# Focused SICAV – US Treasury Bond USD
| Three-year comparison |  |
| --- | --- |
| Date | ISIN | 31.10.2021 | 31.10.2020 | 31.10.2019 |
| Net assets in USD |  | 354 727 950.74 | 1 250 189 737.30 | 265 642 943.51 |
| Class F-acc | LU1936847935 |  |  |  |
| Shares outstanding |  | 1 465 788.3660 | 4 989 086.0000 | 1 159 533.0000 |
| Net asset value per share in USD |  | 104.65 | 105.53 | 101.25 |
| Issue and redemption price per share in USD 1 |  | 104.65 | 105.53 | 101.25 |
| Tracking error (%)* |  | 0.0076 | na | na |
| Class (CHF hedged) F-acc | LU1936848156 |  |  |  |
| Shares outstanding |  | 791 799.7640 | 3 261 264.3070 | 670 034.0000 |
| Net asset value per share in CHF |  | 100.80 | 102.72 | 100.46 |
| Issue and redemption price per share in CHF 1 |  | 100.80 | 102.72 | 100.46 |
| Tracking error (%)* |  | 0.0141 | na | na |
| Class (EUR hedged) F-acc | LU1936848230 |  |  |  |
| Shares outstanding |  | 971 369.1660 | 2 982 306.1600 | 713 531.1580 |
| Net asset value per share in EUR |  | 101.39 | 103.10 | 100.54 |
| Issue and redemption price per share in EUR 1 |  | 101.39 | 103.10 | 100.54 |
| Tracking error (%)* |  | 0.0115 | na | na |
| 1  See note 1 |  |  |  |  |
| * The subfund’s portfolio manager shall endeavor, under normal market conditions, to keep the tracking error (the divergence between the yield of the subfund and that of the tracked index) below 1%. However, this may exceed 1% in exceptional circumstances. |
| Performance |  |  |  |  |
|  | Currency | 2020/2021 | 2019/2020 | 2019 |
| Class F-acc | USD | -0.8% | 4.2% | - |
| Class (CHF hedged) F-acc | CHF | -1.9% | 2.2% | - |
| Class (EUR hedged) F-acc | EUR | -1.7% | 2.5% | - |
| 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.

## Report of the Portfolio Manager
During the financial year, from 1 November 2020 to 31 October 2021, US yields increased along the curve except the very short end. This upward shift in yields was due to a sharp economic recovery after abandon- ing the COVID-induced lockdown and related increasing inflation rates. The Fed considered the higher inflation as temporary and sticked to its expansionary policy.
In the financial year, the subfund generated a negative absolute performance driven by the increase in interest rates. The performance was in line with its correspond- ing benchmark return. The duration of the universe was lengthened by 0.02 years during the financial year.

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
Total	98.98
United States	98.98
Economic Breakdown as a % of net assets	
Countries & central governments	98.98
Total	98.98
Focused SICAV – US Treasury Bond USD Annual report and audited financial statements as of 31 October 2021

## Statement of Net Assets
Assets	31.10.2021
USD
Investments in securities, cost	357 921 926.25
| Investments in securities, unrealized appreciation (depreciation) | 	-6 825 727.93	 |
| --- | --- |
| Total investments in securities (Note 1) | 351 096 198.32 |
| Cash at banks, deposits on demand and deposit accounts | 857 615.03 |
| Receivable on securities sales (Note 1) | 958 010.94 |
| Receivable on subscriptions | 535 586.64 |
| Interest receivable on securities | 1 458 673.30 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 632 621.70 |
| Total Assets | 355 538 705.93 |
|  |  |
| Liabilities |  |
| Payable on redemptions | -778 470.83 |
| Other liabilities | -396.66 |
| Provisions for flat fee (Note 2) | -8 965.87 |
| Provisions for other commissions and fees (Note 2) | 	-22 921.83	 |
| Total provisions | -31 887.70 |
| Total Liabilities | -810 755.19 |
|  |  |
| Net assets at the end of the financial year | 354 727 950.74 |
| Statement of Operations | USD |
| Income | 1.11.2020-31.10.2021 |
| Interest on securities | 7 080 251.21 |
| Net income on securities lending | 269 168.31 |
| Other income (Note 4) | 77 916.77 |
| Total income | 7 427 336.29 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -293 270.27 |
| Other commissions and fees (Note 2) | -24 505.75 |
| Interest on cash and bank overdraft | -40.93 |
| Total expenses | -317 816.95 |
|  |  |
| Net income (loss) on investments | 7 109 519.34 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -1 661 508.08 |
| Realized gain (loss) on forward foreign exchange contracts | 2 080 161.15 |
| Realized gain (loss) on foreign exchange | -2 185 107.42 |
| Total realized gain (loss) | -1 766 454.35 |
|  |  |
| Net realized gain (loss) of the financial year | 5 343 064.99 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -8 355 122.12 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 3 669 386.10 |
| Total changes in unrealized appreciation (depreciation) | -4 685 736.02 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 657 328.97 |

Focused SICAV – US Treasury Bond USD
Annual report and audited financial statements as of 31 October 2021
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.11.2020-31.10.2021 |
| Net assets at the beginning of the financial year | 1 250 189 737.30 |
| Subscriptions | 71 697 733.44 |
| Redemptions | 	-967 816 848.97	 |
| Total net subscriptions (redemptions) | -896 119 115.53 |
| Net income (loss) on investments | 7 109 519.34 |
| Total realized gain (loss) | -1 766 454.35 |
| Total changes in unrealized appreciation (depreciation) | 	-4 685 736.02	 |
| Net increase (decrease) in net assets as a result of operations | 657 328.97 |
| Net assets at the end of the financial year | 354 727 950.74 |
| Changes in the Number of Shares outstanding |  |
|  | 1.11.2020-31.10.2021 |
| Class | F-acc |
| Number of units outstanding at the beginning of the financial year | 4 989 086.0000 |
| Number of shares issued | 313 298.9550 |
| Number of shares redeemed | -3 836 596.5890 |
| Number of units outstanding at the end of the financial year | 1 465 788.3660 |
| Class | (CHF hedged) F-acc |
| Number of units outstanding at the beginning of the financial year | 3 261 264.3070 |
| Number of shares issued | 98 055.8290 |
| Number of shares redeemed | -2 567 520.3720 |
| Number of units outstanding at the end of the financial year | 791 799.7640 |
| Class | (EUR hedged) F-acc |
| Number of units outstanding at the beginning of the financial year | 2 982 306.1600 |
| Number of shares issued | 226 016.7820 |
| Number of shares redeemed | -2 236 953.7760 |
| Number of units outstanding at the end of the financial year | 971 369.1660 |

Focused SICAV – US Treasury Bond USD 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 USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 7.62500% 92-15.11.22 | 250 000.00 | 269 179.68 | 0.08 |
| USD	AMERICA, UNITED STATES OF 7.12500% 93-15.02.23 | 500 000.00 | 543 925.78 | 0.15 |
| USD	AMERICA, UNITED STATES OF 7.50000% 94-15.11.24 | 200 000.00 | 240 437.50 | 0.07 |
| USD	AMERICA, UNITED STATES OF 7.62500% 95-15.02.25 | 310 000.00 | 378 623.82 | 0.11 |
| USD	AMERICA, UNITED STATES OF 1.50000% 16-15.08.26 | 2 150 000.00 | 2 182 585.94 | 0.62 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-31.08.23 | 2 000 000.00 | 2 033 359.38 | 0.57 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-31.07.24 | 1 700 000.00 | 1 765 675.78 | 0.50 |
| USD	AMERICA, UNITED STATES OF 1.87500% 17-31.08.24 | 1 600 000.00 | 1 651 375.01 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-30.09.24 | 1 325 000.00 | 1 377 223.63 | 0.39 |
| USD	AMERICA, UNITED STATES OF 2.00000% 17-31.10.22 | 1 425 000.00 | 1 451 217.78 | 0.41 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-31.10.24 | 1 650 000.00 | 1 722 509.77 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-30.11.24 | 1 350 000.00 | 1 404 474.61 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.25000% 18-31.12.24 | 1 650 000.00 | 1 723 927.74 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.37500% 18-31.01.23 | 1 650 000.00 | 1 693 183.61 | 0.48 |
| USD	AMERICA, UNITED STATES OF 2.50000% 18-31.01.25 | 1 750 000.00 | 1 843 378.91 | 0.52 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-28.02.25 | 1 700 000.00 | 1 805 320.31 | 0.51 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-28.02.23 | 2 000 000.00 | 2 061 562.50 | 0.58 |
| USD	AMERICA, UNITED STATES OF 2.50000% 18-31.03.23 | 2 250 000.00 | 2 318 642.57 | 0.65 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-31.03.25 | 875 000.00 | 926 166.99 | 0.26 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-30.04.23 | 2 250 000.00 | 2 330 419.93 | 0.66 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.04.25 | 1 350 000.00 | 1 440 966.78 | 0.41 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.05.25 | 1 615 000.00 | 1 725 778.91 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.05.23 | 2 100 000.00 | 2 178 503.90 | 0.61 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-30.06.23 | 1 850 000.00 | 1 918 074.23 | 0.54 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.08.23 | 2 000 000.00 | 2 083 359.38 | 0.59 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.08.25 | 1 650 000.00 | 1 759 054.69 | 0.50 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.09.23 | 2 150 000.00 | 2 247 505.86 | 0.63 |
| USD	AMERICA, UNITED STATES OF 3.00000% 18-31.10.25 | 850 000.00 | 915 609.38 | 0.26 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.10.23 | 2 000 000.00 | 2 093 984.38 | 0.59 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.11.25 | 1 500 000.00 | 1 609 628.91 | 0.45 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.11.23 | 2 000 000.00 | 2 096 640.62 | 0.59 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-31.12.25 | 1 225 000.00 | 1 303 141.60 | 0.37 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-31.12.23 | 2 500 000.00 | 2 610 351.54 | 0.74 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-31.01.24 | 1 800 000.00 | 1 876 851.56 | 0.53 |
| USD	AMERICA, UNITED STATES OF 2.62500% 19-31.01.26 | 1 750 000.00 | 1 862 177.73 | 0.51 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-28.02.26 | 2 150 000.00 | 2 277 404.29 | 0.64 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-29.02.24 | 1 925 000.00 | 2 003 579.10 | 0.56 |
| USD	AMERICA, UNITED STATES OF 2.25000% 19-31.03.26 | 2 050 000.00 | 2 150 658.20 | 0.61 |
| USD	AMERICA, UNITED STATES OF 2.25000% 19-30.04.24 | 3 000 000.00 | 3 118 242.18 | 0.88 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-30.04.26 | 1 350 000.00 | 1 423 828.12 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.12500% 19-31.05.26 | 1 750 000.00 | 1 827 246.09 | 0.51 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-30.06.24 | 2 750 000.00 | 2 826 162.10 | 0.80 |
| USD	AMERICA, UNITED STATES OF 1.87500% 19-30.06.26 | 1 725 000.00 | 1 782 208.00 | 0.50 |
| USD	AMERICA, UNITED STATES OF 2.75000% 14-15.02.24 | 2 900 000.00 | 3 042 394.52 | 0.86 |
| USD	AMERICA, UNITED STATES OF 2.37500% 14-15.08.24 | 4 000 000.00 | 4 182 500.00 | 1.18 |
| USD	AMERICA, UNITED STATES OF 2.25000% 14-15.11.24 | 3 800 000.00 | 3 968 031.25 | 1.12 |
| USD	AMERICA, UNITED STATES OF 2.00000% 15-15.02.25 | 4 000 000.00 | 4 150 000.00 | 1.17 |
| USD	AMERICA, UNITED STATES OF 2.00000% 15-15.08.25 | 3 805 000.00 | 3 949 025.19 | 1.11 |
| USD	AMERICA, UNITED STATES OF 1.87500% 15-31.10.22 | 800 000.00 | 813 687.50 | 0.23 |
| USD	AMERICA, UNITED STATES OF 2.25000% 15-15.11.25 | 4 350 000.00 | 4 559 513.66 | 1.29 |
| USD	AMERICA, UNITED STATES OF 2.00000% 15-30.11.22 | 3 250 000.00 | 3 314 111.32 | 0.93 |
| USD	AMERICA, UNITED STATES OF 2.12500% 15-31.12.22 | 3 100 000.00 | 3 167 933.58 | 0.89 |
| USD	AMERICA, UNITED STATES OF 1.75000% 16-31.01.23 | 2 125 000.00 | 2 164 179.68 | 0.61 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-15.02.26 | 3 415 000.00 | 3 490 903.70 | 0.98 |
| USD	AMERICA, UNITED STATES OF 1.50000% 16-28.02.23 | 1 675 000.00 | 1 701 891.60 | 0.48 |
| USD	AMERICA, UNITED STATES OF 1.50000% 16-31.03.23 | 2 275 000.00 | 2 312 413.08 | 0.65 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-30.04.23 | 2 250 000.00 | 2 292 802.74 | 0.65 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-15.05.26 | 3 000 000.00 | 3 064 804.68 | 0.86 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-31.05.23 | 1 550 000.00 | 1 580 636.72 | 0.45 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.06.23 | 2 250 000.00 | 2 286 826.18 | 0.64 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.09.23 | 2 500 000.00 | 2 542 480.47 | 0.72 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-31.10.23 | 1 200 000.00 | 1 226 578.13 | 0.35 |
| USD	AMERICA, UNITED STATES OF 1.62500% 12-15.11.22 | 3 500 000.00 | 3 553 046.88 | 1.00 |
| USD	AMERICA, UNITED STATES OF 2.12500% 16-30.11.23 | 2 325 000.00 | 2 401 470.69 | 0.68 |
| USD	AMERICA, UNITED STATES OF 2.00000% 13-15.02.23 | 2 525 000.00 | 2 581 122.06 | 0.73 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-31.12.23 | 1 935 000.00 | 2 004 916.99 | 0.57 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-31.01.24 | 2 225 000.00 | 2 307 916.00 | 0.65 |
| USD	AMERICA, UNITED STATES OF 1.75000% 13-15.05.23 | 3 350 000.00 | 3 420 925.80 | 0.96 |
| USD	AMERICA, UNITED STATES OF 2.50000% 13-15.08.23 | 3 500 000.00 | 3 628 105.46 | 1.02 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-29.02.24 | 2 075 000.00 | 2 148 111.33 | 0.61 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-31.03.24 | 4 215 000.00 | 4 364 336.15 | 1.23 |
| USD	AMERICA, UNITED STATES OF 2.75000% 13-15.11.23 | 4 950 000.00 | 5 173 716.78 | 1.46 |
| USD	AMERICA, UNITED STATES OF 2.50000% 14-15.05.24 | 4 381 000.00 | 4 582 936.72 | 1.29 |
| USD	AMERICA, UNITED STATES OF 2.00000% 17-30.04.24 | 2 000 000.00 | 2 066 796.89 | 0.58 |
| USD	AMERICA, UNITED STATES OF 2.12500% 15-15.05.25 | 3 575 000.00 | 3 723 166.98 | 1.05 |
| USD	AMERICA, UNITED STATES OF 2.00000% 17-31.05.24 | 2 800 000.00 | 2 894 609.37 | 0.82 |
| USD	AMERICA, UNITED STATES OF 2.00000% 17-30.06.24 | 1 750 000.00 | 1 810 498.04 | 0.51 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-30.06.25 | 1 100 000.00 | 1 170 941.40 | 0.33 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.07.23 | 3 775 000.00 | 3 927 622.08 | 1.11 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.07.25 | 1 100 000.00 | 1 177 000.00 | 0.33 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-31.07.24 | 2 250 000.00 | 2 314 160.14 | 0.65 |
| USD	AMERICA, UNITED STATES OF 1.87500% 19-31.07.26 | 1 575 000.00 | 1 627 233.39 | 0.46 |
| USD	AMERICA, UNITED STATES OF 1.37500% 19-31.08.26 | 1 275 000.00 | 1 287 351.57 | 0.36 |
| USD	AMERICA, UNITED STATES OF 1.25000% 19-31.08.24 | 2 275 000.00 | 2 308 058.59 | 0.65 |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-30.09.26 | 1 200 000.00 | 1 225 687.50 | 0.35 |
| USD	AMERICA, UNITED STATES OF 1.50000% 19-30.09.24 | 1 825 000.00 | 1 864 422.84 | 0.53 |
| USD	AMERICA, UNITED STATES OF 1.50000% 19-31.10.24 | 2 425 000.00 | 2 477 573.25 | 0.70 |
| USD	AMERICA, UNITED STATES OF 1.50000% 19-30.11.24 | 2 125 000.00 | 2 170 571.28 | 0.61 |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-15.12.22 | 2 075 000.00 | 2 107 746.09 | 0.59 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-31.12.24 | 1 750 000.00 | 1 801 406.24 | 0.51 |

Focused SICAV – US Treasury Bond USD
Annual report and audited financial statements as of 31 October 2021
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | AMERICA, UNITED STATES OF 1.50000% 20-15.01.23 | 2 200 000.00 | 2 233 085.94 | 0.63 |
| USD | AMERICA, UNITED STATES OF 1.37500% 20-31.01.25 | 2 250 000.00 | 2 288 935.55 | 0.65 |
| USD | AMERICA, UNITED STATES OF 1.37500% 20-15.02.23 | 2 250 000.00 | 2 281 728.51 | 0.64 |
| USD | AMERICA, UNITED STATES OF 1.12500% 20-28.02.25 | 2 100 000.00 | 2 117 636.73 | 0.60 |
| USD | AMERICA, UNITED STATES OF 0.50000% 20-15.03.23 | 2 850 000.00 | 2 857 236.33 | 0.81 |
| USD | AMERICA, UNITED STATES OF 0.50000% 20-31.03.25 | 2 680 000.00 | 2 644 929.68 | 0.75 |
| USD | AMERICA, UNITED STATES OF 0.25000% 20-15.04.23 | 3 275 000.00 | 3 270 906.25 | 0.92 |
| USD | AMERICA, UNITED STATES OF TB 0.37500% 30.04.20-30.04.25 | 2 950 000.00 | 2 894 226.56 | 0.82 |
| USD | AMERICA, UNITED STATES OF 0.12500% 20-15.05.23 | 2 200 000.00 | 2 191 921.87 | 0.62 |
| USD | AMERICA, UNITED STATES OF 0.25000% 20-31.05.25 | 2 900 000.00 | 2 828 746.10 | 0.80 |
| USD | AMERICA, UNITED STATES OF 0.25000% 20-15.06.23 | 2 500 000.00 | 2 494 433.60 | 0.70 |
| USD | AMERICA, UNITED STATES OF 0.25000% 20-30.06.25 | 2 850 000.00 | 2 776 523.44 | 0.78 |
| USD | AMERICA, UNITED STATES OF 0.25000% 20-31.07.25 | 2 735 000.00 | 2 661 390.05 | 0.75 |
| USD | AMERICA, UNITED STATES OF 0.12500% 20-15.08.23 | 2 425 000.00 | 2 411 548.82 | 0.68 |
| USD | AMERICA, UNITED STATES OF 0.25000% 20-31.08.25 | 3 530 000.00 | 3 428 926.18 | 0.97 |
| USD | AMERICA, UNITED STATES OF 0.12500% 20-15.09.23 | 1 000 000.00 | 993 632.81 | 0.28 |
| USD | AMERICA, UNITED STATES OF 0.25000% 20-30.09.25 | 3 800 000.00 | 3 688 078.14 | 1.04 |
| USD | AMERICA, UNITED STATES OF 0.12500% 20-15.10.23 | 3 400 000.00 | 3 375 960.95 | 0.95 |
| USD | AMERICA, UNITED STATES OF 0.12500% 20-31.10.22 | 2 900 000.00 | 2 899 093.75 | 0.82 |
| USD | AMERICA, UNITED STATES OF TB 0.25000% 20-31.10.25 | 4 510 000.00 | 4 369 238.66 | 1.23 |
| USD | AMERICA, UNITED STATES OF 0.25000% 20-15.11.23 | 2 100 000.00 | 2 088 515.63 | 0.59 |
| USD | AMERICA, UNITED STATES OF 0.12500% 20-30.11.22 | 2 250 000.00 | 2 248 857.43 | 0.63 |
| USD | AMERICA, UNITED STATES OF 0.37500% 20-30.11.25 | 3 135 000.00 | 3 048 052.72 | 0.86 |
| USD | AMERICA, UNITED STATES OF 0.12500% 20-15.12.23 | 2 725 000.00 | 2 700 517.56 | 0.76 |
| USD | AMERICA, UNITED STATES OF 0.37500% 20-31.12.25 | 3 650 000.00 | 3 544 777.36 | 1.00 |
| USD | AMERICA, UNITED STATES OF 0.12500% 20-31.12.22 | 3 000 000.00 | 2 996 132.82 | 0.84 |
| USD | AMERICA, UNITED STATES OF TB 0.12500% 21-31.01.23 | 2 500 000.00 | 2 495 605.47 | 0.70 |
| USD | AMERICA, UNITED STATES OF 0.37500% 21-31.01.26 | 4 250 000.00 | 4 121 669.93 | 1.16 |
| USD | AMERICA, UNITED STATES OF 0.12500% 21-15.02.24 | 1 975 000.00 | 1 954 401.36 | 0.55 |
| USD | AMERICA, UNITED STATES OF 0.12500% 21-28.02.23 | 2 150 000.00 | 2 145 128.91 | 0.60 |
| USD | AMERICA, UNITED STATES OF TIGER STRIP 0.50000% 21-28.02.26 | 3 300 000.00 | 3 214 921.87 | 0.91 |
| USD | AMERICA, UNITED STATES OF 0.25000% 21-15.03.24 | 2 375 000.00 | 2 354 125.98 | 0.66 |
| USD | AMERICA, UNITED STATES OF 0.75000% 21-31.03.26 | 3 650 000.00 | 3 590 687.50 | 1.01 |
| USD | AMERICA, UNITED STATES OF TN 0.12500% 21-31.03.23 | 1 900 000.00 | 1 894 582.03 | 0.53 |
| USD | AMERICA, UNITED STATES OF 0.37500% 21-15.04.24 | 3 050 000.00 | 3 029 150.39 | 0.85 |
| USD | AMERICA, UNITED STATES OF 0.75000% 21-30.04.26 | 3 650 000.00 | 3 588 263.68 | 1.01 |
| USD | AMERICA, UNITED STATES OF 0.12500% 21-30.04.23 | 2 000 000.00 | 1 992 812.50 | 0.56 |
| USD | AMERICA, UNITED STATES OF 0.25000% 21-15.05.24 | 3 750 000.00 | 3 710 595.71 | 1.05 |
| USD | AMERICA, UNITED STATES OF 0.12500% 21-31.05.23 | 3 400 000.00 | 3 386 718.75 | 0.95 |
| USD | AMERICA, UNITED STATES OF 0.75000% 21-31.05.26 | 3 650 000.00 | 3 585 697.25 | 1.01 |
| USD | AMERICA, UNITED STATES OF 0.87500% 21-30.06.26 | 4 075 000.00 | 4 021 515.63 | 1.13 |
| USD | AMERICA, UNITED STATES OF 0.12500% 21-30.06.23 | 3 500 000.00 | 3 484 824.21 | 0.98 |
| USD | AMERICA, UNITED STATES OF TREASURY NOTE 0.37500% 21-15.07.24 | 2 500 000.00 | 2 477 636.72 | 0.70 |
| USD | AMERICA, UNITED STATES OF 0.12500% 21-31.07.23 | 2 350 000.00 | 2 337 699.21 | 0.66 |
| USD | AMERICA, UNITED STATES OF 0.62500% 21-31.07.26 | 4 300 000.00 | 4 190 988.29 | 1.18 |
| USD | AMERICA, UNITED STATES OF TB 0.00000% 15.08.21-15.08.24 | 3 750 000.00 | 3 714 843.75 | 1.05 |
| USD | AMERICA, UNITED STATES OF 0.12500% 21-31.08.23 | 3 500 000.00 | 3 479 902.34 | 0.98 |
| USD | AMERICA, UNITED STATES OF 0.75000% 21-31.08.26 | 4 250 000.00 | 4 164 667.99 | 1.17 |
| USD | AMERICA, UNITED STATES OF TB 0.37500% 21-15.09.24 | 1 300 000.00 | 1 286 796.88 | 0.36 |
| USD | AMERICA, UNITED STATES OF 0.87500% 21-30.09.26 | 3 850 000.00 | 3 793 753.89 | 1.07 |
| USD | AMERICA, UNITED STATES OF TB 0.25000% 21-30.09.23 | 1 250 000.00 | 1 244 921.87 | 0.35 |
| USD | UNITED STATES TREASURY NOTE/BOND 0.12500% 21-15.01.24 | 3 750 000.00 | 3 712 939.47 | 1.05 |
| Total USD |  |  | 351 096 198.32 | 98.98 |
| Total Treasury notes, fixed rate | 351 096 198.32 | 98.98 |
| Total Transferable securities and money market instruments listed on an official stock exchange | 351 096 198.32 | 98.98 |
| Total investments in securities | 351 096 198.32 | 98.98 |
| Forward Foreign Exchange contracts |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |

| CHF | 79 971 900.00 | USD | 85 600 473.54 | 2.11.2021 | 1 920 073.65 | 0.54 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 100 953 700.00 | USD | 117 167 167.08 | 2.11.2021 | -338 497.77 | -0.10 |
| CHF | 154 400.00 | USD | 165 433.38 | 2.11.2021 | 3 540.63 | 0.00 |
| USD | 238 497.46 | EUR | 205 100.00 | 2.11.2021 | 1 145.49 | 0.00 |
| USD | 199 642.19 | EUR | 172 500.00 | 2.11.2021 | 16.57 | 0.00 |
| USD | 172 477.75 | EUR | 148 600.00 | 2.11.2021 | 510.40 | 0.00 |
| USD | 176 119.63 | CHF | 162 300.00 | 2.11.2021 | -1 500.07 | 0.00 |
| USD | 176 663.93 | EUR | 151 800.00 | 2.11.2021 | 993.38 | 0.00 |
| USD | 2 426 542.62 | EUR | 2 089 500.00 | 2.11.2021 | 8 468.75 | 0.00 |
| EUR | 354 400.00 | USD | 411 167.79 | 2.11.2021 | -1 038.39 | 0.00 |
| EUR | 98 540 600.00 | USD | 114 849 759.08 | 29.11.2021 | -755 743.99 | -0.20 |
| CHF | 80 122 600.00 | USD | 87 950 454.28 | 29.11.2021 | -205 477.43 | -0.06 |
| CHF | 146 100.00 | USD | 159 835.11 | 29.11.2021 | 163.96 | 0.00 |
| USD | 244 154.48 | EUR | 210 900.00 | 29.11.2021 | -33.48 | 0.00 |
| Total Forward Foreign Exchange contracts | 632 621.70 | 0.18 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 857 615.03 | 0.24 |
| Other assets and liabilities | 2 141 515.69 | 0.60 |
| Total net assets | 354 727 950.74 | 100.00 |

Focused SICAV – US Treasury Bond USD Annual report and audited financial statements as of 31 October 2021

Translation (ENDE, 2021-10-31):
# Focused SICAV – US Treasury Bond USD
| Dreijahresvergleich |  |
| --- | --- |
| Datum | ISIN | 31.10.2021 | 31.10.2020 | 31.10.2019 |
| Nettovermögen in USD |  | 354 727 950.74 | 1 250 189 737.30 | 265 642 943.51 |
| Klasse F-acc | LU1936847935 |  |  |  |
| Aktien im Umlauf |  | 1 465 788.3660 | 4 989 086.0000 | 1 159 533.0000 |
| Nettoinventarwert pro Aktie in USD |  | 104.65 | 105.53 | 101.25 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 104.65 | 105.53 | 101.25 |
| Tracking error (%)* |  | 0.0076 | na | na |
| Klasse (CHF hedged) F-acc | LU1936848156 |  |  |  |
| Aktien im Umlauf |  | 791 799.7640 | 3 261 264.3070 | 670 034.0000 |
| Nettoinventarwert pro Aktie in CHF |  | 100.80 | 102.72 | 100.46 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 100.80 | 102.72 | 100.46 |
| Tracking error (%)* |  | 0.0141 | na | na |
| Klasse (EUR hedged) F-acc | LU1936848230 |  |  |  |
| Aktien im Umlauf |  | 971 369.1660 | 2 982 306.1600 | 713 531.1580 |
| Nettoinventarwert pro Aktie in EUR |  | 101.39 | 103.10 | 100.54 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 101.39 | 103.10 | 100.54 |
| Tracking error (%)* |  | 0.0115 | na | na |
| 1  Siehe Erläuterung 1 |  |  |  |  |
| * Der Portfoliomanager des Subfunds bemüht sich unter normalen Marktbedingungen, den Tracking Error (die Abweichung zwischen der Rendite des Subfunds und der des nachverfolgent Index) unter 1% zu halten. Dies kann jedoch in Ausnahmefällen 1% überschreiten. |
| Performance |  |  |  |  |
|  | Währung | 2020/2021 | 2019/2020 | 2019 |
| Klasse F-acc | USD | -0.8% | 4.2% | - |
| Klasse (CHF hedged) F-acc | CHF | -1.9% | 2.2% | - |
| Klasse (EUR hedged) F-acc | EUR | -1.7% | 2.5% | - |
| 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.

## Bericht des Portfolio Managers
Im Rechnungsjahr vom 1. November 2020 bis zum
31. Oktober 2021 stiegen die Renditen von US-Anleihen entlang der gesamten Kurve, mit Ausnahme des sehr kurzen Endes. Diese Aufwärtsbewegung der Renditen war der schwungvollen Konjunkturerholung nach dem Ende der Covid-bedingten Lockdowns und dem damit zusammenhängenden Anstieg der Inflationsraten zu verdanken. Die EZB betrachtete die höheren Inflations- raten als vorübergehend und hielt an ihrer expansiven Geldpolitik fest.
Infolge der steigenden Zinssätze verzeichnete der Sub- fonds im Rechnungsjahr eine negative absolute Wertent- wicklung. Die Performance bewegte sich auf dem Niveau der entsprechenden Benchmarkrendite. Die Duration des Universums verlängerte sich im Rechnungsjahr um
0.02 Jahre.

## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Total	98.98
Vereinigte Staaten	98.98
Wirtschaftliche Aufteilung in % des Nettovermögens	
Länder- & Zentralregierungen	98.98
Total	98.98
Focused SICAV – US Treasury Bond USD Jahresbericht und geprüfter Jahresabschluss per 31. Oktober 2021

## Nettovermögensaufstellung
Aktiva	31.10.2021
USD
Wertpapierbestand, Einstandswert	357 921 926.25
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	-6 825 727.93	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 351 096 198.32 |
| Bankguthaben, Sicht- und Fristgelder | 857 615.03 |
| Forderungen aus Wertpapierverkäufen (Erläuterung 1) | 958 010.94 |
| Forderungen aus Zeichnungen | 535 586.64 |
| Zinsforderungen aus Wertpapieren | 1 458 673.30 |
| Nicht realisierter Kursgewinn aus Devisenterminkontrakten (Erläuterung 1) | 632 621.70 |
| Total Aktiva | 355 538 705.93 |
|  |  |
| Passiva |  |
| Verbindlichkeiten aus Rücknahmen | -778 470.83 |
| Sonstige Verbindlichkeiten | -396.66 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -8 965.87 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-22 921.83	 |
| Total Rückstellungen für Aufwendungen | -31 887.70 |
| Total Passiva | -810 755.19 |
|  |  |
| Nettovermögen am Ende des Geschäftsjahres | 354 727 950.74 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.11.2020-31.10.2021 |
| Zinsen auf Wertpapiere | 7 080 251.21 |
| Nettoerträge aus Securities Lending | 269 168.31 |
| Sonstige Erträge (Erläuterung 4) | 77 916.77 |
| Total Erträge | 7 427 336.29 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -293 270.27 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -24 505.75 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -40.93 |
| Total Aufwendungen | -317 816.95 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 7 109 519.34 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | -1 661 508.08 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | 2 080 161.15 |
| Realisierter Währungsgewinn (-verlust) | -2 185 107.42 |
| Total der realisierten Gewinne (Verluste) | -1 766 454.35 |
|  |  |
| Realisierter Nettogewinn (-verlust) des Geschäftsjahres | 5 343 064.99 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | -8 355 122.12 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | 3 669 386.10 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | -4 685 736.02 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 657 328.97 |

Focused SICAV – US Treasury Bond USD
Jahresbericht und geprüfter Jahresabschluss per 31. Oktober 2021
| Veränderung des Nettovermögens |  |
| --- | --- |
|  | USD |
|  | 1.11.2020-31.10.2021 |
| Nettovermögen zu Beginn des Geschäftsjahres | 1 250 189 737.30 |
| Zeichnungen | 71 697 733.44 |
| Rücknahmen | 	-967 816 848.97	 |
| Total Mittelzufluss (-abfluss) | -896 119 115.53 |
| Nettoerträge (-verluste) aus Anlagen | 7 109 519.34 |
| Total der realisierten Gewinne (Verluste) | -1 766 454.35 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	-4 685 736.02	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 657 328.97 |
| Nettovermögen am Ende des Geschäftsjahres | 354 727 950.74 |
| Entwicklung der Aktien im Umlauf |  |
|  | 1.11.2020-31.10.2021 |
| Klasse | F-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 4 989 086.0000 |
| Anzahl der ausgegebenen Aktien | 313 298.9550 |
| Anzahl der zurückgegebenen Aktien | -3 836 596.5890 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 1 465 788.3660 |
| Klasse | (CHF hedged) F-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 3 261 264.3070 |
| Anzahl der ausgegebenen Aktien | 98 055.8290 |
| Anzahl der zurückgegebenen Aktien | -2 567 520.3720 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 791 799.7640 |
| Klasse | (EUR hedged) F-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 2 982 306.1600 |
| Anzahl der ausgegebenen Aktien | 226 016.7820 |
| Anzahl der zurückgegebenen Aktien | -2 236 953.7760 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 971 369.1660 |

Focused SICAV – US Treasury Bond USD Jahresbericht und geprüfter Jahresabschluss per 31. Oktober 2021

## Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 31. Oktober 2021
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden Treasury-Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 7.62500% 92-15.11.22 | 250 000.00 | 269 179.68 | 0.08 |
| USD	AMERICA, UNITED STATES OF 7.12500% 93-15.02.23 | 500 000.00 | 543 925.78 | 0.15 |
| USD	AMERICA, UNITED STATES OF 7.50000% 94-15.11.24 | 200 000.00 | 240 437.50 | 0.07 |
| USD	AMERICA, UNITED STATES OF 7.62500% 95-15.02.25 | 310 000.00 | 378 623.82 | 0.11 |
| USD	AMERICA, UNITED STATES OF 1.50000% 16-15.08.26 | 2 150 000.00 | 2 182 585.94 | 0.62 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-31.08.23 | 2 000 000.00 | 2 033 359.38 | 0.57 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-31.07.24 | 1 700 000.00 | 1 765 675.78 | 0.50 |
| USD	AMERICA, UNITED STATES OF 1.87500% 17-31.08.24 | 1 600 000.00 | 1 651 375.01 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-30.09.24 | 1 325 000.00 | 1 377 223.63 | 0.39 |
| USD	AMERICA, UNITED STATES OF 2.00000% 17-31.10.22 | 1 425 000.00 | 1 451 217.78 | 0.41 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-31.10.24 | 1 650 000.00 | 1 722 509.77 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-30.11.24 | 1 350 000.00 | 1 404 474.61 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.25000% 18-31.12.24 | 1 650 000.00 | 1 723 927.74 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.37500% 18-31.01.23 | 1 650 000.00 | 1 693 183.61 | 0.48 |
| USD	AMERICA, UNITED STATES OF 2.50000% 18-31.01.25 | 1 750 000.00 | 1 843 378.91 | 0.52 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-28.02.25 | 1 700 000.00 | 1 805 320.31 | 0.51 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-28.02.23 | 2 000 000.00 | 2 061 562.50 | 0.58 |
| USD	AMERICA, UNITED STATES OF 2.50000% 18-31.03.23 | 2 250 000.00 | 2 318 642.57 | 0.65 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-31.03.25 | 875 000.00 | 926 166.99 | 0.26 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-30.04.23 | 2 250 000.00 | 2 330 419.93 | 0.66 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.04.25 | 1 350 000.00 | 1 440 966.78 | 0.41 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.05.25 | 1 615 000.00 | 1 725 778.91 | 0.49 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.05.23 | 2 100 000.00 | 2 178 503.90 | 0.61 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-30.06.23 | 1 850 000.00 | 1 918 074.23 | 0.54 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.08.23 | 2 000 000.00 | 2 083 359.38 | 0.59 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.08.25 | 1 650 000.00 | 1 759 054.69 | 0.50 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.09.23 | 2 150 000.00 | 2 247 505.86 | 0.63 |
| USD	AMERICA, UNITED STATES OF 3.00000% 18-31.10.25 | 850 000.00 | 915 609.38 | 0.26 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.10.23 | 2 000 000.00 | 2 093 984.38 | 0.59 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.11.25 | 1 500 000.00 | 1 609 628.91 | 0.45 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-30.11.23 | 2 000 000.00 | 2 096 640.62 | 0.59 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-31.12.25 | 1 225 000.00 | 1 303 141.60 | 0.37 |
| USD	AMERICA, UNITED STATES OF 2.62500% 18-31.12.23 | 2 500 000.00 | 2 610 351.54 | 0.74 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-31.01.24 | 1 800 000.00 | 1 876 851.56 | 0.53 |
| USD	AMERICA, UNITED STATES OF 2.62500% 19-31.01.26 | 1 750 000.00 | 1 862 177.73 | 0.51 |
| USD	AMERICA, UNITED STATES OF 2.50000% 19-28.02.26 | 2 150 000.00 | 2 277 404.29 | 0.64 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-29.02.24 | 1 925 000.00 | 2 003 579.10 | 0.56 |
| USD	AMERICA, UNITED STATES OF 2.25000% 19-31.03.26 | 2 050 000.00 | 2 150 658.20 | 0.61 |
| USD	AMERICA, UNITED STATES OF 2.25000% 19-30.04.24 | 3 000 000.00 | 3 118 242.18 | 0.88 |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-30.04.26 | 1 350 000.00 | 1 423 828.12 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.12500% 19-31.05.26 | 1 750 000.00 | 1 827 246.09 | 0.51 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-30.06.24 | 2 750 000.00 | 2 826 162.10 | 0.80 |
| USD	AMERICA, UNITED STATES OF 1.87500% 19-30.06.26 | 1 725 000.00 | 1 782 208.00 | 0.50 |
| USD	AMERICA, UNITED STATES OF 2.75000% 14-15.02.24 | 2 900 000.00 | 3 042 394.52 | 0.86 |
| USD	AMERICA, UNITED STATES OF 2.37500% 14-15.08.24 | 4 000 000.00 | 4 182 500.00 | 1.18 |
| USD	AMERICA, UNITED STATES OF 2.25000% 14-15.11.24 | 3 800 000.00 | 3 968 031.25 | 1.12 |
| USD	AMERICA, UNITED STATES OF 2.00000% 15-15.02.25 | 4 000 000.00 | 4 150 000.00 | 1.17 |
| USD	AMERICA, UNITED STATES OF 2.00000% 15-15.08.25 | 3 805 000.00 | 3 949 025.19 | 1.11 |
| USD	AMERICA, UNITED STATES OF 1.87500% 15-31.10.22 | 800 000.00 | 813 687.50 | 0.23 |
| USD	AMERICA, UNITED STATES OF 2.25000% 15-15.11.25 | 4 350 000.00 | 4 559 513.66 | 1.29 |
| USD	AMERICA, UNITED STATES OF 2.00000% 15-30.11.22 | 3 250 000.00 | 3 314 111.32 | 0.93 |
| USD	AMERICA, UNITED STATES OF 2.12500% 15-31.12.22 | 3 100 000.00 | 3 167 933.58 | 0.89 |
| USD	AMERICA, UNITED STATES OF 1.75000% 16-31.01.23 | 2 125 000.00 | 2 164 179.68 | 0.61 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-15.02.26 | 3 415 000.00 | 3 490 903.70 | 0.98 |
| USD	AMERICA, UNITED STATES OF 1.50000% 16-28.02.23 | 1 675 000.00 | 1 701 891.60 | 0.48 |
| USD	AMERICA, UNITED STATES OF 1.50000% 16-31.03.23 | 2 275 000.00 | 2 312 413.08 | 0.65 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-30.04.23 | 2 250 000.00 | 2 292 802.74 | 0.65 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-15.05.26 | 3 000 000.00 | 3 064 804.68 | 0.86 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-31.05.23 | 1 550 000.00 | 1 580 636.72 | 0.45 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.06.23 | 2 250 000.00 | 2 286 826.18 | 0.64 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.09.23 | 2 500 000.00 | 2 542 480.47 | 0.72 |
| USD	AMERICA, UNITED STATES OF 1.62500% 16-31.10.23 | 1 200 000.00 | 1 226 578.13 | 0.35 |
| USD	AMERICA, UNITED STATES OF 1.62500% 12-15.11.22 | 3 500 000.00 | 3 553 046.88 | 1.00 |
| USD	AMERICA, UNITED STATES OF 2.12500% 16-30.11.23 | 2 325 000.00 | 2 401 470.69 | 0.68 |
| USD	AMERICA, UNITED STATES OF 2.00000% 13-15.02.23 | 2 525 000.00 | 2 581 122.06 | 0.73 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-31.12.23 | 1 935 000.00 | 2 004 916.99 | 0.57 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-31.01.24 | 2 225 000.00 | 2 307 916.00 | 0.65 |
| USD	AMERICA, UNITED STATES OF 1.75000% 13-15.05.23 | 3 350 000.00 | 3 420 925.80 | 0.96 |
| USD	AMERICA, UNITED STATES OF 2.50000% 13-15.08.23 | 3 500 000.00 | 3 628 105.46 | 1.02 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-29.02.24 | 2 075 000.00 | 2 148 111.33 | 0.61 |
| USD	AMERICA, UNITED STATES OF 2.12500% 17-31.03.24 | 4 215 000.00 | 4 364 336.15 | 1.23 |
| USD	AMERICA, UNITED STATES OF 2.75000% 13-15.11.23 | 4 950 000.00 | 5 173 716.78 | 1.46 |
| USD	AMERICA, UNITED STATES OF 2.50000% 14-15.05.24 | 4 381 000.00 | 4 582 936.72 | 1.29 |
| USD	AMERICA, UNITED STATES OF 2.00000% 17-30.04.24 | 2 000 000.00 | 2 066 796.89 | 0.58 |
| USD	AMERICA, UNITED STATES OF 2.12500% 15-15.05.25 | 3 575 000.00 | 3 723 166.98 | 1.05 |
| USD	AMERICA, UNITED STATES OF 2.00000% 17-31.05.24 | 2 800 000.00 | 2 894 609.37 | 0.82 |
| USD	AMERICA, UNITED STATES OF 2.00000% 17-30.06.24 | 1 750 000.00 | 1 810 498.04 | 0.51 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-30.06.25 | 1 100 000.00 | 1 170 941.40 | 0.33 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-31.07.23 | 3 775 000.00 | 3 927 622.08 | 1.11 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.07.25 | 1 100 000.00 | 1 177 000.00 | 0.33 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-31.07.24 | 2 250 000.00 | 2 314 160.14 | 0.65 |
| USD	AMERICA, UNITED STATES OF 1.87500% 19-31.07.26 | 1 575 000.00 | 1 627 233.39 | 0.46 |
| USD	AMERICA, UNITED STATES OF 1.37500% 19-31.08.26 | 1 275 000.00 | 1 287 351.57 | 0.36 |
| USD	AMERICA, UNITED STATES OF 1.25000% 19-31.08.24 | 2 275 000.00 | 2 308 058.59 | 0.65 |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-30.09.26 | 1 200 000.00 | 1 225 687.50 | 0.35 |
| USD	AMERICA, UNITED STATES OF 1.50000% 19-30.09.24 | 1 825 000.00 | 1 864 422.84 | 0.53 |
| USD	AMERICA, UNITED STATES OF 1.50000% 19-31.10.24 | 2 425 000.00 | 2 477 573.25 | 0.70 |
| USD	AMERICA, UNITED STATES OF 1.50000% 19-30.11.24 | 2 125 000.00 | 2 170 571.28 | 0.61 |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-15.12.22 | 2 075 000.00 | 2 107 746.09 | 0.59 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-31.12.24 | 1 750 000.00 | 1 801 406.24 | 0.51 |

Focused SICAV – US Treasury Bond USD
Jahresbericht und geprüfter Jahresabschluss per 31. Oktober 2021
|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  |  | Nominal | NR Kursgewinn | Netto- |
|  | (-verlust) auf Futures/ | vermögens |
| Devisentermin- |  |
| kontrakten/ |  |
| Swaps (Erl. 1) |  |

| USD | AMERICA, UNITED STATES OF 1.50000% 20-15.01.23 | 2 200 000.00 | 2 233 085.94 | 0.63 |
| --- | --- | --- | --- | --- |
| USD | AMERICA, UNITED STATES OF 1.37500% 20-31.01.25 | 2 250 000.00 | 2 288 935.55 | 0.65 |
| USD | AMERICA, UNITED STATES OF 1.37500% 20-15.02.23 | 2 250 000.00 | 2 281 728.51 | 0.64 |
| USD | AMERICA, UNITED STATES OF 1.12500% 20-28.02.25 | 2 100 000.00 | 2 117 636.73 | 0.60 |
| USD | AMERICA, UNITED STATES OF 0.50000% 20-15.03.23 | 2 850 000.00 | 2 857 236.33 | 0.81 |
| USD | AMERICA, UNITED STATES OF 0.50000% 20-31.03.25 | 2 680 000.00 | 2 644 929.68 | 0.75 |
| USD | AMERICA, UNITED STATES OF 0.25000% 20-15.04.23 | 3 275 000.00 | 3 270 906.25 | 0.92 |
| USD | AMERICA, UNITED STATES OF TB 0.37500% 30.04.20-30.04.25 | 2 950 000.00 | 2 894 226.56 | 0.82 |
| USD | AMERICA, UNITED STATES OF 0.12500% 20-15.05.23 | 2 200 000.00 | 2 191 921.87 | 0.62 |
| USD | AMERICA, UNITED STATES OF 0.25000% 20-31.05.25 | 2 900 000.00 | 2 828 746.10 | 0.80 |
| USD | AMERICA, UNITED STATES OF 0.25000% 20-15.06.23 | 2 500 000.00 | 2 494 433.60 | 0.70 |
| USD | AMERICA, UNITED STATES OF 0.25000% 20-30.06.25 | 2 850 000.00 | 2 776 523.44 | 0.78 |
| USD | AMERICA, UNITED STATES OF 0.25000% 20-31.07.25 | 2 735 000.00 | 2 661 390.05 | 0.75 |
| USD | AMERICA, UNITED STATES OF 0.12500% 20-15.08.23 | 2 425 000.00 | 2 411 548.82 | 0.68 |
| USD | AMERICA, UNITED STATES OF 0.25000% 20-31.08.25 | 3 530 000.00 | 3 428 926.18 | 0.97 |
| USD | AMERICA, UNITED STATES OF 0.12500% 20-15.09.23 | 1 000 000.00 | 993 632.81 | 0.28 |
| USD | AMERICA, UNITED STATES OF 0.25000% 20-30.09.25 | 3 800 000.00 | 3 688 078.14 | 1.04 |
| USD | AMERICA, UNITED STATES OF 0.12500% 20-15.10.23 | 3 400 000.00 | 3 375 960.95 | 0.95 |
| USD | AMERICA, UNITED STATES OF 0.12500% 20-31.10.22 | 2 900 000.00 | 2 899 093.75 | 0.82 |
| USD | AMERICA, UNITED STATES OF TB 0.25000% 20-31.10.25 | 4 510 000.00 | 4 369 238.66 | 1.23 |
| USD | AMERICA, UNITED STATES OF 0.25000% 20-15.11.23 | 2 100 000.00 | 2 088 515.63 | 0.59 |
| USD | AMERICA, UNITED STATES OF 0.12500% 20-30.11.22 | 2 250 000.00 | 2 248 857.43 | 0.63 |
| USD | AMERICA, UNITED STATES OF 0.37500% 20-30.11.25 | 3 135 000.00 | 3 048 052.72 | 0.86 |
| USD | AMERICA, UNITED STATES OF 0.12500% 20-15.12.23 | 2 725 000.00 | 2 700 517.56 | 0.76 |
| USD | AMERICA, UNITED STATES OF 0.37500% 20-31.12.25 | 3 650 000.00 | 3 544 777.36 | 1.00 |
| USD | AMERICA, UNITED STATES OF 0.12500% 20-31.12.22 | 3 000 000.00 | 2 996 132.82 | 0.84 |
| USD | AMERICA, UNITED STATES OF TB 0.12500% 21-31.01.23 | 2 500 000.00 | 2 495 605.47 | 0.70 |
| USD | AMERICA, UNITED STATES OF 0.37500% 21-31.01.26 | 4 250 000.00 | 4 121 669.93 | 1.16 |
| USD | AMERICA, UNITED STATES OF 0.12500% 21-15.02.24 | 1 975 000.00 | 1 954 401.36 | 0.55 |
| USD | AMERICA, UNITED STATES OF 0.12500% 21-28.02.23 | 2 150 000.00 | 2 145 128.91 | 0.60 |
| USD | AMERICA, UNITED STATES OF TIGER STRIP 0.50000% 21-28.02.26 | 3 300 000.00 | 3 214 921.87 | 0.91 |
| USD | AMERICA, UNITED STATES OF 0.25000% 21-15.03.24 | 2 375 000.00 | 2 354 125.98 | 0.66 |
| USD | AMERICA, UNITED STATES OF 0.75000% 21-31.03.26 | 3 650 000.00 | 3 590 687.50 | 1.01 |
| USD | AMERICA, UNITED STATES OF TN 0.12500% 21-31.03.23 | 1 900 000.00 | 1 894 582.03 | 0.53 |
| USD | AMERICA, UNITED STATES OF 0.37500% 21-15.04.24 | 3 050 000.00 | 3 029 150.39 | 0.85 |
| USD | AMERICA, UNITED STATES OF 0.75000% 21-30.04.26 | 3 650 000.00 | 3 588 263.68 | 1.01 |
| USD | AMERICA, UNITED STATES OF 0.12500% 21-30.04.23 | 2 000 000.00 | 1 992 812.50 | 0.56 |
| USD | AMERICA, UNITED STATES OF 0.25000% 21-15.05.24 | 3 750 000.00 | 3 710 595.71 | 1.05 |
| USD | AMERICA, UNITED STATES OF 0.12500% 21-31.05.23 | 3 400 000.00 | 3 386 718.75 | 0.95 |
| USD | AMERICA, UNITED STATES OF 0.75000% 21-31.05.26 | 3 650 000.00 | 3 585 697.25 | 1.01 |
| USD | AMERICA, UNITED STATES OF 0.87500% 21-30.06.26 | 4 075 000.00 | 4 021 515.63 | 1.13 |
| USD | AMERICA, UNITED STATES OF 0.12500% 21-30.06.23 | 3 500 000.00 | 3 484 824.21 | 0.98 |
| USD | AMERICA, UNITED STATES OF TREASURY NOTE 0.37500% 21-15.07.24 | 2 500 000.00 | 2 477 636.72 | 0.70 |
| USD | AMERICA, UNITED STATES OF 0.12500% 21-31.07.23 | 2 350 000.00 | 2 337 699.21 | 0.66 |
| USD | AMERICA, UNITED STATES OF 0.62500% 21-31.07.26 | 4 300 000.00 | 4 190 988.29 | 1.18 |
| USD | AMERICA, UNITED STATES OF TB 0.00000% 15.08.21-15.08.24 | 3 750 000.00 | 3 714 843.75 | 1.05 |
| USD | AMERICA, UNITED STATES OF 0.12500% 21-31.08.23 | 3 500 000.00 | 3 479 902.34 | 0.98 |
| USD | AMERICA, UNITED STATES OF 0.75000% 21-31.08.26 | 4 250 000.00 | 4 164 667.99 | 1.17 |
| USD | AMERICA, UNITED STATES OF TB 0.37500% 21-15.09.24 | 1 300 000.00 | 1 286 796.88 | 0.36 |
| USD | AMERICA, UNITED STATES OF 0.87500% 21-30.09.26 | 3 850 000.00 | 3 793 753.89 | 1.07 |
| USD | AMERICA, UNITED STATES OF TB 0.25000% 21-30.09.23 | 1 250 000.00 | 1 244 921.87 | 0.35 |
| USD | UNITED STATES TREASURY NOTE/BOND 0.12500% 21-15.01.24 | 3 750 000.00 | 3 712 939.47 | 1.05 |
| Total USD |  |  | 351 096 198.32 | 98.98 |
| Total Treasury-Notes, fester Zins | 351 096 198.32 | 98.98 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 351 096 198.32 | 98.98 |
| Total des Wertpapierbestandes | 351 096 198.32 | 98.98 |
| Devisenterminkontrakte |  |  |
| Gekaufte Währung/ Gekaufter Betrag/Verkaufte Währung/Verkaufter Betrag/Fälligkeitsdatum |  |  |

| CHF | 79 971 900.00 | USD | 85 600 473.54 | 2.11.2021 | 1 920 073.65 | 0.54 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 100 953 700.00 | USD | 117 167 167.08 | 2.11.2021 | -338 497.77 | -0.10 |
| CHF | 154 400.00 | USD | 165 433.38 | 2.11.2021 | 3 540.63 | 0.00 |
| USD | 238 497.46 | EUR | 205 100.00 | 2.11.2021 | 1 145.49 | 0.00 |
| USD | 199 642.19 | EUR | 172 500.00 | 2.11.2021 | 16.57 | 0.00 |
| USD | 172 477.75 | EUR | 148 600.00 | 2.11.2021 | 510.40 | 0.00 |
| USD | 176 119.63 | CHF | 162 300.00 | 2.11.2021 | -1 500.07 | 0.00 |
| USD | 176 663.93 | EUR | 151 800.00 | 2.11.2021 | 993.38 | 0.00 |
| USD | 2 426 542.62 | EUR | 2 089 500.00 | 2.11.2021 | 8 468.75 | 0.00 |
| EUR | 354 400.00 | USD | 411 167.79 | 2.11.2021 | -1 038.39 | 0.00 |
| EUR | 98 540 600.00 | USD | 114 849 759.08 | 29.11.2021 | -755 743.99 | -0.20 |
| CHF | 80 122 600.00 | USD | 87 950 454.28 | 29.11.2021 | -205 477.43 | -0.06 |
| CHF | 146 100.00 | USD | 159 835.11 | 29.11.2021 | 163.96 | 0.00 |
| USD | 244 154.48 | EUR | 210 900.00 | 29.11.2021 | -33.48 | 0.00 |
| Total Devisenterminkontrakte | 632 621.70 | 0.18 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 857 615.03 | 0.24 |
| Andere Aktiva und Passiva | 2 141 515.69 | 0.60 |
| Total des Nettovermögens | 354 727 950.74 | 100.00 |

Focused SICAV – US Treasury Bond USD Jahresbericht und geprüfter Jahresabschluss per 31. Oktober 2021