# Focused SICAV – High Grade Long Term Bond EUR
| Three-year comparison |  |
| --- | --- |
| Date | ISIN | 31.10.2021 | 31.10.2020 | 31.10.2019 |
| Net assets in EUR |  | 689 620 993.23 | 1 671 292 282.26 | 466 741 409.75 |
| Class F-acc | LU0270448839 |  |  |  |
| Shares outstanding |  | 3 347 232.8600 | 5 021 846.2530 | 2 035 055.8250 |
| Net asset value per share in EUR |  | 172.48 | 178.35 | 175.32 |
| Issue and redemption price per share in EUR 1 |  | 172.48 | 178.35 | 175.32 |
| Class (CHF hedged) F-acc | LU1272229672 |  |  |  |
| Shares outstanding |  | 488 302.1610 | 3 875 943.3490 | 510 652.0000 |
| Net asset value per share in CHF |  | 98.16 | 101.77 | 100.41 |
| Issue and redemption price per share in CHF 1 |  | 98.16 | 101.77 | 100.41 |
| Class (USD hedged) F-acc | LU1272229839 |  |  |  |
| Shares outstanding |  | 634 814.9410 | 4 431 185.2740 | 654 117.0000 |
| Net asset value per share in USD |  | 102.10 | 104.74 | 101.23 |
| Issue and redemption price per share in USD 1 |  | 102.10 | 104.74 | 101.23 |
| Class F-UKdist | LU0526609630 |  |  |  |
| Shares outstanding |  | 72 985.7640 | 49 622.8660 | 25 967.7550 |
| Net asset value per share in EUR |  | 150.13 | 156.39 | 155.24 |
| Issue and redemption price per share in EUR 1 |  | 150.13 | 156.39 | 155.24 |
| 1  See note 1 |  |  |  |  |
| Performance |  |  |  |  |
|  | Currency | 2020/2021 | 2019/2020 | 2018/2019 |
| Class F-acc | EUR | -3.3% | 1.7% | 5.9% |
| Class (CHF hedged) F-acc | CHF | -3.5% | 1.4% | - |
| Class (USD hedged) F-acc | USD | -2.5% | 3.5% | - |
| Class F-UKdist | EUR | -3.3% | 1.7% | 5.9% |

Historical performance is no indicator of current or future performance.
The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares. The performance data were not audited.
The subfund has no benchmark.
Focused SICAV – High Grade Long Term Bond EUR
Annual report and audited financial statements as of 31 October 2021

## Report of the Portfolio Manager
During the financial year, from 1 November 2020 to 31 October 2021, European yields moved higher led by the long end. Those moves were driven by the lifting of lockdowns which caused a sharp economic recovery and related increasing inflation rates. The ECB considers the higher inflation rates as temporary and sticked to its expansionary policy. Large COVID-related fiscal pack- ages introduced during the year should continue to sup- port the economic recovery.
The fund generated a negative performance during the financial year. Over the year, the fund held an overweight in the riskier part of the universe such as Covered and Corporate Bonds versus Government Bonds. The fund kept its duration neutral to slightly underweighted versus its benchmark which was on average around 7.04 years.

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| France | 33.41 |
| --- | --- |
| Germany | 27.82 |
| The Netherlands | 6.13 |
| Luxembourg | 5.50 |
| Belgium | 4.57 |
| Supranationals | 2.92 |
| Canada | 2.80 |
| Austria | 2.72 |
| United States | 2.52 |
| Finland | 2.10 |
| Norway | 1.92 |
| Australia | 1.05 |
| Sweden | 0.94 |
| Japan | 0.79 |
| New Zealand | 0.75 |
| United Kingdom | 0.65 |
| Philippines | 0.57 |
| Denmark | 0.51 |
| Singapore | 0.44 |
| Ivory Coast | 0.35 |
| Italy | 0.15 |
| Estonia | 0.14 |
| Total | 98.75 |

Economic Breakdown as a % of net assets	
| Countries & central governments | 52.24 |
| --- | --- |
| Banks & credit institutions | 22.57 |
| Supranational organisations | 10.41 |
| Cantons, federal states | 4.12 |
| Finance & holding companies | 3.94 |
| Public, non-profit institutions | 1.31 |
| Cities & municipal authorities | 0.75 |
| Mortgage & funding institutions | 0.64 |
| Petroleum | 0.61 |
| Energy & water supply | 0.51 |
| Traffic & transportation | 0.44 |
| Insurance | 0.40 |
| Miscellaneous unclassified companies | 0.29 |
| Computer hardware & network equipment providers | 0.22 |
| Miscellaneous consumer goods | 0.16 |
| Pharmaceuticals, cosmetics & medical products | 0.08 |
| Internet, software & IT services | 0.06 |
| Total | 98.75 |

Focused SICAV – High Grade Long Term Bond EUR Annual report and audited financial statements as of 31 October 2021

## Statement of Net Assets
Assets	31.10.2021
EUR
Investments in securities, cost	702 539 155.02
| Investments in securities, unrealized appreciation (depreciation) | 	-21 521 806.48	 |
| --- | --- |
| Total investments in securities (Note 1) | 681 017 348.54 |
| Cash at banks, deposits on demand and deposit accounts | 1 760 556.13 |
| Receivable on securities sales (Note 1) | 4 641 238.77 |
| Receivable on subscriptions | 2 617 352.77 |
| Interest receivable on securities | 2 161 208.99 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 2 005 810.43 |
| Total Assets | 694 203 515.63 |
|  |  |
| Liabilities |  |
| Payable on securities purchases (Note 1) | -3 376 592.80 |
| Payable on redemptions | -1 135 118.75 |
| Provisions for flat fee (Note 2) | -37 482.20 |
| Provisions for taxe d’abonnement (Note 3) | -11 005.52 |
| Provisions for other commissions and fees (Note 2) | 	-22 323.13	 |
| Total provisions | -70 810.85 |
| Total Liabilities | -4 582 522.40 |
|  |  |
| Net assets at the end of the financial year | 689 620 993.23 |
| Statement of Operations | EUR |
| Income | 1.11.2020-31.10.2021 |
| Interest on securities | 5 335 599.38 |
| Net income on securities lending | 271 634.67 |
| Other income (Note 4) | 358 602.24 |
| Total income | 5 965 836.29 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -1 041 624.61 |
| Taxe d’abonnement (Note 3) | -59 225.75 |
| Other commissions and fees (Note 2) | -41 471.27 |
| Interest on cash and bank overdraft | -22 800.48 |
| Total expenses | -1 165 122.11 |
|  |  |
| Net income (loss) on investments | 4 800 714.18 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -3 410 666.31 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | -911 146.13 |
| Realized gain (loss) on forward foreign exchange contracts | -4 076 999.13 |
| Realized gain (loss) on foreign exchange | 952 590.33 |
| Total realized gain (loss) | -7 446 221.24 |
|  |  |
| Net realized gain (loss) of the financial year | -2 645 507.06 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -25 534 715.41 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | 65 973.00 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | -6 622 434.43 |
| Total changes in unrealized appreciation (depreciation) | -32 091 176.84 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -34 736 683.90 |

Focused SICAV – High Grade Long Term Bond EUR
Annual report and audited financial statements as of 31 October 2021
| Statement of Changes in Net Assets |  |
| --- | --- |
|  |  | EUR |
|  |  | 1.11.2020-31.10.2021 |
| Net assets at the beginning of the financial year |  | 1 671 292 282.26 |
| Subscriptions |  | 232 803 284.56 |
| Redemptions |  | 	-1 179 680 319.25	 |
| Total net subscriptions (redemptions) |  | -946 877 034.69 |
| Dividend paid |  | -57 570.44 |
| Net income (loss) on investments |  | 4 800 714.18 |
| Total realized gain (loss) |  | -7 446 221.24 |
| Total changes in unrealized appreciation (depreciation) |  | 	-32 091 176.84	 |
| Net increase (decrease) in net assets as a result of operations |  | -34 736 683.90 |
| Net assets at the end of the financial year |  | 689 620 993.23 |
| Changes in the Number of Shares outstanding |  |  |
|  |  | 1.11.2020-31.10.2021 |
| Class |  | F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 5 021 846.2530 |
| Number of shares issued |  | 1 172 954.1100 |
| Number of shares redeemed |  | -2 847 567.5030 |
| Number of shares outstanding at the end of the financial year |  | 3 347 232.8600 |
| Class |  | (CHF hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 3 875 943.3490 |
| Number of shares issued |  | 60 318.1610 |
| Number of shares redeemed |  | -3 447 959.3490 |
| Number of shares outstanding at the end of the financial year |  | 488 302.1610 |
| Class |  | (USD hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 4 431 185.2740 |
| Number of shares issued |  | 162 075.0220 |
| Number of shares redeemed |  | -3 958 445.3550 |
| Number of shares outstanding at the end of the financial year |  | 634 814.9410 |
| Class |  | F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 49 622.8660 |
| Number of shares issued |  | 41 488.5090 |
| Number of shares redeemed |  | -18 125.6110 |
| Number of shares outstanding at the end of the financial year |  | 72 985.7640 |
| Annual Distribution 1 |  |  |
| Focused SICAV – High Grade Long Term Bond EUR	Ex-Date | Pay-Date | Currency	Amount per share |
| F-UKdist	16.11.2020 | 17.11.2020 | EUR	1.15 |
| 1  See note 5 |  |  |

Focused SICAV – High Grade Long Term Bond EUR Annual report and audited financial statements as of 31 October 2021

## Statement of Investments in Securities and other Net Assets as of 31 October 2021
| 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	ASIAN DEVELOPMENT BANK 0.02500% 20-31.01.30 | 3 000 000.00 | 2 955 874.74 | 0.43 |
| EUR	BPIFRANCE FINANCEMENT SA-REG-S 0.05000% 19-26.09.29 | 1 000 000.00 | 985 433.54 | 0.14 |
| EUR	BPIFRANCE FINANCEMENT SA-REG-S 0.25000% 20-29.03.30 | 3 000 000.00 | 2 997 858.00 | 0.44 |
| EUR	ESTONIA, REPUBLIC OF-REG-S 0.12500% 20-10.06.30 | 1 000 000.00 | 988 312.51 | 0.14 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 0.75000% 18-28.06.28 | 1 500 000.00 | 1 577 853.00 | 0.23 |
| EUR	NEDERLANDSE WATERSCHAPSBANK NV-REG-S 0.05000% 20-28.01.30 | 1 000 000.00 | 990 980.00 | 0.14 |
| EUR	PROCTER & GAMBLE CO 1.20000% 18-30.10.28 | 500 000.00 | 531 235.00 | 0.08 |
| EUR	RABOBANK NEDERLAND NV-REG-S 0.87500% 19-01.02.29 | 1 600 000.00 | 1 680 914.88 | 0.24 |
| Total EUR |  | 12 708 461.67 | 1.84 |
| Total Notes, fixed rate |  | 12 708 461.67 | 1.84 |
| Notes, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	BUNDESLAENDER BUNDESREPUBLI DEUT-REG-S 0.00000% 20-19.02.27 | 1 000 000.00 | 1 000 184.00 | 0.15 |
| EUR	FINLAND, REPUBLIC OF-144A-REG-S 0.00000% 20-15.09.30 | 2 500 000.00 | 2 484 530.00 | 0.36 |
| EUR	GRAND-DUCHY OF LUXEMBOURG-REG-S 0.00000% 21-24.03.31 | 2 000 000.00 | 1 969 800.00 | 0.29 |
| EUR	NOVARTIS FINANCE SA-REG-S 0.00000% 20-23.09.28 | 3 000 000.00 | 2 925 684.00 | 0.42 |
| Total EUR |  | 8 380 198.00 | 1.22 |
| Total Notes, zero coupon |  | 8 380 198.00 | 1.22 |
| Medium term notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	AFRICAN DEVELOPMENT BANK 0.12500% 16-07.10.26 | 1 000 000.00 | 1 005 700.00 | 0.15 |
| EUR	AFRICAN DEVELOPMENT BANK 0.87500% 18-24.05.28 | 350 000.00 | 367 360.00 | 0.05 |
| EUR	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 0.25000% 16-21.07.26 | 3 100 000.00 | 3 146 921.60 | 0.46 |
| EUR	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 0.01000% 21-25.11.28 | 2 000 000.00 | 1 979 392.00 | 0.29 |
| EUR	ALLIANDER NV-REG-S 0.87500% 16-22.04.26 | 1 000 000.00 | 1 033 876.00 | 0.15 |
| EUR	ALLIANDER NV-REG-S 0.37500% 20-10.06.30 | 2 500 000.00 | 2 490 105.00 | 0.36 |
| EUR	ALLIANZ FINANCE II BV-REG-S 0.87500% 19-15.01.26 | 2 700 000.00 | 2 791 589.40 | 0.41 |
| EUR	ASIAN DEVELOPMENT BANK 0.10000% 21-17.06.31 | 1 000 000.00 | 982 866.00 | 0.14 |
| EUR	AUCKLAND COUNCIL-REG-S 1.00000% 17-19.01.27 | 2 600 000.00 | 2 717 915.20 | 0.39 |
| EUR	AUCKLAND COUNCIL-REG-S 0.12500% 19-26.09.29 | 2 500 000.00 | 2 454 685.00 | 0.36 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.75000% 18-20.02.28 | 1 500 000.00 | 1 583 613.00 | 0.23 |
| EUR	AXA BANK EUROPE SCF-REG-S 0.75000% 19-06.03.29 | 1 100 000.00 | 1 144 561.00 | 0.17 |
| EUR	AXA BANK EUROPE SCF-REG-S 0.01000% 20-22.01.27 | 500 000.00 | 498 050.00 | 0.07 |
| EUR	BANK OF MONTREAL-REG-S 0.05000% 21-08.06.29 | 2 000 000.00 | 1 969 200.00 | 0.29 |
| EUR	BAYERISCHE LANDESBANK-REG-S 0.75000% 19-05.02.29 | 1 500 000.00 | 1 565 532.00 | 0.23 |
| EUR	BERLIN HYP AG-REG-S 0.01000% 21-24.01.28 | 1 000 000.00 | 995 672.00 | 0.14 |
| EUR	BERLIN, STATE OF-REG-S 0.10000% 19-18.01.30 | 1 000 000.00 | 995 599.25 | 0.14 |
| EUR	BNG BANK NV-REG-S 0.62500% 17-19.06.27 | 1 000 000.00 | 1 034 600.00 | 0.15 |
| EUR	BNG BANK NV-REG-S 0.75000% 18-11.01.28 | 1 000 000.00 | 1 042 793.80 | 0.15 |
| EUR	BNG BANK NV-REG-S 0.75000% 19-24.01.29 | 1 000 000.00 | 1 045 216.60 | 0.15 |
| EUR	BNP PARIBAS-REG-S 1.50000% 16-25.05.28 | 4 000 000.00 | 4 305 600.00 | 0.62 |
| EUR	BPCE SFH SA-REG-S 0.01000% 19-08.11.26 | 1 500 000.00 | 1 497 420.00 | 0.22 |
| EUR	BPIFRANCE SACA-REG-S 0.25000% 21-04.06.31 | 1 000 000.00 | 989 935.98 | 0.14 |
| EUR	BUNDESLAENDER BUNDESREPUBLI DEUT-REG-S 0.10000% 16-07.10.26 | 1 000 000.00 | 1 006 224.00 | 0.15 |
| EUR	CAISSE DES DEPOTS ET CONSIGNATION-REG-S 0.75000% 18-18.09.28 | 1 000 000.00 | 1 042 020.60 | 0.15 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 3.00000% 13-02.10.28 | 700 000.00 | 837 484.20 | 0.12 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 0.75000% 17-11.01.27 | 1 000 000.00 | 1 035 844.00 | 0.15 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 0.50000% 19-19.02.27 | 1 000 000.00 | 1 022 672.00 | 0.15 |
| EUR	CAISSE FRANCAISE DE FINANCE LOCAL-REG-S 0.10000% 19-13.11.29 | 1 000 000.00 | 991 799.32 | 0.14 |
| EUR	CANADIAN IMPERIAL BK OF COM-REG-S 0.04000% 19-09.07.27 | 1 000 000.00 | 994 810.00 | 0.14 |
| EUR	COMMERZBANK AG 0.12500% 16-15.12.26 | 1 000 000.00 | 1 004 428.00 | 0.15 |
| EUR	COMMERZBANK AG 0.62500% 17-24.08.27 | 2 000 000.00 | 2 063 424.00 | 0.30 |
| EUR	COMMERZBANK AG-REG-S 0.87500% 18-18.04.28 | 1 000 000.00 | 1 049 100.00 | 0.15 |
| EUR	COMMONWEALTH BANK OF AUSTRALIA-REG-S 0.50000% 16-27.07.26 | 505 000.00 | 515 221.20 | 0.07 |
| EUR	COMMONWEALTH BK OF AUSTRALIA-REG-S 0.87500% 19-19.02.29 | 1 000 000.00 | 1 044 652.00 | 0.15 |
| EUR	COOPERATIEVE RABOBANK UA-REG-S 0.01000% 20-02.07.30 | 1 000 000.00 | 980 602.00 | 0.14 |
| EUR	COUNCIL OF EUROPE DEVELOPMENT BK-REG-S 0.37500% 16-08.06.26 | 2 000 000.00 | 2 043 004.00 | 0.30 |
| EUR	CPPIB CAPITAL INC-REG-S 0.87500% 19-06.02.29 | 2 000 000.00 | 2 089 184.00 | 0.30 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA-REG-S 0.75000% 17-05.05.27 | 500 000.00 | 518 778.00 | 0.08 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA-REG-S 0.05000% 19-06.12.29 | 6 000 000.00 | 5 926 752.00 | 0.86 |
| EUR	CREDIT AGRICOLE PUBLIC SECTOR SC-REG-S 0.25000% 16-31.10.26 | 1 000 000.00 | 1 009 331.10 | 0.15 |
| EUR	CREDIT AGRICOLE PUBLIC SECTOR SCFSA 0.62500% 19-29.03.29 | 1 000 000.00 | 1 031 448.00 | 0.15 |
| EUR	DEUTSCHE BAHN FINANCE GMBH-REG-S 0.62500% 16-26.09.28 | 3 000 000.00 | 3 093 120.00 | 0.45 |
| EUR	DEUTSCHE BAHN FINANCE GMBH-REG-S 1.12500% 19-18.12.28 | 1 000 000.00 | 1 062 296.00 | 0.15 |
| EUR	DEUTSCHE BAHN FINANCE GMBH-REG-S 0.50000% 20-09.04.27 | 1 500 000.00 | 1 528 095.00 | 0.22 |
| EUR	DEUTSCHE BAHN FINANCE BV-REG-S 0.37500% 20-23.06.29 | 1 000 000.00 | 1 002 924.00 | 0.15 |
| EUR	DEUTSCHE PFANDBRIEFBANK AG 0.62500% 18-30.08.27 | 1 500 000.00 | 1 546 554.00 | 0.22 |
| EUR	DEXIA CREDIT LOCAL DE FRANCE-REG-S 1.00000% 17-18.10.27 | 2 000 000.00 | 2 098 676.40 | 0.30 |
| EUR	DNB BOLIGKREDITT AS-REG-S 0.25000% 16-07.09.26 | 1 500 000.00 | 1 514 328.00 | 0.22 |
| EUR	DZ HYP AG-REG-S 0.87500% 19-30.01.29 | 500 000.00 | 526 155.00 | 0.08 |
| EUR	EQUINOR ASA-REG-S 0.75000% 20-22.05.26 | 1 000 000.00 | 1 026 440.00 | 0.15 |
| EUR	EQUINOR ASA-REG-S 1.25000% 15-17.02.27 | 2 000 000.00 | 2 100 204.00 | 0.31 |
| EUR	EQUINOR ASA-REG-S 2.87500% 13-10.09.25 | 1 000 000.00 | 1 115 582.20 | 0.16 |
| EUR	ERSTE GROUP BANK AG-REG-S 0.10000% 20-15.01.30 | 1 000 000.00 | 989 442.00 | 0.14 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.62500% 18-16.10.26 | 2 000 000.00 | 2 073 924.00 | 0.30 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.40000% 16-31.05.26 | 2 500 000.00 | 2 562 065.00 | 0.37 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.87500% 17-26.07.27 | 2 500 000.00 | 2 634 980.00 | 0.38 |
| EUR	EUROPEAN INVESTMENT BANK-REG-S 1.25000% 14-13.11.26 | 2 000 000.00 | 2 140 560.00 | 0.31 |
| EUR	EUROPEAN INVESTMENT BANK 0.50000% 17-15.01.27 | 2 176 000.00 | 2 247 525.12 | 0.33 |
| EUR	EUROPEAN INVESTMENT BANK-REG-S 0.87500% 18-14.01.28 | 3 750 000.00 | 3 972 502.50 | 0.58 |
| EUR	EUROPEAN STABILITY MECHANISM-REG-S 0.75000% 17-15.03.27 | 4 000 000.00 | 4 178 120.00 | 0.61 |
| EUR	EUROPEAN UNION-REG-S 0.75000% 16-04.04.31 | 1 000 000.00 | 1 058 412.50 | 0.15 |

Focused SICAV – High Grade Long Term Bond EUR
Annual report and audited financial statements as of 31 October 2021
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | EXPORT DEVELOPMENT CANADA-REG-S 0.25000% 19-07.03.26 | 1 500 000.00 | 1 514 475.00 | 0.22 |
| EUR | HAMBURG, FREIE HANSESTADT 0.50000% 16-27.04.26 | 1 000 000.00 | 1 024 788.00 | 0.15 |
| EUR | ING BANK NV-REG-S 0.87500% 18-11.04.28 | 1 000 000.00 | 1 049 300.00 | 0.15 |
| EUR | ING BANK NV-REG-S 0.75000% 19-18.02.29 | 1 000 000.00 | 1 042 802.00 | 0.15 |
| EUR | INTL BK FOR RECONSTR & DEVT WORLD BANK 0.01000% 20-24.04.28 | 2 000 000.00 | 1 993 716.00 | 0.29 |
| EUR | KOMMUNALBANKEN AS-REG-S 0.87500% 17-24.05.27 | 1 000 000.00 | 1 041 772.00 | 0.15 |
| EUR | KOMMUNEKREDIT-REG-S 0.75000% 18-05.07.28 | 1 500 000.00 | 1 562 775.00 | 0.23 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU 0.62500% 17-22.02.27 | 5 000 000.00 | 5 190 690.00 | 0.75 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.75000% 19-15.01.29 | 3 000 000.00 | 3 160 530.00 | 0.46 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.01000% 19-05.05.27 | 2 000 000.00 | 2 010 880.00 | 0.29 |
| EUR | LA BANQUE POSTAL HOME LOAN SFH-REG-S 0.62500% 17-23.06.27 | 1 000 000.00 | 1 030 930.00 | 0.15 |
| EUR | LA BANQUE POSTAL HOME LOAN SFH-REG-S 1.00000% 18-04.10.28 | 1 000 000.00 | 1 058 332.00 | 0.15 |
| EUR | LANDESBANK BADEN-WUERTTEMBERG-REG-S 0.01000% 20-16.07.27 | 1 000 000.00 | 996 914.00 | 0.15 |
| EUR | LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.62500% 17-12.01.27 | 1 600 000.00 | 1 649 398.40 | 0.24 |
| EUR | LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.87500% 18-20.03.28 | 1 000 000.00 | 1 049 540.00 | 0.15 |
| EUR | LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.12500% 20-22.01.30 | 1 000 000.00 | 994 024.00 | 0.14 |
| EUR | LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 0.62500% 17-18.05.27 | 500 000.00 | 518 543.00 | 0.08 |
| EUR | MEDIOBANCA - BANCA DI CREDITO FIN-REG-S 0.50000% 19-01.10.26 | 500 000.00 | 511 602.00 | 0.07 |
| EUR | MUNICIPALITY FINANCE PLC-REG-S 0.05000% 19-06.09.29 | 1 000 000.00 | 994 174.00 | 0.14 |
| EUR | NATIONAL AUSTRALIA BANK-REG-S 1.25000% 16-18.05.26 | 620 000.00 | 649 174.35 | 0.09 |
| EUR | NEDERLANDSE WATERSCHAPSBANK NV-REG-S 0.62500% 17-18.01.27 | 1 000 000.00 | 1 032 200.00 | 0.15 |
| EUR | NESTLE FINANCE INTERNATIONAL-REG-S 0.12500% 20-12.11.27 | 1 000 000.00 | 995 550.00 | 0.14 |
| EUR | NIEDERSACHSEN, STATE OF-REG-S 0.62500% 17-06.07.27 | 1 000 000.00 | 1 034 370.00 | 0.15 |
| EUR | NORDEA BANK ABP 0.37500% 19-28.05.26 | 1 000 000.00 | 1 012 848.00 | 0.15 |
| EUR | NORDEA BANK ABP-REG-S 1.12500% 17-27.09.27 | 217 000.00 | 227 825.69 | 0.03 |
| EUR | NORDEA BANK ABP-REG-S 0.50000% 20-14.05.27 | 3 500 000.00 | 3 548 860.00 | 0.52 |
| EUR | NORDRHEIN-WESTFALEN, STATE OF-REG-S 0.50000% 17-16.02.27 | 1 750 000.00 | 1 798 702.50 | 0.26 |
| EUR | NORDRHEIN-WESTFALEN, STATE OF-REG-S 0.90000% 18-15.11.28 | 3 000 000.00 | 3 170 856.00 | 0.46 |
| EUR | NRW BANK 0.12500% 19-12.04.27 | 2 000 000.00 | 2 007 440.00 | 0.29 |
| EUR | NRW BANK-REG-S 0.37500% 19-16.05.29 | 1 000 000.00 | 1 013 644.00 | 0.15 |
| EUR | ONTARIO TEACHERS’ FINANCE TRUST-REG-S 0.05000% 20-25.11.30 | 2 000 000.00 | 1 925 180.62 | 0.28 |
| EUR | RABOBANK NEDERLAND NV-REG-S 1.37500% 15-03.02.27 | 1 000 000.00 | 1 063 960.00 | 0.15 |
| EUR | RABOBANK NEDERLAND NV-REG-S 1.25000% 16-23.03.26 | 750 000.00 | 788 514.00 | 0.11 |
| EUR | REGIE AUTONOME DES TRANSPORTS PA-REG-S 0.35000% 19-20.06.29 | 2 000 000.00 | 2 007 464.00 | 0.29 |
| EUR | ROYAL BANK OF CANADA-REG-S 0.01000% 20-21.01.27 | 2 000 000.00 | 1 989 664.00 | 0.29 |
| EUR | SACHSEN-ANHALT, STATE OF-REG-S 0.12500% 19-21.06.29 | 1 500 000.00 | 1 497 945.00 | 0.22 |
| EUR | SANTANDER UK PLC-REG-S 0.05000% 20-12.01.27 | 3 500 000.00 | 3 483 039.00 | 0.51 |
| EUR | SNCF RESEAU-REG-S 1.12500% 17-19.05.27 | 1 000 000.00 | 1 057 700.00 | 0.15 |
| EUR | SOCIETE GENERALE SFH-REG-S 0.01000% 20-11.02.30 | 1 000 000.00 | 982 720.00 | 0.14 |
| EUR | SOCIETE NATIONALE SNCF SA-REG-S 0.62500% 20-17.04.30 | 1 000 000.00 | 1 018 410.00 | 0.15 |
| EUR | SPAREBANKEN 1 BOLIGKREDITT-REG-S 1.00000% 19-30.01.29 | 1 800 000.00 | 1 904 256.00 | 0.28 |
| EUR | STADSHYPOTEK AB-REG-S 0.01000% 21-30.09.30 | 3 000 000.00 | 2 927 178.00 | 0.42 |
| EUR | SUMITOMO MITSUI BANKING CORP-REG-S 0.26700% 19-18.06.26 | 1 000 000.00 | 1 003 541.50 | 0.15 |
| EUR | SUMITOMO MITSUI BANKING CORP-REG-S 0.40900% 19-07.11.29 | 1 500 000.00 | 1 502 406.00 | 0.22 |
| EUR | SUMITOMO MITSUI TRUST BANK-REG-S 0.27700% 21-25.10.28 | 3 000 000.00 | 2 972 508.00 | 0.43 |
| EUR | SVENSKA HANDELSBANKEN AB-REG-S 0.05000% 21-06.09.28 | 2 000 000.00 | 1 947 000.00 | 0.28 |
| EUR | SWEDISH COVERED BOND CORP-REG-S 0.87500% 17-29.03.27 | 500 000.00 | 521 165.00 | 0.08 |
| EUR | TEMASEK FINANCIAL I LTD-REG-S 1.50000% 16-01.03.28 | 1 000 000.00 | 1 076 400.00 | 0.16 |
| EUR | TEMASEK FINANCIAL I LTD-REG-S 0.50000% 19-20.11.31 | 2 000 000.00 | 1 985 284.00 | 0.29 |
| EUR | TORONTO-DOMINION BANK-REG-S 0.10000% 19-19.07.27 | 1 000 000.00 | 998 620.00 | 0.14 |
| EUR | UBS AG/LONDON-REG-S 0.50000% 21-31.03.31 | 1 000 000.00 | 982 433.36 | 0.14 |
| EUR | UNEDIC ASSEO-REG-S 1.25000% 15-21.10.27 | 1 000 000.00 | 1 074 970.00 | 0.16 |
| EUR | UNICREDIT BANK AUSTRIA AG-REG-S 0.62500% 19-20.03.29 | 800 000.00 | 825 784.00 | 0.12 |
| EUR | WESTPAC BANKING CORP-REG-S 0.87500% 16-17.04.27 | 1 000 000.00 | 1 031 497.60 | 0.15 |
| EUR | WESTPAC BANKING CORP-REG-S 1.12500% 17-05.09.27 | 1 000 000.00 | 1 047 878.10 | 0.15 |
| Total EUR |  |  | 184 819 062.09 | 26.80 |
| Total Medium term notes, fixed rate |  | 184 819 062.09 | 26.80 |
| Medium term notes, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 0.00000% 20-28.10.27 | 1 200 000.00 | 1 197 120.00 | 0.17 |
| EUR	BANK NEDERLANDSE GEMEENTEN NV-REG-S 0.00000% 21-20.01.31 | 2 500 000.00 | 2 443 562.20 | 0.36 |
| EUR	COUNCIL OF EUROPE DEVELOPMENT BANK-REG- 0.00000% 21-15.04.28 | 3 000 000.00 | 2 998 836.00 | 0.44 |
| EUR	COUNCIL OF EUROPE DEVELOPMENT BK-REG-S 0.00000% 20-09.04.27 | 5 000 000.00 | 5 013 010.00 | 0.73 |
| EUR	EUROPEAN COMMUNITY-REG-S 0.00000% 21-04.07.31 | 2 100 000.00 | 2 074 947.00 | 0.30 |
| EUR	EUROPEAN UNION-REG-S 0.00000% 21-02.06.28 | 6 000 000.00 | 6 022 080.00 | 0.87 |
| EUR	INTL BK FOR RECONS & DEV WORLD BK 0.00000% 20-21.02.30 | 1 000 000.00 | 986 045.11 | 0.14 |
| EUR	INTL BK FOR RECONSTR & DEVT WORLD BANK 0.00000% 20-15.01.27 | 6 500 000.00 | 6 510 075.00 | 0.94 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.00000% 19-30.09.26 | 3 500 000.00 | 3 523 800.00 | 0.51 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.00000% 20-15.09.28 | 1 000 000.00 | 1 001 318.00 | 0.15 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.00000% 21-15.09.31 | 1 600 000.00 | 1 576 954.02 | 0.23 |
| EUR	NEDERLANDSE WATERSCHAPSBANK NV 0.00000% 21-08.09.31 | 3 000 000.00 | 2 926 362.00 | 0.43 |
| EUR	NEDERLANDSE WATERSCHAPSBANK NV-REG-S 0.00000% 19-16.11.26 | 1 000 000.00 | 1 000 362.00 | 0.15 |
| EUR	NIEDERSACHSEN, STATE OF-REG-S 0.00000% 20-11.02.27 | 2 000 000.00 | 2 000 720.00 | 0.29 |
| EUR	NRW BANK 0.00000% 20-18.02.30 | 1 250 000.00 | 1 229 207.50 | 0.18 |
| EUR	QUEBEC, PROVINCE OF-REG-S 0.00000% 19-15.10.29 | 4 000 000.00 | 3 891 480.00 | 0.56 |
| EUR	REGION OF ILE DE FRANCE-REG-S 0.00000% 20-20.04.28 | 1 200 000.00 | 1 188 950.40 | 0.17 |
| EUR	SFIL SA-REG-S 0.00000% 20-23.11.28 | 1 700 000.00 | 1 682 122.80 | 0.24 |
| EUR	UNEDIC ASSEO-REG-S 0.00000% 20-19.11.30 | 3 000 000.00 | 2 923 008.00 | 0.42 |
| Total EUR |  | 50 189 960.03 | 7.28 |
| Total Medium term notes, zero coupon |  | 50 189 960.03 | 7.28 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	AAREAL BANK AG-REG-S 0.01000% 21-15.09.28 | 3 200 000.00 | 3 173 171.20 | 0.46 |
| EUR	AFRICAN DEVELOPMENT BANK 0.50000% 19-21.03.29 | 2 000 000.00 | 2 042 136.00 | 0.30 |
| EUR	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 0.12500% 21-29.09.31 | 2 500 000.00 | 2 431 775.00 | 0.35 |
| EUR	APPLE INC 1.37500% 17-24.05.29 | 1 000 000.00 | 1 074 328.00 | 0.16 |
| EUR	APPLE INC 2.00000% 15-17.09.27 | 417 000.00 | 460 700.77 | 0.07 |
| EUR	AUSTRIA, REPUBLIC OF 6.25000% 97-15.07.27 | 1 143 000.00 | 1 572 126.78 | 0.23 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.50000% 17-20.04.27 | 2 000 000.00 | 2 080 024.00 | 0.30 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.50000% 19-20.02.29 | 1 750 000.00 | 1 816 675.00 | 0.26 |

Focused SICAV – High Grade Long Term Bond EUR Annual report and audited financial statements as of 31 October 2021
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | BANK OF NOVA SCOTIA-REG-S 0.01000% 21-14.09.29 | 4 000 000.00 | 3 916 280.00 | 0.57 |
| EUR | BELGIUM, KINGDOM OF 5.50000% 97-28.03.28 | 805 000.00 | 1 099 573.65 | 0.16 |
| EUR | BELGIUM, KINGDOM OF-144A-REG-S 0.80000% 17-22.06.27 | 6 500 000.00 | 6 864 949.00 | 1.00 |
| EUR | BELGIUM, KINGDOM OF-144A-REG-S 0.80000% 18-22.06.28 | 20 250 000.00 | 21 458 115.00 | 3.11 |
| EUR | BERKSHIRE HATHAWAY INC 1.12500% 15-16.03.27 | 300 000.00 | 312 537.60 | 0.04 |
| EUR | BERLIN, STATE OF-REG-S 0.62500% 17-08.02.27 | 1 000 000.00 | 1 033 262.00 | 0.15 |
| EUR | BERLIN, STATE OF-REG-S 0.62500% 19-05.02.29 | 700 000.00 | 726 562.20 | 0.10 |
| EUR | BNG BANK NV-REG-S 0.10000% 20-15.01.30 | 500 000.00 | 496 637.00 | 0.07 |
| EUR | BPCE SFH SA-REG-S 0.62500% 19-22.09.27 | 1 000 000.00 | 1 031 200.00 | 0.15 |
| EUR | BPCE SFH SA-REG-S 0.01000% 20-23.03.28 | 1 000 000.00 | 992 418.00 | 0.14 |
| EUR | BUNDESLAENDER BUNDESREPUBLI DEUTS-REG-S 0.62500% 17-25.10.27 | 1 000 000.00 | 1 035 558.00 | 0.15 |
| EUR | CAISSE FRANCAISE DE FINANCE LOCAL-REG-S 0.01000% 21-18.03.31 | 3 000 000.00 | 2 922 306.00 | 0.42 |
| EUR | CIE DE FINANCEMENT FONCIER SA-REG-S 0.75000% 18-11.01.28 | 1 000 000.00 | 1 039 144.00 | 0.15 |
| EUR | COLGATE-PALMOLIVE CO 0.50000% 19-06.03.26 | 550 000.00 | 559 172.90 | 0.08 |
| EUR | COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.22500% 16-14.09.26 | 1 000 000.00 | 1 008 800.00 | 0.15 |
| EUR | COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.01000% 19-10.11.27 | 1 000 000.00 | 994 024.00 | 0.14 |
| EUR | CREDIT AGRICOLE ITALIA SPA-REG-S 0.25000% 20-17.01.28 | 500 000.00 | 502 794.00 | 0.07 |
| EUR | CREDIT MUTUEL HOME LOAN SFH SA-REG-S 0.12500% 20-28.01.30 | 800 000.00 | 793 340.80 | 0.11 |
| EUR | DNB BOLIGKREDITT AS-REG-S 0.01000% 21-21.01.31 | 2 600 000.00 | 2 535 499.20 | 0.37 |
| EUR | DNB BOLIGKREDITT AS-REG-S 0.01000% 21-12.05.28 | 2 000 000.00 | 1 981 624.00 | 0.29 |
| EUR | EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.05000% 19-17.10.29 | 2 000 000.00 | 1 997 600.00 | 0.29 |
| EUR | EUROPEAN STABILITY MECHANISM-REG-S 0.01000% 20-04.03.30 | 2 000 000.00 | 1 985 764.00 | 0.29 |
| EUR | FINLAND, REPUBLIC OF-144A-REG-S 0.50000% 17-15.09.27 | 1 000 000.00 | 1 040 950.00 | 0.15 |
| EUR | FINLAND, REPUBLIC OF-144A-REG-S 0.50000% 18-15.09.28 | 2 500 000.00 | 2 602 710.00 | 0.38 |
| EUR | FINLAND, REPUBLIC OF-144A-REG-S 0.50000% 19-15.09.29 | 2 000 000.00 | 2 082 640.00 | 0.30 |
| EUR | FINNVERA OYJ-REG-S 0.37500% 19-09.04.29 | 500 000.00 | 507 573.00 | 0.07 |
| EUR | FRANCE, REPUBLIC OF-OAT 5.50000% 98-25.04.29 | 12 000 000.00 | 16 941 600.00 | 2.46 |
| EUR | FRANCE, REPUBLIC OF-OAT 2.75000% 12-25.10.27 | 12 393 000.00 | 14 554 859.70 | 2.11 |
| EUR | FRANCE, REPUBLIC OF-OAT 2.50000% 13-25.05.30 | 18 500 000.00 | 22 282 954.00 | 3.23 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 1.50000% 15-25.05.31 | 24 000 000.00 | 26 916 384.00 | 3.90 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.25000% 15-25.11.26 | 3 163 000.00 | 3 236 387.93 | 0.47 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 1.00000% 17-25.05.27 | 7 250 000.00 | 7 719 263.50 | 1.12 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.75000% 17-25.05.28 | 9 746 000.00 | 10 265 461.80 | 1.49 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.75000% 18-25.11.28 | 8 500 000.00 | 8 958 235.00 | 1.30 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.50000% 19-25.05.29 | 20 000 000.00 | 20 690 400.00 | 3.00 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.25000% 17-15.02.27 | 10 159 000.00 | 10 496 156.90 | 1.52 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.50000% 17-15.08.27 | 17 000 000.00 | 17 842 384.00 | 2.59 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.50000% 18-15.02.28 | 7 495 000.00 | 7 884 695.03 | 1.14 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.25000% 18-15.08.28 | 13 700 000.00 | 14 205 584.80 | 2.06 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.25000% 19-15.02.29 | 7 000 000.00 | 7 260 946.00 | 1.05 |
| EUR | GERMANY, REPUBLIC OF 5.62500% 98-04.01.28 | 2 500 000.00 | 3 436 450.00 | 0.50 |
| EUR | GERMANY, REPUBLIC OF 4.75000% 98-04.07.28 | 2 000 000.00 | 2 685 000.00 | 0.39 |
| EUR | GERMANY, REPUBLIC OF 6.25000% 00-04.01.30 | 2 000 000.00 | 3 078 160.00 | 0.45 |
| EUR | GERMANY, REPUBLIC OF 5.50000% 00-04.01.31 | 4 000 000.00 | 6 125 131.60 | 0.89 |
| EUR | HESSEN, STATE OF 0.37500% 16-06.07.26 | 1 000 000.00 | 1 019 756.00 | 0.15 |
| EUR | HESSEN, STATE OF-REG-S 0.62500% 18-02.08.28 | 1 500 000.00 | 1 556 202.00 | 0.23 |
| EUR | ILE DE FRANCE-REG-S 0.10000% 20-02.07.30 | 2 000 000.00 | 1 958 540.00 | 0.28 |
| EUR | JOHNSON & JOHNSON 1.15000% 16-20.11.28 | 500 000.00 | 531 593.00 | 0.08 |
| EUR | JYSKE REALKREDIT A/S-REG-S 0.01000% 21-01.10.27 | 2 000 000.00 | 1 985 400.00 | 0.29 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU 0.50000% 17-15.09.27 | 3 000 000.00 | 3 098 898.00 | 0.45 |
| EUR | LA BANQUE POSTAL HOME LOAN SFH-REG-S 0.01000% 19-22.10.29 | 500 000.00 | 492 167.00 | 0.07 |
| EUR | LUXEMBOURG GOVERNMENT BOND-REG-S 0.62500% 17-01.02.27 | 623 000.00 | 644 932.09 | 0.09 |
| EUR | MICROSOFT CORP 3.12500% 13-06.12.28 | 350 000.00 | 422 454.20 | 0.06 |
| EUR | MUENCHENER HYPOTHEKENBANK EG-REG-S 0.62500% 18-10.11.27 | 1 000 000.00 | 1 033 280.00 | 0.15 |
| EUR | NATIONAL AUSTRALIA BANK LTD-REG-S 0.01000% 21-06.01.29 | 3 000 000.00 | 2 948 118.00 | 0.43 |
| EUR | NETHERLANDS, KINGDOM OF THE-144A-REG-S 0.75000% 18-15.07.28 | 2 000 000.00 | 2 125 940.00 | 0.31 |
| EUR | NETHERLANDS, KINGDOM OF THE 0.25000% 19-15.07.29 | 5 000 000.00 | 5 131 940.00 | 0.74 |
| EUR | NOVARTIS FINANCE SA-REG-S 1.62500% 14-09.11.26 | 750 000.00 | 808 830.00 | 0.12 |
| EUR | NOVARTIS FINANCE SA-REG-S 0.62500% 16-20.09.28 | 823 000.00 | 841 135.62 | 0.12 |
| EUR | NRW BANK 0.25000% 16-28.09.26 | 1 000 000.00 | 1 011 964.00 | 0.15 |
| EUR | RHEINLAND-PFALZ, STATE OF-REG-S 0.10000% 16-18.08.26 | 1 000 000.00 | 1 006 462.00 | 0.15 |
| EUR | SCHLESWIG-HOLSTEIN,STATE OF-REG-S 0.12500% 19-12.06.29 | 1 500 000.00 | 1 500 315.00 | 0.22 |
| EUR | SOCIETE GENERALE SFH-REG-S 0.75000% 19-29.01.27 | 900 000.00 | 932 704.20 | 0.13 |
| EUR | STADSHYPOTEK AB-REG-S 0.12500% 16-05.10.26 | 1 100 000.00 | 1 104 468.20 | 0.16 |
| Total EUR |  |  | 310 907 124.67 | 45.08 |
| Total Bonds, fixed rate |  | 310 907 124.67 | 45.08 |
| Bonds, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.00000% 20-20.02.30 | 6 000 000.00 | 5 961 660.00 | 0.86 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.00000% 21-20.02.31 | 4 000 000.00 | 3 941 131.28 | 0.57 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.00000% 21-20.01.31 | 1 000 000.00 | 989 242.00 | 0.14 |
| EUR	EUROPEAN INVESTMENT BANK-REG-S 0.00000% 20-09.09.30 | 3 000 000.00 | 2 975 190.00 | 0.43 |
| EUR	EUROPEAN INVESTMENT BANK-REG-S 0.00000% 21-14.01.31 | 4 000 000.00 | 3 959 560.00 | 0.57 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.11.29 | 18 500 000.00 | 18 360 177.00 | 2.66 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 20-25.11.30 | 17 900 000.00 | 17 593 050.80 | 2.55 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 20-15.08.30 | 5 500 000.00 | 5 608 658.00 | 0.81 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 21-15.08.31 | 2 500 000.00 | 2 532 015.00 | 0.37 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 19-15.08.29 | 8 500 000.00 | 8 648 002.00 | 1.25 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 20-15.02.30 | 6 000 000.00 | 6 100 176.00 | 0.89 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 20-15.08.30 | 6 500 000.00 | 6 596 603.00 | 0.96 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 20-15.11.27 | 5 000 000.00 | 5 098 600.00 | 0.74 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 21-15.02.31 | 9 000 000.00 | 9 108 180.00 | 1.32 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 21-15.08.31 | 5 500 000.00 | 5 550 765.00 | 0.81 |
| EUR	INTERNATIONAL DEVELOPMENT ASSOC-REG-S 0.00000% 19-19.10.26 | 4 000 000.00 | 3 990 360.00 | 0.58 |
| EUR	NETHERLANDS, KINGDOM OF THE-144A-REG-S 0.00000% 20-15.07.30 | 5 000 000.00 | 5 008 540.00 | 0.73 |
| EUR	RABOBANK NEDERLAND NV-REG-S 0.00000% 19-21.06.27 | 2 000 000.00 | 1 990 632.00 | 0.29 |
| Total EUR |  | 114 012 542.08 | 16.53 |
| Total Bonds, zero coupon |  | 114 012 542.08 | 16.53 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 681 017 348.54 | 98.75 |
| Total investments in securities |  | 681 017 348.54 | 98.75 |
| Focused SICAV – High Grade Long Term Bond EUR |  |  |  |
| Annual report and audited financial statements as of 31 October 2021 |  |  |  |

| 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
Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date
| EUR | 183 313.29 | CHF | 200 900.00 | 1.12.2021 | -6 711.63 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 105 200.00 | EUR | 96 257.22 | 1.12.2021 | 3 248.11 | 0.00 |
| CHF | 95 700.00 | EUR | 89 216.30 | 1.12.2021 | 1 303.28 | 0.00 |
| CHF | 49 181 200.00 | EUR | 45 368 290.11 | 1.11.2021 | 1 141 517.36 | 0.17 |
| USD | 64 742 400.00 | EUR | 55 444 805.18 | 1.11.2021 | 500 236.95 | 0.07 |
| EUR | 91 644.67 | USD | 106 500.00 | 1.11.2021 | -383.85 | 0.00 |
| EUR | 197 887.62 | USD | 229 600.00 | 1.11.2021 | -513.76 | 0.00 |
| CHF | 84 100.00 | EUR | 78 291.77 | 1.11.2021 | 1 240.14 | 0.00 |
| USD | 2 481 600.00 | EUR | 2 136 731.53 | 1.11.2021 | 7 662.51 | 0.00 |
| EUR | 77 936.07 | CHF | 83 500.00 | 1.11.2021 | -1 028.43 | 0.00 |
| EUR | 135 535.53 | USD | 156 400.00 | 1.11.2021 | 387.55 | 0.00 |
| EUR | 1 025 720.33 | CHF | 1 101 000.00 | 1.11.2021 | -15 476.27 | 0.00 |
| USD | 140 200.00 | EUR | 120 858.42 | 1.11.2021 | 290.86 | 0.00 |
| EUR | 122 053.77 | USD | 142 100.00 | 1.11.2021 | -737.33 | 0.00 |
| USD | 362 200.00 | EUR | 311 233.36 | 1.11.2021 | 1 750.01 | 0.00 |
| EUR | 1 364 896.76 | USD | 1 583 800.00 | 1.11.2021 | -3 692.57 | 0.00 |
| USD | 127 000.00 | EUR | 109 335.44 | 1.11.2021 | 407.49 | 0.00 |
| CHF | 48 080 800.00 | EUR | 45 168 574.24 | 2.12.2021 | 309 729.97 | 0.04 |
| USD | 65 635 000.00 | EUR | 56 615 617.01 | 2.12.2021 | 66 105.36 | 0.01 |
| EUR | 146 874.29 | USD | 169 600.00 | 2.12.2021 | 409.44 | 0.00 |
| CHF | 80 200.00 | EUR | 75 793.73 | 2.12.2021 | 65.24 | 0.00 |
| Total Forward Foreign Exchange contracts | 2 005 810.43 | 0.29 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 1 760 556.13 | 0.26 |
| Other assets and liabilities | 4 837 278.13 | 0.70 |
| Total net assets | 689 620 993.23 | 100.00 |

Focused SICAV – High Grade Long Term Bond EUR Annual report and audited financial statements as of 31 October 2021

Translation (ENDE, 2021-10-31):
# Focused SICAV – High Grade Long Term Bond EUR
| Dreijahresvergleich |  |
| --- | --- |
| Datum | ISIN | 31.10.2021 | 31.10.2020 | 31.10.2019 |
| Nettovermögen in EUR |  | 689 620 993.23 | 1 671 292 282.26 | 466 741 409.75 |
| Klasse F-acc | LU0270448839 |  |  |  |
| Aktien im Umlauf |  | 3 347 232.8600 | 5 021 846.2530 | 2 035 055.8250 |
| Nettoinventarwert pro Aktie in EUR |  | 172.48 | 178.35 | 175.32 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 172.48 | 178.35 | 175.32 |
| Klasse (CHF hedged) F-acc | LU1272229672 |  |  |  |
| Aktien im Umlauf |  | 488 302.1610 | 3 875 943.3490 | 510 652.0000 |
| Nettoinventarwert pro Aktie in CHF |  | 98.16 | 101.77 | 100.41 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 98.16 | 101.77 | 100.41 |
| Klasse (USD hedged) F-acc | LU1272229839 |  |  |  |
| Aktien im Umlauf |  | 634 814.9410 | 4 431 185.2740 | 654 117.0000 |
| Nettoinventarwert pro Aktie in USD |  | 102.10 | 104.74 | 101.23 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 102.10 | 104.74 | 101.23 |
| Klasse F-UKdist | LU0526609630 |  |  |  |
| Aktien im Umlauf |  | 72 985.7640 | 49 622.8660 | 25 967.7550 |
| Nettoinventarwert pro Aktie in EUR |  | 150.13 | 156.39 | 155.24 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 150.13 | 156.39 | 155.24 |
| 1  Siehe Erläuterung 1 |  |  |  |  |
| Performance |  |  |  |  |
|  | Währung | 2020/2021 | 2019/2020 | 2018/2019 |
| Klasse F-acc | EUR | -3.3% | 1.7% | 5.9% |
| Klasse (CHF hedged) F-acc | CHF | -3.5% | 1.4% | - |
| Klasse (USD hedged) F-acc | USD | -2.5% | 3.5% | - |
| Klasse F-UKdist | EUR | -3.3% | 1.7% | 5.9% |

Die historische Performance stellt keinen Indikator für die laufende oder zukünftige Performance dar.
Die Performancedaten lassen die bei der Ausgabe und Rücknahme der Aktien erhobenen Kommissionen und Kosten unberücksichtigt. Die Performancedaten sind ungeprüft.
Der Subfonds verfügt über keine Benchmark.
Focused SICAV – High Grade Long Term Bond EUR
Jahresbericht und geprüfter Jahresabschluss per 31. Oktober 2021

## Bericht des Portfolio Managers
Im Rechnungsjahr vom 1. November 2020 bis zum
31. Oktober 2021 stiegen die europäischen Renditen, vor allem am langen Ende. Diese Bewegungen waren auf die Aufhebung der Lockdowns zurückzuführen, die eine kräftige Konjunkturerholung und einen entspre- chenden Anstieg der Inflationsraten zur Folge hatten. Die EZB sieht die höheren Inflationsraten als vorüberge- hend an und hält an ihrer expansiven Geldpolitik fest. Die während des Jahres verabschiedeten staatlichen Konjunkturpakete zur Stützung der Wirtschaft während der Covid-Krise dürften die Konjunkturerholung weiter stärken.
Der Fonds verbuchte im Rechnungsjahr eine negative Performance. Während des Jahres hielt der Fonds eine Übergewichtung in risikoreicheren Bereichen des Anla- geuniversums, zum Beispiel Covered Bonds und Unter- nehmensanleihen gegenüber Staatsanleihen. Der Fonds hielt eine neutrale bis leicht untergewichtete Duration im Vergleich zur Benchmark, die eine Duration von durchschnittlich etwa 7.04 Jahren aufwies.

## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Frankreich	33.41
| Deutschland | 27.82 |
| --- | --- |
| Niederlande | 6.13 |
| Luxemburg | 5.50 |
| Belgien | 4.57 |
| Supranational | 2.92 |
| Kanada | 2.80 |
| Österreich | 2.72 |
| Vereinigte Staaten | 2.52 |
| Finnland | 2.10 |
| Norwegen | 1.92 |
| Australien | 1.05 |
| Schweden | 0.94 |
| Japan | 0.79 |
| Neuseeland | 0.75 |
| Grossbritannien | 0.65 |
| Philippinen | 0.57 |
| Dänemark | 0.51 |
| Singapur | 0.44 |
| Elfenbeinküste | 0.35 |
| Italien | 0.15 |
| Estonia | 0.14 |
| Total | 98.75 |

Wirtschaftliche Aufteilung in % des Nettovermögens	
| Länder- & Zentralregierungen | 52.24 |
| --- | --- |
| Banken & Kreditinstitute | 22.57 |
| Supranationale Organisationen | 10.41 |
| Kantone, Bundesstaaten | 4.12 |
| Finanz- & Beteiligungsgesellschaften | 3.94 |
| Öffentlich-rechtliche Körperschaften | 1.31 |
| Städte, Gemeinden | 0.75 |
| Pfandbriefinstitute & Refinanzierungsgesellschaften | 0.64 |
| Erdöl | 0.61 |
| Energie- & Wasserversorgung | 0.51 |
| Verkehr & Transport | 0.44 |
| Versicherungen | 0.40 |
| Diverse nicht klassierte Gesellschaften | 0.29 |
| Computer & Netzwerkausrüster | 0.22 |
| Diverse Konsumgüter | 0.16 |
| Pharmazeutik, Kosmetik & medizinische Produkte | 0.08 |
| Internet, Software & IT-Dienste | 0.06 |
| Total | 98.75 |

Focused SICAV – High Grade Long Term Bond EUR Jahresbericht und geprüfter Jahresabschluss per 31. Oktober 2021

## Nettovermögensaufstellung
Aktiva	31.10.2021
EUR
Wertpapierbestand, Einstandswert	702 539 155.02
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	-21 521 806.48	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 681 017 348.54 |
| Bankguthaben, Sicht- und Fristgelder | 1 760 556.13 |
| Forderungen aus Wertpapierverkäufen (Erläuterung 1) | 4 641 238.77 |
| Forderungen aus Zeichnungen | 2 617 352.77 |
| Zinsforderungen aus Wertpapieren | 2 161 208.99 |
| Nicht realisierter Kursgewinn aus Devisenterminkontrakten (Erläuterung 1) | 2 005 810.43 |
| Total Aktiva | 694 203 515.63 |
|  |  |
| Passiva |  |
| Verbindlichkeiten aus Wertpapierkäufen (Erläuterung 1) | -3 376 592.80 |
| Verbindlichkeiten aus Rücknahmen | -1 135 118.75 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -37 482.20 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -11 005.52 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-22 323.13	 |
| Total Rückstellungen für Aufwendungen | -70 810.85 |
| Total Passiva | -4 582 522.40 |
|  |  |
| Nettovermögen am Ende des Geschäftsjahres | 689 620 993.23 |
| Ertrags- und Aufwandsrechnung | EUR |
| Erträge | 1.11.2020-31.10.2021 |
| Zinsen auf Wertpapiere | 5 335 599.38 |
| Nettoerträge aus Securities Lending | 271 634.67 |
| Sonstige Erträge (Erläuterung 4) | 358 602.24 |
| Total Erträge | 5 965 836.29 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -1 041 624.61 |
| Abonnementsabgabe (Erläuterung 3) | -59 225.75 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -41 471.27 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -22 800.48 |
| Total Aufwendungen | -1 165 122.11 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 4 800 714.18 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | -3 410 666.31 |
| Realisierter Kursgewinn (-verlust) aus renditebewerteten Wertpapieren und Geldmarktinstrumenten | -911 146.13 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | -4 076 999.13 |
| Realisierter Währungsgewinn (-verlust) | 952 590.33 |
| Total der realisierten Gewinne (Verluste) | -7 446 221.24 |
|  |  |
| Realisierter Nettogewinn (-verlust) des Geschäftsjahres | -2 645 507.06 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | -25 534 715.41 |
| Nicht realisierte Werterhöhung (-minderung) renditebewerteter Wertpapiere und Geldmarktinstrumente | 65 973.00 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | -6 622 434.43 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | -32 091 176.84 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | -34 736 683.90 |

Focused SICAV – High Grade Long Term Bond EUR
Jahresbericht und geprüfter Jahresabschluss per 31. Oktober 2021
| Veränderung des Nettovermögens |  |
| --- | --- |
|  |  | EUR |
|  |  | 1.11.2020-31.10.2021 |
| Nettovermögen zu Beginn des Geschäftsjahres |  | 1 671 292 282.26 |
| Zeichnungen |  | 232 803 284.56 |
| Rücknahmen |  | 	-1 179 680 319.25	 |
| Total Mittelzufluss (-abfluss) |  | -946 877 034.69 |
| Ausbezahlte Dividende |  | -57 570.44 |
| Nettoerträge (-verluste) aus Anlagen |  | 4 800 714.18 |
| Total der realisierten Gewinne (Verluste) |  | -7 446 221.24 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) |  | 	-32 091 176.84	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit |  | -34 736 683.90 |
| Nettovermögen am Ende des Geschäftsjahres |  | 689 620 993.23 |
| Entwicklung der Aktien im Umlauf |  |  |
|  |  | 1.11.2020-31.10.2021 |
| Klasse |  | F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 5 021 846.2530 |
| Anzahl der ausgegebenen Aktien |  | 1 172 954.1100 |
| Anzahl der zurückgegebenen Aktien |  | -2 847 567.5030 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 3 347 232.8600 |
| Klasse |  | (CHF hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 3 875 943.3490 |
| Anzahl der ausgegebenen Aktien |  | 60 318.1610 |
| Anzahl der zurückgegebenen Aktien |  | -3 447 959.3490 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 488 302.1610 |
| Klasse |  | (USD hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 4 431 185.2740 |
| Anzahl der ausgegebenen Aktien |  | 162 075.0220 |
| Anzahl der zurückgegebenen Aktien |  | -3 958 445.3550 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 634 814.9410 |
| Klasse |  | F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 49 622.8660 |
| Anzahl der ausgegebenen Aktien |  | 41 488.5090 |
| Anzahl der zurückgegebenen Aktien |  | -18 125.6110 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 72 985.7640 |
| Jährliche Ausschüttung 1 |  |  |
| Focused SICAV – High Grade Long Term Bond EUR	Ex-Date | Pay-Date | Währung	Betrag pro Aktie |
| F-UKdist	16.11.2020 | 17.11.2020 | EUR	1.15 |
| 1  Siehe Erläuterung 5 |  |  |

Focused SICAV – High Grade Long Term Bond EUR Jahresbericht und geprüfter Jahresabschluss per 31. Oktober 2021

## Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 31. Oktober 2021
| 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	ASIAN DEVELOPMENT BANK 0.02500% 20-31.01.30 | 3 000 000.00 | 2 955 874.74 | 0.43 |
| EUR	BPIFRANCE FINANCEMENT SA-REG-S 0.05000% 19-26.09.29 | 1 000 000.00 | 985 433.54 | 0.14 |
| EUR	BPIFRANCE FINANCEMENT SA-REG-S 0.25000% 20-29.03.30 | 3 000 000.00 | 2 997 858.00 | 0.44 |
| EUR	ESTONIA, REPUBLIC OF-REG-S 0.12500% 20-10.06.30 | 1 000 000.00 | 988 312.51 | 0.14 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 0.75000% 18-28.06.28 | 1 500 000.00 | 1 577 853.00 | 0.23 |
| EUR	NEDERLANDSE WATERSCHAPSBANK NV-REG-S 0.05000% 20-28.01.30 | 1 000 000.00 | 990 980.00 | 0.14 |
| EUR	PROCTER & GAMBLE CO 1.20000% 18-30.10.28 | 500 000.00 | 531 235.00 | 0.08 |
| EUR	RABOBANK NEDERLAND NV-REG-S 0.87500% 19-01.02.29 | 1 600 000.00 | 1 680 914.88 | 0.24 |
| Total EUR |  | 12 708 461.67 | 1.84 |
| Total Notes, fester Zins |  | 12 708 461.67 | 1.84 |
| Notes, Nullcoupon |  |  |  |
| EUR |  |  |  |
| EUR	BUNDESLAENDER BUNDESREPUBLI DEUT-REG-S 0.00000% 20-19.02.27 | 1 000 000.00 | 1 000 184.00 | 0.15 |
| EUR	FINLAND, REPUBLIC OF-144A-REG-S 0.00000% 20-15.09.30 | 2 500 000.00 | 2 484 530.00 | 0.36 |
| EUR	GRAND-DUCHY OF LUXEMBOURG-REG-S 0.00000% 21-24.03.31 | 2 000 000.00 | 1 969 800.00 | 0.29 |
| EUR	NOVARTIS FINANCE SA-REG-S 0.00000% 20-23.09.28 | 3 000 000.00 | 2 925 684.00 | 0.42 |
| Total EUR |  | 8 380 198.00 | 1.22 |
| Total Notes, Nullcoupon |  | 8 380 198.00 | 1.22 |
| Medium-Term Notes, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	AFRICAN DEVELOPMENT BANK 0.12500% 16-07.10.26 | 1 000 000.00 | 1 005 700.00 | 0.15 |
| EUR	AFRICAN DEVELOPMENT BANK 0.87500% 18-24.05.28 | 350 000.00 | 367 360.00 | 0.05 |
| EUR	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 0.25000% 16-21.07.26 | 3 100 000.00 | 3 146 921.60 | 0.46 |
| EUR	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 0.01000% 21-25.11.28 | 2 000 000.00 | 1 979 392.00 | 0.29 |
| EUR	ALLIANDER NV-REG-S 0.87500% 16-22.04.26 | 1 000 000.00 | 1 033 876.00 | 0.15 |
| EUR	ALLIANDER NV-REG-S 0.37500% 20-10.06.30 | 2 500 000.00 | 2 490 105.00 | 0.36 |
| EUR	ALLIANZ FINANCE II BV-REG-S 0.87500% 19-15.01.26 | 2 700 000.00 | 2 791 589.40 | 0.41 |
| EUR	ASIAN DEVELOPMENT BANK 0.10000% 21-17.06.31 | 1 000 000.00 | 982 866.00 | 0.14 |
| EUR	AUCKLAND COUNCIL-REG-S 1.00000% 17-19.01.27 | 2 600 000.00 | 2 717 915.20 | 0.39 |
| EUR	AUCKLAND COUNCIL-REG-S 0.12500% 19-26.09.29 | 2 500 000.00 | 2 454 685.00 | 0.36 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.75000% 18-20.02.28 | 1 500 000.00 | 1 583 613.00 | 0.23 |
| EUR	AXA BANK EUROPE SCF-REG-S 0.75000% 19-06.03.29 | 1 100 000.00 | 1 144 561.00 | 0.17 |
| EUR	AXA BANK EUROPE SCF-REG-S 0.01000% 20-22.01.27 | 500 000.00 | 498 050.00 | 0.07 |
| EUR	BANK OF MONTREAL-REG-S 0.05000% 21-08.06.29 | 2 000 000.00 | 1 969 200.00 | 0.29 |
| EUR	BAYERISCHE LANDESBANK-REG-S 0.75000% 19-05.02.29 | 1 500 000.00 | 1 565 532.00 | 0.23 |
| EUR	BERLIN HYP AG-REG-S 0.01000% 21-24.01.28 | 1 000 000.00 | 995 672.00 | 0.14 |
| EUR	BERLIN, STATE OF-REG-S 0.10000% 19-18.01.30 | 1 000 000.00 | 995 599.25 | 0.14 |
| EUR	BNG BANK NV-REG-S 0.62500% 17-19.06.27 | 1 000 000.00 | 1 034 600.00 | 0.15 |
| EUR	BNG BANK NV-REG-S 0.75000% 18-11.01.28 | 1 000 000.00 | 1 042 793.80 | 0.15 |
| EUR	BNG BANK NV-REG-S 0.75000% 19-24.01.29 | 1 000 000.00 | 1 045 216.60 | 0.15 |
| EUR	BNP PARIBAS-REG-S 1.50000% 16-25.05.28 | 4 000 000.00 | 4 305 600.00 | 0.62 |
| EUR	BPCE SFH SA-REG-S 0.01000% 19-08.11.26 | 1 500 000.00 | 1 497 420.00 | 0.22 |
| EUR	BPIFRANCE SACA-REG-S 0.25000% 21-04.06.31 | 1 000 000.00 | 989 935.98 | 0.14 |
| EUR	BUNDESLAENDER BUNDESREPUBLI DEUT-REG-S 0.10000% 16-07.10.26 | 1 000 000.00 | 1 006 224.00 | 0.15 |
| EUR	CAISSE DES DEPOTS ET CONSIGNATION-REG-S 0.75000% 18-18.09.28 | 1 000 000.00 | 1 042 020.60 | 0.15 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 3.00000% 13-02.10.28 | 700 000.00 | 837 484.20 | 0.12 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 0.75000% 17-11.01.27 | 1 000 000.00 | 1 035 844.00 | 0.15 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 0.50000% 19-19.02.27 | 1 000 000.00 | 1 022 672.00 | 0.15 |
| EUR	CAISSE FRANCAISE DE FINANCE LOCAL-REG-S 0.10000% 19-13.11.29 | 1 000 000.00 | 991 799.32 | 0.14 |
| EUR	CANADIAN IMPERIAL BK OF COM-REG-S 0.04000% 19-09.07.27 | 1 000 000.00 | 994 810.00 | 0.14 |
| EUR	COMMERZBANK AG 0.12500% 16-15.12.26 | 1 000 000.00 | 1 004 428.00 | 0.15 |
| EUR	COMMERZBANK AG 0.62500% 17-24.08.27 | 2 000 000.00 | 2 063 424.00 | 0.30 |
| EUR	COMMERZBANK AG-REG-S 0.87500% 18-18.04.28 | 1 000 000.00 | 1 049 100.00 | 0.15 |
| EUR	COMMONWEALTH BANK OF AUSTRALIA-REG-S 0.50000% 16-27.07.26 | 505 000.00 | 515 221.20 | 0.07 |
| EUR	COMMONWEALTH BK OF AUSTRALIA-REG-S 0.87500% 19-19.02.29 | 1 000 000.00 | 1 044 652.00 | 0.15 |
| EUR	COOPERATIEVE RABOBANK UA-REG-S 0.01000% 20-02.07.30 | 1 000 000.00 | 980 602.00 | 0.14 |
| EUR	COUNCIL OF EUROPE DEVELOPMENT BK-REG-S 0.37500% 16-08.06.26 | 2 000 000.00 | 2 043 004.00 | 0.30 |
| EUR	CPPIB CAPITAL INC-REG-S 0.87500% 19-06.02.29 | 2 000 000.00 | 2 089 184.00 | 0.30 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA-REG-S 0.75000% 17-05.05.27 | 500 000.00 | 518 778.00 | 0.08 |
| EUR	CREDIT AGRICOLE HOME LOAN SFH SA-REG-S 0.05000% 19-06.12.29 | 6 000 000.00 | 5 926 752.00 | 0.86 |
| EUR	CREDIT AGRICOLE PUBLIC SECTOR SC-REG-S 0.25000% 16-31.10.26 | 1 000 000.00 | 1 009 331.10 | 0.15 |
| EUR	CREDIT AGRICOLE PUBLIC SECTOR SCFSA 0.62500% 19-29.03.29 | 1 000 000.00 | 1 031 448.00 | 0.15 |
| EUR	DEUTSCHE BAHN FINANCE GMBH-REG-S 0.62500% 16-26.09.28 | 3 000 000.00 | 3 093 120.00 | 0.45 |
| EUR	DEUTSCHE BAHN FINANCE GMBH-REG-S 1.12500% 19-18.12.28 | 1 000 000.00 | 1 062 296.00 | 0.15 |
| EUR	DEUTSCHE BAHN FINANCE GMBH-REG-S 0.50000% 20-09.04.27 | 1 500 000.00 | 1 528 095.00 | 0.22 |
| EUR	DEUTSCHE BAHN FINANCE BV-REG-S 0.37500% 20-23.06.29 | 1 000 000.00 | 1 002 924.00 | 0.15 |
| EUR	DEUTSCHE PFANDBRIEFBANK AG 0.62500% 18-30.08.27 | 1 500 000.00 | 1 546 554.00 | 0.22 |
| EUR	DEXIA CREDIT LOCAL DE FRANCE-REG-S 1.00000% 17-18.10.27 | 2 000 000.00 | 2 098 676.40 | 0.30 |
| EUR	DNB BOLIGKREDITT AS-REG-S 0.25000% 16-07.09.26 | 1 500 000.00 | 1 514 328.00 | 0.22 |
| EUR	DZ HYP AG-REG-S 0.87500% 19-30.01.29 | 500 000.00 | 526 155.00 | 0.08 |
| EUR	EQUINOR ASA-REG-S 0.75000% 20-22.05.26 | 1 000 000.00 | 1 026 440.00 | 0.15 |
| EUR	EQUINOR ASA-REG-S 1.25000% 15-17.02.27 | 2 000 000.00 | 2 100 204.00 | 0.31 |
| EUR	EQUINOR ASA-REG-S 2.87500% 13-10.09.25 | 1 000 000.00 | 1 115 582.20 | 0.16 |
| EUR	ERSTE GROUP BANK AG-REG-S 0.10000% 20-15.01.30 | 1 000 000.00 | 989 442.00 | 0.14 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.62500% 18-16.10.26 | 2 000 000.00 | 2 073 924.00 | 0.30 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.40000% 16-31.05.26 | 2 500 000.00 | 2 562 065.00 | 0.37 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.87500% 17-26.07.27 | 2 500 000.00 | 2 634 980.00 | 0.38 |
| EUR	EUROPEAN INVESTMENT BANK-REG-S 1.25000% 14-13.11.26 | 2 000 000.00 | 2 140 560.00 | 0.31 |
| EUR	EUROPEAN INVESTMENT BANK 0.50000% 17-15.01.27 | 2 176 000.00 | 2 247 525.12 | 0.33 |
| EUR	EUROPEAN INVESTMENT BANK-REG-S 0.87500% 18-14.01.28 | 3 750 000.00 | 3 972 502.50 | 0.58 |
| EUR	EUROPEAN STABILITY MECHANISM-REG-S 0.75000% 17-15.03.27 | 4 000 000.00 | 4 178 120.00 | 0.61 |
| EUR	EUROPEAN UNION-REG-S 0.75000% 16-04.04.31 | 1 000 000.00 | 1 058 412.50 | 0.15 |

Focused SICAV – High Grade Long Term Bond EUR
Jahresbericht und geprüfter Jahresabschluss per 31. Oktober 2021
|  | Bezeichnung | Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| EUR | EXPORT DEVELOPMENT CANADA-REG-S 0.25000% 19-07.03.26 | 1 500 000.00 | 1 514 475.00 | 0.22 |
| EUR | HAMBURG, FREIE HANSESTADT 0.50000% 16-27.04.26 | 1 000 000.00 | 1 024 788.00 | 0.15 |
| EUR | ING BANK NV-REG-S 0.87500% 18-11.04.28 | 1 000 000.00 | 1 049 300.00 | 0.15 |
| EUR | ING BANK NV-REG-S 0.75000% 19-18.02.29 | 1 000 000.00 | 1 042 802.00 | 0.15 |
| EUR | INTL BK FOR RECONSTR & DEVT WORLD BANK 0.01000% 20-24.04.28 | 2 000 000.00 | 1 993 716.00 | 0.29 |
| EUR | KOMMUNALBANKEN AS-REG-S 0.87500% 17-24.05.27 | 1 000 000.00 | 1 041 772.00 | 0.15 |
| EUR | KOMMUNEKREDIT-REG-S 0.75000% 18-05.07.28 | 1 500 000.00 | 1 562 775.00 | 0.23 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU 0.62500% 17-22.02.27 | 5 000 000.00 | 5 190 690.00 | 0.75 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.75000% 19-15.01.29 | 3 000 000.00 | 3 160 530.00 | 0.46 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.01000% 19-05.05.27 | 2 000 000.00 | 2 010 880.00 | 0.29 |
| EUR | LA BANQUE POSTAL HOME LOAN SFH-REG-S 0.62500% 17-23.06.27 | 1 000 000.00 | 1 030 930.00 | 0.15 |
| EUR | LA BANQUE POSTAL HOME LOAN SFH-REG-S 1.00000% 18-04.10.28 | 1 000 000.00 | 1 058 332.00 | 0.15 |
| EUR | LANDESBANK BADEN-WUERTTEMBERG-REG-S 0.01000% 20-16.07.27 | 1 000 000.00 | 996 914.00 | 0.15 |
| EUR | LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.62500% 17-12.01.27 | 1 600 000.00 | 1 649 398.40 | 0.24 |
| EUR | LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.87500% 18-20.03.28 | 1 000 000.00 | 1 049 540.00 | 0.15 |
| EUR | LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.12500% 20-22.01.30 | 1 000 000.00 | 994 024.00 | 0.14 |
| EUR | LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 0.62500% 17-18.05.27 | 500 000.00 | 518 543.00 | 0.08 |
| EUR | MEDIOBANCA - BANCA DI CREDITO FIN-REG-S 0.50000% 19-01.10.26 | 500 000.00 | 511 602.00 | 0.07 |
| EUR | MUNICIPALITY FINANCE PLC-REG-S 0.05000% 19-06.09.29 | 1 000 000.00 | 994 174.00 | 0.14 |
| EUR | NATIONAL AUSTRALIA BANK-REG-S 1.25000% 16-18.05.26 | 620 000.00 | 649 174.35 | 0.09 |
| EUR | NEDERLANDSE WATERSCHAPSBANK NV-REG-S 0.62500% 17-18.01.27 | 1 000 000.00 | 1 032 200.00 | 0.15 |
| EUR | NESTLE FINANCE INTERNATIONAL-REG-S 0.12500% 20-12.11.27 | 1 000 000.00 | 995 550.00 | 0.14 |
| EUR | NIEDERSACHSEN, STATE OF-REG-S 0.62500% 17-06.07.27 | 1 000 000.00 | 1 034 370.00 | 0.15 |
| EUR | NORDEA BANK ABP 0.37500% 19-28.05.26 | 1 000 000.00 | 1 012 848.00 | 0.15 |
| EUR | NORDEA BANK ABP-REG-S 1.12500% 17-27.09.27 | 217 000.00 | 227 825.69 | 0.03 |
| EUR | NORDEA BANK ABP-REG-S 0.50000% 20-14.05.27 | 3 500 000.00 | 3 548 860.00 | 0.52 |
| EUR | NORDRHEIN-WESTFALEN, STATE OF-REG-S 0.50000% 17-16.02.27 | 1 750 000.00 | 1 798 702.50 | 0.26 |
| EUR | NORDRHEIN-WESTFALEN, STATE OF-REG-S 0.90000% 18-15.11.28 | 3 000 000.00 | 3 170 856.00 | 0.46 |
| EUR | NRW BANK 0.12500% 19-12.04.27 | 2 000 000.00 | 2 007 440.00 | 0.29 |
| EUR | NRW BANK-REG-S 0.37500% 19-16.05.29 | 1 000 000.00 | 1 013 644.00 | 0.15 |
| EUR | ONTARIO TEACHERS’ FINANCE TRUST-REG-S 0.05000% 20-25.11.30 | 2 000 000.00 | 1 925 180.62 | 0.28 |
| EUR | RABOBANK NEDERLAND NV-REG-S 1.37500% 15-03.02.27 | 1 000 000.00 | 1 063 960.00 | 0.15 |
| EUR | RABOBANK NEDERLAND NV-REG-S 1.25000% 16-23.03.26 | 750 000.00 | 788 514.00 | 0.11 |
| EUR | REGIE AUTONOME DES TRANSPORTS PA-REG-S 0.35000% 19-20.06.29 | 2 000 000.00 | 2 007 464.00 | 0.29 |
| EUR | ROYAL BANK OF CANADA-REG-S 0.01000% 20-21.01.27 | 2 000 000.00 | 1 989 664.00 | 0.29 |
| EUR | SACHSEN-ANHALT, STATE OF-REG-S 0.12500% 19-21.06.29 | 1 500 000.00 | 1 497 945.00 | 0.22 |
| EUR | SANTANDER UK PLC-REG-S 0.05000% 20-12.01.27 | 3 500 000.00 | 3 483 039.00 | 0.51 |
| EUR | SNCF RESEAU-REG-S 1.12500% 17-19.05.27 | 1 000 000.00 | 1 057 700.00 | 0.15 |
| EUR | SOCIETE GENERALE SFH-REG-S 0.01000% 20-11.02.30 | 1 000 000.00 | 982 720.00 | 0.14 |
| EUR | SOCIETE NATIONALE SNCF SA-REG-S 0.62500% 20-17.04.30 | 1 000 000.00 | 1 018 410.00 | 0.15 |
| EUR | SPAREBANKEN 1 BOLIGKREDITT-REG-S 1.00000% 19-30.01.29 | 1 800 000.00 | 1 904 256.00 | 0.28 |
| EUR | STADSHYPOTEK AB-REG-S 0.01000% 21-30.09.30 | 3 000 000.00 | 2 927 178.00 | 0.42 |
| EUR | SUMITOMO MITSUI BANKING CORP-REG-S 0.26700% 19-18.06.26 | 1 000 000.00 | 1 003 541.50 | 0.15 |
| EUR | SUMITOMO MITSUI BANKING CORP-REG-S 0.40900% 19-07.11.29 | 1 500 000.00 | 1 502 406.00 | 0.22 |
| EUR | SUMITOMO MITSUI TRUST BANK-REG-S 0.27700% 21-25.10.28 | 3 000 000.00 | 2 972 508.00 | 0.43 |
| EUR | SVENSKA HANDELSBANKEN AB-REG-S 0.05000% 21-06.09.28 | 2 000 000.00 | 1 947 000.00 | 0.28 |
| EUR | SWEDISH COVERED BOND CORP-REG-S 0.87500% 17-29.03.27 | 500 000.00 | 521 165.00 | 0.08 |
| EUR | TEMASEK FINANCIAL I LTD-REG-S 1.50000% 16-01.03.28 | 1 000 000.00 | 1 076 400.00 | 0.16 |
| EUR | TEMASEK FINANCIAL I LTD-REG-S 0.50000% 19-20.11.31 | 2 000 000.00 | 1 985 284.00 | 0.29 |
| EUR | TORONTO-DOMINION BANK-REG-S 0.10000% 19-19.07.27 | 1 000 000.00 | 998 620.00 | 0.14 |
| EUR | UBS AG/LONDON-REG-S 0.50000% 21-31.03.31 | 1 000 000.00 | 982 433.36 | 0.14 |
| EUR | UNEDIC ASSEO-REG-S 1.25000% 15-21.10.27 | 1 000 000.00 | 1 074 970.00 | 0.16 |
| EUR | UNICREDIT BANK AUSTRIA AG-REG-S 0.62500% 19-20.03.29 | 800 000.00 | 825 784.00 | 0.12 |
| EUR | WESTPAC BANKING CORP-REG-S 0.87500% 16-17.04.27 | 1 000 000.00 | 1 031 497.60 | 0.15 |
| EUR | WESTPAC BANKING CORP-REG-S 1.12500% 17-05.09.27 | 1 000 000.00 | 1 047 878.10 | 0.15 |
| Total EUR |  |  | 184 819 062.09 | 26.80 |
| Total Medium-Term Notes, fester Zins |  | 184 819 062.09 | 26.80 |
| Medium-Term Notes, Nullcoupon |  |  |  |
| EUR |  |  |  |
| EUR	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 0.00000% 20-28.10.27 | 1 200 000.00 | 1 197 120.00 | 0.17 |
| EUR	BANK NEDERLANDSE GEMEENTEN NV-REG-S 0.00000% 21-20.01.31 | 2 500 000.00 | 2 443 562.20 | 0.36 |
| EUR	COUNCIL OF EUROPE DEVELOPMENT BANK-REG- 0.00000% 21-15.04.28 | 3 000 000.00 | 2 998 836.00 | 0.44 |
| EUR	COUNCIL OF EUROPE DEVELOPMENT BK-REG-S 0.00000% 20-09.04.27 | 5 000 000.00 | 5 013 010.00 | 0.73 |
| EUR	EUROPEAN COMMUNITY-REG-S 0.00000% 21-04.07.31 | 2 100 000.00 | 2 074 947.00 | 0.30 |
| EUR	EUROPEAN UNION-REG-S 0.00000% 21-02.06.28 | 6 000 000.00 | 6 022 080.00 | 0.87 |
| EUR	INTL BK FOR RECONS & DEV WORLD BK 0.00000% 20-21.02.30 | 1 000 000.00 | 986 045.11 | 0.14 |
| EUR	INTL BK FOR RECONSTR & DEVT WORLD BANK 0.00000% 20-15.01.27 | 6 500 000.00 | 6 510 075.00 | 0.94 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.00000% 19-30.09.26 | 3 500 000.00 | 3 523 800.00 | 0.51 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.00000% 20-15.09.28 | 1 000 000.00 | 1 001 318.00 | 0.15 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.00000% 21-15.09.31 | 1 600 000.00 | 1 576 954.02 | 0.23 |
| EUR	NEDERLANDSE WATERSCHAPSBANK NV 0.00000% 21-08.09.31 | 3 000 000.00 | 2 926 362.00 | 0.43 |
| EUR	NEDERLANDSE WATERSCHAPSBANK NV-REG-S 0.00000% 19-16.11.26 | 1 000 000.00 | 1 000 362.00 | 0.15 |
| EUR	NIEDERSACHSEN, STATE OF-REG-S 0.00000% 20-11.02.27 | 2 000 000.00 | 2 000 720.00 | 0.29 |
| EUR	NRW BANK 0.00000% 20-18.02.30 | 1 250 000.00 | 1 229 207.50 | 0.18 |
| EUR	QUEBEC, PROVINCE OF-REG-S 0.00000% 19-15.10.29 | 4 000 000.00 | 3 891 480.00 | 0.56 |
| EUR	REGION OF ILE DE FRANCE-REG-S 0.00000% 20-20.04.28 | 1 200 000.00 | 1 188 950.40 | 0.17 |
| EUR	SFIL SA-REG-S 0.00000% 20-23.11.28 | 1 700 000.00 | 1 682 122.80 | 0.24 |
| EUR	UNEDIC ASSEO-REG-S 0.00000% 20-19.11.30 | 3 000 000.00 | 2 923 008.00 | 0.42 |
| Total EUR |  | 50 189 960.03 | 7.28 |
| Total Medium-Term Notes, Nullcoupon |  | 50 189 960.03 | 7.28 |
| Anleihen, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	AAREAL BANK AG-REG-S 0.01000% 21-15.09.28 | 3 200 000.00 | 3 173 171.20 | 0.46 |
| EUR	AFRICAN DEVELOPMENT BANK 0.50000% 19-21.03.29 | 2 000 000.00 | 2 042 136.00 | 0.30 |
| EUR	AGENCE FRANCAISE DE DEVELOPPEMENT-REG-S 0.12500% 21-29.09.31 | 2 500 000.00 | 2 431 775.00 | 0.35 |
| EUR	APPLE INC 1.37500% 17-24.05.29 | 1 000 000.00 | 1 074 328.00 | 0.16 |
| EUR	APPLE INC 2.00000% 15-17.09.27 | 417 000.00 | 460 700.77 | 0.07 |
| EUR	AUSTRIA, REPUBLIC OF 6.25000% 97-15.07.27 | 1 143 000.00 | 1 572 126.78 | 0.23 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.50000% 17-20.04.27 | 2 000 000.00 | 2 080 024.00 | 0.30 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.50000% 19-20.02.29 | 1 750 000.00 | 1 816 675.00 | 0.26 |

Focused SICAV – High Grade Long Term Bond EUR Jahresbericht und geprüfter Jahresabschluss per 31. Oktober 2021
|  | Bezeichnung | Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| EUR | BANK OF NOVA SCOTIA-REG-S 0.01000% 21-14.09.29 | 4 000 000.00 | 3 916 280.00 | 0.57 |
| EUR | BELGIUM, KINGDOM OF 5.50000% 97-28.03.28 | 805 000.00 | 1 099 573.65 | 0.16 |
| EUR | BELGIUM, KINGDOM OF-144A-REG-S 0.80000% 17-22.06.27 | 6 500 000.00 | 6 864 949.00 | 1.00 |
| EUR | BELGIUM, KINGDOM OF-144A-REG-S 0.80000% 18-22.06.28 | 20 250 000.00 | 21 458 115.00 | 3.11 |
| EUR | BERKSHIRE HATHAWAY INC 1.12500% 15-16.03.27 | 300 000.00 | 312 537.60 | 0.04 |
| EUR | BERLIN, STATE OF-REG-S 0.62500% 17-08.02.27 | 1 000 000.00 | 1 033 262.00 | 0.15 |
| EUR | BERLIN, STATE OF-REG-S 0.62500% 19-05.02.29 | 700 000.00 | 726 562.20 | 0.10 |
| EUR | BNG BANK NV-REG-S 0.10000% 20-15.01.30 | 500 000.00 | 496 637.00 | 0.07 |
| EUR | BPCE SFH SA-REG-S 0.62500% 19-22.09.27 | 1 000 000.00 | 1 031 200.00 | 0.15 |
| EUR | BPCE SFH SA-REG-S 0.01000% 20-23.03.28 | 1 000 000.00 | 992 418.00 | 0.14 |
| EUR | BUNDESLAENDER BUNDESREPUBLI DEUTS-REG-S 0.62500% 17-25.10.27 | 1 000 000.00 | 1 035 558.00 | 0.15 |
| EUR | CAISSE FRANCAISE DE FINANCE LOCAL-REG-S 0.01000% 21-18.03.31 | 3 000 000.00 | 2 922 306.00 | 0.42 |
| EUR | CIE DE FINANCEMENT FONCIER SA-REG-S 0.75000% 18-11.01.28 | 1 000 000.00 | 1 039 144.00 | 0.15 |
| EUR | COLGATE-PALMOLIVE CO 0.50000% 19-06.03.26 | 550 000.00 | 559 172.90 | 0.08 |
| EUR | COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.22500% 16-14.09.26 | 1 000 000.00 | 1 008 800.00 | 0.15 |
| EUR | COMPAGNIE DE FINANCEMENT FONCIER-REG-S 0.01000% 19-10.11.27 | 1 000 000.00 | 994 024.00 | 0.14 |
| EUR | CREDIT AGRICOLE ITALIA SPA-REG-S 0.25000% 20-17.01.28 | 500 000.00 | 502 794.00 | 0.07 |
| EUR | CREDIT MUTUEL HOME LOAN SFH SA-REG-S 0.12500% 20-28.01.30 | 800 000.00 | 793 340.80 | 0.11 |
| EUR | DNB BOLIGKREDITT AS-REG-S 0.01000% 21-21.01.31 | 2 600 000.00 | 2 535 499.20 | 0.37 |
| EUR | DNB BOLIGKREDITT AS-REG-S 0.01000% 21-12.05.28 | 2 000 000.00 | 1 981 624.00 | 0.29 |
| EUR | EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.05000% 19-17.10.29 | 2 000 000.00 | 1 997 600.00 | 0.29 |
| EUR | EUROPEAN STABILITY MECHANISM-REG-S 0.01000% 20-04.03.30 | 2 000 000.00 | 1 985 764.00 | 0.29 |
| EUR | FINLAND, REPUBLIC OF-144A-REG-S 0.50000% 17-15.09.27 | 1 000 000.00 | 1 040 950.00 | 0.15 |
| EUR | FINLAND, REPUBLIC OF-144A-REG-S 0.50000% 18-15.09.28 | 2 500 000.00 | 2 602 710.00 | 0.38 |
| EUR | FINLAND, REPUBLIC OF-144A-REG-S 0.50000% 19-15.09.29 | 2 000 000.00 | 2 082 640.00 | 0.30 |
| EUR | FINNVERA OYJ-REG-S 0.37500% 19-09.04.29 | 500 000.00 | 507 573.00 | 0.07 |
| EUR | FRANCE, REPUBLIC OF-OAT 5.50000% 98-25.04.29 | 12 000 000.00 | 16 941 600.00 | 2.46 |
| EUR | FRANCE, REPUBLIC OF-OAT 2.75000% 12-25.10.27 | 12 393 000.00 | 14 554 859.70 | 2.11 |
| EUR | FRANCE, REPUBLIC OF-OAT 2.50000% 13-25.05.30 | 18 500 000.00 | 22 282 954.00 | 3.23 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 1.50000% 15-25.05.31 | 24 000 000.00 | 26 916 384.00 | 3.90 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.25000% 15-25.11.26 | 3 163 000.00 | 3 236 387.93 | 0.47 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 1.00000% 17-25.05.27 | 7 250 000.00 | 7 719 263.50 | 1.12 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.75000% 17-25.05.28 | 9 746 000.00 | 10 265 461.80 | 1.49 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.75000% 18-25.11.28 | 8 500 000.00 | 8 958 235.00 | 1.30 |
| EUR | FRANCE, REPUBLIC OF-OAT-REG-S 0.50000% 19-25.05.29 | 20 000 000.00 | 20 690 400.00 | 3.00 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.25000% 17-15.02.27 | 10 159 000.00 | 10 496 156.90 | 1.52 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.50000% 17-15.08.27 | 17 000 000.00 | 17 842 384.00 | 2.59 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.50000% 18-15.02.28 | 7 495 000.00 | 7 884 695.03 | 1.14 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.25000% 18-15.08.28 | 13 700 000.00 | 14 205 584.80 | 2.06 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.25000% 19-15.02.29 | 7 000 000.00 | 7 260 946.00 | 1.05 |
| EUR | GERMANY, REPUBLIC OF 5.62500% 98-04.01.28 | 2 500 000.00 | 3 436 450.00 | 0.50 |
| EUR | GERMANY, REPUBLIC OF 4.75000% 98-04.07.28 | 2 000 000.00 | 2 685 000.00 | 0.39 |
| EUR | GERMANY, REPUBLIC OF 6.25000% 00-04.01.30 | 2 000 000.00 | 3 078 160.00 | 0.45 |
| EUR | GERMANY, REPUBLIC OF 5.50000% 00-04.01.31 | 4 000 000.00 | 6 125 131.60 | 0.89 |
| EUR | HESSEN, STATE OF 0.37500% 16-06.07.26 | 1 000 000.00 | 1 019 756.00 | 0.15 |
| EUR | HESSEN, STATE OF-REG-S 0.62500% 18-02.08.28 | 1 500 000.00 | 1 556 202.00 | 0.23 |
| EUR | ILE DE FRANCE-REG-S 0.10000% 20-02.07.30 | 2 000 000.00 | 1 958 540.00 | 0.28 |
| EUR | JOHNSON & JOHNSON 1.15000% 16-20.11.28 | 500 000.00 | 531 593.00 | 0.08 |
| EUR | JYSKE REALKREDIT A/S-REG-S 0.01000% 21-01.10.27 | 2 000 000.00 | 1 985 400.00 | 0.29 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU 0.50000% 17-15.09.27 | 3 000 000.00 | 3 098 898.00 | 0.45 |
| EUR | LA BANQUE POSTAL HOME LOAN SFH-REG-S 0.01000% 19-22.10.29 | 500 000.00 | 492 167.00 | 0.07 |
| EUR | LUXEMBOURG GOVERNMENT BOND-REG-S 0.62500% 17-01.02.27 | 623 000.00 | 644 932.09 | 0.09 |
| EUR | MICROSOFT CORP 3.12500% 13-06.12.28 | 350 000.00 | 422 454.20 | 0.06 |
| EUR | MUENCHENER HYPOTHEKENBANK EG-REG-S 0.62500% 18-10.11.27 | 1 000 000.00 | 1 033 280.00 | 0.15 |
| EUR | NATIONAL AUSTRALIA BANK LTD-REG-S 0.01000% 21-06.01.29 | 3 000 000.00 | 2 948 118.00 | 0.43 |
| EUR | NETHERLANDS, KINGDOM OF THE-144A-REG-S 0.75000% 18-15.07.28 | 2 000 000.00 | 2 125 940.00 | 0.31 |
| EUR | NETHERLANDS, KINGDOM OF THE 0.25000% 19-15.07.29 | 5 000 000.00 | 5 131 940.00 | 0.74 |
| EUR | NOVARTIS FINANCE SA-REG-S 1.62500% 14-09.11.26 | 750 000.00 | 808 830.00 | 0.12 |
| EUR | NOVARTIS FINANCE SA-REG-S 0.62500% 16-20.09.28 | 823 000.00 | 841 135.62 | 0.12 |
| EUR | NRW BANK 0.25000% 16-28.09.26 | 1 000 000.00 | 1 011 964.00 | 0.15 |
| EUR | RHEINLAND-PFALZ, STATE OF-REG-S 0.10000% 16-18.08.26 | 1 000 000.00 | 1 006 462.00 | 0.15 |
| EUR | SCHLESWIG-HOLSTEIN,STATE OF-REG-S 0.12500% 19-12.06.29 | 1 500 000.00 | 1 500 315.00 | 0.22 |
| EUR | SOCIETE GENERALE SFH-REG-S 0.75000% 19-29.01.27 | 900 000.00 | 932 704.20 | 0.13 |
| EUR | STADSHYPOTEK AB-REG-S 0.12500% 16-05.10.26 | 1 100 000.00 | 1 104 468.20 | 0.16 |
| Total EUR |  |  | 310 907 124.67 | 45.08 |
| Total Anleihen, fester Zins |  | 310 907 124.67 | 45.08 |
| Anleihen, Nullcoupon |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.00000% 20-20.02.30 | 6 000 000.00 | 5 961 660.00 | 0.86 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 0.00000% 21-20.02.31 | 4 000 000.00 | 3 941 131.28 | 0.57 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.00000% 21-20.01.31 | 1 000 000.00 | 989 242.00 | 0.14 |
| EUR	EUROPEAN INVESTMENT BANK-REG-S 0.00000% 20-09.09.30 | 3 000 000.00 | 2 975 190.00 | 0.43 |
| EUR	EUROPEAN INVESTMENT BANK-REG-S 0.00000% 21-14.01.31 | 4 000 000.00 | 3 959 560.00 | 0.57 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.11.29 | 18 500 000.00 | 18 360 177.00 | 2.66 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 20-25.11.30 | 17 900 000.00 | 17 593 050.80 | 2.55 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 20-15.08.30 | 5 500 000.00 | 5 608 658.00 | 0.81 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 21-15.08.31 | 2 500 000.00 | 2 532 015.00 | 0.37 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 19-15.08.29 | 8 500 000.00 | 8 648 002.00 | 1.25 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 20-15.02.30 | 6 000 000.00 | 6 100 176.00 | 0.89 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 20-15.08.30 | 6 500 000.00 | 6 596 603.00 | 0.96 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 20-15.11.27 | 5 000 000.00 | 5 098 600.00 | 0.74 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 21-15.02.31 | 9 000 000.00 | 9 108 180.00 | 1.32 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 21-15.08.31 | 5 500 000.00 | 5 550 765.00 | 0.81 |
| EUR	INTERNATIONAL DEVELOPMENT ASSOC-REG-S 0.00000% 19-19.10.26 | 4 000 000.00 | 3 990 360.00 | 0.58 |
| EUR	NETHERLANDS, KINGDOM OF THE-144A-REG-S 0.00000% 20-15.07.30 | 5 000 000.00 | 5 008 540.00 | 0.73 |
| EUR	RABOBANK NEDERLAND NV-REG-S 0.00000% 19-21.06.27 | 2 000 000.00 | 1 990 632.00 | 0.29 |
| Total EUR |  | 114 012 542.08 | 16.53 |
| Total Anleihen, Nullcoupon |  | 114 012 542.08 | 16.53 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden |  | 681 017 348.54 | 98.75 |
| Total des Wertpapierbestandes |  | 681 017 348.54 | 98.75 |
| Focused SICAV – High Grade Long Term Bond EUR |  |  |  |
| Jahresbericht und geprüfter Jahresabschluss per 31. Oktober 2021 |  |  |  |

| Bezeichnung	Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- |
| Nominal | NR Kursgewinn | Netto- |
|  | (-verlust) auf Futures/ | vermögens |
|  | Devisentermin- |  |
|  | kontrakten/ |  |
|  | Swaps (Erl. 1) |  |

Devisenterminkontrakte
Gekaufte Währung/ Gekaufter Betrag/Verkaufte Währung/Verkaufter Betrag/Fälligkeitsdatum
| EUR | 183 313.29 | CHF | 200 900.00 | 1.12.2021 | -6 711.63 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 105 200.00 | EUR | 96 257.22 | 1.12.2021 | 3 248.11 | 0.00 |
| CHF | 95 700.00 | EUR | 89 216.30 | 1.12.2021 | 1 303.28 | 0.00 |
| CHF | 49 181 200.00 | EUR | 45 368 290.11 | 1.11.2021 | 1 141 517.36 | 0.17 |
| USD | 64 742 400.00 | EUR | 55 444 805.18 | 1.11.2021 | 500 236.95 | 0.07 |
| EUR | 91 644.67 | USD | 106 500.00 | 1.11.2021 | -383.85 | 0.00 |
| EUR | 197 887.62 | USD | 229 600.00 | 1.11.2021 | -513.76 | 0.00 |
| CHF | 84 100.00 | EUR | 78 291.77 | 1.11.2021 | 1 240.14 | 0.00 |
| USD | 2 481 600.00 | EUR | 2 136 731.53 | 1.11.2021 | 7 662.51 | 0.00 |
| EUR | 77 936.07 | CHF | 83 500.00 | 1.11.2021 | -1 028.43 | 0.00 |
| EUR | 135 535.53 | USD | 156 400.00 | 1.11.2021 | 387.55 | 0.00 |
| EUR | 1 025 720.33 | CHF | 1 101 000.00 | 1.11.2021 | -15 476.27 | 0.00 |
| USD | 140 200.00 | EUR | 120 858.42 | 1.11.2021 | 290.86 | 0.00 |
| EUR | 122 053.77 | USD | 142 100.00 | 1.11.2021 | -737.33 | 0.00 |
| USD | 362 200.00 | EUR | 311 233.36 | 1.11.2021 | 1 750.01 | 0.00 |
| EUR | 1 364 896.76 | USD | 1 583 800.00 | 1.11.2021 | -3 692.57 | 0.00 |
| USD | 127 000.00 | EUR | 109 335.44 | 1.11.2021 | 407.49 | 0.00 |
| CHF | 48 080 800.00 | EUR | 45 168 574.24 | 2.12.2021 | 309 729.97 | 0.04 |
| USD | 65 635 000.00 | EUR | 56 615 617.01 | 2.12.2021 | 66 105.36 | 0.01 |
| EUR | 146 874.29 | USD | 169 600.00 | 2.12.2021 | 409.44 | 0.00 |
| CHF | 80 200.00 | EUR | 75 793.73 | 2.12.2021 | 65.24 | 0.00 |
| Total Devisenterminkontrakte | 2 005 810.43 | 0.29 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 1 760 556.13 | 0.26 |
| Andere Aktiva und Passiva | 4 837 278.13 | 0.70 |
| Total des Nettovermögens | 689 620 993.23 | 100.00 |

Focused SICAV – High Grade Long Term Bond EUR Jahresbericht und geprüfter Jahresabschluss per 31. Oktober 2021