# Focused SICAV – High Grade Long Term Bond USD
| Three-year comparison |  |
| --- | --- |
| Date | ISIN | 31.10.2019 | 31.10.2018 | 31.10.2017 |
| Net assets in USD |  | 2 638 075 974.65 | 5 858 491 823.92 | 4 746 058 083.60 |
| Class F-acc | LU0270450066 |  |  |  |
| Shares outstanding |  | 2 987 138.1260 | 9 372 718.8790 | 7 292 695.0170 |
| Net asset value per share in USD |  | 193.13 | 170.50 | 174.64 |
| Issue and redemption price per share in USD 1 |  | 193.13 | 170.50 | 174.64 |
| Class (CHF hedged) F-acc | LU1140787604 |  |  |  |
| Shares outstanding |  | 5 129 743.5360 | 19 150 106.8640 | 13 745 711.2920 |
| Net asset value per share in CHF |  | 104.64 | 95.74 | 101.12 |
| Issue and redemption price per share in CHF 1 |  | 104.64 | 95.74 | 101.12 |
| Class (EUR hedged) F-acc | LU1140787190 |  |  |  |
| Shares outstanding |  | 9 749 552.0820 | 17 063 986.2990 | 13 239 008.5950 |
| Net asset value per share in EUR |  | 109.14 | 99.26 | 104.29 |
| Issue and redemption price per share in EUR 1 |  | 109.14 | 99.26 | 104.29 |
| Class (GBP hedged) F-acc | LU1339538339 |  |  |  |
| Shares outstanding |  | 119 239.2410 | 656 912.5350 | 233 471.3560 |
| Net asset value per share in GBP |  | 109.94 | 98.59 | 102.44 |
| Issue and redemption price per share in GBP 1 |  | 109.94 | 98.59 | 102.44 |
| Class (JPY hedged) F-acc 2 | LU1786951779 |  |  |  |
| Shares outstanding |  | 176 489.0000 | - | - |
| Net asset value per share in JPY |  | 10 380 | - | - |
| Issue and redemption price per share in JPY 1 |  | 10 380 | - | - |
| Class (SGD hedged) F-acc | LU1002056536 |  |  |  |
| Shares outstanding |  | 117 370.3790 | 101 837.0000 | 128 227.0000 |
| Net asset value per share in SGD |  | 126.99 | 112.81 | 116.21 |
| Issue and redemption price per share in SGD 1 |  | 126.99 | 112.81 | 116.21 |
| Class F-UKdist | LU0723399837 |  |  |  |
| Shares outstanding |  | 1 512 674.0000 | 1 964 789.0000 | 1 443 479.0810 |
| Net asset value per share in USD |  | 110.94 | 100.81 | 106.04 |
| Issue and redemption price per share in USD 1 |  | 110.94 | 100.81 | 106.04 |
| Class (CHF hedged) F-UKdist | LU1140787786 |  |  |  |
| Shares outstanding |  | 444 132.0080 | 753 733.8890 | 745 277.7670 |
| Net asset value per share in CHF |  | 93.47 | 88.75 | 96.32 |
| Issue and redemption price per share in CHF 1 |  | 93.47 | 88.75 | 96.32 |
| Class (EUR hedged) F-UKdist | LU1140787356 |  |  |  |
| Shares outstanding |  | 133 955.0000 | 237 400.9980 | 217 207.3970 |
| Net asset value per share in EUR |  | 94.70 | 88.88 | 95.80 |
| Issue and redemption price per share in EUR 1 |  | 94.70 | 88.88 | 95.80 |
| Class (GBP hedged) F-UKdist | LU1545517606 |  |  |  |
| Shares outstanding |  | 452 100.5570 | 1 126 093.1350 | 1 312 594.4620 |
| Net asset value per share in GBP |  | 104.55 | 96.59 | 101.94 |
| Issue and redemption price per share in GBP 1 |  | 104.55 | 96.59 | 101.94 |
| 1  See note 1 2  First NAV: 24.5.2019 |  |  |  |  |
| Performance |  |  |  |  |
|  | Currency | 2018/2019 | 2017/2018 | 2016/2017 |
| Class F-acc | USD | 13.3% | -2.4% | 0.4% |
| Class (CHF hedged) F-acc | CHF | 9.3% | -5.3% | -2.0% |
| Class (EUR hedged) F-acc | EUR | 10.0% | -4.8% | -1.6% |
| Class (GBP hedged) F-acc | GBP | 11.5% | -3.8% | -0.8% |
| Class (JPY hedged) F-acc 1 | JPY | - | - | - |
| Class (SGD hedged) F-acc | SGD | 12.6% | -2.9% | -0.1% |
| Class F-UKdist | USD | 13.3% | -2.4% | 0.4% |
| Class (CHF hedged) F-UKdist | CHF | 9.3% | -5.3% | -2.0% |
| Class (EUR hedged) F-UKdist | EUR | 9.9% | -4.8% | -1.6% |
| Class (GBP hedged) F-UKdist | GBP | 11.5% | -3.8% | - |
| 1  Due to the recent launch, there is no data for the calculation of the performance available. |  |  |  |  |

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 – High Grade Long Term Bond USD Annual Report as of 31 October 2019

## Report of the Portfolio Manager
During the financial year, from 1 November 2018 to 31 October 2019, the yield of the ten-year US treasury bonds decreased by 145bp and closed the year at 1.69% with a low at 1.46%. On 30 October 2019, the FOMC lowered the target range for the federal funds rate by 25 basis points to 1.50%–1.75%. This marks the third rate cut in a row after hiking rates by 25bp at end of 2018.
During the financial year, the absolute performance of the subfund was positive. Positioning in US Treasuries versus High Grade Corporates was a drag to performance, while trading activity added value to the relative return.

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	79.88
| Australia | 3.02 |
| --- | --- |
| South Korea | 2.90 |
| The Netherlands | 2.61 |
| Kuwait | 1.63 |
| Norway | 1.63 |
| Canada | 1.54 |
| Supranationals | 1.53 |
| Philippines | 1.44 |
| Qatar | 1.20 |
| Singapore | 1.05 |
| United Arab Emirates | 0.79 |
| Germany | 0.58 |
| China | 0.55 |
| Japan | 0.41 |
| Total | 100.76 |

Economic Breakdown as a % of net assets	
| Countries & central governments | 40.53 |
| --- | --- |
| Mortgage & funding institutions | 14.86 |
| Banks & credit institutions | 8.80 |
| Finance & holding companies | 7.58 |
| Supranational organisations | 7.28 |
| Internet, software & IT services | 4.72 |
| Petroleum | 3.88 |
| Pharmaceuticals, cosmetics & medical products | 3.72 |
| Cantons, federal states | 2.91 |
| Computer hardware & network equipment providers | 2.60 |
| Biotechnology | 1.04 |
| Public, non-profit institutions | 0.60 |
| Miscellaneous services | 0.58 |
| Retail trade, department stores | 0.52 |
| Energy & water supply | 0.48 |
| Vehicles | 0.41 |
| Investment funds | 0.25 |
| Total | 100.76 |

Focused SICAV – High Grade Long Term Bond USD Annual Report as of 31 October 2019

## Statement of Net Assets
Assets	31.10.2019
USD
Investments in securities, cost	2 604 245 514.53
| Investments in securities, unrealized appreciation (depreciation) | 	53 844 135.36	 |
| --- | --- |
| Total investments in securities (Note 1) | 2 658 089 649.89 |
| Cash at banks, deposits on demand and deposit accounts | 16 949 919.31 |
| Receivable on securities sales (Note 1) | 1 612 087 440.36 |
| Receivable on subscriptions | 8 934 355.41 |
| Interest receivable on securities | 22 101 401.09 |
| Unrealized gain (loss) on financial futures (Note 1) | 152 343.75 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | 51 797 716.12 |
| Total Assets | 4 370 112 825.93 |
|  |  |
| Liabilities |  |
| Other short-term liabilities (Margins) | -30 469.50 |
| Payable on securities purchases (Note 1) | -7 472 607.39 |
| Payable on redemptions | -1 723 756 192.84 |
| Other liabilities | -364 236.33 |
| Provisions for flat fee (Note 2) | -270 734.60 |
| Provisions for taxe d’abonnement (Note 3) | -22 222.93 |
| Provisions for other commissions and fees (Note 2) | 	-120 387.69	 |
| Total provisions | -413 345.22 |
| Total Liabilities | -1 732 036 851.28 |
|  |  |
| Net assets at the end of the financial year | 2 638 075 974.65 |
| Statement of Operations | USD |
| Income | 1.11.2018-31.10.2019 |
| Interest on liquid assets | 636 519.37 |
| Interest on securities | 117 922 723.72 |
| Dividends | 481 370.27 |
| Income on securities lending (Note 12) | 3 515 697.12 |
| Other income (Note 4) | 18 567 019.52 |
| Total income | 141 123 330.00 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -6 241 686.23 |
| Taxe d’abonnement (Note 3) | -421 928.19 |
| Cost on securities lending (Note 12) | -1 406 278.85 |
| Other commissions and fees (Note 2) | -193 612.16 |
| Interest on cash and bank overdraft | -26 965.81 |
| Total expenses | -8 290 471.24 |
|  |  |
| Net income (loss) on investments | 132 832 858.76 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 160 343 851.44 |
| Realized gain (loss) on financial futures | 2 762 506.25 |
| Realized gain (loss) on forward foreign exchange contracts | -269 617 893.70 |
| Realized gain (loss) on foreign exchange | -17 245 903.41 |
| Total realized gain (loss) | -123 757 439.42 |
|  |  |
| Net realized gain (loss) of the financial year | 9 075 419.34 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 179 253 515.22 |
| Unrealized appreciation (depreciation) on financial futures | -1 464 845.25 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 178 850 481.40 |
| Total changes in unrealized appreciation (depreciation) | 356 639 151.37 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 365 714 570.71 |
| Statement of Changes in Net Assets | USD |
|  | 1.11.2018-31.10.2019 |
| Net assets at the beginning of the financial year | 5 858 491 823.92 |
| Subscriptions | 9 943 543 619.70 |
| Redemptions | 	-13 517 687 576.91	 |
| Total net subscriptions (redemptions) | -3 574 143 957.21 |
| Dividend paid | -11 986 462.77 |
| Net income (loss) on investments | 132 832 858.76 |
| Total realized gain (loss) | -123 757 439.42 |
| Total changes in unrealized appreciation (depreciation) | 	356 639 151.37	 |
| Net increase (decrease) in net assets as a result of operations | 365 714 570.71 |
| Net assets at the end of the financial year | 2 638 075 974.65 |
| Focused SICAV – High Grade Long Term Bond USD |  |
| Annual Report as of 31 October 2019 |  |

| Changes in the Number of Shares outstanding |  |
| --- | --- |
|  | 1.11.2018-31.10.2019 |
| Class | F-acc |
| Number of shares outstanding at the beginning of the financial year | 9 372 718.8790 |
| Number of shares issued | 18 797 796.2050 |
| Number of shares redeemed | -25 183 376.9580 |
| Number of shares outstanding at the end of the financial year | 2 987 138.1260 |
| Class | (CHF hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year | 19 150 106.8640 |
| Number of shares issued | 25 853 228.5110 |
| Number of shares redeemed | -39 873 591.8390 |
| Number of shares outstanding at the end of the financial year | 5 129 743.5360 |
| Class | (EUR hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year | 17 063 986.2990 |
| Number of shares issued | 24 966 253.6930 |
| Number of shares redeemed | -32 280 687.9100 |
| Number of shares outstanding at the end of the financial year | 9 749 552.0820 |
| Class | (GBP hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year | 656 912.5350 |
| Number of shares issued | 2 632 203.0390 |
| Number of shares redeemed | -3 169 876.3330 |
| Number of shares outstanding at the end of the financial year | 119 239.2410 |
| Class | (JPY hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 184 142.0000 |
| Number of shares redeemed | -7 653.0000 |
| Number of shares outstanding at the end of the financial year | 176 489.0000 |
| Class | (SGD hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year | 101 837.0000 |
| Number of shares issued | 178 635.0360 |
| Number of shares redeemed | -163 101.6570 |
| Number of shares outstanding at the end of the financial year | 117 370.3790 |
| Class | F-UKdist |
| Number of shares outstanding at the beginning of the financial year | 1 964 789.0000 |
| Number of shares issued | 2 122 926.0000 |
| Number of shares redeemed | -2 575 041.0000 |
| Number of shares outstanding at the end of the financial year | 1 512 674.0000 |
| Class | (CHF hedged) F-UKdist |
| Number of shares outstanding at the beginning of the financial year | 753 733.8890 |
| Number of shares issued | 490 153.1500 |
| Number of shares redeemed | -799 755.0310 |
| Number of shares outstanding at the end of the financial year | 444 132.0080 |
| Class | (EUR hedged) F-UKdist |
| Number of shares outstanding at the beginning of the financial year | 237 400.9980 |
| Number of shares issued | 213 778.0000 |
| Number of shares redeemed | -317 223.9980 |
| Number of shares outstanding at the end of the financial year | 133 955.0000 |
| Class | (GBP hedged) F-UKdist |
| Number of shares outstanding at the beginning of the financial year | 1 126 093.1350 |
| Number of shares issued | 533 654.5410 |
| Number of shares redeemed | -1 207 647.1190 |
| Number of shares outstanding at the end of the financial year | 452 100.5570 |

| Annual Distribution 1 |  |
| --- | --- |
| Focused SICAV – High Grade Long Term Bond USD | Ex-Date | Pay-Date | Currency | Amount per share |
| F-UKdist | 15.11.2018 | 20.11.2018 | USD | 2.64 |
| F-UKdist | 25.2.2019 | 28.2.2019 | USD | 0.25 |
| (CHF hedged) F-UKdist | 15.11.2018 | 20.11.2018 | CHF | 2.43 |
| (CHF hedged) F-UKdist | 25.2.2019 | 28.2.2019 | CHF | 0.83 |
| (EUR hedged) F-UKdist | 15.11.2018 | 20.11.2018 | EUR | 2.47 |
| (EUR hedged) F-UKdist | 25.2.2019 | 28.2.2019 | EUR | 0.29 |
| (GBP hedged) F-UKdist | 15.11.2018 | 20.11.2018 | GBP | 2.68 |
| (GBP hedged) F-UKdist | 25.2.2019 | 28.2.2019 | GBP | 0.12 |
| 1  See note 5 |  |  |  |  |

Focused SICAV – High Grade Long Term Bond USD 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 |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABU DHABI,GOVERNMENT OF-REG-S 3.12500% 16-03.05.26 | 20 000 000.00 | 20 875 000.00 | 0.79 |
| USD	ALBERTA, PROVINCE OF 3.30000% 18-15.03.28 | 5 000 000.00 | 5 507 542.50 | 0.21 |
| USD	ALPHABET INC 1.99800% 16-15.08.26 | 50 000 000.00 | 50 062 985.00 | 1.90 |
| USD	APPLE INC 2.45000% 16-04.08.26 | 15 000 000.00 | 15 318 355.50 | 0.58 |
| USD	APPLE INC 2.90000% 17-12.09.27 | 15 000 000.00 | 15 698 983.50 | 0.59 |
| USD	APPLE INC 3.25000% 16-23.02.26 | 15 000 000.00 | 15 991 666.50 | 0.61 |
| USD	APPLE INC 3.35000% 17-09.02.27 | 20 000 000.00 | 21 462 446.00 | 0.81 |
| USD	BERKSHIRE HATHAWAY INC 3.12500% 16-15.03.26 | 25 000 000.00 | 26 586 385.00 | 1.01 |
| USD	CHEVRON CORP 2.95400% 16-16.05.26 | 30 000 000.00 | 31 551 303.00 | 1.20 |
| USD	EQUINOR ASA 3.62500% 18-10.09.28 | 25 000 000.00 | 27 693 965.00 | 1.05 |
| USD	EXPORT-IMPORT BANK OF KOREA 3.25000% 14-12.08.26 | 10 000 000.00 | 10 550 000.00 | 0.40 |
| USD	EXPORT-IMPORT BANK OF KOREA 2.87500% 15-21.01.25 | 5 000 000.00 | 5 159 375.00 | 0.20 |
| USD	EXPORT-IMPORT BANK OF KOREA 3.25000% 15-10.11.25 | 5 000 000.00 | 5 292 187.50 | 0.20 |
| USD	EXXON MOBIL CORP 2.70900% 15-06.03.25 | 10 000 000.00 | 10 361 757.00 | 0.39 |
| USD	EXXON MOBIL CORP 3.04300% 16-01.03.26 | 10 000 000.00 | 10 563 636.00 | 0.40 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.37500% 17-07.07.27 | 5 000 000.00 | 5 239 449.00 | 0.20 |
| USD	JOHNSON & JOHNSON 2.45000% 16-01.03.26 | 40 000 000.00 | 41 031 908.00 | 1.56 |
| USD	JOHNSON & JOHNSON 2.95000% 17-03.03.27 | 25 000 000.00 | 26 346 105.00 | 1.00 |
| USD	KOREA GAS CORP-REG-S 3.50000% 14-02.07.26 | 12 000 000.00 | 12 753 750.00 | 0.48 |
| USD	KOREA NATIONAL OIL CORP-REG-S 3.37500% 17-27.03.27 | 15 000 000.00 | 15 871 875.00 | 0.60 |
| USD	KOREA, REPUBLIC OF 2.75000% 17-19.01.27 | 10 000 000.00 | 10 331 250.00 | 0.39 |
| USD	KUWAIT INTERNATIONAL GOVT BOND-REG-S 3.50000% 17-20.03.27 | 40 000 000.00 | 43 075 000.00 | 1.63 |
| USD	MICROSOFT CORP 2.70000% 15-12.02.25 | 10 000 000.00 | 10 412 837.00 | 0.39 |
| USD	MICROSOFT CORP 3.12500% 15-03.11.25 | 10 000 000.00 | 10 651 027.00 | 0.40 |
| USD	MICROSOFT CORP 3.30000% 17-06.02.27 | 35 000 000.00 | 37 886 296.00 | 1.44 |
| USD	NATIONAL AUSTRALIA BANK LTD-REG-S 3.50000% 17-10.01.27 | 10 000 000.00 | 10 708 700.00 | 0.41 |
| USD	NESTLE HOLDINGS INC-REG-S 3.62500% 18-24.09.28 | 10 000 000.00 | 11 122 325.00 | 0.42 |
| USD	NEW YORK LIFE GLOBAL FUNDING-REG-S 2.35000% 16-14.07.26 | 15 000 000.00 | 15 072 583.50 | 0.57 |
| USD	NOVARTIS CAPITAL CORP 3.00000% 15-20.11.25 | 15 000 000.00 | 15 865 920.00 | 0.60 |
| USD	NOVARTIS CAPITAL CORP 3.10000% 17-17.05.27 | 15 000 000.00 | 15 996 754.50 | 0.61 |
| USD	QUEBEC, PROVINCE OF 2.75000% 17-12.04.27 | 5 000 000.00 | 5 292 000.00 | 0.20 |
| USD	RABOBANK NEDERLAND NV/NY 3.37500% 15-21.05.25 | 8 300 000.00 | 8 876 551.20 | 0.34 |
| USD	ROCHE HOLDINGS INC-REG-S 2.62500% 16-15.05.26 | 30 000 000.00 | 30 895 407.00 | 1.17 |
| USD	ROCHE HOLDINGS INC-REG-S 2.37500% 16-28.01.27 | 5 000 000.00 | 5 067 854.00 | 0.19 |
| USD	ROCHE HOLDINGS INC-REG-S 3.62500% 18-17.09.28 | 20 000 000.00 | 22 245 066.00 | 0.84 |
| USD	SHELL INTERNATIONAL FINANCE BV 2.87500% 16-10.05.26 | 20 000 000.00 | 20 900 070.00 | 0.79 |
| USD	SHELL INTERNATIONAL FINANCE 3.87500% 18-13.11.28 | 20 000 000.00 | 22 578 642.00 | 0.86 |
| USD	TOYOTA MOTOR CORP 2.76000% 19-02.07.29 | 5 000 000.00 | 5 183 632.00 | 0.20 |
| USD	WALMART INC 3.05000% 19-08.07.26 | 3 000 000.00 | 3 195 967.50 | 0.12 |
| USD	WESTPAC BANKING CORP 2.70000% 16-19.08.26 | 11 500 000.00 | 11 745 640.00 | 0.45 |
| USD	WESTPAC BANKING CORP 3.35000% 17-08.03.27 | 15 000 000.00 | 15 941 504.99 | 0.60 |
| USD	WESTPAC BANKING CORP 3.40000% 18-25.01.28 | 5 000 000.00 | 5 366 045.49 | 0.20 |
| Total USD |  | 712 329 747.68 | 27.00 |
| Total Notes, fixed rate |  | 712 329 747.68 | 27.00 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 5.50000% 98-15.08.28 | 10 000 000.00 | 13 134 375.00 | 0.50 |
| USD	ASIAN DEVELOPMENT BANK 2.00000% 16-24.04.26 | 8 000 000.00 | 8 155 440.00 | 0.31 |
| USD	ASIAN DEVELOPMENT BANK 2.62500% 17-12.01.27 | 9 000 000.00 | 9 567 745.20 | 0.36 |
| USD	ASIAN DEVELOPMENT BANK 1.75000% 19-19.09.29 | 30 000 000.00 | 29 891 400.00 | 1.13 |
| USD	AUSTRALIA & NEW ZEALAND BANKING GRP/NY 3.70000% 15-16.11.25 | 10 000 000.00 | 10 807 000.00 | 0.41 |
| USD	INTERNATIONAL FINANCE CORP 2.12500% 16-07.04.26 | 25 000 000.00 | 25 672 250.00 | 0.97 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.87500% 16-27.10.26 | 45 000 000.00 | 45 640 800.00 | 1.73 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.50000% 17-22.11.27 | 10 000 000.00 | 10 589 800.00 | 0.40 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 3.12500% 18-20.11.25 | 10 000 000.00 | 10 847 649.00 | 0.41 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.12500% 15-03.03.25 | 5 000 000.00 | 5 122 800.00 | 0.20 |
| USD	NORDRHEIN-WESTFALEN, STATE OF-REG-S 2.25000% 15-16.04.25 | 15 000 000.00 | 15 354 720.00 | 0.58 |
| USD	PSA TREASURY PTE LTD-REG-S 2.50000% 16-12.04.26 | 6 650 000.00 | 6 704 885.78 | 0.26 |
| USD	SP POWERASSETS LTD-REG-S 3.25000% 15-24.11.25 | 14 550 000.00 | 15 306 600.00 | 0.58 |
| USD	TEMASEK FINANCIAL I LTD-REG-S 3.62500% 18-01.08.28 | 5 000 000.00 | 5 539 700.00 | 0.21 |
| Total USD |  | 212 335 164.98 | 8.05 |
| Total Medium term notes, fixed rate |  | 212 335 164.98 | 8.05 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ASIAN INFRASTRUCTURE INVESTMENT BNK/THE 2.25000% 19-16.05.24 | 14 100 000.00 | 14 476 977.60 | 0.55 |
| USD	BRITISH COLUMBIA, PROVINCE OF 2.25000% 16-02.06.26 | 15 000 000.00 | 15 385 128.00 | 0.58 |
| USD	FANNIE MAE 2.62500% 14-06.09.24 | 75 000 000.00 | 78 585 450.00 | 2.98 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.12500% 15-15.01.25 | 5 000 000.00 | 5 121 766.00 | 0.20 |
| USD	KOMMUNALBANKEN AS-REG-S 2.12500% 15-23.04.25 | 15 000 000.00 | 15 314 940.00 | 0.58 |
| USD	KOREA DEVELOPMENT BANK 3.00000% 16-13.01.26 | 10 000 000.00 | 10 340 625.01 | 0.39 |
| USD	KOREA NATIONAL OIL CORP-REG-S 3.25000% 14-10.07.24 | 6 000 000.00 | 6 247 500.00 | 0.24 |
| USD	MICROSOFT CORP 2.40000% 16-08.08.26 | 15 000 000.00 | 15 385 161.00 | 0.58 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 3.37500% 16-14.01.26 | 17 060 000.00 | 18 041 973.60 | 0.68 |
| USD	ONTARIO, PROVINCE OF 2.50000% 16-27.04.26 | 4 000 000.00 | 4 157 542.00 | 0.16 |
| USD	ONTARIO, PROVINCE OF 2.30000% 19-15.06.26 | 10 000 000.00 | 10 321 245.99 | 0.39 |
| USD	QATAR, STATE OF-REG-S 3.25000% 16-02.06.26 | 30 000 000.00 | 31 500 000.00 | 1.19 |
| USD	SHELL INTERNATIONAL FINANCE BV 3.25000% 15-11.05.25 | 15 623 000.00 | 16 549 700.12 | 0.63 |
| USD	TOYOTA MOTOR 3.66900% 18-20.07.28 | 5 000 000.00 | 5 574 178.00 | 0.21 |
| Total USD |  | 247 002 187.32 | 9.36 |
| Total Bonds, fixed rate |  | 247 002 187.32 | 9.36 |
| Focused SICAV – High Grade Long Term Bond USD 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 6.87500% 95-15.08.25	50 000 000.00 | 64 654 295.00 | 2.45 |
| USD	AMERICA, UNITED STATES OF 6.00000% 96-15.02.26	50 000 000.00 | 63 183 590.00 | 2.39 |
| USD	AMERICA, UNITED STATES OF 6.62500% 97-15.02.27	10 000 000.00 | 13 441 796.00 | 0.51 |
| USD	AMERICA, UNITED STATES OF 6.12500% 97-15.11.27	50 000 000.00 | 66 894 530.00 | 2.53 |
| USD	AMERICA, UNITED STATES OF 5.25000% 98-15.11.28	10 000 000.00 | 13 001 171.00 | 0.49 |
| USD	AMERICA, UNITED STATES OF 5.25000% 99-15.02.29	5 000 000.00 | 6 536 523.00 | 0.25 |
| USD	AMERICA, UNITED STATES OF 6.12500% 99-15.08.29	25 000 000.00 | 35 012 695.00 | 1.33 |
| USD	AMERICA, UNITED STATES OF 1.50000% 16-15.08.26	10 000 000.00 | 9 933 203.10 | 0.38 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.08.27	10 000 000.00 | 10 457 421.00 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.11.27	10 000 000.00 | 10 463 671.00 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-15.02.28	10 000 000.00 | 10 855 078.00 | 0.41 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-15.05.28	10 000 000.00 | 10 969 140.00 | 0.42 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.05.25	50 000 000.00 | 53 468 750.00 | 2.03 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-15.08.28	10 000 000.00 | 10 985 156.00 | 0.42 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.08.25	10 000 000.00 | 10 648 437.00 | 0.40 |
| USD	AMERICA, UNITED STATES OF 3.00000% 18-30.09.25	10 000 000.00 | 10 795 703.00 | 0.41 |
| USD	AMERICA, UNITED STATES OF 3.00000% 18-31.10.25	10 000 000.00 | 10 805 078.00 | 0.41 |
| USD	AMERICA, UNITED STATES OF 3.12500% 18-15.11.28	10 000 000.00 | 11 213 671.00 | 0.42 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.11.25	10 000 000.00 | 10 741 406.00 | 0.41 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-31.12.25	10 000 000.00 | 10 604 296.00 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.62500% 19-31.01.26	10 000 000.00 | 10 610 937.00 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.62500% 19-15.02.29	50 000 000.00 | 54 058 590.00 | 2.05 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-28.02.26	10 000 000.00 | 10 542 968.00 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.25000% 19-31.03.26	10 000 000.00 | 10 397 265.00 | 0.39 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-30.04.26	10 000 000.00 | 10 477 734.00 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-15.05.29	20 000 000.00 | 21 207 030.01 | 0.80 |
| USD	AMERICA, UNITED STATES OF 2.12500% 19-31.05.26	10 000 000.00 | 10 325 000.00 | 0.39 |
| USD	AMERICA, UNITED STATES OF 1.87500% 19-30.06.26	10 000 000.00 | 10 171 875.00 | 0.38 |
| USD	AMERICA, UNITED STATES OF 2.00000% 15-15.08.25	50 000 000.00 | 51 162 105.00 | 1.94 |
| USD	AMERICA, UNITED STATES OF 2.25000% 15-15.11.25	50 000 000.00 | 51 896 480.00 | 1.97 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-15.02.26	10 000 000.00 | 10 017 187.00 | 0.38 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-15.05.26	10 000 000.00 | 10 016 015.00 | 0.38 |
| USD	AMERICA, UNITED STATES OF 2.00000% 16-15.11.26	10 000 000.00 | 10 263 671.00 | 0.39 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.02.27	10 000 000.00 | 10 440 625.00 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.37500% 17-15.05.27	10 000 000.00 | 10 542 968.00 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.12500% 15-15.05.25	10 000 000.00 | 10 292 578.00 | 0.39 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-30.06.25	50 000 000.00 | 53 164 060.00 | 2.01 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.07.25	50 000 000.00 | 53 552 730.00 | 2.03 |
| USD	AMERICA, UNITED STATES OF 1.87500% 19-31.07.26	50 000 000.00 | 50 859 375.00 | 1.93 |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-15.08.29	40 000 000.00 | 39 760 937.60 | 1.51 |
| Total USD | 944 425 740.71 | 35.80 |
| Total Treasury notes, fixed rate | 944 425 740.71 | 35.80 |
| Total Transferable securities and money market instruments listed on an official stock exchange | 2 116 092 840.69 | 80.21 |
| Transferable securities and money market instruments traded on another regulated market |  |  |
| Notes, fixed rate |  |  |
| USD |  |  |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 2.85000% 16-18.05.26	35 000 000.00 | 35 851 375.00 | 1.36 |
| USD	FANNIE MAE 2.12500% 16-24.04.26	75 000 000.00 | 77 180 587.50 | 2.93 |
| USD	METROPOLITAN LIFE GLOBAL FUNDING-144A 3.45000% 16-18.12.26	30 000 000.00 | 32 244 486.00 | 1.22 |
| USD	TENNESSEE VALLEY AUTHORITY 2.87500% 14-15.09.24	15 000 000.00 | 15 823 945.50 | 0.60 |
| USD	WALMART INC 3.30000% 14-22.04.24	10 000 000.00 | 10 575 879.00 | 0.40 |
| Total USD | 171 676 273.00 | 6.51 |
| Total Notes, fixed rate | 171 676 273.00 | 6.51 |
| Bonds, fixed rate |  |  |
| USD |  |  |
| USD	FANNIE MAE 1.87500% 16-24.09.26	75 000 000.00 | 76 065 187.50 | 2.88 |
| USD	FANNIE MAE 6.25000% 99-15.05.29	105 000 000.00 | 144 831 235.50 | 5.49 |
| USD	FEDERAL HOME LOAN BANK SYSTEM 3.25000% 18-16.11.28	75 000 000.00 | 83 514 315.00 | 3.17 |
| Total USD | 304 410 738.00 | 11.54 |
| Total Bonds, fixed rate | 304 410 738.00 | 11.54 |
| Treasury notes, fixed rate |  |  |
| USD |  |  |
| USD	AMERICA, UNITED STATES OF 6.50000% 96-15.11.26	10 000 000.00 | 13 256 250.00 | 0.50 |
| USD	AMERICA, UNITED STATES OF 6.37500% 97-15.08.27	10 000 000.00 | 13 466 015.00 | 0.51 |
| Total USD | 26 722 265.00 | 1.01 |
| Total Treasury notes, fixed rate | 26 722 265.00 | 1.01 |
| Total Transferable securities and money market instruments traded on another regulated market | 502 809 276.00 | 19.06 |

Focused SICAV – High Grade Long Term Bond USD 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) |  |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Medium term notes, fixed rate
| USD |  |
| --- | --- |
| USD | INTL BK FOR RECONSTR & DEVT WORLD BANK 2.77850% 19-13.09.29 | 20 000 000.00 | 21 635 534.00 | 0.82 |
| USD | METROPOLITAN LIFE GLOBAL FUNDING-REG-S 3.05000% 19-17.06.29 | 7 000 000.00 | 7 303 027.20 | 0.28 |
| Total USD |  |  | 28 938 561.20 | 1.10 |
| Total Medium term notes, fixed rate |  | 28 938 561.20 | 1.10 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	MASSMUTUAL GLOBAL FUNDING II-REG-S 2.75000% 17-22.06.24 | 10 000 000.00 | 10 248 972.00 | 0.39 |
| Total USD |  | 10 248 972.00 | 0.39 |
| Total Bonds, fixed rate |  | 10 248 972.00 | 0.39 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market |  | 39 187 533.20 | 1.49 |
| Total investments in securities |  | 2 658 089 649.89 | 100.76 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange Financial Futures on bonds |
|  |  |  |  |
| USD	US 10YR TREASURY NOTE FUTURE 19.12.19 | 150.00 | 152 343.75 | 0.01 |
| Total Financial Futures on bonds |  | 152 343.75 | 0.01 |
| Total Derivative instruments listed on an official stock exchange |  | 152 343.75 | 0.01 |
| Total Derivative instruments |  | 152 343.75 | 0.01 |
| Forward Foreign Exchange contracts Forward Foreign Exchange contracts (Purchase/Sale) |  |  |  |

| SGD | 16 315 800.00 | USD | 11 811 584.53 | 1.11.2019 | 176 952.89 | 0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| GBP | 62 221 700.00 | USD | 76 569 171.58 | 1.11.2019 | 3 945 708.22 | 0.15 |
| JPY | 1 744 600 000.00 | USD | 16 201 121.99 | 1.11.2019 | -63 108.02 | 0.00 |
| EUR | 1 147 005 700.00 | USD | 1 255 661 549.96 | 1.11.2019 | 23 995 359.25 | 0.91 |
| CHF | 606 446 800.00 | USD | 612 510 655.49 | 1.11.2019 | 2 079 463.59 | 0.08 |
| JPY | 6 900 000.00 | USD | 63 943.71 | 1.11.2019 | -116.87 | 0.00 |
| USD | 47 663.55 | SGD | 66 000.00 | 1.11.2019 | -831.99 | 0.00 |
| USD | 13 624.91 | SGD | 18 800.00 | 1.11.2019 | -188.97 | 0.00 |
| CHF | 9 997 500.00 | USD | 10 044 144.00 | 1.11.2019 | 87 601.63 | 0.00 |
| USD | 1 400 781.19 | CHF | 1 392 200.00 | 1.11.2019 | -10 113.16 | 0.00 |
| GBP | 533 900.00 | USD | 658 191.87 | 1.11.2019 | 32 674.73 | 0.00 |
| JPY | 23 500 000.00 | USD | 220 131.24 | 1.11.2019 | -2 749.99 | 0.00 |
| GBP | 125 600.00 | USD | 153 415.88 | 1.11.2019 | 9 110.52 | 0.00 |
| EUR | 3 132 000.00 | USD | 3 442 757.04 | 1.11.2019 | 51 458.76 | 0.00 |
| GBP | 72 430 700.00 | USD | 88 488 267.49 | 1.11.2019 | 5 237 058.32 | 0.20 |
| EUR | 408 259 100.00 | USD | 447 925 554.16 | 1.11.2019 | 7 548 710.76 | 0.29 |
| CHF | 441 077 300.00 | USD | 445 151 549.56 | 1.11.2019 | 1 848 501.11 | 0.07 |
| USD | 20 071.01 | SGD | 27 700.00 | 1.11.2019 | -282.42 | 0.00 |
| GBP | 228 800.00 | USD | 279 900.42 | 1.11.2019 | 16 166.78 | 0.00 |
| USD | 3 274 886.76 | GBP | 2 607 500.00 | 1.11.2019 | -99 218.24 | 0.00 |
| USD | 19 210 527.35 | EUR | 17 448 100.00 | 1.11.2019 | -255 445.42 | -0.01 |
| USD | 16 087 109.32 | CHF | 16 035 600.00 | 1.11.2019 | -163 815.43 | -0.01 |
| USD | 217 483.66 | JPY | 23 600 000.00 | 1.11.2019 | -822.62 | 0.00 |
| EUR | 3 636 800.00 | USD | 4 019 965.97 | 1.11.2019 | 37 429.95 | 0.00 |
| JPY | 35 600 000.00 | USD | 327 798.81 | 1.11.2019 | 1 510.66 | 0.00 |
| JPY | 7 400 000.00 | USD | 68 265.62 | 1.11.2019 | 186.35 | 0.00 |
| SGD | 42 000.00 | USD | 30 865.33 | 1.11.2019 | -4.53 | 0.00 |
| GBP | 205 900.00 | USD | 266 596.03 | 1.11.2019 | -161.43 | 0.00 |
| JPY | 8 100 000.00 | USD | 74 661.67 | 1.11.2019 | 265.48 | 0.00 |
| USD | 2 388 641.94 | CHF | 2 362 300.00 | 1.11.2019 | -5 378.84 | 0.00 |
| GBP | 203 900.00 | USD | 262 991.04 | 1.11.2019 | 855.56 | 0.00 |
| USD | 3 068 654.45 | EUR | 2 765 600.00 | 1.11.2019 | -16 787.19 | 0.00 |
| USD | 3 082 311.84 | CHF | 3 068 500.00 | 1.11.2019 | -27 391.73 | 0.00 |
| SGD | 16 245 300.00 | USD | 11 927 051.40 | 29.11.2019 | 12 897.64 | 0.00 |
| GBP | 59 157 800.00 | USD | 76 268 483.76 | 29.11.2019 | 345 904.37 | 0.01 |
| JPY | 1 802 500 000.00 | USD | 16 584 283.49 | 29.11.2019 | 115 052.18 | 0.00 |
| EUR | 1 119 990 700.00 | USD | 1 247 584 520.51 | 29.11.2019 | 4 121 182.96 | 0.16 |
| CHF | 567 082 900.00 | USD | 572 821 425.04 | 29.11.2019 | 3 021 548.21 | 0.11 |
| USD | 1 159 248.19 | SGD | 1 579 500.00 | 29.11.2019 | -1 650.62 | 0.00 |
| USD | 73 007 313.26 | EUR | 65 538 900.00 | 29.11.2019 | -239 201.13 | -0.01 |
| USD | 41 508.99 | SGD | 56 500.00 | 29.11.2019 | -17.31 | 0.00 |
| USD | 1 599 239.11 | CHF | 1 575 500.00 | 29.11.2019 | -598.59 | 0.00 |
| USD | 317 555.58 | GBP | 245 200.00 | 29.11.2019 | 0.70 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | 51 797 716.12 | 1.96 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 16 949 919.31 | 0.64 |
| Bank overdraft and other short-term liabilities | -30 469.50 | 0.00 |
| Other assets and liabilities | -88 883 184.92 | -3.37 |
| Total net assets | 2 638 075 974.65 | 100.00 |
| Focused SICAV – High Grade Long Term Bond USD Annual Report as of 31 October 2019 |  |  |

Translation (ENDE, 2019-10-31):
# Focused SICAV – High Grade Long Term Bond USD
| Dreijahresvergleich |  |
| --- | --- |
| Datum | ISIN | 31.10.2019 | 31.10.2018 | 31.10.2017 |
| Nettovermögen in USD |  | 2 638 075 974.65 | 5 858 491 823.92 | 4 746 058 083.60 |
| Klasse F-acc | LU0270450066 |  |  |  |
| Aktien im Umlauf |  | 2 987 138.1260 | 9 372 718.8790 | 7 292 695.0170 |
| Nettoinventarwert pro Aktie in USD |  | 193.13 | 170.50 | 174.64 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 193.13 | 170.50 | 174.64 |
| Klasse (CHF hedged) F-acc | LU1140787604 |  |  |  |
| Aktien im Umlauf |  | 5 129 743.5360 | 19 150 106.8640 | 13 745 711.2920 |
| Nettoinventarwert pro Aktie in CHF |  | 104.64 | 95.74 | 101.12 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 104.64 | 95.74 | 101.12 |
| Klasse (EUR hedged) F-acc | LU1140787190 |  |  |  |
| Aktien im Umlauf |  | 9 749 552.0820 | 17 063 986.2990 | 13 239 008.5950 |
| Nettoinventarwert pro Aktie in EUR |  | 109.14 | 99.26 | 104.29 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 109.14 | 99.26 | 104.29 |
| Klasse (GBP hedged) F-acc | LU1339538339 |  |  |  |
| Aktien im Umlauf |  | 119 239.2410 | 656 912.5350 | 233 471.3560 |
| Nettoinventarwert pro Aktie in GBP |  | 109.94 | 98.59 | 102.44 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 1 |  | 109.94 | 98.59 | 102.44 |
| Klasse (JPY hedged) F-acc 2 | LU1786951779 |  |  |  |
| Aktien im Umlauf |  | 176 489.0000 | - | - |
| Nettoinventarwert pro Aktie in JPY |  | 10 380 | - | - |
| Ausgabe- und Rücknahmepreis pro Aktie in JPY 1 |  | 10 380 | - | - |
| Klasse (SGD hedged) F-acc | LU1002056536 |  |  |  |
| Aktien im Umlauf |  | 117 370.3790 | 101 837.0000 | 128 227.0000 |
| Nettoinventarwert pro Aktie in SGD |  | 126.99 | 112.81 | 116.21 |
| Ausgabe- und Rücknahmepreis pro Aktie in SGD 1 |  | 126.99 | 112.81 | 116.21 |
| Klasse F-UKdist | LU0723399837 |  |  |  |
| Aktien im Umlauf |  | 1 512 674.0000 | 1 964 789.0000 | 1 443 479.0810 |
| Nettoinventarwert pro Aktie in USD |  | 110.94 | 100.81 | 106.04 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 110.94 | 100.81 | 106.04 |
| Klasse (CHF hedged) F-UKdist | LU1140787786 |  |  |  |
| Aktien im Umlauf |  | 444 132.0080 | 753 733.8890 | 745 277.7670 |
| Nettoinventarwert pro Aktie in CHF |  | 93.47 | 88.75 | 96.32 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 93.47 | 88.75 | 96.32 |
| Klasse (EUR hedged) F-UKdist | LU1140787356 |  |  |  |
| Aktien im Umlauf |  | 133 955.0000 | 237 400.9980 | 217 207.3970 |
| Nettoinventarwert pro Aktie in EUR |  | 94.70 | 88.88 | 95.80 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 94.70 | 88.88 | 95.80 |
| Klasse (GBP hedged) F-UKdist | LU1545517606 |  |  |  |
| Aktien im Umlauf |  | 452 100.5570 | 1 126 093.1350 | 1 312 594.4620 |
| Nettoinventarwert pro Aktie in GBP |  | 104.55 | 96.59 | 101.94 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 1 |  | 104.55 | 96.59 | 101.94 |
| 1  Siehe Erläuterung 1 2  Erste NAV 24.5.2019 |  |  |  |  |
| Performance |  |  |  |  |
|  | Währung | 2018/2019 | 2017/2018 | 2016/2017 |
| Klasse F-acc | USD | 13.3% | -2.4% | 0.4% |
| Klasse (CHF hedged) F-acc | CHF | 9.3% | -5.3% | -2.0% |
| Klasse (EUR hedged) F-acc | EUR | 10.0% | -4.8% | -1.6% |
| Klasse (GBP hedged) F-acc | GBP | 11.5% | -3.8% | -0.8% |
| Klasse (JPY hedged) F-acc 1 | JPY | - | - | - |
| Klasse (SGD hedged) F-acc | SGD | 12.6% | -2.9% | -0.1% |
| Klasse F-UKdist | USD | 13.3% | -2.4% | 0.4% |
| Klasse (CHF hedged) F-UKdist | CHF | 9.3% | -5.3% | -2.0% |
| Klasse (EUR hedged) F-UKdist | EUR | 9.9% | -4.8% | -1.6% |
| Klasse (GBP hedged) F-UKdist | GBP | 11.5% | -3.8% | - |
| 1  Auf Grund der Neulancierung liegen keine Daten für die Berechnung der Performance vor. |  |  |  |  |

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 – High Grade Long Term Bond USD Jahresbericht per 31. Oktober 2019

## Bericht des Portfolio Managers
Im Geschäftsjahr vom 1. November 2018 bis zum
31. Oktober 2019 sank die Rendite der zehnjährigen US-Treasuries um 145 Basispunkte (Bp.) und beendete das Geschäftsjahr bei 1.69%, nachdem sie zwischen- zeitlich eine Talsohle von 1.46% erreicht hatte. Am
30. Oktober 2019 senkte der US-Offenmarktausschuss die Zielbandbreite für die Federal Funds Rate um 25 Bp. auf 1.50% bis 1.75%. Dies war die dritte Zinssenkung in Folge, nachdem die Zinsen Ende 2018 um 25 Bp. ange- hoben worden waren.
Der Subfonds beendete das Geschäftsjahr mit einem positiven absoluten Ertrag. Die Positionierung in US-Tre- asuries gegenüber erstklassigen Unternehmensanleihen belastete die Performance, während die Handelsaktivität positiv zum relativen Ertrag beitrug.

## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Vereinigte Staaten	79.88
| Australien | 3.02 |
| --- | --- |
| Südkorea | 2.90 |
| Niederlande | 2.61 |
| Kuwait | 1.63 |
| Norwegen | 1.63 |
| Kanada | 1.54 |
| Supranational | 1.53 |
| Philippinen | 1.44 |
| Katar | 1.20 |
| Singapur | 1.05 |
| Vereinigte Arabische Emirate | 0.79 |
| Deutschland | 0.58 |
| China | 0.55 |
| Japan | 0.41 |
| Total | 100.76 |

Wirtschaftliche Aufteilung in % des Nettovermögens	
Länder- & Zentralregierungen	40.53
| Pfandbriefinstitute & Refinanzierungsgesellschaften | 14.86 |
| --- | --- |
| Banken & Kreditinstitute | 8.80 |
| Finanz- & Beteiligungsgesellschaften | 7.58 |
| Supranationale Organisationen | 7.28 |
| Internet, Software & IT-Dienste | 4.72 |
| Erdöl | 3.88 |
| Pharmazeutik, Kosmetik & medizinische Produkte | 3.72 |
| Kantone, Bundesstaaten | 2.91 |
| Computer & Netzwerkausrüster | 2.60 |
| Biotechnologie | 1.04 |
| Öffentlich-rechtliche Körperschaften | 0.60 |
| Diverse Dienstleistungen | 0.58 |
| Detailhandel, Warenhäuser | 0.52 |
| Energie- & Wasserversorgung | 0.48 |
| Fahrzeuge | 0.41 |
| Anlagefonds | 0.25 |
| Total | 100.76 |

Focused SICAV – High Grade Long Term Bond USD Jahresbericht per 31. Oktober 2019

## Nettovermögensaufstellung
Aktiva	31.10.2019
USD
Wertpapierbestand, Einstandswert	2 604 245 514.53
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	53 844 135.36	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 2 658 089 649.89 |
| Bankguthaben, Sicht- und Fristgelder | 16 949 919.31 |
| Forderungen aus Wertpapierverkäufen (Erläuterung 1) | 1 612 087 440.36 |
| Forderungen aus Zeichnungen | 8 934 355.41 |
| Zinsforderungen aus Wertpapieren | 22 101 401.09 |
| Nicht realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten (Erläuterung 1) | 152 343.75 |
| Nicht realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten (Erläuterung 1) | 51 797 716.12 |
| Total Aktiva | 4 370 112 825.93 |
|  |  |
| Passiva |  |
| Andere kurzfristige Verbindlichkeiten (Margins) | -30 469.50 |
| Verbindlichkeiten aus Wertpapierkäufen (Erläuterung 1) | -7 472 607.39 |
| Verbindlichkeiten aus Rücknahmen | -1 723 756 192.84 |
| Sonstige Verbindlichkeiten | -364 236.33 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -270 734.60 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -22 222.93 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-120 387.69	 |
| Total Rückstellungen für Aufwendungen | -413 345.22 |
| Total Passiva | -1 732 036 851.28 |
|  |  |
| Nettovermögen am Ende des Geschäftsjahres | 2 638 075 974.65 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.11.2018-31.10.2019 |
| Zinsertrag auf liquide Mittel | 636 519.37 |
| Zinsen auf Wertpapiere | 117 922 723.72 |
| Dividenden | 481 370.27 |
| Erträge aus Securities Lending (Erläuterung 12) | 3 515 697.12 |
| Sonstige Erträge (Erläuterung 4) | 18 567 019.52 |
| Total Erträge | 141 123 330.00 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -6 241 686.23 |
| Abonnementsabgabe (Erläuterung 3) | -421 928.19 |
| Kosten aus Securities Lending (Erläuterung 12) | -1 406 278.85 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -193 612.16 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -26 965.81 |
| Total Aufwendungen | -8 290 471.24 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 132 832 858.76 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | 160 343 851.44 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | 2 762 506.25 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | -269 617 893.70 |
| Realisierter Währungsgewinn (-verlust) | -17 245 903.41 |
| Total der realisierten Gewinne (Verluste) | -123 757 439.42 |
|  |  |
| Realisierter Nettogewinn (-verlust) des Geschäftsjahres | 9 075 419.34 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | 179 253 515.22 |
| Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten | -1 464 845.25 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | 178 850 481.40 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 356 639 151.37 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 365 714 570.71 |
| Veränderungen des Nettovermögens | USD |
|  | 1.11.2018-31.10.2019 |
| Nettovermögen zu Beginn des Geschäftsjahres | 5 858 491 823.92 |
| Zeichnungen | 9 943 543 619.70 |
| Rücknahmen | 	-13 517 687 576.91	 |
| Total Mittelzufluss (-abfluss) | -3 574 143 957.21 |
| Ausbezahlte Dividende | -11 986 462.77 |
| Nettoerträge (-verluste) aus Anlagen | 132 832 858.76 |
| Total der realisierten Gewinne (Verluste) | -123 757 439.42 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	356 639 151.37	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 365 714 570.71 |
| Nettovermögen am Ende des Geschäftsjahres | 2 638 075 974.65 |
| Focused SICAV – High Grade Long Term Bond USD |  |
| Jahresbericht per 31. Oktober 2019 |  |

| Entwicklung der Aktien im Umlauf |  |
| --- | --- |
|  | 1.11.2018-31.10.2019 |
| Klasse | F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 9 372 718.8790 |
| Anzahl der ausgegebenen Aktien | 18 797 796.2050 |
| Anzahl der zurückgegebenen Aktien | -25 183 376.9580 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 2 987 138.1260 |
| Klasse | (CHF hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 19 150 106.8640 |
| Anzahl der ausgegebenen Aktien | 25 853 228.5110 |
| Anzahl der zurückgegebenen Aktien | -39 873 591.8390 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 5 129 743.5360 |
| Klasse | (EUR hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 17 063 986.2990 |
| Anzahl der ausgegebenen Aktien | 24 966 253.6930 |
| Anzahl der zurückgegebenen Aktien | -32 280 687.9100 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 9 749 552.0820 |
| Klasse | (GBP hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 656 912.5350 |
| Anzahl der ausgegebenen Aktien | 2 632 203.0390 |
| Anzahl der zurückgegebenen Aktien | -3 169 876.3330 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 119 239.2410 |
| Klasse | (JPY hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 0.0000 |
| Anzahl der ausgegebenen Aktien | 184 142.0000 |
| Anzahl der zurückgegebenen Aktien | -7 653.0000 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 176 489.0000 |
| Klasse | (SGD hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 101 837.0000 |
| Anzahl der ausgegebenen Aktien | 178 635.0360 |
| Anzahl der zurückgegebenen Aktien | -163 101.6570 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 117 370.3790 |
| Klasse | F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 1 964 789.0000 |
| Anzahl der ausgegebenen Aktien | 2 122 926.0000 |
| Anzahl der zurückgegebenen Aktien | -2 575 041.0000 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 1 512 674.0000 |
| Klasse | (CHF hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 753 733.8890 |
| Anzahl der ausgegebenen Aktien | 490 153.1500 |
| Anzahl der zurückgegebenen Aktien | -799 755.0310 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 444 132.0080 |
| Klasse | (EUR hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 237 400.9980 |
| Anzahl der ausgegebenen Aktien | 213 778.0000 |
| Anzahl der zurückgegebenen Aktien | -317 223.9980 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 133 955.0000 |
| Klasse | (GBP hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 1 126 093.1350 |
| Anzahl der ausgegebenen Aktien | 533 654.5410 |
| Anzahl der zurückgegebenen Aktien | -1 207 647.1190 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 452 100.5570 |

| Jährliche Ausschüttung 1 |  |
| --- | --- |
| Focused SICAV – High Grade Long Term Bond USD | Ex-Date | Pay-Date | Währung | Betrag pro Aktie |
| F-UKdist | 15.11.2018 | 20.11.2018 | USD | 2.64 |
| F-UKdist | 25.2.2019 | 28.2.2019 | USD | 0.25 |
| (CHF hedged) F-UKdist | 15.11.2018 | 20.11.2018 | CHF | 2.43 |
| (CHF hedged) F-UKdist | 25.2.2019 | 28.2.2019 | CHF | 0.83 |
| (EUR hedged) F-UKdist | 15.11.2018 | 20.11.2018 | EUR | 2.47 |
| (EUR hedged) F-UKdist | 25.2.2019 | 28.2.2019 | EUR | 0.29 |
| (GBP hedged) F-UKdist | 15.11.2018 | 20.11.2018 | GBP | 2.68 |
| (GBP hedged) F-UKdist | 25.2.2019 | 28.2.2019 | GBP | 0.12 |
| 1  Siehe Erläuterung 5 |  |  |  |  |

Focused SICAV – High Grade Long Term Bond USD 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 |  |  |  |
| Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	ABU DHABI,GOVERNMENT OF-REG-S 3.12500% 16-03.05.26 | 20 000 000.00 | 20 875 000.00 | 0.79 |
| USD	ALBERTA, PROVINCE OF 3.30000% 18-15.03.28 | 5 000 000.00 | 5 507 542.50 | 0.21 |
| USD	ALPHABET INC 1.99800% 16-15.08.26 | 50 000 000.00 | 50 062 985.00 | 1.90 |
| USD	APPLE INC 2.45000% 16-04.08.26 | 15 000 000.00 | 15 318 355.50 | 0.58 |
| USD	APPLE INC 2.90000% 17-12.09.27 | 15 000 000.00 | 15 698 983.50 | 0.59 |
| USD	APPLE INC 3.25000% 16-23.02.26 | 15 000 000.00 | 15 991 666.50 | 0.61 |
| USD	APPLE INC 3.35000% 17-09.02.27 | 20 000 000.00 | 21 462 446.00 | 0.81 |
| USD	BERKSHIRE HATHAWAY INC 3.12500% 16-15.03.26 | 25 000 000.00 | 26 586 385.00 | 1.01 |
| USD	CHEVRON CORP 2.95400% 16-16.05.26 | 30 000 000.00 | 31 551 303.00 | 1.20 |
| USD	EQUINOR ASA 3.62500% 18-10.09.28 | 25 000 000.00 | 27 693 965.00 | 1.05 |
| USD	EXPORT-IMPORT BANK OF KOREA 3.25000% 14-12.08.26 | 10 000 000.00 | 10 550 000.00 | 0.40 |
| USD	EXPORT-IMPORT BANK OF KOREA 2.87500% 15-21.01.25 | 5 000 000.00 | 5 159 375.00 | 0.20 |
| USD	EXPORT-IMPORT BANK OF KOREA 3.25000% 15-10.11.25 | 5 000 000.00 | 5 292 187.50 | 0.20 |
| USD	EXXON MOBIL CORP 2.70900% 15-06.03.25 | 10 000 000.00 | 10 361 757.00 | 0.39 |
| USD	EXXON MOBIL CORP 3.04300% 16-01.03.26 | 10 000 000.00 | 10 563 636.00 | 0.40 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.37500% 17-07.07.27 | 5 000 000.00 | 5 239 449.00 | 0.20 |
| USD	JOHNSON & JOHNSON 2.45000% 16-01.03.26 | 40 000 000.00 | 41 031 908.00 | 1.56 |
| USD	JOHNSON & JOHNSON 2.95000% 17-03.03.27 | 25 000 000.00 | 26 346 105.00 | 1.00 |
| USD	KOREA GAS CORP-REG-S 3.50000% 14-02.07.26 | 12 000 000.00 | 12 753 750.00 | 0.48 |
| USD	KOREA NATIONAL OIL CORP-REG-S 3.37500% 17-27.03.27 | 15 000 000.00 | 15 871 875.00 | 0.60 |
| USD	KOREA, REPUBLIC OF 2.75000% 17-19.01.27 | 10 000 000.00 | 10 331 250.00 | 0.39 |
| USD	KUWAIT INTERNATIONAL GOVT BOND-REG-S 3.50000% 17-20.03.27 | 40 000 000.00 | 43 075 000.00 | 1.63 |
| USD	MICROSOFT CORP 2.70000% 15-12.02.25 | 10 000 000.00 | 10 412 837.00 | 0.39 |
| USD	MICROSOFT CORP 3.12500% 15-03.11.25 | 10 000 000.00 | 10 651 027.00 | 0.40 |
| USD	MICROSOFT CORP 3.30000% 17-06.02.27 | 35 000 000.00 | 37 886 296.00 | 1.44 |
| USD	NATIONAL AUSTRALIA BANK LTD-REG-S 3.50000% 17-10.01.27 | 10 000 000.00 | 10 708 700.00 | 0.41 |
| USD	NESTLE HOLDINGS INC-REG-S 3.62500% 18-24.09.28 | 10 000 000.00 | 11 122 325.00 | 0.42 |
| USD	NEW YORK LIFE GLOBAL FUNDING-REG-S 2.35000% 16-14.07.26 | 15 000 000.00 | 15 072 583.50 | 0.57 |
| USD	NOVARTIS CAPITAL CORP 3.00000% 15-20.11.25 | 15 000 000.00 | 15 865 920.00 | 0.60 |
| USD	NOVARTIS CAPITAL CORP 3.10000% 17-17.05.27 | 15 000 000.00 | 15 996 754.50 | 0.61 |
| USD	QUEBEC, PROVINCE OF 2.75000% 17-12.04.27 | 5 000 000.00 | 5 292 000.00 | 0.20 |
| USD	RABOBANK NEDERLAND NV/NY 3.37500% 15-21.05.25 | 8 300 000.00 | 8 876 551.20 | 0.34 |
| USD	ROCHE HOLDINGS INC-REG-S 2.62500% 16-15.05.26 | 30 000 000.00 | 30 895 407.00 | 1.17 |
| USD	ROCHE HOLDINGS INC-REG-S 2.37500% 16-28.01.27 | 5 000 000.00 | 5 067 854.00 | 0.19 |
| USD	ROCHE HOLDINGS INC-REG-S 3.62500% 18-17.09.28 | 20 000 000.00 | 22 245 066.00 | 0.84 |
| USD	SHELL INTERNATIONAL FINANCE BV 2.87500% 16-10.05.26 | 20 000 000.00 | 20 900 070.00 | 0.79 |
| USD	SHELL INTERNATIONAL FINANCE 3.87500% 18-13.11.28 | 20 000 000.00 | 22 578 642.00 | 0.86 |
| USD	TOYOTA MOTOR CORP 2.76000% 19-02.07.29 | 5 000 000.00 | 5 183 632.00 | 0.20 |
| USD	WALMART INC 3.05000% 19-08.07.26 | 3 000 000.00 | 3 195 967.50 | 0.12 |
| USD	WESTPAC BANKING CORP 2.70000% 16-19.08.26 | 11 500 000.00 | 11 745 640.00 | 0.45 |
| USD	WESTPAC BANKING CORP 3.35000% 17-08.03.27 | 15 000 000.00 | 15 941 504.99 | 0.60 |
| USD	WESTPAC BANKING CORP 3.40000% 18-25.01.28 | 5 000 000.00 | 5 366 045.49 | 0.20 |
| Total USD |  | 712 329 747.68 | 27.00 |
| Total Notes, fester Zins |  | 712 329 747.68 | 27.00 |
| Medium-Term Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 5.50000% 98-15.08.28 | 10 000 000.00 | 13 134 375.00 | 0.50 |
| USD	ASIAN DEVELOPMENT BANK 2.00000% 16-24.04.26 | 8 000 000.00 | 8 155 440.00 | 0.31 |
| USD	ASIAN DEVELOPMENT BANK 2.62500% 17-12.01.27 | 9 000 000.00 | 9 567 745.20 | 0.36 |
| USD	ASIAN DEVELOPMENT BANK 1.75000% 19-19.09.29 | 30 000 000.00 | 29 891 400.00 | 1.13 |
| USD	AUSTRALIA & NEW ZEALAND BANKING GRP/NY 3.70000% 15-16.11.25 | 10 000 000.00 | 10 807 000.00 | 0.41 |
| USD	INTERNATIONAL FINANCE CORP 2.12500% 16-07.04.26 | 25 000 000.00 | 25 672 250.00 | 0.97 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.87500% 16-27.10.26 | 45 000 000.00 | 45 640 800.00 | 1.73 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.50000% 17-22.11.27 | 10 000 000.00 | 10 589 800.00 | 0.40 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 3.12500% 18-20.11.25 | 10 000 000.00 | 10 847 649.00 | 0.41 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.12500% 15-03.03.25 | 5 000 000.00 | 5 122 800.00 | 0.20 |
| USD	NORDRHEIN-WESTFALEN, STATE OF-REG-S 2.25000% 15-16.04.25 | 15 000 000.00 | 15 354 720.00 | 0.58 |
| USD	PSA TREASURY PTE LTD-REG-S 2.50000% 16-12.04.26 | 6 650 000.00 | 6 704 885.78 | 0.26 |
| USD	SP POWERASSETS LTD-REG-S 3.25000% 15-24.11.25 | 14 550 000.00 | 15 306 600.00 | 0.58 |
| USD	TEMASEK FINANCIAL I LTD-REG-S 3.62500% 18-01.08.28 | 5 000 000.00 | 5 539 700.00 | 0.21 |
| Total USD |  | 212 335 164.98 | 8.05 |
| Total Medium-Term Notes, fester Zins |  | 212 335 164.98 | 8.05 |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	ASIAN INFRASTRUCTURE INVESTMENT BNK/THE 2.25000% 19-16.05.24 | 14 100 000.00 | 14 476 977.60 | 0.55 |
| USD	BRITISH COLUMBIA, PROVINCE OF 2.25000% 16-02.06.26 | 15 000 000.00 | 15 385 128.00 | 0.58 |
| USD	FANNIE MAE 2.62500% 14-06.09.24 | 75 000 000.00 | 78 585 450.00 | 2.98 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.12500% 15-15.01.25 | 5 000 000.00 | 5 121 766.00 | 0.20 |
| USD	KOMMUNALBANKEN AS-REG-S 2.12500% 15-23.04.25 | 15 000 000.00 | 15 314 940.00 | 0.58 |
| USD	KOREA DEVELOPMENT BANK 3.00000% 16-13.01.26 | 10 000 000.00 | 10 340 625.01 | 0.39 |
| USD	KOREA NATIONAL OIL CORP-REG-S 3.25000% 14-10.07.24 | 6 000 000.00 | 6 247 500.00 | 0.24 |
| USD	MICROSOFT CORP 2.40000% 16-08.08.26 | 15 000 000.00 | 15 385 161.00 | 0.58 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 3.37500% 16-14.01.26 | 17 060 000.00 | 18 041 973.60 | 0.68 |
| USD	ONTARIO, PROVINCE OF 2.50000% 16-27.04.26 | 4 000 000.00 | 4 157 542.00 | 0.16 |
| USD	ONTARIO, PROVINCE OF 2.30000% 19-15.06.26 | 10 000 000.00 | 10 321 245.99 | 0.39 |
| USD	QATAR, STATE OF-REG-S 3.25000% 16-02.06.26 | 30 000 000.00 | 31 500 000.00 | 1.19 |
| USD	SHELL INTERNATIONAL FINANCE BV 3.25000% 15-11.05.25 | 15 623 000.00 | 16 549 700.12 | 0.63 |
| USD	TOYOTA MOTOR 3.66900% 18-20.07.28 | 5 000 000.00 | 5 574 178.00 | 0.21 |
| Total USD |  | 247 002 187.32 | 9.36 |
| Total Anleihen, fester Zins |  | 247 002 187.32 | 9.36 |
| Focused SICAV – High Grade Long Term Bond USD 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 6.87500% 95-15.08.25 | 50 000 000.00 | 64 654 295.00 | 2.45 |
| USD	AMERICA, UNITED STATES OF 6.00000% 96-15.02.26 | 50 000 000.00 | 63 183 590.00 | 2.39 |
| USD	AMERICA, UNITED STATES OF 6.62500% 97-15.02.27 | 10 000 000.00 | 13 441 796.00 | 0.51 |
| USD	AMERICA, UNITED STATES OF 6.12500% 97-15.11.27 | 50 000 000.00 | 66 894 530.00 | 2.53 |
| USD	AMERICA, UNITED STATES OF 5.25000% 98-15.11.28 | 10 000 000.00 | 13 001 171.00 | 0.49 |
| USD	AMERICA, UNITED STATES OF 5.25000% 99-15.02.29 | 5 000 000.00 | 6 536 523.00 | 0.25 |
| USD	AMERICA, UNITED STATES OF 6.12500% 99-15.08.29 | 25 000 000.00 | 35 012 695.00 | 1.33 |
| USD	AMERICA, UNITED STATES OF 1.50000% 16-15.08.26 | 10 000 000.00 | 9 933 203.10 | 0.38 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.08.27 | 10 000 000.00 | 10 457 421.00 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.11.27 | 10 000 000.00 | 10 463 671.00 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-15.02.28 | 10 000 000.00 | 10 855 078.00 | 0.41 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-15.05.28 | 10 000 000.00 | 10 969 140.00 | 0.42 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.05.25 | 50 000 000.00 | 53 468 750.00 | 2.03 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-15.08.28 | 10 000 000.00 | 10 985 156.00 | 0.42 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.08.25 | 10 000 000.00 | 10 648 437.00 | 0.40 |
| USD	AMERICA, UNITED STATES OF 3.00000% 18-30.09.25 | 10 000 000.00 | 10 795 703.00 | 0.41 |
| USD	AMERICA, UNITED STATES OF 3.00000% 18-31.10.25 | 10 000 000.00 | 10 805 078.00 | 0.41 |
| USD	AMERICA, UNITED STATES OF 3.12500% 18-15.11.28 | 10 000 000.00 | 11 213 671.00 | 0.42 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.11.25 | 10 000 000.00 | 10 741 406.00 | 0.41 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-31.12.25 | 10 000 000.00 | 10 604 296.00 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.62500% 19-31.01.26 | 10 000 000.00 | 10 610 937.00 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.62500% 19-15.02.29 | 50 000 000.00 | 54 058 590.00 | 2.05 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-28.02.26 | 10 000 000.00 | 10 542 968.00 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.25000% 19-31.03.26 | 10 000 000.00 | 10 397 265.00 | 0.39 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-30.04.26 | 10 000 000.00 | 10 477 734.00 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-15.05.29 | 20 000 000.00 | 21 207 030.01 | 0.80 |
| USD	AMERICA, UNITED STATES OF 2.12500% 19-31.05.26 | 10 000 000.00 | 10 325 000.00 | 0.39 |
| USD	AMERICA, UNITED STATES OF 1.87500% 19-30.06.26 | 10 000 000.00 | 10 171 875.00 | 0.38 |
| USD	AMERICA, UNITED STATES OF 2.00000% 15-15.08.25 | 50 000 000.00 | 51 162 105.00 | 1.94 |
| USD	AMERICA, UNITED STATES OF 2.25000% 15-15.11.25 | 50 000 000.00 | 51 896 480.00 | 1.97 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-15.02.26 | 10 000 000.00 | 10 017 187.00 | 0.38 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-15.05.26 | 10 000 000.00 | 10 016 015.00 | 0.38 |
| USD	AMERICA, UNITED STATES OF 2.00000% 16-15.11.26 | 10 000 000.00 | 10 263 671.00 | 0.39 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.02.27 | 10 000 000.00 | 10 440 625.00 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.37500% 17-15.05.27 | 10 000 000.00 | 10 542 968.00 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.12500% 15-15.05.25 | 10 000 000.00 | 10 292 578.00 | 0.39 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-30.06.25 | 50 000 000.00 | 53 164 060.00 | 2.01 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.07.25 | 50 000 000.00 | 53 552 730.00 | 2.03 |
| USD	AMERICA, UNITED STATES OF 1.87500% 19-31.07.26 | 50 000 000.00 | 50 859 375.00 | 1.93 |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-15.08.29 | 40 000 000.00 | 39 760 937.60 | 1.51 |
| Total USD |  | 944 425 740.71 | 35.80 |
| Total Treasury-Notes, fester Zins | 944 425 740.71 | 35.80 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 2 116 092 840.69 | 80.21 |
| Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  |  |
| Notes, fester Zins |  |  |
| USD |  |  |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 2.85000% 16-18.05.26	35 000 000.00 | 35 851 375.00 | 1.36 |
| USD	FANNIE MAE 2.12500% 16-24.04.26	75 000 000.00 | 77 180 587.50 | 2.93 |
| USD	METROPOLITAN LIFE GLOBAL FUNDING-144A 3.45000% 16-18.12.26	30 000 000.00 | 32 244 486.00 | 1.22 |
| USD	TENNESSEE VALLEY AUTHORITY 2.87500% 14-15.09.24	15 000 000.00 | 15 823 945.50 | 0.60 |
| USD	WALMART INC 3.30000% 14-22.04.24	10 000 000.00 | 10 575 879.00 | 0.40 |
| Total USD | 171 676 273.00 | 6.51 |
| Total Notes, fester Zins | 171 676 273.00 | 6.51 |
| Anleihen, fester Zins |  |  |
| USD |  |  |
| USD	FANNIE MAE 1.87500% 16-24.09.26	75 000 000.00 | 76 065 187.50 | 2.88 |
| USD	FANNIE MAE 6.25000% 99-15.05.29	105 000 000.00 | 144 831 235.50 | 5.49 |
| USD	FEDERAL HOME LOAN BANK SYSTEM 3.25000% 18-16.11.28	75 000 000.00 | 83 514 315.00 | 3.17 |
| Total USD | 304 410 738.00 | 11.54 |
| Total Anleihen, fester Zins | 304 410 738.00 | 11.54 |
| Treasury-Notes, fester Zins |  |  |
| USD |  |  |
| USD	AMERICA, UNITED STATES OF 6.50000% 96-15.11.26	10 000 000.00 | 13 256 250.00 | 0.50 |
| USD	AMERICA, UNITED STATES OF 6.37500% 97-15.08.27	10 000 000.00 | 13 466 015.00 | 0.51 |
| Total USD | 26 722 265.00 | 1.01 |
| Total Treasury-Notes, fester Zins | 26 722 265.00 | 1.01 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden | 502 809 276.00 | 19.06 |

Focused SICAV – High Grade Long Term Bond USD 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) |  |

Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
Medium-Term Notes, fester Zins
| USD |  |
| --- | --- |
| USD | INTL BK FOR RECONSTR & DEVT WORLD BANK 2.77850% 19-13.09.29 | 20 000 000.00 | 21 635 534.00 | 0.82 |
| USD | METROPOLITAN LIFE GLOBAL FUNDING-REG-S 3.05000% 19-17.06.29 | 7 000 000.00 | 7 303 027.20 | 0.28 |
| Total USD |  |  | 28 938 561.20 | 1.10 |
| Total Medium-Term Notes, fester Zins |  | 28 938 561.20 | 1.10 |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	MASSMUTUAL GLOBAL FUNDING II-REG-S 2.75000% 17-22.06.24 | 10 000 000.00 | 10 248 972.00 | 0.39 |
| Total USD |  | 10 248 972.00 | 0.39 |
| Total Anleihen, fester Zins |  | 10 248 972.00 | 0.39 |
| Total Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden |  | 39 187 533.20 | 1.49 |
| Total des Wertpapierbestandes |  | 2 658 089 649.89 | 100.76 |

| Derivative Instrumente |  |
| --- | --- |
| Derivative Instrumente, die an einer offiziellen Börse gehandelt werden Finanzterminkontrakte auf Anleihen |
|  |  |  |  |
| USD	US 10YR TREASURY NOTE FUTURE 19.12.19 | 150.00 | 152 343.75 | 0.01 |
| Total Finanzterminkontrakte auf Anleihen |  | 152 343.75 | 0.01 |
| Total Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  | 152 343.75 | 0.01 |
| Total Derivative Instrumente |  | 152 343.75 | 0.01 |
| Devisenterminkontrakte Devisenterminkontrakte (Kauf/Verkauf) |  |  |  |

| SGD | 16 315 800.00 | USD | 11 811 584.53 | 1.11.2019 | 176 952.89 | 0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| GBP | 62 221 700.00 | USD | 76 569 171.58 | 1.11.2019 | 3 945 708.22 | 0.15 |
| JPY | 1 744 600 000.00 | USD | 16 201 121.99 | 1.11.2019 | -63 108.02 | 0.00 |
| EUR | 1 147 005 700.00 | USD | 1 255 661 549.96 | 1.11.2019 | 23 995 359.25 | 0.91 |
| CHF | 606 446 800.00 | USD | 612 510 655.49 | 1.11.2019 | 2 079 463.59 | 0.08 |
| JPY | 6 900 000.00 | USD | 63 943.71 | 1.11.2019 | -116.87 | 0.00 |
| USD | 47 663.55 | SGD | 66 000.00 | 1.11.2019 | -831.99 | 0.00 |
| USD | 13 624.91 | SGD | 18 800.00 | 1.11.2019 | -188.97 | 0.00 |
| CHF | 9 997 500.00 | USD | 10 044 144.00 | 1.11.2019 | 87 601.63 | 0.00 |
| USD | 1 400 781.19 | CHF | 1 392 200.00 | 1.11.2019 | -10 113.16 | 0.00 |
| GBP | 533 900.00 | USD | 658 191.87 | 1.11.2019 | 32 674.73 | 0.00 |
| JPY | 23 500 000.00 | USD | 220 131.24 | 1.11.2019 | -2 749.99 | 0.00 |
| GBP | 125 600.00 | USD | 153 415.88 | 1.11.2019 | 9 110.52 | 0.00 |
| EUR | 3 132 000.00 | USD | 3 442 757.04 | 1.11.2019 | 51 458.76 | 0.00 |
| GBP | 72 430 700.00 | USD | 88 488 267.49 | 1.11.2019 | 5 237 058.32 | 0.20 |
| EUR | 408 259 100.00 | USD | 447 925 554.16 | 1.11.2019 | 7 548 710.76 | 0.29 |
| CHF | 441 077 300.00 | USD | 445 151 549.56 | 1.11.2019 | 1 848 501.11 | 0.07 |
| USD | 20 071.01 | SGD | 27 700.00 | 1.11.2019 | -282.42 | 0.00 |
| GBP | 228 800.00 | USD | 279 900.42 | 1.11.2019 | 16 166.78 | 0.00 |
| USD | 3 274 886.76 | GBP | 2 607 500.00 | 1.11.2019 | -99 218.24 | 0.00 |
| USD | 19 210 527.35 | EUR | 17 448 100.00 | 1.11.2019 | -255 445.42 | -0.01 |
| USD | 16 087 109.32 | CHF | 16 035 600.00 | 1.11.2019 | -163 815.43 | -0.01 |
| USD | 217 483.66 | JPY | 23 600 000.00 | 1.11.2019 | -822.62 | 0.00 |
| EUR | 3 636 800.00 | USD | 4 019 965.97 | 1.11.2019 | 37 429.95 | 0.00 |
| JPY | 35 600 000.00 | USD | 327 798.81 | 1.11.2019 | 1 510.66 | 0.00 |
| JPY | 7 400 000.00 | USD | 68 265.62 | 1.11.2019 | 186.35 | 0.00 |
| SGD | 42 000.00 | USD | 30 865.33 | 1.11.2019 | -4.53 | 0.00 |
| GBP | 205 900.00 | USD | 266 596.03 | 1.11.2019 | -161.43 | 0.00 |
| JPY | 8 100 000.00 | USD | 74 661.67 | 1.11.2019 | 265.48 | 0.00 |
| USD | 2 388 641.94 | CHF | 2 362 300.00 | 1.11.2019 | -5 378.84 | 0.00 |
| GBP | 203 900.00 | USD | 262 991.04 | 1.11.2019 | 855.56 | 0.00 |
| USD | 3 068 654.45 | EUR | 2 765 600.00 | 1.11.2019 | -16 787.19 | 0.00 |
| USD | 3 082 311.84 | CHF | 3 068 500.00 | 1.11.2019 | -27 391.73 | 0.00 |
| SGD | 16 245 300.00 | USD | 11 927 051.40 | 29.11.2019 | 12 897.64 | 0.00 |
| GBP | 59 157 800.00 | USD | 76 268 483.76 | 29.11.2019 | 345 904.37 | 0.01 |
| JPY | 1 802 500 000.00 | USD | 16 584 283.49 | 29.11.2019 | 115 052.18 | 0.00 |
| EUR | 1 119 990 700.00 | USD | 1 247 584 520.51 | 29.11.2019 | 4 121 182.96 | 0.16 |
| CHF | 567 082 900.00 | USD | 572 821 425.04 | 29.11.2019 | 3 021 548.21 | 0.11 |
| USD | 1 159 248.19 | SGD | 1 579 500.00 | 29.11.2019 | -1 650.62 | 0.00 |
| USD | 73 007 313.26 | EUR | 65 538 900.00 | 29.11.2019 | -239 201.13 | -0.01 |
| USD | 41 508.99 | SGD | 56 500.00 | 29.11.2019 | -17.31 | 0.00 |
| USD | 1 599 239.11 | CHF | 1 575 500.00 | 29.11.2019 | -598.59 | 0.00 |
| USD | 317 555.58 | GBP | 245 200.00 | 29.11.2019 | 0.70 | 0.00 |
| Total Devisenterminkontrakte (Kauf/Verkauf) | 51 797 716.12 | 1.96 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 16 949 919.31 | 0.64 |
| Kontokorrentkredit und andere kurzfristige Verbindlichkeiten | -30 469.50 | 0.00 |
| Andere Aktiva und Passiva | -88 883 184.92 | -3.37 |
| Total des Nettovermögens | 2 638 075 974.65 | 100.00 |
| Focused SICAV – High Grade Long Term Bond USD Jahresbericht per 31. Oktober 2019 |  |  |