# Focused SICAV – Corporate Bond EUR
| Three-year comparison |  |
| --- | --- |
| Date | ISIN | 31.10.2019 | 31.10.2018 | 31.10.2017 |
| Net assets in EUR |  | 689 876 626.27 | 317 781 843.25 | 480 448 925.34 |
| Class DH F-acc 1 | LU0606765773 |  |  |  |
| Shares outstanding |  | - | - | 336 933.9650 |
| Net asset value per share in EUR |  | - | - | 109.77 |
| Issue and redemption price per share in EUR 2 |  | - | - | 109.77 |
| Class (CHF hedged) DH F-acc 1 | LU0606775061 |  |  |  |
| Shares outstanding |  | - | - | 452 866.2810 |
| Net asset value per share in CHF |  | - | - | 105.79 |
| Issue and redemption price per share in CHF 2 |  | - | - | 105.79 |
| Class (USD hedged) DH F-acc 1 | LU0606771078 |  |  |  |
| Shares outstanding |  | - | - | 424 366.8540 |
| Net asset value per share in USD |  | - | - | 113.69 |
| Issue and redemption price per share in USD 2 |  | - | - | 113.69 |
| Class F-acc | LU0224579853 |  |  |  |
| Shares outstanding |  | 363 425.5220 | 192 548.4990 | 37 549.5110 |
| Net asset value per share in EUR |  | 167.92 | 158.11 | 159.94 |
| Issue and redemption price per share in EUR 2 |  | 167.92 | 158.11 | 159.94 |
| Class (CHF hedged) F-acc | LU0581055034 |  |  |  |
| Shares outstanding |  | 345 452.2940 | 35 352.9280 | 25 974.7090 |
| Net asset value per share in CHF |  | 136.78 | 129.41 | 131.56 |
| Issue and redemption price per share in CHF 2 |  | 136.78 | 129.41 | 131.56 |
| Class (USD hedged) F-acc | LU1272229326 |  |  |  |
| Shares outstanding |  | 964 709.5140 | 342 286.3660 | 690 146.0000 |
| Net asset value per share in USD |  | 124.42 | 113.78 | 112.32 |
| Issue and redemption price per share in USD 2 |  | 124.42 | 113.78 | 112.32 |
| Class F-UKdist | LU0526609044 |  |  |  |
| Shares outstanding |  | 1 105 292.4470 | 628 027.6390 | 562 190.4640 |
| Net asset value per share in EUR |  | 120.73 | 116.21 | 120.09 |
| Issue and redemption price per share in EUR 2 |  | 120.73 | 116.21 | 120.09 |
| Class (GBP hedged) F-UKdist | LU0526609127 |  |  |  |
| Shares outstanding |  | 2 753 748.4180 | 1 519 598.8100 | 1 819 191.1720 |
| Net asset value per share in GBP |  | 107.98 | 102.69 | 105.02 |
| Issue and redemption price per share in GBP 2 |  | 107.98 | 102.69 | 105.02 |
| 1  The share classes DH F-acc, (CHF hedged) DH F-acc and (USD hedged) 2  See note 1 | DH F-acc were in circulation until 9.4.2018 |  |  |  |
| Performance |  |  |  |  |
|  | Currency | 2018/2019 | 2017/2018 | 2016/2017 |
| Class DH F-acc 1 | EUR | - | - | 0.9% |
| Class (CHF hedged) DH F-acc 1 | CHF | - | - | 0.5% |
| Class (USD hedged) DH F-acc 1 | USD | - | - | 2.8% |
| Class F-acc | EUR | 6.2% | -1.1% | 2.5% |
| Class (CHF hedged) F-acc | CHF | 5.7% | -1.6% | 2.1% |
| Class (USD hedged) F-acc | USD | 9.4% | 1.3% | 4.5% |
| Class F-UKdist | EUR | 6.2% | -1.1% | 2.5% |
| Class (GBP hedged) F-UKdist | GBP | 7.5% | -0.1% | 3.3% |

1 
The share classes DH F-acc, (CHF hedged) DH F-acc and (USD hedged) DH F-acc were in circulation until 9.4.2018. Due to this fact, 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 – Corporate Bond EUR 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 EUR corporate market produced a positive return due to both lower risk-free rates as well as tighter corporate spreads. Risk-free rates decreased over the financial year as central banks around the world have adopted a dovish monetary policy stance in response to growth concerns around the globe as well as political and geopolitical risks such as the trade war and Brexit.
The subfund produced a positive performance during the financial year. The overall long position in the financial (LT2) and non-financial (hybrid) subordinated bonds during the financial year was positive, while the cautious position in senior non-financial bonds was negative. Issuer selection in senior financial and non-financial bonds contributed positively to performance, while issue selection in financial (LT2) and non-financial (hybrid) subordinated bonds had a negative performance impact. We held a neutral duration stance which did not have a major impact on performance.
Focused SICAV – Corporate Bond EUR Annual Report as of 31 October 2019

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| France | 18.40 |
| --- | --- |
| The Netherlands | 17.83 |
| United States | 17.07 |
| Germany | 12.03 |
| United Kingdom | 10.39 |
| Luxembourg | 4.40 |
| Spain | 3.20 |
| Switzerland | 3.04 |
| Ireland | 2.15 |
| Finland | 1.68 |
| Australia | 1.32 |
| Japan | 1.28 |
| Italy | 1.22 |
| Jersey | 1.05 |
| Belgium | 0.78 |
| Guernsey | 0.75 |
| Singapore | 0.51 |
| Denmark | 0.45 |
| Sweden | 0.42 |
| Austria | 0.16 |
| Total | 98.13 |

Economic Breakdown as a % of net assets	
| Banks & credit institutions | 30.61 |
| --- | --- |
| Finance & holding companies | 28.30 |
| Telecommunications | 6.33 |
| Energy & water supply | 5.12 |
| Insurance | 4.97 |
| Countries & central governments | 3.96 |
| Building industry & materials | 2.68 |
| Food & soft drinks | 2.49 |
| Petroleum | 2.27 |
| Tobacco & alcohol | 2.27 |
| Electrical devices & components | 1.62 |
| Real Estate | 1.21 |
| Aerospace industry | 1.05 |
| Mortgage & funding institutions | 1.05 |
| Internet, software & IT services | 0.84 |
| Miscellaneous services | 0.75 |
| Pharmaceuticals, cosmetics & medical products | 0.75 |
| Electronics & semiconductors | 0.49 |
| Vehicles | 0.41 |
| Computer hardware & network equipment providers | 0.29 |
| Chemicals | 0.28 |
| Traffic & transportation | 0.17 |
| Miscellaneous trading companies | 0.13 |
| Retail trade, department stores | 0.09 |
| Total | 98.13 |


## Statement of Net Assets
Assets	31.10.2019
EUR
Investments in securities, cost	663 399 302.61
| Investments in securities, unrealized appreciation (depreciation) | 	13 584 139.25	 |
| --- | --- |
| Total investments in securities (Note 1) | 676 983 441.86 |
| Cash at banks, deposits on demand and deposit accounts | 6 519 647.05 |
| Other liquid assets (Margins) | 71 550.00 |
| Receivable on securities sales (Note 1) | 48 578.39 |
| Receivable on subscriptions | 185 991.23 |
| Interest receivable on securities | 7 049 898.93 |
| Unrealized gain (loss) on financial futures (Note 1) | -61 050.00 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | 7 963 794.57 |
| Total Assets | 698 761 852.03 |
|  |  |
| Liabilities |  |
| Payable on securities purchases (Note 1) | -8 527 946.23 |
| Payable on redemptions | -270 974.05 |
| Other liabilities | -1 542.89 |
| Provisions for flat fee (Note 2) | -59 484.68 |
| Provisions for taxe d’abonnement (Note 3) | -5 811.46 |
| Provisions for other commissions and fees (Note 2) | 	-19 466.45	 |
| Total provisions | -84 762.59 |
| Total Liabilities | -8 885 225.76 |
|  |  |
| Net assets at the end of the financial year | 689 876 626.27 |
| Statement of Operations | EUR |
| Income | 1.11.2018-31.10.2019 |
| Interest on liquid assets | 1 620.41 |
| Interest on securities | 9 483 415.13 |
| Interest received on swaps (Note 1) | 84 132.90 |
| Income on securities lending (Note 12) | 224 885.47 |
| Other income (Note 4) | 1 025 856.71 |
| Total income | 10 819 910.62 |
|  |  |
| Expenses |  |
| Interest paid on swaps (Note 1) | -97 495.24 |
| Flat fee (Note 2) | -863 376.13 |
| Taxe d’abonnement (Note 3) | -50 989.60 |
| Cost on securities lending (Note 12) | -89 954.19 |
| Other commissions and fees (Note 2) | -21 913.32 |
| Interest on cash and bank overdraft | -41 542.33 |
| Total expenses | -1 165 270.81 |
|  |  |
| Net income (loss) on investments | 9 654 639.81 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -1 486 943.64 |
| Realized gain (loss) on financial futures | 38 281.00 |
| Realized gain (loss) on forward foreign exchange contracts | 20 187 256.62 |
| Realized gain (loss) on swaps | -90 132.16 |
| Realized gain (loss) on foreign exchange | -8 423 867.39 |
| Total realized gain (loss) | 10 224 594.43 |
|  |  |
| Net realized gain (loss) of the financial year | 19 879 234.24 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 17 443 036.76 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | -8 194.53 |
| Unrealized appreciation (depreciation) on financial futures | -33 190.00 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 4 497 471.16 |
| Total changes in unrealized appreciation (depreciation) | 21 899 123.39 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 41 778 357.63 |

Focused SICAV – Corporate Bond EUR Annual Report as of 31 October 2019
| Statement of Changes in Net Assets |  |
| --- | --- |
|  |  | EUR |
|  |  | 1.11.2018-31.10.2019 |
| Net assets at the beginning of the financial year |  | 317 781 843.25 |
| Subscriptions |  | 421 423 261.29 |
| Redemptions |  | 	-85 704 730.98	 |
| Total net subscriptions (redemptions) |  | 335 718 530.31 |
| Dividend paid |  | -5 402 104.92 |
| Net income (loss) on investments |  | 9 654 639.81 |
| Total realized gain (loss) |  | 10 224 594.43 |
| Total changes in unrealized appreciation (depreciation) |  | 	21 899 123.39	 |
| Net increase (decrease) in net assets as a result of operations |  | 41 778 357.63 |
| Net assets at the end of the financial year |  | 689 876 626.27 |
| 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 |  | 192 548.4990 |
| Number of shares issued |  | 208 786.8720 |
| Number of shares redeemed |  | -37 909.8490 |
| Number of shares outstanding at the end of the financial year |  | 363 425.5220 |
| Class |  | (CHF hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 35 352.9280 |
| Number of shares issued |  | 312 852.2510 |
| Number of shares redeemed |  | -2 752.8850 |
| Number of shares outstanding at the end of the financial year |  | 345 452.2940 |
| Class |  | (USD hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 342 286.3660 |
| Number of shares issued |  | 656 990.3980 |
| Number of shares redeemed |  | -34 567.2500 |
| Number of shares outstanding at the end of the financial year |  | 964 709.5140 |
| Class |  | F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 628 027.6390 |
| Number of shares issued |  | 522 390.5110 |
| Number of shares redeemed |  | -45 125.7030 |
| Number of shares outstanding at the end of the financial year |  | 1 105 292.4470 |
| Class |  | (GBP hedged) F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 1 519 598.8100 |
| Number of shares issued |  | 1 819 059.7850 |
| Number of shares redeemed |  | -584 910.1770 |
| Number of shares outstanding at the end of the financial year |  | 2 753 748.4180 |
| Annual Distribution 1 |  |  |
| Focused SICAV – Corporate Bond EUR	Ex-Date | Pay-Date | Currency	Amount per share |
| F-UKdist	15.11.2018 | 20.11.2018 | EUR	2.52 |
| (GBP hedged) F-UKdist	15.11.2018 | 20.11.2018 | GBP	2.22 |
| 1  See note 5 |  |  |

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

## Statement of Investments in Securities and other Net Assets as of 31 October 2019
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |  |
| Notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ENEL FINANCE INTERNATIONAL NV-REG-S 1.37500% 16-01.06.26 | 10 172 000.00 | 10 900 477.95 | 1.58 |
| EUR	FORD MOTOR CREDIT CO LLC 1.51400% 19-17.02.23 | 1 600 000.00 | 1 596 368.00 | 0.23 |
| EUR	PHILIP MORRIS INTERNATIONAL INC 0.80000% 19-01.08.31 | 1 500 000.00 | 1 429 695.00 | 0.21 |
| EUR	SB CAPITAL SA FOR SBERBANK-REG-S LPN 3.35240% 14-15.11.19 | 3 900 000.00 | 3 900 000.00 | 0.56 |
| Total EUR |  | 17 826 540.95 | 2.58 |
| Total Notes, fixed rate |  | 17 826 540.95 | 2.58 |
| Medium term notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ABN AMRO BANK NV-REG-S-SUB 7.12500% 12-06.07.22 | 4 100 000.00 | 4 839 599.00 | 0.70 |
| EUR	AIB GROUP PLC-REG-S 1.25000% 19-28.05.24 | 1 800 000.00 | 1 850 490.00 | 0.27 |
| EUR	ALLIANZ FINANCE II BV-REG-S 1.50000% 19-15.01.30 | 2 100 000.00 | 2 351 806.80 | 0.34 |
| EUR	ANGLO AMERICAN CAPITAL PLC-REG-S 1.62500% 17-18.09.25 | 2 200 000.00 | 2 283 670.40 | 0.33 |
| EUR	ANHEUSER-BUSCH INBEV SA/NV-REG-S 0.80000% 15-20.04.23 | 1 000 000.00 | 1 028 892.00 | 0.15 |
| EUR	ANHEUSER-BUSCH INBEV SA/NV-REG-S 0.87500% 16-17.03.22 | 1 000 000.00 | 1 021 824.00 | 0.15 |
| EUR	ASSICURAZIONI GENERALI SPA-REG-S-SUB 4.12500% 14-04.05.26 | 2 400 000.00 | 2 802 000.00 | 0.41 |
| EUR	AUTOSTRADE PER L’ITALIA SPA 4.37500% 10-16.09.25 | 700 000.00 | 779 866.36 | 0.11 |
| EUR	AUTOSTRADE PER L’ITALIA SPA 2.87500% 13-26.02.21 | 400 000.00 | 409 968.80 | 0.06 |
| EUR	BANCO BILBAO VIZCAYA ARGENTARIA-REG-S 0.37500% 19-02.10.24 | 5 100 000.00 | 5 094 390.00 | 0.74 |
| EUR	BANK OF AMERICA CORP-REG-S 1.37500% 14-10.09.21 | 3 300 000.00 | 3 392 485.80 | 0.49 |
| EUR	BANK OF AMERICA CORP-REG-S 1.37500% 15-26.03.25 | 5 300 000.00 | 5 645 114.80 | 0.82 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S 1.62500% 16-19.01.26 | 6 600 000.00 | 7 173 513.60 | 1.04 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S-SUB 2.37500% 16-24.03.26 | 3 500 000.00 | 3 843 000.00 | 0.56 |
| EUR	BANQUE FEDERATIVE DU CREDIT MUTUEL 2.62500% 14-18.03.24 | 3 600 000.00 | 4 005 122.40 | 0.58 |
| EUR	BARCLAYS BANK PLC-SUB 6.62500% 11-30.03.22 | 2 100 000.00 | 2 412 186.00 | 0.35 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 0.87500% 15-13.10.23 | 1 500 000.00 | 1 522 560.00 | 0.22 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 2.25000% 17-16.01.30 | 4 500 000.00 | 4 634 487.00 | 0.67 |
| EUR	BMW FINANCE NV-REG-S 2.62500% 14-17.01.24 | 1 000 000.00 | 1 104 730.00 | 0.16 |
| EUR	BNP PARIBAS SA 2.37500% 14-20.05.24 | 3 000 000.00 | 3 315 720.00 | 0.48 |
| EUR	BNP PARIBAS SA-REG-S 1.50000% 17-17.11.25 | 3 400 000.00 | 3 619 912.00 | 0.53 |
| EUR	BNP PARIBAS SA-REG-S 1.12500% 18-11.06.26 | 2 000 000.00 | 2 087 468.00 | 0.30 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 1.57300% 15-16.02.27 | 1 700 000.00 | 1 850 093.00 | 0.27 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 1.63700% 17-26.06.29 | 2 900 000.00 | 3 205 587.79 | 0.47 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 1.59400% 18-03.07.28 | 1 800 000.00 | 1 972 267.20 | 0.29 |
| EUR	BPCE SA 2.87500% 13-16.01.24 | 2 000 000.00 | 2 237 720.00 | 0.32 |
| EUR	BRITISH TELECOMMUNICATIONS PLC-REG-S 1.75000% 16-10.03.26 | 1 100 000.00 | 1 173 161.00 | 0.17 |
| EUR	BRITISH TELECOMMUNICATIONS PLC-REG-S 1.12500% 16-10.03.23 | 1 000 000.00 | 1 032 892.00 | 0.15 |
| EUR	CASINO GUICHARD PERRACHON SA-REG-S 1.86500% 17-13.06.22 | 700 000.00 | 650 921.60 | 0.09 |
| EUR	CIE DE SAINT-GOBAIN SA-REG-S 1.87500% 18-21.09.28 | 2 000 000.00 | 2 235 268.00 | 0.32 |
| EUR	CIE DE SAINT-GOBAIN SA-REG-S 1.87500% 19-15.03.31 | 4 900 000.00 | 5 451 691.00 | 0.79 |
| EUR	CIE DE SAINT-GOBAIN-REG-S 1.12500% 18-23.03.26 | 2 700 000.00 | 2 830 480.20 | 0.41 |
| EUR	CITIGROUP INC-REG-S 2.12500% 14-10.09.26 | 2 000 000.00 | 2 229 540.00 | 0.32 |
| EUR	CITIGROUP INC-REG-S 1.50000% 16-26.10.28 | 7 300 000.00 | 7 884 292.00 | 1.14 |
| EUR	CREDIT AGRICOLE SA LONDON 2.37500% 14-20.05.24 | 4 000 000.00 | 4 420 784.00 | 0.64 |
| EUR	CREDIT AGRICOLE SA LONDON-REG-S 1.87500% 16-20.12.26 | 5 900 000.00 | 6 475 792.80 | 0.94 |
| EUR	CREDIT SUISSE GRP FDNG GUERNSEY-REG-S 1.25000% 15-14.04.22 | 5 000 000.00 | 5 150 950.00 | 0.75 |
| EUR	CRH FINANCE GERMANY GMBH-REG-S 1.75000% 14-16.07.21 | 1 500 000.00 | 1 538 106.00 | 0.22 |
| EUR	DANSKE BANK AS-REG-S 0.50000% 16-06.05.21 | 3 100 000.00 | 3 128 365.00 | 0.45 |
| EUR	DEUTSCHE BANK AG-REG-S 1.12500% 15-17.03.25 | 900 000.00 | 894 298.64 | 0.13 |
| EUR	DEUTSCHE BANK AG-REG-S 1.62500% 19-12.02.21 | 2 900 000.00 | 2 933 640.00 | 0.43 |
| EUR	DEUTSCHE BANK-REG-S 2.37500% 13-11.01.23 | 3 700 000.00 | 3 855 244.97 | 0.56 |
| EUR	DEUTSCHE TELEKOM INTL FINANCE BV-REG-S 1.50000% 16-03.04.28 | 3 200 000.00 | 3 464 819.20 | 0.50 |
| EUR	DEUTSCHE TELEKOM INTL FINANCE BV-REG-S 1.37500% 17-30.01.27 | 900 000.00 | 969 613.20 | 0.14 |
| EUR	DEUTSCHE TELEKOM INTL FIN BV-REG-S 2.00000% 18-01.12.29 | 3 000 000.00 | 3 398 868.00 | 0.49 |
| EUR	DIAGEO FINANCE PLC-REG-S 1.75000% 14-23.09.24 | 6 700 000.00 | 7 244 991.40 | 1.05 |
| EUR	EDP FINANCE BV-REG-S 2.62500% 14-18.01.22 | 4 100 000.00 | 4 336 520.80 | 0.63 |
| EUR	ENAGAS FINANCIACIONES SAU-REG-S 1.25000% 15-06.02.25 | 7 300 000.00 | 7 705 296.00 | 1.12 |
| EUR	ENGIE SA-REG-S 2.37500% 14-19.05.26 | 1 600 000.00 | 1 841 982.72 | 0.27 |
| EUR	EUROGRID GMBH-REG-S 1.50000% 16-18.04.28 | 4 800 000.00 | 5 187 686.40 | 0.75 |
| EUR	FORD MOTOR CREDIT CO LLC 3.02100% 19-06.03.24 | 1 900 000.00 | 1 993 005.00 | 0.29 |
| EUR	GE CAPITAL EUROPEAN FUNDING 4.35000% 06-03.11.21 | 1 700 000.00 | 1 834 232.00 | 0.27 |
| EUR	GE CAPITAL EUROPEAN FUNDING 4.62500% 07-22.02.27 | 1 800 000.00 | 2 238 310.80 | 0.32 |
| EUR	GE CAPITAL EUROPEAN FUNDING-REG-S 0.80000% 15-21.01.22 | 3 100 000.00 | 3 129 718.46 | 0.45 |
| EUR	GENERAL MOTORS FINANCIAL CO INC-REG-S 0.95500% 16-07.09.23 | 3 300 000.00 | 3 314 513.40 | 0.48 |
| EUR	GENERAL MOTORS FINANCIAL CO INC-REG-S 1.69400% 18-26.03.25 | 3 800 000.00 | 3 881 739.90 | 0.56 |
| EUR	GLENCORE FINANCE EUROPE SA-REG-S 1.75000% 15-17.03.25 | 6 100 000.00 | 6 326 651.60 | 0.92 |
| EUR	GOLDMAN SACHS GROUP INC 2.87500% 14-03.06.26 | 6 700 000.00 | 7 727 096.60 | 1.12 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 1.62500% 16-27.07.26 | 4 000 000.00 | 4 282 008.00 | 0.62 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 1.25000% 16-01.05.25 | 1 900 000.00 | 1 973 879.22 | 0.29 |
| EUR	HEATHROW FUNDING LTD-REG-S 1.87500% 14-23.05.22 | 1 000 000.00 | 1 048 198.00 | 0.15 |
| EUR	HEATHROW FUNDING LTD-REG-S 1.50000% 15-11.02.30 | 5 800 000.00 | 6 195 525.20 | 0.90 |
| EUR	HEIDELBERGCEMENT AG-REG-S 1.50000% 16-07.02.25 | 3 900 000.00 | 4 091 841.00 | 0.59 |
| EUR	HEIDELBERGCEMENT FIN LUX SA-REG-S 0.50000% 17-18.01.21 | 400 000.00 | 402 201.60 | 0.06 |
| EUR	HOLCIM FINANCE LUXEMBOURG SA-REG-S 2.25000% 16-26.05.28 | 1 200 000.00 | 1 340 776.80 | 0.19 |
| EUR	HSBC HOLDINGS PLC-SUB 3.00000% 15-30.06.25 | 3 500 000.00 | 3 960 565.00 | 0.57 |
| EUR	HSBC HOLDINGS PLC-SUB 3.12500% 16-07.06.28 | 1 500 000.00 | 1 788 000.00 | 0.26 |
| EUR	IBERDROLA INTERNATIONAL BV-REG-S 3.50000% 13-01.02.21 | 800 000.00 | 836 236.80 | 0.12 |
| EUR	INNOGY FINANCE II BV-REG-S 5.75000% 03-14.02.33 | 2 300 000.00 | 3 687 760.20 | 0.53 |
| EUR	INTERNATIONAL BUSINESS MACHINES CORP 0.87500% 19-31.01.25 | 1 900 000.00 | 1 978 499.26 | 0.29 |
| EUR	JP MORGAN CHASE & CO 2.75000% 13-01.02.23 | 7 200 000.00 | 7 840 814.40 | 1.14 |
| EUR	JPMORGAN CHASE & CO-REG-S 1.50000% 15-27.01.25 | 4 200 000.00 | 4 489 161.60 | 0.65 |
| EUR	JPMORGAN CHASE & CO-REG-S 1.50000% 16-29.10.26 | 2 700 000.00 | 2 929 479.21 | 0.42 |
| EUR	KONINKLIJKE KPN NV-REG-S 1.12500% 16-11.09.28 | 500 000.00 | 516 496.90 | 0.08 |
| EUR	LANDESBANK BADEN-WUERTTEMBERG-REG-S-SUB 3.62500% 15-16.06.25 | 2 700 000.00 | 3 113 888.40 | 0.45 |
| EUR	LLOYDS BANK PLC-REG-S 1.25000% 15-13.01.25 | 1 300 000.00 | 1 375 345.40 | 0.20 |
| EUR	LOGICOR FINANCING SARL-REG-S 3.25000% 18-13.11.28 | 3 000 000.00 | 3 395 268.00 | 0.49 |
| EUR	LOGICOR FINANCING SARL-REG-S 1.62500% 19-15.07.27 | 3 900 000.00 | 3 974 919.00 | 0.58 |

Focused SICAV – Corporate Bond EUR Annual Report as of 31 October 2019
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | MORGAN STANLEY 1.75000% 15-30.01.25 | 8 100 000.00 | 8 698 428.00 | 1.26 |
| EUR | MORGAN STANLEY 1.75000% 16-11.03.24 | 1 000 000.00 | 1 067 540.00 | 0.16 |
| EUR | MORGAN STANLEY 1.87500% 17-27.04.27 | 2 500 000.00 | 2 752 750.00 | 0.40 |
| EUR | NATWEST MARKETS PLC-REG-S 1.00000% 19-28.05.24 | 2 900 000.00 | 2 971 076.97 | 0.43 |
| EUR | OP CORPORATE BANK PLC-REG-S-SUB 5.75000% 12-28.02.22 | 3 000 000.00 | 3 371 394.00 | 0.49 |
| EUR | ORANGE SA 1.12500% 19-15.07.24 | 1 700 000.00 | 1 781 396.00 | 0.26 |
| EUR | ORANGE SA-REG-S 1.00000% 18-12.09.25 | 2 100 000.00 | 2 202 249.00 | 0.32 |
| EUR | ORANGE SA-REG-S 1.37500% 18-20.03.28 | 4 900 000.00 | 5 303 848.20 | 0.77 |
| EUR | PHILIP MORRIS INTERNATIONAL INC 2.87500% 14-03.03.26 | 5 200 000.00 | 5 961 592.00 | 0.86 |
| EUR | RAIFFEISEN BANK INTL AG-SUB 6.62500% 11-18.05.21 | 800 000.00 | 879 478.40 | 0.13 |
| EUR | REPSOL INTERNATIONAL FINANCE BV-REG-S 2.25000% 14-10.12.26 | 2 000 000.00 | 2 280 252.00 | 0.33 |
| EUR | SANOFI-REG-S 1.37500% 18-21.03.30 | 2 500 000.00 | 2 783 121.75 | 0.40 |
| EUR | SANTANDER CONSUMER FINANCE SA-REG-S 0.87500% 18-30.05.23 | 2 800 000.00 | 2 870 560.00 | 0.42 |
| EUR | SCHAEFFLER AG-REG-S 1.87500% 19-26.03.24 | 1 900 000.00 | 1 958 786.00 | 0.28 |
| EUR | SCHAEFFLER AG-REG-S 2.87500% 19-26.03.27 | 800 000.00 | 858 000.00 | 0.12 |
| EUR | SHELL INTERNATIONAL FINANCE BV 2.50000% 14-24.03.26 | 5 400 000.00 | 6 271 776.00 | 0.91 |
| EUR | SKY PLC-REG-S 2.50000% 14-15.09.26 | 2 500 000.00 | 2 868 110.00 | 0.42 |
| EUR | SOCIETE GENERALE-REG-S 1.25000% 19-15.02.24 | 4 800 000.00 | 4 979 942.40 | 0.72 |
| EUR | SUMITOMO MITSUI FIN GP INC-REG-S 0.93400% 17-11.10.24 | 1 900 000.00 | 1 960 078.00 | 0.28 |
| EUR | SUMITOMO MITSUI FIN GP INC-REG-S 0.81900% 18-23.07.23 | 6 700 000.00 | 6 856 739.80 | 0.99 |
| EUR | TELEFONICA EMISIONES SA-REG-S 1.46000% 16-13.04.26 | 2 100 000.00 | 2 246 504.40 | 0.33 |
| EUR | TELEFONICA EMISIONES SAU-REG-S 0.75000% 16-13.04.22 | 2 800 000.00 | 2 851 184.00 | 0.41 |
| EUR | UBS GROUP AG-REG-S 1.25000% 16-01.09.26 | 1 040 000.00 | 1 102 868.00 | 0.16 |
| EUR | UNICREDITO ITALIANO SPA 1.00000% 18-18.01.23 | 4 400 000.00 | 4 457 604.80 | 0.65 |
| EUR | VEOLIA ENVIRONNEMENT-REG-S 0.89200% 19-14.01.24 | 4 100 000.00 | 4 241 614.00 | 0.62 |
| EUR | VERIZON COMMUNICATIONS INC 3.25000% 14-17.02.26 | 4 500 000.00 | 5 343 282.00 | 0.77 |
| EUR | VINCI SA-REG-S 1.62500% 19-18.01.29 | 3 500 000.00 | 3 911 600.00 | 0.57 |
| EUR | VODAFONE GROUP PLC-REG-S 1.60000% 16-29.07.31 | 1 300 000.00 | 1 371 731.40 | 0.20 |
| EUR | VODAFONE GROUP PLC-REG-S 1.50000% 17-24.07.27 | 2 800 000.00 | 3 010 425.60 | 0.44 |
| EUR | VOLKSWAGEN BANK GMBH-REG-S 1.25000% 17-15.12.25 | 400 000.00 | 412 196.80 | 0.06 |
| EUR | VOLKSWAGEN FINANCIAL SERVICES AG 1.37500% 18-16.10.23 | 4 500 000.00 | 4 668 228.00 | 0.68 |
| EUR | VOLKSWAGEN INTERNATIONAL FIN NV-REG-S 1.62500% 15-16.01.30 | 3 450 000.00 | 3 601 958.70 | 0.52 |
| EUR | VOLKSWAGEN LEASING GMBH-REG-S 1.12500% 17-04.04.24 | 1 800 000.00 | 1 852 221.59 | 0.27 |
| EUR | VONOVIA FINANCE BV-REG-S 1.25000% 16-06.12.24 | 600 000.00 | 627 864.00 | 0.09 |
| EUR | VONOVIA FINANCE BV-REG-S 0.87500% 18-03.07.23 | 1 300 000.00 | 1 330 784.00 | 0.19 |
| EUR | VONOVIA FINANCE BV-REG-S 0.62500% 19-07.10.27 | 2 500 000.00 | 2 488 760.00 | 0.36 |
| EUR | WELLS FARGO & CO-REG-S 2.62500% 12-16.08.22 | 2 600 000.00 | 2 790 533.20 | 0.40 |
| Total EUR |  |  | 365 172 290.64 | 52.93 |
| Total Medium term notes, fixed rate |  | 365 172 290.64 | 52.93 |
| Medium term notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	ALLIANZ FINANCE II-SUB 5.750%/3M EURIBOR+334.9BP 11-08.07.41 | 1 600 000.00 | 1 751 120.00 | 0.25 |
| EUR	ALLIANZ SE-REG-S-SUB 4.750%/3M EURIBOR+360BP 13-PRP | 4 200 000.00 | 4 820 726.40 | 0.70 |
| EUR	AVIVA PLC-REG-S-SUB 3.375%/VAR 15-04.12.45 | 3 800 000.00 | 4 152 579.20 | 0.60 |
| EUR	AVIVA PLC-SUB 6.125%/VAR 13-05.07.43 | 1 300 000.00 | 1 522 794.00 | 0.22 |
| EUR	AXA SA-REG-S-SUB 3.375%/VAR 16-06.07.47 | 2 000 000.00 | 2 278 380.00 | 0.33 |
| EUR	AXA SA-REG-S-SUB 3.941%/VAR 14-PRP | 2 600 000.00 | 2 914 132.00 | 0.42 |
| EUR	BANK OF IRELAND GROUP PLC-REG-S 0.750%/VAR 19-08.07.24 | 1 600 000.00 | 1 607 577.60 | 0.23 |
| EUR	BARCLAYS PLC-REG-S 1.375%/VAR 18-24.01.26 | 1 800 000.00 | 1 867 122.00 | 0.27 |
| EUR	BAYER AG-REG-S-SUB 3.000%/VAR 14-01.07.75 | 1 900 000.00 | 1 923 240.80 | 0.28 |
| EUR	BNP PARIBAS-REG-S 2.125%/VAR 19-23.01.27 | 5 300 000.00 | 5 819 474.20 | 0.84 |
| EUR	CITIGROUP INC-SUB 4.250%/FLR 05-25.02.30 | 900 000.00 | 1 055 151.00 | 0.15 |
| EUR	COMMONWEALTH BK OF AUSTRLIA-REG-S-SUB 1.936%/VAR 17-03.10.29 | 3 500 000.00 | 3 651 375.00 | 0.53 |
| EUR	DANONE SA-REG-S-SUB 1.750%/VAR 17-PRP | 4 400 000.00 | 4 478 452.00 | 0.65 |
| EUR	DBS GROUP HOLDINGS LTD-REG-S-SUB 1.500%/VAR 18-11.04.28 | 3 500 000.00 | 3 552 612.00 | 0.52 |
| EUR	ELECTRICITE DE FRANCE SA-REG-S-SUB 4.125%/VAR 14-PRP | 1 900 000.00 | 2 023 500.00 | 0.29 |
| EUR	ELECTRICITE DE FRANCE SA-REG-S-SUB 5.000%/VAR 14-PRP | 1 900 000.00 | 2 151 750.00 | 0.31 |
| EUR	ENBW ENERGIE BADEN-WUERTT-REG-S-SUB 3.625%/VAR 14-02.04.76 | 1 500 000.00 | 1 563 741.00 | 0.23 |
| EUR	IBERDROLA INTERNATIONAL BV-REG-S-SUB 2.625%/VAR 18-PRP | 7 400 000.00 | 7 871 587.20 | 1.14 |
| EUR	ING BANK NV-SUB 3.625%/VAR 14-25.02.26 | 6 500 000.00 | 6 793 238.40 | 0.99 |
| EUR	ING GROEP NV-SUB 3.000%/VAR 17-11.04.28 | 4 300 000.00 | 4 651 112.20 | 0.67 |
| EUR	LA BANQUE POSTALE-REG-S-SUB-2.750%/VAR 14-23.04.26 | 2 500 000.00 | 2 589 295.00 | 0.38 |
| EUR	NORDEA BANK ABP-REG-S-SUB 1.000%/VAR 16-07.09.26 | 8 100 000.00 | 8 207 649.00 | 1.19 |
| EUR	SVENSKA HANDELSBANKEN AB-REG-S-SUB 1.625%/VAR 18-05.03.29 | 2 750 000.00 | 2 880 372.00 | 0.42 |
| EUR	TOTAL SA-REG-S-SUB 2.250%/VAR 15-PRP | 7 300 000.00 | 7 481 156.80 | 1.09 |
| EUR	TOTAL SA-REG-S-SUB 3.875%/VAR 16-PRP | 600 000.00 | 650 277.00 | 0.10 |
| EUR	TOTAL SA-REG-S-SUB 3.369%/VAR 16-PRP | 6 600 000.00 | 7 537 252.80 | 1.09 |
| EUR	UBS AG-REG-S-SUB 4.750%/VAR 14-12.02.26 | 5 300 000.00 | 5 578 250.00 | 0.81 |
| Total EUR |  | 101 373 917.60 | 14.70 |
| Total Medium term notes, floating rate |  | 101 373 917.60 | 14.70 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ALTRIA GROUP INC 3.12500% 19-15.06.31 | 1 400 000.00 | 1 542 472.26 | 0.22 |
| EUR	ARGENTUM NETHERLANDS BV FOR GIV-REG-S 2.00000% 18-17.09.30 | 3 600 000.00 | 4 114 856.88 | 0.60 |
| EUR	AT&T INC 2.60000% 14-17.12.29 | 4 400 000.00 | 5 135 468.80 | 0.74 |
| EUR	AT&T INC 3.50000% 13-17.12.25 | 4 700 000.00 | 5 577 960.00 | 0.81 |
| EUR	BAYER CAPITAL CORP BV-REG-S 1.50000% 18-26.06.26 | 1 700 000.00 | 1 796 247.20 | 0.26 |
| EUR	BAYER CAPITAL CORP BV-REG-S 2.12500% 18-15.12.29 | 1 100 000.00 | 1 206 755.00 | 0.18 |
| EUR	BELFIUS BANK SA/NV-REG-S-SUB 3.12500% 16-11.05.26 | 2 900 000.00 | 3 308 039.57 | 0.48 |
| EUR	COCA-COLA EUROPEAN PARTNERS PLC-REG-S 1.75000% 16-26.05.28 | 7 200 000.00 | 7 965 460.80 | 1.15 |
| EUR	CREDIT AGRICOLE SA-REG-S-SUB 2.62500% 15-17.03.27 | 3 350 000.00 | 3 776 294.54 | 0.55 |
| EUR	CRH FINANCE LTD 3.12500% 13-03.04.23 | 3 800 000.00 | 4 195 625.60 | 0.61 |
| EUR	GENERAL ELECTRIC CO 0.37500% 17-17.05.22 | 2 500 000.00 | 2 494 046.48 | 0.36 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.25000% 18-15.08.28 | 12 000 000.00 | 12 780 840.00 | 1.85 |
| EUR	GIE PSA TRESORERIE 6.00000% 03-19.09.33 | 600 000.00 | 873 874.80 | 0.13 |
| EUR	IMPERIAL BRANDS FINANCE PLC-REG-S 1.37500% 17-27.01.25 | 3 300 000.00 | 3 381 081.00 | 0.49 |
| EUR	LANDESBANK BADEN-WUERTTEMBERG-REG-S-SUB 2.87500% 16-28.09.26 | 1 800 000.00 | 2 020 564.80 | 0.29 |
| EUR	MOLSON COORS BREWING CO 1.25000% 16-15.07.24 | 4 500 000.00 | 4 657 448.70 | 0.68 |
| EUR	MONDELEZ INTL 1.00000% 15-07.03.22 | 4 600 000.00 | 4 707 851.60 | 0.68 |
| EUR	RABOBANK NEDERLAND NV 4.12500% 10-14.07.25 | 4 900 000.00 | 6 040 034.00 | 0.88 |

Focused SICAV – Corporate Bond EUR Annual Report as of 31 October 2019
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | SAP SE-REG-S 1.62500% 18-10.03.31 | 5 100 000.00 | 5 791 468.20 | 0.84 |
| EUR | THERMO FISHER SCIENTIFIC INC 0.75000% 16-12.09.24 | 3 300 000.00 | 3 389 430.00 | 0.49 |
| EUR | UBS GROUP AG-REG-S 1.50000% 16-30.11.24 | 2 100 000.00 | 2 211 350.40 | 0.32 |
| EUR | VONOVIA FINANCE BV-REG-S 1.50000% 18-14.01.28 | 3 700 000.00 | 3 936 518.80 | 0.57 |
| EUR | WINTERSHALL DEA FINANCE-REG-S 1.82300% 19-25.09.31 | 6 300 000.00 | 6 423 138.54 | 0.93 |
| Total EUR |  |  | 97 326 827.97 | 14.11 |
| Total Bonds, fixed rate |  | 97 326 827.97 | 14.11 |
| Bonds, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 19-15.08.29 | 14 000 000.00 | 14 566 664.00 | 2.11 |
| Total EUR |  | 14 566 664.00 | 2.11 |
| Total Bonds, zero coupon |  | 14 566 664.00 | 2.11 |
| Bonds, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	ALLIANDER NV-REG-S-SUB 1.625%/VAR 18-PRP | 4 600 000.00 | 4 844 582.00 | 0.70 |
| EUR	ALLIANZ SE-REG-S-SUB 1.301%/3M EURIBOR+235BP 19-25.09.49 | 3 000 000.00 | 2 973 876.00 | 0.43 |
| EUR	AXA SA-SUB 5.250%/3MO EURIBOR+305BP 10-16.04.40 | 4 400 000.00 | 4 500 628.00 | 0.65 |
| EUR	BANCO BILBALO VIZCAYA ARGENT-REG-S-SUB 8.875%/VAR 16-PRP | 1 200 000.00 | 1 320 168.00 | 0.19 |
| EUR	BHP BILLITON FINANCE LTD-REG-S-SUB 5.625%/VAR 15-22.10.79 | 4 500 000.00 | 5 479 925.85 | 0.79 |
| EUR	DEUTSCHE BAHN FINANCE GMBH-REG-S-SUB 0.950%/VAR 19-PRP | 2 800 000.00 | 2 819 801.60 | 0.41 |
| EUR	ELECTRICITE DE FRANCE SA-REG-S-SUB 4.000%/VAR 18-PRP | 1 800 000.00 | 1 944 000.00 | 0.28 |
| EUR	ENGIE SA-REG-S-SUB 1.375%/VAR 18-PRP | 2 500 000.00 | 2 521 875.00 | 0.37 |
| EUR	ENGIE SA-REG-S-SUB 3.87500%/VAR 14-PRP | 4 300 000.00 | 4 826 750.00 | 0.70 |
| EUR	HOLCIM FINANCE LUXEMBOURG SA-REG-S-SUB 3.000%/VAR 19-PRP | 6 500 000.00 | 6 782 217.00 | 0.98 |
| EUR	MERCK KGAA-REG-S-SUB 2.625%/VAR 14-12.12.74 | 2 300 000.00 | 2 379 695.00 | 0.35 |
| EUR	RABOBANK NEDERLAND NV-REG-S-SUB 2.500%/VAR 14-26.05.26 | 5 300 000.00 | 5 485 224.40 | 0.80 |
| EUR	RAIFFEISEN BANK INTL AG-REG-S-SUB 4.500%/VAR 18-PRP | 200 000.00 | 189 750.00 | 0.03 |
| EUR	SSE PLC-REG-S-SUB 2.375%/VAR 15-PRP | 1 600 000.00 | 1 628 688.00 | 0.24 |
| EUR	SWISS RE FINANCE LUX SA-REG-S-SUB 2.534%/VAR 19-30.04.50 | 3 800 000.00 | 4 215 340.00 | 0.61 |
| EUR	TELEFONICA EUROPE BV-REG-S-SUB 3.000%/VAR 18-PRP | 3 200 000.00 | 3 292 780.80 | 0.48 |
| EUR	UBS GROUP AG-REG-S 1.250%/VAR 18-17.04.25 | 3 000 000.00 | 3 126 900.00 | 0.45 |
| EUR	UBS GROUP AG-REG-S-SUB 5.750%/VAR 15-PRP | 3 400 000.00 | 3 716 914.00 | 0.54 |
| EUR	VOLKSWAGEN INTERNATIONAL FIN NV-REG-S-SUB 2.500%/VAR 15-PRP | 2 000 000.00 | 2 048 080.00 | 0.30 |
| EUR	VOLKSWAGEN INTL FIN NV-REG-S-SUB 2.700%/VAR 17-PRP | 3 000 000.00 | 3 090 000.00 | 0.45 |
| EUR	VOLKSWAGEN INTL FINANCE NV-REG-S-SUB 3.375%/VAR 18-PRP | 5 500 000.00 | 5 755 035.00 | 0.83 |
| EUR	VOLKSWAGEN INTL FINANCE NV-REG-S-SUB 4.625%/VAR 18-PRP | 800 000.00 | 881 580.80 | 0.13 |
| EUR	ZUERCHER KANTONALBANK-REG-S-SUB 2.625%/VAR 15-15.06.27 | 5 000 000.00 | 5 268 500.00 | 0.76 |
| Total EUR |  | 79 092 311.45 | 11.47 |
| Total Bonds, floating rate |  | 79 092 311.45 | 11.47 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 675 358 552.61 | 97.90 |

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
| EUR |  |
| --- | --- |
| EUR | BNP PARIBAS SA-REG-S 1.50000% 17-23.05.28 | 1 500 000.00 | 1 624 889.25 | 0.23 |
| Total EUR |  |  | 1 624 889.25 | 0.23 |
| Total Medium term notes, fixed rate |  | 1 624 889.25 | 0.23 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market |  | 1 624 889.25 | 0.23 |
| Total investments in securities |  | 676 983 441.86 | 98.13 |
| Derivative instruments |  |  |  |
| Derivative instruments listed on an official stock exchange |  |  |  |
| Financial Futures on bonds |  |  |  |
|  |  |  |  |
| EUR	EURO-BUND FUTURE 06.12.19 | 15.00 | -61 050.00 | -0.01 |
| Total Financial Futures on bonds |  | -61 050.00 | -0.01 |
| Total Derivative instruments listed on an official stock exchange |  | -61 050.00 | -0.01 |
| Total Derivative instruments |  | -61 050.00 | -0.01 |

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

Forward Foreign Exchange contracts
Forward Foreign Exchange contracts (Purchase/Sale)
| GBP | 292 669 600.00 | EUR | 328 858 653.17 | 1.11.2019 | 10 597 683.83 | 1.53 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 118 158 300.00 | EUR | 107 933 737.09 | 1.11.2019 | -2 023 908.75 | -0.29 |
| CHF | 46 928 400.00 | EUR | 43 275 513.87 | 1.11.2019 | -646 955.82 | -0.09 |
| GBP | 614 300.00 | EUR | 692 397.76 | 1.11.2019 | 20 105.44 | 0.00 |
| EUR | 364 921.73 | CHF | 400 800.00 | 1.11.2019 | 845.26 | 0.00 |
| GBP | 508 700.00 | EUR | 588 796.32 | 1.11.2019 | 1 225.46 | 0.00 |
| CHF | 46 527 600.00 | EUR | 42 218 405.36 | 3.12.2019 | 57 010.73 | 0.01 |
| GBP | 293 792 600.00 | EUR | 340 114 493.43 | 3.12.2019 | 312 170.04 | 0.04 |
| USD | 118 586 100.00 | EUR | 106 448 787.91 | 3.12.2019 | -354 381.62 | -0.05 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | 7 963 794.57 | 1.15 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 6 591 197.05 | 0.96 |
| Other assets and liabilities | -1 600 757.21 | -0.23 |
| Total net assets | 689 876 626.27 | 100.00 |

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

Translation (ENDE, 2019-10-31):
# Focused SICAV – Corporate Bond EUR
| Dreijahresvergleich |  |
| --- | --- |
| Datum | ISIN | 31.10.2019 | 31.10.2018 | 31.10.2017 |
| Nettovermögen in EUR |  | 689 876 626.27 | 317 781 843.25 | 480 448 925.34 |
| Klasse DH F-acc 1 | LU0606765773 |  |  |  |
| Aktien im Umlauf |  | - | - | 336 933.9650 |
| Nettoinventarwert pro Aktie in EUR |  | - | - | 109.77 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | - | - | 109.77 |
| Klasse (CHF hedged) DH F-acc 1 | LU0606775061 |  |  |  |
| Aktien im Umlauf |  | - | - | 452 866.2810 |
| Nettoinventarwert pro Aktie in CHF |  | - | - | 105.79 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 2 |  | - | - | 105.79 |
| Klasse (USD hedged) DH F-acc 1 | LU0606771078 |  |  |  |
| Aktien im Umlauf |  | - | - | 424 366.8540 |
| Nettoinventarwert pro Aktie in USD |  | - | - | 113.69 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | - | - | 113.69 |
| Klasse F-acc | LU0224579853 |  |  |  |
| Aktien im Umlauf |  | 363 425.5220 | 192 548.4990 | 37 549.5110 |
| Nettoinventarwert pro Aktie in EUR |  | 167.92 | 158.11 | 159.94 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | 167.92 | 158.11 | 159.94 |
| Klasse (CHF hedged) F-acc | LU0581055034 |  |  |  |
| Aktien im Umlauf |  | 345 452.2940 | 35 352.9280 | 25 974.7090 |
| Nettoinventarwert pro Aktie in CHF |  | 136.78 | 129.41 | 131.56 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 2 |  | 136.78 | 129.41 | 131.56 |
| Klasse (USD hedged) F-acc | LU1272229326 |  |  |  |
| Aktien im Umlauf |  | 964 709.5140 | 342 286.3660 | 690 146.0000 |
| Nettoinventarwert pro Aktie in USD |  | 124.42 | 113.78 | 112.32 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 124.42 | 113.78 | 112.32 |
| Klasse F-UKdist | LU0526609044 |  |  |  |
| Aktien im Umlauf |  | 1 105 292.4470 | 628 027.6390 | 562 190.4640 |
| Nettoinventarwert pro Aktie in EUR |  | 120.73 | 116.21 | 120.09 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | 120.73 | 116.21 | 120.09 |
| Klasse (GBP hedged) F-UKdist | LU0526609127 |  |  |  |
| Aktien im Umlauf | 2 753 748.4180 | 1 519 598.8100 | 1 819 191.1720 |
| Nettoinventarwert pro Aktie in GBP | 107.98 | 102.69 | 105.02 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 2 | 107.98 | 102.69 | 105.02 |
| 1  Die Aktienklassen DH F-acc, (CHF hedged) DH F-acc und (USD hedged) DH F-acc waren bis zum 9.4.2018 im Umlauf 2  Siehe Erläuterung 1 |  |  |  |
| Performance |  |  |  |  |
|  | Währung | 2018/2019 | 2017/2018 | 2016/2017 |
| Klasse DH F-acc 1 | EUR | - | - | 0.9% |
| Klasse (CHF hedged) DH F-acc 1 | CHF | - | - | 0.5% |
| Klasse (USD hedged) DH F-acc 1 | USD | - | - | 2.8% |
| Klasse F-acc | EUR | 6.2% | -1.1% | 2.5% |
| Klasse (CHF hedged) F-acc | CHF | 5.7% | -1.6% | 2.1% |
| Klasse (USD hedged) F-acc | USD | 9.4% | 1.3% | 4.5% |
| Klasse F-UKdist | EUR | 6.2% | -1.1% | 2.5% |
| Klasse (GBP hedged) F-UKdist | GBP | 7.5% | -0.1% | 3.3% |

1 
Die Aktienklassen DH F-acc, (CHF hedged) DH F-acc und (USD hedged) DH F-acc waren bis zum 9.4.2018 im Umlauf. Auf Grund dessen 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 – Corporate Bond EUR Jahresbericht per 31. Oktober 2019

## Bericht des Portfolio Managers
Im Geschäftsjahr vom 1. November 2018 bis zum
31. Oktober 2019 verbuchte der Markt für EUR-Unter- nehmensanleihen einen positiven Gesamtertrag, der sowohl den tieferen risikolosen Zinsen als auch den engeren Kreditrisikoprämien von Unternehmensanleihen zu verdanken war. Die risikolosen Zinssätze sanken im Laufe des Geschäftsjahres, da die Zentralbanken welt- weit auf eine moderate Geldpolitik umschwenkten. Damit reagierten sie auf die Wachstumsängste in aller Welt sowie auf politische und geopolitische Risiken wie den Handelsstreit und den Brexit.
Der Subfonds erzielte im Geschäftsjahr eine posi- tive Wertentwicklung. Die gesamte Long-Position des Portfolios in nachrangigen Finanzwerten (LT2) und Nicht- finanzanleihen (Hybridtitel) wirkte sich im Geschäftsjahr positiv aus, während das vorsichtige Engagement in vor- rangigen Anleihen von Nichtfinanzunternehmen negativ zu Buche schlug. Die Emittentenauswahl bei vorrangigen Finanz- und Nichtfinanzanleihen kam der Wertentwick- lung zugute, doch die Titelauswahl bei nachrangigen Finanzwerten (LT2) und Nichtfinanzanleihen (Hybrid- titel) belastete das Ergebnis. Wir hielten eine neutrale Duration, die keinen wesentlichen Einfluss auf die Wert- entwicklung hatte.
Focused SICAV – Corporate Bond EUR Jahresbericht per 31. Oktober 2019

## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Frankreich	18.40
| Niederlande | 17.83 |
| --- | --- |
| Vereinigte Staaten | 17.07 |
| Deutschland | 12.03 |
| Grossbritannien | 10.39 |
| Luxemburg | 4.40 |
| Spanien | 3.20 |
| Schweiz | 3.04 |
| Irland | 2.15 |
| Finnland | 1.68 |
| Australien | 1.32 |
| Japan | 1.28 |
| Italien | 1.22 |
| Jersey | 1.05 |
| Belgien | 0.78 |
| Guernsey | 0.75 |
| Singapur | 0.51 |
| Dänemark | 0.45 |
| Schweden | 0.42 |
| Österreich | 0.16 |
| Total | 98.13 |

Wirtschaftliche Aufteilung in % des Nettovermögens	
| Banken & Kreditinstitute | 30.61 |
| --- | --- |
| Finanz- & Beteiligungsgesellschaften | 28.30 |
| Telekommunikation | 6.33 |
| Energie- & Wasserversorgung | 5.12 |
| Versicherungen | 4.97 |
| Länder- & Zentralregierungen | 3.96 |
| Baugewerbe & Baumaterial | 2.68 |
| Nahrungsmittel & Softdrinks | 2.49 |
| Erdöl | 2.27 |
| Tabak & alkoholische Getränke | 2.27 |
| Elektrische Geräte & Komponenten | 1.62 |
| Immobilien | 1.21 |
| Flugzeug- & Raumfahrtindustrie | 1.05 |
| Pfandbriefinstitute & Refinanzierungsgesellschaften | 1.05 |
| Internet, Software & IT-Dienste | 0.84 |
| Diverse Dienstleistungen | 0.75 |
| Pharmazeutik, Kosmetik & medizinische Produkte | 0.75 |
| Elektronik & Halbleiter | 0.49 |
| Fahrzeuge | 0.41 |
| Computer & Netzwerkausrüster | 0.29 |
| Chemie | 0.28 |
| Verkehr & Transport | 0.17 |
| Diverse Handelsfirmen | 0.13 |
| Detailhandel, Warenhäuser | 0.09 |
| Total | 98.13 |


## Nettovermögensaufstellung
Aktiva	31.10.2019
EUR
Wertpapierbestand, Einstandswert	663 399 302.61
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	13 584 139.25	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 676 983 441.86 |
| Bankguthaben, Sicht- und Fristgelder | 6 519 647.05 |
| Andere liquide Mittel (Margins) | 71 550.00 |
| Forderungen aus Wertpapierverkäufen (Erläuterung 1) | 48 578.39 |
| Forderungen aus Zeichnungen | 185 991.23 |
| Zinsforderungen aus Wertpapieren | 7 049 898.93 |
| Nicht realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten (Erläuterung 1) | -61 050.00 |
| Nicht realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten (Erläuterung 1) | 7 963 794.57 |
| Total Aktiva | 698 761 852.03 |
|  |  |
| Passiva |  |
| Verbindlichkeiten aus Wertpapierkäufen (Erläuterung 1) | -8 527 946.23 |
| Verbindlichkeiten aus Rücknahmen | -270 974.05 |
| Sonstige Verbindlichkeiten | -1 542.89 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -59 484.68 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -5 811.46 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-19 466.45	 |
| Total Rückstellungen für Aufwendungen | -84 762.59 |
| Total Passiva | -8 885 225.76 |
|  |  |
| Nettovermögen am Ende des Geschäftsjahres | 689 876 626.27 |
| Ertrags- und Aufwandsrechnung | EUR |
| Erträge | 1.11.2018-31.10.2019 |
| Zinsertrag auf liquide Mittel | 1 620.41 |
| Zinsen auf Wertpapiere | 9 483 415.13 |
| Zinsertrag auf Swaps (Erläuterung 1) | 84 132.90 |
| Erträge aus Securities Lending (Erläuterung 12) | 224 885.47 |
| Sonstige Erträge (Erläuterung 4) | 1 025 856.71 |
| Total Erträge | 10 819 910.62 |
|  |  |
| Aufwendungen |  |
| Zinsaufwand auf Swaps (Erläuterung 1) | -97 495.24 |
| Pauschale Verwaltungskommission (Erläuterung 2) | -863 376.13 |
| Abonnementsabgabe (Erläuterung 3) | -50 989.60 |
| Kosten aus Securities Lending (Erläuterung 12) | -89 954.19 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -21 913.32 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -41 542.33 |
| Total Aufwendungen | -1 165 270.81 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 9 654 639.81 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | -1 486 943.64 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | 38 281.00 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | 20 187 256.62 |
| Realisierter Kursgewinn (-verlust) aus Swaps | -90 132.16 |
| Realisierter Währungsgewinn (-verlust) | -8 423 867.39 |
| Total der realisierten Gewinne (Verluste) | 10 224 594.43 |
|  |  |
| Realisierter Nettogewinn (-verlust) des Geschäftsjahres | 19 879 234.24 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | 17 443 036.76 |
| Nicht realisierte Werterhöhung (-minderung) renditebewerteter Wertpapiere und Geldmarktinstrumente | -8 194.53 |
| Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten | -33 190.00 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | 4 497 471.16 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 21 899 123.39 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 41 778 357.63 |

Focused SICAV – Corporate Bond EUR Jahresbericht per 31. Oktober 2019
| Veränderungen des Nettovermögens |  |
| --- | --- |
|  |  | EUR |
|  |  | 1.11.2018-31.10.2019 |
| Nettovermögen zu Beginn des Geschäftsjahres |  | 317 781 843.25 |
| Zeichnungen |  | 421 423 261.29 |
| Rücknahmen |  | 	-85 704 730.98	 |
| Total Mittelzufluss (-abfluss) |  | 335 718 530.31 |
| Ausbezahlte Dividende |  | -5 402 104.92 |
| Nettoerträge (-verluste) aus Anlagen |  | 9 654 639.81 |
| Total der realisierten Gewinne (Verluste) |  | 10 224 594.43 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) |  | 	21 899 123.39	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit |  | 41 778 357.63 |
| Nettovermögen am Ende des Geschäftsjahres |  | 689 876 626.27 |
| Entwicklung der Aktien im Umlauf |  |  |
|  |  | 1.11.2018-31.10.2019 |
| Klasse |  | F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 192 548.4990 |
| Anzahl der ausgegebenen Aktien |  | 208 786.8720 |
| Anzahl der zurückgegebenen Aktien |  | -37 909.8490 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 363 425.5220 |
| Klasse |  | (CHF hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 35 352.9280 |
| Anzahl der ausgegebenen Aktien |  | 312 852.2510 |
| Anzahl der zurückgegebenen Aktien |  | -2 752.8850 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 345 452.2940 |
| Klasse |  | (USD hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 342 286.3660 |
| Anzahl der ausgegebenen Aktien |  | 656 990.3980 |
| Anzahl der zurückgegebenen Aktien |  | -34 567.2500 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 964 709.5140 |
| Klasse |  | F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 628 027.6390 |
| Anzahl der ausgegebenen Aktien |  | 522 390.5110 |
| Anzahl der zurückgegebenen Aktien |  | -45 125.7030 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 1 105 292.4470 |
| Klasse |  | (GBP hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 1 519 598.8100 |
| Anzahl der ausgegebenen Aktien |  | 1 819 059.7850 |
| Anzahl der zurückgegebenen Aktien |  | -584 910.1770 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 2 753 748.4180 |
| Jährliche Ausschüttung 1 |  |  |
| Focused SICAV – Corporate Bond EUR	Ex-Date | Pay-Date | Währung	Betrag pro Aktie |
| F-UKdist	15.11.2018 | 20.11.2018 | EUR	2.52 |
| (GBP hedged) F-UKdist	15.11.2018 | 20.11.2018 | GBP	2.22 |
| 1  Siehe Erläuterung 5 |  |  |

Focused SICAV – Corporate Bond EUR Jahresbericht per 31. Oktober 2019

## Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 31. Oktober 2019
| Bezeichnung | Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden |  |  |  |
| Notes, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	ENEL FINANCE INTERNATIONAL NV-REG-S 1.37500% 16-01.06.26 | 10 172 000.00 | 10 900 477.95 | 1.58 |
| EUR	FORD MOTOR CREDIT CO LLC 1.51400% 19-17.02.23 | 1 600 000.00 | 1 596 368.00 | 0.23 |
| EUR	PHILIP MORRIS INTERNATIONAL INC 0.80000% 19-01.08.31 | 1 500 000.00 | 1 429 695.00 | 0.21 |
| EUR	SB CAPITAL SA FOR SBERBANK-REG-S LPN 3.35240% 14-15.11.19 | 3 900 000.00 | 3 900 000.00 | 0.56 |
| Total EUR |  | 17 826 540.95 | 2.58 |
| Total Notes, fester Zins |  | 17 826 540.95 | 2.58 |
| Medium-Term Notes, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	ABN AMRO BANK NV-REG-S-SUB 7.12500% 12-06.07.22 | 4 100 000.00 | 4 839 599.00 | 0.70 |
| EUR	AIB GROUP PLC-REG-S 1.25000% 19-28.05.24 | 1 800 000.00 | 1 850 490.00 | 0.27 |
| EUR	ALLIANZ FINANCE II BV-REG-S 1.50000% 19-15.01.30 | 2 100 000.00 | 2 351 806.80 | 0.34 |
| EUR	ANGLO AMERICAN CAPITAL PLC-REG-S 1.62500% 17-18.09.25 | 2 200 000.00 | 2 283 670.40 | 0.33 |
| EUR	ANHEUSER-BUSCH INBEV SA/NV-REG-S 0.80000% 15-20.04.23 | 1 000 000.00 | 1 028 892.00 | 0.15 |
| EUR	ANHEUSER-BUSCH INBEV SA/NV-REG-S 0.87500% 16-17.03.22 | 1 000 000.00 | 1 021 824.00 | 0.15 |
| EUR	ASSICURAZIONI GENERALI SPA-REG-S-SUB 4.12500% 14-04.05.26 | 2 400 000.00 | 2 802 000.00 | 0.41 |
| EUR	AUTOSTRADE PER L’ITALIA SPA 4.37500% 10-16.09.25 | 700 000.00 | 779 866.36 | 0.11 |
| EUR	AUTOSTRADE PER L’ITALIA SPA 2.87500% 13-26.02.21 | 400 000.00 | 409 968.80 | 0.06 |
| EUR	BANCO BILBAO VIZCAYA ARGENTARIA-REG-S 0.37500% 19-02.10.24 | 5 100 000.00 | 5 094 390.00 | 0.74 |
| EUR	BANK OF AMERICA CORP-REG-S 1.37500% 14-10.09.21 | 3 300 000.00 | 3 392 485.80 | 0.49 |
| EUR	BANK OF AMERICA CORP-REG-S 1.37500% 15-26.03.25 | 5 300 000.00 | 5 645 114.80 | 0.82 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S 1.62500% 16-19.01.26 | 6 600 000.00 | 7 173 513.60 | 1.04 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S-SUB 2.37500% 16-24.03.26 | 3 500 000.00 | 3 843 000.00 | 0.56 |
| EUR	BANQUE FEDERATIVE DU CREDIT MUTUEL 2.62500% 14-18.03.24 | 3 600 000.00 | 4 005 122.40 | 0.58 |
| EUR	BARCLAYS BANK PLC-SUB 6.62500% 11-30.03.22 | 2 100 000.00 | 2 412 186.00 | 0.35 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 0.87500% 15-13.10.23 | 1 500 000.00 | 1 522 560.00 | 0.22 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 2.25000% 17-16.01.30 | 4 500 000.00 | 4 634 487.00 | 0.67 |
| EUR	BMW FINANCE NV-REG-S 2.62500% 14-17.01.24 | 1 000 000.00 | 1 104 730.00 | 0.16 |
| EUR	BNP PARIBAS SA 2.37500% 14-20.05.24 | 3 000 000.00 | 3 315 720.00 | 0.48 |
| EUR	BNP PARIBAS SA-REG-S 1.50000% 17-17.11.25 | 3 400 000.00 | 3 619 912.00 | 0.53 |
| EUR	BNP PARIBAS SA-REG-S 1.12500% 18-11.06.26 | 2 000 000.00 | 2 087 468.00 | 0.30 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 1.57300% 15-16.02.27 | 1 700 000.00 | 1 850 093.00 | 0.27 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 1.63700% 17-26.06.29 | 2 900 000.00 | 3 205 587.79 | 0.47 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 1.59400% 18-03.07.28 | 1 800 000.00 | 1 972 267.20 | 0.29 |
| EUR	BPCE SA 2.87500% 13-16.01.24 | 2 000 000.00 | 2 237 720.00 | 0.32 |
| EUR	BRITISH TELECOMMUNICATIONS PLC-REG-S 1.75000% 16-10.03.26 | 1 100 000.00 | 1 173 161.00 | 0.17 |
| EUR	BRITISH TELECOMMUNICATIONS PLC-REG-S 1.12500% 16-10.03.23 | 1 000 000.00 | 1 032 892.00 | 0.15 |
| EUR	CASINO GUICHARD PERRACHON SA-REG-S 1.86500% 17-13.06.22 | 700 000.00 | 650 921.60 | 0.09 |
| EUR	CIE DE SAINT-GOBAIN SA-REG-S 1.87500% 18-21.09.28 | 2 000 000.00 | 2 235 268.00 | 0.32 |
| EUR	CIE DE SAINT-GOBAIN SA-REG-S 1.87500% 19-15.03.31 | 4 900 000.00 | 5 451 691.00 | 0.79 |
| EUR	CIE DE SAINT-GOBAIN-REG-S 1.12500% 18-23.03.26 | 2 700 000.00 | 2 830 480.20 | 0.41 |
| EUR	CITIGROUP INC-REG-S 2.12500% 14-10.09.26 | 2 000 000.00 | 2 229 540.00 | 0.32 |
| EUR	CITIGROUP INC-REG-S 1.50000% 16-26.10.28 | 7 300 000.00 | 7 884 292.00 | 1.14 |
| EUR	CREDIT AGRICOLE SA LONDON 2.37500% 14-20.05.24 | 4 000 000.00 | 4 420 784.00 | 0.64 |
| EUR	CREDIT AGRICOLE SA LONDON-REG-S 1.87500% 16-20.12.26 | 5 900 000.00 | 6 475 792.80 | 0.94 |
| EUR	CREDIT SUISSE GRP FDNG GUERNSEY-REG-S 1.25000% 15-14.04.22 | 5 000 000.00 | 5 150 950.00 | 0.75 |
| EUR	CRH FINANCE GERMANY GMBH-REG-S 1.75000% 14-16.07.21 | 1 500 000.00 | 1 538 106.00 | 0.22 |
| EUR	DANSKE BANK AS-REG-S 0.50000% 16-06.05.21 | 3 100 000.00 | 3 128 365.00 | 0.45 |
| EUR	DEUTSCHE BANK AG-REG-S 1.12500% 15-17.03.25 | 900 000.00 | 894 298.64 | 0.13 |
| EUR	DEUTSCHE BANK AG-REG-S 1.62500% 19-12.02.21 | 2 900 000.00 | 2 933 640.00 | 0.43 |
| EUR	DEUTSCHE BANK-REG-S 2.37500% 13-11.01.23 | 3 700 000.00 | 3 855 244.97 | 0.56 |
| EUR	DEUTSCHE TELEKOM INTL FINANCE BV-REG-S 1.50000% 16-03.04.28 | 3 200 000.00 | 3 464 819.20 | 0.50 |
| EUR	DEUTSCHE TELEKOM INTL FINANCE BV-REG-S 1.37500% 17-30.01.27 | 900 000.00 | 969 613.20 | 0.14 |
| EUR	DEUTSCHE TELEKOM INTL FIN BV-REG-S 2.00000% 18-01.12.29 | 3 000 000.00 | 3 398 868.00 | 0.49 |
| EUR	DIAGEO FINANCE PLC-REG-S 1.75000% 14-23.09.24 | 6 700 000.00 | 7 244 991.40 | 1.05 |
| EUR	EDP FINANCE BV-REG-S 2.62500% 14-18.01.22 | 4 100 000.00 | 4 336 520.80 | 0.63 |
| EUR	ENAGAS FINANCIACIONES SAU-REG-S 1.25000% 15-06.02.25 | 7 300 000.00 | 7 705 296.00 | 1.12 |
| EUR	ENGIE SA-REG-S 2.37500% 14-19.05.26 | 1 600 000.00 | 1 841 982.72 | 0.27 |
| EUR	EUROGRID GMBH-REG-S 1.50000% 16-18.04.28 | 4 800 000.00 | 5 187 686.40 | 0.75 |
| EUR	FORD MOTOR CREDIT CO LLC 3.02100% 19-06.03.24 | 1 900 000.00 | 1 993 005.00 | 0.29 |
| EUR	GE CAPITAL EUROPEAN FUNDING 4.35000% 06-03.11.21 | 1 700 000.00 | 1 834 232.00 | 0.27 |
| EUR	GE CAPITAL EUROPEAN FUNDING 4.62500% 07-22.02.27 | 1 800 000.00 | 2 238 310.80 | 0.32 |
| EUR	GE CAPITAL EUROPEAN FUNDING-REG-S 0.80000% 15-21.01.22 | 3 100 000.00 | 3 129 718.46 | 0.45 |
| EUR	GENERAL MOTORS FINANCIAL CO INC-REG-S 0.95500% 16-07.09.23 | 3 300 000.00 | 3 314 513.40 | 0.48 |
| EUR	GENERAL MOTORS FINANCIAL CO INC-REG-S 1.69400% 18-26.03.25 | 3 800 000.00 | 3 881 739.90 | 0.56 |
| EUR	GLENCORE FINANCE EUROPE SA-REG-S 1.75000% 15-17.03.25 | 6 100 000.00 | 6 326 651.60 | 0.92 |
| EUR	GOLDMAN SACHS GROUP INC 2.87500% 14-03.06.26 | 6 700 000.00 | 7 727 096.60 | 1.12 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 1.62500% 16-27.07.26 | 4 000 000.00 | 4 282 008.00 | 0.62 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 1.25000% 16-01.05.25 | 1 900 000.00 | 1 973 879.22 | 0.29 |
| EUR	HEATHROW FUNDING LTD-REG-S 1.87500% 14-23.05.22 | 1 000 000.00 | 1 048 198.00 | 0.15 |
| EUR	HEATHROW FUNDING LTD-REG-S 1.50000% 15-11.02.30 | 5 800 000.00 | 6 195 525.20 | 0.90 |
| EUR	HEIDELBERGCEMENT AG-REG-S 1.50000% 16-07.02.25 | 3 900 000.00 | 4 091 841.00 | 0.59 |
| EUR	HEIDELBERGCEMENT FIN LUX SA-REG-S 0.50000% 17-18.01.21 | 400 000.00 | 402 201.60 | 0.06 |
| EUR	HOLCIM FINANCE LUXEMBOURG SA-REG-S 2.25000% 16-26.05.28 | 1 200 000.00 | 1 340 776.80 | 0.19 |
| EUR	HSBC HOLDINGS PLC-SUB 3.00000% 15-30.06.25 | 3 500 000.00 | 3 960 565.00 | 0.57 |
| EUR	HSBC HOLDINGS PLC-SUB 3.12500% 16-07.06.28 | 1 500 000.00 | 1 788 000.00 | 0.26 |
| EUR	IBERDROLA INTERNATIONAL BV-REG-S 3.50000% 13-01.02.21 | 800 000.00 | 836 236.80 | 0.12 |
| EUR	INNOGY FINANCE II BV-REG-S 5.75000% 03-14.02.33 | 2 300 000.00 | 3 687 760.20 | 0.53 |
| EUR	INTERNATIONAL BUSINESS MACHINES CORP 0.87500% 19-31.01.25 | 1 900 000.00 | 1 978 499.26 | 0.29 |
| EUR	JP MORGAN CHASE & CO 2.75000% 13-01.02.23 | 7 200 000.00 | 7 840 814.40 | 1.14 |
| EUR	JPMORGAN CHASE & CO-REG-S 1.50000% 15-27.01.25 | 4 200 000.00 | 4 489 161.60 | 0.65 |
| EUR	JPMORGAN CHASE & CO-REG-S 1.50000% 16-29.10.26 | 2 700 000.00 | 2 929 479.21 | 0.42 |
| EUR	KONINKLIJKE KPN NV-REG-S 1.12500% 16-11.09.28 | 500 000.00 | 516 496.90 | 0.08 |
| EUR	LANDESBANK BADEN-WUERTTEMBERG-REG-S-SUB 3.62500% 15-16.06.25 | 2 700 000.00 | 3 113 888.40 | 0.45 |
| EUR	LLOYDS BANK PLC-REG-S 1.25000% 15-13.01.25 | 1 300 000.00 | 1 375 345.40 | 0.20 |
| EUR	LOGICOR FINANCING SARL-REG-S 3.25000% 18-13.11.28 | 3 000 000.00 | 3 395 268.00 | 0.49 |
| EUR	LOGICOR FINANCING SARL-REG-S 1.62500% 19-15.07.27 | 3 900 000.00 | 3 974 919.00 | 0.58 |

Focused SICAV – Corporate Bond EUR Jahresbericht per 31. Oktober 2019
|  | Bezeichnung | Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| EUR | MORGAN STANLEY 1.75000% 15-30.01.25 | 8 100 000.00 | 8 698 428.00 | 1.26 |
| EUR | MORGAN STANLEY 1.75000% 16-11.03.24 | 1 000 000.00 | 1 067 540.00 | 0.16 |
| EUR | MORGAN STANLEY 1.87500% 17-27.04.27 | 2 500 000.00 | 2 752 750.00 | 0.40 |
| EUR | NATWEST MARKETS PLC-REG-S 1.00000% 19-28.05.24 | 2 900 000.00 | 2 971 076.97 | 0.43 |
| EUR | OP CORPORATE BANK PLC-REG-S-SUB 5.75000% 12-28.02.22 | 3 000 000.00 | 3 371 394.00 | 0.49 |
| EUR | ORANGE SA 1.12500% 19-15.07.24 | 1 700 000.00 | 1 781 396.00 | 0.26 |
| EUR | ORANGE SA-REG-S 1.00000% 18-12.09.25 | 2 100 000.00 | 2 202 249.00 | 0.32 |
| EUR | ORANGE SA-REG-S 1.37500% 18-20.03.28 | 4 900 000.00 | 5 303 848.20 | 0.77 |
| EUR | PHILIP MORRIS INTERNATIONAL INC 2.87500% 14-03.03.26 | 5 200 000.00 | 5 961 592.00 | 0.86 |
| EUR | RAIFFEISEN BANK INTL AG-SUB 6.62500% 11-18.05.21 | 800 000.00 | 879 478.40 | 0.13 |
| EUR | REPSOL INTERNATIONAL FINANCE BV-REG-S 2.25000% 14-10.12.26 | 2 000 000.00 | 2 280 252.00 | 0.33 |
| EUR | SANOFI-REG-S 1.37500% 18-21.03.30 | 2 500 000.00 | 2 783 121.75 | 0.40 |
| EUR | SANTANDER CONSUMER FINANCE SA-REG-S 0.87500% 18-30.05.23 | 2 800 000.00 | 2 870 560.00 | 0.42 |
| EUR | SCHAEFFLER AG-REG-S 1.87500% 19-26.03.24 | 1 900 000.00 | 1 958 786.00 | 0.28 |
| EUR | SCHAEFFLER AG-REG-S 2.87500% 19-26.03.27 | 800 000.00 | 858 000.00 | 0.12 |
| EUR | SHELL INTERNATIONAL FINANCE BV 2.50000% 14-24.03.26 | 5 400 000.00 | 6 271 776.00 | 0.91 |
| EUR | SKY PLC-REG-S 2.50000% 14-15.09.26 | 2 500 000.00 | 2 868 110.00 | 0.42 |
| EUR | SOCIETE GENERALE-REG-S 1.25000% 19-15.02.24 | 4 800 000.00 | 4 979 942.40 | 0.72 |
| EUR | SUMITOMO MITSUI FIN GP INC-REG-S 0.93400% 17-11.10.24 | 1 900 000.00 | 1 960 078.00 | 0.28 |
| EUR | SUMITOMO MITSUI FIN GP INC-REG-S 0.81900% 18-23.07.23 | 6 700 000.00 | 6 856 739.80 | 0.99 |
| EUR | TELEFONICA EMISIONES SA-REG-S 1.46000% 16-13.04.26 | 2 100 000.00 | 2 246 504.40 | 0.33 |
| EUR | TELEFONICA EMISIONES SAU-REG-S 0.75000% 16-13.04.22 | 2 800 000.00 | 2 851 184.00 | 0.41 |
| EUR | UBS GROUP AG-REG-S 1.25000% 16-01.09.26 | 1 040 000.00 | 1 102 868.00 | 0.16 |
| EUR | UNICREDITO ITALIANO SPA 1.00000% 18-18.01.23 | 4 400 000.00 | 4 457 604.80 | 0.65 |
| EUR | VEOLIA ENVIRONNEMENT-REG-S 0.89200% 19-14.01.24 | 4 100 000.00 | 4 241 614.00 | 0.62 |
| EUR | VERIZON COMMUNICATIONS INC 3.25000% 14-17.02.26 | 4 500 000.00 | 5 343 282.00 | 0.77 |
| EUR | VINCI SA-REG-S 1.62500% 19-18.01.29 | 3 500 000.00 | 3 911 600.00 | 0.57 |
| EUR | VODAFONE GROUP PLC-REG-S 1.60000% 16-29.07.31 | 1 300 000.00 | 1 371 731.40 | 0.20 |
| EUR | VODAFONE GROUP PLC-REG-S 1.50000% 17-24.07.27 | 2 800 000.00 | 3 010 425.60 | 0.44 |
| EUR | VOLKSWAGEN BANK GMBH-REG-S 1.25000% 17-15.12.25 | 400 000.00 | 412 196.80 | 0.06 |
| EUR | VOLKSWAGEN FINANCIAL SERVICES AG 1.37500% 18-16.10.23 | 4 500 000.00 | 4 668 228.00 | 0.68 |
| EUR | VOLKSWAGEN INTERNATIONAL FIN NV-REG-S 1.62500% 15-16.01.30 | 3 450 000.00 | 3 601 958.70 | 0.52 |
| EUR | VOLKSWAGEN LEASING GMBH-REG-S 1.12500% 17-04.04.24 | 1 800 000.00 | 1 852 221.59 | 0.27 |
| EUR | VONOVIA FINANCE BV-REG-S 1.25000% 16-06.12.24 | 600 000.00 | 627 864.00 | 0.09 |
| EUR | VONOVIA FINANCE BV-REG-S 0.87500% 18-03.07.23 | 1 300 000.00 | 1 330 784.00 | 0.19 |
| EUR | VONOVIA FINANCE BV-REG-S 0.62500% 19-07.10.27 | 2 500 000.00 | 2 488 760.00 | 0.36 |
| EUR | WELLS FARGO & CO-REG-S 2.62500% 12-16.08.22 | 2 600 000.00 | 2 790 533.20 | 0.40 |
| Total EUR |  |  | 365 172 290.64 | 52.93 |
| Total Medium-Term Notes, fester Zins |  | 365 172 290.64 | 52.93 |
| Medium-Term Notes, variabler Zins |  |  |  |
| EUR |  |  |  |
| EUR	ALLIANZ FINANCE II-SUB 5.750%/3M EURIBOR+334.9BP 11-08.07.41 | 1 600 000.00 | 1 751 120.00 | 0.25 |
| EUR	ALLIANZ SE-REG-S-SUB 4.750%/3M EURIBOR+360BP 13-PRP | 4 200 000.00 | 4 820 726.40 | 0.70 |
| EUR	AVIVA PLC-REG-S-SUB 3.375%/VAR 15-04.12.45 | 3 800 000.00 | 4 152 579.20 | 0.60 |
| EUR	AVIVA PLC-SUB 6.125%/VAR 13-05.07.43 | 1 300 000.00 | 1 522 794.00 | 0.22 |
| EUR	AXA SA-REG-S-SUB 3.375%/VAR 16-06.07.47 | 2 000 000.00 | 2 278 380.00 | 0.33 |
| EUR	AXA SA-REG-S-SUB 3.941%/VAR 14-PRP | 2 600 000.00 | 2 914 132.00 | 0.42 |
| EUR	BANK OF IRELAND GROUP PLC-REG-S 0.750%/VAR 19-08.07.24 | 1 600 000.00 | 1 607 577.60 | 0.23 |
| EUR	BARCLAYS PLC-REG-S 1.375%/VAR 18-24.01.26 | 1 800 000.00 | 1 867 122.00 | 0.27 |
| EUR	BAYER AG-REG-S-SUB 3.000%/VAR 14-01.07.75 | 1 900 000.00 | 1 923 240.80 | 0.28 |
| EUR	BNP PARIBAS-REG-S 2.125%/VAR 19-23.01.27 | 5 300 000.00 | 5 819 474.20 | 0.84 |
| EUR	CITIGROUP INC-SUB 4.250%/FLR 05-25.02.30 | 900 000.00 | 1 055 151.00 | 0.15 |
| EUR	COMMONWEALTH BK OF AUSTRLIA-REG-S-SUB 1.936%/VAR 17-03.10.29 | 3 500 000.00 | 3 651 375.00 | 0.53 |
| EUR	DANONE SA-REG-S-SUB 1.750%/VAR 17-PRP | 4 400 000.00 | 4 478 452.00 | 0.65 |
| EUR	DBS GROUP HOLDINGS LTD-REG-S-SUB 1.500%/VAR 18-11.04.28 | 3 500 000.00 | 3 552 612.00 | 0.52 |
| EUR	ELECTRICITE DE FRANCE SA-REG-S-SUB 4.125%/VAR 14-PRP | 1 900 000.00 | 2 023 500.00 | 0.29 |
| EUR	ELECTRICITE DE FRANCE SA-REG-S-SUB 5.000%/VAR 14-PRP | 1 900 000.00 | 2 151 750.00 | 0.31 |
| EUR	ENBW ENERGIE BADEN-WUERTT-REG-S-SUB 3.625%/VAR 14-02.04.76 | 1 500 000.00 | 1 563 741.00 | 0.23 |
| EUR	IBERDROLA INTERNATIONAL BV-REG-S-SUB 2.625%/VAR 18-PRP | 7 400 000.00 | 7 871 587.20 | 1.14 |
| EUR	ING BANK NV-SUB 3.625%/VAR 14-25.02.26 | 6 500 000.00 | 6 793 238.40 | 0.99 |
| EUR	ING GROEP NV-SUB 3.000%/VAR 17-11.04.28 | 4 300 000.00 | 4 651 112.20 | 0.67 |
| EUR	LA BANQUE POSTALE-REG-S-SUB-2.750%/VAR 14-23.04.26 | 2 500 000.00 | 2 589 295.00 | 0.38 |
| EUR	NORDEA BANK ABP-REG-S-SUB 1.000%/VAR 16-07.09.26 | 8 100 000.00 | 8 207 649.00 | 1.19 |
| EUR	SVENSKA HANDELSBANKEN AB-REG-S-SUB 1.625%/VAR 18-05.03.29 | 2 750 000.00 | 2 880 372.00 | 0.42 |
| EUR	TOTAL SA-REG-S-SUB 2.250%/VAR 15-PRP | 7 300 000.00 | 7 481 156.80 | 1.09 |
| EUR	TOTAL SA-REG-S-SUB 3.875%/VAR 16-PRP | 600 000.00 | 650 277.00 | 0.10 |
| EUR	TOTAL SA-REG-S-SUB 3.369%/VAR 16-PRP | 6 600 000.00 | 7 537 252.80 | 1.09 |
| EUR	UBS AG-REG-S-SUB 4.750%/VAR 14-12.02.26 | 5 300 000.00 | 5 578 250.00 | 0.81 |
| Total EUR |  | 101 373 917.60 | 14.70 |
| Total Medium-Term Notes, variabler Zins |  | 101 373 917.60 | 14.70 |
| Anleihen, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	ALTRIA GROUP INC 3.12500% 19-15.06.31 | 1 400 000.00 | 1 542 472.26 | 0.22 |
| EUR	ARGENTUM NETHERLANDS BV FOR GIV-REG-S 2.00000% 18-17.09.30 | 3 600 000.00 | 4 114 856.88 | 0.60 |
| EUR	AT&T INC 2.60000% 14-17.12.29 | 4 400 000.00 | 5 135 468.80 | 0.74 |
| EUR	AT&T INC 3.50000% 13-17.12.25 | 4 700 000.00 | 5 577 960.00 | 0.81 |
| EUR	BAYER CAPITAL CORP BV-REG-S 1.50000% 18-26.06.26 | 1 700 000.00 | 1 796 247.20 | 0.26 |
| EUR	BAYER CAPITAL CORP BV-REG-S 2.12500% 18-15.12.29 | 1 100 000.00 | 1 206 755.00 | 0.18 |
| EUR	BELFIUS BANK SA/NV-REG-S-SUB 3.12500% 16-11.05.26 | 2 900 000.00 | 3 308 039.57 | 0.48 |
| EUR	COCA-COLA EUROPEAN PARTNERS PLC-REG-S 1.75000% 16-26.05.28 | 7 200 000.00 | 7 965 460.80 | 1.15 |
| EUR	CREDIT AGRICOLE SA-REG-S-SUB 2.62500% 15-17.03.27 | 3 350 000.00 | 3 776 294.54 | 0.55 |
| EUR	CRH FINANCE LTD 3.12500% 13-03.04.23 | 3 800 000.00 | 4 195 625.60 | 0.61 |
| EUR	GENERAL ELECTRIC CO 0.37500% 17-17.05.22 | 2 500 000.00 | 2 494 046.48 | 0.36 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.25000% 18-15.08.28 | 12 000 000.00 | 12 780 840.00 | 1.85 |
| EUR	GIE PSA TRESORERIE 6.00000% 03-19.09.33 | 600 000.00 | 873 874.80 | 0.13 |
| EUR	IMPERIAL BRANDS FINANCE PLC-REG-S 1.37500% 17-27.01.25 | 3 300 000.00 | 3 381 081.00 | 0.49 |
| EUR	LANDESBANK BADEN-WUERTTEMBERG-REG-S-SUB 2.87500% 16-28.09.26 | 1 800 000.00 | 2 020 564.80 | 0.29 |
| EUR	MOLSON COORS BREWING CO 1.25000% 16-15.07.24 | 4 500 000.00 | 4 657 448.70 | 0.68 |
| EUR	MONDELEZ INTL 1.00000% 15-07.03.22 | 4 600 000.00 | 4 707 851.60 | 0.68 |
| EUR	RABOBANK NEDERLAND NV 4.12500% 10-14.07.25 | 4 900 000.00 | 6 040 034.00 | 0.88 |

Focused SICAV – Corporate Bond EUR Jahresbericht per 31. Oktober 2019
|  | Bezeichnung | Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| EUR | SAP SE-REG-S 1.62500% 18-10.03.31 | 5 100 000.00 | 5 791 468.20 | 0.84 |
| EUR | THERMO FISHER SCIENTIFIC INC 0.75000% 16-12.09.24 | 3 300 000.00 | 3 389 430.00 | 0.49 |
| EUR | UBS GROUP AG-REG-S 1.50000% 16-30.11.24 | 2 100 000.00 | 2 211 350.40 | 0.32 |
| EUR | VONOVIA FINANCE BV-REG-S 1.50000% 18-14.01.28 | 3 700 000.00 | 3 936 518.80 | 0.57 |
| EUR | WINTERSHALL DEA FINANCE-REG-S 1.82300% 19-25.09.31 | 6 300 000.00 | 6 423 138.54 | 0.93 |
| Total EUR |  |  | 97 326 827.97 | 14.11 |
| Total Anleihen, fester Zins |  | 97 326 827.97 | 14.11 |
| Anleihen, Nullcoupon |  |  |  |
| EUR |  |  |  |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 19-15.08.29 | 14 000 000.00 | 14 566 664.00 | 2.11 |
| Total EUR |  | 14 566 664.00 | 2.11 |
| Total Anleihen, Nullcoupon |  | 14 566 664.00 | 2.11 |
| Anleihen, variabler Zins |  |  |  |
| EUR |  |  |  |
| EUR	ALLIANDER NV-REG-S-SUB 1.625%/VAR 18-PRP | 4 600 000.00 | 4 844 582.00 | 0.70 |
| EUR	ALLIANZ SE-REG-S-SUB 1.301%/3M EURIBOR+235BP 19-25.09.49 | 3 000 000.00 | 2 973 876.00 | 0.43 |
| EUR	AXA SA-SUB 5.250%/3MO EURIBOR+305BP 10-16.04.40 | 4 400 000.00 | 4 500 628.00 | 0.65 |
| EUR	BANCO BILBALO VIZCAYA ARGENT-REG-S-SUB 8.875%/VAR 16-PRP | 1 200 000.00 | 1 320 168.00 | 0.19 |
| EUR	BHP BILLITON FINANCE LTD-REG-S-SUB 5.625%/VAR 15-22.10.79 | 4 500 000.00 | 5 479 925.85 | 0.79 |
| EUR	DEUTSCHE BAHN FINANCE GMBH-REG-S-SUB 0.950%/VAR 19-PRP | 2 800 000.00 | 2 819 801.60 | 0.41 |
| EUR	ELECTRICITE DE FRANCE SA-REG-S-SUB 4.000%/VAR 18-PRP | 1 800 000.00 | 1 944 000.00 | 0.28 |
| EUR	ENGIE SA-REG-S-SUB 1.375%/VAR 18-PRP | 2 500 000.00 | 2 521 875.00 | 0.37 |
| EUR	ENGIE SA-REG-S-SUB 3.87500%/VAR 14-PRP | 4 300 000.00 | 4 826 750.00 | 0.70 |
| EUR	HOLCIM FINANCE LUXEMBOURG SA-REG-S-SUB 3.000%/VAR 19-PRP | 6 500 000.00 | 6 782 217.00 | 0.98 |
| EUR	MERCK KGAA-REG-S-SUB 2.625%/VAR 14-12.12.74 | 2 300 000.00 | 2 379 695.00 | 0.35 |
| EUR	RABOBANK NEDERLAND NV-REG-S-SUB 2.500%/VAR 14-26.05.26 | 5 300 000.00 | 5 485 224.40 | 0.80 |
| EUR	RAIFFEISEN BANK INTL AG-REG-S-SUB 4.500%/VAR 18-PRP | 200 000.00 | 189 750.00 | 0.03 |
| EUR	SSE PLC-REG-S-SUB 2.375%/VAR 15-PRP | 1 600 000.00 | 1 628 688.00 | 0.24 |
| EUR	SWISS RE FINANCE LUX SA-REG-S-SUB 2.534%/VAR 19-30.04.50 | 3 800 000.00 | 4 215 340.00 | 0.61 |
| EUR	TELEFONICA EUROPE BV-REG-S-SUB 3.000%/VAR 18-PRP | 3 200 000.00 | 3 292 780.80 | 0.48 |
| EUR	UBS GROUP AG-REG-S 1.250%/VAR 18-17.04.25 | 3 000 000.00 | 3 126 900.00 | 0.45 |
| EUR	UBS GROUP AG-REG-S-SUB 5.750%/VAR 15-PRP | 3 400 000.00 | 3 716 914.00 | 0.54 |
| EUR	VOLKSWAGEN INTERNATIONAL FIN NV-REG-S-SUB 2.500%/VAR 15-PRP | 2 000 000.00 | 2 048 080.00 | 0.30 |
| EUR	VOLKSWAGEN INTL FIN NV-REG-S-SUB 2.700%/VAR 17-PRP | 3 000 000.00 | 3 090 000.00 | 0.45 |
| EUR	VOLKSWAGEN INTL FINANCE NV-REG-S-SUB 3.375%/VAR 18-PRP | 5 500 000.00 | 5 755 035.00 | 0.83 |
| EUR	VOLKSWAGEN INTL FINANCE NV-REG-S-SUB 4.625%/VAR 18-PRP | 800 000.00 | 881 580.80 | 0.13 |
| EUR	ZUERCHER KANTONALBANK-REG-S-SUB 2.625%/VAR 15-15.06.27 | 5 000 000.00 | 5 268 500.00 | 0.76 |
| Total EUR |  | 79 092 311.45 | 11.47 |
| Total Anleihen, variabler Zins |  | 79 092 311.45 | 11.47 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden |  | 675 358 552.61 | 97.90 |

Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
Medium-Term Notes, fester Zins
| EUR |  |
| --- | --- |
| EUR | BNP PARIBAS SA-REG-S 1.50000% 17-23.05.28 | 1 500 000.00 | 1 624 889.25 | 0.23 |
| Total EUR |  |  | 1 624 889.25 | 0.23 |
| Total Medium-Term Notes, fester Zins |  | 1 624 889.25 | 0.23 |
| Total Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden |  | 1 624 889.25 | 0.23 |
| Total des Wertpapierbestandes |  | 676 983 441.86 | 98.13 |
| Derivative Instrumente |  |  |  |
| Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  |  |  |
| Finanzterminkontrakte auf Anleihen |  |  |  |
|  |  |  |  |
| EUR	EURO-BUND FUTURE 06.12.19 | 15.00 | -61 050.00 | -0.01 |
| Total Finanzterminkontrakte auf Anleihen |  | -61 050.00 | -0.01 |
| Total Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  | -61 050.00 | -0.01 |
| Total Derivative Instrumente |  | -61 050.00 | -0.01 |

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

Devisenterminkontrakte
Devisenterminkontrakte (Kauf/Verkauf)
| GBP | 292 669 600.00 | EUR | 328 858 653.17 | 1.11.2019 | 10 597 683.83 | 1.53 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 118 158 300.00 | EUR | 107 933 737.09 | 1.11.2019 | -2 023 908.75 | -0.29 |
| CHF | 46 928 400.00 | EUR | 43 275 513.87 | 1.11.2019 | -646 955.82 | -0.09 |
| GBP | 614 300.00 | EUR | 692 397.76 | 1.11.2019 | 20 105.44 | 0.00 |
| EUR | 364 921.73 | CHF | 400 800.00 | 1.11.2019 | 845.26 | 0.00 |
| GBP | 508 700.00 | EUR | 588 796.32 | 1.11.2019 | 1 225.46 | 0.00 |
| CHF | 46 527 600.00 | EUR | 42 218 405.36 | 3.12.2019 | 57 010.73 | 0.01 |
| GBP | 293 792 600.00 | EUR | 340 114 493.43 | 3.12.2019 | 312 170.04 | 0.04 |
| USD | 118 586 100.00 | EUR | 106 448 787.91 | 3.12.2019 | -354 381.62 | -0.05 |
| Total Devisenterminkontrakte (Kauf/Verkauf) | 7 963 794.57 | 1.15 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 6 591 197.05 | 0.96 |
| Andere Aktiva und Passiva | -1 600 757.21 | -0.23 |
| Total des Nettovermögens | 689 876 626.27 | 100.00 |

Focused SICAV – Corporate Bond EUR Jahresbericht per 31. Oktober 2019