# Focused SICAV – High Grade Bond USD
| Three-year comparison |  |
| --- | --- |
| Date | ISIN | 31.10.2019 | 31.10.2018 | 31.10.2017 |
| Net assets in USD |  | 3 242 882 467.48 | 4 832 927 397.98 | 3 609 748 033.23 |
| Class F-acc | LU0224580786 |  |  |  |
| Shares outstanding |  | 7 324 921.0680 | 11 366 285.8300 | 9 127 508.8120 |
| Net asset value per share in USD |  | 151.85 | 143.08 | 143.25 |
| Issue and redemption price per share in USD 1 |  | 151.85 | 143.08 | 143.25 |
| Class (CHF hedged) F-acc | LU1339538412 |  |  |  |
| Shares outstanding |  | 8 153 056.8350 | 15 507 140.2380 | 10 754 710.4090 |
| Net asset value per share in CHF |  | 97.38 | 95.04 | 98.09 |
| Issue and redemption price per share in CHF 1 |  | 97.38 | 95.04 | 98.09 |
| Class (EUR hedged) F-acc | LU1132652998 |  |  |  |
| Shares outstanding |  | 10 446 336.9250 | 14 416 312.4940 | 9 778 053.1520 |
| Net asset value per share in EUR |  | 100.09 | 97.16 | 99.78 |
| Issue and redemption price per share in EUR 1 |  | 100.09 | 97.16 | 99.78 |
| Class (GBP hedged) F-acc | LU1339538503 |  |  |  |
| Shares outstanding |  | 291 623.2030 | 529 155.9620 | 245 699.8840 |
| Net asset value per share in GBP |  | 103.42 | 99.04 | 100.69 |
| Issue and redemption price per share in GBP 1 |  | 103.42 | 99.04 | 100.69 |
| Class (JPY hedged) F-acc 2 | LU1786948718 |  |  |  |
| Shares outstanding |  | 192 476.0000 | - | - |
| Net asset value per share in JPY |  | 10 110 | - | - |
| Issue and redemption price per share in JPY 1 |  | 10 110 | - | - |
| Class (SGD hedged) F-acc | LU1344159089 |  |  |  |
| Shares outstanding |  | 62 480.6770 | 49 383.0000 | 65 685.0000 |
| Net asset value per share in SGD |  | 106.05 | 100.55 | 101.23 |
| Issue and redemption price per share in SGD 1 |  | 106.05 | 100.55 | 101.23 |
| Class F-UKdist | LU0721134624 |  |  |  |
| Shares outstanding |  | 815 779.0000 | 457 092.0000 | 380 570.0000 |
| Net asset value per share in USD |  | 102.32 | 98.42 | 100.40 |
| Issue and redemption price per share in USD 1 |  | 102.32 | 98.42 | 100.40 |
| Class (CHF hedged) F-UKdist | LU1554453867 |  |  |  |
| Shares outstanding |  | 82 046.4110 | 104 323.9350 | 151 644.7610 |
| Net asset value per share in CHF |  | 95.23 | 95.31 | 99.42 |
| Issue and redemption price per share in CHF 1 |  | 95.23 | 95.31 | 99.42 |
| Class (EUR hedged) F-UKdist | LU1554452620 |  |  |  |
| Shares outstanding |  | 50 650.0000 | 206 076.1720 | 65 623.0240 |
| Net asset value per share in EUR |  | 96.51 | 95.74 | 99.47 |
| Issue and redemption price per share in EUR 1 |  | 96.51 | 95.74 | 99.47 |
| Class (GBP hedged) F-UKdist | LU1554454329 |  |  |  |
| Shares outstanding |  | 6 263.7580 | 52 127.8390 | 64 721.1060 |
| Net asset value per share in GBP |  | 99.45 | 97.45 | 100.09 |
| Issue and redemption price per share in GBP 1 |  | 99.45 | 97.45 | 100.09 |
| 1  See note 1 2  First NAV: 24.5.2019 |  |  |  |  |
| Performance |  |  |  |  |
|  | Currency | 2018/2019 | 2017/2018 | 2016/2017 |
| Class F-acc | USD | 6.1% | -0.1% | 0.5% |
| Class (CHF hedged) F-acc | CHF | 2.5% | -3.1% | -1.8% |
| Class (EUR hedged) F-acc | EUR | 3.0% | -2.6% | -1.4% |
| Class (GBP hedged) F-acc | GBP | 4.4% | -1.6% | -0.7% |
| Class (JPY hedged) F-acc 1 | JPY | - | - | - |
| Class (SGD hedged) F-acc | SGD | 5.5% | -0.7% | 0.1% |
| Class F-UKdist | USD | 6.1% | -0.1% | 0.5% |
| Class (CHF hedged) F-UKdist | CHF | 2.4% | -3.1% | - |
| Class (EUR hedged) F-UKdist | EUR | 3.0% | -2.6% | - |
| Class (GBP hedged) F-UKdist | GBP | 4.3% | -1.6% | - |
| 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 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 five-year US treasury bonds decreased by 146bp and closed the year at 1.52% with a low at 1.32%. 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. Trading activity was a drag to performance, while positioning in US Treasuries versus High Grade Corporates added value to the relative return.
Focused SICAV – High Grade Bond USD Annual Report as of 31 October 2019

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	56.23
| Canada | 6.72 |
| --- | --- |
| Sweden | 4.29 |
| The Netherlands | 3.89 |
| Supranationals | 3.66 |
| Finland | 3.27 |
| Germany | 2.90 |
| France | 2.67 |
| Australia | 2.64 |
| Norway | 2.15 |
| Ivory Coast | 1.62 |
| Singapore | 1.59 |
| South Korea | 1.31 |
| Philippines | 1.13 |
| Luxembourg | 1.06 |
| Jersey | 0.80 |
| United Kingdom | 0.71 |
| China | 0.45 |
| Denmark | 0.40 |
| United Arab Emirates | 0.34 |
| Japan | 0.32 |
| Colombia | 0.23 |
| Qatar | 0.16 |
| Kuwait | 0.16 |
| Austria | 0.08 |
| Total | 98.78 |

Economic Breakdown as a % of net assets	
| Countries & central governments | 35.42 |
| --- | --- |
| Banks & credit institutions | 22.98 |
| Supranational organisations | 13.21 |
| Finance & holding companies | 11.81 |
| Mortgage & funding institutions | 4.41 |
| Public, non-profit institutions | 4.29 |
| Cantons, federal states | 1.33 |
| Petroleum | 1.12 |
| Biotechnology | 0.97 |
| Pharmaceuticals, cosmetics & medical products | 0.56 |
| Retail trade, department stores | 0.54 |
| Miscellaneous services | 0.43 |
| Environmental services & recycling | 0.37 |
| Vehicles | 0.32 |
| Energy & water supply | 0.32 |
| Miscellaneous consumer goods | 0.24 |
| Internet, software & IT services | 0.23 |
| Traffic & transportation | 0.22 |
| Computer hardware & network equipment providers | 0.01 |
| Total | 98.78 |


## Statement of Net Assets
Assets	31.10.2019
USD
Investments in securities, cost	3 160 542 349.94
| Investments in securities, unrealized appreciation (depreciation) | 	42 779 873.98	 |
| --- | --- |
| Total investments in securities (Note 1) | 3 203 322 223.92 |
| Cash at banks, deposits on demand and deposit accounts | 11 594 297.37 |
| Receivable on securities sales (Note 1) | 376 436 550.81 |
| Receivable on subscriptions | 5 947 759.29 |
| Interest receivable on securities | 21 402 326.95 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | 41 114 144.50 |
| Total Assets | 3 659 817 302.84 |
|  |  |
| Liabilities |  |
| Payable on redemptions | -416 385 513.29 |
| Other liabilities | -180 461.06 |
| Provisions for flat fee (Note 2) | -201 070.52 |
| Provisions for taxe d’abonnement (Note 3) | -27 317.77 |
| Provisions for other commissions and fees (Note 2) | 	-140 472.72	 |
| Total provisions | -368 861.01 |
| Total Liabilities | -416 934 835.36 |
|  |  |
| Net assets at the end of the financial year | 3 242 882 467.48 |
| Statement of Operations | USD |
| Income | 1.11.2018-31.10.2019 |
| Interest on liquid assets | 1 322 346.44 |
| Interest on securities | 136 463 053.14 |
| Dividends | 2 882 142.74 |
| Income on securities lending (Note 12) | 4 379 389.55 |
| Other income (Note 4) | 11 716 654.47 |
| Total income | 156 763 586.34 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -7 185 090.25 |
| Taxe d’abonnement (Note 3) | -582 824.95 |
| Cost on securities lending (Note 12) | -1 751 755.82 |
| Other commissions and fees (Note 2) | -246 261.73 |
| Interest on cash and bank overdraft | -37 733.44 |
| Total expenses | -9 803 666.19 |
|  |  |
| Net income (loss) on investments | 146 959 920.15 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 74 033 237.17 |
| Realized gain (loss) on financial futures | 14 164 615.00 |
| Realized gain (loss) on forward foreign exchange contracts | -332 827 657.75 |
| Realized gain (loss) on foreign exchange | 62 305 729.48 |
| Total realized gain (loss) | -182 324 076.10 |
|  |  |
| Net realized gain (loss) of the financial year | -35 364 155.95 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 120 047 494.60 |
| Unrealized appreciation (depreciation) on financial futures | 687 490.00 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 150 684 625.22 |
| Total changes in unrealized appreciation (depreciation) | 271 419 609.82 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 236 055 453.87 |

Focused SICAV – High Grade Bond USD 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 |  | 4 832 927 397.98 |
| Subscriptions |  | 13 963 128 580.48 |
| Redemptions |  | 	-15 786 432 345.49	 |
| Total net subscriptions (redemptions) |  | -1 823 303 765.01 |
| Dividend paid |  | -2 796 619.36 |
| Net income (loss) on investments |  | 146 959 920.15 |
| Total realized gain (loss) |  | -182 324 076.10 |
| Total changes in unrealized appreciation (depreciation) |  | 	271 419 609.82	 |
| Net increase (decrease) in net assets as a result of operations |  | 236 055 453.87 |
| Net assets at the end of the financial year |  | 3 242 882 467.48 |
| 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 |  | 11 366 285.8300 |
| Number of shares issued |  | 34 266 760.6350 |
| Number of shares redeemed |  | -38 308 125.3970 |
| Number of shares outstanding at the end of the financial year |  | 7 324 921.0680 |
| Class |  | (CHF hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 15 507 140.2380 |
| Number of shares issued |  | 41 824 663.5230 |
| Number of shares redeemed |  | -49 178 746.9260 |
| Number of shares outstanding at the end of the financial year |  | 8 153 056.8350 |
| Class |  | (EUR hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 14 416 312.4940 |
| Number of shares issued |  | 36 637 068.4200 |
| Number of shares redeemed |  | -40 607 043.9890 |
| Number of shares outstanding at the end of the financial year |  | 10 446 336.9250 |
| Class |  | (GBP hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 529 155.9620 |
| Number of shares issued |  | 5 162 141.0000 |
| Number of shares redeemed |  | -5 399 673.7590 |
| Number of shares outstanding at the end of the financial year |  | 291 623.2030 |
| Class |  | (JPY hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 0.0000 |
| Number of shares issued |  | 198 979.0000 |
| Number of shares redeemed |  | -6 503.0000 |
| Number of shares outstanding at the end of the financial year |  | 192 476.0000 |
| Class |  | (SGD hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 49 383.0000 |
| Number of shares issued |  | 93 566.7010 |
| Number of shares redeemed |  | -80 469.0240 |
| Number of shares outstanding at the end of the financial year |  | 62 480.6770 |
| Class |  | F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 457 092.0000 |
| Number of shares issued |  | 1 260 455.4470 |
| Number of shares redeemed |  | -901 768.4470 |
| Number of shares outstanding at the end of the financial year |  | 815 779.0000 |
| Class |  | (CHF hedged) F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 104 323.9350 |
| Number of shares issued |  | 112 328.4410 |
| Number of shares redeemed |  | -134 605.9650 |
| Number of shares outstanding at the end of the financial year |  | 82 046.4110 |
| Class |  | (EUR hedged) F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 206 076.1720 |
| Number of shares issued |  | 331 650.0000 |
| Number of shares redeemed |  | -487 076.1720 |
| Number of shares outstanding at the end of the financial year |  | 50 650.0000 |
| Class |  | (GBP hedged) F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 52 127.8390 |
| Number of shares issued |  | 7 097.4240 |
| Number of shares redeemed |  | -52 961.5050 |
| Number of shares outstanding at the end of the financial year |  | 6 263.7580 |
| Annual Distribution 1 |  |  |
| Focused SICAV – High Grade Bond USD	Ex-Date | Pay-Date | Currency	Amount per share |
| F-UKdist	15.11.2018 | 20.11.2018 | USD	2.00 |
| (CHF hedged) F-UKdist	15.11.2018 | 20.11.2018 | CHF	2.02 |
| (CHF hedged) F-UKdist	25.2.2019 | 28.2.2019 | CHF	0.34 |
| (EUR hedged) F-UKdist	15.11.2018 | 20.11.2018 | EUR	2.06 |
| (GBP hedged) F-UKdist	15.11.2018 | 20.11.2018 | GBP	2.10 |
| (GBP hedged) F-UKdist	25.2.2019 | 28.2.2019 | GBP	0.10 |
| 1  See note 5 |  |  |
| Focused SICAV – High Grade 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	AFRICAN DEVELOPMENT BANK 1.25000% 16-26.07.21 | 7 000 000.00 | 6 951 305.76 | 0.21 |
| USD	AFRICAN DEVELOPMENT BANK 3.00000% 18-20.09.23 | 17 000 000.00 | 17 887 230.00 | 0.55 |
| USD	ALPHABET INC 3.62500% 16-19.05.21 | 2 500 000.00 | 2 571 620.00 | 0.08 |
| USD	ANZ NEW ZEALAND INT’L LTD/LDN-REG-S 2.87500% 17-25.01.22 | 7 000 000.00 | 7 092 470.00 | 0.22 |
| USD	APPLE INC 2.25000% 16-23.02.21 | 500 000.00 | 503 103.35 | 0.02 |
| USD	ASIAN DEVELOPMENT BANK 2.87500% 18-27.11.20 | 5 000 000.00 | 5 058 765.50 | 0.16 |
| USD	ASIAN DEVELOPMENT BANK 2.62500% 19-30.01.24 | 5 000 000.00 | 5 208 218.50 | 0.16 |
| USD	BANK NEDERLANDSE GEMEENTEN NV-REG-S 1.62500% 16-19.04.21 | 5 000 000.00 | 4 990 320.00 | 0.15 |
| USD	BERKSHIRE HATHAWAY FINANCE CORP 3.00000% 12-15.05.22 | 4 000 000.00 | 4 137 964.80 | 0.13 |
| USD	BERKSHIRE HATHAWAY INC 2.20000% 16-15.03.21 | 10 000 000.00 | 10 064 708.99 | 0.31 |
| USD	CDP FINANCIAL INC-REG-S 2.12500% 19-11.06.21 | 40 000 000.00 | 40 247 652.00 | 1.24 |
| USD	CHEVRON CORP 2.41900% 15-17.11.20 | 14 000 000.00 | 14 089 402.60 | 0.43 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 2.75000% 17-10.03.22 | 10 000 000.00 | 10 178 230.00 | 0.31 |
| USD	CORP ANDINA DE FOMENTO 3.75000% 18-23.11.23 | 44 000 000.00 | 46 316 160.00 | 1.43 |
| USD	CORPORACION ANDINA DE FOMENTO 4.37500% 12-15.06.22 | 15 000 000.00 | 15 784 500.00 | 0.49 |
| USD	CORPORACION ANDINA DE FOMENTO 2.12500% 16-27.09.21 | 7 500 000.00 | 7 470 074.99 | 0.23 |
| USD	COUNCIL OF EUROPE DEVELOPMENT BANK 1.62500% 16-16.03.21 | 3 000 000.00 | 2 995 580.41 | 0.09 |
| USD	DEXIA CREDIT LOCAL SA NY-REG-S 1.87500% 15-29.01.20 | 2 000 000.00 | 1 999 835.64 | 0.06 |
| USD	DEXIA CREDIT LOCAL SA-REG-S 3.25000% 18-26.09.23 | 10 000 000.00 | 10 523 503.00 | 0.32 |
| USD	EUROPEAN INVESTMENT BANK 1.62500% 17-14.08.20 | 5 000 000.00 | 4 996 734.00 | 0.15 |
| USD	EUROPEAN INVESTMENT BANK 2.00000% 17-15.12.22 | 5 000 000.00 | 5 061 934.50 | 0.16 |
| USD	EUROPEAN INVESTMENT BANK 2.50000% 18-15.03.23 | 5 000 000.00 | 5 146 400.50 | 0.16 |
| USD	EXPORT-IMPORT BANK OF KOREA 2.75000% 17-25.01.22 | 6 855 000.00 | 6 955 682.82 | 0.21 |
| USD	FANNIE MAE 2.87500% 18-12.09.23 | 30 000 000.00 | 31 465 125.00 | 0.97 |
| USD	HSBC BANK PLC-REG-S 4.75000% 11-19.01.21 | 15 500 000.00 | 16 012 535.40 | 0.49 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.50000% 18-18.01.23 | 15 000 000.00 | 15 411 262.50 | 0.48 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.50000% 19-28.08.24 | 30 000 000.00 | 29 881 401.00 | 0.92 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.12500% 13-01.11.20 | 5 000 000.00 | 5 020 050.00 | 0.16 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.25000% 14-24.06.21 | 3 000 000.00 | 3 030 270.00 | 0.09 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.87500% 17-21.04.20 | 4 000 000.00 | 3 999 095.37 | 0.12 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.75000% 18-23.07.21 | 15 000 000.00 | 15 287 250.00 | 0.47 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 3.00000% 18-27.09.23 | 6 000 000.00 | 6 319 370.40 | 0.20 |
| USD	JOHNSON & JOHNSON 1.65000% 16-01.03.21 | 3 000 000.00 | 2 992 932.69 | 0.09 |
| USD	JOHNSON & JOHNSON 2.05000% 16-01.03.23 | 2 000 000.00 | 2 016 618.40 | 0.06 |
| USD	JOHNSON & JOHNSON 2.25000% 17-03.03.22 | 10 000 000.00 | 10 139 917.00 | 0.31 |
| USD	KOMMUNINVEST I SVERIGE AB-REG-S 3.00000% 18-23.03.22 | 15 000 000.00 | 15 468 819.00 | 0.48 |
| USD	KOREA DEVELOPMENT BANK 3.00000% 12-14.09.22 | 15 000 000.00 | 15 365 625.00 | 0.47 |
| USD	KOREA DEVELOPMENT BANK 2.62500% 17-27.02.22 | 16 000 000.00 | 16 190 000.00 | 0.50 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 2.37500% 11-25.08.21 | 1 500 000.00 | 1 520 320.05 | 0.05 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 2.00000% 12-04.10.22 | 5 000 000.00 | 5 058 231.00 | 0.16 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 1.62500% 16-15.03.21 | 2 700 000.00 | 2 699 223.80 | 0.08 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 2.00000% 17-29.09.22 | 5 000 000.00 | 5 060 745.50 | 0.16 |
| USD	LANDESKREDITBANK B-WUERTT FOERDBK-REG-S 2.62500% 19-07.02.22 | 10 000 000.00 | 10 213 154.00 | 0.32 |
| USD	LANDWIRTSCHAFTLICHE RENTENBANK 3.12500% 18-14.11.23 | 15 000 000.00 | 15 880 990.50 | 0.49 |
| USD	METROPOLITAN LIFE GLOBAL FUNDING-REG-S 2.05000% 17-12.06.20 | 14 800 000.00 | 14 817 000.76 | 0.46 |
| USD	MICROSOFT CORP 4.00000% 11-08.02.21 | 565 000.00 | 580 795.53 | 0.02 |
| USD	MUNICIPALITY FINANCE PLC-REG-S 1.37500% 16-21.09.21 | 7 000 000.00 | 6 958 988.48 | 0.22 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 1.87500% 16-12.07.21 | 2 000 000.00 | 1 999 991.34 | 0.06 |
| USD	NBK SPC LTD-REG-S 2.75000% 17-30.05.22 | 11 000 000.00 | 11 068 750.00 | 0.34 |
| USD	NEW YORK LIFE GLOBAL FUNDING-REG-S 1.95000% 15-11.02.20 | 350 000.00 | 350 140.80 | 0.01 |
| USD	NEW YORK LIFE GLOBAL FUNDING-REG-S 2.00000% 17-09.04.20 | 3 500 000.00 | 3 501 669.85 | 0.11 |
| USD	NORDEA BANK AB-REG-S 4.87500% 10-27.01.20 | 20 500 000.00 | 20 637 760.00 | 0.64 |
| USD	NORDEA BANK ABP-REG-S 4.87500% 11-14.01.21 | 20 000 000.00 | 20 695 046.00 | 0.64 |
| USD	NORDIC INVESTMENT BANK 2.87500% 18-19.07.23 | 20 000 000.00 | 20 902 800.00 | 0.64 |
| USD	NORDIC INVESTMENT BANK 2.25000% 19-21.05.24 | 8 000 000.00 | 8 220 072.80 | 0.25 |
| USD	NOVARTIS CAPITAL CORP 2.40000% 12-21.09.22 | 2 000 000.00 | 2 036 119.80 | 0.06 |
| USD	NOVARTIS CAPITAL CORP 1.80000% 17-14.02.20 | 15 000 000.00 | 14 997 204.45 | 0.46 |
| USD	NOVARTIS CAPITAL CORP 2.40000% 17-17.05.22 | 13 000 000.00 | 13 209 827.80 | 0.41 |
| USD	OESTERREICHISCHE KONTROLLBANK AG 1.50000% 15-21.10.20 | 2 500 000.00 | 2 494 525.00 | 0.08 |
| USD	ONTARIO, PROVINCE OF 3.05000% 19-29.01.24 | 7 000 000.00 | 7 363 381.90 | 0.23 |
| USD	PROCTER & GAMBLE CO 1.70000% 16-03.11.21 | 2 700 000.00 | 2 702 820.96 | 0.08 |
| USD	PROCTER & GAMBLE CO 2.15000% 17-11.08.22 | 5 000 000.00 | 5 063 554.00 | 0.16 |
| USD	QATAR, STATE OF-REG-S 3.87500% 18-23.04.23 | 5 000 000.00 | 5 280 000.00 | 0.16 |
| USD	QUEBEC, PROVINCE OF 3.50000% 10-29.07.20 | 5 600 000.00 | 5 667 696.16 | 0.18 |
| USD	QUEBEC, PROVINCE OF 2.62500% 13-13.02.23 | 14 000 000.00 | 14 421 540.00 | 0.45 |
| USD	QUEBEC, PROVINCE OF 2.50000% 19-09.04.24 | 10 000 000.00 | 10 328 252.00 | 0.32 |
| USD	RABOBANK NEDERLAND NV 4.50000% 11-11.01.21 | 35 000 000.00 | 36 076 012.00 | 1.11 |
| USD	ROCHE HOLDINGS INC-REG-S 3.25000% 18-17.09.23 | 30 000 000.00 | 31 546 125.00 | 0.97 |
| USD	ROYAL BANK OF CANADA 2.75000% 17-01.02.22 | 11 500 000.00 | 11 736 036.35 | 0.36 |
| USD	SHELL INTERNATIONAL FINANCE BV 2.25000% 12-06.01.23 | 5 000 000.00 | 5 051 429.50 | 0.16 |
| USD	SHELL INTERNATIONAL FINANCE BV 2.25000% 15-10.11.20 | 7 150 000.00 | 7 175 120.81 | 0.22 |
| USD	SHELL INTERNATIONAL FINANCE BV 3.50000% 18-13.11.23 | 5 000 000.00 | 5 290 845.50 | 0.16 |
| USD	SKANDINAVISKA ENSKILDA BANKEN AB 2.30000% 17-11.03.20 | 5 000 000.00 | 5 004 642.50 | 0.15 |
| USD	SVENSKA HANDELSBANKEN AB-REG-S 5.12500% 10-30.03.20 | 10 000 000.00 | 10 132 161.00 | 0.31 |
| USD	TEMASEK FINANCIAL I LTD-REG-S 2.37500% 12-23.01.23 | 6 000 000.00 | 6 078 000.00 | 0.19 |
| USD	TOTAL CAPITAL 4.45000% 10-24.06.20 | 9 557 000.00 | 9 713 672.68 | 0.30 |
| USD	TOYOTA MOTOR CREDIT CORP 1.95000% 17-17.04.20 | 10 000 000.00 | 10 004 974.00 | 0.31 |
| USD	WALMART INC 2.85000% 19-08.07.24 | 2 000 000.00 | 2 088 695.80 | 0.07 |
| USD	WALMART INC 3.12500% 18-23.06.21 | 15 000 000.00 | 15 348 385.50 | 0.47 |
| USD	WESTPAC BANKING CORP 2.60000% 15-23.11.20 | 10 000 000.00 | 10 050 900.00 | 0.31 |
| USD	WESTPAC BANKING CORP 2.80000% 17-11.01.22 | 7 000 000.00 | 7 120 540.00 | 0.22 |
| Total USD |  | 830 979 812.24 | 25.63 |
| Total Notes, fixed rate |  | 830 979 812.24 | 25.63 |

Focused SICAV – High Grade 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) |  |

Medium term notes, fixed rate
| USD |  |
| --- | --- |
| USD | AFRICAN DEVELOPMENT BANK 2.37500% 14-23.09.21 | 3 000 000.00 | 3 039 364.50 | 0.09 |
| USD | AFRICAN DEVELOPMENT BANK 3.00000% 18-06.12.21 | 20 000 000.00 | 20 566 936.00 | 0.64 |
| USD | ASIAN DEVELOPMENT BANK 2.12500% 14-24.11.21 | 8 000 000.00 | 8 083 156.80 | 0.25 |
| USD | ASIAN DEVELOPMENT BANK 2.00000% 17-16.02.22 | 10 000 000.00 | 10 089 116.00 | 0.31 |
| USD | ASIAN DEVELOPMENT BANK 1.75000% 17-13.09.22 | 10 000 000.00 | 10 042 681.00 | 0.31 |
| USD | ASIAN DEVELOPMENT BANK 2.75000% 18-17.03.23 | 6 000 000.00 | 6 225 823.20 | 0.19 |
| USD | BANK NEDERLANDSE GEMEENTEN NV-REG-S 2.50000% 13-23.01.23 | 4 500 000.00 | 4 614 597.00 | 0.14 |
| USD | BANK NEDERLANDSE GEMEENTEN NV-REG-S 2.37500% 17-01.02.22 | 6 500 000.00 | 6 595 875.00 | 0.20 |
| USD | BANK NEDERLANDSE GEMEENTEN NV-REG-S 1.75000% 17-05.10.20 | 2 500 000.00 | 2 498 580.00 | 0.08 |
| USD | COMMONWEALTH BANK OF AUSTRALIA 2.55000% 16-15.03.21 | 2 200 000.00 | 2 215 708.00 | 0.07 |
| USD | COMMONWEALTH BANK OF AUSTRALIA-REG-S 2.00000% 16-06.09.21 | 2 000 000.00 | 1 999 240.00 | 0.06 |
| USD | EUROFIMA EURO RAILROADMAT FIN CO-REG-S 1.75000% 15-29.05.20 | 5 000 000.00 | 4 994 000.00 | 0.15 |
| USD | EUROPEAN BANK FOR RECONSTR & DEVT 2.12500% 17-07.03.22 | 5 000 000.00 | 5 058 357.00 | 0.16 |
| USD | FREDDIE MAC 2.75000% 18-19.06.23 | 13 000 000.00 | 13 548 316.60 | 0.42 |
| USD | INTER-AMERICAN DEVELOPMENT BANK 1.62500% 17-12.05.20 | 5 000 000.00 | 4 996 173.30 | 0.15 |
| USD | INTERNATIONAL FINANCE CORP 1.12500% 16-20.07.21 | 5 000 000.00 | 4 958 550.50 | 0.15 |
| USD | INTERNATIONAL FINANCE CORP 2.87500% 18-31.07.23 | 5 000 000.00 | 5 229 101.00 | 0.16 |
| USD | INTL BK FOR RECONSTR & DEVT WORLD BANK 1.37500% 16-20.09.21 | 5 000 000.00 | 4 976 850.00 | 0.15 |
| USD | KOMMUNALBANKEN AS-REG-S 2.25000% 17-25.01.22 | 7 000 000.00 | 7 090 016.50 | 0.22 |
| USD | KOMMUNALBANKEN AS-REG-S 1.75000% 17-15.09.20 | 5 000 000.00 | 5 001 327.00 | 0.16 |
| USD | KOMMUNALBANKEN AS-REG-S 3.12500% 18-18.10.21 | 20 000 000.00 | 20 551 800.00 | 0.63 |
| USD | KOMMUNALBANKEN AS-REG-S 2.75000% 19-05.02.24 | 25 000 000.00 | 26 097 850.00 | 0.81 |
| USD | KOMMUNEKREDIT-REG-S 1.62500% 16-01.06.21 | 13 000 000.00 | 12 974 676.00 | 0.40 |
| USD | KOMMUNINVEST I SVERIGE AB-REG-S 2.75000% 18-22.10.20 | 20 000 000.00 | 20 181 480.00 | 0.62 |
| USD | KOMMUNINVEST I SVERIGE AB-REG-S 3.00000% 18-16.11.21 | 20 000 000.00 | 20 482 824.00 | 0.63 |
| USD | KREDITANSTALT FUER WIEDERAUFBAU 3.12500% 18-15.12.21 | 5 000 000.00 | 5 157 774.50 | 0.16 |
| USD | LANDESBANK BADEN-WUERTTEMBERG-REG-S 2.37500% 19-31.05.22 | 3 150 000.00 | 3 193 796.97 | 0.10 |
| USD | LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 2.37500% 14-24.03.21 | 5 000 000.00 | 5 044 300.00 | 0.16 |
| USD | MUNICIPALITY FINANCE PLC-REG-S 2.37500% 17-15.03.22 | 15 000 000.00 | 15 236 040.00 | 0.47 |
| USD | NATIONAL AUSTRALIA BANK LTD/NY 2.62500% 16-14.01.21 | 2 000 000.00 | 2 014 840.00 | 0.06 |
| USD | NEDERLANDSE WATERSCHAPSBANK NV-REG-S 1.87500% 15-14.04.22 | 5 000 000.00 | 5 021 860.00 | 0.16 |
| USD | NEDERLANDSE WATERSCHAPSBANK-REG-S 2.25000% 17-02.03.22 | 4 000 000.00 | 4 051 096.00 | 0.13 |
| USD | NEDERLANDSE WATERSCHAPSBK NV-REG-S 3.00000% 18-21.12.21 | 8 000 000.00 | 8 217 600.00 | 0.25 |
| USD | NESTLE HOLDINGS INC-REG-S 2.12500% 14-14.01.20 | 1 700 000.00 | 1 700 370.60 | 0.05 |
| USD | NESTLE HOLDINGS INC-REG-S 1.87500% 16-09.03.21 | 11 091 000.00 | 11 096 900.42 | 0.34 |
| USD | NESTLE HOLDINGS INC-REG-S 1.37500% 16-13.07.21 | 8 800 000.00 | 8 736 217.60 | 0.27 |
| USD | NESTLE HOLDINGS INC-REG-S 2.25000% 17-10.05.22 | 15 000 000.00 | 15 149 159.99 | 0.47 |
| USD | NESTLE HOLDINGS INC-REG-S 2.37500% 17-17.11.22 | 24 886 000.00 | 25 267 900.56 | 0.78 |
| USD | PSA INTERNATIONAL PTE LTD 3.87500% 10-11.02.21 | 2 155 000.00 | 2 201 289.40 | 0.07 |
| USD | SKANDINAVISKA ENSKILDA BANKEN AB-REG-S 2.45000% 15-27.05.20 | 9 118 000.00 | 9 139 919.67 | 0.28 |
| USD | SNCF RESEAU-REG-S 2.00000% 17-13.10.20 | 22 500 000.00 | 22 512 510.00 | 0.70 |
| USD | SP POWERASSETS LTD-REG-S 2.70000% 12-14.09.22 | 3 000 000.00 | 3 045 540.00 | 0.09 |
| USD | SVENSK EXPORTKREDIT AB 2.37500% 17-09.03.22 | 10 000 000.00 | 10 161 615.00 | 0.31 |
| USD | SVENSK EXPORTKREDIT AB 1.75000% 17-18.05.20 | 15 000 000.00 | 14 991 434.56 | 0.46 |
| USD | SVENSK EXPORTKREDIT AB 2.00000% 17-30.08.22 | 10 000 000.00 | 10 097 854.00 | 0.31 |
| USD | SVENSKA HANDELSBANKEN AB 2.40000% 15-01.10.20 | 6 000 000.00 | 6 035 616.60 | 0.19 |
| USD | SVENSKA HANDELSBANKEN AB 2.45000% 16-30.03.21 | 750 000.00 | 756 004.43 | 0.02 |
| USD | SVENSKA HANDELSBANKEN AB 1.87500% 16-07.09.21 | 10 000 000.00 | 9 990 915.60 | 0.31 |
| USD | TORONTO-DOMINION BANK 2.50000% 15-14.12.20 | 4 320 000.00 | 4 351 630.61 | 0.13 |
| USD | TOYOTA MOTOR CREDIT CORP 2.15000% 15-12.03.20 | 25 000 000.00 | 25 024 250.00 | 0.77 |
| USD | UNITED OVERSEAS BANK LTD-REG-S 2.50000% 14-18.03.20 | 5 200 000.00 | 5 205 200.00 | 0.16 |
| USD | UNITED OVERSEAS BANK LTD-REG-S 1.62500% 19-05.09.22 | 9 700 000.00 | 9 615 790.22 | 0.30 |
| Total USD |  |  | 475 129 826.13 | 14.65 |
| Total Medium term notes, fixed rate |  | 475 129 826.13 | 14.65 |
| Medium term notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	ERSTE ABWICKLUNGSANSTALT-REG-S 3M LIBOR+21BP 17-09.03.20 | 5 000 000.00 | 5 003 950.00 | 0.15 |
| Total USD |  | 5 003 950.00 | 0.15 |
| Total Medium term notes, floating rate |  | 5 003 950.00 | 0.15 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AFRICAN DEVELOPMENT BANK 1.87500% 17-16.03.20 | 7 000 000.00 | 6 999 117.65 | 0.22 |
| USD	AFRICAN DEVELOPMENT BANK 7.37500% 93-06.04.23 | 7 475 000.00 | 8 820 800.49 | 0.27 |
| USD	ALBERTA, PROVINCE OF 2.95000% 19-23.01.24 | 5 000 000.00 | 5 239 047.50 | 0.16 |
| USD	ASIAN INFRASTRUCTURE INVESTMENT BNK/THE 2.25000% 19-16.05.24 | 14 100 000.00 | 14 476 977.60 | 0.45 |
| USD	AUSTRALIA & NEW ZEALAND BANKING GRP/NY 2.62500% 17-19.05.22 | 12 500 000.00 | 12 721 281.25 | 0.39 |
| USD	BANK NEDERLANDSE GEMEENTEN NV-REG-S 2.62500% 14-28.04.21 | 10 000 000.00 | 10 129 439.00 | 0.31 |
| USD	BANK OF MONTREAL-REG-S 2.10000% 19-15.06.22 | 30 000 000.00 | 30 253 602.00 | 0.93 |
| USD	CAISSE D’AMORTIS DE LA DETTE SOCIALE 3.00000% 10-26.10.20 | 15 000 000.00 | 15 169 890.00 | 0.47 |
| USD	CANADIAN IMPERIAL BANK OF COM/CAN-REG-S 2.35000% 17-27.07.22 | 15 000 000.00 | 15 226 632.00 | 0.47 |
| USD	CHEVRON CORP 1.96100% 15-03.03.20 | 10 000 000.00 | 10 001 528.00 | 0.31 |
| USD	DBS BANK LTD-REG-S 3.30000% 18-27.11.21 | 25 000 000.00 | 25 570 997.50 | 0.79 |
| USD	DEXIA CREDIT LOCAL DE FRANCE-REG-S 1.87500% 16-15.09.21 | 15 300 000.00 | 15 309 730.80 | 0.47 |
| USD	DNB BOLIGKREDITT AS-REG-S 2.50000% 17-28.03.22 | 7 000 000.00 | 7 102 690.00 | 0.22 |
| USD	EUROPEAN INVESTMENT BANK 2.50000% 14-15.04.21 | 5 000 000.00 | 5 057 582.49 | 0.16 |
| USD	EUROPEAN INVESTMENT BANK 2.12500% 14-15.10.21 | 5 000 000.00 | 5 048 941.50 | 0.16 |
| USD	EUROPEAN INVESTMENT BANK 1.62500% 15-16.03.20 | 4 000 000.00 | 3 997 440.00 | 0.12 |
| USD	EUROPEAN INVESTMENT BANK 2.25000% 17-15.03.22 | 5 000 000.00 | 5 076 134.51 | 0.16 |
| USD	EXPORT DEVELOPMENT CANADA 1.62500% 14-03.12.19 | 1 000 000.00 | 999 610.00 | 0.03 |
| USD	EXPORT-IMPORT BANK OF KOREA 5.12500% 10-29.06.20 | 3 910 000.00 | 3 984 602.80 | 0.12 |
| USD	EXXON MOBIL CORP 1.91200% 15-06.03.20 | 2 000 000.00 | 2 000 248.60 | 0.06 |
| USD	FMS WERTMANAGEMENT 2.00000% 17-01.08.22 | 20 000 000.00 | 20 203 698.00 | 0.62 |
| USD	IDB TRUST SERVICES LTD-REG-S 2.84300% 19-25.04.24 | 25 000 000.00 | 25 874 052.50 | 0.80 |
| USD	ING BANK NV-REG-S 2.62500% 12-05.12.22 | 25 850 000.00 | 26 442 585.40 | 0.81 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.12500% 13-09.11.20 | 6 000 000.00 | 6 023 667.60 | 0.19 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 1.75000% 15-14.04.22 | 10 000 000.00 | 10 033 800.00 | 0.31 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 1.87500% 16-15.03.21 | 15 000 000.00 | 15 038 550.00 | 0.46 |

Focused SICAV – High Grade 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) |  |

| USD | INTL BK FOR RECONSTR & DEVT WORLD BANK 7.62500% 93-19.01.23 | 2 000 000.00 | 2 370 312.00 | 0.07 |
| --- | --- | --- | --- | --- |
| USD | INTL BK FOR RECONSTR & DEVT WORLD BANK 2.12500% 19-01.07.22 | 10 000 000.00 | 10 140 057.00 | 0.31 |
| USD | JOHNSON & JOHNSON 1.87500% 14-05.12.19 | 2 000 000.00 | 2 000 166.20 | 0.06 |
| USD | JOHNSON & JOHNSON 3.55000% 11-15.05.21 | 1 010 000.00 | 1 038 832.06 | 0.03 |
| USD | KOMMUNALBANKEN AS-REG-S 1.62500% 16-10.02.21 | 4 000 000.00 | 3 992 616.00 | 0.12 |
| USD | KUWAIT INTERNATIONAL GOVT BOND-REG-S 2.75000% 17-20.03.22 | 5 000 000.00 | 5 075 000.00 | 0.16 |
| USD | LANDWIRTSCHAFTLICHE RENTENBANK 2.00000% 16-06.12.21 | 5 000 000.00 | 5 039 195.00 | 0.16 |
| USD | MICROSOFT CORP 2.00000% 16-08.08.23 | 4 126 000.00 | 4 167 219.98 | 0.13 |
| USD | NOVARTIS CAPITAL CORP 3.40000% 14-06.05.24 | 7 000 000.00 | 7 447 582.80 | 0.23 |
| USD | NRW BANK-REG-S 1.75000% 17-17.08.20 | 10 000 000.00 | 9 993 700.00 | 0.31 |
| USD | ROYAL BANK OF CANADA 2.30000% 16-22.03.21 | 17 000 000.00 | 17 112 213.60 | 0.53 |
| USD | TENNESSEE VALLEY AUTHORITY 3.87500% 11-15.02.21 | 10 000 000.00 | 10 283 022.00 | 0.32 |
| USD | TORONTO-DOMINION BANK-REG-S 3.35000% 18-22.10.21 | 10 000 000.00 | 10 295 841.00 | 0.32 |
| USD | TOTAL CAPITAL SA 4.12500% 11-28.01.21 | 10 000 000.00 | 10 275 273.00 | 0.32 |
| USD | TOYOTA MOTOR CORP 3.41900% 18-20.07.23 | 10 000 000.00 | 10 538 120.00 | 0.32 |
| USD | WESTPAC BANKING CORP-REG-S 2.00000% 15-03.03.20 | 4 000 000.00 | 3 999 520.00 | 0.12 |
| Total USD |  |  | 420 571 317.83 | 12.97 |
| Total Bonds, fixed rate |  | 420 571 317.83 | 12.97 |
| Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 7.25000% 92-15.08.22 | 50 000 000.00 | 57 771 480.00 | 1.78 |
| USD	AMERICA, UNITED STATES OF 7.62500% 92-15.11.22 | 50 000 000.00 | 59 023 435.00 | 1.82 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-31.08.21 | 50 000 000.00 | 49 599 609.50 | 1.53 |
| USD	AMERICA, UNITED STATES OF 1.62500% 17-31.08.22 | 50 000 000.00 | 50 146 480.00 | 1.55 |
| USD	AMERICA, UNITED STATES OF 2.37500% 18-31.01.23 | 50 000 000.00 | 51 335 935.00 | 1.58 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-28.02.23 | 35 000 000.00 | 36 242 773.00 | 1.12 |
| USD	AMERICA, UNITED STATES OF 2.50000% 18-31.03.23 | 50 000 000.00 | 51 617 185.00 | 1.59 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.09.23 | 20 000 000.00 | 21 025 000.00 | 0.65 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.11.23 | 10 000 000.00 | 10 529 687.00 | 0.32 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-31.12.23 | 30 000 000.00 | 31 321 875.00 | 0.97 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-15.01.22 | 50 000 000.00 | 51 027 340.00 | 1.57 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-30.06.24 | 50 000 000.00 | 50 492 185.00 | 1.56 |
| USD	AMERICA, UNITED STATES OF 2.00000% 14-31.10.21 | 50 000 000.00 | 50 433 590.00 | 1.55 |
| USD	AMERICA, UNITED STATES OF 1.75000% 15-28.02.22 | 50 000 000.00 | 50 242 184.99 | 1.55 |
| USD	AMERICA, UNITED STATES OF 1.75000% 15-31.03.22 | 50 000 000.00 | 50 261 715.00 | 1.55 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-28.02.21 | 33 000 000.00 | 32 798 906.25 | 1.01 |
| USD	AMERICA, UNITED STATES OF 2.00000% 11-15.11.21 | 32 000 000.00 | 32 291 248.00 | 1.00 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.06.23 | 30 000 000.00 | 29 840 625.00 | 0.92 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-31.12.23 | 10 000 000.00 | 10 288 280.99 | 0.32 |
| USD	AMERICA, UNITED STATES OF 2.25000% 31.01.17-31.01.24 | 20 000 000.00 | 20 589 062.00 | 0.63 |
| USD	AMERICA, UNITED STATES OF 1.87500% 17-28.02.22 | 10 000 000.00 | 10 075 390.00 | 0.31 |
| USD	AMERICA, UNITED STATES OF 1.87500% 17-30.04.22 | 35 000 000.00 | 35 292 575.51 | 1.09 |
| USD	AMERICA, UNITED STATES OF 1.75000% 17-31.05.22 | 25 000 000.00 | 25 142 577.51 | 0.78 |
| USD	AMERICA, UNITED STATES OF 1.75000% 17-30.06.22 | 50 000 000.00 | 50 310 545.00 | 1.55 |
| USD	AMERICA, UNITED STATES OF 2.00000% 17-30.06.24 | 40 000 000.00 | 40 826 560.00 | 1.26 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.07.23 | 50 000 000.00 | 52 216 795.00 | 1.61 |
| Total USD |  | 1 010 743 039.75 | 31.17 |
| Total Treasury notes, fixed rate |  | 1 010 743 039.75 | 31.17 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 2 742 427 945.95 | 84.57 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AUSTRALIA & NEW ZEALAND BANKING GRP/NY 2.55000% 16-23.11.21 | 2 000 000.00 | 2 020 860.00 | 0.06 |
| USD	CHEVRON CORP 2.35500% 12-05.12.22 | 10 000 000.00 | 10 149 715.00 | 0.31 |
| USD	FANNIE MAE 1.75000% 19-02.07.24 | 45 000 000.00 | 45 342 045.00 | 1.40 |
| USD	FANNIE MAE 2.50000% 19-05.02.24 | 45 000 000.00 | 46 674 121.50 | 1.44 |
| USD	MASSMUTUAL GLOBAL FUNDING II-REG-S 2.00000% 16-15.04.21 | 3 000 000.00 | 3 000 082.20 | 0.09 |
| USD	MASSMUTUAL GLOBAL FUNDING II-REG-S 2.50000% 17-13.04.22 | 10 000 000.00 | 10 132 560.00 | 0.31 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 3.70000% 18-04.11.21 | 9 148 000.00 | 9 446 499.24 | 0.29 |
| USD	NEW YORK LIFE GLOBAL FUNDING-REG-S 1.95000% 17-28.09.20 | 15 000 000.00 | 15 016 828.50 | 0.47 |
| USD	NEW YORK LIFE GLOBAL FUNDING-REG-S 2.95000% 19-28.01.21 | 15 000 000.00 | 15 215 830.50 | 0.47 |
| USD	NORDEA BANK ABP-REG-S 2.12500% 17-29.05.20 | 7 500 000.00 | 7 508 145.75 | 0.23 |
| Total USD |  | 164 506 687.69 | 5.07 |
| Total Notes, fixed rate |  | 164 506 687.69 | 5.07 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AUSTRALIA & NEW ZEALAND BANKING-REG-S 4.87500% 11-12.01.21 | 7 000 000.00 | 7 236 250.00 | 0.22 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 0.50000% 03-17.04.23 | 6 000 000.00 | 5 689 997.70 | 0.18 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 2.50000% 17-22.05.22 | 11 950 000.00 | 12 119 927.81 | 0.37 |
| USD	NEW YORK LIFE GLOBAL FUNDING-REG-S 1.70000% 16-14.09.21 | 970 000.00 | 966 858.68 | 0.03 |
| USD	NORDEA BANK ABP-REG-S 2.50000% 15-17.09.20 | 5 700 000.00 | 5 733 436.20 | 0.18 |
| USD	ROYAL BANK OF CANADA 2.12500% 17-02.03.20 | 5 000 000.00 | 5 003 789.00 | 0.16 |
| USD	TORONTO-DOMINION BANK 2.12500% 16-07.04.21 | 8 000 000.00 | 8 029 711.20 | 0.25 |
| USD	TORONTO-DOMINION BANK 3.25000% 18-11.06.21 | 5 988 000.00 | 6 123 630.59 | 0.19 |
| USD	WELLS FARGO BANK NA 2.15000% 16-06.12.19 | 5 000 000.00 | 5 001 300.00 | 0.15 |
| Total USD |  | 55 904 901.18 | 1.73 |
| Total Medium term notes, fixed rate |  | 55 904 901.18 | 1.73 |

Focused SICAV – High Grade 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) |  |

Bonds, fixed rate
| USD |  |
| --- | --- |
| USD | NATIONAL AUSTRALIA BANK LTD-REG-S 2.40000% 16-07.12.21 | 4 000 000.00 | 4 049 076.40 | 0.12 |
| USD | ROYAL BANK OF CANADA-REG-S 3.35000% 18-22.10.21 | 15 000 000.00 | 15 436 153.50 | 0.48 |
| USD | ROYAL BANK OF CANADA-REG-S 1.90000% 19-23.09.22 | 10 000 000.00 | 10 041 851.00 | 0.31 |
| USD | STADSHYPOTEK AB-REG-S 2.50000% 17-05.04.22 | 4 000 000.00 | 4 062 524.40 | 0.12 |
| USD | WESTPAC BANKING CORP-REG-S 3.15000% 19-16.01.24 | 25 000 000.00 | 26 122 500.00 | 0.81 |
| Total USD |  |  | 59 712 105.30 | 1.84 |
| Total Bonds, fixed rate |  | 59 712 105.30 | 1.84 |
| Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 1.87500% 17-30.09.22 | 50 000 000.00 | 50 517 575.00 | 1.56 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.05.23 | 30 000 000.00 | 31 271 484.00 | 0.96 |
| USD	AMERICA, UNITED STATES OF 2.00000% 13-15.02.23 | 50 000 000.00 | 50 757 810.00 | 1.57 |
| Total USD |  | 132 546 869.00 | 4.09 |
| Total Treasury notes, fixed rate |  | 132 546 869.00 | 4.09 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 412 670 563.17 | 12.73 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Notes, fixed rate
USD
| USD | SVENSKA HANDELSBANKEN AB 1.95000% 17-08.09.20 | 2 750 000.00 | 2 751 650.00 | 0.08 |
| --- | --- | --- | --- | --- |
| Total USD | 2 751 650.00 | 0.08 |
| Total Notes, fixed rate |  | 2 751 650.00 | 0.08 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.48000% 19-28.05.24 | 8 000 000.00 | 8 311 207.20 | 0.26 |
| USD	INTL BK FOR RECONSTRUCTION & DEVT 3.20000% 19-25.01.24 | 7 000 000.00 | 7 015 750.00 | 0.22 |
| USD	MASSMUTUAL GLOBAL FUNDING II-REG-S 1.95000% 17-22.09.20 | 18 000 000.00 | 18 033 930.00 | 0.55 |
| USD	METROPOLITAN LIFE GLOBAL FUNDING-REG-S 2.40000% 19-17.06.22 | 12 000 000.00 | 12 111 177.60 | 0.37 |
| Total USD |  | 45 472 064.80 | 1.40 |
| Total Medium term notes, fixed rate |  | 45 472 064.80 | 1.40 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market |  | 48 223 714.80 | 1.48 |
| Total investments in securities |  | 3 203 322 223.92 | 98.78 |
| Forward Foreign Exchange contracts |  |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |  |

| GBP | 30 181 500.00 | USD | 37 140 940.41 | 1.11.2019 | 1 913 920.59 | 0.06 |
| --- | --- | --- | --- | --- | --- | --- |
| SGD | 7 330 100.00 | USD | 5 306 518.57 | 1.11.2019 | 79 498.55 | 0.00 |
| JPY | 1 851 306 600.00 | USD | 17 192 046.35 | 1.11.2019 | -66 967.95 | 0.00 |
| EUR | 1 074 610 400.00 | USD | 1 176 408 243.19 | 1.11.2019 | 22 480 849.57 | 0.69 |
| CHF | 813 765 900.00 | USD | 821 902 737.10 | 1.11.2019 | 2 790 346.25 | 0.09 |
| JPY | 9 804 300.00 | USD | 90 858.46 | 1.11.2019 | -166.08 | 0.00 |
| GBP | 578 600.00 | USD | 709 835.10 | 1.11.2019 | 38 873.30 | 0.00 |
| GBP | 137 000.00 | USD | 168 587.68 | 1.11.2019 | 8 690.32 | 0.00 |
| USD | 21 669.16 | SGD | 30 000.00 | 1.11.2019 | -374.27 | 0.00 |
| GBP | 211 400.00 | USD | 262 419.91 | 1.11.2019 | 11 131.69 | 0.00 |
| USD | 68 849.66 | SGD | 95 000.00 | 1.11.2019 | -954.52 | 0.00 |
| USD | 1 639 298.88 | CHF | 1 628 600.00 | 1.11.2019 | -11 169.83 | 0.00 |
| EUR | 1 924 100.00 | USD | 2 118 663.07 | 1.11.2019 | 27 959.10 | 0.00 |
| GBP | 80 700.00 | USD | 98 583.68 | 1.11.2019 | 5 842.12 | 0.00 |
| GBP | 48 677 400.00 | USD | 59 468 965.40 | 1.11.2019 | 3 519 590.20 | 0.11 |
| EUR | 92 256 700.00 | USD | 101 220 360.97 | 1.11.2019 | 1 705 826.39 | 0.05 |
| CHF | 83 490 600.00 | USD | 84 261 806.18 | 1.11.2019 | 349 898.91 | 0.01 |
| USD | 8 478.49 | SGD | 11 700.00 | 1.11.2019 | -118.45 | 0.00 |
| GBP | 147 600.00 | USD | 181 179.15 | 1.11.2019 | 9 815.25 | 0.00 |
| USD | 2 716 961.64 | EUR | 2 467 700.00 | 1.11.2019 | -36 127.87 | 0.00 |
| USD | 1 646 201.84 | CHF | 1 638 400.00 | 1.11.2019 | -14 198.46 | 0.00 |
| JPY | 50 919 100.00 | USD | 468 854.51 | 1.11.2019 | 2 160.71 | 0.00 |
| JPY | 10 486 900.00 | USD | 96 742.53 | 1.11.2019 | 264.08 | 0.00 |
| SGD | 13 800.00 | USD | 10 140.92 | 1.11.2019 | -0.94 | 0.00 |
| JPY | 5 864 000.00 | USD | 54 051.36 | 1.11.2019 | 192.20 | 0.00 |
| USD | 2 184 151.34 | CHF | 2 160 400.00 | 1.11.2019 | -5 258.34 | 0.00 |
| GBP | 205 600.00 | USD | 264 737.71 | 1.11.2019 | 1 308.69 | 0.00 |
| USD | 2 159 920.52 | CHF | 2 149 900.00 | 1.11.2019 | -18 848.17 | 0.00 |
| GBP | 30 764 000.00 | USD | 39 662 117.83 | 29.11.2019 | 179 881.64 | 0.01 |
| SGD | 7 207 200.00 | USD | 5 291 416.28 | 29.11.2019 | 5 722.01 | 0.00 |
| JPY | 1 928 380 900.00 | USD | 17 742 477.41 | 29.11.2019 | 123 087.05 | 0.00 |
| EUR | 1 052 661 300.00 | USD | 1 172 584 685.94 | 29.11.2019 | 3 873 433.78 | 0.12 |

Focused SICAV – High Grade 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) |  |

Forward Foreign Exchange contracts (Continued)
Forward Foreign Exchange contracts (Purchase/Sale)
| CHF | 787 385 100.00 | USD | 795 352 945.81 | 29.11.2019 | 4 195 369.04 | 0.13 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 15 952 933.80 | EUR | 14 321 000.00 | 29.11.2019 | -52 268.19 | 0.00 |
| USD | 458 647.90 | GBP | 356 000.00 | 29.11.2019 | -2 402.41 | 0.00 |
| USD | 462 076.24 | SGD | 629 500.00 | 29.11.2019 | -592.83 | 0.00 |
| USD | 131 261.29 | GBP | 101 400.00 | 29.11.2019 | -60.34 | 0.00 |
| USD | 19 615.64 | SGD | 26 700.00 | 29.11.2019 | -8.29 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | 41 114 144.50 | 1.27 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 11 594 297.37 | 0.36 |
| Other assets and liabilities | -13 148 198.31 | -0.41 |
| Total net assets | 3 242 882 467.48 | 100.00 |

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

Translation (ENDE, 2019-10-31):
# Focused SICAV – High Grade Bond USD
| Dreijahresvergleich |  |
| --- | --- |
| Datum | ISIN | 31.10.2019 | 31.10.2018 | 31.10.2017 |
| Nettovermögen in USD |  | 3 242 882 467.48 | 4 832 927 397.98 | 3 609 748 033.23 |
| Klasse F-acc | LU0224580786 |  |  |  |
| Aktien im Umlauf |  | 7 324 921.0680 | 11 366 285.8300 | 9 127 508.8120 |
| Nettoinventarwert pro Aktie in USD |  | 151.85 | 143.08 | 143.25 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 151.85 | 143.08 | 143.25 |
| Klasse (CHF hedged) F-acc | LU1339538412 |  |  |  |
| Aktien im Umlauf |  | 8 153 056.8350 | 15 507 140.2380 | 10 754 710.4090 |
| Nettoinventarwert pro Aktie in CHF |  | 97.38 | 95.04 | 98.09 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 97.38 | 95.04 | 98.09 |
| Klasse (EUR hedged) F-acc | LU1132652998 |  |  |  |
| Aktien im Umlauf |  | 10 446 336.9250 | 14 416 312.4940 | 9 778 053.1520 |
| Nettoinventarwert pro Aktie in EUR |  | 100.09 | 97.16 | 99.78 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 100.09 | 97.16 | 99.78 |
| Klasse (GBP hedged) F-acc | LU1339538503 |  |  |  |
| Aktien im Umlauf |  | 291 623.2030 | 529 155.9620 | 245 699.8840 |
| Nettoinventarwert pro Aktie in GBP |  | 103.42 | 99.04 | 100.69 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 1 |  | 103.42 | 99.04 | 100.69 |
| Klasse (JPY hedged) F-acc 2 | LU1786948718 |  |  |  |
| Aktien im Umlauf |  | 192 476.0000 | - | - |
| Nettoinventarwert pro Aktie in JPY |  | 10 110 | - | - |
| Ausgabe- und Rücknahmepreis pro Aktie in JPY 1 |  | 10 110 | - | - |
| Klasse (SGD hedged) F-acc | LU1344159089 |  |  |  |
| Aktien im Umlauf |  | 62 480.6770 | 49 383.0000 | 65 685.0000 |
| Nettoinventarwert pro Aktie in SGD |  | 106.05 | 100.55 | 101.23 |
| Ausgabe- und Rücknahmepreis pro Aktie in SGD 1 |  | 106.05 | 100.55 | 101.23 |
| Klasse F-UKdist | LU0721134624 |  |  |  |
| Aktien im Umlauf |  | 815 779.0000 | 457 092.0000 | 380 570.0000 |
| Nettoinventarwert pro Aktie in USD |  | 102.32 | 98.42 | 100.40 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 102.32 | 98.42 | 100.40 |
| Klasse (CHF hedged) F-UKdist | LU1554453867 |  |  |  |
| Aktien im Umlauf |  | 82 046.4110 | 104 323.9350 | 151 644.7610 |
| Nettoinventarwert pro Aktie in CHF |  | 95.23 | 95.31 | 99.42 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 95.23 | 95.31 | 99.42 |
| Klasse (EUR hedged) F-UKdist | LU1554452620 |  |  |  |
| Aktien im Umlauf |  | 50 650.0000 | 206 076.1720 | 65 623.0240 |
| Nettoinventarwert pro Aktie in EUR |  | 96.51 | 95.74 | 99.47 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 96.51 | 95.74 | 99.47 |
| Klasse (GBP hedged) F-UKdist | LU1554454329 |  |  |  |
| Aktien im Umlauf |  | 6 263.7580 | 52 127.8390 | 64 721.1060 |
| Nettoinventarwert pro Aktie in GBP |  | 99.45 | 97.45 | 100.09 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 1 |  | 99.45 | 97.45 | 100.09 |
| 1  Siehe Erläuterung 1 2  Erste NAV 24.5.2019 |  |  |  |  |
| Performance |  |  |  |  |
|  | Währung | 2018/2019 | 2017/2018 | 2016/2017 |
| Klasse F-acc | USD | 6.1% | -0.1% | 0.5% |
| Klasse (CHF hedged) F-acc | CHF | 2.5% | -3.1% | -1.8% |
| Klasse (EUR hedged) F-acc | EUR | 3.0% | -2.6% | -1.4% |
| Klasse (GBP hedged) F-acc | GBP | 4.4% | -1.6% | -0.7% |
| Klasse (JPY hedged) F-acc 1 | JPY | - | - | - |
| Klasse (SGD hedged) F-acc | SGD | 5.5% | -0.7% | 0.1% |
| Klasse F-UKdist | USD | 6.1% | -0.1% | 0.5% |
| Klasse (CHF hedged) F-UKdist | CHF | 2.4% | -3.1% | - |
| Klasse (EUR hedged) F-UKdist | EUR | 3.0% | -2.6% | - |
| Klasse (GBP hedged) F-UKdist | GBP | 4.3% | -1.6% | - |
| 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 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 fünfjährigen US-Treasuries um 146 Basispunkte (Bp.) und beendete das Geschäftsjahr bei 1.52%, nachdem sie zwischen- zeitlich eine Talsohle von 1.32% 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 Handelsaktivität belastete die Performance, während die Positionen in US-Treasuries gegenüber erstklassigen Unternehmensanleihen positiv zur relativen Wertentwicklung beitrugen.

## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Vereinigte Staaten	56.23
Kanada	6.72
Schweden	4.29
Niederlande	3.89
Supranational	3.66
Finnland	3.27
Deutschland	2.90
Frankreich	2.67
Australien	2.64
Norwegen	2.15
Elfenbeinküste	1.62
Singapur	1.59
Südkorea	1.31
Philippinen	1.13
Luxemburg	1.06
Jersey	0.80
Grossbritannien	0.71
China	0.45
Dänemark	0.40
Vereinigte Arabische Emirate	0.34
Japan	0.32
Kolumbien	0.23
Katar	0.16
Kuwait	0.16
Österreich	0.08
Focused SICAV – High Grade Bond USD Jahresbericht per 31. Oktober 2019
Total	98.78
Wirtschaftliche Aufteilung in % des Nettovermögens	
| Länder- & Zentralregierungen | 35.42 |
| --- | --- |
| Banken & Kreditinstitute | 22.98 |
| Supranationale Organisationen | 13.21 |
| Finanz- & Beteiligungsgesellschaften | 11.81 |
| Pfandbriefinstitute & Refinanzierungsgesellschaften | 4.41 |
| Öffentlich-rechtliche Körperschaften | 4.29 |
| Kantone, Bundesstaaten | 1.33 |
| Erdöl | 1.12 |
| Biotechnologie | 0.97 |
| Pharmazeutik, Kosmetik & medizinische Produkte | 0.56 |
| Detailhandel, Warenhäuser | 0.54 |
| Diverse Dienstleistungen | 0.43 |
| Umwelt & Recycling | 0.37 |
| Fahrzeuge | 0.32 |
| Energie- & Wasserversorgung | 0.32 |
| Diverse Konsumgüter | 0.24 |
| Internet, Software & IT-Dienste | 0.23 |
| Verkehr & Transport | 0.22 |
| Computer & Netzwerkausrüster | 0.01 |
| Total | 98.78 |


## Nettovermögensaufstellung
Aktiva	31.10.2019
USD
Wertpapierbestand, Einstandswert	3 160 542 349.94
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	42 779 873.98	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 3 203 322 223.92 |
| Bankguthaben, Sicht- und Fristgelder | 11 594 297.37 |
| Forderungen aus Wertpapierverkäufen (Erläuterung 1) | 376 436 550.81 |
| Forderungen aus Zeichnungen | 5 947 759.29 |
| Zinsforderungen aus Wertpapieren | 21 402 326.95 |
| Nicht realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten (Erläuterung 1) | 41 114 144.50 |
| Total Aktiva | 3 659 817 302.84 |
|  |  |
| Passiva |  |
| Verbindlichkeiten aus Rücknahmen | -416 385 513.29 |
| Sonstige Verbindlichkeiten | -180 461.06 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -201 070.52 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -27 317.77 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-140 472.72	 |
| Total Rückstellungen für Aufwendungen | -368 861.01 |
| Total Passiva | -416 934 835.36 |
|  |  |
| Nettovermögen am Ende des Geschäftsjahres | 3 242 882 467.48 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.11.2018-31.10.2019 |
| Zinsertrag auf liquide Mittel | 1 322 346.44 |
| Zinsen auf Wertpapiere | 136 463 053.14 |
| Dividenden | 2 882 142.74 |
| Erträge aus Securities Lending (Erläuterung 12) | 4 379 389.55 |
| Sonstige Erträge (Erläuterung 4) | 11 716 654.47 |
| Total Erträge | 156 763 586.34 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -7 185 090.25 |
| Abonnementsabgabe (Erläuterung 3) | -582 824.95 |
| Kosten aus Securities Lending (Erläuterung 12) | -1 751 755.82 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -246 261.73 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -37 733.44 |
| Total Aufwendungen | -9 803 666.19 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 146 959 920.15 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | 74 033 237.17 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | 14 164 615.00 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | -332 827 657.75 |
| Realisierter Währungsgewinn (-verlust) | 62 305 729.48 |
| Total der realisierten Gewinne (Verluste) | -182 324 076.10 |
|  |  |
| Realisierter Nettogewinn (-verlust) des Geschäftsjahres | -35 364 155.95 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | 120 047 494.60 |
| Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten | 687 490.00 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | 150 684 625.22 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 271 419 609.82 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 236 055 453.87 |

Focused SICAV – High Grade Bond USD Jahresbericht per 31. Oktober 2019
| Veränderungen des Nettovermögens |  |
| --- | --- |
|  |  | USD |
|  |  | 1.11.2018-31.10.2019 |
| Nettovermögen zu Beginn des Geschäftsjahres |  | 4 832 927 397.98 |
| Zeichnungen |  | 13 963 128 580.48 |
| Rücknahmen |  | 	-15 786 432 345.49	 |
| Total Mittelzufluss (-abfluss) |  | -1 823 303 765.01 |
| Ausbezahlte Dividende |  | -2 796 619.36 |
| Nettoerträge (-verluste) aus Anlagen |  | 146 959 920.15 |
| Total der realisierten Gewinne (Verluste) |  | -182 324 076.10 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) |  | 	271 419 609.82	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit |  | 236 055 453.87 |
| Nettovermögen am Ende des Geschäftsjahres |  | 3 242 882 467.48 |
| Entwicklung der Aktien im Umlauf |  |  |
|  |  | 1.11.2018-31.10.2019 |
| Klasse |  | F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 11 366 285.8300 |
| Anzahl der ausgegebenen Aktien |  | 34 266 760.6350 |
| Anzahl der zurückgegebenen Aktien |  | -38 308 125.3970 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 7 324 921.0680 |
| Klasse |  | (CHF hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 15 507 140.2380 |
| Anzahl der ausgegebenen Aktien |  | 41 824 663.5230 |
| Anzahl der zurückgegebenen Aktien |  | -49 178 746.9260 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 8 153 056.8350 |
| Klasse |  | (EUR hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 14 416 312.4940 |
| Anzahl der ausgegebenen Aktien |  | 36 637 068.4200 |
| Anzahl der zurückgegebenen Aktien |  | -40 607 043.9890 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 10 446 336.9250 |
| Klasse |  | (GBP hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 529 155.9620 |
| Anzahl der ausgegebenen Aktien |  | 5 162 141.0000 |
| Anzahl der zurückgegebenen Aktien |  | -5 399 673.7590 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 291 623.2030 |
| Klasse |  | (JPY hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 0.0000 |
| Anzahl der ausgegebenen Aktien |  | 198 979.0000 |
| Anzahl der zurückgegebenen Aktien |  | -6 503.0000 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 192 476.0000 |
| Klasse |  | (SGD hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 49 383.0000 |
| Anzahl der ausgegebenen Aktien |  | 93 566.7010 |
| Anzahl der zurückgegebenen Aktien |  | -80 469.0240 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 62 480.6770 |
| Klasse |  | F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 457 092.0000 |
| Anzahl der ausgegebenen Aktien |  | 1 260 455.4470 |
| Anzahl der zurückgegebenen Aktien |  | -901 768.4470 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 815 779.0000 |
| Klasse |  | (CHF hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 104 323.9350 |
| Anzahl der ausgegebenen Aktien |  | 112 328.4410 |
| Anzahl der zurückgegebenen Aktien |  | -134 605.9650 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 82 046.4110 |
| Klasse |  | (EUR hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 206 076.1720 |
| Anzahl der ausgegebenen Aktien |  | 331 650.0000 |
| Anzahl der zurückgegebenen Aktien |  | -487 076.1720 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 50 650.0000 |
| Klasse |  | (GBP hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 52 127.8390 |
| Anzahl der ausgegebenen Aktien |  | 7 097.4240 |
| Anzahl der zurückgegebenen Aktien |  | -52 961.5050 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 6 263.7580 |
| Jährliche Ausschüttung 1 |  |  |
| Focused SICAV – High Grade Bond USD	Ex-Date | Pay-Date | Währung	Betrag pro Aktie |
| F-UKdist	15.11.2018 | 20.11.2018 | USD	2.00 |
| (CHF hedged) F-UKdist	15.11.2018 | 20.11.2018 | CHF	2.02 |
| (CHF hedged) F-UKdist	25.2.2019 | 28.2.2019 | CHF	0.34 |
| (EUR hedged) F-UKdist	15.11.2018 | 20.11.2018 | EUR	2.06 |
| (GBP hedged) F-UKdist	15.11.2018 | 20.11.2018 | GBP	2.10 |
| (GBP hedged) F-UKdist	25.2.2019 | 28.2.2019 | GBP	0.10 |
| 1  Siehe Erläuterung 5 |  |  |
| Focused SICAV – High Grade 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	AFRICAN DEVELOPMENT BANK 1.25000% 16-26.07.21 | 7 000 000.00 | 6 951 305.76 | 0.21 |
| USD	AFRICAN DEVELOPMENT BANK 3.00000% 18-20.09.23 | 17 000 000.00 | 17 887 230.00 | 0.55 |
| USD	ALPHABET INC 3.62500% 16-19.05.21 | 2 500 000.00 | 2 571 620.00 | 0.08 |
| USD	ANZ NEW ZEALAND INT’L LTD/LDN-REG-S 2.87500% 17-25.01.22 | 7 000 000.00 | 7 092 470.00 | 0.22 |
| USD	APPLE INC 2.25000% 16-23.02.21 | 500 000.00 | 503 103.35 | 0.02 |
| USD	ASIAN DEVELOPMENT BANK 2.87500% 18-27.11.20 | 5 000 000.00 | 5 058 765.50 | 0.16 |
| USD	ASIAN DEVELOPMENT BANK 2.62500% 19-30.01.24 | 5 000 000.00 | 5 208 218.50 | 0.16 |
| USD	BANK NEDERLANDSE GEMEENTEN NV-REG-S 1.62500% 16-19.04.21 | 5 000 000.00 | 4 990 320.00 | 0.15 |
| USD	BERKSHIRE HATHAWAY FINANCE CORP 3.00000% 12-15.05.22 | 4 000 000.00 | 4 137 964.80 | 0.13 |
| USD	BERKSHIRE HATHAWAY INC 2.20000% 16-15.03.21 | 10 000 000.00 | 10 064 708.99 | 0.31 |
| USD	CDP FINANCIAL INC-REG-S 2.12500% 19-11.06.21 | 40 000 000.00 | 40 247 652.00 | 1.24 |
| USD	CHEVRON CORP 2.41900% 15-17.11.20 | 14 000 000.00 | 14 089 402.60 | 0.43 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 2.75000% 17-10.03.22 | 10 000 000.00 | 10 178 230.00 | 0.31 |
| USD	CORP ANDINA DE FOMENTO 3.75000% 18-23.11.23 | 44 000 000.00 | 46 316 160.00 | 1.43 |
| USD	CORPORACION ANDINA DE FOMENTO 4.37500% 12-15.06.22 | 15 000 000.00 | 15 784 500.00 | 0.49 |
| USD	CORPORACION ANDINA DE FOMENTO 2.12500% 16-27.09.21 | 7 500 000.00 | 7 470 074.99 | 0.23 |
| USD	COUNCIL OF EUROPE DEVELOPMENT BANK 1.62500% 16-16.03.21 | 3 000 000.00 | 2 995 580.41 | 0.09 |
| USD	DEXIA CREDIT LOCAL SA NY-REG-S 1.87500% 15-29.01.20 | 2 000 000.00 | 1 999 835.64 | 0.06 |
| USD	DEXIA CREDIT LOCAL SA-REG-S 3.25000% 18-26.09.23 | 10 000 000.00 | 10 523 503.00 | 0.32 |
| USD	EUROPEAN INVESTMENT BANK 1.62500% 17-14.08.20 | 5 000 000.00 | 4 996 734.00 | 0.15 |
| USD	EUROPEAN INVESTMENT BANK 2.00000% 17-15.12.22 | 5 000 000.00 | 5 061 934.50 | 0.16 |
| USD	EUROPEAN INVESTMENT BANK 2.50000% 18-15.03.23 | 5 000 000.00 | 5 146 400.50 | 0.16 |
| USD	EXPORT-IMPORT BANK OF KOREA 2.75000% 17-25.01.22 | 6 855 000.00 | 6 955 682.82 | 0.21 |
| USD	FANNIE MAE 2.87500% 18-12.09.23 | 30 000 000.00 | 31 465 125.00 | 0.97 |
| USD	HSBC BANK PLC-REG-S 4.75000% 11-19.01.21 | 15 500 000.00 | 16 012 535.40 | 0.49 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.50000% 18-18.01.23 | 15 000 000.00 | 15 411 262.50 | 0.48 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.50000% 19-28.08.24 | 30 000 000.00 | 29 881 401.00 | 0.92 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.12500% 13-01.11.20 | 5 000 000.00 | 5 020 050.00 | 0.16 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.25000% 14-24.06.21 | 3 000 000.00 | 3 030 270.00 | 0.09 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.87500% 17-21.04.20 | 4 000 000.00 | 3 999 095.37 | 0.12 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.75000% 18-23.07.21 | 15 000 000.00 | 15 287 250.00 | 0.47 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 3.00000% 18-27.09.23 | 6 000 000.00 | 6 319 370.40 | 0.20 |
| USD	JOHNSON & JOHNSON 1.65000% 16-01.03.21 | 3 000 000.00 | 2 992 932.69 | 0.09 |
| USD	JOHNSON & JOHNSON 2.05000% 16-01.03.23 | 2 000 000.00 | 2 016 618.40 | 0.06 |
| USD	JOHNSON & JOHNSON 2.25000% 17-03.03.22 | 10 000 000.00 | 10 139 917.00 | 0.31 |
| USD	KOMMUNINVEST I SVERIGE AB-REG-S 3.00000% 18-23.03.22 | 15 000 000.00 | 15 468 819.00 | 0.48 |
| USD	KOREA DEVELOPMENT BANK 3.00000% 12-14.09.22 | 15 000 000.00 | 15 365 625.00 | 0.47 |
| USD	KOREA DEVELOPMENT BANK 2.62500% 17-27.02.22 | 16 000 000.00 | 16 190 000.00 | 0.50 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 2.37500% 11-25.08.21 | 1 500 000.00 | 1 520 320.05 | 0.05 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 2.00000% 12-04.10.22 | 5 000 000.00 | 5 058 231.00 | 0.16 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 1.62500% 16-15.03.21 | 2 700 000.00 | 2 699 223.80 | 0.08 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 2.00000% 17-29.09.22 | 5 000 000.00 | 5 060 745.50 | 0.16 |
| USD	LANDESKREDITBANK B-WUERTT FOERDBK-REG-S 2.62500% 19-07.02.22 | 10 000 000.00 | 10 213 154.00 | 0.32 |
| USD	LANDWIRTSCHAFTLICHE RENTENBANK 3.12500% 18-14.11.23 | 15 000 000.00 | 15 880 990.50 | 0.49 |
| USD	METROPOLITAN LIFE GLOBAL FUNDING-REG-S 2.05000% 17-12.06.20 | 14 800 000.00 | 14 817 000.76 | 0.46 |
| USD	MICROSOFT CORP 4.00000% 11-08.02.21 | 565 000.00 | 580 795.53 | 0.02 |
| USD	MUNICIPALITY FINANCE PLC-REG-S 1.37500% 16-21.09.21 | 7 000 000.00 | 6 958 988.48 | 0.22 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 1.87500% 16-12.07.21 | 2 000 000.00 | 1 999 991.34 | 0.06 |
| USD	NBK SPC LTD-REG-S 2.75000% 17-30.05.22 | 11 000 000.00 | 11 068 750.00 | 0.34 |
| USD	NEW YORK LIFE GLOBAL FUNDING-REG-S 1.95000% 15-11.02.20 | 350 000.00 | 350 140.80 | 0.01 |
| USD	NEW YORK LIFE GLOBAL FUNDING-REG-S 2.00000% 17-09.04.20 | 3 500 000.00 | 3 501 669.85 | 0.11 |
| USD	NORDEA BANK AB-REG-S 4.87500% 10-27.01.20 | 20 500 000.00 | 20 637 760.00 | 0.64 |
| USD	NORDEA BANK ABP-REG-S 4.87500% 11-14.01.21 | 20 000 000.00 | 20 695 046.00 | 0.64 |
| USD	NORDIC INVESTMENT BANK 2.87500% 18-19.07.23 | 20 000 000.00 | 20 902 800.00 | 0.64 |
| USD	NORDIC INVESTMENT BANK 2.25000% 19-21.05.24 | 8 000 000.00 | 8 220 072.80 | 0.25 |
| USD	NOVARTIS CAPITAL CORP 2.40000% 12-21.09.22 | 2 000 000.00 | 2 036 119.80 | 0.06 |
| USD	NOVARTIS CAPITAL CORP 1.80000% 17-14.02.20 | 15 000 000.00 | 14 997 204.45 | 0.46 |
| USD	NOVARTIS CAPITAL CORP 2.40000% 17-17.05.22 | 13 000 000.00 | 13 209 827.80 | 0.41 |
| USD	OESTERREICHISCHE KONTROLLBANK AG 1.50000% 15-21.10.20 | 2 500 000.00 | 2 494 525.00 | 0.08 |
| USD	ONTARIO, PROVINCE OF 3.05000% 19-29.01.24 | 7 000 000.00 | 7 363 381.90 | 0.23 |
| USD	PROCTER & GAMBLE CO 1.70000% 16-03.11.21 | 2 700 000.00 | 2 702 820.96 | 0.08 |
| USD	PROCTER & GAMBLE CO 2.15000% 17-11.08.22 | 5 000 000.00 | 5 063 554.00 | 0.16 |
| USD	QATAR, STATE OF-REG-S 3.87500% 18-23.04.23 | 5 000 000.00 | 5 280 000.00 | 0.16 |
| USD	QUEBEC, PROVINCE OF 3.50000% 10-29.07.20 | 5 600 000.00 | 5 667 696.16 | 0.18 |
| USD	QUEBEC, PROVINCE OF 2.62500% 13-13.02.23 | 14 000 000.00 | 14 421 540.00 | 0.45 |
| USD	QUEBEC, PROVINCE OF 2.50000% 19-09.04.24 | 10 000 000.00 | 10 328 252.00 | 0.32 |
| USD	RABOBANK NEDERLAND NV 4.50000% 11-11.01.21 | 35 000 000.00 | 36 076 012.00 | 1.11 |
| USD	ROCHE HOLDINGS INC-REG-S 3.25000% 18-17.09.23 | 30 000 000.00 | 31 546 125.00 | 0.97 |
| USD	ROYAL BANK OF CANADA 2.75000% 17-01.02.22 | 11 500 000.00 | 11 736 036.35 | 0.36 |
| USD	SHELL INTERNATIONAL FINANCE BV 2.25000% 12-06.01.23 | 5 000 000.00 | 5 051 429.50 | 0.16 |
| USD	SHELL INTERNATIONAL FINANCE BV 2.25000% 15-10.11.20 | 7 150 000.00 | 7 175 120.81 | 0.22 |
| USD	SHELL INTERNATIONAL FINANCE BV 3.50000% 18-13.11.23 | 5 000 000.00 | 5 290 845.50 | 0.16 |
| USD	SKANDINAVISKA ENSKILDA BANKEN AB 2.30000% 17-11.03.20 | 5 000 000.00 | 5 004 642.50 | 0.15 |
| USD	SVENSKA HANDELSBANKEN AB-REG-S 5.12500% 10-30.03.20 | 10 000 000.00 | 10 132 161.00 | 0.31 |
| USD	TEMASEK FINANCIAL I LTD-REG-S 2.37500% 12-23.01.23 | 6 000 000.00 | 6 078 000.00 | 0.19 |
| USD	TOTAL CAPITAL 4.45000% 10-24.06.20 | 9 557 000.00 | 9 713 672.68 | 0.30 |
| USD	TOYOTA MOTOR CREDIT CORP 1.95000% 17-17.04.20 | 10 000 000.00 | 10 004 974.00 | 0.31 |
| USD	WALMART INC 2.85000% 19-08.07.24 | 2 000 000.00 | 2 088 695.80 | 0.07 |
| USD	WALMART INC 3.12500% 18-23.06.21 | 15 000 000.00 | 15 348 385.50 | 0.47 |
| USD	WESTPAC BANKING CORP 2.60000% 15-23.11.20 | 10 000 000.00 | 10 050 900.00 | 0.31 |
| USD	WESTPAC BANKING CORP 2.80000% 17-11.01.22 | 7 000 000.00 | 7 120 540.00 | 0.22 |
| Total USD |  | 830 979 812.24 | 25.63 |
| Total Notes, fester Zins |  | 830 979 812.24 | 25.63 |

Focused SICAV – High Grade 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) |  |

Medium-Term Notes, fester Zins
| USD |  |
| --- | --- |
| USD | AFRICAN DEVELOPMENT BANK 2.37500% 14-23.09.21 | 3 000 000.00 | 3 039 364.50 | 0.09 |
| USD | AFRICAN DEVELOPMENT BANK 3.00000% 18-06.12.21 | 20 000 000.00 | 20 566 936.00 | 0.64 |
| USD | ASIAN DEVELOPMENT BANK 2.12500% 14-24.11.21 | 8 000 000.00 | 8 083 156.80 | 0.25 |
| USD | ASIAN DEVELOPMENT BANK 2.00000% 17-16.02.22 | 10 000 000.00 | 10 089 116.00 | 0.31 |
| USD | ASIAN DEVELOPMENT BANK 1.75000% 17-13.09.22 | 10 000 000.00 | 10 042 681.00 | 0.31 |
| USD | ASIAN DEVELOPMENT BANK 2.75000% 18-17.03.23 | 6 000 000.00 | 6 225 823.20 | 0.19 |
| USD | BANK NEDERLANDSE GEMEENTEN NV-REG-S 2.50000% 13-23.01.23 | 4 500 000.00 | 4 614 597.00 | 0.14 |
| USD | BANK NEDERLANDSE GEMEENTEN NV-REG-S 2.37500% 17-01.02.22 | 6 500 000.00 | 6 595 875.00 | 0.20 |
| USD | BANK NEDERLANDSE GEMEENTEN NV-REG-S 1.75000% 17-05.10.20 | 2 500 000.00 | 2 498 580.00 | 0.08 |
| USD | COMMONWEALTH BANK OF AUSTRALIA 2.55000% 16-15.03.21 | 2 200 000.00 | 2 215 708.00 | 0.07 |
| USD | COMMONWEALTH BANK OF AUSTRALIA-REG-S 2.00000% 16-06.09.21 | 2 000 000.00 | 1 999 240.00 | 0.06 |
| USD | EUROFIMA EURO RAILROADMAT FIN CO-REG-S 1.75000% 15-29.05.20 | 5 000 000.00 | 4 994 000.00 | 0.15 |
| USD | EUROPEAN BANK FOR RECONSTR & DEVT 2.12500% 17-07.03.22 | 5 000 000.00 | 5 058 357.00 | 0.16 |
| USD | FREDDIE MAC 2.75000% 18-19.06.23 | 13 000 000.00 | 13 548 316.60 | 0.42 |
| USD | INTER-AMERICAN DEVELOPMENT BANK 1.62500% 17-12.05.20 | 5 000 000.00 | 4 996 173.30 | 0.15 |
| USD | INTERNATIONAL FINANCE CORP 1.12500% 16-20.07.21 | 5 000 000.00 | 4 958 550.50 | 0.15 |
| USD | INTERNATIONAL FINANCE CORP 2.87500% 18-31.07.23 | 5 000 000.00 | 5 229 101.00 | 0.16 |
| USD | INTL BK FOR RECONSTR & DEVT WORLD BANK 1.37500% 16-20.09.21 | 5 000 000.00 | 4 976 850.00 | 0.15 |
| USD | KOMMUNALBANKEN AS-REG-S 2.25000% 17-25.01.22 | 7 000 000.00 | 7 090 016.50 | 0.22 |
| USD | KOMMUNALBANKEN AS-REG-S 1.75000% 17-15.09.20 | 5 000 000.00 | 5 001 327.00 | 0.16 |
| USD | KOMMUNALBANKEN AS-REG-S 3.12500% 18-18.10.21 | 20 000 000.00 | 20 551 800.00 | 0.63 |
| USD | KOMMUNALBANKEN AS-REG-S 2.75000% 19-05.02.24 | 25 000 000.00 | 26 097 850.00 | 0.81 |
| USD | KOMMUNEKREDIT-REG-S 1.62500% 16-01.06.21 | 13 000 000.00 | 12 974 676.00 | 0.40 |
| USD | KOMMUNINVEST I SVERIGE AB-REG-S 2.75000% 18-22.10.20 | 20 000 000.00 | 20 181 480.00 | 0.62 |
| USD | KOMMUNINVEST I SVERIGE AB-REG-S 3.00000% 18-16.11.21 | 20 000 000.00 | 20 482 824.00 | 0.63 |
| USD | KREDITANSTALT FUER WIEDERAUFBAU 3.12500% 18-15.12.21 | 5 000 000.00 | 5 157 774.50 | 0.16 |
| USD | LANDESBANK BADEN-WUERTTEMBERG-REG-S 2.37500% 19-31.05.22 | 3 150 000.00 | 3 193 796.97 | 0.10 |
| USD | LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 2.37500% 14-24.03.21 | 5 000 000.00 | 5 044 300.00 | 0.16 |
| USD | MUNICIPALITY FINANCE PLC-REG-S 2.37500% 17-15.03.22 | 15 000 000.00 | 15 236 040.00 | 0.47 |
| USD | NATIONAL AUSTRALIA BANK LTD/NY 2.62500% 16-14.01.21 | 2 000 000.00 | 2 014 840.00 | 0.06 |
| USD | NEDERLANDSE WATERSCHAPSBANK NV-REG-S 1.87500% 15-14.04.22 | 5 000 000.00 | 5 021 860.00 | 0.16 |
| USD | NEDERLANDSE WATERSCHAPSBANK-REG-S 2.25000% 17-02.03.22 | 4 000 000.00 | 4 051 096.00 | 0.13 |
| USD | NEDERLANDSE WATERSCHAPSBK NV-REG-S 3.00000% 18-21.12.21 | 8 000 000.00 | 8 217 600.00 | 0.25 |
| USD | NESTLE HOLDINGS INC-REG-S 2.12500% 14-14.01.20 | 1 700 000.00 | 1 700 370.60 | 0.05 |
| USD | NESTLE HOLDINGS INC-REG-S 1.87500% 16-09.03.21 | 11 091 000.00 | 11 096 900.42 | 0.34 |
| USD | NESTLE HOLDINGS INC-REG-S 1.37500% 16-13.07.21 | 8 800 000.00 | 8 736 217.60 | 0.27 |
| USD | NESTLE HOLDINGS INC-REG-S 2.25000% 17-10.05.22 | 15 000 000.00 | 15 149 159.99 | 0.47 |
| USD | NESTLE HOLDINGS INC-REG-S 2.37500% 17-17.11.22 | 24 886 000.00 | 25 267 900.56 | 0.78 |
| USD | PSA INTERNATIONAL PTE LTD 3.87500% 10-11.02.21 | 2 155 000.00 | 2 201 289.40 | 0.07 |
| USD | SKANDINAVISKA ENSKILDA BANKEN AB-REG-S 2.45000% 15-27.05.20 | 9 118 000.00 | 9 139 919.67 | 0.28 |
| USD | SNCF RESEAU-REG-S 2.00000% 17-13.10.20 | 22 500 000.00 | 22 512 510.00 | 0.70 |
| USD | SP POWERASSETS LTD-REG-S 2.70000% 12-14.09.22 | 3 000 000.00 | 3 045 540.00 | 0.09 |
| USD | SVENSK EXPORTKREDIT AB 2.37500% 17-09.03.22 | 10 000 000.00 | 10 161 615.00 | 0.31 |
| USD | SVENSK EXPORTKREDIT AB 1.75000% 17-18.05.20 | 15 000 000.00 | 14 991 434.56 | 0.46 |
| USD | SVENSK EXPORTKREDIT AB 2.00000% 17-30.08.22 | 10 000 000.00 | 10 097 854.00 | 0.31 |
| USD | SVENSKA HANDELSBANKEN AB 2.40000% 15-01.10.20 | 6 000 000.00 | 6 035 616.60 | 0.19 |
| USD | SVENSKA HANDELSBANKEN AB 2.45000% 16-30.03.21 | 750 000.00 | 756 004.43 | 0.02 |
| USD | SVENSKA HANDELSBANKEN AB 1.87500% 16-07.09.21 | 10 000 000.00 | 9 990 915.60 | 0.31 |
| USD | TORONTO-DOMINION BANK 2.50000% 15-14.12.20 | 4 320 000.00 | 4 351 630.61 | 0.13 |
| USD | TOYOTA MOTOR CREDIT CORP 2.15000% 15-12.03.20 | 25 000 000.00 | 25 024 250.00 | 0.77 |
| USD | UNITED OVERSEAS BANK LTD-REG-S 2.50000% 14-18.03.20 | 5 200 000.00 | 5 205 200.00 | 0.16 |
| USD | UNITED OVERSEAS BANK LTD-REG-S 1.62500% 19-05.09.22 | 9 700 000.00 | 9 615 790.22 | 0.30 |
| Total USD |  |  | 475 129 826.13 | 14.65 |
| Total Medium-Term Notes, fester Zins |  | 475 129 826.13 | 14.65 |
| Medium-Term Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	ERSTE ABWICKLUNGSANSTALT-REG-S 3M LIBOR+21BP 17-09.03.20 | 5 000 000.00 | 5 003 950.00 | 0.15 |
| Total USD |  | 5 003 950.00 | 0.15 |
| Total Medium-Term Notes, variabler Zins |  | 5 003 950.00 | 0.15 |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AFRICAN DEVELOPMENT BANK 1.87500% 17-16.03.20 | 7 000 000.00 | 6 999 117.65 | 0.22 |
| USD	AFRICAN DEVELOPMENT BANK 7.37500% 93-06.04.23 | 7 475 000.00 | 8 820 800.49 | 0.27 |
| USD	ALBERTA, PROVINCE OF 2.95000% 19-23.01.24 | 5 000 000.00 | 5 239 047.50 | 0.16 |
| USD	ASIAN INFRASTRUCTURE INVESTMENT BNK/THE 2.25000% 19-16.05.24 | 14 100 000.00 | 14 476 977.60 | 0.45 |
| USD	AUSTRALIA & NEW ZEALAND BANKING GRP/NY 2.62500% 17-19.05.22 | 12 500 000.00 | 12 721 281.25 | 0.39 |
| USD	BANK NEDERLANDSE GEMEENTEN NV-REG-S 2.62500% 14-28.04.21 | 10 000 000.00 | 10 129 439.00 | 0.31 |
| USD	BANK OF MONTREAL-REG-S 2.10000% 19-15.06.22 | 30 000 000.00 | 30 253 602.00 | 0.93 |
| USD	CAISSE D’AMORTIS DE LA DETTE SOCIALE 3.00000% 10-26.10.20 | 15 000 000.00 | 15 169 890.00 | 0.47 |
| USD	CANADIAN IMPERIAL BANK OF COM/CAN-REG-S 2.35000% 17-27.07.22 | 15 000 000.00 | 15 226 632.00 | 0.47 |
| USD	CHEVRON CORP 1.96100% 15-03.03.20 | 10 000 000.00 | 10 001 528.00 | 0.31 |
| USD	DBS BANK LTD-REG-S 3.30000% 18-27.11.21 | 25 000 000.00 | 25 570 997.50 | 0.79 |
| USD	DEXIA CREDIT LOCAL DE FRANCE-REG-S 1.87500% 16-15.09.21 | 15 300 000.00 | 15 309 730.80 | 0.47 |
| USD	DNB BOLIGKREDITT AS-REG-S 2.50000% 17-28.03.22 | 7 000 000.00 | 7 102 690.00 | 0.22 |
| USD	EUROPEAN INVESTMENT BANK 2.50000% 14-15.04.21 | 5 000 000.00 | 5 057 582.49 | 0.16 |
| USD	EUROPEAN INVESTMENT BANK 2.12500% 14-15.10.21 | 5 000 000.00 | 5 048 941.50 | 0.16 |
| USD	EUROPEAN INVESTMENT BANK 1.62500% 15-16.03.20 | 4 000 000.00 | 3 997 440.00 | 0.12 |
| USD	EUROPEAN INVESTMENT BANK 2.25000% 17-15.03.22 | 5 000 000.00 | 5 076 134.51 | 0.16 |
| USD	EXPORT DEVELOPMENT CANADA 1.62500% 14-03.12.19 | 1 000 000.00 | 999 610.00 | 0.03 |
| USD	EXPORT-IMPORT BANK OF KOREA 5.12500% 10-29.06.20 | 3 910 000.00 | 3 984 602.80 | 0.12 |
| USD	EXXON MOBIL CORP 1.91200% 15-06.03.20 | 2 000 000.00 | 2 000 248.60 | 0.06 |
| USD	FMS WERTMANAGEMENT 2.00000% 17-01.08.22 | 20 000 000.00 | 20 203 698.00 | 0.62 |
| USD	IDB TRUST SERVICES LTD-REG-S 2.84300% 19-25.04.24 | 25 000 000.00 | 25 874 052.50 | 0.80 |
| USD	ING BANK NV-REG-S 2.62500% 12-05.12.22 | 25 850 000.00 | 26 442 585.40 | 0.81 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.12500% 13-09.11.20 | 6 000 000.00 | 6 023 667.60 | 0.19 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 1.75000% 15-14.04.22 | 10 000 000.00 | 10 033 800.00 | 0.31 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 1.87500% 16-15.03.21 | 15 000 000.00 | 15 038 550.00 | 0.46 |

Focused SICAV – High Grade 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) |  |

| USD | INTL BK FOR RECONSTR & DEVT WORLD BANK 7.62500% 93-19.01.23 | 2 000 000.00 | 2 370 312.00 | 0.07 |
| --- | --- | --- | --- | --- |
| USD | INTL BK FOR RECONSTR & DEVT WORLD BANK 2.12500% 19-01.07.22 | 10 000 000.00 | 10 140 057.00 | 0.31 |
| USD | JOHNSON & JOHNSON 1.87500% 14-05.12.19 | 2 000 000.00 | 2 000 166.20 | 0.06 |
| USD | JOHNSON & JOHNSON 3.55000% 11-15.05.21 | 1 010 000.00 | 1 038 832.06 | 0.03 |
| USD | KOMMUNALBANKEN AS-REG-S 1.62500% 16-10.02.21 | 4 000 000.00 | 3 992 616.00 | 0.12 |
| USD | KUWAIT INTERNATIONAL GOVT BOND-REG-S 2.75000% 17-20.03.22 | 5 000 000.00 | 5 075 000.00 | 0.16 |
| USD | LANDWIRTSCHAFTLICHE RENTENBANK 2.00000% 16-06.12.21 | 5 000 000.00 | 5 039 195.00 | 0.16 |
| USD | MICROSOFT CORP 2.00000% 16-08.08.23 | 4 126 000.00 | 4 167 219.98 | 0.13 |
| USD | NOVARTIS CAPITAL CORP 3.40000% 14-06.05.24 | 7 000 000.00 | 7 447 582.80 | 0.23 |
| USD | NRW BANK-REG-S 1.75000% 17-17.08.20 | 10 000 000.00 | 9 993 700.00 | 0.31 |
| USD | ROYAL BANK OF CANADA 2.30000% 16-22.03.21 | 17 000 000.00 | 17 112 213.60 | 0.53 |
| USD | TENNESSEE VALLEY AUTHORITY 3.87500% 11-15.02.21 | 10 000 000.00 | 10 283 022.00 | 0.32 |
| USD | TORONTO-DOMINION BANK-REG-S 3.35000% 18-22.10.21 | 10 000 000.00 | 10 295 841.00 | 0.32 |
| USD | TOTAL CAPITAL SA 4.12500% 11-28.01.21 | 10 000 000.00 | 10 275 273.00 | 0.32 |
| USD | TOYOTA MOTOR CORP 3.41900% 18-20.07.23 | 10 000 000.00 | 10 538 120.00 | 0.32 |
| USD | WESTPAC BANKING CORP-REG-S 2.00000% 15-03.03.20 | 4 000 000.00 | 3 999 520.00 | 0.12 |
| Total USD |  |  | 420 571 317.83 | 12.97 |
| Total Anleihen, fester Zins |  | 420 571 317.83 | 12.97 |
| Treasury-Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 7.25000% 92-15.08.22 | 50 000 000.00 | 57 771 480.00 | 1.78 |
| USD	AMERICA, UNITED STATES OF 7.62500% 92-15.11.22 | 50 000 000.00 | 59 023 435.00 | 1.82 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-31.08.21 | 50 000 000.00 | 49 599 609.50 | 1.53 |
| USD	AMERICA, UNITED STATES OF 1.62500% 17-31.08.22 | 50 000 000.00 | 50 146 480.00 | 1.55 |
| USD	AMERICA, UNITED STATES OF 2.37500% 18-31.01.23 | 50 000 000.00 | 51 335 935.00 | 1.58 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-28.02.23 | 35 000 000.00 | 36 242 773.00 | 1.12 |
| USD	AMERICA, UNITED STATES OF 2.50000% 18-31.03.23 | 50 000 000.00 | 51 617 185.00 | 1.59 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.09.23 | 20 000 000.00 | 21 025 000.00 | 0.65 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.11.23 | 10 000 000.00 | 10 529 687.00 | 0.32 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-31.12.23 | 30 000 000.00 | 31 321 875.00 | 0.97 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-15.01.22 | 50 000 000.00 | 51 027 340.00 | 1.57 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-30.06.24 | 50 000 000.00 | 50 492 185.00 | 1.56 |
| USD	AMERICA, UNITED STATES OF 2.00000% 14-31.10.21 | 50 000 000.00 | 50 433 590.00 | 1.55 |
| USD	AMERICA, UNITED STATES OF 1.75000% 15-28.02.22 | 50 000 000.00 | 50 242 184.99 | 1.55 |
| USD	AMERICA, UNITED STATES OF 1.75000% 15-31.03.22 | 50 000 000.00 | 50 261 715.00 | 1.55 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-28.02.21 | 33 000 000.00 | 32 798 906.25 | 1.01 |
| USD	AMERICA, UNITED STATES OF 2.00000% 11-15.11.21 | 32 000 000.00 | 32 291 248.00 | 1.00 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.06.23 | 30 000 000.00 | 29 840 625.00 | 0.92 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-31.12.23 | 10 000 000.00 | 10 288 280.99 | 0.32 |
| USD	AMERICA, UNITED STATES OF 2.25000% 31.01.17-31.01.24 | 20 000 000.00 | 20 589 062.00 | 0.63 |
| USD	AMERICA, UNITED STATES OF 1.87500% 17-28.02.22 | 10 000 000.00 | 10 075 390.00 | 0.31 |
| USD	AMERICA, UNITED STATES OF 1.87500% 17-30.04.22 | 35 000 000.00 | 35 292 575.51 | 1.09 |
| USD	AMERICA, UNITED STATES OF 1.75000% 17-31.05.22 | 25 000 000.00 | 25 142 577.51 | 0.78 |
| USD	AMERICA, UNITED STATES OF 1.75000% 17-30.06.22 | 50 000 000.00 | 50 310 545.00 | 1.55 |
| USD	AMERICA, UNITED STATES OF 2.00000% 17-30.06.24 | 40 000 000.00 | 40 826 560.00 | 1.26 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.07.23 | 50 000 000.00 | 52 216 795.00 | 1.61 |
| Total USD |  | 1 010 743 039.75 | 31.17 |
| Total Treasury-Notes, fester Zins | 1 010 743 039.75 | 31.17 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 2 742 427 945.95 | 84.57 |
| Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  |  |
| Notes, fester Zins |  |  |
| USD |  |  |
| USD	AUSTRALIA & NEW ZEALAND BANKING GRP/NY 2.55000% 16-23.11.21	2 000 000.00 | 2 020 860.00 | 0.06 |
| USD	CHEVRON CORP 2.35500% 12-05.12.22	10 000 000.00 | 10 149 715.00 | 0.31 |
| USD	FANNIE MAE 1.75000% 19-02.07.24	45 000 000.00 | 45 342 045.00 | 1.40 |
| USD	FANNIE MAE 2.50000% 19-05.02.24	45 000 000.00 | 46 674 121.50 | 1.44 |
| USD	MASSMUTUAL GLOBAL FUNDING II-REG-S 2.00000% 16-15.04.21	3 000 000.00 | 3 000 082.20 | 0.09 |
| USD	MASSMUTUAL GLOBAL FUNDING II-REG-S 2.50000% 17-13.04.22	10 000 000.00 | 10 132 560.00 | 0.31 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 3.70000% 18-04.11.21	9 148 000.00 | 9 446 499.24 | 0.29 |
| USD	NEW YORK LIFE GLOBAL FUNDING-REG-S 1.95000% 17-28.09.20	15 000 000.00 | 15 016 828.50 | 0.47 |
| USD	NEW YORK LIFE GLOBAL FUNDING-REG-S 2.95000% 19-28.01.21	15 000 000.00 | 15 215 830.50 | 0.47 |
| USD	NORDEA BANK ABP-REG-S 2.12500% 17-29.05.20	7 500 000.00 | 7 508 145.75 | 0.23 |
| Total USD | 164 506 687.69 | 5.07 |
| Total Notes, fester Zins | 164 506 687.69 | 5.07 |
| Medium-Term Notes, fester Zins |  |  |
| USD |  |  |
| USD	AUSTRALIA & NEW ZEALAND BANKING-REG-S 4.87500% 11-12.01.21	7 000 000.00 | 7 236 250.00 | 0.22 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 0.50000% 03-17.04.23	6 000 000.00 | 5 689 997.70 | 0.18 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 2.50000% 17-22.05.22	11 950 000.00 | 12 119 927.81 | 0.37 |
| USD	NEW YORK LIFE GLOBAL FUNDING-REG-S 1.70000% 16-14.09.21	970 000.00 | 966 858.68 | 0.03 |
| USD	NORDEA BANK ABP-REG-S 2.50000% 15-17.09.20	5 700 000.00 | 5 733 436.20 | 0.18 |
| USD	ROYAL BANK OF CANADA 2.12500% 17-02.03.20	5 000 000.00 | 5 003 789.00 | 0.16 |
| USD	TORONTO-DOMINION BANK 2.12500% 16-07.04.21	8 000 000.00 | 8 029 711.20 | 0.25 |
| USD	TORONTO-DOMINION BANK 3.25000% 18-11.06.21	5 988 000.00 | 6 123 630.59 | 0.19 |
| USD	WELLS FARGO BANK NA 2.15000% 16-06.12.19	5 000 000.00 | 5 001 300.00 | 0.15 |
| Total USD | 55 904 901.18 | 1.73 |
| Total Medium-Term Notes, fester Zins | 55 904 901.18 | 1.73 |

Focused SICAV – High Grade 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) |  |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	NATIONAL AUSTRALIA BANK LTD-REG-S 2.40000% 16-07.12.21 | 4 000 000.00 | 4 049 076.40 | 0.12 |
| USD	ROYAL BANK OF CANADA-REG-S 3.35000% 18-22.10.21 | 15 000 000.00 | 15 436 153.50 | 0.48 |
| USD	ROYAL BANK OF CANADA-REG-S 1.90000% 19-23.09.22 | 10 000 000.00 | 10 041 851.00 | 0.31 |
| USD	STADSHYPOTEK AB-REG-S 2.50000% 17-05.04.22 | 4 000 000.00 | 4 062 524.40 | 0.12 |
| USD	WESTPAC BANKING CORP-REG-S 3.15000% 19-16.01.24 | 25 000 000.00 | 26 122 500.00 | 0.81 |
| Total USD |  | 59 712 105.30 | 1.84 |
| Total Anleihen, fester Zins |  | 59 712 105.30 | 1.84 |
| Treasury-Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 1.87500% 17-30.09.22 | 50 000 000.00 | 50 517 575.00 | 1.56 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.05.23 | 30 000 000.00 | 31 271 484.00 | 0.96 |
| USD	AMERICA, UNITED STATES OF 2.00000% 13-15.02.23 | 50 000 000.00 | 50 757 810.00 | 1.57 |
| Total USD |  | 132 546 869.00 | 4.09 |
| Total Treasury-Notes, fester Zins |  | 132 546 869.00 | 4.09 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  | 412 670 563.17 | 12.73 |

Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
Notes, fester Zins
USD
| USD | SVENSKA HANDELSBANKEN AB 1.95000% 17-08.09.20 | 2 750 000.00 | 2 751 650.00 | 0.08 |
| --- | --- | --- | --- | --- |
| Total USD | 2 751 650.00 | 0.08 |
| Total Notes, fester Zins |  | 2 751 650.00 | 0.08 |
| Medium-Term Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.48000% 19-28.05.24 | 8 000 000.00 | 8 311 207.20 | 0.26 |
| USD	INTL BK FOR RECONSTRUCTION & DEVT 3.20000% 19-25.01.24 | 7 000 000.00 | 7 015 750.00 | 0.22 |
| USD	MASSMUTUAL GLOBAL FUNDING II-REG-S 1.95000% 17-22.09.20 | 18 000 000.00 | 18 033 930.00 | 0.55 |
| USD	METROPOLITAN LIFE GLOBAL FUNDING-REG-S 2.40000% 19-17.06.22 | 12 000 000.00 | 12 111 177.60 | 0.37 |
| Total USD |  | 45 472 064.80 | 1.40 |
| Total Medium-Term Notes, fester Zins |  | 45 472 064.80 | 1.40 |
| Total Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden |  | 48 223 714.80 | 1.48 |
| Total des Wertpapierbestandes |  | 3 203 322 223.92 | 98.78 |
| Devisenterminkontrakte |  |  |  |
| Devisenterminkontrakte (Kauf/Verkauf) |  |  |  |

| GBP | 30 181 500.00 | USD | 37 140 940.41 | 1.11.2019 | 1 913 920.59 | 0.06 |
| --- | --- | --- | --- | --- | --- | --- |
| SGD | 7 330 100.00 | USD | 5 306 518.57 | 1.11.2019 | 79 498.55 | 0.00 |
| JPY | 1 851 306 600.00 | USD | 17 192 046.35 | 1.11.2019 | -66 967.95 | 0.00 |
| EUR | 1 074 610 400.00 | USD | 1 176 408 243.19 | 1.11.2019 | 22 480 849.57 | 0.69 |
| CHF | 813 765 900.00 | USD | 821 902 737.10 | 1.11.2019 | 2 790 346.25 | 0.09 |
| JPY | 9 804 300.00 | USD | 90 858.46 | 1.11.2019 | -166.08 | 0.00 |
| GBP | 578 600.00 | USD | 709 835.10 | 1.11.2019 | 38 873.30 | 0.00 |
| GBP | 137 000.00 | USD | 168 587.68 | 1.11.2019 | 8 690.32 | 0.00 |
| USD | 21 669.16 | SGD | 30 000.00 | 1.11.2019 | -374.27 | 0.00 |
| GBP | 211 400.00 | USD | 262 419.91 | 1.11.2019 | 11 131.69 | 0.00 |
| USD | 68 849.66 | SGD | 95 000.00 | 1.11.2019 | -954.52 | 0.00 |
| USD | 1 639 298.88 | CHF | 1 628 600.00 | 1.11.2019 | -11 169.83 | 0.00 |
| EUR | 1 924 100.00 | USD | 2 118 663.07 | 1.11.2019 | 27 959.10 | 0.00 |
| GBP | 80 700.00 | USD | 98 583.68 | 1.11.2019 | 5 842.12 | 0.00 |
| GBP | 48 677 400.00 | USD | 59 468 965.40 | 1.11.2019 | 3 519 590.20 | 0.11 |
| EUR | 92 256 700.00 | USD | 101 220 360.97 | 1.11.2019 | 1 705 826.39 | 0.05 |
| CHF | 83 490 600.00 | USD | 84 261 806.18 | 1.11.2019 | 349 898.91 | 0.01 |
| USD | 8 478.49 | SGD | 11 700.00 | 1.11.2019 | -118.45 | 0.00 |
| GBP | 147 600.00 | USD | 181 179.15 | 1.11.2019 | 9 815.25 | 0.00 |
| USD | 2 716 961.64 | EUR | 2 467 700.00 | 1.11.2019 | -36 127.87 | 0.00 |
| USD | 1 646 201.84 | CHF | 1 638 400.00 | 1.11.2019 | -14 198.46 | 0.00 |
| JPY | 50 919 100.00 | USD | 468 854.51 | 1.11.2019 | 2 160.71 | 0.00 |
| JPY | 10 486 900.00 | USD | 96 742.53 | 1.11.2019 | 264.08 | 0.00 |
| SGD | 13 800.00 | USD | 10 140.92 | 1.11.2019 | -0.94 | 0.00 |
| JPY | 5 864 000.00 | USD | 54 051.36 | 1.11.2019 | 192.20 | 0.00 |
| USD | 2 184 151.34 | CHF | 2 160 400.00 | 1.11.2019 | -5 258.34 | 0.00 |
| GBP | 205 600.00 | USD | 264 737.71 | 1.11.2019 | 1 308.69 | 0.00 |
| USD | 2 159 920.52 | CHF | 2 149 900.00 | 1.11.2019 | -18 848.17 | 0.00 |
| GBP | 30 764 000.00 | USD | 39 662 117.83 | 29.11.2019 | 179 881.64 | 0.01 |
| SGD | 7 207 200.00 | USD | 5 291 416.28 | 29.11.2019 | 5 722.01 | 0.00 |
| JPY | 1 928 380 900.00 | USD | 17 742 477.41 | 29.11.2019 | 123 087.05 | 0.00 |
| EUR | 1 052 661 300.00 | USD | 1 172 584 685.94 | 29.11.2019 | 3 873 433.78 | 0.12 |

Focused SICAV – High Grade 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) |  |

Devisenterminkontrakte (Fortsetzung)
Devisenterminkontrakte (Kauf/Verkauf)
| CHF | 787 385 100.00 | USD | 795 352 945.81 | 29.11.2019 | 4 195 369.04 | 0.13 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 15 952 933.80 | EUR | 14 321 000.00 | 29.11.2019 | -52 268.19 | 0.00 |
| USD | 458 647.90 | GBP | 356 000.00 | 29.11.2019 | -2 402.41 | 0.00 |
| USD | 462 076.24 | SGD | 629 500.00 | 29.11.2019 | -592.83 | 0.00 |
| USD | 131 261.29 | GBP | 101 400.00 | 29.11.2019 | -60.34 | 0.00 |
| USD | 19 615.64 | SGD | 26 700.00 | 29.11.2019 | -8.29 | 0.00 |
| Total Devisenterminkontrakte (Kauf/Verkauf) | 41 114 144.50 | 1.27 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 11 594 297.37 | 0.36 |
| Andere Aktiva und Passiva | -13 148 198.31 | -0.41 |
| Total des Nettovermögens | 3 242 882 467.48 | 100.00 |

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