# Focused SICAV – High Grade Long Term Bond USD
| Three-year comparison |  |
| --- | --- |
| Date | ISIN | 31.10.2021 | 31.10.2020 | 31.10.2019 |
| Net assets in USD |  | 2 294 398 605.83 | 3 338 824 962.37 | 2 638 075 974.65 |
| Class F-acc | LU0270450066 |  |  |  |
| Shares outstanding |  | 4 375 187.4690 | 5 812 675.0530 | 2 987 138.1260 |
| Net asset value per share in USD |  | 203.60 | 208.51 | 193.13 |
| Issue and redemption price per share in USD 1 |  | 203.60 | 208.51 | 193.13 |
| Class (CHF hedged) F-acc | LU1140787604 |  |  |  |
| Shares outstanding |  | 1 862 382.7990 | 4 505 059.0770 | 5 129 743.5360 |
| Net asset value per share in CHF |  | 106.73 | 110.54 | 104.64 |
| Issue and redemption price per share in CHF 1 |  | 106.73 | 110.54 | 104.64 |
| Class (EUR hedged) F-acc | LU1140787190 |  |  |  |
| Shares outstanding |  | 6 947 566.0910 | 8 723 933.6480 | 9 749 552.0820 |
| Net asset value per share in EUR |  | 112.03 | 115.69 | 109.14 |
| Issue and redemption price per share in EUR 1 |  | 112.03 | 115.69 | 109.14 |
| Class (GBP hedged) F-acc | LU1339538339 |  |  |  |
| Shares outstanding |  | 56 218.0360 | 618 751.8000 | 119 239.2410 |
| Net asset value per share in GBP |  | 114.67 | 117.67 | 109.94 |
| Issue and redemption price per share in GBP 1 |  | 114.67 | 117.67 | 109.94 |
| Class (JPY hedged) F-acc | LU1786951779 |  |  |  |
| Shares outstanding |  | 235 162.0000 | 209 460.0000 | 176 489.0000 |
| Net asset value per share in JPY |  | 10 708 | 11 011 | 10 380 |
| Issue and redemption price per share in JPY 1 |  | 10 708 | 11 011 | 10 380 |
| Class (SGD hedged) F-acc | LU1002056536 |  |  |  |
| Shares outstanding |  | 93 553.0970 | 27 146.5430 | 117 370.3790 |
| Net asset value per share in SGD |  | 133.60 | 136.77 | 126.99 |
| Issue and redemption price per share in SGD 1 |  | 133.60 | 136.77 | 126.99 |
| Class F-UKdist | LU0723399837 |  |  |  |
| Shares outstanding |  | 1 434 575.0000 | 1 869 469.1100 | 1 512 674.0000 |
| Net asset value per share in USD |  | 111.29 | 116.77 | 110.94 |
| Issue and redemption price per share in USD 1 |  | 111.29 | 116.77 | 110.94 |
| Class (CHF hedged) F-UKdist | LU1140787786 |  |  |  |
| Shares outstanding |  | 599 443.4210 | 455 631.2340 | 444 132.0080 |
| Net asset value per share in CHF |  | 90.77 | 96.25 | 93.47 |
| Issue and redemption price per share in CHF 1 |  | 90.77 | 96.25 | 93.47 |
| Class (EUR hedged) F-UKdist | LU1140787356 |  |  |  |
| Shares outstanding |  | 98 125.0000 | 110 540.0000 | 133 955.0000 |
| Net asset value per share in EUR |  | 92.52 | 97.82 | 94.70 |
| Issue and redemption price per share in EUR 1 |  | 92.52 | 97.82 | 94.70 |
| Class (GBP hedged) F-UKdist | LU1545517606 |  |  |  |
| Shares outstanding |  | 109 733.0000 | 72 911.3180 | 452 100.5570 |
| Net asset value per share in GBP |  | 102.81 | 108.09 | 104.55 |
| Issue and redemption price per share in GBP 1 |  | 102.81 | 108.09 | 104.55 |
| 1  See note 1 |  |  |  |  |
| Performance |  |  |  |  |
|  | Currency | 2020/2021 | 2019/2020 | 2018/2019 |
| Class F-acc | USD | -2.4% | 8.0% | 13.3% |
| Class (CHF hedged) F-acc | CHF | -3.4% | 5.6% | 9.3% |
| Class (EUR hedged) F-acc | EUR | -3.2% | 6.0% | 10.0% |
| Class (GBP hedged) F-acc | GBP | -2.5% | 7.0% | 11.5% |
| Class (JPY hedged) F-acc | JPY | -2.8% | 6.1% | - |
| Class (SGD hedged) F-acc | SGD | -2.3% | 7.7% | 12.6% |
| Class F-UKdist | USD | -2.4% | 8.0% | 13.3% |
| Class (CHF hedged) F-UKdist | CHF | -3.5% | 5.7% | 9.3% |
| Class (EUR hedged) F-UKdist | EUR | -3.2% | 6.0% | 9.9% |
| Class (GBP hedged) F-UKdist | GBP | -2.6% | 7.0% | 11.5% |

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.
Focused SICAV – High Grade Long Term Bond USD
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, the yield of the ten-year US treasury bonds increased by 65bp and closed the year at 1.53% with a low at 0.76%. During the financial year the FOMC kept the target range for the federal funds rate at 0% – 0.25%. The extraordinarily low interest rate policy was based on continued uncertain- ties induced by COVID-19.
During the financial year, the absolute performance of the subfund was negative due to rising rates. The posi- tioning in US Treasuries versus High Grade Corporates added value to the relative return.

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	67.61
| Canada | 5.59 |
| --- | --- |
| Germany | 2.99 |
| Luxembourg | 2.85 |
| Australia | 2.84 |
| Qatar | 2.77 |
| United Arab Emirates | 2.73 |
| Philippines | 2.38 |
| Singapore | 1.78 |
| Supranationals | 1.64 |
| South Korea | 1.18 |
| Norway | 1.10 |
| France | 0.96 |
| Hong Kong | 0.91 |
| British Virgin Islands | 0.83 |
| Finland | 0.82 |
| The Netherlands | 0.26 |
| Cayman Islands | 0.18 |
| Belgium | 0.04 |
| Total | 99.46 |

Economic Breakdown as a % of net assets	
| Countries & central governments | 44.43 |
| --- | --- |
| Supranational organisations | 13.29 |
| Banks & credit institutions | 8.05 |
| Finance & holding companies | 7.33 |
| Cantons, federal states | 5.59 |
| Mortgage & funding institutions | 4.23 |
| Computer hardware & network equipment providers | 3.53 |
| Internet, software & IT services | 3.40 |
| Petroleum | 2.11 |
| Pharmaceuticals, cosmetics & medical products | 1.34 |
| Miscellaneous services | 1.29 |
| Retail trade, department stores | 0.97 |
| Public, non-profit institutions | 0.96 |
| Miscellaneous consumer goods | 0.90 |
| Food & soft drinks | 0.61 |
| Biotechnology | 0.57 |
| Cities & municipal authorities | 0.42 |
| Traffic & transportation | 0.31 |
| Investment funds | 0.13 |
| Total | 99.46 |

Focused SICAV – High Grade Long Term 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	2 327 018 741.75
| Investments in securities, unrealized appreciation (depreciation) | 	-44 901 277.49	 |
| --- | --- |
| Total investments in securities (Note 1) | 2 282 117 464.26 |
| Cash at banks, deposits on demand and deposit accounts | 16 394 567.50 |
| Other liquid assets (Margins) | -218 812.30 |
| Receivable on securities sales (Note 1) | 6 146 573.60 |
| Receivable on subscriptions | 6 319 191.17 |
| Interest receivable on securities | 12 962 364.89 |
| Unrealized gain on financial futures (Note 1) | 782 656.49 |
| Total Assets | 2 324 504 005.61 |
|  |  |
| Liabilities |  |
| Unrealized loss on forward foreign exchange contracts (Note 1) | -5 029 159.96 |
| Payable on securities purchases (Note 1) | -19 324 317.44 |
| Payable on redemptions | -5 431 959.78 |
| Provisions for flat fee (Note 2) | -127 800.37 |
| Provisions for taxe d’abonnement (Note 3) | -18 080.87 |
| Provisions for other commissions and fees (Note 2) | 	-174 081.36	 |
| Total provisions | -319 962.60 |
| Total Liabilities | -30 105 399.78 |
|  |  |
| Net assets at the end of the financial year | 2 294 398 605.83 |
| Statement of Operations | USD |
| Income | 1.11.2020-31.10.2021 |
| Interest on liquid assets | 486.23 |
| Interest on securities | 49 337 885.38 |
| Dividends | 1 847.21 |
| Net income on securities lending | 740 038.57 |
| Other income (Note 4) | 2 136 761.82 |
| Total income | 52 217 019.21 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -3 010 224.04 |
| Taxe d’abonnement (Note 3) | -193 331.52 |
| Other commissions and fees (Note 2) | -119 739.59 |
| Interest on cash and bank overdraft | -6 783.86 |
| Total expenses | -3 330 079.01 |
|  |  |
| Net income (loss) on investments | 48 886 940.20 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 66 972 168.00 |
| Realized gain (loss) on financial futures | 133 243.30 |
| Realized gain (loss) on forward foreign exchange contracts | -12 402 866.05 |
| Realized gain (loss) on foreign exchange | 2 421 629.04 |
| Total realized gain (loss) | 57 124 174.29 |
|  |  |
| Net realized gain (loss) of the financial year | 106 011 114.49 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -164 905 086.82 |
| Unrealized appreciation (depreciation) on financial futures | 782 656.49 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 6 091 018.29 |
| Total changes in unrealized appreciation (depreciation) | -158 031 412.04 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -52 020 297.55 |

Focused SICAV – High Grade Long Term 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 |  | 3 338 824 962.37 |
| Subscriptions |  | 1 170 758 548.25 |
| Redemptions |  | 	-2 156 237 194.92	 |
| Total net subscriptions (redemptions) |  | -985 478 646.67 |
| Dividend paid |  | -6 927 412.32 |
| Net income (loss) on investments |  | 48 886 940.20 |
| Total realized gain (loss) |  | 57 124 174.29 |
| Total changes in unrealized appreciation (depreciation) |  | 	-158 031 412.04	 |
| Net increase (decrease) in net assets as a result of operations |  | -52 020 297.55 |
| Net assets at the end of the financial year |  | 2 294 398 605.83 |
| 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 |  | 5 812 675.0530 |
| Number of shares issued |  | 2 496 364.4990 |
| Number of shares redeemed |  | -3 933 852.0830 |
| Number of shares outstanding at the end of the financial year |  | 4 375 187.4690 |
| Class |  | (CHF hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 4 505 059.0770 |
| Number of shares issued |  | 677 156.2750 |
| Number of shares redeemed |  | -3 319 832.5530 |
| Number of shares outstanding at the end of the financial year |  | 1 862 382.7990 |
| Class |  | (EUR hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 8 723 933.6480 |
| Number of shares issued |  | 3 373 092.3440 |
| Number of shares redeemed |  | -5 149 459.9010 |
| Number of shares outstanding at the end of the financial year |  | 6 947 566.0910 |
| Class |  | (GBP hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 618 751.8000 |
| Number of shares issued |  | 31 347.0630 |
| Number of shares redeemed |  | -593 880.8270 |
| Number of shares outstanding at the end of the financial year |  | 56 218.0360 |
| Class |  | (JPY hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 209 460.0000 |
| Number of shares issued |  | 98 481.0000 |
| Number of shares redeemed |  | -72 779.0000 |
| Number of shares outstanding at the end of the financial year |  | 235 162.0000 |
| Class |  | (SGD hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year |  | 27 146.5430 |
| Number of shares issued |  | 74 717.7660 |
| Number of shares redeemed |  | -8 311.2120 |
| Number of shares outstanding at the end of the financial year |  | 93 553.0970 |
| Class |  | F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 1 869 469.1100 |
| Number of shares issued |  | 494 874.4170 |
| Number of shares redeemed |  | -929 768.5270 |
| Number of shares outstanding at the end of the financial year |  | 1 434 575.0000 |
| Class |  | (CHF hedged) F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 455 631.2340 |
| Number of shares issued |  | 239 643.6660 |
| Number of shares redeemed |  | -95 831.4790 |
| Number of shares outstanding at the end of the financial year |  | 599 443.4210 |
| Class |  | (EUR hedged) F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 110 540.0000 |
| Number of shares issued |  | 71 065.0000 |
| Number of shares redeemed |  | -83 480.0000 |
| Number of shares outstanding at the end of the financial year |  | 98 125.0000 |
| Class |  | (GBP hedged) F-UKdist |
| Number of shares outstanding at the beginning of the financial year |  | 72 911.3180 |
| Number of shares issued |  | 55 225.2220 |
| Number of shares redeemed |  | -18 403.5400 |
| Number of shares outstanding at the end of the financial year |  | 109 733.0000 |
| Annual Distribution 1 |  |  |
| Focused SICAV – High Grade Long Term Bond USD	Ex-Date | Pay-Date | Currency	Amount per share |
| F-UKdist	16.11.2020 | 17.11.2020 | USD	2.80 |
| (CHF hedged) F-UKdist	16.11.2020 | 17.11.2020 | CHF	2.23 |
| (EUR hedged) F-UKdist	16.11.2020 | 17.11.2020 | EUR	2.27 |
| (GBP hedged) F-UKdist	16.11.2020 | 17.11.2020 | GBP	2.59 |
| 1  See note 5 |  |  |

Focused SICAV – High Grade Long Term 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 Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABU DHABI CRUDE OIL PIPELINE LLC-REG-S 3.65000% 17-02.11.29 | 2 000 000.00 | 2 200 375.00 | 0.10 |
| USD	ABU DHABI,GOVERNMENT OF-REG-S 3.12500% 16-03.05.26 | 9 400 000.00 | 10 069 750.00 | 0.44 |
| USD	ABU DHABI,GOVERNMENT OF-REG-S 3.12500% 17-11.10.27 | 9 200 000.00 | 9 868 725.00 | 0.43 |
| USD	AIRPORT AUTHORITY-REG-S 1.62500% 21-04.02.31 | 10 000 000.00 | 9 567 436.00 | 0.42 |
| USD	ALBERTA, PROVINCE OF 3.30000% 18-15.03.28 | 7 900 000.00 | 8 686 385.36 | 0.38 |
| USD	ALBERTA, PROVINCE OF-REG-S 2.05000% 16-17.08.26 | 1 800 000.00 | 1 858 165.36 | 0.08 |
| USD	ALPHABET INC 1.99800% 16-15.08.26 | 20 000 000.00 | 20 639 092.40 | 0.90 |
| USD	AMAZON.COM INC 1.65000% 21-12.05.28 | 5 000 000.00 | 4 983 648.45 | 0.22 |
| USD	AMAZON.COM INC 2.10000% 21-12.05.31 | 5 000 000.00 | 5 040 904.85 | 0.22 |
| USD	APPLE INC 1.65000% 20-11.05.30 | 11 700 000.00 | 11 367 679.17 | 0.50 |
| USD	APPLE INC 1.65000% 21-08.02.31 | 7 000 000.00 | 6 780 012.75 | 0.30 |
| USD	APPLE INC 1.70000% 21-05.08.31 | 10 000 000.00 | 9 700 240.00 | 0.42 |
| USD	APPLE INC 2.45000% 16-04.08.26 | 4 300 000.00 | 4 503 883.42 | 0.20 |
| USD	APPLE INC 2.90000% 17-12.09.27 | 16 100 000.00 | 17 205 250.51 | 0.75 |
| USD	APPLE INC 3.00000% 17-13.11.27 | 11 700 000.00 | 12 581 361.47 | 0.55 |
| USD	APPLE INC 3.20000% 17-11.05.27 | 7 300 000.00 | 7 920 469.20 | 0.34 |
| USD	APPLE INC 3.35000% 17-09.02.27 | 10 100 000.00 | 11 000 036.35 | 0.48 |
| USD	AUTOMATIC DATA PROCESSING INC 1.25000% 20-01.09.30 | 1 000 000.00 | 944 030.48 | 0.04 |
| USD	AUTOMATIC DATA PROCESSING INC 1.70000% 21-15.05.28 | 6 000 000.00 | 5 968 252.62 | 0.26 |
| USD	BLACKROCK INC 1.90000% 20-28.01.31 | 7 000 000.00 | 6 923 236.53 | 0.30 |
| USD	BLACKROCK INC 3.25000% 19-30.04.29 | 2 000 000.00 | 2 189 841.04 | 0.09 |
| USD	BRITISH COLUMBIA, PROVINCE OF 1.30000% 21-29.01.31 | 10 000 000.00 | 9 637 626.80 | 0.42 |
| USD	CAISSE D’AMORTISSEMENT DE LA DETTE-144A-1.37500% 21-20.01.31 | 9 000 000.00 | 8 716 972.14 | 0.38 |
| USD	CME GROUP INC 3.75000% 18-15.06.28 | 3 500 000.00 | 3 916 818.18 | 0.17 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 1.87500% 21-15.09.31 | 11 730 000.00 | 11 382 974.99 | 0.50 |
| USD	CPPIB CAPITAL INC-144A 2.00000% 19-01.11.29 | 10 000 000.00 | 10 204 962.00 | 0.44 |
| USD	CPPIB CAPITAL INC-144A 1.25000% 21-28.01.31 | 3 500 000.00 | 3 352 984.91 | 0.15 |
| USD	CPPIB CAPITAL INC-REG-S 2.00000% 19-01.11.29 | 7 300 000.00 | 7 449 622.26 | 0.32 |
| USD	CPPIB CAPITAL INC-REG-S 1.25000% 21-28.01.31 | 10 000 000.00 | 9 579 956.90 | 0.42 |
| USD	DBS GROUP HOLDINGS LTD-REG-S 1.19400% 21-15.03.27 | 10 000 000.00 | 9 786 600.00 | 0.43 |
| USD	EQUINOR ASA 2.37500% 20-22.05.30 | 5 000 000.00 | 5 121 996.95 | 0.22 |
| USD	EQUINOR ASA 3.62500% 18-10.09.28 | 14 600 000.00 | 16 221 806.54 | 0.71 |
| USD	EUROPEAN INVESTMENT BANK 0.87500% 20-17.05.30 | 5 000 000.00 | 4 731 871.10 | 0.21 |
| USD	EUROPEAN INVESTMENT BANK 1.25000% 21-14.02.31 | 24 000 000.00 | 23 231 137.68 | 1.01 |
| USD	EUROPEAN INVESTMENT BANK 1.62500% 21-13.05.31 | 3 000 000.00 | 3 003 253.72 | 0.13 |
| USD	EXPORT-IMPORT BANK OF KOREA 1.12500% 21-29.12.26 | 2 500 000.00 | 2 451 125.00 | 0.11 |
| USD	EXXON MOBIL CORP 2.61000% 20-15.10.30 | 12 000 000.00 | 12 491 153.40 | 0.54 |
| USD	FANNIE MAE 7.12500% 00-15.01.30 | 3 000 000.00 | 4 282 752.54 | 0.19 |
| USD	FINLAND, REPUBLIC OF-REG-S 0.87500% 20-20.05.30 | 20 000 000.00 | 18 852 000.00 | 0.82 |
| USD	FREDDIE MAC 6.75000% 99-15.09.29 | 1 200 000.00 | 1 657 230.43 | 0.07 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.37500% 17-07.07.27 | 2 900 000.00 | 3 056 943.36 | 0.13 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 3.12500% 18-18.09.28 | 7 500 000.00 | 8 289 840.45 | 0.36 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.25000% 19-18.06.29 | 7 300 000.00 | 7 660 614.38 | 0.33 |
| USD	INTERNATIONAL BK FOR RECONST& DEVELOP 1.62500% 21-03.11.31 | 14 400 000.00 | 14 340 349.15 | 0.63 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.75000% 19-23.10.29 | 10 200 000.00 | 10 322 559.83 | 0.45 |
| USD	JOHNSON & JOHNSON 1.30000% 20-01.09.30 | 5 000 000.00 | 4 790 270.80 | 0.21 |
| USD	JOHNSON & JOHNSON 2.95000% 17-03.03.27 | 14 600 000.00 | 15 737 179.54 | 0.69 |
| USD	KOMMUNALBANKEN AS-REG-S 1.12500% 20-14.06.30 | 4 100 000.00 | 3 920 338.00 | 0.17 |
| USD	KOREA NATIONAL OIL CORP-REG-S 3.37500% 17-27.03.27 | 5 800 000.00 | 6 268 712.50 | 0.27 |
| USD	KOREA, REPUBLIC OF 2.75000% 17-19.01.27 | 5 800 000.00 | 6 149 087.51 | 0.27 |
| USD	KOREA, REPUBLIC OF 2.50000% 19-19.06.29 | 2 900 000.00 | 3 053 700.00 | 0.13 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 2.87500% 18-03.04.28 | 17 000 000.00 | 18 483 760.00 | 0.81 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 1.75000% 19-14.09.29 | 10 000 000.00 | 10 143 405.10 | 0.44 |
| USD	MICROSOFT CORP 3.30000% 17-06.02.27 | 20 500 000.00 | 22 388 696.98 | 0.98 |
| USD	NATIONAL AUSTRALIA BANK LTD-REG-S 3.50000% 17-10.01.27 | 5 800 000.00 | 6 320 238.54 | 0.28 |
| USD	NEDERLANDSE WATERSCHAPSBANK NV-REG-S 1.00000% 20-28.05.30 | 1 200 000.00 | 1 138 231.20 | 0.05 |
| USD	NESTLE HOLDINGS INC-REG-S 3.62500% 18-24.09.28 | 5 800 000.00 | 6 470 570.08 | 0.28 |
| USD	NESTLE HOLDINGS INC-REG-S 1.25000% 20-15.09.30 | 2 900 000.00 | 2 748 114.61 | 0.12 |
| USD	NEW YORK LIFE GLOBAL FUNDING-REG-S 2.35000% 16-14.07.26 | 8 800 000.00 | 9 116 034.40 | 0.40 |
| USD	NOVARTIS CAPITAL CORP 3.10000% 17-17.05.27 | 8 800 000.00 | 9 494 738.79 | 0.41 |
| USD	NOVARTIS CAPITAL CORP 2.20000% 20-14.08.30 | 9 400 000.00 | 9 596 805.64 | 0.42 |
| USD	ONTARIO TEACHERS’ FINANCE TRUST-144A 1.25000% 20-27.09.30 | 4 000 000.00 | 3 796 907.96 | 0.17 |
| USD	ONTARIO TEACHERS’ FINANCE TRUST-REG-S 2.00000% 21-16.04.31 | 10 000 000.00 | 10 063 743.60 | 0.44 |
| USD	ONTARIO, PROVINCE OF 2.00000% 19-02.10.29 | 6 900 000.00 | 7 023 758.47 | 0.31 |
| USD	ONTARIO, PROVINCE OF TB 1.60000% 21-25.02.31 | 5 000 000.00 | 4 909 197.50 | 0.21 |
| USD	PROCTER & GAMBLE CO 3.00000% 20-25.03.30 | 10 000 000.00 | 10 870 986.70 | 0.47 |
| USD	PROCTER & GAMBLE CO 1.20000% 20-29.10.30 | 4 900 000.00 | 4 633 365.91 | 0.20 |
| USD	PROCTER & GAMBLE CO/THE 1.95000% 21-23.04.31 | 5 000 000.00 | 5 038 244.50 | 0.22 |
| USD	QATAR PETROLEUM-REG-S 2.25000% 21-12.07.31 | 3 965 000.00 | 3 900 568.75 | 0.17 |
| USD	QATAR, STATE OF-REG-S 4.50000% 18-23.04.28 | 13 200 000.00 | 15 165 975.00 | 0.66 |
| USD	QATAR, STATE OF-REG-S 4.00000% 19-14.03.29 | 16 100 000.00 | 18 132 625.00 | 0.79 |
| USD	QATAR, STATE OF-REG-S 3.75000% 20-16.04.30 | 10 200 000.00 | 11 378 100.00 | 0.50 |
| USD	QUEBEC, PROVINCE OF 1.35000% 20-28.05.30 | 8 800 000.00 | 8 526 496.00 | 0.37 |
| USD	QUEBEC, PROVINCE OF 2.75000% 17-12.04.27 | 2 900 000.00 | 3 101 229.12 | 0.13 |
| USD	QUEBEC, PROVINCE OF 1.90000% 21-21.04.31 | 1 000 000.00 | 1 008 742.92 | 0.04 |
| USD	ROCHE HOLDINGS INC-REG-S 2.62500% 16-15.05.26 | 9 600 000.00 | 10 126 208.25 | 0.44 |
| USD	ROCHE HOLDINGS INC-REG-S 3.62500% 18-17.09.28 | 11 700 000.00 | 13 063 731.76 | 0.57 |
| USD	TSMC GLOBAL LTD-REG-S 1.00000% 20-28.09.27 | 5 500 000.00 | 5 209 710.00 | 0.23 |
| USD	TSMC GLOBAL LTD-REG-S 1.37500% 20-28.09.30 | 3 650 000.00 | 3 366 760.00 | 0.15 |
| USD	TSMC GLOBAL LTD-REG-S 1.75000% 21-23.04.28 | 3 500 000.00 | 3 431 295.00 | 0.15 |
| USD	TSMC GLOBAL LTD-REG-S 2.25000% 21-23.04.31 | 7 000 000.00 | 6 908 230.00 | 0.30 |
| USD	VISA INC 1.10000% 20-15.02.31 | 5 000 000.00 | 4 672 874.60 | 0.20 |
| USD	VISA INC 1.90000% 20-15.04.27 | 5 800 000.00 | 5 917 765.69 | 0.26 |
| USD	VISA INC 2.05000% 20-15.04.30 | 4 400 000.00 | 4 463 249.51 | 0.19 |
| USD	VISA INC 2.75000% 17-15.09.27 | 5 000 000.00 | 5 333 997.80 | 0.23 |
| USD	WAL-MART STORES INC 1.80000% 21-22.09.31 | 12 500 000.00 | 12 318 230.25 | 0.54 |

Focused SICAV – High Grade Long Term 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 | WESTPAC BANKING CORP 2.70000% 16-19.08.26 | 6 700 000.00 | 7 078 164.08 | 0.31 |
| USD | WESTPAC BANKING CORP 3.35000% 17-08.03.27 | 8 800 000.00 | 9 526 189.20 | 0.41 |
| USD | WESTPAC BANKING CORP 3.40000% 18-25.01.28 | 2 900 000.00 | 3 174 090.02 | 0.14 |
| USD | WESTPAC BANKING CORP 2.15000% 21-03.06.31 | 4 000 000.00 | 3 987 241.20 | 0.17 |
| Total USD |  |  | 721 689 491.15 | 31.46 |
| Total Notes, fixed rate |  | 721 689 491.15 | 31.46 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABU DHABI, EMIRATE OF-REG-S 3.12500% 20-16.04.30 | 11 700 000.00 | 12 600 899.99 | 0.55 |
| USD	ASIAN DEVELOPMENT BANK 2.62500% 17-12.01.27 | 5 300 000.00 | 5 655 570.85 | 0.25 |
| USD	ASIAN DEVELOPMENT BANK 2.37500% 17-10.08.27 | 2 000 000.00 | 2 110 988.17 | 0.09 |
| USD	ASIAN DEVELOPMENT BANK 2.50000% 17-02.11.27 | 6 000 000.00 | 6 372 720.00 | 0.28 |
| USD	ASIAN DEVELOPMENT BANK 1.75000% 19-19.09.29 | 17 500 000.00 | 17 700 233.60 | 0.77 |
| USD	ASIAN DEVELOPMENT BANK 1.87500% 20-24.01.30 | 14 600 000.00 | 14 961 563.60 | 0.65 |
| USD	ASIAN DEVELOPMENT BANK 1.50000% 21-04.03.31 | 3 000 000.00 | 2 972 070.96 | 0.13 |
| USD	ASIAN DEVELOPMENT BANK 1.25000% 21-09.06.28 | 5 000 000.00 | 4 920 803.94 | 0.21 |
| USD	BELGIUM, KINGDOM OF-REG-S 1.00000% 20-28.05.30 | 830 000.00 | 785 215.64 | 0.03 |
| USD	BNG BANK NV-REG-S 1.00000% 20-03.06.30 | 5 000 000.00 | 4 749 987.60 | 0.21 |
| USD	CAISSE D’AMORTIS DE LA DETTE SOCI-REG-S 1.00000% 20-21.10.30 | 2 900 000.00 | 2 725 360.84 | 0.12 |
| USD	CAISSE D’AMORTIS DE LA DETTE SOCI-REG-S 1.37500% 21-20.01.31 | 11 000 000.00 | 10 654 077.06 | 0.46 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 3.15000% 17-19.09.27 | 1 795 000.00 | 1 938 366.47 | 0.08 |
| USD	HONG KONG GOVERNMENT INTER BOND-REG-S 1.37500% 21-02.02.31 | 5 000 000.00 | 4 806 586.55 | 0.21 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 1.12500% 21-13.01.31 | 14 000 000.00 | 13 414 828.98 | 0.59 |
| USD	INTERNATIONAL BK FOR RECONSTR & DEVE 1.37500% 21-20.04.28 | 10 000 000.00 | 9 953 865.80 | 0.43 |
| USD	INTERNATIONAL FINANCE CORP 0.75000% 20-27.08.30 | 500 000.00 | 466 857.67 | 0.02 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.87500% 16-27.10.26 | 7 300 000.00 | 7 517 154.70 | 0.33 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.50000% 17-22.11.27 | 1 500 000.00 | 1 594 879.57 | 0.07 |
| USD	LANDESKREDITBANK B-WUERTT FOERDER-REG-S 1.37500% 21-12.10.28 | 5 000 000.00 | 4 931 524.60 | 0.22 |
| USD	LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 1.75000% 20-14.01.27 | 8 000 000.00 | 8 167 984.00 | 0.36 |
| USD	LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 1.00000% 21-25.02.28 | 20 000 000.00 | 19 416 575.20 | 0.85 |
| USD	MDGH - GMTN BV-REG-S 3.75000% 17-19.04.29 | 2 900 000.00 | 3 200 512.50 | 0.14 |
| USD	MDGH - GMTN BV-REG-S 4.50000% 18-07.11.28 | 5 000 000.00 | 5 777 500.00 | 0.25 |
| USD	MDGH - GMTN BV-REG-S 2.87500% 20-21.05.30 | 4 900 000.00 | 5 089 262.50 | 0.22 |
| USD	MTR CORP CI LTD-REG-S 2.50000% 16-02.11.26 | 4 000 000.00 | 4 166 826.80 | 0.18 |
| USD	MTR CORP LTD-REG-S 1.62500% 20-19.08.30 | 3 080 000.00 | 2 963 743.57 | 0.13 |
| USD	PSA TREASURY PTE LTD-REG-S 2.25000% 20-30.04.30 | 3 000 000.00 | 3 041 438.40 | 0.13 |
| USD	QUEBEC, PROVINCE OF 7.50000% 99-15.09.29 | 3 000 000.00 | 4 234 050.00 | 0.18 |
| USD	SP POWERASSETS LTD-REG-S 3.25000% 15-24.11.25 | 8 550 000.00 | 9 161 380.57 | 0.40 |
| USD	TEMASEK FINANCIAL I LTD-REG-S 3.62500% 18-01.08.28 | 2 900 000.00 | 3 245 427.41 | 0.14 |
| USD	TEMASEK FINANCIAL I LTD-REG-S 1.00000% 20-06.10.30 | 6 450 000.00 | 5 942 320.50 | 0.26 |
| USD	TEMASEK FINANCIAL LTD-REG-S 1.62500% 21-02.08.31 | 10 000 000.00 | 9 612 700.00 | 0.42 |
| Total USD |  | 214 853 278.04 | 9.36 |
| Total Medium term notes, fixed rate |  | 214 853 278.04 | 9.36 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABU DHABI,GOVERNMENT OF-REG-S 2.50000% 19-30.09.29 | 13 400 000.00 | 13 889 100.00 | 0.61 |
| USD	ALBERTA, PROVINCE OF 1.30000% 20-22.07.30 | 13 300 000.00 | 12 677 968.72 | 0.55 |
| USD	EUROPEAN INVESTMENT BANK 1.62500% 19-09.10.29 | 27 300 000.00 | 27 406 449.79 | 1.20 |
| USD	EUROPEAN INVESTMENT BANK 0.75000% 20-23.09.30 | 10 800 000.00 | 10 065 380.33 | 0.44 |
| USD	EXPORT-IMPORT BANK OF KOREA 1.25000% 20-21.09.30 | 1 200 000.00 | 1 130 304.00 | 0.05 |
| USD	FANNIE MAE 6.25000% 99-15.05.29 | 26 300 000.00 | 35 120 140.27 | 1.53 |
| USD	FANNIE MAE 6.62500% 00-15.11.30 | 10 000 000.00 | 14 157 941.50 | 0.62 |
| USD	FANNIE MAE 7.25000% 00-15.05.30 | 3 000 000.00 | 4 342 373.52 | 0.19 |
| USD	HONG KONG SUKUK 2017 LTD-REG-S 3.13200% 17-28.02.27 | 3 319 000.00 | 3 564 398.55 | 0.16 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 0.62500% 20-16.09.27 | 15 000 000.00 | 14 308 011.60 | 0.62 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 1.12500% 21-20.07.28 | 5 000 000.00 | 4 873 458.40 | 0.21 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 0.87500% 20-14.05.30 | 10 500 000.00 | 9 936 944.85 | 0.43 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 0.75000% 20-26.08.30 | 5 800 000.00 | 5 410 580.46 | 0.24 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.12500% 21-13.09.28 | 50 000 000.00 | 48 732 771.00 | 2.12 |
| USD	KOREA DEVELOPMENT BANK 1.62500% 21-19.01.31 | 6 000 000.00 | 5 818 620.00 | 0.25 |
| USD	KOREA NATIONAL OIL CORP-REG-S 1.62500% 20-05.10.30 | 2 393 000.00 | 2 253 172.71 | 0.10 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 0.75000% 20-30.09.30 | 8 000 000.00 | 7 457 199.69 | 0.33 |
| USD	MICROSOFT CORP 2.40000% 16-08.08.26 | 8 800 000.00 | 9 231 389.38 | 0.40 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 3.37500% 16-14.01.26 | 4 960 000.00 | 5 366 973.95 | 0.23 |
| USD	ONTARIO, PROVINCE OF 1.12500% 20-07.10.30 | 15 000 000.00 | 14 162 686.50 | 0.62 |
| USD	ONTARIO, PROVINCE OF 2.30000% 19-15.06.26 | 5 800 000.00 | 6 052 806.28 | 0.26 |
| USD	QATAR, STATE OF-REG-S 3.25000% 16-02.06.26 | 14 000 000.00 | 14 960 750.00 | 0.65 |
| Total USD |  | 270 919 421.50 | 11.81 |
| Total Bonds, fixed rate |  | 270 919 421.50 | 11.81 |
| Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 6.62500% 97-15.02.27 | 2 400 000.00 | 3 064 312.51 | 0.13 |
| USD	AMERICA, UNITED STATES OF 6.37500% 97-15.08.27 | 14 500 000.00 | 18 625 136.76 | 0.81 |
| USD	AMERICA, UNITED STATES OF 5.25000% 98-15.11.28 | 27 400 000.00 | 34 411 617.26 | 1.50 |
| USD	AMERICA, UNITED STATES OF 5.25000% 99-15.02.29 | 19 500 000.00 | 24 611 132.91 | 1.07 |
| USD	AMERICA, UNITED STATES OF 6.12500% 99-15.08.29 | 29 200 000.00 | 39 258 031.10 | 1.71 |
| USD	AMERICA, UNITED STATES OF 6.25000% 99-15.05.30 | 14 900 000.00 | 20 598 668.00 | 0.90 |
| USD	AMERICA, UNITED STATES OF 5.37500% 01-15.02.31 | 8 000 000.00 | 10 693 437.52 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.08.27 | 19 000 000.00 | 19 984 140.72 | 0.87 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.11.27 | 20 500 000.00 | 21 570 644.48 | 0.94 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-15.02.28 | 24 900 000.00 | 26 952 304.81 | 1.18 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-15.05.28 | 19 000 000.00 | 20 738 945.36 | 0.90 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-15.08.28 | 24 900 000.00 | 27 231 456.96 | 1.19 |
| USD	AMERICA, UNITED STATES OF 3.12500% 18-15.11.28 | 23 400 000.00 | 26 022 445.25 | 1.13 |
| USD	AMERICA, UNITED STATES OF 2.62500% 19-15.02.29 | 17 500 000.00 | 18 902 050.83 | 0.82 |

Focused SICAV – High Grade Long Term 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 2.37500% 19-15.05.29 | 29 200 000.00 | 31 067 203.05 | 1.35 |
| USD | AMERICA, UNITED STATES OF 2.00000% 16-15.11.26 | 9 300 000.00 | 9 662 554.73 | 0.42 |
| USD | AMERICA, UNITED STATES OF 2.25000% 17-15.02.27 | 15 000 000.00 | 15 770 507.85 | 0.69 |
| USD | AMERICA, UNITED STATES OF 2.37500% 17-15.05.27 | 5 000 000.00 | 5 292 187.50 | 0.23 |
| USD | AMERICA, UNITED STATES OF 1.62500% 19-15.08.29 | 39 500 000.00 | 39 953 633.01 | 1.74 |
| USD | AMERICA, UNITED STATES OF 1.75000% 19-15.11.29 | 30 900 000.00 | 31 568 695.16 | 1.38 |
| USD | AMERICA, UNITED STATES OF 1.50000% 20-31.01.27 | 3 000 000.00 | 3 041 601.57 | 0.13 |
| USD | AMERICA, UNITED STATES OF 1.50000% 20-15.02.30 | 45 000 000.00 | 45 045 702.90 | 1.96 |
| USD | AMERICA, UNITED STATES OF 0.62500% 20-31.03.27 | 5 800 000.00 | 5 607 421.91 | 0.25 |
| USD | AMERICA, UNITED STATES OF 0.50000% 20-30.04.27 | 12 500 000.00 | 11 977 050.75 | 0.52 |
| USD | AMERICA, UNITED STATES OF 0.62500% 20-15.05.30 | 50 000 000.00 | 46 455 078.00 | 2.03 |
| USD | AMERICA, UNITED STATES OF 0.50000% 20-30.06.27 | 7 000 000.00 | 6 694 023.42 | 0.29 |
| USD | AMERICA, UNITED STATES OF 0.37500% 20-31.07.27 | 30 000 000.00 | 28 456 640.70 | 1.24 |
| USD | AMERICA, UNITED STATES OF 0.62500% 20-15.08.30 | 57 000 000.00 | 52 820 742.33 | 2.30 |
| USD | AMERICA, UNITED STATES OF 0.50000% 20-31.08.27 | 25 000 000.00 | 23 833 007.75 | 1.04 |
| USD | AMERICA, UNITED STATES OF 0.37500% 20-30.09.27 | 20 000 000.00 | 18 903 125.00 | 0.82 |
| USD | AMERICA, UNITED STATES OF 0.50000% 20-31.10.27 | 10 000 000.00 | 9 509 375.00 | 0.42 |
| USD | AMERICA, UNITED STATES OF 0.87500% 20-15.11.30 | 39 000 000.00 | 36 847 382.92 | 1.61 |
| USD | AMERICA, UNITED STATES OF 0.62500% 20-30.11.27 | 7 000 000.00 | 6 698 125.00 | 0.29 |
| USD | AMERICA, UNITED STATES OF 0.75000% 21-31.01.28 | 15 000 000.00 | 14 422 851.60 | 0.63 |
| USD | AMERICA, UNITED STATES OF 1.12500% 21-15.02.31 | 34 000 000.00 | 32 794 062.49 | 1.43 |
| USD | AMERICA, UNITED STATES OF 1.12500% 21-29.02.28 | 7 000 000.00 | 6 889 257.83 | 0.30 |
| USD | AMERICA, UNITED STATES OF 1.25000% 21-30.04.28 | 30 000 000.00 | 29 688 281.40 | 1.29 |
| USD | AMERICA, UNITED STATES OF 1.62500% 21-15.05.31 | 40 000 000.00 | 40 281 250.00 | 1.76 |
| USD | AMERICA, UNITED STATES OF 1.25000% 21-30.06.28 | 10 000 000.00 | 9 876 953.11 | 0.43 |
| USD | AMERICA, UNITED STATES OF 1.12500% 21-15.08.31 | 20 000 000.00 | 19 434 375.00 | 0.85 |
| USD | AMERICA, UNITED STATES OF 1.125000% 21-31.08.28 | 20 000 000.00 | 19 565 625.00 | 0.85 |
| Total USD |  |  | 914 821 039.45 | 39.87 |
| Total Treasury notes, fixed rate |  | 914 821 039.45 | 39.87 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 2 122 283 230.14 | 92.50 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 2.85000% 16-18.05.26 | 20 500 000.00 | 21 738 452.15 | 0.95 |
| USD	FANNIE MAE 0.87500% 20-05.08.30 | 40 000 000.00 | 37 561 876.40 | 1.64 |
| USD	MASSMUTUAL GLOBAL FUNDING II-144A 1.55000% 20-09.10.30 | 2 900 000.00 | 2 769 378.23 | 0.12 |
| USD	METROPOLITAN LIFE GLOBAL FUNDING-144A 3.45000% 16-18.12.26 | 14 500 000.00 | 15 746 014.87 | 0.68 |
| USD	NESTLE HOLDINGS INC-144A 3.62500% 18-24.09.28 | 5 000 000.00 | 5 578 077.65 | 0.24 |
| USD	NESTLE HOLDINGS INC-144A 1.25000% 20-15.09.30 | 5 000 000.00 | 4 738 128.65 | 0.21 |
| USD	NESTLE HOLDINGS INC-REG-S 1.50000% 21-14.09.28 | 3 000 000.00 | 2 935 679.26 | 0.13 |
| USD	NESTLE HOLDINGS INC-REG-S 1.87500% 21-14.09.31 | 3 685 000.00 | 3 629 817.16 | 0.16 |
| Total USD |  | 94 697 424.37 | 4.13 |
| Total Notes, fixed rate |  | 94 697 424.37 | 4.13 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.77850% 19-13.09.29 | 20 000 000.00 | 21 839 475.00 | 0.95 |
| Total USD |  | 21 839 475.00 | 0.95 |
| Total Medium term notes, fixed rate |  | 21 839 475.00 | 0.95 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	FEDERAL HOME LOAN BANK SYSTEM 3.25000% 18-16.11.28 | 24 900 000.00 | 27 855 544.34 | 1.21 |
| Total USD |  | 27 855 544.34 | 1.21 |
| Total Bonds, fixed rate |  | 27 855 544.34 | 1.21 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 144 392 443.71 | 6.29 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Notes, fixed rate
| USD |  |
| --- | --- |
| USD | MASSMUTUAL GLOBAL FUNDING II-REG-S 1.55000% 20-09.10.30 | 5 800 000.00 | 5 538 756.46 | 0.24 |
| Total USD |  |  | 5 538 756.46 | 0.24 |
| Total Notes, fixed rate |  | 5 538 756.46 | 0.24 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	METROPOLITAN LIFE GLOBAL FUNDING-REG-S 3.05000% 19-17.06.29 | 4 100 000.00 | 4 390 416.24 | 0.19 |
| Total USD |  | 4 390 416.24 | 0.19 |
| Total Medium term notes, fixed rate |  | 4 390 416.24 | 0.19 |

Focused SICAV – High Grade Long Term 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) |  |

Bonds, fixed rate
USD
| USD | METROPOLITAN LIFE GLOBAL FUNDING I-144A 2.95000% 20-09.04.30 | 3 300 000.00 | 3 499 868.99 | 0.15 |
| --- | --- | --- | --- | --- |
| Total USD | 3 499 868.99 | 0.15 |
| Total Bonds, fixed rate |  | 3 499 868.99 | 0.15 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market |  | 13 429 041.69 | 0.58 |
| Recently issued transferable securities and money market instruments |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ONTARIO TEACHERS’ FINANCE TRUST-144A 2.00000% 21-16.04.31 | 2 000 000.00 | 2 012 748.72 | 0.09 |
| Total USD |  | 2 012 748.72 | 0.09 |
| Total Notes, fixed rate |  | 2 012 748.72 | 0.09 |
| Total Recently issued transferable securities and money market instruments |  | 2 012 748.72 | 0.09 |
| Total investments in securities |  | 2 282 117 464.26 | 99.46 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange Financial Futures on bonds |
|  |  |  |  |
| USD	US 2YR TREASURY NOTE FUTURE 31.12.21 | -400.00 | 337 734.76 | 0.01 |
| USD	US 5YR TREASURY NOTE FUTURE 31.12.21 | 300.00 | -522 656.40 | -0.02 |
| USD	US 10YR ULTRA NOTE FUTURE 21.12.21 | -325.00 | 967 578.13 | 0.04 |
| Total Financial Futures on bonds |  | 782 656.49 | 0.03 |
| Total Derivative instruments listed on an official stock exchange |  | 782 656.49 | 0.03 |
| Total Derivative instruments |  | 782 656.49 | 0.03 |
| Forward Foreign Exchange contracts Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |  |

| GBP | 16 868 600.00 | USD | 22 803 983.91 | 1.11.2021 | 318 649.54 | 0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| SGD | 11 989 300.00 | USD | 8 830 880.75 | 1.11.2021 | 59 960.93 | 0.00 |
| JPY | 2 577 300 000.00 | USD | 23 163 807.84 | 1.11.2021 | -560 869.89 | -0.02 |
| EUR | 792 196 900.00 | USD | 925 041 190.36 | 1.11.2021 | -8 271 327.96 | -0.36 |
| CHF | 249 792 000.00 | USD | 269 145 441.24 | 1.11.2021 | 4 224 736.57 | 0.18 |
| CHF | 430 000.00 | USD | 462 749.23 | 1.11.2021 | 7 839.01 | 0.00 |
| SGD | 275 100.00 | USD | 203 034.37 | 1.11.2021 | 970.08 | 0.00 |
| USD | 321 378.30 | JPY | 36 400 000.00 | 1.11.2021 | 2 150.06 | 0.00 |
| GBP | 535 600.00 | USD | 729 943.69 | 1.11.2021 | 4 230.01 | 0.00 |
| SGD | 48 100.00 | USD | 35 471.94 | 1.11.2021 | 197.32 | 0.00 |
| USD | 1 605 828.80 | EUR | 1 384 500.00 | 1.11.2021 | 3 616.18 | 0.00 |
| USD | 117 083.85 | GBP | 85 300.00 | 1.11.2021 | 158.88 | 0.00 |
| CHF | 419 700.00 | USD | 454 355.02 | 1.11.2021 | 4 960.99 | 0.00 |
| USD | 322 493.15 | JPY | 36 800 000.00 | 1.11.2021 | -243.09 | 0.00 |
| CHF | 1 477 100.00 | USD | 1 607 554.14 | 1.11.2021 | 8 971.17 | 0.00 |
| USD | 16 836 949.37 | EUR | 14 466 800.00 | 1.11.2021 | 95 245.07 | 0.00 |
| USD | 3 469 556.87 | CHF | 3 183 800.00 | 1.11.2021 | -14 765.98 | 0.00 |
| USD | 287 954.65 | GBP | 208 600.00 | 1.11.2021 | 2 016.20 | 0.00 |
| USD | 110 291.99 | SGD | 148 500.00 | 1.11.2021 | 169.63 | 0.00 |
| GBP | 31 800.00 | USD | 43 774.98 | 1.11.2021 | -185.13 | 0.00 |
| GBP | 269 200.00 | USD | 370 798.05 | 1.11.2021 | -1 792.15 | 0.00 |
| USD | 105 045.22 | JPY | 12 000 000.00 | 1.11.2021 | -194.86 | 0.00 |
| SGD | 151 800.00 | USD | 112 563.98 | 1.11.2021 | 5.54 | 0.00 |
| CHF | 394 000.00 | USD | 429 395.13 | 1.11.2021 | 1 795.02 | 0.00 |
| SGD | 12 315 800.00 | USD | 9 133 073.62 | 29.11.2021 | -1 169.73 | 0.00 |
| GBP | 17 411 300.00 | USD | 23 924 376.33 | 29.11.2021 | -57 424.82 | 0.00 |
| JPY | 2 492 100 000.00 | USD | 21 922 906.60 | 29.11.2021 | -63 232.59 | 0.00 |
| EUR | 776 345 600.00 | USD | 901 049 993.73 | 29.11.2021 | -2 167 841.57 | -0.09 |
| CHF | 249 329 000.00 | USD | 271 675 387.31 | 29.11.2021 | 1 373 257.30 | 0.06 |
| GBP | 86 800.00 | USD | 119 813.18 | 29.11.2021 | -830.03 | 0.00 |
| CHF | 428 200.00 | USD | 467 148.00 | 29.11.2021 | 1 788.34 | 0.00 |
| Total Forward Foreign Exchange contracts | -5 029 159.96 | -0.22 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 16 175 755.20 | 0.71 |
| Other assets and liabilities | 351 889.84 | 0.02 |
| Total net assets | 2 294 398 605.83 | 100.00 |

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

Translation (ENDE, 2021-10-31):
# Focused SICAV – High Grade Long Term Bond USD
| Dreijahresvergleich |  |
| --- | --- |
| Datum | ISIN | 31.10.2021 | 31.10.2020 | 31.10.2019 |
| Nettovermögen in USD |  | 2 294 398 605.83 | 3 338 824 962.37 | 2 638 075 974.65 |
| Klasse F-acc | LU0270450066 |  |  |  |
| Aktien im Umlauf |  | 4 375 187.4690 | 5 812 675.0530 | 2 987 138.1260 |
| Nettoinventarwert pro Aktie in USD |  | 203.60 | 208.51 | 193.13 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 203.60 | 208.51 | 193.13 |
| Klasse (CHF hedged) F-acc | LU1140787604 |  |  |  |
| Aktien im Umlauf |  | 1 862 382.7990 | 4 505 059.0770 | 5 129 743.5360 |
| Nettoinventarwert pro Aktie in CHF |  | 106.73 | 110.54 | 104.64 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 106.73 | 110.54 | 104.64 |
| Klasse (EUR hedged) F-acc | LU1140787190 |  |  |  |
| Aktien im Umlauf |  | 6 947 566.0910 | 8 723 933.6480 | 9 749 552.0820 |
| Nettoinventarwert pro Aktie in EUR |  | 112.03 | 115.69 | 109.14 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 112.03 | 115.69 | 109.14 |
| Klasse (GBP hedged) F-acc | LU1339538339 |  |  |  |
| Aktien im Umlauf |  | 56 218.0360 | 618 751.8000 | 119 239.2410 |
| Nettoinventarwert pro Aktie in GBP |  | 114.67 | 117.67 | 109.94 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 1 |  | 114.67 | 117.67 | 109.94 |
| Klasse (JPY hedged) F-acc | LU1786951779 |  |  |  |
| Aktien im Umlauf |  | 235 162.0000 | 209 460.0000 | 176 489.0000 |
| Nettoinventarwert pro Aktie in JPY |  | 10 708 | 11 011 | 10 380 |
| Ausgabe- und Rücknahmepreis pro Aktie in JPY 1 |  | 10 708 | 11 011 | 10 380 |
| Klasse (SGD hedged) F-acc | LU1002056536 |  |  |  |
| Aktien im Umlauf |  | 93 553.0970 | 27 146.5430 | 117 370.3790 |
| Nettoinventarwert pro Aktie in SGD |  | 133.60 | 136.77 | 126.99 |
| Ausgabe- und Rücknahmepreis pro Aktie in SGD 1 |  | 133.60 | 136.77 | 126.99 |
| Klasse F-UKdist | LU0723399837 |  |  |  |
| Aktien im Umlauf |  | 1 434 575.0000 | 1 869 469.1100 | 1 512 674.0000 |
| Nettoinventarwert pro Aktie in USD |  | 111.29 | 116.77 | 110.94 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 111.29 | 116.77 | 110.94 |
| Klasse (CHF hedged) F-UKdist | LU1140787786 |  |  |  |
| Aktien im Umlauf |  | 599 443.4210 | 455 631.2340 | 444 132.0080 |
| Nettoinventarwert pro Aktie in CHF |  | 90.77 | 96.25 | 93.47 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 90.77 | 96.25 | 93.47 |
| Klasse (EUR hedged) F-UKdist | LU1140787356 |  |  |  |
| Aktien im Umlauf |  | 98 125.0000 | 110 540.0000 | 133 955.0000 |
| Nettoinventarwert pro Aktie in EUR |  | 92.52 | 97.82 | 94.70 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 92.52 | 97.82 | 94.70 |
| Klasse (GBP hedged) F-UKdist | LU1545517606 |  |  |  |
| Aktien im Umlauf |  | 109 733.0000 | 72 911.3180 | 452 100.5570 |
| Nettoinventarwert pro Aktie in GBP |  | 102.81 | 108.09 | 104.55 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 1 |  | 102.81 | 108.09 | 104.55 |
| 1  Siehe Erläuterung 1 |  |  |  |  |
| Performance |  |  |  |  |
|  | Währung | 2020/2021 | 2019/2020 | 2018/2019 |
| Klasse F-acc | USD | -2.4% | 8.0% | 13.3% |
| Klasse (CHF hedged) F-acc | CHF | -3.4% | 5.6% | 9.3% |
| Klasse (EUR hedged) F-acc | EUR | -3.2% | 6.0% | 10.0% |
| Klasse (GBP hedged) F-acc | GBP | -2.5% | 7.0% | 11.5% |
| Klasse (JPY hedged) F-acc | JPY | -2.8% | 6.1% | - |
| Klasse (SGD hedged) F-acc | SGD | -2.3% | 7.7% | 12.6% |
| Klasse F-UKdist | USD | -2.4% | 8.0% | 13.3% |
| Klasse (CHF hedged) F-UKdist | CHF | -3.5% | 5.7% | 9.3% |
| Klasse (EUR hedged) F-UKdist | EUR | -3.2% | 6.0% | 9.9% |
| Klasse (GBP hedged) F-UKdist | GBP | -2.6% | 7.0% | 11.5% |

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

## Bericht des Portfolio Managers
Im Rechnungsjahr vom 1. November 2020 bis zum
31. Oktober 2021 stieg die Rendite der 10-jährigen US-Treasuries um 65 Basispunkte und beendete den Berichtszeitraum bei 1.53%, nachdem sie zwischenzeit- lich eine Talsohle von 0.76% erreicht hatte. Der Offen- marktausschuss hielt die Zielbandbreite für die Federal Funds Rate während des Rechnungsjahres unverändert bei 0% bis 0.25%. Mit dieser extremen Tiefzinspolitik reagierte die US-Notenbank auf die anhaltenden Unsi- cherheiten infolge von Covid-19.
Aufgrund der steigenden Zinssätze beendete der Subfonds das Rechnungsjahr mit einem negativen absoluten Ertrag. Die Positionierung in US-Treasuries gegenüber erstklassigen Unternehmensanleihen kam der relativen Wertentwicklung zugute.

## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Vereinigte Staaten	67.61
Kanada	5.59
Deutschland	2.99
Luxemburg	2.85
Australien	2.84
Katar	2.77
Vereinigte Arabische Emirate	2.73
Philippinen	2.38
Singapur	1.78
Supranational	1.64
Südkorea	1.18
Norwegen	1.10
Frankreich	0.96
Hongkong	0.91
Britische Jungferninseln	0.83
Finnland	0.82
Niederlande	0.26
Cayman-Inseln	0.18
Total	99.46
Belgien	0.04
Wirtschaftliche Aufteilung in % des Nettovermögens	
| Länder- & Zentralregierungen | 44.43 |
| --- | --- |
| Supranationale Organisationen | 13.29 |
| Banken & Kreditinstitute | 8.05 |
| Finanz- & Beteiligungsgesellschaften | 7.33 |
| Kantone, Bundesstaaten | 5.59 |
| Pfandbriefinstitute & Refinanzierungsgesellschaften | 4.23 |
| Computer & Netzwerkausrüster | 3.53 |
| Internet, Software & IT-Dienste | 3.40 |
| Erdöl | 2.11 |
| Pharmazeutik, Kosmetik & medizinische Produkte | 1.34 |
| Diverse Dienstleistungen | 1.29 |
| Detailhandel, Warenhäuser | 0.97 |
| Öffentlich-rechtliche Körperschaften | 0.96 |
| Diverse Konsumgüter | 0.90 |
| Nahrungsmittel & Softdrinks | 0.61 |
| Biotechnologie | 0.57 |
| Städte, Gemeinden | 0.42 |
| Verkehr & Transport | 0.31 |
| Anlagefonds | 0.13 |
| Total | 99.46 |

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

## Nettovermögensaufstellung
Aktiva	31.10.2021
USD
Wertpapierbestand, Einstandswert	2 327 018 741.75
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	-44 901 277.49	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 2 282 117 464.26 |
| Bankguthaben, Sicht- und Fristgelder | 16 394 567.50 |
| Andere liquide Mittel (Margins) | -218 812.30 |
| Forderungen aus Wertpapierverkäufen (Erläuterung 1) | 6 146 573.60 |
| Forderungen aus Zeichnungen | 6 319 191.17 |
| Zinsforderungen aus Wertpapieren | 12 962 364.89 |
| Nicht realisierter Kursgewinn aus Finanzterminkontrakten (Erläuterung 1) | 782 656.49 |
| Total Aktiva | 2 324 504 005.61 |
|  |  |
| Passiva |  |
| Nicht realisierter Kursverlust aus Devisenterminkontrakten (Erläuterung 1) | -5 029 159.96 |
| Verbindlichkeiten aus Wertpapierkäufen (Erläuterung 1) | -19 324 317.44 |
| Verbindlichkeiten aus Rücknahmen | -5 431 959.78 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -127 800.37 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -18 080.87 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-174 081.36	 |
| Total Rückstellungen für Aufwendungen | -319 962.60 |
| Total Passiva | -30 105 399.78 |
|  |  |
| Nettovermögen am Ende des Geschäftsjahres | 2 294 398 605.83 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.11.2020-31.10.2021 |
| Zinsertrag auf liquide Mittel | 486.23 |
| Zinsen auf Wertpapiere | 49 337 885.38 |
| Dividenden | 1 847.21 |
| Nettoerträge aus Securities Lending | 740 038.57 |
| Sonstige Erträge (Erläuterung 4) | 2 136 761.82 |
| Total Erträge | 52 217 019.21 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -3 010 224.04 |
| Abonnementsabgabe (Erläuterung 3) | -193 331.52 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -119 739.59 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -6 783.86 |
| Total Aufwendungen | -3 330 079.01 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 48 886 940.20 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | 66 972 168.00 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | 133 243.30 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | -12 402 866.05 |
| Realisierter Währungsgewinn (-verlust) | 2 421 629.04 |
| Total der realisierten Gewinne (Verluste) | 57 124 174.29 |
|  |  |
| Realisierter Nettogewinn (-verlust) des Geschäftsjahres | 106 011 114.49 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | -164 905 086.82 |
| Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten | 782 656.49 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | 6 091 018.29 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | -158 031 412.04 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | -52 020 297.55 |

Focused SICAV – High Grade Long Term 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 |  | 3 338 824 962.37 |
| Zeichnungen |  | 1 170 758 548.25 |
| Rücknahmen |  | 	-2 156 237 194.92	 |
| Total Mittelzufluss (-abfluss) |  | -985 478 646.67 |
| Ausbezahlte Dividende |  | -6 927 412.32 |
| Nettoerträge (-verluste) aus Anlagen |  | 48 886 940.20 |
| Total der realisierten Gewinne (Verluste) |  | 57 124 174.29 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) |  | 	-158 031 412.04	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit |  | -52 020 297.55 |
| Nettovermögen am Ende des Geschäftsjahres |  | 2 294 398 605.83 |
| Entwicklung der Aktien im Umlauf |  |  |
|  |  | 1.11.2020-31.10.2021 |
| Klasse |  | F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 5 812 675.0530 |
| Anzahl der ausgegebenen Aktien |  | 2 496 364.4990 |
| Anzahl der zurückgegebenen Aktien |  | -3 933 852.0830 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 4 375 187.4690 |
| Klasse |  | (CHF hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 4 505 059.0770 |
| Anzahl der ausgegebenen Aktien |  | 677 156.2750 |
| Anzahl der zurückgegebenen Aktien |  | -3 319 832.5530 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 1 862 382.7990 |
| Klasse |  | (EUR hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 8 723 933.6480 |
| Anzahl der ausgegebenen Aktien |  | 3 373 092.3440 |
| Anzahl der zurückgegebenen Aktien |  | -5 149 459.9010 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 6 947 566.0910 |
| Klasse |  | (GBP hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 618 751.8000 |
| Anzahl der ausgegebenen Aktien |  | 31 347.0630 |
| Anzahl der zurückgegebenen Aktien |  | -593 880.8270 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 56 218.0360 |
| Klasse |  | (JPY hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 209 460.0000 |
| Anzahl der ausgegebenen Aktien |  | 98 481.0000 |
| Anzahl der zurückgegebenen Aktien |  | -72 779.0000 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 235 162.0000 |
| Klasse |  | (SGD hedged) F-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 27 146.5430 |
| Anzahl der ausgegebenen Aktien |  | 74 717.7660 |
| Anzahl der zurückgegebenen Aktien |  | -8 311.2120 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 93 553.0970 |
| Klasse |  | F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 1 869 469.1100 |
| Anzahl der ausgegebenen Aktien |  | 494 874.4170 |
| Anzahl der zurückgegebenen Aktien |  | -929 768.5270 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 1 434 575.0000 |
| Klasse |  | (CHF hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 455 631.2340 |
| Anzahl der ausgegebenen Aktien |  | 239 643.6660 |
| Anzahl der zurückgegebenen Aktien |  | -95 831.4790 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 599 443.4210 |
| Klasse |  | (EUR hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 110 540.0000 |
| Anzahl der ausgegebenen Aktien |  | 71 065.0000 |
| Anzahl der zurückgegebenen Aktien |  | -83 480.0000 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 98 125.0000 |
| Klasse |  | (GBP hedged) F-UKdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 72 911.3180 |
| Anzahl der ausgegebenen Aktien |  | 55 225.2220 |
| Anzahl der zurückgegebenen Aktien |  | -18 403.5400 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 109 733.0000 |
| Jährliche Ausschüttung 1 |  |  |
| Focused SICAV – High Grade Long Term Bond USD	Ex-Date | Pay-Date | Währung	Betrag pro Aktie |
| F-UKdist	16.11.2020 | 17.11.2020 | USD	2.80 |
| (CHF hedged) F-UKdist	16.11.2020 | 17.11.2020 | CHF	2.23 |
| (EUR hedged) F-UKdist	16.11.2020 | 17.11.2020 | EUR	2.27 |
| (GBP hedged) F-UKdist	16.11.2020 | 17.11.2020 | GBP	2.59 |
| 1  Siehe Erläuterung 5 |  |  |

Focused SICAV – High Grade Long Term 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 Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	ABU DHABI CRUDE OIL PIPELINE LLC-REG-S 3.65000% 17-02.11.29 | 2 000 000.00 | 2 200 375.00 | 0.10 |
| USD	ABU DHABI,GOVERNMENT OF-REG-S 3.12500% 16-03.05.26 | 9 400 000.00 | 10 069 750.00 | 0.44 |
| USD	ABU DHABI,GOVERNMENT OF-REG-S 3.12500% 17-11.10.27 | 9 200 000.00 | 9 868 725.00 | 0.43 |
| USD	AIRPORT AUTHORITY-REG-S 1.62500% 21-04.02.31 | 10 000 000.00 | 9 567 436.00 | 0.42 |
| USD	ALBERTA, PROVINCE OF 3.30000% 18-15.03.28 | 7 900 000.00 | 8 686 385.36 | 0.38 |
| USD	ALBERTA, PROVINCE OF-REG-S 2.05000% 16-17.08.26 | 1 800 000.00 | 1 858 165.36 | 0.08 |
| USD	ALPHABET INC 1.99800% 16-15.08.26 | 20 000 000.00 | 20 639 092.40 | 0.90 |
| USD	AMAZON.COM INC 1.65000% 21-12.05.28 | 5 000 000.00 | 4 983 648.45 | 0.22 |
| USD	AMAZON.COM INC 2.10000% 21-12.05.31 | 5 000 000.00 | 5 040 904.85 | 0.22 |
| USD	APPLE INC 1.65000% 20-11.05.30 | 11 700 000.00 | 11 367 679.17 | 0.50 |
| USD	APPLE INC 1.65000% 21-08.02.31 | 7 000 000.00 | 6 780 012.75 | 0.30 |
| USD	APPLE INC 1.70000% 21-05.08.31 | 10 000 000.00 | 9 700 240.00 | 0.42 |
| USD	APPLE INC 2.45000% 16-04.08.26 | 4 300 000.00 | 4 503 883.42 | 0.20 |
| USD	APPLE INC 2.90000% 17-12.09.27 | 16 100 000.00 | 17 205 250.51 | 0.75 |
| USD	APPLE INC 3.00000% 17-13.11.27 | 11 700 000.00 | 12 581 361.47 | 0.55 |
| USD	APPLE INC 3.20000% 17-11.05.27 | 7 300 000.00 | 7 920 469.20 | 0.34 |
| USD	APPLE INC 3.35000% 17-09.02.27 | 10 100 000.00 | 11 000 036.35 | 0.48 |
| USD	AUTOMATIC DATA PROCESSING INC 1.25000% 20-01.09.30 | 1 000 000.00 | 944 030.48 | 0.04 |
| USD	AUTOMATIC DATA PROCESSING INC 1.70000% 21-15.05.28 | 6 000 000.00 | 5 968 252.62 | 0.26 |
| USD	BLACKROCK INC 1.90000% 20-28.01.31 | 7 000 000.00 | 6 923 236.53 | 0.30 |
| USD	BLACKROCK INC 3.25000% 19-30.04.29 | 2 000 000.00 | 2 189 841.04 | 0.09 |
| USD	BRITISH COLUMBIA, PROVINCE OF 1.30000% 21-29.01.31 | 10 000 000.00 | 9 637 626.80 | 0.42 |
| USD	CAISSE D’AMORTISSEMENT DE LA DETTE-144A-1.37500% 21-20.01.31 | 9 000 000.00 | 8 716 972.14 | 0.38 |
| USD	CME GROUP INC 3.75000% 18-15.06.28 | 3 500 000.00 | 3 916 818.18 | 0.17 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 1.87500% 21-15.09.31 | 11 730 000.00 | 11 382 974.99 | 0.50 |
| USD	CPPIB CAPITAL INC-144A 2.00000% 19-01.11.29 | 10 000 000.00 | 10 204 962.00 | 0.44 |
| USD	CPPIB CAPITAL INC-144A 1.25000% 21-28.01.31 | 3 500 000.00 | 3 352 984.91 | 0.15 |
| USD	CPPIB CAPITAL INC-REG-S 2.00000% 19-01.11.29 | 7 300 000.00 | 7 449 622.26 | 0.32 |
| USD	CPPIB CAPITAL INC-REG-S 1.25000% 21-28.01.31 | 10 000 000.00 | 9 579 956.90 | 0.42 |
| USD	DBS GROUP HOLDINGS LTD-REG-S 1.19400% 21-15.03.27 | 10 000 000.00 | 9 786 600.00 | 0.43 |
| USD	EQUINOR ASA 2.37500% 20-22.05.30 | 5 000 000.00 | 5 121 996.95 | 0.22 |
| USD	EQUINOR ASA 3.62500% 18-10.09.28 | 14 600 000.00 | 16 221 806.54 | 0.71 |
| USD	EUROPEAN INVESTMENT BANK 0.87500% 20-17.05.30 | 5 000 000.00 | 4 731 871.10 | 0.21 |
| USD	EUROPEAN INVESTMENT BANK 1.25000% 21-14.02.31 | 24 000 000.00 | 23 231 137.68 | 1.01 |
| USD	EUROPEAN INVESTMENT BANK 1.62500% 21-13.05.31 | 3 000 000.00 | 3 003 253.72 | 0.13 |
| USD	EXPORT-IMPORT BANK OF KOREA 1.12500% 21-29.12.26 | 2 500 000.00 | 2 451 125.00 | 0.11 |
| USD	EXXON MOBIL CORP 2.61000% 20-15.10.30 | 12 000 000.00 | 12 491 153.40 | 0.54 |
| USD	FANNIE MAE 7.12500% 00-15.01.30 | 3 000 000.00 | 4 282 752.54 | 0.19 |
| USD	FINLAND, REPUBLIC OF-REG-S 0.87500% 20-20.05.30 | 20 000 000.00 | 18 852 000.00 | 0.82 |
| USD	FREDDIE MAC 6.75000% 99-15.09.29 | 1 200 000.00 | 1 657 230.43 | 0.07 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.37500% 17-07.07.27 | 2 900 000.00 | 3 056 943.36 | 0.13 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 3.12500% 18-18.09.28 | 7 500 000.00 | 8 289 840.45 | 0.36 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.25000% 19-18.06.29 | 7 300 000.00 | 7 660 614.38 | 0.33 |
| USD	INTERNATIONAL BK FOR RECONST& DEVELOP 1.62500% 21-03.11.31 | 14 400 000.00 | 14 340 349.15 | 0.63 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.75000% 19-23.10.29 | 10 200 000.00 | 10 322 559.83 | 0.45 |
| USD	JOHNSON & JOHNSON 1.30000% 20-01.09.30 | 5 000 000.00 | 4 790 270.80 | 0.21 |
| USD	JOHNSON & JOHNSON 2.95000% 17-03.03.27 | 14 600 000.00 | 15 737 179.54 | 0.69 |
| USD	KOMMUNALBANKEN AS-REG-S 1.12500% 20-14.06.30 | 4 100 000.00 | 3 920 338.00 | 0.17 |
| USD	KOREA NATIONAL OIL CORP-REG-S 3.37500% 17-27.03.27 | 5 800 000.00 | 6 268 712.50 | 0.27 |
| USD	KOREA, REPUBLIC OF 2.75000% 17-19.01.27 | 5 800 000.00 | 6 149 087.51 | 0.27 |
| USD	KOREA, REPUBLIC OF 2.50000% 19-19.06.29 | 2 900 000.00 | 3 053 700.00 | 0.13 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 2.87500% 18-03.04.28 | 17 000 000.00 | 18 483 760.00 | 0.81 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 1.75000% 19-14.09.29 | 10 000 000.00 | 10 143 405.10 | 0.44 |
| USD	MICROSOFT CORP 3.30000% 17-06.02.27 | 20 500 000.00 | 22 388 696.98 | 0.98 |
| USD	NATIONAL AUSTRALIA BANK LTD-REG-S 3.50000% 17-10.01.27 | 5 800 000.00 | 6 320 238.54 | 0.28 |
| USD	NEDERLANDSE WATERSCHAPSBANK NV-REG-S 1.00000% 20-28.05.30 | 1 200 000.00 | 1 138 231.20 | 0.05 |
| USD	NESTLE HOLDINGS INC-REG-S 3.62500% 18-24.09.28 | 5 800 000.00 | 6 470 570.08 | 0.28 |
| USD	NESTLE HOLDINGS INC-REG-S 1.25000% 20-15.09.30 | 2 900 000.00 | 2 748 114.61 | 0.12 |
| USD	NEW YORK LIFE GLOBAL FUNDING-REG-S 2.35000% 16-14.07.26 | 8 800 000.00 | 9 116 034.40 | 0.40 |
| USD	NOVARTIS CAPITAL CORP 3.10000% 17-17.05.27 | 8 800 000.00 | 9 494 738.79 | 0.41 |
| USD	NOVARTIS CAPITAL CORP 2.20000% 20-14.08.30 | 9 400 000.00 | 9 596 805.64 | 0.42 |
| USD	ONTARIO TEACHERS’ FINANCE TRUST-144A 1.25000% 20-27.09.30 | 4 000 000.00 | 3 796 907.96 | 0.17 |
| USD	ONTARIO TEACHERS’ FINANCE TRUST-REG-S 2.00000% 21-16.04.31 | 10 000 000.00 | 10 063 743.60 | 0.44 |
| USD	ONTARIO, PROVINCE OF 2.00000% 19-02.10.29 | 6 900 000.00 | 7 023 758.47 | 0.31 |
| USD	ONTARIO, PROVINCE OF TB 1.60000% 21-25.02.31 | 5 000 000.00 | 4 909 197.50 | 0.21 |
| USD	PROCTER & GAMBLE CO 3.00000% 20-25.03.30 | 10 000 000.00 | 10 870 986.70 | 0.47 |
| USD	PROCTER & GAMBLE CO 1.20000% 20-29.10.30 | 4 900 000.00 | 4 633 365.91 | 0.20 |
| USD	PROCTER & GAMBLE CO/THE 1.95000% 21-23.04.31 | 5 000 000.00 | 5 038 244.50 | 0.22 |
| USD	QATAR PETROLEUM-REG-S 2.25000% 21-12.07.31 | 3 965 000.00 | 3 900 568.75 | 0.17 |
| USD	QATAR, STATE OF-REG-S 4.50000% 18-23.04.28 | 13 200 000.00 | 15 165 975.00 | 0.66 |
| USD	QATAR, STATE OF-REG-S 4.00000% 19-14.03.29 | 16 100 000.00 | 18 132 625.00 | 0.79 |
| USD	QATAR, STATE OF-REG-S 3.75000% 20-16.04.30 | 10 200 000.00 | 11 378 100.00 | 0.50 |
| USD	QUEBEC, PROVINCE OF 1.35000% 20-28.05.30 | 8 800 000.00 | 8 526 496.00 | 0.37 |
| USD	QUEBEC, PROVINCE OF 2.75000% 17-12.04.27 | 2 900 000.00 | 3 101 229.12 | 0.13 |
| USD	QUEBEC, PROVINCE OF 1.90000% 21-21.04.31 | 1 000 000.00 | 1 008 742.92 | 0.04 |
| USD	ROCHE HOLDINGS INC-REG-S 2.62500% 16-15.05.26 | 9 600 000.00 | 10 126 208.25 | 0.44 |
| USD	ROCHE HOLDINGS INC-REG-S 3.62500% 18-17.09.28 | 11 700 000.00 | 13 063 731.76 | 0.57 |
| USD	TSMC GLOBAL LTD-REG-S 1.00000% 20-28.09.27 | 5 500 000.00 | 5 209 710.00 | 0.23 |
| USD	TSMC GLOBAL LTD-REG-S 1.37500% 20-28.09.30 | 3 650 000.00 | 3 366 760.00 | 0.15 |
| USD	TSMC GLOBAL LTD-REG-S 1.75000% 21-23.04.28 | 3 500 000.00 | 3 431 295.00 | 0.15 |
| USD	TSMC GLOBAL LTD-REG-S 2.25000% 21-23.04.31 | 7 000 000.00 | 6 908 230.00 | 0.30 |
| USD	VISA INC 1.10000% 20-15.02.31 | 5 000 000.00 | 4 672 874.60 | 0.20 |
| USD	VISA INC 1.90000% 20-15.04.27 | 5 800 000.00 | 5 917 765.69 | 0.26 |
| USD	VISA INC 2.05000% 20-15.04.30 | 4 400 000.00 | 4 463 249.51 | 0.19 |
| USD	VISA INC 2.75000% 17-15.09.27 | 5 000 000.00 | 5 333 997.80 | 0.23 |
| USD	WAL-MART STORES INC 1.80000% 21-22.09.31 | 12 500 000.00 | 12 318 230.25 | 0.54 |

Focused SICAV – High Grade Long Term 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 | WESTPAC BANKING CORP 2.70000% 16-19.08.26 | 6 700 000.00 | 7 078 164.08 | 0.31 |
| USD | WESTPAC BANKING CORP 3.35000% 17-08.03.27 | 8 800 000.00 | 9 526 189.20 | 0.41 |
| USD | WESTPAC BANKING CORP 3.40000% 18-25.01.28 | 2 900 000.00 | 3 174 090.02 | 0.14 |
| USD | WESTPAC BANKING CORP 2.15000% 21-03.06.31 | 4 000 000.00 | 3 987 241.20 | 0.17 |
| Total USD |  |  | 721 689 491.15 | 31.46 |
| Total Notes, fester Zins |  | 721 689 491.15 | 31.46 |
| Medium-Term Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	ABU DHABI, EMIRATE OF-REG-S 3.12500% 20-16.04.30 | 11 700 000.00 | 12 600 899.99 | 0.55 |
| USD	ASIAN DEVELOPMENT BANK 2.62500% 17-12.01.27 | 5 300 000.00 | 5 655 570.85 | 0.25 |
| USD	ASIAN DEVELOPMENT BANK 2.37500% 17-10.08.27 | 2 000 000.00 | 2 110 988.17 | 0.09 |
| USD	ASIAN DEVELOPMENT BANK 2.50000% 17-02.11.27 | 6 000 000.00 | 6 372 720.00 | 0.28 |
| USD	ASIAN DEVELOPMENT BANK 1.75000% 19-19.09.29 | 17 500 000.00 | 17 700 233.60 | 0.77 |
| USD	ASIAN DEVELOPMENT BANK 1.87500% 20-24.01.30 | 14 600 000.00 | 14 961 563.60 | 0.65 |
| USD	ASIAN DEVELOPMENT BANK 1.50000% 21-04.03.31 | 3 000 000.00 | 2 972 070.96 | 0.13 |
| USD	ASIAN DEVELOPMENT BANK 1.25000% 21-09.06.28 | 5 000 000.00 | 4 920 803.94 | 0.21 |
| USD	BELGIUM, KINGDOM OF-REG-S 1.00000% 20-28.05.30 | 830 000.00 | 785 215.64 | 0.03 |
| USD	BNG BANK NV-REG-S 1.00000% 20-03.06.30 | 5 000 000.00 | 4 749 987.60 | 0.21 |
| USD	CAISSE D’AMORTIS DE LA DETTE SOCI-REG-S 1.00000% 20-21.10.30 | 2 900 000.00 | 2 725 360.84 | 0.12 |
| USD	CAISSE D’AMORTIS DE LA DETTE SOCI-REG-S 1.37500% 21-20.01.31 | 11 000 000.00 | 10 654 077.06 | 0.46 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 3.15000% 17-19.09.27 | 1 795 000.00 | 1 938 366.47 | 0.08 |
| USD	HONG KONG GOVERNMENT INTER BOND-REG-S 1.37500% 21-02.02.31 | 5 000 000.00 | 4 806 586.55 | 0.21 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 1.12500% 21-13.01.31 | 14 000 000.00 | 13 414 828.98 | 0.59 |
| USD	INTERNATIONAL BK FOR RECONSTR & DEVE 1.37500% 21-20.04.28 | 10 000 000.00 | 9 953 865.80 | 0.43 |
| USD	INTERNATIONAL FINANCE CORP 0.75000% 20-27.08.30 | 500 000.00 | 466 857.67 | 0.02 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.87500% 16-27.10.26 | 7 300 000.00 | 7 517 154.70 | 0.33 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.50000% 17-22.11.27 | 1 500 000.00 | 1 594 879.57 | 0.07 |
| USD	LANDESKREDITBANK B-WUERTT FOERDER-REG-S 1.37500% 21-12.10.28 | 5 000 000.00 | 4 931 524.60 | 0.22 |
| USD	LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 1.75000% 20-14.01.27 | 8 000 000.00 | 8 167 984.00 | 0.36 |
| USD	LANDWIRTSCHAFTLICHE RENTENBANK-REG-S 1.00000% 21-25.02.28 | 20 000 000.00 | 19 416 575.20 | 0.85 |
| USD	MDGH - GMTN BV-REG-S 3.75000% 17-19.04.29 | 2 900 000.00 | 3 200 512.50 | 0.14 |
| USD	MDGH - GMTN BV-REG-S 4.50000% 18-07.11.28 | 5 000 000.00 | 5 777 500.00 | 0.25 |
| USD	MDGH - GMTN BV-REG-S 2.87500% 20-21.05.30 | 4 900 000.00 | 5 089 262.50 | 0.22 |
| USD	MTR CORP CI LTD-REG-S 2.50000% 16-02.11.26 | 4 000 000.00 | 4 166 826.80 | 0.18 |
| USD	MTR CORP LTD-REG-S 1.62500% 20-19.08.30 | 3 080 000.00 | 2 963 743.57 | 0.13 |
| USD	PSA TREASURY PTE LTD-REG-S 2.25000% 20-30.04.30 | 3 000 000.00 | 3 041 438.40 | 0.13 |
| USD	QUEBEC, PROVINCE OF 7.50000% 99-15.09.29 | 3 000 000.00 | 4 234 050.00 | 0.18 |
| USD	SP POWERASSETS LTD-REG-S 3.25000% 15-24.11.25 | 8 550 000.00 | 9 161 380.57 | 0.40 |
| USD	TEMASEK FINANCIAL I LTD-REG-S 3.62500% 18-01.08.28 | 2 900 000.00 | 3 245 427.41 | 0.14 |
| USD	TEMASEK FINANCIAL I LTD-REG-S 1.00000% 20-06.10.30 | 6 450 000.00 | 5 942 320.50 | 0.26 |
| USD	TEMASEK FINANCIAL LTD-REG-S 1.62500% 21-02.08.31 | 10 000 000.00 | 9 612 700.00 | 0.42 |
| Total USD |  | 214 853 278.04 | 9.36 |
| Total Medium-Term Notes, fester Zins |  | 214 853 278.04 | 9.36 |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	ABU DHABI,GOVERNMENT OF-REG-S 2.50000% 19-30.09.29 | 13 400 000.00 | 13 889 100.00 | 0.61 |
| USD	ALBERTA, PROVINCE OF 1.30000% 20-22.07.30 | 13 300 000.00 | 12 677 968.72 | 0.55 |
| USD	EUROPEAN INVESTMENT BANK 1.62500% 19-09.10.29 | 27 300 000.00 | 27 406 449.79 | 1.20 |
| USD	EUROPEAN INVESTMENT BANK 0.75000% 20-23.09.30 | 10 800 000.00 | 10 065 380.33 | 0.44 |
| USD	EXPORT-IMPORT BANK OF KOREA 1.25000% 20-21.09.30 | 1 200 000.00 | 1 130 304.00 | 0.05 |
| USD	FANNIE MAE 6.25000% 99-15.05.29 | 26 300 000.00 | 35 120 140.27 | 1.53 |
| USD	FANNIE MAE 6.62500% 00-15.11.30 | 10 000 000.00 | 14 157 941.50 | 0.62 |
| USD	FANNIE MAE 7.25000% 00-15.05.30 | 3 000 000.00 | 4 342 373.52 | 0.19 |
| USD	HONG KONG SUKUK 2017 LTD-REG-S 3.13200% 17-28.02.27 | 3 319 000.00 | 3 564 398.55 | 0.16 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 0.62500% 20-16.09.27 | 15 000 000.00 | 14 308 011.60 | 0.62 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 1.12500% 21-20.07.28 | 5 000 000.00 | 4 873 458.40 | 0.21 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 0.87500% 20-14.05.30 | 10 500 000.00 | 9 936 944.85 | 0.43 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 0.75000% 20-26.08.30 | 5 800 000.00 | 5 410 580.46 | 0.24 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.12500% 21-13.09.28 | 50 000 000.00 | 48 732 771.00 | 2.12 |
| USD	KOREA DEVELOPMENT BANK 1.62500% 21-19.01.31 | 6 000 000.00 | 5 818 620.00 | 0.25 |
| USD	KOREA NATIONAL OIL CORP-REG-S 1.62500% 20-05.10.30 | 2 393 000.00 | 2 253 172.71 | 0.10 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 0.75000% 20-30.09.30 | 8 000 000.00 | 7 457 199.69 | 0.33 |
| USD	MICROSOFT CORP 2.40000% 16-08.08.26 | 8 800 000.00 | 9 231 389.38 | 0.40 |
| USD	NATIONAL AUSTRALIA BANK LTD/NY 3.37500% 16-14.01.26 | 4 960 000.00 | 5 366 973.95 | 0.23 |
| USD	ONTARIO, PROVINCE OF 1.12500% 20-07.10.30 | 15 000 000.00 | 14 162 686.50 | 0.62 |
| USD	ONTARIO, PROVINCE OF 2.30000% 19-15.06.26 | 5 800 000.00 | 6 052 806.28 | 0.26 |
| USD	QATAR, STATE OF-REG-S 3.25000% 16-02.06.26 | 14 000 000.00 | 14 960 750.00 | 0.65 |
| Total USD |  | 270 919 421.50 | 11.81 |
| Total Anleihen, fester Zins |  | 270 919 421.50 | 11.81 |
| Treasury-Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 6.62500% 97-15.02.27 | 2 400 000.00 | 3 064 312.51 | 0.13 |
| USD	AMERICA, UNITED STATES OF 6.37500% 97-15.08.27 | 14 500 000.00 | 18 625 136.76 | 0.81 |
| USD	AMERICA, UNITED STATES OF 5.25000% 98-15.11.28 | 27 400 000.00 | 34 411 617.26 | 1.50 |
| USD	AMERICA, UNITED STATES OF 5.25000% 99-15.02.29 | 19 500 000.00 | 24 611 132.91 | 1.07 |
| USD	AMERICA, UNITED STATES OF 6.12500% 99-15.08.29 | 29 200 000.00 | 39 258 031.10 | 1.71 |
| USD	AMERICA, UNITED STATES OF 6.25000% 99-15.05.30 | 14 900 000.00 | 20 598 668.00 | 0.90 |
| USD	AMERICA, UNITED STATES OF 5.37500% 01-15.02.31 | 8 000 000.00 | 10 693 437.52 | 0.47 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.08.27 | 19 000 000.00 | 19 984 140.72 | 0.87 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.11.27 | 20 500 000.00 | 21 570 644.48 | 0.94 |
| USD	AMERICA, UNITED STATES OF 2.75000% 18-15.02.28 | 24 900 000.00 | 26 952 304.81 | 1.18 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-15.05.28 | 19 000 000.00 | 20 738 945.36 | 0.90 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-15.08.28 | 24 900 000.00 | 27 231 456.96 | 1.19 |
| USD	AMERICA, UNITED STATES OF 3.12500% 18-15.11.28 | 23 400 000.00 | 26 022 445.25 | 1.13 |
| USD	AMERICA, UNITED STATES OF 2.62500% 19-15.02.29 | 17 500 000.00 | 18 902 050.83 | 0.82 |

Focused SICAV – High Grade Long Term 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 2.37500% 19-15.05.29 | 29 200 000.00 | 31 067 203.05 | 1.35 |
| USD | AMERICA, UNITED STATES OF 2.00000% 16-15.11.26 | 9 300 000.00 | 9 662 554.73 | 0.42 |
| USD | AMERICA, UNITED STATES OF 2.25000% 17-15.02.27 | 15 000 000.00 | 15 770 507.85 | 0.69 |
| USD | AMERICA, UNITED STATES OF 2.37500% 17-15.05.27 | 5 000 000.00 | 5 292 187.50 | 0.23 |
| USD | AMERICA, UNITED STATES OF 1.62500% 19-15.08.29 | 39 500 000.00 | 39 953 633.01 | 1.74 |
| USD | AMERICA, UNITED STATES OF 1.75000% 19-15.11.29 | 30 900 000.00 | 31 568 695.16 | 1.38 |
| USD | AMERICA, UNITED STATES OF 1.50000% 20-31.01.27 | 3 000 000.00 | 3 041 601.57 | 0.13 |
| USD | AMERICA, UNITED STATES OF 1.50000% 20-15.02.30 | 45 000 000.00 | 45 045 702.90 | 1.96 |
| USD | AMERICA, UNITED STATES OF 0.62500% 20-31.03.27 | 5 800 000.00 | 5 607 421.91 | 0.25 |
| USD | AMERICA, UNITED STATES OF 0.50000% 20-30.04.27 | 12 500 000.00 | 11 977 050.75 | 0.52 |
| USD | AMERICA, UNITED STATES OF 0.62500% 20-15.05.30 | 50 000 000.00 | 46 455 078.00 | 2.03 |
| USD | AMERICA, UNITED STATES OF 0.50000% 20-30.06.27 | 7 000 000.00 | 6 694 023.42 | 0.29 |
| USD | AMERICA, UNITED STATES OF 0.37500% 20-31.07.27 | 30 000 000.00 | 28 456 640.70 | 1.24 |
| USD | AMERICA, UNITED STATES OF 0.62500% 20-15.08.30 | 57 000 000.00 | 52 820 742.33 | 2.30 |
| USD | AMERICA, UNITED STATES OF 0.50000% 20-31.08.27 | 25 000 000.00 | 23 833 007.75 | 1.04 |
| USD | AMERICA, UNITED STATES OF 0.37500% 20-30.09.27 | 20 000 000.00 | 18 903 125.00 | 0.82 |
| USD | AMERICA, UNITED STATES OF 0.50000% 20-31.10.27 | 10 000 000.00 | 9 509 375.00 | 0.42 |
| USD | AMERICA, UNITED STATES OF 0.87500% 20-15.11.30 | 39 000 000.00 | 36 847 382.92 | 1.61 |
| USD | AMERICA, UNITED STATES OF 0.62500% 20-30.11.27 | 7 000 000.00 | 6 698 125.00 | 0.29 |
| USD | AMERICA, UNITED STATES OF 0.75000% 21-31.01.28 | 15 000 000.00 | 14 422 851.60 | 0.63 |
| USD | AMERICA, UNITED STATES OF 1.12500% 21-15.02.31 | 34 000 000.00 | 32 794 062.49 | 1.43 |
| USD | AMERICA, UNITED STATES OF 1.12500% 21-29.02.28 | 7 000 000.00 | 6 889 257.83 | 0.30 |
| USD | AMERICA, UNITED STATES OF 1.25000% 21-30.04.28 | 30 000 000.00 | 29 688 281.40 | 1.29 |
| USD | AMERICA, UNITED STATES OF 1.62500% 21-15.05.31 | 40 000 000.00 | 40 281 250.00 | 1.76 |
| USD | AMERICA, UNITED STATES OF 1.25000% 21-30.06.28 | 10 000 000.00 | 9 876 953.11 | 0.43 |
| USD | AMERICA, UNITED STATES OF 1.12500% 21-15.08.31 | 20 000 000.00 | 19 434 375.00 | 0.85 |
| USD | AMERICA, UNITED STATES OF 1.125000% 21-31.08.28 | 20 000 000.00 | 19 565 625.00 | 0.85 |
| Total USD |  |  | 914 821 039.45 | 39.87 |
| Total Treasury-Notes, fester Zins | 914 821 039.45 | 39.87 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 2 122 283 230.14 | 92.50 |
| Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  |  |
| Notes, fester Zins |  |  |
| USD |  |  |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 2.85000% 16-18.05.26	20 500 000.00 | 21 738 452.15 | 0.95 |
| USD	FANNIE MAE 0.87500% 20-05.08.30	40 000 000.00 | 37 561 876.40 | 1.64 |
| USD	MASSMUTUAL GLOBAL FUNDING II-144A 1.55000% 20-09.10.30	2 900 000.00 | 2 769 378.23 | 0.12 |
| USD	METROPOLITAN LIFE GLOBAL FUNDING-144A 3.45000% 16-18.12.26	14 500 000.00 | 15 746 014.87 | 0.68 |
| USD	NESTLE HOLDINGS INC-144A 3.62500% 18-24.09.28	5 000 000.00 | 5 578 077.65 | 0.24 |
| USD	NESTLE HOLDINGS INC-144A 1.25000% 20-15.09.30	5 000 000.00 | 4 738 128.65 | 0.21 |
| USD	NESTLE HOLDINGS INC-REG-S 1.50000% 21-14.09.28	3 000 000.00 | 2 935 679.26 | 0.13 |
| USD	NESTLE HOLDINGS INC-REG-S 1.87500% 21-14.09.31	3 685 000.00 | 3 629 817.16 | 0.16 |
| Total USD | 94 697 424.37 | 4.13 |
| Total Notes, fester Zins | 94 697 424.37 | 4.13 |
| Medium-Term Notes, fester Zins |  |  |
| USD |  |  |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.77850% 19-13.09.29	20 000 000.00 | 21 839 475.00 | 0.95 |
| Total USD | 21 839 475.00 | 0.95 |
| Total Medium-Term Notes, fester Zins | 21 839 475.00 | 0.95 |
| Anleihen, fester Zins |  |  |
| USD |  |  |
| USD	FEDERAL HOME LOAN BANK SYSTEM 3.25000% 18-16.11.28	24 900 000.00 | 27 855 544.34 | 1.21 |
| Total USD | 27 855 544.34 | 1.21 |
| Total Anleihen, fester Zins | 27 855 544.34 | 1.21 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden | 144 392 443.71 | 6.29 |

Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
Notes, fester Zins
| USD |  |
| --- | --- |
| USD | MASSMUTUAL GLOBAL FUNDING II-REG-S 1.55000% 20-09.10.30 | 5 800 000.00 | 5 538 756.46 | 0.24 |
| Total USD |  |  | 5 538 756.46 | 0.24 |
| Total Notes, fester Zins |  | 5 538 756.46 | 0.24 |
| Medium-Term Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	METROPOLITAN LIFE GLOBAL FUNDING-REG-S 3.05000% 19-17.06.29 | 4 100 000.00 | 4 390 416.24 | 0.19 |
| Total USD |  | 4 390 416.24 | 0.19 |
| Total Medium-Term Notes, fester Zins |  | 4 390 416.24 | 0.19 |

Focused SICAV – High Grade Long Term 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) |  |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	METROPOLITAN LIFE GLOBAL FUNDING I-144A 2.95000% 20-09.04.30 | 3 300 000.00 | 3 499 868.99 | 0.15 |
| Total USD |  | 3 499 868.99 | 0.15 |
| Total Anleihen, fester Zins |  | 3 499 868.99 | 0.15 |
| Total Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden |  | 13 429 041.69 | 0.58 |
| Neuemittierte Wertpapiere und Geldmarktinstrumente |  |  |  |
| Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	ONTARIO TEACHERS’ FINANCE TRUST-144A 2.00000% 21-16.04.31 | 2 000 000.00 | 2 012 748.72 | 0.09 |
| Total USD |  | 2 012 748.72 | 0.09 |
| Total Notes, fester Zins |  | 2 012 748.72 | 0.09 |
| Total Neuemittierte Wertpapiere und Geldmarktinstrumente |  | 2 012 748.72 | 0.09 |
| Total des Wertpapierbestandes |  | 2 282 117 464.26 | 99.46 |

| Derivative Instrumente |  |
| --- | --- |
| Derivative Instrumente, die an einer offiziellen Börse gehandelt werden Finanzterminkontrakte auf Anleihen |
|  |  |  |  |
| USD	US 2YR TREASURY NOTE FUTURE 31.12.21 | -400.00 | 337 734.76 | 0.01 |
| USD	US 5YR TREASURY NOTE FUTURE 31.12.21 | 300.00 | -522 656.40 | -0.02 |
| USD	US 10YR ULTRA NOTE FUTURE 21.12.21 | -325.00 | 967 578.13 | 0.04 |
| Total Finanzterminkontrakte auf Anleihen |  | 782 656.49 | 0.03 |
| Total Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  | 782 656.49 | 0.03 |
| Total Derivative Instrumente |  | 782 656.49 | 0.03 |
| Devisenterminkontrakte Gekaufte Währung/ Gekaufter Betrag/Verkaufte Währung/Verkaufter Betrag/Fälligkeitsdatum |  |  |  |

| GBP | 16 868 600.00 | USD | 22 803 983.91 | 1.11.2021 | 318 649.54 | 0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| SGD | 11 989 300.00 | USD | 8 830 880.75 | 1.11.2021 | 59 960.93 | 0.00 |
| JPY | 2 577 300 000.00 | USD | 23 163 807.84 | 1.11.2021 | -560 869.89 | -0.02 |
| EUR | 792 196 900.00 | USD | 925 041 190.36 | 1.11.2021 | -8 271 327.96 | -0.36 |
| CHF | 249 792 000.00 | USD | 269 145 441.24 | 1.11.2021 | 4 224 736.57 | 0.18 |
| CHF | 430 000.00 | USD | 462 749.23 | 1.11.2021 | 7 839.01 | 0.00 |
| SGD | 275 100.00 | USD | 203 034.37 | 1.11.2021 | 970.08 | 0.00 |
| USD | 321 378.30 | JPY | 36 400 000.00 | 1.11.2021 | 2 150.06 | 0.00 |
| GBP | 535 600.00 | USD | 729 943.69 | 1.11.2021 | 4 230.01 | 0.00 |
| SGD | 48 100.00 | USD | 35 471.94 | 1.11.2021 | 197.32 | 0.00 |
| USD | 1 605 828.80 | EUR | 1 384 500.00 | 1.11.2021 | 3 616.18 | 0.00 |
| USD | 117 083.85 | GBP | 85 300.00 | 1.11.2021 | 158.88 | 0.00 |
| CHF | 419 700.00 | USD | 454 355.02 | 1.11.2021 | 4 960.99 | 0.00 |
| USD | 322 493.15 | JPY | 36 800 000.00 | 1.11.2021 | -243.09 | 0.00 |
| CHF | 1 477 100.00 | USD | 1 607 554.14 | 1.11.2021 | 8 971.17 | 0.00 |
| USD | 16 836 949.37 | EUR | 14 466 800.00 | 1.11.2021 | 95 245.07 | 0.00 |
| USD | 3 469 556.87 | CHF | 3 183 800.00 | 1.11.2021 | -14 765.98 | 0.00 |
| USD | 287 954.65 | GBP | 208 600.00 | 1.11.2021 | 2 016.20 | 0.00 |
| USD | 110 291.99 | SGD | 148 500.00 | 1.11.2021 | 169.63 | 0.00 |
| GBP | 31 800.00 | USD | 43 774.98 | 1.11.2021 | -185.13 | 0.00 |
| GBP | 269 200.00 | USD | 370 798.05 | 1.11.2021 | -1 792.15 | 0.00 |
| USD | 105 045.22 | JPY | 12 000 000.00 | 1.11.2021 | -194.86 | 0.00 |
| SGD | 151 800.00 | USD | 112 563.98 | 1.11.2021 | 5.54 | 0.00 |
| CHF | 394 000.00 | USD | 429 395.13 | 1.11.2021 | 1 795.02 | 0.00 |
| SGD | 12 315 800.00 | USD | 9 133 073.62 | 29.11.2021 | -1 169.73 | 0.00 |
| GBP | 17 411 300.00 | USD | 23 924 376.33 | 29.11.2021 | -57 424.82 | 0.00 |
| JPY | 2 492 100 000.00 | USD | 21 922 906.60 | 29.11.2021 | -63 232.59 | 0.00 |
| EUR | 776 345 600.00 | USD | 901 049 993.73 | 29.11.2021 | -2 167 841.57 | -0.09 |
| CHF | 249 329 000.00 | USD | 271 675 387.31 | 29.11.2021 | 1 373 257.30 | 0.06 |
| GBP | 86 800.00 | USD | 119 813.18 | 29.11.2021 | -830.03 | 0.00 |
| CHF | 428 200.00 | USD | 467 148.00 | 29.11.2021 | 1 788.34 | 0.00 |
| Total Devisenterminkontrakte | -5 029 159.96 | -0.22 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 16 175 755.20 | 0.71 |
| Andere Aktiva und Passiva | 351 889.84 | 0.02 |
| Total des Nettovermögens | 2 294 398 605.83 | 100.00 |

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