771.90 | 0.05 |
| USD	ABBVIE INC 4.87500% 18-14.11.48 | 170 000.00 | 187 691.44 | 0.04 |
| USD	ALBEMARLE CORPORATION 5.45000% 14-01.12.44 | 200 000.00 | 235 884.92 | 0.05 |
| USD	ALLERGAN FUNDING SCS 4.75000% 15-15.03.45 | 339 000.00 | 360 813.74 | 0.08 |
| USD	ALTRIA GROUP INC 4.40000% 19-14.02.26 | 195 000.00 | 210 312.18 | 0.05 |
| USD	ALTRIA GROUP INC 4.80000% 19-14.02.29 | 75 000.00 | 82 337.03 | 0.02 |
| USD	AMERICAN EXPRESS CO 3.40000% 18-27.02.23 | 650 000.00 | 677 563.44 | 0.15 |
| USD	AMGEN INC 4.40000% 15-01.05.45 | 90 000.00 | 101 250.10 | 0.02 |
| USD	ANHEUSER-BUSCH COS 3.65000% 19-01.02.26 | 150 000.00 | 160 624.44 | 0.03 |
| USD	ANHEUSER-BUSCH INBEV WORLDWIDE INC 4.15000% 19-23.01.25 | 160 000.00 | 174 922.03 | 0.04 |
| USD	ANHEUSER-BUSCH INBEV WORLDWIDE INC 4.75000% 19-23.01.29 | 260 000.00 | 302 173.64 | 0.06 |
| USD	ANTHEM INC 3.65000% 17-01.12.27 | 130 000.00 | 137 490.41 | 0.03 |
| USD	APPLE INC 1.80000% 19-11.09.24 | 160 000.00 | 159 503.87 | 0.03 |
| USD	APPLE INC 3.85000% 16-04.08.46 | 420 000.00 | 473 724.22 | 0.10 |
| USD	APT PIPELINES LTD-REG-S 4.20000% 15-23.03.25 | 1 220 000.00 | 1 296 372.00 | 0.28 |
| USD	AT&T INC 4.35000% 19-01.03.29 | 510 000.00 | 563 882.37 | 0.12 |
| USD	AT&T INC 4.75000% 15-15.05.46 | 550 000.00 | 610 631.89 | 0.13 |
| USD	CANADIAN NATURAL RESOURCES LTD 2.95000% 17-15.01.23 | 195 000.00 | 198 961.76 | 0.04 |
| USD	CANADIAN NATURAL RESOURCES LTD 3.85000% 17-01.06.27 | 270 000.00 | 285 708.33 | 0.06 |
| USD	CCO LLC/CAPITAL 4.50000% 18-01.02.24 | 200 000.00 | 215 127.80 | 0.05 |
| USD	CF INDUSTRIES INC 5.15000% 14-15.03.34 | 520 000.00 | 551 200.00 | 0.12 |
| USD	CHILE, REPUBLIC OF 3.86000% 17-21.06.47 | 630 000.00 | 723 515.63 | 0.16 |
| USD	CIGNA CORP 3.40000% 19-17.09.21 | 250 000.00 | 256 044.70 | 0.05 |
| USD	CIGNA CORP 4.37500% 19-15.10.28 | 270 000.00 | 296 531.66 | 0.06 |
| USD	CIGNA CORP 4.90000% 19-15.12.48 | 80 000.00 | 92 918.48 | 0.02 |
| USD	CITIGROUP INC 4.65000% 18-23.07.48 | 425 000.00 | 524 205.97 | 0.11 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 4.12500% 18-14.03.21 | 540 000.00 | 549 956.25 | 0.12 |
| USD	CNPC GENERAL CAPITAL LTD-REG-S 3.40000% 13-16.04.23 | 500 000.00 | 514 062.50 | 0.11 |
| USD	COLOMBIA, REPUBLIC OF 3.87500% 17-25.04.27 | 605 000.00 | 643 946.87 | 0.14 |
| USD	COMCAST CORP 3.95000% 18-15.10.25 | 235 000.00 | 257 609.04 | 0.06 |
| USD	COMCAST CORP 4.15000% 18-15.10.28 | 155 000.00 | 175 085.01 | 0.04 |
| USD	COMCAST CORP 4.70000% 18-15.10.48 | 95 000.00 | 116 986.64 | 0.02 |
| USD	COMCAST CORP 4.95000% 18-15.10.58 | 110 000.00 | 142 090.85 | 0.03 |
| USD	CONAGRA BRANDS INC 3.80000% 18-22.10.21 | 75 000.00 | 77 434.80 | 0.02 |
| USD	CONAGRA BRANDS INC 5.40000% 18-01.11.48 | 160 000.00 | 189 563.41 | 0.04 |
| USD	CONAGRA INC 4.60000% 18-01.11.25 | 190 000.00 | 210 831.90 | 0.05 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 3.62500% 17-01.08.27 | 420 000.00 | 441 131.25 | 0.09 |
| USD	CVS HEALTH CORP 3.35000% 18-09.03.21 | 72 000.00 | 73 272.97 | 0.02 |
| USD	CVS HEALTH CORP 4.30000% 18-25.03.28 | 230 000.00 | 250 156.49 | 0.05 |
| USD	CVS HEALTH CORP 5.05000% 18-25.03.48 | 115 000.00 | 132 552.57 | 0.03 |
| USD	CVS HEALTH CORP 5.12500% 15-20.07.45 | 635 000.00 | 731 938.40 | 0.16 |
| USD	DEUTSCHE BANK AG/NEW YORK NY 3.15000% 18-22.01.21 | 290 000.00 | 291 171.97 | 0.06 |
| USD	DISCOVERY COMMUNICATIONS LLC 5.30000% 19-15.05.49 | 290 000.00 | 326 023.02 | 0.07 |
| USD	DOMINION ENERGY INC 2.85000% 16-15.08.26 | 100 000.00 | 101 746.23 | 0.02 |
| USD	ECUADOR, REPUBLIC OF-REG-S 8.87500% 17-23.10.27 | 400 000.00 | 375 125.00 | 0.08 |
| USD	ENABLE MIDSTREAM PARTNERS LP 3.90000% 15-15.05.24 | 620 000.00 | 632 021.05 | 0.14 |
| USD	ENERGY TRANSFER OPERATING LP 4.50000% 19-15.04.24 | 230 000.00 | 245 548.25 | 0.05 |
| USD	ENERGY TRANSFER PARTNERS LP 6.05000% 11-01.06.41 | 890 000.00 | 1 003 764.69 | 0.22 |
| USD	FISERV INC 3.20000% 19-01.07.26 | 415 000.00 | 433 600.30 | 0.09 |
| USD	GE CAPITAL INTL FUNDING CO 4.41800% 16-15.11.35 | 590 000.00 | 622 714.03 | 0.13 |
| USD	GENERAL ELECTRIC CO 3.15000% 12-07.09.22 | 490 000.00 | 499 357.29 | 0.11 |
| USD	GILEAD SCIENCES INC 4.75000% 15-01.03.46 | 250 000.00 | 299 244.92 | 0.06 |
| USD	HSBC HOLDINGS PLC 5.10000% 11-05.04.21 | 360 000.00 | 375 464.23 | 0.08 |
| USD	ILLINOIS TOOL WORKS INC 2.65000% 16-15.11.26 | 410 000.00 | 424 325.12 | 0.09 |
| USD	IMPERIAL BRANDS FINANCE PLC-144A 2.95000% 15-21.07.20 | 750 000.00 | 753 413.77 | 0.16 |
| USD	INTERNATIONAL BUSINESS MACHINES CORP 2.85000% 19-13.05.22 | 1 720 000.00 | 1 759 689.17 | 0.38 |
| USD	INTERNATIONAL BUSINESS MACHINES CORP 3.30000% 19-15.05.26 | 985 000.00 | 1 042 117.88 | 0.22 |
| USD	JPMORGAN CHASE & CO 3.20000% 13-25.01.23 | 1 280 000.00 | 1 325 163.00 | 0.28 |
| USD	KINDER MORGAN INC 3.15000% 17-15.01.23 | 430 000.00 | 439 854.96 | 0.09 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 2.62500% 12-25.01.22 | 1 940 000.00 | 1 983 304.10 | 0.43 |
| USD	LLOYDS BANKING GROUP PLC 4.45000% 18-08.05.25 | 235 000.00 | 256 591.96 | 0.05 |
| USD	MEXICHEM SAB DE CV-REG-S 4.00000% 17-04.10.27 | 210 000.00 | 212 559.37 | 0.05 |
| USD	MEXICHEM SAB DE CV-REG-S 5.50000% 17-15.01.48 | 215 000.00 | 218 010.00 | 0.05 |
| USD	MEXICO, UNITED STATES OF 4.60000% 17-10.02.48 | 690 000.00 | 747 140.63 | 0.16 |
| USD	MORGAN STANLEY 2.50000% 16-21.04.21 | 770 000.00 | 775 600.44 | 0.17 |
| USD	MPLX LP 5.20000% 17-01.03.47 | 200 000.00 | 214 582.38 | 0.05 |
| USD	NEXEN INC 6.40000% 07-15.05.37 | 800 000.00 | 1 113 250.00 | 0.24 |
| USD	OCCIDENTAL PETROLEUM CORP 3.50000% 19-15.08.29 | 165 000.00 | 167 189.65 | 0.04 |
| USD	PAYPAL HOLDINGS INC 2.65000% 19-01.10.26 | 260 000.00 | 263 145.14 | 0.06 |

Focused SICAV – Global Bond Annual Report as of 31 October 2019
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | QUALCOMM INC 4.30000% 17-20.05.47 | 160 000.00 | 179 766.06 | 0.04 |
| USD | REYNOLDS AMERICAN INC 5.70000% 15-15.08.35 | 520 000.00 | 587 367.67 | 0.13 |
| USD | ROYAL BANK OF SCOTLAND GROUP PLC 4.80000% 16-05.04.26 | 300 000.00 | 332 807.67 | 0.07 |
| USD | ROYAL BANK OF SCOTLAND GROUP PLC 3.87500% 16-12.09.23 | 500 000.00 | 521 325.35 | 0.11 |
| USD | SCENTRE GROUP TRUST 1 /2-REG-S 2.37500% 15-28.04.21 | 230 000.00 | 229 825.20 | 0.05 |
| USD | SGSP AUSTRALIA ASSETS PTY LTD-REG-S 3.25000% 16-29.07.26 | 530 000.00 | 545 351.08 | 0.12 |
| USD | SINOPEC CAPITAL 2013 LTD-REG-S 3.12500% 13-24.04.23 | 1 100 000.00 | 1 122 000.00 | 0.24 |
| USD | SOUTHERN CO 4.40000% 16-01.07.46 | 120 000.00 | 135 307.07 | 0.03 |
| USD | SUMITOMO MITSUI FIN GP INC-SUB 3.20200% 19-17.09.29 | 295 000.00 | 297 507.50 | 0.06 |
| USD | SUNCORP-METWAY LTD-REG-S 2.80000% 17-04.05.22 | 205 000.00 | 207 111.50 | 0.04 |
| USD | SUNTRUST BANKS INC 2.70000% 16-27.01.22 | 455 000.00 | 461 202.92 | 0.10 |
| USD | SYNGENTA FINANCE NV-144A 3.69800% 18-24.04.20 | 310 000.00 | 311 452.66 | 0.07 |
| USD | SYNGENTA FINANCE NV-144A 3.93300% 18-23.04.21 | 280 000.00 | 284 722.14 | 0.06 |
| USD | TELEFONICA EMISIONES SA 5.52000% 19-01.03.49 | 790 000.00 | 961 547.55 | 0.21 |
| USD | TEVA PHARMACEUTICAL FINANCE NL III BV 2.80000% 16-21.07.23 | 520 000.00 | 451 100.00 | 0.10 |
| USD | UNITED TECHNOLOGIES CORP 4.62500% 18-16.11.48 | 95 000.00 | 119 907.65 | 0.03 |
| USD | UNITED TECHNOLOGIES CORP 3.35000% 18-16.08.21 | 90 000.00 | 92 360.25 | 0.02 |
| USD | UNITED TECHNOLOGIES CORP 3.95000% 18-16.08.25 | 165 000.00 | 180 566.23 | 0.04 |
| USD | VALERO ENERGY CORP 4.90000% 15-15.03.45 | 231 000.00 | 261 367.72 | 0.06 |
| USD | VERIZON COMMUNICATIONS INC 3.37600% 18-15.02.25 | 413 000.00 | 439 624.99 | 0.09 |
| USD | WALT DISNEY CO 1.75000% 19-30.08.24 | 950 000.00 | 942 329.04 | 0.20 |
| USD | WELLS FARGO & CO 3.06900% 17-24.01.23 | 630 000.00 | 642 360.98 | 0.14 |
| USD | WESTPAC BANKING CORP 2.80000% 17-11.01.22 | 140 000.00 | 142 410.80 | 0.03 |
| USD | XLIT LTD 5.25000% 13-15.12.43 | 605 000.00 | 797 408.21 | 0.17 |
| Total USD |  |  | 40 956 702.85 | 8.81 |
| Total Notes, fixed rate |  | 43 469 116.13 | 9.35 |
| Notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	IBERDROLA INTERNATIONAL BV-REG-S-SUB 3.250%/VAR 19-PRP | 200 000.00 | 243 997.11 | 0.05 |
| Total EUR |  | 243 997.11 | 0.05 |
| GBP |  |  |  |
| GBP	M&G PLC-REG-S-SUB 3.875%/VAR 19-20.07.49 | 105 000.00 | 138 973.11 | 0.03 |
| Total GBP |  | 138 973.11 | 0.03 |
| USD |  |  |  |
| USD	ELECTRICITE DE FRANCE SA-REG-S-SUB 5.625%/VAR 14-PRP | 620 000.00 | 650 225.00 | 0.14 |
| USD	STANDARD CHARTERED PLC-REG-S-SUB 7.750%/VAR 17-PRP | 830 000.00 | 903 662.50 | 0.20 |
| Total USD |  | 1 553 887.50 | 0.34 |
| Total Notes, floating rate |  | 1 936 857.72 | 0.42 |
| Medium term notes, fixed rate |  |  |  |
| AUD |  |  |  |
| AUD	AURIZON NETWORK PTY LTD-REG-S 4.00000% 17-21.06.24 | 210 000.00 | 154 471.41 | 0.03 |
| Total AUD |  | 154 471.41 | 0.03 |
| EUR |  |  |  |
| EUR	ABERTIS INFRAESTRUCTURAS SA-REG-S 1.50000% 19-27.06.24 | 100 000.00 | 115 783.94 | 0.02 |
| EUR	ABERTIS INFRAESTRUCTURAS SA-REG-S 2.37500% 19-27.09.27 | 200 000.00 | 241 410.15 | 0.05 |
| EUR	ABN AMRO BANK NV-REG-S 1.25000% 18-10.01.33 | 900 000.00 | 1 139 349.31 | 0.24 |
| EUR	AKELIUS RESIDENTIAL PROPERTY AB-REG-S 1.75000% 17-07.02.25 | 260 000.00 | 304 223.21 | 0.07 |
| EUR	AROUNDTOWN SA-REG-S 2.00000% 18-02.11.26 | 300 000.00 | 357 124.25 | 0.08 |
| EUR	AURIZON NETWORK PTY LTD-REG-S 2.00000% 14-18.09.24 | 200 000.00 | 242 359.74 | 0.05 |
| EUR	AUTOSTRADE PER L'ITALIA SPA-REG-S 1.12500% 15-04.11.21 | 100 000.00 | 111 565.00 | 0.02 |
| EUR	BANCO SANTANDER SA-REG-S-SUB 3.25000% 16-04.04.26 | 200 000.00 | 254 883.18 | 0.05 |
| EUR	BANK OF IRELAND GROUP PLC-REG-S 1.37500% 18-29.08.23 | 545 000.00 | 627 916.67 | 0.14 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S-SUB 3.00000% 15-11.09.25 | 200 000.00 | 253 364.12 | 0.05 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 0.87500% 15-13.10.23 | 150 000.00 | 169 864.40 | 0.04 |
| EUR	BNP PARIBAS-REG-S 1.25000% 18-19.03.25 | 545 000.00 | 637 360.58 | 0.14 |
| EUR	BNP PARIBAS-REG-S 1.00000% 18-17.04.24 | 165 000.00 | 190 403.63 | 0.04 |
| EUR	BNP PARIBAS-REG-S 1.12500% 18-22.11.23 | 290 000.00 | 335 527.54 | 0.07 |
| EUR	BPCE SA-REG-S 1.37500% 18-23.03.26 | 300 000.00 | 354 390.46 | 0.08 |
| EUR	CANAL DE ISABEL II GESTION SA-REG-S 1.68000% 15-26.02.25 | 600 000.00 | 711 216.23 | 0.15 |
| EUR	CNH INDUSTRIAL FINANCE EUROPE SA-REG-S 1.87500% 18-19.01.26 | 550 000.00 | 647 750.76 | 0.14 |
| EUR	COMMERZBANK AG-REG-S 0.50000% 18-28.08.23 | 765 000.00 | 862 904.83 | 0.19 |
| EUR	COMMERZBANK AG-REG-S 0.62500% 19-28.08.24 | 360 000.00 | 408 337.27 | 0.09 |
| EUR	CPI PROPERTY GROUP SA-REG-S 1.45000% 18-14.04.22 | 400 000.00 | 456 579.76 | 0.10 |
| EUR	CREDIT AGRICOLE SA LONDON-REG-S 1.37500% 18-13.03.25 | 300 000.00 | 353 183.55 | 0.08 |
| EUR	DANSKE BANK AS-REG-S 1.37500% 19-24.05.22 | 515 000.00 | 591 139.25 | 0.13 |
| EUR	DEUTSCHE BANK AG-REG-S 1.12500% 18-30.08.23 | 860 000.00 | 986 515.75 | 0.21 |
| EUR	DEUTSCHE BANK AG-REG-S 1.62500% 19-12.02.21 | 300 000.00 | 338 577.46 | 0.07 |
| EUR	EDP FINANCE BV-REG-S 2.00000% 15-22.04.25 | 450 000.00 | 547 311.67 | 0.12 |
| EUR	EDP FINANCE BV-REG-S 1.50000% 17-22.11.27 | 275 000.00 | 330 324.55 | 0.07 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 1.80000% 17-10.07.48 | 980 000.00 | 1 463 481.86 | 0.31 |
| EUR	FORD MOTOR CREDIT CO LLC 3.02100% 19-06.03.24 | 200 000.00 | 234 052.22 | 0.05 |
| EUR	GLOBALWORTH REAL ESTATE INVEST-REG-S 3.00000% 18-29.03.25 | 100 000.00 | 121 361.80 | 0.03 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 2.00000% 15-27.07.23 | 850 000.00 | 1 012 916.03 | 0.22 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 2.00000% 18-01.11.28 | 840 000.00 | 1 034 766.62 | 0.22 |
| EUR	HEIDELBERGCEMENT FIN LUX SA-REG-S 1.12500% 19-01.12.27 | 175 000.00 | 199 115.80 | 0.04 |
| EUR	ING GROEP NV-REG-S 2.00000% 18-20.09.28 | 400 000.00 | 501 846.50 | 0.11 |
| EUR	KBC GROUP NV-REG-S 1.12500% 19-25.01.24 | 400 000.00 | 464 225.72 | 0.10 |
| EUR	NEDERLANDSE GASUNIE NV-REG-S 1.00000% 16-11.05.26 | 600 000.00 | 710 119.71 | 0.15 |
| EUR	POLAND, REPUBLIC OF-REG-S 2.00000% 19-08.03.49 | 1 495 000.00 | 2 081 743.63 | 0.45 |
| EUR	REDEXIS GAS FINANCE BV-REG-S 1.87500% 15-27.04.27 | 1 470 000.00 | 1 681 996.03 | 0.36 |
| EUR	REN FINANCE B V-REG-S 2.50000% 15-12.02.25 | 700 000.00 | 863 915.85 | 0.19 |
| EUR	SANOFI-REG-S 1.37500% 18-21.03.30 | 300 000.00 | 372 598.77 | 0.08 |
| EUR	SCHAEFFLER AG-REG-S 2.87500% 19-26.03.27 | 135 000.00 | 161 532.18 | 0.03 |
| EUR	SKY PLC-REG-S 2.50000% 14-15.09.26 | 200 000.00 | 255 984.55 | 0.06 |
| EUR	STEDIN HOLDING NV-REG-S 0.87500% 17-24.10.25 | 140 000.00 | 162 266.20 | 0.03 |
| EUR	TELECOM ITALIA FINANCE SA 7.75000% 03-24.01.33 | 250 000.00 | 413 750.51 | 0.09 |
| EUR	VODAFONE GROUP PLC-REG-S 2.50000% 19-24.05.39 | 320 000.00 | 396 381.70 | 0.09 |

Focused SICAV – Global Bond
Annual Report as of 31 October 2019
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | VOLKSWAGEN FINANCIAL SERVICES AG-REG-S 1.50000% 19-01.10.24 | 390 000.00 | 453 460.51 | 0.10 |
| EUR | VOLKSWAGEN LEASING GMBH-REG-S 1.62500% 18-15.08.25 | 195 000.00 | 228 580.16 | 0.05 |
| EUR | VONOVIA FINANCE BV-REG-S 1.62500% 19-07.10.39 | 300 000.00 | 332 526.85 | 0.07 |
| EUR | WESTPAC BANKING CORP-REG-S 0.37500% 19-02.04.26 | 1 140 000.00 | 1 304 145.77 | 0.28 |
| Total EUR |  |  | 26 020 136.23 | 5.60 |
| GBP |  |  |  |  |
| GBP | AA BOND CO LTD-REG-S 2.87500% 16-31.01.22 | 1 003 000.00 | 1 252 744.61 | 0.27 |
| GBP | ANNINGTON FUNDING PLC-REG-S 2.64600% 17-12.07.25 | 365 000.00 | 488 095.59 | 0.10 |
| GBP | ARQIVA FINANCING PLC-REG-S 4.88200% 13-31.12.32 | 750 000.00 | 1 001 902.43 | 0.22 |
| GBP | LLOYDS BANKING GROUP PLC 2.25000% 17-16.10.24 | 165 000.00 | 219 216.27 | 0.05 |
| GBP | PHOENIX GROUP HOLDINGS PLC-REG-S-SUB 4.12500% 17-20.07.22 | 400 000.00 | 539 878.39 | 0.12 |
| GBP | VICINITY CENTRES TRUST-REG-S 3.37500% 16-07.04.26 | 480 000.00 | 668 413.32 | 0.14 |
| Total GBP |  |  | 4 170 250.61 | 0.90 |
| NZD |  |  |  |  |
| NZD | INTL BK FOR RECONSTR & DEVT WORLD BANK 3.50000% 16-22.01.21 | 4 660 000.00 | 3 070 132.56 | 0.66 |
| Total NZD |  |  | 3 070 132.56 | 0.66 |
| USD |  |  |  |  |
| USD | ABN AMRO BANK NV-144A 2.65000% 18-19.01.21 | 490 000.00 | 493 332.20 | 0.11 |
| USD | BANK NEDERLANDSE GEMEENTEN NV-REG-S 2.50000% 18-28.02.20 | 2 380 000.00 | 2 383 869.88 | 0.51 |
| USD | BANK OF AMERICA CORP 3.87500% 15-01.08.25 | 1 720 000.00 | 1 854 880.16 | 0.40 |
| USD | HENKEL AG & CO KGAA-REG-S 2.00000% 17-12.06.20 | 1 030 000.00 | 1 029 835.20 | 0.22 |
| USD | MORGAN STANLEY-SUB 4.35000% 14-08.09.26 | 1 400 000.00 | 1 524 782.84 | 0.33 |
| USD | PERTAMINA PERSERO PT-REG-S 4.70000% 19-30.07.49 | 410 000.00 | 427 937.50 | 0.09 |
| USD | SAUDI ARABIAN OIL CO-REG-S 2.87500% 19-16.04.24 | 385 000.00 | 390 293.75 | 0.08 |
| USD | SAUDI ARABIAN OIL CO-REG-S 3.50000% 19-16.04.29 | 1 150 000.00 | 1 190 070.37 | 0.26 |
| USD | SAUDI ARABIAN OIL CO-REG-S 4.37500% 19-16.04.49 | 240 000.00 | 261 000.00 | 0.06 |
| USD | SAUDI ARABIAN OIL CO-REG-S 2.75000% 19-16.04.22 | 255 000.00 | 258 047.25 | 0.05 |
| USD | SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 4.00000% 18-17.04.25 | 795 000.00 | 853 830.00 | 0.18 |
| USD | UNITED OVERSEAS BANK LTD-REG-S 1.62500% 19-05.09.22 | 1 660 000.00 | 1 645 588.84 | 0.35 |
| USD | WELLS FARGO & CO 2.62500% 17-22.07.22 | 350 000.00 | 354 732.63 | 0.08 |
| Total USD |  |  | 12 668 200.62 | 2.72 |
| Total Medium term notes, fixed rate |  | 46 083 191.43 | 9.91 |
| Medium term notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	ALLIED IRISH BANKS PLC-REG-S-SUB 7.375%/VAR 15-PRP | 500 000.00 | 594 027.85 | 0.13 |
| EUR	AXA SA-REG-S-SUB 3.250%/VAR 18-28.05.49 | 350 000.00 | 443 051.39 | 0.10 |
| EUR	CAIXABANK SA-REG-S-SUB 2.750%/VAR 17-14.07.28 | 400 000.00 | 471 521.00 | 0.10 |
| EUR	COMMONWEALTH BK OF AUSTRLIA-REG-S-SUB 1.936%/VAR 17-03.10.29 | 290 000.00 | 337 531.54 | 0.07 |
| EUR	IBERDROLA INTERNATIONAL BV-REG-S-SUB 2.625%/VAR 18-PRP | 200 000.00 | 237 349.63 | 0.05 |
| EUR	NATIONWIDE BUILDING SOCIETY-REG-S-SUB 2.000%/VAR 17-25.07.29 | 200 000.00 | 231 432.22 | 0.05 |
| EUR	ROYAL BK OF SCOTLAND GP PLC-REG-S 2.000%/VAR 17-08.03.23 | 210 000.00 | 243 542.69 | 0.05 |
| EUR	ROYAL BK OF SCOTLAND GP PLC-REG-S 2.000%/VAR 18-04.03.25 | 800 000.00 | 944 348.56 | 0.21 |
| EUR	SVENSKA HANDELSBANKEN AB-REG-S-SUB 1.625%/VAR 18-05.03.29 | 680 000.00 | 794 607.70 | 0.17 |
| EUR	TOTAL SA-REG-S-SUB 2.625%/VAR 15-PRP | 200 000.00 | 241 259.32 | 0.05 |
| EUR	UBS AG-REG-S-SUB 4.750%/VAR 14-12.02.26 | 400 000.00 | 469 688.65 | 0.10 |
| Total EUR |  | 5 008 360.55 | 1.08 |
| Total Medium term notes, floating rate |  | 5 008 360.55 | 1.08 |
| Bonds, fixed rate |  |  |  |
| AUD |  |  |  |
| AUD	AUSTRALIA-REG-S 2.25000% 16-21.05.28 | 3 110 000.00 | 2 340 806.76 | 0.50 |
| AUD	AUSTRALIA-REG-S 3.00000% 16-21.03.47 | 270 000.00 | 238 248.08 | 0.05 |
| Total AUD |  | 2 579 054.84 | 0.55 |
| CAD |  |  |  |
| CAD	CANADA, GOVERNMENT 0.75000% 16-01.09.21 | 2 140 000.00 | 1 605 077.34 | 0.35 |
| CAD	CANADA, GOVERNMENT 1.00000% 16-01.06.27 | 2 600 000.00 | 1 919 788.48 | 0.41 |
| CAD	CANADA, GOVERNMENT 3.50000% 11-01.12.45 | 2 380 000.00 | 2 543 151.36 | 0.55 |
| CAD	CANADA, GOVERNMENT 4.00000% 08-01.06.41 | 860 000.00 | 939 662.95 | 0.20 |
| Total CAD |  | 7 007 680.13 | 1.51 |
| CNY |  |  |  |
| CNY	CHINA DEVELOPMENT BANK CORP 3.80000% 16-25.01.36 | 20 000 000.00 | 2 758 083.41 | 0.59 |
| CNY	CHINA DEVELOPMENT BANK CORP 3.30000% 19-01.02.24 | 70 000 000.00 | 9 843 360.73 | 2.12 |
| Total CNY |  | 12 601 444.14 | 2.71 |
| EUR |  |  |  |
| EUR	ABBOTT IRELAND FINCING DAC-REG-S 0.87500% 18-27.09.23 | 375 000.00 | 431 166.82 | 0.09 |
| EUR	ADLER REAL ESTATE AG-REG-S 3.00000% 18-27.04.26 | 400 000.00 | 460 113.38 | 0.10 |
| EUR	ADO PROPERTIES SA-REG-S 1.50000% 17-26.07.24 | 400 000.00 | 445 411.22 | 0.10 |
| EUR	ALLERGAN FUNDING SCS 2.12500% 17-01.06.29 | 120 000.00 | 147 698.76 | 0.03 |
| EUR	ALLERGAN FUNDING SCS 2.62500% 18-15.11.28 | 155 000.00 | 198 704.49 | 0.04 |
| EUR	ARENA LUXEMBOURG FINANCE SARL-REG-S 2.87500% 17-01.11.24 | 200 000.00 | 230 939.55 | 0.05 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 2.60000% 14-22.06.24 | 4 505 000.00 | 5 751 607.34 | 1.24 |
| EUR	BNZ INTERNATIONAL FUND LTD/LONDON 0.50000% 17-03.07.24 | 1 335 000.00 | 1 531 914.92 | 0.33 |
| EUR	CDP RETI SPA-REG-S 1.87500% 15-29.05.22 | 790 000.00 | 906 982.97 | 0.20 |
| EUR	CHUBB INA HOLDINGS INC 2.50000% 18-15.03.38 | 305 000.00 | 411 240.64 | 0.09 |
| EUR	DXC TECHNOLOGY CO 1.75000% 18-15.01.26 | 550 000.00 | 621 741.48 | 0.13 |
| EUR	FRANCE, REPUBLIC OF-OAT 4.25000% 07-25.10.23 | 2 580 000.00 | 3 439 412.98 | 0.74 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.75000% 17-25.05.28 | 3 870 000.00 | 4 684 256.34 | 1.01 |
| EUR	GLOBALWORTH REAL ESTATE INVEST-REG-S 2.87500% 17-20.06.22 | 510 000.00 | 604 520.09 | 0.13 |
| EUR	INTRUM JUSTITIA AB-REG-S 3.12500% 17-15.07.24 | 800 000.00 | 904 667.20 | 0.19 |
| EUR	IRELAND, REPUBLIC OF-REG-S 2.00000% 15-18.02.45 | 3 040 000.00 | 4 417 025.79 | 0.95 |
| EUR	IRELAND, REPUBLIC OF-REG-S 1.00000% 16-15.05.26 | 990 000.00 | 1 192 654.17 | 0.26 |
| EUR	ITALY, REPUBLIC OF-BTP 4.00000% 05-01.02.37 | 1 750 000.00 | 2 656 024.05 | 0.57 |
| EUR	ITALY, REPUBLIC OF-BTP-144A-REG-S 3.250% 14-01.09.46 | 960 000.00 | 1 372 562.24 | 0.30 |
| EUR	MEDTRONIC GLOBAL HOLDINGS SCA 2.25000% 19-07.03.39 | 100 000.00 | 130 740.79 | 0.03 |

Focused SICAV – Global Bond Annual Report as of 31 October 2019
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | MPT OPERATING PARTNERSHIP LP/FIN CORP 3.32500% 17-24.03.25 | 620 000.00 | 767 375.30 | 0.16 |
| EUR | MYLAN NV-REG-S 3.12500% 16-22.11.28 | 265 000.00 | 334 338.61 | 0.07 |
| EUR | RESA SA/BELGIUM-REG-S 1.00000% 16-22.07.26 | 200 000.00 | 229 592.62 | 0.05 |
| EUR | SIKA CAPITAL BV-REG-S 0.87500% 19-29.04.27 | 100 000.00 | 115 892.38 | 0.02 |
| EUR | SIKA CAPITAL BV-REG-S 1.50000% 19-29.04.31 | 100 000.00 | 121 146.21 | 0.03 |
| EUR | SLOVENIA, REPUBLIC OF-REG-S 3.12500% 15-07.08.45 | 1 560 000.00 | 2 611 379.82 | 0.56 |
| EUR | SMURFIT KAPPA TREASURY ULC-REG-S 1.50000% 19-15.09.27 | 170 000.00 | 189 266.01 | 0.04 |
| EUR | SPAIN, KINGDOM OF 4.20000% 05-31.01.37 | 940 000.00 | 1 650 943.78 | 0.36 |
| EUR | SPAIN, KINGDOM OF-144A-REG-S 2.90000% 16-31.10.46 | 550 000.00 | 874 550.23 | 0.19 |
| EUR | SPAIN, KINGDOM OF-REG-S 1.60000% 15-30.04.25 | 4 890 000.00 | 5 976 487.83 | 1.29 |
| EUR | TAURON POLSKA ENERGIA SA-REG-S 2.37500% 17-05.07.27 | 250 000.00 | 295 588.67 | 0.06 |
| EUR | TEVA PHARMACEUTICAL FINANCE II BV-REG-S 1.12500% 16-15.10.24 | 160 000.00 | 142 803.20 | 0.03 |
| EUR | TLG IMMOBILIEN AG-REG-S 0.37500% 19-23.09.22 | 100 000.00 | 112 040.27 | 0.02 |
| EUR | UMG GROUPE VYV 1.62500% 19-02.07.29 | 200 000.00 | 232 313.58 | 0.05 |
| EUR | VOLKSWAGEN INTERNATIONAL FIN NV-REG-S 1.12500% 17-02.10.23 | 400 000.00 | 459 618.30 | 0.10 |
| EUR | VOLKSWAGEN INTERNATIONAL FIN NV-REG-S 4.12500% 18-16.11.38 | 300 000.00 | 437 177.27 | 0.09 |
| Total EUR |  |  | 45 089 899.30 | 9.70 |
| GBP |  |  |  |  |
| GBP | BUPA FINANCE PLC-REG-S-SUB 5.00000% 13-25.04.23 | 300 000.00 | 426 564.02 | 0.09 |
| GBP | ROTHESAY LIFE PLC-REG-S-SUB 3.37500% 19-12.07.26 | 655 000.00 | 847 137.74 | 0.18 |
| GBP | SCOTTISH WIDOWS PLC-REG-S-SUB 5.50000% 13-16.06.23 | 380 000.00 | 547 769.19 | 0.12 |
| GBP | UNITED KINGDOM OF GREAT BRITAIN & N IRL 4.25000% 06-07.12.27 | 2 720 000.00 | 4 584 745.02 | 0.99 |
| GBP | UNITED KINGDOM OF GREAT BRITAIN & N IRL 4.50000% 09-07.09.34 | 1 780 000.00 | 3 470 490.56 | 0.75 |
| GBP | UNITED KINGDOM OF GREAT BRITAIN & N IRL 3.25000% 12-22.01.44 | 1 350 000.00 | 2 533 661.84 | 0.54 |
| GBP | UNITED KINGDOM OF GREAT BRITAIN-REG-S 0.50000% 16-22.07.22 | 3 340 000.00 | 4 331 373.22 | 0.93 |
| GBP | UNITED KINGDOM OF GREAT BRITAIN-REG-S 1.50000% 16-22.07.47 | 3 340 000.00 | 4 703 658.22 | 1.01 |
| GBP | UNITED KINGDOM OF GREAT BRITAIN-REG-S 1.62500% 18-22.10.28 | 3 900 000.00 | 5 528 410.00 | 1.19 |
| GBP | UNITED KINGDOM OF GREAT BRITAIN-REG-S 1.50000% 15-22.01.21 | 2 010 000.00 | 2 628 923.78 | 0.57 |
| Total GBP |  |  | 29 602 733.59 | 6.37 |
| JPY |  |  |  |  |
| JPY | JAPAN 0.30000% 16-20.06.46 | 379 000 000.00 | 3 462 308.11 | 0.75 |
| JPY | JAPAN 0.70000% 12-20.12.22 | 153 000 000.00 | 1 457 480.50 | 0.31 |
| JPY | JAPAN 1.10000% 03-20.03.33 | 610 000 000.00 | 6 459 719.68 | 1.39 |
| JPY | JAPAN 1.70000% 14-20.09.44 | 128 850 000.00 | 1 586 986.70 | 0.34 |
| JPY | JAPAN 2.30000% 05-20.06.35 | 1 352 800 000.00 | 16 783 329.39 | 3.61 |
| Total JPY |  |  | 29 749 824.38 | 6.40 |
| KRW |  |  |  |  |
| KRW | KOREA, REPUBLIC OF 1.87500% 16-10.03.22 | 2 370 000 000.00 | 2 053 875.52 | 0.44 |
| KRW | KOREA, REPUBLIC OF 1.87500% 16-10.06.26 | 2 900 000 000.00 | 2 519 466.61 | 0.54 |
| Total KRW |  |  | 4 573 342.13 | 0.98 |
| USD |  |  |  |  |
| USD | BALTIMORE GAS & ELECTRIC CO 3.50000% 16-15.08.46 | 170 000.00 | 176 333.73 | 0.04 |
| USD | BRAZIL, FEDERATIVE REPUBLIC OF 7.12500% 06-20.01.37 | 650 000.00 | 835 859.38 | 0.18 |
| USD | CITIGROUP INC 3.87500% 13-25.10.23 | 1 270 000.00 | 1 347 580.62 | 0.29 |
| USD | CNAC HK FINBRIDGE CO LTD-REG-S 3.50000% 17-19.07.22 | 900 000.00 | 915 468.75 | 0.20 |
| USD | CNAC HK FINBRIDGE CO LTD-REG-S 4.62500% 18-14.03.23 | 725 000.00 | 762 835.94 | 0.16 |
| USD | CONSUMERS ENERGY COMPANY 3.25000% 16-15.08.46 | 100 000.00 | 102 794.39 | 0.02 |
| USD | GOLDMAN SACHS GROUP INC-SUB 5.15000% 15-22.05.45 | 420 000.00 | 511 134.71 | 0.11 |
| USD | LLOYDS BANK PLC-REG-S 2.12500% 19-24.07.22 | 1 710 000.00 | 1 721 063.70 | 0.37 |
| USD | MEXICO CITY AIRPORT TRUST-REG-S 5.50000% 17-31.07.47 | 713 000.00 | 714 212.10 | 0.15 |
| USD | REYNOLDS AMERICAN INC 4.45000% 15-12.06.25 | 290 000.00 | 311 210.57 | 0.07 |
| USD | SOUTHERN CALIFORNIA EDISON CO 4.00000% 17-01.04.47 | 170 000.00 | 178 713.13 | 0.04 |
| USD | SOUTHERN CALIFORNIA EDISON CO 2.85000% 19-01.08.29 | 155 000.00 | 155 300.90 | 0.03 |
| USD | VERIZON COMMUNICATIONS INC 5.25000% 17-16.03.37 | 115 000.00 | 144 851.48 | 0.03 |
| USD | VERIZON COMMUNICATIONS INC 5.50000% 17-16.03.47 | 580 000.00 | 790 257.25 | 0.17 |
| Total USD |  |  | 8 667 616.65 | 1.86 |
| Total Bonds, fixed rate |  | 139 871 595.16 | 30.08 |
| Bonds, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	ASR NEDERLAND NV-REG-S-SUB 4.625%/VAR 17-PRP | 200 000.00 | 231 774.51 | 0.05 |
| EUR	BANK OF IRELAND-REG-S-SUB 7.375%/VAR 15-PRP | 335 000.00 | 386 846.17 | 0.08 |
| EUR	ELECTRICITE DE FRANCE SA-REG-S-SUB 4.000%/VAR 18-PRP | 400 000.00 | 481 960.80 | 0.10 |
| EUR	ENGIE SA-REG-S-SUB 3.250%/VAR 19-PRP | 200 000.00 | 245 103.84 | 0.05 |
| EUR	FRANCE, REPUBLIC OF-OAT 1.800%/INFLATION IDX LKD 07-25.07.40 | 1 220 000.00 | 2 592 513.51 | 0.56 |
| EUR	HOLCIM FINANCE LUXEMBOURG SA-REG-S-SUB 3.000%/VAR 19-PRP | 320 000.00 | 372 508.57 | 0.08 |
| EUR	ITALY, REPUBLIC OF 2.550%/CPI LINKED 09-15.09.41 | 1 800 000.00 | 3 095 836.38 | 0.67 |
| EUR	ORSTED A/S-REG-S-SUB 3.000%/VAR 15-06.11.3015 | 450 000.00 | 512 133.55 | 0.11 |
| EUR	ORSTED A/S-REG-S-SUB 2.250%/VAR 17-24.11.3017 | 100 000.00 | 116 781.77 | 0.03 |
| EUR	UNIBAIL-RODAMCO SE-REG-S-SUB 2.125%/VAR 18-PRP | 200 000.00 | 228 150.42 | 0.05 |
| EUR	UNIBAIL-RODAMCO SE-REG-S-SUB 2.875%/VAR 18-PRP | 100 000.00 | 118 273.40 | 0.03 |
| EUR	VONOVIA FINANCE BV-REG-S-SUB 4.000%/VAR 14-PRP | 200 000.00 | 238 749.10 | 0.05 |
| Total EUR |  | 8 620 632.02 | 1.86 |
| GBP |  |  |  |
| GBP	BARCLAYS PLC-REG-S-SUB 7.250%/VAR 17-PRP | 425 000.00 | 589 158.13 | 0.13 |
| GBP	M&G PLC-REG-S-SUB 5.625%/VAR 18-20.10.51 | 430 000.00 | 633 179.26 | 0.13 |
| GBP	SANTANDER UK GROUP HOLD PLC-REG-S-SUB 6.750%/VAR 17-PRP | 370 000.00 | 510 500.31 | 0.11 |
| Total GBP |  | 1 732 837.70 | 0.37 |
| USD |  |  |  |
| USD	QBE INSURANCE GROUP LTD-REG-S-SUB 6.750%/VAR 14-02.12.44 | 1 210 000.00 | 1 344 491.50 | 0.29 |
| USD	SCOR SE-REG-S-SUB 5.250%/VAR 18-PRP | 400 000.00 | 393 032.00 | 0.08 |
| USD	WESTPAC BANKING CORP-SUB 5.000%/VAR 17-PRP | 305 000.00 | 306 729.35 | 0.06 |
| Total USD |  | 2 044 252.85 | 0.43 |
| Total Bonds, floating rate |  | 12 397 722.57 | 2.66 |

Focused SICAV – Global Bond
Annual Report as of 31 October 2019
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 2.87500% 13-15.05.43 | 2 110 000.00 | 2 389 987.08 | 0.51 |
| USD	AMERICA, UNITED STATES OF 2.25000% 16-15.08.46 | 12 260 000.00 | 12 431 447.52 | 2.67 |
| USD	AMERICA, UNITED STATES OF 2.75000% 17-15.08.47 | 1 180 000.00 | 1 320 125.00 | 0.28 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-31.08.21 | 25 750 000.00 | 25 543 798.89 | 5.49 |
| USD	AMERICA, UNITED STATES OF 1.87500% 17-31.07.22 | 8 980 000.00 | 9 063 836.38 | 1.95 |
| USD	AMERICA, UNITED STATES OF 1.50000% 17-15.08.20 | 4 000 000.00 | 3 996 406.25 | 0.86 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-15.05.29 | 125 000.00 | 132 543.93 | 0.03 |
| USD	AMERICA, UNITED STATES OF 1.87500% 15-31.10.22 | 9 410 000.00 | 9 508 142.54 | 2.05 |
| USD	AMERICA, UNITED STATES OF 1.50000% 16-28.02.23 | 4 860 000.00 | 4 856 203.12 | 1.05 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.09.23 | 6 410 000.00 | 6 373 943.76 | 1.37 |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-15.08.29 | 200 000.00 | 198 804.69 | 0.04 |
| Total USD |  | 75 815 239.16 | 16.30 |
| Total Treasury notes, fixed rate |  | 75 815 239.16 | 16.30 |
| Treasury notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 13-15.01.23 | 5 080 000.00 | 5 614 471.83 | 1.20 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 15-15.07.25 | 3 380 000.00 | 3 713 450.23 | 0.80 |
| Total USD |  | 9 327 922.06 | 2.00 |
| Total Treasury notes, floating rate |  | 9 327 922.06 | 2.00 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 336 501 734.33 | 72.36 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Asset Backed Securities, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICAN CREDIT ACCEPT RECEI TRUST-144A 3.16000% 18-10.11.21 | 895 000.00 | 32 979.17 | 0.01 |
| USD	CARMAX AUTO OWNER TRUST 3.27000% 15-15.03.22 | 650 000.00 | 650 235.49 | 0.14 |
| USD	CPS AUTO RECEIVABLES TRUST-144A 4.35000% 14-16.11.20 | 1 025 000.00 | 225 045.66 | 0.05 |
| USD	CPS AUTO TRUST-144A 4.61000% 17-15.12.22 | 275 000.00 | 281 995.98 | 0.06 |
| USD	CPS AUTO TRUST-144A 4.40000% 18-17.06.24 | 350 000.00 | 362 116.86 | 0.08 |
| USD	DELL EQUIPMENT FINANCE TRUST-144A 3.44000% 17-24.04.23 | 389 000.00 | 390 159.45 | 0.08 |
| USD	DELL EQUIPMENT FINANCE TRUST-144A 3.85000% 18-24.06.24 | 350 000.00 | 356 446.37 | 0.08 |
| USD	DRIVE AUTO RECEIVABLES TRUST-144A 4.53000% 16-15.08.23 | 325 000.00 | 258 693.66 | 0.05 |
| USD	DRIVE AUTO RECEIVABLES TRUST 2.75000% 17-15.09.23 | 125 000.00 | 28 381.90 | 0.01 |
| USD	DRIVE AUTO RECEIVABLES TRUST 4.09000% 18-15.01.26 | 600 000.00 | 616 329.84 | 0.13 |
| USD	EXETER AUTOMOBILE RECEIVABLE TRUST-144A 3.53000% 18-15.11.23 | 350 000.00 | 356 513.08 | 0.08 |
| USD	FLAGSHIP CREDIT AUTO TRUST-144A 6.22000% 16-15.09.22 | 640 000.00 | 660 446.98 | 0.14 |
| USD	ONEMAIN DIRECT AUTO REC TRUST-144A 3.85000% 18-14.10.25 | 525 000.00 | 539 926.48 | 0.12 |
| USD	ONEMAIN DIRECT AUTO REC TRUST-144A 4.40000% 18-14.01.28 | 1 025 000.00 | 1 060 676.46 | 0.23 |
| USD	PSNH FUNDING LLC 3.81400% 18-01.02.35 | 600 000.00 | 668 205.36 | 0.14 |
| USD	SANTANDER DRIVE AUTO RECEIVABLES 3.88000% 18-15.02.24 | 375 000.00 | 384 734.13 | 0.08 |
| USD	SOFI CONSUMER LOAN PROGRAM-144A 3.35000% 18-26.04.27 | 375 000.00 | 378 241.83 | 0.08 |
| USD	SOFI CONSUMER LOAN PROGRAM-144A 3.79000% 18-26.04.27 | 824 000.00 | 844 881.07 | 0.18 |
| USD	SOFI CONSUMER LOAN PROGRAM-144A 3.52000% 17-25.11.26 | 725 000.00 | 742 831.81 | 0.16 |
| USD	SOFI CONSUMER LOAN PROGRAM TRUST-144A 3.65000% 18-25.02.27 | 300 000.00 | 307 186.71 | 0.07 |
| USD	SOFI CONSUMER LOAN PROGRAM-144A 4.02000% 18-25.08.27 | 375 000.00 | 388 630.65 | 0.08 |
| USD	SOFI PROFESSIONAL LOAN PROG-144A 3.61000% 17-25.09.40 | 325 000.00 | 339 254.70 | 0.07 |
| Total USD |  | 9 873 913.64 | 2.12 |
| Total Asset Backed Securities, fixed rate |  | 9 873 913.64 | 2.12 |
| Asset Backed Securities, floating rate |  |  |  |
| USD |  |  |  |
| USD	SOFI PROFESSIONAL LOAN PROGRAM-144A VAR 17-25.07.40 | 150 000.00 | 155 483.36 | 0.03 |
| Total USD |  | 155 483.36 | 0.03 |
| Total Asset Backed Securities, floating rate |  | 155 483.36 | 0.03 |
| Mortgage Backed Securities, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BBCMS TRUST-144A-SUB 4.19700% 15-06.08.35 | 375 000.00 | 420 534.34 | 0.09 |
| USD	BBCMS TRUST-144A-SUB 4.49800% 15-06.08.35 | 407 000.00 | 454 473.05 | 0.10 |
| USD	BENCHMARK MORTGAGE TRUST-SUB 4.23170% 18-01.01.52 | 1 050 000.00 | 1 197 830.34 | 0.26 |
| USD	BENCHMARK MORTGAGE TRUST-SUB 3.97900% 19-01.03.62 | 200 000.00 | 221 285.08 | 0.05 |
| USD	BENCHMARK MORTGAGE TRUST-SUB 3.75000% 19-01.03.62 | 350 000.00 | 363 091.19 | 0.08 |
| USD	CITIGROUP COMERCIAL MORT TRST 2015-SUB 3.77800% 15-01.09.58 | 280 000.00 | 302 410.78 | 0.07 |
| USD	CITIGRP COM MORT TRUST-144A-SUB 3.00000% 17-01.09.50 | 600 000.00 | 506 521.20 | 0.11 |
| USD	COMM 2015-CCRE24 MORTGAGE TRUST-SUB 3.46300% 15-01.08.48 | 350 000.00 | 328 378.75 | 0.07 |
| USD	COMM 2015-PC1 MORTGAGE TRUST 3.62000% 15-01.07.50 | 250 000.00 | 265 448.52 | 0.06 |
| USD	FANNIE MAE 3.00000% 13-01.08.43 | 136 385.00 | 80 863.06 | 0.02 |
| USD	FANNIE MAE 3.00000% 16-01.07.46 | 1 500 000.00 | 1 125 542.25 | 0.24 |
| USD	FANNIE MAE 3.00000% 16-01.11.46 | 1 900 000.00 | 1 416 375.49 | 0.30 |
| USD	FANNIE MAE 3.50000% 16-01.08.46 | 450 000.00 | 323 067.05 | 0.07 |
| USD	FANNIE MAE 3.50000% 15-01.04.45 | 200 000.00 | 152 372.07 | 0.03 |
| USD	FANNIE MAE 3.50000% 16-01.01.46 | 175 000.00 | 139 772.89 | 0.03 |
| USD	FANNIE MAE 3.50000% 16-01.12.46 | 600 000.00 | 529 391.07 | 0.11 |
| USD	FANNIE MAE 3.50000% 18-01.03.48 | 250 000.00 | 221 453.35 | 0.05 |
| USD	FANNIE MAE 3.50000% 18-01.07.48 | 350 000.00 | 314 708.11 | 0.07 |
| USD	FANNIE MAE 3.50000% 18-01.02.48 | 3 000 000.00 | 2 609 282.77 | 0.56 |
| USD	FANNIE MAE 3.50000% 17-01.08.47 | 650 000.00 | 543 300.78 | 0.12 |
| USD	FANNIE MAE 4.00000% 10-01.01.41 | 1 357 002.00 | 251 267.36 | 0.05 |
| USD	FANNIE MAE 4.00000% 11-01.01.41 | 1 584 763.00 | 328 473.61 | 0.07 |

Focused SICAV – Global Bond Annual Report as of 31 October 2019
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | FANNIE MAE 4.00000% 16-01.02.46 | 1 025 000.00 | 621 105.21 | 0.13 |
| USD | FANNIE MAE 4.00000% 15-01.08.45 | 1 575 000.00 | 1 203 054.79 | 0.26 |
| USD | FANNIE MAE 4.00000% 14-01.11.44 | 400 000.00 | 248 841.34 | 0.05 |
| USD | FANNIE MAE 4.00000% 11-01.02.41 | 938 348.00 | 201 713.24 | 0.04 |
| USD | FANNIE MAE 4.00000% 11-01.02.41 | 2 969 225.00 | 625 854.37 | 0.13 |
| USD | FANNIE MAE 4.50000% 15-01.06.44 | 465 000.00 | 247 727.84 | 0.05 |
| USD | FANNIE MAE 4.50000% 16-01.07.44 | 350 000.00 | 172 693.14 | 0.04 |
| USD | FANNIE MAE 4.50000% 11-01.04.41 | 1 629 000.00 | 220 975.42 | 0.05 |
| USD | FANNIE MAE 5.00000% 11-01.01.41 | 589 000.00 | 101 004.87 | 0.02 |
| USD | FANNIE MAE 5.00000% 10-01.08.40 | 50 000.00 | 4 183.40 | 0.00 |
| USD | FANNIE MAE 5.50000% 15-01.01.39 | 425 000.00 | 185 389.67 | 0.04 |
| USD | FANNIE MAE 5.50000% 07-01.04.37 | 1 242 395.00 | 105 758.59 | 0.02 |
| USD | FANNIE MAE 6.50000% 07-01.12.37 | 950 000.00 | 36 921.62 | 0.01 |
| USD | FREDDIE MAC 3.00000% 16-01.09.46 | 975 000.00 | 744 091.92 | 0.16 |
| USD | FREDDIE MAC 3.00000% 16-01.10.46 | 1 200 000.00 | 913 538.48 | 0.20 |
| USD | FREDDIE MAC 3.00000% 18-01.04.47 | 2 125 000.00 | 1 889 288.76 | 0.41 |
| USD | FREDDIE MAC 3.50000% 16-01.08.46 | 600 000.00 | 401 828.38 | 0.09 |
| USD | FREDDIE MAC 3.50000% 15-01.06.45 | 350 000.00 | 269 661.71 | 0.06 |
| USD | FREDDIE MAC 4.00000% 17-01.11.47 | 325 000.00 | 265 538.37 | 0.06 |
| USD | FREDDIE MAC 4.00000% 17-01.08.47 | 450 000.00 | 350 600.94 | 0.08 |
| USD | FREDDIE MAC 4.00000% 17-01.11.47 | 475 000.00 | 405 715.73 | 0.09 |
| USD | FREDDIE MAC 4.50000% 11-01.03.41 | 2 647 244.00 | 346 081.03 | 0.07 |
| USD | FREDDIE MAC 4.50000% 11-01.09.41 | 1 120 431.00 | 135 770.11 | 0.03 |
| USD | FREDDIE MAC 5.00000% 05-01.05.35 | 11 775 000.00 | 296 157.49 | 0.06 |
| USD | FREDDIE MAC 5.50000% 14-01.06.41 | 575 000.00 | 157 178.65 | 0.03 |
| USD | GINNIE MAE 3.00000% 16-01.08.46 | 1 925 000.00 | 1 316 042.64 | 0.28 |
| USD | GINNIE MAE 3.50000% 12-01.08.42 | 1 300 000.00 | 555 822.31 | 0.12 |
| USD | GINNIE MAE 3.50000% 18-01.01.48 | 525 000.00 | 443 166.11 | 0.10 |
| USD | GINNIE MAE 4.50000% 11-01.05.41 | 1 141 511.00 | 145 491.05 | 0.03 |
| USD | GINNIE MAE 5.50000% 11-01.06.41 | 1 219 909.00 | 12 227.72 | 0.00 |
| USD | GINNIE MAE 5.50000% 08-01.12.38 | 1 706 205.00 | 67 639.07 | 0.01 |
| USD | GINNIE MAE 5.50000% 10-01.03.40 | 1 357 167.00 | 76 281.07 | 0.02 |
| USD | GINNIE MAE 5.50000% 08-01.01.38 | 1 053 419.00 | 347 468.02 | 0.08 |
| USD | GINNIE MAE 6.50000% 07-01.06.37 | 8 288 862.00 | 522 241.33 | 0.11 |
| USD | GINNIE MAE 6.50000% 08-01.10.38 | 8 474 348.00 | 76 184.41 | 0.02 |
| USD | GS MORTGAGE SECURITIES-144A 2.70000% 17-01.11.50 | 450 000.00 | 411 664.10 | 0.09 |
| USD | HILTON USA TRUST-144-SUB 3.32284% 16-01.11.35 | 400 000.00 | 400 926.08 | 0.09 |
| USD | HILTON USA TRUST-144A-SUB 5.51909% 16-01.11.35 | 150 000.00 | 150 740.70 | 0.03 |
| USD | JPMBB COMMERCIAL MTG SEC TRUST-SUB 3.79960% 14-01.01.48 | 660 000.00 | 701 788.10 | 0.15 |
| USD | MORGAN STANLEY BOA MERR LYH TRT 15-C24 3.73200% 15-01.05.48 | 170 000.00 | 183 214.97 | 0.04 |
| USD | MORGAN STANLEY CAPITAL I INC-SUB 2.73000% 17-01.12.50 | 100 000.00 | 91 285.53 | 0.02 |
| USD | MSBAM LYNCH TRUST-SUB 3.99400% 16-01.12.49 | 700 000.00 | 757 865.22 | 0.16 |
| USD | PALISADES CENTER TRUST-144A-SUB 4.73700% 16-09.04.33 | 600 000.00 | 578 472.00 | 0.12 |
| USD | WF-RBS COMMERCIAL MORTGAGE TRUST-SUB 4.10100% 14-01.03.47 | 260 320.00 | 280 300.21 | 0.06 |
| Total USD |  |  | 29 365 338.82 | 6.32 |
| Total Mortgage Backed Securities, fixed rate |  | 29 365 338.82 | 6.32 |
| Mortgage Backed Securities, floating rate |  |  |  |
| USD |  |  |  |
| USD	ANGEL OAK MORTGAGE TRUST I LLC-144A VAR 18-01.09.48 | 200 000.00 | 133 397.58 | 0.03 |
| USD	BANK-BNK14-144A-SUB VAR 18-01.09.60 | 350 000.00 | 302 822.49 | 0.06 |
| USD	BANK-BNK7-SUB VAR 17-01.09.60 | 300 000.00 | 317 543.67 | 0.07 |
| USD	BX TRUST-144A 1M LIBOR+80BP 18-15.05.35 | 350 000.00 | 349 339.52 | 0.07 |
| USD	CAESARS PALACE LAS VEGAS TRUST-144A-SUB VAR 17-01.10.34 | 875 000.00 | 909 258.00 | 0.20 |
| USD	CD MORTGAGE TRUST FLR 17-01.11.50 | 230 000.00 | 246 740.64 | 0.05 |
| USD	CD MORTGAGE TRUST-144A-SUB FLR 16-01.08.49 | 190 000.00 | 169 611.88 | 0.04 |
| USD	CHT COSMO MORTGAGE TRUST-144A-SUB 1M LIBOR+225BP 17-15.11.36 | 550 000.00 | 550 689.37 | 0.12 |
| USD	CHT COSMO MORTGAGE TRUST-144A-SUB 1M LIBOR+300BP 17-15.11.36 | 1 400 000.00 | 1 401 753.92 | 0.30 |
| USD	COMM COR2 MORTGAGE TRUST-SUB VAR 17-01.09.50 | 650 000.00 | 701 300.86 | 0.15 |
| USD	COMM MORTGAGE TRUST-SUB VAR 18-01.05.51 | 1 057 500.00 | 1 156 119.17 | 0.25 |
| USD	CORE TRUST 2019-CORE-144A-SUB 1M LIBOR+88BP 19-15.12.31 | 1 700 000.00 | 1 699 997.45 | 0.37 |
| USD	DEEPHAVEN RESIDENTIAL MORTGAGE TRUST-144A VAR 18-01.08.58 | 350 000.00 | 199 415.34 | 0.04 |
| USD	FREMF MORTGAGE TRUST-144A-SUB VAR 17-01.05.50 | 200 000.00 | 215 286.52 | 0.05 |
| USD	GS MORTGAGE SECURITIES TRUST-144A-SUB VAR 17-01.10.32 | 250 000.00 | 253 593.25 | 0.05 |
| USD	JPMCC MORTGAGE SECURITIES TRUST-144A-SUB FLR 18-15.02.35 | 350 000.00 | 350 438.06 | 0.08 |
| USD	JPMDB COM MORTGAGE SECURITIES TRUST-144A-SUB VAR 16-01.06.49 | 475 000.00 | 436 747.97 | 0.09 |
| USD	MORGAN STANLEY BOA ML TRT 2015-C24-SUB VAR 15-01.05.48 | 500 000.00 | 540 319.00 | 0.12 |
| USD	MORGAN STANLEY CAPITAL I INC-SUB VAR 17-01.12.50 | 225 000.00 | 241 063.54 | 0.05 |
| USD	ROSSLYN PORTFOLIO TRUST ROSS 1M LIBOR+300BP 17-15.06.33 | 575 000.00 | 570 646.73 | 0.12 |
| USD	VNDO 2013-PENN MORTGAGE TRUST-144A-SUB VAR 13-01.12.29 | 450 000.00 | 454 613.13 | 0.10 |
| USD	WELLS FARGO COMMERCIAL MORTGAGE TRUST-SUB FLR 18-01.05.51 | 300 000.00 | 328 221.54 | 0.07 |
| Total USD |  | 11 528 919.63 | 2.48 |
| Total Mortgage Backed Securities, floating rate |  | 11 528 919.63 | 2.48 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABBVIE INC 4.40000% 13-06.11.42 | 490 000.00 | 507 709.62 | 0.11 |
| USD	BNP PARIBAS-144A 4.40000% 18-14.08.28 | 295 000.00 | 328 541.30 | 0.07 |
| USD	BRISTOL-MYERS SQUIBB CO-144A 2.60000% 19-16.05.22 | 335 000.00 | 341 832.50 | 0.07 |
| USD	BRISTOL-MYERS SQUIBB CO-144A 4.25000% 19-26.10.49 | 750 000.00 | 877 106.55 | 0.19 |
| USD	BROADCOM CORP/CAYMAN FIN LTD 3.62500% 18-15.01.24 | 430 000.00 | 442 687.02 | 0.10 |
| USD	CCO LLC/CAPITAL 5.37500% 17-01.05.47 | 110 000.00 | 120 847.89 | 0.03 |
| USD	CITIGROUP INC-SUB 4.60000% 16-09.03.26 | 140 000.00 | 153 639.08 | 0.03 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-144A 2.05000% 17-18.09.20 | 215 000.00 | 215 096.75 | 0.05 |
| USD	DELL INTERNATIONAL LLC / EMC CORP-144A 5.30000% 19-01.10.29 | 600 000.00 | 662 870.28 | 0.14 |
| USD	ENERGY TRANSFER PARTNERS LP 6.00000% 18-15.06.48 | 210 000.00 | 243 149.53 | 0.05 |
| USD	ENLINK MIDSTREAM PARTNERS LP 4.40000% 14-01.04.24 | 230 000.00 | 215 625.00 | 0.05 |
| USD	ENTERPRISE PRODUCTS OPERATING LLC 4.85000% 13-15.03.44 | 140 000.00 | 159 857.18 | 0.03 |
| USD	GENERAL ELECTRIC CO 4.12500% 12-09.10.42 | 45 000.00 | 45 933.19 | 0.01 |
| USD	GENERAL MOTORS FINANCIAL CO 4.35000% 18-09.04.25 | 420 000.00 | 441 145.99 | 0.10 |
| USD	GLENCORE FUNDING LLC-144A 4.87500% 19-12.03.29 | 260 000.00 | 283 319.32 | 0.06 |
| USD	HARTFORD FINANCIAL SERVICES GROUP INC 4.40000% 18-15.03.48 | 220 000.00 | 256 185.42 | 0.06 |

Focused SICAV – Global Bond
Annual Report as of 31 October 2019
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | MICROSOFT CORP 3.50000% 12-15.11.42 | 650 000.00 | 710 741.20 | 0.15 |
| USD | MORGAN STANLEY 6.37500% 12-24.07.42 | 360 000.00 | 527 998.43 | 0.11 |
| USD | MOTIVA ENTERPRISES LLC-144A 6.85000% 10-15.01.40 | 150 000.00 | 182 351.56 | 0.04 |
| USD | ONCOR ELECTRIC DELIVERY CO 3.70000% 19-15.11.28 | 130 000.00 | 143 593.35 | 0.03 |
| USD | ORIGIN ENERGY FINANCE LTD-REG-S 5.45000% 11-14.10.21 | 780 000.00 | 822 681.60 | 0.18 |
| USD | PHILLIPS 66 PARTNERS LP 4.68000% 15-15.02.45 | 400 000.00 | 425 823.24 | 0.09 |
| USD | PPL CAPITAL FUNDING INC 4.70000% 13-01.06.43 | 350 000.00 | 396 535.75 | 0.09 |
| USD | SOUTHWESTERN ELECTRIC POWER 6.20000% 10-15.03.40 | 320 000.00 | 428 457.92 | 0.09 |
| USD | TEACHERS INSURANCE&ANNUITY ASS-144A-SUB 4.90000% 14-15.09.44 | 1 090 000.00 | 1 370 053.16 | 0.29 |
| USD | VIRGINIA ELECTRIC & POWER CO 4.00000% 16-15.11.46 | 195 000.00 | 218 767.73 | 0.05 |
| USD | WESTPAC BANKING CORP-SUB 4.42100% 19-24.07.39 | 395 000.00 | 432 655.35 | 0.09 |
| USD | XCEL ENERGY INC 4.80000% 11-15.09.41 | 290 000.00 | 334 433.68 | 0.07 |
| Total USD |  |  | 11 289 639.59 | 2.43 |
| Total Notes, fixed rate |  | 11 289 639.59 | 2.43 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BK OF AMERICA CORP 3.004%/VAR 18-20.12.23 | 750 000.00 | 767 196.37 | 0.17 |
| USD	LLOYDS BANKING GROUP PLC 3.574%/3M LIBOR+120.5BP 17-07.11.28 | 340 000.00 | 354 170.05 | 0.08 |
| USD	ROYAL BK OF SCOTLAND GP PLC 3.498%/VAR 17-15.05.23 | 295 000.00 | 301 370.67 | 0.06 |
| USD	STANDARD CHARTERED PLC-REG-S 3.885%/VAR 18-15.03.24 | 640 000.00 | 664 438.08 | 0.14 |
| USD	WESTPAC BANKING CORP-SUB 4.110%/VAR 19-24.07.34 | 550 000.00 | 576 345.00 | 0.12 |
| Total USD |  | 2 663 520.17 | 0.57 |
| Total Notes, floating rate |  | 2 663 520.17 | 0.57 |
| Medium term notes, fixed rate |  |  |  |
| GBP |  |  |  |
| GBP	NATIONAL GRID ELECTRICITY TRANSMISSION 4.00000% 12-08.06.27 | 330 000.00 | 505 382.44 | 0.11 |
| Total GBP |  | 505 382.44 | 0.11 |
| Total Medium term notes, fixed rate |  | 505 382.44 | 0.11 |
| Bonds, fixed rate |  |  |  |
| CAD |  |  |  |
| CAD	CANADA, GOVERNMENT 1.50000% 14-01.03.20 | 13 310 000.00 | 10 120 501.32 | 2.18 |
| Total CAD |  | 10 120 501.32 | 2.18 |
| CNY |  |  |  |
| CNY	CHINA DEVELOPMENT BANK CORP 3.76000% 18-14.08.23 | 10 000 000.00 | 1 434 794.04 | 0.31 |
| Total CNY |  | 1 434 794.04 | 0.31 |
| USD |  |  |  |
| USD	DUKE ENERGY CAROLINAS LLC 4.00000% 12-30.09.42 | 250 000.00 | 278 766.05 | 0.06 |
| USD	FIVE CORNERS FUNDING TRUST-144A 4.41900% 13-15.11.23 | 340 000.00 | 369 555.83 | 0.08 |
| USD	PACIFICORP 6.00000% 09-15.01.39 | 340 000.00 | 472 371.82 | 0.10 |
| Total USD |  | 1 120 693.70 | 0.24 |
| Total Bonds, fixed rate |  | 12 675 989.06 | 2.73 |
| Bonds, floating rate |  |  |  |
| JPY |  |  |  |
| JPY	JAPAN 0.100%/CPI LINKED 19-10.03.29 | 1 500 000 000.00 | 14 419 818.99 | 3.10 |
| Total JPY |  | 14 419 818.99 | 3.10 |
| NZD |  |  |  |
| NZD	NEW ZEALAND 3.000%/CPI LINKED 13-20.09.30 | 8 210 000.00 | 7 335 405.00 | 1.58 |
| NZD	NEW ZEALAND-REG-S 2.500%/CPI LINKED 14-20.09.35 | 2 160 000.00 | 1 925 993.20 | 0.41 |
| Total NZD |  | 9 261 398.20 | 1.99 |
| Total Bonds, floating rate |  | 23 681 217.19 | 5.09 |
| Treasury notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 0.750%/CPI LINKED 15-15.02.45 | 5 580 000.00 | 6 372 932.43 | 1.37 |
| Total USD |  | 6 372 932.43 | 1.37 |
| Total Treasury notes, floating rate |  | 6 372 932.43 | 1.37 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 108 112 336.33 | 23.25 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
| USD |  |
| --- | --- |
| USD | DRIVE AUTO RECEIVABLES TRUST 4.14000% 18-15.08.24 | 700 000.00 | 716 266.04 | 0.16 |
| Total USD |  |  | 716 266.04 | 0.16 |

Asset Backed Securities, fixed rate
Total Asset Backed Securities, fixed rate	716 266.04	0.16
Focused SICAV – Global Bond Annual Report as of 31 October 2019
| Description	Quantity/ | Valuation in USD | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |

Mortgage Backed Securities, fixed rate
| USD |  |
| --- | --- |
| USD | BANK OF AMERICA MTGE SECS-SUB 6.00000% 07-01.01.37 | 4 053 000.00 | 5.50 | 0.00 |
| Total USD |  |  | 5.50 | 0.00 |
| Total Mortgage Backed Securities, fixed rate |  | 5.50 | 0.00 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	MPLX LP-144A 4.25000% 19-01.12.27 | 105 000.00 | 110 414.65 | 0.02 |
| Total USD |  | 110 414.65 | 0.02 |
| Total Notes, fixed rate | 110 414.65 | 0.02 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 826 686.19 | 0.18 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Ireland |  |  |
| USD	UBS (IRL) SELECT MONEY MARKET FUND-USD-S-DIST	281.22 | 2 812 200.00 | 0.60 |
| Total Ireland | 2 812 200.00 | 0.60 |
| Luxembourg |  |  |
| USD	UBS (LUX) BOND SICAV - USD HIGH YIELD U-X-ACC	2.00 | 39 484.74 | 0.01 |
| Total Luxembourg | 39 484.74 | 0.01 |
| Total Investment funds, open end | 2 851 684.74 | 0.61 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 2 851 684.74 | 0.61 |
| Derivative instruments listed on an official stock exchange |  |  |
| Options on bond futures, classic-styled |  |  |
| USD |  |  |
| USD	US 10YR TREASURY NOTE FUTURE CALL 131.00000 DEC19 22.11.19	104.00 | 29 250.00 | 0.01 |
| Total USD | 29 250.00 | 0.01 |
| Total Options on bond futures, classic-styled | 29 250.00 | 0.01 |
| Total Derivative instruments listed on an official stock exchange | 29 250.00 | 0.01 |
| Total investments in securities | 448 321 691.59 | 96.41 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange |
| Financial Futures on bonds |
|  |  |  |  |
| EUR	EURO-BUND FUTURE 06.12.19 | 8.00 | 5 979.88 | 0.00 |
| EUR	EURO-BOBL FUTURE 06.12.19 | 43.00 | -86 831.04 | -0.02 |
| EUR	EURO-BUXL FUTURE 06.12.19 | -33.00 | 399 090.32 | 0.09 |
| GBP	LONG GILT FUTURE 27.12.19 | -60.00 | 4 658.40 | 0.00 |
| USD	US 10YR ULTRA NOTE FUTURE 19.12.19 | -41.00 | 119 156.25 | 0.02 |
| USD	US 10YR TREASURY NOTE FUTURE 19.12.19 | 137.00 | -239 750.00 | -0.05 |
| USD	US ULTRA LONG BOND (CBT) FUTURE 19.12.19 | -48.00 | 467 250.00 | 0.10 |
| USD	US 5YR TREASURY NOTE FUTURE 31.12.19 | 153.00 | -141 046.88 | -0.03 |
| AUD	AUSTRALIAN 3YR BOND FUTURE 16.12.19 | 49.00 | 7 069.04 | 0.00 |
| CAD	CANADA 10YR BOND FUTURE 18.12.19 | 11.00 | -14 897.10 | 0.00 |
| Total Financial Futures on bonds | 520 678.87 | 0.11 |
| Total Derivative instruments listed on an official stock exchange | 520 678.87 | 0.11 |
| Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  |  |
| Credit default swaps* |  |  |
|  |  |  |
| USD	BARCLAYS/TCKBCN CREDIT DEFAULT SWAP PAYER 1.00000% 15-20.09.20	-255 000.00 | 2 258.08 | 0.00 |
| Total Credit default swaps | 2 258.08 | 0.00 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market | 2 258.08 | 0.00 |
| Total Derivative instruments | 522 936.95 | 0.11 |
| * Positive nominal: the subfund is “Receiver of protection”, negative nominal: the subfund is “Seller of protection”. |  |  |

Focused SICAV – Global Bond
Annual Report as of 31 October 2019
| Description	Quantity/ | Valuation in USD | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |

Forward Foreign Exchange contracts
Forward Foreign Exchange contracts (Purchase/Sale)
| USD | 14 114 805.58 | CNY | 100 225 000.00 | 6.11.2019 | -121 801.24 | -0.03 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 3 891 306.89 | KRW | 4 667 000 000.00 | 6.11.2019 | -113 498.44 | -0.02 |
| USD | 11 279 516.70 | NZD | 18 115 000.00 | 6.11.2019 | -338 312.07 | -0.07 |
| USD | 44 736 499.07 | JPY | 4 804 700 000.00 | 6.11.2019 | 282 761.22 | 0.06 |
| JPY | 3 752 213 200.00 | USD | 34 936 808.19 | 6.11.2019 | -220 821.36 | -0.05 |
| USD | 36 537 188.10 | GBP | 29 835 000.00 | 6.11.2019 | -2 074 074.92 | -0.45 |
| GBP | 16 803 200.00 | USD | 20 577 901.09 | 6.11.2019 | 1 168 127.90 | 0.25 |
| USD | 17 228 385.80 | CAD | 22 815 000.00 | 6.11.2019 | -130 103.33 | -0.03 |
| CHF | 76 859 300.00 | USD | 77 075 311.27 | 6.11.2019 | 838 947.78 | 0.18 |
| USD | 92 549 298.66 | EUR | 84 595 000.00 | 6.11.2019 | -1 853 639.29 | -0.40 |
| EUR | 137 211 300.00 | USD | 150 113 004.12 | 6.11.2019 | 3 006 563.70 | 0.65 |
| USD | 3 147 174.50 | AUD | 4 705 000.00 | 6.11.2019 | -94 699.85 | -0.02 |
| USD | 120 705.19 | EUR | 110 000.00 | 6.11.2019 | -2 048.20 | 0.00 |
| USD | 178 430.52 | GBP | 144 400.00 | 6.11.2019 | -8 446.18 | 0.00 |
| USD | 831 938.78 | EUR | 755 300.00 | 6.11.2019 | -10 930.65 | 0.00 |
| EUR | 3 450 000.00 | USD | 3 795 900.45 | 6.11.2019 | 54 092.29 | 0.01 |
| CHF | 396 700.00 | USD | 399 943.22 | 6.11.2019 | 2 201.82 | 0.00 |
| USD | 558 626.17 | JPY | 59 886 100.00 | 6.11.2019 | 4 551.83 | 0.00 |
| USD | 331 714.91 | JPY | 35 881 900.00 | 6.11.2019 | -269.31 | 0.00 |
| CHF | 436 000.00 | USD | 441 628.47 | 6.11.2019 | 356.00 | 0.00 |
| USD | 137 025.58 | GBP | 106 400.00 | 6.11.2019 | -673.04 | 0.00 |
| KRW | 4 667 000 000.00 | USD | 4 000 857.27 | 6.11.2019 | 3 948.06 | 0.00 |
| USD | 4 003 225.23 | KRW | 4 667 000 000.00 | 5.12.2019 | 9 227.22 | 0.00 |
| USD | 14 204 223.36 | CNY | 100 225 000.00 | 5.12.2019 | -19 996.47 | 0.00 |
| CNY | 100 225 000.00 | USD | 14 202 210.57 | 6.11.2019 | 34 396.25 | 0.01 |
| CHF | 400 500.00 | USD | 403 878.04 | 6.11.2019 | 2 119.16 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | 417 978.88 | 0.09 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 13 595 662.54 | 2.92 |
| Bank overdraft and other short-term liabilities | -663 618.57 | -0.14 |
| Other assets and liabilities | 2 830 411.13 | 0.61 |
| Total net assets | 465 025 062.52 | 100.00 |

Focused SICAV – Global Bond Annual Report as of 31 October 2019

Translation (ENDE, 2019-10-31):
# Focused SICAV – Global Bond
| Dreijahresvergleich |  |
| --- | --- |
| Datum | ISIN | 31.10.2019 | 31.10.2018 | 31.10.2017 |
| Nettovermögen in USD |  | 465 025 062.52 | 486 541 478.18 | 474 003 829.67 |
| Klasse (USD) F-acc | LU0326808440 |  |  |  |
| Aktien im Umlauf |  | 1 072 073.8280 | 1 367 663.0760 | 1 359 953.9890 |
| Nettoinventarwert pro Aktie in USD |  | 155.85 | 140.92 | 140.42 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 155.85 | 140.92 | 140.42 |
| Klasse (CHF hedged) F-acc | LU0326809257 |  |  |  |
| Aktien im Umlauf |  | 546 545.2370 | 493 535.6310 | 444 221.4280 |
| Nettoinventarwert pro Aktie in CHF |  | 133.85 | 125.26 | 128.56 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 133.85 | 125.26 | 128.56 |
| Klasse (EUR hedged) F-acc | LU0326809505 |  |  |  |
| Aktien im Umlauf |  | 922 955.1180 | 985 905.6440 | 969 448.4030 |
| Nettoinventarwert pro Aktie in EUR |  | 144.31 | 134.41 | 137.39 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 144.31 | 134.41 | 137.39 |
| Klasse (GBP hedged) F-acc | LU0326809844 |  |  |  |
| Aktien im Umlauf |  | 41 510.6800 | 51 154.6040 | 51 892.3930 |
| Nettoinventarwert pro Aktie in GBP |  | 156.36 | 143.86 | 145.46 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 1 |  | 156.36 | 143.86 | 145.46 |
| Klasse (JPY hedged) F-acc | LU1490620330 |  |  |  |
| Aktien im Umlauf |  | 346 762.5710 | 456 905.0000 | 291 010.0000 |
| Nettoinventarwert pro Aktie in JPY |  | 10 732 | 9 992 | 10 184 |
| Ausgabe- und Rücknahmepreis pro Aktie in JPY 1 |  | 10 732 | 9 992 | 10 184 |
| Klasse F-UKdist | LU1164771658 |  |  |  |
| Aktien im Umlauf |  | 59 628.0030 | 74 665.2760 | 65 794.6240 |
| Nettoinventarwert pro Aktie in USD |  | 110.13 | 101.72 | 103.35 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 110.13 | 101.72 | 103.35 |
| Klasse (CHF hedged) F-UKdist | LU1311286220 |  |  |  |
| Aktien im Umlauf |  | 60 461.8360 | 50 434.1050 | 50 145.5190 |
| Nettoinventarwert pro Aktie in CHF |  | 101.16 | 96.80 | 101.33 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 101.16 | 96.80 | 101.33 |
| Klasse (EUR hedged) F-UKdist | LU0526609390 |  |  |  |
| Aktien im Umlauf |  | 69 253.9800 | 74 543.9800 | 75 656.5280 |
| Nettoinventarwert pro Aktie in EUR |  | 80.11 | 76.32 | 79.48 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 80.11 | 76.32 | 79.48 |
| Klasse (GBP hedged) F-UKdist | LU0326810180 |  |  |  |
| Aktien im Umlauf |  | 96 113.5180 | 103 661.4020 | 112 136.6580 |
| Nettoinventarwert pro Aktie in GBP |  | 107.93 | 101.57 | 104.64 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 1 |  | 107.93 | 101.57 | 104.64 |
| 1  Siehe Erläuterung 1 |  |  |  |  |
| Performance |  |  |  |  |
|  | Währung | 2018/2019 | 2017/2018 | 2016/2017 |
| Klasse (USD) F-acc | USD | 10.6% | 0.4% | 1.5% |
| Klasse (CHF hedged) F-acc | CHF | 6.9% | -2.6% | -0.8% |
| Klasse (EUR hedged) F-acc | EUR | 7.4% | -2.2% | -0.4% |
| Klasse (GBP hedged) F-acc | GBP | 8.7% | -1.1% | 0.3% |
| Klasse (JPY hedged) F-acc | JPY | 7.4% | -1.9% | - |
| Klasse F-UKdist | USD | 10.6% | 0.4% | 1.5% |
| Klasse (CHF hedged) F-UKdist | CHF | 6.9% | -2.6% | -0.8% |
| Klasse (EUR hedged) F-UKdist | EUR | 7.4% | -2.2% | -0.4% |
| Klasse (GBP hedged) F-UKdist | GBP | 8.7% | -1.1% | 0.4% |
| 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.
Focused SICAV – Global Bond Jahresbericht per 31. Oktober 2019

## Bericht des Portfolio Managers
Das wichtigste Thema im Geschäftsjahr vom 1. November 2018 bis zum 31. Oktober 2019 war der Stimmungs- umschwung, da sich das Wachstum der Weltwirtschaft abschwächte und die Inflationserwartungen sanken. Die Eintrübung der bisher sehr guten Stimmung war zum Teil auf die Besorgnis über den internationalen Han- del zurückzuführen, insbesondere zwischen den USA und China. In den USA kamen Bedenken über eine zu starke geldpolitische Straffung im Jahr 2018 auf, wäh- rend die US-Notenbank 2019 schliesslich nach einigem Zögern mit "vorsorglichen Zinssenkungen" begann, um das Wachstum zu stützen. In Europa wuchs die politi- sche Unsicherheit, da die Debatten über den Ausstieg Grossbritanniens aus der Europäischen Union in die heisse Phase eintraten und in Italien eine populistische Koalitionsregierung gewählt wurde. Zudem wurde die Stimmung durch Probleme in verschiedenen Schwel- lenländern wie Argentinien und der Türkei belastet. Die massgeblichen Entwicklungen im Geschäftsjahr waren das kräftige weltweite Anziehen von Staatsanleihen, die Verengung der Kreditrisikoprämien und die Erholung in den Schwellenländern von der Verkaufswelle aus dem
4. Quartal 2018. Das Geschäftsjahr endete jedoch mit einer schwächeren Note, da die positiven Entwicklungen beim Brexit und im Handelskonflikt zwischen den USA und China die Risikobereitschaft stärkten, sodass Staats- anleihen einen Teil ihrer Gewinne wieder abgeben muss- ten und sich die Kreditrisikoprämien weiter verengten.
Der Subfonds erzielte im Geschäftsjahr einen positiven Ertrag (auch in den abgesicherten Aktienklassen). Wir hielten im Grossteil des Geschäftsjahres an unseren Engagements in Staatsanleihen aus Industrienationen mit höheren Renditen fest, wie den USA, Neuseeland, Spanien, Italien und Frankreich. Ausserdem halten wir unser Engagement in Unternehmensanleihen weiter aufrecht, da dieser Marktbereich unserer Meinung nach noch immer Wertsteigerungspotenzial bietet.
Focused SICAV – Global Bond Jahresbericht per 31. Oktober 2019

## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Vereinigte Staaten	41.59
| Japan | 9.56 |
| --- | --- |
| Grossbritannien | 9.17 |
| Kanada | 4.03 |
| Frankreich | 3.56 |
| China | 3.02 |
| Niederlande | 2.77 |
| Spanien | 2.42 |
| Neuseeland | 2.39 |
| Australien | 2.39 |
| Irland | 2.33 |
| Italien | 1.75 |
| Deutschland | 1.61 |
| Belgien | 1.39 |
| Luxemburg | 1.32 |
| Südkorea | 0.98 |
| Supranational | 0.66 |
| Saudiarabia | 0.64 |
| Slowenien | 0.56 |
| Polen | 0.51 |
| Hongkong | 0.48 |
| Schweden | 0.43 |
| Mexiko | 0.41 |
| Singapur | 0.35 |
| Britische Jungferninseln | 0.35 |
| Jersey | 0.27 |
| Dänemark | 0.26 |
| Chile | 0.25 |
| Brasilien | 0.18 |
| Cayman-Inseln | 0.17 |
| Rumänien | 0.16 |
| Kolumbien | 0.14 |
| Schweiz | 0.10 |
| Indonesien | 0.09 |
| Ecuador | 0.08 |
| Bermuda | 0.04 |
| Total | 96.41 |

Wirtschaftliche Aufteilung in % des Nettovermögens	
| Länder- & Zentralregierungen | 52.38 |
| --- | --- |
| Pfandbriefinstitute & Refinanzierungsgesellschaften | 11.77 |
| Banken & Kreditinstitute | 11.57 |
| Finanz- & Beteiligungsgesellschaften | 6.60 |
| Erdöl | 1.79 |
| Versicherungen | 1.32 |
| Energie- & Wasserversorgung | 1.08 |
| Pharmazeutik, Kosmetik & medizinische Produkte | 0.99 |
| Supranationale Organisationen | 0.98 |
| Telekommunikation | 0.93 |
| Immobilien | 0.80 |
| Anlagefonds | 0.77 |
| Computer & Netzwerkausrüster | 0.74 |
| Verkehr & Transport | 0.64 |
| Diverse nicht klassierte Gesellschaften | 0.54 |
| Internet, Software & IT-Dienste | 0.54 |
| Chemie | 0.53 |
| Tabak & alkoholische Getränke | 0.39 |
| Elektrische Geräte & Komponenten | 0.39 |
| Gesundheits- & Sozialwesen | 0.29 |
| Diverse Dienstleistungen | 0.26 |
| Diverse Konsumgüter | 0.22 |
| Grafisches Gewerbe, Verlage & Medien | 0.22 |
| Bergbau, Kohle & Stahl | 0.16 |
| Landwirtschaft & Fischerei | 0.12 |
| Nahrungsmittel & Softdrinks | 0.10 |
| Maschinen & Apparate | 0.09 |
| Biotechnologie | 0.09 |
| Flugzeug- & Raumfahrtindustrie | 0.08 |
| Fahrzeuge | 0.03 |
| Total | 96.41 |


## Nettovermögensaufstellung
Aktiva	31.10.2019
USD
Wertpapierbestand, Einstandswert	431 454 518.66
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	16 867 172.93	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 448 321 691.59 |
| Bankguthaben, Sicht- und Fristgelder | 13 595 662.54 |
| Forderungen aus Wertpapierverkäufen (Erläuterung 1) | 1 076 554.85 |
| Forderungen aus Zeichnungen | 487 826.61 |
| Zinsforderungen aus Wertpapieren | 2 634 083.83 |
| Forderungen aus Dividenden | 3 072.58 |
| Nicht realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten (Erläuterung 1) | 520 678.87 |
| Nicht realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten (Erläuterung 1) | 417 978.88 |
| Nicht realisierter Kursgewinn (-verlust) aus Swaps (Erläuterung 1) | 2 258.08 |
| Total Aktiva | 467 059 807.83 |
|  |  |
| Passiva |  |
| Andere kurzfristige Verbindlichkeiten (Margins) | -663 618.57 |
| Verbindlichkeiten aus Wertpapierkäufen (Erläuterung 1) | -834 944.72 |
| Verbindlichkeiten aus Rücknahmen | -472 224.97 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -41 714.41 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -3 916.99 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-18 325.65	 |
| Total Rückstellungen für Aufwendungen | -63 957.05 |
| Total Passiva | -2 034 745.31 |
|  |  |
| Nettovermögen am Ende des Geschäftsjahres | 465 025 062.52 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.11.2018-31.10.2019 |
| Zinsertrag auf liquide Mittel | 92 799.46 |
| Zinsen auf Wertpapiere | 10 834 682.03 |
| Dividenden | 79 653.07 |
| Zinsertrag auf Swaps (Erläuterung 1) | 2 585.42 |
| Erträge aus Securities Lending (Erläuterung 12) | 265 630.88 |
| Sonstige Erträge (Erläuterung 4) | 16 699.91 |
| Total Erträge | 11 292 050.77 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -941 776.27 |
| Abonnementsabgabe (Erläuterung 3) | -46 726.66 |
| Kosten aus Securities Lending (Erläuterung 12) | -106 252.35 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -22 496.21 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -8 659.19 |
| Total Aufwendungen | -1 125 910.68 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 10 166 140.09 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | -129 525.64 |
| Realisierter Kursgewinn (-verlust) aus Optionen | -124 689.60 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | -2 828 021.81 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | -3 677 781.98 |
| Realisierter Währungsgewinn (-verlust) | -635 631.36 |
| Total der realisierten Gewinne (Verluste) | -7 395 650.39 |
|  |  |
| Realisierter Nettogewinn (-verlust) des Geschäftsjahres | 2 770 489.70 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | 34 604 583.56 |
| Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten | 508 573.52 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | 1 883 608.28 |
| Nicht realisierte Werterhöhung (-minderung) von Swaps | -913.79 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 36 995 851.57 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 39 766 341.27 |

Focused SICAV – Global Bond Jahresbericht per 31. Oktober 2019
| Veränderungen des Nettovermögens |  |
| --- | --- |
|  |  | USD |
|  |  | 1.11.2018-31.10.2019 |
| Nettovermögen zu Beginn des Geschäftsjahres |  | 486 541 478.18 |
| Zeichnungen |  | 85 125 589.61 |
| Rücknahmen |  | 	-145 705 414.68	 |
| Total Mittelzufluss (-abfluss) |  | -60 579 825.07 |
| Ausbezahlte Dividende |  | -702 931.86 |
| Nettoerträge (-verluste) aus Anlagen |  | 10 166 140.09 |
| Total der realisierten Gewinne (Verluste) |  | -7 395 650.39 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) |  | 	36 995 851.57	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit |  | 39 766 341.27 |
| Nettovermögen am Ende des Geschäftsjahres |  | 465 025 062.52 |
| Entwicklung der Aktien im Umlauf |  |  |
|  |  | 1.11.2018-31.10.2019 |
| Klasse |  | (USD) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 1 367 663.0760 |
| Anzahl der ausgegebenen Aktien |  | 220 464.9290 |
| Anzahl der zurückgegebenen Aktien |  | -516 054.1770 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 1 072 073.8280 |
| Klasse |  | (CHF hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 493 535.6310 |
| Anzahl der ausgegebenen Aktien |  | 142 702.2250 |
| Anzahl der zurückgegebenen Aktien |  | -89 692.6190 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 546 545.2370 |
| Klasse |  | (EUR hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 985 905.6440 |
| Anzahl der ausgegebenen Aktien |  | 121 667.6300 |
| Anzahl der zurückgegebenen Aktien |  | -184 618.1560 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 922 955.1180 |
| Klasse |  | (GBP hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 51 154.6040 |
| Anzahl der ausgegebenen Aktien |  | 1 621.7320 |
| Anzahl der zurückgegebenen Aktien |  | -11 265.6560 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 41 510.6800 |
| Klasse |  | (JPY hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 456 905.0000 |
| Anzahl der ausgegebenen Aktien |  | 113 426.1680 |
| Anzahl der zurückgegebenen Aktien |  | -223 568.5970 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 346 762.5710 |
| Klasse |  | F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 74 665.2760 |
| Anzahl der ausgegebenen Aktien |  | 8 040.3490 |
| Anzahl der zurückgegebenen Aktien |  | -23 077.6220 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 59 628.0030 |
| Klasse |  | (CHF hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 50 434.1050 |
| Anzahl der ausgegebenen Aktien |  | 14 124.2830 |
| Anzahl der zurückgegebenen Aktien |  | -4 096.5520 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 60 461.8360 |
| Klasse |  | (EUR hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 74 543.9800 |
| Anzahl der ausgegebenen Aktien |  | 3 554.9670 |
| Anzahl der zurückgegebenen Aktien |  | -8 844.9670 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 69 253.9800 |
| Klasse |  | (GBP hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 103 661.4020 |
| Anzahl der ausgegebenen Aktien |  | 8 344.3180 |
| Anzahl der zurückgegebenen Aktien |  | -15 892.2020 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 96 113.5180 |
| Jährliche Ausschüttung 1 |  |  |
| Focused SICAV – Global Bond	Ex-Date | Pay-Date | Währung	Betrag pro Aktie |
| F-UKdist	15.11.2018 | 20.11.2018 | USD	2.14 |
| (CHF hedged) F-UKdist	15.11.2018 | 20.11.2018 | CHF	2.13 |
| (EUR hedged) F-UKdist	15.11.2018 | 20.11.2018 | EUR	1.70 |
| (GBP hedged) F-UKdist	15.11.2018 | 20.11.2018 | GBP	2.26 |
| 1  Siehe Erläuterung 5 |  |  |

Focused SICAV – Global Bond Jahresbericht per 31. Oktober 2019

## Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 31. Oktober 2019
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden |  |  |  |
| Mortgage Backed Securities, fester Zins |  |  |  |
| USD |  |  |  |
| USD	FANNIE MAE 4.00000% 15-01.11.45 | 1 250 000.00 | 822 726.63 | 0.18 |
| USD	FREDDIE MAC 3.50000% 17-01.09.47 | 2 125 000.00 | 1 769 002.92 | 0.38 |
| Total USD |  | 2 591 729.55 | 0.56 |
| Total Mortgage Backed Securities, fester Zins |  | 2 591 729.55 | 0.56 |
| Notes, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	ALTICE LUXEMBOURG SA-REG-S 8.00000% 19-15.05.27 | 280 000.00 | 342 489.38 | 0.07 |
| EUR	BACARDI LTD-REG-S 2.75000% 13-03.07.23 | 150 000.00 | 180 634.89 | 0.04 |
| EUR	DREAM GLOBAL FUNDING 1 SARL-REG-S 1.37500% 17-21.12.21 | 600 000.00 | 681 862.07 | 0.15 |
| EUR	FISERV INC 1.62500% 19-01.07.30 | 625 000.00 | 740 886.43 | 0.16 |
| EUR	FORD MOTOR CREDIT CO LLC 1.51400% 19-17.02.23 | 310 000.00 | 345 066.41 | 0.07 |
| EUR	MEDTRONIC GLOBAL HOLDINGS SCA 1.12500% 19-07.03.27 | 100 000.00 | 118 171.88 | 0.03 |
| EUR	TEVA PHARMACEUTICAL FINANCE II BV 4.50000% 18-01.03.25 | 100 000.00 | 103 302.22 | 0.02 |
| Total EUR |  | 2 512 413.28 | 0.54 |
| USD |  |  |  |
| USD	ABBOTT LABORATORIES 4.90000% 16-30.11.46 | 160 000.00 | 204 471.16 | 0.04 |
| USD	ABBVIE INC 4.25000% 18-14.11.28 | 200 000.00 | 217 771.90 | 0.05 |
| USD	ABBVIE INC 4.87500% 18-14.11.48 | 170 000.00 | 187 691.44 | 0.04 |
| USD	ALBEMARLE CORPORATION 5.45000% 14-01.12.44 | 200 000.00 | 235 884.92 | 0.05 |
| USD	ALLERGAN FUNDING SCS 4.75000% 15-15.03.45 | 339 000.00 | 360 813.74 | 0.08 |
| USD	ALTRIA GROUP INC 4.40000% 19-14.02.26 | 195 000.00 | 210 312.18 | 0.05 |
| USD	ALTRIA GROUP INC 4.80000% 19-14.02.29 | 75 000.00 | 82 337.03 | 0.02 |
| USD	AMERICAN EXPRESS CO 3.40000% 18-27.02.23 | 650 000.00 | 677 563.44 | 0.15 |
| USD	AMGEN INC 4.40000% 15-01.05.45 | 90 000.00 | 101 250.10 | 0.02 |
| USD	ANHEUSER-BUSCH COS 3.65000% 19-01.02.26 | 150 000.00 | 160 624.44 | 0.03 |
| USD	ANHEUSER-BUSCH INBEV WORLDWIDE INC 4.15000% 19-23.01.25 | 160 000.00 | 174 922.03 | 0.04 |
| USD	ANHEUSER-BUSCH INBEV WORLDWIDE INC 4.75000% 19-23.01.29 | 260 000.00 | 302 173.64 | 0.06 |
| USD	ANTHEM INC 3.65000% 17-01.12.27 | 130 000.00 | 137 490.41 | 0.03 |
| USD	APPLE INC 1.80000% 19-11.09.24 | 160 000.00 | 159 503.87 | 0.03 |
| USD	APPLE INC 3.85000% 16-04.08.46 | 420 000.00 | 473 724.22 | 0.10 |
| USD	APT PIPELINES LTD-REG-S 4.20000% 15-23.03.25 | 1 220 000.00 | 1 296 372.00 | 0.28 |
| USD	AT&T INC 4.35000% 19-01.03.29 | 510 000.00 | 563 882.37 | 0.12 |
| USD	AT&T INC 4.75000% 15-15.05.46 | 550 000.00 | 610 631.89 | 0.13 |
| USD	CANADIAN NATURAL RESOURCES LTD 2.95000% 17-15.01.23 | 195 000.00 | 198 961.76 | 0.04 |
| USD	CANADIAN NATURAL RESOURCES LTD 3.85000% 17-01.06.27 | 270 000.00 | 285 708.33 | 0.06 |
| USD	CCO LLC/CAPITAL 4.50000% 18-01.02.24 | 200 000.00 | 215 127.80 | 0.05 |
| USD	CF INDUSTRIES INC 5.15000% 14-15.03.34 | 520 000.00 | 551 200.00 | 0.12 |
| USD	CHILE, REPUBLIC OF 3.86000% 17-21.06.47 | 630 000.00 | 723 515.63 | 0.16 |
| USD	CIGNA CORP 3.40000% 19-17.09.21 | 250 000.00 | 256 044.70 | 0.05 |
| USD	CIGNA CORP 4.37500% 19-15.10.28 | 270 000.00 | 296 531.66 | 0.06 |
| USD	CIGNA CORP 4.90000% 19-15.12.48 | 80 000.00 | 92 918.48 | 0.02 |
| USD	CITIGROUP INC 4.65000% 18-23.07.48 | 425 000.00 | 524 205.97 | 0.11 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 4.12500% 18-14.03.21 | 540 000.00 | 549 956.25 | 0.12 |
| USD	CNPC GENERAL CAPITAL LTD-REG-S 3.40000% 13-16.04.23 | 500 000.00 | 514 062.50 | 0.11 |
| USD	COLOMBIA, REPUBLIC OF 3.87500% 17-25.04.27 | 605 000.00 | 643 946.87 | 0.14 |
| USD	COMCAST CORP 3.95000% 18-15.10.25 | 235 000.00 | 257 609.04 | 0.06 |
| USD	COMCAST CORP 4.15000% 18-15.10.28 | 155 000.00 | 175 085.01 | 0.04 |
| USD	COMCAST CORP 4.70000% 18-15.10.48 | 95 000.00 | 116 986.64 | 0.02 |
| USD	COMCAST CORP 4.95000% 18-15.10.58 | 110 000.00 | 142 090.85 | 0.03 |
| USD	CONAGRA BRANDS INC 3.80000% 18-22.10.21 | 75 000.00 | 77 434.80 | 0.02 |
| USD	CONAGRA BRANDS INC 5.40000% 18-01.11.48 | 160 000.00 | 189 563.41 | 0.04 |
| USD	CONAGRA INC 4.60000% 18-01.11.25 | 190 000.00 | 210 831.90 | 0.05 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 3.62500% 17-01.08.27 | 420 000.00 | 441 131.25 | 0.09 |
| USD	CVS HEALTH CORP 3.35000% 18-09.03.21 | 72 000.00 | 73 272.97 | 0.02 |
| USD	CVS HEALTH CORP 4.30000% 18-25.03.28 | 230 000.00 | 250 156.49 | 0.05 |
| USD	CVS HEALTH CORP 5.05000% 18-25.03.48 | 115 000.00 | 132 552.57 | 0.03 |
| USD	CVS HEALTH CORP 5.12500% 15-20.07.45 | 635 000.00 | 731 938.40 | 0.16 |
| USD	DEUTSCHE BANK AG/NEW YORK NY 3.15000% 18-22.01.21 | 290 000.00 | 291 171.97 | 0.06 |
| USD	DISCOVERY COMMUNICATIONS LLC 5.30000% 19-15.05.49 | 290 000.00 | 326 023.02 | 0.07 |
| USD	DOMINION ENERGY INC 2.85000% 16-15.08.26 | 100 000.00 | 101 746.23 | 0.02 |
| USD	ECUADOR, REPUBLIC OF-REG-S 8.87500% 17-23.10.27 | 400 000.00 | 375 125.00 | 0.08 |
| USD	ENABLE MIDSTREAM PARTNERS LP 3.90000% 15-15.05.24 | 620 000.00 | 632 021.05 | 0.14 |
| USD	ENERGY TRANSFER OPERATING LP 4.50000% 19-15.04.24 | 230 000.00 | 245 548.25 | 0.05 |
| USD	ENERGY TRANSFER PARTNERS LP 6.05000% 11-01.06.41 | 890 000.00 | 1 003 764.69 | 0.22 |
| USD	FISERV INC 3.20000% 19-01.07.26 | 415 000.00 | 433 600.30 | 0.09 |
| USD	GE CAPITAL INTL FUNDING CO 4.41800% 16-15.11.35 | 590 000.00 | 622 714.03 | 0.13 |
| USD	GENERAL ELECTRIC CO 3.15000% 12-07.09.22 | 490 000.00 | 499 357.29 | 0.11 |
| USD	GILEAD SCIENCES INC 4.75000% 15-01.03.46 | 250 000.00 | 299 244.92 | 0.06 |
| USD	HSBC HOLDINGS PLC 5.10000% 11-05.04.21 | 360 000.00 | 375 464.23 | 0.08 |
| USD	ILLINOIS TOOL WORKS INC 2.65000% 16-15.11.26 | 410 000.00 | 424 325.12 | 0.09 |
| USD	IMPERIAL BRANDS FINANCE PLC-144A 2.95000% 15-21.07.20 | 750 000.00 | 753 413.77 | 0.16 |
| USD	INTERNATIONAL BUSINESS MACHINES CORP 2.85000% 19-13.05.22 | 1 720 000.00 | 1 759 689.17 | 0.38 |
| USD	INTERNATIONAL BUSINESS MACHINES CORP 3.30000% 19-15.05.26 | 985 000.00 | 1 042 117.88 | 0.22 |
| USD	JPMORGAN CHASE & CO 3.20000% 13-25.01.23 | 1 280 000.00 | 1 325 163.00 | 0.28 |
| USD	KINDER MORGAN INC 3.15000% 17-15.01.23 | 430 000.00 | 439 854.96 | 0.09 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 2.62500% 12-25.01.22 | 1 940 000.00 | 1 983 304.10 | 0.43 |
| USD	LLOYDS BANKING GROUP PLC 4.45000% 18-08.05.25 | 235 000.00 | 256 591.96 | 0.05 |
| USD	MEXICHEM SAB DE CV-REG-S 4.00000% 17-04.10.27 | 210 000.00 | 212 559.37 | 0.05 |
| USD	MEXICHEM SAB DE CV-REG-S 5.50000% 17-15.01.48 | 215 000.00 | 218 010.00 | 0.05 |
| USD	MEXICO, UNITED STATES OF 4.60000% 17-10.02.48 | 690 000.00 | 747 140.63 | 0.16 |
| USD	MORGAN STANLEY 2.50000% 16-21.04.21 | 770 000.00 | 775 600.44 | 0.17 |
| USD	MPLX LP 5.20000% 17-01.03.47 | 200 000.00 | 214 582.38 | 0.05 |
| USD	NEXEN INC 6.40000% 07-15.05.37 | 800 000.00 | 1 113 250.00 | 0.24 |
| USD	OCCIDENTAL PETROLEUM CORP 3.50000% 19-15.08.29 | 165 000.00 | 167 189.65 | 0.04 |
| USD	PAYPAL HOLDINGS INC 2.65000% 19-01.10.26 | 260 000.00 | 263 145.14 | 0.06 |

Focused SICAV – Global Bond Jahresbericht per 31. Oktober 2019
|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| USD | QUALCOMM INC 4.30000% 17-20.05.47 | 160 000.00 | 179 766.06 | 0.04 |
| USD | REYNOLDS AMERICAN INC 5.70000% 15-15.08.35 | 520 000.00 | 587 367.67 | 0.13 |
| USD | ROYAL BANK OF SCOTLAND GROUP PLC 4.80000% 16-05.04.26 | 300 000.00 | 332 807.67 | 0.07 |
| USD | ROYAL BANK OF SCOTLAND GROUP PLC 3.87500% 16-12.09.23 | 500 000.00 | 521 325.35 | 0.11 |
| USD | SCENTRE GROUP TRUST 1 /2-REG-S 2.37500% 15-28.04.21 | 230 000.00 | 229 825.20 | 0.05 |
| USD | SGSP AUSTRALIA ASSETS PTY LTD-REG-S 3.25000% 16-29.07.26 | 530 000.00 | 545 351.08 | 0.12 |
| USD | SINOPEC CAPITAL 2013 LTD-REG-S 3.12500% 13-24.04.23 | 1 100 000.00 | 1 122 000.00 | 0.24 |
| USD | SOUTHERN CO 4.40000% 16-01.07.46 | 120 000.00 | 135 307.07 | 0.03 |
| USD | SUMITOMO MITSUI FIN GP INC-SUB 3.20200% 19-17.09.29 | 295 000.00 | 297 507.50 | 0.06 |
| USD | SUNCORP-METWAY LTD-REG-S 2.80000% 17-04.05.22 | 205 000.00 | 207 111.50 | 0.04 |
| USD | SUNTRUST BANKS INC 2.70000% 16-27.01.22 | 455 000.00 | 461 202.92 | 0.10 |
| USD | SYNGENTA FINANCE NV-144A 3.69800% 18-24.04.20 | 310 000.00 | 311 452.66 | 0.07 |
| USD | SYNGENTA FINANCE NV-144A 3.93300% 18-23.04.21 | 280 000.00 | 284 722.14 | 0.06 |
| USD | TELEFONICA EMISIONES SA 5.52000% 19-01.03.49 | 790 000.00 | 961 547.55 | 0.21 |
| USD | TEVA PHARMACEUTICAL FINANCE NL III BV 2.80000% 16-21.07.23 | 520 000.00 | 451 100.00 | 0.10 |
| USD | UNITED TECHNOLOGIES CORP 4.62500% 18-16.11.48 | 95 000.00 | 119 907.65 | 0.03 |
| USD | UNITED TECHNOLOGIES CORP 3.35000% 18-16.08.21 | 90 000.00 | 92 360.25 | 0.02 |
| USD | UNITED TECHNOLOGIES CORP 3.95000% 18-16.08.25 | 165 000.00 | 180 566.23 | 0.04 |
| USD | VALERO ENERGY CORP 4.90000% 15-15.03.45 | 231 000.00 | 261 367.72 | 0.06 |
| USD | VERIZON COMMUNICATIONS INC 3.37600% 18-15.02.25 | 413 000.00 | 439 624.99 | 0.09 |
| USD | WALT DISNEY CO 1.75000% 19-30.08.24 | 950 000.00 | 942 329.04 | 0.20 |
| USD | WELLS FARGO & CO 3.06900% 17-24.01.23 | 630 000.00 | 642 360.98 | 0.14 |
| USD | WESTPAC BANKING CORP 2.80000% 17-11.01.22 | 140 000.00 | 142 410.80 | 0.03 |
| USD | XLIT LTD 5.25000% 13-15.12.43 | 605 000.00 | 797 408.21 | 0.17 |
| Total USD |  |  | 40 956 702.85 | 8.81 |
| Total Notes, fester Zins |  | 43 469 116.13 | 9.35 |
| Notes, variabler Zins |  |  |  |
| EUR |  |  |  |
| EUR	IBERDROLA INTERNATIONAL BV-REG-S-SUB 3.250%/VAR 19-PRP | 200 000.00 | 243 997.11 | 0.05 |
| Total EUR |  | 243 997.11 | 0.05 |
| GBP |  |  |  |
| GBP	M&G PLC-REG-S-SUB 3.875%/VAR 19-20.07.49 | 105 000.00 | 138 973.11 | 0.03 |
| Total GBP |  | 138 973.11 | 0.03 |
| USD |  |  |  |
| USD	ELECTRICITE DE FRANCE SA-REG-S-SUB 5.625%/VAR 14-PRP | 620 000.00 | 650 225.00 | 0.14 |
| USD	STANDARD CHARTERED PLC-REG-S-SUB 7.750%/VAR 17-PRP | 830 000.00 | 903 662.50 | 0.20 |
| Total USD |  | 1 553 887.50 | 0.34 |
| Total Notes, variabler Zins |  | 1 936 857.72 | 0.42 |
| Medium-Term Notes, fester Zins |  |  |  |
| AUD |  |  |  |
| AUD	AURIZON NETWORK PTY LTD-REG-S 4.00000% 17-21.06.24 | 210 000.00 | 154 471.41 | 0.03 |
| Total AUD |  | 154 471.41 | 0.03 |
| EUR |  |  |  |
| EUR	ABERTIS INFRAESTRUCTURAS SA-REG-S 1.50000% 19-27.06.24 | 100 000.00 | 115 783.94 | 0.02 |
| EUR	ABERTIS INFRAESTRUCTURAS SA-REG-S 2.37500% 19-27.09.27 | 200 000.00 | 241 410.15 | 0.05 |
| EUR	ABN AMRO BANK NV-REG-S 1.25000% 18-10.01.33 | 900 000.00 | 1 139 349.31 | 0.24 |
| EUR	AKELIUS RESIDENTIAL PROPERTY AB-REG-S 1.75000% 17-07.02.25 | 260 000.00 | 304 223.21 | 0.07 |
| EUR	AROUNDTOWN SA-REG-S 2.00000% 18-02.11.26 | 300 000.00 | 357 124.25 | 0.08 |
| EUR	AURIZON NETWORK PTY LTD-REG-S 2.00000% 14-18.09.24 | 200 000.00 | 242 359.74 | 0.05 |
| EUR	AUTOSTRADE PER L'ITALIA SPA-REG-S 1.12500% 15-04.11.21 | 100 000.00 | 111 565.00 | 0.02 |
| EUR	BANCO SANTANDER SA-REG-S-SUB 3.25000% 16-04.04.26 | 200 000.00 | 254 883.18 | 0.05 |
| EUR	BANK OF IRELAND GROUP PLC-REG-S 1.37500% 18-29.08.23 | 545 000.00 | 627 916.67 | 0.14 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S-SUB 3.00000% 15-11.09.25 | 200 000.00 | 253 364.12 | 0.05 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 0.87500% 15-13.10.23 | 150 000.00 | 169 864.40 | 0.04 |
| EUR	BNP PARIBAS-REG-S 1.25000% 18-19.03.25 | 545 000.00 | 637 360.58 | 0.14 |
| EUR	BNP PARIBAS-REG-S 1.00000% 18-17.04.24 | 165 000.00 | 190 403.63 | 0.04 |
| EUR	BNP PARIBAS-REG-S 1.12500% 18-22.11.23 | 290 000.00 | 335 527.54 | 0.07 |
| EUR	BPCE SA-REG-S 1.37500% 18-23.03.26 | 300 000.00 | 354 390.46 | 0.08 |
| EUR	CANAL DE ISABEL II GESTION SA-REG-S 1.68000% 15-26.02.25 | 600 000.00 | 711 216.23 | 0.15 |
| EUR	CNH INDUSTRIAL FINANCE EUROPE SA-REG-S 1.87500% 18-19.01.26 | 550 000.00 | 647 750.76 | 0.14 |
| EUR	COMMERZBANK AG-REG-S 0.50000% 18-28.08.23 | 765 000.00 | 862 904.83 | 0.19 |
| EUR	COMMERZBANK AG-REG-S 0.62500% 19-28.08.24 | 360 000.00 | 408 337.27 | 0.09 |
| EUR	CPI PROPERTY GROUP SA-REG-S 1.45000% 18-14.04.22 | 400 000.00 | 456 579.76 | 0.10 |
| EUR	CREDIT AGRICOLE SA LONDON-REG-S 1.37500% 18-13.03.25 | 300 000.00 | 353 183.55 | 0.08 |
| EUR	DANSKE BANK AS-REG-S 1.37500% 19-24.05.22 | 515 000.00 | 591 139.25 | 0.13 |
| EUR	DEUTSCHE BANK AG-REG-S 1.12500% 18-30.08.23 | 860 000.00 | 986 515.75 | 0.21 |
| EUR	DEUTSCHE BANK AG-REG-S 1.62500% 19-12.02.21 | 300 000.00 | 338 577.46 | 0.07 |
| EUR	EDP FINANCE BV-REG-S 2.00000% 15-22.04.25 | 450 000.00 | 547 311.67 | 0.12 |
| EUR	EDP FINANCE BV-REG-S 1.50000% 17-22.11.27 | 275 000.00 | 330 324.55 | 0.07 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 1.80000% 17-10.07.48 | 980 000.00 | 1 463 481.86 | 0.31 |
| EUR	FORD MOTOR CREDIT CO LLC 3.02100% 19-06.03.24 | 200 000.00 | 234 052.22 | 0.05 |
| EUR	GLOBALWORTH REAL ESTATE INVEST-REG-S 3.00000% 18-29.03.25 | 100 000.00 | 121 361.80 | 0.03 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 2.00000% 15-27.07.23 | 850 000.00 | 1 012 916.03 | 0.22 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 2.00000% 18-01.11.28 | 840 000.00 | 1 034 766.62 | 0.22 |
| EUR	HEIDELBERGCEMENT FIN LUX SA-REG-S 1.12500% 19-01.12.27 | 175 000.00 | 199 115.80 | 0.04 |
| EUR	ING GROEP NV-REG-S 2.00000% 18-20.09.28 | 400 000.00 | 501 846.50 | 0.11 |
| EUR	KBC GROUP NV-REG-S 1.12500% 19-25.01.24 | 400 000.00 | 464 225.72 | 0.10 |
| EUR	NEDERLANDSE GASUNIE NV-REG-S 1.00000% 16-11.05.26 | 600 000.00 | 710 119.71 | 0.15 |
| EUR	POLAND, REPUBLIC OF-REG-S 2.00000% 19-08.03.49 | 1 495 000.00 | 2 081 743.63 | 0.45 |
| EUR	REDEXIS GAS FINANCE BV-REG-S 1.87500% 15-27.04.27 | 1 470 000.00 | 1 681 996.03 | 0.36 |
| EUR	REN FINANCE B V-REG-S 2.50000% 15-12.02.25 | 700 000.00 | 863 915.85 | 0.19 |
| EUR	SANOFI-REG-S 1.37500% 18-21.03.30 | 300 000.00 | 372 598.77 | 0.08 |
| EUR	SCHAEFFLER AG-REG-S 2.87500% 19-26.03.27 | 135 000.00 | 161 532.18 | 0.03 |
| EUR	SKY PLC-REG-S 2.50000% 14-15.09.26 | 200 000.00 | 255 984.55 | 0.06 |
| EUR	STEDIN HOLDING NV-REG-S 0.87500% 17-24.10.25 | 140 000.00 | 162 266.20 | 0.03 |
| EUR	TELECOM ITALIA FINANCE SA 7.75000% 03-24.01.33 | 250 000.00 | 413 750.51 | 0.09 |
| EUR	VODAFONE GROUP PLC-REG-S 2.50000% 19-24.05.39 | 320 000.00 | 396 381.70 | 0.09 |

Focused SICAV – Global Bond Jahresbericht per 31. Oktober 2019
|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  |  | Nominal | NR Kursgewinn | Netto- |
|  |  |  | (-verlust) auf Futures/ | vermögens |
|  |  |  | Devisentermin- |  |
|  |  |  | kontrakten/ |  |
|  |  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| EUR | VOLKSWAGEN FINANCIAL SERVICES AG-REG-S 1.50000% 19-01.10.24 | 390 000.00 | 453 460.51 | 0.10 |
| EUR | VOLKSWAGEN LEASING GMBH-REG-S 1.62500% 18-15.08.25 | 195 000.00 | 228 580.16 | 0.05 |
| EUR | VONOVIA FINANCE BV-REG-S 1.62500% 19-07.10.39 | 300 000.00 | 332 526.85 | 0.07 |
| EUR | WESTPAC BANKING CORP-REG-S 0.37500% 19-02.04.26 | 1 140 000.00 | 1 304 145.77 | 0.28 |
| Total EUR |  |  | 26 020 136.23 | 5.60 |
| GBP |  |  |  |  |
| GBP | AA BOND CO LTD-REG-S 2.87500% 16-31.01.22 | 1 003 000.00 | 1 252 744.61 | 0.27 |
| GBP | ANNINGTON FUNDING PLC-REG-S 2.64600% 17-12.07.25 | 365 000.00 | 488 095.59 | 0.10 |
| GBP | ARQIVA FINANCING PLC-REG-S 4.88200% 13-31.12.32 | 750 000.00 | 1 001 902.43 | 0.22 |
| GBP | LLOYDS BANKING GROUP PLC 2.25000% 17-16.10.24 | 165 000.00 | 219 216.27 | 0.05 |
| GBP | PHOENIX GROUP HOLDINGS PLC-REG-S-SUB 4.12500% 17-20.07.22 | 400 000.00 | 539 878.39 | 0.12 |
| GBP | VICINITY CENTRES TRUST-REG-S 3.37500% 16-07.04.26 | 480 000.00 | 668 413.32 | 0.14 |
| Total GBP |  |  | 4 170 250.61 | 0.90 |
| NZD |  |  |  |  |
| NZD | INTL BK FOR RECONSTR & DEVT WORLD BANK 3.50000% 16-22.01.21 | 4 660 000.00 | 3 070 132.56 | 0.66 |
| Total NZD |  |  | 3 070 132.56 | 0.66 |
| USD |  |  |  |  |
| USD | ABN AMRO BANK NV-144A 2.65000% 18-19.01.21 | 490 000.00 | 493 332.20 | 0.11 |
| USD | BANK NEDERLANDSE GEMEENTEN NV-REG-S 2.50000% 18-28.02.20 | 2 380 000.00 | 2 383 869.88 | 0.51 |
| USD | BANK OF AMERICA CORP 3.87500% 15-01.08.25 | 1 720 000.00 | 1 854 880.16 | 0.40 |
| USD | HENKEL AG & CO KGAA-REG-S 2.00000% 17-12.06.20 | 1 030 000.00 | 1 029 835.20 | 0.22 |
| USD | MORGAN STANLEY-SUB 4.35000% 14-08.09.26 | 1 400 000.00 | 1 524 782.84 | 0.33 |
| USD | PERTAMINA PERSERO PT-REG-S 4.70000% 19-30.07.49 | 410 000.00 | 427 937.50 | 0.09 |
| USD | SAUDI ARABIAN OIL CO-REG-S 2.87500% 19-16.04.24 | 385 000.00 | 390 293.75 | 0.08 |
| USD | SAUDI ARABIAN OIL CO-REG-S 3.50000% 19-16.04.29 | 1 150 000.00 | 1 190 070.37 | 0.26 |
| USD | SAUDI ARABIAN OIL CO-REG-S 4.37500% 19-16.04.49 | 240 000.00 | 261 000.00 | 0.06 |
| USD | SAUDI ARABIAN OIL CO-REG-S 2.75000% 19-16.04.22 | 255 000.00 | 258 047.25 | 0.05 |
| USD | SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 4.00000% 18-17.04.25 | 795 000.00 | 853 830.00 | 0.18 |
| USD | UNITED OVERSEAS BANK LTD-REG-S 1.62500% 19-05.09.22 | 1 660 000.00 | 1 645 588.84 | 0.35 |
| USD | WELLS FARGO & CO 2.62500% 17-22.07.22 | 350 000.00 | 354 732.63 | 0.08 |
| Total USD |  |  | 12 668 200.62 | 2.72 |
| Total Medium-Term Notes, fester Zins |  | 46 083 191.43 | 9.91 |
| Medium-Term Notes, variabler Zins |  |  |  |
| EUR |  |  |  |
| EUR	ALLIED IRISH BANKS PLC-REG-S-SUB 7.375%/VAR 15-PRP | 500 000.00 | 594 027.85 | 0.13 |
| EUR	AXA SA-REG-S-SUB 3.250%/VAR 18-28.05.49 | 350 000.00 | 443 051.39 | 0.10 |
| EUR	CAIXABANK SA-REG-S-SUB 2.750%/VAR 17-14.07.28 | 400 000.00 | 471 521.00 | 0.10 |
| EUR	COMMONWEALTH BK OF AUSTRLIA-REG-S-SUB 1.936%/VAR 17-03.10.29 | 290 000.00 | 337 531.54 | 0.07 |
| EUR	IBERDROLA INTERNATIONAL BV-REG-S-SUB 2.625%/VAR 18-PRP | 200 000.00 | 237 349.63 | 0.05 |
| EUR	NATIONWIDE BUILDING SOCIETY-REG-S-SUB 2.000%/VAR 17-25.07.29 | 200 000.00 | 231 432.22 | 0.05 |
| EUR	ROYAL BK OF SCOTLAND GP PLC-REG-S 2.000%/VAR 17-08.03.23 | 210 000.00 | 243 542.69 | 0.05 |
| EUR	ROYAL BK OF SCOTLAND GP PLC-REG-S 2.000%/VAR 18-04.03.25 | 800 000.00 | 944 348.56 | 0.21 |
| EUR	SVENSKA HANDELSBANKEN AB-REG-S-SUB 1.625%/VAR 18-05.03.29 | 680 000.00 | 794 607.70 | 0.17 |
| EUR	TOTAL SA-REG-S-SUB 2.625%/VAR 15-PRP | 200 000.00 | 241 259.32 | 0.05 |
| EUR	UBS AG-REG-S-SUB 4.750%/VAR 14-12.02.26 | 400 000.00 | 469 688.65 | 0.10 |
| Total EUR |  | 5 008 360.55 | 1.08 |
| Total Medium-Term Notes, variabler Zins |  | 5 008 360.55 | 1.08 |
| Anleihen, fester Zins |  |  |  |
| AUD |  |  |  |
| AUD	AUSTRALIA-REG-S 2.25000% 16-21.05.28 | 3 110 000.00 | 2 340 806.76 | 0.50 |
| AUD	AUSTRALIA-REG-S 3.00000% 16-21.03.47 | 270 000.00 | 238 248.08 | 0.05 |
| Total AUD |  | 2 579 054.84 | 0.55 |
| CAD |  |  |  |
| CAD	CANADA, GOVERNMENT 0.75000% 16-01.09.21 | 2 140 000.00 | 1 605 077.34 | 0.35 |
| CAD	CANADA, GOVERNMENT 1.00000% 16-01.06.27 | 2 600 000.00 | 1 919 788.48 | 0.41 |
| CAD	CANADA, GOVERNMENT 3.50000% 11-01.12.45 | 2 380 000.00 | 2 543 151.36 | 0.55 |
| CAD	CANADA, GOVERNMENT 4.00000% 08-01.06.41 | 860 000.00 | 939 662.95 | 0.20 |
| Total CAD |  | 7 007 680.13 | 1.51 |
| CNY |  |  |  |
| CNY	CHINA DEVELOPMENT BANK CORP 3.80000% 16-25.01.36 | 20 000 000.00 | 2 758 083.41 | 0.59 |
| CNY	CHINA DEVELOPMENT BANK CORP 3.30000% 19-01.02.24 | 70 000 000.00 | 9 843 360.73 | 2.12 |
| Total CNY |  | 12 601 444.14 | 2.71 |
| EUR |  |  |  |
| EUR	ABBOTT IRELAND FINCING DAC-REG-S 0.87500% 18-27.09.23 | 375 000.00 | 431 166.82 | 0.09 |
| EUR	ADLER REAL ESTATE AG-REG-S 3.00000% 18-27.04.26 | 400 000.00 | 460 113.38 | 0.10 |
| EUR	ADO PROPERTIES SA-REG-S 1.50000% 17-26.07.24 | 400 000.00 | 445 411.22 | 0.10 |
| EUR	ALLERGAN FUNDING SCS 2.12500% 17-01.06.29 | 120 000.00 | 147 698.76 | 0.03 |
| EUR	ALLERGAN FUNDING SCS 2.62500% 18-15.11.28 | 155 000.00 | 198 704.49 | 0.04 |
| EUR	ARENA LUXEMBOURG FINANCE SARL-REG-S 2.87500% 17-01.11.24 | 200 000.00 | 230 939.55 | 0.05 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 2.60000% 14-22.06.24 | 4 505 000.00 | 5 751 607.34 | 1.24 |
| EUR	BNZ INTERNATIONAL FUND LTD/LONDON 0.50000% 17-03.07.24 | 1 335 000.00 | 1 531 914.92 | 0.33 |
| EUR	CDP RETI SPA-REG-S 1.87500% 15-29.05.22 | 790 000.00 | 906 982.97 | 0.20 |
| EUR	CHUBB INA HOLDINGS INC 2.50000% 18-15.03.38 | 305 000.00 | 411 240.64 | 0.09 |
| EUR	DXC TECHNOLOGY CO 1.75000% 18-15.01.26 | 550 000.00 | 621 741.48 | 0.13 |
| EUR	FRANCE, REPUBLIC OF-OAT 4.25000% 07-25.10.23 | 2 580 000.00 | 3 439 412.98 | 0.74 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.75000% 17-25.05.28 | 3 870 000.00 | 4 684 256.34 | 1.01 |
| EUR	GLOBALWORTH REAL ESTATE INVEST-REG-S 2.87500% 17-20.06.22 | 510 000.00 | 604 520.09 | 0.13 |
| EUR	INTRUM JUSTITIA AB-REG-S 3.12500% 17-15.07.24 | 800 000.00 | 904 667.20 | 0.19 |
| EUR	IRELAND, REPUBLIC OF-REG-S 2.00000% 15-18.02.45 | 3 040 000.00 | 4 417 025.79 | 0.95 |
| EUR	IRELAND, REPUBLIC OF-REG-S 1.00000% 16-15.05.26 | 990 000.00 | 1 192 654.17 | 0.26 |
| EUR	ITALY, REPUBLIC OF-BTP 4.00000% 05-01.02.37 | 1 750 000.00 | 2 656 024.05 | 0.57 |
| EUR	ITALY, REPUBLIC OF-BTP-144A-REG-S 3.250% 14-01.09.46 | 960 000.00 | 1 372 562.24 | 0.30 |
| EUR	MEDTRONIC GLOBAL HOLDINGS SCA 2.25000% 19-07.03.39 | 100 000.00 | 130 740.79 | 0.03 |

Focused SICAV – Global Bond Jahresbericht per 31. Oktober 2019
|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  |  | Nominal | NR Kursgewinn | Netto- |
|  |  |  | (-verlust) auf Futures/ | vermögens |
|  |  |  | Devisentermin- |  |
|  |  |  | kontrakten/ |  |
|  |  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| EUR | MPT OPERATING PARTNERSHIP LP/FIN CORP 3.32500% 17-24.03.25 | 620 000.00 | 767 375.30 | 0.16 |
| EUR | MYLAN NV-REG-S 3.12500% 16-22.11.28 | 265 000.00 | 334 338.61 | 0.07 |
| EUR | RESA SA/BELGIUM-REG-S 1.00000% 16-22.07.26 | 200 000.00 | 229 592.62 | 0.05 |
| EUR | SIKA CAPITAL BV-REG-S 0.87500% 19-29.04.27 | 100 000.00 | 115 892.38 | 0.02 |
| EUR | SIKA CAPITAL BV-REG-S 1.50000% 19-29.04.31 | 100 000.00 | 121 146.21 | 0.03 |
| EUR | SLOVENIA, REPUBLIC OF-REG-S 3.12500% 15-07.08.45 | 1 560 000.00 | 2 611 379.82 | 0.56 |
| EUR | SMURFIT KAPPA TREASURY ULC-REG-S 1.50000% 19-15.09.27 | 170 000.00 | 189 266.01 | 0.04 |
| EUR | SPAIN, KINGDOM OF 4.20000% 05-31.01.37 | 940 000.00 | 1 650 943.78 | 0.36 |
| EUR | SPAIN, KINGDOM OF-144A-REG-S 2.90000% 16-31.10.46 | 550 000.00 | 874 550.23 | 0.19 |
| EUR | SPAIN, KINGDOM OF-REG-S 1.60000% 15-30.04.25 | 4 890 000.00 | 5 976 487.83 | 1.29 |
| EUR | TAURON POLSKA ENERGIA SA-REG-S 2.37500% 17-05.07.27 | 250 000.00 | 295 588.67 | 0.06 |
| EUR | TEVA PHARMACEUTICAL FINANCE II BV-REG-S 1.12500% 16-15.10.24 | 160 000.00 | 142 803.20 | 0.03 |
| EUR | TLG IMMOBILIEN AG-REG-S 0.37500% 19-23.09.22 | 100 000.00 | 112 040.27 | 0.02 |
| EUR | UMG GROUPE VYV 1.62500% 19-02.07.29 | 200 000.00 | 232 313.58 | 0.05 |
| EUR | VOLKSWAGEN INTERNATIONAL FIN NV-REG-S 1.12500% 17-02.10.23 | 400 000.00 | 459 618.30 | 0.10 |
| EUR | VOLKSWAGEN INTERNATIONAL FIN NV-REG-S 4.12500% 18-16.11.38 | 300 000.00 | 437 177.27 | 0.09 |
| Total EUR |  |  | 45 089 899.30 | 9.70 |
| GBP |  |  |  |  |
| GBP | BUPA FINANCE PLC-REG-S-SUB 5.00000% 13-25.04.23 | 300 000.00 | 426 564.02 | 0.09 |
| GBP | ROTHESAY LIFE PLC-REG-S-SUB 3.37500% 19-12.07.26 | 655 000.00 | 847 137.74 | 0.18 |
| GBP | SCOTTISH WIDOWS PLC-REG-S-SUB 5.50000% 13-16.06.23 | 380 000.00 | 547 769.19 | 0.12 |
| GBP | UNITED KINGDOM OF GREAT BRITAIN & N IRL 4.25000% 06-07.12.27 | 2 720 000.00 | 4 584 745.02 | 0.99 |
| GBP | UNITED KINGDOM OF GREAT BRITAIN & N IRL 4.50000% 09-07.09.34 | 1 780 000.00 | 3 470 490.56 | 0.75 |
| GBP | UNITED KINGDOM OF GREAT BRITAIN & N IRL 3.25000% 12-22.01.44 | 1 350 000.00 | 2 533 661.84 | 0.54 |
| GBP | UNITED KINGDOM OF GREAT BRITAIN-REG-S 0.50000% 16-22.07.22 | 3 340 000.00 | 4 331 373.22 | 0.93 |
| GBP | UNITED KINGDOM OF GREAT BRITAIN-REG-S 1.50000% 16-22.07.47 | 3 340 000.00 | 4 703 658.22 | 1.01 |
| GBP | UNITED KINGDOM OF GREAT BRITAIN-REG-S 1.62500% 18-22.10.28 | 3 900 000.00 | 5 528 410.00 | 1.19 |
| GBP | UNITED KINGDOM OF GREAT BRITAIN-REG-S 1.50000% 15-22.01.21 | 2 010 000.00 | 2 628 923.78 | 0.57 |
| Total GBP |  |  | 29 602 733.59 | 6.37 |
| JPY |  |  |  |  |
| JPY | JAPAN 0.30000% 16-20.06.46 | 379 000 000.00 | 3 462 308.11 | 0.75 |
| JPY | JAPAN 0.70000% 12-20.12.22 | 153 000 000.00 | 1 457 480.50 | 0.31 |
| JPY | JAPAN 1.10000% 03-20.03.33 | 610 000 000.00 | 6 459 719.68 | 1.39 |
| JPY | JAPAN 1.70000% 14-20.09.44 | 128 850 000.00 | 1 586 986.70 | 0.34 |
| JPY | JAPAN 2.30000% 05-20.06.35 | 1 352 800 000.00 | 16 783 329.39 | 3.61 |
| Total JPY |  |  | 29 749 824.38 | 6.40 |
| KRW |  |  |  |  |
| KRW | KOREA, REPUBLIC OF 1.87500% 16-10.03.22 | 2 370 000 000.00 | 2 053 875.52 | 0.44 |
| KRW | KOREA, REPUBLIC OF 1.87500% 16-10.06.26 | 2 900 000 000.00 | 2 519 466.61 | 0.54 |
| Total KRW |  |  | 4 573 342.13 | 0.98 |
| USD |  |  |  |  |
| USD | BALTIMORE GAS & ELECTRIC CO 3.50000% 16-15.08.46 | 170 000.00 | 176 333.73 | 0.04 |
| USD | BRAZIL, FEDERATIVE REPUBLIC OF 7.12500% 06-20.01.37 | 650 000.00 | 835 859.38 | 0.18 |
| USD | CITIGROUP INC 3.87500% 13-25.10.23 | 1 270 000.00 | 1 347 580.62 | 0.29 |
| USD | CNAC HK FINBRIDGE CO LTD-REG-S 3.50000% 17-19.07.22 | 900 000.00 | 915 468.75 | 0.20 |
| USD | CNAC HK FINBRIDGE CO LTD-REG-S 4.62500% 18-14.03.23 | 725 000.00 | 762 835.94 | 0.16 |
| USD | CONSUMERS ENERGY COMPANY 3.25000% 16-15.08.46 | 100 000.00 | 102 794.39 | 0.02 |
| USD | GOLDMAN SACHS GROUP INC-SUB 5.15000% 15-22.05.45 | 420 000.00 | 511 134.71 | 0.11 |
| USD | LLOYDS BANK PLC-REG-S 2.12500% 19-24.07.22 | 1 710 000.00 | 1 721 063.70 | 0.37 |
| USD | MEXICO CITY AIRPORT TRUST-REG-S 5.50000% 17-31.07.47 | 713 000.00 | 714 212.10 | 0.15 |
| USD | REYNOLDS AMERICAN INC 4.45000% 15-12.06.25 | 290 000.00 | 311 210.57 | 0.07 |
| USD | SOUTHERN CALIFORNIA EDISON CO 4.00000% 17-01.04.47 | 170 000.00 | 178 713.13 | 0.04 |
| USD | SOUTHERN CALIFORNIA EDISON CO 2.85000% 19-01.08.29 | 155 000.00 | 155 300.90 | 0.03 |
| USD | VERIZON COMMUNICATIONS INC 5.25000% 17-16.03.37 | 115 000.00 | 144 851.48 | 0.03 |
| USD | VERIZON COMMUNICATIONS INC 5.50000% 17-16.03.47 | 580 000.00 | 790 257.25 | 0.17 |
| Total USD |  |  | 8 667 616.65 | 1.86 |
| Total Anleihen, fester Zins |  | 139 871 595.16 | 30.08 |
| Anleihen, variabler Zins |  |  |  |
| EUR |  |  |  |
| EUR	ASR NEDERLAND NV-REG-S-SUB 4.625%/VAR 17-PRP | 200 000.00 | 231 774.51 | 0.05 |
| EUR	BANK OF IRELAND-REG-S-SUB 7.375%/VAR 15-PRP | 335 000.00 | 386 846.17 | 0.08 |
| EUR	ELECTRICITE DE FRANCE SA-REG-S-SUB 4.000%/VAR 18-PRP | 400 000.00 | 481 960.80 | 0.10 |
| EUR	ENGIE SA-REG-S-SUB 3.250%/VAR 19-PRP | 200 000.00 | 245 103.84 | 0.05 |
| EUR	FRANCE, REPUBLIC OF-OAT 1.800%/INFLATION IDX LKD 07-25.07.40 | 1 220 000.00 | 2 592 513.51 | 0.56 |
| EUR	HOLCIM FINANCE LUXEMBOURG SA-REG-S-SUB 3.000%/VAR 19-PRP | 320 000.00 | 372 508.57 | 0.08 |
| EUR	ITALY, REPUBLIC OF 2.550%/CPI LINKED 09-15.09.41 | 1 800 000.00 | 3 095 836.38 | 0.67 |
| EUR	ORSTED A/S-REG-S-SUB 3.000%/VAR 15-06.11.3015 | 450 000.00 | 512 133.55 | 0.11 |
| EUR	ORSTED A/S-REG-S-SUB 2.250%/VAR 17-24.11.3017 | 100 000.00 | 116 781.77 | 0.03 |
| EUR	UNIBAIL-RODAMCO SE-REG-S-SUB 2.125%/VAR 18-PRP | 200 000.00 | 228 150.42 | 0.05 |
| EUR	UNIBAIL-RODAMCO SE-REG-S-SUB 2.875%/VAR 18-PRP | 100 000.00 | 118 273.40 | 0.03 |
| EUR	VONOVIA FINANCE BV-REG-S-SUB 4.000%/VAR 14-PRP | 200 000.00 | 238 749.10 | 0.05 |
| Total EUR |  | 8 620 632.02 | 1.86 |
| GBP |  |  |  |
| GBP	BARCLAYS PLC-REG-S-SUB 7.250%/VAR 17-PRP | 425 000.00 | 589 158.13 | 0.13 |
| GBP	M&G PLC-REG-S-SUB 5.625%/VAR 18-20.10.51 | 430 000.00 | 633 179.26 | 0.13 |
| GBP	SANTANDER UK GROUP HOLD PLC-REG-S-SUB 6.750%/VAR 17-PRP | 370 000.00 | 510 500.31 | 0.11 |
| Total GBP |  | 1 732 837.70 | 0.37 |
| USD |  |  |  |
| USD	QBE INSURANCE GROUP LTD-REG-S-SUB 6.750%/VAR 14-02.12.44 | 1 210 000.00 | 1 344 491.50 | 0.29 |
| USD	SCOR SE-REG-S-SUB 5.250%/VAR 18-PRP | 400 000.00 | 393 032.00 | 0.08 |
| USD	WESTPAC BANKING CORP-SUB 5.000%/VAR 17-PRP | 305 000.00 | 306 729.35 | 0.06 |
| Total USD |  | 2 044 252.85 | 0.43 |
| Total Anleihen, variabler Zins |  | 12 397 722.57 | 2.66 |

Focused SICAV – Global Bond Jahresbericht per 31. Oktober 2019
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Treasury-Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 2.87500% 13-15.05.43 | 2 110 000.00 | 2 389 987.08 | 0.51 |
| USD	AMERICA, UNITED STATES OF 2.25000% 16-15.08.46 | 12 260 000.00 | 12 431 447.52 | 2.67 |
| USD	AMERICA, UNITED STATES OF 2.75000% 17-15.08.47 | 1 180 000.00 | 1 320 125.00 | 0.28 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-31.08.21 | 25 750 000.00 | 25 543 798.89 | 5.49 |
| USD	AMERICA, UNITED STATES OF 1.87500% 17-31.07.22 | 8 980 000.00 | 9 063 836.38 | 1.95 |
| USD	AMERICA, UNITED STATES OF 1.50000% 17-15.08.20 | 4 000 000.00 | 3 996 406.25 | 0.86 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-15.05.29 | 125 000.00 | 132 543.93 | 0.03 |
| USD	AMERICA, UNITED STATES OF 1.87500% 15-31.10.22 | 9 410 000.00 | 9 508 142.54 | 2.05 |
| USD	AMERICA, UNITED STATES OF 1.50000% 16-28.02.23 | 4 860 000.00 | 4 856 203.12 | 1.05 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.09.23 | 6 410 000.00 | 6 373 943.76 | 1.37 |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-15.08.29 | 200 000.00 | 198 804.69 | 0.04 |
| Total USD |  | 75 815 239.16 | 16.30 |
| Total Treasury-Notes, fester Zins |  | 75 815 239.16 | 16.30 |
| Treasury-Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 13-15.01.23 | 5 080 000.00 | 5 614 471.83 | 1.20 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 15-15.07.25 | 3 380 000.00 | 3 713 450.23 | 0.80 |
| Total USD |  | 9 327 922.06 | 2.00 |
| Total Treasury-Notes, variabler Zins | 9 327 922.06 | 2.00 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 336 501 734.33 | 72.36 |
| Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  |  |
| Asset Backed Securities, fester Zins |  |  |
| USD |  |  |
| USD	AMERICAN CREDIT ACCEPT RECEI TRUST-144A 3.16000% 18-10.11.21	895 000.00 | 32 979.17 | 0.01 |
| USD	CARMAX AUTO OWNER TRUST 3.27000% 15-15.03.22	650 000.00 | 650 235.49 | 0.14 |
| USD	CPS AUTO RECEIVABLES TRUST-144A 4.35000% 14-16.11.20	1 025 000.00 | 225 045.66 | 0.05 |
| USD	CPS AUTO TRUST-144A 4.61000% 17-15.12.22	275 000.00 | 281 995.98 | 0.06 |
| USD	CPS AUTO TRUST-144A 4.40000% 18-17.06.24	350 000.00 | 362 116.86 | 0.08 |
| USD	DELL EQUIPMENT FINANCE TRUST-144A 3.44000% 17-24.04.23	389 000.00 | 390 159.45 | 0.08 |
| USD	DELL EQUIPMENT FINANCE TRUST-144A 3.85000% 18-24.06.24	350 000.00 | 356 446.37 | 0.08 |
| USD	DRIVE AUTO RECEIVABLES TRUST-144A 4.53000% 16-15.08.23	325 000.00 | 258 693.66 | 0.05 |
| USD	DRIVE AUTO RECEIVABLES TRUST 2.75000% 17-15.09.23	125 000.00 | 28 381.90 | 0.01 |
| USD	DRIVE AUTO RECEIVABLES TRUST 4.09000% 18-15.01.26	600 000.00 | 616 329.84 | 0.13 |
| USD	EXETER AUTOMOBILE RECEIVABLE TRUST-144A 3.53000% 18-15.11.23	350 000.00 | 356 513.08 | 0.08 |
| USD	FLAGSHIP CREDIT AUTO TRUST-144A 6.22000% 16-15.09.22	640 000.00 | 660 446.98 | 0.14 |
| USD	ONEMAIN DIRECT AUTO REC TRUST-144A 3.85000% 18-14.10.25	525 000.00 | 539 926.48 | 0.12 |
| USD	ONEMAIN DIRECT AUTO REC TRUST-144A 4.40000% 18-14.01.28	1 025 000.00 | 1 060 676.46 | 0.23 |
| USD	PSNH FUNDING LLC 3.81400% 18-01.02.35	600 000.00 | 668 205.36 | 0.14 |
| USD	SANTANDER DRIVE AUTO RECEIVABLES 3.88000% 18-15.02.24	375 000.00 | 384 734.13 | 0.08 |
| USD	SOFI CONSUMER LOAN PROGRAM-144A 3.35000% 18-26.04.27	375 000.00 | 378 241.83 | 0.08 |
| USD	SOFI CONSUMER LOAN PROGRAM-144A 3.79000% 18-26.04.27	824 000.00 | 844 881.07 | 0.18 |
| USD	SOFI CONSUMER LOAN PROGRAM-144A 3.52000% 17-25.11.26	725 000.00 | 742 831.81 | 0.16 |
| USD	SOFI CONSUMER LOAN PROGRAM TRUST-144A 3.65000% 18-25.02.27	300 000.00 | 307 186.71 | 0.07 |
| USD	SOFI CONSUMER LOAN PROGRAM-144A 4.02000% 18-25.08.27	375 000.00 | 388 630.65 | 0.08 |
| USD	SOFI PROFESSIONAL LOAN PROG-144A 3.61000% 17-25.09.40	325 000.00 | 339 254.70 | 0.07 |
| Total USD | 9 873 913.64 | 2.12 |
| Total Asset Backed Securities, fester Zins | 9 873 913.64 | 2.12 |
| Asset Backed Securities, variabler Zins |  |  |
| USD |  |  |
| USD	SOFI PROFESSIONAL LOAN PROGRAM-144A VAR 17-25.07.40	150 000.00 | 155 483.36 | 0.03 |
| Total USD | 155 483.36 | 0.03 |
| Total Asset Backed Securities, variabler Zins | 155 483.36 | 0.03 |
| Mortgage Backed Securities, fester Zins |  |  |
| USD |  |  |
| USD	BBCMS TRUST-144A-SUB 4.19700% 15-06.08.35	375 000.00 | 420 534.34 | 0.09 |
| USD	BBCMS TRUST-144A-SUB 4.49800% 15-06.08.35	407 000.00 | 454 473.05 | 0.10 |
| USD	BENCHMARK MORTGAGE TRUST-SUB 4.23170% 18-01.01.52	1 050 000.00 | 1 197 830.34 | 0.26 |
| USD	BENCHMARK MORTGAGE TRUST-SUB 3.97900% 19-01.03.62	200 000.00 | 221 285.08 | 0.05 |
| USD	BENCHMARK MORTGAGE TRUST-SUB 3.75000% 19-01.03.62	350 000.00 | 363 091.19 | 0.08 |
| USD	CITIGROUP COMERCIAL MORT TRST 2015-SUB 3.77800% 15-01.09.58	280 000.00 | 302 410.78 | 0.07 |
| USD	CITIGRP COM MORT TRUST-144A-SUB 3.00000% 17-01.09.50	600 000.00 | 506 521.20 | 0.11 |
| USD	COMM 2015-CCRE24 MORTGAGE TRUST-SUB 3.46300% 15-01.08.48	350 000.00 | 328 378.75 | 0.07 |
| USD	COMM 2015-PC1 MORTGAGE TRUST 3.62000% 15-01.07.50	250 000.00 | 265 448.52 | 0.06 |
| USD	FANNIE MAE 3.00000% 13-01.08.43	136 385.00 | 80 863.06 | 0.02 |
| USD	FANNIE MAE 3.00000% 16-01.07.46	1 500 000.00 | 1 125 542.25 | 0.24 |
| USD	FANNIE MAE 3.00000% 16-01.11.46	1 900 000.00 | 1 416 375.49 | 0.30 |
| USD	FANNIE MAE 3.50000% 16-01.08.46	450 000.00 | 323 067.05 | 0.07 |
| USD	FANNIE MAE 3.50000% 15-01.04.45	200 000.00 | 152 372.07 | 0.03 |
| USD	FANNIE MAE 3.50000% 16-01.01.46	175 000.00 | 139 772.89 | 0.03 |
| USD	FANNIE MAE 3.50000% 16-01.12.46	600 000.00 | 529 391.07 | 0.11 |
| USD	FANNIE MAE 3.50000% 18-01.03.48	250 000.00 | 221 453.35 | 0.05 |
| USD	FANNIE MAE 3.50000% 18-01.07.48	350 000.00 | 314 708.11 | 0.07 |
| USD	FANNIE MAE 3.50000% 18-01.02.48	3 000 000.00 | 2 609 282.77 | 0.56 |
| USD	FANNIE MAE 3.50000% 17-01.08.47	650 000.00 | 543 300.78 | 0.12 |
| USD	FANNIE MAE 4.00000% 10-01.01.41	1 357 002.00 | 251 267.36 | 0.05 |
| USD	FANNIE MAE 4.00000% 11-01.01.41	1 584 763.00 | 328 473.61 | 0.07 |

Focused SICAV – Global Bond Jahresbericht per 31. Oktober 2019
|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| USD | FANNIE MAE 4.00000% 16-01.02.46 | 1 025 000.00 | 621 105.21 | 0.13 |
| USD | FANNIE MAE 4.00000% 15-01.08.45 | 1 575 000.00 | 1 203 054.79 | 0.26 |
| USD | FANNIE MAE 4.00000% 14-01.11.44 | 400 000.00 | 248 841.34 | 0.05 |
| USD | FANNIE MAE 4.00000% 11-01.02.41 | 938 348.00 | 201 713.24 | 0.04 |
| USD | FANNIE MAE 4.00000% 11-01.02.41 | 2 969 225.00 | 625 854.37 | 0.13 |
| USD | FANNIE MAE 4.50000% 15-01.06.44 | 465 000.00 | 247 727.84 | 0.05 |
| USD | FANNIE MAE 4.50000% 16-01.07.44 | 350 000.00 | 172 693.14 | 0.04 |
| USD | FANNIE MAE 4.50000% 11-01.04.41 | 1 629 000.00 | 220 975.42 | 0.05 |
| USD | FANNIE MAE 5.00000% 11-01.01.41 | 589 000.00 | 101 004.87 | 0.02 |
| USD | FANNIE MAE 5.00000% 10-01.08.40 | 50 000.00 | 4 183.40 | 0.00 |
| USD | FANNIE MAE 5.50000% 15-01.01.39 | 425 000.00 | 185 389.67 | 0.04 |
| USD | FANNIE MAE 5.50000% 07-01.04.37 | 1 242 395.00 | 105 758.59 | 0.02 |
| USD | FANNIE MAE 6.50000% 07-01.12.37 | 950 000.00 | 36 921.62 | 0.01 |
| USD | FREDDIE MAC 3.00000% 16-01.09.46 | 975 000.00 | 744 091.92 | 0.16 |
| USD | FREDDIE MAC 3.00000% 16-01.10.46 | 1 200 000.00 | 913 538.48 | 0.20 |
| USD | FREDDIE MAC 3.00000% 18-01.04.47 | 2 125 000.00 | 1 889 288.76 | 0.41 |
| USD | FREDDIE MAC 3.50000% 16-01.08.46 | 600 000.00 | 401 828.38 | 0.09 |
| USD | FREDDIE MAC 3.50000% 15-01.06.45 | 350 000.00 | 269 661.71 | 0.06 |
| USD | FREDDIE MAC 4.00000% 17-01.11.47 | 325 000.00 | 265 538.37 | 0.06 |
| USD | FREDDIE MAC 4.00000% 17-01.08.47 | 450 000.00 | 350 600.94 | 0.08 |
| USD | FREDDIE MAC 4.00000% 17-01.11.47 | 475 000.00 | 405 715.73 | 0.09 |
| USD | FREDDIE MAC 4.50000% 11-01.03.41 | 2 647 244.00 | 346 081.03 | 0.07 |
| USD | FREDDIE MAC 4.50000% 11-01.09.41 | 1 120 431.00 | 135 770.11 | 0.03 |
| USD | FREDDIE MAC 5.00000% 05-01.05.35 | 11 775 000.00 | 296 157.49 | 0.06 |
| USD | FREDDIE MAC 5.50000% 14-01.06.41 | 575 000.00 | 157 178.65 | 0.03 |
| USD | GINNIE MAE 3.00000% 16-01.08.46 | 1 925 000.00 | 1 316 042.64 | 0.28 |
| USD | GINNIE MAE 3.50000% 12-01.08.42 | 1 300 000.00 | 555 822.31 | 0.12 |
| USD | GINNIE MAE 3.50000% 18-01.01.48 | 525 000.00 | 443 166.11 | 0.10 |
| USD | GINNIE MAE 4.50000% 11-01.05.41 | 1 141 511.00 | 145 491.05 | 0.03 |
| USD | GINNIE MAE 5.50000% 11-01.06.41 | 1 219 909.00 | 12 227.72 | 0.00 |
| USD | GINNIE MAE 5.50000% 08-01.12.38 | 1 706 205.00 | 67 639.07 | 0.01 |
| USD | GINNIE MAE 5.50000% 10-01.03.40 | 1 357 167.00 | 76 281.07 | 0.02 |
| USD | GINNIE MAE 5.50000% 08-01.01.38 | 1 053 419.00 | 347 468.02 | 0.08 |
| USD | GINNIE MAE 6.50000% 07-01.06.37 | 8 288 862.00 | 522 241.33 | 0.11 |
| USD | GINNIE MAE 6.50000% 08-01.10.38 | 8 474 348.00 | 76 184.41 | 0.02 |
| USD | GS MORTGAGE SECURITIES-144A 2.70000% 17-01.11.50 | 450 000.00 | 411 664.10 | 0.09 |
| USD | HILTON USA TRUST-144-SUB 3.32284% 16-01.11.35 | 400 000.00 | 400 926.08 | 0.09 |
| USD | HILTON USA TRUST-144A-SUB 5.51909% 16-01.11.35 | 150 000.00 | 150 740.70 | 0.03 |
| USD | JPMBB COMMERCIAL MTG SEC TRUST-SUB 3.79960% 14-01.01.48 | 660 000.00 | 701 788.10 | 0.15 |
| USD | MORGAN STANLEY BOA MERR LYH TRT 15-C24 3.73200% 15-01.05.48 | 170 000.00 | 183 214.97 | 0.04 |
| USD | MORGAN STANLEY CAPITAL I INC-SUB 2.73000% 17-01.12.50 | 100 000.00 | 91 285.53 | 0.02 |
| USD | MSBAM LYNCH TRUST-SUB 3.99400% 16-01.12.49 | 700 000.00 | 757 865.22 | 0.16 |
| USD | PALISADES CENTER TRUST-144A-SUB 4.73700% 16-09.04.33 | 600 000.00 | 578 472.00 | 0.12 |
| USD | WF-RBS COMMERCIAL MORTGAGE TRUST-SUB 4.10100% 14-01.03.47 | 260 320.00 | 280 300.21 | 0.06 |
| Total USD |  |  | 29 365 338.82 | 6.32 |
| Total Mortgage Backed Securities, fester Zins |  | 29 365 338.82 | 6.32 |
| Mortgage Backed Securities, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	ANGEL OAK MORTGAGE TRUST I LLC-144A VAR 18-01.09.48 | 200 000.00 | 133 397.58 | 0.03 |
| USD	BANK-BNK14-144A-SUB VAR 18-01.09.60 | 350 000.00 | 302 822.49 | 0.06 |
| USD	BANK-BNK7-SUB VAR 17-01.09.60 | 300 000.00 | 317 543.67 | 0.07 |
| USD	BX TRUST-144A 1M LIBOR+80BP 18-15.05.35 | 350 000.00 | 349 339.52 | 0.07 |
| USD	CAESARS PALACE LAS VEGAS TRUST-144A-SUB VAR 17-01.10.34 | 875 000.00 | 909 258.00 | 0.20 |
| USD	CD MORTGAGE TRUST FLR 17-01.11.50 | 230 000.00 | 246 740.64 | 0.05 |
| USD	CD MORTGAGE TRUST-144A-SUB FLR 16-01.08.49 | 190 000.00 | 169 611.88 | 0.04 |
| USD	CHT COSMO MORTGAGE TRUST-144A-SUB 1M LIBOR+225BP 17-15.11.36 | 550 000.00 | 550 689.37 | 0.12 |
| USD	CHT COSMO MORTGAGE TRUST-144A-SUB 1M LIBOR+300BP 17-15.11.36 | 1 400 000.00 | 1 401 753.92 | 0.30 |
| USD	COMM COR2 MORTGAGE TRUST-SUB VAR 17-01.09.50 | 650 000.00 | 701 300.86 | 0.15 |
| USD	COMM MORTGAGE TRUST-SUB VAR 18-01.05.51 | 1 057 500.00 | 1 156 119.17 | 0.25 |
| USD	CORE TRUST 2019-CORE-144A-SUB 1M LIBOR+88BP 19-15.12.31 | 1 700 000.00 | 1 699 997.45 | 0.37 |
| USD	DEEPHAVEN RESIDENTIAL MORTGAGE TRUST-144A VAR 18-01.08.58 | 350 000.00 | 199 415.34 | 0.04 |
| USD	FREMF MORTGAGE TRUST-144A-SUB VAR 17-01.05.50 | 200 000.00 | 215 286.52 | 0.05 |
| USD	GS MORTGAGE SECURITIES TRUST-144A-SUB VAR 17-01.10.32 | 250 000.00 | 253 593.25 | 0.05 |
| USD	JPMCC MORTGAGE SECURITIES TRUST-144A-SUB FLR 18-15.02.35 | 350 000.00 | 350 438.06 | 0.08 |
| USD	JPMDB COM MORTGAGE SECURITIES TRUST-144A-SUB VAR 16-01.06.49 | 475 000.00 | 436 747.97 | 0.09 |
| USD	MORGAN STANLEY BOA ML TRT 2015-C24-SUB VAR 15-01.05.48 | 500 000.00 | 540 319.00 | 0.12 |
| USD	MORGAN STANLEY CAPITAL I INC-SUB VAR 17-01.12.50 | 225 000.00 | 241 063.54 | 0.05 |
| USD	ROSSLYN PORTFOLIO TRUST ROSS 1M LIBOR+300BP 17-15.06.33 | 575 000.00 | 570 646.73 | 0.12 |
| USD	VNDO 2013-PENN MORTGAGE TRUST-144A-SUB VAR 13-01.12.29 | 450 000.00 | 454 613.13 | 0.10 |
| USD	WELLS FARGO COMMERCIAL MORTGAGE TRUST-SUB FLR 18-01.05.51 | 300 000.00 | 328 221.54 | 0.07 |
| Total USD |  | 11 528 919.63 | 2.48 |
| Total Mortgage Backed Securities, variabler Zins |  | 11 528 919.63 | 2.48 |
| Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	ABBVIE INC 4.40000% 13-06.11.42 | 490 000.00 | 507 709.62 | 0.11 |
| USD	BNP PARIBAS-144A 4.40000% 18-14.08.28 | 295 000.00 | 328 541.30 | 0.07 |
| USD	BRISTOL-MYERS SQUIBB CO-144A 2.60000% 19-16.05.22 | 335 000.00 | 341 832.50 | 0.07 |
| USD	BRISTOL-MYERS SQUIBB CO-144A 4.25000% 19-26.10.49 | 750 000.00 | 877 106.55 | 0.19 |
| USD	BROADCOM CORP/CAYMAN FIN LTD 3.62500% 18-15.01.24 | 430 000.00 | 442 687.02 | 0.10 |
| USD	CCO LLC/CAPITAL 5.37500% 17-01.05.47 | 110 000.00 | 120 847.89 | 0.03 |
| USD	CITIGROUP INC-SUB 4.60000% 16-09.03.26 | 140 000.00 | 153 639.08 | 0.03 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-144A 2.05000% 17-18.09.20 | 215 000.00 | 215 096.75 | 0.05 |
| USD	DELL INTERNATIONAL LLC / EMC CORP-144A 5.30000% 19-01.10.29 | 600 000.00 | 662 870.28 | 0.14 |
| USD	ENERGY TRANSFER PARTNERS LP 6.00000% 18-15.06.48 | 210 000.00 | 243 149.53 | 0.05 |
| USD	ENLINK MIDSTREAM PARTNERS LP 4.40000% 14-01.04.24 | 230 000.00 | 215 625.00 | 0.05 |
| USD	ENTERPRISE PRODUCTS OPERATING LLC 4.85000% 13-15.03.44 | 140 000.00 | 159 857.18 | 0.03 |
| USD	GENERAL ELECTRIC CO 4.12500% 12-09.10.42 | 45 000.00 | 45 933.19 | 0.01 |
| USD	GENERAL MOTORS FINANCIAL CO 4.35000% 18-09.04.25 | 420 000.00 | 441 145.99 | 0.10 |
| USD	GLENCORE FUNDING LLC-144A 4.87500% 19-12.03.29 | 260 000.00 | 283 319.32 | 0.06 |
| USD	HARTFORD FINANCIAL SERVICES GROUP INC 4.40000% 18-15.03.48 | 220 000.00 | 256 185.42 | 0.06 |

Focused SICAV – Global Bond Jahresbericht per 31. Oktober 2019
|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| USD | MICROSOFT CORP 3.50000% 12-15.11.42 | 650 000.00 | 710 741.20 | 0.15 |
| USD | MORGAN STANLEY 6.37500% 12-24.07.42 | 360 000.00 | 527 998.43 | 0.11 |
| USD | MOTIVA ENTERPRISES LLC-144A 6.85000% 10-15.01.40 | 150 000.00 | 182 351.56 | 0.04 |
| USD | ONCOR ELECTRIC DELIVERY CO 3.70000% 19-15.11.28 | 130 000.00 | 143 593.35 | 0.03 |
| USD | ORIGIN ENERGY FINANCE LTD-REG-S 5.45000% 11-14.10.21 | 780 000.00 | 822 681.60 | 0.18 |
| USD | PHILLIPS 66 PARTNERS LP 4.68000% 15-15.02.45 | 400 000.00 | 425 823.24 | 0.09 |
| USD | PPL CAPITAL FUNDING INC 4.70000% 13-01.06.43 | 350 000.00 | 396 535.75 | 0.09 |
| USD | SOUTHWESTERN ELECTRIC POWER 6.20000% 10-15.03.40 | 320 000.00 | 428 457.92 | 0.09 |
| USD | TEACHERS INSURANCE&ANNUITY ASS-144A-SUB 4.90000% 14-15.09.44 | 1 090 000.00 | 1 370 053.16 | 0.29 |
| USD | VIRGINIA ELECTRIC & POWER CO 4.00000% 16-15.11.46 | 195 000.00 | 218 767.73 | 0.05 |
| USD | WESTPAC BANKING CORP-SUB 4.42100% 19-24.07.39 | 395 000.00 | 432 655.35 | 0.09 |
| USD | XCEL ENERGY INC 4.80000% 11-15.09.41 | 290 000.00 | 334 433.68 | 0.07 |
| Total USD |  |  | 11 289 639.59 | 2.43 |
| Total Notes, fester Zins |  | 11 289 639.59 | 2.43 |
| Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	BK OF AMERICA CORP 3.004%/VAR 18-20.12.23 | 750 000.00 | 767 196.37 | 0.17 |
| USD	LLOYDS BANKING GROUP PLC 3.574%/3M LIBOR+120.5BP 17-07.11.28 | 340 000.00 | 354 170.05 | 0.08 |
| USD	ROYAL BK OF SCOTLAND GP PLC 3.498%/VAR 17-15.05.23 | 295 000.00 | 301 370.67 | 0.06 |
| USD	STANDARD CHARTERED PLC-REG-S 3.885%/VAR 18-15.03.24 | 640 000.00 | 664 438.08 | 0.14 |
| USD	WESTPAC BANKING CORP-SUB 4.110%/VAR 19-24.07.34 | 550 000.00 | 576 345.00 | 0.12 |
| Total USD |  | 2 663 520.17 | 0.57 |
| Total Notes, variabler Zins |  | 2 663 520.17 | 0.57 |
| Medium-Term Notes, fester Zins |  |  |  |
| GBP |  |  |  |
| GBP	NATIONAL GRID ELECTRICITY TRANSMISSION 4.00000% 12-08.06.27 | 330 000.00 | 505 382.44 | 0.11 |
| Total GBP |  | 505 382.44 | 0.11 |
| Total Medium-Term Notes, fester Zins |  | 505 382.44 | 0.11 |
| Anleihen, fester Zins |  |  |  |
| CAD |  |  |  |
| CAD	CANADA, GOVERNMENT 1.50000% 14-01.03.20 | 13 310 000.00 | 10 120 501.32 | 2.18 |
| Total CAD |  | 10 120 501.32 | 2.18 |
| CNY |  |  |  |
| CNY	CHINA DEVELOPMENT BANK CORP 3.76000% 18-14.08.23 | 10 000 000.00 | 1 434 794.04 | 0.31 |
| Total CNY |  | 1 434 794.04 | 0.31 |
| USD |  |  |  |
| USD	DUKE ENERGY CAROLINAS LLC 4.00000% 12-30.09.42 | 250 000.00 | 278 766.05 | 0.06 |
| USD	FIVE CORNERS FUNDING TRUST-144A 4.41900% 13-15.11.23 | 340 000.00 | 369 555.83 | 0.08 |
| USD	PACIFICORP 6.00000% 09-15.01.39 | 340 000.00 | 472 371.82 | 0.10 |
| Total USD |  | 1 120 693.70 | 0.24 |
| Total Anleihen, fester Zins |  | 12 675 989.06 | 2.73 |
| Anleihen, variabler Zins |  |  |  |
| JPY |  |  |  |
| JPY	JAPAN 0.100%/CPI LINKED 19-10.03.29 | 1 500 000 000.00 | 14 419 818.99 | 3.10 |
| Total JPY |  | 14 419 818.99 | 3.10 |
| NZD |  |  |  |
| NZD	NEW ZEALAND 3.000%/CPI LINKED 13-20.09.30 | 8 210 000.00 | 7 335 405.00 | 1.58 |
| NZD	NEW ZEALAND-REG-S 2.500%/CPI LINKED 14-20.09.35 | 2 160 000.00 | 1 925 993.20 | 0.41 |
| Total NZD |  | 9 261 398.20 | 1.99 |
| Total Anleihen, variabler Zins |  | 23 681 217.19 | 5.09 |
| Treasury-Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 0.750%/CPI LINKED 15-15.02.45 | 5 580 000.00 | 6 372 932.43 | 1.37 |
| Total USD |  | 6 372 932.43 | 1.37 |
| Total Treasury-Notes, variabler Zins |  | 6 372 932.43 | 1.37 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  | 108 112 336.33 | 23.25 |

Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
| USD |  |
| --- | --- |
| USD | DRIVE AUTO RECEIVABLES TRUST 4.14000% 18-15.08.24 | 700 000.00 | 716 266.04 | 0.16 |
| Total USD |  |  | 716 266.04 | 0.16 |

Asset Backed Securities, fester Zins
Total Asset Backed Securities, fester Zins	716 266.04	0.16
Focused SICAV – Global Bond Jahresbericht per 31. Oktober 2019
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |

Mortgage Backed Securities, fester Zins
| USD |  |
| --- | --- |
| USD | BANK OF AMERICA MTGE SECS-SUB 6.00000% 07-01.01.37 | 4 053 000.00 | 5.50 | 0.00 |
| Total USD |  |  | 5.50 | 0.00 |
| Total Mortgage Backed Securities, fester Zins |  | 5.50 | 0.00 |
| Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	MPLX LP-144A 4.25000% 19-01.12.27 | 105 000.00 | 110 414.65 | 0.02 |
| Total USD |  | 110 414.65 | 0.02 |
| Total Notes, fester Zins |  | 110 414.65 | 0.02 |
| Total Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden |  | 826 686.19 | 0.18 |

OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010
Investment Fonds, open end
| Irland |  |
| --- | --- |
| USD | UBS (IRL) SELECT MONEY MARKET FUND-USD-S-DIST | 281.22 | 2 812 200.00 | 0.60 |
| Total Irland |  | 2 812 200.00 | 0.60 |
| Luxemburg |  |  |  |
| USD	UBS (LUX) BOND SICAV - USD HIGH YIELD U-X-ACC | 2.00 | 39 484.74 | 0.01 |
| Total Luxemburg |  | 39 484.74 | 0.01 |
| Total Investment Fonds, open end |  | 2 851 684.74 | 0.61 |
| Total OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010 |  | 2 851 684.74 | 0.61 |
| Derivative Instrumente, die an einer offiziellen Börse gehandelt werden Optionen auf Anleihe-Futures, klassisch |  |  |  |
| USD |  |  |  |
| USD	US 10YR TREASURY NOTE FUTURE CALL 131.00000 DEC19 22.11.19 | 104.00 | 29 250.00 | 0.01 |
| Total USD |  | 29 250.00 | 0.01 |
| Total Optionen auf Anleihe-Futures, klassisch |  | 29 250.00 | 0.01 |
| Total Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  | 29 250.00 | 0.01 |
| Total des Wertpapierbestandes |  | 448 321 691.59 | 96.41 |

| Derivative Instrumente |  |
| --- | --- |
| Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |
| Finanzterminkontrakte auf Anleihen |
|  |  |  |  |
| EUR	EURO-BUND FUTURE 06.12.19 | 8.00 | 5 979.88 | 0.00 |
| EUR	EURO-BOBL FUTURE 06.12.19 | 43.00 | -86 831.04 | -0.02 |
| EUR	EURO-BUXL FUTURE 06.12.19 | -33.00 | 399 090.32 | 0.09 |
| GBP	LONG GILT FUTURE 27.12.19 | -60.00 | 4 658.40 | 0.00 |
| USD	US 10YR ULTRA NOTE FUTURE 19.12.19 | -41.00 | 119 156.25 | 0.02 |
| USD	US 10YR TREASURY NOTE FUTURE 19.12.19 | 137.00 | -239 750.00 | -0.05 |
| USD	US ULTRA LONG BOND (CBT) FUTURE 19.12.19 | -48.00 | 467 250.00 | 0.10 |
| USD	US 5YR TREASURY NOTE FUTURE 31.12.19 | 153.00 | -141 046.88 | -0.03 |
| AUD	AUSTRALIAN 3YR BOND FUTURE 16.12.19 | 49.00 | 7 069.04 | 0.00 |
| CAD	CANADA 10YR BOND FUTURE 18.12.19 | 11.00 | -14 897.10 | 0.00 |
| Total Finanzterminkontrakte auf Anleihen |  | 520 678.87 | 0.11 |
| Total Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  | 520 678.87 | 0.11 |

Derivative Instrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
Credit-Default-Swaps*
| USD | BARCLAYS/TCKBCN CREDIT DEFAULT SWAP PAYER 1.00000% 15-20.09.20 | -255 000.00 | 2 258.08 | 0.00 |
| --- | --- | --- | --- | --- |
| Total Credit-Default-Swaps | 2 258.08 | 0.00 |
| Total Derivative Instrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden | 2 258.08 | 0.00 |
| Total Derivative Instrumente | 522 936.95 | 0.11 |
| * Nominal positiv: der Subfonds ist “Receiver of protection”, Nominal negativ: der Subfonds ist “Seller of protection”. |  |  |

Focused SICAV – Global Bond Jahresbericht per 31. Oktober 2019
| Bezeichnung	Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- |
| Nominal | NR Kursgewinn | Netto- |
|  | (-verlust) auf Futures/ | vermögens |
|  | Devisentermin- |  |
|  | kontrakten/ |  |
|  | Swaps (Erl. 1) |  |

Devisenterminkontrakte
Devisenterminkontrakte (Kauf/Verkauf)
| USD | 14 114 805.58 | CNY | 100 225 000.00 | 6.11.2019 | -121 801.24 | -0.03 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 3 891 306.89 | KRW | 4 667 000 000.00 | 6.11.2019 | -113 498.44 | -0.02 |
| USD | 11 279 516.70 | NZD | 18 115 000.00 | 6.11.2019 | -338 312.07 | -0.07 |
| USD | 44 736 499.07 | JPY | 4 804 700 000.00 | 6.11.2019 | 282 761.22 | 0.06 |
| JPY | 3 752 213 200.00 | USD | 34 936 808.19 | 6.11.2019 | -220 821.36 | -0.05 |
| USD | 36 537 188.10 | GBP | 29 835 000.00 | 6.11.2019 | -2 074 074.92 | -0.45 |
| GBP | 16 803 200.00 | USD | 20 577 901.09 | 6.11.2019 | 1 168 127.90 | 0.25 |
| USD | 17 228 385.80 | CAD | 22 815 000.00 | 6.11.2019 | -130 103.33 | -0.03 |
| CHF | 76 859 300.00 | USD | 77 075 311.27 | 6.11.2019 | 838 947.78 | 0.18 |
| USD | 92 549 298.66 | EUR | 84 595 000.00 | 6.11.2019 | -1 853 639.29 | -0.40 |
| EUR | 137 211 300.00 | USD | 150 113 004.12 | 6.11.2019 | 3 006 563.70 | 0.65 |
| USD | 3 147 174.50 | AUD | 4 705 000.00 | 6.11.2019 | -94 699.85 | -0.02 |
| USD | 120 705.19 | EUR | 110 000.00 | 6.11.2019 | -2 048.20 | 0.00 |
| USD | 178 430.52 | GBP | 144 400.00 | 6.11.2019 | -8 446.18 | 0.00 |
| USD | 831 938.78 | EUR | 755 300.00 | 6.11.2019 | -10 930.65 | 0.00 |
| EUR | 3 450 000.00 | USD | 3 795 900.45 | 6.11.2019 | 54 092.29 | 0.01 |
| CHF | 396 700.00 | USD | 399 943.22 | 6.11.2019 | 2 201.82 | 0.00 |
| USD | 558 626.17 | JPY | 59 886 100.00 | 6.11.2019 | 4 551.83 | 0.00 |
| USD | 331 714.91 | JPY | 35 881 900.00 | 6.11.2019 | -269.31 | 0.00 |
| CHF | 436 000.00 | USD | 441 628.47 | 6.11.2019 | 356.00 | 0.00 |
| USD | 137 025.58 | GBP | 106 400.00 | 6.11.2019 | -673.04 | 0.00 |
| KRW | 4 667 000 000.00 | USD | 4 000 857.27 | 6.11.2019 | 3 948.06 | 0.00 |
| USD | 4 003 225.23 | KRW | 4 667 000 000.00 | 5.12.2019 | 9 227.22 | 0.00 |
| USD | 14 204 223.36 | CNY | 100 225 000.00 | 5.12.2019 | -19 996.47 | 0.00 |
| CNY | 100 225 000.00 | USD | 14 202 210.57 | 6.11.2019 | 34 396.25 | 0.01 |
| CHF | 400 500.00 | USD | 403 878.04 | 6.11.2019 | 2 119.16 | 0.00 |
| Total Devisenterminkontrakte (Kauf/Verkauf) | 417 978.88 | 0.09 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 13 595 662.54 | 2.92 |
| Kontokorrentkredit und andere kurzfristige Verbindlichkeiten | -663 618.57 | -0.14 |
| Andere Aktiva und Passiva | 2 830 411.13 | 0.61 |
| Total des Nettovermögens | 465 025 062.52 | 100.00 |

Focused SICAV – Global Bond Jahresbericht per 31. Oktober 2019